Full text of Z.1 Financial Accounts of the United States : December 6, 1989

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Z.l
December 6, 1989
Flow of Funds
1989.Q3

Flow of Funds Accounts,
Third Quarter 1989
Seasonally Adjusted and Unadjusted

Board of Governors of the Federal Reserve System, Washington, D.C. 20551







CONTENTS
PAGE
i-ii
iii-iv
v-vii

General Information
Data Availability 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

30,32

Households
Total Nonfinancial Business, Farm Business,
Noncorporate Business
Nonfinancial Corporate Business
State and Local Governments
U.S. Government and Credit Agencies
Foreign (Rest of World)
Banking System:
Monetary Authority, Commercial Banking
Summary
Commercial Banking Subsectors:
U.S. Chartered Commercial Banks,
Foreign Banking Offices in U.S.,
Domestic Affiliates of Commercial Banks (BHCs),
Banks in U.S. Possessions
Nonbank Finance Summary
Savings Institutions:
Savings and Loan Associations,
Mutual Savings Banks, Credit Unions
Insurance and Pension Funds:
Life Insurance Companies, Private Pension Funds,
State and Local Government Employee Retirement
Funds, Other Insurance Companies
Finance N.E.C.:
Finance Companies, Mutual Funds, MMMFs
REITs, Security Brokers and Dealers, Securitized
Credit Obligations (SCOs)
TRANSACTION TABLES

34
36
38,40

Monetary and Insurance Reserves
Interbank Claims
Deposit Claims

—continued

TRANSACTION TABLES--continued
42
44

46,48

50
52
54

56,58
60

62
64




U.S. Government Securities
Private Securities:
Tax-Exempt Debt Securities and Loans,
Corporate and Foreign Bonds,
Mutual Funds and Other Corporate Equities
Mortgages:
Home Mortgages, Multifamily
Residential Mortgages, Commercial Mortgages,
Farm Mortgages
Consumer Credit and Bank Loans N.E.C.
Open-Market Paper and Other Loans
Security Credit, Trade Credit,
Taxes Payable, Proprietors' Equity
in Noncorporate Business
Miscellaneous
Total Net Borrowing and Lending in Credit Markets
Total Liabilities in Relation to Total Financial
Assets
Saving by Individuals
System Discrepancies

Flow of Funds Accounts

Third Quarter 1989

These tables include revisions to data in 1988
with the accounts published last September. There have
changes to the accounts. Previous changes in structure
and earlier figures are described in the preface to the
dated September 19.

and in 1989 compared
been no structural
affecting the 1989
1989.Q2 publication

Preliminary estimates. Figures shown for the most recent quarter in
these tables are based on preliminary and incomplete information. At the end
of this preface there is a list of the principal sources of information that
were available in putting together the third quarter, and the significance of
individual items in the tables should be judged on the basis of that list.
The list, summary in form, 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 National Income and Product Accounts are the principal
source.
That 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.

Margins of Uncertainty.
Flow of Funds statistics, like all social
accounts, are subject to uncertainties resulting from incompatibilities
between elements of source data, potential revisions to both financial and
nonfinancial elements and incomplete data in certain parts of the accounts.
While the size of these uncertainties cannot be quantified in precise
statistical terms, allowance for them is explicitly made throughout the
accounts by the inclusion of "discrepancies" for various sectors and
transactions forms. The size of such discrepancies relative to main
asset/liability components is one indication of the degree of measurement
difficulty with source data, especially on an annual basis. Differing
seasonal adjustment methods between financial and nonfinancial components
sometimes result in quarterly discrepancies which are not of long-run
significance.
Experience also suggests that many near-term discrepancies
(e.g., for the latest few quarters published) tend to be reduced with the
introduction of revised national accounts figures or with annual revisions in
financial data.
Availability of Flows and Outstandings.
Flow of Funds statistics are
usually compiled and available about two months following the last quarter
reported, except for second quarter (annual revision) data, for which three
months is more typical. The Z.7 release—Flow of Funds Summary Statistics—




-i-

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 computer printouts are distributed to Federal Reserve
Bank information offices for 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—annually, in the autumn—in Flow of Funds
Accounts:
Financial Assets and Liabilities, which constitutes part of the
same release as the flow accounts. All subscribers to the Z.l release,
therefore, receive both the quarterly flow and the annual outstandings
publications.
Summary annual and quarterly data on major credit market
developments, including flows and positions, also are regularly published in
four tables which appear in the statistical appendix of the Federal Reserve
Bulletin.
The current quarterly tables are an extension of a body of data that
begins in 1946 in annual form and in 1952 quarterly. Annual flows and yearend positions for almost the entire period covered by the accounts recently
have been published in two volumes. The first, Flow of Funds Accounts 19461969, Annual Total Flows and Year-End Assets and Liabilities, was made
available in December 1986 and costs $5.00. The second, Flow of Funds
Accounts, 1970-1987, Annual Total Flows and Year-End Assets and Liabilities,
appeared in December 1988, and costs $5.00.
Both volumes can be ordered from
Publication Services, Stop 138, at the Federal Reserve Board.

Subscription Information.
The Federal Reserve Board charges nominal
amounts for subscriptions to all statistical releases. The annual cost of
the Z.7 Summary Statistics release presently is set at $5.00; the price of
the full Z.l release has been fixed at $15.00. The Flow of Funds Section
also publishes Balance Sheets for the U.S. Economy, which is designated as
the Federal Reserve Board's C.9 release and appears twice a year, usually in
April and October. The cost of that release is $5.00 per year.
Subscription
inquiries for these releases also should be directed to Publication Services,
Stop 138, at the Federal Reserve street address given below. Quarterly or
annual data for specific sectors of the accounts, in reasonable scope, are
available on request in printed form from the Flow of Funds Section.
Computer tapes for the entire published data base, or data on diskettes, may
be purchased from the National Technical Information Service, 5285 Port Royal
Road, Springfield, Virginia 22161. Tape and diskette prices are determined
by NTIS.

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 Avenue, N.W.
Washington, D.C.
20551
(202) 452-3482
-ii-

Data Availability for Preliminary Estimates:

NONFINANCIAL—
1.

National income and product
accounts.

1989.Q3

Major items missing

Available
Second estimate of latest quarter,
seasonally adjusted.

None

FINANCIAL—
2.

Households

Estimates
for other
sectors.
available

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 credit—are
in time for first quarterly estimates.

3.

Farms

Bank loans.
For sponsored agency
loans, see item 9 below.

4.

Nonfarm noncorporate business.

Statistics of Income benchmark data
through 1986, bank and finance company
loans, mortgage borrowing, consumer
credit.

U.S. Government loans.
below.

See item 9

SOI balance sheets since 1986.

5.

Nonfinancial corporate business.

For current quarter: gross security
offerings, mortgages, bank loans,
open-market paper, finance company
loans, foreign direct investment.

Working capital, U.S. Government
loans for current quarter.

6.

State and local governments.

Gross security offerings, deposits
at banks, nonmarketable U.S.
Government Securities (SLGs).

Security retirements, other asset
items.

7.

Rest of the world (U.S.
International Transactions) .

NIPA estimates

Balance of payments estimates
for current quarter.

8.

U.S. Government

Monthly Treasury Statement of Receipts
and Outlays for last month of quarter,
Federal Financing Bank Statement.

Loans outstanding except at Federal
Financing Bank.




iii

Available

FINANCIAL—

Major items missing

Sponsored credit agencies.

Balance sheets for FNMA, Home Loan
Banks, Farm Credit Administration
loans and securities outstanding.

Asset breakdown for FCA.

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.

All-bank totals for current quarter.

13.

Savings and loan associations.

Last month of quarter on summary
monthly basis.

Detailed balance sheets and liquidity
statements.

14.

Mutual savings banks.

Balance sheet for preceding quarter.

Data for current quarter.

15.

Credit unions

Complete

None

16.

Life insurance companies.

One month of current quarter.

Balance sheet for last two months of
quarter.

17.

Private Pension Funds
(including FERS) .

Complete

None

18.

State and local government
retirement systems.

Preceding quarter

Current quarter

19.

Other insurance companies.

Preceding year

Current year

20.

Finance companies

Complete

None

21.

REIT's

Balance sheet for preceding quarter.

Data for current quarter.

22.

Open-end investment companies
and money market funds.

Complete

None

23.

Security brokers and dealers.

Complete FOCUS report except for latest
quarter.

FOCUS report for last
quarter.

24.

Securitized Credit
Obligation issuers.

Complete data from Trepp/PSA
Information Services and securitized
consumer credit data.
- iv -

None

9.




DECEMBER 6, 1989
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

TOTAL

U.S.
GOVT.

- -DOMESTIC NONFINANCIAL SECTORS -------------------------------------- HOUSEHOLDS -----NONFINANCIAL BUSINESS STATE &
LOCAL
PVT.
LONG SHORT
HOME CONSUMER
GOVTS
NONFIN TOTAL
MTGES CREDIT
TOTAL
TERM TERM

FOREIGN

TOTAL
NONFINANCIAL

MEMO:
PRIVATE
FINAN.
ASSETS

ANNUAL CHANGE (PER CENT)
1976
1977
1978
1979
1980

10.7
12.6
13.2
12.0
9.5

15.5
11.0
9.4
6.0
11.9

9.5
13.1
14.2
13.5
8.9

11.6
16.2
17.0
15.1
8.9

12.7
17.0
17.5
16.2
11.3

11.0
15.9
16.9
13.0
0.7

8.5
12.4
13.2
13.6
9.9

8.9
11.2
10.6
9.9
9.1

7.7
14.7
18.1
20.3
11.1

6.4
4.5
7.3
5.8
4.2

21.5
11.7
18.6
9.5
14.0

11.1
12.6
13.5
11.9
9.7

10.5
10.9
11.5
11.9
9.6

1981
1982
1983
1984
1985

9.8
9.2
11.5
14.4
14.2

11.8
19.4
18.8
16.9
16.2

9.4
6.8
9.5
13.7
13.6

8.0
5.4
11.4
12.9
14.1

7.8
4.5
11.0
11.7
11.9

4.8
4.4
12.6
18.7
15.9

11.4
7.7
8.2
15.6
11.4

7.9
7.7
9.3
13.4
14.2

17.1
7.7
6.6
18.8
7.3

6.0
9.1
7.1
7.9
23.7

12.0
7.3
8.3
3.7
0.5

9.9
9.1
11.4
14.0
13.7

10.8
10.3
11.7
13.5
11.9

1986
1987
1988

12.2
9.1
9.2

13.4
8.0
8.0

11.9
9.4
9.6

12.6
10.5
10.1

14.9
14.0
12.0

9.6
5.0
7.4

12.0
8.9
9.8

14.3
11.2
10.5

8.4
5.3
8.6

7.6
6.6
5.5

4.1
2.1
2.8

12.0
8.9
9.0

8.3
7.0
8.6

QUARTERLY GROWTH RATES (X - SAAR)

1985 — I
II
III
IV

11.7
12.5
11.6
18.3

13.0
16.7
12.7
18.9

11.3
11.2
11.3
18.1

12.1
12.4
13.7
15.5

10.9
10.6
12.0
12.1

16.9
15.3
14.7
13.1

9.8
9.9
9.7
14.3

11.8
13.7
12.3
16.1

7.0
4.2
5.8
11.4

16.1
12.6
7.2
53.0

-2.8
-1.3
6.5
-.3

11.2
12.0
11.4
17.6

12.8
9.3
10.4
13.0

1986 — I
II
III
IV

9.0
12.0
12.4
13.4

10.9
15.3
13.5
11.6

8.4
11.0
12.1
13.9

8.9
11.9
14.5
12.8

10.3
13.3
16.9
15.8

9.7
9.2
9.6
8.7

10.0
10.1
10.2
15.7

15.5
13.5
12.7
12.7

1.5
4.7
6.0
20.7

-1.9
11.1
10.3
10.4

14.6
5.2
5.5
-8.5

9.2
11.8
12.2
12.7

5.8
8.5
8.1
9.8

1987 — I
II
III
IV

7.4
10.3
8.0
9.4

8.2
9.1
4.6
9.1

7.2
10.7
9.1
9.5

7.8
12.1
10.6
9.9

13.7
15.0
12.2
12.1

-2.5
5.8
8.4
8.0

6.3
9.9
8.4
10.0

12.7
10.9
10.2
9.1

-4.1
8.2
5.4
11.4

8.5
7.4
5.3
4.5

-3.1
0.4
5.1
5.8

7.1
10.0
8.0
9.3

1.7
9.3
7.0
9.3

1988 — I
II
III
IV

8.7
9.7
8.6
8.5

10.8
5.6
8.0
6.8

8.1
11.0
8.9
9.0

8.0
11.9
9.7
9.2

9.0
15.4
11.4
10.1

6.3
7.4
5.0
10.1

8.9
10.9
8.8
9.5

9.8
11.4
9.9
9.4

7.2
10.0
6.7
9.7

4.3
6.7
5.0
5.4

2.0
2.2
1.7
5.4

8.5
9.5
8.5
8.4

7.3
8.5
10.4
7.2

1989 — I
II
III

8.7
7.1
7.3

9.4
3.3
6.8

8.5
8.2
7.4

8.3
7.0
7.8

9.6
8.7
8.9

4.7
6.0
4.0

9.2
10.0
7.5

9.3
8.5
8.3

8.9
12.7
6.1

5.2
4.8
5.0

-.4
-1.6
11.6

8.5
6.9
7.4

8.2
7.3
8.7




V

DECEMBER 6, 1989
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

TOTAL

U.S.
GOVT.

- -DOMESTIC NONFINANCIAL SECTORS -----------------NONFINANCIAL BUSINESS
------ HOUSEHOLDS -----PVT.
LONG SHORT
HOME CONSUMER
NONFIN TOTAL
TOTAL
TERM TERM
MTGES CREDIT

STATE &
LOCAL
GOVTS

FOREIGN

TOTAL
NONFINANCIAL

MEMO:
PRIVATE
FINAN.
ASSETS

ANNUAL FLOWS (^BILLIONS)

1976
1977
1978
1979
1980

241.3
315.8
372.1
381.0
337.4

69.0
56.8
53.7
37.4
79.2

172.3
259.0
318.4
343.7
258.3

86.7
136.0
165.6
171.5
117.3

59.4
89.7
108.6
117.6
95.5

22.9
36.7
45.1
40.5
2.6

71.6
112.5
135.1
157.2
129.3

49.1
67.1
70.7
73.1
74.0

22.5
45.4
64.4
84.1
55.4

14.0
10.4
17.7
15.0
11.6

20.5
13.5
24.0
15.0
24.2

261.8
329.3
396.1
396.0
361.6

166.0
191.3
223.6
257.2
233.0

1981
1982
1983
1984
1985

382.4
395.3
536.8
750.7
846.3

87.4
161.3
186.6
198.8
223.6

295.0
234.1
350.2
551.9
622.7

113.9
84.0
186.1
231.5
284.6

73.2
46.4
116.4
134.7
153.3

16.9
16.4
49.0
81.6
82.5

164.0
122.4
140.5
292.3
247.2

69.9
72.9
94.5
152.3
182.9

94.1
49.5
46.1
140.0
64.3

17.1
27.7
23.6
28.1
90.9

23.5
16.0
17.3
8.4
1.2

405.9
411.3
554.1
759.1
847.5

289.0
303.9
381.4
492.5
491.4

1986
1987
1988

831.1
693.2
767.0

215.0
144.9
157.5

616.1
548.3
609.6

289.2
271.9
287.9

214.9
233.0
229.0

58.0
32.9
51.1

290.7
242.8
291.8

210.5
188.2
197.4

80.2
54.6
94.4

36.2
33.6
29.8

9.7
4.9
6.9

840.9
698.1
773.9

384.8
349.8
464.2

QUARTERLY NET FLOWS <$B - SAAR)
1985 — I
II
III
IV

697.8
765.8
734.0
1187.5

178.9
237.8
188.6
289.1

518.9
528.0
545.4
898.4

243.4
258.2
293.6
343.3

140.3
140.1
163.0
169.6

87.7
83.0
82.7
76.6

213.9
219.4
222.1
333.5

152.2
181.5
169.5
228.4

61.8
38.0
52.6
105.0

61.6
50.4
29.8
221.7

-6.5
-3.1
15.0
-.6

691.3
762.8
749.1
1186.9

530.8
397.1
455.8
581.8

1986 — I
II
III
IV

612.6
834.0
890.6
987.4

174.2
251.5
230.4
204.0

438.4
582.5
660.1
783.4

205.2
279.5
350.9
321.4

148.5
198.1
259.6
253.3

58.2
56.9
60.4
56.3

242.4
250.8
259.4
410.2

227.8
206.3
201.1
206.6

14.5
44.5
58.2
203.5

-9.1
52.2
49.9
51.9

34.3
12.2
13.0
-20.6

646.9
846.2
903.6
966.8

268.7
400.8
390.1
479.4

1987 — I
II
III
IV

566.2
800.4
641.3
764.9

149.5
168.2
86.9
175.1

416.7
632.3
554.4
589.8

201.6
319.8
288.1
278.0

228.7
260.0
219.6
223.8

-16.4
38.2
55.7
54.1

171.8
273.7
238.2
287.4

213.9
189.8
181.9
167.2

-42.1
83.9
56.3
120.2

43.2
38.7
28.0
24.3

-7.2
1.0
12.0
13.9

559.0
801.5
653.3
778.8

84.2
467.8
359.2
488.0

1988 — I
II
III
IV

728.2
827.2
754.4
758.3

211.6
113.7
162.5
142.1

516.6
713.4
592.0
616.3

230.2
346.7
291.6
283.3

172.4
300.7
231.8
211.0

43.7
51.9
35.5
73.1

263.0
329.7
272.3
302.4

184.5
218.5
196.1
190.6

78.6
111.2
76.2
111.8

23.4
37.0
28.1
30.6

4.8
5.4
4.1
13.3

733.0
832.6
758.5
771.7

393.0
467.2
581.9
414.7

1989 — I
II
III

792.2
658.9
688.1

199.9
70.9
149.0

592.3
588.0
539.1

263.1
227.1
254.8

204.3
189.4
200.1

34.8
46.0
30.9

299.4
333.3
254.9

193.0
178.1
177.6

106.4
155.2
77.3

29.7
27.7
29.5

-1.1
-3.9
28.7

791.1
655.0
716.8

479.4
438.6
532.9




- Vi -

DECEMBER 6, 1989
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

■ - -......................................... DOMESTIC NONFINANCIAL SECTORS..........................................
HOUSEHOLDS -----HOME CONSUMER
TOTAL
MTGES CREDIT
------

TOTAL

U.S.
GOVT.

PVT.
NONFIN

NONFINANCIAL BUSINESS
LONG SHORT
TOTAL
TERM TERM

STATE &
LOCAL
GOVTS

FOREIGN

TOTAL
NONFINANCIAL

MEMO:
PRIVATE
FINAN.
ASSETS

YEAR-END OUTSTANDINGS ($ BILLIONS)
1976
1977
1978
1979
1980

2496.4
2812.4
3179.2
3560.2
3897.1

515.8
572.5
626.2
663.6
742.8

1980.6
2239.8
2553.0
2896.6
3154.4

838.4
974.5
1138.3
1310.4
1430.2

529.4
619.2
727.7
846.9
942.4

230.4
267.2
312.3
352.8
355.4

908.8
1023.1
1154.8
1311.3
1437.7

599.1
668.0
739.5
812.8
886.7

309.7
355.1
415.3
498.5
550.9

233.4
242.3
259.9
274.9
286.6

115.8
129.3
157.6
172.4
195.7

2612.2
2941.7
3336.8
3732.6
4092.9

1751.7
1941.7
2169.2
2426.9
2663.9

1981
1982
1983
1984

4278.0
4662.9
5202.6
5951.8

830.1
991.4
1177.9
1376.8

3447.9
3671.5
4024.6
4575.1

1548.8
1625.5
1791.6
2018.2

1020.3
1059.7
1156.0
1290.1

372.3
388.7
437.7
519.3

1595.4
1714.6
1878.0
2173.9

951.5
1020.7
1135.0
1290.9

643.9
693.9
743.0
883.0

303.7
331.4
355.0
383.0

219.1
208.7
225.9
233.6

4497.0
4871.6
5428.5
6185.4

2952.6
3257.7
3642.8
4134.2

QUARTERLY OUTSTANDINGS, SEASONALLY ADJUSTED

1985 — I
II
III
IV

6126.0
6314.5
6496.8
6795.1

1421.5
1480.9
1528.1
1600.4

4704.6
4833.6
4968.7
5194.7

2078.5
2140.0
2210.7
2295.5

1325.2
1360.2
1398.2
1440.6

541.2
562.0
582.7
601.8

2227.6
2282.5
2339.5
2425.4

1328.9
1374.3
1415.7
1472.7

898.7
908.2
923.8
952.7

398.5
411.0
418.5
473.9

231.9
231.2
234.9
234.7

6358.0
6545.7
6731.7
7029.9

4264.3
4363.6
4473.8
4619.9

1986 — I
II
III
IV

6959.3
7166.4
7386.6
7631.2

1643.9
1706.8
1764.4
1815.4

5315.4
5459.6
5622.2
5815.8

2358.7
2428.1
2513.8
2591.8

1490.2
1539.7
1603.4
1667.3

616.4
630.6
645.7
659.8

2485.1
2546.8
2611.2
2714.0

1528.8
1580.3
1630.2
1682.1

956.3
966.5
981.0
1031.9

471.6
484.7
497.1
510.1

235.3
238.3
241.5
236.4

7194.6
7404.7
7628.1
7867.6

4696.0
4797.1
4892.7
5010.0

1987 — I
II
III
IV

7782.4
7981.2
8135.9
8335.0

1852.8
1894.8
1916.5
1960.3

5929.6
6086.4
6219.4
6374.7

2645.9
2729.3
2795.7
2864.5

1729.4
1800.6
1852.0
1907.8

655.7
665.2
679.1
692.7

2762.7
2826.6
2886.1
2966.5

1743.6
1787.6
1833.1
1874.8

1019.2
1038.9
1053.0
1091.7

520.9
530.6
537.6
543.7

234.6
234.8
237.8
242.9

8016.9
8216.0
8373.7
8578.0

5023.8
5143.5
5229.8
5367.8

1988 — I
II
III
IV

8516.0
8722.8
8908.0
9105.6

2013.2
2041.6
2082.3
2117.8

6502.8
6681.1
6825.8
6987.8

2924.0
3010.7
3081.1
3152.0

1952.9
2028.1
2086.0
2138.8

703.6
716.6
725.5
743.7

3029.2
3111.7
3178.8
3262.4

1917.9
1972.5
2021.5
2069.2

1111.3
1139.1
1157.3
1193.2

549.5
558.8
565.8
573.5

244.2
245.5
246.5
249.6

8760.1
8968.3
9154.6
9355.3

5477.8
5594.6
5747.7
5856.4

1989 — I
II
III

9300.7
9465.4
9637.4

2167.8
2185.5
2222.7

7132.9
7279.9
7414.7

3230.3
3287.0
3349.4

2189.4
2236.7
2285.4

760.4
771.9
779.6

3321.8
3405.1
3470.2

2100.9
2145.5
2191.2

1220.8
1259.6
1279.0

580.9
587.8
595.2

249.5
248.4
255.6

9550.2
9713.9
9893.1

5998.1
6106.8
6245.3




- vii -

DECEMBER 6, 1989
Income and Product Distribution

Income and Product Distribution

1

GNP Expenditures and Gross Saving

Income and Product Accounts:

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS» $ BILLIONS
1988
1987
1986
1985

I
1

1988
I

III

II

I
IV 1

I

1989
II

III

1

4014.9

4231.7

4524.3

4880.6

4739.9

4838.5

4926.7

5017.3

5113.0

5201.8

5278.8 Total GNP

1

2
3
4
5
6

3449.8
2629.0
372.2
465.6
355.2

3669.7
2797.5
406.0
505.7
366.5

3937.0
3010.8
421.1
544.5
381.6

4204.0
3235.1
455.2
587.6
381.3

4093.8
3148.1
446.4
571.6
374.1

4165.0
3204.9
454.6
583.0
377.1

4221.9
3263.4
452.5
591.0
367.5

4335.3
3324.0
467.4
604.9
406.4

4397.4
3381.4
466.4
617.0
399.0

4477.3
3444.1
471.0
627.2
406.0

4553.3 Current outlays
Households
3513.2
Of which consumer durables
488.5
State and local governments
636.8
U.S. government
403.3

2
3
4
5
6

7
8
9
10
11
12
13

643.1
631.8
188.9
6.1
138.5
137.2
1.9

659.4
652.5
217.3
5.3
163.4
157.3
1.2

699.9
670.7
226.4
5.4
182.7
178.8
1.7

750.3
719.7
232.5
5.3
199.5
198.3
1.1

728.8
698.8
226.1
4.8
190.6
191.2
1.5

748.5
719.2
232.1
5.2
197.1
196.0
1.2

771.0
726.4
233.2
5.5
201.4
201.5
1.0

752.8
734.2
238.4
5.7
209.6
204.9
.8

769.6
741.9
238.8
5.5
211.7
209.8
.7

775.0
747.6
235.1
5.2
211.5
214.8
.9

7
8
9
10
11
12
13

14
15
16

-.6
-.3
-.3

4.8
2.4
2.4

2.3
1.1
1.1

.2
.1
.1

-2.0
-1.0
-1.0

X
*
*

-1.1
-.5
-.5

3.8
1.9
1.9

1.1
.6
.6

-4.2
-2.1
-2.1

779.0 Gross domestic investment
Private fixed investment
752.1
Residential construction
232.8
Mobile homes
4.8
1-4 family structures
211.4
220.7
Household purchases
Farm
.9
Change in work in process
on nonfarm
-10.2
-5.1
Noncorporate
Corporate
-5.1

17
18
19
20
21

44.3
18.2
24.5
1.3
.4

48.6
19.1
27.8
1.3
.4

38.3
19.9
16.7
1.0
.7

27.6
20.8
5.2
1.2
.4

30.7
20.4
8.4
1.8
.1

29.8
20.7
7.6
1.2
.3

26.3
20.9
3.7
1.4
.3

23.2
21.1
.7
.3
1.1

21.6
21.3
-1.2
1.4
.1

18.4
21.5
-4.4
1.0
.3

16.7
21.7
-6.3
1.1
_2

Multifamily units
Households (1)
Noncorporate business
Nonfin. corp, business
REITs

17
18
19
20
21

22
23
24
25
26
27

442.9
15.2
8.8
51.8
39.0
328.1

435.2
16.1
8.2
52.7
43.7
314.5

444.3
18.3
9.5
52.9
47.4
316.2

487.2
19.0
6.5
57.8
54.4
349.6

472.7
18.7
8.0
55.6
52.6
337.7

487.1
19.0
7.5
56.5
53.1
351.0

493.2
19.0
5.2
59.3
54.7
355.1

495.8
19.2
5.3
59.6
57.2
354.5

503.1
19.3
3.5
61.9
57.6
360.9

512.5
19.4
3.1
62.7
58.0
369.3

519.3
19.5
1.9
64.4
59.2
374.3

28
29
30
31
32

11.3
-3.3
14.7
8.3
6.4

6.9
-1.8
8.6
5.2
3.5

29.3
-1.3
30.5
3.6
26.9

30.6
-3.6
34.2
8.0
26.3

30.0
5.8
24.2
6.1
18.1

29.3
-1.1
30.4
7.7
22.7

44.6
3.1
41.5
10.1
31.4

18.6
-22.2
40.8
7.9
32.9

27.7
8.6
19.1
9.3
9.8

27.4
3.8
23.6
4.6
19.0

26.9
7.9
19.0
5.0
14.0

33
34
35

-77.9
370.9
448.9

-97.4
396.5
493.9

-112.6
448.6
561.2

-73.7
547.7
621.3

-82.7
521.6
604.3

-75.0
532.5
607.5

-66.2
556.8
623.0

-70.8
579.7
650.5

-54.0
605.6
659.6

-50.5
626.1
676.6

36
37
38

2838.7
125.4
4.4

3013.3
124.9
4.1

3206.0
101.8
3.2

3477.8
144.7
4.2

3376.3
131.9
3.9

3435.8
133.8
3.9

3511.7
149.7
4.3

3587.4
163.4
4.6

3689.5
205.8
5.6

3747.7
200.7
5.4

3808.3 Disposable personal income
191.0 Personal saving
5.0 Saving rate (percent)

39
40

-196.9
65.1

-206.9
62.7

-161.3
51.3

-145.8
49.7

-151.7
50.6

-141.5
52.5

-122.5
49.9

-167.6
45.8

-147.5
48.8

-145.4
47.4

-147.5 Federal government surplus
39
44.5 St. & local government surplus 40

41
42
43
44
45

224.3
-.1
31.2
22.9
170.3

221.6
-.1
33.1
32.0
156.5

266.8
*
39.1
30.5
197.2

306.8
X
43.7
29.8
233.4

288.8
X
42.4
27.7
218.7

305.3
40.7
29.7
234.9

314.4
X
45.1
31.6
237.7

318.8
X
46.5
30.1
242.2

318.0
X
46.6
29.3
242.1

Corporate iprofits, taxes, and dividends:
272.0
Profits - total (book)
296.0
Farms
.1
.1
Foreign
43.6
43.1
18.4
28.6
Financial corporations
210.4
Nonfin. corporate business
223.7

41
42
43
44
45

46
47
48
49

96.4
.3
26.6
69.6

106.3
.3
30.9
75.2

124.8
.3
31.7
92.7

138.0
.4
32.6
105.0

129.0
.3
30.8
97.9

138.4
.4
31.8
106.2

141.2
.4
33.8
107.0

143.2
.4
33.8
109.0

144.4
.4
33.8
110.2

134.9
.4
34.3
100.2

122.4
.4
28.1
93.9

Tax accruals - total
Farms
Financial corporations
Nonfin. corporate business

46
47
48
49

50
51
52
53
54
55

83.3
.3
-1.1
84.0
71.8
12.2

91.3
.3
-.8
91.8
74.1
17.6

98.7
.3
1.5
96.9
81.1
15.8

110.4
.3
1.1
109.0
82.7
26.3

105.7
.3
-.4
105.8
75.5
30.3

108.6
.3
.7
107.6
77.1
30.5

112.2
.3
3.3
108.6
92.3
16.3

115.2
.3
.8
114.1
86.1
28.0

118.5
.3
3.7
114.5
98.0
16.5

120.9
.3
3.1
117.5
93.4
24.1

123.3
.3
3.0
120.0
95.5
24.5

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

44.6
-.6
-2.6
18.9
28.9
16.7
12.2

24.0
-.7
1.9
15.5
7.3
-10.4
17.6

43.4
-.7
-2.6
23.3
23.3
7.5
15.8

58.5
-.7
-3.8
17.4
45.6
19.4
26.3

54.2
-.7
-2.6
12.1
45.4
15.1
30.3

58.3
-.7
-2.7
10.1
51.6
21.1
30.5

61.1
-.7
-5.4
28.8
38.4
22.1
16.3

60.4
-.7
-4.6
18.5
47.2
19.2
28.0

55.1
-.7
-8.3
30.1
34.0
17.5
16.5

40.2
-.6
-8.8
19.6
30.0
5.9
24.1

26.3
-.6
-12.7
18.6
21.0
-3.5
24.5

Undist. prof. - total (book)
Farms
Financial corporations
Foreign
Nonfin. corporate business
Domestic undist. prof.
♦ Net fgn. div. received

56
57
58
59
60
61
62

63
64
65
66

59.8
1.5
3.1
55.2

53.8
1.3
3.0
49.5

50.9
1.6
4.6
44.7

46.8
2.1
5.9
38.9

49.9
1.9
6.0
42.0

48.9
2.0
6.2
40.7

46.9
2.1
5.9
38.9

41.5
2.2
5.4
33.9

36.6
2.3
5.1
29.2

32.3
2.4
5.0
24.9

26.3
2.5
5.0
18.8

Cap. cons, adjust. - total
Farms
Financial corporations
Nonfin. corporate business

63
64
65
66

67
68
69
70
71
72
73
74
75

437.2
64.4
13.3
20.4
70.5
268.6
16.0
1.6
251.0

460.1
67.1
14.1
19.7
73.4
285.9
18.5
1.5
265.9

486.7
70.0
14.8
19.0
79.9
303.1
21.3
1.5
280.2

513.6
73.0
15.4
19.1
84.4
321.7
24.6
1.5
295.6

504.7
71.9
15,2
19.0
83.7
314.9
23.2
1.5
290.2

510.2
72.6
15.4
19.0
84.2
319.0
23.9
1.5
293.6

515.2
73.4
15.5
19.1
84.1
323.1
25.0
1.5
296.6

524.1
74.1
15.7
19,1
85.5
329.7
26.1
1.5
302.1

533.0
74.8
15.9
19.2
87.9
335.2
26.8
1.5
306.9

541.0
75.6
16.0
19.2
90.5
339.7
27.5
1.4
310.8

565.6 Total capital cons. w/CCAdj
76.3
Owner-occupied homes (HH)
16.2
Nonprofit institutions (HH)
19.3
Farm noncorporate
103.6
Nonfarm noncorp. business
350.2
Total corporate
28.1
Financial business
1.4
Corporate farms
320.7
Nonfin. corporate business

67
68
69
70
71
72
73
74
75

76
77

254.6
691.8

280.6
740.7

305.4
792.1

323.7
837.2

317.3
822.0

321.5
831.7

325.8
841.0

330.1
854.2

334.3
867.3

338.6
879.6

Memo:
Cap. cons, on consumer
342.8
durables not included above
76
908.4 Tot. cap. cons. incl. durables 77

78

-4.7

-1.8

-4.8

-9.7

-12.9

-

-8.9

-16.8

—24.2

-18.1

-22.8 Statistical discrepancy

79
80

43.0
14.6

48.0
14.5

45.3
14.7

44.9
14.3

44.9
14.3

45.4
14.6

45.6
14.8

46.8
15.1

45.0
14.4

44.7
14.5

Nonres. plant 8 equipment
Nonprofit inst. (HH)
Farm
Nonfarm noncorp. bus.
Financial corporations
Nonfin. corp, business

Inventories
Farm
Nonfarm
Noncorporate
Corporate

-53.5 Net exports
Exports
623.3
676.8 - Imports

45.0 Profit tax rate (percent)
14.6 Personal tax rate (percent)

(1) Purchases of condominium units.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




14
15
16

22
23
24
25
26
27
28
29
30
31
32
33
34
35

36
37
38

78

79
80

DECEMBER 6, 1989
Funds Raised in Credit Markets

Funds Raised in Credit Markets

2

Summary of Net Funds Raised in Credit and Equity Markets

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
I

1988

I

II

III

I
IV I

I

1989
II

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

III

Net Credit Market Borrowing by Nonfinancial Sectors

Total net borrowing by domestic
nonfinancial sectors
143,056 209,941 191,796 222,236 156,077 169,657 176,071
1

382.4

395.3

536.8

750.7

1

38,564
38,604
-40

87.4
87.8
-.5

161.3
162.1
-.9

186.6
186.7
-.1

198.8
199.0
-.2

2
3
4

100,185 190,856 150,137 168,394 118,132 159,672 137,507

2
3
4

U.S. government
Treasury issues
Agency issues 8 mortgages

5

Private domestic
nonfinancial sectors

42,871
42,994
-123

19,085
17,153
1,932

41,659
36,437
5,222

53,842
43,444
10,398

37-945
38,240
-295

9,985
8,703
1,282

295.0

234.1

350.2

551.9

5

6
7
8
9
10
11
12
13

Debt capital instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

84,049 141,632 121,817 115,104
4,855
8,697
11,355
9,115
29,693 35,983 28,969 26,224
49,501
96,534 81,493 80,183
32,925 77,319 62,720 56,156
4,424
5,127
3,615
5,745
12,336
18,504
15,774
15,132
-887
-222
-174
-783

94,037
4-872
27,897
61,268
41,116
5,859
15,112
-819

99,121 109,471
11,031
4,591
34,624 28,411
59,906 70,029
48,507 53,386
1,858
4,910
8,784
11,896
757
-163

165.7
33.7
22.8
109.2
72.4
4.8
22.2
9.7

157.2
50.4
18.7
88.2
53.4
5.4
25.2
4.1

247.2
43.3
16.0
187.9
120.4
14.1
51.0
2.4

320.0
51.0
46.1
222.8
136.7
25.2
62.2
-1.2

6
7
8
9
10
11
12
13

14
15
16
17
18

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

16,136
-3,766
4,016
-261
16,147

53,290
22,567
14,905
5,061
10,757

24,095
-6,743
4,939
9,792
16,107

60,551
15,987
12,226
13,912
18,426

28,036
14.374
4,666
3,021
5,975

129.3
16.9
49.2
14.7
48.5

76.9
16.4
50.9
-6.1
15.8

103.0
49.0
23.6
-.8
31.3

231.9
81.6
66.3
21.7
62.2

14
15
16
17
18

19
20
21
22
23
24
25

By borrowing sector:
StateSlocal governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

100,185 190,856 150,137 168,394 118,132 159,672 137,507
3,441
9,681
7,765
4,987
8,898
6,345
10,262
34,201 89,495 80,569 83,677 41,062 60,012 71,932
62,543 92-463 59,887 76,952 72.083 93-315 55,313
-4,224
2-651
39 -5,971 -1,695
3,575
1,254
22,314 20,153 20,686 28,743 23,788
16,783
15-735
44,453 69,659 39,162 54,180 49,990 72,957 38,324

295.0
17.1
113.9
164.0
16.3
44.4
103.3

234.1
27.7
84.0
122.4
6.7
71.8
43.9

350.2
23.6
186.1
140.5
3.9
81.9
54.8

551.9
28.1
231.5
292.3
-.4
123.2
169.6

19
20
21
22
23
24
25

6,268
2,257
223
4,765
-977

23.5
5.5
3.0
3.9
11.1

16.0
6.6
-5.5
1.9
13.0

17.3
3.1
3.6
6.5
4.1

8.4
3.8
-6.6
6.2
5.0

26
27
28
29
30

144,648 211,284 192,048 225,947 156,221 168,830 182,339

405.9

411.3

554.1

759.1 31

26 Fgn. net borrowing in U.S.
Bonds
27
28
Bank loans n.e.c.
Commercial paper
29
U.S. govt. 8 other loans
30
31 Total domestic plus foreign

1,592
3,823
-508
1,299
-3,022

49,224
16,880
18.982
4,340
9,022

1,343
-116
-400
1,493
366

28,320
15,385
472
2,456
10,007

252
1,364
271
2,263
-3,646

3,711
1 ,866
-1,207
4,579
-1,527

144
1,228
182
4,209
-5,475

-827
1,787
1,017
-2,151
-1,480

Net Credit Market Borrowing by Financial Sectors

Total net borrowing
by financial sectors
1

40,479

74,544

57,676

91,484

76,550

40,219

37,745

103.6

90.8

100.3

150.7

1

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

24,079
10,305
13,774
-

26,337
4,363
21,974

39,362
10,605
28,757

47,695
19,610
28,085
-

45,016
16,219
28,797

26-813
4,670
22,143

38,004
1,443
36,561
-

47.4
30.5
15.0
1.9

64.9
14.9
49.5
.4

67.8
1.4
66.4
-

74.9
30.4
44.4
-

2
3
4
5

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

16,400
14,202
-29
-1,088
6,867
-3,552

48,207
17,428
18
2,653
22,779
5,329

18-314
8,483
-24
-1,426
4,554
6,727

43,789
11,540
292
1,300
19,438
11,219

31-534
12-294
70
-1,975
10,143
11,002

13,406
-259
7,529
6-978
-2
9
1,533
929
6,255
2,589
-1,909 -10,764

56.2
6.0
K
1.2
32.7
16.2

25.9
13.7
.1
1.4
9.9
.8

32.5
18.6

-.4
21.3
-7.0

75.9 6
34.3
7
.4 8
1.4 9
24.0 10
15.7 11

12 Total, by sector
13
Sponsored credit agencies
14
Mortgage pools

40,479
10,305
13,774

74,544
4,363
21,974

57-676
10,605
28,757

91,484
19,610
28,085

76,550
16,219
28,797

40,219
4,670
22,143

37,745
1,443
36,561

103.6
32.4
15.0

90.8
15.3
49.5

100.3
1.4
66.4

150.7 12
30.4 13
44.4 14

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Mutual savings banks
Finance companies
REITs
SCO issuers

16,400
-6,249
-119
-4,027
423
14,263
1,350
10,759

48,207
815
5,316
6,544
436
26,794
430
7,872

18,314
-681
7
6,210
572
7,919
-1,480
5,767

43,789
2,219
-42
11,177
512
18,037
3,750
8,136

31,534
-5,437
3,787
10-836
-84 7
13,595
-230
9-830

13,406
-259
1,200
1,274
216
1.217
-2,171 -11,095
-134
-86
14,183
8,301
-538
-346
-351
1,477

56.2
11.6
10.8
15.6
.4
18.0
-.2
-

25.9
11.7
7.1
1.7
-.6
5.4
N
.6

32.5
5.0
13.3
-6.2
-.4
17.4
-.2
3.6

75.9
7.3
16.1
17.2
1.2
24.0
.8
9.3

15
16
17
18
19
20
21
22

509.5
133.0
33.7
34.3
109.1

502.1
225.9
50.4
39.0
88.2

654.4
254.4
43.3
37.8
187.8

909.8
273.8
51.0
84.3
223.1

1
2
3
4
5

14,374
5,818
10,375
-5,766

16.9
53.5
51.3
77.7

16.4
46.7
5.7
30.0

49.0
26.8
26.9
28.4

81.6
61.1
51.9
82.9

6
7
8
9

10 Memo: U.S. 9ovt. cash balance
-1,080
16,423
4,588 -9,551 -19,670 28,538
-694
Totals net of changes in U.S. govt, cash balances:
11
Net borrowing by dom. nonfin,. 144,136 193,518 187,208 231.787 175,747 141,119 176,765
12
By U.S. government
43,951
63,393 57,615 -18,553 39,258
2,662 37,071

«

7.3

-7.1

6.3 10

382.4
87.4

388.1
154.0

543.9
193.7

744.4 11
192.5 12

-4.8
3.7
-8.5
-11.5
2.7

21.2
8.8
12.4
6.4
4.7

58.1
27.2
30.8
23.5
3.6

-36.0
29.3
-65.3
-74.5
8.2

1
2
3
4
5

.2

1.4

3.7

.9

6

2
3
4
5

6
7
8
9
10
11

15
16
17
18
19
20
21
22

Total Net Credit Market Borrowing > All Sectors, by Type

1 Total net borrowing
2
U.S. government securities
3
Tax-exempt obligations
4
Corporate 8 foreign bonds
5
Mortgages
6
7
8
9

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

185,127 285,828 249,724 317,431 232,771 209,049 220,084
66,950 45,421 81,023 101,541 82,962 36,799 76,569
4,855
8,697
9,115
11,355
4,872
4,591
11,031
47,718 53,295 38,816 39,630 41,419 43,940 37,646
49,472 96,553 81,467 80,471
61,337 59,903 70,037
-3,766
2,420
7,905
9,573

16,880
21,235
28,612
14,717

15,385
-683
9,273
13,088

22,567
14,998
29,078
20,449

-6,743
3,146
24,144
21.634

15,987
14,776
18,016
15,037

External Corporate Equitv' Funds Raised in U.S. Markets
1 Total net share issues
Mutual funds
2
All other
3
4
Nonfinancial corporations
5
Financial corporations
Foreign shares
6
purchased in U.S.

-21,141 -30,403 -21,996 -44,372 -36,356 -8,982 -20,320
1,293
-175
4,957
1,067 -2,874
8,881
8,760
-22,434 -31,470 -19,122 -44,197 -41,313 -17,863 -29,080
-23,750 -35,000 -23,000 -48,750 -45,000 -26,250 -36,250
600
3,650
3,372
4,747
2,347
4,266
4.277
716

-1,217

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




228

1,181

1,340

4.121

2,893

DECEMBER 6, 1989
Funds Raised in Credit Markets

Funds Raised in Credit Markets

3

Summary of Net Funds Raised in Credit and Equity Markets

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1986
1987
1988
1985

1
1

1988
I

II

1
IV 1

III

I

1989
II

III

Net Credit Market Borrowing by Nonfinancial Sectors

Total net borrowing by domestic
688.1
nonfinancial sectors

1

8A6.3

831.1

693.2

767.0

728.2

827.2

75A.A

758.3

792.2

658.9

2
3
A

223.6
223.7
-.1

215.0
21A.7
.A

1AA.9
1A3.A
1.5

157.5
1A0.0
17.A

211.6
212.0
-.5

113.7
106.0
7.7

162.5
1A1.6
20.9

1A2.1
100.5
A1.6

199.9
201.1
-1.2

70.9
65.8
5.1

1A9.0
1A9.1
-.2

U.S. government
Treasury issues
Agency issues & mortgages

2
3
A

5

622.7

616.1

5A8.3

609.6

516.6

713.A

592.0

616.3

592.3

588.0

539.1

Private domestic
nonfinancial sectors

5

6
7
8
9
10
11
12
13

A51.A
135.A
73.8
2A2.2
156.8
29.8
62.2
-6.6

A60.3
22.7
121.3
316.3
218.7
33.5
73.6
-9.5

A58.5
3A.1
99.9
32A.5
23A.9
2A.A
71.6
-6.A

A62.6
3A.0
120.9
307.7
229.1
18.9
61.7
-2.1

386.5
29.1
118.8
238.7
170.7
2A.2
A8.5
-A. 7

561.0
37.9
1A3.9
379.2
300.7
1A.7
65. A
-1.6

A63.9
3A.8
115.9
313.2
231.0
19.5
65.A
-2.6

A38.9
3A.3
10A.9
299.7
21A.0
17.3
67.7
.7

A27.8
29.3
111.6
286.9
205.2
27.2
58.8
-A. A

39A.1
20.6
138.5
23A.9
186.1
8.1
38.7
2.1

A12.6
32.6
113.6
266.A
191.9
21.3
53.2
*

Debt capital instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

6
7
8
9
10
11
12
13

1A
15
16
17
18

171.3
82.5
38.6
1A.6
35.6

155.8
58.0
66.7
-9.3
AO.5

89.7
32.9
10.8
2.3
A3.8

1A7.0
51.1
38.A
11.6
A5.9

130.1
A3.7
20.8
2.A
63.2

152.A
51.9
58.8
6.8
3A.8

128.1
35.5
7.3
17.1
68.1

177.3
73.1
66.6
20.0
17.6

16A.5
3A.8
23.1
AA.l
62.5

193.9
A6.0
29.9
AA.9
73.1

126.5
30.9
21.6
20.A
53.6

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

1A
15
16
17
18

19
20
21
22
23
2A
25

622.7
90.9
28A.6
2A7.2
-1A.5
129.3
132.A

616.1
36.2
289.2
290.7
-16.3
103.2
203.7

5A8.3
33.6
271.9
2A2.8
-10.6
107.9
1A5.5

609.6
29.8
287.9
291.8
-7.5
91.9
207.5

516.6
23.A
230.2
263.0
-12.7
85.2
190.5

713.A
37.0
3A6.7
329.7
-3.3
83.6
2A9.A

592.0
28.1
291.6
272.3
-2.2
100.5
17A.0

616.3
30.6
283.3
302.A
-11.8
98.2
216.0

592.3
29.7
263.1
299.A
-2.2
91.1
210.6

588.0
27.7
227.1
333.3
.3
70.0
263.0

539.1
29.5
25A.8
25A.9
2.8
81.7
170.A

By borrowing sector:
StateSlocal governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

19
20
21
22
23
2A
25

26
27
28
29
30

1.2
3.8
-2.8
6.2
-6.0

9.7
3.1
-1.0
11.5
-3.9

A.9
7.A
-3.6
2.1
-1.0

6.9
6.9
-1.8
9.6
-7.8

A.8
1A.2
1.7
.7
-11.8

5.A
2.6
-3.3
6.5
-.A

A.l
5.9

10.3
-12.1

13.3
5.1
-5.7
21.0
-7.1

-1.1
3.2
A.9
12.1
-21.A

-3.9
11.1
1.7
-8.1
-8.6

28.7 Fgn. net borrowing in U.S.
9.1
Bonds
X Bank loans n.e.c.
20.A
Commercial paper
-.9
U.S. govt. S other loans

26
27
28
29
30

31

8A7.5

8A0.9

698.1

773.9

733.0

832.6

758.5

771.7

791.1

655.0

716.8 Total domestic plus foreign

31

39A.A

123.A

152.5

137.A
10.0
127.A
-

X

1

Net Credit Market Borrowing by Financial Sectors

1

201.3

318.9

315.0

26A.2

2A2.5

263.9

232.1

318.3
172.5
62.3
110.1

216.1
8A.9
131.2
-

105.8
12.5
93.3
-

Total net borrowing
by financial sectors

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

1

2
3
A
5

101.5
20.6
79.9
1.1

187.9
15.2
173.1
-.A

185.8
30.2
156.A
-.8

137.5
AA.9
92.6

128.8
59.5
69.3

10A.3
11.1
93.1

1AA.A
A6.5
97.8

6
7
8
9
10
11

99.7
50.9
.1
2.6
32.0
1A.2

131.0
82.9
.1
A.O
2A.2
19.8

129.2
78.9
.A
-3.3
28.8
2A.A

126.7
51.7
.3
l.A
53.6
19.7

113.7
60.0
-.1
5.9
38.5
9.A

159.6
71.1
.1
5.7
70.5
12.3

87.7
32.5
-.1
-5.6
35.1
25.8

1A5.8
A3.0
1.2
-.3
70.A
31.A

178.3
52.7
.3
3.0
53.2
69.1

17.6
31.A

15.1
26.A

.3
2.8
-16.9

A.l
28.2
-A3.7

12
13
1A

201.3
21.7
79.9

318.9
1A.9
173.1

315.0
29.5
156.A

26A.2
AA.9
92.6

2A2.5
59.5
69.3

263.9
11.1
93.1

232.1
A6.5
97.8

318.3
62.3
110.1

39A.A
8A.9
131.2

123.A
12.5
93.3

152.5 Total, by sector
10.0
Sponsored credit agencies
127.A
Mortgage pools

12
13
1A

15
16
17
18
19
20
21
22

99.7
-A.9
16.6
17.3
1.5
57.2
.5
11.5

131.0
-3.6
15.2
20.9
A.2
5A.5
1.0
39.0

129.2
7.1
1A.3
19.6
8.1
AO.3
.8
39.1

126.7
-3.9
5.2
19.9
1.9
67.0
A.l
32.5

113.7
-16.7
-8.8
10.0
2.3
78.A
5.A
A3.0

159.6
-1.6
22.A
19.1
1.1
85.A
1.7
31.5

87.7
-.9
6.1
2A.1
.5
AO.7
-5.9
23.1

1A5.8
3.7
.8
26.3
3.8
63.6
15.0
32.5

178.3
-13.A
6.A
71.3
-2.8
78. A
-.9
39.3

17.6
-.9
6.5
-16.2
-1.1
32.8
-2.2
-l.A

15.1
7.5
6.7
-A3.9
-2.9
A3.2
-l.A
5.9

15
16
17
18
19
20
21
22

869.3 Total net borrowing
286. A
U.S. government securities
32.6
Tax-exempt obligations
1A9.2
Corporate & foreign bonds
266.A
Mortgages

1
2
3
A
5

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

6
7
8
9

X

X

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

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Mutual savings banks
Finance companies
REITs
SCO issuers

2
3
A
5

6
7
8
9
10
11

Total Net Credit Market Borrowing, All Sectors, by Type

1
?
3
A
5

10A8.8
32A.2
135.A
128.A
2A2.2

1159.8
A03.A
22.7
207.3
316.A

1013.2
331.5
3A. 1
186.3
32A.9

1038.1
29A.9
3A.0
179.5
308.0

975.5
3A0.A
29.1
193.0
238.6

1096.5
218.0
37.9
217.6
379.3

990.6
306.8
3A.8
15A.3
313.1

1089.9
31A.6
3A.3
153.0
300.8

1185.A
A16.0
29.3
167.5
287.2

778.A
176.7
20.6
181.1
23A.9

6
7
8
9

82.5
38.3
52.8
A5.0

58.0
69.7
26.A
56.1

32.9
3.8
33.2
66.5

51.1
38.0
7A.9
57.8

A3.7
28.3
A1.6
60.8

51.9
61.2
83.9
A6.8

35.5
1.7
62.5
81.8

73.1
60.7
111.5
A2.0

3A.8
31.1
109.A
110.2

A6.0
31.9
39.6
A7.5

10

1A.A

X

-7.9

10.A

A7.6

1.2

10.6

-17.9

11
12

831.9
209.3

831.2
215.0

701.1
152.8

756.6
1A7.1

680.6
16A.0

825.9
112.5

7A3.8
151.8

776.3
160.0

30.9
25.8
69.0
9.1

-22.5
A3.7
-7.5 Memo: U.S. govt, cash balance 10
Totals net of changes :Ln U.S. govt, cash balances:
81A.7
615.2
695.6 Net borrowing by dom. nonfin. 11
27.2
156.A
By U.S. government
12
222.A

External Corporate Equity Funds Raised in U.S. Markets

1
2
3
A
5

20.1
8A.A
-6A.3
-81.5
13.5

90.5
159.0
-68.5
-80.8
11.1

1A.3
71.6
-57.3
-76.5
21.A

-117.9
-.7
-117.2
-130.5
12.A

-101.0
-9.5
-91.5
-95.0
2.A

-133.7
-6.6
-127.0
-1A0.0
19.0

-73.5
1.5
-75.0
-92.0
1A.6

-163.5
11.9
-175.A
-195.0
13.5

-163.5
3.6
-167.1
-180.0
9.A

-A8.7
2A.0
-72.7
-105.0
17.1

6

3.7

1.2

-2.1

.9

1.1

-6.0

2.A

6.1

3.6

15.2

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-6A.7 Total net share issues
Mutual funds
50.0
All other
-11A.6
Nonfinancial corporations
-1A5.0
17.1
Financial corporations
Foreign shares
purchased in U.S.
13.3

1
2
3
A
5
6

DECEMBER 6, 1989
Credit Market Supply of Funds

Credit Market Supply of Funds

Direct and Indirect Sources of Funds to Credit Markets

4

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1988

1

1

I

II

III

1
IV 1

1989
II

I

III

Total funds advanced in credit markets
to dom. nonfinan. sectors
143,056 209,941 191,796 222,236 156,077 169,657 176,071

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984
382.4

395.3

536.8

750.7

1

2
3
4
5
6

By Federal agencies and foreign
51,933
14,405
25,504
5,329
6,695

51,493
3,193
28,852
6,727
12,721

79,766
35,057
31,114
11,219
2,376

70,367
13,062 69,204
17,850 -21,576 26,131
29,219 25,289 42,068
11,002 -1.909 -10,764
12,296
11,258
11,769

106.6
18.7
23.5
16.2
48.3

112.8
21.4
61.0
.8
29.5

117.8
29.0
76.1
-7.0
19.7

157.6
38.9
56.5
15.7
46.6

54,407 51,933
7 By type of lender:
-957 -1,281
8
U.S. government
19,044 27,670
9
Spons. cr. ags. 8 mtg. pools
-5,209
10
Monetary authority
4,823
41,529 20,721
Foreign
11
Agency and foreign borrowing not in line 1:
Spons. cr. ags. 8 mtg. pools 24,079 26,337
12
1,592
13
1,343
Foreign

51,493
1,457
37,291
1,046
11,699

79,766
-4,127
45,644
9,864
28,385

70,367
1,637
44,928
-5,206
29,008

13,062 69,204
1,735
1,350
5,399 46,408
2,999 -10,815
3,314 31,876

106.6
24.0
48.2
8.8
25.5

112.8
15.9
65.5
7.7
23.7

117.8
9.7
69.8
14.7
23.7

157.6 7
17.1 8
74.3 9
8.4 10
57.9 11

39,362
252

47,695
3,711

45,016
144

26,813
-827

38,004
6,268

47.4
23.5

64.9
16.0

67.8
17.3

74.9 12
8.4 13

114,320 185,688 179,917 193,876 130,870 182,581 151,139
34,589 31,016 77,830 66,484 65,112 58,375 50,438
8,697
4,872
4,591
11,031
4,855
11,355
9,115
18,282 23,589 31,730 25,768
32,515 30,695 22,879
19,484 55,431
17,755 25,075
16,227
38,290 30,783
19,325 64,760 36,290 80,849 30,544 60,901
36,911
-3,552
11,219 11,002 -1,909 -10,764
6,727
5,329

346.7
114.3
33.7
19.8
53.7
141.4
16.2

363.3
204.4
50.4
14.7
-2.3
97.0
.8

504.1
225.4
43.3
14.5
58.3
155.5
-7.0

676.3
234.9
51.0
35.1
105.3
265.6
15.7

14
15
16
17
18
19
20

130,112 158,987 112,453 156,621 118,142 159,055 89,793
13,954 55,563 38,922 46,884 22,500 47,239 41,964
874 -9,352 -34,515
10,816 42,267 42,902 24,524
55,313 48.446 40,071 51,099 46,532 48,823 42,561
50,029
12,711 -9,442 34,114 48,236 72,345 39,783

331.0
108.0
27.4
90.1
105.5

291.5
110.1
24.4
96.0
61.0

393.6
144.6
134.2
100.1
14.7

585.8
169.2
154.7
121.8
140.1

21
22
23
24
25

130,112 158,987 112,453 156,621 118,142 159,055
69,162 28,420 41,554 80,075 33,614 56,707
16,400 48,207
13,406
18,314 43,789 31,534

89,793
66,061
-259

331.0
209.3
56.2

291.5
196.9
25.9

393.6
221.0
32.5

585.8 26
322.6 27
75.9 28

82,360 52,585 32,757 52,994 88,942 23,991
19,641 -9,645 -10,973
2,691
16,490 -10,399
9,039
1,595 -5,175 -15,466 20,877 -1,974
49,845 36,876 49,496 37,175 41,591
33,569
6.986 24,513 -31.205 40,930 37,447 -10,295

65.5
-22.6
-1.1
83.4
5.9

68.7
-32.3
6.1
114.7
-19.7

140.1
14.6
-5.3
115.0
16.0

187.3
8.8
4.0
124.0
50.5

29
30
31
32
33

34
35
36
37
38
39

54,407
32,361
18,568
-3,552
7,030

2 Total net advances, by type
U.S. government securities
3
4
Residential mortgages
5
FHLB advances to thrifts
Other loans and securities
6

Private domestic funds advanced

14 Total net advances
U.S. government securities
15
16
Tax-exempt obligations
17
Corporate and foreign bonds
Residential mortgages
18
Other mortgages and loans
19
20
Less: FHLB advances

Private financial intermediation

21
22
23
24
25

Credit market funds advanced
by private financial insts.
Commercial banking
Savings institutions
Insurance and pension funds
Other finance

26 Sources of funds
27
Private domestic dep. S RPs
28
Credit market borrowing

29
30
31
32
33

44,550
Other sources
Foreign funds
-16-391
Treasury balances
1,876
50,604
Insurance and pension res.
Other, net
8,461
Private domestic nonfinancial investors

34 Direct lending in cr. markets
35
U.S. government securities
36
Tax-exempt obligations
Corporate and foreign bonds
37
38
Open-market paper
Other
39

608
10,917
422
-525
-11,808
1,602

74,908
16,922
12,503
8,020
27,947
9,516

40 Deposits and currency
41
Currency
42
Checkable deposits

63,973
-1,366
-17,785

34,375 41,948
3,486
5,959
14,981 -14,266

43
44
45
46
47

Small time 8 svgs. deposits
Money market fund shares
Large time deposits
Security RPs
Foreign deposits

48

Total of credit mkt. instru­
ments, deposits, and currency

56,679 26,070
25,585 -12,360
-1,511 -4,604
6,194
4,333
-3,823
-4

85,778
63,968
11,250
1,416
8,831
313

20,203
-2,437
35,692
2,362
-3.092

81,044
57,488
9.709
-6,339
12,271
7,915

44,262
31,499
3,535
6,867
6,738
-4,377

36,932
21,271
997
389
8,714
5,561

61,087
43,321
4,201
8,212
-260
5,613

71.8
25.4
21.0
1.2
-2.8
27.0

97.8
64.7
29.4
-6.7
-9.2
19.6

143.0
89.3
28.4
-9.4
17.8
17.0

166.4
111.4
27.1
-4.1
7.8
24.2

81,546 36,876
6,654
589
29,344 -32,617

65,079
5,680
3,652

57,998
-1,362
814

217.1
9.5
18.8

206.1
9.7
17.5

238.4
14.3
29.7

326.1 40
8.6 41
30.2 42

14,363
24,655
19,973
7,240
2,673

21,951
19,617
7,138
4,349
2,692

32,371
29,309
-1,873
5,440
-6,701

47.6
102.2
36.6
4.2
-1.7

135.8
33.5
-1.0
11.1
-.4

215.4
-39.0
-8.3
23.1
3.1

150.7
49.0
82.9
9.8
-5.1

81,138 102,011 119,085

289.0

303.9

381.4

492.5 48

26.3
95.5
2.9

27.4
80.2
-8.6

21.3
78.1
38.2

20.8 49
86.6 50
66.7 51

-4.8
3.7
-8.5

21.2
8.8
12.4

58.1
27.2
30.8

-36.0
29.3
-65.3

1
2
3

25.8
-30.6

28.1
-6.9

50.4
7.7

15.8
-51.8

4
5

19,233
12,005
11,216
8,277
-5,183

64-581 109,283 127,726 162,590

49 Public holdings as % of total
37,613
50 Pvt. finan. intermediation (S) 113.813
51 Total foreign funds
25,138

24,579
85,620
37,211

26,812
62,502
1,300

35,302
80,784
48,026

45,043
90,274
19,363

7,736
87,114
-7,659

37,953
59,410
34,567

43
44
45
46
47

Corporate Equities Not Included Above
1 Total net issues
2
Mutual fund shares
3
Other equities

-21,141 -30,403 -21,996 -44,372 -36,356 -8,982 -20,320
1,293
1,067 -2,874
-175
4,957
8,881
8,760
-22,434 -31,470 -19,122 -44,197 -41,313 -17,863 -29,080

4 Acq. by financial institutions -7,307 -1,349
8,603
-154
5,420
-13,834 -29,054 -30,599 -49.792 -36,202
5 Other net purchases

-3,114
3,244
-5,868 -23,564

Line notes: (1): Page 2 line 1. (6):
Includes farm and commercial mortgages.
(12):
Credit market funds raised by federally sponsored credit agencies and
net issues of federally related mortgage pool securities.
(14): Line 1 less
line 2 plus lines 12 and 13.
Also line 21 less line 28 plus line 34.
Also sum of lines 29 and 48 less lines 41 and 47.
(19):
Includes farm and
commercial mortgages.
(27): Line 40 less lines 41 and 47.
(28): Excludes
equity issues and investment company shares. Includes line 20.
(30): Foreign
deposits at commercial banks,
plus bank borrowings from foreign branches,
and liabilities of foreign banking offices to foreign affiliates, net
of claims on foreign affiliates and deposits by banking in foreign banks.
(31) :
Demand
deposits and
note
balances
at
commercial
banks.
(32) :
Excludes
investment of these reserves in corporate equities.
(33) :
Mainly
retained
earnings 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 mortgages.
(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/
(lines 1 + 13).
(50): Line 21 / line 14.
(51): Line 11 plus line 30.
Corporate Equities:
(1-3):
Includes Issues by financial institutions.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




DECEMBER 6, 1989
Credit Market Supply of Funds

Credit Market Supply of Funds

5

Direct and Indirect Sources of Funds to Credit Markets

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS* $ BILLIONS
1987
1986
1988
1985

1

846.3

831.1

693.2

767.0

I
1

1988

II

I

728.2

827.2

III
754.4

I
IV I
758.3

I

792.2

1989
II

III

Total funds; advanced in credit markets
to dom. nonfinan. sectors
658.9
688.1

1

By Federal agencies and foreign
267.4 Total net advances, by type
117.1
U.S. government securities
Residential mortgages
149.0
FHLB advances to thrifts
-43.7
Other loans and securities
45.0

3
4
5
6

202.0
45.9
94.6
14.2
47.3

314.0
69.4
170.1
19.8
54.7

262.8
70.1
153.2
24.4
15.1

237.6
85.0
104.0
19.7
28.8

278.6
153.2
88.9
9.4
27.1

185.5
43.3
107.9
12.3
22.1

196.9
24.1
98.1
25.8
49.0

289.3
119.6
121.2
31.4
17.1

348.7
97.6
133.3
69.1
48.7

26.7
-102.4
106.6
-16.9
39.4

7
8
9
10
11

202.0
17.8
103.5
18.4
62.3

314.0
9.7
187.2
19.4
97.8

262.8
-7.9
183.4
24.7
62.7

237.6
-4.9
129,6
10.5
102.3

278.6
-7.0
114.3
2.7
168.6

185.5
-7.6
105.7
5.0
82.5

196.9
4.3
130.1
15.5
47.0

289.3
-9.3
168.5
18.9
111.2

348.7
2.8
221.4
5.2
119.3

12
13

101.5
1.2

187.9
9.7

185.8
4.9

137.5
6.9

128.8
4.8

104.3
5.4

144.4
4.1

172.5
13.3

216.1
-1.1

267.4 By type of lender:
26.7
U.S. government
3.1
5.2
Spons. cr. ags. 8 mtg. pools
165.6
15.6
Monetary authority
-30.7
-3.9
Foreign
127.2
11.9
Agency and foreign borrowing not in line 1:
137.4
Spons. cr. ags. 8 mtg. pools
105.8
Foreign
28.7
-3.9

621.1
261 .4
34.1
87.5
106.1
156.5
24.4

673.8
209.9
34.0
104.4
144.0
201.2
19.7

751.3
174.7
37.9
126.2
207.5
217.2
12.3

705.9
282.8
34.8
91.7
152.3
170.1
25.8

654.8
195.0
34.3
73.0
110.1
273.7
31.4

658.4
318.4
29.3
89.4
99.2
191.3
69.1

2
3
4
5
6

7
8
9
10
11
12
13

Private domestic funds advanced

14
15
16
17
18
19
20

747.0
278.2
135.4
40.8
91.8
214.8
14.2

714.8
333.9
22.7
84.2
82.0
211.8
19.8

583.2
187.2
29.1
126.5
106.0
143.8
9.4

734.1
279.1
20.6
132.3
87.5
197.7
-16.9

586.8 Total net advances
U.S. government securities
169.3
Tax-exempt obligations
32.6
Corporate and foreign bonds
103.4
Residential mortgages
64.2
Other mortgages and loans
173.6
Less: FHLB advances
-43.7

14
15
16
17
18
19
20

Private financial intermediation
Credit market funds advanced
by private financial insts.
Commercial banking
Savings institutions
Insurance and pension funds
Other finance

21
22
23
24
25

544.3
213.4
17.6

342.2 Sources of funds
Private domestic dep. 8 RPs
282.7
Credit market borrowing
15.1

26
27
28

223.8
-28.4
-21.6
133.0
140.8

313.3
-16.0
26.6
151.5
151.2

44.3
10.6
-6.4
88.7
-48.6

166.5
148.7
22.3
-5.7
-12.6
13.9

268.1
211.1
35.7
-15.4
67.1
-30.3

207.5
123.2
-11.4
32.8
19.5
43.4

259.7 Direct lending in cr. markets
U.S. government securities
137.4
Tax-exempt obligations
22.6
Corporate and foreign bonds
21.2
Open-market paper
43.4
Other
35.1

34
35
36
37
38
39

215.7
29.3
-21.4

248.2
5.1
97.3

211.2
19.3
-54.5

231.1
12.6
-83.0

273.2 Deposits and currency
Currency
11.4
35.4
Checkable deposits

40
41
42

130.5
-21.0
-3.5
26.5
-5.9

72.7
-3.5
137.0
7.0
-5.5

86.0
58.1
12.7
23.3
-34.4

26.4
51.1
111.9
31.6
25.5

117.4
111.8
39.8
27.5
5.1

119.1
124.3
-15.4
19.4
-20.9

393.0

467.2

581.9

414.7

479.4

438.6

Total of credit mkt. instru532.9 ments* deposits* and currency 48

38.0
105.9
108.1

22.3
73.7
177.0

26.0
60.6
4.9

37.5
96.8
156.7

44.1
86.4
90.9

4.1
74.1
-4.1

37.3 Public holdings as % of total 49
58.3 Pvt. finan. intermediation (£) 50
51
137.8 Total foreign funds

21
22
23
24
25

579.9
186.0
87.9
154.4
151.6

744.0
197.5
107.6
174.6
264.2

560.8
136.8
136.8
210.9
76.3

558.2
155.3
120.5
194.9
87.4

617.4
87.9
96.0
257.4
176.1

553.7
194.5
134.9
182.7
41.6

427.5
118.4
157.0
150.5
1.7

634.1
220.5
94.2
189.1
130.3

568.6
120.6
62.2
228.3
157.6

544.3
158.6
-73.1
182.5
276.2

26
27
28

579.9
214.3
99.7

744.0
262.6
131.0

560.8
144.1
129.2

558.2
219.2
126.7

617.4
305.5
113.7

553.7
102.0
159.6

427.5
191.9
87.7

634.1
277.4
145.8

568.6
166.5
178.3

29
30
31
32
33

265.9
19.7
10.3
131.9
104.1

350.4
12.9
1.7
149.3
186.5

287.5
43.7
-5.8
176.1
73.6

212.3
9.3
7.3
186.8
8.8

198.2
-60.6
44.2
190.1
24.4

292.1
94.5
-16.3
184.0
29.9

147.9
-42.1
5.6
109.8
74.5

210.9
45.5
-4.1
263.3
-93.8

34
35
36
37
38
39

266.8
157.8
37.7
4.2
47.5
19.6

101.8
60.9
-21.7
39.3
5.4
17.9

189.6
100.0
45.6
24.1
6.6
13.3

242.3
149.3
33.9
2.6
37.2
19.3

79.5
119,6
19.7
-39.6
-14.5
-5.8

357.2
103.2
37.2
61.4
98.6
56.8

366.2
225.7
56.4
-5.8
77.4
12.5

40
41
42

224.6
12.4
41.9

283.0
14.4
95.0

160.2
19.0
-3.0

221.8
14.7
12.3

313.5
10,7
3.6

110.0
13.8
-30.5

43
44
45
46
47

138.5
8.9
7.4
17.7
-2.1

120.6
38.3
-11.4
20.2
5.9

76.0
27.2
26.7
17.2
-2.8

122.2
22,8
40.8
21.2
-12.1

199.5
57.6
16.9
27.9
-2.7

48

491.4

384.8

349.8

464.2

49
50
51

23.8
77.6
82.0

37.3
104.1
110.7

37.6
90.3
106.4

30.7
82.8
111.7

342.2
132.9
-154.2
156.0
207.4

Other sources
29
Foreign funds
30
Treasury balances
31
Insurance and pension res. 32
Other* net
33

Private domestic nonfinancial investors

Small time & svgs. deposits
Money market fund shares
Large time deposits
Security RPs
Foreign deposits

43
44
45
46
47

Corporate Equities Not Included Above
1
2
3

20.1
84.4
-64.3

90.5
159.0
-68.5

14.3
71.6
-57.3

-117.9
-.7
-117.2

-101.0
-9.5
-91.5

-133.7
-6.6
-127.0

-73.5
1.5
-75.0

-163.5
11.9
-175.4

-163.5
3.6
-167.1

-48.7
24.0
-72.7

4
5

45.6
-25.5

53.7
36.8

21.4
-7.1

5.4
-123.3

-34.4
-66.5

.2
-133.9

25.5
-99.1

30.1
-193.6

-6.5
-157.0

-6.5
-42.2

-64.7 Total net issues
Mutual fund shares
50.0
Other equities
-114.6

3.8 Acq. by financial institutions
-68.4 Other net purchases

Line notes: (1): Page 2 line 1. (6): Includes farm and commercial mortgages.
(12):
Credit market funds raised by federally sponsored credit agencies and
net issues of federally related mortgage pool securities.
(14): Line 1 less
line 2 plus lines 12 and 13.
Also line 21 less line 28 plus line 34.
Also sum of lines 29 and 48 less lines 41 and 47.
(19): Includes farm and
commercial mortgages.
(27): Line 40 less lines 41 and 47.
(28): Excludes
equity issues and investment company shares. Includes line 20.
(30): Foreign
deposits at commercial banks* plus bank borrowings from foreign branches*
and liabilities of foreign banking offices to foreign affiliates* net
of claims on foreign affiliates and deposits by banking in foreign banks.
(31) :
Demand
deposits and
note
balances
at
commercial
banks.
(32) :
Excludes
investment of these reserves in corporate equities.
(33) :
Mainly
retained
earnings 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 mortgages.
(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/
(lines 1 + 13).
(50): Line 21 / line 14.
(51): Line 11 plus line 30.
Corporate Equities:
(1-3):
Includes issues by financial institutions.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




1
2
3
4
5

DECEMBER 6, 1989
Households

Households

6

Sector Statements of Saving and Investment
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1988
I

II

III

1
IV I

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

Households, Personal Trusts, and Nonprofit Organizations

952,845 992,7681033,8761084,9861043,9761085,4391124,356
133,400 164,992 145,891 142,392 146,766 187,391 158,290

2520.9
393.3

2670.8
409.3

2838.6
410.5

3108.8
440.2

1
2

819-445 827,776 887,985 942,594 897,210 898-048 966,066
784,885 821,774 834,645 891,796 843,201 883,272 897,963
34,560
14,776 68,103
6,002 53,340 50,798 54,009
♦ Credits from govt, insurance 10,213 20,745 30,713 23,188
12,516 24,680 32,277
♦ Capital gains dividends
6,000
3,000
550
3,679
2-000
1,481
636
♦ Net durables in consumption
22,259 36,093 29,129 44,071 22,333 35,985 34,092

2127.6
1968.1
159.4
39.7
2.7
37.4

2261.4
2107.5
154.0
43.9
2.4
37.2

2428.1
2297.5
130.6
53.5
4.4
62.7

2668.6
2504.5
164.1
63.9
6.0
98.8

3
4
5
6
7
8

68,513 63,476 113,732 121,736 94,858 77,441 137,472
101,087 102,375 103,670 104,960 106,253 107,544 108-836
169,600 165,851 217,402 226,696 201,111 184,985 246,308

239.2
264.4
503.6

237.4
280.9
518.4

251.2
295.3
546.5

332.8 9
309.4 10
642.2 11

200,278 199,398 220,649 222,926 200,004 231-944 248,986
12 Gross investment
Capital expend, net of sales 159,829 171,800 175,654 191,232 169,414 181-115 189,815
13
53,559 50,584 60,325 59,853 58,686 55,636 65,136
14
Residential construction
101,583 116,478 110,580 126,584 105,911 120-626 119,797
Consumer durable goods
15
4,687
4,795
4,817
4,882
4,738
4,749
4,853
Nonprofit plant and equip.
16

512.9
362.1
111.2
239.9
11.0

544.2
355.0
89.9
252.7
12.4

617.8
436.5
133.2
289.1
14.2

700.1
506.2
155.4
335.6
15.2

1 Personal income
2 - Personal taxes and nontaxes

3
4
5
6
7
8

- Disposable personal income
- Personal outlays
= Personal saving, NIPA basis

9 = Net saving
10 ♦ Capital consumption
11 = Gross saving

12
13
14
15
16

17 Net financial investment
Net acq. of financial assets
18

40,449 27,598 44,995 31,694
74,506 119,170 129,042 117,571

30,590 50-829 59,171
68,752 117,845 134-473

150.9
268.2

189.2
279.2

181.3
380.8

193.9 17
427.3 18

Dep. 8 cr. mkt. instr. (1)

58,432 104,928 111,106 123,450

95,932

19

91,920 127,562

229.7

224.0

282.7

406.5 19

49,873 39,342
11,753 -15,139
17,032
12,210
9,243
19,363
11,845 22,908

56,855
4,537
19,540
14,886
17,892

69,528
7,652
30,285
3,395
28,196

185.4
33.1
47.5
14.1
90.7

170.2
21.0
134.3
-18.0
32.8

182.0
25.0
210.1
-22.0
-31.1

278.3
18.0
153.2
63.0
44.0

20
21
22
23
24

56,590
37,301
4,265
6,867
-2-651
10,808

35,065
23,164
860
389
2,357
8,295

58,034
44,603
5,058
8,212
2,564
-2,403

44.3
21.5
20.9
1.2
10.9
-10.3

53.8
40.8
29.1
-6.7
9.7
-19.1

100.7
69.1
27.1
-9.4
.7
13.1

128.2
100.2
26.2
-4.1
1.5
4.4

25
26
27
28
29
30

2.669
1,579
6,601
4,262
-133 -2,983 -1,277
-14,295 -30,139 -27,899 -46,555 -39,157 -16,542 -32,045

5.8
-41.4

7.0
-18.3

24.0
-23.5

24.0 31
-77.3 32

7,040
40,182

9.2
108.7

7.2
140.9

8.0
151.2

5.2 33
152.5 34

-20,912 -22,506 -16,963 -32,981 -29,634 -23,148 -23,675
5,084 -3,057
-1,042
4,847 -2,406
6,464
-11
6,147
6,525
7,053
9,212
9,371
11,158
5,776

-48.4
-1.5
6.1

-91.4
3.1
6.8

-79.6
2.7
15.3

-86.5 35
1.0 36
2.0 37

20
21
22
23
24

57,355 32,326 34,926
Deposits
17,122 -13,347
Checkable dep. 8 curr. -11,462
18,519
55,162 24,347
Small time 8 svgs.dep.
-9,942
Large time deposits
4-799 33,164
Money mkt. fund shares 23,597 -13,942 -3,410

25
26
27
28
29
30

Credit mkt. instruments
U.S. govt, securities
Tax-exempt obligations
Corporate 8 fgn. bonds
Mortgages
Open-market paper

31
32

Mutual fund shares
Other corporate equities

33
34

Life insurance reserves
Pension fund reserves

35
36
37

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

38
39
40
41
42

Net Increase in liabilities
Credit market instruments
Home mortgages
Installment cons, credit
Other consumer credit

43
44
45
46
47
48
49

Tax-exempt debt
Other mortgages
Bank loans n.e.c.
Other loans
Security credit
Trade debt
Miscellaneous

50 Discrepancy

1,077
9,371
-1,786
-525
2,083
-8,066

5,425
38,082

72,602
16,329
12,476
8,020
7,818
27,959

6,262
50,135

76,180
61,286
9,686
1,416
-1,158
4,950

5,520
56,142

73,577
59,388
10,369
-6,339
118
10,041

8,057
54,740

7,682
26,195

6,873
36,306

34,057
34,201
40,221
-1,660
-2,106

91,572
89,495
71,211
17,980
-1,100

84,047
80,569
60,516
17,248
-1,863

85,877
83,677
57,024
19,603
2,964

38-162
41,062
48,150
-3,208
-3,535

67,016
60,012
42-895
15,116
871

75,302
71,932
52,974
11,577
2,797

117.3
113.9
73.2
13.5
3.4

90.0
84.0
46.4
14.8
1.6

199.5
186.1
116.4
44.1
4.9

233.4
231.5
134.7
75.0
6.6

38
39
40
41
42

300
569
-4,022
899

-264
566
-207
1,309

710
563
-723
4,118

125
560
1,954
1,447

-7
557
-2,221
1,326

-192
554
-402
1,170

810
551
1,513
1,710

4.4
2.3
6.0
11.1

8.5
2.6
2.6
7.4

11.4
2.5
3.6
3.3

10.2
2.5
-.4
2.9

43
44
45
46

-889
875
-130

1,017
1,000
60

1,214
2.100
164

1,774
163
263

-4,050
1,150
-

5,739
1,150
115

2,078
1,164
128

-1.0
2.7
1.8

2.8
2.4
.8

9.4
3.4
.6

-2.4 47
5.3 48
-1.0 49

-30,678 -33,547

-3,247

3,770

1,107 -46,959

-2,678

-9.3

-25.8

-71.3

-57.9 50

55,636
1,298
54,338
18,896
42,895
-6,155

65,136
1,190
63,946
19,082
52,974
-6,920

111.2
4.7
106.5
51.4
73.2
-13.5

89.9
4.6
85.3
54.3
46.4
-10.8

133.2
6.1
127.1
57.0
116.4
-40.2

155.4
6.2
149.2
60.0
134.7
-39.2

101,583 116,478 110,580 126,584 105,911 120,626 119,797
79,324 80,385 81,451 82,513 83,578 84,641 85,705
22.259 36,093 29,129 44,071 22,333 35,985 34,092

239.9
202.5
37.4

252.7
215.4
37.2

289.1
226.4
62.7

335.6 57
236.7 58
98.8 59

(1) Excludes corporate equities.

Memoranda:

51
52
53
54
55
56

Net physical investment:
(A) Residential construction
Expenditures
Mobile homes
Other
- Capital consumption
- Home mortgages
= Excess net investment

57
58
59

(B) Consumer durables
Expenditures
- Capital consumption
= Net investment
- Consumer credit
= Excess net investment

53,559 50,584 60,325 59,853
1,202
1,297
1,379
1,417
52,357 49,287 58,946 58,436
18,524
17,966
18,151
18,338
71,211
60,516 57,024
40,221
-4,628 -38,778 -18,529 -15,695

58,686
1,376
57,310
18,710
48,150
-8,174

51
52
53
54
55
56

-3,766
26,025

16,880
19,213

15,385
13.744

22,567
21,504

-6,743
29,076

15,987
19,998

14,374
19,718

16.9
20.5

16.4
20.9

49.0
13.7

81.6 60
17.2 61

4,687
3,797
890

4,738
3,839
899

4,749
3,881
868

4,795
3,923
872

4,817
3,965
852

4,853
4,007
846

4,882
4,049
833

11.0
10.4
.6

12.4
11.2
1.2

14.2
11.9
2.3

15.2 62
12.7 63
2.5 64

14,000
4,217

16,619
725

14,111
6,006

13,123
5,389

14,058
6,019

17,264
1,645

14,078
7,049

15.6
7.5

15.3
6.8

14.5
5.4

14.2 65
6.1 66

20,405

19,531

23,649

23,383

21.961

20,004

24,597

23.2

22.5

22.0

23.5 67

19,230
8,964
4,097
4,114

20,231
14,033
10,783
10,539

19,108
14,037
9,143
8,764

19,725
12,127
8,858
8,631

18,500
7,507
4,167
4,484

19,585
12,743
7,247
6,489

18,956
13,429
7,520
7,183

16.7
12.4
5.4
5.2

15.4
12.1
3.9
3.6

17.6
15.3
8.0
7.5

18.5
15.6
8.5
8.5

831,139 849,157 919,248 969,461 915,726 924,7281001,343
72 (2) Adj. disposable income =
(NIPA disposable Income * govt, insurance credits + capital gains divid.)

2170.0

2307.7

2486.0

60
61
62
63
64

(C) Nonprofit plant and equip.
Expenditures
- Capital consumption
= Net investment
Percentages:

65 Effective tax rate
66 Saving rate, NIPA basis

Percent of adj. disposable income (2):

67 Gross saving
68
69
70
71

Capital expenditures
Acquisition of finan. assets
Net Increase in liabilities
Credit market borrowing

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




68
69
70
71

2738.5 72

DECEMBER 6, 1989
Households

Households

7

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS- $ BILLIONS
1987
1988
1986
1985

I
1

I
IV 1

1988
I

II

III

1989
II

I

III

Households, Personal Trusts, and Nonprofit Organizations

1
2

3325.4
486.7

3526.2
512.9

3777.6
571.7

4064.5
586.7

3948.5
572.2

4026.6
590.8

4097.6
585.9

4185.2
597.8

4317.8
628.3

4400.3
652.6

4457.5 Personal income
649.2 - Personal taxes and nontaxes

3
A
5
6
7
8

2838.7
2713.3
125.4
72.3
4.9
117.6

3013.3
2888.5
124.9
78.7
17.5
125.4

3206.0
3104.2
101.8
73.9
22. 4
115.7

3477.8
3333.1
144.7
84.9
6.3
131.6

3376.3
3244.4
131.9
72.5
.7
129.1

3435.8
3302.0
133.8
86.6
9.0
133.1

3511.7
3362.0
149.7
89.3
6.9
126.7

3587.4
3424.0
163.4
91.0
8.7
137.3

3689.5
3483.7
205.8
83.3
18.2
132.1

3747.7
3547.0
200.7
102.2
15.3
132.4

3808.3
3617.3
191.0
94.9
17.2
145.7

9
10
11

320.2
332.3
652.5

346.4
361.7
708.1

313.8
390.1
703.9

367.5
412.1
779.5

334.2
404.3
738.6

362.5
409.5
772.0

372.6
414.7
787.3

400.5
419.8
820.3

439.4
425.0
864,4

450.6
430.2
880.8

448.8 = Net saving
435.3 + Capital consumption
884.1 = Gross saving

9
10
11

12
13
14
15
16

677.6
548.9
161.4
372.2
15.2

770.3
603.8
181.7
406.0
16.1

766.4
643.4
204.0
421.1
18.3

843.3
698.5
224.3
455.2
19.0

823.4
681.6
216.4
446.4
18.7

806.4
695.4
221.8
454.6
19.0

877.3
699.4
227.9
452.5
19.0

865.9
718.2
231.7
467.4
19.2

835.6
722.3
236.6
466.4
19.3

938.0
732.0
241.6
471.0
19.4

971.7 Gross investment
Capital expend, net of sales
755.2
Residential construction
247.2
Consumer durable goods
488.5
19.5
Nonprofit plant and equip.

12
13
14
15
16

17
18

128.7
435.4

166.5
465.6

123.0
384.0

144.7
440.3

141.8
391.8

111.0
458.6

178.0
487.9

147.7
422.3

113.3
387.5

206.0
453.1

17
216.5 Net financial investment
Net acq. of financial assets 18
488.5

19

329.4

252.2

293.6

397.9

292.9

429.0

483.4

386.3

463.4

377.1

534.2

Dep. 8 cr. mkt. instr. (1) 19

20
21
22
23
24

154.5
21.0
143.9
-22.4
12.1

216.9
88.6
120.3
-25.0
33.0

126.3
18.6
66.8
19.6
21.4

174.5
4.1
115.1
37.3
18.1

234.0
-1.8
190.7
-4.5
49.7

86.5
-20.8
125.7
9.0
-27.4

150.3
-22.7
63.4
117.0
-7.3

227.0
61.6
80.4
27.6
57.4

169.5
-13.1
14.8
123.7
44.1

180.9
-78.4
110.0
44.4
104.9

282.3
59.4
108.0
-4.9
119.8

Deposits
Checkable dep. 8 curr.
Small time 8 svgs.dep.
Large time deposits
Money mkt. fund shares

20
21
22
23
24

25
26
27
28
29
30

174.9
82.5
38.1
4.2
3.1
47.0

35.2
20.9
-24.5
39.3
1.7
-2.2

167.3
97.4
42.6
24.1
-1.6
4.8

223.4
146.4
30.7
2.6
8.9
34.9

58.9
111.3
10.9
-39.6
-8.2
-15.5

342.5
100.3
37.0
61.4
45.6
98.3

333.0
208.8
50.1
-5.8
7.4
72.6

159.3
165.1
24.9
-5.7
-9.3
-15.8

293.9
232.7
38.7
-15.4
-28.9
67.0

196.3
130.3
-12.0
32.8
27.5
17.7

251.9
137.5
26.0
21.2
22.4
44.8

Credit mkt. instruments
U.S. govt, securities
Tax-exempt obligations
Corporate 8 fgn. bonds
Mortgages
Open-market paper

25
26
27
28
29
30

31
32

68.5
-102.8

141.4
-125.0

73.1
-97.9

-1.7
-118.9

-4.0
-51.8

-11.4
-122.5

1.0
-101.2

7.5
-200.1

-10.0
-150.5

14.9
-67.8

32.0
-116.8

33
34

10.7
174.8

17.5
185.3

26.0
169.1

25.3
199.1

21.7
169.1

25.0
189.9

22.1
146.7

32.2
290.8

30.7
119.0

27.5
134.1

28.2
75.1

35
36
37

-89.2
13.5
30.4

-47.2
9.0
32.4

-95.2
-6.8
22.1

-93.4
6.5
25.5

-60.0
-.6
24.6

-93.7
19.1
23.1

-95.6
5.5
26.1

-124.6
2.0
28.2

-93.6
-8.4
36.8

-95.6
25.4
37.5

-124.7
16.0
44.6

38
39
40
41
42

306.7
284.6
153.3
77.0
5.5

299.1
289.2
214.9
55.0
3.0

261.0
271.9
233.0
36.7
-3.8

295.6
287.9
229.0
53.2
-2.1

250.0
230.2
172.4
49.8
-6.1

347.6
346.7
300.7
56.1
-4.2

310.0
291.6
231.8
43.5
-7.9

274.6
283.3
211.0
63.3
9.8

274.2
263.1
204.3
46.5
-11.7

247.1
227.1
189.4
42.4
3.6

272.0
254.8
200.1
20.2
10.7

43
44
45
46

30.2
2.4
6.9
9.3

-2.2
2.4
9.6
6.6

-1.0
2.3
-2.3
6.9

.9
2.3
-3.0
7.8

1.2
2.3
7.0
3.6

-1.1
2.3
-12.4
5.2

2.8
2.3
2.7
16.5

.5
2.2
-9.3
5.8

X

2.2
16.5
5.3

-.8
2.2
-14.4
4.7

3.2
2.2
11.5
6.8

47
48
49

19.4
2.5
.1

8.2
3.0
-1.3

-15.3
3.2
1.2

3.1
4.1
.4

16.8
3.5
-.5

-3.3
4.0
.2

9.3
8.4
.7

-10.3
.7
1.1

6.5
4.6
-

15.0
4.6
.5

12.1
4.7
.5

50

-25.1

-62.2

-62.5

-63.7

-84.8

-34.4

-90.0

-45.6

28.8

-57.2

=
=
+
♦
♦

Disposable personal income
Personal outlays
Personal saving. NIPA basis
Credits from govt, insurance
Capital gains dividends
Net durables in consumption

1
2

3
4
5
6
7
8

Mutual fund shares
Other corporate equities

31
32

Life insurance reserves
Pension fund reserves

33
34

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

35
36
37

Net increase in liabilities
Credit market instruments
Home mortgages
Installment cons, credit
Other consumer credit

38
39
40
41
42

Tax-exempt debt
Other mortgages
Bank loans n.e.c.
Other loans
Security credit
Trade debt
Miscellaneous

-87.6 Discrepancy

43
44
45
46

47
48
49

50

(1) Excludes corporate equities.

Memoranda:

51
52
53
54
55
56

161.4
6.1
155.4
64.4
153.3
-56.2

181.7
5.3
176.4
67.1
214.9
-100.2

204.0
5.4
198.7
70.0
233.0
-99.0

224.3
5.3
219.0
73.0
229.0
-77.6

216.4
4.8
211.6
71.9
172.4
-27.8

221.8
5.2
216.6
72.6
300.7
-151.5

227.9
5.5
222.3
73.4
231.8
-77.3

231.7
5.7
226.0
74.1
211.0
-53.4

236.6
5.5
231.1
74.8
204.3
-42.5

241.6
5.2
236.4
75.6
189.4
-23.4

Net physical investment:
(A) Residential construction
247.2
Expenditures
4.8
Mobile homes
242.4
Other
76.3
- Capital consumption
200.1
- Home mortgages
-29.2
= Excess net investment

51
52
53
54
55
56

57
58
59

372.2
254.6
117.6

406.0
280.6
125.4

421.1
305.4
115.7

455.2
323.7
131.6

446.4
317.3
129.1

454.6
321.5
133.1

452.5
325.8
126.7

467.4
330.1
137.3

466.4
334.3
132.1

471.0
338.6
132.4

(B) Consumer durables
488.5
Expenditures
- Capital consumption
342.8
145.7
= Net investment

57
58
59

60
61

82.5
35.1

58.0
67.4

32.9
82.8

51.1
80.5

43.7
85.4

51.9
81.1

35.5
91.2

73.1
64.3

34.8
97.3

46.0
86.5

62
63
64

15.2
13.3
1.9

16.1
14.1
2.0

18.3
14.8
3.5

19.0
15.4
3.5

18.7
15.2
3.6

19.0
15.4
3.6

19.0
15.5
3.5

19.2
15.7
3.5

19.3
15.9
3.4

65
66

14.6
4.4

14.5
4.1

15.1
3.2

14.4
4.2

14.5
3.9

14.7
3.9

14.3
4.3

14,3
4.6

67

22.4

22.8

21.3

21.8

21.4

21.9

21.8

68
69
70
71

18.8
14.9
10.5
9.8

19.4
15.0
9.6
9.3

19.5
11.6
7.9
8.2

19.6
12.3
8.3
8.1

19.8
11.4
7.2
6.7

19.7
13.0
9.8
9.8

19.4
13.5
8.6
8.1

72

2915.8

3109.5

3302.2

3569.0

3449.5

- Consumer credit
= Excess net investment

60
61

19.4
16.0
3.4

(C) Nonprofit plant and equip.
19.5
Expenditures
16.2
- Capital consumption
3.3
= Net investment

62
63
64

14.6
5.6

14.8
5.4

14.6 Effective tax rate
5.0 Saving rate, NIPA basis

22.2

22.8

22.8

22.6 Gross saving

67

19.5
11.5
7.4
7.7

19.1
10.2
7.2
6.9

18.9
11.7
6.4
5.9

19.3
12.5
6.9
6.5

68
69
70
71

30.9
114.8

Percentages:

65
66

Percent of adj. disposable income (2):

3531.4 3608.0 3687.1 3791.0 3865.2 3920.4 (2) Adj. disposable income =
72
(NIPA disposable income + govt, insurance credits + capital gains divid.)

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




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

DECEMBER 6- 1989
Total and Noncorporate Business

Total and Noncorporate Business

Sector Statements of Savins and Investment

8

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
|
1

1988
I

II

III

I
IV 1

I

1989
II

Nonfinancial

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

Business - Total

1 Income before taxes
2 Gross saving

141,156 152,251 152,539 145,471 154,940 154,493 147,211
114,208 119,909 122,489 122,224 112,916 121,564 128,241

387.9
316.4

327.5
327.0

376.1
372.8

457.6
426.8

1
2

3 Gross investment

3

110,018 106,984 104,279 122,615 111,425 107,363 109,677

322.0

326.8

345.6

404.8

109,517 118,758 120,182 107,010 116,410 115,765 115,172
4 Capital expenditures
87,112 116,574 109,525 108,324 90,598 117,839 109,948
Fixed investment
5
Business plant 8 equipment 94,878 106,509 103,515 108,934 100-898 111,832 108,530
6
-858 -8,667
7,245
758
-8,816
7,943
7
Home construction (1)
3,020
660
Multifamily residential
1,050
2,122
2,990
248 -1,633 -1,238
8
4,627
21,750
734
9
Change in inventories
9,986 -1,845 24,981 -2,470
831
655
531
396
597
Mineral rts. from U.S. govt.
1,450
671
10

381.5
352.7
341.6
-1.6
12.6
24.0
4.8

334.7
351.5
336.4
3.3
11.8
-24.6
7.8

342.5
341.8
322.5
1.5
17.8
-7.1
7.8

469.7 4
394.1
5
368.6 6
2.5 7
22.9 8
67.7
9
7.9 10

501 -11,774 -15,903
15,605 -4,985 -8,402 -5,495
11 Net financial investment
4,876 38,107
5,158
16,854 30,884 26,695 50,228
Net acq. of financial assets
12
9,861
46,509
16,353 42,658 42,598 34,623
10,653
Net increase in liabilities
13
-23,750 -35,000 -23,000 -48,750 -45,000 -26,250 -36,250
14
Corporate equities
62,543 92,463 59,887 76,952
72,083 93,315 55,313
Credit market instruments
15
30,099 35,574 29,233 26,031 28,165 33,686 28,370
16
Bonds
12,561
16,457
Mortgages
8,711 24,757 20,414 22,599
16,504
17
7,160
12,628
8,038
19,189
12,951
3,153
18
Bank loans n.e.c.
1,195
15,695
15,371 24,197 30,544
7.286
19
Other loans
12,943
9,045

-59.5
103.3
162.8
-11.5
164.0
36.2
33.7
43.2
50.9

-8.0
54.4
62.4
6.4
122.4
33.8
39.1
48.3
1.2

3.1
156.1
153.0
23.5
140.5
25.5
69.0
19.9
26.1

-64.9
153.3
218.2
-74.5
292.3
66.7
85.6
66.7
73.3

-13,571 -2,457
16,192 -14,996 -2,999
3,430
6,637
6,013
15,197
9,663
11,778
17,291 23,112 27,751
-24,066 -22,011 -18,217 -32,883 -29,977 -23,570 -23,618

34.6
24.6
-48.9

9.0
17.2
-92.7

36.7
32.7
-80.5

38.3 20
50.2 21
-88.2 22

-5.6

.3

27.2

22.0 23

20
21
22

Trade debt
Other liabilities
Proprietor net investment

4,190

23 Discrepancy

12,925

18,210

-391

1,491

14,201

18,564

11
12
13
14
15
16
17
18
19

Farm Business

11,000

11,350

9,425

8,000

14,750

12,825

9,075

30.7

24.6

12.5

30.5

1

300
5,125
372
4,753
5,425

329
5,125
370
4,755
5,454

357
5,142
368
4,774
5,499

386
5,144
366
4,778
5,530

416
5,157
364
4,793
5,573

446
5,163
362
4,801
5,609

477
5,173
360
4,813
5,650

.2
19.4
1.4
17.9
19.6

.5
20.5
1.6
18.9
21.0

.6
22.4
1.6
20.8
23.0

.7
22.5
1.6
20.9
23.2

2
3
4
5
6

7 Gross investment
8 Capital expenditures
9
Plant and equipment
10
Residential construction
Change in inventories
11

5,425
3,782
2,028
304
1,450

5,454
1,878
1,844
309
-275

5,499
2,340
1,300
265
775

5,530
-3,999
1,323
228
-5,550

5,573
3,173
898
125
2,150

5,609
1,922
741
231
950

5,650
2,695
476
244
1,975

19.6
24.1
16.4
2.0
5.8

21.0
13.8
13.2
2.0
-1.5

23.0
4.1
10.1
1.5
-7.5

23.2 7
20.1 8
10.4 9
2.6 10
7.2 11

12 Net financial investment
13
Net acq. of financial assets
14
Checkable dep. 8 currency
15
Miscellaneous assets
Insurance receivables
16
17
Eq. in spons. ags. (2)

1,643
657
55
602
677
-75

3,576
756
56
700
689
11

3,159
889
57
832
722
110

9,529
817
58
759
737
22

2,400
461
59
402
764
-362

3,687
415
60
355
784
-429

2,955
800
61
739
807
-68

-4.5
1.9
.1
1.7
1.1
.6

7.1
1.8
.1
1.7
1.3
.4

18.8
1.3
.1
1.1
1.0
.1

3.1
.2
.2
.1
*
.1

12
13
14
15
16
17

Net increase in liabilities
Credit market instruments
Mortgages
Bank loans n.e.c.
Other loans
U.S. government
Fed. Int. Credit Banks

-986
-4,224
-887
-947
-2,390
-1,347
-1,043

-2,820
2,651
-174
2,187
638
-21
659

-2,270
39
-783
482
340
71
269

-8,712
-5,971
-222
-958
-4,791
-2,612
-2,179

-1,939
-1,695
-819
-1,428
552
1,585
-1,033

-3,272
3,575
757
2,318
500
500

-2,155
1,254
-163
317
1,100
1,100

6.4
16.3
9.7
1.4
5.2
3.4
1.8

-5.3
6.7
4.1
3.2
-.6
.2
-.8

-17.6
3.9
2.4
2.8
-1.3
X
-1.3

-2.8
-.4
-1.2
1.0
-.1
1.1
-1.2

18
19
20
21
22
23
24

205
3,033

231
-5,702

256
-2,565

281
-3,022

306
-550

331
-7,178

356
-3,765

.9
-10.8

.4
-12.4

-.7
-20.7

-1.1 25
-1.3 26

1 Proprietors’ net income
w/IVA & CCAdj.
2 Net saving (corporate)
3 Capital consumption
4
Corporate
5
Noncorporate
6 Current surplus = gross saving

18
19
20
21
22
23
24

25
26

Trade debt
Proprietor net investment

Nonfarm Noncorporate Business
1 Net income w/ IVA and CCAdj
2 Gross svg. - capital consump.

77,576
20,934

78,938
21,055

80,043
21,032

81,716
21,375

81,614
21,982

82,064
22,621

81,661
25,906

175.8
57.4

173.1
63.8

204.1
64.2

231.1
67.4

1
2

3 Gross investment
4 Capital expenditures
5
Fixed capital
6
Plant and equipment
7
Home construction (1)
8
Multifamily residential
9
Change in inventories

20,934
11,717
10,192
13,880
-4,560
872
1,525

21,055
21,610
19,685
14,156
3,817
1,712
1,925

21,032
21,199
18,674
14,817
1,378
2,479
2,525

21,375
16,492
14,517
14,907
-543
153
1,975

21,982
11,680
9,355
15,444
-4,396
-1,693
2,325

22,621
18,773
17,623
15,713
3,507
-1,597
1,150

25,906
17,838
16,588
16,092
257
239
1,250

57.4
71.5
64.9
55.1
-1.8
11.6
6.6

63.8
65.2
67.1
55.9
.6
10.6
-1.9

64.2
68.5
68.6
52.0
X
16.6
-•2

67.4
81.7
72.8
51.6
X
21.2
8.9

3
4
5
6
7
8
9

9,217
7,584
1,000
2,500
150
-414
832
1,200
2,316
1,324
-8
1,000

-555
6,385
1,000
1,000
150
-9
832
1,200
2,212
1,211
1
1,000

-167
7,907
1,125
2-500
150
43
832
1,200
2,057
1,080
977

4,883
6,749
984
688
150
949
832
1,200
1,946
965
7
974

10,302
7,591
908
3,227
150
-514
832
1,200
1,788
839
-8
957

3,848
7,111
859
2,113
150
190
832
1,200
1,767
819
948

8,068
6,766
755
2,352
150
-287
832
1,200
1,764
834
-5
935

-14.2
4.4
2.1
10.5
.7
X
8.1
4.4
-21.5
2.1
.1
-23.6

-1.4
5.6
3.5
3.4
-.1
.1
4.6
7.6
-13.5
2.0
X
-15.6

-4.3
32.8
8.2
13.6
2.8
.7
4.3
6.8
-3.7
-4.6
X
.9

-14.3
48.0
4.8
13.3
-.5
.4
10.0
6.5
13.5
11.0
X
2.4

10
11
12
13
14
15
16
17
18
19
20
21

-1,633
22,314
14,000
-3,648
4,832
12,816

6,940
20,153
13,000
3,054
3,418
6,528

8,074
20,686
17,000
1,102
4,147
11,751

1,866
28,743
17,313
-434
5,529
12,218

-2,711
23,788
17,399
-3,517
5,612
15,304

3,263
16,783
10,123
2,806
1,631
5,686

-1,302
15,735
13,839
206
4,680
8.953

18.6
44.4
23.3
.6
6.1
16.6

7.0
71.8
77.0
6.5
12.1
58.4

37.1
81.9
71.0
4.0
17.3
49.7

62.3
123.2
88.2
2.0
27.0
59.2

22
23
24
25
26
27

930
7,384
400

3,943
3,210
400

1,137
2,549
400

2,048
9,382
400

959
5,430
400

726
5,934
400

280
1,616
400

10.2
10.9
-1.6

-9.5
4.3
1.5

-.5
11.3
1.8

16.8 28
18.1 29
1.1 30

752
696
584
640
528
472
416
2.000
2,000
2,000
2,000
2,000
2,000
2,000
-27,099 -16.309 -15,652 -29,861 -29,427 -16,392 -19,853

5.1
8.7
-38.1

3.8
10.3
-80.3

.5
12.7
-59.8

5.7 31
19.2 32
-86.9 33

10 Net financial investment
11
Net acq. of financial assets
12
Checkable dep. & currency
13
Time deposits
14
U.S. govt, securities
15
Consumer credit
16
Mortgages
17
Trade credit
18
Miscellaneous assets
19
Insurance receivables
20
Equity in spons.ags. (2)
21
Other

22
23
24
25
26
27

Net increase in liabilities
Credit market instruments
Mortgages
Home mortgages
Multifamily
Commercial

28
29
30

Bank loans n.e.c.
Other loans
Other taxes payable

31
32
33

Trade debt
Miscellaneous liabilities
Proprietor net investment

(1) Farm plus nonfarm change in work in process.
(2) Shares in FICBs, Banks for Cooperatives, and Federal Land Banks.

 LATEST QUARTER


BASED ON INCOMPLETE INFORMATION.

DECEMBER 6, 1989
Total and Noncorporate Business

Total and Noncorporate Business
9

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS , $ BILLIONS
1985
1986
1988
1987

1
1

1988

1
2

A55.7
AA5.6

III

II

I

Nonfinancial

1
IV 1

1989
II

I

III

Business - Total

A65.8
AAO.l

537.2
A53.9

591.A
A78.8

573.0
A7A.A

596.1
A73.2

595.6
A78.A

601.0
A89.2

627.5
A72.1

603.3
A77.7

573.A Income before taxes
A99.3 Gross saving

1
2

3

3

All.3

377.6

A21.6

AA3.9

A37.8

A39.0

A50.7

AA8.1

A33.8

AA6.3

A7A.1 Gross investment

A
5
6
7
8
9
10

A31.5
A15.8
388.7
1.3
25.8
11.3
A.A

A2A.6
A10.5
375.3
6.0
29.2
6.9
7.2

A32.5
A00.3
378.6
A.O
17.7
29.3
2.9

A55.5
A21.5
A13.8
1.3
6.A
30.6
3.3

AA3.6
A11.0
A01.A
-.6
10.2
30.0
2.6

A60.1
A25.0
A15.0
1.2
8.8
29.3
5.8

A71.8
A2A. 5
A19.5
-.1
5.1
AA.6
2.7

AA5.9
A25.1
A19.5
A.7
1.0
18.6
2.1

A59.3
A28.3
A26.2
1.9
.2
27.7
3.3

A57.3
A28.3
A35.1
-3.3
-3.A
27.A
1.6

A55.3 Capital expenditures
A
A26.0
Fixed investment
5
AAO.6
Business plant 8 equipment 6
-9.3
Home construction (1)
7
-5.2
Multifamily residential
8
26.9
Change in inventories
9
2.A
Mineral rts. from U.S. govt. 10

11
12
13
1A
15
16
17
18
19

-20.2
12A.5
1AA.7
-81.5
2A7.2
96.A
86.5
31.6
32.7

-A7.0
16A.9
211.8
-80.8
290.7
111.A
99.1
57.1
23.1

-10.9
1A2.7
153.6
-76.5
2A2.8
99.0
89.2
13.1
A1.5

-11.6
12A.7
136.2
-130.5
291.8
120.9
76.5
Al.A
53.1

-5.8
1A6.0
151.8
-95.0
263.0
120.A
6A.1
13.7
6A.8

-21.1
121.9
1A3.0
-1A0.0
329.7
1A2.3
76.2
71.2
AO.O

-21.1
1A6.0
167.1
-92.0
272.3
116.9
79.2
A.6
71.5

2.2
8A.7
82.A
-195.0
302.A
10A.1
86.5
75.9
35.9

-25.5
103.2
128.7
-180.0
299.A
112.7
80.A
6.6
99.8

-11.1
1A6.5
157.6
- 105.0
333.3
13A.7
A3.3
AA.A
110.8

20
21
22

39.2
31.0
-91.2

7.5
AA.5
-50.1

22.2
56.2
-91.0

6.8
65.3
-97.2

-3.5
60.0
-72.7

-5.9
50.9
-91.7

18.1
69.A
--100.6

18.6
80.7
-12A.2

-6.6
110.9
-95.0

-9.5
36.1
-97.3

23

3A.A

62.6

32.A

3A.9

36.7

3A.3

27.7

Al.l

38.3

31.A

25.2 Discrepancy

18.8 Net financial investment
58.8
Net acq. of financial assets
AO.O
Net increase in liabilities
Corporate equities
-■1A5.0
25A.9
Credit market instruments
113.5
Bonds
6A.1
Mortgages
10.1
Bank loans n.e.c.
67.2
Other loans

5.9
A8.7
-■12A.5

Trade debt
Other liabilities
Proprietor net investment

11
12
13
1A
15
16
17
18
19

20
21
22

23

Farm Business
!

1

30.2

3A.7

A1.6

39.8

AA.O

A5.A

37.7

32.0

59.0

51.3

2
3
A
5
6

.9
22.0
1.6
20.A
22.9

.6
21.2
1.5
19.7
21.8

.9
20.5
1.5
19.0
21.A

l.A
20.5
1.5
19.1
21.9

1.2
20.5
1.5
19.0
21.7

1.3
20.5
1.5
19.0
21.8

l.A
20.6
1.5
19.1
22.0

1.5
20.6
1.5
19.1
22.1

1.7
20.6
1.5
19.2
22.3

1.8
20.7
l.A
19.2
22. A

36.3 Proprietors* net income
w/IVA 8 CCAdj.
1.9 Net saving (corporate)
20.7 Capital consumption
l.A
Corporate
19.3
Noncorporate
22.6 Current surplus = gross saving

7
8
9
10
11

22.9
7.A
8.8
1.9
-3.3

21.8
7.7
8.2
1.2
-1.8

21.A
9.9
9.5
1.7
-1.3

21.9
A.O
6.5
1.1
-3.6

21.7
15.3
8.0
1.5
5.8

21.8
7.6
7.5
1.2
-1.1

22.0
9.2
5.2
1.0
3.1

22.1
-16.1
5.3
.8
-22.2

22.3
12.8
3.5
.7
8.6

22.A
7.8
3.1
.9
3.8

22.6 Gross investment
10.6 Capital expenditures
1.9
Plant and equipment
Residential construction
.9
Change in inventories
7.9

7
8
9
10
11

12
13
1A
15
16
17

15.5
2.7
.2
2.5
2.8
-.3

1A.2
3.2
.2
3.0
3.6
-.6

11.5
2.A
.2
2.2
2.6
-.5

17.9
3.1
.2
2.9
2.8
.1

6.A
2.6
.2
2.A
2.7
-.3

1A.2
3.0
.2
2.8
2.8

12.8
3.6
.2
3.3
2.9
.A

38.2
3.3
.2
3.0
2.9
.1

9.5
1.8
.2
1.6
3.1
-l.A

1A.7
1.7
.2
l.A
3.1
-1.7

12.0 Net financial investment
3.2
Net acq. of financial assets
.2
Checkable dep. 8 currency
3.0
Miscellaneous assets
3.2
Insurance receivables
-.3
Eq. in spons. ags. (2)

12
13
1A
15
16
17

18
19
20
21
22
23
2A

-12.8
-1A.5
-6.6
-A. A
-3.5
.A
-3.9

-10.9
-16.3
-9.5
-A. 3
-2.5
_. 2
-2.3

-9.1
-10.6
-6.A
-2.2
-2.0
-.A
-1.6

-1A.8
-7.5
-2.1
.8
-6.2
-3.9
-2.3

-3.8
-12.7
-A. 7
.A
-8.3
-6.1
-2.3

-11.2
-3.3
-1.6
.6
-2. A
-2.0
-.3

-9.2
—2.2
-2.6
.A

-.3
.3

-3A.9
-11.8
.7
1.6
-1A.1
-7.2
-6.9

-7.6
-2.2
-A. A
-1.2
3.3
5.A
-2.1

-13.0
.3
2.1
.9
-2.7
-1.8
-.9

-8.8
2.8
*
-.A
3.2
-.6
3.8

Net increase in liabilities
Credit market instruments
Mortgages
Bank loans n.e.c.
Other loans
U.S. government
Fed. Int. Credit Banks

18
19
20
21
22
23
2A

25
26

-.3
1.9

.2
5.1

.6
.9

1.0
-8.3

.8
8.1

.9
-8.8

1.0
-8.0

1.1
-2A.3

1.2
-6.6

1.3
-1A.6

l.A
-13.0

Trade debt
Proprietor net investment

25
26

326.6 Net income w/ IVA and CCAdj
103.6 Gross svg. = capital consump.

1
2

103.6 Gross investment
58.0 Capital expenditures
53.0
Fixed capital
6A.A
Plant and equipment
-5.1
Home construction (1)
-6.3
Multifamily residential
5.0
Change in inventories

3
A
5
6
7
8
9

X

X

2
3
A
5
6

Nonfarm Noncorporate Business
1
2

255.2
70.5

27A.6
73.A

298.A
79.9

318.3
8A.A

310.3
83.7

315.8
8A.2

320.2
8A. 1

326.9
85.5

326.5
87.9

328.3
90.5

3
A
5
6
7
3
9

70.5
8A.2
75.9
51.8
-.3
2A.5
8.3

73.A
88.1
82.9
52.7
2.A
27.8

79.9
7A.3
70.7
52.9
1.1
16.7
3.6

8A.A
71.0
63.1
57.8
.1
5.2
8.0

83.7
69.1
63.0
55.6
-1.0
8.A
6.1

8A.2
71.8
6A.1
56.5

8A.1
72.5
62.A
59.3
-.5
3.7
10.1

85.5
70.1
62.2
59.6
1.9
.7
7.9

87.9
70.5
61.2
61.9
.6
-1.2
9.3

90.5
60.8
56.2
62.7
-2.1
-A.A
A.6

10
11
12
13
1A
15
16
17
18
19
20
21

-13.7
38.8
11.5
11.5
.3
.3
A.7
A.l
6.A
3.8

5.6
3A.7
A.O
11.5
.6
.5
3.3
A.8
10.0
6.0

12.A
25.5
A.O
A.O
.6

17.A
31.8
3.6
12.9
.6
-.6
3.3
A.8
7.2
3.A

X

X

X

X

A.O

A.O

11.6
31.7
A.5
10.0
.6
.2
3.3
A.8
8.2
A.3
3.9

15.A
25.5
3.9
2.8
.6
2.3
3.3
A.8
7.8
3.9

A.O

13.A
28.6
A.l
6.7
.6
.6
3.3
A.8
8.5
A.6
A.O

1A.7
31.7
A.O
10.0
.6
-,2
3.3
A.8
9.3
5.3

2.6

-1A.7
A2.3
6.0
11.2
1.2
.3
3.9
6.A
13.3
A.8
-.1
8.5

3.9

3.8

29.7
28.5
3.A
8.5
.6
.8
3.3
A.8
7.1
3.3
3.8

22
23
2A
25
26
27

52.5
129.3
111.0
3.8
33.9
73.3

57.0
103.2
80.3
1.9
33.0
A5.A

29.1
107.9
80.0
.9
23.7
55.A

15.2
91.9
61.3
.1
17.9
A3.3

17.1
85.2
56.0
-.8
23.0
33.8

13.2
83.6
52.0
13.9
38.1

20.1
100.5
68.0
-.A
18.A
50.1

10.2
98.2
69.3
1.5
16.5
51.3

1A.A
91.1
69.6
.5
26.2
A2.9

-1.2
70.0
AO.5
-1.7
7.2
35.0

-18.5
81.7
55.A
-A.l
20.A
39.1

28
29
30

6.2
12.2
3.A

11.7
11.2
1.7

10.7
17.2
1.6

8.1
22.5
1.6

3.7
25.5
1.6

15.8
15.9
1.6

A.5
28.0
1.6

8.2
20.8
1.6

3.8
17.7
1.6

2.9
26.6
1.6

1.1
25.2
1.6

31
32
33

5.A
7.5
-93.1

A.2
3.1
-55.3

3.6
8.0
-91.9

2.7
8.0
-88.9

3.0
8.0
-80.7

2.8
8.0
-82.9

2.6
8.0
-92.6

2.3
8.0
-100.0

2.1
8.0
-88. A

1.9
8.0
-82.7

1.7
8.0
-111.A

X

5.?


BILLIONS OF DOLLARS.


X

X

7.6
7.7

X

3.3
A.8
8.8
A.8

X

A5.6 Net financial investment
27.1
Net acq. of financial assets
3.0
Checkable dep. 8 currency
9.A
Time deposits
.6
U.S. govt, securities
-1.1
Consumer credit
3.3
Mortgages
A.8
Trade credit
7.1
Miscellaneous assets
3.3
Insurance receivables
*
Equity in spons.ags. (2)
3.7
Other

Net increase in liabilities
Credit market instruments
Mortgages
Home mortgages
Multifamily
Commercial

22
23
2A
25
26
27

Bank loans n.e.c.
Other loans
Other taxes payable

28
29
30

Trade debt
Miscellaneous liabilities
Proprietor net investment

31
32
33

(1) Farm plus nonfarm change in work in process.
(2) Shares in FICBs, Banks for Cooperatives- and Federal Land Banks.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION

10
11
12
13
1A
15
16
17
18
19
20
21

DECEMBER 6, 1989
Nonfinancial Corporate Business

Nonfinancial Corporate Business

10

Sector Statements of Saving and Investment

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, S MILLIONS

I
I

1988
I

II

III

1989
II

I
IV I

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

Nonfinancial Corporate Business, Excluding Farms

1
2
3
4

Profits before tax (book)
- Profit tax accruals
- Domestic net dividends
= Domestic undist. profits

52,580
23,736
25,533
639

61,963
28,334
25,668
6,769

63,071
27,851
25,560
9,826

55,755
25,123
32.235
2,121

58.576
26,966
27,657
869

59,604
26,837
28,075
3,284

56,475
24,694
28,329
3,864

181.4
63.6
67.6
50.2

129.8
46.2
72.0
11.6

159.5
59.3
78.0
22.2

196.0
73.3
81.0
41.8

1
2
3
4

5
6
7
8

*
♦
♦
=

Capital consumption adj.
Depreciation charges, NIPA
Earnings rec. from abroad
U.S. internal funds, book

10,503
72,553
7,015
90,710

10,175
73,405
7,712
98,061

9,724
74,157
2,305
96,012

8,472
75,534
9,242
95,369

7,295
76,736
3,526
88,426

6,218
77,688
6,129
93,319

4,691
80,165
4,223
92,943

-13.8
198.8
14.5
249.6

-8.4
221.4
12.5
237.1

16.0
228.2
11.8
278.2

30.9
238.4
11.8
322.9

5
6
7
8

9 ♦ Fgn. earnings ret. abroad
10 * Inv. valuation adjustment
11 = Total internal funds ♦ IVA

3,133
-5,994
87,849

3,339
-8,000
93,400

5,549
-5,603
95,958

7,630
5,353
-5,403 -10,695
95.319 85,361

5,770
-5,755
93,334

2,863
879
96,685

14.0
-24.2
239.5

15.5
-10.4
242.3

18.4
-10.9
285.7

19.2 9
-5.8 10
336.3 11

12 Gross investment
13 Capital expenditures (1)
14
Fixed investment
15
Plant and equipment
Home construction
16
17
Multifamily residential
Inventory change ♦ IVA
18
19
Mineral rts. from U.S. govt.

83,659
94,018
74,588
78,970
-4,560
178
18,775
655

80-475
95,270
94,736
90,509
3,817
410
-916
1,450

77,748
96,643
89,286
87,398
1,377
511
6.686
671

95,710 83,870
94,517 101,557
92,256 80,220
92,704 84,556
-543 -4,396
95
60
1.730 20,506
531
831

79,133
95,070
99.244
95,378
3,507
359
-4,570
396

78,121
94,639
92,640
91,962
257
421
1,402
597

245.0
285.9
269.4
270.1
-1.8
1.0
11.7
4.8

242.1
255.7
269.1
267.3
.6
1.2
-21.2
7.8

258.5
269.9
261.5
260.3
X
1.2
.6
7.8

314.3
367.9
308.4
306.7
X
1.7
51.7
7.9

-10,359 -14,795 -18,895
20 Net financial investment
17,899
21
Net acq. of financial assets
8,613 23,743

1,193 -17,687 -15,937 -16,518
42,662 -3,176 30,581 -2,408

-40.9
97.0

-13.7
47.0

-11.4
122.1

-53.6 20
105.1 21

22
23
24
25
26
27
28
29
30

Liquid assets
Checkable dep. and curr.
Time deposits
Money mkt. fund shares
Security RPs
Foreign deposits
U.S. govt, securities
Tax-exempt obligations
Commercial paper

5,329
-866
3,776
1,988
2,445
-3,823
3,824
1,727
-3,742

-5,333
-3,527
-1,482
1,582
92
-4
-1,748
-234
-12

11,973
6,910
-172
973
-1,035
-3,092
3,401
1,107
3,881

23,003
13,192
5,856
160
6,707
-5,183
1,144
-1,103
2,230

-8,444
-5,743
-2,671
1,747
2,518
2,673
-1,718
-1,180
-4,070

1,719
-1,849
-3,075
1,725
2,432
2,692
-270
-355
419

-7,857
2,226
-3-426
1,113
-940
-6,701
-928
-1,344
2,143

23.9
-9.7
9.9
11.4
5.0
-1.7
1.5
X
7.5

46.3
5.9
11.3
.6
8.7
-.4
10.3
.1
9.9

35.1
8.7
11.6
-7.9
6.2
3.1
8.0
.7
4.7

24.1
12.7
3.7
4.9
.5
-5.1
4.2
-.1
3.4

22
23
24
25
26
27
28
29
30

31
32
33
34
35
36
37

Consumer credit
Mutual fund shares
Trade credit
Miscellaneous assets
Foreign dir.invest.(2,5)
Equity, etc.
Retained earnings

-2,238
-2,000
10,082
-2,560
4,447
1,404
3,043

198
400
6,724
21,754
1,977
-3,231
5,208

341
-791
9,337
-2,961
7.419
345
7,074

4,337
200
-9,537
24,659
1,107
1,118
-11

-4,102
1,500
7,132
738
9,011
1,643
7,368

682
661
2,713
24,806
9,823
1,975
7,848

663
2,113
9,554
-6,881
3,687
487
3,200

.3
.3
24.8
47.8
12.6
-.5
13.1

X
1.1
-15.1
14.7
10.2
5.4
4.8

3.3
1.2
52.2
30.2
9.8
-3.6
13.5

2.0
2.8
48.1
28.0
13.2
-4.6
17.8

31
32
33
34
35
36
37

38
39
40

Insurance receivables
Equity in sponsored ags.
Other

990
3
-8,000

44
19,733

*^,058
1
-9,323

-1,000
2
24,550

-2,188
2
-6,087

-2,408
5
17,386

-3,249
-7,319

3.7
31.5

2.7
.1
1.7

3.5
X
16.9

5.1 38
X 39
9.6 40

18,972 38,538 36,794 41.469
14,511 46,518
14,110
20,703 34,659 16,162
5,430
4,990 46,707
2-074
-23,750 -35,000 -23,000 -48,750 -45,000 -26,250 -36,250

137.9
91.8
-11.5

60.7
50.3
6.4

133.5
78.3
23.5

158.7 41
95.1 42
-74.5 43
169.6 44
20.5 45
46.1 46

41
42
43

44
45
46

Net Increase in liabilities
Net funds raised in mkts.
Net new equity issues

Debt instruments
Tax-exempt debt (3)
Corporate bonds (2)

44,453
406
29,693

69,659
-409
35,983

39,162
264
28,969

54,180
-193
26,224

49,990
268
27,897

72,957
-938
34,624

38,324
-41
28,411

103.3
13.4
22.8

43.9
15.1
18.7

54.8
9.4
16.0

12
13
14
15
16
17
18
19

47
48
49
50

Mortgages
Home mortgages
Multifamily
Commercial

-4,402
-3,648
295
-1,049

11,931
3,054
197
8,680

4,197
1.102
277
2,818

5,508
-434
216
5.726

-4,019
-3,517
247
-749

5,577
2,806
227
2,544

2.828
206
230
2,392

.7
-1.4
-1.2
3.3

-42.0
.5
-6.6
-35.8

-4.4
X
-3.2
-1.2

-1.3
X
-1.8
.5

47
48
49
50

51
52
53
54
55
56

Bank loans n.e.c.
Loans from foreign
Commercial paper
Accept, liabs. to bks.
Nonbank finance loans
U.S. government loans

8,055
7,198
-261
-2,314
6,579
-501

13,059
1,390
4,340
1.509
2,482
-626

-424
3,168
2,456
618
-258
172

11,861
-745
5,061
-455
7,012
-93

7,629
5,802
9,792
-869
3,749
-259

9,584
3,925
13,912
1,652
3,769
852

2,556
2,000
3,021
800
-1,251
-

31.6
8.9
14.7
4.4
5.6
1.2

54.5
2.5
-6.1
-.8
.6
1.3

17.6
2.7
-.8
7.0
7.7
-.5

48.9
13.0
21.7
2.8
16.5
1.2

51
52
53
54
55
56

3,530
-14,528
9,267
7,842
1.425

-6.474
-3,384
13,737
12,528
1,209

3,254
5,741
11,637
9,813
1,824

6,153
-2,217
15,327 -15,830
22,929
19,198
21,691
18,953
1,238
245

-8,443
-3,802
12,056
11,157
899

-5,116
2,658
14,494
16,276
-1,782

-7.9
28.6
25.3
22.3
3.0

-8.3
4.9
13.8
16.2
-2.4

6.7
37.0
11.5
11.9
-.3

4.4
33.7
25.6
22.5
3.1

57
58
59
60
61

4,190

12,925

18,210

1,491

14,201

18,564

-5.6

.3

27.2

22.0 62

6,896
26,732

-3.9
70.7

-20.0
57.9

15.2
55.0

14.4 63
70.6 64

31,198
7,126
4.668

36.9
66.4
87.2

-8.1
52.0
48.6

21.1
33.7
77.4

65.4 65
104.2 66
142.3 67

43,725
97,883
40,494

35.1
119.4
36.1

35.6
105.5
17.2

37.2
94.5
20.3

37.4 68
109.4 69
46.1 70

-4,570
-5,755
1,185

1,402
879
523

11.7
-24.2
35.9

-21.2
-10.4
-10.8

.6
-10.9
11.5

51.7 71
-5.8 72
57.5 73

99,920 112,252 100,825
95,369 88,426 93,319

93,760
92,943

310.1
249.6

266.1
237.1

280.8
278.2

373.7 74
322.9 75

817

60.4

28.9

2.6

50.8 76

57
58
59
60
61

Profit taxes payable
Trade debt
Fgn.dir.invest.in U.S.(5)
Equity, etc.
Retained earnings

62 Discrepancy
63
64

65
66
67
68
69
70

-391

Memorandum items:
Trade credit net of trade debt 24,610 10,108
3,596 -24,864 22,962
6,515
Profits tax payments
20,876 35,292 25,905 27,104 21,240 40,917
Debt subtotals:
Securities and mortgages
25,697 47,505 33,430 31,539 24,146 39,263
Loans and short-term paper
18,756 22,154
5,732 22,641 25,844 33,694
Total short-term liab. (4)
7,758 12,296
14.727 35,751
16,167 21,449
Percent ratios:
Effective tax rate
45,142 45,727 44,158 45,059 46,035 45.025
Capital outlays/internal funds 107,022 102,002 100,713 99,158 118,973 101,859
Cr. mkt. borrowing/cap. exp.
47,281
73,117 40,522 57,323 49,223 76,740

(1) Capital outlays on book basis:
71 Inventory change, NIPA
18-775
72 Less:
Inv. val. adjustment
-5,994
73 = Inventory change before IVA
24,769

-916
-8,000
7,084

6,686
-5,603
12,289

74 Total cap. expend, before IVA 100,012 103,270 102,246
75 Less: US internal funds, book
90,710 98,061
96,012
= Financing gap: Excess of capital expenditures
76
over U.S. internal funds
5,209
6,234
9,302

1,730 20,506
-5,403 -10,695
7,133 31,201

4,551

23,826

(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, taxes payable and trade debt.
(5) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




7,506

DECEMBER 6, 1989
Nonfinancial Corporate Business

Nonfinancial Corporate Business

Sector Statements of Saving and Investment

11

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1986
1987
1988
1985

SEASONALLY ADJUSTED ANNUAL RATES

I
1

1988
II

I

III

I
IV 1

I

1989
II

III

Nonfinancial Corporate Business, Excluding Farms
1
2
3
4

170.3
69.6
84.0
16.7

156.5
75.2
91.8
-10.4

197.2
92.7
96.9
7.5

233.4
105.0
109.0
19.4

218.7
97.9
105.8
15.1

234.9
106.2
107.6
21.1

237.7
107.0
108.6
22.1

242.2
109.0
114.1
19.2

242.1
110.2
114.5
17.5

223.7
100.2
117.5
5.9

210.4
93.9
120.0
-3.5

Profits before tax (book)
- Profit tax accruals
- Domestic net dividends
= Domestic undist. profits

5
6
7
8

55.2
251.0
12.2
335.0

49.5
265.9
17.6
322.7

44.7
280.2
15.8
348.3

38.9
295.6
26.3
380.2

42.0
290.2
30.3
377.6

40.7
293.6
30.5
385.9

38.9
296.6
16.3
373.9

33.9
302.1
28.0
383.2

29.2
306.9
16.5
370.1

24.9
310.8
24.1
365.7

18.8
320.7
24.5
360.5

+
♦
♦
=

Capital consumption adi.
Depreciation charges, NIPA
Earnings rec. from abroad
U.S. internal funds, book

5
6
7
8

9
10
11

18.9
-1.7
352.3

15.5
6.8
344.9

23.3
-18.9
352.6

17.4
-25.0
372.5

12.1
-20.7
369.0

10.1
-28.8
367.2

28.8
-30.4
372.3

18.5
-20.1
381.6

30.1
-38.3
361.9

19.6
-20.5
364.8

18.6 ♦ Fgn. earnings ret. abroad
-6.0 ♦ Inv. valuation adjustment
373.1 = Total internal funds + IVA

9
10
11

12
13
14
15
16
17
18
19

317.9
339.9
329.1
328.1
-.3
1.3
6.4
4.4

282.3
328.8
318.2
314.5
2.4
1.3
3.5
7.2

320.3
348.3
318.4
316.2
1.1
1.0
26.9
2.9

337.6
380.4
350.9
349.6
.1
1.2
26.3
3.3

332.4
359.2
338.5
337.7
-1.0
1.8
18.1
2.6

333.0
380.7
352.2
351.0
K
1.2
22.7
5.8

344.6
390.1
356.0
355.1
-.5
1.4
31.4
2.7

340.5
391.8
356.8
354.5
1.9
.3
32.9
2.1

323.6
376.0
362.8
360.9
.6
1.4
9.8
3.3

333.3
388.8
368.2
369.3
-2.1
1.0
19.0
1.6

347.9 Gross investment
386.6 Capital expenditures (1)
Fixed investment
370.2
Plant and equipment
374.3
Home construction
-5.1
Multifamily residential
1.1
Inventory change ♦ IVA
14.0
Mineral rts. from U.S. govt.
2.4

12
13
14
15
16
17
18
19

20
21

-22.0
83.0

-46.5
119.3

-28.0
105.6

-42.9
92.9

-26.9
111.7

-47.8
93.3

-45.5
110.8

-51.3
55.9

-52.4
69.6

-55.4
116.4

20
-38.8 Net financial investment
Net acq. of financial assets 21
28.5

22
23
24
25
26
27
28
29
30

27.6
19.8
5.9
-3.2
9.5
-2.1
-3.6
.8
.5

75.7
20.0
7.2
5.3
12.2
5.9
14.5
3.1
7.6

7.7
-8.0
4.1
5.8
.8
-2.8
3.6
2.6
1.7

35.0
15.7
8.0
4.7
8.2
-12.1
6.6
1.5
2.4

71.9
6.7
16.8
8.0
16.9
-2.7
18.3
6.9
1.1

8.5
1.3
5.1
6.3
6.4
-5.9
-4.3
-.9
.4

58.2
14.7
9.5
3.9
4.6
-5.5
21.7
4.4
4.8

1.3
40.1
.4
.6
5.0
-34.4
-9.2
-4.4
3.1

15.5
-15.0
-9.9
7.0
16.9
25.5
-4.3
-4.7
.1

39.1
9.2
-.6
6.9
16.2
5.1
2.0
-1.4
1.8

-22.5
-4.6
-2.9
4.5
4.9
-20.9
3.2
-5.4
-1.3

Liquid assets
Checkable dep. and curr.
Time deposits
Money mkt. fund shares
Security RPs
Foreign deposits
U.S. govt, securities
Tax-exempt obligations
Commercial paper

22
23
24
25
26
27
28
29
30

31
32
33
34
35
36
37

1.7
4.5
41.7
7.6
9.7
-3.3
13.0

.1
3.2
16.2
24.1
12.4
2.1
10.3

2.4
2.1
66.4
26.9
33.1
6.9
26.2

2.6
-2.2
16.6
40.9
15.0
-.4
15.3

-6.0
-8.0
24.5
29.4
11.3
8.0
3.3

5.3
1.6
22.5
55.5
11.0
-7.8
18.8

.5
-3.2
7.3
47.9
29.7
.9
28.8

10.8
.8
12.2
30.8
7.9
-2.5
10.4

-12.3
6.0
12.6
47.8
28.4
8.9
19.5

5.9
2.6
7.0
61.7
43.1
13.3
29.8

3.1
8.5
6.9
32.6
14.8
1.2
13.6

Consumer credit
Mutual fund shares
Trade credit
Miscellaneous assets
Foreign dir.invest.(2,5)
Equity, etc.
Retained earnings

31
32
33
34
35
36
37

38
39
40

5.1
.1
-7.3

4.2
.1
7.4

10.9
.4
-17.4

-1.0
K
27.0

4.0
K
14.1

.2
44.4

-4.2
*
22.4

-4.0
K
26.9

-8.8
*
28.1

-9.6
K
28.3

-13.0
30.8

41
42
43

105.0
50.9
-81.5

165.8
123.0
-80.8

133.6
69.0
-76.5

135.8
77.0
-130.5

138.6
95.5
-95.0

141.1
109.4
-140.0

156.2
82.0
-92.0

107.2
21.0
-195.0

121.9
30.6
-180.0

171.8
158.0
-105.0

67.3
25.4
-145.0

44
45
46

132.4
22.6
73.8

203.7
-9.9
121.3

145.5
-.9
99.9

207.5
.1
120.9

190.5
1.6
118.8

249.4
-1.6
143.9

174.0
1.1
115.9

216.0
-.8
104.9

210.6
1.1
111.6

263.0
-3.8
138.5

170.4
-.2
113.6

47
48
49
50

-17.9
-.3
-4.1
-13.5

28.3
1.9
.5
25.9

15.6
.9
.7
13.9

17.2
.1
1.0
16.2

12.8
-.8
1.2
12.4

25.8
K
.8
25.0

13.8
-.4
1.1
13.1

16.6
1.5
.9
14.2

15.1
.5
1.0
13.7

.7
-1.7
.9
1.5

8.8
-4.1
.9
11.9

Mortgages
Home mortgages
Multifamily
Commercial

47
48
49
50

51
52
53
54
55
56

29.9
1.5
14.6
-2.1
12.7
-2.6

49.7
11.1
-9.3
- .2
11.3
1.5

4.6
1.9
2.3
5.1
16.9
.1

32.6
11.0
11.6
-.6
15.8
-1.0

9.6
28.8
2.4
-4.1
23.8
-3.2

54.8
5.6
6.8
5.1
11.2
-2.2

-.3
12.7
17.1
-2.4
16.7
-.5

66.1
-3.0
20.0
-1.1
11.5
1.7

4.0
23.2
44.1
1.3
12.4
-2.2

40.6
15.7
44.9
6.1
16.4
3.9

9.4
8.0
20.4
-1.9
13.6
-1.3

Bank loans n.e.c.
Loans from foreign
Commercial paper
Accept, liabs. to bks.
Nonbank finance loans
U.S. government loans

51
52
53
54
55
56

57
58
59
60
61

-.4
34.0
20.5
20.4
.1

3.6
3.1
36.1
35.4
.7

-.7
18.0
47.3
45.4
1.9

-1.9
3.2
57.6
51.9
5.7

7.1
-7.4
43.3
41.3
1.9

-14.8
-9.6
56.2
51.8
4.4

5.9
14.5
53.8
47.4
6.4

-5.9
15.1
77.0
67.0
10.0

17.6
-10.0
83.8
87.0
-3.3

-23.6
-12.7
50.1
46.8
3.3

-27.2
2.8
66.3
74.2
-7.9

62

34.4

62.6

32.4

34.9

36.7

34.3

27.7

41.1

38.3

31.4

Insurance receivables
38
Equity in sponsored ags. 39
Other
40
Net increase in liabilities
Net funds raised in mkts.
Net new equity issues

Debt instruments
Tax-exempt debt (3)
Corporate bonds (2)

Profit taxes payable
Trade debt
F9n.dir.invest.in U.S.(5)
Equity, etc.
Retained earnings

25.2 Discrepancy
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.

63
64

7.7
74.9

13.1
74.1

48.4
95.9

13.5
109.2

31.8
86.9

32.2
107.8

-7.3
120.8

-2.9
121.2

22.6
88.1

19.7
129.9

4.1
124.6

65
66
67

78.5
53.9
87.6

139.7
64.0
70.8

114.6
30.9
48.3

138.2
69.3
70.5

133.2
57.3
57.1

168.1
81.3
56.8

130.7
43.3
63.7

120.7
95.3
104.5

127.8
82.8
90.4

135.5
127.5
91.2

122.2
48.2
23.7

68
69
70

40.9
96.5
39.0

48.0
95.3
62.0

47.0
98.8
41.8

45.0
102.1
54.5

44.7
97.3
53.0

45.2
103.7
65.5

45.0
104.8
44.6

45.0
102.7
55.1

45.5
103.9
56.0

44.8
106.6
67.6

44.6
103.6
44.1

71
72
73

6.4
-1.7
8.0

3.5
6.8
-3.3

26.9
-18.9
45.9

26.3
-25.0
51.3

18.1
-20.7
38.8

22.7
-28.8
51.5

31.4
-30.4
61.8

32.9
-20.1
53.0

9.8
-38.3
48.1

19.0
-20.5
39.5

74
75

341.5
335.0

322.1
322.7

367.2
348.3

405.4
380.2

379.9
377.6

409.5
385.9

420.5
373.9

411.9
383.2

76

6.5

-.6

18.9

25.3

2.3

23.6

46.6

28.7

414.3
409.3
392.6 Total cap. expend, before IVA
370.1
365.7
360.5 Less: US internal funds, book
= Financing gap: Excess of capital expenditures
over U.S. internal funds
44.2
43.6
32.2

(1) Capital outlays on book basis:
14.0 Inventory change, NIPA
Inv. val. adjustment
-6.0 Less:
20.0 = Inventory change before IVA

(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, taxes payable and trade debt.
(5) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1
2
3
4

41
42
43
44
45
46

57
58
59
60
61

62

63
64
65
66
67
68
69
70

71
72
73
74
75

76

DECEMBER 6, 1989
State and Local Governments

State and Local Governments

Sector Statements of Saving and Investment

12
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
I
I

1988
I

II

III

I
IV I

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

State and Local Governments - General Funds (1)

171,865 173,382 167,986 188,417 184,730 184,081 178,393
131,687 132,795 126,799 145,694 141,414 141,162 134,569
13,000 13,225 13,425 13,650 13,850 14,050 14,275
27,178 27,362 27,762 29,073 29,466 28,869 29,549

425.6
305.2
32.5
87.9

449.4
329.7
35.9
83.9

487.6
362.9
38.5
86.2

540.4
406.7
40.2
93.5

1
2
3
4

5 Total expenditures, NIPA basis 152,821 162,338 168,709 168.082 164,787 174,469 181,561
6
Purch. of goods and services 137,707 146,307 152,307 151,304 148,700 157,435 164,025
15,114 16,031 16,402 16,778 16,087 17,034 17,536
7
Net interest and transfers

391.4
345.9
45.6

414.3
369.0
45.2

440.2
391.5
48.7

475.9
425.4
50.6

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 saving

19,044
14,120
4,924

11,044
-723
15,880 17-018
-4,836 -17,741

20,335
17,884
2,451

19,943
16,592
3,351

9,612 -3,168
19,000 18,500
-9,388 -21,668

34.1
29.7
4.4

35.1
32.0
3.1

47.4
39.2
8.2

64.5 8
45.7 9
18.8 10

11 Net financial investment
12
Net acq. of financial assets
Checkable dep. and curr.
13
14
Time deposits
Security RPs
15

604
4,517
-2,896
3,672
3,749

-4,576
4,911
4,139
-7,198
4,241

-5,822
4,422
-1,302
1,884
3,397

-7,550
835
2,107
-2,370
1,570

-5,318
300
-5,103
2,207
4,722

-6,609
399
2,438
-4,375
1,917

-8,018
2,933
-3,801
-2,108
6,380

-9.3
9.0
-1.5
2.2
-.8

-4.8
23.9
-1.6
3.8
2.4

4.0
28.3
-.7
-6.3
16.9

7.3
36.4
5.0
.2
9.4

11
12
13
14
15

-608
-2,428
2,909
-5,337
481
1,339

3,129
2,191
5,969
-3-778
261
677

-157
-869
2,419
-3,288
457
255

-1,072
-3,194
4,357
-7,551
443
1,679

-1,726
-4,234
2,620
-6,854
450
2,058

219
-1,773
1,293
-3,066
492
1,500

1,824
-504
1,916
-2,420
487
1,841

9.4
1.6
3.9
-2.3
.1
7.7

19.1
13.6
6.7
6.9
.2
5.2

17.9
9.4
11.3
-1.9
.6
7.9

18.9
7.6
8.7
-1.1
1.1
10.2

16
17
18
19
20
21

200
400

200
400

200
400

200
400

-200
400

-200
400

238
400

1.2
-1.6

-1.4
1.5

-1.3
1.8

3,913
3,441
4,149
139
4,010
-708

9,487
8,898
9,788
3,032
6,756
-890

10,244
9,681
10,381
4,765
5,616
-700

8,385
7,765
8,765
1,933
6,832
-1,000

5,618
4,987
4,611
126
4,485
376

7,008
6,345
5,721
-154
5-875
624

10,951
10-262
10,262
6,222
4,040
-

18.3
17.1
15.9
1.1
14.8
1.2

28.6
27.7
26.7
6.7
20.0
1.0

24.4
23.6
22.5
-1.5
24.0
1.1

589
563
-260 -11,919

620
10,001

631
8,669

663
689
-2,779 -13,650

1.1
13.7

.9
7.9

.8
4.2

16
17
18
19
20
21

Credit market instruments
U.S. govt, securities
Treasury issues
Agency issues
Tax-exempt obligations
Mortgages

22
23

Profit taxes receivable
Other taxes receivable

24
25
26
27
28
29

Net increase in liabilities
Credit market borrowing
Tax-exempt obligations
Short-term
Other
U.S. government loans

Trade debt
30
31 Discrepancy

472
4,320

(1) Employee retirement funds are in insurance sector.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1.8 22
1.1 23

29.0
28.1
20.3
-3.7
24.0
7.7

24
25
26
27
28
29

1.0 30
11.5 31

DECEMBER 6, 1989
State and Local Governments

State and Local Governments

13

Sector Statements ot Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS- $ BILLIONS
1985
1986
1987
1988

SEASONALLY ADJUSTED ANNUAL RATES

I
1

1988

I

II

III

I
IV 1

I

1989
II

III

State and Local Governments - General Funds (11
1
2
3
4

581.8
438.9
43.2
99.7

626.2
472.4
47.1
106.8

656.1
503.5
50.0
102.6

701.7
537.0
53.3
111.4

684.7
522.6
52.0
110.1

699.2
534.1
52.9
112.2

706.1
541.4
53.7
111.0

716.6
549.8
54.6
112.2

732.7
558.6
55.4
118.7

742.6
568.0
56.2
118.4

750.4 Total receipts. NIPA basis
575.0
Tax receipts
57.1
Social insurance receipts
Grants-in-aid received
118.3

1
2
3
4

5
6
7

516.7
465.6
51.1

563.5
505.7
57.8

604.8
544.5
60.3

652.0
587.6
64.3

634.1
571.6
62.5

646.7
583.0
63.7

656.2
591.0
65.2

670.8
604.9
65.9

683.9
617.0
66.9

695.2
627.2
68.0

705.9 Total expenditures. NIPA basis
Purch. of goods and services
636.8
Net interest and transfers
69.1

5
6
7

8
9
10

65.1
53.1
12.0

62.7
57.6
5.1

51.3
54.7
-3.4

49.7
64.9
-15.2

50.6
58.5
-7.9

52.5
64.8
-12.3

49.9
69.1
-19.2

45.8
67.2
-21.4

48.8
68.9
-20.1

47.4
77.5
-30.1

44.5 Net surplus. NIPA basis
74.7 - Retirement credit to HH
-30.2 = Gross saving

8
9
10

11
12
13
14
15

14.4
106.3
1.1
7.0
8.2

8.0
45.8
3.5
-4.6
8.0

-8.1
27.5
.8
.8
16.3

-17.3
14.7
2.0
-4.0
13.0

-1.5
23.8
2.6
3.3
11.0

-15.8
23.6
2.2
-16.8
20.1

-20.7
9.6
4.5
9.8
2.5

-31.3
1.8
-1.2
-12.4
18.3

-25.9
6.4
-5.9
-3.1
14.7

-25.1
5.2
-5.1
-5.1
11.2

-28.1 Net financial investment
4.1
Net acq. of financial assets
Checkable dep. and curr.
-5.5
Time deposits
-5.9
14.5
Security RPs

11
12
13
14
15

16
17
18
19
20
21

87.3
78.7
57.2
21.5
-1.2
9.8

35.9
24.4
7.9
16.5
-.3
11.8

7.6
-1.6
31.6
-33.2
.5
8.7

1.3
-4.3
15.7
-20.0
1.6
4.0

-3.3
-10.6
18.2
-28.7
1.9
5.4

10.4
6.6
18.3
-11.7
1.0
2.7

-2.5
-5.4
7.9
-13.3
1.8
1.0

.6
-7.9
18.2
-26.1
1.8
6.7

-7.9
-17.9
17.1
-35.0
1.8
8.2

-1.7
-9.7
-1.2
-8.5
2.0
6.0

5.4
-3.9
6.1
-10.1
1.9
7.4

22
23

-.7
3.4

1.3
1.7

.4
1.6

.8
1.6

8.6
1.6

6.0
1.6

-6.2
1.6

-5.1
1.6

6.9
1.6

4.3
1.6

24
25
26
27
28
29

91.9
90.9
82.7
1.3
81.4
8.2

37.8
36.2
34.8
4.2
30.6
1.4

35.5
33.6
35.9
6.2
29.7
-2.4

32.0
29.8
33.1
9.9
23.2
-3.3

25.3
23.4
26.2
10.2
16.0
-2.8

39.4
37.0
40.6
13.6
27.0
-3.6

30.4
28.1
30.9
8.4
22.5
-2^8

33.1
30.6
34.6
7.3
27.3
-4.0

32.3
29.7
28.2
10.3
17.9
1.5

30
31

1.1
-2.4

1.6
-2.9

2.0
4.7

2.2
2.1

1.9
-6.4

2.4
3.5

2.3
1.5

2.5
10.0

2.5
5.8

Credit market instruments
U.S. govt, securities
Treasury issues
Agency issues
Tax-exempt obligations
Mortgages

16
17
18
19
20
21

-6.0
1.6

Profit taxes receivable
Other taxes receivable

22
23

30.3
27.7
25.2
1.7
23.5
2.5

32.2
29.5
29.5
13.3
16.2
-

Net increase in liabilities
Credit market borrowing
Tax-exempt obligations
Short-term
Other
U.S. government loans

24
25
26
27
28
29

2.7
-5.0

Trade debt
2.8
-2.1 Discrepancy

(1) Employee retirement funds are in insurance sector.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




30
31

DECEMBER 6, 1989
U.S. Government and Credit Agencies

U.S. Government and Credit Agencies
Sector Statements

14

UNADJUSTED NET FLOWS,

of

Saving and Investment

UNADJUSTED NET FLOWS, $ MILLIONS

$ MILLIONS

1988

|
1

I

III

II

I
IV 11

1989
II

I

III

ANNUAL FLOWS, S BILLIONS
1982
1983
1984
1981

U.S. Government

234,229 271,722 241,017 225,507 256,263 300,533 253,920
98,592 100-388 138,7AA 112,634
90,400 119-992 103,991
28,082 27,438
28-723
26,431
29,177
29,875
24,291
15,603
14,568
14,011
14,208
14,285
14,714
13,817
93,140 8A,625 114,152 117,A63 100,287
105,721 107,839

639.5
298.9
65.7
56.2
218.8

635.3
304.5
49.1
48.1
233.7

659.9
294.4
61.4
51.6
252.5

726.0
310.3
75.3
55.7
284.7

1
2
3
4
5

6 Total expenditures, NIPA basis 274,092 278,00A 272,508 293,696 296,5A1 300,51A 294,757
99,931 100,362
97,762
92,793 89,593 105,393
7
Goods and services
93,496
8
Transfers, etc.
144,293 147*703 144,806 148,798 154,730 157,183 154,082
41,880
42,969
38,109
39,505
42,913
Net interest
37,508
9
36,303

703.3
242.2
388.7
72.4

781.2
272.7
424.0
84.6

836.0
283.6
458.2
94.3

895.5
310.5
469.4
115.6

6
7
8
9

19 -40,837
5,680
13,777
-5,661 -54,614
396
597
-5,265 -54,017

-63.8
10.0
-73.8
4.8
-69.0

-145.9
11.9
-157.8
7.8
-150.0

-176.1
14.2
-190.3
7.8
-182.5

-169.5
18.2
-187.7
7.9
-179.8

10
11
12
13
14

15 Net financial investment
-A3,928 -19,247 -A3,983 -70,564 -39,060 -13,502 -55,538
18,933 -4-828
12,848 -20,730 -8,495
Net acq. of financial assets
-6A9
9,344
16
6,080
1,9A8
17
-1,0Al
3,614 -1,382
2,911
Gold, SDRs & fgn. exch.
-1A6
25,854
-12,045
-19,031
-8,320
Checkable
dep.
8
currency
18,053
5,438
18
-2,450
-15
-A7
15
-72
19
Time deposits
-225
-79
72

-77.9
22.3
4.6
.4
-.1

-153.4
23.5
4.4
6.4
.5

-192.6
13.6
2.9
-8.3
-.5

-193.1
32.6
2.6
5.3
.5

15
16
17
18
19

17.1
.5
16.6

20
21
22
23

1 Total receipts, NIPA basis
Personal taxes
2
3
Corp, profits tax accruals
4
Indirect taxes
5
Social insurance receipts

10
11
12
13
14

Net surplus, NIPA basis
- Insurance credits to HH
= Gross saving
♦ Mineral rights sales (1)
= Nonfinancial surplus

20
21
22
23

Credit market instruments
Fed. agency securities
Mortgages
Other loans

2A
25
26

Taxes receivable
Trade credit
Miscellaneous

27
28

Net increase in liabilities
Treasury curr. 8 SDR ctfs.

-39,863 -6,282 -31,491 -68,189 -AO-278
5,304 -A,076
A,865
13,695
-3,907
-35,956 -11 ,1A7 -45,186 -73,493 -36,202
531
831
1 ,450
671
655
-9,697 -44,515 -72,962 -35,371
-35,301

-957
101
-1,058

-1,281
-688
-593

1,457
-916
2,373

-A,127
A51
-A,578

1,637
-136
1,773

1,350
-722
2,072

1,735
505
1,230

24.0
4.9
19.1

15.9
2.4
13.6

9.7
1.2
8.4

2,830
578
A70

-6,984
-981
611

1,872
-32
72A

-1,964
-1,527
330

5,973 -13,537
788 -1,766
262
999

-1,904
-270
1,005

-10.0
2.5
.9

-10.2
4.8
1.6

5.3
3.8
.7

.6 24
5.1 25
1.5 26

A3,279
129

28,591
100

56,831
120

49,834
162

30,565
A90

32,435
3,330

50,710
110

100.2
1.2

176.9
1.7

206.2
.5

225.7 27
.6 28
198.8
3.0
195.9
-.2

29
30
31
32

Credit market instruments
Savings bonds
Other Treasury issues
Agency issues and mtgs.

42,871
2,920
40,074
-123

19,085
2,144
15,009
1,932

41,659
1,614
34,823
5,222

53,842
1,775
41,669
10,398

37,945
2,611
35,629
-295

9,985
1,853
6,850
1,282

38,564
1,686
36,918
-40

87.4
-4.3
92.2
-.5

161.3
.2
162.0
-.9

186.6
3.1
183.5
-.1

33
3A
35

Life 8 retirement reserves
Trade debt
Miscellaneous

-3,907
-1,131
5,317

A,865
-981
5,522

13,695
-2-950
A,307

5,304
-3,970
-5,504

-A,076
-2,057
-1,737

5,680
2,442
10-998

13,777
-110
-1,631

10.0
.5
1.0

11.9
1.9
.2

14.2
3.0
2.0

36 Discrepancy
Memo:
37 Corp, tax receipts, net

29
30
31
32

18.2 33
3.3 34
4.9 35

8,627

9,550

-532

-2.398

3,689

8,237

1,521

8.9

3.4

10.1

13.3 36

21,461

36,161

28,003

30,046

21,465

42,260

28,335

75.7

59.2

56.1

74.7 37

(1) Sales of Outer Continental Shelf leases.

Federally Sponsored Credit Agencies and Mortgage Pools

Sponsored credit agencies

(1)
273

369

420

323

300

300

340

1.2

1.4

1.0

1.0

1

15,733
-234
11,834

1,174
-213
-4,336

12,908
161
2,859

17,312
255
-3,764

16,089
-456
1,933

6,179
299
19,635

5,466
-237
-4,629

37.6
.2
3.5

22.4
-.2
5.4

2.0
.2
-2.3

41.5
.6
8.3

2
3
4

5,270
3,798
222
352

5,696
-4,379
-62
726

8,534
1,033
1,102

17,559
5,494
195
611

16,131 -16,744
5,804 -19,307
5
-100
514
122

9,847
11,842
97
1,000

33.2
.4
.3
2.2

16.0
1.4
-.3
1.6

3.4
-1.3
.4
1.5

29.8
1.6
-.1
1.9

5
6
7
8

681
-5*510
2,590
5,254
-1,909 -10,764

21.2
5.0
16.2

11.0
10.2
.8

2.2
9.3
-7.0

27.7
9
12.1 10
15.7 11
-1.4
.3
-.4
-1.2
2.8

1 Current surplus
2 Net acq. of financial assets
3
Checkable dep. and currency
4
Fed. funds 8 security RPs
5
6
7
8

Credit market instruments
U.S. government securities
Open-market paper
Student loans (SLMA)

9
10
11

Housing credit
Residential mortgages
FHLB loans to thrifts

1,067
4,619
-3,552

9,070
3,741
5,329

6,650
-77
6,727

13,735
2,516
11,219

11,218
216
11,002

12
13
14
15
16

Loans to agriculture
Farm mortgages
Loans to coops (BCI
Loans to farmers (FICB)
Miscellaneous assets

-169
-532
1,406
-1,043
-1,137

341
-488
170
659
27

-251
-454
-66
269
1,354

-2,476
-424
127
-2,179
3,262

-1,410
-803
426
-1,033
-1,519

1,860
194
1,166
500
2,989

2,418
-494
1,812
1,100
485

9.1
7.7
-.3
1L8
.7

2.2
3.9
-.8
-.8
1.1

.6
1.1
.9
-1.3
.7

14,869
10,305
10,305
4,564

871
4,363
4,363
-3,492

13,148
10,605
10,605
2,543

17,111
19,610
19,610
-2,499

15,217
16,219
16,219
-1,002

6,254
4,670
4,670
1,584

5,818
1,443
1,443
4,375

37.1
32.4
30.5
1.9
4.7

21.3
15.3
14.9
.4
5.9

1.2
1.4
1.4
-.2

40.7 17
30.4 18
30.4 19
20
10.2 21

-591

66

660

122

-572

375

692

.7

.3

.1

.1 22

23 Net acq. of mortgages
24
Home mortgages
25
Multifamily mortgages
26
Farm mortgages

13,774
12,436
1,350
-12

21,974
21,183
798
-7

28,757
27,249
1,509
-1

28,085
26,514
1,572
-1

28,797
26,322
2,477
-2

22,143
20,914
1,231
-2

36,561
35,052
1,511
-2

15.0
14.3
.9
-.1

49.5
49.3
.4
-.2

66.4
65.2
1.2
K

44.4
43.4
1.1
K

27 Net incr. in pool securities

13,774

21,974

28,757

28,085

28,797

22,143

36,561

15.0

49.5

66.4

44.4 27

Memo: Totals for agencies and pools
Housing credit
14,853
Loans to agriculture
-181

31,051
334

35,408
-252

41,821
-2,477

40,017
-1,412

22,826
1,858

31,053
2,416

36.3
9.0

60.7
2.1

68.7
.6

72.2 28
-1.4 29

26,337

39,362

47,695

45,016

26,813

38,004

45.5

64.5

67.8

74.9 30

17 Net increase in liabilities
18
Credit market instruments
19
Sponsored agency issues
20
U.S. government loans
21
Miscellaneous liabilities
22 Discrepancy

Federally related mortgage pools

28
29

30 Net security issues

(2)

24,079

(1) Sponsored agencies include: Federal Home Loan Banks, Federal National
Mortgage Assn.,Federal Home Loan Mortage Corp.,Student Loan Marketing
Assn., Federal Land Banks, Federal Intermediate Credit Banks,
Banks for Cooperatives, and the Financing Corp.
(2) 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.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION




12
13
14
15
16

23
24
25
26

DECEMBER 6, 1989
U.S. Government and Credit Agencies

U.S. Government and Credit Agencies

15

Sector Statements of Saving and Investment
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987
1988

1
1

1988

I

II

III

1
IV 1

I

1989
II

III

U.S. Government

1
2
3
A
5

788.7
3A6.5
76.3
55.1
310.9

827.9
361.5
83.9
50.5
332.1

911.5
A05.9
101.1
53.8
350.8

972.5
A13.0
111.A
56.8
391.3

9AA.8
A02.7
10A.2
55.9
382.0

973.3
A17.5
111.7
55.9
388.2

977.3
All.A
11A.0
57.A
39A.5

99A.5
A20.3
115.8
57.8
AOO.6

1036.1
AA6.8
117.0
58.0
A1A.3

1053.2
A65.1
109.7
58.2
A20.2

10A3.0 Total receipts, NIPA basis
Personal taxes
A59.1
Corp, profits tax accruals
99.7
59.A
Indirect taxes
Social Insurance receipts
A2A.8

1
2
3
A
5

6
7
8
9

985.6
355.2
500.3
130.2

103A.8
366.5
532.7
135.6

1072.8
381.6
5A9.5
1A1.7

1118.3
381.3
585.6
151.A

1096.5
37A.1
577.5
1AA.9

111A.8
377.1
587.8
1A9.9

1099.8
367.5
578.A
153.9

1162.1
A06.A
598.7
157.0

1183.6
399.0
617.6
167.0

1198.6
A06.0
620.6
172.0

1190.5 Total expenditures, NIPA basis
Goods and services
A03.3
Transfers, etc.
613.-9
Net interest
173.3

6
7
8
9

10
11
12
13
IA

-196.9
19.1
-216.0
A.A
-211.6

-206.9
21.1
-227.9
7.2
-220.8

-161.3
19.2
-180.5
2.9
-177.5

-1A5.8
20.0
-165.8
3.3
-162.5

-151.7
1A.0
-165.7
2.6
-163.1

-1A1.5
21.8
-163.3
5.8
-157.5

-122.5
20.2
-1A2.7
2.7
-1A0.0

-167.6
23.8
-191.A
2.1
-189.3

-1A7.5
1A.A
-161.9
3.3
-158.6

-1A5.A
2A.7
-170.1
1.6
-168.5

-1A7.5
20.2
-167.7
2.A
-165.3

15
16
17
18
19

-21A.8
33.7
1.9
13.0
X

-231.3
10.0
-.7
.A
.2

-185.3
-2A.7
-5.A
-8.1
.2

-177.7
.8
1.0
9.0
-.2

-179.1
32.6
-A.2
36.9
-.3

-169.2
-20.6
-.6
-A. 3
.3

-158.9
30.8
1A.5
17.1
-.9

-203.6
-39.6
-5.5
-13.7
-.1

-162.3
5.5
7.8
-2A.5
-.3

-1A5.1
11.5
2A.3
20.0
-.2

-199.3 Net financial investment
Net acq. of financial assets
-35.3
Gold, SDRs 8 fgn. exch.
11.6
Checkable dep. 8 currency
-32.0
Time deposits
.1

20
21
22
23

17.8
1.8
15.9

9.7
.5
9.2

-7.9
-5.3
-2.6

-A. 9
-1.1
-3.9

-7.0
.A
-7.A

-7.6
-2.A
-5.3

A.3
-3.7
8.0

-9.3
l.A
-10.7

2.8
-.7
3.5

3.1
-2.3
5.A

5.2
1.7
3.5

2A
25
26

-A.l
3.7
l.A

-.2
.1
.5

-3.9
-1.0
1.3

-A.2
-2.0
2.1

3.1
2.3
1.9

-6.9
-3.9
2.A

-6.9
-.1
2.9

-6.3
-6.1
1.3

15.5
3.2
1.0

-32.6
-7.1
A.O

-23.2
-1.1
A.O

27
28

2A8.5
.5

2A1.2
.8

160.6
.5

178.5
.5

211.8
.5

1A8.6
.A

189.7
.5

16A.0
.6

167.8
2.0

156.7
13.3

16A.0
.A

29
30
31
32

223.6
5.3
218.5
-.1

215.0
13.6
201.1
.A

1AA.9
7.8
135.6
1.5

157.5
8.5
131.6
17.A

211.6
10.A
201.6
-.5

113.7
10.2
95.8
7.7

162.5
6.1
135.5
20.9

1A2.1
7.2
93.3
A1.6

199.9
8.9
192.2
-1.2

70.9
9.2
56.6
5.1

1A9.0
6.A
1A2.7
-.2

33
3A
35

19.1
A.7
.6

21.1
1.2
3.2

19.2
5.A
-9.A

20.0
-9.0
9.6

1A.0
-8.7
-5.6

21.8
-7.A
20.1

20.2
-11.8
18.A

23.8
-8.2
5.7

1A.A
-12.7
-35.7

2A.7
5.8
A2.0

20.2
-.A
-5.2

36

3.2

10.5

7.7

15.2

16.1

11.7

18.9

1A.A

3.8

-23.A

37

80.A

8A.0

10A.9

115.7

101.1

118.6

120.9

122.1

101.5

1A2.3

Net surplus, NIPA basis
- Insurance credits to HH
= Gross saving
+ Mineral rights sales (1)
= Nonfinancial surplus

10
11
12
13
IA
15
16
17
18
19

Credit market instruments
Fed. agency securities
Mortgages
Other loans

20
21
22
23

Taxes receivable
Trade credit
Miscellaneous

2A
25
26

Net increase in liabilities 27
Treasury curr. 8 SDR ctfs. 28
Credit market instruments
Savings bonds
Other Treasury issues
Agency issues and mtgs.

29
30
31
32

Life 8 retirement reserves 33
3A
Trade debt
35
Miscellaneous
36

33.9 Discrepancy
Memo:
122.9 Corp, tax receipts, net

37

(1) Sales of Outer Continental Shelf leases.

Federally Sponsored Credit Agencies and Mortgage Pools
Sponsored credit agencies

(1)

l.A Current surplus

1

1

.2

-.1

.9

l.A

1.1

1.5

1.7

1.3

1.2

1.2

2
3
A

29.2
.8
7.2

22.7
1.5
5.0

27.7
-.1
-A.2

A7.1
6.6

79.6
.2
A7.3

-.8
-.3
-17.3

52.9
.6
11.A

56.8
-.6
-15.1

81.5
-.7
7.7

19.6
1.8
78.5

5
6
7
8

23.7
3.3
-.6
2.5

1A.1
A.6

27.0
A.8
X

2.A

3.7

37.1
5.9
.A
2.8

A5.0
15.A
.7
l.A

12.5
-17.6
-.2
2.9

32.3
A.l

X

A.A

58.A
21.9
.8
2.A

90.2
23.5
-.3
2.1

-77.7
-77.A
-.3
.5

38.3
A7.3
.A
A.O

9
10
11

27.9
13.7
1A.2

16.6
-3.2
19.8

2A. 2
_. 2
2A.A

30.5
10.8
19.7

28.3
18.9
9.A

27.3
15.0
12.3

25.3
-.A
25.8

Al.l
9.7
31.A

70.A
1.3
69.1

-6.5
10.A
-16.9

-22.8
20.9
-A3.7

12
13
IA
15
16

-9.A
-A.5
-1.0
-3.9
-2.5

-9.6
-6.5
-.7
-2.3
2.1

-5.6
-A.8
.8
-1.6
5.0

-2.6
-1.9
1.6
-2.3
3.5

-.8
-2.5
A.l
-2.3
-13.0

.1
-2.0
2.A
-.3
A.A

-1.6
-1.7
-.2
.3
8.5

-7.9
-1.3
.3
-6.9
1A.1

-5.5
-3.6
.2
-2.1
-15.8

6.0
.7
6.2
-.9
16.9

9.3
-1.8
7.A
3.8
6.3

17
18
19
20
21

30.6
21.7
20.6
1.1
8.9

23.2
1A.9
15.2
-.A
8.3

27.A
29.5
30.2
-.8
-2.1

A6.0
AA.9
AA.9
1.1

76.5
59.5
59.5
17.0

-1.2
11.1
11.1
-12.3

53.6
A6.5
A6.5
7.1

55.1
62.3
62.3
-7.3

78. A
8A.9
8A.9
-6.A

20.7
12.5
12.5
8.2

26.2 Net increase in liabilities
Credit market instruments
10.0
Sponsored agency issues
10.0
U.S. government loans
Miscellaneous liabilities
16.1

22

1.7

.3

.5

.3

-2.0

1.1

2.A

-.5

-1.8

2.3

23
2A
25
26

79.9
78.6
1.5
-.2

173.1
168.2
5.1
-.2

156.A
151.9
A.5

92.6
87.A
5.2

X

X

69.3
63.9
5.A
-.1

93.1
90.1
3.2
-.2

97.8
91.8
6.0
-.1

110.1
103.6
6.3
.2

131.2
121.A
9.9
-.1

93.3
88.A
A.9
-.1

127.A Net acq. of mortgages
121.3
Home mortgages
6.0
Multifamily mortgages
*
Farm mortgages

23
2A
25
26

27

79.9

173.1

156.A

92.6

69.3

93.1

97.8

110.1

131.2

93.3

127.A Net incr. in pool securities

27

28
29

107.9
-9.6

189.9
-9.8

180.6
-5.6

123.1
-2.6

97.7
-.8

120.6
-.1

123.2
-1.7

151.0
-7.7

201.7
-5.5

86.8
5.9

Memo: Totals for agencies and pools
10A.6
Housing credit
9.3
Loans to agriculture

28
29

30

100.5

188.3

186.6

137.5

128.8

10A.3

1AA.A

172.5

216.1

105.8

X

X

25.1 Net acq. of financial assets
Checkable dep. and currency
-.9
Fed. funds 8 security RPs
-18.5

2
3
A

Credit market instruments
U.S. government securities
Open-market paper
Student loans (SLMA)

5
6
7
8

Housing credit
Residential mortgages
FHLB loans to thrifts

9
10
11

Loans to agriculture
Farm mortgages
Loans to coops (BC)
Loans to farmers (FICB)
Miscellaneous assets

12
13
IA
15
16

2.A Discrepancy

17
18
19
20
21

22

Federally related mortgage pools (2)

 BILLIONS OF DOLLARS.


137.A Net security issues

(1) Sponsored agencies include: Federal Home Loan Banks, Federal National
Mortgage Assn.,Federal Home Loan Mortage Corp..Student Loan Marketing
Assn., Federal Land Banks- Federal Intermediate Credit Banks,
Banks for Cooperatives- and the Financing Corp.
(2) 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.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION

30

DECEMBER 6. 1989
Foreign sector

Foreign sector

16

Sector Statements of Saving and Investment
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS» $ MILLIONS
I
I

1988

II

I

III

I
IV I

1989
II

I

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

Foreign Sector

1 Net U.S. exports, NIPA basis
2
U.S. export receipts
3 - U.S. import payments
4 (Memo: net corporate earnings
retained abroad)

-16,296 -19,192 -21,193 -16,994 -9,026 -12,382 -18,213
130,011 135,415 136,914 145-310 151,125 159,352 153,302
146,307 154,607 158,107 162,304 160,151 171,734 171,515
3,133
5,353
7,630
5,770
2,863
5,549
3,339

33.9
382.8
348.9
14.0

26.3
361.9
335.6
15.5

-6.1
352.5
358.6
18.4

-59.0
383.5
442.5
19.2

1

2
3
4

3,334
6,602
26,232

2,846
7,126
29,164

3,343
7,530
32,066

5,227
7,817
30,038

3,397
8,087
20,510

3,042
8,588
24,012

3,428
8,462
30,103

7.5
16.9
1.1
-10.6

9.0
18.3
1.0

9.5
17.8
33.5

12.2
19.8
90.9

5
6
7
8

9 Net financial investment
31,429
10
Net acq. of financial assets 33,860
Gold and SDRs (1)
11
155
12
U.S. checkable dep.
-482
13
U.S. time deposits
190
14
Net interbank claims
-15,763

43,255
52,105
180
1,089
2,542
12,653

5,479
18,852
-35
-1,610
-2,246
-6,594

56,016
67.854
173
514
2,568
16,541

24,944
41,672
-188
589
-1,121
-9,072

-2,902
20,010
68
-170
-5,211
-5,721

26,647
37,859
-453
323
4,121
-1,675

-27.4
17.4
-1.7
-3.8
2.3
-20.9

-30.8
-1.1
-1.4
-3.7
6.8
-35.7

28.4
54.0
-.1
1.6
.5
12.5

71.8
85.1
-1.0
1.9
4.6
2.3

9
10
11
12
13
14

-1,142
-208
41,529
33,772
27,540
6,232
1,001
7.198
-442

1.155
818
20,721
13,961
6,055
7,906
5,172
1,390
198

1,413
1,074
11,699
1,114
-3,197
4,311
7,454
3,168
-37

-328
-2,160
28,385
19,699
12,594
7,105
9,808
-745
-377

671
-124
29,008
17,252
5,355
11,897
5,536
5,802
418

1,661
3,412
3,314
-5,268
-9,855
4,587
4,681
3,925
-24

-1,313
2,106
31,876
25,104
14,075
11-029
4,900
2,000
-128

4.8
25.5
9.5
6.3
3.2
8.4
8.9
-1.3

1.6
3.3
23.7
12.3
5.1
7.2
10.6
2.5
-1.7

.5
6.0
23.7
15.6
6.5
9.1
4.6
2.7
.8

.1
-1.3
57.9
28.9
4.7
24.2
14.8
13.0
1.2

15
16
17
18
19
20
21
22
23

-493

-159

1,262

1,817

1,018

516

-200

-.2

K

-1.3

10,074
9,267
7,842
1,425
807

13,106
13,737
12,528
1,209
-631

13,889
11,637
9,813
1,824
2,252

20,344
22,929
21,691
1,238
-2,585

20,891
19,198
18,953
245
1,693

22,141
3,074
12,056
14,494
11,157
16-276
899 -1,782
10,085 -11,420

11.4
25.3
22.3
3.0
-13.9

4.2
13.8
16.2
-2.4
-9.6

10.7
11.5
11.9
-.3
-.8

19.1
25.6
22.5
3.1
-6.4

5
6
7
8

- Transfers to foreign
- U.S. govt, interest paid
♦ Net capital grants
* Net foreign investment
(U.S. balance, sign reversed)

15
16
17
18
19
20
21
22
23

Security RPs
U.S. corporate equities
Credit market instruments
U.S. govt, securities
Official, net
Private, net
U.S. corporate bonds (2)
Loans to US nonbanks
Open-market paper

24
25

Security credit
Trade credit

26
27
28
29
30

Miscellaneous assets
Dir. investmt.in U.S.(3)
Equity, etc.
Retained earnings
Other

31
32
33
34
35
36

Net increase in liabilities
U.S. off. fgn. exchange
8 net IMF position
U.S. private deposits

Foreign corporate equities
Credit market instruments
Corporate bonds

37
38
39
40

Bank
To
To
To

41
42
43

Commercial paper
Accept, liabs. to banks
U.S. government loans

loans n.e.c.
foreign official
foreign banks
other foreign

44
45

Security debt
Trade debt

46
47
48
49
50
51
52

Miscellaneous liabilities
U.S.equity in IBRD, etc.
U.S. govt, deposits
U.S. dir. invstmt. (2,3)
Equity, etc.
Retained earnings
Other

53 Discrepancy (FOF basis) (4)

24
1.5 25
26
27
28
29
30

2,431

8,850

13,373

11,838

16,728

22,912

11,212

44.8

29.8

25.6

13.3 31

-1,347
-3,317

141
-

7,345
-2,711

-2,098
2,009

3,812
2,010

12,163
-4,000

4,802
1,000

3.4
10.4

3.6
4.5

1.1
1.3

2.2 32
-5.8 33

716
1,592
3,823

-1,217
1,343
-116

228
252
1,364

1,181
3,711
1,866

1,340
144
1.228

4,121
-827
1,787

2,893
6,268
2,257

.2
23.5
5.5

1.4
16.0
6.6

3.7
17.3
3.1

.9 34
8.4 35
3.8 36

-508
-312
-69
-127

-400
-384
292
-308

271
604
24
-357

-1,207
-412
-299
-496

182
-209
-449
840

1,017
-322
722
617

223
-295
407
111

3.0
.8
-4.5
6.7

-5.5
.7
-6.2

3.6
3.0
-.9
1.5

1,299
-4,224
1,202

1,493
148
218

2,263
-921
-2,725

4,579
2,216
-3,743

4,209
-4,164
-1,311

-2,151
-853
-627

4,765
-528
-449

3.9
6.9
4.2

1.9
8.5
4.5

6.5
-.1
4.3

6.2 41
1.0 42
4.0 43

1,621

-1,427

2,409

4,792

2,652

338

394

.7

-3.9

-.9

44
-1.6 45

3,166
575
-105
4,447
1,404
3,043
-1,751

10,010
633
-22
1,977
-3,231
5,208
7,422

5,850
781
-57
7,419
345
7,074
-2,293

2,243
411
-81
1,107
1,118
-11
806

6,770
266
-4
9,011
1,643
7,368
-2,503

11,117
1,000
-1
9,823
1-975
7,848
295

-4,145
1,000
5
3,687
487
3,200
-8,837

6.6
1.1
-.2
12.6
-.5
13.1
-6.9

8.2
1.3
.4
10.2
5.4
4.8
-3.6

3.2
.7
.1
9.8
-3.6
13.5
-7.4

26,587 -25,978

-4,434

26,914

3,456

16.8

31.9

5.1

-5,197 -14,091

(1) U.S. net sales* sign reversed.
(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) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
(4) BOP discrepancy adjusted to national accounts concepts.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION




K

K

-6.6
-.9
-3.1
-2.6

9.3
1.1
.4
13.2
-4.6
17.8
-5.5

37
38
39
40

46
47
48
49
50
51
52

19.1 53

DECEMBER 6, 1989
Foreign sector

Foreign sector

17

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS- $ BILLIONS
1985
1986
1987
1988

SEASONALLY ADJUSTED ANNUAL RATES

1
1

1988
II

I

1
IV I1

III

1989
II

I

III

Foreign Sector

1
2
3
A

-77.9
370.9
AA8.9
18.9

-97.A
396.5
A93.9
15.5

-■112.6
AA8.6
561.2
23.3

-73.7
5A7.7
621.3
17.A

-82.7
521.6
60A.3
12.1

-75.0
532.5
607.5
10.1

-66.2
556.8
623.0
28.8

-70.8
579.7
650.5
18.5

-5A.0
605.6
659.6
30.1

-50.5
626.1
676.6
19.6

5
6
7
8

15.1
21.3
11A.3

15.9
22.6
135.8

1A.3
2A.1
150.9

1A.8
29.1
117.5

13.5
26.6
122.8

11.7
28. A
115.1

13.6
30.2
110.0

20.2
31.1
122.1

13.8
32.5
100.3

12.5
3A.A
97.A

9
10
11
12
13
IA

10A.2
108.8
-.9
1.6
3.7
1A.5

132.6
160.6
- .2
2.7
-2.7
12.7

150.3
172.0
-.5
-l.A
.9
AA.l

136.2
172.7
.5
-.5
3.1
6.8

128.3
162.8
.6
3.1
A.3
-66.6

186.3
221.9
.7
.A
9.1
8A.3

21.8
112.8
-.1
-1.0
-5.9
-35.3

208.3
193.1
.7
-A. 3
A.7
A5.0

100.9
200.3
-.8
7.7
-.8
-35.1

-l.A
86.9
.3
-5.0
-22.0
10.5

105.2 Net financial investment
201.9
Net acq. of financial assets
-1.8
Gold and SDRs (1)
U.S. checkable dep.
6.8
19.9
U.S. time deposits
Net interbank claims
-15.7

9
10
11
12
13
IA

15
16
17
18
19
20
21
22
23

.8
A.3
62.3
04.2
-1.1
25.A
36.7
1.5

3.A
17.2
97.8
A5.A
33.2
12.3
A0.2
11.1
1.1

2.2
15.6
62.7
A0.6
AA.8
-A.2
19.9
1.9
.3

1.1
-.5
102.3
68.5
A3.0
25.6
23.A
11.0
-.7

-A. 6
-2.8
168.6
135.1
110.2
2A.9
6.5
28.8
-1.8

A.6
-1.6
82.5
55.8
2A.2
31.6
20.3
5.6
.8

5.7
A.2
A7.0
A.5
-12.8
17.2
30.0
12.7
-.1

-1.3
-1.8
111.2
78.8
50.A
28. A
36.9
-3.0
-1.5

2.7
-2.5
119.3
69.0
21 .A
A7.6
25. A
23.2
1.7

6.6
8.1
11.9
-21.1
-39.A
18.3
17.A
15.7
-.1

-5.3
8.0
127.2
100.A
56.3
AA.l
19.3
8.0
-.5

Security RPs
U.S. corporate equities
Credit market instruments
U.S. govt, securities
Official? net
Private? net
U.S. corporate bonds (2)
Loans to US nonbanks
Open-market paper

15
16
17
18
19
20
21
22
23

2A
25

.5

.8

.2

2.A

-2.0

-.6

5.0

7.3

A.l

2.1

-.8

Security credit
Trade credit

2A
25

26
27
28
29
30

21.9
20.5
20.A
.1
l.A

29.0
36.1
35. A
.7
-7.1

A8.2
A7.3
A5.A
1.9
.9

57.A
57.6
51.9
5.7
~-2

62.1
A3.3
A1.3
1.9
18.8

A2.7
56.2
51.8
A.A
-13.5

93.3
53.8
A7.A
6.A
39.5

31.6
77.0
67,0
10.0
-A5.A

105.7
83.8
87.0
-3.3
22.0

7A.A
50.1
A6.8
3.3
2A.3

63.6
66.3
7A.2
-7.9
-2.8

Miscellaneous assets
Dir. investmt.in U.S.(3)
Equity, etc.
Retained earnings
Other

26
27
28
29
30

-53.5 Net U.S. exports? NIPA basis
623.3
U.S. export receipts
676.8 - U.S. import payments
18.6 (Memo: net corporate earnings
retained abroad)

1
2
3
A

IA. 1
3A.0
101.6

5
6
7
8

- Transfers to foreign
- U.S. govt, interest paid
♦ Net capital grants
= Net foreign investment
(U.S. balance? sign reversed)

31

A.6

28.0

21.7

36.5

3A.5

35.6

91.0

-15.2

99.5

88.3

96.7

32
33

3.0
-A. 3

-.6
9.1

-9.7
-3.A

A.O
-A.O

-5.A
-5.8

.6
-3.6

29.A
-l.A

-8. A
-5.3

15.2
18.1

A8.7
-20.0

19.2
13.3

3A
35
36

3.7
1.2
3.8

1.2
9.7
3.1

-2.1
A.9
7.A

.9
6.9
6.9

1.1
A.8
1A.2

-6.0
5.A
2.6

2.A
A.l
5.9

6.1
13.3
5.1

3.6
-1.1
3.2

15.2
-3.9
11.1

13.3
28.7
9.1

37
38
39
AO

-2.8
-l.A
-1.3
-.1

-1.0
*
1.0
-2.1

-3.6
-.9
-2.8
.1

-1 .8
-.5
-.1
-1.3

1.7
-1.2
2.8
.1

-3.3
-1.5
-1.6
-.1

2.A
-1.2
-1.2

-5.7
-1.6
- .2
-3.9

A.9
-.8
l.A
A.A

1.7
-1.3
- .2
3.1

-1.2
.3
.9

Bank
To
To
To

Al
A2
A3

6.2
-7.A
l.A

11.5
-5.A
1.5

2.1
l.A
-2.3

9.6
-2.8
-5.0

.7
-15.3
3.5

6.5
.1
-.A

10.3
-1.5
-10.6

21.0
5.6
-12.7

12.1
-1A.7
-6.7

-8.1
-A. 6
-A.O

20.A
.5
-1.3

Commercial paper
Accept, liabs. to banks
U.S. government loans

AA
A5

-.1

-1.2

2.9

7.A

A.8

-A.3

7.9

21.2

8.7

3.2

-.5

A6
A7
A8
A9
50
51
52

1.1
1.5
-.1
9.7
-3.3
13.0
-10.0

9.8
1.5
-1.0
12.A
2.1
10.3
-3.1

29.1
1.2
.1
33.1
6.9
26.2
-5.A

21.3
2.A
-.3
15.0
-.A
15.3
A.2

3A.9
2.3
-.A
11.3
8.0
3.3
21.8

A3.6
2.5
-. 1
11.0
-7.8
18.8
30.2

A8.7
3.1
-. 2
29.7
.9
28.8
16.1

-A2.1
1.6
-.3
7.9
-2.5
10.A
-51.3

55.1
1.1

22.7
A.O

28. A
8.9
19.5
25.6

A5.1
A.O
*
A3.1
13.3
29.8
-1.9

53

10.1

3.2

.6

-18.7

-5.5

-71.2

88.2

-86.2

-.6

98.8

-3.6 Discrepancy (FOF basis) (A)

X

x

X

X

1A.8
1.2
13.6
3.9

Net increase in liabilities
U.S. off. fgn. exchange
8 net IMF position
U.S. private deposits




32
33

Foreign corporate equities 3A
Credit market instruments 35
Corporate bonds
36

loans n.e.c.
foreign official
foreign banks
other foreign

37
38
39
A0
Al
A2
A3

Security debt
Trade debt

AA
A5

Miscellaneous liabilities
U.S.equity in IBRD? etc.
U.S. govt, deposits
U.S. dir. invstmt. (2?3)
Equity? etc.
Retained earnings
Other

A6
A7
A8
A9
50
51
52

Cl 1 U.S. inet sales* sign ireversed.
(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) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
(A) BOP discrepancy adiusted to national accounts concepts.
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.

31

53

DECEMBER 6, 1989
Banking System

Banking System

13

Sector Statements of Saving and Investment

UNADJUSTED NET FLOWS, S MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

|
1

1988
I

II

I
IV 1

III

1989
II

I

III

ANNUAL FLOWS,
1982
1981

$ BILLIONS
1983
1984

Monetary Authority

146

145

146

150

150

148

.4

.1

.5

.6

1

2 Net acq. of financial assets
Gold and foreign exchange
3
Treasury currency
4
5
SDR certificates
Federal Reserve float
F.R. loans to domestic banks
7
Security RPs
8

-9,189
-461
162
-513
-1,504
-1,316

12,269
107
162
-39
153
7,426

7,337
3,766
136
940
-310
2,064

8,061 -11,032
-889
2,052
162
162
350
-727
87
16
284
-2,629 -6,861

14,151
6.015
168
3,150
-762
-1,614

-4,633
2,344
271
704
-242

8.2
.4
.7
.8
-2.7
-.2
.4

12.4
.5
.6
1.3
1.0
-.9
2.1

9.4
-1.7
.7
-1.2
.2
-3.8

14.6
.5
.7
-.7
2.7
X

2
3
4
5
6
7
8

Credit market instruments
U.S. government securities
Treasury securities
Agency issues
Acceptances
Bank loans n.e.c.
Miscellaneous assets

-5,209
-5,209
-5,055
-154
-348

4,823
4,823
4,954
-131
-363

1,046
1,046
1,123
-77
-305

9,864
9,864
10,089
-225
1,450

2,999 -10-815
2,999 -10,815
3,124 -10,716
-125
-99
4,195
3,105

8.8
8.8
8.4
.4
.1

7.7
7.7
7.9
-.2
.1

14.7
14.7
15.0
-.3
.5

8.4
8.4
8.7
-.3
3.0

9
10
11
12
13
14
15

-9,335
-3,007
-1,748

12,124
-3,096
2,455

7,191
3,357
-3,472

-3-907
-2,877
336
-1,366
-673

13,065
7,312
-206
5,959
-300

6,653
3,218
-51
3-486
653

1 Current surplus

6

9
10
11
12
13
14
15

16 Net increase in liabilities
Depository inst. reserves
17
18
Vault cash of coml. banks

19
20
21
22
23

Checkable dep. and currency
Due to U.S. government
Due to foreign
Currency outside banks
Miscellaneous liabilities

160

-5,206
-5,206
-5,019
-187
-1,086

7,901 -11,182
309 -1,953
5,468 -5,358

14,001
-13
572

-4,781
-5,128
-214

7.8
-2.2
-1.2

12.2
1.3
.9

8.9
-5.0
1.5

14.0 16
.4 17
3.2 18

-3,502
-4,132
41
589
-369

13,259
7,708
-129
5,680
183

-19
1,265
78
-1,362
580

10.9
1.2
.1
9.5
.3

10.2
.7
-.2
9.7
-.1

13.0
-1.3
X
14.3
-.5

10.3
1.7
X
8.6
.1

19
20
21
22
23

2,275
-4,361
-18
6,654
-151

Commercial Banking (1)

4,807
7,212

3,575
7,152

3,204
7,438

3,576
7,629

4,858
8,155

3,265
8,095

3,101
8,376

6.6
8.9

7.0
9.3

7.1
10.5

5.5
18.4

1
2

3 Net acq. of financial assets
4
Checkable dep. and currency

10,721
50

66,256
50

45,109
50

55,676
50

41,057
50

82,273
50

53,876
50

135.4
1.0

137.9
-.1

154.0
-.3

204.9
-1.1

3
4

Total bank credit
U.S. govt, securities
Treasury issues
Agency issues

24,754
7,159
490
6,669

51,138
883
-4,967
5,850

38,851
9,047
834
8,213

43,524
4*242
-5,352
9,594

29,193 49*238
1,067
16*945
7,055 -14,228
9,890
15,295

35,821
5,167
-5,154
10,321

101.9
11.9
2.1
9.8

102.4
26.6
19.4
7.3

140.2
48.7
48.0
.7

171.2
.9
2.2
-1.3

5
6
7
8

1 Current surplus
2 Fixed nonres. investment

5
6
7
8

9
10

Tax-exempt obligations
Corporate bonds

-7,235
6-784

-5,359
2,821

-2,936
947

-6,968
1,620

-3,616
-632

-4,457
-96

-2,538
-1,427

5.0
X

4.5
1.5

4.8
4.7

11
12
13
14
15
16

Total loans
Mortgages
Consumer credit
Bank loans n.e.c.
Open-market paper
Security credit

18,039
13,334
1-211
2-420
-3,181
4,255

52,793
24,914
9,624
21,235
-212
-2,768

31,793
21,182
10,532
-683
1,136
-374

44,638
18,361
12*241
14,998
629
-1,591

16*495
19,502
-7,030
3,146
-782
1,659

52,723
26,387
9,218
14,776
-455
2,797

34,609
22,930
9,333
5,818
2,409
-5,881

85.1
21.6
4.0
53.5
.8
5.3

69.8
16.0
6.7
46.7
.3
X

82.0
29.2
22.7
26.8
.8
2.4

155.3
44.6
45.2
61.1
-1.4
5.8

11
12
13
14
15
16

-8

1

1

10

-.1

X

X

-.1

17

-303
-3,472
2,949
7,034

1,761
5,468
20
4,853

-5,033
-5,358
-1,093
23,298

799
572
-343
31,957

272
-214
-4,663
22,610

li .3
-1.2
-2.3
24.7

7.7
.9
1.0
25.9

6.9
1.5
-6.0
11.8

3.8
3.2
-.5
28.4

18
19
20
21

86,607
44,322
23,054 -13,068
9,039
1,595
1,295 -1,559
12,720 -13,104

65,207
35,808
25,279 -51,142
-5,175 -15,466
532
548
29,922 -36,224

83,939
25,111
20,877
-41
4,275

60,333
-33
-1,974
245
1,696

154.8
8.6
-1.1
-3.5
13.7

142.5
19.2
6.1
-3.4
16.5

162.7
15.9
-5.3
1.6
19.7

210.7
29.2
4.0
2.0
23.2

22
23
24
25
26

20,021

20,596

16,054

24,717

40.1

96.4

130.8

74.6 27

12,942
25,042
4,700 -17,080

19,916
24,137

2,740
15,997

4,922
14,491

51.5
14.8

13.0
9.2

-48.3
14.8

38.3 28
1.6 29

-5,354 -10,382
-443 -2,376
4,161
-2,285
-9,072 -5,721

-2,351
462
-1,138
-1,675

-27.0
-2.9
-3.1
-20.9

-36.8
.1
-1.1
-35.7

.6
-1.0
-10.9
12.5

9.8
2.0
5.5
2.3

30
31
32
33
34
35
36
37

17
18
19
20
21

Corporate equities
Cust. liabs. on acceptances
Vault cash
Reserves at Federal Reserve
Miscellaneous assets

22 Net increase in liabilities
23
Checkable deposits
24
U.S. government
Foreign
25
26
Private domestic

7
-6-538
-1,748
-3-525
-2,272

11,124
-18,735
1 -876
-818
-19,793

1,657
2,455
-2,947
13,903

10.8
9
4.2 10

27

Small time and savings dep.

24,958

16,289

28
29

Large time deposits
Fed. funds and security RPs

4,951
28,516

-828
3,503

30
31
32
33

Net interbank claims
To Federal Reserve
To domestic banks (2)
To foreign banks

-16,287
-2,017
1,493
-15,763

34
35
36
37

Corporate equity issues
Credit market debt
Corporate bonds
Open-market paper

412
-6,368
182
-6,550

411
6,131
3,182
2,949

420
-674
1,266
-1,940

423
2,177
470
1,707

429
-1,650
-61
-1,589

434
2,417
1,729
688

439
1,490
-832
2,322

.5
22.4
3.7
18.7

.6
18.8
6.3
12.5

.8
18.4
9.7
8.7

1.1
23.3
13.5
9.8

38
39

Profit taxes payable
Miscellaneous liabilities

34
-6,357

42
23,916

50
26,140

60
6,015

68
28,808

78
31,490

87
16,571

-.4
44.2

-.1
22.3

-.1
29.9

X 38
32.9 39

12,081

14,089 -10,369
114
630
1,322 -4,405
12,653 -6,594

15,370
103
-1,274
16,541

40 Discrepancy

-2,002

16,774

-5,021

5,478

-8,546

-3,164

1,182

17.1

2.2

5.3

-7.1 40

41 Memo:

13,954

55,563

38,922

46,884

22,500

47,239

41,964

108.0

110.1

144.6

169.2 41

Credit mkt. funds adv.

(1) Consists of U.S.-chartered commercial banks, domestic affiliatesIBHC’s),
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 in U.S."
IBF’s are excluded from domestic banking and treated like branches
in foreign countries.
(2) Floats and discrepancies in interbank deposits and loans.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




DECEMBER 6, 19$9
Banking System

Banking System

19

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS, $ BILLIONS
1988
1985
1986
1987

I
1

1988
II

I

III

I
IV 1

1989
II

I

III

Monetary Authority

1

-1.1

-1.9

-1.8

.6

.6

.6

.6

.6

.6

.6

2
5
4
5
6
7
8

24.9
2.0
.6
.1
.1
-.5
3.2

31.9
.4
.5
.3
.3
-1.5
10.8

10.7
-3.8
.6
-.5
2.3
-14.7

18.5
2.5
.6
.5
-1.6
5.5

10.0
-1.8
.6
2.4
-1.7
7.4

41.3
.4
.6
.5
.9
32.5

31.1
15.1
.5
4.3
-2.6
4.7

-8.4
-3.6
.6
-5.3
-3.1
-22.4

4.4
8.2
.6
1.4
1.6
6.1
-16.2

48.4
24.1
.7
12.6
-2.4
-5.9
3.5

-17.3 Net acq. of financial assets
9.4
Gold and foreign exchange
Treasury currency
1.1
SDR certificates
Fedaral Reserve float
3.4
F.R. loans to domestic banks
-2.6
-4.4
Security RPs

2

9
10
11
12
13
14
15

18.4
18.4
18.6
- .2
1.0

19.4
19.4
19.8
-.4
1.7

24.7
24.7
24.9
-.3
2.2

10.5
10.5
11.1
-.6
.4

2.7
2.7
3.3
-.6
.4

5.0
5.0
5.6
-.6
1.4

15.5
15.5
15.9
-.4
-6.4

18.9
18.9
19.7
-.8
6.4

5.2
5.2
5.9
-.7
-2.5

-3.9
-3.9
-3.4
-.6
19.8

-30.7
-30.7
-30.2
-.5
6.4

Credit market instruments
U.S. government securities
Treasury securities
Agency issues
Acceptances
Bank loans n.e.c.
Miscellaneous assets

9
10
11
12
13
14
15

16
17
18

26.1
6.8
1.3

33.8
19.5
.1

12.6
-6.3
-.8

17.9
-2.4
2.7

9.4
-11.1
7.3

40.7
-.9
5.9

30.5
6.2
-16.1

-9.1
-4.0
13.6

3.8
-6.4
-7.3

47.8
11.5
-1.7

-17.9 Net Increase in liabilities
Depository inst. reserves
-28.1
Vault cash of coml. banks
-4.0

19
20
21
22
23

16.6
4.1
.1
12.4
1.4

12.4
-1.9
-.2
14.4
1.9

16.7
-2.3
-.1
19.0
3.0

18.1
3.3
.1
14.7
-.5

15.8
3.7
1.3
10.7
-2.6

30.2
17.2
-.8
13.8
5.4

35.0
6.0
-.2
29.3
5.3

-8.7
-13.7
-.1
5.1
-10.0

18.8
-.7
.2
19.3
-1.3

29.4
17.3
-.5
12.6
8.6

10.6
-1.1
.3
11.4
3.6

14.5 Current surplus
33.5 Fixed nonres. investment

.6 Current surplus

Checkable dep. and currency
Due to U.S. government
Due to foreign
Currency outside banks
Miscellaneous liabilities

1
3
4
5
6
7
8

16
17
18
19
20
21
22
23

Commercial Banking (1)

1
2

9.4
19.0

9.6
21.8

11.3
23.2

15.2
29.4

13.9
28.8

15.0
28.6

14.7
29.8

17.0
30.5

13.6
32.6

13.9
32.4

3
4

245.6
-.1

247.7
.2

166.7
.2

177.8
.2

33.0
.2

305.5
•2

170.8
.2

201.8
.2

140.9
.2

374.7
.2

202.7 Net acq. of financial assets
.2
Checkable dep. and currency

5
6
7
8

206.5
9.4
11.8
-2.4

197.3
44.3
6.3
38.0

125.0
27.3
-1.9
29.1

158.3
21.3
-9.0
30.3

128.7
4.0
-22.1
26.0

181.1
14.9
-12.9
27.8

121.3
27.1
-2.7
29.8

201.9
39.4
1.8
37.6

143.8
43.4
4.4
39.0

172.2
15.4
-50.5
65.8

110.3
10.1
-28.4
38.5

9
10

57.2
5.8

-28.5
23.6

-29.1
24.0

—22.5
12*2

-28.9
23.9

-21.1
11.9

-33.1
7.1

-7.0
5.7

-16.2
-5.7

-15.6
.2

-26.3
-1.9

Tax-exempt obligations
Corporate bonds

9
10

11
12
13
14
15
16

134.0
49.7
37.5
38.3
-2.5
11.0

157.9
70.1
24.8
69.7
-.9
-5.8

102.9
86.2
16.2
3.8
2.0
-5.3

147.3
77.8
33.6
38.0
-1.6
-.5

129.7
57.5
29.2
28.3
-6.8
21.4

175.4
93.9
31.1
61.2
-2.5
-8.2

120.2
81.7
32.0
1.7
5.8
-1.0

163.8
78.1
42.1
60.7
-2.9
-14.1

122.2
81.2
-3.4
31.1
3.5
9.8

172.2
99.5
29.3
31.9
-3.8
15.2

128.2
89.0
26.6
25.8
11.0
-24.1

Total loans
Mortgages
Consumer credit
Bank loans n.e.c.
Open-market paper
Security credit

11
12
13
14
15
16

Total bank credit
U.S. govt, securities
Treasury issues
Agency issues

1
2

3
4
5
6
7
8

17

.1

X

-.1

X

X

X

X

X

X

18
19
20
21

-9.5
1.3
5.1
42.2

-5.6
.1
17.8
37.9

6.5
-.8
-6.4
42.3

-3.4
2.7
-3.5
23.5

-19.4
7.3
-13.1
-70.7

5.2
5.9
-.3
113.3

-3.9
-16.1
4.6
64.7

4.5
13.6
-5.2
-13.3

-13.4
-7.3
-2.9
20.5

1.5
-1.7
10.1
192.2

-1.4
-4.0
-26.2
123.9

22
23
24
25
26

244.4
53.9
10.3
1.4
42.2

243.4
94.1
1.7
2.9
89.6

163.3
-19.8
-5.8
-1.3
-12.6

207.3
16.5
7.3
-.6
9.7

32.1
48.7
44.2
1.7
2.8

396.1
-43.0
-16.3
1.2
-27.9

165.8
-12.8
5.6
-.8
-17.6

235.0
73.2
-4.1
-4.3
81.6

118.7
-75.9
-21.6
7.5
-61.8

392.2
-45.8
26.6
-4.5
-67.9

224.1 Net increase in liabilities
38.2
Checkable deposits
-6.4
U.S. government
6.5
Foreign
38.2
Private domestic

27

80.3

71.6

27.4

73.3

105.3

82.8

25.0

80.2

83.4

86.6

70.8

Small time and savings dep.

27

28
29

11.8
31.3

3.2
19.2

42.1
10.9

42.1
19.6

35.5
59.3

8.6
82.0

102.7
.3

21.7
-63.0

103.3
33.0

18.7
141.2

21.7
37.2

Large time deposits
Fed. funds and security RPs

28
29

30
31
32
33

19.5
-.4
5.3
14.5

8.7
-1.2
-2.8
12.7

40.6
1.8
-5.3
44.1

2.8
-1.2
-2.9
6.8

-68.1
.7
-2.2
-66.6

92.5
1.4
6.8
84.3

-63.5
1.7
-29.9
-35.3

50.4
-8.4
13.8
45.0

-18.8
7.7
8.6
-35.1

-6.1
-8.4
-8.2
10.5

-34.0
.8
-19.0
-15.7

Net interbank claims
To Federal Reserve
To domestic banks (2)
To foreign banks

30
31
32
33

34
35
36
37

1.4
11.7
18.9
-7.1

1.4
11.5
16.1
-4.6

1.6
21.4
13.5
7.9

1.7
1.3
5.1
-3.8

1.6
-25.5
.7
-26.2

1.6
20.9
12.7
8.1

1.7
5.2
5.1
.1

1.7
4.5
1.9
2.6

1.7
-7.0
-.2
-6.8

1.7
5.5
6.9
-1.4

1.8
14.3
-3.3
17.6

Corporate equity issues
Credit market debt
Corporate bonds
Open-market paper

34
35
36
37

38
39

.1
34.5

X
33.8

.1
39.1

.2
49.7

.1
-124.8

.2
150.6

.2
107.1

•2
66*0

.3
-1.2

.3
190.0

.3
73.9

Profit taxes payable
Miscellaneous liabilities

38
39

40

-10.8

-16.4

-15.3

15.2

-15.8

77.0

-20.1

19.8

-41.3

-1.0

41

186.0

197.5

136.8

155.3

87.9

194.5

118.4

220.5

120.6

158.6

-

Corporate equities

Cust. liabs. on acceptances
Vault cash
Reserves at Federal Reserve
Miscellaneous assets

2.4 Discrepancy

132.9 Memo:

Credit mkt. funds adv.

(1) Consists of U.S.-chartered commercial banks* domestic affiliates(BHC’s)*
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 in U.S."
IBF’s are excluded from domestic banking and treated like branches
in foreign countries.

(2) Floats and discrepancies in interbank deposits and loans.
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




17
18
19
20
21
22
23
24
25
26

40
41

DECEMBER 6, 1989
Commercial Banking Subsectors

20

Commercial Banking Subsectors

Subsector Statements for Component Groups in Commercial Banking

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
I
1

1988
I

II

III

I
IV 1

I

1989
II

III

ANNUAL FLOWS, S BILLIONS
1981
1982
1983
1984

U •S.-Chartered Commercial Banks

2,970
7,212

1,722
7,152

1,148
7,438

856
7,629

3 Net acq. of financial assets
4
Total bank credit
5
U.S. government securities
6
Treasury issues
Agency issues
7

11,814
19,649
7,022
502
6,520

39,999
39,652
715
-4,844
5,559

39,743
38,831
8,455
579
7,876

8
9

Tax-exempt obligations
Corporate bonds

-7,272
6,371

-5,407
2,800

Total loans
Mortgages
Consumer credit
Bank loans n.e.c.
Open-market paper
Security credit

13,528
12,077
1,211
71
-2,951
3,120

-4,073
-5,257
1,495

1 Current surplus
2 Fixed nonres. investment

10
11
12
13
14
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
Foreign
22
23
Private domestic

14,054
-19,367
1,876
-1,160
-20,083

X

1,094
8,095

745
8,376

1.9
8.9

1.2
9.3

10.5

-1.9
18.4

1
2

35,563
30,916
3,625
-5,679
9,304

21,038 46.200
26,349 47,276
17,145
734
7,445 -13,679
9,700
14,413

40,578
30,211
6,045
-3,954
9,999

98.9
91.4
11.4
1.8
9.6

111.0
104.2
26.7
19.4
7.3

130.3
133.9
44.2
43.5
.7

165.3
166.2
1.3
2.5
-1.2

3
4
5
6
7

-2,999
1,407

-7,046
1,761

-3,708
-16

-4,564
259

-2,659
-1,499

5.7

X

4.6
1.7

3.8
3.6

12.6
3.2

8
9

41,544
22,316
9,624
12,433
-130
-2,699

31,968
18,961
10,532
913
1,246
316

32,576
16,069
12,241
4,988
398
-1,120

12,928
18,233
-7,030
550
-918
2,093

50,847
24,098
9,218
15,555
-649
2,625

28»324
21,318
9,333
1,619
1,927
-5-873

74.3
19.7
4.0
46.1
-.2
4.7

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

10
11
12
13
14
15

93
349
-95

631
-595
876

281
5,800
-1,434

-1,362
-6,426
2,477

-1,035
-122
81

386
-5,195
15,176

8.2
-4.1
3.4

7.0
1.5
-1.7

4.6
-3.9
-4.3

62,203 41,012
22,396 -12,869
1,595
9,039
1,229 -1,166
12,128 -13,298

47,814
25,660
-5,175
8b5
29,970

17,760
--51,348
--15,466
547
--36,429

50,037
25,119
20,877
-379
4,621

49-391
-231
-1-974
-166
1,909

123.1
14.8
-1.1
-3.0
18.9

121.3
20.9
6.1
-2.2
17.1

146.2
15.6
-5.3
1.4
19.5

12,081

20,021

20,596

16,054

24,717

40.1

96.4

130.8

74.6 24

7,932
21,998
6,048 -16,331

15,842
28,569

2,539
10,667

3,636
16,976

43.9
14.8

2.3
9.2

-38.7
11.3

33.9 25
1.9 26

2,887
8,155

-2.8 16
2.5 17
-.5 18

178.5
30.2
4.0
2.8
23.4

19
20
21
22
23

24

Small time&savings deposits

24,958

16,289

25
26

Large time deposits
Fed. funds and security RPs

5,061
26,547

218
-835

27
28
29
30
31

Net interbank liabilities
Federal Reserve float
Borrowing at F.R. banks
To domestic banking
To foreign banks

-17.104
-513
-1,504
-13,869
-1,218

11,561
-39
153
1,652
9,795

700
940
-310
4,668
-4,598

6,120
87
16
7,578
-1,561

-2,557 -13,509
-727
-762
284 -1,614
-509 -13,225
-1,605
2,092

-1,409
704
-242
-2,801
930

-21.3
-2.7
-.2
-12.0
-6.4

-25.4
1.0
-.9
-2.0
-23.5

6.9
-1.2
.2
-.1
7.9

4.8
-.7
2.7
4.6
-1.8

32
33
34
35
36
37
38

Acceptance liabilities
Corporate equities
Corporate bonds
Profit taxes payable
Miscellaneous liabilities
Inv. by dom. affiliates
Other

-4,239
412
-107
34
-2,141
828
-2,969

90
411
-305
42
12,336
7,897
4,439

544
420
25
50
12,015
7,704
4,311

336
423
127
60
3,466
4,845
-1,379

-1,494
429
-160
68
7,815
4,982
2,833

-1,003
434
771
78
8,887
5,156
3,731

1,260
439
63
87
3,853
5,986
-2,133

8.5
.5
-.1
-.4
22.3
17.5
4.8

9.5
.6
.6
-.1
7.4
16.2
-8.8

3.0
.8
-.2
-.1
16.9
15.5
1.4

-3.6 32
1.1 33
3.6 34
35
32.0 36
18.9 37
13.1 38

-2,002

16.774

-5,021

5,478

-8,546

-3,164

1,182

17.1

2.2

5.3

-7.1 39

12,456

42,444

39,146

32,317

22,894

43,616

36,470

95.0

110.7

136.5

158.7 40

39 Discrepancy
40 Memo:

Credit mkt. funds adv.

27
28
29
30
31

X

Foreign Banking Offices in U.S.

1 Net acq. of financial assets
2
Total bank credit
3
U.S. government securities
4
Tax-exempt obligations
5
Corporate bonds
6
Total loans
7
Mortgages
8
Bank loans n.e.c.
9
Open-market paper
10
Security credit
11
Corporate equities

-1.493
4,327
1,074
318
2,928
1,227
796
-230
1,135
7

20,477
11,613
244
-78
11,447
2,570
9,028
-82
-69
-

512
-403
372
-563
-212
2,195
-1,607
-110
-690

12
13
14

-2,465
-16
-3,339

1,564
-841
8,141

-1,493
632
-110
1,969

20,477
658
-1,046
4,338

Cust. liabs. on acceptances
Reserves at Federal Reserve
Miscellaneous assets

15 Net Increase in liabilities
Checkable deposits
16
17
Time deposits
18
Fed. funds and sec.RPs (net)

12,371
12,868
-506
-248
13,630
2,268
11,602
231
-471
-8

15,290
1,108
-158
-727
1,992
1,247
1,043
136
-434
1

27,300
2,506
408
-470
2,567
2,269
-68
194
172
1

9,049
4,494
-969
-47
5,500
1,594
3,432
482
-8
10

10.6
10.0
.6
-.1
.3
9.2
1.7
5.8
1.0
.6
-.1

7.8
1.0
.8
-.1
.1
.1
1.1
.2
-.7
-.5

1.3
1.9
1.7
-.1
.4
-.1
.2
-.4
-.4
.5

X

13.4
1
7.3 2
-.6 3
-.1 4
1.8 5
6.3 6
.4 7
5.7 8
-.9 9
1.1 10
-.1 11

-934
72
1,777

1,480
-312
-1,665

-3,671
-25
17,878

1,834
351
22,609

-114
318
4,351

3.0
.6
-3.0

.8
.3
5.7

2.2
-.7
-2.2

6.6 12
.3 13
-.9 14

512
-199
3.044
-1,348

12,371
-381
5,010
-749

15,290
206
4,074
-4,432

27,300
-8
201
5,330

9,049
198
1,286
-2,485

10.6
-6.1
7.6

7.8
-1.7
10.7

1.3
.3
-9.6
3.5

13.4
-1.0
4.4
-.3

-

X

15
16
17
18

19
20
21

Net interbank liabilities
To foreign banks
To domestic banks

2,192
-12,550
14,742

6,559
2,929
3,630

-6,714
3,124
-1-960 14,257
-4,754 -11,133

3,716
-4,743
8,459

-773
-9,205
8,432

3,331
-1,813
5,144

4.5
-8.4
13.0

-7.7
-10.0
2.3

3.9
7.7
-3.8

3.1 19
4.6 20
-1.5 21

22
23

Acceptance liabilities
Miscellaneous liabilities

-1,903
-4,273

1,030
8,938

-1,250
6,979

-3,783
15,509

1,432
21.118

-49
6,768

3.2
1.4

1.6
4.9

2.2
1.0

7.3 22
23

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1,756
3,611

X

DECEMBER 6, 1989
Commercial Banking Subsectors

Commercial Banking Subsectors

21

Subsector Statements for Component Groups in Commercial Banking

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS, $ BILLIONS
1986
1987
1985
1988

SEASONALLY ADJUSTED ANNUAL RATES

I
1

1988
I

II

III

I
IV 1

I

1989
II

III

5.1 Current surplus
33.5 Fixed nonres. investment

U.S.-Chartered Commercial Banks
1
2

.8
19.0

2.9
21.8

5.A
23.2

6.7
29.A

6.5
28.8

7.6
28.6

6.5
29.8

6.1
30.5

5.7
32.6

5.2
32.A

3
A
5
6
7

191 .A
183.A
A.6
7.5
-2.9

175.8
163.8
A2.A
5.9
36.5

90.A
97.0
2A.8
-3.1
27.9

127.1
129.0
19.8
-9.A
29.3

15.A
88.6
3.A
-22.0
25.A

207.6
133.1
1A.2
-12.A
26.6

133.5
119.8
2A.7
-3.8
28.5

151.9
17A.6
36.9
.5
36.5

35.2
111.2
AA.2
5.9
38.3

2AA.9
163.2
1A.0
-A8.3
62.3

123.8 Net acq. of financial assets
85.5
Total bank credit
13.6
U.S. government securities
-23.6
Treasury issues
37.2
Agency issues

8
9

57.2
2.3

-28. A
18.A

-29.1
20.7

-22.7
12.3

-29.0
22.3

-21.3
11.9

-33.3
8.9

-7.3
6.3

-16.6
-3.2

-16.1
1.7

-26.8
-2.1

Tax-exempt obligations
Corporate bonds

10
11
12
13
1A
15

119.3
A9.A
37.5
28.5
-2.8
6.8

131.5
67.0
2A.8
A6.3
-.7
-5.9

80.6
80.9
16.2
-1A.5
1.1
-3.2

119.6
69.A
33.6
18.A
-l.A
-.A

92.0
52.5
29.2
7.1
-7.6
10.7

128.3
83.5
31.1
25.7
-1.1
-10.8

119.5
72.8
32.0
5.A
6.A
2.9

138.7
68.9
A2.1
35.A
-3.A
-A. 3

86.8
76.2
-3.A
8.1
1.2
A.7

163.5
90.A
29.3
35.6
-3.5
11.7

100.8
82.5
26.6
5.3
9.3
-22.9

Total loans
Mortgages
Consumer credit
Bank loans n.e.c.
Open-market paper
Security credit

16
17
18

-11.1
5.7
13.A

-7.3
17.3
1.9

-1.0
-6.8
1.1

-3.1
.3
.8

-1A.A
-5.8
-53.0

.A
9.0
65.1

2.0
-11.8
23.A

-.3
9.7
-32.2

-A.O
-10.1
-61.9

-3.9
7.1
78.5

.9
-31.5
68.9

19
20
21
22
23

198.9
51.8
10.3
.1
Al.A

178.2
93.2
1.7
2.7
88.8

92.9
-19.1
-5.8
-1.5
-11.8

165.1
15.8
7.3
-.2
8.7

21.9
A5.5
AA.2
-.9
2.2

305.6
-AA.0
-16.3
2.6
-30.3

136.7
-13.5
5.6
.8
-19.9

196.0
75.2
-A.l
-3.5
82.9

20.9
-77.5
-21.6
6.A
-62.3

271.1
-A3.9
26.6
-A.2
-66.A

2A

80.3

71.6

27.A

73.3

105.3

82.8

25.0

80.2

83.A

86.6

70.8

Small time&savings deposits

2A

25
26

10.8
26.8

-6.6
10.8

37.7
12.6

35.2
15.A

28.2
51.A

10.8
6A. 6

92.6
5.7

9.3
-60.0

79.5
50.8

1A.1
119.9

19.5
A7.1

Large time deposits
Fed. funds and security RPs

25
26

27
28
29
30
31

8.0
.1
-.5
-1.7
10.1

-A.8
.3
-1.5
-.9
-2.7

19.6
-.5
2.3
.7
17.1

1.3
.5
-1.6
*
2.A

-85. A
2.A
-1.7
-58.3
-27.8

71.1
.5
.9
10.0
59.8

-26.A
A.3
-2.6
1.3
-29.5

A5.8
-5.3
-3.1
A7.2
7.1

-25.1
1.6
6.1
-3.A
-29.3

-27.1
-2.A
-5.9
-A9.A
30.7

-AO.O
3.A
-2.6
-31.0
-9.8

Net interbank liabilities
Federal Reserve float
Borrowing at F.R. banks
To domestic banking
To foreign banks

27
28
29
30
31

32
33
3A
35
36
37
38

-10.9
l.A
A.5
.1
26.0
15.6
10.3

-8.7
l.A
2.2

19.1
16.7
2.A

-1.0
1.6
.7
.1
13.6
19.8
-6.2

-3.3
1.7
-.3
.2
25.7
21.3
A.A

-13.5
1.6
-.A
.1
-110.8
11.3
-122.1

.3
1.6
-1.2
.2
119.A
32.0
87.A

1.3
1.7
.1
.2
A9.9
27.9
22.0

-1.2
1.7
.5
.2
AA.2
13.9
30.3

-2.9
1.7
-.6
.3
-88.6
28.7
-117.3

-A.l
1.7
3.1
.3
120.A
21.1
99.3

3.9
1.8
.3
.3
1A.8
20.5
-5.7

Acceptance liabilities
Corporate equities
Corporate bonds
Profit taxes payable
Miscellaneous liabilities
Inv. by dom. affiliates
Other

32
33
3A
35
36
37
38

39

-10.8

-16.A

-15.3

15.2

-15.8

77.0

-20.1

19.8

-A1.3

-1.0

AO

165.6

162.5

99.2

126.A

63.5

1AA.3

118.9

178.7

102.5

1A7.6

X

Cust. liabs. on acceptances
Vault cash & res. at F.R.
Miscellaneous assets

15A.6 Net increase in liabilities
36.2
Checkable deposits
-6.A
U.S. government
A.9
Foreign
37.7
Private domestic

2.A Discrepancy
109.3 Memo:

Credit mkt. funds adv.

1
2

3
A
5
6
7

8
9
10
11
12
13
1A
15
16
17
18

19
20
21
22
23

39

AO

Foreign Banking Offices in U.S.
1
2
3
A
5
6
7
8
9
10
11

21.3
19.1
.A
-.1
3.5
15.1
.1
10.5
.3
A.2
.1

39.7
33.A
3.6
5.0
2A.8
2.9
21.9
- .2
.1
*

A3.7
25.3
.9
2.9
21.6
5.1
17.8
.8
-2.1
-.1

31.9
28. A
1.2
-.6
27.8
8.3
19.8
-.2
-.1
*

11.8
36.9
A.3
1.3
31 .A
A.9
15.0
.8
10.7
*

80.3
A8.6
1.0
-.3
A7.9
10.3
36.A
-l.A
2.6

17.8
-. 2
1.5
-2.3
.6
8.8
-3.7
-.6
-3.9
-

17.6
28.3
-2.0
-1.0
31.3
9.1
31.6
.5
-9.8

82.2
25.6
-.6
-2.9
29.1
5.0
16.7
2.2
5.2

101.6
11.2
1.6
-1.9
11.5
9.1
-.9
- .2
3.5

12
13
1A

1.6
.7
-.1

1.7
.6
A.O

7.5
-.5
11.3

-.A
-1.1
A.9

-5.0
-.1
-20.1

A.8
-3.A
30.3

-5.9
.3
23.7

A.8
-1.2
-1A.2

-9.3
-.1
66.1

5.A
l.A
83.6

15
16
17
18

21.3
2.1
.9
A.5

39.7
.9
9.8
8.A

A3.7
-.6
A.A
-1.7

31.9
.7
6.9
A.2

11.8
3.2
7.3
7.9

80.3
1.0
-2.2
17.A

17.8
.6
10.1
-5. A

17.6
-2.0
12.A
-3.0

82.2
1.6
23.9
-17.7

101.6
-1.9
A.6
21.3

60.8 Net increase in liabilities
2.0
Checkable deposits
2.1
Time deposits
-9.9
Fed. funds and sec.RPs (net)

19
20
21

9.9
A.9
5.0

12.9
1A. i
-1.2

15.8
23.5
-7.7

5.2
2.7
2.5

12.2
-A1.5
53.6

37.2
2A.5
12.7

-15.3
-1.3
-1A.0

-13.A
29.0
-A2.A

20.7
-6.5
27.1

5.6
-25.5
31.1

26.8
.9
25.9

Net interbank liabilities
To foreign banks
To domestic banks

19
20
21

22
23

1.5
2.A

2.8
A.8

7.A
18.3

-.A
15.3

-2.8
-16.0

-.7
27.6

-2.A
30.2

A.3
19.3

-9.9
63.8

.1
71.9

3.A
36.A

Acceptance liabilities
Miscellaneous liabilities

22
23

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




X

X

X

60.8 Net acq. of financial assets
1
20.3
Total bank credit
2
-3.9
U.S. government securities 3
Tax-exempt obligations
A
-.2
Corporate bonds
5
2A.3
Total loans
6
6.A
Mortgages
7
17.A
Bank loans n.e.c.
8
1.8
Open-market paper
9
-1.2
Security credit
10
Corporate equities
11
*

-2.3
1.3
A1.6

Cust. liabs. on acceptances
Reserves at Federal Reserve
Miscellaneous assets

12
13
1A
15
16
17
18

DECEMBER 6, 1989
Commercial Banking Subsectors, Continued

Commercial Banking Subsectors, Continued
Commercial Banking Subsectors, Continued

22

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
1

1988

I

II

III

I
IV 11

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1982
1981
1983
1984

Domestic Affiliates of Commercial Banks (BHC’s)
1 Current surplus

2 Net acq. of financial assets

3
4
5

Credit market instruments
U.S. govt, securities
Bank loans n.e.c.

6
7
8
9

Miscellaneous assets
Inv. in bank subsidiaries
Inv. in finance co. subs.
Other

1,837

1,853

2,056

2,720

1,971

2,171

2,356

4.7

5.7

7.1

7.4

1

250

5,621

4,723

7,621

4,623

8,683

4,172

23.1

20.2

21.6

30.7

2

576
-977
1,553

-342
-116
-226

201
190
11

-499
1,093
-1,592

1,481
-72
1,553

-812
-101
-711

831
64
767

1.6
.2
1.5

-2.2
-1.2
-1.0

1.5
1.8
-.3

.9
.9
.1

3
4
5

-326
828
-1,335
181

5,963
7,897
-1,360
-574

4,522
7,704
-3,343
161

8,120
4,845
3,572
-297

3,142
4,982
-2,389
549

9,495
5,156
4,072
267

3,341
5,986
-3,034
389

21.4
17.5
-2.3
6.2

22.4
16.2
5.6
.7

20.2
15.5
4.1
.6

29.8
18.9
9.5
1.4

6
7
8
9

23.3 10

10 Net increase in liabilities

-1,587

3,768

2,667

4,901

2,652

6,512

1,816

18.4

14.5

14.5

11
12
13
14
15

Net interbank claims
To domestic banks
To foreign banks
Corporate bonds
Commercial paper

-1,375
620
-1,995
289
-408

-4,031
-3,960
-71
3,487
1,829

-4,355
-4,319
-36
1,241
-1,234

6,126
2,281
3,845
343
-385

-6,513
-3,789
-2,724
99
3,688

3,900
2,508
1,392
958
259

-4,273
-3,481
-792
-895
1,111

-10.2
-4.0
-6.1
3.8
7.0

-3.7
-1.5
— 2.2
5*7
1.4

-10.2
-7.1
-3.1
9.9
3.5

16
17
18

Miscellaneous liabilities
Equity, etc.
Other

-93
-1,448
1,355

2,483
4,162
-1,679

7-015
3,396
3,619

-1,183
1,205
-2,388

5,378
2,342
3,036

1,395
2,254
-859

5,873
1,139
4,734

17.7
7.8
9.9

11.0
9.3
1.7

11.4
10.1
1.2

1.9
2.5
-.6
9.9
6.1

11
12
13
14
15

5.3 16
6.1 17
-.7 18

Banks in U.S. Possessions
1 Net acq. of financial assets
Checkable dep. and currency
2

3
4
5
6
7
8

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate bonds
Home mortgages
Commercial mortgages

9

Miscellaneous assets

10 Net increase in deposit liab.

150
50

159
50

131
50

121
50

106
50

90
50

77
50

2.7
1.0

-1.1
-.1

.7
-.3

-4.5
-1.1

1
2

202
40
37
95
50
-20

215
40
48
99
50
-22

222
30
63
103
50
-24

239
30
78
107
50
-26

255
30
92
111
50
-28

268
26
107
115
50
-30

285
27
121
119
50
-32

-1.1
-.3
-.7
-.3
.1

-.5
.3
-.3
-.2
-.3

2.9
1.1
1.0
.7
-.1
.2

-3.3
-.6
-1.8
-.7
.3
-.5

3
4
5
6
7
8

-102

-106

-141

-168

-199

-228

-258

2.9

-.5

-1.9

K

9

150

159

131

121

106

90

77

2.7

-1.1

.7

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




K

X

-4.5 10

DECEMBER 6, 1989
Commercial Banking Subsectors* Continued

Commercial Banking Subsectors* Continued
23

Commercial Banking Subsectors* Continued
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS* $ BILLIONS
1987
1988
1985
1986

1
1

1988
1[

II

III

1
IV 1

I

1989
II

III

Domestic Affiliates of Commercial Banks (BHC’s)
1

8.6

6.6

5.9

8.5

7.3

7.A

8.2

10.9

7.9

8.7

2

32.8

31.3

31.8

18.2

5.2

16.9

19.0

31.8

23.0

27.8

3
A
5

3.7
A.A
-.7

-.3
-1.8
1.5

2.0
l.A
.5

-.1
.2
-^3

2.3
-3.9
6.2

-l.A
-.5
-.9

.8
.8
X

-2.0
A.A
-6.A

5.9
-.3
6.2

-3.2
-.A
-2.8

3.3
.3
3.1

6
7
8
9

29.1
15.6
13.6
-•1

31.6
16.7
12.9
1.9

29.9
19.8
8.8
1.3

18.3
21.3
-2.5
-.5

2.9
11.3
-3.2
-5.2

18.3
32.0
-10.2
-3.5

18.2
27.9
-8.2
-1.5

33.8
13.9
11.8
8.1

17.1
28.7
-6.9
-A. 7

31.1
21.1
10.3
-.A

1A.5
20.5
-5.3
-.7

9.A Current surplus
17.8 Net acq. of financial assets

10

2A. 2

2A.7

25.9

9.7

-2.2

9.5

10.8

20.9

15.1

19.1

11
12
13
IA
15

1.5
2.0
-.5
1A.A
2.2

.6
-.7
1.3
13.9
1.2

5.2
1.8
3.5
12.8
1.5

-3.6
-5.A
1.7
5.A
-.2

5.1
2.5
2.7
1.2
-9.9

-15.9
-15.8
-.1
13.9
8.5

-21.8
-17.3
-A.5
5.0
1.2

18.0
9.1
8.9
l.A
-.5

-1A.A
-15.2
.7
.A
6.0

15.A
10.0
5.3
3.8
2.6

-20.8
-13.9
-6.9
-3.6
10.3

16
17
18

6.1
5.7
.3

8.9
-2.0
11.0

6.A
5.2
1.2

8.2
7.3
.9

l.A
-5.8
7.2

3.0
16.6
-13.7

26.A
13.6
12.9

2.1
A.8
-2.8

23.2
9.A
13.8

-2.7
9.0
-11.7

22.A
A.6
17.9

1

2

Credit market instruments
U.S. govt, securities
Bank loans n.e.c.

3
A
5

Miscellaneous assets
Inv. in bank subsidiaries
Inv. in finance co. subs.
Other

6
7
8
9

8.A Net increase in liabilities

10

Net interbank claims
To domestic banks
To foreign banks
Corporate bonds
Commercial paper

11
12
13
IA
15

Miscellaneous liabilities
Equity, etc.
Other

16
17
18

Banks in U.S., Possessions

1
2

.1
-.1

.9
.2

.9

12

.6
.2

.6
.2

.6
.2

.5
.2

.5
.2

.A
.2

.A
.2

3
A
5
6
7
8

.3
X
X
X
.1
.1

.3
.1
-.1
.3
.1
.1

.6
.1
X
.3
.1
X

.9
.1
.2
.A
.2
-.1

.8
.2
.1
.A
.2
-.1

.9
.2
.2
.A
.2
-.1

.9
.1
.3
.A
.2
-.1

1.0
.1
.3
.A

-ii

1.0
.1
.A
.A
,2
-.1

1.1
.1
.A
.5
.2
-.1

1.1
.1
.5
.5
.2
-.1

9

-.1

.A

X

-.5

-.A

-.A

-.6

-.7

-.8

-.9

-1.0

10

.1

.9

.9

.6

.6

.6

.5

.5

.A

.A

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




•2

.3 Net acq. of financial assets
Checkable dep. and currency
.2
Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate bonds
Home mortgages
Commercial mortgages

Miscellaneous assets

.3 Net increase in deposit liab.

1
2

3
A
5
6
7
8
9
10

DECEMBER 6, 1989
Nonbank Finance Summary

Nonbank Finance Summary

24

Private Nonbank Financial Institutions
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1988

1

I

II

III

I
IV 1

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1983
1981
1982
1984

Private Nonbank Financial Institutions - Total

1 Current surplus
2 Fixed nonres. investment
3 Multifamily resid. invest.
4 Net acq. of financial assets
5
Checkable dep. and currency
6
Time and savings deposits
7
Money market fund shares
8
Security RPs
9
Foreign deposits

1,278
5,938
16

1,940
6,133
67

134,656 104,026
3,472
-728
2,949
9,366
3,006 -4,880
6,109
1,689
4
506

10
11

Mutual fund shares
Other corporate equities

12
13
14
15
16
17
18

Credit market instruments
116,158 103,424
U.S. government securities
16,513
13,211
Tax-exempt obligations
11,668
1,971
Corporate 8 foreign bonds
40,458 37,282
Mortgages
13,922 37,773
Consumer credit
7,067
-2,325
Other loans
35,922
6,120

19
20
21
22

Reserves at Federal Reserve
Security credit
Trade credit
Miscellaneous assets

624
-7,938

518
-1,205
1,157
7,083

800
-2,149

-149
683
1,686
-3,503

1,582
6,232
81

-1,689
6,661
266

87,431 129,255
1,729
1,091
-4,528
535
-573
1,512
971 -2,444
7,192
381
900
7,703

902
4,526

73,531 109,737
4,754
4,815
5,956
3,041
28,999 34,541
33,046 28,853
5,040
4,469
-839 30,593

408
853
1,518
2,453

289
1,386
1,296
5,318

10
6.405
73

-2,011
6,427
47

1.9
7.7
»

-.3
8.6
.1

6.8
9.7
K

-3.1
13.8
.2

1
2
3

88,772 132,796
-615
-6,317
-1,349
731
1,206
1,008
10,837
8,069
-663 -6,692

41,420
2,672
-4,431
1,336
2,570
7,701

323.2
2.1
22.8
7.6
15.1
12.1

306.8
7.6
21.2
-.8
10.5
4.9

351.0
1.5
-3.6
-1.5
9.3
-1.8

505.2
1.4
-.6
5.2
18.0
-.7

4
5
6
7
8
9

1,619
-4,734

2,385
849

-2.3
28.1

.7
27.4

2.0
48.3

95,642 111,816
16,668 36,037
4,953
8,051
29,648 38,966
13,522
4,622
4,903
5,897
25,948
18,243

47,829
1-950
9,368
25,961
44
4,665
5,841

223.0
77.0
7.7
24.6
28.2
12.6
72.8

181.4
113.1
16.4
33.6
-13.3
9.6
21.9

249.0
87.4
10.2
37.8
67.6
22.2
23.8

416.6
122.5
13.2
69.4
99.5
34.0
78.0

12
13
14
15
16
17
18

330
-465
1,614
5,300
1,319
542
14,645 -21,182

.1
-1.7
2.6
13.6

.3
2.8
2.1
48.8

1.0
8.4
2.0
36.5

.9
-2.3
2.8
48.1

19
20
21
22

54,660
2,167
30,645
-5,583
33,445
12-598

320.7
25.9
109.8
14.5
107.9
5.9

311.0
62.3
32.7
22.9
136.1
12.8

350.7
132.5
-40.4
-1.8
144.9
30.1

523.8
133.1
54.2
35.5
139.5
36.4

23
24
25
26
27
28

-3.946
6,245
21

1,878
-2,033

-860
-4,462
1,006
-6,113

2.5 10
13.3 11

23 Net increase in liabilities
141,338 113,434
24
Thrift deposits
35,832
17,138
25
Money market fund shares
28,591 -17-240
Security RPs
26
81
5,325
27
Insurance 8 pension reserves 47,414 51,532
28
Corporate equity issues (1)
1,481
5,403

97,371 127,054 103,811 143,520
4,879
12,551
1,392 -11,834
-925 11,432 25,861 20,625
9,734 25,943
5,940 -7,199
47,967 57,493 37,953 37,499
356
2,774
6,875
12,713

29
30
31
32
33
34

Credit market instruments
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans

22,768
14,020
-29
-1,088
13,417
-3,552

42,076
14,246
18
2,653
19,830
5,329

18,988
7,217
-24
-1,426
6,494
6,727

41,612
11,070
292
1,300
17,731
11,219

33,184
12,355
70
-1,975
11,732
11,002

10.989 -1,749
5,800
7,810
-2
9
929
1,533
5,567
267
-1,909 -10,764

33.7
2.4
a
1.2
13.9
16.2

7.1
7.4
.1
1.4
-2.6
.8

14.1
9.0
M
-.4
12.6
-7.0

52.6
20.9
.4
1.4
14.2
15.7

29
30
31
32
33
34

35
36
37
38
39

Security credit
Trade debt
Profit taxes payable
Proprietor net investment
Miscellaneous liabilities

2,897
277
136
3,154
-1,293

1,745
1,829
132
-495
5,989

-3,141
184
76
1,254
14,121

3,105
2,006
157
-98
14,380

-1,810
2,156
-21
343
1,370

8,822 -6,356
1,214
1,113
285
265
-57
422
20,149 -11,848

3.1
-1.3
.5
20.8

3.0
.2
1.3
32.4

4.1
1.0
-.3
.9
65.5

6.9
.5
-.3
1.6
63.8

35
36
37
38
39

2,006

5,148

5,209 -10.817

4.827

4,755

-8.3

-4.8

-3.2

-1.199
280

-6.4
1.3

-6.4
1.7

.5
1.9

2.9
2.0

1
2

3
4
5
6

40 Discrepancy

4,256

1.5 40

(1) Includes mutual fund shares.
Savings Institutions Combined

1 Current surplus
2 Fixed nonres. investment

-691
421

-868
329

-382
331

-827
185

-964
245

22,918
-2,719
2,921
3,528

37,631
620
-1,727
2,174

40,021
1,501
-3.409
-310

22,977
1,955
-1,196
-2,868

-4,705
-2.317
-2,629
4,510

169 -32,410
-294
-3,409
-6,107 -1,428
2,549
640

43.1
2.4
-.7
6.1

71.1
3.3
14.6
4.8

156.8
2.2
2.8
2.8

184.2
K
-6.7
4.1

351
10,816
-6,384
-7
1.492

83
42,267
7.063
103
7,523

68
42,902
4,565
185
1,022

-83
24,524
5,388
-82
-3,821

85
22
157
874 -9,352 -34,515
-3,285 -13,148 -26,458
-202
-325
-157
1.784 -3,019
-1,755

-.6
27.4
8.0
K
-3.4

-.5
24.4
36.5
-.3
5.2

.3
134.2
54.6
-.2
10.7

-.2 7
154.7 8
24.9 9
-.3 10
10.5 11

14,705
11,705
2,161
839

23,716
17,980
2.886
2.850

33,456
31.234
841
1,381
-

19.876
17.171
2,170
535
-

11,193
8,936
1,302
955
-

91
4.371
-2,363
-1,917
-

-4,140
-2,731
-637
-772
-

17.1
15.9
-.7
1.9
-

-24.5
-30.9
1.6
4.9
a

53.5
30.0
7.0
16.6
-

86.6
50.9
14.4
21.3
H

12
13
14
15
16

10
-285
872
413
518
7,503

4,173
-121
702
-892
-149
-5,637

2,783
-266
128
1,029
408
-1,139

1.483
-252
877
1.055
289
356

-329
-213
-747
-3,788
-860
-4,368

313
-286
157
1,894
330
16,001

162
-222
-923
410
-465
3.630

2.5
.8
.4
2.0
.1
8.3

4.1
-.2
.2
3.4
.3
24.2

11.3
-.1
2.4
1.9
1.0
13.5

25.3
.2
8.7
-1.1
.9
31.4

17
18
19
20
21
22

23 Net increase in liabilities
24
Deposits
25
Checkable
26
Small time and savings
27
Large time
28
Security RPs
29
Cr. mkt. instr.
30
Profit taxes payable
31
Miscellaneous liabilities

21,159
35,832
1,096
32,103
2,633
-6,925
-3,604
11
-4,155

36,723
17,138
5,570
10,244
1,324
10,902
6,980
22
1,681

38,494
12,551
778
6,212
5,561
7.465
6,782
12
11,684

22.555 -5,613
1.392 -11,834
818 -3,116
-1.296 -7,872
-846
1,870
767
4.334
11,689
9,989
54
41
5,086 -4,576

-398 -33,022
2.167
4,879
-889
1,603
7,038
4,248
1,520 -6,474
-4.574 -25,140
-2,305 -11,181
52
43
1,550
1,089

49.6
25.9
8.4
7.7
9.8
5.4
16.0
-.3
2.7

76.6
62.3
8.3
42.3
11.6
-1.8
1.1
«
15.1

157.7
132.5
11.5
85.8
35.3
13.1
-6.6
a
18.8

185.5
133.1
7.9
76.2
49.0
18.5
18.4
a
15.5

23
24
25
26
27
28
29
30
31

32 Discrepancy

-2,871

-2,105

-2,240

-1,434

-1,941

-1.2

-2.6

-.6

3 Net acq. of financial assets
4
Checkable dep. and currency
5
Time deposits
6
Security RPs
7
8
9
10
11

12
13
14
15
16
17
18
19
20
21
22

Corporate equities
Credit market instruments
U.S. govt, securities
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multifamily
Commercial
Farm

Consumer Install, credit
Consumer noninstail.credit
Other loans (to business)
Open-market paper
Reserves at Federal Reserve
Miscellaneous assets

LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




-2,117

-1,087
287

-2,091

2.2 32

DECEMBER 6, 1989
Nonbank Finance Summary

Nonbank Finance Summary

25

Private Nonbank Financial Institutions

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS, $ BILLIONS
1986
1987
1985
1988

I
1

1988
II

I

III

I
IV 1

I

1989
II

III

Private Nonbank Financial Institutions - Total

1
2
3

3.0
20.0
.4

-1.6
22.0
.4

-9.4
24.2
.7

3.1
25.0
.4

10.3
23.8
.1

1.3
24.5
,3

1.6
24.9
.3

-.8
26.6
1.1

-10.0
25.0
.1

-7.3
25,6
.3

4
5
6
7
8
9

526.8
12.6
9.4
1.4
8.5
-2.2

689.0
13.4
22.4
10.0
4.4
3.1

464.3
-2.5
23.0
-3.2
6.5
-.6

455.4
5.6
8.3
-.9
6.3
8.1

516.6
6.6
32.5
12.0
-4.4
-3.1

372.1
16.3
13.5
-19.5
22.2
2.2

485.3
9.7
-16.7
6.0
5.2
4.1

447.4
-10.4
4.0
-2.3
2.3
29.1

327.6
-15.7
-12.0
4.8
12.2
-7.4

490.2
.1
5.4
4.0
48.7
-25.1

10
11

11.4
34.1

14.3
39.4

-3.7
25.2

3.2
2.1

2.5
-37.0

3.2
-3.0

3.6
21.9

3.6
26.5

7.5
-14.1

6.5
-13.0

9.5
-5.8

12
13
14
15
16
17
18

394.0
111.0
40.6
81.6
84.0
43.0
33.7

546.5
228.7
72.9
104.1
65.0
32.7
43.0

424.0
134.2
17.5
118.3
82.2
13.8
57.9

402.9
39.3
22.6
141,3
113.6
14.3
71.8

529.5
63.6
38.2
202.1
94.6
20.8
110.2

359.2
56.7
21.8
124.0
130.0
15.6
11.2

309.1
30.0
11.5
123.0
127.7
2.7
14.2

413.6
7.0
19.0
116.0
102.1
17.8
151.6

448.0
63.9
9.7
163.2
95.1
51.1
65.0

385.7
140.5
47.7
130.7
-3.5
10.0
60.4

209.2
21.7
36.2
110.6
-3.8
2.3
42.2

19
20
21
22

1.7
18.9
2.2
34.9

1.7
6.7
4.9
22.1

.1
-16.3
3.6
8.2

1.1
1.7
5.7
11.4

2.1
15.5
4.6
-44.3

-.6
-4.7
6.7
-23.6

1.6
7.9
6.1
126.9

1.2
-11.9
5.2
-13.5

-3.4
4.8
4.0
-101.3

1.3
13.2
5.3
58.2

-1.9
10.2
2.2
50.6

23
24
25
26
27
28

555.2
80.0
10.2
-2.3
166.5
96.5

708.8
74.8
48.3
29.5
181.8
168.8

497.5
64.6
24.0
-20.4
176.0
91.4

479.2
66.9
21.9
4.1
204.4
10.0

527.9
119.9
69.6
57.6
176.8
-8.7

398.7
72.1
-40.6
-10.7
193.1
10.7

510.8
65.2
2.6
13.9
148.5
14.4

479.4
10.4
55.8
-44.3
299.2
23.7

372.8
-70.3
55.9
103.2
135.4
11.2

521.9
22.1
115.9
66.5
136.9
39.3

29
30
31
32
33
34

88.0
32.0
.1
2.6
39.1
14.2

119.5
66.7
.1
4.0
28.8
19.8

107.9
65.5
.4
-3.3
20.9
24.4

125.4
4 6.6
.3
1.4
57.5
19.7

139.2
59.3
-.1
5.9
64.7
9.4

138.8
58.3
.1
5.7
62.4
12.3

82.5
27.5
-.1
-5.6
34.9
25.8

141.3
41.1
1.2
-.3
67.8
31.4

185.3
52.9
.3
3.0
60.0
69.1

12.1
24.5

35
36
37
38
39

23.9
.8
.4
2.0
89.2

1.7
1.1
.1
2.9
80.4

-13.1
- .2
-.4
-4.2
71.9

4.6
4.3
.5
3.8
33.2

19.5
1.1
.5
12.6
-60.2

9.6
7.3
.5
-2.0
19.8

3.1
.7
.4
5.0
174.5

-13.7
8.0
.6
-.4
-1.3

40

11.0

-4.3

-1.1

1.5

-2.2

3.1

1.9

3.4

-13.2 Current surplus
25.7 Fixed nonres. investment
.2 Multifamily resid. invest.

1
2
3

321,9 Net acq. of financial assets
Checkable aep. and currency
13.8
Time and savings deposits
-17.0
Money market fund shares
5.3
11.4
Security RPs
Foreign deposits
34.2

4
5
6
7
8
9

Mutual fund shares
Other corporate equities

10
11

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate & foreign bonds
Mortgages
Consumer credit
Other loans

12
13
14
15
16
17
18

Reserves at Federal Reserve
Security credit
Trade credit
Miscellaneous assets

19
20
21
22

360.2 Net increase in liabilities
Thrift deposits
24.7
Money market fund shares
129.6
Security RPs
-28.2
Insurance & pension reserves
83.0
Corporate equity issues (1)
65.3

23
24
25
26
27
28

.3
4.2
-16.9

.8
29.7
x
4.1
10.6
-43.7

Credit market instruments
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans

29
30
31
32
33
34

-.2
8.6
-.1
1.4
-57.7

38.9
4.9
1.1
1.7
82.7

-10.0
4.5
1.2
- .2
89.4

Security credit
Trade debt
Profit taxes payable
Proprietor net investment
Miscellaneous liabilities

35
36
37
38
39

10.1

-1.5

X

-.9 Discrepancy

40

(1) Includes mutual fund shares.

Savings Institutions Combined

-4.8 Current surplus
1.1 Fixed nonres. investment

1
2

8.7
1.9

10.0
2.0

.9
1.5

-2.8
1.3

-2.8
1.7

-3.5
1.3

-1.5
1.3

-3.3
.7

-3.9
1.0

-4.3
1.1

3
4
5
6

119.5
3.2
7.2
-.5

134.3
2.9
11.0
-2.2

137.5
-2.9
-8.1
-2.5

123.5
1.4
-3.4
2.5

113.4
-8.8
1.7
-3.6

126.8
3.9
-6.8
8.7

156.3
7.4
-5.9
6.6

97.6
2.9
-2.5
-1.7

6.1
-7.0
-21.0
-.9

-25.2
-12.0
-24.3
10.8

-134.9 Net acq. of financial assets
.2
Checkable dep. and currency
Time deposits
1.5
10.2
Security RPs

7
8
9
10
11

-.1
87.9
-1.0
.6
1.4

.9
107.6
54.5
-.3
5.4

.2
136.8
55.3

.4
120.5
10.6
.2
6.2

1.4
96.0
-16.8

.3
134.9
6.9
.4
23.3

.3
157.0
23.9
.7
.5

-.3
94.2
28.6
-.3
-21.9

.3
62.2
-1.7
-.8
12.5

.6
-73.1
-75.6
-.6
-.7

.1
-154.2
-99.8
-1.3
-16.7

12
13
14
15
16

58.5
33.7
14.5
10.3
.1

26.1
13.5
7.2
5.3

65.5
55.5
4.8
5.2

X

91,8
78.1
8.1
5.6
-

83.0
67.1
8.6
7.3

87.3
66.3
11.5
9.5
-

120.5
111.8
3.4
5.4
-

76.1
67.2
8.7
.3

69.9
56.9
5.2
7.8
-

-6.7
12.1
-9.5
-9.3

-30.0
-23.9
-2.5
-3.6
-

17
18
19
20
21
22

19.5
.5
5.6
2.8
1.7
19.9

11.2
-1.5
6.7
5.6
1.7
12.4

7.8
-1.5
-.2
.3
.1
14.0

8.4
-.9
2.6
1.6
1.1
1.1

9.0
-.7
4.5
-6.0
2.1
24.6

11.1
-.5
2.3
4.0
-.6
-13.6

8.8
-1.1
.9
2.8
1.6
-10.6

5.0
-1.4
2.5
5.7
1.2
4.0

8.3
-.4
-1.9
-23.6
-3.4
-24.1

-4.6
-1.2
.3
16.2
1.3
71.4

— 2.2
-.9
-3.5
.2
-1.9
9.3

23
24
25
26
27
28
29
30
31

116.6
80.0
13.0
60.8
6.1
-1.1
18.8
.J
18.8

127.2
74.8
20.5
52.5
1.8
16,2
25.0
*
11.2

131.2
64.6
7.2
48.9
8.5
28.7
27.7

10.3

118.9
66.9
8.3
47.3
11.4
15.8
21.8
.1
14.3

106.4
119.9
7.8
93.7
18.4
-7.7
12.4
.1
-18.3

123.2
72.1
13.6
48.5
10.0
16.1
20.2
.1
14.7

150.2
65.2
6.7
43.1
15.4
37.5
24.6
.1
22.7

95.9
10.4
4.9
3.8
1.7
17.2
30.2
.1
38.0

2.5
-70.3
-8.8
-65.5
4.0
24.8
68.6
.2
-20.8

-27.5
22.1
-13.0
23.0
12.1
-48.4
-17.2
.2
15.8

32

3.9

.9

-6.8

-8.7

-11.5

-8.4

-9.0

-5.7

-8.5

-7.8

X

X

9.5

X

X

23.0

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




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
Reserves at Federal Reserve
Miscellaneous assets

-137.3 Net increase in liabilities
Deposits
24.7
Checkable
10.3
Small time and savings
49.0
Large time
-34.7
-92.9
Security RPs
-46.8
Cr. mkt, instr.
.2
Profit taxes payable
Miscellaneous liabilities
-22.5
-8.4 Discrepancy

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

32

DECEMBER 6, 1989
Savings Institutions

Savings Institutions

Sector Statements of Saving and Investment

26

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
1

1988
I

II

III

I
IV 1

1989
II

I

ANNUAL FLOWS, $ BILLIONS
1982
1981
1983
1984

III

Savings and Loan Associations

(1)

1 Current surplus
2 Fixed nonres. investment

-1.275
421

-1,440
329

-919
331

-1,354
185

-1,502
245

-1,625
287

-1,708
280

-5.2
1.3

-5.1
1.7

.5
1.9

2.2
2.0

1
2

3 Net acq. of financial assets
Checkable dep. & currency
4
Time deposits
5
Fed. funds 8 security RPs
6

10,468
-1,258
-128
2,068

27,967
274
-62
661

29,287
803
-61
1,289

19,235
98
297
-1,877

-6,886
-944
-192
1,870

-170 -36,106
-3,109
-254
-2,908
-292
-384
2,030

35.1
.9
-.7
2.9

55.8
1.6
7.2
4.0

121.4
2.4
1 .2
2.3

158.1
1.0
-5.5
2.4

3
4
5
6

129.3 7
7.9 8
16.4 9
_ 12 10
12.0 11

7
8
9
10
11

Credit market instruments
U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Corporate & foreign bonds

4,904
-2,832
-1,132
16
1,648

32-849
-1 -895
8,221
124
8,400

29,916
-1,606
6,671
177
485

18,680
-2,218
7,950
-45
-2-869

401 -10,110 -36,572
-1,994 -4,689 -1,081
-1,679 -4,999 -23,964
-194
-323
-130
2,797 -2,881
-1,180

24.4
.1
6.6
.1
-2.4

21.4
2.9
30.5
-.5
6.3

103.3
11.6
30.1
.1
7.8

12
13
14
15
16
17

Mortgages
Consumer credit
Other loans (to business)
Open-market paper
Reserves at Federal Reserve
Miscellaneous assets

7,536
-959
872
-245
518
4,364

15,102
2,613
702
-418
-149
-5,606

24,023
331
128
-293
408
-3,068

13,515
-328
877
1,798
289
1,748

9,465
-879
-747
-2,391
-860
-7,161

-5,988
-197
-923
-1,215
-465
1,861

17.7
.6
.4
1.3
.1
7.4

-21.8
1.9
.2
1.8
.3
21.4

47.1
5.8
2.4
-1.7
1.0
11.3

77.5
8.5
8.7
-1.4
.9
30.0

12
13
14
15
16
17

9,491
25,637
-406
27,595
-1,552
-7,885

27,333
8,242
1-906
8-612
-2,276
10-417

28,261
6,968
-229
9,863
-2,666
6,032

18,335 -7,562
-2,082 -15,030
-118 -3,535
-508 -5,469
-1,456 -6,026
5,105
985

-877 -36,594
3,448 -1,302
-2-849
-690
15,059
9,694
-8,762 -10*306
-3,718 -25,341

40.8
20.0
7.3
3.9
8.8
3.0

61.2
46.8
5.7
29.7
11.4
-1.2

123.9
101.8
6.4
65.7
29.7
13.9

160.6
112.4
3.6
67.5
41.2
18.8

18
19
20
21
22
23

-2,171 -11,095
-22
-28
-374
-389
-1,775 -10*678

15.6
-.5
.3
15.8

1.7
.4
-.1
1.4

-6.2
.1
.3
-6.6

17.2
1.9
.8
14.5

24
25
26
27

-.3
2.4

X

X

13.9

14.5

18 Net increase in liabilities
Deposits
19
Checkable
20
Small time and savings
21
22
Large time
Security RPs
23

-2,417
-1,342
157
513
330
13,597

24
25
26
27

Credit market instruments
Corporate bonds
Bank loans n.e.c.
Fed. Home i_oan Bank loans

-4,027
-24
-28
-3,975

6-544
1,612
39
4,893

6,210
185
-130
6,155

11,177
96
374
10,707

10-836
-433
-580
11,849

28
29

Profit taxes payable
Miscellaneous liabilities

11
-4,245

22
2,108

12
9,039

54
4,081

41
-4,394

52
1,512

43
1,101

-2,673

-2,403

-2,276

-2,439

-2,423

-2,619

-2,476

-.8

-1.4

1.1

2.8 30

4,904

32,849

29,916

18,680

401 -10,110 -36,572

24.4

21.4

103.3

129.3 31

30 Discrepancy

31 Memo:

Acq.of credit mkt.inst.

X 28
12.2 29

(1) Includes all savings and loan associations and federal savings
banks insured by SAIF (formerly FSLIC).

Mutual Savings Banks (2)

489

487

465

462

475

475

450

-1.8

-1.8

-.6

-.4

1

2 Net acq. of financial assets
Checkable dep. and currency
3
Fed. funds and security RPs
4

6,255
-1*461
2,107

4,779
246
-449

7,862
598
67

2,977
1,857
-1,477

-1,282
-1,673
1,667

476
-100
897

837
-40
67

4.2
1.1
1.5

4.4
1.5

X

19.3
-.7
-.6

10.3
-1.3
1.3

2
3
4

5
6
7
8
9
10

Corporate equities
Credit market instruments
U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds

351
4,273
-567
-1,792
-23
-156

83
4,177
-30
126
-21
-877

68
6,708
-921
-157
8
537

-83
2,658
-101
71
-37
-952

85
-729
-286
572
-8
-575

157
-2,185
-1,407
-1,296
-27
-1,013

22
-473
-64
-679
-2
-138

-.6
.9
.9
-.1
-1.0

-.5
.7
.7
1.2
.2
-1.1

.3
18.8
3.8
6.0
-.3
3.0

-.2 5
10.1 6
-.1 7
.4 8
-.1 9
-1.5 10

11
12
13
14

Mortgages
Consumer credit
Open-market paper
Miscellaneous assets

5,521
632
658
985

6,071
-618
-474
722

6,525
-606
1,322
421

4,063
357
-743
22

864
101
-1,397
-632

950
-773
1,381
1,707

288
-1,503
1,625
1,261

-.4
.8
.7
1.2

-2.5
.6
1.7
2.6

3.6
-.8
3.6
1.5

6.9
4.2
.3
.3

11
12
13
14

15 Net increase in liabilities
16
Deposits
Checkable
17
18
Small time 8 savings
Large time
19
20
Security RPs
21
Fed. Home Loan Bank loans
22
Miscellaneous liabilities

5,568
4,395
1,152
-827
4,070
960
423
-210

4,590
4,196
2,663
-2,009
3,542
485
436
-527

7,433
4,383
1,188
-4,858
8,053
1,433
572
1,045

3,520
2,774
771
-1,185
3,188
-771
512
1,005

-1,451
679
96
1 ,831
354
1*914
-5,250 -10,328
4,992 10,245
-218
-856
-847
-134
-482
-162

772
1,069
2,322
-4,830
3,577
201
-86
-412

5.5
3.0
.5
1.6
.9
2.4
.4
-.2

5.0
5.3
.8
4.5

-.7
-.6
1.0

18.2
15.9
2.8
7.5
5.6
-.8
-.4
3.6

10.2
7.8
2.8
-2.6
7.6
-.3
1.2
1.5

15
16
17
18
19
20
21
22

-198

298

36

1,005

385

-.4

-1.2

-1.7

1 Current surplus

23 Discrepancy

306

678

X

X

-.6 23

(2) Includes all federal and mutual savings banks insured by BIF
(formerly FDIC).

Credit Unions

1 Current surplus

2 Net acq. of financial assets
3
Checkable dep. and currency
4
Time deposits
5
At banks
6
At savings and loans
7
Fed.funds 8 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/deposits
17
Checkable
18
Small time & savings
19
Large time
20
Miscellaneous liabilities

95

85

72

65

63

63

59

.6

.5

.5

1.1

1

6,195
3,049
2,588
461
-647

4,885
100
-1,665
-2*056
391
1,962

2,872
100
-3,348
-1,663
-1,685
-1,666

765
-1,493
-1,000
-493
486

3,463
300
-2,437
-870
-1,567
973

-137
-200
-3,199
-1,597
-1,602
-378

2,859
-1,136
-505
-631
957

3.9
.4

16.1
.4
1.6

-.3
.4
1.7

10.9
,2
7.4
5.0
2.5
.8

1.6
1.1

15.8
.4
-1.2
-.8
-.4
.3

2
3
4
5
6
7

1,639
-61
1,272
-1,333
1,648
52
2,154

5,241
641
1,043
-402
2,543
2,057
-753

6,278
578
388
190
2,908
2,792
1,508

3,186
-314
-198
-116
2,298
1,202
-1,414

1,202
102
278
-176
864
236
3,425

2,943
-757
-636
-121
1,558
2,142
697

2,530
-670
-495
-175
1,560
1,640
508

2.0
.3
.1
.3
-.2
1.9
-.3

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
2.2
12.7
1.0

8
9
10
11
12
13
14

6,100
5,800
350
5,335
115
300

4,800
4,700
1,001
3,641
58
100

2,800
1,200
-181
1,207
174
1,600

700
700
165
397
138
-

3,400
3,100
65
2,847
188
300

-200
-400
46
-483
37
200

2,800
2,400
-29
2,174
255
400

3.3
2.9
.6
2.2
.1
.4

10.4
10.2
1.8
8.2
.2
.2

15.6
14.9
2.3
12.6

14.7
12.9
1.5
11.3
.1
1.8

15
16
17
18
19
20

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




X

X

X

.7

DECEMBER 6, 1989
Savings Institutions

Savings Institutions

Sector Statements of Saving and Investment

27

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS» $ BILLIONS
1985
1986
1987
1988

I
1

I
IV 1

1988
III

II

I

Savings and Loan Associations

I

1989
II

III

-6.8 Current surplus
1.1 Fixed nonres. investment

(1)

1
2

6.0
1.9

8.1
2.0

-1.1
1.5

-5.0
1.3

-5.1
1.7

-5.8
1.3

-3.7
1.3

-5. A
.7

-6.0
1.0

-6.5
1.1

3
A
5
6

81.3
1.3
2.3
-A.5

85.8
1.9
A.O
-A.8

97.6
-2.3
-8.5
1.0

87.0
-.1
2.1

73.9
-5.0
-7.A
3.0

85.3
1.1
A.O
-1.3

113.3
3.2
.3
8.8

75. A
.A
3.3
-1.9

6.6
-3.8
-8.5
l.A

-29.9
-12.A
-6.9
A.6

-1A9.1 Net acq. of financial assets
Checkable dep. 8 currency
-1.0
Time deposits
-1.5
Fed. funds 8 security RPs
l.A

7
8
9
10
11

6A.8
-A. 6
1.2
.A
3.9

75.2
2.0
A2.0
-.2
7.2

93.3
8.1
37.2
.1
11.2

86.3
-8.6
21.7
.3
7.7

68.9
-11.3
A.9
.1
23.6

97.8
-7.6
13.6
.5
26.2

116.8
-6.A
32.5
.7
l.A

61.8
-8.9
35.8
-.2
-20.5

56.A
-8.0
5.2
-.8
1A.6

-75.9
-18.8
-AO.9
-.5
2.7

-1A9.3
-A.3
-89.7
-1.3
-12.9

Credit market instruments
U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds

7
8
9
10
11

12
13
1A
15
16
17

A7.8
10.8
5.6
- .2
1.7
15.8

10.7
5.0
6.7
1.8
1.7
7.7

35.3
2.8
-.2
-1.0
.1
1A.0

60.2
1.7
2.6
.8
1.1
-2.6

51.9
-1.0
A.5
-3.7
2.1
12.3

53.1
7.5
2.3
2.2
-.6
-15.7

8A.9
2.1
.9
.8
1.6
-17.A

50.9
-1.9
2.5
A.l
1.2
10.6

60.A
-.6
-1.9
-12.5
-3.A
-35.5

-16.A
-8.7
.3
6.A
1.3
59.A

-35.2
.2
-3.5
-2.5
-1.9
3.2

Mortgages
Consumer credit
Other loans (to business)
Open-market paper
Reserves at Federal Reserve
Miscellaneous assets

12
13
1A
15
16
17

18
19
20
21
22
23

81.8
51.7
6.6
A3.8
1.3
-1.9

83.9
A1.5
9.6
36.3
-A.A
1A.2

9A.5
A1.3
-.3
A8.7
-7.1
26.3

83.A
38.8
1.2
A5.6
-8.0
13.7

70.0
92.2
1.7
85.2
5.3
-11.5

82.8
37.5
3.7
AO.8
-7.0
1A.1

109.2
37.A
.2
50.1
-12.9
31.8

71.8
-11.9
-1.0
6.2
-17.1
20.3

3.9
-70.3
-10.5
-A7.A
-12.A
25.7

-32.7
17.8
-15.8
65.7
-32.1
-AA.9

2A
25
26
27

17.3
A.6
12.7

20.9
A.9
.3
15.6

19.6
A.A
-1.1
16.3

19.9
1.9
.3
17.8

10.0
3.1
-.1
7.1

19.1
7.8
.2
11.2

2A.1
-.6
-.5
25.3

26.3
-2.8
1.5
27.6

71.3
1.8
-2.3
71.9

-16.2
1.2
-1.5
-15.9

-A3.9
-1.6
-1.6
-AO.8

Credit market instruments
Corporate bonds
Bank loans n.e.c.
Fed. Home Loan Bank loans

2A
25
26
27

28
29

.1
1A.6

X

X

7.A

7.3

.1
11.0

.1
-20.8

.1
11.9

.1
15.7

.1
37.0

.2
-23^0

.2
10*A

.2
-18*5

Profit taxes payable
Miscellaneous liabilities

28
29

X

X

30

A.6

A.l

-5.7

-9.8

-10.7

-9.6

-9.1

-9.8

-9.7

-10.5

31

6A.8

75.2

93.3

86.3

68.9

97.8

116.8

61.8

56.A

-75.9

-151.0 Net increase in liabilities
A.9
Deposits
-1.6
Checkable
Small time and savings
51.A
-A5.0
Large time
Security RPs
-93.7

-9.9 Discrepancy
-1A9.3 Memo:

1
2

3
A
5
6

18
19
20
21
22
23

30

Acq.of credit mkt.inst. 31

(1) Includes all savings and loan associations and federal savings
banks insured by SAIF (formerly FSLIC).

Mutual Savings Banks (2)
1

1.6

1.9

1.8

1.9

2.0

1.9

1.9

1.8

1.9

1.9

1.8 Current surplus

1

2
3
A

12.9
1.3
.3

19.6
.3

X

2A.0
-.6
-1.9

21.9
1.2
.2

23.0
-2.2
.9

26.7
1.5
l.A

28. A
3.8
.9

9.A
1.9
-2.2

-5.9
-2.8
-1.0

9.8
.3
6.8

-.3 Net acq. of financial assets
Checkable dep. and currency
1.2
Fed. funds and security RPs
.9

2
3
A

5
6
7
8
9
10

-.1
9.7
-.6
-.7
.2
-2.5

.9
17.A
l.A
5.A
-.1
-1.8

.2
25.6
1.5
5.3
-.2
-1.7

.A
17.8
-1.6
-1.8
-.1
-l.A

l.A
1A.5
-2.3
-7.2
-.1
-.6

.3
20.0
-.1
.5
-.1
-2.9

.3
20.8
-3.7
-.6

.3
-5.8
-1.1
2.3

—2.2

.6
-A. 9
-5.6
-5.2
-.1
-3.A

.1
-8.9
-.3
-2.7

-.9

-.3
16.0
-.A
.3
-.1
-l.A

-3.8

Corporate equities
Credit market instruments
U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds

5
6
7
8
9
10

11
12
13
1A

7.6
2.6
3.0
1.7

8.5
.3
3.8
1.0

19.7
-.A
1.3
.7

22.2
- .2
.8
2.2

23.2
3.6
-2.3
8.5

2A.A
-3.5
1.8
3.A

2A.8
-.8
1.9
2.8

16.3
-.2
1.6
-6.0

A.7
1.7
-11.1
3.A

3.9
-A.2
9.8
7.0

-.3
-A.6
2.8
6.3

Mortgages
Consumer credit
Open-market paper
Miscellaneous assets

11
12
13
1A

15
16
17
18
19
20
21
22

10.6
5.A
3.3
-2.A
A.5
.8
1.5
2.9

1A.A
6.1
7.5
-7.3
5.9
2.0
A.2
2.1

21.1
10.0
5.6
-10.9
15.3
2.A
8.1
.6

21.1
15.7
5.8
-8.9
18.9
2.1
1.9
1.3

20.2
13.5
A.3
-3.A
12.7
3.8
2.3
.5

26.0
22.A
7.0
-1.5
16.8
1.9
1.1
.6

26.7
16.8
6.A
-17.3
27.7
5.7
.5
3.6

11.5
10.3
5.3
-13.A
18.3
-3.1
3.8
.5

-6.6
-3.0
1.0
-19.7
15.7
-.9
-2.8
.1

10.6
12.5
3.7
-35.3
AA.O
-3.A
-1.1
2.6

23

-.7

-3.3

-1.2

1.1

-.8

1.2

.1

A.O

1.2

2.7

X

X

X

-.6 Net increase in liabilities
3.7
Deposits
11.3
Checkable
Small time 8 savings
-16.9
Large time
9.2
Security RPs
.8
Fed. Home Loan Bank loans
-2.9
Miscellaneous liabilities
-2.1
1.5 Discrepancy

15
16
17
18
19
20
21
22
23

(2) Includes all federal and mutual savings banks insured by BIF
(formerly FDIC).
Credit Unions

1

1.0

*

.3

.3

.A

.3

.3

.3

.3

.3

2
3
A
5
6
7

25.2
.7
5.0
2.3
2.6
3.7

28.9
.7
7.1
3.8
3.3
2.5

16.0
.A
.3
.1
-1.6

1A.7
.2
-3.5
-2.1
-1.3
.1

16.5
-1.5
9.0
9.2
-.2
-7.5

1A.8
1.3
-10.8
-11.A
.5
8.6

1A.7
.A
-6.2
-2.5
-3.7
-3.0

12.8
.6
-5.8
-3.9
-2.0
2.A

5.A
-.A
-12.5
-A.3
-8.2
-1.3

-5.2
.1
-17.A
-9.9
-7.5
-.6

8
9
10
11
12
13
1A

13.A
3.7
2,6
1.1
3.2
6.6
2.A

15.0
3.7
1.9
1.8
6.9
A.A
3.7

17.8
3.3
3.3

12.7
-1.0
A.l
-5.0
7.9
5.7
3.8

17.0
.5
3.3
-2.8
9.8
6.7
-1.2

19.A
2.1
1.5
.6
10.9
6.A
A.l

16.3
1.7
1.2
.6
9.0
5.6
-.6

11.5

10.6
3.9
-.6

16.3
.8
2.5
-1.7
9.A
6.1
1.5

.1
-. 1
A.9
6.7
8.1

7.7
-5.2
-3.5
-1.7
5.8
7.0
5.0

A.O
-2.9
-2.0
-.9
5.5
l.A
-.3

15
16
17
18
19
20

2A.2
22.9
3.1
19.A
.3
1.3

28.9
27.2
3.A
23.5
.3
1.7

15.7
13.3
1.8
11.1
.3
2.A

1A.A
12.A
1.3
10.6
.5
2.0

16.2
1A.2
1.8
11.9
.5
2.0

1A.5
12.3
2.9
9.2
.2
2.2

1A.A
11.0
.1
10.3
.7
3.A

12.6
12.1
.5
11.0
.6
.5

5.1
3.0
.7
1.6
.8
2.1

-5.A
-8.2
-.9
-7.A
.1
2.8

1A.3 Net increase in liabilities
16.1
Shares/deposits
.6
Checkable
1A.5
Small time 8 savings
Large time
1.0
-1.9
Miscellaneous liabilities

X

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




X

.2 Current surplus

1A.5 Net acq. of financial assets
X
Checkable dep. and currency
2.9
Time deposits
2.3
At banks
.7
At savings and loans
7.9
Fed.funds 8 security RPs
Credit market instruments
U.S. government securities
Treasury issues
Agency issues
Home mortgages
Consumer credit
Miscellaneous assets

1
2
3
A
5
6
7
8
9
10
11
12
13
1A

15
16
17
18
19
20

DECEMBER 6, 1989
Insurance and Pension Funds

Insurance and Pension Funds

28

Se ctor Statements of Saving and Investment

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
I

1988
I

II

1
IV 1

III

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

Life Insurance Companies
1 Current surplus
2 Fixed nonres. investment

3 Net acq. of financial assets
4
Checkable dep. and currency
5
Money mkt. fund shares
6
7

Mutual fund shares
Other corporate equities

-76
1,076

-141
682

-269
1,151

-141
1,670

-24
822

-21
702

-35
922

4.7
3.8

3.3
2.9

3.4
2.2

1.2
4.3

1
2

25,093
-951
120

29,497
225
427

25,406
-471
548

29,580
881
484

28,719
-1,158
472

27,484
2
515

25,927
111
477

45.9
1.1
3.7

55.4
.3
1.1

59.1
-.6
-1.9

62.5
.7
2.2

3
4
5

-376
1,029

-400
1,086

-400
-186

-400
429

500
863

600
145

1,263
531

.5
2.4

1.0
2.4

-.4
3.4

.5
.3

6
7

8
9
10
11

Credit market instruments
U.S. government securities
Treasury issues
Agency issues

23,169
1,851
245
1,606

26,091
1,924
-32
1,956

23,899
1,598
-7
1,605

25,867
4,833
1,280
3,553

26,128
3,832
-147
3,979

24,193
5,443
-600
6,043

21,864
3,978
758
3,220

31.0
5.5
2.3
3.1

42.4
12.7
8.4
4.3

52.5
19.3
12.1
7.2

54.1 8
23.6 9
12.6 10
11.0 11

12
13
14
15
16
17

Tax-exempt obligations
Corporate 8 foreign bonds
Mortgages
Open-market paper
Policy loans
Miscellaneous assets

-31
20,246
545
908
-350
2,102

-466
17,952
6,160
106
415
2,068

-624
16,783
3,862
1,946
334
2,016

-425
14,191
6,465
592
211
2,319

-275
16,116
2,271
3,499
685
1,914

176
19,905
1,250
-3,406
825
2,029

-646
14,312
2-839
1,296
85
1,681

.5
7.3
6.7
3.7
7.3
7.3

1.9
16.2
4.2
3.1
4.3
8.1

.9
16.7
9.0
5.3
1.1
6.1

-1.3
23.7
5.7
1.9
.4
4.8

12
13
14
15
16
17

29,020
5,345
22,129
25
1,521

31,561
6,181
24,084
25
1,271

29,293
5,438
22,812
25
1,018

28,065
7,974
19,762
25
304

32,113
7-598
23,684
25
806

29,541
6,788
22,603
25
125

28,968
6,954
21,541
25
448

46.1
8.9
29.5
-.5
8.2

53.7
7.0
39.7

7.0

55.8
7.8
38.8
-.1
9.2

66.3
5.0
46.7
-. 2
14.8

18
19
20
21
22

2,775

1,241

2,467

-3,326

2,548

1,334

2,084

1.1

-1.3

-2.2

-9,921 -10,892 -13,550
-266
-262
-562
-1,928 -1,906 -5,280
859
734
493

39.7
-.7
.5
3.9

57.5
.6
7.5
-1.8

59.1
.8
7.5
.4

42.1
.5
3.3
3.0

1
2
3
4

2.1
5.4

5
6

18 Net increase in liabilities
19
Life insurance reserves
Pension fund reserves
20
Profit taxes payable
21
Miscellaneous liabilities
22
23 Discrepancy

X

.8 23

Private Pension Funds (1)
1 Net acq. of financial assets
2
Checkable dep. and currency
Time deposits
3
4
Money mkt. fund shares

5,820
597
4,680
2,886

5,387
403
3,897
-5,307

2,699
-366
-3,581
964

11,873
367
3,597
-1,057

Mutual fund shares
Other corporate equities

1,000
-8,843

1,200
-3,999

1,300
-363

1,302
-708

1,378
-5,687

1,019
-6,156

1,122
-6,690

-2.8
17.3

-.3
12.3

2.4
4.5

7
8
9
10

Credit market instruments
U.S. government securities
Treasury issues
Agency issues

13,793
3,110
5,335
-2,225

7,830
3,022
3,898
-876

1,158
2,658
2,984
-326

8,813
3,153
4,094
-941

1,655
2,788
3,678
-890

1,995
2,877
3,264
-387

-298
2,725
120
2,605

27.2
16.3
5.0
11.3

25.2
10.3
3.9
6.4

29.9
12.0
.4
11.6

21.3 7
7.3 8
11.6 9
-4.3 10

11
12
13
14

Corporate & foreign bonds
Mortgages
Open-market paper
Miscellaneous assets

5,888
133
4,662
-8,293

2,383
-132
2,557
1,363

1,546
53
-3,099
3,587

2,586
-25
3.099
-441

812
151
-2,096
-5,807

953
268
-2,103
-6,075

981
274
-4-278
-2,701

5.6
.3
5.0
-5.8

6.6
1.3
7.1
14.0

10.4
.7
6.8
13.6

10.2
.1
3.8
6.4

11
12
13
14

5
6

(1) Includes Federal Employees’ Retirement Thrift Savings Fund

State and Local Government Employee Retirement Funds
1 Net acq. of financial assets
Checkable dep. and currency
2
3
Time deposits

14,120
-20
-164

15,880
349
2,820

17,018
-62
-500

17,884
220
1,782

16,592
88
712

19,000
132
2,168

18-500
119
1,181

29.7
.1

32.0
.4
2.2

39.2
.4
2.8

45.7
.6
3.2

1
2
3

4
5
6
7
8

4,000
10,304
7,277
4,577
2,700

3,800
8,911
1,880
2,488
-608

10,740
6,840
7,609
5,184
2,425

7,374
8,508
-966
3,239
-4,205

3,724
12-068
3.383
1,076
2,307

300
16,400
5,873
440
5,433

3,650
13,550
4,754
1,136
3,618

7.1
22.5
11.8
6.6
5.2

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

4
5
6
7
8

-235
3,145
117

31
6,811
189

-116
-602
-51

-50
9,507
17

-9
9,165
-471

10,619
-92

54
8,984
-242

_ *2
9.2
1.6

-.7
3.5
1.3

-1.1
-.7
.9

-.5 9
11.5 10
.6 11

9
10
11

Corporate equities
Credit market instruments
U.S. government securities
Treasury issues
Agency issues
Tax-exempt obligations
Corporate & foreign bonds
Mortgages

X

Other Insurance Companies

1 Current surplus
2 Fixed nonres. investment
3 Net acq. of financial assets
4
Checkable dep. and currency
Security RPs
5

1,353
1,951

1,504
2,428

1,307
2,024

1,447
1,550

1,420
2,472

1,365
2,641

268
2,487

3.3
-2.3

.6
-1.4

.3
-.5

-4.0
.8

1
2

10,294
-56
409

8,215
-82
349

10,818
-29
312

10,472
38
345

9,077
34
366

9,134
111
390

9,690
124
415

14.2
.1
.1

13.8

4.0

15.0
-.4
9.6

14.8
.5
4.2

3
4
5

X

6
7
8
9
10

Corporate equities
Credit market instruments
U.S. government securities
Treasury issues
Agency issues

737
8,047
1,532
694
838

648
5,614
608
-62
670

843
8,174
1,813
1,309
504

882
7,911
1,949
961
988

990
6,681
966
264
702

1,079
6,235
495
-539
1,034

1,164
7,445
1,642
682
960

2.0
9.4
2.2
1.4
.8

2.7
5.0
2.2
.6
1.5

2.1
1.7
5.5
3.3
2.2

11
12
13
14

Tax-exempt obligations
Corporate S foreign bonds
Commercial mortgages
Trade credit

4,331
2,103
81
1,157

2,694
2,213
99
1,686

2,933
3,341
87
1,518

2,954
3,019
-11
1,296

2,396
3,385
-66
1,006

2,328
3,566
-154
1,319

2,157
3,866
-220
542

4.0
2.8
.4
2.6

3.0
-.5
.3
2.1

-.3
-4.2
.7
2.0

-1.9
4.1
.4
2.8

10,525
2,785
9
7,731

9,338
2,719
12
6,607

9-247
2,712
14
6,521

9,638
2,657
15
6,966

10,323
2,634
21
7,668

10,610
2,593
24
7,993

11,638
2,560
26
9,052

11.8
1.1
-.2
10.8

13.4
2.8

13.5
1.5

10.6

12.0

19.3 15
3.9 16
X 17
15.4 18

-367

199

-2,288

-937

194

200

-271

3.1

1.6

-.7

-.2 19

15 Net increase in liabilities
16
Corporate equity issues
17
Profit taxes payable
Policy payables
18

19 Discrepancy

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




X

X

-4.3 6
11.7 7
9.1 8
5.9 9
3.2 10
11
12
13
14

DECEMBER 6, 1989
Insurance and Pension Funds

Insurance and Pension Funds

29

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1986
1987
1988
1985

j
I

1988
I

II

IV 11

III

I

1989
II

III

Life Insurance Companies
1
2

.6
A.O

-2.9
A.O

-1.0
3.9

-.6
A.6

-.3
A.3

-.6
2.7

-1.1
A.6

-.6
6.7

-.1
3.3

-.1
2.8

3
A
5

89.9
.5
.A

10A.7
.7
5.8

99.2
-.9
-1.8

109.6
-.3
1.6

110.A
1.6
.5

115.1
-.6
1.7

106.3
-l.A
2.2

106.5
-.9
1.9

125.8
.6
1.9

105.6
-1.5
2.1

6
7

2.3
3.7

A.5
3.6

-l.A
5.0

-1.6
2.A

-1.5
A.l

-1.6
A.3

-1.6
-.7

-1.6
1.7

2.0
3.5

2.A
.6

5.1
2.1

8
9
10
11

76.1
23.0
10.5
12.5

82.0
17.9
7.3
10.6

90.5
5.1
-2.0
7.0

99.0
10.2
1.5
8.7

97.3
7.5
1.5
6.0

103.0
12.0
3.5
8.5

99.8
9.0
.5
8.5

96.0
12.3
.A
11.9

110.2
15.0
-.3
15.3

9A.0
25.6
1.0
2A.7

91.9
18.6
3.A
15.2

Credit market instruments
8
U.S. government securities 9
10
Treasury issues
Agency issues
11

12
13
IA
15
16
17

1.0
37.8
15.1
-.6
-.1
7.0

2.0
A0.8
22.0
-.A
-.3
8.0

-1.0
66.9
18.5
l.A
-.A
7.9

-1.5
69.2
17.0
3.6
.6
8.5

-.1
78. A
12.6
*2
-LA
8.A

-1.9
65.5
22.8
2.8
1.7
8.3

-2.5
71.0
18.9
2.1
1.3
8.1

-1.7
61.7
13.8
9.1
.8
9.3

-1.1
62.0
20.3
11.3
2.7
7.7

.7
72.7
2.8
-11.1
3.3
8.1

-2.6
61.5
1A.6
-.6
.3
6.7

Tax-exempt obligations
Corporate 8 foreign bonds
Mortgages
Open-market paper
Policy loans
Miscellaneous assets

18
19
20
21
22

88.3
10.A
63.A
X
1A.A

105.1
17.2
82.5
*
5.A

96.8
25.7
70.6
.2
.3

117.9
2A.9
88.8
.1
A.l

118.1
21.A
90.6
.1
6.1

121.3
2A.7
91.A
.1
5.1

115.6
21.8
89.7
.1
A.l

116.8
31.9
83.5
.1
1.2

130.8
30.A
97.0
.1
3.2

112.1
27.2
8A.3
.1
.5

23

-5.1

-6.6

-7.3

3.2

3.2

2.9

3.6

3.0

1.6

3.5

-.1 Current surplus
3.7 Fixed nonres. investment
108.6 Net acq. of financial assets
1.0
Checkable dep. and currency
1.9
Money mkt. fund shares

Mutual fund shares
Other corporate equities

11A.2 Net increase in liabilities
Life insurance reserves
27.8
Pension fund reserves
8A.5
.1
Profit taxes payable
Miscellaneous liabilities
1.8

1.7 Discrepancy

1
2

3
A
5
6
7

12
13
IA
15
16
17
18
19
20
21
22

23

Private Pension Funds (1)

1
2
3
A

39.5
.9
7.6
1.0

2A.A
.7
5.6
A.2

25.0
1.6
15.0
-l.A

25.8
1.0
8.6
-2.5

6.3
2.A
18.7
11.5

12.2
1.6
15.6
-21.2

-32.0
-1.5
-1A.3
3.9

116.6
1.5
1A.A
-A.2

-61.0
-1.1
-7.7
2.9

-52.1
-1.0
-7.6
2.0

5
6

9.1
-9.0

9.8
-8.5

—2.2
-27*8

A.8
-13.9

A.O
-35.A

A.8
-16.0

5.2
-1.5

5.2
-2.8

5.5
-22.7

A.l
-2A.6

A.5
-26.8

Mutual fund shares
Other corporate equities

7
8
9
10

29.3
8.1
-.8
8.9

20.1
6.8
8.8
-2.0

5A.7
11.8
6.6
5.2

31.6
11.9
16.3
-A. A

85.8
23.1
21.3
1.7

18.6
6.1
15.6
-9.5

-15.0
5.9
11.9
-6.1

36.9
12.7
16.A
-3.6

A1.9
2A.6
1A.7
9.9

-6.3
A.2
13.1
-8.8

-2A.7
A.2
.5
3.7

7
Credit market instruments
U.S. government securities 8
9
Treasury issues
Agency issues
10

11
12
13
IA

10.5
.A
10.3
.6

7.3
-.2
6.2
-7.3

29.1
-1.2
1A.9
-15.0

12.A
X
7.2
-3.8

26.A
-.6
36.9
-80.7

1A.A
-.5
-1.3
8.8

3.1
.6
-2A.6
-8.8

5.7
.6
17.9
65.7

6.A
-.7
11.6
-79.8

10.0
1.2
-21.7
-18.5

.9
1.5
-31.3
-37.1

Corporate 8 foreign bonds
Mortgages
Open-market paper
Miscellaneous assets

-10A.0 Net acq. of financial assets
-2.2
Checkable dep. and currency
-21.1
Time deposits
3.A
Money mkt. fund shares

1
2
3
A
5
6

11
12
13
IA

(1) Includes Federal Employees* Retirement Thrift Savings Fund
State and Local Government Employee Retirement Funds
1
2
3

53.1
•A
l.A

57.6
-.3
3.5

5A.7
.3
1.7

6A.9
.5
3.9

58.5
-.1
.5

6A.8
1.3
10.6

69.1
-.3
-2.8

67.2
1.0
7.5

68.9
.A
A.A

77.5
.A
7.7

7A.7 Net acq. of financial assets
.A
Checkable dep. and currency
Time deposits
3.6

1
2
3

A
5
6
7
8

28.6
22.9
12.3
15.0
-2.7

23.1
31.3
20.7
12.1
8.6

26.A
26.3
2A.6
17.9
6.7

25.9
3A.6
15.8
15.5
.3

15.A
A2.7
20.2
11.8
8.5

17.6
35.A
17.8
15.5
2.3

37.3
3A.9
25.2
22.5
2.7

33.A
25.2
12.2
-12.2

1A.2
50.0
3.9
-2.3
6.2

3.0
66.A
3A.6
8.1
26.A

9.A
61.3
12.5
6.1
6.A

A
5
6
7
8

9
10
11

-.A
10.9
.1

-.3
10.7
.3

X
1.9
-.2

-.A
18.9
.3

-.9
22.9
.5

.1
16.7
.8

-.5
10.A
-.2

-.2
25.A
.1

X
A8.0
-1.9

32.2
-.A

.2
A9.6
-1.0

Corporate equities
Credit market instruments
U.S. government securities
Treasury issues
Agency issues

Tax-exempt obligations
Corporate 8 foreign bonds
Mortgages

9
10
11

Other Insurance Companies
1
2

-A.7
A.O

.3
5.7

5.3
7.5

5.6
8.0

S.A
7.8

6.0
9.7

5.2
8.1

5.8
6.2

5.7
9.9

5.5
10.6

3
A
5

33.3
1.2
5.7

A6.7
1.3
.6

A6.A
-.1
2.0

39.8
-.1
l.A

A0.7

1*6

36.1
-.3
l.A

A1.2
-.1
1.2

A1.2
.2
l.A

35.8
.1
1.5

AO.O
.A
1.6

36.5 Net acq. of financial ass?t.;
Checkable dep. and curt
.5
1.7
Security RPs

6
7
8
9
10

-2.0
26.1
13.8
5.5
8.2

-1.3
A1.2
11.9
13.8
-1.9

1.5
39.A
7.0
3.3
3.7

3.1
29.7
5.9
2.9
3.0

2.9
31.7
5.6
2.3
3.A

2.6
25.7
5.7
3.0
2.7

3.A
30.7
5.2
3.2
2.0

3.5
30.9
7.1
3.1
A.O

A.O
26.2
3.3
.5
2.8

A.3
28. A
5.A
1.3
A.l

A.7
27.6
A.3
.5
3.8

Corporate equities
6
Credit market instruments
7
U.S. government securities 8
Treasury issues
9
Agency issues
10

11
12
13
IA

3.5
8.2
.7
2.2

15.7
12.7
.9
A.9

23.8
8.0
.6
3.6

12.9
10.7
.3
5.7

17.3
8.A
.3
A.6

10.8
8.9
.A
6.7

11.7
13.A
.3
6.1

11.8
12.1
X
5.2

9.6
13.5
-.3
A.O

9.3
1A.3
-.6
5.3

8.6
15.5
-.9
2.2

Tax-exempt obligations
Corporate 8 foreign bonds
Commercial mortgages
Trade credit

15
16
17
18

A6.3
7.7
-.1
38.6

A8.2
6.3
A1.9

A9.2
11.3
X
38.0

38.7
10.9
.1
27.8

A2.1
11.1
X
30.9

37.3
10.9
«
26.A

37.0
10.8
.1
26.1

38.6
10.6
.1
27.9

A1.3
10.5
.1
30.7

A2.A
10.A
.1
32.0

A6.6 Net increase in liabilities
10.2
Corporate equity issues
.1
Profit taxes payable
36.2
Policy payables

19

A.3

-3.9

.7

-3.A

-.9

-2.5

-7.1

-3.0

1.3

-2.7

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1.1 Current surplus
9.9 Fixed nonres. investment

1.1 Discrepancy

1
2

■»
5

11
12
13
IA
15
16
17
18

19

DECEMBER 6, 1989
Finance n.e.c.

Finance n.e.c

30

Sector Statements of Savins and Investment

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1988

1

I

II

IV 1

III

I

1989
II

ANNUAL FLOWS, $ BILLIONS
III

1981

1982

1983

1984

Finance Companies

1,237
2,458

1,143
2,558

973
2,563

1,051
2,716

1,097
2,663

1,103
2,628

1,291
2,642

1.4
4.8

2.3
5.2

5.0
6.1

3.2
6.4

1
2

8,276
1
8,275
-1,961
-2,050
12,286

14,953
-25
14,978
7,701
3,015
4,262

-3,694
-99
-3.595
-4,903
1,952
-644

19,609
117
19,492
2,538
3,809
13,145

8,013
25
7,988
-83
-174
8,245

15,547
171
15,376
3,203
4,793
7,380

2,257
165
2,092
1,223
2,447
-1,578

23.5
.1
23.4
3.2
9.4
10.8

11.0
.1
10.9
4.1
5.8
.9

26.8
.1
26.8
2.7
11.0
13.1

37.8
-.5
38.3
5.4
8.6
24.4

3
4
5
6
7
8

9 Net increase In liabilities
10
Credit market instruments
Corporate bonds
11
Bank loans n.e.c.
12
Open-market paper
13

11,966
14,263
3,143
-2,272
13,392

22,181
26,794
4,640
2,316
19,838

5,166
7,919
1,197
202
6,520

16,154
18,037
2,955
-2,756
17,838

13,781
13,595
2,964
-1,108
11,739

21,735
14,183
5,990
2,517
5,676

8,641
8,301
6,278
1,682
341

15.5
18.0
3.6
.4
13.9

11.4
5.4
6.4
1.4
-2.4

28.3
17.4
5.3
-.5
12.6

39.7
24.0
9.6
.5
14.0

9
10
11
12
13

14
15
16

21
-1,335
-983

23
-1,360
-3,276

25
-3,343
565

27
3,572
-5,482

29
-2,389
2,546

31
4,072
3,449

33
-3,034
3,341

-.2
-2.3
X

*
5.6
.5

X
4.1
6.9

X 14
9.5 15
6.2 16

2,469

5,813

7,270

-5,120

4,202

4,663

5,033

-11.4

-2.5

.3

-1.3 17

1 Current surplus
2 Fixed nonres. investment
3 Net acq. of financial assets
Checkable dep. and currency
4
Credit market instruments
5
6
Mortgages
Consumer credit
7
Other loans (to business)
8

Profit taxes payable
Inv. by parent companies
Other misc. liabilities

17 Discrepancy

Open-End Investment Companies (Mutual Funds)
1 Current surplus
2 Net acq. of financial assets
Checkable dep. and currency
3
4
5
6
7
8
9
10
11

Corporate equities
Credit market instruments
U.S. government securities
Treasury issues
Agency issues
Tax-exempt obligations
Corporate & foreign bonds
Open-market paper

12 Net share issues

-417

314

59

-3,085

-5,375

-1,250

-2.248

-1.3

-.2

-3.2

-5.2

1

876
262

1,381
156

-2,815
-81

-3,260
-65

-418
175

7,631
500

6,512
350

2.4
X

8.5
.3

24.0
.6

24.2
.4

2
3

-2,878 -4,311
4,103
1,577
8,844 -10,554
9,028 -9,646
-184
-908
1,735
2.408
-1,261
5,030
-5,888
5,366

-3,444
249
-7,552
-7,496
-56
2,433
5.491
-123

-1,754
1,161
-892
-174
-718
3,672
-993
-626

-916
8,047
-1,000
-1,140
140
5,007
2,500
1,540

595
5,567
3,000
3,275
-275
2,639
1,547
-1,619

-.6
3.1
.9
.9
.7
1.6
-.1

3.5
4.7
2.3
2.3
2.9
.2
-.6

13.7
9.8
.6
.6
5.5
2.7
1.0

5.9 4
17.9 5
6.4
6
5.8 7
.5 8
5.6 9
3.6 10
2.4 11

-2,874

-175

4,957

8,881

8,760

3.7

8.8

27.2

29.3 12

-5,344
5,958
-9,918
-9.596
-322
1,430
4,937
9.509

1,293

1,067

Money Market Mutual Funds
1 Net acq. of financial assets
Checkable dep. and currency
2
3
Time deposits
4
Security RPs
5
Foreign deposits

6
7
8
9
10
11
12

Credit market instruments
U.S. government securities
Treasury issues
Agency issues
Tax-exempt obligations
Open-market paper
Miscellaneous

13 Net share issues

28,591 -17,240
339
109
1.929 -2,041
-834
2,172
4
506

-925
2,116
2,962
969
381

11,432
-1,574
-3,648
79
7,192

25.861
-2,337
2,496
5,961
-663

20,625
1,207
6,576
5,130
-6,692

30,645
2,113
1,096
1,515
7,701

109.8
-.7
22.8
8.9
12.1

32.7
.8
-3.1
1.7
4.9

-40.4
-.6
-16.8
-3.2
-1.8

54.2
-1.0
-.4
9.7
-.7

19,110 -11,732
3,356 -9.603
554 -1,735
2.802 -7,868
8,459 -4,168
7,295
2,039
4,535 -2,746

-6,741
-3,423
-2,280
-1,143
-670
-2,648
-612

10,022
-1,695
718
-2,413
619
11.098
-639

19,020
-3,175
1,180
-4,355
1,960
20,235
1,384

11,790
1*681
-1,653
3,334
-1,429
11,538
2,614

16,410
702
1,560
-858
3.506
12,202
1,810

64.8
23.7
18.0
5.6
2.3
38.8
1.9

29.5
22.7
21.1
1.6
8.0
-1.3
-1.1

-17.7
-18.4
-19.8
1.4
3.6
-3.0
-.4

45.0 6
6.2 7
2.6 8
3.6 9
7.0 10
31.8 11
1.5 12

28,591 -17,240

-925

11,432

25,861

20,625

30,645

109.8

32.7

-40.4

54.2 13

LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




1
2
3
4
5

DECEMBER 6, 1989
Finance n.e.c.

Finance n.e.c
31

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987
1988

I
I

1988
II

I

III

I
IV I

1989
II

III

Finance Companies
A.9
9.8

A.6
10.2

3.9
10.3

A.2
10.9

A.A
10.7

A.A
10.5

5.2 Current surplus
10.6 Fixed nonres. investment

1
2

39.1

53.1

39.2
3.A
6.7
29.0

53.1
-2.5
12.5
A3.1

AA.O
-.1
AA.l
19.1
5.0
20.0

12.6
-.A
13.0
-1A.6
-A. 9
32.5

A6.9
.5
A6.A
11.6
1A.3
20.6

53.2
.1
53.1
5.6
20.8
26.7

AA.8
.7
AA.l
11.6
32.5

38.3 Net acq. of financial assets
.7
Checkable dep. and currency
37.7
Credit market instruments
10.7
Mortgages
-3.7
Consumer credit
30.7
Other loans (to business)

3
A
5
6
7
8

58.5
AO.3
21.5
-1.8
20.5

55.5
67.0
11.9
-2.5
57.6

65.0
78.A
12.6
1.2
6A.6

60.8
85.A
18.6
A.3
62.5

33.3
AO.7
A.8
.9
35.0

62.7
63.6
11.8
-16.5
68.2

75.2
78. A
11.9
6.5
60.0

56.3
32.8
2A.0
A.3
A.6

A8.3 Net increase in liabilities
A3.2
Credit market instruments
25.1
Corporate bonds
7.2
Bank loans n.e.c.
10.9
Open-market paper

9
10
11
12
13

12.9
2.2

.1
8.8
9.A

.1
-2.5
-9.2

.1
-3.2
-10.2

.1
-10.2
-1A.5

.1
-8.2
.7

.1
11.8
-12.7

.1
-6.9
3.6

.1
10.3
13.1

.1
-5.3
10.A

IA
15
16

5.3

12.3

10.A

7.0

11.1

1A.A

9.2

15.7

5.A

1
2

2.A
9.3

3.A
9.3

3.9
9.9

A.A
10.3

3
A
5
6
7
8

50.A
.9
A9.5
6.8
23.1
19.7

58. A
3.6
5A.8
15.8
23.1
15.9

A0.1
.7
39.A
-2.1
7.5
3A.1

9
10
11
12
13

65.2
57.2
15.8
2.3
39.0

69.7
5A.5
22.5
3.A
28.5

IA
15
16

K

K

13.6
-5.6

17

7.9

K

N

w

Profit taxes payable
Inv. by parent companies
Other misc. liabilities

A.6 Discrepancy

17

Open-End Investment Companies (Mutual Funds)

1

-3.6

-13.1

-18.A

-3.1

3.5

-5.2

-A.5

-6.A

-15.7

-12.3

2
3

80.8
1.7

1A5.9
2.6

53.2
.5

-3.8
.3

-6.0
1.0

-11.8
.6

-3.1
-.3

5.6
-.3

-12.1
.7

11.7
2.0

A
5
6
7
8
9
10
11

10.3
68.7
52.9
Al.A
11.5
1A.5
3.6
-2.3

20.2
123.1
59.3
36.A
22.9
31.8
26.8
5.3

26.9
25.8
9.9
9.9
5.A
7.3
3.2

-16.0
11.9
-19.2
-17.7
-1.5
8.0
1A.2
8.9

-27.5
20.A
-22.2
-20.9
-1.3
2.2
32.A
8.0

-12.2
-.2
25.3
26.0
-.7
11.0
-11.5
-2A.9

-19.0
16.3
-28.6
-25.0
-3.6
7.2
17.1
20.7

-5.2
11.0
-51.2
-51.0
- .2
11.7
18.9
31.7

-13.6
.7
17.6
20.5
-2.9
10.9
9.1
-36.9

-A.3
1A.0
-16.6
-17.1
.6
21.5
3.6
5.5

12

8A.A

159.0

71.6

-.7

-9.5

-6.6

1.5

11.9

3.6

2A.0

«

-1A.2 Current surplus

35.8 Net acq. of financial assets
l.A
Checkable dep. and currency

.A
3A.0
26.8
27.9
-1.1
11.0
2.7
-6.6

1

3

Corporate equities
A
Credit market instruments
5
U.S. government securities 6
Treasury issues
7
Agency issues
8
Tax-exempt obligations
9
Corporate & foreign bonds
10
Open-market paper
11

50.0 Net share issues

12

Money Market Mutual Funds

1
2
3
A
5

10,2
l.A
-6.8
3.3
-2.2

A8.3

2^3
6.1
3.1

2A.0
-.3
1A.A
7.1
-.6

21.9
1.0
-.8
2.A
8.1

69.6
.8
11.6
-2.5
-3.1

-AO.6
1.7
-5.8
12.1
2.2

2.6
7.9
6.A
-2.7
A.l

55.8
-6.A
-15.3
2.6
29.1

55.9
-10.A
12.A
11.7
-7.A

115.9
6.3
29.6
36.3
-25.1

6
7
8
9
10
11
12

13.9
.3
-.8
1.1
12.A
1.2
.6

3A.1
.5
3.A
-3.0
27.5
6.2
2.9

1.8
-1.9
-13.7
11.9
-2.3
6.0
l.A

10.7
-11.A
-2.7
-8.6
A.2
17.8
.5

A5.3
6.7
-2.1
8.8
16.6
21.9
17.6

-18.8
-16.1
10.A
-26.5
-6.1
3.A
-32.0

-32.6
-22.0
-9.0
-12.9
.A
-11.0
19.5

A8.8
-1A.2
-10.3
-3.9
6.1
56.8
-2.9

A1.5
-20.5
- .2
-20.3
-10.1
72.1
8.1

78.0
29.6
10.1
19.5
5.8
A2.5
-9.1

13

10.2

A8.3

2A.0

21.9

69.6

-AO.6

2.6

55.8

55.9

115.9

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




129.6 Net acq. of financial assets
8.2
Checkable dep. and currency
-.9
Time deposits
-.5
Security RPs
3A.2
Foreign deposits

58.A
-6.A
5.8
-12.2
16.8
A8.1
30.1

1
2
3
A
5

Credit market instruments
6
U.S. government securities 7
Treasury issues
8
Agency issues
9
Tax-exempt obligations
10
Open-market paper
11
Miscellaneous
12

129.6 Net share issues

13

DECEMBER 6, 1989
Finance n.e.c.* Continued

Finance n.e.c.* Continued

32

Sector Statements of Saving and Investment

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
|
1

1988

I

II

III

I
IV 1

I

1989
II

III

ANNUAL FLOWS* $ BILLIONS
1982
1983
1981
1984

Real Estate Investment Trusts

1 Current surplus
2 Fixed nonres. investment
3 Multifamily resid. Invest.
4 Net acq. of financial assets
5
Mortgages
6
Miscellaneous assets
7 Net increase in liabilities
8
Corporate equity issues
9
Credit market Instruments
10
Mortgages
Corporate bonds
11
12
Bank loans n.e.c.
13
Open-market paper

14

Miscellaneous liabilities

-14
32
16

-25
136
67

-74
163
81

-56
540
266

-50
43
21

-50
147
73

-38
96
47

-.1
.1

-.2
.2
.1

-.1
-.1

-.3
.5
.2

1
2
3

189
302
-113

387
40
347

-643
542
-1*185

3*144
-7
3*151

-241
527
-768

326
56
270

-13
310
-323

-.1
-1.1
1.0

.2

.1
.1

2.0
.8
1.2

4
5
6

251
-1,027
1*350
-29
142
1,212
25

615
85
430
18
122
298
-8

-325
1,193
-1*480
-24
68
-1,498
-26

4*006
493
3,750
292
-117
3*682
-107

-127
60
-230
70
-6
-287
-7

596
1,248
-538
_2
183
-610
-109

168
591
-346
9
83
-364
-74

'2
.3

.6
.6

.1
.4
-.2

3.0
2.0
.8
.4
.1
.1
.2

7
8
9
10
11
12
13

-72

100

-38

-237

43

-114

-77

- .2

M

-.7
.5

.1

M

M

.3

H
.1
K

M
Ii

.1
-.1

-.2
-.1

M

-.1

.1 14

Security Brokers and Dealers

1 Current surplus

-114

13

-32

-78

-50

-50

-50

.3

.3

1.1

-.9

1

7,720
1,819
132

63
1,717
-889

-6,221
-780
912

-2,592
-848
76

5,965
-561
-254

44,123
933
657

-7,615
546
1,577

14.8
-.2
.5

24.0
1.7
.9

7.7
-.9
4.3

28.4
.3
-1.0

2
3
4

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate & foreign bonds
Open-market paper

5*625
4,930
-2,279
2,647
327

-2,550
-8,399
1,369
1,661
2,819

-6,992
-5,218
-402
1,879
-3,251

-3,778
-8,492
507
3,568
639

9,710
8.840
-2,589
2,918
541

37,427
35,244
2,126
-361
418

13,927
12,408
1,983
-710
246

15.3
8.7
.5
1.4
4.8

15.4
6.4
1.6
2.5
4.9

-7.7
-6.8
1.8
2.0
-4.8

28.8
12.8
4.5
5.7
5.7

5
6
7
8
9

Security credit
Miscellaneous assets

-1,205
1*349

683
1.102

853
-214

1,386
572

-4,462
1,532

5,300
1,614
-194 -25,279

-1.7
.8

2.8
3.2

8.4
3.6

-2.3 10
2.7 11

12 Net increase in liabilities
13
Corporate equity issues
14
Security RPs (net)

7*834
-1,570
7*006

50
1,532
-5,577

-6,189 -2,514
-675
-201
-1,525 -11,533

6,015
-776
8,967

44,173
-9
30,517

-7,565
687
19,557

14.6
.8
9.1

23.7
.7
24.7

6.5
1.0
-14.9

29.4 12
1.1 13
17.0 14

15
16
17

Security credit
From banks
Customer credit balances

2,897
3,939
-1,042

1,745
-3,102
4,847

-3,141
-735
-2,406

3,105
-1,979
5,084

-1,810
1,247
-3,057

8,822
2.358
6,464

-6,356
-6,345
-11

3.1
4.6
-1.5

3.0
-.1
3.1

4.1
1.4
2.7

6.9 15
5.9 16
1.0 17

18
19
20
21

Trade debt
Profit taxes payable
Miscellaneous liabilities
Proprietor net investment

277
70
-4,000
3*154

1,829
50
966
-495

184
—
-2,286
1,254

2.006
36
4,171
-98

2,156
-137
-2,728
343

1,214
1,113
133
158
3,074 -22,667
422
-57

-.2
1.2
.5

.3
-6.4
1.3

1.0
-.2
14.6
.9

.5
-.1
2.2
1.6

18
19
20
21

2 Net acq. of financial assets
3
Checkable dep. and currency
4
Corporate equities
5
6
7
8
9
10
11

Securitized Credit Obligations (SCOs)

1 Net acq. of financial assets
2
Agency securities
3
Consumer credit
4

Net increase in liabilities
Corporate bonds

10,759
10.759

10,759

7,872
7.872
-

5,767
5,767
-

8,136
8,136
-

9,830
4,211
5.619

-351
-1,428
1,077

1,477
-801
2.278

-

.6
.6

3.6
3.6

9.3
9.3

1
2
3

7,872

5,767

8.136

9.830

-351

1.477

-

.6

3.6

9.3

4

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




DECEMBER 6. 1989
Finance n.e.c.* Continued

Finance n.e.c.* Continued

33

Sector Statements of Savins and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS* $ BILLIONS
1985
1986
1987
1988

1
1

1988
I

III

II

|
IV 1

I

1989
II

III

Real Estate Investment Trusts

.A

-.1
.1
.1

-.1
.5
.3

-.3
.7
.3

_. 2
2.2
1.1

-.2
.2
.1

_. 2
.6
.3

2.0
1.0
1.0

3.1
.9
2.2

.8
1.2
-.5

1.5
.2
LA

-2.6
2.2
-A .7

12.6

-1.0
2.1
-3.1

1.3
.2
1.1

1.9
1.3
1.0
.1
.3
.3
.3

A.2
2.5
.8
.A
.5
-.A
•A

A.5
.7
A.l
.3
.2
3.7
-.1

1.0
-A.l
5.A
-.1
.6
A.8
.1

2.5
.3
1.7
.1
.5
1.2

16.0
2.0
15.0
1.2
-.5
1A.7
-.A

-.5
.2
-.9
.3

2.A
5.0
-2.2

M

-1.3
A.8
-5.9
-.1
.3
-6.0
-.1

K
-1.1
K

.7
-2. A
-.A

-.3

1.0

-.2

-.3

.A

_. 2

-.9

.2

-.5

1
2
3

-.6
.8
•A

-.2
.9
.A

-.2
l.A
.7

^9

A
5
6

.8
2.A
-1.6

.A
•A

7
8
9
10
11
12
13

2.5
2.0
.5
.1
.1
.2
.1

1A

.1

K

M

12.6

-.2 Current surplus
.A Fixed nonres. investment
. 2 Multifamily resid. Invest.

1
2
3

-.1 Net acq. of financial assets
1.2
Mortsases
-1.3
Miscellaneous assets

A
5
6

.7 Net increase ln liabilities
2.A
Corporate equity issues
Credit market instruments
-l.A
Mortsases
.3
Corporate bonds
Bank loans n.e.c.
-1.5
Open-market paper
-.3

7
8
9
10
11
12
13

M

-.3

Miscellaneous liabilities

1A

Security Brokers and Dealers

1

.3

.9

N

-.2

-.5

.1

-.1

-.3

-.2

-.2

2
3
A

37.8
2.A
2.6

29.2
2.2
l.A

-56.9
-l.A
-7.1

-1.0
1.9
.2

26.8
9.9
2.0

-7.7
8.2
.5

111.7
-1.6
2.2

-135.0
-8.8
-3.8

16.6
.8
.3

172.2
A.9
7.A

5
6
7
8
9

5.6
-9.8
8.9
9.2
-2.8

13.2
18.2
-3.3
.3
-2.0

-30.9
-16.8
-8.A
-A.A
-l.A

-7.7
-17.2
-.8
9.8
.5

13.0
-3.7
3.2
10.6
2.9

-15.1
-32.5
7.6
6.6
3.2

-20.3
-11.6
-5.6
7.5
-10.5

-8.A
-20.9
-8.3
1A.3
6.6

20.9
A.9
l.A
11.7
2.9

1A1.A
138.9
10.9
-l.A
-7.0

70.2
6A.7
3.6
-2.8
A.7

Credit market instruments
U.S. sovernment securities
Tax-exempt oblisations
Corporate 8 foreisn bonds
Open-market paper

10
11

18.9
8.A

6.7
5.7

-16.3
-1.2

1.7
2.8

15.5
-13.7

-A. 7
3.5

7.9
123.5

-11.9
-102.1

A.8
-10.1

13.2
5.2

10.2
A2.8

Security credit
Miscellaneous assets

12
13
1A

37.5
2.5
-1.2

28.3
2.2
13^3

-56.9
6.1
-A9.1

-.8
-.9
-11.6

27.3
-6.3
65.3

-7.7
6.1
-26.8

111.8
-2.7
-23.6

-13A.6
-.8
-61.A

16.8
-3.1
78.A

172.A

15
16
17

23.9
10.A
13.5

1.7
-7.3
9.0

-13.1
-6.3
-6.8

A.6
-1.9
6.5

19.5
20.1
-.6

9.6
-9.5
19.1

3.1
-2.A
5.5

-13.7
-15.7
2.0

-8.A

18
19
20
21

.8
.3
9.2
2.0

1.1
.2
7.0
2.9

_e2

A.3
.2
-1.1
3.8

1.1
.3
-65.2
12.6

7.3
.2
-2.1
-2.0

.7
129.3
5.0

8.0
.1
-66.5
-.A

-*6

A.2
-A.2

-.2 Current surplus

131.3 Net acq. of financial assets
3.8
Checkable dep. and currency
A.3
Corporate equities

1
2
3
A
5
6
7
8
9
10
11

131.5 Net increase ln liabilities
2.7
Corporate equity issues
6A.7
Security RPs (net)

12
13
1A

38.9
13.5
25.A

-10.0
-26.0
16.0

Security credit
From banks
Customer credit balances

15
16
17

8.6
-.5
-67.7
l.A

A.9
.5
11.5
1.7

A.5
.6
69.3
-.2

Trade debt
Profit taxes payable
Miscellaneous liabilities
Proprietor net investment

18
19
20
21

5.9 Net acq. of financial assets
A9ency securities
-3.2
9.1
Consumer credit

8*2

N

11A.9

Securitized Credit Oblisations (SCOs)

1
2
3

11.5
11.5

A

11.5

39.0
39.0

32.5
32.5
-

A3.0
A3.0

-

39.1
39.1
-

31.5
31.5
-

23.1
23.1
-

32.5
32.5
-

39.3
16.8
22.5

-l.A
-5.7
A.3

39.0

39.1

32.5

A3.0

31.5

23.1

32.5

39.3

-l.A

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




5.9

Net increase in liabilities
Corporate bonds

1
2
3
A

DECEMBER 6, 1989
Monetary and Insurance Reserves

34

Monetary and Insurance Reserves
Foreign Exchange, Treasury Currency and Insurance Reserves

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

t
1

1988

I

II

III

I
IV 1

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1982
1983
1984
1981

Gold and Official Foreign Exchange Holdings (1)

1 Total U.S. reserves
2 U.S. gold stock and SDRs
U.S. govt.: Ex. Stab. Fund
3
4
Monetary authority (2)
5 U.S. foreign exchange position
Official fgn.currency hldgs.
6
Treasury
7
8
Monetary authority

9
10
11

Net IMF position
U.S. government asset
Monetary authority

-1,502

-39

7,380

-2,271

4,000

12,095

5,255

5.1

5.0

1.2

3.1

1

-155
-140
-15

-180
-180

35
36
-1

-173
-171
-2

188
187
1

-68
-70
2

453
451
2

1.7
1.7

M

1.4
1.4
*

.1
.1

1.0
1.0

K

2
3
4

-1,347
-901
-451
-450

141
210
105
105

7,345
7,547
3,774
3,773

-2,098
-1,791
-896
-895

3,812
4,128
2,064
2,064

12,163
12,004
6,002
6,002

4,802
4,700
2,350
2,350

3.4
.9
.4
.4

3.6
1.0
.5
.5

1.1
-3.3
-1.7
-1.7

2.2
1.2
.6
.6

5
6
7
8

-446
-450
4

-69
-71
2

-202
-196
-6

-307
-315
8

-316
-303
-13

159
148
11

102
110
-8

2.5
2.5

2.6
2.5

4.4
4.5

1.0 9
1.0 10
* 11

1.2
.7
.8

1.7
.6
1.3
-.2

.5
.7
—
-.2

.6
.7
-.1

1
2
3
4

K

»

M

K

(1) Lines 1, 2, and 3 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
SDR certificates
3
4
Unallocated assets

129
162
-33

100
162
-62

120
136
-16

162
162
-

490
162
350
-22

3,330
168
3,150
12

110
271
-161

Insurance and Pension Fund Reserves
Life insurance reserves:

1 Net change in liabilities
2
U.S. government
3
Life Insurance companies

5,425
80
5,345

6,262
81
6.181

5,520
82
5,438

8,057
83
7.974

7,682
84
7,598

6,873
85
6,788

7.040
86
6.954

9.2
.3
8.9

7.2
.2
7.0

8.0
.2
7.8

5.2
.2
5.0

1
2
3

4 Net change in assets (HH)

5,425

6,262

5,520

8.057

7,682

6,873

7,040

9.2

7.2

8.0

5.2

4

5 Net change in liabilities
6
U.S. government
7
Insurance sector
Life insurance companies
8
9
Private pension funds
10
St.81oc. govt. rtr. funds

38,082
-3,987
42,069
22,129
5,820
14,120

50,135
4,784
45,351
24,084
5,387
15,880

56,142
13,613
42,529
22.812
2,699
17,018

54,740
5-221
49,519
19,762
11,873
17,884

26,195 36,306 40,182
-4,160
5,595
13,691
30,355 30,711 26,491
23.684 22,603 21,541
-9,921 --10,892 -13,550
16,592
19,000 18,500

108.7
9.8
98.9
29.5
39.7
29.7

140.9
11.7
129.1
39.7
57.5
32.0

151.2
14.1
137.1
38.8
59.1
39.2

152.5 5
18.0 6
134.5 7
46.7 8
42.1
9
45.7 10

11 Net change in assets (HH)

38,082

50,135

56,142

54,740

26,195

108.7

140.9

151.2

152.5 11

Pension fund reserves:

LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




36,306

40,182

DECEMBER 6, 1989
Monetary and Insurance Reserves

Monetary and Insurance Reserves
35

Foreign Exchange, Treasury Currency and Insurance Reserves
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987
1988

1988
1

I

II

III

IV 1

I

1989
II

III

21.0 Total U.S. reserves

Gold and Official Foreign Exchange Holdings (1)
1

3.9

-.3

-9.1

3.6

-6.0

-.2

29.5

-9.1

16.0

A8.A

2
S
A

.9
.9
M

.2
.3
*

.5
.5
M

-.5
-.5
«

-.6
-.6
-.1

-.7
-.7

.1
.1
K

-.7
-.7
M

.8
.7
«

-.3
-.3
*

5
6
7
8

3.0
3.9
1.9
1.9

-.6
.9
.5
.5

-9.7
-7.6
-3.8
-3.8

A.O
5.1
2.5
2.5

-5.A
-3.6
-1.8
-1.8

.6
.8
•A
•A

29.A
30.2
15.1
15.1

-8.A
-7.2
-3.6
-3.6

15.2
16.5
8.3
8.3

A8.7
A8.0
2A.0
2A.0

9
10
11

-.9
-.9

-1.5
-1.5
K

-2.1
-2.1
M

-1.0
-1.0
*

-1.8
-1.8
*

-.3
-.3
K

-.8
-.8
M

-1.2
-1.3
«

-1.3
-1.2
-.1

.6
.6
*

-

1

1.8 U.S. gold stock and SDRs
U.S. govt.:
Ex. Stab. Fund
1.8
*
Monetary authority (2)

2
3
A

19.2 U.S. foreign exchange position
Official fgn.currency hldgs.
18.8
Treasury
9.A
9.A
Monetary authority

5
6
7
8

.A
.A
*

Net IMF position
U.S. government asset
Monetary authority

9
10
11

(1) Lines; 1, 2, and 3 exclude increases in SDRs through allocations, which
Transactions in SDRs
occurred at various dates beginning January 1970.
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
2
3
A

.8
.5
.3
K

.5
.6
.1
-.2

.5
.6
-.1

.5
.6
-.1

.5
.6
-.1

.A
.6
_e2

.5
.5
-.1

.6
.6
—

2.0
.6
l.A
-.1

13.3
.7
12.6

.A Total U.S. govt, liability
Treasury currency
1.1
SDR certificates
Unallocated assets
-.6

1
2
3
A

Insurance and Pension Fund Reserves

Life insurance reserves:
1
2
3

10.7
.3
10.A

17.5
.3
17.2

26.0
.3
25.7

25.3
.3
2A.9

21.7
.3
21.A

25.0
.3
2A.7

22.1
.3
21.8

32.2
.3
31.9

30.7
.3
30.A

27.5
.3
27.2

28.2 Net change in liabilities
U.S. government
.3
27.8
Life insurance companies

1
2
3

A

10.7

17.5

26.0

25.3

21.7

25.0

22.1

32.2

30.7

27.5

28.2 Net change in assets (HH)

A

5
6
7
8
9
10

17A.8
18.8
156.0
63.A
39.5
53.1

185.3
20.8
16A.6
82.5
2A.A
57.6

169.1
18.9
150.3
70.6
25.0
5A.7

199.1
19.6
179.5
88.8
25.8
6A.9

169.1
13.7
155.A
90.6
6.3
58.5

189.9
21.5
168.A
91.A
12.2
6A.8

1A6.7
19.9
126.8
89.7
-32.0
69.1

290.8
23.5
267.3
83.5
116.6
67.2

119.0
1A.1
105.0
97.0
-61.0
68.9

13A.1
2A.A
109.7
8A.3
-52.1
77.5

11

17A.8

185.3

169.1

199.1

169.1

189.9

1A6.7

290.8

119.0

13A.1

Pension fund reserves:

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




75.1 Net change in liabilities
U.S. government
19.9
Insurance sector
55.2
Life insurance companies
8A.5
Private pension funds
-10A.0
St.Sloc. govt. rtr. funds
7A.7
75.1 Net change in assets (HH)

5
6
7
8
9
10

11

DECEMBER 6, 1989
Interbank Claims

Interbank Claims

Net Interbank Positions* Domestic and Foreign Banks

36

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS* $ MILLIONS
1
1

1988
I

II

III

IV 1I

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1984
1981
1982
1983

Net Interbank Claims
-21,042
-A,755
-3,007
-1,748

13,448 -10,484
-6A1
-115
-3,096
3,357
2,455 -3,472

21,147 -12,665
5,777 -7,311
309 -1,953
5,468 -5,358

-9,823
559
-13
572

-7,693
-5,342
-5,128
-21A

-30.A
-3.A
—2.2
-1*2

-3A.6
2.2
1.3
.9

-3.0
-3.6
-5.0
1.5

13.A
3.6
.4
3.2

Commercial banking
-16,287
To monetary authority
-2,017
To banks in fgn entries.
-15,763
Liabilities* net
-17,660
U.S. chartered banks
-3,180
Due to fgn affils.
-A,318
-Due from fgn affils. -1,138

14,089 -10,369
114
630
12,653 -6,594
14,242 -6,006
11,846 -3,984
5,548
6,113
-6,298
10,097

15,370 -5,354 -10,382
103
-AA3 -2,376
16,541 -9,072 -5,721
15,873 -10,070 -6,129
-2,447 -2,371
1,393
4,742 -2,759 -A-519
7,189
-388 -5,912

-2,351
A62
-1.675
-2,537
62
-5,098
-5,160

-27.0
-2.9
-20.9
-17.9
-3.0
12.7
15.7

-36.8
.1
-35.7
-25.2
-13.2
-2.7
10.5

.6
-1.0
12.5
10.6
6.7
8.5
1.8

9.8 5
2.0 6
2.3
7
-.7 8
-6.A 9
.9 10
7.3 11

1 Net change in liabilities
2
Monetary authority
3
Depository inst. reserves
4
Vault cash
5
6
7
8
9
10
11
12
13
IA

Domestic affiliates
Due to fgn. affil.
-Due from fgn. affil.

-1,995
-552
1,443

-71
2,374
2,445

15
16
17

Fgn. bkg. off. in U.S. -12,485
Due to fgn affil.
-2,853
-Due from fgn. affil.
9,632

2,467
3,833
1,366

18
19
20

Less: Dep. at fgn. banks
U.S. chartered banks
Fgn. bkg. off. in U.S.

27
28

To U.S. banking* net
U.S.-chartered banks
Liabilities
To dom. affiliates
To fgn. off in U.S.
Unallocated
Less, due from:
Fgn. offices in US
Domestic affiliates

29
30
31

Domestic affiliates
Due to U.S. banks
-Due from U.S. banks

32
33
3A

Fgn. bk9. off. in U.S.
Due to U.S. banks
-Due from U.S. banks

21
22
23
2A
25
26

35 Net change in assets
36
Foreign
37
Domestic
38
Monetary authority
39
Federal Reserve float
AO
Loans to member banks

Al
*2
A3

Commercial banking
Reserves at F.R.
Vault cash

AA

Thrifts: Reserves at F.R.

A5 Discrepancy:

Floats, etc.

3,845
918
-2,927

-2,724
-987
1,737

1.392
-200
-1,592

-792
176
968

-6.1
1.0
7.2

-2.2
.3
2.5

-3.1
.7
3.8

-.6 12
.8 13
l.A IA

-1,986
14,475
2»0b9
-2,742
-756 -12,406

-A,975
-A,505
A70

-8,914
-9,165
-251

-1,807
-1,301
506

-8.8
9.0
17.8

-9.8
-6.3
3.5

7.1
5.3
-1.8

6.3 15
-.9 16
-7.2 17

-998
-766
-232

-A 08
-699
291

-862
-868
6

3.0
3.A
-.A

10.5
10.3

-1.8
-1.3
-.6

-2.9 18
-A.6 19
1.7 20

A,161 -2,285
-509 -13,225
3,395 -1,405
5,418 -3,016
-6,184
3,896
A,161 -2,285

-1,138
-2,801
1,907
7,749
-70A
-1.138

-3.1
-12.0
3.A
6.0
.5
-3.1

-1.1
-2.0
-6.5
1.7
-7.1
-1.1

-10.9
-.1
-5.9
6.7
-1.7
-10.9

-1,897
-1,962
65

1,589
2,051
-A62

588
61A
-26

-668
-886
218

1-493
-13,869
-2,056
5A7
-A,096
1,493

1,322
1,652
4,432
1,458
1,652
1,322

-A,405
A, 668
-1,876
1,537
992
-A,A05

-1,274
7,578
3,545
-3,195
8,014
-1,274

10,646
1,167

5,282
-2,502

-3,762
-2,782

-3,119
-91A

2,275
1,629

12,328
-508

A,AAO
268

13.A
2.0

-A. 7
.2

-5.A
-.A

-A. 7 27
» 28

620
1,167
5A7

-3,960
-2,502
1.458

-A,319
-2,782
1,537

2,281
-91A
-3,195

-3,789
1,629
5,418

2,508
-508
-3,016

-3,481
268
3,749

-A.O
2.0
6.0

-1.5
.2
1.7

-7.1
-.A
6.7

2.5 29
K 30
-2.5 31

14,742
10,646
-A,096

3,630
5,282
1,652

-4,754 -11,133
-3,762 -3,119
8,014
992

8,459
2,275
-6,ISA

8,432
12,328
3,896

5,144
A,AAO
-70A

13.0
13.A
.5

2.3
-A. 7
-7.1

-3.8
-5.A
-1.7

-1.5 32
-A. 7 33
-3.1 34

-22,535
-15,763
-6.772
-2,017
-513
-1,504

12,126
12,653
-527
114
-39
153

-6,079
-6,594
515
630
9A0
-310

22,421 -16,826
16,541 -9,072
5,880 -7,754
103
-AA3
87
-727
16
28A

-7,538
-5,721
-1,817
-2,376
-762
-1,614

-6,555
-1,675
-4,880
A62
704
-2A2

-27.3
-20.9
-6.3
-2.9
-2.7
-.2

-33.A
-35.7
2.3
.1
1.0
-.9

7.9
12.5
-A. 6
-1.0
-1.2
.2

7.9
2.5
5.6
2.0
-.7
2.7

-5,273
-3,525
-1,748

-A92
-2-947
2,455

-523
2,949
-3,472

-6,451
-1-093
-5,358

229
-3A3
572

-4,877
-4,663
-21A

-3.5
-2.3
-1.2

1.9
1.0
.9

-A.5
-6.0
1.5

2.8 Al
-.5 A2
3.2 A3

5,488
20
5,468

5.5
A.6
K
-2.5
-3.1
5.5

21
22
23
2A
25
26

35
36
37
38
39
AO

518

-1A9

A08

289

-860

330

-A65

.1

.3

1.0

.9 AA

1,493

1,322

-4,405

-1,274

A,161

-2,285

-1,138

-3.1

-1.1

-10.9

5.5 45

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-36
1,982
2,018

1
2
3
A

DECEMBER 6, 1989
Interbank Claims

Interbank Claims

37

Net Interbank Positions* Domestic and Foreign Banks

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS- $ BILLIONS
1985
1987
1986
1988

1
1

1988
I

II

IV !
I

III

1989
II

III

Net Interbank Claims

1
2
3
4

27.6
8.1
6.8
1.3

28.3
19.6
19.5
.1

33.5
-7.1
-6.3
-.8

3.1
.3
-2.4
2.7

-71.9
-3.8
-11.1
7.3

97.5
5.1
-.9
5.9

-73.4
-9.8
6.2
-16.1

60.0
9.6
-4.0
13.6

-32.5
-13.6
-6.4
-7.3

3.7
9.8
11.5
-1.7

5
6
7
8
9
10
11

19.5
-.4
14.5
9.8
8.1
10.3
2.2

8.7
-1.2
12.7
11.7
-3.7
-5.1
-1.4

40.6
1.8
44.1
42.1
15.3
12.0
-3.3

2.8
-1.2
6.8
6.4
2.2
12.1
9.9

-68.1
.7
-66.6
-73.2
-34.7
-10.4
24.2

92.5
1.4
84.3
90.2
67.6
16.4
-51.2

-63.5
1.7
-35.3
-31.5
-25.5
14.7
40.3

50.4
-8.4
45.0
40.3
1.6
27.6
26.0

-18.8
7.7
-35.1
-37.7
-31.0
-2.7
28.3

-6.1
-8.4
10.5
8.5
27.5
-24.2
-51.7

-34.0
.8
-15.7
-18.4
-12.4
-32.5
-20.1

Commercial banking
5
To monetary authority
6
7
To banks in fgn entries.
Liabilities* net
8
9
U.S. chartered banks
10
Due to fgn affils.
-Due from fgn affils. 11

12
13
14

-.5
-1.1
-.6

1.3
1.2
-.1

3.5
.9
-2.6

1.7
4.7
3.0

2.7
—2.2
-4.9

-.1
9.5
9.6

-4.5
7.9
12.5

8.9
3.7
-5.2

.7
-3.9
-4.7

5.3
-.8
-6.1

-6.9
.7
7.6

Domestic affiliates
12
Due to fgn. affil.
13
-Due from fgn. affil. 14

15
16
17

2.2
7.4
5.1

14.1
18.7
4.6

23.4
13.0
-10.4

2.5
.3
-2.2

-41.2
1.2
42.4

22.7
12.5
-10.2

-1.4
-1.8
-.4

29.9
-10.7
-40.6

-7.4
-4.9
2.5

-24.4
-39.5
-15.1

.9
5.2
4.3

Fgn. bkg. off. in U.S. 15
Due to fgn affil.
16
-Due from fgn. affil. 17

18
19
20

-4.7
-2.0
-2.7

-1.1
-1.0
-.1

-2.0
-1.9
-.1

-.4
-.2
-.2

-6.6
-6.9
.3

5.9
7.8
-1.8

3.8
3.9
-.1

-4.7
-5.6
.9

-2.7
-1.7
-.9

-2.0
-3.2
1.2

-2.6
-2.6
K

Less: Dep. at fgn. banks 18
19
U.S. chartered banks
Fgn. bkg. off. in U.S. 20

21
22
23
24
25
26

5.3
-1.7
6.9
.3
1.3
5.3

-2.8
-.9
4.7
.2
7^3
-2.8

-5.3
.7
2.3
-1.9
9.5
-5.3

-2.9
K
4.0
.3
6.6
-2.9

-2.2
-58.3
-11.0
2.2
-11.0
—2.2

6.8
10.0
21.1
5.8
8.4
6.8

-29.9
1.3
-25.4
6.1
-1.6
-29.9

13.8
47.2
31.5
-12.8
30.4
13.8

8.6
-3.4
12.4
21.7
-17.8
8.6

-8.2
-49.4
-2.8
-12.1
17.5
-8.2

-19.0
-31.0
-12.7
15.0
-8.6
-19.0

27
28

6.3
2.2

6.1
-.5

1.8
_, 2

9.0
-5.0

42.7
4.7

21.1
-10.0

-15.6
-11.1

-12.0
-3.7

9.4
6.5

48.6
-2.0

17.3
1.1

29
30
31

2.0
2.2
.3

-.7
-.5
•2

1.8
- .2
-1.9

-5.4
-5.0
.3

2.5
4.7
2.2

-15.8
-10.0
5.8

-17.3
-11.1
6.1

9.1
-3.7
-12.8

-15.2
6.5
21.7

10.0
-2.0
-12.1

-13.9
1.1
15.0

32
33
34

5.0
6.3
1.3

-1.2
6.1
7.3

-7.7
1.8
9.5

2.5
9.0
6.6

53.6
42.7
-11.0

12.7
21.1
8.4

-14.0
-15.6
-1.6

-42.4
-12.0
30.4

27.1
9.4
-17.8

31.1
48.6
17.5

25.9
17.3
-8.6

35
36
37
38
39
40

22.3
14.5
7.7
-.4
.1
-.5

31.1
12.7
18.4
-1.2
.3
-1.5

38.8
44.1
-5.3
1.8
-.5
2.3

5.9
6.8
-.9
-1.2
.5
-1.6

-69.7
-66.6
-3.1
.7
2.4
-1.7

90.7
84.3
6.4
1.4
.5
.9

-43.4
-35.3
-8.1
1.7
4.3
-2.6

46.2
45.0
1.2
-8.4
-5.3
-3.1

-41.0
-35.1
-6.0
7.7
1.6
6.1

11.9
10.5
1.4
-8.4
-2.4
-5.9

-47.0 Net change in assets
Foreign
-15.7
-31.3
Domestic
.8
Monetary authority
3.4
Federal Reserve float
Loans to member banks
-2.6

41
42
43

6.4
5.1
1.3

17.9
17.8
.1

-7.2
-6.4
-.8

-.8
-3.5
2.7

-5.8
-13.1
7.3

5.7
-.3
5.9

-11.5
4.6
-16.1

8.5
-5.2
13.6

-10.2
-2.9
-7.3

8.5
10.1
-1.7

-30.2
-26.2
-4.0

44

1.7

1.7

.1

1.1

2.1

-.6

1.6

1.2

-3.4

1.3

45

5.3

-2.8

-5.3

-2.9

-2.2

6.8

-29.9

13.8

8.6

-8.2

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




-66.1 Net change in liabilities
Monetary authority
-32.1
-28.1
Depository inst. reserves
Vault cash
-4.0

-1.9

1
2
3
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. offices in US
Domestic affiliates

21
22
23
24
25
26

Domestic affiliates
Due to U.S. banks
-Due from U.S. banks

29
30
31

Fgn. bkg. off. in U.S.
Due to U.S. banks
-Due from U.S. banks

32
33
34

27
28

35
36
37
38
39
40

Commercial banking
Reserves at F.R.
Vault cash

41
42
43

Thrifts: Reserves at F.R.

44

-19.0 Discrepancy:

Floats* etc.

45

DECEMBER 6, 1989
Deposit Claims

Deposit Claims

38

Monetary Claims On Financial Institutions

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, S MILLIONS
I
1

1988

I

II

III

I
IV 1

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1982
1983
1984
1981

Checkable Deposits and Currency

1 Net change in liabilities

2
3
4
5

Monetary authority
U.S. govt, cash & deposits
Foreign deposits
Currency outside banks

6
7
8
9

Commercial banking
U.S. government deposits
Foreign deposits
Private domestic deposits

10

Savings institutions

11 Net change in total assets

-21,546

41,689

-5,637

-3,907
-2,877
336
-1,366

13,065
7,312
-206
5,959

6,653
3,218
-51
3,486

-18,735
1,876
-818
-19,793

23,054 -13,068
1,595
9,039
1,295 -1,559
12,720 -13,104

28,372 -57,760

37,481

1,551

27.9

37.7

40.4

47.4

1

2,275
-4,361
-18
6,654

-3,502
-4,132
41
589

13,259
7,708
-129
5,680

-19
1,265
78
-1,362

10.9
1.2
.1
9.5

10.2
.7
- .2
9.7

13.0
-1.3

10.3
1.7

X

X

14.3

8.6

2
3
4
5

25,279 -51,142
-5,175 -15,466
532
548
29,922 -36,224

25,111
20,877
-41
4,275

-33
-1,974
245
1,696

8.6
-1.1
-3.9
13.7

19.2
6.1
-3.4
16.5

15.9
-5.3
1.6
19.7

29.2
4.0
2.0
23.2

6
7
8
9

818

1,096

5,570

778

-3,116

-889

1,603

8.4

8.3

11.5

7.9 10

-21,546

41,689

-5,637

28,372 -57,760

37,481

1,551

27.9

37.7

40.4

47.4 11

12
13
14
15

Pvt. domes, sectors, by type -20,063
-1,366
Currency
-23,455
Demand deposits
Other checkable
4,758

24,249 -8,840
5,959
3,486
9,257 -15,151
2,825
9,033

37,394 -38,751
6,654
589
24,587 -33,755
6,153 -5,585

9,066
5,680
10,067
-6,681

1,937
-1,362
-1,906
5,205

31.6
9.5
-28.8
50.8

34.5
9.7
-1.1
26.0

45.5
14.3
2.7
28.5

39.7
8.6
15.3
15.8

12
13
14
15

16
17
18
19
20
21
22

Pvt.domes.sectors, by holder -20,063
Pvt. domestic nonfinancial -19,151
Households
-11,462
Business
189
StateSlocal governments
-2,896
Mail float
-4,982
Financial sectors
-912

24,249 -8,840
20,940 -10,780
17,122 -13,347
8-092
-2,471
4,139 -1,302
2,150 -4,223
1,940
3,309

37,394 -38,751
35,998 -32,028
11,753 -15,139
14-234 -4,776
2,107 -5,103
7,904 -7,010
1,396 -6,723

9,066
9,332
4,537
-930
2,438
3,287
-266

1,937
-548
7,652
3,042
-3,801
-7,441
2,485

31.6
28.3
33.1
-7.4
-1.5
4.1
3.3

34.5
27.2
21.0
9.6
-1.6
-1.8
7.4

45.5
44.0
25.0
17.1
-.7
2.6
1.4

39.7
38.9
18.0
17.7
5.0
-1.9
.8

16
17
18
19
20
21
22

23
24

Foreign
U.S. government

1,089
16,351

514
589
-9,536 -19,598

-170
28,585

323
-709

-3.8
.1

-3.7
6.8

1.6
-6.7

-482
-1,001

-1,610
4,813

1.9 23
5.7 24

Small Time and Savings Deposits

1 Net change In liabilities
Commercial banks
2
3
Savings institutions
4
Savings and loan assns.
Mutual savings banks
5
6
Credit unions

7 Net change in assets
Households
8
State and local governments
9
U.S. government
10
Credit unions
11

57,061
24,958
32,103
27,595
-827
5,335

26,533
16,289
10,244
8,612
-2,009
3,641

18,293
12,081
6-212
9,863
-4,858
1,207

18,725
20,021
-1,296
-508
-1,185
397

12,724 20,302
20,596
16,054
-7,872
4,248
-5,469
15,059
-5,250 -10,328
2.847
-483

31,755
24,717
7,038
9,694
-4,830
2,174

47.8
40.1
7.7
3.9
1.6
2.2

138.7
96.4
42.3
29.7
4.5
8.2

216.6
130.8
85.8
65.7
7.5
12.6

150.8
74.6
76.2
67.5
-2.6
11.3

57,061
55,162
1,517
-79
461

26,533
24,347
1,723
72
391

18,293
18,519
1,684
—225
-1,685

18,725
17,032
2,201
-15
-493

12,724
12,210
2,153
-72
-1,567

31,755
30,285
2,086
15
-631

47.8
47.5
.1
-.1
.4

138.7
134.3
1.5
.5
2.5

216.6
210.1
5.3
-.5
1.6

150.8 7
153.2 8
-2.6 9
.5 10
-.4 11

20,302
19,540
2,411
-47
-1,602

1
2
3
4
5
6

Large Time Deposits
1 Net change in liabilities
Commercial banking
2
Domestic banks
3
4
Foreign banking offices
5
Savings institutions

6 Net change in assets
Pvt. domestic nonfinancial
7
8
Households
9
Business
10
State 8 local governments
Foreign
11
12
13
14
15
16
17

Financial sectors
Saving and loan assns.
Credit unions
Private pension funds
St.Slocal govt.rtr.funds
Money market funds

7,584
4,951
5,061
-110
2,633

496
-828
218
-1,046
1,324

30,603
25,042
21,998
3,044
5,561

14,812
12,942
7,932
5,010
1,870

19,070
19,916
15,842
4,074
-846

4,260
2,740
2,539
201
1,520

-1,552
4,922
3,636
1,286
-6,474

61.3
51.5
43.9
7.6
9.8

24.6
13.0
2.3
10.7
11.6

-13.0
-48.3
-38.7
-9.6
35.3

87.3
38.3
33.9
4.4
49.0

7,584
-1,511
-9,942
6,276
2,155
190

496
-4,604
4,799
-482
-8,921
2,542

30,603
35,692
33,164
2,328
200
-2,246

14,812
11,216
9,243
6,544
-4,571
2,568

19,070
19,973
19,363
556
54
-1,121

4,260
7,138
14,886
-962
-6,786
-5,211

-1,552
-1,873
3,395
-1,074
-4,194
4,121

61.3
36.6
14.1
20.4
2.2
2.3

24.6
-1.0
-18.0
14.6
2.4
6.8

-13.0
-8.3
-22.0
25.3
-11.6
.5

87.3

8,905
-128
2,588
4,680
-164
1,929

2,558
-62
-2,056
3,897
2,820
-2,041

-2,843
-61
-1,663
-3,581
-500
2,962

1,028
297
-1,000
3,597
1,782
-3,648

218
-192
-870
-1,928
712
2,496

2,333
-2,908
-1,597
-1,906
2,168
6,576

-3,800
-292
-505
-5,280
1,181
1,096

22.4
-.7
-.3
.5
.1
22.8

18.7
7.2
5.0
7.5
2.2
-3.1

-5.2
1.2

—•2
—5*5
-.8
3.3
3.2
-.4

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




X

7.5
2.8
-16.8

1
2
3
4
5

6
82.9 7
63.0 8
17.1
9
2.8 10
4.6 11
12
13
14
15
16
17

DECEMBER 6, 1989
Deposit Claims

Deposit Claims

39

Monetary Claims On Financial Institutions

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS» $ BILLIONS
1985
1986
1987
1988

I
I

1988
I

II

III

I
IV I

I

1989
II

III

Checkable Deposits and Currency
1

83.5

127.0

A.l

A2.9

72.3

.9

28.9

69.A

-65.9

-29.A

2
3
A
5

16.6
A.l
.1
12.A

12.A
-1.9
-.2
1A.A

16.7
-2.3
-.1
19.0

18.1
3.3
.1
1A.7

15.8
3.7
1.3
10.7

30.2
17.2
-.8
13.8

35.0
6.0
29*3

-8.7
-13.7
-.1
5.1

18.8
-.7
.2
19.3

29.A
17.3
-.5
12.6

10.6
-1.1
.3
11.A

Monetary authority
U.S. govt, cash 8 deposits
Foreign deposits
Currency outside banks

2
3
A
5

6
7
8
9

53.9
10.3
l.A
A2.2

9A.1
1.7
2.9
89.6

-19.8
-5.8
-1.3
-12.6

16.5
7.3
-.6
9.7

A8.7
AA.2
1.7
2.8

-A3.0
-16.3
1.2
-27.9

-12.8
5.6
-.8
-17.6

73.2
-A.l
-A. 3
81.6

-75.9
-21.6
7.5
-61.8

-A5.8
26.6
-A.5
-67.9

38.2
-6.A
6.5
38.2

Commercial banking
U.S. government deposits
Foreign deposits
Private domestic deposits

6
7
8
9

Savings institutions

59.1 Net change in liabilities

1

10

13.0

20.5

7.2

8.3

7.8

13.6

6.7

A.9

-8.8

-13.0

10.3

11

83.5

127.0

A.l

A2.9

72.3

.9

28.9

69.A

-65.9

-29.A

59.1 Net change in total assets

12
13
IA
15

67.6
12.A
22.0
33.2

12A.5
1A.A
52.7
57.A

13.6
19.0
-30.1
2A.7

32.7
1A.7
-A.8
22.8

21.A
10.7
-13.6
2A.3

-.A
13.8
-A1.3
27.0

18.A
29.3
-22.3
11.5

91.6
5.1
58.2
28.3

-51.A
19.3
-5A.1
-16.6

-68.A
12.6
-AA.2
-36.8

59.9
11.A
28.0
20.5

Pvt. domes, sectors* by type 12
13
Currency
IA
Demand deposits
15
Other checkable

16
17
18
19
20
21
22

67.6
5A.2
21.0
31.A
1.1
.8
13.3

12A.5
109.A
88.6
26.1
3.5
-8.9
15.1

13.6
16.0
18.6
-3.8
.8
.A
-2.A

32.7
27.0
A.l
20.0
2.0
.8
5.7

21.A
1A.A
-1.8
10.9
2.6
2.7
7.0

-.A
-16.7
-20.8
5.6
2.2
-3*6

16.2

18.A
7.9
-22.7
19.A
A.5
6.6
10.5

91.6
102.A
61.6
AA.3
-1.2
-2.3
-10.8

-51 .A
-35.2
-13.1
-11.1
-5.9
-5.1
-16.2

-68.A
-70.A
-78. A
12.8
-5.1
.3
2.1

59.9
A6.8
59.A
-1.3
-5.5
-5.8
13.1

Pvt.domes.sectors, by holder
Pvt. domestic nonfinancial
Households
Business
State&local governments
Mail float
Financial sectors

16
17
18
19
20
21
22

23
2A

1.6
1A.3

2.7
-.2

-l.A
-8.1

-.5
10.6

3.1
A7.9

.A
.9

-1.0
11.5

-A. 3
-17.9

7.7
-22.2

-5.0
A3.9

6.8
-7.6

Foreign
U.S. government

23
2A

JO

>

11

Small Time and Savings Deposits

1
2
3
A
5
6

1A1.2
80.3
60.8
A3.8
-2.A
19.A

12A.1
71.6
52.5
36.3
-7.3
23.5

76.3
27.A
A8.9
A8.7
-10.9
11.1

120.6
73.3
A7.3
A5.6
-8.9
10.6

199.0
105.3
93.7
85.2
-3.A
11.9

131.3
82.8
A8.5
AO.8
-1.5
9.2

68.1
25.0
A3.1
50.1
-17.3
10.3

8A.0
80.2
3.8
6.2
-13.A
11.0

17.9
83.A
-65.5
-A7.A
-19.7
1.6

109.7
86.6
23.0
65.7
-35.3
-7.A

119.8 Net change in liabilities
70.8
Commercial banks
A9.0
Savings institutions
51.A
Savings and loan assns.
-16.9
Mutual savings banks
1A.5
Credit unions

7
8
9
10
11

1A1.2
1A3.9
-5.A
«
2.6

12A.1
120.3
.2
.2
3.3

76.3
66.8
9.2
.2
.1

120.6
115.1
7.1
_' 2
-L3

199.0
190.7
8.7
-.3
-.2

131.3
125.7
A.8
.3
.5

68.1
63.A
9.3
-.9
-3.7

8A.0
80.A
5.6
-.1
-2.0

17.9
1A.8
11.6
-.3
-8.2

109.7
110.0
7.A
- .2
-7.5

119.8 Net change in assets
108.0
Households
11.0
State and local governments
U.S. government
.1
.7
Credit unions

1
2
3
A
5
6
7
8
9
10
11

Large Time Deposits
1
2
3
A
5

17.9
11.8
10.8
.9
6.1

5.0
3.2
-6.6
9.8
1.8

50.6
A2.1
37.7
A.A
8.5

53.5
A2.1
35.2
6.9
11.A

53.9
35.5
28.2
7.3
18.A

18.6
8.6
10.8
-2.2
10.0

118.1
102.7
92.6
10.1
15.A

23.5
21.7
9.3
12.A
1.7

107.3
103.3
79.5
23.9
A.O

30.7
18.7
1A.1
A.6
12.1

6
7
8
9
10
11

17.9
7.A
—22. A
17.A
12.A
3.7

5.0
-11.A
-25.0
18.A
-A.8
-2.7

50.6
26.7
19.6
15.6
-8.5
.9

53.5
AO.8
37.3
1A.7
-11.1
3.1

53.9
16.9
-A.5
26.8
-5.A
A.3

18.6
-3.5
9.0
9.1
-21.6
9.1

118.1
137.0
117.0
19.5
.5
-5.9

23.5
12.7
27.6
3.2
-18.0
A.7

107.3
111.9
123.7
3.0
-1A.8
-.8

30.7
39.8
AA.A
7.8
-12.5
-22.0

12
13
IA
15
16
17

6.8
2.3
2.3
7.6
l.A
-6.8

19.1
A.O
3.8
5.6
3.5
2.3

23.0
-8.5
.3
15.0
1.7
1A.A

9.6
M
-2.1
8.6
3.9
-.8

32.6
-7.A
9.2
18.7
.5
11.6

13.0
A.O
-11.A
15.6
10.6
-5.8

-13.0
.3
-2.5
-1A.3
-2.8
6.A

6.0
3.3
-3.9
1A.A
7.5
-15.3

-3.7
-8.5
-A. 3
-7.7
A.A
12.A

12.9
-6.9
-9.9
-7.6
7.7
29.6

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




-13.0 Net change in liabilities
21.7
Commercial banking
19.5
Domestic banks
Foreign banking offices
2.1
-3A.7
Savings institutions
-13.0 Net change in assets
-15.A
Pvt. domestic nonfinancial
-A. 9
Households
6.5
Business
-16.9
State 8 local governments
19.9
Foreign
-17.6
-1.5
2.3
-21.1
3.6
-.9

Financial sectors
Saving and loan assns.
Credit unions
Private pension funds
St.Slocal govt.rtr.funds
Money market funds

1
2
3
A
5
6
7
8
9
10
11
12
13
IA
15
16
17

DECEMBER 6, 1989
Deposit Claims, Continued

Deposit Claims.. Continued

40

Monetary Claims On Financial Institutions

UNADJUSTED NET FLOWS» $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1988

I

II

III

1
IV 1

I

1989
II

III

ANNUAL FLOWS., $ BILLIONS
1981
1984
1982
1983

Money Market Mutual Fund Shares

1 Net change in assets
2
Households
Nonfin. corp, business
3
4
Life insurance cos.
Private pension funds
5

28,591 -17,240
23,597 -13,942
1,988
1,582
120
427
2,886 -5,307

-925
-3 ,410
973
548
964

11,432
11,845
160
484
-1,057

25,861
22,908
1,747
472
734

20,625
17,892
1,725
515
493

30,645
28,196
1,113
477
859

109.8
90.7
ll .4
3.7
3.9

32.7
32.8
.6
1.1
-1.8

-40.4
-31.1
-7.9
-1.9
.4

54.2
44.0
4.9
2.2
3.0

1
2
3
4
5

37.1
1.6
1.9
-.3
18.8
-.3
17.0

1
2
3
4
5
6
7

Federal Funds and Security Repurchase Agreements

1 Net change in liabilities
Commercial banking (net)
2
3
Domestic binks
4
Foreign banking offices
5
Savings and loan assns.
Mutual savings banks
6
7
Brokers 8 dealers (net)
8 Net change in assets
9
Nonfinancial corporations
10
State and local governments
Foreign
11
Financial sectors
12
Monetary authority
13
14
Sponsored credit agencies

15
16
17
18
19

Savings and loan assns.
Mutual savings banks
Credit unions
Other insurance companies
Money market funds

20 Discrepancy-unallocated assets

28,597
28,516
26.547
1,969
-7,885
960
7,006

8,828
3,503
-835
4,338
10,417
485
-5,577

10,640
4,700
6,048
-1,348
6,032
1,433
-1,525

-24,279
-17,080
-16,331
-749
5,105
-771
-11,533

33,871
24,137
28,569
-4,432
985
-218
8,967

8,908
41,940
14,491
15,997
10,667
16,976
5,330 -2,485
-3,718 -25,341
-856
201
19,557
30,517

29.3
14.8
14.8
3.0
2.4
9.1

32.1
9.2
9.2
-1.2
-.7
24.7

12.9
14.8
11.3
3.5
13.9
-.8
-14.9

21,679
2,445
3,749
-1,142
16,627
-1,316
11,834

10,267
92
4,241
1,155
4,779
7,426
-4,336

9,669
-1,035
3,397
1,413
5,894
2,064
2,859

-888
6,707
1,570
-328
-8,837
-2,629
-3,764

13,820
2,518
4,722
671
5,909
-6-861
1,933

33,714
2,432
1,917
1,661
27,704
19,635

2,068
-940
6,380
-1-313
-2,059
-4,629

23.1
5.0
-.8
K
18.9
.4
3.5

30.7
8.7
2.4
1.6
17.9
2.1
5.4

26.8
6.2
16.9
.5
3.2
-3.8
-2.3

2,068
2,107
-647
409
2,172

661
-449
1,962
349
-834

1,289
67
-1,666
312
969

-1,877
-1,477
486
345
79

1,870
1,667
973
366
5,961

2,030
897
-378
390
5,130

-384
67
957
415
1,515

2.9
1.5
1.7
.1
8.9

4.0
K
.8
4.0
1.7

2.3
-.6
1.1
9.6
-3.2

6,918

-1,439

971 -23,391

20,051

8,226

6,840

6.2

1.4

-13.9

10.4
-1.7
12.1

4.5
-.4
4.9

1.3
3.1
-1.8

36.3 8
.5 9
9.4 10
.1 11
26.4 12
13
8.3 14

2.4
1.3
.3
4.2
9.7

15
16
17
18
19

.8 20

U.S. Deposits; in Foreign Countries

1 Total fgn. liability, held by:
2
Nonfinan. corporate business
3
Money market funds

-3,317
-3,823
506

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-4
4

-2,711
-3,092
381

2,009
-5,183
7,192

2,010
2,673
-663

-4,000
2,692
-6,692

1,000
-6,701
7,701

-5.8
-5.1
-.7

1
2
3

DECEMBER 6, 1989
Deposit Claims* Continued

Deposit Claims* Continued
A 1

Monetary Claims On Financial Institutions
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
I
I

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987
1988

I
IV I

1988
I

II

III

I

1989
II

55.9
44.1
7.0
1.9
2.9

115.9
104.9
6.9
2.1
2.0

129.6 Net change in assets
Households
119.8
Nonfin. corp, business
4.5
1.9
Life insurance cos.
3.4
Private pension funds

1
2
3
4
5

1
2
3
4
5
6
7

III

Money Market Mutual Fund Shares
1
2
3
4
5

10.2
12.1
-3.2
.4
1.0

48.3
33.0
5.3
5.8
4.2

24.0
21.4
5.8
-1.8
-1.4

21.9
18.1
4.7
1.6
-2.5

69.6
49.7
8.0
.5
11.5

-40.6
-27.4
6.3
1.7
-21.2

55.8
57.4
.6
1.9
-4.2

2.6
-7.3
3.9
2.2
3.9

Federal Funds and Security Repurchase Agreements

1
2
3
4
5
6
7

29.0
31.3
26.8
4.5
-1.9
.8
-1.2

48.7
19.2
10.8
8.4
14.2
2.0
13.3

-9.5
10.9
12.6
-1.7
26.3
2.4
-49.1

23.8
19.6
15.4
4.2
13.7
2.1
-11.6

116.9
59.3
51.4
7.9
-11.5
3.8
65.3

71.2
82.0
64.6
17.4
14.1
1.9
-26.8

14.3
.3
5.7
-5.4
31.8
5.7
-23.6

-107.3
-63.0
-60.0
-3.0
20.3
-3.1
-61.4

136.2
33.0
50.8
-17.7
25.7
-.9
78.4

207.8
141.2
119.9
21.3
-44.9
-3.4
114.9

9.0 Net change in liabilities
37.2
Commercial banking (net)
Domestic banks
47.1
-9.9
Foreign banking offices
Savings and loan assns.
-93.7
.8
Mutual savings banks
64.7
Brokers 8 dealers (net)

8
9
10
11
12
13
14

37.4
9.5
8.2
.8
19.0
3.2
7.2

43.7
12.2
8.0
3.4
20.2
10.8
5.0

7.1
.8
16.3
2.2
-12.3
-14.7
-4.2

40.7
8.2
13.0
1.1
18.5
5.5
6.6

73.6
16.9
11.0
-4.6
50.3
7.4
47,3

68.5
6.4
20.1
4.6
37.3
32.5
-17.3

34.0
4.6
2.5
5.7
21.3
4.7
11.4

-13.2
5.0
18.3
-1.3
-35.1
-22.4
-15.1

38.1
16.9
14.7
2.7
3.8
-16.2
7.7

164.8
16.2
11.2
6.6
130.7
3.5
78.5

2.6 Net change in assets
4.9
Nonfinancial corporations
State and local governments
14.5
Foreign
-5.3
Financial sectors
-11.5
-4.4
Monetary authority
-18.5
Sponsored credit agencies

15
16
17
18
19

-4.5
.3
3.7
5.7
3.3

-4.8
2.5
.6
6.1

1.0
-1.9
-1.6
2.0
7.1

2.1
.2
.1
1.4
2.4

3.0
.9
-7.5
1.6
-2.5

-1.3
1.4
8.6
1.4
12.1

8.8
.9
-3.0
1.2
-2.7

-1.9
-2.2
2.4
1.4
2.6

1.4
-1.0
-1.3
1.5
11.7

4.6
6.8
-.6
1.6
36.3

1.4
.9
7.9
1.7
-.5

20

-8.4

4.9

-16.5

-16.9

43.3

2.8

-19.7

-94.1

98.2

43.0

6.4 Discrepancy-unallocated assets 20

-5.3
-34.4
29.1

18.1
25.5
-7.4

-20.0
5.1
-25.1

K

Savings and loan assns.
Mutual savings banks
Credit unions
Other insurance companies
Money market funds

8
9
10
11
12
13
14

15
16
17
18
19

U,.S. Deposits in Foreign Countries
1
2
3

-4.3
-2.1
*2.2

9.1
5.9
3.1

-3.4
-2.8
-.6

-4.0
-12.1
8.1

-5.8
-2.7
-3.1

-3.6
-5.9
2.2

-1.4
-5.5
4.1

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




13.3 Total f9n. liability, held by:
-20.9
Nonfinan. corporate business
Money market funds
34.2

1
2
3

DECEMBER 6, 1989
U.S. Government Securities

U.S. Government Securities

42

U.S. Government Securities Market Summary

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1
IV 1

1988
I

II

III

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

Total Net Issues* by Sector and Type
1 Total U.S. government secur.
2
U.S. government
3
Spons. agencies & mtg. pools

66,950
42,871
24,079

45,421
19,084
26,337

81,023 101,541
41,661 53,846
39,362 47,695

82,962
37,946
45,016

36,799
9,986
26,813

76,569
38,565
38,004

133.0
87.5
45.5

225.9
161.4
64.5

254.4
186.6
67.8

273.8
198.9
74.9

1
2
3

By instrument:
Treasury issues
Household savings bonds
Treas. excl. savings bonds

42,994
2,920
40,074

17,153
2,144
15,009

36,437
1,614
34,823

43,444
1,775
41,669

38,240
2,611
35,629

8-703
1,853
6,850

38,604
1,686
36,918

87.8
-4.3
92.2

162.1
.2
162.0

186.7
3.1
183.5

199.0
3.0
195.9

4
5
6

23,956
135
-258
10,305
13,774

28,268
2,116
-185
4,363
21,974

44,586
5,662
-438
10,605
28,757

58,097
10,402
19,610
28,085

44,722
-294
16,219
28,797

28,096
1,283
4,670
22,143

37,965
-39
1,443
36,561

45.2
-.3
-.1
30.5
15.0

63.7
-.2
-.5
14.9
49.5

67.8
X
1.4
66.4

76,569
11,842
11,023
819

133.0
.4
.2
•2

225.9
1.4
1.5
-.1

254.4
-1.3
-.8
-.4

273.8
1.6
1.4
.2

1
2
3
4
5

2-999 -10,815
3,124 -10-716
-125
-99

8.8
8.4
.4

7.7
7.9
-.2

14.7
15.0
-.3

8.4
8.7
-.3

6
7
8

4
5
6

7
8
9
10
11

Other
Budget agency issues
Loan participations (1)
Spons. agency issues (2)
Mortgage pool secur. (2)

74.8 7
-.1 8
9
30.4 10
44.4 11

Total Net Purchases* by Sector and Type
82,962 36,799
5,804 -19,307
5,822 -19,557
250
-18

1 Total purchases, by sector
2
U.S. govt, (agency issues)
3
Sponsored credit agencies
4
Treasury issues
5
Agency issues

66,950
3,798
3,449
349

45,421
-4,379
-4,304
-75

6
7
8

Monetary authority
Treasury issues
Agency issues

-5,209
-5,055
-154

4,823
4,954
-131

1,046
1,123
-77

9,864
10,089
-225

-5,206
-5,019
-187

9
10
11

Foreign
Treasury issues
Agency issues

33,772
33,630
142

13,961
11,311
2,650

1,114
-347
1,461

19,699
17,233
2,466

17,252
13,224
4,028

-5,268
-7,041
1,773

25,104
21,500
3,604

9.5
7.9
1.6

12.3
12.8
-.5

15.6
15.7
X

9
28.9
27.7 10
1.2 11

12
13
14

Total private domestic
Treasury issues
Agency issues

34,589
10,970
23,619

31,016
5,192
25,824

77,830
34,628
43,202

66,484
10,546
55,938

65,112
24,213
40,899

58,375
32,177
26,198

50,438
16,797
33,641

114.3
71.2
43.1

204.4
140.0
64.5

225.4
156.9
68.5

234.9 12
161.2 13
73.7 14

10,917
5,868
2,920
2,948
5,049

16,922
5,855
2,144
3,711
11,067

63,968
43,607
1,614
41,993
20,361

57,488
24,111
1,775
22,336
33,377

31-499
4,443
2,611
1,832
27,056

21,271
18,121
1,853
16,268
3,150

43,321
3,652
1*686
1,966
39,669

25.4
26.0
-4.3
30.3
-.6

64.7
64.6
.2
64.5
*

89.3
90.3
3.1
87.2
-1.1

111.4
80.2
3.0
77.2
31.2

15
16
17
18
19

9,371
-1,038
2,920
-3,958
10,409

16,329
1,465
2,144
-679
14,864

61,286
37,622
1,614
36,008
23,664

59,388
18,450
1,775
16,675
40,938

37,301
3,386
2,611
775
33,915

23,164
16,948
1,853
15,095
6,216

44,603
2,519
1,686
833
42,084

21.5
19.9
-4.3
24.2
1.6

40.8
47.8
.2
47.6
-7.0

69.1
68.2
3.1
65.1
.8

100.2
67.8
3.0
64.8
32.4

20
21
22
23
24

15
16
17
18
19

Private domestic nonfinan.
Total Treasury issues
Savings bonds (HH)
Other Treasury issues
Agency issues

81,023 101,541
5-494
1,033
1,033
5,576
-82
-

20
21
22
23
24

Households
Total Treasury issues
Savings bonds
Other Treas. issues
Agency issues

25

Nonfarm noncorp. bus.

150

150

150

150

150

150

150

.7

-.1

2.8

-.5 25

26
27
28

Nonfin. corp, business
Treasury issues
Agency issues

3,824
3,847
-23

-1,748
-1,729
-19

3,401
3,416
-15

1,144
1,154
-10

-1,718
-1,713
-5

-270
-270
-

-928
-933
5

1.5
1.5
X

10.3
10.2
.1

8.0
8.0
X

4.2 26
4.3 27
-.1 28

29
30
31

State and local govts.
Treasury issues
Agency issues

-2,428
2,909
-5,337

2,191
5,969
-3,778

-869
2,419
-3,288

-3.194
4,357
-7,551

-4,234
2,620
-6,854

-1,773
1,293
-3,066

-504
1,916
-2,420

1.6
3.9
-2.3

13.6
6.7
6.9

9.4
11.3
-1.9

7.6 29
8.7 30
-1.1 31

7,159
490
6,669

883
-4,967
5,850

9,047
834
8,213

4,242
-5,352
9,594

16,945
1,067
7,055 -14,228
9,890
15,295

5,167
-5,154
10,321

11.9
2.1
9.8

26.6
19.4
7.3

48.7
48.0
.7

.9 32
2.2 33
-1.3 34

7,022
-977
1,074
40

715
-116
244
40

8,455
190
372
30

3,625
1-093
-506
30

17,145
-72
-158
30

6,045
64
-969
27

11.4
.2
.6
-.3

26.7
-1.2
.8
.3

44.2
1.8
1.7
1.1

16,513
4,612
11,901

13,211
4,304
8,907

4,815
-9,813
14,628

4,754
-8,213
12,967

16,668
12,715
3,953

36,037
1,950
28,284
18,299
7,753 -16,349

77.0
43.1
33.9

113.1
55.9
57.2

87.4
18.5
68.9

122.5 39
78.8 40
43.7 41

-9,688 -25,045
-4,689 -1,081
-4,999 -23,964

6.7
.1
6.6

33.4
2.9
30.5

41.7
11.6
30.1

24.3 42
7.9 43
16.4 44

32
33
34
35
36
37
38

39
40
41

Commercial banking
Treasury issues
Agency issues
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S.possessions

Private nonbank finance
Treasury issues
Agency issues

734
-101
408
26

1.3
.9
-.6
-.6

35
36
37
38

42
43
44

Savings and loan assns.
Treasury issues
Agency issues

-3,964
-2,832
-1,132

6,326
-1,895
8,221

5,065
-1,606
6,671

5,732
-2,218
7,950

-3,673
-1,994
-1,679

45
46
47

Mutual savings banks
Treasury issues
Agency issues

-2,359
-567
-1,792

96
-30
126

-1,078
-921
-157

-30
-101
71

286
-286
572

-2,703
-1,407
-1,296

-743
-64
-679

.9
X
.9

1.9
.7
1.2

9.8
3.8
6.0

.3 45
-.1 46
.4 47

48
49
50

Credit unions
Treasury Issues
Agency issues

-61
1,272
-1,333

641
1,043
-402

578
388
190

-314
-198
-116

102
278
-176

-757
-636
-121

-670
-495
-175

.3
.1
.3

1.2
.3
.9

3.1
1.4
1.7

.4 48
.8 49
-.4 50

51
52
53

Life insurance companies
Treasury issues
Agency issues

1,851
245
1,606

1,924
-32
1.956

1,598
-7
1,605

4,833
1,280
3,553

3,832
-147
3,979

5,443
-600
6,043

3,978
758
3,220

5.5
2.3
3.1

12.7
8.4
4.3

19.3
12.1
7.2

23.6 51
12.6 52
11.0 53

54
55
56

Private pension funds
Treasury issues
Agency issues

3,110
5,335
-2,225

3,022
3,898
-876

2,658
2,984
-326

3,153
4,094
-941

2,788
3,678
-890

2,877
3,264
-387

2,725
120
2,605

16.3
5.0
11.3

10.3
3.9
6.4

12.0
.4
11.6

7.3 54
11.6 55
-4.3 56

57
58
59

St.Slocal govt.rtr.funds
Treasury issues
Agency issues

7,277
4,577
2,700

1,880
2,488
-608

7,609
5,184
2,425

-966
3,239
-4,205

3,383
1,076
2,307

5,873
440
5,433

4,754
1,136
3,618

11.8
6.6
5.2

19.4
9.3
10.1

17.0
12.0
4.9

23.1 57
19.0 58
4.1 59

60
61
62

Other insurance cos.
Treasury issues
Agency issues

1,532
694
838

608
-62
670

1,813
1,309
504

1,949
961
988

966
264
702

495
-539
1,034

1,642
682
960

2.2
1.4
.8

2.2
.6
1.5

5.5
3.3
2.2

9.1 60
5.9 61
3.2 62

63
64
65

Mutual funds
Treasury issues
Agency issues

8,844 -10,554
9,028 -9,646
-184
-908

-7,552
-7,496
-56

-892
-174
-718

-1,000
-1,140
140

3,000
3,275
-275

.9
.9
-

2.3
2.3
-

.6
.6
-

6.4 63
5.8 64
.5 65

66
67
68

Money market funds
Treasury issues
Agency issues

-3,423
-2,280
-1,143

-1,695
718
-2,413

-3,175
1,180
-4,355

1,681
-1,653
3,334

702
1,560
-858

23.7
18.0
5.6

22.7
21.1
1.6

-18.4
-19.8
1.4

6.2 66
2.6 67
3.6 68

69
70

Brokers 8 dealers
SCO issuers (agencies)

-8,399 '-5,218
5,767
7,872

-8,492
8,136

8,840
4,211

35,244
-1,428

12,408
-801

8.7

6.4
.6

-6.8
3.6

12.8 69
9.3 70

-9,918
-9,596
-322

3,356
554
2,802

4,930
10,759

-9,603
-1,735
-7,868

(1) For purchases, agency issues include :loan participations.
(2) These issues are included in credit market debt of financial
institutions in the Flow of Funds Accounts.


LATEST QUARTER BASED


ON INCOMPLETE INFORMATION.

DECEMBER 6, 1989
U.S. Government Securities

U.S. Government Securities

43

U.S. Government Securities Market Summary

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1988
1987
1985
1986

1
1

1988
I

III

II

1
IV 1

I

1989
II

III

Total Net Issues, by Sector and Type
1
2
3

324.2
223.7
100.5

403.4
215.1
188.3

331.5
144.9
186.6

294.9
157.5
137.5

340.4
211.6
128.8

218.0
113.7
104.3

306.8
162.5
144.4

314.6
142.1
172.5

416.0
199.9
216.1

176.7
70.9
105.8

4
5
6

223.7
5.3
218.5

214.7
13.6
201.1

143.4
7.8
135.6

140.0
8.5
131.6

212.0
10.4
201.6

106.0
10.2
95.8

141.6
6.1
135.5

100.5
7.2
93.3

201.1
8.9
192.2

65.8
9.2
56.6

149.1
6.4
142.7

7
8
9
10
11

100.4
*
20.6
79.9

188.7
.4
15.2
173.1

188.1
1.8
-.3
30.2
156.4

154.9
18.3
-.9
44.9
92.6

128.3
.5
-1.0
59.5
69.3

112.0
8.5
-.7
11.1
93.1

165.2
22.6
-1.8
46.5
97.8

214.1
41.6
62.3
110.1

214.9
-1.2
84.9
131.2

110.9
5.1
12.5
93.3

137.2
-.2
10.0
127.4

Other
Budget agency Issues
Loan participations (1)
Spons. agency issues (2)
Mortgage pool secur. (2)

7
8
9
10
11

1
2
3
4
5

324.2
3.3
3.2
.1

403.4
4.6
5.2
-.6

331.5
4.8
4.9
-.1

294.9
5.9
5.8
.2

340.4
15.4
13.6
1.8

218.0
-17.6
-17.1
-.5

306.8
4.1
4.4
-.3

314.6
21.9
22.1
-.2

416.0
23.5
23.3
.2

176.7
-77.4
-78.3
.9

286.4 Total purchases, by sector
U.S. govt, (agency issues)
47.3
Sponsored credit agencies
44.4
Treasury issues
Agency issues
3.0

1
2
3
4
5

6
7
8

18.4
18.6
-.2

19.4
19.8
-.4

24.7
24.9
-.3

10.5
11.1
-.6

2.7
3.3
-.6

5.0
5.6
-.6

15.5
15.9
-.4

18.9
19.7
-.8

5.2
5.9
-.7

-3.9
-3.4
-.6

-30.7
-30.2
-.5

Monetary authority
Treasury issues
Agency issues

6
7
8

9
10
11

24.2
19.6
4.6

45.4
38,2
7.2

40.6
35.6
5.0

68.5
61.8
6.7

135.1
134.5
.6

55.8
45.2
10.6

4.5
-1.4
5.8

78.8
68.9
9.9

69.0
52.9
16.1

-21.1
-28.2
7.1

100.4
86.0
14.4

Foreign
Treasury issues
Agency issues

9
10
11

12
13
14

278.2
182.4
95.9

333.9
151.5
182.5

261.4
78.0
183.4

209.9
61.3
148.6

187.2
60.6
126.6

174.7
72.3
102.5

282.8
122.6
160.1

195.0
-10.2
205.2

318.4
119.0
199.3

279.1
175.5
103.5

169.3
48.9
120.4

Total private domestic
Treasury issues
Agency issues

12
13
14

15
16
17
18
19

157.8
112.2
5.3
107.0
45.5

60.9
39.8
13.6
26.3
21.1

100.0
61.9
7.8
54.1
38.1

149.3
79.4
8.5
71.0
69.9

119.6
81.9
10.4
71.5
37.7

103.2
48.1
10.2
37.9
55.1

225.7
141.5
6.1
135.4
84.2

148.7
46.3
7.2
39.1
102.4

211.1
86.0
8.9
77.1
125.1

123.2
98.5
9.2
89.3
24.7

137.4
-25.1
6.4
-31.5
162.5

20
21
22
23
24

82.5
58.3
5.3
53.1
24.2

20.9
16.2
13.6
2.6
4.8

97.4
26.0
7.8
18.2
71.4

146.4
56.5
8.5
48.0
89.9

111.3
44.8
10.4
34.4
66.5

100.3
33.4
10.2
23.2
66.9

208.8
111.2
6.1
105.1
97.6

165.1
36.7
7.2
29.5
128.5

232.7
72.6
8.9
63.7
160.1

130.3
97.1
9.2
87.9
33.2

137.5
-35.0
6.4
-41.4
172.5

286.4 Total U.S. government secur.
149.0
U.S. government
137.4
Spons. agencies S mtg. pools

1
2
3

By instrument:
Treasury issues
Household savings bonds
Treas. excl. savings bonds

4
5
6

Total Net Purchases, by Sector and Type

Private domestic nonfinan.
Total Treasury issues
Savings bonds (HH)
Other Treasury issues
Agency issues

15
16
17
18
19

Households
Total Treasury issues
Savings bonds
Other Treas. issues
Agency issues

20
21
22
23
24

25

.3

1.2

.6

.6

.6

.6

.6

.6

.6

.6

.6

Nonfarm noncorp. bus.

25

26
27
28

-3.6
-3.5
-.1

14.5
14.6
-.1

3.6
3.7
-.1

6.6
6.7
-.1

18.3
18.4
-.1

-4.3
-4.2
-.1

21.7
21.8
-.1

-9.2
-9.2
«

-4.3
-4.3
«

2.0
2.0

3.2
3.2
M

Nonfin. corp, business
Treasury issues
Agency issues

26
27
28

29
30
31

78.7
57.2
21.5

24.4
7.9
16.5

-1.6
31.6
-33.2

-4.3
15.7
-20.0

-10.6
18.2
-28.7

6.6
18.3
-11.7

-5.4
7.9
-13.3

-7.9
18.2
-26.1

-17.9
17.1
-35.0

-9.7
-1.2
-8.5

-3.9
6.1
-10.1

State and local govts.
Treasury Issues
Agency issues

29
30
31

32
33
34

9.4
11.8
-2.4

44.3
6.3
38.0

27.3
-1.9
29.1

21.3
-9.0
30.3

4.0
-22.1
26.0

14.9
-12.9
27.8

27.1
-2.7
29.8

39.4
1.8
37.6

43.4
4.4
39.0

15.4
-50.5
65.8

10.1
-28.4
38.5

35
36
37
38

4.6
4.4
.4
K

42.4
-1.8
3.6
.1

24.8
1.4
.9
.1

19.8
.2
1.2
.1

3.4
-3.9
4.3
.2

14.2
-.5
1.0
.2

24.7
.8
1.5
.1

36.9
4.4
-2.0
.1

44.2
-.3
-.6
.1

14.0
-.4
1.6
.1

13.6
.3
-3.9
.1

39
40
41

111.0
58.3
52.7

228.7
105.4
123.3

134.2
18.0
116.2

39.3
-9.1
48.4

63.6
.7
62.8

56.7
37.1
19.5

30.0
-16.1
46.1

7.0
-58.2
65.1

63.9
28.7
35.2

140.5
127.5
13.0

21.7
102.4
-80.6

42
43
44

-3.5
-4.6
1.2

44.0
2.0
42.0

45.3
8.1
37.2

13.2
-8.6
21.7

-6.4
-11.3
4.9

6.0
-7.6
13.6

26.1
-6.4
32.5

26.9
-8.9
35.8

-2.8
-8.0
5.2

-59.6
-18.8
-40.9

-94.0
-4.3
-89.7

45
46
47

-1.2
-.6
-.7

6.8
1.4
5.4

6.8
1.5
5.3

-3.4
-1.6
-1.8

-9.4
-2.3
-7.2

.4
-.1
.5

-4.3
-3.7
-.6

-.1
-.4
.3

1.1
-1.1
2.3

-10.8
-5.6
-5.2

48
49
50

3.7
2.6
1.1

3.7
1.9
1.8

3.3
3.3

.8
2.5
-1.7

-1.0
4.1
-5.0

.5
3.3
-2.8

2.1
1.5
.6

1.7
1.2
.6

«
.1
-.1

51
52
53

23.0
10.5
12.5

17.9
7.3
10.6

5.1
-2.0
7.0

10.2
1.5
8.7

7.5
1.5
6.0

12.0
3.5
8.5

9.0
.5
8.5

12.3
.4
11.9

54
55
56

8.1
-.8
8.9

6.8
8.8
-2.0

11.8
6.6
5.2

11.9
16.3
-4.4

23.1
21.3
1.7

6.1
15.6
-9.5

5.9
11.9
-6.1

12.7
16.4
-3.6?

57
58
59

12.3
15.0
-2.7

20.7
12.1
8.6

24.6
17.9
6.7

15.8
15.5
.3

20.2
11.8
8.5

17.8
15.5
2.3

25.2
22.5
2.7

60
61
62

13.8
5.5
8.2

11.9
13.8
-1.9

7.0
3.3
3.7

5.9
2.9
3.0

5.6
2.3
3.4

5.7
3.0
2.7

63
64
65

52.9
41.4
11.5

59.3
36.4
22.9

9.9
9.9
«

-19.2
-17.7
-1.5

—22.2
-20*9
-1.3

66
67
68

.3
-.8
1.1

.5
3.4
-3.0

-1.9
-13.7
11.9

-11.4
-2.7
-8.6

69
70

-9.8
11.5

18.2
39.0

-16.8
39.1

-17.2
32.5

Commercial banking
Treasury issues
Agency issues

U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S.possessions

Private nonbank finance
Treasury issues
Agency issues

32
33
34

35
36
37
38
39
40
41

Savings and loan assns.
Treasury issues
Agency issues

42
43
44

-3.0
-.3
-2.7

Mutual savings banks
Treasury issues
Agency issues

45
46
47

-5.2
-3.5
-1.7

-2.9
-2.0
-.9

Credi* unions
Treasury issues
Agency issues

48
49
50

15.0
-.3
15.3

25.6
1.0
24.7

18.6
3.4
15.2

Life insurance companies 51
Treasury issues
52
Agency Issues
53

24.6
14.7
9.9

4.2
13.1
-8.8

4.2
.5
3.7

12.2
-12.2

3.9
-2.3
6.2

34.6
8.1
26.4

12.5
6.1
6.4

5.2
3.2
2.0

7.1
3.1
4.0

3.3
.5
2.8

5.4
1.3
4.1

4.3
.5
3.8

25.3
26.0
-.7

-28.6
-25.0
-3.6

-51.2
-51.0
-.2

17.6
20.5
-2.9

-16.6
-17.1
.6

26.8
27.9
-1.1

6.7
-2.1
8.8

-16.1
10.4
-26.5

-22.0
-9.0
-12.9

-14.2
-10.3
-3.9

-20.5
-.2
-20.3

29.6
10.1
19.5

-6.4
5.8
-12.2

-3.7
43.0

-32.5
31.5

-11.6
23.1

-20.9
32.5

4.9
16.8

138.9
-5.7

64.7
-3.2

Private pension funds
Treasury issues
Agency Issues

St.&local govt.rtr.funds 57
Treasury issues
58
Agency issues
59
Other Insurance cos.
Treasury issues
Agency Issues

60
61
62

Mutual funds
Treasury issues
Agency issues

63
64
65

Money market funds
Treasury issues
Agency issues

66
67
68

Brokers & dealers
SCO issuers (agencies)

69
70

(1) For purchases, agency issues Include loan participations.
(2) These issues are included in credit market debt of financial
Institutions in the Flow of Funds Accounts.


BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.


54
55
56

DECEMBER 6. 1989
Private Securities

Private Securities
Tax-Exempt Debt and Corporate and Foreign Securities

44

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

I
1

I

II

1988

III

I
IV 1

I

1989
II

III

ANNUAL FLOWS. $ BILLIONS
1982
1983
1981
1984

Tax-Exempt Debt Securities and Loans (1)

4.855
4.149
139
4,010

9,115
9,788
3,032
6,756

11,355
10,381
4,765
5,616

8,697
8,765
1,933
6,832

4,872
4,611
126
4,485

4,591
5,721
-154
5,875

11,031
10,262
6,222
4,040

33.7
15.9
1.1
14.8

50.4
26.7
6.7
20.0

43.3
22.5
-1.5
24.0

51.0
20.3
-3.7
24.0

1
2
3
4

300
406

-264
-409

710
264

125
-193

-7
268

-192
-938

810
-41

4.4
13.4

8.5
15.1

11.4
9.4

10.2
20.5

5
6

7 Net change in assets
Households
8
9
Nonfin. corporate business
10
State81ocal govt. gen. funds

4,855
-1,786
1,727
481

9,115
12,476
-234
261

11.355
9,686
1,107
457

8,697
10,369
-1.103
443

4,872
4,265
-1,180
450

4,591
860
-355
492

11.031
5,058
-1,344
487

33.7
20.9

.1

50.4
29.1
.1
.2

43.3
27.1
.7
.6

51.0 7
26.2 8
-.1 9
1.1 10

11
12
13

Commercial banking
Savings and loan assns.
Mutual savings banks

-7,235
16
-23

-5,359
124
-21

-2,936
177
8

-6,968
-45
-37

-3,616
-194
-8

-4,457
-130
-27

-2.538
-323
-2

5.0
.1
-.1

4.5
-.5
.2

4.8
.1
-.3

10.8 11
-.2 12
-.1 13

14
15
16
17

Insurance
Life Insurance companies
State&local govt.rtr.funds
Other Insurance companies

4,065
-31
-235
4,331

2,259
-466
31
2,694

2.193
-624
-116
2,933

2,479
-425
-50
2,954

2,112
-275
-9
2,396

2,504
176
2,328

1,565
-646
54
2,157

4.2
.5
-.2
4.0

4.2
1.9
-.7
3.0

-.5
.9
-1.1
-.3

18
19
20

Money market funds
Mutual funds
Brokers and dealers

8,459
1,430
-2,279

-4,168
2,408
1,369

-670
1,735
-402

619
2,433
507

1.960
3,672
-2,589

-1,429
5,007
2,126

3.506
2.639
1.983

2.3
.7
.5

8.0
2.9
1.6

3.6
5.5
1.8

1 Net change in liabilities
State and local governments
2
3
Short-term
4
Other

5
6

Households 8 nonprof. org.
Nonfin. corporate business
(industrial revenue bonds)

a

-3.7
-1.3
-.5
-1.9

14
15
16
17

7.0 18
5.6 19
4.5 20

(1) Includes small amounts of taxable issues since 1986.
Corporate and Foreign Bonds

1 Net issues
2
Nonfin. corporate business
Foreign (1)
3

47,718
29,693
3,823

53,295
35,983
-116

38,816
28,969
1.364

39,630
26,224
1,866

41,419
27,897
1,228

43,940
34,624
1,787

37,646
28,411
2,257

34.3
22.8
5.5

39.0
18.7
6.6

37.8
16.0
3.1

84.3
46.1
3.8

1
2
3

4
5
6
7
8
9

14,202
182
-24
3,143
142
10,759

17,428
3.182
1.612
4,640
122
7,872

8,483
1.266
185
1,197
68
5.767

11,540
470
96
2,955
-117
8,136

12,294
-61
-433
2,964
-6
9,830

7,529
1,729
-22
5.990
183
-351

6,978
-832
-28
6,278
83
1,477

6.0
3.7
-.5
3.6
-.7
-

13.7
6.3
.4
6.4
M
.6

18.6
9.7
.1
5.3
a
3.6

34.3
13.5
1.9
9.6
.1
9.3

4
5
6
7
8
9

10 Net purchases
Households
11
12
Foreign (2)
13
Commercial banking
14
Savings and loan assns.
Mutual savings banks
15

47,718
-525
1,001
6,784
1,648
-156

53,295
8,020
5.172
2,821
8.400
-877

38,816
1,416
7,454
947
485
537

39.630
-6,339
9,808
1,620
-2,869
-952

41,419
6.867
5.536
-632
-1,180
-575

43,940
389
4,681
-96
2.797
-1,013

37.646
8,212
4,900
-1,427
-2,881
-138

34.3
1.2
8.4
M
-2.4
-1.0

39.0
-6.7
10.6
1.5
6.3
-1.1

37.8
-9.4
4.6
4.7
7.8
3.0

84.3
-4.1
14.8
4.2
12.0
-1.5

10
11
12
13
14
15

16
17
18
19
20

Insurance
Life Insurance companies
Private pension funds
St.&loc. govt. rtr. funds
Other insurance companies

31,382
20,246
5.888
3,145
2.103

29,359
17,952
2,383
6,811
2,213

21,068
16,783
1.546
-602
3.341

29,303
14,191
2,586
9,507
3.019

29,478
16,116
812
9,165
3.385

35.043
19,905
953
10,619
3,566

28,143
14,312
981
8,984
3,866

25.0
7.3
5.6
9.2
2.8

25.8
16.2
6.6
3.5
-.5

22.3
16.7
10.4
-.7
-4.2

49.6
23.7
10.2
11.5
4.1

16
17
18
19
20

21
22

Mutual funds
Brokers and dealers

4,937
2,647

-1,261
1,661

5,030
1.879

5,491
3,568

-993
2.918

2.500
-361

1.547
-710

1.6
1.4

.2
2.5

2.7
2.0

-8.982 -20.320
8.881
8.760

-4.8
3.7

21.2
8.8

58.1
27.2

-36.0
29.3

1
2

-22.434 -31,470 -19,122 -44.197 -41,313 -17.863 -29.080
Other sectors
Nonfin. corporate business -23,750 -35,000 -23,000 -48,750 -45,000 -26,250 -36,250
Foreign (1)
228
716 -1,217
1.181
1,340
4,121
2,893
Commercial banking
412
411
420
423
429
434
439
Other insurance companies
2,719
2.712
2,657
2.634
2,593
2,560
2.785
REITs
-1.027
85
1,193
493
60
1,248
591
Brokers and dealers
1.532
-1,570
-675
-201
687
-776
-9

-8.5
-11.5
.2
.5
1.1
.3
.8

12.4
6.4
1.4
.6
2.8
.6
.7

30.8
23.5
3.7
.8
1.5
.4
1.0

-65.3
-74.5
.9
1.1
3.9
2.0
1.1

3
4
5
6
7
8
9

-36.0 10

Total finance
Commercial banking
Savings and loan assns.
Finance companies
REITs
SCO issuers

3.6 21
5.7 22

Mutual Funds and Other Corporate Equities

1 Net issues
Mutual funds
2
3
4
5
6
7
8
9

10 Net purchases

11
12
IS
14
15

Mutual fund shares
Households
Nonfin. corp business
Life Insurance companies
Private pension funds

16
17
18
19
20

Other corporate equities
Households
Foreign (2)
Commercial banking
Mutual savings banks

-21,141 -30,403 -21.996 -44,372 -36.356
1,067 -2,874
1,293
-175
4,957

-21.141 -30,403 -21,996 -44.372 -36,356

-8,982 -20,320

-4.8

21.2

58.1

8,760
4,262
2.113
1.263
1.122

3.7
5.8
.3
.5
-2.8

8.8
7.0
1.1
1.0
-.3

27.2
24.0
1.2
-.4
2.4

29.3
24.0
2.8
.5
2.1

11
12
13
14
15

-22,434 -31,470 -19,122 -44,197 -41,313 -17.863 -29,080
-14,295 -30,139 -27,899 -46.555 -39.157 -16,542 -32,045
-208
818
1,074 -2.160
-124
3.412
2,106
7
-8
1
1
10
351
83
68
-83
157
85
22

-8.5
-41.4
4.8
-.1
— .6

12.4
-18.3
3.3
a
-.5

30.8
-23.5
6.0
H
.3

-65.3
-77.3
-1.3
-.1
-.2

16
17
18
19
20

21
22
23
24
25

1,293
2,669
-2.000
-376
1.000

1.067
-133
400
-400
1.200

-2.874
-2,983
-791
-400
1.300

-175
-1,277
200
-400
1.302

4,957
1,579
1.500
500
1,378

8,881
6,601
661
600
1.019

21
22
23
24
25

Insurance
Life Insurance cos.
Private pension funds
St.Sloc. govt. rtr. fnds
Other insurance cos.

-3,077
1.029
-8.843
4,000
737

1.535
1.086
-3,999
3.800
648

11.034
-186
-363
10.740
843

7,977
429
-708
7,374
882

863
-5.687
3,724
990

-no

-4,632
145
-6,156
300
1.079

-1.345
531
-6,690
3.650
1.164

28.8
2.4
17.3
7.1
2.0

23.5
2.4
12.3
6.0
2.7

30.1
3.4
4.5
20.0
2.1

8.6
.3
5.4
7.3
-4.3

26
27

Hutual funds
Brokers and dealers

-5.344
132

-2,878
-889

-4,311
912

-3,444
76

-1.754
-254

-916
657

595
1.577

-.6
.5

3.5
.9

13.7
4.3

5.9 26
-1.0 27

(1) Net purchases of foreign Issues by U.S. residents.
(2) Net purchases of U.S. Issues by foreign residents.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




DECEMBER 6, 1989
Private Securities

Private Securities

45

Tax-Exempt Debt and Corporate and Foreign Securities

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1988
1987
1986

I
11

1988

I

II

III

I
IV 1

I

1989
II

III

32.6 Net change in liabilities
State and local governments
29.5
Short-term
13.3
Other
16.2

Tax-Exempt Debt Securities and Loans (1)
1
2
3
4

135.4
82.7
1.3
81.4

22.7
34.8
4.2
30.6

34.1
35.9
6.2
29.7

34.0
33.1
9.9
23.2

29.1
26.2
10.2
16.0

37.9
40.6
13.6
27.0

34.8
30.9
8.4
22.5

34.3
34.6
7.3
27.3

29.3
28.2
10.3
17.9

20.6
25.2
1.7
23.5

5
6

30.2
22.6

-2.2
-9.9

-1.0
-.9

.9
.1

1.2
1.6

-1.1
-1.6

2.8
1.1

.5
-.8

X
1.1

-.8
-3.8

7
8
9
10

135.4
38.1
.8
-1.2

22.7
-24.5
3.1
-.3

34.1
42.6
2.6
.5

34.0
30.7
1.5
1.6

29.1
10.9
6.9
1.9

37.9
37.0
-.9
1.0

34.8
50.1
4.4
1.8

34.3
24.9
-4.4
1.8

29.3
38.7
-4.7
1.8

20.6
-12.0
-1.4
2.0

11
12
13

57.2
.4
.2

-28.5
-.2
-.1

-29.1
.1
-.2

-22.5
.3
-.1

-28.9
.1
-.1

-21.1
.5
-.1

-33.1
.7
*

-7.0
-.2
-.1

-16.2
-.8
X

-15.6
-.5
-.1

-26.3
-1.3
X

14
15
16
17

4.1
1.0
-.4
3.5

17.3
2.0
-.3
15.7

22.9
-1.0
X
23.8

11.0
-1.5
-.4
12.9

16.3
-.1
-.9
17.3

9.0
-1.9
,1
10.8

8.8
-2.5
-.5
11.7

9.9
-1.7
-.2
11.8

8.4
-1.1
X
9.6

10.0
.7
9.3

18
19
20

12.4
14.5
8.9

27.5
31.8
-3.3

-2.3
5.4
-8.4

4.2
8.0
-.8

16.6
2.2
3.2

-6.1
11.0
7.6

.4
7.2
-5.6

6.1
11.7
-8.3

-10.1
10.9
1.4

5.8
21.5
10.9

3.2
-.2

Households 8 nonprof. org.
Nonfin. corporate business
(industrial revenue bonds)

1
2
3
4
5
6

7
32.6 Net change in assets
8
Households
26.0
9
Nonfin. corporate business
-5.4
StateSlocal govt. gen. funds 10
1.9

Commercial banking
Savings and loan assns.
Mutual savings banks

11
12
13

6.3
-2.6
.2
8.6

Insurance
Life insurance companies
State81ocal govt.rtr.funds
Other insurance companies

14
15
16
17

16.8
11.0
3.6

Money market funds
Mutual funds
Brokers and dealers

18
19
20

(1) Includes small amounts of taxable issues since 1986.

Corporate and Foreign Bonds

149.2 Net issues
Nonfin. corporate business
113.6
9.1
Foreign (1)

1
2
3

1
2
3

128.4
73.8
3.8

207.3
121.3
3.1

186.3
99.9
7.4

179.5
120.9
6.9

193.0
118.8
14.2

217.6
143.9
2.6

154.3
115.9
5.9

153.0
104.9
5.1

167.5
111.6
3.2

181.1
138.5
11.1

4
5
6
7
8
9

50.9
18.9
4.6
15.8
.1
11.5

82.9
16.1
4.9
22.5
.3
39.0

78.9
13.5
4.4
21.5
.5
39.1

51.7
5.1
1.9
11.9
.2
32.5

60.0
.7
3.1
12.6
.6
43.0

71.1
12.7
7.8
18.6
.5
31.5

32.5
5.1
-.6
4.8
.3
23.1

43.0
1.9
-2.8
11.8
-.5
32.5

52.7
-.2
1.8
11.9
X
39.3

31.4
6.9
1.2
24.0
.7
-1.4

10
11
12
13
14
15

128.4
4.2
36.7
5,8
3.9
-2.5

207.3
39.3
40,2
23.6
7.2
-1.8

186.3
24.1
19.9
24.0
11.2
-1.7

179.5
2.6
23.4
12.2
7.7
-1.4

193.0
-39.6
6.5
23.9
23.6
-.6

217.6
61.4
20.3
11.9
26.2
-2.9

154.3
-5.8
30.0
7.1
1.4
-.9

153.0
-5.7
36.9
5.7
-20.5
-1.4

167.5
-15.4
25.4
-5.7
14.6
-2.2

181.1
32.8
17.4
.2
2.7
-3.4

149.2 Net purchases
21.2
Households
19^3
Foreign
(2)
Commercial banking
-1.9
Savings and loan assns.
-12.9
Mutual savings banks
-3.8

10
11
12
13
14
15

16
17
18
19
20

67.4
37.8
10.5
10.9
8.2

71.5
40.8
7.3
10.7
12.7

105.9
66.9
29.1
1.9
8.0

111.1
69.2
12.4
18.9
10.7

136.1
78.4
26.4
22.9
8.4

105.5
65.5
14.4
16.7
8.9

97.9
71.0
3.1
10.4
13.4

104.8
61.7
5.7
25.4
12.1

130.0
62.0
6.4
48.0
13.5

129.2
72.7
10.0
32.2
14.3

127.4
61.5
.9
49.6
15.5

Insurance
Life insurance companies
Private pension funds
St.&loc. govt. rtr. funds
Other insurance companies

16
17
18
19
20

21
22

3.6
9.2

26.8
.3

7.3
-4.4

14.2
9.8

32.4
10.6

-11.5
6.6

17.1
7.5

18.9
14.3

9.1
11.7

3.6
-1.4

2.7
-2.8

Mutual funds
Brokers and dealers

21
22

26.4
-3.3
-1.6
25.1
.3
5.9

Total finance
Commercial banking
Savings and loan assns.
Finance companies
REITs
SCO issuers

4
5
6
7
8
9

Mutual Funds and Other Corporate Equities

1
2

20.1
84.4

9,0.5
159.0

14.3
71.6

-117.9
-.7

-101.0
-9.5

-133.7
-6.6

-73.5
1.5

-163.5
11.9

-163.5
3.6

-48.7
24.0

3
4
5
6
7
8
9

-64.3
-81.5
3.7
1.4
7.7
2.0
2.5

-68.5
-80.8
1.2
1.4
6.3
1.3
2.2

-57.3
-76.5
-2.1
1.6
11.3
2.5
6.1

-117.2
-130.5
.9
1.7
10.9
.7
-.9

-91.5
-95.0
1.1
1.6
11.1
-4.1
-6.3

-127.0
-140.0
-6.0
1.6
10.9
.3
6.1

-75.0
-92.0
2.4
1.7
10.8
4.8
-2.7

-175.4
-195.0
6.1
1.7
10.6
2.0
-.8

-167.1
-180.0
3.6
1.7
10.5
.2
-3.1

-72.7
-105.0
15.2
1.7
10.4
5.0
X

-117.9

-101.0

-133.7

-73.5

-163.5

-163.5

-48.7

-6.6
-11.4
1.6
-1.6
4.8

1 .5
1.0
-3.2
-1.6
5.2

11.9
7.5
.8
-1.6
5.2

3.6
-10.0
6.0
2.0
5.5

24.0
14.9
2.6
2.4
4.1

50.0
32.0
8.5
5.1
4.5

-64.7 Net issues
50.0
Mutual funds

-114.6
-145.0
13.3
1.8
10.2
2.4
2.7

10

20.1

90.5

14.3

11
12
13
14
15

84.4
68.5
4.5
2.3
9.1

159.0
141.4
3.2
4.5
9.8

71.6
73.1
2.1
-1.4
-2.2

-1.7
-2.2
-1.6
4.8

-9.5
-4.0
-8.0
-1.5
4.0

16
17
18
19
20

-64.3
-102.8
4.3
.1
-.1

-68.5
-125.0
17.2
X
.9

-57.3
-97.9
15.6
-.1
.2

-117.2
-118.9
-.5
X
.4

-91.5
-51.8
-2.8
X
1.4

-127.0
-122.5
-1.6
.3

-75.0
-101.2
4.2
.3

-175.4
-200.1
-1.8
X
-.3

-167.1
-150.5
-2.5
X
.3

-72.7
-67.8
8.1
X
.6

-114.6
-116.8
8.0
X
.1

21
22
23
24
25

21.2
3.7
-9.0
28.6
-2,0

16.9
3.6
-8.5
23.1
-1.3

5.1
5.0
-27.8
26.4
1.5

17.5
2.4
-13.9
25.9
3.1

-12.9
4.1
-35.4
15.4
2.9

8.5
4.3
-16.0
17.6
2.6

38.5
-.7
-1.5
37.3
3.4

35.8
1.7
-2.8
33.4
3.5

-1.2
3.5
-22.7
14.2
4.0

-16.7
.6
-24.6
3.0
4.3

-10.6
2.1
-26.8
9.4
4.7

26
27

10.3
2.6

20.2
1.4

26.9
-7.1

-16.0
.2

-27.5
2.0

-12.2
.5

-19.0
2.2

-5.2
-3.8

-13.6
.3

-4.3
7.4

.4
4.3

_.

j

Other sectors
Nonfin. corporate business
Foreign (1)
Commercial banking
Other insurance companies
REITs
Brokers and dealers

-64.7 Net purchases




3
4
5
6
7
8
9

10

Mutual fund shares
Households
Nonfin. corp business
Life insurance companies
Private pension funds

11
12
13
14
15

Other corporate equities
Households
Foreign (2)
Commercial banking
Mutual savings banks

16
17
18
19
20

Insurance
Life insurance cos.
Private pension funds
St.&loc. govt. rtr. fnds
Other insurance cos.

21
22
23
24
25

Mutual funds
Brokers and dealers

26
27

(1) Net purchases of foreign issues by U.S. residents.
(2) Net purchases of U.S. issues by foreign residents.
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION

1
2

DECEMBER 6. 1989
Mortgages - I

Mortgages ~ I

Mortgage Markets by Type of Mortgage

46

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
|
1

1988

I

II

III

I
IV 1

1989
II

I

ANNUAL FLOWS, $ BILLIONS
1983
1984
1981
1982

III

Total Mortgages

1 Net change in mortgages
Home mortgages
2
3
Multifamily residential
4
Commercial
Farm
5

49,472
32-925
5-117
12,317
-887

96,553
77-319
3,622
15,786
-174

81,467
62,720
4,414
15,116
-783

80,471
56,156
5,837
18,700
-222

61,337
41,116
5-881
15-159
-819

59,903
48,507
1.856
8,783
757

70,037
53,386
4,912
11,902
-163

109.1
72.4
4.7
22.2
9.7

88.2
53.4
5.3
25.3
4.1

187.8
120.4
14.0
51.0
2.4

223.1
136.7
25.2
62.4
-1.2

1
2
3
4
5

6 Borrowings by:
7
U.S. government
REITs
8

49,472
-29

96,553
1
18

81,467
-2
-24

80,471
-4
292

61,337
-1
70

59,903
-1

70,037
-1
9

109.1
-. 1
X

88.2
-.1
.1

187.8
-.1
X

223.1
-.1
.4

6
7
8

49,501
40,221
569
8,711
-887
14,000
-4,402

96,534
71,211
566
24,757
-174
13,000
11,931

81,493
60,516
563
20,414
-783
17,000
4,197

80,183
57,024
560
22,599
-222
17,313
5,508

61.268
48,150
557
12,561
-819
17,399
-4,019

59,906
42,895
554
16.457
757
10,123
5,577

70,029
52,974
551
16,504
-163
13,839
2,828

109.2
73.2
2.3
33.7
9.7
23.3
.7

88.2
46.4
2.6
39.1
4.1
77.0
-42.0

187.9
116.4
2.5
69.0
2.4
71.0
-4.4

222.8
134.7
2.5
85.6
-1.2
88.2
-1.3

9
10
11
12
13
14
15

49,472
2-083
832
1,339

96,553
7,818
832
677

81,467
-1,158
832
255

80,471
118
832
1,679

61,337
-2-651
832
2,058

59,903
2,357
832
1,500

70,037
2,564
832
1,841

109.1
10.9
8.1
7.7

88.2
9.7
4.6
5.2

187.8
.7
4.3
7.9

223.1
1.5
10.0
10.2

16
17
18
19

9
10
11
12
13
14
15

Private nonfinancial sectors
Households
Nonprofit institutions
Nonfinancial business
Farms
Nonfarm noncorporate
Corporate

16 Funds advanced by:
17
Households
Nonfarm noncorp. business
18
St.Sloc. govt. gen. funds
19

20
21
22

U.S. government
Sponsored credit agencies(l)
Mortgage pools

101
4,087
13,774

-688
3,253
21,974

-916
-531
28,757

451
2,092
28,085

-136
-587
28,797

-722
2,784
22,143

505
4.760
36,561

4.9
12.6
15.0

2.4
14.1
49.5

1.2
10.4
66.4

23
24
25
26
27
28

Private finan. institutions
Commercial banking
Savings institutions
SSL associations (1)
Mutual savings banks (1)
Credit unions

27,256
13,334
14,705
7,536
5,521
1,648

62,687
24,914
23,716
15,102
6,071
2,543

54,228
21,182
33,456
24,023
6,525
2,908

47,214
18,361
19,876
13,515
4,063
2,298

33,024
19,502
11,193
9.465
864
864

31,009
26,387
91
-2.417
950
1,558

22,974
22,930
-4,140
-5,988
288
1,560

49.8
21.6
17.1
17.7
-.4
-.2

2.6
16.0
-24.5
-21.8
-2.5
-.2

96.8
29.2
53.5
47.1
3.6
2.8

144.1
44.6
86.6
77.5
6.9
2.2

23
24
25
26
27
28

29
30
31
32
33
34
35

Insurance
Life insurance companies
Private pension funds
St.Sloc. govt, rtr.funds
Other insurance cos.
Finance companies
REITs

876
545
133
117
81
-1,961
302

6,316
6,160
-132
189
99
7,701
40

3,951
3,862
53
-51
87
-4,903
542

6,446
6,465
-25
17
-11
2,538
-7

1,885
2,271
151
-471
-66
-83
527

1,272
1,250
268
-92
-154
3,203
56

2,651
2,839
274
-242
-220
1.223
310

9.0
6.7
.3
1.6
.4
3.2
-1.1

7.0
4.2
1.3
1.3
.3
4.1
»

11.3
9.0
.7
.9
.7
2.7
.1

6.7
5.7
.1
.6
.4
5.4
.8

29
30
31
32
33
34
35

5.329
6,727
36 (1) Memo: FHLB loans to
-3.552
thrifts (included in "other loans" category).

11,219

11.002

-1,909 -10,764

16.2

.8

-7.0

Home Mortgages

.5 20
12.3 21
44.4 22

15.7 36

(1)

1 Net borrowing
Households
2
Nonfarm noncorp. business
3
4
Nonfin. corporate business

32,925
40,221
-3,648
-3,648

77,319
71,211
3,054
3,054

62,720
60,516
1,102
1,102

56,156
57.024
-434
-434

41,116
48,150
-3,517
-3,517

48,507
42,895
2,806
2,806

53,386
52,974
206
206

72.4
73.2
.6
-1.4

53.4
46.4
6.5
.5

120.4
116.4
4.0
X

136.7
134.7
2.0
X

1
2
3
4

5 Net change in assets
6
Households
7
Nonfarm noncorp. business
8
State and local governments

32,925
793
125
939

77,319
11,512
125
184

62.720
-1,022
125
1

56,156
-805
125
1,362

41,116
-6,647
125
1.647

48,507
2,348
125
1,200

53,386
2,507
125
1,481

72.4
13.5
2.8
5.8

53.4
11.0
2.0
3.0

120.4
-.1
1.6
5.2

136.7
4.9
3.3
5.4

5
6
7
8

9
10
11
12

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

67
4,448
12,436
4,484

18
3,428
21,183
15,511

-85
-324
27.249
10,776

294
2,144
26,514
7,242

-122
-42
26,322
10,398

319
2,112
20,914
14,191

-45
4.612
35,052
10,867

2.4
5.1
14.3
9.9

1.5
10.3
49.3
2.7

.7
9.4
65.2
8.7

.6
9
11.2 10
43.4 11
12.9 12

13
14
15
16

Savings institutions
Savings and loan assns.
Mutual savings banks
Credit unions

11,705
6,136
3,921
1,648

17,980
12,668
2,769
2.543

31,234
23,439
4,887
2,908

17,171
12,369
2,504
2,298

8,936
7,921
151
864

4,371
2,566
247
1,558

-2,731
-4,490
199
1,560

15.9
15.8
.3

-30.9
-28.9
-1.8
- .2

30.0
22.1
5.1
2.8

50.9
45.4
3.3
2.2

13
14
15
16

17
18
19
20

Insurance
Life Insurance companies
Private pension funds
St.Sloc. govt. rtr. funds

-197
-318
15
106

-214
-226
-13
25

-193
-20
-173

-411
-377
-4
-30

199
385
274
-460

21
55
56
-90

278
300
214
-236

-.4
-.7
.1
.3

.5
-.5
.9
.1

-2.8
-1.4
-1.4
X

-.7
-1.2
.6
-.1

17
18
19
20

21
22

Finance companies
REITs

-1,887
12

7,587
5

-5.068
27

2,520
-

274
26

2,903
3

1,225
15

3.2
-.1

4.1
X

2.7
K

(1) 1—4 family
LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




4.6 21
X 22

DECEMBER 6. 1989
Mortgages - I

Mortgages - I

47

Mortgage Markets by Type of Mortgage

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987
1988

I
1

1988
I

II

III

1
IV 1

I

1989
II

III

Total Mortgages
1
2
3
4
5

242.2
156.8
29.7
62.3
-6.6

316.4
218.7
33.5
73.7
-9.5

324.9
234.9
24.6
71.9
-6.4

308.0
229.1
19.0
61.9
-2.1

238.6
170.7
24.1
48.5
-4.7

379.3
300.7
14.7
65.4
-1.6

313.1
231.0
19.4
65.3
-2.6

300.8
214.0
17.7
68.4

287.2
205.2
27.3
59.0
-4.4

234.9
186.1
8.1
38.7
2.1

266.4 Net change in mortgages
191.9
Home mortgages
Multifamily residential
21.3
53.2
Commercial
K
Farm

1
2
3
4
5

6
7
8

242.2
-.1
.1

316.4
«
.1

324.9
N
.4

308.0
K
.3

238.6
-.1

379.3

300.8

.1

313.1
M
-.1

1.2

287.2
*
.3

234,9
K
«

266.4 Borrowings by:
K
U.S. government
*
REITs

6
7
8

9
10
11
12
13
14
15

242.2
153.3
2.4
86.5
-6.6
111.0
-17.9

316.3
214.9
2.4
99.1
-9.5
80.3
28.3

324.5
233.0
2.3
89.2
-6.4
80.0
15.6

307.7
229.0
2.3
76.5
-2.1
61.3
17.2

238.7
172.4
2.3
64.1
-4.7
56.0
12.8

379.2
300.7
2.3
76.2
-1.6
52.0
25.8

313.2
231.8
2.3
79.2
-2.6
68.0
13.8

299.7
211.0
2.2
86.5
.7
69.3
16.6

286.9
204.3
2.2
80.4
-4.4
69.6
15.1

234.9
189.4
2.2
43.3
2.1
40.5
.7

266.4
200.1
2.2
64.1
*
55.4
8.8

16
17
18
19

242.2
3.1
4.7
9.8

316.4
1.7
3.9
11.8

324.9
-1.6
3.3
8.7

308.0
8.9
3.3
4.0

238.6
-8.2
3.3
5.4

379.3
45.6
3.3
2.7

313.1
7.4
3.3
1.0

300.8
-9.3
3.3
6.7

287.2
-28.9
3.3
8.2

234.9
27.5
3.3
6.0

266.4 Funds advanced by:
22.4
Households
Nonfarm noncorp, business
3.3
St.Sloe. govt. gen. funds
7.4

20
21
22

1.8
9.2
79.9

.5
-9.7
173.1

-5.3
-5.0
156.4 ’

-1.1
8.9
92.6

.4
16.3
69.3

-2.4
13.0
93.1

-3.7
-2.1
97.8

1.4
8.4
110.1

-.7
-2.3
131.2

-2.3
11.1
93.3

1.7
19.0
127.4

20
U.S. government
Sponsored credit agencies(l) 21
Mortgage pools
22

23
24
25
26
27
28

133.7
49.7
58.5
47.8
7.6
3.2

135.0
70.1
26.1
10.7
8.5
6.9

168.4
86.2
65.5
35.3
19.7
10.6

191,4
77.8
91.8
60.2
22.2
9.4

152.1
57.5
83.0
51.9
23.2
7.9

223.9
93.9
87.3
53.1
24.4
9.8

209.4
81.7
120.5
84.9
24.8
10.9

180.2
78.1
76.1
50.9
16.3
9.0

176.3
81.2
69.9
60.4
4.7
4.9

96.0
99.5
-6.7
-16.4
3.9
5.8

85.2
89.0
-30.0
-35.2
-.3
5.5

Private finan. institutions
Commercial banking
Savings institutions
SSL associations (1)
Mutual savings banks (1)
Credit unions

23
24
25
26
27
28

29
30
31
32
33
34
35

16.3
15.1
.4
.1
.7
6.8
2.4

23.1
22.0
.9
15.8
*

17.8
18.5
-1.2
-.2
.6
-2.1
1.0

17.6
17.0
«
.3
.3
3.4
.9

12.9
12.6
-.6
.5
.3
-2.5
1.2

23.4
22.8
-.5
.8
.4
19.1
.2

19.6
18.9
.6
-.2
.3
-14.6
2.2

14.4
13.8
.6
.1
N
11.6
K

17.5
20.3
-.7
-1.9
-.3
5.6
2.1

3.0
2.8
1.2
-.4
-.6
K
.2

14.3
14.6
1.5
-1.0
-.9
10.7
1.2

Insurance
Life insurance companies
Private pension funds
St.Sloe. govt. rtr.funds
Other insurance cos.
Finance companies
REITs

29
30
31
32
33
34
35

36

14.2

19.8

24.4

19.7

9.4

12.3

25.8

31.4

69.1

Home Mortgages

(1)

^3

.7

Private nonfinancial sectors
Households
Nonprofit institutions
Nonfinancial business
Farms
Nonfarm noncorporate
Corporate

9
10
11
12
13
14
15
16
17
18
19

-16.9
-43.7 (1) Memo: FHLB loans to
thrifts (included in ’’other loans’’ category).

36

1
2
3
4

156.8
153.3
3.8
-.3

218.7
214.9
1.9
1.9

234.9
233.0
.9
.9

229.1
229.0
.1
.1

170.7
172.4
-.8
-.8

300.7
300.7
«
K

231.0
231.8
-.4
-.4

214.0
211.0
1,5
1.5

205.2
204.3
.5
.5

186.1
189.4
-1.7
-1.7

191.9 Net borrowing
200.1
Households
Nonfarm noncorp, business
-4.1
-4.1
Nonfin. corporate business

1
2
3
4

5
6
7
8

156.8
3.8
.6
5.9

218.7
«
2.2
3.9

234.9
-6.5
.5
1.2

229.1
10.5
.5
2.5

170.7
-3.7
.5
3.8

300.7
55.2
.5
.7

231.0
6.6
.5
K

214.0
-16.1
.5
5.4

205.2
-34.7
.5
6.6

186.1
21.1
.5
4.8

191.9 Net change in assets
19.9
Households
Nonfarm noncorp, business
.5
State and local governments
5.9

5
6
7
8

9
10
11
12

.9
11.7
78.6
17.3

-.7
-3.4
168.2
20.0

-3.3
.1
151.9
37.4

.3
9.7
87.4
38.0

.3
18.2
63.9
23.2

.1
13.8
90.1
56.1

-.3
-1.4
91.8
38.5

1.2
8.2
103.6
34.3

-.5
.2
121.4
46.3

1.3
8.5
88.4
50.4

_. 2
18.3
121.3
38.8

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

9
10
11
12

13
14
15
16

33.7
26.1
4.4
3.2

13.5
.5
6.1
6.9

55.5
32.9
12.0
10.6

78.1
54.6
14.1
9.4

67.1
43.5
15.7
7.9

66.3
45.4
11.1
9.8

111.8
81.4
19.5
10.9

67.2
48.2
10.0
9.0

56.9
51.4
.6
4.9

12.1
5.3
1.0
5.8

-23.9
-30.2
.8
5.5

Savings institutions
Savings and loan assns.
Mutual savings banks
Credit unions

13
14
15
16

17
18
19
20

-2.1
-1.7
-.3
-.1

M
.4
.2
-.6

-.7
.4
-1.4
.3

-1.0
-.9
H
-.1

-.3
-.8
.1
.4

-.7
-.7
-.1
.1

-1.3
-.5
-.1
-.7

-1.8
-1.6
«
-.1

1.3
2.0
1.1
-1.8

.2
.3
.2
-.4

.5
.6
.9
-.9

Insurance
Life insurance companies
Private pension funds
St.&loc. govt. rtr. funds

17
18
19
20

21
22

6.5
.1

14.9
«

-1.2
K

3.2
K

-2.2
M

18.6
w

-15.3
.1

11.5
-

7.0
.1

-1.2
K

10.7
.1

Finance companies
REITs

21
22

(1) 1-4 family
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




DECEMBER 6, 1989
Mortsases - II

Mortgages - II

48

Mortsase Markets (Continued)

UNADJUSTED NET FLOklS, $ MILLIONS

•UNADJUSTED NET FLOWS. $ MILLIONS

1988

I
1

I

II

I
III

IV 1

ANNUAL FLOWS, $ BILLIONS

1989
I

II

III

1981

1982

1983

1984

Multifamily. Residential Mortsases

3,622
3-418
197
6
1

4,414
4,147
277
-8
-2

5.-837
5,529
216
96
-4

5,881
5,612
247
23
-1

1,856
1,631
227
-1
-1

4,912
4,680
230
3
-1

-1.2
*
-.1

5,117
134
200
209

3,622
-1,598
200
201

4,414
967
200
215

5.837
310
200
468

5,881
614
200
357

1,856
251
200
260

4,912
633
200
312

1 Net borrowins
2
Nonfarm noncbrp. business
3
Nonfin. corporate business
REITs
4
5
U.S. government

5,117
4,832
295
-10

6 Net chanse in assets
7
Households
8
Nonfarm noncorp. business
9
State and local sovernments

4.7

-.1

14.0
17.3
-3.2
X
-.1

27.0
-1.8
.1
-.1

1
2
3
4
5

4.7
-1.5
1.6
1.2

5.3
-.4
1.0
1.4

14.0
.3
1.1
2.4

25.2
.4
2.0
4.5

6
7
8
9

-.7
.9
1.1
2.1

10
11
12
13

6.1

5.3
12.1
-6.6
X

25.2

10
11
12
13

U.S. sovernment
Spons. credit agencies
Mortgage pools
Commercial banking

96
171
1,350
425

-236
313
798
470

256
247
1,509
-265

218
372
1,572
171

326
258
2,477
41

235
478
1,231
782

296
642
1,511
1,121

1.0
-.1
.9
2.1

-.3
-.1
.4
1.4

-.3
-.1
1.2
1.9

14
15
16

Savings institutions
Savinss and loan assns.
Mutual savings banks

2,161
1,200
961

2,886
1,275
1,611

841
631
210

2,170
1,460
710

1,302
675
627

-2,363
-2,705
342

-637
-674
37

-.7
-.4
-.2

1.6
2.3
-.7

7.0
8.9
-1.9

14.4 14
13.7 15
.7 16

17
18
19

Life insurance companies
Private pension funds
St.&local govt. rtr. funds

299
31
-57

398
33
-31

218
-104
-40

540
-5
-44

657
-162
-37

467
40
-17

810
-51
-27

-.2
X
.9

-.4
X
.6

.3
X
.6

-.2 17
.2 18
.1 19

20
21

Finance companies
REITs

94
4

90
98

207
163

-133
-2

-310
158

275
17

9
93

-.1
-.3

.1
X

-.4
.1

X 20
.4

21

Commercial Mortsases

1 Net borrowing
2
Households
3
Nonfarm noncorp. business
4
Nonfin. corporate business
5
REITs

12,317
569
12,816
-1,049
-19

15,786
566
6,528
8,680
12

15,116
563
11,751
2,818
-16

18,700
560
12,218
5,726
196

15,159
557
15,304
-749
47

8,783
554
5,686
2,544
-1

11,902
551
8,953
2,392
6

22.2
2.3
16.6
3.3
X

25.3
2.6
58.4
-35.8
.1

51.0
2.5
49.7
-1.2
X

62.4
2.5
59.2
.5
.3

6 Net change in assets
7
Households
8
Nonfarm noncorp. business
9
State and local governments
10
U.S. government
Commercial banking
11

12,317
1,362
500
192
37
8,231

15,786
-2,044
500
296
-352
8,371

15,116
-839
500
40
-988
10,456

18,700
679
500
-149
43
10,844

15,159
3,509
500
56
-242
8,699

8,783
-339
500
41
-1,216
10,937

11,902
-561
500
49
481
10,418

22.2
-2.4
3.5
.5
1.0
9.8

25.3
-.9
1.5
.9
.7
11.8

51.0
.4
1.8
.4
.4
17.7

62.4 6
-.9 7
4.4 8
.3 9
X 10
28.8 11

21.3 12
18.3 13
2.9 14

12
13
14

Savings institutions
Savings and loan assns.
Mutual savinss banks

839
200
639

2,850
1,159
1,691

1,381
-47
1,428

535
-314
849

955
869
86

-1,917
-2,278
361

-772
-824
52

1.9
2.4
-.6

4.9
4.9
X

16.6
16.1
.5

15
16
17
18

Life insurance companies
Private pension funds
St.&local govt. rtr. funds
Other insurance companies

802
87
68
81

6,062
-152
195
99

3,830
177
162
87

6,038
-16
91
-11

1,387
39
26
-66

683
172
15
-154

1,684
111
21
-220

7.5
.3
.4
.4

5.4
.4
.5
.3

10.3
2.0
.3
.7

19
20

Finance companies
REITs

-168
286

24
-63

-42
352

151
-5

-47
343

25
36

-11
202

.2
-.6

-.1
-.1

.4
X

7.3
-.7
.6
.4

1
2
3
4
5

15
16
17
18

.7 19
.4 20

Farm Mortsases
1 Net borrowing

-887

-174

-783

-222

-819

757

-163

9.7

4.1

2.4

-1.2

1

2 Net change in assets
3
Households
4
Nonfarm noncorp. business
5
State and local governments

-887
-206
7
-1

-174
-52
7
-4

-783
-264
7
-1

-222
-66
7
-2

-819
-127
7
-2

757
97
7
-1

-163
-15
7
-1

9.7
1.4
.1
.1

4.1
X
.1
*

2.4
.2
-.1
X

-1.2
-2.9
.3
X

2
3
4
5

6
7
8

U.S. sovernment
Sponsored credit agencies
Mortgage pools

-99
-532
-12

-118
-488
-7

-99
-454
-1

-104
-424
-1

-98
-803
-2

-60
194
-2

-227
-494
-2

.6
7.7
-.1

.5
3.9
-.2

.4
1.1
X

.5
.3
*

6
7
8

Commercial banks
Mutual savings banks
Life insurance companies
St.Slocal govt. rtr. funds

194
-238
-

562
-74
-

215
-186
-

104
264
-

364
-158
-

477
45
-

524
45
-

-.2
.1
-

X
X
-.3
-

-.1
X

9
10
11
12

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1.0

.9 ?
X 10
-.3 11
12

DECEMBER 6, 1989
Mortgages - II

Mortgages - II

Mortgage Markets (Continued)

49

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS- $ BILLIONS
1985
1986
1987
1988

I
I

I
IV I

1988
II

III

1989
II

III

Multifamily Residential Mortgages

1
2
3
A
5

29.7
33.9
-A.l
*
-.1

33.5
33.0
.5

6
7
8
9

1A.7
13.9
.8
fc
fc

19.A
18. A
1.1

2A.1
3.6
.8
.8

.3
1.1
5.2
.8

A.8
2.7
2.2

1.6
-.5
-.A

-1.0
.3

19.0
17.9
1.0
.1

2A. 1
23.0
1.2

*

2A.6
23.7
.7
.1
fc

29.7
2.6
.7
3.2

33.5
2.5
1.0
7.0

2A.6
3.2
.8
7.0

19.0
_. 2
.8
1.1

10
11
12
13

fc
1.9
1.5
3.1

.7
.3
5.1
7.A

.A
-.3
A.5
A.l

IA
15
16

1A.5
13.1
1.3

7.2
5.8
1.5

17
18
19

1.0
.7
fc

1.1
.A

20
21

.2
.A

.7

X

K

X

27.3
26.2
1.0
.1

8.1
7.2
.9
*

fc

17.7
16.5
.9
•A
*

21.3 Net borrowing
20.A
Nonfarm noncorp. business
.9
Nonfin. corporate business
X REITs
*
U.S. government

1
2
3
A
5

1A.7
-6.5
.8
.8

19.A
A.8
.8
.9

17.7
-2.7
.8
1.9

27.3
5.6
.8
l.A

8.1
1.2
.8
1.0

21.3 Net change in assets
3.6
Households
.8
Nonfarm noncorp. business
1.2
State and local governments

6
7
8
9

.A
.7
5.A
1.7

-.5
1.3
3.2
1.9

1.0
1.0
6.0
-1.1

.5
1.5
6.3
.7

1.2
1.0
9.9
♦2

1.6
1.9
A.9
3.1

.9
2.6
6.0
A.5

8.1
A.6
3.5

8.6
A.8
3.8

11.5
5.1
6.A

3.A
2.5
.8

8.7
5.8
2.8

5.2
2.7
2.5

-9.5
-10.8
l.A

-2.5
-2.7
.1

1.5

1.8
.1
-.2

1.5
.1
-.1

1.7
-.A
-•2

.8

-.2

-.2

3.A
-.6
-.1

1.7
.2
-.1

A.O
-. 2
-.1

.3
.3

.A
*

.A
.A

.8
.7

-.5
*

-1.2
.6

1.1
.1

*
•A

X

X

X

K

X

X

X

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

10
11
12
13

Savings institutions
Savings and loan assns.
Mutual savings banks

IA
15
16

Life insurance companies
Private pension funds
St.&local govt. rtr. funds

17
18
19

Finance companies
REITs

20
21

Commercial Mortgages

1
2
3
A
5

62.3
2.A
73.3
-13.5
fc

73.7
2.A
A5.A
25.9
.1

71.9
2.3
55.A
13.9
.3

61.9
2.3
A3.3
16.2
.2

A8.5
2.3
33.8
12.A
-.1

65.A
2.3
38.1
25.0

65.3
2.3
50.1
13.1

68. A
2.2
51.3
1A.2
.8

59.0
2.2
A2.9
13.7
•2

38.7
2.2
35.0
1.5

53.2 Net borrowing
2.2
Households
Nonfarm noncorp. business
39.1
11.9
Nonfin. corporate business
X REITs

1
2
3
A
5

6
7
8
9
10
11

62.3
-.1
3.A
.7
.3
28.1

73.7
2.9
.7
.7
.2
A1.3

71.9
3.A
2.0
.6
-1.8
A3.0

61.9
-.8
2.0
.A
-1.3
37.9

A8.5
-6.1
2.0
.8
.1
31.9

65. A
-3.A
2.0
1.2
-l.A
3A.2

65.3
-3.1
2.0
.2
-A.O
A3.1

68. A
9.2
2.0
-.6
.2
A2.A

59.0
1.6
2.0
.2
-1.0
33.A

38.7
A.A
2.0
.2
-A. 9
AA.6

53.2 Net change in assets
-1.1
Households
2.0
Nonfarm noncorp. business
.2
State and local governments
1.9
U.S. government
A3.3
Commercial banking

6
7
8
9
10
11

12
13
IA

10.3
8.6
1.7

5.3
A.5
.8

5.2
-.3
5.5

5.6
1.0
A.6

7.3
3.6
3.7

9.5
2.6
6.9

5.A
.9
A.A

.3
-3.2
3.A

7.8
6.2
1.6

-9.3
-10.9
1.5

-3.6
-2.3
-1.3

Savings institutions
Savings and loan assns.
Mutual savings banks

12
13
IA

15
16
17
18

16.5
fc
.2
.7

21 .A
-.8
.8
.9

17.6
.7
-.1
.6

16.7
.1
.5
.3

12.1
-.8
.3
.3

23.0
-.6
.8
.A

18.A
1.1
.6
.3

13.5
.6
.A
*

15.2
-1.2
.1
-.3

1.3
.8
.1
-.6

9.6
.9
.1
-.9

Life insurance companies
Private pension funds
St.&local govt. rtr. funds
Other insurance companies

15
16
17
18

19
20

.1
1.9

.2

.1
.7

X

-.7
1.1

.1
-.3

_ .2

.6

.6
x

_. 2
l.A

.1
.1

.8

Finance companies
REITs

19
20

X

i’a

X

X

Farm Mortgages
1

-6.6

-9.5

-6.A

-2.1

-A. 7

-1.6

-2.6

.7

-A.A

2.1

2
3
A
5

-6.6
-3.2

x
X

-9.5
-3.8
*
.2

-6.A
-1.7

-2.1
-.6

-A.7
-1.9

-1.6
.3

-2.6
-.9

.7
.2

-A.A
-1.5
*

2.1
.8

«

X
X

6
7
8

.6
-A.5
-.2

.3
-6.5
-. 2

-.5
-A.8

-.A
-1.9

X

-.A
-2.5
-.1

-.5
-2.0
-•2

-.A
-1.7
-.1

-.A
-1.3
.2

-.A
-3.6
-.1

_ _2
.7
-.1

-.9
-1.8

9
10
11
12

1.2
.1
-.6
-

l.A
x
-.9
-

1.7
fc
-1.0
-

1.1
-. 2
-

.7
-.5
-

1.8
-.9
-

1.1
-.7
-

.7
1.2
-

l.A
- .2
-

l.A
-.5
-

2.A
.3
-

X
X

X

X
X

x
X

X
X

x
X

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




X
X

* Net borrowing

1

x
X
X
X

Net change in assets
Households
Nonfarm noncorp. business
State and local governments

2
3
A
5

U.S. government
Sponsored credit agencies
Mortgage pools

6
7
8

X

Commercial banks
Mutual savings banks
Life insurance companies
St.&local govt. rtr. funds

9
10
11
12

DECEMBER 6, 1«»

Consumer Credit and Bank Loans n.e.c

Consumer Credit and Bank Loans n.e.c

50

Consumer Credit and Bank Loans Not Elsewhere Classified
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1

I

1988

I
I

II

III

IV 1

ANNUAL FLOWS, $ BILLIONS

1989
I

II

III

1981

1982

1983

1984

Consumer Credit

1 Net change in liabilities (HH)
Installment credit
2
Noninstallment credit
3

-3,766
-1,660
-2,106

16,880
17,980
-1,100

15,385
17,248
-1,863

22,567
19,603
2,964

-6,743
-3,208
-3,535

15,987
15,116
871

14,374
11,577
2,797

16.9
13.5
3.4

16.4
14.8
1.6

49.0
44.1
4.9

81.6
75.0
6.6

1
2
3

4 Net change in assets
Installment credit
5
6
Nonfarm noncorp, business
Nonfin. corporate business
7
8
Commercial banking
Savings and loan assns.
9
Mutual savings banks
10
Credit unions
11
Finance companies
12
13
SCO issuers

-3,766
-1,660
-254
-1,596
2,230
206
-248
52
-2,050
-

16,880
17,980
11
276
10,505
1,371
745
2,057
3,015
-

15,385
17,248
8
199
12,306
-8
-1
2,792
1,952
-

22,567
19,603
407
2,168
11,736
239
42
1,202
3,809
-

-6,743
-3,208
-218
-2,918
-5,188
-379
-186
236
-174
5,619

15,987
15,116
129
440
8,364
-1,658
-171
2,142
4,793
1,077

14,374
11,577
-326
508
6,508
-1,449
-29
1,640
2,447
2,278

16.9
13.5
.2
.9
.6
.4
.1
1.9
9.4

16.4
14.8
.1
X
4.9
2.2
.6
1.3
5.8

49.0
44.1
.3
2.0
19.5
4.1
1.0
6.2
11.0

81.6
75.0
.2
1.3
39.6
10.1
2.5
12.7
8.6
-

4
5
6
7
8
9
10
11
12
13

14
15
16
17
18
19

-2,106
-160
-642
-1,019
-1,165
880

-1,100
-20
-78
-881
1,242
-1,363

-1,863
35
142
-1,774
339
-605

2,964
542
2,169
505
-567
315

-3,535
-296
-1,184
-1,842
-500
287

871
61
242
854
316
-602

2,797
39
155
2,825
1.252
-1,474

3.4
-.1
-.6
3.4
.1
.6

1.6
X
-.1
1.9
-.3
X

4.9
.3
1.4
3.2
1.7
-1.9

6.6
.2
.7
5.6
-1.5
1.7

14
15
16
17
18
19

Noninstallment credit
Nonfarm noncorp, business
Nonfin. corporate business
Commercial banking
Savings and loan assns.
Mutual savings banks

Bank Loans Not Elsewhere Classified
Total loans by commercial
banking, Flow of Funds basis
1

2
3
4
5
6

7
8
9

- 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 off. in US

10 * Loans by F.R. banks
11 = Total bank loans n.e.c.
12 Net change in liabilities
13
Nonfinancial sectors
Households
14
15
Farm business
16
Nonfarm noncorp, business
17
Corporate business

18.039

52,793

31,793

44,638

16,495

52,723

34,609

85.1

69.8

82.0

155.3

1

13,334
1.211
4,255
-3,181
2,420

24,914
9,624
-2,768
-212
21,235

21,182
10,532
-374
1,136
-683

18,361
12,241
-1,591
629
14,998

19,502
-7,030
1,659
-782
3,146

26,387
9,218
2,797
-455
14,776

22,930
9,333
-5,881
2,409
5,818

21.6
4.0
5.3
.8
53.5

16.0
6.7
.3
46.7

29.2
22,7
2.4
.8
26.8

44.6
45.2
5.8
-1.4
61.1

2
3
4
5
6

71
1,553
796

12.433
-226
9,028

913
11
-1,607

4,988
-1,592
11,602

550
1.553
1,043

15,555
-711
-68

1,619
767
3,432

46.1
1.5
5.8

47.6
-1.0
.2

27.5
-.3
-.4

55.4
.1
5.7

7
8
9

2,420

21,235

-683

14,998

3,146

14,776

5,818

53.5

46.7

26.8

10
61.1 11

2.420
3,508
-4,022
-947
930
8,055

21,235
18,582
-207
2,187
3,943
13,059

-683
743
-723
482
1,137
-424

14,998
13,698
1,954
-958
2,048
11,861

3,146
5,121
-2,221
-1,428
959
7,629

14,776
13,243
-402
2,318
726
9,584

5,818
4,889
1,513
317
280
2,556

53.5
52.3
6.0
1.4
10.2
31.6

46.7
45.3
2.6
3.2
-9.5
54.5

26.8
27.2
3.6
2.8
-.5
17.6

61.1
59.7
-.4
1.0
16.8
48.9

12
13
14
15
16
17

it

18
19
20
21

Foreign
Official institutions
Banks
Other

-508
-312
-69
-127

-400
-384
292
-308

271
604
24
-357

-1,207
-412
-299
-496

182
-209
-449
840

1,017
-322
722
617

223
-295
407
111

3.0
.8
-4.5
6.7

-5.5
X
.7
-6.2

3.6
3.0
-.9
1.5

-6.6
-.9
-3.1
-2.6

18
19
20
21

22
23
24
25

Financial sectors
Savings and loan assns.
Finance companies
REITs

-1,088
-28
-2,272
1.212

2,653
39
2,316
298

-1,426
-130
202
-1,498

1.300
374
-2,756
3.682

-1,975
-580
-1,108
-287

1,533
-374
2,517
-610

929
-389
1,682
-364

1.2
.3
.4
.5

1.4
-.1
1.4
.1

-.4
.3
-.5
-.2

1.4
.8
.5
.1

22
23
24
25

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




DECEMBER 6, 1989
Consumer Credit and Bank Loans n.e.c

Consumer Credit and bark Loans n.e.c

51

Consumer Credit and Bank Loans Not Elsewhere Classified
SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS- $ BILLIONS
1985
1986
1987
1988

SEASONALLY ADJUSTED ANNUAL RATES

I
I

I
IV I

1988

III

II

I

1989
II

III

Consumer Credit
1
2
3

82.5
77.0
5.5

58.0
55.0
3.0

32.9
36.7
-3.8

51.1
53.2
-2.1

A3.7
A9.8
-6.1

51.9
56.1
-A. 2

35.5
A3.5
-7.9

73.1
63.3
9.8

3A.8
A6.5
-11.7

A6.0
A2.A
3.6

30.9 Net change in liabilities (HH)
20.2
Installment credit
10.7
Noninstallment credit

1
2
3

A
5
6
7
8
9
10
11
12
13

82.5
77.0
.1
.8
33.A
11.0
1.9
6.6
23.1

58.0
55.0

51.1
53.2
.2
1.0
36.8
1.8
.5
6.1
6.7
-

A3.7
A9.8

51.9
56.1

-1.1
21.8
6.1
.7
A.A
23.1

32.9
36.7
.1
1.0
20.3
5.5
-1.7
3.9
7.5
-

-5.0
33.3
A.A
-1.1
5.7
12.5

5.A
3A.6
1.6
2.8
6.7
5.0

35.5
A3.5
12
^3
39.1
2.A

6.A
-A. 9
-

73.1
63.3
.5
3.5
A0.1
-1.2
.5
5.6
1A.3
-

3A.8
A6.5
.2
-9.2
A.O
2.5
-1.0
6.7
20.8
22.5

A6.0
A2.A
.5
A.7
25.9
-10.8
-.8
7.0
11.6
A.3

30.9 Net change m assets
Installment credit
20.2
Nonfarm noncorp, business
-1.2
Nonfin. corporate business
2.9
15.3
Commercial banking
Savings and loan assns.
-3.3
-. 2
Mutual savings banks
l.A
Credit unions
Finance companies
-3.7
9.1
SCO issuers

A
5
6
7
8
9
10
11
12
13

1A
15
16
17
18
19

5.5
.2
.8
A.O
- .2
.7

3.0
.3
1.2
3.0
-1.1
-.A

-3.8
•A
l.A
-A.2
-2.8
1.3

-2.1
.A
1.6
-3.2
- .2
-.8

-6.1
-.3
-1.0
-A.l
-5.5
A.8

-A.2

-7.9
.1
.2
-7.1
-.3
-.8

9.8
1.8
7.3
2.0
-.7
-.7

-11.7
-.8
-3.1
-7.A
-3.1
2.7

3.6
.3
1.2
3.A
2.2
-3.A

,2
11.3
3.5
-A.A

Noninstallment credit
Nonfarm noncorp, business
Nonfin. corporate business
Commercial banking
Savings and loan assns.
Mutual savings banks

1A
15
16
17
18
19

122.2

172.2

128.2

Total loans by commercial
banking* Flow of Funds basis

1

«

M

K

K

- .2
-3.5
5.9
-6.3

M

10.7

«

Bank Loans Not Elsewhere Classified
1

13A.0

157.9

102.9

1A7.3

129.7

175.A

120.2

163.8

- 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 off. in US

2
3
A
5
6

A9.7
37.5
11.0
-2.5
38.3

70.1
2A.8
-5.8
-.9
69.7

86.2
16.2
-5.3
2.0
3.8

77.8
33.6
-.5
-1.6
38.0

57.5
29.2
21.A
-6.8
28.3

93.9
31.1
-8.2
-2.5
61.2

81.7
32.0
-1.0
5.8
1.7

78.1
A2.1
-1A.1
-2.9
60.7

81.2
-3.A
9.8
3.5
31.1

99.5
29.3
15.2
-3.8
31.9

89.0
26.6
-2A. 1
11.0
25.8

7
8
9

28.5
-.7
10.5

A6.3
1.5
21.9

-1A.5
.5
17.8

18.A
-.3
19.8

7.1
6.2
15.0

25.7
-.9
36.A

5.A

-3.7

35.A
-6.A
31.6

8.1
6.2
16.7

35.6
-2.8
-.9

5.3
3.1
17.A

10
11

38.3

69.7

3.8

38.0

28.3

61.2

1.7

60.7

31.1

31.9

* Loans by F.R. banks
25.8 = Total bank loans n.e.c.

10
11

12
13
1A
15
16
17

38.3
35.7
6.9
-A.A
6.2
29.9

69.7
65.7
9.6
-A. 3
11.7
A9.7

3.8
7.1
-2.3
-2.2
10.7
A.6

38.0
36.5
-3.0
.8
8.1
32.6

28.3
22. A
7.0
.A
3.7
9.6

61.2
55.5
-12.A
.6
15.8
5A.8

1.7
7.3
2.7
.A
A.5
-.3

60.7
60.9
-9.3
1.6
8.2
66.1

31.1
28.0
16.5
-1.2
3.8
A.O

31.9
31.6
-1A.A
.9
2.9
AO.6

25.8 Net change in liabilities
Nonfinancial sectors
21.6
Households
11.5
-.A
Farm business
Nonfarm noncorp, business
1.1
9.A
Corporate business

12
13
1A
15
16
17

18
19
20
21

-2.8
-l.A
-1.3
-.1

-1.0
*
1.0
-2.1

-3.6
-.9
-2.8
.1

-1.8
-.5
-.1
-1.3

1.7
-1.2
2.8
.1

-3.3
-1.5
-1.6
-.1

*
2.A
-1.2
-1.2

-5.7
-1.6
- .2
-3.9

A.9
-.8
l.A
A.A

1.7
-1.3
-, 2
3.1

-1.2
.3
.9

Foreign
Official institutions
Banks
Other

18
19
20
21

22
23
2A
25

2.6

A.O
.3
3.A
.3

-3.3
-1.1
-1.8
-.A

l.A
.3
-2.5
3.7

5.9
-.1
1.2
A.8

5.7
.2
A.3
1.2

-5.6
-.5
.9
-6.0

-.3
1.5
-16.5
1A.7

3.0
-2.3
6.5
-1.1

.3
-1.5
A.3
-2.A

A.l
-1.6
7.2
-1.5

Financial sectors
Savings and loan assns.
Finance companies
REITs

22
23
2A
25

K

2.3
.2

M

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




2
3
A
5
6

7
8
9

DECEMBER 6, 1989
Other Loans

Other Loans

52

Open-Market Paper and Other Loans

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
I
1

1988
I

II

III

t
IV 1

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

Open-Market Paper

1 Total net issues, all types
2
Commercial paper
Nonfinancial corporations
3
4
Foreign issues in U.S.
5
6
7
8

9

Financial business
Commercial banking
Finance companies
REITs

Bankers acceptances (1)

10 Net purchases, by sector
Households
11
Nonfin. corporate business
12
Foreign
13

14
15
16
17
18

Sponsored credit agencies
Monetary authority
Commercial banking (1)
Savings 8 loan associations
Mutual savings banks

19
20
21
22
23

Life insurance companies
Private pension funds
Mutual funds
Money market funds
Brokers and dealers

7,905
14,047
-261
1,299

28,612
27,492
4,340
1,493

9,273
9,979
2,456
2,263

29,078
26,986
5,061
4,579

24,144
29-421
9,792
4-209

18,016
17,587
13,912
-2,151

10,375
9,164
3,021
4,765

51.3
39.5
14.7
3.9

5.7
-5.4
-6.1
1.9

26.9
21.7
-.8
6.5

51.9
48.2
21.7
6.2

1
2
3
4

13,009
-408
13,392
25

21,659
1,829
19,838
-8

5,260
-1,234
6,520
-26

17,346
-385
17,838
-107

15,420
3,688
11,739
-7

5-826
259
5-676
-109

1,378
1,111
341
-74

20.9
7.0
13.9
X

-1.1
1.4
-2.4
-.1

16.0
3.5
12.6
-.1

20.3
6.1
14.0
.2

5
6
7
8

-6,142

1,120

-706

2,092

-5,277

429

1,211

11.7

11.1

5.3

3.7

9

7,905
-8-066
-3,742
-442

28,612
27,959
-12
198

9,273
4-950
3,881
-37

29,078
10,041
2,230
-377

24,144
10-808
-4,070
418

18,016
8,295
419
-24

10,375
-2,403
2,143
-128

51.3
-10.3
7.5
-1.3

5.7
-19.1
9.9
-1.7

26.9
13.1
4.7
.8

51.9
4.4
3.4
1.2

10
11
12
13

222
-3,181
-245
658

-62
-212
-418
-474

1,136
-293
1,322

195
629
1-798
-743

5
-782
-2,391
-1,397

-100
-455
513
1,381

97
2,409
-1,215
1,625

.3
.8
1.3
.7

-.3
.3
1.8
1.7

.4
.8
-1.7
3.6

-.1
-1.4
-1.4
.3

14
15
16
17
18

908
4,662
9,509
7,295
327

106
2,557
-5,888
2,039
2,819

1,946
-3,099
5-366
-2,648
-3,251

592
3,099
-123
11,098
639

3,499
-2,096
-626
20,235
541

-3,406
-2,103
1,540
11,538
418

1,296
-4,278
-1-619
12,202
246

3.7
5.0
-.1
38.8
4.8

3.1
7.1
-.6
-1.3
4.9

5.3
6.8
1.0
-3.0
-4.8

1.9
3.8
2.4
31.8
5.7

19
20
21
22
23

.2
.1
.1

2.4
1.2
1.2

8.7
4.3
4.3

1
2
3

(1) Excludes banks' holdings of own acceptances.
Other Loans

1 SSL assn, loans to business
2 Liab.: Noncorporate business
Nonfin. corp, business
3

872
436
436

702
351
351

128
64
64

877
438
439

-747
-373
-374

157
78
79

-923
-461
-462

.4
e2

4 Finance co. loans to business
5 Liab.:
Noncorporate business
6
Nonfin. corp, business

12,286
6,143
6,143

4,262
2,131
2,131

-644
-322
-322

13,145
6,572
6,573

8,245
4,122
4,123

7,380
3,690
3,690

-1,578
-789
-789

10.8
5.4
5.4

.9
.5
.5

13.1
6.5
6.5

24.4
12.2
12.2

4
5
6

7 U.S. government loans
8 Liab.:
Households
Farm business
9
Nonfarm noncorp. bus.
10
Nonfin. corp, business
11
12
St.&local governments
Foreign
13
14
Spons. credit agencies

-1,186
769
-1,347
-601
-501
-708
1,202

-718
43
-21
558
-626
-890
218
-

2,248
2,557
71
2,873
172
-700
-2,725
-

-4,703
500
-2,612
2,245
-93
-1,000
-3,743

1,648
2
1,585
1,255
-259
376
-1,311

1,947
98
1,000
852
624
-627
-

1,105
500
1,054
-449
-

19.0
1.5
3.4
5.6
1.2
1.2
4.2
1.9

13.6
1.6
.2
4.6
1.3
1.0
4.5
.4

8.5
.8
X
2.7
-.5
1.1
4.3
-

16.7
.6
1.1
2.0
1.2
7.7
4.0
-

7
8
9
10
11
12
13
14

15 Sponsored credit agency loans
Households (SLMA)
16 Liab.:
17
Farm business (FICB)
Noncorp. business (BC)
18
19
S&L assns. (FHLB)
Mutual sav. bks (FHLB)
20

-2,837
352
-1,043
1,406
-3,975
423

6,884
726
659
170
4,893
436

8,032
1,102
269
-66
6,155
572

9,778
611
-2,179
127
10,707
512

10,909
514
-1,033
426
11,849
-847

-121 -6,852
122
1,000
500
1,100
1,166
1,812
-1,775 -10,678
-134
-86

19.9
2.2
1.8
-.3
15.8
.4

.8
1.6
-.8
-.8
1.4
-.6

-6.1
1.5
-1.3
.9
-6.6
-.4

16.0
1.9
-1.2
-.4
14.5
1.2

15
16
17
18
19
20

-222
128
-350

540
125
415

459
125
334

336
125
211

810
125
685

950
125
825

210
125
85

7.4
.1
7.3

4.2
X
4.3

1.1
X
1.1

.4 21
X 22
.4 23

-6,538
-2,314
-4,224

1,657
1,509
148

-303
618
-921

1,761
-455
2,216

-5,033
-869
-4,164

799
1,652
-853

272
800
-528

11.3
4.4
6.9

7.7
-.8
8.5

6.9
7.0
-.1

3.8 24
2.8 25
1.0 26

7,198

1,390

3,168

-745

5,802

3,925

2,000

8.9

2.5

2.7

13.0 27

21 Policy loans (HH liability)
22 Asset:
U.S. government
23
Life insurance cos.
Cust. liab. on acceptances
24
outstanding (bank asset)
25 Liab: Nonfin. corp, business
26
Foreign
Foreign loans to US nonbanks
27 Liab.: Nonfin. corp, business

-

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




.2

DECEMBER 6- 1989
Other Loans

Other Loans

53

Open-Market Paper and Other Loans

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS, $ BILLIONS
1985
1986
1988
1987

I
1

1988
I

III

II

I
IV 1

I

1989
II

III

69.0 Total net issues, all types
61.7
Commercial paper
20.4
Nonfinancial corporations
Foreign issues in U.S.
20.4

Open-Market Paper

1
2
3
4

52.8
62.2
14.6
6.2

26.4
32.2
-9.3
11.5

33.2
26.8
2.3
2.1

74.9
78.5
11.6
9.6

41.6
57.9
2.4
.7

83.9
84.2
6.8
6.5

62.5
63.5
17.1
10.3

111.5
108.3
20.0
21.0

109.4
122.2
44.1
12.1

39.6
43.6
44.9
-8.1

5
6
7
8

41.4
2.2
39.0
.1

30.1
1.2
28.5
.3

22.4
1.5
20.5
.4

57.3
- .2
57.6
-.1

54.8
-9.9
64.6
.1

70.9
8.5
62.5

K

36.1
1.2
35.0
-.1

67.3
-.5
68.2
-.4

66.0
6.0
60.0
*

6.8
2.6
4.6
-.4

9

-9.4

-5.9

6.4

-3.6

-16.3

-.4

-1.0

3.2

-12.8

-4.0

10
11
12
13

52.8
47.0
.5
- .2

26.4
-2.2
7.6
1.1

33.2
4.8
1.7
.3

74.9
34.9
2.4
-.7

41.6
-15.5
1.1
-1.8

83.9
98.3
.4
.8

62.5
72.6
4.8
-.1

111.5
-15.8
3.1
-1.5

109.4
67.0
.1
1.7

39.6
17.7
1.8
-.1

69.0 Net purchases, by sector
Households
44.8
Nonfin. corporate business
-1.3
Foreign
-.5

14
15
16
1/
18

-.6
-2.5
- .2
3.0

fc
-.9
1.8
3.8

*
2.0
-1.0
1.3

.4
-1.6
.8
.8

.7
-6.8
-3.7
-2.3

_.2
-2.5
2.2
1.8

fc
5.8
.8
1.9

.8
-2.9
4.1
1.6

-.3
3.5
-12.5
-11.1

-.3
-3.8
6.4
9.8

.4
11.0
-2.5
2.8

19
20
21
22
23

-.6
10.3
-2.3
1.2
-2.8

-.4
6.2
5.3
6.2
-2.0

1.4
14.9
3.2
6.0
-1.4

3.6
7.2
8.9
17.8
.5

.2
36.9
8.0
21.9
2.9

2.8
-1.3
-24.9
3.4
3.2

2.1
-24.6
20.7
-11.0
-10.5

9.1
17.9
31.7
56.8
6.6

11.3
11.6
-36.9
72.1
2.9

-11.1
-21.7
5.5
42.5
-7.0

-.6
-31.3
-6.6
48.1
4.7

20.9
10.3
10.9
-.3
7.3

Financial business
Commercial banking
Finance companies
REITs

Bankers acceptances (1)

1
2
3
4

5
6
7
8

9
10
11
12
13

Sponsored credit agencies
Monetary authority
Commercial banking (1)
Savings & loan associations
Mutual savings banks

14
15
16
17
18

Life insurance companies
Private pension funds
Mutual funds
Money market funds
Brokers and dealers

19
20
21
22
23

(1) Excludes banks’ holdings of own acceptances.
Other Loans

1
2
3

5.6
2.8
2.8

6.7
3.3
3.3

-.1
-.1

2.6
1.3
1.3

4.5
2.3
2.3

2.3
1.2
1.2

.9
.5
.5

2.5
1.3
1.3

-1.9
-1.0
-1.0

.3
.1
.1

-3.5 S&L assn, loans to business
-1.8 Liab.: Noncorporate business
Nonfin. corp, business
-1.8

1
2
3

4
5
6

19.7
9.8
9.8

15.9
8.0
8.0

34.1
17.0
17.0

29.0
14.5
14.5

43.1
21.6
21.6

20.0
10.0
10.0

32.5
16.3
16.3

20.6
10.3
10.3

26.7
13.4
13.4

32.5
16.3
16.3

30.7 Finance co. loans to business
15.4 Liab.: Noncorporate business
15.4
Nonfin. corp, business

4
5
6

7
8
9
10
11
12
13
14

15.9
7.0
.4
.5
-2.6
8.2
1.4
1.1

9.0
4.4
-.2
.7
1.5
1.4
1.5
-.4

-3.0
3.3
-.4
-.6
.1
-2.4
-2.3
-.8

-4.4
3.9
-3.9
5.1
-1.0
-3.3
-5.0
-

-8.0
3.1
-6.1
-2.4
-3.2
-2.8
3.5
-

-5.8
.2
-2.0
2.2
-2.2
-3.6
-.4
-

7.5
10.2
-.3
11.5
-.5
-2.8
-10.6
-

-11.2
2.0
-7.2
9.0
1.7
-4.0
-12.7
-

3.0
fc
5.4
5.0
-2.2
1.5
-6.7

4.9
.4
-1.8
4.0
3.9
2.5
-4.0
-

3.0 U.S. government loans
2.0 Liab.: Households
-.6
Farm business
Nonfarm noncorp. bus.
4.2
Nonfin. corp, business
-1.3
St.&local governments
Foreign
-1.3
Spons. credit agencies
-

7
8
9
10
11
!2
13
14

lb
16
17
18
19
20

11.8
2.5
-3.9
-1.0
12.7
1.5

19.2
2.4
-2.3
-.7
15.6
4.2

27.3
3.7
-1.6
.8
16.3
8.1

21.9
2.8
-2.3
1.6
17.8
1.9

12.6
1.4
-2.3
4.1
7.1
2.3

17.3
2.9
-.3
2.4
11.2
1.1

30.3
4.4
.3
- .2
25.3
.5

27.3
2.4
-6.9
.3
27.6
3.8

69.3
2.1
-2.1
.2
71.9
-2.8

-11.2
.5
-.9
6.2
-15.9
-1.1

-28.5 Sponsored credit agency loans
4.0 Liab.: Households (SLMA)
3.8
Farm business (FICB)
7.4
Noncorp. business (BC)
S&L assns. (FHLB)
-40.8
Mutual sav. bks (FHLB)
-2.9

15
16
17
18
19
20

21
22
23

-.1
*
-.1

-.1
.2
-.3

fc
.4
-.4

1.1
.5
.6

-.9
.5
-1.4

2.2
.5
1.7

1.8
.5
1.3

1.3
.5
.8

3.2
.5
2.7

3.8
.5
3.3

.8 Policy loans (HH liability)
.5 Asset: U.S. government
Life insurance cos.
.3

21
22
23

24
25
26

-9.5
-2.1
-7.4

-5.6
-.2
-5.4

6.5
5.1
1.4

-3.4
-.6
-2.8

-19.4
-4.1
-15.3

5.2
5.1
.1

-3.9
-2.4
-1.5

4.5
-1.1
5.6

-13.4
1.3
-14.7

1.5
6.1
-4.6

Cust. liab. on acceptances
-1.4
outstanding (bank asset)
-1.9 Liab: Nonfin. corp, business
Foreign
.5

24
25
26

27

1.5

11.1

1.9

11.0

28.8

5.6

12.7

-3.0

23.2

15.7

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




Foreign loans to US nonbanks
8.0 Liab.: Nonfin. corp, business 27

DECEMBER 6, 1989
Security Credit, Trade Credit, and Taxes

Security Credit, Trade Credit, and Taxes

Security Credit, Trade Credit, and Taxes Payable

54

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1988
1

I

II

III

1
IV 1

1989
II

I

III

ANNUAL FLOWS, $ BILLIONS
1984
1981
1982
1983

Security Credit
——— — —— ————
1 Net change in liabilities
2
Households
3
Foreign

4
5
6
7

Brokers and dealers
From domestic banks
From fgn. bkg. off. in US
Customer credit balances

8 Net change in assets
9
Households
10
Commercial banking
11
12

Brokers and dealers
Foreign

2,008
-889
-

2,762
1,017
-

-1,927
1,214

4,879
1,774
-

-5,860
-4,050

14,561
5,739

-4,278
2.078

2.1
-1.0
-

5.9
2.8
-

13.6
9.4
-

4.5
-2.4
-

1
2
3

2,897
2,804
1,135
-1,042

1,745
-3.033
-69
4,847

-3,141
-45
-690
-2,406

3,105
-1,508
-471
5,084

-1,810
1,681
-434
-3,057

8,822
2,186
172
6,464

-6,356
-6,337
-8
-11

3.1
4.0
.6
-1.5

3.0
.4
-.5
3.1

4.1
.9
.5
2.7

6.9
4.7
1.1
1.0

4
5
6
7

2,008
-1,042
4,255

2,762
4,847
-2,768

-1,927
-2,406
-374

4,879
5,084
-1,591

-5,860
-3,057
1,659

14,561
6,464
2,797

-4,278
-11
-5.881

2.1
-1.5
5.3

5.9
3.1
*

13.6
2.7
2.4

4.5 8
1.0 9
5.8 10

-1,205

683

853

1,386

-4,462

5,300

1,614

-1.7

2.8

8.4

-2.3 11
12
■

-11,457
875
205
752

-1,447
1,000
231
696

8.943
2,100
256
640

19-803 -10,464
163
1,150
281
306
584
528

2.808
1,150
331
472

6,680
1,164
356
416

39.5
2.7
.9
5.1

10.4
2.4
.4
3.8

44.0
3.4
-.7
.5

46.7
5.3
-1.1
5.7

1
2
3
4

-14,528
472
1,621
-1,131
277

-3,384
589
-1,427
-981
1,829

5,741
563
2,409
-2,950
184

15,327 -15,830
631
620
4,792
2.652
-3,970 -2,057
2,006
2,156

-3,802
663
338
2,442
1,214

2,658
689
394
-110
1,113

28.6
1.1
.7
.5
-

4.9
.9
-3.9
1.9

37.0
.8
-.9
3.0
1.0

33.7
1.0
-1.6
3.3
.5

5
6
7
8
9

12,524
1,200
10,082
-493
578
1,157

8,470
1,200
6,724
-159
-981
1,686

13,285
1,200
9,337
1.262
-32
1,518

-6,751
1,200
-9,537
1,817
-1.527
1,296

11,144
1,200
7.132
1,018
788
1,006

3,982
1,200
2,713
516
-1,766
1,319

10,826
1,200
9,554
-200
-270
542

34.1
4.4
24.8
-.2
2.5
2.6

-.6
7.6
-15.1
X
4.8
2.1

63.5
6.8
52.2
-1.3
3.8
2.0

63.9
6.5
48.1
1.5
5.1
2.8

10
11
12
13
14
15

-23,981

-9,917

-4,342

26,554 -21.608

-1,174

-4.146

5.4

10.9

-19.5

Trade Credit

1 Net change in liabilities
2
Households
3
Farm business
4
Nonfarm noncorp. business
5
6
7
8
9

Nonfin. corporate business
State and local governments
Foreign
U.S. government
Brokers and dealers

10 Net change in assets
11
Nonfarm noncorp. business
12
Nonfin. corporate business
13
Foreign
14
U.S. government
15
Other insurance companies

16 Discrepancy

-17.2 16

Taxes Payable

1 Net change in profit taxes pay
2
Nonfin. corporate business
Commercial banks
3
4
Savings & loan associations
5
Life insurance companies
6
Other insurance companies
7
Finance companies
8
Brokers and dealers

3,700
3,530
34
11
25
9
21
70

-6,300
-6.474
42
22
25
12
23
50

3,380
3,254
50
12
25
14
25
-

-2,000
-2,217
60
54
25
15
27
36

6,200
6,153
68
41
25
21
29
-137

-8,100
-8,443
78
52
25
24
31
133

-4,744
-5,116
87
43
25
26
33
158

-9.6
-7.9
-.4
-.3
-.5
-.2
— .2
-.2

-8.2
-8.3
-.1
X
X
K
*
.3

6.3
6.7
-.1
X
-.1
X
X
-.2

4.1
4.4
X
X
_ o
X
X
-.1

1
2
3
4
5
6
7
8

9 Net change in other taxes pay.
(Nonfarm noncorp. business)

400

400

400

400

400

400

400

-1.6

1.5

1.8

1.1

9

10 Net change in profit taxes rec
11
State and local governments
12
U.S. government

3,030
200
2,830

-6,784
200
-6,984

2,072
200
1,872

-1,764
200
-1,964

5,773 -13,737
-200
-200
5,973 -13,537

-1,666
238
-1,904

-8.8
1.2
-10.0

-11.6
-1.4
-10.2

4.0
-1.3
5.3

2.4 10
1.8 11
.6 12

13 Net change in other taxes rec.
(State and local governments)

400

400

400

400

400

400

400

-1.6

1.5

1.8

1.1 13

14 Discrepancy

670

484

1,308

-236

427

5,637

-3,078

-.8

3.4

2.4

1.7 14

-48.4
-10.8
-38.1
.5

-91.4
-12.4
-80.3
1.3

-79.6
-20.7
-59.8
.9

Proprietors’ Equity in Noncorporate Business

1 Total household investment
2
Farm business
3
Nonfarm noncorp. business
4
Brokers and dealers

-20,912 -22,506 -16,963 -32.981 -29,634 -23,148 -23,675
3,033 -5,702 -2,565 -3,022
-550 -7,178 -3,765
-27,099 -16,309 -15,652 -29,861 -29,427 -16,392 -19,853
3,154
-495
1,254
-98
343
422
-57

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




-86.5
-1.3
-86.9
1.6

1
2
3
4

DECEMBER 6, 1989
Security Credit. Trade Credit, and Taxes

Security Credit. Trade Credit, and Taxes

55

Security Credit. Trade Credit. and Taxes Payable

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987
1988

1
1

1988
I

II

III

I
IV 1

I

1989
II

III

Security Credit

1
2
3

A3.3
19.A

9.9
8.2
-

-28. A
-15.3
-

7.7
3.1
-

36.3
16.8

6.2
-3.3

12.A
9.3

-2A.0
-10.3
-

6.3
6.5
-

53.8
15.0

A
5
6
7

23.9
6.2
A.2
13.5

1.7
-7.A
.1
9.0

-13.1
-A.2
-2.1
-6.8

A.6
-1.8
-.1
6.5

19.5
9.5
10.7
-.6

9.6
-12.2
2.6
19.1

3.1
1.5
-3.9
5.5

-13.7
-5.9
-9.8
2.0

—. 2
3^0
5.2
-8.A

38.9
10.0
3.5
25.A

-10.0
-2A.7
-1.2
16.0

8
9
10

A3.3
13.5
11.0

9.9
9.0
-5.8

-28. A
-6.8
-5.3

7.7
6.5
-.5

36.3
-.6
21.A

6.2
19.1
-8.2

12.A
5.5
-1.0

-2A.0
2.0
-1A.1

6.3
-8. A
9.8

53.8
25.A
15.2

2.1 Net chanse in assets
16.0
Households
Commercial bankins
-2A.1

11
12

18.9
-

6.7
-

-16.3
-

1.7
-

15.5
-

-A. 7
-

7.9
-

-11.9
-

A.8
-

13.2
-

10.2
-

Brokers and dealers
Foreisn

11
12

1
2
3
A

A8.1
2.5
-.3
5.A

13.1
3.0
.2
A.2

35.5
3.2
.6
3.6

15.8
A.l
1.0
2.7

-.9
3.5
.8
3.0

-A.O
A.O
.9
2.8

25.6
8.A
1.0
2.6

A2.7
.7
1.1
2.3

5.0
A.6
1.2
2.1

11.6
A.6
1.3
1.9

16.8 Net chanse in liabilities
A.7
Households
Farm business
l.A
1.7
Nonfarm noncorp. business

1
2
3
A

5
6
7
8
9

3A.0
1.1
-.1
A.7
.8

3.1
1.6
-1.2
1.2
1.1

18.0
2.0
2.9
5.A
-.2

3.2
2.2
7.A
-9.0
A.3

-7.A
1.9
A.8
-8.7
1.1

-9.6
2.A
-A. 3
-7.A
7.3

1A.5
2.3
7.9
-11.8
.7

15.1
2.5
21.2
-8.2
8.0

-10.0
2.5
8.7
-12.7
8.6

-12.7
2.7
3.2
5.8
A.9

10
11
12
13
IA
15

52.2
A.l
A1.7
.5
3.7
2.2

28.3
6.A
16.2
.8
.1
A.9

7A.0
A.8
66.A
.2
-1.0
3.6

27.5
A.8
16.6
2.A
-2.0
5.7

3A.2
A.8
2A.5
-2.0
2.3
A.6

29.5
A.8
22.5
-.6
-3.9
6.7

23.0
A.8
7.3
5.0
-.1
6.1

23.3
A.8
12.2
7*3

-6.1
5.2

28.7
A.8
12.6
A.l
3.2
A.O

12.1
A.8
7.0
2.1
-7.1
5.3

16

-A.l

-15.2

-38.5

-11.7

-35.1

-33.5

2.5

19.3

-23.6

-.5

2.1 Net chanse in liabilities
12.1
Households
Foreisn
Brokers and dealers
From domestic banks
From fsn. bks. off. in US
Customer credit balances

1
2
3
A
5
6
7

8
9
10

Trade Credit

2.8
2.8
-.5
-.A
A.5

Nonfin. corporate business
State and local sovernments
Foreisn
U.S. sovernment
Brokers and dealers

12.0 Net chanse in assets
Nonfarm noncorp. business
A.8
Nonfin. corporate business
6.9
Foreisn
-.8
U.S. sovernment
-1.1
Other insurance companies
2.2

A.8 Discrepancy

5
6
7
8
9

10
11
12
13
IA
15
16

Taxes Payable

1
2
3
A
5
6
7
8

H
-.A
.1
.1
«
-.1
«
.3

3.7
3.6
M
H
II
«
K
.2

-1.0
-.7
.1
*
.2
«
.1
-.6

-1.2
-1.9
.2
.1
.1
.1
.1
.2

7.8
7.1
.1
.1
.1
H
.1
.3

-1A.1
-1A.8
.2
.1
.1
K
.1
.2

6.5
5.9
.2
.1
.1
.1
.1

-5.1
-5.9
.2
.1
.1
.1
.1
.1

17.7
17.6
.3
.2
.1
.1
.1
-.5

9

3.A

1.7

1.6

1.6

1.6

1.6

1.6

1.6

1.6

1.6

10
11
12

-A.8
-.7
-A.l

1.1
1.3
-.2

-3.5
.A
-3.9

-3.A
.8
-A.2

11.7
8.6
3.1

-.9
6.0
-6.9

-13.2
-6.2
-6.9

-11.A
-5.1
-6.3

22.3
6.9
15.5

-28.3
A.3
-32.6

13

3.A

1.7

1.6

1.6

1.6

1.6

1.6

1.6

1.6

1.6 Net change in other taxes rec.
(State and local sovernments)

13

IA

A.9

2.6

2.5

2.2

-3.8

19.7

6.3

-A.6

6.1

3.A Discrepancy

IA

-93.6
-6.6
-88. A
l.A

-95.6
-1A.6
-82.7
1.7

1,6’

-13.3

-23*6

.3
.2
a
.1
,i
.5

-25.7 Net change in profit taxes pay
Nonfin. corporate business
-27.2
Commercial banks
.3
Savinss 8 loan associations
.2
Life insurance companies
.1
Other insurance companies
.1
Finance companies
.1
.6
Brokers and dealers

1
2
3
A
5
6
7
8

1.6 Net change in other taxes pay.
(Nonfarm noncorp. business)

9

-29.1 Net change in profit taxes rec 10
State and local governments
-6.0
11
U.S. government
12
-23.2

Proprietors’ Equity in Noncorporate Business

1
2
3
A

-89.2
1.9
-93.1
2.0

-A7.2
5.1
-55.3
2.9

-95.2
.9
-91.9
-A.2

-93.A
-8.3
-88.9
3.8

-60.0
8.1
-80.7
12.6

-93.7
-8.8
-82.9
-2.0

-95.6
-8.0
-92.6
5.0

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




-12A.6
-2A.3
-100.0
-.A

-12A.7 Total household investment
-13.0
Farm business
Nonfarm noncorp. business
-111.A
_. 2
Brokers and dealers

1
2
3
A

DECEMBER 6, 1989
Miscellaneous I

Miscellaneous I

JO

Miscellaneous Financial Claims

UNADJUSTED NET FLOWS- $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
I
I

1 Net change in liabilities
2
Households
3
Nonfarm noncorp. business
4
Nonfin. corporate business

5
6

Foreign
U.S. government

1988

II

I

III

I
IV 1

1

1989
II

ANNUAL FLOWS, $ BILLIONS
1982
1983
1981
1984

III

15,861
-130
2,000
9,267

57,442
60
2-000
13-737

67-415
164
2,000
11,637

39,676
263
2,000
22,929

55,038
2,000
19,198

89-692
115
2-000
12,056

20-524
128
2-000
14-494

113.4
1 .8
8.7
25.3

93.7
.8
10.3
13.8

124.6
.6
12.7
11.5

165.0
-I .0
19.2
25.6

1
2
3
4

3,16b
5,317

10-010
5-522

5-850
4-307

2,243
-5-504

6,770
-1,737

11-117
10,998

-4,145
-1,631

6.6
1.0

8.2
.2

3.2
2.0

9.3
4.9

5
6

53-406
1-584
183
31,490

9-678
4,375
580
16,571

69.9
4.7
.3
44.2'

60.5
5.9
-.1
22.3

94.7
- .2
-.5
29.9

1 -512
1-101
-162
-412
200
400
125
448
7-993
9-052
7,521
307
-114
-77
3-074 -22,667

2.4
-. 2
.4
8.2
10.8
-2.3
.1
1.2

13.9'
1.0
.2
7.0
10.6
6.C
X
-6.4

14.5
3.6
.7
9.2
12.0
10.9
-.1
14.6

12.2
1*5
1.8
14.8
15.4
15.7
.1
2.2

11
12
1314
15
16
17
18

146.4
2.0
.1
13.5
28.0

19
20
21
22
23

7
8
9
10

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

-3,759
4.564
-673
-6,357

26,113
-3-492
-300
23,916

43-457
2-543
653
26,140

17,745
-2-499
-151
6,015

28,807
-1-002
-369
28,808

11
12
13
14
15
16
17
18

Savings S loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Other insurance companies
Finance companies
REITs
Brokers and dealers

-4-245
-210
300
1,521
7-731
-2,318
-72
-4,000

2,108
-527
100
1-271
6-607
-4-636
100
966

9,039
1,045
1-bOO
1,018
6,521
-2,778
-38
-2,286

4,081
1,005
304
6-9bb
-1-910
-237
4,171

-4-394
-482
300
806
7,668
157
43
-2,728

20,375
6,147
602
2,316
-2,560

54,223
5,776
700
2-212
21-754

31,602
6,525
832
2-057
-2-961

69,974
7,053
759
1,946
24.659

47,873 113-225
9,371
9,212
355
4C2
1-788
1-767
738 24,806

15,877
11,158
739
1,764
-6-881

85.5
6.1
1.7
-21 .5
47.8

91.4
6.8
1.7
-13.5
14.7

103.8
15.3
1.1
-3.7
30.2

19 Net change in assets
20
Housenolds
21
Farm business
22
Nonfarm noncorp. business
23
Nonfin. corporate business

107.1 7
10.2 8:
.1 9
32.9 10

24
25

Foreign
U.G. government

10,074
470

13-106
611

13-889
724

20-344
330

20,891
262

22,141
999

3-074
1,005

11.4
.9

4.2
1.6

10.7
.7

19.1 24
1.5 25

26
27
28
29

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

3,326
-1,137
-348
-2-272

10-064
27
-363
13-903

10,536
1-354
-305
7,034

14,883
3,262
1-450
4,853

14-580
-1-519
-1-086
23,298

53-786
2-989
4-195
31,957

5-018
485
3.105
22,610

39.0
.7
.1
24.7

76.0
1.1
.1
25.9

49.4
.7
.5
11.8

82.3
2.8
3.0
28.4

26
27
28
29

4,364
985
2,154
2-102
-8,293
-113
4,535
1,349

-5-606
722
-753
2,068
1-363
34 7
-2-746
1-102

-3-068
421
1-508
2,016
3-587
-1,185
-612
-214

1,748
22
-1,414
2,319
-441
3,151
-639
572

-7-161
-632
3-425
1,914
-5,807
-768
1,384
i ,532

13-597
1 -861
1-707
1,261
697
508
2,029
1-681
-6-075 -2-701
270
-323
2-614
1,810
-194 -25,279

7.4
1.2
-.3
7.3
-5.8
1.0
1.9
.8

21.4
2.6
.2
8.1
14.0
.3
-1.1
3.2

11.3
1.5
.8
6.1
13.6
-.4
3.6

30.0
.3
1.0
4.8
6.4
1.2
1.5
2.7

30
31
32
33
34
35
36
37

-4,514

3,219

30
31
32
33
34
35
36
37

Savings and loan assns.
Mutual savings banks
Credit unicns
Life insurance companies
Private pension funds
REITs
Money market funds
Brokers ana dealers

38 Unallocated, net

35-813 -30,298

7-165 -23,533

4,647

27.9

2.3

20.8

18.6 38

(A) Foreign claims
Foreign direct investment by U.S. corps.
4-447
1-977
39 Liab.: Foreign (13
1,404 -3,231
40
Equity a intercompany accts.
41
Retained earnings
3,043
5,208

7,419
345
7,074

1,107
1,118
-11

9,011
1-643
7,368

9-823
1 -Q75
7,848

3,687
487
3,200

12.6
-.5
13.1

10.2
5.4
4.8

9.8
-3.6
13.5

13.2 39
-4.6 40
17.8 ;4i

Direct investment in U.S. by Fgn. corps.
9-267 :13,737
42 Liab.: Nonfin. corp. bus.(13
43
Equi ty £ intercompany accts.
7,842 :12,528
1,425
1,209
Retained earnings
44

11,637
9,813
1-824

22 * 929
21,691
1,238

19,198
18-953
245

12,056
11,157
899

14-494
16-276
-1-782

25.3
22 - 3
3.C

13.8
16.2
-2.4

11.5
11.9
-.3

25.6 42
22.5 43
3.1 44

U.S. govt, equity m IBRD, etc.
45 Liab.: Foreign
Nonofficial foreign currency
46 Asset: U.S. government
Liab.: Foreign

575

633

781

411

266

1,000

1,000

1.1

1.3

.7

1.1 45

-105

-22

-57

-81

-4

-1

5

-.2

.4

.1

.4 46

-

-

-

-

-

-

-

-

-

(B) Cl aims on federally related agencies

Postal Savings oeposits
47 Asset: Households
Liab.: U.S. government

-

Deposits at Federal Home Loan Banks
A8 Liab.: Sponsored credit a9s.
4,193
Asset: SSL associations

49 Federal Reserve Bank stock
Asset: Commercial banks
50 Equity In sponsored credit 39.
51
U.S. government
Private:
52
Farm business (FICB S FLB)
53
Nonfarm noncorporate (BC)
54
Nonfin. corp. bus. (FNMA)
55
SSL associations (FHlB)

47

-4,276

-562

-676

-1,356

3,781

1,878

1.8

2.8

-2.9

7.0 48

48

15

-13

16

18

15

53

.1

.1

.1

.2 49

518
-

338
-

542
-

572
-

190
-

110
-

-514
-

1.4
-

.9
-

.2
-

.9 50
- 51

-75
-8
3
598

11
1
326

110
1
431

22
7
2
541

-362
-8
2
558

-429
5
534

-68
-5
-441

.6
.1
.7

.4
X
.1
.4

.1
X
X
.1

.1
*
X
.8

Cl 3 Excludes capital gains/losses.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION




-

52
53
54
55

DECEMBER 6- 1989
Miscellaneous I

Miscellaneous I

57

Miscellaneous Financial Claims

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1986
1987
1985
1988

I
1

1988
I

II

III

I
IV 1

1989
II

I

III

1
2
3
4

163.8
.1
7.5
20.5

175.2
-1.3
3.1
36.1

188.1
1.2
8.0
47.3

180.4
.4
8.0
57.6

-90.5
-.5
8.0
43.3

291.5
.2
8.0
56.2

423.5
.7
8.0
53.8

97.1
1.1
8.0
77.0

44.4
8.0
83.8

435.1
.5
8.0
50.1

5
6

1.1
.6

9.8
3.2

29.1
-9.4

21.3
9.6

34.9
-5.6

43.6
20.1

48.7
18.4

-42.1
5.7

55.1
-35.7

45.1
42.0

22.7
-5.2

7
8
9
10

134.0
8.9
1.4
34.5

124.4
8.3
1.9
33.8

111.9
-2.1
3.0
39.1

83.6
1.1
-.5
49.7

-170.6
17.0
-2.6
-124.8

163.5
-12.3
5.4
150.6

294.0
7.1
5.3
107.1

47.4
-7.3
-10.0
66.0

-66.7
-6.4
-1.3
-1.2

289.4
8.2
8.6
190.0

183.1
16.1
3.6
73.9

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

7
8
9
10

11
12
13
14
15
16
17
18

14.6
2.9
1.3
14.4
38.6
8.0
.1
9.2

7.4
2.1
1.7
5.4
41.9
15.2
-.3
7.0

7.3
.6
2.4
.3
38.0
18.2
1.0
4.2

11.0
1.3
2.0
4.1
27.8
-11.6
-.2
-1.1

-20.8
.5
2.0
6.1
30.9
-13.4
-. 3
-65.2

11.9
.6
2.2
5.1
26.4
-24.7
.4
-2.1

15.7
3.6
3.4
4.1
26.1
-7.5
-. 2
129.3

37.0
.5
.5
1.2
27.9
-.9
-.9
-66.5

-23.0
.1
2.1
3.2
30.7
-3.3
.2
-67.7

10.4
2.6
2.8
.5
32.0
23.4
-.5
11.5

-18.5
-2.1
-1.9
1.8
36.2
5.0
-.3
69.3

Savings & loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Other insurance companies
Finance companies
REITs
Brokers and dealers

11
12
13
14
15
16
17
18

19
20
21
22
23

145.8
30.4
2.5
6.4
7.6

166.1
32.4
3.0
13.3
24.1

168.3
22.1
2.2
10.0
26.9

176.2
25.5
2.9
8.5
40.9

2.1
24.6
2.4
9.3
29.4

230.7
23.1
2.8
8.8
55.5

375.4
26.1
3.3
8.2
47.9

96.5
28.2
3.0
7.8
30.8

101.1
36.8
1.6
7.2
47.8

473.3
37.5
1.4
7.1
61.7

24
25

21.9
1.4

29.0
.5

48.2
1.3

57.4
2.1

62.1
1.9

42.7
2.4

93.3
2.9

31.6
1.3

105.7
1.0

74.4
4.0

63.6
4.0

26
27
28
29

75.6
-2.5
1.0
42.2

63.8
2.1
1.7
37.9

57.6
5.0
2.2
42.3

38.8
3.5
.4
23.5

-127.5
-13.0
.4
-70.7

95.4
4.4
1.4
113.3

193.6
8.5
-6.4
64.7

-6.3
14.1
6.4
-13.3

-99.1
-15.8
-2.5
20.5

287.1
16.9
19.8
192.2

30
31
32
33
34
35
36
37

15.8
1.7
2.4
7.0
.6
-1.6
.6
8.4

7.7
1.0
3.7
8.0
-7.3
.4
2.9
5.7

14.0
.7
-.6
7.9
-15.0
1.0
1.4
-1.2

-2.6
2.2
1.5
8.5
-3.8
2.2
.5
2.8

12.3
8.5
3.8
8.4
-80.7
-.5
17.6
-13.7

-15.7
3.4
-1.2
8.3
8.8
1.4
-32.0
3.5

-17.4
2.8
4.1
8.1
-8.8
-4.7
19.5
123.5

10.6
-6.0
-.6
9.3
65.7
12.6
-2.9
-102.1

-35.5
3.4
8.1
7.7
-79.8
-3.1
8.1
-10.1

38

18.0

9.2

19.8

4.2

-92.6

60.8

48.1

.6

-56.7

275.4 Net change in liabilities
.5
Households
8.0
Nonfarm noncorp. business
66.3
Nonfin. corporate business

Foreign
U.S. government

342.0 Net change in assets
Households
44.6
Farm business
3.0
7.1
Nonfarm noncorp. business
32.6
Nonfin. corporate business

1
2
3
4
5
6

19
20
21
22
23

Foreign
U.S. government

24
25

187.1
6.3
6.4
123.9

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

26
27
28
29

59.4
7.0
5.0
8.1
-18.5
1.1
-9.1
5.2

3.2
6.3
-.3
6.7
-37.1
-1.3
30.1
42.8

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds
REITs
Money market funds
Brokers and dealers

30
31
32
33
34
35
36
37

-38.1

-66.6 Unallocated, net

38

(A) Foreign claims
39
40
41

9.7
-3.3
13.0

12.4
2.1
10.3

33.1
6.9
26.2

15.0
-.4
15.3

11.3
8.0
3.3

11.0
-7.8
18.8

29.7
.9
28.8

7.9
-2.5
10.4

28.4
8.9
19.5

Foreign direct investment by U.S. corps.
43.1
14.8 Liab.: Foreign (1)
39
13.3
Equity & intercompany accts. 40
1.2
29.8
13.6
Retained earnings
41

42
43
44

20.5
20.4
.1

36.1
35.4
.7

47.3
45.4
1.9

57.6
51.9
5.7

43.3
41.3
1.9

56.2
51.8
4.4

53.8
47.4
6.4

77.0
67.0
10.0

83.8
87.0
-3.3

Direct investment in U.S. by fgn. corps.
50.1
66.3 Liab.: Nonfin. corp, bus.(l) 42
46.8
74.2
Equity & intercompany accts. 43
3.3
-7.9
Retained earnings
44

45

1.5

1.5

1.2

2.4

2.3

2.5

3.1

1.6

1.1

46

-.1

-1.0

.1

-.3

-.4

-.1

-.2

-.3

X

4.0

U.!>. govt, equity in IBRD, etc.
4.0 Liab.: Foreign

X

Nonofficial foreign currency
X Asset: U.S. government
Liab.: Foreign

45
46

(B) Claims on federally related agencies

47

-

-

48

4.5

3.6

-6.6

49

.2

.1

50
51

.9

52
53
54
55

-.3
X
.1
1.1

-

-

Postal Savings deposits
Asset: Households
Liab.: U.S. government

-

-

-

-1.3

14.9

-5.4

-4.2

-10.5

-7.3

27.0

.2

.1

.2

.1

-.1

.1

.1

.1

.6

1.7

2.0

1.5
-

1.6
-

2.5
-

2.3
-

.2
-

.7
-

-.6
-.1
.1
1.2

-.5
x
.4
1.8

.1
X
1.9

-.3
K
X
1.9

X
*
1.5

.4
*
2.0

1
X
X
2

-1.4
X
X
1.6

-1.7
X
2.4

Deposits at Federal Home Loan Banks
5.9 Liab.: Sponsored credit ags.
Asset: SSL associations
_ 2 Federal Reserve Bank stock
Asset: Commercial banks

-1.8 Equi ty in sponsored credit ag.
U.S. government
Private:
-.3
Farm business (FICB S FLB)
X
Nonfarm noncorporate (BC)
Nonfin. corp. bus. (FNMA)
-1.5
SSL associations (FHLB)
(1) Excludes capital gains/losses.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




47

48

49
50
51
52
53
54
55

DECEMBER 6, 1989
Miscellaneous II

Miscellaneous II

58

Miscellaneous Financial Claims (Continued)

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1988

1
1

I

II

III

1
IV |

I

1989
II

III

ANNUAL FLOWS.. $ BILLIONS
1984
1981
1982
1983

(C) Life insurance claims

Deferred and unpaid premiums
1 Liab.: Households
Asset: Life insurance

-130

60

164

263

1.407
1,077
330

1,113
806
307

748
480
268

789
495
294

7,731
4,740
677
1,324
990

6,607
4,663
689
1,211
44

6,521
5,777
722
1,080
-1,058

Corporate parent investment in:
10
Commercial bank subsidiaries
828
Finance company subsidiaries -1,335
11
Asset: Domestic bank affiliates

7,897
-1,360

7,704
-3,343

Life company reserves
2 Liab.: Life insurance cos.
3
Accident and health
4 Policy dividend accum.
Asset: Households

115

128

1.8

.8

.6

-1.0

1

959
448
511

573
379
194

498
292
206

2.1
.9
1.2

2.3
1.3
1.0

3.2
1.8
1.4

2.7
1.6
1.1

2
3
4

6,966
6,264
737
965
-1,000

7,668
8,253
764
839
-2,188

7,993
8,798
784
819
-2,408

9,052
10,660
807
834
-3,249

10.8
4.0
1.1
2.1
3.7

10.6
4.5
1.3
2.0
2.7

12.0
12.1
1.0
-4.6
3.5

15.4
-.8
*
11.0
5.1

5
6
7
8
9

4,845
3,572

4,982
-2,389

5,156
4,072

5,986
-3,034

17.5
-2.3

16.2
5.6

15.5
4.1

18.9 10
9.5 11

7,165 -23,533

(D) Nonlife insurance claims

5 Liab.:
6 Asset:
7
8
9

Other insurance cos.
Households
Farm business
Nonfarm noncorp. bus.
Nonfin. corp, business

(E) Intercorporate claims

(F) Unallocated assets 8 liabilities

12 Net total (liab. less assets)

-4,514

3,219

4,647

27.9

2.3

20.8

18.6 12

13
14
15
16
17
18
19

Net change in liabilities
Foreign
Nonfarm noncorp, business
U.S. government
U.S. govt.-without levels
Sponsored credit agencies
Monetary authority

-11,583
-1,751
2,000
597
4,720
-147
-721

30,723
7,422
2,000
1,044
4,478
446
-315

35,874
-2,293
2,000
776
3,531
2,563
666

-1,037
806
2,000
2,239
-7,743
-2,395
-167

16,495
-2-503
2,000
284
-2,021
164
-387

44,999 -12,709
295 -8,837
2,000
2,000
1,047 -4,660
3,029
9,951
-2,307
3,011
168
527

41.4
-6.9
8.7
1.0
1.4
.2

28.9
-3.6
10.3
.2
2.2
- .2

69.8
-7.4
12.7
2.0
2.4
-.6

71.1
-5.5
19.2
4.9
2.3
X

13
14
15
16
17
18
19

20
21
22
23
24

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. poss.

-7,185
-2,969
-93
-4,273
150

16,019
4,439
2,483
8,938
159

18,436
4,311
7,015
6,979
131

1,170
-1,379
-1,183
3,611
121

23.826
2-833
5,378
15,509
106

26,334
3,731
1,395
21,118
90

10,585
-2,133
5,873
6,768
77

26.7
4.8
17.7
1.4
2.7

6.1
-8.8
11.0
4.9
-1.1

14.4
1.4
11.4
1.0
.7

14.0
13.1
5.3
X
-4.5

20
21
22
23
24

25
26
27
28
29
30
31

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Finance companies
REITs
Brokers and dealers

-4,245
-210
300
114
-983
-72
-4,000

2,108
-527
100
158
-3,276
100
966

9,039
1,045
1,600
270
565
-38
-2,286

4,081
1,005
-485
-5,482
-237
4,171

-4,394
-482
300
-153
2,546
43
-2,728

1,512
1,101
-162
-412
200
400
-448
-50
3,449
3,341
-114
-77
3,074 -22,667

2.4
- .2
.4
6.0
X
.1
1.2

13.9
1.0
.2
4.8
.5
*
-6.4

14.5
3.6
.7
6.1
6.9
-.1
14.6

12.2
1.5
1.8
12.1
6.2
.1
2.2

25
26
27
28
29
30
31

32
33
34
35
36
37

Net change in assets
Foreign
Nonfarm noncorp, business
Nonfin. corporate business
Sponsored credit agencies
Monetary authority

-7,069
807
1,000
-8,000
-1,137
-348

27,504
-631
1,000
19,733
27
-363

61
2,252
977
-9,323
1,354
-305

29,261
-2.585
974
24,550
3,262
1,450

9,330
1,693
957
-6,087
-1,519
-1,086

68,532 -17,356
10,085 -11,420
948
935
17,386 -7,319
2,989
485
4,195
3,105

13.5
-13.9
-23.6
31.5
.7
.1

26.6
-9.6
-15.6
1.7
1.1
.1

49.0
-.8
.9
16.9
.7
.5

52.5
-6.4
2.4
9.6
2.8
3.0

32
33
34
35
36
37

38
39
40
41
42

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. possession

-1,813
1,447
181
-3,339
-102

7,351
-110
-574
8,141
-106

2,686
889
161
1,777
-141

-3,580
-1,450
-297
-1,665
-168

20,687
2,459
549
17,878
-199

22,714
66
267
22,609
-228

19,605
15,123
389
4,351
-258

9.4
3.3
6.2
-3.0
2.9

4.1
-1.8
.7
5.7
-.5

-7.9
-4.4
.6
-2.2
-1.9

-.1
-.6
1.4
-.9
X

38
39
40
41
42

43
44
45
46
47

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds

-427
985
2,154
2,232
-8,293

-1,656
722
-753
2,008
1,363

-2,937
421
1 ,508
1 .852
3,587

1,883
22
-1,414
2,056
-441

-6,363
-632
3,425
1,914
-5,807

9,282
1,707
697
1,914
-6,075

424
1 ,261
508
1,553
-2,701

4.9
1.2
-.3
5.5
-5.8

18.1
2.6
.2
7.4
14.0

14.0
1.5
.8
5.5
13.6

22.2
.3
1.0
5.8
6.4

43
44
45
46
47

48
49
50

REITs
Money market funds
Brokers and dealers

-113
4,535
1,349

347
-2,746
1,102

-1,185
-612
-214

3,151
-639
572

-768
1,384
1,532

270
-323
2,614
1,810
-194 -25,279

1.0
1.9
.8

.3
-1.1
3.2

-.4
3.6

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




35,813 -30,298

1.2 48
1.5 49
2.7 50

DECEMBER 6. 1989
Miscellaneous II

Miscellaneous II

59

Miscellaneous Financial Claims (Continued)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS , $ BILLIONS
1985
1986
1987
1988

1
1

1988
I

II

III

1
IV 1

I

1989
II

III

(C) Life insurance claims
1

.1

-1.3

1.2

.4

-.5

2
3
4

3.5
2.3
1.2

.0
.5
.5

3.7
2.7
1.0

4.1
2.9
1.2

5.6
4.3
1.3

5
6
7
8
9

38.6
27.0
2.8
3.8
5.1

41.9
29.3
3.6
4.8
4.2

38.0
18.4
2.6
6.0
10.9

27.8
21.4
2.8
4.6
-1.0

30.9
19.0
2.7
5.3
4.0

.5

.7

1.1

4.5
3.2
1.2

3.0
1.9
1.1

3.2
2.0
1.2

3.8
1.8
2.0

2.3
1.5
.8

26.4
18.7
2.8
4.8
.2

26.1
23.1
2.9
4.3
-4.2

27.9
25.1
2.9
3.9
-4.0

30.7
33.0
3.1
3.4
-8.8

32.0
35.2
3.1
3.3
-9.6

Deferred and unpaid premiums
.5 Liab.: Households
Asset: Life insurance
Life company reserves
2.0 Liab.: Life insurance cos.
1.2
Accident and health
.8
Policy dividend accum.
Asset: Households

1

2
3
4

(D) Nonlife insurance claims

36.2 Liab.:
42.6 Asset:
3.2
3.3
-13.0

Other insurance cos.
Households
Farm business
Nonfarm noncorp. bus.
Nonfin. corp, business

5
6
7
8
9

(E) Intercorporate claims

Corporate parent investment in:
20.5
Commercial bank subsidiaries 10
-5.3
Finance company subsidiaries 11
Asset: Domestic bank affiliates

10
11

15.6
13.6

16.7
12.9

19.8
8.8

21.3
-2.5

11.3
-3.2

32.0
-10.2

27.9
-8.2

13.9
11.8

28.7
-6.9

21.1
10.3

12

18.0

9.2

19.8

4.2

-92.6

60.8

48.1

.6

-56.7

-38.1

-66.6 Net total (liab. less assets)

12

13
14
15
16
17
18
19

55.2
-10.0
7.5
.6
3.5
1.3

48.6
-3.1
3.1
3.2
4.1
1.8

39.7
-5.4
8.0
1.2
-10.5
2.9
2.8

54.0
4.2
8.0
4.7
5.0
.5
-.5

-207.6
21.8
8.0
2.4
-8.0
.6
-2.8

172.9
30.2
8.0
4.2
15.9
-8.4
5.3

289.5
16.1
8.0
3.1
15.3
8.8
5.4

-38.8
-51.3
8.0
9.0
-3.3
.9
-10.1

-118.0
25.6
8.0
1.1
-36.9
.7
-1.4

244.0
-1.9
8.0
4.2
37.8
-19.5
8.5

132.0
3.9
8.0
-18.6
13.4
12.0
3.4

Net change in liabilities
Foreign
Nonfarm noncorp, business
U.S. government
U.S. govt.-without levels
Sponsored credit agencies
Monetary authority

13
14
15
16
17
18
19

20
21
22
23
24

18.9
10.3
6.1
2.4
.1

17.1
2.4
8.9
4.8
.9

19.3
-6.2
6.4
18.3
.9

28.4
4.4
8.2
15.3
.6

-136.1
-122.1
1.4
-16.0
.6

118.6
87.4
3.0
27.6
.6

79.1
22.0
26.4
30.2
.5

52.1
30.3
2.1
19.3
.5

-29.9
-117.3
23.2
63.8
.4

168.8
99.3
-2.7
71.9
.4

53.4
-5.7
22.4
36.4
.3

Commercial banking
U.S. commercial banks
* Domestic affiliates
Foreign banking offices
Banks in U.S. poss.

20
21
22
23
24

25
26
27
28
29
30
31

14.6
2.9
1.3
11.0
-5.6
.1
9.2

7.4
2.1
1.7
2.4
2.2
-.3
7.0

7.3
.6
2.4
-3.4
9.4
1.0
4.2

11.0
1.3
2.0
.1
-9.2
-.2
-1.1

-20.8
.5
2.0
.5
-10.2
-.3
-65.2

11.9
.6
2.2
.6
-14.5
.4
-2.1

15.7
3.6
3.4
1.1
.7
- .2
129.3

37.0
.5
.5
-1.9
-12.7
-.9
-66.5

-23.0
.1
2.1
-.6
3.6
.2
-67.7

10.4
2.6
2.8
-1.8
13.1
-.5
11.5

-18.5
-2.1
-1.9
- .2
10.4
-.3
69.3

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Finance companies
REITs
Brokers and dealers

25
26
27
28
29
30
31

32
33
34
35
36
37

37.2
1.4
2.6
-7.3
-2.5
1.0

39.5
-7.1
8.5
7.4
2.1
1.7

19.9
.9
4.0
-17.4
5.0
2.2

49.8
-.2
4.0
27.0
3.5
.4

-115.0
18.8
4.0
14.1
-13.0
.4

112.0
-13.5
4.0
44.4
4.4
1.4

241.4
39.5
3.9
22.4
8.5
-6.4

-39.4
-45.4
3.9
26.9
14.1
6.4

-61.4
22.0
3.8
28.1
-15.8
-2.5

282.2
24.3
3.8
28.3
16.9
19.8

198.6
-2.8
3.7
30.8
6.3
6.4

Net change in assets
Foreign
Nonfarm noncorp, business
Nonfin. corporate business
Sponsored credit agencies
Monetary authority

32
33
34
35
36
37

38
39
40
41
42

12.9
13.2
-.1
-.1
-.1

8.2
1.8
1.9
4.0
.4

13.5
1.0
1.3
11.3
*

4.6
.8
-.5
4.9
-.5

-78.9
-53.2
-5.2
-20.1
-.4

91.4
65.1
-3.5
30.3
-.4

45.1
23.5
-1.5
23.7
-.6

-39.0
-32.2
8.1
-14.2
-.7

-1.3
-61.9
-4.7
66.1
-.8

160.7
78.5
-.4
83.6
-.9

108.5
68.7
-.7
41.6
-1.0

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. possession

38
39
40
41
42

43
44
45
46
47

10.1
1.7
2.4
6.9
.6

2.9
1.0
3.7
9.3
-7.3

18.8
.7
-.6
6.7
-15.0

-3.1
2.2
1.5
8.1
-3.8

-4.4
8.5
3.8
8.9
-80.7

-11.8
3.4
-1.2
8.0
8.8

-15.3
2.8
4.1
7.4
-8.8

18.9
-6.0
-.6
8.2
65.7

-29.8
3.4
8.1
7.7
-79.8

30.0
7.0
5.0
7.7
-18.5

-1.2
6.3
-.3
6.2
-37.1

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds

43
44
45
46
47

48
49
50

-1.6
.6
8.4

.4
2.9
5.7

1.0
1.4
-1.2

2.2
.5
2.8

-.5
17.6
-13.7

1.4
-32.0
3.5

-4.7
19.5
123.5

12.6
-2.9
-102.1

-3.1
8.1
-10.1

1.1
-9.1
5.2

-1.3
30.1
42.8

REITs
Money market funds
Brokers and dealers

48
49
50

(F) Unallocated assets 8 liabilities

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




DECEMBER 6, 1989
Total Claims

Total Claims

60

Total Financial Assets and Liabilities
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
I

1988
I

III

II

I
IV I

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

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
StateSlocal governments

10
11
12
13
14
15
16
17
18
19

Foreign borr. in U.S.
Financial sectors
Sponsored credit agencies
Mortgage pools
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
REITs
SCO issuers

20

Total net lending
in credit markets

21
22
23
24
25

Private dom. nonfin. sectors
Households
Nonfarm noncorp. business
Corporate business
State & local governments

26
27

Foreign
U.S. government

28
29
30
31

Financial sectors
Sponsored credit agencies
Mortgage pools
Monetary authority

32
33
34
35
36

Commercial banking
U.S. commercial banks
Bank affiliates
Foreign banking offices
Banks in U.S. poss.

37
38
39
40
41

Private nonbank finance
Savings institutions
Savings S loan assns.
Mutual savings banks
Credit unions

185,127 285,828 249,724 317,431 232,771 209,049 220,084

509.5

502.1

654.4

909.8

1

143,056 209,941 191,796 222,236 156,077 169,657 176-071
42,871 19-085 41,659 53-842 37,945
9,985 38,564
100,185 190-856 150,137 168-394 118,132 159-672 137,507
34,201 89-495 80,569 83-677 41,062 60,012 71,932
-4,224
1,254
2-651
39 -5,971 -1,695
3,575
22,314 20,153 20,686 28,743 23,788 16,783 15,735
44,453 69,659 39,162 54,180 49,990 72,957 38-324
3,441
4,987
8-898
9,681
7,765
6,345 10,262

382.4
87.4
295.0
113.9
16.3
44.4
103.3
17.1

395.3
161.3
234.1
84.0
6.7
71 .8
43.9
27.7

536.8
186.6
350.2
186.1
3.9
81.9
54.8
23.6

750.7
198.8
551.9
231.5
-.4
123.2
169.6
28.1

2
3
4
5
6
7
8
9

-827
6,268
40,219 37,745
1,443
4,670
22,143 36,561
1,274
1,200
1,217
216
-2-171 -11,095
14,183
8,301
-346
-538
1,477
-351

23.5
103.6
32.4
15.0
11.6
10.8
15.6
18.0
-.2
-

16.0
90.8
15.3
49.5
11.7
7.1
1.7
5.4
.6

17.3
100.3
1.4
66.4
5.0
13.3
-6.2
17.4
-.2
3.6

8.4
150.7
30.4
44.4
7.3
16.1
17.2
24.0
.8
9.3

10
11
12
13
14
15
16
17
18
19

185,127 285,828 249,724 317-431 232,771 209,049 220,084

1,592
40,479
10,305
13,774
-6,249
-119
-4-027
14,263
1,350
10,759

252
57,676
10,605
28,757
-681
7
6-210
7,919
-1,480
5,767

1,343
74,544
4,363
21,974
815
5-316
6-544
26,794
430
7,872

3,711
91-484
19,610
28,085
2,219
-42
11,177
18,037
3-750
8,136

144
76,550
16,219
28,797
-5,437
3,787
10,836
13,595
-230
9,830

X

509.5

502.1

654.4

909.8 20

608
1,077
568
-429
-608

74,908
72,602
973
-1,796
3,129

85,778
76,180
1,025
8,730
-157

81,044 44,262
73-577 56,590
1,931
4 68
6,608 -11-070
-1,072 -1,726

36,932
35,065
1,172
476
219

61,087
58,034
695
534
1,824

71.8
44.3
8.9
9.2
9.4

97.8
53.8
4.6
20.2
19.1

143.0
100.7
7.8
16.7
17.9

166.4
128.2
9.9
9.5
18.9

41,529
-957

20,721
-1,281

11,699
1,457

28,385
-4,127

29,008
1,637

3-314
1,350

31,876
1,735

25.5
24.0

23.7
15.9

23.7
9.7

143,947 191-480 150,790 212-129 157,864 167,453 125,386
5,270
5,696
8,534 17-559 16,131 -16,744
9,847
13,774 21,974 28,757 28-085 28,797 22,143 36,561
2,999 -10,815
-5,209
4,823
1,046
9,864 -5,206

388.0
33.2
15.0
8.8

364.7
16.0
49.5
7.7

478.1
3.4
66.4
14.7

668.4
29.8
44.4
8.4

28
29
30
31

41,964
36-470
831
4,378
285

108.0
95.0
1.6
12.5
-1.1

110.1
110.7
-2.2
2.2
-.5

144.6
136.5
1.5
3.7
2.9

169.2
158.7
.9
12.9
-3.3

32
33
34
35
36

95,642 111,816 47-829
874 -9,352 -34,515
401 -10,110 -36,572
-729 -2-185
-473
1,202
2,943
2,530

223.0
27.4
24.4
.9
2.0

181.4
24.4
21.4
.7
2.3

249.0
134.2
103.3
18.8
12.1

416.6
154.7
129.3
10.1
15.3

37
38
39
40
41

13,954
12,456
576
720
202

55,563
42,444
-342
13-246
215

38,922
39,146
201
-647
222

46-884
32,317
-499
14,827
239

73,531 109,737
42,902 24-524
29,916 18-680
2-658
6.708
3,186
6,278

116,158 103-424
10,816 42,267
4,904 32-849
4-273
4-177
1,639
5,241

22,500
22,894
1,481
-2,130
255

47-239
43-616
-812
4-167
268

21
22
23
24
25

57.9 26
17.1 27

42
43
44
45
46

Insurance sector
Life insurance cos.
Private pension funds
St.Sloe.govt.rtr.funds
Other insurance cos.

55,313
23,169
13,793
10,304
8,047

48-446
26-091
7,830
8,911
5,614

40,071
23,899
1,158
6,840
8,174

51,099
25-867
8-813
8-508
7,911

46,532
26,128
1,655
12,068
6,681

48,823
24,193
1-995
16,400
6,235

42-561
21-864
-298
13,550
7,445

90.1
31.0
27.2
22.5
9.4

96.0
42.4
25.2
23.4
5.0

100.1
52.5
29.9
16.0
1.7

121 .8
54.1
21.3
34.7
11.7

42
43
44
45
46

47
48
49
50
51
52
53

Finance n.e.c.
Finance companies
REITs
Mutual funds
Money market funds
Brokers and dealers
SCO issuers

50,029 12,711
8,275 14,978
302
40
5,958
4,103
19,110 -11,732
5,625 -2,550
10,759
7,872

-9,442
-3,595
542
1,577
-6,741
-6,992
5,767

34-114
19-492
-7
249
10-022
-3,778
8,136

48,236
7,988
527
1,161
19,020
9,710
9,830

72,345
15,376
56
8,047
11,790
37,427
-351

39,783
2,092
310
5,567
16,410
13,927
1,477

105.5
23.4
-1.1
3.1
64.8
15.3
-

61.0
10.9

14.7
26.8
.1
9.8
-17.7
-7.7
3.6

140.1
38.3
.8
17.9
45.0
28.8
9.3

47
48
49
50
51
52
53

X

4.7
29.5
15.4
.6

(1) Excludes corporate equities.

Total Liabilities and Their Relation to Total Financial Assets

Net flows through credit markets (from
1
preceding table)
185,127 285,828 249,724 317,431 232,771 209,049 220,084
Other financial sources:
2
-1,347
Official foreign exchange
141
7,345 -2,098
3,812 12,163
4,802
3
Treasury curr. and SDR ctfs.
129
162
490
110
100
120
3,330

509.5

502.1

654.4

909.8

1

3.4
1.2

3.6
1.7

1.1
.5

2.2
.6

2
3

72,307
1,551
31-755
30,645
-1.552
8,908
1,000

286.5
27.9
47.8
109.8
61.3
29.3
10.4

270.2
37.7
138.7
32.7
24.6
32.1
4.5

217.7
40.4
216.6
-40.4
-13.0
12.9
1.3

370.9 4
47.4 5
150.8 6
54.2 7
87.3 8
37.1 9
-5.8 10

7,040
40,182

9.2
108.7

7.2
140.9

8.0
151.2

5.2 11
152.5 12

-21,042 13,448 -10,484 21,147 -12,665 -9,823 -7,693
-21,141 -30-403 -21,996 -44,372 -36,356 -8,982 -20,320
2,008
4,879 -5,860 14-561 -4,278
2,762 -1,927
-11,457 -1-447
8,943 19,803 -10,464
6,680
2,808
4,100 -5-900
3,780 -1,600
6,600 -7,700 -4,344
-20,912 -22,506 -16,963 -32,981 -29,634 -23,148 -23,675
15,861 57,442 67,415 39,676 55,038 89,692 20,524

-30.4
-4.8
2.1
39.5
-11.2
-48.4
113.4

-34.6
21.2
5.9
10.4
-6.7
-91.4
93.7

-3.0
58.1
13.6
44.0
8.2
-79.6
124.6

13.4
-36.0
4.5
46.7
5.1
-86.5
165.0

271,803 416,168 397,882 435,915 273,385 445,737 311,419

4
5
6
7
8
9
10

Deposits at financial insts. 96,970 60,306
Checkable deposits
-21-546 41,689
Small time & savings dep.
57,061 26,533
Money market fund shares
28,591 -17,240
Large time deposits
7,584
496
Security RPs
28,597
8,828
Foreign deposits
-3,317

50,263 51,071 35,776 120,608
-5,637 28,372 -57,760 37,481
18,293 18-725 12,724 20-302
-925 11,432 25,861 20,625
30,603 14,812 19,070
4,260
10,640 -24,279 33,871 41,940
-2,711
2,009
2,010 -4,000

11
12

Life insurance reserves
Pension fund reserves

5,520
56,142

13
14
15
16
17
18
19

Interbank claims
Corporate equities
Security credit
Trade debt
Taxes payable
Noncorp. proprietors’ equity
Miscellaneous

20 Total financial sources
- Floats not incl. in assets
Check, dep.: U.S. govt.
Other
Trade credit
- Liabilities not allocated
as assets
24
Treasury currency
Interbank claims
25
Security RPs
26
Profit taxes payable
27
Miscellaneous
28
Totals allocated to sectors
as assets
29

21
22
23

LATEST QUARTER BASED



5,425
38,082

6,262
50,135

8,057
54,740

7,682
26,195

6,873
36,306

13
14
15
16
17
18
19

978.7

924.1

1198.6

1553.3 20

2,731
3,287
-1,174

7,611
-7,441
-4,146

-.2
4.1
5.4

.3
-1.8
10.9

1.6
2.6
-19.5

.5 21
-1.9 22
-17.2 23

-22
12
4,161 -2,285
20,051
8,226
427
5,637
7,165 -23,533

-161
-1,138
6,840
-3,078
4,647

_e2
-3.1
6.2
-.8
27.9

-.2
-1.1
1.4
3.4
2.3

- .2
-10.9
-13.9
2.4
20.8

294,783 422,113 373,401 454,147 270,788 452,836 308,285

939.5

908.9

1215.7

1,449
-4,982
-23,981

-1,702
2,150
-9,917

-625
-4,223
-4,342

-33
1,493
6,918
670
-4,514

-62
1,322
-1,439
484
3,219

-16
-4,405 -1,274
971 -23,391
-236
1,308
35,813 -30,298

ON INCOMPLETE INFORMATION.

2,509
-567
7,904 -7,010
26,554 -21,608

-.1
5.5
.8
1.7
18.6

24
25
26
27
28

1545.4 29

DECEMBER 6, 1989
Total Claims

Total Claims

61

Total Financial Assets and Liabilities

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS- $ BILLIONS
1986
1987
1985
1988

SEASONALLY ADJUSTED ANNUAL RATES

I

I

II

III

I

IV 1

II

III

Total Net Borrowing and Lending in Credit Markets (1)
Total net borrowing
in credit markets

1

10A8.8

1159.8

1013.2

1038.1

975.5

1096.5

990.6

1089.9

1185.A

778. A

869.3

2
3
A
5
6
7
8
9

8A6.3
223.6
622.7
28A.6
-1A.5
129.3
132.A
90.9

831.1
215.0
616.1
289.2
-16.3
103.2
203.7
36.2

693.2
1AA.9
5A8.3
271.9
-10.6
107.9
1A5.5
33.6

767.0
157.5
609.6
287.9
-7.5
91.9
207.5
29.8

728.2
211.6
516.6
230.2
-12.7
85.2
190.5
23.A

827.2
113.7
713.A
3A6.7
-3.3
83.6
2A9.A
37.0

75A.A
162.5
592.0
291.6
-2.2
100.5
17A.0
28.1

758.3
1A2.1
616.3
283.3
-11.8
98.2
216.0
30.6

792.2
199.9
592.3
263.1
-2.2
91.1
210.6
29.7

658.9
70.9
588.0
227.1
.3
70.0
263.0
27.7

688.1
1A9.0
539.1
25A.8
2.8
81.7
170.A
29.5

Domestic nonfinan. sectors
U.S. government
Private domestic
Households
Farm business
Nonfarm noncorp. bus.
Corporate business
State&local governments

2
3
A
5
6
7
8
9

10
11
12
13
IA
15
16
17
18
19

1.2
201.3
21.7
79.9
-A. 9
16.6
17.3
57.2
.5
11.5

9.7
318.9
1A.9
173.1
-3.6
15.2
20.9
5A.5
1.0
39.0

A.9
315.0
29.5
156.A
7.1
1A.3
19.6
A0.3
.8
39.1

6.9
26A.2
AA.9
92.6
-3.9
5.2
19.9
67.0
A.l
32.5

A.8
2A2.5
59.5
69.3
-16.7
-8.8
10.0
78. A
5.A
A3.0

5.A
263.9
11.1
93.1
-1.6
22 .A
19.1
85.A
1.7
31.5

A.l
232.1
A6.5
97.8
-.9
6.1
2A.1
A0.7
-5.9
23.1

13.3
318.3
62.3
110.1
3.7
.8
26.3
63.6
15.0
32.5

-1.1
39A.A
8A.9
131.2
-13.A
6.A
71.3
78. A
-.9
39.3

-3.9
123.A
12.5
93.3
-.9
6.5
-16.2
32.8
-2.2
-l.A

28.7
152.5
10.0
127.A
7.5
6.7
-A3.9
A3.2
-l.A
5.9

Foreign borr. in U.S.
Financial sectors
Sponsored credit agencies
Mortgage pools
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
REITs
SCO issuers

10
11
12
13
IA
15
16
17
18
19

20

10A8.8

1159.8

1013.2

1038.1

975.5

1096.5

990.6

1089.9

1185.A

778.A

869.3

21
22
23
2A
25

266.8
17A.9
5.3
-.6
87.3

101.8
35.2
5.5
25.2
35.9

189.6
167.3
A.A
10.3
7.6

2A2.3
223.A
A.5
13.1
1.3

79.5
58.9
3.7
20.2
-3.3

357.2
3A2.5
3.9
.A
10.A

366.2
333.0
A.2
31.5
-2.5

166.5
159.3
6.3
.3
.6

268.1
293.9
3.3
-21.2
-7.9

207.5
196.3
A.7
8.2
-1.7

259.7
251.9
2.8
-.A
5.A

Private dom. nonfin. sectors
Households
Nonfarm noncorp. business
Corporate business
State & local governments

26
27

62.3
17.8

97.8
9.7

62.7
-7.9

102.3
-A. 9

168.6
-7.0

82.5
-7.6

A7.0
A.3

111.2
-9.3

119.3
2.8

11.9
3.1

127.2
5.2

Foreign
U.S. government

26
27

28
29
30
31

701.9
23.7
79.9
18.A

950.5
IA. 1
173.1
19.A

768.8
27.0
156.A
2A.7

698.3
37.1
92.6
10.5

73A.A
A5.0
69.3
2.7

66A.A
12.5
93.1
5.0

573.1
32.3
97.8
15.5

821.5
58. A
110.1
18.9

795.2
90.2
131.2
5.2

556.0
-77.7
93.3
-3.9

A77.2
38.3
127.A
-30.7

Financial sectors
Sponsored credit agencies
Mortgage pools
Monetary authority

28
29
30
31

32
33
3A
35
36

186.0
165.6
3.7
16.A
.3

197.5
162.5
-.3
35.0
.3

136.8
99.2
2.0
35.0
.6

155.3
126.A
-. 1
28.1
.9

87.9
63.5
2.3
21.2
.8

19A.5
1AA.3
-l.A
50.7
.9

118.A
118.9
.8
-2.2
.9

220.5
178.7
-2.0
A2.9
1.0

120.6
102.5
5.9
11.1
1.0

158.6
1A7.6
-3.2
13.1
1.1

132.9
109.3
3.3
19.2
1.1

Commercial banking
U.S. commercial banks
Bank affiliates
Foreign banking offices
Banks in U.S. poss.

32
33
3A
35
36

37
38
39
A0
Al

39A.0
87.9
6A.8
9.7
13.A

5A6.5
107.6
75.2
17.A
15.0

A2A.0
136.8
93.3
25.6
17.8

A02.9
120.5
86.3
17.8
16.3

529.5
96.0
68.9
1A.5
12.7

359.2
13A.9
97.8
20.0
17.0

309.1
157.0
116.8
20.8
19.A

A13.6
9A.2
61.8
16.0
16.3

AA8.0
62.2
56.A
-5.8
11.5

385.7
-73.1
-75.9
-A.9
7.7

209.2
-15A.2
-1A9.3
-8.9
A.O

Private nonbank finance
Savings institutions
Savings 8 loan assns.
Mutual savings banks
Credit unions

37
38
39
AO
Al

A2
A3
AA
A5
A6

15A.A
76.1
29.3
22.9
26.1

17A.6
82.0
20.1
31.3
A1.2

210.9
90.5
5A.7
26.3
39.A

19A.9
99.0
31.6
3A.6
29.7

257.A
97.3
85.8
A2.7
31.7

182.7
103.0
18.6
35.A
25.7

150.5
99.8
-15.0
3A.9
30.7

189.1
96.0
36.9
25.2
30.9

228.3
110.2
A1.9
50.0
26.2

182.5
9A.0
-6.3
66.A
28. A

156.0
91.9
-2A.7
61.3
27.6

Insurance sector
Life insurance cos.
Private pension funds
St.Sloe.govt.rtr.funds
Other insurance cos.

A2
A3
AA
A5
A6

A7
A8
A9
50
51
52
53

151.6
A9.5
2.A
68.7
13.9
5.6
11.5

26A.2
5A.8
X
123.1
3A.1
13.2
39.0

76.3
39.A
1.0
25.8
1.8
-30.9
39.1

87.A
39.2
.9
11.9
10.7
-7.7
32.5

176.1
53.1
1.2
20.A
A5.3
13.0
A3.0

A1.6
AA.l
.2
- .2
-18.8
-15.1
31.5

1.7
13.0
2.2
16.3
-32.6
-20.3
23.1

130.3
A6.A
X
11.0
A8.8
-8.A
32.5

157.6
53.1
2.1
.7
A1.5
20.9
39.3

276.2
AA.l
.2
1A.0
78.0
1A1.A
-l.A

207.A
37.7
1.2
3A.0
58.A
70.2
5.9

Finance n.e.c.
Finance companies
REITs
Mutual funds
Money market funds
Brokers and dealers
SCO issuers

A7
A8
A9
50
51
52
53

Total net lending
in credit markets

20

21
22
23
2A
25

(1) Excludes corporate equities.
Total Liabilities and Their Relation to Total Financial Assets

Net flows ti
preceding table)
778.A
869.3
Other financial sources:
Official foreign exchange
A8.7
19.2
.A
Treasury curr. and SDR ctfs.
13.3

1

10A8.8

1159.8

1013.2

1038.1

975.5

1096.5

990.6

1089.9

1185.A

2
3

3.0
.5

-.6
.8

-9.7
.5

A.O
.5

-5.A
.5

.6
.A

29.A
.5

-8.A
.6

15.2
2.0

A
5
6
7
8
9
10

277.5
83.5
1A1.2
10.2
17.9
29.0
-A. 3

362.1
127.0
12A.1
A8.3
5.0
A8.7
9.1

1A2.1
A.l
76.3
2A.0
50.6
-9.5
-3.A

258.6
A2.9
120.6
21.9
53.5
23.8
-A.O

505.9
72.3
199.0
69.6
53.9
116.9
-5.8

177.8
.9
131.3
-A0.6
18.6
71.2
-3.6

230.6
28.9
68.1
2.6
118.1
1A.3
-l.A

120.2
69.A
8A.0
55.8
23.5
-107.3
-5.3

269.5
-65.9
17.9
55.9
107.3
136.2
18.1

A1A.6
-29.A
109.7
115.9
30.7
207.8
-20.0

317.8
59.1
119.8
129.6
-13.0
9.0
13.3

11
12

10.7
17A.8

17.5
185.3

26.0
169.1

25.3
199.1

21.7
169.1

25.0
189.9

22.1
1A6.7

32.2
290.8

30.7
119.0

27.5
13A.1

28.2
75.1

13
IA
15
16
17
18
19

27.6
20.1
A3.3
A8.1
3.5
-89.2
163.8

28.3
90.5
9.9
13.1
5.3
-A7.2
175.2

33.5
1A.3
-28. A
35.5
.6
-95.2
188.1

3.1
-117.9
7.7
15.8
.A
-93.A
180.A

-71.9
-101.0
36.3
-.9
9.A
-60.0
-90.5

97.5
-133.7
6.2
-A.O
-12.5
-93.7
291.5

-73.A
-73.5
12.A
25.6
8.1
-95.6
A23.5

60.0
-163.5
-2A.0
A2.7
-3.5
-12A.6
97.1

-32.5
-163.5
6.3
5.0
19.3
-93.6
AA.A

3.7
-A8.7
53.8
11.6
-20.6
-95.6
A35.1

-66.1
-6A.7
2.1
16.8
-2A.1
-12A.7
275.A

20

1732.5

2000.2

1A89.6

1521.8

1388.6

16A1.6

16A6.8

1A09.6

1A07.A

1755.8

132A.8

21
22
23

1.3
.8
-A.l

-.6
-8.9
-15.2

X
.A
-38.5

1.6
.8
-11.7

11.0
2.7
-35.1

5.3
-3.6
-33.5

-5.6
6.6
2.5

-A.2
-2.3
19.3

2.3
-5.1
-23.6

2A.0
.3
-.5

2A.A
-5.8
A.8

2A
25
26
27
28

-.2
5.3
-8.A
A.9
18.0

X
-2.8
A.9
2.6
9.2

-.1
-5.3
-16.5
2.5
19.8

-.1
-2.9
-16.9
2.2
A.2

-.1
-2.2
A3.3
-3.8
-92.6

-.2
6.8
2.8
-13.3
60.8

-.1
-29.9
-19.7
19.7
A8.1

13.8
-9A.1
6.3
.6

-.1
8.6
98.2
-A.6
-56.7

X
-8.2
A3.0
6.1
-38.1

-.6
-19.0
6.A
3.A
-66.6

29

1715.0

2011.2

1527.A

15AA.A

1A65.5

1616.6

1625.2

1A70.0

1388.5

1729.3

1377.7


BILLIONS OF DOLLARS.


LATEST QUARTER BASED ON INCOMPLETE INFORMATION

Checkable deposits
Small time & savings dep.
Money market fund shares
Large time deposits
Security RPs
Foreign deposits
Life insurance reserves
Pension fund reserves

5
6
7
8
9
10

11
12

Interbank claims
13
Corporate equities
IA
Security credit
15
Trade debt
16
Taxes payable
17
Noncorp. proprietors’ equity 18
Miscellaneous
19
- Floats not incl. in assets
Check, 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

2A
25
26
27
28

DECEMBER 6, 1989
Saving by Individuals

Saving by Individuals

Amount and Composition of Individuals’ Saving (1)

62
UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS
I
1

1988

II

I

III

I
IV 1

I

1989
II

III

ANNUAL FLOWS- $ BILLIONS
1981
1982
1983
1984

106.813 148,322 156,055 158,020 106,781 148-941 165,657
1 Increase in financial assets
8,468
Checkable deposits and curr. -10.407 18,178 -12,165 12,795 -14,172
5,456
2
47,720 30,146 54,183 26,963 34-800 36,539 36,032
Time and savings deposits
3
23,597 -13,942 -3,410 11,845 22,908 17,892 28,196
4
Money market fund shares

323.3
35.4
72.0
90.7

379.3
24.7
119.7
32.8

495.4
33.4
201.8
-31.1

563.7
23.0
229.6
44.0

1
2
3
4

27,837
1,686
983
42,084
5,058

-1.6
-4.3
25.0
1.6
20.9

32.7
.2
47.6
-7.0
29.1

103.3
3.1
67.9
.8
27.1

72.8
3.0
64.2
32.4
26.2

5
6
7
8
9

6,867
389
8,212
-525
8,020
1,416 -6,339
-8,066 27,959
8,295 -2,403
4,950 10,041 10,808
2,669
6,601
4,262
1,579
-133 -2,983 -1,277
-14,295 -30,139 -27,899 -46,555 -39,157 -16,542 -32,045

1.2
-10.3
5.8
-41.4

-6.7
-19.1
7.0
-18.3

-9.4
13.1
24.0
-23.5

-4.1
4.4
24.0
-77.3

10
11
12
13

6,788
6,954
7,598
23,684 22,603 21,541
-9,921 -10-892 -13-550
12,516 24,680 32,277
7,555 22,958 17,902

8.9
29.5
39.7
39.7
8.8

7.0
39.7
57.5
43.9
21.3

7.8
38.8
59.1
53.5
28.9

5.0
46.7
42.1
63.9
36.6

14
15
16
17
18

175,328 195,288 199,193 203,725 184,267 201,810 210,348
53,559 50,584 60,325 59,853 58,686 55,636 65,136
17,211 26,576 24,988 20,863 15,195 23,448 22,190
101,583 116,478 110,580 126,584 105,911 120,626 119,797
2,975
4,475
2,100
3,225
1,650
3,300 -3-575

457.7
111.2
94.3
239.9
12.3

434.0
89.9
94.8
252.7
-3.4

509.1
133.2
94.4
289.1
-7.6

608.0
155.4
100.9
335.6
16.1

19
20
21
22
23

24 Capital consumption allowances 127,146 128,555 129,844 131,479 133,392 135,328 139,915
Ownei—occupied homes
25
17,966 18,151
18,338 18,524 18,710 18,896 19,082
Other fixed assets (2)
29,856 30,019 30-055 30-442 31,104 31-791 35,128
26
Consumer durables
79,324 80,385 81,451 82,513 83,578 84,641 85,705
27

341.1
51.4
87.1
202.5

365.1
54.3
95.5
215.4

381.9
57.0
98.4
226.4

399.3
60.0
102.6
236.7

24
25
26
27

28 Net inv. in tangible assets
Owner-occupied homes
29
30
Other fixed assets (2)
Consumer durables
31
32
Inventories (2)

66,482 70,433
36,740 46,054
-8,343 -12-938
35,985 34,092
2,100
3,225

116.6
59.7
7.2
37.4
12.3

68.9
35.6
-.6
37.2
-3.4

127.2
76.2
-4.0
62.7
-7.6

208.7
95.4
-1.6
98.8
16.1

28
29
30
31
32

90,577
45,701
8,628
15,987
5-739
950
13,572

33
34
35
36
37
38
39

5
6
7
8
9
10
11
12
13

14
15
16
17
18

-12,482
Securities
2,920
U.S. savings bonds
Other U.S. Treasury secur. -3,808
10,409
U.S. govt, agency secur.
-1,786
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

19 Gross inv. in tangible assets
20
Owner-occupied homes
Other fixed assets (2)
21
Consumer durables
22
23
Inventories (2)

5,345
22.129
5,820
10,213
14,878

48,182
35,593
-12,645
22,259
2,975

34,662
2,144
-529
14,864
12,476

6,181
24,084
5,387
20-745
22,881

66,733
32.433
-3,443
36,093
1,650

46,606
1,614
36,158
23,664
9,686

5,438
22,812
2,699
30,713
9,179

69,349
41,987
-5,067
29,129
3,300

25,777
1,775
16,825
40,938
10,369

7,974
19,762
11,873
23,188
17,843

21,813
2-611
925
33,915
4,265

72,246 50,875
41,329 39,976
-9,579 -15,909
44,071 22-333
4,475
-3,575

22,917
1,853
15,245
6,216
860

33 Net increase in liabilities
34
Mtg. debt on nonfarm homes
35
Other mortgage debt (2)
Consumer credit
36
Security credit
37
38
Policy loans
39
Other liabilities (2)

55,504 117,703 108,068 111,914
36,573 74,265 61,618 56,590
17,330 10,338 15,678 18,085
-3,766 16,880 15-385 22,567
-889
1,017
1,214
1,774
-222
540
336
459
6,478 14,663 13,714 12,562

63,489
44,633
20,654
-6,743
-4,050
810
8,185

95,463
53,180
14,021
14,374
2,078
210
11,600

191.1
73.8
34.7
16.9
-1.0
7.4
59.4

184.4
52.9
77.2
16.4
2.8
4.2
30.9

299.5
120.4
71.9
49.0
9.4
1.1
47.8

381.0
136.7
87.4
81.6
-2.4
.4
77.3

40 Individuals’ saving (1+28-33)
41 - Govt, insurance 8 pen. res.
42 - Net investment in cons. dur.
- Capital gains dividends
43
from mutual funds
44 - Net saving by farm corps.
45 = Personal saving. FOF basis

99,491
10,213
22,259

97,352 117,336 118,352
20,745 30,713 23,188
36,093 29,129 44,071

94,167 124,846 140,627
12,516 24-680 32,277
22,333 35,985 34,092

248.8
39.7
37.4

263.8
43.9
37.2

323.1
53.5
62.7

391.4 40
63.9 41
98.8 42

1,481
300
65,238

636
329
39,549

550
357
56,587

6,000
416
52,902

2-000
446
61,735

3,000
477
70,781

2.7
.2
168.8

2.4
.5
179.8

4.4
.6
201.9

6.0 43
.7 44
221.9 45

46 Personal saving. NIPA basis

34,560

6,002

53,340

50,798

54,009

14,776

68,103

159.4

154.0

130.6

164.1 46

47 Difference

30,678

33,547

3,247

-3,770

-1,107

46,959

2,678

9.3

25.8

71.3

57.9 47

(1) Combined statement for households, farm business,
and nonfarm noncorporate business.

(2) Includes corporate farms.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION




3,679
386
47,028

DECEMBER 6, 1989
Saving by Individuals

Savins by Individuals

63

Amount and Composition of Individuals* Saving (1)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1986
1987
1988
1985

I
1

1988
I

II

III

I
IV 1

I

1989
II

III

1
2
3
4

568.0
32.6
133.0
12.1

561.2
94.8
106.5
33.0

512.1
22.8
97.8
21.4

569.2
8.4
159.0
18.1

498.8
2.4
196.2
49.7

578.8
-16.6
138.7
-27.4

623.8
-17.9
190.4
-7.3

575.4
65.7
110.8
57.4

516.1
-9.2
151.3
44.1

580.5
-74.7
162.8
104.9

643.2 Increase in financial assets
Checkable deposits and curr.
62.7
Time and savings deposits
112.5
Money market fund shares
119.8

1
2
3
4

5
6
7
8
9

137.7
5.3
53.3
24.2
38.1

51.1
13.6
3.8
4.8
-24.5

144.7
7.8
18.8
71.4
42.6

94.6
8.5
48.6
89.9
30.7

11.9
10.4
35.0
66.5
10.9

163.6
10.2
23.8
66.9
37.0

226.1
6.1
105.7
97.6
50.1

-23.4
7.2
30.1
128.5
24.9

163.0
8.9
64.3
160.1
38.7

116.5
9.2
88.5
33.2
-12.0

145.2
6.4
-40.8
172.5
26.0

Securities
U.S. savings bonds
Other U.S. Treasury secur.
U.S. govt, agency secur.
Tax-exempt obligations

5
6
7
8
9

10
11
12
13

4.2
47.0
68.5
-102.8

39.3
-2.2
141.4
-125.0

24.1
4.8
73.1
-97.9

2.6
34.9
-1.7
-118.9

-39.6
-15.5
-4.0
-51.8

61.4
98.3
-11.4
-122.5

-5.8
72.6
1.0
-101.2

-5.7
-15.8
7.5
-200.1

-15.4
67.0
-10.0
-150.5

32.8
17.7
14.9
-67.8

21.2
44.8
32.0
-116.8

14
15
16
17
18

10.4
63.4
39.5
72.3
67.0

17.2
82.5
24.4
78.7
72.9

25.7
70.6
25.0
73.9
30.2

24.9
88.8
25.8
84.9
64.8

21.4
90.6
6.3
72.5
47.9

24.7
91.4
12.2
86.6
105.5

21.8
89.7
-32.0
89.3
63.9

31.9
83.5
116.6
91.0
41.8

30.4
97.0
-61.0
83.3
17.2

27.2
84.3
-52.1
102.2
109.5

27.8
84.5
-104.0
94.9
99.8

19
20
21
22
23

640.5
161.4
101.9
372.2
5.0

699.5
181.7
108.5
406.0
3.4

727.6
204.0
100.2
421.1
2.4

773.5
224.3
89.6
455.2
4.4

765.9
216.4
91.2
446.4
11.9

774.8
221.8
91.8
454.6
6.6

781.1
227.9
87.6
452.5
13.2

772.3
231.7
87.5
467.4
-14.3

805.7
236.6
84.7
466.4
17.9

800.5
241.6
79.6
471.0
8.4

823.9 Gross inv. in tangible assets
Owner-occupied homes
247.2
Other fixed assets (2)
75.3
Consumer durables
488.5
Inventories (2)
12.9

19
20
21
22
23

24
25
26
27

424.8
64.4
105.9
254.6

456.3
67.1
108.7
280.6

490.5
70.0
115.2
305.4

517.0
73.0
120.4
323.7

508.6
71.9
119.4
317.3

514.2
72.6
120.1
321.5

519.4
73.4
120.2
325.8

525.9
74.1
121.8
330.1

533.6
74.8
124.4
334.3

541.3
75.6
127.2
338.6

559.7 Capital consumption allowances
Owner-occupied homes
76.3
Other fixed assets (2)
140.5
Consumer durables
342.8

24
25
26
27

28
29
30
31
32

215.7
97.1
-4.0
117.6
5.0

243.2
114.6
_. 2
125.4
3.4

237.1
134.0
-15.0
115.7
2.4

256.5
151.3
-30.7
131.6
4.4

257.3
144.6
-28.2
129.1
11.9

260.5
149.2
-28.3
133.1
6.6

261.7
154.5
-32.7
126.7
13.2

246.4
157.6
-34.2
137.3
-14.3

272.1
161.8
-39.7
132.1
17.9

259.2
166.0
-47.6
132.4
8.4

264.2 Net inv. in tangible assets
Owner-occupied homes
170.9
Other fixed assets (2)
-65.2
Consumer durables
145.7
Inventories (2)
12.9

28
29
30
31
32

33
34
35
36
37
38
39

437.5
157.0
103.1
82.5
19.4
-.1
75.6

395.2
216.8
71.2
58.0
8.2
-.1
41.2

372.0
234.0
75.0
32.9
-15.3

45.5

393.2
229.0
61.4
51.1
3.1
1.1
47.4

336.0
171.6
54.3
43.7
16.8
-.9
50.4

441.2
300.7
52.7
51.9
-3.3
2.2
37.1

421.5
231.4
68.1
35.5
9.3
1.8
75.3

374.1
212.5
70.6
73.1
-10.3
1.3
26.9

376.0
204.8
67.0
34.8
6.5
3.2
59.7

330.2
187.7
46.5
46.0
15.0
3.8
31.2

369.2 Net increase in liabilities
196.0
Mtg. debt on nonfarm homes
Other mortgage debt (2)
61.7
Consumer credit
30.9
12.1
Security credit
Policy loans
.8
Other liabilities (2)
67.7

33
34
35
36
37
38
39

40
41
42

346.1
72.3
117.6

409.2
78.7
125.4

377.2
73.9
115.7

432.5
84.9
131.6

420.2
72.5
129.1

398.2
86.6
133.1

464.1
89.3
126.7

447.7
91.0
137.3

412.3
83.3
132.1

509.6
102.2
132.4

40
41
42

43
44
45

4.9
.9
150.5

17.5
.6
187.0

22.4
.9
164.3

6.3
1.4
208.4

.7
1.2
216.7

9.0
1.3
168.2

6.9
1.4
239.7

8.7
1.5
209.0

18.2
1.7
177.0

15.3
1.8
257.9

538.2 Individuals’ saving (1+28-33)
94.9 - Govt, insurance 8 pen. res.
145.7 - Net investment in cons. dur.
- Capital gains dividends
from mutual funds
17.2
1.9 - Net saving by farm corps.
278.6 = Personal saving- FOF basis

46

125.4

124.9

101.8

144.7

131.9

133.8

149.7

163.4

205.8

200.7

191.0 Personal saving, NIPA basis

46

47

25.1

62.2

62.5

63.7

84.8

34.4

90.0

45.6

-28.8

57.2

K

Corporate S 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 & pen. res.
Miscellaneous finan. assets

87.6 Difference

(1) Combined statement Tor households, farm business,
and nonfarm noncorporate business.
(2) Includes corporate farms.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




10
11
12
13

14
15
16
17
18

43
44
45

47

DECEMBER 6, 1989
Discrepancies

Discrepancies

64

Discrepancies - Summary for Sectors and Transactions

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1988

I
I

II

III

I
IV I

I

1989
II

III

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1984

Sector Discrepancies
1 Total, all sectors
2
Households
3
Nonfin. corporate business
4
State and local governments
5
U.S. government
Foreign
6

-19,325 -3-435 29,947 -20,213
3,770
-30,678 -33-547 -3,247
-391
4,190 12,925 18-210
4,320
-260 -11-919 10-001
8,627
9,550
-532 -2,398
-5,197 -14-091 26,587 -25,978

6,231
1,081 13,842
1,107 -46,959 -2-678
1,491 14-201 18,564
8-669 -2,779 -13-650
3,689
8,237
1,521
-4,434 26,914
3-456

34.0
-9.3
-5.6
13.7
8.9
16.8

15.3
-25.8
.3
7.9
3.4
31.9

-22.4
-71.3
27.2
4.2
10.1
5.1

2.5
-57.9
22.0
11.5
13.3
19.1

1
2
3
4
5
6

7
8
9
10

Financial sectors
Sponsored credit agencies
Monetary authority
Commercial banks

-587
-591
-2,002

21,988
66
16,774

848
660
-5,021

-5,217
122
5,478

-4,291
-572
-8,546

1,467
375
-3,164

6,629
692
1,182

9.5
.7
17.1

-2.2
.3
2.2

2.3
.1
5.3

11
12
13
14
15
16

Private nonbank finance
Savings and loan assns.
Mutual savings banks
Life insurance
Other insurance
Finance n.e.c.

2,006
-2,673
-198
2,775
-367
2,469

5,148
-2,403
298
1,241
199
5,813

5-209 -10,817
-2,276 -2,439
1,005
36
2,467 -3,326
-937
-2,288
7,270 -5,120

4,827
-2,423
306
2,548
194
4,202

4,256
-2,619
678
1,334
200
4-663

4,755
-2,476
385
2,084
-271
5,033

-8.3
-.8
-.4
1.1
3.1
-11.4

-4.8
-1.4
-1.2
-1.3
1.6
-2.5

-3.2
1.1
-1.7
-2.2
-.7
.3

1.5
2.8
-.6
.8
-.2
-1.3

11
12
13
14
15
16

-5.5 7
.1 8
9
-7.1 10

Transaction Discrepancies
1 Total, all types
-19,325
Treasury currency
2
-33
3
Interbank claims
1,493
4
Security RPs
6-918
Checkable deposit mail floats
5
U.S. government
1,44°
6
Other
-4-982

7
8
9
10
11
12

Trade credit
Profit taxes payable
Miscellaneous
Nonfinancial

Nonfinancial components:
NIPA discrepancy
Pvt. wage accr. less disb.

-3,435
-62
1,322
-1,439

29,947 -20,213
-16
-4,405 -1,274
971 -23,391

6,231
-22
4,161
20,051

1,081
12
-2-285
8,226

13,842
-161
-1-138
6,840

34.0
-.2
-3.1
6.2

15.3
- .2
-1.1
1.4

-22.4
-. 2
-10.9
-13.9

2.5
-.1
5.5
.8

1
2
3
4

-1,702
2,150

-625
-4-223

2,509
7,904

-567
-7-010

2,731
3,287

7,611
-7,441

- .2
4.1

.3
-1.8

1.6
2.6

.5
-1.9

5
6

-23-981
670
-4,514
3,655

-9-917
484
3,219
2,510

-4,342 26-554 -21,608 -1,174
-236
5,637
1,308
427
35,813 -30,298
7,165 -23,533
5-466 -1,981
3,634
8,180

-4,146
-3,078
4-647
10,708

5.4
-.8
27.9
-5.2

10.9
3.4
2.3
.1

-19.5
2.4
20.8
-5.3

-17.2 7
1.7 8
18.6 9
-5.4 10

-3,655
-

-2,510
-

-5,466
-

-8,180 -10,708
-

4.1
-

-.1
-

5.3
-

5.4 11
- 12

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1,981
-

-3,634
-

DECEMBER 6, 1989
Discrepancies

Discrepancies
65

Discrepancies - Summary for Sectors and Transactions

SEASONALLY ADJUSTED ANNUAL RATES
ANNUAL FLOWS- $ BILLIONS
1987
1986
1988
1985

SEASONALLY ADJUSTED ANNUAL RATES

I
1

1988
I

II

III

I
IV 1

I

1989
II

III

Sector Discrepancies

1
2
3
A
5
6

22.1
-25.1
3A.A
-2.A
3.2
10.1

-9.2
-62.2
62.6
-2.9
10.5
3.2

-33.0
-62.5
32.A
A.7
7.7
.6

-13.0
-63.7
3A.9
2.1
15.2
-18.7

-6A.0
-8A.8
36.7
-6.A
16.1
-5.5

25.1
-3A.A
3A.3
3.5
11.7
-71.2

30.5
-90.0
27.7
1.5
18.9
88.2

-A3.7
-A5.6
Al.l
10.0
1A.A
-86.2

A3.1
28.8
38.3
5.8
3.8
-.6

AA.6
-57.2
31.A
-5.0
-23.A
98.8

7
8
9
10

2.0
1.7
-10.8

-20.A
.3
-16.A

-15.9
.5
-15.3

17.0
.3
15.2

-20.0
-2.0
-15.8

81.2
1.1
77.0

-15.8
2.A
-20.1

22.7
-.5
19.8

-33.0
-1.8
-A 1.3

-.1
2.3
-1.0

11
12
13
1A
15
16

11.0
A.6
-.7
-5.1
A.3
7.9

-A. 3
A.l
-3.3
-6.6
-3.9
5.3

-1.1
-5.7
-1.2
-7.3
.7
12.3

1.5
-9.8
1.1
3.2
-3.A
10.A

-2,2
-10.7
-.8
3.2
-.9
7.0

3.1
-9.6
1.2
2.9
-2.5
11.1

1.9
-9.1
.1
3.6
-7.1
1A.A

3.A
-9.8
A.O
3.0
-3.0
9.2

10.1
-9.7
1.2
1.6
1.3
15.7

-1.5
-10.5
2.7
3.5
-2.7
5.A

-30.2 Total, all sectors
Households
-87.6
Nonfin. corporate business
25.2
State and local governments
-2.1
U.S. government
33.9
Foreign
-3.6

1
2
3
A
5
6

A.O
2.A
2.A

Financial sectors
Sponsored credit agencies
Monetary authority
Commercial banks

7
8
9
10

-.9
-9.9
1.5
1.7
1.1
A.6

Private nonbank finance
Savings and loan assns.
Mutual savings banks
Life insurance
Other insurance
Finance n.e.c.

11
12
13
1A
15
16

-30.2 Total- all types
Treasury currency
-.6
Interbank claims
-19.0
Security RPs
6.A
Checkable deposit mail floats:
U.S. government
2A.A
Other
-5.8

1
2
3
A

Transaction Discrepancies
1
2
3
A

22.1
_. o
5.3
-8. A

-9.2
X
-2.8
A.9

-33.0
-.1
-5.3
-16.5

-13.0
-.1
-2.9
-16.9

-6A.0
-.1
-2.2
A3.3

25.1
-.2
6.8
2.8

30.5
-.1
-29.9
-19.7

-A3.7
13.8
-9A.1

A3.1
-.1
8.6
98.2

AA.6
K
-8.2
A3.0

5
6

1.3
.8

-.6
-8.9

K
.A

1.6
.8

11.0
2.7

5.3
-3.6

-5.6
6.6

-A.2
-2.3

2.3
-5.1

2A.0
.3

7
8
9
10

-A.l
A.9
18.0
A.7

-15.2
2.6
9.2
1.8

-38.5
2.5
19.8
A.8

-11.7
2.2
A.2
9.7

-35.1
-3.8
-92.6
12.9

-33.5
-13.3
60.8
-

2.5
19.7
A8.1
8.9

19.3
6.3
.6
16.8

-23.6
-A.6
-56.7
2A.2

-.5
6.1
-38.1
18.1

A.8
3.A
-66.6
22.8

11
12

-A. 7
-

-1.8

-A.8
-

-9.7
-

-12.9

-8.9

-16.8

-2A.2
-

-18.1

-22.8
-

-

-

BILLIONS OF DOLLARS. LATEST QUARTER 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