Full text of Z.1 Financial Accounts of the United States : June 2, 1989

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Z.l
June 2, 1989
Flow of Funds
1989.QI

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

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







CONTENTS

PAGE
i-iii
iv-v
vi-viii

General Information
Data Availability for Preliminary Estimates
Debt Aggregate Growth Rates

SUMMARY TABLES
1
2
4

Income and Product Distribution
Funds Raised in Credit Markets
Credit Market Supply of Funds

SECTOR TABLES

6
8

10
12
14
16
18

20,22

24
26

28

30,32

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

TRANSACTION TABLES

34
36
38,40

Monetary and Insurance Reserves
Interbank Claims
Deposit Claims

—continued




TRANSACTION TABLES—continued
42
44

46,48

50
52
54

56,58
60

62
64

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

Flow of Funds Accounts
First Quarter 1989
The tables published here include revisions for 1986-1988 compared
with the 1988.Q4 accounts published in March. A few revisions and
corrections for earlier periods are included. Most of the larger revisions
are concentrated in home mortgages and consumer credit, reflecting new
estimates by Board staff primarily responsible for these areas.
Some of the
1988 revisions of data for thrift institutions reflect better information
sources on components of this rapidly changing sector of the economy. There
have been no structural changes compared with the 1988.Q4 accounts. Previous
changes in structure affecting the 1988 and earlier figures are described in
the prefaces to the 1988.Q2 and 1988.Q4 publications.

Preliminary estimates.
Figures shown for the most recent
quarter in these tables are based on preliminary and incomplete information.
At the end of this preface is a list of the principal sources of information
that were available in putting together the fourth quarter, and the
significance of individual items in the tables should be judged on the basis
of this list.
This list, summary in form, is by no means a complete
statement of sources of data or of derivation methods. Because much of the
source information consists of sector balance sheets or statements of
activity, the list is organized mainly in terms of sectors. For nonfinancial
activity included in the accounts, however, such as sector income and capital
outlays, the Commerce Department's National Income and Product Accounts are
the principal source. This part of the system is included separately at the
beginning of the list.

The items that are shown as available are in general also
preliminary in the sense that they are subject to revision once a year on the
basis of benchmark data.
"Available" for them means that the basic quarterly
estimates have been completed in a form that will usually stand until the
next annual revision. Virtually all quarterly data sources are compiled
within five or six months of the end of the quarter, and the distinction
between the two columns is not between final and preliminary versions of data
but rather between those source estimates that are fully ready when the first
quarterly estimate is put together and those that are not yet completed.
Margins of Uncertainty.
Flow of funds statistics, like all social
accounts, are subject to uncertainties resulting from incompatibilities
between elements of source data, potential revisions to both financial and
nonfinancial elements and incomplete data in certain parts of the accounts.
While the size of these uncertainties cannot be quantified in precise
statistical terms, allowance for them is explicitly made throughout the
accounts by the inclusion of "discrepancies" for various sectors and
transactions forms. The size of such discrepancies relative to main
asset/liability components is one indication of the degree of measurement
difficulty with source data, especially on an annual basis. Differing
seasonal adjustment methods between financial and nonfinancial components
sometimes result in quarterly discrepancies which are not of long-run
significance.




Experience also suggests that many near-term discrepancies (e.g., for the
latest few quarters published) tend to be reduced with the introduction of
revised national accounts figures or with annual revisions in financial data.
Availability,
Flows and Outstandings. Flow of Funds statistics are
usually compiled and available about two months following the last quarter
reported, except for second quarter (annual revision) data, for which three
months is more typical. The Z.7 release—Flow of Funds Summary Statistics—
is made available as soon as possible, providing an overview of major credit
market demands and supplies, together with developments in a few key sectors.
The current publication—which is the Z.l release and covers the full range
of the accounts—is subject to printing and mailing delays of up to two weeks
from the time the estimates are completed.
To facilitate access in the
meantime, copies of computer printouts are distributed to Federal Reserve
Bank information offices for use by the public.

The quarterly data in this release concentrate on flows of
financing in economic sectors and transactions forms. The outstandings
counterparts of these flows are published—annually, in the autumn—in Flow
of Funds Accounts:
Financial Assets and Liabilities, which constitutes part
of the same release as the flow accounts. All subscribers to the Z.l
release, therefore, receive both the quarterly flow and the annual
outstandings publications. Summary annual and quarterly data on major credit
market developments, including flows and positions, also are regularly
published in four tables which appear in the statistical appendix of the
Federal Reserve Bulletin.
The current quarterly tables are an extension of a body of data
that begins in 1946 in annual form and in 1952 quarterly. Annual flows and
year-end positions for almost the entire period covered by the accounts
recently have been published in two volumes. The first, Flow of Funds
Accounts 1946-1969, Annual Total Flows and Year-End Assets and Liabilities,
was made available in December, 1986, and costs $1.75.
The second, Flow of
Funds Accounts, 1970-1987, Annual Total Flows and Year-End Assets and
Liabilities, appeared in December, 1988, and costs $5.00. Both volumes can
be ordered from Publication Services, Stop 138, at the Federal Reserve Board.

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




- ii -

Requests and inquiries about the data and historical tabulations
should be addressed to:




Flow of Funds Section
Room B-5100, Stop 95
Board of Governors of the
Federal Reserve System
20th and Constitution Avenue, N.W.
Washington, D. C. 20551
(202) 452-3482

- iii -

Data Availability for Preliminary Estimates:

NONFINANCIAL"

1.

National income and product
accounts

1989.Q1

Major items missing

Available

Second estimate of latest quarter,
seasonally adjusted

None

FINANCIAL"
for this sector are almost entirely residual and derived from data
sectors. Availability is thus dependent on schedules for other
Principal types of borrowing—mortgages and consumer credit—are
in time for first quarterly estimates.

2.

Households

Estimates
for other
sectors.
available

3.

Farms

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

4.

Nonfarm noncorporate business

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

U.S. Government loans.
below.

See item 9

SOI balance sheets since 1986

5.

Nonfinancial corporate business

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

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

6.

State and local governments

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

Security retirements, other asset
items.

7.

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

NIPA export, import and net foreign
investment estimates.

Balance of payments current and
capital account detail.

8.

U.S. Government

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

Loans outstanding except at Federal
Financing Bank




- iv -

Major items missing

Available

FINANCIAL—

Sponsored credit agencies

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

Asset breakdown for FCA.

10.

Mortgage pools

Complete

None

11.

Monetary authority

Complete

None

12.

Banking

All-bank totals for preceding quarter,
current-quarter indicators for banking
and monetary estimates through last
month of current quarter.

All-bank totals for current quarter

13.

Savings and loan associations

Last month of quarter on summary
monthly basis

Detailed balance sheets and liquidity
statements

14.

Mutual savings banks

Current quarter

None

15.

Credit unions

Current quarter

None

16.

Life insurance companies

Two months of current quarter

Balance sheet for last month of quarter

17.

Private Pension Funds
(including FERS)

Complete

None

18.

State and local government
retirement systems

Preceding quarter

Current quarter

19.

Other insurance companies

Preceding year

Current year

20.

Finance companies

Complete

None

21.

REIT's

Complete

Current quarter

22.

Open-end investment companies
and money market funds

Complete

None

23.

Security brokers and dealers

Complete FOCUS report except for latest
2 quarters. NYSE summary for next-tolast quarter.

FOCUS reports for last
2 quarters; NYSE summary
for current quarter.

24.

Collateralized Mortgage
Obligation issuers

Complete data from Trepp/PSA
Information Services.

None

9.




- v -

JUNE 2, 1989
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

TOTAL

U.S.
GOVT.

PVT.
NONFIN

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

FOREIGN

TOTAL
NONFINANCIAL

MEMO:
PRIVATE
FINAN.
ASSETS

ANNUAL CHANGE (PER CENT)
1975
1976
1977
1978
1979

9.0
10.7
12.6
13.2
12.1

23.7
15.5
11.0
9.4
6.0

5.9
9.5
13.1
14.2
13.6

7.0
11.6
16.2
17.0
15.1

8.9
12.7
17.0
17.5
16.2

3.9
11.0
15.9
16.9
13.0

4.9
8.5
12.4
13.2
13.6

9.2
8.9
11.2
10.6
9.9

-2.3
7.7
14.7
18.1
20.2

5.9
6.0
4.5
6.8
6.8

17.4
21.5
11.7
18.6
9.5

9.3
11.1
12.6
13.4
11.9

9.4
10.5
11.0
11.5
11.7

1980
1981
1982
1983
1984

9.6
9.5
9.1
11.7
14.4

11.9
11.8
19.4
18.8
16.9

9.1
9.0
6.6
9.8
13.7

8.9
8.0
5.4
11.4
12.8

11.3
7.8
4.5
11.0
11.5

0.7
4.8
4.4
12.6
18.7

9.9
11.3
7.6
8.2
15.8

9.1
7.9
7.7
9.3
13.7

11.1
16.9
7.6
6.6
19.0

6.2
2.3
7.1
10.5
7.7

14.0
12.0
7.3
8.3
3.7

9.8
9.6
9.0
11.6
14.0

9.6
10.6
10.3
11.6
13.6

1985
1986
1987
1988

14.2
12.3
9.0
8.9

16.2
13.4
8.0
8.0

13.6
12.0
9.3
9.2

13.9
12.5
10.2
9.7

11.7
14.7
13.8
11.5

15.9
9.6
5.0
7.4

11.5
12.0
9.0
9.3

14.4
14.5
11.4
9.2

7.3
8.2
5.2
9.6

23.8
9.3
6.5
5.8

0.5
4.1
1.8
2.4

13.7
12.0
8.8
8.7

12.2
8.2
6.7
7.1

QUARTERLY GROWTH RATES (X - SAAR)

1985 — I
II
III
IV

11.4
12.6
11.3
18.9

14.5
14.8
12.6
19.4

10.5
11.9
10.8
18.7

11.8
12.5
12.7
16.0

10.8
10.3
11.9
11.9

16.6
15.6
14.6
13.3

9.5
9.8
9.8
15.0

11.9
13.7
12.5
16.6

6.0
4.3
5.6
12.6

8.8
20.5
6.9
53.3

-2.4
-2.5
7.2
-.2

10.9
12.0
11.1
18.2

11.7
9.7
10.6
14.7

1986 — I
II
III
IV

8.8
11.3
13.7
13.3

11.9
13.6
14.3
11.4

7.9
10.6
13.5
13.9

8.6
11.8
14.2
12.9

10.3
12.9
16.8
15.4

9.1
9.7
9.4
9.0

9.6
10.0
10.0
16.5

15.6
13.4
12.9
13.2

0.6
4.6
5.4
21.8

-4.7
7.1
28.3
6.1

14.5
4.4
5.8
-8.2

9.0
11.1
13.5
12.6

5.0
7.1
9.1
10.5

1987 — I
II
III
IV

7.3
9.8
8.3
9.6

8.9
7.9
5.4
8.8

6.7
10.4
9.2
9.9

7.5
11.7
10.5
9.9

13.7
14.7
12.4
11.9

-3.3
6.6
8.1
8.3

6.0
9.9
8.4
10.5

12.8
10.6
10.2
9.5

-5.0
8.6
5.1
12.2

7.1
5.9
6.5
6.0

-3.7
*
5.2
5.8

6.9
9.5
8.2
9.5

1.0
7.9
6.9
10.4

1988 — I
II
III
IV

8.7
8.3
8.8
8.6

11.6
4.4
9.2
6.0

7.8
9.6
8.7
9.4

7.4
11.3
9.4
9.1

8.9
13.9
11.5
9.8

5.6
8.2
4.4
10.5

9.0
8.7
8.2
10.2

8.8
8.9
8.7
9.1

9.3
8.3
7.3
12.2

3.2
4.9
7.7
6.8

-.4
2.2
1.8
6.1

8.4
8.2
8.6
8.6

5.1
6.6
9.0
7.1

1989 — I

8.2

10.1

7.6

8.0

8.8

4.7

7.8

8.1

7.4

4.4

-3.2

7.9

5.4




VI

JUNE 2, 1989
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

TOTAL

U.S.
GOVT.

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

STATE &
LOCAL
GOVTS

FOREIGN

TOTAL
NONFINANCIAL

MEMO:
PRIVATE
FINAN.
ASSETS

ANNUAL FLOWS (^BILLIONS)
1975
1976
1977
1978
1979

186.2
240.5
315.8
370.9
383.5

85.4
69.0
56.8
53.7
37.4

100.8
171.5
259.0
317.2
346.2

49.5
86.7
136.0
165.6
171.5

38.2
59.4
89.7
108.6
117.6

8.0
22.9
36.7
45.1
40.5

39.0
71.6
112.5
135.1
157.0

45.9
49.1
67.1
70.7
73.1

-7.0
22.5
45.4
64.4
84.0

12.3
13.2
10.5
16.5
17.6

14.1
20.5
13.5
24.0
15.0

200.3
261.0
329.3
394.9
398.5

136.9
167.3
193.4
224.4
254.8

1980
1981
1982
1983
1984

343.1
370.8
388.7
546.8
750.8

79.2
87.4
161.3
186.6
198.8

263.9
283.5
227.4
360.2
552.0

117.3
113.9
84.0
186.1
231.5

95.5
73.2
46.4
116.4
134.7

2.6
16.9
16.4
49.0
81.6

129.4
162.8
121.9
140.1
293.1

74.0
69.9
72.9
94.5
152.3

55.4
92.9
49.0
45.7
140.8

17.2
6.8
21.5
34.0
27.4

24.2
23.5
16.0
17.3
8.4

367.2
394.3
404.7
564.1
759.2

233.2
284.4
303.3
378.7
494.6

1985
1986
1987
1988

846.3
837.5
689.0
741.4

223.6
215.0
144.9
157.5

622.7
622.5
544.0
584.0

283.6
289.1
267.7
276.4

153.3
214.8
232.9
219.3

82.5
58.0
32.9
51.1

247.3
289.0
242.3
275.6

182.9
210.6
188.4
171.5

64.4
78.4
53.9
104.1

91.8
44.3
34.0
32.0

1.2
9.6
4.3
5.9

847.5
847.1
693.3
747.3

503.7
378.1
335.1
381.4

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

677.9
771.8
711.2
1224.3

199.4
211.8
186.9
296.5

478.5
560.0
524.3
927.8

240.8
262.3
275.3
355.9

141.2
138.9
164.4
168.6

86.0
84.5
82.2
77.4

203.9
217.1
220.4
347.7

151.1
178.9
169.6
231.9

52.8
38.2
50.8
115.8

33.9
80.6
28.6
224.1

-5.6
-5.9
16.8
-.5

672.2
765.9
728.0
1223.8

485.2
411.7
462.2
655.7

1986 — I
II
III
IV

598.9
785.4
980.6
985.0

190.7
224.7
243.4
201.3

408.2
560.7
737.3
783.7

199.3
280.7
349.0
327.9

150.6
195.1
262.5
251.2

54.8
59.9
59.1
58.1

231.3
246.7
252.9
424.8

226.1
202.7
200.9
212.3

5.3
44.0
51.9
212.5

-22.4
33.3
135.4
31.0

34.1
10.5
13.8
-20.0

633.0
795.9
994.4
965.0

231.3
334.9
433.9
512.4

1987 — I
II
III
IV

554.5
761.3
659.8
780.3

161.6
146.8
103.1
168.2

392.9
614.5
556.6
612.2

195.5
310.7
287.3
277.8

231.4
255.3
224.3
220.9

-22.0
43.1
54.0
56.5

160.4
272.4
234.5
301.5

212.1
185.1
181.7
174.2

-51.7
87.3
52.8
127.3

37.0
31.4
34.8
32.9

-8.7
-.1
12.3
13.9

545.9
761.2
672.0
794.2

51.1
395.0
352.9
541.5

1988 — I
II
III
IV

723.9
710.4
767.8
763.7

227.7
89.2
188.6
124.4

496.2
621.2
579.3
639.3

212.6
330.6
282.9
279.8

170.1
271.0
232.6
203.8

38.6
57.5
31.8
76.3

266.0
262.9
252.9
320.1

165.3
170.6
170.0
179.7

100.7
92.3
82.8
140.3

17.5
27.6
43.5
39.4

-1.0
5.2
4.4
15.0

722.9
715.6
772.2
778.6

274.2
355.8
497.8
397.7

1989 — I

742.6

214.4

528.2

251.7

186.6

34.9

250.5

163.4

87.1

26.0

-7.9

734.7

307.8




- vii -

JUNE 2, 1989
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

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

FOREIGN

TOTAL
NONFINANCIAL

MEMO:
PRIVATE
FINAN.
ASSETS

YEAR-END OUTSTANDINGS ($ BILLIONS)

1974
1975
1976
1977
1978

2071.9
2256.9
2496.5
2814.0
3179.8

360.8
446.3
515.8
572.5
626.2

1711.0
1810.6
1980.7
2241.5
2553.6

704.0
750.4
838.4
974.5
1138.3

431.4
469.7
529.4
619.2
727.7

202.5
207.6
230.4
267.2
312.3

799.2
839.9
908.8
1023.1
1154.8

501.9
549.6
599.1
668.0
739.5

297.3
290.3
309.7
355.1
415.3

207.9
220.2
233.5
243.9
260.5

81.2
95.3
115.8
129.3
157.6

2153.1
2352.2
2612.3
2943.4
3337.3

1454.7
1588.5
1756.9
1950.6
2178.9

1979
1980
1981
1982
1983

3563.3
3905.9
4276.3
4654.6
5204.3

663.6
742.8
830.1
991.4
1177.9

2899.8
3163.2
3446.2
3663.2
4026.4

1310.4
1430.2
1548.8
1625.5
1811.6

846.9
942.4
1020.3
1059.7
1176.0

352.8
355.4
372.3
388.7
437.7

1311.3
1437.7
1595.3
1714.1
1857.1

812.8
886.7
951.5
1020.7
1115.0

498.5
550.9
643.8
693.4
742.1

278.1
295.3
302.1
323.7
357.7

172.4
196.6
220.1
209.9
227.3

3735.7
4102.5
4496.4
4864.6
5431.6

2434.2
2671.3
2956.2
3260.6
3643.0

1984

5953.7

1376.8

4577.0

2038.2

1310.1

519.3

2153.7

1270.9

882.8

385.1

235.1

6188.8

4136.5

QUARTERLY OUTSTANDINGS, SEASONALLY ADJUSTED
1985 — I
II
III
IV

6122.9
6312.9
6489.4
6797.0

1426.6
1479.5
1526.3
1600.4

4696.3
4833.3
4963.2
5196.6

2097.9
2160.4
2226.5
2314.5

1345.4
1380.1
1418.5
1460.6

540.8
561.9
582.5
601.8

2204.9
2259.2
2315.8
2405.2

1308.7
1353.4
1394.8
1452.7

896.3
905.8
921.0
952.6

393.6
413.7
420.9
476.9

233.7
232.2
236.4
234.7

6356.6
6545.1
6725.8
7031.7

4255.2
4358.1
4469.9
4628.5

1986 — I
II
III
IV

6957.3
7151.6
7394.4
7638.4

1648.0
1704.2
1765.1
1815.4

5309.2
5447.4
5629.3
5823.0

2376.5
2452.3
2537.8
2614.6

1511.0
1565.9
1630.5
1691.1

615.5
630.5
645.2
659.8

2461.9
2516.5
2579.0
2688.3

1508.0
1552.6
1602.2
1658.3

953.9
963.9
976.9
1030.0

470.8
478.6
512.5
520.2

236.8
239.4
242.9
236.2

7194.1
7391.1
7637.2
7874.7

4695.4
4779.1
4885.6
5011.4

1987 — I
II
III
IV

7781.6
7967.7
8127.0
8330.0

1855.8
1892.5
1918.3
1960.3

5925.8
6075.2
6208.7
6369.7

2646.6
2732.6
2798.0
2864.3

1733.3
1808.2
1860.0
1912.6

654.3
665.0
678.5
692.7

2749.8
2805.4
2864.7
2951.2

1739.9
1777.9
1824.0
1870.0

1009.9
1027.5
1040.7
1081.1

529.5
537.3
546.0
554.2

234.1
234.1
237.1
242.3

8015.7
8201.8
8364.1
8572.3

5016.9
5118.5
5203.2
5351.6

1988 — I
II
III
IV

8507.8
8685.4
8858.8
9049.7

2017.2
2039.5
2086.7
2117.8

6490.6
6645.9
6772.1
6931.9

2913.6
3001.8
3069.3
3137.4

1951.3
2024.6
2082.0
2131.1

702.3
716.7
724.7
743.7

3018.4
3078.6
3127.0
3208.9

1912.1
1949.2
1979.3
2026.0

1106.3
1129.4
1147.8
1182.8

558.6
565.5
575.8
585.6

242.0
243.4
244.4
248.2

8749.9
8928.8
9103.2
9297.9

5420.1
5505.7
5630.1
5729.6

1989 — I

9247.8

2171.4

7076.4

3206.2

2177.1

760.5

3273.1

2067.5

1205.6

597.1

247.0

9494.8

5813.2




viii

JUNE 2, 1989
Income and Product Distribution

Income and Product Distribution
Income and Product Accounts:

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1

GNP Expenditures and Gross Saving

SEASONALLY ADJUSTED ANNUAL RATES
1988

I
1

1987
IV

I
1

1988

I

II

III

IV

I 1989
I
I

I

3772.2

4014.9

4240.3

4526.8

4864.4

4662.8

4724.6

4823.8

4909.1

4999.9

5105.1 Total GNP

1

2
3
4
5
6

3166.3
2430.5
335.6
425.4
310.5

3449.8
2629.0
372.2
465.6
355.2

3678.7
2807.5
406.5
505.1
366.2

3936.9
3012.1
421.9
542.8
382.0

4192.5
3227.6
451.1
583.9
381.0

4023.6
3076.3
422.0
555.9
391.4

4073.3
3128.1
437.8
567.5
377.7

4156.2
3194.6
449.8
579.4
382.2

4216.5
3261.2
452.9
587.6
367.7

4323.9
3326.4
464.0
601.2
396.3

4388.9 Current outlays
Households
3377.2
Of which consumer durables
459.4
613.9
State and local governments
397.8
U.S. government

2
3
4
5
6

7
8
9
10
11
12
13

664.9
597.2
181.1
6.2
134.8
132.3
2.6

643.1
631.8
188.9
6.1
138.5
137.2
1.9

666.0
650.4
216.6
5.3
162.8
156.6
1.2

712.9
673.7
226.9
5.3
183.0
178.7
1.8

766.5
718.1
229.7
5.3
197.1
194.0
2.2

764.9
692.9
228.8
5.4
187.0
182.6
2.1

763.4
698.1
226.6
4.8
191.2
189.8
2.1

758.0
714.3
226.5
5.3
191.9
190.3
2.1

772.5
722.8
229.1
5.6
197.6
196.2
2.2

772.0
737.2
236.6
5.7
208.1
200.8
2.3

7
8
9
10
11
12
13

14
15
16

K
11

*

-.6
-.3
-.3

4.9
2.5
2.5

2.5
1.2
1.2

.9
.4
.4

2.3
1.2
1.2

-.7
-.4
-.4

-.4
-.2
-.2

-.8
-.4
-.4

5.0
2.5
2.5

793.6 Gross domestic investment
Private fixed investment
750.0
237.1
Residential construction
Mobile homes
5.5
1-4 family structures
210.1
206.9
Household purchases
Farm
2.2
Change in work in process
on nonfarm
1.0
.5
Noncorporate
Corporate
.5

17
18
19
20
21

40.0
16.9
21.2
1.7
.2

44.3
18.2
24.5
1.3
.4

48.4
19.1
27.6
1.3
.4

38.5
19.9
16.9
1.0
.7

27.3
20.8
4.9
1.4
.2

36.4
20.2
14.6
.5
1.0

30.6
20.4
8.3
1.8
.1

29.3
20.7
7.1
1.3
.2

25.9
20.9
3.3
1.4
.4

22.8
21.1
.4
1.1
.3

21.4
21.3
-1.4
1.4
.1

Multi-family units
Households (1)
Noncorporate business
Nonfin. corp, business
REITs

17
18
19
20
21

22
23
24
25
26
27

416.1
15.2
10.4
51.6
29.5
309.4

442.9
15.2
8.8
51.8
36.5
330.6

433.9
16.1
8.2
52.7
40.9
316.0

446.8
18.3
9.5
52.9
44.5
321.6

488.4
19.0
6.5
57.8
46.6
358.6

464.1
18.7
8.9
54.2
45.8
336.5

471.5
18.7
8.0
55.6
46.6
342.5

487.8
19.0
7.3
56.7
46.5
358.4

493.7
19.0
5.3
59.1
46.5
363.7

500.6
19.2
5.3
59.7
46.7
369.8

512.9
19.3
3.5
61.8
46.6
381.6

28
29
30
31
32

67.7
7.2
60.6
8.9
51.7

11.3
-3.3
14.7
8.3
6.4

15.6
-1.9
17.4
10.5
7.0

39.2
-1.5
40.7
5.9
34.8

48.4
6.1
42.3
10.3
31.9

72.0
-.8
72.8
7.8
65.0

65.3
15.9
49.4
8.2
41.2

43.7
10.6
33.1
11.6
21.5

49.7
7.8
41.9
10.7
31.2

34.8
-9.8
44.6
10.8
33.8

43.6
14.3
29.3
9.6
19.7

33
34
35

-59.0
383.5
442.5

-77.9
370.9
448.9

-104.4
378.5
482.8

-123.1
428.1
551.1

-94.6
519.7
614.3

-125.7
459.7
585.4

-112.1
487.8
599.9

-90.4
507.1
597.5

-79.9
536.1
616.0

-96.0
548.0
644.0

36
37
38

2668.6
164.1
6.1

2838.7
125.4
4.4

3019.7
121.7
4.0

3209.7
104.2
3.2

3471.7
144.3
4.2

3315.9
144.0
4.3

3375.5
149.8
4.4

3421.4
127.8
3.7

3507.5
145.7
4.2

3582.5
153.8
4.3

3696.0 Disposable personal income
214.4 Personal saving
5.8 Saving rate (percent)

39
40

-169.5
64.5

-196.9
65.1

-205.5
61.2

-157.7
52.9

-142.3
55.2

-160.3
49.7

-155.0
55.9

-133.4
56.0

-123.4
56.1

-157.5
52.6

-158.2 Federal government surplus
39
55.1 St. 8 local government surplus 40

41
42
43
44
45

239.9
*
30.9
13.0
196.0

224.3
-.1
31.2
22.9
170.3

236.4
-.1
32.0
31.9
172.6

276.7
M
36.4
30.1
210.2

306.7
K
37.1
30.5
239.0

281.9
*
41.4
28.8
211.7

286.2
«
30.2
27.6
228.4

305.9
35.4
30.0
240.5

313.9
M
40.8
32.7
240.4

Corporate profits, taxes, and dividends:
Profits - total (book)
319.9
320.6
M
Farms
42.1
40.4
Foreign
31.3
Financial corporations
31.8
Nonfin. corporate business
248.2
246.7

41
42
43
44
45

46
47
48
49

93.9
.3
20.4
73.3

96.4
.3
26.6
69.6

106.6
.3
29.8
76.5

133.8
.3
34.8
98.6

142.8
.4
34.1
108.3

136.2
.3
34.5
101.4

136.9
.3
32.5
104.1

143.2
.4
33.8
109.0

144.8
.4
35.7
108.7

146.1
.4
34.5
111.2

148.3
.4
33.4
114.5

Tax accruals - total
Farms
Financial corporations
Nonfin. corporate business

46
47
48
49

50
51
52
53
54
55

79.0
.3
-2.2
81.0
69.2
11.8

83.3
.3
-1.1
84.0
71.8
12.2

88.2
.3
-2.0
89.9
74.5
15.5

95.5
.3
-.4
95.5
83.5
12.1

104.5
.3
.9
103.3
87.9
15.4

99.3
.3
.5
98.5
90.5
8.0

101.3
.3
.7
100.3
74.3
26.0

103.1
.3
.9
101.9
85.9
16.0

105.7
.3
.9
104.5
98.4
6.1

108.0
.3
1.0
106.7
93.3
13.4

111.1
.3
1.2
109.6
95.7
13.9

Dividends - total
Farms
Financial corporations
Nonfin. corporate business
Net dividends paid
♦ Net fgn. div. received

50
51
52
53
54
55

56
57
58
59
60
61
62

67.1
-.6
-5.2
19.2
53.6
41.8
11.8

44.6
-.6
-2.6
18.9
28.9
16.7
12.2

41.6
-.7
4.0
16.5
21.7
6.3
15.5

47.4
-.7
-4.3
24.3
28.1
16.0
12.1

59.4
-.7
-4.5
21.7
42.8
27.4
15.4

46.4
-.7
-6.2
33.5
19.8
11.8
8.0

48.1
-.7
-5.6
4.2
50.2
24.2
26.0

59.6
-.7
-4.7
19.4
45.6
29.6
16.0

63.4
-.7
-4.0
34.7
33.4
27.3
6.1

66.4
-.7
-3.6
28.6
42.1
28.7
13.4

60.5
-.7
-3.2
26.5
37.9
24.0
13.9

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

56
57
58
59
60
61
62

63
64
65
66

32.8
1.2
.7
30.9

59.8
1.5
3.1
55.2

54.2
1.3
4.5
48.3

51.7
1.6
6.4
43.7

45.6
2.1
8.1
35.5

52.4
1.8
7.4
43.2

49.4
1.9
7.9
39.6

48.0
2.0
8.5
37.5

45.4
2.1
8.3
35.0

39.6
2.2
7.6
29.8

33.3
2.3
7.6
23.4

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

63
64
65
66

67
68
69
70
71
72
73
74
75

415.5
60.0
12.7
20.9
67.4
254.5
14.5
1.6
238.4

437.2
64.4
13.3
20.4
70.5
268.6
16.0
1.6
251.0

455.9
67.1
14.1
19.7
72.6
282.5
18.4
1.5
262.6

480.0
70.0
14.8
19.0
78.7
297.5
21.3
1.5
274.7

506.4
73.0
15.4
19.1
83.1
315.7
23.7
1.5
290.6

489.5
71.1
15.0
19.0
80.7
303.7
22.4
1.5
279.8

498.3
71.9
15.2
19.0
82.4
309.8
23.0
1.5
285.3

503.2
72.6
15.4
19.0
82.9
313.3
23.3
1.5
288.5

507.7
73.4
15.5
19.1
82.9
316.8
23.8
1.5
291.5

516.2
74.1
15.7
19.1
84.3
323.0
24.5
1.5
297.0

524.7 Total capital cons. w/CCAdj
Owner-occupied homes (HH)
74.8
15.9
Nonprofit institutions (HH)
Farm noncorporate
19.2
Nonfarm noncorp, business
86.6
Total corpqj-ate
328.2
Financial business
25.1
Corporate farms
1.5
Nonfin. corporate business
301.6

67
68
69
70
71
72
73
74
75

76
77

236.7
652.2

254.6
691.8

280.6
736.5

305.4
785.3

323.7
830.0

313.0
802.5

317.3
815.6

321.5
824.7

325.8
833.5

330.1
846.3

Memo:
Cap. cons, on consumer
durables not included above 76
334.3
859.0 Tot. cap. cons. incl. durables 77

78

5.4

-4.7

-13.7

-8.0

-14.3

-6.5

-15.1

-4.8

-14.1

-23.1

-24.2 Statistical discrepancy

79
80

39.1
14.2

43.0
14.6

45.1
14.5

48.3
15.1

46.6
14.5

48.3
15.1

47.8
14.6

46.8
14.9

46.1
14.3

45.6
14.3

Nonres. plant & equipment
Nonprofit inst. (HH)
Farm
Nonfarm noncorp. bus.
Financial corporations
Nonfin. corp, business
Inventories
Farm
Nonfarm
Noncorporate
Corporate

-77.4 Net exports
577.8
Exports
655.2 - Imports

46.4 Profit tax rate (percent)
14.3 Personal tax rate (percent)

(1) Purchases of condominium units.
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




14
15
16

22
23
24
25
26
27
28
29
30
31
32

33
34
35

36
37
38

78
79
80

JUNE 2» 1989
Funds Raised ln Credit Markets

Funds Raised in Credit Markets
Summary of Net Funds Raised in Credit and Equity Markets

2

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
I

1987
IV

I
I

1988

II

I

III

IV

I 1989
I
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Net Credit Market Borrowing by Nonfinancial Sectors
1

Total net borrowing by domestic
nonfinancial sectors
222,655 144-118 187,070 189,351 220,896 147,279

2
3
4

U.S. government
Treasury issues
Agency issues 8 mortgages

5

Private domestic
nonfinancial sectors

6
7
8
9
10
11
12
13

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

14
15
16
17
18

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

19
20
21
22
23
24
25

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

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

62,556
61,314
1,242

42,871
42,994
-123

19,085
17,153
1,932

41,659
36-437
5,222

53,842
43,444
10,398

37,945
38,240
-295

160,099 101,2A7 167,985 1A7.692 167,054 109,334

383.5

343.1

370.8

388.7

546.8

1

37.4
38.8
-1.4

79.2
79.8
-.6

87.4
87.8
-.5

161.3
162.1
-.9

186.6
186.7
-.1

2
3
4

346.2

263.9

283.5

227.4

360.2

5

79,621
3,042
20,533
56,046
34,701
5,519
16,438
-612

212.5
30.3
17.3
164.9
116.6
10.0
24.4
14.0

190.8
30.3
27.7
132.9
95.3
7.6
19.2
10.7

155.3
23.4
22.8
109.2
72.4
4.8
22.2
9.7

151.1
44.2
18.7
88.2
53.4
5.4
25.2
4.1

257.6
53.7
16.0
187.9
120.4
14.1
51.0
2.4

6
7
8
9
10
11
12
13

29,713
-5,111
13,222
9,178
12,424

133.7
40.5
48.5
9.0
35.6

73.1
2.6
36.5
4.0
30.0

128.1
16.9
48.1
14.7
48.5

76.4
16.4
50.4
-6.1
15.8

102.6
49.0
23.2
-.8
31.3

14
15
16
17
18

160,099 101,247 167,985 147,692 167,054 109,334
2,439
6,578
13,344
8,052
9,652
4,619
80,141
31,648 84-701
79,083 80,944 40,555
71,906 67,160 76,706 55,265 76,458 64,160
2,642
39 -2,497
-938
-3,022 -4,224
17,153
33,013 22,314
19,848 26,019 20,302
41,915 49,070 56,911
35,378 52,936 44,796

346.2
17.6
171.5
157.0
23.5
65.6
68.0

263.9
17.2
117.3
129.4
15.8
55.8
57.8

283.5
6.8
113.9
162.8
16.3
44.4
102.1

227.4
21.5
84.0
121.9
6.7
71.8
43.4

360.2
34.0
186.1
140.1
3.9
81.9
54.4

19
20
21
22
23
24
25

-532
2,000
-385
3,833
-5,980

15.0
3.7
3.1
1.7
6.5

24.2
1.2
11.8
2.4
8.8

23.5
5.5
3.0
3.9
11.1

16.0
6.6
-5.5
1.9
13.0

17.3
3.1
3.6
6.5
4.1

26
27
28
29
30

226,257 144,999 188,292 189,547 224,485 146,747

398.5

367.2

394.3

404.7

111,324
8,204
20,395
82,725
59,020
5,097
19,699
-1,091
48,775
17,864
17,294
-2,969
16,586

3,602
5,694
-880
-1,068
-144

76,797 123,101 115-659 110,524
7,329
3,765
12,823
9,175
25,345 29,485 22,581
19,776
47,687 86,287 80,255 81,573
31,069 71,374 61,660 55,894
1,808
3,204
6,379
A,876
16,174
12,629
13,288
19,548
-183
-887
-783
-248

24,450
-3,766
11,285
-261
17,192

881
3,788
-508
1,299
-3,698

44,884
16,880
20,017
4,340
3,647

1,222
-186
-400
1,493
315

32,033
15,385
8AA
2,456
13,348

196
1,317
271
2,263
-3,655

56,530
22,567
15,351
5,061
13,551

3,589
1,809
-1,207
4,579
-1,592

564.1 31

Net Credit Market Borrowing by Financial Sectors
Total net borrowing
by financial sectors
1

68,701

34,862

72,025

57,637

90,363

75,610

89.9

65.4

101.9

90.7

99.2

1

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

44,842
19,489
25,353
-

24,079
10,305
13,774

26,337
4,363
21,974

39,362
10,605
28,757

47,695
19,610
28,085
-

45,016
16,219
28,797
-

47.9
24.3
23.1
.6

44.8
24.4
19.2
1.2

47.4
30.5
15.0
1.9

64.9
14.9
49.5
.4

67.8
1.4
66.4
-

2
3
4
5

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

23,859
11,379
193
-1,407
726
12,968

10,783
16,591
-35
-9,088
6,867
-3,552

45,688
14,925
2
2,653
22,779
5,329

18,275
8,422
-2
-1,426
4-554
6,727

42.668
10,758
-47
1,300
19,438
11,219

30,594
6,744
16
-3,650
16,482
11,002

42.0
5.5
X
.5
26.8
9.2

20.6
1.6
X
-1.0
12.9
7.1

54.5
4.4
X
1.2
32.7
16.2

25.9
13.1
.1
1.9
9.9
.8

31.4 6
17.3 7
X 8
9
-.1
21.3 10
-7.0 11

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

68,701
19,489
25,353

34,862
10,305
13,774

72,025
4,363
21,974

57,637
10,605
28,757

90,363
19,610
28,085

75,610
16,219
28,797

89.9
24.8
23.1

65.4
25.6
19.2

101.9
32.4
15.0

90.7
15.3
49.5

99.2 12
1.4 13
66.4 14

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Finance companies
REITs
CMO Issuers

23,859
4,109
-5,339
14,916
8,107
555
1,511

10,783
-6,249
-639
-3,809
10,481
240
10,759

45,688
815
3,049
9,648
23,883
421
7,872

18,275
-681
-134
11,034
2,650
-361
5,767

42,668
2,219
-867
20,921
10,816
1,443
8,136

30,594
123
3,764
11,938
10-896
205
3,668

42.0
9.1
4.1
12.6
16.3
-.1
-

20.6
8.3
6.7
7.4
-1.3
-.5
-

54.5
11.6
9.2
15.5
18.5
- .2
-

25.9
11.7
6.8
2.5
4.3
X
.6

31.4
5.0
12.1
-2.1
13.0
- .2
3.6

15
16
17
18
19
20
21

2
3
4
5

6
7
8
9
10
11

15
16
17
18
19
20
21

Total Net Credit Market Borrowing, All Sectors, by Type

294,958 179.861 260.317 247,184 314,848 222,357
107,399 66,950 45-421 81-023 101,541 82,962
7,329
3,042
12,823
9,175
8,204
3,765
37.468 45,724 44,224 32-320 32,343 29,277
82,917 47,652 86,290 80,251 81,522 56,061

488.4
84.8
30.3
26.5
164.8

432.6
122.9
30.3
30.5
132.7

496.3
133.0
23.4
32.7
109.1

495.4
225.9
44.2
38.4
88.2

663.4
254.4
53.7
36.4
187.8

I
2
3
4
5

-5,111
9,187
29,493
17,446

40.5
52.1
37.5
51.9

2.6
47.2
19.3
47.1

16.9
52.3
51.3
77.7

16.4
46.7
5.7
30.0

49.0
26.7
26.9
28.4

6
7
8
9

16,423
4,588 -9,551 -18,890
10 Memo: U.S. govt, cash balance -15,021 -1,080
Totals net of changes in U.S. govt, cash balances:
11 Net borrowing by dom. nonfin.. 237,676 145,198 170,647 184,763 230,447 166,169
2,662 37,071
63,393 56,835
12
By U.S. government
77,577 43,951

.6

-3.8

X

7.3

-7.1 10

382.9
36.8

346.9
83.0

370.8
87.4

381.5
154.0

553.9 11
193.7 12

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

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

17,864
15,007
-3,311
29,410

-3,766
1,689
7,905
9,942

16,880
22,270
28,612
9,291

15,385
-311
9,273
16,420

22,567
15,444
29,078
23,178

External Corporate Equity Funds Raised in U.S. Markets

1 Total net share issues
Mutual funds
2
3
All other
Nonfinancial corporations
4
Financial corporations
5
Foreign shares
purchased in U.S.
6

-22,190 -17,722 -29,277 -24,127 -43,840 -34,567
5-000
1,217 -2,965
-232
-2,862
1,557
-19,328 -19,279 -30,494 -21,162 -43,608 -39,567
-22,000 -23,750 -35,000 -23-000 -48,750 -45-000
3,433
3,792
5,849
1,601
3,969
6,609

-3.8
.4
-4.1
-7.8
2.7

20.3
2.9
17.4
12.9
2.2

-4.8
3.7
-8.5
-11.5
2.7

21.2
8.8
12.4
6.4
4.7

58.1
27.2
30.8
23.5
3.6

1
2
3
4
5

2,000

1.0

2.4

2

1.4

3.7

6

-3,937

679

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-1,343

237

1,173

JUNE 2» 1989
Funds Raised in Credit Markets

Funds Raised in Credit Markets

Summary of Net Funds Raised in Credit and Equity Markets

3

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS» $ BILLIONS
1985
1986
1987

SEASONALLY ADJUSTED ANNUAL RATES
1988

I
I

1987
IV

1988

I
I

II

III

IV

I 1989
I
I

Net Credit Market Borrowing by Nonfinancial Sectors
1

750.8

846.3

837.5

689.0

741.4

780.3

723.9

710.4

767.8

763.7

Total net borrowing by domestic
742.6
nonfinancial sectors

1

2
3
4

198.8
199.0
-.2

223.6
223.7
-.1

215.0
214.7
.4

144.9
143.4
1.5

157.5
140.0
17.4

168.2
163.2
5.0

227.7
228.2
-.5

89.2
81.5
7.7

188.6
167.7
20.9

124.4
82.8
41.6

214.4
215.6
-1.2

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5

552.0

622.7

622.5

544.0

584.0

612.2

496.2

621.2

579.3

639.3

528.2

Private domestic
nonfinancial sectors

5

6
7
8
9
10
11
12
13

319.3
50.4
46.1
222.8
136.7
25.2
62.2
-1.2

452.3
136.4
73.8
242.2
156.8
29.8
62.2
-6.6

468.4
30.8
121.3
316.3
218.7
33.5
73.6
-9.5

459.0
34.5
99.9
324.5
234.9
24.4
71.6
-6.4

426.1
33.1
97.2
295.8
220.0
16.3
61.6
-2.1

430.3
33.5
81.6
315.3
222.8
16.1
78.3
-1.9

358.9
22.8
101.4
234.6
169.6
23.9
47.3
-6.1

474.8
30.6
117.9
326.3
270.7
4.2
52.7
-1.4

446.7
41.4
90.3
315.0
231.9
16.0
69.4
-2.4

423.9
37.5
79.1
307.3
207.8
20.9
77.1
1.5

372.2
19.7
82.1
270.3
187.4
26.6
61.5
-5.2

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

6
7
8
9
10
11
12
13

14
15
16
17
18

232.7
81.6
67.1
21.7
62.2

170.3
82.5
38.6
14.6
34.6

154.1
58.0
65.0
-9.3
40.5

85.1
32.9
10.8
2.3
39.1

157.9
51.1
47.5
11.6
47.7

181.8
56.5
75.2
3.9
46.2

137.3
38.6
34.7
-3.8
67.8

146.4
57.5
72.4
4.0
12.5

132.5
31.8
10.7
11.1
78.9

215.4
76.3
72.1
35.1
31.9

156.1
34.9
38.3
34.4
48.4

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

14
15
16
17
18

19
20
21
22
23
24
25

552.0
27.4
231.5
293.1
-.4
123.2
170.3

622.7
91.8
283.6
247.3
-14.5
129.3
132.4

622.5
44.3
289.1
289.0
-16.3
103.2
202.1

544.0
34.0
267.7
242.3
-10.6
107.9
145.0

584.0
32.0
276.4
275.6
-4.0
85.3
194.3

612.2
32.9
277.8
301.5
3.3
116.0
182.1

496.2
17.5
212.6
266.0
-15.7
86.3
195.5

621.2
27.6
330.6
262.9
-3.4
72.3
194.0

579.3
43.5
282.9
252.9
-2.6
96.0
159.5

639.3
39.4
279.8
320.1
5.5
86.7
227.8

528.2
26.0
251.7
250.5
-2.7
78.5
174.6

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

19
20
21
22
23
24
25

26
27
28
29
30

8.4
3.8
-6.6
6.2
5.0

1.2
3.8
-2.8
6.2
-5.9

9.6
3.0
-1.0
11.5
-3.9

4.3
6.8
-3.6
2.1
-1.0

5.9
6.7
-1.8
9.6
-8.6

13.9
21.6
-6.1
-2.5
.8

-1.0
16.8
.7
1.5
-19.9

5.2
-2.7
-3.5
6.4
5.1

4.4
6.5
2.9
10.7
-15.8

15.0
6.3
-7.4
20.0
-3.9

31

759.2

847.5

847.1

693.3

747.3

794.2

722.9

715.6

772.2

-7.9 Fgn. net borrowing in U.S.
Bonds
9.5
1.5
Bank loans n.e.c.
11.6
Commercial paper
-30.4
U.S. govt. 8 other loans

26
27
28
29
30

778.6

734.7 Total domestic plus foreign

31

Net Credit Market Borrowing by Financial Sectors

Total net borrowing
by financial sectors

1

148.7

198.3

307.0

303.3

254.9

250.2

193.3

263.3

227.2

335.7

358.1

2
3
4
5

74.9
30.4
44.4

101.5
20.6
79.9
1.1

187.9
15.2
173.1
-.4

185.8
30.2
156.4
-.8

137.5
44.9
92.6
-

167.5
71.6
95.9
-

120.3
56.8
63.4

101.8
9.4
92.4
-

150.6
42.8
107.8
-

177.2
70.5
106.7

205.7
81.7
124.0

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

6
7
8
9
10
11

73.8
33.0
.4
.7
24.1
15.7

96.7
47.9
.1
2.6
32.0
14.2

119.1
70.9
.1
4.0
24.2
19.8

117.5
67.2
.4
-3.3
28.8
24.4

117.4
50.7
-.1
-6.6
53.6
19.7

82.7
42.4
.8
-10.7
5.4
44.9

73.1
70.1
-.1
-26.8
24.6
5.4

161.5
60.5
K
8.7
82.2
10.1

76.6
32.5
K
-8.6
26.1
26.6

158.5
39.7
-.2
.6
81.7
36.8

152.4
31.0
.1
-4.6
61.6
64.4

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

12
13
14

148.7
30.4
44.4

198.3
21.7
79.9

307.0
14.9
173.1

303.3
29.5
156.4

254.9
44.9
92.6

250.2
71.6
95.9

193.3
56.8
63.4

263.3
9.4
92.4

227.2
42.8
107.8

335.7
70.5
106.7

358.1 Total* by sector
81.7
Sponsored credit agencies
Mortgage pools
124.0

12
13
14

15
16
17
18
19
20
21

73.8
7.3
15.6
22.7
18.2
.8
9.3

96.7
-4.9
14.5
22.3
52.7
.5
11.5

119.1
-3.6
4.6
29.8
48.4
1.0
39.0

117.5
7.1
2.9
34.9
32.7
.8
39.1

117.4
-3.9
1.4
37.8
47.8
1.7
32.5

82.7
15.0
-22.6
48.7
33.4
2.2
6.0

73.1
-22.4
-8.5
8.6
51.4
1.0
43.0

161.5
6.2
11.4
17.1
93.7
1.7
31.5

76.6
-8.3
7.6
54.4
1.2
-1.4
23.1

158.5
8.9
-4.9
71.0
45.1
5.8
32.5

152.4
1.8
8.8
72.7
53.6
.8
14.7

15
16
17
18
19
20
21

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Finance companies
REITs
CMO Issuers

1
2
3
4
5

6
7
8
9
10
11

Total Net: Credit Market Borrowing. All Sectors. by Type

1
2
3
4
5

907.9
273.8
50.4
83.0
223.1

1045.7
324.2
136.4
125.4
242.2

1154.1
403.4
30.8
195.2
316.4

996.6
331.5
34.5
174.0
324.9

1002.2
294.9
33.1
154.6
295.7

1044.4
335.7
33.5
145.6
316.1

916.2
347.9
22.8
188.2
234.5

978.9
191.0
30.6
175.8
326.3

999.4
339.2
41.4
129.4
315.0

1114.4
301.6
37.5
125.1
307.1

6
7
8
9

81.6
61.1
52.0
82.9

82.5
38.3
52.8
44.0

58.0
67.9
26.4
56.1

32.9
3.8
33.2
61.8

51.1
39.1
74.9
58.8

56.5
58.4
6.7
91.9

38.6
8.6
22.3
53.3

57.5
77.6
92.5
27.7

31.8
5.0
48.0
89.7

76.3
65.3
136.8
64.7

10

6.3

14.4

K

-7.9

10.4

-54.7

60.9

3.3

11
12

744.5
192.5

831.9
209.3

837.5
215.0

696.9
152.8

731.1
147.1

835.0
222.8

663.0
166.8

707.1
86.0

1092.8 Total net borrowing
420.1
U.S. government securities
19.7
Tax-exempt obligations
122.7
Corporate S foreign bonds
270.4
Mortgages

1
2
3
4
5

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

6
7
8
9

34.9
35.1
107.6
82.4

16.2
-38.8
-4.3 Memo: U.S. govt, cash balance
10
Totals net of <changes :Ln U.S. govt, cash balances:
802.5
751.7
747.0 Net borrowing by dom. nonfin. 11
172.4
163.2
218.7
By U.S. government
12

External. Corporate Equity Funds Raised in U.S. Markets
1
2
3
4
5

-36.0
29.3
-65.3
-74.5
8.2

20.1
84.4
-64.3
-81.5
13.5

93.9
161.8
-68.0
-80.8
11.5

13.5
72.3
-58.8
-76.5
20.1

-115.0
-.4
-114.5
-130.5
15.2

-82.7
-9.1
-73.6
-88.0
26.4

-75.6
5.0
-80.5
-95.0
15.2

-131.1
-8.0
-123.1
-140.0
23.4

-84.1
.3
-84.4
-92.0
6.4

-169.1
1.1
-170.2
-195.0
15.9

6

.9

3.7

1.3

-2.4

.7

-12.0

-.7

-6.5

1.2

9.0

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




-143.1 Total net share issues
Mutual funds
19.1
All other
-162.2
-180.0
Nonfinancial corporations
13.7
Financial corporations
Foreign shares
4.1
purchased in U.S.

1
2
3
4
5

6

JUNE 2, 1989
Credit Market Supply of Funds

Credit Market Supply of Funds
Direct and Indirect Sources of Funds to Credit Markets

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
I

1987
IV

I
I

1988

I

II

III

IV

I 1989
I
I

Total funds advanced in credit markets
to dom. nonfinan. sectors
222,655 144,118 187,070 189,351 220,896 147,279
1

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

383.5

343.1

370.8

388.7

546.8

1

2
3
4
5
6

By Federal agencies and foreign
2 Total net advances, by type
U.S. government securities
3
4
Residential mortgages
FHLB advances to S&Ls
5
Other loans and securities
6

55,956
33,321
18,568
-3,552
7,619

46,667
14,414
25,504
5,329
1,420

54,911
3,183
28,852
6,727
16,149

81,514
33,863
31,114
11,219
5,318

73,992
17-877
29,071
11,002
16,042

68.8
-9.6
35.8
9.2
33.5

98.1
19.1
31.7
7.1
40.2

106.6
18.7
23.5
16.2
48.3

112.8
21.4
61.0
.8
29.5

117.8
29.0
76.1
-7.0
19.7

7 By type of lender:
71,141 55,956
-2,161 -1,633
8
U.S. government
Spons. credit ag.&mtg. pools 41,227
9
19.044
10
Monetary authority
10,540 -5,209
Foreign
21,535 43,754
11
Agency and foreign borrowing not in line 1:
12
Spons. credit ag.&mtg. pools 44,842 24,079
13
Foreign
3,602
881

46,667
-4,332
27,670
4,823
18,506

54,911
2,658
37,291
1,046
13,916

81-514
-3,994
47,144
9,864
28,500

73,992
2,460
46-941
-5,206
29,797

68.8
19.0
53.1
7.1
-10.4

98.1
23.7
45.6
3.5
25.3

106.6
24.0
48.2
8.8
25.5

112.8
15.9
65.5
7.7
23.7

117.8 7
9.7 8
69.8 9
14.7 10
23.7 11

26,337
1,222

39,362
196

47,695
3-589

45,016
-532

47.9
15.0

44.8
24.2

47.4
23.5

64.9
16.0

67.8 12
17.3 13

199,958 113,122 167,962 173,998 190,666 117,771
73,618 33,629 31,007 77,840 67,678 65,085
8-204
3,765
3,042
7,329
12,823
9,175
12,933
24,728 28,204 24,268
16,316
12,213
36,680
11,148
17,377 47,679 36,010 31,155
69,696 26,595 63,008 37,736 81,664 36,565
12,968 -3,552
11,219
11,002
5,329
6,727

377.6
94.4
30.3
18.4
90.7
153.0
9.2

313.9
103.8
30.3
20.7
71.1
95.2
7.1

335.1
114.3
23.4
19.8
53.7
140.2
16.2

356.7
204.4
44.2
14.7
-2.3
96.5
.8

514.2
225.4
53.7
14.5
58.3
155.1
-7.0

14
15
16
17
18
19
20

21
22
23
24
25

71,141
33,781
27,436
12,968
-3,044

Private domestic funds advanced

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

Private financial intermediation

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

153,783 136,715 163,946 116,728 170,228 118,592
60,992
12,776 55,488 39,097 48,642 24,122
39,624
8,572 39,493 41,608 31,412
6,048
41,951
65,338 56,254 45,465 55,162 59-899
11,216 50,029
12,711 -9,442 35,012 28,523

312.2
131.4
55.4
78.7
46.6

287.3
107.6
51.3
93.7
34.7

328.3
106.5
26.2
90.1
105.5

290.1
110.2
22.9
96.0
61.0

394.7
144.3
135.6
100.1
14.7

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

153,783 136,715 163,946 116,728 170,228 118,592
94,027 55,892 33,336 28,316 80-849
15-340
23,859
10,783 45,688
18,275 42,668 30,594

312.2
134.3
42.0

287.3
172.8
20.6

328.3
215.2
54.5

290.1
201.5
25.9

394.7 26
210.4 27
31.4 28

72,658
84,922 70,137 46,711
16,490 -10,399
19,516 -6,194
9,039
1,595 -5,175 -14,833
60,300 40,907 53,584 64,748
-907 38,034 -21,214 28,937

135.8
26.4
.4
74.7
34.3

93.9
-25.1
-2.6
86.1
35.5

58.6
-22.6
-1.1
83.4
-1.1

62.7
-32.3
6.1
114.7
-25.7

152.9
14.6
-5.3
115.0
28.7

29
30
31
32
33

75,545 63-106
66,157 53,000
7,179
9,240
-5,376 -11,447
7,237
4,588
7,137
936

29,773
28,503
-1,249
8,447
32
-5,960

107.4
67.4
9.8
-3.4
9.4
24.2

47.3
28.3
6.7
-13.0
-3.9
29.1

61.3
30.0
10.7
-3.5
-2.8
27.0

92.5
62.8
23.2
-3.0
-10.2
19.6

150.9
91.0
38.8
-8.3
12.4
17.0

34
35
36
37
38
39

87,165
14,021
6,654
-982
31,956 -35,902

147.4
8.0
19.9

185.9
10.3
7.1

223.1
9.5
18.6

210.8
9.7
18.6

227.8 40
14.3 41
28.8 42

20,683
12,249
10,447
5,514
-338

16,650
26,152
6,580
1,860
-337

59.2
33.0
15.6
6.7
5.1

82.2
28.5
45.2
9.8
2.8

47.6
102.2
36.7
10.2
-1.7

135.8
33.5
-2.4
16.1
-.4

215.4
-39.0
-8.3
13.5
3.1

88,995 104,255 150,271

43,794

254.8

233.2

284.4

303.3

378.7 48

36,311 50,421
89,280 100,697
48,016 23.603

17.3
82.7
16.0

26.7
91.5
.2

27.0
98.0
2.9

27.9
81.3
-8.6

20.9 49
76.8 50
38.2 51

21
22
23
24
25

29
30
31
32
33

Other sources
35,897 70,040
Foreign funds
9,566 -16,391
Treasury balances
-11,331
1,876
Insurance and pension res.
27,978 65,062
Other, net
9,684
19,493

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

40 Deposits and currency
41
Currency
42
Checkable deposits
43
44
45
46
47

48

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

70,034 -12,810
44,905
10,111
12,502 -3,209
4,845 -2,156
3,697 -17,203
4,085
-353

110,891 50,703
13,001 -1,366
23,322 -19,387
33,669
10,644
29,058
-2,666
3,863

Total of credit mkt. instru­
ments, deposits, and currency 180,925

49 Public holdings as % of total
50 Pvt. finan. intermediation (X)
51 Total foreign funds

49,704
17,216
6,837
6,257
20,270
-876

39,291 28,710
5,959
3,486
14,939 -15-281

53,628 35,214
25,085 -11,733
-5,056 -6,891
1,622
1,807
-3,823
-4
37,893

31,442 38,590
76,907 120,856
31,101 27,363

24,784
97,608
34,996

11,070
-1,799
33,792
534
-3,092

28,969
67,085
3-517

43
44
45
46
47

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

-22,190 -17,722 -29,277 -24,127 -43,840 -34,567
-2,862
5,000
1,557
-232
1,217 -2,965
-19,328 -19,279 -30,494 -21,162 -43,608 -39,567

-3.8
.4
-4.1

20.3
2.9
17.4

-4.8
3.7
-8.5

21.2
8.8
12.4

58.1
27.2
30.8

1
2
3

4 Acq. by financial institutions -6,055 -7,581 -2,354
2-599
7,485
7,212
5 Other net purchases
-16,135 -10,141 -26,923 -31,339 -51,325 -37,166

19.7
-23.5

24.5
-4.2

25.8
-30.6

28.1
-6.9

50.4
7.7

4
5

Line notes: (1): Page 2 line 1. (6):
Includes farm and commercial mortgages.
(12):
Credit market funds raised by federally sponsored credit agencies and
net issues of federally related mortgage pool securities.
(14): Line 1 less
line 2 plus lines
12 and
13.
Also line 21 less line 28 plus line 34.
Also sum of lines 29 and 48 less lines 41 and 47.
(19):
Includes farm and
commercial mortgages.
(27): Line 40 less lines 41 and 47.
(28): Excludes
equity issues and investment company shares. Includes line 20.
(30): Foreign
deposits at commercial banks,
plus bank borrowings from foreign branches,
and liabilities of foreign banking offices to foreign affiliates,
net
of claims on foreign affiliates and deposits by banking in foreign banks.
(31) :
Demand
deposits and
note
balances
at
commercial
banks.
(32) :
Excludes
investment of these reserves in corporate equities.
(33) :
Mainly
retained
earnings and net miscellaneous liabilities.
(34) :
Line 14 less line 21 plus line 28.
(35-39): Lines 15-19 less amounts
acquired by private finance plus amounts borrowed by private finance.
Line 39 includes mortgages.
(41): Mainly an offset to line 10.
(48): Lines
34 and 40.
Also line 14 less line 29 plus lines 41 and 47.
(49):
Line 2/
(lines 1 ♦ 13).
(50): Line 21 / line 14.
(51): Line 11 plus line 30.
Corporate Equities:
(1-3):
Includes issues by financial institutions.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




JUNE 2* 1989
Credit Market Supply of Funds

Credit Market Supply of Funds
Direct and Indirect Sources of Funds to Credit Markets

5

SEASONALLY ADJUSTED ANNUAL RATES

1984

1

750.8

ANNUAL FLOWS* $ BILLIONS
1985
1986
1987
846.3

837.5

689.0

SEASONALLY ADJUSTED ANNUAL RATES

1988

741.4

I
I

1987
IV

780.3

I
I

1988

II

723.9

710.4

III

767.8

IV

I
I

1989
I

Total funds advanced in credit markets
742.6
763.7
to dom. nonfinan. sectors

1

By Federal agencies and foreign

2
3
4
5
6

157.6
38.9
56.5
15.7
46.6

193.1
37.9
94.6
14.2
46.3

314.0
69.4
170.1
19.8
54.6

256.7
68.2
153.2
24.4
10.9

239.0
84.8
104.0
19.7
30.5

265.4
123.3
102.7
44.9
-5.5

262.5
148.6
83.6
5.4
24.9

166.1
42.4
106.7
10.1
6.8

222.5
25.8
108.3
26.6
61.9

7
8
9
10
11

157.6
17.1
74.3
8.4
57.9

193.1
16.8
95.5
18.4
62.3

314.0
9.7
187.2
19.4
97.8

256.7
-11.9
181.4
24.7
62.5

239.0
-7.3
131.1
10.5
104.7

265.4
-2.6
156.6
30.4
81.0

262.5
-8.8
103.1
-5.5
173.7

166.1
-20.3
103.4
4.1
78.9

222.5
9.4
138.9
17.1
57.2

12
13

74.9
8.4

101.5
1.2

187.9
9.6

185.8
4.3

137.5
5.9

167.5
13.9

120.3
-1.0

101.8
5.2

150.6
4.4

14
15
16
17
18
19
20

676.4
234.9
50.4
35.1
105.3
266.3
15.7

756.0
286.2
136.4
40.8
91.8
214.9
14.2

721.0
333.9
30.8
84.1
82.0
210.0
19.8

622.5
263.3
34.5
86.5
106.1
156.5
24.4

645.7
210.2
33.1
81.0
132.2
209.0
19.7

696.3
212.4
33.5
102.9
136.2
256.3
44.9

580.6
199.3
22.8
115.7
109.9
138.3
5.4

651.3
148.6
30.6
90.2
168.2
223.8
10.1

700.3
313.4
41.4
65.1
139.7
167.3
26.6

305.1
122.3
117.5
36.8
28.4

336.2 Total net advances* by type
87.6
U.S. government securities
126.2
Residential mortgages
64.4
FHLB advances to S&Ls
58.1
Other loans and securities

305.1
336.2 By type of lender:
-9.5
U.S. government
7.3
179.2
216.0
Spons. credit ag.&mtg. pools
26.5
-4.9
Monetary authority
108.9
Foreign
117.8
Agency and foreign borrowing not in line 1:
177.2
205.7
Spons. credit ag.&mtg. pools
15.0
-7.9
Foreign

2
3
4
5
6

7
8
9
10
11
12
13

Private domestic funds advanced

650.8
179.3
37.5
53.0
111.1
306.6
36.8

604.2 Total net advances
332.5
U.S. government securities
19.7
Tax-exempt obligations
54.6
Corporate and foreign bonds
87.9
Residential mortgages
Other mortgages and loans
173.8
64.4
Less: FHLB advances

14
15
16
17
18
19
20

Private financial intermediation

21
22
23
24
25

581.0
168.9
150.2
121.8
140.1

569.8
186.3
83.0
148.9
151.6

747.0
194.8
106.2
181.9
264.2

566.6
136.7
141.7
211.9
76.3

587.6
156.0
121.1
222.2
88.3

553.8
253.1
155.6
154.3
-9.2

658.1
56.8
85.3
279.3
236.7

593.3
213.8
92.9
228.9
57.8

473.2
141.3
186.3
173.9
-28.4

626.0
212.2
119.9
206.8
87.2

586.9
96.8
80.6
259.1
150.3

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

21
22
23
24
25

26
27
28

581.0
321.9
73.8

569.8
210.6
96.7

747.0
264.7
119.1

566.6
145.6
117.5

587.6
198.4
117.4

553.8
265.6
82.7

658.1
283.6
73.1

593.3
135.1
161.5

473.2
167.3
76.6

626.0
207.5
158.5

586.9 Sources of funds
127.3
Private domestic dep. & RPs
152.4
Credit market borrowing

26
27
28

29
30
31
32
33

185.3
8.8
4.0
124.0
48.5

262.5
19.7
10.3
131.9
100.7

363.2
12.9
1.7
144.3
204.4

303.5
43.7
-5.8
176.1
89.6

271.8
9.2
7.3
219.9
35.4

205.5
25.2
-36.1
120.3
96.0

301.3
-80.1
53.3
265.2
62.9

296.7
106.6
-17.5
240.0
-32.4

229.2
-50.4
8.7
149.9
121.0

260.0
60.7
-15.2
224.3
-9.9

307.2
-36.3
-8.4
263.6
88.3

34
35
36
37
38
39

169.2
115.4
26.5
-.8
4.0
24.2

282.9
175.7
39.6
2.4
45.6
19.6

93.1
59.9
-13.6
32.6
-3.6
17.9

173.3
104.4
46.1
5.3
4.3
13.3

175.5
146.5
20.0
-12.7
14.9
6.8

225.1
117.8
56.0
42.1
-9.5
18.7

-4.4
114.4
-.5
-39.0
-71.5
-7.8

219.5
87.3
18.3
36.6
76.1
1.2

303.7
247.0
27.9
-29.2
54.0
3.9

183.3
137.2
34.4
-19.4
1.0
30.1

169.7 Direct lending in cr. markets
194.6
U.S. government securities
7.7
Tax-exempt obligations
-.2
Corporate and foreign bonds
-2.0
Open-market paper
-30.3
Other

34
35
36
37
38
39

40
41
42

325.4
8.6
28.0

220.9
12.4
40.9

285.0
14.4
93.2

161.8
19.0
-2.1

205.9
14.7
12.2

316.3
36.8
14.3

278.6
8.2
4.5

136.3
11.9
18.5

194.1
28.6
-23.8

214.4
10.2
49.6

138.1 Deposits and currency
9.8
Currency
-59.6
Checkable deposits

40
41
42

43
44
45
46
47

150.7
49.0
84.3
10.0
-5.1

138.5
8.9
7.7
14.6
-2.1

120.6
41.5
-11.4
20.8
5.9

76.0
28.2
26.7
16.9
-2.8

120.6
23.8
32.3
9.5
-7.3

124.1
63.3
89.4
-25.6
13.9

189.1
59.1
11.7
19.3
-13.3

152.4
-34.8
-15.7
14.7
-10.7

70.5
3.0
122.0
-4.4
-1.8

70.4
67.9
11.2
8.2
-3.3

48

494.6

503.7

378.1

335.1

381.4

541.5

274.2

355.8

497.8

397.7

Total of credit mkt. instru307.8 ments* deposits* and currency 48

49
50
51

20.8
85.9
66.7

22.8
75.4
82.0

37.1
103.6
110.7

37.0
91.0
106.2

32.0
91.0
113.9

33.4
79.5
106.2

36.3
113.3
93.6

23.2
91.1
185.5

28.8
67.6
6.8

39.2
96.2
169.7

45.8 Public holdings as % of total 49
97.1 Pvt. finan. intermediation (Jfc) 50
81.5 Total foreign funds
51

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

Private domestic nonfinancial investors

50.7
59.5
55.9
20.7
1.0

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

43
44
45
46
47

Corporate Equities Not Included Above

1
2
3

-36.0
29.3
-65.3

20.1
84.4
-64.3

93.9
161.8
-68.0

13.5
72.3
-58.8

-115.0
-.4
-114.5

-82.7
-9.1
-73.6

-75.6
5.0
-80.5

-131.1
-8.0
-123.1

-84.1
.3
-84.4

-169.1
1.1
-170.2

-143.1 Total net issues
Mutual fund shares
19.1
-162.2
Other equities

1
2
3

4
5

15.8
-51.8

45.6
-25.5

48.5
45.4

22.6
-9.1

4.8
-119.7

-16.5
-66.2

-35.7
-39.9

-6.8
-124.3

22.4
-106.5

39.1
-208.2

4.1 Acq. by financial Institutions
-147.2 Other net purchases

4
5

Line notes: (1): Page 2 line 1. (6):
Includes farm and commercial mortgages.
(12):
Credit market funds raised by federally sponsored credit agencies and
net Issues of federally related mortgage pool securities.
(14): Line 1 less
line 2 plus lines 12 and 13.
Also line 21 less line 28 plus line 34.
Also sum of lines 29 and 48 less lines 41 and 47.
(19):
Includes farm and
commercial mortgages.
(27): Line 40 less lines 41 and 47.
(28): Excludes
equity issues and investment company shares. Includes line 20.
(30): Foreign
deposits at commercial banks* plus bank borrowings from foreign branches*
and liabilities of foreign banking offices to foreign affiliates* net
of claims on foreign affiliates and deposits by banking in foreign banks.
(31) :
Demand
deposits and
note
balances
at
commercial
banks.
(32) :
Excludes investment of these reserves in corporate equities.
(33) :
Mainly
retained earnings and net miscellaneous liabilities.
(34) : Line 14 less line 21 plus line 28.
(35-39): Lines 15-19 less amounts
acquired by private finance plus amounts borrowed by private finance.
Line 39 includes mortgages.
(41): Mainly an offset to line 10.
(48): Lines
34 and 40.
Also line 14 less line 29 plus lines 41 and 47.
(49):
Line 2/
(lines 1 * 13).
(50): Line 21 / line 14.
(51): Line 11 plus line 30.
Corporate Equities:
(1-3):
Includes Issues by financial institutions.
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




JUNE 2, 1989
Households

Households

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

UNADJUSTED NET FLOWS,

I
I

1988

1987
IV

II

III

IV

I 1989
I
I

979

$ MILLIONS

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Households* Personal Trusts, and Nonprofit Organizations

1013,908 953,570 991,7181032,9751083,8111042.927
1 Personal Income
2 - Personal taxes and nontaxes 134.283 139.451 175,811 142.319 132.770 150.843

2034.0
304.7

2258.5
340.5

2520.9
393.3

2670.8
409.3

2838.6
410.5

1
2

879.625 814,119 815,907 890,656 951.041 892.084
Disposable personal Income
827.421 776,202 821,000 836.447 893,802 836,814
Personal outlays
52.204 37,917 -5.093 54.209 57,239 55,270
Personal saving* NIPA basis
Credits from sovt. insurance 19,583
10,213 20.745 30.713 23,188 12,516
550
6,000
1.481
3,679
Capital sains dividends
14.048
636
Net durables in consumption
36.728 19.348 35.000 29.422 43,682 19.345

1729.3
1611.3
118.1
24.4
.9
54.0

1918.0
1781.1
136.9
35.3
1.8
31.9

2127.6
1968.1
159.4
39.7
2.7
37.4

2261.4
2107.5
154.0
43.9
2.4
37.2

2428.1
2297.5
130.6
53.5
4.4
62.7

3
4
5
6
7
8

122.563 68.959 51,288 114,894 127,788 93.131
99.792 101,087 102.375 103.670 104,960 106,253
222.355 170,046 153.663 218.564 232.748 199.384

197.4
215.2
412.6

205.9
243.6
449.5

239.2
264.4
503.6

237.4
280.9
518.4

251.2 9
295.3 10
546.5 11

12 Gross Investment
219.203 195,172 208,068 212,146 209,577 206,017
13
Capital expend, net of sales 173,728 155,405 169.363 175,476 189,992 163,990
14
Residential construction
54,077 52,046 49,240 59,854 59,002 56.250
15
Consumer durable 9oods
114.988 98,672 115.385 110.873 126.195 102,923
4,749
4,738
4,817
16
Nonprofit plant and equip.
4.663
4.687
4,795

417.3
356.1
128.7
219.0
8.4

446.5
342.7
113.6
219.3
9.9

510.1
362.1
111.2
239.9
11.0

545.1
355.0
89.9
252.7
12.4

604.4
436.5
133.2
289.1
14.2

3
4
5
6
7
8

*
*
*
*
*

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

17 Net financial investment
45.475
18
Net acq. of financial assets 108.942
19

39,767 38.705 36.670 19.585
71,931 126,041 118,712 103.622

42,027
83,871

61.2
235.9

103.9
231.9

148.1
265.4

190.1
280.1

167.9 17
365.8 18

96.530 101.153

67.657

215.7

188.6

227.8

225.5

267.2 19

54,917 25,723
19,037 -20,619
18.482 14,497
4,737
5.777
11.621 27,108

132.3
32.7
59.8
9.2
30.6

152.5
6.1
82.5
39.4
24.5

185.3
32.9
47.5
14.1
90.7

169.9
22.1
134.3
-19.4
32.8

180.1
26.1
210.1
-25.0
-31.1

20
21
22
23
24

41,934
30.193
-469
8.447
-339
4.102

83.4
55.5
10.2
-3.4
13.6
7.5

36.1
21.0
6.7
-13.0
17.9
3.4

42.5
34.8
10.5
-3.5
10.9
-10.2

55.6
46.1
22.9
-3.0
9.7
-20.1

87.1
51.3
37.6
-8.3
.7
5.7

25
26
27
28
29
30

-1.0
-24.5

1.1
-11.0

5.8
-42.4

7.0
-18.9

24.0 31
-22.9 32

1.084
62.732

10.7
91.1

9.7
108.8

9.2
108.7

7.2
140.9

8.0 33
151.2 34

-30,882 -18,325 -15,706 -12,753 -28,641 -21,581
2,180
4,300
4,847 -2,406
-4.191 -1.042
7,916
9,323
5.859
6.787
7.675
4,949

-65.2
1.8
7.2

-76.9
5.9
5.6

-48.4
-1.5
6.1

-91.4
3.1
6.8

-79.6 35
2.7 36
15.3 37

Dep. ft cr. mkt. Instr. (1) 112.606

37,596

91.561

20
21
22
23
24

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

67.371 52.336 42.841
17.080
9,439 -10,564
33,491
32.230 52,111
2,512
15.346 -12,237
10.356 23,026 -10.242

25
26
27
28
29
30

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

45,235 -14,740
6,166
28.611
10,793 -5,417
4.845 -2.156
-1.176
128
2.162 -13,461

48,720
17.945
6,810
6,257
-2.574
20,282

28.288
-9,862
9.386
32.514
-3.750

68,242 46,236
64.520 45,497
7,839
8.926
-5.376 -11,447
-535
-660
707
5,007

31
32

Mutual fund shares
Other corporate equities

378
-8,472

-894
1.139
2,836 -7.175
-1,133
-8,939 -30,162 -27.441 -47,451 -40.783

33
34

Life insurance reserves
Pension fund reserves

4,757
29,797

6,449
51,466

35
36
37

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

38
39
40
41
42

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

43
44
45
46
47
48
49

Tax-exempt debt
Other mortgages
Bank loans n.e.c.
Other loans

Security credit
Trade debt
Miscellaneous

50 Discrepancy

12
13
14
15
16

3.286
62,592

2.544
61.738

583
68,776

63,467
80.141
60.168
14.225
3.639

32.164
31,648
38,073
-1.660
-2,106

87,336
84,701
65.316
17.980
-1.100

82,042
79.083
59.376
17,248
-1,863

84,037
80,944
56.514
19,603
2.964

41.844
40,555
41,731
-1,622
-3.489

174.7
171.5
117.6
35.6
4.9

128.0
117.3
95.5
1.7
.9

117.3
113.9
73.2
13.5
3.4

90.0
84.0
46.4
14.8
1.6

197.9
186.1
116.4
44.1
4.9

38
39
40
41
42

-425
572
1.193
769

187
569
-4,022
607

-67
566
989
1.017

501
563
-568
3.826

-114
560
710
707

50
557
1,772
1.556

2.9
1.5
2.6
6.4

3.1
1.9
5.3
8.8

4.4
2.3
6.0
11.1

8.5
2.6
2.6
7.4

11.4
2.5
3.6
3.3

43
44
45
46

-18.026
762
590

-889
785
620

1.017
808
810

1.214
831
914

1.226
854
1.013

-588
877
1,000

.2
1.7
1.3

7.2
2.3
1.2

-1.0
2.7
1.8

2.8
2.4
.8

9.4 47
1.8 48
.6 49

3.152 -25.126 -54,405

6.418

23,171

-6,633

-4.7

3.0

-6.5

-26.8

-57.9 50

(1) Excludes corporate equities.

Memoranda:

51
52
53
54
55
56

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

54,077
1.357
52.720
17.778
60.168
-23,869

52,046 49.240 59.854 59.002
1.396
1.413
1.320
1.206
50,840 47,920 58.458 57,589
18,338 18,524
17,966 18,151
38,073 65,316 59,376 56.514
-3.993 -34,227 -17,860 -16.036

56.250
1.384
54,866
18.710
41.731
-4,191

128.7
4.9
123.8
41.9
117.6
-30.9

113.6
4.3
109.2
47.0
95.5
-28.9

111.2
4.7
106.5
51.4
73.2
-13.5

89.9
4.6
85.3
54.3
46.4
-10.8

133.2
6.1
127.1
57.0
116.4
-40.2

57
58
59

(B) Consumer durables
Expenditures
- Capital consumption
* Net Investment

114,988
78,260
36.728

98,672 115,385 110,873 126,195 102,923
79.324 80,385 81,451 82,513 83,578
19.348 35.000 29.422 43.682 19.345

219.0
165.0
54.0

219.3
187.4
31.9

239.9
202.5
37.4

252.7
215.4
37.2

289.1 57
226.4 58
62.7 59

51
52
53
54
55
56

60
61

- Consumer credit
= Excess net investment

17.864
18.864

-3.766
23.114

16.880
18.120

15,385
14.037

22,567
21,115

-5,111
24,456

40.5
13.5

2.6
29.3

16.9
20.5

16.4
20.9

49.0 60
13.7 61

62
63
64

(C) Nonprofit plant and equip.
Expenditures
- Capital consumption
* Net investment

4,663
3.754
909

4.687
3.797
890

4,738
3,839
899

4,749
3.881
868

4,795
3,923
872

4,817
3.965
852

8.4
8.3
.1

9.9
9.3
.5

11.0
10.4
.6

12.4
11.2
1.2

14.2 62
11.9 63
2.3 64

13.244
5.934

14,624
4,657

17,727
-624

13,777
6.086

12.250
6.018

14.463
6.195

15.0
6.8

15.1
7.1

15.6
7.5

15.3
6.8

14.5 65
5.4 66

Percent ratios:

65 Effective tax rate
66 Saving rate, NIPA basis

Percent of disposable income adl. (2):
24,347

20.591

18,352

23.707

23.800

21,895

23.5

23.0

23.2

22.5

22.0 67

19.022
11,928
6,949
8,775

18,818
8,710
3,894
3,832

20,227
15,053
10,430
10.116

19.033
12,876
8.899
8,578

19,428
10,596
8,593
8,277

18.009
9,210
4,595
4.453

20.3
13.4
10.0
9.8

17.5
11.9
6.5
6.0

16.7
12.2
5.4
5.2

15.4
12.1
3.9
3.6

17.6
14.7
8.0
7.5

913,256 825,813 837,288 921,919 977,908 910,600
72 (2) Disposable Income adl. =
(NIPA disposable income * govt. insurance credits * capital 9ains divid.)

1754.7

1955.0

2170.0

2307.7

67 Gross saving
68
69
70
71

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

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




68
69
70
71

2486.0 72

JUNE 2, 1989
Households

Households

7

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987

1988

I
I

1987
IV

1988

I
I

II

111

IV

I 1989
I
I

Households. Personal Trusts, and Nonprofit Organizations

2

3108.8
440.2

3325.4
486.7

3531.1
511.4

3780.0
570.3

4062.1
590.4

5906.8
590.9

3951.4
575.9

4022.4
601.0

4094.0
586.5

4180.5
598.0

4313.6 Personal Income
617.6 - Personal taxes and nontaxes

3
4
5
6
7
8

2668.6
2504.5
164.1
63.9
6.0
98.8

2838.7
2713.3
125.4
72.3
4.9
117.6

3019.7
2898.0
121.7
78.7
17.5
126.0

3209.7
3105.5
104.2
73.9
22.4
116.5

3471.7
3327.5
144.3
84.9
6.3
127.5

3315.9
3171.9
144.0
78.8
53.9
109.0

3375.5
3225.7
149.8
70.1
.8
120.5

3421.4
3293.6
127.8
87.4
6.8
128.3

3507.5
3361.8
145.7
89.3
5.7
127.1

3582.5
3428.7
153.8
92.6
12.1
133.9

3696.0
3481.6
214.4
80.2
18.7
125.1

9
10
11

332.8
309.4
642.2

320.2
332.3
652.5

343.8
361.7
705.5

316.9
390.1
707.0

362.9
412.1
775.0

385.6
399.2
784.8

341.3
404.3
745.6

350.3
409.5
759.8

367.8
414.7
782.4

392.4
419.8
812.2

438.5 * Net saving
425.0 * Capital consumption
863.5 * Gross saving

9
10
11

12
13
14
15
16

680.8
506.2
155.4
335,6
15.2

654.7
548.9
161.4
372.2
15.2

742.2
603.7
181.0
406.5
16.1

753.9
644.1
204.0
421.9
18.3

825.0
690.2
220.1
451.1
19.0

862.2
648.9
208.3
422.0
18.7

814.8
671.6
215.1
437.8
18.7

832.1
685.0
216.2
449.8
19.0

841.6
694.6
222.7
452.9
19.0

803.2
710.8
227.6
464.0
19.2

871.2 Gross Investment
712.4
Capital expend, net of sales
233.8
Residential construction
459.4
Consumer durable goods
19.3
Nonprofit plant and equip.

12
13
14
15
16

17
18

174.6
404.5

105.8
411.2

138.5
437.1

109.7
366.3

134.7
420.3

213.3
410.6

143.2
370.7

147.2
480.8

147.0
451.9

92.4
369.1

17
158.7 Net financial investment
428.9
Net acq. of financial assets 18

1

=
«
*
*
*

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

1
2

3
4
5
6
7
8

19

382.0

314.8

220.5

267.5

326.8

419.4

172.5

351.8

420.7

354.4

300.4

20
21
22
23
24

274.0
21.8
153.2
54.9
44.0

150.3
24.0
143.9
-29.7
12.1

212.5
87.9
120.3
-30.0
34.2

129.7
14.5
66.8
19.6
28.9

178.4
15.7
113.5
28.6
20.7

261.2
16.2
118.9
63.9
62.2

213.6
-4.1
182.9
-16.1
50.8

146.4
26.3
145.7
3.2
-28.8

148.4
-13.0
63.0
103.2
-4.8

205.1
53.5
62.3
23.9
65.4

113.4
-41.8
41.8
50.0
63.4

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

20
21
22
23
24

25
26
27
28
29
30

108.0
87.2
25.5
-.8
1.5
-5.4

164.4
79.9
40.0
2.4
3.1
39.1

8.0
2.4
-16.4
32.6
1.7
-12.2

137.8
88.5
43.0
5.3
-1.6
2.6

148.5
134.1
18.2
-12.7
-3.6
12.5

158.2
76.1
49.2
42.1
1.7
-10.8

-41.1
87.6
-9.3
-39.0
-7.1
-73.2

205.4
87.8
18.2
36.6
-13.2
75.9

272.2
222.8
26.7
-29.2
2.5
49.5

149.3
130.3
37.0
-19.4
3.3
-2.0

187.1
188.0
10.8
-.2
-8.7
-2.9

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

25
26
27
28
29
30

31
32

24.0
-75.6

68.5
-103.4

147.8
-121.6

79.8
-98.7

-6.4
-114.0

3.9
-44.2

-5.8
-30.4

-1.6
-118.6

-16.5
-105.0

-1.6
-202.0

3.6
-157.1

S3
34

5.2
152.5

10.7
174.8

17.5
175.1

26.0
170.4

12.9
244.6

19.0
135.8

25.8
238.8

13.1
253.4

10.2
192.6

2.3
293.5

35
36
37

-86.5
1.0
2.0

-89.2
13.5
21.5

-40.7
9.0
29.6

-88.8
-6.8
17.0

-75.4
3.6
28.2

-114.0
-29.2
19.8

-50.9
-2.8
23.4

-68.2
23.7
27.1

-78.4
-2.4
30.7

38
39
40
41
42

229.9
231.5
134.7
75.0
6.6

305.4
283.6
153.3
77.0
5.5

298.6
289.1
214.8
55.0
3.0

256.6
267.7
232.9
36.7
-3.8

285.6
276.4
219.3
53.2
-2.1

197.3
277.8
220.9
44.3
12.2

227.5
212.6
170.1
44.6
-5.9

333.7
330.6
271.0
61.6
-4.1

43
44
45
46

10.2
2.5
-.4
2.9

30.2
2.4
6.9
8.3

-2.2
2.4
9.6
6.6

-1.0
2.3
-2.3
2.9

.5
2.3
-2.9
6.2

-1.7
2.3
-3.3
3.1

.7
2.3
-1.6
2.4

47
48
49

-2.4
1.8
-1.0

19.4
2.2
.1

8.2
2.5
-1.3

-15.3
2.9
1.2

2.6
3.3
3.4

-86.0
3.0
2.4

50

-38.5

-2.2

-36.7

-46.8

-49.9

-77.4

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

Mutual fund shares
Other corporate equities

31
32

4.3
284.2

Life insurance reserves
Pension fund reserves

33
34

-104.9
-4.3
31.7

-62.5
18.6
37.3

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

35
36
37

304.9
282.9
232.6
39.7
-7.9

276.7
279.8
203.8
66.7
9.5

270.2
251.7
186.6
46.4
-11.4

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

38
39
40
41
42

-.3
2.3
-4.0
4.1

2.0
2.3
-1.1
15.3

-.5
2.2
-4.9
2.8

.2
2.2
21.5
6.2

9.3
3.1
2.5

-3.5
3.2
3.2

15.0
3.3
3.7

-10.6
3.4
4.1

11.0
3.5
4.0

-69.2

-72.3

-59.2

9.0

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

-7.7 Discrepancy

43
44
45
46
47
48
49

50

(1) Excludes corporate equities.

Memoranda:

51
52
53
54
55
56

155.4
6.2
149.2
60.0
134.7
-39.2

161.4
6.1
155.4
64.4
153.3
-56.2

181.0
5.3
175.7
67.1
214.8
-100.8

204.0
5.3
198.6
70.0
232.9
-98.9

220.1
5.3
214.8
73.0
219.3
-72.1

208.3
5.4
202.9
71.1
220.9
-83.7

215.1
4.8
210.2
71.9
170.1
-26.9

216.2
5.3
210.9
72.6
271.0
-127.4

222.7
5.6
217.1
73.4
232.6
-83.3

227.6
5.7
221.9
74.1
203.8
-50.3

Net physical Investment:
(A) Residential construction
Expenditures
233.8
Mobile homes
5.5
Other
228.2
- Capital consumption
74.8
- Home mortgages
186.6
-27.7
* Excess net Investment

51
52
53
54
55
56

57
58
59

335.6
236.7
98.8

372.2
254.6
117.6

406.5
280.6
126.0

421.9
305.4
116.5

451.1
323.7
127.5

422.0
313.0
109.0

437.8
317.3
120.5

449.8
321.5
128.3

452.9
325.8
127.1

464.0
330.1
133.9

(BIi Consumer durables
Expenditures
459.4
- Capital consumption
334.3
= Net Investment
125.1

57
58
59

60
61

81.6
17.2

82.5
35.1

58.0
68.0

32.9
83.6

51.1
76.4

56.5
52.4

38.6
81.9

57.5
70.7

31.8
95.3

76.3
57.7

34.9
90.1

- Consumer credit
«= Excess net Investment

60
61

62
63
64

15.2
12.7
2.5

15.2
13.3
1.9

16.1
14.1
2.0

18.3
14.8
3.5

19.0
15.4
3.5

18.7
15.0
3.6

18.7
15.2
3.6

19.0
15.4
3.6

19.0
15.5
3.5

19.2
15.7
3.5

(Cli Nonprofit plant and equip.
Expenditures
19.3
- Capital consumption
15.9
« Net Investment
3.4

62
63
64

65
66

14.2
6.1

14.6
4.4

14.5
4.0

15.1
3.2

14.5
4.2

15.1
4.3

14.6
4.4

14.9
3.7

14.3
4.2

14.3
4.3

14.3 Effective tax rate
5.8 Saving rate* NIPA basis

67

23.5

22.4

22.6

21.4

21.8

22.8

21.6

21.6

21.7

22.0

22.8 Gross saving

68
69
70
71

18.5
14.8
8.4
8.5

18.8
14.1
10.5
9.7

19.4
14.0
9.6
9.3

19.5
11.1
7.8
8.1

19.4
11.8
8.0
7.8

18.8
11.9
5.7
8.1

19.5
10.8
6.6
6.2

19.5
13.7
9.5
9.4

19.3
12.5
8.5
7.9

19.3
10.0
7.5
7.6

18.8
11.3
7.1
6.6

72

2738.5

2915.8

3115.8

3305.9

3562.9

Percent ratios:

65
66

Percent of disposable Income adj. (2):
67

68
69
70
71

72
3448.5 3446.5 3515.7 3602.5 3687.1 3795.0 (2) Disposable income adj. =
(NIPA disposable income * govt, insurance credits * capital gains dlvid.)

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




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

JUNE 2, 1989
Total and Noncorporate Business

Total and Noncorporate Business

Sector Statements of Savins and Investment

g

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

1
1

1987
IV

!

1

1988

II

III

IV

I 1989
1
I

Nonfinancial

1979

ANNUAL FLOWS, S BILLIONS
1980
1981
1982
1983

Business - Total

1 Income before taxes
2 Gross savins

140.622 144,123 153,332 153.411 146.576 156.137
11A.608 112,223 118.413 120.384 120.811 112.085

397.1
256.8

374.8
268.0

387.9
316.4

327.5
327.0

S Gross Investment

117.329

376.1
372.8

1
2

3

96,093

298.9

285.3

324.1

332.0

338.3

119.518 104.758 134.143 127,302 117,675 106,592
4 Capital expenditures
106.5A2 88.971 118.882 111,901 112.442 96,479
Fixed Investment
5
Business plant 8 equipment 103.899 96.369 108.749 105,502 112.247 106,515
6
-901 -8.283
8.109
3.426
-186 -8.297
Home construction (1)
7
3.5AA
2.024
885
2,973
381 -1,739
8
Multi-family residential
12.20A 15.132 13,811
14,730
4,702
9.282
Change ln inventories
9
772
655
1,450
671
531
831
Mineral rts. from U.S. govt.
10

308.8
291.1
280.7
.3
10.1
13.0
4.7

304.4
307.8
298.7
-.3
9.3
-8.3
5.0

382.2
353.3
342.3
-1.6
12.6
24.0
4.8

335.5
352.2
337.1
3.3
11.8
-24.6
7.8

343.3 4
342.6 5
323.3 6
1.5 7
17.8 8
-7.1 9
7.8 10

-2.189 -12.938 -14,179 -21.547 17,491 -10.499
11 Net financial Investment
1.002 20,276 15,040 48,066 -6.661
Net acq. of financial assets 58.728
12
60.917 13.940 34,455 36.587 30.575
3.838
Net Increase In liabilities
IS
-22.000 -23.750 -35,000 -23,000 -48,750 -45.000
14
Corporate equities
71.906 67.160 76.706 55.265 76,458 64,160
Credit market instruments
15
Bonds
20.522 25.776 29.413 22.469 19.613 20.477
16
21.985
9.045 20.405 20,316 24,499 13,758
Mortgages
17
16.101
11,450
Bank loans n.e.c.
15.307 19.028
1.412 14.641
18
13.298 17,032
Other loans
7.860 11.068 17.705 18,475
19

-10.0
153.5
163.5
-7.8
157.0
27.3
45.8
45.9
38.1

-19.1
109.3
128.4
12.9
129.4
38.5
35.5
31.2
24.2

-58.0
103.3
161.3
-11.5
162.8
36.2
33.7
42.0
50.9

-3.5
54.4
57.9
6.4
121.9
33.8
39.1
47.8
1.2

-5.0
149.1
154.1
23.5
140.1
25.5
69.0
19.5
26.1

18.926 -20.771 -2,461
6.640 16,189 -8,109
19.790 10.916
9.684 12.880 17.051
16.700
-27.705 -19.615 -14,474 -15,198 -30,373 -23.913

58.3
21.9
-65.9

43.7
20.0
-77.6

34.6
24.2
-48.9

9.5
12.8
-92.7

37.0 20
34.0 21
-80.5 22

-42.1

-17.3

-7.7

-4.9

34.5 23

20
21
22

Trade debt
Other liabilities
Proprietor net Investment

23 Discrepancy

-2,721

91,820 119,964 105,755 135.166

20.403

-1.551

14,629 -14,355

15.992

11
12
13
14
15
16
17
18
19

Farm Business

1 Proprietors’ net Income
w/IVA 8 CCAdi.
2 Net saving (corporate)
3 Capital consumption
A
Corporate
Noncorporate
5
6 Current surplus = gross saving

11,750

11,175

10.850

7.725

6,500

14.300

31.7

20.5

30.7

24.6

12.5

1

27A
5,114
37A
4,740
5,388

300
5.125
372
4,753
5,425

329
5.125
370
4.755
5.454

357
5.142
368
4,774
5,499

386
5.144
366
4.778
5,530

416
5,157
364
4,793
5.573

.9
15.3
1.1
14.3
16.3

.5
17.6
1.3
16.3
18.1

.2
19.4
1.4
17.9
19.6

.5
20.5
1.6
18.9
21.0

.6
22.4
1.6
20.8
23.0

2
3
4
5
6

7 Gross Investment
8 Capital expenditures
Plant and equipment
9
10
Residential construction
Change In Inventories
11

5.388
2.567
2.233
53A
-200

5.425
6.475
2.028
472
3,975

5.454
5,031
1,844
537
2.650

5.499
3,821
1,300
571
1.950

5.530
-538
1.323
589
-2,450

5.573
4,963
898
490
3.575

16.3
26.2
19.5
1.6
5.0

18.1
14.1
17.7
2.4
-5.9

19.6
24.1
16.4
2.0
5.8

21.0
13.8
13.2
2.0
-1.5

23.0 7
4.1 8
10.1 9
1.5 10
-7.5 11

12 Net financial Investment
Net acq. of financial assets
13
1A
Checkable dep. 8 currency
15
Miscellaneous assets
16
Insurance receivables
17
Eq. in spons. ags. (2)

2.821
687
5A
633
651
-18

-1.050
657
55
602
677
-75

423
756
56
700
689
11

1,678
889
57
832
722
110

6.068
817
58
759
737
22

610
843
59
784
764
20

-10.0
2.1
.1
1.9
1.5
.4

3.9
2.0
.1
1.9
1.3
.6

-4.5
1.9
.1
1.7
1.1
.6

7.1
1.8
.1
1.7
1.3
.4

18.8
1.3
.1
1.1
1.0
.1

12
13
14
15
16
17

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

-2.13A
-3,022
-1.091
-1.589
-3A2
2A9
-591

1.707
-4,224
-887
-947
-2.390
-1,347
-1.043

333
2,642
-183
2,187
638
-21
659

-789
39
-783
482
340
71
269

-5.251
-2.497
-248
-958
-1.291
-612
-679

233
-938
-612
-877
551
584
-33

12.0
23.5
14.0
2.8
6.7
3.4
3.3

-1.9
15.8
10.7
.5
4.5
2.6
1.9

6.4
16.3
9.7
1.4
5.2
3.4
1.8

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

-17.6
3.9
2.4
2.8
-1.3
K
-1.3

18
19
20
21
22
23
24

181
707

205
5.726

231
-2.540

256
-1.084

281
-3.035

306
865

1.2
-12.6

1.0
-18.7

.9
-10.8

.4
-12.4

-.7 25
-20.7 26

18
19
20
21
22
23
2A
25
26

Trade debt
Proprietor net investment

Nonfarm Noncorporate Business
1 Net Income w/ IVA and CCAdi
2 Gross svg. * capital consump.

78,576
20,178

78,626
20,609

79,763
20.730

81.243
20,732

82.566
21.075

82,314
21.657

170.5
42.9

172.9
49.9

175.8
57.4

173.1
63.8

204.1
64.2

1
2

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

20,178
16,820
16,226
13,551
-718
3.393
594

20.609
13.150
10.209
13,880
-4,378
707
2.941

20,730
22.660
19,547
14.156
3,786
1,605
3.113

20,732
21.599
18.715
14,817
1,428
2,470
2,884

21,075
15,991
14,604
14.907
-388
85
1,387

21.657
12,501
9.245
15,444
-4,394
-1,805
3.256

42.9
44.3
46.2
37.9
-.7
8.9
-1.9

49.9
46.6
49.7
42.9
-1.4
8.2
-3.1

57.4
71.5
64.9
55.1
-1.8
11.6
6.6

63.8
65.2
67.1
55.9
.6
10.6
-1.9

64.2
68.5
68.6
52.0
a
16.6
-.2

3
4
5
6
7
8
9

10 Net financial Investment
Net acq. of financial assets
11
12
Checkable dep. 8 currency
13
Time deposits
14
U.S. govt, securities
15
Consumer credit
16
Mortgages
17
Trade credit
18
Miscellaneous assets
19
Insurance receivables
20
Equity ln spons.ags. (2)
Other
21

3.358
11.166
1.500
4,500
150
527
832
1.200
2.457
1,449
-7
1.015

7,459
7,584
1,000
2.500
150
-414
832
1.200
2.316
1.324
-8
1,000

-1.930
6,385
1.000
1,000
150
-9
832
1.200
2.212
1.211
1
1.000

-867
7,907
1,125
2,500
150
43
832
1.200
2,057
1,080
977

5.084
6,749
984
688
150
949
832
1.200
1.946
965
7
974

9.156
7,608
908
3,227
150
-514
832
1.200
1.805
839
9
957

-1.4
21.7
2.8
5.7
-.4
.1
2.9
3.4
7.1
2.9
.1
4.1

3.3
8.9
2.8
3.0
-.2
-.1
1.2
1.6
.6
2.5
.1
-2.0

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

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

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

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

22
23
24
25
26
27

7.808
33,013
20,000
-574
4,863
15.711

125
22,314
14,000
-3,502
4,581
12,921

8,315
17,153
13,000
3,029
1.611
8,360

8.774
19,848
17,000
1,142
2,927
12.931

1,665
26,019
17.313
-310
6.163
11.460

-1.548
20,302
17.399
-3,515
5,272
15,642

23.0
65.6
42.2
-.5
7.6
35.2

5.6
55.8
41.7
.9
6.6
34.2

18.6
44.4
19.3
.6
6.1
12.6

7.0
71.8
65.0
6.5
12.1
46.4

37.1
81.9
63.0
4.0
17.3
41.7

22
23
24
25
26
27

3,962
9,051
400

930
7,384
400

3.943
210
400

1.137
1,711
400

2,048
6,658
400

959
1.944
400

13.2
10.2
2.8

6.5
7.7
2.5

14.2
10.9
-1.6

2.5
4.3
1.5

7.5 28
11.3 29
1.8 30

807
752
696
640
584
528
2,000
2,000
2.000
2,000
2,000
2.000
-28.412 -25.341 -11,934 -14,114 -27.338 -24,778

6.2
1.8
-53.3

4.7
1.5
-58.8

5.1
8.7
-38.1

3.8
10.3
-80.3

.5 31
12.7 32
-59.8 33

Net Increase in liabilities
Credit market instruments
Mortgages
Home mortgages
Multi-family
Commercial

28
29
30

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

31
32
33

Trade debt
Miscellaneous liabilities
Proprietor net Investment

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

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




JUNE 2. 1989
Total and Noncorporate Business

Total and Noncorporate Business

Sector Statements of Saving and Investment

9
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1984

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987

1
1

1988

Nonfinancial
1
2

457.6
426.8

455.7
445.6

487.6
451.9

556.7
452.9

597.4
471.8

1987
IV

1
1

1988
II

I

III

IV

1 1989
1
I

Business - Total
573.0
460.4

587.6
464.0

603.0
468.3

596.3
470.2

602.9
484.7

634.6 Income before taxes
464.7 Gross saving

1
2

3

S

437.0

421.7

389.0

407.4

452.7

406.2

433.6

449.9

454.1

473.4

458.7 Gross Investment

4
5
6
7
8
9
10

472.4
396.8
371.4
2.5
22.9
67.7
7.9

433.9
418.2
391.2
1.3
25.8
11.3
4.4

434.7
412.0
376.8
6.2
29.0
15.6
7.2

448.4
406.2
384.0
4.3
17.9
39.2
2.9

483.9
432.2
422.9
3.1
6.3
48.4
3.3

494.2
419.1
399.6
4.4
15.1
72.0
3.1

485.6
417.6
406.2
1.4
10.1
65.3
2.6

481.9
432.4
422.4
1.7
8.4
43.7
5.8

486.7
434.3
428.2
1.4
4.7
49.7
2.7

480.4
443.5
434.7
7.3
1.5
34.8
2.1

497.2 Capital expenditures
4
Fixed investment
450.3
5
Business plant 8 equipment 6
447.0
Home construction (1)
7
3.2
Multi-family residential
8
.1
Change In Inventories
43.6
9
3.3
Mineral rts. from U.S. govt. 10

11
12
IS
14
15
16
17
18
19

-35.5
180.3
215.8
-74.5
293.1
66.7
85.6
67.5
73.3

-12.2
134.4
146.5
-81.5
247.3
96.4
86.5
31.7
32.7

-45.7
168.4
214.1
-80.8
289.0
111.4
99.2
55.4
23.1

-41.0
112.7
153.8
-76.5
242.3
99.0
89.3
13.1
40.8

-31.2
84.4
115.6
-130.5
275.6
97.3
74.3
50.4
53.7

-88.0
115.6
203.6
-88.0
301.5
82.1
92.1
78.5
48.8

-52.0
80.5
132.4
-95.0
266.0
103.1
62.2
36.3
64.4

-32.1
89.0
121.1
-140.0
262.9
117.7
53.0
76.4
15.9

-32.6
96.3
128.9
-92.0
252.9
89.9
80.2
11.8
71.0

-7.0
71.7
78.7
-195.0
320.1
78.5
101.3
77.0
63.3

20
21
22

37.6
47.7
-88.2

39.2
32.8
-91.2

7.5
42.6
-44.3

22.2
53.1
-87.3

-.4
50.5
-79.7

19.2
72.2
-101.2

-22.0
39.4
-56.0

.9
60.6
-63.3

15.3
40.8
-88.2

4.2
61.3
-111.8

25

-10.1

23.9

63.0

45.5

19.1

54.1

30.5

18.5

16.1

11.3

-38.5 Net financial Investment
Net acq. of financial assets
53.9
92.4
Net Increase ln liabilities
-180.0
Corporate equities
Credit market instruments
250.5
81.9
Bonds
81.5
Mortgages
Bank loans n.e.c.
16.7
Other loans
70.3

31.6
62.2
-71.9

Trade debt
Other liabilities
Proprietor net investment

6.0 Discrepancy

11
12
13
14
15
16
17
18
19

20
21
22

23

Farm Business

1

30.5

30.2

36.4

43.0

36.3

47.0

44.7

43.4

30.9

26.0

2
3
4
5
6

.7
22.5
1.6
20.9
23.2

.9
22.0
1.6
20.4
22.9

.6
21.2
1.5
19.7
21.8

.9
20.5
1.5
19.0
21.4

1.4
20.5
1.5
19.1
21.9

1.1
20.5
1.5
19.0
21.6

1.2
20.5
1.5
19.0
21.7

1.3
20.5
1.5
19.0
21.8

1.4
20.6
1.5
19.1
22.0

1.5
20.6
1.5
19.1
22.1

57.2 Proprietors’ net Income
w/IVA 8 CCAdj.
1.7 Net saving (corporate)
20.6 Capital consumption
1.5
Corporate
Noncorporate
19.2
22.3 Current surplus * gross saving

7
8
9
10
11

23.2
20.1
10.4
2.6
7.2

22.9
7.4
8.8
1.9
-3.3

21.8
7.6
8.2
1.2
-1.9

21.4
9.8
9.5
1.8
-1.5

21.9
14.8
6.5
2.2
6.1

21.6
10.1
8.9
2.1
-.8

217
26.1
8.0
2.1
15.9

21.8
20.0
7.3
2.1
10.6

22.0
15.3
5.3
2.2
7.8

22.1
-2.3
5.3
2.3
-9.8

22.3 Gross investment
20.0 Capital expenditures
Plant and equipment
3.5
Residential construction
2.2
14.3
Change ln inventories

12
13
14
15
16
17

3.1
.2
.2
.1
«
.1

15.5
2.7
.2
2.5
2.8
-.3

14.3
3.2
.2
3.0
3.6
-.6

11.6
2.4
.2
2.2
2.6
-.5

7.1
3.1
.2
2.9
2.8
.1

11.4
2.7
.2
2.5
2.6
-.1

-4.4
2.6
.2
2.4
2.7
-.3

1.8
3.0
.2
2.8
2.8
■

6.7
3.6
.2
3.3
2.9
.4

24.4
3.3
.2
3.0
2.9
.1

18
19
20
21
22
23
24

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

-12.8
-14.5
-6.6
-4.4
-3.5
.4
-3.9

-11.1
-16.3
-9.5
-4.3
-2.5
-.2
-2.3

-9.3
-10.6
-6.4
-2.2
-2.0
-.4
-1.6

-4.0
-4.0
-2.1
.8
-2.7
-1.9
-.8

-8.7
3.3
-1.9
-.4
5.6
3.3
2.4

7.0
-15.7
-6.1
-.5
-9.1
-5.2
-4.0

1.2
-3.4
-1.4
.8
-2.8
-2.2
-.5

-3.1
-2.6
-2.4
.4
-.7
K
-.6

-21.1
5.5
1.5
2.3
1.7
-.2
2.0

1.1
-2.7
-5.2
.1
2.5
2.5
-.1

25
26

-1.1
-1.3

-.3
1.9

.2
5.0

.6
.8

1.0
-.9

.7
-12.7

.8
21.9

.9
3.7

1.0
-1.5

1.1
-27.8

1.2
2.6

1
2
3
4
5
6

7
8
9
10
11

2.3 Net financial Investment
Net acq. of financial assets
3.4
Checkable dep. 8 currency
.2
Miscellaneous assets
3.1
Insurance receivables
3.1
Eq. in spons. ags. (2)
.1

12
13
14
15
16
17

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

18
19
20
21
22
23
24

Trade debt
Proprietor net Investment

25
26

Nonfarm Noncorporate Business
1
2

231.1
67.4

255.2
70.5

278.5
72.6

303.4
78.7

322.2
83.1

314.3
80.7

314.5
82.4

319.1
82.9

325.0
82.9

330.3
84.3

329.3 Net Income w/ IVA and CCAdj
86.6 Gross svg. * capital consump.

1
2

3
4
5
6
7
8
9

67.4
81.7
72.8
51.6
»
21.2
8.9

70.5
84.2
75.9
51.8
-.3
24.5
8.3

72.6
93.2
82.8
52.7
2.5
27.6
10.5

78.7
76.9
71.0
52.9
1.2
16.9
5.9

83.1
73.4
63.1
57.8
.4
4.9
10.3

80.7
77.8
70.0
54.2
1.2
14.6
7.8

82.4
71.7
63.5
55.6
-.4
8.3
8.2

82.9
75.2
63.6
56.7
-.2
7.1
11.6

82.9
72.7
62.0
59.1
-.4
3.3
10.7

84.3
73.3
62.5
59.7
2.5
.4
10.8

86.6 Gross investment
70.6 Capital expenditures
Fixed capital
61.0
Plant and equipment
61.8
Home construction (1)
.5
Multi-family residential
-1.4
Change in inventories
9.6

3
4
5
6
7
8
9

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

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

-13.7
38.8
11.5
11.5
.3
.3
4.7
4.1
6.4
3.8
*
2.6

-20.6
42.3
6.0
11.2
1.2
.3
3.9
6.4
13.3
4.8
-.1
8.5

1.8
34.7
4.0
11.5
.6
.5
3.3
4.8
10.0
6.0
a
4.0

9.7
28.6
4.1
6.7
.6
.6
3.3
4.8
8.5
4.6
4.0

2.9
43.2
6.0
18.0
.6
.7
3.3
4.8
9.8
5.8
a
4.1

10.8
31.7
4.0
10.0
.6
-.3
3.3
4.8
9.3
5.3
a
4.0

7.7
25.4
4.0
4.0
.6
-.1
3.3
4.8
8.8
4.8
a
4.0

10.2
31.8
4.5
10.0
.6
.3
3.3
4.8
8.2
4.3
3.9

11.0
25.6
3.9
2.8
.6
2.4
3.3
4.8
7.8
3.9
a
3.9

16.1 Net financial investment
Net acq. of financial assets
31.8
Checkable dep. 8 currency
3.6
Time deposits
12.9
U.S. govt, securities
.6
Consumer credit
-.6
Mortgages
3.3
4.8
Trade credit
Miscellaneous assets
7.2
Insurance receivables
3.4
a
Equity in spons.ags. (2)
Other
3.8

22
23
24
25
26
27

62.3
123.2
84.2
2.0
27.0
55.2

52.5
129.3
103.0
3.8
33.9
65.3

62.9
103.2
80.3
2.0
33.0
45.3

33.0
107.9
80.0
1.0
23.7
55.3

18.9
85.3
61.3
.4
15.3
45.7

40.3
116.0
80.0
.9
15.2
63.9

21.0
86.3
56.0
-.3
22.7
33.6

17.7
72.3
52.0
-.2
3.4
48.7

21.5
96.0
68.0
-.3
14.9
53.4

14.6
86.7
69.3
2.0
20.0
47.2

15.8
78.5
69.6
.4
25.6
43.6

28
29
30

20.8
18.1
1.1

14.2
12.2
3.4

11.7
11.2
1.7

10.7
17.2
1.6

8.1
16.0
1.6

15.8
20.2
1.6

3.7
26.6
1.6

15.8
4.6
1.6

4.5
23.4
1.6

8.2
9.3
1.6

3.8
5.1
1.6

31
32
S3

5.7
19.2
-86.9

5.4
7.5
-93.1

4.2
3.1
-49.3

3.6
8.0
-88.1

2.7
8.0
-78.7

3.2
8.0
-88.5

3.0
8.0
-77.9

2.8
8.0
-67.0

2.6
8.0
-86.6

2.3
8.0
-84.1

2.1
8.0
-74.4

Net increase in liabilities
Credit market Instruments
Mortgages
Home mortgages
Multi-family
Commercial




22
23
24
25
26
27

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

28
29
30

Trade debt
Miscellaneous liabilities
Proprietor net Investment

31
32
33

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

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,

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

JUNE 2. 1989
Nonfinancial Corporate Business

Nonfinancial Corporate Business
Sector Statements of Saving and Investment

10
UNADJUSTED NET FLOWS# $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
I
I

1987
IV

I
I

1988
II

III

IV

1989
I

I
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Nonfinancial Corporate Business, Excluding Farms

1 Profits before tax (book)
2 - Profit tax accruals
3 - Domestic net dividends
4 * Domestic undist. profits

50,296
23,373
28,136
709

54.322
25.117
24,158
2.424

62.719
28,713
24,243
8.711

64,443
28.493
24,535
11.546

57.510
25,946
30.385
4.749

59,523
28.020
26.432
1.979

194.9
69.3
54.1
71.5

181.4
66.7
61.0
53.7

181.4
63.6
67.6
50.2

f29.8
46.2
72.0
11.6

159.5
59.3
78.0
22.2

1
2
3
4

5 « Capital consumption adl.
7 * Earnings rec. from abroad
8 = U.S. internal funds, book

10,802
69,951
A,090
85.552

9,903
71.328
5,940
89,595

9.375
72.130
4.087
94,303

8.749
72,882
-245
92,932

7.447
74,259
5.592
92.047

5.845
75,411
2,876
86,111

-14.0
149.6
15.1
222.1

-16.1
171.3
15.7
224.6

-13.8
198.8
14.5
249.6

-8.4
221.4
12.5
237.1

16.0
228.2
11.8
278.2

5
6
7
8

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

9,016
-5,526
89.0A2

1.158
-4,564
86,189

5.664
-7.738
92,229

7,024
-5,803
94.153

7,878
-5.719
94.206

6.730
-7,986
84,855

18.6
-43.2
197.6

18.7
-43.1
200.1

14.0
-24.2
239.5

15.5
-10.4
242.3

18.4
9
-10.9 10
285.7 11

65,786
93.780 79,524 108.561
85.133 106.452 101.882 102.222
76.262 96,954
91.315 95,926
80.461
92.749 89.385 96.017
-4,377
3,786
1,427
-387
178
419
503
296
8.216
8,048
9.896
5.765
655
1.450
531
671

68.863
89.128
85.846
90,173
-4,393
66
2.451
831

239.7
238.3
223.8
223.2
-.7
1.2
9.8
4.7

217.4
243.7
238.0
238.2
-1.4
1.1
.7
5.0

247.2
286.5
270.0
270.8
-1.8
1.0
11.7
4.8

247.2
256.5
269.8
268.0
.6
1.2
-21.2
7.8

251.2
270.7
262.4
261.1
■
1.2
.6
7.8

-8,368 -19,347 -12.672 -22,358
6,244
46,875 -7,239
13.135

6.339 -20,265
40.500 -15.112

1.4
129.8

-26.3
98.4

-39.3
97.0

-9.2
47.0

790 -10.984
-3,366 -3,527
2.526 -1.482
2.059 -1.491
2,445
92
-3,823
-4
2,964 -4,326
1,727
-234
-3.742
-12

2,717
4,410
-1,422
1.951
-1.035
-3,092
-1,833
-143
3.881

23.393 -12.647
8.347 -5,233
-671
5.856
628
-956
2.518
6.707
-337
-338
1.066 -2.718
-1.103 -1.180
2,230 -4,070

8.5
-7.4
2.2
2.4
2.6
5.1
1.6
■
1.9

25.7
6.8
4.5
4.0
9.6
2.8
5.6
-.2
-7.3

23.9
-9.7
9.9
11.4
5.0
-1.7
1.5
H
7.5

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

40.1
6.7
14.6
-7.9
6.2
3.1
10.0
.7
6.7

23
24
25
26
27
28
29
30

341
2.722
9.805
-9.341
7,040
-273
7.313

4,337
-19
-9.379
22.168
3.615
152
3.463

-6,623
1.978
9.653
-7.473
8.300
2.300
6.000

1.1
.4
69.9
49.9
26.8
7.6
19.2

.3
.3
48.2
24.0
23.6
4.9
18.6

.3
.3
24.8
47.8
12.6
-.5
13.1

*
1.1
-15.1
14.7
10.2
5.4
4.8

3.3
1.2
37.2
33.2
9.8
-3.6
13.5

31
32
33
34
35
36
37

-1.000 -2,188
2
2
19,551 -13.587

5.5
.1
17.5

4.7
■
-4.2

3.7
31.5

2.7
.1
1.7

3.5 38
« 39
19.9 40

12,108 25.807 28.602 34.161
5,153
55,243
-204
19.915 25,320 21.911
12,378
4.186
-22,000 -23,750 -35.000 -23.000 -48,750 -45.000

128.4
60.1
-7.8

124.7
70.7
12.9

136.4
90.7
-11.5

56.2
49.8
6.4

134.6 41
77.9 42
23.5 43
54.4 44
9.4 45
16.0 46

6 ♦ Depreciation charges, NIPA

12 Gross Investment
13 Capital expenditures (1)
IA
Fixed Investment
Plant and equipment
15
Home construction
16
17
Multi-family residential
Inventory change ♦ IVA
18
19
Mineral rts. from U.S. govt.

20 Net financial Investment
Net acq. of financial assets
21

91.763
100.131
87,549
88,115
-717
151
11,810
772

30

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

31
32
S3
3A
35
36
37

Consumer credit
2,478 -2.238
Mutual fund shares
946
-463
9,301
Trade credit
-10.303
21,457 -16,038
Miscellaneous assets
4,969
Foreign dir.invest.(2,5)
8,941
1.506
Equity, etc.
3,531
Retained earnings
5,410
3.463

22
23
2A
25
26
27
28

29

39
A0
Al
A2
A3

Insurance receivables
Equity in sponsored ags.
Other

Net increase in liabilities
Net funds raised in mkts.
Net new equity Issues

AA
A5
A6

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

A7
A8
A9
50

Mortgages
Home mortgages
Multi-family
Commercial

51
52
53
5A
55
56

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

57
58
59
60
61

Profit taxes payable
Trade debt
Fgn.dir.investmt.ln U.S.(5
Equity, etc.
Retained earnings

62 Discrepancy

63
6A
65
66
67

68
69
70

33,706
9,150
7,940
288
222
3.863
9,121
1,587
1,535

2.041
990
3
10,475 -22,000

-

198
87
6,879
16.955
3,178
-3,628
6.806

44 -1.058
1
13,733 -15,324

12
13
14
15
16
17
18
19

-19.5 20
115.1 21

41,915
127
20,395

49,070
431
25.345

56.911
-72
29.485

35,378
-112
22,581

52.936
-163
19.776

44.796
-56
20,533

68.0
10.0
17.3

57.8
10.9
27.7

102.1
13.4
22.8

43.4
15.1
18.7

3,076
-574
234
3,416

-4,068
-3.502
295
-861

7.588
3,029
197
A. 362

A.099
1,142
277
2.680

7.434
-310
216
7,528

-3.029
-3.515
247
239

-10.4
-.5
2.4
-12.3

-16.9
-1.1
1.0
-16.9

4.7
-1.4
-1.2
7.3

-30.0
.5
-6.6
-23.8

3.6
«
-3.2
6.8

47
48
49
50

13.728
-2,803
-2.969
1.116
9,512
-267

15.324
8.535
-261
-2.314
6,579
-501

12,898
-693
A. 340
1,509
2.482
-626

-207
5.267
2,456
618
-96
772

13.551
1.000
5.061
-455
6.832
-100

11.368
4,000
9,178
-753
2.305
1.250

29.9
2.0
9.0
3.9
5.1
1.2

24.2
1.3
4.0
3.2
2.1
1.5

26.5
8.9
14.7
4.4
5.6
1.2

42.1
2.5
-6.1
-.8
.6
1.3

9.2
2.7
-.8
7.0
7.7
-.5

51
52
53
54
55
56

3,514
1.593
17.938 -21,728
13,876
6,923
13,667
4.002
2.921
209

-5.758
-3,388
13,042
11,968
1.074

2.489
5.744
7,991
6,513
1.478

1,040
15.324
13.611
12.568
1.043

3.413
-8,943
10.887
7.679
3.208

5.5
51.0
11.8
7.9
3.9

.7
38.0
15.3
11.7
3.6

-8.2
28.6
25.3
22.3
3.0

-12.7
5.4
13.8
16.2
-2.4

8.0
37.3
11.5
11.9
-.3

57
58
59
60
61

20.403

-1.551

14,629 -14.355

15.992

-42.1

-17.3

-7.7

-4.9

34.5 62

31.029
23,664

10.267
37.467

4.061 -24,703
25.026 26,220

18.596
23.551

19.0
68.2

10.2
69.1

-3.9
71.0

-20.4
57.9

63
51.8 64

21.708
27,362
7.227

37,001
19,910
10.764

26.568
8.810
17,043

17.448
27,348
21.818

16.9
51.1
107.5

21.6
36.2
74.9

40.9
61.2
81.6

3.9
39.5
32.1

29.1 65
25.3 66
70.5 67

46.237 45.780 44,214 45.115 47,074
98.774 115,421 108.208 108.508 105.035
57.639 53.461
34,724 51.785 50.260

35.6
120.6
28.5

36.8
121.8
23.7

35.1
119.6
35.6

35.6
105.8
16.9

37.2 68
94.8 69
20.1 70

8.216
-4,564
12.780

-2,721

Memorandum items:
Trade credit net of trade debt -28,241
Profits tax payments
21,655
Debt subtotals:
Securities and mortgages
23.598
Loans and short-term paper
18.317
Total short-term liab. (4)
39.769
Percent ratios:
Effective tax rate
46,470
Capital outlays/internal funds 112,453
Cr. mkt. borrowing/cap. exp.
41,860

(1) Capital outlays on book basis:
71 Inventory change, NIPA
11.810
72 Less:
Inv. val. adjustment
-5.526
73 = Inventory change before IVA
17,336

27.047
25.889
42,253

5.765
-5.719
11.484

2.451
-7,986
10,437

9.8
-43.2
53.0

.7
-43.1
A3.9

11.7
-24.2
35.9

-21.2
-10.4
-10.8

.6 71
-10.9 72
11.5 73

74 Total cap. expend, before IVA
105.657 89.697 114,190 107,685 107.941
75 Less: US internal funds, book
85,552 89,595 94,303 92.932 92,047
* Financing gap:
Excess of capital expenditures
76
over U.S. internal funds
102
14.753
15.894
20.105
19.887

97,114
86.111

281.5
222.1

286.8
224.6

310.7
249.6

266.8
237.1

281.6 74
278.2 75

11,003

59.3

62.3

61.1

29.7

3.4 76

8.048
-7,738
15.786

9.896
-5,803
15,699

(2) Corporate bonds Include net Issues by Netherlands Antilles subsidiaries:
U.S. direct investment abroad is before subtracting net Inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Industrial revenue bonds.
Issued by state and local governments
to finance private investment and secured in interest and
principal by the industrial user of the funds.
(A) Loans and short-term paper, taxes payable and trade debt.
(5) Direct Investment totals and retained earnings exclude
capital gains/losses Included in balance of payments statistics.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




JUNE 2. 1989
Nonfinancial Corporate Business

Nonfinancial Corporate Business

Sector Statements of Savins and Investment

11
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987

1988

1
1

1987
IV

1
1

1988

II

I

III

IV

1
1

1989
I

Nonfinancial Corporate Business. Excluding Farms

1
2
3
4

196.0
73.3
81.0
41.8

170.3
69.6
84.0
16.7

172.6
76.5
89.9
6.3

210.2
98.6
95.5
16.0

239.0
108.3
103.3
27.4

211.7
101.4
98.5
11.8

228.4
104.1
100.3
24.2

240.5
109.0
101.9
29.6

240.4
108.7
104.5
27.3

246.7
111.2
106.7
28.7

248.2
114.5
109.6
24.0

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

1
2
3
4

5
6
7
8

30.9
238.4
11.8
322.9

55.2
251.0
12.2
335.0

48.3
262.6
15.5
332.6

43.7
274.7
12.1
346.5

35.5
290.6
15.4
368.9

43.2
279.8
8.0
342.8

39.6
285.3
26.0
375.1

37.5
288.5
16.0
371.6

35.0
291.5
6.1
359.9

29.8
297.0
13.4
368.9

23.4
301.6
13.9
362.9

*
*
♦
«

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

5
6
7
8

9
10
11

19.2
-5.8
336.3

18.9
-1.7
352.3

16.5
8.4
357.5

24.3
-18.0
352.8

21.7
-23.8
366.8

33.5
-18.2
358.1

4.2
-19.4
359.9

19.4
-27.4
363.6

34.7
-29.3
365.3

28.6
-19.2
378.3

26.5 ♦ Fgn. earnings ret. abroad
-33.6 * Inv. valuation adjustment
355.8 = Total internal funds + IVA

9
10
11

12
13
14
15
16
17
18
19

346.4
370.6
311.1
309.4
K
1.7
51.7
7.9

328.4
342.3
331.6
330.6
-.3
1.3
6.4
4.4

294.5
333.9
319.8
316.0
2.5
1.3
7.0
7.2

307.2
361.7
323.9
321.6
1.2
1.0
34.8
2.9

347.7
395.7
360.5
358.6
.4
1.4
31.9
3.3

304.0
406.3
338.2
336.5
1.2
.5
65.0
3.1

329.4
387.8
344.0
342.5
-.4
1.8
41.2
2.6

345.1
386.7
359.4
358.4
-.2
1.3
21.5
5.8

349.2
398.6
364.7
363.7
-.4
1.4
31.2
2.7

367.0
409.3
373.4
369.8
2.5
1.1
33.8
2.1

349.8 Gross investment
406.6 Capital expenditures (1)
383.6
Fixed Investment
381.6
Plant and equipment
.5
Home construction
1.4
Multi-family residential
19.7
Inventory change ♦ IVA
5.3
Mineral rts. from U.S. govt.

12
13
14
15
16
17
18
19

20
21

-24.2
132.1

-13.9
93.0

-39.4
122.8

-54.4
75.6

-48.0
52.6

-102.3
69.7

-58.3
46.1

-41.6
60.6

-49.5
61.0

-42.3
42.9

20
-56.8 Net financial Investment
18.7
Net acq. of financial assets 21

22
23
24
25
26
27
28
29
30

41.6
6.7
13.2
4.9
.5
-5.1
12.2
-.1
9.4

45.1
13.8
13.4
-3.2
9.5
-2.1
6.4
.8
6.5

87.7
19.0
12.2
7.3
12.2
5.9
19.5
3.1
8.6

11.2
-3.0
4.1
-.7
5.8
-2.8
3.6
2.6
1.7

15.9
5.9
5.5
3.1
8.2
-7.3
-2.1
.2
2.4

35.9
8.6
6.7
1.2
-19.3
13.9
17.2
6.3
1.3

58.0
6.7
13.5
8.2
18.4
-13.3
15.8
6.9
1.7

-18.5
4.3
4.6
-6.0
5.7
-10.7
-15.7
-.9
.2

31.4
6.1
7.1
7.8
1.8
-1.8
6.3
-.6
4.6

-7.2
6.3
-3.3
2.5
6.9
-3.3
-15.0
-4.4
3.0

3.2
-1.9
.1
-3.8
18.6
1.0
-7.0
-4.7
.9

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

22
23
24
25
26
27
28
29
30

31
32
33
34
35
36
37

2.0
2.8
48.1
37.5
13.2
-4.6
17.8

1.7
4.5
26.7
15.0
9.6
-3.3
12.9

.1
1.5
3.2
30.3
13.7
3.6
10.1

2.4
-5.0
49.4
17.6
26.3
6.2
20.0

2.6
3.7
16.6
13.7
18.8
-2.2
21.0

7.3
-1.9
9.0
19.3
39.0
10.3
28.7

-9.1
3.8
17.6
-24.1
13.4
4.7
8.7

8.5
.3
26.9
43.4
11.6
-11.2
22.8

-3.3
10.9
9.4
12.6
32.7
.5
32.2

14.4
-.1
12.6
23.2
17.6
-3.0
20.5

-27.1
7.9
19.6
15.1
26.2
7.2
19.0

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

31
32
33
34
35
36
37

38
39
40

5.1
«
19.1

5.1
.1
.2

4.2
.1
12.4

10.9
.4
-19.9

-1.0
ft
-4.0

8.2
-27.8

4.0
a
-41.5

.2
31.6

-4.2
K
-15.9

-4.0
K
9.6

-8.8
«
-2.3

41
42
43

156.3
95.8
-74.5

106.9
50.9
-81.5

162.3
121.3
-80.8

130.1
68.5
-76.5

100.7
63.8
-130.5

172.0
94.1
-88.0

104.5
100.5
-95.0

102.2
54.0
-140.0

110.5
67.5
-92.0

85.2
32.8
-195.0

75.6
-5.4
-180.0

44
45
46

170.3
20.5
46.1

132.4
22.6
73.8

202.1
-9.9
121.3

145.0
-.9
99.9

194.3
.1
97.2

182.1
.5
81.6

195.5
1.7
101.4

194.0
-.3
117.9

159.5
-.4
90.3

227.8
-.7
79.1

174.6
-.2
82.1

47
48
49
50

2.7
*
-1.8
4.5

-9.9
-.3
-4.1
-5.5

28.4
2.0
.5
25.9

15.7
1.0
.7
14.0

15.1
.4
1.0
13.7

14.0
.9
.9
12.1

12.4
-.3
1.2
11.5

2.4
-.2
.8
1.8

14.5
-.3
1.1
13.7

30.5
2.0
.9
27.7

17.1
.4
1.0
15.7

Mortgages
Home mortgages
Multi-family
Commercial

47
48
49
50

51
52
53
54
55
56

45.7
13.0
21.7
2.8
16.5
1.2

21.9
1.5
14.6
-2.1
12.7
-2.6

47.9
11.1
-9.3
-.2
11.3
1.5

4.6
1.2
2.3
5.1
16.9
.1

41.6
14.1
11.6
-.6
15.8
-.5

63.0
-11.2
3.9
5.5
22.5
2.4

33.1
34.1
-3.8
-3.7
24.5
-4.3

59.8
-2.8
4.0
4.4
11.1
-2.6

6.8
21.1
11.1
-2.9
17.3
1.7

66.5
4.0
35.1
-.4
10.3
3.4

12.8
16.0
34.4
2.3
7.5
2.5

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

51
52
53
54
55
56

57
58
59
60
61

1.9
33.0
25.6
22.5
3.1

1.4
34.0
20.5
20.4
.1

2.5
3.1
35.4
35.4
•

1.4
18.0
42.2
39.4
2.7

-.6
-4.0
41.6
35.1
6.5

7.0
15.2
55.6
50.7
4.9

.9
-25.8
28.9
19.9
9.0

-1.4
-2.9
52.5
49.1
3.3

1.0
11.8
30.3
25.3
5.0

-3.0
.7
54.7
46.0
8.7

8.2
28.3
44.4
34.6
9.9

Profit taxes payable
Trade debt
Fgn.dlr.investmt.in U.S.(5
Equity, etc.
Retained earnings

57
58
59
60
61

62

-10.1

23.9

63.0

45.5

19.1

54.1

30.5

18.5

16.1

11.3

Insurance receivables
38
Equity ln sponsored ags. 39
Other
40

Net Increase ln liabilities
Net funds raised in mkts.
Net new equity issues
Debt Instruments
Tax-exempt debt (3)
Corporate bonds (2)

6.0 Discrepancy

63
64

15.0
68.5

-7.3
72.8

.1
75.0

31.4
97.3

20.7
112.4

-6.2
99.9

43.4
98.2

29.7
118.1

-2.4
115.3

11.9
117.9

-8.7
97.6

65
66
67

69.4
100.9
135.9

86.5
46.0
81.4

139.8
62.3
67.8

114.8
30.3
49.6

112.3
82.0
77.3

96.0
86.1
108.3

115.5
80.0
55.1

120.1
74.0
69.7

104.4
55.1
67.8

109.0
118.9
116.6

99.0
75.6
112.1

68
69
70

37.4
110.2
45.9

40.9
97.2
38.7

44.3
93.4
60.5

46.9
102.5
40.1

45.3
107.9
49.1

47.9
113.4
44.8

45.6
107.7
50.4

45.3
106.4
50.2

45.2
109.1
40.0

45.1
108.2
55.7

46.1
114.3
43.0

71
72
73

51.7
-5.8
57.5

6.4
-1.7
8.0

7.0
8.4
-1.4

34.8
-18.0
52.9

31.9
-23.8
55.7

65.0
-18.2
83.2

41.2
-19.4
60.6

21.5
-27.4
48.9

31.2
-29.3
60.5

33.8
-19.2
53.0

74
75

376.4
322.9

344.0
335.0

325.6
332.6

379.7
346.5

419.5
368.9

424.5
342.8

407.2
375.1

414.1
371.6

427.9
359.9

Memorandum items:
Trade credit net of trade debt
Profits tax payments
Debt subtotals:
Securities and mortgages
Loans and short-term paper
Total short-term liab. (4)
Percent ratios:
Effective tax rate
Capital outlays/internal funds
Cr. mkt. borrowing/cap. exp.

(1) Capital outlays on book basis:
19.7 Inventory change, NIPA
Inv. val. adjustment
-33.6 Less:
53.3 « Inventory change before IVA

440.2 Total cap. expend, before IVA
428.5
362.9 Less: US Internal funds, book
368.9
Financing gap:
Excess of capital expenditures
over U.S. internal funds
77.3
68.0
59.6

41
42
43

44
45
46

62
63
64
65
66
67

68
69
70

71
72
73
74
75

b

76

53.5

8.9

-7.1

33.2

50.6

81.7

32.1

42.5

(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries:
U.S. direct Investment abroad is before subtracting net Inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Industrial revenue bonds.
Issued by state and local governments
to finance private investment and secured in interest and
principal by the industrial user of the funds.
(4) Loans and short-term paper, taxes payable and trade debt.
(5) Direct investment totals and retained earnings exclude
capital gains/losses Included ln balance of payments statistics.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




76

JUNE 2, 1989
State and Local Governments

State and Local Governments
Sector Statements of Saving and Investment

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1987
IV

1988

1
1

]t

II

III

IV

1
1

1989
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

State and Local Governments - General Funds (1)

175,615 171,A31 173,266 168,916 189,A62 184,537
137,002 131,676 133,A7A 127,888 147,537 141,997
13,025
12,650
12,850
13,200
12,300
12,475
26,313 27,280 27,142 28,178 28,900 29,340

355.3
247.3
27.4
80.5

390.0
271.6
29.7
88.7

425.6
305.2
32.5
87.9

449.4
329.7
35.9
83.9

487.6
362.9
38.5
86.2

1
2
3
4

5 Total expenditures, NIPA basis 154,509 151,881 161,22A 167,016 167,80A 164,319
Purch. of goods and services 139,018 136,697 145,332 151,522 150,37A 148.050
6
17.430
15,494
7
Net interest and transfers
15,491
15,184
15,892
16,269

327.7
289.9
37.8

363.2
322.2
41.0

391.4
345.9
45.6

414.3
369.0
45.2

440.2
391.5
48.7

5
6
7

1 Total receipts, NIPA basis
2
Tax receipts
Social insurance receipts
3
4
Grants-in-aid received

8 Net surplus, NIPA basis
9 - Retirement credit to HH
10 = Gross saving

21,106
14,694
6,412

19,550
14,120
5,430

12,042
1,900
15,880
17.018
-3,838 -15,118

21,658
17,884
3,774

20,218
16,592
3,626

27.6
16.2
11.4

26.8
26.5
.3

34.1
29.7
4.4

35.1
32.0
3.1

47.4 8
39.2 9
8.2 10

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

5,337
13,934
3,507
2,711
-2,888

-1,425
1,504
-2,896
3,672
-823

-4,646
2-521
A,139
-7,198
1,715

-5,045
8,862
-1,302
1,88A
1,569

2,071
12,343
2,280
327
-1,193

-9,366
-4,116
-5,989
1,440
-658

3.4
22.6
-.4
-2.1
4.0

-6.0
13.2
-.6
-2.0
.3

-1.8
6.1
-1.5
2.2
5.2

-.8
21.7
-1.6
3.8
7.3

4.6
39.4
-.7
-6.3
7.2

11
12
13
14
15

35.4
26.9
16.7
10.2
.6
7.9

16
17
18
19
20
21

16
17
18
19
20
21

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

8,569
7,023
5,165
1,858
122
1,424

2,651
831
2,263
-1,432
A81
1,339

A, 385
3,447
3,265
182
261
677

A,032
3,320
3,355
-35
A57
255

8,409
6,287
4,632
1,655
AA3
1,679

1,962
878
2,791
-1,913
400
684

16.7
10.7
7.5
3.2
-.5
6.5

11.9
1.9
.7
1.2
.2
9.8

.7
-7.1
-1.8
-5.4
.1
7.7

12.0
6.5
4.8
1.7
.2
5.2

22
23

Profit taxes receivable
Other taxes receivable

1,635
AOO

-1,500
AOO

-920
AOO

2,279
AOO

2,120
AOO

-1,271
400

1.5
2.8

1.1
2.5

1.0
-1.6

-1.4
1.5

2A
25
26
27
28
29

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

8,597
8,052
8,502
3,407
5,095
-A50

2,929
2,439
3,147
-1,515
A,662
-708

7,167
6-578
7,468
2,278
5,190
-890

13,907
13,344
12,434
A,311
8,123
910

10,272
9,652
9,452
1,512
7,940
200

5,250
4,619
3,048
-1,545
4,593
1,571

19.3
17.6
17.4
1.0
16.5
.2

19.2
17.2
16.3
1.7
14.6
.9

7.9
6.8
5.5
1.1
4.4
1.2

22.5
21.5
20.6
6.7
13.9
1.0

5A5
1,075

A90
6,855

589
563
808 -10,073

620
1,703

631
12,992

1.6
8.0

2.0
6.3

1.1
6.3

.9
3.9

30
Trade debt
31 Discrepancy

(1) Employee retirement funds are in insurance sector.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1.9 22
1.8 23
34.8
34.0
32.9
-1.5
34.4
1.1

24
25
26
27
28
29

.8 30
3.5 31

JUNE 2, 1989
State and Local Governments

State and Local Governments
Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

SEASONALLY ADJUSTED ANNUAL RATES

1988

1
1

1987
IV

1
1

I

II

1988

III

IV

I 1989
1
I

State and Local Governments - General Funds (1)

1
2
3
4

540.4
406.7
40.2
93.5

581.8
438.9
43.2
99.7

623.0
470.3
46.0
106.8

655.7
504.9
48.1
102.7

703.1
540.6
51.0
111.5

666.9
516.3
49.2
101.4

685.5
524.5
49.9
111.1

698.3
537.3
50.6
110.4

708.1
545.2
51.4
111.5

720.4
555.3
52.1
113.0

735.5 Total receipts, NIPA basis
Tax receipts
563.8
Social insurance receipts
52.8
Grants-in-aid received
118.9

1
2
3
4

5
6
7

475.9
425.4
50.6

516.7
465.6
51.1

561.8
505.1
56.8

602.8
542.8
60.0

647.9
583.9
64.0

617.2
555.9
61.3

629.6
567.5
62.1

642.3
579.4
62.9

652.0
587.6
64.4

667.8
601.2
66.6

680.4 Total expenditures, NIPA basis
Purch. of goods and services
613.9
66.5
Net interest and transfers

5
6
7

8
9
10

64.5
45.7
18.8

65.1
53.1
12.0

61.2
57.6
3.6

52.9
54.7
-1.8

55.2
64.9
-9.8

49.7
54.3
-4.6

55.9
59.5
-3.6

56.0
65.2
-9.2

56.1
68.2
-12.1

52.6
66.7
-14.1

55.1 Net surplus, NIPA basis
69.8 - Retirement credit to HH
-14.7 = Gross saving

8
9
10

11
12
13
14
15

19.2
47.6
5.0
.2
9.5

22.8
115.7
1.1
7.0
5.1

13.4
59.4
3.5
-4.6
8.6

-1.0
34.9
.8
.8
11.0

-9.0
25.2
2.2
-1.3
1.3

.7
35.7
4.0
6.0
-6.2

15.8
35.3
2.9
10.5
.9

-19.0
11.0
1.1
-20.8
9.0

-13.0
32.8
5.9
9.1
-6.2

-12.0
29.9
-1.0
-4.0
1.3

-12.3 Net financial investment
Net acq. of financial assets
16.3
-9.0
Checkable dep. and curr.
Time deposits
1.7
Security RPs
2.1

11
12
13
14
15

16
17
18
19
20
21

27.9
16.6
4.5
12.1
1.1
10.2

97.8
89.2
73.8
15.3
-1.2
9.8

48.4
36.8
24.1
12.8
-.3
11.8

20.9
11.7
3.9
7.8
.5
8.7

19.5
13.9
13.5
.4
1.6
4.0

30.1
23.9
20.7
3.3
.5
5.7

17.7
10.4
9.1
1.4
1.9
5.4

18.3
14.5
13.1
1.5
1.0
2.7

20.2
17.3
13.4
3.9
1.8
1.0

29.7
21.3
18.5
2.7
1.8
6.7

17.3
12.9
11.2
1.8
1.6
2.7

22
23

3.9
1.1

1.3
3.4

1.8
1.7

-.1
1.6

2.0
1.6

.2
1.6

1.7
1.6

1.8
1.6

2.2
1.6

2.2
1.6

24
25
26
27
28
29

28.4
27.4
19.7
-3.7
23.3
7.7

92.9
91.8
83.6
1.3
82.3
8.2

45.9
44.3
42.9
4.2
38.7
1.4

35.9
34.0
36.4
6.2
30.1
-2.4

34.3
32.0
32.5
6.6
25.9
-.5

35.0
32.9
34.7
14.3
20.4
-1.8

19.5
17.5
20.4
1.7
18.6
-2.8

29.9
27.6
31.1
10.4
20.8
-3.6

45.7
43.5
39.9
7.4
32.5
3.6

30
31

1.0
-.4

1.1
-10.9

1.6
-9.9

1.9
-.8

2.3
-.7

2.2
-5.2

2.0
-19.4

2.4
9.7

2.3
.9

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

16
17
18
19
20
21

2.5
1.6

Profit taxes receivable
Other taxes receivable

22
23

41.9
39.4
38.6
6.9
31.8
.8

28.6
26.0
19.8
1.4
18.4
6.3

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

24
25
26
27
28
29

2.5
-2.1

Trade debt
2.5
-2.4 Discrepancy

(1) Employee retirement funds are in insurance sector.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




30
31

JUNE 2. 1989
U.S. Government and Credit Asencies

U.S. Government and Credit Asencies
Sector Statements of Savins and Investment

1Z

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1987
IV

1988

1
1

I

11

III

IV

1 1989
1
1

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

U.S. Government
j

212.821 237.1A4 278,434 237.139 222.533 254.863
93.00A 96.511 129.505 99,235 88,175 104,026
26.109 25,034 28,901 29,717 27.798 27.439
13.708 13.A66 14,450 14.276 14.507 13,868
80,000 102.133 105,578 93.911 92.053 109.530

505.0
231.0
74.4
29.3
170.3

553.8
257.9
70.3
38.8
186.8

639.5
298.9
65.7
56.2
218.8

665.3
304.5
49.1
48.1
233.7

659.9
294.4
61.4
51.6
252.5

2
3
4
5

6 Total expenditures, NIPA basis 281.9A6 277.273 275.594 271.626 293.082 296.726
Goods and services
7
103.013 94,992 93.135 88.340 104.509 100,280
Transfers, etc.
8
141,350 144.875 144,293 144,924 148.557 154.234
Net interest
9
37,583 37.A06 38,166 38.362 40.016 42.212

521.1
178.0
300.7
42.5

615.1
208.1
353.7
53.3

703.3
242.2
388.7
72.4

781.2
272.7
424.0
84.6

836.0
283.6
458.2
94.3

6
7
8
9

2.840 -34,487 -70.549 -41,863
5.304 -4,076
4.865 13.695
-2,025 -48,182 -75,853 -37,787
671
531
831
1.450
-575 -47,511 -75.322 -36.956

-16.1
8.2
-24.3
4.7
-19.6

-61.3
8.8
-70.1
5.0
-65.1

-63.8
10.0
-73.8
4.8
-69.0

-145.9
11.9
-157.8
7.8
-150.0

-176.1
14.2
-190.3
7.8
-182.5

10
11
12
13
14

15 Net financial investment
-72.59A -44,492 -25,954 -41,898 -69.396 -41,347
Net acq. of financial assets -16,574 -1.032
16
5.584 13,471 -20,730 -8,178
Gold, SDRs 8 fgn. exch.
3.614 -1.382
1.285
17
-2,131 -1,041
-146
Checkable dep. 8 currency -13,887 -2,450 18,053
18
5,438 -12,045 -18.995
-15
206
Time deposits
19
131
-79
-225
72

-24.2
22.6
1.4
-.8
.1

-63.3
25.3
5.0
-2.5
-.2

-77.8
22.4
4.7
.4
-.1

-153.4
23.5
4.4
6.4
.5

-192.6
13.6
2.9
-8.3
-.5

15
16
17
18
19

9.7
1.2
8.4

20
21
22
23

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

10
11
12
13
14

Net surplus. NIPA basis
- Insurance credits to HH
* Gross saving
♦ Mineral rights sales (1)
c Nonfinancial surplus

20
21
22
23

Credit market instruments
Fed. agency securities
Mortgages
Other loans

2A
25
26

Taxes receivable
Trade credit
Miscellaneous

27
28

Net increase in liabilities
Treasury curr. 8 SDR ctfs.

-69.125 -40.129
A.88 9 -3.907
-7A.01A -36.222
772
655
-73.2A2 -35.567

-2.161
303
-2.A6A

-1.633
101
-1.734

-4.332
-688
-3.644

2.658
-916
3,574

-3.994
451
-4.445

2.460
-284
2.744

19.0
6.6
12.4

23.7
7.5
16.2

24.0
4.9
19.1

15.9
2.4
13.6

-32
1.132
37A

3.123
578
470

-7.660
-981
578

1.314
-32
704

-2,223
-1.527
456

5.924
788
154

-.3
2.4
.8

-4.8
3.8
.5

-10.0
2.5
.9

-10.2
4.8
1.6

5.3 24
3.8 25
.7 26

56,020
120

43,460
129

31.538
100

55,369
120

48.666
162

33.169
490

46.8
1.6

88.7
1.3

100.2
1.2

176.9
1.7

206.2 27
.5 28
186.6
3.1
183.5
-.1

29
30
31
32

Credit market Instruments
Savings bonds
Other Treasury Issues
Agency Issues and mtgs.

62.556
2.570
58.7AA
1.2A2

42.871
2.920
40,074
-123

19.085
2.144
15.009
1.932

41.659
1,614
34,823
5.222

53,842
1.775
41.669
10.398

37.945
2.611
35.629
-295

37.4
-.8
39.6
-1.4

79.2
-7.3
87.1
-.6

87.4
-4.3
92.2
-.5

161.3
.2
162.0
-.9

33
SA
35

Life 8 retirement reserves
Trade debt
Miscellaneous

A,889
-2.A53
-9,092

-3.907
-950
5,317

4.865
-1.034
8.522

13.695
-1.412
1.307

5.304
-3,138
-7.504

-4,076
-1.453
263

8.2
1.0
-1.3

8.8
1.3
-1.9

10.0
.5
1.0

11.9
1.9
.2

-6A8

8,925

25,379

-5.613

-5,926

4,391

4.6

-1.8

8.8

3.4

10.1 36

26,141

21.911

36.561

28,403

30.021

21,515

74.7

75.1

75.7

59.2

56.1 37

36 Discrepancy
Memo:
37 Corp, tax receipts, net

29
30
31
32

14.2 33
3.0 34
2.0 35

(1) Sales of Outer Continental Shelf leases.

Federally Sponsored Credit Asencies and Mortgage Fools

Sponsored credit asencies

(1)

252

250

250

268

265

279

.8

.9

1.2

1.4

1.0

1

20,924
494
1,384

15.733
-234
11.834

1.174
-213
-4.336

12.908
161
2.859

17.312
255
-3,764

14.336
-456
-3.567

31.1
.2
.6

29.5
a
1.8

37.6
.2
3.5

22.4
-.2
5.4

2.0
.2
-2.3

2
3
4

5
6
7
8

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

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

15,874
1,711
6
652

5,270
3.798
222
352

5.696
-4,379
-62
726

8.534
1.033
1,102

19.059
5.494
195
611

18.144
7.304
5
514

30.0
.2
.1
.6

26.4
.7
a
1.1

33.2
.4
.3
2.2

16.0
1.4
-.3
1.6

3.4
-1.3
.4
1.5

9
10
11

Housing credit
Residential mortgages
FHLB loans to S&L assns.

14.618
1.650
12.968

1.067
4,619
-3.552

9.070
3.741
5.329

6,650
-77
6.727

13.735
2.516
11.219

11.218
216
11.002

18.5
9.4
9.2

14.9
7.8
7.1

21.2
5.0
16.2

11.0
10.2
.8

2.2 9
9.3 10
-7.0 11

-1,113
-752
230
-591
3,172

-169
-532
1.406
-1.043
-1.137

341
-488
170
659
27

-251
-454
-66
269
1.354

-976
-424
127
-679
1.762

-897
-803
-61
-33
215

10.5
5.1
2.1
3.3
.4

9.7
6.4
1.5
1.9
1.3

9.1
7.7
-.3
1.8
.7

2.2
3.9
-.8
-.8
1.1

.6
1.1
.9
-1.3
.7

12
13
14
15
16

20,743
19.489
19.489
1.254

14,869
10.305
10.305
4,564

871
4.363
4.363
-3.492

13.148
10.605
10,605
2.543

17,111
19.610
19.610
-2.499

13.863
16,219
16,219
-2.356

30.6
24.8
24.3
.6
5.7

29.2
25.6
24.4
1.2
3.6

37.1
32.4
30.5
1.9
4.7

21.3
15.3
14.9
.4
5.9

1.2
1.4
1.4
-.2

17
18
19
20
21

71

-614

-53

508

64

-194

.2

.5

.7

.3

23 Net acq. of mortgages
24
Home mortgages
Multi-family mortgages
25
26
Farm mortgages

25,353
24,837
520
—4

13.774
12,436
1.350
-12

21,974
21.183
798
-7

28,757
27.249
1,509
-1

28.085
26.514
1.572
-1

28,797
25,975
2.824
-2

23.1
21.8
1.2
.1

19.2
18.7
.7
-.2

15.0
14.3
.9
-.1

49.5
49.3
.4
-.2

66.4
65.2
1.2
a

27 Net incr. in pool securities

25.353

13.774

21.974

28,757

28.085

28,797

23.1

19.2

15.0

49.5

66.4 27

Memo: Totals for agencies and pools
Housing credit
39,975
Loans to agriculture
-1,117

14,853
-181

51,051
334

35.408
-252

41,821
-977

40,017
-899

41.5
10.6

34.3
9.5

36.3
9.0

60.7
2.1

68.7 28
.6 29

24,079

26.337

39,362

47.695

45,016

47.3

43.6

45.5

64.5

67.8 30

12
13
14
15
16

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

17 Net Increase In liabilities
18
Credit market instruments
19
Sponsored agency Issues
20
U.S. government loans
Miscellaneous liabilities
21

22 Discrepancy

.1 22

Federally related mortgage pools (2)

28
29

30 Net security issues

44,842

(1) Sponsored asencies Include: Federal Home Loan Banks, Federal National
Mortsase Assn..Federal Home Loan Mortase Corp..Student Loan Marketin9
Assn., Federal Land Banks, Federal Intermediate Credit Banks,
Banks for Cooperatives, and the Financins Corp.
(2) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Excludes
Federal Financins Bank holdinss of pool securities, which are in
U.S. sovernment mortgages and other loans diractly.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




23
24
25
26

JUNE 2, 1989
U.S. Government and Credit Agencies

U.S. Government and Credit Agencies

Sector Statements of Saving and Investment

^5

SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

1
1

1987
IV

1
1

1988
1

II

III

IV

1 1989
1
1

U.S. Government

1024.2 Total receipts, NIPA basis
Personal taxes
431.6
Corp, profits tax accruals
116.1
Indirect taxes
58.3
Social Insurance receipts
418.2

1
2
3
4
5

1149.0
396.3
593.8
158.9

1182.4 Total expenditures. NIPA basis
Goods and services
397.8
Transfers, etc.
615.7
168.9
Net Interest

6
7
8
9

-123.4
21.1
-144.5
2.7
-141.8

-157.5
25.9
-183.4
2.1
-181.2

-158.2
10.5
-168.7
3.3
-165.4

-165.0
-28.4
-.6
3.9
.3

-175.1
34.4
14.5
16.9
-.9

-192.2
-57.7
-5.5
-30.1
-.1

-183.4 Net financial Investment
Net acq. of financial assets
17.2
Gold. SDRs 8 fgn. exch.
5.1
Checkable dep. 8 currency
-14.9
Time deposits
.8

-8.8
.5
-9.3

-20.3
-2.8
-17.5

9.4
-3.4
12.9

-9.5
1.5
-11.0

7.3
-1.1
8.4

Credit market Instruments
Fed. agency securities
Mortgages
Other loans

20
21
22
23

.7
4.5
1.5

4.8
2.3
1.9

-10.2
-3.9
2.3

-8.1
-.1
2.8

-8.3
-6.1
1.8

15.1
3.2
.6

Taxes receivable
Trade credit
Miscellaneous

24
25
26

179.0
.5

171.5
.5

235.5
.5

136.5
.4

209.6
.5

134.5
.6

200.7
2.0

144.9
7.8
135.6
1.5

157.5
8.5
131.6
17.4

168.2
10.4
152.9
5.0

227.7
11.3
216.8
-.5

89.2
9.6
71.9
7.7

188.6
5.6
162.1
20.9

124.4
7.2
75.5
41.6

214.4
10.0
205.6
-1.2

Credit market Instruments
Savings bonds
Other Treasury issues
Agency Issues and mtgs.

19.2
5.1
-9.4

20.0
-6.5
7.6

24.5
-3.7
-18.0

10.6
-9.2
5.9

22.2
-5.0
29.7

21.1
-6.5
5.9

25.9
-5.5
-10.9

10.5
-11.7
-14.5

Life 8 retirement reserves 33
34
Trade debt
Miscellaneous
35

1
2
S
4
5

726.0
S10.S
75. S
55.7
284.7

788.7
346.5
76.3
55.1
310.9

828.4
361.5
83.9
50.8
332.2

916.5
405.6
105.9
54.1
351.0

975.3
413.4
111.5
56.7
393.7

944.4
422.3
107.7
55.0
359.4

951.1
404.6
107.2
55.9
383.4

982.9
425.0
111.7
55.9
390.3

975.5
408.3
113.1
57.1
397.0

991.5
415.8
113.8
57.9
404.0

6
7
8
9

895.5
310.5
469.4
115.6

985.6
355.2
500.3
130.2

1033.9
366.2
532.3
135.4

1074.2
382.0
549.2
143.0

1117.6
381.0
582.6
154.0

1104.7
391.4
563.8
149.5

1106.1
377.7
578.5
149.9

1116.3
382.2
582.0
152.1

1098.9
367.7
576.3
154.9

10
11
12
IS
14

-169.5
18.2
-187.7
7.9
-179.8

-196.9
19.1
-216.0
4.4
-211.6

-205.5
21.1
-226.6
7.2
-219.4

-157.7
19.2
-176.9
2.9
-173.9

-142.3
20.0
-162.3
3.3
-159.0

-160.3
24.5
-184.8
3.1
-181.7

-155.0
10.6
-165.6
2.6
-163.0

-133.4
22.2
-155.6
5.8
-149.8

15
16
17
18
19

-193.1
32.6
2.6
5.3
.5

-214.6
32.8
1.9
13.0
a

-233.3
9.8
-.7
.4
.2

-184.1
-23.8
-5.4
-8.1
.2

-181.7
-2.7
1.0
9.0
-.2

-206.6
-35.1
-8.5
-31.2
.5

-194.6
40.9
-4.2
45.2
-.3

20
21
22
23

17.1
.5
16.6

16.8
1.8
14.9

9.7
.5
9.1

-11.9
-5.3
-6.6

-7.3
-1.1
-6.2

-2.6
.7
-3.3

24
25
26

.6
5.1
1.5

-4.0
3.7
1.4

-.3
.1
.5

1.2
-1.0
1.2

-5.4
-2.0
2.2

27
28

225.7
.6

247.3
.5

243.1
.8

160.3
.5

29
SO
SI
32

198.8
3.0
195.9
-.2

223.6
5.3
218.5
-.1

215.0
13.6
201.1
.4

SS
34
35

18.2
3.3
4.9

19.1
4.6
-.4

21.1
1.1
5.2

36

13.3

2.9

13.9

10.2

22.8

24.9

31.6

15.2

33.3

11.0

37

74.7

80.3

84.2

104.7

116.9

107.0

102.4

121.9

121.2

122.1

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

10
11
12
13
14

15
16
17
18
19

Net Increase In liabilities 27
Treasury curr. 8 SDR ctfs. 28

18.1 Discrepancy
Memo:
101.0 Corp, tax receipts, net

29
30
31
32

36

37

(1) Sales of Outer Continental Shelf leases.
Federally Sponsored Credit Agencies and Mortgage Fools

Sponsored credit agencies

(1)

1.1 Current surplus

1

1

1.0

.2

.3

.7

1.0

1.0

1.0

1.0

1.1

1.1

2
3
4

41.5
.6
8.3

29.2
-.2
11.2

22.7
1.5
5.0

27.7
-1.1
-2.2

47.1
«
6.6

84.6
.4
5.5

84.2
.4
47.3

-.6
-.7
-17.3

34.5
.9
11.4

70.5
-.7
-15.1

5
6
7
8

29.8
1.6
-.1
1.9

15.7
-4.7
-.6
2.5

14.1
4.6
H
2.4

25.0
2.8
«
3.7

38.6
5.9
.4
2.8

60.8
6.8
.1
2.6

39.7
15.2
.9
1.4

11.0
-17.6
-.2
2.9

31.1
4.3
-.2
4.4

72.5
21.8
.9
2.4

92.0
29.3
-.1
2.1

9
10
11

27.7
12.1
15.7

27.9
13.7
14.2

16.6
-3.2
19.8

24.2
-.2
24.4

30.5
10.8
19.7

50.9
6.0
44.9

24.6
19.2
5.4

25.2
15.1
10.1

26.0
-.6
26.6

46.3
9.5
36.8

66.1
1.7
64.4

12
13
14
15
16

-1.4
.3
-.4
-1.2
2.8

-9.4
-4.5
-1.0
-3.9
2.5

-9.6
-6.5
-.7
-2.3
2.1

-5.6
-4.8
.8
-1.6
6.0

-1.1
-1.9
1.6
-.8
2.0

.4
-2.5
.5
2.4
17.9

-2.4
-2.9
4.4
-4.0
-3.3

.6
-2.1
3.2
-.5
6.4

-3.5
-1.5
-1.3
-.6
-9.0

1.0
-1.2
.2
2.0
13.8

-5.3
-4.0
-1.2
-.1
2.3

17
18
19
20
21

40.7
30.4
30.4
10.2

30.6
21.7
20.6
1.1
8.9

23.2
14.9
15.2
— .4
8.3

27.4
29.5
30.2
-.8
-2.1

46.0
44.9
44.9
1.1

81.8
71.6
71.6
10.2

81.0
56.8
56.8
24.2

-1.0
9.4
9.4
-10.4

36.5
42.8
42.8
-6.2

67.4
70.5
70.5
-3.1

78.1 Net Increase In liabilities
81.7
Credit market Instruments
81.7
Sponsored agency Issues
U.S. government loans
Miscellaneous liabilities
-3.6

22

.1

1.7

.8

.3

-.1

-1.8

-2.1

.6

3.1

-2.0

23
24
25
26

44.4
43.4
1.1

79.9
78.6
1.5
-.2

173.1
168.2
5.1
-.2

156.4
151.9
4.5
■

92.6
87.4
5.2
«

95.9
93.3
2.1
.4

63.4
58.2
5.4
-.2

92.4
89.4
3.2
-.2

107.8
101.9
6.0
-.1

106.7
100.0
6.3
.4

124.0 Net acq. of mortgages
Home mortgages
112.9
Multi-family mortgages
11.3
Farm mortgages
-.2

23
24
25
26

27

44.4

79.9

173.1

156.4

92.6

95.9

63.4

92.4

107.8

106.7

124.0 Net incr. In pool securities

27

28
29

72.2
-1.4

107.9
-9.6

189.9
-9.8

180.6
-5.6

123.1
-1.1

146.4
.8

88.2
-2.6

117.8
.4

134.0
-3.6

152.6
1.4

Memo: Totals for agencies and pools
Housing credit
190.3
Loans to agriculture
-5.6

28
29

30

74.9

100.5

188.3

186.6

137.5

167.5

120.3

101.8

150.6

177.2

79.7 Net acq. of financial assets
Checkable dep. and currency
-.4
-14.3
Fed. funds 8 security RPs
Credit market Instruments
U.S. government securities
Open-market paper
Student loans (SLMA)

2
3
4
5
6
7
8

Housing credit
9
Residential mortgages
10
FHLB loans to S&L assns. 11
Loans to agriculture
Farm mortgages
Loans to coops (BC)
Loans to farmers (FICB)
Miscellaneous assets

-.4 Discrepancy

12
13
14
15
16
17
18
19
20
21

22

Federally related mortgage pools (2)

205.7 Net security Issues

(1) Sponsored agencies Include: Federal Home Loan Banks. Federal National
Mortgage Assn..Federal Home Loan Mortage Corp..Student Loan Marketing
Assn.* Federal Land Banks* Federal Intermediate Credit Banks*
Banks for Cooperatives, and the Financing Corp.
(2) GNMA. FNMA. FHLMC, and Farmers Home Administration pools. Excludes
Federal Financing Bank holdings of pool securities, which are In
U.S. government mortgages and other loans directly.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




30

JUNE 2, 1989
Foreign sector

Foreign sector

16

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

UNADJUSTED NET FLOWS. $ MILLIONS
I
I

1987
IV

I
I

I 1989
I
I

1988

I

II

III

IV

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Foreign Sector

1 Net U.S. exports, NIPA basis
U.S. export receipts
2
3 - U.S. Import payments
4 (Memo: net corporate earnings
retained abroad)
5
6
7
8

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

9 Net financial investment
Net acq. of financial assets
10
Gold and SDRs (1)
11
12
U.S. checkable dep.
U.S. time deposits
13
Net interbank claims
14

15
16
17
18
19
20
21
22
23

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

24
25

Security credit
Trade credit

26
27
28
29
30

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

31

32
33
34
35
36

Net Increase in liabilities
U.S. off. fgn. exchange
8 net IMF position
U.S. private deposits
Foreign corporate equities
Credit market instruments
Corporate bonds

37
38
39
40

Bank
To
To
To

41
42
43

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

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

-29,450 -23,017 -23,495 -25,785 -22,303 -13,606
116,570 121,796 129,080 130,256 138,617 144,379
146,020 144,813 152,575 156,041 160,920 157,985
7,024
6,730
7,878
1,158
5,664
9,016

18.8
291.2
272.5
18.6

32.1
351.0
318.9
18.7

33.9
382.8
348.9
14.0

26.3
361.9
335.6
15.5

-6.1
352.5
358.6
18.4

1
2
3
4

3,093
6,688
32,798

2,927
6,688
33,110

3,310
6,918
36,013

4,521
7,406
34,230

3,128
7,927
24.661

6.2
11.1
1.1
-2.6

7.7
12.6
1.2
-13.0

7.5
16.9
1.1
-10.6

9.0
18.3
1.0

9.5
17.8
33.5

5
6
7
8

29,768 32,140
33,438 32,897
155
-205
-482
1,514
190
1,597
6,261 -15,763

41,194
49,541
180
1,089
2,542
12,653

6,717
23,092
-35
-1,610
-2,246
-6,594

36,462 25,305
57,882 31,648
77
173
668
421
2,536
3,294
16,541 -10,117

-25.9
30.5
-1.2
4.2
1.2
21.1

-31.2
24.1

M
1.2
-26.6

-27.4
«
-1.8
-3.8
2.3
-20.9

-30.8
-6.7
-1.4
-3.7
6.8
-35.7

28.4
58.2
-.1
1.6
.5
12.5

9
10
11
12
13
14

361
-7,578
21,535
21,530
19,905
1,625
1,361
-2,803
1,447

-1,142
-1,015
43,754
34,732
27,580
7,152
929
8,535
-442

1,155
316
18,506
13,970
6,065
7,905
5,031
-693
198

1,413
555
13,916
1,104
-3,197
4,301
7,582
5,267
-37

-328
-2,961
28,500
18,505
12,606
5,899
9,372
1,000
-377

1,320
500
29,797
15,779
5.429
10,350
9,600
4,000
418

1.7
1.7
-10.4
-16.9
-22.0
5.0
2.6
2.0
1.9

.3
5.4
25.3
14.9
11.9
3.0
8.2
1.3
.9

M
5.8
25.5
9.5
6.3
3.2
8.4
8.9
-1.3

1.6
3.9
23.7
12.3
5.1
7.2
10.6
2.5
-1.7

.5
5.4
23.7
15.6
6.5
9.1
4.6
2.7
.8

15
16
17
18
19
20
21
22
23

465

-455

-285

2,612

1,200

1,018

.2

3.5

-.2

M

9,488
13,876
13,667
209
-4,388

7,655
6,923
4,002
2,921
732

13,385
13,042
11,968
1,074
343

15,081
7,991
6,513
1,478
7,090

11,800
13,611
12,568
1,043
-1,811

5,091
10,887
7,679
3,208
-5,796

12.0
11.8
7.9
3.9
.2

15.0
15.3
11.7
3.6
-.3

-6.9
25.3
22.3
3.0
-32.2

-1.9
13.8
16.2
-2.4
-15.7

4,582
6,169
40,201

-

26
27
28
29
30

3,670

757

8,347

16,375

21,420

6,343

56.4

55.3

27.4

24.2

29.9 31

-1,347
-3,317

141

7.345
-2,711

-2,098
6,854

3,100
-1,000

-.1
9.8

8.1
4.5

3.4
10.4

3.6
4.5

1.1 32
1.3 33

-3,937
3,602
5,694

679
881
3,788

-1,343
1,222
-186

237
196
1,317

1,173
3,589
1,809

2,000
-532
2,000

1.0
15.0
3.7

2.4
24.2
1.2

.2
23.5
5.5

1.4
16.0
6.6

3.7 34
17.3 35
3.1 36

-880
-650
-520
290

-508
-312
-69
-127

-400
-384
292
-308

271
604
24
-357

-1,207
-412
-299
-496

-385
17
193
-595

3.1
2.1
-4.1
5.0

11.8
4.5
4.7
2.6

3.0
.8
-4.5
6.7

-5.5
K
.7
-6.2

-1.068
1.329
-1,473

1,299
-4,224
526

1,493
148
167

2,263
-921
-2,734

4,579
2,216
-3,808

3,833
-4,717
-1,263

1.7
3.6
2.9

2.4
4.1
4.7

3.9
6.9
4.2

1.9
8.5
4.5

6.5 41
-.1 42
4.3 43
44
-.9 45

Security debt
Trade debt

-1,034

1,621

-1,427

2,409

4,541

3,573

2.2

5.4

.7

-3.9

46
47
48
49
50
51
52

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

6,220
423
-49
8,941
3,531
5.410
-3,095

2,240
575
-105
4,969
1,506
3,463
-3,199

9,754
633
-55
3,178
-3,628
6,806
5,998

8.899
781
-77
7,040
-273
7,313
1,155

7,361
411
45
3,615
152
3,463
3,290

-798
162
-8
8,300
2,300
6,000
-9,252

28.6
.8
K
26.8
7.6
19.2
.9

10.8
.7
-.2
23.6
4.9
18.6
-13.2

-10.8
1.1
-.2
12.6
-.5
13.1
-24.3

2.6
1.3
.4
10.2
5.4
4.8
-9.2

10,433

658

-8,084

29,296

-2,232

-644

23.3

18.3

16.8

31.9

(1) U.S. net sales, sign reversed.
(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries;
U.S. direct investment abroad is before subtracting net inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
(4) BOP discrepancy adjusted to national accounts concepts.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




15.5
11.5
11.9
-.3
4.0

-3.947
2,766

44
45

53 Discrepancy (FOF basis) (4)

24
-1.3 25

3.6
3.0
-.9
1.5

7.4
.7
.1
9.8
-3.6
13.5
-3.2

37
38
39
40

46
47
48
49
50
51
52

5.1 53

JUNE 2, 1989
Foreign sector

Foreign sector

17

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

198A

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

I
1

1987
IV

I
1

1988

I

II

III

IV

I 1989
1
I

Foreign Sector

1
2
3
A

-59.0
383.5
AA2.5
19.2

-77.9
370.9
AA8.9
18.9

-10A.A
378.5
A82.8
16.5

-123.1
A28.1
551.1
2A.3

-9A.6
519.7
61A.3
21.7

-125.7
A59.7
585. A
33.5

-112.1
A87.8
599.9
A.2

-90.A
507.1
597.5
19.A

-79.9
536.1
616.0
3A.7

-96.0
5A8.0
6AA.0
28.6

-77.A Net U.S. exports, NIPA basis
577.8
U.S. export receipts
655.2 - U.S. import payments
26.5 (Memo: net corporate earnings
retained abroad)

1
2
3
A

5
6
7
8

12.2
19.8
90.9

15.1
21.3
11A.3

15.A
22.6
1A2.A

13.5
2A.1
160.6

13.9
27.7
136.2

17.6
2A.6
167.9

12.7
26.6
151.A

11.8
26.8
129.0

13.3
27.8
121.0

17.6
29.6
1A3.2

12.8
31.A
121.6

5
6
7
8

9
10
11
12
13
1A

71.8
83.9
-1.0
1.9
A.6
2.3

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

133.A
157.3
-.2
2.7
-2.7
12.7

151.3
166.3
-.5
-l.A
.9
AA.l

116.5
163.A
.5
-.6
3.0
6.8

113.A
106.A
-.8
-1.8
3.3
22.9

132.3
1A9.1
.6
A.l
1.2
-8A.0

175.3
263.6
.7
.8
12.1
92.9

23.5
A1.3
-.1
-.5
-8.A
-A1.7

13A.9
199.7
.7
-6.7
7.3
60.1

105.2 Net financial investment
151.2
Net acq. of financial assets
.3
Gold and SDRs (1)
9.3
U.S. checkable dep.
13.1
U.S. time deposits
-58.5
Net Interbank claims

9
10
11
12
13
1A

15
16
17
18
19
20
21
22
23

.1
-3.0
57.9
28.9
A.7
2A.2
1A.8
13.0
1.2

.8
5.0
62.3
2A.2
-1.1
25.A
36.7
1.5
— .2

3.A
17.8
97.8
A5.A
33.2
12.3
A0.2
11.1
1.1

2.2
1A.9
62.5
A0.7
AA.9
-A.2
20.3
1.2
.3

1.1
-3.1
10A.7
68.3
A3.1
25.3
22 • 9
1A.1
-.7

l.A
-2A.0
81.0
86.1
79.6
6.5
.3
-11.2
5.8

-A. 6
-7.5
173.7
138.9
110.3
28.6
2.A
3A.1
-1.8

A.6
-A.5
78.9
55.9
2A.3
31.6
25.0
-2.8
.8

5.7
A.l
57.2
A.A
-12.8
17.2
31.8
21.1
-.1

-1.3
-A.5
108.9
7A.0
50.A
23.6
32.A
A.O
-1.5

5.3
-1.6
117.8
63.1
21.7
Al.A
37.0
16.0
1.7

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

15
16
17
18
19
20
21
22
23

2A
25

1.5

.A

.7

.1

3.1

1.9

-1.8

-1.1

10.A

A.8

A.l

Security credit
Trade credit

2A
25

26
27
28
29
30

19.6
25.6
22.5
3.1
-6.0

25.0
20.5
20.A
.1
A.5

-10.1

A3.A
A2.2
39.A
2.7
1.3

A7.9
A1.6
35.1
6.5
6.A

22.5
55.6
50.7
A.9
-33.1

67.A
28.9
19.9
9.0
38.5

79.2
52.5
A9.1
3.3
26.8

1A.6
30.3
25.3
5.0
-15.6

30.A
5A.7
A6.0
8.7
-2A.2

61.5
AA.A
3A.6
9.9
17.1

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

26
27
28
29
30

31

12.1

8.2

2A.0

15.0

A6.9

-7.0

16.9

88.3

17.7

6A.7

A6.0

32
33

2.2
-5.8

3.0
-A. 3

-.6
9.1

-9.7
-3.A

A.O
.8

-15.8
12.1

-5.A
-16.8

.6
-5.5

29.A
-2.1

-8.A
27.7

12.A
-6.9

3A
35
36

.9
8.A
3.8

3.7
1.2
3.8

1.3
9.6
3.0

-2.A
A.3
6.8

.7
5.9
6.7

-12.0
13.9
21.6

-.7
-1.0
16.8

-6.5
5.2
-2.7

1.2
A.A
6.5

9.0
15.0
6.3

A.l
-7.9
9.5

37
38
39
AO

-6.6
-.9
-3.1
-2.6

-2.8
-l.A
-1.3
-.1

-1.0
1.0
-2.1

-3.6
-.9
-2.8
.1

-1.8
-.5
-.1
-1.3

-6.1
-2.6
-A.l
.6

.7
-1.2
3.5
-1.6

-3.5
-1.5
-2.6
.7

2.9
2.A
2.1
-1.7

-7.A
-1.6
-3.2
-2.6

1.5
.1
A.8
-3.A

A1
A2
A3

6.2
1.0
A.O

6.2
-7.A
l.A

11.5
-5. A
1.5

2.1
l.A
-2.A

9.6
-2.8
-5.8

-2.5
5.9
-5.1

1.5
-21.7
1.8

6.A
5.1
-.1

10.7
-5.1
-10.7

20.0
10.6
-1A.5

11.6
-25.1
-5.3

AA
A5

-1.6

-.1

-1.2

2.9

7.1

-5.0

7.6

-5.2

8.9

17.3

15.5

A6
A7
A8
A9
50
51
52

8.0
1.1
.A
13.2
-A. 6
17.8
-6.7

A.8
1.5
-.1
9.6
-3.3
12.9
-6.3

5.7
1.5
-1.0
13.7
3.6
10.1
-8.A

23.2
1.2

-.1
1.7
-.2
39.0
10.3
28.7
-AO.6

33.1
2.3
-.A
13.A
A.7
8.7
17.8

99.7
2.5
-.2
11.6
-11.2
22.8
85.8

-2A.0
3.1
-.3
32.7
.5
32.2
-59.5

A.2
1.6
.2
17.6
-3.0
20.5
-15.2

28.8
.6

26.3
6.2
20.0
-A. 3

28.3
2.A
-.2
18.8
-2.2
21.0
7.2

53

19.1

10.2

9.0

9.3

19.6

5A.5

19.1

-A6.3

97.5

8.3

25.3
35.A
35.A

X

x

x

26.2
7.2
19.0
2.0

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

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




32
33

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

Bank
To
To
To

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

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

37
38
39
A0

A1
A2
A3

Security debt
Trade debt

AA
A5

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

A6
A7
A8
A9
50
51
52

16.A Discrepancy (FOF basis) (A)

(1) U.S. net sales, sign reversed.
(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries;
U.S. direct investment abroad is before subtracting net inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
(A) BOP discrepancy adjusted to national accounts concepts.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.

31

53

JUNE 2, 1989
Banking System

Banking System

18

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

UNADJUSTED NET FLOWS, $ MILLIONS
I
I

1987
IV

I
I

1988

II

III

IV

I 1989
I
I

ANNUAL FLOWS. $ BILLIONS
1980
1981
1982
1983

1979

Monetary Authority
-462

-450

-450

-441

-430

.2

.2

.4

.1

.5

1

2 Net acq. of financial assets
Gold and foreign exchange
3
4
Treasury currency
SDR certificates
5
6
Federal Reserve float
F.R. loans to domestic banks
7
8
Security RPs

13,231
-1,611
171
563
1,874
1.316

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

12,269
107
162
-39
153
7,426

7.337
3,766
136
940
-310
2,064

8.061 -11,032
-889
1,738
162
162
350
87
-727
284
16
-2,629 -6,861

10.9
-.3
1.3
.5
.3
.3
.6

7.1
3.2
.7
.7
-2.3
.4
1.0

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

12.4
.5
.6
1.3
1.0
-.9
2.1

9.4
-1.7
.7
-1.2
.2
-3.8

2
3
4
5
6
7
8

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

10,540
10,540
10,610
-70
378

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

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

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

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

-5,206
-5,206
-5,019
-187
-772

7.1
7.1
6.8
.3
1.2

3.5
3.5
3.0
.5
-.1

8.8
8.8
8.4
.4
.1

7.7
7.7
7.9
-.2
.1

14.7
14.7
15.0
-.3
.5

9
10
11
12
13
14
15

13,693
2,757
436

-8,739
-3,007
-1,748

12,719
-3,096
2,455

7,778
3,357
-3,472

8.498 -10,602
309 -1,953
5,463 -3,787

10.7
-1.4
3.0

6.9
-2.3
1.3

7.8
-2.2
-1.2

12.2
1.3
.9

8.9 16
-5.0 17
1.5 18

8,986
-3,821
-194
13,001
1,514

-3,907
-2,877
336
-1,366
-77

13,065
7,312
-206
5,959
295

6,653
3,218
-51
3,486
1,240

-5,206
-4,263
39
-982
344

8.2
.1
.1
8.0
.9

9.0
-1.1
-.2
10.3
-1.1

10.9
1.2
.1
9.5
.3

10.2
.7
-.2
9.7
-.1

13.0
-1.3
K
14.3
-.5

19
20
21
22
23

1 Current surplus

9
10
11
12
13
14
15

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

19
20
21
22
23

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

-437

2.275
-4,361
-18
6,654
446

Commercial Banking (1)

3,323
5,106

5,789
5,711

4,703
5,505

4,697
5,372

4,573
5,419

6,922
5,426

6.0
7.7

4.1
7.8

6.0
8.3

6.1
8.5

7.1
9.7

1
2

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

83,304
50

10,766
50

62,412
50

45,662
50

58.633
50

22,739
50

139.1
.7

121.4
.6

118.5
1.0

136.8
-.1

150.1
-.3

3
4

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

52,036
5,130
-3,699
8,829

23,576
6,712
43
6,669

51,063
969
-4,881
5.850

39,026
9,005
792
8,213

45,282
4,310
-5,284
9,594

36,436
13,361
11,110
2,251

123.0
9.6
2.0
7.6

101.1
25.8
16.1
9.7

100.5
11.6
1.8
9.8

102.4
26.6
19.4
7.3

139.9
48.6
47.8
.7

5
6
7
8

1 Current surplus
2 Fixed nonres. investment

5
6
7
8

9
10

Tax-exempt obligations
Corporate bonds

-5,762
7,394

-7,235
6,784

-5,359
2,821

-2,936
947

-6,968
1.620

-1,328
-4,833

9.5
-.1

13.6
.6

5.0
M

4.5
1.5

11
12
13
14
15
16

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

45,368
23,821
9,165
15,007
3,792
-6,417

17.308
13,334
1,211
1,689
-3,181
4,255

52.632
23,718
9,624
22,270
-212
-2,768

32,010
21,027
10,532
-311
1,136
-374

46,328
19,605
12.241
15,444
629
-1,591

29,230
14,046
-2,838
9,187
1,997
6,838

103.9
30.6
19.9
52.1
2.2
-.9

61.1
17.5
-6.2
47.2
1.8
.8

83.9
21.6
4.0
52.3
.8
5.3

69.8
16.0
6.7
46.7
.3
K

17

Corporate equities

-94

7

-8

6

*

-.1

K

H 17

2,445
3,193
25,580

-6,538
-4,755
-1,567

1,761
5,777
5,763

-5,470
-5,740
-2,537

7.5
1.6
6.3

7.3
-1.0
13.4

11.3
-3.4
9.2

7.7
2.2
24.5

6.9 18
-3.6 19
7.2 20

67.529 23,560
25,279 -50,380
-5,175 -14,833
629
439
30,015 -36,176

136.3
26.4
.4
4.1
21.8

120.8
5.1
-2.6
.3
7.4

133.9
8.6
-1.1
-3.9
13.7

143.4
19.2
6.1
-3.4
16.5

20,021

18,431

29.5

44.8

40.1

96.4

130.8 26

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

19,415
15,037

13.8
17.0

47.2
20.5

51.5
14.8

13.0
9.2

-48.3 27
14.8 28

15,659 -8,532
-443
103
-985
2,028
16,541 -10,117

19.9
.5
-1.7
21.1

-32.0
-1.9
-3.5
-26.6

-26.9
-2.9
-3.0
-20.9

-36.5
.1
-.9
-35.7

1.5
-1.0
-10.0
12.5

29
30
31
32
33
34
35
36

18
19
20

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

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

63,798
9,131
17,379 -18,735
-11,331
1,876
1,708
-818
27,002 -19.793

-

1,657
-641
10,283

-

-303
-115
7,004

82,460 41,733
23.054 -13,068
9,039
1,595
1,295 -1,559
12,720 -13,104

4.8 9
4.7 10
81.9
29.2
22.7
26.7
.8
2.4

163.5
15.9
-5.3
1.6
19.7

11
12
13
14
15
16

21
22
23
24
25

26

Small time and savings dep.

15,010

24,958

16,289

27
28

Large time deposits
Fed. funds and security RPs

19,281
1,583

4,951
28,516

-828
3,503

29
30
31
32

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

1,686 -15,769
2,437 -2,017
2,011
-7,012
6,261 -15,763

13,940
114
1,173
12,653

-9,961
630
-3,997
-6,594

33
34
35
36

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

400
-1,230
-388
-842

412
-6,888
-338
-6,550

411
3,864
915
2,949

420
-815
1,125
-1,940

423
1,352
-355
1,707

429
3,887
127
3,760

1.3
13.2
-.2
13.4

.4
15.0
1.3
13.7

.5
20.8
2.0
18.7

.6
18.4
6.0
12.5

.8
17.1
8.4
8.7

37
38

Profit taxes payable
Miscellaneous liabilities

20
9,669

34
-8,348

42
22,185

50
23,284

60
8,873

68
25,205

.5
14.8

-.5
20.4

-.4
24.8

-.1
23.2

-.1 37
31.0 38

-21,289

-1,557

19,246

-4,604

8.050

2,317

-4.6

-4.3

13.1

4.0

10.8 39

60,992

12,776

55,488

39,097

48,642

24,122

131.4

107.6

106.5

110.2

144.3 40

39 Discrepancy
40 Memo:

Credit mkt. funds adv.

12,081

(1) Consists of U.S.-chartered commercial banks, domestic afflliatestBHC's),
Edge Act corporations, agencies and branches of foreign banks, and banks
in U.S. possessions. Edge Act corporations and offices of foreign banks
appear together in these tables as "foreign banking offices in U.S."
IBF's are excluded from domestic banking and treated like branches
in foreign countries.
(2) Floats and discrepancies ln interbank deposits and loans.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




JUNE 2, 1989
Banking System

Banking System

19

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1984

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987

1
1

1988

1987
IV

1988

1
1

I

II

III

IV

1
1

1989
I

Monetary Authority

1

.6

-1.1

-1.9

-1.8

-1.8

-1.8

-1.8

-1.8

-1.8

-1.7

2
3
4
5
6
7
8

14.6
.5
.7
-.7
2.7
K

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

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

10.7
-3.8
.6
-.5
2.3
-14.7

18.5
2.5
.6
.5
-1.6
5.5

16.5
-6.4
.7
-2.9
7.0
-12.2

.7
-1.8
.6
2.4
-3.0
7.6

46.2
.4
.6
.2
.8
39.1

32.9
15.1
.5
3.9
-3.4
3.5

-5.9
-3.6
.6
-4.6
-1.0
-28.1

9
10
11
12
13
14
15

8.4
8.4
8.7
-.3
3.0

18.4
18.4
18.6
-.2
1.0

19.4
19.4
19.8
-.4
1.7

24.7
24.7
24.9
-.3
2.2

10.5
10.5
11.1
-.6
.4

30.4
30.4
30.6
-.2
-.1

-5.5
-5.5
-4.9
-.6
.4

4.1
4.1
4.7
-.6
.9

17.1
17.1
17.4
-.3
-3.9

26.5
26.5
27.2
-.8
4.3

16
17
18

14.0
.4
3.2

26.1
6.8
1.3

33.8
19.5
.1

12.6
-6.3
-.8

20.3
-2.4
2.7

18.3
7.4
-10.2

2.5
-14.9
8.9

48.0
-2.6
8.1

34.6
9.6
-16.6

-4.1
-1.7
10.4

19
20
21
22
23

10.3
1.7
M
8.6
.1

16.6
4.1
.1
12.4
1.4

12.4
-1.9
-.2
14.4
1.9

16.7
-2.3
-.1
19.0
3.0

18.1
3.3
.1
14.7
1.9

16.9
-19.1
-.8
36.8
4.2

17.4
7.9
1.3
8.2
-8.9

31.6
20.5
-.8
11.9
10.9

36.7
8.4
-.2
28.6
4.9

-13.4
-23.6
-.1
10.2
.7

-1.7 Current surplus

1

-6.9 Net acq. of financial assets
Gold and foreign exchange
7.0
.6
Treasury currency
1.4
SDR certificates
Federal Reserve float
1.5
4.6
F.R. loans to domestic banks
Security RPs
-15.9

2
3
4
5
6
7
8

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

9
10
11
12
13
14
15

-4.9
-4.9
-4.1
-.8
-1.2

-5.1 Net increase in liabilities
Depository inst. reserves
-11.3
Vault cash o< coml. hanks
1.2

13.2
3.3
.2
9.8
-8.3

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

16
17
18

19
20
21
22
23

Commercial Banking (1)
21.8 Current surplus
21.7 Fixed nonres. investment

1
2

1
2

5.8
15.6

11.0
16.6

13.9
18.9

15.5
20.3

19.8
22.0

15.8
20.4

17.8
22.8

19.6
22.0

20.7
21.5

21.0
21.7

3
4

199.8
-1.1

238.8
-.1

257.6
.2

162.5
.2

177.5
.2

250.6
.2

95.1
.2

273.2
.2

192.5
.2

149.1
.2

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

5
6
7
8

170.8
.6
1.9
-1.3

206.9
9.7
12.1
-2.4

194.5
43.3
5.3
38.0

124.9
27.2
-2.0
29.1

158.9
21.0
-9.3
30.3

203.3
40.3
5.0
35.4

111.3
-2.1
-28.8
26.7

190.6
16.2
-10.7
26.8

149.9
30.1
.3
29.8

183.9
39.8
1.9
38.0

158.9
23.3
14.2
9.1

9
10

10.8
4.2

57.2
5.8

-28.5
23.6

-29.1
24.0

-22.5
12.2

-23.0
30.7

-28.9
24.9

-21.4
10.5

-11.7
6.0

-27.9
7.2

-5.3
-21.5

Tax-exempt obligations
Corporate bonds

9
10

11
12
13
14
15
16

155.3
44.6
45.2
61.1
-1.4
5.8

134.0
49.7
37.5
38.3
-2.5
11.0

156.1
70.1
24.8
67.9
-.9
-5.8

102.9
86.2
16.2
3.8
2.0
-5.3

148.3
77.7
33.6
39.1
-1.6
-.5

155.7
96.0
28.7
58.4
10.7
-38.1

117.5
59.4
28.5
8.6
-8.2
29.2

185.4
92.5
31.9
77.6
-3.0
-13.6

125.5
79.5
32.8
5.0
7.6
.6

164.7
79.3
41.2
65.3
-3.0
-18.1

162.4
62.0
13.0
35.1
13.0
39.3

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

11
12
13
14
15
16

17

-.1

.1

K

-.1

»

-.4

M

K

H

Corporate equities

17

18
19
20

3.8
3.6
22.7

-9.5
8.1
33.4

-5.6
19.6
48.9

6.5
-7.1
38.0

-3.4
.3
21.5

11.4
-2.8
38.5

-25.4
-6.0
14.9

9.6
5.5
67.3

-8.1
-7.0
57.4

10.2
8.6
-53.8

-22.7
-10.1
19.4

21
22
23
24
25

205.5
29.2
4*0
2.0
23.2

234.9
53.9
10.3
1.4
42.2

242.9
94.1
1.7
2.9
89.6

160.6
-19.8
-5.8
-1.3
-12.6

200.9
16.5
7.3
-.6
9.8

169.5
-23.9
-36.1
-1.0
13.2

93.0
67.5
53.3
2.8
11.4

357.1
2.1
-17.5
1.6
18.0

171.7
-6.5
8.7
-.3
-15.0

181.5
3.0
-15.2
-6.7
24.9

156.1 Net increase in liabilities
Checkable deposits
-51.4
U.S. government
-8.4
Foreign
9.1
Private domestic
-52.0

-

-

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

Cust. liabs. on acceptances
Vault cash 8 res. at F.R.
Miscellaneous assets

3
4
5
6
7
8

18
19
20

21
22
23
24
25

26

74.6

80.3

71.6

27.4

73.3

38.8

109.1

62.5

63.0

58.8

92.1

Small time and savings dep.

26

27
28

38.3
1.6

11.8
31.3

3.2
19.2

42.1
10.9

42.1
19.6

55.5
-7.2

39.7
91.5

9.2
54.8

93.5
14.6

26.0
-82.4

93.5
36.1

Large time deposits
Fed. funds and security RPs

27
28

29
30
31
32

10.6
2.0
6.4
2.3

21.2
-.4
7.0
14.5

10.4
-1.2
-1.1
12.7

40.7
1.8
-5.2
44.1

3.9
-1.2
-1.8
6.8

10.2
4.1
-16.8
22.9

-83.8
-.6
.8
-84.0

104.8
1.0
10.8
92.9

-69.1
.5
-27.9
-41.7

63.6
-5.6
9.1
60.1

-52.2
6.1
.2
-58.5

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

29
30
31
32

33
34
35
36

1.1
22.8
12.9
10.0

1.4
9.6
16.9
-7.3

1.4
1.0
5.6
-4.6

1.6
10.0
2.1
7.9

1.7
-2.5
1.3
-3.8

1.6
-7.6
-1.6
-6.1

1.6
-30.9
-1.4
-29.5

1.6
17.6
3.7
13.9

1.7
-.7
4.5
-5.2

1.7
4.1
-1.4
5.5

1.7
10.6
.5
10.1

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

33
34
35
36

37
38

M
27.2

.1
25.4

«
42.1

.1
47.6

.2
46.0

.1
102.1

.1
-101.8

.2
104.3

.2
75.1

.2
106.4

.3
25.4

Profit taxes payable
Miscellaneous liabilities

37
38

39

-4.1

-9.5

-19.7

-6.7

21.1

-85.8

-7.1

81.4

-21.5

31.7

40

168.9

186.3

194.8

136.7

156.0

253.1

56.8

213.8

141.3

212.2

10.5 Discrepancy

96.8 Memo:

Credit mkt. funds adv.

(1) Consists of U.S.-chartered commercial banks, domestic affiliates(BHC's).
Edge Act corporations, agencies and branches of foreign banks, and banks
in U.S. possessions.
Edge Act corporations and offices of foreign banks
appear together in these tables as "foreign banking offices in U.S.”
IBF*s are excluded from domestic banking and treated like branches
in foreign countries.
(2) Floats and discrepancies in interbank deposits and loans.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




39

40

JUNE 2, 1989
Commercial Banking Subsectors

20

Commercial Banking Subsectors

Subsector Statements for Component Groups in Commercial Banking

UNADJUSTED NET FLONS. S MILLIONS

UNADJUSTED NET FLONS. $ MILLIONS

1
1

1987
IV

1

1

]t

II

1988

IV

III

1 1989
1
I

1979

ANNUAL FLOWS» $ BILLIONS
1980
1981
1982
1983

U.S.-Chartered Commercial Banks
1 Current surplus
2 Fixed nonres. investment

3,323
5,106

5,789
5,711

4,703
5,505

4,697
5,372

4,573
5,419

6,922
5,426

6.0
7.7

4.1
7.8

6.0
8.3

6.1
8.5

7.1
9.7

1
2

50,364
43,175
5,451
-3,084
8.535

12,332
19,649
7,022
502
6,520

39,850
39,657
715
-4,844
5,559

40,151
38,828
8,455
579
7.876

35,852
30,919
3,625
-5,679
9.304

11.798
27,482
12,694
10,628
2.066

111.5
105.8
7.4
-.2
7.6

92.8
82.9
25.0
15.3
9.7

99.0
91.4
11.4
1.8
9.6

111.3
104.2
26.7
19.4
7.3

131.3
133.9
44.2
43.5
.7

3
4
5
6
7

Tax-exempt obligations
Corporate bonds

-5.776
6,983

-7,272
6,371

-5,407
2,800

-2,999
1,407

-7,046
1,761

-1.420
-3,856

9.7
-.3

13.2
.5

5.7
K

4.6
1.7

3.8
3.6

8
9

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

36,517
21,246
9,165
8,298
3,326
-5,518

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

41,549
21,120
9,624
13,634
-130
-2,699

31,965
18,806
10,532
1,065
1,246
316

32,579
17,313
12,241
3,747
398
-1.120

20,064
12,794
-2,838
1,322
1,863
6,923

89.1
29.8
19.9
38.6
1.6
-.8

44.3
16.1
-6.2
32.2
1.0
1.2

74.3
19.7
4.0
46.1
-.2
4.7

71.2
15.4
6.7
47.6
1.0
.5

82.3
29.0
22.7
27.5
1.1
2.0

10
11
12
13
14
15

1.802
3,748
1.639

-4,073
-4,739
1,495

93
200
-100

631
-187
879

281
6,089
-1.437

-4,763
-5.464
-5.457

6.0
1.6
-2.0

5.8
-1.2
5.2

8.2
-4.0
3.4

7.0
1.8
-1.7

4.6 16
-2.9 17
-4.3 18

59,898 36,222
22,396 -12,869
9.039
1,595
1,229 -1,166
12,128 -13,298

44,748 12,619
25,660 -50,134
-5.175 -14,833
349
772
30,063 -35.650

108.6
25.6
.4
3.4
21.8

92.1
10.7
-2.6
-.2
13.4

114.4
14.8
-1.1
-3.0
18.9

117.8
20.9
6.1
-2.2
17.1

3 Net acq. of financial assets
Total bank credit
4
5
U.S. government securities
Treasury Issues
6
Agency issues
7
8
9

10
11
12
13
14
15
16
17
18

Cust. liabs. on acceptances
Vault cash 8 res. at F.R.
Miscellaneous assets

19 Net Increase in liabilities
Checkable deposits
20
21
U.S. government
Foreign
22
23
Private domestic

30.858 10,697
17,708 -19,367
-11,331
1,876
1,937 -1,160
27.102 -20,083

24

Small timefisavlngs deposits

15.010

24,958

16,289

25
26

Large time deposits
Fed. funds and security RPs

17,145
3,400

5,061
26,547

218
-835

27
28
29
30
31

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

-15,718 -16,989
563
-513
1,874 -1,504
-7.989 -13,754
-10,166 -1,218

11,878
-39
153
1,969
9.795

32
33
34
35
36
37
38

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

39 Discrepancy
40 Memo:

Credit mkt. funds adv.

144.7
15.6
-5.3
1.4
19.5

19
20
21
22
23

20.021

18.431

29.5

44.8

40.1

96.4

130.8 24

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

14,730
13,229

10.2
17.0

39.3
20.5

43.9
14.8

2.3
9.2

-38.7 25
11.3 26

812
940
-310
4,780
-4,598

6,463
87
16
7,921
-1,561

-7,325
-727
284
-6,358
-524

6.6
.3
.3
-8.4
14.5

-39.8
-2.3
.4
-14.2
-23.6

-20.3
-2.7
-.2
-11.0
-6.4

-26.0
1.0
-.9
-2.5
-23.5

8.2
-1.2
.2
1.2
7.9

27
28
29
30
31

90
411
-305
42
9,714
5,275
4,439

544
420
25
50
7,113
2,802
4,311

336
423
127
60
57
1,436
-1.379

1,572
429
51
68
21,568
621
20,947

7.1
1.3
.2
.5
10.7
5.4
5.3

6.2
.4
.2
-.5
10.4
6.9
3.5

8.5
.5
-.1
-.4
12.6
7.8
4.8

9.5
.6
.6
-.1
4.4
13.2
-8.8

3.0
.8
-.2
-.1
14.0
12.6
1.4

32
33
34
35
36
37
38

12,081

1,878
400
162
20
-9.147
382
-9,529

-4,239
412
-107
34
-5,613
-2,644
-2,969

-21,289

-1,557

19,246

-4,604

8,050

2,317

-4.6

-4.3

13.1

4.0

10.8 39

50,495

12,456

42,449

39,143

32.320

15,796

112.7

87.6

95.0

110.7

136.5 40

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

12
13
14

Cust. liabs. on acceptances
Member bank reserves
Miscellaneous assets

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

23,035
8,082
-654
321
8,509
2,543
6.399
466
-899
-94

-1,493
4.327
1,074
318
2.928
1,227
796
-230
1.135
7

20,477
11,613
244
-78
11,447
2,570
9.028
-82
-69
-

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

12.371
12.868
-506
-248
13,630
2.268
11,602
231
-471
-8

7,612
8,923
966
-1,088
9,039
1,230
7,760
134
-85
6

16.5
15.2
.5
.1
.1
14.5
.8
13.2
.6
K
«

18.1
18.0
.5
.2
M
17.2
1.3
15.5
.8
-.4
K

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

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

1.3 1
1.9 2
1.7 3
-.1 4
.4 5
-.1 6
.2 7
-.4 8
-.4 9
.5 10
« 11

643
-555
14,865

-2,465
-16
-3,339

1,564
-841
8.141

-934
72
1.777

1.480
-312
-1,665

-707
-276
-328

1.5
«
-.2

1.5
.2
-1.5

3.0
.6
-3.0

.8
.3
5.7

2.2 12
-.7 13
-2.2 14

23,035
-329
2,136
-1.817

-1,493
632
-110
1,969

20,477
658
-1,046
4,338

512
-199
3,044
-1,348

12,371
-381
5,010
-749

7.612
-246
4,685
1,808

16.5
.8
3.6

18.1
-5.6
7.9
-

10.6
-6.1
7.6
-

7.8
-1.7
10.7
-

1.3
.3
-9.6
3.5

15
16
17
18

19
20
21

Net interbank liabilities
To foreign banks
To domestic banks

5,225
2,192
9,510 -12,550
-4.285 14.742

6,559
2.929
3,630

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

5,803
-4,608
10,411

10.8
5.8
5.0

9.8
-.8
10.7

4.5
-8.4
13.0

-7.7
-10.0
2.3

3.9 19
7.7 20
-3.8 21

22
23

Acceptance liabilities
Miscellaneous liabilities

2,069
15.751

1,030
8,938

-1,250
6,979

1.756
3,611

-1,500
-2,938

1.8
-.5

1.9
4.1

3.2
1.4

1.6
4.9

2.2 22
1.0 23

-1.903
-4,273

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




JUNE 2, 1989
Commercial Banking Subsectors

Commercial Banking Subsectors

21

Subsector Statements for Component Groups in Commercial Banking

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

198A

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

I
1

1987
IV

I
1

I

II

1988

III

IV

I 1989
1
I

U.S.-Chartered Commercial Banks

2

5.8
15.6

11.0
16.6

13.9
18.9

15.5
20.3

19.8
22.0

15.8
20.A

17.8
22.8

19.6
22.0

20.7
21.5

21.0
21.7

3
A
5
6
7

166.2
166.2
1.3
2.5
-1.2

193.1
183.A
A.6
7.5
-2.9

177.5
163.9
A2.A
5.9
36.5

90.5
97.0
2A.8
-3.1
27.9

128.2
129.1
19.8
-9.A
29.3

1A2.3
188.7
A1.6
7.A
3A.2

87.8
76.3
-.9
-26.9
26.1

170.1
1A2.A
15.1
-10.5
25.7

167.A
1A8.3
27.9
-.6
28.5

87.5
1A9.2
37.1
.3
36.8

8A.2 Net acq. of financial assets
102.3
Total bank credit
U.S. government securities
20.7
Treasury issues
12.3
Agency issues
8.A

3
A
5
6
7

8
9

12.6
3.2

57.2
2.3

-28. A
18.A

-29.1
20.7

-22.7
12.3

-23.1
29.0

-29.1
23.3

-21.6
10.A

-12.0
7.9

-28.2
7.8

-5.7
-17.6

Tax-exempt obligations
Corporate bonds

8
9

10
11
12
13
IA
15

1A9.1
AA.A
A5.2
55.A
-.6
A.7

119.3
A9.A
37.5
28.5
-2.8
6.8

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

80.6
80.9
16.2
-1A.5
1.1
-3.2

119.6
69.3
33.6
18.5
-l.A
-.A

1A1.2
85.7
28.7
A5.0
8.9
-27.1

83.1
5A.A
28.5
-11.1
-9.0
20.3

138.5
82.1
31.9
A2.1
-1.3
-16.3

12A.5
70.6
32.8
10.1
8.A
2.5

132.A
70.1
A1.2
33.0
-3.9
-8.0

10A.9
57.0
13.0
-10.6
10.7
3A.9

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

16
17
18

-2.8
3.3
-.5

-11.1
7.A
13.A

-7.3
19.0
1.9

-1.0
-6.7
1.1

-3.1
l.A
.8

6.5
-.6
-52.3

-17.5
-5.9
35.0

1.2
8.9
17.5

2.6
-7.3
23.9

l.A
9.9
-73.0

-21.9
-9.0
12.8

19
20
21
22
23

171.9
30.2
A.O
2.8
23.A

189.2
51.8
10.3
.1
Al.A

162.8
93.2
1.7
2.7
88.8

88.6
-19.1
-5.8
-1.5
-11.8

151.6
15.8
7.3
-.3
8.8

61.2
-22.A
-36.1
-.5
1A.2

85.8
63.3
53.3
-.6
10.6

253.9
1.3
-17.5
3.A
15.A

1A6.7
-5.9
8.7
1.9
-16.5

119.9
A.6
-15.2
-6.0
25.7

9A.6 Net increase ln liabilities
-52.0
Checkable deposits
-8.A
U.S. government
6.0
Foreign
-A9.5
Private domestic

2A

7A.6

80.3

71.6

27.A

73.3

38.8

109.1

62.5

63.0

58.8

92.1

Small time&savings deposits

2A

25
26

33.9
1.9

10.8
26.8

-6.6
10.8

37.7
12.6

35.2
15.A

5A.3
.1

31.0
83.6

1A.8
37.5

81.2
20.0

13.9
-79.A

65.8
28.8

Large time deposits
Fed. funds and security RPs

25
26

27
28
29
30
31

6.8
-.7
2.7
6.6
-1.8

8.5
.1
-.5
-1.2
10.1

-3.1
.3
-1.5
.8
-2.7

20.5
-.5
2.3
1.6
17.1

2.2
.5
-1.6
.9
2.A

-A3.0
-2.9
7.0
-18.8
-28.2

-92.7
2.A
-3.0
-63.A
-28.7

80.5
.2
.8
15.5
6A.0

-25.2
3.9
-3.A
5.9
-31.6

A6.1
-A. 6
-1.0
A5.7
6.0

-53.6
1.5
A.6
-3A.2
-25.5

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

27
28
29
30
31

32
33
3A
35
36
37
38

-3.6
1.1
3.6
K
23.A
10.3
13.1

-10.9
l.A
A.5
.1
15.9
5.5
10.3

-8.7
l.A
2.2
«
2.1
-.3
2.A

-1.0
1.6
.7
.1
8.3
1A.5
-6.2

-3.3
1.7
-.3
.2
11.3
6.9
A.A

5.5
1.6
.6
.1
25.7
-2.5
28.1

-16.7
1.6
-.A
.1
-93.2
-5.3
-87.9

1.8
1.6
-1.2
.2
55.0
19.8
35.2

1.2
1.7
.1
.2
10.5
11.3
-.9

.6
1.7
.5
.2
72.9
1.7
71.2

5.A
1.7
.2
.3
5.9
8.1
-2.2

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

32
33
3A
35
36
37
38

1

21.8 Current surplus
21.7 Fixed nonres. Investment

Cust. liabs. on acceptances
Vault cash 8 res. at F.R.
Miscellaneous assets

1
2

10
11
12
13
IA
15
16
17
18
19
20
21
22
23

39

-A.l

-9.5

-19.7

-6.7

21.1

-85.8

-7.1

81.A

-21.5

31.7

AO

158.7

165.6

162.5

99.2

126.A

222. A

38.5

160.0

1A8.A

158.6

A5.6 Memo:

58.6 Net acq. of financial assets
1
Total bank credit
56.5
2
3.9
U.S. government securities 3
A
Tax-exempt obligations
-A.A
Corporate bonds
5
57.0
Total loans
6
Mortgages
A.9
7
A5.3
Bank loans n.e.c.
8
2.3
Open-market paper
9
A.A
Security credit
10
M
Corporate equities
11

-.9
-1.1
A.l

10.5 Discrepancy

Credit mkt. funds adv.

39
AO

Foreign Banking Offices in U.S.

1
2
3
A
5
6
7
8
9
10
11

13.A
7.3
-.6
-.1
1.8
6.3
.A
5.7
-.9
1.1
-.1

21.3
19.1
.A
-.1
3.5
15.1
.1
10.5
.3
A.2
.1

39.7
33.A
3.6
5.0
2A.8
2.9
21.9
-.2
.1
K

A3.7
25.3
.9
2.9
21.6
5.1
17.8
.8
-2.1
-.1

31.9
28.A
1.2
-.6
27.8
8.3
19.8
-.2
-.1
K

61.9
11.A
-2.6
1.3
13.2
10.2
12.1
1.8
-10.9
-.A

16.8
36.6
A.3
1.3
31.0
A.9
16.3
.9
8.9
*

8A.2
A9.0
1.0
-.3
A8.A
10.3
37.1
-1.7
2.7
-

1A.9
-.8
1.5
-2.3

8.8
-6.1
-.8
-1.9
-

M

11.5
28.7
-2.0
-1.0
31.8
9.1
31.9
.9
-10.1
H

12
13
IA

6.6
.3
-.9

1.6
.7
-.1

1.7
.6
A.O

7.5
-.5
11.3

-.A
-1.1
A.9

A.9
-2.2
A7.8

-7.8
-.1
-11.9

8.3
-3.A
30.2

-10.6
.3
26.0

8.7
-1.2
-2A.7

15
16
17
18

13.A
-1.0
A.A
-.3

21.3
2.1
.9
A.5

39.7
.9
9.8
8.A

A3.7
-.6
A.A
-1.7

31.9
.7
6.9
A.2

61.9
-1.5
1.3
-7.3

16.8
A.2
8.7
7.9

8A.2
.8
-5.6
17.A

1A.9
-.6
12.3
-5.A

11.5
-1.6
12.1
-3.0

19
20
21

3.1
A.6
-1.5

9.9
A.9
5.0

12.9
1A.1
-1.2

15.8
23.5
-7.7

5.2
2.7
2.5

-.1
18.9
-19.0

13.5
-A6.6
60.1

36.8
23.8
13.0

-17.A
.3
-17.7

-12.2
33.3
-A5.5

30.8
-11.8
A2.5

Net interbank liabilities
To foreign banks
To domestic banks

19
20
21

22
23

7.3

1.5
2.A

2.8
A.8

7.A
18.3

-.A
15.3

8.9
60.7

-5.3
-12.2

5.6
29.2

-9.6
35.6

7.8
8.3

-3.8
-3.9

Acceptance liabilities
Hiscellaneous liabilities

22
23

M

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




Cust. liabs. on acceptances
Member bank reserves
Miscellaneous assets

58.6 Net increase ln liabilities
.6
Checkable deposits
27.7
Time deposits
7.2
Fed. funds and sec RPs (net)

12
13
IA

15
16
17
18

JUNE 2, 1989
Commercial Banking Subsectors* Continued

Commercial Banking Subsectors* Continued
Commercial Banking Subsectors* Continued

22

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987
IV

11
11

I

II

1988

III

IV

1 1989
1
I

1979

ANNUAL FLOWS* $ BILLIONS
1980
1981
1982
1983

Domestic Affiliates of Commercial Banks (BHC’s)

1 Net acq. of financial assets
2
3
4

Credit market instruments
U.S. govt, securities
Bank loans n.e.c.

5
6
7
8

Miscellaneous assets
Inv. in bank subsidiaries
Inv. in finance co. subs.
Other

9 Net increase in liabilities

10
11
12
13
14

Net Interbank claims
To domestic banks
To foreign banks
Corporate bonds
Commercial paper

15
16
17

Miscellaneous liabilities
Equity* etc.
Other

9,699

—223

1*926

4*868

10*289

3.223

10.0

8.9

6.1

18.8

16.8

1

603
293
310

-602
-1,424
822

-422
-30
-392

379
148
231

1*256
1.161
95

-224
-329
105

2.0
1.7
.3

-.3
.2
-.5

.2
-.1
.3

-2.2
-1.2
-1.0

1.2
1.6
-.4

2
3
4

9,096
382
9,425
-711

379
-2*644
2,947
76

2*348
5,275
-2,625
-302

4*489
2*802
1*960
-273

9*033
1.436
7.558
39

3*447
621
3.374
-548

8.0
5.4
3.4
-.8

9.3
6.9
2.8
-.4

5.9
7.8
-2.6
.7

21.0
13.2
7.2
.6

15.6
12.6
2.4
.5

5
6
7
8

9*699

-223

1,926

4*868

10*289

3,223

10.0

8.9

6.1

18.8

16.8

9

12,179
5*262
6*917
-550
-4,789

-972
1*023
-1.995
-231
-408

-4,497
-4,426
-71
1*220
1*829

-4,059
-4,023
-36
1,100
-1,234

6,072
2,227
3*845
-482
-385

-7,010
-2,025
-4.985
76
3*688

2.5
1.7
.8
-.5
4.5

-2.1
.1
-2.1
1.1
5.6

-11.1
-4.9
-6.1
2,1
7.0

-2.8
-.7
-2.2
5.4
1.4

-10.6
-7.4
-3.1
8.6
3.5

10
11
12
13
14

2*859
1,758
1*101

1*388
2*164
-776

3,374
4.904
-1.530

9*061
5,587
3,474

5*084
4*532
552

6*469
3,704
2*765

3.4
5.1
-1.7

4.3
6.3
-2.0

8.1
8.1
M

14.9
14.0
.9

15.3 15
14.3 16
.9 17

Banks in U.S. Possessions
1 Net acq. of financial assets
Checkable dep. and currency
2

206
50

150
50

159
50

131
50

121
50

106
50

1.1
.7

1.6
.6

2.7
1.0

-1.1
-.1

.7
-.3

1
2

K
K
-.2
.1
.1
K

.5
.1
.3
K
.1

-1.1
-.3
-.7
-.3
.1

-.5
.3
K
-.3
-.2
-.3

2.9
1.1
1.0
.7
-.1
.2

3
4
5
6
7
8

-1.9

9

3
4
5
6
7
8

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate bonds
Home mortgages
Commercial mortgages

176
40
14
90
46
-14

202
40
37
95
50
-20

215
40
48
99
50
-22

222
30
63
103
50
-24

239
30
78
107
50
-26

255
30
92
111
50
-28

9

Miscellaneous assets

-20

-102

-106

-141

-168

-199

.4

.5

2.9

-.5

206

150

159

131

121

106

1.1

1.6

2.7

-1.1

10 Net increase in deposit liab.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




.7 10

JUNE 2, 1989
Commercial Banking Subsectors* Continued

Commercial Banking Subsectors* Continued

Commercial Banking Subsectors* Continued

23

SEASONALLY ‘.jJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS. $ BILLIONS
1986
1987
1985

1988

1
1

1987
IV

1
1

I

II

1988

III

IV

1 1989
1
I

Domestic Affiliates of Commercial Banks (BHC’s)
1

24.7

24.3

39.5

27.5

16.9

45.6

-10.2

18.3

9.6

49.6

2
3
4

.6
.5
.1

4.0
4.7
-.6

-3.1
-2.8
-.3

1.9
1.3
.6

.6
-.1
.8

2.4
1.2
1.2

-2.4
-5.7
3.3

-1.7
-.1
-1.6

1.5
.6
.9

5.0
4.6
.4

-.9
-1.3
.4

Credit market instruments
U.S. govt, securities
Bank loans n.e.c.

2
3
4

5
6
7
8

24.1
10.3
12.5
1.3

20.2
5.5
15.0
-.3

42.6
-.3
41.5
1.4

25.6
14.5
10.6
.5

16.2
6.9
9.8
-.5

43.2
-2.5
43.4
2.2

-7.7
-5.3
3.6
-6.0

20.0
19.8
-8.6
8.8

8.1
11.3
8.0
-11.2

44.6
1.7
36.4
6.5

3.4
8.1
4.3
-9.0

Miscellaneous assets
Inv. ln bank subsidiaries
Inv. in finance co. subs.
Other

5
6
7
8

2.5 Net acq. of financial assets

1

2.5 Net increase ln liabilities

9

Net interbank claims
To domestic banks
To foreign banks
Corporate bonds
Commercial paper

10
11
12
13
14

Miscellaneous liabilities
Equity* etc.
Other

15
16
17

9

24.7

24.3

39.5

27.5

16.9

45.6

-10.2

18.3

9.6

49.6

10
11
12
13
14

.8
1.4
-.6
9.3
6.3

2.7
3.2
-.5
12.4
2.1

.6
-.7
1.3
3.4
1.2

4.4
1.0
3.5
1.4
1.5

-3.5
-5.2
1.7
1.6
-.2

53.3
21.0
32.3
-2.2
-20.4

-4.6
4.1
-8.7
-.9
-7.6

-12.5
-17.7
5.2
4.9
6.5

-26.5
-16.1
-10.4
4.4
3.2

29.8
8.9
20.9
-1.9
-2.9

-29.4
-8.1
-21.3
.3
8.5

15
16
17

8.3
9.9
-1.6

7.1
7.5
-.5

34.3
17.4
16.9

20.2
15.8
4.4

18.9
17.2
1.7

14.9
7.0
7.9

3.0
8.7
-5.7

19.5
19.6
-.1

28.5
22.3
6.1

24.7
18.1
6.6

23.0
14.8
8.2

Banks in U.S. Possessions
.4 Net acq. of financial assets
Checkable dep. and currency
.2

1
2

-4.5
-1.1

.1
-.1

.9
.2

.9
.2

.6

.8
.2

.6
.2

.6
.2

.5
.2

.5
.2

3
4
5
6
7
8

-3.3
-.6
-1.8
-.7
.3
-.5

.3
M
N
M
.1
.1

.3
.1
-.1
.3
.1
.1

.9
.1
.2
.4
.2
-.1

.7
.2
.1
.4
.2
-.1

.8
.2
.1
.4
.2
-.1

.9
.2
.2
.4
.2
-.1

.9
.1
.3
.4
.2
-.1

1.0
.1
.3
.4
.2
-.1

1.0
.1
.4
.4
.2
-.1

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate bonds
Home mortgages
Commercial mortgages

9

H

-.1

.4

.6
.1
H
.3
.1
*
N

-.5

-.1

-.4

-.4

-.6

-.7

-.8

Miscellaneous assets

10

-4.5

.1

.9

.9

.6

.8

.6

.6

.5

.5

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




.4 Net increase in deposit liab.

1
2
3
4
5
6
7
8
9

10

JUNE 2, 1989
Nonbank Finance Summary

Nonbank Finance Summary

Private Nonbank Financial Institutions

24

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS
I
I

1987
IV

I
1

1988

I

II

III

IV

I 1989
1
I

1979

ANNUAL FLOWS, $ BILLIONS
1981
1980
1982
1983

Private Nonbank Financial Institutions - Total

-3,934
6,232
15

12.8
6.0
K

10.3
6.4
M

2.5
7.7
K

.6
8.6
.1

6.9
9.7
H

1
2
3

90,440 165,976 109,604
2,744 -1,429 -3,045
-2,628
1,336
7,838
-291
874
-817
109
-666
6,980
-663
7,192
381

249.5
2.3
12.8
1.4
5.5
4.6

254.6
2.6
14.3
2.3
3.9
1.7

323.2
2.3
22.7
7.6
16.4
12.1

306.8
6.4
22.6
-.8
11.9
4.9

351.0
2.5
-3.6
-1.5
7.9
-1.8

4
5
6
7
8
9

681
6,812

1,883
710

1.0
18.6

1.5
23.0

-2.3
28.1

.7
27.4

77,631 121,586
2,678
10,368
6,519
8.964
29,167 32,798
31,362 29,438
5,040
4,469
3.436 34,978

94,470
23,221
5,619
16,063
12,912
4,864
31,791

180.8
17.4
11.0
27.3
67.0
19.4
38.6

179.6
49.7
9.9
34.7
45.5
8.6
31.2

221.8
72.7
7.7
27.7
28.2
12.6
72.7

179.9
115.0
16.4
29.4
-13.3
9.6
22.9

838
894
29,549

-1,000
854
1.868

.3
1.9
20.1

7.3
2.0
16.4

-1.7
2.6
13.6

2.8
2.1
48.8

22 Net Increase in liabilities
78,867 155,767 120,526
23
Thrift deposits
28,119 32,781 26,282
Money market fund shares
24
9,785 28,591 -17,240
25
Security RPs
-18,021
-323
5,337
Insurance 8 pension reserves 29,665 61,822 61,013
26
27
Corporate equity issues (1)
3,347
4,937
6,655

98.780 158,307 125,424
2,841 -6,455
3.418
-925
11,432 25,861
6,668
10,162 -12,448
50,587 64.055 67,892
-1,784
3,314
8,004

236.4
46.9
34.4
.1
93.7
1.7

243.1
53.6
30.8
3.7
109.7
4.7

320.9
25.9
109.8
15.1
107.9
5.9

311.5
62.3
32.7
22.7
136.1
12.8

344.6
132.5
-40.4
-2.9
144.9
30.1

22
23
24
25
26
27

28
29
30
31
32
33

Credit market instruments
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans

34
35
36
37
38

Security credit
Trade debt
Profit taxes payable
Proprietor net investment
Miscellaneous liabilities

1 Current surplus
2 Fixed nonres. investment
3 Multi-family resid. invest.
4 Net acq. of financial assets
Checkable dep. and currency
5
6
Time and savings deposits
7
Money market fund shares
8
Security RPs
9
Foreign deposits

-11,877
6,351
258

590
5,938
16

1,451
6.115
58

72,518 147,861 117,291
874
3,514
3,510
12,911
-2,419
5,236
-859
3,506 -5,507
7,434 -1,538
-1,447
506
-1,097
4

10
11

Mutual fund shares
Other corporate equities

-2,777
-3,184

12
13
14
15
16
17
18

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate 8 foreign bonds
Mortgages
Consumer credit
Other loans

92,791 123,939 108,458
16,806
23,583
12,822
1.464
14,209
5,851
23,868 40,167 30,115
31,462 14,057 39,098
5-694 -2,325
7,067
6,720 41,025
13,505

19
20
21

Security credit
Trade credit
Miscellaneous assets

39 Discrepancy

-18,298
1,044
5,254

1.744
-9,332

-1,205
731
6,753

-1,706
-648

683
971
7,824

1,478
6,251
89

1,488
5,724

853
811
2,453

-1,631
6,254
65

2.0 10
48.3 11
250.4
85.8
10.2
35.4
67.6
22.2
29.1

12
13
14
15
16
17
18

8.4 19
2.0 20
36.5 21

25,089
11,767
193
-1,407
1,568
12,968

17,671
16,929
-35
-9,088
13,417
-3,552

41,824
14,010
2
2,653
19,830
5,329

19,090
7,297
-2
-1,426
6,494
6.727

41,316
11,113
-47
1,300
17,731
11,219

26,707
6,617
16
-3,650
12,722
11,002

28.8
5.7
H
.5
13.4
9.2

5.6
.3
*
-1.0
-.8
7.1

33.7
2.4
M
1.2
13.9
16.2

7.4
7.2
.1
1.9
-2.6
.8

14.3
8.9
K
-.1
12.6
-7.0

28
29
30
31
32
33

-10,880
-801
-135
-3,177
15,876

2,897
277
136
1,290
5,688

1,745
1,829
132
-1,232
-5,819

-3,141
184
76
2,445
22,162

201
1,489
111
1,732
21,654

10,726
100
116
2,332
2,589

1.1
—
-.3
.7
29.4

6.7
-.8
.7
28.4

3.1
-1.3
.5
20.3

3.0
.2
1.3
32.8

4.1
1.0
-.3
.9
60.4

34
35
36
37
38

-12,137

2,542

-1,487

3,478 -15,619

5,639

-6.2

-7.6

-7.5

-3.4

-9.1 39

(1) Includes mutual fund shares.
Savings Institutions Combined

1 Current surplus
2 Fixed nonres. Investment

-401
372

-412
423

-410
331

-407
338

-372
320

-317
293

4.3
1.3

1.2
1.5

-6.4
1.3

-6.4
1.7

.5
1.9

1
2

42,913
4,360
-1,884
-931

18,261
-1,740
2,928
4,795

38,697
169
-1,721
-1,155

38,035
2,077
-3,403
-1,268

33,777
-1,622
-1,190
-1,134

324
-708
-1,360
666

66.1
.5
-1.5
3.4

65.8
1.7
5.0
.7

43.1
2.6
-.8
7.4

71.1
2.2
16.0
6.2

156.8
3.1
2.8
1.4

3
4
5
6

-182
39,624
7,857
13
3,478

127
8,572
-7,409
44
1,546

52
39,493
3,222
-60
4,228

88
41,608
1,008
206
5,433

-272
31,412
1,688
-21
4,572

113
6,048
-1,731
-21
-535

-.1
55.4
1.0
-.5
-1.1

-.5
51.3
18.1
-.5
.7

-.6
26.2
3.6
N
-.3

-.5
22.9
38.3
-.3
1.0

.3 7
135.6 8
53.0 9
-.2 10
8.3 11

24,529
21,233
1,968
1,328

13,043
10,007
1,908
1,128
-

25,314
26,468
-357
-797
-

31,039
28,616
638
1.785

19,993
17,188
2,670
135
-

11,793
7,835
1,786
2,172
-

48.2
42.8
2.1
3.3
M

29.6
28.0
K
1.6
M

17.1
15.9
-.7
1.9
-

-24.5
-30.9
1.6
4.9
M

53.5
30.0
7.0
16.6
-

12
13
14
15
16

2,938
-259
-139
1,207
1,926

10
-285
872
751
3,579

4,173
-121
702
2,035
1,859

2,783
-266
452
953
-1,067

1,483
-252
518
3,431
6,583

527
-167
-533
-3,285
-4,435

3.6
2.4
1.8
8.3

2.0
-.5
2.0
7.7

2.5
.8
.4
2.0
8.3

4.1
-.2
.2
4.4
24.2

11.3
-.1
2.4
7.3
13.5

17
18
19
20
21

22 Net increase in liabilities
Deposits
23
24
Checkable
25
Small time and savings
26
Large time
Security RPs
27
Cr. mkt. instr. (SSL)
28
29
Profit taxes payable
30
Miscellaneous liabilities

41,450
28,119
374
18,311
9,434
3,788
14,916
19
-5,392

17,054
32,781
1.096
29,052
2,633
-7,016
-3,809
11
-4,913

37,696
26,282
5,570
19,388
1,324
10,601
9,648
22
-8,857

36,593
3,418
778
-2,921
5,561
8,088
11,034
12
14,041

32,550
2,841
817
154
1,870
5,487
20,921
54
3,247

-967
-6,455
-3,177
-2,411
-867
—522
11,938
41
-5,969

62.4
46.9
1.2
30.2
15.5
2.6
12.6
-.2
.6

66.1
53.6
2.9
37.9
12.7
2.8
7.4
-.3
2.6

49.6
25.9
8.4
7.7
9.8
6.0
15.5
-.3
2.5

76.6
62.3
8.3
42.3
11.6
-2.0
2.5
*
13.9

157.7
132.5
11.5
85.8
35.3
12.0
-2.1
M
15.3

22
23
24
25
26
27
28
29
30

31 Discrepancy

-2,236

-2,042

-1,742

-2,187

-1,919

-1,901

-.7

*

-1.2

-2.6

3 Net acq. of financial assets
4
Checkable dep. and currency
5
Time deposits
6
Security RPs

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21

Corporate equities
Credit market instruments
U.S. govt, securities
Tax-exempt obligations
Corporate bonds

Mortgages
Home mortgages
Multi-family
Commercial
Farm

Consumer install, credit
Consumer noninstall.credit
Other loans (to business)
Open-market paper
Miscellaneous assets

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




-.6 31

JUNE 2, 1989
Nonbank Finance Summary

Nonbank Finance Summary
Private Nonbank Financial Institutions

25

SEASONALLY ADJUSTED ANNUAL RATES
1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

I
1

1987
IV

I
11

1988
I

II

III

IV

I 1989
11
I

Private Nonbank Financial Institutions - Total

1
2
3

-3.4
13.8
.2

1.5
20.0
.4

-2.9
22.0
.4

-13.4
24.2
.7

1.9
24.6
.2

-45.2
25.4
1.0

7.4
23.8
.1

1.5
24.5
.2

2.5
25.0
.4

-3.9
25.0
.3

4
5
6
7
8
9

505.2
3.7
-2.0
5.2
22.4
-.7

523.8
14.6
9.1
1.4
13.5
-2.2

687.8
15.2
22.4
6.8
6.5
3.1

465.5
-2.4
23.0
-4.2
4.5
-.6

521.6
5.7
16.9
-1.9
5.3
8.1

161.9
-1.0
-7.0
-3.4
-1.6
-1.8

662.0
15.1
44.0
14.0
6.0
-3.5

429.4
15.4
19.8
-22.0
16.2
5.2

482.7
14.0
-4.7
3.5
-2.7
-.3

512.1
-21.7
8.3
-3.3
1.8
31.0

10
11

2.5
13.3

11.4
34.1

12.6
35.9

-2.4
25.2

2.2
2.6

-11.1
-5.0

7.0
-42.7

-6.8
*

6.0
16.5

2.7
36.4

7.5
-3.5

12
13
14
15
16
17
18

412.2
118.9
13.2
64.8
99.5
34.0
81.8

383.5
100.8
39.6
80.5
84.0
43.0
35.6

552.3
230.7
72.9
98.8
65.0
32.7
52.1

429.9
131.8
17.5
124.4
82.2
13.8
60.1

431.6
42.7
35.5
132.2
114.0
14.3
92.9

300.7
54.2
.5
72.6
109.2
19.9
44.4

601.3
87.0
52.3
199.8
93.3
19.5
149.4

379.5
45.2
33.7
103.6
138.4
17.2
41.5

331.9
36.3
25.2
120.7
126.3
2.0
21.4

413.8
2.2
31.0
104.8
97.9
18.3
159.6

490.0
114.6
17.4
107.4
90.5
49.7
110.6

19
20
21

-2.3
2.8
48.1

18.9
2.2
37.4

6.7
4.9
21.4

-16.3
3.6
5.3

1.2
3.4
46.6

-87.0
4.2
-24.8

8.0
2.9
10.0

-4.8
3.9
23.0

13.6
3.2
101.8

-12.1
3.6
51.6

9.3
3.4
-6.7

22
23
24
25
26
27

521.0
133.1
54.2
36.4
139.5
36.4

543.3
80.0
10.2
-1.5
166.5
96.5

706.1
74.8
48.3
33.0
171.6
172.0

490.0
64.6
24.0
-12.4
177.2
90.8

533.4
65.3
21.9
21.8
237.5
13.1

238.0
116.7
59.9
-84.0
130.3
15.8

663.3
105.5
73.1
30.6
253.9
18.5

448.0
112.5
-56.8
-1.1
244.4
13.7

485.8
28.4
6.5
33.9
181.6
5.0

28
29
30
31
32
33

51.0
20.2
.4
.7
14.1
15.7

87.1
31.0
.1
2.6
39.3
14.2

118.1
65.4
.1
4.0
28.8
19.8

107.5
65.1
.4
-3.3
20.9
24.4

119.9
49.3
-.1
-6.6
57.5
19.7

90.3
44.0
.8
-10.7
11.4
44.9

104.0
71.4
-.1
-26.8
54.1
5.4

143.9
56.9
N
8.7
68.2
10.1

34
35
36
37
38

6.9
.5
-.3
1.6
61.7

23.9
.8
.4
2.0
77.4

1.7
1.1
.1
3.6
81.9

-13.1
-.2
-.4
-1.5
53.4

1.7
3.8
.5
4.2
43.7

-68.3
-3.2
-.6
-12.7
-6.1

25.2
1.1
.5
5.2
45.7

39

-1.6

.6

-7.0

-13.8

-11.1

4.5

-15.1

-10.5 Current surplus
24.9 Fixed nonres. investment
.1 Multi-family resid. invest.

1
2
3

515.3 Net acq. of financial assets
-.3
Checkable dep. and currency
22.1
Time and savings deposits
-1.2
Money market fund shares
2.4
Security RPs
-7.9
Foreign deposits

4
5
6
7
8
9

Mutual fund shares
Other corporate equities

10
11

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate & foreign bonds
Mortgages
Consumer credit
Other loans

12
13
14
15
16
17
18

Security credit
Trade credit
Miscellaneous assets

19
20
21

536.4
14.9
64.7
24.0
270.0
15.3

545.5 Net Increase in liabilities
-51.0
Thrift deposits
58.4
Money market fund shares
Security RPs
-14.3
278.1
Insurance 8 pension reserves
31.1
Corporate equity issues (1)

22
23
24
25
26
27

77.3
28.0
«
-8.6
31.3
26.6

154.4
41.1
-.2
.6
76.2
36.8

141.8
30.5
.1
-4.6
51.5
64.4

8.8
7.3
.5
-4.9
-20.4

-3.2
.7
.4
9.8
145.5

-23.9
6.0
.4
6.9
3.8

56.3
.4
.5
9.3
34.9

-4.6

-19.8

-4.8

Credit market instruments
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans

28
29
30
31
32
33

Security credit
Trade debt
Profit taxes payable
Proprietor net investment
Miscellaneous liabilities

34
35
36
37
38

-5.2 Discrepancy

39

(1) Includes mutual fund shares.
Savings Institutions Combined

1
2

2.9
2.0

8.7
1.9

6.4
2.0

-.8
1.5

-1.6
1.4

-1.6
1.5

-1.6
1.7

-1.6
1.3

-1.6
1.4

-1.5
1.3

3
4
5
6

184.2
2.3
-8.1
8.5

119.5
5.2
7.0
4.5

134.3
4.6
11.0
-.2

137.5
-2.8
-8.1
-4.6

128.8
-1.1
-3.4
1.2

169.1
12.9
-6.5
1.3

88.2
-6.4
1.8
8.0

130.6
2.1
-5.4
-3.1

166.4
11.2
-7.1
-.5

129.9
-11.4
-2.8
.6

7
8
9
10
11

-.2
150.2
21.3
-.3
5.9

-.1
83.0
-9.2
.6
.3

.9
106.2
52.5
-.3
.1

.2
141.7
52.9
M
15.6

M
121.1
-1.5
.2
15.8

-.7
155.6
36.3
.1
15.6

.5
85.3
-15.2
.2
6.2

.2
92.9
-39.2
-.2
16.5

.4
186.3
37.4
.8
20.4

-1.1
119.9
11.0
-.1
20.0

.5
80.6
10.8
-.1
-2.0

12
13
14
15
16

86.6
50.9
14.4
21.3
M

58.5
33.7
14.5
10.3
.1

26.1
13.5
7.2
5.3
K

65.5
55.5
4.8
5.2
K

89.4
82.3
4.9
2.3
-

96.1
86.6
7.9
1.7
-

75.0
55.8
7.6
11.6

91.6
100.3
-1.4
-7.2

114.5
103.6
2.6
8.3

76.5
69.5
10.7
-3.7

70.5
47.0
7.1
16.3

17
18
19
20
21

25.3
.2
8.7
2.7
31.4

19.5
.5
5.6
7.2
19.9

11.2
-1.5
6.7
11.4
11.7

7.8
-1.5
-.2
1.6
11.2

8.4
-.9
2.5
7.2
11.0

10.2
-1.8
-2.6
1.8
6.5

8.8
-.6
5.5
5.6
-1.0

11.1
.2
2.1
10.7
44.0

9.7
-1.5
2.8
2.2
-23.9

4.2
-1.8
-.1
10.2
24.7

22
23
24
25
26
27
28
29
30

185.5
133.1
7.9
76.2
49.0
19.4
22.7
«
10.4

116.6
80.0
13.0
60.8
6.1
-.3
22.3
a
14.6

127.2
74.8
20.5
52.5
1.8
19.7
29.8
K
2.9

131.2
64.6
7.2
48.9
8.5
36.7
34.9
*
-4.9

123.9
65.3
8.3
45.7
11.4
17.2
37.8
.1
3.5

163.2
116.7
.7
84.2
31.8
14.5
48.7
-16.6

83.4
105.5
8.8
79.7
17.0
-11.2
8.6
.1
-19.6

126.6
112.5
15.4
90.7
6.5
20.9
17.1
.1
-24.0

160.6
28.4
6.3
2.4
19.6
37.8
54.4
.1
39.8

125.0
14.9
2.6
9.8
2.5
21.1
71.0
.1
17.8

31

2.2

3.9

-2.7

-8.6

-7.9

-8.9

-8.2

-7.0

-8.7

-7.7

18.9 Net acq. of financial assets
Checkable dep. and currency
-2.3
-15.9
Time deposits
-9.0
Security RPs

-

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




-1.3 Current surplus
1.2 Fixed nonres. investment

11.5
_. 2
a
-9.9
-34.9

Corporate equities
Credit market instruments
U.S. govt, securities
Tax-exempt obligations
Corporate bonds

Mortgages
Home mortgages
Multi-family
Commercial
Farm
Consumer install, credit
Consumer noninstall.credit
Other loans (to business)
Open-market paper
Miscellaneous assets

13.7 Net increase In liabilities
Deposits
-51.0
Checkable
-8.0
-45.6
Small time and savings
2.6
Large time
15.9
Security RPs
Cr. mkt. instr. (S8L)
72.7
.2
Profit taxes payable
-24^0
Miscellaneous liabilities

-7.6 Discrepancy

1
2

3
4
5
6
7
8
9
10
11

12
13
14
15
16
17
18
19
20
21

22
23
24
25
26
27
28
29
30
31

JUNE 2, 1989
Savings Institutions

Savings Institutions

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

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1987
IV

1
1

1

II

1988

1 1989
1
I

IV

III

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

1979

Savings and Loan Associations

(1)

1 Current surplus
2 Fixed nonres. investment

-1.205
372

-1,037
423

-1,035
331

-970
338

-913
320

-869
293

3.3
1.3

1.4
1.5

-5,2
1.3

-5.1
1.7

.5
1.9

1
2

3 Net acq. of financial assets
4
Checkable dep. & currency
5
Time deposits
Fed. funds 8 security RPs
6

33,911
2,276
-877
508

10,293
-740
-128
3,427

28,476
125
-62
-1,712

29,512
1,351
-61
432

27,085
-3,203
297
-1,570

-8,667
-552
-392
-1,340

55.7
.5
-2.2
2.5

51.6
.5
2.5
-.7

35.1
1.0
-.7
4.2

55.8
1.9
7.2
5.4

121.4
3.4
1.2
.9

3
4
5
6

23.2
-4.2
6.6
.1
.7

20.0
5.4
29.8
-.5
2.1

104.7 7
10.3 8
29.8 9
.1 10
5.4 11

7
8
9
10
11

Credit market instruments
U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds

28,693
-2,554
7,419
31
2,860

5,170
-4,341
-1,299
16
2,204

33,224
411
3,712
124
5,124

30,613
-393
1,781
177
5,779

24,152
-2,791
3,960
9
3,712

1,733
-4,206
1,525
-23
-400

49.3
-2.9
3.9
-.1
-

46.2
5.7
8.1

12
13
14
15
16

Mortgages
Consumer credit
Other loans (to business)
Open-market paper
Miscellaneous assets

17,084
1.783
-139
2,209
3,311

7.683
519
872
-484
2,564

16,449
2,713
702
3,989
-3,099

22,653
379
452
-215
-2,823

13,724
431
518
4,589
7,409

7,562
-192
-533
-2,000
-8,116

44.0
3.7
.7
5.6

28.3
2.6
1.5
3.1

17.7
.6
.4
1.2
7.4

-21.8
1.9
.2
2.7
21.4

47.1
5.8
2.4
3.7
11.3

12
13
14
15
16

17 Net increase in liabilities
Deposits
18
Checkable
19
20
Small time and savings
Large time
21
Security RPs
22

33,077
23.381
-196
17,545
6,032
3,323

9,316
25,636
-406
27,594
-1,552
-7,885

27,788
16,868
1,906
17,238
-2,276
10,417

28,486
-1,416
—229
1,479
-2,666
6,032

26,185 -9,743
-2,261 -15,151
-118 -3,528
-687 -5,598
-1,456 -6,025
5,188
701

53.0
39.1
.3
24.8
14.0
.5

51.9
41.8
.5
30.4
10.9
2.1

40.8
20.0
7.3
3.9
8.8
3.0

61.2
46.8
5.7
29,7
11.4
-1.2

123.9
101.8
6.4
65.7
29.7
13.9

17
18
19
20
21
22

23
24
25
26

Credit market instruments
Corporate bonds
Bank loans n.e.c.
Fed. Home Loan Bank loans

14,916
1,016
932
12,968

-3,809
-119
-138
-3,552

9.648
1,383
2,936
5,329

11,034
262
4,045
6,727

20,921
-73
9,775
11,219

11,938
-63
999
11,002

12.6
1.4
2.0
9.2

7.4
.4
-.1
7.1

15.5
-.5
-.2
16.2

2.5
.2
1.5
.8

-2.1 23
K 24
5.0 25
-7.0 26

27
28

Profit taxes payable
Miscellaneous liabilities

19
-8.562

11
-4,637

22
-9,167

12
12,824

54
2,283

41
-7,272

-.2
1.1

-.3
.9

-.3
2.6

13.1

K

M 27
10.4 28

-2,411

-2,437

-2,054

-2,334

-2,133

-2,238

-.7

.2

-.8

-1.4

1.1 29

28,693

5,170

33,224

30,613

24,152

1,733

49.3

46.2

23.2

20.0

104.7 30

29 Discrepancy

30 Memo:

Acq.of credit mkt.inst.

M

-

(1) Includes most federal savings banks that are insured by FSLIC.
A few of them are included with mutual savings banks.
Mutual Savings Banks (2)

687

500

500

423

400

400

.7

-.4

-1.8

-1.8

-.6

1

2 Net acq. of financial assets
Checkable dep. and currency
3
Time deposits
4
5
Fed. funds and security RPs

8,885
1,384
6
-706

1,743
-1.000
7
2,015

5,296
-56
6
-1,405

5,583
626
6
-34

5,851
1,581
6
-50

4,539
-1,056
6
1,033

5.2
-.3
-.3
.9

8.2
1.1

4.4
.1
1.4
H

19.3
-.7

.6

4.2
1.2
-.1
1.5

2
3
4
5

6
7
8
9
10
11

Corporate equities
Credit market instruments
U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds

-182
7,867
794
2,634
-18
618

127
1,763
-1,056
-652
28
-658

52
1,028
-670
-872
-184
-896

88
4.717
-300
-658
29
-346

-272
4,074
112
721
-30
860

113
1,808
-42
-15
2
-135

-.1
4.4
-.2
1.3
-.4
-1.1

-.5
5.9
.8
2.5
-.5
.7

-.6
.9
-.2
1.2
-.1
-1.0

-.5
.7
.7
1.2
.2
-1.1

12
13
14
15

Mortgages
Consumer credit
Open-market paper
Miscellaneous assets

5,195
-354
-1,002
516

3,712
-846
1,235
-1,169

6,322
-718
-1,954
5,671

5,478
-654
1,168
180

3,971
-402
-1,158
512

3,000
283
-1,285
2,635

3.6
.1
1.1
.5

.6
1.4
.5
1.0

-.4
.8
.7
1.2

-2.5
.6
1.7
2.6

3.6
-.8
3.6
1.5

12
13
14
15

16 Net Increase ln liabilities
Deposits
17
Checkable
18
19
Small time 8 savings
20
Large time
Security RPs
21
22
Miscellaneous liabilities

8,373
5,238
208
1,731
3,299
465
2,670

1,638
1,345
1,152
-3,877
4,070
869
-576

5,108
4,714
2,663
-1,491
3,542
184
210

5,307
3,634
1,188
-5,607
8,053
2,056
-383

5,665
4,402
771
443
3,188
299
964

4,476
4,896
338
-417
4,975
-1,223
803

4.6
3.4
.5
1.5
1.4
2.0
-.8

8.3
7.5
.6
5.3
1.7
.8
*

5.5
3.0
.5
1.6
.9
3.0
-.5

5.0
5.3
.8
4.5
«
-.8
.6

18.2
15.9
2.8
7.5
5.6
-1.9
4.2

16
17
18
19
20
21
22

175

395

312

147

214

337

H

-.2

-.4

-1.2

1 Current surplus

23 Discrepancy

w

M

-.6

.3 6
18.8 7
3.8 8
6.0 9
-.3 10
3.0 11

-1.7 23

(2) Includes federal savings banks Insured by FDIC and a few Insured
by FSLIC.

Credit Unions
1 Current surplus

2 Net acq. of financial assets
3
Checkable dep. and currency
4
Time deposits
At banks
5
6
At savings and loans
7
Fed.funds 8 security RPs
8
9
10
11
12
13
14

Credit market instruments
U.S. government securities
Treasury issues
Agency issues
Home mortgages
Consumer credit
Miscellaneous assets

15 Net increase in liabilities
16
Shares/Deposits
Checkable
17
Small time 8 savings
18
Large time
19
Miscellaneous liabilities
20

117

125

125

140

141

152

.3

.2

.6

.5

.5

1

117
700
-1,013
-534
-479
-733

6,225
3,049
2,588
461
-647

4,925
100
-1,665
-2,056
391
1,962

2,940
100
-3,348
-1,663
-1,685
-1,666

841
-1,493
-1,000
-493
486

4,452
900
-974
-138
-836
973

5.1
.2
1.0
.7
.4

6.1
.1
2.4
1.7
.7
.7

3.9
.4

-.3
.4
1.7

10.9
.2
7.4
5.0
2.5
.8

16.1
.4
1.6

1.6
1.1

2
3
4
5
6
7

3,064
-436
220
-656
2,250
1,250
-1,901

1,639
-61
1,272
-1,333
1,648
52
2,184

5,241
641
1,043
-402
2,543
2,057
-713

6,278
578
388
190
2,908
2,792
1,576

3,186
-314
-198
-116
2,298
1,202
-1,338

2,507
1,007
635
372
1,231
269
1,046

1.7
-1.1
-.1
-1.0
.6
2.2
2.1

-.8
1.0
.3
.7
.7
-2.5
3.6

2.0
.3
.1
.3
-.2
1.9
-.3

2.3
1.2
.3
.9
-.2
1.3
.2

12.1
3.1
1.4
1.7
2.8
6.2
.8

8
9
10
11
12
13
14

•
-500
362
-965
103
500

6,100
5,800
350
5,335
115
300

4,800
4,700
1,001
3,641
58
100

2,800
1,200
-181
1,207
174
1,600

700
700
164
398
138
-

4,300
3,800
13
3,604
183
500

4.8
4.4
.4
3.9
.1
.3

5.9
4.2
1.8
2.2
.2
1.6

3.3
2.9
.6
2.2
.1
.4

10.4
10.2
1.8
8.2
*2
*2

15.6
14.9
2.3
12.6
*
.7

15
16
17
18
19
20

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




M

K

JUNE 2, 1989
Savings Institutions

Savings Institutions

Sector Statements of Saving and Investment

97

SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

1
1

1987
IV

1
1

II

I

Savings and Loan Associations

1988

III

IV

1 1989
1
I

(1)

1
2

2.2
2.0

6.0
1.9

4.1
2.0

-3.2
1.5

-4.0
1.4

-4.8
1.5

-4.1
1.7

-4.1
1.3

-3.9
1.4

-3.7
1.3

3
4
5
6

158.1
1.8
-5.5
6.9

81.3
3.0
2.3
.5

85.8
3.6
4.0
-2.7

97.6
-2.2
-8.5
-1.1

95.4
-2.5
K
.6

123.6
9.1
-3.0
2.0

72.0
-3.0
-7.5
13.7

87.4
.5
4.4
-6.8

127.8
5.4
.5
1.7

7
8
9
10
11

124.9
3.8
16.9
-.2
7.4

59.8
-12.9
1.2
.4
2.8

73.8
.9
41.1
-.2
2.0

98.3
7.6
35.2
.1
17.3

93.2
-7.1
8.2
.3
16.8

110.4
-17.8
42.1
.1
11.4

61.9
-3.5
-1.3
.1
8.8

75.5
-24.4
-12.7
.5
20.5

12
13
14
15
16

77.5
8.5
8.7
2.4
30.0

47.8
10.8
5.6
4.1
15.8

10.7
5.6
6.7
6.9
7.1

35.3
5.6
-.2
-2.6
11.1

60.5
4.0
2.5
7.9
4.1

66.9
6.9
-2.6
3.4
5.1

51.6
4.9
5.5
-4.1
6.9

17
18
19
20
21
22

160.6
112.4
3.6
67.5
41.2
18.8

81.8
51.7
6.6
43.8
1.3
-1.9

83.9
41.5
9.6
36.3
-4.4
14.2

94.5
41.3
-.3
48.7
-7.1
26.3

91.8
38.8
1.2
45.6
-8.0
13.8

120.3
87.7
-2.6
77.4
12.9
12.6

23
24
25
26

22.7
1.2
5.8
15.7

22.3
3.6
4.5
14.2

29.8
3.6
6.4
19.8

34.9
4.0
6.4
24.4

37.8
1.5
16.6
19.7

27
28

«
6.8

.1
9.6

K
-1.5

K
-8.0

.1
1.3

-3.5 Current surplus
1.2 Fixed nonres. investment

1
2

94.2
-12.8
2.7
-6.3

-1.4 Net acq. of financial assets
-2.2
Checkable dep. & currency
-9.4
Time deposits
-5.4
Fed. funds 8 security RPs

3
4
5
6

145.5
18.7
18.0
.7
23.1

89.8
-19.3
28.6
«
14.8

52.3
-.8
11.0
-.1
-1.6

Credit market instruments
U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds

7
8
9
10
11

56.2
8.1
2.1
25.2
13.8

82.1
1.8
2.8
-1.6
-25.3

52.1
1.4
-.1
12.1
20.8

51.5
2.2
.1
-10.0
-36.7

Mortgages
Consumer credit
Other loans (to business)
Open-market paper
Miscellaneous s&.rts

12
13
14
15
16

68.1
90.7
1.8
85.8
3.1
-14.7

84.6
75.0
5.1
78.1
-8.1
20.1

123.7
5.3
.1
15.3
-10.0
29.6

90.6
-15.7
-2.3
3.3
-16.7
19.9

48.7
1.0
2.8
44.9

8.6
3.2
5.4

17.1
6.4
.6
10.1

54.4
-.1
28.0
26.6

71.0
-3.6
37.9
36.8

72.7
3.8
4.5
64.4

N
-28.7

.1
-16.6

.1
-27.7

.1
34.2

.1
15.2

.2
-27.2

-5.7 Net increase in Utilities
-72.1
Deposits
-10.4
Checkable
-47.0
Small time and savings
-14.7
Large time
20.8
Security RPs

17
18
19
20
21
22

Credit market instruments
Corporate bonds
Bank loans n.e.c.
Fed. Home Loan Bank loans

23
24
25
26

Profit taxes payable
Miscellaneous liabilities

27
28

29

2.8

4.6

.2

-7.7

-9.0

-9.6

-9.7

-8.2

-9.3

-8.5

-9.0 Discrepancy

30

124.9

59.8

73.8

98.3

93.2

110.4

61.9

75.5

145.5

89.8

52.3 Memo:

29

Acq.of credit mkt.inst. 30

(1) Includes most federal savings banks that are insured by FSLIC.
A few of them are included with mutual savings banks.
Mutual Savings Banks (2)

1

-.4

1.6

2.3

2.1

1.8

2.7

2.0

2.0

1.7

1.6

2
3
4
5

10.3
.1
-1.4
1.3

12.9
1.6
-.3
.3

19.6
.3
N
K

24.0
-.6
H
-1.9

18.5
1.2
K
.5

36.3
1.3
K
.9

-.8
-1.9
K
-.4

29.0
.3
M
-1.7

22.6
4.4
N
.6

23.2
1.8
«
3.5

10.5 Net acq. of financial assets
-2.1
Checkable dep. and currency
K
Time deposits
-4.8
Fed. funds and security RPs

6
7
8
9
10
11

-.2
10.1
-.2
.5
-.1
-1.5

-.1
9.7
-.6
-.6
-2*5

.9
17.4
.7
6.1
-.1
-1.8

.2
25.6
.8
6.0
-.2
-1.7

M
11.6
-1.9
-1.5
-.2
-1.0

-.7
29.8
3.1
7.5
-.1
4.2

.5
11.7
-5.1
-4.2
.1
-2.6

.2
.1
-1.8
-.7
-.7
-4.0

.4
20.1
-1.1
-.5
.1
-2.8

-1.1
14.5
.3
-.4
-.1
5.2

.5
12.6
-1.0
-1.8
K
-.4

Corporate equities
Credit market instruments
U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds

6
7
8
9
10
11

12
13
14
15

6.9
4.2
.3
.3

7.6
2.6
3.0
1.7

8.5
-.3
4.5
1.0

19.7
-3.2
4.2
.7

19.5
-2.6
-.7
5.2

19.8
-3.0
-1.6
5.0

16.7
-2.9
9.7
-10.8

25.0
-3.3
-14.4
30.0

21.5
-1.0
3.8
-2.9

14.7
-3.3
-1.9
4.5

14.0
1.7
.1
4.3

Mortgages
Consumer credit
Open-market paper
Miscellaneous assets

12
13
14
15

16
17
18
19
20
21
22

10.2
7.8
2.8
-2.6
7.6
.5
1.8

10.6
5.4
3.3
-2.4
4.5
1.5
3.7

14.4
6.1
7.5
-7.3
5.9
5.6
2.7

21.1
10.0
5.6
-10.9
15.3
10.4
.7

17.7
14.1
5.8
-10.5
18.9
3.4
.2

34.2
21.0
2.3
.3
18.5
1.9
11.3

-1.3
-.4
4.9
-18.7
13.4
3.5
-4.4

28.2
25.2
7.5
3.3
14.4
.7
2.3

21.5
14.3
6.0
-20.6
29.0
8.2
-1.1

22.4
17.2
4.7
-6.1
18.7
1.2
4.0

10.3 Net Increase in liabilities
14.2
Deposits
1.6
Checkable
-4.0
Small time & savings
16.6
Large time
-4.9
Security RPs
1.0
Miscellaneous liabilities

23

-.6

-.7

-2.8

-.8

1.1

.7

1.6

1.2

.6

.9

1.6 Current surplus

1.3 Discrepancy

1

2
3
4
5

16
17
18
19
20
21
22
23

(2) Includes federal savings banks insured by FDIC and a few insured
by FSLIC.

Credit Unions
1

1.1

1.0

M

.3

.5

.5

.5

.5

.6

.6

2
3
4
5
6
7

15.8
.4
-1.2
-.8
-.4
.3

25.2
.7
5.0
2.3
2.6
3.7

28.9
.7
7.1
3.8
3.3
2.5

16.0
.4
.3
.1
-1.6

14.9
.2
-3.5
-2.1
-1.3
.1

9.2
2.5
-3.5
-1.9
-1.7
-1.6

17.0
-1.6
9.2
9.1
.1
-5.3

14.2
1.3
-9.9
-10.4
.5
5.4

16.0
1.4
-7.6
-3.5
-4.2
-2.9

12.5
-.3
-5.6
-3.8
-1.8
3.3

9.7 Net acq. of financial assets
1.9
Checkable dep. and currency
-6.5
Time deposits
-1.6
At banks
-5.0
At savings and loans
1.1
Fed.funds 8 security RPs

8
9
10
11
12
13
14

15.3
.4
.8
-.4
2.2
12.7
1.0

13.4
3.7
2.6
1.1
3.2
6.6
2.4

15.0
3.7
1.9
1.8
6.9
4.4
3.7

17.8
3.3
3.3
K
10.6
3.9
-.6

16.3
.8
2.5
-1.7
9.4
6.1
1.7

15.4
1.4
2.6
-1.2
9.5
4.5
-3.6

11.8
-1.2
4.3
-5.5
6.7
6.2
2.9

17.2
.4
3.4
-3.0
10.3
6.5
.1

20.7
2.4
1.3
1.1
10.9
7.5
4.4

15.6
1.7
1.0
.7
9.6
4.3
-.5

15.7
3.3
1.8
1.5
5.0
7.4
-2.5

15
16
17
18
19
20

14.7
12.9
1.5
11.3
.1
1.8

24.2
22.9
3.1
19.4
.3
1.3

28.9
27.2
3.4
23.5
.3
1.7

15.7
13.3
1.8
11.1
.3
2.4

14.4
12.4
1.3
10.6
.5
2.0

8.8
8.0
1.0
6.5
.4
.8

16.5
15.1
2.1
12.6
.5
1.4

13.7
12.3
2.8
9.3
.2
1.4

15.4
8.7
.2
7.8
.7
6.7

11.9
13.4
.3
12.6
.6
-1.5

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




.6 Current surplus

Credit market instruments
U.S. government securities
Treasury Issues
Agency issues
Home mortgages
Consumer credit
Miscellaneous assets

9.1 Net increase in liabilities
Shares/Deposits
6.9
.8
Checkable
5.4
Small time 8 savings
Large time
.7
2.2
Miscellaneous liabilities

1

2
3
4
5
6
7
8
9
10
11
12
13
14

15
16
17
18
19
20

JUNE 2. 1989
Insurance and Pension Funds

Insurance and Pension Funds
Sector Statements of Saving and Investment

28

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987
IV

1

1

3[

II

1988

III

IV

1 1989
1
I

1979

ANNUAL FLOWS, $ BILLIONS
1982
1983
1981
1980

Life Insurance Companies
-330
1,337

-159
1,226

-156
832

-65
1,301

-8
1,821

55
1,579

3.4
1.6

4.7
2.5

4.7
3.8

3.3
2.9

3.4
2.2

1
2

3 Net acq. of financial assets
Checkable dep. and currency
4
Money mkt. fund shares
5

23,660
775
-471

26,361
-875
620

27.768
301
-200

23,927
-395
-90

24,507
958
240

19,653
-1,030
-25

37.5
.3
.6

37.8
.5
.9

45.9
1.1
3.7

55.4
.3
1.1

59.1
-.6
-1.9

3
4
5

Mutual fund shares
Other corporate equities

-1,743
1,378

952
1,198

-1,882
3,068

-2
166

181
-652

505
2,495

.1
.4

.1
.4

.5
2.4

1.0
2.4

-.4
3.4

6
7

8
9
10
11

Credit market instruments
U.S. government securities
Treasury issues
Agency issues

21,659
-812
-168
-644

22,364
2,038
525
1,513

24.413
4.111
1,748
2,363

22,232
1,785
523
1,262

21,461
3,022
811
2,211

15.958
1,956
815
1.141

32.5
2.9
.1
2.8

32.3
2.7
1.0
1.8

31.0
5.5
2.3
3.1

42.4
12.7
8.4
4.3

52.5 8
19.3 9
12.1 10
7.2 11

12
13
14
15
16
17

Tax-exempt obligations
Corporate 8 foreign bonds
Mortgages
Open-market paper
Policy loans
Miscellaneous assets

473
15,938
8,112
-2,001
-51
2,062

467
16,128
2,440
1,933
-642
2,102

32
11,834
6,055
2,258
123
2,068

-126
11,665
4,757
4,109
42
2,016

72
9,073
7,012
2,361
-79
2,319

-126
8,248
1,985
3.755
140
1,750

M
11.6
12.3
1.0
4.7
3.5

.3
8.7
12.7
1.3
6.6
3.6

.5
7.3
6.7
3.7
7.3
7.3

1.9
16.2
4.2
3.1
4.3
8.1

.9
16.7
9.0
5.3
1.1
6.1

12
13
14
15
16
17

18 Net Increase in liabilities
Life insurance reserves
19
Pension fund reserves
20
Profit taxes payable
21
Miscellaneous liabilities
22

19,839
4,678
15,529
25
-393

27,038
6,369
20,878
25
-234

28,579
3,205
25,843
25
-494

25,311
2.462
23,571
25
-747

21,583
500
22,528
25
-1,470

22,390
1,000
22,000
25
-635

35.1
10.4
19.4
K
5.3

35.5
9.7
22.3
-^4
3.8

46.1
8.9
29.5
-.5
8.2

53.7
7.0
39.7
M
7.0

55.8
7.8
38.8
-.1
9.2

18
19
20
21
22

23 Discrepancy

-5,488

-708

-177

18

-4,753

1,213

-.5

-.1

1.1

-1.3

-2.2 23

1 Current surplus
2 Fixed nonres. investment

6
7

Private Pension Funds (1)

20,455
1,084
8,218
2,886

16,085
718
6,178
-5,307

7,536
-102
-1,687
964

23,143
849
7,089
-1,057

28,300
790
5,533
-266

47.6
-.1
5.7
.8

51.2
-.9
K
1.5

39.7
-.7
.5
3.9

57.5
.6
7.5
-1.8

59.1
.8
7.5
.4

1
2
3
4

Mutual fund shares
Other corporate equities

-1.034
792
1,486 -10.182

176
-4,449

1,490
-2,714

500
-1,932

1,378
-3,970

.9
13.3

1.4
16.4

-2.8
17.3

-.3
12.3

2.4
4.5

5
6

7
8
9
10

Credit market instruments
U.S. government securities
Treasury issues
Agency issues

-3,243
-2,210
4,802
-7.012

22,404
3,810
6,417
-2,607

13,537
3,553
4,790
-1.237

6,060
3.180
4,164
-984

17,597
5,966
4,496
1,470

22,026
9,497
6.831
2,666

22.1
6.7
2.8
3.9

30.6
12.0
6.2
5.8

27.2
16.3
5.0
11.3

25.2
10.3
3.9
6.4

29.9 7
12.0 8
.4 9
11.6 10

11
12
13
14

Corporate 8 foreign bonds
Mortgages
Open-market paper
Miscellaneous assets

5,982
-706
-6,309
6,435

9,767
133
8,694
-4,747

4,961
-132
5,155
5,232

3,770
53
-943
3,525

4,573
-25
7,083
97

5,418
249
6,862
2.809

10.7
.4
4.2
4.9

14.0
.4
4.1
2.2

5.6
.3
5.0
-5.8

6.6
1.3
7.1
14.0

10.4
.7
6.8
13.6

11
12
13
14

1 Net acq. of financial assets
Checkable dep. and currency
2
Time deposits
3
4
Money mkt. fund shares
5
6

(1) Includes Federal Employees

-5,236
-1,085
-7,407
-388

Retirement Thrift Savings Fund
State and Local Government Employee Retirement Funds

1 Net acq. of financial assets
Checkable dep. and currency
2
Time deposits
3

14,694
-17
-136

14,120
-20
-164

15,880
349
2,820

17,018
-62
-500

17,884
47
-915

16,592
1
1.169

16.2
.2
1.1

26.5
H
.2

29.7
M
.1

32.0
.4
2.2

39.2
.4
2.8

1
2
3

4
5
6
7
8

U.S. government securities
Treasury issues
Agency Issues

1,600
13.247
8,048
6.476
1,572

4,000
10,304
7.277
4,577
2,700

3,800
8.911
1,880
2,488
-608

10,740
6.840
7.609
5.184
2.425

12,374
6,378
116
3,239
-3,123

2,736
12.686
11,628
9,902
1.726

4.1
10.8
6.6
5.3
1.4

5.3
20.9
9.9
6.2
3.7

7.1
22.5
11.8
6.6
5.2

6.0
23.4
19.4
9.3
10.1

20.0
16.0
17.0
12.0
4.9

4
5
6
7
8

Tax-exempt obligations
Corporate 8 foreign bonds
Mortgages

62
5.214
-77

-235
3,145
117

31
6,811
189

-116
-602
-51

-50
6,295
17

41
992
25

K
3.2
1.0

.1
9.5
1.3

-.2
9.2
1.6

-.7
3.5
1.3

9
10
11

Corporate equities

Credit market instruments

-1.1 9
-.7 10
.9 11

Other Insurance Companies
1 Current surplus
2 Fixed nonres. Investment

1.499
1.617

1,090
1,801

1.093
2,278

946
1,874

813
1,399

720
1.715

4.6
-.5

4.0
-1.0

3.6
-2.3

1.1
-1.4

.3
-.5

1
2

12.186
-36
501

12.205
4
467

11,483
20
451

12,465
70
408

11,982
91
389

11,465
39
353

18.8
.3
-

15.0
.1
-

14.2
.1
.1

13.8
M
4.0

15.0
-.4
9.6

3
4
5

10

Corporate equities
Credit market Instruments
U.S. government securities
Treasury issues
Agency Issues

389
10.288
1.849
615
1,234

737
10,266
1.963
694
1,269

648
9,393
1.342
-62
1,404

843
10,333
2,524
1.309
1.215

882
9,726
2,053
700
1,353

990
9,229
1.770
525
1.245

3.2
13.4
1.3
.2
1.1

3.1
9.9
1.8
1.6
.2

2.0
9.4
2.2
1.4
.8

2.7
5.0
2.2
.6
1.5

11
12
13
14

Tax-exempt obligations
Corporate 8 foreign bonds
Commercial mortgages
Trade credit

6,293
2.029
117
1.044

6.323
1,997
-17
731

6,239
1,881
-69
971

5.892
1.992
-75
811

5,884
1.879
-90
894

5.593
1.933
-67
854

9.9
2.0
.3
1.9

7.7
M
.3
2.0

4.0
2.8
.4
2.6

3.0
-.5
.3
2.1

-.3
-4.2
.7
2.0

11
12
13
14

15 Net increase in liabilities
16
Corporate equity Issues
Profit taxes payable
17
18
Policy payables

11,261
2.802
3
8,456

11,347
2.785
9
8,553

11.469
2,719
12
8.738

11,517
2,712
14
8.791

11,632
2.657
15
8.960

11,703
2,634
21
9.048

15.6
.9
a
14.7

13.4
1.2
-.2
12.4

11.8
1.1
-.2
10.8

13.4
2.8
«
10.6

13.5
1.5
H
12.0

15
16
17
18

19 Discrepancy

-1,043

-1,569

-1.199

-1.876

-936

-757

1.9

3.4

3.4

2.0

3 Net acq. of financial assets
4
Checkable dep. and currency
Security RPs
5

6
7
8
9

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




2.1 6
1.7 7
5.5 8
3.3 9
2.2 10

-.7 19

JUNE 2, 1989
Insurance and Pension Funds

Insurance and Pension Funds

Sector Statements of Saving and Investment

29

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1986
1985
1987

1984

1988

I
1

1987
IV

I
1

I

II

1988

III

IV

I 1989
1
I

Life Insurance Companies
1
2

1.2
4.3

.6
4.0

-.3
4.0

-1.0
3.9

-.4
5.2

-1.3
5.3

-.6
4.9

-.6
3.3

-.3
5.2

M
7.3

3
4
5

62.5
.7
2.2

89.9
.5
.4

104.7
.7
2.6

99.2
-.9
-2.8

102.6

.6

80.5
-2.2
-1.9

116.2
3.4
2.5

113.8
-.5
-.8

97.2
-1.5
-.4

82.9
-1.5
1.0

90.7 Net acq. of financial assets
Checkable dep. and currency
2.9
Money mkt. fund shares
-.1

6
7

.5
.3

2.3
3.7

8.0
.2

-1.4
5.0

-.8
3.8

-7.0
5.5

3.8
4.8

-7.5
12.3

.7

.7
-2.6

2.0
10.0

Mutual fund shares
Other corporate equities

8
9
10
11

54.1
23.6
12.6
11.0

76.1
23.0
10.5
12.5

85.3
17.9
7.3
10.6

91.5
5.1
-2.0
7.0

90.5
11.0
3.6
7.3

77.8
-13.3
-9.1
-4.2

93.4
10.2
4.3
5.9

102.1
25.2
12.8
12.4

90.3
6.3
2.6
3.7

76.1
2.1
-5.4
7.5

68.9
9.9
5.7
4.2

8
Credit market instruments
U.S. government securities 9
10
Treasury issues
11
Agency issues

12
13
14
15
16
17

-1.3
23.7
5.7
1.9
.4
4.8

1.0
37.8
15.1
-.6
-.1
7.0

2.0
40.8
22.0
2.8
-.3
8.0

-1.0
66.9
18.5
2.4
-.4
7.9

.4
48.7
20.3
10.7
-.6
8.5

1.9
67.6
20.8
1.0
-.2
8.2

1.9
61.3
19.1
3.5
-2.6
8.4

.1
43.0
22.1
11.1
.5
8.3

-.5
50.3
24.3
9.8
*2
8*1

.3
40.2
15.6
18.2
-.3
9.3

-.5
29.7
18.0
11.2
.6
7.0

Tax-exempt obligations
Corporate 8 foreign bonds
Mortgages
Open-market paper
Policy loans
Miscellaneous assets

18
19
20
21
22

66.3
5.0
46.7
-.2
14.8

88.3
10.4
63.4

100.1
17.2
77.5

K

M

14.4

5.4

96.8
25.7
70.6
.2
.3

102.5
12.5
92.8
.1
-2.9

78.1
18.7
60.8
.1
-1.6

111.9
25.5
87.3
.1
-.9

110.9
12.8
99.9
.1
-2.0

102.2
9.8
95.2
.1
-3.0

85.1
2.0
88.8
.1
-5.9

93.9 Net increase in liabilities
Life insurance reserves
4.0
Pension fund reserves
92.3
Profit taxes payable
.1
Miscellaneous liabilities
-2.5

18
19
20
21
22

23

.8

-5.1

-8.9

-7.3

-5.6

-9.1

-9.9

-6.9

-.5

-5.2

-2.9 Discrepancy

23

K

.2 Current surplus
6.3 Fixed nonres. investment

1
2
3
4
5
6
7

12
13
14
15
16
17

Private Pension Funds: (1)
112.0 Net acq. of financial assets
Checkable dep. and currency
3.2
Time deposits
22.1
Money mkt. fund shares
-1.1

1
2
3
4

1
2
3
4

42.1
.5
3.3
3.0

39.5
.9
7.6
1.0

19.2
.7
5.6
4.2

26.2
1.6
15.0
-1.4

67.2
2.5
19.8
-2.5

-3.5
-4.3
-29.6
-1.6

81.7
4.3
32.9
11.5

66.4
2.9
24.7
-21.2

8.4
-.4
-6.7
3.9

112.4
3.4
28.4
-4.2

5
6

2.1
5.4

9.1
-9.0

4.6
-8.5

-1.0
-27.8

3.0
-19.3

-4.1
5.9

3.2
-40.7

.7
-17.8

6.0
-10.9

2.0
-7.7

5.5
-15.9

7
8
9
10

21.3
7.3
11.6
-4.3

26.8
8.1
-.8
8.9

20.1
6.8
8.8
-2.0

54.7
11.8
6.6
5.2

59.6
16.5
19.9
-3.4

-6.8
-13.7
19.2
-32.9

98.6
26.5
25.7
.8

52.3
10.0
19.2
-9.2

9.0
9.9
16.7
-6.8

78.4
19.7
18.0
1.7

97.2
49.8
27.3
22.5

Credit market instruments
7
U.S. government securities 8
9
Treasury issues
10
Agency issues

11
12
13
14

10.2
.1
3.8
6.4

10.5
.4
7.8
3.1

7.3
-.2
6.2
-7.3

29.1
-1.2
14.9
-15.0

23.1

20.2
-2.6
-10.6
37.0

41.9
—. 2
30*4
-28.1

24.7
-.7
18.3
24.8

12.0
.8
-13.7
7.5

13.6
.1
45.0
12.2

24.9
.2
22.3
1.0

Corporate 8 foreign bonds
Mortgages
Open-market paper
Miscellaneous assets

K

20.0
4.1

Mutual fund shares
Other corporate equities

5
6

11
12
13
14

(1) Includes Federal Employees* Retirement Thrift Savings Fund

State and Local Government Employee Retirement Funds
69.8 Net acq. of financial assets
Checkable dep. and currency
-.2
Time deposits
.9

1
2
3

45.7
.6
3.2

53.1
.4
1.4

57.6
-.3
3.5

54.7
.3
1.7

64.9
.3
1.2

54.3
.2
1.9

59.5
-.3
-4.3

65.2
1.4
12.0

68.2
-.3
-1.8

66.7
.5
-1.0

4
5
6
7
8

7.3
34.7
23.1
19.0
4.1

28.6
22.9
12.3
15.0
-2.7

23.1
31.3
20.7
12.1
8.6

26.4
26.3
24.6
17.9
6.7

30.9
32.4
16.9
15.5
1.4

9.6
42.6
32.9
28.2
4.7

17.7
46.3
21.3
10.1
11.2

16.7
35.1
16.5
13.1
3.4

36.0
34.4
28.2
24.0
4.2

53.2
14.0
1.5
14.8
-13.3

12.8
56.2
38.1
30.9
7.2

Corporate equities
Credit market instruments
U.S. government securities
Treasury issues
Agency issues

4
5
6
7
8

9
10
11

-.5
11.5
.6

-.4
10.9
.1

-.3
10.7
.3

K

1.9
-.2

-.4
15.6
.3

.2
9.7
-.3

-.9
25.5
.5

.1
17.7
.8

-.5
6.8

-.2
12.6
.1

.2
17.9
.1

Tax-exempt obligations
Corporate 8 foreign bonds
Mortgages

9
10
11

1
2
3

Other Insurance Companies
1
2

-4.1
.8

-5.5
4.0

3.3
5.7

5.1
7.5

3.9
7.4

6.0
6.5

4.4
7.2

4.4
9.1

3.8
7.5

3.3
5.6

3
4
5

14.8
.5
4.2

30.3
1.2
5.7

50.7
1.3
.6

46.4
-.1
2.0

48.1
.2
1.7

48.3
-.1
2.0

48.7
1.9

47.7
.1
1.8

48.8
.3
1.6

47.4
.4
1.6

45.8 Net acq. of financial assets
Checkable dep. and currency
.2
Security RPs
1.4

6
7
8
9
10

-4.3
11.7
9.1
5.9
3.2

-2.0
23.1
11.8
3.5
8.2

-1.3
45.2
15.9
17.8
-1.9

1.5
39.4
7.0
3.3
3.7

3.1
39.7
7.9
2.6
5.2

1.6
40.7
6.9
2.0
4.9

2.9
40.9
7.7
2.6
5.1

2.6
39.3
7.1
1.5
5.6

3.4
40.3
9.0
4.2
4.9

3.5
38.4
7.7
2.3
5.4

4.0
36.8
7.0
2.0
5.0

6
Corporate equities
7
Credit market instruments
U.S. government securities 8
9
Treasury issues
10
Agency issues

11
12
13
14

-1.9
4.1
.4
2.8

2.5
8.2
.7
2.2

15.7
12.7
.9
4.9

23.8
8.0
.6
3.6

24.3
7.7
-.3
3.4

25.2
8.1
.5
4.2

25.3
8.0
-.1
2.9

25.0
7.5
-.3
3.9

23.6
8.0
-.3
3.2

23.5
7.5
-.4
3.6

22.4
7.7
-.3
3.4

Tax-exempt obligations
Corporate 8 foreign bonds
Commercial mortgages
Trade credit

15
16
17
18

19.3
3.9

45.4
6.3

44.1
11.3

45.4
11.1

45.9
10.9

K

M

M

K

39.1

32.8

46.0
10.9
.1
35.0

45.1
11.2

N

15.4

37.4
7.7
-.1
29.7

33.8

34.2

35.0

46.1
10.8
.1
35.2

46.5
10.6
.1
35.8

46.8 Net increase in liabilities
Corporate equity issues
10.5
Profit taxes payable
.1
Policy payables
36.2

15
16
17
18

19

-.3

-2.3

-7.7

-4.7

-5.6

-3.7

-6.1

-6.6

-6.4

-3.2

-3.0 Discrepancy

19

H

H

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




2.9 Current surplus
6.9 Fixed nonres. investment

1
2
3
4
5

11
12
13
14

JUNE 2, 1989
Finance n.e.c.

Finance n.e.c.
Sector Statements of Saving and Investment

30

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS
1
1

1987
IV

1988

1
1

I

III

II

IV

1 1989
1
I

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

1979

Finance Companies

1 Current surplus
2 Fixed nonres. investment
3 Net acq. of financial assets
Checkable dep. and currency
A
Credit market instruments
5
Mortgages
6
Consumer credit
7
Other loans (to business)
8

9 Net increase in liabilities
Credit market instruments
10
Corporate bonds
11
Bank loans n.e.c.
12
Open-market paper
13
IA
15
16

Profit taxes payable
Inv. by parent companies
Other misc. liabilities

17 Discrepancy

928
2.501

1,127
2.A56

1,135
2,556

1,185
2,556

1,260
2,581

1,292
2,615

1.9
3.6

1.1
3.5

1.7
A.8

2.7
5.2

5.0
6.1

1
2

21,376
201
21,175
-1,003
3,015
19,163

8,276
1
8,275
-1,961
-2,050
12,286

1A.953
-25
1A.978
7,701
3,015
A.262

-3.69A
-99
-3,595
-A,903
1,952
-6AA

19,609
117
19.A92
2,538
3,809
13.1A5

8.A38
25
8.A13
-1.23A
A.50A
5.1A3

29.5
5.8
13.A
10.1

13.3
.1
13.2
1.9
7.1
A.l

23.5
.1
23.A
3.2
9.A
10.8

11.0
.1
10.9
A.l
5.8
.9

26.8
.1
26.8
2.7
11.0
13.1

3
A
5
6
7
8

19,579
8,107
8,929
-2,233
l.All

16.A66
10.A81
6.1A3
-9.05A
13,392

18,005
23,883
A.6A0
-595
19,838

12,919
5,200
10,816
2,650
2,955
1,197
-5,067 -10.012
17,873
6,520

16.8A5
10,896
2.96A
-A.8A5
12,777

2A.2
16.3
A.3
-1.2
13.3

A.9
-1.3
.1
-.9
-.5

15.8
18.5
3.6
1.0
13.9

11.9
A.3
6.A
.3
-2.A

22.3
13.0
5.3
-A. 9
12.6

9
10
11
12
13

19
9.A25
2.028

21
2.9A7
3,017

23
-2,625
-3,276

25
1,960
565

27
7,558
-5.A82

29
3.37A
2.5A6

-.1
3.A
A.6

-.2
2.8
3.5

-.2
-2.6
K

7.2
.5

K IA
2.A 15
6.9 16

-3.370

6.861

1,631

7,523

-8,011

7.08A

-7.0

-10.9

-10.8

-1.6

-5.7 17

29*A

K

Open-End Investment: Companies (Mutual Funds)
1 Current surplus

-13,085

-681

16A

150

-3,028

-5.A18

-1.2

-l.A

-1.3

-.2

-3.2

1

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

-15.9A7
-1,026

876
262

1,381
156

-2,815
-81

-3,260
-65

-A 18
175

-.8
.1

1.5
.1

2.A
K

8.5
.3

2A.0
.6

2
3

-2,878 -A,311
A,103
1,577
8.8AA -10.55A
9,028 -9.6A6
-18A
-908
2.A08
1,735
-1,261
5,030
-5,888
5.366

-3,AAA
2A9
-7,552
-7.A96
-56
2.A33
5.A91
-123

-1.75A
1,161
-892
-17A
-718
3,672
-993
-626

-2.8
1.9
l.A
.8
-.2

-1.8
3.2
.3
.3
.A
1.3
1.2

-.6
3.1
.9
.9
.7
1.6
-.1

3.5
A.7
2.3
2.3
2.9
.2
-.6

13.7 A
9.8 5
.6 6
.6 7
8
5.5 9
2.7 10
1.0 11

-2,965

-232

5.000

.A

2.9

3.7

8.8

27.2 12

A
5
6
7
8
9
10
11

Corporate equities
-3,033
Credit market instruments
-11,888
U.S. government securities -1,776
Treasury issues
-253
Agency Issues
-1,523
Tax-exempt obligations
-2.1A0
Corporate 8 foreign bonds
-A.89A
Open-market paper
-3,078

12 Net share issues

-2,862

-5.3AA
5,958
-9,918
-9,596
-322
1.A30
A,937
9,509
1,557

1,217

K
K

Money Market Mutual Funds
1 Net acq. of financial assets
Checkable dep. and currency
2
Time deposits
3
Security RPs
A
5
Foreign deposits
6
7
8
9
10
11
12

Credit market Instruments
U.S. government securities
Treasury issues
Agency issues
Tax-exempt obligations
Open-market paper
Miscellaneous

13 Net share issues

9,785
-727
7,008
-1.017
-1,097

28,591 -17.2A0
339
109
1,929 -2.0A1
-83A
2,172
506
A

-925
2,116
2,962
969
381

11.A32
-1.57A
-3.6A8
79
7,192

25,861
-2,337
2.A96
5,961
-663

3A.A
7.5
2.1
A.6

30.8
.1
9.0
3.2
1.7

109.8
-.7
22.8
8.9
12.1

32.7
.8
-3.1
1.7
A.9

-A0.A
-.6
-16.8
-3.2
-1.8

3,793
7.6A9
-925
8.57A
-3,503
-353
1,825

19,110 -11,732
3,356 -9,603
55A -1.735
2,802 -7,868
8.A59 -A,168
7,295
2,039
A,535 -2.7A6

-6.7A1
-3.A23
-2,280
-1.1A3
-670
-2,6A8
-612

10,022
-1,695
718
-2.A13
619
11,098
-639

19.020
-3,175
1,180
-A, 355
1,960
20,235
1.38A

19.8
A.2
.7
3.A
15.6
.A

16.A
2.6
1.9
.7
1.6
12.3
.A

6A.8
23.7
18.0
5.6
2.3
38.8
1.9

29.5
22.7
21.1
1.6
8.0
-1.3
-1.1

-17.7 6
-18.A
7
-19.8 8
l.A 9
3.6 10
-3.0 11
-.A 12

9.785

28.591 -17.2A0

-925

11.A32

25,861

3A.A

30.8

109.8

32.7

-A0.A 13

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




K

1
2
3
A
5

JUNE 2, 1989
Finance n.e.c.

Finance n.e.c.
Sector Statements of Saving and Investment

31

SEASONALLY ADJUSTED ANNUAL RATES
1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1
1

1988

1987
IV

1988

I

1

II

III

IV

1 1989
1
I

Finance Companies
1
2

3.0
6.4

1.7
9.3

3.9
9.3

4.1
9.9

4.7
10.1

3.7
10.0

4.5
9.8

4.5
10.2

4.7
10.2

5.0
10.3

5.2 Current surplus
10.5 Fixed nonres. Investment

1
2

3
4
5
6
7
8

37.8
-.5
38.3
5.4
8.6
24.4

50.4
.9
49.5
6.8
23.1
19.7

58.4
3.6
54.8
15.8
23.1
15.9

40.1
.7
39.4
-2.1
7.5
34.1

39.1

52.5
.8
51.7
-7.3
11.4
47.5

52.7

39.2
3.4
6.7
29.0

52.7
-2.3
11.4
43.6

50.5
-.1
50.6
24.7
5.9
20.1

10.2
-.4
10.6
-15.0
-6.3
31.8

43.1
.5
42.7
6.1
15.9
20.7

54.7 Net acq. of financial assets
Checkable dep. and currency
.1
Credit market instruments
54.6
1.2
Mortgages
Consumer credit
38.3
Other loans (to business)
15.0

3
4
5
6
7
8

9
10
11
12
13

36.9
18.2
9.6
~5.2
13.9

62.2
52.7
15.8
-2.2
39.1

76.1
48.4
22.5
-2.6
28.5

52.8
32.7
21.5
-9.3
20.5

52.6
47.8
14.9
-24.7
57.6

85.0
33.4
35.7
-13.1
10.8

67.1
51.4
24.6
-27.2
54.0

72.1
93.7
18.6
6.8
68.3

11.5
1.2
4.8
-35.0
31.4

59.7
45.1
11.8
-43.5
76.8

68.2 Net increase in liabilities
Credit market instruments
53.6
11.9
Corporate bonds
Bank loans n.e.c.
-9.9
Open-market paper
51.7

14
15
16

w

K

12.5
6.2

15.0
-5.6

*
41.5
-13.8

.1
10.6
9.4

.1
9.8
-5.2

.1
43.4
8.1

.1
3.6
12.1

.1
-8.6
-13.1

.1
8.0
2.3

.1
36.4
-21.9

.1
4.3
10.2

17

-4.2

4.1

12.3

6.8

8.0

26.2

9.1

15.8

-4.1

11.2

-2.9

-9.5

«

M

Profit taxes payable
Inv. by parent companies
Other misc. liabilities

8.3 Discrepancy

9
10
11
12
13
14
15
16
17

Open-End Investment Companies (Mutual Funds)
1

-5.2

-3.6

-15.9

-19.1

-3.4

-50.0

2.4

-3.6

2
3

24.2
.4

80.8
1.7

145.9
2.6

53.2
.5

-3.8
.3

-59.1
-4.1

7.3
1.0

-11.7
.6

-2.6
-.3

-8.4
-.3

4
5
6
7
8
9
10
11

5.9
17.9
6.4
5.8
.5
5.6
3.6
2.4

10.3
68.7
52.9
41.4
11.5
14.5
3.6
-2.3

20.2
123.1
59.3
36.4
22.9
31.8
26.8
5.3

26.9
25.8
9.9
9.9

5.4
7.3
3.2

-16.0
11.9
-19.2
-17.7
-1.5
8.0
14.2
8.9

-4.6
-50.3
-9.1
-3.0
-6.1
-6.0
-33.1
-2.1

-29.5
35.8
-50.3
-49.1
-1.3
1.4
46.4
38.3

-14.6
2.3
35.9
36.7
-.7
11.5
-12.6
-32.6

-14.3
12.1
-29.0
-25.4
-3.6
6.5
15.8
18.8

-5.5
-2.6
-33.3
-33.0
-.2
12.5
7.2
11.0

12

29.3

84.4

161.8

72.3

-.4

-9.1

5.0

-8.0

.3

1.1

M

-16.4 Current surplus

2.7 Net acq. of financial assets
Checkable dep. and currency
.7
-16.0
17.9
-15.1
-12.2
-2.9
10.0
25.2
-2.2

1
2
3

4
Corporate equities
Credit market instruments
5
U.S. government securities 6
Treasury issues
7
Agency issues
8
Tax-exempt obligations
9
Corporate 8 foreign bonds
10
Open-market paper
11

19.1 Net share issues

12

Money Market Mutual Funds

1
2
3
4
5

54.2
-1.0
-.4
9.7
-.7

10.2
1.4
-6.8
3.3
-2.2

48.3
-.2
2.3
6.1
3.1

24.0
-.3
14.4
7.1
-.6

21.9
1.0
-.8
2.4
8.1

59.9
-3.7
27.3
-4.9
-1.8

73.1
3.3
13.6
-3.9
-3.5

-56.8
-.4
-11.5
17.5
5.2

6.5
8.1
11.0
-3.7
-.3

64.7
-7.1
-16.3
-.3
31.0

6
7
8
9
10
11
12

45.0
6.2
2.6
3.6
7.0
31.8
1.5

13.9
.3
-.8
1.1
12.4
1.2
.6

34.1
.5
3.4
-3.0
27.5
6.2
2.9

1.8
-1.9
-13.7
11.9
-2.3
6.0
1.4

10.7
-11.4
-2.7
-8.6
4.2
17.8
.5

19.7
16.3
-24.6
40.9
-10.0
13.4
23.5

62.6
22.7
14.5
8.2
17.6
22.4
.9

-31.6
-29.0
-1.8
-27.2
-8.0
5.4
-36.0

-34.5
-18.2
-5.6
-12.7
.9
-17.2
25.9

46.1
-20.9
-18.2
-2.7
6.5
60.6
11.3

13

54.2

10.2

48.3

24.0

21.9

59.9

73.1

-56.8

6.5

64.7

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




58.4 Net acq. of financial assets
Checkable dep. and currency
-7.5
Time deposits
15.0
Security RPs
10.0
Foreign deposits
-7.9
62.2
-1.7
19.2
-21.0
-9.2
73.1
-13.5

1
2
3
4
5

Credit market instruments
6
U.S. government securities 7
8
Treasury issues
9
Agency issues
10
Tax-exempt obligations
Open-market paper
11
Miscellaneous
12

58.4 Net share Issues

13

JUNE 2, 1989
Finance n.e.c.* Continued

Finance n.e.c.* Continued
Sector Statements of Saving and Investment

32
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987
IV

1
1

1988
II

I

III

IV

1t 1989
I
11

1979

ANNUAL FLOWS, $ BILLIONS
1981
1982
1983
1980

Real Estate Investment Trusts

1 Current surplus
2 Fixed nonres. investment
3 Multi-family resid. invest.
4 Net acq. of financial assets
Mortsases
5
Miscellaneous assets
6

7 Net Increase ln liabilities
Corporate equity issues
8
Credit market Instruments
9
10
Mortgages
11
Corporate bonds
Bank loans n.e.c.
12
13
Open-market paper
14

Miscellaneous liabilities

-159
524
258

-125
32
16

-125
118
58

-108
182
89

-96
133
65

-84
30
15

-.3
-.1
*

-.1
-.1
*

-.1
.1
x

-.2
.2
.1

-.1
-.1
X

1
2
3

1,710
490
1.220

237
302
-65

349
40
309

-653
542
-1,195

1,885
-7
1,892

22 J
161
60

M
-1.0
.9

-.2
-.7
.5

-.1
-1.1
1.0

.2
X
.3

.1
.1

4
5
6

2,651
1,683
555
193
311
-106
157

410
165
240
-35
146
104
25

650
187
421
2
115
312
-8

-274
144
-361
-2
71
-404
-26

2,179
688
1,443
-47
95
1,537
-142

350
170
205
16
48
196
-55

.2
.5
-.1
M
«
-.2
.1

-.1
.3
-.5
X
-.2
-.1
-.2

.2
.3
-.2
X
-.7
.5
x

.6
.6
X
.1
*
.1
-.1

.1
.4
-.2
X
X
-.2
-.1

7
8
9
10
11
12
13

413

5

42

-57

48

-25

-.2

.1

.1

X

-.1 14

Security Brokers and Dealers
-329

-250

-250

-223

-200

-182

.8

.3

.3

1.1

1

-34,134
1,065
-4,822

7,720
1,819
132

63
1,717
-889

-6,221
-780
912

16,881
-230
-144

-4,500
100

.2
1.0
.4

12.8
.8
.1

14.8
-.2
.5

24.0
1.7
.9

7.7
-.9
4.3

2
3
4

-3,865
1,467
266
-3,879
-1,719

5,625
4,930
-2,279
2,647
327

-2,550
-8,399
1,369
1,661
2,819

-6,992
-5,218
-402
1.879
-3,251

-2,880
-1,366
27
915
-2,456

-3,900
500
-5,500
1,000
100

-3.5
-5.3
.3
.1
1.4

2.6
2.3
.3
.4
-.4

15.3
8.7
.5
1.4
4.8

15.4
6.4
1.6
2.5
4.9

-7.7
-6.8
1.8
2.0
-4.8

5
6
7
8
9

Security credit
Miscellaneous assets

-18,298
-8,214

-1,205
1,349

683
1,102

853
-214

838
19,297

-1,000
300

.3
2.0

7.3
2.0

-1.7
.8

2.8
3.2

8.4 10
3.6 11

12 Net increase in liabilities
Corporate equity issues
13
14
Security RPs (net)

-33-805
1,724
-21,809

7,970
430
6,693

313
2,532
-5,264

-5,998
-1,675
-1,420

17,081 -4,318
201
200
4,675 -11,926

.2
-.1
-2.5

12.1
.4
.9

14.6
.8
9.1

23.7
.7
24.7

6.5 12
1.0 13
-14.9 14

-10,880
-6,689
-4,191

2,897
3,939
-1,042

1,745
-3,102
4,847

-3,141
-735
-2,406

201
-1,979
2,180

10,726
6,426
4,300

1.1
-.8
1.8

6.7
.8
5.9

3.1
4.6
-1.5

3.0
-.1
3.1

4.1 15
1.4 16
2.7 17

-801
-201
1,339
-3,177

277
70
-3,687
1,290

1,829
50
653
-1,232

184
-2,391
2,445

1,489
-10
8,793
1,732

100
-5,750
2,332

x
1.0
.7

.3
3.1
.7

-.2
1.2
.5

.3
-6.4
1.3

1.0
-.2
14.6
.9

18
19
20
21

1 Current surplus
2 Net acq. of financial assets
Checkable dep. and currency
3
4
Corporate equities
5
6
7
8
9

10
11

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate 8 foreign bonds
Open-market paper

15
16
17

Security credit
From banks
Customer credit balances

18
19
20
21

Trade debt
Profit taxes payable
Miscellaneous liabilities
Proprietor net investment

Collateralized Mortgage Obligation Issuers (CMOs)

Net acq. of financial assets
Agency securities
1

1,511

10,759

7,872

5,767

8,136

3,668

-

-

-

.6

3.6

1

Net Increase in liabilities
Corporate bonds (CMOs)
2

1,511

10,759

7,872

5,767

8,136

3,668

-

-

-

.6

3.6

2

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




JUNE 2* 1989
Finance n.e.c.* Continued

Finance n.e.c.* Continued
Sector Statements of Saving and Investment

33

SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS* $ BILLIONS
1985
1986
1987

1988

I
I

1987
IV

I
I

I 1989
I
I

1988

II

I

III

IV

Real Estate Investment Trusts

1
2
3

-.3
.5
.2

-.6
.8
.4

-.6
.9
.4

-.6
1.4
.7

-.5
.5
.2

-.6
2.1
1.0

-.5
.1
.1

-.5
.5
.2

-.4
.7
.4

-.4
.5
.3

4
5
6

2.0
.8
1.2

.8
2.4
-1.6

.4

2.0
1.0
1.0

1.8
.9
.9

6.8
2.0
4.9

.9
1.2
-.3

1.4
.2
1.2

-2.6
2.2
-4.8

7.5

.4

7
8
9
10
11
12
13

3.0
2.0
.8
.4
.1
.1
.2

2.5
2.0
.5
.1
.1
.2
.1

2.3
1.6
1.0
.1
.3
.3
.3

4.7
2.9
.8
.4
.5
-.4
.4

3.0
1.2
1.7
-.1
.4
1.5
-.2

10.6
6.7
2.2
.8
1.2
-.4
.6

1.6
.7
1.0
-.1
.6
.4
.1

2.6
.7
1.7

-1.1
.6
-1.4

1.0

N

1.7

M

14

.1

.1

M

-.3

K

7.6

K

N

.5
1.2
N

.3
-1.6
-.1

8.7
2.8
5.8
-.2
.4
6.1
-.6

.2

-.2

.2

-.3 Current surplus
.1 Fixed nonres. investment
.1 Multi-family resid. invest.
.9 Net acq. of financial assets
.6
Mortgages
.2
Miscellaneous assets

1
2
3
4
5
6

1.4 Net increase in liabilities
.7
Corporate equity issues
.8
Credit market instruments
Mortgages
.1
Corporate bonds
.2
Bank loans n.e.c.
.8
-.2
Open-market paper

7
8
9
10
11
12
13

Miscellaneous liabilities

14

-.1

Security Brokers and Dealers

1

-.9

.3

.2

-1.1

-.9

-1.3

-1.0

-1.0

-.9

-.8

2
3
4

28.4
.3
-1.0

37.8
2.4
2.6

29.2
2.2
1.4

-56.9
-1.4
-7.1

18.4
2.5
N

-252.9
-.4
-22.3

90.6
9.7
1.6

-9.3
9.3
.6

59.3
-2.7
1.3

-66.8
-6.2
-3.4

46.9 Net acq. of financial assets
2.7
Checkable dep. and currency
1.1
Corporate equities

5
6
7
8
9

28.8
12.8
4.5
5.7
5.7

5.6
-9.8
8.9
9.2
-2.8

13.2
18.2
-3.3
.3
-2.0

-30.9
-16.8
-8.4
-4.4
-1.4

-6.8
-10.1
-1.3
7.1
-2.6

-38.2
-8.2
-10.8
-15.5
-3.8

41.3
21.2
6.8
10.6
2.7

4.8
-12.9
5.2
6.6
5.9

-41.7
-30.3
-5.6
7.5
-13.3

-31.6
-18.2
-11.5
3.7
-5.6

.2
1.2
-5.4
4.0
.4

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate 8 foreign bonds
Open-market paper

10
11

-2.3
2.7

18.9
8.4

6.7
5.7

-16.3
-1.2

1.2
21.5

-87.0
-104.9

8.0
30.0

-4.8
-19.3

13.6
88.9

-12.1
-13.5

9.3
33.5

Security credit
Miscellaneous assets

12
13
14

29.4
1.1
17.0

37.5
2.5
-1.2

29.0
2.2
13.3

-55.8
4.4
-49.1

19.4
1.5
4.7

-251.6
6.9
-98.5

91.6
1.7
41.8

-8.3
10.1
-21.9

60.2
-6.7
-4.0

-66.0
.8
2.8

15
16
17

6.9
5.9
1.0

23.9
10.4
13.5

1.7
-7.3
9.0

-13.1
-6.3
-6.8

1.7
-1.9
3.6

-68.3
-39.2
-29.2

25.2
27.9
-2.8

8.8
-14.9
23.7

-3.2
-.9
-2.4

-23.9
-19.6
-4.3

56.3
37.6
18.6

Security credit
From banks
Customer credit balances

15
16
17

18
19
20
21

.5
-.1
2.2
1.6

.8
.3
9.2
2.0

1.1
.2
7.0
3.6

-.2
-.6
4.2
-1.5

3.8
.1
3.4
4.2

-3.2
-.8
-74.9
-12.7

1.1
.3
16.4
5.2

7.3
.2
-7.9
-4.9

.7
63.6
9.8

6.0

-58.6
6.9

.4
10.9
9.3

Trade debt
Profit taxes payable
Miscellaneous liabilities
Proprietor net investment

18
19
20
21

31.5

23.1

32.5

14.7

32.5

Net increase in liabilities
14.7
Corporate bonds (CMOs)

N

-.7 Current surplus

47.6 Net increase in liabilities
.8
Corporate equity issues
-30.1
Security RPs (net)

1
2
3
4

5
6
7
8

9
10
11

12
13
14

Collateralized Mortgage Obligation Issuers (CMOS)

1
2

9.3
9.3

11.5

11.5

39.0
39.0

39.1
39.1

32.5
32.5

6.0

6.0

43.0
43.0

BILLIONS OF DOLLARS., LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




31.5

23.1

Net acq. of financial assets
Agency securities

1
2

JUNE 2, 1989
Monetary and Insurance Reserves

QZ

Monetary and Insurance Reserves
Foreign Exchange* Treasury Currency and Insurance Reserves

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1987
IV

1988

1
1

I

II

III

IV

1
1

1989
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Gold and Official Foreign Exchange Holdings (11

1 Total U.S. reserves
2 U.S. gold stock and SDRs
3
U.S. govt.: Ex. Stab. Fund
4
Monetary authority (2)

5 U.S. foreign exchange position
6
Official fgn.currency hldgs.
7
Treasury
8
Monetary authority
9
10
11

Net IMF position
U.S. government asset
Monetary authority

-3,742

-1,502

-39

7,380

-2,271

3,023

1.1

8.2

5.2

5.0

1.2

1

205
202
3

-155
-140
-15

-180
-180

35
36
-1

-173
-171
-2

-77
-78
1

1.2
1.4
-.2

K
M
M

1.8
1.8
«

1.4
1.4
M

.1
.1

2
3
4

-3,947
-3,225
-1,613
-1.612

-1,347
-901
-451
-450

141
210
105
105

7,345
7,547
3,774
3,773

-2,098
-1,791
-896
-895

3,100
3,500
1,750
1,750

-.1
-.3
-.1
-.1

8.1
6.5
3.2
3.2

3.4
.9
.4
.4

3.6
1.0
.5
.5

1.1
-3.3
-1.7
-1.7

5
6
7
8

-722
-720
-2

-446
-450
4

-69
-71
2

-202
-196
-6

-307
-315
8

-400
-387
-13

.2
.2
N

1.7
1.7
M

2.5
2.5
M

2.6
2.5
«

4.4
9
4.5 10
* 11

1.3
.7
.7
-.2

1.2
.7
.8
-.2

1.7
.6
1.3
-.2

.5
.7
-.2

1
2
3
4

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which
occurred at various dates beginning January 1970.
Transactions in SDRs
are included.
Also excluded from the table are revaluations of foreign
currency holdings, gold, SDRs, and IMF position.
Allocations and
revaluations are reflected ln tables on outstandings.
(2) Treasury gold stock.
Treasury Currency and SDR Certificates

1 Total U.S. govt, liability
2
Treasury currency
3
SDR certificates
4
Unallocated assets

120
171
-51

129
162
-33

100
162
-62

120
136
-16

162
162
-

490
162
350
-22

1.6
1.3
.5
-.2

Insurance and Pension Fund Reserves

Life insurance reserves:
1 Net change in liabilities
U.S. government
2
3
Life insurance companies

4,757
79
4,678

6,449
80
6,369

3,286
81
3,205

2,544
82
2,462

583
83
500

1,084
84
1,000

10.7
.3
10.4

9.7
K
9.7

9.2
.3
8.9

7.2
.2
7.0

8.0
.2
7.8

1
2
3

4 Net change in assets (HH)

4,757

6,449

3,286

2,544

583

1,084

10.7

9.7

9.2

7.2

8.0

4

5 Net change in liabilities
6
U.S. government
7
Insurance sector
8
Life insurance companies
9
Private pension funds
10
St.Sloe. govt. rtr. funds

29,797
4,810
24,987
15,529
-5,236
14,694

51,466
-3,987
55,453
20,878
20,455
14,120

62,592
4.784
57,808
25,843
16,085
15,880

61,738
13,613
48,125
23,571
7,536
17,018

68.776
5,221
63,555
22,528
23,143
17,884

62,732
-4,160
66,892
22,000
28,300
16,592

91.1
7.9
83.2
19.4
47.6
16.2

108.8
8.7
100.0
22.3
51.2
26.5

108.7
9.8
98.9
29.5
39.7
29.7

140.9
11.7
129.1
39.7
57.5
32.0

151.2 5
14.1
6
137.1
7
38.8 8
59.1
9
39.2 10

11 Net change in assets (HH)

29,797

51,466

62,592

61,738

68,776

62,732

91.1

108.8

108.7

140.9

151.2 11

Pension fund reserves:

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




JUNE 2, 1989
Monetary and Insurance Reserves

Monetary and Insurance Reserves
Foreign Exchange* Treasury Currency and Insurance Reserves

35
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS- $ BILLIONS
1985
1986
1987

1988

I
I

1987
IV

I
I

1988
I

II

III

IV

I 1989
I
I

Gold and Official Foreign Exchange Holdings (1)

1

3.1

3.9

-.3

-9.1

3.6

-15.0

-6.0

-.2

29.5

-9.1

2
3
4

1.0
1.0
*

.9
.9
M

.2
.3
K

.5
.5
N

-.5
-.5
*

.8
.8
K

-.6
-.6
-.1

-.7
-.7
-

.1
.1
K

-.7
-.7
K

5
6
7
8

2.2
1.2
.6
.6

3.0
3.9
1.9
1.9

-.6
.9
.5
.5

-9.7
-7.6
-3.8
-3.8

4.0
5.1
2.5
2.5

-15.8
-12.9
-6.5
-6.4

-5.4
-3.6
-1.8
-1.8

.6
.8
.4
.4

29.4
30.2
15.1
15.1

9
10
11

1.0
1.0
H

-.9
-.9
M

-1.5
-1.5
K

-2.1
-2.1

-1.0
-1.0
K

-2.9
-2.9
K

-1.8
-1.8
«

-.3
-.3
*

-.8
-.8
*

12.1 Total U.S. reserves

1

-.3 U.S. gold stock and SDRs
U.S. govt.:
Ex. Stab. Fund
-.3
Monetary authority (2)

2
3
4

-8.4
-7.2
-3.6
-3.6

12.4 U.S. foreign exchange position
Official fgn.currency hldgs.
14.0
Treasury
7.0
Monetary authority
7.0

5
6
7
8

-1.2
-1.3
K

-1.6
-1.5
-.1

Net IMF position
U.S. government a^set
Monetary authority

9
10
11

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations. which
Transactions in SDRs
occurred at various dates beginning January 1970.
are included. Also excluded from the table are revaluations of foreign
currency holdings, gold, SDRs, and IMF position. Allocat:cnt
revaluations are reflected in tables on outstandings.

(2) Treasury gold stock.
Treasury Currency and SDR Certificates

1
2
3
4

.6
.7
-.1

.5
.6
.1
-.2

.8
.5
.3
K

.5
.6
-.1

.5
.6
-.1

.5
.7
-.2

.5
.6
-.1

.4
.6
-.2

.5
.5
-.1

.6
.6
-

2.0
.6
1.4
-.1

otal U.S. govt, liability
Treasury currency
SDR certificates
Unallocated assets

1

2
3
4

Insurance and Pension Fund Reserves

1
Life
Insurance reserves:
1
2
3

5.2
.2
5.0

10.7
.3
10.4

17.5
.3
17.2

26.0
.3
25.7

12.9
.3
12.5

19.0
.3
18.7

25.8
.3
25.5

13.1
.3
12.8

10.2
.3
9.8

2.3
.3
2.0

4.3
.3
4.0

4

5.2

10.7

17.5

26.0

12.9

19.0

25.8

13.1

10.2

2.3

4.3 Net change ln assets (HH)

5
6
7
8
9
10

152.5
18.0
134.5
46.7
42.1
45.7

174.8
18.8
156.0
63.4
39.5
53.1

175.1
20.8
154.4
77.5
19.2
57.6

170.4
18.9
151.5
70.6
26.2
54.7

244.6
19.6
224.9
92.8
67.2
64.9

135.8
24.2
111.6
60.8
-3.5
54.3

238.8
10.3
228.5
87.3
81.7
59.5

253.4
21.9
231.6
99.9
66.4
65.2

192.6
20.8
171.8
95.2
8.4
68.2

293.5
25.5
268.0
88.8
112.4
66.7

284.2
10.1
274.1
92.3
112.0
69.8

11

152.5

174.8

175.1

170.4

244.6

135.8

238.8

253.4

192.6

293.5

284.2 Net change in assets (HH)

U.S. government
Life insurance companies

1
2
3
4

Pension fund reserves:

r*.

® »• ©




m

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION

U.S. government
Insurance sector
Life insurance companies
Private pension funds
St.&loc. govt. rtr. funds

11

JUNE 2, 1989
Interbank Claims

Interbank Claims
Net Interbank Positions, Domestic and Foreign Banks

36

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987
IV

1

1

1988
]t

II

III

IV

1
1

1989
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Net Interbank Claims

1 Net change in liabilities
Monetary authority
2
3
Coml. bank reserves
A
Vault cash

A,879 -20.52A
3,193 -A,755
2,757 -3,007
A36 —1,7A8

1,686 -15,769
2,A37 -2,017
6,261 -15,763
7,612 -17,660
-8,882 -3,180
-A,A2A -A,318
A,A58 -1,138

13,299 -10,076
-115
-6A1
3,357
-3,096
2,455 -3,472

21,436 -1A.272
5,777 -5,740
309 -1,953
5.A68 -3,787

21.5
1.6
-l.A
3.0

-33.1
-1.0
-2.3
1.3

-30.3
-3.A
-2.2
-1.2

-3A.3
2.2
1.3
.9

-2.1
-3.6
-5.0
1.5

13,940
11A
12,653
14,242
11,846
5,548
-6,298

-9,961
630
-6,594
-6,006
-3,984
6,113
10,097

15,659 -8,532
103
-AA3
16,541 -10,117
15,873 -12,331
-2,447 -2,371
4,742 -2,759
7,189
-388

19.9
.5
21.1
20.9
1A.3
13.1
-1.2

-32.0
-1.9
-26.6
-21.2
-20.2
-5.7
1A.5

-26.9
-2.9
-20.9
-17.9
-3.0
12.7
15.7

-36.5
.1
-35.7
-25.2
-13.2
-2.7
10.5

1.5 5
-1.0 6
12.5 7
10.6 8
6.7 9
8.5 10
1.8 11

-36
1,982
2,018

5
6
7
8
9
10
11

Commercial banking
To monetary authority
To banks in fgn entries.
Liabilities, net
U.S. chartered banks
Due to fgn affils.
-Due from fgn affils.

12
13
IA

Domestic affiliates
Due to fgn. affil.
-Due from fgn. affil.

6,917
813
—6,10A

-1,995
-552
1.AA3

-71
2,374
2,445

15
16
17

Fgn. bkg. off. in U.S.
Due to fgn affil.
-Due from fgn. affil.

9,577 -12.A85
12,A60 -2,853
2,883
9,632

2,467
3,833
1,366

18
19
20

Less: Dep. at fgn. banks
U.S. chartered banks
Fgn. bkg. off. in U.S.

-1,897
-1,962
65

1,589
2,051
-A62

588
61A
-26

2,011
-7,012
-7,989 -13,75A
-9,639 -1,837
-5,807
2A8
3,180 -A,096
-7,012
2,011

1,173
1,969
A,517
1,692
1,652
1,173

27
28

To U.S. banking, net
U.S.-chartered banks
Liabilities
To dom. affiliates
To fgn. off in U.S.
Unallocated
Less, due from:
Fgn. offices in US
Domestic Affiliates

29
30
31
32
33
3A

21
22
23
2A
25
26

3,845
918
-2,927

-A, 985
-1,071
3,914

.8
.8

-2.1
.8
2.9

-6.1
1.0
7.2

-2.2
.3
2.5

-3.1 12
.7 13
3.8 IA

-1,986
14,475
-2.7A2
2,069
-756 -12,406

-A,975
-A,505
A70

5.8
15.5
9.7

1.2
13.5
12.3

-8.8
9.0
17.8

-9.8
-6.3
3.5

7.1 15
5.3 16
-1.8 17

-668
-886
218

-2,214
-1,847
-367

-.2
-.2
M

5.A
3.A
2.0

3.0
3.A
-.A

10.5
10.3
.2

-1.8 18
-1.3 19
-.6 20

-3,997
A, 780
-2,080
925
992
-3,997

-985
7,921
4,433
-2,596
8,014
-985

2.028
-6,358
1.212
1,874
-2,690
2,028

-1.7
-8.A
8.2
.9
9.1
-1.7

-3.5
-1A.2
2.6
1.8
A.3
-3.5

-3.0
-11.0
1.9
A.A
.5
-3.0

-.9
-2.5
-7.1
.9
-7.1
-.9

-10.0
1.2
-A.8
6.9
-1.7
-10.0

21
22
23
2A
25
26

-1,105
-5A5

10,6A6
1,271

5,282
-2,734

-3,762
-3,098

-3,119
-369

7,721
-151

1A.1
2.6

15.0
1.8

13.A
-.5

-A. 7
.2

-5.A 27
-.6 28

Domestic affiliates
Due to U.S. banks
-Due from U.S. banks

5,262
-5A5
-5,807

1,023
1,271
2A8

-4,426
-2,734
1,692

-A,023
-3,098
925

2.227
-369
-2,596

-2,025
-151
1,874

1.7
2.6
.9

.1
1.8
1.8

-A. 9
-.5
A.A

-.7
.2
.9

-7.A 29
-.6 30
6.9 31

Fgn. bkg. off. in U.S.
Due to U.S. banks
-Due from U.S. banks

-A,285
-1,105
3,180

1A,7A2
10,646
-A,096

3,630
5,282
1,652

-4,754 -11,133
-3,762 -3,119
992
8,014

10,All
7,721
-2.690

5.0
1A.1
9.1

10.7
15.0
A.3

13.0
13.A
.5

2.3
-A. 7
-7.1

-3.8 32
-5.A 33
-1.7 3A

11,891 -22,535
6,261 -15,763
5,630 -6,772
2.A37 -2,017
563
-513
1,87A -1.50A

12,126
12,653
-527
114
-39
153

-6,079
-6,594
515
630
9A0
-310

22,421 -16,300
16,541 -10,117
5,880 -6,183
103
-AA3
87
-727
28A
16

23.2
21.1
2.1
.5
.3
.3

-29.6
-26.6
-3.0
-1.9
-2.3
.4

-27.3
-20.9
-6.3
-2.9
-2.7
-.2

-33.A
-35.7
2.3
.1
1.0
-.9

35 Net change in assets
36
Foreign
Domestic
37
38
Monetary authority
39
Federal Reserve float
Loans to member banks
AO

A1
A2
A3

1,351
1,28A
67

1
2
3
A

Commercial banking
Reserves at F.R.
Vault cash

AA Discrepancy:

Floats, etc.

35
36
37
38
39
AO

3,193
2,757
A36

-A,755
-3,007
-1,748

-6A1
-3,096
2,455

-115
3,357
-3,472

5,777
309
5.A68

-5,740
-1,953
-3,787

1.6
-l.A
3.0

-1.0
-2.3
1.3

-3.A
-2.2
-1.2

2.2
1.3
.9

-3.6 41
-5.0 A2
1.5 A3

-7,012

2,011

1.173

-3,997

-985

2.028

-1.7

-3.5

-3.0

-.9

-10.0 AA

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




7.9
12.5
-A. 6
-1.0
-1.2
.2

JUNE 2* 1989
Interbank Claims

Interbank Claims

Net Interbank Positions* Domestic and Foreign Banks

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
198A

ANNUAL FLOWS* $ BILLIONS
1985
1986
1987

1988

1
1

1987
IV

1
1

1988
I

II

III

IV

1 1989
t
I

Net Interbank Claims

1
2
3
4

14.3
3.6
.4
3.2

29.3
8.1
6.8
1.3

30.0
19.6
19.5
.1

33.6
-7.1
-6.3
-.8

4.1
.3
-2.4
2.7

7.4
-2.8
7.4
-10.2

-89.8
-6.0
-14.9
8.9

110.3
5.5
-2.6
8.1

-76.1
-7.0
9.6
-16.6

72.3
8.6
-1.7
10.4

-62.3 Net change in liabilities
Monetary authority
-10.1
Coml. bank reserves
-11.3
Vault cash
1.2

5
6
7
8
9
10
11

10.6
2.0
2.3
-.7
-6.4
.9
7.3

21.2
-.4
14.5
9.8
8.1
10.3
2.2

10.4
-1.2
12.7
11.7
-3.7
-5.1
-1.4

40.7
1.8
44.1
42.1
15.3
12.0
-3.3

3.9
-1.2
6.8
6.4
2.2
12.1
9.9

10.2
4.1
22.9
25.4
-26.1
-10.0
16.1

-83.8
-.6
-84.0
-92.1
-37.0
-17.1
19.9

104.8
1.0
92.9
98.9
71.8
22.0
-49.8

-69.1
.5
-41.7
-35.5
-25.3
15.2
40.6

63.6
-5.6
60.1
54.5
-.5
28.2
28.7

-52.2
6.1
-58.5
-67.8
-33.3
-10.5
22.9

Commercial banking
5
To monetary authority
6
To banks in fgn entries.
7
Liabilities* net
8
U.S. chartered banks
9
Due to fgn affils.
10
-Due from fgn affils. 11

12
13
14

-.6
.8
1.4

-.5
-1.1
-.6

1.3
1.2
-.1

3.5
.9
-2.6

1.7
4.7
3.0

32.3
3.3
-29.0

-8.7
-2.2
6.5

5.2
9.5
4.3

-10.4
7.9
18.3

20.9
3.7
-17.2

-21.3
-4.3
17.0

Domestic affiliates
12
Due to fgn. affil.
13
-Due from fgn. affil. 14

15
16
17

6.3
-.9
-7.2

2.2
7.4
5.1

14.1
18.7
4.6

23.4
13.0
-10.4

2.5
.3
-2.2

19.2
35.3
16.2

-46.4
-2.5
43.8

21.9
15.7
-6.2

.2
-4.6
-4.8

34.1
-7.4
-41.5

-13.2
-9.5
3.7

Fgn. bkg. off. in U.S. 15
Due to fgn affil.
16
-Due from fgn. affil. 17

18
19
20

-2.9
-4.6
1.7

-4.7
-2.0
-2.7

-1.1
-1.0
-.1

-2.0
-1.9
-.1

-.4
-.2
-.2

2.4
2.2
.3

-8.1
-8.4
.3

6.0
7.8
-1.8

6.2
6.3
-.1

-5.6
-6.5
.9

-9.3
-7.9
-1.5

Less: Dep. at fgn. banks 18
U.S. chartered banks
19
Fgn. bkg. off. in U.S. 20

21
22
23
24
25
26

6.4
6.6
.3
-3.0
-3.1
6.4

7.0
-1.2
8.3
K
1.3
7.0

-1.1
.8
5.9
-.3
7.3
-1.1

-5.2
1.6
2.1
-2.2
9.5
-5.2

-1.8
.9
5.0
.3
6.6
-1.8

-16.8
-18.8
-24.8
-23.2
15.2
-16.8

.8
-63.4
-17.0
1.0
-18.8
.8

10.8
15.5
26.7
6.8
9.2
10.8

-27.9
5.9
-21.8
3.7
2.4
-27.9

9.1
45.7
32.2
-10.4
33.5
9.1

.2
-34.2
-5.8
7.5
-13.5
.2

27
28

-4.7
-1.6

6.3
3.2

6.1
-1.0

1.8
-1.3

9.0
-4.9

-3.8
-2.2

41.4
5.1

22.1
-10.9

-15.3
-12.4

-12.0
-1.5

29
30
31

1.4
-1.6
-3.0

3.2
3.2
K

-.7
-1.0
-.3

1.0
-1.3
-2.2

-5.2
-4.9
.3

21.0
-2.2
-23.2

4.1
5.1
1.0

-17.7
-10.9
6.8

-16.1
-12.4
3.7

32
33
34

-1.5
-4.7
-3.1

5.0
6.3
1.3

-1.2
6.1
7.3

-7.7
1.8
9.5

2.5
9.0
6.6

-19.0
-3.8
15.2

60.1
41.4
-18.8

13.0
22 • 1
9^2

35
36
37
38
39
40

7.9
2.3
5.6
2.0
-.7
2.7

22.3
14.5
7.7
-.4
.1
-.5

31.1
12.7
18.4
-1.2
.3
-1.5

38.8
44.1
-5.3
1.8
-.5
2.3

5.9
6.8
-.9
-1.2
.5
-1.6

24.2
22.9
1.3
4.1
-2.9
7.0

-90.6
-84.0
-6.6
-.6
2.4
-3.0

41
42
43

3.6
.4
3.2

8.1
6.8
1.3

19.6
19.5
.1

-7.1
-6.3
-.8

.3
-2.4
2.7

-2.8
7.4
-10.2

44

6.4

7.0

-1.1

-5.2

-1.8

-16.8

21
22
23
24
25
26

29.0
-.6

To U.S. banking* net
U.S.-chartered banks
Liabilities
To dom. affiliates
To fgn. off in U.S.
Unallocated
Less* due from:
Fgn. offices in US
Domestic Affiliates

8.9
-1.5
-10.4

-8.1
-.6
7.5

Domestic affiliates
Due to U.S. banks
-Due from U.S. banks

29
30
31

-17.7
-15.3
2.4

-45.5
-12.0
33.5

42.5
29.0
-13.5

Fgn. bkg. off. in U.S.
Due to U.S. banks
-Due from U.S. banks

32
33
34

99.4
92.9
6.5
1.0
.2
.8

-48.3
-41.7
-6.5
.5
3.9
-3.4

63.2
60.1
3.0
-5.6
-4.6
-1.0

-62.5 Net change in assets
-58.5
Foreign
-4.0
Domestic
6.1
Monetary authority
1.5
Federal Reserve float
4.6
Loans to member banks

-6.0
-14.9
8.9

5.5
-2.6
8.1

-7.0
9.6
-16.6

8.6
-1.7
10.4

-10.1
-11.3
1.2

.8

10.8

-27.9

9.1

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




1
2
3
4

Commercial banking
Reserves at F.R.
Vault cash

.2 Discrepancy:

Floats* etc.

27
28

35
36
37
38
39
40
41
42
43

44

JUNE 2, 1989
Deposit Claims

Deposit Claims

Monetary Claims On Financial Institutions

□Q
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1987
IV

1
1

1988
I

II

III

IV

1
1

1989
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Checkable Deposits and Currency
1 Net change in liabilities
2
3
4
5

Monetary authority
U.S. govt, cash & deposits
Foreign deposits
Currency outside banks

6
7
8
9

Commercial banking
U.S. government deposits
Foreign deposits
Private domestic deposits

10

Savings institutions

11 Net change in total assets

26,739 -21,546

41,689

-5,637

8,986
-3,821
-19A
13,001

13,065
7,312
-206
5,959

6,653
3,218
-51
3,486

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

17,379 -18,735
-11,331
1-876
1,708
-818
27,002 -19.793

23,054 -13,068
1,595
9,039
1,295 -1,559
12,720 -13,104

28,371 -58.763

35.8

17.1

27.9

37.7

A0.A

1

-5,206
-A.263
39
-982

8.2
.1
.1
8.0

9.0
-1.1
-.2
10.3

10.9
1.2
.1
9.5

10.2
.7
-.2
9.7

13.0
-1.3
K
1A.3

2
3
A
5

25,279 -50,380
-5,175 -14,833
629
A39
30,015 -36,176

26.A
.4
A.l
21.8

5.1
-2.6
.3
7.A

8.6
-1.1
-3.9
13.7

19.2
6.1
-3.A
16.5

15.9
-5.3
1.6
19.7

6
7
8
9

2,275
-A,361
-18
6,654

1,096

5,570

778

-3,177

1.2

2.9

8.A

8.3

11.5 10

26,739 -21,546

41,689

-5,637

28,371 -58,763

35.8

17.1

27.9

37.7

AO.A 11

37A

817

12
13
IA
15

Pvt. domes, sectors, by type
Currency
Demand deposits
Other checkable

AO,377 -20,063
13,001 -1,366
23,168 -23-455
A,208
A, 758

2A-2A9 -8,840
5,959
3,486
9,257 -15,151
2,825
9,033

37,486 -A0,335
6,65A
-982
2A.683 -33,718
6,149 -5,635

31.0
8.0
1A.A
8.6

20.7
10.3
-.8
11.2

31.6
9.5
-28.8
50.8

3A.5
9.7
-1.1
26.0

A5.5
1A.3
2.7
28.5

12
13
IA
15

16
17
18
19
20
21
22

Pvt.domes.sectors, by holder
Pvt. domestic nonfinancial
Households
Business
StateSlocal governments
Mail float
Financial sectors

AO,377 -20,063
36,323 -20,753
9,439 -10,564
10,704 -2,311
3,507 -2,896
12,673 -A, 982
4,054
690

24,249 -8,840
20-898 -11,795
17,080 -9,862
5,592
-2-471
A,139 -1,302
2,150 -6,223
2,955
3,351

37,486 -A0,335
38,610 -36,884
19,037 -20,619
9,389 -A,266
2,280 -5,989
7,904 -6,010
-1,124 -3,451

31.0
27.8
32.7
-A.5
-.A
-.1
3.2

20.7
17.A
6.1
9.6
-.6
2.3
3.3

31.6
28.1
32.9
-7.A
-1.5
A.l
3.A

3A.5
28.3
22.1
9.6
-1.6
-1.8
6.2

A5.5
A3.1
26.1
15.1
-.7
2.6
2.A

16
17
18
19
20
21
22

23
2A

Foreign
U.S. government

-1,610
A,813

668
A21
-9,536 -19,096

A.2
.5

K
-3.6

-3.8
.1

-3.7
6.8

1.6 23
-6.7 2A

1,514
-15,152

-A82
-1,001

1,089
16,351

Small Time and Savings Deposits
1 Net change in liabilities
Commercial banks
2
Savings institutions
3
A
Savings and loan assns.
Mutual savings banks
5
6
Credit unions
7 Net change in assets
Households
8
State and local governments
9
10
U.S. government
Credit unions
11

33,321
15,010
18,311
17,545
1,731
-965

54,010
24,958
29,052
27,594
-3,877
5,335

35,677
16,289
19,388
17,238
-1,491
3,641

9,160
12,081
-2,921
1,479
-5,607
1,207

20,175
20,021
154
-687
AA3
398

16,020
18,431
-2,411
-5,598
-417
3,604

59.6
29.5
30.2
24.8
1.5
3.9

82.7
AA.8
37.9
30.4
5.3
2.2

47.8
40.1
7.7
3.9
1.6
2.2

138.7
96.4
42.3
29.7
4.5
8.2

216.6
130.8
85.8
65.7
7.5
12.6

33,321
32,230
1,439
131
-A79

54,010
52,111
1,517
-79
A61

35,677
33,491
1,723
72
391

9.160
9,386
1,684
-225
-1,685

20,175
18,482
2,201
-15
-493

16,020
14,497
2,153
206
-836

59.6
59.8
-.6
.1
.4

82.7
82.5
-.3

_ 2
.7

47.8
47.5
.1
-.1
.4

138.7
134.3
1.5
.5
2.5

216.6 7
210.1 8
5.3 9
-.5 10
1.6 11

1
2
3
A
5
6

Large Time Deposits
1 Net change in liabilities
Commercial banking
2
Domestic banks
3
A
Foreign banking offices
Savings institutions
5

6 Net change in assets
7
Pvt. domestic nonfinancial
Households
8
9
Business
10
State & local governments
Foreign
11
12
13
14
15
16
17
18

Financial sectors
Saving and loan assns.
Mutual savings banks
Credit unions
Private pension funds
St.Slocal govt.rtr.funds
Money market funds

7,584
4,951
5,061
-110
2,633

496
-828
218
-1,046
1,324

30,603
25-042
21,998
3,044
5,561

14,812
12,942
7,932
5,010
1,870

18,548
19,415
14,730
4,685
-867

29.3
13.8
10.2
3.6
15.5

60.0
47.2
39.3
7.9
12.7

61.3
51.5
43.9
7.6
9.8

24.6
13.0
2.3
10.7
11.6

28,715
7,584
29,058 -5,056
15,346 -12,237
12,440
5,026
1,272
2,155
1,597
190

496
-6-891
2,512
-482
-8,921
2,542

30-603
33,792
32,514
1,078
200
-2,246

14,812
10,447
5,777
6,544
-1,874
2,536

18,548
6,580
4-737
2,556
-713
3,294

29.3
15.6
9.2
8.0
-1.5
1.2

60.0
45.2
39.4
7.4
-1.6
1.2

61.3
36.7
14.1
20.4
2.2
2.3

24.6
-2.4
-19.4
14.6
2.4
6.8

-1,940
-877
6
-534
-7,407
-136
7,008

4,845
-62
6
-2,056
6,178
2,820
-2,041

-943
-61
6
-1,663
-1,687
-500
2,962

1,829
297
6
-1,000
7,089
-915
-3,648

8,674
-392
6
-138
5,533
1,169
2,496

12.5
-2.2
-.3
.7
5.7
1.1
7.5

13.6
2.5
*
1.7
K
.2
9.0

22. A
-.7
-.1
-.3
.5
.1
22.8

20.2
7.2
l.A
5.0
7.5
2.2
-3.1

28,715
19,281
17,145
2,136
9,434

12,450
-128
7
2,588
8,218
-164
1,929

LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




-13.0
-48.3
-38.7
-9.6
35.3

1
2
3
A
5

-13.0 6
-8.3 7
-25.0 8
28.3 9
-11.6 10
.5 11
-5.2
1.2
K
*
7.5
2.8
-16.8

12
13
14
15
16
17
18

JUNE 2» 1989
Deposit Claims

Deposit Claims
Monetary Claims On Financial Institutions

on

SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS» $ BILLIONS
1986
1987
1985

1988

1
1

1987
IV

1
1

1988
I

II

III

IV

1
1

1989
I

Checkable Deposits and Currency
1

47.4

83.5

127.0

4.1

42.9

-6.3

93.7

49.1

36.5

-7.8

2
3
4
5

10.3
1.7
X
8.6

16.6
4.1
.1
12.4

12.4
-1.9
-.2
14.4

16.7
-2.3
-.1
19.0

18.1
3.3
.1
14.7

16.9
-19.1
-.8
36.8

17.4
7.9
1.3
8.2

31.6
20.5
-.8
11.9

36.7
8.4
-.2
28.6

-13.4
-23.6
-.1
10.2

13.2
3.3
.2
9.8

6
7
8
9

29.2
4.0
2.0
23.2

53.9
10.3
1.4
42.2

94.1
1.7
2.9
89.6

-19.8
-5.8
-1.3
-12.6

16.5
7.3
-.6
9.8

-23.9
-36.1
-1.0
13.2

67.5
53.3
2.8
11.4

2.1
-17.5
1.6
18.0

-6.5
8.7
-.3
-15.0

3.0
-15.2
-6.7
24.9

-51.4
-8.4
9.1
-52.0

-46.2 Net change in liabilities

1

Monetary authority
U.S. govt, cash 8 deposits
Foreign deposits
Currency outside banks

2
3
4
5

Commercial banking
U.S. government deposits
Foreign deposits
Private domestic deposits

6
7
8
9

Savings institutions

10

10

7.9

13.0

20.5

7.2

8.3

.7

8.8

15.4

6.3

2.6

11

47.4

83.5

127.0

4.1

42.9

-6.3

93.7

49.1

36.5

-7.8

-46.2 Net change in total assets

12
13
14
15

39.7
8.6
15.3
15.8

67.6
12.4
22.0
33.2

124.5
14.4
52.7
57.4

13.6
19.0
-30.1
24.7

32.8
14.7
-4.7
22.8

50.7
36.8
5.8
8.1

28.4
8.2
-7.1
27.3

45.3
11.9
.2
33.2

19.9
28.6
-23.5
14.8

37.7
10.2
11.7
15.7

-50.3
9.8
-46.5
-13.6

Pvt. domes, sectors, by type 12
13
Currency
Demand deposits
14
Other checkable
15

16
17
18
19
20
21
22

39.7
36.6
21.8
11.7
5.0
-1.9
3.1

67.6
53.3
24.0
25.4
1.1
2.8
14.3

124.5
107.7
87.9
25.1
3.5
-8.9
16.9

13.6
16.9
14.5
1.2
.8
.4
-3.3

32.8
27.0
15.7
10.2
2.2
-1.2
5.9

50.7
51.1
16.2
14.8
4.0
16.2
-.4

28.4
12.8
-4.1
10.9
2.9
3.0
15.7

45.3
30.4
26.3
8.5
1.1
-5.5
14.9

19.9
4.8
-13.0
10.9
5.9
1.0
15.1

37.7
59.9
53.5
10.5
-1.0
-3.1
-22.2

-50.3
-49.8
-41.8
1.9
-9.0
-.9
-.5

Pvt.domes.sectors, by holder
Pvt. domestic nonfinancial
Households
Business
StateSlocal governments
Mail float
Financial sectors

16
17
18
19
20
21
22

23
24

1.9
5.7

1.6
14.3

2.7
-.2

-1.4
-8.1

-.6
10.6

-1.8
-55.2

4.1
61.2

.8
3.0

-.5
17.1

-6.7
-38.7

9.3
-5.2

Foreign
U.S. government

23
24

-8.0

11

Small Time and Savings Deposits

1
2
3
4
5
6

150.8
74.6
76.2
67.5
-2.6
11.3

141.2
80.3
60.8
43.8
-2.4
19.4

124.1
71.6
52.5
36.3
-7.3
23.5

76.3
27.4
48.9
48.7
-10.9
11.1

119.0
73.3
45.7
45.6
-10.5
10.6

123.0
38.8
84.2
77.4
.3
6.5

188.9
109.1
79.7
85.8
-18.7
12.6

153.2
62.5
90.7
78.1
3.3
9.3

65.4
63.0
2.4
15.3
-20.6
7.8

68.6
58.8
9.8
3.3
-6.1
12.6

7
8
9
10
11

150.8
153.2
-2.6
.5
-.4

141.2
143.9
-5.4
X
2.6

124.1
120.3
.2
.2
3.3

76.3
66.8
9.2
.2
.1

119.0
113.5
7.1
-.2
-1.3

123.0
118.9
5.2
.5
-1.7

188.9
182.9
6.2
-.3
.1

153.2
145.7
6.7
.3
.5

65.4
63.0
7.5
-.9
-4.2

68.6
62.3
8.1
-.1
-1.8

46.5 Net change in assets
41.8
Households
State and local governments
8.8
U.S. government
.8
-5.0
Credit unions

96.1 Net change in liabilities
Commercial banking
93.5
Domestic banks
65.8
Foreign banking offices
27.7
Savings institutions
2.6

46.5 Net change in liabilities
Commercial banks
92.1
Savings institutions
-45.6
Savings and loan assns.
-47.0
Mutual savings banks
-4.0
5.4
Credit unions

1
2
3
4
5
6
7
8
9
10
11

Large Time Deposits

1
2
3
4
5

87.3
38.3
33.9
4.4
49.0

17.9
11.8
10.8
.9
6.1

5.0
3.2
-6.6
9.8
1.8

50.6
42.1
37.7
4.4
8.5

53.5
42.1
35.2
6.9
11.4

87.3
55.5
54.3
1.3
31.8

56.7
39.7
31.0
8.7
17.0

15.7
9.2
14.8
-5.6
6.5

113.1
93.5
81.2
12.3
19.6

28.5
26.0
13.9
12.1
2.5

6
7
8
9
10
11

87.3
84.3
54.9
26.6
2.8
4.6

17.9
7.7
-29.7
24.9
12.4
3.7

5.0
-11.4
-30.0
23.4
-4.8
-2.7

50.6
26.7
19.6
15.6
-8.5
.9

53.5
32.3
28.6
12.2
-8.4
3.0

87.3
89.4
63.9
24.7
.9
3.3

56.7
11.7
-16.1
23.5
4.3
1.2

15.7
-15.7
3.2
8.6
-27.5
12.1

113.1
122.0
103.2
17.1
1.7
-8.4

28.5
11.2
23.9
-.5
-12.2
7.3

96.1 Net change in assets
Pvt. domestic nonfinancial
55.9
Households
50.0
13.0
Business
State & local governments
-7.1
Foreign
13.1

12
13
14
15
16
17
18

-1.6
-5.5
-1.4
-.8
3.3
3.2
-.4

6.5
2.3
-.3
2.3
7.6
1.4
-6.8

19.1
4.0
X
3.8
5.6
3.5
2.3

23.0
-8.5
X
.3
15.0
1.7
14.4

18.2
X
X
-2.1
19.8
1.2
-.8

-5.3
-3.0
X
-1.9
-29.6
1.9
27.3

43.9
-7.5
X
9.1
32.9
-4.3
13.6

19.3
4.4
X
-10.4
24.7
12.0
-11.5

-.5
.5
X
-3.5
-6.7
-1.8
11.0

10.0
2.7
X
-3.8
28.4
-1.0
-16.3

27.1
-9.4
X
-1.6
22.1
.9
15.0

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




Financial sectors
Saving and loan assns.
Mutual savings banks
Credit unions
Private pension funds
St.Slocal govt.rtr.funds
Money market funds

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

JUNE 2, 1989
Deposit Claims, Continued

Deposit Claims, Continued

Monetary Claims On Financial Institutions

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS
I
I

1987
IV

I
I

1988

I

11

III

IV

I 1989
I
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Money Market Mutual Fund Shares

1 Net change in assets
2
Households
Nonfin. corp, business
3
4
Life insurance cos.
5
Private pension funds

9,785
10,356
288
-471
-388

28,591 -17,240
23,026 -10,242
2,059 -1,491
620
-200
2,886 -5,307

-925
-3,750
1,951
-90
964

11,432
11,621
628
240
-1.057

25,861
27,108
-956
-25
-266

34.4
30.6
2.4
.6
.8

30.8
24.5
4.0
.9
1.5

109.8
90.7
11.4
3.7
3.9

32.7
32.8
.6
1.1
-1.8

-40.4
-31.1
-7.9
-1.9
.4

1
2
3
4
5

Federal Funds and :Security Repurchase Agreements

-16.438
1,583
3,400
-1,817
3.323
465
-21,809

28,193
28,516
26,547
1,969
-7,885
869
6,693

8,840
3,503
-835
4,338
10,417
184
-5,264

2,589
11,368 -6,918
15,037
4,700 -17,080
13,229
-16,331
6,048
1,808
-749
-1,348
701
6,032
5,188
299 -1,223
2,056
-11,926
4,675
-1,420

17.1
17.0
17.0
.5
2.0
-2.5

24.2
20.5
20.5
2.1
.8
.9

29.9
14.8
14.8
3.0
3.0
9.1

31.9
9.2
9.2
-1.2
-.8
24.7

11.8
14.8
11.3
3.5
13.9
-1.9
-14.9

1
2
3
4
5
6
7

-1,052
222
-2,888
361
1.253
1,316
1.384

18,432
2,445
-823
-1,142
17,952
-1,316
11,834

4,514
92
1,715
1,155
1,552
7,426
-4,336

6,979
-1,035
1,569
1,413
5,032
2,064
2,859

-1,873
6,707
-1,193
-328
-7,059
-2,629
-3,764

-268
2,518
-658
1,320
-3,448
-6,861
-3,567

15.0
2.6
4.0
1.7
6.6
.6
.6

16.8
9.6
.3
.3
6.7
1.0
1.8

30.4
5.0
5.2
N
20.2
.4
3.5

37.0
8.7
7.3
1.6
19.4
2.1
5.4

15.8
6.2
7.2
.5
1.8
-3.8
-2.3

8
9
10
11
12
13
14

508
-706
-733
501
-1,017

3.427
2,015
-647
467
2.172

-1,712
-1,405
1,962
451
-834

432
-34
-1,666
408
969

-1,570
-50
486
389
79

-1,340
1,033
973
353
5,961

2.5
.9
2.1

-.7
.6
.7
3.2

4.2
1.5
1.7
.1
8.9

5.4
a
.8
4.0
1.7

.9
-.6
1.1
9.6
-3.2

15
16
17
18
19

20 Discrepancy-unallocated assets -15,386

9,761

4,326

4,389

-5,045

2,857

2.1

7.4

-.5

-5.1

4.5
2.8
1.7

10.4
-1.7
12.1

4.5
-.4
4.9

1 Net change in liabilities
2
Commercial banking (net)
3
Domestic banks
4
Foreign banking offices
5
Savings and loan assns.
6
Mutual savings banks
Brokers & dealers (net)
7
8 Net change in assets
9
Nonfinancial corporations
10
State and local governments
Foreign
11
12
Financial Sectors
13
Monetary authority
14
Sponsored credit agencies

15
16
17
18
19

Savings and loan assns.
Mutual savings banks
Credit unions
Other insurance companies
Money market funds

-4.0 20

U.S. Deposits in Foreign Countries

1 Total fgn. liability, held by:
2
Nonfinan. corporate business
3
Money market funds

2,766
3,863
-1,097

-3,317
-3,823
506

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-4
4

-2,711
-3,092
381

6,854
-338
7,192

-1,000
-337
-663

9.8
5.1
4.6

1.3
3.1
-1.8

1
2
3

JUNE 2? 1989
Deposit Claims? Continued

Deposit Claims? Continued

Monetary Claims On Financial Institutions

41

SEASONALLY ADJUSTED ANNUAL RATES

198A

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOHS? $ BILLIONS
1986
1987
1985

1988

I
1

1987
IV

I
1

1988

I

II

III

IV

I
I

1989
I

Money Market Mutual Fund Shares

1
2
3
A
5

5A.2
AA.O
A.9
2.2
3.0

10.2
12.1
-3.2
.A
1.0

A8.3
3A.2
7.3
2.6
A.2

2A.0
28.9
-.7
-2.8
-l.A

21.9
20.7
3.1
.6
-2.5

59.9
62.2
1.2
-1.9
-1.6

73.1
50.8
8.2
2.5
11.5

-56.8
-28.8
-6.0
-.8
-21.2

6.5
-A.8
7.8
-.A
3.9

6A.7
65.A
2.5
1.0
-A.2

58.A Net change in assets
63.A
Households
Nonfin. corp, business
-3.8
-.1
Life insurance cos.
Private pension funds
-1.1

1
2
3
A
5

Federal Funds and Security Repurchase Agreements

1
2
3
A
5
6
7

38.0
1.6
1.9
-.3
18.8
.5
17.0

29.7
31.3
26.8
A.5
-1.9
1.5
-1.2

52.2
19.2
10.8
8.A
1A.2
5.6
13.3

-1.5
10.9
12.6
-1.7
26.3
10.A
-A9.1

A1.5
19.6
15.A
A.2
13.8
3.A
A.7

-91.2
-7.2
.1
-7.3
12.6
1.9
-98.5

122.1
91.5
83.6
7.9
-1A.7
3.5
A1.8

53.8
5A.8
37.5
17.A
20.1
.7
-21.9

A8.5
1A.6
20.0
-5.A
29.6
8.2
-A.O

-58. A
-82. A
-79.A
-3.0
19.9
1.2
2.8

21.8 Net change in liabilities
36.1
Commercial banking (net)
Domestic banks
28.8
7.2
Foreign banking offices
20.8
Savings and loan assns.
Mutual savings banks
-A.9
Brokers 8 dealers (net)
-30.1

8
9
10
11
12
13
IA

AO.8
.5
9.5
.1
30.8
«
8.3

A3.3
9.5
5.1
.8
27.9
3.2
11.2

A6.A
12.2
8.6
3.A
22.3
10.8
5.0

6.7
5.8
11.0
2.2
-12.A
-1A.7
-2.2

28.1
8.2
1.3
1.1
17.5
5.5
6.6

-32.A
-19.3
-6.2
l.A
-8.3
-12.2
5.5

75.7
18.A
.9
-A. 6
61.0
7.6
A7.3

57.3
5.7
9.0
A.6
38.0
39.1
-17.3

13.6
1.8
-6.2
5.7
12.3
3.5
11.A

-3A.A
6.9
1.3
-1.3
-Al.A
-28.1
-15.1

-1.8 Net change in assets
Nonfinancial corporations
18.6
2.1
State and local governments
Foreign
5.3
Financial Sectors
-27.8
Monetary authority
-15.9
Sponsored credit agencies
-1A.3

15
16
17
18
19

6.9
1.3
.3
A.2
9.7

.5
.3
3.7
5.7
3.3

-2.7
«
2.5
.6
6.1

-1.1
-1.9
-1.6
2.0
7.1

.6
.5
.1
1.7
2.A

2.0
.9
-1.6
2.0
-A.9

13.7
-.A
-5.3
1.9
-3.9

-6.8
-1.7
5.A
1.8
17.5

1.7
.6
-2.9
1.6
-3.7

-6.3
3.5
3.3
1.6
-.3

20

-2.9

-13.6

5.8

-8.1

13.A

-58.9

A6.3

-3.5

3A.9

-2A.0

-5.5
-10.7
5.2

-2.1
-1.8
-.3

27.7
-3.3
31.0

-5.A
-A.8
1.1
l.A
10.0

Savings and loan assns.
Mutual savings banks
Credit unions
Other insurance companies
Money market funds

1
2
3
A
5
6
7

8
9
10
11
12
13
IA
15
16
17
18
19

23.6 Discrepancy-unallocated assets 20

1J.S. Deposits in Foreign Countries

1
2
3

-5.8
-5.1
-.7

-A. 3
-2.1
-2.2

BILLIONS OF DOLLARS




9.1
5.9
3.1

-3.A
-2.8
-.6

.8
-7.3
8.1

12.1
13.9
-1.8

-16.8
-13.3
-3.5

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.

-6.9 Total fgn. liability, held by:
1.0
Nonfinan. corporate business
Money market funds
-7.9

1
2
3

JUNE 2. 1989
U.S. Government Securities

U.S. Government Securities
U.S. Government Securities Market Summary

42

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987
IV

1988

1
1

I

III

II

IV

1 1989
t
I

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

1979

Total Net Issues* by Sector snd Type
66,950
42.871
24,079

45.421
19,084
26.337

81.023 101.541
41.661 53.846
39.362 47,695

82.962
37.946
45.016

84.8
37.5
47.3

122.9
79.3
43.6

133.0
87.5
45.5

225.9
ttl .4
64.5

254.4
186.6
67.8

1
2
3

61*314
2,570
58.744

42,994
2.920
40.074

17.153
2.144
15.009

36,437
1,614
34.823

43.444
1.775
41.669

38.240
2,611
35,629

38.8
-.8
39.6

79.8
-7.3
87.1

87.8
-4.3
92.2

162.1

186.7
3.1
183.5

4
5
6

Other
Budget agency Issues
Loan participations (1)
Spons. agency issues (2)
Mortgage pool secur. (2)

46.085
1.414
-171
19,489
25.353

23,956
135
-258
10,305
13,774

28.268
2.116
-185
4,363
21.974

44,586
5.662
-438
10,605
28.757

58.097
10.402
19,6)0
28,085

44.722
-294
16.219
28,797

46.0
-1.1
-.2
24.3
23.1

43.1
-.3
-.2
24.4
19.2

45.2
-.3
-.1
30.5
15.0

63.7
-.2
-.5
14.9
49.5

1 Total purchases, by sector
U.S. govt, (agency Issues)
2
Sponsored credit agencies
3
Treasury Issues
4
5
Agency Issues

107,399
1.711
1,750
-39

66.950
3,798
3,449
349

45.421
-4.379
-4,304
-75

Monetary authority
Treasury issues
Agency Issues

10,540
10.610
-70

-5,209
-5.055
-154

4,823
4,954
-131

9
10
11

Foreign
Treasury Issues
Agency Issues

21.530
19,739
1,791

34,732
34,588
144

12
13
14

Total private domestic
Treasury Issues
Agency Issues

73.618
29,215
44,403

107,399
1 Total U.S. government secur.
U.S. government
62,557
2
Spons. agencies 8 mtg. pools 44,842
3

4
5
6

7
8
9
10
11

By instrument:
Treasury issues
Household savings bonds
Treas. excl. savings bonds

.2
162.0

67.8 7
« 8
9
1 .4 10
66.4 11

Total Net Purchases, by Sector and Type

6
7
8

15
16
17
18
19

Private domestic nonfinan.
Total Treasury Issues
Savings bonds (HH)
Other Treasury Issues
Agency Issues

81.023 101,541
5.494
1.033
1.033
5-576
-82

82,962
7,304
7.322
-18

84.8
.2
-.2
.4

122.9
.7
.4
.2

133.0
.4
.2
.2

225.9
1.4
1.5
-.1

254.4
-1.3
-.8
-.4

1
2
3
4
5

1.046
1.123
-77

9,864
10,089
-225

-5.206
-5.019
-187

7.1
6.8
.3

3.5
3.0
.5

8.8
8.4
.4

7.7
7.9
-.2

14.7
15.0
-.3

6
7
8

13.970
11.320
2.650

1,104
-357
1.461

18,505
16.038
2.467

15.779
13.420
2.359

-16.9
-17.5
.5

14.9
12.4
2.5

9.5
7.9
1.6

12.3
12.8
-.5

15.6 9
15.7 10
■ 11

33,629
10,012
23,617

31,007
5,183
25.824

77.840
34,638
43.202

67.678
11,741
55.937

65,085
22.517
42,568

94.4
49.6
44.8

103.8
64.0
39.8

114.3
71.2
43.1

204.4
140.0
64.5

225.4 12
156.9 13
68.5 14

44,905
22,440
2,570
19,870
22,465

10,111
5.993
2,920
3,073
4,118

17.216
1.422
2.144
-722
15.794

66.157
40.115
1.614
38.501
26.042

53,000
18.800
1,775
17,025
34.200

28.503
-4,559
2,611
-7,170
33,062

67.4
47.0
-.8
47.9
20.3

28.3
21.7
-7.3
29.0
6.6

30.0
30.7
-4.3
35.1
-.8

62.8
62.2
.2
62.0
.6

91.0
91.7
3.1
88.6
-.7

15
16
17
18
19

28.611
7,978
2.570
5.408
20.633

6,166
593
2,920
-2.327
5,573

17.945
2,314
2.144
170
15,631

64.520
38.428
1.614
36,814
26,092

45,497
12.942
1,775
11,167
32.555

30,193
-4,787
2.611
-7.398
34.980

55.5
37.1
-.8
37.9
18.4

21.0
16.1
-7.3
23.5
4.9

34.8
30.3
-4.3
34.6
4.5

46.1
47.2
.2
47.1
-1.2

51.3
62.2
3.1
59.0
-10.8

20
21
22
23
24

20
21
22
23
24

Households
Total Treasury Issues
Savings bonds
Other Treas. issues
Agency issues

25

Nonfarm noncorp. bus.

150

150

150

150

150

150

-.4

-.2

.7

-.1

2.8 25

26
27
28

Nonfin. corp, business
Treasury Issues
Agency Issues

9.121
9,147
-26

2.964
2,987
-23

-4,326
-4,307
-19

-1.833
-1.818
-15

1,066
1.076
-10

-2,718
-2.713
-5

1.6
2.8
-1.3

5.6
5.1
.5

1.5
1.5
*

10.3
10.2
.1

10.0 26
10.0 27
« 28

29
30
31

State and local govts.
Treasury Issues
Agency Issues

7.023
5,165
1,858

831
2,263
-1.432

3,447
3.265
182

3.320
3.355
-35

6,287
4.632
1,655

878
2,791
-1,913

10.7
7.5
3.2

1.9
.7
1.2

-7.1
-1.8
-5.4

6.5
4.8
1.7

26.9 29
16.7 30
10.2 31

5.130
-3.699
8,829

6.712
43
6,669

969
-4,881
5,850

9.005
792
8.213

4,310
-5.284
9,594

13,361
11,110
2.251

9.6
2.0
7.6

25.8
16.1
9.7

11.6
1.8
9.8

26.6
19.4
7.3

48.6 32
47.8 33
.7 34

5,451
293
-654
40

7,022
-1.424
1,074
40

715
-30
244
40

8.455
148
372
30

3.625
1.161
-506
30

12,694
-329
966
30

7.4
1.7
.5
«

25.0
.2
.5
.1

11.4
-.1
.6
— .3

26.7
-1.2
.8
.3

44.2
1.6
1.7
1.1

23,583
10,474
13,109

16.806
3.976
12,830

12.822
8.642
4.180

2.678
-6.269
8.947

10,368
-1,775
12,143

23,221
15.966
7,255

17.4
.6
16.8

49.7
26.2
23.5

72.7
38.7
34.1

115.0
58.4
56.5

85.8 39
17.4 40
68.5 41

4,865
-2,554
7,419

-5.640
-4,341
-1.299

4.123
411
3,712

1,388
-393
1,781

1,169
-2,791
3,960

-2.681
-4,206
1,525

1.0
-2.9
3.9

13.8
5.7
8.1

2.4
-4.2
6.6

35.3
5.4
29.8

40.1 42
10.3 43
29.8 44

3.428
794
2,634

-1,708
-1,056
-652

-1,542
-670
-872

-958
-300
-658

833
112
721

-57
-42
-15

1.2
-.2
1.3

3.3
.8
2.5

.9
-.2
1.2

1.9
.7
1.2

9.8 45
3.8 46
6.0 47

32
33
34

Commercial banking
Treasury Issues
Agency Issues
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S.possessions

35
36
37
38

39
40
41

Private nonbank finance
Treasury issues
Agency Issues

35
36
37
38

42
43
44

Savings and loan assns.
Treasury issues
Agency Issues

45
46
47

Hutual savings banks
Treasury Issues
Agency Issues

48
49
50

Credit unions
Treasury Issues
Agency issues

-436
220
-656

-61
1,272
-1,333

641
1,043
-402

578
388
190

-314
-198
-116

1,007
635
372

-1.1
-.1
-1.0

1.0
.3
.7

.3
.1
.3

1.2
.3
.9

3.1 48
1.4 49
1.7 50

51
52
53

Life Insurance companies
Treasury issues
Agency Issues

-812
-168
-644

2.038
525
1.513

4,111
1.748
2.363

1,785
523
1,262

3.022
811
2.211

1.956
815
1.141

2.9
.1
2.8

2.7
1.0
1.8

5.5
2.3
3.1

12.7
8.4
4.3

19.3 51
12.1 52
7.2 53

54
55
56

Private pension funds
Treasury issues
Agency Issues

-2.210
4.802
-7,012

3,810
6,417
-2,607

3,553
4,790
-1.237

3,180
4,164
-984

5.966
4,496
1,470

9,497
6.831
2,666

6.7
2.8
3.9

12.0
6.2
5.8

16.3
5.0
11.3

10.3
3.9
6.4

12.0 54
.4 55
11.6 56

57
58
59

St.Slocal govt.rtr.funds
Treasury Issues
Agency Issues

8,048
6.476
1.572

7.277
4.577
2,700

1,880
2.488
-608

7,609
5.184
2.425

116
3.239
-3,123

11.628
9,902
1,726

6.6
5.3
1.4

9.9
6.2
3.7

11.8
6.6
5.2

19.4
9.3
10.1

17.0 57
12.0 58
4.9 59

60
61
62

Other insurance cos.
Treasury issues
Agency Issues

1,849
615
1.234

1.963
694
1.269

1,342
-62
1,404

2.524
1,309
1,215

2.053
700
1,353

1,770
525
1.245

1.3
.2
1.1

1.8
1.6
.2

2.2
1.4
.8

2.2
.6
1.5

5.5 60
3.3 61
2.2 62

63
64
65

Hutual funds
Treasury Issues
Agency Issues

-1,776
-253
-1.523

-9,918
-9,596
-322

8,844 -10.554
9,028 -9,646
-908
-184

-7.552
-7,496
-56

-892
-174
-718

«
«

.3
.3

.9
.9

2.3
2.3

-

.6 63
.6 64
65

66
67
68

Money market funds
Treasury Issues
Agency Issues

7,649
-925
8.574

3,356
554
2,802

-9.603
-1,735
-7,868

-3,423
-2,280
-1,143

-1.695
718
-2.413

-3,175
1,180
-4,355

4.2
.7
3.4

2.6
1.9
.7

23.7
18.0
5.6

22.7
21.1
1.6

-18.4 66
-19.8 67
1.4 68

69
70

Brokers 8 dealers
CHO Issuers (agencies)

1.467
1,511

4.930
10,759

-8,399
7.872

-5,218
5.767

-1,366
8.136

500
3.668

-5.3

2.3

8.7

6.4
.6

-6.8 69
3.6 70

(1) For purchases* agency Issues Include loan participations.
(2) These issues are Included in credit market debt of financial
Institutions in the Flow of Funds Accounts.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-

JUNE 2, 1989
U.S. Government Securities

U.S. Government Securities

43

U.S. Government Securities Market Summary

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987

1988

I
1

I
1

1987
IV

1988
I

II

III

IV

I
1

1989
I

Total Net Issues. by Sector and Type

420.1 Total U.S. government secur.
214.4
U.S. government *
Spons. agencies 8 mtg. pools
205.7

1
2
3

By Instruments
Treasury issues
Household savings bonds
Treas. excl. savings bonds

4
5
6

1
2
3

273.8
198.9
74.9

324.2
223.7
100.5

403.4
215.1
188.3

331.5
144.9
186.6

294.9
157.5
137.5

335.7
168.2
167.5

347.9
227.7
120.3

191.0
89.2
101.8

339.2
188.6
150.6

301.6
124.4
177.2

4
5
6

199.0
3.0
195.9

223.7
5.3
218.5

214.7
13.6
201.1

143.4
7.8
135.6

140.0
8.5
131.6

163.2
10.4
152.9

228.2
11.3
216.8

81.5
9.6
71.9

167.7
5.6
162.1

82.8
7.2
75.5

215.6
10.0
205.6

7
8
9
10
11

74.8
-.1
30.4
44.4

100.4
«
20.6
79.9

188.7
.4
15.2
173.1

188.1
1.8
-.3
30.2
156.4

154.9
18.3
-.9
44.9
92.6

172.5
5.7
-.7
71.6
95.9

119.8
.5
-1.0
56.8
63.4

109.5
8.5
-.7
9.4
92.4

171.5
22.6
-1.8
42.8
107.8

218.8
41.6
70.5
106.7

204.5
-1.2
81.7
124.0

Other
Budget agency issues
Loan participations (1)
Spons. agency Issues (2)
Mortgage pool secur. (2)

7
8
9
10
11

1
2
3
4
5

273.8
1.6
1.4
.2

324.2
-4.7
-4.8
.1

403.4
4.6
5.2
-.6

331.5
2.8
2,9
-.1

294.9
5.9
5.8
.2

335.7
6.8
6.6
.2

347.9
15.2
13.0
2.2

191.0
-17.6
-16.7
-.9

339.2
4.3
4.9
-.6

301.6
21.8
21.8
.1

420.1 Total purchases, b ’ sector
U.S. govt, (egenty Issues)
Sponsored credit agencies
29.3
Treasury
28.6
.7
Agency Sss’<w«»

1
2
3
4
5

6
7
8

8.4
8.7
-.3

18.4
18.6
-.2

19.4
19.8
-.4

24.7
24.9
-.3

10.5
11.1
-.6

30.4
30.6
-.2

-5.5
-4.9
-.6

4.1
4.7
-.6

17.1
17.4
-.3

26.5
27.2
-.8

-4.9
-4.1
-.8

Monetary aut^o-.-c/
Treasury issues
Agency Issues

6
7
8

9
10
11

28.9
27.7
1.2

24.2
19.6
4.6

45.4
38.2
7.2

40.7
35.8
5.0

68.3
61.6
6.7

86.1
79.0
7.2

138.9
138.4
.6

55.9
45.3
10.6

4.4
-1.4
5.8

74.0
64.2
9.9

63.1
53.7
9.4

Foreign
Treasury issues
Agency Issues

9
10
11

12
13
14

234.9
161.2
73.7

286.2
190.4
95.9

333.9
151.5
182.5

263.3
79.8
183.5

210.2
61.6
148.6

212.4
47.1
165.5

199.3
81.6
117.7

148.6
48.2
100.4

313.4
146.8
166.6

179.3
-30.4
209.7

332.5
137.3
195.2

Total private domestic
Treasury issues
Agency issues

12
13
14

15
16
17
18
19

115.4
84.8
3.0
81.8
30.6

175.7
130.2
5.3
125.0
45.4

59.9
38.6
13.6
25.1
21.3

104.4
64.9
7.8
57.1
39.5

146.5
66.3
8.5
57.9
80.2

117.8
49.8
10.4
39.4
68.1

114.4
85.4
11.3
74.0
29.0

87.3
13.0
9.6
3.4
74.3

247.0
141.5
5.6
135.9
105.5

137.2
25.4
7.2
18.2
111.8

194.6
49.0
10.0
39.0
145.6

20
21
22
23
24

87.2
68 6
3.0
65.5
18.6

79.9
49.6
5.3
44.4
30.2

2.4
-6.2
13.6
-19.8
8.6

88.5
56.8
7.8
49.0
31.8

134.1
54.3
8.5
45.8
79.9

76.1
11.2
10.4
.8
64.9

87.6
59.8
11.3
48.5
27.7

87.8
15.0
9.6
5.4
72.9

222.8
121.1
5.6
115.5
101.7

130.3
21.2
7.2
14.0
109.1

188.0
44.2
10.0
34.2
143.8

Total Net Purchases. by Sector and Type

Private domestic nonfinan.
Total Treasury Issues
Savings bonds (HH)
Other Treasury issues
Agency Issues

15
16
17
18
19

Households
Total Treasury issues
Savings bonds
Other Treas. Issues
Agency Issues

20
21
22
23
24

25

-.5

.3

1.2

.6

.6

.6

.6

.6

.6

.6

.6

Nonfarm noncorp. bus.

25

26
27
28

12.2
12.3
-.1

6.4
6.5
-.1

19.5
19.6
-.1

3.6
3.7
-.1

-2.1
-2.1
-.1

17.2
17.3
-.1

15.8
15.9
-.1

-15.7
-15.6
-.1

6.3
6.4
-.1

-15.0
-14.9
a

-7.0
-7.0
a

Nonfin. corp, business
Treasury issues
Agency issues

26
27
28

29
30
31

16.6
4.5
12.1

89.2
73.8
15.3

36.8
24.1
12.8

11.7
3.9
7.8

13.9
13.5
.4

23.9
20.7
3.5

10.4
9.1
1.4

14.5
13.1
1.5

17.3
13.4
3.9

21.3
18.5
2.7

12.9
11.2
1.8

State and local govts.
Treasury issues
Agency Issues

29
30
31

32
33
34

.6
1.9
-1.3

9.7
12.1
-2.4

43.3
5.3
38.0

27.2
-2.0
29.1

21.0
-9.3
30.3

40.3
5.0
35.4

-2.1
-28.8
26.7

16.2
-10.7
26.8

30.1
.3
29.8

39.8
1.9
38.0

23.3
14.2
9.1

35
36
37
38

1.3
.5
-.6
-.6

4.6
4.7
.4
K

42.4
-2.8
3.6
.1

24.8
1.3
.9
.1

19.8
-.1
1.2
.1

41.6
1.2
-2.6
.2

-.9
-5.7
4.3
.2

15.1
-.1
1.0
.2

27.9
.6
1.5
.1

37.1
4.6
-2.0
.1

20.7
-1.3
3.9
.1

39
40
41

118.9
74.6
44.3

100.8
48.0
52.8

230.7
107.5
123.2

131.8
16.9
114.9

42.7
4.6
38.1

54.2
-7.7
61.9

87.0
25.1
62.0

45.2
45.9
-.7

36.3
5.0
31.2

2.2
-57.7
59.9

114.6
74.1
40.5

42
43
44

20.7
3.8
16.9

-11.7
-12.9
1.2

42.0
.9
41.1

42.8
7.6
35.2

1.0
-7.1
8.2

24.2
-17.8
42.1

-4.8
-3.5
-1.3

-37.1
-24.4
-12.7

36.7
18.7
18.0

9.4
-19.3
28.6

10.3
-.8
11.0

Savings and loan assns.
Treasury issues
Agency issues

42
43
44

45
46
47

.3
-.2
.5

-1.2
-.6
-.6

6.8
.7
6.1

6.8
.8
6.0

-3.4
-1.9
-1.5

10.6
3.1
7.5

-9.2
-5.1
-4.2

-2.5
-1.8
-.7

-1.6
-1.1
-.5

-.1
.3
-.4

-2.7
-1.0
-1.8

Mutual savings banks
Treasury issues
Agency Issues

45
46
47

48
49
50

.4
.8
-.4

3.7
2.6
1.1

3.7
1.9
1.8

3.3
3.3
«

.8
2.5
-1.7

1.4
2.6
-1.2

-1.2
4.3
-5.5

.4
3.4
-3.0

2.4
1.3
1.1

1.7
1.0
.7

3.3
1.8
1.5

Credit unions
Treasury issues
Agency Issues

48
49
50

51
52
53

23.6
12.6
11.0

23.0
10.5
12.5

17.9
7.3
10.6

5.1
-2.0
7.0

11.0
3.6
7.3

-13.3
-9.1
-4.2

10.2
4.3
5.9

25.2
12.8
12.4

6.3
2.6
3.7

2.1
-5.4
7.5

9.9
5.7
4.2

Life Insurance companies 51
Treasury issues
52
Agency issues
53

54
55
56

7.3
11.6
-4.3

8.1
-.8
8.9

6.8
8.8
-2.0

11.8
6.6
5.2

16.5
19.9
-3.4

-13.7
19.2
-32.9

26.5
25.7
.8

10.0
19.2
-9.2

9.9
16.7
-6.8

19.7
18.0
1.7

49.8
27.3
22.5

Private pension funds
Treasury issues
Agency Issues

57
58
59

23.1
19.0
4.1

12.3
15.0
-2.7

20.7
12.1
8.6

24.6
17.9
6.7

16.9
15.5
1.4

32.9
28.2
4.7

21.3
10.1
11.2

16.5
13.1
3.4

28.2
24.0
4.2

1.5
14.8
-13.3

38.1
30.9
7.2

St.81ocal govt.rtr.funds 57
58
Treasury Issues
59
Agency Issues

60
61
62

9.1
5.9
3.2

11.8
3.5
8.2

15.9
17.8
-1.9

7.0
3.3
3.7

7.9
2.6
5.2

6.9
2.0
4.9

7.7
2.6
5.1

7.1
1.5
5.6

9.0
4.2
4.9

7.7
2,3
5.4

7.0
2.0
5.0

63
64
65

6.4
5.8
.5

52.9
41.4
11.5

59.3
36.4
22.9

9.9
9.9
a

-19.2
-17.7
-1.5

-9.1
-3.0
-6.1

-50.3
-49.1
-1.3

35.9
36.7
-.7

-29.0
-25.4
-3.6

-33.3
-33.0
-.2

66
67
68

6.2
2.6
3.6

.3
-.8
1.1

*.5
3.4
-3.0

-1.9
-13.7
11.9

-11.4
-2.7
-8.6

16.3
-24.6
40.9

22.7
14.5
8.2

-29.0
-1.8
-27.2

-18.2
-5.6
-12.7

69
70

12.8
9.3

-9.8
11.5

18.2
39.0

-16.8
39.1

-10.1
32.5

-8.2
6.0

21.2
43.0

-12.9
31.5

-30.3
23.1

Commercial banking
Treasury Issues
Agency Issues
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S.possessions
Private nonbank finance
Treasury issues
Agency Issues




35
36
37
38

39
40
41

54
55
56

Other insurance cos.
Treasury issues
Agency Issues

60
61
62

-15.1
-12.2
-2.9

Mutual funds
Treasury Issues
Agency Issues

63
64
65

-20.9
-18.2
-2.7

-1.7
19.2
-21.0

Money market funds
Treasury Issues
Agency issues

66
67
68

-18.2
32.5

1.2
14.7

Brokers 8 dealers
CMO Issuers (agencies)

69
70

(1) For purchases, agency issues Include loan participations.
(2) These issues are included in credit market debt of financial
institutions in the Flow of Funds Accounts.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,

32
33
34

JUNE 2, 1989
Private Securities

Private Securities

Tax-Exempt Debt and Corporate and Foreign Securities

44

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1987
IV

1988

1
1

1[

II

III

IV

1
1

1989
I

1979

ANNUAL FLOWS, $ BILLIONS
1981
1980
1982
1983

Tax-Exempt Debt Securities and Loans (1)
8,204
8,502
3,407
5,095

3,765
3,147
-1,515
4,662

7,329
7,468
2,278
5,190

12,823
12,434
4,311
8,123

9,175
9,452
1,512
7.940

3,042
3,048
-1,545
4.593

30.3
17.4
1.0
16.5

30.3
16.3
1.7
14.6

23.4
5.5
1.1
4.4

44.2
20.6
6.7
13.9

53.7
32.9
-1.5
34.4

1
2
3
4

-425
127

187
431

-67
-72

501
-112

-114
-163

50
-56

2.9
10.0

3.1
10.9

4.4
13.4

8.5
15.1

11.4
9.4

5
6

7 Net change in assets
8
Households
Nonfin. corporate business
9
StateSlocal govt. gen. funds
10

8,204
10,793
1,587
122

3,765
-5,417
1,727
481

7,329
6,810
-234
261

12,823
8.926
-143
457

9,175
7.839
-1,103
443

3.042
-469
-1,180
400

30.3
10.2
K
-.5

30.3
6.7
-.2
.2

23.4
10.5
K
.1

44.2
22.9
.1
.2

53.7 7
37.6 8
.7 9
.6 10

11
12
13

Commercial banking
Savings and loan assns.
Mutual savings banks

-5.762
31
-18

-7.235
16
28

-5,359
124
-184

-2,936
177
29

-6,968
9
-30

-1,328
-23
2

9.5
-.1
-.4

13.6
N
-.5

5.0
.1
-.1

4.5
-.5
.2

4.8 11
.1 12
-.3 13

14
15
16
17

Insurance
Life insurance companies
State81ocal govt.rtr.funds
Other insurance companies

6,828
473
62
6,293

6,555
467
-235
6,323

6,302
32
31
6,239

5,650
-126
-116
5,892

5,906
72
-50
5,884

5,508
-126
41
5,593

9.9
M
M
9.9

8.1
.3
.1
7.7

4.2
.5
-.2
4.0

4.2
1.9
-.7
3.0

18
19
20

Money market funds
Mutual funds
Brokers and dealers

-3,503
-2,140
266

8,459
1,430
-2,279

-4,168
2,408
1,369

-670
1,735
-402

619
2.433
27

1.960
3,672
-5,500

1.4
.3

1.6
.4
.3

2.3
.7
.5

8.0
2.9
1.6

1 Net change in liabilities
State and local governments
2
Short-term
3
4
Other

5
6

Households 8 nonprof. org.
Nonfin. corporate business
(industrial revenue bonds)

-.5
.9
-1.1
-.3

14
15
16
17

3.6 18
5.5 19
1.8 20

(1) Includes small amounts of taxable issues since 1986.
Corporate and Foreign Bonds
37,468
20,395
5,694

45,724
25,345
3,788

44,224
29,485
-186

32.320
22,581
1,317

32,343
19,776
1,809

29,277
20,533
2,000

26.5
17.3
3.7

30.5
27.7
1.2

32.7
22.8
5.5

38.4
18.7
6.6

36.4
16.0
3.1

1
2
3

11,379
-388
1.016
8,929
311
1,511

16,591
-338
-119
6,143
146
10.759

14,925
915
1,383
4,640
115
7,872

8.422
1,125
262
1,197
71
5,767

10,758
-355
-73
2,955
95
8.136

6,744
127
-63
2,964
48
3.668

5.5
-.2
1.4
4.3
K

1.6
1.3
.4
.1
-.2
-

4.4
2.0
-.5
3.6
-.7
-

13.1
6.0
.2
6.4
*
.6

17.3
8.4
M
5.3
K
3.6

4
5
6
7
8
9

10 Net purchases
Households
11
Foreign
(2)
12
13
Commercial banking
Savings
and
loan assns.
14
15
Mutual savings banks

37,468
4.845
1.361
7,394
2.860
618

45,724
-2,156
929
6,784
2,204
-658

44,224
6,257
5.031
2,821
5,124
-896

32,320 32,343
-5,376 -11,447
9,372
7,582
1,620
947
5,779
3.712
860
-346

29,277
8,447
9,600
-4,833
-400
-135

26.5
-3.4
2.6
-.1
-1.1

30.5
-13.0
8.2
.6
.7

32.7
-3.5
8.4
K
.7
-1.0

38.4
-3.0
10.6
1.5
2.1
-1.1

36.4
-8.3
4.6
4.7
5.4
3.0

10
11
12
13
14
15

16
17
18
19
20

Insurance
Life insurance companies
Private pension funds
St.Sloc. govt. rtr. funds
Other insurance companies

29,163
15,938
5,982
5,214
2.029

31,037
16,128
9,767
3,145
1,997

25,487
11,834
4,961
6,811
1.881

16.825
11,665
3,770
-602
1.992

21,820
9,073
4,573
6,295
1,879

16,591
8,248
5,418
992
1,933

27.4
11.6
10.7
3.2
2.0

32.3
8.7
14.0
9.5
M

25.0
7.3
5.6
9.2
2.8

25.8
16.2
6.6
3.5
-.5

22.3
16.7
10.4
-.7
-4.2

16
17
18
19
20

21
22

Mutual funds
Brokers and dealers

-4.894
-3,879

4,937
2.647

-1,261
1.661

5,030
1.879

5,491
915

-993
1,000

.8
.1

1.3
.4

1.6
1.4

.2
2.5

1 Net issues
2
Nonfin. corporate business
Foreign (1)
3
4
5
6
7
8
9

Total finance
Commercial banking
Savings and loan assns.
Finance companies
REITs
CMO Issuers

2.7 21
2.0 22

Mutual Funds and Other Corporate Equities
-22,190 -17,722 -29,277 -24.127 -43,840 -34,567
5.000
1,217 -2,965
-232
1,557
-2,862

-3.8
.4

20.3
2.9

-4.8
3.7

21.2
8.8

58.1
27.2

1
2

Other sectors
-19,328 -19.279 -30,494 -21,162 -43,608 -39,567
Nonfin. corporate business -22,000 -23,750 -35,000 -23,000 -48,750 -45,000
237
1,173
-3,937
679 -1,343
2.000
Foreign (1)
411
423
429
412
420
Commercial banking
400
2,634
2.719
2,657
2.785
2,712
Other insurance companies
2,802
144
688
165
187
170
1.683
REITs
200
1.724
430
2,532 -1,675
201
Brokers and dealers

-4.1
-7.8
1.0
1.3
.9
.5
-.1

17.4
12.9
2.4
.4
1.2
.3
.4

-8.5
-11.5
.2
.5
1.1
.3
.8

12.4
6.4
1.4
.6
2.8
.6
.7

30.8
23.5
3.7
.8
1.5
.4
1.0

3
4
5
6
7
8
9

-22.190 -17,722 -29.277 -24,127 -43,840 -34,567

58.1 10

1 Net issues
2
Mutual funds

3
4
5
6
7
8
9

10 Net purchases
11
12
IS
14
15

Mutual fund shares
Households
Nonfin. corp business
Life insurance companies
Private pension funds

16
17
18
19
20

Other corporate equities
Households
Foreign (2)
Commercial banking
Mutual savings banks

21
22
23
24
25

Insurance
Life insurance cos.
Private pension funds
St.Sloc. govt. rtr. fnds
Other insurance cos.

26
27

Mutual funds
Brokers and dealers

-3.8

20.3

-4.8

21.2

5,000
1,139
1,978
505
1,378

.4
-1.0
.4
.1
.9

2.9
1.1
.3
.1
1.4

3.7
5.8
.3
.5
-2.8

8.8
7.0
1.1
1.0
-.3

27.2
24.0
1.2
-.4
2.4

11
12
13
14
15

-19,328 -19,279 -30,494 -21,162 -43,608 -39,567
-8,472 -8.939 -30,162 -27.441 -47,451 -40,783
316
500
-7,578 -1,015
555 -2,961
-94
7
6
-8
127
88
113
-182
52
-272

-4.1
-24.5
1.7
H
-.1

17.4
-11.0
5.4
K
-.5

-8.5
-42.4
5.8
-.1
-.6

12.4
-18.9
3.9
K
-.5

30.8
-22.9
5.4
M
.3

16
17
18
19
20

30.1
3.4
4.5
20.0
2.1

21
22
23
24
25

-2.862
378
-463
-1.743
-1.034

1,557
-1,133
946
952
792

1,217
2,836
87
-1,882
176

-232
-894
-19
181
500

4,853 -4,247
1,198
1,378
1,486 -10,182
4,000
1,600
737
389

3,067
3.068
-4,449
3,800
648

9.035
166
-2,714
10.740
843

10.672
-652
-1,932
12,374
882

2.251
2,495
-3,970
2,736
990

21.1
.4
13.3
4.1
3.2

25.2
.4
16.4
5.3
3.1

28.8
2.4
17.3
7.1
2.0

23.5
2.4
12.3
6.0
2.7

-5,344
132

-2,878
-889

-4,311
912

-3,444
-144

-1,754
100

-2.8
.4

-1.8
.1

-.6
.5

3.5
.9

-3.033
-4,822

(1) Net purchases of foreign Issues by U.S. residents.
(2) Net purchases of U.S. issues by foreign residents.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-2,965
-7,175
2,722
-2
1.490

13.7 26
4.3 27

JUNE 2. 1989
Private Securities

Private Securities
Tax-Exempt Debt and Corporate and Foreign Securities

45

SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, S BILLIONS
1986
1987
1985

1988

1
1

1987
IV

1
1

I

II

1988

III

IV

1 1989
1
I

Tax-Exempt Debt Securities and Loans (1)
19.7 Net change in liabilities
State and local governments
19.8
Short-term
1.4
Other
18.4

1
2
3
4

50.4
19.7
-3.7
23.3

136.4
83.6
1.3
82.3

30.8
42.9
4.2
38.7

34.5
36.4
6.2
30.1

33.1
32.5
6.6
25.9

33.5
34.7
14.3
20.4

22.8
20.4
1.7
18.6

30.6
31.1
10.4
20.8

41.4
39.9
7.4
32.5

37.5
38.6
6.9
31.8

5
6

10.2
20.5

30.2
22.6

-2.2
-9.9

-1.0
-.9

.5
.1

-1.7
.5

.7
1.7

-.3
-.3

2.0
-.4

-.5
-.7

7
8
9
10

50.4
25.5
-.1
1.1

136.4
40.0
.8
-1.2

30.8
-16.4
3.1
-.3

34.5
43.0
2.6
.5

33.1
18.2
.2
1.6

33.5
49.2
6.3
.5

22.8
-9.3
6.9
1.9

30.6
18.2
-.9
1.0

41.4
26.7
-.6
1.8

37.5
37.0
-4.4
1.8

11
12
13

10.8
-.2
-.1

57.2
.4
.2

-28.5
-.2
-.1

-29.1
.1
-.2

-22.5
.3
-.2

-23.0
.1
-.1

-28.9
.1
.1

-21.4
.5
-.7

-11.7
.7
.1

-■27.9
K
-.1

-5.3
-.1

Commercial banking
Savings and loan assns.
Mutual savings banks

11
12
13

14
15
16
17

-3.7
-1.3
-.5
-1.9

3.1
1.0
-.4
2.5

17.3
2.0
-.3
15.7

22.9
-1.0
*
23.8

24.4
.4
-.4
24.3

27.3
1.9
.2
25.2

26.2
1.9
-.9
25.3

25.2
.1
.1
25.0

22.6
-.5
-.5
23.6

23.6
.3
-.2
23.5

22.0
-.5
.2
22.4

Insurance
Life insurance companies
State&local govt.rtr.funds
Other Insurance companies

14
15
16
17

18
19
20

7.0
5.6
4.5

12.4
14.5
8.9

27.5
31.8
-3.3

-2.3
5.4
-8.4

4.2
8.0
-1.3

-10.0
-6.0
-10.8

17.6
1.4
6.8

-8.0
11.5
5.2

.9
6.5
-5.6

6.5
12.5
-11.5

-9.2
10.0
-5.4

Money market funds
Mutual funds
Brokers and dealers

18
19
20

.2
-.2

Households & nonprof. org.
Nonfin. corporate business
(industrial revenue bonds)

1
2
3
4

5
6

19.7 Net change in assets
7
10.8
8
Households
9
-4.7
Nonfin. corporate business
1.6
State&local govt. gen. funds 10

«

(1) Includes small amounts of taxable Issues since 1986.
Corporate and Foreign Bonds

1
2
3

83.0
46.1
3.8

125.4
73.8
3.8

195.2
121.3
3.0

174.0
99.9
6.8

154.6
97.2
6.7

145.6
81.6
21.6

188.2
101.4
16.8

175.8
117.9
-2.7

129.4
90.3
6.5

125.1
79.1
6.3

4
5
6
7
8
9

33.0
12.9
1.2
9.6
.1
9.3

47.9
16.9
3.6
15.8
.1
11.5

70.9
5.6
3.6
22.5
.3
39.0

67.2
2.1
4.0
21.5
.5
39.1

50.7
1.3
1.5
14.9
.4
32.5

42.4
-1.6
1.0
35.7
1.2
6.0

70.1
-1.4
3.2
24.6
.6
43.0

60.5
3.7
6.4
18.6
.5
31.5

32.5
4.5
-.1
4.8
.3
23.1

39.7
-1.4
-3.6
11.8
.4
32.5

10
11
12
13
14
15

83.0
-.8
14.8
4.2
7.4
-1.5

125.4
2.4
36.7
5.8
2.8
-2.5

195.2
32.6
40.2
23.6
2.0
-1.8

174.0
5.3
20.3
24.0
17.3
-1.7

154.6
-12.7
22.9
12.2
16.8
-1.0

145.6
42.1
.3
30.7
11.4
4.2

188.2
-39.0
2.4
24.9
8.8
-2.6

175.8
36.6
25.0
10.5
20.5
-4.0

129.4
-29.2
31.8
6.0
23.1
-2.8

125.1
-19.4
32.4
7.2
14.8
5.2

16
17
18
19
20

49.6
23.7
10.2
11.5
4.1

67.4
37.8
10.5
10.9
8.2

71.5
40.8
7.3
10.7
12.7

105.9
66.9
29.1
1.9
8.0

95.2
48.7
23.1
15.6
7.7

105.6
67.6
20.2
9.7
8.1

136.7
61.3
41.9
25.5
8.0

93.0
43.0
24.7
17.7
7.5

77.1
50.3
12.0
6.8
8.0

73.9
40.2
13.6
12.6
7.5

80.2
29.7
24.9
17.9
7.7

Insurance
Life insurance companies
Private pension funds
St.Sloe. govt. rtr. funds
Other Insurance companies

16
17
18
19
20

21
22

3.6
5.7

3.6
9.2

26.8
.3

7.3
-4.4

14.2
7.1

-33.1
-15.5

46.4
10.6

-12.6
6.6

15.8
7.5

7.2
3.7

25.2
4.0

Mutual funds
Brokers and dealers

21
22

122.7 Net issues
Nonfin. corporate business
82.1
9.5
Foreign (1)

31.0
.5
3.8
11.9
.2
14.7

Total finance
Commercial banking
Savings and loan assns.
Finance companies
REITs
CMO Issuers

122.7 Net purchases
-.2
Households
37.0
Foreign (2)
-21.5
Commercial banking
-1.6
Savings and loan assns.
-.4
Mutual savings banks

1
2
3

4
5
6
7
8
9
10
11
12
13
14
15

Mutual Funds and Other Corporate Equities
1
2

-36.0
29.3

20.1
84.4

93.9
161.8

13.5
72.3

-115.0
-.4

-82.7
-9.1

-75.6
5.0

-131.1
-8.0

-84.1
.3

-169.1
1.1

-143.1 Net Issues
Mutual funds
19.1

3
4
5
6
7
8
9

-65.3
-74.5
.9
1.1
3.9
2.0
1.1

-64.3
-81.5
3.7
1.4
7.7
2.0
2.5

-68.0
-80.8
1.3
1.4
6.3
1.6
2.2

-58.8
-76.5
-2.4
1.6
11.3
2.9
4.4

-114.5
-130.5
.7
1.7
10.9
1.2
1.5

-73.6
-88.0
-12.0
1.6
11.2
6.7
6.9

-80.5
-95.0
-.7
1.6
11.1
.7
1.7

-123.1
-140.0
-6.5
1.6
10.9
.7
10.1

-84.4
-92.0
1.2
1.7
10.8
.6
-6.7

-170.2
-195.0
9.0
1.7
10.6
2.8
.8

-162.2
-180.0
4.1
1.7
10.5
.7
.8

10

-36.0

20.1

93.9

13.5

-115.0

-82.7

-75.6

-131.1

-84.1

-169.1

-143.1 Net purchases

11
12
13
14
15

29.3
24.0
2.8
.5
2.1

84.4
68.5
4.5
2.3
9.1

161.8
147.8
1.5
8.0
4.6

72.3
79.8
-5.0
-1.4
-1.0

-.4
-6.4
3.7
-.8
3.0

-9.1
3.9
-1.9
-7.0
-4.1

5.0
-5.8
3.8
3.8
3.2

-8.0
-1.6
.3
-7.5
.7

.3
-16.5
10.9
M
6.0

1.1
-1.6
-.1
.7
2.0

19.1
3.6
7.9
2.0
5.5

16
17
18
19
20

-65.3
-75.6
-3.0
-.1
-.2

-64.3
-103.4
5.0
.1
-.1

-68.0
-121.6
17.8
«
.9

-58.8
-98.7
14.9
-.1
.2

-114.5
-114.0
-3.1
e
«

-73.6
-44.2
-24.0
-.4
-.7

-80.5
-30.4
-7.5
M
.5

-123.1
-118.6
-4.5
.2

-84.4
-105.0
4.1
.4

-170.2
-202.0
-4.5
M
-1.1

-162.2
-157.1
-1.6
M
.5

21
22
23
24
25

8.6
.3
5.4
7.3
-4.3

21.2
3.7
-9.0
28.6
-2.0

13.4
.2
-8.5
23.1
-1.3

5.1
5.0
-27.8
26.4
1.5

18.5
3.8
-19.3
30.9
3.1

22.6
5.5
5.9
9.6
1.6

-15.3
4.8
-40.7
17.7
2.9

13.8
12.3
-17.8
16.7
2.6

29.2
.7
-10.9
36.0
3.4

46.4
-2.6
-7.7
53.2
3.5

10.9
10.0
-15.9
12.8
4.0

Insurance
Life Insurance cos.
Private pension funds
St.Sloe. govt. rtr. fnds
Other insurance cos.

21
22
23
24
25

26
27

5.9
-1.0

10.3
2.6

20.2
1.4

26.9
-7.1

-16.0
H

-4.6
-22.3

-29.5
1.6

-14.6
.6

-14.3
1.3

-5.5
-3.4

-16.0
1.1

Mutual funds
Brokers and dealers

26
27

Other sectors
Nonfin. corporate business
Foreign (1)
Commercial banking
Other insurance companies
REITs
Brokers and dealers




3
4
5
6
7
8
9

10

Mutual fund shares
Households
Nonfin. corp business
Life insurance companies
Private pension funds

11
12
13
14
15

Other corporate equities
Households
Foreign (2)
Commercial banking
Mutual savings banks

16
17
18
19
20

(1) Net purchases of foreign issues by U.S. residents.
(2) Net purchases of U.S. Issues by foreign residents.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION

1
2

JUNE 2, 1989
Mortsases - I

Mortsases - I
Mortgage Markets by Type of Mortgage
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

1
1

1987
IV

!

1988

I

II

III

1 1989
1
I

IV

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Total Mortgages

1 Net change in mortgages
2
Home mortgages
S
Multi-family residential
A
Commercial
5
Farm

82,917
59.020
5,160
19,828
-1,091

A7.652
31,069
A.86A
12,606
-887

86,290
71.37A
1,810
13,289
-183

80.251
61,660
3.201
16,173
-783

81,522
55.89A
6.359
19,517
-2A8

56,061
3A.701
5,523
16.AA9
-612

16A.8
116.6
9.9
2A.A
1A.0

132.7
95.3
7.5
19.2
10.7

109.1
72.A
A.7
22.2
9.7

88.2
53.A
5.3
25.3
A.l

187.8
120.A
1A.0
51.0
2.A

1
2
3
A
5

6 Borrowings by:
7
U.S. government
8
REITs

82,917
-1
193

A7.652
-35

86,290
1
2

80,251
-2
-2

81.522
-A
-A7

56,061
-1
16

16A.8
-.1
M

132.7
-.1
K

109.1
-.1
K

88.2
-.1
.1

187.8
-.1
K

6
7
8

82,725
60,168
572
21.985
-1,091
20,000
3,076

A7.687
38,073
569
9.0A5
-887
1A.000
-A,068

86,287
65,316
566
20.A05
-183
13,000
7,588

80,255
59,376
563
20,316
-783
17.000
A.099

81,573
56.51A
560
2A.A99
-2A8
17,313
7.A3A

56.0A6
A1.731
557
13,758
-612
17,399
-3,029

16A.9
117.6
1.5
A5.8
1A.0
A2.2
-10.A

132.9
95.5
1.9
35.5
10.7
A1.7
-16.9

109.2
73.2
2.3
33.7
9.7
19.3
A.7

88.2
A6.A
2.6
39.1
A.l
65.0
-30.0

187.9
116.A
2.5
69.0
2.A
63.0
3.6

9
10
11
12
13
IA
15

16 Funds advanced by:
17
Households
18
Nonfarm noncorp, business
19
St.&loc. govt. gen. funds

82,917
-1,176
832
1.A2A

A7.652
128
832
1.339

86,290
-2.57A
832
677

80,251
-535
832
255

81,522
-660
832
1,679

56,061
-339
832
68A

16A.8
13.6
2.9
6.5

132.7
17.9
1.2
9.8

109.1
10.9
8.1
7.7

88.2
9.7
A.6
5.2

187.8
.7
A.3
7.9

16
17
18
19

20
21
22

U.S. government
Sponsored credit agencies(l)
Mortgage pools

303
898
25,353

101
A, 087
13.77A

-688
3,253
21.97A

-916
-531
28.757

A51
2,092
28.085

-28A
-587
28,797

6.6
1A.A
23.1

7.5
1A.2
19.2

A.9
12.6
15.0

2.A
1A.1
A9.5

23
2A
25
26
27
28

Private finan. institutions
Commercial banking
Savings institutions
S&L associations (1)
Mutual savings banks
Credit unions

55,283
23,821
2A.529
17.08A
5,195
2,250

27,391
13.33A
13.0A3
7,683
3,712
1.6A8

62,816
23,718
25.31A
16.AA9
6,322
2.5A3

52,389
21,027
31,039
22,653
5.A78
2,908

A9.0A3
19,605
19,993
13.72A
3,971
2,298

26,958
1A.0A6
11.793
7.562
3,000
1,231

97.7
30.6
A8.2
AA.O
3.6
.6

63.0
17.5
29.6
28.3
.6
.7

A9.8
21.6
17.1
17.7
-.A
-.2

2.6
16.0
-2A.5
-21.8
-2.5
-.2

96.8
29.2
53.5
A7.1
3.6
2.8

23
2A
25
26
27
28

7.AA6
8,112
-706
-77
117
-1,003
A90

2,673
2.AA0
133
117
-17
-1,961
302

6.0A3
6,055
-132
189
-69
7,701
AO

A.68A
A. 757
53
-51
-75
-A,903
5A2

6.91A
7.012
-25
17
-90
2,538
-7

2.192
1.985
2A9
25
-67
-1.23A
161

1A.0
12.3
.A
1.0
.3
5.8
-1.0

1A.7
12.7
.A
1.3
.3
1.9
-.7

9.0
6.7
.3
1.6
.A
3.2
-1.1

7.0
A.2
1.3
1.3
.3
A.l
M

11.3
9.0
.7
.9
.7
2.7
.1

29
30
31
32
33
3A
35

6,727

11,219

11,002

9.2

7.1

16.2

.8

9
10
11
12
13
IA
15

29
30
31
32
33
3A
35

Private nonfinancial sectors
Households
Nonprofit institutions
Nonfinancial business
Farms
Nonfarm noncorporate
Corporate

Insurance
Life insurance companies
Private pension funds
St.&loc. govt. rtr.funds
Other Insurance cos.
Finance companies
REITs

36 (1) Memo: FHLB loans to saving
12.968 -3,552
5,329
associations (included in "other loans" category)

Home Mortgages

1.2 20
10.A 21
66 .A 22

-7.0 36

(1)

1 Net borrowing
2
Households
3
Nonfarm noncorp, business
A
Nonfin. corporate business

59,020
60,168
-57A
-57A

31,069
38,073
-3,502
-3,502

71.37A
65,316
3,029
3,029

61,660
59.376
1.1A2
1,1A2

55.89A
56.51A
-310
-310

3A.701
A1.731
-3,515
-3,515

116.6
117.6
-.5
-.5

95.3
95.5
.9
-1.1

72.A
73.2
.6
-l.A

53.A
A6.A
6.5
.5

120.A
116.A
A.O
K

1
2
3
A

5 Net change ln assets
6
Households
7
Nonfarm noncorp, business
8
State and local governments

59,020
-1,61A
125
1,027

31,069
-110
125
939

71,37A
-2.82A
125
18A

61,660
-122
125
1

55.89A
-1,750
125
1,362

3A.701
-1.357
125
600

116.6
8.0
.7
A.7

95.3
15.0
.A
7.9

72.A
13.5
2.8
5.8

53.A
11.0
2.0
3.0

120.A
-.1
1.6
5.2

5
6
7
8

9
10
11
12

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

163
1,578
2A.837
12,122

67
A.AA8
12,A36
A.A8A

18
3.A28
21,183
1A,669

-85
-32A
27.2A9
10,689

29A
2.1AA
26.51A
7.16A

-131
-A2
25.975
2.72A

2.3
9.2
21.8
20.0

2.7
7.6
18.7
11.0

2.A
5.1
1A.3
9.9

1.5
10.3
A9.3
2.7

13
IA
15
16

Savings institutions
Savings and loan assns.
Mutual savings banks
Credit unions

21,233
16,19A
2,789
2,250

10,007
6,285
2,07A
1.6A8

26.A68
17,375
6,550
2,5A3

28,616
22,067
3.6A1
2,908

17.188
12,606
2.28A
2,298

7.835
5.970
63A
1,231

A2.8
39.A
2.8
.6

28.0
26.2
1.1
.7

15.9
15.8
.3
-.2

-30.9
-28.9
-1.8
-.2

30.0
22.1
5.1
2.8

13
IA
15
16

17
18
19
20

Insurance
Life insurance companies
Private pension funds
St.&loc. govt. rtr. funds

387
A8A
-199
102

5A8
A27
15
106

531
519
-13
25

552
7A5
-20
-173

333
367
-A
-30

78
37
A1
-

2.3
1.7
.3
.3

2.5
1.8
.2
.A

-.A
-.7
.1
.3

.5
-.5
.9
.1

-2.8
-l.A
-l.A
«

17
18
19
20

21
22

Finance companies
REITs

-862
2A

-1,887
12

7,587
5

-5,068
27

2,520
-

-1.11A
8

5.1
-.2

1.6
-.1

3.2
-.1

A.l
M

(1) 1-A family

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




.7 9
9.A 10
65.2 11
8.7 12

2.7 21
K 22

JUNE 2» 1989
Mortsases - I

Mortsases - I

A- 7

Mortsase Markets by Type of Mortsase
SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS. $ BILLIONS
1986
1987
1985

1988

1
1

1987
IV

1
1

II

I

1988

III

IV

1 1989
1
I

Total Mortsases
1
2
3
4
5

223.1
136.7
25.2
62.4
-1.2

242.2
156.8
29.7
62.3
-6.6

316.4
218.7
33.5
73.7
-9.5

324.9
234.9
24.6
71.9
-6.4

295.7
220.0
16.2
61.6
-2.1

316.1
222.8
16.4
78.8
-1.9

234.5
169.6
23.8
47.2
-6.1

326.3
270.7
4.2
52.7
-1.4

315.0
231.9
16.0
69.4
-2.4

307.1
207.8
20.8
77.0
1.5

270.4 Net chanse in mortsases
Home mortsases
187.4
Multi-family residential
26.6
Commercial
61.6
Farm
-5.2

1
2
3
4
5

6
7
8

223.1
-.1
.4

242.2
-.1
.1

316.4

324.9

295.7

316.1

315.0

.8

*

M
M

307.1

-.1

234.5
-.1

326.3

.4

M

.1

270.4 Borrowings by:
a U.S. government
REITs
.1

6
7
8

9
10
11
12
13
14
15

222.8
134.7
2.5
85.6
-1.2
84.2
2.7

242.2
153.3
2.4
86.5
-6.6
103.0
-9.9

316.3
214.8
2.4
99.2
-9.5
80.3
28.4

324.5
232.9
2.3
89.3
-6.4
80.0
15.7

295.8
219.3
2.3
74.3
-2.1
61.3
15.1

315.3
220.9
2.3
92.1
-1.9
80.0
14.0

234.6
170.1
2.3
62.2
-6.1
56.0
12.4

326.3
271.0
2.3
53.0
-1.4
52.0
2.4

315.0
232.6
2.3
80.2
-2.4
68.0
14.5

307.3
203.8
2.2
101.3
1.5
69.3
30.5

270.3
186.6
2.2
81.5
-5.2
69.6
17.1

16
17
18
19

223.1
1.5
10.0
10.2

242.2
3.1
4.7
9.8

316.4
1.7
3.9
11.8

324.9
-1.6
3.3
8.7

295.7
-3.6
3.3
4.0

316.1
1.7
3.3
5.7

234.5
-7.1
3.3
5.4

326.3
-13.2
3.3
2.7

315.0
2.5
3.3
1.0

307.1
3.3
3.3
6.7

270.4 Funds advanced by:
-8.7
Households
Nonfarm noncorp. business
3.3
St.Sloe. govt. gen. funds
2.7

20
21
22

.5
12.3
44.4

1.8
9.2
79.9

.5
-9.7
173.1

-5.3
-5.0
156.4

-1.1
8.9
92.6

.7
3.6
95.9

.5
16.3
63.4

-2.8
13.0
92.4

-3.4
-2.1
107.8

1.5
8.4
106.7

-1.1
-2.3
124.0

U.S. government
20
Sponsored credit agencles(l) 21
Mortgage pools
22

23
24
25
26
27
28

144.1
44.6
86.6
77.5
6.9
2.2

133.7
49.7
58.5
47.8
7.6
3.2

135.0
70.1
26.1
10.7
8.5
6.9

168.4
86.2
65.5
35.3
19.7
10.6

191.6
77.7
89.4
60.5
19.5
9.4

205.2
96.0
96.1
66.9
19.8
9.5

152.6
59.4
75.0
51.6
16.7
6.7

230.9
92.5
91.6
56.2
25.0
10.3

205.8
79.5
114.5
82.1
21.5
10.9

177.2
79.3
76.5
52.1
14.7
9.6

152.4
62.0
70.5
51.5
14.0
5.0

Private finan. institutions
Commercial banking
Savinss institutions
SSL associations (1)
Mutual savinss banks
Credit unions

29
30
31
32
33
34
35

6.7
5.7
.1
.6
.4
5.4
.8

16.3
15.1
.4
.1
.7
6.8
2.4

23.1
22.0
-.2
.3
.9
15.8

20.3
20.3

N

17.8
18.5
-1.2
-.2
.6
-2.1
1.0

.3
-.3
3.4
.9

18.4
20.8
-2.6
-.3
.5
-7.3
2.0

19.3
19.1
-.2
.5
-.1
-2.3
1.2

21.9
22.1
-.7
.8
-.3
24.7
.2

24.7
24.3
.8
-.2
-.3
-15.0
2.2

15.4
15.6
.1
.1
-.4
6.1

18.1
18.0
.2
.1
-.3
1.2
.6

36

15.7

14.2

19.8

24.4

19.7

44.9

5.4

10.1

Home Mortsases

(1)

K

a

«

N

M

H

-.2

a

Private nonfinancial sectors
Households
Nonprofit institutions
Nonfinancial business
Farms
Nonfarm noncorporate
Corporate

Insurance
Life insurance companies
Private pension funds
St.&loc. govt. rtr.funds
Other insurance cos.
Finance companies
REITs

9
10
11
12
13
14
15

16
17
18
19

23
24
25
26
27
28

29
30
31
32
33
34
35

64.4 (1) Memo: FHLB loans to saving 36
26.6
36.8
associations (included in "other loans" category).

1
2
3
4

136.7
134.7
2.0

K

156.8
153.3
3.8
-.3

218.7
214.8
2.0
2.0

234.9
232.9
1.0
1.0

220.0
219.3
.4
.4

222.8
220.9
.9
.9

169.6
170.1
-.3
-.3

270.7
271.0
-.2
-.2

231.9
232.6
-.3
-.3

207.8
203.8
2.0
2.0

187.4 Net borrowing
Households
186.6
Nonfarm noncorp. business
.4
Nonfin. corporate business
.4

1
2
3
4

5
6
7
8

136.7
4.9
3.3
5.4

156.8
3.8
.6
5.9

218.7

2.2
3.9

234.9
-6.5
.5
1.2

220.0
-4.8
.5
2.5

222.8
-11.7
.5
4.1

169.6
7.3
.5
3.8

270.7
-17.3
.5
.7

231.9
4.2
.5
*

207.8
-13.4
.5
5.4

187.4 Net chanse in assets
Households
4.4
Nonfarm noncorp. business
.5
State and local governments
2.4

5
6
7
8

9
10
11
12

.6
11.2
43.4
12.9

.9
11.7
78.6
17.3

-.7
-3.4
168.2
20.0

-3.3
.1
151.9
37.4

.3
9.7
87.4
37.0

.7
5.8
93.3
49.1

.3
18.5
58.2
24.6

.1
13.8
89.4
56.6

-.3
-1.6
101.9
37.2

1.2
8.0
100.0
29.6

-.5
.7
112.9
17.5

13
14
15
16

50.9
45.4
3.3
2.2

33.7
26.1
4.4
3.2

13.5
.5
6.1
6.9

55.5
32.9
12.0
10.6

82.3
58.3
14.5
9.4

86.6
65.9
11.2
9.5

55.8
40.7
8.3
6.7

100.3
63.7
26.2
10.3

103.6
78.2
14.6
10.9

69.5
50.7
9.1
9.6

47.0
39.5
2.5
5.0

17
18
19
20

-.7
-1.2
.6
-.1

-2.1
-1.7
-.3
-.1

.4
.2
-.6

-.7
.4
-1.4
.3

2.0
2.1
*
-.1

1.1
1.5
-.8
.4

2.6
2.1
.1
.4

2.4
2.4
-.1
.1

1.9
2.7
-.1
-.7

.9
1.0

M

-.1

.8
.6
.2
-

21
22

4.6

6.5
.1

14.9

-1.2

3.2

-6.7
.1

-2.0

24.2

-15.7
.1

6.0
-

1.7
*

M

K

»

M

H

K

H

N

U.S. sovernment
Spons. credit agencies
Mortgage pools
Commercial banking

9
10
11
12

Savings institutions
Savings and loan assns.
Mutual savings banks
Credit unions

13
14
15
16

Insurance
Life insurance companies
Private pension funds
St.&loc. govt. rtr. funds

17
18
19
20

Finance companies
REITs

21
22

(1) 1-4 family
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




JUNE 2, 1989
Mortgages - II

Mortgages - II

Mortgage Markets (Continued)
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
I
1

1987
IV

i
1

I

II

1988

III

I 1989
1
I

IV

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

1979

Multi--Family Residential Mortgages
1 Net borrowing
2
Nonfarm noncorp, business
3
Nonfin. corporate business
4
REITs
5
U.S. government

5,160
4,863
234
64
-1

4,864
4,581
295
-12

1,810
1,611
197
1
1

3,201
2,927
277
-1
-2

6,359
6,163
216
-16
-4

5,523
5,272
247
5
-1

9.9
7.6
2.4

7.5
6.6
1.0

-.1

6 Net change ln assets
7
Households
8
Nonfarm noncorp, business
9
State and local governments

5,160
397
200
133

4.864
234
200
209

1,810
-28
200
201

3,201
125
200
215

6,359
425
200
468

5,523
197
200
-66

5.3
12.1
-6.6

14.0
17.3
-3.2

-.1

4.7
6.1
-1.2
*
-.1

-.1

-.1

1
2
3
4
5

9.9
1.6
.5
1.4

7.5
.9
.2
1.5

4.7
-1.5
1.6
1.2

5.3
-.4
1.0
1.4

14.0
.3
1.1
2.4

6
7
8
9

-.3
-.1
1.2
1.9

10
11
12
13

K

M

K

10
11
12
13

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

266
72
520
1,148

96
171
1,350
425

-236
313
798
431

256
247
1,509
-333

218
372
1,572
195

187
258
2,824
-48

1.1
.2
1.2
.9

1.9
.2
.7
1.7

1.0
-.1
.9
2.1

-.3
-.1
.4
1.4

14
15
16

Savings institutions
Savings and loan assns.
Mutual savings banks

1,968
583
1,385

1,908
1,200
708

-357
-527
170

638
633
5

2,670
1,448
1,222

1,786
697
1,089

2.1
1.5
.6

M

.6
-.6

-.7
-.4
-.2

1.6
2.3
-.7

7.0 14
8.9 15
-1.9 16

17
18
19

Life insurance companies
Private pension funds
St.Slocal govt. rtr. funds

556
-118
-114

199
31
-57

298
33
-31

118
-104
-40

423
-5
-44

211
46
-

.2

.3
-.2
.5

-.2

-.4

.6

.9

.6

.3 17
M 18
.6 19

20
21

Finance companies
REITs

-15
147

94
4

90
98

207
163

-133
-2

-120
48

.3
-.2

.2
-.3

-.1
-.3

.1

H

M

M

N

-.4 20
.1 21

Commercial Mortgages

1 Net borrowing
2
Households
Nonfarm noncorp, business
3
4
Nonfin. corporate business
5
REITs

19,828
572
15,711
3,416
129

12,606
569
12.921
-861
-23

13,289
566
8,360
4,362
1

16,173
563
12,931
2.680
-I

19,517
560
11,460
7,528
-31

16,449
557
15,642
239
11

24.4
1.5
35.2
-12.3

19.2
1.9
34.2
-16.9
*

22.2
2.3
12.6
7.3
M

25.3
2.6
46.4
-23.8
.1

6 Net change in assets
7
Households
8
Nonfarm noncorp, business
9
State and local governments
10
U.S. government
Commercial banking
11

19,828
354
500
256
11
10,265

12,606
210
500
192
37
8.231

13,289
330
500
296
-352
8,065

16,173
-274
500
40
-988
10,456

19,517
731
500
-149
43
12.168

16,449
948
500
151
-242
11,045

24.4
-.5
1.6
.2
.8
9.7

19.2
.3
.6
.2
1.2
4.8

22.2
-2.4
3.5
.5
1.0
9.8

25.3
-.9
1.5
.9
.7
11.8

51.0 6
.4 7
1.8 8
.4 9
.4 10
17.7 11

M

51.0
2.5
41.7
6.8
H

1
2
3
4
5

12
13
14

Savings institutions
Savings and loan assns.
Mutual savings banks

1,328
307
1,021

1.128
198
930

-797
-399
-398

1,785
-47
1,832

135
-330
465

2,172
895
1,277

3.3
3.1
.2

1.6
1.5
N

1.9
2.4
-.6

4.9
4.9

16.6 12
16.1 13
.5 14

15
16
17
18

Life insurance companies
Private pension funds
St.&local 9ovt. rtr. funds
Other insurance companies

7,258
-389
-65
117

2,052
87
68
-17

5,312
-152
195
-69

4,080
177
162
-75

5,958
-16
91
-90

1,650
162
25
-67

8.7
.1
.2
.3

9.7
.4
.3
.3

7.5
.3
.4
.4

5.4
.4
.5
.3

10.3
2.0
.3
.7

19
20

Finance companies
REITs

-126
319

-168
286

24
-63

-42
352

151
-5

105

.5
-.5

.1
-.4

.2
-.6

-.1
-.1

«

15
16
17
18

.4 19
M 20

Farm Mortgages
1 Net borrowing

-1,091

-887

-183

-783

-248

-612

14.0

10.7

9.7

4.1

2.4

1

2 Net change ln assets
3
Households
4
Nonfarm noncorp, business
5
State and local governments

-1,091
-313
7

-183
-52
7
-4

-783
-264
7
-1

-248
-66
7
-2

-612
-127
7
-1

14.0
4.6

10.7
1.7

.2

.3

9.7
1.4
.1
.1

4.1
*
.1

2.4
.2
-.1

8

-887
-206
7
-1

2
3
4
5

1.8
6.4
-.2

.6
7.7
-.1

.5
3.9
-.2

.4
1.1

6
7
8

-.2
.1
-

-.3
-

M

M

6
7
8

U.S. government
Sponsored credit agencies
Mortgage pools

-137
-752
-4

-99
-532
-12

-118
-488
-7

-99
-454
-1

-104
-424
-1

-98
-803
-2

2.3
5.1
.1

9
10
11
12

Commercial banks
Mutual savings banks
Life insurance companies
St.Slocal govt. rtr. funds

286
-186
-

194
-238
-

553
-74
-

215
-186
-

78
264
-

325
87
-

.1

M

M
K

1.6

.8

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




K

»

K

M
K

M

M

1.0 9
- 10
-.1 11
« 12

JUNE 2. 1989
Mortgages - II

Mortgages - II

Mortgage Markets (Continued)

49

SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS. $ BILLIONS
1986
1987
1985

1988

1
1

1987
IV

1
1

II

I

1988

1 1989
1
I

IV

III

Multi-Family Residential Mortgages
16.2
15.3
1.0

«

24.6
23.7
.7
.1

M

16.4
15.2
.9
.3

N

n

k

k

29.7
2.6
.7
3.2

33.5
2.5
1.0
7.0

24.6
3.2
.8
7.0

16.2
.8
.8
1.1

16.4
-1.4
.8
.5

-.7
.9
1.1
2.1

1.9
1.5
3.1

.7
.3
5.1
7.4

.4
-.3
4.5
4.1

.3
1.1
5.2
.7

14
15
16

14.4
13.7
.7

14.5
13.1
1.3

7.2
5.8
1.5

4.8
2.7
2.2

17
18
19

-.2
.2
.1

1.0
.7

1.1
.4
*

1.6
-.5
-.4

20
21

N

.4

.2
.4

.7

-1.0
.3

1
2
3
4
5

25.2
27.0
-1.8
.1
-.1

29.7
33.9
-4.1
ft
-.1

33.5
33.0
.5

6
7
8
9

25.2
.4
2.0
4.5

10
11
12
13

m

k

23.8
22.7
1.2

4.2
3.4
.8

m

«

16.0
14.9
1.1

26.6 Net borrowing
Nonfarm noncorp. business
25.6
Nonfin. corporate business
1.0
«
REITs
U.S. government

1
2
3
4
5

26.6 Net change in assets
Households
4.8
Nonfarm noncorp. business
.8
-.3
State and local governments

6
7
8
9

ft

*

20.8
20.0
.9
-.1
*

23.8
4.7
.8
.8

4.2
-2.6
.8
.8

16.0
2.6
.8
.9

20.8
-1.8
.8
1.9

.6
.3
2.1
4.6

.5
.7
5.4
1.7

-1.0
1.3
3.2
1.7

1.3
1.0
6.0
-1.3

.6
1.5
6.3
.8

.8
1.0
11.3
-.2

4.9
2.8
2.1

7.9
2.3
5.5

7.6
4.8
2.8

-1.4
-2.1
.7

2.6
2.5
*

10.7
5.8
4.9

1.0

1.4
-.5
-.5

1.3
.1
-.2

.7
.1
-.1

1.3
-.4
-.2

.9

-.2

-.2

.3
.3

-.1
.6

.4
*

.4
.4

.8
.7

-.5

69.4
2.3
53.4
13.7

61.6 Net borrowing
Households
2.2
43.6
Nonfarm noncorp. business
15.7
Nonfin. corporate business
«
REITs

1
2
3
4
5

61.6 Net change in assets
Households
-15.1
Nonfarm noncorp. business
2.0
.6
State and local governments
U.S. government
-1.0
Commercial banking
43.4

6
7
8
9
10
11

«

-

M

k

h

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

10
11
12
13

7.1
2.8
4.4

Savings Institutions
Savings and loan assns.
Mutual savings banks

14
15
16

1.4
.2
-

Life insurance companies
Private pension funds
St.&local govt. rtr. funds

17
18
19

-.5
.2

Finance companies
REITs

20
21

Commercial Mortgages

1
2
3
4
5

62.4
2.5
55.2
4.5
.3

62.3
2.4
65.3
-5.5
*

73.7
2.4
45.3
25.9
.1

71.9
2.3
55.3
14.0
.3

61.6
2.3
45.7
13.7
-.1

78.8
2.3
63.9
12.1
.5

47.2
2.3
33.6
11.5
-.1

52.7
2.3
48.7
1.8
k

k

77.0
2.2
47.2
27.7
-.1

6
7
8
9
10
11

62.4
-.9
4.4
.3

73.7
2.9
.7
.7
.2
41.3

71.9
3.4
2.0
.6
-1.8
43.0

61.6
1.0
2.0
.4
-1.3
38.9

78.8
15.0
2.0
1.0

28.8

62.3
-.1
3.4
.7
.3
28.1

40.9

47.2
-16.1
2.0
.8
.1
32.4

52.7
6.1
2.0
1.2
-1.4
32.4

69.4
-3.7
2.0
.2
-4.0
42.6

77.0
17.7
2.0
-.6
.2
48.3

12
13
14

21.3
18.3
2.9

10.3
8.6
1.7

5.3
4.5
.8

5.2
-.3
5.5

2.3
-.6
2.8

1.7
-1.3
3.1

11.6
6.0
5.5

-7.2
-5.4
-1.8

8.3
1.4
6.9

-3.7
-4.3
.7

16.3
9.2
7.1

Savings institutions
Savings and loan assns.
Mutual savings banks

12
13
14

15
16
17
18

7.3
-.7
.6
.4

16.5
.2
.7

21.4
-.8
.8
.9

17.6
.7
-.1
.6

17.4
.1
.5
-.3

18.5
-1.4
-.3
.5

16.1
-.3
.3
-.1

20.1
-.7
.8
-.3

21.0
1.3
.6
-.3

12.4
.1
.4
-.4

15.2
-.1
.1
-.3

Life insurance companies
Private pension funds
St.&local govt. rtr. funds
Other insurance companies

15
16
17
18

19
20

.7
.4

.1
1.9

.2
*

.1
.7

.6

-.5
1.3

-.7
1.1

.1
-.3

-.2
1.4

.6

Finance companies
REITs

19
20

«

k

k

m

.4

Farm Mortgages

1

-1.2

-6.6

-9.5

-6.4

-2.1

-1.9 ,

-6.1

-1.4

-2.4

1.5

-5.2 Net borrowing

1

2
3
4
5

-1.2
-2.9
.3

-6.6
-3.2
ft
w

-9.5
-3.8

-6.4
-1.7
ft
*

-2.1
-.6

-1.9
-.3

-6.1
-3.0

-1.4
.5

-2.4
-.6

1.5
.8

m
h

k
N

k
m

m
k

ft

ft

-5.2 Net change in assets
-2.8
Households
»
Nonfarm noncorp. business
m
State and local governments

2
3
4
5

6
7
8

.5
.3

.6
-4.5
-.2

.3
-6.5
-.2

-.5
-4.8

-.4
-1.9
N

-.5
-2.5
.4

-.4
-2.9
-.2

-.5
-2.1
-.2

-.4
-1.5
-.1

-.4
-1.2
.4

-.4
-4.0
-.2

1.2
.1
-.6
-

k

m

-.9
-

-1.0
-

1.0
-.2
-

1.5
-.6
-

.7
-.4
-

1.8
-1.0
-

1.0
-.7
-

.6
1.3
-

1.3
.9
-

9
10
11
12

N

m

.9
m

-.3
-

»

.2

1.4

m

1.7

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




k

U.S. government
Sponsored credit agencies
Mortgage pools

6
7
8

Commercial banks
Mutual savings banks
Life insurance companies
St.&local govt. rtr. funds

9
10
11
12

JUNE 2, 1989
Consumer Credit and Bank Loans N.E.C.

Consumer Credit and Bank Loans N.E.C.

Consumer Credit and Bank Loans Not Elsewhere Classified

50

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
I
1

1987
IV

I
1

1988

I

II

III

IV

I 1989
1
I

1979

ANNUAL FLOWS, S BILLIONS
1980
1981
1983
1982

Consumer Credit
1 Net change ln liabilities (HH)
Installment credit
Noninstallment credit

17,864
14,225
3,639

-3.766
-1,660
-2,106

16,880
17,980
-1.100

15,385
17,248
-1,863

22,567
19,603
2,964

-5,111
-1,622
-3,489

AO.5
35.6
A.9

2.6
1.7
.9

16.9
13.5
3.4

16.4
14.8
1.6

49.0
AA.l
4.9

4 Net change in assets
5
Installment credit
6
Nonfarm noncorp, business
7
Nonfin. corporate business
8
Commercial banking
9
Savings and loan assns.
10
Mutual savings banks
11
Credit unions
12
Finance companies

17,864
14,225
36A
1,826
6,082
1,888
-200
1.250
3.015

-3,766
-1,660
-25A
-1,596
2,230
1,378
-1,420
52
-2,050

16,880
17,980
11
276
10,505
2,216
-100
2.057
3,015

15.385
17,248
8
199
12,306
591
-600
2,792
1,952

22,567
19,603
A07
2,168
11,736
631
-350
1,202
3,809

-5,111
-1,622
-218
-5,439
-996
258
269
4,504

AO.5
35.6
«
.5
18.2
1.0
.3
2.2
13.A

2.6
1.7
-.1
M
-7.2
3.5
.9
-2.5
7.1

16.9
13.5
.2
.9
.6
.4
.1
1.9
9.A

16.4
14.8
.1
*
4.9
2.2
.6
1.3
5.8

49.0 A
AA.l 5
.3 6
2.0 7
19.5 8
A.l
9
1.0 10
6.2 11
11.0 12

3.639
163
652
3,083
-105
-15A

-2,106
-160
-6A2
-1,019
-859
57A

-1,100
-20
-78
-881
A97
-618

-1,863
35
1A2
-1,774
-212
-5A

2,964
5A2
2,169
505
-200
-52

-3,489
-296
-1,184
-1,842
-450
283

A.9
.2
.6
1.7
2.7
-.3

.9
.1
.3
1.0
-1.0
.5

3.4
-.1
-.6
3.4
.1
.6

1.6
K
-.1
1.9
-.3
«

4.9
.3
l.A
3.2
1.7
-1.9

13
14
15
16
17
18

2

3

13
14
15
16
17
18

Noninstallment credit
Nonfarm noncorp, business
Nonfin. corporate business
Commercial banking
Savings and loan assns.
Mutual savings banks

1

2
3

Bank Loans Not Elsewhere Classified

Total loans by commercial
banking, Flow of Funds basis
1

45,368

17,308

52,632

32,010

46,328

29,230

103.9

61.1

83.9

69.8

81.9

1

23,821
9,165
-6,417
3,792
15,007

13,334
1,211
4,255
-3,181
1,689

23,718
9,624
-2,768
-212
22,270

21,027
10,532
-374
1,136
-311

19,605
12,241
-1,591
629
15,444

14,046
-2,838
6,838
1,997
9.187

30.6
19.9
-.9
2.2
52.1

17.5
-6.2
.8
1.8
47.2

21.6
4.0
5.3
.8
52.3

16.0
6.7
*
.3
46.7

29.2
22.7
2.4
.8
26.7

2
3
4
5
6

8,298
310
6,399

71
822
796

13,634
-392
9,028

1,065
231
-1,607

3,747
95
11.602

1,322
105
7,760

38.6
.3
13.2

32.2
-.5
15.5

46.1
.3
5.8

47.6
-1.0
.2

27.5
-.4
-.4

7
8
9

10 + Loans by F.R. banks
11 = Total bank loans n.e.c.

15,007

1,689

22,270

-311

15,444

9,187

52.1

47.2

52.3

46.7

10
26.7 11

12 Net change in liabilities
13
Nonfinancial sectors
14
Households
15
Farm business
16
Nonfarm noncorp, business
17
Corporate business

15,007
16,414
1,193
-1,589
3,962
13,728

1,689
10,777
-4,022
-947
930
15,324

22,270
19,617
989
2,187
3,943
12.898

-311
1,115
-568
482
1,137
-207

15,444
14,144
710
-958
2,048
13,551

9,187
12,837
1,772
-877
959
11,368

52.1
51.6
2.6
2.8
13.2
29.9

47.2
48.3
5.3
.5
6.5
24.2

52.3
51.1
6.0
1.4
14.2
26.5

46.7
44.9
2.6
3.2
2.5
42.1

26.7
26.8
3.6
2.8
7.5
9.2

12
13
14
15
16
17

271
604
24
-357

-1,207
-412
-299
-496

-385
17
193
-595

3.1
2.1
-4.1
5.0

11.8
4.5
4.7
2.6

3.0
.8
-4.5
6.7

-5.5
N
.7
-6.2

3.6
3.0
-.9
1.5

18
19
20
21

1,300
-1,426
9,775
4,045
-5,067 -10,012
-404
1,537

-3,650
999
-4,845
196

.5
2.0
-1.2
-.2

-1.0
-.1
-.9
-.1

1.2
-.2
1.0
.5

1.9
1.5
.3
.1

-.1
5.0
-4.9
-.2

22
23
24
25

Loans elsewhere classified:
2
Mortgages
3
Consumer credit
A
Security credit
5
Open-market paper
6 = Banking sector total bank
loans n.e.c.
7
U.S. chartered banks
8
Domestic affiliates
Foreign banking off. in US
9

18
19
20
21

Foreign
Official institutions
Banks
Other

-880
-650
-520
290

-508
-312
-69
-127

-400
-384
292
-308

22
23
24
25

Financial sectors
Savings and loan assns.
Finance companies
REITs

-1,407
932
-2,233
-106

-9,088
-138
-9,054
104

2,653
2,936
-595
312

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




JUNE 2, 1989
Consumer Credit and Bank Loans N.E.C

Consumer Credit and Bank Loans N.E.C
Consumer Credit and Bank Loans Not Elsewhere Classified

51

SEASONALLY ADJUSTEO ANNUAL RATES

1984

ANNUAL FLOWS, $ BILLIONS
1985
1987
1986

SEASONALLY ADJUSTED ANNUAL RATES
1988

1
1

1987
IV

1988

1
1

I

II

III

IV

1 1989
1
I

Consumer Credit
1
2
3

81.6
75.0
6.6

82.5
77.0
5.5

58.0
55.0
3.0

32.9
36.7
-3.8

51.1
53.2
-2.1

56.5
44.3
12.2

38.6
44.6
-5.9

57.5
61.6
-4.1

31.8
39.7
-7.9

76.3
66.7
9.5

34.9 Net change in liabilities (HH)
Installment credit
46.4
Noninstallment credit
-11.4

4
5
6
7
8
9
10
11
12

81.6
75.0
.2
1.3
39.6
10.1
2.5
12.7
8.6

82.5
77.0
.1
.8
33.4
11.0
1.9
6.6
23.1

58.0
55.0
K
-1.1
21.8
6.1
.7
4.4
23.1

32.9
36.7
.1
1.0
20.3
5.5
-1.7
3.9
7.5

51.1
53.2
.2
1.0
36.8
4.8
-2.5
6.1
6.7

56.5
44.3
.3
6.0
16.3
6.7
-1.0
4.5
11.4

38.6
44.6
K
-8.1
32.6
7.8
-5.2
6.2
11.4

57.5
61.6
K
9.1
35.4
5.6
-1.0
6.5
5.9

31.8
39.7
.2
-3.8
39.9
4.3
-2.1
7.5
-6.3

76.3
66.7
.5
7.0
39.2
1.6
-1.6
4.3
15.9

4
34.9 Net change ln assets
46.4
Installment credit
5
Nonfarm noncorp. business
6
.1
Nonfin. corporate business 7
-23.9
Commercial banking
20.4
8
Savings and loan assns.
9
3.5
Mutual savings banks
10
.5
Credit unions
7.4
11
Finance companies
12
38.3

13
14
15
16
17
18

6.6
.2
.7
5.6
-1.5
1.7

5.5
.2
.8
4.0
-.2
.7

3.0
.3
1.2
3.0
-.5
-1.0

-3.8
.4
1.4
-4.2
.1
-1.6

-2.1
.4
1.6
-3.2
-.8
-.2

12.2
.3
1.3
12.3
.2
-2.0

-5.9
-.2
-1.0
-4.1
-2.9
2.3

-4.1
-.1
-.6
-3.5
2.5
-2.3

-7.9
.1
.5
-7.1
-2.5
1.1

9.5
1.9
7.4
2.0
-.1
-1.6

-11.4
-.8
-3.1
-7.4
-1.3
1.2

Noninstallment credit
Nonfarm noncorp. business
Nonfin. corporal 4 business
Commercial bank*ng
Savings and lou. usns.
Mutual saving:, banks

13
14
15
16
17
18

125.5

164.7

162.4

Total loans by commercial
banking, Flow of Funds basis

1

1
2
3

Bank Loans Not Elsewhere Classified

1

155.3

134.0

156.1

102.9

148.3

155.7

117.5

185.4

Loans elsewhere classified:
Mortgages
Consumer credit
Security credit
Open-market paper
Banking sector total bank
loans n.e.c.
U.S. chartered banks
Domestic affiliates
Foreign banking off. in US

2
3
4
5
6

44.6
45.2
5.8
-1.4
61.1

49.7
37.5
11.0
-2.5
38.3

70.1
24.8
-5.8
-.9
67.9

86.2
16.2
-5.3
2.0
3.8

77.7
33.6
-.5
-1.6
39.1

96.0
28.7
-38.1
10.7
58.4

59.4
28.5
29.2
-8.2
8.6

92.5
31.9
-13.6
-3.0
77.6

79.5
32.8
.6
7.6
5.0

79.3
41.2
-18.1
-3.0
65.3

62.0
13.0
39.3
13.0
35.1

7
8
9

55.4
.1
5.7

28.5
-.6
10.5

46.4
-.3
21.9

-14.5
.6
17.8

18.5
.8
19.8

45.0
1.2
12.1

-11.1
3.3
16.3

42.1
-1.6
37.1

10.1
.9
-6.1

33.0
.4
31.9

-10.6
.4
45.3

10
11

61.1

38.3

67.9

3.8

39.1

58.4

8.6

77.6

5.0

65.3

♦ Loans by F.R. banks
35.1 s Total bank loans n.e.c.

10
11

12
13
14
15
16
17

61.1
60.5
-.4
1.0
20.8
45.7

38.3
35.8
6.9
-4.4
14.2
21.9

67.9
63.9
9.6
-4.3
11.7
47.9

3.8
7.1
-2.3
-2.2
10.7
4.6

39.1
45.7
-2.9
.8
8.1
41.6

58.4
69.1
-3.3
-.4
15.8
63.0

8.6
35.4
-1.6
-.5
3.7
33.1

77.6
68.9
-4.0
.8
15.8
59.8

5.0
13.6
-1.1
.4
4.5
6.8

65.3
64.7
-4.9
2.3
8.2
66.5

35.1 Net change in liabilities
39.7
Nonfinancial sectors
21.5
Households
Farm business
.1
Nonfarm noncorp. business
3.8
12.8
Corporate business

12
13
14
15
16
17

18
19
20
21

-6.6
-.9
-3.1
-2.6

-2.8
-1.4
-1.3
-.1

-1.0
N
1.0
-2.1

-3.6
-.9
-2.8
.1

-1.8
-.5
-.1
-1.3

-6.1
-2.6
-4.1
.6

.7
-1.2
3.5
-1.6

-3.5
-1.5
-2.6
.7

2.9
2.4
2.1
-1.7

-7.4
-1.6
-3.2
-2.6

1.5
.1
4.8
-3.4

Foreign
Official institutions
Banks
Other

18
19
20
21

22
23
24
25

.7
5.8
-5.2
.1

2.6
4.5
-2.2
.2

4.0
6.4
-2.6
.3

-3.3
6.4
-9.3
-.4

-6.6
16.6
-24.7
1.5

-10.7
2.8
-13.1
-.4

-26.8
-27.2
.4

8.7
.6
6.8
1.2

-8.6
28.0
-35.0
-1.6

.6
37.9
-43.5
6.1

-4.6
4.5
-9.9
.8

Financial sectors
Savings and loan assns.
Finance companies
REITs

22
23
24
25

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




2
3
4
5
6

7
8
9

JUNE 2. 1989
Other Loans

Other Loans

Open-Market Paper and Other Loans

52

UNADJUSTED NET FLOHS* $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987
IV

1
I

1[

II

1988

III

IV

1 1989
1
I

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

1979

Open-Market Paper
1 Total net Issues, all types
2
Commercial paper
Nonfinancial corporations
3
Foreign issues in U.S.
4

5
6
7
8

Financial business
Commercial banking
Finance companies
REITs

9

Bankers acceptances (1)

10 Net purchases, by sector
Households
11
Nonfin. corporate business
12
Foreign
13

-3,311
-7,258
-2,969
-1,068

7,905
14,047
-261
1.299

28,612
27,492
4,340
1,493

9,273
9,979
2,456
2,263

29,078
26,986
5,061
4,579

29,493
29,421
9,178
3,833

37.5
28.7
9.0
1.7

19.3
11.2
4.0
2.4

51.3
39.5
14.7
3.9

5.7
-5.4
-6.1
1.9

26.9
21.7
-.8
6.5

1
2
3
4

-3,221
-4,789
1,411
157

13,009
-408
13,392
25

21,659
1,829
19,838
-8

5.260
-1,234
6,520
-26

17,346
-385
17,873
-142

16,410
3,688
12,777
-55

18.0
4.5
13.3
.1

4.8
5.6
-.5
-.2

20.9
7.0
13.9
K

-1.1
1.4
-2.4
-.1

16.0
3.5
12.6
-.1

5
6
7
8

3,947

-6.142

1.120

-706

2,092

72

8.9

8.1

11.7

11.1

5.3

9

-3,311
7,905
2,162 -13,461
1,535 -3,742
-442
1,447

28,612
20.282
-12
198

9,273
707
3,881
-37

29,078
5,007
2.230
-377

29,493
4,102
-4,070
418

37.5
7.5
1.9
1.9

19.3
3.4
-7.3
.9

51.3
-10.2
7.5
-1.3

5.7
-20.1
9.9
-1.7

26.9
5.7
6.7
.8

10
11
12
13

M

14
15
16
17
18

Sponsored credit agencies
Monetary authority
Commercial banking (1)
Savings 8 loan associations
Mutual savings banks

6
3,792
2,209
-1,002

222
-3.181
-484
1.235

-62
-212
3,989
-1.954

1,136
-215
1,168

195
629
4,589
-1.158

5
1,997
-2,000
-1,285

.1
2.2
.7
1.1

1.8
1.5
.5

.3
.8
1.2
.7

-.3
.3
2.7
1.7

.4
.8
3.7
3.6

14
15
16
17
18

19
20
21
22
23

Life insurance companies
Private pension funds
Mutual funds
Money market funds
Brokers and dealers

-2,001
-6,309
-3,078
-353
-1,719

1,933
8,694
9.509
7,295
327

2,258
5,155
-5.888
2.039
2,819

4,109
-943
5,366
-2,648
-3,251

2,361
7,083
-123
11,098
-2,456

3,755
6.862
-626
20,235
100

1.0
4.2
-.2
15.6
1.4

1.3
4.1
1.2
12.3
-.4

3.7
5.0
-.1
38.8
4.8

3.1
7.1
-.6
-1.3
4.9

5.3
6.8
1.0
-3.0
-4.8

19
20
21
22
23

.4
.2
.2

.2
.1
.1

2.4
1.2
1.2

1
2
3

(1) Excludes banks* holdings of own acceptances.

Other Loans
1 SSL assn, loans to business
2 Liab.: Noncorporate business
3
Nonfin. corp, business

-139
-69
-70

872
436
436

702
351
351

452
226
226

518
259
259

-533
-266
-267

-

-

4 Finance co. loans to business
5 Liab.: Noncorporate business
Nonfin. corp, business
6

19,163
9,581
9,582

12,286
6,143
6,143

4,262
2,131
2,131

-644
-322
-322

13,145
6,572
6,573

5,143
2.571
2.572

10.1
5.1
5.1

4.1
2.1
2.1

10.8
5.4
5.4

.9
.5
.5

13.1
6.5
6.5

4
5
6

7 U.S. government loans
8 Liab.: Households
9
Farm business
Nonfarm noncorp. bus.
10
Nonfin. corp, business
11
St.Slocal governments
12
Foreign
13
Spons. credit agencies
14

-2,578
54
249
-691
-267
-450
-1,473
-

-1.862
769
-1,347
-601
-501
-708
526

-3,769
43
-21
-2.442
-626
-890
167
-

3,449
2,557
71
1.873
772
910
-2,734
-

-4,570
50
-612
-300
-100
200
-3,808
-

2.619
777
584
-300
1,250
1.571
-1,263
-

12.4
1.1
3.4
3.0
1.2
.2
2.9
.6

16.1
1.0
2.6
4.2
1.5
.9
4.7
1.2

19.0
1.5
3.4
5.6
1.2
1.2
4.2
1.9

13.6
1.6
.2
4.6
1.3
1.0
4.5
.4

8.5
.8

2.7
-.5
1.1
4.3
-

7
8
9
10
11
12
13
14

15 Sponsored credit agency loans
16 Liab.: Households (SLMA)
17
Farm business (FICB)
Noncorp, business (BC)
18
19
SSL assns. (FHLB)

13,259
652
-591
230
12,968

-2,837
352
-1,043
1,406
-3,552

6,884
726
659
170
5,329

8,032
1,102
269
-66
6,727

11,278
611
-679
127
11,219

11.422
514
-33
-61
11,002

15.2
.6
3.3
2.1
9.2

11.6
1.1
1.9
1.5
7.1

19.9
2.2
1.8
-.3
16.2

.8
1.6
-.8
-.8
.8

-6.1
1.5
-1.3
.9
-7.0

15
16
17
18
19

63
114
-51

-514
128
-642

248
125
123

167
125
42

46
125
-79

265
125
140

4.7

6.7
.1
6.6

7.4
.1
7.3

4.2

4.7

4.3

1.1 20
« 21
1.1 22

2,445
1,116
1,329

-6,538
-2.314
-4,224

1,657
1.509
148

-303
618
-921

1,761
-455
2,216

-5,470
-753
-4,717

7.5
3.9
3.6

7.3
3.2
4.1

11.3
4.4
6.9

7.7
-.8
8.5

6.9 23
7.0 24
-.1 25

-2,803

8,535

-693

5,267

1,000

4,000

2.0

1.3

8.9

2.5

2.7 26

20 Policy loans (HH liability)
21 Asset: U.S. government
Life Insurance cos.
22

Cust. liab. on acceptances
outstanding (bank asset)
23
24 Liab: Nonfin. corp, business
25
Foreign
Foreign loans to US nonbanks
26 Liab.: Nonfin. corp, business

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




K

K

K

JUNE 2, 1989
Other Loans

Other Loans

Open-Market Paper and Other Loans

_o
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

1
1

1987
IV

1
1

I

II

1988

IV

III

1 1989
1
I

Open-Market Paper

1
2
3
4

52.0
48.3
21.7
6.2

52.8
62.1
14.6
6.2

26.4
32.2
-9.3
11.5

33.2
26.8
2.3
2.1

74.9
78.5
11.6
9.6

6.7
-7.7
3.9
-2.5

22.3
44.3
-3.8
1.5

92.5
85.0
4.0
6.4

48.0
56.4
11.1
10.7

136.8
128.3
35.1
20.0

5
6
7
8

20.4
6.3
13.9
.2

41.3
2.1
39.1
.1

30.1
1.2
28.5
.3

22.4
1.5
20.5
.4

57.3
57*6
-.2

-9.0
-20.4
10.8
.6

46.6
-7.6
54.0
.1

74.7
6.5
68.3
ft

34.5
3.2
31.4
-.1

73.3
-2.9
76.8
-.6

107.6 Total net Issues, all types
106.0
Commercial paper
34.4
Nonfinancial corporations
11.6
Foreign issues in U.S.

60.0
8.5
51.7
-.2

9

3.7

-9.4

-5.9

6.4

-3.6

14.4

-22.0

7.4

-8.4

8.4

10
11
12
13

52.0
-5.4
9.4
1.2

52.8
39.1
6.5
-.2

26.4
-12.2
8.6
1.1

33.2
2.6
1.7
.3

74.9
12.5
2.4
-.7

6.7
-10.8
1.3
5.8

22.3
-73.2
1.7
-1.8

92.5
75.9
.2
.8

48.0
49.5
4.6
-.1

136.8
-2.0
3.0
-1.5

14
15
16
17
18

-.1
-1.4
2.4
.3

-.6
-2.5
4.1
3.0

ft
-.9
6.9
4.5

ft
2.0
-2.6
4.2

.4
-1.6
7.9
-.7

.1
10.7
3.4
-1.6

.9
-8.2
-4.1
9.7

-.2
-3.0
25.2
-14.4

-.2
7.6
-1.6
3.8

.9
-3.0
12.1
-1.9

-.1
13.0
-10.0
.1

19
20
21
22
23

1.9
3.8
2.4
31.8
5.7

-.6
7.8
-2.3
1.2
-2.8

2.8
6.2
5.3
6.2
-2.0

2.4
14.9
3.2
6.0
-1.4

10.7
20.0
8.9
17.8
-2.6

1.0
-10.6
-2.1
13.4
-3.8

3.5
30.4
38.3
22.4
2.7

11.1
18.3
-32.6
5.4
5.9

9.8
-13.7
18.8
-17.2
-13.3

18.2
45.0
11.0
60.6
-5.6

11.2
22.3
-2.2
73.1
.4

1.6

Financial business
Commercial banking
Finance companies
REITs

Bankers acceptances (1)

107.6 Net purchases, by sector
-2.9
Households
.9
Nonfin. corporate business
1.7
Foreign

1
2
3
4
5
6
7
8
9

10
11
12
13

Sponsored credit agencies
Monetary authority
Commercial banking (1)
Savings 8 loan associations
Mutual savings banks

14
15
16
17
18

Life Insurance companies
Private pension funds
Mutual funds
Money market funds
Brokers and dealers

19
20
21
22
23

(1) Excludes banks* holdings of own acceptances.

Other Loans
1
2
3

8.7
4.3
4.3

5.6
2.8
2.8

6.7
3.3
3.3

-.2
-.1
-.1

2.5
1.3
1.3

-2.6
-1.3
-1.3

5.5
2.7
2.7

2.1
1.0
1.1

2.8
1.4
1.4

-.1
-.1
-.1

.1 SSL assn, loans to business
k Liab.:
Noncorporate business
m
Nonfin. corp, business

1
2
3

4
5
6

24.4
12.2
12.2

19.7
9.8
9.8

15.9
8.0
8.0

34.1
17.0
17.0

29.0
14.5
14.5

47.5
23.8
23.8

43.6
21.8
21.8

20.1
10.0
10.0

31.8
15.9
15.9

20.7
10.3
10.3

15.0 Finance co. loans to business
7.5 Liab.: Noncorporate business
7.5
Nonfin. corp, business

4
5
6

7
8
9
10
11
12
13
14

16.7
.6
1.1
2.0
1.2
7.7
4.0

14.9
6.0
.4
.5
-2.6
8.2
1.4
1.1

9.0
4.4
-.2
.7
1.5
1.4
1.5
-.4

-7.0
-.7
-.4
-.6
.1
-2.4
-2.4
-.8

-6.8
3.4
-1.9
-1.5
-.5
-.5
-5.8

-3.8
.2
3.3
-2.8
2.4
-1.8
-5.1

-9.8
3.1
-5.2
-2.4
-4.3
-2.8
1.8

-18.0
.2
-2.2
-9.8
-2.6
-3.6
-.1

12.4
10.2

-

-

7.5
1.7
3.6
-10.7
-

-11.5
.2
-.2
-1.2
3.4
.8
-14.5
-

7.9 U.S. government loans
3.1 Liab.: Households
2.5
Farm business
-1.2
Nonfarm noncorp. bus.
2.5
Nonfin. corp, business
6.3
St.81ocal governments
-5.3
Foreign
Spons. credit agencies
-

7
8
9
10
11
12
13
14

15
16
17
18
19

16.0
1.9
-1.2
-.4
15.7

11.8
2.5
-3.9
-1.0
14.2

19.2
2.4
-2.3
-.7
19.8

27.3
3.7
-1.6
.8
24.4

23.4
2.8
-.8
1.6
19.7

50.3
2.6
2.4
.5
44.9

7.3

1.4
-4.0
4.4
5.4

15.7
2.9
-.5
3.2
10.1

29.0
4.4
-.6
-1.3
26.6

41.4
2.4
2.0
.2
36.8

65.1 Sponsored credit agency loans
2.1 Liab.: Households (SLMA)
-.1
Farm business (FICB)
-1.2
Noncorp. business (BC)
64.4
SSL assns. (FHLB)

15
16
17
18
19

20
21
22

.4

-.1
k

-.1

-.1
.2
-.3

k

m

.4

.4
-.4

-.1
.5
-.6

.3
.5
-.2

-2.1
.5
-2.6

1.0
.5
.5

.7
.5
.2

.2
.5
-.3

1.1 Policy loans (HH liability)
.5 Asset: U.S. government
.6
Life insurance cos.

20
21
22

23
24
25

3.8
2.8
1.0

-9.5
-2.1
-7.4

-5.6
-.2
-5.4

6.5
5.1
1.4

-3.4
-.6
-2.8

11.4
5.5
5.9

-25.4
-3.7
-21.7

9.6
4.4
5.1

-8.1
-2.9
-5.1

10.2
-.4
10.6

Cust. liab. on acceptances
-22.7
outstanding (bank asset)
2.3 Liab: Nonfin. corp, business
-25.1
Foreign

23
24
25

26

13.0

1.5

11.1

1.2

14.1

-11.2

34.1

-2.8

21.1

4.0

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




k

Foreign loans to US nonbanks
16.0 Liab.: Nonfin. corp, business 26

JUNE 2, 1989
Security Credit* Trade Credit, and Taxes

Security Credit, Trade Credit, and Taxes

Security Credit. Trade Credit, and Taxes Payable

5A

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1987
IV

I
1

I

II

1988

III

1 1989
1
I

IV

1979

ANNUAL FLOWS. $ BILLIONS
1980
1981
1982
1983

Security Credit
1 Net chanse in liabilities
Households
2
Foreign
3

4
5
6
7

Brokers and dealers
From domestic banks
From fgn bk off in US
Customer credit balances

8 Net change in assets
Households
9
Commercial banking
10

11
12

Brokers and dealers
Foreign

-28,906
-18,026
-

2.008
-889

2,762
1,017

-1,927
1,214
-

1,427
1,226
-

10,138
-588

1.3
.2

13.9
7.2
-

2.1
-1.0
-

5.9
2.8
-

13.6
9.4

1
2
3

-10.880
-5,790
-899
-4.191

2,897
2,804
1,135
-1,042

1,745
-3,033
-69
4,847

-3,141
-45
-690
-2,406

201
-1,508
-471
2,180

10,726
6,511
-85
4,300

1.1
-.7
*
1.8

6.7
1.2
-.4
5.9

3.1
4.0
.6
-1.5

3.0
.4
-.5
3.1

4.1
.9
.5
2.7

4
5
6
7

-28,906
-4.191
-6,417

2,008
-1.042
4,255

2,762
4,847
-2,768

-1,927
-2,406
-374

1.427
2,180
-1,591

10,138
4,300
6,838

1.3
1.8
-.9

13.9
5.9
.8

2.1
-1.5
5.3

5.9
3.1
K

13.6 8
2.7 9
2.4 10

-18,298

-1,205

683

853

838

-1,000

.3

7.3

-1.7

2.8

8.4 11
12

15.945 -18,548
762
785
181
205
807
752

-1,696
808
231
696

9.215
831
256
640

20,555
854
281
584

-4,381
877
306
528

64.8
1.7
1.2
6.2

54.6
2.3
1.0
4.7

39.6
2.7
.9
5.1

10.8
2.4
.4
3.8

42.6
1.8
-.7
.5

1
2
3
4

17,938 -21,728
545
490
-1,034
1,621
-2,453
-950
-801
277

-3,388
589
-1,427
-1,034
1,829

5,744
563
2,409
-1,412
184

15.324
620
4,541
-3,138
1,489

-8,943
631
3,573
-1,453
100

51.0
1.6
2.2
1.0

38.0
2.0
5.4
1.3

28.6
1.1
.7
.5

5.4
.9
-3.9
1.9
-

37.3
.8
-.9
3.0
1.0

5
6
7
8
9

11,355
1,200
9,301
-455
578
731

7,784
1,200
6,879
-285
-981
971

14,396
1,200
9,805
2,612
-32
811

-7,612
1,200
-9,379
1,200
-1,527
894

13,513
1.200
9,653
1,018
788
854

77.9
3.4
69.9
.2
2.4
1.9

59.1
1.6
48.2
3.5
3.8
2.0

34.1
4.4
24.8
-.2
2.5
2.6

-.6
7.6
-15.1
K
4.8
2.1

48.5
6.8
37.2
-1.3
3.8
2.0

10
11
12
13
14
15

22,407 -29,903

-9,480

-5,181

28,167 -17,894

-13.1

-4.4

5.4

11.4

Trade Credit
1 Net change in liabilities
Households
2
3
Farm business
Nonfarm noncorp. business
4
5
6
7
8
9

Nonfin. corporate business
State and local governments
Foreign
U.S. government
Brokers and dealers

10 Net change in assets
Nonfarm noncorp. business
11
Nonfin. corporate business
12
Foreign
13
U.S. government
14
Other insurance companies
15

16 Discrepancy

-6,462
1,200
-10,303
465
1,132
1,044

-5.9 16

Taxes Payable
1 Net change in profit taxes pay
Nonfin. corporate business
2
3
Commercial banks
4
Savings & loan associations
Life insurance companies
5
Other insurance companies
6
Finance companies
7
Brokers and dealers
8

3,399
3,514
20
19
25
3
19
-201

1,763
1,593
34
11
25
9
21
70

-5,584
-5,758
42
22
25
12
23
50

2,615
2.489
50
12
25
14
25
-

1,211
1,040
60
54
25
15
27
-10

3,597
3,413
68
41
25
21
29

5.6
5.5
.5
-.2
K
M
-.1
K

-.6
.7
-.5
-.3
-.4
-.2
-.2
.3

-9.9
-8.2
-.4
-.3
-.5
-.2
-.2
-.2

-12.6
-12.7
-.1
K
K
K
«
.3

7.6
8.0
-.1
N
-.1
«
M
-.2

1
2
3
4
5
6
7
8

9 Net change in other taxes pay.
(Nonfarm noncorp. business)

400

400

400

400

400

400

2.8

2.5

-1.6

1.5

1.8

9

10 Net change in profit taxes rec
State and local governments
11
U.S. government
12

1.603
1,635
-32

1,623
-1,500
3,123

-8.580
-920
-7,660

3,593
2,279
1,314

-103
2,120
-2,223

4,653
-1,271
5,924

1.3
1.5
-.3

-3.8
1.1
-4.8

-9.0
1.0
-10.0

-11.6
-1.4
-10.2

7.2 10
1.9 11
5.3 12

13 Net change in other taxes rec.
(State and local governments)

400

400

400

400

400

400

2.8

2.5

-1.6

1.5

1.8 13

1,796

140

2,996

-978

1,314

-1,056

4.4

3.2

-.9

-1.0

.4 14

-76.9
-18.7
-58.8
.7

-48.4
-10.8
-38.1
.5

-91.4
-12.4
-80.3
1.3

14 Discrepancy

Proprietors* Equity in Noncorporate Business
1 Total household investment
2
Farm business
Nonfarm noncorp. business
3
4
Brokers and dealers

-30.882 -18,325 -15,706 -12,753 -28,641 -21,581
707
5,726 -2,540 -1,084 -3,035
865
-28,412 -25,341 -11,934 -14,114 -27,338 -24,778
-3,177
1.290 -1,232
1,732
2,332
2,445

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-65.2
-12.6
-53.3
.7

-79.6
-20.7
-59.8
.9

1
2
3
4

JUNE 2, 1989
Security Credit* Trade Credit* and Taxes

Security Credit* Trade Credit* and Taxes

Security Credit, Trade Credit, and Taxes Payable

55
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1984

ANNUAL FLONS* $ BILLIONS
1986
1987
1985

1988

1
1

1987
IV

11
1I

I

II

1988

III

IV

1 1989
1
I

Security Credit
1
2
3

4.5
-2.4

43.3
19.4
-

9.9
8.2

-28.4
-15.3

4.3
2.6
-

-154.3
-86.0
-

34.5
9.3
-

5.4
-3.5

11.8
15.0
-

-34.5
-10.6
-

67.3 Net chan9* in liabilities
11.0
Households
Foreign
-

4
5
6
7

6.9
4.7
1.1
1.0

23.9
6.2
4.2
13.5

1.7
-7.4
.1
9.0

-13.1
-4.2
-2.1
-6.8

1.7
-1.8
-.1
3.6

-68.3
-28.2
-10.9
-29.2

25.2
19.0
8.9
-2.8

8.8
-17.7
2.7
23.7

-3.2
1.0
-1.9
-2.4

-23.9
-9.5
-10.1
-4.3

56.3
33.2
4.4
18.6

8
9
10

4.5
1.0
5.8

43.3
13.5
11.0

9.9
9.0
-5.8

-28.4
-6.8
-5.3

4.3
3.6
-.5

-154.3
-29.2
-38.1

34.5
-2.8
29.2

5.4
23.7
-13.6

11.8
-2.4
.6

-34.5
-4.3
-18.1

67.3 Net change in assets
18.6
Households
Commercial banking
39.3

11
12

-2.3
■

18.9

6.7

-16.3

1.2

-87.0

8.0

-4.8

13.6

-12.1

1
2
3
4

42.5
1.8
-1.1
5.7

47.7
2.2
-.3
5.4

12.6
2.5
.2
4.2

34.8
2.9
.6
3.6

9.5
3.3
1.0
2.7

12.5
3.0
.7
3.2

-17.3
3.1
.8
3.0

3.6
3.2
.9
2.8

24.0
3.3
1.0
2.6

27.8
3.4
1.1
2.3

5
6
7
8
9

33.0
1.0
-1.6
3.3
.5

34.0
1.1
-.1
4.6
.8

3.1
1.6
-1.2
1.1
1.1

18.0
1.9
2.9
5.1
-.2

-4.0
2.3
7.1
-6.5
3.8

15.2
2.2
-5.0
-3.7
-3.2

-25.8
2.0
7.6
-9.2
1.1

-2.9
2.4
-5.2
-5.0
7.3

11.8
2.3
8.9
-6.5
.7

.7
2.5
17.3
-5.5
6.0

10
11
12
13
14
15

63.9
6.5
48.1
1.5
5.1
2.8

37.1
4.1
26.7
.4
3.7
2.2

15.3
6.4
3.2
.7
.1
4.9

56.9
4.8
49.4
.1
-1.0
3.6

25.9
4.8
16.6
3.1
-2.0
3.4

24.4
4.8
9.0
1.9
4.5
4.2

25.8
4.8
17.6
-1.8
2.3
2.9

30.5
4.8
26.9
-1.1
-3.9
3.9

27.7
4.8
9.4
10.4
-.1
3.2

19.7
4.8
12.6
4.8
-6.1
3.6

16

-21.4

10.6

-2.6

-22.1

-16.4

-11.8

-43.1

-26.9

-3.8

8.2

-.7
-1.4
.2
.1
.1

.1
.2

1.5
1.0
.2
.1
.1
.1
.1
-

-2.4
-3.0
.2
.1
.1
.1
.1
K

8.9 Net change in profit taxes pay
Nonfin. corporate business
8.2
Commercial banks
.3
.2
Savings fi loan associations
Life Insurance companies
.1
Other insurance companies
.1
Finance companies
.1
Brokers and dealers
-

1
2
3
4
5
6
7
8

1.6 Net change in other taxes pay.
(Nonfarm noncorp. business)

9

Brokers and dealers
From domestic banks
From fgn bk off in US
Customer credit balances

1
2
3

4
5
6
7

8
9
10

Brokers and dealers
Foreign

11
12

41.8 Net change in liabilities
Households
3.5
Farm business
1.2
Nonfarm noncorp. business
2.1

1
2
3
4

9.3

Trade Credit

28.3
2.5
15.5
-11.7
.4

Nonfin. corporate business
State and local governments
Foreign
U.S. government
Brokers and dealers

35.0 Net change in assets
Nonfarm noncorp. business
4.8
19.6
Nonfin. corporate business
4.1
Foreign
U.S. government
3.2
3.4
Other insurance companies
6.8 Discrepancy

5
6
7
8
9

10
11
12
13
14
15
16

Taxes Payable
2.5
2.5

M

«
K

.1
-.6

H
«

.2

-.6
.2
.1
.1
.1
.1
.1

.1
-.8

1.6
.9
.1
.1
.1
*
.1
.3

3.4

1.7

1.6

1.6

1.6

1.6

1.6

1.6

1.6

4.4
3.9
.6

-2.8
1.3
-4.0

1.5
1.8
-.3

1.0
-.1
1.2

-3.5
2.0
-5.4

.9
.2
.7

6.5
1.7
4.8

-8.4
1.8
-10.2

-6.0
2.2
-8.1

-6.0
2.2
-8.3

17.6 Net change in profit taxes rec 10
State and local governments 11
2.5
12
15.1
U.S. government

13

1.1

3.4

1.7

1.6

1.6

1.6

1.6

1.6

1.6

1.6

1.6 Net change in other taxes rec. 13
(State and local governments)

14

-2.8

4.7

1.0

H

3.5

5.6

-4.9

7.6

7.5

3.7

-78.4
-1.5
-86.6
9.8

-104.9
-27.8
-84.1
6.9

1.6
1.9

1.9
1.4
.1
.1

1
2
3
4
5
6
7
8

M
K
-.2
M
M
-.1

.3

9

1.1

10
11
12

M
K

-.1

M
M
K
M
K

1.1
1.4
.1

.2

6.5
7.0
.1
.1

«

-8.7 Discrepancy

14

Proprietors’ Equity in Noncorporate Business

1
2
3
4

-86.5
-1.3
-86.9
1.6

-89.2
1.9
-93.1
2.0

-40.7
5.0
-49.3
3.6

-88.8
.8
-88.1
-1.5

-75.4
-.9
-78.7
4.2

-114.0
-12.7
-88.5
-12.7

-50.9
21.9
-77.9
5.2

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




-68.2
3.7
-67.0
-4.9

-62.5 Total household investment
2.6
Farm business
-74.4
Nonfarm noncorp. business
9.3
Brokers and dealers

1
2
3
4

JUNE 2, 1989
Miscellaneous I

Miscellaneous I

Miscellaneous Financial Claims

55

UNADJUSTED NET FLOHS» $ MILLIONS

UNADJUSTED NET FLOHS, $ MILLIONS

1
1
1 Net change in liabilities
2
Households
3
Nonfarm noncorp. business
4
Nonfin. corporate business

1987
IV

1
1

I

II

1988

III

IV

1 1989
1
I

ANNUAL FLOHS, $ BILLIONS
1980
1981
1982
1983

1979

41,907
590
2,000
13*876

18.927
620
2,000
6,923

47,297
810
2,000
13,042

70.340
914
2.000
7,991

44,955
1,013
2,000
13,611

39,134
1,000
2,000
10,887

93.0
1.3
1.8
11.8

78.2
1.2
1.5
15.3

76.2
1.8
8.7
25.3

89.5
.8
10.3
13.8

124.8
.6
12.7
11.5

1
2
3
4

Foreign
U.S. government

6*220
-9,092

2*240
5*317

9,754
8,522

8,899
1,307

7.361
-7,504

-798
263

28.6
-1.3

10.8
-1.9

-10.8
1.0

2.6
.2

7.4
2.0

5
6

7
8
9
10

Total finance
Sponsored credit agencies
Monetary authorities
Commercial banking

28,313
1,254
1,514
9*669

1,827
4,564
-77
-8 * 348

13,169
-3,492
295
22*185

49,229
2,543
1,240
23,284

28,474
-2,499
446
8,873

25,782
-2,356
344
25,205

50.8
5.7
.9
14.8

51.2
3.6
-1.1
20.4

50.1
4.7
.3
24.8

61.8
5.9
-.1
23.2

90.6 7
-.2 8
-.5 9
31.0 10

11
12
13
14
15
16
17
18

Savings 8 loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Other insurance companies
Finance companies
REITs
Brokers and dealers

-8,562
2,670
500
-393
8,456
11,453
413
1,339

-4,637
-576
300
-234
8,553
5,964
5
-3,687

-9,167
210
100
-494
8,738
-5,901
42
653

12,824
-383
1,600
-747
8,791
2,525
-57
-2,391

2,283
964
-1,470
8,960
2.076
48
8.793

-7,272
803
500
-635
9,048
5,920
-25
-5,750

1.1
-.8
.3
5.3
14.7
8.0
-.2
1.0

.9
X
1.6
3.8
12.4
6.3
.1
3.1

2.6
-.5
.4
8.2
10.8
-2.6
.1
1.2

13.1
.6
.2
7.0
10.6
7.6
X
-6.4

10.4
4.2
.7
9.2
12.0
9.3
-.1
14.6

11
12
13
14
15
16
17
18

4.565
73,742
5.859
4,949
602
633
2*316
2.457
21,457 •-16,038

58,388
6,787
700
2,212
16,955

27,514
7,675
832
2,057
-9.341

83,569
7,916
759
1,946
22,168

8,458
9,323
784
1,805
-7,473

106.9
7.2
1.9
7.1
49.9

78.7
5.6
1.9
.6
24.0

51.7
6.1
1.7
-21.5
47.8

83.9
6.8
1.7
-13.5
14.7

107.0
15.3
1.1
-3.7
33.2

19
20
21
22
23

9,488
374

7*655
470

13,385
578

15.081
704

11,800
456

5,091
154

12.0
.8

15.0
.5

-6.9
.9

-1.9
1.6

15.5 24
.7 25

5
6

19 Net change in assets
20
Households
21
Farm business
22
Nonfarm noncorp. business
23
Nonfin. corporate business

24
25

Foreign
U.S. government

26
27
28
29

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

34,384
3,172
378
25,580

3*701
-1,137
-348
-1,567

17,771
27
-363
10.283

10,506
1,354
-305
7,004

38.524
1,762
1,450
5,763

-1,226
215
-772
-2,537

28.0
.4
1.2
6.3

31.1
1.3
-.1
13.4

23.5
.7
.1
9.2

74.6
1.1
.1
24.5

44.9
.7
.5
7.2

26
27
28
29

30
31
32
33
34
35
36
37

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds
REITs
Money market funds
Brokers and dealers

3,311
516
-1,901
2,062
6,435
1,220
1,825
-8,214

2,564
-1,169
2,184
2,102
-4,747
-65
4,535
1,349

-3,099
5,671
-713
2,068
5,232
309
-2,746
1,102

-2,823
180
1,576
2,016
3,525
-1,195
-612
-214

7,409
512
-1,338
2,319
97
1,892
-639
19,297

-8,116
2,635
1.046
1,750
2,809
60
1,384
300

5.6
.5
2.1
3.5
4.9
.9
.4
2.0

3.1
1.0
3.6
3.6
2.2
.5
.4
2.0

7.4
1.2
-.3
7.3
-5.8
1.0
1.9
.8

21.4
2.6
.2
8.1
14.0
.3
-1.1
3.2

11.3
1.5
.8
6.1
13.6
-.4
3.6

30
31
32
33
34
35
36
37

42,826 -38,614

30,676

-13.9

-.5

24.4

5.6

17.8 38

38 Unallocated* net

-31,835

14,362 -11,091

(A) Foreign claims

Foreign direct investment by U,>S. corps
39 Liab.: Foreign (1)
8,941
40
Equity 8 intercompany accts.
3,531
41
Retained earnings
5,410

4,969
1,506
3*463

3,178
-3,628
6,806

7.040
-273
7*313

3,615
152
3,463

8,300
2,300
6,000

26.8
7.6
19.2

23.6
4.9
18.6

12.6
-.5
13.1

10.2
5.4
4.8

9.8 39
-3.6 40
13.5 41

Direct Investment in U.S. by fgn. corps.
42 Liab.: Nonfin. corp, bus.(l)
6,923
13,876
43
Equity 8 intercompany accts. 13,667
4,002
44
Retained earnings
2,921
209

13,042
11,968
1,074

7,991
6,513
1,478

13,611
12,568
1,043

10,887
7,679
3,208

11.8
7.9
3.9

15.3
11.7
3.6

25.3
22.3
3.0

13.8
16.2
-2.4

11.5 42
11.9 43
-.3 44

U.S. govt, equity ln IBRD* etc.
45 Liab.: Foreign

Nonofficial foreign currency
46 Asset: U.S. government
Liab.: Foreign

423

575

633

781

411

162

.8

.7

1.1

1.3

.7 45

-49

-105

-55

-77

45

-8

X

-.2

-.2

.4

.1 46

(B) Claims on federally related agencies
Postal Savings deposits
47 Asset: Households
Liab.: U.S. government

-

Deposits at Federal Home Loan Banks
48 Liab.: Sponsored credit ags.
2,224
Asset: S8L associations
49 Federal Reserve Bank stock
Asset: Commercial banks
50 Equity In sponsored credit ag.
U.S. government
51
Private:
52
Farm business (FICB 8 FLB)
53
Nonfarm noncorporate (BC)
54
Nonfin. corp. bus. (FNMA)
55
S8L associations (FHLB)

4*193

-4,276

-562

-676

-1 *355

3.0

.8

1.8

2.8

-2.9 48

38

48

15

-13

16

18

.1

.1

.1

.1

.1 49

458
-

518
-

338
-

542
-

572
-

589
-

1.6
-

.7
-

1.4
-

.9
-

.2 50
- 51

-18
-7
483

-75
-8
3
598

11
1
326

110
1
431

22
7
2
541

20
9
2
558

.4
.1
.1
1.0

.6
.1
X
X

.6
.1
.7

.4
X
.1
.4

.1
X
X
.1

(1) Excludes capital gains/losses.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




47

52
53
54
55

JUNE 2, 1989
Miscellaneous I

Miscellaneous I

Miscellaneous Financial Claims

57

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1984

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

1
1

1987
IV

1
1

I

II

1988

III

IV

I 1989
I
1

1
2
3
4

156.0
-1.0
19.2
25.6

145.6
.1
7.5
20.5

182.2
-1.3
3.1
35.4

167.1
1.2
8.0
42.2

181.5
3.4
8.0
41.6

158.2
2.4
8.0
55.6

37.5
2.5
8.0
28.9

277.5
3.2
8.0
52.5

243.2
3.7
8.0
30.3

167.8
4.1
8.0
54.7

119.2 Net change in liabilities
4.0
Households
Nonfarm noncorp, business
8.0
Nonfin. corporate business
44.4

5
6

8.0
4.9

4.8
-.4

5.7
5.2

23.2
-9.4

28.3
7.6

-.1
-18.0

33.1
5.9

99.7
29.7

-24.0
5.9

4.2
-10.9

28.8
-14.5

7
8
9
10

99.3
10.2
.1
27.2

113.2
8.9
1.4
25.4

134.2
8.3
1.9
42.1

101.9
-2.1
3.0
47.6

92.7
1.1
1.9
46.0

110.4
10.2
4.2
102.1

-40.8
24.2
-8.9
-101.8

84.4
-10.4
10.9
104.3

219.4
-6.2
4.9
75.1

107.8
-3.1
.7
106.4

48.5
-3.6
-8.3
25.4

Total finance
Sponsored credit agencies
Monetary authorities
Commercial banking

7
8
9
10

11
12
13
14
15
16
17
18

6.8
1.8
1.8
14.8
15.4
18.7
.1
2.2

9.6
3.7
1.3
14.4
29.7
9.4
.1
9.2

-1.5
2.7
1.7
5.4
39.1
27.7
-.3
7.0

-8.0
.7
2.4
.3
32.8
20.0
1.0
4.2

1.3
.2
2.0
-2.9
35.0
4.7
X
3.4

-28.7
11.3
.8
-1.6
33.8
51.5
1.7
-74.9

-16.6
-4.4
1.4
-.9
34.2
15.6
X
16.4

-27.7
2.3
1.4
-2.0
35.0
-21.7
.2
-7.9

34.2
-1.1
6.7
-3.0
35.2
10.2
-.2
63.6

15.2
4.0
-1.5
-5.9
35.8
14.5
.2
-58.6

-27.2
1.0
2.2
-2.5
36.2
14.5
-.1
10.9

Savings 8 loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Other insurance companies
Finance companies
REITs
Brokers and dealers

11
12
13
14
15
16
17
18

19
20
21
22
23

150.7
2.0
.1
13.5
37.5

146.0
21.5
2.5
6.4
15.0

176.1
29.6
3.0
13.3
30.3

142.8
17.0
2.2
10.0
17.6

174.0
28.2
2.9
8.5
13.7

107.0
19.8
2.5
9.8
19.3

102.3
23.4
2.4
9.3
-24.1

261.4
27.1
2.8
8.8
43.4

218.7
30.7
3.3
8.2
12.6

113.7
31.7
3.0
7.8
23.2

138.8 Net change ln assets
Households
37.3
Farm business
3.1
Nonfarm noncorp, business
7.2
Nonfin. corporate business
15.1

24
25

19.6
1.5

25.0
1.4

25.3
.5

43.4
1.2

47.9
2.2

22.5
1.5

67.4
1.9

79.2
2.3

14.6
2.8

30.4
1.8

61.5
.6

Foreign
U.S. government

24
25

26
27
28
29

76.6
2.8
3.0
22.7

74.2
2.5
1.0
33.4

74.1
2.1
1.7
48.9

51.5
6.0
2.2
38.0

70.5
2.0
.4
21.5

31.5
17.9
-.1
38.5

22.0
-3.3
.4
14.9

97.7
6.4
.9
67.3

146.4
-9.0
-3.9
57.4

15.8
13.8
4.3
-53.8

13.9
2.3
-1.2
19.4

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

26
27
28
29

30
31
32
33
34
35
36
37

30.0
.3
1.0
4.8
6.4
1.2
1.5
2.7

15.8
1.7
2.4
7.0
3.1
-1.6
.6
8.4

7.1
1.0
3.7
8.0
-7.3
.4
2.9
5.7

11.1
.7
-.6
7.9
-15.0
1.0
1.4
-1.2

4.1
5.2
1.7
8.5
4.1
.9
.5
21.5

5.1
5.0
-3.6
8.2
37.0
4.9
23.5
-104.9

6.9
-10.8
2.9
8.4
-28.1
-.3
.9
30.0

13.8
30.0
.1
8.3
24.8
1.2
-36.0
-19.3

-25.3
-2.9
4.4
8.1
7.5
-4.8
25.9
88.9

20.8
4.5
-.5
9.3
12.2
7.6
11.3
-13.5

-36.7
4.3
-2.5
7.0
1.0
.2
-13.5
33.5

38

5.3

-.4

6.1

24.3

7.5

51.2

-64.8

16.1

24.5

54.1

Foreign
U.S. government

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds
REITs
Money market funds
Brokers and dealers

-19.6 Unallocated, net

1
2
3
4
5
6

19
20
21
22
23

30
31
32
33
34
35
36
37
38

(A) Foreign claims

39
40
41

13.2
-4.6
17.8

9.6
-3.3
12.9

13.7
3.6
10.1

26.3
6.2
20.0

18.8
-2.2
21.0

39.0
10.3
28.7

13.4
4.7
8.7

11.6
-11.2
22.8

32.7
.5
32.2

Foreign direct investment by U.S. corps.
26.2 Liab.: Foreign (1)
39
17.6
Equity 8 intercompany accts. 40
7.2
-3.0
Retained earnings
41
19.0
20.5

42
43
44

25.6
22.5
3.1

20.5
20.4
.1

35.4
35.4
X

42.2
39.4
2.7

41.6
35.1
6.5

55.6
50.7
4.9

28.9
19.9
9.0

52.5
49.1
3.3

30.3
25.3
5.0

Direct: investment in U.S. by fgn. corps.
44.4 Liab.: Nonfin. corp, bus.(l) 42
54.7
Equity 8 intercompany accts. 43
34.6
46.0
44
Retained earnings
9.9
8.7

45

1.1

1.5

1.5

1.2

2.4

1.7

2.3

2.5

3.1

46

.4

-.1

-1.0

-

-.2

-.2

-.4

-.2

-.3

1.6

U.S. govt, equity in IBRD* etc.
.6 Liab.: Foreign

45

Nonofficial foreign currency
* Asset: U.S. government
Liab.: Foreign

46

.2

(B) Claims on federally related agencies
-

-

47

-

-

-

-

-

-

-

48

7.0

4.5

3.6

-6.6

-1.3

-.1

15.4

-2.1

-5.7

-12.9

49

.2

.2

.1

.2

.1

.2

.2

.1

-.1

.1

50
51

.9

.9

.6

1.7

2.0

1.9

1.6

1.4
-

2.5

2.4
-

52
53
54
55

.1
X
X
.8

-.3
X
.1
1.1

-.6
-.1
.1
1.2

-.5
X
.4
1.8

.1
—
X
1.9

-.1
X
2.0

-.3
X
X
1.9

X
X
1.4

.4
X
2.0

1
X
X
2

-

Postal Savings deposits
Asset: Households
Liab.: U.S. government

Deposits at Federal Home Loan Banks
-7.1 Liab.: Sponsored credit ags.
Asset: S8L associations

.1 Federal Reserve Bank stock
Asset: Commercial banks
1.9 Equity in sponsored credit ag.
U.S. government
Privates
Farm business (FICB 8 FLB)
.1
X
Nonfarm noncorporate (BC)
X
Nonfin. corp. bus. (FNMA)
S8L associations (FHLB)
1.7

(1) Excludes capital gains/losses.
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




47

48
49
50
51
52
53
54
55

JUNE 2, 1989
Miscellaneous II

Miscellaneous II
Miscellaneous Financial Claims (Continued)

58

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
I

1987
IV

I
I

I

II

1988

III

IV

1 1989
1
I

—

1979

ANNUAL FLOWS. $ BILLIONS
1981
1980
1982
1983

(C) Life insurance claims

Deferred and unpaid premiums
1 Liab.: Households
Asset: Life insurance

590

620

810

914

1,013

1,000

1.3

1.2

1.8

.8

.6

1

Life company reserves
2 Liab.: Life insurance cos.
3
Accident and health
4
Policy dividend accum.
Asset: Households

634
388
246

297
74
223

-7
-207
200

-372
-533
161

-342
-528
186

-310
-500
190

2.4
.8
1.6

1.7
.6
l.l

2.1
.9
1.2

2.3
1.3
1.0

3.2
1.8
1.4

2
3
4

8,456
4,315
651
1,449
2,041

8,553
5,562
677
1,324
990

8,738
6,794
689
1,211
44

8,791
8,047
722
1,080
-1,058

8,960
8.258
737
965
-1,000

9,048
9,633
764
839
-2,188

14.7
4.8
1.5
2.9
5.5

12.4
3.9
1.3
2.5
4.7

10.8
4.0
1.1
2.1
3.7

10.6
4.5
1.3
2.0
2.7

12.0
12.1
1.0
-4.6
3.5

5
6
7
8
9

Corporate parent investment ln:
10
Commercial bank subsidiaries
382
11
Finance company subsidiaries
9,425
Assets Domestic bank affiliates

-2,644
2,947

5,275
-2,625
*

2,802
1,960

1,436
7,558

621
3,374

5.4
3.4

6.9
2.8

7.8
-2.6

13.2
7.2

12.6 10
2.4 11

(D) Nonlife insurance claims
5 Liab.:
6 Asset:
7
8
9

Other insurance cos.
Households
Farm business
Nonfarm noncorp. bus.
Nonfin. corp, business

(E) Intercorporate claims

(F) Unallocated assets 8 liabilities
14,362 -11,091

42,826 -38,614

30,676

-13.9

-.5

24.4

5.6

13
14
15
16
17
18
19

Net change in liabilities
Foreign
Nonfarm noncorp, business
U.S. government
U.S. govt.-without levels
Sponsored credit agencies
Monetary authority

-3,491
-3.095
2,000
204
-9,296
-1,428
1,476

-7,967
-3,199
2,000
597
4,720
-147
-125

22,231
5,998
2,000
1,044
7,478
446
280

40.543
1,155
2,000
776
531
2,563
1,253

8,736
3,290
2.000
2,239
-9,743
-2,395
430

6,808
-9,252
2,000
284
-21
-1,590
326

21.5
.9
1.8
-1.3
1.1
.8

12.3
-13.2
1.5

-1.9
2.1
-1.1

14.1
-24.3
8.7
—
1.0
1.4
.2

26.0
-9.2
10.3
.2
2.2
-.2

74.5
-3.2
12.7
2.0
2.4
-.6

13
14
15
16
17
18
19

20
21
22
23
24

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. poss.

9,287
-9,529
2,859
15,751
206

-5,704
-2,969
1,388
-4,273
150

16,910
4,439
3,374
8,938
159

20,482
4,311
9,061
6,979
131

7,437
-1,379
5,084
3,611
121

24.584
20,947
6,469
-2,938
106

9.3
5.5
3.4
-.5
1.1

13.5
3.5
4.3
4.1
1.6

17.0
4.8
8.1
1.4
2.7

10.0
-8.8
14.9
4.9
-1.1

18.3
1.4
15.3
1.0
.7

20
21
22
23
24

25
26
27
28
29
30
31

Savings and loan assns.
Mutual savings banks
Credit unions
Life Insurance companies
Finance companies
REITs
Brokers and dealers

-8,562
2,670
500
-1,027
2,028
413
1,339

-4,637
-576
300
-531
3,017
5
-3,687

-9,167
210
100
-487
-3,276
42
653

12,824
-383
1,600
-375
565
-57
-2,391

2,283
964
-1,128
-5,482
48
8,793

-7,272
803
500
-325
2,546
-25
-5,750

1.1
-.8
.3
2.9
4.6
— .2
1.0

.9
1.6
2.1
3.5
.1
3.1

2.6
-.5
.4
6.0
.1
1.2

13.1
.6
.2
4.8
.5
K
-6.4

10.4
4.2
.7
6.1
6.9
-.1
14.6

25
26
27
28
29
30
31

32
33
34
35
36
37

Net change in assets
Foreign
Nonfarm noncorp, business
Nonfin. corporate business
Sponsored credit agencies
Monetary authority

47,350 -23,868
-1,811 -5,796
974
957
19,551 -13,587
1,762
215
1,450
-772

35.5
.2
4.1
17.5
.4
1.2

12.8
-.3
-2.0
-4.2
1.3
-.1

-10.3
-32.2
-23.6
31.5
.7
.1

20.4
-15.7
-15.6
1.7
1.1
.1

56.7
4.0
.9
19.9
.7
.5

32
33
34
35
36
37

38
39
40
41
42

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks ln U.S. possession

15,735
1,601
-711
14,865
-20

-1,918
1,447
76
-3,339
-102

7,618
-115
-302
8,141
-106

2,255
892
-273
1,777
-141

-3,247
-1,453
39
-1,665
-168

-6,550
-5,475
-548
-328
-199

-2.6
-2.0
-.8
-.2
.4

3.7
5.1
-.4
-1.5
.5

3.9
3.3
.7
-3.0
2.9

4.0
-1.8
.6
5.7
-.5

-8.0
-4.4
.5
—2.2
-1.9

38
39
40
41
42

43
44
45
46
47

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds

604
516
-1,901
1,472
6,435

-2,227
-1,169
2,184
1,482
-4,747

851
5,671
-713
1,258
5,232

-2,692
180
1,576
1,102
3,525

7,544
512
-1,338
1,306
97

-7,319
2.635
1,046
750
2,809

1.6
.5
2.1
2.2
4.9

2.3
1.0
3.6
2.4
2.2

4.9
1.2
-.3
5.5
-5.8

18.1
2.6
.2
7.4
14.0

14.0
1.5
.8
5.5
13.6

43
44
45
46
47

48
49
50

REITs
Money market funds
Brokers and dealers

1,220
1,825
-8,214

-65
4.535
1,349

309
-2,746
1,102

-1,195
-612
-214

1,892
-639
19,297

60
1.384
300

.9
.4
2.0

.5
.4
2.0

1.0
1.9
.8

.3
-1.1
3.2

12 Net total (liab. less assets)

-31.835

28,344 -22,329
732
-4,388
1,000
1,015
10,475 -22,000
3,172 -1.137
-348
378

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




33,322 -2,283
343
7,090
1,000
977
13,733 -15,324
27
1,354
-305
-363

—

M

M

17.8 12

48
-.4 49
3.6 50

JUNE 2, 1989
Miscellaneous II

Miscellaneous II

59

Miscellaneous Financial Claims (Continued)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1984

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

I
I

1987
IV

I
I

I

II

1988

III

IV

I 1989
I
I
(C) Life insurance claims

1

-1.0

1

1.3

2
3
4

2.7
1.6
1.1

3.5
2.3
1.2

3.0
2.5
.5

5
6
7
8
9

15.4
-.8
K
11.0
5.1

29.7
18.1
2.8
3.8
5.1

39.1
26.5
3.6
4.8
4.2

1.2

3.7
2.7
1.0

3.7

4.1

*
,8
.8

-1.5
-2.1
.6

-1.4
-2.1
.7

35.0
27.2
2.8
4.8
.2

35.2
32.2
2.9
4.3
-4.2

35.8
33.0
2.9
3.9
-4.0

3.4

2.4

2.5

3.2

-.4
-1.2
.8

2.5
1.6
1.0

1.2
.3
.9

35.0
28.7
2.8
4.6
-1.0

33.8
17.3
2.6
5.8
8.2

34.2
22.2
2.7
5.3
4.0

Deferred and unpaid premiums
4.0 Liab.: Households
Asset: Life Insurance

1

Life company reserves
■1.2 Liab.: Life insurance cos.
-2.0
Accident and health
.8
Policy dividend accum.
Asset: Households

2
3
4

(D) Nonlife insurance claims
32.8
13.3
2.6
6.0
10.9

36.2 Liab.:
38.5 Asset:
3.1
3.4
-8.8

Other insurance cos.
Households
Farm business
Nonfarm noncorp. bus.
Nonfin. corp, business

5
6
7
8
9

(E) Intercorporate claims

10
11

10.3
12.5

5.5
15.0

-.3
41.5

14.5
10.6

6.9
9.8

-2.5
43.4

-5.3
3.6

19.8
-8.6

11.3
8.0

1.7
36.4

12

5.3

-.4

6.1

24.3

7.5

51.2

-64.8

16.1

24.5

54.1

13
14
15
16
17
18
19

67.7
-6.7
19.2
4.9
2.3

54.7
-6.3
7.5
-.4
3.5
1.3

46.4
-8.4
3.1
5.2
4.1
1.8

39.4
-4.3
8.0
1.2
-10.5
2.9
2.8

63.5
7.2
8.0
4.7
3.0
.5
1.8

-19.4
-40.6
8.0
.8
-18.8
8.4
4.1

-60.0
17.8
8.0
2.4
3.5
7.2
-9.1

162.4
85.8
8.0
4.2
25.5
-9.8
10.8

124.1
-59.5
8.0
3.1
2.8
-3.0
5.0

27.6
-15.2
8.0
9.0
-19.9
7.4
.6

20
21
22
23
24

16.9
13.1
8.3

-4.5

19.9
10.3
7.1
2.4
.1

42.4
2.4
34.3
4.8
.9

33.1
-6.2
20.2
18.3
.9

39.1
4.4
18.9
15.3
.6

104.5
28.1
14.9
60.7
.8

-96.5
-87.9
3.0
-12.2
.6

84.5
35.2
19.5
29.2
.6

63.8
-.9
28.5
35.6
.5

25
26
27
28
29
30
31

6.8
1.8
1.8
12.1
6.2
.1
2.2

9.6
3.7
1.3
11.0
-5.6
.1
9.2

-1.5
2.7
1.7
2.4
-13.8
-.3
7.0

-8.0
.7
2.4
-3.4
9.4
1.0
4.2

1.3
.2
2.0
-2.5
-5.2
K
3.4

-28.7
11.3
.8
-4.1
8.1
1.7
-74.9

-16.6
-4.4
1.4
-2.1
12.1
K
16.4

-27.7
2.3
1.4
-1.9
-13.1
.2
-7.9

32
33
34
35
36
37

62.4
-6.0
2.4
19.1
2.8
3.0

55.2
4.5
2.6
.2
2.5
1.0

40.2
-10.1
8.5
12.4
2.1
1.7

15.1
1.3
4.0
-19.9
6.0
2.2

56.1
6.4
4.0
-4.0
2.0
.4

-70.7
-33.1
4.1
-27.8
17.9
-.1

4.8
38.5
4.0
-41.5
-3.3
.4

38
39
40
41
42

-.2
-.6
1.3
-.9

N

12.7
13.2
-.3
-.1
-.1

7.6
1.8
1.4
4.0
.4

12.7
1.0
.5
11.3

«

4.7
.8
-.5
4.9
-.5

-2.6
-52.5
2.2
47.8
-.1

43
44
45
46
47

22.2
.3
1.0
5.8
6.4

10.1
1.7
2.4
6.9
3.1

2.3
1.0
3.7
9.3
-7.3

15.9
.7
-.6
6.7
-15.0

3.5
5.2
1.7
5.1
4.1

48

1.2
1.5
2.7

-1.6
.6
8.4

.4
2.9
5.7

1.0
1.4
-1.2

.9
.5
21.5

Corporate parent investment in:
8.1
Commercial bank subsidiaries 10
4.3
Finance company subsidiaries 11
Asset: Domestic bank affiliates

(F) Unallocated assets 8 liabilities

49

50

K

M

-19.6 Net total (liab. less assets)

12

1.8
2.0
8.0
1.1
-15.6
1.7
-8.3

Net change in liabilities
Foreign
Nonfarm noncorp. business
U.S. government
U.S. govt.-without levels
Sponsored credit agencies
Monetary authority

13
14
15
16
17
18
19

104.7
71.2
24.7
8.3
.5

17.3
-2.2
23.0
-3.9
.4

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. poss.

20
21
22
23
24

34.2
-1.1
6.7
-1.5
2.3
-.2
63.6

15.2
4.0
-1.5
-4.5
-21.9
.2
-58.6

-27.2
1.0
2.2
-1.3
10.2
-.1
10.9

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Finance companies
REITs
Brokers and dealers

25
26
27
28
29
30
31

146.3
26.8
4.0
31.6
6.4
.9

99.5
-15.6
3.9
-15.9
-9.0
-3.9

-26.4
-24.2
3.9
9.6
13.8
4.3

21.4
17.1
3.8
-2.3
2.3
-1.2

Net change in assets
Foreign
Nonfarm noncorp. business
Nonfin. corporate business
Sponsored credit agencies
Monetary authority

32
33
34
35
36
37

16.5
34.8
-6.0
-11.9
-.4

56.1
17.5
8.8
30.2
-.4

38.2
23.9
-11.2
26.0
-.6

-91.9
-73.1
6.5
-24.7
-.7

7.0
12.7
-9.0
4.1
-.8

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. possession

38
39
40
41
42

3.2
5.0
-3.6
5.9
37.0

-10.4
-10.8
2.9
5.9
-28.1

14.5
30.0
.1
5.0
24.8

-21.6
-2.9
4.4
4.4
7.5

31.5
4.5
-.5
5.2
12.2

-31.3
4.3
-2.5
3.0
1.0

Savings and loan assns.
Mutual savings banks
Credit unions
Life Insurance companies
Private pension funds

43
44
45
46
47

4.9
23.5
-104.9

-.3
.9
30.0

1.2
-36.0
-19.3

-4.8
25.9
88.9

7.6
11.3
-13.5

.2
-13.5
33.5

REITs
Money market funds
Brokers and dealers

48
49
50

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




JUNE 2. 1989
Total Claims

Total Claims
Total Financial Assets and Liabilities

60

UNADJUSTED NET FLOWS* $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

1
1

1987
IV

1
1

II

1

1988

III

IV

1 1989
1
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Total Net Borrowinsi and Lending In Credit Markets (1)
1

Total net borrowins
in credit markets

2
S
4
5
6
7
8
9

Domestic nonfinan. sectors
U.S. sovernment
Private domestic
Households
Farm business
Nonfarm noncorp. bus.
Corporate business
StateSlocal sovernments

10
11
12
IS
14
15
16
17
18
19

Foreisn borr. In U.S.
Financial sectors
Sponsored credit asencies
Mortsase pools

Commercial banks
Bank affiliates
Savinss and loan assns.
Finance companies
REITs
CMO Issuers

Total net lending
in credit markets

294,958 179.861 260.317 2A7.18A 314,848 222.357

488.4

452.6

496.3

*95.4

663.4

1

222.655 144.118 187.070 189.351 220.896 147.279
62.556 A2.871 19.085 A1.659 53.842 57.945
160.099 101.2A7 167.985 1A7.692 167,054 109.334
80.IA1 31.6A8 8A.701 79,083 80.944 40.555
2.6A2
39 -2.497
-938
-3.022 -A.22A
33.013 22.31A 17.153 19.848 26,019 20.302
41,915 A9.070 56.911 35.378 52,936 44.796
9.652
4.619
8.052
2.A39
6.578 13,544

383.5
37.4
346.2
171.5
23.5
65.6
68.0
17.6

343.1
79.2
263.9
117.3
15.8
55.8
57.8
17.2

370.8
87.4
283.5
113.9
16.3
44.4
102.1
6.8

388.7
161.3
227.4
84.0
6.7
71.8
43.4
21.5

546.8
186.6
360.2
186.1
3.9
81.9
54.4
34.0

2
3
4
5
6
7
8
9

-532
75,610
16.219
28,797
123
3,764
11,938
10,896
205
3,668

15.0
89.9
24.8
23.1
9.1
4.1
12.6
16.3
-.1

24.2
65.4
25.6
19.2
8.3
6.7
7.4
-1.3
-.5

23.5
101.9
32.4
15.0
11.6
9.2
15.5
18.5
-.2

16.0
90.7
15.3
49.5
11.7
6.8
2.5
4.3
a
.6

17.3
99.2
1.4
66.4
5.0
12.1
-2.1
13.0
-.2
3.6

10
11
12
13
14
15
16
17
18
19

29A.958 179.861 260.317 247.184 314.848 222.357

3.602
68.701
19.A89
25.353
A.109
-5.339
14,916
8.107
555
1.511

881
3A.862
10.305
13.77A
-6.2A9
-639
-3.809
10.A81
2A0
10.759

1.222
72.025
A.363
21.97A
815
3.0A9
9.6A8
23.883
A21
7,872

196
57.637
10.605
28.757
-681
-134
11,034
2.650
-361
5.767

3.589
90.363
19,610
28.085
2,219
-867
20,921
10.816
1,443
8,136

488.4

432.6

496.3

495.4

21
22
23
2A
25

Private dom. nonfin. sectors
Households
Nonfarm noncorp. business
Corporate business
State & local sovernments

70.03A -12.810
A5.235 -1A.7A0
1.509
568
1A.721 -1.289
8.569
2.651

A9.70A
A8.720
973
-4,374
A. 385

75,545
68,242
1.025
2.246
4,032

63.106 29,773
46,236 41.934
468
1.931
6,530 -14,591
8.409
1.962

107.4
83.4
2.7
4.6
16.7

47.3
36.1
.9
-1.7
11.9

61.5
42.5
8.9
9.2
.7

92.5
55.6
4.6
20.2
12.0

26
27

Foreign
U.S. sovernment

21.535
-2.161

A3.75A
-1.633

18,506
-A,332

13.916
2.658

28.500
-3.994

29,797
2.460

-10.4
19.0

25.3
23.7

25.5
24.0

23.7
15.9

28
29
50
51

Financial sectors
Sponsored credit asencies
Mortgage pools
Monetary authority

205.550 150.550 196,A39 155.065 227,236 160.327
15.87A
8.534 19,059 18.144
5.696
5,270
25.353 13.77A 21.97A 28,757 28,085 28,797
9.864 -5.206
10.5A0 -5.209
A.823
1.046

372.3
30.0
23.1
7.1

336.4
26.4
19.2
3.5

385.4
33.2
15.0
8.8

363.3
16.0
49.5
7.7

479.2
3.4
66.4
14.7

28
29
30
31

32
SS
SA
35
36

Commercial banking
U.S. commercial banks
Bank affiliates
Foreign banking offices
Banks In U.S. poss.

37
38
39
AO
Al

Private nonbank finance
Savings Institutions
Savinss & loan assns.
Mutual savings banks
Credit unions

A2
AS
AA
A5
A6

Insurance sector
Life Insurance cos.
Private pension funds
St.Sloe.govt.rtr.funds
Other Insurance cos.

A7
A8
A9
50
51
52
53

Finance n.e.c.
Finance companies
REITs
Mutual funds
Money market funds
Brokers and dealers
CMO Issuers

20

60.992
50.A95
603
9.718
176

11.216
21.175
A90
-11.888
3.793
-3.865
1.511

150.9
87.1
7.8
20.7
35.4

21
22
23
24
25

23.7 26
9.7 27

48,642
32.320
1.256
14,827
239

24.122
15.796
-224
8,295
255

131.4
112.7
2.0
16.8
■

107.6
87.6
-.3
19.8
.5

106.5
95.0
.2
12.5
-1.1

110.2
110.7
-2.2
2.2
-.5

144.3
136.5
1.2
3.7
2.9

32
33
34
35
36

77.631 121.586
41,608 31.412
30,613 24,152
4,074
A.717
6.278
3.186

94,470
6.048
1.733
1.808
2.507

180.8
55.4
49.3
4.4
1.7

179.6
51.3
46.2
5.9
-.8

221.8
26.2
23.2
.9
2.0

179.9
22.9
20.0
.7
2.3

250.4
135.6
104.7
18.8
12.1

37
38
39
40
41

56,254
24,413
13.537
8,911
9.393

45,465
22,232
6.060
6,840
10.333

55.162
21.461
17.597
6,378
9.726

59.899
15.958
22.026
12.686
9.229

78.7
32.5
22.1
10.8
13.4

93.7
32.3
30.6
20.9
9.9

90.1
31.0
27.2
22.5
9.4

96.0
42.4
25.2
23.4
5.0

100.1
52.5
29.9
16.0
1.7

42
43
44
45
46

50.029 12,711
8.275 1A.978
302
AO
5.958
A.103
19.110 -11.732
5.625 -2.550
10.759
7,872

-9,442
-3.595
542
1.577
-6.741
-6,992
5.767

35.012
19.492
-7
249
10,022
-2.880
8.136

28.523
8,413
161
1.161
19.020
-3.900
3.668

46.6
29.4
-1.0
1.9
19.8
-3.5
-

34.7
13.2
-.7
3.2
16.4
2.6
-

105.5
23.4
-1.1
3.1
64.8
15.3
-

61.0
10.9
■
4.7
29.5
15.4
.6

14.7
26.8
.1
9.8
-17.7
-7.7
3.6

47
48
49
50
51
52
53

55.A88
A2.AA9
-A22
13,246
215

12.776
12.A56
-602
720
202

92.791 123.939 108.A58
39.62A
8.572 S9.A93
5.170 33.22A
28.693
1.028
7.867
1.763
3.06A
1.639
5.2A1

A1.951
21.659
-3.2A3
13.247
10.288

663.4 20

65.338
22.36A
22.AOA
10.30A
10.266

39,097
39.143
379
-647
222

(1) Excludes corporate equities.
Total Liabilities and Their Relation to Total Financial Assets

Net flows throush credit aarkets (froa
preceding table)
294,958 179.861 260.317 247.184 314.848 222.357
1
Other financial sources:
141
3.100
-3,947 -1.347
7.345 -2.098
Official foreisn exchange
2
120
162
490
Treasury curr. and SDR ctfs.
129
100
120
3
74,726
3.255
28.371 -58.763
20.175 16.020
11.432 25.861
14.812 18.548
-6.918
2.589
6.854 -1.000

488.4

432.6

496.3

495.4

663.4

1

-.1
1.6

8.1
1.3

3.4
1.2

3.6
1.7

1.1
.5

2
3

185.9
35.8
59.6
34.4
29.3
17.1
9.8

219.2
17.1
82.7
30.8
60.0
24.2
4.5

287.1
27.9
47.8
109.8
61.3
29.9
10.4

270.1
37.7
138.7
32.7
24.6
31.9
4.5

216.6 4
40.4 5
216.6 6
-40.4 7
-13.0 8
11.8 9
1.3 10

4
5
6
7
8
9
10

Deposits at financial Insts. 84.888 93.515 69.462 41.858
26.739 -21.546 41.689 -5.637
Checkable deposits
Saall time t savings dep.
33.321 54.010 35.677
9.160
Money market fund shares
9.785 28.591 -17.240
-925
7.584
Large time deposits
28.715
496 30.603
8.840 11.368
Security RPs
-16.438 28.193
2.766 -3.317
Foreign deposits
-2.711

11
12

Life Insurance reserves
Pension fund reserves

1.084
62.732

10.7
91.1

9.7
108.8

9.2
108.7

7.2
140.9

8.0 11
151.2 12

13
14
15
16
17
18
19

Interbank claims
4.879 -20.524 13.299 -10,076 21.436 -14.272
Corporate equities
-22.190 -17.722 -29.277 -24.127 -43.840 -34.567
1.427 10.138
-28.906
2,008
2.762 -1.927
Security credit
Trade debt
15,945 -18.548 -1.696
9.215 20.555 -4.381
Taxes payable
3.799
2.163 -5.184
1.611
3.997
3.015
Noncorp. proprietors* equity -30.882 -18.325 -15.706 -12.753 -28.641 -21.581
Miscellaneous
41,907 18.927 47.297 70.340 44.955 39.134

21.5
-3.8
1.3
64.8
8.5
-65.2
93.0

-33.1
20.3
13.9
54.6
1.9
-76.9
78.2

-30.3
-4.8
2.1
39.6
-11.5
-48.4
76.2

-34.3
21.2
5.9
10.8
-11.1
-91.4
89.5

-2.1
58.1
13.6
42.6
9.5
-79.6
124.8

395.125 278.052 407.393 394.476 474,500 271.486

897.7

838.8

928.7

909.4

1207.5 20

-101
2.509
7.904 -6.010
28.167 -17,894

1.3
-.1
-13.1

-1.1
2.3
-4.4

-.2
4.1
5.4

.3
-1.8
11.4

1.6 21
2.6 22
-5.9 23

-22
2.028
2.857
-1,056
30.676

-.2
-1.7
2.1
4.4
-13.9

-.2
-3.5
7.4
3.2
-.5

-.2
-3.0
-.5
-.9
24.4

-.2
-.9
-5.1
-1.0
5.6

413.798 285.247 419.083 364.281 479.250 261,008

918.9

835.7

899.6

901.0

20 Total financial sources
- Floats not Incl. In assets
Check, dep.: U.S. sovt.
21
Other
22
Trade credit
23
- Liabilities not allocated
as assets
Treasury currency
24
Interbank claias
25
Security RPs
26
Profit taxes payable
27
Miscellaneous
28
Totals allocated to sectors
as assets
29

4.757
29.797

6.449
51.466

1.449
-1.265
12.673 -4.982
22.407 -29.903
-51
-7.012
-15.386
1.796
-31.835

-1.702
2.150
-9.480

-62
-33
2.011
1.173
9.761
4.326
140
2.996
14.362 -11.091

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




3.286
62.592

2.544
61.738

-625
-6.223
-5.181

583
68.776

-16
-3.997
-985
4.389 -5,045
1.314
-978
42.826 -38,614

-.2
-10.0
-4.0
.4
17.8

13
14
15
16
17
18
19

24
25
26
27
28

1205.1 29

JUNE 2. 1989
Total Claims

Total Claims
Total Financial Assets and Liabilities

£1

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS* $ BILLIONS
1985
1986
1987

SEASONALLY ADJUSTED ANNUAL RATES

1988

1
1

1987
IV

1
1

11

I

1988

III

1 1989
1
I

IV

Total Net Borrowins and Lending in Credit Markets (1)
Total net borrowing
in credit markets

1

907.9

1045.7

1154.1

996.6

1002.2

1044.4

916.2

978.9

999.4

1114.4

1092.8

2
3

7
8
9

750.8
198.8
552.0
231.5
-.4
123.2
170.3
27.4

846.3
223.6
622.7
283.6
-14.5
129.3
132.4
91.8

837.5
215.0
622.5
289.1
-16.3
103.2
202.1
44.3

689.0
144.9
544.0
267.7
-10.6
107.9
145.0
34.0

741.4
157.5
584.0
276.4
-4.0
85.3
194.3
32.0

780.3
168.2
612.2
277.8
3.3
116.0
182.1
32.9

723.9
227.7
496.2
212.6
-15.7
86.3
195.5
17.5

710.4
89.2
621.2
330.6
-3.4
72.3
194.0
27.6

767.8
188.6
579.3
282.9
-2.6
96.0
159.5
43.5

763.7
124.4
639.3
279.8
5.5
86.7
227.8
39.4

742.6
214.4
528.2
251.7
-2.7
78.5
174.6
26.0

Domestic nonfinan. sectors
U.S. sovernment
Private domestic
Households
Farm business
Nonfarm noncorp. bus.
Corporate business
StateSlocal governments

2
3
4
5
6
7
8
9

10
11
12
13
14
IS
16
17
18
19

8.4
148.7
30.4
44.4
7.3
15.6
22.7
18.2
.8
9.3

1.2
198.3
21.7
79.9
-4.9
14.5
22.3
52.7
.5
11.5

9.6
307.0
14.9
173.1
-3.6
4.6
29.8
48.4
1.0
39.0

4.3
303.3
29.5
156.4
7.1
2.9
34.9
32.7
.8
39.1

5.9
254.9
44.9
92.6
-3.9
1.4
37.8
47.8
1.7
32.5

13.9
250.2
71.6
95.9
15.0
-22.6
48.7
33.4
2.2
6.0

-1.0
193.3
56.8
63.4
-22.4
-8.5
8.6
51.4
1.0
43.0

5.2
263.3
9.4
92.4
6.2
11.4
17.1
93.7
1.7
31.5

4.4
227.2
42.8
107.8
-8.3
7.6
54.4
1.2
-1.4
23.1

15.0
335.7
70.5
106.7
8.9
-4.9
71.0
45.1
5.8
32.5

-7.9
358.1
81.7
124.0
1.8
8.8
72.7
53.6
.8
14.7

Foreign borr. in U.S.
Financial sectors
Sponsored credit agencies
Mortgage pools
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
REITs
CMO Issuers

10
11
12
13
14
15
16
17
18
19

20

907.9

1045.7

1154.1

996.6

1002.2

1044.4

916.2

978.9

999.4

1114.4

1092.8

21
22
23
24
25

169.2
108.0
9.9
23.5
27.9

282.9
164.4
5.3
15.4
97.8

93.1
8.0
5.5
31.2
48.4

173.3
137.8
4.4
10.3
20.9

175.5
148.5
4.5
S.l
19.5

225.1
158.2
4.6
32.2
30.1

-4.4
-41.1
3.7
15.3
17.7

219.5
205.4
3.8
-7.9
18.3

303.7
272.2
4.2
7.0
20.2

183.3
149.3
6.3
-2.0
29.7

169.7
187.1
3.3
-37.9
17.3

Private dom. nonfin. sectors
Households
Nonfarm noncorp. business
Corporate business
State 8 local governments

21
22
23
24
25

26
27

57.9
17.1

62.3
16.8

97.8
9.7

62.5
-11.9

104.7
-7.3

81.0
-2.6

173.7
-8.8

78.9
-20.3

57.2
9.4

108.9
-9.5

117.8
7.3

Foreign
U.S. government

26
27

28
29
30
31

663.7
29.8
44.4
8.4

683.8
15.7
79.9
18.4

953.6
14.1
173.1
19.4

772.7
25.0
156.4
24.7

729.3
38.6
92.6
10.5

740.9
60.8
95.9
30.4

755.7
39.7
63.4
-5.5

700.7
11.0
92.4
4.1

629.1
31.1
107.8
17.1

831.6
72.5
106.7
26.5

798.0
92.0
124.0
-4.9

Financial sectors
Sponsored credit agencies
Mortgage pools
Monetary authority

28
29
30
31

32
33
34
35
36

168.9
158.7
.6
12.9
-3.3

186.3
165.6
4.0
16.4
.3

194.8
162.5
-3.1
35.0
.3

136.7
99.2
1.9
35.0
.6

156.0
126.4
.6
28.1
.9

253.1
222.4
2.4
27.6
.7

56.8
38.5
-2.4
19.8
.8

213.8
160.0
-1.7
54.6
.9

141.3
148.4
1.5
-9.5
.9

212.2
158.6
5.0
47.6
1.0

96.8
45.6
-.9
51.2
1.0

Commercial banking
U.S. commercial banks
Bank affiliates
Foreign banking offices
Banks in U.S. poss.

32
33
34
35
36

37
38
39
40
41

412.2
150.2
124.9
10.1
15.3

383.5
83.0
59.8
9.7
13.4

552.3
106.2
73.8
17.4
15.0

429.9
141.7
98.3
25.6
17.8

431.6
121.1
93.2
11.6
16.3

300.7
155.6
110.4
29.8
15.4

601.3
85.3
61.9
11.7
11.8

379.5
92.9
75.5
.1
17.2

331.9
186.3
145.5
20.1
20.7

413.8
119.9
89.8
14.5
15.6

490.0
80.6
52.3
12.6
15.7

Private nonbank finance
Savings institutions
Savings 8 loan assns.
Mutual savings banks
Credit unions

37
38
39
40
41

42
43
44
45
46

121.8
54.1
21.3
34.7
11.7

148.9
76.1
26.8
22.9
23.1

181.9
85.3
20.1
31.3
45.2

211.9
91.5
54.7
26.3
39.4

222.2
90.5
59.6
32.4
39.7

154.3
77.8
-6.8
42.6
40.7

279.3
93.4
98.6
46.3
40.9

228.9
102.1
52.3
35.1
39.3

173.9
90.3
9.0
34.4
40.3

206.8
76.1
78.4
14.0
38.4

259.1
68.9
97.2
56.2
36.8

Insurance sector
Life Insurance cos.
Private pension funds
St.tloc.govt.rtr.funds
Other Insurance cos.

42
43
44
45
46

47
48
49
50
51
52
53

140.1
38.3
.8
17.9
45.0
28.8
9.3

151.6
49.5
2.4
68.7
13.9
5.6
11.5

264.2
54.8
«
123.1
34.1
13.2
39.0

76.3
39.4
1.0
25.8
1.8
-30.9
39.1

88.3
39.2
.9
11.9
10.7
-6.8
32.5

-9.2
51.7
2.0
-50.3
19.7
-38.2
6.0

236.7
52.7
1.2
35.8
62.6
41.3
43.0

57.8
50.6
.2
2.3
-31.6
4.8
31.5

-28.4
10.6
2.2
12.1
-34.5
-41.7
23.1

87.2
42.7

150.3
54.6
.6
17.9
62.2
.2
14.7

Finance n.e.c.
Finance companies
REITs
Mutual funds
Money market funds
Brokers and dealers
CMO Issuers

47
48
49
50
51
52
53

A

5
6

a

-2.6
46.1
-31.6
32.5

Total net lending
in credit markets

1

20

(1) Excludes corporate equities.
Total Liabilities and Their Relation to Total Financial Assets
Net flows through credit markets (from
1114.4 1092.8
preceding table)
Other financial sources:
12.4
Official foreign exchange
-8.4
Treasury curr. and SDR ctfs.
.6
2.0

1

907.9

1045.7

1154.1

996.6

1002.2

1044.4

916.2

978.9

999.4

2
3

2.2
.6

3.0
.5

-.6
.8

-9.7
.5

4.0
.5

-15.8
.5

-5.4
.5

.6
.4

29.4
.5

4
5
6
7
8
9
10

371.8
47.4
150.8
54.2
87.3
38.0
-5.8

278.2
83.5
141.2
10.2
17.9
29.7
-4.3

365.7
127.0
124.1
48.3
5.0
52.2
9.1

150.1
4.1
76.3
24.0
50.6
-1.5
-3.4

279.6
42.9
119.0
21.9
53.5
41.5
.8

184.8
-6.3
123.0
59.9
87.3
-91.2
12.1

517.6
93.7
188.9
73.1
56.7
122.1
-16.8

209.4
49.1
153.2
-56.8
15.7
53.8
-5.5

267.9
36.5
65.4
6.5
113.1
48.5
-2.1

123.3
-7.8
68.6
64.7
28.5
-58.4
27.7

169.7
-46.2
46.5
58.4
96.1
21.8
-6.9

Deposits at financial insts. 4
Checkable deposits
5
Small time t savings dep.
6
Money market fund shares
7
Large time deposits
8
Security RPs
9
Foreign deposits
10

11
12

5.2
152.5

10.7
174.8

17.5
175.1

26.0
170.4

12.9
244.6

19.0
135.8

25.8
238.8

13.1
253.4

10.2
192.6

2.3
293.5

4.3
284.2

Life Insurance reserves
Pension fund reserves

13
14
15
16
17
18
19

14.3
-36.0
4.5
42.5
2.7
-86.5
156.0

29.3
20.1
43.3
47.7
5.3
-89.2
145.6

30.0
93.9
9.9
12.6
4.2
-40.7
182.2

33.6
13.5
-28.4
34.8
2.7
-88.8
167.1

4.1
-115.0
4.3
9.5
1.6
-75.4
181.5

7.4
-82.7
-154.3
12.5
8.1
-114.0
158.2

-89.8
-75.6
34.5
-17.3
3.2
-50.9
37.5

110.3
-131.1
5.4
3.6
.9
-68.2
277.5

-76.1
-84.1
11.8
24.0
S.l
-78.4
243.2

72.3
-169.1
-34.5
27.8
-.8
-104.9
167.8

-62.3
-143.1
67.3
41.8
10.5
-62.5
119.2

20

1537.4

1715.1

2004.8

1468.5

1554.4

1204.0

1535.2

1654.1

1543.4

1484.4

21
22
23

.5
-1.9
-21.4

1.3
2.8
10.6

-.6
-8.9
-2.6

a
.4
-22.1

1.6
-1.2
-16.4

-24.0
16.2
-11.8

16.0
3.0
-43.1

-1.0
-5.5
-26.9

.2
1.0
-3.8

-8.7
-3.1
8.2

24
25
26
27
28

-.1
6.4
-2.9
-2.8
5.3

-.2
7.0
-13.6
4.7
-.4

a
-l.l
5.8
1.0
6.1

-.1
-5.2
-8.1
a
24.3

-.1
-1.8
13.4
3.5
7.5

-.2
-16.8
-58.9
5.6
51.2

-.1
.8
46.3
-4.9
-64.8

-.2
10.8
-3.5
7.6
16.1

-.1
-27.9
34.9
7.5
24.5

—
9.1
-24.0
3.7
54.1

29

1554.3

1703.1

2005.1

1479.3

1547.9

1242.7

1582.0

1656.6

1507.0

1445.1

1536.5 Total financial sources
* Floats not incl. in assets
Check, dep.: U.S. govt.
9.7
Other
-.9
6.8
Trade credit
- Liabilities not allocated
as assets
Treasury currency
-.1
Interbank claims
.2
23.6
Security RPs
-8.7
Profit taxes payable
Miscellaneous
-19.6
Totals allocated to sectors
1525.4
as assets

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1
2
3

11
12

Interbank claims
13
Corporate equities
14
Security credit
15
Trade debt
16
17
Taxes payable
Noncorp. proprietors* equity 18
19
Miscellaneous
20
21
22
23

24
25
26
27
28

29

JUNE 2, 1989
Savins by Individuals

Savins by Individuals

62

Amount and Composition of Individuals* Savins (1)

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS* $ MILLIONS

11
1

1987
IV

1 Increase in financial assets
148,500
Checkable deposits and curr. 10*993
2
Time and savinss deposits
52*076
3
4
Money market fund shares
10*356

1
1

I

II

1988

III

IV

| 1989
1
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

99,787 147,656 142,706 141*561 116.235
-9,509 18*136 -8*680 20.079 -19,652
42,374 37*003 44*400 24,947 22*461
23*026 -10.2A2 -3*750 11*621 27*108

325.6
35.7
74.7
30.6

320.3
8.9
124.9
24.5

320.5
35.2
72.1
90.7

380.3
25.8
118.3
32.8

480.4
34.4
198.8
-31.1

1
2
3
A

2*779
2*611
-7,248
34*980
-469

43.9
-.8
37.5
18.4
10.2

8.1
-7.3
23.2
4.9
6.7

-4.3
-4.3
35.4
4.5
10.5

34.0
.2
47.0
-1.2
22.9

90.2
3.1
61.8
-10.8
37.6

5
6
7
8
9

4,845 -2*156
8,447
6.257 -5,376 -11.447
5,007
4*102
2*162 -13,461 20*282
707
-894
1,139
378 -1*133
2*836 -7.175
-8,472 -8,939 -30,162 -27*441 -47,451 -40*783

-3.4
7.5
-1.0
-24.5

-13.0
x 3.4
1.1
-11.0

-3.5
-10.2
5.8
-42.A

-3.0
-20.1
7.0
-18.9

-8.3
5.7
24.0
-22.9

10
11
12
13

1,000
22,000
28*300
12*516
19.723

10.4
19.4
47.6
24.4
38.8

9.7
22.3
51.2
35.3
35.4

8.9
29.5
39.7
39.7
8.8

7.0
39.7
57.5
43.9
21.3

7.8
38.8
59.1
53.5
28.9

14
15
16
17
18

193,115 175,030 197,054 200*896 205*445 181.454
54,077 52*046 49*240 59*854 59*002 56.250
23*656 17*396 26*666 25*335 21*311 15,450
114*988 98*672 115*385 110*873 126*195 102.923
394
6*831
6*916
5*763
4*834 -1.063

426.6
128.7
75.8
219.0
3.2

403.4
113.6
79.6
219.3
-9.1

457.7
111.2
94.3
239.9
12.3

434.0
89.9
94.8
252.7
-3.4

509.1
133.2
94.4
289.1
-7.6

19
20
21
22
23

24 Capital consumption allowances 125*084 126*821 128*230 129*544 131,179 133*067
25
Owner-occupied homes
17,778 17,966 18*151 18*338 18,524 18*710
26
Other fixed assets (2)
29*046 29,531 29*694 29*755 30*142 30,779
27
Consumer durables
78*260 79,324 80*385 81*451 82*513 83*578

273.5
41.9
66.6
165.0

311.1
47.0
76.8
187.4

341.1
51.4
87.1
202.5

365.1
54.3
95.5
215.4

381.9
57.0
98.4
226.4

24
25
26
27

28 Net inv. in tangible assets
29
Owner-occupied homes
30
Other fixed assets (2)
31
Consumer durables
32
Inventories (2)

153.1
86.7
9.2
54.0
3.2

92.3
66.6
2.9
31.9
-9.1

116.6
59.7
7.2
37.4
12.3

68.9
35.6
-.6
37.2
-3.4

127.2
76.2
-4.0
62.7
-7.6

28
29
30
31
32

64*442
38*216
20*859
-5,111
-588
265
10*801

275.8
117.1
58.2
40.5
.2
4.7
55.0

209.3
96.4
53.4
2.6
7.2
6.7
42.9

191.1
73.8
30.7
16.9
-1.0
7.4
63.4

184.4
52.9
65.2
16.4
2.8
4.2
42.9

297.9
120.4
63.9
49.0
9.4
1.1
54.2

33
34
35
36
37
38
39

94*385 106*022 108*833 105*003 100*180

203.0
24.4
54.0

203.4
35.3
31.9

246.0
39.7
37.4

264.7
43.9
37.2

309.7 40
53.5 41
62.7 42

.9
.9
122.7

1.8
.5
133.9

2.7
.2
166.0

2.4
.5
180.7

4.4 43
.6 44
188.6 45

118.1

136.9

159.4

154.0

130.6 46

4.7

-3.0

6.5

26.8

57.9 47

5
6
7
8
9

Securities
U.S. savinss bonds
Other U.S. Treasury secur.
U.S. sovt. asency secur.
Tax-exempt obllsatlons

10
11
12
13

Corporate 8 foreisn bonds
Open-market paper
Mutual fund shares
Other corporate equities

14
15
16
17
18

Private life insurance res.
Private insured pension res.
Private noninsured pen. res.
Govt. Insurance 8 pen. res.
Miscellaneous finan. assets

19 Gross inv. in tangible assets
20
Owner-occupied homes
Other fixed assets (2)
21
22
Consumer durables
23
Inventories (2)

33 Net increase in liabilities
34
Mtg. debt on nonfarm homes
35
Other mortgage debt (2)
36
Consumer credit
37
Security credit
38
Policy loans
39
Other liabilities (2)

38,467 -24,790
2,570
2*920
5*558 -2.177
20*633
5.573
10*793 -5,417

A *678
15,529
-5*236
19*583
2,054

6*369
20*878
20,455
10*213
10,771

68*031 48*209
36*299 34.080
-5,390 -12,135
36*728 19*348
394
6.916

96*846
59,594
20*055
17*864
-18*026
63
17,296

AO Individuals* saving (1*28-33) 119*685
41 - Govt, insurance 8 pen. res.
42 - Net investment in cons. dur.
- Capital gains dividends
43
from mutual funds
AA - Net savins by farm corps.
45 = Personal savins* FOF basis

24,118
2.144
320
15.631
6*810

3*205
25*843
16*085
20,745
12,763

68,824
31*089
-3,028
35,000
5,763

2*462
23,571
7.536
30,713
12*143

71*352
41*516
-4,420
29,422
4*834

-1.299
1,775
11,317
32,555
7,839

500
22*528
23,143
23*188
16*854

74*266 48,387
40*478 37*540
-8,831 -15,329
43*682 19,345
-1,063
6*831

53*611 110*458 105*225 110*824
34,571 68*345 60*518 56*204
17*184 10,354 15*638 17,935
-3,766 16*880 15*385 22,567
1*214
1*226
-889
1*017
46
-514
248
167
7*025 13*614 12,303 12*846

46 Personal saving* NIPA basis
47 Difference

(1) Combined statement for households* farm business*
and nonfarm noncorporate business.

(2) Includes corporate farms.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




34*311
1*614
36*964
26,092
8*926

JUNE 2. 1989
Saving by Individuals

Saving by Individuals

Amount and Composition of Individuals* Saving (1)

63

SEASONALLY ADJUSTED ANNUAL RATES
—

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

I
1

1987
IV

I
1

I

II

1988

III

IV

I 1989
1
I

1
2
3
4

540.8
26.7
221.5
44.0

543.8
35.7
125.7
12.1

527.0
94.1
101.5
34.2

490.7
18.7
97.8
28.9

531.7
20.0
148.7
20.7

557.8
22.4
200.8
62.2

461.1
.1
176.8
50.8

572.6
30.5
152.9
-28.8

575.4
-8.3
176.2
-4.8

509.8
57.7
89.0
65.4

536.0 Increase ln financial assets
Checkable deposits and curr.
-38.0
Time and savings deposits
104.8
63.4
Money market fund shares

1
2
3
4

5
6
7
8
9

54.3
3.0
65.0
18.6
25.5

126.6
5.3
44.6
30.2
40.0

33.7
13.6
-18.6
8.6
-16.4

121.0
7.8
49.6
31.8
43.0

32.3
8.5
46.4
79.9
18.2

116.9
10.4
1.4
64.9
49.2

-69.5
11.3
49.1
27.7
-9.3

99.1
9.6
6.0
72.9
18.2

148.8
5.6
116.1
101.7
26.7

-57.0
7.2
14.6
109.1
37.0

42.9
10.0
34.8
143.8
10.8

Securities
U.S. savings bonds
Other U.S. Treasury secur.
U.S. govt, agency secur.
Tax-exempt obligations

5
6
7
8
9

10
11
12
13

-.8
-5.4
24.0
-75.6

2.4
39.1
68.5
-103.4

32.6
-12.2
147.8
-121.6

5.3
2.6
79.8
-98.7

-12.7
12.5
-6.4
-114.0

42.1
-10.8
3.9
-44.2

-39.0
-73.2
-5.8
-30.4

36.6
75.9
-1.6
-118.6

-29.2
49.5
-16.5
-105.0

-19.4
-2.0
-1.6
-202.0

-.2
-2.9
3.6
-157.1

14
15
16
17
18

5.0
46.7
42.1
63.9
36.6

10.4
63.4
39.5
72.3
58.1

17.2
77.5
19.2
78.7
70.8

25.7
70.6
26.2
73.9
27.9

12.5
92.8
67.2
84.9
52.5

18.7
60.8
-3.5
78.8
.7

25.5
87.3
81.7
70.1
38.3

12.8
99.9
66.4
87.4
52.3

9.8
95.2
8.4
89.3
60.6

2.0
88.8
112.4
92.6
58.9

4.0
92.3
112.0
80.2
74.4

19
20
21
22
23

608.0
155.4
100.9
335.6
16.1

640.5
161.4
101.9
372.2
5.0

704.4
181.0
108.3
406.5
8.6

730.8
204.0
100.6
421.9
4.4

778.4
220.1
90.7
451.1
16.5

736.9
208.3
99.6
422.0
7.0

769.4
215.1
92.4
437.8
24.1

780.1
216.2
91.9
449.8
22.2

782.6
222.7
88.5
452.9
18.5

781.8
227.6
89.2
464.0
1.0

803.0 Gross inv. in tangible assets
Owner-occupied homes
233.8
Other fixed assets (2)
86.0
Consumer durables
459.4
Inventories (2)
23.9

19
20
21
22
23

24
25
26
27

399.3
60.0
102.6
236.7

424.8
64.4
105.9
254.6

455.5
67.1
107.9
280.6

489.3
70.0
114.0
305.4

515.8
73.0
119.1
323.7

500.3
71.1
116.2
313.0

507.3
71.9
118.1
317.3

512.9
72.6
118.8
321.5

518.2
73.4
119.0
325.8

524.7
74.1
120.6
330.1

532.3 Capital consumption allowances
Owner-occupied homes
74.8
Other fixed assets (2)
123.1
334.3
Consumer durables

24
25
26
27

28
29
30
31
32

208.7
95.4
-1.6
98.8
16.1

215.7
97.1
-4.0
117.6
5.0

248.9
114.0
.4
126.0
8.6

241.5
134.0
-13.3
116.5
4.4

262.7
147.2
-28.4
127.5
16.5

236.5
137.2
-16.6
109.0
7.0

262.1
143.2
-25.7
120.5
24.1

267.2
143.6
-26.8
128.3
22.2

264.4
149.3
-30.5
127.1
18.5

257.1
153.5
-31.3
133.9
1.0

270.8 Net inv. in tangible assets
Owner-occupied homes
158.9
Other fixed assets (2)
-37.2
Consumer durables
125.1
23.9
Inventories (2)

28
29
30
31
32

33
34
35
36
37
38
39

377.5
136.7
83.4
81.6
-2.4
.4
77.7

436.2
157.0
95.1
82.5
19.4
-.1
82.3

394.7
216.7
71.2
58.0
8.2
-.1
40.8

367.6
233.9
74.9
32.9
-15.3
41.2

380.1
219.6
61.1
51.1
2.6
-.1
45.8

330.2
221.8
79.5
56.5
-86.0
.3
58.0

311.6
169.8
52.4
38.6
9.3
-2.1
43.4

415.9
270.9
53.0
57.5
-3.5
1.0
37.0

411.5
232.3
68.2
31.8
15.0
.7
63.5

382.0
205.8
71.0
76.3
-10.6
.2
39.3

359.0 Net Increase in liabilities
Mtg. debt on nonfarm homes
187.0
Other mortgage debt (2)
66.2
Consumer credit
34.9
11.0
Security credit
1.1
Policy loans
Other liabilities (2)
58.8

33
34
35
36
37
38
39

40
41
42

372.0
63.9
98.8

323.3
72.3
117.6

381.1
78.7
126.0

364.7
73.9
116.5

414.2
84.9
127.5

464.1
78.8
109.0

411.6
70.1
120.5

423.9
87.4
128.3

428.3
89.3
127.1

384.9
92.6
133.9

40
41
42

43
44
45

6.0
.7
202.6

4.9
.9
127.6

17.5
.6
158.4

22.4
.9
151.0

6.3
1.4
194.2

53.9
1.1
221.4

.8
1.2
219.0

6.8
1.3
200.1

5.7
1.4
204.9

12.1
1.5
144.8

447.8 Individuals* saving (1*28-33)
80.2 - Govt, insurance 8 pen. res.
125.1 - Net investment in cons. dur.
- Capital gains dividends
18.7
from mutual funds
1.7 - Net saving by farm corps.
222.1 = Personal saving, FOF basis

46

164.1

125.4

121.7

104.2

144.3

144.0

149.8

127.8

145.7

153.8

214.4 Personal saving, NIPA basis

46

47

38.5

2.2

36.7

46.8

49.9

77.4

69.2

72.3

59.2

-9.0

M

Corporate 8 foreign bonds
Open-market paper
Mutual fund shares
Other corporate equities

Private life insurance res.
Private insured pension res.
Private noninsured pen. res.
Govt, insurance 8 pen. res.
Miscellaneous finan. assets

7.7 Difference

(1) Combined statement for households, farm business,
and nonfarm noncorporate business.
(2) Includes corporate farms.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




10
11
12
13

14
15
16
17
18

43
44
45

47

JUNE 2, 1989
Discrepancies

Discrepancies

64

Discrepancies - Summary for Sectors and Transactions

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987
IV

1
1

I

II

1988

Ill

IV

1 1989
1
I

ANNUAL FLOWS, $ BILLIONS
1981
1982
1980
1983

1979

Sector Discrepancies
1 Total, all sectors
2
Households
3
Nonfin. corporate business
4
State and local governments
5
U.S. government
6
Foreign

-22,064 12,086 -20,147 34,039 -5,144
6.418 23,171
3,152 -25,126 -54,405
-2.721 20,403 -1,551 14,629 -14,355
808 -10,073
1,703
1.075
6,855
-648
8,925 25,379 -5,613 -5,926
10,433
658 -8,084 29,296 -2.232

33,860
-6,633
15,992
12,992
4,391
-644

-21.4
-4.7
-42.1
8.0
4.6
23.3

-2.9
3.0
-17.3
6.3
-1.8
18.3

23.9
-6.5
-7.7
6.3
8.8
16.8

8.4
-26.8
-4.9
3.9
3.4
31.9

7
8
9
10

Financial sectors
Sponsored credit agencies
Monetary authority
Commercial banks

-33.355
71
-21,289

371
-614
-1,557

17,706
-53
19.246

-618
508
-4,604

-7,505
64
8,050

7.762
-194
2,317

-10.6
.2
-4.6

-11.4
.5
-4.3

6.3
.7
13.1

.9
.3
4.0

11
12
13
14
15
16

Private nonbank finance
Savings and loan assns.
Mutual savings banks
Life insurance
Other insurance
Finance n.e.c.

-12,137
-2,411
175
-5,488
-1.043
-3,370

2,542
-2,437
395
-708
-1,569
6,861

-1.487
-2,054
312
-177
-1,199
1,631

3,478 -15,619
-2,334 -2,133
214
147
18 -4,753
-1.876
-936
7,523 -8,011

5,639
-2,238
337
1,213
-757
7,084

-6.2
-.7

-7.6
.2
-.2
-.1
3.4
-10.9

-7.5
-.8
-.4
1.1
3.4
-10.8

-3.4
-1.4
-1.2
-1.3
2.0
-1.6

M

-.5
1.9
-7.0

-3.0
-57.9
34.5
3.5
10.1
5.1

1
2
3
4
5
6

1.7 7
.1 8
9
10.8 10
-9.1
1.1
-1.7
-2.2
-.7
-5.7

11
12
13
14
15
16

Transaction Discrepancies
———————

-22,064
1 Total, all types
Treasury currency
-51
2
Interbank claims
-7,012
3
-15,386
4
Security RPs
Checkable deposit mail floats:
-1,265
5
U.S. government
Other
12,673
6
7
8
9
10

11
12

Trade credit
Profit taxes payable
Miscellaneous
Nonfinancial

Nonfinancial components:
NIPA discrepancy
Pvt. wage accr. less disb.

12,086 -20,147
-33
-62
2,011
1,173
9,761
4,326

34,039
-16
-3,997
4,389

-5,144
-985
-5.045

33,860
-22
2,028
2,857

-21.4
—. 2
-h7
2.1

-2.9
-.2
-3.5
7.4

23.9
-.2
-3.0
-.5

8.4
-.2
-.9
-5.1

-3.0
-.2
-10.0
-4.0

1
2
3
4

-1,702
2,150

-625
-6,223

2,509
7,904

-101
-6,010

1.3
-.1

-1.1
2.3

-.2
4.1

.3
-1.8

1.6
2.6

5
6

-5,181 28,167 -17,894
1,314 -1,056
-978
42,826 -38,614 30,676
-394 23,382
3,844

-13.1
4.4
-13.9
-.2

-4.4
3.2
-.5
-6.1

5.4
-.9
24.4
-5.2

11.4
-1.0
5.6
.1

-5.9 7
.4 8
17.8 9
-5.3 10

394 -23,382
-

-1.0
-

4.9
-

4.1
-

-.1
-

5.3 11
- 12

1,449
-4,982

22,407 -29,903 -9,480
140
2,996
1,796
-31,835 14,362 -11,091
-3,391 19,281 -8,457

3,391 -19,281
-

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




8,457
-

-3,844
-

JUNE 2, 1989
Discrepancies

Discrepancies

65

Discrepancies - Summary for Sectors and Transactions

SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

1
1

1987
IV

1
1

I

II

1988

III

IV

1 1989
1
I

Sector Discrepancies

_______________

1
2
3
4
5
6

-22.3
-38.5
-10.1
-.4
13.3
19.1

16.7
-2.2
23.9
-10.9
2.9
10.2

13.4
-36.7
63.0
-9.9
13.9
9.0

-2.8
-46.8
45.5
-.8
10.2
9.3

20.8
-49.9
19.1
-.7
22.8
19.6

-32.2
-77.4
54.1
-5.2
24.9
54.5

-31.7
-69.2
30.5
-19.4
31.6
19.1

2.2
-72.3
18.5
9.7
15.2
-46.3

50.5
-59.2
16.1
.9
33.3
97.5

62.4
9.0
11.3
-2.1
11.0
8.3

35.3 Total, all sectors
-7.7
Households
6.0
Nonfin. corporate business
-2.4
State and local governments
18.1
U.S. government
16.4
Foreign

7
8
9
10

-5.6
.1
-4.1

-7.2
1.7
-9.5

-25.9
.8
-19.7

-20.1
.3
-6.7

10.0
-.1
21.1

-83.0
-1.8
-85.8

-24.3
-2.1
-7.1

77.4
.6
81.4

-38.2
3.1
-21.5

24.9
-2.0
31.7

4.9
-.4
10.5

Financial sectors
Sponsored credit agencies
Monetary authority
Commercial banks

7
8
9
10

11
12
13
14
15
16

-1.6
2.8
-.6
.8
-.3
-4.2

.6
4.6
-.7
-5.1
-2.3
4.1

-7.0
.2
-2.8
-8.9
-7.7
12.3

-13.8
-7.7
-.8
-7.3
-4.7
6.8

-11.1
-9.0
1.1
-5.6
-5.6
8.0

4.5
-9.6
.7
-9.1
-3.7
26.2

-15.1
-9.7
1.6
-9.9
-6.1
9.1

-4.6
-8.2
1.2
-6.9
-6.6
15.8

-19.8
-9.3
.6
-.5
-6.4
-4.1

-4.8
-8.5
.9
-5.2
-3.2
11.2

-5.2
-9.0
1.3
-2.9
-3.0
8.3

Private nonbank finance
Savings and loan assns.
Mutual savings banks
Life Insurance
Other insurance
Finance n.e.c.

11
12
13
14
15
16

35.3 Total, all types
Treasury currency
-.1
.2
Interbank claims
23.6
Security RPs
Checkable deposit mail floats:
9.7
U.S. government
-.9
Other

1
2
3
4
5
6

Trade credit
Profit taxes payable
Miscellaneous
Nonfinancial

7
8
9
10

1
2
3
4
5
6

Transaction Discrepancies

1
2
3
4

-22.3
-.1
6.4
-2.9

16.7
-.2
7.0
-13.6

13.4
M
-1.1
5.8

-2.8
-.1
-5.2
-8.1

20.8
-.1
-1.8
13.4

-32.2
-.2
-16.8
-58.9

-31.7
-.1
.8
46.3

2.2
-.2
10.8
-3.5

50.5
-.1
-27.9
34.9

62.4
9.1
-24.0

5
6

.5
-1.9

1.3
2.8

-.6
-8.9

M
.4

1.6
-1.2

-24.0
16.2

16.0
3.0

-1.0
-5.5

.2
1.0

-8.7
-3.1

7
8
9
10

-21.4
-2.8
5.3
-5.4

10.6
4.7
-.4
4.7

-2.6
1.0
6.1
13.7

-22.1

-16.4
3.5
7.5
14.3

-11.8
5.6
51.2
6.5

-43.1
-4.9
-64.8
15.1

-26.9
7.6
16.1
4.8

-3.8
7.5
24.5
14.1

8.2
3.7
54.1
23.1

6.8
-8.7
-19.6
24.2

11
12

5.4
-

-4.7
-

-13.7
-

-8.0

-14.3
-

-6.5

-15.1
-

-4.8

-14.1
-

-23.1

-24.2

M

24.3
8.0

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




Nonfinancial components:
NIPA discrepancy
Pvt. wage accr. less disb.

11
12