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For use at 12:00 p.m., E.D.T. Friday June 11, 1999 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings First Quarter 1999 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics First Quarter 1999 Debt of domestic nonfinancial sectors increased at a 6-1/4 percent annual rate in the first quarter of 1999, somewhat slower than in the previous quarter. The reduced rate of growth in 1999:Q1 owed largely to a further drawdown in outstanding federal government debt, which has fallen more than $82 billion below its peak at the end of 1997. The level of domestic nonfinancial debt outstanding was $16.3 trillion at the end of the first quarter of 1999. Debt of nonfederal sectors was $12.6 trillion, and federal debt was $3.7 trillion. Figures on the growth and level of debt are found in tables D.1 through D.3. Tables that show financial flows, amounts outstanding, and selected sector balance sheets are included in the remaining pages of this release. Nonfederal debt advanced at a 9 percent rate in the first quarter. Household borrowing remained brisk, with home mortgage debt rising at a 10 percent rate and consumer credit increasing at a 9-1/2 percent rate. Business debt also was up at a 9-1/2 percent rate. Firms relied heavily on all major sources of credit in the first quarter. Debt of state and local governments advanced at about a 5-1/2 percent pace, a bit slower than in the previous several quarters. Growth of Domestic Nonfinancial Debt 1 Percentage changes; quarterly data are seasonally adjusted annual rates Nonfederal Total Federal Total Households Business State and local govts. 1992 1993 1994 1995 1996 1997 1998 4.6 5.0 4.6 5.4 5.1 5.0 6.2 10.9 8.3 4.7 4.1 4.0 .6 -1.4 2.6 3.8 4.6 5.8 5.4 6.6 8.7 4.4 5.4 7.7 7.9 7.2 6.4 8.7 .8 1.4 3.9 6.5 4.9 7.1 9.1 2.2 6.0 -4.0 -4.6 -.6 5.3 7.2 1998:Q1 :Q2 :Q3 :Q4 6.0 5.9 5.4 6.9 -.8 -1.9 -3.6 .7 8.3 8.5 8.3 8.8 8.1 8.2 7.7 9.7 8.4 9.2 9.4 8.3 8.4 6.9 6.2 6.4 1999:Q1 6.2 -3.2 9.1 9.4 9.6 5.6 1. Changes shown are on an end-of-period basis and may differ from month-average data in the H.6 release. Table of Contents Title Table Page Flow of Funds Accounts, First Quarter 1999 1 Availability of Data for Latest Quarter 3 Debt Growth by Sector D.1 6 Borrowing by Sector D.2 7 Debt Outstanding by Sector D.3 8 Flows Table Page Levels Table Page Total Net Borrowing and Lending in Credit Markets F.1 9 L.1 58 Credit Market Borrowing by Nonfinancial Sectors F.2 10 L.2 59 Credit Market Borrowing by Financial Sectors F.3 10 L.3 59 Credit Market Borrowing, All Sectors, by Instrument F.4 11 L.4 60 Total Liabilities and Their Relation to Total Financial Assets F.5 11 L.5 60 Distribution of Gross Domestic Product F.6 12 Distribution of National Income F.7 13 Gross Saving and Investment F.8 14 Derivation of Measures of Personal Saving F.9 15 L.9 61 Title Summaries Flows Table Page Levels Table Page Households and Nonprofit Organizations F.100 16 L.100 62 Nonfinancial Business F.101 17 L.101 63 Nonfarm Nonfinancial Corporate Business F.102 18 L.102 64 Nonfarm Noncorporate Business F.103 19 L.103 65 Farm Business F.104 19 L.104 65 State and Local Governments F.105 20 L.105 66 Federal Government F.106 21 L.106 66 Rest of the World F.107 22 L.107 67 Monetary Authority F.108 23 L.108 68 Commercial Banking F.109 24 L.109 69 U.S.-Chartered Commercial Banks F.110 25 L.110 70 Foreign Banking Offices in U.S. F.111 26 L.111 71 Bank Holding Companies F.112 27 L.112 72 Banks in U.S.-Affiliated Areas F.113 27 L.113 72 Savings Institutions F.114 28 L.114 73 Credit Unions F.115 29 L.115 74 Bank Personal Trusts and Estates F.116 29 L.116 74 Life Insurance Companies F.117 30 L.117 75 Other Insurance Companies F.118 30 L.118 75 Private Pension Funds F.119 31 L.119 76 State and Local Government Employee Retirement Funds F.120 31 L.120 76 Money Market Mutual Funds F.121 32 L.121 77 Title Sectors Title Flows Table Page Levels Table Page Mutual Funds F.122 32 L.122 77 Closed-End Funds F.123 32 L.123 77 Government-Sponsored Enterprises F.124 33 L.124 78 Federally Related Mortgage Pools F.125 33 L.125 78 Issuers of Asset-Backed Securities F.126 34 L.126 79 Finance Companies F.127 34 L.127 79 Mortgage Companies F.128 35 L.128 80 Real Estate Investment Trusts F.129 35 L.129 80 Security Brokers and Dealers F.130 36 L.130 81 Funding Corporations F.131 36 L.131 81 Gold and Official Foreign Exchange Holdings F.200 37 L.200 82 SDR Certificates and Treasury Currency F.201 37 L.201 82 U.S. Deposits in Foreign Countries F.202 37 L.202 82 Net Interbank Transactions F.203 38 L.203 83 Checkable Deposits and Currency F.204 39 L.204 84 Time and Savings Deposits F.205 40 L.205 85 Money Market Mutual Fund Shares F.206 40 L.206 85 Federal Funds and Security Repurchase Agreements F.207 41 L.207 86 Open Market Paper F.208 41 L.208 86 Treasury Securities F.209 42 L.209 87 Instruments Title Flows Table Page Levels Table Page Agency Securities F.210 43 L.210 88 Municipal Securities and Loans F.211 44 L.211 89 Corporate and Foreign Bonds F.212 44 L.212 89 Corporate Equities F.213 45 L.213 90 Mutual Fund Shares F.214 45 L.214 90 Bank Loans Not Elsewhere Classified F.215 46 L.215 91 Other Loans and Advances F.216 47 L.216 92 Total Mortgages F.217 48 L.217 93 Home Mortgages F.218 49 L.218 94 Multifamily Residential Mortgages F.219 49 L.219 94 Commercial Mortgages F.220 50 L.220 95 Farm Mortgages F.221 50 L.221 95 Consumer Credit F.222 51 L.222 96 Trade Credit F.223 51 L.223 96 Security Credit F.224 51 L.224 96 Life Insurance and Pension Fund Reserves F.225 52 L.225 97 Taxes Payable by Businesses F.226 52 L.226 97 Investment in Bank Personal Trusts F.227 52 L.227 97 Proprietors’ Equity in Noncorporate Business F.228 52 Total Miscellaneous Financial Claims F.229 53 L.229 98 Identified Miscellaneous Financial Claims - Part I F.230 54 L.230 99 Identified Miscellaneous Financial Claims - Part II F.231 55 L.231 100 Unidentified Miscellaneous Financial Claims F.232 56 L.232 101 Sector Discrepancies F.10 57 Instrument Discrepancies F.11 57 Balance Sheet Table Page Table Page Households and Nonprofit Organizations B.100 102 R.100 104 Nonfarm Nonfinancial Corporate Business B.102 103 R.102 105 Title Flows Table Page Levels Table Page F.100.a 106 L.100.a 107 108 L.106.c 109 Title Reconciliation Balance Sheet and Reconciliation Tables Supplementary Tables Nonprofit Organizations Consolidated Statement for Federal, State, and Local Governments F.106.c Private Pension Funds: Defined Benefit Plans F.119.b 110 L.119.b 111 Private Pension Funds: Defined Contribution Plans F.119.c 110 L.119.c 111 Flow of Funds Matrix for 1998 Balance Sheet of Households and Nonprofit Organizations with Equity Detail 112 113 B.100.e 114 1 Flow of Funds Accounts, First Quarter 1999 This publication presents the flow of funds accounts for 1999:Q1. Data revisions and other changes. The statistics shown in these tables reflect use of new or revised source data. Most significant revisions appear in recent quarters; however, new source information resulted in changes to data for earlier periods. The revisions include the following: 1. Assets of the nonfarm nonfinancial corporate business sector (tables F.102 and L.102) were revised from 1996:Q1 onward to reflect data from the Internal Revenue Service (IRS) Statistics of Income (SOI) for 1996. 2. In the nonfarm noncorporate business sector (tables F.103 and L.103), data have been revised for 1996:Q1 onward, owing to benchmark statistics available from the IRS/SOI for 1996. 3. In the real estate investments trusts (REITs) sector (tables F.129 and L.129), data were revised for the period 1995:Q4 forward owing to new source data from SNL REIT DataSource. The information lowered the total for the miscellaneous assets category and allowed for identification on the tables of additional instruments. Explanatory notes for tables D.1, D.2, and D.3. Domestic debt comprises credit market funds borrowed by U.S. entities from both domestic and foreign sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in U.S. markets only. Financial sectors consist of government-sponsored enterprises, federally related mortgage pools, and private financial institutions. Credit market debt consists of debt securities, mortgages, bank loans, commercial paper, consumer credit, U.S. government loans, and other loans and advances; it excludes trade debt, loans for the purpose of carrying securities, and funds raised from equity sources. Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Seasonally adjusted levels in flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted flows. Growth rates calculated from changes in unadjusted levels printed in table L.2 can differ from those in table D.1. Relation of Flows to Outstandings. Estimates of financial assets and liabilities outstanding are linked to data on flows. However, figures on outstandings contain discontinuities or breaks in series that could affect analysis of particular relationships over time. Specifically, outstandings in the flow of funds accounts are related to the flows in the following way: Outstanding t = Outstanding t-1+ Flow t+ Discontinuity t where "t" is the time period. Discontinuities result from changes in valuation, breaks in source data, and changes in definitions. For most series, the value of the discontinuity is zero for nearly all time periods. However, in a few instances, the discontinuity is nonzero for almost all time periods, or is quite large in a particular quarter, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data. The discontinuities in a series can distort estimated rates of growth in assets and liabilities between periods. In order to minimize these distortions, percentage changes in assets and liabilities in flow of funds releases should be calculated in the following manner: Percentage change t = (Flow t / Outstanding t-1) * 100 Preliminary Estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information. A summary list of the principal sources of information available when the latest quarter’s data were compiled is provided in a table following this introduction. The distinction between "available" data and "missing" data is not 2 between final and preliminary versions of data, but rather between those source estimates that are fully ready when the latest quarterly publication is compiled and those that are not yet completed. However, the items that are shown as available are, in general, also preliminary in the sense that they are subject to revision by source agencies. Margins of Uncertainty. Flow of funds statistics are subject to uncertainties resulting from measurement errors in source data, incompatibilities among data from different sources, potential revisions in both financial and nonfinancial series, and incomplete data in parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of "discrepancies" for various sectors and instrument types. A discrepancy for a sector is the difference between its measured sources of funds and its measured uses of funds. For an instrument category, a discrepancy is the difference between measured funds borrowed through the financial instrument and measured funds lent through that instrument. The size of such discrepancies relative to the main asset or liability components is one indication of the quality of source data, especially on an annual basis. For quarterly data, differences in seasonal adjustment procedures for financial and nonfinancial components of the accounts sometimes result in discrepancies that cancel in annual data. Availability of Data. Flow of funds statistics are updated about ten weeks following the end of a quarter. This publication--the Z.1 release--is available from the Board’s Publications Services. Flow of funds data are also available electronically through the Internet at the following location: http://www.federalreserve.gov/releases/Z1 Data from the flow of funds accounts are also available on 3-1/2 inch diskettes. The diskettes contain quarterly data beginning in 1952, organized in files that correspond to the tables published in this release. One diskette contains the seasonally adjusted flows, a second diskette contains unadjusted flows, and a third diskette contains quarterly outstandings, which are not seasonally adjusted. In addition, the third diskette contains quarterly data for the debt tables (tables D.1, D.2, and D.3) and available balance sheet tables and supplemental tables, as well as monthly data from January 1955 onward for the monthly debt aggregate published in the Board’s H.6 statistical release, "Money Stock, Liquid Assets, and Debt Measures." Subscription Information. The Federal Reserve Board charges for subscriptions to all statistical releases. Inquiries for releases or the diskettes should be directed to: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3244 A Guide to the Flow of Funds Accounts is available. The 670-page Guide explains in detail how the U.S. financial accounts are prepared and the principles underlying the accounts. 3 Availability of Data for Latest Quarter Available at time of publication Major items missing 1. National income and product accounts (NIPA) Preliminary estimates, seasonally adjusted, for 1999:Q1; unadjusted flows through 1997. Unadjusted flows since 1997. 2. Household sector (tables F.100 and L.100) Estimates for this sector are largely residual and derived from data for other sectors. Availability of data depends on schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 1999:Q1. 3. Nonfarm nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 1998:Q4; Internal Revenue Service Statistics of Income data through 1996; securities offerings, mortgages, bank loans, commercial paper, and other loans through 1999:Q1. Statistics of Income data since 1996; QFR data for 1999:Q1. 4. Nonfarm noncorporate business (tables F.103 and L.103) Internal Revenue Service Statistics of Income data through 1996; bank and finance company loans and mortgage borrowing through 1999:Q1. Statistics of Income data since 1996. 5. Farm business (tables F.104 and L.104) Mortgages, bank loans, loans from government-sponsored enterprises, U.S. government loans to farms, and equity in government-sponsored enterprises through 1999:Q1; preliminary data for checkable deposits and currency and trade payables through 1998. Data for consumption of fixed capital and undistributed profits since 1997. 4 6. State and local governments (tables F.105 and L.105) Gross offerings and retirements of municipal securities, deposits at banks, holdings of mortgages, and nonmarketable U.S. government securities issues through 1999:Q1; selected financial assets through 1998:Q2 from the Comprehensive Annual Financial Reports of state and local governments that account for most of the holdings of the sector, and data from Standard & Poor’s on local government investment pools. Selected financial asset items since 1998:Q2. 7. Federal government (tables F.106 and L.106) Data from the Monthly Treasury Statement of Receipts and Outlays through 1999:Q1; data from the Federal Financing Bank through 1999:Q1; Treasury data for loan programs through 1999:Q1. None. 8. Rest of the world (U.S. international transactions) (tables F.107 and L.107) Balance of payments data through 1998:Q4; NIPA estimates, data from bank Reports of Condition, and Treasury International Capital System data through 1999:Q1. Balance of payments data for 1999:Q1. 9. Monetary authority (tables F.108 and L.108) All data through 1999:Q1. None. 10. Commercial banking (tables F.109 through F.113 and tables L.109 through L.113). All data through 1999:Q1 for U.S.-chartered commercial banks, foreign banking offices in the U.S., bank holding companies, and commercial banks in U.S.-affiliated areas. Data since 1997 for branches of domestic commercial banks located in U.S.-affiliated areas. 11. Savings institutions (tables F.114 and L.114) All data through 1999:Q1. None. 12. Credit unions (tables F.115 and L.115) All data through 1999:Q1. None. 13. Bank personal trusts and estates (tables F.116 and L.116) All data through 1997. Data since 1997:Q4. 14. Life insurance companies (tables F.117 and L.117) All data through 1998:Q4. Data for 1999:Q1. 15. Other insurance companies (tables F.118 and L.118) All data through 1998:Q4. Data for 1999:Q1. 5 16. Private pension funds (including FERS Thrift Savings Plan) (tables F. 119 and L.119) Quarterly data through 1999:Q1; Internal Revenue Service/ Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 1995. Form 5500 data since 1995. 17. State and local government employee retirement funds (tables F.120 and L.120) All data through 1998:Q4. Data for 1999:Q1. 18. Money market mutual funds (tables F.121 and L.121) All data through 1999:Q1. None. 19. Mutual funds (tables F.122 and L.122) All data through 1999:Q1. None. 20. Closed-end funds (tables F.123 and L.123) All data through 1997. Data since 1997. 21. Government-sponsored enterprises (tables F.124 and L.124) Balance sheet data for FHLBs, Fannie Mae, Freddie Mac, FCS, FICO, REFCORP, and Sallie Mae through 1999:Q1. None. 22. Federally related mortgage pools (tables F.125 and L.125) All data through 1999:Q1. None. 23. Issuers of asset-backed securities (ABSs) (tables F.126 and L.126) All data from Trepp/PSA Information Services of the Muller Data Corporation and data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 1999:Q1. None. 24. Finance companies (tables F.127 and L.127) All data through 1999:Q1. None. 25. Mortgage companies (tables F.128 and L.128) Mortgage data through 1998:Q1. Data since 1998:Q1. 26. Real estate investment trusts (REITs) (tables F.129 and L.129) All data from SNL REIT DataSource through 1999:Q1. None. 27. Security brokers and dealers (tables F.130 and L.130) Data for firms filing FOCUS reports through 1999:Q1; data for firms filing FOGS reports through 1998:Q4. Data for firms filing FOGS reports for 1999:Q1. 28. Funding corporations (tables F.131 and L.131) Estimates for this sector are largely residual and derived from data for other sectors. 6 Z.1, June 11, 1999 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1961 1962 1963 1964 1965 6.0 6.9 6.8 7.3 7.1 3.0 2.8 1.5 2.4 0.6 7.4 8.8 9.1 9.3 9.6 7.1 8.8 9.9 9.8 8.7 8.0 8.2 8.8 8.3 7.6 3.6 9.3 12.3 12.2 11.6 7.7 9.1 9.1 9.6 11.2 6.1 7.9 7.7 9.2 11.4 7.8 7.7 6.5 7.2 7.9 7.2 13.1 18.3 13.6 16.8 9.6 8.2 11.7 12.9 7.2 1966 1967 1968 1969 1970 6.7 7.1 8.0 7.2 6.9 1.4 4.9 4.5 -1.1 4.2 8.5 7.8 9.2 9.7 7.6 6.1 4.9 8.0 7.1 4.0 5.1 5.0 6.1 5.8 3.7 6.1 5.0 9.9 8.3 3.4 11.7 11.0 10.8 12.1 10.5 12.4 11.6 11.4 12.1 10.5 6.7 6.7 7.5 9.6 8.7 17.7 1.0 14.1 32.8 14.5 5.1 9.8 6.3 6.9 5.7 1971 1972 1973 1974 1975 9.5 10.0 10.7 9.2 9.3 8.3 4.6 2.0 3.4 23.9 9.8 11.4 12.9 10.5 6.3 8.9 11.2 12.2 7.7 8.0 8.0 11.0 11.2 7.8 8.9 11.7 13.1 13.3 4.6 3.8 10.3 12.5 14.9 13.8 5.2 8.1 10.1 17.7 12.1 3.7 10.9 8.4 7.8 6.9 5.4 8.7 17.2 28.9 23.1 0.8 9.7 7.9 10.3 20.5 17.4 1976 1977 1978 1979 1980 10.8 12.8 13.8 12.2 9.5 15.6 11.0 9.2 5.8 11.8 9.6 13.3 15.0 13.7 9.0 11.6 16.1 16.8 14.6 8.0 13.1 17.4 17.4 15.3 10.3 10.6 15.5 17.4 13.8 0.6 8.3 12.1 13.3 14.1 10.5 7.7 12.2 12.0 11.6 8.6 8.4 8.4 15.4 9.0 6.9 9.0 18.9 22.1 22.1 14.5 21.5 11.6 18.6 9.5 14.0 1981 1982 1983 1984 1985 10.4 10.1 12.0 14.7 15.7 11.6 19.7 18.9 16.9 16.5 10.1 7.9 10.2 14.1 15.4 7.1 5.4 11.3 12.6 15.2 6.4 4.4 10.4 11.3 13.1 5.0 4.6 12.8 18.3 15.9 13.3 9.3 9.0 16.1 12.0 14.0 9.2 8.2 16.9 12.9 8.0 11.2 11.4 11.4 31.8 18.2 13.6 13.4 17.9 19.5 11.9 7.2 8.2 3.7 0.5 1986 1987 1988 1989 1990 11.8 9.0 9.1 7.3 6.4 13.6 8.0 8.0 7.0 11.0 11.3 9.3 9.4 7.3 5.2 11.1 11.8 9.0 8.4 7.3 13.2 15.8 10.5 9.7 9.3 9.0 4.6 6.3 6.0 1.5 11.6 6.5 10.5 6.8 3.3 14.1 8.0 11.8 8.2 5.2 10.9 12.0 6.4 5.6 5.0 26.1 18.3 13.1 10.5 8.9 4.1 2.6 3.0 4.0 9.1 1991 1992 1993 1994 1995 4.3 4.6 5.0 4.6 5.4 11.1 10.9 8.3 4.7 4.1 2.3 2.6 3.8 4.6 5.8 4.6 4.4 5.4 7.7 7.9 6.2 5.3 4.5 6.0 5.7 -1.3 0.5 7.6 14.5 14.1 -1.6 0.8 1.4 3.9 6.5 -1.8 1.8 1.9 5.6 8.3 8.6 2.2 6.0 -4.0 -4.6 6.5 8.8 9.7 14.0 11.9 5.3 8.0 22.1 -3.6 19.2 1996 1997 1998 5.1 5.0 6.2 4.0 0.6 -1.4 5.4 6.6 8.7 7.2 6.4 8.7 7.3 6.6 9.7 7.9 4.3 5.4 4.9 7.1 9.1 4.1 7.6 10.0 -0.6 5.3 7.2 13.0 13.5 19.6 17.4 11.0 3.8 1994 -- Q1 Q2 Q3 Q4 4.7 3.9 4.7 5.0 5.0 3.9 4.8 4.7 4.5 3.9 4.7 5.1 7.1 7.1 7.4 8.3 6.1 5.3 5.5 6.7 11.4 14.8 14.7 14.3 3.6 3.5 4.0 4.4 5.4 4.9 5.5 6.0 -1.5 -6.3 -3.1 -5.2 15.0 11.6 11.3 15.3 -22.2 -7.4 3.9 11.9 1995 -- Q1 Q2 Q3 Q4 5.7 6.4 4.5 4.5 5.5 6.8 2.6 1.5 5.8 6.3 5.2 5.5 7.3 8.1 8.2 7.0 5.3 6.2 6.2 4.8 14.2 14.2 14.1 11.3 7.2 7.3 4.9 5.9 9.6 9.8 6.0 6.9 -5.5 -4.5 -6.3 -2.4 7.7 11.3 11.9 14.8 18.6 12.1 22.1 19.0 1996 -- Q1 Q2 Q3 Q4 5.5 4.9 5.0 4.5 5.9 2.7 4.2 3.0 5.3 5.7 5.3 5.0 7.8 8.0 6.8 5.6 8.0 7.5 6.5 6.8 10.0 9.9 6.9 3.9 4.3 4.8 5.8 4.5 3.1 3.7 5.8 3.5 -1.9 -1.4 -3.5 4.3 8.5 16.9 9.9 14.5 12.0 9.9 24.8 18.9 1997 -- Q1 Q2 Q3 Q4 4.5 4.1 5.5 5.6 1.7 -1.1 0.8 1.1 5.4 5.9 7.2 7.2 6.5 6.2 6.8 5.5 6.0 5.7 8.9 5.3 5.2 4.8 4.1 3.0 5.2 6.1 7.6 8.8 5.7 5.9 8.1 9.8 1.6 4.0 6.7 8.4 7.2 13.6 11.8 19.0 6.0 11.7 17.1 7.6 1998 -- Q1 Q2 Q3 Q4 6.0 5.9 5.4 6.9 -0.8 -1.9 -3.6 0.7 8.3 8.5 8.3 8.8 8.1 8.2 7.7 9.7 9.8 8.0 8.7 11.0 4.6 5.2 6.3 4.9 8.4 9.2 9.4 8.3 9.0 10.2 10.6 8.9 8.4 6.9 6.2 6.4 17.1 17.4 17.8 20.9 11.9 14.7 -4.6 -6.3 1999 -- Q1 6.2 -3.2 9.1 9.4 10.1 9.5 9.6 10.7 5.6 18.4 3.5 1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release. Z.1, June 11, 1999 7 D.2 Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1961 1962 1963 1964 1965 43.5 52.8 55.5 64.1 67.1 7.2 6.9 3.8 6.1 1.6 36.3 46.0 51.7 58.1 65.5 14.7 19.7 24.1 26.4 25.9 10.7 12.0 14.0 14.5 14.6 2.2 5.9 8.5 9.5 10.1 16.0 20.3 22.0 25.3 32.1 9.2 12.6 13.3 16.8 22.6 5.6 6.0 5.5 6.4 7.6 2.3 4.6 7.2 6.3 8.9 2.2 2.1 3.2 4.0 2.5 1966 1967 1968 1969 1970 67.3 76.2 92.6 88.9 91.3 3.6 12.9 12.5 -3.2 12.1 63.7 63.2 80.0 92.1 79.3 19.8 17.1 29.3 28.0 16.9 10.6 11.1 14.2 14.3 9.8 5.9 5.1 10.8 9.9 4.4 37.0 38.8 42.0 51.9 50.3 27.1 28.2 30.8 36.4 35.1 6.9 7.3 8.8 12.1 12.1 11.0 0.7 10.4 27.6 16.2 1.9 3.9 2.7 3.2 2.8 1971 1972 1973 1974 1975 135.3 156.1 184.0 175.0 193.5 24.9 15.0 6.9 11.9 85.6 110.5 141.1 177.0 163.1 107.8 39.7 54.7 66.2 47.3 52.9 22.0 32.8 37.2 29.0 35.7 15.6 19.5 22.5 8.9 7.8 54.4 72.4 96.8 102.3 43.8 29.8 40.1 76.6 60.3 20.5 16.4 14.0 14.1 13.4 11.1 11.1 23.9 47.0 48.5 2.1 5.1 4.4 6.3 13.8 14.1 1976 1977 1978 1979 1980 244.8 321.2 390.7 391.9 343.7 69.2 56.3 52.5 35.8 77.4 175.6 264.8 338.2 356.1 266.3 83.2 129.2 156.9 159.7 101.1 57.8 87.3 102.6 106.3 83.0 22.0 35.4 46.0 42.7 2.3 73.9 115.8 141.9 169.8 143.0 44.0 74.8 82.4 88.4 72.9 18.5 19.9 39.4 26.6 22.2 23.5 53.6 74.7 91.1 73.2 20.5 13.5 24.0 15.0 24.2 1981 1982 1983 1984 1985 410.0 439.9 573.7 791.1 963.4 85.5 161.3 185.2 197.2 225.7 324.5 278.6 388.5 593.9 737.7 97.5 79.3 174.6 215.0 291.9 58.0 42.8 104.1 123.3 159.7 17.7 17.2 50.0 80.7 82.8 199.4 157.6 166.6 326.3 282.2 127.7 94.9 92.0 207.8 185.8 27.6 41.7 47.3 52.5 163.6 105.1 93.0 104.5 157.7 205.0 23.5 16.0 17.3 8.4 1.2 1986 1987 1988 1989 1990 842.9 718.5 786.1 686.3 655.1 216.0 143.9 155.1 146.4 246.9 626.9 574.6 631.0 540.0 408.2 248.6 294.6 246.1 254.0 239.4 186.3 252.3 190.0 195.7 206.4 54.4 30.4 43.4 44.2 11.9 304.1 189.5 330.9 235.9 121.6 227.5 146.2 237.1 180.9 125.1 74.2 90.4 54.0 50.1 47.2 327.8 291.6 249.2 225.0 213.4 9.7 6.3 7.4 10.2 23.9 1991 1992 1993 1994 1995 467.5 521.9 586.6 575.7 700.0 278.2 304.0 256.1 155.9 144.4 189.2 217.9 330.5 419.9 555.6 163.5 164.2 211.6 316.1 349.0 152.8 139.2 125.0 174.5 176.2 -10.7 3.9 60.7 124.9 138.9 -59.6 29.6 52.7 150.0 258.1 -46.0 45.6 46.9 142.4 224.6 85.4 24.1 66.2 -46.2 -51.5 170.9 244.0 294.4 468.4 456.5 15.1 24.1 69.8 -14.0 71.1 1996 1997 1998 693.1 722.6 937.1 145.0 23.1 -52.6 548.1 699.5 989.7 346.0 326.6 472.7 238.7 229.5 359.6 88.8 52.5 67.6 208.9 316.8 436.7 120.4 233.2 331.6 -6.8 56.1 80.3 557.3 652.0 1068.5 76.9 56.9 21.9 1994 -- Q1 Q2 Q3 Q4 579.5 487.5 598.3 637.6 167.1 131.3 164.1 160.8 412.4 356.2 434.2 476.7 290.7 296.0 315.8 361.9 176.9 154.8 162.5 203.7 98.3 130.5 135.0 135.9 139.0 133.3 154.3 173.4 139.2 127.4 144.1 158.9 -17.3 -73.2 -35.9 -58.6 501.9 403.0 405.7 563.2 -85.8 -27.0 13.9 42.8 1995 -- Q1 Q2 Q3 Q4 740.8 848.7 605.5 605.0 190.4 239.4 93.1 54.9 550.4 609.4 512.4 550.2 324.2 363.4 378.9 329.3 162.7 191.9 195.4 154.8 139.8 144.2 148.5 123.1 287.7 295.9 202.4 246.4 259.6 270.9 170.4 197.7 -61.5 -50.0 -69.0 -25.5 295.7 442.3 476.5 611.5 68.9 47.0 88.5 80.1 1996 -- Q1 Q2 Q3 Q4 749.5 680.3 704.5 638.1 214.6 97.8 155.3 112.3 534.9 582.5 549.2 525.8 372.9 392.4 335.9 282.6 259.2 249.6 216.1 230.0 112.6 113.9 81.8 46.8 182.5 205.2 250.5 197.6 90.5 109.0 174.7 107.3 -20.5 -15.1 -37.2 45.7 364.8 737.0 451.6 675.8 53.2 45.2 115.7 93.6 1997 -- Q1 Q2 Q3 Q4 642.3 595.6 812.7 839.9 64.9 -43.5 30.3 40.8 577.4 639.1 782.4 799.2 330.0 322.7 360.3 293.4 206.6 200.2 319.0 192.3 62.5 59.5 50.3 37.8 230.4 274.0 349.5 413.5 174.0 185.0 256.0 317.7 16.9 42.5 72.6 92.3 348.0 668.4 603.1 988.3 31.2 61.7 92.5 42.3 1998 -- Q1 Q2 Q3 Q4 906.1 909.6 843.6 1089.0 -30.0 -70.9 -136.5 26.9 936.1 980.5 980.1 1062.1 440.6 453.1 436.0 561.2 363.9 302.4 336.9 435.3 58.5 66.3 81.7 64.1 401.2 448.5 471.4 425.5 296.8 345.6 368.1 315.9 94.3 78.9 72.6 75.4 933.0 987.5 1055.5 1298.2 67.8 85.9 -28.0 -38.1 1999 -- Q1 1002.0 -119.2 1121.2 556.3 411.1 126.2 498.1 390.9 66.8 1202.2 20.7 8 Z.1, June 11, 1999 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Total Corporate State and local governments Business Domestic financial sectors Total Federal government Total nonfederal 1961 1962 1963 1964 1965 767.7 820.6 876.0 939.9 1007.1 243.2 250.0 253.8 259.9 261.5 524.6 570.5 622.1 680.0 745.6 224.0 245.1 270.9 299.1 326.6 145.7 159.1 174.8 191.1 207.3 63.4 69.3 77.9 87.4 97.5 222.7 241.6 262.0 285.3 315.7 160.2 171.4 183.0 197.8 218.7 77.8 83.8 89.2 95.6 103.2 34.9 39.4 46.6 53.0 61.9 25.5 27.5 30.8 35.0 37.5 1966 1967 1968 1969 1970 1074.6 1150.6 1242.7 1332.0 1422.3 265.1 278.1 290.6 287.4 299.5 809.5 872.6 952.1 1044.6 1122.8 348.4 366.9 397.4 426.8 445.3 219.8 232.3 247.4 262.7 274.2 103.4 108.6 119.3 129.2 133.7 351.1 388.3 428.6 479.5 527.2 244.1 270.8 299.9 335.3 367.4 110.0 117.4 126.1 138.3 150.3 72.9 73.6 84.0 111.5 127.8 39.5 43.3 46.1 49.2 52.1 1971 1972 1973 1974 1975 1557.5 1713.5 1898.0 2072.3 2264.7 324.4 339.4 346.3 358.2 443.9 1233.1 1374.1 1551.7 1714.1 1820.8 487.1 544.5 614.1 663.5 715.3 297.2 332.5 371.4 402.5 439.9 149.2 168.8 193.0 201.9 207.0 579.2 649.0 742.8 842.4 886.2 395.6 433.0 497.0 554.6 575.2 166.7 180.7 194.8 208.2 219.4 138.9 162.8 209.8 258.3 260.4 56.6 61.1 67.4 81.2 95.6 1976 1977 1978 1979 1980 2508.3 2829.6 3214.5 3606.5 3957.9 513.1 569.4 621.9 657.7 735.0 1995.3 2260.2 2592.6 2948.9 3222.9 802.3 934.6 1094.1 1258.5 1374.1 500.3 590.8 697.3 809.1 904.6 229.0 264.4 310.4 353.1 355.4 955.2 1069.5 1203.0 1368.2 1504.3 614.3 687.6 761.6 845.4 911.6 237.8 256.2 295.6 322.2 344.4 283.9 337.8 412.5 504.9 578.1 116.0 129.4 157.6 172.9 197.2 1981 1982 1983 1984 1985 4366.4 4788.3 5364.9 6151.2 7132.7 820.5 981.8 1167.0 1364.2 1589.9 3545.9 3806.5 4197.9 4787.0 5542.8 1480.8 1547.7 1706.2 1918.4 2235.9 971.9 1002.4 1090.5 1217.9 1407.7 373.1 390.3 440.3 521.0 603.8 1693.0 1845.0 2030.6 2355.0 2629.0 1028.6 1117.9 1228.8 1434.8 1612.4 372.1 413.8 461.1 513.6 677.9 682.4 778.1 882.8 1052.4 1258.3 220.7 210.4 227.7 235.5 236.7 1986 1987 1988 1989 1990 7973.1 8675.0 9457.6 10161.0 10843.4 1805.9 1949.8 2104.9 2251.2 2498.1 6167.2 6725.3 7352.8 7909.8 8345.3 2489.0 2743.3 3011.3 3280.8 3554.3 1600.0 1816.0 2021.5 2220.7 2461.2 658.2 688.6 732.0 793.3 805.1 2926.1 3140.9 3446.5 3683.8 3798.7 1832.9 2004.5 2214.2 2397.0 2515.3 752.1 841.0 895.0 945.2 992.3 1593.6 1896.5 2145.8 2399.3 2615.8 238.3 244.8 252.4 262.2 285.9 1991 1992 1993 1994 1995 11307.6 11832.7 12434.1 13016.0 13716.0 2776.4 3080.3 3336.5 3492.3 3636.7 8531.2 8752.3 9097.6 9523.7 10079.3 3725.4 3893.4 4110.3 4429.1 4783.0 2621.6 2764.6 2894.9 3072.4 3253.5 794.5 798.3 859.0 983.9 1122.8 3728.2 3757.1 3819.4 3972.9 4226.1 2463.2 2506.5 2563.0 2708.9 2928.6 1077.7 1101.8 1167.9 1121.7 1070.2 2786.7 3046.3 3346.1 3822.2 4281.3 301.1 315.8 385.8 370.8 441.9 1996 1997 1998 14409.2 15130.2 16067.3 3781.8 3804.9 3752.2 10627.4 11325.4 12315.1 5100.2 5429.5 5902.3 3463.5 3695.4 4055.1 1211.6 1264.1 1331.7 4463.8 4776.4 5213.0 3077.7 3306.7 3638.2 1063.4 1119.5 1199.8 4838.6 5457.5 6526.1 518.8 569.6 591.6 1994 -- Q1 Q2 Q3 Q4 12585.2 12707.1 12856.7 13016.0 3378.3 3411.1 3452.1 3492.3 9206.9 9296.0 9404.5 9523.7 4183.4 4258.2 4338.0 4429.1 2939.8 2979.4 3020.8 3072.4 883.6 916.2 950.0 983.9 3860.0 3892.5 3930.2 3972.9 2603.7 2634.7 2669.8 2708.9 1163.6 1145.3 1136.3 1121.7 3479.2 3580.0 3681.4 3822.2 364.4 357.7 361.2 370.8 1995 -- Q1 Q2 Q3 Q4 13201.2 13413.4 13564.8 13716.0 3539.9 3599.8 3623.0 3636.7 9661.3 9813.7 9941.8 10079.3 4511.4 4603.4 4699.3 4783.0 3114.3 3163.4 3213.5 3253.5 1018.9 1054.9 1092.1 1122.8 4043.6 4116.5 4165.9 4226.1 2772.6 2839.2 2880.6 2928.6 1106.3 1093.8 1076.6 1070.2 3898.8 4009.3 4128.5 4281.3 388.0 399.8 421.9 441.9 1996 -- Q1 Q2 Q3 Q4 13903.4 14073.5 14249.6 14409.2 3690.4 3714.9 3753.7 3781.8 10213.0 10358.6 10495.9 10627.4 4877.4 4943.0 5028.2 5100.2 3319.5 3349.4 3404.7 3463.5 1151.0 1179.4 1199.9 1211.6 4270.5 4354.3 4415.7 4463.8 2950.1 3009.8 3052.2 3077.7 1065.1 1061.3 1052.0 1063.4 4372.5 4556.8 4669.7 4838.6 455.2 466.5 495.4 518.8 1997 -- Q1 Q2 Q3 Q4 14569.7 14718.6 14920.2 15130.2 3798.0 3787.1 3794.7 3804.9 10771.7 10931.5 11125.6 11325.4 5184.4 5266.1 5356.2 5429.5 3516.6 3567.6 3647.4 3695.4 1227.2 1242.1 1254.7 1264.1 4519.7 4587.2 4673.0 4776.4 3119.5 3164.8 3227.3 3306.7 1067.6 1078.3 1096.4 1119.5 4925.6 5092.7 5210.5 5457.5 526.6 542.1 559.1 569.6 1998 -- Q1 Q2 Q3 Q4 15356.7 15584.2 15795.1 16067.3 3797.4 3779.6 3745.5 3752.2 11559.4 11804.5 12049.5 12315.1 5539.7 5652.9 5762.0 5902.3 3786.4 3862.0 3946.3 4055.1 1278.7 1295.3 1315.7 1331.7 4876.7 4988.8 5106.6 5213.0 3380.9 3467.3 3559.3 3638.2 1143.0 1162.8 1180.9 1199.8 5690.8 5937.7 6201.5 6526.1 586.6 608.1 601.1 591.6 1999 -- Q1 16317.8 3722.4 12595.4 6041.4 4157.9 1363.3 5337.5 3735.9 1216.5 6826.6 596.7 1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release. Foreign 9 Z.1, June 11, 1999 F.1 Total Net Borrowing and Lending in Credit Markets (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 Total net borrowing Domestic nonfinancial sectors 3 Federal government 4 Nonfederal sectors 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 950.8 1030.2 1227.6 1327.3 1431.5 2027.5 1906.9 1983.1 1871.1 2349.1 2224.9 1 586.6 575.7 700.0 693.1 722.6 937.1 906.1 909.6 843.6 1089.0 1002.0 2 256.1 155.9 144.4 145.0 23.1 -52.6 -30.0 -70.9 -136.5 26.9 -119.2 3 330.5 419.9 555.6 548.1 699.5 989.7 936.1 980.5 980.1 1062.1 1121.2 4 211.6 46.9 3.2 2.6 66.2 316.1 142.4 3.3 4.4 -46.2 349.0 224.6 30.6 2.9 -51.5 346.0 120.4 83.8 4.8 -6.8 326.6 233.2 77.4 6.2 56.1 472.7 331.6 98.4 6.7 80.3 440.6 296.8 97.2 7.2 94.3 453.1 345.6 95.9 7.1 78.9 436.0 368.1 97.3 6.0 72.6 561.2 315.9 103.1 6.6 75.4 556.3 390.9 101.7 5.5 66.8 5 6 7 8 9 10 Rest of the world 69.8 -14.0 71.1 76.9 56.9 21.9 67.8 85.9 -28.0 -38.1 20.7 10 11 Financial sectors 294.4 468.4 456.5 557.3 652.0 1068.5 933.0 987.5 1055.5 1298.2 1202.2 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 13.4 9.7 -5.1 8.8 20.1 12.5 -2.6 10.3 22.5 11.2 -3.1 14.4 13.0 11.7 -0.7 2.0 46.1 29.5 -2.4 19.0 72.9 52.8 -4.8 24.9 83.5 39.3 -6.2 50.4 80.0 49.7 -6.9 37.2 61.7 41.5 -2.2 22.5 66.3 80.8 -3.9 -10.6 32.6 -2.9 -0.8 36.3 12 13 14 15 16 17 Savings institutions Credit unions 11.3 0.2 12.8 0.2 2.6 -0.1 25.5 0.1 19.7 0.1 52.2 0.6 10.6 0.5 31.2 0.2 63.7 1.0 103.2 0.4 58.0 1.5 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 0.2 80.6 84.7 85.4 0.3 172.1 115.4 76.5 -0.1 105.9 98.2 142.4 1.1 90.4 141.1 153.9 0.2 98.4 114.4 200.7 0.7 278.3 192.6 316.3 0.0 142.5 84.8 281.8 -0.6 166.4 247.0 358.4 1.6 294.0 267.5 291.0 1.8 510.5 171.2 334.1 3.3 193.0 372.0 302.2 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations -1.4 0.0 1.7 12.0 6.3 48.7 -11.5 10.2 0.5 23.1 50.2 0.4 4.5 -5.0 34.9 45.9 12.4 11.9 -2.0 64.1 48.7 -4.7 39.6 8.1 80.7 43.0 1.3 62.7 7.2 40.7 80.1 49.2 63.1 -1.0 137.9 101.8 -48.0 64.4 20.0 -33.3 -14.0 2.0 79.3 -2.6 10.1 4.3 2.0 44.0 12.4 48.1 76.0 3.1 26.4 -31.2 165.3 22 23 24 25 26 950.8 1030.2 1227.6 1327.3 1431.5 2027.5 1906.9 1983.1 1871.1 2349.1 2224.9 27 38.3 238.1 -99.1 -30.0 -125.9 -38.3 -236.3 394.3 15.4 -326.7 190.5 28 -2.3 9.1 -1.1 32.6 274.9 17.7 0.6 -55.0 -3.7 -8.8 4.7 -91.4 3.8 4.2 -4.3 -33.7 -128.2 2.7 -0.6 0.1 -130.5 -7.3 0 99.5 -253.2 4.2 0 12.8 295.2 -61.0 0 160.1 -138.0 17.4 0 136.0 -426.0 10.3 0 89.0 123.0 31.2 0 36.2 29 30 31 32 27 28 29 30 31 32 Total net lending Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world -18.4 129.3 -27.5 132.3 -0.2 273.9 -7.7 417.3 4.9 310.1 13.5 250.8 15.5 238.6 12.8 314.2 13.9 58.6 11.8 391.8 18.2 194.4 33 34 35 Financial sectors 801.6 687.1 1053.0 947.8 1242.4 1801.6 1889.1 1261.8 1783.3 2272.2 1821.8 35 36.2 31.5 12.7 12.3 38.3 21.1 27.4 7.7 48.3 0.8 71.3 36 36 Monetary authority 37 38 39 40 41 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 142.2 149.6 -9.8 -0.0 2.4 163.4 148.1 11.2 0.9 3.3 265.9 186.5 75.4 -0.3 4.2 187.5 119.6 63.3 3.9 0.7 324.3 274.9 40.2 5.4 3.7 306.6 312.0 -11.9 -0.9 7.5 292.9 260.5 11.6 15.3 5.5 136.1 130.5 18.1 -17.6 5.1 242.7 286.8 -53.1 6.0 2.9 554.9 570.1 -24.2 -7.4 16.4 52.1 124.5 -61.9 -6.0 -4.5 37 38 39 40 41 42 43 44 Savings institutions Credit unions Bank personal trusts and estates -23.3 21.7 9.5 6.7 28.1 7.1 -7.6 16.2 -8.3 19.9 25.5 -7.7 -4.7 16.8 7.6 36.3 19.0 2.8 10.8 16.5 2.4 -1.8 22.7 3.1 34.0 19.3 2.0 102.1 17.4 3.9 104.2 37.0 3.1 42 43 44 45 46 47 48 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 100.4 27.7 50.2 22.7 72.0 24.9 46.1 22.3 100.0 21.5 56.0 27.5 69.6 22.5 52.3 45.9 94.3 25.2 65.5 36.6 77.1 20.4 118.7 60.3 88.4 23.4 74.5 80.7 62.6 -1.5 130.1 61.6 70.9 -7.7 95.6 50.9 86.6 67.5 174.4 48.0 105.9 20.7 60.7 52.1 45 46 47 48 49 50 51 52 53 54 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools ABS issuers 20.4 159.5 20.0 87.8 84.7 82.8 30.0 -7.1 -3.7 117.8 115.4 69.4 86.5 52.5 10.5 86.7 98.2 120.6 88.8 48.9 4.7 84.2 141.1 123.6 87.5 80.9 -3.4 94.3 114.4 162.3 244.0 125.6 -2.3 260.8 192.6 276.7 172.0 146.3 -2.4 198.9 84.8 222.7 200.1 155.7 -2.4 150.2 247.0 327.4 247.5 97.7 -2.4 264.0 267.5 245.5 356.4 102.7 -2.0 430.0 171.2 311.1 239.7 84.3 -2.0 158.4 372.0 284.7 49 50 51 52 53 54 55 56 57 58 59 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations -20.9 -0.0 0.4 14.8 -35.1 48.3 -24.0 -0.7 -44.2 -16.2 49.9 -3.4 1.4 90.1 -23.8 18.4 8.2 4.4 -15.7 13.5 21.9 -9.1 20.2 14.9 54.8 51.9 3.2 -5.1 -17.4 9.2 28.7 58.8 25.6 245.8 90.6 27.1 -56.4 6.1 -183.1 -30.4 79.7 4.5 -11.3 77.0 -42.4 72.1 6.0 -40.8 -209.1 19.1 73.3 10.0 4.0 86.1 4.3 55 56 57 58 59 (1) Excludes corporate equities and mutual fund shares. 10 Z.1, June 11, 1999 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 586.6 575.7 700.0 693.1 722.6 937.1 906.1 909.6 843.6 1089.0 1002.0 1 Federal government Treasury securities Budget agency securities and mortgages 256.1 248.3 7.8 155.9 155.7 0.2 144.4 142.9 1.5 145.0 146.6 -1.6 23.1 23.2 -0.1 -52.6 -54.6 2.0 -30.0 -27.6 -2.4 -70.9 -69.4 -1.4 -136.5 -136.1 -0.4 26.9 14.7 12.2 -119.2 -117.7 -1.5 2 3 4 Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances 330.5 10.0 74.8 75.2 6.4 -18.9 419.9 21.4 -35.9 23.3 75.2 34.0 555.6 18.1 -48.2 73.3 101.1 67.2 548.1 -0.9 2.6 72.5 62.1 36.4 699.5 13.7 71.4 90.7 106.7 66.2 989.7 24.4 96.8 132.2 109.4 74.8 936.1 51.1 116.7 157.2 1.5 84.3 980.5 3.8 100.1 160.8 194.2 34.6 980.1 85.6 83.6 87.1 127.5 73.6 1062.1 -43.0 87.0 123.8 114.4 106.7 1121.2 64.4 67.9 155.0 38.1 118.6 5 6 7 8 9 10 122.3 160.0 -5.1 -33.6 1.0 60.7 177.0 183.3 -2.1 -6.5 2.2 124.9 205.1 179.7 7.6 16.2 1.6 138.9 286.7 243.0 11.5 29.6 2.6 88.8 298.2 235.8 10.8 48.4 3.2 52.5 484.5 367.8 22.6 88.9 5.2 67.6 466.9 371.4 22.5 69.7 3.3 58.5 420.7 310.4 21.1 83.4 5.9 66.3 441.1 345.2 16.1 75.2 4.5 81.7 609.1 444.1 30.7 127.2 7.2 64.1 550.9 420.4 32.6 94.8 3.1 126.2 11 12 13 14 15 16 330.5 211.6 52.7 46.9 3.2 2.6 66.2 419.9 316.1 150.0 142.4 3.3 4.4 -46.2 555.6 349.0 258.1 224.6 30.6 2.9 -51.5 548.1 346.0 208.9 120.4 83.8 4.8 -6.8 699.5 326.6 316.8 233.2 77.4 6.2 56.1 989.7 472.7 436.7 331.6 98.4 6.7 80.3 936.1 440.6 401.2 296.8 97.2 7.2 94.3 980.5 453.1 448.5 345.6 95.9 7.1 78.9 980.1 436.0 471.4 368.1 97.3 6.0 72.6 1062.1 561.2 425.5 315.9 103.1 6.6 75.4 1121.2 556.3 498.1 390.9 101.7 5.5 66.8 17 18 19 20 21 22 23 Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 24 Foreign borrowing in U.S. 69.8 -14.0 71.1 76.9 56.9 21.9 67.8 85.9 -28.0 -38.1 20.7 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances -9.6 82.9 0.7 -4.2 -26.1 12.2 1.4 -1.5 13.5 49.7 8.5 -0.5 11.3 55.8 9.1 0.8 3.7 46.7 8.5 -2.0 7.8 13.4 6.7 -6.0 55.3 14.3 5.2 -7.0 -25.5 107.5 8.4 -4.4 6.2 -35.3 3.6 -2.4 -4.7 -32.9 9.8 -10.3 18.3 2.0 1.1 -0.7 25 26 27 28 656.4 561.7 771.1 770.0 779.5 959.0 973.9 995.6 815.6 1050.9 1022.7 29 29 Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 10 11 12 By instrument 294.4 468.4 456.5 557.3 652.0 1068.5 933.0 987.5 1055.5 1298.2 1202.2 1 Federal government-related Govt.-sponsored enterprise securities Mortgage pool securities U.S. government loans 165.3 80.6 84.7 0 287.5 176.9 115.4 -4.8 204.1 105.9 98.2 0 231.5 90.4 141.1 0 212.8 98.4 114.4 0 471.0 278.3 192.6 0 227.3 142.5 84.8 0 413.4 166.4 247.0 0 561.6 294.0 267.5 0 681.6 510.5 171.2 0 564.9 193.0 372.0 0 2 3 4 5 Private financial sectors Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages 129.1 -5.5 123.1 -14.4 22.4 3.6 180.9 40.5 121.8 -13.7 22.6 9.8 252.4 42.7 195.9 5.1 3.4 5.3 325.8 92.2 176.9 20.9 27.9 7.9 439.2 166.7 209.0 13.1 35.6 14.9 597.6 161.0 291.8 29.7 90.2 24.8 705.7 237.4 350.3 76.1 32.7 9.1 574.2 134.8 373.5 -30.0 76.0 19.9 493.9 141.0 169.8 61.2 82.3 39.6 616.6 130.7 273.7 11.7 169.9 30.6 637.2 79.2 488.7 7.0 42.2 20.1 6 7 8 9 10 11 294.4 468.4 456.5 557.3 652.0 1068.5 933.0 987.5 1055.5 1298.2 1202.2 12 By sector 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 13.4 9.7 -5.1 8.8 20.1 12.5 -2.6 10.3 22.5 11.2 -3.1 14.4 13.0 11.7 -0.7 2.0 46.1 29.5 -2.4 19.0 72.9 52.8 -4.8 24.9 83.5 39.3 -6.2 50.4 80.0 49.7 -6.9 37.2 61.7 41.5 -2.2 22.5 66.3 80.8 -3.9 -10.6 32.6 -2.9 -0.8 36.3 13 14 15 16 17 18 Savings institutions Credit unions 11.3 0.2 12.8 0.2 2.6 -0.1 25.5 0.1 19.7 0.1 52.2 0.6 10.6 0.5 31.2 0.2 63.7 1.0 103.2 0.4 58.0 1.5 17 18 19 20 21 22 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 0.2 80.6 84.7 85.4 0.3 172.1 115.4 76.5 -0.1 105.9 98.2 142.4 1.1 90.4 141.1 153.9 0.2 98.4 114.4 200.7 0.7 278.3 192.6 316.3 0.0 142.5 84.8 281.8 -0.6 166.4 247.0 358.4 1.6 294.0 267.5 291.0 1.8 510.5 171.2 334.1 3.3 193.0 372.0 302.2 19 20 21 22 23 24 25 26 27 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations -1.4 0.0 1.7 12.0 6.3 48.7 -11.5 10.2 0.5 23.1 50.2 0.4 4.5 -5.0 34.9 45.9 12.4 11.9 -2.0 64.1 48.7 -4.7 39.6 8.1 80.7 43.0 1.3 62.7 7.2 40.7 80.1 49.2 63.1 -1.0 137.9 101.8 -48.0 64.4 20.0 -33.3 -14.0 2.0 79.3 -2.6 10.1 4.3 2.0 44.0 12.4 48.1 76.0 3.1 26.4 -31.2 165.3 23 24 25 26 27 11 Z.1, June 11, 1999 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 Total 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 950.8 1030.2 1227.6 1327.3 1431.5 2027.5 1906.9 1983.1 1871.1 2349.1 2224.9 1 2 3 4 5 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds -5.1 421.4 74.8 281.2 35.7 448.1 -35.9 157.3 74.3 348.5 -48.2 318.9 102.6 376.5 2.6 305.2 184.1 235.9 71.4 346.5 193.1 418.3 96.8 437.5 343.8 197.3 116.7 521.9 113.1 342.5 100.1 641.9 232.7 425.1 83.6 221.6 83.0 708.5 87.0 364.6 161.9 445.7 67.9 645.7 2 3 4 5 6 7 8 9 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit -7.2 -0.8 125.9 60.7 62.9 50.3 186.7 124.9 114.7 70.2 210.4 138.9 92.1 65.1 294.6 88.8 128.2 99.8 313.1 52.5 145.9 159.0 509.2 67.6 82.8 110.0 476.0 58.5 172.5 106.1 440.5 66.3 192.3 153.4 480.7 81.7 135.9 266.3 639.7 64.1 46.2 160.1 571.1 126.2 6 7 8 9 429.7 125.2 144.3 228.9 186.4 93.7 217.7 276.8 -166.5 46.8 124.9 10 137.7 21.3 24.6 -44.9 -3.1 -58.3 -8.7 -69.5 -78.8 -114.4 -184.8 -267.0 -107.5 -139.2 -115.9 -129.1 -319.0 -308.4 -196.7 -491.3 -96.1 -46.1 11 12 63.4 53.0 292.0 48.1 21.4 100.6 50.4 4.8 147.4 60.0 0.8 237.6 41.3 -5.6 265.1 75.9 6.3 278.5 13.6 18.2 325.2 4.0 9.2 392.7 -32.9 22.2 152.5 319.1 -24.6 243.5 -33.0 -17.1 221.1 13 14 15 Memo: Funds raised through corporate equities and mutual fund shares 10 11 12 13 14 15 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares F.5 Total Liabilities and Their Relation to Total Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net flows through credit markets (from table F.4, line 1) 950.8 1030.2 1227.6 1327.3 1431.5 2027.5 1906.9 1983.1 1871.1 2349.1 2224.9 1 Official foreign exchange SDR certificates Treasury currency Foreign deposits 0.8 0 0.4 -18.5 -5.8 0 0.7 52.9 8.8 2.2 0.6 35.3 -6.3 -0.5 0.1 85.9 0.7 -0.5 -0.0 107.4 7.3 0 -0.0 41.9 1.0 0 0.3 -45.3 8.1 0 0.2 89.0 11.4 0 1.7 87.3 8.6 0 -2.3 36.8 -17.4 -4.0 0 72.2 2 3 4 5 6 7 8 9 10 Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares 50.5 117.3 -70.3 -23.5 20.2 89.8 -9.7 -39.9 19.6 43.3 9.9 -12.7 96.6 65.6 142.3 -51.6 15.8 97.2 114.0 145.8 -19.7 41.5 97.1 122.5 157.6 -33.7 48.5 152.9 92.6 285.5 -124.8 65.6 154.9 186.2 248.0 30.0 109.3 36.2 -16.5 186.4 49.8 -61.7 111.6 81.5 400.7 -89.7 80.7 309.0 119.2 306.6 125.8 79.8 -1.2 -14.2 248.1 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables 71.3 137.7 292.0 52.2 78.2 24.6 100.6 94.0 110.5 -3.1 147.4 101.5 41.4 -8.7 237.6 83.4 120.9 -78.8 265.1 100.4 52.6 -184.8 278.5 -8.7 259.5 -107.5 325.2 63.8 -113.6 -115.9 392.7 -58.0 228.6 -319.0 152.5 56.7 -164.3 -196.7 243.5 -97.1 255.3 -96.1 221.1 73.0 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 61.4 37.1 267.4 11.4 -0.1 35.5 259.6 2.6 26.7 45.8 229.2 6.2 52.4 44.5 244.3 16.0 111.0 54.3 307.6 16.8 108.4 53.3 281.4 12.9 165.3 49.3 262.2 8.5 128.3 53.3 265.8 -1.0 179.6 51.7 278.8 36.0 -39.6 59.0 318.7 8.2 -89.6 54.7 280.2 12.2 15 16 17 18 19 20 21 Investment in bank personal trusts Noncorporate proprietors’ equity Miscellaneous 0.9 24.2 345.3 17.8 53.6 241.3 4.0 60.3 455.6 -8.6 0.1 521.5 75.0 6.7 590.1 55.7 -13.9 773.8 50.3 -6.3 1164.0 57.5 -5.4 294.2 47.8 -59.9 661.9 67.1 15.8 975.1 64.1 19.0 192.5 19 20 21 2328.5 2088.8 2760.3 2951.9 3507.3 4031.7 4627.1 3323.7 3868.2 4307.7 3700.2 22 -0.2 -5.7 4.2 -0.2 43.0 -2.7 -0.5 25.1 -3.1 -0.9 59.6 -3.3 -0.6 107.4 -19.9 -0.7 37.5 3.1 -0.2 -94.5 30.7 -0.3 144.3 11.4 1.1 73.7 19.4 -3.4 26.5 -49.0 -1.2 25.0 54.3 23 24 25 46.4 15.8 -163.5 69.4 16.6 -192.8 17.5 21.1 -229.6 0.5 20.4 -50.2 65.3 18.8 -235.3 20.3 13.3 -107.5 148.7 4.4 -62.0 -170.5 5.3 -203.6 106.0 26.4 -91.8 -3.0 17.3 -72.7 198.9 3.4 -503.9 26 27 28 -1.5 -1.3 -4.0 -4.8 -2.8 1.5 -6.0 -3.8 -11.7 0.5 -4.0 -52.6 -2.7 -3.9 8.5 2.6 -3.1 -67.0 7.5 -4.0 6.6 -41.7 -3.0 -148.8 24.1 -3.2 -76.4 20.4 -2.1 -49.6 -3.2 -2.0 -48.4 29 30 31 2438.1 2161.7 2951.3 2981.8 3569.7 4133.2 4589.9 3730.6 3788.8 4423.2 3977.3 32 2 3 4 5 22 Total financial sources 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities 26 27 28 Security RPs Taxes payable Miscellaneous 29 30 31 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 32 Totals identified to sectors as assets 12 Z.1, June 11, 1999 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 Gross Domestic Product (GDP) Personal consumption expenditures (2) Durable goods (3) Nondurable goods and services Gross private domestic investment Fixed investment 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 6558.1 6947.0 7269.7 7661.7 8110.8 8511.0 8384.2 8440.5 8537.9 8681.2 8799.8 1 4459.3 4717.0 4953.9 5215.7 5493.7 5808.0 5676.5 5773.7 5846.7 5934.8 6049.2 2 530.2 3929.0 579.6 4137.4 611.0 4342.9 643.3 4572.4 673.1 4820.6 724.7 5083.3 705.1 4971.4 720.1 5053.6 718.9 5127.8 754.5 5180.3 771.2 5278.0 3 4 876.2 1007.8 1043.2 1131.9 1256.0 1367.0 1366.6 1344.9 1364.4 1392.4 1415.9 5 855.7 946.6 1012.5 1099.8 1188.6 1307.7 1271.1 1305.7 1307.4 1346.8 1376.1 6 7 8 9 10 11 12 Nonresidential plant and equipment Household sector (nonprofit organizations) Nonfinancial corporate business Nonfarm noncorporate business Farm business Financial corporations 604.1 35.6 417.8 67.2 18.7 64.8 660.6 31.9 463.5 64.3 20.8 80.1 727.7 33.8 520.4 77.4 22.5 73.6 787.9 37.4 575.5 66.5 23.8 84.7 860.7 43.6 601.7 64.6 25.4 125.4 938.2 46.4 652.3 67.3 26.7 145.6 921.3 45.7 641.1 55.4 27.5 151.6 941.9 46.4 653.5 70.0 27.9 144.0 931.6 46.1 642.7 59.0 26.7 157.1 957.9 47.3 671.9 84.6 24.4 129.7 971.1 47.8 678.5 96.8 26.7 121.3 7 8 9 10 11 12 13 14 15 16 17 Residential construction Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 251.6 218.4 1.7 26.3 5.2 286.0 249.1 1.9 27.8 7.3 284.8 244.9 2.1 35.0 2.7 311.9 269.0 2.3 36.1 4.4 327.9 278.0 2.5 36.2 11.3 369.5 314.6 2.7 40.8 11.4 349.8 295.8 2.6 38.6 12.8 363.8 309.9 2.7 40.1 11.1 375.8 318.0 2.8 41.4 13.6 388.9 335.0 2.7 42.9 8.3 405.0 350.9 2.8 44.7 6.6 13 14 15 16 17 20.5 25.4 1.3 -6.2 61.2 48.0 2.5 10.8 30.7 38.1 2.0 -9.4 32.1 23.3 1.2 7.6 67.4 59.9 3.2 4.3 59.3 50.0 2.6 6.7 95.5 86.0 4.5 5.0 39.2 29.9 1.6 7.7 57.0 46.8 2.5 7.7 45.6 37.3 2.0 6.3 39.8 34.3 1.8 3.7 18 19 20 21 18 19 20 21 Change in business inventories Nonfinancial corporate business Nonfarm noncorporate business Farm business 22 Net U.S. exports of goods and services -60.7 -90.8 -83.9 -91.2 -93.4 -151.2 -123.8 -159.3 -165.5 -156.2 -203.1 22 23 24 Exports - Imports 658.6 719.3 721.2 812.0 819.5 903.4 873.8 965.0 965.4 1058.8 959.0 1110.2 973.3 1097.1 949.6 1108.9 936.2 1101.7 976.8 1133.0 958.1 1161.2 23 24 25 Government consumption expenditures and gross investment 1283.4 1313.0 1356.4 1405.3 1454.6 1487.1 1464.9 1481.2 1492.3 1510.2 1537.8 25 1078.9 447.3 631.6 1107.1 443.2 663.9 1138.1 442.9 695.2 1175.6 450.9 724.7 1219.2 460.4 758.8 1250.1 461.1 789.0 1227.6 450.9 776.7 1248.7 464.0 784.7 1252.5 458.7 793.8 1271.8 470.6 801.2 1282.7 472.0 810.7 26 27 28 204.5 71.1 133.4 205.9 67.0 138.9 218.4 66.3 152.1 229.7 67.6 162.1 235.4 59.8 175.6 237.0 59.6 177.4 237.3 60.7 176.6 232.5 56.8 175.7 239.8 60.8 179.0 238.4 60.1 178.3 255.1 64.9 190.2 29 30 31 18.7 150.8 132.1 8.2 176.5 168.3 17.5 225.1 207.6 12.4 235.5 223.1 -8.0 265.5 273.5 -20.5 269.1 289.6 -14.8 270.3 285.1 -18.7 270.6 289.3 -27.1 265.0 292.1 -21.2 270.7 291.9 -22.6 270.3 292.9 32 33 34 6576.8 6955.2 7287.2 7674.1 8102.8 8490.4 8369.4 8421.8 8510.8 8660.0 8777.2 35 26 27 28 Consumption expenditures (4) Federal State and local 29 30 31 Gross investment (4) Federal State and local Memo: 32 33 34 Net U.S. factor income from rest of the world U.S. receipts - U.S. payments 35 Gross National Product (GNP) = GDP + net U.S. factor income (1) This table corresponds to NIPA table 1.1 in the Survey of Current Business, Department of Commerce. (2) Component of personal outlays, found on table F.100, line 4. (3) Considered investment rather than current expenditure in the flow of funds accounts; added back to NIPA-based personal saving in the calculation of gross saving. (4) Government inventory investment is included in consumption expenditures. 13 Z.1, June 11, 1999 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements 9 Proprietors’ income with inventory valuation and capital consumption adjustments Nonfarm Farm Rental income of persons (with capital consumption adjustment) 10 Corporate profits with inventory valuation and capital consumption adjustments 6 7 8 11 Corporate profits with inventory valuation adjustment 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 5266.7 5590.6 5923.6 6256.1 6646.5 6994.8 6875.1 6945.6 7032.2 7125.9 7251.1 1 3814.8 3474.7 335.7 4.4 4011.9 3645.5 353.0 13.3 4208.8 3830.1 365.3 13.4 4409.2 4018.3 381.7 9.3 4687.2 4282.8 400.7 3.7 4981.1 4556.9 420.2 4.0 4882.9 4464.8 414.1 4.0 4945.2 4523.4 417.8 4.0 5011.5 4585.4 422.1 4.0 5084.2 4653.6 426.6 4.0 5164.0 4729.3 434.7 0 2 3 4 5 450.8 418.4 32.4 471.6 434.7 36.9 488.1 465.6 22.4 527.7 488.8 38.9 551.2 515.8 35.5 577.2 548.5 28.8 564.2 536.8 27.4 571.7 544.0 27.7 576.1 550.9 25.2 596.9 562.2 34.7 601.0 575.5 25.5 6 7 8 105.7 124.4 133.8 150.2 158.2 162.6 158.3 161.0 163.6 167.5 168.9 9 492.8 570.5 672.4 750.4 817.9 824.6 829.2 820.6 827.0 821.7 853.6 10 456.9 519.1 613.0 679.0 741.2 732.2 744.3 731.2 732.2 721.5 748.9 11 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Foreign subsidiaries Financial 465.4 307.4 1.2 73.9 82.9 535.1 391.9 0.4 73.3 69.5 635.6 440.9 0.5 89.5 104.6 680.2 472.4 0.7 96.4 110.8 734.3 504.6 0.8 99.0 129.9 717.7 486.9 0.9 95.7 134.3 719.0 483.3 0.9 98.5 136.3 723.4 490.8 0.9 97.3 134.4 720.5 496.4 0.9 90.0 133.2 708.1 477.3 0.9 96.8 133.1 738.5 495.9 0.9 99.9 141.8 12 13 14 15 16 17 18 19 20 Less: Profits tax liability Domestic nonfinancial Farm Financial 165.2 104.5 0.5 60.2 186.6 128.3 0.5 57.8 211.0 136.3 0.4 74.2 226.1 151.0 0.5 74.6 246.1 169.2 0.5 76.3 240.1 159.9 0.5 79.7 239.9 159.2 0.5 80.2 241.6 161.6 0.5 79.5 243.2 163.3 0.5 79.4 235.6 155.6 0.5 79.5 245.8 162.2 0.5 83.1 17 18 19 20 21 22 23 24 25 26 Equals: Profits after tax Dividends Domestic nonfinancial Farm Foreign subsidiaries Financial 300.2 157.6 147.0 0.8 20.8 -11.0 348.5 182.4 157.6 1.0 31.8 -8.0 424.6 205.3 178.3 1.1 30.9 -5.0 454.1 261.9 215.9 1.2 37.1 7.7 488.3 275.1 228.0 1.3 40.4 5.4 477.6 279.2 248.2 1.3 25.2 4.5 479.1 277.3 236.0 1.3 36.7 3.3 481.8 278.1 253.0 1.3 18.2 5.6 477.3 279.0 246.0 1.3 28.0 3.7 472.5 282.3 258.0 1.3 17.7 5.3 492.7 285.6 261.6 1.3 17.3 5.4 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Foreign subsidiaries Financial 142.6 55.9 -0.1 53.1 33.7 166.1 106.0 -1.1 41.6 19.6 219.3 126.4 -1.0 58.6 35.4 192.3 105.5 -1.0 59.3 28.5 213.2 107.3 -1.0 58.7 48.2 198.5 78.8 -0.9 70.5 50.1 201.8 88.1 -0.9 61.8 52.8 203.7 76.3 -1.0 79.1 49.3 198.3 87.1 -0.9 62.0 50.1 190.2 63.7 -0.9 79.1 48.3 207.1 72.2 -1.0 82.6 53.3 27 28 29 30 31 32 Inventory valuation adjustment -8.6 -16.0 -22.6 -1.2 6.9 14.5 25.3 7.8 11.7 13.4 10.4 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Financial 36.0 46.2 0.1 -10.4 51.4 60.3 0.5 -9.5 59.4 68.3 0.2 -9.2 71.4 76.4 0.2 -5.2 76.7 81.6 0.3 -5.3 92.3 96.0 0.3 -4.0 84.9 89.5 0.3 -4.9 89.4 93.4 0.3 -4.3 94.8 98.2 0.3 -3.7 100.2 102.9 0.3 -3.0 104.7 107.0 0.3 -2.6 33 34 35 36 402.5 412.3 420.6 418.6 432.0 449.3 440.5 447.1 454.0 455.6 463.6 37 5266.7 5590.6 5923.6 6256.1 6646.5 6994.8 6875.1 6945.6 7032.2 7125.9 7251.1 38 37 Net interest Memo: Calculation of Gross Domestic Product from National Income: (2) 38 National Income, from line 1 above 39 40 41 42 43 44 Plus: Business transfer payments to persons Business transfer payments to rest of the world Indirect business taxes and nontaxes Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 22.1 6.0 532.6 594.5 133.4 52.6 23.8 6.8 568.4 638.7 138.8 14.8 25.8 7.1 581.2 657.0 143.8 -26.3 26.4 7.4 606.5 684.3 147.7 -32.3 27.2 8.0 627.2 720.2 151.6 -55.8 28.2 7.9 655.1 753.3 154.7 -76.6 27.8 7.9 641.9 741.1 153.4 -54.3 28.1 7.9 647.7 748.5 153.8 -85.9 28.3 8.0 656.5 757.3 155.0 -101.9 28.6 7.8 675.1 766.4 156.6 -64.1 28.9 7.8 673.8 774.9 157.0 -90.9 39 40 41 42 43 44 45 46 Less: Subsidies less current surplus of government enterprises Net U.S. factor income from rest of the world 31.1 18.7 26.6 8.2 25.1 17.5 22.0 12.4 21.9 -8.0 27.0 -20.5 23.5 -14.8 23.9 -18.7 24.6 -27.1 36.3 -21.2 25.4 -22.6 45 46 47 Equals: Gross Domestic Product 6558.1 6947.0 7269.7 7661.7 8110.8 8511.0 8384.2 8440.5 8537.9 8681.2 8799.8 47 (1) This table corresponds to NIPA table 1.14 in the Survey of Current Business, Department of Commerce. (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce. 14 Z.1, June 11, 1999 F.8 Gross Saving and Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 Gross saving Gross private saving 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 949.5 1079.0 1187.3 1274.7 1406.3 1468.1 1482.6 1448.5 1474.4 1466.5 1498.4 1 979.3 1030.1 1106.1 1114.6 1141.7 1090.3 1130.1 1079.0 1078.6 1073.6 1062.1 2 3 Personal saving 210.3 176.8 179.6 158.6 121.1 27.7 73.0 25.6 12.5 -0.6 -35.0 3 4 5 6 7 8 Undistributed corporate profits Nonfinancial corp. inventory valuation adjustment Corporate capital consumption adjustment Private consumption of fixed capital Wage accruals less disbursements 142.6 -8.6 36.0 594.5 4.4 166.1 -16.0 51.4 638.7 13.3 219.3 -22.6 59.4 657.0 13.4 192.3 -1.2 71.4 684.3 9.3 213.2 6.9 76.7 720.2 3.7 198.5 14.5 92.3 753.3 4.0 201.8 25.3 84.9 741.1 4.0 203.7 7.8 89.4 748.5 4.0 198.3 11.7 94.8 757.3 4.0 190.2 13.4 100.2 766.4 4.0 207.1 10.4 104.7 774.9 0 4 5 6 7 8 -29.8 48.9 81.2 160.0 264.6 377.8 352.5 369.5 395.8 392.9 436.3 9 9 Gross government saving 10 11 12 Federal Consumption of fixed capital Current surplus -182.7 67.9 -250.7 -117.2 69.5 -186.7 -103.7 70.7 -174.4 -39.6 70.7 -110.3 49.5 70.6 -21.1 142.5 69.8 72.8 128.7 69.9 58.8 144.0 69.5 74.5 161.6 69.6 92.0 135.9 70.0 65.9 180.8 69.5 111.3 10 11 12 13 14 15 State and local Consumption of fixed capital Current surplus 153.0 65.5 87.5 166.1 69.4 96.7 185.0 73.2 111.8 199.7 77.1 122.6 215.2 81.1 134.1 235.2 85.0 150.3 223.8 83.5 140.3 225.5 84.3 141.2 234.2 85.4 148.8 257.0 86.6 170.4 255.5 87.5 168.0 13 14 15 0 0 0 0 0 0 0 0 0 0 0 16 1002.1 1093.8 1161.0 1242.4 1350.5 1391.5 1428.3 1362.6 1372.5 1402.4 1407.5 17 876.2 1007.8 1043.2 1131.9 1256.0 1367.0 1366.6 1344.9 1364.4 1392.4 1415.9 18 16 17 18 Capital grants received by the U.S. (net) Gross investment Gross private domestic investment 19 Fixed investment 855.7 946.6 1012.5 1099.8 1188.6 1307.7 1271.1 1305.7 1307.4 1346.8 1376.1 19 20 21 Nonresidential Residential 604.1 251.6 660.6 286.0 727.7 284.8 787.9 311.9 860.7 327.9 938.2 369.5 921.3 349.8 941.9 363.8 931.6 375.8 957.9 388.9 971.1 405.0 20 21 22 Change in business inventories 20.5 61.2 30.7 32.1 67.4 59.3 95.5 39.2 57.0 45.6 39.8 22 23 Gross government investment 204.5 205.9 218.4 229.7 235.4 237.0 237.3 232.5 239.8 238.4 255.1 23 24 Net foreign investment in U.S. -78.6 -119.9 -100.6 -119.2 -140.9 -212.5 -175.6 -214.8 -231.7 -228.4 -263.5 24 52.6 14.8 -26.3 -32.3 -55.8 -76.6 -54.3 -85.9 -101.9 -64.1 -90.9 25 25 Statistical discrepancy (line 17 less line 1) (1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce. 15 Z.1, June 11, 1999 F.9 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1 Net acquisition of financial assets 453.8 545.5 515.6 492.6 459.4 523.3 405.5 789.4 418.2 480.1 452.8 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -1.1 56.4 -106.5 -0.3 3.1 -24.2 -4.0 13.5 4.6 -53.9 173.2 98.8 12.4 -50.7 175.7 56.6 6.3 -0.2 175.5 84.1 -4.0 26.8 199.0 151.2 18.0 22.1 305.2 127.9 -12.0 3.7 39.6 92.5 -10.0 6.2 36.0 243.8 -12.0 75.2 415.2 140.5 -3.1 89.9 -44.1 116.6 2 3 4 5 6 Securities 153.8 194.0 -92.6 -104.9 -388.9 -392.1 -607.7 131.1 -375.8 -715.9 -124.1 6 7 8 9 10 Open market paper U.S. savings bonds Other Treasury securities Agency securities 15.6 14.7 8.6 -37.6 1.2 8.0 148.8 139.9 1.3 5.1 -59.0 13.2 4.0 2.0 -75.7 86.4 7.0 -0.5 -209.1 27.9 4.2 0.1 -64.6 -37.2 4.0 -2.7 -171.5 -185.8 4.0 -0.5 209.6 7.6 4.0 0.9 -51.4 107.7 4.8 2.9 -245.1 -78.5 4.7 -1.6 -229.8 128.8 7 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares -31.3 36.3 -57.5 205.1 -50.2 38.7 -159.8 67.4 -42.9 87.0 -192.0 94.7 -23.6 12.6 -291.5 180.8 25.9 22.6 -521.8 259.0 31.4 -61.9 -527.1 263.1 49.2 50.1 -639.4 288.3 34.6 23.3 -517.3 369.8 30.8 -187.8 -449.0 169.1 10.9 -133.4 -502.7 225.1 7.6 217.6 -436.6 185.3 11 12 13 14 35.7 73.9 100.6 94.2 34.3 81.0 82.0 98.0 44.8 61.0 90.8 78.4 43.8 43.9 87.5 113.6 52.6 98.3 89.0 122.1 52.0 91.3 96.6 94.8 48.5 106.0 87.9 69.0 50.7 76.0 93.6 98.8 51.7 89.5 90.3 99.0 57.1 93.6 114.7 112.3 54.0 106.1 88.9 85.9 15 16 17 18 15 16 17 18 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves 19 20 Investment in bank personal trusts Miscellaneous assets 0.9 46.1 17.8 50.3 4.0 106.4 -8.6 123.3 75.0 145.7 55.7 152.1 50.3 178.3 57.5 157.9 47.8 139.8 67.1 132.4 64.1 18.7 19 20 21 22 23 24 25 Gross investment in tangible assets Residential structures Other fixed assets (3) Consumer durables Inventories (3) 891.6 218.4 147.8 530.2 -4.9 986.7 249.1 144.8 579.6 13.3 1017.2 244.9 168.6 611.0 -7.3 1085.0 269.0 163.9 643.3 8.8 1128.3 278.0 169.8 673.1 7.5 1229.6 314.6 181.1 724.7 9.3 1177.7 295.8 167.2 705.1 9.5 1223.7 309.9 184.5 720.1 9.3 1220.3 318.0 173.3 718.9 10.2 1297.0 335.0 199.2 754.5 8.3 1343.6 350.9 215.9 771.2 5.5 21 22 23 24 25 26 27 28 29 Consumption of fixed capital Residential structures Other fixed assets (3) Consumer durables 637.5 79.7 127.5 430.3 687.3 87.3 143.8 456.3 706.7 90.4 141.5 474.7 729.0 93.2 147.8 487.9 756.0 98.7 153.5 503.8 788.0 103.2 157.7 527.0 776.2 101.6 156.2 518.5 782.9 102.6 156.7 523.6 792.0 103.8 158.4 529.8 800.9 105.0 159.7 536.2 809.4 106.2 161.1 542.1 26 27 28 29 30 Net investment in tangible assets (4) 31 32 33 34 35 Residential structures Other fixed assets (3) Consumer durables Inventories (3) Net increase in liabilities 254.0 299.4 310.5 356.0 372.3 441.6 401.5 440.8 428.3 496.1 534.2 30 138.7 20.3 99.9 -4.9 161.8 1.0 123.3 13.3 154.5 27.1 136.3 -7.3 175.8 16.0 155.4 8.8 179.3 16.3 169.2 7.5 211.4 23.3 197.6 9.3 194.3 11.0 186.6 9.5 207.3 27.8 196.5 9.3 214.2 14.9 189.1 10.2 230.0 39.5 218.3 8.3 244.7 54.9 229.1 5.5 31 32 33 34 250.7 327.4 407.8 480.4 467.6 614.7 583.4 623.4 551.7 700.4 693.1 35 36 37 38 39 40 41 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) 159.3 -27.2 60.7 5.6 22.6 29.6 182.5 -27.0 124.9 7.8 -1.1 40.2 178.8 -4.9 138.9 10.5 3.5 80.9 242.1 59.7 88.8 4.5 15.8 69.5 234.9 53.1 52.5 3.2 36.8 87.2 366.7 79.3 67.6 0.1 23.8 77.2 370.3 75.4 58.5 0.8 36.6 41.8 309.3 74.6 66.3 3.8 47.4 122.0 344.1 67.3 81.7 2.0 -4.8 61.5 443.0 99.8 64.1 -6.2 16.2 83.5 419.3 90.0 126.2 1.4 13.6 42.6 36 37 38 39 40 41 42 Personal saving (FOF measure) (5) 457.1 517.5 418.3 368.2 364.1 350.2 223.6 606.8 294.9 275.8 293.9 42 43 44 45 - Govt. insurance and pension reserves - Net investment in consumer durables - Net saving by farm corporations 94.2 99.9 0.1 98.0 123.3 -0.6 78.4 136.3 -0.7 113.6 155.4 -0.8 122.1 169.2 -0.7 94.8 197.6 -0.6 69.0 186.6 -0.7 98.8 196.5 -0.7 99.0 189.1 -0.6 112.3 218.3 -0.6 85.9 229.1 -0.7 43 44 45 46 = Personal saving (NIPA concept, FOF data) 263.0 296.8 204.4 100.1 73.5 58.4 -31.4 312.2 7.4 -54.3 -20.4 46 47 Personal saving (NIPA measure) 210.3 176.8 179.6 158.6 121.1 27.7 73.0 25.6 12.5 -0.6 -35.0 47 48 Difference (6) 52.6 120.1 24.7 -58.5 -47.6 30.7 -104.4 286.6 -5.1 -53.7 14.6 48 49 Memo: Disposable personal income 4791.1 5018.9 5276.9 5534.8 5795.2 6028.1 5937.0 5989.0 6052.4 6133.1 6214.8 49 50 51 52 53 Personal saving as a percentage of disposable personal income: FOF measure (line 42) 9.5 NIPA concept, FOF data (line 46) 5.5 NIPA measure (line 47) 4.4 Difference (line 48) 1.1 10.3 5.9 3.5 2.4 7.9 3.9 3.4 0.5 6.7 1.8 2.9 -1.1 6.3 1.3 2.1 -0.8 5.8 1.0 0.5 0.5 3.8 -0.5 1.2 -1.8 10.1 5.2 0.4 4.8 4.9 0.1 0.2 -0.1 4.5 -0.9 -0.0 -0.9 4.7 -0.3 -0.6 0.2 50 51 52 53 (1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business. (2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19). (3) Includes corporate farms. (4) Line 21 less line 26. (5) Line 1 plus line 30 less line 35. (6) Household sector discrepancy with sign reversed. 16 Z.1, June 11, 1999 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 Personal income - Personal taxes and nontaxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 10 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 5481.1 690.0 4791.1 4580.8 210.3 5757.9 739.1 5018.9 4842.1 176.8 6072.0 795.0 5276.9 5097.3 179.6 6425.4 890.5 5534.8 5376.3 158.6 6784.1 989.0 5795.2 5674.1 121.1 7126.3 1098.2 6028.1 6000.4 27.7 7003.9 1066.9 5937.0 5864.0 73.0 7081.9 1092.9 5989.0 5963.4 25.6 7160.8 1108.4 6052.4 6039.9 12.5 7257.9 1124.8 6133.1 6133.7 -0.6 7350.7 1135.9 6214.8 6249.8 -35.0 1 2 3 4 5 + Government insurance and pension reserves + Net investment in consumer durables + Consumption of fixed capital = Gross saving 94.2 99.9 530.8 935.3 98.0 123.3 565.6 963.6 78.4 136.3 588.2 982.6 113.6 155.4 605.0 1032.5 122.1 169.2 627.6 1040.0 94.8 197.6 656.5 976.7 69.0 186.6 645.9 974.5 98.8 196.5 652.3 973.2 99.0 189.1 660.0 960.6 112.3 218.3 667.9 998.0 85.9 229.1 675.3 955.3 6 7 8 9 Gross investment 987.9 1083.7 1007.3 974.0 992.4 1007.4 870.1 1259.8 955.5 944.3 969.9 10 11 12 13 14 Capital expenditures Residential construction Consumer durable goods Nonprofit plant and equipment 784.2 218.4 530.2 35.6 860.5 249.1 579.6 31.9 889.8 244.9 611.0 33.8 949.7 269.0 643.3 37.4 994.6 278.0 673.1 43.6 1085.6 314.6 724.7 46.4 1046.7 295.8 705.1 45.7 1076.4 309.9 720.1 46.4 1083.0 318.0 718.9 46.1 1136.8 335.0 754.5 47.3 1169.9 350.9 771.2 47.8 11 12 13 14 15 Net financial investment 203.7 223.2 117.6 24.3 -2.2 -78.3 -176.6 183.5 -127.5 -192.5 -200.0 15 16 Net acquisition of financial assets 445.8 543.0 480.0 392.9 369.3 420.8 296.3 693.5 307.0 386.2 379.2 16 17 18 19 20 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -1.1 46.7 -113.0 -0.6 3.1 -29.8 -12.2 13.4 4.6 -58.7 164.5 97.9 12.4 -59.1 165.0 56.1 6.3 -5.5 170.2 82.9 -4.0 19.9 193.9 149.8 18.0 16.6 300.4 126.5 -12.0 -3.9 33.6 91.1 -10.0 -1.3 30.0 242.4 -12.0 68.1 411.6 139.1 -3.1 82.8 -49.7 115.2 17 18 19 20 21 Credit market instruments -2.3 274.9 -3.7 3.8 -128.2 -130.5 -253.2 295.2 -138.0 -426.0 123.0 21 15.6 -14.6 22.9 14.7 8.3 -37.6 -31.3 36.3 -8.3 1.2 296.0 156.1 8.0 148.1 139.9 -50.2 38.7 -10.8 1.3 -42.3 -55.5 5.1 -60.6 13.2 -42.9 87.0 -6.8 4.0 13.8 -72.5 2.0 -74.5 86.4 -23.6 12.6 -3.0 7.0 -180.8 -208.8 -0.5 -208.3 27.9 25.9 22.6 -2.8 4.2 -101.1 -63.9 0.1 -64.0 -37.2 31.4 -61.9 -3.0 4.0 -359.4 -173.6 -2.7 -170.9 -185.8 49.2 50.1 2.9 4.0 217.3 209.7 -0.5 210.2 7.6 34.6 23.3 16.0 4.0 57.8 -49.9 0.9 -50.8 107.7 30.8 -187.8 -42.7 4.8 -320.1 -241.6 2.9 -244.5 -78.5 10.9 -133.4 11.7 4.7 -102.0 -230.8 -1.6 -229.2 128.8 7.6 217.6 -4.8 22 23 24 25 26 27 28 29 30 -57.5 205.1 26.0 37.1 267.4 0.9 24.2 13.1 -159.8 67.4 6.7 35.5 259.6 17.8 53.6 12.8 -192.0 94.7 18.6 45.8 229.2 4.0 60.3 14.8 -291.5 180.8 35.3 44.5 244.3 -8.6 0.1 9.7 -521.8 259.0 52.6 54.3 307.6 75.0 6.7 10.3 -527.1 263.1 64.1 53.3 281.4 55.7 -13.9 15.3 -639.4 288.3 71.7 49.3 262.2 50.3 -6.3 11.9 -517.3 369.8 61.6 53.3 265.8 57.5 -5.4 4.2 -449.0 169.1 130.4 51.7 278.8 47.8 -59.9 15.0 -502.7 225.1 -7.5 59.0 318.7 67.1 15.8 29.9 -436.6 185.3 -69.6 54.7 280.2 64.1 19.0 14.0 31 32 33 34 35 36 37 38 242.1 319.7 362.5 368.6 371.5 499.0 472.9 510.1 434.5 578.7 579.2 39 211.6 316.1 349.0 346.0 326.6 472.7 440.6 453.1 436.0 561.2 556.3 40 125.0 60.7 1.4 9.8 7.1 7.7 174.5 124.9 3.6 13.4 7.1 -7.4 176.2 138.9 0.7 14.8 26.6 -8.3 238.7 88.8 6.6 -7.8 12.4 7.3 229.5 52.5 10.0 8.2 18.1 8.3 359.6 67.6 12.0 6.7 13.3 13.5 363.9 58.5 17.2 -22.7 11.9 11.8 302.4 66.3 15.0 47.9 15.5 6.0 336.9 81.7 5.0 -13.0 15.1 10.4 435.3 64.1 10.7 14.7 10.7 25.7 411.1 126.2 1.6 -29.6 29.5 17.5 41 42 43 44 45 46 22.6 7.4 -1.1 4.2 3.5 9.3 15.8 6.0 36.8 7.9 23.8 3.9 36.6 -4.2 47.4 8.4 -4.8 5.3 16.2 6.0 13.6 8.3 47 48 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Open market paper U.S. government securities Treasury Savings bonds Other Agency Municipal securities Corporate and foreign bonds Mortgages Corporate equities (3) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages Consumer credit Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy 0.5 0.5 0.7 0.8 0.3 -1.4 -0.1 1.1 -2.1 -4.6 1.1 49 -52.6 -120.1 -24.7 58.5 47.6 -30.7 104.4 -286.6 5.1 53.7 -14.6 50 Memo: Net physical investment: 51 52 53 54 55 (A) Residential construction expenditures - Consumption of fixed capital = Net investment - Home mortgages = Excess net investment 218.4 79.7 138.7 125.0 13.7 249.1 87.3 161.8 174.5 -12.7 244.9 90.4 154.5 176.2 -21.7 269.0 93.2 175.8 238.7 -63.0 278.0 98.7 179.3 229.5 -50.2 314.6 103.2 211.4 359.6 -148.3 295.8 101.6 194.3 363.9 -169.7 309.9 102.6 207.3 302.4 -95.1 318.0 103.8 214.2 336.9 -122.7 335.0 105.0 230.0 435.3 -205.4 350.9 106.2 244.7 411.1 -166.4 51 52 53 54 55 56 57 58 59 60 (B) Consumer durable goods expenditures - Consumption of fixed capital = Net investment - Consumer credit = Excess net investment 530.2 430.3 99.9 60.7 39.2 579.6 456.3 123.3 124.9 -1.6 611.0 474.7 136.3 138.9 -2.6 643.3 487.9 155.4 88.8 66.6 673.1 503.8 169.2 52.5 116.7 724.7 527.0 197.6 67.6 130.0 705.1 518.5 186.6 58.5 128.1 720.1 523.6 196.5 66.3 130.1 718.9 529.8 189.1 81.7 107.4 754.5 536.2 218.3 64.1 154.3 771.2 542.1 229.1 126.2 102.8 56 57 58 59 60 (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.9 for derivation of alternative measures of personal saving. (3) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36). 17 Z.1, June 11, 1999 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1 Income before taxes 813.8 924.1 997.8 1075.0 1133.8 1144.4 1125.6 1141.9 1153.2 1156.8 1180.2 1 2 Gross saving 591.6 671.2 721.6 754.1 794.7 823.0 820.1 816.7 824.9 830.8 849.9 2 3 Gross investment 675.8 676.2 728.7 736.9 756.0 818.7 823.3 779.3 834.8 837.5 820.0 3 552.3 639.6 695.7 739.8 804.8 851.4 862.6 833.4 836.6 872.8 891.6 4 531.7 28.0 503.7 578.4 29.7 548.7 657.4 37.1 620.3 704.2 38.4 665.8 730.3 38.6 691.7 789.7 43.5 746.2 765.2 41.2 724.0 794.3 42.8 751.5 772.6 44.3 728.4 826.5 45.6 780.9 849.4 47.5 801.9 5 6 7 20.5 0.0 61.2 0 30.7 7.6 32.1 3.5 67.4 7.1 59.3 2.4 95.5 1.9 39.2 -0.1 57.0 7.0 45.6 0.7 39.8 2.4 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential construction Plant and equipment 8 9 Change in inventories Access rights from federal government 10 123.5 36.6 32.9 -2.9 -48.8 -32.7 -39.3 -54.1 -1.9 -35.4 -71.6 10 11 Net acquisition of financial assets 367.1 352.2 514.8 495.6 381.7 450.3 593.0 277.4 435.5 495.2 555.9 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -1.4 23.4 28.8 -2.3 -2.6 1.1 24.1 1.6 7.5 -0.3 1.6 36.1 -15.8 25.7 0.3 10.5 45.3 11.4 10.4 1.5 -6.3 3.3 11.4 25.1 0.6 1.0 22.1 0.8 46.5 -1.1 10.8 41.1 16.1 47.9 -4.0 -17.6 46.0 -28.6 21.8 -5.0 -5.8 17.3 51.7 44.2 2.0 16.6 -16.0 -36.1 72.2 2.7 8.7 -3.0 -16.2 26.8 4.5 12 13 14 15 16 17 Credit market instruments 8.0 18.3 -4.1 -0.1 2.2 -7.3 4.2 -61.0 17.4 10.3 31.2 17 2.4 -1.0 8.9 -9.2 6.9 -0.6 3.5 2.0 4.0 9.4 1.3 11.4 -19.9 4.7 -1.6 11.4 8.3 -5.8 -6.7 -7.3 3.8 -6.6 7.6 -3.7 1.2 -9.8 3.5 6.5 -3.4 -4.1 -11.0 -39.4 15.9 -3.4 42.0 -17.7 -8.7 4.6 -3.4 -35.9 0.6 20.1 1.8 -3.4 -1.6 -11.4 42.1 3.7 -3.4 -20.7 11.5 -24.1 6.7 -3.4 40.5 18 19 20 21 22 6.8 49.9 256.4 2.1 85.9 212.0 4.6 90.3 376.2 3.3 104.3 309.1 -8.2 53.3 300.3 7.3 24.2 356.7 7.3 -13.2 482.8 7.3 54.7 259.9 7.3 90.8 210.6 7.3 -35.5 473.6 8.0 100.1 395.7 23 24 25 243.6 315.5 481.9 498.5 430.4 483.0 632.3 331.6 437.4 530.6 627.4 26 52.7 150.0 258.1 208.9 316.8 436.7 401.2 448.5 471.4 425.5 498.1 27 10.0 6.6 75.2 21.4 6.8 23.3 18.1 3.1 73.3 -0.9 3.1 72.5 13.7 4.2 90.7 24.4 5.8 132.2 51.1 10.4 157.2 3.8 6.0 160.8 85.6 5.9 87.1 -43.0 0.8 123.8 64.4 -0.3 155.0 28 29 30 -3.3 -25.4 -10.3 61.8 26.8 9.9 86.3 40.2 37.1 69.9 23.6 40.8 98.4 49.4 60.5 102.7 60.3 111.3 24.2 67.3 91.1 146.3 19.4 112.3 140.5 58.5 93.9 99.8 96.0 148.0 67.7 88.9 122.4 31 32 33 21.3 34.9 6.1 111.5 -44.9 85.8 0.4 58.0 -58.3 88.1 1.3 146.9 -69.5 71.5 11.1 288.2 -114.4 75.7 11.3 152.3 -267.0 -7.7 7.7 333.6 -139.2 72.4 4.8 321.9 -129.1 -57.9 -6.5 89.9 -308.4 39.2 31.5 233.7 -491.3 -84.7 0.9 688.9 -46.1 61.3 7.1 99.3 34 35 36 37 17.1 66.3 45.8 -11.8 -11.2 -20.2 -28.8 -13.3 -30.1 -8.8 7.7 38 -84.2 -5.0 -7.1 17.1 38.7 4.3 -3.2 37.4 -9.9 -6.7 29.8 39 18 19 20 21 22 23 24 25 26 27 Net financial investment Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 28 29 30 Commercial paper Municipal securities Corporate bonds 31 32 33 Bank loans n.e.c. Other loans and advances Mortgages 34 35 36 37 38 39 Corporate equities Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment Discrepancy (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 18 Z.1, June 11, 1999 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1 2 3 4 5 6 7 8 Profits before tax (book) - Profit tax accruals - Dividends + Consumption of fixed capital = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) = Total internal funds + IVA 307.4 104.5 147.0 384.4 440.3 53.1 -8.6 484.8 391.9 128.3 157.6 418.6 524.5 41.6 -16.0 550.0 440.9 136.3 178.3 441.5 567.9 58.6 -22.6 603.9 472.4 151.0 215.9 467.3 572.8 59.3 -1.2 630.9 504.6 169.2 228.0 494.2 601.6 58.7 6.9 667.1 486.9 159.9 248.2 528.4 607.2 70.5 14.5 692.2 483.3 159.2 236.0 515.2 603.3 61.8 25.3 690.4 490.8 161.6 253.0 523.6 599.9 79.1 7.8 686.8 496.4 163.3 246.0 532.7 619.8 62.0 11.7 693.5 477.3 155.6 258.0 542.3 605.9 79.1 13.4 698.4 495.9 162.2 261.6 551.3 623.5 82.6 10.4 716.5 1 2 3 4 5 6 7 8 9 Gross investment 569.0 555.1 610.9 613.8 628.4 687.9 693.6 649.4 703.4 705.1 686.6 9 10 11 12 13 Capital expenditures Fixed investment (1) Inventory change + IVA Access rights from federal government 444.9 419.5 25.4 0.0 513.4 465.4 48.0 0 568.3 522.6 38.1 7.6 604.5 577.8 23.3 3.5 671.1 604.1 59.9 7.1 707.4 655.0 50.0 2.4 731.6 643.7 86.0 1.9 686.0 656.2 29.9 -0.1 699.3 645.5 46.8 7.0 712.6 674.6 37.3 0.7 718.0 681.3 34.3 2.4 10 11 12 13 14 Net financial investment 124.1 41.7 42.7 9.2 -42.8 -19.5 -38.0 -36.7 4.1 -7.5 -31.3 14 15 Net acquisition of financial assets 342.0 283.3 433.5 407.7 302.9 367.9 512.6 194.9 354.3 410.1 474.5 15 16 17 18 19 20 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -1.4 13.6 22.3 -2.5 -2.6 1.1 18.5 -6.6 7.4 -0.3 1.6 31.3 -24.5 24.8 0.3 10.5 36.8 0.7 9.9 1.5 -6.3 -2.0 6.2 23.9 0.6 1.0 15.2 -4.3 45.1 -1.1 10.8 35.6 11.3 46.5 -4.0 -17.6 38.5 -34.6 20.4 -5.0 -5.8 9.8 45.7 42.8 2.0 16.6 -23.1 -39.7 70.8 2.7 8.7 -10.1 -21.8 25.4 4.5 16 17 18 19 20 21 22 23 24 25 26 27 Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 2.4 -1.3 8.9 -7.8 6.9 50.7 6.8 -0.6 2.8 2.0 4.1 9.4 71.9 2.1 1.3 9.8 -19.9 1.6 -1.6 78.0 4.6 11.4 9.5 -5.8 -3.6 -7.3 88.1 3.3 3.8 -5.8 7.6 -4.0 1.2 36.6 -8.2 -9.8 4.1 6.5 -4.0 -4.1 8.2 7.3 -11.0 -38.8 15.9 -4.0 42.0 -29.0 7.3 -17.7 -8.1 4.6 -4.0 -35.9 37.9 7.3 0.6 20.7 1.8 -4.0 -1.6 75.8 7.3 -11.4 42.7 3.7 -4.0 -20.7 -52.1 7.3 11.5 -23.5 6.7 -4.0 40.5 84.3 8.0 21 22 23 24 25 26 27 28 29 30 31 32 33 Miscellaneous assets U.S. direct investment abroad (2) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 245.9 51.9 6.6 0.0 0.6 186.7 171.6 73.6 5.7 0.1 3.1 89.2 326.2 88.2 8.2 -0.2 4.6 225.3 252.7 71.5 2.6 -0.2 4.6 174.3 249.5 101.1 1.9 -1.1 2.2 145.5 303.9 113.0 6.9 -0.7 -1.4 186.1 429.9 123.6 6.3 0.3 -0.1 299.9 209.0 141.2 1.8 -0.5 -9.1 75.6 159.3 81.4 5.3 -2.6 -3.5 78.7 417.2 105.8 14.2 -0.0 7.0 290.2 344.3 70.5 10.8 0.2 5.6 257.2 28 29 30 31 32 33 217.9 241.6 390.8 398.5 345.6 387.5 550.6 231.6 350.2 417.6 505.8 34 68.2 21.3 46.9 10.0 6.6 75.2 -10.8 97.5 -44.9 142.4 21.4 6.8 23.3 42.7 166.3 -58.3 224.6 18.1 3.1 73.3 66.8 50.9 -69.5 120.4 -0.9 3.1 72.5 39.4 118.8 -114.4 233.2 13.7 4.2 90.7 68.7 64.6 -267.0 331.6 24.4 5.8 132.2 83.0 157.6 -139.2 296.8 51.1 10.4 157.2 5.4 216.4 -129.1 345.6 3.8 6.0 160.8 124.7 59.8 -308.4 368.1 85.6 5.9 87.1 120.4 -175.4 -491.3 315.9 -43.0 0.8 123.8 81.3 344.8 -46.1 390.9 64.4 -0.3 155.0 47.9 35 36 37 38 39 40 41 34 35 36 37 38 39 40 41 Net increase in liabilities Net funds raised in markets Net new equity issues Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (2) Bank loans n.e.c. 42 43 44 45 46 47 48 49 Other loans and advances Savings institutions Finance companies U.S. government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages -24.2 -0.8 -14.3 0.2 -3.3 -15.8 9.7 -9.8 26.7 -0.3 23.3 -0.1 -2.1 1.6 4.3 21.4 32.3 1.2 24.0 1.9 -0.8 0.0 5.9 31.1 21.3 1.5 7.1 -1.3 -0.7 6.7 8.1 -15.1 45.6 1.6 8.1 -0.3 -2.6 14.4 24.4 10.3 47.8 2.7 26.1 -0.1 -4.3 -0.5 23.8 38.5 51.6 1.9 24.0 0.3 -8.4 11.5 22.3 21.2 13.5 0.8 34.9 -0.4 -7.0 -14.3 -0.5 36.8 39.5 3.7 24.5 -0.4 0.5 -4.8 16.0 29.7 86.6 4.2 21.1 0.2 -2.1 5.7 57.5 66.3 82.2 2.4 46.9 -0.5 -4.5 17.5 20.3 41.7 42 43 44 45 46 47 48 49 50 51 52 53 54 55 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 36.4 5.4 107.9 17.9 3.0 87.0 77.3 -0.4 67.3 43.7 0.1 23.4 81.0 -0.0 143.6 53.5 3.7 86.5 49.5 9.6 288.5 64.0 3.8 220.7 63.5 9.3 154.1 98.8 3.8 51.5 -18.0 5.2 335.7 164.7 3.8 167.2 63.9 2.3 326.8 119.3 3.8 203.7 -67.4 -9.0 91.5 30.3 3.8 57.4 26.9 29.0 234.5 32.7 3.8 198.0 -95.5 -1.6 690.1 476.6 3.8 209.7 57.5 4.6 98.9 89.7 3.8 5.4 50 51 52 53 54 55 -84.2 -5.0 -7.1 17.1 38.7 4.3 -3.2 37.4 -9.9 -6.7 29.8 56 14.2 13.1 -5.3 4.9 -3.0 23.0 38.6 33.0 -26.8 62.7 26.2 85.7 -92.9 103.0 105.3 78.4 48.9 67.8 43.5 93.3 26.8 84.1 57 58 103.0 10.3 145.4 100.9 26.9 68.5 104.1 38.0 74.0 105.8 19.9 42.3 110.4 35.1 50.9 114.1 47.9 19.5 117.1 42.0 53.1 113.1 51.0 62.6 110.9 53.5 16.2 115.4 45.2 -55.5 113.5 55.3 88.2 59 60 61 56 Discrepancy 57 58 Memo: Trade receivables net of trade payables Financing gap (4) 59 60 61 Analytical measures (percent) Capital outlays (5)/U.S. internal funds Credit market borrowing/capital outlays (5) Net funds raised/credit market borrowing (1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 9 and 15, respectively. (2) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Capital expenditures (line 10) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). (5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7). 19 Z.1, June 11, 1999 F.103 Nonfarm Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 Net income with IVA and CCAdj Gross saving = capital consumption 3 Gross investment 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 473.9 86.1 495.3 100.9 534.5 96.7 563.7 101.4 593.8 105.1 628.7 107.1 614.9 106.4 623.4 106.4 631.6 107.5 644.8 108.2 658.8 109.0 1 2 86.1 100.9 96.7 101.4 105.1 107.1 106.4 106.4 107.5 108.2 109.0 3 4 5 6 Capital expenditures Fixed investment (1) Change in inventories 94.8 93.5 1.3 94.6 92.1 2.5 114.4 112.4 2.0 103.9 102.6 1.2 103.9 100.7 3.2 110.7 108.0 2.6 98.5 93.9 4.5 111.7 110.2 1.6 102.9 100.4 2.5 129.5 127.5 2.0 143.2 141.4 1.8 4 5 6 7 Net financial investment -8.8 6.2 -17.6 -2.5 1.2 -3.6 7.9 -5.4 4.6 -21.3 -34.2 7 8 Net acquisition of financial assets 21.5 67.1 79.0 88.0 78.2 80.5 78.5 81.5 79.6 82.3 79.0 8 9 10 11 12 13 14 15 16 17 18 19 Checkable deposits and currency Time and savings deposits Money market mutual funds Treasury securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (2) Other 7.6 6.5 0.3 0.3 -1.5 0 -0.8 9.0 0.8 0.2 8.0 5.1 8.2 0.1 0.7 -0.1 0 14.0 39.1 1.4 0.2 37.5 4.3 8.7 0.9 1.6 3.1 0 12.3 48.1 2.0 0.0 46.1 8.5 10.7 0.6 -1.2 -3.2 0 16.2 56.4 0.6 0.7 55.1 5.1 5.3 1.2 -0.8 0.3 0 16.7 50.4 0.5 0 49.9 6.8 5.1 1.4 -0.6 0.6 0 16.1 51.1 1.7 -0.1 49.6 5.4 4.8 1.4 -0.6 0.6 0 15.8 51.1 1.5 -0.2 49.8 7.4 6.0 1.4 -0.6 0.6 0 16.8 49.9 0.4 0.7 48.8 7.4 6.0 1.4 -0.6 0.6 0 15.0 49.8 1.3 -0.3 48.8 7.0 3.6 1.4 -0.6 0.6 0 16.6 53.7 3.4 -0.5 50.8 7.0 5.6 1.4 -0.6 0.6 0 15.8 49.2 2.2 0.2 46.8 9 10 11 12 13 14 15 16 17 18 19 30.2 60.9 96.6 90.5 77.0 84.1 70.6 86.9 74.9 103.7 113.2 20 3.2 5.3 -0.6 -1.5 -2.5 0.7 3.6 25.2 3.3 17.2 -0.1 -13.8 7.5 0.8 -9.3 58.6 30.6 18.5 7.6 4.5 6.2 1.3 3.4 55.2 83.8 29.8 0.7 53.2 20.8 1.6 -0.3 -15.3 77.4 26.2 4.2 47.0 10.8 1.9 -1.8 -11.5 98.4 18.5 12.3 67.6 9.5 2.5 -2.2 -24.1 97.2 16.5 14.1 66.6 9.9 2.5 -4.9 -34.1 95.9 18.5 7.8 69.6 8.7 2.5 -1.6 -18.5 97.3 18.5 19.2 59.6 9.7 2.5 -0.9 -33.7 103.1 20.5 8.0 74.6 9.7 2.5 -1.2 -10.4 101.7 20.5 3.6 77.6 6.7 2.5 0.4 2.0 21 22 23 24 25 26 27 28 20 21 22 23 24 25 26 27 28 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment (1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 10 and 16, respectively. (2) Equity in the Farm Credit System. F.104 Farm Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Proprietors’ net income with IVA and CCAdj Net saving (corporate) Consumption of fixed capital Corporate Noncorporate 32.4 0.1 20.6 2.0 18.6 36.9 -0.6 20.8 2.4 18.4 22.4 -0.7 21.7 2.3 19.4 38.9 -0.8 22.6 2.5 20.1 35.5 -0.7 23.3 2.8 20.5 28.8 -0.6 24.4 2.9 21.5 27.4 -0.7 24.0 2.9 21.1 27.7 -0.7 24.2 2.9 21.3 25.2 -0.6 24.5 2.9 21.6 34.7 -0.6 24.8 3.0 21.8 25.5 -0.7 25.1 3.0 22.1 1 2 3 4 5 6 Gross saving 20.7 20.3 21.0 21.8 22.6 23.7 23.3 23.6 23.9 24.2 24.4 6 7 Gross investment 20.7 20.3 21.0 21.8 22.6 23.7 23.3 23.6 23.9 24.2 24.4 7 12.5 18.7 -6.2 31.6 20.8 10.8 13.1 22.5 -9.4 31.4 23.8 7.6 29.8 25.4 4.3 33.3 26.7 6.7 32.5 27.5 5.0 35.6 27.9 7.7 34.4 26.7 7.7 30.7 24.4 6.3 30.4 26.7 3.7 8 9 10 8.2 -11.3 7.9 -9.6 -7.2 -9.6 -9.2 -12.1 -10.6 -6.5 -6.0 11 8 9 10 Capital expenditures Fixed investment (2) Change in inventories 11 Net financial investment 12 Net acquisition of financial assets 3.6 1.8 2.3 -0.1 0.6 1.8 1.9 1.0 1.6 2.8 2.3 12 13 14 15 16 Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 2.1 1.5 1.4 0.1 0.4 1.3 1.3 0.0 0.5 1.8 1.9 -0.1 0 -0.1 0.6 -0.6 0.2 0.4 0.4 0 0.1 1.7 1.6 0.1 0.1 1.8 1.4 0.3 0.1 0.9 0.4 0.5 0.1 1.5 1.2 0.3 0.1 2.7 3.3 -0.6 0.1 2.3 2.5 -0.2 13 14 15 16 -4.6 13.1 -5.5 9.6 7.8 11.4 11.1 13.1 12.2 9.3 8.3 17 2.6 2.1 -0.6 1.0 1.0 -8.1 4.4 1.9 0.2 2.2 1.0 7.7 2.9 1.1 0.3 1.6 1.0 -9.4 4.8 0.6 1.6 2.6 1.3 3.5 6.2 3.5 -0.5 3.2 1.4 0.2 6.7 1.2 0.3 5.2 0.8 3.9 7.2 2.3 1.6 3.3 -1.4 5.3 7.1 3.1 -1.8 5.9 0.8 5.2 6.0 1.6 -0.1 4.5 2.6 3.6 6.6 -2.1 1.5 7.2 1.1 1.6 5.5 -0.7 3.1 3.1 -2.9 5.7 18 19 20 21 22 23 17 18 19 20 21 22 23 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Proprietors’ net investment (1) Corporate and noncorporate farms. (2) Nonresidential plant and equipment, shown on table F.6, line 11. (3) Equity in the Farm Credit System. 20 Z.1, June 11, 1999 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 894.5 949.1 997.8 1045.2 1094.3 1148.0 1123.3 1133.7 1152.3 1183.1 1192.3 1 2 3 4 Tax receipts Social insurance receipts Grants-in-aid received 639.9 68.8 185.8 676.5 73.4 199.2 709.3 76.5 212.0 748.6 77.8 218.9 789.3 79.9 225.0 834.9 82.1 231.0 813.5 81.1 228.7 825.1 81.7 226.9 838.5 82.4 231.4 862.5 83.2 237.4 867.0 84.2 241.1 2 3 4 5 Expenditures, NIPA basis 807.0 852.4 886.0 922.6 960.2 997.7 983.0 992.5 1003.5 1012.7 1024.3 5 6 7 Consumption expenditures Net interest and transfers 631.6 175.4 663.9 188.5 695.2 190.8 724.7 197.9 758.8 201.4 789.0 208.7 776.7 206.3 784.7 207.8 793.8 209.7 801.2 211.5 810.7 213.6 6 7 Surplus, NIPA basis 87.5 96.7 111.8 122.6 134.1 150.3 140.3 141.2 148.8 170.4 168.0 8 9 10 + Consumption of fixed capital - Pension fund reserves 65.5 55.7 69.4 59.0 73.2 56.6 77.1 57.9 81.1 80.0 85.0 52.3 83.5 45.2 84.3 56.6 85.4 52.0 86.6 55.3 87.5 58.6 9 10 11 = Gross saving 97.2 107.1 128.4 141.8 135.1 182.9 178.6 168.9 182.2 201.7 196.9 11 12 Gross investment 115.8 125.8 169.9 180.5 143.2 213.2 208.5 211.3 212.1 221.0 195.1 12 152.1 162.1 175.6 177.4 176.6 175.7 179.0 178.3 190.2 13 8 Receipts, NIPA basis 1994 13 Fixed investment 133.4 138.9 14 Net financial investment -17.6 -13.1 17.8 18.4 -32.4 35.8 31.9 35.6 33.1 42.7 4.9 14 49.4 -57.6 -31.7 13.8 25.4 116.9 126.1 114.7 107.9 119.0 74.4 15 1.5 6.1 3.6 -2.2 12.4 7.2 -4.4 19.3 34.5 2.6 13.8 -24.0 -7.7 9.4 16.0 0.6 7.0 2.2 -3.4 -6.3 32.0 16 17 18 15 Net acq. of financial assets 16 17 18 Checkable deposits and currency Time and savings deposits Security RPs 1.6 -4.9 10.7 3.2 6.3 -15.1 2.8 9.5 -3.0 -2.7 8.3 32.1 19 Credit market instruments 32.6 -55.0 -91.4 -33.7 0.1 99.5 12.8 160.1 136.0 89.0 36.2 19 20 21 22 23 Open market paper U.S. government securities Treasury Agency 3.7 29.7 29.6 0.1 4.4 -66.2 -77.8 11.6 17.1 -115.3 -80.2 -35.1 20.3 -68.1 -32.8 -35.3 14.3 -18.5 -17.7 -0.8 18.0 73.5 30.0 43.6 21.1 -16.8 4.0 -20.8 14.3 138.0 58.9 79.1 20.6 109.9 49.9 60.0 16.0 63.0 7.0 56.0 16.0 10.4 -1.6 12.0 20 21 22 23 24 25 26 Municipal securities Corporate and foreign bonds Mortgages -1.0 5.6 -5.4 -0.9 5.4 2.2 -3.5 7.1 3.3 -0.5 10.7 3.8 -0.7 1.3 3.7 -1.4 5.2 4.1 -1.6 6.0 4.1 -2.0 5.7 4.0 -1.0 2.3 4.2 -1.0 6.8 4.2 -1.6 7.2 4.2 24 25 26 1.5 6.5 1.3 7.8 12.1 5.9 14.5 6.0 16.0 -7.4 9.1 -7.3 8.1 -8.5 9.9 -10.3 16.6 -6.0 1.8 -4.5 14.1 -4.1 27 28 -3.2 4.6 -6.0 -0.1 -8.3 40.6 -5.3 -5.3 -0.2 5.6 1.5 -3.1 0.5 63.8 1.5 -38.8 2.2 -58.5 1.6 21.2 3.8 2.0 29 30 67.0 -44.5 -49.5 -4.6 57.8 81.1 94.2 79.1 74.8 76.3 69.5 31 27 28 Corporate equities Mutual fund shares 29 30 Taxes receivable Miscellaneous assets 31 Net increase in liabilities 32 Credit market instruments 66.2 -46.2 -51.5 -6.8 56.1 80.3 94.3 78.9 72.6 75.4 66.8 32 33 34 35 36 Municipal securities Short-term Other U.S. government loans 66.8 1.8 65.0 -0.6 -46.3 -2.2 -44.1 0.1 -51.9 1.2 -53.2 0.5 -7.2 6.3 -13.4 0.4 57.3 8.3 49.0 -1.2 79.1 -6.3 85.4 1.2 89.1 -2.9 92.1 5.1 79.1 -4.4 83.5 -0.3 72.7 -19.9 92.6 -0.1 75.5 2.2 73.3 -0.1 66.6 -12.8 79.4 0.3 33 34 35 36 0.9 1.8 2.0 2.2 1.8 0.8 -0.1 0.2 2.2 0.9 2.7 37 -18.6 -18.7 -41.6 -38.7 -8.1 -30.3 -30.0 -42.4 -29.9 -19.4 1.9 38 37 38 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.120. 21 Z.1, June 11, 1999 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 Receipts, NIPA basis Personal taxes Corporate profits tax accruals Indirect taxes Social insurance receipts 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1275.1 1374.7 1460.3 1584.7 1719.9 1844.0 1809.1 1838.3 1858.8 1870.5 1902.2 1 522.6 138.3 87.0 527.3 562.3 156.7 98.6 557.1 606.1 179.4 92.5 582.4 687.0 193.1 94.5 610.2 769.1 210.0 93.8 647.0 857.9 204.9 95.8 685.5 836.5 204.8 93.9 673.9 855.7 206.2 95.2 681.2 863.8 207.5 98.3 689.2 875.9 201.1 96.0 697.5 883.2 209.6 95.7 713.7 2 3 4 5 6 Expenditures, NIPA basis 1525.8 1561.4 1634.7 1695.0 1741.0 1771.2 1750.3 1763.8 1766.8 1804.6 1790.9 6 7 8 9 Consumption expenditures Transfers, grants, etc. Net interest 447.3 885.8 192.7 443.2 918.1 200.0 442.9 967.1 224.8 450.9 1015.8 228.4 460.4 1049.4 231.2 461.1 1084.2 226.0 450.9 1070.6 228.8 464.0 1071.5 228.3 458.7 1082.4 225.7 470.6 1112.6 221.4 472.0 1105.0 213.9 7 8 9 -250.7 -186.7 -174.4 -110.3 -21.1 72.8 58.8 74.5 92.0 65.9 111.3 10 67.9 38.5 69.5 38.9 70.7 21.8 70.7 55.7 70.6 42.0 69.8 42.5 69.9 23.8 69.5 42.3 69.6 47.0 70.0 57.0 69.5 27.4 11 12 10 Surplus, NIPA basis 11 12 + Consumption of fixed capital - Insurance and pension reserves 13 = Gross saving -221.2 -156.1 -125.6 -95.3 7.4 100.0 104.9 101.7 114.6 78.9 153.4 13 14 Gross investment -231.9 -192.4 -114.2 -137.0 -15.5 74.0 108.7 186.5 71.0 -70.3 218.3 14 71.1 -0.0 67.0 0 66.3 -7.6 67.6 -3.5 59.8 -7.1 59.6 -2.4 60.7 -1.9 56.8 0.1 60.8 -7.0 60.1 -0.7 64.9 -2.4 15 16 -303.0 -259.4 -172.9 -201.2 -68.1 16.8 49.9 129.6 17.2 -129.7 155.8 17 -4.2 -60.5 -4.1 -2.8 -4.1 -0.6 15.7 113.4 -80.2 -51.5 53.6 18 1.0 20.7 -0.1 -2.7 -21.7 -0.1 6.4 -0.0 0.3 -2.9 11.0 1.4 2.5 -0.5 1.0 6.7 -16.7 1.3 1.4 -7.0 -1.6 5.8 101.2 1.0 10.4 -118.8 1.3 9.0 -42.1 4.7 -10.9 35.0 -3.4 19 20 21 -18.4 -27.5 -0.2 -7.7 4.9 13.5 15.5 12.8 13.9 11.8 18.2 22 0 -15.4 -2.9 0 -14.0 -13.4 0 -13.2 13.0 0 -7.5 -0.2 0 -4.5 9.5 0 -0.9 14.3 0 -1.1 16.6 0 -1.2 14.0 0 -1.3 15.2 0 0.3 11.6 0 -0.8 19.0 23 24 25 -2.4 -1.3 -3.8 -3.8 -8.0 3.3 -1.6 -6.5 -2.5 0.9 0.9 -6.4 -3.2 -1.8 -6.9 -0.4 -1.9 -3.1 5.1 3.6 -1.3 1.1 -7.8 -0.6 9.8 7.3 -3.9 -17.6 -10.7 -6.6 11.5 5.0 -1.7 26 27 28 298.7 198.9 168.8 198.4 64.0 -17.4 -34.2 -16.1 -97.4 78.2 -102.2 29 0 0.4 0 0.7 2.2 0.6 -0.5 0.1 -0.5 -0.0 0 -0.0 0 0.3 0 0.2 0 1.7 0 -2.3 -4.0 0 30 31 256.1 155.9 144.4 145.0 23.1 -52.6 -30.0 -70.9 -136.5 26.9 -119.2 32 14.7 233.7 7.8 -0.0 8.0 147.7 0.2 0 5.1 137.9 1.5 0 2.0 144.6 -1.6 -0.0 -0.5 23.7 -0.1 -0.0 0.1 -54.7 2.0 0 -2.7 -24.9 -2.4 0 -0.5 -68.9 -1.4 0 0.9 -136.9 -0.4 0 2.9 11.8 12.2 0 -1.6 -116.1 -1.5 0 33 34 35 36 3.0 38.5 0.7 -0.4 38.9 3.9 -4.7 21.8 4.5 1.3 55.7 -3.2 -0.8 42.0 0.2 -2.2 42.5 -5.1 -4.5 23.8 -23.7 -2.2 42.3 14.4 2.2 47.0 -11.8 -4.1 57.0 0.7 2.8 27.4 -9.2 37 38 39 10.7 36.3 -11.4 41.7 22.9 26.0 -3.8 -84.7 43.5 149.2 -64.9 40 19.2 -26.7 -5.7 12.9 -2.2 -12.8 -1.1 60.4 -93.5 -17.0 28.3 41 15 16 Fixed investment Access rights sales 17 Net financial investment 18 Net acq. of financial assets 19 20 21 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 22 Credit market instruments 23 24 25 26 27 28 29 Agency securities Mortgages Other loans and advances Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities 30 31 SDR certificates Treasury currency 32 Credit market instruments 33 34 35 36 37 38 39 40 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance and pension reserves Miscellaneous liabilities Discrepancy Memo: 41 Change in cash balance (1) (1) Time and savings deposits (line 21) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7). 22 Z.1, June 11, 1999 F.107 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1 2 3 4 Foreign income from U.S. U.S. imports from abroad U.S. factor payments to foreign Net transfers to foreign 888.0 719.3 132.1 36.6 1017.6 812.0 168.3 37.3 1145.2 903.4 207.6 34.2 1228.5 965.0 223.1 40.4 1371.8 1058.8 273.5 39.5 1440.6 1110.2 289.6 40.8 1419.2 1097.1 285.1 37.0 1435.0 1108.9 289.3 36.8 1432.9 1101.7 292.1 39.1 1475.9 1133.0 291.9 51.0 1491.9 1161.2 292.9 37.8 1 2 3 4 5 6 7 8 Foreign outlays to U.S. U.S. exports to foreign U.S. factor receipts from foreign Net capital grants from foreign 809.4 658.6 150.8 0 897.7 721.2 176.5 0 1044.6 819.5 225.1 0 1109.3 873.8 235.5 0 1230.9 965.4 265.5 0 1228.1 959.0 269.1 0 1243.6 973.3 270.3 0 1220.2 949.6 270.6 0 1201.2 936.2 265.0 0 1247.5 976.8 270.7 0 1228.4 958.1 270.3 0 5 6 7 8 9 Gross saving (1) 78.6 119.9 100.6 119.2 140.9 212.5 175.6 214.8 231.7 228.4 263.5 9 Net financial investment 85.1 133.4 138.0 194.6 254.9 237.1 198.4 219.2 153.4 377.4 307.8 10 317.8 298.2 446.1 534.1 623.9 510.6 530.0 651.4 189.2 671.9 540.8 11 -0.5 45.6 18.7 6.8 16.9 -0.4 92.8 25.3 1.5 -12.0 -0.8 11.1 13.4 -6.6 21.0 0.4 -52.0 19.9 10.9 3.2 -0.4 -4.3 29.9 13.1 20.0 -0.1 -28.2 13.8 12.5 -18.8 -0.7 -131.7 4.9 18.3 85.5 0.3 16.7 24.0 -0.7 -28.1 0.8 15.0 18.3 36.5 -56.6 -0.9 -13.0 7.9 -4.1 -76.2 2.2 71.2 18.4 -5.5 57.3 12 13 14 15 16 129.3 5.9 108.7 53.0 49.0 4.1 55.7 24.4 31.3 30.4 -15.8 132.3 6.0 86.7 36.8 30.8 6.1 49.9 34.3 15.6 38.0 1.6 273.9 18.6 197.2 72.7 69.0 3.7 124.5 99.5 25.0 58.1 0.0 417.3 14.4 312.4 120.7 115.7 5.0 191.7 155.0 36.7 83.7 6.7 310.1 19.9 189.0 -2.9 -7.3 4.3 191.9 146.7 45.2 86.8 14.4 250.8 35.6 93.5 -3.6 -9.9 6.3 97.1 48.1 49.0 122.3 -0.5 238.6 -13.1 132.0 55.8 45.3 10.4 76.2 -6.8 83.0 108.2 11.5 314.2 70.2 95.4 -80.3 -81.3 1.0 175.6 107.7 68.0 163.0 -14.3 58.6 93.2 -124.0 -123.6 -131.2 7.6 -0.4 -5.8 5.4 94.2 -4.8 391.8 -8.1 270.5 133.6 127.4 6.2 136.9 97.1 39.8 123.7 5.7 194.4 -15.0 64.3 33.1 10.0 23.0 31.3 -41.8 73.1 127.5 17.5 17 18 19 20 21 22 23 24 25 26 27 20.9 4.5 0 75.6 49.0 26.6 0.9 1.3 0 56.5 44.6 11.9 16.6 -0.3 0 117.9 57.7 60.2 11.0 5.9 0 117.4 77.6 39.8 64.2 2.8 0 188.7 93.4 95.2 42.5 -4.9 0 243.1 196.2 46.9 113.0 -5.9 0 208.0 104.2 103.8 56.5 2.3 0 266.2 77.0 189.2 -29.4 -2.4 0 148.4 121.4 27.1 30.1 -13.6 0 349.9 482.4 -132.5 44.0 -12.0 0 170.8 83.8 87.0 28 29 30 31 32 33 232.7 164.8 308.1 339.5 369.0 273.5 331.5 432.1 35.8 294.6 233.0 34 0.8 -18.5 -5.8 52.9 8.8 35.3 -6.3 85.9 0.7 107.4 7.3 41.9 1.0 -45.3 8.1 89.0 11.4 87.3 8.6 36.8 -17.4 72.2 35 36 69.8 -9.6 82.9 0.7 -1.0 1.2 0.5 -1.1 -3.1 -14.0 -26.1 12.2 1.4 -0.2 0.0 1.6 -1.2 -0.3 71.1 13.5 49.7 8.5 0.4 2.1 5.9 -0.8 0.3 76.9 11.3 55.8 9.1 0.3 3.4 5.4 -1.0 1.8 56.9 3.7 46.7 8.5 -0.8 -0.5 9.8 -1.8 -0.2 21.9 7.8 13.4 6.7 0.8 -0.7 6.7 -1.0 -5.0 67.8 55.3 14.3 5.2 0.9 -2.8 7.2 -1.5 -5.5 85.9 -25.5 107.5 8.4 -0.5 6.9 2.0 -0.0 -4.4 -28.0 6.2 -35.3 3.6 -0.5 -4.0 8.1 -1.8 -0.6 -38.1 -4.7 -32.9 9.8 3.1 -2.9 9.5 -0.8 -9.5 20.7 18.3 2.0 1.1 0.3 -2.2 3.0 -1.9 1.2 37 38 39 40 41 42 43 44 45 63.4 3.4 0 113.8 1.1 0.3 77.9 34.4 48.1 3.6 0 80.0 1.4 0.2 75.2 3.2 50.4 5.8 0 136.7 1.5 -0.1 96.7 38.7 60.0 -1.7 0 124.6 1.8 -0.1 81.1 41.8 41.3 10.2 0 152.5 1.6 0.0 121.8 29.1 75.9 -2.4 0 128.9 1.6 0.3 131.9 -4.9 13.6 1.8 0 292.6 1.5 1.5 138.8 150.7 4.0 -11.9 0 257.1 1.8 -0.0 163.9 91.5 -32.9 4.1 0 -6.0 1.7 -0.6 93.1 -100.3 319.1 -3.6 0 -28.2 1.4 0.2 131.9 -161.7 -33.0 -3.6 0 194.2 1.6 -0.9 83.4 110.1 46 47 48 49 50 51 52 53 -6.6 -13.4 -37.4 -75.4 -114.0 -24.5 -22.8 -4.4 78.3 -149.0 -44.3 54 -60.7 18.7 36.6 0 -90.8 8.2 37.3 0 -83.9 17.5 34.2 0 -91.2 12.4 40.4 0 -93.4 -8.0 39.5 0 -151.2 -20.5 40.8 0 -123.8 -14.8 37.0 0 -159.3 -18.7 36.8 0 -165.5 -27.1 39.1 0 -156.2 -21.2 51.0 0 -203.1 -22.6 37.8 0 55 56 57 58 -78.6 -119.9 -100.6 -119.2 -140.9 -212.5 -175.6 -214.8 -231.7 -228.4 -263.5 59 10 11 Net acquisition of financial assets 12 13 14 15 16 Gold and SDRs (2) Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 17 18 19 20 21 22 23 24 25 26 27 Credit market instruments Open market paper U.S. government securities Official Treasury Agency Private Treasury Agency U.S. corporate bonds (3) Loans to U.S. corporate business 28 29 30 31 32 33 U.S. corporate equities Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (4) Other 34 35 36 Net increase in liabilities U.S. official foreign exchange and net IMF position U.S. private deposits 37 38 39 40 41 42 43 44 45 Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 46 47 48 49 50 51 52 53 Foreign corporate equities (5) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (3,4) Other 54 55 56 57 58 59 Discrepancy (FOF basis) (6) Memo: Net U.S. exports, NIPA basis + Net U.S. factor income (7) - Net transfer payments to foreign + Net capital grants received = Net foreign investment in U.S. (NIPA basis) (1) Line 1 minus line 5; also equal to line 59 with the sign reversed. (2) U.S. net sales, sign reversed. (3) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (5) Includes American Depositary Receipts (ADRs). (6) Balance of payments discrepancy adjusted to NIPA concepts. (7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 23 Z.1, June 11, 1999 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving 0.1 -2.7 -1.3 1.6 2.7 2.7 2.7 2.7 2.7 2.7 2.7 1 2 Fixed nonresidential investment 0.2 0.2 0.3 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2 3 Net acquisition of financial assets 42.1 28.2 19.8 23.3 38.8 32.8 -7.0 49.2 44.2 44.7 24.6 3 0.4 0 0.6 -2.6 0 0.9 3.2 2.2 1.0 -3.8 -0.5 1.0 -1.5 -0.5 0.6 0.8 0 0.7 0.4 0 0.5 2.0 0 0.5 0.3 0 0.6 0.4 0 1.1 -8.7 -4.0 1.2 4 5 6 7 8 9 4 5 6 Gold and foreign exchange SDR certificates Treasury currency 7 8 9 Federal Reserve float Fed. Res. loans to domestic banks Security RPs -2.3 -0.6 5.1 -1.6 0.1 -2.6 0.8 -0.1 3.3 4.2 -0.1 7.7 -3.6 2.0 2.3 0.9 -2.0 6.5 3.1 -8.0 -29.5 -0.3 3.7 30.2 -10.6 0.4 -1.9 11.5 -4.2 27.2 -10.1 0.9 -14.4 Credit market instruments 36.2 31.5 12.7 12.3 38.3 21.1 27.4 7.7 48.3 0.8 71.3 10 0 36.2 37.0 -0.8 0 0 31.5 32.5 -1.0 0 0 12.7 13.7 -1.0 0 0 12.3 12.7 -0.4 0 0 38.3 39.8 -1.5 0 0 21.1 21.4 -0.3 0 0 27.4 27.6 -0.2 0 0 7.7 8.1 -0.4 0 0 48.3 48.8 -0.5 0 0 0.8 1.0 -0.3 0 0 71.3 71.4 -0.1 0 11 12 13 14 15 10 11 12 13 14 15 16 17 Acceptances U.S. government securities Treasury Agency Bank loans n.e.c. Miscellaneous assets Net increase in liabilities 2.6 2.6 -3.2 2.4 1.2 4.9 -0.9 5.4 7.1 7.8 -11.7 16 41.8 28.0 19.5 22.8 38.1 32.0 -8.6 46.1 41.5 49.3 23.0 17 18 19 Depository institution reserves Vault cash of commercial banks 2.9 0.8 -4.2 5.5 -1.2 2.4 -5.1 4.6 6.3 -0.2 -4.5 -2.9 -19.7 0.7 0.0 -1.5 20.4 5.2 -18.9 -16.1 -8.2 17.7 18 19 20 21 22 23 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 37.1 7.2 0.1 29.8 25.3 -7.7 -0.1 33.1 17.0 -1.2 0.2 18.0 23.5 1.7 -0.1 21.8 30.1 -2.3 0.5 31.9 38.5 0.5 0.0 38.0 27.8 13.1 -0.9 15.6 26.3 1.0 0.4 24.9 29.2 -25.1 0.9 53.4 70.8 13.0 -0.4 58.2 39.1 9.0 0.3 29.8 20 21 22 23 24 25 26 Miscellaneous liabilities Federal Reserve Bank stock Other 1.0 0.3 0.6 1.3 0.3 1.1 1.3 0.3 1.0 -0.2 0.6 -0.9 1.8 0.8 1.0 1.0 0.5 0.5 -17.5 0.2 -17.6 21.2 1.3 19.9 -13.3 0.5 -13.8 13.5 0.2 13.3 -25.6 0.7 -26.3 24 25 26 -0.5 -3.2 -1.8 0.9 1.7 1.7 0.8 -0.8 -0.3 7.0 0.8 27 27 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 24 Z.1, June 11, 1999 F.109 Commercial Banking (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving 34.8 26.5 32.6 31.9 42.8 46.8 46.8 45.8 48.1 46.5 51.5 1 2 Fixed nonresidential investment 14.5 13.2 13.3 12.3 12.8 14.1 13.8 14.1 13.9 14.4 14.6 2 3 Net acquisition of financial assets 236.9 231.3 335.7 216.6 457.3 443.7 341.8 315.4 589.1 528.6 200.3 3 4 5 6 Vault cash Reserves at Federal Reserve Checkable deposits and currency 0.8 2.5 -0.3 5.5 -3.5 0.4 2.4 -1.1 0.2 4.6 -4.6 -0.2 -0.2 6.8 -0.1 -2.9 -4.6 0.7 0.7 -19.9 -0.1 -1.5 0.2 0.8 5.2 20.6 -0.5 -16.1 -19.4 2.8 17.7 -7.7 -1.6 4 5 6 7 Total bank credit 162.6 156.8 273.4 189.9 350.0 339.6 366.0 168.4 302.7 521.2 22.6 7 72.5 27.8 44.7 -26.2 -31.8 5.5 27.0 -11.7 38.7 11.3 -16.9 28.2 83.8 8.3 75.5 35.4 -56.0 91.4 78.0 -10.2 88.2 -59.1 -39.8 -19.3 -44.2 -177.7 133.4 166.9 3.6 163.3 40.0 -4.1 44.0 8 9 10 1.7 3.5 -1.6 4.3 -4.2 8.4 0.9 1.4 2.4 27.8 8.2 38.0 -1.6 41.4 10.9 13.0 12.2 30.8 11.3 66.8 8.3 -65.9 11 12 8 9 10 U.S. government securities Treasury Agency 11 12 Municipal securities Corporate and foreign bonds 13 14 15 16 17 18 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 83.6 -1.9 -7.2 47.3 32.8 12.7 183.7 -1.5 62.9 64.9 63.1 -5.7 239.8 -0.1 114.7 77.5 43.2 4.6 174.2 0.8 92.1 55.2 24.8 1.3 234.7 -0.8 128.2 99.9 -14.2 21.7 254.8 -0.2 145.9 92.2 -3.6 20.5 245.9 -0.7 82.8 129.7 -22.8 57.0 202.0 0.2 172.5 21.5 -11.4 19.3 298.1 -0.7 192.3 40.2 12.3 54.0 273.2 0.6 135.9 177.6 7.4 -48.3 39.4 -0.7 46.2 26.3 1.2 -33.6 13 14 15 16 17 18 19 20 Corporate equities Mutual fund shares 0.9 0.5 -1.4 -1.9 2.1 0.3 1.8 0.3 0.6 0.8 1.4 1.7 1.8 0.4 2.3 -0.7 2.1 3.7 -0.5 3.5 1.6 -0.8 19 20 -6.4 77.6 -2.4 74.5 -0.6 61.4 1.0 25.9 -2.8 103.5 -9.3 120.2 -13.9 9.0 -11.5 159.0 -0.1 261.3 -11.6 51.6 -3.3 172.5 21 22 21 22 Customers’ liab. on acceptances (2) Miscellaneous assets 23 Net increase in liabilities 241.1 255.2 300.5 203.7 490.5 469.0 372.2 346.0 673.8 484.2 148.7 23 24 25 26 27 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 46.9 -2.9 4.2 45.6 88.5 -1.5 -2.7 92.8 8.7 0.7 -3.1 11.1 -51.2 4.1 -3.3 -52.0 -25.8 -1.6 -19.9 -4.3 -26.2 -1.1 3.1 -28.2 -105.9 -4.9 30.7 -131.7 31.5 3.4 11.4 16.7 24.2 -10.2 19.4 15.0 -54.7 7.3 -49.0 -13.0 116.4 -9.2 54.3 71.2 24 25 26 27 28 29 30 31 Checkable deposits Federal government Rest of the world Private domestic 74.1 12.1 -0.4 62.4 -31.7 -18.9 1.9 -14.7 -45.9 -4.7 0.8 -42.0 -34.6 9.7 2.6 -46.9 -19.8 -0.9 4.6 -23.5 -32.6 -14.6 -2.8 -15.1 -12.7 -12.6 2.8 -2.9 56.6 58.4 14.2 -16.1 -118.1 -69.6 -11.7 -36.8 -56.0 -34.7 -16.7 -4.7 10.8 22.7 8.4 -20.3 28 29 30 31 32 33 34 Small time and savings deposits Large time deposits Federal funds and security RPs (net) -12.0 -21.1 41.6 -1.0 21.3 78.1 113.9 54.8 30.4 123.1 105.3 41.0 148.3 107.9 89.0 184.2 72.9 87.1 183.0 173.3 110.3 84.8 -32.1 36.2 151.1 61.2 174.1 317.9 89.0 27.6 19.8 -14.1 123.0 32 33 34 35 Credit market instruments 13.4 20.1 22.5 13.0 46.1 72.9 83.5 80.0 61.7 66.3 32.6 35 -2.5 7.2 8.6 3.1 7.7 9.3 -2.2 18.5 6.2 2.9 7.8 2.3 3.3 23.7 19.1 -1.5 27.6 46.9 2.2 49.3 32.0 12.9 16.9 50.2 7.1 20.8 33.8 -28.4 23.2 71.5 -0.2 35.1 -2.3 36 37 38 7.3 0.5 90.4 -3.3 0.7 82.4 -8.7 0.9 124.0 -14.3 1.2 20.1 -27.7 1.4 171.2 -11.2 1.7 120.4 -10.6 1.6 -50.3 -11.9 1.6 99.3 -9.1 1.7 327.0 -13.2 1.7 105.6 -14.9 1.8 -126.7 39 40 41 24.5 37.2 -15.9 6.7 63.2 58.0 63.4 62.2 118.9 -12.4 -14.6 42 142.2 163.4 265.9 187.5 324.3 306.6 292.9 136.1 242.7 554.9 52.1 43 36 37 38 39 40 41 42 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy Memo: 43 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table F.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21). 25 Z.1, June 11, 1999 F.110 U.S.-Chartered Commercial Banks Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving 17.8 1.7 4.8 -5.1 3.4 10.2 2.2 16.9 16.0 5.8 11.6 1 2 Fixed nonresidential investment 12.2 10.5 10.6 9.2 9.3 10.3 10.1 10.4 10.2 10.5 10.7 2 3 Net acquisition of financial assets 157.1 153.9 200.5 122.8 290.8 328.1 282.5 161.7 355.8 512.6 133.8 3 4 Vault cash and reserves at Federal Reserve 5 Total bank credit 3.0 2.0 1.5 -0.3 4.8 -5.6 -11.1 -4.6 29.5 -36.4 11.8 4 157.5 140.5 194.8 115.2 280.7 331.7 299.7 139.5 292.8 594.7 105.2 5 6 7 8 9 10 11 U.S. government securities Treasury Agency Mortgage pool securities Agency-issued CMOs Other agency securities 56.8 20.6 36.2 17.6 11.1 7.5 -25.2 -27.0 1.8 9.1 -14.4 7.1 -17.1 -40.4 23.4 12.9 -18.4 28.8 -19.4 -34.7 15.3 21.4 -11.5 5.4 54.3 -6.1 60.4 31.1 17.5 11.8 39.5 -42.1 81.6 53.8 8.9 19.0 29.5 -23.1 52.6 39.4 4.6 8.6 -74.6 -52.8 -21.8 -62.6 7.4 33.3 43.1 -103.0 146.1 106.5 45.5 -5.9 160.1 10.6 149.5 131.7 -22.0 39.8 32.5 -3.7 36.2 -55.6 30.9 60.9 6 7 8 9 10 11 12 13 14 15 16 Municipal securities Corporate and foreign bonds Private mortgage pool securities Privately issued CMOs Other bonds 1.9 0.1 0.9 -1.8 1.0 -2.0 -0.6 -1.1 1.7 -1.2 -4.3 3.3 0.9 3.5 -1.1 1.0 -4.5 -0.4 -3.1 -1.0 2.4 19.6 -1.2 0.7 20.2 8.2 32.3 0.9 20.3 11.0 -1.9 24.3 0.6 24.9 -1.3 11.4 28.4 11.5 14.8 2.1 12.2 14.9 -1.2 10.7 5.3 11.3 61.6 -7.2 30.8 38.0 7.9 -43.3 5.0 6.2 -54.5 12 13 14 15 16 17 18 19 20 21 22 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 97.3 -1.0 8.8 52.6 32.8 4.1 171.5 -1.3 46.2 68.1 63.1 -4.6 210.5 0.3 77.0 81.7 43.2 8.3 136.0 0.3 58.2 57.5 24.8 -4.8 203.0 -0.6 108.1 105.5 -14.2 4.2 248.5 -0.1 144.5 95.7 -3.6 11.9 245.7 -0.4 102.5 137.6 -22.8 28.7 172.7 -0.2 158.2 23.6 -11.4 2.4 216.8 -0.2 163.7 39.3 12.3 1.7 358.7 0.5 153.6 182.4 7.4 14.8 107.3 -0.5 93.5 36.6 1.2 -23.4 17 18 19 20 21 22 23 24 Corporate equities Mutual fund shares 0.9 0.5 -1.4 -1.9 2.1 0.3 1.8 0.3 0.6 0.8 1.4 1.7 1.8 0.4 2.3 -0.7 2.1 3.7 -0.5 3.5 1.6 -0.8 23 24 -2.4 -0.9 -0.2 11.7 2.4 1.8 1.6 6.2 -0.2 5.5 -4.6 6.7 -8.3 2.2 -5.0 31.7 1.6 31.9 -6.7 -39.0 -3.3 20.1 25 26 175.7 199.4 189.7 142.6 359.0 385.1 352.4 217.1 467.3 503.6 115.4 27 25 26 27 Customers’ liab. on acceptances (1) Miscellaneous assets Net increase in liabilities 28 29 30 31 32 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 29.1 -2.3 -0.6 13.3 18.7 79.0 -1.6 0.1 5.6 74.8 -6.8 0.8 -0.1 -7.3 -0.2 -55.7 4.2 -0.1 -23.5 -36.3 4.2 -3.6 2.0 -6.7 12.6 20.1 0.9 -2.0 -2.8 24.1 47.4 3.1 -8.0 17.9 34.4 -20.2 -0.3 3.7 -19.7 -3.9 108.4 -10.6 0.4 16.0 102.6 -55.0 11.5 -4.2 -25.6 -36.7 70.5 -10.1 0.9 55.4 24.2 28 29 30 31 32 33 34 35 36 Checkable deposits Federal government Rest of the world Private domestic 73.8 12.1 -0.3 61.9 -32.2 -18.9 1.5 -14.9 -46.0 -4.7 0.9 -42.1 -34.4 9.7 3.3 -47.4 -21.1 -0.9 4.2 -24.3 -34.1 -14.6 -2.5 -16.9 -11.1 -12.6 2.6 -1.1 53.5 58.4 14.3 -19.3 -116.3 -69.6 -11.4 -35.3 -62.3 -34.7 -15.5 -12.1 12.5 22.7 6.5 -16.7 33 34 35 36 37 38 39 Small time and savings deposits Large time deposits Federal funds and security RPs (net) -10.9 -20.0 45.5 -0.6 17.9 71.6 113.4 42.6 28.2 122.8 49.5 28.7 143.9 63.2 63.4 186.3 34.8 66.8 185.0 79.6 53.9 74.5 -18.7 -4.5 169.2 2.0 99.1 316.3 76.4 118.9 23.7 1.4 115.1 37 38 39 40 41 42 43 44 Acceptance liabilities Corporate bonds Other loans and advances Corporate equity issues Taxes payable -2.5 3.6 8.6 1.9 0.5 -0.3 3.4 9.3 1.8 0.7 2.3 2.7 6.2 2.6 0.9 1.7 7.7 2.3 3.2 1.2 -0.3 10.7 19.1 3.2 1.4 -4.6 10.5 46.9 3.8 1.7 -8.5 15.8 32.0 1.2 1.6 -4.9 4.4 50.2 4.7 1.6 1.5 6.2 33.8 2.6 1.7 -6.3 15.7 71.5 6.8 1.7 -3.5 2.9 -2.3 1.7 1.8 40 41 42 43 44 45 46 47 Miscellaneous liabilities Investment by bank holding companies Other 46.2 31.6 14.6 48.8 17.5 31.3 43.6 40.1 3.5 15.6 28.6 -13.0 71.2 40.7 30.5 52.8 55.3 -2.6 -44.5 66.6 -111.0 76.4 62.3 14.0 159.3 53.5 105.8 19.9 38.9 -19.0 -108.4 31.6 -140.0 45 46 47 24.1 36.7 -16.6 5.4 62.3 56.9 62.0 61.9 117.4 -13.8 -17.5 48 149.6 148.1 186.5 119.6 274.9 312.0 260.5 130.5 286.8 570.1 124.5 49 48 Discrepancy Memo: 49 Credit market funds advanced (2) (1) Included in other loans and advances (table F.216). (2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25). 26 Z.1, June 11, 1999 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 1999 Q1 Q4 1 Gross saving 1.4 1.4 1.7 1.8 2.0 2.1 2.1 2.1 2.1 2.2 2.2 1 2 Fixed nonresidential investment 1.9 2.2 2.3 2.6 3.0 3.3 3.2 3.3 3.2 3.3 3.4 2 3 Net acquisition of financial assets 32.9 47.5 76.6 48.5 96.5 -4.9 -81.9 20.7 158.1 -116.7 -28.6 3 4 Reserves at Federal Reserve 0.3 -0.0 -0.1 0.3 1.8 -1.9 -8.1 3.3 -3.7 0.9 -1.8 4 5 Total bank credit 2.8 12.1 74.7 70.0 60.2 1.4 45.5 41.4 1.0 -82.5 -72.2 5 13.9 6.5 7.4 0 1.4 -1.9 -3.5 1.5 0 5.1 43.9 29.6 14.3 0 4.6 30.9 18.4 12.4 0 3.2 26.8 14.4 12.5 0 3.1 -5.5 -10.3 4.8 0 5.8 38.9 18.4 20.5 0 8.3 27.7 16.3 11.4 0 -12.8 -86.6 -69.5 -17.1 0 8.9 -2.0 -6.3 4.3 0 18.8 9.4 1.0 8.4 0 -18.5 6 7 8 9 10 -12.5 -0.9 -13.7 -6.5 8.6 9.0 -0.2 15.1 -4.8 -1.2 26.2 -0.4 35.4 -5.1 -3.7 36.0 0.5 32.2 -2.9 6.2 30.3 -0.2 19.2 -6.1 17.5 1.1 -0.1 -1.9 -5.5 8.6 -1.7 -0.4 -20.2 -9.4 28.3 26.6 0.3 13.3 -3.9 16.8 78.7 -0.5 27.6 -0.7 52.3 -99.2 0.1 -28.1 -8.2 -63.1 -63.1 -0.1 -43.1 -9.7 -10.2 11 12 13 14 15 6 7 8 9 10 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 11 12 13 14 15 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 16 17 18 Corporate equities Customers’ liab. on acceptances (2) Miscellaneous assets 0 -0.0 0.0 -0.0 -0.0 0 0 0 0 0 0 16 -4.0 33.8 -2.1 37.6 -2.9 5.0 -0.6 -21.2 -2.5 37.0 -4.7 0.3 -5.6 -113.7 -6.5 -17.5 -1.8 162.6 -4.8 -30.3 0.0 45.3 17 18 19 Net increase in liabilities 34.3 49.2 78.4 50.6 98.9 -2.2 -79.3 23.4 160.9 -113.7 -25.6 19 20 21 22 Net interbank liabilities To foreign banks To domestic banks 16.9 29.2 -12.3 11.2 25.8 -14.6 18.7 15.1 3.6 -2.5 -11.5 9.0 -30.4 -17.6 -12.7 -56.6 -53.0 -3.7 -155.9 -170.3 14.4 39.3 17.5 21.7 -105.4 -97.5 -7.8 -4.6 38.4 -43.0 27.9 34.4 -6.5 20 21 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 0.0 -0.8 -0.8 0.4 -1.1 2.6 -0.1 -0.7 11.0 -0.7 0.1 55.6 0.8 4.4 44.7 -0.2 -3.6 36.5 -2.1 -3.1 92.7 2.2 9.3 -14.5 -2.1 -19.4 58.0 1.2 -1.2 9.9 1.1 -1.3 -13.0 23 24 25 26 27 Federal funds and security RPs (net) Acceptance liabilities -4.3 -5.1 6.7 -2.6 1.8 -3.1 12.0 -0.7 25.6 -2.4 19.7 -4.8 52.0 -6.2 25.6 -6.9 74.2 -2.2 -73.1 -3.9 8.2 -0.8 26 27 28 29 30 31 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 28.5 2.2 -6.6 32.9 32.0 3.4 -0.5 29.0 50.9 6.6 6.7 37.6 -13.3 0.3 13.7 -27.3 56.2 5.7 14.3 36.2 6.9 6.2 11.8 -11.1 -56.7 1.4 34.9 -93.0 -31.5 -5.9 -32.9 7.3 157.7 21.3 40.7 95.7 -42.0 8.0 4.4 -54.4 -47.7 7.4 -3.1 -52.1 28 29 30 31 0.9 0.9 1.2 1.3 1.4 1.7 1.5 1.5 1.7 1.9 1.8 32 -9.8 11.2 75.4 63.3 40.2 -11.9 11.6 18.1 -53.1 -24.2 -61.9 33 32 Discrepancy Memo: 33 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17). 27 Z.1, June 11, 1999 F.112 Bank Holding Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving 15.6 23.3 26.1 35.1 37.3 34.3 42.4 26.6 29.9 38.5 37.6 1 2 Fixed nonresidential investment 0.3 0.4 0.4 0.4 0.3 0.4 0.4 0.4 0.4 0.4 0.4 2 3 Net acquisition of financial assets 45.1 26.2 52.6 44.0 64.5 110.7 135.6 125.8 70.6 110.8 101.0 3 -0.0 0.9 -0.3 3.9 5.4 -0.9 15.3 -17.6 6.0 -7.4 -6.0 4 0.1 -0.8 0.9 1.7 -1.8 1.0 -0.7 1.7 -0.1 -0.1 -1.3 -1.2 -0.2 0.6 0.4 0.9 0.6 0.3 2.8 0.2 0.5 -0.1 0.6 5.0 -0.0 -1.9 -3.1 1.1 -0.7 1.7 5.5 -6.9 12.4 9.0 0.7 -13.5 -2.3 -11.2 -3.0 -1.1 -0.4 -2.8 2.5 6.3 0.0 0.6 -0.2 0.9 -15.2 7.2 -1.2 0.9 -2.1 -2.6 -2.1 5 6 7 8 9 45.2 31.6 13.0 0.5 25.3 17.5 0.2 7.7 53.0 40.1 8.2 4.6 40.1 28.6 0.3 11.3 59.0 40.7 25.0 -6.7 111.6 55.3 44.2 12.1 120.3 66.6 37.3 16.5 143.5 62.3 70.8 10.3 64.6 53.5 20.1 -9.0 118.2 38.9 48.6 30.7 107.0 31.6 74.1 1.2 10 11 12 13 4 5 6 7 8 9 10 11 12 13 Credit market instruments U.S. government securities Treasury Agency Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other 14 Net increase in liabilities 29.8 3.2 26.8 9.2 27.4 76.6 93.5 99.4 41.0 72.6 63.6 14 15 16 17 Net interbank liabilities To domestic banks To foreign banks 0.9 3.2 -2.3 -1.7 6.2 -7.8 -3.2 0.6 -3.8 7.0 11.2 -4.1 0.3 -0.4 0.8 10.3 9.6 0.7 2.7 -1.6 4.3 12.5 9.4 3.1 21.2 11.2 10.0 4.9 19.6 -14.7 18.0 5.4 12.6 15 16 17 18 Federal funds and security RPs (net) 0.4 -0.2 0.4 0.4 0.0 0.5 4.4 15.1 0.8 -18.2 -0.3 18 19 20 21 Credit market instruments Commercial paper Corporate bonds 8.8 5.2 3.6 10.3 5.9 4.3 14.4 -1.4 15.8 2.0 1.9 0.1 19.0 6.0 13.0 24.9 7.8 17.1 50.4 16.9 33.5 37.2 24.7 12.5 22.5 7.9 14.6 -10.6 -18.2 7.6 36.3 4.0 32.2 19 20 21 22 23 24 25 Corporate equity issues Miscellaneous liabilities Equity, etc. Other 5.4 14.2 22.0 -7.8 -5.1 -0.2 -7.6 7.5 -11.3 26.6 12.7 13.9 -17.5 17.3 -11.9 29.2 -30.9 39.0 -13.1 52.1 -15.0 56.0 24.7 31.2 -11.9 47.9 5.4 42.5 -16.6 51.3 26.2 25.1 -11.7 8.1 -2.8 10.9 -20.0 116.6 70.1 46.5 -16.7 26.3 7.9 18.4 22 23 24 25 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 26 26 Discrepancy F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets 1.7 3.7 5.9 1.3 5.5 9.8 5.6 7.1 4.6 22.0 -5.9 3 4 Checkable deposits and currency -0.3 0.4 0.2 -0.2 -0.1 0.7 -0.1 0.8 -0.5 2.8 -1.6 4 5 Credit market instruments 2.4 3.3 4.2 0.7 3.7 7.5 5.5 5.1 2.9 16.4 -4.5 5 6 7 8 9 10 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 1.7 1.5 0.2 -0.2 0.2 -0.2 -0.6 0.5 0.4 -0.1 1.5 0.2 1.3 0.1 -0.1 -1.0 -1.3 0.2 -0.1 -0.1 2.1 0.1 2.0 -0.0 0.1 3.3 -0.6 3.9 -0.1 0.6 4.1 1.4 2.7 0.3 -0.2 1.3 -0.9 2.2 -0.5 0.4 -0.4 -2.4 2.0 0.0 0.7 8.2 -0.5 8.7 0.0 1.6 -0.8 -2.3 1.6 0.4 -1.5 6 7 8 9 10 11 12 13 Bank loans n.e.c. Home mortgages Commercial mortgages -0.5 1.2 0.1 1.7 0.6 0.9 1.8 1.0 -0.0 1.4 0.6 -0.1 0.9 0.1 0.5 1.5 1.4 0.6 -0.2 1.1 0.3 2.2 1.5 0.2 1.0 0.9 0.7 3.2 2.0 1.4 -2.1 -2.2 1.6 11 12 13 -0.4 -0.1 1.6 0.8 1.8 1.6 0.2 1.3 2.3 2.8 0.2 14 1.3 3.5 5.5 1.4 5.1 9.5 5.7 6.1 4.6 21.7 -4.7 15 0.3 -0.2 -0.2 0.1 0.8 0.8 0.2 1.2 1.2 0.5 0.2 0.2 0.4 -0.0 -0.0 1.7 1.5 1.5 0.5 1.1 1.1 0.9 1.0 1.0 0.3 1.2 1.2 5.1 2.7 2.7 -2.8 -2.5 -2.5 16 17 18 1.4 1.8 2.9 0.6 4.7 4.8 3.0 3.2 1.8 11.2 3.1 19 -0.5 -0.2 -0.4 0.0 -0.4 -0.4 0.0 -1.1 -0.1 -0.3 1.1 20 14 15 Miscellaneous assets Net increase in liabilities 16 17 18 Checkable deposits Small time and savings deposits Large time deposits 19 Miscellaneous liabilities 20 Discrepancy (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 28 Z.1, June 11, 1999 F.114 Savings Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving 4.9 3.8 3.5 -2.5 1.0 1.6 1.4 1.6 1.6 1.7 1.7 1 2 Fixed nonresidential investment 4.3 3.4 2.7 2.7 2.5 2.8 2.7 2.8 2.7 2.8 2.9 2 3 Net acquisition of financial assets -39.9 -11.1 0.9 16.1 -8.4 60.8 49.5 10.5 56.6 126.5 86.5 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 0.4 3.1 -0.7 -3.9 -0.6 -1.5 -1.8 -4.1 -0.1 1.6 -0.2 4.8 -0.5 -1.3 0.3 -1.2 -0.5 1.0 -0.4 -0.8 0.1 3.2 0.5 5.5 0.3 2.4 0.7 10.8 -0.2 -0.1 1.1 9.6 -0.2 -0.2 -0.1 5.5 0.4 10.8 0.4 -3.7 -0.6 -13.5 -0.3 4.5 4 5 6 7 8 Credit market instruments -23.3 6.7 -7.6 19.9 -4.7 36.3 10.8 -1.8 34.0 102.1 104.2 8 -0.3 -1.5 -5.7 4.2 -0.2 11.5 -1.1 12.6 0.0 -4.1 -8.7 4.7 0.1 -9.5 -1.0 -8.5 -0.3 -3.6 -2.8 -0.8 0 -16.1 -4.4 -11.7 0 -9.7 1.1 -10.8 0 -20.2 -8.9 -11.3 0 -23.1 -6.0 -17.1 0 -11.4 -3.8 -7.6 0 18.5 1.7 16.7 9 10 11 12 0.1 9.1 -1.6 -29.5 0.5 -0.1 -2.4 -0.5 -2.2 0.6 -0.0 -8.2 2.5 0.6 1.6 0.1 -9.9 3.0 31.6 4.6 0.0 -9.9 3.1 3.5 2.5 0.4 29.9 5.3 12.3 4.4 -1.6 -2.8 3.8 21.5 -0.3 1.1 29.2 1.7 -18.6 5.0 1.1 33.2 7.3 7.6 7.9 0.9 60.1 8.4 38.8 5.2 1.0 62.9 4.8 9.0 8.0 13 14 15 16 17 1.7 -17.2 -1.8 -8.1 0.7 1.7 0.6 -1.8 0.2 -3.2 1.5 13.6 1.6 22.9 0.6 1.3 2.5 15.1 1.4 15.1 -1.2 -6.6 18 19 9 10 11 12 Open market paper U.S. government securities Treasury Agency 13 14 15 16 17 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 18 19 Corporate equities Miscellaneous assets 20 Net increase in liabilities -51.8 -17.8 -3.2 15.4 -9.5 57.6 44.2 9.2 53.2 123.9 84.0 20 21 22 23 24 Deposits Checkable Small time and savings Large time -67.4 4.4 -68.2 -3.6 -51.8 -5.4 -44.4 -2.1 -5.7 14.1 -29.0 9.2 -6.5 25.4 -38.1 6.3 -25.7 27.1 -64.4 11.7 -2.6 36.1 -54.3 15.7 3.6 34.5 -43.4 12.6 -25.1 33.9 -66.8 7.8 -18.1 31.4 -67.5 18.0 29.2 44.6 -39.6 24.2 -17.8 29.8 -47.5 -0.1 21 22 23 24 25 Security RPs 7.5 18.4 -0.0 -0.9 -1.9 9.5 14.3 10.6 -1.4 14.6 50.6 25 26 27 28 29 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 11.3 -1.5 -0.5 13.3 12.8 -0.8 0.9 12.7 2.6 -0.0 5.2 -2.6 25.5 -0.4 1.4 24.5 19.7 0.1 3.5 16.2 52.2 -0.2 10.3 42.1 10.6 -1.0 11.4 0.2 31.2 0.7 4.3 26.2 63.7 -0.5 18.4 45.8 103.2 -0.1 7.0 96.3 58.0 0.9 17.3 39.8 26 27 28 29 30 31 32 33 Taxes payable Miscellaneous liabilities Investment by parent Other 0.6 -3.8 0.4 -4.2 -0.9 3.7 -0.0 3.7 0.5 -0.6 0.1 -0.7 -0.1 -2.5 0.2 -2.7 0.4 -2.1 0.3 -2.4 0.2 -1.6 0.4 -2.1 -0.4 16.1 0.4 15.7 0.3 -7.8 0.4 -8.2 0.5 8.5 0.4 8.0 0.3 -23.4 0.5 -23.8 -0.1 -6.7 0.5 -7.2 30 31 32 33 -11.3 -6.3 -3.3 -5.8 -2.6 -4.3 -6.6 -2.5 -4.6 -3.7 -3.7 34 34 Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks. 29 Z.1, June 11, 1999 F.115 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving 3.7 3.4 3.7 4.2 3.2 3.1 2.8 3.0 3.1 3.3 3.4 1 2 Fixed nonresidential investment 1.0 1.2 1.1 1.2 1.3 1.4 1.4 1.4 1.4 1.5 1.5 2 3 Net acquisition of financial assets 17.0 11.9 17.1 19.5 23.7 37.7 38.0 24.2 30.2 58.2 31.6 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs -0.1 -1.3 -5.1 0 -8.9 -2.3 0.9 0.4 0.2 0.1 -0.7 -4.9 0.6 0.6 2.0 1.0 6.4 3.4 -0.8 1.5 4.3 -0.0 7.9 9.1 0.1 1.5 -8.6 4.8 14.6 8.7 -2.2 7.9 -19.8 4 5 6 7 Credit market instruments 21.7 28.1 16.2 25.5 16.8 19.0 16.5 22.7 19.3 17.4 37.0 7 8 9 10 11 Open market paper U.S. government securities Treasury Agency -0.7 10.3 2.6 7.7 -0.1 4.0 -0.5 4.5 -1.6 1.1 -3.8 4.9 -0.3 4.1 -0.9 4.9 -0.1 -1.4 -1.8 0.4 0.2 4.9 -2.5 7.3 -0.2 2.8 -2.5 5.3 1.3 6.3 -2.0 8.3 2.6 3.4 -3.7 7.2 -2.8 6.9 -1.6 8.5 -0.2 16.9 0.4 16.4 8 9 10 11 12 13 Home mortgages Consumer credit -0.1 12.2 6.1 18.0 4.4 12.3 9.5 12.2 10.1 8.2 10.9 3.0 7.5 6.4 15.8 -0.7 9.7 3.6 10.4 2.9 8.3 12.1 12 13 14 15 Mutual fund shares Miscellaneous assets 0.1 1.7 -1.6 -3.4 0.2 -0.8 -0.3 -0.2 -0.2 3.8 1.2 6.8 1.4 15.1 1.4 -16.8 -0.2 18.1 2.1 10.6 0 8.6 14 15 16 Net increase in liabilities 13.3 9.5 13.4 16.4 20.5 34.7 36.2 20.4 26.2 56.1 28.8 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 12.6 1.7 9.8 1.1 7.9 2.0 5.5 0.4 15.4 2.1 11.6 1.7 16.3 1.6 12.3 2.4 20.3 4.1 13.2 2.9 33.6 6.4 23.1 4.1 31.6 16.0 15.3 0.3 18.7 -7.4 18.3 7.9 26.1 -4.2 28.0 2.3 57.9 21.3 30.7 5.9 26.6 0.1 26.5 0.0 17 18 19 20 21 22 Other loans and advances Miscellaneous liabilities 0.2 0.5 0.2 1.4 -0.1 -1.9 0.1 0.0 0.1 0.1 0.6 0.5 0.5 4.0 0.2 1.4 1.0 -1.0 0.4 -2.2 1.5 0.6 21 22 -1.0 -0.1 -1.1 -0.1 -1.4 -1.3 -0.5 -2.3 -2.3 -0.3 -0.9 23 23 Discrepancy F.116 Bank Personal Trusts and Estates (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 1.6 18.8 5.3 -10.7 76.9 55.5 50.0 57.6 47.6 66.8 63.7 1 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares -1.1 -0.1 -1.1 0.1 1.8 -0.3 1.6 0.6 3.3 0.1 -0.5 3.7 6.4 0.3 -1.6 7.8 4.2 0.2 2.3 1.6 4.0 -0.0 2.1 1.9 4.4 0.0 2.3 2.0 4.4 0.1 2.3 2.0 3.6 -0.1 1.9 1.8 3.8 -0.1 1.9 2.0 3.2 -0.2 1.6 1.8 2 3 4 5 6 Credit market instruments 9.5 7.1 -8.3 -7.7 7.6 2.8 2.4 3.1 2.0 3.9 3.1 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency -3.2 1.2 0.3 0.9 3.5 -1.1 -0.6 -0.5 0.7 -1.2 -1.1 -0.1 -2.6 0.5 0.8 -0.3 2.8 -0.1 -0.3 0.2 -0.4 -0.3 -0.2 -0.1 -0.4 -0.7 -0.4 -0.3 1.6 -0.7 -0.4 -0.3 -1.6 0.3 -0.0 0.3 -1.4 -0.0 -0.1 0.1 -3.0 0.8 0.2 0.6 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 12.9 -1.1 -0.3 5.3 -0.4 -0.2 -5.9 -1.7 -0.1 -4.3 -1.7 0.3 0.8 4.3 -0.2 1.0 2.2 0.3 0.9 2.5 0.1 0.9 1.2 0.2 1.2 1.6 0.4 1.2 3.6 0.5 1.4 3.2 0.7 11 12 13 -55.2 44.9 -8.8 21.7 1.6 9.5 -17.3 3.9 72.3 -7.8 39.1 9.4 31.0 12.0 39.8 10.0 36.0 6.0 49.5 9.7 51.4 6.3 14 15 3.5 -3.1 -0.9 3.9 0.7 0.1 0.2 0.3 -0.0 -0.1 -0.3 16 0.9 17.8 4.0 -8.6 75.0 55.7 50.3 57.5 47.8 67.1 64.1 17 -0.7 -1.0 -1.3 2.1 -2.0 0.2 0.2 -0.0 0.2 0.3 0.4 18 14 15 Corporate equities Mutual fund shares 16 Miscellaneous assets 17 Net increase in liabilities (2) 18 Discrepancy (1) Includes personal trusts and estates administered by nondeposit noninsured trust companies. (2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector. 30 Z.1, June 11, 1999 F.117 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving 4.7 14.9 6.5 6.7 8.2 9.4 8.7 8.8 9.6 10.3 10.9 1 2 Fixed nonresidential investment 23.2 19.3 23.1 21.4 25.9 28.6 28.0 28.8 28.4 29.2 29.6 2 3 Net acquisition of financial assets 142.5 126.2 145.5 125.4 213.2 189.2 198.1 177.4 195.0 186.2 216.1 3 4 5 Checkable deposits and currency Money market fund shares 0.4 6.4 0.4 -15.3 -0.5 6.6 -0.9 39.1 3.8 32.6 -2.7 18.7 -18.3 24.8 5.1 9.9 -1.6 19.8 4.0 20.3 0.5 42.1 4 5 6 Credit market instruments 100.4 72.0 100.0 69.6 94.3 77.1 88.4 62.6 70.9 86.6 105.9 6 3.6 47.7 20.1 27.6 5.9 8.4 -2.9 11.3 -7.3 9.8 1.0 8.7 2.9 -13.6 -14.9 1.3 17.5 -1.0 1.1 -2.1 7.5 -23.7 -14.1 -9.6 -6.2 -11.5 -11.3 -0.2 0.2 -20.5 -11.1 -9.4 23.0 -37.0 -21.8 -15.2 13.1 -25.7 -12.2 -13.6 -12.0 -9.0 -14.7 5.6 7 8 9 10 3.2 58.3 5.7 -18.1 -1.9 59.9 7.8 -8.1 -0.9 90.7 10.4 -2.6 1.5 79.2 4.5 -5.0 -1.0 77.0 3.2 -1.3 -18.1 104.5 0.1 6.8 -14.0 120.7 0.8 -1.4 -20.9 95.0 3.8 5.0 -21.4 105.8 2.0 -1.5 -16.2 96.5 -6.2 25.1 1.8 117.1 1.4 6.6 11 12 13 14 7 8 9 10 Open market paper U.S. government securities Treasury Agency 11 12 13 14 Municipal securities Corporate and foreign bonds Policy loans Mortgages 15 16 Corporate equities Mutual fund shares 36.3 6.3 61.8 -14.9 18.6 13.5 46.7 2.4 86.3 -7.2 107.4 -28.2 103.4 -28.2 124.2 -28.2 93.2 -28.2 109.0 -28.2 88.0 -8.0 15 16 17 Miscellaneous assets -7.3 22.2 7.2 -31.4 3.3 16.8 28.0 3.8 41.0 -5.6 -12.4 17 18 Net increase in liabilities 125.2 120.2 122.4 101.0 185.0 180.0 204.5 166.7 160.6 188.3 206.5 18 19 20 21 Other loans and advances Life insurance reserves Pension fund reserves (1) 0.2 35.7 73.9 0.3 34.3 81.0 -0.1 44.8 61.0 1.1 43.8 43.9 0.2 52.6 98.3 0.7 52.0 91.3 0.0 48.5 106.0 -0.6 50.7 76.0 1.6 51.7 89.5 1.8 57.1 93.6 3.3 54.0 106.1 19 20 21 22 23 Taxes payable Miscellaneous liabilities 1.6 13.7 1.0 3.6 1.6 15.1 1.6 10.5 1.7 32.3 1.6 34.5 1.6 48.3 1.6 39.0 1.6 16.3 1.5 34.3 1.5 41.6 22 23 -35.8 -10.5 -39.6 -39.1 -45.9 -28.4 -12.9 -30.7 -53.1 -16.7 -28.4 24 24 Discrepancy (1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23). F.118 Other Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving -1.1 -4.3 0.9 -0.4 0.6 -2.0 0.7 -2.2 -3.0 -3.3 -3.1 1 2 Fixed nonresidential investment 2.5 2.7 2.5 2.6 2.7 2.9 2.9 2.9 2.9 3.0 3.0 2 3 Net acquisition of financial assets 31.7 27.5 37.0 16.2 35.9 30.4 34.8 -2.9 29.0 60.9 46.5 3 4 5 Checkable deposits and currency Security RPs -0.4 -0.9 -0.2 -2.3 -0.2 8.1 -0.9 -2.1 0.3 -0.2 0.2 7.6 -2.1 3.9 -0.5 3.7 0.8 20.1 2.3 2.7 0.8 16.3 4 5 6 Credit market instruments 7 8 9 10 11 12 13 14 15 27.7 24.9 21.5 22.5 25.2 20.4 23.4 -1.5 -7.7 67.5 20.7 6 U.S. government securities Treasury Agency 15.4 14.2 1.3 11.0 9.4 1.6 2.8 0.5 2.3 -9.7 -12.6 2.8 3.8 2.1 1.7 -15.3 -18.0 2.6 -8.9 -14.7 5.8 -21.8 -22.0 0.1 -23.3 -22.7 -0.6 -7.3 -12.5 5.2 -8.9 -12.6 3.8 7 8 9 Municipal securities Corporate and foreign bonds Commercial mortgages 10.4 3.3 -1.4 7.4 7.2 -0.7 7.0 12.7 -1.0 14.4 18.3 -0.4 5.1 16.4 -0.2 16.8 19.2 -0.2 32.1 0.3 -0.1 8.8 11.7 -0.2 6.6 10.0 -1.0 19.5 54.8 0.5 9.7 20.0 -0.2 10 11 12 0.8 1.7 2.8 1.1 2.2 1.7 -0.6 4.4 3.8 -6.8 -0.1 3.6 3.0 2.7 4.9 -5.2 1.6 5.8 -4.4 10.7 3.3 -11.2 3.1 3.4 7.2 2.6 5.9 -12.6 -9.9 10.7 -1.0 1.7 8.0 13 14 15 Corporate equities Trade receivables Miscellaneous assets 16 Net increase in liabilities 24.6 23.7 31.0 19.3 19.0 27.9 23.5 12.6 26.1 49.5 38.3 16 17 18 19 Corporate equity issues Taxes payable Miscellaneous liabilities 7.4 1.4 15.8 6.5 0.9 16.4 7.1 1.2 22.8 6.2 1.2 11.9 5.1 1.2 12.7 3.7 1.2 23.1 1.6 1.2 20.7 2.1 1.2 9.3 6.1 1.2 18.8 4.7 1.2 43.6 4.0 1.1 33.2 17 18 19 -10.6 -10.9 -7.5 0.1 -19.0 -7.4 -13.5 10.4 -8.8 -17.7 -14.3 20 20 Discrepancy 31 Z.1, June 11, 1999 F.119 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving 0.5 0.5 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5 1 2 Fixed nonresidential investment 1.2 1.6 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 2 3 Net acquisition of financial assets 100.0 80.9 90.6 87.2 88.6 96.2 87.5 93.2 89.9 114.2 88.4 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.1 -8.4 6.5 3.6 0.2 -4.2 5.3 -0.5 0.7 -9.4 6.0 5.5 -0.1 -14.3 5.2 2.5 -0.1 -13.2 5.0 1.9 -0.2 0.1 10.7 8.2 -0.2 -1.8 3.8 5.7 -0.2 -3.0 3.3 6.9 -0.2 12.1 30.9 19.3 0.1 -6.6 4.7 0.9 -0.2 2.0 26.8 11.4 4 5 6 7 8 Credit market instruments 50.2 46.1 56.0 52.3 65.5 118.7 74.5 130.1 95.6 174.4 60.7 8 9 10 11 12 Open market paper U.S. government securities Treasury Agency 3.4 24.0 15.7 8.3 -0.5 50.3 31.7 18.6 6.1 42.9 27.1 15.8 3.5 25.7 15.9 9.8 2.2 33.1 19.7 13.4 10.3 59.2 11.0 48.2 5.8 34.3 9.1 25.2 7.7 67.1 9.4 57.7 21.8 36.7 9.8 26.9 5.8 98.8 15.9 82.9 11.7 20.2 7.6 12.6 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Mortgages 0.1 22.8 -0.1 0.1 -7.5 3.6 0.1 5.6 1.4 0.1 21.2 1.8 0.1 27.7 2.4 0.2 45.4 3.7 0.1 31.8 2.5 0.2 50.8 4.3 0.0 34.9 2.2 0.3 63.9 5.7 0.1 27.2 1.5 13 14 15 16.9 21.7 -1.7 20.1 5.9 18.6 -9.6 41.1 -16.1 36.2 -52.7 31.2 -28.4 52.4 -60.2 43.4 -74.3 0.7 -48.0 28.4 -56.3 34.4 16 17 9.4 0.6 3.0 5.9 15.7 -4.9 0.1 20.5 7.2 -0.7 3.7 4.3 10.1 -2.5 3.8 8.8 9.4 -4.3 3.8 10.0 -19.8 -1.3 3.8 -22.3 -18.4 -13.6 3.8 -8.6 -27.1 5.6 3.8 -36.5 5.9 15.5 3.8 -13.4 -39.5 -12.9 3.8 -30.5 9.5 -6.4 3.8 12.1 18 19 20 21 100.6 82.0 90.8 87.5 89.0 96.6 87.9 93.6 90.3 114.7 88.9 22 16 17 Corporate equities Mutual fund shares 18 19 20 21 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 22 Pension fund reserves (liabilities) (3) (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.7 0.7 0.8 0.8 0.9 0.9 0.9 0.9 0.9 0.9 0.9 1 2 Fixed nonresidential investment 1.6 2.2 1.2 1.4 1.6 1.7 1.7 1.7 1.7 1.7 1.7 2 3 Net acquisition of financial assets 54.9 57.6 56.2 57.3 79.2 51.5 44.4 55.8 51.2 54.5 57.7 3 4 5 6 Checkable deposits and currency Time and savings deposits Security RPs 0.5 2.7 -0.1 -1.3 -3.6 5.8 -2.0 -0.9 6.3 0.4 0.1 0.7 0.7 -0.2 -2.6 3.1 -0.2 3.8 3.0 -7.1 19.7 -0.1 2.8 -14.4 4.7 -0.4 6.4 4.9 4.0 3.6 2.8 3.5 6.3 4 5 6 7 Credit market instruments 22.7 22.3 27.5 45.9 36.6 60.3 80.7 61.6 50.9 48.0 52.1 7 8 9 10 11 Open market paper U.S. government securities Treasury Agency -0.1 10.8 15.2 -4.4 5.8 15.1 8.0 7.1 6.3 24.6 4.8 19.8 0.7 27.7 14.7 13.0 -2.6 18.3 14.3 4.0 3.8 17.1 -3.3 20.4 19.7 1.5 12.6 -11.0 -14.4 40.8 7.1 33.7 6.4 -3.8 -52.9 49.1 3.6 30.0 20.3 9.7 6.3 13.3 -15.8 29.1 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages 0.2 13.7 -1.9 -0.3 1.2 0.7 0.1 -4.2 0.7 0.0 16.7 0.8 0.7 19.3 0.9 -0.0 38.4 1.0 -0.3 58.8 0.9 0.1 34.1 1.0 -0.8 48.1 1.0 0.9 12.5 1.0 -0.8 32.2 1.0 12 13 14 44.3 -15.2 29.3 5.2 41.3 -16.0 52.2 -42.1 53.5 -8.8 70.8 -86.4 73.6 -125.4 59.7 -53.8 89.3 -99.6 60.7 -66.6 55.2 -62.1 15 16 55.7 59.0 56.6 57.9 80.0 52.3 45.2 56.6 52.0 55.3 58.6 17 15 16 17 Corporate equities Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. 32 Z.1, June 11, 1999 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1 Net acquisition of financial assets 20.2 43.3 142.3 145.8 157.6 285.5 248.0 186.4 400.7 306.6 248.1 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs -10.3 1.4 -2.8 0.4 5.7 -1.3 -0.5 2.4 4.0 -1.0 20.9 19.0 3.4 2.4 30.4 16.0 0.1 2.6 28.6 22.8 7.4 -2.6 15.7 12.9 20.5 8.1 -6.9 20.7 -25.7 -14.5 -10.4 33.0 29.4 -7.4 49.3 70.6 5.7 3.7 30.9 -72.5 41.6 -20.1 51.1 -32.6 2 3 4 5 6 Credit market instruments 20.4 30.0 86.5 88.8 87.5 244.0 172.0 200.1 247.5 356.4 239.7 6 -9.1 14.5 1.0 13.5 22.7 -3.9 -13.3 9.4 48.4 17.5 3.8 13.7 38.4 31.3 20.3 11.0 62.1 -9.5 -4.0 -5.5 78.2 95.0 17.5 77.5 122.3 -4.3 -2.3 -2.0 72.3 13.6 23.0 -9.4 51.9 109.5 -3.1 112.6 66.4 261.1 52.2 208.9 221.4 -20.7 27.1 -47.7 7 8 9 10 9.6 5.4 7.8 3.4 14.3 6.4 16.8 2.4 22.5 12.5 26.0 44.8 20.1 33.9 20.6 93.6 35.5 50.7 27.9 1.0 12.2 26.8 11 12 11.0 6.9 12.8 4.8 16.0 7.9 33.6 4.0 11.4 -17.5 -31.7 13 20.2 43.3 142.3 145.8 157.6 285.5 248.0 186.4 400.7 306.6 248.1 14 7 8 9 10 Open market paper U.S. government securities Treasury Agency 11 12 Municipal securities Corporate and foreign bonds 13 14 Miscellaneous assets Net share issues (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2 Net acquisition of financial assets 4.3 -11.5 9.0 5.7 4.9 5.7 5.6 6.0 5.5 5.5 5.3 1 292.0 100.6 147.4 237.6 265.1 278.5 325.2 392.7 152.5 243.5 221.1 2 16.8 4.4 7.1 -2.7 10.3 10.3 -26.1 62.6 53.4 -48.6 17.3 3 159.5 -7.1 52.5 48.9 80.9 125.6 146.3 155.7 97.7 102.7 84.3 4 Open market paper U.S. government securities Treasury Agency 16.8 49.2 31.4 17.9 4.4 -10.4 -6.8 -3.6 7.1 18.9 11.2 7.7 -3.1 15.1 8.9 6.2 10.6 19.5 11.0 8.4 10.3 26.3 2.2 24.0 -32.7 69.7 26.6 43.0 59.2 -2.6 -13.4 10.8 43.9 17.6 -2.7 20.3 -29.1 20.4 -1.6 22.0 8.9 5.7 -9.1 14.8 5 6 7 8 Municipal securities Corporate and foreign bonds 42.9 50.6 -4.3 3.2 3.2 23.3 3.1 33.8 6.5 44.4 23.6 65.4 19.3 90.1 26.5 72.6 11.5 24.7 37.0 74.4 29.4 40.2 9 10 115.3 0.3 100.8 2.5 87.4 0.5 193.0 -1.7 166.8 7.1 143.3 -0.8 220.0 -15.1 186.8 -12.4 -5.2 6.6 171.5 17.8 130.4 -10.9 11 12 292.0 100.6 147.4 237.6 265.1 278.5 325.2 392.7 152.5 243.5 221.1 13 4.3 -11.5 9.0 5.7 4.9 5.7 5.6 6.0 5.5 5.5 5.3 14 36.1 30.0 54.6 101.1 183.2 165.0 119.5 94.2 113.3 333.0 132.5 15 3 Security RPs 4 Credit market instruments 5 6 7 8 9 10 11 12 Corporate equities Miscellaneous assets 13 Net share issues (liabilities) 14 Discrepancy Memo: 15 Capital gains dividends (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.123 Closed-End Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 Net acquisition of financial asssets Credit market instruments U.S. government securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 23.7 2.4 5.9 3.2 -9.6 -8.7 -8.8 -8.8 -8.8 -8.5 -8.5 1 20.0 -3.7 10.5 4.7 -3.4 -2.3 -2.4 -2.4 -2.4 -2.0 -2.0 2 2.1 12.1 5.8 -1.0 1.6 -4.4 -1.5 6.2 5.8 0.2 2.1 2.4 -1.5 0.0 -2.0 -1.5 1.2 -2.0 -1.5 1.1 -2.0 -1.5 1.1 -2.0 -1.5 1.1 -2.0 -1.5 1.4 -2.0 -1.5 1.4 -2.0 3 4 5 3.7 6.1 -4.6 -1.5 -6.2 -6.4 -6.4 -6.4 -6.4 -6.5 -6.5 6 23.7 2.4 5.9 3.2 -9.6 -8.7 -8.8 -8.8 -8.8 -8.5 -8.5 7 33 Z.1, June 11, 1999 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving 1.7 1.5 1.8 1.8 1.9 1.8 1.8 1.9 1.8 1.8 1.8 1 2 Fixed nonresidential investment 0.5 0.5 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.5 2 3 Net acquisition of financial assets 78.8 150.7 115.1 91.7 110.8 304.9 203.0 158.4 307.7 550.7 169.8 3 4 5 Checkable deposits and currency Federal funds and security RPs 0.9 -16.2 -0.9 35.4 0.2 20.5 -0.8 -11.8 1.2 -4.1 2.5 -13.4 -1.4 -14.7 1.2 -26.7 0.7 -3.7 9.4 -8.4 -6.5 -26.5 4 5 6 Credit market instruments 87.8 117.8 86.7 84.2 94.3 260.8 198.9 150.2 264.0 430.0 158.4 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency -1.7 11.2 -7.1 18.4 14.4 63.4 0.3 63.1 -0.8 63.4 6.1 57.4 9.6 46.7 -12.9 59.6 -1.1 69.1 7.1 62.0 26.9 132.5 -0.7 133.2 127.1 53.0 -62.7 115.7 -40.6 111.4 8.2 103.2 1.4 151.5 20.8 130.7 19.5 214.0 30.8 183.1 -96.8 222.0 12.4 209.6 7 8 9 10 11 12 Municipal securities Corporate and foreign bonds -0.6 11.1 0.8 8.5 1.0 5.5 -0.3 5.6 -0.8 0.3 1.3 0.5 0.4 -17.8 1.7 10.6 7.8 9.1 -4.7 -0.0 -6.2 5.2 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 26.5 1.8 1.4 23.3 27.2 3.6 0.8 22.8 11.2 0.9 3.9 6.4 28.8 -1.7 1.4 29.1 31.2 -5.3 0 36.4 92.3 -1.4 3.3 90.4 32.2 -7.0 6.8 32.4 64.5 -9.5 -2.8 76.8 93.0 4.6 6.2 82.3 179.5 6.2 3.2 170.1 50.7 7.4 1.0 42.2 13 14 15 16 17 18 19 20 Mortgages Home Multifamily residential Farm 41.3 39.8 1.7 -0.2 3.6 2.6 0.9 0.1 6.4 5.9 0.6 -0.1 -6.1 -6.7 -0.5 1.1 -4.5 -4.2 -1.2 1.0 7.3 4.4 0.8 2.2 4.0 5.0 -2.3 1.3 2.5 1.2 -0.1 1.3 1.1 -2.5 1.1 2.5 21.7 13.7 4.3 3.7 -16.5 -22.0 4.9 0.5 17 18 19 20 6.3 -1.7 7.7 20.0 19.4 55.1 20.1 33.7 46.7 119.8 44.5 21 21 22 23 24 25 26 27 Miscellaneous assets Net increase in liabilities 75.7 147.3 111.8 90.7 106.2 298.6 203.0 156.4 301.0 534.1 167.0 22 Credit market instruments GSE issues (2) U.S. government loans 80.6 80.6 0 172.1 176.9 -4.8 105.9 105.9 0 90.4 90.4 0 98.4 98.4 0 278.3 278.3 0 142.5 142.5 0 166.4 166.4 0 294.0 294.0 0 510.5 510.5 0 193.0 193.0 0 23 24 25 Miscellaneous liabilities -4.9 -24.9 5.8 0.3 7.8 20.3 60.5 -9.9 6.9 23.7 -25.9 26 -1.9 -2.4 -1.9 0.4 -3.2 -4.9 1.4 -0.6 -5.4 -15.2 -1.4 27 Discrepancy (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997. (2) Such issues are classified as U.S. government securities. F.125 Federally Related Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 84.7 115.4 98.2 141.1 114.4 192.6 84.8 247.0 267.5 171.2 372.0 1 2 3 4 Home mortgages Multifamily residential mortgages Farm mortgages 86.1 -1.4 -0.0 115.4 -0.0 -0.0 93.7 4.5 -0.0 135.5 5.6 -0.0 109.1 5.3 -0.0 182.2 10.5 -0.0 80.0 4.8 0 241.4 5.6 0 250.8 16.7 0 156.5 14.7 -0.0 364.2 7.7 0 2 3 4 84.7 115.4 98.2 141.1 114.4 192.6 84.8 247.0 267.5 171.2 372.0 5 5 Net increase in pool securities (liabilities)(2) (1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans. (2) Such issues are classified as U.S. government securities. 34 Z.1, June 11, 1999 F.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 1999 Q1 Q4 1 Gross saving 0.2 0.2 0.3 0.7 0.9 1.2 1.1 1.1 1.4 1.3 1.2 1 2 Fixed nonresidential investment 0.2 0.5 1.6 6.0 3.1 3.0 -0.2 2.5 14.6 -4.8 -1.2 2 3 Net acquisition of financial assets 85.4 76.2 141.1 148.6 198.6 314.5 283.1 357.0 277.9 340.2 304.7 3 4 Agency securities (1) 17.9 12.1 14.0 -5.1 -7.6 25.2 5.5 7.2 35.4 52.9 65.3 4 5 6 7 Other loans and advances Student loans Loans to business 9.7 0 9.7 4.3 0 4.3 6.9 1.0 5.9 13.3 5.3 8.1 32.2 7.8 24.4 27.6 3.8 23.8 32.3 10.0 22.3 9.1 9.6 -0.5 13.6 -2.4 16.0 55.5 -2.0 57.5 17.9 -2.4 20.3 5 6 7 8 9 10 11 Mortgages (2) Home Multifamily residential Commercial 45.0 32.3 2.4 10.3 37.5 22.3 3.0 12.1 34.1 18.4 3.8 11.9 61.2 34.9 6.1 20.1 90.4 53.0 7.1 30.3 164.5 91.1 15.1 58.3 147.0 76.5 16.7 53.8 189.0 101.3 17.6 70.2 155.0 111.8 10.7 32.5 166.8 74.8 15.3 76.7 143.9 79.6 14.5 49.7 8 9 10 11 12 13 Consumer credit Trade credit 10.2 2.6 15.6 6.8 65.6 20.5 54.2 25.0 47.2 36.3 59.4 37.9 37.9 60.4 122.0 29.6 41.5 32.4 36.0 29.0 57.6 20.0 12 13 85.4 76.5 142.4 153.9 200.7 316.3 281.8 358.4 291.0 334.1 302.2 14 4.7 80.7 12.4 64.1 37.3 105.1 45.4 108.5 89.4 111.4 125.7 190.7 120.6 161.2 120.7 237.8 133.3 157.7 128.0 206.1 85.6 216.6 15 16 0 0 0 0 0 0 0 0 0 0 0 17 0.0 -1.7 0.3 -3.6 1.3 -1.3 5.3 -0.3 2.1 3.7 1.8 2.9 -1.3 0.8 1.4 9.6 13.1 2.2 -6.1 -1.2 -2.4 -1.9 18 19 14 15 16 Net increase in liabilities Commercial paper Corporate bonds 17 Discrepancy 18 19 Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) (1) Federally related mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. (4) Included in table F.129. F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 15.4 17.6 19.2 22.0 23.3 24.5 24.0 24.5 24.5 25.1 25.5 1 2 Fixed nonresidential investment 13.7 19.8 18.8 17.1 20.8 23.5 26.2 24.2 11.7 31.9 28.7 2 3 Net acquisition of financial assets 6.3 42.3 72.7 42.2 52.8 70.2 109.0 58.5 -17.1 130.6 197.2 3 4 Checkable deposits and currency 5 6 7 8 Credit market instruments Other loans and advances Mortgages Consumer credit 9 10 Miscellaneous assets Net increase in liabilities 11 12 13 14 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 15 Taxes payable 16 17 18 19 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 20 Discrepancy 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table F.126. 1.4 1.6 1.7 1.9 2.1 2.3 2.2 2.2 2.3 2.3 2.4 4 -20.9 -15.9 -3.1 -1.9 48.3 25.9 4.2 18.3 49.9 26.7 5.6 17.7 18.4 7.9 10.2 0.3 21.9 9.0 5.3 7.6 51.9 29.0 14.4 8.5 28.7 26.7 6.7 -4.7 27.1 38.8 1.0 -12.7 79.7 27.3 34.6 17.9 72.1 23.4 15.3 33.3 73.3 52.1 14.4 6.8 5 6 7 8 25.7 -7.6 21.0 22.0 28.9 16.1 78.1 29.2 -99.1 56.2 121.6 9 10.9 64.2 72.7 49.8 46.6 61.6 111.9 53.9 -5.8 86.5 153.7 10 -1.4 -0.1 12.5 -13.7 48.7 22.5 31.7 -5.6 50.2 -2.9 52.6 0.5 45.9 9.0 32.5 4.4 48.7 23.9 20.3 4.4 43.0 30.0 10.9 2.1 80.1 48.3 37.5 -5.8 101.8 59.4 42.0 0.4 -14.0 18.7 -44.6 11.8 4.3 -6.5 8.6 2.2 76.0 -27.5 106.6 -3.2 11 12 13 14 0.8 0.8 0.7 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 15 11.5 23.6 1.2 -13.4 14.8 1.3 6.2 7.3 21.8 2.8 9.3 9.8 3.2 3.9 9.3 -10.0 -2.8 4.9 4.3 -12.1 17.8 5.5 -2.9 15.2 31.1 6.8 -0.2 24.5 -48.6 9.1 -18.2 -39.5 7.5 -7.2 -7.1 21.8 81.4 13.3 14.1 54.0 77.0 -5.5 11.1 71.4 16 17 18 19 6.3 19.7 0.4 12.5 -3.7 -7.6 0.7 -4.3 24.1 -50.9 -46.7 20 10.2 18.2 13.4 11.7 4.3 -3.5 -6.6 7.4 -8.6 -6.2 2.5 21 35 Z.1, June 11, 1999 F.128 Mortgage Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Net acquisition of financial assets -0.0 -24.0 -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 10.0 1 2 3 4 Home mortgages Multifamily residential mortgages Commercial mortgages -0.5 0.1 0.3 -24.0 0 0 -4.5 1.1 0 8.2 -0.1 0 -10.2 1.0 0 3.1 0.1 0 58.4 0.4 0 -56.0 -0.4 0 4.0 0.5 0 6.0 0 0 10.0 0.0 0 2 3 4 -0.0 -24.0 -3.4 8.2 -9.1 3.2 58.8 -56.4 4.5 6.0 10.0 5 0.0 -0.1 -11.5 -12.5 0.4 -3.8 12.4 -4.3 -4.7 -4.4 1.3 1.9 49.2 9.6 -48.0 -8.4 2.0 2.5 2.0 4.0 3.1 7.0 6 7 5 6 7 Net increase in liabilities Bank loans n.e.c. Investment by parent F.129 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 2.7 2.7 3.2 3.6 7.8 10.0 8.7 9.5 10.3 11.6 11.8 1 2 3 Fixed nonresidential investment Multifamily residential investment 1.1 5.2 14.6 7.3 7.0 2.7 17.8 4.4 52.0 11.3 64.7 11.4 72.3 12.8 62.7 11.1 76.9 13.6 47.1 8.3 37.5 6.6 2 3 4 Net acquisition of financial assets 1.9 1.1 2.3 4.9 26.1 6.4 57.3 17.6 -9.4 -39.8 2.0 4 5 Checkable deposits and currency 0 0 0 2.2 1.1 0.8 5.1 1.1 -4.0 0.9 -1.2 5 6 Credit market instruments 0.4 -0.7 1.4 4.4 20.2 -5.1 25.6 6.1 -11.3 -40.8 4.0 6 Agency securities Corporate and foreign bonds -0.3 0.2 -6.4 1.0 -0.2 0.8 3.2 1.4 9.0 2.1 -8.1 -0.4 8.0 6.3 -8.5 1.5 -11.0 -3.0 -20.7 -6.4 7.5 -2.2 7 8 Mortgages Home Multifamily residential Commercial 0.6 1.1 -0.3 -0.3 4.7 2.8 0.2 1.7 0.8 1.9 -0.6 -0.5 -0.3 1.1 -0.4 -1.0 9.1 6.0 0.9 2.2 3.4 0.8 0.1 2.5 11.3 6.5 0.3 4.5 13.1 10.7 0.3 2.1 2.8 -1.1 0.6 3.2 -13.7 -12.9 -1.0 0.2 -1.4 -3.7 -0.4 2.8 9 10 11 12 7 8 9 10 11 12 13 14 Miscellaneous assets Net increase in liabilities 1.4 1.8 1.0 -1.7 4.9 10.7 26.5 10.4 5.8 0.2 -0.8 13 16.9 29.0 15.8 29.5 92.2 86.4 137.4 99.3 85.3 23.4 43.6 14 15 Security RPs 2.1 4.7 1.2 2.8 11.2 -9.8 20.3 -7.5 -13.0 -38.9 4.0 15 16 Credit market instruments 1.7 10.2 4.5 11.9 39.6 62.7 63.1 64.4 79.3 44.0 26.4 16 -0.3 -1.4 -0.2 3.6 -0.6 -1.6 2.5 9.8 -0.0 0.2 -1.0 5.3 0.0 1.3 2.7 7.9 0.0 14.8 9.9 14.9 0.2 21.7 16.0 24.8 0.1 32.6 21.2 9.1 -0.2 31.5 13.3 19.9 0.7 9.9 29.0 39.6 0.0 12.9 0.5 30.6 0.0 16.5 -10.3 20.1 17 18 19 20 13.2 -0.1 11.1 2.9 8.7 1.4 12.3 2.5 32.5 8.8 19.8 13.6 35.9 18.1 27.4 15.1 7.0 12.0 9.0 9.3 5.8 7.4 21 22 17 18 19 20 21 22 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Corporate equity issues Miscellaneous liabilities 23 Discrepancy 11.5 8.7 6.9 6.0 10.5 13.8 3.8 17.4 14.6 19.4 9.3 23 24 25 26 27 28 Memo: Securitized assets included above Agency securities Home mortgages Multifamily residential mortgages Commercial mortgages -1.7 -2.3 0.6 0 0 -3.6 -5.0 1.4 0 0 -1.3 -2.3 0.9 0 0 -0.3 0.3 -0.8 0.3 0 3.7 0.4 3.1 0.2 0.0 2.9 0.1 1.8 0.4 0.6 0.8 1.3 -1.2 0.1 0.6 9.6 -1.3 8.7 1.1 1.2 2.2 2.2 -2.1 0.5 1.6 -1.2 -1.8 1.9 -0.3 -1.0 -1.9 -2.2 -0.6 0.5 0.5 24 25 26 27 28 36 Z.1, June 11, 1999 F.130 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Gross saving -0.3 6.2 -2.8 -1.0 -0.2 -0.1 -0.1 -0.1 -0.1 -0.2 -0.3 1 2 Fixed nonresidential investment 0.8 0.9 0.9 0.9 1.1 1.3 1.2 1.3 1.3 1.3 1.3 2 3 Net acquisition of financial assets 97.0 -24.1 113.4 68.2 142.8 70.7 587.7 -281.6 225.6 -249.0 -146.9 3 4 Checkable deposits and currency 5 Credit market instruments 6 7 8 9 10 11 12 13 14 Open market paper U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets 1.9 -0.3 1.7 1.9 6.0 3.8 13.1 -10.8 15.2 -2.2 -5.8 4 14.8 -44.2 90.1 -15.7 14.9 -17.4 245.8 -183.1 77.0 -209.1 86.1 5 -0.3 -12.8 -20.7 7.8 5.8 22.2 -3.7 -30.2 -14.4 -15.8 -1.7 -8.7 10.9 70.0 61.0 9.0 -2.7 12.0 1.6 -29.9 -31.1 1.2 -1.9 14.5 0.6 2.7 7.5 -4.8 2.4 9.2 3.8 -2.7 -3.2 0.5 -0.0 -18.4 3.3 237.4 167.6 69.8 -3.3 8.3 12.9 -218.7 -294.9 76.2 12.0 10.7 17.8 102.5 204.2 -101.7 -2.7 -40.7 -18.8 -132.1 -89.7 -42.4 -6.2 -52.1 3.4 55.8 127.9 -72.2 -3.1 30.0 6 7 8 9 10 11 8.1 22.6 49.6 -3.4 -1.1 24.8 7.7 3.5 10.3 -1.9 15.8 68.2 2.4 36.8 82.8 -8.5 23.8 68.8 18.6 36.6 273.6 -0.5 47.4 -134.7 -1.6 -4.8 139.8 -50.6 16.2 -3.3 20.6 13.6 -261.4 12 13 14 15 Net increase in liabilities 98.0 -29.1 117.2 70.5 144.3 73.0 589.4 -279.5 228.2 -246.3 -145.4 15 16 17 18 Security RPs (net) Corporate bonds Corporate equity issues 20.0 12.0 1.3 -23.0 0.5 4.7 79.0 -5.0 -8.1 -1.5 -2.0 -6.5 22.7 8.1 -5.9 -34.2 7.2 2.7 114.5 -1.0 0.1 -152.8 20.0 0.4 68.9 -2.6 27.0 -167.6 12.4 -16.6 77.6 -31.2 -3.5 16 17 18 19 20 21 22 23 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 2.7 38.7 26.0 12.7 0.5 -0.9 1.0 6.7 -5.7 -0.2 1.1 23.1 18.6 4.6 -0.1 4.0 36.6 35.3 1.3 0.1 5.7 74.2 52.6 21.7 0.1 -1.0 84.6 64.1 20.5 -0.1 -1.5 128.7 71.7 57.0 -1.0 5.4 80.8 61.6 19.3 0.0 3.7 184.4 130.4 54.0 -1.2 -11.5 -55.7 -7.5 -48.3 1.9 1.6 -103.2 -69.6 -33.6 -0.0 19 20 21 22 23 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 15.6 0.1 29.2 -13.7 1.6 0.8 25.7 -24.8 12.6 1.5 25.1 -14.0 27.8 0.8 51.2 -24.2 21.6 0.3 65.8 -44.5 7.5 0.2 84.0 -76.7 327.1 0.2 102.4 224.5 -241.2 0.1 122.0 -363.3 -22.2 0.4 56.0 -78.6 -33.8 0.0 55.6 -89.5 -98.0 0.3 213.0 -311.3 24 25 26 27 7.1 -12.7 14.5 12.0 17.9 6.3 22.5 8.0 -29.8 24.6 11.3 28 -0.2 0.2 0.2 0.3 0.2 0.9 0.4 0.8 1.2 1.2 -0.0 29 3.1 106.0 118.5 119.6 243.7 29.0 95.3 110.4 188.6 1 28 29 Proprietors’ net investment Discrepancy F.131 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 Money market fund shares 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 9 Net increase in liabilities 10 11 12 Credit market instruments Open market paper Corporate bonds 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other -14.4 31.2 10.1 31.8 2.4 27.3 10.4 57.9 43.1 58.3 61.6 68.4 35.4 2 -35.1 -39.1 4.0 -16.2 -26.2 10.0 -23.8 -33.6 9.8 13.5 0.7 12.8 54.8 48.2 6.6 9.2 4.8 4.5 90.6 104.7 -14.1 -30.4 -58.2 27.7 -42.4 -52.2 9.8 19.1 24.7 -5.6 4.3 5.7 -1.4 3 4 5 10.6 -6.6 17.2 15.6 -0.5 16.1 24.5 6.7 17.8 65.2 13.7 51.5 53.3 14.3 38.9 52.5 11.8 40.7 110.0 34.9 75.0 1.1 -32.9 34.0 76.0 40.7 35.3 22.9 4.4 18.6 148.8 -3.1 151.9 6 7 8 -14.4 31.2 3.1 106.0 118.5 119.6 243.7 29.0 95.3 110.4 188.6 9 6.3 -7.3 13.6 23.1 3.0 20.0 34.9 10.5 24.4 64.1 34.9 29.2 80.7 50.1 30.6 40.7 6.7 34.0 137.9 66.2 71.7 -33.3 -58.0 24.7 10.1 -18.9 29.0 48.1 37.6 10.5 165.3 21.2 144.1 10 11 12 -20.8 4.3 43.6 -68.6 8.1 -7.5 24.6 -9.0 -31.8 -10.4 -5.5 -15.9 41.9 1.1 59.9 -19.1 37.8 -27.4 57.2 8.0 78.9 11.8 61.7 5.4 105.8 -27.9 93.3 40.4 62.3 34.4 46.1 -18.2 85.2 65.9 147.8 -128.5 62.3 -25.2 -40.5 128.0 23.2 -16.5 -184.7 224.4 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 37 Z.1, June 11, 1999 F.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Official foreign currency holdings Treasury Monetary authority Net IMF position Federal government Monetary authority Q2 Q3 1999 Q1 Q4 1.4 -5.3 9.6 -6.7 1.0 7.4 1.8 7.8 10.6 9.5 -19.6 1 0.5 0.4 0.8 -0.4 0.4 0.1 0.7 -0.3 -0.8 0.9 -2.2 2 0.5 -0.0 0.4 -0.0 0.8 -0.0 -0.4 -0.0 0.4 -0.0 0.2 -0.0 0.7 0.0 -0.3 -0.0 -0.7 -0.0 0.9 0.0 -2.2 0.0 3 4 0.8 -5.8 8.8 -6.3 0.7 7.3 1.0 8.1 11.4 8.6 -17.4 5 0.8 0.4 0.4 -5.3 -2.6 -2.6 6.3 3.2 3.2 -7.6 -3.8 -3.8 -2.9 -1.5 -1.5 1.5 0.8 0.8 0.7 0.4 0.4 3.9 2.0 2.0 0.5 0.3 0.3 0.9 0.4 0.4 -17.4 -8.7 -8.7 6 7 8 0.0 0.1 -0.0 -0.5 -0.5 0.0 2.5 2.5 0.0 1.3 1.3 0.0 3.6 3.6 0.0 5.7 5.7 0 0.3 0.3 0 4.1 4.1 0 10.8 10.8 0 7.7 7.7 0 -0.0 -0.0 0 9 10 11 (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings. F.201 SDR Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0 0 0 0 2.2 2.2 -0.5 -0.5 -0.5 -0.5 0 0 0 0 0 0 0 0 0 0 -4.0 -4.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 0.4 0.6 0.7 0.9 0.6 1.0 0.1 1.0 -0.0 0.6 -0.0 0.7 0.3 0.5 0.2 0.5 1.7 0.6 -2.3 1.1 0 1.2 3 4 5 Discrepancy (seigniorage) -0.2 -0.2 -0.5 -0.9 -0.6 -0.7 -0.2 -0.3 1.1 -3.4 -1.2 5 F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets -18.5 52.9 35.3 85.9 107.4 41.9 -45.3 89.0 87.3 36.8 72.2 1 -1.1 -1.4 -10.3 3.1 1.1 5.7 4.6 1.6 4.0 12.4 10.5 3.4 6.3 -6.3 0.1 -4.0 1.0 7.4 18.0 10.8 20.5 -12.0 -17.6 -25.7 -10.0 -5.8 29.4 -12.0 16.6 5.7 -3.1 8.7 41.6 2 3 4 -5.7 43.0 25.1 59.6 107.4 37.5 -94.5 144.3 73.7 26.5 25.0 5 38 Z.1, June 11, 1999 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 1 Net change in liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries Q2 Q3 Q4 1999 Q1 50.5 89.8 9.9 -51.6 -19.7 -33.7 -124.8 30.0 49.8 -89.7 125.8 1 3.7 2.9 0.8 1.3 -4.2 5.5 1.3 -1.2 2.4 -0.5 -5.1 4.6 6.1 6.3 -0.2 -7.5 -4.5 -2.9 -19.0 -19.7 0.7 -1.5 0.0 -1.5 25.6 20.4 5.2 -35.0 -18.9 -16.1 9.5 -8.2 17.7 2 3 4 46.9 -2.9 88.5 -1.5 8.7 0.7 -51.2 4.1 -25.8 -1.6 -26.2 -1.1 -105.9 -4.9 31.5 3.4 24.2 -10.2 -54.7 7.3 116.4 -9.2 5 6 45.6 92.8 11.1 -52.0 -4.3 -28.2 -131.7 16.7 15.0 -13.0 71.2 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 46.3 19.3 6.6 -12.8 93.6 74.4 52.6 -21.7 10.7 -2.7 -14.7 -12.0 -46.8 -31.1 -1.9 29.2 -4.2 13.6 46.3 32.7 -33.2 23.1 23.6 0.5 -142.6 38.9 -24.5 -63.4 9.5 -11.4 35.2 46.6 10.9 98.9 34.1 -64.7 -10.6 -34.1 49.4 83.5 68.2 21.5 -15.4 -36.9 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates 29.2 -1.7 -30.9 27.1 1.4 -25.7 17.2 15.5 -1.7 -11.5 10.6 22.1 -18.5 -10.7 7.8 -56.9 32.1 89.1 -185.8 -78.9 106.8 17.9 167.5 149.6 -98.0 21.5 119.5 38.2 18.5 -19.7 34.1 -18.1 -52.2 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -2.3 -2.3 -0.0 -7.8 -2.5 5.3 -3.8 -1.1 2.7 -4.1 -0.2 3.9 0.8 0.3 -0.4 0.7 -0.1 -0.8 4.3 2.0 -2.2 3.1 -1.1 -4.1 10.0 1.5 -8.5 -14.7 -3.0 11.7 12.6 -0.4 -13.0 15 16 17 18 19 20 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. 0.7 0.7 0.0 0.8 -0.4 1.3 -0.4 -2.5 2.1 5.2 5.2 -0.0 0.2 1.0 -0.9 -5.0 -1.0 -4.0 -10.9 4.5 -15.5 -7.1 -7.5 0.4 -4.2 -3.7 -0.5 2.4 2.6 -0.3 -3.0 -2.7 -0.3 18 19 20 4.2 -2.7 -3.1 -3.3 -19.9 3.1 30.7 11.4 19.4 -49.0 54.3 21 13.3 6.0 1.9 -0.1 4.2 5.6 4.9 8.1 -0.4 -2.7 -7.3 -8.1 -4.9 -0.1 -3.1 -23.5 -6.6 -3.0 -0.3 -3.3 -6.7 -14.7 5.4 -0.2 -19.9 -2.8 5.8 2.1 0.6 3.1 17.9 21.4 -11.1 1.8 30.7 -19.7 24.2 11.6 1.2 11.4 16.0 67.4 48.3 -0.3 19.4 -25.6 -90.0 -40.5 -0.4 -49.0 55.4 75.7 21.8 -0.4 54.3 22 23 24 25 26 -10.5 3.2 -6.5 5.8 -1.3 0.5 6.0 10.9 -7.4 -0.6 -1.6 10.2 3.3 0.2 33.3 10.6 40.5 11.0 -83.6 19.1 15.3 4.9 27 28 -12.3 -10.5 1.9 -14.6 -6.5 8.1 3.6 -1.3 -4.9 9.0 6.0 -3.0 -12.7 -7.4 5.4 -3.7 -1.6 2.1 14.4 3.3 -11.1 21.7 33.3 11.6 -7.8 40.5 48.3 -43.0 -83.6 -40.5 -6.5 15.3 21.8 29 30 31 3.2 3.2 -0.1 6.2 5.8 -0.4 0.6 0.5 -0.1 11.2 10.9 -0.3 -0.4 -0.6 -0.2 9.6 10.2 0.6 -1.6 0.2 1.8 9.4 10.6 1.2 11.2 11.0 -0.3 19.6 19.1 -0.4 5.4 4.9 -0.4 32 33 34 46.3 92.6 13.1 -48.3 0.2 -36.8 -155.5 18.6 30.4 -40.7 71.5 35 45.6 92.8 11.1 -52.0 -4.3 -28.2 -131.7 16.7 15.0 -13.0 71.2 36 0.7 -0.2 2.0 3.7 4.5 -8.6 -23.9 1.9 15.4 -27.7 0.3 37 -2.9 -2.3 -0.6 -1.5 -1.6 0.1 0.7 0.8 -0.1 4.1 4.2 -0.1 -1.6 -3.6 2.0 -1.1 0.9 -2.0 -4.9 3.1 -8.0 3.4 -0.3 3.7 -10.2 -10.6 0.4 7.3 11.5 -4.2 -9.2 -10.1 0.9 38 39 40 6.6 6.8 -0.2 -7.6 -4.6 -2.9 -19.3 -19.9 0.7 -1.3 0.2 -1.5 25.8 20.6 5.2 -35.5 -19.4 -16.1 10.0 -7.7 17.7 41 42 43 21 22 23 24 25 26 27 28 To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 35 Net change in assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 3.3 2.5 0.8 1.9 -3.5 5.5 1.4 -1.1 2.4 -0.0 -4.6 4.6 Savings insts.: Reserves at Fed. Res. 0.4 -0.6 -0.1 -0.5 -0.5 0.1 0.3 -0.2 -0.2 0.4 -0.6 44 4.2 -2.7 -3.1 -3.3 -19.9 3.1 30.7 11.4 19.4 -49.0 54.3 45 44 45 Discrepancy--floats, etc. 39 Z.1, June 11, 1999 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 Net change in liabilities 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 117.3 -9.7 -12.7 15.8 41.5 48.5 65.6 109.3 -61.7 80.7 79.8 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 37.1 7.2 0.1 29.8 25.3 -7.7 -0.1 33.1 17.0 -1.2 0.2 18.0 23.5 1.7 -0.1 21.8 30.1 -2.3 0.5 31.9 38.5 0.5 0.0 38.0 27.8 13.1 -0.9 15.6 26.3 1.0 0.4 24.9 29.2 -25.1 0.9 53.4 70.8 13.0 -0.4 58.2 39.1 9.0 0.3 29.8 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 74.1 12.1 -0.4 62.4 -31.7 -18.9 1.9 -14.7 -45.9 -4.7 0.8 -42.0 -34.6 9.7 2.6 -46.9 -19.8 -0.9 4.6 -23.5 -32.6 -14.6 -2.8 -15.1 -12.7 -12.6 2.8 -2.9 56.6 58.4 14.2 -16.1 -118.1 -69.6 -11.7 -36.8 -56.0 -34.7 -16.7 -4.7 10.8 22.7 8.4 -20.3 6 7 8 9 -5.4 2.0 14.1 2.1 25.4 1.6 27.1 4.1 36.1 6.4 34.5 16.0 33.9 -7.4 31.4 -4.2 44.6 21.3 29.8 0.1 10 11 10 11 Savings institutions Credit unions 4.4 1.7 12 Net change in assets 117.3 -9.7 -12.7 15.8 41.5 48.5 65.6 109.3 -61.7 80.7 79.8 12 13 Household sector 46.7 -29.8 -58.7 -59.1 -5.5 19.9 16.6 -3.9 -1.3 68.1 82.8 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 23.4 13.6 7.6 2.1 24.1 18.5 5.1 0.4 36.1 31.3 4.3 0.5 45.3 36.8 8.5 0 3.3 -2.0 5.1 0.2 22.1 15.2 6.8 0.1 41.1 35.6 5.4 0.1 46.0 38.5 7.4 0.1 17.3 9.8 7.4 0.1 -16.0 -23.1 7.0 0.1 -3.0 -10.1 7.0 0.1 14 15 16 17 18 19 State and local governments Federal government 1.6 20.7 3.2 -21.7 2.8 -0.0 -2.7 11.0 1.5 -0.5 -2.2 -16.7 -4.4 -7.0 2.6 101.2 -7.7 -118.8 0.6 -42.1 -3.4 35.0 18 19 20 21 22 Rest of the world Checkable deposits Currency 18.7 -0.3 18.9 25.3 1.8 23.5 13.4 1.1 12.3 19.9 2.6 17.4 29.9 5.1 24.8 13.8 -2.8 16.6 4.9 1.9 3.0 24.0 14.6 9.4 18.3 -10.8 29.1 7.9 -17.1 25.0 18.4 8.8 9.6 20 21 22 23 Financial sectors 8.9 -3.2 3.5 5.1 19.4 12.2 10.9 -15.8 9.8 43.8 -44.7 23 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates -0.3 3.1 -0.1 -0.1 0.4 -1.5 0 -0.3 0.2 1.6 0.9 0.1 -0.2 -1.3 0.1 0.3 -0.1 1.0 0.6 0.2 0.7 3.2 1.0 -0.0 -0.1 2.4 -0.8 0.0 0.8 -0.1 -0.0 0.1 -0.5 -0.2 0.1 -0.1 2.8 10.8 4.8 -0.1 -1.6 -13.5 -2.2 -0.2 24 25 26 27 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 0.4 -0.4 0.1 0.5 0.4 -0.2 0.2 -1.3 -0.5 -0.2 0.7 -2.0 -0.9 -0.9 -0.1 0.4 3.8 0.3 -0.1 0.7 -2.7 0.2 -0.2 3.1 -18.3 -2.1 -0.2 3.0 5.1 -0.5 -0.2 -0.1 -1.6 0.8 -0.2 4.7 4.0 2.3 0.1 4.9 0.5 0.8 -0.2 2.8 28 29 30 31 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 1.4 0.9 1.4 0 1.9 -1.3 -0.9 1.6 0 -0.3 -1.0 0.2 1.7 0 1.7 2.4 -0.8 1.9 2.2 1.9 2.6 1.2 2.1 1.1 6.0 -2.6 2.5 2.3 0.8 3.8 8.1 -1.4 2.2 5.1 13.1 -14.5 1.2 2.2 1.1 -10.8 -7.4 0.7 2.3 -4.0 15.2 3.7 9.4 2.3 0.9 -2.2 -20.1 -6.5 2.4 -1.2 -5.8 32 33 34 35 36 -2.8 -7.6 -9.8 -3.6 -6.6 -0.5 3.5 -44.8 20.9 18.3 -5.2 37 37 Mail float 40 Z.1, June 11, 1999 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 Net change in liabilities Small time and savings deposits 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 -93.9 -20.3 162.2 211.3 219.6 245.5 341.1 19.7 193.1 428.2 -15.3 1 -70.3 -39.9 96.6 97.2 97.1 152.9 154.9 36.2 111.6 309.0 -1.2 2 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas -12.0 -10.9 -0.8 -0.2 -1.0 -0.6 -1.1 0.8 113.9 113.4 -0.7 1.2 123.1 122.8 0.1 0.2 148.3 143.9 4.4 -0.0 184.2 186.3 -3.6 1.5 183.0 185.0 -3.1 1.1 84.8 74.5 9.3 1.0 151.1 169.2 -19.4 1.2 317.9 316.3 -1.2 2.7 19.8 23.7 -1.3 -2.5 3 4 5 6 7 8 Savings institutions Credit unions -68.2 9.8 -44.4 5.5 -29.0 11.6 -38.1 12.3 -64.4 13.2 -54.3 23.1 -43.4 15.3 -66.8 18.3 -67.5 28.0 -39.6 30.7 -47.5 26.5 7 8 9 Large time deposits (1) -23.5 19.6 65.6 114.0 122.5 92.6 186.2 -16.5 81.5 119.2 -14.2 9 -21.1 -20.0 -0.8 -0.2 21.3 17.9 2.6 0.8 54.8 42.6 11.0 1.2 105.3 49.5 55.6 0.2 107.9 63.2 44.7 -0.0 72.9 34.8 36.5 1.5 173.3 79.6 92.7 1.1 -32.1 -18.7 -14.5 1.0 61.2 2.0 58.0 1.2 89.0 76.4 9.9 2.7 -14.1 1.4 -13.0 -2.5 10 11 12 13 -3.6 1.1 -2.1 0.4 9.2 1.7 6.3 2.4 11.7 2.9 15.7 4.1 12.6 0.3 7.8 7.9 18.0 2.3 24.2 5.9 -0.1 0.0 14 15 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Net change in assets -93.9 -20.3 162.2 211.3 219.6 245.5 341.1 19.7 193.1 428.2 -15.3 16 17 Household sector -113.0 -12.2 164.5 165.0 170.2 193.9 300.4 33.6 30.0 411.6 -49.7 17 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 28.8 22.3 6.5 1.6 -6.6 8.2 -15.8 -24.5 8.7 11.4 0.7 10.7 11.4 6.2 5.3 0.8 -4.3 5.1 16.1 11.3 4.8 -28.6 -34.6 6.0 51.7 45.7 6.0 -36.1 -39.7 3.6 -16.2 -21.8 5.6 18 19 20 21 22 23 State and local governments Federal government Rest of the world -4.9 -0.1 6.8 6.3 -0.1 1.5 9.5 0.3 -6.6 8.3 1.4 10.9 6.1 1.0 13.1 12.4 1.3 12.5 19.3 -1.6 18.3 13.8 1.0 -0.7 9.4 1.3 36.5 7.0 4.7 -4.1 -6.3 -3.4 -5.5 21 22 23 24 Financial sectors -11.5 -17.4 10.4 14.2 17.8 24.7 -11.3 0.6 64.2 45.1 65.8 24 25 26 27 Savings institutions Credit unions Bank personal trusts and estates -0.7 -1.3 -1.1 -1.8 -8.9 1.6 -0.2 0.4 -0.5 0.3 -0.7 -1.6 -0.4 0.6 2.3 0.5 6.4 2.1 0.7 1.5 2.3 1.1 7.9 2.3 -0.1 1.5 1.9 0.4 14.6 1.9 -0.3 7.9 1.6 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds -8.4 2.7 -2.8 -4.2 -3.6 -0.5 -9.4 -0.9 20.9 -14.3 0.1 30.4 -13.2 -0.2 28.6 0.1 -0.2 15.7 -1.8 -7.1 -6.9 -3.0 2.8 -10.4 12.1 -0.4 49.3 -6.6 4.0 30.9 2.0 3.5 51.1 28 29 30 (1) Large time deposits are those issued in amounts of $100,000 or more. F.206 Money Market Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 20.2 43.3 142.3 145.8 157.6 285.5 248.0 186.4 400.7 306.6 248.1 1 2 Net purchases 20.2 43.3 142.3 145.8 157.6 285.5 248.0 186.4 400.7 306.6 248.1 2 3 4 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business -0.6 -2.5 0.3 13.4 7.4 0.1 97.9 24.8 0.9 56.1 9.9 0.6 82.9 23.9 1.2 149.8 45.1 1.4 126.5 46.5 1.4 91.1 20.4 1.4 242.4 42.8 1.4 139.1 70.8 1.4 115.2 25.4 1.4 3 4 5 6 7 8 9 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations 0.1 6.4 6.5 10.1 0.6 -15.3 5.3 31.8 3.7 6.6 6.0 2.4 7.8 39.1 5.2 27.3 1.6 32.6 5.0 10.4 1.9 18.7 10.7 57.9 2.0 24.8 3.8 43.1 2.0 9.9 3.3 58.3 1.8 19.8 30.9 61.6 2.0 20.3 4.7 68.4 1.8 42.1 26.8 35.4 6 7 8 9 41 Z.1, June 11, 1999 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 71.3 78.2 110.5 41.4 120.9 52.6 259.5 -113.6 228.6 -164.3 255.3 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 41.6 45.5 -4.3 0.4 78.1 71.6 6.7 -0.2 30.4 28.2 1.8 0.4 41.0 28.7 12.0 0.4 89.0 63.4 25.6 0.0 87.1 66.8 19.7 0.5 110.3 53.9 52.0 4.4 36.2 -4.5 25.6 15.1 174.1 99.1 74.2 0.8 27.6 118.9 -73.1 -18.2 123.0 115.1 8.2 -0.3 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) 7.5 2.1 20.0 18.4 4.7 -23.0 -0.0 1.2 79.0 -0.9 2.8 -1.5 -1.9 11.2 22.7 9.5 -9.8 -34.2 14.3 20.3 114.5 10.6 -7.5 -152.8 -1.4 -13.0 68.9 14.6 -38.9 -167.6 50.6 4.0 77.6 6 7 8 24.8 8.9 93.0 40.9 55.7 32.2 110.8 57.0 122.6 -161.3 56.4 9 9 Net change in liabilities 1994 Net change in assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world -2.6 10.7 16.9 -0.3 -15.1 -12.0 0.3 -3.0 21.0 1.5 32.1 3.2 0.6 3.6 20.0 -1.1 7.2 -18.8 -4.0 34.5 85.5 -5.0 -24.0 -28.1 2.0 16.0 -56.6 2.7 2.2 -76.2 4.5 32.0 57.3 10 11 12 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions -0.2 5.1 -3.9 -5.1 36.3 -2.6 -4.1 -2.3 74.7 3.3 4.8 0.2 4.1 7.7 -1.2 -4.9 31.6 2.3 -0.8 2.0 45.0 6.5 5.5 3.4 -5.2 -29.5 10.8 4.3 114.1 30.2 9.6 9.1 161.2 -1.9 5.5 -8.6 -90.0 27.2 -3.7 8.7 -37.5 -14.4 4.5 -19.8 13 14 15 16 -0.9 3.6 -0.1 0.4 16.8 -16.2 -2.3 -0.5 5.8 2.4 4.4 35.4 8.1 5.5 6.3 19.0 7.1 20.5 -2.1 2.5 0.7 16.0 -2.7 -11.8 -0.2 1.9 -2.6 22.8 10.3 -4.1 7.6 8.2 3.8 12.9 10.3 -13.4 3.9 5.7 19.7 20.7 -26.1 -14.7 3.7 6.9 -14.4 33.0 62.6 -26.7 20.1 19.3 6.4 70.6 53.4 -3.7 2.7 0.9 3.6 -72.5 -48.6 -8.4 16.3 11.4 6.3 -32.6 17.3 -26.5 17 18 19 20 21 22 46.4 69.4 17.5 0.5 65.3 20.3 148.7 -170.5 106.0 -3.0 198.9 23 17 18 19 20 21 22 23 Other insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Discrepancy--unallocated assets F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -5.1 35.7 74.3 102.6 184.1 193.1 343.8 113.1 232.7 83.0 161.9 1 2.5 38.6 75.1 101.6 186.8 202.5 358.4 124.8 233.5 93.3 166.2 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 10.0 -9.6 -3.1 -6.5 21.4 -26.1 -12.3 -13.9 18.1 13.5 5.4 8.1 -0.9 11.3 -1.9 13.2 13.7 3.7 -2.3 6.0 24.4 7.8 -1.6 9.4 51.1 55.3 7.9 47.4 3.8 -25.5 -1.6 -23.9 85.6 6.2 4.3 1.8 -43.0 -4.7 -17.0 12.2 64.4 18.3 1.4 16.9 3 4 5 6 7 8 9 10 11 12 Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations 2.1 5.2 4.7 -0.1 -0.3 -7.3 43.3 5.9 12.4 22.5 -0.6 3.0 43.4 -1.4 37.3 -2.9 -0.0 10.5 91.3 1.9 45.4 9.0 0.0 34.9 169.4 6.0 89.4 23.9 0.0 50.1 170.3 7.8 125.7 30.0 0.2 6.7 252.1 16.9 120.6 48.3 0.1 66.2 146.6 24.7 120.7 59.4 -0.2 -58.0 141.7 7.9 133.3 18.7 0.7 -18.9 141.0 -18.2 128.0 -6.5 0.0 37.6 83.4 4.0 85.6 -27.5 0.0 21.2 7 8 9 10 11 12 13 Bankers acceptances (1) -7.7 -2.9 -0.8 1.0 -2.7 -9.4 -14.6 -11.8 -0.7 -10.3 -4.3 13 14 Net purchases, by sector -5.1 35.7 74.3 102.6 184.1 193.1 343.8 113.1 232.7 83.0 161.9 14 2 3 4 5 6 Total net issues, all types Commercial paper 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 15.6 2.4 3.7 5.9 1.2 -0.6 4.4 6.0 1.3 1.3 17.1 18.6 4.0 11.4 20.3 14.4 7.0 3.8 14.3 19.9 4.2 -9.8 18.0 35.6 4.0 -11.0 21.1 -13.1 4.0 -17.7 14.3 70.2 4.0 0.6 20.6 93.2 4.8 -11.4 16.0 -8.1 4.7 11.5 16.0 -15.0 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0 -1.9 -0.3 -0.7 -3.2 0 -1.5 -0.2 -0.1 3.5 0 -0.1 0.0 -1.6 0.7 0 0.8 0.1 -0.3 -2.6 0 -0.8 -0.3 -0.1 2.8 0 -0.2 0 0.2 -0.4 0 -0.7 0 -0.2 -0.4 0 0.2 0 1.3 1.6 0 -0.7 0 2.6 -1.6 0 0.6 0 -2.8 -1.4 0 -0.7 0 -0.2 -3.0 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 3.6 3.4 -0.1 5.9 -0.5 5.8 -7.3 6.1 6.3 2.9 3.5 0.7 17.5 2.2 -2.6 7.5 10.3 3.8 -6.2 5.8 19.7 0.2 7.7 -14.4 23.0 21.8 6.4 13.1 5.8 3.6 -12.0 11.7 6.3 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations -9.1 16.8 -1.7 -0.3 -39.1 22.7 4.4 14.4 -3.7 -26.2 48.4 7.1 -0.8 10.9 -33.6 38.4 -3.1 9.6 1.6 0.7 62.1 10.6 -1.1 0.6 48.2 78.2 10.3 26.9 3.8 4.8 122.3 -32.7 127.1 3.3 104.7 72.3 59.2 -40.6 12.9 -58.2 51.9 43.9 1.4 17.8 -52.2 66.4 -29.1 19.5 -18.8 24.7 221.4 8.9 -96.8 3.4 5.7 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 42 Z.1, June 11, 1999 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 7 Net issues Savings bonds Other Treasury issues Net purchases Household sector Savings bonds Other Treasury issues 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 248.3 155.7 142.9 146.6 23.2 -54.6 -27.6 -69.4 -136.1 14.7 -117.7 1 14.7 233.7 8.0 147.7 5.1 137.9 2.0 144.6 -0.5 23.7 0.1 -54.7 -2.7 -24.9 -0.5 -68.9 0.9 -136.9 2.9 11.8 -1.6 -116.1 2 3 248.3 155.7 142.9 146.6 23.2 -54.6 -27.6 -69.4 -136.1 14.7 -117.7 4 22.9 14.7 8.3 156.1 8.0 148.1 -55.5 5.1 -60.6 -72.5 2.0 -74.5 -208.8 -0.5 -208.3 -63.9 0.1 -64.0 -173.6 -2.7 -170.9 209.7 -0.5 210.2 -49.9 0.9 -50.8 -241.6 2.9 -244.5 -230.8 -1.6 -229.2 5 6 7 -11.8 0.3 29.6 2.0 0.7 -77.8 6.3 1.6 -80.2 -0.6 -1.2 -32.8 10.4 -0.8 -17.7 -6.6 -0.6 30.0 -35.0 -0.6 4.0 -25.7 -0.6 58.9 10.0 -0.6 49.9 24.4 -0.6 7.0 -43.9 -0.6 -1.6 8 9 10 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 11 12 Rest of the world Monetary authority 73.3 37.0 65.0 32.5 168.5 13.7 270.7 12.7 139.4 39.8 38.1 21.4 38.5 27.6 26.4 8.1 -137.0 48.8 224.5 1.0 -31.8 71.4 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 27.8 20.6 6.5 -0.8 1.5 -31.8 -27.0 -3.5 -0.7 -0.6 -11.7 -40.4 29.6 -1.2 0.2 -16.9 -34.7 18.4 0.6 -1.3 8.3 -6.1 14.4 -0.1 0.1 -56.0 -42.1 -10.3 -3.1 -0.6 -10.2 -23.1 18.4 -6.9 1.4 -39.8 -52.8 16.3 -2.3 -0.9 -177.7 -103.0 -69.5 -2.8 -2.4 3.6 10.6 -6.3 -0.2 -0.5 -4.1 -3.7 1.0 0.9 -2.3 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates -5.7 2.6 0.3 -1.1 -0.5 -0.6 -8.7 -3.8 -1.1 -1.0 -0.9 0.8 -2.8 -1.8 -0.3 -4.4 -2.5 -0.2 1.1 -2.5 -0.4 -8.9 -2.0 -0.4 -6.0 -3.7 -0.0 -3.8 -1.6 -0.1 1.7 0.4 0.2 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 20.1 14.2 15.7 15.2 -2.9 9.4 31.7 8.0 1.0 0.5 27.1 4.8 -14.9 -12.6 15.9 14.7 1.1 2.1 19.7 14.3 -14.1 -18.0 11.0 -3.3 -11.3 -14.7 9.1 12.6 -11.1 -22.0 9.4 7.1 -21.8 -22.7 9.8 -52.9 -12.2 -12.5 15.9 20.3 -14.7 -12.6 7.6 -15.8 21 22 23 24 25 26 27 28 29 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 1.0 31.4 2.1 -7.1 -20.7 -13.3 -6.8 -1.0 0.3 -14.4 3.8 11.2 -1.5 6.1 61.0 20.3 8.9 0.2 -12.9 -31.1 -4.0 11.0 -1.5 7.1 7.5 17.5 2.2 -1.5 -0.7 -3.2 -2.3 26.6 -1.5 -62.7 167.6 23.0 -13.4 -1.5 8.2 -294.9 -3.1 -2.7 -1.5 20.8 204.2 52.2 -1.6 -1.5 30.8 -89.7 27.1 -9.1 -1.5 12.4 127.9 25 26 27 28 29 256.1 155.9 144.4 145.0 23.1 -52.6 -30.0 -70.9 -136.5 26.9 -119.2 30 Memo: 30 Federal government borrowing (1) (1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12). 43 Z.1, June 11, 1999 F.210 Agency Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 7 8 Net issues Budget agencies Government-sponsored enterprises Federally related mortgage pools Net purchases Household sector Nonfinancial corporate business State and local governments 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 173.1 292.5 205.6 229.9 212.7 472.9 224.9 411.9 561.2 693.8 563.4 1 7.8 80.6 84.7 0.2 176.9 115.4 1.5 105.9 98.2 -1.6 90.4 141.1 -0.1 98.4 114.4 2.0 278.3 192.6 -2.4 142.5 84.8 -1.4 166.4 247.0 -0.4 294.0 267.5 12.2 510.5 171.2 -1.5 193.0 372.0 2 3 4 173.1 292.5 205.6 229.9 212.7 472.9 224.9 411.9 561.2 693.8 563.4 5 -37.6 10.5 0.1 139.9 0.8 11.6 13.2 3.5 -35.1 86.4 10.1 -35.3 27.9 -16.2 -0.8 -37.2 10.7 43.6 -185.8 -3.9 -20.8 7.6 17.6 79.1 107.7 10.6 60.0 -78.5 18.3 56.0 128.8 20.4 12.0 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0 35.4 -0.8 0 21.7 -1.0 0 28.7 -1.0 0 41.7 -0.4 0 49.6 -1.5 0 55.4 -0.3 0 93.4 -0.2 0 69.0 -0.4 0 13.0 -0.5 0 46.0 -0.3 0 96.1 -0.1 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 44.7 36.2 7.4 0.9 0.2 5.5 1.8 1.5 1.7 0.5 38.7 23.4 14.3 -0.2 1.3 28.2 15.3 12.4 0.3 0.2 75.5 60.4 12.5 0.6 2.0 91.4 81.6 4.8 1.1 3.9 88.2 52.6 20.5 12.4 2.7 -19.3 -21.8 11.4 -11.2 2.2 133.4 146.1 -17.1 2.5 2.0 163.3 149.5 4.3 0.9 8.7 44.0 36.2 8.4 -2.1 1.6 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates 4.2 7.7 0.9 12.6 4.5 -0.5 4.7 4.9 -0.1 -8.5 4.9 -0.3 -0.8 0.4 0.2 -11.7 7.3 -0.1 -10.8 5.3 -0.3 -11.3 8.3 -0.3 -17.1 7.2 0.3 -7.6 8.5 0.1 16.7 16.4 0.6 17 18 19 20 21 22 23 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 27.6 1.3 8.3 -4.4 11.3 1.6 18.6 7.1 8.7 2.3 15.8 19.8 1.3 2.8 9.8 13.0 -2.1 1.7 13.4 4.0 -9.6 2.6 48.2 20.4 -0.2 5.8 25.2 -11.0 -9.4 0.1 57.7 33.7 -15.2 -0.6 26.9 49.1 -13.6 5.2 82.9 9.7 5.6 3.8 12.6 29.1 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 13.5 17.9 18.4 9.4 -3.6 63.1 13.7 7.7 57.4 11.0 6.2 59.6 -5.5 8.4 62.0 77.5 24.0 133.2 -2.0 43.0 115.7 -9.4 10.8 103.2 112.6 20.3 130.7 208.9 22.0 183.1 -47.7 14.8 209.6 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 17.9 -0.3 7.8 12.1 -6.4 -15.8 14.0 -0.2 9.0 -5.1 3.2 1.2 -7.6 9.0 -4.8 25.2 -8.1 0.5 5.5 8.0 69.8 7.2 -8.5 76.2 35.4 -11.0 -101.7 52.9 -20.7 -42.4 65.3 7.5 -72.2 27 28 29 (1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30. 44 Z.1, June 11, 1999 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 Net change in liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 6 7 Net change in assets 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 74.8 -35.9 -48.2 2.6 71.4 96.8 116.7 100.1 83.6 87.0 67.9 1 66.8 1.8 65.0 -46.3 -2.2 -44.1 -51.9 1.2 -53.2 -7.2 6.3 -13.4 57.3 8.3 49.0 79.1 -6.3 85.4 89.1 -2.9 92.1 79.1 -4.4 83.5 72.7 -19.9 92.6 75.5 2.2 73.3 66.6 -12.8 79.4 2 3 4 1.4 3.6 0.7 6.6 10.0 12.0 17.2 15.0 5.0 10.7 1.6 5 6.6 6.8 3.1 3.1 4.2 5.8 10.4 6.0 5.9 0.8 -0.3 6 74.8 -35.9 -48.2 2.6 71.4 96.8 116.7 100.1 83.6 87.0 67.9 7 8 9 10 Household sector Nonfinancial corporate business State and local governments -31.3 8.9 -1.0 -50.2 2.0 -0.9 -42.9 -19.9 -3.5 -23.6 -5.8 -0.5 25.9 7.6 -0.7 31.4 6.5 -1.4 49.2 15.9 -1.6 34.6 4.6 -2.0 30.8 1.8 -1.0 10.9 3.7 -1.0 7.6 6.7 -1.6 8 9 10 11 12 13 Commercial banking Savings institutions Bank personal trusts and estates 1.7 0.1 12.9 -1.6 -0.1 5.3 -4.2 -0.0 -5.9 0.9 0.1 -4.3 2.4 0.0 0.8 8.2 0.4 1.0 -1.6 -1.6 0.9 10.9 1.1 0.9 12.2 1.1 1.2 11.3 0.9 1.2 8.3 1.0 1.4 11 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 3.2 10.4 0.1 0.2 -1.9 7.4 0.1 -0.3 -0.9 7.0 0.1 0.1 1.5 14.4 0.1 0.0 -1.0 5.1 0.1 0.7 -18.1 16.8 0.2 -0.0 -14.0 32.1 0.1 -0.3 -20.9 8.8 0.2 0.1 -21.4 6.6 0.0 -0.8 -16.2 19.5 0.3 0.9 1.8 9.7 0.1 -0.8 14 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 9.6 42.9 12.1 -0.6 5.8 7.8 -4.3 1.6 0.8 -1.7 14.3 3.2 6.2 1.0 -2.7 16.8 3.1 2.1 -0.3 -1.9 22.5 6.5 0.0 -0.8 2.4 26.0 23.6 1.2 1.3 -0.0 20.1 19.3 1.1 0.4 -3.3 20.6 26.5 1.1 1.7 12.0 35.5 11.5 1.1 7.8 -2.7 27.9 37.0 1.4 -4.7 -6.2 12.2 29.4 1.4 -6.2 -3.1 18 19 20 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 281.2 157.3 318.9 305.2 346.5 437.5 521.9 641.9 221.6 364.6 645.7 1 75.2 82.9 23.3 12.2 73.3 49.7 72.5 55.8 90.7 46.7 132.2 13.4 157.2 14.3 160.8 107.5 87.1 -35.3 123.8 -32.9 155.0 2.0 2 3 2 3 Nonfinancial corporate business Rest of the world (1) 4 5 6 Financial sectors Commercial banking Savings institutions 123.1 7.2 -1.5 121.8 7.7 -0.8 195.9 18.5 -0.0 176.9 7.8 -0.4 209.0 23.7 0.1 291.8 27.6 -0.2 350.3 49.3 -1.0 373.5 16.9 0.7 169.8 20.8 -0.5 273.7 23.2 -0.1 488.7 35.1 0.9 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 80.7 12.5 -1.4 12.0 13.6 64.1 31.7 -1.6 0.5 20.0 105.1 52.6 0.2 -5.0 24.4 108.5 32.5 1.3 -2.0 29.2 111.4 20.3 14.8 8.1 30.6 190.7 10.9 21.7 7.2 34.0 161.2 37.5 32.6 -1.0 71.7 237.8 42.0 31.5 20.0 24.7 157.7 -44.6 9.9 -2.6 29.0 206.1 8.6 12.9 12.4 10.5 216.6 106.6 16.5 -31.2 144.1 7 8 9 10 11 12 281.2 157.3 318.9 305.2 346.5 437.5 521.9 641.9 221.6 364.6 645.7 12 13 14 15 Net purchases Household sector State and local governments Rest of the world (2) 36.3 5.6 30.4 38.7 5.4 38.0 87.0 7.1 58.1 12.6 10.7 83.7 22.6 1.3 86.8 -61.9 5.2 122.3 50.1 6.0 108.2 23.3 5.7 163.0 -187.8 2.3 94.2 -133.4 6.8 123.7 217.6 7.2 127.5 13 14 15 16 17 18 Commercial banking Savings institutions Bank personal trusts and estates 3.5 9.1 -1.1 4.3 -2.4 -0.4 8.4 -8.2 -1.7 1.4 -9.9 -1.7 27.8 -9.9 4.3 38.0 29.9 2.2 41.4 -2.8 2.5 13.0 29.2 1.2 30.8 33.2 1.6 66.8 60.1 3.6 -65.9 62.9 3.2 16 17 18 19 20 21 22 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 58.3 3.3 22.8 13.7 59.9 7.2 -7.5 1.2 90.7 12.7 5.6 -4.2 79.2 18.3 21.2 16.7 77.0 16.4 27.7 19.3 104.5 19.2 45.4 38.4 120.7 0.3 31.8 58.8 95.0 11.7 50.8 34.1 105.8 10.0 34.9 48.1 96.5 54.8 63.9 12.5 117.1 20.0 27.2 32.2 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Closed-end funds 5.4 50.6 5.8 3.4 3.2 -4.4 6.4 23.3 5.8 2.4 33.8 2.4 12.5 44.4 -2.0 44.8 65.4 -2.0 33.9 90.1 -2.0 93.6 72.6 -2.0 50.7 24.7 -2.0 1.0 74.4 -2.0 26.8 40.2 -2.0 23 24 25 26 27 28 29 Government-sponsored enterprises REITs Brokers and dealers Funding corporations 11.1 0.2 22.2 4.0 8.5 1.0 -8.7 10.0 5.5 0.8 12.0 9.8 5.6 1.4 14.5 12.8 0.3 2.1 9.2 6.6 0.5 -0.4 -18.4 4.5 -17.8 6.3 8.3 -14.1 10.6 1.5 10.7 27.7 9.1 -3.0 -40.7 9.8 -0.0 -6.4 -52.1 -5.6 5.2 -2.2 30.0 -1.4 26 27 28 29 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. 45 Z.1, June 11, 1999 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 137.7 24.6 -3.1 -8.7 -78.8 -184.8 -107.5 -115.9 -319.0 -196.7 -96.1 1 2 Nonfinancial corporate business 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 -139.2 -129.1 -308.4 -491.3 -46.1 2 3 Rest of the world (2) 63.4 48.1 50.4 60.0 41.3 75.9 13.6 4.0 -32.9 319.1 -33.0 3 4 5 6 7 8 9 Financial sectors Commercial banking Other insurance companies Closed-end funds REITs Brokers and dealers 53.0 7.3 7.4 23.7 13.2 1.3 21.4 -3.3 6.5 2.4 11.1 4.7 4.8 -8.7 7.1 5.9 8.7 -8.1 0.8 -14.3 6.2 3.2 12.3 -6.5 -5.6 -27.7 5.1 -9.6 32.5 -5.9 6.3 -11.2 3.7 -8.7 19.8 2.7 18.2 -10.6 1.6 -8.8 35.9 0.1 9.2 -11.9 2.1 -8.8 27.4 0.4 22.2 -9.1 6.1 -8.8 7.0 27.0 -24.6 -13.2 4.7 -8.5 9.0 -16.6 -17.1 -14.9 4.0 -8.5 5.8 -3.5 4 5 6 7 8 9 137.7 24.6 -3.1 -8.7 -78.8 -184.8 -107.5 -115.9 -319.0 -196.7 -96.1 10 10 Net issues 1994 Net purchases 11 12 13 Household sector State and local governments Rest of the world (3) -57.5 1.5 20.9 -159.8 1.3 0.9 -192.0 12.1 16.6 -291.5 14.5 11.0 -521.8 16.0 64.2 -527.1 9.1 42.5 -639.4 8.1 113.0 -517.3 9.9 56.5 -449.0 16.6 -29.4 -502.7 1.8 30.1 -436.6 14.1 44.0 11 12 13 14 15 16 Commercial banking Savings institutions Bank personal trusts and estates 0.9 1.7 -55.2 -1.4 -1.8 -8.8 2.1 0.7 1.6 1.8 0.6 -17.3 0.6 0.2 72.3 1.4 1.5 39.1 1.8 1.6 31.0 2.3 0.6 39.8 2.1 2.5 36.0 -0.5 1.4 49.5 1.6 -1.2 51.4 14 15 16 17 18 19 20 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 36.3 0.8 16.9 44.3 61.8 1.1 -1.7 29.3 18.6 -0.6 5.9 41.3 46.7 -6.8 -9.6 52.2 86.3 3.0 -16.1 53.5 107.4 -5.2 -52.7 70.8 103.4 -4.4 -28.4 73.6 124.2 -11.2 -60.2 59.7 93.2 7.2 -74.3 89.3 109.0 -12.6 -48.0 60.7 88.0 -1.0 -56.3 55.2 17 18 19 20 21 22 23 Mutual funds Closed-end funds Brokers and dealers 115.3 3.7 8.1 100.8 6.1 -3.4 87.4 -4.6 7.7 193.0 -1.5 -1.9 166.8 -6.2 2.4 143.3 -6.4 -8.5 220.0 -6.4 18.6 186.8 -6.4 -0.5 -5.2 -6.4 -1.6 171.5 -6.5 -50.6 130.4 -6.5 20.6 21 22 23 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 292.0 100.6 147.4 237.6 265.1 278.5 325.2 392.7 152.5 243.5 221.1 1 2 Net purchases 292.0 100.6 147.4 237.6 265.1 278.5 325.2 392.7 152.5 243.5 221.1 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 205.1 6.8 6.5 67.4 2.1 7.8 94.7 4.6 5.9 180.8 3.3 6.0 259.0 -8.2 -7.4 263.1 7.3 -7.3 288.3 7.3 -8.5 369.8 7.3 -10.3 169.1 7.3 -6.0 225.1 7.3 -4.5 185.3 8.0 -4.1 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates 0.5 0.1 44.9 -1.9 -1.6 21.7 0.3 0.2 9.5 0.3 -0.3 3.9 0.8 -0.2 -7.8 1.7 1.2 9.4 0.4 1.4 12.0 -0.7 1.4 10.0 3.7 -0.2 6.0 3.5 2.1 9.7 -0.8 0 6.3 6 7 8 Life insurance companies Private pension funds 6.3 21.7 -14.9 20.1 13.5 18.6 2.4 41.1 -7.2 36.2 -28.2 31.2 -28.2 52.4 -28.2 43.4 -28.2 0.7 -28.2 28.4 -8.0 34.4 9 10 9 10 46 Z.1, June 11, 1999 F.215 Bank Loans Not Elsewhere Classified Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Total loans by commercial banking, flow of funds basis 83.6 183.7 239.8 174.2 234.7 254.8 245.9 202.0 298.1 273.2 39.4 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit -1.9 47.3 32.8 12.7 -1.5 64.9 63.1 -5.7 -0.1 77.5 43.2 4.6 0.8 55.2 24.8 1.3 -0.8 99.9 -14.2 21.7 -0.2 92.2 -3.6 20.5 -0.7 129.7 -22.8 57.0 0.2 21.5 -11.4 19.3 -0.7 40.2 12.3 54.0 0.6 177.6 7.4 -48.3 -0.7 26.3 1.2 -33.6 2 3 4 5 6 = Banking sector total bank loans n.e.c. -7.2 62.9 114.7 92.1 128.2 145.9 82.8 172.5 192.3 135.9 46.2 6 8.8 -13.7 -1.8 -0.5 46.2 15.1 -0.1 1.7 77.0 35.4 0.4 1.8 58.2 32.2 0.2 1.4 108.1 19.2 -0.0 0.9 144.5 -1.9 1.7 1.5 102.5 -20.2 0.7 -0.2 158.2 13.3 -1.1 2.2 163.7 27.6 0.0 1.0 153.6 -28.1 7.2 3.2 93.5 -43.1 -2.1 -2.1 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0 0 0 0 0 0 0 0 0 0 0 11 12 = Total bank loans n.e.c. -7.2 62.9 114.7 92.1 128.2 145.9 82.8 172.5 192.3 135.9 46.2 12 13 Net change in liabilities -7.2 62.9 114.7 92.1 128.2 145.9 82.8 172.5 192.3 135.9 46.2 13 7.1 76.6 109.6 71.2 115.1 116.1 6.7 202.6 131.1 124.2 39.2 14 9.8 -10.8 5.3 2.1 13.4 42.7 17.2 1.9 14.8 66.8 18.5 1.1 -7.8 39.4 29.8 0.6 8.2 68.7 26.2 3.5 6.7 83.0 18.5 1.2 -22.7 5.4 16.5 2.3 47.9 124.7 18.5 3.1 -13.0 120.4 18.5 1.6 14.7 81.3 20.5 -2.1 -29.6 47.9 20.5 -0.7 15 16 17 18 0.7 -1.0 1.2 0.5 1.4 -0.2 0.0 1.6 8.5 0.4 2.1 5.9 9.1 0.3 3.4 5.4 8.5 -0.8 -0.5 9.8 6.7 0.8 -0.7 6.7 5.2 0.9 -2.8 7.2 8.4 -0.5 6.9 2.0 3.6 -0.5 -4.0 8.1 9.8 3.1 -2.9 9.5 1.1 0.3 -2.2 3.0 19 20 21 22 -14.4 -13.7 5.1 20.9 13.1 29.7 76.1 -30.0 61.2 11.7 7.0 23 -0.5 -13.7 0.0 -0.2 0.9 -5.6 -11.5 2.5 5.2 0.5 0.4 -1.0 1.4 4.4 12.4 2.7 3.5 4.4 -4.7 9.9 10.3 2.1 1.3 16.0 11.4 -5.8 49.2 21.2 4.3 0.4 -48.0 13.3 18.4 11.8 2.0 29.0 7.0 2.2 2.0 0.5 17.3 -3.2 3.1 -10.3 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Household sector Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 47 Z.1, June 11, 1999 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1 Total other loans and advances -0.8 50.3 70.2 65.1 99.8 159.0 110.0 106.1 153.4 266.3 160.1 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises -2.9 -1.2 0.2 0.6 -0.7 -0.6 -1.1 0 -13.4 -4.4 -0.1 -2.5 -0.6 0.1 -1.2 -4.8 13.0 11.3 1.9 1.2 -1.2 0.5 -0.8 0 -0.2 3.1 -1.3 -0.3 -1.1 0.4 -1.0 0 9.5 11.4 -0.3 1.8 -0.5 -1.2 -1.8 0 14.3 10.6 -0.1 4.0 -0.3 1.2 -1.0 0 16.6 8.3 0.3 4.7 -0.4 5.1 -1.5 0 14.0 10.7 -0.4 4.3 -0.3 -0.3 -0.0 0 15.2 10.9 -0.4 6.8 -0.3 -0.1 -1.8 0 11.6 12.5 0.2 0.1 -0.4 -0.1 -0.8 0 19.0 23.0 -0.5 -1.2 -0.7 0.3 -1.9 0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -15.8 -15.8 1.6 1.6 0.0 0.0 6.7 6.7 14.4 14.4 -0.5 -0.5 11.5 11.5 -14.3 -14.3 -4.8 -4.8 5.7 5.7 17.5 17.5 10 11 12 13 14 Customers liability on acceptances outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world -6.4 -3.3 -3.1 -2.4 -2.1 -0.3 -0.6 -0.8 0.3 1.0 -0.7 1.8 -2.8 -2.6 -0.2 -9.3 -4.3 -5.0 -13.9 -8.4 -5.5 -11.5 -7.0 -4.4 -0.1 0.5 -0.6 -11.6 -2.1 -9.5 -3.3 -4.5 1.2 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business -1.6 -0.8 -0.8 -0.5 -0.3 -0.3 2.5 1.2 1.2 3.0 1.5 1.5 3.1 1.6 1.6 5.3 2.7 2.7 3.8 1.9 1.9 1.7 0.8 0.8 7.3 3.7 3.7 8.4 4.2 4.2 4.8 2.4 2.4 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 5.6 -0.0 5.7 7.8 -0.0 7.8 10.5 0.1 10.4 4.5 0.0 4.5 3.2 -0.0 3.2 0.1 -0.0 0.1 0.8 -0.0 0.8 3.8 -0.0 3.8 2.0 -0.0 2.0 -6.2 -0.0 -6.2 1.4 0.0 1.4 18 19 20 21 22 23 24 25 26 27 28 Govt.-sponsored enterprises loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 26.5 2.7 1.2 0.2 8.6 13.3 0.2 0.2 27.2 3.7 0.0 0.8 9.3 12.7 0.2 0.3 11.2 3.9 2.5 1.4 6.2 -2.6 -0.1 -0.1 28.8 -0.6 -1.2 2.7 2.3 24.5 0.1 1.1 31.2 -4.4 0 0 19.1 16.2 0.1 0.2 92.3 -1.2 2.7 0.6 46.9 42.1 0.6 0.7 32.2 -7.2 4.8 1.9 32.0 0.2 0.5 0.0 64.5 -8.7 -1.3 -1.5 50.2 26.2 0.2 -0.6 93.0 4.6 6.0 0.2 33.8 45.8 1.0 1.6 179.5 6.3 1.4 1.9 71.5 96.3 0.4 1.8 50.7 7.4 -2.8 3.8 -2.3 39.8 1.5 3.3 21 22 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Households (1) Nonfinancial corporate business 9.7 0 9.7 4.3 0 4.3 6.9 1.0 5.9 13.3 5.3 8.1 32.2 7.8 24.4 27.6 3.8 23.8 32.3 10.0 22.3 9.1 9.6 -0.5 13.6 -2.4 16.0 55.5 -2.0 57.5 17.9 -2.4 20.3 29 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business -15.9 -14.3 -1.6 25.9 23.3 2.6 26.7 24.0 2.7 7.9 7.1 0.8 9.0 8.1 0.9 29.0 26.1 2.9 26.7 24.0 2.7 38.8 34.9 3.9 27.3 24.5 2.7 23.4 21.1 2.3 52.1 46.9 5.2 32 33 34 (1) Student loans. 48 Z.1, June 11, 1999 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1 Net change in mortgages 125.9 186.7 210.4 294.6 313.1 509.2 476.0 440.5 480.7 639.7 571.1 1 2 3 4 5 Home Multifamily residential Commercial Farm 160.0 -3.9 -31.2 1.0 183.3 1.1 0.1 2.2 179.7 9.3 19.8 1.6 243.0 14.1 34.9 2.6 235.8 15.7 58.4 3.2 367.8 30.8 105.5 5.2 371.4 25.5 75.8 3.3 310.4 27.7 96.7 5.9 345.2 29.2 101.7 4.5 444.1 40.8 147.7 7.2 420.4 39.3 108.3 3.1 2 3 4 5 6 125.9 186.7 210.4 294.6 313.1 509.2 476.0 440.5 480.7 639.7 571.1 6 Household sector 132.7 167.1 167.9 246.0 237.8 373.1 375.8 308.4 347.2 461.1 428.5 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm -10.3 -9.8 -1.5 1.0 9.9 21.4 -13.8 2.2 37.1 31.1 4.5 1.6 40.8 -15.1 53.2 2.6 60.5 10.3 47.0 3.2 111.3 38.5 67.6 5.2 91.1 21.2 66.6 3.3 112.3 36.8 69.6 5.9 93.9 29.7 59.6 4.5 148.0 66.3 74.6 7.2 122.4 41.7 77.6 3.1 8 9 10 11 12 13 Federal government REITs -0.0 3.6 0 9.8 0 5.3 -0.0 7.9 -0.0 14.9 0 24.8 0 9.1 0 19.9 0 39.6 0 30.6 0 20.1 12 13 14 Net change in assets 125.9 186.7 210.4 294.6 313.1 509.2 476.0 440.5 480.7 639.7 571.1 14 -8.3 -7.8 -1.5 -10.8 4.1 -0.1 -6.8 1.6 3.1 -3.0 -3.6 -3.2 -2.8 -4.0 0.3 -3.0 -4.0 0.6 2.9 -4.0 0.6 16.0 -4.0 0.6 -42.7 -4.0 0.6 11.7 -4.0 0.6 -4.8 -4.0 0.6 15 16 17 7 Net borrowing 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government -5.4 -15.4 2.2 -14.0 3.3 -13.2 3.8 -7.5 3.7 -4.5 4.1 -0.9 4.1 -1.1 4.0 -1.2 4.2 -1.3 4.2 0.3 4.2 -0.8 18 19 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 47.3 -29.5 -0.1 -0.3 64.9 -2.2 6.1 -0.2 77.5 0.6 4.4 -0.1 55.2 31.6 9.5 0.3 99.9 3.5 10.1 -0.2 92.2 12.3 10.9 0.3 129.7 21.5 7.5 0.1 21.5 -18.6 15.8 0.2 40.2 7.6 9.7 0.4 177.6 38.8 10.4 0.5 26.3 9.0 8.3 0.7 20 21 22 23 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -18.1 -1.4 -0.1 -1.9 -8.1 -0.7 3.6 0.7 -2.6 -1.0 1.4 0.7 -5.0 -0.4 1.8 0.8 -1.3 -0.2 2.4 0.9 6.8 -0.2 3.7 1.0 -1.4 -0.1 2.5 0.9 5.0 -0.2 4.3 1.0 -1.5 -1.0 2.2 1.0 25.1 0.5 5.7 1.0 6.6 -0.2 1.5 1.0 24 25 26 27 28 29 30 Government-sponsored enterprises (1) Federally related mortgage pools ABS issuers 41.3 84.7 45.0 3.6 115.4 37.5 6.4 98.2 34.1 -6.1 141.1 61.2 -4.5 114.4 90.4 7.3 192.6 164.5 4.0 84.8 147.0 2.5 247.0 189.0 1.1 267.5 155.0 21.7 171.2 166.8 -16.5 372.0 143.9 28 29 30 31 32 33 Finance companies Mortgage companies REITs -3.1 -0.0 0.6 4.2 -24.0 4.7 5.6 -3.4 0.8 10.2 8.2 -0.3 5.3 -9.1 9.1 14.4 3.2 3.4 6.7 58.8 11.3 1.0 -56.4 13.1 34.6 4.5 2.8 15.3 6.0 -13.7 14.4 10.0 -1.4 31 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 49 Z.1, June 11, 1999 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 7 8 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business Net change in assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 160.0 183.3 179.7 243.0 235.8 367.8 371.4 310.4 345.2 444.1 420.4 1 125.0 0.7 34.3 174.5 0.8 8.1 176.2 0.9 2.6 238.7 0.9 3.4 229.5 1.0 5.3 359.6 1.1 7.0 363.9 1.0 6.4 302.4 1.1 6.8 336.9 1.1 7.2 435.3 1.1 7.7 411.1 1.1 8.2 2 3 4 160.0 183.3 179.7 243.0 235.8 367.8 371.4 310.4 345.2 444.1 420.4 5 -10.0 -5.2 0.2 -11.0 1.8 -0.0 -8.4 1.1 1.2 -3.4 -9.3 -1.3 -3.2 -8.0 -0.5 -3.1 -7.2 -0.4 3.3 -8.1 -0.4 14.5 -8.1 -0.4 -42.6 -12.5 -0.4 12.5 -0.3 -0.4 -5.1 -0.8 -0.4 6 7 8 -6.0 -6.0 1.0 -3.9 3.2 -5.0 2.3 -2.9 3.0 -2.1 3.3 -0.3 3.3 -0.8 3.4 -0.7 3.3 -0.4 3.4 0.6 3.4 -0.5 9 10 53.4 -19.6 -0.1 -0.3 57.7 7.6 6.1 -0.2 56.6 4.7 4.4 -0.1 31.1 31.4 9.5 0.3 67.9 7.0 10.1 -0.2 52.2 12.8 10.9 0.3 105.0 24.4 7.5 0.1 2.5 -19.8 15.8 0.2 -14.6 14.9 9.7 0.4 116.0 31.8 10.4 0.5 -30.1 2.8 8.3 0.7 11 12 13 14 9 10 State and local governments Federal government 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds -2.4 -0.0 0.1 -0.3 0.8 0.4 0.4 0.3 0.5 -1.9 0.4 0.6 0.2 0.5 0.6 -0.6 0.8 0.7 -0.8 0.5 0.7 -0.7 0.9 0.7 -0.9 0.5 0.7 -0.0 1.2 0.7 0.2 0.3 0.8 15 16 17 18 19 20 Government-sponsored enterprises Federally related mortgage pools ABS issuers 39.8 86.1 32.3 2.6 115.4 22.3 5.9 93.7 18.4 -6.7 135.5 34.9 -4.2 109.1 53.0 4.4 182.2 91.1 5.0 80.0 76.5 1.2 241.4 101.3 -2.5 250.8 111.8 13.7 156.5 74.8 -22.0 364.2 79.6 18 19 20 21 22 23 Finance companies Mortgage companies REITs -3.1 -0.5 1.1 4.2 -24.0 2.8 5.6 -4.5 1.9 13.4 8.2 1.1 6.9 -10.2 6.0 16.8 3.1 0.8 10.1 58.4 6.5 3.4 -56.0 10.7 24.1 4.0 -1.1 29.4 6.0 -12.9 12.6 10.0 -3.7 21 22 23 (1) Mortgages on 1-4 family structures. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing -3.9 1.1 9.3 14.1 15.7 30.8 25.5 27.7 29.2 40.8 39.3 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 0.7 -5.8 0.8 -2.9 0.9 6.7 0.9 10.6 1.0 9.8 1.1 21.5 1.0 21.5 1.1 20.0 1.1 15.0 1.1 29.6 1.1 31.5 2 3 4 5 Federal government REITs -0.0 1.2 0 3.2 0 1.8 -0.0 2.6 -0.0 4.9 0 8.2 0 3.0 0 6.6 0 13.1 0 10.1 0 6.6 4 5 6 Net change in assets -3.9 1.1 9.3 14.1 15.7 30.8 25.5 27.7 29.2 40.8 39.3 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.3 0.1 -1.3 -0.0 0.4 -0.0 0.3 -0.8 1.0 -0.1 0.7 -0.9 -0.1 0.6 0.4 -0.0 0.9 0.5 -0.0 0.6 0.5 -0.0 0.6 0.5 -0.0 2.7 0.5 -0.0 -0.2 0.5 -0.0 -0.2 0.5 7 8 9 10 11 State and local governments Federal government 0.4 -4.5 0.7 -2.6 0.6 -4.7 1.8 -2.5 0.6 -0.9 0.9 -0.3 0.8 0.0 0.9 -0.2 1.0 -0.7 0.9 -0.2 0.9 -0.1 10 11 12 13 Commercial banking Savings institutions 0.8 -2.4 0.9 -3.0 4.6 -2.4 2.9 -0.4 4.2 -2.0 3.5 -2.5 5.3 -1.0 1.8 -0.7 4.0 -8.8 2.7 0.5 13.2 -0.2 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 0.3 -0.0 -0.1 0.3 0.2 0.2 0.9 0.1 0.2 2.0 0.1 0.2 -0.3 0.1 0.2 1.1 0.2 0.3 -0.0 0.1 0.3 0.9 0.2 0.3 -0.2 0.1 0.3 3.8 0.3 0.3 -2.1 0.1 0.3 14 15 16 17 18 19 Government-sponsored enterprises Federally related mortgage pools ABS issuers 1.7 -1.4 2.4 0.9 -0.0 3.0 0.6 4.5 3.8 -0.5 5.6 6.1 -1.2 5.3 7.1 0.8 10.5 15.1 -2.3 4.8 16.7 -0.1 5.6 17.6 1.1 16.7 10.7 4.3 14.7 15.3 4.9 7.7 14.5 17 18 19 20 21 22 Finance companies Mortgage companies REITs 0 0.1 -0.3 0 0 0.2 0 1.1 -0.6 -0.6 -0.1 -0.4 -0.2 1.0 0.9 -0.2 0.1 0.1 -1.0 0.4 0.3 0.5 -0.4 0.3 0.7 0.5 0.6 -1.1 0 -1.0 0.0 0.0 -0.4 20 21 22 7 8 9 50 Z.1, June 11, 1999 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 -31.2 0.1 19.8 34.9 58.4 105.5 75.8 96.7 101.7 147.7 108.3 1 7.7 -11.2 -30.1 2.4 -7.4 19.9 -19.0 6.6 -8.3 29.4 -4.9 3.6 7.3 -16.9 39.3 5.3 8.3 8.3 31.8 10.0 13.5 36.3 39.0 16.6 11.8 19.1 38.7 6.1 6.0 34.7 42.7 13.3 10.4 27.5 37.3 26.5 25.7 64.1 37.3 20.5 17.5 39.5 37.9 13.5 2 3 4 5 -31.2 0.1 19.8 34.9 58.4 105.5 75.8 96.7 101.7 147.7 108.3 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.6 -2.6 -0.5 -0.1 2.0 -0.0 0.6 1.2 0.9 -0.1 5.1 -0.8 -0.1 3.4 0.3 -0.1 2.3 0.4 -0.1 3.4 0.4 -0.1 3.5 0.4 -0.1 5.9 0.4 -0.0 -3.5 0.4 -0.0 -3.0 0.4 7 8 9 10 11 State and local governments Federal government 0.2 -4.5 0.5 -7.3 -0.5 -3.1 -0.2 -1.7 0.2 -0.6 -0.1 0.1 0.0 0.2 -0.2 -0.1 -0.1 0.1 -0.1 0.2 -0.1 0.1 10 11 12 13 Commercial banking Savings institutions -7.9 -7.5 4.6 -6.8 15.0 -1.8 20.2 0.6 25.7 -1.5 34.5 2.0 17.3 -1.9 15.1 1.8 49.3 1.4 56.4 6.5 41.1 6.4 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -16.0 -1.4 -0.0 -1.9 -8.5 -0.7 2.6 0.1 -4.0 -1.0 1.0 0.0 -5.6 -0.4 1.3 -0.0 -1.5 -0.2 1.7 -0.0 5.2 -0.2 2.7 -0.0 -1.1 -0.1 1.8 -0.0 3.9 -0.2 3.1 -0.0 -1.1 -1.0 1.6 -0.0 19.3 0.5 4.1 -0.0 8.2 -0.2 1.1 -0.0 14 15 16 17 18 19 20 21 ABS issuers Finance companies Mortgage companies REITs 10.3 0 0.3 -0.3 12.1 0 0 1.7 11.9 0 0 -0.5 20.1 -2.6 0 -1.0 30.3 -1.4 0 2.2 58.3 -2.1 0 2.5 53.8 -2.4 0 4.5 70.2 -2.9 0 2.1 32.5 9.8 0 3.2 76.7 -13.0 0 0.2 49.7 1.8 0 2.8 18 19 20 21 7 8 9 Net change in assets 1994 F.221 Farm Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing (Farm business) 1.0 2.2 1.6 2.6 3.2 5.2 3.3 5.9 4.5 7.2 3.1 1 2 Net change in assets 1.0 2.2 1.6 2.6 3.2 5.2 3.3 5.9 4.5 7.2 3.1 2 0.7 0.1 0.3 -0.0 0.8 0.1 0.6 -0.2 0.5 0.1 0.1 0.1 -0.4 0.1 1.6 0.1 -0.0 0.1 -0.7 0.1 0.3 0.1 3 4 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government -0.0 -0.5 -0.0 -0.3 -0.0 -0.5 -0.1 -0.5 -0.0 -0.9 -0.0 -0.3 0 -0.5 -0.0 -0.2 0 -0.3 -0.0 -0.4 0 -0.4 5 6 7 8 Commercial banking Savings institutions 1.0 -0.0 1.7 -0.0 1.3 -0.0 1.1 0.0 2.1 0.0 2.0 0.1 2.1 0.1 2.1 0.1 1.5 0.1 2.5 0.0 2.2 0.1 7 8 9 10 Life insurance companies State and local govt. retirement funds -0.1 0 0.5 0 0.1 0 0.5 0 0.4 0 1.1 0 0.6 0 0.9 0 0.7 0 2.1 0 0.3 0 9 10 11 12 Government-sponsored enterprises Federally related mortgage pools -0.2 -0.0 0.1 -0.0 -0.1 -0.0 1.1 -0.0 1.0 -0.0 2.2 -0.0 1.3 0 1.3 0 2.5 0 3.7 -0.0 0.5 0 11 12 51 Z.1, June 11, 1999 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1 Net change in liabilities (Households) 60.7 124.9 138.9 88.8 52.5 67.6 58.5 66.3 81.7 64.1 126.2 1 2 Net change in assets 60.7 124.9 138.9 88.8 52.5 67.6 58.5 66.3 81.7 64.1 126.2 2 6.9 0 9.4 0 -1.6 0 -7.3 0 1.2 0 -4.1 0 42.0 0 -35.9 0 -1.6 0 -20.7 0 40.5 0 3 4 3 4 Nonfinancial corporate business Nonfarm noncorporate business 5 6 7 Commercial banking Savings institutions Credit unions 32.8 0.5 12.2 63.1 0.6 18.0 43.2 1.6 12.3 24.8 4.6 12.2 -14.2 2.5 8.2 -3.6 4.4 3.0 -22.8 -0.3 6.4 -11.4 5.0 -0.7 12.3 7.9 3.6 7.4 5.2 2.9 1.2 8.0 12.1 5 6 7 8 9 ABS issuers Finance companies 10.2 -1.9 15.6 18.3 65.6 17.7 54.2 0.3 47.2 7.6 59.4 8.5 37.9 -4.7 122.0 -12.7 41.5 17.9 36.0 33.3 57.6 6.8 8 9 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 52.2 94.0 101.5 83.4 100.4 -8.7 63.8 -58.0 56.7 -97.1 73.0 1 7.4 4.2 9.3 6.0 7.9 3.9 -4.2 8.4 5.3 6.0 8.3 2 36.4 -2.5 1.0 77.3 7.5 1.0 81.0 6.2 1.0 49.5 20.8 1.3 63.5 10.8 1.4 -18.0 9.5 0.8 63.9 9.9 -1.4 -67.4 8.7 0.8 26.9 9.7 2.6 -95.5 9.7 1.1 57.5 6.7 -2.9 3 4 5 State and local governments Federal government 0.9 3.0 1.8 -0.4 2.0 -4.7 2.2 1.3 1.8 -0.8 0.8 -2.2 -0.1 -4.5 0.2 -2.2 2.2 2.2 0.9 -4.1 2.7 2.8 6 7 Rest of the world Brokers and dealers 3.4 2.7 3.6 -0.9 5.8 1.1 -1.7 4.0 10.2 5.7 -2.4 -1.0 1.8 -1.5 -11.9 5.4 4.1 3.7 -3.6 -11.5 -3.6 1.6 8 9 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 8 9 10 Net change in trade receivables 56.2 92.5 113.2 136.0 91.9 58.4 57.1 90.8 133.2 -47.6 121.4 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business 50.7 -0.8 71.9 14.0 78.0 12.3 88.1 16.2 36.6 16.7 8.2 16.1 -29.0 15.8 37.9 16.8 75.8 15.0 -52.1 16.6 84.3 15.8 11 12 13 14 Federal government Rest of the world -2.4 4.5 -3.8 1.3 -1.6 -0.3 0.9 5.9 -3.2 2.8 -0.4 -4.9 5.1 -5.9 1.1 2.3 9.8 -2.4 -17.6 -13.6 11.5 -12.0 13 14 15 16 Other insurance companies ABS issuers 1.7 2.6 2.2 6.8 4.4 20.5 -0.1 25.0 2.7 36.3 1.6 37.9 10.7 60.4 3.1 29.6 2.6 32.4 -9.9 29.0 1.7 20.0 15 16 -4.0 1.5 -11.7 -52.6 8.5 -67.0 6.6 -148.8 -76.4 -49.6 -48.4 17 17 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 61.4 -0.1 26.7 52.4 111.0 108.4 165.3 128.3 179.6 -39.6 -89.6 1 2 3 Household sector Rest of the world 22.6 0 -1.1 0 3.5 0 15.8 0 36.8 0 23.8 0 36.6 0 47.4 0 -4.8 0 16.2 0 13.6 0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 38.7 26.0 4.1 8.6 1.0 6.7 -4.6 -1.2 23.1 18.6 8.3 -3.7 36.6 35.3 -4.8 6.2 74.2 52.6 4.2 17.5 84.6 64.1 11.9 8.6 128.7 71.7 28.7 28.3 80.8 61.6 2.4 16.8 184.4 130.4 1.7 52.3 -55.7 -7.5 14.8 -63.1 -103.2 -69.6 -23.4 -10.2 4 5 6 7 8 Net change in assets 61.4 -0.1 26.7 52.4 111.0 108.4 165.3 128.3 179.6 -39.6 -89.6 8 9 10 Household sector Rest of the world 26.0 0 6.7 0 18.6 0 35.3 0 52.6 0 64.1 0 71.7 0 61.6 0 130.4 0 -7.5 0 -69.6 0 9 10 11 12 Commercial banking Brokers and dealers 12.7 22.6 -5.7 -1.1 4.6 3.5 1.3 15.8 21.7 36.8 20.5 23.8 57.0 36.6 19.3 47.4 54.0 -4.8 -48.3 16.2 -33.6 13.6 11 12 52 Z.1, June 11, 1999 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 Life insurance reserves: 1 2 3 4 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) 37.1 35.5 45.8 44.5 54.3 53.3 49.3 53.3 51.7 59.0 54.7 1 1.4 35.7 1.3 34.3 1.0 44.8 0.6 43.8 1.7 52.6 1.3 52.0 0.7 48.5 2.6 50.7 0.0 51.7 1.8 57.1 0.7 54.0 2 3 37.1 35.5 45.8 44.5 54.3 53.3 49.3 53.3 51.7 59.0 54.7 4 267.4 259.6 229.2 244.3 307.6 281.4 262.2 265.8 278.8 318.7 280.2 5 37.1 73.9 37.6 81.0 20.8 61.0 55.1 43.9 40.3 98.3 41.2 91.3 23.1 106.0 39.6 76.0 47.0 89.5 55.2 93.6 26.7 106.1 6 7 100.6 55.7 82.0 59.0 90.8 56.6 87.5 57.9 89.0 80.0 96.6 52.3 87.9 45.2 93.6 56.6 90.3 52.0 114.7 55.3 88.9 58.6 8 9 267.4 259.6 229.2 244.3 307.6 281.4 262.2 265.8 278.8 318.7 280.2 10 Pension fund reserves: 5 Net change in liabilities 6 7 Federal government (1) Life insurance companies 8 9 Private pension funds (2) State and local govt. retirement funds 10 Net change in assets (Households) (1) Includes civil service retirement and disability fund, the railroad retirement trust fund, the military retirement fund, the judicial retirement funds, and the foreign service retirement and disability fund. (2) Includes unallocated insurance company contracts beginning 1985:Q4. F.226 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses 11.4 2.6 6.2 16.0 16.8 12.9 8.5 -1.0 36.0 8.2 12.2 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 5.4 0.7 -0.4 0.8 -0.0 1.3 9.6 1.6 9.3 1.9 5.2 2.5 2.3 2.5 -9.0 2.5 29.0 2.5 -1.6 2.5 4.6 2.5 2 3 4 5 U.S.-chartered commercial banks Savings institutions 0.5 0.6 0.7 -0.9 0.9 0.5 1.2 -0.1 1.4 0.4 1.7 0.2 1.6 -0.4 1.6 0.3 1.7 0.5 1.7 0.3 1.8 -0.1 4 5 6 7 Life insurance companies Other insurance companies 1.6 1.4 1.0 0.9 1.6 1.2 1.6 1.2 1.7 1.2 1.6 1.2 1.6 1.2 1.6 1.2 1.6 1.2 1.5 1.2 1.5 1.1 6 7 8 9 Finance companies Brokers and dealers 0.8 0.5 0.8 -0.2 0.7 -0.1 0.8 0.1 0.8 0.1 0.8 -0.1 0.8 -1.0 0.8 0.0 0.8 -1.2 0.7 1.9 0.7 -0.0 8 9 -4.5 -14.0 -14.9 -4.4 -2.0 -0.3 4.1 -6.3 9.5 -9.1 8.8 10 -3.2 -1.3 -6.0 -8.0 -8.3 -6.5 -5.3 0.9 -0.2 -1.8 1.5 -1.9 0.5 3.6 1.5 -7.8 2.2 7.3 1.6 -10.7 3.8 5.0 11 12 15.8 16.6 21.1 20.4 18.8 13.3 4.4 5.3 26.4 17.3 3.4 13 10 11 12 13 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Investment in Bank Personal Trusts and Estates Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Liab.: Bank personal trusts and estates 0.9 17.8 4.0 -8.6 75.0 55.7 50.3 57.5 47.8 67.1 64.1 1 2 Asset: Household sector 0.9 17.8 4.0 -8.6 75.0 55.7 50.3 57.5 47.8 67.1 64.1 2 F.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Total household investment Nonfarm noncorporate business Farm business Brokers and dealers 24.2 53.6 60.3 0.1 6.7 -13.9 -6.3 -5.4 -59.9 15.8 19.0 1 25.2 -8.1 7.1 58.6 7.7 -12.7 55.2 -9.4 14.5 -15.3 3.5 12.0 -11.5 0.2 17.9 -24.1 3.9 6.3 -34.1 5.3 22.5 -18.5 5.2 8.0 -33.7 3.6 -29.8 -10.4 1.6 24.6 2.0 5.7 11.3 2 3 4 53 Z.1, June 11, 1999 F.229 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 345.3 241.3 455.6 521.5 590.1 773.8 1164.0 294.2 661.9 975.1 192.5 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.5 107.9 3.6 0.5 67.3 -9.3 0.7 143.6 3.4 0.8 288.5 -0.3 0.3 154.1 -1.8 -1.4 335.7 -2.2 -0.1 326.8 -4.9 1.1 91.5 -1.6 -2.1 234.5 -0.9 -4.6 690.1 -1.2 1.1 98.9 0.4 2 3 4 5 6 Federal government Rest of the world 0.7 113.8 3.9 80.0 4.5 136.7 -3.2 124.6 0.2 152.5 -5.1 128.9 -23.7 292.6 14.4 257.1 -11.8 -6.0 0.7 -28.2 -9.2 194.2 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 1.0 90.4 -3.8 0.5 1.3 82.4 3.7 1.4 1.3 124.0 -0.6 -1.9 -0.2 20.1 -2.5 0.0 1.8 171.2 -2.1 0.1 1.0 120.4 -1.6 0.5 -17.5 -50.3 16.1 4.0 21.2 99.3 -7.8 1.4 -13.3 327.0 8.5 -1.0 13.5 105.6 -23.4 -2.2 -25.6 -126.7 -6.7 0.6 7 8 9 10 11 12 Life insurance companies Other insurance companies 13.7 15.8 3.6 16.4 15.1 22.8 10.5 11.9 32.3 12.7 34.5 23.1 48.3 20.7 39.0 9.3 16.3 18.8 34.3 43.6 41.6 33.2 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies -4.9 11.5 -0.1 -24.9 14.8 -12.5 5.8 21.8 -3.8 0.3 3.2 -4.3 7.8 -2.8 -4.4 20.3 17.8 1.9 60.5 31.1 9.6 -9.9 -48.6 -8.4 6.9 7.5 2.5 23.7 81.4 4.0 -25.9 77.0 7.0 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations -0.1 15.6 -20.8 2.9 1.6 8.1 1.4 12.6 -31.8 2.5 27.8 41.9 8.8 21.6 37.8 13.6 7.5 78.9 18.1 327.1 105.8 15.1 -241.2 62.3 12.0 -22.2 85.2 9.3 -33.8 62.3 7.4 -98.0 23.2 16 17 18 508.8 434.1 685.2 571.7 825.4 881.2 1226.0 497.7 753.7 1047.8 696.4 19 13.1 245.9 9.0 1.5 12.8 171.6 39.1 1.3 14.8 326.2 48.1 1.8 9.7 252.7 56.4 -0.1 10.3 249.5 50.4 0.4 15.3 303.9 51.1 1.7 11.9 429.9 51.1 1.8 4.2 209.0 49.9 0.9 15.0 159.3 49.8 1.5 29.9 417.2 53.7 2.7 14.0 344.3 49.2 2.3 20 21 22 23 4.6 -3.8 75.6 -0.1 3.3 56.5 40.6 -2.5 117.9 -5.3 -6.4 117.4 5.6 -6.9 188.7 -3.1 -3.1 243.1 63.8 -1.3 208.0 -38.8 -0.6 266.2 -58.5 -3.9 148.4 21.2 -6.6 349.9 2.0 -1.7 170.8 24 25 26 19 Net change in liabilities 1994 Net change in assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 24 25 26 State and local governments Federal government Rest of the world 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates 2.6 77.6 -17.2 1.7 3.5 2.6 74.5 -8.1 -3.4 -3.1 -3.2 61.4 1.7 -0.8 -0.9 2.4 25.9 -1.8 -0.2 3.9 1.2 103.5 -3.2 3.8 0.7 4.9 120.2 13.6 6.8 0.1 -0.9 9.0 22.9 15.1 0.2 5.4 159.0 1.3 -16.8 0.3 7.1 261.3 15.1 18.1 -0.0 7.8 51.6 15.1 10.6 -0.1 -11.7 172.5 -6.6 8.6 -0.3 27 28 29 30 31 32 33 34 35 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -7.3 2.8 9.4 -15.2 22.2 1.7 15.7 5.2 7.2 3.8 7.2 -16.0 -31.4 3.6 10.1 -42.1 3.3 4.9 9.4 -8.8 16.8 5.8 -19.8 -86.4 28.0 3.3 -18.4 -125.4 3.8 3.4 -27.1 -53.8 41.0 5.9 5.9 -99.6 -5.6 10.7 -39.5 -66.6 -12.4 8.0 9.5 -62.1 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises 11.0 0.3 6.3 6.9 2.5 -1.7 12.8 0.5 7.7 4.8 -1.7 20.0 16.0 7.1 19.4 7.9 -0.8 55.1 33.6 -15.1 20.1 4.0 -12.4 33.7 11.4 6.6 46.7 -17.5 17.8 119.8 -31.7 -10.9 44.5 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 25.7 1.4 49.6 10.6 -7.6 1.8 24.8 15.6 21.0 1.0 10.3 24.5 22.0 -1.7 68.2 65.2 28.9 4.9 82.8 53.3 16.1 10.7 68.8 52.5 78.1 26.5 273.6 110.0 29.2 10.4 -134.7 1.1 -99.1 5.8 139.8 76.0 56.2 0.2 -3.3 22.9 121.6 -0.8 -261.4 148.8 39 40 41 42 -163.5 -192.8 -229.6 -50.2 -235.3 -107.5 -62.0 -203.6 -91.8 -72.7 -503.9 43 43 Discrepancy 54 Z.1, June 11, 1999 F.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 U.S. direct investment abroad (1): 1 2 3 4 5 6 7 8 9 10 Liab.: Rest of the world Equity Reinvested earnings Intercompany accounts 77.9 24.6 30.7 22.7 75.2 33.7 26.1 15.5 96.7 40.5 51.8 4.4 81.1 25.0 54.6 1.4 121.8 45.7 64.3 11.8 131.9 58.2 61.2 12.5 138.8 52.5 62.5 23.8 163.9 77.7 68.5 17.8 93.1 49.5 47.0 -3.4 131.9 53.2 67.0 11.6 83.4 41.1 40.7 1.6 1 2 3 4 Asset: Nonfinancial corporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 51.9 2.0 -0.1 2.8 20.4 1.0 73.6 2.6 0.6 1.7 0.7 -3.9 88.2 1.6 0.4 3.8 2.5 0.1 71.5 3.5 1.1 3.6 0.7 0.7 101.1 3.3 0.4 4.9 10.2 2.0 113.0 0.7 1.9 5.8 7.3 3.2 123.6 4.7 0.3 3.3 5.0 1.9 141.2 1.7 6.1 3.4 9.6 1.9 81.4 -6.0 -0.0 5.9 9.5 2.3 105.8 2.4 1.1 10.7 5.2 6.7 70.5 -5.5 -1.5 8.0 5.4 6.5 5 6 7 8 9 10 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 17.9 0.0 2.2 0.2 0.7 23.6 0.1 4.3 43.7 0.0 3.4 1.0 1.8 1.3 0.8 -7.5 53.5 -0.1 6.6 1.8 2.0 2.8 1.5 -10.4 64.0 0.1 0.3 2.1 5.3 3.9 0.8 1.1 98.8 0.1 5.7 3.2 7.9 4.9 0.3 -27.4 164.7 0.1 6.2 2.1 5.6 5.5 0.2 11.8 119.3 0.0 1.4 -0.5 4.8 6.8 0.2 -27.9 30.3 0.1 -5.9 4.3 4.7 9.1 0.1 34.4 32.7 0.1 21.3 2.8 5.3 -7.2 0.4 65.9 476.6 0.1 8.0 1.9 7.6 13.3 0.0 -25.2 89.7 0.1 7.4 2.6 5.7 -5.5 0.3 -16.5 11 12 13 14 15 16 17 18 19 20 21 22 Asset: Rest of the world Equity Reinvested earnings Intercompany accounts 49.0 29.7 -9.4 28.8 44.6 37.2 3.4 4.0 57.7 47.9 8.3 1.5 77.6 55.4 11.2 11.0 93.4 46.5 22.5 24.4 196.2 156.8 19.6 19.9 104.2 50.0 20.0 34.1 77.0 38.8 13.8 24.4 121.4 99.6 20.6 1.2 482.4 438.8 23.8 19.7 83.8 65.8 15.7 2.3 19 20 21 22 1.1 1.1 1.4 1.4 1.5 1.5 1.8 1.8 1.6 1.6 1.6 1.6 1.5 1.5 1.8 1.8 1.7 1.7 1.4 1.4 1.6 1.6 23 24 0.3 0.3 0.3 0.3 0.3 0.3 0.6 0.6 0.8 0.8 0.5 0.5 0.2 0.2 1.3 1.3 0.5 0.5 0.2 0.2 0.7 0.7 25 26 Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-sponsored enterprises: 27 Liab.: Government-sponsored enterprises 1.7 1.9 1.8 1.2 0.7 3.3 5.6 1.8 0.7 5.2 6.0 27 28 29 30 31 32 33 34 35 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.0 0.2 0.1 0 1.3 0.0 0.0 0.0 0.1 0.2 0.0 0 1.6 -0.0 0.0 0.0 -0.2 0.0 -0.1 0 1.6 0.4 0.1 -0.0 -0.2 0.7 -0.6 0 0.8 0.5 0.0 0.1 -1.1 0 0 0 1.3 0.4 0.0 0.0 -0.7 -0.1 0.1 0 2.0 1.8 0.1 0.0 0.3 -0.2 0.3 0 2.0 3.2 0.0 -0.0 -0.5 0.7 0.5 0 0.7 0.3 0.1 -0.1 -2.6 -0.3 0.3 0 2.0 1.0 0.2 0.1 -0.0 -0.5 -0.6 0 3.4 2.8 0.1 0.1 0.2 0.2 -0.2 0 2.4 2.9 0.4 0.2 28 29 30 31 32 33 34 35 BHC investment in subsidiaries: 36 37 38 39 40 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 31.6 0.4 0.6 -0.1 12.0 17.5 -0.0 3.1 -12.5 9.6 40.1 0.1 4.6 -3.8 7.3 28.6 0.2 4.6 -4.3 -0.3 40.7 0.3 2.2 -4.4 26.9 55.3 0.4 -1.4 1.9 43.3 66.6 0.4 -0.1 9.6 27.4 62.3 0.4 -9.1 -8.4 87.9 53.5 0.4 -3.5 2.5 20.6 38.9 0.5 7.0 4.0 37.1 31.6 0.5 5.6 7.0 61.1 36 37 38 39 40 41 Asset: Bank holding companies 44.7 17.7 48.3 28.9 65.7 99.5 103.9 133.2 73.6 87.5 105.8 41 0.6 0.6 3.1 3.1 4.6 4.6 4.6 4.6 2.2 2.2 -1.4 -1.4 -0.1 -0.1 -9.1 -9.1 -3.5 -3.5 7.0 7.0 5.6 5.6 42 43 NFC investment in finance company subs.: 42 43 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers -6.6 17.2 -0.5 16.1 6.7 17.8 13.7 51.5 14.3 38.9 11.8 40.7 34.9 75.0 -32.9 34.0 40.7 35.3 4.4 18.6 -3.1 151.9 44 45 46 Asset: Funding corporations 10.6 15.6 24.5 65.2 53.3 52.5 110.0 1.1 76.0 22.9 148.8 46 (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982. 55 Z.1, June 11, 1999 F.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 Q2 Q3 1999 Q1 Q4 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 0.3 0.3 0.2 0.2 -0.1 -0.1 -0.1 -0.1 0.0 0.0 0.3 0.3 1.5 1.5 -0.0 -0.0 -0.6 -0.6 0.2 0.2 -0.9 -0.9 1 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 4 -7.0 -7.0 -7.8 -7.8 3.3 3.3 -1.2 -1.2 0 0 6.8 6.8 17.2 17.2 -2.9 -2.9 4.7 4.7 8.3 8.3 -13.5 -13.5 5 6 0.5 0.5 0.5 0.5 0.7 0.7 0.8 0.8 0.3 0.3 -1.4 -1.4 -0.1 -0.1 1.1 1.1 -2.1 -2.1 -4.6 -4.6 1.1 1.1 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 Liab.: Life insurance companies Health Policy dividend accumulation 6.7 6.2 0.5 6.7 6.6 0.1 6.1 5.2 0.8 7.0 6.2 0.8 8.3 6.3 2.0 7.9 7.3 0.7 5.2 4.0 1.2 2.3 1.6 0.7 9.4 8.3 1.1 14.8 15.1 -0.3 2.1 2.1 0 9 10 11 12 Asset: Household sector 6.7 6.7 6.1 7.0 8.3 7.9 5.2 2.3 9.4 14.8 2.1 12 15.2 14.5 20.8 6.6 4.8 17.5 15.9 4.6 13.5 36.0 27.4 13 6.3 6.6 0.8 1.4 6.1 5.7 1.4 1.3 8.7 8.2 2.0 1.9 2.7 2.6 0.6 0.6 2.0 1.9 0.5 0.4 7.3 6.9 1.7 1.6 6.7 6.3 1.5 1.4 1.9 1.8 0.4 0.4 5.7 5.3 1.3 1.2 15.1 14.2 3.4 3.3 11.9 10.8 2.2 2.5 14 15 16 17 0.6 0.6 -4.9 -4.9 -0.7 -0.7 -2.5 -2.5 -4.3 -4.3 -1.3 -1.3 -13.6 -13.6 5.6 5.6 15.5 15.5 -12.9 -12.9 -6.4 -6.4 18 19 3.0 3.0 0.1 0.1 3.7 3.7 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20 21 43.6 43.6 24.6 24.6 -5.5 -5.5 59.9 59.9 57.2 57.2 61.7 61.7 93.3 93.3 46.1 46.1 147.8 147.8 -40.5 -40.5 -184.7 -184.7 22 23 Policy payables: 13 Liab.: Other insurance companies 14 15 16 17 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business Unallocated insurance company contracts: 18 19 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 20 21 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 22 23 Liab.: Funding corporations Asset: Brokers and dealers 56 Z.1, June 11, 1999 F.232 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 1995 1996 1997 1998 1998 Q1 Q2 Q3 Q4 1999 Q1 96.5 47.5 192.0 186.2 180.5 194.3 576.8 -137.4 106.4 231.5 -72.2 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 87.0 3.6 23.4 -9.3 86.5 3.4 220.7 -0.4 51.5 -1.8 167.2 -2.2 203.7 -4.9 57.4 -1.7 198.0 -0.9 209.7 -1.3 5.4 0.3 2 3 4 5 6 Federal government Rest of the world Monetary authority 0.7 34.4 0.6 3.9 3.2 1.1 4.5 38.7 1.0 -3.2 41.8 -0.9 0.2 29.1 1.0 -5.1 -4.9 0.5 -23.7 150.7 -17.6 14.4 91.5 19.9 -11.8 -100.3 -13.8 0.7 -161.7 13.3 -9.2 110.1 -26.3 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 63.2 14.6 32.9 14.2 1.4 61.9 31.3 29.0 -0.2 1.8 70.6 3.5 37.6 26.6 2.9 -22.5 -13.0 -27.3 17.3 0.6 110.4 30.5 36.2 39.0 4.7 47.1 -2.6 -11.1 56.0 4.8 -153.2 -111.0 -93.0 47.9 3.0 75.9 14.0 7.3 51.3 3.2 211.4 105.8 95.7 8.1 1.8 54.3 -19.0 -54.4 116.6 11.2 -162.6 -140.0 -52.1 26.3 3.1 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises -4.2 0.5 6.2 0.5 3.7 1.4 0.9 -19.0 -0.7 -1.9 7.9 0.8 -2.7 0.0 3.9 0.3 -2.4 0.1 25.1 7.1 -2.1 0.5 25.7 10.1 15.7 4.0 57.1 37.7 -8.2 1.4 26.8 -8.9 8.0 -1.0 -11.4 1.5 -23.8 -2.2 30.5 10.1 -7.2 0.6 43.3 -18.4 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations -13.4 -0.1 -13.7 -68.6 7.3 2.9 -24.8 -9.0 9.8 1.4 -14.0 -15.9 -10.0 2.5 -24.2 -19.1 -12.1 8.8 -44.5 8.0 15.2 13.6 -76.7 5.4 24.5 18.1 224.5 40.4 -39.5 15.1 -363.3 -18.2 21.8 12.0 -78.6 -128.5 54.0 9.3 -89.5 128.0 71.4 7.4 -311.3 224.4 16 17 18 19 260.0 240.4 421.6 236.4 415.8 301.8 638.8 66.2 198.2 304.2 431.7 20 186.7 8.0 4.6 89.2 37.5 -0.1 225.3 46.1 40.6 174.3 55.1 -5.3 145.5 49.9 5.6 186.1 49.6 -3.1 299.9 49.8 63.8 75.6 48.8 -38.8 78.7 48.8 -58.5 290.2 50.8 21.2 257.2 46.8 2.0 21 22 23 20 Net change in liabilities 1994 Net change in assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority -5.3 26.6 2.6 1.7 11.9 2.6 -3.8 60.2 -3.2 -8.1 39.8 2.4 -8.5 95.2 1.2 -5.0 46.9 4.9 -4.3 103.8 -0.9 -2.4 189.2 5.4 -5.0 27.1 7.1 -8.2 -132.5 7.8 -2.4 87.0 -11.7 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 29.3 -4.5 33.8 0.5 -0.4 52.3 7.2 37.6 7.7 -0.1 9.5 -1.6 5.0 4.6 1.6 -8.0 1.2 -21.2 11.3 0.8 32.3 0.1 37.0 -6.7 1.8 17.5 3.4 0.3 12.1 1.6 -101.7 -4.7 -113.7 16.5 0.2 22.2 28.0 -17.5 10.3 1.3 191.2 35.4 162.6 -9.0 2.3 -41.9 -45.0 -30.3 30.7 2.8 69.2 22.5 45.3 1.2 0.2 27 28 29 30 31 32 33 34 Savings institutions Credit unions Bank personal trusts and estates -10.2 1.7 3.5 -0.3 -3.4 -3.1 -2.0 -0.9 -0.9 -1.1 -0.2 3.9 -3.6 3.8 0.7 4.9 6.7 0.1 2.5 15.1 0.2 3.9 -16.9 0.3 9.4 18.0 -0.0 4.0 10.6 -0.1 4.0 8.3 -0.3 32 33 34 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds -7.7 5.9 -15.2 21.0 20.5 5.2 6.1 4.3 -16.0 -33.3 8.8 -42.1 2.6 10.0 -8.8 16.3 -22.3 -86.4 27.9 -8.6 -125.4 -3.4 -36.5 -53.8 43.0 -13.4 -99.6 -2.2 -30.5 -66.6 -12.3 12.1 -62.1 35 36 37 38 39 40 Money market mutual funds Mutual funds Government-sponsored enterprises 11.0 0.3 6.3 6.9 2.5 -1.7 12.8 0.5 7.7 4.8 -1.7 20.0 16.0 7.1 19.4 7.9 -0.8 55.1 33.6 -15.1 20.1 4.0 -12.4 33.7 11.4 6.6 46.7 -17.5 17.8 119.8 -31.7 -10.9 44.5 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 5.3 1.4 5.0 -8.3 1.8 4.2 18.6 1.0 15.7 21.3 -1.7 7.6 18.7 4.9 23.6 8.8 10.7 3.9 73.1 26.5 178.4 19.6 10.4 -182.7 -108.6 5.8 -10.3 50.9 0.2 30.5 116.2 -0.8 -83.3 41 42 43 -163.5 -192.8 -229.6 -50.2 -235.3 -107.5 -62.0 -203.6 -91.8 -72.7 -503.9 44 44 Discrepancy 57 Z.1, June 11, 1999 F.10 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 1 Q3 Q4 1999 Q1 -166.7 -101.0 -178.1 -7.0 -10.3 -28.9 87.5 -325.0 177.3 -55.5 -186.2 1 2 3 Household sector Nonfinancial corporate business -52.6 -84.2 -120.1 -5.0 -24.7 -7.1 58.5 17.1 47.6 38.7 -30.7 4.3 104.4 -3.2 -286.6 37.4 5.1 -9.9 53.7 -6.7 -14.6 29.8 2 3 4 5 6 State and local governments Federal government Rest of the world -18.6 10.7 -6.6 -18.7 36.3 -13.4 -41.6 -11.4 -37.4 -38.7 41.7 -75.4 -8.1 22.9 -114.0 -30.3 26.0 -24.5 -30.0 -3.8 -22.8 -42.4 -84.7 -4.4 -29.9 43.5 78.3 -19.4 149.2 -149.0 1.9 -64.9 -44.3 4 5 6 7 Financial sectors -15.4 19.9 -55.9 -10.3 2.6 26.3 42.8 55.7 90.1 -83.4 -94.2 7 -0.5 24.5 -3.2 37.2 -1.8 -15.9 0.9 6.7 1.7 63.2 1.7 58.0 0.8 63.4 -0.8 62.2 -0.3 118.9 7.0 -12.4 0.8 -14.6 8 9 8 9 All sectors Q2 Monetary authority Commercial banking 10 11 12 Savings institutions Credit unions Bank personal trusts and estates -11.3 -1.0 -0.7 -6.3 -0.1 -1.0 -3.3 -1.1 -1.3 -5.8 -0.1 2.1 -2.6 -1.4 -2.0 -4.3 -1.3 0.2 -6.6 -0.5 0.2 -2.5 -2.3 -0.0 -4.6 -2.3 0.2 -3.7 -0.3 0.3 -3.7 -0.9 0.4 10 11 12 13 14 Life insurance companies Other insurance companies -35.8 -10.6 -10.5 -10.9 -39.6 -7.5 -39.1 0.1 -45.9 -19.0 -28.4 -7.4 -12.9 -13.5 -30.7 10.4 -53.1 -8.8 -16.7 -17.7 -28.4 -14.3 13 14 15 16 Mutual funds Government-sponsored enterprises 4.3 -1.9 -11.5 -2.4 9.0 -1.9 5.7 0.4 4.9 -3.2 5.7 -4.9 5.6 1.4 6.0 -0.6 5.5 -5.4 5.5 -15.2 5.3 -1.4 15 16 17 18 19 20 Issuers of asset-backed securities Finance companies REITs Brokers and dealers 0 6.3 11.5 -0.2 0 19.7 8.7 0.2 0 0.4 6.9 0.2 0 12.5 6.0 0.3 0 -3.7 10.5 0.2 0 -7.6 13.8 0.9 0 0.7 3.8 0.4 0 -4.3 17.4 0.8 0 24.1 14.6 1.2 0 -50.9 19.4 1.2 0 -46.7 9.3 -0.0 17 18 19 20 F.11 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -166.7 -101.0 -178.1 -7.0 -10.3 -28.9 87.5 -325.0 177.3 -55.5 -186.2 1 2 3 Treasury currency Foreign deposits -0.2 -5.7 -0.2 43.0 -0.5 25.1 -0.9 59.6 -0.6 107.4 -0.7 37.5 -0.2 -94.5 -0.3 144.3 1.1 73.7 -3.4 26.5 -1.2 25.0 2 3 4 5 Net interbank transactions Security RPs 4.2 46.4 -2.7 69.4 -3.1 17.5 -3.3 0.5 -19.9 65.3 3.1 20.3 30.7 148.7 11.4 -170.5 19.4 106.0 -49.0 -3.0 54.3 198.9 4 5 6 7 Mail floats: Federal government Other -1.5 -1.3 -4.8 -2.8 -6.0 -3.8 0.5 -4.0 -2.7 -3.9 2.6 -3.1 7.5 -4.0 -41.7 -3.0 24.1 -3.2 20.4 -2.1 -3.2 -2.0 6 7 8 9 Trade credit Taxes payable -4.0 15.8 1.5 16.6 -11.7 21.1 -52.6 20.4 8.5 18.8 -67.0 13.3 6.6 4.4 -148.8 5.3 -76.4 26.4 -49.6 17.3 -48.4 3.4 8 9 10 Miscellaneous -163.5 -192.8 -229.6 -50.2 -235.3 -107.5 -62.0 -203.6 -91.8 -72.7 -503.9 10 11 Nonfinancial -57.1 -28.1 12.9 23.0 52.1 72.6 50.3 81.9 97.9 60.1 90.9 11 52.6 4.4 0 14.8 13.3 0 -26.3 13.4 0 -32.3 9.3 0 -55.8 3.7 0 -76.6 4.0 0 -54.3 4.0 0 -85.9 4.0 0 -101.9 4.0 0 -64.1 4.0 0 -90.9 0 0 12 13 14 12 13 14 All types Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements Net capital grants from foreign 58 Z.1, June 11, 1999 L.1 Credit Market Debt Outstanding (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 3 Federal government 4 Nonfederal sectors 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments 1993 1994 1995 1996 1997 Q1 Q2 1998 Q3 Q4 1999 Q1 15194.7 16165.9 17209.1 18439.3 19766.6 21157.4 21628.0 22091.0 22561.1 23184.9 23743.7 1 11832.7 12434.1 13016.0 13716.0 14409.2 15130.2 15358.2 15547.0 15754.7 16067.3 16325.9 2 3080.3 3336.5 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 3 8752.3 9097.6 9523.7 10079.3 10627.4 11325.4 11527.4 11798.1 12034.6 12315.1 12566.2 4 3893.4 2506.5 1115.3 135.3 1101.8 4110.3 2563.0 1118.5 137.9 1167.9 4429.1 2708.9 1121.8 142.2 1121.7 4783.0 2928.6 1152.4 145.1 1070.2 5100.2 3077.7 1236.1 149.9 1063.4 5429.5 3306.7 1313.6 156.1 1119.5 5487.5 3402.6 1337.9 155.1 1144.3 5608.2 3496.7 1361.8 160.6 1170.8 5738.5 3569.4 1385.5 162.5 1178.8 5902.3 3638.2 1411.9 162.9 1199.8 5987.8 3762.0 1437.4 161.3 1217.6 5 6 7 8 9 10 Rest of the world 315.8 385.8 370.8 441.9 518.8 569.6 584.1 606.6 600.2 591.6 596.2 10 11 Financial sectors 3046.3 3346.1 3822.2 4281.3 4838.6 5457.5 5685.7 5937.4 6206.2 6526.1 6821.6 11 194.6 58.8 21.2 114.6 208.0 68.6 16.0 123.4 228.1 81.0 13.4 133.6 250.6 92.2 10.4 148.0 263.6 103.9 9.6 150.0 309.2 133.4 7.2 168.6 329.9 143.2 5.5 181.2 350.2 155.6 4.0 190.5 365.7 166.0 3.5 196.1 382.1 186.2 2.4 193.5 390.2 185.5 2.1 202.6 12 13 14 15 88.4 0.0 99.6 0.2 112.4 0.5 115.0 0.4 140.5 0.4 160.3 0.6 162.9 0.7 170.7 0.8 186.6 1.0 212.4 1.1 226.9 1.5 16 17 0.0 447.9 1272.0 408.2 0.2 528.5 1356.8 493.6 0.6 700.6 1472.1 570.1 0.5 806.5 1570.3 712.5 1.6 896.9 1711.4 866.4 1.8 995.3 1825.8 1078.2 1.8 1030.9 1847.0 1143.0 1.6 1072.5 1908.7 1230.4 2.0 1146.0 1975.6 1307.0 2.5 1273.6 2018.4 1394.6 3.3 1321.8 2111.4 1464.2 18 19 20 21 386.4 30.2 28.2 21.7 168.6 385.1 30.2 29.9 33.7 180.3 433.7 18.7 40.0 34.3 211.0 483.9 19.1 44.6 29.3 248.6 529.8 31.5 56.5 27.3 312.7 554.5 26.8 96.1 35.3 373.7 571.9 39.1 111.9 35.1 411.6 596.9 27.1 128.0 40.1 410.5 589.4 27.6 147.8 39.4 417.9 597.5 28.1 158.8 42.5 414.4 614.1 28.9 165.4 34.7 459.1 22 23 24 25 26 15194.7 16165.9 17209.1 18439.3 19766.6 21157.4 21628.0 22091.0 22561.1 23184.9 23743.7 27 2723.8 2760.2 3031.0 2890.6 2900.7 2724.8 2662.1 2718.7 2739.1 2686.4 2733.4 28 1675.6 257.8 38.1 752.3 1666.8 271.5 37.0 784.9 1974.3 289.2 37.6 729.9 1929.3 280.4 42.3 638.6 1982.7 275.2 38.0 604.8 1804.4 278.0 37.4 605.0 1759.6 259.1 37.4 606.0 1786.8 245.4 37.4 649.1 1769.5 251.2 37.4 681.1 1673.9 270.7 37.4 704.4 1727.6 257.2 37.4 711.2 29 30 31 32 236.0 989.3 231.9 1108.7 203.4 1216.0 203.2 1530.3 195.5 1933.8 200.4 2259.0 204.3 2324.0 207.5 2401.2 210.9 2416.4 213.9 2509.8 218.5 2563.6 33 34 11245.6 12065.0 12758.7 13815.2 14736.6 15973.2 16437.6 16763.6 17194.7 17774.8 18228.1 35 300.4 336.7 368.2 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 36 2948.6 2571.9 335.8 17.5 23.4 3090.8 2721.5 326.0 17.5 25.8 3254.3 2869.6 337.1 18.4 29.2 3520.1 3056.1 412.6 18.0 33.4 3707.7 3175.8 475.8 22.0 34.1 4031.9 3450.7 516.1 27.4 37.8 4093.3 3505.0 517.9 31.2 39.2 4136.4 3543.6 525.6 26.8 40.4 4195.7 3616.2 510.1 28.3 41.1 4337.1 3761.3 504.2 26.5 45.2 4340.2 3782.9 488.1 25.0 44.1 37 38 39 40 41 937.4 197.1 231.5 914.1 218.7 240.9 920.8 246.8 248.0 913.3 263.0 239.7 933.2 288.5 232.0 928.5 305.3 239.5 931.2 306.7 240.1 930.8 315.1 240.9 939.3 320.5 241.4 964.8 324.2 242.4 990.8 330.7 243.1 42 43 44 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 16 17 Savings institutions Credit unions 18 19 20 21 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 27 28 29 30 31 32 Total credit market assets held by: Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 Monetary authority 37 38 39 40 41 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 42 43 44 Savings institutions Credit unions Bank personal trusts and estates 45 46 47 48 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 1304.4 389.4 564.6 410.8 1415.5 422.7 614.8 433.5 1487.5 446.4 660.9 455.8 1587.5 468.7 716.9 483.3 1657.0 491.2 769.2 529.2 1751.3 515.3 834.7 565.8 1777.3 521.1 853.4 582.2 1793.2 520.8 885.9 600.2 1810.6 518.9 909.8 613.1 1828.4 535.7 953.4 626.1 1858.9 540.9 968.6 635.1 45 46 47 48 49 50 51 52 53 54 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools ABS issuers 408.6 566.4 69.7 457.6 1272.0 380.6 429.0 725.9 89.7 545.5 1356.8 463.4 459.0 718.8 86.0 663.3 1472.1 532.8 545.5 771.3 96.4 750.0 1570.3 653.4 634.3 820.2 101.1 807.9 1711.4 777.0 721.9 901.1 97.7 902.2 1825.8 939.3 775.0 940.0 97.1 951.4 1847.0 989.3 815.9 979.1 96.5 989.4 1908.7 1068.9 869.9 1005.9 95.9 1055.4 1975.6 1134.2 965.9 1026.7 95.4 1163.0 2018.4 1216.0 1036.2 1049.9 94.9 1202.0 2111.4 1281.2 49 50 51 52 53 54 55 56 57 58 59 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 453.3 60.5 25.0 122.7 145.1 427.9 60.4 25.4 137.5 116.0 476.2 36.5 24.6 93.3 107.5 526.2 33.0 26.0 183.4 86.3 544.5 41.2 30.4 167.7 99.8 566.4 32.1 50.6 182.6 149.9 572.0 46.8 57.0 244.0 179.0 579.0 32.7 58.5 198.3 173.2 592.7 33.8 55.7 217.5 162.4 618.4 35.3 45.5 165.2 160.5 635.4 37.8 46.5 186.8 171.9 55 56 57 58 59 (1) Excludes corporate equities and mutual fund shares. 59 Z.1, June 11, 1999 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic 1993 1994 1995 1996 1997 Q1 Q2 1998 Q3 Q4 1999 Q1 11832.7 12434.1 13016.0 13716.0 14409.2 15130.2 15358.2 15547.0 15754.7 16067.3 16325.9 1 Federal government Treasury securities Budget agency secur. and mortgages 3080.3 3061.6 18.8 3336.5 3309.9 26.6 3492.3 3465.6 26.7 3636.7 3608.5 28.2 3781.8 3755.1 26.6 3804.9 3778.3 26.5 3830.8 3804.8 25.9 3749.0 3723.4 25.6 3720.2 3694.7 25.5 3752.2 3723.7 28.5 3759.7 3731.6 28.1 2 3 4 Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances 8752.3 107.1 1302.8 1154.5 678.4 648.3 9097.6 117.8 1377.5 1229.7 684.8 629.3 9523.7 139.2 1341.7 1253.0 759.9 669.6 10079.3 157.4 1293.5 1326.3 861.0 736.9 10627.4 156.4 1296.0 1398.8 923.1 773.2 11325.4 168.6 1367.5 1489.5 1029.8 839.5 11527.4 193.1 1397.1 1528.8 1032.2 866.1 11798.1 202.5 1429.3 1569.0 1086.8 873.5 12034.6 216.9 1439.9 1590.8 1109.9 886.1 12315.1 193.0 1464.3 1621.8 1139.2 914.2 12566.2 223.9 1481.6 1660.5 1151.5 949.7 5 6 7 8 9 10 4063.0 2986.5 267.3 729.5 79.7 798.3 4199.4 3148.8 263.6 706.2 80.7 859.0 4376.4 3332.1 261.5 699.8 83.0 983.9 4581.4 3511.8 269.1 716.0 84.6 1122.8 4868.2 3721.2 284.3 775.6 87.1 1211.6 5166.4 3957.0 295.1 824.1 90.3 1264.1 5274.2 4040.9 300.7 841.5 91.1 1236.0 5380.3 4119.4 306.0 862.3 92.6 1256.8 5504.4 4219.5 310.0 881.1 93.7 1286.6 5650.9 4324.8 317.7 912.9 95.5 1331.7 5780.5 4421.7 325.8 936.6 96.3 1318.6 11 12 13 14 15 16 8752.3 3893.4 3757.1 2506.5 1115.3 135.3 1101.8 9097.6 4110.3 3819.4 2563.0 1118.5 137.9 1167.9 9523.7 4429.1 3972.9 2708.9 1121.8 142.2 1121.7 10079.3 4783.0 4226.1 2928.6 1152.4 145.1 1070.2 10627.4 5100.2 4463.8 3077.7 1236.1 149.9 1063.4 11325.4 5429.5 4776.4 3306.7 1313.6 156.1 1119.5 11527.4 5487.5 4895.6 3402.6 1337.9 155.1 1144.3 11798.1 5608.2 5019.0 3496.7 1361.8 160.6 1170.8 12034.6 5738.5 5117.3 3569.4 1385.5 162.5 1178.8 12315.1 5902.3 5213.0 3638.2 1411.9 162.9 1199.8 12566.2 5987.8 5360.8 3762.0 1437.4 161.3 1217.6 17 18 19 20 21 22 23 Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 24 Foreign credit market debt held in U.S. 315.8 385.8 370.8 441.9 518.8 569.6 584.1 606.6 600.2 591.6 596.2 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 78.4 147.2 23.9 66.3 68.8 230.1 24.6 62.3 42.7 242.3 26.1 59.8 56.2 291.9 34.6 59.3 67.5 347.7 43.7 60.0 65.1 394.4 52.1 58.0 76.7 398.0 53.4 55.9 71.4 424.9 55.5 54.8 74.0 416.0 56.4 53.8 72.9 407.8 58.9 52.0 77.2 408.3 59.1 51.5 25 26 27 28 12148.5 12819.9 13386.9 14158.0 14928.0 15699.9 15942.3 16153.6 16355.0 16658.9 16922.1 29 29 Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 9 10 11 12 By instrument 3046.3 3346.1 3822.2 4281.3 4838.6 5457.5 5685.7 5937.4 6206.2 6526.1 6821.6 1 Federal government-related Govt.-sponsored enterprise securities Mortgage pool securities U.S. government loans 1720.0 443.1 1272.0 4.8 1885.2 523.7 1356.8 4.8 2172.7 700.6 1472.1 0.0 2376.8 806.5 1570.3 0.0 2608.3 896.9 1711.4 0.0 2821.0 995.3 1825.8 0.0 2877.9 1030.9 1847.0 0.0 2981.2 1072.5 1908.7 0.0 3121.6 1146.0 1975.6 0.0 3292.0 1273.6 2018.4 0.0 3433.2 1321.8 2111.4 0.0 2 3 4 5 Private financial sectors Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages 1326.3 393.5 763.9 77.0 86.6 5.4 1460.8 393.4 887.0 62.6 108.9 8.9 1649.5 441.6 1008.8 48.9 131.6 18.7 1904.5 486.9 1204.7 54.0 135.0 24.1 2230.4 579.1 1381.5 74.9 162.9 31.9 2636.5 745.7 1557.5 88.0 198.5 46.8 2807.9 804.9 1640.9 106.3 206.6 49.1 2956.2 838.9 1738.7 99.0 225.6 54.1 3084.6 874.2 1786.2 113.9 246.2 64.0 3234.1 906.7 1849.4 117.7 288.7 71.6 3388.3 926.4 1967.2 118.8 299.3 76.6 6 7 8 9 10 11 3046.3 3346.1 3822.2 4281.3 4838.6 5457.5 5685.7 5937.4 6206.2 6526.1 6821.6 12 80.0 114.6 88.4 0.0 84.6 123.4 99.6 0.2 94.5 133.6 112.4 0.5 102.6 148.0 115.0 0.4 113.6 150.0 140.5 0.4 140.6 168.6 160.3 0.6 148.7 181.2 162.9 0.7 159.6 190.5 170.7 0.8 169.6 196.1 186.6 1.0 188.6 193.5 212.4 1.1 187.6 202.6 226.9 1.5 13 14 15 16 0.0 447.9 1272.0 408.2 0.2 528.5 1356.8 493.6 0.6 700.6 1472.1 570.1 0.5 806.5 1570.3 712.5 1.6 896.9 1711.4 866.4 1.8 995.3 1825.8 1078.2 1.8 1030.9 1847.0 1143.0 1.6 1072.5 1908.7 1230.4 2.0 1146.0 1975.6 1307.0 2.5 1273.6 2018.4 1394.6 3.3 1321.8 2111.4 1464.2 17 18 19 20 21.7 386.4 30.2 28.2 168.6 33.7 385.1 30.2 29.9 180.3 34.3 433.7 18.7 40.0 211.0 29.3 483.9 19.1 44.6 248.6 27.3 529.8 31.5 56.5 312.7 35.3 554.5 26.8 96.1 373.7 35.1 571.9 39.1 111.9 411.6 40.1 596.9 27.1 128.0 410.5 39.4 589.4 27.6 147.8 417.9 42.5 597.5 28.1 158.8 414.4 34.7 614.1 28.9 165.4 459.1 21 22 23 24 25 By sector 13 14 15 16 Commercial banks Bank holding companies Savings institutions Credit unions 17 18 19 20 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 21 22 23 24 25 Brokers and dealers Finance companies Mortgage companies REITs Funding corporations 60 Z.1, June 11, 1999 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 Q1 Q2 1998 Q3 Q4 1999 Q1 15194.7 16165.9 17209.1 18439.3 19766.6 21157.4 21628.0 22091.0 22561.1 23184.9 23743.7 1 2 3 4 5 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds 579.0 4795.5 1302.8 2065.6 580.0 5216.9 1377.5 2346.8 623.5 5665.0 1341.7 2504.0 700.4 6013.6 1293.5 2822.9 803.0 6390.0 1296.0 3128.1 979.4 6625.9 1367.5 3441.5 1074.8 6708.6 1397.1 3567.7 1112.7 6730.2 1429.3 3732.6 1165.1 6841.8 1439.9 3793.1 1172.6 7044.2 1464.3 3879.0 1227.6 7192.9 1481.6 4036.1 2 3 4 5 6 7 8 9 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 779.2 805.9 4068.3 798.3 772.0 805.3 4208.4 859.0 834.9 860.9 4395.1 983.9 949.6 931.1 4605.5 1122.8 1041.7 996.2 4900.1 1211.6 1169.8 1095.9 5213.2 1264.1 1191.9 1128.7 5323.2 1236.0 1241.3 1153.9 5434.3 1256.8 1280.3 1186.1 5568.3 1286.6 1315.7 1254.9 5722.5 1331.7 1329.4 1300.4 5857.1 1318.6 6 7 8 9 5458.3 992.5 6257.6 1375.4 6237.9 1477.3 8331.3 1852.8 10062.4 2342.4 12776.0 2989.4 14397.6 3339.3 14556.1 3438.4 12758.4 3137.3 15437.7 3610.0 15970.3 3763.3 10 11 10 11 Total 1993 Memo: Selected claims not included above: Corporate equities Mutual fund shares L.5 Total Liabilities and Their Relation to Total Financial Assets Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total credit market debt (from table L.4) 15194.7 16165.9 17209.1 18439.3 19766.6 21157.4 21628.0 22091.0 22561.1 23184.9 23743.7 1 2 3 4 5 6 Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank liabilities 51.8 8.0 16.5 267.7 138.5 53.4 8.0 17.0 271.8 189.3 53.2 8.0 17.6 373.9 280.1 63.7 10.2 18.2 418.8 290.7 53.7 9.7 18.3 516.1 240.8 48.9 9.2 18.3 619.4 219.4 48.2 9.2 18.4 608.1 177.9 50.1 9.2 18.4 630.4 189.2 54.5 9.2 18.8 652.2 196.5 60.1 9.2 18.3 661.4 187.6 53.6 8.2 18.3 679.4 206.5 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs 1134.4 2293.4 415.2 539.5 400.0 1251.7 2223.1 391.7 559.6 471.3 1242.0 2183.2 411.2 602.9 549.5 1229.3 2279.7 476.9 745.3 660.0 1245.1 2377.0 590.9 891.1 701.5 1286.6 2474.1 713.4 1048.7 822.4 1259.4 2525.2 760.9 1130.7 891.0 1321.0 2530.8 754.0 1153.7 861.5 1282.7 2553.5 776.5 1249.7 919.8 1335.1 2627.0 806.0 1334.2 875.0 1313.3 2639.3 803.4 1416.0 941.2 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 992.5 217.7 447.7 4367.2 1375.4 279.0 484.8 4827.9 1477.3 279.0 520.3 5057.5 1852.8 305.7 566.2 5821.1 2342.4 358.1 610.6 6567.8 2989.4 469.1 665.0 7680.9 3339.3 505.3 677.3 8246.8 3438.4 540.6 690.6 8344.4 3137.3 579.0 703.5 7805.4 3610.0 577.5 718.3 8724.2 3763.3 550.2 731.9 8873.0 12 13 14 15 16 17 18 19 Trade payables Taxes payable Investment in bank personal trusts Miscellaneous 993.6 87.4 660.6 4711.0 1046.6 98.8 691.3 5099.3 1140.6 101.4 699.4 5292.2 1242.2 107.6 803.0 5656.0 1325.6 123.6 871.7 6144.2 1426.0 140.4 1082.8 6800.8 1409.3 151.2 1179.5 7039.7 1400.5 143.5 1204.9 7094.8 1414.4 154.3 1118.9 7370.9 1417.3 153.3 1274.2 7287.2 1402.5 165.5 1317.0 7350.5 16 17 18 19 32937.5 35505.9 37498.7 40986.5 44754.6 49672.1 51605.3 52466.9 52558.3 54860.6 55976.5 20 20 Total liabilities 21 22 23 + Financial assets not included in liabilities: Gold and SDRs Corporate equities Household equity in noncorp. bus. 19.6 5458.3 3128.5 20.1 6257.6 3187.3 21.1 6237.9 3410.5 22.1 8331.3 3658.3 21.4 10062.4 3865.2 21.1 12776.0 4214.9 21.2 14397.6 4231.1 21.0 14556.1 4268.5 21.2 12758.4 4291.6 21.6 15437.7 4315.1 20.7 15970.3 4314.3 21 22 23 24 25 26 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -4.9 217.6 -9.3 -5.1 233.2 -4.7 -5.4 325.4 -6.5 -5.8 360.2 -9.0 -6.7 431.4 -10.6 -7.3 534.6 -32.2 -7.4 511.0 -21.2 -7.4 547.1 -17.1 -7.2 565.5 -15.4 -8.0 572.2 -27.2 -8.3 578.4 -11.2 24 25 26 -48.0 33.0 -727.6 -1.5 40.8 -886.5 67.8 48.8 -1106.4 85.3 62.4 -1460.3 85.9 76.7 -1706.6 151.2 93.5 -1913.0 191.8 89.1 -1895.2 144.0 94.7 -1916.3 180.8 101.5 -1921.8 171.5 103.8 -2201.6 224.0 96.5 -2340.3 27 28 29 27 28 29 Security RPs Taxes payable Miscellaneous 30 31 32 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 6.8 42.0 -249.5 5.6 40.7 -246.4 3.4 38.0 -245.9 3.1 34.2 -257.6 -1.6 30.1 -310.1 -8.1 26.2 -312.7 -10.4 21.4 -364.0 -16.1 24.2 -413.2 -12.0 15.7 -438.8 -3.9 23.1 -379.7 -7.2 18.9 -445.4 30 31 32 33 Totals identified to sectors as assets 42283.7 45794.9 48048.8 54185.8 60115.1 68151.9 71740.0 72872.7 71161.2 76384.8 78176.5 33 61 Z.1, June 11, 1999 L.9 Assets and Liabilities of the Personal Sector (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 1993 1994 1995 1996 1997 Q1 Q2 1998 Q3 Q4 1999 Q1 14906.6 15979.5 16480.0 18886.7 20959.5 23827.7 25424.8 25690.6 24287.6 26927.5 27614.3 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 15.6 639.9 2397.5 342.2 15.8 696.3 2291.0 341.8 18.8 672.1 2286.9 355.3 23.4 618.2 2460.1 454.1 35.5 567.5 2635.8 510.8 41.8 567.3 2811.3 596.6 46.3 560.2 2897.2 648.5 43.3 564.9 2904.4 648.0 40.8 553.9 2909.9 704.8 37.8 594.1 3010.3 747.7 37.0 605.8 3009.1 796.7 2 3 4 5 6 Securities 5175.2 5733.3 5913.0 7093.8 7999.7 9089.6 9838.2 9926.9 9034.9 10382.8 10805.7 6 29.9 157.3 341.6 141.5 45.5 171.9 346.7 103.3 46.7 179.9 523.4 247.9 48.0 185.0 425.0 260.0 52.0 187.0 398.5 346.6 59.0 186.5 215.4 371.3 60.0 186.2 201.9 324.0 61.0 186.0 194.1 325.3 62.0 185.9 193.6 352.9 63.2 186.6 150.8 334.1 64.4 186.5 126.9 365.5 7 8 9 10 585.5 295.9 2895.5 727.9 552.6 331.6 3190.8 990.9 502.2 370.4 2990.4 1052.1 459.0 457.0 3994.8 1265.0 435.5 469.6 4524.6 1586.0 423.6 457.2 5319.1 2057.6 428.9 467.8 5863.7 2305.6 452.6 477.7 5847.9 2382.3 450.8 434.8 5161.4 2193.5 454.9 395.3 6299.9 2497.9 449.5 447.7 6556.1 2609.1 11 12 13 14 421.5 743.0 2033.9 1616.5 457.2 836.4 2275.0 1744.2 491.5 884.5 2377.5 1824.3 536.3 1002.0 2776.9 2072.1 580.1 1094.8 3176.9 2326.6 632.7 1233.5 3728.1 2751.6 644.8 1303.7 4069.8 2905.7 657.5 1319.6 4128.2 2929.7 670.4 1271.0 3804.6 2762.9 684.7 1356.2 4354.7 3046.9 698.2 1400.3 4427.7 3078.7 15 16 17 18 660.6 860.8 691.3 897.4 699.4 956.6 803.0 1046.8 871.7 1160.1 1082.8 1292.5 1179.5 1330.9 1204.9 1363.3 1118.9 1415.5 1274.2 1438.1 1317.0 1438.2 19 20 5516.8 5773.6 6103.2 6514.0 6966.6 7436.8 7525.9 7693.9 7853.0 8050.2 8166.7 21 2968.9 868.4 798.3 3130.8 844.1 859.0 3313.5 820.3 983.9 3492.6 820.1 1122.8 3701.2 884.5 1211.6 3936.3 939.5 1264.1 4019.9 958.8 1236.0 4098.2 976.0 1256.8 4198.0 993.4 1286.6 4303.0 1018.8 1331.7 4399.7 1041.5 1318.6 22 23 24 73.0 53.5 754.6 78.6 76.1 785.0 86.4 75.1 824.1 96.9 78.6 903.0 101.4 94.4 973.4 104.6 131.2 1061.1 104.8 140.3 1066.1 105.8 152.2 1105.0 106.3 151.0 1117.8 104.7 155.0 1136.9 105.1 158.4 1143.5 25 26 27 7 8 9 10 Open market paper U.S. savings bonds Other Treasury securities Agency securities 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 15 16 17 18 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves 19 20 Investment in bank personal trusts Miscellaneous assets 21 Total liabilities 22 23 24 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit 25 26 27 Policy loans Security credit Other liabilities (3) (1) Combined statement for household sector, nonfarm noncorporate business, and farm business. (2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19). (3) Includes corporate farms. 62 Z.1, June 11, 1999 L.100 Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 2 3 4 5 6 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 1993 1994 1995 1996 1997 Q1 Q2 1998 Q3 Q4 1999 Q1 17479.9 18589.1 19247.6 21822.5 24012.3 27146.9 28739.0 29021.9 27621.9 30264.6 30931.2 1 3249.6 3182.8 3157.3 3365.5 3539.5 3795.1 3927.4 3932.0 3977.1 4154.6 4209.7 2 15.6 546.7 2348.8 338.6 15.8 593.4 2235.8 337.9 18.8 563.6 2223.5 351.3 23.4 504.9 2388.0 449.2 35.5 445.7 2553.0 505.3 41.8 440.2 2723.2 589.9 46.3 431.7 2807.9 641.5 43.3 434.5 2813.6 640.6 40.8 421.7 2817.6 697.0 37.8 460.1 2917.1 739.6 37.0 470.0 2914.5 788.2 3 4 5 6 1675.6 1666.8 1974.3 1929.3 1982.7 1804.4 1759.6 1786.8 1769.5 1673.9 1727.6 7 8 9 10 11 12 13 Open market paper U.S. government securities Treasury Savings bonds Other Treasury Agency 29.9 627.4 485.9 157.3 328.6 141.5 45.5 608.6 505.3 171.9 333.4 103.3 46.7 937.3 689.3 179.9 509.4 247.9 48.0 854.4 594.4 185.0 409.4 260.0 52.0 917.7 571.1 187.0 384.1 346.6 59.0 759.6 388.3 186.5 201.8 371.3 60.0 698.7 374.6 186.2 188.5 324.0 61.0 692.0 366.8 186.0 180.8 325.3 62.0 719.2 366.3 185.9 180.4 352.9 63.2 658.5 324.4 186.6 137.8 334.1 64.4 666.1 300.6 186.5 114.1 365.5 8 9 10 11 12 13 14 15 16 Municipal securities Corporate and foreign bonds Mortgages 585.5 295.9 136.8 552.6 331.6 128.5 502.2 370.4 117.7 459.0 457.0 110.9 435.5 469.6 107.9 423.6 457.2 105.1 428.9 467.8 104.2 452.6 477.7 103.5 450.8 434.8 102.7 454.9 395.3 102.1 449.5 447.7 99.9 14 15 16 17 18 19 20 21 Corporate equities (2) Mutual fund shares Security credit Life insurance reserves Pension fund reserves 2895.5 727.9 76.2 447.7 4367.2 3190.8 990.9 102.3 484.8 4827.9 2990.4 1052.1 109.0 520.3 5057.5 3994.8 1265.0 127.6 566.2 5821.1 4524.6 1586.0 162.9 610.6 6567.8 5319.1 2057.6 215.5 665.0 7680.9 5863.7 2305.6 233.4 677.3 8246.8 5847.9 2382.3 248.8 690.6 8344.4 5161.4 2193.5 281.4 703.5 7805.4 6299.9 2497.9 279.5 718.3 8724.2 6556.1 2609.1 262.1 731.9 8873.0 17 18 19 20 21 22 23 24 Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets 660.6 3128.5 251.0 691.3 3187.3 264.1 699.4 3410.5 276.9 803.0 3658.3 291.7 871.7 3865.2 301.4 1082.8 4214.9 311.7 1179.5 4231.1 314.7 1204.9 4268.5 315.7 1118.9 4291.6 319.5 1274.2 4315.1 326.9 1317.0 4314.3 330.4 22 23 24 4045.1 4292.5 4615.0 4982.4 5322.2 5696.4 5762.5 5897.4 6027.3 6195.5 6286.8 25 3893.4 4110.3 4429.1 4783.0 5100.2 5429.5 5487.5 5608.2 5738.5 5902.3 5987.8 26 2764.6 798.3 92.6 2894.9 859.0 94.0 3072.4 983.9 97.6 3253.5 1122.8 98.3 3463.5 1211.6 104.9 3695.4 1264.1 114.9 3777.4 1236.0 119.1 3854.0 1256.8 123.1 3952.0 1286.6 124.2 4055.1 1331.7 126.9 4149.7 1318.6 127.2 27 28 29 17.6 119.5 100.9 27.4 126.6 108.5 40.0 133.7 101.5 54.8 160.3 93.2 47.1 172.7 100.5 55.8 190.7 108.5 49.4 193.7 111.9 64.9 197.6 111.9 59.2 201.3 115.1 62.6 204.0 122.0 54.4 211.4 126.5 30 31 32 53.5 82.5 76.1 89.8 75.1 94.0 78.6 103.3 94.4 109.3 131.2 117.1 140.3 116.1 152.2 118.2 151.0 119.5 155.0 121.0 158.4 123.1 33 34 15.8 16.3 16.8 17.5 18.3 18.6 18.6 18.9 18.4 17.2 17.5 35 25 26 Total liabilities Credit market instruments 27 28 29 Home mortgages Consumer credit Municipal securities 30 31 32 Bank loans n.e.c. Other loans and advances Commercial mortgages 33 34 35 Security credit Trade payables Deferred and unpaid life insurance premiums (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22). 63 Z.1, June 11, 1999 L.101 Nonfinancial Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 4477.6 4860.0 5207.2 5779.9 6378.1 6977.8 7131.7 7210.9 7321.9 7450.3 7573.8 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 14.3 282.6 100.5 51.0 5.1 12.9 306.0 129.3 48.7 2.5 14.0 330.1 130.9 56.2 2.2 15.6 366.2 115.0 81.9 2.4 26.1 411.5 126.4 92.3 3.9 19.8 414.8 137.9 117.4 4.5 22.5 406.7 141.9 129.4 3.4 18.1 419.0 134.7 134.8 2.2 16.7 430.4 147.7 145.9 2.7 20.8 436.9 138.6 163.9 3.4 23.0 417.0 134.6 170.6 4.5 2 3 4 5 6 7 Credit market instruments 296.0 308.5 326.8 322.7 313.2 315.4 296.5 282.8 288.6 308.1 294.6 7 17.0 82.2 45.8 85.2 65.7 19.4 81.2 54.7 76.0 77.2 18.8 84.7 56.7 80.0 86.6 20.1 96.1 36.8 84.6 85.1 31.5 95.0 31.0 77.9 77.7 35.3 88.4 38.6 74.2 78.9 29.3 78.5 42.6 73.3 72.7 25.0 76.3 43.7 72.5 65.3 25.9 81.4 44.2 71.6 65.5 25.5 91.9 45.1 70.8 74.9 25.0 85.9 46.8 69.9 67.1 8 9 10 11 12 21.1 1092.8 2614.3 29.8 1138.0 2884.2 31.1 1224.0 3092.0 45.7 1314.2 3516.1 59.9 1418.5 3926.2 69.1 1471.8 4427.1 79.4 1488.5 4563.4 82.5 1520.3 4616.4 74.2 1549.5 4666.3 91.0 1496.1 4791.5 96.1 1541.2 4892.1 13 14 15 6581.4 6869.7 7115.6 7541.2 8125.4 8751.9 8908.3 9000.9 9113.1 9253.8 9400.6 16 8 9 10 11 12 13 14 15 16 17 Total financial assets 1993 Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities 3757.1 3819.4 3972.9 4226.1 4463.8 4776.4 4895.6 5019.0 5117.3 5213.0 5360.8 17 18 19 20 Commercial paper Municipal securities Corporate bonds 107.1 118.3 1154.5 117.8 124.9 1229.7 139.2 131.7 1253.0 157.4 134.8 1326.3 156.4 137.9 1398.8 168.6 142.0 1489.5 193.1 143.8 1528.8 202.5 145.5 1569.0 216.9 147.0 1590.8 193.0 147.8 1621.8 223.9 147.0 1660.5 18 19 20 21 22 23 Bank loans n.e.c. Other loans and advances Mortgages 660.8 518.9 1197.5 657.4 493.5 1196.0 719.8 526.7 1202.5 806.2 566.8 1234.7 876.0 590.4 1304.2 973.9 639.8 1362.5 982.8 662.2 1384.9 1021.9 665.8 1414.4 1050.7 674.7 1437.3 1076.6 700.1 1473.8 1097.1 728.2 1504.2 21 22 23 762.6 68.5 1993.2 797.6 74.5 2178.2 883.3 74.9 2184.5 971.5 76.2 2267.4 1043.0 87.3 2531.3 1118.7 98.6 2758.2 1103.8 108.5 2800.4 1094.0 99.5 2788.3 1103.3 109.1 2783.3 1110.9 106.3 2823.6 1092.8 117.2 2829.8 24 25 26 24 25 26 Credit market instruments Trade payables Taxes payable Miscellaneous liabilities (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 64 Z.1, June 11, 1999 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 3931.7 4289.0 4567.3 5058.8 5569.0 6089.9 6223.7 6282.3 6373.0 6480.1 6583.3 1 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 14.3 189.4 51.8 47.3 5.1 12.9 203.1 74.1 44.8 2.5 14.0 221.6 67.5 52.2 2.2 15.6 252.9 42.9 77.0 2.4 26.1 289.8 43.6 86.9 3.9 19.8 287.7 49.8 110.7 4.5 22.5 278.3 52.6 122.3 3.4 18.1 288.7 43.9 127.4 2.2 16.7 298.2 55.4 138.1 2.7 20.8 302.9 45.4 155.8 3.4 23.0 281.3 40.0 162.2 4.5 2 3 4 5 6 7 8 9 10 11 12 13 Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 17.0 69.2 45.8 60.0 65.7 988.9 21.1 19.4 67.9 54.7 52.3 77.2 1035.0 29.8 18.8 70.7 56.7 56.4 86.6 1107.0 31.1 20.1 80.5 36.8 57.9 85.1 1184.9 45.7 31.5 80.6 31.0 54.4 77.7 1273.1 59.9 35.3 74.8 38.6 50.4 78.9 1309.7 69.1 29.3 65.1 42.6 49.4 72.7 1322.4 79.4 25.0 63.0 43.7 48.4 65.3 1350.0 82.5 25.9 68.2 44.2 47.4 65.5 1375.5 74.2 25.5 78.9 45.1 46.4 74.9 1317.9 91.0 25.0 73.0 46.8 45.4 67.1 1359.0 96.1 7 8 9 10 11 12 13 14 15 16 17 18 19 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 2355.8 580.0 163.0 1.9 17.2 1593.8 2615.3 598.4 169.7 1.9 17.8 1827.6 2782.6 651.2 175.4 2.0 20.9 1933.3 3156.9 742.8 183.6 1.8 25.5 2203.1 3510.6 816.3 186.2 1.6 30.2 2476.4 3960.7 886.0 188.1 0.5 32.3 2853.8 4083.7 919.6 189.7 0.5 32.3 2941.6 4124.1 955.7 190.1 0.4 30.0 2947.9 4161.1 976.6 191.4 -0.2 29.1 2964.2 4272.2 999.0 195.0 -0.2 30.9 3047.6 4360.0 1019.2 197.7 -0.2 32.3 3111.0 14 15 16 17 18 19 2 3 4 5 6 20 Total financial assets 1993 5109.7 5388.6 5627.4 6009.5 6481.1 7011.5 7144.9 7204.4 7287.5 7399.2 7520.6 20 21 Credit market instruments 2506.5 2563.0 2708.9 2928.6 3077.7 3306.7 3402.6 3496.7 3569.4 3638.2 3762.0 21 22 23 24 25 Commercial paper Municipal securities (2) Corporate bonds (1) Bank loans n.e.c. 107.1 118.3 1154.5 488.4 117.8 124.9 1229.7 477.6 139.2 131.7 1253.0 521.0 157.4 134.8 1326.3 587.7 156.4 137.9 1398.8 627.2 168.6 142.0 1489.5 695.4 193.1 143.8 1528.8 701.8 202.5 145.5 1569.0 732.3 216.9 147.0 1590.8 755.6 193.0 147.8 1621.8 778.3 223.9 147.0 1660.5 796.2 22 23 24 25 26 27 28 29 30 31 32 33 Other loans and advances Savings institutions Finance companies Federal government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 412.6 6.2 238.4 7.9 20.4 129.9 9.7 225.6 388.4 5.4 224.1 8.1 17.1 114.2 19.5 224.6 421.4 5.1 247.4 8.0 15.0 122.1 23.7 242.6 453.7 6.4 271.4 10.0 14.2 122.1 29.6 268.8 475.0 7.9 278.5 8.7 13.4 128.8 37.7 282.4 520.6 9.4 286.7 8.4 10.8 143.2 62.1 290.6 539.5 9.9 293.3 8.5 8.8 151.4 67.7 295.5 541.2 10.1 301.4 8.4 7.3 146.5 67.5 306.1 546.1 11.0 301.6 8.3 7.8 145.8 71.5 313.0 568.4 12.1 312.8 8.3 6.6 142.7 85.9 329.1 595.2 12.7 325.5 8.2 5.6 152.3 91.0 339.3 26 27 28 29 30 31 32 33 682.8 35.3 1885.0 478.6 18.9 1387.5 719.3 40.7 2065.6 497.8 21.9 1545.9 796.5 40.3 2081.6 535.4 22.0 1524.2 877.5 40.3 2163.1 575.3 25.7 1562.1 927.0 49.9 2426.5 620.7 29.5 1776.3 990.5 59.2 2655.1 689.1 33.3 1932.8 973.8 68.5 2699.9 723.3 34.2 1942.5 960.6 58.8 2688.3 738.5 35.2 1914.6 966.7 67.9 2683.5 752.6 36.1 1894.8 972.4 64.4 2724.1 855.2 37.1 1831.8 953.7 74.7 2730.2 880.5 38.0 1811.6 34 35 36 37 38 39 34 35 36 37 38 39 Total liabilities Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 40 41 Trade receivables net of payables Market value of equities 306.1 3827.9 315.8 4126.0 310.4 4141.8 307.4 5481.1 346.1 6367.4 319.2 7793.8 348.5 8858.9 389.4 8933.7 408.8 8222.0 345.4 10040.2 405.3 10403.9 40 41 42 43 Securities and mortgages Loans and short-term paper 1498.4 1008.2 1579.2 983.8 1627.3 1081.6 1729.8 1198.8 1819.1 1258.6 1922.1 1384.6 1968.2 1434.4 2020.7 1476.0 2050.8 1518.6 2098.6 1539.6 2146.8 1615.3 42 43 44 45 Total short-term liabilities (3) Total liquid assets (4) 1726.3 461.1 1743.8 509.2 1918.4 534.7 2116.6 574.0 2235.5 653.3 2434.3 690.3 2476.8 695.5 2495.4 694.6 2553.1 723.5 2576.5 768.8 2643.7 751.8 44 45 46 47 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 59.8 40.2 61.6 38.4 60.1 39.9 59.1 40.9 59.1 40.9 58.1 41.9 57.8 42.2 57.8 42.2 57.5 42.5 57.7 42.3 57.1 42.9 46 47 48 Liquid assets/short-term liabilities 26.7 29.2 27.9 27.1 29.2 28.4 28.1 27.8 28.3 29.8 28.4 48 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (4) Sum of lines 2 through 9, plus line 13. 65 Z.1, June 11, 1999 L.103 Nonfarm Noncorporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 1 Q3 Q4 1999 Q1 492.4 513.9 581.0 660.0 748.0 826.1 845.8 866.1 886.0 906.6 926.4 1 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 79.6 48.7 3.6 87.2 55.2 3.9 92.3 63.4 4.0 96.6 72.1 4.9 105.1 82.8 5.5 110.2 88.1 6.7 111.6 89.3 7.1 113.4 90.8 7.4 115.3 92.3 7.8 117.0 93.2 8.1 118.8 94.6 8.5 2 3 4 5 6 7 Treasury securities Mortgages Consumer credit 13.0 25.2 0.0 13.3 23.7 0.0 14.0 23.6 0.0 15.6 26.7 0.0 14.4 23.5 0.0 13.6 23.8 0.0 13.5 24.0 0.0 13.3 24.1 0.0 13.2 24.3 0.0 13.0 24.4 0.0 12.9 24.6 0.0 5 6 7 103.8 218.7 39.9 0.6 178.1 103.0 227.6 40.8 0.8 186.1 117.0 266.7 42.2 0.9 223.6 129.3 314.8 44.2 1.0 269.7 145.5 371.2 44.8 1.7 324.8 162.2 421.6 45.2 1.7 374.7 166.1 434.4 45.6 1.6 387.2 170.3 446.8 45.7 1.8 399.4 174.1 459.3 46.0 1.7 411.6 178.2 472.7 46.9 1.6 424.3 182.2 485.0 47.5 1.6 436.0 8 9 10 11 12 1323.2 1329.0 1330.9 1370.3 1477.0 1565.5 1590.3 1616.5 1643.0 1672.2 1700.1 13 1115.3 1118.5 1121.8 1152.4 1236.1 1313.6 1337.9 1361.8 1385.5 1411.9 1437.4 14 137.7 85.4 892.2 143.0 84.8 890.7 160.2 84.7 876.9 178.7 92.3 881.4 208.5 93.0 934.6 234.7 97.3 981.6 238.8 100.9 998.3 243.5 102.7 1015.7 248.1 106.9 1030.6 253.2 109.5 1049.2 258.3 110.5 1068.6 15 16 17 66.6 33.1 108.1 64.1 33.8 112.5 71.6 34.6 102.9 77.8 35.9 104.3 98.6 37.5 104.9 109.4 39.4 103.1 111.9 40.0 100.4 114.1 40.7 100.0 116.5 41.3 99.8 118.9 41.9 99.5 120.6 42.5 99.6 18 19 20 8 9 10 11 12 13 14 15 16 17 18 19 20 Total financial assets Q2 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities (1) Equity in the Farm Credit System. L.104 Farm Business (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 53.4 57.0 58.8 61.2 61.1 61.7 62.2 62.5 62.9 63.6 64.2 1 2 Checkable deposits and currency 13.6 15.7 16.2 16.7 16.7 16.9 16.9 17.0 17.0 17.0 17.0 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 39.8 37.7 2.1 41.3 39.1 2.2 42.6 40.4 2.2 44.5 42.3 2.2 44.4 42.9 1.5 44.8 43.3 1.5 45.3 43.7 1.6 45.5 43.8 1.7 45.9 44.1 1.8 46.6 44.9 1.7 47.1 45.5 1.6 3 4 5 148.5 152.1 157.4 161.3 167.4 175.0 173.1 179.9 182.6 182.5 179.8 6 135.3 137.9 142.2 145.1 149.9 156.1 155.1 160.6 162.5 162.9 161.3 7 34.7 20.9 79.7 36.8 20.3 80.7 38.7 20.6 83.0 39.7 20.8 84.6 40.4 22.4 87.1 43.9 21.9 90.3 42.1 21.8 91.1 46.1 21.8 92.6 47.0 21.7 93.7 45.1 22.2 95.5 42.6 22.5 96.3 8 9 10 13.2 14.2 15.2 16.2 17.4 18.8 18.1 19.4 20.1 19.6 18.5 11 6 7 8 9 10 11 Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. 66 Z.1, June 11, 1999 L.105 State and Local Governments (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1034.0 1083.4 1025.8 994.1 1007.9 1033.3 1062.7 1094.5 1119.4 1150.3 1166.6 1 2 3 4 Checkable deposits and currency Time and savings deposits Security RPs 26.8 51.5 123.1 28.3 46.5 133.7 31.6 52.9 118.6 34.4 62.4 115.7 31.7 70.7 147.8 33.2 76.8 151.4 29.5 83.6 160.0 31.4 84.7 154.0 28.9 86.7 158.0 31.0 89.2 158.5 27.5 89.4 166.5 2 3 4 5 Credit market instruments 6 7 8 9 10 11 12 Total financial assets 1993 752.3 784.9 729.9 638.6 604.8 605.0 606.0 649.1 681.1 704.4 711.2 5 Open market paper U.S. government securities Treasury Agency 14.1 593.1 418.2 174.9 17.9 622.8 447.8 175.0 22.3 556.6 370.0 186.6 39.4 441.3 289.8 151.5 59.7 373.2 257.0 116.2 74.0 354.8 239.3 115.4 79.3 348.4 238.1 110.2 82.8 386.0 256.0 130.0 88.0 411.4 266.4 145.0 92.0 428.3 269.3 159.0 96.0 428.6 266.6 162.0 6 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 10.5 20.9 113.7 9.5 26.5 108.3 8.6 31.9 110.5 5.1 39.0 113.8 4.6 49.7 117.6 3.9 51.0 121.3 3.5 52.5 122.3 3.0 53.9 123.3 2.8 54.5 124.4 2.5 56.2 125.4 2.1 58.0 126.5 10 11 12 13 14 Corporate equities Mutual fund shares 7.8 14.9 9.3 21.3 10.6 29.1 26.2 35.0 46.8 41.0 79.0 33.6 90.5 31.5 93.9 28.9 86.0 27.4 102.0 26.3 106.9 25.3 13 14 15 16 Taxes receivable Miscellaneous assets 38.9 18.8 39.1 20.1 34.0 19.0 27.9 53.9 26.1 39.0 26.9 27.5 27.6 34.0 28.6 23.9 28.8 22.6 28.1 10.7 28.5 11.2 15 16 17 1128.1 1195.1 1150.7 1101.2 1096.6 1154.4 1179.3 1205.8 1214.3 1235.5 1254.0 17 18 Credit market instruments 1101.8 1167.9 1121.7 1070.2 1063.4 1119.5 1144.3 1170.8 1178.8 1199.8 1217.6 18 19 20 21 22 Municipal securities Short-term Other U.S. government loans 1091.9 32.0 1059.8 9.9 1158.7 33.8 1124.9 9.2 1112.4 31.7 1080.7 9.3 1060.4 32.9 1027.5 9.8 1053.3 39.1 1014.1 10.1 1110.6 47.5 1063.1 8.9 1134.1 48.4 1085.8 10.2 1160.7 42.9 1117.8 10.1 1168.7 39.3 1129.4 10.1 1189.7 41.2 1148.5 10.1 1207.5 39.7 1167.7 10.2 19 20 21 22 26.3 27.2 29.0 31.0 33.2 35.0 34.9 35.0 35.5 35.7 36.4 23 23 Total liabilities Trade payables (1) Data for employee retirement funds are shown in table L.120. L.106 Federal Government Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 Agency securities Mortgages Other loans and advances Trade receivables Taxes receivable Miscellaneous assets Total liabilities 13 14 SDR certificates Treasury currency 15 Credit market instruments 16 17 18 19 20 21 22 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance and pension reserves Miscellaneous liabilities 474.1 488.7 436.2 437.6 436.5 431.9 447.3 482.3 458.6 435.2 464.0 1 38.8 31.7 0.9 40.2 52.2 0.8 41.4 27.8 0.7 53.8 22.2 0.9 44.9 38.3 2.4 42.0 41.6 3.4 41.7 37.9 3.0 42.8 82.9 3.2 46.3 47.1 3.6 51.0 23.2 4.7 48.2 29.1 3.9 2 3 4 236.0 231.9 203.4 203.2 195.5 200.4 204.3 207.5 210.9 213.9 218.5 5 0.0 86.4 149.7 0.0 85.0 146.9 0.0 71.0 132.4 0.0 57.8 145.4 0.0 50.3 145.2 0.0 45.7 154.7 0.0 45.5 158.8 0.0 45.1 162.3 0.0 44.8 166.1 0.0 44.9 169.0 0.0 44.7 173.8 6 7 8 30.8 15.5 120.3 28.4 18.9 116.2 24.7 18.6 119.6 23.1 17.3 117.1 24.0 20.7 110.7 20.8 20.0 103.8 22.5 34.5 103.5 22.3 20.2 103.3 24.5 24.0 102.3 20.3 21.4 100.7 23.6 40.5 100.2 9 10 11 3631.8 3929.8 4124.9 4289.0 4491.2 4554.4 4568.6 4498.9 4486.3 4542.2 4539.5 12 8.0 16.5 8.0 17.0 8.0 17.6 10.2 18.2 9.7 18.3 9.2 18.3 9.2 18.4 9.2 18.4 9.2 18.8 9.2 18.3 8.2 18.3 13 14 3080.3 3336.5 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 15 157.3 2904.3 18.8 0.0 171.9 3138.0 26.6 0.0 179.9 3285.6 26.7 0.0 185.0 3423.5 28.2 0.0 187.0 3568.1 26.6 0.0 186.5 3591.8 26.5 0.0 186.2 3618.7 25.9 0.0 186.0 3537.4 25.6 0.0 185.9 3508.8 25.5 0.0 186.6 3537.1 28.5 0.0 186.5 3545.0 28.1 0.0 16 17 18 19 83.1 437.0 6.9 86.1 475.5 6.8 85.7 514.4 6.8 81.0 536.2 6.7 82.3 591.9 7.3 81.5 634.0 6.6 80.7 622.9 6.6 81.2 634.6 6.6 82.0 649.4 6.7 79.3 676.5 6.7 80.4 666.3 6.7 20 21 22 67 Z.1, June 11, 1999 L.107 Rest of the World Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 2247.0 2605.3 2852.5 3423.1 4133.2 4845.8 4979.7 5163.1 5149.4 5409.3 5555.4 1 2 3 4 5 Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 79.9 136.5 47.9 41.7 125.4 155.1 54.7 58.6 218.2 180.4 56.3 46.6 229.3 193.8 49.6 67.6 177.3 213.7 60.6 70.9 173.0 243.6 73.6 90.8 135.4 244.8 78.2 112.2 141.8 250.8 78.0 105.2 147.2 255.4 87.2 91.0 144.7 257.4 86.1 72.0 157.3 261.9 84.7 86.3 2 3 4 5 6 Credit market instruments 989.3 1108.7 1216.0 1530.3 1933.8 2259.0 2324.0 2401.2 2416.4 2509.8 2563.6 6 12.9 595.0 329.3 322.6 6.7 18.8 702.4 381.7 373.1 8.6 24.9 757.7 407.2 396.9 10.3 43.4 995.3 497.8 482.8 15.0 57.9 1293.9 612.7 592.9 19.8 77.8 1498.1 614.4 589.9 24.5 74.5 1531.1 628.3 601.2 27.2 92.0 1554.9 608.3 580.9 27.4 115.3 1523.9 577.4 548.1 29.3 113.3 1591.5 610.8 579.9 30.9 109.6 1607.6 619.0 582.4 36.6 7 8 9 10 11 265.6 197.7 67.9 320.7 221.5 99.2 350.5 235.7 114.8 497.5 357.7 139.8 681.3 504.8 176.5 883.7 662.0 221.7 902.7 660.3 242.5 946.6 687.2 259.5 946.5 685.7 260.8 980.8 710.0 270.7 988.6 699.6 289.0 12 13 14 251.5 129.9 273.3 114.2 311.4 122.1 369.5 122.1 453.2 128.8 540.0 143.2 567.0 151.4 607.8 146.5 631.3 145.8 662.2 142.7 694.1 152.3 15 16 7 8 9 10 11 12 13 14 15 16 Total financial assets 1993 Open market paper U.S. government securities Official holdings Treasury Agency Private holdings Treasury Agency U.S. corporate bonds (1) Loans to U.S. corporate business 17 18 19 U.S. corporate equities Trade receivables Security credit 329.0 44.7 0.0 373.5 47.5 0.0 397.7 49.8 0.0 527.6 49.4 0.0 656.8 55.3 0.0 915.9 58.1 0.0 1054.5 56.6 0.0 1079.6 57.2 0.0 933.7 56.5 0.0 1110.3 53.1 0.0 1135.8 50.1 0.0 17 18 19 20 21 22 Miscellaneous assets Foreign direct investment in U.S. (2) Other 578.1 500.5 77.6 681.6 550.9 130.8 687.6 561.2 126.4 775.5 614.3 161.2 964.9 667.0 297.9 1031.8 751.8 279.9 974.0 777.4 196.6 1049.3 797.1 252.2 1162.0 828.5 333.5 1175.8 948.1 227.8 1215.5 968.6 247.0 20 21 22 1398.0 1574.2 1705.1 1964.4 2240.2 2503.0 2535.9 2684.9 2866.2 2666.1 2760.9 23 23 Total liabilities 24 25 U.S. official foreign exchange and net IMF position U.S. private deposits 51.8 267.7 53.4 271.8 53.2 373.9 63.7 418.8 53.7 516.1 48.9 619.4 48.2 608.1 50.1 630.4 54.5 652.2 60.1 661.4 53.6 679.4 24 25 26 Credit market instruments 315.8 385.8 370.8 441.9 518.8 569.6 584.1 606.6 600.2 591.6 596.2 26 78.4 147.2 68.8 230.1 42.7 242.3 56.2 291.9 67.5 347.7 65.1 394.4 76.7 398.0 71.4 424.9 74.0 416.0 72.9 407.8 77.2 408.3 27 28 23.9 3.3 7.6 13.0 55.1 11.3 24.6 2.4 8.8 13.5 54.1 8.2 26.1 2.2 8.8 15.2 51.9 7.9 34.6 2.6 10.9 21.1 51.1 8.2 43.7 2.9 14.3 26.5 50.1 9.9 52.1 2.1 13.8 36.3 48.3 9.7 53.4 2.3 13.1 38.0 47.9 8.0 55.5 2.2 14.8 38.6 47.9 6.9 56.4 2.0 13.8 40.6 47.4 6.3 58.9 2.8 13.1 43.0 47.2 4.7 59.1 2.9 12.5 43.7 46.8 4.7 29 30 31 32 33 34 31.8 0.0 35.9 0.0 39.5 0.0 45.3 0.0 43.6 0.0 53.8 0.0 54.2 0.0 51.2 0.0 52.3 0.0 51.4 0.0 50.5 0.0 35 36 731.0 23.8 1.8 668.0 37.4 827.4 25.0 1.9 714.8 85.7 867.6 26.4 2.2 752.1 86.8 994.6 27.9 2.0 849.7 115.0 1108.0 29.7 1.9 937.0 139.4 1211.3 31.3 1.9 1023.9 154.2 1241.3 31.7 2.3 1061.1 146.2 1346.7 32.1 2.3 1103.1 209.2 1506.9 32.5 2.1 1127.1 345.2 1301.7 32.9 2.2 1155.8 110.8 1381.3 33.3 2.0 1179.1 167.0 37 38 39 40 41 314.3 543.9 586.6 699.1 876.8 1001.3 1136.9 1112.6 931.6 1195.7 1213.3 42 27 28 Commercial paper Bonds 29 30 31 32 33 34 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 35 36 Trade payables Security debt 37 38 39 40 41 Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (1,2) Other Memo: 42 Market value of foreign equities held by U.S. residents (3) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Includes American Depositary Receipts (ADRs). 68 Z.1, June 11, 1999 L.108 Monetary Authority (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 3 4 Gold and foreign exchange SDR certificates Treasury currency 5 6 7 Federal Reserve float Fed. Res. loans to domestic banks Security RPs 8 Credit market instruments 9 10 11 12 13 14 15 Acceptances U.S. government securities Treasury Agency Bank loans n.e.c. Miscellaneous assets Total liabilities 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 381.7 423.8 452.1 471.9 495.2 534.0 519.6 541.2 540.5 566.8 560.2 1 32.5 8.0 21.5 33.3 8.0 22.1 33.0 8.0 23.0 32.1 10.2 24.0 30.2 9.7 25.0 28.0 9.2 25.6 27.7 9.2 25.7 28.3 9.2 25.9 29.4 9.2 26.0 30.7 9.2 26.3 26.1 8.2 26.6 2 3 4 3.3 0.7 8.1 0.9 0.1 13.2 -0.7 0.2 10.6 0.1 0.1 13.9 4.3 0.1 21.6 0.7 2.0 23.8 1.5 0.0 8.3 1.4 1.0 20.5 -1.2 1.1 14.2 1.6 0.0 30.4 -0.9 0.2 18.3 5 6 7 300.4 336.7 368.2 380.8 393.1 431.4 433.8 440.3 446.5 452.5 466.0 8 0.0 300.4 295.0 5.4 0.0 0.0 336.7 332.0 4.6 0.0 0.0 368.2 364.5 3.6 0.0 0.0 380.8 378.2 2.6 0.0 0.0 393.1 390.9 2.2 0.0 0.0 431.4 430.7 0.7 0.0 0.0 433.8 433.2 0.6 0.0 0.0 440.3 439.8 0.5 0.0 0.0 446.5 446.0 0.4 0.0 0.0 452.5 452.1 0.3 0.0 0.0 466.0 465.7 0.3 0.0 9 10 11 12 13 7.4 9.6 9.8 10.7 11.2 13.2 13.4 14.6 15.4 16.1 15.6 14 378.7 420.4 448.4 467.9 490.7 528.8 514.0 534.8 533.4 560.8 553.8 15 16 17 Depository institution reserves Vault cash of commercial banks 32.1 31.9 35.0 32.7 30.8 38.1 29.6 40.6 24.5 45.2 30.8 45.0 24.4 37.8 23.7 38.4 25.7 39.2 26.3 42.1 22.5 38.6 16 17 18 19 20 21 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 311.1 8.0 0.2 302.8 348.2 15.2 0.4 332.6 373.5 7.5 0.3 365.7 390.5 6.2 0.5 383.7 413.9 8.0 0.5 405.5 444.0 5.7 1.0 437.4 443.8 5.8 0.8 437.2 464.7 18.3 0.9 445.5 461.2 5.0 1.1 455.0 482.6 6.2 1.0 475.4 485.7 5.5 1.1 479.1 18 19 20 21 22 23 24 Miscellaneous liabilities Federal Reserve Bank stock Other 3.7 3.1 0.6 4.6 3.4 1.2 6.0 3.7 2.3 7.3 4.0 3.3 7.1 4.6 2.5 8.9 5.4 3.5 8.0 5.5 2.5 8.0 5.8 2.2 7.3 5.9 1.4 9.9 6.0 3.9 7.0 6.1 0.9 22 23 24 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 69 Z.1, June 11, 1999 L.109 Commercial Banking (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Checkable deposits and currency 5 Total bank credit 6 7 8 U.S. government securities Treasury Agency 9 10 Municipal securities Corporate and foreign bonds 11 12 13 14 15 16 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 17 18 Corporate equities Mutual fund shares 19 20 21 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 22 23 24 25 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 26 27 28 29 Checkable deposits Federal government Rest of the world Private domestic 30 31 32 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 33 Credit market instruments 34 35 36 37 38 Open market paper Corporate bonds Other loans and advances Taxes payable Miscellaneous liabilities 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 3654.9 3891.8 4159.8 4493.8 4710.4 5174.6 5245.6 5332.2 5489.0 5642.2 5663.5 1 31.9 29.0 1.3 32.7 31.5 1.0 38.1 28.0 1.4 40.6 26.9 1.6 45.2 22.3 1.4 45.0 29.1 1.4 37.8 22.6 1.3 38.4 21.8 1.5 39.2 23.9 1.4 42.1 24.4 2.1 38.6 20.8 1.7 2 3 4 3011.8 3174.4 3331.2 3604.6 3794.5 4144.5 4222.2 4276.8 4340.8 4487.1 4478.6 5 672.9 294.4 378.5 745.4 322.2 423.2 719.1 290.4 428.7 746.1 278.7 467.5 757.5 261.8 495.7 841.2 270.1 571.2 871.6 278.4 593.2 852.0 263.6 588.4 841.5 219.8 621.7 876.6 214.1 662.6 897.4 223.8 673.6 6 7 8 97.5 94.7 99.2 98.2 97.6 102.5 93.4 110.9 94.2 112.3 96.7 143.1 95.8 153.4 98.3 156.6 101.5 164.3 104.8 181.0 106.5 164.6 9 10 2139.8 9.2 779.2 900.5 362.9 88.0 2223.5 7.3 772.0 947.8 395.7 100.7 2407.1 5.8 834.9 1012.7 458.8 94.9 2646.9 5.7 949.6 1090.2 502.0 99.5 2821.1 6.5 1041.7 1145.4 526.8 100.8 3052.9 2.7 1169.8 1245.3 512.6 122.5 3087.3 1.1 1191.9 1270.6 492.1 131.6 3154.9 1.1 1241.3 1281.4 491.4 139.7 3221.0 0.9 1280.3 1295.2 497.9 146.7 3306.3 1.1 1315.7 1337.5 508.9 143.0 3291.1 0.9 1329.4 1337.1 494.0 129.7 11 12 13 14 15 16 3.4 3.4 4.3 3.9 2.9 2.0 5.0 2.3 6.8 2.6 2.6 8.1 5.0 9.2 5.8 9.1 3.7 8.9 7.0 11.4 7.7 11.3 17 18 31.7 549.3 25.3 627.0 22.9 738.1 22.3 797.8 23.4 823.7 20.6 934.0 16.8 944.8 14.2 979.5 14.1 1069.5 11.3 1075.1 10.2 1113.6 19 20 3532.8 3750.3 4049.0 4333.2 4547.4 5053.0 5126.4 5215.1 5391.7 5519.2 5521.3 21 74.5 3.9 -9.3 79.9 121.7 1.0 -4.7 125.4 211.2 -0.5 -6.5 218.2 220.5 0.2 -9.0 229.3 171.1 4.4 -10.6 177.3 143.5 2.8 -32.2 173.0 115.7 1.5 -21.2 135.4 127.1 2.4 -17.1 141.8 131.6 -0.2 -15.4 147.2 119.2 1.7 -27.2 144.7 145.4 -0.6 -11.2 157.3 22 23 24 25 714.3 30.6 21.7 662.1 788.4 42.6 21.3 724.5 756.7 23.8 23.2 709.8 710.8 19.0 24.0 667.8 676.3 28.7 26.6 620.9 656.4 27.8 31.2 597.5 616.9 21.7 31.9 563.3 651.0 48.5 35.5 567.0 609.4 30.0 32.5 546.8 623.9 13.2 28.4 582.4 591.5 16.4 30.5 544.6 26 27 28 29 1389.2 332.8 272.2 1377.2 311.7 313.7 1376.2 333.0 391.8 1490.1 387.8 422.2 1613.2 493.1 463.2 1761.5 601.0 552.2 1814.6 645.3 578.3 1831.7 634.4 589.6 1868.7 651.8 627.7 1945.7 673.8 639.3 1958.0 671.2 667.5 30 31 32 194.6 208.0 228.1 250.6 263.6 309.2 329.9 350.2 365.7 382.1 390.2 33 54.4 127.6 12.5 51.9 134.9 21.2 55.0 142.6 30.5 52.8 161.1 36.7 55.7 168.9 39.0 58.5 192.6 58.1 58.9 205.0 66.1 62.3 209.2 78.6 64.2 214.4 87.1 56.9 220.2 104.9 56.8 229.0 104.4 34 35 36 0.7 554.6 1.2 628.4 1.9 750.1 2.8 848.4 4.0 863.0 5.4 1023.7 5.8 1019.9 6.2 1024.9 6.6 1130.1 7.1 1128.2 7.5 1090.0 37 38 2948.6 3090.8 3254.3 3520.1 3707.7 4031.9 4093.3 4136.4 4195.7 4337.1 4340.2 39 Memo: 39 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table L.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19). 70 Z.1, June 11, 1999 L.110 U.S.-Chartered Commercial Banks Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 9 U.S. government securities Treasury Agency Mortgage pool securities Agency-issued CMOs Other agency securities 10 11 12 13 14 Municipal securities Corporate and foreign bonds Private mortgage pool securities Privately issued CMOs Other bonds 15 16 17 18 19 20 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 21 22 Corporate equities Mutual fund shares 23 24 25 Customers’ liab. on acceptances (1) Miscellaneous assets Total liabilities 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 2775.2 2932.4 3122.9 3321.7 3444.5 3742.2 3795.4 3845.9 3939.3 4094.2 4095.7 1 60.2 63.2 65.2 66.6 66.3 71.2 59.5 58.6 62.4 65.5 58.8 2 2623.5 2780.9 2921.4 3116.3 3231.5 3512.2 3579.2 3620.3 3690.7 3846.9 3864.2 3 614.5 254.3 360.1 155.5 122.7 81.9 671.3 275.0 396.3 173.2 133.8 89.3 646.1 248.0 398.1 182.2 119.4 96.5 629.1 207.6 421.5 195.1 101.0 125.3 609.7 173.0 436.7 216.6 89.5 130.7 664.0 166.8 497.2 247.7 107.0 142.4 682.2 171.9 510.3 257.6 108.1 144.6 658.7 153.9 504.9 241.9 110.0 152.9 670.0 128.7 541.4 268.5 121.4 151.5 703.5 124.7 578.7 301.5 115.9 161.4 722.4 134.6 587.8 287.6 123.6 176.6 4 5 6 7 8 9 97.0 66.6 3.8 21.6 41.1 98.9 66.6 4.7 19.8 42.1 97.0 66.0 3.6 21.5 40.9 92.7 69.3 4.5 24.9 39.8 93.7 64.8 4.2 21.8 38.9 96.1 85.8 3.0 22.5 60.4 95.2 91.8 3.1 28.7 60.0 97.8 98.9 6.0 32.4 60.6 101.0 102.6 5.7 35.1 61.9 104.4 118.1 3.9 42.8 71.4 105.9 107.2 5.1 44.3 57.8 10 11 12 13 14 1838.6 5.9 569.6 842.9 362.9 57.3 1935.9 4.9 578.4 895.5 395.7 61.4 2107.4 3.6 624.6 963.7 458.8 56.8 2317.9 3.9 701.6 1045.4 502.0 65.1 2453.9 4.2 759.8 1102.9 526.8 60.2 2655.6 2.3 867.9 1208.4 512.6 64.4 2695.8 0.8 895.7 1235.6 492.1 71.6 2749.9 0.8 938.5 1247.0 491.4 72.2 2804.4 0.7 972.7 1260.6 497.9 72.6 2902.6 0.8 1012.4 1304.1 508.9 76.3 2909.7 0.7 1038.2 1306.3 494.0 70.5 15 16 17 18 19 20 3.4 3.4 4.3 3.9 2.9 2.0 5.0 2.3 6.8 2.6 2.6 8.1 5.0 9.2 5.8 9.1 3.7 8.9 7.0 11.4 7.7 11.3 21 22 12.6 79.0 10.1 78.1 9.9 126.4 12.3 126.6 13.9 132.8 13.7 145.2 11.6 145.0 10.4 156.7 10.8 175.6 9.1 172.8 8.2 164.5 23 24 2862.2 3036.3 3271.5 3457.6 3598.7 3959.7 4026.5 4091.8 4211.1 4366.7 4359.3 25 26 27 28 29 30 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks -48.8 3.3 0.7 -33.6 -19.2 -19.4 0.9 0.1 -19.9 -0.5 60.5 -0.7 0.2 -13.3 74.3 54.4 0.1 0.1 -20.0 74.1 0.4 4.3 0.1 -41.8 37.8 2.9 0.7 2.0 -50.2 50.4 6.5 1.5 0.0 -53.3 58.2 7.5 1.4 1.0 -53.8 58.9 29.7 -1.2 1.1 -51.8 81.7 24.9 1.6 0.0 -51.2 74.5 32.4 -0.9 0.2 -46.2 79.3 26 27 28 29 30 31 32 33 34 Checkable deposits Federal government Rest of the world Private domestic 700.2 30.6 15.8 653.8 773.9 42.6 15.6 715.7 741.7 23.8 17.1 700.9 695.8 19.0 18.0 658.7 661.4 28.7 21.3 611.4 640.3 27.8 25.5 587.0 601.2 21.7 26.1 553.3 634.5 48.5 29.7 556.3 593.3 30.0 26.9 536.4 606.2 13.2 23.0 570.1 574.3 16.4 24.6 533.3 31 32 33 34 35 36 37 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 1369.5 216.1 234.3 1358.6 196.1 279.8 1357.9 214.0 351.4 1471.3 256.5 379.6 1594.2 306.1 408.2 1738.0 369.3 471.7 1791.6 390.1 488.0 1806.2 382.7 482.2 1847.7 385.3 510.2 1924.3 404.1 538.5 1937.6 405.4 569.3 35 36 37 38 39 40 41 Acceptance liabilities Corporate bonds Other loans and advances Taxes payable 12.8 33.5 12.5 0.7 10.2 37.1 21.2 1.2 10.0 40.6 30.5 1.9 12.3 43.3 36.7 2.8 14.0 50.9 39.0 4.0 13.7 61.6 58.1 5.4 11.6 65.6 66.1 5.8 10.3 66.7 78.6 6.2 10.7 68.2 87.1 6.6 9.1 72.1 104.9 7.1 8.3 72.9 104.4 7.5 38 39 40 41 42 43 44 Miscellaneous liabilities Investment by bank holding companies Other 331.3 255.0 76.3 377.6 286.6 91.0 463.0 304.2 158.9 505.0 344.3 160.7 520.6 372.9 147.7 598.7 413.6 185.1 600.1 430.3 169.8 616.9 445.9 171.0 672.2 459.2 213.0 675.3 469.0 206.4 647.4 476.9 170.5 42 43 44 2571.9 2721.5 2869.6 3056.1 3175.8 3450.7 3505.0 3543.6 3616.2 3761.3 3782.9 45 Memo: 45 Credit market funds advanced (2) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23). 71 Z.1, June 11, 1999 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 Reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 9 10 11 12 13 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 14 Corporate equities 15 16 17 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 509.3 542.2 589.7 666.3 714.8 811.3 793.8 796.7 841.2 806.3 802.4 1 0.7 1.0 1.0 0.8 1.1 2.9 0.9 1.7 0.8 1.0 0.5 2 347.4 350.2 362.3 436.9 507.0 567.2 572.6 589.2 580.7 568.6 545.3 3 43.7 29.6 14.1 0.0 22.4 57.6 36.1 21.5 0.0 23.8 55.7 32.7 23.0 0.0 28.9 99.6 62.3 37.3 0.0 33.5 130.4 80.7 49.7 0.0 36.6 157.3 95.1 62.2 0.0 41.3 167.0 99.7 67.3 0.0 43.4 173.9 103.7 70.2 0.0 40.2 152.3 86.4 65.9 0.0 42.5 151.8 84.8 67.0 0.0 47.1 154.1 85.0 69.1 0.0 42.5 4 5 6 7 8 281.3 3.3 195.7 51.6 30.7 268.8 2.4 182.0 45.1 39.3 277.7 2.2 197.2 40.3 38.1 303.9 1.7 232.6 35.1 34.4 339.9 2.3 264.8 32.2 40.6 368.6 0.4 284.0 26.1 58.0 362.2 0.3 278.2 23.7 60.0 375.1 0.4 284.5 22.8 67.5 386.0 0.2 289.1 22.6 74.1 369.7 0.3 282.2 20.6 66.6 348.7 0.2 271.1 18.1 59.2 9 10 11 12 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 19.1 142.1 15.1 175.9 13.0 213.5 10.1 218.5 9.4 197.2 6.9 234.3 5.2 215.1 3.9 201.9 3.4 256.4 2.2 234.5 2.0 254.5 15 16 519.3 553.7 602.8 681.3 731.9 830.8 814.0 817.6 862.8 828.6 825.4 17 18 19 20 Net interbank liabilities To foreign banks To domestic banks 134.3 103.5 30.8 151.2 132.7 18.5 162.4 158.5 3.9 181.0 173.6 7.5 178.6 162.1 16.5 148.2 144.4 3.8 116.1 98.0 18.2 123.4 102.9 20.5 100.4 83.0 17.3 91.5 91.5 0.1 105.8 96.0 9.7 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 8.3 11.2 108.2 8.3 10.4 107.4 8.8 9.3 110.0 8.7 8.5 121.0 8.0 8.7 176.6 8.8 13.1 221.3 8.3 12.3 244.5 8.8 14.6 240.9 8.3 9.8 255.4 8.6 9.5 257.8 8.9 9.1 254.6 21 22 23 24 25 Federal funds and security RPs (net) Acceptance liabilities 39.0 21.2 34.7 16.0 41.4 13.4 43.2 10.4 55.1 9.6 80.7 7.2 89.3 5.5 102.7 4.0 112.6 3.5 100.4 2.4 98.0 2.1 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 197.1 21.2 51.1 124.8 225.7 24.0 44.5 157.1 257.6 26.3 44.1 187.3 308.5 32.7 50.7 225.1 295.2 31.2 64.5 199.6 351.5 36.4 78.8 236.3 337.9 36.7 87.5 213.7 323.2 35.2 79.3 208.7 372.8 40.6 89.5 242.8 358.3 42.6 90.6 225.2 346.9 44.4 89.8 212.7 26 27 28 29 335.8 326.0 337.1 412.6 475.8 516.1 517.9 525.6 510.1 504.2 488.1 30 Memo: 30 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table L.216). (3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15). 72 Z.1, June 11, 1999 L.112 Bank Holding Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 2 3 4 5 6 7 8 9 10 11 12 Total financial assets Credit market instruments U.S. government securities Treasury issues Agency Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Total liabilities 13 14 15 Net interbank liabilities To domestic banks To foreign banks 16 Federal funds and security RPs (net) 17 18 19 Credit market instruments Commercial paper Corporate bonds 20 Miscellaneous liabilities 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 342.8 387.9 414.1 466.8 510.8 575.3 609.2 640.7 658.3 686.0 711.3 1 17.5 17.5 18.4 18.0 22.0 27.4 31.2 26.8 28.3 26.5 25.0 2 8.3 6.1 2.2 5.4 3.7 8.4 5.3 3.1 7.2 1.9 9.4 4.6 4.8 7.1 1.8 8.1 3.4 4.7 7.7 2.3 9.0 4.0 4.9 10.5 2.5 9.5 4.0 5.5 15.5 2.4 10.9 2.3 8.6 17.7 2.6 7.5 1.7 5.8 17.0 2.3 7.4 1.0 6.4 18.6 2.3 7.5 0.9 6.6 14.8 4.1 7.2 1.1 6.1 14.1 3.6 3 4 5 6 7 325.2 255.0 43.2 27.0 370.4 286.6 56.3 27.5 395.8 304.2 56.4 35.2 448.7 344.3 64.7 39.8 488.9 372.9 64.9 51.1 547.9 413.6 89.9 44.4 578.0 430.3 99.2 48.5 613.9 445.9 116.9 51.1 630.0 459.2 121.9 48.8 659.5 469.0 134.1 56.5 686.3 476.9 152.6 56.8 8 9 10 11 124.4 132.2 143.0 157.1 178.3 218.8 240.8 259.1 270.1 270.7 284.6 12 -11.0 -6.5 -4.5 -10.0 -3.3 -6.8 -11.7 2.9 -14.6 -14.9 3.5 -18.5 -7.9 14.7 -22.6 -7.6 14.3 -21.9 -6.9 13.9 -20.8 -3.8 16.2 -20.0 1.5 19.0 -17.5 2.7 23.9 -21.2 7.2 25.3 -18.0 13 14 15 -1.2 -0.8 -0.9 -0.5 -0.2 -0.2 0.9 4.7 4.9 0.4 0.3 16 114.6 20.4 94.1 123.4 25.6 97.7 133.6 31.6 102.0 148.0 30.1 117.9 150.0 32.0 118.0 168.6 37.6 131.0 181.2 41.8 139.4 190.5 48.0 142.5 196.1 50.0 146.2 193.5 45.4 148.1 202.6 46.4 156.1 17 18 19 22.0 19.6 22.0 24.6 36.3 57.9 65.6 67.7 67.5 74.1 74.6 20 L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds Bank loans n.e.c. Home mortgages Commercial mortgages Miscellaneous assets Total liabilities 27.7 29.4 33.1 39.0 40.3 45.8 47.2 49.0 50.1 55.6 54.1 1 1.3 1.0 1.4 1.6 1.4 1.4 1.3 1.5 1.4 2.1 1.7 2 23.4 25.8 29.2 33.4 34.1 37.8 39.2 40.4 41.1 45.2 44.1 3 6.4 4.3 2.1 0.5 0.4 8.1 5.8 2.3 0.2 0.6 7.9 5.1 2.8 0.6 0.5 9.4 5.4 4.0 0.7 0.4 8.4 4.1 4.3 0.5 0.3 10.5 4.2 6.3 0.5 0.4 11.6 4.6 7.0 0.6 0.4 11.9 4.3 7.5 0.5 0.5 11.8 3.7 8.0 0.5 0.7 13.8 3.6 10.2 0.5 1.1 13.6 3.0 10.6 0.6 0.7 4 5 6 7 8 10.2 3.0 3.0 9.7 4.1 3.1 11.3 4.8 4.0 13.1 5.7 4.0 14.6 6.3 3.9 15.5 6.4 4.4 15.4 6.7 4.5 16.0 7.1 4.5 16.2 7.3 4.7 17.0 7.8 5.1 16.5 7.3 5.5 9 10 11 3.0 2.6 2.4 4.0 4.8 6.6 6.7 7.0 7.6 8.3 8.3 12 26.9 28.2 31.7 37.2 38.6 43.7 45.1 46.6 47.8 53.2 52.0 13 14 15 16 Checkable deposits Small time and savings deposits Large time deposits 5.8 8.5 8.5 6.1 8.2 8.2 6.2 9.0 9.0 6.4 10.2 10.2 6.9 10.4 10.4 7.3 10.4 10.4 7.5 10.7 10.7 7.7 10.9 10.9 7.8 11.2 11.2 9.0 11.9 11.9 8.3 11.3 11.3 14 15 16 17 Miscellaneous liabilities 4.2 5.6 7.4 10.3 10.9 15.6 16.3 17.1 17.6 20.4 21.2 17 (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 73 Z.1, June 11, 1999 L.114 Savings Institutions (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 3 4 5 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 6 Credit market instruments 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1060.4 1020.2 1008.6 1012.8 1031.7 1028.6 1043.2 1046.1 1056.7 1088.4 1111.0 1 3.1 12.4 3.7 14.4 3.4 15.4 3.0 10.6 2.8 13.9 1.3 6.5 2.7 15.5 1.1 11.2 2.3 14.2 1.4 10.0 1.8 15.2 1.0 9.2 1.9 15.8 1.1 11.9 1.8 15.8 1.4 14.3 1.8 15.7 1.4 15.7 1.9 18.4 1.5 14.8 1.7 15.0 1.4 15.9 2 3 4 5 937.4 914.1 920.8 913.3 933.2 928.5 931.2 930.8 939.3 964.8 990.8 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 0.6 177.0 34.0 143.0 0.3 175.5 28.2 147.3 0.1 187.0 27.1 159.9 0.2 183.0 18.4 164.6 0.3 173.4 17.4 156.1 0.0 169.8 14.6 155.3 0.0 167.4 14.8 152.6 0.0 162.4 12.6 149.7 0.0 156.6 11.1 145.5 0.0 153.7 10.2 143.6 0.0 158.3 10.6 147.7 7 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 2.1 80.0 12.4 628.0 37.4 2.1 89.1 10.8 598.4 37.9 2.0 86.7 10.3 596.2 38.5 2.0 78.5 12.8 596.8 40.1 2.1 68.6 15.7 628.3 44.7 2.1 58.7 18.8 631.8 47.2 1.7 58.0 19.8 637.2 47.1 2.0 65.3 20.2 632.6 48.3 2.3 73.6 22.1 634.5 50.3 2.5 88.6 24.2 644.2 51.6 2.7 104.4 25.4 646.4 53.6 11 12 13 14 15 11.2 78.2 12.5 61.0 10.4 53.0 14.3 54.7 17.8 52.9 23.3 49.7 26.5 54.7 26.9 55.1 24.0 58.9 24.5 62.6 25.1 61.0 16 17 1067.9 1016.1 998.3 995.1 1010.5 1001.0 1012.1 1014.4 1027.7 1058.6 1079.6 18 852.8 84.0 692.2 76.7 785.4 88.3 624.1 73.0 733.6 83.0 579.7 71.0 727.9 97.1 550.7 80.1 721.4 122.4 512.5 86.4 695.7 149.5 448.2 98.1 696.6 158.1 437.3 101.2 690.3 166.6 420.6 103.2 685.8 174.4 403.7 107.7 693.1 185.6 393.8 113.7 688.7 193.0 381.9 113.7 19 20 21 22 16 17 18 Corporate equities Miscellaneous assets Total liabilities 19 20 21 22 Deposits Checkable Small time and savings Large time 23 Security RPs 18.6 26.1 44.5 44.5 43.7 41.8 45.4 48.0 47.7 51.3 64.0 23 24 25 26 27 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 88.4 5.5 8.9 74.0 99.6 3.9 8.4 87.3 112.4 3.1 9.3 100.0 115.0 3.1 14.6 97.4 140.5 2.7 15.9 121.9 160.3 2.8 19.4 138.0 162.9 2.6 22.3 138.1 170.7 2.7 23.4 144.6 186.6 2.6 27.9 156.1 212.4 2.6 29.7 180.1 226.9 2.8 34.0 190.1 24 25 26 27 28 29 30 31 Taxes payable Miscellaneous liabilities Investment by parent Other 1.4 106.8 4.0 102.8 1.9 103.0 4.4 98.5 1.0 106.7 4.4 102.3 1.6 106.1 4.5 101.6 1.4 103.5 4.7 98.8 1.8 101.4 5.0 96.4 1.7 105.5 5.1 100.4 1.8 103.5 5.2 98.3 1.9 105.6 5.3 100.3 2.0 99.8 5.4 94.4 1.9 98.1 5.5 92.6 28 29 30 31 (1) Savings and loan associations, mutual savings banks, and federal savings banks. 74 Z.1, June 11, 1999 L.115 Credit Unions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 5 Credit market instruments 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 264.7 281.7 293.6 310.7 330.1 353.8 367.8 374.6 377.9 391.5 404.0 1 6.6 27.0 13.5 6.5 25.6 8.5 6.5 16.7 6.2 7.4 17.1 6.4 7.5 16.4 1.4 8.1 17.0 3.5 8.4 18.6 9.8 8.1 20.1 10.1 7.6 20.6 6.2 9.1 23.4 6.8 9.1 26.6 7.3 2 3 4 197.1 218.7 246.8 263.0 288.5 305.3 306.7 315.1 320.5 324.2 330.7 5 Open market paper U.S. government securities Treasury Agency 3.0 48.6 19.9 28.7 2.2 58.9 22.6 36.3 2.1 62.9 22.1 40.9 0.6 64.1 18.3 45.7 0.3 68.1 17.4 50.7 0.2 66.7 15.6 51.0 0.1 68.2 15.0 53.2 0.5 70.4 14.5 55.9 1.1 70.6 13.5 57.0 0.4 71.5 13.1 58.4 0.3 76.5 13.2 63.3 6 7 8 9 10 11 Home mortgages Consumer credit 56.1 89.4 56.0 101.6 62.1 119.6 66.5 131.9 76.0 144.1 86.0 152.4 87.7 150.7 91.8 152.4 94.5 154.3 96.9 155.4 98.7 155.1 10 11 12 13 Mutual fund shares Miscellaneous assets 4.1 16.5 4.2 18.2 2.6 14.8 2.8 13.9 2.6 13.7 2.4 17.6 2.8 21.5 3.1 18.0 3.1 19.8 3.6 24.3 3.6 26.6 12 13 247.5 260.8 270.3 283.7 300.1 320.6 334.1 339.9 342.2 355.3 367.1 14 242.9 25.1 212.0 5.8 255.5 26.8 221.8 6.9 263.4 28.8 227.3 7.3 278.8 30.9 238.9 9.0 295.1 32.5 251.2 11.4 315.4 36.6 264.4 14.4 328.4 40.6 273.4 14.5 333.6 38.7 278.4 16.4 335.8 37.7 281.1 17.0 349.0 43.0 287.5 18.5 360.9 43.0 299.4 18.5 15 16 17 18 0.0 4.6 0.2 5.1 0.5 6.4 0.4 4.5 0.4 4.6 0.6 4.6 0.7 5.0 0.8 5.5 1.0 5.4 1.1 5.2 1.5 4.7 19 20 6 7 8 9 14 Total liabilities 15 16 17 18 Shares/deposits Checkable Small time and savings Large time 19 20 Other loans and advances Miscellaneous liabilities L.116 Bank Personal Trusts and Estates (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Credit market instruments 629.6 660.9 670.0 774.9 841.6 1054.7 1151.3 1176.7 1090.6 1245.9 1288.5 1 40.6 0.9 10.5 29.2 39.5 0.8 9.4 29.3 41.4 0.5 11.0 29.9 44.7 0.5 10.5 33.6 51.1 0.8 9.0 41.4 55.3 1.0 11.3 43.0 56.4 1.0 11.9 43.5 57.5 1.0 12.5 44.0 58.4 1.0 12.9 44.4 59.3 1.0 13.4 44.9 60.1 0.9 13.8 45.4 2 3 4 5 231.5 240.9 248.0 239.7 232.0 239.5 240.1 240.9 241.4 242.4 243.1 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 22.8 72.0 40.1 31.8 19.5 73.1 40.4 32.7 23.0 72.0 39.8 32.2 23.7 70.8 38.7 32.1 21.1 71.3 39.5 31.8 23.9 71.2 39.2 32.0 23.8 71.0 39.1 31.9 24.2 70.8 39.0 31.8 23.8 70.9 39.0 31.9 23.5 70.9 39.0 31.9 22.7 71.1 39.0 32.1 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 96.0 36.8 3.9 108.9 35.8 3.6 114.2 35.3 3.4 108.3 33.6 3.3 104.0 31.9 3.6 104.8 36.3 3.4 105.0 36.9 3.4 105.2 37.2 3.5 105.5 37.6 3.6 105.8 38.5 3.7 106.2 39.3 3.9 11 12 13 216.9 128.1 181.0 183.5 167.3 200.4 224.9 253.5 248.9 293.6 401.0 342.2 460.4 377.6 477.7 383.7 427.7 346.3 530.3 397.1 561.0 407.6 14 15 12.6 16.0 12.9 12.1 16.0 16.7 16.8 16.9 16.9 16.8 16.8 16 660.6 691.3 699.4 803.0 871.7 1082.8 1179.5 1204.9 1118.9 1274.2 1317.0 17 14 15 Corporate equities Mutual fund shares 16 Miscellaneous assets 17 Total liabilities (2) (1) Includes personal trusts and estates administered by nondeposit noninsured trust companies. (2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector. 75 Z.1, June 11, 1999 L.117 Life Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1754.9 1862.9 2063.6 2246.3 2514.9 2629.8 2678.5 2640.6 2769.5 2849.8 1 5.2 31.5 5.6 16.2 5.2 22.8 4.3 61.9 8.1 92.8 3.5 99.0 4.8 101.5 4.4 106.4 5.4 111.5 5.5 122.0 2 3 1304.4 1415.5 1487.5 1587.5 1657.0 1751.3 1777.3 1793.2 1810.6 1828.4 1858.9 4 Open market paper U.S. government securities Treasury Agency 43.2 281.8 88.8 193.0 46.9 332.8 110.0 222.8 52.8 341.2 107.1 234.1 45.5 351.0 108.1 242.9 48.4 337.4 93.2 244.1 65.9 312.1 85.5 226.7 68.3 309.2 82.6 226.6 68.6 304.1 79.9 224.3 74.0 294.9 74.4 220.5 73.4 288.4 71.4 217.1 74.4 286.2 67.7 218.5 5 6 7 8 Municipal securities Corporate and foreign bonds Policy loans Mortgages 11.4 653.9 72.1 242.0 14.7 719.5 77.7 223.9 12.8 779.4 85.5 215.8 11.9 870.1 95.9 213.1 13.4 949.3 100.5 208.2 36.5 1026.2 103.7 206.8 33.0 1056.4 103.9 206.5 27.8 1080.1 104.8 207.7 22.4 1106.6 105.3 207.4 18.4 1130.7 103.8 213.6 18.8 1160.0 104.1 215.3 9 10 11 12 151.6 18.2 201.2 25.9 246.1 9.6 315.4 27.7 414.1 35.3 558.6 38.4 640.9 36.3 675.5 29.8 616.1 19.1 723.1 18.6 766.7 17.2 13 14 83.0 75.7 97.9 105.1 73.7 65.7 72.7 73.7 83.9 82.5 79.4 15 4 Credit market instruments 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 1995 4.8 25.0 Checkable deposits and currency Money market fund shares 9 10 11 12 1994 1587.0 2 3 5 6 7 8 1993 1525.1 1677.8 1773.5 1953.9 2115.6 2359.7 2466.5 2511.6 2475.7 2599.7 2670.4 16 17 18 19 Total liabilities Other loans and advances Life insurance reserves Pension fund reserves (1) 0.0 421.5 743.0 0.2 457.2 836.4 0.6 491.5 884.5 0.5 536.3 1002.0 1.6 580.1 1094.8 1.8 632.7 1233.5 1.8 644.8 1303.7 1.6 657.5 1319.6 2.0 670.4 1271.0 2.5 684.7 1356.2 3.3 698.2 1400.3 17 18 19 20 21 Taxes payable Miscellaneous liabilities 7.8 352.9 9.4 374.6 10.4 386.6 12.0 403.2 13.6 425.5 15.3 476.4 15.7 500.5 16.1 516.8 16.5 515.8 16.8 539.4 17.2 551.3 20 21 (1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21). L.118 Other Insurance Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Security RPs 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 16 597.9 642.5 678.1 740.3 778.1 852.4 876.2 880.9 863.9 903.5 922.0 1 5.6 32.6 5.2 31.7 5.0 29.4 4.9 37.5 3.9 35.4 4.2 35.2 3.7 36.2 3.6 37.1 3.8 42.1 4.4 42.8 4.6 46.9 2 3 389.4 422.7 446.4 468.7 491.2 515.3 521.1 520.8 518.9 535.7 540.9 4 U.S. government securities Treasury Agency 151.4 108.7 42.6 169.0 124.5 44.5 178.7 133.0 45.8 181.6 133.4 48.2 171.8 120.9 51.0 162.0 91.1 70.8 159.7 87.5 72.3 154.3 82.0 72.3 148.5 76.3 72.2 146.6 73.2 73.5 144.4 70.0 74.4 5 6 7 Municipal securities Corporate and foreign bonds Commercial mortgages 134.3 97.8 5.9 146.1 103.1 4.5 153.8 110.1 3.8 161.0 123.3 2.8 175.4 141.6 2.4 194.1 157.0 2.2 202.1 157.1 2.2 204.3 160.0 2.2 206.0 162.5 1.9 210.9 176.2 2.0 213.3 181.2 2.0 8 9 10 97.3 49.0 24.0 103.4 50.7 28.8 112.1 52.9 32.2 134.2 57.3 37.8 148.6 57.2 41.8 186.0 59.9 51.7 199.9 62.6 52.6 202.6 63.4 53.4 180.2 64.0 54.9 201.4 61.6 57.6 208.0 62.0 59.6 11 12 13 445.5 463.1 479.7 510.7 519.3 538.5 544.0 546.6 551.6 562.8 571.4 14 5.6 439.9 7.0 456.1 7.9 471.9 9.0 501.6 10.2 509.0 11.5 527.1 11.8 532.2 12.1 534.5 12.4 539.2 12.7 550.1 12.9 558.4 15 16 Corporate equities Trade receivables Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities 76 Z.1, June 11, 1999 L.119 Private Pension Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 2009.5 2252.1 2352.1 2755.1 3154.6 3705.6 4046.7 4104.6 3781.0 4331.2 4404.6 1 3.0 77.5 19.8 34.5 3.1 69.1 26.3 38.1 3.3 64.9 31.6 37.6 4.0 55.5 37.5 43.1 4.0 41.2 42.7 45.6 3.8 28.0 47.7 47.5 3.8 27.6 48.6 48.9 3.7 26.8 49.5 50.7 3.7 29.8 57.2 55.5 3.7 28.2 58.4 55.7 3.6 28.7 65.1 58.6 2 3 4 5 564.6 614.8 660.9 716.9 769.2 834.7 853.4 885.9 909.8 953.4 968.6 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 36.5 327.2 224.1 103.1 39.8 351.2 239.9 111.3 39.4 401.6 271.6 130.0 45.4 444.4 298.7 145.7 49.0 470.1 314.6 155.6 51.2 503.2 334.3 168.9 52.6 511.8 336.6 175.2 54.6 528.6 338.9 189.7 60.0 537.8 341.4 196.4 61.4 562.5 345.4 217.1 64.4 567.5 347.3 220.3 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 0.5 185.9 14.5 0.6 208.7 14.5 0.7 201.2 18.0 0.9 206.8 19.4 0.9 228.0 21.2 1.1 255.7 23.6 1.1 263.6 24.2 1.1 276.3 25.3 1.1 285.1 25.8 1.2 301.0 27.2 1.2 307.8 27.6 11 12 13 14 15 Corporate equities Mutual fund shares 854.8 74.9 992.4 116.0 996.3 150.4 1238.4 220.7 1490.9 321.4 1863.9 438.0 2116.7 496.9 2129.2 518.8 1840.1 464.8 2232.3 564.1 2228.7 593.1 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 380.3 198.0 18.9 163.4 392.3 206.6 21.9 163.9 407.2 210.0 22.0 175.1 438.9 210.8 25.7 202.4 439.6 220.2 29.5 189.9 441.9 234.5 33.3 174.1 450.8 243.1 34.2 173.4 440.1 251.1 35.2 153.8 420.2 249.8 36.1 134.2 435.6 261.7 37.1 136.8 458.3 261.6 38.0 158.7 16 17 18 19 20 Pension fund reserves (liabilities) (3) 2033.9 2275.0 2377.5 2776.9 3176.9 3728.1 4069.8 4128.2 3804.6 4354.7 4427.7 20 (1) Private defined benefit plans and defined contribution plans (including 401(k) type plans). Also includes the Federal Employees’ Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.120 State and Local Government Employee Retirement Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 1167.6 1255.9 1294.3 1517.9 1714.9 2094.1 2258.3 2269.3 2087.0 2342.7 2383.7 1 6.0 5.8 20.6 6.5 8.5 20.5 5.1 4.9 26.2 3.1 4.0 32.5 3.6 4.2 33.2 4.3 3.9 30.6 4.4 2.8 34.1 5.1 2.7 32.7 5.7 3.3 33.5 7.4 3.7 34.4 7.5 5.2 34.5 2 3 4 410.8 433.5 455.8 483.3 529.2 565.8 582.2 600.2 613.1 626.1 635.1 5 Open market paper U.S. government securities Treasury Agency 20.6 220.4 147.8 72.5 20.5 231.2 163.0 68.2 26.2 246.3 171.0 75.2 32.5 270.8 175.8 95.0 33.2 298.5 190.5 108.0 30.6 316.8 204.8 112.0 34.1 317.2 208.0 109.2 32.7 327.4 209.8 117.6 33.5 326.4 196.5 129.9 34.4 333.9 201.6 132.3 34.5 337.2 197.6 139.6 6 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 0.5 152.8 16.5 0.7 166.5 14.5 0.4 167.7 15.2 0.5 163.5 15.9 0.6 180.2 16.7 1.3 199.5 17.6 1.2 211.9 17.8 1.3 220.8 18.1 1.1 233.9 18.3 1.3 237.9 18.6 1.1 243.5 18.8 10 11 12 450.9 273.5 531.0 256.0 542.6 259.6 753.5 241.5 955.7 189.1 1305.8 183.7 1481.5 153.3 1511.8 116.7 1340.2 91.3 1598.0 73.1 1632.7 68.8 13 14 1179.5 1268.7 1309.9 1535.9 1734.7 2117.6 2282.8 2295.1 2113.5 2370.4 2412.4 15 2 3 4 Checkable deposits and currency Time and savings deposits Security RPs 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 Corporate equities Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. 77 Z.1, June 11, 1999 L.121 Money Market Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 6 Credit market instruments 7 8 9 10 Open market paper U.S. government securities Treasury Agency 11 12 Municipal securities Corporate and foreign bonds 13 14 Miscellaneous assets Total shares outstanding (liabilities) 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 539.5 559.6 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1 20.3 -2.7 34.6 65.9 10.0 -1.2 31.9 66.4 15.7 -2.5 31.4 68.8 19.7 -3.5 52.3 87.8 23.1 -1.1 82.7 103.8 23.2 1.5 111.3 126.6 28.3 3.5 109.6 136.3 21.9 -0.1 107.0 143.7 29.2 -2.0 119.3 160.6 30.6 -1.0 127.0 139.5 41.0 -6.1 139.8 135.5 2 3 4 5 408.6 429.0 459.0 545.5 634.3 721.9 775.0 815.9 869.9 965.9 1036.2 6 173.6 132.7 78.4 54.3 164.4 147.2 79.4 67.8 187.2 143.3 66.1 77.2 235.5 160.8 70.0 90.8 273.9 192.0 90.2 101.8 336.0 182.5 86.2 96.3 371.2 179.1 83.3 95.8 395.5 174.8 81.3 93.5 399.5 204.1 82.5 121.6 414.2 277.5 103.6 173.8 474.2 270.0 108.1 161.9 7 8 9 10 96.0 6.3 105.6 11.7 113.4 15.2 127.7 21.5 144.5 23.9 167.0 36.4 179.9 44.9 177.4 68.3 185.3 80.9 193.0 81.2 204.1 87.9 11 12 12.7 23.7 30.6 43.4 48.3 64.3 78.0 65.3 72.6 72.2 69.5 13 539.5 559.6 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 14 (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.122 Mutual Funds (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Security RPs 3 Credit market instruments 992.5 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.0 3763.3 1 21.9 38.7 43.1 50.2 47.5 57.8 51.3 66.9 80.3 68.1 72.5 2 566.4 725.9 718.8 771.3 820.2 901.1 940.0 979.1 1005.9 1026.7 1049.9 3 4 5 6 7 Open market paper U.S. government securities Treasury Agency 21.9 257.4 169.5 87.9 38.7 306.6 200.9 105.7 43.1 296.2 194.1 102.1 50.2 315.1 205.3 109.9 47.2 330.2 214.2 116.1 57.8 349.7 225.2 124.5 51.9 367.1 231.9 135.2 66.9 366.5 228.5 137.9 80.3 370.9 227.8 143.0 68.1 376.0 227.5 148.5 72.5 377.4 225.2 152.2 4 5 6 7 8 9 Municipal securities Corporate and foreign bonds 168.4 118.7 211.3 169.3 207.0 172.4 210.2 195.7 213.3 229.5 219.8 273.8 224.6 296.4 231.2 314.5 234.1 320.7 243.3 339.3 250.7 349.3 8 9 401.3 3.0 607.4 3.3 709.6 5.9 1024.9 6.3 1470.0 4.7 2018.7 11.8 2340.0 8.0 2387.5 5.0 2044.5 6.6 2504.1 11.1 2632.6 8.3 10 11 992.5 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.0 3763.3 12 10 11 12 Corporate equities Miscellaneous assets Total shares outstanding (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 Closed-End Funds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 Total financial assets Credit market instruments U.S. government securities Municipal securities Corporate and foreign bonds Corporate equities 93.5 116.1 117.8 134.4 144.7 147.9 152.1 150.8 141.9 148.1 146.0 1 69.7 89.7 86.0 96.4 101.1 97.7 97.1 96.5 95.9 95.4 94.9 2 11.6 39.7 18.3 13.7 51.8 24.2 12.8 53.4 19.8 11.2 59.6 25.6 11.4 61.7 28.1 9.9 61.7 26.1 9.5 62.0 25.6 9.2 62.2 25.1 8.8 62.5 24.6 8.4 62.9 24.1 8.0 63.2 23.6 3 4 5 23.8 26.5 31.9 38.0 43.6 50.2 55.1 54.3 46.0 52.7 51.1 6 93.5 116.1 117.8 134.4 144.7 147.9 152.1 150.8 141.9 148.1 146.0 7 Memo: 7 Market value of equities 78 Z.1, June 11, 1999 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 3 Checkable deposits and currency Federal funds and security RPs 4 Credit market instruments 5 6 7 8 Open market paper U.S. government securities Treasury Agency 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 552.3 631.1 781.8 896.9 988.6 1099.4 1150.2 1189.7 1266.7 1404.4 1446.8 1 1.2 66.6 2.1 50.3 1.3 85.8 1.5 106.3 0.7 94.5 1.9 90.4 1.6 86.7 1.9 80.0 2.1 79.1 4.4 77.0 2.8 70.4 2 3 457.6 545.5 663.3 750.0 807.9 902.2 951.4 989.4 1055.4 1163.0 1202.0 4 13.5 105.7 58.7 47.0 11.9 116.9 51.6 65.3 26.3 180.3 51.9 128.4 25.5 243.8 58.0 185.8 35.1 264.2 18.8 245.4 34.0 333.3 25.9 307.4 64.1 348.3 12.0 336.3 52.8 377.2 15.1 362.1 54.5 413.8 19.0 394.8 60.9 465.8 25.2 440.6 35.2 522.8 29.8 493.0 5 6 7 8 3.2 0.0 2.6 11.1 3.4 19.5 4.4 25.0 4.1 30.6 3.3 30.9 3.4 26.5 3.8 29.1 5.7 31.4 4.6 31.4 3.0 32.7 9 10 9 10 Municipal securities Corporate and foreign bonds 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 135.5 31.6 24.0 79.9 162.0 33.4 25.4 103.1 189.1 37.0 26.3 125.9 200.3 37.9 30.2 132.3 229.1 36.2 31.6 161.4 260.3 30.9 31.6 197.8 267.8 29.1 32.7 205.9 284.4 26.8 32.5 225.1 307.6 27.9 34.0 245.7 352.6 29.5 34.9 288.2 364.7 31.3 34.6 298.8 11 12 13 14 15 16 17 18 Mortgages Home Multifamily residential Farm 199.7 156.9 15.8 27.0 241.0 196.7 17.5 26.8 244.6 199.3 18.4 26.9 251.0 205.2 19.0 26.8 244.9 198.5 18.6 27.9 240.4 194.3 17.3 28.9 241.4 195.5 16.7 29.2 242.0 195.8 16.7 29.5 242.3 195.2 17.0 30.1 247.7 198.6 18.1 31.0 243.6 193.2 19.3 31.2 15 16 17 18 26.9 33.2 31.5 39.2 85.5 104.9 110.5 118.4 130.1 160.0 171.6 19 538.7 614.4 761.7 873.4 964.1 1070.3 1121.1 1160.2 1235.4 1368.9 1410.7 20 447.9 443.1 4.8 528.5 523.7 4.8 700.6 700.6 0.0 806.5 806.5 0.0 896.9 896.9 0.0 995.3 995.3 0.0 1030.9 1030.9 0.0 1072.5 1072.5 0.0 1146.0 1146.0 0.0 1273.6 1273.6 0.0 1321.8 1321.8 0.0 21 22 23 90.8 85.9 61.1 66.9 67.2 75.1 90.2 87.7 89.4 95.3 88.9 24 19 20 Miscellaneous assets Total liabilities 21 22 23 Credit market instruments GSE issues (2) U.S. government loans 24 Miscellaneous liabilities (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997. (2) Such issues are classified as U.S. government securities. L.125 Federally Related Mortgage Pools (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 1272.0 1356.8 1472.1 1570.3 1711.4 1825.8 1847.0 1908.7 1975.6 2018.4 2111.4 1 2 3 4 Total financial assets Home mortgages Multifamily residential mortgages Farm mortgages 1248.2 23.8 0.0 1334.3 22.5 0.0 1449.7 22.4 0.0 1543.4 26.9 0.0 1678.9 32.5 0.0 1788.0 37.8 0.0 1808.0 39.0 0.0 1868.3 40.4 0.0 1931.0 44.6 0.0 1970.2 48.3 0.0 2061.2 50.2 0.0 2 3 4 5 Total pool securities (liabilities)(2) 1272.0 1356.8 1472.1 1570.3 1711.4 1825.8 1847.0 1908.7 1975.6 2018.4 2111.4 5 (1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as U.S. government securities. 79 Z.1, June 11, 1999 L.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Total financial assets 406.4 491.7 567.9 709.1 857.7 1067.4 1132.5 1219.5 1292.8 1381.9 1452.1 1 2 Agency securities (1) 77.7 95.6 107.7 121.7 116.6 109.0 110.4 112.2 121.0 134.2 150.6 2 3 4 5 Other loans and advances Student loans Loans to business 9.7 0.0 9.7 19.5 0.0 19.5 23.7 0.0 23.7 30.6 1.0 29.6 44.0 6.3 37.7 76.2 14.1 62.1 84.3 16.6 67.7 86.5 19.0 67.5 89.9 18.4 71.5 103.8 17.9 85.9 108.3 17.3 91.0 3 4 5 6 7 8 9 Mortgages (2) Home Multifamily residential Commercial 172.9 151.4 6.3 15.2 217.8 183.7 8.7 25.5 255.3 206.0 11.7 37.6 289.4 224.3 15.6 49.5 350.6 259.3 21.7 69.6 441.0 312.3 28.8 100.0 477.8 331.4 33.0 113.4 525.1 356.7 37.4 130.9 563.8 384.7 40.1 139.1 605.5 403.4 43.9 158.2 641.5 423.3 47.5 170.7 6 7 8 9 Consumer credit Trade receivables 120.3 25.8 130.5 28.4 146.1 35.2 211.6 55.7 265.8 80.7 313.1 128.1 316.8 143.2 345.1 150.6 359.4 158.7 372.4 165.9 380.9 170.9 10 11 408.2 493.6 570.1 712.5 866.4 1078.2 1143.0 1230.4 1307.0 1394.6 1464.2 12 46.9 361.4 51.6 442.0 63.9 506.1 101.2 611.3 146.7 719.7 256.1 822.1 284.8 858.2 308.3 922.0 340.5 966.5 381.8 1012.8 401.6 1062.6 13 14 1.9 14.3 1.9 12.5 2.2 9.0 3.5 7.6 8.7 7.4 10.8 11.1 10.5 11.3 10.9 13.7 14.2 14.2 12.7 13.9 12.0 13.5 15 16 10 11 12 13 14 15 16 Total liabilities Commercial paper Corporate bonds Memo: Securitized assets not included above Consumer leases (3) REIT assets (4) (1) Federally related mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. (4) Included in table L.129. L.127 Finance Companies (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 4 5 6 Credit market instruments Other loans and advances Mortgages Consumer credit 7 Miscellaneous assets 8 Total liabilities 9 10 11 12 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 13 Taxes payable 14 15 16 17 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 18 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table L.126. 555.6 557.4 599.7 672.3 714.6 757.4 778.7 795.4 780.3 827.6 870.2 1 11.9 13.3 14.9 16.6 18.5 20.6 21.1 21.7 22.2 22.8 23.4 2 453.3 264.9 65.8 122.6 427.9 249.0 62.7 116.1 476.2 274.9 66.9 134.4 526.2 301.6 72.4 152.1 544.5 309.5 82.7 152.4 566.4 318.5 87.9 160.0 572.0 325.9 89.6 156.5 579.0 334.9 89.9 154.3 592.7 335.1 98.5 159.1 618.4 347.5 102.3 168.5 635.4 361.7 105.9 167.8 3 4 5 6 90.4 116.1 108.5 129.6 151.5 170.4 185.6 194.7 165.3 186.5 211.4 7 547.9 554.2 618.5 691.2 741.0 777.6 799.6 815.2 802.9 839.2 870.9 8 386.4 149.2 203.1 34.1 385.1 149.1 215.6 20.4 433.7 171.6 247.4 14.8 483.9 168.6 300.0 15.3 529.8 177.6 332.5 19.7 554.5 201.5 328.8 24.1 571.9 211.7 338.2 22.0 596.9 225.9 348.7 22.3 589.4 226.9 337.6 24.9 597.5 231.5 339.7 26.3 614.1 222.9 366.4 24.8 9 10 11 12 2.6 3.3 4.1 4.9 5.6 6.4 6.6 6.8 7.0 7.2 7.3 13 158.9 9.5 34.3 115.1 165.8 33.8 35.6 96.4 180.6 20.0 41.8 118.8 202.4 24.8 51.1 126.5 205.6 30.2 60.3 115.1 216.7 35.1 64.7 117.0 221.2 36.8 64.6 119.8 211.5 39.1 60.0 112.4 206.5 37.3 58.3 111.0 234.6 40.6 61.8 132.2 249.5 39.2 64.6 145.7 14 15 16 17 39.0 49.3 67.5 80.8 92.5 96.8 95.2 97.0 94.9 93.3 93.9 18 80 Z.1, June 11, 1999 L.128 Mortgage Companies Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 1 2 3 4 5 6 7 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Total liabilities Bank loans n.e.c. Investment by parent Q2 Q3 Q4 1999 Q1 60.5 60.4 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 37.8 1 52.7 3.0 4.8 52.2 3.1 5.1 28.3 3.1 5.1 23.8 4.2 5.1 32.0 4.1 5.1 21.8 5.2 5.1 36.4 5.3 5.1 22.4 5.2 5.1 23.4 5.3 5.1 24.9 5.3 5.1 27.4 5.3 5.1 2 3 4 60.5 60.4 36.5 33.0 41.2 32.1 46.8 32.7 33.8 35.3 37.8 5 30.2 30.3 30.2 30.2 18.7 17.7 19.1 13.9 31.5 9.7 26.8 5.3 39.1 7.7 27.1 5.6 27.6 6.2 28.1 7.2 28.9 8.9 6 7 38.2 64.3 78.6 83.0 80.7 70.7 71.2 1 L.129 Real Estate Investment Trusts (REITs) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 Agency securities Corporate and foreign bonds 6 7 8 9 Mortgages Home Multifamily residential Commercial 10 Miscellaneous assets 11 Total liabilities 12 Security RPs 13 14 15 16 17 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Mortgages 18 19 20 21 22 23 Miscellaneous liabilities Memo: Securitized assets included above Agency securities Home mortgages Multifamily residential mortgages Commercial mortgages 28.1 30.0 31.0 33.3 0.0 0.0 0.0 0.0 2.2 3.3 4.6 4.8 3.9 4.1 3.8 2 25.0 25.4 24.6 26.0 30.4 50.6 57.0 58.5 55.7 45.5 46.5 3 15.9 1.0 15.6 1.2 9.2 2.1 9.0 2.9 12.2 4.3 21.2 6.5 23.2 8.0 21.1 8.4 18.3 7.7 13.1 6.1 15.0 5.5 4 5 8.1 1.1 2.2 4.8 8.6 2.2 1.9 4.5 13.3 5.1 2.1 6.1 14.1 6.9 1.6 5.6 13.8 8.0 1.2 4.6 22.9 14.0 2.1 6.9 25.7 15.6 2.2 8.0 29.0 18.3 2.2 8.5 29.7 18.0 2.4 9.3 26.3 14.8 2.1 9.4 25.9 13.8 2.0 10.1 6 7 8 9 3.1 4.6 6.4 7.3 5.6 10.5 17.1 19.7 21.1 21.2 21.0 10 33.5 37.2 55.1 62.2 79.4 139.0 164.4 182.4 202.0 205.6 215.0 11 2.9 5.0 9.7 10.9 13.7 24.9 30.0 28.1 24.9 15.1 16.1 12 28.2 0.9 18.2 3.7 5.4 29.9 0.6 16.8 3.6 8.9 40.0 0.0 15.3 6.0 18.7 44.6 0.0 15.5 5.0 24.1 56.5 0.0 16.8 7.8 31.9 96.1 0.0 31.6 17.6 46.8 111.9 0.1 39.8 22.9 49.1 128.0 0.0 47.7 26.2 54.1 147.8 0.2 50.1 33.5 64.0 158.8 0.2 53.4 33.6 71.6 165.4 0.2 57.5 31.0 76.6 13 14 15 16 17 2.4 2.3 5.3 6.7 9.2 18.0 22.5 26.3 29.3 31.6 33.5 18 14.3 13.7 0.6 0.0 0.0 12.5 11.4 1.1 0.0 0.0 9.0 6.4 2.5 0.0 0.0 7.6 4.2 3.5 0.0 0.0 7.4 4.5 2.6 0.3 0.0 11.1 4.9 5.7 0.4 0.0 11.3 5.2 5.4 0.5 0.2 13.7 4.9 7.6 0.7 0.5 14.2 5.4 7.1 0.9 0.9 13.9 5.0 7.5 0.8 0.6 13.5 4.4 7.4 0.9 0.7 19 20 21 22 23 81 Z.1, June 11, 1999 L.130 Security Brokers and Dealers Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 Open market paper U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets Total liabilities 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 381.7 478.8 454.7 568.1 636.4 779.2 926.1 855.7 912.1 849.9 813.1 1 10.4 12.3 12.0 13.7 15.7 21.7 25.0 22.3 26.1 25.5 24.1 2 122.7 137.5 93.3 183.4 167.7 182.6 244.0 198.3 217.5 165.2 186.8 3 15.2 45.3 -7.7 53.0 11.3 50.9 14.9 32.5 -28.3 60.8 17.1 73.0 11.2 2.3 -42.7 45.0 15.5 64.4 22.1 72.3 18.3 54.0 12.7 76.4 23.7 42.4 -12.8 55.2 10.8 90.9 24.3 45.1 -5.3 50.4 13.2 100.0 25.1 104.4 36.6 67.9 12.4 102.1 28.3 49.8 -37.2 86.9 15.4 104.8 32.8 75.4 13.9 61.5 14.7 94.6 28.1 42.4 -8.5 50.9 13.2 81.6 28.9 56.3 23.5 32.9 12.4 89.1 4 5 6 7 8 9 14.8 53.5 180.4 24.2 76.1 228.6 20.1 75.1 254.2 34.2 78.6 258.2 37.9 94.4 320.7 51.9 131.2 391.8 62.8 140.3 454.0 63.4 152.2 419.6 54.8 151.0 462.7 52.1 155.0 452.0 58.0 158.4 385.9 10 11 12 352.8 441.9 420.9 535.5 597.1 728.8 870.5 798.6 856.3 792.7 754.5 13 14 15 Security RPs (net) Corporate bonds 106.4 21.7 126.4 33.7 103.4 34.3 182.4 29.3 180.9 27.3 203.5 35.3 237.3 35.1 195.8 40.1 219.5 39.4 169.3 42.5 193.6 34.7 14 15 16 17 18 19 20 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 7.4 164.2 76.2 88.0 0.9 10.1 202.9 102.3 100.7 1.4 9.1 203.9 109.0 94.9 1.2 10.3 227.1 127.6 99.5 1.1 14.3 263.7 162.9 100.8 1.3 19.9 337.9 215.5 122.5 1.3 19.6 364.9 233.4 131.6 1.1 20.9 388.5 248.8 139.7 1.1 21.8 428.1 281.4 146.7 0.8 19.0 422.5 279.5 143.0 1.3 19.4 391.8 262.1 129.7 1.3 16 17 18 19 20 21 22 23 24 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 52.2 5.3 55.5 -8.6 67.4 5.0 84.7 -22.3 69.0 5.8 110.3 -47.2 85.4 11.1 135.4 -61.2 109.7 8.4 186.7 -85.3 130.8 8.1 252.5 -129.8 212.5 8.2 278.1 -73.7 152.2 8.2 308.6 -164.5 146.7 8.3 322.6 -184.2 138.2 8.3 336.5 -206.6 113.7 8.4 389.7 -284.4 21 22 23 24 L.131 Funding Corporations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 335.8 327.4 366.3 372.0 478.0 591.8 659.2 668.3 691.9 712.8 770.2 1 75.9 86.0 117.8 120.2 147.5 157.9 168.7 183.3 198.7 215.8 224.6 2 2 Money market fund shares 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 145.1 145.1 0.0 116.0 112.0 4.0 107.5 93.5 14.0 86.3 62.6 23.8 99.8 63.3 36.5 149.9 106.8 43.1 179.0 139.4 39.6 173.2 126.7 46.5 162.4 113.4 49.0 160.5 113.0 47.6 171.9 124.6 47.3 3 4 5 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 114.8 51.1 63.7 125.4 44.5 80.8 141.0 44.1 96.9 165.5 50.7 114.8 230.7 64.5 166.3 284.0 78.8 205.2 311.5 87.5 224.0 311.8 79.3 232.5 330.8 89.5 241.3 336.5 90.6 245.9 373.7 89.8 283.9 6 7 8 335.8 327.4 366.3 372.0 478.0 591.8 659.2 668.3 691.9 712.8 770.2 9 10 11 12 9 Total liabilities Credit market instruments Open market paper Corporate bonds 168.6 142.2 26.4 180.3 140.3 40.0 211.0 151.1 60.0 248.6 164.2 84.4 312.7 199.1 113.6 373.7 229.6 144.2 411.6 249.5 162.1 410.5 242.3 168.3 417.9 242.4 175.5 414.4 236.3 178.1 459.1 244.9 214.2 10 11 12 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 167.2 -53.8 153.5 67.5 147.2 -54.9 197.1 4.9 155.3 -70.1 221.7 3.7 123.4 -83.1 216.2 -9.6 165.3 -82.0 276.1 -28.8 218.1 -89.7 333.3 -25.5 247.6 -100.1 356.6 -8.9 257.8 -98.8 368.1 -11.6 274.0 -87.1 405.1 -43.9 298.4 -77.9 394.9 -18.6 311.1 -85.4 348.8 47.8 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 82 Z.1, June 11, 1999 L.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Q2 Q3 Q4 1999 Q1 71.3 73.4 74.3 85.8 75.1 70.0 69.4 71.2 75.7 81.8 74.4 1 19.6 20.1 21.1 22.1 21.4 21.1 21.2 21.0 21.2 21.6 20.7 2 8.5 11.1 9.0 11.1 10.0 11.1 11.0 11.1 10.3 11.0 10.0 11.0 10.1 11.0 10.0 11.0 10.1 11.0 10.6 11.0 9.7 11.0 3 4 51.8 53.4 53.2 63.7 53.7 48.9 48.2 50.1 54.5 60.1 53.6 5 Official foreign currency holdings Treasury Monetary authority 40.0 18.5 21.5 41.5 19.2 22.3 41.2 19.2 22.0 49.1 28.0 21.1 38.3 19.0 19.3 30.8 13.8 17.0 30.2 13.5 16.7 31.2 13.8 17.4 32.9 14.4 18.4 36.0 16.2 19.8 30.4 15.2 15.2 6 7 8 Net IMF position Federal government Monetary authority 11.8 11.9 -0.1 11.8 11.9 -0.1 12.0 12.1 -0.1 14.6 14.7 -0.1 15.4 15.5 -0.1 18.1 18.2 -0.1 18.0 18.1 -0.1 18.9 19.0 -0.1 21.6 21.7 -0.1 24.1 24.2 -0.1 23.2 23.3 -0.1 9 10 11 (1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 SDR Certificates and Treasury Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 8.0 8.0 8.0 8.0 8.0 8.0 10.2 10.2 9.7 9.7 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 8.2 8.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 16.5 21.5 17.0 22.1 17.6 23.0 18.2 24.0 18.3 25.0 18.3 25.6 18.4 25.7 18.4 25.9 18.8 26.0 18.3 26.3 18.3 26.6 3 4 5 Discrepancy (seigniorage) -4.9 -5.1 -5.4 -5.8 -6.7 -7.3 -7.4 -7.4 -7.2 -8.0 -8.3 5 L.202 U.S. Deposits in Foreign Countries Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 267.7 271.8 373.9 418.8 516.1 619.4 608.1 630.4 652.2 661.4 679.4 1 15.6 14.3 20.3 15.8 12.9 10.0 18.8 14.0 15.7 23.4 15.6 19.7 35.5 26.1 23.1 41.8 19.8 23.2 46.3 22.5 28.3 43.3 18.1 21.9 40.8 16.7 29.2 37.8 20.8 30.6 37.0 23.0 41.0 2 3 4 217.6 233.2 325.4 360.2 431.4 534.6 511.0 547.1 565.5 572.2 578.4 5 83 Z.1, June 11, 1999 L.203 Net Interbank Transactions Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 138.5 189.3 280.1 290.7 240.8 219.4 177.9 189.2 196.5 187.6 206.5 1 2 3 4 Monetary authority Depository institution reserves Vault cash 63.9 32.1 31.9 67.6 35.0 32.7 68.9 30.8 38.1 70.2 29.6 40.6 69.7 24.5 45.2 75.8 30.8 45.0 62.2 24.4 37.8 62.1 23.7 38.4 64.9 25.7 39.2 68.4 26.3 42.1 61.1 22.5 38.6 2 3 4 5 6 Commercial banking To monetary authority 74.5 3.9 121.7 1.0 211.2 -0.5 220.5 0.2 171.1 4.4 143.5 2.8 115.7 1.5 127.1 2.4 131.6 -0.2 119.2 1.7 145.4 -0.6 5 6 79.9 125.4 218.2 229.3 177.3 173.0 135.4 141.8 147.2 144.7 157.3 7 7 Total liabilities 1993 To banks in foreign countries, net 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 89.2 -11.5 84.2 95.6 135.4 7.9 90.8 82.9 229.0 82.3 143.4 61.1 239.7 79.6 128.7 49.1 192.9 48.5 126.8 78.4 188.8 62.0 173.1 111.1 148.5 71.0 167.0 96.0 153.1 69.9 175.8 106.0 157.5 91.7 184.3 92.6 155.6 85.1 196.7 111.6 167.4 89.3 192.8 103.6 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates 105.1 84.6 -20.5 134.3 83.0 -51.3 161.4 84.3 -77.0 178.6 99.9 -78.7 167.1 110.4 -56.6 148.6 99.7 -48.8 98.3 80.0 -18.3 103.2 121.9 18.6 83.3 127.3 44.0 91.6 131.9 40.2 96.1 127.4 31.2 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -4.5 8.9 13.4 -6.8 6.6 13.3 -14.6 4.1 18.7 -18.5 3.0 21.4 -22.6 2.7 25.3 -21.9 3.0 24.9 -20.8 3.5 24.3 -20.0 3.3 23.3 -17.5 3.7 21.2 -21.2 2.9 24.1 -18.0 2.8 20.8 15 16 17 9.3 7.7 1.6 10.0 8.4 1.6 10.8 8.0 2.9 10.4 5.4 5.0 15.6 10.6 5.0 15.8 11.7 4.1 13.0 12.8 0.3 11.3 10.9 0.4 10.2 10.0 0.2 10.8 10.6 0.2 10.1 10.0 0.1 18 19 20 -9.3 -4.7 -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.2 -11.2 21 -33.6 38.5 46.4 1.4 -9.3 -19.9 44.8 48.2 1.3 -4.7 -13.3 50.7 56.3 0.9 -6.5 -20.0 43.3 51.5 0.8 -9.0 -41.8 38.3 48.4 0.5 -10.6 -50.2 22.0 53.8 0.3 -32.2 -53.3 23.7 44.1 0.8 -21.2 -53.8 33.8 49.8 1.1 -17.1 -51.8 47.0 61.4 1.0 -15.4 -51.2 29.6 55.9 0.9 -27.2 -46.2 43.6 54.1 0.8 -11.2 22 23 24 25 26 77.2 -5.1 66.7 -1.9 60.2 3.8 58.9 4.4 64.9 15.2 57.6 14.6 62.3 14.7 70.3 17.3 78.8 20.0 55.9 24.8 63.8 26.0 27 28 18 19 20 21 22 23 24 25 26 27 28 Less: Deposits at foreign banks U.S. chartered commercial banks Foreign banking offices in U.S. To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 30.8 77.2 46.4 18.5 66.7 48.2 3.9 60.2 56.3 7.5 58.9 51.5 16.5 64.9 48.4 3.8 57.6 53.8 18.2 62.3 44.1 20.5 70.3 49.8 17.3 78.8 61.4 0.1 55.9 55.9 9.7 63.8 54.1 29 30 31 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks -6.5 -5.1 1.4 -3.3 -1.9 1.3 2.9 3.8 0.9 3.5 4.4 0.8 14.7 15.2 0.5 14.3 14.6 0.3 13.9 14.7 0.8 16.2 17.3 1.1 19.0 20.0 1.0 23.9 24.8 0.9 25.3 26.0 0.8 32 33 34 147.7 194.1 286.6 299.7 251.4 251.6 199.2 206.3 212.0 214.8 217.8 35 35 Total assets 36 Rest of the world 79.9 125.4 218.2 229.3 177.3 173.0 135.4 141.8 147.2 144.7 157.3 36 37 Domestic 67.9 68.6 68.4 70.4 74.1 78.6 63.8 64.4 64.7 70.0 60.5 37 3.9 3.3 0.7 1.0 0.9 0.1 -0.5 -0.7 0.2 0.2 0.1 0.1 4.4 4.3 0.1 2.8 0.7 2.0 1.5 1.5 0.0 2.4 1.4 1.0 -0.2 -1.2 1.1 1.7 1.6 0.0 -0.6 -0.9 0.2 38 39 40 60.9 29.0 31.9 64.2 31.5 32.7 66.1 28.0 38.1 67.5 26.9 40.6 67.5 22.3 45.2 74.1 29.1 45.0 60.4 22.6 37.8 60.3 21.8 38.4 63.1 23.9 39.2 66.5 24.4 42.1 59.4 20.8 38.6 41 42 43 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 3.1 3.4 2.8 2.7 2.3 1.8 1.9 1.8 1.8 1.9 1.7 44 -9.3 -4.7 -6.5 -9.0 -10.6 -32.2 -21.2 -17.1 -15.4 -27.2 -11.2 45 84 Z.1, June 11, 1999 L.204 Checkable Deposits and Currency Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1134.4 1251.7 1242.0 1229.3 1245.1 1286.6 1259.4 1321.0 1282.7 1335.1 1313.3 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 311.1 8.0 0.2 302.8 348.2 15.2 0.4 332.6 373.5 7.5 0.3 365.7 390.5 6.2 0.5 383.7 413.9 8.0 0.5 405.5 444.0 5.7 1.0 437.4 443.8 5.8 0.8 437.2 464.7 18.3 0.9 445.5 461.2 5.0 1.1 455.0 482.6 6.2 1.0 475.4 485.7 5.5 1.1 479.1 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 714.3 30.6 21.7 662.1 788.4 42.6 21.3 724.5 756.7 23.8 23.2 709.8 710.8 19.0 24.0 667.8 676.3 28.7 26.6 620.9 656.4 27.8 31.2 597.5 616.9 21.7 31.9 563.3 651.0 48.5 35.5 567.0 609.4 30.0 32.5 546.8 623.9 13.2 28.4 582.4 591.5 16.4 30.5 544.6 6 7 8 9 84.0 25.1 88.3 26.8 83.0 28.8 97.1 30.9 122.4 32.5 149.5 36.6 158.1 40.6 166.6 38.7 174.4 37.7 185.6 43.0 193.0 43.0 10 11 10 11 12 Total liabilities 1993 Savings institutions Credit unions 1134.4 1251.7 1242.0 1229.3 1245.1 1286.6 1259.4 1321.0 1282.7 1335.1 1313.3 12 13 Total assets Household sector 546.7 593.4 563.6 504.9 445.7 440.2 431.7 434.5 421.7 460.1 470.0 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 282.6 189.4 79.6 13.6 306.0 203.1 87.2 15.7 330.1 221.6 92.3 16.2 366.2 252.9 96.6 16.7 411.5 289.8 105.1 16.7 414.8 287.7 110.2 16.9 406.7 278.3 111.6 16.9 419.0 288.7 113.4 17.0 430.4 298.2 115.3 17.0 436.9 302.9 117.0 17.0 417.0 281.3 118.8 17.0 14 15 16 17 18 19 State and local governments Federal government 26.8 31.7 28.3 52.2 31.6 27.8 34.4 22.2 31.7 38.3 33.2 41.6 29.5 37.9 31.4 82.9 28.9 47.1 31.0 23.2 27.5 29.1 18 19 20 21 22 Rest of the world Checkable deposits Currency 136.5 21.9 114.6 155.1 21.6 133.5 180.4 23.5 156.9 193.8 24.5 169.2 213.7 27.1 186.6 243.6 32.2 211.4 244.8 32.7 212.1 250.8 36.3 214.5 255.4 33.6 221.8 257.4 29.4 228.0 261.9 31.5 230.4 20 21 22 23 Financial sectors 61.3 70.2 67.1 70.6 75.7 95.1 97.7 94.2 95.5 107.2 96.0 23 1.3 12.4 6.6 0.9 1.0 15.4 6.5 0.8 1.4 13.9 6.5 0.5 1.6 15.5 7.4 0.5 1.4 14.2 7.5 0.8 1.4 15.2 8.1 1.0 1.3 15.8 8.4 1.0 1.5 15.8 8.1 1.0 1.4 15.7 7.6 1.0 2.1 18.4 9.1 1.0 1.7 15.0 9.1 0.9 24 25 26 27 4.8 5.6 3.0 6.0 5.2 5.2 3.1 6.5 5.6 5.0 3.3 5.1 5.2 4.9 4.0 3.1 4.3 3.9 4.0 3.6 8.1 4.2 3.8 4.3 3.5 3.7 3.8 4.4 4.8 3.6 3.7 5.1 4.4 3.8 3.7 5.7 5.4 4.4 3.7 7.4 5.5 4.6 3.6 7.5 28 29 30 31 -2.7 1.2 11.9 0.0 10.4 -1.2 2.1 13.3 0.0 12.3 -2.5 1.3 14.9 0.0 12.0 -3.5 1.5 16.6 0.0 13.7 -1.1 0.7 18.5 2.2 15.7 1.5 1.9 20.6 3.3 21.7 3.5 1.6 21.1 4.6 25.0 -0.1 1.9 21.7 4.8 22.3 -2.0 2.1 22.2 3.9 26.1 -1.0 4.4 22.8 4.1 25.5 -6.1 2.8 23.4 3.8 24.1 32 33 34 35 36 48.8 46.4 41.4 37.2 28.5 18.1 11.0 8.1 3.7 19.3 11.6 37 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 32 33 34 35 36 Money market mutual funds Government-sponsored enterprises Finance companies REITs Brokers and dealers 37 Mail float 85 Z.1, June 11, 1999 L.205 Time and Savings Deposits Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 2 Total liabilities Small time and savings deposits 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 2708.6 2614.8 2594.4 2756.6 2967.9 3187.5 3286.1 3284.8 3330.0 3433.0 3442.7 1 2293.4 2223.1 2183.2 2279.7 2377.0 2474.1 2525.2 2530.8 2553.5 2627.0 2639.3 2 1389.2 1369.5 11.2 8.5 1377.2 1358.6 10.4 8.2 1376.2 1357.9 9.3 9.0 1490.1 1471.3 8.5 10.2 1613.2 1594.2 8.7 10.4 1761.5 1738.0 13.1 10.4 1814.6 1791.6 12.3 10.7 1831.7 1806.2 14.6 10.9 1868.7 1847.7 9.8 11.2 1945.7 1924.3 9.5 11.9 1958.0 1937.6 9.1 11.3 3 4 5 6 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 7 8 Savings institutions Credit unions 692.2 212.0 624.1 221.8 579.7 227.3 550.7 238.9 512.5 251.2 448.2 264.4 437.3 273.4 420.6 278.4 403.7 281.1 393.8 287.5 381.9 299.4 7 8 9 Large time deposits (1) 415.2 391.7 411.2 476.9 590.9 713.4 760.9 754.0 776.5 806.0 803.4 9 332.8 216.1 108.2 8.5 311.7 196.1 107.4 8.2 333.0 214.0 110.0 9.0 387.8 256.5 121.0 10.2 493.1 306.1 176.6 10.4 601.0 369.3 221.3 10.4 645.3 390.1 244.5 10.7 634.4 382.7 240.9 10.9 651.8 385.3 255.4 11.2 673.8 404.1 257.8 11.9 671.2 405.4 254.6 11.3 10 11 12 13 76.7 5.8 73.0 6.9 71.0 7.3 80.1 9.0 86.4 11.4 98.1 14.4 101.2 14.5 103.2 16.4 107.7 17.0 113.7 18.5 113.7 18.5 14 15 2708.6 2614.8 2594.4 2756.6 2967.9 3187.5 3286.1 3284.8 3330.0 3433.0 3442.7 16 2348.8 2235.8 2223.5 2388.0 2553.0 2723.2 2807.9 2813.6 2817.6 2917.1 2914.5 17 100.5 51.8 48.7 129.3 74.1 55.2 130.9 67.5 63.4 115.0 42.9 72.1 126.4 43.6 82.8 137.9 49.8 88.1 141.9 52.6 89.3 134.7 43.9 90.8 147.7 55.4 92.3 138.6 45.4 93.2 134.6 40.0 94.6 18 19 20 51.5 0.9 47.9 46.5 0.8 54.7 52.9 0.7 56.3 62.4 0.9 49.6 70.7 2.4 60.6 76.8 3.4 73.6 83.6 3.0 78.2 84.7 3.2 78.0 86.7 3.6 87.2 89.2 4.7 86.1 89.4 3.9 84.7 21 22 23 159.1 147.6 130.2 140.6 154.8 172.6 171.6 170.5 187.4 197.2 215.6 24 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Total assets 17 Household sector 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 21 22 23 State and local governments Federal government Rest of the world 24 Financial sectors 25 26 27 Savings institutions Credit unions Bank personal trusts and estates 3.7 27.0 10.5 3.0 25.6 9.4 1.3 16.7 11.0 1.1 17.1 10.5 1.4 16.4 9.0 1.0 17.0 11.3 1.1 18.6 11.9 1.4 20.1 12.5 1.4 20.6 12.9 1.5 23.4 13.4 1.4 26.6 13.8 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds 77.5 5.8 34.6 69.1 8.5 31.9 64.9 4.9 31.4 55.5 4.0 52.3 41.2 4.2 82.7 28.0 3.9 111.3 27.6 2.8 109.6 26.8 2.7 107.0 29.8 3.3 119.3 28.2 3.7 127.0 28.7 5.2 139.8 28 29 30 (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 539.5 559.6 602.9 745.3 891.1 1048.7 1130.7 1153.7 1249.7 1334.2 1416.0 1 2 3 4 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 338.6 47.3 3.6 337.9 44.8 3.9 351.3 52.2 4.0 449.2 77.0 4.9 505.3 86.9 5.5 589.9 110.7 6.7 641.5 122.3 7.1 640.6 127.4 7.4 697.0 138.1 7.8 739.6 155.8 8.1 788.2 162.2 8.5 2 3 4 5 6 7 8 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations 29.2 25.0 19.8 75.9 29.3 31.5 26.3 86.0 29.9 16.2 31.6 117.8 33.6 22.8 37.5 120.2 41.4 61.9 42.7 147.5 43.0 92.8 47.7 157.9 43.5 99.0 48.6 168.7 44.0 101.5 49.5 183.3 44.4 106.4 57.2 198.7 44.9 111.5 58.4 215.8 45.4 122.0 65.1 224.6 5 6 7 8 86 Z.1, June 11, 1999 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 400.0 471.3 549.5 660.0 701.5 822.4 891.0 861.5 919.8 875.0 941.2 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 272.2 234.3 39.0 -1.2 313.7 279.8 34.7 -0.8 391.8 351.4 41.4 -0.9 422.2 379.6 43.2 -0.5 463.2 408.2 55.1 -0.2 552.2 471.7 80.7 -0.2 578.3 488.0 89.3 0.9 589.6 482.2 102.7 4.7 627.7 510.2 112.6 4.9 639.3 538.5 100.4 0.4 667.5 569.3 98.0 0.3 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) 18.6 2.9 106.4 26.1 5.0 126.4 44.5 9.7 103.4 44.5 10.9 182.4 43.7 13.7 180.9 41.8 24.9 203.5 45.4 30.0 237.3 48.0 28.1 195.8 47.7 24.9 219.5 51.3 15.1 169.3 64.0 16.1 193.6 6 7 8 448.0 472.8 481.7 574.7 615.6 671.2 699.1 717.5 738.9 703.5 717.2 9 9 Total liabilities 1993 Total assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 5.1 123.1 41.7 2.5 133.7 58.6 2.2 118.6 46.6 2.4 115.7 67.6 3.9 147.8 70.9 4.5 151.4 90.8 3.4 160.0 112.2 2.2 154.0 105.2 2.7 158.0 91.0 3.4 158.5 72.0 4.5 166.5 86.3 10 11 12 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 278.2 8.1 14.4 13.5 277.9 13.2 10.6 8.5 314.2 10.6 6.5 6.2 388.9 13.9 11.2 6.4 393.0 21.6 10.0 1.4 424.6 23.8 9.2 3.5 423.5 8.3 11.9 9.8 456.1 20.5 14.3 10.1 487.2 14.2 15.7 6.2 469.6 30.4 14.8 6.8 459.8 18.3 15.9 7.3 13 14 15 16 17 18 19 20 21 22 Other insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises 32.6 34.5 20.6 65.9 21.9 66.6 31.7 38.1 20.5 66.4 38.7 50.3 29.4 37.6 26.2 68.8 43.1 85.8 37.5 43.1 32.5 87.8 50.2 106.3 35.4 45.6 33.2 103.8 47.5 94.5 35.2 47.5 30.6 126.6 57.8 90.4 36.2 48.9 34.1 136.3 51.3 86.7 37.1 50.7 32.7 143.7 66.9 80.0 42.1 55.5 33.5 160.6 80.3 79.1 42.8 55.7 34.4 139.5 68.1 77.0 46.9 58.6 34.5 135.5 72.5 70.4 17 18 19 20 21 22 -48.0 -1.5 67.8 85.3 85.9 151.2 191.8 144.0 180.8 171.5 224.0 23 23 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 579.0 580.0 623.5 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 1 545.1 553.8 600.1 677.7 779.4 958.5 1057.7 1098.4 1150.8 1161.0 1217.2 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 107.1 78.4 30.6 47.8 117.8 68.8 27.5 41.3 139.2 42.7 15.2 27.5 157.4 56.2 20.6 35.6 156.4 67.5 18.7 48.8 168.6 65.1 20.0 45.0 193.1 76.7 19.8 56.9 202.5 71.4 20.5 50.9 216.9 74.0 22.6 51.4 193.0 72.9 18.5 54.4 223.9 77.2 18.6 58.7 3 4 5 6 7 8 9 10 11 12 Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations 359.6 20.4 46.9 149.2 0.9 142.2 367.1 25.6 51.6 149.1 0.6 140.3 418.2 31.6 63.9 171.6 0.0 151.1 464.2 30.1 101.2 168.6 0.0 164.2 555.5 32.0 146.7 177.6 0.0 199.1 724.8 37.6 256.1 201.5 0.0 229.6 787.9 41.8 284.8 211.7 0.1 249.5 824.5 48.0 308.3 225.9 0.0 242.3 859.9 50.0 340.5 226.9 0.2 242.4 895.2 45.4 381.8 231.5 0.2 236.3 916.0 46.4 401.6 222.9 0.2 244.9 7 8 9 10 11 12 13 Bankers acceptances (1) 33.9 26.3 23.4 22.6 23.6 20.9 17.1 14.3 14.3 11.5 10.4 13 579.0 580.0 623.5 700.4 803.0 979.4 1074.8 1112.7 1165.1 1172.6 1227.6 14 2 3 4 5 6 14 Total outstanding, all types Commercial paper Holdings, by sector 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 29.9 17.0 14.1 12.9 45.5 19.4 17.9 18.8 46.7 18.8 22.3 24.9 48.0 20.1 39.4 43.4 52.0 31.5 59.7 57.9 59.0 35.3 74.0 77.8 60.0 29.3 79.3 74.5 61.0 25.0 82.8 92.0 62.0 25.9 88.0 115.3 63.2 25.5 92.0 113.3 64.4 25.0 96.0 109.6 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0.0 9.2 0.6 3.0 22.8 0.0 7.3 0.3 2.2 19.5 0.0 5.8 0.1 2.1 23.0 0.0 5.7 0.2 0.6 23.7 0.0 6.5 0.3 0.3 21.1 0.0 2.7 0.0 0.2 23.9 0.0 1.1 0.0 0.1 23.8 0.0 1.1 0.0 0.5 24.2 0.0 0.9 0.0 1.1 23.8 0.0 1.1 0.0 0.4 23.5 0.0 0.9 0.0 0.3 22.7 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 43.2 36.5 20.6 46.9 39.8 20.5 52.8 39.4 26.2 45.5 45.4 32.5 48.4 49.0 33.2 65.9 51.2 30.6 68.3 52.6 34.1 68.6 54.6 32.7 74.0 60.0 33.5 73.4 61.4 34.4 74.4 64.4 34.5 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 173.6 21.9 13.5 15.2 145.1 164.4 38.7 11.9 14.9 112.0 187.2 43.1 26.3 11.2 93.5 235.5 50.2 25.5 22.1 62.6 273.9 47.2 35.1 23.7 63.3 336.0 57.8 34.0 24.3 106.8 371.2 51.9 64.1 25.1 139.4 395.5 66.9 52.8 28.3 126.7 399.5 80.3 54.5 32.8 113.4 414.2 68.1 60.9 28.1 113.0 474.2 72.5 35.2 28.9 124.6 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 87 Z.1, June 11, 1999 L.209 Treasury Securities Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 3061.6 3309.9 3465.6 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 1 157.3 2904.3 171.9 3138.0 179.9 3285.6 185.0 3423.5 187.0 3568.1 186.5 3591.8 186.2 3618.7 186.0 3537.4 185.9 3508.8 186.6 3537.1 186.5 3545.0 2 3 3061.6 3309.9 3465.6 3608.5 3755.1 3778.3 3804.8 3723.4 3694.7 3723.7 3731.6 4 Household sector Savings bonds Other Treasury issues 485.9 157.3 328.6 505.3 171.9 333.4 689.3 179.9 509.4 594.4 185.0 409.4 571.1 187.0 384.1 388.3 186.5 201.8 374.6 186.2 188.5 366.8 186.0 180.8 366.3 185.9 180.4 324.4 186.6 137.8 300.6 186.5 114.1 5 6 7 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 60.6 13.0 418.2 48.8 13.3 447.8 50.8 14.0 370.0 57.1 15.6 289.8 47.1 14.4 257.0 57.5 13.6 239.3 48.8 13.5 238.1 42.4 13.3 256.0 44.9 13.2 266.4 51.0 13.0 269.3 40.0 12.9 266.6 8 9 10 11 12 Rest of the world Monetary authority 520.3 295.0 594.6 332.0 632.6 364.5 840.5 378.2 1097.7 390.9 1251.8 430.7 1261.4 433.2 1268.0 439.8 1233.8 446.0 1289.9 452.1 1282.0 465.7 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 294.4 254.3 29.6 6.1 4.3 322.2 275.0 36.1 5.3 5.8 290.4 248.0 32.7 4.6 5.1 278.7 207.6 62.3 3.4 5.4 261.8 173.0 80.7 4.0 4.1 270.1 166.8 95.1 4.0 4.2 278.4 171.9 99.7 2.3 4.6 263.6 153.9 103.7 1.7 4.3 219.8 128.7 86.4 1.0 3.7 214.1 124.7 84.8 0.9 3.6 223.8 134.6 85.0 1.1 3.0 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates 34.0 19.9 40.1 28.2 22.6 40.4 27.1 22.1 39.8 18.4 18.3 38.7 17.4 17.4 39.5 14.6 15.6 39.2 14.8 15.0 39.1 12.6 14.5 39.0 11.1 13.5 39.0 10.2 13.1 39.0 10.6 13.2 39.0 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 88.8 108.7 224.1 147.8 110.0 124.5 239.9 163.0 107.1 133.0 271.6 171.0 108.1 133.4 298.7 175.8 93.2 120.9 314.6 190.5 85.5 91.1 334.3 204.8 82.6 87.5 336.6 208.0 79.9 82.0 338.9 209.8 74.4 76.3 341.4 196.5 71.4 73.2 345.4 201.6 67.7 70.0 347.3 197.6 21 22 23 24 25 26 27 28 29 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 78.4 169.5 11.6 58.7 -7.7 79.4 200.9 13.7 51.6 -28.3 66.1 194.1 12.8 51.9 -42.7 70.0 205.3 11.2 58.0 18.3 90.2 214.2 11.4 18.8 -12.8 86.2 225.2 9.9 25.9 -5.3 83.3 231.9 9.5 12.0 36.6 81.3 228.5 9.2 15.1 -37.2 82.5 227.8 8.8 19.0 13.9 103.6 227.5 8.4 25.2 -8.5 108.1 225.2 8.0 29.8 23.5 25 26 27 28 29 3080.3 3336.5 3492.3 3636.7 3781.8 3804.9 3830.8 3749.0 3720.2 3752.2 3759.7 30 2 3 4 5 6 7 Total liabilities 1993 Savings bonds Other Treasury issues Total assets Memo: 30 Federal government debt (1) (1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12). 88 Z.1, June 11, 1999 L.210 Agency Securities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 2 3 4 5 6 7 8 Total liabilities Budget agencies Government-sponsored enterprises Federally related mortgage pools Total assets Household sector Nonfinancial corporate business State and local governments 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1734.0 1907.0 2199.5 2405.0 2634.9 2847.6 2903.8 3006.8 3147.0 3320.5 3461.4 1 18.8 443.1 1272.0 26.6 523.7 1356.8 26.7 700.6 1472.1 28.2 806.5 1570.3 26.6 896.9 1711.4 26.5 995.3 1825.8 25.9 1030.9 1847.0 25.6 1072.5 1908.7 25.5 1146.0 1975.6 28.5 1273.6 2018.4 28.1 1321.8 2111.4 2 3 4 1734.0 1907.0 2199.5 2405.0 2634.9 2847.6 2903.8 3006.8 3147.0 3320.5 3461.4 5 141.5 8.6 174.9 103.3 19.1 175.0 247.9 19.9 186.6 260.0 23.4 151.5 346.6 33.5 116.2 371.3 17.2 115.4 324.0 16.3 110.2 325.3 20.7 130.0 352.9 23.3 145.0 334.1 27.9 159.0 365.5 33.0 162.0 6 7 8 0.0 74.6 5.4 0.0 107.9 4.6 0.0 125.1 3.6 0.0 154.8 2.6 0.0 196.2 2.2 0.0 246.3 0.7 0.0 269.6 0.6 0.0 286.9 0.5 0.0 290.1 0.4 0.0 301.6 0.3 0.0 325.6 0.3 9 10 11 9 10 11 Federal government Rest of the world Monetary authority 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 378.5 360.1 14.1 2.2 2.1 423.2 396.3 21.5 3.1 2.3 428.7 398.1 23.0 4.8 2.8 467.5 421.5 37.3 4.7 4.0 495.7 436.7 49.7 4.9 4.3 571.2 497.2 62.2 5.5 6.3 593.2 510.3 67.3 8.6 7.0 588.4 504.9 70.2 5.8 7.5 621.7 541.4 65.9 6.4 8.0 662.6 578.7 67.0 6.6 10.2 673.6 587.8 69.1 6.1 10.6 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates 143.0 28.7 31.8 147.3 36.3 32.7 159.9 40.9 32.2 164.6 45.7 32.1 156.1 50.7 31.8 155.3 51.0 32.0 152.6 53.2 31.9 149.7 55.9 31.8 145.5 57.0 31.9 143.6 58.4 31.9 147.7 63.3 32.1 17 18 19 20 21 22 23 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 193.0 42.6 103.1 72.5 222.8 44.5 111.3 68.2 234.1 45.8 130.0 75.2 242.9 48.2 145.7 95.0 244.1 51.0 155.6 108.0 226.7 70.8 168.9 112.0 226.6 72.3 175.2 109.2 224.3 72.3 189.7 117.6 220.5 72.2 196.4 129.9 217.1 73.5 217.1 132.3 218.5 74.4 220.3 139.6 20 21 22 23 24 25 26 Money market mutual funds Mutual funds Government-sponsored enterprises 54.3 87.9 47.0 67.8 105.7 65.3 77.2 102.1 128.4 90.8 109.9 185.8 101.8 116.1 245.4 96.3 124.5 307.4 95.8 135.2 336.3 93.5 137.9 362.1 121.6 143.0 394.8 173.8 148.5 440.6 161.9 152.2 493.0 24 25 26 27 28 29 ABS issuers REITs Brokers and dealers 77.7 15.9 53.0 95.6 15.6 60.8 107.7 9.2 45.0 121.7 9.0 54.0 116.6 12.2 55.2 109.0 21.2 50.4 110.4 23.2 67.9 112.2 21.1 86.9 121.0 18.3 61.5 134.2 13.1 50.9 150.6 15.0 32.9 27 28 29 (1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 30. 89 Z.1, June 11, 1999 L.211 Municipal Securities and Loans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1302.8 1377.5 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1481.6 1 1091.9 32.0 1059.8 1158.7 33.8 1124.9 1112.4 31.7 1080.7 1060.4 32.9 1027.5 1053.3 39.1 1014.1 1110.6 47.5 1063.1 1134.1 48.4 1085.8 1160.7 42.9 1117.8 1168.7 39.3 1129.4 1189.7 41.2 1148.5 1207.5 39.7 1167.7 2 3 4 92.6 118.3 94.0 124.9 97.6 131.7 98.3 134.8 104.9 137.9 114.9 142.0 119.1 143.8 123.1 145.5 124.2 147.0 126.9 147.8 127.2 147.0 5 6 1302.8 1377.5 1341.7 1293.5 1296.0 1367.5 1397.1 1429.3 1439.9 1464.3 1481.6 7 8 9 10 Household sector Nonfinancial corporate business State and local governments 585.5 45.8 10.5 552.6 54.7 9.5 502.2 56.7 8.6 459.0 36.8 5.1 435.5 31.0 4.6 423.6 38.6 3.9 428.9 42.6 3.5 452.6 43.7 3.0 450.8 44.2 2.8 454.9 45.1 2.5 449.5 46.8 2.1 8 9 10 11 12 13 Commercial banking Savings institutions Bank personal trusts and estates 97.5 2.1 96.0 99.2 2.1 108.9 97.6 2.0 114.2 93.4 2.0 108.3 94.2 2.1 104.0 96.7 2.1 104.8 95.8 1.7 105.0 98.3 2.0 105.2 101.5 2.3 105.5 104.8 2.5 105.8 106.5 2.7 106.2 11 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 11.4 134.3 0.5 0.5 14.7 146.1 0.6 0.7 12.8 153.8 0.7 0.4 11.9 161.0 0.9 0.5 13.4 175.4 0.9 0.6 36.5 194.1 1.1 1.3 33.0 202.1 1.1 1.2 27.8 204.3 1.1 1.3 22.4 206.0 1.1 1.1 18.4 210.9 1.2 1.3 18.8 213.3 1.2 1.1 14 15 16 17 18 19 20 21 22 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 96.0 168.4 39.7 3.2 11.3 105.6 211.3 51.8 2.6 17.1 113.4 207.0 53.4 3.4 15.5 127.7 210.2 59.6 4.4 12.7 144.5 213.3 61.7 4.1 10.8 167.0 219.8 61.7 3.3 13.2 179.9 224.6 62.0 3.4 12.4 177.4 231.2 62.2 3.8 15.4 185.3 234.1 62.5 5.7 14.7 193.0 243.3 62.9 4.6 13.2 204.1 250.7 63.2 3.0 12.4 18 19 20 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). L.212 Corporate and Foreign Bonds Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2065.6 2346.8 2504.0 2822.9 3128.1 3441.5 3567.7 3732.6 3793.1 3879.0 4036.1 1 1154.5 147.2 1229.7 230.1 1253.0 242.3 1326.3 291.9 1398.8 347.7 1489.5 394.4 1528.8 398.0 1569.0 424.9 1590.8 416.0 1621.8 407.8 1660.5 408.3 2 3 2 3 Nonfinancial corporate business Rest of the world (1) 4 5 6 Financial sectors Commercial banking Savings institutions 763.9 127.6 5.5 887.0 134.9 3.9 1008.8 142.6 3.1 1204.7 161.1 3.1 1381.5 168.9 2.7 1557.5 192.6 2.8 1640.9 205.0 2.6 1738.7 209.2 2.7 1786.2 214.4 2.6 1849.4 220.2 2.6 1967.2 229.0 2.8 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 361.4 203.1 18.2 21.7 26.4 442.0 215.6 16.8 33.7 40.0 506.1 247.4 15.3 34.3 60.0 611.3 300.0 15.5 29.3 84.4 719.7 332.5 16.8 27.3 113.6 822.1 328.8 31.6 35.3 144.2 858.2 338.2 39.8 35.1 162.1 922.0 348.7 47.7 40.1 168.3 966.5 337.6 50.1 39.4 175.5 1012.8 339.7 53.4 42.5 178.1 1062.6 366.4 57.5 34.7 214.2 7 8 9 10 11 2065.6 2346.8 2504.0 2822.9 3128.1 3441.5 3567.7 3732.6 3793.1 3879.0 4036.1 12 295.9 20.9 251.5 331.6 26.5 273.3 370.4 31.9 311.4 457.0 39.0 369.5 469.6 49.7 453.2 457.2 51.0 540.0 467.8 52.5 567.0 477.7 53.9 607.8 434.8 54.5 631.3 395.3 56.2 662.2 447.7 58.0 694.1 13 14 15 94.7 80.0 36.8 98.2 89.1 35.8 102.5 86.7 35.3 110.9 78.5 33.6 112.3 68.6 31.9 143.1 58.7 36.3 153.4 58.0 36.9 156.6 65.3 37.2 164.3 73.6 37.6 181.0 88.6 38.5 164.6 104.4 39.3 16 17 18 12 Total assets 13 14 15 Household sector State and local governments Rest of the world (2) 16 17 18 Commercial banking Savings institutions Bank personal trusts and estates 19 20 21 22 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 653.9 97.8 185.9 152.8 719.5 103.1 208.7 166.5 779.4 110.1 201.2 167.7 870.1 123.3 206.8 163.5 949.3 141.6 228.0 180.2 1026.2 157.0 255.7 199.5 1056.4 157.1 263.6 211.9 1080.1 160.0 276.3 220.8 1106.6 162.5 285.1 233.9 1130.7 176.2 301.0 237.9 1160.0 181.2 307.8 243.5 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Closed-end funds 6.3 118.7 18.3 11.7 169.3 24.2 15.2 172.4 19.8 21.5 195.7 25.6 23.9 229.5 28.1 36.4 273.8 26.1 44.9 296.4 25.6 68.3 314.5 25.1 80.9 320.7 24.6 81.2 339.3 24.1 87.9 349.3 23.6 23 24 25 26 27 28 29 Government-sponsored enterprises REITs Brokers and dealers Funding corporations 0.0 1.0 50.9 0.0 11.1 1.2 73.0 4.0 19.5 2.1 64.4 14.0 25.0 2.9 76.4 23.8 30.6 4.3 90.9 36.5 30.9 6.5 100.0 43.1 26.5 8.0 102.1 39.6 29.1 8.4 104.8 46.5 31.4 7.7 94.6 49.0 31.4 6.1 81.6 47.6 32.7 5.5 89.1 47.3 26 27 28 29 (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. 90 Z.1, June 11, 1999 L.213 Corporate Equities (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 1994 1995 1996 1997 Q1 Q2 1998 Q3 Q4 1999 Q1 5458.3 6257.6 6237.9 8331.3 10062.4 12776.0 14397.6 14556.1 12758.4 15437.7 15970.3 1 2 Nonfinancial corporate business 3827.9 4126.0 4141.8 5481.1 6367.4 7793.8 8858.9 8933.7 8222.0 10040.2 10403.9 2 3 4 Rest of the world (2) Financial corporations 314.3 1316.1 543.9 1587.7 586.6 1509.4 699.1 2151.2 876.8 2818.3 1001.3 3981.0 1136.9 4401.8 1112.6 4509.8 931.6 3604.9 1195.7 4201.8 1213.3 4353.1 3 4 5 6 7 8 Issues at market value 1993 Holdings at market value Household sector State and local governments Rest of the world (3) 5458.3 6257.6 6237.9 8331.3 10062.4 12776.0 14397.6 14556.1 12758.4 15437.7 15970.3 5 2895.5 7.8 329.0 3190.8 9.3 373.5 2990.4 10.6 397.7 3994.8 26.2 527.6 4524.6 46.8 656.8 5319.1 79.0 915.9 5863.7 90.5 1054.5 5847.9 93.9 1079.6 5161.4 86.0 933.7 6299.9 102.0 1110.3 6556.1 106.9 1135.8 6 7 8 9 10 11 Commercial banking Savings institutions Bank personal trusts and estates 3.4 11.2 216.9 4.3 12.5 181.0 2.9 10.4 167.3 5.0 14.3 224.9 6.8 17.8 248.9 2.6 23.3 401.0 5.0 26.5 460.4 5.8 26.9 477.7 3.7 24.0 427.7 7.0 24.5 530.3 7.7 25.1 561.0 9 10 11 12 13 14 15 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 151.6 97.3 854.8 450.9 201.2 103.4 992.4 531.0 246.1 112.1 996.3 542.6 315.4 134.2 1238.4 753.5 414.1 148.6 1490.9 955.7 558.6 186.0 1863.9 1305.8 640.9 199.9 2116.7 1481.5 675.5 202.6 2129.2 1511.8 616.1 180.2 1840.1 1340.2 723.1 201.4 2232.3 1598.0 766.7 208.0 2228.7 1632.7 12 13 14 15 16 17 18 Mutual funds Closed-end funds Brokers and dealers 401.3 23.8 14.8 607.4 26.5 24.2 709.6 31.9 20.1 1024.9 38.0 34.2 1470.0 43.6 37.9 2018.7 50.2 51.9 2340.0 55.1 62.8 2387.5 54.3 63.4 2044.5 46.0 54.8 2504.1 52.7 52.1 2632.6 51.1 58.0 16 17 18 5004.7 5555.3 5484.3 7421.0 8948.8 11484.0 12937.8 13117.4 11542.1 13928.8 14432.2 19 Memo: 19 Market value of domestic corporations (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Shares at market value 992.5 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.0 3763.3 1 2 Holdings at market value 992.5 1375.4 1477.3 1852.8 2342.4 2989.4 3339.3 3438.4 3137.3 3610.0 3763.3 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 727.9 21.1 14.9 990.9 29.8 21.3 1052.1 31.1 29.1 1265.0 45.7 35.0 1586.0 59.9 41.0 2057.6 69.1 33.6 2305.6 79.4 31.5 2382.3 82.5 28.9 2193.5 74.2 27.4 2497.9 91.0 26.3 2609.1 96.1 25.3 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates 3.4 4.1 128.1 3.9 4.2 183.5 2.0 2.6 200.4 2.3 2.8 253.5 2.6 2.6 293.6 8.1 2.4 342.2 9.2 2.8 377.6 9.1 3.1 383.7 8.9 3.1 346.3 11.4 3.6 397.1 11.3 3.6 407.6 6 7 8 18.2 74.9 25.9 116.0 9.6 150.4 27.7 220.7 35.3 321.4 38.4 438.0 36.3 496.9 29.8 518.8 19.1 464.8 18.6 564.1 17.2 593.1 9 10 9 10 Life insurance companies Private pension funds 91 Z.1, June 11, 1999 L.215 Bank Loans Not Elsewhere Classified Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Total loans by commercial banking, flow of funds basis 2139.8 2223.5 2407.1 2646.9 2821.1 3052.9 3087.3 3154.9 3221.0 3306.3 3291.1 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 9.2 900.5 362.9 88.0 7.3 947.8 395.7 100.7 5.8 1012.7 458.8 94.9 5.7 1090.2 502.0 99.5 6.5 1145.4 526.8 100.8 2.7 1245.3 512.6 122.5 1.1 1270.6 492.1 131.6 1.1 1281.4 491.4 139.7 0.9 1295.2 497.9 146.7 1.1 1337.5 508.9 143.0 0.9 1337.1 494.0 129.7 2 3 4 5 6 = Banking sector total bank loans n.e.c. 779.2 772.0 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1315.7 1329.4 6 569.6 195.7 3.7 10.2 578.4 182.0 1.9 9.7 624.6 197.2 1.8 11.3 701.6 232.6 2.3 13.1 759.8 264.8 2.5 14.6 867.9 284.0 2.4 15.5 895.7 278.2 2.6 15.4 938.5 284.5 2.3 16.0 972.7 289.1 2.3 16.2 1012.4 282.2 4.1 17.0 1038.2 271.1 3.6 16.5 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 779.2 772.0 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1315.7 1329.4 12 13 Total liabilities 779.2 772.0 834.9 949.6 1041.7 1169.8 1191.9 1241.3 1280.3 1315.7 1329.4 13 702.3 709.4 786.0 895.6 966.8 1081.9 1085.6 1142.3 1166.4 1198.0 1210.6 14 17.6 488.4 137.7 34.7 27.4 477.6 143.0 36.8 40.0 521.0 160.2 38.7 54.8 587.7 178.7 39.7 47.1 627.2 208.5 40.4 55.8 695.4 234.7 43.9 49.4 701.8 238.8 42.1 64.9 732.3 243.5 46.1 59.2 755.6 248.1 47.0 62.6 778.3 253.2 45.1 54.4 796.2 258.3 42.6 15 16 17 18 23.9 3.3 7.6 13.0 24.6 2.4 8.8 13.5 26.1 2.2 8.8 15.2 34.6 2.6 10.9 21.1 43.7 2.9 14.3 26.5 52.1 2.1 13.8 36.3 53.4 2.3 13.1 38.0 55.5 2.2 14.8 38.6 56.4 2.0 13.8 40.6 58.9 2.8 13.1 43.0 59.1 2.9 12.5 43.7 19 20 21 22 77.0 62.6 48.9 54.0 74.9 88.0 106.3 99.0 113.9 117.7 118.8 23 8.9 34.1 30.2 3.7 8.4 20.4 30.2 3.6 9.3 14.8 18.7 6.0 14.6 15.3 19.1 5.0 15.9 19.7 31.5 7.8 19.4 24.1 26.8 17.6 22.3 22.0 39.1 22.9 23.4 22.3 27.1 26.2 27.9 24.9 27.6 33.5 29.7 26.3 28.1 33.6 34.0 24.8 28.9 31.0 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Households Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 92 Z.1, June 11, 1999 L.216 Other Loans and Advances Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Total other loans and advances 805.9 805.3 860.9 931.1 996.2 1095.9 1128.7 1153.9 1186.1 1254.9 1300.4 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises 148.8 21.6 7.9 40.1 9.5 9.9 55.1 4.8 146.0 20.3 8.1 40.7 8.7 9.2 54.1 4.8 131.5 16.0 8.0 38.2 8.2 9.3 51.9 0.0 144.5 27.3 10.0 39.4 7.0 9.8 51.1 0.0 144.3 30.4 8.7 39.1 5.9 10.1 50.1 0.0 153.7 41.8 8.4 40.9 5.5 8.9 48.3 0.0 157.9 43.9 8.5 42.1 5.4 10.2 47.9 0.0 161.4 46.6 8.4 43.1 5.3 10.1 47.9 0.0 165.2 49.3 8.3 44.8 5.2 10.1 47.4 0.0 168.1 52.4 8.3 44.8 5.1 10.1 47.2 0.0 172.8 58.2 8.2 44.5 5.0 10.2 46.8 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 129.9 129.9 114.2 114.2 122.1 122.1 122.1 122.1 128.8 128.8 143.2 143.2 151.4 151.4 146.5 146.5 145.8 145.8 142.7 142.7 152.3 152.3 10 11 12 13 14 Customers’ liability on acceptances outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world 31.7 20.4 11.3 25.3 17.1 8.2 22.9 15.0 7.9 22.3 14.2 8.2 23.4 13.4 9.9 20.6 10.8 9.7 16.8 8.8 8.0 14.2 7.3 6.9 14.1 7.8 6.3 11.3 6.6 4.7 10.2 5.6 4.7 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 12.4 6.2 6.2 10.8 5.4 5.4 10.3 5.1 5.1 12.8 6.4 6.4 15.7 7.9 7.9 18.8 9.4 9.4 19.8 9.9 9.9 20.2 10.1 10.1 22.1 11.0 11.0 24.2 12.1 12.1 25.4 12.7 12.7 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 73.0 0.9 72.1 78.6 0.9 77.7 86.4 0.9 85.5 96.9 0.9 95.9 101.4 1.0 100.5 104.6 0.9 103.7 104.8 0.9 103.9 105.8 0.9 104.8 106.3 0.9 105.3 104.7 0.9 103.8 105.1 0.9 104.1 18 19 20 21 22 23 24 25 26 27 28 Government-sponsored enterprise loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 135.5 24.9 12.6 11.4 12.5 74.0 0.0 0.0 162.0 27.6 13.9 11.6 21.2 87.3 0.2 0.2 189.1 31.3 13.9 12.4 30.5 100.0 0.5 0.6 200.3 35.2 16.4 13.8 36.7 97.4 0.4 0.5 229.1 34.6 15.1 16.5 39.0 121.9 0.4 1.6 260.3 30.2 15.1 16.5 58.1 138.0 0.6 1.8 267.8 28.4 16.3 16.4 66.1 138.1 0.7 1.8 284.4 26.2 16.0 16.5 78.6 144.6 0.8 1.6 307.6 27.4 17.5 16.5 87.1 156.1 1.0 2.0 352.6 29.0 17.8 17.1 104.9 180.1 1.1 2.5 364.7 30.8 17.1 17.5 104.4 190.1 1.5 3.3 21 22 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Households (1) Nonfinancial corporate business 9.7 0.0 9.7 19.5 0.0 19.5 23.7 0.0 23.7 30.6 1.0 29.6 44.0 6.3 37.7 76.2 14.1 62.1 84.3 16.6 67.7 86.5 19.0 67.5 89.9 18.4 71.5 103.8 17.9 85.9 108.3 17.3 91.0 29 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 264.9 238.4 26.5 249.0 224.1 24.9 274.9 247.4 27.5 301.6 271.4 30.2 309.5 278.5 30.9 318.5 286.7 31.9 325.9 293.3 32.6 334.9 301.4 33.5 335.1 301.6 33.5 347.5 312.8 34.8 361.7 325.5 36.2 32 33 34 (1) Student loans. 93 Z.1, June 11, 1999 L.217 Total Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 2 3 4 5 6 Total mortgages Home Multifamily residential Commercial Farm 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 4068.3 4208.4 4395.1 4605.5 4900.1 5213.2 5323.2 5434.3 5568.3 5722.5 5857.1 1 2986.5 269.0 733.1 79.7 3148.8 266.6 712.2 80.7 3332.1 267.7 712.3 83.0 3511.8 277.0 732.1 84.6 3721.2 294.8 797.0 87.1 3957.0 310.5 855.4 90.3 4040.9 316.9 874.4 91.1 4119.4 323.8 898.5 92.6 4219.5 331.1 924.0 93.7 4324.8 341.3 960.9 95.5 4421.7 351.1 988.0 96.3 2 3 4 5 4068.3 4208.4 4395.1 4605.5 4900.1 5213.2 5323.2 5434.3 5568.3 5722.5 5857.1 6 Household sector 2865.4 3003.4 3173.9 3346.8 3564.0 3803.9 3889.3 3965.9 4067.1 4177.1 4276.2 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 1197.5 225.6 892.2 79.7 1196.0 224.6 890.7 80.7 1202.5 242.6 876.9 83.0 1234.7 268.8 881.4 84.6 1304.2 282.4 934.6 87.1 1362.5 290.6 981.6 90.3 1384.9 295.5 998.3 91.1 1414.4 306.1 1015.7 92.6 1437.3 313.0 1030.6 93.7 1473.8 329.1 1049.2 95.5 1504.2 339.3 1068.6 96.3 8 9 10 11 12 13 Federal government REITs 0.0 5.4 0.0 8.9 0.0 18.7 0.0 24.1 0.0 31.9 0.0 46.8 0.0 49.1 0.0 54.1 0.0 64.0 0.0 71.6 0.0 76.6 12 13 4068.3 4208.4 4395.1 4605.5 4900.1 5213.2 5323.2 5434.3 5568.3 5722.5 5857.1 14 7 14 Total liabilities 1993 Total assets 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 136.8 60.0 25.2 128.5 52.3 23.7 117.7 56.4 23.6 110.9 57.9 26.7 107.9 54.4 23.5 105.1 50.4 23.8 104.2 49.4 24.0 103.5 48.4 24.1 102.7 47.4 24.3 102.1 46.4 24.4 99.9 45.4 24.6 15 16 17 18 19 State and local governments Federal government 113.7 86.4 108.3 85.0 110.5 71.0 113.8 57.8 117.6 50.3 121.3 45.7 122.3 45.5 123.3 45.1 124.4 44.8 125.4 44.9 126.5 44.7 18 19 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 900.5 628.0 56.1 3.9 947.8 598.4 56.0 3.6 1012.7 596.2 62.1 3.4 1090.2 596.8 66.5 3.3 1145.4 628.3 76.0 3.6 1245.3 631.8 86.0 3.4 1270.6 637.2 87.7 3.4 1281.4 632.6 91.8 3.5 1295.2 634.5 94.5 3.6 1337.5 644.2 96.9 3.7 1337.1 646.4 98.7 3.9 20 21 22 23 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 242.0 5.9 14.5 16.5 223.9 4.5 14.5 14.5 215.8 3.8 18.0 15.2 213.1 2.8 19.4 15.9 208.2 2.4 21.2 16.7 206.8 2.2 23.6 17.6 206.5 2.2 24.2 17.8 207.7 2.2 25.3 18.1 207.4 1.9 25.8 18.3 213.6 2.0 27.2 18.6 215.3 2.0 27.6 18.8 24 25 26 27 28 29 30 Government-sponsored enterprises (1) Federally related mortgage pools ABS issuers 199.7 1272.0 172.9 241.0 1356.8 217.8 244.6 1472.1 255.3 251.0 1570.3 289.4 244.9 1711.4 350.6 240.4 1825.8 441.0 241.4 1847.0 477.8 242.0 1908.7 525.1 242.3 1975.6 563.8 247.7 2018.4 605.5 243.6 2111.4 641.5 28 29 30 31 32 33 Finance companies Mortgage companies REITs 65.8 60.5 8.1 62.7 60.4 8.6 66.9 36.5 13.3 72.4 33.0 14.1 82.7 41.2 13.8 87.9 32.1 22.9 89.6 46.8 25.7 89.9 32.7 29.0 98.5 33.8 29.7 102.3 35.3 26.3 105.9 37.8 25.9 31 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 94 Z.1, June 11, 1999 L.218 Home Mortgages (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 9 10 State and local governments Federal government 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 18 19 20 Government-sponsored enterprises Federally related mortgage pools ABS issuers 21 22 23 Finance companies Mortgage companies REITs 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 2986.5 3148.8 3332.1 3511.8 3721.2 3957.0 4040.9 4119.4 4219.5 4324.8 4421.7 1 2764.6 17.5 204.4 2894.9 18.1 235.9 3072.4 18.7 241.1 3253.5 19.3 239.0 3463.5 19.9 237.7 3695.4 20.7 240.9 3777.4 21.0 242.5 3854.0 21.2 244.2 3952.0 21.5 246.0 4055.1 21.8 247.9 4149.7 22.0 249.9 2 3 4 2986.5 3148.8 3332.1 3511.8 3721.2 3957.0 4040.9 4119.4 4219.5 4324.8 4421.7 5 119.6 36.1 9.5 109.7 30.9 9.7 98.7 32.7 9.7 90.3 33.8 10.8 86.9 24.5 9.6 83.6 16.5 9.1 82.8 14.5 9.0 82.0 12.5 8.9 81.3 9.3 8.8 80.6 9.3 8.7 78.3 9.1 8.6 6 7 8 62.3 36.6 56.3 33.0 57.3 29.1 60.5 24.1 62.8 21.2 65.8 19.1 66.6 18.9 67.4 18.8 68.2 18.7 69.1 18.8 70.0 18.7 9 10 478.8 489.6 56.1 3.9 532.2 470.0 56.0 3.6 590.0 477.6 62.1 3.4 646.5 482.4 66.5 3.3 677.6 513.7 76.0 3.6 745.5 520.7 86.0 3.4 764.7 526.8 87.7 3.4 770.4 521.8 91.8 3.5 770.5 525.5 94.5 3.6 797.7 533.5 96.9 3.7 783.3 534.2 98.7 3.9 11 12 13 14 11.2 3.2 3.4 8.9 3.2 3.5 8.5 4.0 3.9 8.9 4.3 4.4 7.0 4.7 5.0 7.2 5.2 5.6 7.0 5.3 5.8 6.8 5.6 6.0 6.6 5.7 6.1 6.6 6.0 6.3 6.6 6.1 6.5 15 16 17 156.9 1248.2 151.4 196.7 1334.3 183.7 199.3 1449.7 206.0 205.2 1543.4 224.3 198.5 1678.9 259.3 194.3 1788.0 312.3 195.5 1808.0 331.4 195.8 1868.3 356.7 195.2 1931.0 384.7 198.6 1970.2 403.4 193.2 2061.2 423.3 18 19 20 65.8 52.7 1.1 62.7 52.2 2.2 66.9 28.3 5.1 72.4 23.8 6.9 52.1 32.0 8.0 59.0 21.8 14.0 61.5 36.4 15.6 62.3 22.4 18.3 68.4 23.4 18.0 75.7 24.9 14.8 78.9 27.4 13.8 21 22 23 (1) Mortgages on 1-4 family properties. L.219 Multifamily Residential Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 6 7 8 9 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 269.0 266.6 267.7 277.0 294.8 310.5 316.9 323.8 331.1 341.3 351.1 1 19.3 248.0 19.9 243.7 20.5 241.0 21.1 248.0 21.7 262.5 22.5 272.5 22.8 277.9 23.0 283.0 23.3 286.7 23.5 294.1 23.8 302.0 2 3 0.0 1.8 0.0 3.0 0.0 6.2 0.0 7.9 0.0 10.5 0.0 15.4 0.0 16.2 0.0 17.8 0.0 21.1 0.0 23.6 0.0 25.3 4 5 269.0 266.6 267.7 277.0 294.8 310.5 316.9 323.8 331.1 341.3 351.1 6 1.1 0.4 8.3 1.4 0.5 7.0 1.3 0.9 7.0 1.6 0.1 7.9 1.5 0.8 7.0 1.5 1.4 7.4 1.5 1.5 7.5 1.5 1.7 7.6 1.5 2.4 7.7 1.5 2.3 7.8 1.4 2.3 8.0 7 8 9 10 11 State and local governments Federal government 42.4 27.6 42.8 24.6 43.5 22.0 44.1 17.3 45.9 14.8 46.5 13.9 46.7 13.9 46.9 13.8 47.2 13.7 47.4 13.6 47.6 13.6 10 11 12 13 Commercial banking Savings institutions 36.2 69.8 37.0 67.4 37.9 64.3 42.5 62.0 45.5 61.6 49.7 59.5 51.0 59.3 51.4 59.1 52.4 56.9 53.1 57.1 56.4 57.0 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 27.2 0.7 4.2 27.5 0.7 4.1 27.8 0.9 4.3 28.7 1.0 4.5 30.8 1.1 4.7 30.4 1.2 5.0 30.4 1.2 5.0 30.6 1.3 5.1 30.6 1.3 5.2 31.5 1.4 5.2 31.0 1.4 5.3 14 15 16 17 18 19 Government-sponsored enterprises Federally related mortgage pools ABS issuers 15.8 23.8 6.3 17.5 22.5 8.7 18.4 22.4 11.7 19.0 26.9 15.6 18.6 32.5 21.7 17.3 37.8 28.8 16.7 39.0 33.0 16.7 40.4 37.4 17.0 44.6 40.1 18.1 48.3 43.9 19.3 50.2 47.5 17 18 19 20 21 22 Finance companies Mortgage companies REITs 0.0 3.0 2.2 0.0 3.1 1.9 0.0 3.1 2.1 0.0 4.2 1.6 3.1 4.1 1.2 2.9 5.2 2.1 2.7 5.3 2.2 2.8 5.2 2.2 3.0 5.3 2.4 2.7 5.3 2.1 2.7 5.3 2.0 20 21 22 95 Z.1, June 11, 1999 L.220 Commercial Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Q3 Q4 1999 Q1 733.1 712.2 712.3 732.1 797.0 855.4 874.4 898.5 924.0 960.9 988.0 1 100.9 188.8 439.9 3.6 108.5 186.6 411.1 6.0 101.5 203.5 394.8 12.5 93.2 228.4 394.4 16.1 100.5 240.8 434.3 21.4 108.5 247.3 468.2 31.4 111.9 251.7 477.9 32.9 111.9 261.9 488.5 36.2 115.1 268.2 497.8 42.9 122.0 283.8 507.2 48.0 126.5 293.4 516.7 51.3 2 3 4 5 733.1 712.2 712.3 732.1 797.0 855.4 874.4 898.5 924.0 960.9 988.0 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 2.6 23.5 6.5 3.2 20.8 6.1 3.1 22.8 6.0 3.7 24.0 6.9 3.6 29.1 6.1 3.5 32.5 6.4 3.4 33.3 6.5 3.4 34.2 6.6 3.4 35.6 6.7 3.4 34.8 6.8 3.4 34.0 6.9 7 8 9 10 11 State and local governments Federal government 7.5 14.6 7.7 20.5 8.3 13.2 7.7 10.2 7.5 8.5 7.7 7.9 7.7 7.9 7.7 7.9 7.6 7.9 7.6 8.0 7.6 8.0 10 11 12 13 Commercial banking Savings institutions 365.7 68.2 357.7 60.8 362.3 53.9 377.3 52.1 397.5 52.7 423.1 51.3 427.5 50.8 431.2 51.2 443.6 51.6 457.6 53.2 467.9 54.8 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 194.4 5.9 10.6 8.9 178.4 4.5 10.6 7.0 169.8 3.8 13.2 7.0 165.9 2.8 14.2 7.0 160.3 2.4 15.5 7.0 158.8 2.2 17.2 7.0 158.5 2.2 17.7 7.0 159.5 2.2 18.4 7.0 159.2 1.9 18.8 7.0 164.0 2.0 19.9 7.0 166.1 2.0 20.2 7.0 14 15 16 17 18 19 20 21 ABS issuers Finance companies Mortgage companies REITs 15.2 0.0 4.8 4.8 25.5 0.0 5.1 4.5 37.6 0.0 5.1 6.1 49.5 0.0 5.1 5.6 69.6 27.4 5.1 4.6 100.0 26.0 5.1 6.9 113.4 25.4 5.1 8.0 130.9 24.7 5.1 8.5 139.1 27.1 5.1 9.3 158.2 23.9 5.1 9.4 170.7 24.3 5.1 10.1 18 19 20 21 7 8 9 Total assets Q2 L.221 Farm Mortgages Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities (Farm business) 79.7 80.7 83.0 84.6 87.1 90.3 91.1 92.6 93.7 95.5 96.3 1 2 Total assets 79.7 80.7 83.0 84.6 87.1 90.3 91.1 92.6 93.7 95.5 96.3 2 13.5 0.8 14.3 0.9 14.6 0.9 15.3 1.0 15.9 0.9 16.5 0.9 16.5 0.9 16.6 1.0 16.6 1.0 16.6 1.0 16.8 1.0 3 4 1.5 7.5 1.5 7.0 1.4 6.7 1.4 6.2 1.4 5.8 1.4 4.9 1.4 4.7 1.4 4.6 1.4 4.6 1.4 4.5 1.4 4.4 5 6 19.9 0.3 20.9 0.3 22.6 0.3 23.8 0.3 24.9 0.3 27.0 0.4 27.5 0.4 28.3 0.4 28.7 0.4 29.0 0.4 29.5 0.4 7 8 9.2 0.0 9.1 0.0 9.6 0.0 9.7 0.0 10.1 0.0 10.5 0.0 10.6 0.0 10.8 0.0 11.0 0.0 11.5 0.0 11.6 0.0 9 10 27.0 0.0 26.8 0.0 26.9 0.0 26.8 0.0 27.9 0.0 28.9 0.0 29.2 0.0 29.5 0.0 30.1 0.0 31.0 0.0 31.2 0.0 11 12 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 9 10 Life insurance companies State and local govt. retirement funds 11 12 Government-sponsored enterprises Federally related mortgage pools 96 Z.1, June 11, 1999 L.222 Consumer Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 1 Total liabilities (Households) 798.3 859.0 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1318.6 1 2 Total assets 798.3 859.0 983.9 1122.8 1211.6 1264.1 1236.0 1256.8 1286.6 1331.7 1318.6 2 65.7 0.0 77.2 0.0 86.6 0.0 85.1 0.0 77.7 0.0 78.9 0.0 72.7 0.0 65.3 0.0 65.5 0.0 74.9 0.0 67.1 0.0 3 4 3 4 Nonfinancial corporate business Nonfarm noncorporate business 5 6 7 Commercial banking Savings institutions Credit unions 362.9 37.4 89.4 395.7 37.9 101.6 458.8 38.5 119.6 502.0 40.1 131.9 526.8 44.7 144.1 512.6 47.2 152.4 492.1 47.1 150.7 491.4 48.3 152.4 497.9 50.3 154.3 508.9 51.6 155.4 494.0 53.6 155.1 5 6 7 8 9 ABS issuers Finance companies 120.3 122.6 130.5 116.1 146.1 134.4 211.6 152.1 265.8 152.4 313.1 160.0 316.8 156.5 345.1 154.3 359.4 159.1 372.4 168.5 380.9 167.8 8 9 L.223 Trade Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total trade payables 993.6 1046.6 1140.6 1242.2 1325.6 1426.0 1409.3 1400.5 1414.4 1417.3 1402.5 1 82.5 89.8 94.0 103.3 109.3 117.1 116.1 118.2 119.5 121.0 123.1 2 682.8 66.6 13.2 719.3 64.1 14.2 796.5 71.6 15.2 877.5 77.8 16.2 927.0 98.6 17.4 990.5 109.4 18.8 973.8 111.9 18.1 960.6 114.1 19.4 966.7 116.5 20.1 972.4 118.9 19.6 953.7 120.6 18.5 3 4 5 State and local governments Federal government 26.3 83.1 27.2 86.1 29.0 85.7 31.0 81.0 33.2 82.3 35.0 81.5 34.9 80.7 35.0 81.2 35.5 82.0 35.7 79.3 36.4 80.4 6 7 Rest of the world Brokers and dealers 31.8 7.4 35.9 10.1 39.5 9.1 45.3 10.3 43.6 14.3 53.8 19.9 54.2 19.6 51.2 20.9 52.3 21.8 51.4 19.0 50.5 19.4 8 9 1243.1 1293.1 1386.5 1499.7 1635.7 1738.6 1773.3 1813.7 1853.3 1797.0 1847.9 10 988.9 103.8 1035.0 103.0 1107.0 117.0 1184.9 129.3 1273.1 145.5 1309.7 162.2 1322.4 166.1 1350.0 170.3 1375.5 174.1 1317.9 178.2 1359.0 182.2 11 12 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 8 9 10 Total trade receivables 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 Federal government Rest of the world 30.8 44.7 28.4 47.5 24.7 49.8 23.1 49.4 24.0 55.3 20.8 58.1 22.5 56.6 22.3 57.2 24.5 56.5 20.3 53.1 23.6 50.1 13 14 15 16 Other insurance companies ABS issuers 49.0 25.8 50.7 28.4 52.9 35.2 57.3 55.7 57.2 80.7 59.9 128.1 62.6 143.2 63.4 150.6 64.0 158.7 61.6 165.9 62.0 170.9 15 16 -249.5 -246.4 -245.9 -257.6 -310.1 -312.7 -364.0 -413.2 -438.8 -379.7 -445.4 17 17 Discrepancy L.224 Security Credit Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 8 Total assets 217.7 279.0 279.0 305.7 358.1 469.1 505.3 540.6 579.0 577.5 550.2 1 53.5 0.0 76.1 0.0 75.1 0.0 78.6 0.0 94.4 0.0 131.2 0.0 140.3 0.0 152.2 0.0 151.0 0.0 155.0 0.0 158.4 0.0 2 3 164.2 76.2 57.3 30.7 202.9 102.3 61.4 39.3 203.9 109.0 56.8 38.1 227.1 127.6 65.1 34.4 263.7 162.9 60.2 40.6 337.9 215.5 64.4 58.0 364.9 233.4 71.6 60.0 388.5 248.8 72.2 67.5 428.1 281.4 72.6 74.1 422.5 279.5 76.3 66.6 391.8 262.1 70.5 59.2 4 5 6 7 217.7 279.0 279.0 305.7 358.1 469.1 505.3 540.6 579.0 577.5 550.2 8 9 10 Household sector Rest of the world 76.2 0.0 102.3 0.0 109.0 0.0 127.6 0.0 162.9 0.0 215.5 0.0 233.4 0.0 248.8 0.0 281.4 0.0 279.5 0.0 262.1 0.0 9 10 11 12 Commercial banking Brokers and dealers 88.0 53.5 100.7 76.1 94.9 75.1 99.5 78.6 100.8 94.4 122.5 131.2 131.6 140.3 139.7 152.2 146.7 151.0 143.0 155.0 129.7 158.4 11 12 97 Z.1, June 11, 1999 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 Life insurance reserves: 1 Total liabilities 447.7 484.8 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 731.9 1 2 3 Federal government Life insurance companies 26.2 421.5 27.6 457.2 28.9 491.5 29.9 536.3 30.5 580.1 32.3 632.7 32.4 644.8 33.1 657.5 33.1 670.4 33.6 684.7 33.7 698.2 2 3 4 Total assets (Households) 447.7 484.8 520.3 566.2 610.6 665.0 677.3 690.6 703.5 718.3 731.9 4 4367.2 4827.9 5057.5 5821.1 6567.8 7680.9 8246.8 8344.4 7805.4 8724.2 8873.0 5 410.8 743.0 447.9 836.4 485.5 884.5 506.3 1002.0 561.4 1094.8 601.7 1233.5 590.5 1303.7 601.5 1319.6 616.3 1271.0 642.9 1356.2 632.6 1400.3 6 7 2033.9 1179.5 2275.0 1268.7 2377.5 1309.9 2776.9 1535.9 3176.9 1734.7 3728.1 2117.6 4069.8 2282.8 4128.2 2295.1 3804.6 2113.5 4354.7 2370.4 4427.7 2412.4 8 9 4367.2 4827.9 5057.5 5821.1 6567.8 7680.9 8246.8 8344.4 7805.4 8724.2 8873.0 10 Pension fund reserves: 5 Total liabilities 6 7 Federal government (1) Life insurance companies 8 9 Private pension funds (2) State and local govt. retirement funds 10 Total assets (Households) (1) Includes civil service retirement and disability fund, the railroad retirement trust fund, the military retirement fund, the judicial retirement funds, and the foreign service retirement and disability fund. (2) Includes unallocated insurance company contracts beginning 1985:Q4. L.226 Taxes Payable by Businesses Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total taxes payable by all businesses 87.4 98.8 101.4 107.6 123.6 140.4 151.2 143.5 154.3 153.3 165.5 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 35.3 33.1 40.7 33.8 40.3 34.6 40.3 35.9 49.9 37.5 59.2 39.4 68.5 40.0 58.8 40.7 67.9 41.3 64.4 41.9 74.7 42.5 2 3 4 5 U.S.-chartered commercial banks Savings institutions 0.7 1.4 1.2 1.9 1.9 1.0 2.8 1.6 4.0 1.4 5.4 1.8 5.8 1.7 6.2 1.8 6.6 1.9 7.1 2.0 7.5 1.9 4 5 6 7 Life insurance companies Other insurance companies 7.8 5.6 9.4 7.0 10.4 7.9 12.0 9.0 13.6 10.2 15.3 11.5 15.7 11.8 16.1 12.1 16.5 12.4 16.8 12.7 17.2 12.9 6 7 8 9 Finance companies Brokers and dealers 2.6 0.9 3.3 1.4 4.1 1.2 4.9 1.1 5.6 1.3 6.4 1.3 6.6 1.1 6.8 1.1 7.0 0.8 7.2 1.3 7.3 1.3 8 9 54.4 58.0 52.6 45.2 46.8 46.9 62.1 48.8 52.8 49.5 69.0 10 38.9 15.5 39.1 18.9 34.0 18.6 27.9 17.3 26.1 20.7 26.9 20.0 27.6 34.5 28.6 20.2 28.8 24.0 28.1 21.4 28.5 40.5 11 12 33.0 40.8 48.8 62.4 76.7 93.5 89.1 94.7 101.5 103.8 96.5 13 10 11 12 13 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Investment in Bank Personal Trusts and Estates Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Liab.: Bank personal trusts and estates 660.6 691.3 699.4 803.0 871.7 1082.8 1179.5 1204.9 1118.9 1274.2 1317.0 1 2 Asset: Household sector 660.6 691.3 699.4 803.0 871.7 1082.8 1179.5 1204.9 1118.9 1274.2 1317.0 2 98 Z.1, June 11, 1999 L.229 Total Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total liabilities 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 4711.0 5099.3 5292.2 5656.0 6144.2 6800.8 7039.7 7094.8 7370.9 7287.2 7350.5 1 15.8 1885.0 108.1 16.3 2065.6 112.5 16.8 2081.6 102.9 17.5 2163.1 104.3 18.3 2426.5 104.9 18.6 2655.1 103.1 18.6 2699.9 100.4 18.9 2688.3 100.0 18.4 2683.5 99.8 17.2 2724.1 99.5 17.5 2730.2 99.6 2 3 4 Federal government Rest of the world 6.9 731.0 6.8 827.4 6.8 867.6 6.7 994.6 7.3 1108.0 6.6 1211.3 6.6 1241.3 6.6 1346.7 6.7 1506.9 6.7 1301.7 6.7 1381.3 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 3.7 554.6 106.8 4.6 4.6 628.4 103.0 5.1 6.0 750.1 106.7 6.4 7.3 848.4 106.1 4.5 7.1 863.0 103.5 4.6 8.9 1023.7 101.4 4.6 8.0 1019.9 105.5 5.0 8.0 1024.9 103.5 5.5 7.3 1130.1 105.6 5.4 9.9 1128.2 99.8 5.2 7.0 1090.0 98.1 4.7 7 8 9 10 11 12 Life insurance companies Other insurance companies 352.9 439.9 374.6 456.1 386.6 471.9 403.2 501.6 425.5 509.0 476.4 527.1 500.5 532.2 516.8 534.5 515.8 539.2 539.4 550.1 551.3 558.4 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 90.8 158.9 30.3 85.9 165.8 30.2 61.1 180.6 17.7 66.9 202.4 13.9 67.2 205.6 9.7 75.1 216.7 5.3 90.2 221.2 7.7 87.7 211.5 5.6 89.4 206.5 6.2 95.3 234.6 7.2 88.9 249.5 8.9 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 2.4 52.2 167.2 2.3 67.4 147.2 5.3 69.0 155.3 6.7 85.4 123.4 9.2 109.7 165.3 18.0 130.8 218.1 22.5 212.5 247.6 26.3 152.2 257.8 29.3 146.7 274.0 31.6 138.2 298.4 33.5 113.7 311.1 16 17 18 5438.6 5985.8 6398.7 7116.3 7850.7 8713.9 8934.9 9011.2 9292.7 9488.8 9690.8 19 251.0 2355.8 218.7 39.8 264.1 2615.3 227.6 41.3 276.9 2782.6 266.7 42.6 291.7 3156.9 314.8 44.5 301.4 3510.6 371.2 44.4 311.7 3960.7 421.6 44.8 314.7 4083.7 434.4 45.3 315.7 4124.1 446.8 45.5 319.5 4161.1 459.3 45.9 326.9 4272.2 472.7 46.6 330.4 4360.0 485.0 47.1 20 21 22 23 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 5 6 19 Total assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 24 25 26 State and local governments Federal government Rest of the world 18.8 120.3 578.1 20.1 116.2 681.6 19.0 119.6 687.6 53.9 117.1 775.5 39.0 110.7 964.9 27.5 103.8 1031.8 34.0 103.5 974.0 23.9 103.3 1049.3 22.6 102.3 1162.0 10.7 100.7 1175.8 11.2 100.2 1215.5 24 25 26 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates 7.4 549.3 78.2 16.5 12.6 9.6 627.0 61.0 18.2 16.0 9.8 738.1 53.0 14.8 12.9 10.7 797.8 54.7 13.9 12.1 11.2 823.7 52.9 13.7 16.0 13.2 934.0 49.7 17.6 16.7 13.4 944.8 54.7 21.5 16.8 14.6 979.5 55.1 18.0 16.9 15.4 1069.5 58.9 19.8 16.9 16.1 1075.1 62.6 24.3 16.8 15.6 1113.6 61.0 26.6 16.8 27 28 29 30 31 32 33 34 35 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 83.0 24.0 380.3 273.5 75.7 28.8 392.3 256.0 97.9 32.2 407.2 259.6 105.1 37.8 438.9 241.5 73.7 41.8 439.6 189.1 65.7 51.7 441.9 183.7 72.7 52.6 450.8 153.3 73.7 53.4 440.1 116.7 83.9 54.9 420.2 91.3 82.5 57.6 435.6 73.1 79.4 59.6 458.3 68.8 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises 12.7 3.0 26.9 23.7 3.3 33.2 30.6 5.9 31.5 43.4 6.3 39.2 48.3 4.7 85.5 64.3 11.8 104.9 78.0 8.0 110.5 65.3 5.0 118.4 72.6 6.6 130.1 72.2 11.1 160.0 69.5 8.3 171.6 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 90.4 3.1 180.4 114.8 116.1 4.6 228.6 125.4 108.5 6.4 254.2 141.0 129.6 7.3 258.2 165.5 151.5 5.6 320.7 230.7 170.4 10.5 391.8 284.0 185.6 17.1 454.0 311.5 194.7 19.7 419.6 311.8 165.3 21.1 462.7 330.8 186.5 21.2 452.0 336.5 211.4 21.0 385.9 373.7 39 40 41 42 -727.6 -886.5 -1106.4 -1460.3 -1706.6 -1913.0 -1895.2 -1916.3 -1921.8 -2201.6 -2340.3 43 43 Discrepancy 99 Z.1, June 11, 1999 L.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 668.0 580.0 29.9 4.0 24.0 24.6 5.4 714.8 598.4 33.8 4.9 28.8 44.6 4.3 752.1 651.2 35.6 4.8 32.2 25.9 2.6 849.7 742.8 37.9 5.6 37.8 22.8 2.8 937.0 816.3 44.6 6.6 41.8 24.2 3.4 1023.9 886.0 44.9 7.2 51.7 29.2 4.8 1061.1 919.6 46.0 7.2 52.6 30.4 5.3 1103.1 955.7 46.6 8.8 53.4 32.8 5.8 1127.1 976.6 45.3 8.7 54.9 35.2 6.4 1155.8 999.0 45.7 9.0 57.6 36.5 8.1 1179.1 1019.2 44.1 8.7 59.6 37.8 9.7 1 2 3 4 5 6 7 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 478.6 4.4 21.2 9.7 25.7 9.5 5.3 -53.8 497.8 5.2 24.0 13.1 26.7 33.8 5.0 -54.9 535.4 4.8 26.3 10.9 27.9 20.0 5.8 -70.1 575.3 2.8 32.7 13.8 36.8 24.8 11.1 -83.1 620.7 3.8 31.2 17.1 37.7 30.2 8.4 -82.0 689.1 3.8 36.4 18.2 50.9 35.1 8.1 -89.7 723.3 2.4 36.7 18.1 52.1 36.8 8.2 -100.1 738.5 2.4 35.2 19.2 53.3 39.1 8.2 -98.8 752.6 2.4 40.6 19.9 54.6 37.3 8.3 -87.1 855.2 2.5 42.6 20.3 56.5 40.6 8.3 -77.9 880.5 2.5 44.4 21.0 57.9 39.2 8.4 -85.4 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 500.5 550.9 561.2 614.3 667.0 751.8 777.4 797.1 828.5 948.1 968.6 16 23.8 23.8 25.0 25.0 26.4 26.4 27.9 27.9 29.7 29.7 31.3 31.3 31.7 31.7 32.1 32.1 32.5 32.5 32.9 32.9 33.3 33.3 17 18 3.1 3.1 3.4 3.4 3.7 3.7 4.0 4.0 4.6 4.6 5.4 5.4 5.5 5.5 5.8 5.8 5.9 5.9 6.0 6.0 6.1 6.1 19 20 14.7 16.3 18.2 20.1 21.3 21.9 23.3 23.8 24.0 25.3 26.8 21 1.9 0.6 2.1 0.0 1.4 8.6 0.0 0.0 1.9 0.8 2.2 0.0 2.7 8.7 0.1 0.0 2.0 0.9 2.2 0.0 4.3 8.6 0.1 0.1 1.8 1.0 2.2 0.0 5.8 9.1 0.2 0.1 1.6 1.7 1.5 0.0 6.7 9.5 0.2 0.2 0.5 1.7 1.5 0.0 8.0 9.9 0.2 0.2 0.5 1.6 1.6 0.0 8.5 10.7 0.2 0.2 0.4 1.8 1.7 0.0 8.7 10.8 0.3 0.2 -0.2 1.7 1.8 0.0 9.2 11.1 0.3 0.2 -0.2 1.6 1.7 0.0 10.0 11.8 0.3 0.2 -0.2 1.6 1.6 0.0 10.6 12.5 0.4 0.3 22 23 24 25 26 27 28 29 Federal government equity in IBRD, etc.: 17 18 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 20 Liab.: Monetary authority Asset: Commercial banking Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 30 31 32 33 34 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 255.0 4.0 17.2 30.3 -8.2 286.6 4.4 17.8 30.2 3.8 304.2 4.4 20.9 17.7 13.4 344.3 4.5 25.5 13.9 20.7 372.9 4.7 30.2 9.7 20.4 413.6 5.0 32.3 5.3 47.3 430.3 5.1 32.3 7.7 54.1 445.9 5.2 30.0 5.6 76.1 459.2 5.3 29.1 6.2 81.3 469.0 5.4 30.9 7.2 90.6 476.9 5.5 32.3 8.9 105.8 30 31 32 33 34 35 Asset: Bank holding companies 298.2 342.9 360.6 408.9 437.8 503.5 529.5 562.8 581.1 603.0 629.5 35 17.2 17.2 17.8 17.8 20.9 20.9 25.5 25.5 30.2 30.2 32.3 32.3 32.3 32.3 30.0 30.0 29.1 29.1 30.9 30.9 32.3 32.3 36 37 51.1 63.7 44.5 80.8 44.1 96.9 50.7 114.8 64.5 166.3 78.8 205.2 87.5 224.0 79.3 232.5 89.5 241.3 90.6 245.9 89.8 283.9 38 39 114.8 125.4 141.0 165.5 230.7 284.0 311.5 311.8 330.8 336.5 373.7 40 NFC inv. in finance company subs.: 36 37 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 38 39 Liab.: Foreign banking offices in U.S. Brokers and dealers 40 Asset: Funding corporations 100 Z.1, June 11, 1999 L.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 1.8 1.8 1.9 1.9 2.2 2.2 2.0 2.0 1.9 1.9 1.9 1.9 2.3 2.3 2.3 2.3 2.1 2.1 2.2 2.2 2.0 2.0 1 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 30.8 30.8 23.7 23.7 16.0 16.0 19.3 19.3 18.0 18.0 18.0 18.0 22.3 22.3 21.6 21.6 22.8 22.8 24.9 24.9 21.5 21.5 5 6 15.8 15.8 16.3 16.3 16.8 16.8 17.5 17.5 18.3 18.3 18.6 18.6 18.6 18.6 18.9 18.9 18.4 18.4 17.2 17.2 17.5 17.5 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 Liab.: Life insurance companies Health Policy dividend accumulation 77.5 45.2 32.3 84.2 51.4 32.8 90.9 58.0 32.9 96.9 63.2 33.7 103.9 69.4 34.5 112.2 75.7 36.4 113.5 76.7 36.8 114.1 77.1 36.9 116.4 79.2 37.2 120.1 83.0 37.1 120.6 83.5 37.1 9 10 11 12 Asset: Household sector 77.5 84.2 90.9 96.9 103.9 112.2 113.5 114.1 116.4 120.1 120.6 12 Policy payables: 13 Liab.: Other insurance companies 414.3 429.4 444.0 464.8 471.4 476.2 480.1 481.3 484.7 493.6 500.5 13 14 15 16 17 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 173.6 163.0 39.9 37.7 179.9 169.7 40.8 39.1 186.0 175.4 42.2 40.4 194.7 183.6 44.2 42.3 197.5 186.2 44.8 42.9 199.5 188.1 45.2 43.3 201.2 189.7 45.6 43.7 201.7 190.1 45.7 43.8 203.1 191.4 46.0 44.1 206.8 195.0 46.9 44.9 209.8 197.7 47.5 45.5 14 15 16 17 198.0 198.0 206.6 206.6 210.0 210.0 210.8 210.8 220.2 220.2 234.5 234.5 243.1 243.1 251.1 251.1 249.8 249.8 261.7 261.7 261.6 261.6 18 19 18.9 18.9 21.9 21.9 22.0 22.0 25.7 25.7 29.5 29.5 33.3 33.3 34.2 34.2 35.2 35.2 36.1 36.1 37.1 37.1 38.0 38.0 20 21 153.5 153.5 197.1 197.1 221.7 221.7 216.2 216.2 276.1 276.1 333.3 333.3 356.6 356.6 368.1 368.1 405.1 405.1 394.9 394.9 348.8 348.8 22 23 Unallocated insurance company contracts: 18 19 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 20 21 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 22 23 Liab.: Funding corporations Asset: Brokers and dealers 101 Z.1, June 11, 1999 L.232 Unidentified Miscellaneous Financial Claims Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1992 1 Total liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 Federal government Rest of the world Monetary authority 1993 1994 1995 1996 1997 1998 Q1 Q2 Q3 Q4 1999 Q1 2160.3 2321.7 2384.6 2487.1 2646.8 2918.7 2996.6 2936.0 3076.4 2797.0 2790.7 1 1387.5 103.8 1545.9 107.3 1524.2 98.0 1562.1 101.5 1776.3 101.1 1932.8 99.3 1942.5 98.0 1914.6 97.6 1894.8 97.4 1831.8 97.0 1811.6 97.1 2 3 6.9 37.4 0.6 6.8 85.7 1.2 6.8 86.8 2.3 6.7 115.0 3.3 7.3 139.4 2.5 6.6 154.2 3.5 6.6 146.2 2.5 6.6 209.2 2.2 6.7 345.2 1.4 6.7 110.8 3.9 6.7 167.0 0.9 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 227.3 76.3 124.8 22.0 4.2 273.2 91.0 157.1 19.6 5.6 375.6 158.9 187.3 22.0 7.4 420.7 160.7 225.1 24.6 10.3 394.4 147.7 199.6 36.3 10.9 494.9 185.1 236.3 57.9 15.6 465.4 169.8 213.7 65.6 16.3 464.5 171.0 208.7 67.7 17.1 540.9 213.0 242.8 67.5 17.6 526.1 206.4 225.2 74.1 20.4 479.0 170.5 212.7 74.6 21.2 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 102.8 4.6 67.8 45.4 98.5 5.1 70.7 45.8 102.3 6.4 74.7 26.8 101.6 4.5 81.6 27.6 98.8 4.6 84.3 28.0 96.4 4.6 111.6 35.1 100.4 5.0 125.8 44.5 98.3 5.5 132.5 42.3 100.3 5.4 129.7 42.7 94.4 5.2 137.3 45.2 92.6 4.7 148.1 40.6 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 115.1 2.4 -8.6 67.5 96.4 2.3 -22.3 4.9 118.8 5.3 -47.2 3.7 126.5 6.7 -61.2 -9.6 115.1 9.2 -85.3 -28.8 117.0 18.0 -129.8 -25.5 119.8 22.5 -73.7 -8.9 112.4 26.3 -164.5 -11.6 111.0 29.3 -184.2 -43.9 132.2 31.6 -206.6 -18.6 145.7 33.5 -284.4 47.8 16 17 18 19 2887.9 3208.3 3491.1 3947.4 4353.3 4831.7 4891.8 4852.3 4998.2 4998.6 5131.0 20 1593.8 178.1 18.8 1827.6 186.1 20.1 1933.3 223.6 19.0 2203.1 269.7 53.9 2476.4 324.8 39.0 2853.8 374.7 27.5 2941.6 387.2 34.0 2947.9 399.4 23.9 2964.2 411.6 22.6 3047.6 424.3 10.7 3111.0 436.0 11.2 21 22 23 94.6 77.6 7.4 89.3 130.8 9.6 91.1 126.4 9.8 87.2 161.2 10.7 79.1 297.9 11.2 70.6 279.9 13.2 69.5 196.6 13.4 68.9 252.2 14.6 67.6 333.5 15.4 65.6 227.8 16.1 65.0 247.0 15.6 24 25 26 216.7 44.6 142.1 27.0 3.0 244.1 38.1 175.9 27.5 2.6 333.9 82.8 213.5 35.2 2.4 341.2 78.9 218.5 39.8 4.0 330.0 76.9 197.2 51.1 4.8 372.1 86.8 234.3 44.4 6.6 355.4 85.1 215.1 48.5 6.7 355.6 95.6 201.9 51.1 7.0 427.9 115.1 256.4 48.8 7.6 410.5 111.2 234.5 56.5 8.3 423.3 103.6 254.5 56.8 8.3 27 28 29 30 31 38.8 16.5 12.6 28.6 18.1 16.0 28.4 14.7 12.9 26.4 13.8 12.1 25.3 13.6 16.0 21.7 17.3 16.7 21.7 21.3 16.8 22.7 17.8 16.9 25.0 19.5 16.9 26.0 24.0 16.8 27.0 26.2 16.8 32 33 34 63.2 163.4 273.5 54.5 163.9 256.0 76.2 175.1 259.6 81.9 202.4 241.5 48.7 189.9 189.1 39.8 174.1 183.7 46.7 173.4 153.3 45.9 153.8 116.7 56.6 134.2 91.3 56.1 136.8 73.1 53.0 158.7 68.8 35 36 37 20 Total assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 32 33 34 Savings institutions Credit unions Bank personal trusts and estates 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds 38 39 40 Mutual funds Money market mutual funds Government-sponsored enterprises 3.0 12.7 26.9 3.3 23.7 33.2 5.9 30.6 31.5 6.3 43.4 39.2 4.7 48.3 85.5 11.8 64.3 104.9 8.0 78.0 110.5 5.0 65.3 118.4 6.6 72.6 130.1 11.1 72.2 160.0 8.3 69.5 171.6 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 65.8 3.1 21.5 71.5 4.6 27.2 82.7 6.4 30.0 106.8 7.3 39.2 127.3 5.6 41.1 141.2 10.5 53.7 155.2 17.1 92.1 161.9 19.7 45.7 130.1 21.1 51.3 150.0 21.2 49.0 173.6 21.0 27.5 41 42 43 -727.6 -886.5 -1106.4 -1460.3 -1706.6 -1913.0 -1895.2 -1916.3 -1921.8 -2201.6 -2340.3 44 44 Discrepancy 102 Z.1, June 11, 1999 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 2 3 4 5 6 7 8 Assets Tangible assets Real estate Households (2,3) Nonprofit organizations Equipment owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 21505.9 23583.0 24307.2 26054.3 27211.1 28568.8 29563.8 32611.4 35328.7 39237.7 43218.3 1 8398.6 9107.9 9323.9 9468.7 9731.2 9979.7 10316.3 10788.9 11316.4 12090.7 12953.7 2 6712.6 5954.4 758.2 7296.0 6494.9 801.1 7405.1 6608.5 796.6 7477.0 6716.0 761.0 7664.2 6948.8 715.4 7804.8 7105.0 699.9 8017.7 7281.9 735.8 8398.0 7631.1 766.9 8832.9 8031.2 801.7 9516.9 8620.4 896.5 10238.0 9242.8 995.2 3 4 5 44.6 1641.4 48.5 1763.4 52.6 1866.3 56.6 1935.1 62.0 2005.0 67.0 2107.9 72.2 2226.3 74.0 2317.0 77.6 2406.0 81.5 2492.3 84.2 2631.4 6 7 13107.3 14475.1 14983.3 16585.7 17479.9 18589.1 19247.6 21822.5 24012.3 27146.9 30264.6 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 3052.2 10.7 437.8 2341.9 261.8 3205.8 11.9 427.3 2428.6 338.0 3264.5 13.4 408.8 2477.3 364.9 3267.3 14.6 449.8 2423.5 379.5 3249.6 15.6 546.7 2348.8 338.6 3182.8 15.8 593.4 2235.8 337.9 3157.3 18.8 563.6 2223.5 351.3 3365.5 23.4 504.9 2388.0 449.2 3539.5 35.5 445.7 2553.0 505.3 3795.1 41.8 440.2 2723.2 589.9 4154.6 37.8 460.1 2917.1 739.6 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper U.S. government securities Treasury Savings bonds Other Treasury Agency Municipal securities Corporate and foreign bonds Mortgages 1230.1 67.3 391.9 342.2 109.6 232.6 49.7 523.8 121.2 125.9 1294.2 56.9 400.3 322.5 117.7 204.8 77.8 547.2 155.3 134.5 1511.6 63.2 529.1 405.4 126.2 279.2 123.7 574.5 200.7 144.2 1614.3 33.3 514.9 401.1 138.1 263.0 113.7 614.1 304.5 147.6 1675.6 29.9 627.4 485.9 157.3 328.6 141.5 585.5 295.9 136.8 1666.8 45.5 608.6 505.3 171.9 333.4 103.3 552.6 331.6 128.5 1974.3 46.7 937.3 689.3 179.9 509.4 247.9 502.2 370.4 117.7 1929.3 48.0 854.4 594.4 185.0 409.4 260.0 459.0 457.0 110.9 1982.7 52.0 917.7 571.1 187.0 384.1 346.6 435.5 469.6 107.9 1804.4 59.0 759.6 388.3 186.5 201.8 371.3 423.6 457.2 105.1 1673.9 63.2 658.5 324.4 186.6 137.8 334.1 454.9 395.3 102.1 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Corporate equities (2) Mutual fund shares (5) Security credit Life insurance reserves Pension fund reserves 1619.0 401.3 40.9 335.7 2750.3 1942.5 469.1 53.2 365.3 3239.4 1778.3 467.8 62.4 391.7 3497.4 2554.4 586.6 87.0 418.6 4009.5 2895.5 727.9 76.2 447.7 4367.2 3190.8 990.9 102.3 484.8 4827.9 2990.4 1052.1 109.0 520.3 5057.5 3994.8 1265.0 127.6 566.2 5821.1 4524.6 1586.0 162.9 610.6 6567.8 5319.1 2057.6 215.5 665.0 7680.9 6299.9 2497.9 279.5 718.3 8724.2 24 25 26 27 28 29 30 31 Investment in bank personal trusts Equity in noncorporate business (6) Miscellaneous assets 470.3 3016.2 191.3 541.4 3158.0 206.2 551.7 3233.3 224.4 639.3 3174.6 234.1 660.6 3128.5 251.0 691.3 3187.3 264.1 699.4 3410.5 276.9 803.0 3658.3 291.7 871.7 3865.2 301.4 1082.8 4214.9 311.7 1274.2 4315.1 326.9 29 30 31 3111.8 3397.3 3678.5 3873.9 4045.1 4292.5 4615.0 4982.4 5322.2 5696.4 6195.5 32 3011.3 2021.5 732.0 79.9 30.0 88.9 59.0 3280.8 2220.7 793.3 83.3 20.4 90.3 72.8 3554.3 2461.2 805.1 86.6 17.9 100.9 82.5 3725.4 2621.6 794.5 90.6 13.1 110.2 95.5 3893.4 2764.6 798.3 92.6 17.6 119.5 100.9 4110.3 2894.9 859.0 94.0 27.4 126.6 108.5 4429.1 3072.4 983.9 97.6 40.0 133.7 101.5 4783.0 3253.5 1122.8 98.3 54.8 160.3 93.2 5100.2 3463.5 1211.6 104.9 47.1 172.7 100.5 5429.5 3695.4 1264.1 114.9 55.8 190.7 108.5 5902.3 4055.1 1331.7 126.9 62.6 204.0 122.0 33 34 35 36 37 38 39 43.5 41.5 42.5 57.6 38.8 68.9 55.1 77.7 53.5 82.5 76.1 89.8 75.1 94.0 78.6 103.3 94.4 109.3 131.2 117.1 155.0 121.0 40 41 15.5 16.4 16.5 15.7 15.8 16.3 16.8 17.5 18.3 18.6 17.2 42 18394.1 20185.7 20628.7 22180.4 23166.0 24276.2 24948.9 27629.0 30006.5 33541.3 37022.8 43 4150.4 3901.4 142.5 106.5 420.7 4408.5 4151.4 146.9 110.2 444.3 4607.3 4343.1 151.2 113.0 465.0 4710.0 4445.9 152.0 112.1 474.9 4985.5 4713.9 156.8 114.8 493.3 5328.8 5049.6 162.2 117.0 521.6 5749.9 5459.0 170.7 120.2 551.5 6021.2 5724.7 175.1 121.5 572.4 6365.2 6061.1 180.0 124.1 598.1 6714.4 6403.1 184.7 126.6 633.5 7091.8 6775.1 187.6 129.1 660.7 44 45 46 47 48 3646.9 3901.6 4171.4 4340.9 4605.1 4791.1 5018.9 5276.9 5534.8 5795.2 6028.1 49 504.4 517.4 494.5 511.0 503.1 506.7 497.1 523.6 542.1 578.8 614.2 50 3932.9 4274.2 4147.3 4094.5 4184.2 4210.1 4209.5 4377.5 4567.7 4925.0 5187.7 51 66.1 65.8 62.8 61.0 60.2 59.3 57.8 57.4 56.9 57.1 56.1 52 32 Liabilities 33 34 35 36 37 38 39 Credit market instruments Home mortgages Consumer credit Municipal securities (7) Bank loans n.e.c. Other loans and advances Commercial mortgages (7) 40 41 Security credit Trade payables (7) Deferred and unpaid life insurance premiums 42 43 Net worth 44 45 46 47 48 Memo: Replacement-cost value of structures: Residential Households Farm households Nonprofit organizations Nonresidential (nonprofits) 49 50 51 52 Disposable personal income Household net worth as percentage of disposable personal income Owners’ equity in household real estate (8) Owners’ equity as percentage of household real estate (9) (1) Sector includes farm households. (2) At market value. (3) Includes vacant land and vacant homes for sale. (4) At replacement (current) cost. (5) Value based on the market values of equities held and the book value of other assets held by mutual funds. (6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers. (7) Liabilities of nonprofit organizations. (8) Line 4 less line 34. (9) Line 51 divided by line 4. 103 Z.1, June 11, 1999 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 With tangible assets stated at either market value or replacement cost: 1 Assets 9074.0 9620.8 9828.4 9807.5 9793.0 10146.6 10775.1 11581.2 12375.0 13449.9 14373.3 1 2 Tangible assets 5788.3 6101.7 6194.0 6043.3 5861.3 5857.6 6207.8 6522.5 6806.1 7360.0 7893.2 2 3 4 5 Real estate (1) Equipment (2) Inventories (2) 3288.5 1652.5 847.4 3471.9 1735.8 894.0 3440.5 1828.1 925.4 3254.5 1875.8 913.0 3011.8 1925.1 924.4 2900.7 1994.1 962.7 3073.8 2092.3 1041.7 3203.2 2213.8 1105.4 3353.9 2316.7 1135.4 3756.2 2426.4 1177.3 4202.7 2485.8 1204.7 3 4 5 6 Financial assets 3285.7 3519.1 3634.4 3764.2 3931.7 4289.0 4567.3 5058.8 5569.0 6089.9 6480.1 6 20.2 134.9 98.8 15.6 5.0 13.6 34.0 16.8 68.1 60.8 895.9 10.6 1911.2 13.3 151.1 89.7 16.2 2.8 14.3 60.6 32.4 54.4 63.8 938.0 11.7 2070.9 13.2 166.8 73.4 26.3 2.1 13.8 40.9 24.7 52.8 67.1 967.2 9.7 2176.3 15.0 182.5 66.8 31.5 1.6 14.7 48.5 44.8 59.0 63.0 961.4 14.8 2260.5 14.3 189.4 51.8 47.3 5.1 17.0 69.2 45.8 60.0 65.7 988.9 21.1 2355.8 12.9 203.1 74.1 44.8 2.5 19.4 67.9 54.7 52.3 77.2 1035.0 29.8 2615.3 14.0 221.6 67.5 52.2 2.2 18.8 70.7 56.7 56.4 86.6 1107.0 31.1 2782.6 15.6 252.9 42.9 77.0 2.4 20.1 80.5 36.8 57.9 85.1 1184.9 45.7 3156.9 26.1 289.8 43.6 86.9 3.9 31.5 80.6 31.0 54.4 77.7 1273.1 59.9 3510.6 19.8 287.7 49.8 110.7 4.5 35.3 74.8 38.6 50.4 78.9 1309.7 69.1 3960.7 20.8 302.9 45.4 155.8 3.4 25.5 78.9 45.1 46.4 74.9 1317.9 91.0 4272.2 7 8 9 10 11 12 13 14 15 16 17 18 19 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6009.5 6481.1 7011.5 7399.2 20 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 21 22 23 24 25 26 27 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Bank loans n.e.c. Other loans and advances Mortgages 2214.2 85.7 116.4 887.2 517.9 372.9 234.2 2397.0 107.1 115.5 961.1 542.8 418.9 251.6 2515.3 116.9 115.2 1008.2 545.5 473.1 256.5 2463.2 98.5 114.0 1086.9 507.7 410.2 245.9 2506.5 107.1 118.3 1154.5 488.4 412.6 225.6 2563.0 117.8 124.9 1229.7 477.6 388.4 224.6 2708.9 139.2 131.7 1253.0 521.0 421.4 242.6 2928.6 157.4 134.8 1326.3 587.7 453.7 268.8 3077.7 156.4 137.9 1398.8 627.2 475.0 282.4 3306.7 168.6 142.0 1489.5 695.4 520.6 290.6 3638.2 193.0 147.8 1621.8 778.3 568.4 329.1 21 22 23 24 25 26 27 28 29 30 Trade payables Taxes payable Miscellaneous liabilities 576.1 44.4 1356.9 597.9 38.3 1499.6 626.3 38.3 1549.5 649.4 28.9 1688.3 682.8 35.3 1885.0 719.3 40.7 2065.6 796.5 40.3 2081.6 877.5 40.3 2163.1 927.0 49.9 2426.5 990.5 59.2 2655.1 972.4 64.4 2724.1 28 29 30 31 Net worth (market value) 4882.3 5088.1 5099.0 4977.7 4683.2 4758.0 5147.7 5571.7 5894.0 6438.3 6974.1 31 65.3 2351.8 67.1 2468.4 68.6 2568.6 69.4 2598.6 72.3 2672.8 74.0 2812.5 76.1 2963.9 78.3 3093.5 81.5 3239.7 84.3 3414.6 87.3 3548.0 32 33 2216.7 45.4 99.9 45.4 2673.1 47.1 89.7 52.5 2529.7 49.3 99.4 49.6 3497.0 49.5 70.4 70.3 3827.9 53.5 65.5 81.7 4126.0 53.9 62.1 86.7 4141.8 52.6 65.4 80.5 5481.1 52.6 53.4 98.4 6367.4 52.2 48.3 108.0 7793.8 51.4 42.4 121.1 10040.2 52.2 36.2 144.0 34 35 36 37 6811.3 7219.6 7505.2 7751.7 8079.5 8627.2 9141.1 9882.1 10678.4 11490.0 12188.6 38 3525.6 1404.4 1286.3 834.9 3700.5 1478.7 1357.9 863.9 3870.8 1566.2 1429.2 875.4 3987.5 1634.5 1486.3 866.8 4147.9 1694.2 1551.2 902.5 4338.2 1763.8 1633.8 940.6 4573.8 1837.1 1740.7 996.0 4823.3 1920.9 1871.0 1031.5 5109.5 2025.1 2016.7 1067.7 5400.1 2106.7 2177.0 1116.4 5708.5 2207.7 2375.7 1125.1 39 40 41 42 32 33 34 35 36 37 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding (includes corporate farm equities) Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With tangible assets stated at historical cost: 38 39 40 41 42 Assets (8) Tangible assets Real estate Equipment Inventories 43 Net worth (historical cost) (9) 2619.6 2686.9 2775.8 2921.9 2969.8 3238.6 3513.7 3872.6 4197.4 4478.5 4789.4 43 44 45 46 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 25.0 1229.5 84.5 26.1 1290.5 89.2 27.2 1361.4 90.6 28.2 1424.9 84.3 29.3 1480.0 84.4 29.8 1543.2 79.1 30.6 1609.4 77.1 32.5 1693.4 75.6 34.0 1792.5 73.3 35.6 1892.9 73.8 37.3 1993.7 76.0 44 45 46 (1) At market value. (2) At replacement (current) cost. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Line 21 divided by line 31. (6) Line 21 divided by line 34. (7) Line 34 divided by line 31. (8) Sum of lines 6 and 39. (9) Line 38 less line 20. (10) Line 21 divided by line 43. 104 Z.1, June 11, 1999 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 1 2 Change in net worth (1) Net investment 1988 1989 1990 1991 1992 1993 1566.6 1791.6 443.0 1551.7 985.6 1110.2 546.0 415.9 602.6 397.7 535.0 457.1 1994 1995 1996 1997 1998 672.6 2680.1 2377.5 3534.8 3481.5 1 518.1 419.1 369.0 364.8 350.8 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 265.8 670.7 404.8 251.1 692.9 441.8 218.6 683.6 465.0 156.9 646.3 489.4 198.0 714.8 516.8 253.4 784.2 530.8 294.8 860.5 565.6 301.5 889.8 588.2 344.7 949.7 605.0 367.0 994.6 627.6 429.1 1085.6 656.5 3 4 5 6 7 8 Net financial investment Net acquisition of financial assets - Net increase in liabilities 280.1 530.9 250.8 164.8 434.8 269.9 384.0 631.1 247.1 240.8 428.6 187.8 337.0 504.4 167.4 203.7 445.8 242.1 223.2 543.0 319.7 117.6 480.0 362.5 24.3 392.9 368.6 -2.2 369.3 371.5 -78.3 420.8 499.0 6 7 8 1024.7 1398.1 -124.4 1096.3 469.1 669.9 140.3 2355.9 2007.2 3287.6 3196.4 9 414.3 371.2 9.9 177.0 465.8 407.7 36.5 157.2 12.9 -137.9 -28.8 44.5 -16.1 810.9 15.4 -80.2 81.1 319.3 7.5 -80.6 1.3 352.8 57.8 34.7 57.4 -40.7 -6.1 169.6 219.8 1196.4 118.2 187.6 259.5 821.2 140.1 206.7 473.9 1316.3 212.6 343.1 499.5 1507.9 177.3 114.0 10 11 12 13 24.9 279.1 7.5 296.1 113.4 193.4 -30.1 534.4 502.3 805.5 761.9 14 27.3 51.8 -22.6 70.1 28.4 29.8 -9.7 99.6 77.4 136.2 135.7 15 13.6 6.6 7.1 12.9 -6.6 3.7 -3.6 -46.8 -66.3 -84.4 -62.7 16 12.3 1.3 5.7 0.9 5.6 1.4 12.3 0.6 -7.2 0.6 3.0 0.7 -4.8 1.2 -45.7 -1.1 -66.4 0.1 -82.9 -1.5 -58.6 -4.1 17 18 -17.6 -29.0 -42.3 44.9 -12.0 -20.4 17.9 -48.0 67.5 -33.2 -3.1 19 18394.1 3646.9 20185.7 3901.6 20628.7 4171.4 22180.4 4340.9 23166.0 4605.1 24276.2 4791.1 24948.9 5018.9 27629.0 5276.9 30006.5 5534.8 33541.3 5795.2 37022.8 6028.1 20 21 9 10 11 12 13 14 15 16 17 18 19 Holding gains on assets stated at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Investment in bank personal trusts and estates Holding gains on assets stated at current cost (2) Consumer durable goods Equipment Other factors (3) Memo: 20 21 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19). (2) Calculated as change in amount outstanding during period less net purchases during period. (3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities. (4) Table B.100, line 43. 105 Z.1, June 11, 1999 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 With tangible assets valued at either market or replacement cost: 1 2 3 4 5 6 7 8 9 10 11 Change in net worth (1) 313.4 205.7 10.9 -121.2 -294.5 74.7 389.7 424.0 322.3 544.4 535.8 1 -102.8 -168.0 -20.7 88.1 82.5 260.6 168.0 194.4 151.1 87.3 -28.4 2 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Access rights from fed. government 115.9 364.6 277.8 -29.3 0.3 115.9 394.2 295.6 -17.5 0.2 94.4 387.8 306.6 -13.5 0.2 47.8 370.2 318.4 4.0 -0.1 64.4 385.4 328.5 -7.5 0 115.3 444.9 338.2 -8.6 0.0 171.2 513.4 358.2 -16.0 0 210.1 568.3 373.2 -22.6 7.6 211.4 604.5 390.9 -1.2 3.5 244.5 671.1 412.6 6.9 7.1 258.1 707.4 432.4 14.5 2.4 3 4 5 6 7 Net financial investment Net acquisition of financial assets - Net increase in liabilities -89.2 354.5 443.7 -159.7 187.6 347.4 -52.1 131.5 183.5 22.0 89.1 67.1 -8.9 152.4 161.3 124.1 342.0 217.9 41.7 283.3 241.6 42.7 433.5 390.8 9.2 407.7 398.5 -42.8 302.9 345.6 -19.5 367.9 387.5 8 9 10 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 11 155.4 154.8 0.5 143.4 140.9 2.5 -87.1 -86.1 -1.0 -218.7 -221.4 2.7 -270.0 -271.3 1.3 -146.5 -148.3 1.8 135.1 135.9 -0.8 94.6 84.6 10.0 97.3 86.4 10.9 380.5 363.0 17.5 402.9 388.4 14.6 12 13 14 58.3 53.0 7.4 0.7 2.7 39.1 45.6 -1.0 -12.4 -6.9 100.5 55.8 12.8 25.9 -5.9 12.3 26.4 -7.3 -9.9 -2.9 -15.7 19.4 2.0 -33.6 3.6 -11.3 19.3 4.3 -33.5 1.4 23.2 22.8 14.9 -20.7 -6.2 40.3 20.3 3.0 3.4 -13.5 7.3 -19.0 5.5 2.0 -18.7 -45.7 -33.6 -11.1 -31.3 -30.4 -131.0 -121.4 -8.2 0 1.4 15 16 17 18 19 202.6 191.1 18.2 -2.8 -91.2 -28.1 63.5 94.7 66.6 122.2 292.3 20 4882.3 5088.1 5099.0 4977.7 4683.2 4758.0 5147.7 5571.7 5894.0 6438.3 6974.1 21 Net investment flow Corporate equity issues 12 13 14 Holding gains on assets stated at market value (2) Real estate Mutual fund shares 15 16 17 18 19 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Equipment Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 20 Other factors (4) Memo: 21 Net worth outstanding (market value) With tangible assets valued at historical cost: 22 23 Change in net worth (5) Net investment flow 160.6 67.3 88.9 146.1 47.9 268.8 275.1 358.9 324.8 281.1 311.0 22 -102.8 -168.0 -20.7 88.1 82.5 260.6 168.0 194.4 151.1 87.3 -28.4 23 24 25 26 27 28 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Access rights from fed. government 115.9 364.6 277.8 -29.3 0.3 115.9 394.2 295.6 -17.5 0.2 94.4 387.8 306.6 -13.5 0.2 47.8 370.2 318.4 4.0 -0.1 64.4 385.4 328.5 -7.5 0 115.3 444.9 338.2 -8.6 0.0 171.2 513.4 358.2 -16.0 0 210.1 568.3 373.2 -22.6 7.6 211.4 604.5 390.9 -1.2 3.5 244.5 671.1 412.6 6.9 7.1 258.1 707.4 432.4 14.5 2.4 24 25 26 27 28 29 30 31 Net financial investment Net acquisition of financial assets - Net increase in liabilities -89.2 354.5 443.7 -159.7 187.6 347.4 -52.1 131.5 183.5 22.0 89.1 67.1 -8.9 152.4 161.3 124.1 342.0 217.9 41.7 283.3 241.6 42.7 433.5 390.8 9.2 407.7 398.5 -42.8 302.9 345.6 -19.5 367.9 387.5 29 30 31 32 Corporate equity issues -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -69.5 -114.4 -267.0 32 33 Valuation adjustment on reproducible assets (6) 1.4 -18.6 -7.1 -3.4 26.3 3.6 -8.6 -25.9 7.4 6.8 -11.3 33 34 Holding gains on mutual fund shares (2) 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 10.9 17.5 14.6 34 35 36 37 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Direct investment abroad - Foreign direct investment in U.S. -2.0 0.7 2.7 -5.5 -12.4 -6.9 31.9 25.9 -5.9 -6.9 -9.9 -2.9 -37.2 -33.6 3.6 -34.9 -33.5 1.4 -14.6 -20.7 -6.2 16.9 3.4 -13.5 20.7 2.0 -18.7 -0.9 -31.3 -30.4 -1.4 0 1.4 35 36 37 263.5 256.8 85.9 65.7 -25.0 37.6 131.1 163.4 134.6 170.4 337.6 38 2619.6 2686.9 2775.8 2921.9 2969.8 3238.6 3513.7 3872.6 4197.4 4478.5 4789.4 39 38 Other factors (4) Memo: 39 Net worth outstanding (historical cost) (1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20). (2) Calculated as change in amount outstanding during period less net purchases during period. (3) Before inventory valuation adjustment. (4) Consists of estimates of land purchases and statistical discontinuities. (5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38). (6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers of assets. 106 Z.1, June 11, 1999 F.100.a Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1988 1989 1990 1991 1992 1993 1994 1995 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.0 38.4 40.6 1 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 54.9 69.9 101.6 2 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 2.3 0.2 1.2 0.2 3 4 5 6 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 45.3 23.4 70.5 7 8 9 10 11 Open market paper U.S. government securities Treasury Agency 34.4 11.5 3.2 8.2 -10.4 18.6 27.8 -9.2 6.2 10.5 -2.9 13.4 -29.9 14.2 7.8 6.4 -3.3 18.2 13.4 4.7 15.6 19.6 8.4 11.2 1.2 16.2 13.7 2.5 1.3 43.0 29.4 13.6 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages -0.0 6.6 -0.8 1.9 11.5 0.9 -1.9 9.3 -0.7 0.1 8.2 -0.1 -0.1 19.3 0.9 2.2 6.9 0.9 0.4 5.8 -0.1 0.8 24.5 0.9 12 13 14 7.8 -0.2 10.3 1.3 16.1 0.9 -0.6 1.4 4.9 3.0 1.3 -3.2 31.2 2.0 -22.5 -1.6 15 16 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 2.0 2.1 1.5 1.6 17 18 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 10.2 38.0 19 20 26.9 44.6 36.7 52.7 39.4 47.8 31.4 61.0 21 15 16 Corporate equities Mutual fund shares 17 18 Security credit Trade receivables (2) 19 20 Equity in noncorporate business Miscellaneous assets (2) 21 22 Net increase in liabilities 7.8 12.0 12.2 14.5 9.6 14.2 2.8 -0.1 22 23 24 25 26 Credit market instruments Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 1.8 0.2 -0.0 5.8 3.5 -5.2 -0.0 13.8 3.3 -1.1 0.3 9.7 4.0 -2.8 0.4 12.9 2.0 2.4 -0.2 5.4 1.4 5.0 0.1 7.7 3.6 6.4 0.1 -7.4 0.7 7.6 -0.1 -8.3 23 24 25 26 27 28 Trade payables Miscellaneous liabilities (2) 2.5 16.7 16.1 16.5 11.3 13.1 8.8 29.4 4.7 25.1 7.4 26.3 4.2 24.5 9.3 51.8 27 28 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. Z.1, June 11, 1999 107 L.100.a Nonprofit Organizations (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 6 Credit market instruments 1988 1989 1990 1991 1992 1993 1994 1995 541.5 649.0 688.0 796.5 868.5 941.3 1003.6 1187.6 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 23.9 7.5 45.1 8.2 2 3 4 5 201.4 224.0 247.4 240.0 274.9 320.2 343.6 414.1 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 67.3 97.3 64.8 32.6 56.9 115.9 92.5 23.4 63.2 126.4 89.7 36.8 33.3 140.6 97.5 43.1 29.9 158.8 110.9 47.9 45.5 178.4 119.4 59.0 46.7 194.6 133.1 61.5 48.0 237.6 162.5 75.1 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 0.0 34.2 2.6 1.9 45.7 3.5 0.0 55.0 2.8 0.2 63.2 2.8 0.1 82.5 3.7 2.3 89.4 4.6 2.7 95.2 4.5 3.4 119.7 5.3 11 12 13 122.0 12.7 167.2 17.3 167.8 16.9 192.6 22.2 201.8 27.1 219.0 26.0 243.4 27.1 295.0 33.9 14 15 14 15 Corporate equities Mutual fund shares 16 17 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 37.1 38.1 38.6 39.7 16 17 18 19 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 59.4 222.2 18 19 323.2 367.8 404.5 457.2 496.6 544.4 575.8 636.8 20 154.7 166.7 178.9 193.4 203.0 217.1 219.9 219.8 21 20 21 Liabilities Credit market instruments 22 23 24 25 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 79.9 15.5 0.3 59.0 83.3 10.3 0.3 72.8 86.6 9.2 0.5 82.5 90.6 6.4 0.9 95.5 92.6 8.8 0.7 100.9 94.0 13.8 0.8 108.5 97.6 19.9 0.9 101.5 98.3 27.5 0.8 93.2 22 23 24 25 26 27 Trade payables Miscellaneous liabilities (2) 41.5 127.0 57.6 143.5 68.9 156.7 77.7 186.1 82.5 211.1 89.8 237.4 94.0 261.9 103.3 313.7 26 27 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. 108 Z.1, June 11, 1999 F.106.c Consolidated Statement for Federal, State, and Local Governments (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1998 1998 Q1 1 2 3 4 5 6 Receipts, NIPA basis Personal tax and nontax receipts Corporate profit tax accruals Indirect business tax and nontax accruals Contributions for social insurance Q2 Q3 Q4 1999 Q1 1983.7 2124.6 2246.1 2411.1 2589.2 2761.0 2703.7 2745.1 2779.7 2816.2 2853.4 1 690.0 165.2 532.6 596.0 739.1 186.6 568.4 630.5 795.0 211.0 581.2 658.9 890.5 226.1 606.5 688.0 989.0 246.1 627.2 727.0 1098.2 240.1 655.1 767.6 1066.9 239.9 641.9 755.0 1092.9 241.6 647.7 762.9 1108.4 243.2 656.5 771.6 1124.8 235.6 675.1 780.7 1135.9 245.8 673.8 797.9 2 3 4 5 Expenditures, NIPA basis 2146.9 2214.6 2308.7 2398.8 2476.1 2537.9 2504.6 2529.4 2538.9 2579.9 2574.1 6 7 8 9 10 11 12 Consumption expenditures Transfer payments (net) Net interest paid - Dividends received by government Subsidies - current surplus of govt. enterprises - Wage accruals less disbursements 1078.9 907.1 140.3 10.5 31.1 0.0 1107.1 947.3 144.9 11.4 26.6 0.0 1138.1 1001.5 156.6 12.5 25.1 0.0 1175.6 1057.7 157.1 13.7 22.0 0.0 1219.2 1096.0 153.8 14.8 21.9 0.0 1250.1 1134.0 142.9 16.1 27.0 0.0 1227.6 1121.1 148.1 15.7 23.5 0.0 1248.7 1126.7 146.1 16.0 23.9 0.0 1252.5 1135.8 142.0 16.0 24.6 0.0 1271.8 1152.3 136.1 16.6 36.3 0.0 1282.7 1155.7 127.0 16.7 25.4 0.0 7 8 9 10 11 12 13 Surplus, NIPA basis -163.2 -89.9 -62.6 12.3 113.0 223.1 199.1 215.7 240.8 236.3 279.3 13 14 15 + Consumption of fixed capital - Insurance and pension fund reserves (2) 133.4 94.2 138.8 98.0 143.8 78.4 147.7 113.6 151.6 122.1 154.7 94.8 153.4 69.0 153.8 98.8 155.0 99.0 156.6 112.3 157.0 85.9 14 15 16 = Gross saving -124.0 -49.1 2.8 46.5 142.6 283.0 283.5 270.7 296.8 280.6 350.4 16 17 Gross investment -116.1 -66.6 55.7 43.5 127.7 287.2 317.2 397.8 283.1 150.7 413.4 17 204.5 -0.0 205.9 0.0 218.4 -7.6 229.7 -3.5 235.4 -7.1 237.0 -2.4 237.3 -1.9 232.5 0.1 239.8 -7.0 238.4 -0.7 255.1 -2.4 18 19 -320.6 -272.5 -155.0 -182.8 -100.5 52.6 81.8 165.2 50.3 -87.0 160.7 20 16.2 -40.4 44.0 43.5 40.2 85.2 132.6 169.5 -22.1 60.6 129.3 21 1.0 22.3 -5.0 10.7 -2.7 -18.5 6.2 -15.1 6.4 2.8 9.8 -3.0 -2.9 8.2 9.7 32.1 2.5 1.0 7.2 3.6 6.7 -18.9 13.7 7.2 1.4 -11.4 17.7 34.5 5.8 103.8 14.8 -24.0 10.4 -126.6 10.7 16.0 9.0 -41.4 11.7 2.2 -10.9 31.6 -9.7 32.0 22 23 24 25 -14.7 3.7 0.1 -1.0 5.6 -20.8 -2.3 -4.8 4.4 11.6 -0.9 5.4 -11.8 -13.5 -11.8 17.1 -35.1 -3.5 7.1 -9.9 12.6 -9.0 20.3 -35.3 -0.5 10.7 -3.7 -0.6 24.0 14.3 -0.8 -0.7 1.3 -0.8 10.7 81.8 18.0 43.6 -1.4 5.2 3.3 13.2 19.1 21.1 -20.8 -1.6 6.0 3.0 11.5 114.3 14.3 79.1 -2.0 5.7 2.8 14.3 100.0 20.6 60.0 -1.0 2.3 2.9 15.2 93.9 16.0 56.0 -1.0 6.8 4.5 11.6 55.8 16.0 12.0 -1.6 7.2 3.4 18.7 26 27 28 29 30 31 32 1.5 6.5 1.3 7.8 12.1 5.9 14.5 6.0 16.0 -7.4 9.1 -7.3 8.1 -8.5 9.9 -10.3 16.6 -6.0 1.8 -4.5 14.1 -4.1 33 34 -2.4 -4.5 0.8 -3.8 -14.0 3.2 -1.6 -14.9 38.2 0.9 -4.4 -11.7 -3.2 -2.0 -1.3 -0.4 -0.3 -6.2 5.1 4.1 62.6 1.1 -6.3 -39.4 9.8 9.5 -62.4 -17.6 -9.1 14.6 11.5 8.8 0.3 35 36 37 336.8 232.2 199.0 226.3 140.7 32.6 50.8 4.3 -72.4 147.5 -31.4 38 0.0 0.4 0.0 0.7 2.2 0.6 -0.5 0.1 -0.5 -0.0 0.0 -0.0 0.0 0.3 0.0 0.2 0.0 1.7 0.0 -2.3 -4.0 0.0 39 40 293.3 14.7 204.1 7.8 66.8 -0.0 187.3 8.0 225.5 0.2 -46.3 0.0 172.7 5.1 218.1 1.5 -51.9 0.0 170.6 2.0 177.4 -1.6 -7.2 -0.0 98.1 -0.5 41.4 -0.1 57.3 -0.0 -3.5 0.1 -84.7 2.0 79.1 0.0 55.1 -2.7 -28.9 -2.4 89.1 0.0 -50.6 -0.5 -127.8 -1.4 79.1 0.0 -113.7 0.9 -186.9 -0.4 72.7 0.0 95.4 2.9 4.8 12.2 75.5 0.0 -51.0 -1.6 -114.5 -1.5 66.6 0.0 41 42 43 44 45 46 3.9 38.5 0.7 1.4 38.9 3.9 -2.8 21.8 4.5 3.5 55.7 -3.2 1.0 42.0 0.2 -1.4 42.5 -5.1 -4.6 23.8 -23.7 -2.0 42.3 14.4 4.4 47.0 -11.8 -3.3 57.0 0.7 5.5 27.4 -9.2 47 48 49 -7.9 17.5 -52.9 3.0 14.8 -4.3 -33.7 -127.1 13.6 129.9 -63.0 50 18 19 Fixed investment Access rights sales 20 Net financial investment 21 Net acquisition of financial assets 22 23 24 25 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Security RPs 26 27 28 29 30 31 32 Credit market instruments Open market paper U.S. government agency securities (3) Municipal securities Corporate and foreign bonds Mortgages Other loans and advances (4) 33 34 Corporate equities Mutual fund shares 35 36 37 Trade receivables Taxes receivable Miscellaneous assets 38 Net increase in liabilities 39 40 SDR certificates Treasury currency 41 42 43 44 45 46 Credit market instruments Savings bonds Other Treasury securities (5) Budget agency securities Municipal securities Multifamily residential mortgages 47 48 49 Trade payables Insurance and pension reserves Miscellaneous liabilities 50 Discrepancy (1) This table is consistent with NIPA table 3.1 in the Survey of Current Business, Department of Commerce. (2) Saving transferred to the households and nonprofit organizations sector. Includes value of Treasury and agency securities held by state and local government employee retirement funds. (3) Holdings by state and local governments may include small amounts of agency securities issued by the federal government. (4) Excludes loans to state and local governments. (5) Excludes Treasury securities owed to state and local governments. 109 Z.1, June 11, 1999 L.106.c Consolidated Statement for Federal, State, and Local Governments Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1993 1 1995 1996 1997 1998 Q1 Q2 1998 Q3 Q4 1999 Q1 1115.0 1082.6 1132.1 1177.3 1217.0 1306.1 1261.6 1310.6 1301.5 1306.1 1353.8 1 2 3 4 5 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits Security RPs 40.2 80.5 47.4 133.7 41.4 59.4 53.6 118.6 53.8 56.6 63.3 115.7 44.9 70.0 73.1 147.8 42.0 74.8 80.2 151.4 51.0 54.1 93.9 158.5 41.7 67.4 86.6 160.0 42.8 114.4 87.9 154.0 46.3 75.9 90.2 158.0 51.0 54.1 93.9 158.5 48.2 56.7 93.3 166.5 2 3 4 5 6 Credit market instruments 559.8 554.0 542.2 533.2 557.2 639.0 561.9 590.5 615.5 639.0 652.9 6 17.9 175.0 9.5 26.5 193.3 137.7 22.3 186.6 8.6 31.9 181.5 123.1 39.4 151.5 5.1 39.0 171.6 135.7 59.7 116.2 4.6 49.7 167.9 135.1 74.0 115.4 3.9 51.0 167.1 145.8 92.0 159.0 2.5 56.2 170.3 158.9 79.3 110.2 3.5 52.5 167.8 148.6 82.8 130.0 3.0 53.9 168.5 152.2 88.0 145.0 2.8 54.5 169.2 156.0 92.0 159.0 2.5 56.2 170.3 158.9 96.0 162.0 2.1 58.0 171.2 163.6 7 8 9 10 11 12 9.3 21.3 10.6 29.1 26.2 35.0 46.8 41.0 79.0 33.6 102.0 26.3 90.5 31.5 93.9 28.9 86.0 27.4 102.0 26.3 106.9 25.3 13 14 28.4 58.0 136.3 24.7 52.6 138.6 23.1 45.2 171.1 24.0 46.8 149.7 20.8 46.9 131.3 20.3 49.5 111.4 22.5 62.1 137.5 22.3 48.8 127.2 24.5 52.8 124.9 20.3 49.5 111.4 23.6 69.0 111.5 15 16 17 4667.9 4896.2 5090.6 5320.7 5460.6 5498.3 5499.5 5438.7 5424.1 5498.3 5516.8 18 8.0 17.0 8.0 17.6 10.2 18.2 9.7 18.3 9.2 18.3 9.2 18.3 9.2 18.4 9.2 18.4 9.2 18.8 9.2 18.3 8.2 18.3 19 20 4047.4 171.9 2690.2 26.6 1158.7 0.0 4234.7 179.9 2915.6 26.7 1112.4 0.0 4407.4 185.0 3133.7 28.2 1060.4 0.0 4578.0 187.0 3311.1 26.6 1053.3 0.0 4676.1 186.5 3352.5 26.5 1110.6 0.0 4672.6 186.6 3267.8 28.5 1189.7 0.0 4726.8 186.2 3380.5 25.9 1134.1 0.0 4653.7 186.0 3281.5 25.6 1160.7 0.0 4622.4 185.9 3242.4 25.5 1168.7 0.0 4672.6 186.6 3267.8 28.5 1189.7 0.0 4700.6 186.5 3278.5 28.1 1207.5 0.0 21 22 23 24 25 26 113.3 475.5 6.8 114.7 514.4 6.8 111.9 536.2 6.7 115.4 591.9 7.3 116.4 634.0 6.6 115.0 676.5 6.7 115.7 622.9 6.6 116.2 634.6 6.6 117.6 649.4 6.7 115.0 676.5 6.7 116.8 666.3 6.7 27 28 29 7 8 9 10 11 12 Total financial assets 1994 Open market paper Agency securities (1) Municipal securities Corporate and foreign bonds Mortgages Other loans and advances (2) 13 14 Corporate equities Mutual fund shares 15 16 17 Trade receivables Taxes receivable Miscellaneous assets 18 Total liabilities 19 20 SDR certificates Treasury currency 21 22 23 24 25 26 Credit market instruments Savings bonds Other Treasury securities (3) Budget agency securities Municipal securities Multifamily residential mortgages 27 28 29 Trade payables Insurance and pension reserves Miscellaneous liabilities (1) Holdings by state and local governments may include small amounts of agency securities issued by the federal government. (2) Excludes loans to state and local governments. (3) Excludes Treasury securities owed to state and local governments. 110 Z.1, June 11, 1999 F.119.b Private Pension Funds: Defined Benefit Plans Billions of dollars; quarterly figures are seasonally adjusted annual rates 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1 Net acquisition of financial assets 13.2 -0.8 2.9 1.5 4.0 18.5 -1.1 10.6 4.1 -2.3 -6.5 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 1.9 -4.7 0.0 2.0 -1.0 4.6 0.0 1.9 -0.5 -10.5 0.0 -0.1 -0.1 0.5 0.0 3.5 0.0 -14.1 0.0 0.6 -0.1 1.4 0.0 2.2 0.3 2.7 0.0 -0.8 0.7 -0.2 0.0 3.4 -0.0 -4.5 0.0 2.3 -0.0 -5.4 0.0 1.7 -0.0 5.5 0.0 8.5 2 3 4 5 6 Credit market instruments 28.3 43.3 33.6 14.5 18.8 25.6 11.6 28.3 19.2 30.1 73.2 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency -3.5 16.4 10.6 5.8 -0.8 34.7 21.8 12.9 -0.1 26.1 16.1 10.0 3.5 8.9 5.5 3.4 0.6 5.4 3.4 2.0 2.2 15.4 9.6 5.8 -0.8 13.8 8.3 5.4 3.4 22.7 13.6 9.1 2.3 5.8 3.4 2.3 1.7 12.2 7.0 5.2 8.5 33.0 4.5 28.5 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages -0.5 9.9 5.9 0.1 3.8 5.6 -0.0 6.2 1.5 0.0 8.8 -6.8 -0.0 15.8 -3.1 0.0 9.0 -0.9 0.1 -1.6 0.1 0.1 1.5 0.6 0.0 10.6 0.5 0.0 15.5 0.8 0.1 29.8 1.7 11 12 13 -2.9 -0.6 -32.4 0.0 -9.8 0.4 -8.0 1.4 -1.3 2.3 -3.2 4.4 -11.3 3.7 -10.9 3.1 -16.3 6.7 -28.4 6.3 -58.2 5.9 14 15 -10.7 -15.2 -1.6 6.0 -17.2 -1.9 -0.6 -14.8 -10.2 -6.2 -2.2 -1.8 -10.2 -2.2 3.2 -11.2 -2.3 -5.0 0.6 2.2 -11.9 -0.6 1.9 -13.1 -7.3 -5.1 -0.6 -1.6 -13.8 -1.1 3.0 -15.7 -3.1 -0.7 2.4 -4.8 -6.5 -1.8 2.4 -7.1 -41.3 -2.8 2.4 -40.9 16 17 18 19 14 15 Corporate equities Mutual fund shares 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. F.119.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 44.3 40.7 56.2 66.7 73.9 81.5 82.0 80.0 83.1 90.9 102.7 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.9 14.4 2.0 0.6 0.6 17.9 2.9 1.8 -0.3 1.3 -0.0 0.4 -0.3 0.1 1.0 1.9 -0.1 -8.0 1.0 1.3 0.2 -9.9 6.5 1.4 -0.1 -7.0 5.3 0.3 0.1 -9.2 6.0 2.1 -0.0 -9.7 5.2 0.2 -0.1 -7.7 5.0 0.2 -0.1 -5.4 10.7 -0.3 2 3 4 5 6 Credit market instruments -3.0 18.9 20.7 21.9 18.6 24.5 34.5 27.7 33.1 35.4 45.5 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency -2.2 2.2 1.9 0.3 1.8 12.6 8.8 3.9 1.3 10.6 7.3 3.3 1.4 12.8 9.1 3.8 0.9 11.0 7.9 3.0 1.2 8.7 6.1 2.5 0.3 36.6 23.4 13.2 2.7 20.2 13.6 6.6 1.2 19.9 12.4 7.5 0.5 20.9 12.8 8.2 1.7 26.2 6.5 19.7 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 0.0 -5.7 2.6 0.0 3.4 1.0 0.0 8.7 0.1 0.0 7.6 0.1 0.0 7.3 -0.6 0.0 13.8 0.8 0.1 -5.9 3.4 0.1 4.1 0.7 0.1 10.5 1.4 0.1 12.3 1.6 0.1 15.6 1.9 11 12 13 14 15 Corporate equities Mutual fund shares 8.4 -1.2 -6.5 0.1 5.7 1.2 16.3 4.8 33.8 8.0 20.1 17.4 9.6 16.3 16.7 15.5 6.8 34.4 12.3 29.9 5.5 25.3 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 22.0 14.1 -1.7 9.6 5.0 2.5 -0.5 3.0 27.2 4.2 -0.1 23.1 21.0 11.3 0.6 9.1 19.3 -1.1 1.0 19.4 21.3 1.2 1.1 19.0 23.0 0.2 0.7 22.2 21.0 0.4 0.6 20.0 13.2 -1.8 1.4 13.5 15.9 -2.5 1.4 17.0 21.5 1.5 1.4 18.6 16 17 18 19 (1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. 111 Z.1, June 11, 1999 L.119.b Private Pension Funds: Defined Benefit Plans Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 7 8 9 10 Open market paper U.S. government securities Treasury Agency 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 810.4 909.2 878.5 1019.3 1037.5 1142.8 1159.3 1342.4 1525.3 1772.7 2132.5 1 2.5 46.0 0.0 16.9 1.6 50.6 0.0 18.8 1.0 40.1 0.0 18.8 1.0 40.5 0.0 22.3 1.0 26.4 0.0 22.9 1.0 27.8 0.0 25.0 1.2 30.6 0.0 24.2 1.9 30.3 0.0 27.6 1.9 25.8 0.0 29.9 1.8 20.4 0.0 31.6 1.8 25.9 0.0 40.2 2 3 4 5 276.9 320.2 353.8 368.3 387.0 412.7 424.2 452.5 471.7 501.8 575.0 6 19.7 155.6 108.9 46.7 18.8 190.2 130.7 59.6 18.8 216.3 146.8 69.6 22.3 225.3 152.3 72.9 22.9 230.7 155.7 75.0 25.0 246.1 165.3 80.7 24.2 259.8 173.6 86.2 27.6 282.5 187.2 95.3 29.9 288.3 190.6 97.6 31.6 300.4 197.6 102.8 40.2 333.5 202.1 131.4 7 8 9 10 0.1 88.9 12.6 0.2 92.7 18.2 0.1 98.9 19.7 0.1 107.6 13.0 0.1 123.5 9.9 0.1 132.5 9.0 0.2 130.9 9.1 0.3 132.4 9.7 0.3 143.1 10.2 0.3 158.5 10.9 0.4 188.3 12.7 11 12 13 14 15 Corporate equities Mutual fund shares 298.1 6.5 346.4 6.8 318.9 6.8 426.1 11.4 442.0 15.6 503.1 22.3 499.5 26.0 625.8 34.4 761.7 53.7 947.8 79.5 1177.1 110.3 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (1) Contributions receivable Other 163.4 78.2 8.4 76.9 164.8 80.1 7.9 76.8 139.1 73.6 5.7 59.8 149.7 77.3 8.8 63.6 142.5 69.6 9.4 63.6 150.8 69.7 11.3 69.8 153.5 66.1 10.7 76.8 169.7 67.3 13.7 88.7 180.5 75.2 16.1 89.2 189.7 86.7 18.5 84.6 202.3 106.4 20.9 75.1 16 17 18 19 (1) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. L.119.c Private Pension Funds: Defined Contribution Plans (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Total financial assets 595.1 713.2 730.0 888.4 972.0 1109.3 1192.8 1412.7 1629.3 1933.0 2198.7 1 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 2.0 39.9 14.8 6.2 2.6 57.8 17.8 8.1 2.3 59.1 17.8 8.5 2.0 59.2 18.8 10.4 2.0 51.1 19.8 11.6 2.2 41.3 26.3 13.1 2.0 34.3 31.6 13.4 2.1 25.1 37.5 15.5 2.1 15.4 42.7 15.7 2.0 7.6 47.7 15.9 1.9 2.3 58.4 15.5 2 3 4 5 6 Credit market instruments 97.5 116.4 137.1 159.0 177.6 202.1 236.6 264.4 297.5 332.9 378.4 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 8.2 49.5 35.4 14.1 10.0 62.1 44.1 18.0 11.3 72.7 51.4 21.3 12.7 85.5 60.5 25.1 13.6 96.5 68.4 28.1 14.8 105.2 74.6 30.6 15.1 141.7 98.0 43.8 17.8 161.9 111.5 50.4 19.0 181.9 124.0 57.9 19.5 202.8 136.7 66.1 21.3 229.0 143.3 85.7 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 0.4 35.4 4.0 0.4 38.8 5.1 0.4 47.5 5.2 0.4 55.1 5.3 0.4 62.4 4.7 0.4 76.2 5.5 0.5 70.3 9.0 0.6 74.3 9.7 0.7 84.9 11.0 0.8 97.1 12.6 0.9 112.7 14.6 11 12 13 14 15 Corporate equities Mutual fund shares 215.9 15.6 282.9 19.9 276.1 22.5 364.8 38.7 412.8 59.3 489.3 93.6 496.8 124.4 612.6 186.3 729.2 267.7 916.1 358.5 1055.2 453.8 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 203.1 105.8 8.5 88.8 207.8 110.0 8.0 89.8 206.8 115.0 7.9 83.9 235.5 129.3 8.5 97.7 237.8 128.4 9.5 99.9 241.5 136.9 10.6 94.0 253.6 143.9 11.3 98.4 269.2 143.5 12.0 113.7 259.1 145.1 13.4 100.7 252.2 147.9 14.8 89.6 233.3 155.4 16.2 61.7 16 17 18 19 (1) Includes 401(k) type plans and the Federal Employees’ Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. 112 Flow of Funds Matrix for 1998 Z.1, June 11, 1999 (Billions of dollars; All Sectors -- Flows) Households and Nonprofit Organizations 1 2 3 Gross saving Capital consumption Net saving (1 less 2) 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential construction Plant and equipment Inventory change Access rights from fed. govt. 11 12 13 Net financial investment Financial uses Financial sources State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors U S U S U S U S U S U S U S U S U (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) Memo: National Saving and Investment (18) ---- 976.7 656.5 320.2 ---- 823.0 563.9 259.1 ---- 182.9 85.0 98.0 ---- 100.0 69.8 30.3 ---- 2082.7 1375.1 707.6 ---- 212.5 -212.5 ---- 106.1 59.9 46.2 ---- 2401.3 1435.0 966.3 ---- 2188.8 1435.0 753.7 1007.4 1085.6 724.7 314.6 46.4 --- -------- 818.7 851.4 -43.5 746.2 59.3 2.4 -------- 213.2 177.4 --177.4 --- -------- 74.0 57.2 --59.6 --2.4 -------- 2113.3 2171.7 724.7 358.1 1029.6 59.3 0.0 -------- 237.1 ------- -------- 79.8 157.0 -11.4 145.6 --- -------- 2430.2 2328.7 724.7 369.5 1175.2 59.3 -- -------- -28.9 72.6 ------ 2091.6 2328.7 724.7 369.5 1175.2 59.3 -- -78.3 420.8 -- --499.0 -32.7 450.3 -- --483.0 35.8 116.9 -- --81.1 16.8 -0.6 -- ---17.4 -58.4 987.3 -- --1045.7 237.1 510.6 -- --273.5 -77.2 2635.2 -- --2712.5 101.5 4133.2 -- --4031.7 -101.5 -101.5 -- -237.1 273.5 510.6 ----4.0 -19.9 193.9 149.8 -- ---------- ---1.0 -22.1 0.8 46.5 -1.1 ---------- ------2.2 12.4 -7.2 ---------- 6.7 -----16.7 1.3 --- -0.0 -0.0 ------- 6.7 ---3.0 -23.0 208.4 196.3 6.1 -0.0 -0.0 ------- -0.1 ----28.2 13.8 12.5 --18.8 7.3 --41.9 ------ 0.8 0.0 0.7 7.4 -8.6 12.2 24.7 89.2 45.0 -----33.7 48.5 245.5 285.5 52.6 7.3 0.0 0.7 4.4 -36.8 49.0 245.5 285.5 32.2 7.3 0.0 -0.0 41.9 -33.7 48.5 245.5 285.5 52.6 ---0.7 37.5 3.1 -0.5 --20.3 ---------- 14 15 16 17 18 19 20 21 22 Gold and off. fgn. exchange SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 23 24 25 26 27 28 29 30 31 32 Credit market instruments Open market paper Treasury securities Federal agency securities Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit -130.5 4.2 -63.9 -37.2 31.4 -61.9 ---3.0 -- 472.7 ---12.0 -6.7 13.3 373.1 67.6 -7.3 -9.8 -7.2 10.7 6.5 ----3.4 -4.1 436.7 24.4 --5.8 132.2 102.7 60.3 111.3 -- 99.5 18.0 30.0 43.6 -1.4 5.2 --4.1 -- 80.3 ---79.1 --1.2 --- 13.5 --0.0 ---14.3 -0.9 -- -52.6 --54.6 2.0 ----0.0 -- -24.8 12.4 -41.1 17.0 36.5 -56.7 -14.3 -3.2 -4.1 937.1 24.4 -54.6 2.0 96.8 132.2 109.4 74.8 484.5 67.6 250.8 35.6 38.1 55.4 -122.3 --0.5 --- 21.9 7.8 ---13.4 6.7 -6.0 --- 1801.6 145.2 -51.7 400.6 60.4 372.0 145.9 145.1 512.4 71.7 1068.5 161.0 -471.0 -291.8 29.7 90.2 24.8 -- 2027.5 193.1 -54.6 472.9 96.8 437.5 145.9 159.0 509.2 67.6 2027.5 193.1 -54.6 472.9 96.8 437.5 145.9 159.0 509.2 67.6 ----------- ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -527.1 263.1 -64.1 --3.9 23.8 -7.3 24.2 -- -267.0 --7.7 -- 9.1 -7.3 --- --0.8 -- ---0.4 -- ---2.2 -- -518.0 263.1 23.8 64.1 -267.0 --5.3 23.8 42.5 --4.9 0.0 75.9 --2.4 0.0 290.7 15.4 39.5 44.3 6.3 278.5 -1.0 84.6 -184.8 278.5 58.4 108.4 -184.8 278.5 -8.7 108.4 ---67.0 -- ----- 37 38 39 40 41 42 Life insurance reserves Pension fund reserves Taxes payable Inv. in bank personal trusts Equity in noncorp. business Miscellaneous 53.3 281.4 -55.7 -13.9 15.3 ------1.4 -----356.7 --7.7 --20.2 333.6 --1.5 ---3.1 ------- ---1.9 ---3.1 1.3 41.2 ----5.1 53.3 281.4 -0.3 55.7 -13.9 365.7 1.3 41.2 7.7 --20.2 327.1 -----243.1 -----128.9 -----272.4 52.0 240.2 5.2 55.7 6.3 317.9 53.3 281.4 -0.3 55.7 -13.9 881.2 53.3 281.4 12.9 55.7 -13.9 773.8 --13.3 ---107.5 ------- 43 Sector discrepancies (1 less 4) -30.7 -- 4.3 -- -30.3 -- 26.0 -- -30.6 -- -24.5 -- 26.3 -- -28.9 -- -28.9 97.2 General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Flow of Funds Matrix for 1998 Z.1, June 11, 1999 (Billions of dollars; All Sectors -- Assets and Liabilities) Households and Nonprofit Organizations State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors Instrument Discrepancy All Sectors A L A L A L A L A L A L A L A L (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) 1 2 3 Total financial assets Total liabilities and equity Total liabilities 30264.6 --- -6195.5 6195.5 7450.3 --- -23601.4 9253.8 1150.3 --- -1235.5 1235.5 435.2 --- -4542.2 4542.2 39300.4 --- -35574.6 21227.0 5409.3 --- -3861.8 2666.1 31675.1 --- -35177.0 30967.5 76384.8 --- -74613.4 54860.6 ---- 4 5 6 7 8 9 10 Monetary gold and SDRs IMF Position Official foreign exchange SDR certificates Treasury currency Foreign deposits Interbank claims -----37.8 -- -------- -----20.8 -- -------- -------- -------- 10.6 24.2 16.2 ----- ---9.2 18.3 --- 10.6 24.2 16.2 --58.6 -- ---9.2 18.3 --- ------144.7 -24.1 36.0 --661.4 -- 11.0 -0.1 19.8 9.2 26.3 30.6 70.0 ------187.6 21.6 24.1 36.0 9.2 26.3 89.2 214.8 -24.1 36.0 9.2 18.3 661.4 187.6 -----8.0 572.2 -27.2 11 12 13 14 Checkable dep. and currency Time and savings deposits Money market fund shares Fed. funds and security RPs 460.1 2917.1 739.6 -- ----- 436.9 138.6 163.9 3.4 ----- 31.0 89.2 -158.5 ----- 23.2 4.7 --- ----- 951.2 3149.7 903.5 161.9 ----- 257.4 86.1 -72.0 ----- 107.2 197.2 430.6 469.6 1335.1 3433.0 1334.2 875.0 1315.8 3433.0 1334.2 703.5 1335.1 3433.0 1334.2 875.0 19.3 --171.5 15 16 17 18 19 20 21 22 23 24 Credit market instruments Open market paper Treasury securities Federal agency securities Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 1673.9 63.2 324.4 334.1 454.9 395.3 --102.1 -- 5902.3 ---126.9 -62.6 204.0 4177.1 1331.7 308.1 25.5 64.0 27.9 45.1 ---70.8 74.9 5213.0 193.0 --147.8 1621.8 1076.6 700.1 1473.8 -- 704.4 92.0 269.3 159.0 2.5 56.2 --125.4 -- 1199.8 ---1189.7 --10.1 --- 213.9 --0.0 ---169.0 44.9 -- 3752.2 -3723.7 28.5 ----0.0 -- 2900.3 180.7 657.7 521.0 502.5 451.5 -169.0 343.1 74.9 16067.3 193.0 3723.7 28.5 1464.3 1621.8 1139.2 914.2 5650.9 1331.7 2509.8 113.3 1289.9 301.6 -662.2 -142.7 --- 591.6 72.9 ---407.8 58.9 52.0 --- 17774.8 878.6 1776.1 2497.9 961.8 2765.2 1315.7 943.2 5379.3 1256.9 6526.1 906.7 -3292.0 -1849.4 117.7 288.7 71.6 -- 23184.9 1172.6 3723.7 3320.5 1464.3 3879.0 1315.7 1254.9 5722.5 1331.7 23184.9 1172.6 3723.7 3320.5 1464.3 3879.0 1315.7 1254.9 5722.5 1331.7 ----------- 25 26 27 28 Corporate equities Mutual fund shares Trade credit Security credit 6299.9 2497.9 -279.5 --121.0 155.0 -91.0 1496.1 -- 10040.2 -1110.9 -- 102.0 26.3 --- --35.7 -- --20.3 -- --79.3 -- 6402.0 2615.2 1516.4 279.5 10040.2 -1347.0 155.0 1110.3 -53.1 0.0 1195.7 -51.4 0.0 7925.5 994.7 227.5 298.0 4201.8 3610.0 19.0 422.5 15437.7 3610.0 1797.0 577.5 15437.7 3610.0 1417.3 577.5 ---379.7 -- 29 30 31 32 33 34 Life insurance reserves Pension fund reserves Taxes payable Inv. in bank personal trusts Equity in noncorp. business Miscellaneous 718.3 8724.2 -1274.2 4315.1 326.9 -----17.2 -----4791.5 --106.3 -4307.3 2823.6 --28.1 --10.7 ------- --21.4 --100.7 33.6 642.9 ---6.7 718.3 8724.2 49.5 1274.2 4315.1 5229.8 33.6 642.9 106.3 -4307.3 2847.5 -----1175.8 -----1301.7 -----3083.1 684.7 8081.3 47.0 1274.2 7.7 3138.0 718.3 8724.2 49.5 1274.2 4315.1 9488.8 718.3 8724.2 153.3 1274.2 4315.1 7287.2 --103.8 ---2201.6 General notes: A = assets; L = liabilities. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government. Equity included in line 2 is the sum of corporate equities (line 25) and equity in noncorporate business (line 33). The matrix shows a discrepancy in column 17 for monetary gold and SDRs (line 4) because by international accounting convention, such instruments are financial assets without corresponding liabilities. 113 114 Z.1, June 11, 1999 B.100.e Balance Sheet of Households and Nonprofit Organizations with Equity Detail (1) Billions of dollars; amounts outstanding end of period, not seasonally adjusted 1 Assets 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 21505.9 23583.0 24307.2 26054.3 27211.1 28568.8 29563.8 32611.4 35328.7 39237.7 43218.3 1 2 Tangible assets 8398.6 9107.9 9323.9 9468.7 9731.2 9979.7 10316.3 10788.9 11316.4 12090.7 12953.7 2 3 Financial assets 13107.3 14475.1 14983.3 16585.7 17479.9 18589.1 19247.6 21822.5 24012.3 27146.9 30264.6 3 4 5 Deposits Credit market instruments 3052.2 1230.1 3205.8 1294.2 3264.5 1511.6 3267.3 1614.3 3249.6 1675.6 3182.8 1666.8 3157.3 1974.3 3365.5 1929.3 3539.5 1982.7 3795.1 1804.4 4154.6 1673.9 4 5 6 Equity shares at market value 2239.4 2733.4 2523.3 3541.2 4011.9 4577.8 4501.0 6021.9 7175.5 8932.6 10750.7 6 1619.0 1942.5 1778.3 2554.4 2895.5 3190.8 2990.4 3994.8 4524.6 5319.1 6299.9 7 620.4 189.1 59.1 221.7 150.4 791.0 231.9 68.4 291.4 199.3 745.0 214.1 66.8 284.7 179.4 986.7 271.7 99.1 380.4 235.5 1116.4 268.7 116.6 436.8 294.3 1387.0 262.0 156.7 530.6 437.6 1510.7 263.6 185.2 556.6 505.3 2027.1 365.2 246.5 715.6 699.8 2650.9 433.2 325.2 897.2 995.3 3613.4 632.0 433.7 1158.2 1389.4 4450.8 805.7 542.4 1369.9 1732.7 8 9 10 11 12 7 8 9 10 11 12 Directly held Indirectly held Bank personal trusts and estates Life insurance companies Private pension funds Mutual funds 13 Other 6585.6 7241.6 7683.8 8162.9 8542.8 9161.6 9615.0 10505.8 11314.6 12614.9 13685.4 13 14 Liabilities 3111.8 3397.3 3678.5 3873.9 4045.1 4292.5 4615.0 4982.4 5322.2 5696.4 6195.5 14 Net worth 18394.1 20185.7 20628.7 22180.4 23166.0 24276.2 24948.9 27629.0 30006.5 33541.3 37022.8 15 11.6 18.9 10.4 16.8 13.6 21.4 14.7 23.0 16.0 24.6 15.2 23.4 18.5 27.6 20.3 29.9 22.8 32.9 24.9 35.5 16 17 15 16 17 Memo: Equity shares (line 6) as a percent of Total assets (line 1) Financial assets (line 3) 10.4 17.1 (1) Estimates of equity shares (lines 7 through 12) could differ from other sources owing to alternative definitions of ownership of equity by households. In this table, line 11 includes equities in defined contribution plans only; assets in defined benefit plans are included in ’other assets’ (line 13). Prior to 1985, all pension assets are assumed to have been in defined benefit plans.
@FedFRASER