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FEBRUARY 1979
FLOW OF FUNDS
IV-78
FLOW OF FUNDS ACCOUNTS
4TH QUARTER 1978
SEASONALLY ADJUSTED AND UNADJUSTED
DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
TABLE LIST
PAGE
SUMMARY TABLES
1
Income and Product Distribution
2
Funds Raised in Credit Markets
4
Credit Market Supply of Funds
SECTOR TABLES
6
Households
8
Total Nonfinancial Business
Noncorporate Business
10
Nonfinancial Corporate Business
12
State+Local Governments
Foreign
14
U.S. Government + Credit Agencies
16
Banking System
18
Commercial Banking Subsectors
20
Nonbank Finance Summary
22
Savings Institutions
24
Insurance 4- Pension Funds
26
Finance N.E.C.
TRANSACTION TABLES
28
Monetary and Insurance Reserves
Interbank Claims
30
Money and Deposits
32
U.S. Government Securities
34
Private Securities
36,38
Mortgages
40
Consumer Credit and Bank Loans N.E.C.
42
Open Market Paper
Other Loans
44
Security Credit, Trade Credit, and Taxes
Payable
46,48
Miscellaneous
50
Total Claims
52
Saving By Individuals
54
Discrepancies
56
Money Stock Relationship
Flow of Funds Accounts
Fourth Quarter 1978
The tables in this publication present preliminary estimates
of fourth quarter 1978 flows and revisions from the November tables for
the first three quarters of the year. The revisions are based on a
variety of more complete information that has become available since
November, including in particular the September 30, 1978, Call Report
for insured commercial banks that is a benchmark for bank statements.
Figures for 1977 and earlier years are unchanged from the August
publication.
The September Call Report for banks produced marked upward
revisions in total credit flow estimates for the third quarter,
with the revision mainly in mortgages, loans to individuals, and to
foreign borrowers. There are also several revisions in nonbank data
for security issues and nonbank mortgage lending that contributed to
the new higher estimate for the third quarter and to a lesser extent
the second-quarter totals.
Fourth quarter, 1978. Fourth quarter estimates that are
included in the tables are based on preliminary and incomplete information and are therefore only tentative. At the end of this preface
is a list of the principal sources of information that were available
in putting together the quarter on this preliminary basis, and the
significance of individual items in the tables should be judged
on the basis of the list. The list is summary in form and is by no
means a complete statement of sources of data or of derivation methods.
Because much of the source information consists of sector balance
sheets or statements of activity, the list is organized mainly in
terms of sectors. For nonfinancial activity included in the accounts,
however, such as sector income and capital outlays, the Commerce
Department's income and product accounts are the principal source, and
this part of the system is incliri ed separately at the beginning of the
lis t.
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 for them have been completed in a form that
will usually stand until the next annual revision. Virtually all
quarterly data sources are compiled within five or six months of the
end of the quarter, and the distinction between the two columns is not
between final and preliminary versions of data but rather between those
source estimates that are fully ready when the first quarterly estimate
is put together and those that are not yet completed.
Availability. This publication is part of a quarterly series
that is usually available at the middle of the second month following
- i -
the quarter reported and that is distributed to a mailing list. The
process of printing and mailing causes delays of up to two weeks or
more from the time the estimates are completed, and to facilitate
earlier access in the meantime copies of the computer printouts are
distributed to Federal Reserve Bank information offices for use by
the public.
The current quarterly tables are an extension of a body of
data that includes all years from 1946 on an annual basis and quarterly
periods from 1952 in both net flows and asset and liability positions.
In annual form the data are available in Flow of Funds Accounts, 1946-75
(December 1976) in both flows and levels. 1976 and 1977 assets and
liabilities were published in August 1978 in Flow of Funds Accounts,
Assets and Liabilities, 1967-77. Quarterly history is available in
either computer data tape form for the complete set or in specific
printings of selected tables.
Requests and inquiries about the data, historical tabulations
and computer tapes of the data should be addressed to:
Flow of Funds Section
Room B-3125
Board of Governors of the
Federal Reserve System
20th and Constitution Avenue NW
Washington, D.C. 20551
(202) 452-3482
- ii -
Information Status for Preliminary Estimates
NONFINANCIALNational income and product
accounts
Available
First quarterly estimate
Major items missing
Corporate profits, profit tax
accruals, and undistributed
profits.
FINANCIALHouseholds
Estimates for this sector is almost entirely residual and derived from
data for other sectors. Availability is thus dependent on schedules
for other sectors. Principal types of borrai/ing--mortgages and consumer credit--are available in time for first quarterly estimates.
Farms
Bank loans. For sponsored agency
loans, see item 9 below.
U.S. Government loans. See
item 9 below.
Nonfarm noncorporate business
Bank and finance company loans,
mortgage borrowing, open-market
paper
Net trade debt
Nonfinancial corporate business
For preceding quarter: working
capital, net security issues,
foreign direct investment. For
current quarter: gross security
offerings, mortgages, bank loans,
open-market paper, finance company
loans.
Working capital, foreign direct
investment, U„S. Government loans
State and local governments
Gross security offerings, deposits
at banks, two months of quarter
for Government security holdings
Security retirements, last month
of quarter for holdings for Government securities
- iii -
FINANCIAL"
Rest of the world (U.S.
International Transactions)
Available
Major items missing
Preceding quarter, two months
of current quarter for capital
movements
Capital movements for last month
of quarter, direct investment
flows
Monthly Treasury Statement of
Receipts and Outlays for last
month of quarter, Federal
Financing Bank statement
Loans outstanding except at
Federal Financing Bank
Balance sheets for FNMA, Home
Loan Banks, Farm Credit
Administration securities outstanding. FCA loans for most
recent June or December
FCA loans for March or September
Mortgage pools
Complete
None
Monetary authorities
Complete
None
Banking
Banking and monetary estimates
through last month of quarter
two months for foreign agencies
Recent all-bank totals, last
month for foreign agencies
Savings and loan associations
Last month of quarter on summary
monthly basis
Detailed listing of cash and
investments.
Mutual savings banks
Two months of quarter
Last month of quarter
Credit unions
Deposit flows and consumer credit
Other assets
U.S. Government
Sponsored credit agencies
- iv -
FINANCIAL--
Available
Major items missing
16.
Life insurance companies
Two months of quarter
Last month
17.
Private Pension Funds
Preceding quarter
Current quarter
18.
State and local government
retirement system
Preceding quarter
Current quarter
19.
Other insurance companies
Preceding quarter
Current quarter
20.
Finance companies
Complete
None
21.
REIT!s
Preceding quarter
Current quarter
22.
Investment companies and
money market funds
Complete
None
23.
Security brokers and dealers
Borrowings
Assets
- v -
FEBRUARY I 2 t 1979
INCOME AND PRODUCT
INCOME
DISTRIBUTION
AND
PRODUCT
DISTRIBUTION
1
INCOME
SEASONALLY
ADJUSTED
ANNUAL
1974
1975
1976
I
1412.9
1528.8
2
3
4
5
6
1192.3
889.6
122.0
191.5
111.1
1317.5
979.1
132.6
215.4
123.1
AND PRODUCT A C C O U N T S : GNP E X P E N D I T U R E S
AND GROSS
SAVING
SEASONALLY
RATES
I
1
1
1977
IV
ADJUSTED
II
III
IV
1973
1700.1
1887.2
2106.6
1916.8
1958.1
1992.0
2087.5
2136.1
2210.8 TOTAL
1449.7
1090.2
156.6
229.6
129.9
1600.5
1206.5
173.4
248.9
145.1
1773.9
1339.7
197.6
280.2
154.0
1614.1
1214.5
177.4
252.7
146.8
1667.7
1255.2
187.2
260.3
152.2
1693.4
1276.7
183.5
265.2
151.5
1747.6
1322.9
197.8
277.6
147.2
1796.7
1356.9
199.5
285.8
154.0
1357.8 C U R R E N T O U T L A Y S
HOJSEHOLDS
1402.2
209.6
OF W H I C H CONSUMER DURABLES
STATE + LOCAL G O V E R N M E N T
292.2
163.4
U . S. G O V E R N M E N T
III
!
I
1
GNP
7
214.6
190.9
243.0
297.8
344.5
309.7
313.5
322.7
345.4
350.1
359.9 G R O S S DOMESTIC
205.7
55.1
201.6
51.5
232.8
68.2
282.3
91.9
328.8
106.8
287.8
94.3
300.5
100.2
306.0
100.3
325.3
105.3
336.5
109.0
347.4
112.5
3.2
2.4
3.1
4.0
4.5
4.0
4.8
4.6
4.2
4.3
4.7
33.7
33.3
39.7
37.0
56.1
52.0
75.4
69.7
86.6
84.1
77.6
74.2
82.6
76.7
82.3
80.9
85.4
82.6
88.0
85.3
91.0
37.9
1.2
.9
1.1
1.5
1.4
1.6
1.2
1.3
1.4
1.5
1.5
14
15
16
-.8
-.4
-.4
1.8
.9
.9
3.1
1.5
1.5
4.2
2.1
2.1
1.1
.5
.5
1.3
.9
.9
4.7
2.4
2.4
.1
.1
1.4
.7
.7
1.2
.6
.6
1.6
.8
.8
17
18
19
20
21
18.2
9.0
2.5
4.5
1.5
.5
12.4
15.7
12.7
12.8
13.4
15.7
16.7
16.8
6.4
8.9
2.6
.4
9.4
3.7
3.6
1.1
1.0
2.5
7.2
2.8
-.1
3.4
9.3
3.1
-.1
2.7
7.3
3.2
-.4
2.8
7.3
3.0
-.3
3.1
7.8
2.7
-.1
3.2
9.4
3.3
-.2
3.5
3.7
10.0
10.1
3.2
3.1
22
23
24
25
?6
27
150.6
150.2
164.6
190.4
222.0
193.5
200.3
205.6
220.1
*
*
227.5
*
235.0
5.4
5.4
5.6
5.8
5.9
5.8
5.R
5.9
5.9
6.0
6.0
10.6
15.3
11.4
17.4
12.5
17.8
12.7
21.5
13.9
23.7
12.2
22.5
12.3
23.2
13.3
23.1
13.7
23.4
14.1
23.9
14.5
24.3
6.3
9.0
7.8
6.3
6.6
5.4
6.5
7.8
5.7
5.6
7.3
113.0
106.9
120.9
144.1
171.9
147.6
152.4
155.6
171.3
178.0
182.8
15.7
-1.0
16.7
21.9
13.1
16.7
20.1
-2.0
22.1
13.6
12.4
28
29
30
31
32
8.9
-10.7
-14.3
-3.9
-10.4
10.2
-2.0
12.2
-1.0
13.3
15.6
-1.8
10.8
-2.2
12.9
1.9
13.1
33
34
35
20.4
147.3
126.9
7.4
13 7.9
131.9
163.2
155.7
-11.1
175.5
186.6
36
37
33
984.6
71.7
7.3
1086.7
83.6
7.7
1184.4
68.0
5.7
39
40
-10.7
7.6
-70.6
6.2
41
42
43
44
45
126.9
.2
9.6
14.4
102.7
46
47
48
49
.6
-.1
2.7
-.2
22.0
10.4
-.8
3.0
17.4
19.0
2.7
7.7
16.9
-3.4
20.3
-11.8
205.2
217.0
-7.0
180.8
187.8
-23.2
172.1
195.2
1303.0
66.9
5.1
1451.2
76.7
5.3
1319.1
74.3
5.6
-53.8
20.7
-48.1
29.6
-29.4
27.8
120.4
.6
6.1
13.0
100.7
155.9
.3
8.2
17.5
129.8
173.9
.4
9.6
20.9
143.1
52.4
.2
9.7
42.5
49.8
.2
9.2
40.3
64.3
.2
11.3
52.7
50
51
52
53
54
31.0
.1
4.8
.1
25.9
31.9
.2
3.0
.4
28.3
55
56
57
58
59
43.6
-.1
4.8
4.6
34.3
38.7
.2
3.1
3.3
32.0
60
61
62
-2.9
*
.1
6.0
M U L T I - F A M I L Y UNITS
H O U S E H O L D S (1)
N O N C O R P O R A T E BUSINESS
N O N F I N . C O R P . BUSINESS
REITS
N O N R E S . PLANT + EQUIPMENT
N O N P R O F I T I N S T . IHH)
FARM
NONFARM N O N C O R P . B U S .
FINANCIAL CORPORATIONS
N O N F I N . C O R P . BUSINESS
INVENTORIES
FARM
NONFARM
NONCORPORATE
CORPORATE
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
-.9
-.7
13.1
20.2
-24.1
181.7
205.8
-5.5
205.4
210.9
-10.7
210.1
220.8
1359.6
73.7
5.4
1391.6
82.4
5.9
1433.3
76.3
5.3
1468.4
76.0
5.2
-56.4
31.2
-58.6
29.0
-52.6
31.5
-23.6
29.8
-22.8
23.4
202.4
.5
10.8
24.9
166.2
177.5
.3
10.3
21.9
144.9
178.3
.5
7.9
21.9
148.0
172.1
.4
9.4
22.7
139.6
205.5
.5
11.7
24.3
169.0
205.4
.5
9.1
26.0
169.8
71.8
.2
12.9
58.7
84.1
.3
15.1
68.6
72.8
.2
13.4
59.2
73.9
.3
13.4
60.1
70.0
.3
14.1
55.6
85.0
.3
14.9
69.8
86.2
.3
16.0
69.9
95.1
.3
15.6
79.2
TAX A C C R U A L S - TOTAL
FARMS
FINANCIAL C O R P O R A T I O N S
N O N F I N . C O R P O R A T E BUSINESS
46
47
48
49
37.9
.1
4.0
.3
33.4
43.7
.2
4.6
49.3
.2
4.8
-.7
45.0
44.1
.2
5.0
-.3
39.3
46.3
.2
4.3
-.5
42.3
47.0
.2
4.7
-.7
42.8
48.1
.2
5.8
-.6
42.7
50.1
.2
4.5
-.7
46.0
51.9
.2
4.3
-.9
43.3
D I V I D E N D S - TOTAL
FARMS
NET FOREIGN
FINANCIAL C O R P O R A T I O N S
N O N F I N . C O R P O R A T E BUSINESS
50
51
52
53
54
53.8
58.4
69.1
55.1
72.4
69.2
5.0
8.0
45.5
5.9
10.5
52.7
60.6
-.1
5.4
8.8
46.5
58.1
4.2
5.9
43.7
3.6
9.0
45.6
4.7
9,2
41.2
5.9
10.0
56.5
4.6
10.6
53.9
8.5
12.0
59.1
U N D I S T . P R O F I T S - TOTAL
FARMS
FOREIGN BRANCH P R O F I T S
FINANCIAL C O R P O R A T I O N S
N O N F I N . C O R P O R A T E BUSINESS
55
56
57
58
59
-14.4
-.5
-.1
-13.8
-14.9
-.6
-.2
-14.2
-18.1
-.6
-.4
-17.1
-15.0
-.6
-.2
-14.2
-15.3
-.6
-.3
-14.4
-16.1
-.6
-.3
-15.1
-17.2
-.6
-.4
-16.2
-19.3
-.6
-.5
-18.2
-19.9
-.6
-.5
-18.7
CAP. CONS. ADJUST. - TOTAL
FARMS
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
60
61
62
63
226.3 TOTAL CAPITAL C O N S U M P T I O N
33.6
O W N E R - O C C U P I E D HOMES IHH)
5.3
N O N P R O F I T INSTITUTIONS (HH)
14.1
FARM N O N C O R P O R A T E
35.9
NONFARM N O N C O R P . BUSINESS
137.4
TOTAL CORPORATE
6.3
F I N A N C I A L BUSINESS
1.9
C O R P O R A T E FARMS
129.2
N O N F I N . C O R P O R A T E BUSINESS
MEMO: C A P . C O N S . ON CONSUMER
144.3
DURABLES NOT INCLUDED ABOVE
370.7 T O T . C A P . C O N S . INCL. DURABLES
64
65
66
67
68
69
70
71
72
*
*
*
1.9
*
-.1
13.2
-3.0
64
65
66
67
63
69
70
71
72
137.7
19.8
3.7
9.2
20.4
34.6
3.8
.7
30.0
162.0
22.2
4.5
10.7
23.3
101.3
4.4
1.1
95.7
177.8
24.4
4.6
11.7
25.6
111.5
4.8
1.5
105.2
195.2
28.3
4.9
12.7
28.4
120.9
5.3
1.7
113.9
216.9
32.2
5.2
13.7
33.3
132.5
6.0
1.9
124.6
198.5
2 8.8
5.0
12.8
29.3
122.6
5.4
1.7
115.5
202.6
2 9.8
5.0
13.1
30.0
124.6
5.6
1.8
117.3
207.3
30.8
5.1
13.3
30.7
127.4
5.8
1.8
119.8
213.3
31.7
5.2
13.6
32.4
130.5
5.9
1.8
122.7
220.8
32.7
5.2
13.9
34.3
134.7
6.1
1.9
12t>.7
73
74
95.0
232.7
110.2
272.1
116.6
294.4
128.9
324.1
140.2
357.2
130.5
329.0
133.3
335.9
136.1
343.4
138.8
352.1
141.6
362.4
76
77
41.3
14.7
41.4
13.4
41.2
14.2
41.3
14.8
41.5
15.0
41.0
14.6
41.4
14.6
40.7
14.6
41.4
14.8
41.9
15.2
1511.4 D I S P O S A B L E PERSONAL INCOME
72.3 PERSONAL SAVING
4.8
SAVING RATE tPER C E N T )
- 1 8 . 5 FEDERAL GOVERNMENT SURPLUS
26.8 S T . + L O C . G O V E R N M E N T SURPLUS
C O R P O R A T E P R O F I T S , TAXES + D I V I D E N D S :
226.
P R O F I T S - TOTAL
.5
FARMS
12.8
FOREIGN
26.7
FINANCIAL C O R P O R A T I O N S
N O N F I N . C O R P O R A T E BUSINESS
186.5
.4 STATISTICAL
II1/78
BASED ON INCOMPLETE
INFORMATION.
33
34
35
- 6 . 9 NET EXPORTS
223.5
EXPORTS
230.4
IMPORTS
*
63
INVESTMENT
PRIVATE F I X E D INVESTMENT
RESIDENTIAL CONSTRUCTION
MOBILE HOMES
1-4 FAMILY STRUCTURES
H O U S E H O L D PURCHASES
FARM
CHANGE IN WORK IN
PROCESS ON NONFARM
NONCORPORATE
CORPORATE
2
3
4
5
6
14.6
-1.6
16.1
15.0
-12.0
-.3
-.1
-11.7
B I L L I O N S OF DOLLARS.
RATES
1977
8
9
10
11
12
13
3.5
ANNUAL
1978
42.0
15.4
DISCREPANCY
PROFIT TAX RATE ( ? )
PERSONAL TAX RATE I S )
(1) Purchases of condominium units.
36
37
38
39
40
41
42
43
44
45
73
74
FEBRUARY 12, 1979
FUNDS RAISED IN CREDIT
FUNDS RAISED IN CREDIT MARKETS
MARKETS
SUMMARY OF FUNDS RAISED IN CREDIT
MARKETS
UNADJUSTED NET FLOWS (t MILL.)
UNADJUSTED NET FLOWS <$ MILL.)
1977
III
|
I
IV
1978
II
I
III
III
IV
CREDIT MARKET FUNDS RAISED BY NONFINANCIAL
TOTAL FUNDS RAISED
BY NONFINANCIAL SECTORS
EXCLUDING EQUITIES
1969
BILLIONS GF DOLLARS
1970
1971
1972
SECTORS
95.429 103.603
94.027 102.453
79.299 100.410 100.709 109.022
79.240
99.781
99.797 108.560
93.7
89.8
100.6
94.9
153.5
142.1
176.0
165.5
203.8
196.1
I
2
3 U.S. GOVERNMENT
4
TREASURY ISSUES
5
AGENCY ISSUES + MORTGAGES
19.606
20.129
-523
20.676
20.744
-68
20.792
21.139
-347
6 ALL OTHER NONFINANCIAL
7
CJRPORATE E Q U I T I E S
8
DEBT INSTRUMENTS
75.823
1.402
74.421
82.927
1.150
81.777
58.507
59
58.448
71.038
1.105
69.933
78.929
1.350
77.579
1
2
9
10
11
SECTORS
PRIVATE DOMESTIC
NONFINANCIAL SECTORS
CORPORATE E Q U I T I E S
DE3T INSTRUMENTS
15.054
15.632
-578
15.251
15.636
-385
-3.7
-1.3
-2.4
11.9
12.9
-1.0
24.9
?6.0
-1.1
15.1
14.3
.8
8.3
7.9
.4
3
4
5
97.828
629
97.199
85.655
912
84.743
93.771
462
93.309
97.3
3.9
93.5
88.8
5.8
83.0
128.6
11.5
117.2
160.9
10.5
150.4
195.5
7.7
187.9
6
7
8
56.360
389
55.971
91.847
698
91.149
80.483
900
79.583
81.403
612
80.791
93.6
3.4
90.2
36.0
5.7
80.3
123.5
1L.4
112.0
156.9
10.9
146.0
189.3
7.9
181.4
9
10
11
2.582
2.706
-124
12
13
14
15
16
17
18
19
DEBT C A P I T A L INSTRUMENTS
S T . + L O C . OBLIGATIONS
CORPORATE BONDS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY RESID.
COMMERCIAL
FARM
51.380
8.922
5.526
36.932
28.318
1.774
4.751
2.089
49.060
5.380
7.241
36.439
25.041
2.442
7.095
1.861
35.979
3.413
4.028
28.538
20.251
2.054
3.992
2.241
55.996
11.117
5.890
38.989
28.099
2.523
5.556
2.811
55.852
10.355
4.864
40.633
27.347
2.828
7.561
2.897
46.981
4.746
5.334
36.901
25.737
2.740
6.030
2.394
52.5
9.9
12.0
30.6
18.1
4.9
5.7
1.8
60.2
11.2
19.8
29.2
14.4
6.9
7.1
.8
86.8
17.4
18.8
50.5
28.6
9.7
9.8
2.4
102.3
14.7
12.2
75.4
42.6
12.7
16.5
3.6
105.0
14.7
9.2
81.2
46.4
10.4
18.9
5.5
12
13
14
15
16
17
18
19
20
21
22
23
24
OTHER DEBT INSTRUMENTS
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER
OTHFR
18.553
10.579
4.891
-341
3.424
28.519
11.058
9.178
1.403
6.880
19.992
3.293
8.584
1.758
6.357
35.153
17.898
12.316
1.036
3.903
23.731
14.648
5.805
799
2.479
33.810
14.703
10.363
1.257
7.48 7
37.8
10.4
15.7
1.8
9.9
20.1
5.9
6.8
2.6
4.8
25.3
13.1
8.1
-.4
4.4
43.7
17.1
18.9
.8
6.9
76.4
23.8
39.3
2.5
10.3
20
21
22
23
24
rtORROWING SECTOR:
S T . + L O C . GOVERNMENTS
HOUSEHOLDS
71.038
9.359
39.454
78.929
4.940
40.237
56.360
3.044
26.052
91.847
8.098
46.537
80.483
9.748
42.579
81.403
4.028
46.110
93.6
10.7
34.4
86.0
11.3
24.9
123.5
17.7
45.2
156.9
14.5
64.3
189.3
13.2
80.9
25
26
27
NONFINANCIAL BUSINESS
FA1.M
N3NFAPM NONCORPORATE
CORPORATE
DEBT INSTRUMENTS
EQUITIES
22.225
3.688
1.919
16.618
15.513
1.105
33.752
1.454
5.594
26.704
25.354
1.350
27.264
2.575
3.601
21.088
20.699
339
37.212
6.397
4.738
26.077
25.379
698
23.156
4.940
4.543
18.673
17.773
900
31.265
3.313
4.308
23.644
23.032
612
48.6
3.0
7.3
38.2
34.8
3.4
49.8
2.3
6.8
40.7
35.0
5.7
60.6
4.5
11.6
44.5
33.0
11.4
78.1
5.8
14.1
58.3
47.3
10.9
95.2
9.7
12.8
72.7
64.8
7.9
28
29
30
31
32
33
4.785
297
4.488
1.365
1.078
625
920
3.998
-200
4.198
931
2.307
452
508
2.147
-330
2.477
1.279
696
-233
735
5.981
-69
6.050
1.172
1.953
2.026
399
5.172
12
5.160
455
3.809
-171
1.067
12.368
-150
12.518
1.400
5.495
4.975
648
3.7
.5
3.2
1.0
-.2
.3
2.1
2.7
•1
2.7
.9
-.3
.8
1.3
5.2
5.2
.9
2.1
.3
1.8
4.0
-.4
4.4
1.0
2.9
-1.0
1.5
6.2
-.2
6.4
1.0
2.8
.9
1.7
34
35
36
37
38
39
40
4 1 MEMO: U . S . GOVT. CASH BALANCE
2.975
-6.353
-6.528
TOTALS NET OF CHANGES IN U.S. GOVT. CASH 3ALANCES—
42 TOTAL FUNDS RAISED
92.454 110.131
85.652
16.631 27.204 27.145
43
BY U.S. GOVERNMENT
4.752
-3.443
88.797
-9.031
93.2
-4.1
97.9
9.1
150.4
21.7
176.3
15.4
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
3Y
FOREIGN
CORPORATE E Q U I T I E S
DF3T INSTRUMENTS
BONUS
•SANK LOANS N . E . C .
OPEN-MARKET PAPER
U . S . GOVERNMENT LOANS
11.613
95.957 112.465
10.302
18.694
CREDIT MARKET FUNDS RAISED 3Y FINANCIAL
TOTAL FUNDS RAISED
BY FINANCIAL SECTORS
*
2 0 5 . 5 42
9 . 9 43
SECTORS
11.700
19.733
21.901
26.181
18.416
27.255
35.1
15.7
15.4
23.3
57.6
1
^
5
U . S . GOVT. DELATED
SPONSORED C R . A 3 . S E C .
M0RTGA3E POOL S E C U R I T I E S
LOANS FROM U . S . GOVERNMENT
7.270
1.351
5.919
0
7.79 7
2.175
5.622
0
3.215
4.424
3.791
0
11.160
6.658
4.522
0
9.540
5.989
3.551
0
10.089
5.495
4.594
0
9.5
9.1
.7
-.3
9.8
8.2
1.6
5.9
1.1
4.8
8.4
3.5
4.9
19.9
16.3
3.6
-
-
-
2
3
4
5
6
7
PRIVATE F I N A N C I A L SECTORS
CORPORATE E Q U I T I E S
4.430
-422
11.936
76 9
13.686
416
15.001
143
8.876
-241
17.166
753
25.6
6.3
5.9
4.8
9.5
3.5
19.9
2.8
37.7
1.5
6
7
4.852
1.793
633
163
926
1.33 7
11.167
3.025
160
1.728
3.135
3.119
13.270
2.239
636
-2.072
11.362
1.105
14.853
2.293
1.241
1.584
5.734
3.996
9.117
1.423
-452
730
3.532
3.884
16.413
1.704
-430
962
10.715
3.512
19.3
.8
.2
1.3
12.9
4.0
l.l
2.7
.7
-.1
-3.5
1.3
6.0
3.8
2.1
1.9
.9
-2.7
17.1
5.1
1.7
5.9
4.4
36.2
3.5
-1.2
8.9
17.8
7.2
8
9
10
11
12
13
11.700
1.351
5.919
19.733
2.175
5.622
21.901
4.424
3.791
26.181
6.653
4.522
18.416
5.989
3.551
27.255
5.495
4.594
35.1
3.8
.7
15.7
8.2
1.6
15.4
1.1
4.8
28.3
3.5
4.9
57.6
16.3
3.6
14
15
16
4.430
621
385
2.300
236
1.921
-643
-90 5
20
11.936
-839
220
5.149
239
6.918
-470
295
424
13.686
7.016
889
2.050
2 52
2.276
-42 9
23
1.609
15.001
-911
2.003
6.316
265
6.493
-199
-297
1.331
8.376
668
978
4.041
278
2.305
-367
-607
1.580
17.166
1.421
430
3.960
291
8.579
-306
390
2.401
25.6
2.4
4.3
4.1
.5
7.8
1.5
4.9
5.9
-2.0
-1.9
1.8
.4
2.6
2.2
2.8
9.5
2.4
-.4
-.1
.6
2.7
2.9
1.3
19.9
4.5
.7
2.0
.5
6.5
6.3
-.5
37.7
14.1
2.2
6.0
.5
9.4
6.5
-1.2
-
17
18
19
20
21
22
23
24
25
1
2
3
8
9
10
11
12
13
DEBT INSTRUMENTS
CORPORATE BONDS
MORTGAGES
3ANK LCANS N . E . C .
OPEN-MARKET PAPER • R P ' S
LOANS FROM F H L B ' S
14 T O T A L , BY SECTOR
15
SPONSORED CREDIT
16
MORTGAGE POOLS
17
18
19
20
21
22
23
24
25
AGENCIES
PRIVATE F I N A N C I A L SECTORS
COMMERCIAL BANKS
BANK A F F I L I A T F S
SAVINGS + LOAN A S S N S .
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT C O S .
MONEY MARKET FUNDS
TOTAL CREDIT
9
10
11
12
FUNDS
-
-
-
-
RAISEI
107.129 123.336 101.200 126.591 119.125 136.277
-905
295
23
-297
-607
390
1.385
1.624
452
1.074
1.278
825
28.7
4.9
5.2
116.3
2.8
7.7
168.9
1.3
13.7
204.3
-.5
13.8
261.4
-1.2
10.4
1
2
3
DEBT INSTRUMENTS
106.149 121.417 100.725 125.814 118.454 135.062
U.S. GOVERNMENT SECURITIES
26.901
23.498
29.031
13.789
24.620
25.361
STATF + LOCAL OBLIGATIONS
8.922
5.380
3.413
11.117
10.355
4.746
CORPORATE + FORFIGN BONDS
9.184
11.197
7.546
9.360
6.742
8.438
MORTGAGES
37.540 36.574
29.150 40.203
40.155
36.400
18.6
6.2
9.9
13.8
30.7
105.8
21.7
11.2
23.3
29.9
154.0
30.9
17.4
23.5
52.6
191.0
23.6
14.7
18.4
77.0
252.3
28.3
14.7
13.6
79.9
4
5
6
7
8
10.4
16.8
15.1
15.8
5.9
6.3
-.1
7.5
13.1
12.1
.8
3.5
17.1
27.8
4.1
8.4
23.8
51.6
21.2
19.1
9
10
11
12
1 TOTAL FUNDS RAISED
2
INVESTMENT COMPANY SHARES
3
OTHER CORPORATE EQUITIES
4
5
6
7
8
MARKET
*
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
OTHER LOANS
iV/78 BASED ON PRELIMINARY
0.579
6.132
1.210
5.681
AND INCOMPLETE
11.058
13.213
4.990
10.507
3.293
7.208
12.837
8.197
INFORMATION.
17.898
15.853
3.796
8.798
14.648
10.344
4.160
7.430
14.703
16.820
16.94 7
11.647
FEBRUARY 12, 1979
FUNDS RAISED IN CREDIT MARKETS
FUNDS RAISED IN CREDIT
MARKETS
3
SUMMARY
OF FUNDS RAISED IN CREDIT MARKETS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
1977
CREDIT
1
1
1978
MARKET 1FUNDS R A I S E D
1977
IV
III
BY N O N F I N A N C I A L
|
|
1978
I
H
III
IV
SECTORS
TOTAL FUNDS R A I S E D
BY N O N F I N A N C I A L SECTORS
EXCLUOING EQUITIES
1
2
138.8
134.9
2 08.1
198.0
272.5
261.7
340.5
337.4
389.4
387.4
390.6
385.0
367.1
362.5
374.7
374.4
381.6
379.1
409.0
405.4
3
4
5
11.fl
12.0
-.2
85.4
85.8
-.4
69.0
69.1
-.1
56.8
57.6
-.9
53.7
55.1
-1.4
80.1
32.2
-2.1
61.9
62.2
-.3
66.1
67.5
-1.4
51.4
51.9
-.5
59.4
61.7
-2.3
6
7
a
177.0
1.3
173.1
122.7
10.1
112.6
203.5
10.8
192.6
283.8
3.1
280.6
335.3
2.1
333.7
310.5
5.6
304.9
305.2
4.6
300.6
308.6
.2
308.3
330.2
2.5
327.7
349.6
3.6
346.0
354.5 ALL OTHER N O N F I N A N C I A L
1.8
CORPORATE EQUITIES
352.7
DEBT INSTRUMENTS
9
10
11
161.6
4.1
157.5
109.5
9.9
99.6
182.8
10.5
172.3
271.4
?.7
268.7
310.1
2.6
307.5
288.5
4.4
284.1
292.9
5.4
207.5
295.2
1.6
293.6
309.2
2.3
306.4
326.2
3.6
322.6
309.7
2.4
307.3
12
13
14
15
16
17
18
19
98.0
16.5
19.7
61.9
34.8
6.9
15.1
5.0
97.8
15.6
27.2
55.0
39.5
1L.0
4.6
126.8
19.0
22.8
85.0
63.7
1.8
13.4
6.1
181.1
29.2
21.0
131.0
96.4
7.4
13.4
3.8
194.8
29.6
20.1
145.1
101.4
10.1
23.1
10.3
198.4
33.0
27.3
133.0
103.9
7.0
13.6
8.6
199.3
25.0
24.7
149.7
104.6
9.7
26.6
3.8
167.5
20.5
13.3
133.7
96.6
9.1
18.9
9.0
203.7
36.5
24.8
142.4
102.0
9.3
21.6
9.6
215.1
38.5
24.8
151.7
93.8
11.3
29.3
11.8
193.0
23.0
17.5
152.4
103.4
10.9
22.1
11.0
DEBT CAPITAL INSTRUMENTS
ST.+LQC. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY RESID.
COMMERCIAL
FARM
12
13
14
15
16
17
18
19
20
21
22
23
24
59.6
10.2
29.0
6.6
13.7
1.8
9.4
-14.0
-2.6
9.0
45.5
23.6
3.5
4.0
14.4
87.6
35.0
30.6
2.9
19.0
112.7
50.5
37.1
4.9
20.2
85.7
32.6
33.8
.5
13.3
88.2
36.2
20.7
4.2
27.1
126.2
40.2
56.9
5.3
23.8
102.8
59.5
26.0
5.1
12.3
107.5
50.1
36.7
5.6
15.1
114.3
52.4
28.8
3.4
29.7
OTHER DEBT INSTRUMENTS
CONSUMER CREDIT
BANK LOANS N . E . C .
O P E N - M A R K E T PAPER
OTHER
20
21
22
23
24
25
26
27
161.6
15.5
49.2
109.5
11.2
4P.6
182.8
18.5
89.9
271.4
25.9
139.6
310.1
24.9
161.3
238.5
34.8
150.0
292.9
2 3.2
145.9
295.2
19.0
146.7
309.2
24.4
163.4
326.2
36.1
164.8
309.7
20.2
170.3
28
29
33
31
32
33
97.0
7.9
7.4
31.8
77.7
4.1
47.7
8.7
2.0
37.0
27.1
9.9
74.4
11.0
5.2
5R.2
47.7
10.5
106.0
14.7
12.6
78.7
76.0
2.7
123.9
17.2
17.2
89.5
36.9
2.6
103.7
14.5
9.2
80.1
75.7
4.4
123.8
13.2
15.5
95.2
89.8
5.4
129.5
11.2
23.8
94.5
92.9
1.6
121.5
17.9
16.7
86.8
84.1
2.8
125.3
19.7
17.5
88.1
84.5
3.6
119.2
20.1
11.0
88.2
85.7
2.4
34
35
36
37
38
39
40
15.3
-.2
L5.6
2.1
4.7
7.3
1.5
13.2
.2
13.0
6.2
3.7
.3
2.8
20.7
.3
20.4
8.5
6.6
1.9
3.3
12.3
.4
11.9
5.0
1.6
2.4
3.0
25.7
-.5
26.2
4.3
12.0
6.6
3.3
22.0
1.2
20.3
7.5
7.2
2.5
3.7
12.3
-.8
13.1
3.7
5.6
1.8
2.0
13.4
-1.3
14.7
5.1
7.6
-.9
2.9
21.0
-.3
21.3
4.7
4.9
8.1
3.6
23.4
44.3
-.6
45.4
5.6
17.3
19.9
2.6
5.2
-10.6
-19.3
42
43
193.3
16.4
205.3
82.5
269.4
65.9
339.4
55.7
382.9
47.1
385.4
74.8
377.7
72.5
393.9
85.4
*
CREDIT MARKET FUNDS RAISED BY FINANCIAL
*
23.4
1.8
18.0
-.7
4.3
392.4
390.5
37.9 U . S . G O V E R N M E N T
T R E A S U R Y ISSUES
39.4
AGENCY ISSUES + M O R T G A G E S
-1.5
29.7
7.2
22.5
23.1
16.6
5.1
.7
13.5
2.3
10.3
.9
18.6
3.3
15.7
-.4
26.3
7.0
20.5
-1.2
39.0
22.6
16.5
-
-
-
-
-
-
-
6
7
13.3
.3
-1.9
.6
10.6
1.0
32.6
.6
54.7
1.1
15.9
-1.4
41.4
2.8
72.0
1.4
50.8
.9
33.5
-.7
62.6
2.7
8
9
10
11
12
13
13.0
2.1
-1.3
4.6
.9
6.7
-2.5
2.9
2.3
-3.6
-.1
-4.0
9.6
5.8
2.1
-3.7
7.3
-2.0
32.0
10.1
3.1
14.4
4.3
53.7
7.7
.9
1.2
31.3
12.5
17.3
8.5
3.1
-.1
5.8
-.1
38.7
11.7
2.8
4.7
9.0
10.4
70.7
9.8
3.1
-1.5
46.4
12.8
49.9
7.0
1.6
2.6
23.4
15.3
34.1
7.1
-1.3
2.0
16.4
10.0
59.9
6.8
.3
1.7
39.2
11.9
14
15
16
3 6.4
17.3
5.8
11.7
3.2
10.3
29.2
2.9
15.7
58.8
5.3
20.5
93.8
22.6
16.5
41.1
1.7
23.7
71.1
7.2
22.5
110.9
2 3.7
15.2
95.0
26.1
18.1
68.1
20.4
14.2
17
18
19
20
21
22
23
24
25
13.3
-5.6
3.5
6.3
.9
6.0
.6
-.7
2.4
-1.9
-1.4
.3
-2.2
1.0
.6
-1.4
-.1
1.3
10.6
7.5
-.8
32.6
4.8
1.3
11.9
.9
16.9
-2.4
-1.0
.2
54.7
8.2
4.3
16.4
1.1
19.7
-1.3
-.5
6.9
15.9
2.5
1.5
5.6
.9
11.1
-2.6
-3.3
.1
41.4
-3.4
.9
20.7
1.0
21.6
-1.9
.9
1.7
72.0
28.1
3.6
18.4
1.0
16.6
-1.7
-.2
6.4
50.3
-3.6
8.0
21.0
1.1
20.8
-.8
-.9
5.3
33.5
2.7
3.9
10.5
1.1
12.6
-1.5
-2.1
6.3
*
.9
6.4
-2.4
-1.0
*
TOTAL C R E D I T
MARKET
BY S O R R O W I N G S E C T O R :
ST.+LOC. GOVERNMENTS
HOUSEHOLDS
NONFINANCIAL BUSINESS
FARM
NONFARM N O N C O R P O R A T E
CORPORATE
DEBT INSTRUMENTS
EQUITIES
FOREIGN
CORPORATE EQUITIES
DEBT I N S T R U M E N T S
bONDS
BANK LOANS N . E . C .
O P E N - M A R K E T PAPER
U . S . GOVERNMENT LOANS
3
4
5
6
7
8
9
10
11
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
SECTORS
2
3
4
5
#
PRIVATE DOMESTIC
N O N F I N A N C I A L SECTORS
C O R P O R A T E EQUITIES
DEBT INSTRUMENTS
28.9
11.8
4.3 MEMO: U.S. GOVT. CASH BALANCE
TOTALS NET OF CHANGES IN U.S. GUVT. CASH BALANCES—
352.7
397.2
387.6 TOTAL FUNDS RAISED
22.4
47.5
33.1
BY U.S. GOVERNMENT
.1
25.4
1.7
2 3.7
SECTORS
1
2
FUNDS RAISED, ALL S E C T O R S ,
38.8
23.7
15.2
BY
44.2
26.1
13.1
34.6
20.4
L4.2
33.5
20.1
18.4
TOTAL FUNOS RAISED
BY FINANCIAL SECTORS
U.S. GOVT. RELATED
SPONSORED CR. A G . SEC.
MORTGAGE POOL S E C U R I T I E S
LOANS FROM U . S . GOVERNMENT
2
3
4
5
PRIVATE FINANCIAL S E C T O R S
CORPORATE EQUITIES
6
7
DEBT INSTRUMENTS
C O R P O R A T E BONDS
MORTGAGES
BANK LOANS N . E . C .
UPEN-MARKET PAPER + R P « S
LOANS FROM F H L B ' S
101.1 T O T A L , 3Y SECTOR
20.1
S P O N S O R E D CREDIT
18.4
MORTGAGE POOLS
62.6
5.7
1.7
15.7
1.2
23.7
-1.2
1.3
9.6
AGENCIES
PRIVATE FINANCIAL SECTORS
COMMERCIAL BANKS
BANK A F F I L I A T E S
SAVINGS + LOAN A S S N S .
1THER INSURANCE C O M P A N I E S
FINANCE C O M P A N I E S
REITS
O P E N - E N D INVESTMENT C O S .
MONEY MARKET FUNDS
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
TYPE
I
2
3
225.1
-.7
4.8
219.8
-.1
10.8
301.7
-1.0
12.9
399.4
-1.0
4.8
483.2
-.5
3.6
431.8
-1.3
7.5
438.2
.9
6.5
485.6
-.2
1.0
476.6
-.9
4.3
477.1
-2.1
5.1
493.5 TOTAL FUNDS RAISED
1.3
INVESTMENT COMPANY SHARES
3.3
OTHER CORPORATE EQUITIES
1
2
3
4
5
6
7
8
221.0
34.3
16.5
23.9
60.5
209.1
98.2
15.6
36.4
57.2
289.8
88.1
19.0
37.2
87.1
395.6
84.3
29.2
36.1
134.0
480.1
92.8
29.6
32.1
145.9
427.6
105.5
33.0
43.3
141.0
430.9
91.7
25.0
40.1
152.4
484.0
105.0
20.5
28.2
136.7
473.2
95.7
36.5
36.4
144.0
474.1
94.1
33.5
33.7
150.4
438.9
76.4
23.0
29.9
152.6
4
5
6
7
8
9
10
11
12
10.2
38.3
14.3
22.6
9.4
-13.9
-2.4
8.7
23.6
6.4
13.3
15.3
35.0
32.2
19.8
25.1
50.5
50.2
42.8
36.1
32.6
40.9
8.3
22.4
36.2
30.9
15.0
39.6
40.2
63.0
50.8
39.6
59.5
33.5
36.6
31.2
50.1
56.6
21.3
29.4
52.4
47.9
62.5
44.1
BILLIONS OF JDLLARS.
I I 1/78 BASED ON INCOMPLETE
INFORMATION.
DEBT INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
C O R P O R A T E + F O R E I G N BONDS
MORTGAGES
CONSUMER C R E D I T
BANK LOANS N . E . C .
OPEN-MARKET PAPER *• R P ' S
OTHER LOANS
9
10
11
12
F E B R U A R Y 1 2 , 1979
C R E D I T M A R K E T SUPPLY OF
4
FUNDS
C R E D I T M A R K E T SUPPLY OF
DIRECT AND
U N A D J U S T E D NET
FLOWS
($
UNADJUSTED
III
T O T A L F U N D S A D V A N C E D IN C R E D I T
TO N O N F I N A N C I A L S E C T O R S
MARKETS
94.027
IV
1978
I
II
NET F L O W S
B I L L I O N S CF D O L L A R S
1970
1971
1972
II
79.240
99.781
99.797
108.560
2 T O T A L NET A D V A N C E S , BY T Y P E
2 4 . 209 27.574 28.303
3
U . S . GOVERNMENT SECURITIES
1 0 . 898
14.312 15.344
4.839
4
RESIDENTIAL MORTGAGES
5, 866
5.913
5
FHLB A D V A N C E S TO S + L»S
1,337
1.105
3.119
7.015
6
OTHER L O A N S + S E C U R I T I E S
6. 108
4.230
T O T A L S A D V A N C E D , BY S E C T O R
4.340
5.568
7
U . S . GOVERNMENT
5. 064
7.926
8.653
8
G O V T . R E L A T E D A G . + POOLS
6. 944
-649 -1.688
9
MONETARY AUTHORITIES
1.984
15.957 15.770
10
FOREIGN
10. 217
A G E N C Y B O R R O W I N G AND POOL S E C U R I T Y ISSUES NOT INCLUDED
23.084
7.722
5.561
3.996
5.805
25.209
7.486
7.068
3.884
6.771
26.167
12.576
7.115
3.512
2.964
16.3
3.441
12.515
9.153
-2.025
6.030
10.721
4.898
3.560
3.260
12.152
-5.413
16.168
3.1
9.4
4.2
-.5
BY P U B L I C
102.453
|
I
{$
MILL.)
1973
94.9
142.1
165.5
196.1
1
29.4
15.3
43.4
34.4
19.8
34.1
6.5
1.3
6.2
7.0
7.6
7.0
9.5
8.2
7.2
9.2
2
3
4
5
6
AGENCIES + FOREIGN
.3
5.1
4.0
6.9
-2.7
*
4.6
5.1
5.0
2.8
5.2
8.9
10.5
26.4
1.8
9.2
.3
8.4
2.8
11.1
7. 270
7.797
8.215
11.180
9.540
10.089
77.088
16.003
8.922
6.470
24.201
22.829
1.337
82.676
14.186
5.380
6.968
21.545
37.716
3.119
59.152
13.687
3.413
5.084
17.442
20.631
1.105
87.877
6.067
11.117
6.514
25.034
43.141
3.996
84.128
17.134
10.355
4.933
23.081
32.509
3.884
92.482
12.785
4-746
6.834
21.341
50.288
3.512
82.9
5.8
9.9
12.5
17.9
40.9
4.0
75.3
6.4
11.2
20.0
14.7
24.3
1.3
104.6
-3.6
17.4
19.5
31.2
37.4
-2.7
154.1
16.0
14.7
13.1
48.2
62.1
64.436
20.938
22.516
17.302
3.680
70.666
30.819
17.230
14.700
7.917
50.325
13.977
19.135
17.772
-609
86.158
40.294
21.975
16.808
7.081
71.516
31.571
20.923
18.871
151
81.597
33.338
16.998
17.992
13.269
57.3
18.6
14.6
13.2
10.8
76.5
35.0
17.4
17.2
6.9
110.3
50.6
39.9
13.7
6.1
24 SOURCES OF FUNDS
25
PRIVATE DOMESTIC DEPOSITS
26
CREDIT MARKET BORROWING
64.436
28.522
4.852
70.666
50.151
11.167
50.325
16.469
13.270
86.158
36.904
14.853
71.516
26.619
9.117
81.597
44.503
16.413
57.3
2.3
19.3
76.5
60.7
1.1
27
28
29
30
31
9.348
31.062
5.319
8.051
2.474
2.022
13.360 11.790
9.909 -12.515
20.586
-2.004
-3.757
13.204
13.143
34.401
1.523
4.399
14.813
13.666
35.780
9.5 72
-25
14.754
11.479
20.681
6.651
9.045
14.254
-9.269
35.6
14.2
11
FUNDS
MARKETS
MILL.)
1977
1
INDIRECT S O U R C E S OF FUNDS T O C R E D I T
IN LINE I
2.8 7
8
9.2 9
.6 10
21.4
PRIVATE DOMESTIC FUNDS ADVANCED
12 T O T A L NET A D V A N C E S
13
U.S. GOVERNMENT SECURITIES
14
STATE + LOCAL O B L I G A T I O N S
15
CORPORATE + FOREIGN BONDS
16
RESIDENTIAL MORTGAGES
17
OTHER M O R T G A G E S + L O A N S
18
LESS: FHLB ADVANCES
182.0
18.8
14.7
10.0
48.4
97.2
7.2
12
13
14
15
16
17
18
149.7
70.5
48.2
17.2
13.9
165.4
86.5
36.9
23.9
18.0
19
20
21
22
23
110.3
89.4
6.0
149.7
100.6
17.1
165.4 24
86.6 25
36.2 26
10.8
10.6
14.7
-6.9
2.9
13.3
5.5
14.9
-4.1
2.2
8.6
8.1
32.0
4.6
.7
11.6
15.0
42.5
5.8
-1.0
18.4
19.4
27
28
29
30
31
*
PRIVATE FINANCIAL INTERMEDIATION
19
20
21
22
23
CREDIT MARKET FUNDS ADVANCED
BY PRIVATE FINANCIAL INSTS.
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
INSURANCE + PENSION FUNDS
OTHER FINANCE
OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE + PENSION RES.
OTHER, NET
*
PRIVATE DOMESTIC NONFINANCIAL INVESTORS
3 2 D I R E C T L E N D I N G IN C R . M A R K E T S
33
U . S . GOVERNMENT SECURITIES
34
STATE + LOCAL O B L I G A T I O N S
35
C O R P O R A T E + FOREIGN B O N D S
36
OPEN-MKT PAPER, ETC.
37
OTHER
17.504
11.502
2.978
681
-1,548
3.891
23.177
12.361
2.141
-1.298
4.169
5.804
22.097
9.027
439
215
8.788
3.628
16.572
1.004
4.949
310
5.864
4.445
21.729
14-252
3.121
-272
-239
4.867
27.298
8.346
312
-1.138
13.395
5.383
45.0
17.7
8.4
5.4
10.0
3.6
-.1
-7.3
-1.3
9.5
-5.1
4.1
.3
-10.7
.8
8.3
-1.1
3.0
21.5
3.9
3.0
4.4
2.9
7.3
52.8
19.2
5.4
1.3
18.3
8.6
32
33
34
35
36
37
38 D E P O S I T S + C U R R E N C Y
39
TIME + SAVINGS ACCOUNTS
40
LARGE NEGOTIABLE CD'S
41
OTHER AT C O M M E R C I A L BANKS
42
AT S A V I N G S I N S T I T U T I O N S
31.092
31.394
3.267
10.613
17.514
53.544
27.898
8.168
6.343
13-387
17.321
34.248
1.042
16.766
16.440
40.504
26.248
4.093
7.479
14.676
27.799
2 3.889
1.382
11.027
16.480
48.133
28.463
7.259
7.489
13.715
5.1
-2.2
13.7
3.1
8.4
64.2
55.3
14.5
24.1
16.6
92.8
79.1
6.3
33.2
39.6
105.0
83.8
7.7
30.6
45.4
90.6
76.1
18.1
29.6
28.5
38
39
40
41
42
-302
-2.872
2.570
25.646 • 1 6 . 9 2 7
22.253 • 1 7 . 7 7 9
3.393
8 52
14.256
10.656
3.600
-1.090
-2.270
1.180
19.670
16.040
3.630
7.3
4.5
2.8
8.9
5.4
3.5
13.7
10.4
3.4
21.2
16.3
4.4
14.4 43
10.5 44
3.9 45
43
44
45
46
MONEY
DEMAND DEPOSITS
CURRENCY
T O T A L OF C R E D I T MARKET I N S T R U MENTS, DEPOSITS + CURRENCY
47 P U B L I C H O L D I N G S AS % OF TOTAL
4 8 P V T . F I N A N . I N T E R M E D I A T I O N (?)
49 TOTAL FOREIGN FUNDS
48.596
76.721
39.418
57.076
49.528
75.431
50.1
64.1
93.2
126.5
143.4 46
25.746
83.587
15.536
26.913
85.473
24.008
35.718
85.077
13.766
23.134
98.043
-502
25.260
85.008
13.132
24.103
88.230
22.819
18.2
69.0
13.7
31.0
101.7
3.5
30.5
105.4
22.3
12.0
97.2
13.0
17.4 47
90.9 48
6.4 49
CORPORATE EQUITIES NOT INCLUDED ABOVE
1 TOTAL NET ISSUES
2
MUTUAL FUND SHARES
3
OTHER EQUITIES
980
-905
1.885
1.919
295
1.624
475
23
777
-297
671
-607
1.215
390
10.1
10.5
15.0
13.3
9.2
1.278
825
2.8
7.7
-.5
1.074
4.9
5.2
1.3
452
13.7
13.8
-1.2
10.4
1
2
3
4 ACQ. BY FINANCIAL INSTITUTIONS
5 OTHER NET PURCHASES
1.044
-64
3.399
-1.480
-1.472
1.947
969
-192
1.841
-1.170
3.516
-2.301
12.2
-2.1
11.4
19.2
-4.3
16.5
-3.3
13.3
-4.1
4
5
IV/78 BASED ON P R E L I M I N A R Y
AND
INCOMPLETE
INFORMATION.
-.9
FEBRUARY 12, 1979
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
1974
1975
1976
1977
1978
I
134.9
198.0
261.7
337.4
387.4
2
3
4
5
6
52.6
11.9
14.7
6.7
19.4
44.3
22.5
16.2
-4.0
9.5
54.5
26.8
12.8
-2.0
16.9
85.4
40.2
20.4
4.3
20.5
102.8
43.1
24.6
12.5
22.6
7
8
9
10
9.7
25.6
6.2
11.2
15.1
14.5
8.5
6.1
8.9
20.6
9.8
15.2
11.8
26.9
7.1
39.5
18.3
44.0
7.0
33.5
I
1
1977
III
IV
|
|
1978
I
II
III
TOTAL FUNDS ADVANCED IN CREDIT MARKETS
405.4
390.5
TO NONFINANCIAL SECTORS
362.5
374.4
81.4
40.8
18.8
-.1
21.9
121.8
65.6
23.0
10.4
22.8
122.5
55.2
27.2
12.8
27.3
84.5
30.1
19.8
15.3
19.3
84.2
26.7
23.0
10.0
24.5
17.4
25.7
2.1
36.2
17.8
28.7
6.2
69.2
25.4
29.7
328.9
64.8
33.0
31.1
92.0
107.9
-.1
270.4
26.1
25.0
23.6
91.2
115.0
10.4
290.8
49.8
20.5
17.5
7 8.5
137.3
12.8
338.8
65.6
36.5
27.3
91.4
133.4
15.3
355.8
67.4
38.5
25.1
86.9
147.8
10.0
BY PUBLIC AGENCIES + FOREIGN
119.9 TOTAL NET ADVANCES, BY TYPE
60.5
U.S.
U.S. GOVERNMENT SECURITIES
28.4
RESIDENTIAL MORTGAGES
11.9
FHLB ADVANCES TO S+L'S
19.1
OTHER LOANS + SECURITIES
TOTALS ADVANCED, BY SECTOR
U.S.
GOVERNMENT
28.6
9.8
20.8
14.0
GOVT.RELATED AG. + POOLS
39.9
49.9
41.2
45.2
.MONETARY
AUTHORITIES
-4.2
30.1
12.4 -10.5
FOREIGN
58.2
-5.3
9.8
71.2
AGENC Y B U R R O W I N G AND POOL S E C U R I T Y ISSUES NOT INCLUDED
38.8
44.2
34.6
38.5
IN LINE 1
PRIVATE DOMESTIC FUNDS ADVANCED
12
13
14
15
16
17
18
155.3
22.4
16.5
20.9
?6.9
75.4
6.7
167.3
75.7
15.6
32.8
23.2
16.1
-4.0
225.7
61.3
19.0
30.5
52.7
60.4
-2.0
278.2
44.1
29.2
22.3
33.2
103.7
4.3
323.6
49.7
29.6
23.4
86.9
146.6
12.5
309.1 TOTAL NET ADVANCES
15.9
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
23.0
CORPORATE + FOREIGN BONDS
23.5
RESIDENTIAL MORTGAGES
90.8
OTHER MORTGAGES + LOANS
167.7
LESS: FHLB ADVANCES
11.9
PRIVATE FINANCIAL
12
13
14
15
16
17
18
INTERMEDIATION
CREDIT MARKET FUNDS ADVANCED
BY PRIVATE F I N A N C I A L INSTS.
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
INSURANCE + PENSION FUNDS
OTHER FINANCE
19
20
21
22
23
126.2
64.5
26.9
30.0
4.7
119.9
27.6
52.0
41.5
-l.l
191.2
58.0
71.4
51.7
10.1
249.6
85.8
84.8
62.0
16.9
289.6
119.2
79.1
71.4
19.9
280.6
103.1
89.1
66.4
22.0
235.4
77.9
79.6
61.1
16.8
265.8
113.7
76.2
68.1
7.8
301.6
127.2
78.1
70.8
25.4
306.7
143.6
82.7
72.3
8.1
284.3
92.2
79.3
74.6
33.2
24
25
26
126.2
69.4
13.0
119.9
90.6
-2.5
191.2
121.5
9.6
249.6
136.0
32.0
289.6
124.5
53.7
280.6
165.4
17.3
235.4
124.5
38.7
265.8
107.0
70.7
301.6
131.3
49.9
306.7
159.6
34.1
284.3 S O U R C E S OF F U N D S
PRIVATE DOMESTIC DEPOSITS
99.6
59.9
C R E D I T MARKET BORROWING
24
25
26
27
28
29
30
31
43.8
16.3
-5.i
26.0
6.0
31.9
.9
-1.7
29.6
3.1
60.1
5.1
-.1
34.8
20.3
81.6
11.6
4.3
48.0
17.8
111.4
15.7
9.7
57.0
29.0
97.9
20.4
5.3
51.9
20.0
72.3
24.4
15.2
48.9
-16.2
88.1
2.0
-14.0
52.1
48.0
119.9
5.9
12.5
59.6
41.9
113.0
36.6
-4.6
57.4
23.7
124.8
18.5
44.8
59.0
2.6
27
28
29
30
31
32
33
34
35
36
37
42.2
17.5
9.3
4.7
2.4
8.2
44.9
23.0
8.3
8.0
-.8
6.4
44.1
19.6
6.8
2.1
4.1
11.5
60.6
24.6
9.1
l.l
9.5
16.2
87.7
33.1
8.8
-.9
27.8
18.8
65.6
37.8
7.3
3.5
.5
16.5
73.6
32.5
12.9
.2
11.5
16.5
95.7
45.5
2.0
-3.8
33.9
17.9
87.1
27.0
19.6
-1.5
23.6
18.4
83.2
43.1
7.9
-.8
6.8
21.2
84.7 O I R E C T LENDING IN C R . MARKETS
11.8
U . S . GOVERNMENT SECURITIES
5.6
STATE + LOCAL O B L I G A T I O N S
2.5
C O R P O R A T E + FOREIGN BONDS
47.0
OPEN-MKT PAPER, fcTC.
17.7
OTHER
32
33
34
35
36
37
33
39
40
41
42
75.7
66.7
18.3
26.1
21.8
96.8
84.8
-14.1
39.4
59.4
128.8
112.2
-14.4
58.1
68.5
144.3
120.1
9.3
41.7
69.1
133.3
117.8
13.8
42.8
61.3
182.2
151.4
13.1
60.0
78.3
129.7
108.0
32.7
16.3
59.0
118.0
106.9
4.2
50.4
52.4
140.9
113.5
16.4
39.6
57.5
170.1
142.1
5.5
62.4
74.2
106.0 D E P O S I T S + C J R R E N C Y
TIME + SAVINGS ACCOUNTS
103.9
29.0
LARGE N E G O T I A B L E C D ' S
18.6
OTHER AT COMMERCIAL BANKS
61.2
AT SAVINGS INSTITUTIONS
38
39
40
41
42
43
44
45
8.9
2.6
6.3
12.0
5.3
6.2
16.6
9.3
7.3
24.2
15.9
8.3
15.9
6.6
9.3
30.8
14.0
16.3
21.7
16.5
5.2
11.1
.1
11.0
27.4
18.3
9.2
28.0
17.5
10.5
117.8
141.6
247.8
203.3
213.7 228.1
253.3
28.5
31.3
28.0
22.4
71.7
7.1
21.1
85.3
56.6
33.6
87.1
93.5
PRIVATE
47
48
20.8
84.7
20.3
25.3
89. 7
51.1
26.5
89.5
49.2
32.7
91.4
60.2
22.3
89.0
20.8
86.2
46.4
OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE + PENSION R E S .
OTHER, NET
DOMESTIC
-2.9
-9.3
6.4
NONFINANCIAL
19
20
21
22
23
INVESTORS
43
44
45
MONEY
DEMAND D E P O S I T S
CURRENCY
TOTAL OF CREDIT MARKET INSTRU190.7
MENTS, DEPOSITS + CURRENCY
46
30.7 PUBLIC HOLDINGS AS % OF TOTAL
47
92.0 PVT. FINAN. INTERMEDIATION {%) 48
89.6 TOTAL FOREIGN FUNDS
49
CORPORATE EQUITIES NOT INCLUDED ABOVE
4.1
-.7
4.8
10.7
-.1
10.8
11.9
-1.0
12.9
3.8
-1.0
4.8
3.1
-.5
3.6
4.2
•3.3
7.5
7.4
.9
6.5
1.6
-.2
1.3
3.4
-.9
4.3
3.0
-2.1
5.1
4.6
1.3
3.3
5.8
-1.6
9.7
1.0
12.5
-.7
6.2
-2.4
4.9
-1.7
3.0
•3.8
4.6
2.8
-1.8
3.4
5.1
-1.7
11.4
-8.5
4.6 A C Q . BY FINANCIAL INSTITUTIONS
* OTHER NET PURCHASES
BILLIONS
OF D O L L A R S .
I 11/78 BASED ON INCOMPLETE
TOTAL NET ISSUES
M U T U A L FUND SHARES
OTHER E Q U I T I E S
1
2
3
4
5
INFORMATION.
Line
1.
Page 2, line 2.
30.
Excludes net investment of these reserves in corporate equities.
2.
Sum of lines 3-6 or 7-10.
31.
Mainly retained earnings and net miscellaneous liabilities.
Includes farm and commercial mortgages.
32.
Line 12 less line 19 plus line 26.
11.
6.
Credit market funds raised by Federally sponsored credit agencies.
Includes all GNMA-guaranteed security issues backed by mortgage pools.
33-37.
Lines 13-17 less amounts required by private finance.
includes mortgages.
12.
Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32.
Also sum of lines 27, 32, 39, and 44.
17.
Includes farm and commercial mortgages.
25.
Lines 39 + 44.
26.
28.
29.
39-44.
See line 25.
45.
Mainly an offset to line 9.
46.
Lines 32 + 38 or line 12 less line 27 plus line 45.
47.
Line 2/line 12.
48.
Line 19/line 12.
Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign
affiliates.
49.
Line 10 plus line 28.
Demand deposits at commercial banks.
Corporate Equities
Line
1 and 3. Includes issues by financial institutions.
Excludes equity issues and investment company shares.
Includes line 18.
Line 37
FEBRUARY 12, 1979
HOUSEHOLDS
6
HOUSEHOLDS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS (S MILL.)
1978
II
BILLIONS CF DOLLARS
1970
1971
1972
III
HOUSEHOLDSt PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS
384.600 417.075 393.971 415.747 431.492 466.134
60.873 55.075 52.613 68.308 70.314 64.926
745.8
115.4
801.3
115.3
859.1
116.3
942.5
141.2
1052.4
150.8
I
2
DISPOSABLE PERSONAL INCOME
323.727 362.000 341.358 347.439 361.178 401.208
PERSONAL OUTLAYS
309.717 335.447 313.616 339.840 346.150 374.843
PERSONAL SAVING, NIA BASIS
14.010 26.553 27.742
7.599 15.028 26.365
CREDITS FROM GOVT. INSURANCE
9.499
3.525
1.743
6.209 10.429
4.879
CAPITAL GAINS DIVIDENDS
62
287
276
19
35
95
NET OURABLES IN CONSUMPTION
11.691 17.031
6.637 16.208 14.452 20.088
630.4
595.3
35.1
685.9
635.4
50.6
742.8
685.5
57.3
801.3
751.9
49.4
11.6
901.7
831.3
70.3
11.8
.9
39.0
3
4
5
6
7
8
1 PERSONAL INCOME
2 - PERSONAL TAXES • NONTAXES
3
4
5
6
7
8
=
=
•
+
+
7.1
2.5
8.9
9.5
.8
23.8
•9
17.4
25.1
33.6
1.4
9 = NET SAVING
10 + CAPITAL CONSUMPTION
11 = GROSS SAVING
35.262
41.073
76.335
47.396
42.053
89.449
36.398
43.004
79.402
30.035
43.924
73.959
39.944
44.889
84.833
51.427
45.815
97.242
68.5
75.8
144.3
77.8
82.7
160.5
92.6
88.3
180.9
96.0
95.1
191.2
122.0 9
105.0 10
227.0 11
12 GROSS INVESTMENT
13
CAPITAL EXPEND.-NET OF SALES
14
RESIDENTIAL CONSTRUCTION
15
CONSUMER DURABLE GOODS
16
NONPROFIT PLANT + EQUIP.
89.109
65.714
19.950
44.318
1.446
80.991
74.518
22.693
50.367
1.458
91.536
64.813
22.678
40.665
1.470
83.036
72.920
20.527
50.912
1.481
94.137
73.912
22.563
49.856
1.493
85.231
83.861
26.186
56.171
1.504
146.9
116.5
26.3
85.5
166.8
114.2
24.5
84.9
186.1
134.7
32.4
97.1
210.2
157.5
40.7
111.2
4.7
4.8
5.1
5.5
238.6
174.1
45.2
123.7
5.2
17 NET FINANCIAL INVESTMENT
18
NET ACQ. OF FINANCIAL ASSETS
23.395
64.184
6.473
47.549
26.723
53.511
10.116
59.286
20.225
65.424
1.370
45.508
30.4
62.4
52.6
76.7
51.4
100.1
52.7
122.7
6 4 . 4 17
142.0 18
19
20
DEP. + CR. MKT. INSTR. (1)
DEMAND DEP. + CURRENCY
45.443
5.901
38.673
4.009
45.600
1.003
48.708
7.530
50.162
3.879
37.638
2.043
44.7
-2.6
52.7
8.8
76.6
13.0
99.5
14.2
115.3 19
15.2 20
21
22
23
TIME «• SAVINGS ACCOUNTS
AT COMMERCIAL BANKS
AT SAVINGS INST.
28.672
11.158
17.514
20.658
7.271
13.387
30.097
13.657
16.440
27.211
12.535
14.676
28.713
12.233
16.480
25.492
11.777
13.715
9.1
.7
8.4
43.6
27.0
16.6
67.8
28.1
39.6
74.6
29.2
45.4
64.2 21
35.7 22
28.5 23
24
25
26
27
28
29
30
CREOIT MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE + FGN. BONDS
MORTGAGES
OPEN-MARKET PAPER
MONEY MARKET FUND SHRS
10.870
5.050
2.705
14.500
7.074
13.967
-1.704
4.755
10.103
1.789
38.2
16.0
.3
-4.2
-10.0
10.6
-6.4
189
3.271
-357
14.006
6.811
2.077
-1.298
3.086
2.906
9.3
5.4
2.2
5.3
-.9
9.5
1.8
.1
8.3
1.2
-.7
2.3
4.4
6.3
-3.8
-3.8
-1.7
20
35.9
16.8
5.3
1.3
3.4
9.1
-
424
3.644
1.864
1.609
3.835
5.440
1.331
17.570
11.249
2.486
-272
3.800
-1.273
1.580
-905
295
23
343
-2.669
1.254
-297
-1.154
-607
-479
681
94
215
310
-1.138
3.343
3.519
2.401
-
-
-
-
390
4.9
2.8
1.3
-.5
-2.691
-8.6
-4.3
-6.4
-5.2
5.0
5.2
6.2
6.6
16.3
19.2
21.1
22.6
31
32
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
33
34
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
2.084
19.303
2.069
11.502
2.052
10.331
2.230
15.540
2.308
20.392
2.425
14.314
35
36
37
NET INV. IN NONCORP. BUS.
SECURITY CREDIT
MISCELLANEOUS ASSETS
-3.930
-4.527
-7.343
-8.092
-8.634
-8.160
-.2
-3.2
553
-77
773
678
63
-1.8
1.653
1.671
1.5 78
1.604
1.529
2.1
-.6
-.9
2.6
-1.5
143
1.703
.5
2.3
.1
2.7
38
39
40
41
42
43
44
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREDIT
BANK LOANS N.E.C.
40.789
39.454
26.104
41.076
40.237
25.243
26.788
26.052
23.167
49.170
46.537
25.815
45.199
42.579
24.779
44.138
46.110
26.805
31.9
34.4
18.5
24.1
24.9
14.1
48.7
45.2
27.0
70.0
64.3
41.6
1.2
4.9
1.1
l.l
2.6
261
261
258
255
253
250
10.297
3.013
-1.276
16.023
1.875
1.645
12.253
2.450
3.317
1.035
1.2
9.4
1.0
1.3
3.0
7 . 4 33
25.6 34
- 2 . 0 35
- . 2 36
2.8 37
10.7
14.1
2.3
2.5
1.4
3.0
2.9
1.3
1.3
24
25
26
27
28
29
30
- 1 . 2 31
- 5 . 7 32
77.6
80.9
47.1
1.1
21.4
2.4
6.5
2.4
1.2
12
13
14
15
16
38
39
40
41
42
43
44
45
1.812
9.277
1.781
3.162
45
OTHER LOANS
698
513
610
924
13.522
1.126
1.872
1.027
46
47
SECURITY CREDIT
TRADE DEBT
191
335
210
2.086
-2.494
-3.4
MISCELLANEOUS
282
333
224
2.098
48
763
330
242
336
199
339
195
340
182
.6
.4
-1.8
•6
•4
2.7
.5
.3
4.5
.7
.5
- 4 . 3 46
. 6 47
. 4 48
8.458 - 1 2 . 1 3 4
-9.077
-9.304
12.011
-2.6
-6.3
-5.1
-19.0
- 1 1 . 6 49
22.678 20.527 22.563
1.162
1.039
1.069
21.516 19.488 21.494
7.703
7.931
8.180
23.167 25.815 24.779
-8.192 -13.219 -10.396
26.186
1.182
25.004
8.411
26.805
-9.030
26-3
24.5
32.4
40.7
2.3
2.5
3.3
4.0
24.0
12.1
18.5
-4.3
22.0
12.8
14.1
-2.5
29.2
13.7
27.0
-8.3
36.7
14.7
41.6
-15.6
45.2
4.4
40.8
17.1
47.1
-19.0
49 DISCREPANCY
282
-12.774
280
(1) EXCLUDES CORPORATE EQUITIES.
50
51
52
53
54
55
MEMORANDA:
NET PHYSICAL INVESTMENT:
(A) RESIDENTIAL CONSTRUCTION
EXPENDITURES
MOBILE HOMES
OTHER
- CAPITAL CONSUMPTION
- HOME MORTGAGES
= EXCESS NET INVESTMENT
56
57
58
(B) CONSUMER OURABLES
EXPENDITURES
- CAPITAL CONSUMPTION
= NET INVESTMENT
19.950 22.693
992
1.212
18.958 21.481
7.205
7.461
26.104 25.243
-13.359 -10.011
50
51
52
53
54
55
44.318
32.627
11.691
50.367
33.336
17.031
40.665
34.028
6.637
50.912
34.704
16.208
49.856
35.404
14.452
56.171
36.083
20.088
85.5
61.7
23.8
84.9
67.5
17.4
97.1
72.0
25.1
111.2
77.6
33.6
1 2 3 . 7 56
8 4 . 8 57
3 9 . 0 58
5.9
2 3 . 8 59
1 5 . 2 60
59
60
- CONSUMER CREDIT
= EXCESS NET INVESTMENT
10.579
1.112
11.058
5.973
3.293
3.344
17.898
-1.690
14.648
-196
14.703
5.385
10.4
13.4
11.5
13.1
12.0
17.1
16.5
61
62
63
64
(C) NONPROFIT PLANT + EQUIP.
EXPENDITURES
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT
1.446
1.241
261
-56
1.458
1.256
261
-59
1.470
1.273
258
-61
1.481
1.289
255
-63
1.493
1.305
253
-65
1.504
1.321
250
-67
4.7
2.1
1.2
1.4
4.8
2.3
1.2
1.3
5.1
2.6
1.2
1.4
5.5
2.8
1.3
1.5
15.827
4.327
13.205
7.335
13.354
8.126
16.430
2.187
16.295
4.160
13.928
6.571
15.5
14.4
13.5
15.0
5.6
7.4
7.7
6.2
1 4 . 3 65
7 . 8 66
PER CENT OF DISPOSABLE INCOME ADJ. (2):
67 GROSS SAVING
22.903 24.452
23.123
20.912
22.826
23.940
22.6
23.1
24.0
23.5
2 4 . 8 67
18.875
15.583
7.801
7.586
20.618
16.763
13.902
13.158
19.887
17.604
12.161
11.456
20.646
11.203
10.866
11.352
18.2
16.4
11.0
17.9
13.3
19.3
15.1
3.5
3.6
6.5
6.0
8.6
7.9
19.0
15.5
8.5
8.9
72 12) DISPOSABLE INCOME ADJ.
333.288 365.812 343.377 353.667 371.642 406.182
(NIA DISPOSABLE INCOME + GOVT. INSURANCE CREDITS + CAPITAL GAINS DIVID.)
>40.0
695.7
753.1
814.4
PER CENT RATIOS:
65 EFFECTIVE TAX RATE
66 SAVING RATE, NIA BASIS
68
69
70
71
CAPITAL EXPENDITURES
ACQUISITION OF FINAN. ASSETS
NET INCREASE IN LIABILITIES
CREOIT MARKET BORROWING
19.716
19.257
12.238
11.837
20.370
12.998
11.228
10.999
IV/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
9.7
5.0
5.4
5.2
3.1
1.1
1.0
61
62
63
64
68
69
70
71
9 1 4 . 4 72
FEBRUARY 12, 1979
HOUSEHOLDS
HOUSEHOLDS
7
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
I
I
1977
1977
III
IV
|
I
1978
II
III
HOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS
I
2
1154.9
170.3
1255.5
168.8
1380.9
196.5
1529.0
226.0
1707.3
256.2
1543.7
224.6
1593.0
233.3
1628.9
237.3
1682.4
249.1
1731.7
263.2
1 7 8 6 . 4 PERSONAL INCOME
2 7 5 . 0 - PERSONAL TAXES
3
4
5
6
7
8
984.6
913.0
71.7
12.6
.5
27.0
1086.7
1003.0
83.6
15.0
.2
22.5
1184.4
1116.3
68.0
18.1
.5
40.1
1303.0
1236.1
66.9
19.8
.6
49.4
1451.2
1374.4
76.7
23.3
• 4
57.4
1319.1
1244.8
74.3
45.5
.6
46.8
1359.6
1285.9
73.7
16.5
.8
53.8
1391.6
1309.2
82.4
18.1
•8
47.4
1433.3
1468.4
1357.0
1392.5
76.3
26.2
.4
59.0
76.0
23.2
.4
57.9
1511.4 =
1439.2 72.3 =
25.6 +
.1 •
65.3 +
9
10
11
111.6
118.5
230.2
121.3
136.8
258.2
126.7
145.5
272.2
136.8
162.2
298.9
157.8
177.6
335.4
167.3
164.3
331.5
144.9
168.2
313.1
148.7
172.0
320.7
161.9
175.7
337.6
157.5
179.6
337.1
163.2 = NET SAVING
183.3 + CAPITAL CONSUMPTION
346.4 = GROSS SAVING
9
10
11
12
13
14
15
16
244.6
170.3
42.9
122.0
5.4
282.6
181.1
43.0
132.6
5.4
300.5
219.8
57.5
156.6
5.6
329.1
260.4
76.3
178.4
5.8
353.9
295.5
92.0
197.6
5.9
371.3
264.0
80.9
332.5
277.4
84.3
187.2
330.5
278.0
88.6
363.8
298.5
352.4 GROSS INVESTMENT
311.9
CAPITAL EXPEND.-NET OF SALES
96.2
RESIDENTIAL CONSTRUCTION
209.6
CONSUMER DURABLE GOODS
6.0
NONPROFIT PLANT + EQUIP.
12
13
14
15
16
17
18
74.3
123.3
101.5
152.7
80.7
177.3
68.6
213.5
58.4
223.7
19
20
100.9
8.0
119.2
5.1
138.6
13.8
164.4
20.3
21
22
23
57.2
35.4
21.8
84.8
2 5.4
59.4
108.1
39.5
68.5
24
25
26
27
28
29
30
35.7
14.4
6.2
4.7
4.3
1.7
2.4
29.2
14.5
6.1
8.0
3.7
-4.5
1.3
16.8
4.8
5.1
2.1
8.0
-3.2
31
32
-.7
-1.5
-.1
-3.6
33
34
6.5
29.6
35
36
37
+ NONTAXES
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
PERSONAL SAVING, NIA BASIS
CREDITS FROM GOVT. INSURANCE
CAPITAL GAINS DIVIDENDS
NET DURABLES IN CONSUMPTION
5.8
183.5
5.9
368.8
293.7
90.0
197.8
5.9
107.3
262.6
55.1
204.4
52.6
202.2
75.1
249.0
65.3
240.6
40.5 NET FINANCIAL INVESTMENT
17
203.0
NET ACQ. OF FINANCIAL ASSETS 18
182.1
14.5
185.1
22.2
156.0
6.8
164.6
21.2
205.9
23.5
203.4
13.7
154.3
-.5
108.3
39.2
69.1
111.5
50.2
61.3
135.2
56.9
78.3
88.0
29.0
59.0
90.5
38.1
52.4
111.9
54.5
57.5
136.6
62.5
74.2
107.0
45.7
61.2
35.8
5.4
8.8
l.l
11.9
8.2
.2
56.1
18.4
7.5
-.9
14.6
9.6
6.9
27.7
.5
6.2
3.5
61.2
27.0
12.6
.2
52.9
29.8
.6
-3.8
13.1
4.4
.1
13.2
6.5
14.3
5.5
1.7
6.4
70.5
15.2
18.9
-1.5
14.8
17.9
5.3
53.1
23.6
5.3
-.8
15.2
3.4
6.3
47.9
4.9
5.3
2.5
14.2
11.4
9.6
-1.0
-2.4
-1.0
-4.1
-.5
-3.1
-3.3
-2.4
.9
-1.7
-.2
.9
-.9
-5.9
-2.1
-6.0
1.3
-1.3
INVESTMENT COMPANY SHARES
OTHER CCRPORATE EQUITIES
31
32
5.4
38.0
6.9
46.0
8.1
55.5
9.0
60.6
8.3
83.2
8.3
50.1
8.2
51.7
8.9
63.9
9.2
61.4
9.7
65.3
LIFE INSURANCE RESERVES
PENSION FUNO RESERVES
33
34
-13.1
-1.0
2.7
-10.6
.6
3.8
-17.8
1.5
5.5
-17.0
1.0
6.6
-32.2
1.4
6.4
-15.7
.6
6.8
-18.1
2.2
6.6
-29.4
-.3
6.7
-32.4
3.1
6.3
-34.5
2.7
6.4
-32.6
.3
6.1
NET INV. IN NONCORP. BUS.
SECURITY CREDIT
MISCELLANEOUS ASSETS
35
36
37
38
39
40
41
42
43
44
45
49.0
49.2
35.4
1.1
9.3
.9
-.8
3.2
51.2
48.6
38.1
1.0
7.5
1.9
-2.0
2.2
96.6
89.9
61.3
1.1
20.5
3.0
2.2
1.8
144.9
139.6
93.0
1.0
31.1
4.0
3.2
2.3
165.3
161.3
100.6
1.0
44.8
5.7
5.6
3.6
155.3
150.0
149.2
145.9
175.3
164.8
162.4
170.3
100.8
1.0
149.6
146.7
96.5
173.9
163.4
102.4
100.9
1.0
50.8
97.8
1.0
107.0
43.6
6.6
46.9
8.6
-1.7
3.7
11.7
4.1
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREDIT
BANK LOANS N.E.C.
OTHER LOANS
38
39
40
41
42
43
44
45
46
47
48
-1.8
.9
.7
.8
1.1
.7
4.7
1.4
• 6
3.1
1.3
.9
1.9
1.4
.8
3.1
1.3
1.0
8.4
1.3
8.3
1.4
*
177.4
5.8
1.0
30.2
2.4
11.1
2-3
33.1
3.1
5.8
2.1
1.0
37.9
2.3
6.4
2.4
l.l
1.3
93.1
199.5
6.0
.9
-9.9
-31.2
1.0
5.4
5.8
4.1
-10.0
1.4
.7
DEP. + CR. MKT. INSTR. (1) 19
DEMAND DEP. + CURRENCY
20
TIME + SAVINGS ACCOUNTS
AT COMMERCIAL BANKS
AT SAVINGS INST.
21
22
23
CREDIT MKT. INSTRUMENTS
U . S . GOVT. SECURITIES
S T . + L O C . OBLIGATIONS
CORPORATE + F G N . BONDS
MORTGAGES
OPEN-MARKET PAPER
MONEY MARKET FUND SHRS
24
25
26
27
28
29
30
SECURITY CREDIT
TRADE DEBT
MISCELLANEOUS
-6.0 DISCREPANCY
46
47
48
49
(1) EXCLUDES CORPORATE EQUITIES.
50
51
52
53
54
55
42.9
3.2
39.7
19.3
35.4
-12.3
43.0
2.4
40.7
22.2
38.1
-17.2
57.5
3.1
54.5
24.4
61.3
-28.1
76.3
4.0
72.3
28.3
93.0
-45.1
92.0
4.5
87.5
32.2
100.6
-40.8
80.9
4.0
76.9
28.3
102.4
-50.4
84.3
4.8
79.5
29.8
100.8
-46.3
88.6
4.6
83.9
30.8
96.5
-38.8
90.0
4.2
85.8
31.7
100.9
-42.6
93.1
4.3
88.8
32.7
97.8
-37.5
96.2
4.7
91.5
33.6
107.0
-44.4
MEMORANDA:
NET PHYSICAL INVESTMENT:
(A) RESIDENTIAL CONSTRUCTION
EXPENDITURES
MOBILE HOMES
OTHER
- CAPITAL CONSUMPTION
- HOME MORTGAGES
= EXCESS NET INVESTMENT
56
57
58
122.0
95.0
27.0
132.6
110.2
22.5
156.6
116.6
40.1
178.4
128.9
49.4
197.6
140.2
57.4
177.4
130.5
46.8
187.2
133.3
53.8
183.5
136.1
47.4
197.8
138.8
59.0
199.5
141.6
57.9
209.6
144.3
65.3
tB) CONSUMER DURABLES
EXPENDITURES
- CAPITAL CONSUMPTION
= NET INVESTMENT
59
60
10.2
16.7
9.4
13.1
23.6
16.5
35.0
14.4
50.5
6.8
32.6
14.3
36.2
17.7
40.2
7.2
59.5
-.4
50.1
7.7
52.4
12.9
- CONSUMER CREDIT
= EXCESS NET INVESTMENT
59
60
61
62
63
64
5.4
3.7
1.1
.6
5.4
4.5
1.0
-.1
5.6
4.6
1.1
5.8
4.9
1.0
-.2
5.9
5.2
1.0
-.3
5.8
5.0
1.0
-.2
5.8
5.0
1.0
-.2
5.9
5.1
1.0
-.2
5.9
5.2
1.0
-.3
6.0
5.2
1.0
-.3
6.0
5.3
1.0
-.3
(CJ NONPROFIT PLANT + EQUIP.
EXPENDITURES
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT
61
62
63
64
65
66
14.7
7.3
13.4
7.7
14.2
5.7
14.8
5.1
15.0
5.3
14.6
5.6
14.6
5.4
14.6
5.9
14.8
5.3
15.2
5.2
1
5.4
15.4
4 . 88
PER CENT RATIOS:
EFFECTIVE TAX RATE
SAVING RATE, NIA BASIS
65
66
68
69
70
71
*
17.1
12.4
4.9
4.9
16.4
13.9
4.6
4.4
18.3
14.7
8.0
7.5
19.7
16.1
10.9
10.5
20.0
15.2
11.2
10.9
997.7
1101.9
1203.0
1323.4
1474.9
BILLIONS OF DOLLARS.
19.3
19.2
11.4
11.0
20.1
14.8
10.8
10.6
19.7
14.3
10.6
10.4
20.1
17.1
11.9
11.2
50
51
52
53
54
55
56
57
58
PER CENT OF DISPOSABLE INCOME ADJ. 12):
22.6
22.5 GROSS SAVING
67
20.0
16.1
11.7
11.0
68
69
70
71
20.3
13.2
10.6
11.1
CAPITAL EXPENDITURES
ACQUISITION OF FINAN. ASSETS
NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
1365.2 1376.9 1410.5 1459.8 1492.1 1537.1 (2) DISPOSABLE INCOME ADJ.
72
(NIA DISPOSABLE INCOME + GOVT. INSURANCE CREDITS + CAPITAL GAINS DIVID.)
111/78 BASED ON INCOMPLETE INFORMATION.
FEBRUARY 12, 1979
TOTAL + NONCORP BUSINESS
TOTAL + NONCORP BUSINESS
SECTOR STATEMENTS OF SAVING ANO
UNAOJUSTED NET FLOWS i*
INVESTMENT
UNAOJUSTEO NET FLOWS ($ MILL.)
MILL.)
1
1977
III
IV
1
1978
I
II
III
1969
IV
NONFINANCIAL
1 INCOME B E F O R E
2 G R O S S SAVING
TAXES
3 GROSS INVESTMENT
4 CAPITAL EXPENDITURES
5
FIXED INVESTMENT
6
BUSINESS PLANT • E Q U I P M E N T
7
HOME C O N S T R U C T I O N (1)
8
MULTI-FAMILY R E S I D E N T I A L
9
CHANGE IN INVENTORIES
10
MINERAL R I G H T S FROM U.S.GOVT
TRADE
OTHER
DEBT
LIABILITIES
22 D I S C R E P A N C Y
66.582
44.980
61.334
43.292
75.917
49.752
76.056
48.386
79.973
48.683
142.4
80.9
128.6
79.6
139.8
90.8
161.7
103.8
195.6
110.4
37.085
55.336
50.580
44.678
3.239
2.663
3.621
1.135
37.034
58.193
52.493
49.840
19
2.634
5.060
640
44.425
52.430
44.184
45.160
-3.433
2.457
7.957
289
45.327
61.220
59.345
52.788
3.263
3.294
778
1.097
42.402
62.646
59.947
53.007
3.662
3.278
2.467
232
43.445
65.780
60.908
58.528
-994
3.374
4.517
355
75.6
112.3
102.9
91.4
.2
11.2
9.4
71.2
108.5
104.4
92.4
.9
11.1
3.8
.3
83.2
119.3
112.2
95.2
2.7
14.3
6.4
.7
87.9
138.1
127.8
106.9
1.9
19.0
9.4
.9
96.2
3
167.7 4
146.6 5
126.0 6
-.3
7
20.9
8
17.9 9
3.2 10
-8.005 -15.893 -20.244 -22.335
16.072
20.614
22.286
20.709
24.077
36.507
42.530
43.044
389
698
900
612
26.875
36.514
27.256
30.653
7.066
4.682
5.468
6.066
5.113
12.919
15.601
9.846
9.860
3.933
7.046
10.671
7.220
5.858
2.254
7.695
-36.7
30.4
67.1
3.4
45.2
12.0
10.8
14.4
8.0
-37.3
17.5
54.7
5.7
44.1
19.8
14.0
5.7
4.7
-36.0
35.5
71.5
11.4
49.2
18.9
22.3
5.7
2.3
-50.2
48.0
98.2
10.9
67.2
12.7
32.4
16.0
6.0
-71.5
65.1
136.6
7.9
87.3
11.0
33.0
33.3
10.0
14.524
-2.745
21.2
-2.7
8.1
-3.2
10.6
.3
23.0
-2.9
39.2 20
2.2 21
5.238
5.3
8.4
7.5
15.9
14.2 22
32.0
.4
8.4
•6
7.8
8.8
13.738
-387
5.076
-2.326
9.792
7.946
2.823
13.644
-6.010 -14.349
-1.133
4.425
17.839
-3.465
5.984
FARM
1
2
3
4
5
6
NET INCOME
N E T SAVING
CAPITAL CONSUMPTION
CORPORATE
NONCORPORATE
CURRENT SURP. = GROSS
SAVING
7 GROSS INVESTMENT
8 CAPITAL EXPENDITURES
9
PLANT + E Q U I P M E N T
10
RESIDENTIAL CONSTRUCTION
11
C H A N G E IN INVENTORIES
12 NET F I N A N C I A L INVESTMENT
13
NET A C Q . OF F I N A N C I A L ASSETS
14
DEMAND D E P O S I T S + C U R R E N C Y
MISCELLANEOUS ASSETS
15
16
INSURANCE R E C E I V A B L E S
17
E Q . IN S P O N S . A G S . (2)
1973
TOTAL
64.985
46.877
-18.251 -21.159
11 NET F I N A N C I A L INVESTMENT
12
15.343
NET A C Q . OF FINANCIAL A S S E T S
17.325
NET INCREASE IN L I A B I L I T I E S
35.576
36.502
13
1.350
14
C O R P O R A T E EQUITIES
1.105
21.120
15
C R E D I T MARKET INSTRUMENTS
32.402
8.369
16
BONDS
6.305
10.567
17
10.935
MORTGAGES
18
3.079
6.016
BANK LOANS N . E . C .
1.169
19
7.082
OTHER LOANS
20
21
BUSINESS -
B I L L I O N S OF D O L L A R S
1971
1970
1972
*
1
2
11
12
13
14
15
16
17
18
19
BUSINESS
4.118
-474
3.635
432
3.203
3.161
6.267
1.951
3. 707
440
3.267
5.658
5.472
167
3.772
450
3.322
3.939
6.008
-1.850
3.850
460
3.390
2.000
6.244
-352
3.935
471
3.464
3.583
7.380
1.405
4.014
481
3.533
5.419
13.9
6.2
.3
5.9
6.2
13.9
-.1
6.4
.4
6.0
6.3
14.3
-.1
6.9
.4
6.6
6.8
18.0
.1
7.4
.4
7.0
7.5
3.161
3.322
2.867
471
-16
5.658
3.771
2.832
272
667
3.939
3.726
3.560
213
-47
2.000
3.613
3.704
407
-498
3.583
3.506
3.291
452
-237
5.419
3.506
3.339
342
-175
6.2
6.6
5.7
.7
.1
6.3
6.9
6.2
.6
.1
6.8
8.3
6.4
.7
1.3
7.5
7.9
6.6
.7
•6
8.8
7
12.8 8
9.0
9
.6 10
3.2 11
-161
348
25
323
306
17
1.887
461
23
438
307
131
213
432
24
408
333
75
-1.613
422
25
397
343
54
77
465
25
440
369
71
1.913
480
26
454
369
85
-.4
.5
.1
.4
.4
.1
-.6
.6
.1
.5
.4
.1
-1.5
.7
.1
.6
.5
.1
-.4
.9
.3
.7
.6
.1
-4.1
.8
.2
.6
.5
.2
12
13
14
15
16
17
2.2
4.5
2.4
1.3
.7
1.3
5.8
3.6
1.8
.5
.7
.4
4.9
9.7
5.5
3.0
1.2
•1
1.1
18
19
20
21
22
23
24
*
1
2
3
4
5
6
18
19
20
21
22
23
24
NET INCREASE IN L I A B I L I T I E S
C R E D I T MARKET INSTRUMENTS
MORTGAGES
BANK L O A N S N . E . C .
OTHER LOANS
U.S. GOVERNMENT
FICB
509
3.688
2.089
658
941
474
467
-1.426
1.454
1.861
-600
193
928
-735
219
2.575
2.241
-300
634
993
-359
2.035
6.397
2.811
1.618
1.968
1.095
873
388
4.940
2.897
1.060
983
2 56
727
-1.433
3.313
2.394
400
519
302
217
1.0
3.0
1.8
.6
•6
.6
1.2
2.3
.8
.8
.6
-.1
.7
25
26
TRADE DEBT
PROPRIETOR N E T INVESTMENT
63
-3.242
73
-2.953
79
-2.435
82
-4.444
78
-4.630
51
-4.797
-.4
-1.7
-.4
-.7
.1
-2.4
.5
-5.1
.1 25
-4.9 26
NQNFARM
*
*
*
N O N C O R P O R A T E BUSINESS
13.349
23.831
24.112
24.737
26.161
26.935
2 CAPITAL CONSUMPTION
3 CURRENT SURP. - GROSS SAVING
7.316
7.101
7.494
5.748
7.684
9.479
8.093
8.815
8.566
8.292
8.980
6.684
13.0
13.0
14.5
14.5
15.3
15.3
15.5
15.5
17.8
17.8
4 GROSS INVESTMENT
5 CAPITAL EXPENDITURES
6
FIXED CAPITAL
7
PLANT «• EQUIPMENT
8
HOME CONSTRUCTION I D
9
MULTI-FAMILY RESIDENTIAL
10
CHANGE IN INVENTORIES
7.101
9.390
8.989
5.780
1.384
1.825
401
5.748
8.694
7.753
6.018
-127
1.862
941
9.479
5.276
5.588
5.539
-1.823
1.872
-312
8.815
9.367
9.496
5.601
1.423
2.467
-129
8.292
9.738
10.225
6.187
1.605
2.433
-487
6.684
8.402
8.247
6.339
-668
2.576
155
13.0
21.4
20.5
12.9
-.3
7.9
.9
14.5
21.3
21.0
12.9
.2
8.0
.3
15.3
24.9
23.4
11.5
1.0
10.9
1.5
15.5
30.0
28.7
13.4
•6
14.7
1.3
17.8
4
31.6
5
30.2
6
14.8
7
-.4
8
15.9
9
1.3 10
•2.289
671
0
123
548
545
3
-2.946
1.327
0
780
547
543
4
4.203
804
0
228
576
565
11
-552
669
0
23
646
580
66
-1.446
934
0
313
621
592
29
-1.718
1.483
0
857
626
596
30
-8.3
1.1
-6.8
1.3
-9.6
1.2
-14.5
1.5
.4
.6
.4
.7
.7
.7
.7
.8
.8
2.960
1.919
3.118
1.107
1.562
449
4.273
5.594
2.382
-101
1.800
683
-3.399
3.601
706
-1.458
1.791
373
1.221
4.733
3.090
1.142
1.418
530
2.380
4.543
4.296
1.284
2.281
731
3.201
4.308
1.830
-534
1.786
578
9.4
7.3
3.7
-.2
3.5
.5
8.0
6.8
6.5
.1
5.8
.6
10.8
11.6
9.7
.8
8.0
.9
16.0
14.1
11.9
.5
9.9
1.5
-532
-667
401
2.811
1.037
1.858
623
1.025
-204
451
526
1.952
2.1
1.5
-.6
1.0
.7
1.3
l.l
1.0
1.1 24
2.4 25
1.729
-688
2 53
-1.574
-2.092
-4.908
131
-3.648
1.841
-4.004
2.256
-3.363
.6
1.5
1.1
.1
-1.8
.9
.1
1.9
* 26
2.9 27
1 NET
INCOME
11 NET FINANCIAL INVESTMENT
12
NET ACQ. OF FINANCIAL ASSETS
13
DEMAND DEPOSITS • CURRENCY
14
CONSUMER CREOIT
15
MISCELLANEOUS ASSETS
16
INSURANCE RECEIVABLES
17
EQ. IN SPONS. AGS. (2)
18
19
20
21
22
23
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
24
25
BANK LOANS N.E.C.
OTHER LOANS
26
27
TRADE DEBT, NET
PROPRIETOR NET INVESTMENT
(I) FARM PLUS NONFARM CHANGE IN WORK
12)
SHARES
IN PROCESS.
IN FICB'S, BANKS FOR COOPS, AND LAND BANKS.
IV/78 BASED ON PRELIMINARY
AND INCOMPLETE
INFORMATION.
*
*
*
-
.5
1.0
1.0
*
2
3
-13.8
1.9
.9
1.0
1.0
*
11
12
13
14
15
16
17
15.7
12.8
9.3
-.4
7.9
1.8
18
19
20
21
22
23
FEBRUARY 12, 1979
TOTAL • NONCORP BUSINESS
TOTAL + NONCORP BUSINESS
9
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
SEASONALLY ADJUSTED ANNUAL RATES
1
I
1977
NONFINANCIAL
1977
1978
IV I
III
II
III
BUSINESS - TOTAL
2
200.9
105.9
200.4
141.9
230.7
163.1
255.6
177.4
293.3
190.1
254.8
188.6
266.4
181.5
257.9
172.4
292.0
191.2
299.4
195.5
323.8 INCOME BEFORE TAXES
201.6 GROSS SAVING
3
4
5
6
7
8
9
10
94.1
166.1
150.7
138.9
.4
11.5
8.9
6.5
129.9
133.8
143.2
135.8
2.7
4.7
-10.7
1.3
142.9
175.5
161.3
151.2
4.1
6.0
10.2
4.0
150.8
212.0
194.0
178.3
5.7
10.0
15.6
2.5
175.6
242.1
224.4
209.5
2.5
12.4
15.7
2.0
15 7.2
222.5
196.1
182.3
3.4
10.4
21.9
4.5
157.0
219.8
204.2
187.9
5.9
10.3
13.1
2.6
155.5
221.7
203.8
191.9
1.4
10.5
16.7
1.2
178.8
248.4
223.9
208.4
2.8
12.7
20.1
4.4
180.6
246.4
231.9
216.0
2.7
13.2
13.6
.9
187.7 GROSS INVESTMENT
3
251.8 CAPITAL EXPENDITURES
4
237.9
FIXED INVESTMENT
221.6
BUSINESS PLANT + EQUIPMENT ii
I
3.1
HOME CONSTRUCTION (1)
c
13.2
MULTI-FAMILY RESIDENTIAL
12.4
CHANGE IN INVENTORIES
1.4
MINERAL RIGHTS FROM U.S.GOVT iO
11
12
13
14
15
16
17
18
19
-72.0
46.8
118.8
4.1
92.9
21.3
25.4
29.8
16.5
-3.9
35.1
39.0
9.9
37.8
29.8
15.9
-12.0
4.1
-32.6
48.5
81.0
10.5
63.9
25.3
22.7
1.3
14.6
-61.3
52.9
114.2
2.7
103.3
24.5
36.9
22.5
19.4
-66.5
79.7
146.2
2.6
121.3
23.3
43.5
31.5
23.0
-65.4
64.1
129.5
4.4
99.3
30.5
34.6
22.6
11.7
-62.7
59.7
122.5
5.4
118.4
29.2
47.8
14.9
26.5
-66.2
87.1
153.3
1.6
128.0
15.9
36.1
50.4
25.5
-69.6
69.5
139.1
2.8
118.7
29.5
40.6
27.6
21.0
-65.7
85.3
151.1
3.6
121.7
27.3
52.9
25.0
16.6
-64.1 NET FINANCIAL INVESTMENT
77.0
NET ACQ. OF FINANCIAL ASSETS
141.1
NET INCREASE IN LIABILITIES
2.4
CORPORATE EQUITIES
116.8
CREDIT MARKET INSTRUMENTS
20.5
BONDS
44.4
MORTGAGES
23.0
BANK LGANS N.E.C.
28.9
OTHER LOANS
i:
12
I."
14
15
16
1.7
20
21
30.1
-8.3
2.8
-11.6
14.2
-7.6
24.8
-16.6
48.8
-26.6
35.3
-9.6
13.9
-15.3
50.5
-26.7
54.1
-36.5
49.8
-24.0
41.0
-19.0
2C
21
22
11.8
11.9
20.1
26.7
14.5
31.4
24.4
16.9
12.4
14.8
13.9 DISCREPANCY
1
1
2
.•;
•~
TRADE DE3T
OTHER LIABILITIES
ijj
I?
22
FARM BUSINESS
1
2
3
4
5
6
2 5.4
-.1
9.9
.7
9.2
9.8
23.5
11.9
1.1
10.7
11.8
18.4
-.5
13.2
1.5
11.7
12.7
20.2
-.6
14.4
1.7
12.7
13.7
25.1
-.6
15.6
1.9
13.7
14.9
16.5
-.7
14.5
1.7
12.8
13.9
25.1
-.6
14.3
1.8
13.1
14.2
21.9
-.6
15.1
1.8
13.3
14.4
24.0
-.6
15.4
1.8
13.6
14.8
25.0
-.6
15.7
1.9
13.9
15.1
29.5
-.6
16.1
1.9
14.1
15.4
7
8
9
10
11
9.8
9.9
10.6
1.2
-1.8
11.8
15.9
11.4
.9
3.5
12.7
11.5
12.5
1.1
-2.0
13.7
14.8
12.7
1.5
.6
14.9
14.4
13.9
1.4
-1.0
13.9
13.7
12.2
1.6
-.1
14.2
16.2
12.3
1.2
2.7
14.4
14.4
13.3
1.3
-.2
14.8
13.1
13.7
1.4
-2.0
15.1
14.6
14.1
1.5
-.9
15.4 GROSS INVESTMENT
15.3 CAPITAL EXPENDITURES
14.5
PLANT + EQUIPMENT
1.5
RESIDENTIAL CONSTRUCTION
-.7
CHANGE IN INVENTORIES
12
13
14
15
16
17
-.1
.6
-.2
.8
.5
.2
-4.0
1.0
.1
.9
.7
.2
1.2
1.5
1.5
1.3
.2
-1.0
1.6
.1
1.5
1.2
.2
.6
1.8
.1
1.7
1.4
.3
.2
1.4
.1
1.3
1.2
.1
-2.0
1.8
.1
1.8
1.2
.5
.1
1.7
.1
1.6
1.3
.3
1.6
1.7
.1
1.6
1.4
.2
.5
1.9
.1
1.8
1.5
.3
18
19
20
21
23
24
.7
7.9
5.0
.9
1.9
.3
1.7
5.0
8.7
4.6
1.9
2.2
l.l
1.1
.3
11.0
6.1
3.1
1.8
.5
1.3
2.6
14.7
8.8
2.4
3.4
2.0
1.4
1.2
17.2
10.3
2.8
4.1
2.6
1.5
1.2
14,5
8.6
1.9
4.1
2.0
2.1
3.8
13.2
8.8
.9
3.4
4.2
-.8
1.7
11.2
9.0
-.4
2.6
4.6
-2.0
25
26
.2
-7.4
.2
-3.9
.5
-11.2
.3
-12.4
.3
-16.3
-.3
-13.0
2.5
-11.8
.2
-9.7
22
*
*
NET INCOME
NET SAVING
CAPITAL CONSUMPTION
CORPORATE
NONCORPORATE
CURRENT SURP. = GROSS SAVING
.2 NET FINANCIAL INVESTMENT
1.9
NET ACQ. OF FINANCIAL ASSETS
.1
DEMAND DEPOSITS + CURRENCY
1.8
MISCELLANEOUS ASSETS
1.5
INSURANCE RECEIVABLES
.3
EQ. IN SPONS. AGS. (2)
1.4
19.7
11.8
3.6
4.2
1.2
3.1
1.8
20.1
11.0
4.2
4.9
1.7
3.2
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGE I
BANK LOANS N.E.C.
OTHER LGANS
U.S. GOVERNMENT
FICB
-.1
-17.8
.2
-18.5
.9
-19.2
TRADE DEBT
PROPRIETOR NET INVESTMENT
107.7 NET INCOME
•1
17.9
9.6
3.7
4.6
3.1
1.5
I
<1
i
4
5
6
7
3
o
1G
11
U
13
14
IS
16
17
IS
19
2-^
2l
tL.1
23
?•"'
25
2t
NONFARM NONCORPORATE BUSINESS
98.9
104.6
2
3
20.4
20.4
23.3
23.3
25.6
25.6
28.4
28.4
33.3
33.3
29.3
29.3
30.0
30.0
30.7
30.7
32.4
32.4
34.3
34.3
35.9 CAPITAL CONSUMPTION
35.9 CURRENT SURP. = GROSS SAVING
'i.
3
4
5
6
7
8
9
10
20.4
21.6
23.8
15.3
-.4
3.9
-2.2
23.3
18.1
21.9
17.4
.9
3.6
-3.9
2 5.6
22.8
23.8
17.8
1.5
4.5
-1.0
28.4
32.7
30.8
21.5
2.1
7.2
1.9
33.3
32.8
33.6
23.7
.5
9.3
-.8
29.3
33.6
30.6
22.5
.9
7.3
3.0
30.0
35.6
32.9
23.2
2.4
7.3
2.7
30.7
27.5
30.9
23.1
.1
7.8
-3.4
32.4
35.4
33.5
23.4
.7
9.4
1.9
34.3
33.0
34.5
23.9
.6
10.0
-1.6
35.9 GROSS INVESTMENT
35.2 CAPITAL EXPENDITURES
35.2
FIXED CAPTTAL
24.3
PLANT + EQUIPMENT
.8
HOME CONSTRUCTION (1)
MULTI-FAMILY RESIDENTIAL
10. 1
CHANGE IN INVENTORIES
-.1
6
7
8
9
10
11
12
13
14
15
16
17
-1.2
1.8
5.2
2.1
2.8
3.3
-4.4
3.6
.5
3.9
-4.4
3.3
-5.6
3.2
3.2
5.0
-3.1
3.3
1.3
4.6
18
19
20
21
22
23
3.0
7.4
6.6
-.3
5.5
1.4
24
25
-1.0
1.8
26
27
1.3
-5.7
-
.7
1.0
1.0
*
—
.8
1.3
1.2
-
-
1.2
2.1
2.1
.1
1.4
2.2
2.2
.5
5.2
3.7
1.2
1.2
1-2
7.9
12.6
9.1
1.7
5.7
1.7
-2.0
2.2
-3.1
4.7
3.5
1.6
-6.7
1.8
-6.6
-4.6
*
-3.1
2.0
1.8
.7
•1
1.0
*
*
-
-
-
-
-
-
2.2
2.5
2.4
.1
7.7
1.8
6.4
16.7
8.8
.6
6.2
2.1
3.3
17.5
11.0
.5
7.7
2.9
2.7
11.0
10.3
.7
7.5
2.1
-1.6
5.0
5.0
9.3
3.5
4.4
.1
6.4
-.4
1.0
-.4
-6.3
-2.4
-19.6
4.2
-14.6
1.9
-16.0
5.2
-13.5
2.7
2.3
2.3
1.1
2.2
3.4
17.2
9.9
.4
7.3
2.2
7.7
9.2
7.4
.7
4.9
1.8
8.8
15.5
12.0
1.9
7.6
2.6
1.8
23.8
9.6
2.0
5.3
.2
1.6
2.1
-15.9
1.2
-2.8
*
-
.7
2.6
2.3
.3
1.0
2.2
2.2
1.4
2.5
2.3
.1
2.2
-
.8 NET FINANCIAL INVESTMENT
3.5
NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
1.0
CONSUMER CREDIT
2.5
MISCELLANEOUS ASSETS
2.4
INSURANCE RECEIVABLES
•1
EQ. IN SPONS. AGS. (2)
*
*
*
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
BANK LOANS N.E.C.
OTHER LOANS
TRADE DEBT, NET
PROPRIETOR NET INVESTMENT
(1) FARM PLUS NONFARM CHANGE IN WORK IN PROCESS.
(21 SHARES IN FICB»S, BANKS FOR COOPS, AND LAND BANKS.
BILLIONS OF DOLLARS.
111/78 BASED ON INCOMPLETE INFORMATION.
4
11
12.
15
1*.
15
16
17
18
19
20
2i
22
23
2V
7.-5
26
2?
FEBRUARY 1 2 , 1979
NONFINANCIAL CORPORATE
10
NONFINANCIAL CORPORATE
BUSINESS
SECTOR STATEMENTS
UNADJUSTED NET FLOWS <$ M I L L . )
UNADJUSTED NET FLOWS ( $
1977
III
IV
|
I
1978
I
II
NONFINANCIAL
1
2
3
4
5
6
7
3
9
PROFITS BEFORE TAX
- PROFITS TAX ACCRUALS
- NET DIVIDENDS PAID
= UNDISTRIBUTED ° R G F I T S
+ FOREIGN BRANCH PROFITS
*• I N V . VALUATION ADJUSTMENT
+ C A P . CONSUMPTION ADJUSTMENT
+ CAPITAL CONSUMPTION ALLOW.
= GROSS INTERNAL FUNDS
BUSINESS
OF SAVING AND INVESTMENT
1969
III
CORPORATE
BUSINESS,
B I L L I O N S CF DOLLARS
1970
1971
1972
MILL.)
1973
EXCLUDING FARMS
37.518
15.392
9.289
12.837
1.141
-2.679
-3.555
23.871
36.615
36.484
14.963
11.946
9.575
1.434
-3.154
-3.600
29.319
33.574
31.750
12.341
11.266
8.143
1.166
-5.613
-3.773
29.951
29.874
45.172
17.877
10.295
17.002
1.333
-6.042
-4.043
30.687
38.937
43.t>5l
18.507
10.902
14.239
958
-5.810
-4.558
31.682
36.511
45.658
19.869
12.515
13.276
2.436
-6.793
-4.680
32.291
36.530
68.3
33.2
20.6
14.4
1.8
-5.5
3.5
47.4
61.7
55.1
27.2
19.3
8.1
1.6
-5.1
1.6
52.7
58.9
63.2
29.8
20.0
13.4
1.9
-5.0
.5
57.9
68.6
75.6
33.4
21.6
20.6
1.9
-6.6
2.7
62.2
80.8
92.0
39.4
23.8
28.8
3.7
-18.6
1.8
68. I
83.8
10 GROSS INVESTMENT
11 C A P I T A L EXPENDITURES
12
F I X E D INVESTMENT
13
PLANT + EQUIPMENT
14
HOME CONSTRUCTION
J5
" " J L T l - F VMILY R E S I D E N T I A L
16
CHANGE I N INVENTORIES
17
MINERAL RIGHTS FROM U.S.GOVT
26.823
42.624
38.253
36.031
1.384
838
3.236
1.135
25.628
45.728
41.636
40.990
-126
772
3.452
640
31.007
43.428
34.823
36.061
-1.323
535
3.316
289
34.512
48.240
45.738
43.483
1.428
827
1.405
1.097
30.527
*9.402
45.979
43.529
1.605
845
3.191
232
31.342
53.872
43.980
43.350
-668
798
4.537
355
56.4
84.3
75.9
72.3
-.3
3.4
S.3
0.5
0.3
6.6
3.3
.2
3.2
3.4
.3
61.1
86.0
81.7
77.3
1.0
3.4
3.6
.7
64.9
100.3
91.8
86.9
.6
4.3
7.6
.9
69.7
123.3
106.8
102.2
-.4
5.0
13.3
3.2
10
11
12
13
14
15
16
17
18 NET F I N A N C I A L INVESTMENT
19
NET ACQ. CF F I N A N C I A L ASSETS
15.801
16.306
•Zd. 100
13.555
•12.421
14.836
•13.728
19.523
13.875
20.887
-29.9
15.6
-25.0
33.6
-35.3
45.6
-53.6
62.3
18
19
20
21
?2
23
«;4
25
26
L I Q U I D ASSETS
rjFMANO DEP. + CURRENCY
T I « E DEPOSITS
U . S . GOVT. S F C J R I T I E S
S T . + L O C . OBLIGATIONS
COMMERCIAL PAPER
SECURITY R . P . ' S
418
79?
352
-78
62
-1.105
394
.11.449
6.591
4.300
-275
-6
1.157
-313
-1.788
-6.009
-3
-1.143
52
1.142
4.173
-2.845
2.342
-401
-3.910
31
-657
-250
-614
3.327
-2.650
-797
52
-200
-346
12.363
3.813
1.613
-593
55
4.941
2.534
5.6
-5.4
-3.1
-1.0
2.5
2.2
.9
1.7
.2
-.6
1.8
-3.1
CONSUMER CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
F . m c I G N DI?<. I N V E S T . ( I )
FOREIGN CURRENCIES
INSJ^ANCE RECEIVABLES
EQUITY I N SPGNSORED A G S .
OTHER
209
13.910
1.769
1.139
-774
964
0
432
1.5bS
-2.757
3.295
1.216
-142
944
6
1.271
-764
13.440
3.943
2.3-39
327
986
1
245
45 1
17.965
3.952
1.653
429
1.088
20
762
604
20.417
480
-611
-130
1.099
3
114
1.483
1.846
3.054
750
600
1.190
13
501
.5
22.5
4.9
2.1
-.4
1.1
.1
2.0
.9
8.1
5.6
3.6
-.4
.9
.1
1.4
.2
14.8
10.5
3.3
1.4
1.0
32.107
16.618
1.105
15.513
33.655
26.704
1.350
25.354
27.257
21.0-38
3 3.251
26.077
69 8
25.379
39.762
18.673
900
17.773
41.276
23.644
612
23.032
56.7
3 8.2
3.4
34.8
45.5
40.7
5.7
35.0
58.5
44.5
11.4
33.0
6.2
80.9
58.3
10.9
47.3
115.9
72.7
7.9
64.8
35
36
37
33
TAX-EXEMPT BONDS (2)
CORPORATE BONDS (1)
MORTGAGES
HOME MORTGAGES
MULT I-FAMILY
COMMERCIAL
779
5.526
5.360
1.107
212
4.041
1.128
7.241
6.692
-101
642
6.151
654
4.028
2.166
-1.458
263
3.361
1.176
5.890
7.018
1.142
1.105
<*.771
604
4.864
3.409
1.284
347
6.577
732
5.334
5.622
-534
954
5.202
12.0
5.3
-.2
1.5
4.0
19.8
6.7
.1
1.2
5.3
.1
18.8
10.2
.8
1.7
7.8
.5
12.2
17.0
.5
2.8
13.7
1.8
9.2
18.2
-.4
2.5
16.1
39
40
41
42
43
44
HANK LOANS N.F.C.
COMMERCIAL PAPER
ACCEPTANCES
FINANCE COMPANY LOANS
U.S. GOVERNMENT LOANS
2.953
26 1
-301
337
98
6.215
-367
885
3.804
-244
9.123
911
423
2.732
A62
S.430
700
168
1.672
325
3.077
567
116
-458
595
6.120
190
533
4.359
142
11.6
1.1
5.5
1.8
.4
3.6
-.9
.3
.7
.2
13.1
.7
29.3
1.4
.5
4.1
.3
45
46
47
48
49
PROFIT TAXES PAYABLE
TRADE DEBT
MISCELLANEOUS LIABILITIES
2.939
11.946
604
2.203
4.750
-2
765
4.336
568
-7.407
13.431
1.150
3.976
15.920
1.193
4.515
12.217
900
-3.3
20.9
-3.7
7.4
1.0
2.0
12.2
-.1
22.4
2.4 50
39.0 51
1.9 52
1.6
36.1
.7
30.2
2.6
27.6
5.6
33.3
-1.3 55
37.5 56
28.5
6.5
10.2
29.8
3.3
17.5
34.4
12.9
35.2
41.2 57
23.6 58
65.0 59
:5
;,6
37
i8
41
42
43
44
53
NET INCREASE IN LIABILITIES
NET FUNDS RAISED IN MKTS.
NET NFw FQJITY ISSUES
DEBT INSTRUMENTS
DISCREPANCY
•22.530
18.746
5.984
5.238
12.891
17.292
-27.
28.
4.3
.1
7.9
-2.4
4.2
2.5
1.0
1.9
1.6
*
-.9
28.0
11.1
1.2
1.8
1.9
*
4.8
1 0 . 4 20
* 21
4 . 7 22
- 3 . 4 23
- . 1 24
. 6 25
8.6 26
2.6
37.7
11.7
2.
2.
2.0
27
28
29
30
31
32
33
5.2 34
MEMORANDUM I T E M S :
EXCESS CF CAPITAL EXPENDITURES
54
OVER GROSS INTERNAL FUNDS
6.009
12.154
13.554
9.303
55 TRADE CREDIT NET OF TRADE DEBT
56 PROFITS TAX PAYMENTS
1..96 4
10,.052
-7.507
10.825
P.,6 04
13,.135
4,.534
26,.568
4,.49 7 - 1 0 ..371
13,.640
12,.324
DEBT S U B T O T A L S : (3)
5 7 LUNG-TERM DFBT
58 SHOPT-TERM DEBT
59 TOTAL S-T L I A B I L I T I E S
1 1 , .739
3,.774
18,.659
17.64 8
7.706
14.659
11..955
8..744
14,.345
16,.314
9,.065
15,.089
13,.823
i . .950
23,.846
14,.670
8..362
25,.094
22.
12.
30.
41.025
41.012
33.369
39.575
42.397
116.411 136.200 145.370 123.892 135.307
36.394
55.445
47.662
52.609 35.976
43.517
147.271
42.753
136.7
41.3
49.4
136.5
43.6
47.2
125.5
38.4
44.1
124.1
47.2
42.8 60
147.0 61
52.5 62
PER CFNT RATIOS:
60 EFFECTIVE TAX RATE
61 CAPITAL OUTLAYS/INTERNAL FUNDS
62 CR. MKT. BORROWING/CAP. EXP.
CASH FLul* AND CAPITAL EXPENDITURES ON BOOK BASIS
t>3 CAP. CONS. ALLOWANCE, N I A
64 PLUS: CAP. CONS. ADJUSTMENT
65 EQUALS: BOOK DEPRECIATION
23.871
-i.555
25.316
29.319
-3.600
25.719
29.951
-3.773
26.178
66 INVENTORY CHANGE, N I A
67 LESS: INV. VAL. ADJUSTMENT
68 EQUALS: INVENTORY CHG., BOOK
3.23 6
-2.679
5.915
3.45 2
-3.154
O.606
.316
- 5 ..613
13,.929
69
TO
71
72
12.837
1. 141
25.316
39.294
29.502
45.303
33.253
5.915
L.135
UNDISTRIBUTED PROFITS
+ F1RLIGN BRANCH PROFITS
+ BOOK DE°PECIATION
= GROSS INTERNAL FUNDS,BOOK
73 GROSS INVESTMENT, BOOK
74 CAPITAL
EXPENDITURES
75
FIXFD INVESTMENT
76
INVENTORY C H G . , BOOK
77
MINERAL R I G H T S
30.687
-4.043
26.644
31.682
-4.558
27.124
32.291
-4.680
27.611
47.4
3.5
51.0
52.7
1.6
54.3
57.9
.5
58.4
62.2
2.7
64.9
68.1 6 3
1.3 64
6 9 . 9 65
1.405
-6.042
7.447
3.191
-5.810
9.001
4..537
- 6 ..793
11.,330
8.3
-5.5
13.9
3.4
-5.1
3.5
3.6
-5.0
8.6
7.6
-6.6
14.2
13.3 66
- 1 8 . 6 67
31.9 68
9.575
1.434
25.719
36.728
8..143
17.002
1.3 33
1..166
26,. 1 75 2 6 . 6 4 4
35.437
44.979
14.2 39
958
27.124
42.321
13..276
2..4 36
2 7,.611
43.3 73
14.4
1.8
51.0
67.2
8.1
1.6
54.3
63.9
13.4
1.9
58.4
73.6
20.6
1.9
64.9
87.4
28.8
3.7
69.9
102.4
69
70
71
72
2B.7B2
48.!iS2
41.63,
6.606
640
36,.62 0
49,.341
.H23
3^ •
13..929
2 39
36.337
55.212
4 5.9 79
9.001
232
38.135
63..665
48,.9 30
11,.330
355
61.9
89.8
75.9
13.9
55.5
85.4
76.6
8.5
.3
66.1
91.1
81.7
8.6
.7
71.5
106.9
91.8
14.2
.9
88.2
141.9
106.8
31.9
3.2
73
74
75
76
77
«,
5 NET OF BOND ISSUES ABROAD, *NG
THE U . S . ARE EXCLUDED FRPM SOURCES
?1)
FOREIGN INVESTMENT
BOND ISSUES OUTSIDE
OF FUNDS ABOVE.
(2)
I N D U S T R I A L POLLUTION CONTROL REVENUE BONDS.
ISSUE.;
STATE AND L^CAL GOVERNMENTS TC FINANCE PRIVATF
INV-.S
MFNT AND SFC ;:: <EO IN INTEREST AND P R I N C I P A I BY THE
INDUSTRIAL l ^ E " • : - THE FUNDS.
40.554
54.282
45.7 38
7.*47
1.097
*
MATURITY S P L I T ON DEBT IS APPROXIMATE:
L - T IS BONDS,
M-= +• COMMERCIAL MORTGAGES, AND 4 0 ? OF BANK LOANS.
S-T
DEBT IS OTHER CREDIT MARKET BORROWING.
TOTAL S-T
L I A B I L I T I E S I S S-T BORROWING + TAX L I A B I L I T I E S + TRADE
DEBT ,
/78
B^.;7}
JN PRELIMINARY
AND INCOMPLETE
INFORMATION.
FEBRUARY I?, 1979
NONFINANCIAL CORPORATE BUSINESS
NONFINANCIAL CORPORATE BUSINESS
11
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
SEASONALLY ADJUSTED ANNUAL RATES
1977
1978
I
i
1977
III
!
I
IV
1978
II
I
III
NONFINANCIAL CORPORATE BUSINESS, EXCLUDING FARMS
I
2
3
4
5
6
7
8
9
102.7
42.5
25.9
34.3
4.8
-40.4
-3.0
30.0
75.7
100.7
40.3
28.3
32.0
3.1
-12.4
-11.7
95.7
106.8
129.8
52.7
33.4
43.7
4.2
-14.5
-13.8
105.2
124.7
143.1
58.7
33.9
45.5
5.0
-14.3
-14.2
113.9
135.3
166.2
68.6
45.0
52.7
5.9
-24.3
-17.1
124.6
141.9
144.9
59.2
39.3
46.5
5.4
-7.7
-14.2
115.5
145.5
148.0
60.1
42.3
45.6
3.6
-14.a
-14.4
117.3
137.3
139.6
55.6
42.8
41.2
4.7
-23.5
-15.1
119.3
127.2
169.0
69.8
42.7
56.5
5.9
-24.9
-16.2
122.7
144.1
169.8
69.9
46.0
53.9
4.6
-20.9
-18.2
126.7
146.1
186.5
79.2
48.3
59.1
8.5
-27.3
-18.7
129.2
150.2
P R O F I T S B E F O R E TAX
- P R O F I T S TAX ACCRUALS
- N E T D I V I D E N D S PAID
= U N D I S T K I 3 U T E D PROFITS
+ FOREIGN BRANCH PROFITS
+ INV. VALUATION ADJUSTMENT
+ C A P . C O N S U M P T I O N ADJUSTMENT
+ CAPITAL CONSUMPTION ALLOW.
= GROSS INTERNAL FUNDS
I
2
3
4
10
11
12
13
14
15
16
17
63.9
134.7
115.2
113.0
-.4
2.6
12.9
6.5
94.8
99.9
108.9
106.9
.9
1. 1
-10.4
1.3
104.6
141.2
123.9
120.9
1.5
1.5
13.3
4.0
108.7
164.6
1 49 . 0
144.1
2.1
2.8
13.1
2.5
127.4
194.9
175.5
171.9
.5
3.1
17.4
2.0
114.0
175.2
151.7
147.6
.9
3.2
19.0
4.5
112.9
168.0
157.8
152.4
2.4
3.0
7.7
2.6
110.3
179.8
158.3
155.6
2.7
20.3
1.2
131.7
19 9 . 3
175.3
171.3
. 7
3.3
20.2
4.4
131.3
198.8
181.8
178.0
.6
3.2
16.1
.9
1136.3
36.3
201 . 3
186.7
182.8
.3
3.1
13.2
1.4
GROSS INVESTMENT
CAPITAL E X P E N D I T U R E S
FIXED INVESTMENT
PLANT + E Q U I P M E N T
HOME C O N S T R U C T I O N
MULTI-FAMILY RESIDENTIAL
C H A N G E IN I N V E N T O R I E S
M I N E R A L R I G H T S FRCM U . S . G O V T
10
1 ..
11
12
i*
1?
16
17
18
19
-70.7
44.4
-5.0
32.0
-3 6.6
43.7
-55.9
47.8
-67.6
74.0
-61.2
59.4
-55.2
54.7
-69.5
80.3
-6 8.2
64.5
-67.5
78.8
- 6655 ..00
71.6
NET FINANCIAL INVESTMENT
if
NET A C Q . OF F I N A N C I A L A S S E T S ii
20
21
22
23
24
25
26
6.2
1.2
3.8
2.3
.6
4.1
-5.8
17.5
4.4
1.9
9.1
-.2
3.1
-.3
15.5
3.1
2.1
4.0
-1.1
5.0
2.3
.3
1.3
4.8
-6.3
7.1
3.5
-1.4
-6.4
.2
5.2
6.1
12.4
4.2
4.2
7.7
. 2
-5.5
1.6
15.3
12.1
13.5
-13.5
4.5
-1.3
16.5
-5.6
2.4
-2.3
.2
5.4
16.7
-9.3
4.4
-2.1
-12.1
.1
1.4
-1.0
10.4
15.6
-3.1
5.6
.2
-1.6
-1.4
11.0
-.5
2.1
-16.8
.2
15.9
10.1
27
28
29
30
31
32
33
34
.7
32.9
4.5
1.2
-.2
2.1
.2
6.4
7.9
6.0
.3
2.2
1.1
19.2
7.8
3.6
1.7
3.4
1.8
53.7
11.4
4.2
1.2
4.4
1.2
34.1
11.7
5.3
-3.1
3.9
.9
26.7
11.8
3.5
-.6
3.8
-1.2
47.8
17.1
10.7
1.3
3.9
-1. 1
-.9
1.2
2.4
60.5
10.9
6.1
1.7
4.4
.1
-1.4
3.3
53.1
7.0
-1.4
-.5
4.4
*
2.3
30.9
13.6
4.2
1.3
3.8
.1
4.2
4.5
1.7
48.2
10.7
1.3
2.4
4.3
.1
2.2
35
36
37
38
115.1
3I. 3
4.1
7 7.7
37.0
3 7.0
9.9
27.1
30.3
58.2
10.5
4 7.7
103.6
78.7
2.7
76.0
141.5
89.5
2.6
86.9
120.6
30. 1
4.4
73. 7
109.9
95.2
5.4
8 9.8
149.8
94.5
1.6
92.9
132.7
86.3
2.8
34.1
146.4
88.1
3.6
84.5
I3b.6
38.2
2.4
35.7
NET INCREASE IN L I A B I L I T I E S 3-:
NET F U N D S R A I S E D IN M K T S . 36
NET NEW EQUITY ISSUES
3?
DEBT INSTRUMENTS
38
39
40
41
42
43
44
1.6
19.7
13.7
-. 3
1.4
12.6
2.6
2 7.2
9.5
.7
-.1
9.0
2.5
22.8
12.9
1.2
.6
11.1
3.5
21.0
19.0
1.7
1.7
15.6
3.2
20.1
23.2
.4
2.9
19.9
3.1
27.3
13.0
. 7
2.1
15.8
4.5
24.7
2 7.0
1.9
2.1
23.0
2.6
13.3
17.6
1.4
16.1
4.7
24.8
22.2
.6
3.1
18.6
2.4
24.8
30.0
.5
3.6
25.9
2.9
17.5
23.1
.7
3.4
19.0
TAX-EXEMPT BONDS (2) 3*»
CORPORATE BONDS (1)
4:
MORTGAGES
4i.
HOME M O R T G A G E S
4i
MULTI-FAMILY
~.i
COMMERCIAL
4-v
45
46
47
48
49
?9.9
4.1
1.3
5.8
1.5
-11.9
-2.9
.2
2.2
.2
1.3
1.4
1.3
5.2
.2
20.0
1.6
.6
10.3
26.8
2.4
1.2
8.3
1.7
20.6
.3
.1
5.3
.4
15.7
1.9
l.l
15.9
-1.0
45.8
-.2
2.8
8.4
2.6
20.4
3.5
.3
6.4
1.3
21.3
1.5
2.0
.1
2.4
19.2
4.7
-. 6
18.4
.'o
WANK L O A N S N . E . C .
C O M M E R C I A L PAPER
ACCEPTANCES
F I N A N C E C O M P A N Y LOANS
U . S . G O V E R N M E N T LOANS
50
51
52
I. 1
2 8.6
3.7
-2.4
1.0
1.4
7.5
11.9
2.7
-1.3
24.5
1.8
1.8
46.4
3.8
3.7
34.4
2.4
2.9
11.8
.4
52.7
2.3
-8.7
50.0
4.6
5.7
47.7
4.8
10-3
34.8
3.6
1.4
*
*
*
-.1
1.2
*
*
*
1.6
5.6
*
*
5.1
*
*
*
*
*
LIQUID ASSETS
DEMAND D E P . + CURRENCY
TIME D E P O S I T S
U.S. GOVT. SECURITIES
ST.+LGC. OBLIGATIONS
COMMERCIAL PAPER
SECURITY R.P.«S
?
20
21
2.-:
11
2^
2 s7
?=»
CONSUMER CREDIT
2"
TRADE CREDIT
2c
MISCELLANEOUS ASSETS
23
FOREIGN OIR. INVEST. (1) 3C
FOREIGN CURRENCIES
3INSURANCE RECEIVABLES
3/
EQUITY IN SPONSORED A G S . 3 b
OTHER
3-i
PROFIT TAXES PAYABLE
TRADE DEBT
MISCELLANEOUS LIABILITIES
^c
<**
*r i
4v
5 :•
5\
? -2
13.9 DISCREPANCY
MEMORANDUM ITEMS:
EXCESS OF CAPITAL EXPENDITURES
51.1
OVER GROSS INTERNAL FUNDS
55
56
7.4
45.1
6.4
59.9
7.3
66.2
-.3
52.3
14.9
56.2
-4.9
54.4
10.6
77.6
10.4
64.0
13.4 TRADE CREDIT NET OF TRADE DEBT
63.6 PROFITS TAX PAYMENTS
37.6
10.2
29.5
49.8
56.3
30.1
56.6
19.1
57.2
60.5
29.3
51.8
41.1
94.2
59.3
24.8
66.0
65.3
19.2
72.7
DEBT SUBTOTALS: (3)
50.5 LONG-TERM DEBT
35.2 SHORT-TERM DEBT
30.0 TOTAL 5-T L I A B I L I T I E S
40,
93.
40.6
113.2
33.8
41.0
121.6
46.2
41.
137.
40.«
120.5
43.2
40.6
122.4
53.4
39.3
141.3
51.7
tl.3
138.7
42.1
41.1
136.1
42.5
95.7
-11.7
8 4.1
105.2
-13.8
91.4
113.9
-14.2
99.7
124.6
-17.1
107.6
115.5
-14.2
101.3
117.3
-14.4
102.9
119.3
-15.1
104.7
122.7
-16.2
106.6
1.26.7
-18.2
108.5
17 9.2 C A P . C o N S . A L L O W A N C E , N I A
-13.7 PLUS: CAP. CONS. ADJUSTMENT
110.4 fc'jlMLS: BOOK D E P R E C I A T I O N
5.3
42.6
57
58
59
30.3
60.0
177.9
57.7
Z^.2
PER CENT R A T I O S :
42.4 EFFECTIVE TAX RATE
134.0 C A P I T A L GUT LAYS/INTERNAL FUNDS
42.6 C K . M K T . BORROW ING/CAP. E X P .
CASH FLOW A N D C A P I T A L E X P E N D I T U R E S ON BOOK BASIS
63
64
65
80.0
-3.0
7 7.0
66
67
68
12.9
-40.4
53.4
-10.4
-12.4
2.0
13.3
-14.5
27.3
13.1
-14.3
27.9
17.4
-24.3
41.7
19.0
-7.7
26.6
7.7
-14.8
22.5
20.3
-23.5
43.3
2 0.2
-24.9
45.1
16. 1
-23.9
3 7.0
1 3 . I INVENTORY C H A N G E , N i A
- 2 7 . B L E S S : INV. V A L . A D J U S T M E N T
69
70
71
72
34.3
4.3
77.0
116.1
32.0
3.1
34.1
119.2
43.7
4.2
91.4
139.3
45.5
5.0
99.7
150.2
52.7
5.9
107.6
166.2
46.5
5.4
10L. 3
153. 1
45.6
3.6
102.9
152.1
41.2
4.7
104.7
150.7
56.5
5.9
106.6
169.0
53.9
4.6
108.5
167.0
59.1 U N D I S T R I B U T E D P R O F I T S
8.5 * F O R E I G N B R A N C H P R O F I T S
110.4 + BOOK D E P R E C I A T I O N
173.0 = G S o S S
73
74
75
76
104.3
175.1
115.2
53.4
10 7 . 3
11?.3
108.9
2.0
119.1
155.7
123.9
27.3
123.5
179.4
149.0
27.9
151.6
219.2
175.5
41.7
121.7
132.9
151.7
26.6
4.5
127.6
132.3
157.8
22.5
2.6
133.7
203.2
153.3
43.3
1.2
156.6
224.7
175.3
45.1
4.4
152.2
219.7
181.8
3 7.0
.9
164.1 GROSS INVESTMENT, BOOK
229.1 CAPITAL EXPENDITURES
136.7
FIXED INVESTMENT
41.0
INVENTORY CHG., BOOK
1.4
MINFRAL RIGHTS
(3) M A T U R I T Y SPLIT O N DEBT IS A P P R O X I M A T E : L-T IS B O N D S ,
M-F + C O M M E R C I A L M O R T G A G E S , AND 4 0« OF BANK L O A N S . S-T
DEBT I S OTHER C R E D I T MARKET B O R R O W I N G . TOTAL S-T
L I A B I L I T I E S IS S-T B O R R O W I N G * TAX L I A B I L I T I E S + T R A D E
DEBT.
BILLIONS OF DOLLARS. IV/78 BASED ON INCOMPLETE INFORMATION.
41.0
EQUALS:
INVENTORY
INTERNAL
C H G . , BOOK
FUNDS,BOOK
II» F O R E I G N I N V E S T M E N T IS N E T OF BOND I S S U E S A B R O A D , AND
BOND I S S U E S O U T S I D E T H E U . S . ARE E X C L U D E D FROM S O U R C E S
OF F U N D S A B O V E .
(2J I N D U S T R I A L P O L L U T I O N C O N T R O L R E V E N U E B O N D S . ISSUED BY
STATE A N D L O C A L G O V E R N M E N T S TO F I N A N C E P R I V A T E I N V E S T M E N T A N D S E C U R E D IN I N T E R E S T A N D P R I N C I P A L BY THE
I N D U S T R I A L USER O F T H E F U N D S .
b~.
6v
6«i
67
6b
69
70
71
FEBRUARY 12, 1979
STATE+LOCAL GOVTS. AND FOREIGN
STATE+LOCAL GOVTS. AND FOREIGN
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS 1$ MILL.)
1
1977
III
IV
1978
1
III
II
I
1969
IV
BILLIONS OF OOLLARS
1970
1971
1972
1973
STATE AND LOCAL GOVERNMENTS -- GENERAL FUNDS (1)
1 TOTAL RECEIPTS, NIA BASIS
2
TAX RECEIPTS
SOCIAL INSURANCE RECEIPTS
3
4
GRANTS IN AID RECEIVED
5
6
7
8
9
10
TOTAL EXPENDITURES, NIA BASIS
PURCH. OF GOODS + SERVICES
NET INTEREST + TRANSFERS
NET SURPLUS, NIA BASIS
- RETIREMENT CREDIT TO HH
= GROSS SAVING
11 NET FINANCIAL INVESTMENT
12
NET ACQ. OF FINANCIAL ASSETS
13
DEMAND DEP. + CURRENCY
14
TIME DEPOSITS
71.159
47.687
5.501
17.971
83.854
60.336
5.693
17.825
76.148
51.865
6.023
18.260
81.369
56.534
6.289
18.546
77.813
51.323
6.526
19.964
92.329
65.813
6.681
19.835
119.7
91.4
7.9
20.3
134.9
101.5
9.0
24.4
152.6
113.7
9.9
29.0
177.4
129.1
10.8
37.5
193.5
140.8
12.1
40.6
69.090
64.606
4.484
2.069
3.335
-1.266
69.436
64.821
4.615
14.418
3.377
11.041
69.551
64.765
4.786
6-597
2.927
3.670
75.095
70.078
5.017
6.274
4.672
1.602
77.787
72.768
5.019
26
4.189
-4.163
77.383
72.593
4.790
14.946
4.249
10.697
117.6
110.4
7.1
2.1
5.5
-3.4
132.2
123.2
9.0
2.8
6.4
-3.6
148.9
137.5
11.4
3.7
6.6
-2.9
163.7
151.0
12.7
13.7
8.5
5.3
180.5 5
167.3 6
13.1 7
13.0 8
9.5 9
3.5 10
458
10.078
-1.137
2.370
7.990
13.184
2.220
2.940
1.072
4.370
-2.668
4.154
-1.590
6.766
1.146
-562
-2.641
7.362
-1.521
2.826
7.854
12.140
1.404
1.358
-10.0
1.1
1.4
-5.9
-4.7
7.2
-2.9
10.0
-12.0
6.4
1.0
7.2
1.9
17.0
1.7
6.8
1.4
15.4
-.3
7.2
11
12
13
14
15
16
17
18
1
2
3
4
15
16
17
18
CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
TREASURY ISSUES
U.S. GOVT. AGENCY SEC.
7.029
6.530
5.259
1.271
6.265
5.825
4.279
1.546
3.909
3.096
1.883
1.213
6.917
6.618
6.048
570
4.533
3.800
2.925
875
7.918
7.650
6.250
1.400
5.3
4.7
3.1
1.7
-.2
-1.2
.9
-2.1
-2.3
-3.2
-1.3
-1.8
7.8
6.7
4.1
2.6
7.8
5.8
1.4
4.4
19
20
21
ST.+LOC. OBLIGATIONS
MORTGAGES
TAXES RECEIVABLE
211
288
1.816
70
370
1.759
293
520
-1.025
163
136
-735
583
150
1.524
68
200
1.460
.1
.5
.3
.1
.3
.2
-.3
1.1
.5
-.3
1.4
.8
.2 19
1.7 20
.7 21
22
23
24
25
26
NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
ST.+LOC. OBLIGATIONS
SHORT-TERM
OTHER
9.620
9.359
8.143
246
7.897
5.194
4.940
4.252
-1.382
5.634
3.298
3.044
2.759
-1.799
4.558
8.356
8.098
9.941
1.557
8.384
10.003
9.748
9.751
391
9.360
4.286
4.023
4.014
45
3.969
11.1
10.7
9.9
2.8
7.2
11.9
11.3
11.2
2.3
8.9
18.4
17.7
17.3
2.5
14.9
15.1
14.5
14.2
.1
14.1
27
28
U.S. GOVERNMENT LOANS
TRADE DEBT
1.216
261
688
254
285
254
-1.843
258
-3
255
14
258
.7
.4
.1
.6
.4
.7
.3
.6
• 3 27
.8 28
-1.724
3.051
2.598
3.192
-1.522
2.843
6.6
1.1
9.1
3.3
2.1 29
1.145
2.338
3.201
1.8
54.7
52.9
3.0
.8
2.0
3.9
62.5
58.5
3.2
1.0
.3
1.6
65.6
64.0
3.6
1.8
3.9
-3.3
72.7
75.9
3.8
2.7
9.8
6.693
28.903
1.403
2.249
-263
3.4
10.3
-1.0
.3
1.4
.6
5.9
.8
.5
-1.7
13.9
22.6
1.3
-.2
.3
11.9
19.7
.6
1.6
2.8
0
16.168
16.178
-100
90
1.6
-.5
-2.0
.5
1.0
.7
10.5
9.3
.7
.5
.8
26.4
26.3
.3
-.2
2.4
8.4
8.4
.1
-.1
-.2
.8
-.1
1.4
.1
.1
.8
* 17
1.0 18
29 DISCREPANCY
14.0
13.2
12.9
.3
12.6
22
23
24
25
26
1!DEMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTOR.
REST OF THE WORLD
-4.555
42.906
47.461
1.100
1.380
7.035
-4.097
44.774
48.871
1.068
1.676
6.841
-5.623
45.303
50.926
1.036
1.949
8.608
-861
51.929
52.790
1.300
2.126
4.287
-5.606
50.047
55.653
1.012
2.116
8.734
7 NET F I N A N C I A L INVESTMENT
8
NET ACQ. OF FINANCIAL ASSETS
9
GOLD + SDR»S I D
10
U . S . DEMAND DEPOSITS
11
U . S . TIME DEPOSITS
9.213
13.702
-16
-94
-807
6.984
19.473
-90
5.131
17.770
-4.376
-616
5.600
13.508
-16
3 . 144
1.258
-1.225
-90
86
-5
-46
709
-139
1.225
12
13
14
15
16
U.S. CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
U.S.. C O R P O R A T E BONDS (2)
O P E N - M A R K E T PAPER
498
10.217
7.656
921
1.640
894
670
15.957
14.080
1.204
15.770
14.886
1.259
-2.025
-4.945
3.560
1.422
223
661
548
386
673
2.372
1.752
17
18
SECURITY C R E D I T
TRADE C R E D I T
0
892
0
761
1.303
19
MISCELLANEOUS ASSETS
U . S . BANK L I A B I L I T I E S
TO F O R E I G N A F F I L I A T E S
O I R . INVESTMENT IN U . S .
OTHER
1
2
3
4
5
6
20
21
22
NET U . S . EXPORTS
U . S . EXPORTS
U . S . IMPORTS
TRANSFER RECEIPTS FROM U . S .
U . S . GOVT. INTEREST RECEIVED
CURRENT ACCOUNT BALANCE
( U . S . BALANCE, SIGN REVERSED!
0
0
-84
282
57.893
57.611
-134
0
821
0
400
*
7.1
101.6
94.4
3.9
3.8
.6
1
2
3
4
5
6
3.1 7
16.5 8
* 9
2.9 10
3.0 11
2.3
.6
.2
.1
.3
12
13
14
15
16
3.012
-2.451
559
427
8.037
8.946
7.9
-6.2
-6.2
3.1
6.4 19
6.220
604
-3.812
3.649
-1.488
-2
568
-6.098
1.479
1.576
1.150
-2.299
8.393
1.193
-1.549
4.665
900
3.381
12.5
.8
-5.5
-5.8
1.0
-1.5
-4.3
-.2
-1.7
.2
•4
2.4
* 20
1.9 21
4.5 22
NET INCREASE IN L I A B I L I T I E S
U . S . OFF. FGN. EXCHANGE
+ NET IMF POSITION
4.489
12.489
12.639
3.760
7.908
22.210
6.8
5.3
8.8
7.8
13.5 23
24
-248
-87
-262
-432
-2 52
1.170
.3
-2.5
-1.7
-.2
-.2 24
25
26
27
FOREIGN EQUITY ISSUES
C R E D I T MARKET INSTRUMENTS
C O R P . AND FOREIGN BONDS
297
4.488
1.865
-200
4.198
-330
2.477
1.279
-69
12
6.050
1.172
5.160
-150
12.518
1.400
.5
3.2
1.0
.1
2.7
.9
5.2
.9
-.4
4.4
1.0
-.2 25
6.4 26
1.0 27
1.078
132
503
443
2.307
-.3
-.1
-.2
2.1
.2
1.0
.9
2.9
.2
1.0
1.7
2.8
.4
1.7
.7
625
920
452
508
-233
2.026
735
.3
1.8
-1.0
1.5
.9 32
1.7 33
0
-616
0
1.326
-.2 34
1.9 35
7.252
23
28
29
30
31
BANK
TO
TO
TO
LOANS N . E . C .
FGN. OFFICIAL
F G N . BANKS
OTHER F G N .
32
33
BANKERS ACCEPTANCES
U . S . G O V T . LOANS
34
35
S E C U R I T Y DEBT
TRADE DEBT
36
37
38
39
MISCELLANEOUS LIABILITIES
USG E Q U I T Y IN I B R D , E T C .
F G N . C U R R . H E L D IN U . S .
U . S . D I R . INV. A B R 0 A D ( 2 )
40
OTHER
568
170
-1.501
1.139
760
931
169
1.729
409
709
2.036
1.064
5.495
795
3.130
1.570
-.2
-81
1.066
899
-171
1.067
4.975
648
.3
2.1
.8
1.3
0
553
0
-54
0
-188
0
-700
-.2
.8
1.0
.5
.1
.5
10.201
9.372
392
8.138
750
92
2.3
.2
-.4
2.1
.4
4.1
.2
.5
3.6
-.2
4.7
.3
1.3
3.3
-.1
3.4
.3
3.9
1.2
-2.0
ISSUES
IV/78 B A S E D ON P R E L I M I N A R Y
AND
-1.735
3.176
293
313
3.272
2.389
4.247
-3.021
1.653
-680
386
324
-611
3.077
-143
3.477
8.663
3.134
IN FOREIGN
INCOMPLETE
968
3.809
215
ONLY OF NET P U R C H A S E S FROM U . S .
A C Q U I S I T I O N S FROM OTHER S O U R C E S .
(2) E X C L U D E S U . S . SECURITY
1.953
8.749
1.216
-2.928
41 DISCREPANCY
(1) C O N S I S T S
EXCLUDES
696
42
410
244
455
*
MARKETS.
INFORMATION.
*
.2
-.4
*
*
*
5.7
.3
5.4
2.0
-2.0
28
29
30
31
36
37
38
39
40
FEBRUARY 12, 1979
STATED-LOCAL GOVTS. AND FOREIGN
STATE+LOCAL GOVTS. AND FOREIGN
13
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1978
I
IV
HI
|
II
III
STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS (1)
2
3
4
210.4
152.6
13.9
43.9
236.9
165.9
16.4
54.6
266.9
187.0
18.7
61.1
296.2
207.1
21.7
67.4
327.7
225.5
25.5
76.6
301.8
208.9
22.0
70.9
307.9
214.0
22.8
71.1
315.7
217.6
24.1
73.9
327.4
226.4
25.2
75.9
329.2
225.6
26.1
77.5
338.4 TOTAL RECEIPTS, NIA BASIS
232.5
TAX RECEIPTS
26.7
SOCIAL INSURANCE RECEIPTS
79.1
GRANTS IN AID RECEIVED
5
6
7
8
9
10
202.8
191.5
11.3
7.6
9.7
-2.1
230.6
215.4
15.3
6.2
11.2
-5.0
246.3
229.6
16.7
20.7
13.4
7.2
266.6
248.9
17.7
29.6
13.1
16.4
299.8
280.2
19.6
27.8
16.0
11.8
270.7
252 = 7
17.9
31.2
13.3
17.8
278.9
260.3
18.6
29.0
13.5
15.5
284.2
265.2
19.0
31.5
11.7
19.8
297.7
277.6
20.1
29.8
18.7
i.1.1
305.8
285.8
20.0
23.4
16.8
6.6
311.6
292.2
19.4
26.8
17.0
9.8
11
12
13
14
-7.6
9.6
-.6
5.7
-12.3
2.2
.2
-2.0
-1.2
18.0
-1.2
2.1
8.5
35.4
.9
7.0
4.7
30.6
-1.6
7.8
11.4
47.2
.8
12.0
7.1
31.3
1.1
6.5
13.8
33.8
-2.7
14.0
3.4
28.9
-.3
3.7
-1.0
36.1
-.7
13.6
2.6 NET FINANCIAL INVESTMENT
23.8
NET ACQ. OF FINANCIAL ASSETS
-2.3
DEMAND D E P . + CURRENCY
-.1
TIME DEPOSITS
15
16
17
18
3.8
.8
-1.9
2.7
3.4
-.6
-.7
14.7
10.8
7.4
3.3
26.4
25.5
21.1
4.4
23.3
21.2
17.1
4.1
31.6
29.6
24.5
5.1
20.9
19.1
12.9
6.2
21.5
18.2
13.4
4.9
25.1
23.9
21.6
2.3
21.8
18.9
15.4
3.5
24.7
23.6
18.0
5.6
19
20
21
.5
2.5
.7
2.4
1.6
.6
2.7
1.3
2.3
.2
.6
1.1
1.1
1.0
1.2
1.2
2.8
.3
1.5
2.8
1.2
2.1
1.0
.7
.5
1.0
2.3
.6
1.4
1.5
22
23
24
25
26
17.3
15.5
14.8
2.7
12.1
14.5
13.2
13.0
-.3
13.2
19.2
18.5
16.5
-.9
17.4
26.9
25.9
25.7
.9
24.8
25.9
24.9
26.5
.2
26.3
3 5.3
34.8
29.9
24.2
23.2
20.4
-3.8
24.2
20.0
19.0
17.9
-3.1
21.0
25.4
24.4
31.8
.4
31.4
37.1
36.1
36.1
1.4
34.7
21.2
20.2
20.1
2.1
18.0
27
28
.7
1.8
.2
1.4
2.0
.7
.2
1.0
-1.5
1.0
4.9
1.0
2.8
1.0
1.1
1.0
-7.4
1.0
1.0
.1
1.0
7.6
7.2 DISCREPANCY
1
*
6.0
7.6
(DEMPLOYEE
RETIREMENT
TOTAL EXPENDITURES, NIA BASIS
PURCH. OF GOODS * SERVICES
NET INTEREST + TRANSFERS
NET SURPLUS, NIA BASIS
- RETIREMENT CREDIT TO HH
= GROSS SAVING
1
2
3
4
5
6
7
8
9
10
11
12
13
14
CREDIT MARKET INSTRUMENTS 15
U . S . GOVT. SECURITIES
16
TREASURY ISSUES
17
U.S. GOVT. AGENCY SEC. 18
ST.+LGC. OBLIGATIONS
MORTGAGES
TAXES RECEIVABLE
19
20
21
NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
ST.+LCC. OBLIGATIONS
SHORT-TERM
OTHER
22
23
24
25
26
U . S . GOVERNMENT LOANS
TRADE DEBT
27
28
FUNDS ARE I N
INSURANCE
SECTOR.
REST OF THE WORLD
-6.9
223.5
230.4
4.5
9.3
20.7
1
2
3
4
5
6
6.0
137.9
131.9
4.2
4.3
2.5
20.4
147.3
126.9
4.0
4.5
-11.9
7.4
163.2
155.7
4.2
4.5
1.2
-11.1
175.5
186.6
4.2
5.5
20.9
-11.8
205.2
217.0
4.5
8.5
24.8
-7.0
180.8
187.3
4.6
5.5
17.1
-23.2
172.1
195.2
4.3
6.6
34.1
-24.1
181.7
205.8
4.3
7.9
36.3
-5.5
205.4
210.9
4.3
8.5
18.9
-10.7
210.1
220.8
4.3
8.4
23.5
7
8
9
10
11
4.7
33.3
-.2
2.9
7.0
-17.0
14.2
21.9
48.4
-.2
1.9
.7
13.0
59.6
1.3
l.l
1.5
25.1
50.6
-.1
.3
-3.2
34.8
74.8
-.4
8.7
5.0
24.3
80.0
-.1
-1.4
2.8
-16.9
-5.0
-.4
.3
-.6
10.0
49.3
.1
.7
-7.7
34.8
-.1
2.5
-1.9
12
13
14
15
16
.5
11.2
3.7
.9
6.6
4.7
6.1
8.1
.6
-2.6
2.8
15.2
11.6
.9
2.7
2.7
39.5
31.5
3.7
4.4
1.8
33.5
27.5
1.1
4.9
2.0
36.2
29.0
3.7
3.5
3.6
69.2
57.8
4.8
6.5
2.7
58.2
55.3
.9
1.6
5.0
-5.3
-16.1
2,2
8.6
-.3
9.8
4.5
1.5
3.7
17
18
.1
1.7
_
-
-
_
-
_
_
_
-
1.7
4.0
1.7
2.4
3.6
3.0
5.2
-.5
3.3
1.6
*
*
*
.5
4.9
NET U.S. EXPORTS
U.S. EXPORTS
U.S. IMPORTS
TRANSFER RECEIPTS FROM U.S.
U. S. GOVT. INTEREST RECEIVED
CURRENT ACCOUNT BALANCE
(U.S. BALANCE, SIGN REVERSED)
1
2
3
4
5
6
34.8 NET FINANCIAL INVESTMENT
7
113.9
NET ACQ. OF FINANCIAL ASSETS 8
9
5.6
GOLD + SDR'S (1)
10
4.9
U.S. DEMAND DEPOSITS
11
-l.l
U.S. TIME DEPOSITS
_
71.2
66.0
-.4
5.6
U.S. CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
U.S. CORPORATE BONDS (2)
OPEN-MARKET PAPER
12
13
14
15
16
SECURITY CREDIT
TRADE CREDIT
17
18
MISCELLANEOUS ASSETS
U.S. BANK LIABILITIES
TO FOREIGN AFFILIATES
DIR. INVESTMENT IN U.S.
GTHER
19
19
10.2
.8
12.4
2.1
18.0
11.8
-14.3
12.6
-3.5
31.1
31.7
20
21
22
6.9
3.7
-.4
.1
1.4
-.7
4.5
2.7
5.2
8.9
1.6
-8.6
13.1
3.8
1.0
23.3
2.4
-13.9
10.6
-24.9
.6
2.3
9.7
6.2
4.6
-14.3
31.1
4.8
-4.8
14.6
3.6
13.5
23
28.7
31.1
42.5
26.4
46.5
25.5
40.1
55.8
11.9
39.3
79.2
1.3
.5
2.5
.2
-1.0
-.3
-1.0
-1.7
-1.0
4.7
NET INCREASE IN LIABILITIES
U.S. OFF. FGN. EXCHANGE
• NET IMF POSITION
23
24
25
26
27
-.2
15.6
2.1
.2
13.0
6.2
.3
20.4
8.5
.4
11.9
5.0
-.5
26.2
4.3
1.2
20.3
7.5
-.8
13.1
3.7
-1.3
14.7
5.1
-.3
21.3
4.7
23.4
1.8
-.6
45.4
5.6
FOREIGN EQUITY ISSUES
CREDIT MARKET INSTRUMENTS
CORP. AND FOREIGN BONDS
25
26
27
28
29
30
31
4.7
.3
3.1
1.3
3.7
.3
1.0
2.5
6.6
.9
4.1
1.7
1.6
.1
1.1
.3
12.0
1.5
6.6
3.8
7.2
.5
4.8
1.8
5.6
.7
4.3
.6
7.6
.2
5.3
2,2
4.9
-.3
1.2
4.0
18.0
2.8
11.0
4.2
17.3
3.2
9.1
5.0
BANK
TO
TO
TO
32
33
7.3
1.5
.3
2.8
1.9
3.3
2.4
3.0
6.6
3.3
2.5
3.7
1.8
2.0
-.9
2.9
8.1
3.6
-.7
4.3
19.9
2.6
BANKERS ACCEPTANCES
U.S.GOVT. LOANS
34
35
.1
.9
_
-
_
-
-
_
-
_
_
3.1
.4
.4
-.4
-2.5
5.3
2.2
-.2
-.8
-2.8
SECURITY DEBT
TRADE DEBT
34
35
36
37
38
39
40
9.0
.6
6.3
1.2
.9
16.4
.7
10.8
6.0
-l.l
19*0
l.l
12.4
3.6
1.9
13.7
.7
10.9
4.2
-2.2
21.0
1.4
8.7
4.2
6.7
7.0
.7
5.5
5.3
-4.5
22.8
.9
26.8
3.5
-8.4
41.2
1.2
16.0
10.7
13.3
-7.2
1.3
-18.7
6.1
4.1
17.6
1.5
14.3
-1.4
3.1
32-4
1.6
23.1
1.3
6.4
MISCELLANEOUS LIABILITIES
USG EQUITY IN IBRD, ETC.
FGN. CURR. HELD IN U.S.
U.S. DIR. INV. ABR0AD(2)
OTHER
36
37
38
39
40
-8.0
-.7
12.0
35.7
13.4
*
*
*
*
LOANS N.E.C.
FGN. OFFICIAL
FGN. BANKS
OTHER FGN.
-14.0 DISCREPANCY
(1) CONSISTS ONLY OF NET PURCHASES FROM U.S.
EXCLUDES ACQUISITIONS FROM OTHER SOURCES.
(2) EXCLUDES U.S. SECURITY ISSUES IN FOREIGN MARKETS.
BILLIONS OF DOLLARS.
111/78 BASED ON INCOMPLETE INFORMATION.
20
21
22
24
28
29
30
31
32
33
41
FEBRUARY 12, 1979
U.S.GOVT. + CREDIT AGENCIES
U.S.GOVT. • CREDIT AGENCIES
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1
1977
III
IV
1978
I
I
II
III
IV
1969
BILLIONS OF DOLLARS
1970
1971
1972
1973
U.S. GOVERNMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
98.011
47.077
16.002
6.566
28.366
87.402
40.522
15.566
6.414
24.900
94.545 115.715 115.289 106.053
37.344 52.148 54.986 4 8 . 7 3 9
13.587 18.334 19.381 2 0 . 4 4 7
6.342
6.988
7.386
7.180
37.272 38.245 33.536 2 9 . 6 8 7
197.0
94.8
36.2
19.0
47.0
192.1
92.2
30.8
19.3
49.7
198.6
89.9
33.5
20.4
54.9
227.5
108.2
36.6
20.0
62.8
258.3
114.6
43.0
21.2
79.4
1
2
3
4
5
106.226
35.909
63.147
7.170
-8.215
6.164
-14.379
1.135
-13.244
111.604
39.303
64.537
7.764
-24.202
148
-24.350
640
-23.710
112.574 111.917 115.173 121.313
36.942 36.946 37.858 4 2 . 2 7 2
67.236 66.475 68.327 6 9 . 4 2 1
8.396
8.496
8.988
9.620
-18.029
3.798
116 - 1 5 . 2 6 0
-1.184
1.537
6.240
630
-16.845
2.261 -6.124 - 1 5 . 8 9 0
2 89
1.097
232
355
-16.556
3.358 -5.892 - 1 5 . 5 3 5
188.4
97.5
78.1
12.9
8.5
1.6
7.0
7.0
204.2
95.6
94.3
14.3
-12.1
2.5
-14.6
.3
-14.3
220.6
96.2
110.4
14.0
-22.0
2.9
-24.9
.7
-24.2
244.7
102.1
128.1
14.6
-17.3
3.1
-20.4
.9
-19.5
265.0
102.2
144.6
18.2
-6.7
2.3
-9.0
3.2
-5.9
6
7
8
9
10
11
12
13
14
6.0
3.5
1.4
1.1
-.2
-14.5
.4
-2.0
2.5
.3
-24.6
3.9
-2.2
3.3
.1
-19.5
-.9
-.4
-1.0
.1
-7.4
3.3
*
-1.8
-.2
15
16
17
18
19
1.8
20
21
22
23
TOTAL RECEIPTS, NIA BASIS
PERSONAL TAXES
CORP. PROFITS TAX ACCRUALS
INDIRECT TAXES
SOCIAL INSURANCE RECEIPTS
TOTAL EXPENDITURES, NIA BASIS
GOODS + SERVICES
TRANSFERS, ETC.
NET INTEREST
NET SURPLUS, NIA BASIS
- INSURANCE CREDITS TO HH
= GROSS SAVING
* MINERAL RIGHTS SALES (2)
= NONFINANCIAL SURPLUS
15 NET FINANCIAL INVESTMENT
-13.682 -22.678 - 1 8 . 4 1 2
2.034
16
NET ACQ. OF FINANCIAL ASSETS 12.058 -1.109
17
GOLD, SDR»S «• OFF FGN EXCH
-214
-73
-295
18
DEMAND DEPOSITS + CURRENCY
2.813 -7.368 - 5 . 5 1 5
-188
19
-50
118
TIME DEPOSITS
3.788
7.155
-315
10.986
361
-5.741 - 1 3 . 6 1 6
16.210
3.264
-173 - 1 . 8 1 9
5.132 - 3 . 6 8 9
-221
-10
*
20
21
22
23
CREDIT MARKET INSTRUMENTS
MORTGAGE POOL SECURITIES (3)
MORTGAGES
OTHER LOANS
5.064
1.715
-193
3.542
4.340
1.480
204
2.656
5.568
1.955
-536
4.149
3.441
2.860
-563
1.144
6.030
1.365
1.113
3.552
3.260
1.550
-180
1.890
3.1
-1.3
1.0
3.5
2.8
-.1
.3
2.6
-.4
3.2
-.7
2.5
2.8
*
-.6
3.4
24
25
26
TAXES RECEIVABLE
TRADE CREDIT
MISCELLANEOUS
3.848
473
124
2.560
-873
187
904
-8.099
481
300
4.813
1.224
2 53
5.330
-200
376
392
-3.0
.9
.1
-2.6
-.8
.3
1.5
-1.7
.1
-.7
-.8
.1
1.3 24
.3 25
1.0 26
-2.5
.3
14.9
.6
28.5
.5
18.7
.5
10.8 27
.4 28
336
2.8
*
*
27
28
NET INCREASE IN LIABILITIES
TREASURY CURR. + SDR CTFS.
25.740
99
21.569
95
20.446
3.367
97
21.951
16.880
136
179
112
29
30
31
32
CREDIT MARKET INSTRUMENTS
SAVINGS BONDS
OTHER TREASURY ISSUES
AGENCY ISSUES + MTGS.
19.606
1.124
19.005
-523
20.676
1.190
19.554
-68
20.792
1.196
19.943
-347
2.582
1.158
1.548
-124
15.054
32 9
14.803
-578
14.890
-385
-3.7
-.1
-1.2
-2.4
11.9
.3
12.6
-1.0
24.9
2.3
23.7
-l.l
15.1
3.3
11.0
.8
33
34
35
LIFE + RETIREMENT RESERVES
TRADE DEBT
MISCELLANEOUS
6.164
585
-714
148
549
101
-1.184
857
-155
1.537
-185
-664
6.240
470
8
630
352
535
1.6
-.3
-.4
2.5
-.6
.5
2.9
-.7
.8
3.1
-.1
438
12.154
-1.032
13.006
1.856
12.683
-430
26.433
-151
14.568
-1.919
15.117
1.0
39.2
.2
33.4
.4
32.0
36 DISCREPANCY
37 MEMO: CORP. TAX RECEIPTS, NET
15.251
746
*
*
37.3
8.3
2.7
5.2
.4
29
30
31
32
2.3 33
.1 34
-.4 35
1.6 36
41.7 37
FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS
SPONSORED CREDIT AGENCIES
.1
.1
.2
.2
.4
1
2 N E T A C Q . OF F I N A N C I A L A S S E T S
3
DEMAND DEPOSITS + CURRENCY
1.136
48
2.797
32
5.260
-40
8.083
34
7.171
-50
7.015
155
9.2
10.3
.7
.1
3.9
18.7
2
3
4
5
6
7
8
1.025
1.472
-596
-594
-282
2.304
-1.384
-127
-353
-904
4.862
1.232
7
-237
1.462
7.993
7.558
-59
133
-48
-144
3.8
-.4
.5
-1.2
4.4
-.4
-.5
-1.2
-169
7.170
-809
-505
-552
248
1.576
239
1.337
3.261
142
3.119
2.881
1.776
1.105
5.640
1.644
3.996
6.643
2.759
3.884
6.236
2.724
3.512
LOANS TO AGRICULTURE
FARM M O R T G A G E S
L O A N S TO C O O P S (BC)
L O A N S TO F A R M E R S IFICB)
M I S C E L L A N E O U S ASSETS
921
684
-230
467
63
427
592
570
-735
461
749
768
340
-359
438
1.978
896
209
873
56
1.336
809
-200
727
51
17 NET INCREASE IN L I A B I L I T I E S
18
C R E D I T MARKET I N S T R U M E N T S
19
S P O N S . AGENCY ISSUES
20
U . S . G O V E R N M E N T LOANS
21
MISCELLANEOUS LIABILITIES
986
1.351
1.351
0
-365
2.833
2.175
2.175
0
658
5.075
4.424
4.424
0
651
7.952
6.653
6.658
0
1.294
6.959
5.989
5.989
0
970
1 CURRENT
C R E D I T MARKET INSTRUMENTS
LIQUID ASSETS
U.S.GOVT. SECURITIES
O P E N - M A R K E T PAPER
FEDERAL FUNDS + RP'S
9
10
11
12
13
14
15
16
22
SURPLUS
HOUSING CREDIT
RESIDENTIAL MORTGAGES
FHLB L O A N S TO S + L A S S O C .
3 75
905
-361
SPONSORED MORTGAGE
23 NET A C Q . OF
HOME MORTGAGES
25
MULTIFAMILY
26
FARM MORTGAGES
INCR.
IN
MORTGAGES
POOL
SECURITIES
MEMO: TOTALS FOR AGENCIES
28 CREDIT MARKET INSTRUMENTS
29
L I Q U I D ASSETS
30
HOUSING CREDIT
31
LOANS TO AGRICULTURE
3 2 NET SECURITY
(1)
IV/78
ISSUES
5.622
5.060
407
155
-.2
-.8
-.6
-
.4
.4
-.2
2.3
7.8
3.8
6.2
4.9
1.3
.2
2.9
2.9
2.8
12.5
4.'0
-2.7
1.381
870
294
217
-698
1.4
.6
.2
.6
.4
1.5
.5
.3
.7
.8
1.4
.7
7.038
5.495
5.495
0
1.543
9.1
3.8
9.1
-.3
.4
10.3
*
17.8
2.1
*
4
5
6
7
8
9
5.3 10
7.2 11
.7
.2
1.9
1.2
.3
.4
-.4
3.2
1.9
.3
l.l
.8
12
13
14
15
16
8.2
8.2
.6
1.1
l.l
3.8
3.5
3.5
18.5
16.3
16.3
2.1
-
-.5
-
.3
17
18
19
20
21
.1
.1
.1
.1
1.6
1.2
4.8
4.3
.1
.4
4.9
4.3
.3
.3
9.2
-.4
7.4
2.2
*
4.522
3.400
3.551
3.499
4.594
4.299
.7
.4
2 79
903
219
-11
63
124
171
.2
.3
4.522
3.551
12.515
3 75
9.943
2.197
10.721
-809
10.131
1.399
12.152
9.4
-.4
3.3
1.6
11.1
5.2
1.9
7.5
1.8
-1.2
11.180
9.540
10.089
75
AND POOLS—
6.944
-1.472
7.412
1.004
7.270
AND INCOMPLETE
7.926
1.384
8.728
8.653
1.232
6.597
824
5 82
7.797
8.215
POOLS.
INFORMATION.
(2)
Sales of Outer Continental Shelf leases.
(3)
From 1974, mainly Federal Financing Bank purchases
of Farmers Home Administration mortgage pool s e c u r i t i e s .
.1
-.6
3.791
3.437
5.919
GNMA, FHLMC, AND FARMERS HOME ADM.
BASED ON PRELIMINARY
*
-
2.2
.2 22
(!)
5.919
5.559
277
83
MORTGAGES
24
27 NET
POOLS
*
9.6
1.9
l.l
DISCREPANCY
FEDERALLY
*
-59
10.659
1.552
*
*
4.5
1.8
3.6
3.2
.2
.2
23
24
25
26
21.4 28
2.1 2 9
15.9 30
3.5 31
FEBRUARY 12, 1979
U.S.GOVT- + CREDIT AGENCIES
U.S.GOVT. + CREDIT AGENCIES
15
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
1977
1978
I
|
1977
III
|
IV i
1978
II
I
III
U.S. GOVERNMENT
238.6
131.1
45.9
21.7
89.9
286.2
125.4
42.8
23.9
94.2
331.4
146.8
54.8
23.4
106.4
374.5
169.4
61.3
25.0
118.7
431.6
193.2
71.7
27.9
138.7
374.3
167.6
62.0
25.4
119.3
385.5
174.8
62.9
25.6
122.2
396.2
176.8
59.6
26.5
133.3
424.7
186.7
72.6
27.9
137.6
441.7
199.7
73.6
28.2
140.1
463.8 TOTAL RECEIPTS, NIA SASIS
209.7
PERSONAL TAXES
81.2
CORP. PROFITS TAX ACCRUALS
29.0
INDIRECT TAXES
144.0
SOCIAL INSURANCE RECEIPTS
299.3
HI.I
167.3
20.9
-10.7
2.9
-13.6
6.5
-7.1
356.8
123.1
210.6
23.2
-70.6
3.8
-74.4
1.3
-73.1
385.2
129.9
228.6
26.8
-53.8
4.7
-58.5
4.0
-54.6
422.6
145.1
248.4
29.1
-48.1
6.6
-54.8
2.5
-52.3
461.0
L54.0
271.5
35.5
-29.4
7.2
-36.6
2.0
-34.6
430.7
146.8
255.0
28.9
-56.4
32.2
-88.6
4.5
-84.0
444.1
152.2
261.2
30.7
-58.6
3.0
-61.6
2.6
-59.0
448.8
151.5
264.1
33.2
-52.6
6.4
-58.9
1.2
-57.8
448.3
147.2
266.6
34.6
-23.6
7.5
-31.1
4.4
-26.7
464.5
154.0
274.2
36.3
-22.8
6.5
-29.3
.9
-28.4
482.3
163.4
281.0
37.9
-18.5
8.6
-27.1
1.4
-25.7
15
16
17
18
19
-6.9
8.1
1.4
-4.5
-73.7
17.4
.5
2.9
.1
-5 7.9
22.8
2.4
4.0
.2
-54.8
10.1
.3
-.5
.1
-34.0
28.7
-2.6
6.9
-.1
-86.4
27.3
-.9
4.0
-.2
-61.1
5.7
-.3
-11.3
.5
-57.3
18.7
-1.2
-15.7
-25.6
30.5
-1.3
24.7
1.4
-29.1
40.8
-23.9 NET FINANCIAL INVESTMENT
24.7
NET ACQ. OF FINANCIAL ASSETS
-7.3
GOLD, SDR»S + OFF FGN EXCH
6.0
DEMAND DEPOSITS + CURRENCY
*
TIME DEPOSITS
20
21
22
23
9.7
2.5
1.4
5.8
15.1
4.5
3.2
7.4
8.9
3.7
-3.1
8.2
11.8
5.3
-.2
6.7
18.3
7.7
-.2
10.7
17.4
-3.3
13.9
17.8
5.9
.8
11.0
28.6
7.8
3.1
17.7
9.8
li.4
-5.0
3.3
20.8
5.5
1.4
13.9
24
25
26
.6
.9
.1
-3.1
1.2
.7
5.8
.5
1.0
-1.6
-.8
.7
2.9
1.8
1.4
4.5
1.9
.5
1.8
-3.5
.7
1.5
-7.3
1.9
1.2
6.3
1.0
1.5
27
28
15.0
.4
91.1
.9
80.7
1.2
64.9
.3
62.6
.5
113.7
.4
66.8
.4
76.1
.5
56.0
.4
69.9
.7
8.6
.4
29
30
31
32
11.8
3.0
9.0
-.2
85.4
4.0
81.8
-.4
69.0
4.7
64.5
-.1
56.6
4.7
52.9
-.9
53.7
3.9
51.2
-1.4
80.1
4.8
77.4
-2.1
61.9
5.0
57.2
-.3
66.1
4.6
62.9
-1.4
51.4
4.3
47.6
-.5
59.4
3.6
58.1
-2.3
37.9
3.2
36.2
-1.5
33
2.9
3.8
1.6
-.7
4.7
4.8
.9
6.6
2.1
7.2
1.5
-.3
32.2
1.9
-.9
3.0
2.1
-.6
6.4
3.8
-.7
7.5
.4
-3.6
6.5
1.4
1.9
8.6
.4
1.3
-.2
45.3
.6
45.9
3.3
49.0
2.5
62.9
-.6
68.8
2.4
57.5
2.0
61.1
-.5
58.1
-l.l
79.9
.7
67.3
10
11
12
13
14
34
35
36
37
12.7
-.9
TOTAL EXPENDITURES, NIA BASIS
GOODS + SERVICES
TRANSFERS, ETC.
NET INTEREST
NET SURPLUS, NIA BASIS
- INSURANCE CREDITS TO HH
= GROSS SAVING
+ MINERAL RIGHTS SALES (2)
= NONFINANCIAL SURPLUS
14.0
6.2
-.1
7.9
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1?
18
19
CREDIT MARKET INSTRUMENTS 20
MORTGAGE POOL SECURITIES (3) 21
MORTGAGES
22
OTHER LOANS
23
TAXES RECEIVABLE
TRADE CREDIT
MISCELLANEOUS
24
25
26
NET INCREASE IN LIABILITIES 27
TREASURY CURR. + SDR CTFS. 28
CREDIT MARKET INSTRUMENTS
SAVINGS BONDS
OTHER TREASURY ISSUES
AGENCY ISSUES + MTGS.
29
30
31
32
LIFE + RETIREMENT RESERVES 33
TRADE DEBT
34
MISCELLANEOUS
35
-1.8 DISCREPANCY
69.9 MEMO: CORP. TAX RECEIPTS, NET
36
37
FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS
SPONSORED CREDIT AGENCIES
1
.6
.6
.6
.7
1.0
.7
.9
.9
1.0
1.0
2
3
18.0
5.1
4.7
7.4
.1
27.5
.1
2.0
.2
9.2
26.1
-.1
31.8
.2
26.5
-.2
25.7
.4
4
5
6
7
8
19.8
.3
.4
.9
-1.0
4.2
1.3
1.5
.1
-.3
5.0
1.7
1.5
27.6
.7
.5
-1.2
1.4
2.1
1.2
2.3
•2.4
6.2
-7.5
-2.5
-1.4
-3.6
24.7
.3
6.5
-3.4
-3.8
.2
.2
-4.9
-.9
5.8
31.8
3.6
5.7
-1.4
-.7
27.0
1.8
3.0
-2.2
1.0
26.8
-2.5
-1.7
-.2
-.6
9
10
11
14.3
7.7
6.7
-1.2
2.8
-4.0
-1.6
.4
-2.0
4.9
.5
4.3
21.4
8.9
12.5
1.3
1.2
-.1
10.5
10.4
22.7
9.9
12.8
21.9
6.6
15.3
18.8
3.8
10.0
22.2
10.3
11.9
12
13
14
15
16
5.2
2.5
1.0
1.7
-1.8
4.1
2.6
.4
.9
4.8
2.5
1.0
1.3
-.2
5.0
2.9
.6
1.4
.9
5.4
3.3
.6
1.5
-.2
4.6
2.9
-.4
2.1
-.3
3.2
2.9
1.2
-.8
3.0
2.0
2.8
1.2
-2.0
1.5
6.4
3.1
1.7
1.5
-.2
6.3
3.4
-.2
3.1
-.3
7.1
4.0
-.1
3.2
-1.5
17
18
19
20
21
17.6
17.3
16.6
.7
.3
4.8
3.2
2.3
.9
1.6
4.3
2.9
3.3
-.4
1.4
7.1
5.8
7.0
-1.2
1.3
27.0
22.6
22.6
1.6
1.7
1.7
8.9
7.2
7.2
25.2
23.7
23.7
31.7
26.1
26.1
25.9
20.4
20.4
*
*
l.l
*
*
l.l
*
*
*
-
l.l CURRENT SURPLUS
l.l
5.5
4.5
.4
NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
2
3
CREDIT MARKET INSTRUMENTS
LIQUID ASSETS
U.S.GOVT. SECURITIES
OPEN-MARKET PAPER
FEDERAL FUNDS + RP'S
4
5
6
7
8
HOUSING CREDIT
9
RESIDENTIAL MORTGAGES
10
FHLB LOANS TO S + L ASSOC. 11
LOANS TO AGRICULTURE
FARM MORTGAGES
LOANS TC COOPS {3C)
LOANS TC FARMERS (FICB)
MISCELLANEOUS ASSETS
12
13
14
15
16
2 5 . 4 NET INCREASE IN LIABILITIES
25.4
20.1
CREDIT MARKET INSTRUMENTS
20.1
SPONS. AGENCY ISSUED
U.S. GOVERNMENT LOANS
5.3
MISCELLANEOUS LIABILITIES
17
18
19
20
21
.7 DISCREPANCY
Zl
FEDERALLY SPONSORED MORTGAGE POOLS i1)
23
24
25
26
5.8
5.4
.2
•2
10.3
9.9
.5
-.1
15.7
14.5
.6
.5
20.5
19.0
1.2
.3
16.5
14.6
1.3
.5
2 3.7
22.2
1.1
.3
22.5
20.2
1.6
.6
15.2
13.7
1.1
.3
13.1
13.6
3.6
.9
18.4 NET ACQ. OF MORTGAGES
17.2
HOME MORTGAGES
.5
MULT I FAMILY MORTGAGES
.7
FARM MORTGAGES
14.2
14.0
*
.3
18.4 NET
28
29
30
31
2 5.6
.3
19.8
5.4
14.5
1.3
9.2
4.1
20.6
1.7
13.6
5.3
26.9
-3.4
25.0
5.3
44.0
.7
37.3
6.0
25.7
-1.2
22.1
4.9
28.7
-7.5
32.3
3.9
39.9
*
3 7.6
2.3
49.9
3.5
39.1
7.3
41.2
1.8
32.3
6.6
111/78 BASED ON INCOMPLETE INFORMATION.
25
26
SECURITIES
MEMC: TOTALS FOR AGENCIES AND POOLS-45.2 CREDIT MARKET INSTRUMENTS
-2.5
LIQUID ASSETS
39.9
HOUSING CREDIT
7.8
LOANS TO AGRICULTURE
34.o
BILLIONS OF DOLLARS.
I N C R . IN POOL
23
24
38.5 NET SECURITY ISSUES
28
29
30
31
3
(1)
GNMA,
FHLMC, AND FARMERS HOME ADM. POOLS.
(2)
SaLes of Outer Continental Shelf leases.
(3)
From 1974, mainly Federal Financing Bank purchases
.-.f Farmers Home Administration mortgage pool secur-
FEBRUARY 12, 1979
BANKING SYSTEM
BANKING SYSTEM
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS (* MILL.)
UNADJUSTED NET FLOWS (S MILL.)
1978
IV
I
II
BILLIONS CF DOLLARS
1970
1971
1972
III
MONETARY AUTHORITY
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
GOLD • FOREIGN EXCHANGE
4
TREASURY CURR. + SDR CTFS.
5
F.R. FLOAT
6
F.R. LOANS TO DOMESTIC BANKS
7
8
9
10
11
12
13
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
TREASURY SECURITIES
AGENCY ISSUES
ACCEPTANCES
BANK LOANS N.E.C.
MISCELLANEOUS ASSETS
14 NET INCREASE IN LIABILITIES
15
MEMBER BANK RESERVES
16
VAULT CASH OF COML. BANKS
17
18
19
20
21
DEMAND DEPOSITS + CURRENCY
DUE TO U.S. GOVERNMENT
DUE TO REST OF THE WORLD
CURRENCY OUTSIDE BANKS
MISCELLANEOUS LIABILITIES
1.459
4
76
135
-2.663
11.027
5-365
-13
165
49
149
1.648
1.032
1.854
-1.027
-1.078
-27
85
586
67
1.096
-74
180
401
-63
1.984
2.123
2.476
-353
-139
-649
-1.121
-1.896
-1.688
-1.504
-1.242
-262
-184
9.153
8.902
8.569
4.898
5.204
5.133
775
472
0
333
251
0
134
-538
1.586
151
2.797
-193
-306
0
23
0
534
5.288
-1-090
-813
4.393
3.324
4.0
6.086 - 8 . 6 1 9
4.998 - 1 2 . 4 7 8
71
-385
-162
1.402
-609
•1.399
-56
-2.726
1.030
-2,271
10.960
2.917
2.595
-5.222
-8.668
-1.602
-2.408
10.418
6.853
53
-46
852
117
-35
-92
229
3.600
1.180
3.630
226
97
89
3.075
551
-46
2.570
335
3.393
-346
20
296
*
*
-5.413
-5.285
-4.717
-568
-128
0
-56
0
4.0
-.1
.1
195
4.2
4.2
4.2
*
- .-1
5.4
-1.4
.7
.8
-2
5.0
5.0
5.0
*
-. 1
8.5
-.8
.5
.1
-.3
2.2
-.4
.7
-.4
1.9
8.1
-.2
.4
-.9
-.7
2
3
4
5
6
8.9
8.7
8.1
.6
.2
.3
.4
-.3
.7
--2
9.2
9.3
8.6
.7
*
.3
7
8
9
10
11
12
13
-. 2
.1
5.4
2.1
-.3
8.5
3.6
.5
3.3
.6
-.1
2.8
.3
3.1
-.4
•
3.5
.5
4.4
.9
.1
3.4
•2
*
-
*
2.1
-2.1
1.1
8 . 0 14
1.4 15
2 . 0 16
-.1
4.4
-.1
3.4
-.5
-.1
3.9
1.2
17
18
19
20
21
3.2
-1.1
COMMERCIAL BANKING (1)
1 CURRENT SURPLUS
2 PLANT + EQUIPMENT
3 NET ACQ. OF FINANCIAL ASSETS
4
DEMAND DEPOSITS + CURRENCY
5
TOTAL BANK CREDIT
6
CREDIT MARKET INSTRUMENTS
7
U.S. GOVT. SECURITIES
8
TREASURY ISSUES
9
AGENCY ISSUES
776
955
849
1.152
1.161
1.366
899
929
955
958
1.312
1.300
3.8
1.8
3.3
2.1
2.5
2.2
3.3
2.6
3.4
3.1
1
2
22.867
45.379
16.300
43.874
36.553
54.458
21.2
41.7
60.9
81.2
105.4
.3
83.4
86.5
-1.3
-8.8
7.6
3
4
5
6
7
8
9
25.9
5.7
.4
19.8
10
11
12
13
14
15
16
17
79
80
73
73
72
70
23.624
20.938
-2.506
-2.357
-149
32.137
30.819
2.368
1.393
9.709
13.977
42.205
40.294
737
740
-i.194
1.934
34.309
33.338
1.059
-1.351
2.410
17.6
18.6
-10.0
-9.7
975
-598
1.335
31.390
31.571
-1.749
-2.367
8.088
6.064
12.657
3.079
-128
9.706
14.760
4.233
9.032
67
10
11
12
13
OTHER SECURITIES + MTGS.
ST.+LOC. OBLIGATIONS
CORPORATE BONOS
MORTGAGES
11.512
3.258
-105
8.359
14
15
16
17
OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
11.932
5.651
6.132
18
19
20
21
22
CORPORATE EQUITIES
SECURITY CREDIT
VAULT CASH + MEM. BANK RES.
OTHER INTER3ANK CLAIMS
MISCELLANEOUS ASSETS
23 NET INCREASE IN LIABILITIES
24
DEMAND DEPOSITS, NET
25
U.S. GOVERNMENT
26
OTHER
27
23
29
30
31
32
33
TIME DEPOSITS
LARGE NEGOTIABLE CD'S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGSF.R. FLOAT
BORROWING AT F.R. BANKS
OTHER INTERBANK CLAIMS
34
35
36
37
38
CORPORATE EQUITY ISSUES
CREDIT MARKET DEBT
CORPORATE BONDS
OPEN-MARKET PAPER
FEDERAL FUNDS AND RP»S
39
40
41
42
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES
LIAB. TO FGN. AFFILIATES
OTHER
43 DISCREPANCY
607
169
446
618
.1
.2
51.3
50.6
75.4
70.5
6.9
3.8
7.1
3.1
4.0
6.5
2.4
4.1
6.0
.6
-.1
5.4
13.6
10.7
23.6
12.6
25.6
.8
2.1
1.2
9.3
-.3
7.2
1.7
7.312
-166
5.784
10.460
-3 7
8.400
7.176
2.598
7.208
-2.630
26.897
10.573
15.853
18.560
7.861
10.344
23.247
5.910
16.820
22.7
10.7
19.8
4.7
12.1
471
355
517
1.3
2.9
6.3
1.5
38.4
10.8
27.8
149
20.363
4.105
13.213
3.045
.3
-.2
62.0
11.6
51.6
-1.3
0
0
0
0
0
2.686
1.318
-4.268
1.911
-181
0
971
-1.1
.1
1.4
*
.8
.1
4.8
. 2 18
- 3 . 4 19
-2.008
2.743
-1.571
5.512
-1.241
1.686
6.073
316
-895
4.975
1.011
7.717
5.132
7.230
.3
1.8
1.5
1.8
1.8
1.4
4.1
3.3
2.0
-1.0
1.372
6.776
3 . 5 20
1 1 . 1 21
7 . 1 22
44.559
15.142
28.575 - 2 3 . 7 5 7
2.022 - 3 . 7 5 7
26.553 - 2 0 . 0 0 0
42.216
15.897
4.399
11.498
35.447
-579
40.1
4.6
9.3
2.9
6.4
59.2
13.1
79.3
20.8
2.2
.7
-554
52.936
28.131
9.045
19.086
19.1
2.474
-2.556
13.263
3.896
9.361
17.588
9.840
7.810
13.093
5.589
7.430
15.084
3.322
11.737
16.802
9.282
7.491
-9.5
-12.5
74
586
25
401
-63
21.444
-82
874
20.386
4*385
16.567
6
-62
-66
-1.648
1.032
2.743
1.854
-1.027
-1.078
874
1.686
225
781
157
385
239
197
75
-816
7.830
165
220
5
889
-1.201
6.936
67
-92
1.096
1.372
-25
4.975
29
2.797
-193
5.132
18
24
1.628
1.827
2.003
-1.133
41
978
609
56
430
126
966
96
1.341
16.8
*
*
4.6
2.9
.2
*
1 . 8*
*
6.7
-.2
4.3
2.6
7-4
2.3
4.4
102.4
12.9
-1.0
13.9
23
24
25
26
27
28
29
30
31
32
33
10.9
20.1
41.4
42.3
8.7
9.8
32.4
33.0
.4
.8
.2
1.8
.3
.1
-.3
3.3
-.5
-.4
1.9
2-3
5 0.9
20.0
30.3
.6
-.9
-.7
11.1
.1
.6
1.4
.9
-.4
1.0
1.2
4.0
1.1
.7
2.2
1.2
15.1
*
2.2
12.9
34
35
36
37
38
-.2
7.3
.2
7.1
.1
12.7
*
12.7
39
40
41
42
-4.0
.1
-1.9
-2.2
*
0
0
150
150
.1
.3
9.283
-1.488
10.771
-150
9.230
1.576
7.654
150
-2.686
3.649
-6.335
13.833
8.393
5.440
-1.734
4.665
-6.399
15.4
12.5
-6.4
-5.8
-4.3
2.9
-.6
3.9
-1.799
-1.026
-1.675
-1.688
-1.109
-1.510
IV/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
16.8
38.0
15.2
22.4
5.130
6.220
-1.090
CONSISTS OF CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES,
EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS IN U.S.
POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES."
669
.1
36.6
35.0
10.8
*
-.4
FEBRUARY 12, 1979
BANKING SYSTEM
BANKING SYSTEM
17
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1978
1974
1975
1976
IV
1977
I
II
III
MONETARY AUTHORITY
1.1 CURRENT SURPLUS
2
3
4
5
6
6.5
.1
.5
-1.1
-1.0
11.2
.1
1.0
1.7
-.1
9.8
.1
1.4
-1.1
-.2
8.6
7
8
9
10
11
12
13
6.2
5.2
2.0
3.2
.9
8.5
8.4
7.4
1.0
.1
9.8
10.0
9.1
.9
-.1
7.1
7.2
5.8
1.4
14
15
16
6.4
-1.2
1.0
17
18
19
20
21
7.0
.4
.2
6.3
-.3
-
1.8
*
*
.6
1.2
.2
*
-
13.2
1.5
.6
2.7
.9
-2.1
-.1
.7
-5.6
1,1
11.1
.3
.5
5.0
.7
-5.7
.2
.6
-1.0
-.6
34.1
-.1
.3
-.1
3.4
13.7
-.3
.7
3.6
-2.8
7.0
7.3
7.7
-.4
-.4
2.1
2.6
4.0
-1.4
6.2
4.3
1.2
3.1
1.9
-4.2
-3.5
-2.5
-1.0
-.7
30.1
29.1
27.8
1.3
1.0
12.4
13.6
13.3
.3
-1.2
-.2
-
-.6
.5
-1.5
.5
.1
11.0
.2
.6
9.8
-.9
-.1
8.3
1.7
1.8
12.7
4.4
1.5
-2.3
-12.0
-8.1
10.9
25.0
8.1
-5.9
-7.6
-5.2
33.8
7.3
1.6
13.4
-13.5
-1.0
10.6
4.5
10.6
3.1
.2
7.3
.3
4.9
-3.3
6.3
-3.0
.1
9.3
.5
16.5
-.1
-.2
16.8
1.3
-20.9
-26.3
.2
5.2
-1.4
6.3
-4.5
-.2
11.0
.5
24.0
15.0
-»l
9.2
.9
27.5
17.4
-.4
10.5
.4
6.2*
-.5
8.3*
-.1
10.7 NET ACQ. OF FINANCIAL ASSETS
6.3
GOLD + FOREIGN EXCHANGE
.6
TREASURY CURR. + SDR CTFS.
8.4
F,Rc FLOAT
3.7
F.R. LOANS TO DOMESTIC BANKS
-10.5
-10.0
-7.7
-2.3
-.5
2.1
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
TREASURY SECURITIES
AGENCY ISSUES
ACCEPTANCES
BANK LOANS N.E.Co
IS
MISCELLANEOUS ASSETS
9.6 NET INCREASE IN LIABILITIES
31.2
MEMBER BANK RESERVES
10.7
VAULT CASH OF COML. BANKS
-32.7
-40.0
.9
6.4
,4
14
15
16
DEMANO DEPOSITS + CURRENCY
DUE TO U.S. GOVERNMENT
DUE TO KEST OF THE WORLD
CURRENCY OUTSIDE BANKS
MISCELLANEOUS LIABILITIES
COMMERCIAL BANKING 11)
1
2
2.6
4.1
2.8
4.6
3.4
4.6
3.2
4.4
4.0
4.6
3.5
4.6
3.5
4.6
3.4
5.5
3.6
3.7
3.8
3
4
5
6
7
8
9
86.9
-.2
62.2
64.5
1.0
-2.6
3.6
32.9
.1
29.7
27.6
30.1
28.8
1.4
80.9
-.2
65.2
58.0
19.7
18.2
1.5
105.0
.5
86.4
85.8
-.1
-.9
.8
151.2
.3
117.6
119.2
.8
-5.5
6.3
118.2
.3
121.5
103.1
-3.8
-3.3
-.5
126.4
.3
65.2
77.9
-8.7
-11.5
2.8
119.0
.3
104.9
113.7
1.1
-5.0
6.1
146.0
.3
137.2
127.2
15.6
7.8
7.8
174.8
.3
151.1
143.6
-1.2
-3.8
2.6
10
11
12
13
19.4
5.5
1.1
12.8
7.3
1.7
1.8
3.8
16.8
3.0
-.6
14.3
36.4
9.2
-.1
27.4
42.5
8.4
-.3
34.4
46.3
15.2
-.4
31.5
33.0
1.5
.7
30.8
34.2
8.4
-.7
26.5
39.5
4.2
-.5
35.8
59.1
13.9
.3
39.9
37.3
2.2
-.1
35.2
OTHER SECURITIES + MTGS.
ST.+LOC. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
10
11
12
13
14
15
16
17
44.1
3.6
38.3
2.2
-9.9
2.9
-13.9
1.1
21.5
11.4
6.4
3.7
49.5
17.0
32.2
.3
75.9
26.9
50.2
-1.3
60.5
16.5
40.9
3.1
53.6
18.5
30.9
4.3
78.3
22.4
63.0
-7.0
72.1
34.4
33.5
4.2
85.8
25.0
56.6
4.2
67.3
26.0
47.9
-6.6
OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
1*
15
16
17
18
19
.1
-2.4
.2
1.9
_
_
_
7.2
.6
-1.6
20
21
22
-.3
10.0
15.2
.8
-6.1
8.3
-1.0
4.9
12.0
3.5
.5
14.1
5.9
13.2
14.2
-20.2
11.0
5.5
23
24
25
26
84.4
.6
-5.1
5.7
31.0
5.0
-1.7
6.7
79.0
12.2
-.1
12.3
100.2
23.7
4.3
19.4
145.7
19.7
9.7
10.0
27
28
29
30
31
32
33
57.0
28.5
28.3
.2
-1.1
-1.0
10.0
30.1
-10.1
39.7
.5
1.7
-.1
-6.1
40.5
-17.5
58.7
-.7
-1.1
-.2
4.9
54.6
12.0
42.8
-.2
1.2
.2
.5
65.9
22.6
43.2
.1
2.7
.9
13.2
34
35
36
37
38
1.0
-3.1
.2
3.5
-6.7
1.0
-2.1
.2
-3
-2.6
1.6
5.1
.7
-.8
5.2
.6
5.5
.6
1.3
3.7
39
40
41
42
.1
20.8
6.9
13.9
-.3
1.8
.1
1.7
_
_
16.0
4.5
11.4
14.0
8.9
5.0
5.3 CURRENT SURPLUS
5.2 PLANT + EQUIPMENT
164.9 NET ACQ. OF FINANCIAL ASSETS
.3
DEMAND DEPOSITS + CURRENCY
77.2
TOTAL BANK CREDIT
92.2
CREDIT MARKET INSTRUMENTS
-12.4
U.S. GOVT. SECURITIES
-21.0
TREASURY ISSUES
8.7
AGENCY ISSUES
-15.0
CORPORATE EQUITIES
SECURITY CREDIT
33.1
3.5
24.2
-12.7
6.7
19.8
5.5
-5.9
-14.5
19.9
18.0
110.7
21.5
5.5
16.0
124.7
41.6
15.2
26.4
112.2
-19.0
-14.0
-4.9
141.6
37.4
12.5
24.8
169.2
20.2
-4.6
24.9
70.6
15.6
55.0
66.9
17.5
49.6
-.3
-1.0
-.6
6.7
62.L
-5.6
1.1
11.0
61.3
39.4
22.2
-.2
5.0
.7
3.5
39.5
.3
-.1
3.4
5.5
78.6
13.3
65.2
.1
3.6
-2.8
19.9
55.9
37.1
18.6
.1
8.4
3.7
20.5
.2
12.3
.2
4.3
7.8
.9
3.1
.6
1.5
1.0
-3.3
.7
.9
-4.8
.3
31.3
3.6
27.7
.5
3.9
.4
8.0
-4.5
.1
6.5
.2
3.9
2.4
.1
7.3
.2
1.7
5.4
.3
30.6
13.1
17.5
-.2
8.3
23.3
-15.0
-.1
15.3
10.6
4.7
.3
27.2
.6
26,6
29.0
6.2
22.8
.4
42.7
31.1
11.6
.4
23.5
14.6
8.8
-2.8
-8.9
-4.6
-5.5
-4.9 DISCREPANCY
-8.6
*
41.9
20.5
25.0
VAULT CASH + MEM. BANK RES.
OTHER INTERBANK CLAIMS
MISCELLANEOUS ASSETS
159.9 NET INCREASE IN LIABILITIES
40.1
DEMAND DEPOSITS, NET
44.8
U.S. GOVERNMENT
-4.6
OTHER
TIME DEPOSITS
LARGE NEGOTIABLE CD'S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.
F.R. FLOAT
BORROWING AT F.R. BANKS
OTHER INTERBANK CLAIMS
CORPORATE EQUITY ISSUES
CREDIT MARKET DEBT
CORPORATE BONDS
OPEN-MARKET PAPER
FEDERAL FUNDS AND RP'S
PROFIT TAXES PAYABLLMISCELLANEOUS LIABILITIES
LIAB. TO FGN. AFFILIATES
OTHER
CONSISTS GF CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES,
EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS IN U.S.
POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES."
BILLIONS OF DOLLARS.
I 11/78 BASED ON INCOMPLETE INFORMATION.
3
4
5
6
*
8
9
lb
19
20
2)
2?
23
24
25
26
2~,
28
29
30
31
32
36
37
3«
3<?
40
FEBRUARY 12, 1979
COMMERCIAL BANKING SUBSECTORS
18
COMMERCIAL
SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL
UNADJUSTED NET FLOWS IS MILL.)
UNADJUSTED NET FLOWS 1$ MILL.)
1
1977
III
IV
1
1978
I
11
III
IV
COMMERCIAL
1 CURRENT SURPLUS
2 PLANT + E Q U I P M E N T
3 NET A C Q . OF FINANCIAL ASSETS
TOTAL BANK C R E D I T
4
5
C R E D I T MARKET INSTRUMENTS
6
U.S. GOVT. SECURITIES
7
T R E A S U R Y ISSUES
8
AGENCY ISSUES
BANKING SUBSECTORS
BANKING
1969
BILLIONS GF DOLLARS
1970
1971
1972
1973
BANKS
776
1.152
955
1.161
849
1.366
899
929
955
958
1.312
1.300
3.8
1.8
3.3
2.1
2.5
2.2
3.3
2.6
3.4
3.1
1
2
19.960
23.187
20.597
-2.453
-2.308
-145
42.865
30.195
29.182
2.306
1.299
1.007
14.477
9.444
13.753
765
-558
1.323
41.405
40.327
38.046
322
-1.513
1.835
31.556
29.061
29.661
-1.770
-2.372
602
49.881
33.027
32.232
1.056
-1.348
2.404
13.8
12.0
13.1
-10.1
-9.8
-.3
38.0
34.7
33.2
10.9
7.0
3.8
58.2
51.0
50.2
7.2
3.2
4.0
73.1
73.4
68.8
6.0
2.1
3.9
93.7
77.9
80.8
-1.3
-8.8
7.5
3
4
5
6
7
8
9
10
11
12
OTHER S E C U R I T I E S + M T G S .
ST.+LOC. OBLIGATIONS
C O R P O R A T E BONDS
MORTGAGES
11.375
3.136
-81
8.320
8.006
592
139
7.275
6.077
370
-184
5.891
12.726
3.053
-143
9.816
14.734
4.205
29
10.500
9.005
631
-51
8.425
5.8
.6
-.1
5.3
13.3
10.5
.8
2.0
23.6
12.8
1.2
9.6
25.3
7.1
1.4
16.8
25.6 9
5.6 10
.4 11
19.6 12
13
14
15
16
17
OTHER C R . E X C L . SECURITY
CONSUMER C R E D I T
BANK LOANS N . E . C .
O P E N - M A R K E T PAPER
SECURITY C R E D I T
11.675
5.651
5.875
149
2.590
18.870
4.105
11.720
3.045
1.013
6.911
2.598
6.943
-2.630
-4.309
24.998
10.573
13.954
471
2.281
16.697
7.861
8.481
355
-600
22.171
5.910
15.744
517
795
17.5
4.7
11.5
1.3
-1.1
9.1
2.9
4.7
1.5
1.4
19.4
7.4
11.7
.3
.8
37.6
10.8
26.9
-.2
4.7
56.5
11.6
46.2
-1.3
-3.0
13
14
15
16
17
13
19
20
21
-500
INTERBANK C L A I M S
VAULT C A S H + M E M . B K . R E S . - 2 . 0 0 8
1.509
D E P . AT F G N . BANKING A G S .
LOANS TO F G N . BANKING A G S .
-1
6.766
5.512
-6 02
1.856
158
-1.241
1.504
-105
1.129
316
-2
815
1.909
-895
1.836
968
10.478
7.717
-36
2.797
.6
.3
.1
.2
2.1
1.8
.2
.1
5.7
4.1
-.1
1.6
2.4
-1.0
2.5
.8
10.9
3.5
2.3
5.1
18
19
20
21
22
MISCELLANEOUS
5.904
-2.727
4.875
-51
586
6.376
1-2
1.3
1.5
2.3
23 NET INCREASE IN L I A B I L I T I E S
24
DEMAND D E P O S I T S , N E T
U.S. GOVERNMENT
25
OTHER
26
18.537
-944
2.474
-3.418
13.319
42.045
29.452 •-24.012
2.022 -3.757
2 7 . 4 3 0 --20.255
39.747
15.992
4.399
11.593
30.450
-1.169
-25
-1.144
48.359
26.860
9.045
17.815
11.6
4.6
4.6
36.4
5.1
2.9
2.2
56.6
13.0
2.2
10.7
76.2
24.1
.7
23.4
90.8
12.9
-1.0
13.9
27
28
29
TIME D E P O S I T S
LARGE N E G O T I A B L E C D ' S
OTHER
13.257
3.896
9.361
17.650
9.840
7.810
20.952
4.385
16.567
13.019
5.589
7.430
15.059
3.322
11.737
16.773
9.282
7.491
-9.7
-12.5
2.9
37.6
15.2
22.4
41.1
8.7
32.4
42.8
9.8
33.0
50.3 27
20.0 28
30.3 29
30
31
32
33
C O R P O R A T E EQUITIES
C O R P O R A T E BONDS
SECURITY R.P-'S
PROFIT TAXES PAYABLE
225
157
239
0
197
165
-1.201
0
75
5
6.936
150
126
96
-1.133
-150
18
41
609
150
24
56
1.341
150
-.2
2.6
.1
.1
.1
-2.2
.3
.6
.9
1.0
1.2
1.1
2.2
-.2
1.2
*
12.9
.1
30
31
32
33
34
35
36
37
38
39
40
619
INTERBANK L I A B I L I T I E S
-1.648
F.R. FLOAT
B O R R O W I N G AT F.R. BANKS
1.032
DEM. D E P . OF F G N . B K . A G S .
536
-76
TIME D E P . OF F G N . B K . A G S .
0
LOANS FROM A F F I L I A T E S
LOANS FROM F G N . B K . A G S .
775
447
1.854
-1-027
-104
-52
0
-224
-724
-1.078
67
600
-133
0
-180
2.241
5 86
1.096
575
65
0
-81
2.509
401
-63
1.641
-ill
0
641
4.975
2.797
-193
1.087
119
0
1.165
1.5
1.6
.1
-.3
1.3
.1
2.5
.8
.2
1.2
.1
.1
.1
.3
.1
.5
-.4
1.9
-1.2
.3
-.4
.2
2.1
-.9
-.7
2.6
.1
-.4
1.4
34
35
36
37
38
39
40
41
42
43
MISCELLANEOUS LIABILITIES
L I A B . TO F O R E I G N BRANCHES
OTHER
4.984
5.599
-615
-4.665
2.367
-7.032
9.937
-1.547
11.484
9.556
1.172
8.384
13.233
7.285
5.948
-1.820
4.061
-5.881
12.7
11.4
1.3
-7.1
-6.0
-1.1
-1.5
-4.9
3.4
4.5
-.2
4.7
11.3 41
-.8 42
12.0 43
-1.799
-1.026
-1.675
-1.688
-1.109
-1.510
-.2
-.4
-1.3
-1.2
-2.6 44
ASSETS
44 D I S C R E P A N C Y
DOMESTIC
1 NET A C Q . OF F I N A N C I A L A S S E T S
BANK LOANS N . E . C .
2
3
L O A N S TO A F F I L I A T E BANKS
4 NET INCREASE IN L I A B I L I T I E S
C O M M E R C I A L PAPER ISSUES
5
6
MISCELLANEOUS LIABILITIES
*
*
*
*
.8
.6
AFFI LIATES OF COMMERCIAL
*
*
4.9 22
23
24
25
26
BANKS
24
24
0
600
600
0
-515
-515
0
357
357
0
76
76
0
-794
-794
0
4.5
3.9
.6
-.9
-1.0
•1
.2
-.1
.3
-.6
-.2
-.4
1.3
1.7
-.4
1
2
3
24
385
-361
600
220
380
-515
889
-1.404
357
2.003
-1.646
76
978
-902
-794
430
-1.224
4.5
4.3
.2
-.9
-1-9
1.1
.2
-.4
.6
-.6
.7
-1.3
1.3
2.2
-1.0
4
5
6
2.0
.1
-.2
-.2
3.2
1.7
.3
-.5
*
1.3
*
.1
.3
1.1
9.9
3.9
.1
*
*
3.7
1
2
3
4
5
6
7
.2
-.4
2.6
.1
1.4
2.1
8
9
10
11
12
13
9.9
*
.6
2.3
5.1
14
15
16
17
18
EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
1 NET A C Q . OF F I N A N C I A L ASSETS
C R E D I T MARKET I N S T R U M E N T S
2
U.S. GOVERNMENT SECURITIES
3
4
STATE + LOCAL O B L I G A T I O N S
5
CORPORATE BONDS
BANK L O A N S N . E . C .
6
O P E N - M A R K E T PAPER
7
8
9
10
11
12
13
CORPORATE EQUITIES
SECURITY CREDIT
DEM. D E P O S I T S AT C O M L .
TIME D E P O S I T S AT C O M L .
LOANS TO BANKS
MISCELLANEOUS ASSETS
BANKS
BANKS
14 NET INCREASE IN L I A B I L I T I E S
15
DEMAND D E P . IN MONEY STOCK
16
TIME D E P O S I T S
17
D E P O S I T S OF BANKS
18
LOANS FROM B A N K S
19
20
21
MISCELLANEOUS LIABILITIES
DUE T O FOREIGN A F F I L I A T E S
OTHER
2.704
222
-92
104
-23
233
0
1.735
942
20
-4
33
893
0
2.140
728
-26
-24
-2
780
0
1.895
1.888
418
-66
-6
1.542
0
4.698
1.788
6
-21
16
1.787
0
5.171
1.860
3
-2
-11
1.870
0
0
96
536
-76
775
1.151
0
305
-104
-52
-224
868
0
41
600
-133
-180
1.084
0
-370
575
65
-81
-182
0
419
1.641
-111
641
320
0
176
1.087
119
1.165
764
2.704
862
6
1.509
-1
1.735
-877
-62
-602
1.856
2.140
255
-66
1.504
-105
1.895
-95
74
-2
815
4.698
590
25
1.836
968
5.171
1.271
29
-36
2.797
1.8
328
621
-293
1.420
1.282
138
552
59
493
1.103
404
699
1.279
1.108
171
1.110
604
506
1.8
1.3
*
*
1.3
•
4.0
2.7
-.1
.2
*
-
2.6
•1
*
-
.4
.1
.1
-1.2
.3
.2
2.1
.2
.1
.2
4.0
4.2
.4
.2
.1
2.0
.2
.3
-.1
1.6
3.2
-3.3
-.5
2.5
.8
1.4
1.2
.2
-.8
.2
-1.0
.7
-.7
.8
.1
-.6
*
-
1.2
.1
.1
-.1
*
3.6
.4
3.2
1.9 19
.7 20
1.2 21
BANKS IN U.S. POSSESSIONS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS + CURRENCY
3
CREDIT MARKET INSTRUMENTS
4
U.S. GOVERNMENT SECURITIES
5
STATE + LOCAL OBLIGATIONS
6
CORPORATE BONDS
7
HOME MORTGAGES
8
COMMERCIAL MORTGAGES
9
MISCELLANEOUS ASSETS
179
79
95
39
18
-1
-51
90
5
179
80
95
42
19
-3
-33
70
4
198
73
11
-2
100
20
53
-160
114
10 NET INCREASE IN DEPOSIT LIAB.
IV/78 BASED ON PRELIMINARY
AND INCOMPLETE
217
73
3
0
92
21
66
-176
141
223
72
46
15
49
22
49
-89
105
2 00
70
40
0
40
25
55
-80
90
,5
,1
1
.1
.9
*
*
*
1
*
3
5
INFORMATION.
.5
.1
.3
.2
*
*
*
.1
.1
.5
.5
.2
.3
.2
.1
*
*
*
*
.5
.5
.3
.1
-.1
.1
*
*
.1
.1
1
2
3
4
5
6
7
8
9
.5 10
FEBRUARY 1 2 ,
1979
COMMERCIAL BANKING SUBSECTORS
19
COMMERCIAL BANKING SUBSECTORS
SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
SEASONALLY ADJUSTED ANNUAL RATES
1977
1
1
1978
1
1977
IV
III
1978
I
I
II
III
IV
COMMERCIAL BANKS
2
2.6
4.1
2.8
4.6
3.4
4.6
3.2
4.4
4.0
4.6
3.5
4.6
3.5
4.6
3.4
5.5
3.6
3.7
3.8
3.8
3
4
5
6
7
8
74.4
55.7
58.1
1.2
-2.4
3.6
36.5
31.3
29.3
30.3
28.7
1.6
77.0
64.6
57.7
19.3
17.9
1.4
103.7
87.2
86.9
-.1
-.9
.9
137.3
111.9
113.7
.4
-5.8
6.2
106.5
119-8
101.7
-3.6
-3.1
-.4
116.3
57.4
71.4
-8.9
-11.9
3.0
111.7
103.8
112.8
1.2
-4.8
6.1
136.2
129.7
118.2
14.0
6.5
7.4
154.8
141.8
136.0
-1.3
-3.8
2.5
9
10
11
12
18.6
5.2
1.0
12.3
7.1
1.6
1.3
3.7
16.3
2.6
-.7
14.3
36.2
9.2
-.2
27.3
42.5
8.3
-.3
34.6
45.8
14.7
-.3
31.4
32.6
1.5
.6
30.6
34.2
8.1
-.7
26.9
39.8
4.1
-.6
36.2
59.0
18.8
-I
40.1
37.2
2.1
-.2
35.3
13
14
15
16
17
38.3
3.6
32.5
2.2
-2.4
-8.2
2.9
-12.2
l.l
2.1
22.1
11.4
7.0
3.7
6.9
50.8
17.0
33.5
.3
.3
70.8
26.9
45.1
-1.3
-1.8
59.5
16.5
39.8
3.1
18.1
47.7
18.5
24.9
4.3
-14.0
77.3
22.4
61.9
-7.0
-8.9
64.5
34.4
25.9
4.2
11.5
73.3
25.0
49.2
4.2
5.8
63.0
26.0
43.5
-6.6
-15.7
OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
SECURITY CREDIT
13
14
15
16
17
18
19
20
21
5.7
-.3
3.1
2.9
-2.4
.8
-2.9
-.3
.7
-1.0
1.3
.4
4.1
3.5
-.4
1.0
13.7
5.9
3.3
4.5
-14.1
-20.2
6.0
38.2
33.1
-2.4
7.4
-7.1
-12.7
6.0
-.4
12.2
8.9
-3.3
-14.5
7.3
3.9
52.9
41.9
-.1
11.2
INTERBANK CLAIMS
VAULT CASH + MEM. BK. RES.
DEP. AT FGN. BANKING AGS.
LOANS TO FGN. BANKING AGS.
18
19
20
21
22
12.9
7.6
11.7
12.3
11.8
.9
20.7
15.0
-5.7
16.3
21.5
MISCELLANEOUS ASSETS
11
23
24
25
26
71.9
-1.1
-5.1
3.9
34.6
5.5
-1.7
7.2
75.1
10.8
-.1
10.9
98.9
23.9
4.3
19.6
131.9
17.7
9.7
8.0
99.1
18.1
5.5
12.5
114.7
45.1
15.2
29.9
104.9
-20.0
-14.0
-6.0
131.7
37.7
12.5
25.2
149.3
17.9
-4.6
22.5
27
28
29
56.8
28.5
28.3
29.6
-10.1
39.7
41.1
-17.5
5 8.7
54.8
12.0
42.8
65.8
22.6
43.2
70.6
15.6
55.0
61.5
39.4
22.2
67.1
17.5
49.6
61.8
22.4
39.5
78.5
13.3
65.2
55.8
37.1
18.6
30
31
32
33
1.0
.2
-6.7
.1
1.0
.2
-2.6
-.3
1.6
.7
5.2
.6
.6
3.7
.3
.7
-4.8
-.1
27.7
.3
.5
.4
-4.5
~
.9
.6
1.0
-.2
.3
-
.2
.2
7.8
.3
.1
.2
2.4
.4
.1
.2
5.4
.4
34
35
36
37
38
39
40
1.9
-l.l
-1.0
4.3
.1
-.2
-.2
-1.2
1.7
-.1
-2.7
-.1
1.9
-l.l
-.2
2.9
1.3
1.2
.2
-.8
-.1
9.0
2.7
.9
3.9
-.1
.4
-5.6
1.1
2.1
-.3
4.1
5.0
.7
-.4
-.2
-.4
-1.0
-.6
2.4
-.5
5.5
-.1
3.4
2.3
.3
9.5
3.6
-2.8
6.6
-.4
21.5
8.4
3.7
4.3
.5
-.1
-
-.3
-.8
1.5
-
3.1
-
-.9
-
-.7
-
-.3
-
2.6
-
4.7
41
42
43
19.8
4.5
15.2
2.5
1.4
1.2
13.8
3.5
10.3
14.1
8.7
5.3
30.9
11.0
19.9
7.7
20.8
-13.1
7.4
5.5
1.9
29.9
.4
29.5
30.3
4.6
25.8
40.3
26.7
13.6
23.1
12.2
10.9
44
-3.9
-3.7
-3.1
-6.0
-6.0
-8.6
-2.8
-8.9
-4.6
-5.5
-4.9 DISCREPANCY
1
*
DOMESTIC
.6
1.3
-.7
.7
AFFILIATES
OF COMMERCIAL
-.9
-.9
-.3
-.3
3.5
-2.7
*
-.9
4.3
-5.2
.1
1.5
-1.4
*
3.3
•
*
5.3 CURRENT SURPLUS
5.2 PLANT + EQUIPMENT
146.5 NET ACQ. OF FINANCIAL ASSETS
72.1
TOTAL BANK CREDIT
87.8
CREDIT MARKET INSTRUMENTS
-12.4
U.S. GOVT. SECURITIES
-21.0
TREASURY ISSUES
8.6
AGENCY ISSUES
3
4
5
6
7
8
OTHER SECURITIES + MTGS. 9
ST.+LOC. OBLIGATIONS
10
CORPORATE BONDS
11
MORTGAGES
12
141.6 NET INCREASE IN LIABILITIES
35.1
DEMAND DEPOSITS, NET
44.8
U.S. GOVERNMENT
-9.7
OTHER
-
1
2
23
24
25
26
TIME DEPOSITS
LARGE NEGOTIABLE CD'S
OTHER
27
28
29
CORPORATE EQUITIES
CORPORATE BONDS
SECURITY R.P.'S
PROFIT TAXES PAYABLE
30
31
32
33
INTERBANK LIABILITIES
F.R. FLOAT
BORROWING AT F.R. BANKS
DEM. OEP. OF FGN. BK. AGS.
TIME DEP. OF FGN. BK. AGS.
LOANS FROM AFFILIATES
LOANS FROM FGN. BK. AGS.
34
35
36
MISCELLANEOUS LIABILITIES
LIAB. TO FOREIGN BRANCHES
OTHER
41
42
43
37
38
39
40
44
BANKS
-3.2 NET ACQ. OF FINANCIAL ASSETS
-3.2
BANK LOANS N.E.C.
LOANS TO AFFILIATE BANKS
1
2
3
.3
3.9
-3.6
-3.2 NET INCREASE IN LIABILITIES
1.7
COMMERCIAL PAPER ISSUES
-4.9
MISCELLANEOUS LIABILITIES
4
5
6
18.8
7.2
*
-.1
.1
7.1
-
20.7 NET ACQ. OF FINANCIAL ASSETS
7.4
CREDIT MARKET INSTRUMENTS
*
U.S. GOVERNMENT SECURITIES
*
STATE + LOCAL OBLIGATIONS
*
CORPORATE BONDS
7.5
BANK LOANS N.E.C.
OPEN-MARKET PAPER
L
2
3
4
5
6
7
2.4
2.4
-2.1
-2.1
1.4
1.4
.3
.3
2.4
.9
1.5
-2.1
3.6
-5.6
1.4
8.0
-6.6
EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
-4.1
-1.5
-.3
-.1
1
2
3
4
5
6
7
11.7
5.0
.1
4.9
-1.2
8
9
10
11
12
13
.1
4.3
.1
-.2
2.5
.2
-.2
-2.7
-.1
-.1
.1
14
15
16
17
18
11.7
1.8
.2
3.1
2.9
19
20
21
3.7
2.4
1.4
*
*
*
*
3.7
*
*
*
-.3
.3
-.1
-2.1
-.2
.1
*
13.9
6.3
.4
-.1
*
10.8
.9
-.4
.4
-.1
.9
-
6.9
3.8
.1
*
.1
3.6
1.2
-.4
-.2
-.9
3.5
-1.9
6.0
_
_
_
.2
2.9
.3
.4
*
.3
-.8
-.1
.8
1.8
.3
3.9
-.1
1.5
2.0
.4
2.1
-.3
3.1
4.6
-4.1
-.5
.5
-2.9
-.3
3.7
1-3
-.7
1.3
.4
-.1
-.2
-.2
-.4
1.0
13.9
2.0
.1
3.3
4.5
10.8
3.4
*
6.0
*
-1.0
-1.3
.3
1.3
1.1
.2
-.3
.2
-.4
4.0
2.2
1.9
1.3
2.5
-1.2
8.6
2.9
-.1
-.1
*
3.1
7.6
7.6
1.7
-.3
*
6.2
-
-
-
-
-
-
.2
2.4
-.5
-.7
4.3
-1.5
2.3
.3
-.3
-.7
1.7
6.6
-.4
2.6
1.3
6.9
-3.5
-.2
-2.4
7.4
8.6
1.0
-.3
6.0
-.4
7.6
-.4
.3
*
3.3
18.8
2.4
.1
7.3
3.9
5.7
5.1
.6
2.2
.2
2.0
4.4
1.6
2.8
5.1
4.4
.7
4.4
2.4
2.0
.8
.3
.9
.3
.9
.3
.2
.1
.2
.1
.2
-.4
.4
.8 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
.3
CREDIT MARKET INSTRUMENTS
.2
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
.2
CORPORATE BONDS
.1
HOME MORTGAGES
.2
COMMERCIAL MORTGAGES
-.3
MISCELLANEOUS ASSETS
.4
.7
4.3
.5
4.7
3.1
CORPORATE EQUITIES
8
SECURITY CREDIT
9
DEM. DEPOSITS AT COML. BANKS 10
TIME DEPOSITS AT COML. BANKS II
LOANS TO BANKS
12
MISCELLANEOUS ASSETS
13
20.7 NET INCREASE IN LIABILITIES
14
5.1
DEMAND DEP. IN MONEY STOCK 1 « ?
.1
TIME DEPOSITS
16
-.1
DEPOSITS OF BANKS
17
11.2
LOANS FROM BANKS
18
MISCELLANEOUS LIABILITIES
DUE TO FOREIGN AFFILIATES
OTHER
19
20
21
BANKS IN U.S. POSSESSIUNS
1
2
3
4
5
6
7
8
9
.1
-.2
.5
-.2
.2
.4
-.2
10
.1
*
.1
.8
.5
.3
.2
-.1
.1
.6
.4
-.2
.6
.1
.4
.1
.1
-.1
-.1
1.1
•4
.8
1.1
.1
.4
.1
.1
*
*
.2
BILLIONS OF DOLLARS.
*
*
.1
.8
.3
.1
*
.3
.1
.2
-.5
.5
7
3
4
2
1
.7
.3
.4
.2
.1
*
2
*
-.1
4
.3
*
.8
111/78 BASED ON INCOMPLETE INFORMATION.
*
*
*
.4
.1
.2
-.6
.5
*
.4
.1
.3
-.7
.6
-
.8 NET INCREASE IN DEPOSIT LIAB.
10
FEBRUARY 1 2 , 1979
NONBANK FINANCE SUMMARY
20
NONBANK FINANCE SUMMARY
PRIVATE NONBANK FINANCIAL INSTITUTIONS
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1977
III
IV
|
|
BILLIONS CF DOLLARS
1970
1971
1972
1978
II
II
PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL
I CURRENT SURPLUS
Z PHYSICAL INVESTMENT
3 NET A C Q . OF FINANCIAL ASSETS
4
DEMAND DEPOSITS + CURRENCY
5
TIME + SVGS. ACCOUNTS
9
10
11
12
13
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE + FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
OTHER LOANS
14
15
16
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
17 NET INCREASE IN LIABILITIES
18
TIME + SAVINGS ACCOUNTS
?.9
INSURANCE + PENSION RESERVES
20
CORPORATE EQUITY ISSUES (1)
21
22
23
24
25
26
27
?Q
29
30
31
32
CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
MORTGAGE LOANS IN PROCESS
OTHER MORTGAGES
BANK LOANS N.E.C.
OPEN-MARKET PAPER
MONEY MARKET FUND SHARES
FHLB LOANS
SECURITY R P ' S
SECURITY CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES
2.347
100
2.133
3 83
2.250
556
2.653
448
2.743
436
2.471
521
.1
1.2
2.2
1.2
4.8
1.6
5.0
2.2
4.7
2.0
I
2
46.731
23 7
-386
49.657
1.097
2.228
41.210
-1.075
3.975
51.316
614
69
47.977
1.648
-147
54.825
801
2.030
47.5
-.4
-.6
56.4
.4
1.1
86.3
.7
2.4
106.4
1.5
1.7
90.7
.1
-.2
3
4
5
1.044
43.498
7.007
2.686
7.687
18.973
4.596
2.549
3.399
39.847
-543
2.632
11.122
19.246
4.605
2.785
-1.472
36.348
3.923
2.528
7.274
13.403
1.231
7.989
969
45.864
4.323
3.089
8.630
20.027
6.851
2.944
1.841
39.945
4.631
3.001
6.561
17.513
5.870
2.369
3.516
48.259
2.880
3.765
9.713
16.449
6.453
8.999
12.2
38.6
-1-8
.9
8.0
16.6
4.8
10.1
11.3
41.5
3.0
1.9
12.3
17.9
1.5
4.8
19.3
59.7
13.7
32.5
5.0
4.6
16.4
79.2
5.6
4.6
12.2
44.2
6.7
6.0
13.1
78.8
.9
3.6
11.8
44.8
8.7
9.0
6
7
8
9
10
11
12
13
591
278
1.469
246
270
2.570
295
300
2.839
1.919
310
1.571
2.148
320
2.222
-2.575
330
2.464
-3.5
.4
.9
-1.3
.5
2.9
2.6
.3
1.3
3.7
1.2
2.7
44.318
16.888
15.223
-647
46.242
13.914
13.423
572
39.743
17.858
13.567
341
51.025
13.446
16.233
45.601
14.662
16.460
-259
51.289
13.418
16.109
729
50.0
7.9
19.7
6.3
57.1
17.0
21.9
4.6
82.1
40.5
24.4
2.9
102.3
46.0
26.1
1.6
87.5
27.8
30.6
.3
17
18
19
20
4.071
1.636
612
21
163
-212
20
1.33 7
494
11.983
2.860
191
-31
1.728
4.188
424
3.119
-496
5.440
2.234
503
133
-2.072
1.328
1.609
1.105
600
13.887
2.202
1.218
23
1.584
2.834
1.331
3.996
699
7.489
1.382
-411
-41
730
118
1.580
3.884
247
14.586
1.648
-487
7
962
6.054
2.401
3.512
489
12.6
1.0
5.2
2.6
.6
.1
-.1
.6
4.5
2.9
2.0
.1
1.9
.3
13.1
4.0
1.2
.5
5.9
1.2
4.0
1.3
-
-2.7
21.1
3.5
-1.5
.3
8.9
2.7
7.2
-
21
22
23
24
25
26
27
28
29
2.657
324
5.802
1.835
181
4.334
-4.241
523
6.255
2.505
7
4.925
559
504
6.186
953
411
5.083
-3.0
.1
6.4
1.0
•2
7.1
22
33 DISCREPANCY
II)
INCLUDES
INVESTMENT COMPANY
-69
*
.2
1.3
6.0
-
4.0*
-
1.1
-.1
8.8
*
.3
4.1
.2
11.2
-4.3 14
.6 15
2.7 16
-3.4 30
.1 31
11.0 32
-1.586
SHARES.
SAVINGS INSTITUTIONS COMBINED
1.6
1.5
1.9
2.2
2.8
1
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS + CURRENCY
4
TIME DEPOSITS
21.986
22
-799
19.552
320
801
22.518
-466
2.114
20.768
72
-1.392
21.196
1.078
-2.032
18-355
43
-2
14.0
-.2
-.6
20.8
43.3
-.2
2.8
51.6
•4
1-7
37.9
*
-1.0
2
3
4
5
6
7
8
9
122
22.516
921
249
68
53
17.230
-815
203
168
103
19.185
3.037
-75
241
-9
21.975
420
180
145
-64
20.923
1.617
187
-227
44
16.998
523
180
143
.2
14.6
-.4
.3
17.4
1.3
.3
1.2
.5
39.9
3.4
.2
3.9
.6
48.2
3.8
.5
2.1
.4
36.9
.7
.1
-l.l
5
6
7
8
9
18.306
15.436
1.430
1.440
0
16.493
13.684
1.285
1.523
1
13.061
10.588
1.373
1.099
1
17.372
15.335
1.061
975
1
14.979
11.980
1.419
1.579
1
13.700
10.971
1.291
1.437
1
12.2
9.3
1.5
1.3
11.7
8.0
2.2
1.5
27.8
18.4
5.3
4.1
-.1
37.7
27.7
4.8
5.2
32.7
24.5
3.3
4.9
*
10
11
12
13
14
2.560
54
358
125
1.512
28
-359
1.148
1.433
11
1.477
1.582
3.582
150
126
122
2.836
140
1.391
1.291
2.040
58
354
1.272
2.0
2.6
.1
1.9
.3
3.1
.1
.9
.7
3.6
-4
.6
1.6
15
16
17
18
20.781
16.888
2.800
85
1.008
18.340
13.914
5.149
86
-809
21.296
17.858
2.050
118
1.270
19.3 73
13.446
6.316
73
-462
19.807
14.662
4.041
113
991
17.046
13.418
3.960
112
-444
41.6
40.5
-.1
.1
1.1
49.1
46.0
2.0
35.1
27.8
6.0
*
1.2
19
20
21
22
23
1 CURRENT SURPLUS
10
11
12
13
14
15
16
17
18
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
STATE AND LOCAL GOVT. SEC.
CORPORATE BONDS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
FARM
CONSUMER INSTALMENT CREDIT
CONSUMER NONINSTAL. CREDIT
MONEY MARKET INSTR.
MISCELLANEOUS ASSETS
19 NET INCREASE IN LIABILITIES
20
SAVINGS ACCOUNTS
21
C R . M K T . INSTR. ISVGS*LN)
22
PROFIT TAX LIABILITY
23
MISCELLANEOUS LIABILITIES
24 DISCREPANCY
IV/78 BASED ON PRELIMINARY AND INCOMPLETE
INFORMATION.
*
*
*
*
1.0
*
*
1.4
*
.5
-.1
1.8
2.0
12.6
7.9
4.1
19.6
17.0
1.8
*
.7
.6
*
*
*
1.1
FEBRUARY 12, 1979
NONBANK FINANCE SUMMARY
NONBANK FINANCE
PRIVATE NONBANK FINANCIAL
SEASONALLY ADJUSTED ANNUAL
SUMMARY
21
INSTITUTIONS
SEASONALLY ADJUSTED ANNUAL
RATES
I
I
1977
III
|
IV j
RATES
1978
II
III
PRIVATE NONBANK
I
2
4.7
2.6
3.9
5.4
6.2
3.8
8.4
1.8
10.1
3
4
5
76.5
113.8
155.3
185.7
195.3
.6
5.3
.6
4.0
.9
-.8
1.0
3.5
2.0
5*9
5.7
9.4
61.7
92.3
22.6
12.5
133.2
22.0
6
7
8
9
10
11
12
13
6.2
5.6
9.1
17.3
23.6
26.0
29.2
34.8
47.9
5.2
5.4
3.7
9.8
9.5
163.8
19.6
10.9
31.4
70.3
14.3
17.3
3.8
1.6
10.2
9.3
2.2
2.0
L0.3
1.8
10,7
1.7
182.7
1.1
7.8
168.8
-4 = 0
10.2".
203.1
'3,6
2.3
205.9
6.3
4.4
203.5 NET ACQ. OF FINANCIAL ASSETS
*
DEMAND DEPOSITS * CURRENCY
6.3
TIME + SVGS. ACCOUNTS
4.6
192.1
16.4
15.1
28.0
69.3
23.7
39.1
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE * FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
OTHER LOANS
6
7
6
9
10
11
12
13
-10.3
1.3
8.9
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
14
15
16
190.7 NET INCREASE IN LIABILITIES
58.7
TIME *• SAVINGS ACCOUNTS
66.4
INSURANCE + PENSION RESERVES
2.6
CORPORATE EQUITY ISSUES 11)
17
18
19
20
8.0
177.5
30.3
10.5
36.5
73.2
13.3
12.7
4.6
157.5
2.2
10.5
34.4
80.8
15.8
13.7
-1.8
152.1
3.2
10.1
31.8
62.9
16.3
27.9
5.1
174.4
12.6
36,3
:0.0
21.9
)0„6
11.4
£63.1
20-5
11.8
32.7
66.8
19.7
11.6
7.7
1.2
6,8
8.6
1.3
10.8
i'?8.4
5 4.5
S5.3
1V7.4
71.9
64.2
-.7
14
15
16
-1.6
.5
4.3
1.0
.6
5.8
4.6
1.2
3.7
2.8
1.1
7.3
1.8
1.3
9.1
2.4
l.l
7.6
1.0
l.l
9.6
1.2
1.2
9.8
17
18
19
20
76.1
22.1
33.2
114.0
59.4
39.6
149.0
69.2
48.2
176.4
69.9
57.0
187.7
59.4
62.4
-.7
-.4
-.6
192.8
81.4
59.4
-2.3
170.3
60.1
55.4
2.0
164.1
52.4
53.6
1.1
21
22
23
24
25
26
27
28
29
16.2
-.4
2.8
1.9
.4
4.5
5.2
1.7
.4
-3.6
-3.7
.7
1.3
3.0
14,1
7.9
3.0
.1
-.1
1.2
.1
-.1
2.0
41.9
11.1
2.9
-.1
4.7
13.2
1.7
10.4
-2.0
39.4
9.8
2.6
.5
-1.5
6.3
6.4
12.8
2.4
1.5
.1
?. S
11.8
5,3
15.3
2.8
27*6
6*9
-1.1
-.2
2,0
2.7
6,3
10.0
1.0
52.6
6.6
.3
*
1.7
20.5
9.6
11.9
2.0
18.3
.7
21.1
-10.7
.9
20.6
-3.7
1.1
25.3
1.5
18.3
10.5
1.5
22.6
-15.1
1.8
23.6
1.9
-1.4
.2
4.6
.3
2.4
6.7
1.5
*
.8
26.5
41.4
9.6
3.1
•
7.5
.8
.1
1.2
*
10.3
.1
-.1
3.4
.2
4.3
.9
2.6
.1
8.5
.5
1.3
.7
-.2
1.4
-4.0
*
-2.0
6.9
12.5
2.0
30
31
32
-3.2
8.5
13.0
18.7
20.9
22.4
33
1.6
-1.3
-4.0
-2.7
.5
*
1
2
201.5
.9
4.1
170.4
15.8
12.4
32.2
67.4
20.4
22.3
4.9
10.2 CURRENT SURPLUS
2.1 PHYSICAL INVESTMENT
.4
3
4
5
CREDIT MARKET INSTRUMENTS
CORPORATE BONOS
MORTGAGE LOANS IN PROCESS
OTHER MORTGAGES
BANK LOANS N.E.C.
OPEN-MARKET PAPER
MONEY MARKET FUND SHARES
FHLB LOANS
SECURITY RP»S
21
22
23
24
25
26
27
28
29
SECURITY CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES
30
31
32
-4.7 DISCREPANCY
33
(1) INCLUDES INVESTMENT COMPANY SHARES.
SAVINGS INSTITUTIONS COMBINED
1
2.1
1.9
2.3
3.1
3.5
2
3
4
30.7
59.9
73.8
82.8
.2
1.1
.5
4.8
.1
-.1
88.1
.1
5
6
7
8
9
.7
.7
-1.3
.2
.2
.1
.4
.1
26.9
52.0
10.4
71.4
84.8
79.1
1.2
3.5
9.1
.9
2.8
6.7
.5
1.2
5.6
.5
.3
1.3
.3
.9
2.9 CURRENT SURPLUS
93.5
-.7
2-4
86.5
.7
2.1
80.7
-3.4
2c8
78.9
3.4
-3.6
,5
89.1
9.4
1.0
.3
.2
79.6
-.4
.8
.7
.4
76.2
.4
-.3
1.0
69.6
5 8.6
5.7
5.3
72.0
60.4
5.4
6.2
60.0
48.3
6-2
5.5
10
11
12
13
14
19.8
14.7
32.3
24.5
49.5
40.6
65.1
54.9
59.1
48.9
1.7
3.4
2.6
5.3
3.3
5.6
5.2
5.0
5.1
5.1
15
16
17
18
3.1
.1
1.4
2.4
4.7
.2
-.5
2.6
6.0
.1
3.0
2.3
7.9
.2
3.3
2.2
9.9
.4
3.3
4.3
7.2
.2
1.4
2.2
7.7
.1
-1.4
3.9
19
20
21
22
23
28.6
22.1
57.9
59.4
-2.2
70.6
69.2
83.6
69.9
11.9
77.5
59.4
16.4
.1
.6
.2
1.2
.3
1.5
.4
1.4
88.9
81.4
5.6
.3
1.6
24
.1
-.9
-1.5
-1.8
-1.4
*
6.3
.1
.2
*
-.2
BILLIONS OF DOLLARS.
*
*
*
*
-
IM/78 BASED ON INCOMPLETE INFORMATION
*
*
9.2
69.6
3.3
-3.2
82.1 NET A C Q . OF F I N A N C I A L ASSETS
-.3
DEMAND D E P O S I T S + CURRENCY
-1.3
TIME D E P O S I T S
78,.1
5.0
*7
.6
-.3
82.7
1U7
e7
-.9
»2
79.3
5.2
.7
.6
59.5
53,0
3.3
3.2
56.0
44.4
5.7
5.9
61.1
49.8
5.4
5.8
*
*
#
*
CORPORATE E Q U I T I E S
CREDIT MARKET INSTRUMENTS
U . S . G O V T . SECURITIES
STATE AND LOCAL G O V T . S E C
C O R P O R A T E BONDS
MORTGAGES
HOME M O R T G A G E S
MULTI-FAMILY
COMMERCIAL
FARM
2
3
4
5
6
7
3
9
10
11
12
13
14
C O N S U M E R INSTALMENT CREDIT 15
C O N S U M E R N O N I N S T A L . CREDIT 16
MONEY MARKET INSTR.
17
18
MISCELLANEOUS ASSETS
5.9
4.8
11.2
.6
.5
1.0
9.0
.6
5.6
7.1
81.3
60.1
20.7
.3
.2
75„8
52.4
18.4
.4
4.7
73.5
54.5
21.0
.4
-2.4
84.3
71.9
10.5
.4
1.5
76.5 NET INCREASE IN L I A B I L I T I E S
58.7
SAVINGS A C C O U N T S
15.7
C R . MKT, INSTR. JSVGS+LN)
.5
PROFIT TAX L I A B I L I T Y
1.7
MISCELLANEOUS LIABILITIES
19
20
21
22
23
-1.9
-1.4
-1.6
-1.6
-2.6 DISCREPANCY
24
*
10. 1
.2
1.4
4-2
FEBRUARY 12, 1979
SAVINGS INSTITUTIONS
22
SAVINGS INSTITUTIONS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS (S MILL.*
UNADJUSTED NET FLOWS ($ MILL.)
1978
II
II
IV
1969
BILLIONS CF DOLLARS
1970
1971
1972
SAVINGS AND LOAN ASSOCIATIONS
1 CURRENT
SURPLUS
2 NET ACQ. OF F I N A N C I A L
ASSETS
3
4
MORTGAGES
CONSUMER CREDIT
5
6
7
OTHER ASSETS
DEMAND DEPOSITS + CURRENCY
TIME DEPOSITS
8
9
U.S. TREASURY SECURITIES
U.S.G. AGENCY SEC.
10
11
12
STATE+LOCAL GOVT SEC.
OPEN-MARKET PAPER
F E D . FUNDS + RP»S
13
MISCELLANEOUS
14 NET INCREASE IN LIABILITIES
15
SAVINGS SHARES
16
CREDIT MARKET INSTRUMENTS
17
CORPORATE BONDS
18
MORTGAGE LOANS IN PROCESS
19
BANK LOANS N.E.C.
20
FHLB ADVANCES
21
SECURITY RP«S
22
PROFIT TAXES PAYABLE
23
MISCELLANEOUS LIABILITIES
24 DISCREPANCY
25 MEMO: ACQ. OF CREDIT MKT. INST
17.440
16.206
386
14.899
14.378
273
16.040
11.265
176
16.295
15.537
276
17.401
13.006
365
14.807
11.951
393
9.3
9.5
.2
14.1
9.8
.3
29.8
23.8
.8
37.1
32.0
.9
28.a
26.5
1.1
2
3
4
9
-134
248
-89
234
4.599
-30
634
482
-220
-84
4.030
1.050
-350
2.463
-406
100
-.3
-.2
4.0
-.2
.4
5.3
-.2
1.7
4.2
.3
1.0
1.2
-.2
-.7
5
6
7
-871
1.211
16
-42
608
49
-1.884
478
150
-73
392
1.040
2.006
418
-97
-334
388
1.614
-2.345
2.674
22
169
212
54
448
648
15
186
780
1.253
-755
1.830
10
229
220
1.235
•1.5
1.2
-1.3
1.9
-.8
3.0
-.5
2.4
-1.6
2.3
*
-1.3
1.3
1.3
8
9
10
11
12
13
16.564
12.986
2.800
100
612
257
1.337
494
85
693
14.056
9.667
5.149
551
191
1.784
3.119
-496
86
-846
15.187
12.192
2.050
50
503
-208
1„105
600
118
827
15.287
9.594
6.316
428
1.213
-25
3.996
699
73
-696
16.364
11.819
4.041
127
-411
194
3.884
247
113
391
13.846
10.697
3.960
260
-487
186
3.512
489
112
-923
8.4
3.9
4.1
26.9
20.2
6.0
-1.5
.4
7.2
*
.6
14
15
16
17
18
19
20
21
22
23
*
*
.2
*
*
.1
4.0
*
.4
*
1.8
*
1.5
1.0
.5
13.3
10.9
1.8
29.0
27.8
-.1
-
.6
-.1
1.3
*
.6
*
-
*
.5
.4
.2
35.5
32.6
2.0
-
2.0
.7
-2.7
1.2
.4
-
.3
.1
1.2
*
*
.9
-336
-282
-224
-344
-392
-506
.3
.3
.4
-.1
.1 24
17.516
13.714
13.822
16.545
15.448
13.878
9.6
12.2
28.4
35.7
28.3 25
3.1
4.7
.1
.2
10.4
-.1
.2
11.0
.1
.2
.3
3.8
-.1
.4
.6
9.7
.2
1.1
.5
2.1
MUTUAL SAVINGS BANKS
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS + CURRENCY
4
TIME DEPOSITS
2.888
-21
-58
2.621
382
27
3.675
-461
50
2.213
265
-92
2 .935
5
125
2.771
425
182
*
*
5
6
7
8
9
10
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. TREASURY SECURITIES
U.S.G. AGENCY SEC.
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
122
2.769
88
388
231
68
53
2.051
-297
770
53
168
103
4.015
-218
702
22
241
-9
1.981
-373
327
158
145
-64
2 .831
-132
503
172
-227
44
2.083
-172
305
170
143
.2
3.0
-.6
.2
.3
1.2
.5
9.5
.1
.8
.2
3.9
11
12
13
14
15
MORTGAGES
CONSUMER CREDIT
COMMERCIAL PAPER
SECURITY RP»S
MISCELLANEOUS ASSETS
2.003
199
-221
13
76
2.025
10
189
-867
108
1.696
149
-90
1.513
-32
1.735
244
-28
-227
68
1 .868
222
251
174
38
1.641
91
685
-780
37
2.7
.1
.1
.2
-.1
1.8
.1
-2
.1
.2
3.9
.1
.2
.2
.3
5.5
.1
-.1
.1
.5
2.356
315
2.329
37
2.980
443
1.712
234
2.107
600
2.067
479
2.6
.2
4.4
.1
9.9
-.1
10.2
-2
1.6
2.0
.2
3.1
.1
3.5
.1
2.1
.3
.4
1.4
.3
.1
1.0
.9
2.0
-2
1.8
.6
2.9
.5
.2
2.2
2.9
3.3
16 SAVINGS DEPOSITS
17 MISCELLANEOUS LIABILITIES
*
*
6.0
.1
.2
.4 5
5.0 6
-.5 7
.1 8
* 9
-1.1 10
5.7
.2
-.1
.7
.2
CREDIT UNIONS
.2
1 CURRENT SURPLUS
10 CREDIT UNION
SHARES
1.658
34
19
-626
2.231
105
97
2.029
2.032
27
13
527
1.465
118
90
1.257
2.803
25
12
1-418
1.348
129
100
1.119
2.260
27
14
-1.230
3.449
137
100
3.212
2.686
2.140
IV/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
860
23
11
-1.818
2.644
150
105
2.389
777
24
13
-297
1.037
-685
108
1.614
1.7
1.4
11
12
13
14
15
4.7 16
.6 17
18 DISCREPANCY
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS + CURRENCY
4
TIME DEPOSITS
5
SAVINGS + LOAN SHARES
6
CREDIT MARKET INSTRUMENTS
7
U.S. GOVERNMENT SECURITIES
8
HOME MORTGAGES
9
CONSUMER CREDIT
2
3
4
3.2
.1
.2
-.6
3.6
.5
.4
2.7
FEBRUARY 12 t 1979
SAVINGS I N S T I T U T I O N S
SAVINGS
SECTOR S T A T E M E N T S
SEASONALLY
ADJUSTED
ANNUAL
OF SAVING
AND
RATES
SEASONALLY
I
i
1978
SAVINGS AND LOAN
1977
III
IV
I
i
II
III
62.2
52.1
1.2
69.5
43.1
1.3
-.3
20.2
2.2
-i.4
.8
*
.4
5.9
2.6
„1
.7
3.1
6.9
-1.4
7.3
•
.9
.9
3.6
ASSOCIATIONS
1.8 C U R R E N T
-1.3
-.5
2.8
1.0
.9
5.5
-2.4
2.5
-.6
5.6
-.1
.3
1.6
4.2
1.1
4.8
.1
-.2
2.4
1.3
-6.0
1.9
.6
-.3
1.6
3.1
-1.3
1.7
-.4
-1.3
1.6
5. i
-5.9
10.7
.1
.7
.8
i.O
-.1
.2
1.1
1.2
3.1
2.4
4.3
.9
.3
1.0
16.4
.9
.8
.1
12.5
2.0
.4
-.4
67.0
59.7
5.6
«4
3.0
.3
—• i
2.0
.3
1.4
63.8
42.3
20.7
2.2
2.9
7.1
10.4
-2.0
.3
.5
55.5
35.7
18.4
.2
2.6
.3
12.8
2.4
.4
Ul
58.4
40.1
21.0
1.7
1.5
-.4
15.3
;i.8
.4
-3.1
65.5
54.5
10.5
.5
-1.1
»1
10.0
1.0
.4
6 3 . 3 NET INCREASE IN L I A B I L I T I E S
46.9
SAVINGS SHARES
15.7
CREDIT MARKET INSTRUMENTS
1.0
C O R P O R A T E BONOS
.3
MORTGAGE LOANS IN PROCESS
.6
BANK LOANS N . E . C
11.9
FHLB ADVANCES
2.0
SECURITY RP'S
.5
PROFIT T A X E S PAYABLE
.3
MISCELLANEOUS LIABILITIES
14
15
16
17
18
19
20
21
22
23
-.1
-.7
-l.l
-1.5
-1.2
-1.4
-1.0
-1.2
-1.4
- 2 . 3 DISCREPANCY
24
36.0
52.5
65.7
59.7
70.9
62.4
53.8
59.3
61.8
6 3 . 4 M E M O : ACQ. OF C R E D I T
12.7
-1.2
8.9
i.5
-.4
13.8
10.9 NET A C Q . OF F I N A N C I A L ASSETS
-.4
DEMAND DEPOSITS + CURRENCY
TIME D E P O S I T S
.7
67.4
58.2
64.5
51.8
.7
.9
1.0
1.1
1.2
5
6
7
5.4
12.2
7.7
.2
-.6
8.0
-.1
-.1
11.6
3.7
.7
.1
-.1
2.1
1.6
-1.3
41.4
42.8
-2.2
51.5
50.2
64.2
51.0
11.9
.1
1.9
-.3
.1
1.7
.2
-4.0
-2.0
.1
.1
.7
22.3
16.0
6.3
-
-1.4
-.4
6.7
1.5
.1
-.1
*
24
25
21.4
.3
4.4
1.3
4.1
.6
.9
-1.4
2.0
*
4.9
.1
*
2.7
1.8
60.7
44.3
MUTUAL
SAVINGS
6 7 . 4 NET A C Q . OF F I N A N C I A L
54.1
MORTGAGES
1.5
CONSUMER C R E D I T
OTHER A S S E T S
DEMAND D E P O S I T S
TIME D E P O S I T S
3.8
5
6
7
8
9
10
.2
2.8
-.4
.2
11
12
13
14
15
16
17
*
.2
11.5
.1
.1
13.8
*
-
12.5
*
*
11.6
13,8
10.3
.2
.3
1.0
-.2
-.4
.1
.2
9.6
-.1
3.4
.2
.7
.2
.1
.4
.1
.5
12.9
11.7
10.9
12.2
2.2
1.7
.6
3.5
1.1
2.9
.9
2.8
.1
2.6
.4
1.2
-.9
1.8
.5
.3
.6
2.4
.9
.3
2.2
.2
.1
-.3
.5
2.3
.2
.1
-.1
.6
4.1
.2
.5
.4
.7
6.5
.4
.1
.6
.3
6.9
.7
.8
.7
.1
8.0
.8
-.9
,1
-3.5
•4
3.1
.3
11.2
13.0
11.1
12.3
-.1
.1
.4
8.9
1.8
.2
.2
.4
*
1.0
.5
-.3
13,6
-2.4
7.8
12.4
-1.4
1.9
.1
1.0
1.1
.6
.6
-.3
2„9
.7
-.9
1
.3
.3
.4
.4
.5
2
3
4
5
6
7
8
9
3.3
.2
.1
.4
2.7
.4
.1
2.3
5.8
8.3
.1
.3
•
5.4
1.1
.5
3.8
6.4
-.1
-.2
.6
6.0
.6
.5
4.9
6.7
.1
.1
LO
3.0
5.5
BILLIONS
*
OF D O L L A R S .
6.0
111/78
*
.8
7.3
.5
.4
6.5
7.8
B A S E D ON
-1.9
8.5
-.3
.4
8.3
6.2
INCOMPLETE
MKT. INST
5
6
7
8
9
10
11
12
13
25
.8
6.3
.6
-.4
6.1
-.4
6.9
1.0
-.1
-.9
.1
7.5
.9
1.0
.7
.2
9.4
-.2
8.2
3.5
7.1
.3
11.6
8.1
*
.8
1.3
SURPLUS
2
3
4
.2
9.8
.5
1.5
.7
.6
CORPORATE E Q U I T I E S
CREDIT MARKET INSTRUMENTS
U.S. TREASURY SECURITIES
U . S . G . AGENCY S E C .
STATE -*• LOCAL O B L I G A T I O N S
C O R P O R A T E BONDS
5
6
7
3
9
10
6.6
.4
2.7
MORTGAGES
CONSUMER C R E D I T
COMMERCIAL PAPER
SECURITY RP'S
M I S C E L L A N E O U S ASSETS
11
12
13
14
15
-3.1
.6
8.5 SAVINGS D E P O S I T S
1.4 M I S C E L L A N E O U S L I A B I L I T I E S
-.4
CREDIT
CURRENCY
2
3
4
BANKS
10.6
*
.9
ASSETS
U . S . T R E A S U R Y SECURITIES
U . S . G . AGENCY S E C .
STATE+LOCAL GOVT SEC.
OPEN-MARKET PAPER
FEO. FUNDS + RP»S
MISCELLANEOUS
.6 C U R R E N T
2
3
4
1
.4
.3
53.7
44.9
14
15
16
17
18
19
20
21
22
23
SURPLUS
59.1
52.8
42.7
29.5
1.2
.3
-.2
1.8
1.9
RATES
67.4
63.6
1.1
23.6
17.6
8
9
10
11
12
13
A D J U S T E D ANNUAL
1978
70.4
61.2
1.4
2
3
4
.4
*
INSTITUTIONS
23
INVESTMENT
16
17
DISCREPANCY
UNIONS
.5 C U R R E N T
9.4
.1
.1
3.1
6.1
.4
.4
5.2
8.8
.1
.1
1.0
7.6
.5
.4
6.7
8.9
.1
8.9
8.3
8.5
INFORMATION.
*
*
8.8
.5
.4
7.8
7.8
.1
.1
6.3
.1
-2.9
10.6
-2.3
*
.5
.4
9.6
8.4
.6
.4
7.4
7.3
5.8
SURPLUS
3.8 NET A C Q . OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
.1
TIME D E P O S I T S
.1
-2.5
6.1
-2.7
.4
8.4
SAVINGS + LOAN SHARES
CREDIT MARKET INSTRUMENTS
U . S . G O V E R N M E N T SECURITIES
HOME M O R T G A G E S
CONSUMER CREDIT
3.3 C R E D I T UNION SHARES
1
2
3
4
5
6
7
8
9
10
FEBRUARY 1 2 , 1979
INSURANCE + PENSION FUNDS
24
INSURANCE + PENSION FUNDS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS i*
UNADJUSTED NET FLOWS {$ MILL,)
MILL.)
1978
II
BILLIONS OF DOLLARS
1970
1971
1972
III
LIFE INSURANCE COMPANIES
1 CURRENT SURPLUS
2 PHYSICAL INVESTMENT
3 MET A C Q . OF FINANCIAL ASSETS
4
DEMAND DEPOSITS + CURRENCY
10
11
12
13
CORPORATE E Q U I T I E S
CREDIT MARKET INSTRUME.NTS
U . S . GOVERNMENT S E C U R I T I E S
STATE * LOCAL OBLIGATIONS
CORPORATE BONOS
MORTGAGES
OPEN-MARKET PAPER
POLICY LOANS
MISCELLANEOUS ASSETS
14 NET INCREASE IN L I A B I L I T I E S
15
L I F E INSURANCE RESERVES
16
PENSION FUND RESERVES
17
PROFIT TAXES PAYABLE
18
MISCELLANEOUS L I A B I L I T I E S
19
DISCREPANCY
924
396
•TsFG
96 3
644
634
989
624
1.010
448
1.010
557
1.0
.8
1.3
1.0
1.6
1.2
2.0
1.1
2.3
1.2
1
2
7.971
36
9.235
4 73
3.392
-608
8.489
-43
10.046
-59
10.256
580
9.5
9.9
.1
12.7
14.4
.2
16.9
.1
3
4
67
409
7.674
-224
-72
5.857
2.077
-662
698
449
300
9.363
906
58
3.598
2.325
1.835
641
442
339
8.912
356
249
3.896
2.612
1.089
710
425
1.7
6.9
-.2
3.6
8.2
-.1
.1
5.5
i.l
.6
1.0
.9
3.5
9.7
.1
1.7
2.1
.8
2.5
.9
2.0
7.0
.1
.1
1-5
2.3
.8
2.2
.8
3.6
12.3
-.2
*
5.9
4.4
*
2.2
.9
5
6
7
8
9
10
11
12
13
8.936
2.152
4.553
-60
2.291
9.371
2.226
4.881
247
2.017
9.509
2.336
4.784
140
2.249
9.3
4.9
2.9
-1
1.4
10.2
5.1
3.3
.1
1.7
12.6
6.1
4.5
-.1
2.1
13.6
6.5
4.3
15.4
7.2
5.5
*
2.7
14
15
16
17
18
812
-113
-294
7.1
.1
.1
7.3
-2
-.4
6.9
.3
8.5
-.2
.8
1
2
3
4.6
2.2
.2
2.1
8.9
-1.5
-.3
-.7
-.5
7.3
-.8
1.0
-.8
-.9
.2
5.3
2.5
.7
2.1
-.4
.1
4
5
6
7
8
9
9.5
.4
1
2
171
7.131
843
131
3.286
1.216
1.175
430
633
351
7.8C1
8.463
671
22
695
-36
5.952
2.695
-1.960
4.002
1.198
£.209
*21
MO
4 70
7.65 8
2.029
3.575
186
1.868
6.590
2.0C5
4.233
215
-299
79
2„?73
395
3.022
1.979
'J ,857
309
1.877
-35
#
*
*
*
7.0
1.5
.2
.9
1.0
*
2.9
PRIVATE PENSION FUNDS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS * CURRENCY
3
TIME DEPOSITS
6.284
24
426
3.808
23
1.190
4.804
23
996
4.856
23
1.014
5 .164
23
895
4.740
23
851
-.3
f
5
6
7
8
9
788
4.246
1.334
2.817
95
800
4^5
1.350
199
1.049
102
800
-150
3.335
567
2.430
338
600
477
2.542
468
1.999
75
800
700
2 .946
855
1-991
100
600
719
2.347
500
1.787
60
800
i.4
.8
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
CORPORATE BONDS
MORTGAGES
MISCELLANEOUS ASSETS
*
*
*
.6
.1
.1
*
.1
*
*
STATE + LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS
1 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
2
3
4
5
6
7
8
9
10
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
TREASURY
AGENCY ISSUES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
3.335
125
3.377
-70
2.927
433
4.672
374
4.189
446
4.249
91
5.5
-.1
6.4
.1
6.6
.1
8.5
.3
904
2.306
473
87
386
-43
1„743
133
837
2.610
-37
-211
174
37
2.444
166
446
2.048
1.510
714
796
-109
712
-65
534
3.764
1.643
1.560
83
373
1.255
488
706
3.037
1.140
800
340
-52
1.799
150
797
3.361
1.151
550
601
61
2.049
100
1.8
3.8
-.3
-.5
.2
-.1
4.0
.2
2.1
4.1
-.4
-.3
-.1
-.3
4.5
.3
3.2
3.3
-1.2
-1.2
.1
.1
3.9
.4
3.7
4.6
.3
-.3
.6
-.1
4.2
.2
3.4 3
5.7 4
-.2 5
-1.1 6
.9 7
-.3 8
5.6 9
.7 10
OTHER INSURANCE COMPANIES
1 CURRENT SURPLUS
2 NET A C Q . OF FINANCIAL ASSETS
3
DEMAND DEPOSITS + CURRENCY
4
5
6
7
8
9
10
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
COMMERCIAL MORTGAGES
TRADE CREDIT
*
4.187
3,984
-57
355
4.211
138
89
100
420
360
452
350
409
2.939
1.151
2.528
-7 30
3.926
-277
2.736
1.438
2.828
3.525
3.372
600
250
-10
2 70
29
300
3.032
3.220
-24
25
278
14
2.786
236
46
239
31
2.762
252
68
2.900
15 DISCREPANCY
IV/78 BASED ON PRELIMINARY AMD INCOMPLETE INFORMATION.
4.284
347
3.068
PAYABLES
3.728
3.619
1.036
2.582
11 NET INCREASE IN LIABILITIES
12
CORPORATE EQUITY ISSUES
13
PROFIT TAXES PAYABLE
POLICY
4.079
-507
81
2.838
-98
7
310
3.226
265
11
2.950
2.961
-45
9
3 20
3.409
278
68
3.063
3.100
10
12
330
3.446
291
54
3.101
3.0
*
1.0
1.6
-.3
1.1
.8
.6
1.5
1.8
1.2
1
5.4
.1
6.6
.1
7.9
6.4
*
2
3
1.0
3.8
2.5
3.8
.1
3.5
.3
3.0
3.7
.1
4.3
-.7
*
.4
.5
.3
1.2
2.4 4
3.4 5
* 6
3.6 7
-.1 8
* 9
.6 10
3.9
.5
.1
3.3
3.9
.4
.1
3.4
4.1
-.1
3.6
5.4
.5
.1
4.8
5.3
.5
*
4.8
*
*
1.5
2.3
*
*
•6
*
11
12
13
14
FEBRUARY 12, 1979
INSURANCE + PENSION FUNDS
INSURANCE * PENSION FUNDS
25
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1978
1974
1975
1976
1977
1978
I
III
II
IV
III
LIF
LIFE INSURANCE COMPANIES
1
2
2.5
1.6
2.7
2.4
3.2
2.1
3.7
2.2
4.0
2.3
3.7
1.6
4.0
2.6
3.9
2.5
4.0
2.5
4.0
1.8
3
4
16.6
-.1
20.4
-.1
28.2
.1
31.9
.1
37.2
-.1
31.6
.9
35.3
-.8
32.8
-.6
36.7
-.1
39.9
.6
39.3 NET ACQ. OF FINANCIAL ASSETS
-.4
OEMAND DEPOSITS • CURRENCY
5
6
7
8
9
10
11
12
13
2.3
12.9
.1
.3
4.0
4.9
l.l
2.7
1.4
1.9
16.9
1.7
•8
9.1
2.9
.7
1.6
1.7
3.0
23.7
1.5
1.1
16.9
2.4
.4
1.4
1.5
1.2
28.2
1.9
.4
18.3
5.2
.7
1.7
2.5
1.1
34.4
1.7
.2
17.4
8.2
4.5
2.4
1.8
.7
27.6
2.3
.5
15.1
5.4
2.5
1.7
2.5
1.4
32.2
2.9
.1
22.8
8.2
-3.4
1.7
2.4
.3
31.3
2.4
-.2
14.5
6.1
6.8
1.6
1.9
1.6
33.3
.4
*
23.9
9.0
-2.8
2.8
1.8
1.2
36.4
2.4
*
16.8
9.8
4.7
2.6
1.8
1.4
36.7
1.7
1.0
14.2
7.9
9.1
2.8
1.7
14
15
16
17
18
15.4
6.4
6.2
19.8
5.3
10.3
-.1
4.3
27.6
6.7
15.3
.1
5.4
31.1
7.9
14.9
.4
7.9
35.8
8.7
18.1
.6
8.4
30.6
8.1
14.3
.4
7.8
34.4
6.0
16.9
.5
8.9
32.1
7.9
15.4
.5
8.2
35.7
8.6
18.2
.6
8.3
37.5
8.9
19.5
.7
8.4
38.0 NET INCREASE IN LIABILITIES
9.3
LIFE INSURANCE RESERVES
19.1
PENSION FUND RESERVES
.7
PROFIT TAXES PAYABLE
8.8
MISCELLANEOUS LIABILITIES
1.1
.4
.6
.5
-.1
*
2.8
4.0 CURRENT SURPLUS
2.2 PHYSICAL INVESTMENT
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
OPEN-MARKET PAPER
POLICY LOANS
MISCELLANEOUS ASSETS
.5 DISCREPANCY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
PRIVATE PENSION FUNDS
1
2
3
10.9
2.7
12.8
.1
-1.3
12.8
.1
-.1
21.0
.1
2.5
19.6
.1
3.8
23.6
.1
1.7
17.0
.1
4.8
18.5
.1
4.0
19.3
.1
4.1
19.0
.1
3.6
20.9 NET ACQ. OF FINANCIAL ASSETS
DEMAND OEPOSITS • CURRENCY
.1
TIME OEPOSITS
3.4
I
2
3
4
5
6
7
8
9
2.3
5.8
1.1
4.7
5.8
8.0
5.2
2.8
7.3
5.2
3.9
1.3
4.5
11.1
5.4
5.3
•4
2.9
1.7
11.2
2.4
8.2
.6
2.8
3.2
15.5
3.8
11.3
.4
3.2
1.8
7.2
2.5
4.2
.4
3.2
-.6
12.6
1.6
9.7
1.4
2.4
1.9
10.5
2.2
8.0
.3
3.2
2.8
10.1
1.8
8.0
.4
2.4
2.9
11.4
4.0
7.1
.2
3.2
4
5
6
7
8
9
18.7
1.5
16.6
1.8
17.0 NET ACQ. OF FINANCIAL ASSETS
.4
DEMAND DEPOSITS + CURRENCY
*
*
.1
*
•2
*
.2
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONDS
MORTGAGES
MISCELLANEOUS ASSETS
STATE * LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS
1
2
9.7
.5
11.2
-.4
13.4
3
4
5
6
7
8
9
10
2.6
6.7
2.4
9.2
2.1
1.0
l.l
1.0
6.3
-.2
3.1
10.3
1.7
1.5
.1
1.4
7.1
.2
*
-.9
1.0
-.7
6.8
•6
*
13.1
.3
16.0
1.3
3.3
.5
13.5
-.3
11.7
1.7
3.4
9.4
3.4
2.4
1.0
.3
5.3
.5
2.5
12.2
5.4
3.6
1.8
.3
5.8
.7
3.6
9.2
1.9
.3
1.5
-.2
7.0
.5
3.3
10.4
-.1
-.8
.7
.1
9.8
.7
1.8
8.2
6.0
2.9
3.2
-.4
2.8
-.3
2.1
15.1
6.6
6.2
•3
1.5
5.0
2.0
2.8
12.1
4.6
3.2
1.4
-.2
7.2
.6
3.2
13.4
4.6
2.2
2.4
.2
8.2
.4
15.5
1.4
16.6
-2.0
15.5
.6
16.7
•4
16.4 NET ACQ. OF FINANCIAL ASSETS
.4
DEMAND DEPOSITS * CURRENCY
1.7
11.3
4.1
10.1
-2.9
1.4
16.0
-.8
10.9
5.8
.1
1.2
1.3
11.9
.9
11.4
-.4
1.4
13.7
2.0
11.8
-.2
1.6
13.0
OTHER INSURANCE
4.7
.1
7.3
.1
14.9
.2
15.8
.3
16.3
-.2
4
5
6
7
8
9
10
-.5
4.6
.4
2.2
2.0
-.7
7.3
2.5
2.6
2.2
.1
.6
.9
12.5
3.1
5.4
3.9
.1
1.2
1.1
13.3
3.0
9.5
.8
.1
1.1
1.6
13.7
.7
11.6
1.3
.1
1.3
*
.5
11
12
13
14
5.8
.9
4.9
15
.7
*
2.3 CURRENT SURPLUS
1.1
*
6.2
11.3
.9
.1
10.3
12.1
.9
.1
11.0
13.3
1.1
.2
12.0
12.1
1.0
.1
11.0
12.8
1.0
•2
11.6
-.8
-2.8
-1.9
-.7
-1.3
-1.6
-.2
*
BILLIONS OF DOLLARS.
16.
1.2
13.0
1.1
.2
11.8
7.2
1.0
3
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
4
U.S. GOVERNMENT SECURITIES 5
TREASURY
6
7
AGENCY ISSUES
8
STATE + LOCAL OBLIGATIONS
9
CORPORATE BONDS
MORTGAGES
10
COMPANIES
2.
2
3
1
2
111/78 BASED ON INCOMPLETE INFORMATION.
1.3
13.6
1.1
.2
12.3
-.5
1.3
2
3
CORPORATE EQUITIES
4
CREDIT MARKET INSTRUMENTS
5
U.S. GOVERNMENT SECURITIES 6
STATE • LOCAL OBLIGATIONS
7
CORPORATE BONDS
8
COMMERCIAL MORTGAGES
9
13
TRADE CREDIT
13.8 NET INCREASE IN LIABILITIES
1.2
CORPORATE EQUITY ISSUES
.2
PROFIT TAXES PAYABLE
12.4
POLICY PAYABLES
-.3 DISCREPANCY
11
12
13
14
FEBRUARY 12, 1979
FINANCE N.E.C.
FINANCE N.E.C.
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS 1$ MILL.)
UNADJUSTED NET FLOWS IS MILL.)
1977
III
1 CURRENT SURPLUS OF GROUP
IV
89
|
I
1978
II
BILLIONS CF DOLLARS
1970
1971
1972
III
-180
FINANCE
1 NET ACQ. OF FINANCIAL ASSETS
2
OEMANO OEPOSITS • CURRENCY
3
CREDIT MARKET INSTRUMENTS
4
MORTGAGES
5
CONSUMER CREDIT
6
OTHER LOANS (TO BUSINESS)
7 NET INCREASE IN LIABILITIES
8
CREDIT MARKET INSTRUMENTS
9
CORPORATE BONOS
10
SANK LOANS N.E.C.
11
OPEN-MARKET PAPER
12
PROFIT TAXES PAYABLE
13
MISCELLANEOUS LIABILITIES
COMPANIES
1.726
45
1.681
-436
1.982
135
7.785
44
7.741
200
3.065
4.476
1.729
43
1.686
-668
-213
2.567
5.271
42
5.229
232
3.119
1.878
1.911
41
1.870
150
2.894
-1.174
9.519
40
9.479
100
4.355
5.024
8.7
.1
8.6
.8
2.8
5.0
2.4
• 2
2.2
1.7
.1
.4
5.4
.3
5.2
1.5
2.3
1.3
9.6
.3
9.4
1.7
3.5
4.2
11.8
.2
11.5
1.9
4.7
5.0
1
2
3
4
5
6
2.205
1.921
1.529
542
-150
20
264
7.161
6.918
2.336
389
4.193
16
227
2.522
2.276
2.291
-1.320
1.305
57
189
6.622
6.493
1.790
1.970
2.733
-15
144
2.488
2.305
1.320
878
107
76
107
8.811
8.579
1.429
1.113
6.037
68
164
8.9
7.8
• 9
.9
6.0
3.9
2.6
2.1
-.1
•6
4.7
2.7
2.5
.6
-.5
1.0
*
1.3
*
2.0
8.9
6.5
3.6
4.1
-1.3
•
2.4
11.7
9.4
3.0
4.5
2.0
2.3
7
8
9
10
11
12
13
.2
.4
.1
.3
1.1
.4
•8
.7
.2
.5
1
2
3
2.5
.2
.9
1.2
.2
5.0
.4
2.0
1.7
.8
5.6
.7
2.4
2.5
*
4
5
6
7
8
6.3
1.7
4.6
.5
.2
.3
6.5
1.0
5.6
.3
.1
.2
9
10
11
12
13
14
.6
4.0
.7
-
15
16
17
18
REAL ESTATE
INVESTMENT
1 PHYSICAL INVESTMENT
2
MULTI-FAMILY STRUCTURES
3
NONRESIDENTIAL STRUCTURES
•296
-98
•198
-261
-86
-175
-78
-26
-52
-176
-58
-118
-12
-4
-8
-36
-12
-24
4 NET ACQ. OF FINANCIAL ASSETS
5
HOME MORTGAGES
6
MULTI-FAMILY MORTGAGES
7
COMMERCIAL MORTGAGES
8
MISCELLANEOUS ASSETS
-493
-21
-164
•181
-127
-343
-51
-131
-218
57
-346
-40
-239
-211
144
-35
-60
64
-228
189
-362
-25
-75
-100
-162
9 NET INCREASE IN LIABILITIES
10
CORPORATE EQUITY ISSUES
11
CREDIT MARKET INSTRUMENTS
12
MORTGAGES
13
MULTI-FAMILY RESIDENTIAL
14
COMMERCIAL
-772
22
-670
21
7
14
-589
38
-508
-31
-10
-21
-410
66
-495
133
44
89
-197
54
-253
23
8
15
15
16
7
-636
-62
-124
-27
-445
-5
-119
-107
-544
23
19
-16
-361
101
2
17
18
CORPORATE BONDS
BANK LOANS N.E.C.
OPEN-MARKET
MISCELLANEOUS
PAPER
LIABILITIES
1973
*
TRUSTS
.3
.1
•1
•2
.2
-270
-10
-25
-100
-135
1.2
1.9
.4
.8
.7
-
-
-359
70
-437
-41
-14
-27
-293
48
-354
7
2
5
1.5
.8
.7
.2
.1
.2
2.2
1.5
.7
.1
•
.1
2.9
1.0
1.9
-65
-342
11
8
-41
-337
17
13
.1
.4
.5
.1
.4
•4
•6
-
.8
1.3
2.5
-
-
•2
.4
•6
-
•1
*
•1
OPEN-END INVESTMENT COMPANIES
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS + CURRENCY
4
5
6
7
8
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONDS
OPEN-MARKET PAPER
9 NET SHARE ISSUES
0
-225
-215
41
26
-36
-2.4
-1.1
-905
-19
70
1
-192
-16
-256
32
-581
31
354
-85
2.6
-.1
1.7
-1.094
208
-245
-9
462
-480
549
23
467
59
-947
771
70
-199
900
-399
111
-15
-34
160
310
-922
-70
-94
-758
-568
1.007
102
52
853
1.7
.9
-.5
1.2
.5
•2
.7
-.4
-905
295
23
-297
-607
390
•2
1.2
*
-1.3
-1.0
1
•6
•1
-1.8
-2.2
2
3
•4
-1.8
-.7
*
-.2
-2.3
-.3
.2
-.3
-.9
1.2
4
5
6
7
8
1.4
4.2
-3.6
-.2
1
2
.4
.6
*
.2
.4
-4.3
3
4
5
6
7
8
-3.4
-3.4
-3.2
-.2
*
9
10
11
12
13
- . 3*
•6
*
.1
.3
*
MONEY MARKET FUNDS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS • CURRENCY
3
TIME DEPOSITS
20
49
-13
424
-44
237
1.609
23
865
1.331
-15
447
1.580
9
990
2.401
23
1.181
4
5
6
7
-54
-43
-11
33
276
128
148
-45
678
237
441
43
888
144
744
11
530
96
434
51
1.095
126
969
102
20
424
1.580
2.401
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
OPEN-MARKET PAPER
MISCELLANEOUS
8 NET SHARE ISSUES
1.331
SECURITY BROKERS AND DEALERS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS • CURRENCY
2.620
12
1.765
-5
-4.310
0
2.492
-9
550
-10
1.010
-14
3
4
5
6
7
8
-194
2.211
2.688
-283
-194
591
1.773
-249
-1.863
-158
1.772
246
-1.351
-3.254
-1.916
12
-1.350
295
-495
1.077
1.806
-235
-494
1.919
-461
-1.127
-513
-153
-461
2.148
1.776
1.823
2.644
2.657
2.514
143
-13
1.804
1.835
1.282
553
-31
-4.270
-4.241
-4.164
-77
-29
2.503
2.505
1.732
773
-2
-119
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREOIT
9 NET INCREASE IN LIABILITIES
10
SECURITY CREDIT
11
FROM BANKS
12
CUSTOMER CREDIT BALANCES
13
PROFIT TAXES PAYABLE
IV/78
BASED ON PRELIMINARY
AND INCOMPLETE
INFORMATION.
559
559
678
0
-128
175
1.776
-2.575
990
953
890
63
37
•3.1
-.1
•8
-.3
*
*
•1
-1.4
-1.6
•2
•3
•2
•4
•1
.1
-.2
2.3
1.7
.6
•4
•3.5
•1
-1.3
.1
.1
2.6
-.1
.2
3.7
-3.1
-3.0
-1.0
-2.0
1.0
1.0
1.9
1.1
1.1
.7
-1.0
•5
4.1
4.1
3.9
.2
*
-.1
-
*
*
FEBRUARY 12, 1979
FINANCE N.E.C.
FINANCE N.E.C.
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1
1974
1975
1976
1977
1978
.4
-.1
-.2
-.2
.3
I
III
IV
*
1
I
III
II
IV
-.4
-.4
.3
•3
.9 CURRENT
<
SURPLUS OF GROUP
FINANCE COMPANIES
1
2
3
4
5
6
5.2
.2
5.0
-1.9
2.0
4.8
1.6
.2
1.4
-1.3
.5
2.1
9.0
.2
8.8
-.4
3.7
5.4
18.3
.2
18.1
1.5
6.3
10.3
18.4
•2
18.3
-.2
10.2
8.3
10.4
.2
10.2
-1.4
6.4
5.2
25.3
•2
25.2
1.1
8.0
16.0
13.1
•2
12.9
-2.4
7.0
8.3
16.9
.2
16.8
.2
10.1
6.5
11.1
•2
10.9
•8
10.1
7
8
5.9
6.0
1.8
.7
3.6
1.3
.6
2.7
-2.7
.6
8.0
6.4
5.3
-2.1
3.3
18.0
16.9
8.5
12.1
11.1
7.4
2.2
1.5
-.1
-.7
1.6
20.4
19.7
6.8
2.6
10.2
.2
•6
22.6
21.6
9.0
-.6
13.3
•1
.9
17.4
16.6
10.0
.3
6.2
.1
.8
21.5
20.8
4.9
4.4
11.4
.2
.6
13.2
12.6
6.6
3.2
2.7
.2
•4
*
*
*
9
10
11
12
12
*
l.l
8.4
•
1.1
*
32.6 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
.2
CREDIT MARKET INSTRUMENTS
32.5
MORTGAGES
.6
CONSUMER CREDIT
13.4
OTHER LOANS (TO BUSINESS)
18.5
1
2
3
4
5
6
29.6 NET INCREASE IN LIABILITIES
CREOIT MARKET INSTRUMENTS
28.7
5.7
CORPORATE BONDS
BANK LOANS N.E.C.
2.5
OPEN-MARKET PAPER
20.5
PROFIT TAXES PAYABLE
.3
MISCELLANEOUS LIABILITIES
.7
7
8
9
10
11
12
13
-.1 PHYSICAL INVESTMENT
MULTI-FAMILY STRUCTURES
NONRESIDENTIAL STRUCTURES
1
2
3
4
5
6
7
8
REAL ESTATE INVESTMENT TRUSTS
1
2
3
1.1
.4
.7
3.0
1.0
2.0
1.6
•5
1.1
-.4
-.1
-.2
-.3
-.1
-.2
-1.2
-.4
-.8
-1.0
-.3
-.7
-.3
-.1
-.2
-.7
-.2
-.5
4
5
6
7
8
.5
-.2
.2
.2
.4
-3.6
-.5
-2.6
-1.8
1.2
-4.1
-.2
-1.7
-1.8
-.3
-2.6
-.2
-.8
-1.4
-.2
-1.0
-.1
-.3
-.6
-2.0
-.1
-.7
-.7
-.5
-1.4
-.2
-.5
-.9
.2
-1.4
-.2
-1.0
-.8
.6
-.1
-.2
.3
-.9
.8
-1.4
-.1
-.3
-.4
-.6
-l.l NET ACQ. OF FINANCIAL ASSETS
HOME MORTGAGES
MULTI-FAMILY MORTGAGES
-.1
-.4
COMMERCIAL MORTGAGES
-.5
MISCELLANEOUS ASSETS
9
10
11
12
13
14
1.4
-.9
1.5
•2
.1
.1
-.1
-1.3
-.1
.4
.1
.3
-2.2
-.5
-1.9
.4
.1
.3
-2.9
.1
-2.5
-1.3
•2
-1.5
.1
-3.1
.1
-2.7
.1
-2.4
.2
-2.0
-.1
-.8
.2
-1.0
.1
*
.1
-.1
-1.6
.3
-2.0
.5
•2
.4
-1.4
.3
-1.7
-.2
-.1
-.1
-1.2 NET INCREASE IN LIABILITIES
CORPORATE EQUITY ISSUES
.2
CREDIT MARKET INSTRUMENTS
-1.4
•
MORTGAGES
•
MULTI-FAMILY RESIDENTIAL
•
COMMERCIAL
15
16
17
18
.2
4.4
-3.3
.8
-.2
-1.9
-.3
.2
-.1
-2.4
•
-.6
.1
1.3
-.1
-1.8
-.4
-2.2
•1
.1
-.1
-1.4
•4
-.3
-1.4
-.2
-1.3
•1
•1
-
*
•
*
*
-.5
•
*
.1
-.2
-1.6
.2
*
*
-2.5
-.2
-.5
*
-.5
*
.1
*
*
*
*
-.1
*
CORPORATE BONDS
BANK LOANS N.E.C.
OPEN-MARKET PAPER
MISCELLANEOUS LIABILITIES
9
10
11
12
13
14
15
16
17
18
OPEN-END INVESTMENT COMPANIES
-1.0
-.2
-.5
-.3
.4
-.4
-.4
-.4
-.2
-.3
-.6
-.6
-.1
-1.3
.1
-1.4
-.7
-3.6
-.1
.3
-.8
-.1
-1.0
.1
-2.3
•I
-l.l
.7
-2.5
1.1
2.2
-l.l
-1.6
1.0
•1
-.3
1.2
-4.4
•8
-1.0
1.0
-.2
-3.8
2.4
.2
1.1
1.2
1.8
-1.9
2.2
.1
1.9
•2
-3.8
3.1
.3
-.8
3.6
-1.6
.4
-.1
-.1
.6
1.2
-3.7
-.3
-.4
-3.0
-.5
-3.3
.9
-.2
-.9
-2.1
.1
•2
-.1
1.7
-.2
.9
6.4
.1
3.5
5.3
-.1
1.8
4.0
9.6 NET ACQ. OF FINANCIAL ASSETS
.1
DEMAND DEPOSITS + CURRENCY
4.7
TIME DEPOSITS
I
2
3
-.2
-.2
1.1
.5
.6
-.2
2.7
.9
1.8
.2
3.6
.6
3.0
2.1
.4
1.7
.2
4.4
.5
3.9
.4
4
5
6
7
6.3
9.6 NET SHARE ISSUES
-.3
•1
-.7
-1.0
*
*
-.2
..1
1 CURRENT SURPLUS
1.4 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
-.3
-2.3
4.0
•4
•2
3.4
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONDS
OPEN-MARKET PAPER
1.3 NET SHARE ISSUES
MONEY MARKET FUNDS
2.4
1.6
.8
•I
•6
1.3
6.9
*
*
.5
.7
.8
-.1
.1
•6
.2
.4
-.1
-.3
.1
3.5
3.2
•6
2.6
.2
6.9
.2
6.4
.1
6.3
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
OPEN-MARKET PAPER
MISCELLANEOUS
8
SECURITY BROKERS AND DEALERS
8.8
.2
1.2
1.1
.9
-.1
-.1
l.l
1.0
.6
3.3
2.4
•3
.7
4.6
-.5
-1.1
-.7
.2
-.5
2.8
2.7
2.6
2.0
•6
8.6
8.5
7.0
1.5
.1
1.2
1.3
.3
1,0
-.1
I
2
-3.3
-.1
3.0
3
4
5
6
7
8
-.7
.2
-.4
-.7
-1.6
9
10
11
12
13
-3.3
-3.2
-2.2
-1.0
-.1
-.9
*
*
BILLIONS OF DOLLARS.
•
-.3
-14.9 NET ACQ. OF FINANCIAL ASSETS
-.1
DEMAND OEPOSITS * CURRENCY
18.1
-11.0
-.5
-1.5
-.8
-.2
-.5
1.8
3.0
12.7
10.8
-1.1
3.0
2.4
-1.9
-10.0
-7.5
-.6
-1.9
1.0
-1.3
-8.9
-7.7
-.2
-.2
-1.7
1.4
18.2
18.3
17.8
.6
-.1
-10.8
-10.7
-12.9
2.2
-.1
*
*
111/78 BASED ON INCOMPLETE INFORMATION.
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREDIT
-1.3
1.2
-.7
5.5
7.2
-.9
-.7
7.7
2.2
-.4
-2.1
-.6
2.2
8.6
-.5
.7
-2.3
-10.3
-8.8
-8.7
-8.3
-.3
-.2
12.5
12.4
9.3
3.1
•1
10.4
10.5
7.7
2.7
-.1
-14.9 NET INCREASE IN LIABILITIES
SECURITY CREDIT
-15.1
FROM BANKS
-15.3
.3
CUSTOMER CREDIT BALANCES
PROFIT TAXES PAYABLE
•1
*
-2.3
-2.2
I
2
3
4
5
6
7
8
9
10
11
12
13
FEBRUARY 12, 1979
MONETARY AND INSURANCE RESERVES
MONETARY AND INSURANCE RESERVES
28
GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES
UNADJUSTED NET FLOWS ($ MILL.}
UNADJUSTED NET FLOWS ($ MILL.)
1978
IV
II
I
BILLIONS OF DOLLARS
1970
1971
1972
III
GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS I D
1 TOTAL U . S .
RESERVES
2 U . S . GOLD STOCK AND SDR'S
3
U . S . G O V T . — E X . STAB. FUND
4
MONETARY AUTHORITY ( 2 1
7
8
9
10
11
90
-33
123
16
16
0
90
102
-12
5
43
-38
-1.403
-1.406
3
1.3
-3.3
-3.1
-.7
-.2
1
1.0
1.0
-.8
-1.2
•4
-1.3
-.7
-.6
-.6
*
*
-.5
2
3
4
*
POSITION
-248
-87
-262
-432
-252
1.170
.3
-2.5
-1.7
-.2
-.2
5
F G N . CURRENCY HLDGS
TREASURY
MONETARY AUTHORITY
-27
-34
7
-47
-1
-46
62
14
48
4
12
-8
-58
-20
-38
4.348
2.762
1.586
-.7
-.7
-.1
-2.2
-.4
-1.7
-.4
-.1
-.2
-.2
.2
-.2
*
-.2
6
7
8
NET IMF POSITION
U.S. GOVERNMENT ASSET
MONETARY AUTHORITY
-221
-221
0
-40
-39
-I
-324
-325
1
-436
-429
-7
-194
-196
2
-3.178
-3.175
-3
1.0
1.0
-.4
-.4
-1.4
-1.3
-.2
-.2
.6
.7
-.1
.5
.5
.5
.7
-.2
6.2
•1
6.1
6.6
.2
6.5
5 U.S.
6
16
41
-25
FOREIGN EXCHANGE
OFFICIAL
* 9
* 10
TREASURY CURRENCY AND SDR CERTIFICATES
1 TOTAL U.S. GOVT. LIABILITY
2 MONETARY AUTHORITY ASSET
3 UNALLOCATED ASSETS
99
165
-66
95
135
-40
136
149
-13
179
180
-1
97
85
12
112
151
-39
.3
•1
.2
INSURANCE AND PENSION FUND RESERVES
LIFE INSURANCE RESERVES:
1 NET CHANGE IN LIABILITIES
2
U.S. GOVERNMENT
3
LIFE INSURANCE COMPANIES
2.084
55
2.029
2.069
64
2.005
2.052
73
2.230
78
2.308
82
2.425
89
1.979
2.152
2.226
2.336
5.0
.1
4.9
5.2
.1
5.1
4 NET CHANGE IN ASSETS (HH)
2.084
2.069
2.052
2.230
2.308
19.303
6.109
13.194
3.575
6.284
3.335
11.502
84
11.418
4.233
3.808
3.377
10.331
-1.257
11.588
3.857
4.804
2.927
15.540
1.459
14.081
4.553
4.856
4.672
20.392
6.158
14.234
4.881
5.164
4.189
14.314
541
13.773
4.784
4.740
4.249
16.3
1.5
14.8
2.9
6.3
5.5
19.2
2.4
16.8
3.3
7.1
6.4
21.1
2.8
18.3
4.5
7.3
6.6
22.6
3.0
19.6
4.3
6.9
8.5
19.303
11.502
10.331
15.540
20.392
14.314
5
6
7
8
9
10
PENSION FUND RESERVES:
NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
11 NET CHANGE IN ASSETS (HH)
7.4
.2
7.2
1
2
3
25.6 5
2.1 6
23.4 7
5.5 8
8.5 9
9.5 10
INTERBANK CLAIMS
7.213
-566
3..370
4.418
15.453
2.1
4.5
7.2
2.8
12.9
1
-609
-1.399
2.917
2.595
1.030
-2.271
20
296
-1.090
195
4.393
3.324
.2
.1
2.1
-.3
3.6
.5
-2.1
l.l
1.4
2.0
2
3
2.127
619
-616
0
775
536
-76
1.701
447
827
0
-224
-104
-52
675
-724
-1.011
0
-180
600
-133
3-.054
2 .241
1 .682
0
-81
575
65
5.313
2.509
338
0
641
1.641
-111
7.736
4.975
2.604
0
1.165
1.087
119
1.7
1.5
2.7
2.5
1.0
.1
.1
1.2
.1
3.1
1.6
-.2
.3
.1
1.3
3.8
.5
1.6
-.4
.2
-1.2
.3
9.5 4
2.1 5
-1.6 6
-.4 7
1.4 8
2.6 9
.1 10
FOREIGN BANKING AGENCIES1.509
DEPOSITS OF BANKS
-602
1.856
BANK LOANS
-1
1.504
-105
-2
815
1.836
968
-36
2.797
.2
•1
-.1
1.6
2.5
.8
2.3 11
5.1 12
1 NET CHANGE IN LIABILITIES
2
3
MONE. AUTH.—MEM. BANK RES.
—VAULT CASH
4
5
6
7
8
9
10
COMMERCIAL BANKING—TOTAL
COMMERCIAL BANKS
TO MONETARY AUTHORITIES
LOANS FROM AFFILIATES
LOANS FROM FGN. BK. AG.
DEM. DEP. OF FGN. BK. AG
TIME DEP. OF FGN. BK. AG
11
12
119
*
.6
.1
•8
~
•1
.2
*
119
7.213
-566
3 .370
4.418
15.453
4.5
7.2
2.8
12.9 13
14
15
16
MONETARY AUTHORITIES
F.R. FLOAT
LOANS TO MEMBER BANKS
-616
-1.648
1.032
827
1.854
-1.027
-I.Oil
-1.078
67
1.682
586
1• 096
338
401
-63
2.604
2.797
-193
*
*
*
1.0
.8
.2
-.2
.1
-.3
1.6
-.4
1.9
-1.6 14
-.9 15
-.7 16
17
18
19
20
21
22
735
-500
-609
-1.399
1.509
-1
6.386
6.766
2.917
2.595
-602
1.856
445
158
1.030
-2.271
1.504
-105
1 .688
1.129
20
296
-2
815
4.080
1.909
-1.090
195
1.836
968
12.849
10.478
4.393
3.324
-36
2.797
2.1
•6
.2
.1
.1
.2
3.6
2.1
2.1
-.3
.2
.1
7.4
5.7
3.6
.5
-.1
1.6
1.3
2.4
-2.1
1.1
2.5
•8
23
COMMERCIAL BANKING—TOTAL
COMMERCIAL BANKS
MEMBER BANK RESERVES
VAULT CASH
DEPOSITS AT FGN. BK. AG.
LOANS TO FGN. BK. AGS.
BANK AFFILIATES—LOANS
TO AFFILIATE BANKS
0
0
0
0
0
0
.6
.1
.3
-.4
24
25
26
27
FOREIGN BANKING AGENCIES
DEMAND DEPOSITS AT BANKS
TIME DEPOSITS AT BANKS
LOANS TO BANKS
1.235
536
-76
775
-380
-104
-52
-224
287
600
-133
-180
559
575
65
-81
2.171
1.641
-III
641
2.371
1.087
119
1.165
1.0
.8
1.4
1.2
.1
•1
1.5
1.3
•
.1
-.7
-1.2
•3
.2
13 NET CHANGE IN ASSETS
(1) LINES 1 + 2 EXCLUOE INITIAL ALLOCATION OF SDR'S OF $867 MILLION
IN JANUARY 1970, $717 MILLION IN JANUARY 1971, AND $710 MILLION
IN JANUARY 1972. TRANSACTIONS IN SDR'S ARE IN LINE 2. ALSO
EXCLUOED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY
HOLDINGS, GOLD, SDR'S, AND IMF POSITION. THESE ALLOCATIONS AND
REVALUATIONS ARE REFLECTED IN TABLES ON OUTSTANDINGS.
12) TREASURY GOLD STOCK.
IV/78 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION.
2.1
•1
14.5
10.9
1.4
2.0
2,3
5.1
17
18
19
20
21
22
-.4 23
4.1
2.6
.1
1.4
24
25
26
27
FEBRUARY 12, 1979
MONETARY AND INSURANCE RESERVES
MONETARY AND INSURANCE RESERVES
29
GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1976
1977
1978
I
I
1977
III
IV
1978
|
I
I
II
III
GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS 11)
-.9 TOTAL U.S. RESERVES
2
3
4
5
6
7
8
9
10
11
.2
.1
• 1
.1
.1
-1.3
-1.2
.1
.2
-.1
•2
.2
.1
4.4
2.8
1.6
-.1
-.1
-4.1
-4.1
-.9
-.9
-5.6 U.S. GOLD STOCK AND SDR'S
-5.6
U.S. GOVT.—EX. STAB. FUND
*
MONETARY AUTHORITY 12)
-.1
.5
4.7 U.S. FOREIGN EXCHANGE POSITION
-.3
1.3
*
*
*
2.2
2.2
1.3
1.3
-.2
.2
.1
.2
-.2
-.2
-1.3
-1.3
-.2
-.2
-.1
-.2
-1.7
-1.7
17.4
11.0
6.3
-12.7
-12.7
*
*
OFFICIAL FGN. CURRENCY HLDGS
TREASURY
MONETARY AUTHORITY
NET IMF POSITION
U.S. GOVERNMENT ASSET
MONETARY AUTHORITY
1
2
3
4
5
6
7
8
9
10
11
TREASURY CURRENCY AND SDR CERTIFICATES
.4
.5
-.1
.9
1.0
1.2
1.4
-.2
.3
.6
-.3
.5
.6
.4
.7
-.3
.4
.5
-.2
.4
.3
*
.7
.7
*
.4 TOTAL U.S. GOVT. LIABILITY
.6 MONETARY AUTHORITY ASSET
-.2 UNALLOCATED ASSETS
8.9
.3
8.6
9.2
.3
8.9
LIFE INSURANCE RESERVES:
9.7 NET CHANGE IN LIABILITIES
.4
U.S. GOVERNMENT
9.3
LIFE INSURANCE COMPANIES
INSURANCE AND PENSION FUND RESERVES
6.5
.1
6.4
5.4
.1
5.3
6.9
.2
6.7
8.1
.2
7.9
9.0
.3
8.7
.3
.2
.1
8.3
.3
8.0
8.2
.3
7.9
1
2
3
9.7 NET CHANGE IN ASSETS (HH)
5
6
7
8
9
10
29.6
38.0
46.0
55.5
60.6
2.7
3.7
4.6
6.4
6.9
26.8
34.3
10.3
12.3
11.2
41.5
15.3
12.8
13.4
49.1
14.9
21.0
13.1
53.7
18.1
19.6
16.0
6.2
10.9
9.7
83.2
32.0
51.3
14.3
23.6
13.3
50.1
51.7
63.9
61.4
2.7
6.1
7.2
6.2
47.4
16.9
17.0
13.5
45.6
15.4
18.5
11.7
56.7
18.2
19.8
18.7
55.3
19.5
19.0
16.8
PENSION FUND RESERVES:
65.3 NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
8.2
INSURANCE SECTOR
57.1
LIFE INSURANCE COMPANIES
19.1
PRIVATE PENSION FUNDS
20.9
ST.+LOC. GOVT, RTR. FUNOS
17.0
5
6
7
8
9
10
65.3 NET CHANGE IN ASSETS (HHI
INTERBANK CLAIMS
74.5 NET CHANGE IN LIABILITIES
2
3
4
5
6
7
8
9
10
-1.2
-.9
-.1
1.7
1.8
4.4
1.5
12.0
-8.1
25.0
8.1
-7.6
-5.2
7.3
1.6
-13.5
-1.0
31.2
10.7
MONE. AUTH. —MEM. BANK R E S .
—VAULT CASH
1.9
1.3
1.4
16.8
6.5
.4
-4.5
9.1
4.1
5.6
5.2
-.4
-1.6
8.7
5.5
3.2
20.7
9.5
.8
32.6
21.5
12.0
2.6
6.6
-.4
4.7
4.3
.5
COMMERCIAL BANKING—TOTAL
4
COMMERCIAL BANKS
5
TO MONETARY AUTHORITIES
6
LOANS FROM AFFILIATES
7
LOANS FROM FGN. BK. AG.
8
OEM. OEP. OF FGN. BK. AG 9
TIME OEP. GF FGN. BK. AG 10
FOREIGN BANKING AGENCIESDEPOSITS OF BANKS
11
BANK LOANS
12
1.0
.2
.6
7.9
1.9
-4.4
-1.2
3.6
1.9
-2.1
1.6
-1.3
-.2
-.2
4.3
.1
-
-.1
-2.7
-
.3
2.9
-.1
*
-
9.0
3.6
-
.8
-.8
-.1
1.5
3.9
-.1
3.1
2.1
-.3
-.9
-.4
-.2
-.7
2.4
-.5
-.3
2.3
.3
-2.4
7.4
6.0
-.4
3.3
7.3
3.9
-.1
11.2
*
11
12
3.1
2.9
-2.9
1.3
.4
-.4
1.0
3.3
4.5
6.0
-.3
13
7.7
-3.6
2.6
5.4
22.7
•13.7
42.3
-7.6
17.6
6.2
7
74.5
4.5
14
15
16
-2.1
-1.1
-1.0
1.6
1.7
-.1
-1.3
-1.1
-.2
1.4
1.2
.2
3.6
2.7
.9
-4.5
-5.6
1.1
5.6
5.0
.7
-1.6
-1.0
-.6
3.2
-.1
3.4
.8
3.6
-2.8
12.0
8.4
3.7
MONETARY AUTHORITIES
F.R. FLOAT
LOANS TO MEMBER BANKS
14
15
16
9.7
5.7
-5.2
-2.4
.2
.6
3.9
.7
-.9
-.1
1.3
.4
4.0
4.1
1.7
1.8
-.4
1.0
19.1
13.7
-1.2
-9.2
•14.1
•12.0
-3.1
6.0
36.6
38.2
25.0
8.1
-2.4
7.4
-6.0
-7.1
-7.6
-5.2
6.0
-.4
14.4
12.2
7.3
1.6
3.3
5.4
-3.3
-13.5
-1.0
7.3
3.9
62.4
52.9
31.2
10.7
-.1
11.2
COMMERCIAL BANKING—TOTAL
COMMERCIAL BANKS
MEMBER BANK RESERVES
VAULT CASH
DEPOSITS AT FGN. BK. AG.
LOANS TO FGN. BK. AGS.
BANK AFFILIATES—LOANS
TO AFFILIATE BANKS
17
18
19
20
21
22
-1.5
-.4
-.2
-.9
1.1
2.4
-.5
-.7
2.2
2.3
.3
-.3
8.7
6.6
-.4
2.6
9.5
4.3
.5
4.7
FOREIGN BANKING AGENCIES
DEMAND DEPOSITS AT BANKS
TIME DEPOSITS AT BANKS
LOANS TO BANKS
24
25
26
27
17
18
19
20
21
22
1.0
3.1
2.9
23
-.2
24
25
26
27
4.2
4.3
.1
-.2
-2.9
-.3
-
4.4
1.5
3.3
4.5
-
-
-
-2.8
-2.7
3.2
2.9
-.1
-.1
.3
-.1
-.8
-.1
.8
5.4
3.9
-.1
1.5
*
*
*
4.9
2.1
-.3
3.1
*
NET CHANGE IN ASSETS
(II LINES 1 + 2 EXCLUDE INITIAL ALLOCATION OF SDR'S OF $867 MILLION
IN JANUARY 1970, $717 MILLION IN JANUARY 1971, AND $710 MILLION
IN JANUARY 1972. TRANSACTIONS IN SDR'S ARE IN LINE 2. ALSO
EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY
HOLDINGS, GOLD, SDR*S, AND IMF POSITION. THESE ALLOCATIONS AND
REVALUATIONS ARE REFLECTED IN TABLES ON OUTSTANDINGS.
(2) TREASURY GOLD STOCK.
BILLIONS OF DOLLARS.
HI/78 BASED ON INCOMPLETE INFORMATION.
13
23
FEBRUARY I2t 1979
MONEY AND DEPOSITS SUMMARY
30
MONEY AND DEPOSITS SUMMARY
MONEY STOCK AND TIME AND SAVINGS ACCOUNTS
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1978
II
HI
IV
1969
BILLIONS CF DOLLARS
1970
1971
1972
DEMAND DEPOSITS AND CURRENCY
1 NET CHANGE IN ASSETS
2
3
4
5
MONEY STOCK
REST OF THE WORLD
DOMESTIC SECTORS
HOUSEHOLDS
6
NQNFINANCIAL
7
8
9
ST.*LOC. GOVERNMENTS
FINANCIAL SECTORS
MAIL FLOAT
BUSINESS
2.993
23.353 -25.359
26.315
5.507
19.512
-32
-94
62
5.901
818
•1.137
364
•5.884
29.999 -19.194
3.144 -1.225
26.855 -17.969
4.009
1.003
6.614 -5.985
2.220 -2.668
1.209 -1.042
12.803 -9.277
15.063
86
14.977
7.530
2.367
1.146
721
3.213
534
-46
580
3.879
3.352
-1.521
1.670
-6.800
22.945
2.249
20.696
2.043
3.839
1.404
1.026
12.384
7.3
.3
7.0
-2.6
5.7
1.4
-.4
2.8
9.9
.5
9.4
8.8
l.l
-2.9
.5
1.9
14.4
-.2
14.6
13.0
-2.3
1.0
.9
2.0
24.4
1.6
22.8
14.2
1.8
1.7
1.6
3.5
17.8
2.9
14.9
15.2
.2
-.3
.5
-.6
2
3
4
5
6
7
8
9
3.025
-6.646
-6.165
11.252
4.973
-3.433
.6
2.5
3.1
-.4
11 NET CHANGE IN BKG. SYSTEM LIA8
12
MONETARY AUTHORITIES
13
U.S. GOVT. CASH • DEPOSITS
14
FOREIGN DEPOSITS
15
CURRENCY
2.993
3.075
551
-46
2.570
23.353 -25.359
-5.222 -1.602
-8.668 -2.408
53
-46
3.393
352
26.315
10.418
6.853
-35
3.600
5.507 19.512
6.086 -8.619
4.998 -12.478
229
-92
1.180
3.630
7.9
3.3
.6
-.1
2.8
12.4
3.1
-.4
3.5
*
17.5
4.4
.9
.1
3.4
24.0
3.2
-l.l
-.1
4.4
16.3
3.4
-.5
-.1
3.9
11
12
13
14
15
16
17
18
-82
2.474
-48
•2.508
28.575 -23.757
2.022 -3.757
3.091 -1.179
23.462 -18.821
15.897
4.399
121
11.377
4.6
9.3
2.9
•6
5.9
13.1
2.2
-.3
11.2
20.8
.7
1.7
18.4
12.9
-1.0
3.0
10.9
16
17
18
19
2
3
4
5
6
7
10
19
U.S. GOVERNMENT
COMMERCIAL BANKING
U.S. GOVERNMENT DEPOSITS
FOREIGN DEPOSITS
PRIVATE
DOMESTIC
-579
-25
46
-600
28.131
9.045
2.020
17.066
*
.4
4.2
-1.5 10
TIME DEPOSITS AND SAVINGS ACCOUNTS
1 NET CHANGE - TOTAL
8
9
10
11
12
COMMERCIAL BANKING LIABILITY
LARGE NEGOTIABLE CD'S
OTHER AT COMMERCIAL BANKS
LARGE
SMALL
AT FOREIGN BANKING AGS.
ACQUIRED BY:
HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
STATE «• LOCAL GOVERNMENTS
FOREIGN
U.S. GOVERNMENT
13
14
15
16
17
18
FINANCIAL INSTITUTIONS
SVGS.+LN. ASSOC.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
PRIVATE PENSION FUNDS
MONEY MARKET FUNDS
2
3
4
5
6
7
19
20
21
22
23
24
AT SAVINGS INSTITUTIONS
MUTUAL SAVINGS BANKS
CREDIT UNIONS
SAVINGS + LOAN ASSNS.
HELD BY: HOUSEHOLDS
CREDIT UNIONS
MEMO: TOTAL OF HOUSEHOLDS
TIME ••• SAVINGS ACCOUNTS
30.151
3 1.502
38.744
26.539
29.746
30.220
13.263
3.896
9.361
4.127
5.234
6
17.588
9.840
7.810
6.914
896
-62
20.886
4.385
16.567
6.256
10.311
-66
13.093
5.589
7.430
2.935
4.495
74
15.084
3.322
11.737
5.659
6.078
25
16.802
9.282
7.491
7.366
125
29
-9.5
•12.5
2.9
-3.6
6.5
.2
38.0
15.2
22.4
10.3
12.2
.4
41.4
8.7
32.4
5.1
27.3
.3
42.3
9.8
33.0
8.8
24.3
-.5
50.9
20.0
30.3
20.1
10.2
.6
11.158
352
2.370
-807
-50
7.271
4.300
2.940
1.258
118
13.657
-3
4.154
709
-188
12.535
-401
-562
-139
361
12.233
-2.650
2.826
1.225
-221
11.777
1.613
1.353
-263
-10
.7
-5.4
-5.9
1.4
-.2
27.0
1.7
10.0
-1.7
.3
28.1
4.2
7.2
.3
.1
29.2
2.4
6.8
2.8
.1
35.7 8
4.7 9
7.2 10
3.0 11
-.2 12
240
-134
-58
19
426
-13
1.701
234
27
13
1.190
237
2.557
634
50
12
996
865
1.299
-84
-92
14
1.014
447
1.671
-350
125
11
895
990
2.327
100
182
13
851
1.181
-.1
-.1
.7
.4
•2
1.5
1.7
.2
1.1
1.0
.2
•1
-
-.4
-
*
-
16.888
2.356
1.546
12.986
13.612
-626
13.914
2.329
1.918
9.667
9.140
527
17.858
2.980
2.686
12.192
10.774
1.418
13.446
1.712
2.140
9.594
10.824
-1.230
14.662
2.107
736
11.819
13.637
-1.818
13.418
2.067
654
10.697
10.994
-297
7.9
2.6
1.4
3.9
4.4
-.4
40.5
9.9
2.9
27.8
26.9
.9
46.0
10.2
3.3
32.6
32.0
•6
28.672
20.658
30.097
27.211
28.713
25.492
IV/78 BASEO ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
-
17.0
4.4
1.7
10.9
10.5
.4
.5
-.7
.2
.2
.8
-
13
14
15
16
17
18
27.8
4.7
2.9
20.2
20.9
-.6
19
20
21
22
23
24
FEBRUARY 12, 1979
MONEY AND DEPOSITS SUMMARY
MONEY AND DEPOSITS SUMMARY
31
MONEY STOCK AND TIME AND SAVINGS ACCOUNTS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I
J
1977
III
IV
|
|
1978
II
III
DEMAND DEPOSITS AND CURRENCY
2
3
4
5
6
7
8
9
12.2
12.8
2.9
9.3
8.0
1.0
-.6
.4
.6
19.7
27.7
19.3
38.0
20.8
-12.7
61.3
47.7
7.5 NET CHANGE
32.6
31.8
5.9
33.8
35.0
2.7
4.9
.1
2.5
1.9
1.1
.3
8.7
-1-4
.3
.5
12.7
17.3
13.8
25.8
20.3
18.3
14.5
32.2
22.2
23.1
7.3
6.8
33.6
23.5
3.1
1.3
.9
1.6
1.6
3.6
4.3
.8
1.4
3.5
12.2
34.5
13.7
15.7
1.1
1.4
1.5
21.2
-5.5
-2.7
-3.8
-1.8
5.1
4.4
.2
.7
2.3
-1.2
.7
.9
-1.6
2.4
-.5
4.5
-.8
6.1
.3
-2.2
-.5
-.4
-.7
6.5
-.7
-2.3
4.8
.7
.3
10
-4.6
2.8
3.0
1.0
6.6
5.4
-11.1
-18.5
27.5
12.7
11
12
13
14
15
7.6
7.0
.4
.2
6.3
15.6
10.6
22.7
10.6
28.6
26.0
6.3
4.5
-3.3
-3.0
61.3
24.0
15.0
47.7
27.5
17.4
.2
5.2
-.2
6.2
3.1
.2
7.3
20.8
-20.9
-26.3
-12.7
4.9
38.0
16.5
-.1
9.2
10.5
16
17
18
19
•6
-5.1
5.0
-1.7
20.2
-4.6
40.1
44.8
.2
6.5
-19.0
-14.0
-1.3
-3.7
37.4
12.5
2.7
3.0
.4
.9
4.0
24.4
24.0
-8.6
119.2
116.6
66.9
17.5
49.6
25.0
24.6
62.1
22.4
39.5
11.7
27-7
*
-.1
-.2
8.3
.1
9.3
16.8
12.2
23.7
19.7
21.5
-.1
2.3
4.3
1.9
5.5
.5
10.0
17.5
9.7
1.0
9.0
*
15.5
41.6
15.2
8.5
17.9
6.3
-4.5
11.0
-.4
IN
ASSETS
MONEY STOCK
REST OF THE WORLD
D O M E S T I C SECTORS
HOUSEHOLDS
N O N F I N A N C I A L BUSINESS
ST.+LCC. GOVERNMENTS
FINANCIAL SECTORS
MAIL FLOAT
U.S.
GOVERNMENT
1
2
3
4
5
6
7
8
9
10
7.5 NET CHANGE IN BKG. SYSTEM LIAB 11
-32.7
MONETARY AUTHORITIES
12
-40.0
U . S . G O V T . C A S H + DEPOSITS 13
.9
14
FOREIGN D E P O S I T S
6.4
CURRENCY
15
C O M M E R C I A L BANKING
U . S . GOVERNMENT DEPOSITS
FOREIGN D E P O S I T S
PRIVATE D O M E S T I C
16
17
18
19
TIME DEPOSITS AND SAVINGS ACCUUNTS
109.7
124.5
40.5
-17.5
58.7
54.6
12.0
42.8
12.0
30.8
.2
30.1
-10.1
39.7
-3.4
43.1
•5
-.7
-.2
.1
35.4
25.4
39.5
39.2
56.9
3.8
5.7
7.0
-2.0
2.1
2.1
4.8
7.0
.7
.1
50.2
-1.4
7.8
1.5
-.1
12.0
-3.2
7.9
.3
.3
.1
3.8
3.5
59.4
2
3
4
5
6
7
57.0
28.5
28.3
15.8
12.5
8
9
10
11
12
13
14
15
16
17
18
5.0
.4
.2
.1
2.7
1.6
19
20
21
22
23
24
22.1
*
3.1
3.0
16.0
15.6
.4
1.9
*
58.7
.7
.1
-1.9
4.0
4.4
.1
.3
-1.5
.2
-.6
-
2.7
-.1
*
*
.5
-.2
-.1
-.7
2.5
.3
59.4
11.2
69.2
13.0
69.9
11.1
5.5
6.0
7.8
42.8
42.8
50.2
49.5
51.0
50.2
.6
.8
-1.3
*
65.9
22.6
43.2
22.2
21.0
8.9
6.2
44.3
46.2
-1.9
70.6
15.6
55.0
16.5
38.5
61.3
39.4
22.2
27.7
-5.5
55.9
37.1
18.6
29.5
-10.8
-.2
-.3
.3
.1
.1
29.0
13.5
38.1
54.5
-2.1
45.7
14.0
4.9
-.9
-1.1
-.2
6.5
5.0
.5
62.5
-8.1
13.v6
1.0
-.5
-.2
.1
1.7
-.1
6.8
.9
.1
.1
4.8
.9
10.2
4.0
3.5
5.2
-.3
-.4
.1
4.1
1.8
81.4
12.8
*
4.2
2.4
2.8
-.8
2.5
.2
*
3.7
-.6
1.4
60.1
52.4
54.5
8.9
9.4
8.3
8.2
8.5
7.1
7.3
59.7
56.6
42.3
41.3
35.7
35.7
3.1
1.0
40.1
43.1
-2.9
*
90.5
BILLIONS OF DOLLARS.
114.6 NET CHANGE - TOTAL
78.6
13.3
65.2
22.6
42.6
II1/78 BASED ON INCOMPLETE INFORMATION.
111.9
6.7
-1.4
.5
*
3.6
4.0
71.9
11.6
5.8
54.5
56.8
-2.3
2.1
-.1
*
9.3
.4
.7
.1
3.4
4.7
COMMERCIAL BANKING LIABILITY 2
LARGE NEGOTIABLE CD'S
3
OTHER AT COMMERCIAL BANKS
4
LARGE
5
SMALL
6
AT FOREIGN BANKING AGS.
7
ACQUIRED BY:
HOUSEHOLDS
8
NONFIN. CORPORATE BUSINESS 9
STATE + LOCAL GOVERNMENTS 10
FOREIGN
11
U.S. GOVERNMENT
12
FINANCIAL INSTITUTIONS
SVGS.+LN. ASSOC.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
PRIVATE PENSION FUNDS
MONEY MARKET FUNDS
AT SAVINGS INSTITUTIONS
MUTUAL SAVINGS BANKS
CREDIT UNIONS
46.9
SAVINGS * LOAN ASSNS.
49.4
HELD BY: HOUSEHOLDS
-2.5
CREDIT UNIONS
MEMO: TOTAL OF HOUSEHOLDS
TIME + SAVINGS ACCOUNTS
58.7
8.5
3.3
13
14
15
16
17
18
19
20
21
22
23
24
25
F E B R U A R Y 1 2 , 1979
U.S. GOVT. SECURITIES
32
U.S.
U . S . GOVERNMENT
U N A D J U S T E D NET FLOWS
SECURITIES
IV
]
|
1978
II
I
III
TOTAL NET
4
5
6
7
8
9
10
11
SECUR.
U.S. GOVERNMENT
SPON. AGENCIES + MTG.POOLS
BY INSTRUMENT:
TREASURY ISSUES
HOUSEHOLD SAVINGS BONDS
TREAS. EXCL. SAVINGS BONDS
OTHER
BUDGET AGENCY ISSUES
LOAM PARTICIPATIONS (1)
SPONS. AGENCY ISSUES (2)
MORTGAGE POOL SECUR. (2)
IV
ISSUES,
26.901
28.498
29.031
13.789
24.620
25.361
19.631
7.270
20.701
7.797
20.816
8.215
2.609
11.180
15.080
9.540
15.272
10.089
6.2
-3.6
9.7
21.7
11.9
9.8
30.9
25.0
5.9
23.6
15.2
8.4
28.3
8.3
19.9
1
2
3
20.129
1.124
19.005
20.744
1.190
19.554
21.139
1.196
19.943
2.706
1.158
1.548
15.632
829
14.803
15.636
746
14.890
-1.3
-.1
-1.2
12.9
.3
12.6
26.0
2.3
23.7
14.3
3.3
11.0
7.9
2.7
5.2
4
5
6
6.772
-463
-35
7.754
-18
-25
7.892
-323
0
11.083
-55
-42
8.988
-337
-215
9.725
-339
-25
7.4
-.4
-1.9
8.8
.3
-1.3
4.9
.8
-1.8
9.3
1.8
-.9
20.4
.7
-.3
7
8
9
1.351
5.919
2.175
5.622
4.424
3.791
6.658
4.522
5.989
3.551
5.495
4.594
9.1
.7
8.2
1.6
1.1
4.6
3.5
4.9
16.3 10
3.6 11
21.7
-.1
1.1
1.1
-.2
30.9
26.901
1.715
-596
-571
28.498
1.4P0
-127
BY SECTOR AND TYPE
29.031
1.955
7
-119
0
126
13.789
2.860
905
478
0
427
24.620
1.365
-505
27
0
-532
25.361
1.550
133
113
0
20
6.2
-1.3
-.6
-.6
.3
-1.504
-1.242
-262
8.902
8.569
333
5.204
5.133
71
-5.285
-4.717
-568
4.2
4.2
1.422
-93
1.520
16.178
1.416
14.762
-2.0
-2.2
.2
0
131
0
-2 5
-258
FEDERAL R E S E R V E SYSTEM
T R E A S U R Y ISSUES
AGENCY ISSUES
2.123
2.476
-353
-1.121
-1.896
10
11
12
FOREIGN
SHORT-TERM
OTHER
7.656
-803
6.459
14.080
4.566
9.514
14.836 -4.945
9.821* -2.006
5.065 -2.939
13
14
15
TOTAL PRIVATE DOMESTIC
T R E A S U R Y ISSUES
A G E N C Y ISSUES
16.003
10.568
5.435
14.186
8.429
5.757
13.687
7.614
6.073
6.067
-1.396
7.463
17.134
9.050
8.084
12.785
4.062
8.723
11.502
7.940
1.124
6.816
3.562
12.361
9.967
1.190
8.777
2.394
9.027
6.091
1.196
4.895
2.936
1.004
843
1.153
-315
161
14.252
3.764
329
7.935
5.488
5.050
2.477
1.124
1.353
2.573
6.811
6.158
1.190
4.968
653
7.0 74
5.709
1.196
4.51?
1.365
-1.704
-1.112
1.158
-2.270
-592
-78
204
-282
-275
-470
195
-1.143
-1.501
358
6.530
5.259
1.271
5.825
4.279
1.546
-2.506
-2.357
-149
-2.453
7
8
9
MARKETABLE
16
17
18
19
20
P R I V A T E DOMESTIC N O N F I N A N .
TOTAL T R E A S U R Y ISSUES
S A V I N G S BONDS IHH)
O T H E R T R E A S U R Y ISSUES
AGENCY ISSUES
21
22
23
24
25
HOUSEHOLDS
TOTAL TREASURY ISSUES
S A V I N G S BONDS
OTHER T R E A S U R Y ISSUES
A G E N C Y ISSUES
26
27
28
NONFIN. CORPORATE
T R E A S U R Y ISSUES
A G E N C Y ISSUES
29
30
31
S . + L. G O V E R N M E N T S
T R E A S U R Y ISSUES
AGENCY ISSUFS
32
33
34
35
36
37
BUSINESS
C O M M E R C I A L BANKING
T R E A S U R Y ISSUES
AGENCY ISSUES
C C M M E R C I \ L BANKS
F O R E I G N BANKING A G E N C I E S
3ANKS IN U . S . P O S S E S S I O N S
PRIVATE
NONBANK
-92
39
FIN.
*
*
5.0
5.0
*
-.5
-.6
-.1
*
23.6
*
-1.2
-1.2
-.1
*
28.3
*
*
-.1
*
.1
1
2
3
4
5
6
9.3
3.6
.7
7
8
9
8.7
8.1
.6
.4
-.3
.7
9.3
7.8
1.5
26.3
13.9
12.4
8.4
1.3
7.2
.2 10
-5.7 11
5.9 12
5.8
-2.9
8.7
6.4
-2.5
8.9
-3.6
-7.8
4.2
16.0
7.4
8.5
18.8 13
-.8 14
19.6 15
8.846
6.165
746
5.419
2.681
17.7
10.7
-.1
10.8
6.9
-7.3
-9.4
.3
-9.7
2.1
-10.7
-6.7
2.3
-9.1
-3.9
3.9
4.7
3.3
1.5
-.8
19.2
11.3
2.7
8.6
7.9
16
17
18
19
20
11.249
6.768
829
5.939
4.481
1.789
576
746
-170
1.213
16.0
11.0
-.1
11.1
5.0
-6.4
-11.0
.3
-11.3
4.6
-10.0
-6.2
2.3
-10.5
-1.8
-.7
2.8
3.3
-.5
-3.5
16.8
14.8
2.7
12.1
2.0
21
22
23
24
25
-3.910
-4.093
183
-797
-929
13?
-593
-661
68
-3.1
-3.3
.2
.2
.6
-.5
2.5
2.8
-.3
-2.1
-2.2
.1
-3.4 26
-4.9 27
1.5 28
3.096
1.883
1.213
6.618
6.048
570
3.800
2.925
875
7.650
6.250
1.400
4.7
3.1
1.7
-1.2
.9
-2.1
-3.2
-1.3
-1.8
6.7
4.1
2.6
5.8 29
1.4 30
4.4 31
2.363
1.393
975
737
-598
1.335
740
-1.194
1.934
-1.749
-2.367
618
1.059
-1.351
2.410
•10.0
-9.7
-.3
10.8
6.9
3.8
7.1
3.1
4.0
6.5
2.4
4.1
-1.3 32
-8.8 33
7.6 34
2.306
20
42
765
-26
-2
322
418
0
-1.770
6
15
1.056
3
0
•10.1
10.9
-.1
7.2
-.2
.2
6.0
.3
.2
-1.3 35
.1 36
-.1 37
775
FINANCE
3 9 T O T A L , ALL P V T . NONBANK
40
TREASURY ISSUES
41
AGENCY ISSUES
1969
HILL.)
B I L L I O N S OF DOLLARS
1970
1971
1972
BY SECTOR AND TYPE
TOTAL NET PURCHASES,
1 TOTAL H O L D I N G S , BY SECTOR
2
U . S . G O V T . (AGENCY S E C . )
3
SPONSORED CREDIT AGENCIES
4
TREASURY M A R K E T A B L E
5
F H L 3 SPECIAL ISSUE
6
AGENCY S E C U R I T I E S
SECURITIES
UNADJUSTED NET FLOWS ( $
III
1 TOTAL U.S.GOVERNMENT
GOVT.
SUMMARY
($ M I L L . )
1977
2
3
MARKET
3.923
4.323
4.631
2.380
-
*
*
-
*
7.007
4.985
2.022
-543
-2.931
2.388
3.923
2.121
1.802
4.323
-1.045
5.368
4.631
2.653
1.978
2.880
-752
3.632
•i.a
3.0
3.9
2.1
3.0
-4.2
4.2
5.6
.3
5.3
-9 39
-3.3 40
4.2 41
340
-871
1.211
-1.406
-1.884
478
2.'*24
329
2.006 -2.345
418
2.674
1.096
448
648
1.075
-755
1.830
-.3
1.5
1.2
.6
-1.3
1.9
2.3
-.8
3.0
1.9
-.5
2.4
.7 42
-1.6 43
2.3 44
*
*
42
43
44
SAVINGS + LOAN ASSOCIATION
TREASURY ISSUES
AGENCY ISSUES
45
46
47
MUTUAL SAVINGS BANKS
TREASURY ISSUES
AGENCY ISSUES
476
88
388
473
-297
770
434
-218
702
-46
-373
327
371
-132
503
133
-172
305
-.5
-.6
.2
•4
-.1
.4
.9
.1
.8
1.4
.2
1.1
-.5 45
-.5 46
.1 47
48
49
50
CREDIT UNIONS
T R E A S U R Y ISSUES
AGENCY ISSUES
105
18
87
118
21
97
129
23
106
137
24
113
150
27
123
-685
-172
-513
.3
.2
.1
.3
.2
.5
.3
.2
.6
.5 48
.3 49
.2 50
51
52
53
LIFE INSURANCF
T R E A S U R Y ISSUFS
AGENCY ISSUES
843
483
360
671
-190
861
695
314
381
-224
-645
421
906
172
734
356
-406
762
-.2
-.3
.1
.1
-.1
.1
-.1
-.2
.1
.1
.1
-.2 51
-.4 52
.1 53
54
55
56
PRIVATE PENSION FUNDS
T R E A S U R Y ISSUES
A G E N C Y ISSUES
1.334
1.643
-309
199
352
-153
567
851
-284
468
-1.046
1.514
855
625
230
500
-52
552
.2
-.1
.3
-.3
-.2
.2
-.3
1.0
.9
.1
.7 54
.2 55
.6 56
57
58
59
S. + L . G O V T . , R T R .
T R E A S U R Y ISSUES
A G E N C Y ISSUES
FUNDS
473
87
386
-37
-211
174
1.510
714
796
1.643
1.560
83
1.140
800
340
1.151
550
601
-.3
-.5
.2
-.4
-.3
-.1
-1.2
-1.2
.1
.3
-.3
.6
-.2 57
-1.1 58
.9 59
60
OTHER INSURANCE COMPANIES
1.036
1.137
-101
1.151
990
161
-277
40
-317
81
-155
236
600
1.200
-600
250
155
95
-.3
-.5
.2
-.1
.1
-.2
.3
.1
-.3
.4
* 60
-.1 61
* 62
-245
-43
23
128
70
237
-15
144
-70
96
102
126
-.5
.2
-.3
.1
-
-
-
-
2.688
-1.863
-1.916
1.806
-513
61
TREASURY
62
AGENCY ISSUES
63
64
65
ISSUES
INVESTMENT COS. (TREASURY)
MONEY MARKET FUNDS (TREAS)
SECURITY BROKERS +
DEALERS (TREASURY)
(1) WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH
AGENCY ISSUES.
(2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT
SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET
DE3T OF FINANCIAL INSTITUTIONS.
IV/78 BASED ON PRELIMINARY
AND INCOMPLETE INFORMATION.
*
*
*
*
*
*
*
*
-
* 63
64
FEBRUARY 12» 1979
U.S. GOVT. SECURITIES
U.S. GOVT.
U . S . GOVERNMENT
SEASONALLY
ADJUSTED
1.974
ANNUAL
1975
SECURITIES
MARKET
RATES
1976
SEASONALLY
1977
1978
TOTAL
NET
1
1
1977
IV
III
ISSUES, BY S E C T O R
AND
|
|
SECURITIES
33
SUMMARY
ADJUSTED
ANNUAL
RATES
1978
I
II
III
IV
TYPE
3 4.3
11.9
22.4
98.2
85.5
12.7
88.1
69.1
19.0
84.3
56.9
27.4
92.8
53.8
39.0
105.5
80.2
25.4
91.7
62.0
29.7
105.0
66.2
38.8
95.7
51.5
44.2
94.1
59.5
34.6
4
5
6
12.0
85.P
69.1
57.6
55.1
82.2
62.2
67.5
51.9
3.0
9.0
4.0
4.7
4.7
3.9
4.3
5.0
4.6
4.3
81.8
64.5
52.9
51.2
77.4
57.2
62.9
47.6
61.7
3.6
58.1
rOTAL U.S.GGVERNMENT SECUR.
76.4 •
37.9
U.S. GOVERNMENT
38.5
SPON. AGENCIES + MTG.POOLS
BY INSTRUMENT:
39.4
TREASURY ISSUES
3.2
HOUSEHOLD SAVINGS BONDS
36.2
TREAS. EXCL. SAVINGS BONDS
7
3
9
22.2
12.3
19.0
26.7
.1
-.1
-.5
-.2
23.4
-1.9
37.6
-1.3
43.8
-.3
-.1
37.7
-1.1
29.5
.1
-.3
-.3
-.1
-.2
-.2
32.4
-1.3
-.9
37.0
-1.4
-.1
10
11
16.6
2.3
3.3
7.0
7.2
10.3
15.7
20.5
22.6
16.5
1.7
5.8
2 3.7
22.5
23.7
15.2
26.1
18.1
20.4
14.2
20.1
18.4
105.0
76.4 TOTAL HOLDINGS, BY SECTOR
U.S. GOVT. (AGENCY SEC.)
6.2
-1.7
SPONSORED CREDIT AGENCIES
-l.ti
TREASURY MARKETABLE
FHLB SPECIAL ISSUE
.1
AGENCY SECURITIES
I
2
3
TOTAL
SECTOR AND
83.1
84.3
92.8
105.5
91.7
3.7
1.5
1.5
5.3
7.7
.5
.5
6.9
2.3
2.4
5.9
7.8
95.7
11.4
-3.8
-3.4
-2.5
-1.4
-4.9
-5.4
5.7
4.0
94.1
5.5
3.0
5.2
-.1
-
-1.0
-
.5
1.7
-
-2.1
2.6
4.0
-3.5
-2.5
-1.0
29.1
27.8
-1.4
4.3
1.2
3.1
1.3
13.6
13.3
.3
-10.0
-7.7
-2.3
7
3
9
5.2
2.0
3.2
8.4
7.4
1.0
10.0
10
11
12
3.7
7.6
-3.9
*
*
-
-.4
*
OTHER
BUDGET AGENCY ISSUES
LOAN PARTICIPATIONS (1)
SPONS. AGENCY ISSUES (2)
MORTGAGE POOL SECUR. 12)
':
5
6
6
9
10
D
TYPE
4.5
1.5
1.5
34.3
-.1
PURCHASES:, BY
-
93.?
I
2
3
4
5
6
2.5
.4
.3
NET
-.1
-.1
1
2
3
-
-
1
1
3
f
5
6
7
8
9
9.1
.9
7.2
5.8
1.4
7.3
7.7
-.4
8.1
6.6
1.5
11.6
31.5
27.5
3.3
8.3
3.1
9.1
23.4
18.4
29.0
-4.3
33.8
57.3
19.8
38.1
55.8
35.5
20.3
-16.1
-4.3
-11.8
4.5
-1.5
6.1
66.0
6.9
59.0
FOREIGN
SHORT-TERM MARKETABLE
OTHER
10
11
12
TOTAL PRIVATE DOMESTIC
TREASURY ISSUES
AGENCY ISSUES
13
14
15
FEDERAL RESERVE SYSTEM
TREASURY ISSUES
AGENCY ISSUES
13
14
15
22.4
75.7
68.8
6.9
61.3
47.0
14.3
44.1
23.8
20.3
49.7
19.3
30.3
64.8
46.7
13.0
26.1
6.0
16.4
21.5
49.8
19.5
30.3
65.6
36.2
2 9.3
67.4
38.6
28.8
15.9
-17.1
33.0
16
17
18
19
20
17.5
23.0
26.9
19.6
12.7
24.6
16.7
33.1
21.9
37.8
28.2
32.5
23.7
45.5
27.7
27.0
26.7
4.0
4.7
8.0
6.9
4.7
3.9
4.R
5.0
4.6
4.3
11.9
17.9
11.3
23.4
18.7
3.9
23.1
17.8
22.4
9.6
48.1
30.7
3.6
27.1
17.4
11.3
2.3
3.2
-.9
9.5
PRIVATE DOMESTIC NONFINAN.
TOTAL TREASURY ISSUES
SAVINGS BONDS (HH)
OTHER TREASURY ISSUES
AGENCY ISSUES
16
17
18
19
20
21
22
14.4
10.4
14.5
17.7
.3
-5.1
27.0
25.1
29.8
18.3
15.2
i 7. 9
3.0
7.4
4.1
4.0
5.4
1.5
4.7
18.4
11.9
23
24
25
4.8
1.2
4.7
4.3
5.0
4.6
13.7
-3.2
-3.4
-3.2
-9.9
20.1
3.5
3.9
3.9
8.0
6.5
5.6
1.9
13.7
11.6
4.3
13.6
-2.7
23.6
10.3
3.6
6.7
13.4
4.9
1.3
3.2
-2.0
3.7
HOUSEHOLDS
TOTAL TREASURY ISSUES
SAVINGS BONDS
OTHER TREASURY ISSUES
AGENCY ISSUES
21
22
23
24
25
26
27
28
2.3
.9
1.4
9.1
9.9
-.8
4.0
4.0
-6.3
-6.0
-6.4
-7.2
7.7
3.3
-13.5
-14.3
-2.5
-4.0
-.4
.7
-I. 1
.8
1.4
-12.1
-12.3
.7
5.6
5.1
.5
-16.3
-17.0
.3
29
30
31
.8
-.6
-.7
10.8
-1.9
25.5
21.1
21.2
17.1
29.6
2 4.5
19.1
12.9
18.2
13.4
4.4
4.1
5.1
6.2
4.9
23.9
21.6
2.3
18.9
15.4
3.5
23.6
18.0
5.6
32
33
34
3 0.1
2 8.3
19.7
18.2
-5.5
-3.8
-3.3
-8.7
-11.5
-5.0
3.6
1.4
1.5
-.1
-.9
.8
.8
-2.6
6.3
-.5
2.8
6.1
15.6
7.8
7.8
-1.2
-3.8
2.6
-12.4
-21.0
8.7
35
36
37
1.2
.1
-.2
30.3
19.3
.4
.4
-8.9
.1
.2
14.0
1.7
-12.4
-.4
.2
1.2
-.1
-1.3
.3
.1
-.1
-.2
.2
-3.6
-.3
.1
38
3.8
22.6
22.0
19.6
15.8
30.3
2.2
39
40
41
3.8
-.7
4.6
22.6
13.1
22.0
16.1
19.6
15.8
3.0
3.0
30.3
21.9
2.2
-7.6
9.4
5.9
11.6
12.8
3.9
9.8
6.3
42
43
44
1.2
5.4
1.3
4.1
4.4
3.7
.7
3.6
-1.3
5.9
l.l
4.8
-1.3
4.9
4.9
-.6
5.6
-4.1
-6.0
1.2
1.9
1.7
-
3.9
4.0
l.l
2.9
2.6
.1
2.6
.9
-.9
1.8
3.0
.6
2.4
3.3
-.1
3.4
-2.4
1.7
9.4
3.0
6.4
0.2
22.9
-3.9
2.7
1.0
#
*
*
7.4
3.3
3.0
*
4.6
1.1
.3
*
*
-
NONFIN. CORPORATE BUSINESS 26
27
TREASURY ISSUES
AGENCY ISSUES
28
S. + L. GOVERNMENTS
TREASURY ISSUES
AGENCY ISSUES
COMMERCIAL BANKING
TREASURY ISSUES
AGENCY ISSUES
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSSESSIONS
29
30
31
32
33
34
35
36
37
"
.1
3.2
22.9
20.5
16.4
3.2
-3. 1
22.9
1.7
21.2
20.5
11.7
8.8
16.4 TOTAL, ALL PVT. NONBANK FIN.
1.6
TREASURY ISSUES
14.8
AGENCY ISSUES
39
40
41
4.8
-5.9
10.7
8.5
5.9
2.6
5.9
-1.4
7.3
SAVINGS *• LOAN ASSOCIATIONS
TREASURY ISSUES
AGENCY ISSUES
42
43
44
1.9
-.4
-1.4
1.1
2.6
-.3
2.9
2.0
.5
1.5
MUTUAL SAVINGS 3ANKS
TREASURY ISSUES
AGENCY ISSUES
45
46
47
*
.4
PRIVATE NGN3ANK FINANCE
3P
45
46
47
-.4
.2
48
49
50
.4
.1
.3
1.1
.3
.8
.6
.2
.5
.5
.1
.4
-.3
-.1
-.2
.4
.1
.3
.5
.L
.4
.5
.1
.4
.5
.1
.5
.6
.1
.5
-2.7
-.7
-2.1
CREDIT UNIONS
TREASURY ISSUES
AGENCY ISSUES
48
49
50
51
52
53
.1
-.1
.2
1.7
1.4
.4
1.5
.6
.9
1.9
.3
1.6
1.7
-.6
2.3
2.3
.9
1.4
2.9
-.5
3.4
2.4
.9
1.5
.4
-1.3
1.7
2.4
-.5
2.9
1.7
-1.4
3.0
LIFE INSURANCE
TREASURY ISSUES
AGENCY ISSUES
51
52
53
54
55
56
1.1
-.2
1.3
5.2
4.5
.7
3.9
3.7
.3
5.4
4.8
.6
2.4
.4
2.0
3.3
5.1
2.5
3.2
-.6
1.6
2.7
-1.2
-1.1
2.2
-3.8
6.1
1.8
.9
.9
4.0
1.8
2.2
PRIVATE PENSION FUNDS
TREASURY ISSUES
AGENCY ISSUES
54
55
56
57
58
59
2.1
1.0
1.1
1.7
1.5
.1
3.4
2.4
1.0
5.4
3.6
1.3
1.9
.3
1.5
-.1
-.8
.7
6.0
2.9
3.2
6.6
6.2
.3
4.6
3.2
1.4
4.6
-.9
1.0
2.4
S. + L. GCVT., RTR. FUNDS
TREASURY ISSUES
AGENCY ISSUES
57
58
59
60
61
62
?.5
1.9
.6
3.1
2.6
.6
3.0
2.5
.5
.7
1.2
-.6
3.3
4.2
-.4
4.1
3.5
.6
-.8
.4
.9
.4
-1.3
.9
2.0
4.4
-2.4
.6
.2
.4
OTHER INSURANCt COMPANIES
TREASURY ISSUES
AGENCY ISSUES
60
61
62
63
64
.4
.1
.2
.2
-.3
.1
.6
-1.0
.3
-.2
.1
.5
.3
.9
-.1
.6
-.3
.4
.4
.5
6*
64
65
.2
-.1
2.4
-.7
-.8
10.3
-7.5
-7.7
7.2
-2.1
-.5
INVESTMENT COS. (TREASURY)
MONEY MARKET FUNDS (TREAS)
SECURITY BROKERS +
DEALERS (TREASURY)
#
?
*
.4
*
2.2
*
*
-.5
*
2.2
WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH
AGENCY ISSUES.
THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT
SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET
DEBT OF FINANCIAL INSTITUTIONS.
BILLIONS OF DOLLARS.
I 11/78 BASED ON INCOMPLETE INFORMATION.
65
FEBRUARY 12, 1979
PRIVATE SECURITIES
34
PRIVATE SECURITIES
STATE + LOCAL GOVERNMENT, CORPORATE, AND FOREIGN SECURITIES
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS 1$ MILL.)
BILLIONS CF DOLLARS
1970
1971
1972
STATE AND LOCAL GOVERNMENT SECURITIES
1 NET C H A N G E IN L I A B I L I T I E S
2
STATE + LOCAL G O V E R N M E N T S
3
SHORT-TERM
4
OTHER
5
N O N F I N . C O R P O R A T E BUSINESS
(POLLUTION C O N T R O L )
8.922
8.143
246
7.897
779
5.380
4.252
-1.382
5.634
1.128
3.413
2.759
-1.799
4.558
654
11.117
9.941
1.557
8.384
1.176
10.355
9.751
391
9.360
604
4.746
4.014
45
3.969
732
9.9
9.9
2.8
7.2
11.2
11.2
2.3
8.9
~
~
6 NET CHANGE IN ASSETS
17.4
17.3
2.5
14.9
.1
14.7
14.2
.1
14.1
.5
14.7
12.9
.3
L2.6
1.8
1
2
3
4
5
7
HOUSEHOLDS
3
9
N O N F I N . CORPORATE BUSINESS
S T . + L O C . G O V T , G E N . FUNDS
8.922
2.705
62
211
5 .380
2,.077
-6
70
3.413
94
52
293
11.117
4.755
31
163
10.355
2.486
52
583
4.746
189
55
63
9.9
9.3
•1.0
.1
11.2
-.9
-.6
.1
17.4
.1
1.0
-.3
14.7
2.3
1.0
-.3
14.7
5.3
-.1
.2
6
7
8
9
10
11
12
COMMERCIAL BANKING
SAVINGS + LOAN A S S N S .
MUTUAL SAVINGS BANKS
3.258
18
231
607
150
53
446
-97
22
3.079
22
158
4.233
15
172
669
10
170
.6
10.7
12.6
7.2
5.7
10
13
14
15
16
LIFE INSURANCE C O M P A N I E S
S T . + L O C . G O V T , R T R . FUNDS
OTHER INSURANCE C O M P A N I E S
BROKERS + DEALERS
181
-43
2.582
-283
22
37
2.528
-158
-36
-109
2.736
12
-72
378
2.838
-235
58
-52
2.961
-153
249
61
3.100
175
*
*
*
C O R P O R A T E AND FOREIGN
*
*
*
*
*
.2
.5
-.1
l.l
-.2
.1
-.3
1.5
•6
.1
.1
3.5
.1
-.1
4.3
-.1
* 11
* 12
* 13
- . 3 14
3.6 15
.2 16
BONDS
9.184
5.526
1.865
157
100
1.529
7
11.197
7.241
931
165
551
2.336
-27
7.546
4.028
1.279
5
50
2.291
-107
9.360
5.890
1.172
96
428
1.790
-16
6.742
4.864
455
41
127
1.320
-65
8.438
5.334
1.400
56
260
1.429
-41
13.8
12.0
1.0
-.2
23.3
19.8
.9
.1
23.5
18.8
.9
.9
18.4
12.2
1.0
1.1
13.6
9.2
1.0
*
.9
.1
2.1
.5
2.5
.4
3.6
.4
3.0
.6
8 NET PURCHASES
9
HOUSEHOLDS
10
REST OF THE WORLD
11
C O M M E R C I A L BANKING
12
MUTUAL SAVINGS BANKS
9.184
681
921
-105
68
11.197
-1.298
1.204
169
168
7.546
215
223
-166
241
9.360
310
548
-128
145
8.438
6.742
-272 -1.138
3 86
-100
67
-37
-227
143
13.8
5.4
.5
-.1
.3
23.3
9.5
.7
.8
1.2
23.5
8.3
.3
1.2
3.9
13.4
4.4
.1
1.7
2.1
13
14
15
16
7.822
3.286
2.817
1.743
-24
8.715
5.952
1.049
2.444
-730
8.582
4.002
2.430
712
1.438
9.013
5.857
1.999
1.255
-98
7.343
3.598
1.991
1.799
-45
7.742
3.896
1.787
2.049
10
7.2
1.7
.6
4.0
.8
10.3
1.5
2.1
4.5
2.3
9.0
5.5
-.7
3.9
.3
9.7
7.0
-.8
4.2
-.7
-9
-194
467
1.77?
-199
-1.350
-34
-494
-94
-461
52
1.776
.2
.4
.7
.1
.6
.1
.2
.2
10.5
2.8
7.7
5.7
.1
.1
.4
1.5
15.0
1.3
13.7
11.4
13.3
-.5
13.8
10.9
-.4
1.2
.5
1.7
9.2
-1.2
10.4
7.9
-.2
1.2
.5
1.0
15.0
-5.1
.8
.5
13.3
-5.7
2.4
.1
.6
9.2
9
- 6 . 9 10
2.8 11
.2 12
.4 13
1 N E T ISSUES
2
N O N F I N . CORPORATE BUSINESS
3
REST OF THE WORLD
4
C O M M E R C I A L BANKS
5
SAVINGS + LOAN ASSOCIATIONS
6
FINANCE C O M P A N I E S
7
REITS
17
18
19
INSURANCE
LIFE INSURANCE C O M P A N I E S
PRIVATE PENSION FUNDS
S T . + L O C . G O V T , R T R . FUNDS
OTHER
INSURANCE
COMPANIES
OPEN-END INVESTMENT
BROKERS + DEALERS
CGS.
CORPORATE
NET ISSUES
O P E N - E N D INVESTMENT C O S OTHER SECTORS
N O N F I N . C O R P O R A T E BUSINESS
REST OF THE WORLD
C C M M E R C I A L BANKS
OTHER INSURANCE COMPANIES
REITS
9 NET PURCHASES
10
HOUSEHOLDS
11
REST OF THE WORLD
12
COMMERCIAL BANKING
13
MUTUAL SAVINGS BANKS
14
15
16
17
18
INSURANCE
LIFE INSURANCE C O M P A N I E S
PRIVATE PENSION FUNDS
S T . + L O C . G O V T , R T R . FUNDS
OTHER INSURANCE C O M P A N I E S
19
20
OPEN-END INVESTMENT C O S .
BROKERS • DEALERS
13.6
8
1.3
9
.1 10
.4 11
-l.l 12
13.4
5.9
2.1
5.6
-.1
13
14
15
16
17
- . 9 13
.4 19
EQUITIES
980
-905
1.885
1.105
297
225
236
22
1.919
295
1.624
1.350
-200
197
239
38
475
23
452
389
-330
75
252
66
777
-297
1.074
698
-69
126
265
54
671
-607
1.278
900
12
18
278
70
1.215
390
825
612
-150
24
291
48
10.1
4.9
5.2
3.4
.5
980
-562
498
0
122
1.919
-2.374
894
0
53
475
1.277
670
0
103
777
-1.45L
1.2 59
0
-9
671
-1.086
-84
0
-64
1.215
-2.301
0
0
44
10.1
-3.7
1.6
.2
10.5
-1.6
.7
.1
.3
2.210
171
788
904
347
2.053
351
445
837
420
723
67
-150
446
360
1.872
409
477
534
452
2.056
300
700
706
350
2.264
339
719
797
409
9.9
1.7
5.4
1.8
1.0
9.7
2.0
4.6
2.1
1.0
18.2
3.6
8.9
3.2
2.5
17.4
3.5
7.3
3.7
3.0
14.6 14
3.6 15
5.3 16
3.4 17
2.4 18
-1.094
-194
-480
1.773
-947
-1.351
-399
-495
310
-461
-568
1.776
1.7
.4
1.2
.1
.4
.1
-1.8
.2
- 2 . 3 19
.4 2 0
IV/78 BASED ON P R E L I M I N A R Y AND INCOMPLETE
1
2
3
4
5
6
7
INFORMATION.
*
.5
.8
*
*
.6
.6
1.0
*
1
2
3
4
5
6
7
8
FEBRUARY 1 2 , 1 9 7 9
PRIVATE S E C U R I T I E S
PRIVATE
STATE •
LOCAL GOVERNMENT,
CORPORATE, AND FOREIGN
SEASONALLY ADJUSTED ANNUAL RATES
L974
L975
1976
SECURITIES
35
SECURITIES
SEASONALLY ADJUSTED ANNUAL
1977
I
j
1978
1977
III
IV
STATE AND LOCAL GOVERNMENT
|
|
RATES
1978
I
II
III
IV
SECURITIES
1
2
3
4
5
16.5
14.8
2.7
12.1
1.6
15.6
13.0
-.3
13.2
2.6
19.0
16.5
-.9
17.4
2.5
29.2
25.7
.9
24.8
3.5
29.6
26.5
.2
26.3
3.2
33.0
29.9
.6
29.3
3.1
25.0
20.4
-3,8
24.2
4.5
20.5
17.9
-3.1
21.0
2.6
36.5
31.8
.4
31.4
4.7
38.5
36.1
1.4
34.7
2.4
23.0 N E T CHANGE IN LIABILITIES
20.1
STATE + L O C A L G O V E R N M E N T S
2.1
SHORT-TERM
18.0
OTHER
2.9
N O N F I N . C O R P O R A T E BUSINESS
{POLLUTICN CONTROLJ
1
2
3
4
5
6
7
8
9
16.5
8.2
.6
.5
15.6
6.1
-.2
2.4
19.0
5.1
-1.1
2.7
29.2
8.8
29.6
7.5
.2
1.1
33.0
6.2
.2
.8
25.0
12.6
20.5
.6
.2
1.2
36.5
18.9
.1
.7
38.5
5.3
.2
2.3
23.0 N E T C H A N G E IN A S S E T S
5.3
HOUSEHOLDS
.2
NONFIN. CORPORATE BUSINESS
.3
S T . + L O C . G O V T , G E N . FUNDS
6
7
8
9
10
11
12
5.5
.3
1.7
.6
.6
3.0
.1
.9
9.2
.1
.4
8.4
-.1
.5
15.2
.1
.9
1.5
.6
.2
8.4
-.4
.1
4.2
.1
.6
18.9
.1
.7
13
14
15
16
.3
-.7
2.2
-.4
.8
1.0
2.6
-.1
1.1
1.4
5.4
.3
.4
.3
9.5
.2
.2
.3
11.6
-.2
.5
-.2
10.3
-1.1
.1
-1
10.1
-.6
-.2
-.4
10.9
*
*
.2
#
.3
*
*
*
2.2
*
.7
COMMERCIAL BANKING
SAVINGS + LOAN A S S N S .
MUTUAL SAVINGS BANKS
10
11
12
LIFE INSURANCE C O M P A N I E S
ST.+LOC. GOVT, R T R . FUNDS
OTHER INSURANCE C O M P A N I E S
BROKERS + D E A L E R S
13
14
15
16
1.5
11.4
-.9
-.2
11.8
-.6
1.0
.2
12.4
.7
33.7
24.8
1.8
.2
.5
6.6
-.3
29.9 NET ISSUES
NONFIN. CORPORATE BUSINESS
17.5
5.6
REST OF THE WORLD
COMMERCIAL BANKS
.2
1.0
SAVINGS + LOAN ASSOCIATIONS
5.7
FINANCE COMPANIES
-.2
REITS
CORPORATE AND FOREIGN BONDS
I
2
3
4
5
6
7
23.9
19.7
2.1
.2
8
9
10
11
12
23.9
4.7
.9
1.1
.9
13
14
15
16
17
18
19
36.4
27.2
6.2
.2
.1
2.7
40.1
24.7
3.7
.7
2.2
9.0
-.1
28.2
13-3
5.1
.2
10.0
-.4
36.4
24.8
4.7
.4
1.7
4.9
-.1
43.3
3.5
3.7
-.4
.3
40.1
.2
4.8
.7
.7
28.2
-3.8
.9
-.7
1.0
36.4
-1.5
2.2
-.5
.6
33.7
-.8
1.5
.3
-.9
29.9 NET PURCHASES
2.5
HOUSEHOLDS
-.4
REST OF THE WORLD
-.1
COMMERCIAL BANKING
.6
MUTUAL SAVINGS BANKS
8
9
10
11
12
33.3
15.1
11.3
7.0
-.1
33.8
22.8
4.2
9.8
-2.9
32.9
14.5
9.7
2.8
5.8
36.6
23.9
8.0
5.0
-.4
31.7
16.8
3.0
7.2
-.2
29.6
14.2
7.1
8.2
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
13
14
15
16
17
1.9
-1.9
-.8
-1.3
-.1
-.7
-.4
2.2
.2
-2.3
OPEN-END INVESTMENT COS.
BROKERS + DEALERS
18
19
7.4
.9
6.5
5.4
-.8
.8
1.0
.2
1.6
-.2
1.8
1.6
-1.3
.3
1.0
.3
3.4
-.9
4.3
2.8
-.3
.5
l.l
.2
3.0
-2.1
5.1
3.6
7.4
-.8
3.6
1.6
.7
2.7
3.4
-6.7
5.0
3.0
-8.1
-.3
37.2
22.8
8.5
.7
.1
5.3
-.2
36.1
21.0
5.0
.6
1.2
8.5
-.1
32.1
20.1
4.3
.2
.9
6.8
-.2
43.3
27.3
7.5
.6
.4
7.4
36.4
8.0
.6
1.8
3.5
37.2
2.1
.9
-.6
2.8
36.1
1.1
3.7
-.1
1.2
32.1
-.9
1.1
-.3
.3
17.5
4.0
4.7
6.8
2.0
20.4
9.1
2.8
6.3
2.2
29.1
16.9
1.3
7.1
3.9
29.7
18.3
5.3
5.3
.8
32.7
17.4
8.2
5.8
1.3
-.4
-.7
1.0
l.l
2.2
.7
1.1
-.5
-.3
-.5
-
1.8
.2
-
*
*
3.0
*
*
1
2
3
4
5
6
7
CORPORATE EQUITIES
1
2
3
4
5
6
7
8
4.1
-.7
4.8
4.1
-.2
1.0
.9
-.9
10.7
-.1
10.8
9.9
.2
1.0
1.0
-1.3
11.9
-1.0
12.9
10.5
.3
1.6
.9
-.5
3.8
-1.0
4.8
2.7
.4
.6
.9
.1
3.1
-.5
3.6
2.6
-.5
.2
1.1
.2
4.2
-3.3
7.5
4.4
1.2
.9
.9
9
10
11
12
13
4.1
-2.2
.5
.1
.2
10.7
-3.6
4.7
.2
.2
11.9
-3.4
2.8
3.8
-5.1
2.7
3.1
-3.6
1.8
4.2
-5.7
2.0
.1
.4
.1
.5
.2
.4
14
15
16
17
18
6.7
2.3
2.3
2.6
-.5
9.3
1.9
5.8
2.4
-.7
14.3
3.0
7.3
3.1
.9
10.1
1.2
4.5
3.4
l.l
6.9
1.1
1.7
2.5
1.6
8.8
.7
3.2
3.6
1.4
8.2
1.4
1.8
3.3
1.7
2.9
.3
-.6
1.8
1.4
7.5
1.6
1.9
2.1
1.8
8.2
1.2
2.8
2.8
1.4
9.1
1.4
2.9
3.2
1.6
19
20
-.5
-.7
-1.1
1.1
-2.5
.6
-3.8
-.5
-1.6
-.5
-4.4
3.0
-1.9
-1.9
-3.8
-1.3
-1.6
-.7
1.2
2.2
-2.3
-2.3
BILLIONS OF DOLLARS.
II 1/78 BASED ON INCOMPLETE
l
•
INFORMATION.
*
*
.1
1.1
.3
-
-.3
4.6 NET ISSUES
1.3
O P E N - E N D INVESTMENT C O S .
OTHER S E C T O R S
3.3
2.4
N O N F I N . C O R P O R A T E BUSINESS
REST OF THE WORLD
-.6
C O M M E R C I A L BANKS
.1
OTHER INSURANCE C O M P A N I E S
1.2
.2
REITS
4.6
*
-.2
NET P U R C H A S E S
HOUSEHOLDS
REST OF THE WORLD
COMMERCIAL B A N K I N G
MUTUAL SAVINGS BANKS
1
2
3
4
5
6
7
8
9
10
11
12
13
INSURANCE
LIFE INSURANCE C O M P A N I E S
PRIVATE P E N S I O N FUNDS
S T . + L O C . G O V T , R T R . FUNDS
OTHER INSURANCE C O M P A N I E S
14
15
16
17
18
O P E N - E N D INVESTMENT C O S .
BROKERS + D E A L E R S
19
20
FEBRUARY 12, 1979
MORTGAGES - I
36
MORTGAGES - I
MORTGAGE MARKETS BY TYPE OF MORTGAGE
UNADJUSTED NET FLOWS (S MILL.l
UNADJUSTED NET FLOWS 1$ MILL.)
1977
II
IV
1
I
1978
II
I
BILLIONS OF DOLLARS
1970
1971
1972
III
TOTAL MORTGAGES
NET CHANGE IN MORTGAGES
HOME MORTGAGES
MULTI-FAMILY RESID.
COMMERCIAL
FARM
BORROWED BY:
6
U.S. GOVERNMENT
7
SAVINGS + LOAN ASSOCIATIONS
8
REITS
1
2
3
4
5
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
18
ST.+LOC. GOVT, GEN. FUNDS
19
20
21
U.S. GOVERNMENT
SPONSORED CREDIT AG. (1)
MORTGAGE POOLS
22
23
24
25
26
27
PRIVATE FINAN. INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S+L ASSOCIATIONS (1)
MUTUAL SAVINGS BANKS
CREDIT UNIONS
28
29
30
31
32
33
34
INSURANCE
LIFE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUND
OTHER INSURANCE COS.
FINANCE COMPANIFS
REITS
35 (1) MEMO: FHLB LOANS TO S+L
ASSOCIATIONS (INCLUDED IN
37.540
28.930
1.756
4.765
2.089
36.574
25.232
2.407
7.074
1.861
29.150
20.754
2.074
4.081
2.241
40.203
29.317
2.504
5.571
2.811
40.155
26.936
2-788
7.534
2.897
36.400
25.250
2.721
6.035
2.394
-25
612
21
-25
191
-31
-24
503
133
-27
1.218
23
-26
-411
-41
-21
-487
7
36.932
26.104
261
10.567
2.089
3.118
5.360
36.439
25.243
261
10.935
1.861
2.382
6.692
28.538
23.167
258
5.113
2.241
706
2.166
38.989
25.815
255
12.919
2.811
3.090
7.018
40.633
24.779
253
15.601
2.897
4.296
8.408
36.901
26.805
250
9.846
2.394
1.830
5.622
37.540
3.271
288
36.574
3.086
370
29.150
3.644
520
40.203
3.835
136
40.155
3.800
150
-193
923
5.919
204
734
5.622
-536
2.544
3.791
-563
2.540
4.522
27.332
8.359
18.306
L6.206
2.003
97
26.558
7.312
16.493
14.378
2.025
90
19.187
5.784
13.061
11.265
1.696
100
1.469
1.216
95
133
25
-436
-366
2.953
2.695
102
166
-10
200
-400
1.500
1.198
338
-65
29
-668
-490
30.7
18.1
4.9
5.8
1.8
29.9
15.0
6.9
7.2
52.6
30.6
9.7
9.9
2.4
77.0
43.8
12.8
16.8
3.6
79.9
44.9
10.4
19.1
5.5
-.1
.6
.1
-.1
2.0
.1
-.1
1.2
.5
-.1
-1.5
.3
30.6
18.5
1.2
10.8
1.8
3.7
5.3
29.2
14.1
1.2
14.0
.8
6.5
6.7
50.5
27.0
1.2
22.3
2.4
9.7
10.2
75.4
41.6
1.3
32.4
3.6
11.9
17.0
81.2
47.1
1.1
33.0
5.5
9.3
18.2
36.400
3.343
200
30.7
2.2
.5
29.9
1.8
52.6
1.2
1.1
77.0
6.3
1.4
79.9 16
3.4 17
1.7 18
1.113
3.568
3.551
-180
3.594
4.594
1.0
4.4
.7
.3
5.4
1.6
-.4
3.6
4.8
-.7
4.0
4.9
-.6 19
7.2 20
3.6 21
29.733
9.706
17.372
15.537
1.735
100
27.973
10.460
14.979
13.006
1.868
105
24.849
8.400
13.700
11.951
1.641
108
22.0
5.4
12.2
9.5
2.7
20.1
2.1
11.7
9.8
1.8
.1
42.2
9.8
27.8
23.8
3.9
61.0
16.8
37.7
32.0
5.5
.2
64.6
19.8
32.7
26.5
5.7
.4
22
23
24
25
26
27
2.647
2.077
75
488
7
232
-224
2.584
2.325
100
150
9
150
-200
2.784
2.612
60
100
12
100
-135
2.4
2.1
.1
.2
2.7
2.3
1.0
1.1
-.5
•4
.7
1.5
-.9
.2
1.7
1.9
1.5
2.3
1.7
4.2
4.7
4.4
-.4
.7
*
1.9
5.6
28
29
30
31
32
33
34
3.884
3.512
1.337
3.119
1.105
'OTHER LOANS" CATEGORY).
*
*
9
10
11
12
13
14
15
7.2 35
HOME MORTGAGES
1 NET BORROWING
2
HOUSEHOLDS
3
NONFARM NONCORP. BUSINESS
4
NONFIN. CORPORATE BUSINESS
5
SAVINGS + LOAN ASSOCIATIONS
28.930
26.104
1.107
1.107
612
25.232
25.243
-101
-101
191
20.754
23.167
-1.458
-1.458
503
29.317
25.815
1.142
1.142
1.218
26.936
24.779
1.284
1.284
-411
25.250
26.805
-534
-534
-487
18.1
18.5
-.2
-.2
6 NET CHANGE IN ASSETS
7
HOUSEHOLDS
8
STATE + LOCAL GOVERNMENTS
28.930
2.043
162
25.232
1.816
127
20.754
1.937
422
29.317
2.625
-358
26.936
2.140
50
25.250
1.878
75
-139
183
5.559
5.775
165
267
5.060
4.212
-1.066
1.772
3.437
3.924
-146
1.873
3.400
6.350
333
2.693
3.499
6.006
15.436
14.026
1.313
97
13.684
12.270
1.324
90
10.588
9.378
1.110
100
15.335
14.100
1.135
100
-366
-396
25
5
-148
-295
25
122
-379
-251
63
-191
298
-21
100
-51
159
-40
9
10
11
12
U.S. GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKING
13
14
15
16
SAVINGS INSTITUTIONS
SAVINGS * LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
17
18
19
20
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
21
22
FINANCE COMPANIES
REITS
IV/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
15.0
14.1
•1
•1
.6
30.6
27.0
•8
•8
2.0
43.8
41.6
.5
.5
1.2
44.9
47.1
-.4
-.4
-1.5
1
2
3
4
5
18.1
2.0
.1
15.0
-.1
.1
30.6
3.0
.1
43.8
3.3
.1
44.9
3.0
.6
6
7
8
-65
2.631
4.299
4.985
.2
3.8
.4
2.9
-.1
4.6
1.2
.9
-.6
2.1
4.3
5.7
-.6
1.8
4.3
9.0
11.980
10.653
1.222
105
10.971
9.789
1.074
108
9.3
7.7
1.6
8.0
6.8
1.1
.1
18.4
17.2
1.2
•
27.7
24.8
2.7
.2
24.5
21.5
2.6
.4
13
14
15
16
105
-347
20
432
160
60
25
75
436
361
25
50
-1.3
-1.4
•1
-.8
-.9
*
-2-7
-2.3
-.4
*
.1
-2.3
-2.1
-.3
.1
-2.0
-1.9
-.2
.2
17
18
19
20
193
-60
100
-25
50
-10
.7
.2
.9
•4
-.2
.2
.6
.4
*
*
*
-.8 9
3.5 10
3.2 11
11.0 12
1.2 21
.7 22
FEBRUARY 1 2 , 1979
MORTGAGES - I
MORTGAGES - I
37
MORTGAGE
SEASONALLY
A D J U S T E D ANNUAL
M A R K E T S BY TYPE
OF
MORTGAGE
SEASONALLY
RATES
1974
1975
1976
III
1977
TOTAL
1
2
3
4
5
60.5
33.3
6
7
8
6.9
57.2
41.4
*
87.1
65.4
134.0
99.5
1.9
7.3
IV
II
145.9
102.3
10.1
23.2
10.3
141.0
106.9
152.4
107.5
136.7
99.2
144.0
103.5
6.9
9.5
9.2
9.2
18.6
26.5
19.3
21.7
8.6
8.8
9.0
9.6
-.1
.8
.1
-.1
3.0
.1
-.1
2.9
-.1
-.1
2.6
.5
-.1
1.5
.1
-1.1
150.4
97.7
11.1
29.7
11.8
152.6 NET C H A N G E IN M O R T G A G E S
HOME M O R T G A G E S
108.6
MULTI-FAMILY R E S I D .
10.8
COMMERCIAL
22.2
FARM
11.0
B O R R O W E D BY:
U . S . GOVERNMENT
-.1
SAVINGS + LOAN A S S O C I A T I O N S
.3
REITS
11.2
13.6
18.4
4.6
6.1
8.8
-.1
-.1
1.7
.4
-.1
3.1
.2
-.1
1.9
.4
9
10
11
1?
13
14
15
61.9
35.4
55.0
38.1
85.0
61.3
131.0
93.0
145.1
100.6
138.0
102.4
149.7
100.8
133.7
96.5
142.4
100.9
151.7
97.8
152.4
107.0
l.l
1.0
1.1
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
25.4
15.9
22.7
36.9
47.8
36.1
40.6
6.1
3.7
8.8
9.1
8.8
9.0
9.6
9.6
8.3
13.7
4.6
1.8
9.5
43.5
10.3
34.6
5.0
6.6
12.9
19.0
23.2
44.4
11.0
10.3
23.1
16
17
18
60.5
57.2
87.1
4.3
2.5
3.7
1.6
8.0
1.3
134.0
11.9
145.9
14.6
.6
3.2
5.3
-3.1
10.2
2.9
-.2
3.5
5.8
10.3
15.7
20.5
22
23
24
25
26
27
36.4
12.8
19.8
17.6
33.0
32.3
29.5
62.3
14,3
49.5
44.9
97.7
27.4
65.1
58.2
2.2
.1
2.3
.5
4.1
.5
28
29
30
31
32
33
34
5.4
4.9
2.8
2.9
2.6
2.4
*
*
-1.9
-.2
.1
19
20
21
1.4
.6
.2
3.8
*
-1.3
-4.8
18.6
17.6
22.2
152.4
13.2
136.7
14.3
144.0
14.3
150.4
15.2
1.0
1.2
1.5
2.1
.5
.6
-.2
-3.3
-5.0
1.4
-.1
1.7
.8
2.9
3.1
12.2
16.5
22.5
12.7
15.2
9.7
23.7
18.1
12.2
14.2
14.3
18.4
101.7
34.4
59.1
51.8
104.7
31.5
69.6
61.2
111.6
30.8
72.0
63.6
89.4
26.5
60.0
52.8
105.8
35.8
59.5
52.1
106.7
39.9
56.0
48.1
105.0
35.2
61.1
54.1
6.5
.4
6.9
.4
8.0
.4
8.1
.4
6.8
.4
6.9
.4
7.5
.4
6.6
.4
9.5
8.2
.6
.7
.1
-.2
6.4
5.4
.4
.5
.1
9.3
8.2
.4
.7
7.3
6.1
1.4
-.3
.1
11.2
10.9
.2
.1
-.4
6.1
5.2
.4
.5
.1
1.5
9.0
.3
2.0
9.8
.4
.6
8.6
7.9
.2
.4
-3.8
-2.4
-1.0
.2
-.9
*
41.4
38.1
65.4
61.3
99.5
93.0
102.3
100.6
-.3
-.3
1.2
1.2
1.7
1.7
1.7
3.1
.4
.4
.8
-1.4
.7
.7
1.9
6
7
8
33.3
41.4
65.4
99.5
102.3
2.4
.7
2.5
.8
4.5
.8
7.0
.1
8.6
.2
9
10
11
12
.8
5.5
5.4
6.6
1.9
2.5
9.9
2.1
-2.8
13
14
15
16
14.7
13.9
24.5
23.2
.7
.1
17
18
19
20
-1.4
-1.4
21
22
-1.2
*
-.2
-.3
.5
-.9
9.0
8.8
19.0
18.7
14.6
21.3
40.6
37.3
54.9
49.9
48.9
43.9
.8
.5
2.8
.5
4.5
4.5
.4
-1.9
-1.4
-1.6
-1.5
-1.1
-1.4
-.1
-.4
-.1
-.5
-.5
.4
-.2
B I L L I O N S OF D O L L A R S .
*
141.0
13.1
33.3
35.4
.1
-.2
52.9
11.8
11.0
30.0
HOME
1
2
3
4
5
-.1
12.0
27.0
8.6
7.4
9.9
.5
14.5
*
•4
*
*
.6
-.5
U . S . GOVERNMENT
SPONSORED CREDIT AG.
MORTGAGE POOLS
FUNDS
(1)
PRIVATE F I N A N . I N S T I T U T I O N S
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S+L A S S O C I A T I O N S (1)
MUTUAL SAVINGS BANKS
C R E D I T UNIONS
INSURANCE
LIFE C O M P A N I E S
PRIVATE PENSION FUNDS
S T . + L O C . G O V T , R T R . FUND
OTHER INSURANCE C O S .
FINANCE C O M P A N I E S
REITS
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
-2.4
-2.0
-.1
10.4
12.8
106.9
102.4
.7
.7
3.0
107.5
100.8
1.9
1.9
2.9
99.2
96.5
103.5
100.9
.6
.6
1.5
97.7
97.8
.5
.5
-l.l
108.6 NET B O R R O W I N G
107.0
HOUSEHOLDS
•7
NONFARM N O N C O R P . BUSINESS
.7
N O N F I N . C O R P O R A T E BUSINESS
.3
S A V I N G S + LOAN A S S O C I A T I O N S
106.9
8.2
107.5
7.3
.5
99.2
7.7
1.7
103.5
10.5
-1.4
97.7
8.6
.2
1 0 8 . 6 NET CHANGE I N ASSETS
7.5
HOUSEHOLDS
.3
STATE • L O C A L G O V E R N M E N T S
-3.1
-1.4
22.2
21.6
.6
.5
20.2
18.3
9.8
13.7
17.9
-3.1
7.5
13.6
23.1
-1.7
8.6
14.0
22.4
.2
10.0
17.2
21.7
U . S . GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKING
9
10
11
12
58.6
53.0
5.3
.4
60.4
54.7
5.3
.4
48.3
43.4
4.4
53.0
48.1
4.5
.4
44.4
39.1
4.9
.4
49.8
45.1
4.3
.4
SAVINGS INSTITUTIONS
SAVINGS + LOAN A S S N S .
MUTUAL S A V I N G S BANKS
CREDIT UNIONS
13
14
15
16
-1.5
-1.0
.3
.5
-1.3
.1
1.7
.4
.1
.3
1.6
1.3
.1
.2
INSURANCE
LIFE INSURANCE C O M P A N I E S
PRIVATE P E N S I O N FUNDS
ST.+LOC. GOVT, RTR. FUNDS
17
18
19
20
.9
-.2
•1
-.2
.6
-.1
.4
*
FINANCE
REITS
21
22
•8
-.8
11.9 (1) M E M O : FHLB LOANS TO S+L
10.0
15.3
A S S O C I A T I O N S I[INCLUDED IN "OTHER L O A N S " C A T E G O R Y ) .
35
MORTGAGES
.2
1.0
-.2
.5
-.1
1.6
-.1
INCOMPLETE
*
152.6 F U N D S ADVANCED B Y :
HOUSEHOLDS
14.2
ST.*LOC. GOVT, GEN.
.8
6
7
8
-1.6
-1.3
-1.4
.1
111/78 B A S E D ON
*
1.1
PRIVATE N O N F I N A N C I A L SECTORS
HOUSEHOLDS
N O N P R O F I T INSTITUTIONS
NONFINANCIAL BUSINESS
FARMS
NONFARM N O N C O R P O R A T E
CORPORATE
1
2
3
4
5
-1.4
-1.5
.3
-.2
.1
.4
*
RATES
II
5.0
*
ANNUAL
MORTGAGES
15.3
-1.4
ADJUSTED
1978
1977
INFORMATION.
-1.4
.1
.5
COMPANIES
FEBRUARY 1 2 , i9 7S
M O R T G A G E S - II
MORTGAGES
MORTGAGE
UNADJUSTED
NET
FLOWS
t*
MARKETS -
CONTINUED
UNADJUSTED NET FLOWS ($ MILL.)
HILL-I
1978
II
BILLIONS CF DOLLARS
1970
1971
1972
III
MULTI-FAMILY RESIDENTIAL MORTGAGES
1 NET B O R R O W I N G
2
NONFARM N O N C O R P . BUSINESS
3
NONFIN. CORPORATE BUSINESS
4
REITS
5
U.S. GOVERNMENT
1.756
1.562
212
7
-25
2.407
1.80G
642
-10
-25
2.074
1.791
263
44
-24
2.504
1.418
1.105
8
-27
2 .788
2 .281
547
-14
-26
2..721
1,.786
954
2
-21
4.9
3.5
1.5
.1
-.1
-.1
-.1
9.9
2.8
.2
-.1
6 NET C H A N G E IN ASSETS
7
HOUSEHOLDS
8
STATE + LOCAL G O V E R N M E N T S
1.756
116
120
2.407
168
192
2.074
140
66
2.504
149
386
2 .788
165
50
2 .721
161
75
4.9
-.4
.4
6.9
•
.6
9.7
12.8
-1.1
.7
.6
1.0
.5
.3
.4
.8
.1
.3
1.0
.3
6.9
5.8
1.2
*
9.7
8.0
1.7
*
12.8
10.4
7.9
2.5
.1
-.1
1
2
3
4
5
10.4
-1.0
.9
6
7
8
9
10
11
U . S . GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
-70
56
277
139
-125
407
413
4
279
-240
-229
903
488
66
-11
33
93
124
.7
12
COMMERCIAL
273
387
172
538
553
428
.5
.1
.7
1.8
1.2 12
13
14
15
SAVINGS INSTITUTIONS
SAVINGS • LOAN A S S N S .
MUTUAL SAVINGS BANKS
1.430
1.080
350
1.285
933
352
1.373
1.079
294
1.061
759
302
1.419
1.095
324
1.291
1 .006
285
1.5
1.2
.3
2.2
2.0
.2
5.3
3.5
1.8
4.8
3.5
1.3
3.3 13
1.8 14
1.4 15
16
17
18
LIFE INSURANCE C O M P A N I E S
PRIVATE P E N S I O N FUNDS
S T . + L O C . G O V T , R T R . FUNDS
-60
30
66
-24
25
34
44
106
92
-106
20
-33
58
25
25
481
10
25
1.5
.1
.1
1.8
.1
.7
-.3
.3
.6
-.3
-.1
1.1
-.1
-.1
19
20
FINANCE
REITS
-318
-164
50
-131
-3 76
-239
-9
64
25
-75
25
-2 5
.1
.4
.5
.8
1.2
.9
.9
2.0
.4 19
2.4 2 0
7.2
1.2
.6
5.3
.1
9.9
1.2
.9
7.8
.1
16.8
BANKS
COMPANIES
COMMERCIAL
1 NET B O R R O W I N G
2
HOUSEHOLDS
3
NONFARM N O N C O R P . B U S I N E S S
4
NONFIN. CORPORATE BUSINESS
5
REITS
*
*
7.074
5.571
7.534
6.035
261
449
261
683
258
373
255
530
253
731
250
578
4.041
4.771
6.577
5.202
-27
5
5.8
1.2
.5
4.0
.2
7.534
6.035
5.8
483
50
147
468
50
-54
6.151
3.361
14
-21
89
6 NET C H A N G E IN A S S E T S
7
HOUSEHOLDS
8
STATE + LOCAL G O V E R N M E N T S
9
U . S . GOVERNMENT
10
COMMERCIAL BANKING
4.765
7.074
399
0
16
559
33
7
2.055
2.388
1.509
11
12
13
SAVINGS INSTITUTIONS
S A V I N G S *• LOAN A S S N S .
MUTUAL SAVINGS BANKS
1.440
1.100
1.523
1.175
1.099
340
348
14
15
16
LIFE INSURANCE C O M P A N I E S
P R I V A T E P E N S I O N FUNDS
S T . + L O C . G O V T , R T R . FUNDS
1.337
2.646
17
OTHER INSURANCE COMPANIES
18
19
FINANCE COMPANIES
REITS
15
*
16
17
18
MORTGAGES
4.765
4.081
*
.3
9
1.8 10
.2 11
1.3
1.5
13.7
.3
19.1
1.1
1.8
1
2
3
16.1
.2
4
5
9.9
16.8
-1.8
.2
.1
3.0
1.1
.3
-.2
5.4
19.1 6
-.9 7
.2 8
-.1 9
6.9 10
3.436
2.633
1.8
7.2
1.5
.1
.1
1.2
808
291
975
678
297
1.579
1.258
1.437
1.156
321
281
1.3
.6
.8
1.5
.9
.6
4.1
3.1
1.0
5.2
3.7
1.4
4.9 11
3.2 12
1.7 13
1.038
2.037
1.805
1.514
2.0
1.6
50
50
9
25
25
12
2.5
.1
3.1
-.2
.1
4.9
*
.5
*
4.081
781
14
69
40
50
25
52
44
-10
169
35
29
-416
-181
50
-218
-451
-211
5.571
79
76
-114
2.543
35
113
7
48
25
25
-228
-100
-100
*
.1
*
*
*
*
*
*
.2
*
*
*
14
15
16
17
.6
.2
.7
.5
1.2
.3
1.7
.2 18
2.5 19
1.8
.8
2.4
3.6
5.5
I
1.8
.7
.8
.3
.1
2.4
1.2
3.6
1.4
5.5
2.3
*
2
3
4
-.2
.5
.3
-.3
.7
.4
*
1.9
.2
5
6
7
FARM MURTGAGES
1 NET
BORROWING
5
6
7
8
9
10
11
2.394
982
32
2.897
1.012
0
48
768
75
-63
896
219
145
809
63
-94
870
171
179
1
367
-1
275
1
465
1
402
0
354
i
256
0
2.089
1.861
713
6
543
18
786
18
0
684
83
-107
AGENCIES
592
155
COMMERCIAL BANKS
MUTUAL SAVINGS BANKS
LIFE INSURANCE C O M P A N I E S
S T . + L O C . G O V T , R T R . FUNDS
256
0
335
12
325
1
368
-34
2 NET CHANGE IN A S S E T S
3
HOUSEHOLDS
4
S T A T E + LOCAL G O V E R N M E N T S
U»S. GOVERNMENT
S P O N S O R E D CREDIT
M O R T G A G E POOi-S
IV/78 B A S E D O N P R E L I M I N A R Y
AND INCOMPLETE
2.241
INFORMATION.
2.811
49 3
-24
836
0
*
*
.6
.2
.3
*
*
.1
_
*
-.1
-•1
*
.4
-.1
*
*
*
-.1
1.2
.3
.6
*
*
.1
.7
8
*
9
.3 10
.1 11
FEBRUARY 12, 1979
MORTGAGES - II
MORTGAGES - II
MORTGAGE MARKETS - CONTINUED
SEASONALLY ADJUSTED ANNUAL RATES
L974
1975
1976
SEASONALLY ADJUSTED ANNUAL RATES
I
I
1977
1977
III
|
|
IV
1978
II
III
9.2
6.2
3.1
li.l
MULTI-FAMILY RESIDENTIAL MORTGAGES
1
2
3
4
5
6.9
5.5
1.4
.1
-.1
.1
-.1
.1
-.1
1.9
1.2
.6
.1
-.1
6
7
8
6.9
-.1
1.4
-.1
-.1
-.1
-.1
-,!
-.3
.7
1.9
.2
.3
7.3
.4
.4
10.1
.6
,6
6*9
.5
.5
9.5
.7
.8
9„?
.6
,3
9
10
11
.7
2,2
.2
1.1
.2
.5
.1
-.1
.6
.1
1.2
.7
-.1
1.3
-.3
.2
i.l
.6
-.5
1.6
12
.6
-1.7
.1
1.1
1.7
l.l
13
14
15
1.7
1.0
.7
2.6
1.7
.9
3.3
2.9
.4
5.2
4.1
i.l
5.1
3.9
1.2
16
17
18
1.2
-.5
.1
.2
-.4
.1
-.2
19
20
-1.3
.2
-.8
-2.6
.1
-.8
*
*
*
*
*
*
*
-.5
-1.7
7.3
5.7
1.7
*
*
10.1
7.3
2.9
*
6.9
4.9
2.1
*
9.5
7.6
2.1
#
9.2
7.7
1,4
.2
*
-
.
,
'•
7.7
3.6
-.1
— .1
9.2
.6
J,S
11.1
„7
• .7
-1.0
1,1
*
-«9
3.6
2.C
.3
1.5
.7
2.2
2.2
5.7
4.3
1.4
5.4
4.0
1.4
6.2
5.0
1.2
3.3
2.1
1.2
5.7
4,4
1.3
.5
.2
.1
-.3
.1
.3
-.5
.1
.1
.4
.4
.4
-.3
.1
-.1
-.3
-.3
-1.3
-.7
.2
-.5
-1.5
-1.0
,2
10.8 NET BORROWING
7.5
NONFARM NONCORP. BUSINESS
3.4
NONFIN* CORPORATE BUSINESS
REITS
U.Sr GOtfH«r#,S=Nr
-.J
1
2
3
4
5
10.8 NET CHANGE "N ASSESS
.6
HOUSEHOLDS
.3
STATE + i.OCAL ',0V?ANME^r \
6
7
*
.1
.4
,5
''\
U.S. CGvERNMFNT
SPONS.-. CREDIT A£J:NCJ£S
MORTGAGE POOLS
9
10
H
1.7
COMMERCIAL BANKS
\2
5.4
4.3
1.1
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
13
14
15
.2
,1
.1
1.6
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
16
17
18
.3
.1
-.3
.1
-.1
FINANCE COMPANIES
REITS
19
20
*
*
*
.1
COMMERCIAL MORTGAGES
1
2
3
4
5
15.3
1.1
1.4
12.6
.1
11.2
1.0
1.0
9.0
.3
13.6
1.1
1.2
11.1
.3
18.4
1.0
1.7
15.6
6
7
3
9
10
15.3
.6
.3
-.1
5.0
11.2
.1
13.6
l.l
3.1
11
12
13
3.4
2.6
.3
14
15
16
17
4.3
18
19
.6
.2
*
*
.5
23.2
1.0
2.2
19.9
.1
18.6
1.0
1.8
15.8
.1
26.5
1.0
2.6
23.0
-.1
19.3
1.0
1.8
16.1
.4
21.7
1.0
2.1
18.6
.1
29.7
1.0
2.9
25.9
-.1
22.2 NET BORROWING
1.0
HOUSEHOLDS
2.1
NONFARM NONCGRP. BUSINESS
19.0
NONFIN. CORPORATE BUSINESS
*
REITS
23.2
1.8
.2
18.6
1.6
26.5
2.2
.1
-.1
5.1
18.4
1.6
.1
.1
6.4
10.1
.1
7.8
9.6
19.3
3.1
.1
.3
7.1
21.7
.3
.3
-.5
9.6
29.7
1.9
.2
.6
13.4
22.2 NET CHANGE IN ASSETS
1,9
HOUSEHOLDS
.2
STATE + LOCAL GOVERNMENTS
-.2
U.S. GOVERNMENT
10.4
COMMERCIAL BANKING
5.3
4.6
.7
5.6
4.7
.9
5.0
4.2
.8
5.1
3.9
1.2
5.3
4.0
1.4
6.2
4.8
1.4
5.5
4.3
1.2
3.2
2.0
1.2
5.9
4.6
1.3
5.8
4.7
1.1
SAVINGS INSTITUTIONS
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
11
12
13
3.9
.1
.3
.1
3.7
.1
.2
.1
5.5
.2
.4
.1
6.*
.3
.2
.1
5.7
.2
.2
.1
8.7
.2
.2
5.0
.7
.1
.1
8.3
.1
.5
7.6
.2
.2
4.1
.1
.1
*
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
14
15
16
17
-.3
-1.8
.4
-1.4
-.4
-.6
-1.7
-.7
.2
-.9
-1.8
-.8
.2
-.9
.1
-.4
.1
-.4
FINANCE COMPANIES
REITS
18
19
3.8
3.0
.1
9.0
2.9
.1
9.6
3.3
.1
11.8
4.0
2.9
.3
-.3
2.9
.6
.3
2.8
.3
-.5
3.1
.9
.6
3.4
.3
-.3
4.0
.7
U.S. GOVERNMENT
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
1.1
1.3
.9
1.9
1.4
*
1.0
COMMERCIAL 8ANKS
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
ST.+LOC. GOVT, RTR. FUNDS
*
*
*
-1.8
*
*
*
-
*
*
*
*
FARM MORTGAGES
1
5.0
4.6
6.1
8.8
10.3
2
3
4
5.0
1.4
4.6
1.4
6.1
2.2
.1
8.8
2.9
10.3
3.6
.1
5
6
7
8
9
10
11
*
*
2.5
.2
.6
*
.3
-.1
*
.1
2.6
-.1
.3
*
.4
-.2
BILLIONS OF DOLLARS.
-.2
2.5
.5
.3
*
*
.7
*
*
*
2.9
.3
3.3
.5
1.2
•
1.4
1.5
*
1.3
*
*
I 11/73 BASED ON INCOI
11.0 NET BORROWING
8.6
2.9
*
*
*
1.4
*
1.4
-.1
.8
*
*
1.7
*
1.7
-.1
-
*
-
1-7
11.0 NET CHANGE IN ASSETS
4.2
HOUSEHOLDS
STATE + LOCAL GOVERNMENTS
FEBRUARY 12, 1979
CONSUMER CREDIT AND BANK LOANS N.E.C.
CONSUMER CREDIT AND BANK LOANS N.E.C.
CONSUMER CREDIT- AND BANK LOANS NOT ELSEWHERE CLASSIFIED
UNADJUSTED NET FLOWS CS MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1977
III
IV
\
|
1978
I
II
BILLIONS CF DOLLARS
1970
1971
1972
III
CONSUMER CREDIT
10.579
10.297
282
11.058
9.277
1.781
3.293
3.013
280
17.898
16.023
1.875
14.648
13.522
1.126
14.703
12.253
2.450
10.4
9.4
LO
5.9
4.9
1.1
13.1
10.7
2.3
17.1
14.1
3.0
23.8
21.4
2.4
10.579
4 NET CHANGE IN ASSETS
10.297
5
INSTALMENT CREDIT
54
6
NONFARM NONCORP. BUSINESS
7
NONFIN. CORPORATE BUSINESSi
286
8
COMMERCIAL BANKING
5.415
369
9
SAVINGS + LOAN ASSNS.
162
10
MUTUAL SAVINGS BANKS
2.029
11
CREDIT UNIONS
1.982
12
FINANCE COMPANIES
11.058
9.277
187
786
3.727
247
8
1.257
3.065
3.293
3.013
-373
-511
2.677
210
104
1.119
-213
17,898
16.023
89
203
9.030
200
170
3.212
3.119
14.648
13.522
113
356
7.323
291
156
2.389
2.894
14.703
12.253
282
790
4.786
339
87
1.614
4.355
10.4
9.4
-.1
.2
4.5
.2
.1
1.7
2-8
5.9
4.9
.1
.3
3.0
•3
.1
1.0
.1
13.1
10.7
-.2
-.3
6.2
.8
.1
1.8
2.3
17.1
14.1
-.2
-1.5
9.3
•8
•1
2.2
3.5
23.8 4
21.4 5
.1 6
2.1 7
11.0 8
.7 9
.2 10
2.7 11
4.7 12
1.781
593
782
378
26
2
280
601
-2 53
-79
-34
45
1.875
-66
248
1.543
76
74
1.126
200
248
538
74
66
2.450
575
693
1.124
54
4
1.0
.5
.3
.2
1.1
.5
.6
-.1
2.3
.6
.5
1.2
3.0
.7
•6
1.6
.1
1 NET CHANGE IN LIABILITIES (HH)
2
INSTALMENT CREDIT
3
NONINSTALMENT CREDIT
13
14
15
16
17
18
NONINSTALMENT CREDIT
NONFARM NONCORP. BUSINESS
NONFIN. CORPORATE BUSINESSi
COMMERCIAL BANKING
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
282
69
-77
236
17
37
*
*
*
*
*
*
*
1
2
3
2.4
.8
.5
.6
.4
*
13
14
15
16
17
18
2
3
4
5
6
7
BANK LOANS NOT ELSEWHERE CLASSIFIED
TOTAL LOANS AT COMMERCIAL
BANKS, F/F BASIS
22.585
27.158
8.493
37.095
26.597
31.391
8.320
5.651
2.590
149
0
5.875
7.275
4.105
1.013
3.045
0
11.720
5.891
2.598
-4.309
-2.630
0
6.943
9.816
10.573
2.281
471
0
13.954
10.500
7.861
-600
355
0
8.481
8.425
5.910
795
517
0
15.744
5.3
4.7
-1.1
1.3
2.0
2.9
1.4
1.5
9.6
7.4
.8
.3
16.8
10.8
4.7
-.2
19.6
11.6
-3.0
-1.3
11.5
4.7
11.7
26.9
46.2
24
233
6.132
600
893
13.213
-515
780
7.208
357
1-542
15.853
76
1.787
10.344
-794
1.870
16.820
3.9
1.3
16.8
-1.0
2.6
6.3
-.1
.5
12.1
-.2
1.1
27.8
1.7 8
3.7 9
51.6 10
0
6.132
0
13.213
0
7.208
0
15.853
0
10.344
0
16.820
_
_
_
16.8
6.3
12.1
27.8
- 11
51.6 12
13 NET CHANGE IN LIABILITIES
14
NONFINANCIAL SECTORS
15
HOUSEHOLDS
16
FARM BUSINESS
17
NONFARM NONCORP. BUSINESS
18
CORPORATE BUSINESS
6.132
5-969
1.812
658
-532
2.953
13.213
11.485
3.162
-600
401
6.215
7.208
9.280
-1.276
-300
1.037
9.123
15.853
14.269
1.645
1.618
623
8.430
10.344
9.614
1.872
1.060
-204
3.077
16.820
15.858
3.317
400
526
6.120
16.8
15.4
1.3
.6
2.1
11.6
6.3
6.4
1.1
•8
-.6
5.5
12.1
10.2
2.5
1.3
.7
3.6
27.8
21.9
2.9
1.8
1.1
13.1
51.6
42.7
6.5
3.0
1.1
29.3
13
14
15
16
17
18
REST OF THE WORLD
FGN. OFFICIAL
FGN. BANKS
OTHER FGN.
1.078
132
503
443
2.307
169
1.729
409
696
42
410
244
1.953
-81
1.066
968
3.809
709
2.036
1.064
5.495
795
3.130
1.570
-.2
-.3
-.1
-.2
2.1
.2
1.0
.9
2.9
.2
1.0
1.7
2.8
.4
1.7
.7
19
20
21
22
163
257
542
-636
1.728
1.784
389
-445
-2.072
-208
-1.320
-544
1.584
-25
1.970
-361
730
194
878
-342
962
186
1.113
-337
1.3
.1
.9
.4
1.9
.7
.6
.6
5.9
.4
4.1
1.3
8.9
.4
4.5
4.0
23
24
25
26
1
8
9
10
11
12
19
20
21
22
23
24
25
26
LOANS ELSEWHERE CLASSIFIED
MORTGAGES
CONSUMER CREDIT
SECURITY CREDIT
OPEN-MARKET PAPER
HYPOTHECATED DEPOSITS
BANK LOANS NEC AT COML. BKS.
BANK LOANS NEC AT OTHER
BANKING SUBSECTORS:
DOMESTIC AFFILIATES
FOREIGN BANKING AGENCIES
BANKING SECTOR TOTAL BANK
LOANS NEC
LOANS BY F.R. BANKS
TOTAL BANK LOANS NEC
F I N A N C I A L SECTORS
SAVINGS + LOAN ASSNS.
FINANCE COMPANIES
REITS
IV/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
_
*
.2
-.4
*
-.1
-.1
-.1
.1
FEBRUARY 12, 1979
CONSUMER CREDIT AND BANK LOANS N.E.C.
CONSUMER CREDIT AND BANK LOANS N.E.C.
41
CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
SEASONALLY ADJUSTED ANNUAL RATES
I
I
1977
1977
III
IV
I
I
1978
I
II
III
CONSUMER CREDIT
1
2
3
10.2
9.3
.9
9.4
7.5
1.9
23.6
20.5
3.0
35.0
31.1
4.0
50.5
44.8
5.7
32.6
30.2
2.4
36.2
33.1
3.1
40.2
37.9
2.3
59.5
50.8
8.6
50.1
43.6
6.6
52.4
46.9
5.4
ET CHANGE IN LIABILITIES (HH)
INSTALMENT CREDIT
NONINSTALMENT CREDIT
4
5
6
7
8
9
10
11
12
10.2
9.3
23.6
20.5
•
.2
4.0
.6
.2
2.3
2.0
9.4
7.5
-.1
-.4
2.8
.7
.2
3.8
.5
35.0
31.1
.1
1.1
15.8
l.l
.3
6.5
6.3
50.5
44.8
.1
.8
23.8
1.0
.5
8.3
10.2
32.6
30.2
.2
.9
15.5
1.3
.6
5.2
6.4
36.2
33.1
.1
-.1
17.4
1.0
40.2
37.9
.1
-.3
21.9
.9
.4
7.8
7.0
59.5
50.8
.4
.4
28.7
.9
.7
9.6
10.1
50.1
43.6
.4
1.2
22.7
1.0
.6
7.4
10.1
52.4
46.9
.4
1.1
21.9
1.3
.3
8.4
13.4
ET CHANGE IN ASSETS
4
INSTALMENT CREDIT
5
NONFARM NONCORP. BUSINESS
6
NONFIN. CORPORATE BUSINESS 7
COMMERCIAL BANKING
8
SAVINGS • LOAN ASSNS.
9
MUTUAL SAVINGS BANKS
10
CREDIT UNIONS
11
FINANCE COMPANIES
12
13
14
15
16
17
18
.9
.8
.5
-.4
.1
1.9
.9
.6
•1
.2
3.0
1.2
1.1
.6
2.4
.9
.3
1.0
.1
.1
2.3
2.6
-.9
.5
-.1
.2
8.6
.3
2.0
5.7
•3
.3
6.6
1.7
2.1
2.2
.3
.3
5.4
.6
.6
4.1
.2
.1
5.7
1.3
.9
3.1
-2
.2
3.1
1.0
1.0
1.1
.1
*
4.0
1.3
1.2
1.3
.1
.1
112.2
124.2
.6
*
*
*
10.8
1.0
.1
4.9
3.7
*
*
6.7
8.0
*
*
NONINSTALMENT CREDIT
NONFARM NONCORP. BUSINESS
NONFIN. CORPORATE BUSINESS
COMMERCIAL BANKING
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
1
2
3
13
14
15
16
17
18
BANK LOANS NOT ELSEWHERE CLASSIFIED
TOTAL LOANS AT COMMERCIAL
BANKS, F/F BASIS
- LOANS ELSEWHERE CLASSIFIED:
2
MORTGAGES
CONSUMER CREDIT
3
4
SECURITY CREDIT
OPEN-MARKET PAPER
5
HYPOTHECATED DEPOSITS
6
= BANK LOANS NEC AT COML. BKS. 7
+ BANK LOANS NEC AT OTHER
BANKING SUBSECTORS:
DOMESTIC AFFILIATES
8
9
FOREIGN BANKING AGENCIES
= BANKING SECTOR TOTAL BANK
10
LOANS NEC
+ LOANS BY F.R. BANKS
11
= TOTAL BANK LOANS NEC
12
2
3
4
5
6
7
12.3
3.6
-2.4
2.2
3.7
2.9
2.1
1.1
14.3
11.4
6.9
3.7
27.3
17.0
.3
.3
34.6
26.9
-1.8
-1.3
31.4
16.5
18.1
3.1
30.6
18.5
-14.0
4.3
26.9
22.4
-8.9
-7.0
36.2
34.4
11.5
4.2
40.1
25.0
5.8
4.2
35.3
26.0
-15.7
-6.6
32.5
-12*2
7.0
33.5
45.1
39.8
-
24.9
-
61.9
-
25.9
-
49.2
-
43.5
8
9
10
.9
4.9
38.3
-.5
-1.2
-13.9
-.3
-.3
6.4
.6
-1.9
-.9
6.0
50.2
.1
.9
40.9
2.4
3.6
30.9
-2.1
3.1
63.0
1.4
6.2
33.5
.3
7.1
56.6
-3.2
7.5
47.9
11
12
-
_
_
38.3
-13.9
6.4
32.2
50.2
40.9
-
30.9
—
63.0
-
33.5
-
56.6
-
47.9
13
14
15
16
17
18
38.3
33.7
-.8
.9
-1.0
29.9
-13.9
-10.3
-2.0
1.9
-2.0
-11.9
6.4
10.1
2.2
3.1
-3.1
1.3
32.2
32.2
3.2
2.4
20.0
50.2
49.0
5.6
2.8
2.0
26.8
40.9
40.9
11.1
1.9
.2
20.6
30.9
26.2
5.8
.9
-1.6
15.7
63.0
64.5
6.4
-.4
5.0
45.3
33.5
30.9
-1.7
3.7
3.5
20.4
56.6
54.7
11.7
3.6
.1
21.3
47.9 NET CHANGE IN LIABILITIES
46.1
NONFINANCIAL SECTORS
5.8
HOUSEHOLDS
4.2
FARM BUSINESS
-.4
NONFARM NONCORP. BUSINESS
19.2
CORPORATE BUSINESS
13
14
15
16
17
18
19
20
21
22
4.7
.3
3.1
1.3
3.7
.3
1.0
2.5
6.6
.9
4.1
1.7
1.6
.1
1.1
.3
12.0
1.5
6.6
3.8
5.6
.7
4.3
.6
7.6
.2
5.3
2.2
4.9
-.3
1.2
4.0
18.0
2.8
11.0
4.2
17.3
3.2
9.1
5.0
REST OF THE WORLO
FGN. OFFICIAL
FGN. BANKS
OTHER FGN.
19
20
21
22
23
24
25
26
4.6
-.4
.7
4.4
-3.6
-.3
-2.7
-.6
-3.7
.2
-2.1
-1.9
4.7
7.1
-.6
-1.8
-1.5
.3
.3
-2.2
2.6
-.4
4.4
-1.4
2.0
.1
3.2
-1.4
1.7
.6
2.5
-1.3
3ILLI0NS OF DOLLARS.
32.2
_
-
*
*
2.4
*
-2.4
1.2
.1
2.6
-1.6
7.2
.5
4.8
1.8
-.1
.3
2.2
-2.5
I 11/78 BASED ON INCOMPLETE INFORMATION.
-
—
FINANCIAL SECTORS
SAVINGS + LOAN ASSNS.
FINANCE COMPANIES
REITS
23
24
25
26
FEBRUARY 12. 1979
OTHER LOANS
OTHER LOANS
42
PRIVATE MONEY MARKET INSTRUMENTS AND OTHER LOANS
UNADJUSTED NET FLOWS ($ MILL.J
UNADJUSTED NET FLOWS 1$ MILL.)
1
1977
III
IV
1978
1
I
OPEN-MARKET
II
III
PAPER, FEDERAL
IV
1969
BILLIONS CF DOLLARS
1970
1971
1972
1973
FUNDS • R P ' S , A N D MONEY MARKET FUND SHARES
1.210
4.990
12.887
8.796
4.160
16.947
15.1
-•1
4.1
21.2
457
6.263
3.742
7.899
1.724
12.716
12.5
2.1
-.1
1.6
8.3
2
C O M M E R C I A L PAPER
NONFINANCIAL CORPORATIONS
FINANCIAL BUSINESS
C O M M E R C I A L BANKING
FINANCE COMPANIES
REITS
434
261
173
385
-150
-62
4.041
-367
4.408
220
4.193
-5
3.128
911
2.217
889
1.305
23
5.537
700
4.837
2.003
2.733
101
1.663
567
1.096
978
107
11
6.674
190
6.484
430
6.037
17
11.4
1.1
10.3
4.3
6.0
.5
1.8
-1.3
-1.9
.6
-
-
-.9
-.9
-.1
-.4
-.5
.8
2.6
.7
1.9
.7
-1.3
2.5
6.4
1.4
4.9
2.2
2.0
.7
3
4
5
6
7
8
BANKERS A C C E P T A N C E S
NONFINANCIAL BUSINESS
NONCORPORATE
CORPORATE
REST OF THE W O R L D
23
-602
-301
-301
625
2.222
1.770
885
885
452
614
847
424
423
-233
2.362
336
168
168
2.026
61
232
116
116
-171
6.042
1.067
534
533
4.975
1.0
.7
•4
•4
.3
1.6
.8
.4
•4
.8
.8
.5
.3
.3
.3
-1.0
.1
-1.0
2.0
1.1
.5
.5
.9
9
10
11
12
13
457
-857
-1.105
1.640
6.263
2.906
1.157
673
3.742
1.864
1.142
661
7.899
5.440
-657
2.372
1.724
-1.273
-200
1.752
12.716
3.519
4.941
90
12.5
5.3
2.5
1.0
2.1
-3.8
1.8
.5
-.1
-3.8
1.9
-.2
1.6
-1.7
3.0
-.1
8.3
9.1
.6
.3
14
15
16
17
-594
-139
149
-42
-221
-353
4 72
3.045
-73
189
-237
-184
-2.630
-334
-90
-361
251
471
169
-28
-552
-306
355
186
251
-48
-128
517
229
685
1.3
.2
.1
1.5
1.5
.2
.2
-3
1.0
.2
.4
-.2
-.2
.5
-.1
-.2
*
-1.3
-1.3
-.1
18
19
20
21
22
1.175
462
-11
-1.960
59
148
2.209
900
441
-662
160
744
1.835
-758
434
1.089
853
969
.8
1.2
.8
-.4
.6
-.3
.2
-.3
* 23
1.2 24
25
26 NET CHANGE IN L I A B I L I T I E S
27
COMMERCIAL BANKS
28
S A V I N G S + LOAN A S S O C I A T I O N S
733
239
494
-1.697
-1.201
-496
7.536
6.936
600
-434
-1.133
699
856
609
247
1.830
1.341
489
2.6
2.6
-2*2
-2.2
1.0
1.0
2.5
2.2
.3
12.9 26
12.9 27
28
29 NET CHANGE IN A S S E T S
30
NONFINANCIAL CORPORATIONS
31
SPONSORED CREDIT AGENCIES
32
SAVINGS + LOAN A S S O C I A T I O N S
33
MUTUAL SAVINGS BANKS
733
394
-282
608
13
-1.697
-318
-904
392
-867
7.536
4.173
1.462
388
1.513
-434
-250
-169
212
-227
856
-346
248
780
174
1.830
2.534
-144
220
-780
2.6
2.2
.2
-2.2
-3.1
.8
.2
.1
2.5
1.6
.4
.4
.1
12.9
8.6
2.3
1.3
.7
29
30
31
32
33
20
424
1.609
-
34
1
2
3
1 TOTAL
N E T I S S U E S , ALL T Y P E S
2 OPEN-MARKET
3
4
5
6
7
8
9
10
11
12
13
PAPER
14 N E T P U R C H A S E S , BY SECTOR
15
HOUSEHOLDS
16
NONFIN. CORPORATE BUSINESS
REST OF THE W O R L D
17
18
19
20
21
22
SPONSORED CREDIT AGENCIES
M O N E T A R Y AUTHORITY
COMMERCIAL B A N K I N G
SAVINGS + LOAN A S S O C I A T I O N S
MUTUAL SAVINGS BANKS
23
24
25
LIFE INSURANCE C O M P A N I E S
INVESTMENT C O M P A N I E S
MONEY MARKET FUNDS
FEDERAL
FUNDS
MONEY MARKET
_
*
*
•8
-
*
*
1
AND S E C U R I T Y R P ' S
MUTUAL
FUND
-
-
1.0
.3
-.6
.5
.2
SHARES
34 N E T ISSUES
= HOUSEHOLD NET PURCHASES
1.331
1.580
2.401
OTHER LOANS
1 FINANCE C O . LOANS TO B U S I N E S S
2
LIAB.-NONCORPORATE BUSINESS
3
NONFIN. CORP. BUSINESS
135
-702
837
4.476
672
3.804
2.567
-165
2.732
1.878
206
1.672
-1.174
-716
-458
5.024
665
4.359
5.0
.6
4.3
.4
-.3
•6
1.3
.7
.7
4.2
.6
3.6
5.0
.9
4.1
4 U . S . GOVERNMENT LOANS
5
LIAB.-HOUSEHOLDS
FARM B U S I N E S S
6
7
NONFARM N O N C O R P . B U S .
8
NONFIN. CORP. BUSINESS
9
ST.+LOC. GOVERNMENTS
REST OF THE W O R L D
10
11
SPONS. CREDIT AGENCIES
3.536
262
474
566
98
1.216
920
0
2.653
89
928
684
-244
688
508
0
4.152
218
993
1.259
662
285
735
0
1.141
223
1.095
442
325
-1.843
899
0
3.551
385
256
1.251
595
-3
1.067
0
1.889
324
302
459
142
14
648
0
3.4
.4
3.2
.4
2.5
.4
.1
.7
2.1
-.3
2.5
•3
-.1
•6
•3
•1
1.3
3.4
4
.2 5
.1 6
.8 7
.3 8
.3 9
1.7 10
11
12 S P O N S O R E D C R E D I T A G E N C Y L O A N S
LIABILITY O F 13
FARM B U S I N E S S C F I C B )
14
NONFARM N O N C O R P . B U S . ( B O
S*L A S S O C I A T I O N S ( F H L B )
15
1.574
2.954
1.086
5.078
4.411
4.023
4.8
2.3
-2.0
.8
8.5 12
467
-230
1.337
-735
570
3.119
-359
340
1-105
873
209
3.996
727
-200
3.884
217
294
3.512
.6
.2
4.0
•7
.3
1.3
.7
.4
•3
1.1 13
.3 14
7.2 15
436
6
430
424
3
421
392
-3
395
701
3
698
642
1
641
711
1
710
2.6
.1
2.5
2.3
•1
2.2
16 P O L I C Y L O A N S (HH L I A B I L I T Y )
17
ASSET-U.S. GOVERNMENT
LIFE INSURANCE C O S .
IS
19
HYPOTHECATED DEP. (HH LIAB.)
ASSET-COMMERCIAL BANKS
IV/78 BASED ON PRELIMINARY AND
INCOMPLETE
INFORMATION.
*
.3
-
*
.4
*
.1
•2
.4
1*8
.2
.3
1.5
-
-
*
-2.7
1.0
*
1.0
*
1.0
*
.9
2.2 16
* 17
2.2 18
FEBRUARY 12, 1979
OTHER LOANS
OTHER LOANS
43
PRIVATE MONEY MARKET INSTRUMENTS AND OTHER LOANS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1975
1976
1977
1978
I
I
1977
III
I
IV II
1978
II
I
III
OPEN-MARKET PAPER, FEDERAL FUNDS + RP»S, AND MONEY MARKET FUND SHARES
1
14.8
-2.4
13.3
19.8
42.8
8.8
15.0
50.8
36.6
21.3
62.5 TOTAL
2
17.7
-1.2
8.1
15.0
26.1
5.8
20.1
14.2
33.0
11.5
45.6 O P E N - M A R K E T
3
4
5
6
7
8
7.9
4.1
3.8
3.5
3.6
-3.3
-1.8
-2.9
1.1
.3
.6
.1
3.6
1.4
2.2
-.8
3.3
-.3
11.3
1.6
9.6
1.3
8.4
17.0
2.4
14.6
4.3
10.2
.2
3.1
.3
2.8
1.5
1.5
-.2
16.1
1.9
14.1
.9
13.3
9.6
-.2
9.8
3.6
6.2
.1
23.3
3.5
19.8
8.0
11.4
.4
8.1
1.5
6.6
3.9
2.7
9
10
11
12
13
9.8
2.5
1.3
1.3
7.3
.6
.3
.2
.2
.3
4.5
2.6
1.3
1.3
1.9
3.7
1.3
.6
.6
2.4
9.1
2.5
1.2
1.2
6.6
2.7
.2
.1
.1
2.5
4.1
2.3
1.1
1.1
1.8
4.6
5.5
2.8
2.8
-.9
9.7
1.6
.8
.8
8.1
3.4
4.1
2.0
2.0
-.7
14
15
16
17
17.7
1.7
4.1
6.6
-1.2
-4.5
3.1
-2.6
8.1
-3.2
5.0
2.7
15.0
8.2
-.1
4.4
26.1
9.6
5.2
4.9
5.8
4.4
•5.5
3.5
20.1
6.5
4.5
6.5
14.2
5.5
5.4
1.6
33.0
17.9
1.4
8.6
11.5
3.4
-1.6
3.7
45.6 NET P U R C H A S E S , BY SECTOR
11.4
HOUSEHOLDS
15.9
NONFIN. CORPORATE BUSINESS
5.6
REST OF THE W O R L D
18
19
20
21
22
•
-.1
3.7
-.1
.5
.3
-.2
.1
.1
•1
1.1
.9
.1
.2
2.2
-1.2
-.4
-1.3
.3
.8
•2.4
-.6
3.1
-.2
-.9
-1.4
1.9
4.3
-.3
.8
-.9
-.7
-7.0
-1.3
-.4
-1.4
1.0
4.2
.7
-.1
-2.2
-1.2
4.2
.7
1.0
-.2
-.5
-6.6
.9
2.7
23
24
25
1.1
-.4
.6
,7
-.2
-.1
.4
-1.1
.4
.7
1.2
.1
4.5
1.2
2.6
2.5
1.8
-3.4
.2
.6
6.8
3.6
1.8
-2.8
•6
3.0
4.7
-3.0
9.1
3.4
3.9
26
27
28
-5.2
-6.7
1.5
-2.5
-2.6
.1
5.2
5.2
-.1
4.6
3.7
.9
9.8
7.8
2.0
2.9
1.0
2.0
-6.8
-4.8
-2.0
30.1
27.7
2.4
-1.7
-4.5
2.8
3.4
2.4
1.0
7.3 NET C H A N G E IN L I A B I L I T I E S
5.4
C O M M E R C I A L BANKS
2.0
SAVINGS + LOAN A S S O C I A T I O N S
26
27
28
29
30
31
32
33
-5.2
-5.8
-1.0
1.8
-.3
-2.5
-.8
-.3
-1.4
-.1
5.2
2.3
.3
2.1
.4
4.6
1.2
.2
2.7
.6
9.8
6.1
1.4
1.6
.7
2.9
1.6
-l.l
2.4
.1
-6.8
-1.3
-3.6
1.6
-3.5
30.1
16.7
5.8
1.6
6.1
-1.7
-1.0
-.7
•8
-.9
3.4
-1.4
1.0
3.1
.7
7.3 NET CHANGE IN A S S E T S
10.1
NONFINANCIAL CORPORATIONS
-.6
SPONSORED CREDIT AGENCIES
.9
SAVINGS + LOAN A S S O C I A T I O N S
-3.1
MUTUAL SAVINGS BANKS
29
30
31
32
33
.9
.9
*
*
*
.1
*
*
*
I-
7
NET
I S S U E S , ALL
TYPES
PAPER
1
2
26.9
4.7
22.3
1.7
20.5
.1
COMMERCIAL PAPER
NONFINANCIAL CORPORATIONS
FINANCIAL B U S I N E S S
C O M M E R C I A L BANKING
FINANCE C O M P A N I E S
REITS
18.7
-1.2
-.6
-.6
19.9
BANKERS A C C E P T A N C E S
NONFINANCIAL BUSINESS
NONCORPORATE
CORPORATE
REST CF THE WORLD
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
SPONSORED CREDIT AGENCIES
MONETARY A U T H O R I T Y
COMMERCIAL BANKING
SAVINGS + LOAN A S S O C I A T I O N S
MUTUAL SAVINGS BANKS
18
19
20
21
22
LIFE INSURANCE C O M P A N I E S
INVESTMENT C O M P A N I E S
MONEY MARKET F U N D S
23
24
25
FEDERAL
F U N O S AND S E C U R I T Y
MONEY MARKET
MUTUAL
FUND
RP'S
SHARES
9.6 NET ISSUES
= HOUSEHOLD NET PURCHASES
OTHER LOANS
1
2
3
4.8
-1.0
5.8
2.1
-.1
2.2
5.4
.2
5.2
4
5
6
7
8
9
10
11
5.7
.5
.3
.5
1.5
.7
1.5
.7
7.3
.5
1.1
1.7
.2
.2
2.8
.9
8.2
.5
.5
2.2
.2
2.0
3.3
-.4
.2
3.0
-1.2
12
9.3
-2.4
.3
6.4
14.6
13
14
15
1.7
1.0
6.7
1.1
.4
-4.0
1.3
1.0
-2.0
1.4
.6
4.3
16
17
18
2.7
1.6
1.4
1.7
*
2.7
*
1.6
*
1.4
10.3
8.3
5.2
*
10.3
*
8.3
*
5.3
6.7
•6
2.0
2.2
*
*
1.7
*
16.0
.1
15.9
8.3
-.2
8.4
6.5
.1
6.4
-.1
•1
13.8
1.0
2.0
1.9
.4
4.9
3.7
11.0
.4
4.2
2.6
-1.0
2.8
2.0
17.7
.9
4.6
5.5
2.6
1.1
2.9
3.3
.9
3.1
1.8
1.3
-7.4
3.6
13.9
1.5
1.2
4.6
2.4
•
4.3
1.5
.6
12.5
2.1
-.4
-. 1
-.8
1.2
10.4
-2.0
1.2
12.8
1.5
1.7
15.3
3.1
-.2
10.0
2.4
1.7
•
1.7
1.7
1.6
2.8
2.6
1.7
10.7
1.2
2.6
3.4
1.7
-1.5
3.3
-
*
2.4
*
*
1.6
*
2.8
*
2.6
18.5
.1
18.4
7.9
1.3
1.7
1.7
.6
•1
2.6
FINANCE CO. LOANS TO BUSINESS
LIAB.-NONCORPORATE BUSINESS
NONFIN. CORP. BUSINESS
U.S. GOVERNMENT LOANS
4
LIAB.-HOUSEHOLDS
5
FARM BUSINESS
6
NCNFARM NONCORP. BUS.
7
NONFIN. CORP. BUSINESS 8
ST.+LOC. GOVERNMENTS
9
REST OF THE WORLD
10
SPONS. CREDIT AGENCIES 11
14.9 SPONSORED CREDIT AGENCY LOANS 12
LIABILITY OF3.2
FARM BUSINESS (FICB)
13
-.1
NONFARM NONCORP. BUS. (BO 14
11.9
S+L ASSOCIATIONS (FHLB)
15
2.8 POLICY LOANS IHH LIABILITY)
*
ASSET-U.S. GOVERNMENT
2.8
LIFE INSURANCE COS.
HYPOTHECATED DEP. (HH H A S . I
ASSET-COMMERCIAL BANKS
BILLIONS OF DOLLARS.
111/78 BASED ON INCOMPLETE INFORMATION.
1
2
3
16
17
18
19
FEBRUARY 1 2 , 1979
S E C U R I T Y C R E D I T , TRADE C R E D I T , A N D
44
TAXES
S E C U R I T Y C R E D I T , TRADE C R E D I T , A N D
S E C U R I T Y C R E D I T , TRADE C R E D I T , AND TAXES
U N A D J U S T E D NET
FLOWS
<$ MILL.l
UNADJUSTED
1
1977
III
IV
1
1978
I
II
III
IV
SECURITY
1 NET C H A N G E IN
HOUSEHOLDS
FOREIGN
LIABILITIES
2
3
4
5
6
7
BROKERS + D E A L E R S
FROM C O M M E R C I A L B A N K S
FROM FOREIGN B A N K I N G A G S .
CUSTOMER CREDIT BALANCES
8 NET C H A N G E IN ASSETS
9
HOUSEHOLDS
COMMERCIAL BANKING
10
3.420
2.117
-4.050
763
0
282
0
191
0
2.657
2.418
1.835
-4.241
-4.205
96
143
977
305
553
3.420
2.117
41
-77
-4.050
1969
-1.8
-.8
-3.4
-2.8
2.505
2.102
-370
559
-538
-3.0
-1.0
1.0
1.9
l.l
.7
773
419
678
953
714
176
63
-2.0
—
-1.0
—
-.5
.2
4.603
2.645
-1.541
-.8
-.9
1.4
3.8
.5
.8
8.7
.1
4.8
-7.9
-3.4
8
9
10
2.6
3.7
.1
-4.3
11
*
773
678
-181
63
971
591
0
246
0
295
0
1.919
2.148
-2.575
-3.5
-1.3
0
0
0
-.2
--1
14.298
7.538
4.822
13.999
18.715
14.774
22.7
330
63
333
73
335
79
339
78
340
51
.6
-.4
1.729
2 53
-2.092
336
82
131
1.841
2.256
•6
NONFIN. CORPORATE 3US1NESS
STATE + LOCAL G O V E R N M E N T S
FOREIGN
U . S . GOVERNMENT
11.946
12.217
20.9
•4
•8
585
549
9 NET CHANGE IN ASSETS
10
NONFIN. CORPORATE BUSINESS
FOREIGN
11
U . S . GOVERNMENT
12
13
OTHER INSURANCE CGMPANIES
15.553
13.910
-2.599
-2.757
892
473
278
761
14 D I S C R E P A N C Y
-1.255
TRADE
*
*
•1
4.750
4.836
13.431
15.920
261
254
258
-54
258
1.326
254
553
857
255
-616
-188
-700
9.7
24.5
42.5
.5
•1
-1.8
.7
.5
.1
.6
.1
7.4
.6
1.0
-.6
12.2
22.4
39.0
.7
.5
-.7
.6
.5
-.1
.8
1.9
.1
13.5
14.8
29.1
28.0
•8
39.6
37.7
470
352
-.3
21.811
20.417
2.3 76
1.846
24.7
22.5
400
-200
330
.8
.9
.4
9.2
3.1
1.4
-.8
.5
12.398
-2.0
3.1
270
300
481
310
10.137 -11.445
-4.623
-3.096
1.438
1 N E T CHANGE IN TAXES PAYABLE
2
NONFIN. CORPORATE BUSINESS
3
COMMERCIAL BANKS
4
S A V I N G S + LOAN A S S O C I A T I O N S
5
LIFE INSURANCE C O M P A N I E S
6
OTHER INSURANCE C O M P A N I E S
7
FINANCE C O M P A N I E S
8
BROKERS + DEALERS
3.263
2.939
2.384
2.203
0
85
186
46
20
-13
0
86
79
31
16
-31
9 NET C H A N G E IN T A X E S R E C E I V A B L E
10
STATE + LOCAL G O V E R N M E N T S
11
U . S . GOVERNMENT
5.664
1.816
3.848
4.319
1.759
2.560
-121
-1.025
-1.935
1.559
DISCREPANCY
765
150
118
309
68
57
-29
904
1 T O T A L H O U S E H O L D INVESTMENT
2
FARM B U S I N E S S
3
NONFARM N O N C O R P . B U S I N E S S
I V / 7 8 B A S E D ON P R E L I M I N A R Y
AND
3.930
3.242
-688
INCOMPLETE
-4.527
-2.953
-1.574
-7.343
-2.435
-4.908
INFORMATION.
-.8
1.2
.4
-1.8
-4.6
2.9 14
•3.3
-3.1
-3.7
1.8
2.0
.1
.3
73
-60
11
-15
-2
-.1
-8.834
- 7 35
-8.099
6 .337
1.524
4 .813
6.790
1.460
5.330
2.7
.3
-2.4
-3.0
-2.6
-1.707
-1.714
-8.092
-4.444
-3.648
-8.634
-4.630
-4.004
I N NONCORPORATE
-8.160
-4.797
-3.363
.1
-1.7
PAYABLE
150
112
140
54
68
37
EQUITY
5
6
7
8
.3
5.076
4.515
PROPRIETORS*
*
1
2
3
4
9
10
1.0 11
.3 12
.6 13
4 .630
3 .976
150
113
247
68
76
0
-7.550
-7.407
-150
4
5
6
7
* 12
11.7
-185
-873
-.2
•6
18.622
17.965
-134
821
253
320
-.4
-.2
-.4
1.1
RECEIVABLES)
16.267
13.440
1.303
1.224
-.2
CREDIT
PROFIT T A X E S
4.1
3.8
1
2
3
-.2
1.911
12
-7.9
-4.3
-6.7
-3.4
0
-77
5
6
7
8
8.7
4.5
.1
-1.541
-2.494
0
-4.268
(PAYABLES L E S S
3.8
2.7
2.645
2.086
553
1 NET CHANGE IN L I A B I L I T I E S
HOUSEHOLDS
2
3
FARM B U S I N E S S
NONFARM N O N C O R P . B U S I N E S S
4
1973
0
1.318
DEALERS
MILL.)
4.603
2.098
143
•
($
CREDIT
2.686
BROKERS
FOREIGN
NET FLOWS
B I L L I O N S GF D O L L A R S
1971
1970
1972
-6.7
-1.8
-1.1
11
12
TAXES
PAYABLE
*
•
•1
•1
*
*
-
.1
.1
.2
2.5
2.4
.1
*
•1
-.1
-.1
*
*
2.1
.5
1.5
*
8
7
2.1 9
.7 10
1.3 11
1
.5 12
BUSINESS
-.2
-1.7
1.5
-.6
-.7
.1
-1.5
-2.4
-3.2
-5.1
-2.0
-4.9
.9
1.9
2.9
1
2
3
FEBRUARY 12, 1979
SECURITY CREDIT, TRADE CREOIT, AND TAXES
SECURITY CREDIT, TRADE CREDIT, AND TAXES
45
SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
SEASONALLY ADJUSTED ANNUAL RATES
1977
1978
1
1
J
1977
III
IV J
1978
I
III
II
IV
SECURITY CREDIT
3.6
.8
.1
13.2
4.7
-
-
-
-
-
-
-1.0
2.6
2.2
-.2
.6
8.5
6.8
.2
1.5
1.3
-.1
.3
1.0
-.2
-1.9
.3
1.4
18.3
17.4
.4
.6
-10.7
-14.1
1.2
2.2
-8.7
-8.5
.2
-.3
12.4
10.8
-1.5
3.1
8
9
10
-5.0
-1.0
-2.4
3.6
.6
1.9
13.2
1.5
7.2
4.4
1.0
.6
1.7
1.4
-1.6
21.4
.6
18.5
-9.6
2,2
-12.8
-7.9
-.3
-8.8
11
12
-1.6
1.0
.1
4.6
2.8
1.8
2.4
1.0
1
2
3
4
35.9
.9
.2
1.3
7.8
1.1
.2
1.6
21.5
1.4
.5
1.8
29.6
1.3
.3
52.3
1.4
.3
2.1
37.1
1.3
-.3
1.2
5
6
7
8
28.6
1.8
3.1
-.1
1.0
1.4
.9
1.6
11.9
.7
.4
4.8
24.5
1.0
.4
2.1
46.4
1.0
-.4
1.5
9
10
11
12
13
36.0
32.9
1.7
.9
.5
9.9
6.4
1.7
1.2
.6
25.0
19.2
4.0
.5
1.2
33.0
30.9
1.7
-.8
1.1
14
-.1
-2.1
-3.5
-3.4
1
2
3
-5.0
-1.8
4
5
6
7
-3.2
-2.1
*
*
*
4.4
3.1
1.7
1.9
21.4
3.1
-25.1 NET CHANGE IN LIABILITIES
-10.0
HOUSEHOLDS
FOREIGN
1
2
3
10.5
6.1
1.7
2.7
-15.1
-16.0
.7
.3
4
5
6
7
20.8
3.1
10.0
18.8
2.7
7.5
-25.1 NET CHANGE IN ASSETS
.3
HOUSEHOLDS
-15.0
COMMERCIAL BANKING
8
9
10
1.2
7.7
8.6
-10.3
11
12
23.6
1.3
2.5
-.4
58.8
1.3
.2
-2.4
56.7
1.3
-.1
4.2
52-8
1.4
.2
1.9
41.0 NET CHANGE IN LIABILITIES
1.4
HOUSEHOLDS
.9
FARM BUSINESS
NONFARM NONCORP. BUSINESS
5.2
(PAYABLES LESS RECEIVABLES)
1
2
3
4
34.4
1.0
-2.5
1.9
11.8
1.0
5.3
2.1
52.7
1.0
2.2
3.8
50.0
1.0
-.2
.4
47.7
1.0
-.8
1.4
34.8
1.0
-2.8
.4
NONFIN. CORPORATE BUSINESS
STATE + LOCAL GOVERNMENTS
FOREIGN
U.S. GOVERNMENT
5
6
7
8
59.1
53.7
2.4
1.8
1.3
40.7
34.1
3.6
1.9
1.1
27.4
26.7
3.0
-3.5
1.1
59.1
47.8
5.2
4.9
1.2
63.2
60.5
-.5
1.9
1.2
63.7
58.1
3.3
1.0
1.3
50.3 NET CHANGE IN ASSETS
NONFIN. CORPORATE BUSINESS
48.2
1.6
FOREIGN
-.8
U.S. GOVERNMENT
1.3
OTHER INSURANCE COMPANIES
9
10
11
12
13
-6.8
-3.6
-3.7
-.3
-6.5
-10.9
-9.3 DISCREPANCY
14
1.7
.4
.3
.4
.5
.2
.1
-.2
-7.2
-8.7
-.1
3.6
2.9
-.1
.3
.5
.1
.1
-.1
7.6
5.7
.4
.4
.7
.2
.2
-.1
12.2 NET CHANGE IN TAXES PAYABLE
10.0
NONFIN. CORPORATE BUSINESS
.4
COMMERCIAL BANKS
.5
SAVINGS • LOAN ASSOCIATIONS
.7
LIFE INSURANCE COMPANIES
.2
OTHER INSURANCE COMPANIES
.3
FINANCE COMPANIES
.1
BROKERS + DEALERS
7.4
2.8
4.5
4.6
2.8
1.8
2.6
1.0
1.5
-6.3
1.0
-7.3
7.7
1.4
6.3
12.7 NET CHANGE IN TAXES RECEIVABLE 9
1.5
STATE + LOCAL GOVERNMENTS
10
11.3
U.S. GOVERNMENT
11
-
-9.6
1.1
-
-7.9
.8
20.8
8.4
18.8
8.3
-
BROKERS * DEALERS
FROM COMMERCIAL BANKS
FROM FOREIGN BANKING AGS.
CUSTOMER CREDIT BALANCES
BROKERS + DEALERS
FOREIGN
TRADE CREDIT
"
PROFIT TAXES PAYABLE
-2.7
-2.4
-.3
.1
-.1
1.2
1.1
.1
•1
1
2
3
4
5
6
7
8
*
*
-.1
9
10
11
1.3
.7
.6
*
*
-2.5
.6
-3.1
8.0
7.5
-.6
-1.3
-.2
-.3
.1
.1
.4
.1
—
.1
-.1
8.2
2.3
5.8
-.5
1.1
-1.6
-
3.6
1.8
.3
.4
.6
.2
.2
*
4.2
1.2
2.9
4.2
3.7
-.2
.3
.4
.1
*
*
.4
.6
.2
.2
•1
-.5 DISCREPANCY
1
2
3
4
5
6
7
8
12
PROPRIETORS* EQUITY IN NONCORPORATE BUSINESS
1
2
3
-13.1
-7.4
-5.7
-10.6
-3.9
-6.7
BILLIONS OF DOLLARS.
-17.8
-11.2
-6.6
-17.0
-12-4
-4.6
-32.2
-16.3
-15.9
•15.7
•13.0
-2.8
-18.1
-11.8
-6.3
111/78 BASED ON INCOMPLETE INFORMATION.
-29.4
-9.7
-19.6
-32.4
-17.8
-14.6
-34.5
-18.5
-16.0
-32.6 TOTAL HOUSEHOLD INVESTMENT
-19.2
FARM BUSINESS
-13.5
NONFARM NONCORP. BUSINESS
1
2
3
FEBRUARY 1 2 , 1979
MISCELLANEOUS I
MISCELLANEOUS
MISCELLANEOUS
UNADJUSTED
NET F L O W S
UNADJUSTED NET FLOWS ( S
1
III
1 NET C H A N G E IN L I A B I L I T I E S
2
HOUSEHOLDS
3
NONFIN. CORPORATE BUSINESS
4
5
REST OF T H E W O R L D
U . S . GOVERNMENT
6
7
8
9
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
C O M M E R C I A L BANKING
SAVINGS + LOAN A S S N S .
MUTUAL SAVINGS BANKS
LIFE INSURANCE C O M P A N I E S
NONLIFE INSUR. C O M P A N I E S
FINANCE C O M P A N I E S
REITS
IV
11.602
9.535
242
604
224
-2
568
7.252
-714
101
10.902
-365
1.960
335
5.130
-346
-2.686
69 3
-846
658
315
37
1.868
2.786
2.273
2.762
t
II
III
IV
27.130
210
568
14.625
25.658
15.970
199
195
1.150
1.193
182
900
10.201
-155
-1.735
-664
3.176
9.372
16.306
651
117
9.283
15.675
1.294
21.086
827
443
1.877
2.900
189
19
8
970
97
9.230
13.833
-1.734
-696
-923
234
391
600
2.291
2.950
2.017
3.063
2.249
3.101
144
2
107
8
164
13
8.969
1.578
14.865
1.604
24.531
1.529
397
646
440
621
480
454
626
3.054
8.037
8.946
376
392
9.530
-698
264
227
-119
16 NET C H A N G E IN A S S E T S
17
HOUSEHOLDS
18
FARM B U S I N E S S
19
NONFARM N O N C O R P . B U S I N E S S
20
NONFIN. CORPORATE BUSINESS
7.384
1.703
13.091
1.653
323
548
438
547
1.769
3.295
16.686
1.671
408
576
3.948
21
22
R E S T OF THE WORLD
U . S . GOVERNMENT
3.012
-2.451
559
124
187
3 36
427
300
23
24
25
26
TOTAL F I N A N C E
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
-95
63
-56
9.422
9.188
1.669
3.307
461
438
-3 85
6.776
-162
6.073
56
134
-92
51
23
1.040
1.614
3.952
1.235
1
2
3
2.3
-.4
4.1
.5
4.7
.8
3.4
5.7
-.4
4
5
22.5
.4
.3
15.4
3.3
2.1
.5
-6.4
7.8
-.5
-.4
18.7
.3
-.1
7.3
27.1
2.2
1.2
12.7
6
7
8
9
.4
.2
1.4
3.3
1.0
.6
.1
1.7
3.4
1.3
1.2
-.1
2.1
3.6
2.0
.9
.2
2.9
4.8
2.4
.6
.6
2.7
4.8
2.3
-
10
11
12
13
14
15
34.3
2.8
.6
1.0
11.7
16
17
18
19
20
*
*
-
-
-
-
18.7
2.1
.4
.7
4.9
8.7
2.6
.5
.7
5.6
11.8
2.3
.6
.8
10.5
25.2
2.7
.7
1.0
11.1
-6.2
.3
-6.2
.1
3.1
.1
5.3
•8
.1
1.4
3.7
.2
.2
2.0
6.7
-.4
.3
.9
7.9
•1
2.6
.4
-.1
1.5
*
*
*
4.4
6.4 21
1.0 22
10.9
.8
.3
7.1
23
24
25
26
1.3
.2
.9
.1
*
-
27
28
29
30
31
32
-135
51
102
-
-
5.656
10.793
-8.561
1.576
1.172
404
8.393
7.285
1.108
4.665
4.061
604
12.5
11.4
-5.8
-6.0
-4.3
-4.9
-.2
1.2
.2
.7
•4
* 34
- . 8 35
.7 36
568
1.150
1.193
.8
1.0
-.2
•4
1.9 38
215
293
313
386
.2
•2
.3
.3
.3 39
1.501
-774
-46
1-657
976
8-749
-142
-28
7.695
1.224
3.272
327
43
2.176
726
-3.021
429
-13
-2.834
-603
324
-130
-10
10
454
8.138
600
0
7.117
421
-.4
-.4
-.1
.1
.5
-.4
1.3
1.4
-.2
.1
3.9
1.8
-.2
.6
1.7
140
574
293
571
614
582
16
13
19
8
6
16
56
0
210
0
530
0
220
0
215
0
323
0
17
3
8
28
131
4
6
69
75
11
1
443
54
66
20
80
71
29
8
107
85
30
13
195
-3.556
10.444
COMMERCIAL BANK L I A B I L I T Y
TO FOREIGN A F F I L I A T E S
34
ASSET-REST OF THE WORLD
35
LIAB.-COMMERCIAL BANKS
36
FOREIGN BANKING AGS.
6.220
5.599
621
3.649
2.367
1.282
-1.488
-1.547
59
D I R E C T FOREIGN INVESTMENT
BY U . S . C O R P O R A T I O N S
L I A B . - R E S T OF THE W O R L D
1.139
1.216
2.389
-127
*
.2
-
.2
.5
1.0
.2
.8
-
FOREIGN CLAIMS
D I R E C T F O R E I G N INVESTMENT
IN U . S .
38
L I A B . - N O N F I N . C O R P . BUSINESS
U . S . G O V T . E Q . IN I B R D , E T C .
39
L I A B . - R E S T OF THE WORLD
44
34.7
.4
1.9
-162
4.218
40
41
42
43
23.0
.5
.4
1.8
•2
.8
.1
38
37
13.6
.3
-.2
-.1
.9
.1
1.253
(A)
9.4
.4
1.0
37
425
800
54
68
449
800
189
11
NET
534
7.230
-32
470
600
144
43
33 U N A L L O C A T E D ,
479
25.7
.4
.8
38
442
600
49
76
633
800
SAVINGS + LOAN A S S N S .
MUTUAL SAVINGS BANKS
LIFE INSURANCE C O M P A N I E S
PRIVATE PENSION F U N D S
REITS
MONEY MARKET FUNDS
89
1.011
108
610
800
57
-45
27
28
29
30
31
32
4.981
1.543
226
-124
-1.571
535
MILL.)
B I L L I O N S CF DOLLARS
1970
1971
1972
1978
I
I
CLAIMS
C* M I L L . )
1977
10
11
12
13
14
15
FINANCIAL
F O R E I G N C U R R . EXCEPT O F F I C I A L
L I A B . - R E S T OF THE WORLD
ASSET-NONFIN. CORP. BUSINESS
U.S. GOVERNMENT
COMMERCIAL BANKS
FOREIGN BANKING AGS.
*
*
.1
•8
*
•2
5.4
2.6
.6
.8
1.4
40
41
42
43
44
(B) U. S. GOVERNMENT CLAIMS
45
POSTAL SAVINGS DEPOSITS
ASSET-HOUSEHOLDS
LIAB.-U.S. GOVT.
DEPOSITS AT FHLB
46
LIAB.-SPONSORED CREDIT AGS.
ASSET-S+L ASSOCIATIONS
47 FEDERAL R E S E R V E BANK
A S S E T OF C O M M E R C I A L
STOCK
BANKS
4 8 E Q . IN U . S . G O V T . C R E D I T A G S .
49
U . S . GOVERNMENT
PRIVATE
50
FARM B U S I N E S S IFICB + F L B )
51
NONFARM N O N C O R P O R A T E CBC)
52
N O N F I N . C O R P . B U S . (FNMA)
53
S+L A S S O C I A T I O N S ( F H L B )
I V / 7 8 B A S E D ON P R E L I M I N A R Y
AND
INCOMPLETE
INFORMATION.
*
*
*
.1
.1 47
.2
.3
.1
.3
-
-
-
-
-
.1
•1
•1
•
*
*
.1
.2 50
• 51
52
.4 53
.1
*
.1
.1
*
.1
.1
*
*
.6 48
49
*
FEBRUARY 12, 1979
MISCELLANEOUS I
MISCELLANEOUS I
47
MISCELLANEOUS FINANCIAL CLAIMS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1
J
1
1977
HI
IV
I
1978
I
IV
II
III
98.1
.8
2.3
48.4
.8
4.6
96.2
.8
4.8
90.7 NET CHANGE IN LIABILITIES
.7
HOUSEHOLDS
3.6
NONFIN. CORPORATE BUSINESS
1
2
3
1
2
3
42.7
.7
3.7
33.7
.7
1.4
59.6
•6
2.7
51.5
.9
1.8
83.4
.8
3.8
40.1
1.0
2.4
59.4
.9
4
5
9.0
16.4
-.7
19.0
.9
13.7
-.9
21.0
-.3
7.0
-.9
22.8
-.6
41.2
-.7
-7.2
-3.6
17.6
1.9
32.4
1.3
REST OF THE WORLD
U.S. GOVERNMENT
4
5
6
7
8
9
29.3
.3
-.3
20.8
16.0
1.6
-.5
1.8
36.3
1.4
.3
16.0
36.1
1.3
-.1
14.0
58.0
4.5
.5
30.6
30.6
-.1
1.3
8.3
36.3
1.7
-1.4
15.3
54.5
1.5
.5
27.2
53.8
5.5
.9
29.0
71.2
5.5
.4
42.7
52.7
5.3
.4
23.5
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
6
7
8
9
10
11
12
13
14
15
-.1
•3
2.8
4.9
-.1
.8
.7
-.1
4.3
6.2
.7
1.3
1.1
.1
5.4
10.3
1.6
.2
1.0
.4
7.9
11.0
1.1
-.5
-.4
1.8
8.4
12.0
.6
1.4
.2
7.8
11.1
1.1
-.5
.5
-.2
8.9
11.0
.9
-.5
l.l
3.5
8.2
11.6
.8
.1
-3.1
.8
8.3
11.3
•6
.1
1.3
8.4
12.3
.4
.3
1.4
8.8
12.4
.7
.1
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
N0NL1FE INSUR. COMPANIES
FINANCE COMPANIES
REITS
10
11
12
13
14
15
16
17
18
19
20
38.8
2.7
.8
1.0
4.5
30.4
3.8
.9
1.3
7.9
45.5
5.5
1.5
2.1
7.8
48.5
6.6
1.5
2.2
13.6
65.1
6.4
1.7
2.5
11.4
46.8
6.8
1.3
2.2
11.7
44.1
6.6
1.8
2.2
11.8
72.1
6.7
1.6
2.3
17.1
20.2
6.3
1.6
2.6
10.9
79.0
6.4
1.8
2.5
7.0
88.9 NET CHANGE IN ASSETS
6.1
HOUSEHOLDS
1.8
FARM BUSINESS
2.5
NONFARM NGNCORP. BUSINESS
10.7
NONFIN. CORPORATE BUSINESS
16
17
18
19
20
21
22
10.2
.1
.8
.7
12.4
1.0
2.1
.7
18.0
1.4
11.8
.5
-14.3
.7
12.6
1.3
-3.5
1.2
31.1
1.5
31.7
1.6
REST OF THE WORLD
U.S. GOVERNMENT
21
22
23
24
25
26
19.5
-1.8
1.8
15.2
15.0
.9
15.2
-.2
-.2
12.0
21.8
.9
-.6
14.1
23.7
-.2
.5
14.2
12.5
-.3
-.2
5.5
35.4
3.0
-1.5
24.2
30.4
1.5
-.6
19.8
1.2
-.2
.5
-5.9
28.6
-.3
.1
18.0
34.5
-1.5
2.1
25.0
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
23
24
25
26
2.0
.6
1.7
.2
1.2
.1
1.6
.7
1.5
.2
-.3
1.8
.3
2.5
2.9
-.2
4.2
.1
1.8
2.8
1.8
.4
2.5
3.2
-.5
.2
3.1
.8
2.4
3.2
.2
-.2
5.1
-.4
1.9
2.4
.6
.2
1.0
.1
1.8
3.2
.8
6.9
.2
1.8
2.4
-.6
.2
3.6
.6
1.7
3.2
-.5
•4
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
REITS
MONEY MARKET FUNOS
27
28
29
30
31
32
3.4
14.1
*
27
28
29
30
31
32
1.9
.5
1-4
•1
•4
33
4.0
*
*
8.3
*
*
3.0
*
*
.2
*
*
*
*
18.3
1.8 UNALLOCATED, NET
33
(A) FOREIGN CLAIMS
34
35
36
6.9
4.5
2.4
.1
1.4
-1.3
4.5
3.5
1.1
8.9
8.7
.2
13.1
11.0
2.2
23.3
20.3
2.5
10.6
5.5
5.1
.6
.4
.2
6.2
4.6
1.6
31.1
26.7
4.4
14.6
12.2
2.4
10.7
6.1
-1.4
1.3
COMMERCIAL BANK LIABILITY
TO FOREIGN AFFILIATES
ASSET-REST OF THE WORLD
LIAB.-COMMERCIAL BANKS
FOREIGN BANKING AGS.
34
35
36
DIRECT FOREIGN INVESTMENT
BY U.S. CORPORATIONS
LIA8.-REST OF THE WORLD
37
38
3.7
1.4
2.7
1.8
3.8
2.3
4.6
4.8
DIRECT FOREIGN INVESTMENT
IN U.S.
3.6
LIAB.-NONFIN. CORP. BUSINESS 38
39
•6
.7
1.1
.7
1.4
1.2
1.3
1.5
1.6
40
41
42
43
44
6.3
-.2
-.5
5.7
1.3
10.8
.8
*
9.8
.1
12.4
1.7
-.1
11.1
-.2
10.9
1.3
8.7
1.2
7.1
2.5
6.5
1.0
*
5.5
•3.1
-.2
4.9
3.9
26.8
-.6
-.1
22.6
4.9
16.0
1.3
.2
11.7
2.9
-18.7
1.7
-.1
-17.9
-2.4
14.3
-.5
*
13.1
1.8
23.1
2.4
-
19.1
1.7
U.S. GOVT. EQ. IN IBRD, ETC.
LIAB.-REST OF THE WORLD
39
FOREIGN CURR. EXCEPT OFFICIAL
LIAB.-REST OF THE WORLD
ASSET-NONFIN. CORP. BUSINESS
U.S. GOVERNMENT
COMMERCIAL BANKS
FOREIGN BANKING AGS.
40
41
42
43
44
(B) U. S. GOVERNMENT CLAIMS
POSTAL SAVINGS DEPOSITS
ASSET-HOUSEHOLDS
LIAB.-U.S. GOVT.
.8
DEPOSITS AT FHLB
LIAB.-SPONSORED CREDIT AGS.
ASSET-S+L ASSOCIATIONS
.1 FEDERAL RESERVE BANK STOCK
ASSET OF COMMERCIAL BANKS
48
49
50
51
52
53
BILLIONS OF DOLLARS.
.2
.1
*
.2
•2
*
•1
•4
.3
.1
*
.8
111/78 BASED ON INCOMPLETE INFORMATION.
•2
•3
.1
.5
1.4 EQ. IN U.S. GOVT. CREDIT AGS.
U.S. GOVERNMENT
PRIVATE
•3
FARM BUSINESS (FICB + FLBI
.1
NONFARM NONCORPORATE CBC)
.1
NONFIN. CORP. BUS. (FNMA)
•8
S+L ASSOCIATIONS (FHLB)
48
49
50
51
52
53
F E B R U A R Y I2t 1979
M I S C E L L A N E O U S II
MISCELLANEOUS
MISCELLANEOUS
U N A D J U S T E D NET FLOWS
1$
FINANCIAL
CLAIMS
MILL.)
UNADJUSTED
1978
IV
<C) LIFE
INSURANCE
I
II
II
fCONTINUED)
NET F L O W S
($
MILL.)
B I L L I O N S OF D O L L A R S
1970
1971
1972
III
CLAIMS
D E F E R R E D AND U N P A I D P R E M I U M S
1
LIAB.-HOUSEHOLDS
A S S E T - L I F E INSURANCE
2
3
4
L I F E COMPANY RESERVES
LIAfi.-LIFE INSURANCE C O S .
A C C I D E N T AND H E A L T H
POLICY DIVIDEND ACCUM.
ASSET-HOUSEHOLDS
<D) NONLIFE
5
6
7
8
9
INSURANCE
CE) U N A L L O C A T E D
ASSETS
2.786
2.762
971
306
545
964
968
307
543
944
348
655
311
344
639
298
341
601
265
336
583
250
333
.0
•4
•6
1.2
.6
.6
2.900
1.016
2.950
3.063
1.003
369
592
1.099
3.101
946
369
596
1.190
3.3
1.2
.4
.7
1.1
3.4
1.4
.4
-7
.9
3.6
1.2
.5
.8
1.0
8.6
-.1
1.3
.5
•8
1.4
.6
.9
2
3
4
939
343
580
333
565
986
4.6
1.4
•6
1.0
1.9
4.8
1.4
.5
1.0
2.0
5
6
7
8
9
1.088
.3
-.2
17.7
-2.0
-.4
1.4
l.l
11
12
13
14
15
16
BUSINESS
+ LIAB.
10 N E T T O T A L I L I A B . L E S S A S S E T S )
NET C H A N G E IN L I A B I L I T I E S
11
REST OF THE WORLD
12
U.S. GOVERNMENT
13
U . S . G O V T . - W I T H O U T LEVELS
14
SPONSORED CREDIT AGENCIES
15
MONETARY AUTHORITIES
16
FLOATS IN C O M L . BANK STMNT
ON INTERBANK D E P O S I T S
ON INTERBANK LOANS
L E S S : ON MEMBER BK. R E S .
26
27
28
29
30
SAVINGS + LOAN A S S N S .
MUTUAL SAVINGS BANKS
LIFE INSURANCE C O M P A N I E S
FINANCE C O M P A N I E S
REITS
31
32
33
34
35
NET C H A N G E IN A S S E T S
N O N F I N . C O R P O R A T E BUSINESS
REST OF THE WORLD
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
39
40
41
42
SAVINGS + LOAN A S S N S .
MUTUAL SAVINGS BANKS
LIFE INSURANCE C O M P A N I E S
PRIVATE PENSION F U N D S
43
44
REITS
MONEY MARKET
5.656
10.793
-8.561
17.489
4.247
8.367
-680
0
0
496
-155
-172
-664
11.279
3.077
0
8
141
91
-3.662
92
0
535
638
73
5.9
.4
-.3
-.1
.5
.3
3.2
-.2
-.6
1.2
.5
.5
2.517
3.025
-902
171
223
-4.995
-4.477
-1.224
506
200
.7
-.9
.2
.2
1.1
1.2
.7
l.l
-1.0
.5
2.7
2.3
.6
-.7
.5
9.2
6.8
-1.3
3.2
.5
5.8
5.1
-1.0
1.2
.5
17
18
19
20
21
2.923
-914
3.399
-438
-1.404
560
-1.180
784
2.2
-.5
2.7
-1.8
-.1
-2.0
-.2
1.2
-1.1
2.8
.5
-2.1
-1.7
.3
.7
6.9
1.5
5.8
.3
22
23
24
25
-923
479
1.666
164
13
.4
.2
.5
1.0
.6
.1
.5
1.3
1.2
-.1
1.1
2.0
.9
.2
1.6
2.4
.6
.6
1.3
2.3
-
26
27
28
29
30
17.3
5.2
4.5
.8
.3
31
32
33
34
35
797
1.272
-361
-293
AND
-126
-359
-5.001
-5.698
179
380
138
179
1.887
4.678
3.446
-1.334
8 09
-1.304
98
3.580
4.310
-1.646
493
198
699
217
5.361
2.216
2.150
-995
4.074
-1.981
6.236
-696
2 34
1.652
144
2
391
600
1.416
107
8
-
-
-
2.711
762
-2.299
56
134
486
114
-1.549
51
23
4.899
501
3.381
-698
534
-l.l
2.0
-5.5
.4
-.1
2.4
1.4
-1.5
.8
.1
6.9
4.8
-1.7
.2
.2
12.5
6.2
2.4
-.4
2.775
421
141
570
-134
105
-757
343
90
1.1
-.6
.9
1.2
-.9
-3
1.4
.4
.1
1.7
.3
.3
.5
.5
.2
839
-846
37
827
443
1.136
1.588
1.222
189
19
264
227
-124
-119
•2.940
•3.812
-5.204
1.271
-6.098
63
-56
461
438
-385
-162
-1.804
-356
2.680
•1.086
175
5
*
*
5.410
6.123
-1.404
693
315
432
*
.8
-.1
10.3
-2.0
503
218
655
7.045
245
1.479
181
*
-
*
*
4
358
114
161
76
391
800
397
108
386
800
878
-32
260
600
-597
68
250
800
532
38
247
600
458
37
243
800
.2
-.1
.5
.1
.3
.2
.4
.1
.5
.3
.6
-127
57
-45
144
43
189
11
-162
51
-135
102
-
-
.2
.8
-
-
38
FUNDS
IV/78 BASED ON P R E L I M I N A R Y
10.444
-8.760
-2.928
-395
319
22
23
24
25
COMMERCIAL BANKS
FOREIGN BANKING A G E N C I E S
3ANKS IN U . S . P O S S E S S I O N S
-3.556
1.278
-628
-281
C O M M E R C I A L BANKING
C O M M E R C I A L BANKS
BANK A F F I L I A T E S
FOREIGN BANKING A G E N C I E S
BANKS IN U . S . P O S S .
36
37
38
4.218
760
-86
17
18
19
20
21
3 37
CLAIMS
L I A B . - O T H E R INSURANCE
ASSET-HOUSEHOLDS
FARM B U S I N E S S
NONFARM N O N C O R P . B U S .
NONFIN. CORP.
685
732
378
354
INCOMPLETE
JMPLETE INFORMATION.
*
*
4.1 36
.6 37
.1 38
.8
.2
.5
.1
-
39
40
41
42
* 43
44
FEBRUARY 12, 1979
MISCELLANEOUS II
MISCELLANEOUS II
49
MISCELLANEOUS FINANCIAL CLAIMS tCONTINUEO)
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
SEASONALLY ADJUSTEO ANNUAL RATES
1977
1978
I
I
1977
III
IV
I
I
1978
I
II
III
(CI LIFE INSURANCE CLAIMS
1.0
.9
.8
.8
.8
DEFERRED AND UNPAID PREMIUMS
.7
LIAB.-HOUSEHOLDS
ASSET-LIFE INSURANCE
2
3
4
1.4
.7
.7
1.7
.7
1.0
1.9
.7
1.2
2.7
1.4
1.4
2.5
l.l
1.4
2.9
1.5
1.4
2.7
1.3
1.4
2.6
1.2
1.4
2.6
1.2
1.4
2.4
l.l
1.3
2.3
1.0
1.3
5
6
7
8
9
4.9
1.2
.5
1.0
2.1
6.2
2.1
.7
1.2
2.2
10.3
3.6
1.3
2.1
3.4
11.0
3.8
1.2
2.2
3.8
12.0
3.9
1.4
2.3
4.4
11.1
3.9
1.2
2.2
3.9
11.0
3.9
1.2
2.2
3.8
11.6
4.1
1.3
2.3
3.9
11.8
3.8
1.4
2.3
4.4
12.3
4.0
1.5
2.4
4.4
12.4
3.8
1.5
2.4
4.8
-6.7
15.3
1.2
-8.4
-1.6
1.0
-1.4
LIFE COMPANY RESERVES
LIAB.-LIFE INSURANCE COS.
ACCIDENT AND HEALTH
POLICY DIVIDEND ACCUM.
ASSET-HOULEHOLDS
1
2
3
4
(D) NONLIFE INSURANCE CLAIMS
LIAB.-OTHER INSURANCE
ASSET-HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
NONFIN. CORP. BUSINESS
5
6
7
8
9
IE) UNALLOCATED ASSETS + LIAB.
11
12
13
14
15
16
15.5
.9
1.7
-1.7
-l.l
-.3
5.5
-1.1
-.6
-.1
1.0
-.5
20.7
1.9
-.5
1.4
-.3
.2
9.2
-2.2
-.7
-.3
.2
-.1
33.5
6.7
-.3
1.1
.5
-13.3
-4.5
-.3
-.5
-1.1
1.3
17
18
19
20
21
7.4
8.7
-2.7
1.4
.1
-.9
-1.4
-.8
.3
1.1
4.1
3.0
.5
.2
.4
3.9
4.2
-.7
-.4
.8
6.5
9.0
-5.2
1.9
.8
-3.7
-1.8
-1.4
-1.2
.7
22
23
24
25
6.5
.7
6.3
.5
2.5
-2.0
3.9
-.5
7.4
-1.7
9.1
.1
1.1
-4.2
7.0
1.7
11.0
-.1
10.6
-.5
26
27
28
29
30
-.1
.3
1.3
-.1
.8
.7
-.1
2.6
.7
1.3
1.1
.1
3.6
1.6
.2
1.0
.4
5.1
1.1
-.5
-.4
1.8
6.0
•6
31
32
33
34
35
11.6
1.4
-.4
-I.8
1.8
2.2
-l.l
-.7
.9
6.6
-.9
5.2
-.2
-.2
6.2
4.2
-8.6
.9
-.6
36
37
38
7.1
1.2
-.2
-2.3
.6
.5
-.1
5.2
-.7
39
40
41
42
.7
.5
.7
.1
1.6
.6
1.0
.2
43
44
.4
1.2
.1
•
*
*
.6
BILLIONS OF DOLLARS.
•2
.7
.8
.2
-.3
*
*
1.1
.3
1.6
2.9
-.2
*
25.7
3.1
1.8 NET TOTAL (LIAB. LESS ASSETS)
10
NET CHANGE IN LIABILITIES
REST OF THE WORLD
U.S. GOVERNMENT
U.S. GOVT.-WITHOUT LEVELS
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
11
12
13
14
15
16
50.1
13.3
29.4
4.1
-.7
-.6
•4
-3.6
1.2
.9
-1.9
-4.6
1.5
•6
.7
11.9
14.7
-5.6
2.0
7.8
10.7
-6.6
2.8
•9
2.1
4.1
-3.6
.7
•9
4.3
6.4
-4.9
2.0
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.
17
18
19
20
21
-11.4
-8.4
2.1
5.1
6.5
-1.8
9.0
.7
14.7
-.3
14.6
-.4
15.1
-3.9
16.3
-2.7
9.5
8.0
2.3
•8
4.5
-4.2
9.2
.4
FLOATS IN COML. BANK STMNT
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LESS: ON MEMBER BK. RES.
22
23
24
25
1.4
.2
4.9
1.1
-.5
.5
-.2
6.2
.9
-.5
1.1
3.5
5.6
-3.1
•8
5.8
•6
.1
1.3
6.0
•4
.3
1.4
6.5
.7
.1
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
FINANCE COMPANIES
REITS
26
27
28
29
30
l5oi
l«6
1.0
-.2
.5
-6.5
5.6
-13.9
-.3
-.2
-14.1
5.1
-24.9
3.0
-1.5
24.0
1.2
9.7
1.5
-.6
1.2
-1.4
-14.3
-.2
.5
8.4
4.5
-4.8
-.3
•1
26.9
2.2
13.5
-1.5
2.1
NET CHANGE IN ASSETS
NONFIN. CORPORATE BUSINESS
REST OF THE WORLD
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
31
32
33
34
35
5.3
1.0
.5
-4.1
.7
-1.9
-1.4
3.3
1.4
.5
12.2
1.7
•6
3.2
-.5
•4
2.4
1.4
.4
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSSESSIONS
36
37
38
1.3
.1
1.0
2.8
.9
.4
1.6
3.2
1.5
3.2
3.3
-.4
1.0
2.4
-2.9
•1
1.0
3.2
2.7
•2
1.0
2.4
1.9
•6
1.0
3.2
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
39
40
41
42
-.6
.2
-.5
.4
REITS
MONEY MARKET FUNDS
43
44
-
*
*
•
.2
HI/78 BASED ON INCOMPLETE INFORMATION.
•2
-.2
28.8
6.4
1.3
3.1
.3
FEBRUARY 12, 1979
TOTAL CLAIMS
50
TOTAL CLAIMS
TOTAL FINANCIAL ASSETS AND LIABILITIES
UNADJUSTED NET FLOWS IS MILL.)
UNADJUSTED NET FLOWS IS MILL.)
1978
IV
II
I
TOTAL
BILLIONS GF DOLLARS
1970
1971
1972
III
FUNDS RAISED AND ADVANCED I N CREDIT MARKETS
I D
128.7
116.3
2
3
4
5
6
7
8
9
10
NONFINANCIAL SECTORS
U.S. GOVERNMENT
FOREIGN
PRIVATE DOMESTIC
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
CORPORATE BUSINESS
ST.U.OC. GOVERNMENTS
95.429 103.603
19.606 20.676
4.785
3.998
71.038 78.929
39.454 40.237
3.688
1.454
1.919
5.594
16.618 26.704
4.940
9.359
79.299 100.410 100.709 109.022
20.792
2.582 15.054 15.251
2.147
5.981
5.172 12.368
56.360 91.847 80.483 81.403
26.052 46.537 42.579 46.110
2.575
6.397
3.313
4.940
3.601
4.738
4.308
4.543
21.088 26.077 18.673 23.644
3.044
8.098
9.748
4.028
93.7
-3.7
3.7
93.6
34.4
3.0
7.3
38.2
10.7
100.6
11.9
2.7
86.0
24.9
2.3
6.8
40.7
11.3
153.5
24.9
5.2
123.5
45.2
4.5
11.6
44.5
17.7
176.0
15.1
4.0
156.9
64.3
5.8
14.1
58.3
14.5
11
12
13
14
15
16
17
18
19
20
21
FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKS
BANK AFFILIATES
SAVINGS + LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
11.700
1.351
5.919
621
385
2.800
236
1.921
-648
-905
20
21.901
4.424
3.791
7.016
889
2.050
252
2.276
-429
23
1.609
27.255
5.495
4.594
1.421
430
3.960
291
8.579
-306
390
2.401
35.1
8.8
.7
2.4
4.3
4.1
.5
7.8
1.5
4.9
15.7
8.2
1.6
-2.0
-1.9
1.8
•4
2.6
2.2
2.8
15.4
1.1
4.8
2.4
-.4
-.1
•6
2.7
2.9
1.3
28.3
3.5
4.9
4.5
.7
2.0
.5
6.5
6.3
-.5
-
-
-
-
22 TOTAL FUNDS ADVANCED IN CREDIT 107.129 123.336 101.200 126.591 119.125 136.277
MARKETS BY:
23
PRIVATE DOM. NONFIN. SECTORS 16.942 20.803 23.374 15.121 20.643 24.997
24
HOUSEHOLDS
10.308 11.632 15.777 12.516 16.484
7.802
780
228
25
NONFARM NONCORP. BUSINESS
123
23
857
313
26
CORPORATE BUSINESS
-518
2.126
3.460 -4.335
-687
8.420
27
7.029
3.909
6.917
7.918
STATE + LOCAL GOVERNMENTS
6.265
4.533
L28.7
116.3
168.9
204.3
41.3
34.5
.4
1.2
5.3
-1.7
-1.3
•6
-.8
-.2
-4.8
-9.3
.4
6.4
-2.3
15.8
4.9
.5
2.6
7.8
45.9
29.0
.9
8.2
7.8
23
24
25
26
27
1 TOTAL FUNDS RAISED I N
MARKETS BY:
CREDIT
28
REST OF THE WORLD
29
U.S. GOVERNMENT
30
31
32
33
FINANCIAL INSTITUTIONS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
FEDERAL RESERVE SYSTEM
107.129 123.336 101.200 126.591 119.125 136.277
19.733
2.175
5.622
-839
220
5.149
239
6.918
-470
295
424
26.181
6.658
4.522
-911
2.003
6.316
265
6.493
-199
-297
1.331
18.416
5.989
3.551
668
978
4.041
278
2.305
-367
-607
1.580
203.8 2
8.3 3
6.2 4
189.3 5
80.9 6
9.7 7
12.8 8
72.7 9
13.2 10
57.6
16.3
3.6
14.1
2.2
6.0
.5
9.4
6.5
-1.2
-
11
12
13
14
15
16
17
18
19
20
21
261.4 22
16.168
10.715
16.851
16.440
-766
3.4 76
5.064
4.340
5.568
3.441
6.030
3.260
74.408
1.025
5.919
1.984
81.342
2.304
5.622
-649
55.818 108.795
4.862
7.993
3.791
4.522
-1.688
9.153
88.976
7.170
3.551
4.898
91.852
7.558
4.594
-5.413
83.1
8.8
.7
4.2
104.0
9.6
1.6
5.0
143.6
.5
4.8
8.9
175.8
4.4
4.9
.3
209.3
17.8
3.6
9.2
30
31
32
33
34
35
36
37
38
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.
20.938
20.597
24
222
95
30.819
29.182
600
942
95
13.977
13.753
-515
728
11
40.294
38.046
357
1.888
3
31.571
29.661
76
1.788
46
33.338
32.232
-794
1.860
40
18.7
13.1
3.9
1.4
.2
35.1
33.2
-1.0
2.8
.1
50.5
50.2
-.1
.1
.3
70.6
68.8
-.2
1.8
.3
86.8
80.8
1.7
4.1
.1
34
35
36
37
38
39
40
41
42
43
PRIVATE NONBANK FINANCE
SAVINGS INSTITUTIONS
SAVINGS * LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
44.542
22.638
17.516
2.891
2.231
43.246
17.283
13.714
2.104
1.465
34.876
19.288
13.822
4.118
1.348
46.833
21.966
16.545
1.972
3.449
41.786
20.859
15.448
2.767
2.644
51.775
17.042
13.878
2.127
1.037
50.8
14.9
9.6
3.2
2.1
52.8
17.7
12.2
4.2
1.4
79.0
40.4
28.4
10.0
2.0
95.6
48.8
35.7
10.3
2.9
91.9
37.3
28.3
5.4
3.6
39
40
41
42
43
44
45
46
47
48
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUND
OTHER INSURANCE COS.
19.512
7.302
5.034
3.210
3.966
16.753
8.152
1.795
3.447
3.359
18.495
8.530
3.185
2.494
4.286
18.680
8.083
3.019
4.298
3.280
20.927
9.663
3.646
3.743
3.875
20.256
9.251
3.066
4.153
3.781
23.0
8.6
6.2
5.6
2.6
26.9
9.0
6.8
6.3
4.8
32.0
11.8
7.5
6.5
6.2
34.6
13.2
6.5
8.2
6.6
38.6
15.9
7.8
9.1
5.8
44
45
46
47
48
49
50
51
52
53
54
FINANCE N.E.C.
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
SECURITY BKRS. • DEALERS
2.392
1.681
-366
-886
-54
2.017
9.210
7.741
-400
69
276
1.524
-2.907
1.686
-490
-176
678
-4.605
6.187
5.229
-224
-288
888
582
0
1-870
-200
-612
530
-1.588
14.477
9.479
-135
439
1.095
3.599
12.9
8.6
1.2
2.6
8.2
2.2
1.9
1.7
6.7
5.2
2.3
.4
12.3
9.4
4.2
-1.8
.5
2.4
—
-1.2
-
.5
16.0
11.5
5.6
-2.0
.9
49
50
51
52
53
54
TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS
TOTAL FUNDS RAISED (FROM
PRECEDING TABLE)
OTHER LIABILITIES:
2
OFFICIAL FOREIGN EXCHANGE
3
TREASURY CURR. + SDR CTFS.
1
107.129 123.336 101.200 126.591 119.125 136.277
-248
99
33.144
2.993
13.263
-87
95
168.9
204.3
261.4
1
-262
136
-432
97
-252
179
1.170
112
•3
•3
-2.5
•6
-1.7
.5
-.2
.5
-.2
.4
2
3
52.854
26.315
13.093
13.446
35.253
5.507
15.084
14.662
49.732
19.512
16.802
13.418
6.4
7.9
-9.5
7.9
67.4
12.4
38.0
17.0
99.4
17.5
41.4
40.5
112.3
24.0
42.3
46.0
95.0
16.3
50.9
27.8
4
5
6
7
4
5
6
7
DEPOSITS AT FINANCIAL INSTS.
DEMAND DEP. + CURRENCY
TIME DEPOSITS AT BANKS
DEP. AT SAVINGS INSTIT.
16.888
54.855 13.385
23.353 -25.359
17.588 20.886
13.914 17.858
8
9
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
2.084
19.303
2.069
11.502
2.052
10.331
2.230
15.540
2.308
20.392
2.425
14.314
5.0
16.3
5.2
19.2
6.2
21.1
6.6
22.6
7.4
25.6
8
9
10
11
12
13
14
SECURITY CREDIT
TRADE DEBT
PROFIT TAXES PAYABLE
NONCORP. PROPRIETORS1 EQUITY
MISCELLANEOUS
3.420
14.298
2.117
7.538
2.384
-4.527
-4.050
4.822
1.438
-7.343
4.603
13.999
-7.550
-8.092
2.645
18.715
4.630
-8.634
-1.541
14.774
9.535
27.130
14.625
25.658
15.970
-6.7
22.7
-3.1
-.2
25.7
-.8
9.7
-3.1
-.6
9.4
3.8
11.7
1.8
-1.5
13.6
8.7
24.5
-.1
-3.2
23.0
-7.9
42.5
2.5
-2.0
34.7
10
11
12
13
14
15
INTERBANK CLAIMS
7.213
-566
3.370
4.418
15.453
2.1
4.5
7.2
2.8
12.9 15
16 TOTAL LIABILITIES ABOVE
190.283 216.030 148.273 217.835 224.437 245.602
- FLOATS NOT INCL. IN ASSETS
-159
212
-650
266
256
722
17
DEMAND DEPOSITS-U.S. GOVT.
3.213 -6.800 12.384
-5.884 12.803 -9.277
18
OTHER
-1.255 10.137 -11.445 -4.623 -3.096 12.398
19
TRADE CREDIT
- LIABILITIES NOT ALLOCATED
AS ASSETS
-13
-39
-66
-40
12
-I
20
TREASURY CURRENCY
1.559
1.284 -1.707 -1.714
-2.401 -1.935
21
PROFIT TAXES PAYABLE
22
4.218 -3.556 10.444
5.656 10.793 -8.561
MISCELLANEOUS
197.3
225.3
331.1
402.0
472.4 16
.6
3.5
-4.6
.3 17
-.6 18
2.9 19
23
TOTALS ALLOCATED TO SECTORS
AS ASSETS
3.263
-3.930
195.459 197.899 157.655 212.027 225.407 230.878
(1) INCLUDES CORPORATE EQUITIES.
IV/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
-.5
2.8
-2.0
•1
1.9
•4
-.2
2.0
-1.8
.2
-.4
7.0
-.1
-.8
•8
-.2
1.7
-.2
-.1
-2.2
* 20
.3 21
.4 22
329.5
405.0
468.9 23
190.3
223.1
*
FEBRUARY 12, 1979
TOTAL CLAIMS
TOTAL CLAIMS
51
TOTAL FINANCIAL ASSETS AND LIABILITIES
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I
I
1977
1978
I
IV I
III
II
III
TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1)
219.8
301.7
208.1
85.4
13.2
109.5
48.6
272.5
69.0
20.7
182.8
89.9
11.0
389.4
53.7
25.7
310.1
161.3
17.2
17.2
89.5
24.9
390.6
80.1
22.0
288.5
150.0
14.5
58.2
18.5
340.5
56.8
12.3
271.4
139.6
14.7
12.6
78.7
25.9
29.2
58.8
93.8
22.6
16.5
41.3
4.8
1.3
8.2
4.3
16.4
2.5
1.5
5.6
.9
2
3
4
5
6
7
8
9
10
188.8
11.8
15.3
161.6
49.2
7.9
7.4
8.7
2.0
81.8
15.5
37.0
13.2
11
12
13
14
15
16
17
18
19
20
21
36.4
17.3
11.7
3.2
2.9
5.8
5.8
10.3
-1.4
15.7
20.5
-5.6
3.5
6.3
.9
6.0
•6
.3
-2.2
5.2
7.5
-.8
1.0
.6
*
11.9
.9
6.4
.9
1.1
-1.4
-2.4
-1.0
16.9
-2.4
-1.0
19.7
-1.3
-.7
2.4
-.1
1.3
22
225.1
23
24
25
26
27
40.0
33.5
.7
1.9
3.8
409.0
59.4
23.4
326.2
164.8
19.7
17.5
88.1
36.1
392.4
37.9
44.8
309.7
170.3
20.1
11.0
88.2
20.2
71.1
110.9
23.7
15.2
28.1
95.0
26.1
18.1
-3.6
68.1
20.4
14.2
101.1
20.1
18.4
1.7
7.2
23.7
22.5
-3.4
.9
3.6
8.0
2.7
3.9
5.7
1.7
20.7
18.4
21.0
10.5
15.7
1.0
1.0
1.1
1.1
1.2
21.6
-1.9
16.6
-1.7
20.8
28.7
-1.2
.9
1.7
-.2
6.4
12.6
-1.5
-2.1
.1
-.8
-.9
5.3
11.1
-2.6
-3.3
-.5
6.9
219.8
301.7
399.4
483.2
431.8
438.2
485.6
476.6
477.1
41.2
25.6
40.7
13.3
55.5
30.7
84.1
52.6
59.9
22.0
72.8
60.4
96.4
53.6
80.4
63.8
75.1
45.0
.8
1.2
1.4
2.7
.7
11.5
14.7
-2.9
26.4
1.1
5.2
1.0
11.5
1.4
6.9
23.3
31.6
-9.4
20.9
18.6
21.5
-9.1
25.1
2.2
6.2
3.4
152.7
4.2
5.0
5.8
6.2
10.3
15.7.
8.5
9.8
34
35
36
37
38
64.6
58.1
27.8
29.3
.9
5.1
.5
-.5
39
40
41
42
43
67.4
27.1
21.4
44
45
46
47
48
36.7
15.2
49
50
51
52
53
54
3.5
5.0
.2
-.8
.8
-1.6
477.1
381.6
51.4
21.0
309.2
163.4
17.9
16.7
86.8
24.4
.2
163.7
19.8
8.1
9.2
4.1
476.6
374.7
66.1
13.4
295.2
146.7
11.2
23.8
94.5
19.0
*
30
31
32
33
3.0
2.7
9.2
80.1
34.8
485.6
367.1
61.9
12.3
292.9
145.9
13.2
15.5
95.2
23.2
274.9
316.4
2.1
6.2
20.5
345.4
27.6
16.5
23.7
22.5
7.1
7.0
2.1
6.2
58.0
57.7
85.8
86.9
119.2
113.7
103.1
101.7
77.9
71.4
-.3
.6
.1
.9
.4
2.4
3.8
.4
162.1
79.8
62.4
234.2
289.8
6.5
*
-2.1
.4
.6
.3
-.9
6.3
.1
101.8
52.1
36.0
10.8
145.7
71.5
52.5
13.0
170.0
85.2
65.7
12.1
175.3
79.2
59.7
11.0
185.5
89.6
70.9
12.6
5.4
6.0
7.3
8.5
6.1
50.8
18.8
13.8
11.6
66.0
26.6
12.5
13.4
13.4
72.1
29.4
15.5
12.8
14.4
78.4
35.5
12.9
14.7
15.2
75.2
28.2
18.6
12.8
15.5
69.3
33.6
8.2
8.8
-3.8
-1.4
12.6
18.1
-2.4
-1.4
17.8
18.3
-1.0
.6
4.0
-.1
-.6
3.2
20.7
10.2
-1.5
-3.5
-1.6
-2.0
-1.3
6.6
-l.l
1.4
-4.8
-.4
.7
2.0
6.3
21.8
1.3
9.6
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
71.2
REST OF THE WORLD
14.0
U.S. GOVERNMENT
29
FINANCIAL INSTITUTIONS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
FEDERAL RESERVE SYSTEM
30
31
32
33
386.7
31.8
18.1
30.1
371.7
27.0
14.2
12.4
323.6
26.8
18.4
-10.5
113.7
112.8
-2.1
127.2
118.2
143.6
136.0
1.4
7.6
.3
7.2
.2
92.2
87.8
-3.2
*
FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKS
BANK AFFILIATES
SAVINGS * LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
493.5 TOTAL FUNDS ADVANCED IN CREDIT
493.5
MARKETS BY:
PRIVATE DOM. NONFIN. SECTORS
84.7
HOUSEHOLDS
47.8
NONFARM NONCORP. BUSINESS
1.0
CORPORATE BUSINESS
11.1
STATE -i- LOCAL GOVERNMENTS
24.7
299.7
24.7
15.2
-4.2
2.9
•
TOTAL FUNDS RAISED IN CREDIT
MARKETS BY:
NONFINANCIAL SECTORS
U.S. GOVERNMENT
FOREIGN
PRIVATE DOMESTIC
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
CORPORATE BUSINESS
ST.+LOC. GOVERNMENTS
7.4
.2
28
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.
34
35
36
37
38
PRIVATE NONBANK FINANCE
SAVINGS INSTITUTIONS
SAVINGS * LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
39
40
41
42
43
150.4
76.6
53.8
14.1
179.5
78.1
59.8
8.8
10.6
8.4
6.1
13.8
13.0
71.0
31.5
12.0
10.0
17.4
78.3
35.0
12.4
17.2
13.7
80.5
37.6
12.9
15.0
15.1
83.6
38.1
14.3
16.6
14.7
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUND
OTHER INSURANCE COS.
44
45
46
47
48
13.0
25.2
-1.6
2.8
12.9
-2.0
23.1
16.8
11.6
10.9
33.5
32.5
-.9
-.8
-1.2
-2.4
3.6
4.8
2.1
1.8
-.5
1.8
4.4
-4.5
FINANCE N.E.C.
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
SECURITY BKRS. + DEALERS
49
50
51
52
53
54
493.5
9.8
7.6
8.9
-.2
.3
1.1
-.7
2.7
15.7
-11.9
-10.1
7.7
174.5
82.4
61.8
12.2
196.7
79.5
63.4
10.0
TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS
*
431.8
438.2
485.6
476.6
477.1
TOTAL FUNOS RAISED (FROM
PRECEDING TABLE)
OTHER LIABILITIES:
4.7
OFFICIAL FOREIGN EXCHANGE
TREASURY CURR. + SDR CTFS.
.4
2
3
1.3
.4
.5
.9
2.5
1.2
.3
.2
.5
-1.0
.4
-.3
.4
-1.0
.5
-1.7
.4
-1.0
.7
4
5
6
7
86.7
7.6
57.0
22.1
105.2
15.6
30.1
59.4
132.4
22.7
40.5
69.2
153.1
28.6
54.6
69.9
151.2
26.0
65.9
59.4
190.1
38.0
70.6
81.4
142.1
20.8
61.3
60.1
106.6
-12.7
66.9
52.4
178.0
61.3
62.1
54.5
198.2
47.7
78.6
71.9
122.1
7.5
55.9
58.7
8
9
6.5
29.6
5.4
38.0
6.9
46.0
8.1
55.5
9.0
60.6
8.3
83.2
8.3
50.1
8.2
51.7
8.9
63.9
9.2
61.4
9.7
65.3
10
11
12
13
14
-5.0
35.9
1.2
-13.1
42.7
3.6
7.8
-2.7
-10.6
33.7
13.2
21.5
8.0
-17.8
59.6
4.4
29.6
-.6
-17.0
51.5
1.7
52.3
3.6
-32.2
83.4
21.4
37.1
4.2
-15.7
40.1
-9.6
23.6
3.6
-18.1
59.4
-7.9
58.8
1.7
-29.4
98.1
20.8
56.7
-7.2
-32.4
48.4
18.8
52.8
7.6
-34.5
96.2
-25.1
41.0
12.2
-32.6
90-7
15
7.7
-3.6
2.6
5.4
22.7
-13.7
42.3
-7.6
17.6
6.2
74.5
16
418.9
398.0
577.8
689.7
836.1
786.3
740.1
765.5
829.9
892.7
856.4
17
18
19
-.1
.6
-.1
-.1
2.3
-2.1
-1.0
.9
-3.5
1.5
1.6
-3.4
-.3
-.5
-6.8
1.5
3.5
-3.6
.2
1.5
-3.7
-2.8
-1.8
-.3
2.8
.3
-6.5
-.7
-10.9
20
21
22
-.1
-.1
4.0
-.2
3.4
-.2
-.2
14.1
-.3
-.1
3.0
-.6
18.3
-.3
-3.1
-6.7
-.2
-1.0
15.3
-.1
-.8
26.1
-.9
28.2
-.1
17.3
-.2
-.5
1.8
23
414.9
394.8
567.7
687.5
826.0
727.9
745.2
805.9
887.2
865.5
*
*
*
*
-1.2
.3
-9.3
DEPOSITS AT FINANCIAL INSTS.
DEMAND DEP. + CURRENCY
TIME DEPOSITS AT BANKS
DEP. AT SAVINGS INSTIT.
4
5
6
7
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
8
9
SECURITY CREOIT
10
TRADE DEBT
11
PROFIT TAXES PAYABLE
12
NONCORP. PROPRIETORS* EQUITY 13
MISCELLANEOUS
14
INTERBANK CLAIMS
OTAL LIABILITIES ABOVE
FLOATS NOT INCL. IN ASSETS
DEMAND DEPOSITS-U.S. GOVT.
OTHER
TRADE CREDIT
LIABILITIES NOT ALLOCATED
AS ASSETS
TREASURY CURRENCY
PROFIT TAXES PAYABLE
MISCELLANEOUS
TOTALS ALLOCATED TO SECTORS
AS ASSETS
(1) INCLUDES CORPORATE EQUITIES.
BILLIONS OF DOLLARS.
111/78 BASED ON INCOMPLETE INFORMATION.
15
16
17
18
19
20
21
22
FEBRUARY 12, 1979
SAVING BY INDIVIDUALS
SAVING BY INDIVIDUALS
AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING (II
UNADJUSTED NET FLOWS (S MILL.)
UNAOJUSTED NET FLOWS ($ MILL.)
1977
III
1 INCREASE IN FINANCIAL ASSETS
2
DEMAND DEPOSITS + CURRENCY
3
SAVINGS ACCOUNTS
IV
1
I
1978
I
II
III
IV
1969
B I L L I O N S CF DOLLARS
1971
1972
1970
1973
69.133
5.926
28.672
53.864
4.032
20.658
62.090
1.027
30.097
68.469
7.555
27.211
75.457
3.904
28.713
55.631
2.069
25.492
64.2
-2.5
9.1
79.1
8.9
43.6
103.5
13.1
67.8
128.3
14.5
74.6
146.8
15.4
64.2
1
2
3
4
5
6
7
8
SECURITIES
U.S. SAVINGS BONDS
OTHER U.S. TREASURY S E C
U.S. GOVT. AGENCY SEC.
STATE + LOCAL OBLIGATIONS
7.037
1.124
1.353
2.573
2.705
8.546
1.190
4.968
653
2.077
12.133
1.196
4.513
1.365
94
8.681
1.158
-2.270
-592
4.755
12.684
829
5.939
4.481
2.486
4.459
746
-170
1.213
189
32.3
-.1
11.1
5.0
9.3
-3.0
.3
-11.3
4.6
-.9
-10.5
2.3
-10.5
-1.8
.1
-1.4
3.3
-.5
-3.5
2.3
25.6
2.7
12.1
2.0
5.3
4
5
6
7
8
9
10
11
12
CORPORATE *- FOREIGN BONDS
COMMERCIAL PAPER
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
681
-837
-905
343
-1.298
3.330
295
-2.669
215
3.473
23
1.254
310
6.771
-297
-1.154
-272
307
-607
-479
-1.138
5.920
390
-2.691
5.4
5.3
4.9
-8.6
9.5
-3.8
2.8
-4.3
8.3
-3.8
1.3
-6.4
4.4
-1.7
-.5
-5.2
1.3
9.1
-1.2
-5.7
9
10
11
12
PRIVATE LIFE INSURANCE RES.
PRIVATE INSURED PENSION RES.
PRIVATE NONINSURED PEN. RES.
GOVT. INSURANCE + PEN. RES.
MISCELLANEOUS FINAN. ASSETS
2.029
3.575
6.284
9.499
6.111
2.005
4.233
3.808
3.525
7.057
1.979
3.857
4.804
1.743
6.450
2.152
4.553
4.856
6.209
7.252
2.226
4.881
5.164
10.429
7.456
2.336
4.784
4.740
4.879
6.872
4.9
2.9
6.3
7.1
4.0
5.1
3.3
7.1
8.9
5.3
6.1
4.5
7.3
9.5
5.9
6.5
4.3
6.9
11.6
11.3
7.2
5.5
8.5
11.8
8.6
13
14
15
16
17
18 GROSS INV. IN TANGIBLE ASSETS
19
NONFARM HOMES
20
NONCORP. BUS. PLANT + EQUIP..
21
CONSUMER DURABLES
22
INVENTORIES
78.426
19.950
13.773
44.318
38 5
86.983
22.693
12.315
50.367
1.608
73.815
22.678
10.8 31
40.665
-359
85.900
20.527
15.088
50.912
-627
87.156
22.563
15.461
49.856
-724
95.769
26.186
13.432
56.171
-20
144.4
26.3
31.6
85.5
1.0
142.4
24.5
32.6
84.9
• 4
167.9
32.4
35.6
97.1
2.7
195.4
40.7
41.5
111.2
1.9
218.6
45.2
45.0
123.7
4.6
18
19
20
21
22
23 CAPITAL CONSUMPTION ALLOWANCESJ
24
NONFARM HOMES
25
NONCORP. BUS. PLANT * EQUIP,.
26
CONSUMER DURABLES
52.024
7.205
12.192
32.627
53.254
7.461
12.457
33.336
54.460
7.703
12.729
34.028
55.867
7.931
13.232
34.704
57.390
8.180
13.806
35.404
58.809
8.411
14.315
36.083
95.0
12.1
21.3
61.7
103.6
12.8
23.2
67.5
110.6
13.7
24.9
72.0
118.1
14.7
25.7
77.6
131.1
17.1
29.3
84.8
23
24
25
26
27 NET INV. IN TANGIBLE ASSETS
28
NONFARM HOMES
29
NONCORP. BUS. PLANT + EQUIP.
30
CONSUMER DURABLES
31
INVENTORIES
26.402
12.745
1.581
11.691
385
33.729
15.232
-142
17.031
1.608
19.355
14.975
-1.898
6.637
-359
30.033
12.596
1.856
16.208
-627
29.766
14.383
1.655
14.452
-724
36.960
17.775
-883
20.088
-20
49.4
14.2
10.3
23.8
1.0
38.8
11.7
9.4
17.4
• 4
57.3
18.8
10.8
25.1
2.7
77.3
26.0
15.8
33.6
1.9
87.4
28.2
15.7
39.0
4.6
27
28
29
30
31
32 NET INCREASE IN DEBT
33
MTG. DEBT ON NONFARM HOMES
34
NONCORP BUS. MORTGAGE DEBT
35
CONSUMER CREDIT
36
SECURITY CREDIT
37
POLICY LOANS
38
OTHER DEBT
48.188
26.104
5.468
10.579
763
436
4.838
48.450
25.243
4.504
11.058
282
424
6.939
30.951
23.167
3.205
3.293
191
392
703
60.518
25.815
6.156
17.898
2.098
701
7.850
56.601
24.779
7.446
14.648
2.086
642
7.000
54.066
26.805
4.474
14.703
-2.494
711
9.867
42.5
18.5
6.7
10.4
-3.4
2.6
7.7
34.0
14.1
8.5
5.9
-1.8
2.3
4.9
63.2
27.0
13.3
13.1
2.7
1.0
6.1
90.4
41.6
16.8
17.1
4.5
1.0
9.5
100.3
47.1
15.9
23.8
-4.3
2.2
15.6
32
33
34
35
36
37
38
39 INDIVIDUALS* SAVING (1*27-32)
40 - GOVT. INSURANCE + PEN. RES.
41 - NET INVESTMENT IN CONS. DUR..
- CAPITAL GAINS DIVIDENDS
42
FROM INVESTMENT COMPANIES
43 - NET SAVING BY FARM CORPS.
44 = PERSONAL SAVING* F/F BASIS
47.347
9.499
11.691
39.143
3.525
17.031
50.494
1.743
6.637
37.984
6.209
16.208
48.622
10.429
14.452
38.525
4.879
20.088
71.1
7.1
23.8
84.0
8.9
17.4
97.7
9.5
25.1
115.2
11.6
33.6
134.0
11.8
39.0
39
40
41
62
-14
26.259
287
-4
18.454
276
-8
41.999
19
-3
15.706
35
3
23.861
95
0
13.623
2.5
37.7
.9
-.1
56.9
• 8
-.1
62.5
1.4
.1
68.4
.9
.4
81.9
42
43
44
45 PERSONAL SAVING* NIA BASIS
14.010
26.553
27.742
7.599
15.028
26.365
35.1
50.6
57.3
49.4
70.3
45
46 DIFFERENCE
12.249
-8.099
14.257
8.107
8.833 - 1 2 . 7 4 2
2.6
6.3
5.1
19.0
11.6
46
13
14
15
16
17
(1) COMBINED STATEMENT FOR HOUSEHOLDS, FARM,
AND NONFARM NONCORPORATE BUSINESS.
IV/78 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION.
*
FEBRUARY 12. 1979
SAVING BY INDIVIDUALS
SAVING BY INDIVIDUALS
53
1
AMOUNT AND COMPOSITION OF INDIVIDUALS
SAVING (1)
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1
1
1977
|
|
1978
1974
1975
1976
1977
1978
1
2
3
138.8
7.9
57.2
166.4
5.2
84.8
199.8
13.8
108.1
235.7
20.4
108.3
261.6
14.6
111.5
283.0
22.3
135.2
227.6
6.9
88.0
238.3
21.3
90.5
286.3
23.6
111.9
281.6
13.8
136.6
4
5
6
7
8
29.2
3.0
7.4
4.1
8.2
21.9
4.0
13.7
-3.2
6.1
5.3
4.7
-3.4
3.5
5.1
18.7
4.7
-3.2
3.9
8.8
38.0
3.9
8.0
6.5
7.5
8.9
4.8
-9.9
5.6
6.2
47.2
5.0
20.1
1.9
12.6
39.3
4.6
13.7
11.6
•6
49.0
4.3
13.6
-2.7
18.9
29.8
3.6
6.7
13.4
5.3
33.6
3.2
-2.0
3.7
5.3
SECURITIES
U.S. SAVINGS BONDS
OTHER U.S. TREASURY SEC.
U.S. GOVT. AGENCY SEC.
STATE + LOCAL OBLIGATIONS
4
5
6
7
8
9
10
11
12
4.7
4.1
-.7
-1.5
8.0
-3.2
-.1
-3.6
2.1
-3.2
-1.0
-2.4
1.1
8.4
-1.0
-4.1
-.9
16.5
-.5
-3.1
3.5
4.5
-3.3
-2.4
.2
8.2
.9
-1.7
-3.8
11.9
-.2
.9
-1.5
23.2
-.9
-5.9
-.8
9.7
-2.1
-6.0
2.5
21.0
1.3
-1.3
CORPORATE + FOREIGN BONDS
COMMERCIAL PAPER
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
9
10
11
12
13
14
15
16
17
6.4
6.2
10.9
12.6
8.5
5.3
10.3
12.8
15.0
11.0
6.7
15.3
12.8
18.1
19.7
7.9
14.9
21.0
19.8
24.6
8.7
18.1
19.6
23.3
28.0
8.1
14.3
23.6
45.5
25.1
8.0
16.9
17.0
16.5
26.9
7.9
15.4
18.5
18.1
27.3
8.6
18.2
19.8
26.2
29.0
8.9
19.5
19.0
23.2
30.7
9.3
19.1
20.9
25.6
25.9
PRIVATE LIFE INSURANCE RES.
PRIVATE INSURED PENSION RES.
PRIVATE NONINSUREO PEN. RES.
GOVT. INSURANCE * PEN. RES.
MISCELLANEOUS FINAN. ASSETS
13
14
15
16
17
18
19
20
21
22
201.8
42.9
40.9
122.0
-4.0
215.0
43.0
39.7
132.6
-.3
254.1
57.5
43.0
156.6
-3.1
307.9
76.3
50.7
178.4
2.5
342.6
92.0
54.8
197.6
-1.7
311.4
80.9
50.2
177.4
2.9
329.1
84.3
52.2
187.2
5.4
319.9
88.6
51.4
183.5
-3.6
342.3
90.0
54.6
197.8
-.1
346.1
93.1
56.1
199.5
-2.5
362.3 GROSS INV. IN TANGIBLE ASSETS
96.2
NONFARM HOMES
57.2
NONCORP. BUS. PLANT + EQUIP.
209.6
CONSUMER DURABLES
-.8
INVENTORIES
18
19
20
21
22
23
24
25
26
148.9
19.8
34.1
95.0
172.0
22.2
39.6
110.2
184.3
24.4
43.4
116.6
204.9
28.3
47.6
128.9
226.5
32.2
54.1
140.2
208.1
2 8.8
48.8
130.5
213.0
29.8
49.8
133.3
217.8
30.8
50.9
136.1
223.5
31.7
52.9
138.8
229.6
32.7
55.2
141.6
235.2 CAPITAL CONSUMPTION ALLOWANCES
33.6
NONFARM HOMES
57.3
NCNCORP. BUS. PLANT + EQUIP.
144.3
CONSUMER DURABLES
23
24
25
26
27
28
29
30
31
52.9
23.1
6.8
27.0
-4.0
43.0
20.9
22.5
-.3
69.7
33.2
-.4
40.1
-3.1
103.0
48.0
3.1
49.4
2.5
116.1
59.7
.7
57.4
-1.7
103.3
52.1
1.4
46.8
2.9
116.1
54.5
2.4
53.8
5.4
102.0
57.8
.4
47.4
-3.6
118.8
58.2
1.7
59.0
-.1
116.6
60.4
.8
57.9
-2.5
127.0 NET INV. IN TANGIBLE ASSETS
62.6
NONFARM HOMES
-.1
NONCORP. BUS. PLANT + EQUIP.
65.3
CONSUMER DURABLES
-.8
INVENTORIES
27
28
29
30
31
32
33
34
35
36
37
38
65.8
3 5.4
12.7
10.2
-1.8
2.7
6.6
63.7
38.1
7.4
9.4
.8
1.6
6.5
115.1
61.3
10.8
23.6
4.7
1.4
13.4
172.4
93.0
19.0
35.0
3.1
1.7
20.6
202.1
100.6
21.3
50.5
1.9
2.4
25.4
179.9
102.4
17.0
32.6
3.1
1.7
23.1
180.0
100.8
21.9
36.2
1.1
1.7
18.2
182.4
96.5
19.6
40.2
.8
1.6
23.8
212.7
100.9
19.4
59.5
8.4
2.8
21.8
214.5
97.8
23.9
50.1
8.3
2.6
31.8
199.6 NET INCREASE IN DEBT
107.0
MTG. DEBT ON NONFARM HOMES
22.3
NONCORP BUS. MORTGAGE DEBT
52.4
CONSUMER CREDIT
-10.0
SECURITY CREDIT
2.8
POLICY LOANS
OTHER DEBT
25.0
32
33
34
35
36
37
38
39
40
41
125.9
12.6
27.0
145.7
15.0
22.5
154.4
18.1
40.1
166.3
19.8
49.4
175.6
23.3
57.4
206.4
45.5
46.8
163.7
16.5
53.8
157.9
18.1
47.4
192.5
26.2
59.0
183.7
23.2
57.9
39
40
41
42
43
44
.5
-.1
86.0
.2
.2
108.0
.4
.4
97.0
95.2
.6
-.1
114.1
•8
96.3
93.1
92.3
*
107.5
168.5 INDIVIDUALS' SAVING (1+27-32)
25.6 - GOVT. INSURANCE + PEN. RES.
65.3 - NET INVESTMENT IN CONS. OUR.
- CAPITAL GAINS DIVIDENDS
.1
FROM INVESTMENT COMPANIES
- NET SAVING BY FARM CORPS.
78.2 = PERSONAL SAVING, F/F BASIS
45
71.7
83.6
68.0
66.9
76.7
74.3
73.7
82.4
76.3
76.0
46
14.4
24.4
28.2
30.1
18.5
39.8
19.4
9.9
31.2
26.8
*
.5
*
.6
*
*
IV
III
.8
*
II
I
III
*
IV
.4
*
102.7
241.0 INCREASE IN FINANCIAL ASSETS
-.4
DEMAND DEPOSITS + CURRENCY
107.0
SAVINGS ACCOUNTS
-
72.3 PERSONAL SAVING, NIA BASIS
5.9 DIFFERENCE
(1) COMBINED STATEMENT FOR HOUSEHOLDS, FARM,
AND NONFARM NONCORPORATE BUSINESS.
BILLIONS OF DOLLARS.
111/78 BASED ON INCOMPLETE INFORMATION.
1
2
3
42
43
44
45
46
FEBRUARY 12* 1979
DISCREPANCIES
54
DISCREPANCIES
DISCREPANCIES - SUNNARY FOR SECTORS AND TRANSACTIONS
UNAOJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS 1$ MILL.
1978
IV
I
II
BILLIONS OF DOLLARS
1970
1971
1972
III
SECTOR DISCREPANCIES
1 TOTAL, ALL SECTORS
2
HOUSEHOLDS
3
NONFIN. CORPORATE BUSINESS
4
STATE + LOCAL GOVERNMENTS
5
U. S. GOVERNMENT
6
FOREIGN
7
8
9
10
11
12
13
14
15
16
FINANCIAL SECTORS
SPONSORED AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKS
PRIVATE NONBANK FINANCE
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
OTHER INSURANCE
FINANCE N.E.C.
-8.387
-12.774
9.792
-1.724
438
-2.178
15.838 -6.741
8.458 -12.134
7.946 -1.133
2.598
3.051
-1.032
1.856
3.477
-143
7.118
-9.077
4.425
3.192
-430
8.663
-2.992
-9.304
5.984
-1.522
-151
3.134
11.880
12.011
5.238
2.843
-1.919
-3.492
10.3
-2.6
5.3
6.6
1.0
-1.4
4.4
-6.3
8.4
1.1
.2
-.3
-.2
-5.1
7.5
9.1
.4
-9.9
-4.3
-19.0
15.9
3.3
-2.2
*
.9
-11.6
14.2
2.1
1.6
-2.5
-1.941
24
0
-1.799
-2.442
249
0
-1.026
-1.405
43
0
-1.675
345
119
0
-1.688
-1.133
45
0
-1.109
-2.801
295
0
-1.510
1.4
.1
1.3
•1
-2.2
.1
-2.4
•1
-2.8
.2
-.2
-.4
-1.3
-1.2
-166
-336
-74
215
-580
609
-1.665
-282
-107
-299
-452
-525
227
-224
-100
-35
-309
895
1.914
-344
-111
812
75
1.482
-69
-392
-68
-113
-224
728
-1.586
-506
-70
-294
-196
-520
1.5
.3
.1
1.0
.1
1.6
.3
.1
.7
-.9
1.5
-1.0
.4
-.2
.3
-1.1
-.4
-1.3
-.1
-.2
.1
-.7
-.3
-.4
.1
-.1
-.4
*
-.1
11
12
13
14
15
16
-4.3
-.2
•9
1
2
•
1
2
3
4
5
6
7
8
9
-2.6 10
TRANSACTION DISCREPANCIES
8.387
-66
15.838
-40
-6.741
-13
7.118
12
-2.992
-I
11.880
-39
10.3
.2
4.4
-.1
-.2
212
-5.884
722
12.803
-650
-9.277
266
3.213
-159
-6.800
256
12.384
-.5
2.8
•1
1.9
-.2
2.0
.6
3.5
.3
-.6
3
4
-1.255
10.137 -11.445
-2.401
4.218
-3.211
-1.935
-3.556
-2.293
1.559
10.444
2.641
-4.623
1.284
5.656
1.310
-3.096
-1.707
10.793
-2.022
12.398
-1.714
-8.561
-2.844
-2.0
-.4
7.0
3.3
.4
-.8
.8
2.1
-1.8
-.2
1.7
-1.7
-4.6
-.1
-2.2
-1.4
2.9
.5
.4
-2.6
5
6
7
8
NONFINANCIAL COMPONENTS:
N I A DISCREPANCY <NEG.)
P V T . WAGE ACCR. LESS D I S B .
FARM DISCREPANCY « N E G . )
NONFARM NONCORP O I S C R E P . (NEG)
TRADE DEBT ( P O S I T I V E )
2.686
0
310
1.204
1.419
2.652
0
-2.105
1.402
-344
-518
0
-328
-307
1.488
-2.280
0
1.692
202
924
1.551
0
197
-1.098
-1.372
2.113
0
-1.565
1.345
-951
1.7
-.3
2.6
*
*
*
*
9
10
11
12
13
14 TOTAL NONFINANCIAL DISCREPANCY
-3.211
-2.293
2.641
1.310
-2.022
-2.844
-781
-9
-99
-366
-1.059
220
68
-18
62
-281
11.066 -11.366
-1.328
174
-469
-3.000
-2.613
91
-208
-366
-3.242
-55
963
14.732
-1.255
10.137 -11.445
-4.623
-3.096
12.398
1 TOTAL, ALL TYPES
2
TREASURY CURRENCY
DEMANO DEPOSIT MAIL FLOATS:
3
U.S. GOVERNMENT
4
OTHER
5
6
7
8
9
10
11
12
13
15
16
17
18
TRADE CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL
TRADE CREDIT ANALYSED,
FIRST ESTIMATE
-i- BANK LOAN DISCREPANCY
<• BALANCE ADJUSTMENT
* SEASONAL
19 = TOTAL TRADE CREDIT, FINAL
IV/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
-2.1
*
*
•
-2.1
.2
-1.9
.1
2.7
.2
FEBRUARY 12* 1979
DISCREPANCIES
DISCREPANCIES
55
DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1975
1974
1976
1977
1978
1
1
1
1977
IV
III
|
1978
I
III
II
IV
SECTOR DISCREPANCIES
1
2
3
4
5
6
-1.7
-14.4
11.8
5.5
-.2
-2.2
-4.2
-24.4
11.9
7.3
.6
5.1
7
8
9
10
-2.2
.1
-4.8
.3
-6.8
•3
-3.9
—
-3.7
-
-3.1
11
12
13
14
15
16
1.6
-1.3
-.1
-.1
-.3
-.8
-.1
-4.0
-.7
-.2
.5
-2.8
-.8
*
.1
-.3
.7
l.l
5.9
-28.2
20.1
8.5
3.3
8.9
—
-2.5
-30.1
26.7
7.9
2.5
-1.1
9.3
-18.5
14.5
7.1
-.6
11.8
-8.4
.4
-5.0
.5
-6.0
-
-6.0
-8.6
-
-2.7
-l.l
-.4
.7
-1.9
.5
-1.5
-.3
•4
-.7
2.6
-.1
-1.2
-.2
1.1
-2.0
2.3
*
-
-15.8
-39.8
31.4
6.5
2.4
-8.0
7.4
-19.4
24.4
8.5
2.0
-.7
18.1
-9.S
16.9
6.0
-.5
12.0
23.5
-31.2
12.4
7.6
35.7
5.2
-26.8
14.8
7.6
.7
13.4
-7.4
.6
-6.5
.1
.1
.8
-4.7
.4
-2.8
-
-8.9
-4.6
-
-5.5
-4.9
-5.1
-1.4
-.5
.4
-1.3
-2.4
2.4
-1.0
-.4
.6
-1.6
4.8
3.8
-1.2
-.4
.5
-.2
5.1
.4
-1.4
-.2
-.1
-.5
2.7
-4.7
-2.3
-.4
.5
-.3
5.2
-8.3
•3
*
-l.l
*
-9.5 TOTALt ALL SECTORS
-6.0
HOUSEHOLDS
13.9
NONFIN. CORPORATE BUSINESS
7.2
STATE + LOCAL GOVERNMENTS
U. S. GOVERNMENT
-1.8
-14.0
FOREIGN
-8.9
.7
*
-2.2
FINANCIAL SECTORS
SPONSORED AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKS
PRIVATE NONBANK FINANCE
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
OTHER INSURANCE
FINANCE N.E.C.
1
2
3
4
5
6
7
3
9
10
11
12
13
14
15
16
TRANSACTION DISCREPANCIES
1
2
3
4
5
6
7
8
-1.7
-.1
-.1
•6
-.1
-.1
4.0
-5.8
5.9
-.2
-2.5
-.3
9.3
-15.8
-.3
7.4
-.2
18.1
-.1
23.5
•
-.1
2.3
-1.0
.9
1.5
1.6
-.3
-.5
1.5
3.5
.2
1.5
-2.8
-1.8
2.8
.3
-2.1
-.2
3.4
-7.4
-3.5
-.2
14.1
-4.2
-3.4
-.1
3.0
-4.7
-6.8
-.6
18.3
-.9
-3.6
-3.1
-6.7
-7.1
-3.7
-1.0
15.3
-4.8
-.3
-.8
26.1
-2.2
-6.5
-.9
28.2
-.5
-4.2
*
9
10
11
12
13
*
*
*
-.7
-10.9
-.1
17.3
-.4
-.2
.1
19
-.1
-
*
-1.7
-.5
-2.1
BILLIONS OF DOLLARS.
-4.1
•6
-7.0
.2
*
-3.5
-3.4
-6.8
3
4
TRADE CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL
5
6
7
.8
-9.3
-.5
1.8
-.4
.4
*
.1
.1
15
16
17
18
-9.5 TOTALi ALL TYPES
TREASURY CURRENCY
-.2
DEMAND DEPOSIT MAIL FLOATS:
-1.2
U.S. GOVERNMENT
.3
OTHER
-7.1
-4.8
-3.1
-.4
-4.2
.3
.2
.9
-.1
-l.l
-5.3
.7
-1.9
-
-
-
-3.6
-3.7
*
-
111/78 BASED ON INCOMPLETE INFORMATION.
NONFINANCIAL COMPONENTS:
NIA DISCREPANCY ( N E C )
PVT. WAGE ACCR. LESS DISB.
FARM DISCREPANCY (NEG.)
NONFARM NONCORP D1SCREP. INEG)
TRADE DEBT I POSITIVE)
1
2
9
10
11
12
13
-.4 TOTAL NONFINANCIAL DISCREPANCY 14
-10.5
.4
-.8
-
TRADE CREDIT ANALYSED,
-13.0
FIRST ESTIMATE
-.2 • BANK LOAN DISCREPANCY
3.9 + BALANCE ADJUSTMENT
- + SEASONAL
-9.3 = TOTAL TRADE CREDIT, FINAL
15
16
17
18
FEBRUARY 12, 1979
MONEY STOCK RELATIONSHIP
56
MONEY STOCK RELATIONSHIP
RELATION OF F/F MONEY STOCK DATA TO DAILY AVERAGE SERIES
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I
I
1977
III
IV
|
|
1978
I
II
III
IV
NET CHANGES, S.A. ANNUAL RATE:
2.7
F/F DEMAND DEP. + CURRENCY
1.4
DAILY AVERAGE (DAMS)
1.2
TOTAL DIFFERENCE
I. TOTAL MONEY STOCK
1
2
3
12.2
12.3
12.8
11.7
19.7
18.1
27.7
24.6
-.1
1.1
1.7
3.0
4
5
6
7
-.1
.7
1.1
1.7
-1.0
•8
1.8
.3
.5
.4
3.0
-.7
3.1
.6
-1.4
.5
19.3
23.0
-3.7
32.6
29.4
3.2
31.8
22.3
9.5
5.9
18.9
-13.1
33.8
37.4
-3.6
35.0
34.3
.8
-3.7
-2.7
-1.3
.8
3.1
-9.6
7.3
2.4
-5.3
18.1
-10.4
-3.3
1.2
-10.4
5.9
-.9
-1.7
3.2
-2.3
.2
3.4
-10.0
6.8
-1.3
2.7
6.2
7.5
-4.0
-1.3
6.1
5.9
.2
-10.2
.7
-5.8
.3
.3 TOTAL DIFF. AT QUARTERLY RATE
-5.6
ARISING FROM—DATA DIFF.
16.0
TIMING OIFF.
-10.0
SEASONALS
1
2
3
4
5
6
7
II. DEMAND DEPOSITS
1
2
3
5.9
6.1
-.2
6.6
5.7
.9
12.4
11. 1
19.4
16.7
1.4
4
5
6
-.6
.7
.7
-1.0
-1.3
1.7
.4
.4
.2
.2
7
8
9
10
—
*
—
*
2.7
10.1
14.2
-4.2
-1.3
1.0
.8
.2
2.1
-.7
2.8
-4.4
-2.7
-1.6
•10.3
.4
.4
.6
.6
.2
.2
—
*
—
*
4.0
5.2
-7.2
3.1
5.9
.5
5.3
.2
—
*
I I I .
6.2
5.9
.3
7.3
7.0
.3
8.3
7.9
.4
9.3
8.8
.5
-.1
.2
.3
.3
.4
.1
.1
• 1
.1
.1
.1
.1
.1
.1
.1
-
-
-
-
1
2
3
6.3
6.2
4
5
6
7
*
B I L L I O N S OF DOLLARS.
111/78
6.6
3.3
3.3
13.4
-5.3
18.6
1.2
-1.7
3.4
-11.4
2.5
-9.1
-10.0
6.2
-2.0
1.5
-2.0
.1
-11.9
9.1
-.9
-2.7
6.0
.2
5.8
.4
.6
*
-.9
-1.8
.9
10.8 DIFFERENCE IN UNADJUSTED
-5.6
DATA DIFFERENCE
16.5
TIMING DIFFERENCE
-9.9 DIFFERENCE IN SEASONALS
1.9
FLOWS VS. LEVELS
-12.1
CNE-OAY VS. DAILY AVERAGE
.3
SEASONAL BALANCE ADJUSTMENT
1.3
2.3
-1.0
2.7
2.1
.7
2.3
1.9
• 4
2.6
2.6
1.6
2.2
-.6
-.9
1.4
•3
1.0
BASED ON INCOMPLETE
.1
-.5
.1
-.1
-.3
.2
-.6
.9
NET CHANGE, S . A .
F/F
DAMS
DIFFERENCE
TIMING
-.1
.3
-.4
INFORMATION.
3
4
5
6
7
Line 1 - 2 .
Lines 5 + 6 + 7 .
See Part II, line 5.
Part II, line 6 + Part III, line 4.
Part II, line 7 + Fart III, line 5. "Seasonal" here means dollar
excess of seasonally adjusted flow over unadjusted flow.
Lines 14 + 18 + 19 of page 15 at quarterly rates.
Differences between money-stock concept of demand deposits derived
from last preceding all-bank total (either last Wednesday of
quarter of Call Report) and figure for that one day, e.g.,
March 29, 1972, derived from data going into daily-average statistics. Quarterly increments in this difference.
Difference between figure derived from daily-average data and average
for last month of quarter. Quarterly increments in this difference.
Lines 8 + 9 + 1 0 - 1 1 .
Difference in adjustment method: seasonal in daily-average series
(month average) adjusted as flows less seasonal in published dailyaverage series.
9
10
4
5-9
I
2
3
4
Line 1 of page 15.
Dally averages In this table are Increments In month averages
from last month of preceding quarter to last month of this
quarter.
7
8
QTRLY RATE:
5
6
7
8
1
2
6
7
8
9
10
DIFFERENCE
MONEY STOCK RELATIONSHIP
1
5
4
5
6
DIFFERENCE I N SEASONALS
FLOWS V S . LEVELS
CNE-OAY V S . DAILY A V G .
SEASONAL BALANCE A D J .
PART
I
I
2
3
CURRENCY
4.2
2.1
2.1
*
NET CHANGE, S.A. QTRLY RATE:
F/F
DAMS
DIFFERENCE
Seasonal in F/F demand deposit (based on net change from last day of
one quarter to last day of next) less seasonal in daily-average
adjusted as flows.
Adjustment to seasonal needed as part of the balancing of all seasonally
adjusted sources and uses of funds in the flow-of-funds matrix.
No statistical difference between the two series. In unadjusted data,
only difference is between one-day figure for end-of-quarter and threeweek average.
Correspond to lines 7 through 11 in Part II.
@FedFRASER