Full text of Z.1 Financial Accounts of the United States : March 10, 1989

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Z.l
March 10, 1989
Flow of Funds
1988:Q4

Flow of Funds Accounts,
Fourth Quarter 1988
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
Fourth Quarter 1988
The tables published here include revisions for 1987-1988 compared
with the 1988.Q3 Accounts published in December. A few revisions for earlier
periods are included, such as new estimates for financial positions of
nonfarm noncorporate business, based on recently available Statistics of
Income material.
Also included, within the Broker/Dealer sector, is
information on positions of dealers in ’’exempt” securities, based on
reports which are available since year-end 1987.
The present accounts also reflect structural changes in two areas.
One is the integration of certain financial information on the Federal
Employees Retirement System (FERS) with data for private pension funds,
consistent with FERS treatment in the National Income and Product Accounts.
Second, the present calculations also incorporate better articulation of
plant and equipment expenditures and depreciation among financial sectors of
the economy.
This revision affects gross investment estimates and
discrepancies for commercial banking and insurance companies. Aside from
these innovations, there have been no changes in underlying data sources in
the present accounts. The extensive changes introduced earlier in the year
are described in the preface to the 1988 second quarter accounts.

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 data 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.
Users with questions about account construction, sources
of measurement error and relative strengths of particular series are
encouraged to contact the Flow of Funds Section.

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 to defray
postage costs.
The annual cost of the Z.7 Summary Statistics release
presently is set at $3.00; the price of the full Z.l release has been fixed
at $10.00.
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




- ii

and appears twice a year, usually in April and October. The cost of that
release is $3.00 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.

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

1988.Q4

Major items missing

Available

Second estimate of latest quarter,
seasonally adjusted

None

FINANCIAL"
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

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.
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 ezrport, import and net foreign
investment estimates.

Balance of payments current and
capital account data.

8.

U.S. Government

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

Loans outstanding ercept 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 system

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 through 1988:Q2
NYSE FOCUS summaries for 1988:Q3

Complete FOCUS reports for last
2 quarters

24.

Collateralized Mortgage
Obligation issuers

Complete data from Trepp/PSA
Information Services.

None

9.




V -

MARCH 10, 1989
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

--------------------------------------------------- DOMESTIC NONFINANCIAL SECTORS---------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE A
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

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
12.2
9.0
8.6

16.2
13.4
8.0
8.0

13.6
11.8
9.3
8.8

13.9
12.2
10.0
8.8

11.7
14.2
13.2
10.4

15.9
9.0
6.2
7.1

11.5
12.0
9.0
9.2

14.4
14.5
11.4
8.9

7.3
8.2
5.3
9.7

23.8
9.3
6.5
6.3

0.5
4.1
1.8
3.8

13.7
11.9
8.7
8.4

12.2
8.0
6.6
6.6

QUARTERLY GROWTH RATES (Z - 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

8.7
11.2
13.6
13.2

11.9
13.6
14.3
11.4

7.8
10.5
13.4
13.8

8.4
11.6
14.0
12.7

10.0
12.6
16.4
14.9

9.1
9.8
9.4
6.6

9.6
10.0
10.0
16.5

15.6
13.4
12.9
13.3

0.6
4.6
5.4
21.8

-4.7
7.1
28.3
6.1

14.4
4.4
5.8
-8.2

8.9
11.0
13.4
12.6

4.9
7.0
8.9
10.4

1987 — I
II
III
IV

7.2
9.7
8.2
9.5

8.9
7.9
5.4
8.8

6.7
10.3
9.1
9.7

7.4
11.5
10.4
9.6

13.2
14.1
11.9
11.2

«
8.0
9.2
7.2

6.0
9.9
8.4
10.6

12.8
10.6
10.2
9.6

-5.0
8.6
5.1
12.3

7.1
5.9
6.5
6.0

-3.6
*
5.2
5.8

6.9
9.4
8.1
9.4

0.9
7.8
6.8
10.3

1988 — I
II
III
IV

8.6
8.1
8.7
7.9

11.6
4.4
9.2
6.0

7.7
9.3
8.5
8.5

7.2
10.6
8.7
7.6

8.7
12.6
10.5
8.5

5.0
8.4
4.8
9.3

8.9
8.8
8.3
9.6

8.7
8.9
8.8
8.2

9.3
8.6
7.5
12.1

3.5
5.2
8.1
7.7

-.4
2.1
1.9
11.5

8.3
7.9
8.5
8.0

4.1
5.6
9.2
6.7




- vi -

MARCH 10, 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 A
HOME CONSUMER
LOCAL
LONG SHORT
TOTAL
TOTAL
MTGES CREDIT
TERM TERM
GOVTS

FOREIGN

TOTAL
NONFINAN­
CIAL

MEMO:
PRIVATE
FINAN.
ASSETS

ANNUAL FLOWS (ABILLIONS)

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
830.6
682.0
712.8

223.6
215.0
144.9
157.5

622.7
615.6
537.1
555.3

283.6
282.2
260.3
248.9

153.3
207.0
219.7
195.7

82.5
54.4
40.7
49.3

247.3
289.0
242.7
271.6

182.9
210.6
188.7
166.6

64.4
78.4
54.1
105.0

91.8
44.3
34.0
34.9

1.2
9.6
4.3
9.3

847.5
840.2
686.4
722.1

503.7
371.8
329.4
350.5

QUARTERLY NET FLOWS (AB - 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

594.3
779.1
972.1
976.7

190.7
224.7
243.4
201.3

403.6
554.4
728.8
775.4

194.7
274.4
340.5
319.5

145.7
188.4
253.5
240.8

55.1
60.3
59.5
42.8

231.3
246.7
252.9
424.9

226.1
202.7
200.9
212.4

5.3
44.0
51.9
212.5

-22.4
33.3
135.4
31.0

34.1
10.5
13.8
-20.0

628.4
789.6
986.0
956.7

226.8
328.7
425.6
505.9

1987 — I
II
III
IV

552.0
753.2
653.6
769.4

161.6
146.8
103.1
168.2

390.3
606.4
550.5
601.2

193.1
302.7
281.1
264.9

221.2
241.4
211.4
205.1

-.3
52.4
61.4
49.4

160.2
272.4
234.5
303.4

211.9
185.0
181.7
175.5

-51.7
87.3
52.8
127.9

37.0
31.4
34.8
32.9

-8.7
-.1
12.3
13.9

543.3
753.1
665.8
783.2

44.3
388.5
349.1
535.7

1988 — I
II
III
IV

713.9
687.8
748.8
700.7

227.7
89.2
188.6
124.4

486.3
598.6
560.2
576.3

203.0
304.6
258.3
229.9

163.0
240.6
207.1
172.6

34.8
59.5
34.9
67.9

263.7
264.8
255.8
301.7

162.8
170.0
170.7
162.4

100.9
94.8
85.1
139.4

19.5
29.2
46.1
44.6

-1.0
5.2
4.6
28.5

713.0
693.0
753.4
729.1

220.9
304.0
503.3
374.0




- vii -

MARCH 10, 1989
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROHTH OF MAJOR DEBT AGGREGATES BY SECTOR

•----------------- ------------------------------ DOMESTIC NONFINANCIAL SECTORS---------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE A
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 (f 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
236.7

6356.6
6545.1
6725.8
7033.7

4255.2
4358.1
4469.9
4628.5

1986 — I
II
III
IV

6942.7
7135.5
7376.1
7618.1

1648.0
1704.2
1765.1
1815.4

5294.7
5431.3
5611.1
5802.7

2362.0
2436.2
2519.6
2594.2

1496.3
1549.6
1612.0
1669.9

615.6
630.6
645.5
656.2

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
238.2

7179.5
7374.9
7619.0
7856.3

4680.8
4763.0
4867.5
4991.7

1987 — I
II
III
IV

7760.7
7944.7
8102.5
8302.7

1855.8
1892.5
1918.3
1960.3

5904.9
6052.2
6184.2
6342.4

2625.6
2709.6
2773.5
2836.5

1709.5
1781.0
1829.6
1878.2

656.2
669.2
684.6
696.9

2749.8
2805.3
2864.7
2951.6

1739.9
1777.9
1824.0
1870.3

1009.9
1027.5
1040.7
1081.3

529.5
537.3
546.0
554.2

236.0
236.0
239.1
244.3

7996.7
8180.8
8341.6
8547.0

5002.7
5102.6
5186.4
5333.3

1988 — I
II
III
IV

8478.1
8645.9
8827.7
9002.8

2017.2
2039.5
2086.7
2117.8

6460.8
6606.3
6741.0
6885.1

2883.5
2962.3
3023.7
3079.4

1915.1
1977.9
2029.0
2070.3

705.6
720.5
729.2
746.2

3018.3
3077.7
3140.0
3217.2

1911.8
1947.4
1990.8
2033.2

1106.5
1130.2
1149.1
1184.0

559.1
566.4
577.3
588.5

244.0
245.3
246.5
253.6

8722.1
8891.2
9074.1
9256.4

5388.5
5464.5
5590.4
5683.9




- viii -

MARCH 10. 1989
Income and Product Distribution

Income and Product Distribution
GNP Expenditures and Gross Savins

Income and Product Accounts:

198 A

ANNUAL FLOHS. $ BILLIONS
1985
1986
1987

1
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1988

I
1

III

1987

IV

I
1

I

II

1988

III

IV

1

3772.2

A01A.9

A2A0.3

A526.8

A863.2

A568.1

A662.8

A72A.6

A823.8

A909.1

A995.2 Total GNP

1

2
S
A
5
6

3166.3
2A30.5
335.6
A25.A
310.5

3AA9.8
2629.0
372.2
A65.6
355.2

3678.7
2807.5
A06.5
505.1
366.2

3936.9
3012.1
A21.9
5A2.8
382.0

A191.A
3227.3
A51.1
583.7
380.5

3990.5
3058.2
AA1.A
5A6.0
386.3

A023.6
3076.3
A22.0
555.9
391.A

A073.3
3128.1
A37.8
567.5
377.7

A156.2
319A.6
AA9.8
579.A
382.2

A216.5
3261.2
A52.9
587.6
367.7

A319.6 Current outlays
Households
3325.1
Of which consumer durables
A6A.0
State and local governments
600.1
U.S. sovernment
39A.A

2
3
A
5
6

7
8
9
10
11
12
13

66A.9
597.2
181.1
6.2
13A.8
132.3
2.6

6A3.1
631.8
188.9
6.1
138.5
137.2
1.9

666.0
650. A
216.6
5.3
162.8
156.6
1.2

712.9
673.7
226.9
5.3
183.0
178.7
1.8

766.1
717.5
229.7
5.A
197.1
19A.0
2.2

702.8
688.3
226.2
5.5
186.5
183.7
2.0

76A.9
692.9
228.8
5.A
187.0
182.6
2.1

763.A
698.1
226.6
A.8
191.2
189.8
2.1

758.0
71A.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

7
8
9
10
11
12
13

IA
IS
16

K
K
*

-.6
-.3
-.3

A.9
2.5
2.5

2.5
1.2
1.2

.9
.5
.5

.8
.A
.A

2.3
1.2
1.2

-.7
-.A
-.A

-.A
-.2
-.2

-.8
-.A
-.A

770.A Gross domestic Investment
Private fixed investment
73A.8
Residential construction
236.8
Mobile homes
5.8
1—A family structures
208.2
Household purchases
200.8
Farm
2.3
Change in work in process
on nonfarm
5.0
Noncorporate
2.5
Corporate
2.5

17
18
19
20
21

AO.O
16.9
21.2
1.7
.2

AA.3
18.2
2A.5
1.3
.A

A8.A
19.1
27.6
1.3
.A

38.5
19.9
16.9
1.0
.7

27.3
20.8
A.9
l.A
.2

3A.1
20.0
12.8
.8
.5

36^A
20.2
1A.6
.5
1.0

30.6
20.A
8.3
1.8
.1

29.3
20.7
7.1
1.3
.2

25.9
20.9
3.3
l.A
.A

22.8
21.1
.A
1.1
.2

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

17
18
19
20
21

22
23
2A
25
26
27

A16.1
15.2
10.A
51.6
29.5
309.A

AA2.9
15.2
8.8
51.8
36.5
330.6

A33.9
16.1
8.2
52.7
A0.9
316.0

AA6.8
18.3
9.5
52.9
AA.5
321.6

A87.8
19.0
6.5
57.8
A6.6
358.0

A62.1
18.7
10.0
52.6
A5.0
335.9

A6A.1
18.7
8.9
5A.2
A5.8
336.5

A71.5
18.7
8.0
55.6
A6.6
3A2.5

A87.8
19.0
7.3
56.7
A6.5
358. A

A93.7
19.0
5.3
59.1
A6.5
363.7

A98.0
19.2
5.3
59.7
A6.7
367.2

28
29
30
31
32

67.7
7.2
60.6
8.9
51.7

11.3
-3.3
1A.7
8.3
6.A

15.6
-1.9
17.A
10.5
7.0

39.2
-1.5
A0.7
5.9
3A.8

A8.6
6.2
A2.A
10.5
31.9

1A.5
-3.3
17.8
7.1
10.7

72.0
-.8
72.8
7.8
65.0

65.3
15.9
A9.A
8.2
A1.2

A3.7
10.6
33.1
11.6
21.5

A9.7
7.8
A1.9
10.7
31.2

35.6
-9.6
A5.2
11.5
33.7

33
3A
35

-59.0
383.5
AA2.5

-77.9
370.9
AA8.9

-10A.A
378.5
A82.8

-123.1
A28.1
551.1

-9A.3
520.2
61A.5

-125.2
AAO.A
565.6

-125.7
A59.7
585. A

-112.1
A87.8
599.9

-90.A
507.1
597.5

-79.9
536.1
616.0

36
37
38

2668.6
16A.1
6.1

2838.7
125.A
A.A

3019.7
121.7
A.O

3209.7
10A.2
3.2

3A72.9
1A5.7
A.2

322A.8
72.5
2.2

3315.9
1AA.0
A.3

3375.5
1A9.8
A.A

3A21.A
127.8
3.7

3507.5
1A5.7
A.2

3587.3 Disposable personal income
159.7 Personal saving
A.5 Saving rate (percent)

39
AO

-169.5
6A.5

-196.9
65.1

-205.5
61.2

-157.7
52.9

-1AA.2
55.7

-138.A
52.9

-160.3
A9.7

-155.0
55.9

-133.A
56.0

-123.A
56.1

-165.0 Federal government surplus
39
55.0 St. 8 local government surplus AO

Al
A2
A3
AA
A5

239.9
M
30.9
13.0
196.0

22A.3
-.1
31.2
22.9
170.3

236.A
-.1
32.0
31.9
172.6

276.7
K
36.A
30.1
210.2

302.1
■
35.3
30.1
236.6

289. A
«
35.3
29.5
22A.6

281.9
«
Al.A
28.8
211.7

286.2
«
30.2
27.6
228. A

305.9
35.A
30.0
2A0.5

Corporate profits, taxes, and dividends:
302.A
Profits - total (book)
313.9
a
K
Farms
Foreign
AO.8
3A.8
Financial corporations
32.7
30.3
Nonfin. corporate business
2A0.A
237.3

Al
A2
A3
AA
A5

A6
A7
A8
A9

93.9
.3
20.A
73.3

96.A
.3
26.6
69.6

106.6
.3
29.8
76.5

133.8
.3
3A.8
98.6

1A0.8
.A
SA.l
106.A

1A0.0
.3
3A.7
105.0

136.2
.3
3A.5
101.A

136.9
.3
32.5
10A.1

1A3.2
.A
33.8
109.0

1AA.8
.A
35.7
108.7

138.A
.A
3A.3
103.7

Tax accruals - total
Farms
Financial corporations
Nonfin. corporate business

A6
A7
A8
A9

50
51
52
53
5A
55

79.0
.3
-2.2
81.0
69.2
11.8

83.3
.3
-1.1
8A.0
71.8
12.2

88.2
.3
-2.0
89.9
7A.5
15.5

95.5
.3
-.A
95.5
83.5
12.1

10A.5
.3
.9
103.3
87.3
16.0

97.0
.3
-.5
97.2
83.6
13.6

99.3
.3
.5
98.5
90.5
8.0

101.3
.3
.7
100.3
7A.3
26.0

103.1
.3
.9
101.9
85.9
16.0

105.7
.3
.9
10A.5
98.A
6.1

108.0
.3
1.1
106.6
90.7
15.9

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

50
51
52
53
5A
55

56
57
58
59
60
61
62

67.1
-.6
-5.2
19.2
53.6
A1.8
11.8

AA.6
-.6
-2.6
18.9
28.9
16.7
12.2

A1.6
-.7
A.O
16.5
21.7
6.3
15.5

A7.A
-.7
-A.3
2A.3
28.1
16.0
12.1

56.8
-.7
-A. 9
19.3
A3.0
27.0
16.0

52. A
-.7
-A.6
2) 6
36.1
22.5
13.6

A6.A
-.7
-6.2
33.5
19.8
11.8
8.0

A8.1
-.7
-5.6
A.2
50.2
2A.2
26.0

59.6
-.7
-A. 7
19.A
A5.6
29.6
16.0

63.A
-.7
-A.O
3A.7
33.A
27.3
6.1

56.0
-.7
-5.2
18.9
A2.9
27.0
15.9

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
6A
65
66

32.8
1.2
.7
30.9

59.8
1.5
3.1
55.2

5A.2
1.3
A.5
A8.3

51.7
1.6
6.A
A3.7

AS. 6
2.1
8.1
35.5

52.1
1.7
6.8
A3.6

52.A
1.8
7.A
A3.2

A9.A
1.9
7.9
39.6

A8.0
2.0
8.5
37.5

A5.A
2.1
8.3
35.0

39.7
2.2
7.6
29.9

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

63
6A
65
66

67
68
69
70
71
72
73
7A
75

A15.5
60.0
12.7
20.9
67.A
25A.5
1A.5
1.6
238. A

A37.2
6A.A
13.3
20.A
70.5
268.6
16.0
1.6
251.0

A55.9
67.1
1A.1
19.7
72.6
282.5
18.A
1.5
262.6

A80.0
70.0
1A.8
19.0
78.7
297.5
?1.3
1.5
27A.7

506.A
73.0
15.A
19.1
83.2
315.7
23.7
1.5
290.6

A8A.6
70.A
1A.9
18.9
80.8
299.7
21.7
1.5
276.5

A89.5
71.1
15.0
19.0
80.7
303.7
22.A
1.5
279.8

A98.3
71.9
15.2
19.0
82.A
309.8
23.0
1.5
285.3

503.2
72.6
15.A
19.0
82.9
313.3
23.3
1.5
288.5

507.7
73.A
15.5
19.1
82.9
316.8
23.8
1.5
291.5

516.2 Total capital cons. w/CCAdj
Owner-occupied homes (HH)
7A.1
Nonprofit institutions (HH)
15.7
Farm noncorporate
19.1
Nonfarm noncorp. business
8A.A
322.9
Total corporate
Financial business
2A.5
Corporate farms
' 1.5
Nonfin. corporate business
296.9

67
68
69
70
71
72
73
7A
75

76
77

236.7
652.2

25A.6
691.8

280.6
736.5

305.A
785.3

323.7
830.0

308.8
793.A

313.0
802.5

317.3
815.6

321.5
82A.7

325.8
833.5

Memo: Cap. cons, on consumer
durables not included above 76
330.1
8A6.3 Tot. cap. cons. incl. durables 77

78

S.A

-A. 7

-13.7

-8.0

-11.9

-1A.9

-6.5

-15.1

-A.8

-1A.1

-13.8 Statistical discrepancy

79
80

39.1
1A.2

A3.0
1A.6

A5.1
1A.5

A8.3
15.1

A6.6
1A.5

A8.A
15.2

A8.3
15.1

A7.8
1A.6

A6.8
1A.9

A6.1
1A.3

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

-9A.8 Net exports
5A9.7
Exports
6AA.5 - Imports

A5.8 Profit tax rate (percent)
1A.3 Personal tax rate (percent)
(1) Purchases of condominium units.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




IA
15
16

22
23
2A
25
26
27

28
29
30
31
32

33
3A
35

36
37
38

78
79
80

MARCH 10, 1989
Funds Raised in 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

i

1987

III

IV

I

1988

I

II

III

IV

I
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Net Credit Market Borrowing by Nonfinancial Sectors

1

2

Total net borrowing by domestic
'nonfinancial sectors
162*750 219,916 141.638 181.417 184,597 205.148

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:
State&local governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

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

22.068
22.297
-229

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

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

140.682 157.360

98,767 162.332 142,938 151,306

346.2

263.9

283.5

227.4

360.2

5

111,124 107,704
8,204
10,369
25,180 20,395
75.575 79,105
56,585 55,059
5,090
5.039
15,220 20.099
-1,320 -1.092

74,875 115,840 110,195
7,829
13,573
4,265
25,345 29,607 22,581
74,041
78,404
45.265
29,275 63,764 55,289
4,800
1,409
2,576
16,774
12,036 13.473
-598
-846
-242

99,883
10.675
19,825
69.383
48,103
6,304
15,635
-659

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

32.743
16,154
529
2*456
13,604

51,423
20,472
9,421
5,061
16.469

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

98,767 162.332 142,938 151,306
13,994
10,952
6,978
2,939
72,947 68,486
29,253 78,181
66,575 77.173 55,997 71,868
224 -2,013
-4,183
2,583
16,790 20,770 22,230
22,335
48,423 57.800 35.003 51,651

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

6,965
4,526
-143
4,579
-1.997

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

164,945 223.518 142,519 182.639 184,849 212,113

398.5

367.2

394.3

404.7

29,558
22.210
3.321
192
3.835

49,656
16,071
19,814
-2.969
16,740

140,682 157,360
10.894
8,052
77.915 76,907
51,873 72,401
-1,643 -3,023
20.487 33,090
33.029 42,334
2,195
1.355
-1.251
5,023
-2,932

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

23,892
-4,723
11,641
-261
17,235

881
3,788
-508
1.299
-3,698

46,492
17,362
20,909
4,340
3,881

1,222
-186
-400
1.493
315

252
1.315
271
2,263
-3,597

564.1 31

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

77,237

68,701

20.125

71.929

59,724

88,182

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

48,037
7,954
40,083

44,842
19,489
25,353

24,079
10.305
13,774

26,337
4,363
21,974
-

39,362
10,605
28,757
-

46,319
19,673
26,646

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

29,200
19,675
59
2,118
1.593
5,755

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

-3,954
1,854
-35
-9,088
6,867
-3,552

45,592
14,829
2
2,653
22,779
5,329

20,362
10.509
-2
-1,426
4.554
6,727

41.863
10.080
-54
1.699
18.919
11,219

42.0
5.5
K
.5
26.8
9.2

20.6
1.6
M
-1.0
12.9
7.1

54.5
4.4
«
1.2
32.7
16.2

25.9
13.1
.1
1.9
9.9
.8

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

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

77,237
7,954
40,083

68,701
19,489
25,353

20,125
10.305
13,774

71,929
4,363
21,974

59,724
10,605
28,757

88,182
19,673
26,646

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

29,200
-2,108
753
8,356
10,902
622
10,675

23,859 -3,954
4,109 -6,249
-5,339 -15,379
15,717 -3,687
10,359
7,306
240
555
1,511
10,762

45,592
815
3.023
9,523
24,008
421
7,802

20,362
-681
389
10,997
4.687
-361
5.331

41,863
1.574
-785
12,412
19,336
1.288
8.038

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
K
.6

31.4
5.0
12.1
-2.1
13.0
-.2
3.6

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

.___ ____

242,182 292,219 162,644 254,568 244,573 300,295
70,108 107,399 66*950 45,421 81,023 100.165
7,829
10.369
8,204
4,265
13,573
10,675
46.210 37,468 30*987 44,250 34,405 34.431
75,631
79,297 45,230 78,407 74,037 69.325

_____ _ _

15
16
17
18
19
20
21

_______ ________

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

1
2
3
4
5

20,472
10,977
28,559
25,691

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

10 Memo: U.S. govt, cash balance
-2,688 -15,021 -1,080 16,423
4,588 -15,326
Totals net of changes in U.S. govt, cash balances:
11 Net borrowing by dom. nonfin.. 165,438 234,937 142,718 164,994 180,009 220,474
24,756 77,577 43,951
12
By U.S. government
2,662 37,071 69,168

.6

-3.8

K

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
U.S. government securities
2
3
Tax-exempt obligations
4
Corporate 8 foreign bonds
5
Mortgages

6
7
8
9

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

22,210
4,188
6,808
6,658

16,071
17,527
-3,311
29,564

-4,723
2,045
7,905
9,985

17,362
23,162
28.612
9,525

16,154
-626
9,273
16,734

External Corporate Equity■ Funds Raised in U.S. Markets

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

-14,358 -22,190 -17,722 -29,277 -22,157 -45,200
931 -2,862
1,557
1,217 -2,965 -1,811
-15,289 -19,328 -19,279 -30,494 -19,192 -43,389
-19,500 -22,000 -23,750 -35,000 -23,000 -48,750
4,594
6,609
3,792
5,849
3,602
4,003
-383

-3,937

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




679

-1,343

206

1,358

-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

1.0

2.4

.2

1.4

3.7

6

MARCH 10, 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

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

III

1987

II

IV

1988

III

IV

Net Credit Market Borrowing by Nonfinancial Sectors
750.8

1

846.3

830.6

682.0

712.8

653.6

769.4

713.9

687.8

748.8

Total net borrowing by domestic
nonfinancial sectors
700.7

1

89.2
81.5
7.7

188.6
167.7
20.9

124.4
82.8
41.6

U.S. government
Treasury Issues
Agency Issues ft mortgages

2
3
4

Private domestic
nonfinancial sectors

5

2
S
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

103.1
104.0
-.9

168.2
163.2
5.0

227.7
228.2
-.5

5

552.0

622.7

615.6

537.1

555.3

550.5

601.2

486.3

598.6

560.2

576.3

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

460.7
30.8
121.3
308.6
210.9
33.5
73.6
-9.5

446.0
34.5
99.9
311.6
221.7
24.4
72.0
-6.4

400.8
36.3
97.4
267.1
196.4
15.1
57.9
-2.3

428.3
32.7
100.7
294.9
212.1
23.3
64.2
-4.7

415.8
33.5
81.6
300.8
206.9
15.9
79.9
-1.9

351.2
24.8
101.4
225.0
162.4
23.6
44.9
-6.0

445.8
32.6
118.4
294.8
240.3
2.6
53.5
-1.7

424.9
44.4
90.3
290.1
206.5
13.5
71.8
-1.6

381.4
43.5
79.3
258.5
176.6
20.6
61.5
-.1

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

154.9
54.4
69.3
-9.3
40.5

91.1
40.7
8.8
2.3
39.3

154.6
49.3
42.5
11.6
51.2

122.2
61.4
21.0
1.0
38.7

185.4
49.4
85.3
3.9
46.9

135.1
34.8
36.1
-3.8
67.9

152.8
59.5
76.0
4.0
13.4

135.4
34.9
9.5
11.1
79.9

194.9
67.9
48.4
35.1
43.5

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

615.6
44.3
282.2
289.0
-16.3
103.2
202.1

537.1
34.0
260.3
242.7
-10.6
107.9
145.4

555.3
34.9
248.9
271.6
-3.4
82.1
192.9

550.5
34.8
281.1
234.5
-9.4
97.4
146.6

601.2
32.9
264.9
303.4
3.3
116.3
183.8

486.3
19.5
203.0
263.7
-15.6
86.4
192.9

598.6
29.2
304.6
264.8
-3.6
70.9
197.6

560.2
46.1
258.3
255.8
-1.8
99.7
158.0

576.3
44.6
229.9
301.7
7.5
71.6
222.7

By borrowing sector:
Stateftlocal 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

9.3
9.4
-.8
9.6
-9.0

12.3
6.7
-3.7
21.6
-12.3

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

4.6
6.5
2.9
10.7
-15.6

28.5 Fgn. net borrowing in U.S.
17.2
Bonds
Bank loans n.e.c.
-3.2
20.0
Commercial paper
U.S. govt, ft other loans
-5.5

26
27
28
29
30

31

759.2

847.5

840.2

686.4

722.1

665.8

783.2

713.0

693.0

753.4

729.1 Total domestic plus foreign

31

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

1

1

148.7

198.3

297.2

303.3

240.0

306.4

250.2

134.4

262.9

235.5

327.0

2
3
4
5

74.9
30.4
44.4

101.5
20.6
79.9
1.1

178.1
15.2
163.3
-.4

185.8
30.2
156.4
-.8

136.1
44.9
91.2
-

185.5
32.0
153.5
-

167.5
71.6
95.9

120.3
56.8
63.4
-

101.8
9.4
92.4

150.6
42.8
107.8

171.7
70.8
100.9

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

2
3
4
5

6
7
8
9
10
11

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

103.9
37.3
-.1
-6.2
53.1
19.7

120.8
77.7
.2
6.3
14.3
22.2

82.7
42.4
.8
-10.7
5.4
44.9

14.1
11.1
-.1
-26.8
24.6
5.4

161.1
60.1
H
8.7
82.2
10.1

84.9
40.9
«
-8.6
26.1
26.6

155.3
37.0
-.2
2.1
79.6
36.8

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

6
7
8
9
10
11

12
13
14

148.7
30.4
44.4

198.3
21.7
79.9

297.2
14.9
163.3

303.3
29.5
156.4

240.0
44.9
91.2

306.4
32.0
153.5

250.2
71.6
95.9

134.4
56.8
63.4

262.9
9.4
92.4

235.5
42.8
107.8

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
36.0
31.6
.8
39.1

103.9
-4.5
-12.8
29.2
58.4
1.6
31.9

120.8
-13.1
11.3
41.9
35.5
2.5
42.7

82.7
15.0
-22.6
51.9
30.2
2.2
6.0

14.1
-22.4
-67.4
9.1
50.9
1.0
43.0

161.1
6.2
11.3
16.6
94.2
1.7
31.2

84.9
-8.3
9.7
54.3
9.4
-1.4
21.3

327.0 Total, by sector
70.8
Sponsored credit agencies
100.9
Mortgage pools

12
13
14

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

15
16
17
18
19
20
21

155.3
6.3
-4.5
37.0
79.2
5.2
32.2

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

1137.4
393.5
30.8
195.2
308.6

989.7
331.5
34.5
174.0
312.0

962.1
293.6
36.3
144.1
267.0

972.2
288.6
32.7
185.1
295.1

1033.4
335.7
33.5
145.6
301.6

847.4
347.9
24.8
129.3
224.8

955.9
191.0
32.6
175.9
294.8

988.9
339.2
44.4
137.7
290.1

6
7
8
9

81.6
61.1
52.0
82.9

82.5
38.3
52.8
44.0

54.4
72.3
26.4
56.1

40.7
1.9
33.2
62.0

49.3
35.6
74.3
61.9

61.4
23.6
36.9
48.7

49.4
68.5
6.7
92.5

34.8
10.0
22.3
53.5

59.5
81.1
92.5
28.6

34.9
3.7
48.0
90.9

4.6

-19.6

-54.7

60.9

708.2
152.9

673.2
122.7

824.0
222.8

653.0
166.8

10

6.3

14.4

M

-7.9

11
12

744.5
192.5

831.9
209.3

830.6
215.0

689.9
152.8

1056.1 Total net borrowing
296.1
U.S. sovernment securities
43.5
Tax-exempt obligations
Corporate 8 foreign bonds
133.4
258.3
Mortgages

1
2
3
4
5

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

6
7
8
9

67.9
47.4
134.7
74.8

3.3
16.2
-61.9 Memo: U.S. govt, cash balance 10
Totals net of changes :In U.S. govt, cash balances:
732.7
762.6 Net borrowing by dom. nonfin. 11
684.5
172.4
J86.3
By U.S. sovernment
12
86.0

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

-114.4
-2.0
-112.4
-130.5
17.2

-47.1
13.8
-60.9
-78.0
18.4

-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

-76.2
.3
-76.5
-92.0
14.4

6

.9

3.7

1.3

-2.4

.9

-1.3

-12.0

-.7

-6.5

1.1

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




-174.5 Total net share issues
-5.2
Mutual funds
All other
-169.3
-195.0
Nonfinancial corporations
16.0
Financial corporations
Foreign shares
9.7
purchased in U.S.

1
2
3
4
5
6

MARCH 10, 1989
Credit Market Supply of Funds

Credit Market Supply of Funds

4

Direct and Indirect Sources of Funds to Credit Markets

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

1987

1
1

III

IV

1
1

1988
I

II

IV

III

Total funds advanced in credit markets
1
to dom. nonfinan. sectors
162,750 219,916 141 ,638 181 .417 184,597 205,148

1
1

1979

ANNUAL FLOWS, $ BILLIONS
1982
1980
1981
1983

383.5

343.1

370.8

388.7

546.8

1

2
3
4
5
6

By Federal agencies and foreign

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

55,747
33.321
18.568
-3,552
7.410

47,142
14,423
25,504
5.329
1.886

56,554
2,003
28,852
6,727
18,972

73,678
27,881
27,654
11.219
6.924

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

52.509 71,141
7 By type of lender:
-5,768 -2,161
U.S. government
8
Spons. credit ag.8mtg. pools 49.306 41,227
9
10,540
Monetary authority
4.633
10
Foreign
4,338 21.535
11
Agency and foreign borrowing not in line 1:
Spons. credit ag.Smtg. pools 48,037 44,842
12
Foreign
13
2.195
3,602

55,747
-1,633
19,044
-5.209
43,545

47,142
-4,716
27,670
4.823
19,365

56,554
2,396
35,041
1.046
18,071

73,678
-163
39,056
9,864
24,921

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

24,079
881

26,337
1,222

39,362
252

46,319
6,965

47.9
15.0

44.8
24.2

47.4
23.5

64.9
16.0

67.8 12
17.3 13

160,473 197,219 110,851 161.834 167,657 184,754
63,959 73,618 33,629 30-998 79,020 72,284
10,675
7,829
13,573
10,369
8,204
4.265
18,593
21,049 24,728 28.204 24,390
15,900
23,575 32,661
15.507 39,670 29,011 26,749
47,276 70-976 25.694 64,276 36,880 67.672
5,329
6,727
11,219
5,755 12,968 -3,552

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

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

52,509
6,149
38.097
5.755
2,508

Private domestic funds advanced

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

158,567 152,847 135,263 157,567 120.742 164,163
40,759 60,860 12,629 55,319 38,921 42,205
43.233 38,464
7,833 32,776 34,953 26,128
62,971 41,951
65,338 56,659 45,815 63,674
11.604 11.572 49,463
12,813
1.053 32,156

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
27
Private domestic dep. 8 RPs
28
Credit market borrowing

158.567 152.847 135.263 157,567 120,742 164,163
12,840 38,913 77,883
35,816 94.387 58,081
29.200 23,859 -3,954 45,592 20,362 41.863

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

99,135 61,467 44,417
16,197
16,490 -10,404
9,039
1,595 -11.170
56,184 37,778 61,699
17,422 32.498 -22.309

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

67,277
61-907
9,463
-2.759
-94
-1.240

62,454
46,614
7,004
-5.116
9,069
4.883

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

26,177 38,362
5,959
3.486
14,890 -15,299

81.873
7,781
33.330

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

19,430
11,003
5,006
9,114
-3,791

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

76.036 105.639 144,327

254.8

233.2

284.4

303.3

378.7 48

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
Foreign funds
Treasury balances
Insurance and pension res.
Other, net

34,601 81.136
93,551
26,587
9,566 -16,391
1.876
2.051 -11,331
52-074 27-978 59,880
12,839
8,388 35,771

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
39
Other

31,106
22.518
12,774
9,141
-13,987
660

68,231 -28,366
45,357
10.315
12,502 -2,709
4,845 -16,893
4,185 -16.494
1,342 -2.585

40 Deposits and currency
41
Currency
42
Checkable deposits

38,970 111,251 52,912
13,001 -1,366
1.103
-631 23,297 -19,419

43
44
45
46
47

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

13,162
6,918
3,575
12.792
2.051

48

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

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

34,054
10,644
29,058
-2,666
3.863

70,076 179,482

31,834
98,812
30,925

49,859
J8.868
7,337
6,092
20.596
-3,034

12.888
53,849
25,085 -11,733
-5,056 -7,012
3.807
3.622
7,378
-3,803
24,546

31,827 39,115
77,501 122,022
27,154
31.101

25.811
97,363
35,855

18.020
701
33,957
1.534
-4,037

30,594
72,017
7.667

34,735
88,854
41,118

43
44
45
46
47

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

-14,358 -22.190 -17,722 -29,277 -22,157 -45,200
931 -2.862
1,217 -2,965 -1,811
1,557
-15,289 -19,328 -19,279 -30.494 -19,192 -43.389

-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
2,923 -6,055 -7,507 -1.995
5.630
524
5 Other net purchases
-17.281 -16,135 -10,215 -27,282 -27,787 -45,724

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
12.
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.
(301: 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.




MARCH 10. 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

SEASONALLY ADJUSTED ANNUAL RATES

1984
750.8

1

ANNUAL FLONS. $ BILLIONS
1985
1986
1987
846.3

830.6

682.0

1988
712.8

I
I

III

1987

653.6

IV

I
I

769.4

II
713.9

1988

687.8

III

IV

Total funds advanced in credit markets
to dom. nonfinan. sectors
700.7
748.8

1

By Federal agencies and foreign

7.8

265.4
123.3
102.7
44.9
-5.5

261.7
148.6
83.6
5.4
24.1

168.0
42.4
106.7
10.1
8.7

211.1
-24.1
187.0
29.0
19.1

265.4
-2.6
156.6
30.4
81.0

261.7
-8.8
103.1
-5.5
172.9

168.0
-21.8
103.4
4.1
82.4

136.1
9.3

185.5
12.3

167.5
13.9

120.3
-1.0

101.8
5.2

625.1
215.9
36.3
87.1
110.9
194.5
19.7

640.3
253.5
32.7
83.7
89.4
203.2
22.2

685.3
212.4
33.5
102.9
120.1
261.4
44.9

571.5
199.3
24.8
115.7
102.4
134.7
5.4

626.8
148.6
32.6
90.7
136.2
228.9
10.1

157.6
38.9
56.5
15.7
46.6

193.1
37.9
94.6
14.2
46.3

304.2
69.4
160.3
19.8
54.6

256.7
68.2
153.2
24.4
10.9

233.1
77.6
100.6
19.7
35.2

211.1
35.1
146.0

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

304.2
9.7
177.3
19.4
97.8

256.7
-11.9
181.4
24.7
62.5

233.1
-4.1
120.8
10.5
105.9

12
13

74.9
8.4

101.5
1.2

178.1
9.6

185.8
4.3

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

714.1
324.1
30.8
84.1
84.1
210.8
19.8

615.5
263.3
34.5
86.5
92.8
162.8
24.4

2
3
4
5
6

22.2

229.1
21.1
108.3
26.6
73.2

273.7 Total net advances* by type
U.S. sovernment securities
98.4
Residential mortgages
103.7
FHLB advances to SSLs
36.8
Other loans and securities
34.8

229.1
273.7 By type of lender:
U.S. sovernment
8.4
5.8
Spons. credit ag.8mtg. pools
146.9
129.9
Monetary authority
17.1
26.5
94.6
Foreign
73.8
Agency and foreign borrowing not in line 1:
Spons. credit ag.Smtg. pools
150.6
171.7
28.5
Foreign
4.6

2
3
4
5
6
7
8
9
10
11

12
13

Private domestic funds advanced
674.9
318.1
44.4
63.4
111.7
163.9
26.6

627.2 Total net advances
U.S. government securities
197.7
Tax-exempt obligations
43.5
Corporate and foreign bonds
78.5
Residential mortgages
93.5
Other mortgages and loans
250.7
36.8
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

746.5
194.8
105.5
181.9
264.3

566.0
136.3
140.4
211.9
77.4

577.7
149.1
101.7
231.5
95.5

641.3
150.9
188.7
247.5
54.1

550.1
252.6
151.0
154.3
-7.8

652.3
56.2
82.4
279.3
234.4

567.8
213.1
66.0
230.5
58.2

489.2
140.6
159.7
175.3
13.6

601.7
186.4
98.7
240.8
75.7

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

21
22
23
24
25

26
27
28

581.0
321.9
73.8

569.8
210.6
96.7

746.5
264.7
119.1

566.0
146.2
11745

577.7
187.7
103.9

641.3
193.9
120.8

550.1
267.0
82.7

652.5
292.4
14.1

567.8
53.1
161.1

489.2
209.7
84.9

601.7 Sources of funds
Private domestic dep. 8 RPs
195.6
Credit market borrowing
155.3

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

362.7
12.9
1.7
144.3
203.8

302.3
43.7
-5.8
176.1
88.4

286.2
5.9
1.3
215.5
63.4

326.6
99.5
6.1
196.1
24.8

200.4
25.2
-36.1
120.3
90.9

345.7
-80.1
53.3
244.5
128.1

353.5
106.6
-17.5
223.5
40.9

194.6
-50.4
8.7
137.4
98.9

250.8
47.5
-39.1
256.8
-14.3

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

86.7
50.1
-13.6
32.6
-3.0
20.7

167.0
103.2
46.1
5.3
7.9
4.6

151.2
137.7
21.1
-18.7
13.1
-2.0

119.8
70.9
42.4
28.3
-23.3
1.6

217.9
119.6
56.0
42.1
-7.5
7.7

-66.6
115.2
1.5
-97.9
-68.7
-16.7

220.2
93.9
20.3
36.0
77.4
-7.4

270.6
230.0
28.8
-18.7
35.3
-4.8

180.7 Direct lending in cr. markets
111.7
U.S. government securities
Tax-exempt obligations
33.7
Corporate and foreign bonds
6.0
Open-market paper
8.3
Other
21.1

34
35
36
37
38
39

40
41
42

325.4
8.6
NA

220.9
12.4
40.9

285.0
14.4
93.2

162.4
19.0
-2.2

199.3
15.9
13.5

229.3
17.3
35.3

317.8
36.8
14.2

287.4
8.2
4.4

83.8
11.9
18.3

232.7
28.6
-23.9

193.2 Deposits and currency
Currency
14.7
Checkable deposits
55.1

40
41
42

43
44
45
46
47

NA
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

76.7
28.2
26.7
16.9
-2.8

104.2
25.1
26.9
18.1
-4.3

80.2
32.7
-1.0
46.6
18.1

125.7
63.3
89.4
-25.6
13.9

190.0
59.1
11.7
27.3
-13.2

63.1
-34.8
-16.2
22.7
18.8

98.3
13.0
122.7
-.4
-5.6

65.4
63.0
-10.5
22.6
-17.1

43
44
45
46
47

48

494.6

503.7

371.8

329.4

350.5

349.1

535.7

220.9

304.0

503.3

Total of credit mkt. instru374.0 ments* deposits* and currency 48

49
50
51

20.8
85.9

22.8
75.4
82.0

36.2
104.5
110.7

37.4
92.0
106.2

32.3
92.4
111.8

31.7
100.2
118.7

33.9
80.3
106.2

36.7
114.1
92.8

24.2
90.6
189.0

30.4
72.5
23.4

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

-75.6
5.0
-80.5

-131.1
-8.0
-123.1

-76.2
.3
-76.5

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

Private domestic nonfinancial Investors

66.7

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

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

-114.4
-2.0
-112.4

4
15.8
45.6
48.5
22.6
-3.3
-51.8
45.4
-25.5
5
-9.1 -111.0
— ------- —————-—————————————.

-47.1
13.8
-60.9

-82.7
-9.1
-73.6

-35.4
-5.4
16.1
11.3 Acq. by financial institutions
-40.2 -125.8
-92.3 -185.8 Other net purchases
——
Line notes: (1): Paso 2 line 1. (6): Includes farm and commercial mortsases.
(12):
Credit market funds raised by federally sponsored credit asencies and
(14): Line 1 less
net Issues of federally related mortsase pool securities.
line 2 plus lines 12 and IS.
Also line 21 less line 28 plus line 34.
Also sum of lines 29 and 48 less lines 41 and 47. (19): Includes farm and
commercial mortgages.
(27): Line 40 less lines 41 and 47. (28): Excludes
equity Issues and Investment company shares. Includes line 20. (SO): 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.

5.2
-52.4

-16.5
-66.2

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




-174.5 Total net issues
Mutual fund shares
-5.2
Other equities
-169.3

1
2
3

4
5

MARCH 10. 1989
Households

Households

6

Sector Statements of Savins and Investment

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
1

1987
III

IV

I
1

1988
I

II

III

IV

I
i

1979

ANNUAL FLOWS, $ BILLIONS
1982
1980
1981
1983

Households, Personal Trusts, and Nonprofit Organizations
959,2011013,908 953,570 991,7181032,9751085,061
141.177 134,283 139.451 175,811 142.319 132.820

2034.0
304.7

2258.5
340.5

2520.9
393.3

2670.8
409.3

2838.6
410.5

1
2

818,024 879.625 814,119 815,907 890,656 952.241
Disposable personal income
Personal outlays
783,562 827,421 776,202 821,000 836,447 893,527
Personal saving, NIPA basis
34,462 52,204 37,917 -5,093 54,209 58.714
Credits from govt, insurance 27,776 19,583 10.213 20,745 30,713 23.280
550
14,048
636
2.100
2,475
1.481
Capital gains dividends
19,348 35,000 29,422 43.682
Net durables in consumption
30,797 36,728

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

95,510 122.563 68,959 51,288 114,844 127.776
98,501
99,792 101,087 102.375 103.670 104,960
194.011 222.355 170,046 153,663 218,564 232,736

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

182,607 219,501 188,634 195,024 221,291 226.867
12 Gross investment
Capital expend, net of sales 168.324 173,728 155-405 169,363 175,476 190.025
13
14
55,669 54,077 52,046 49,240 59,854 59,035
Resiaential construction
Consumer durable goods
15
107,989 114,988 98,672 115,385 110,873 126,195
4,663
4,738
4,749
4,795
16
Nonprofit plant and equip.
4.666
4,687

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

61.2
235.9

103.9
231.9

148.1
265.4

190.1
280.1

167.9 17
365.8 18

1 Personal income

2 - Personal taxes and nontaxes
3
4
5
6
7
8

s
s
♦
♦
♦

9 s Net saving
10 ♦ Capital consumption
11 « Gross saving

17 Net financial investment
Net acq. of financial assets
18

14,283 45,773
96,018 106,006

66.652 109.544

76,122

99.913

98,931

215.7

188.6

227.8

225.5

267.2 19

58,045 25,227
-9,076 21,913
52,332
11.165
2.391
-8,237
23,026 -10,242

38,940
-8,825
16,336
30,679
750

47,874
20,543
17,229
-273
10,375

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

60,973
61.270
9,149
-2.759
-2.712
-3,975

51,057
43,111
7,730
-5,116
-1,507
6.839

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

583
69,393

10.7
91.1

9.7
108.8

9.2
108.7

7.2
140.9

8.0 33
151.2 34

-14.586 -30.941 -18,391 -14,787 -13,277 -25,992
4,847 -1,226
-235 -4,191 -1.042
1,300
4,949
4.062
5.859
6,787
7.675
7,916

-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

19

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

20
21
22
23
24

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

25
26
27
28
29
30

Credit mkt. instruments
32,474
U.S. govt, securities
29.473
Tax-exempt obligations 13.241
9,141
Corporate 8 fgn. bonds
Mortgages
-2.045
Open-market paper
-17,336

31
32

Mutual fund shares
Other corporate equities

33
34

Life Insurance reserves
Pension fund reserves

35
36
37

Net inv. ln 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

34,178
6.223
12,132
8,058
7.765

65,731
7,414
32,615
15,346
10.356

34,782

43,813 -23,263
29,563 12,120
10,793 -3,667
4,845 -16.893
-4,038 -2,071
2.650 -12,752

50,895
21,597
7,310
6,092
-4,712
20,608

6,413
-24,336

378
-8,287

2,836 -7,175 -2.473
-1.133
-9,810 -30,931 -24,309 -40.475

8.111
49,937

4.757
29,797

6,449
46,284

3,286
58,317

2,544
57,814

81,735
77,915
54,011
22,610
-400

60.233
76,907
56,207
15,851
220

29,769
29,253
36,279
-2,003
-2,720

80,816
78,181
57,706
19,573
-2,211

76,144
72,947
53.005
17,154
-1,000

72.341
68,486
48,713
20-937
-465

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

-303
575
851
571

-425
572
3,713
769

187
569
-3,666
607

53
566
1,881
633

601
563
-882
3,506

86
560
-1,535
190

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

2,771 -18,026
739
762
310
590

-889
785
620

1,017
808
810

1,452
831
914

1,988
854
1.013

.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

2,854 -18,588 -41,361

-2.727

5.869

-4.7

3.0

-6.5

-26.8

-57.9 50

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

50 Discrepancy

33,229 25,661 45.815 36.842
62,998 106,477 121,959 109,183

12
13
14
15
16

11,404

(1) Excludes corporate equities.

Memoranda:

51
52
53
54
55
56

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

55.669 54.077
1,380
1,357
54,289 52,720
17,595
17,778
54,011 56,207
-15.937 -19,908

52,046 49,240 59.854
1,396
1,206
1,320
50,840 47,920 58,458
18,151
18,338
17,966
36,279 57,706 53,005
-2,199 -26,617 -11,489

59,035
1,447
57,588
18,524
48,713
-8,202

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

107,989 114.988
77,192 78,260
30,797 36,728

98.672 115,385 110,873 126,195
79,324 80,385 81.451 82,513
19,348 35,000 29,422 43,682

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

60
61

- Consumer credit
= Excess net investment

62
63
64

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

51
52
53
54
55
56

22,210
8,587

16,071
20,657

-4,723
24,071

17,362
17.638

16,154
13.268

20,472
23,210

40.5
13.5

2.6
29.3

16.9
20.5

16.4
20.9

49.0 60
13.7 61

4,666
3,714
952

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

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

14,718
4,212

13,244
5,934

14,624
4,657

17,727
-624

13,777
6,086

12,240
6,165

15.0
6.8

15.1
7.1

15.6
7.5

15.3
6.8

14.5 65
5.4 66

22.871

24,347

20.591

18,352

23.707

23,806

23.5

23.0

23.2

22.5

22.0 67

19,843
11,319
9,635
9,185

19,022
11,607
6,595
8,421

18,818
7,628
3,604
3,542

20,227
12,716
9,652
9,337

19,033
13.228
8,259
7,912

19,437
11,168
7,399
7,005

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

72 (2) Disposable Income adj. =
848,275 913,256 825,813 837,288 >21,919 977,621
(NIPA disposable income * govt, insurance credits * capital gains divid.)

1754.7

1955.0

2170.0

2307.7

Percent ratios:
65 Effective tax rate
66 Saving rate, NIPA basis

Percent of disposable income adj.

67 Gross saving
68
69
70
71

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

LATEST QUARTER BASED



(2):

ON INCOMPLETE INFORMATION

68
69
70
71

2486.0 72

MARCH 10. 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

1
1

III

1987

IV

1

I

II

1988

IV

III

Households* Personal Trusts* and Nonprofit Organizations

1
2

3108.8
440.2

3325.4
486.7

3531.1
511.4

3780.0
570.3

4063.3
590.4

3801.0
576.2

3906.8
590.9

3951.4
575.9

4022.4
601.0

4094.0
586.5

4185.5 Personal income
598.2 - 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

3472.9
3327.2
145.7
85.0
4.8
127.5

3224.8
3152.3
72.5
78.6
13.1
132.6

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

3587.3
3427.6
159.7
92.9
5.7
133.9

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

296.8
394.0
690.8

385.6
399.2
784.8

341.3
404.3
745.6

350.3
409.5
759.8

367.8
414.7
782.4

392.3 a Net saving
419.8 * Capital consumption
812.2 a 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

742.8
603.7
181.0
406.5
16.1

753.2
644.1
204.0
421.9
18.3

831.8
690.3
220.2
451.1
19.0

717.8
669.3
209.2
441.4
18.7

863.4
648.9
208.3
422.0
18.7

788.6
671.6
215.1
437.8
18.7

779.9
685.0
216.2
449.8
19.0

878.2
694.6
222.7
452.9
19.0

872.4 Gross Investment
Capital expend, net of sales
710.9
227.7
Residential construction
464.0
Consumer durable goods
Nonprofit plant and equip.
19.2

12
13
14
15
16

17
18

174.6
404.5

105.8
411.2

139.1
430.8

109.0
358.2

141.5
400.6

48.5
353.5

214.5
398.8

117.0
335.0

95.0
402.6

183.6
464.9

161.4 Net financial Investment
17
Net acq. of financial assets 18
391.3

a
«
♦
♦
♦

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

1
2
3
4
5
6
7
8

19

382.0

314.8

214.0

260.1

309.7

291.4

407.1

161.2

290.0

434.2

345.5

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

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

128.3
12.4
72.4
14.6
28.9

170.1
24.6
97.1
24.6
23.9

167.0
49.7
75.2
6.0
36.1

254.6
8.1
120.5
63.9
62.2

236.4
1.9
183.8
-.1
50.8

75.9
45.7
56.4
2.7
-28.8

191.0
-8.8
90.8
95.9
13.2

177.0
59.5
57.3
-.3
60.4

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

1.6
-7.4
-16.4
32.6
4.4
-11.6

131.8
87.8
43.0
5.3
-10.4
6.1

139.7
138.1
20.5
-18.7
-11.0
10.7

124.4
81.1
44.3
28.3
-4.2
-24.9

152.5
79.9
49.2
42.1
-9.8
-8.8

-75.1
111.4
-2.3
-97.9
-15.9
-70.4

214.1
102.4
20.2
36.0
-21.8
77.2

243.2
209.8
27.6
-18.7
-6.2
30.7

168.5
120.8
36.6
6.0
-.1
5.3

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
-99.3

-7.9
-105.5

35.7
-92.4

3.9
-43.4

-5.8
-33.9

-1.6
-121.6

-16.5
-92.4

-7.9
-174.1

33
34

5.2
152.5

10.7
174.8

17.5
175.1

26.0
170.4

12.9
231.8

32.4
147.2

19.0
135.8

25.8
218.1

13.1
236.3

10.2
176.9

35
36
37

-86.5
1.0
2.0

-89.2
13.5
21.5

-40.6
9.0
29.6

-88.9
-6.8
17.0

-72.4
3.9
28.2

-83.5
6.4
16.2

-114.2
-29.2
19.8

-51.1
-2.8
23.4

-64.6
23.7
27.1

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

291.6
282.2
207.0
54.9
-.5

249.2
260.3
219.7
42.3
-1.6

259.1
248.9
195.7
55.7
-6.4

305.0
281.1
211.4
63.5
-2.1

184.4
264.9
205.1
50.8
-1.5

218.0
203.0
163.0
43.2
-8.4

43
44
45
46

10.2
2.5
-.4
2.9

30.2
2.4
6.9
8.3

-2.2
2.4
14.0
6.6

-1.0
2.3
-4.3
2.9

.9
2.3
-4.2
4.9

-1.2
2.3
5.0
2.3

-1.7
2.3
6.8
3.1

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

3.6
3.3
3.4

19.6
3.0
1.2

50

-38.5

-2.2

-37.3

-46.1

-56.8

-27.0

Mutual fund shares
Other corporate equities

31
32

2.3
296.0

Life insurance reserves
Pension fund reserves

33
34

-80.5
2.4
30.7

-94.3
-7.8
31.7

Net Inv. ln noncorp. bus.
Security credit
Miscellaneous assets

35
36
37

307.6
304.6
240.6
68.0
-8.6

281.3
258.3
207.1
39.3
-4.4

229.9
229.9
172.6
72.1
-4.2

Net increase ln liabilities
Credit market Instruments
Home mortgages
Installment cons, credit
Other consumer credit

38
39
40
41
42

.7
2.3
-.2
2.4

.1
2.3
— .4
2.5

2.4
2.3
-2.3
14.0

.3
2.2
-13.9
.8

-86.0
3.0
2.4

9.3
3.1
2.5

-3.5
3.2
3.2

15.9
3.3
3.7

-7.5
3.4
4.1

-78.6

-43.0

-20.1

-95.7

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

Security credit
Trade debt
Miscellaneous

-60.2 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
207.0
-93.0

204.0
5.3
198.6
70.0
219.7
-85.7

220.2
5.4
214.8
73.0
195.7
-48.5

209.2
5.5
203.7
70.4
211.4
-72.5

208.3
5.4
202.9
71.1
205.1
-67.9

215.1
4.8
210.2
71.9
163.0
-19.8

216.2
5.3
210.9
72.6
240.6
-97.0

222.7
5.6
217.1
73.4
207.1
-57.8

Net physical Investment:
(A) Residential construction
Expenditures
227.7
Mobile homes
5.8
Other
221.9
- Capital consumption
74.1
- Home mortgages
172.6
= Excess net investment
-18.9

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

441.4
308.8
132.6

422.0
313.0
109.0

437.8
317.3
120.5

449.8
321.5
128.3

452.9
325.8
127.1

(B) Consumer durables
Expenditures
464.0
- Capital consumption
330.1
» Net Investment
133.9

57
58
59

60
61

81.6
17.2

82.5
35.1

54.4
71.5

40.7
75.8

49.3
78.2

61.4
71.2

49.4
59.6

34.8
85.7

59.5
68.8

34.9
92.2

67.9
66.1

- 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
14.9
3.8

18.7
15.0
3.6

18.7
15.2
3.6

19.0
15.4
3.6

19.0
15.5
3.5

(C)i Nonprofit plant and equip.
Expenditures
19.2
- Capital consumption
15.7
« Net investment
3.5

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

15.2
2.2

15.1
4.3

14.6
4.4

14.9
3.7

14.3
4.2

14.3 Effective tax rate
4.5 Saving rate* NIPA basis

Percent ratios:

65
66

Percent of disposable Income adi. (2):

67

23.5

22.4

22.6

21.4

21.8

68
69
70
71

18.5
14.8
8.4
8.5

18.8
14.1
10.5
9.7

19.4
13.8
9.4
9.1

19.5
10.8
7.5
7.9

19.4
11.2
7.3
7.0

72

2738.5

2915.8

3115.8

3305.9

3562.6

BILLIONS OF DOLLARS.


20.8
20.2
10.7
9.2
8.5

22.8

18.8
11.6
5.3
7.7

21.6
19.5
9.7
6.3
5.9

21.6

19.5
11.5
8.7
8.7

21.7
19.3
12.9
7.8
7.2

22.0 Gross saving

19.3
10.6
6.2
6.2

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

67
68
69
70
71

72
3316.4 3448.5 3446.5 3515.7 3602.5 3686.0 (2) Disposable Income adi. «
(NIPA disposable Income * <govt. Insurance credits * capital gains dlvid. )

LATEST QUARTER BASED ON INCOMPLETE INFORMATION,

HARCH 10* 1989
Total and Noncorporate Business

Total and Noncorporate Business
Sector Statements of Saving and Investment

O
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
11

1987

III

IV

1
I

1988
I

II

III

IV

Nonfinancial
1 Income before taxes
2 Gross saving
3 Gross investment

1
1

Business - Total

144*124 140,622 144.123 153*332 153.411 144*604
117*634 114,608 112*223 118*413 120.384 118.532
96*756 116*910

1979

ANNUAL FLOWS* $ BILLIONS
1980
1981
1982
1983

397.1
256.8

374.8
268.0

387.9
316.4

327.5
327.0

376.1
372.8

1
2

3

84*967 123,075 102*328 127.906

298.9

285.3

324.1

332.0

338.3

4 Capital expenditures
114*348 119*518 104*758 134.143 127*302 118*042
Fixed Investment
5
106*906 106*542 88,971 118*882 111*901 111*819
6
\ Business plant 8 equipment 98*224 103*899 96*369 108*749 105*502 111.597
7
Home construction (1)
8.109
3*743
-901 -8*283
3*426
-172
Multi-family residential
3*544
8
2*024
2*973
394
4,939
885
9
Change in inventories
6*682 12*204
14,730
4*902
15.132 13*811
10
Mineral rts. from U.S. govt.
760
1*450
671
1*321
772
655

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

9*864
11 Net financial Investment
-17,592 -2,608 -19*791 -11*068 -24,974
12
Net acq. of financial assets 23.528 58,745 -6*502 24,773
13*340 43*362
13
Net increase in liabilities
58*314 33*498
41*120 61,353
13.289 35*841
14
Corporate equities
-19*500 -22,000 -23*750 -35*000 -23.000 -48,750
15
Credit market instruments
51,873 72*401
66*575 77,173 55,997 71*868
Bonds
16
25*131 20*522 25.776 29.535 22*469 19*662
17
Mortgages
20*989 22,326
8*417 20.132 20,473 20*110
18
Bank loans n.e.c.
1*411
2*470
16*101
19*028
10*956
15,307
Other loans
19
11*644 21*140
3*283
8*478
13*452
17,075

-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

6,927 18*926 -20.771 -2.461
6*640 19,957
9*684
16*602
19,790 10*916
12.981
17,415
-14,782 -27*764 -19.681 -13.555 -14,304 -26,992

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

-9,374

-42.1

-17.3

-7.7

-4.9

34.5 23

20
21
22

Trade debt
Other liabilities
Proprietor net investment

23 Discrepancy

20*878

-2,302

27*256

-4*662

18*056

11
12
13
14
15
16
17
18
19

Farm Business

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

8*800

11*750

11*175

10*850

7,725

6*525

31.7

20.5

30.7

24.6

12.5

1

244
5*092
375
4,717
5*336

274
5*114
374
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

.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
9
Plant and equipment
10
Residential construction
11
Change in inventories

5*336
2,157
2*456
526
-825

5*388
2,567
2*233
534
-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
-487
1*323
590
-2*400

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

3,179
511
53
458
612
-154

2,821
687
54
633
651
-18

-1*050
657
55
602
677
-75

423
756
56
700
689
11

1*678
889
57
832
722
110

6*017
817
58
759
737
22

-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

-2*668
-1*643
-1,320
246
-569
-439
-130

-2.134
-3,023
-1.092
-1,589
-342
249
-591

1.707
-4*183
-846
-947
-2.390
-1.347
-1,043

333
2.583
-242
2*187
638
-21
659

-789
224
-598
482
340
71
269

-5,200
-2,013
-659
70
-1,424
-612
-812

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

155
-1,180

181
708

205
5*685

231
-2*481

256
-1,269

281
-3,468

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
24
25
26

Net Increase in liabilities
Credit market instruments
Mortgages
Bank loans n.e.c.
Other loans
U.S. government
Fed. Int. Credit Banks
Trade debt
Proprietor net Investment

12
13
14
15
16
17

18
19
20
21
22
R 23
-1.3 24

Nonfarm Noncorporate Business

1 Net income w/ IVA and CCAdi
2 Gross svg. « capital consump.

76*165
20,199

78.576
20,178

78.626
20.609

79.763
20,730

81*243
20,732

82*916
21,100

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
8
Multi-family residential
9
Change in inventories

20*199
21,427
19*376
13.172
1*609
4*595
2*051

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

21,100
16,176
14.614
14,907
-381
88
1,562

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

3
4
5
6
7
8
9

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

-1,228
8,921
1,500
2,500
150
108
832
1*200
2.631
1.586
-2
1*047

3*358
11*183
1*500
4,500
150
544
832
1,200
2*457
1*449
-7
1.015

7,459
7*580
1*000
2*500
150
-418
832
1*200
2*316
1.324
-8
1*000

-1,930
6.882
1*500
1,000
150
-12
832
1,200
2,212
1,211
1
1*000

-867
9*908
1.125
4,500
150
44
832
1.200
■2,057
1*080
977

4,924
6.614
984
688
150
814
832
1*200
1*946

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
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

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

7
974

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

22
23
24
25
26
27

10,149
20*487
18.000
1,287
4*915
11*798

7*825
33.090
20.000
-574
4,805
15*769

121
22*335
14.000
-3,502
4,505
12*997

8*812
16,790
12,500
3,029
1.212
8,259

10,775
20,770
18,000
1,142
2,299
14,559

1*690
22,230
13,813
-305
6,088
8.030

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

1.543
944
400

3*962
9*128
400

930
7,405
400

3.943
347
400

1,137
1,633
400

2*048
6*369
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

864
584
696
640
807
752
2.000
2*000
2,000
2*000
2,000
2,000
-13*602 -28.472 -25,366 -11.074 -13*035 -23,524

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 nonfarm change In work in process.
(2) Shares In FICBs* Banks for Cooperatives* and Federal Land Banks.


LATEST QUARTER BASED


ON INCOMPLETE INFORMATION.

9j65

R

R

-15.6

R

16.6
-.2

10
11
12
13
14
15
16
17
18
19
M 20
.9 21

37.1
81.9
63.0
4.0
17.3
41.7

22
23
24
25
26
27

MARCH 10» 1989
Total and Noncorporate Business

Total and Noncorporate Business
Sector Statements of Savins and Investment

9

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS. $ BILLIONS
1986
1987
1985

I
1

1988

Nonfinancial
1
2

457.6
426.8

455.7
445.6

487.6
451.9

556.7
452.9

1987

III

IV

I
1

I

II

1988

III

IV

Business - Total

595.5
469.6

564.5
460.5

573.0
460.4

587.6
464.0

603.0
468.3

596.3
470.2

595.0 Income before taxes
475.6 Gross savins

1
2
3

3

437.0

421.7

389.0

407.0

438.3

422.1

404.6

406.2

462.3

440.4

444.4 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

484.2
431.6
422.2
3.1
6.3
48.6
4.1

432.5
415.0
398.5
2.9
13.7
14.5
3.0

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

4
481.9 Capital expenditures
Fixed Investment
5
441.0
Business plant 8 equipment 6
432.1
Home construction (1)
7
7.3
8
Multi-family residential
1.5
9
Change ln Inventories
35.6
Mineral rts. from U.S. sovt. 10
5.3

11
12
13
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

-45.8
168.4
214.2
-80.8
289.0
111.4
99.2
55.4
23.1

-41.4
112.6
154.0
-76.5
242.7
99.0
89.6
13.1
41.0

-46.0
75.0
120.9
-130.5
271.6
97.4
69.1
46.7
58.3

-10.4
133.3
143.8
-78.0
234.5
100.5
81.2
16.1
36.7

-89.6
115.7
205.3
-88.0
303.4
82.1
93.5
78.5
49.4

-79.4
50.4
129.8
-95.0
263.7
103.1
59.7
36.3
64.6

-19.6
107.0
126.7
-140.0
264.8
118.1
51.9
76.4
18.4

-46.3
89.5
135.8
-92.0
255.8
89.9
80.8
11.8
73.3

20
21
22

37.6
47.7
-88.2

39.2
32.8
-91.2

7.5
42.6
-44.2

22.2
53.1
-87.5

3.4
51.0
-74.5

15.7
55.8
-84.3

19.2
72.2
-101.5

-22.0
39.4
-56.3

.9
60.6
-59.6

15.3
41.2
-84.6

23

-10.1

23.9

63.0

45.9

31.3

38.4

55.8

57.9

6.0

29.9

31.2 Discrepancy

-37.5 Net financial Investment
Net acq. of financial assets
52.9
Net Increase in liabilities
90.4
Corporate equities
-195.0
Credit market Instruments
301.7
Bonds
78.6
83.7
Mortgages
Bank loans n.e.c.
62.3
Other loans
77.1
19.2
62.7
-98.3

Trade debt
Other liabilities
Proprietor net investment

11
12
13
14
15
16
17
18
19
20
21
22
23

Farm Business
1

1

30.5

30.2

36.4

43.0

36.3

35.2

47.0

44.7

43.4

30.9

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

1.0
20.4
1.5
18.9
21.3

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

26.1 Proprietors’ net income
w/IVA 8 CCAdi.
1.5 Net saving (corporate)
Capital
consumption
20.6
Corporate
1.5
19.1
Noncorporate
22.1 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
6.2

21.3
8.7
10.0
2.0
-3.3

21.6
10.1
8.9
2.1
-.8

21.7
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 Gross Investment
-2.1 Capital expenditures
Plant and equipment
5.3
Residential construction
2.3
Change In inventories
-9.6

7
8
9
10
11

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

12.7
2.0
.2
1.8
2.4
-.6

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

24.2 Net financial Investment
Net acq. of financial assets
3.3
Checkable dep. 8 currency
.2
Miscellaneous assets
3.0
Insurance receivables
2.9
Eq. in spons. ags. (2)
.1

12
13
14
15
16
17

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

-3.9
-3.4
-2.3
1.8
-2.8
-1.9
-.9

-10.6
-9.4
-4.7
-.4
-4.4
-2.1
-2.2

-8.7
3.3
-1.9
-.4
5.6
3.3
2.4

7.0
-15.6
-6.0
-.5
-9.1
-5.2
-4.0

1.2
-3.6
-1.7
.8
-2.8
-2.2
-.5

-3.1
-1.8
-1.6
.4
-.7
«
-.6

-20.9
7.5
-.1
6.4
1.2
-.2
1.4

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

25
26

-1.1
-1.3

-.3
1.9

.2
5.0

.6
.8

1.0
-1.5

.6
-1.8

.7
-12.7

.8
21.7

.9
3.9

1.0
-2.3

1.1
-29.5

Trade debt
Proprietor net Investment

25
26

2
3
4
5
6

Nonfarm Noncorporate Business

1
2

231.1
67.4

255.2
70.5

278.5
72.6

303.4
78.7

322.5
83.2

304.7
80.8

314.3
80.7

314.5
82.4

319.1
82.9

325.0
82.9

331.7 Net income w/ IVA and CCAdi
84.4 Gross svg. * capital consump.

1
2

3
4
5
6
7
8
9

67.4
81.7
72.8
51.6
H
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

83.2
73.6
63.1
57.8
.5
4.9
10.5

80.8
72.9
65.8
52.6
.4
12.8
7.1

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

84.4 Gross Investment
74.1 Capital expenditures
Fixed capital
62.6
Plant and equipment
59.7
Home construction (1)
2.5
Multi-family residential
.4
Change in inventories
11.5

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
«
2.4

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

-20.6
42.4
6.0
11.2
1.2
.4
3.9
6.4
13.3
4.8
-.1
8.5

1.8
34.6
4.0
11.5
.6
.4
3.3
4.8
10.0
6.0
«
4.0

9.6
31.0
4.6
8.7
.6
.4
3.3
4.8
8.5
4.6
4.0

7.9
35.8
6.0
10.0
.6
.6
3.3
4.8
10.5
6.3
«
4.2

2.9
43.3
6.0
18.0
.6
.7
3.3
4.8
9.8
5.8
«
4.1

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

7.7
27.4
6.0
4.0
.6
-.1
3.3
4.8
8.8
4.8
«
4.0

10.2
39.8
4.5
18.0
.6
.3
3.3
4.8
8.2
4.3
3.9

10.3 Net financial Investment
Net acq. of financial assets
25.0
Checkable dep. 8 currency
3.9
Time deposits
2.8
U.S. govt, securities
.6
Consumer credit
1.8
Mortgages
3.3
Trade credit
4.8
Miscellaneous assets
7.8
Insurance receivables
3.9
«
Equity ln spons.ags. (2)
Other
3.9

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

63.0
103.2
80.3
2.0
33.0
45.3

32.9
107.9
80.0
1.0
23.6
55.4

21.4
82.1
58.3
.4
14.1
43.8

28.0
97.4
72.0
.3
22.6
49.1

40.4
116.3
80.0
.9
14.9
64.1

21.0
86.4
56.0
-.3
22.4
33.9

19.7
70.9
50.0
-.2
1.9
48.3

29.5
99.7
72.0
-.3
12.4
59.9

14.7
71.6
55.3
2.0
19.7
33.5

28
29
30

20.8
18.1
1.1

14.2
12.2
3.4

11.7
11.2
1.7

10.7
17.3
1.6

8.1
15.8
1.6

6.2
19.2
1.6

15.8
20.5
1.6

3.7
26.7
1.6

15.8
5.1
1.6

4.5
23.1
1.6

8.2
8.1
1.6

31
32
33

5.7
19.2
-86.9

5.4
7.5
-93.1

4.2
3.1
-49.3

3.6
8.0
-88.2

2.7
8.0
-73.0

3.5
8.0
-82.4

3.2
8.0
-88.8

3.0
8.0
-78.0

2.8
8.0
-63.6

2.6
8.0
-82.3

2.3
8.0
-68.8

Net Increase ln 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 In 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

MARCH 10, 1989
Nonfinancial Corporate Business

Nonfinancial Corporate Business
Sector Statements of Savin9 and Investment

IQ
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987
IV

III

1
1

1988

I

II

IV

III

1
1

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Nonfinancial Corporate Business, Excluding Farms
59,159
27,439
22,792
9,858

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

55.163
24,068
30.360
4.342

194.9
69.3
54.1
71.5

181.4
66.7
61.0
53.7

181.4
63.6
67.6
50.2

129.8
46.2
72.0
11.6

159.5
59.3
78.0
22.2

1
2
3
4

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

10,907
69.125
1.758
91,648

10.802
69,951
4,090
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

7,472
74,234
6.217
92.265

-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

3.887
-3,436
92.099

9,016
-5,526
89,042

1,158
-4,564
86,189

5.664
-7,738
92,229

7,024
-5,803
94,153

5.456
-5,819
91,902

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

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

91,344
71,221
90,764 100,131
84,548 87,549
82,596 88*115
-717
1,608
344
151
11,810
5,456
772
760

76,097 101,276
58,933 96,891
85,133 106,452 101,882 102,353
91,315 95,292
76,262 96,954
92,749 89,385
95,367
80.461
1,427
3,786
-381
-4,377
503
306
178
419
8,048
9.896
8.216
5.740
1.450
671
1,321
655

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

1
2
3
A

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

5
6
7
8

*
♦
♦
=

12
13
14
15
16
17
18
19

20 Net financial Investment
-19,543
21
Net acq. of financial assets
14,096

-8,787 -26,200
46,875 -14,739

-9,561 -25,785
2,543
17,135

-1.077
35,931

1.4
129.8

-26.3
98.4

-39.3
97.0

-9.2
47.0

22
23
24
25
26
27
28
29
30

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

17
1,248
-3,299
-847
5.357
2.051
-7,206
-636
3,349

35,706
11-150
7,940
288
222
3,863
9,121
1,587
1,535

-9,710
-4,886
-1,474
2.059
2,445
-3.803
-786
477
-3,742

-6,984
-6,909
-1,482
-1,491
92
7,378
-4,326
-234
-12

-1,283
3.355
-1,422
-49
-1,035
-4,037
-1,833
-143
3,881

21,393
6,800
8,856
628
6,707
-3,791
1,066
-1,103
2,230

8.5
-7.4
2.2
2.4
2.6
5.1
1.6
M
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
K
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

22
23
24
25
26
27
28
29
30

31
32
33
34
35
36
37

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

791
2,580 -2.267
-4,384
-463
946
9,330
18,821 -10,405
-1,149
19-457 -13,038
8,941
4,886
4,969
239
3,531
1,506
5,410
4,647
3,463

181
87
6,896
16.955
3,178
-3,628
6,806

341
2,722
9.805
-9,042
7,339
-1,135
8,474

4,484
-19
-9,526
19,599
1,046
-1,954
3,000

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

K
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

38
39
40

Insurance receivables
Equity in sponsored ags.
Otner

3,195
2
-9,232

44 -1,058
1
13,733 -15,324

-1.000
2
19,551

5.5
.1
17.5

4.7
K
-4.2

3.7
31.5

2.7
.1
1.7

3.5 38
• 39
19.9 40

33.639 55,662
11,461 26,696 28,328 37,008
13,529 20,334 24,673 22,800
2,901
12,003
-19,500 -22,000 -23,750 -35,000 -23,000 -48,750

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

41
42
43
44
45
46

Net increase in liabilities
Net funds raised in mkts.
Net new equity Issues
Debt instruments
Tax-exempt debt (3)
Corporate bonds (2)

2,041
990
3
8,475 -19,000

33,029
-49
25,180

42,334
127
20,395

48,423
431
25,345

57,800
-72
29.607

35,003
-112
22,581

51.651
-163
19,825

68.0
10.0
17.3

57.8
10.9
27.7

102.1
13.4
22.8

43.4
15.1
18.7

-19.5 20
115.1 21

47
48
49
50

Mortgages
Home mortgages
Multi-family
Commercial

4,309
1,287
175
2,847

3,418
-574
234
3,758

-4,737
-3,502
295
-1,530

7,874
3.029
197
4,648

3,071
1.142
277
1.652

6,956
-305
216
7,045

-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

51
52
53
54
55
56

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

681
463
192
1,534
216
503

13,728
-2,803
-2,969
1,116
9,589
-267

15.324
8,535
-261
-2,314
6,601
-501

12.898
-349
4,340
1,509
2,619
-626

-208
6,000
2,456
618
-175
772

8,838
4,000
5,061
280
6,954
-100

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

57
58
59
60
61

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

-406
5.908
14,608
12,945
1,663

3,514
1,593
17,938 -21,728
13.876
6,923
13,667
4,002
209
2,921

-5,758
-3,388
13.042
11.968
1.074

2,474
5.744
8.107
5,541
2,566

1.015
19,092
14.000
13.000
1,000

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

20,878

-2,302

27,256

-4,662

18,056

-9,374

-42.1

-17.3

-7.7

-4.9

34.5 62

12,913 -28,343
25,419 21,655

31,058
23,204

10,284
37,139

4,061 -28-618
24,171 27,485

19.0
68.2

10.2
69.1

-3.9
71.0

-20.4
57.9

K 63
51.8 64

23,940
18,394
39,846

21,039
27.384
7,249

37,409
20,391
11,245

25.540
9,463
17,681

26,618
25,033
45,140

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 43,630
98,774 115,421 108,208 111,371
34,356 50.463
56.879 54,296

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

5,740
-5,819
11,559

9.8
-43.2
53.0

.7
-43.1
43.9

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
94,200 105.657 89,697 114,190 107.685 108,172
75 Less: US internal funds, book
91,648 85,552 89,595
94.303 92,932 92,265
x Financing gap:
Excess of capital expenditures
76
19,887
over U.S. internal funds
2,552 20,105
102
14,753
15,907

281.5
222.1

286.8
224.6

310.7
249.6

266.8
237.1

281.6 74
278.2 75

59.3

62.3

61.1

29.7

3.4 76

62 Discrepancy
63
64
65
66
67

68
69
70

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.

29.440
3,589
9,091

46,381 46,470
98,550 112,453
36,389 42,278

(1) Capital outlays on book basis:
71 Inventory change, NIPA
5,456
72 Less:
Inv. val. adjustment
-3,436
73 s Inventory change before IVA
8,892

11.810
-5,526
17.336

8.216
-4,564
12.780

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.
(4) Loans and short-term paper, taxes payable and trade debt.
(5) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




HARCH 10, 1989
Nonfinancial Corporate Business

Nonfinancial Corporate Business

Sector Statements of Saving and Investment

11
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS, $ BILLIONS
1986
1987
1985

1988

1
1

III

1987

IV

1
1

I

II

1988

III

IV

Nonfinancial Corporate Business, Excludingi Farms

1
2
3
4

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

236.6
106.4
103.3
27.0

224.6
105.0
97.2
22.5

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

237.3
103.7
106.6
27.0

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

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
16.0
369.1

43.6
276.5
13.6
356.2

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

29.9
296.9
15.9
369.8

♦
♦
♦
«

Capital consumption adj.
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

19.3
-23.9
364.5

21.6
-19.5
358.3

33.5
-18.2
358.1

4.2
-19.4
359.9

19.4
-27.4
363.6

34.7
-29.3
365.3

18.9 ♦ Fgn. earnings ret. abroad
-19.6 ♦ Inv. valuation adjustment
369.1 « 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

306.9
361.7
323.9
321.6
1.2
1.0
34.8
2.9

333.2
395.8
359.8
558.0
.5
1.4
31.9
4.1

319.9
350.9
337.2
335.9
.4
.8
10.7
3.0

302.3
406.3
338.2
336.5
1.2
<5
65.0
3.1

302.0
387.8
344.0
342.5
-.4
1.8
41.2
2.6

357.6
386.7
359.4
358.4
-.2
1.3
21.5
5.8

335.4
398.6
364.7
363.7
-.4
1.4
31.2
2.7

337.9 Gross investment
409.9 Capital expenditures (1)
Fixed Investment
370.9
Plant and equipment
367.2
Home construction
2.5
Multi-family residential
1.1
Inventory change * IVA
33.7
Mineral rts. from U.S. govt.
5.3

12
13
14
15
16
17
18
19

20
21

-24.2
132.1

-13.9
93.0

-39.5
122.8

-54.8
75.6

-62.6
40.9

-31.0
95.4

-104.0
69.7

-85.8
16.1

-29.2
76.6

-63.2
46.2

20
-72.0 Net financial Investment
Net acq. of financial assets 21
24.6

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

13.2
-1.0
4.1
-.7
5.8
-2.8
3.6
2.6
1.7

3.4
-1.6
4.5
1.1
8.2
-4.3
-5.9
-1.0
2.4

19.6
-4.5
-2.2
-3.4
28.1
18.1
-15.5
-2.5
1.6

43.9
16.6
6.7
1.2
-19.3
13.9
17.2
6.3
1.3

16.0
.6
-2.5
8.2
18.4
-13.2
.8
1.9
1.7

-2.5
-9.2
4.6
-6.0
5.7
18.8
-15.7
-.9
.2

15.4
1.9
7.1
-.2
1.8
-5.6
6.3
-.6
4.6

-15.2
.1
8.7
2.5
6.9
-17.1
-15.0
-4.4
3.0

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

2.6
-5.0
49.2
15.6
26.3
6.2
20.0

2.7
3.7
16.5
14.5
16.5
-5.2
21.7

-2.0
-17.5
46.5
48.8
22.9
2.3
20.7

7.7
-1.9
8.6
11.3
39.0
10.3
28.7

-9.2
3.8
17.7
-12.1
13.4
4.7
8.7

8.5
.3
27.0
43.4
11.6
-11.2
22.8

-3.3
10.9
9.4
13.8
33.9
-2.9
36.8

15.0
-.1
12.0
12.9
7.3
-11.4
18.7

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

31
52
33
34
35
36
37

38
39
40

5.1
K
19.1

5.1
.1
.2

4.2
.1
12.4

10.9
.4
-21.9

-1.0
e
-1.0

12.8
a
13.1

8.2
-35.8

4.0
■
-29.5

.2
31.6

-4.2
a
-15.9

-4.0
a
9.6

41
42
43

156.3
95.8
-74.5

106.9
50.9
-81.5

162.3
121.3
-80.8

130.4
68.9
-76.5

103.5
62.4
-130.5

126.4
68.6
-78.0

173.6
95.8
-88.0

101.9
97.9
-95.0

105.8
57.6
-140.0

109.4
66.0
-92.0

96.6
27.7
-195.0

44
45
46

170.3
20.5
46.1

132.4
22.6
73.8

202.1
-9.9
121.3

145.4
-.9
99.9

192.9
.1
97.4

146.6
-.2
100.7

183.8
.5
81.6

192.9
1.7
101.4

197.6
-.3
118.4

158.0
-.4
90.3

222.7
-.7
79.3

47
48
49
50

2.7
K
-1.8
4.5

-9.9
-.3
-4.1
-5.5

28.4
2.0
.5
26.0

16.0
1.0
.7
14.3

13.2
.4
1.0
11.8

13.9
.3
.7
12.8

15.3
.9
.9
13.5

9.7
-.3
1.2
8.8

3.6
-.2
.8
2.9

10.4
-.3
1.1
9.6

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
17.0
.1

36.9
18.2
11.6
.1
16.0
-.5

10.3
1.9
1.0
1.3
17.1
.7

63.0
-11.2
3.9
5.5
22.8
2.4

33.1
34.1
-3.8
-3.7
24.6
-4.3

59.8
-1.4
4.0
4.4
11.6
-2.6

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

-.7
-.3
42.1
34.5
7.6

-11.2
11.7
57.3
51.5
5.9

7.0
15.2
55.6
50.7
4.9

.9
-25.8
28.9
19.9
9.0

62

-10.1

23.9

63.0

45.9

31.3

38.4

55.8

57.9

38
Insurance receivables
Equity in sponsored ags. 39
40
Other

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

44
45
46

28.6
2.0
.9
25.7

Mortgages
Home mortgages
Multi-family
Commercial

47
48
49
50

6.8
24.0
11.1
-2.9
17.0
1.7

47.7
16.0
35.1
2.6
10.8
3.4

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

-1.4
-2.9
52.5
49.1
3.3

.9
11.8
30.7
21.4
9.4

-3.1
15.8
56.2
47.7
8.5

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

57
58
59
60
61

6.0

29.9

31.2 Discrepancy
Memorandum items:
Trade credit net of trade debt
Profits tax payments
Debt subtotals:
Securities and mortgages
Loans and short-term paper
Total short-term liab. C4)
Percent ratios:
Effective tax rate
Capital outlays/internal funds
Cr. mkt. borrowing/cap. exp.

63
64

15.0
68.5

-7.3
72.8

.1
75.0

31.2
97.3

16.8
112.0

34.9
116.8

-6.6
99.9

43.5
96.4

29.8
116.8

-2.4
111.9

-3.8
123.0

65
66
67

69.4
100.9
135.9

86.5
46.0
81.4

139.8
62.3
67.8

115.1
30.3
49.7

110.6
82.3
81.3

114.4
32.2
32.7

97.4
86.4
108.6

112.8
80.1
55.2

121.7
75.9
71.6

100.3
57.7
70.3

107.3
115.4
128.1

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
40.2

45.0
108.6
48.7

46.7
97.9
41.8

47.9
113.4
45.2

45.6
107.7
49.7

45.3
106.4
51.1

45.2
109.1
39.6

43.7
111.1
54.3

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
-23.9
55.8

10.7
-19.5
30.2

65.0.
-18.2
83.2

41.2
-19.4
60.6

21.5
-27.4
48.9

31.2
-29.3
60.5

74
75

376.4
322.9

344.0
335.0

325.6
332.6

379.7
346.5

419.7
369.1

370.4
356.2

424.5
342.8

407.2
375.1

76

53.5

8.9

-7.1

33.2

50.6

14.2

81.7

32.1

414.1
427.9
429.5 Total cap. expend, before IVA
369.8 Less: US internal funds, book
371.6
359.9
x Financing gap: Excess of capital expenditures
59.7
68.0
over U.S. internal funds
42.5

(1) Capital outlays on book basis:
33.7 Inventory change, NIPA
-19.6 Less: Inv. val. adjustment
53.3 * Inventory change before IVA

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




41
42
43

62
63
64

65
66
67
68
69
70

71
72
73
74
75
76

MARCH 10, 1989
State and Local Governments

State and Local Governments

Sector Statements of Savins and Investment

12

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

I
1

III

1987

IV

I
1

I

II

1988

III

IV

I
1

1979

ANNUAL FLOWS, $ BILLIONS
1982
1980
1981
1983

State and Local Governments - General Funds (1)

157,131 175,615 171,A31 173.266 168,916 189,831
119,All 137,002 131,676 133,A7A 127.888 1A7.906
12,100 12,300 12.A75 12.650 12.850 13,025
25,620 26,313 27,280 27.1A2 28,178 28,900

355.3
2A7.3
27.A
80.5

390.0
271.6
29.7
88.7

A25.6
305.2
32.5
87.9

AA9.A
329.7
35.9
83.9

A87.6
362.9
38.5
86.2

1
2
3
A

5 Total expenditures, NIPA basis 155,A79 15A.509 151.881 161.22A 167,016 167.579
6
Purch. of goods and services 1A0.629 139,018 136.697 1A5.332 151.522 150,099
7
Net interest and transfers
1A.850 15,A91 15.18A 15,892 15.A9A 17.A80

327.7
289.9
37.8

363.2
322.2
A1.0

391.A
3A5.9
A5.6

A1A.3
369.0
A5.2

AA0.2
391.5
A8.7

5
6
7

1 Total receipts, NIPA basis
2
Tax receipts
Social insurance receipts
S
A
Grants-ln-ald received

8 Net surplus, NIPA basis
9 - Retirement credit to HH
10 « Gross saving
11 Net financial Investment
12
Net acq. of financial assets
IS
Checkable dep. and curr.
IA
Time deposits
15
Security RPs

1,652
1A,A28
-12,776

21,106
1A,69A
6,A12

19,550
1A.120
5.A30

12.0A2
1.900
15.880 17,018
-3,838 -15.118

22,252
17,976
A,276

27.6
16.2
11.A

26.8
26.5
.3

3A.1
29.7
A.A

35.1
32.0
3.1

A7.A 8
39.2 9
8.2 10

-5.SS2
6,033
-2,203
-2,65A
7.A35

A,837
13.A3A
3.507
2,711
-2.888

-1,925
1.50A
-2.896
3,672
1,177

-7.0A6
521
2.139
-7,198
3,715

-5,695
8,862
-1.302
1.88A
2.569

-963
10,609
A,822
-2.06A
2.A07

3.A
22.6
-.A
-2.1
A.O

-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

A.6
39.A
-.7
-6.3
7.2

11
12
13
IA
15

35.A
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

1.2AA
101
-210
311
169
97A

8,069
6,523
3.165
3,358
122
1.A2A

651
-1.169
-737
-A32
A81
1.339

2.385
1.AA7
265
1.182
261
677

3,032
2.320
2.355
-35
A57
255

2.92A
2.287
632
1.655
377
260

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.A
.1
7.7

12.0
6.5
A.8
1.7
.2
5.2

22
23

Profit taxes receivable
Other taxes receivable

1,811
AOO

1.635
AOO

-1,500
AOO

-920
AOO

2,279
AOO

2.120
AOO

1.5
2.8

1.1
2.5

1.0
-1.6

-l.A
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

11,365
10.89A
10,721
A,556
6,165
173

8,597
8.052
8,502
3.A07
5,095
-A50

3.A29
2,939
3.6A7
-1.515
5,162
-708

7,567
6,978
7,8^8
2,278
5,590
-890

1A.557
13.99A
13.08A
A,311
8.773
910

11,572
10,952
10,752
1.512
9.2A0
200

19.3
17.6
17.A
1.0
16.5
.2

19.2
17.2
16.3
1.7
1A.6
.9

7.9
6.8
5.5
1.1
A.A
1.2

22.5
21.5
20.6
6.7
13.9
1.0

A71
-7,AAA

5A5
1.575

A90
7.355

589
3.208

563
-9.A23

620
5,239

1.6
8.0

2.0
6.3

1.1
6.3

.9
3.9

SO
Trade debt
31 Discrepancy

(1) Employee retirement funds are In Insurance sector.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1.9 22
1.8 23

3A.8
3A.0
32.9
-1.5
3A.A
1.1

2A
25
26
27
28
29

.8 30
3.5 31

MARCH 10, 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

I
1

III

1987

IV

i
11

I

II

1988

III

IV

State and Local Governments - General Funds (1)
1
2
S
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

703.4
540.9
51.0
111.5

659.1
508.8
48.4
101.9

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

721.9 Total receipts, NIPA basis
Tax receipts
556.8
Social insurance receipts
52.1
Grants-in-aid received
113.0

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

647.7
583.7
64.1

606.2
546.0
60.2

617.2
555.9
61.3

629.6
567.5
62.1

642.3
579.4
62.9

652.0
587.6
64.4

666.9 Total expenditures, NIPA basis
600.1
Purch. of goods and services
Net Interest and transfers
66.8

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

55.7
65.0
-9.3

52.9
58.7
-5.8

49.7
54.3
-4.6

55.9
59.5
-3.6

56.0
65.2
-9.2

56.1
68.2
-12.1

55.0 Net surplus, NIPA basis
67.1 - Retirement credit to HH
-12.1 * 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
5.5
-4.6
8.6

-1.5
34.4
.8
.8
11.0

-15.6
21.5
2.8
-3.7
9.9

-15.0
21.7
1.9
-9.7
18.6

-1.3
33.7
4.0
6.0
-6.2

13.8
35.3
2.9
10.5
8.9

-28.6
3.0
-6.9
-20.8
17.0

-15.6
32.8
5.9
9.1
-2.2

-24.2 Net financial Investment
23.0
Net acq. of financial assets
Checkable dep. and curr.
9.2
-13.6
Time deposits
15.7
Security RPs

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

20.4
11.2
1.9
9.3
.5
8.7

9.0
4.9
2.5
2.4
1.6
2.5

9.3
4.7
-.8
5.6
.7
3.9

28.1
21.9
12.7
9.3
.5
5.7

9.7
2.4
-2.9
5.4
1.9
5.4

10.3
6.5
1.1
5.5
1.0
2.7

16.2
13.3
9.4
3.9
1.8
1.0

7.8
5.3
2.5
2.7
1.5
1.0

Credit market Instruments
U.S. govt, securities
Treasury Issues
Agency Issues
Tax-exempt obligations
Mortgages

16
17
18
19
20
21

22
23

3.9
1.1

1.3
3.4

1.8
1.7

-.1
1.6

2.0
1.6

.1
1.6

.2
1.6

1.7
1.6

1.8
1.6

2.2
1.6

2.2
1.6

Profit taxes receivable
Other taxes receivable

22
23

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

37.1
34.9
35.4
6.6
28.8
-.5

36.7
34.8
34.1
9.5
24.7
.7

35.0
32.9
34.7
14.3
20.4
-1.8

21.5
19.5
22.4
1.7
20.6
-2.8

31.5
29.2
32.7
10.4
22.4
-3.6

48.3
46.1
42.5
7.4
35.1
3.6

47.1
44.6
43.8
6.9
37.0
.8

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

24
25
26
27
28
29

30
31

1.0
-.4

1.1
-10.9

1.6
-9.9

1.9
-.3

2.3
6.4

1.9
9.2

2.2
-3.2

2.0
-17.4

2.4
19.3

2.3
3.5

2.5
Trade debt
12.1 Discrepancy

(1) Employee retirement ■funds are in insurance sector.
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




30
31

MARCH 10, 1989
U.S. Government and Credit Agencies

U.S. Government and Credit Agencies

14

Sector Statements of Saving and Investment

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
III

1988

I

1987

!
I

IV

i

II

III

IV

I
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

U.S. Government

227,432 212,821 237.144 278.434 237,139 220,314
101.705 93,004 96,511 129,505 99,235 88,175
29,717 25,579
29,016 26,109 25,034 28,901
14,450
13.466
14,276
14,507
13,811
13,708
82.900 80,000 102,133 105,578 93,911
92,053

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

635.3
304.5
49.1
48.1
233.7

659.9
294.4
61 .4
51.6
252.5

1
2
3
4
5

6 Total expenditures, NIPA basis 264,057 281,946 277,273 275,594 271,626 292,732
7
Goods and services
93.620 103,013 94,992 93.135 88,340 104,034
8
Transfers, etc.
134,761 141.350 144,875 144,293 144,924 148,582
9
Net interest
35.676 37,583 37,406 38.166 38,362 40,116

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 -72,418
4,865
13.695
5,304
-2,025 -48,182 -77,722
1,450
671
1,321
-575 -47,511 -76,401

-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
-47,845 -72,594 -44,032 -26,010 -39,629 -69,305
16
Net acq. of financial assets -10,406 -16,574
14,080 -19,786
5,528
-572
17
Gold, SDRs 8 fgn. exch.
-124 -2,131 -1,041
-146
3,614
-467
18
Checkable dep. 8 currency
-2,972 -13,887 -2,450
18,053
5,438 -12,901
19
Time deposits
-53
131
-79
72
-225
205

-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
Corp, profits tax accruals
Indirect taxes
Social insurance receipts

2

3
4
5

10
11
12
13
14

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

-36.625 -69,125 -40,129
13,348
4,889 -3,907
-49,973 -74,014 -36,222
760
772
655
-49,213 -73,242 -35,567

20
21
22
23

Credit market instruments
Fed. agency securities
Mortgages
Other loans

-5.768
-5,254
-514

-2.161
303
-2,464

-1.633
101
-1.734

-4,716
-688
-4,028

2,396
-916
3,312

-163
494
-657

19.0
6.6
12.4

23.7
7.5
16.2

24.0
4.9
19.1

15.9
2.4
13.6

24
25
26

Taxes receivable
Trade credit
Miscellaneous

182
-1,985
314

-32
1-132
374

3.583
578
470

-7,332
-981
578

2,184
-32
705

-5,341
-1,527
408

-.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

37,439
114

56,020
120

43.460
129

31,538
100

53,709
120

49,519
162

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

27
28

Net Increase in liabilities
Treasury curr. 8 SDR ctfs.

29
30
31
32

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

22,068
1,730
20,567
-229

62,556
2,570
58,744
1.242

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

37.4
-.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
34
35

Life 8 retirement reserves
Trade debt
Miscellaneous

13,348
2.143
-234

4,889
-2,453
-9,092

-3,907
-950
5,317

4,865
-1,034
8.522

13,695
-3,072
1,307

5,304
-3,338
-6,451

8.2
1.0
-1.3

8.8
1.3
-1.9

10.0
.5
1.0

11.9
1.9
.2

36 Discrepancy
Memo:
37 Corp, tax receipts, net

29
30
31
32

14.2 33
3.0 34
2.0 35

-1,368

-648

8,465

25,435

-7.882

-7,096

4.6

-1.8

8.8

3.4

10.1 36

28,834

26,141

21,451

36,233

27,533

30,920

74.7

75.1

75.7

59.2

56.1 37

(1) Sales of Outer Continental Shelf leases.

Federally Sponsored Credit Agencies and Mortgage Pools
Sponsored credit agencies

1 Current surplus

199

252

250

250

268

265

.8

.9

1.2

1.4

1.0

1

4,321
-273
-5,639

20,924
494
1.384

15,733
-234
11.834

1,174
-213
-4,336

10,658
161
2.859

19,096
255
1,236

31.1
.2
.6

29.5
K
1.8

37.6
.2
3.5

22.4
_ .2
5.4

2.0
.2
-2.3

2
3
4

9,223

-35
939

15,874
1,711
6
652

5.270
3,798
222
352

5,696
-4,379
-62
726

6.284
-1,217
1,102

12,410
1,453
195
611

30.0
.2
.1
.6

26.4
.7
K
1.1

33.2
.4
.3
2.2

16.0
1.4
-.3
1.6

3.4
-1.3
.4
1.5

5
6
7
8

6,865
1,110
5,755

14,618
1,650
12,968

1.067
4.619
-3,552

9.070
3,741
5.329

6.650
-77
6,727

11,671
452
11.219

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

-615
-850
365
-130
1,010

-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

-1,520
-424
-284
-812
5,195

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

4,437
7,954
7,954
-3,517

20,743
19,489
19,489
1,254

14,869
10.305
10,305
4,564

871
4,363
4,363
-3,492

10,898
10,605
10,605
293

19,295
19,673
19,673
-378

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 17
1.4 18
1.4 19
20
-.2 21

315

71

-614

-53

508

464

.2

.5

.7

.3

.1 22

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

40.083
39,081
1,004
-2

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

26,646
25,039
1,608
-1

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
K

27 Net incr. in pool securities

40,083

25,353

13,774

21,974

28,757

26,646

23.1

19.2

15.0

49.5

66.4 27

Memo: Totals for agencies and pools
Housing credit
46,950
Loans to agriculture
-617

39,975
-1,117

14,853
-181

31,051
334

35,408
-252

38,318
-1,521

41.5
10.6

34.3
9.5

36.3
9.0

60.7
2.1

68.7 28
.6 29

44,842

24,079

26,337

39,362

46,319

47.3

43.6

45.5

64.5

67.8 30

2 Net acq. of financial assets
3
Checkable dep. and currency
4
Fed. funds 8 security RPs
5

Credit market instruments

6

U.S.

7
8

Open-market paper
Student loans (SLMA)

9
10
11
12
13
14
15
16

government securities

Housing credit
Residential mortgages
FHLB loans to SSL assns.
Loans to agriculture
Farm mortgages
Loans to coops (BC)
Loans to farmers (FICB)
Miscellaneous assets

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

2,069

22 Discrepancy

.6
1.1
.9
-1.3
.7

12
13
14
15
16

Federally related mortgage pools (1)

28
29

30 Net security issues

48,037

(1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools.
Excludes
Federal Financing Bank holdings of pool securities, which are in
U.S. government mortgages and other loans directly.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




23
24
25
26

MARCH 10, 1989
U.S. Government and Credit Agencies

U.S. Government and Credit Agencies

Sector Statements of Saving and Investment

15

SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLONS, $ BILLIONS
1985
1986
1987

1988

I
1

1987

III

IV

I
1

I

II

1988

III

IV

U.S. Government

1
2
3
4
5

726.0
310.3
75.3
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

973.0
413.4
109.2
56.7
393.7

930.2
413.3
110.6
53.9
352.4

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

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

1117.2
380.5
582.7
154.1

1068.6
386.3
538.5
143.8

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

1147.6 Total expenditures. NIPA basis
394.4
Goods and services
593.9
Transfers, etc.
159.3
Net interest

10
11
12
13
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

-144.2
20.0
-164.2
4.1
-160.1

-138.4
19.9
-158.3
3.0
-155.2

-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

-123.4
21.1
-144.5
2.7
-141.8

-165.0
25.9
-190.8
5.3
-185.6

15
16
17
18
19

-193.1
32.6
2.6
5.3
.5

-214.6
32.8
1.9
13.0
M

-233.3
9.8
-.7
.4
.2

-184.1
-23.8
-5.4
-8.1
.2

-179.0
-.8
2.0
8.1
K

-198.1
-67.2
-.5
-23.8
-.2

-206.6
-35.1
-8.5
-31.2
.5

-192.7
42.8
-4.2
45.2
-.3

-165.2
-28.7
-.6
3.9
.3

-166.0
36.9
14.5
16.9
-.9

-191.9 Net financial Investment
Net acq. of financial assets
-54.0
Gold, SDRs 8 fgn. exch.
-1.9
Checkable dep. & currency
-33.5
Time deposits
.8

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

-4.1
-1.0
-3.1

-24.1
-20.5
-3.6

-2.6
.7
-3.3

-8.8
.5
-9.3

-21.8
-2.8
-19.0

8.4
-3.4
11.8

5.8
1.7
4.1

24
25
26

.6
5.1
1.5

-4.0
3.7
1.4

-.3
.1
.5

1.2
-1.0
1.2

-6.9
-2.0
2.2

-12.0
-7.9
1.3

.7
4.5
1.5

6.6
2.3
1.9

-8.9
-3.9
2.3

-4.7
-.1
2.8

-20.7
-6.1
1.6

27
28

225.7
.6

247.3
.5

243.1
.8

160.3
.5

178.2
.5

130.9
.5

171.5
.5

235.5
.5

136.5
.4

202.9
.5

137.9
.6

29
30
31
32

198.8
3.0
195.9
- .2

223.6
5.3
218.5
-.1

215.0
13.6
201.1
.4

144.9
7.8
135.6
1.5

157.5
8.5
131.6
17.4

103.1
6.1
97.9
-.9

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

33
34
35

18.2
3.3
4.9

19.1
4.6
-.4

21.1
1.1
5.2

19.2
5.1
-9.4

20.0
-8.4
8.7

19.9
7.8
-.4

24.5
-3.7
-18.0

10.6
-9.2
5.9

22.2
-5.0
29.7

21.1
-13.2
5.9

25.9
-6.3
-6.7

36

13.3

2.9

13.9

10.2

18.9

42.9

24.9

29.7

15.4

24.2

37

74.7

80.3

84.2

104.7

116.1

122.6

107.0

100.6

120.6

117.8

982.6 Total receipts, NIPA basis
415.8
Personal taxes
Corp, profits tax accruals
104.9
57.9
Indirect taxes
Social Insurance receipts
404.0

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

1
2
3
4
5
6
7
8
9

10
11
12
13
14
15
16
17
18
19

Credit market instruments
Fed. agency securities
Mortgages
Other loans

20
21
22
23

Taxes receivable
Trade credit
Miscellaneous

24
25
26

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

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

29
30
31
32

Life 8 retirement reserves 33
34
Trade debt
35
Miscellaneous

6.3 Discrepancy
Memo:
125.7 Corp, tax receipts, net

36
37

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

Sponsored credit agencies

1.1 Current surplus

1

1

1.0

.2

.3

.7

1.0

.8

1.0

1.0

1.0

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

46.7
K
11.6

2.2
-.9
-22.6

84.6
.4
5.5

84.2
.4
47.3

-.6
-.7
-17.3

25.5
.9
11.4

77.6 Net acq. of financial assets
Checkable dep. and currency
-.7
Fed. funds & security RPs
4.9

2
3
4

5
6
7
8

29.8
1.6
-.1
1.9

15.7
-4.7
-.6
2.5

14.1
4.6
K
2.4

25.0
2.8
K
3.7

29.7
-.3
.4
2.8

33.5
8.3
-.2
3.8

60.8
6.8
.1
2.6

39.7
15.2
.9
1.4

11.0
-17.6
-.2
2.9

22.1
-4.7
-.2
4.4

45.9
5.7
.9
2.4

5
6
7
8

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

28.5
8.7
19.7

26.4
4.2
22.2

50.9
6.0
44.9

24.6
19.2
5.4

25.2
15.1
10.1

26.0
-.6
26.6

38.0
1.3
36.8

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

-1.6
-1.9
1.2
-.9
5.4

-4.8
-3.1
.6
-2.2
-7.9

.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

-1.2
-1.2
-1.4
1.4
27.5

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

45.9
44.9
44.9
1.0

3.6
32.0
32.0
-28.4

81.8
71.6
71.6
10.2

81.0
56.8
56.8
24.2

-1.0
9.4
9.4
-10.4

27.5
42.8
42.8
-15.2

22

.1

1.7

.8

.3

.3

2.2

-1.8

-2.1

.6

3.1

23
24
25
26

44.4
43.4
1.1
«

79.9
78.6
1.5
-.2

163.3
158.3
5.1
-.2

156.4
151.9
4.5
«

91.2
85.9
5.3
K

153.5
149.7
4.0
-.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

100.9 Net acq. of mortgages
94.1
Home mortgages
Multi-family mortgages
6.4
Farm mortgages
.4

23
24
25
26

27

44.4

79.9

163.3

156.4

91.2

153.5

95.9

63.4

92.4

107.8

100.9 Net incr. In pool securities

27

28
29

72.2
-1.4

107.9
-9.6

180.1
-9.8

180.6
-5.6

119.6
-1.6

180.1
-4.9

146.4
.8

88.2
-2.6

117.8
.4

134.0
-3.6

Memo: Totals for agencies and pools
138.5
Housing credit
-.7
Loans to agriculture

28
29

30

74.9

100.5

178.5

186.6

136.1

185.5

167.5

120.3

101.8

150.6

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

9
Housing credit
1u
Residential mortgages
FHLB loans to S&L assns. 5 1

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

76.2 Net increase in liabilities
Credit market instruments
70.8
Sponsored agency issues
70.8
U.S. government loans
5.4
Miscellaneous liabilities

-.4 Discrepancy

12
13
14
15
16
17
18
19
20
21
22

Federally related mortgage pools (1)

171.7 Net security Issues

(1) GNMA, 1FNMA, 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

MARCH 10- 1989
Foreign sector

Foreign sector
Sector Statements of Saving and Investment

16
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987

IV

III

1
1

1988

I

II

IV

III

1
1

ANNUAL FLOWS, $ BILLIONS
1981
1980
1983
1982

1979

Foreign Sector

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

-36,779 -29.A50 -23,017 -23.A95 -25,785 -22,003
106,A56 116,570 121,796 129,080 130,256 139,0A2
1A3,235 1A6.020 1AA.813 152,575 156,0A1 161.0A5
7,02 A
5.66A
9,016
5.A56
3,887
1,158

18.8
291.2
272.5
18.6

32.1
351.0
318.9
18.7

33.9
382.8
3A8.9
1A.0

26.3
361.9
335.6
15.5

-6.1
352.5
358.6
18.A

1
2
3
A

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

2,978
5.95A
A5,711

A, 582
6,169
A0,201

3,093
6,688
32,798

2.927
6.688
33,110

3,310
6,918
36,013

A,571
7.A06
33,980

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

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

A7.6A1
66,730
-210
-1,968
388
28,328

29,768 32.1A0
A2.582 28,866
-205
155
1.51A
-A82
1,597
190
6,261 -15,763

A1.19A
56.A02
180
1.089
2.5A2
12,663

7,176
18,087
-35
-1,615
-2.2A6
-6.59A

39,280
60,729
268
AA2
2.536
13,201

-25.9
30.5
-1.2
A.2
1.2
21.1

-31.2
2A.1
M
«
1.2
-26.6

-27.A
-1.8
-3.8
2.3
-20.9

-30.8
-6.7
-l.A
-3.7
6.8
-35.7

28. A
58.2
-.1
1.6
.5
12.5

9
10
11
12
13
IA

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

1,9A5
5,026
A, 338
-553
1,556
-2,109
5.A86
A63
-1,058

361
-7,763
21,535
21,530
19,905
1,625
1,361
-2,803
1.AA7

-1.1A2
-218
A3.5A5
3A.732
27,580
7-152
929
8.535
-651

155
726
19,365
13,979
6,065
7.91A
5,031
-3A9
70A

1.A13
975
18,071
2.17A
-3.13A
5,308
7,996
6.000
1,901

-328
-2,757
2A.921
16.56A
11,AAA
5,120
5,758
A,000
-1.A01

1.7
1.7
-10.A
-16.9
-22.0
5.0
2.6
2.0
1.9

.3
5.A
25.3
1A.9
11.9
3.0
8.2
1.3
.9

w
5.8
25.5
9.5
6.3
3.2
8.A
8.9
-1.3

1.6
3.9
23.7
12.3
5.1
7.2
10.6
2.5
-1.7

.5
5.A
23.7
15.6
6.5
9.1
A.6
2.7
.8

15
16
17
18
19
20
21
22
23

2A
25

Security credit
Trade credit

900

A65

-A55

-285

A6

800

•2

3.5

-.2

ff

26
27
28
29
30

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

27,983
1A.608
12.9A5
1,663
13,375

18,817
13,876
13,667
209
A.9A1

3,036
6,923
A,002
2,921
-3,887

19,977
13.0A2
11.968
1.07A
6,935

8,072
8,107
5.5A1
2,566
-35

21.6A6
1A.000
13,000
1,000
7.6A6

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.A
-15.7

5

31
32
33

3A
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
AO

Bank
To
To
To

Al
A2
A3

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

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

AA
A5

Security debt
Trade debt

A6
A7
A8
A9
50
51
52

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

53 Discrepancy (FOF basis) (A)

2A
-1.3 25
15.5
11.5
11.9
-.3
A.O

26
27
28
29
30

19,089

12.81A

-3.27A

15,208

10,911

21.AA9

56.A

55.3

27.A

2A.2

29.9 31

-2A2
839

-3.9A7
2,766

-1.3A7
-3,297

1A1
7.382

7.3A5
-3,656

-A52
3.A00

-.1
9.8

8.1
A.5

3.A
10.A

3.6
A.5

1.1 32
1.3 33

-383
2,195
1,355

-3.937
3,602
5.69A

679
881
3,788

-1.3A3
1,222
-186

206
252
1,315

1.358
6,965
A,526

1.0
15.0
3.7

2.A
2A.2
1.2

.2
23.5
5.5

l.A
16.0
6.6

3.7 3A
17.3 35
3.1 36

-1,251
-61
-798
-392

-880
-650
-520
290

-508
-312
-69
-127

-A00
-38A
292
-308

271
60A
2A
-357

-1A3
280
7A
-A97

3.1
2.1
-A.l
5.0

11.8
A.5
A.7
2.6

3.0
.8
-A.5
6.7

-5.5
K
.7
-6.2

5,023
-2.326
-606

-1,068
1,329
-1.A73

1,299
-A.22A
526

1.A93
1A8
167

2.263
-921
-2,676

A,579
-2,589
592

1.7
3.6
2.9

2.A
A.l
A.7

3.9
6.9
A.2

1.9
8.5
A.5

6.5 Al
-.1 A2
A.3 A3

1,231

-1.03A

1,621

-1.A27

3.500

1,600

2.2

5.A

.7

-3.9

AA
-.9 A5

15.AA9
312
2
A,886
239
A.6A7
10.2A9

15.36A
A23
-A 9
8.9A1
3,531
5.A10
6.0A9

-1,811
575
-105
A.969
1,506
3.A63
-7,250

9,233
633
-55
3,178
-3,628
6.806
5.A77

3.26A
781
-76
7.339
-1,135
8.A7A
-A,780

8,578
All
-3
1.0A6
-1.95A
3,000
7.12A

26.8
7.6
19.2
.9

10.8
.7
-.2
23.6
A.9
18.6
-13.2

-10.8
1.1
-.2
12.6
-.5
13.1
-2A.3

2.6
1.3
.A
10.2
5.A
A.8
-9.2

-1,930

10.A33

658

-8.08A

28,837

-5,300

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.
(A) BOP discrepancy adjusted to national accounts concepts.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION




«

28.6
.8
M

3.6
3.0
-.9
1.5

7.A
.7
.1
9.8
t3.6
13.5
-3.2

37
38
39
A0

A6
A7
A8
A9
50
51
52

5.1 53

MARCH 10, 1989
Foreign sector

Foreign sector
Sector Statements of Saving and Investment

17

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1984

ANNUAL FLOWS, $ BILLIONS
1985
1986
1987

1988

III

1987

IV

I
I

I

II

1988

III

IV

Foreign Sector
1
2
5
4

-59.0
383.5
442.5
19.2

-77.9
370.9
448.9
18.9

-104.4
378.5
482.8
16.5

-123.1
428.1
551.1
24.3

-94.3
520.2
614.5
19.3

125.2
440.4
565.6
21.6

-125.7
459.7
585.4
33.5

-112.1
487.8
599.9
4.2

-90.4
507.1
597.5
19.4

-79.9
536.1
616.0
34.7

-94.8 Net U.S. exports, NIPA basis
549.7
U.S. export receipts
644.5 - U.S. Import payments
18.9 (Memo: net corporate earnings
retained abroad)

1
2
3
4

5
6
7
8

12.2
19.8
—
90.9

15.1
21.3
—
IK.3

15.4
22.6
—
142.4

13.5
24.1
—
160.6

13.9
27.7
—
135.9

12.0
23.9
161.1

17.6
24.6
167.9

12.7
26.6
151.4

11.8
26.8
129.0

13.3
27.8
121.0

17.8
29.6
142.2

5
6
7
8

9
10
11
12
13
14

71.8
83.9
-1.0
1.9
4.6
2.3

104.2
112.4
-.9
1.6
3.7
14.5

133.4
176.8
-.2
2.7
-2.7
12.7

151.3
186.7
-.5
-1.4
.9
44.1

119.8
164.1
.6
-.6
3.0
3.5

187.7
220.2
-.8
-2.1
2.8
99.5

113.4
143.0
-.8
-1.8
3.3
22.9

132.6
133.0
.6
4.1
1.2
-84.0

175.6
291.0
.7
.8
12.1
92.9

25.0
21.2
-.1
-.5
-8.4
-41.7

151.1 Net financial Investment
211.1
Net acq. of financial assets
1.1
Gold and SDRs (1)
-6.6
U.S. checkable dep.
7.3
U.S. time deposits
46.8
Net interbank claims

9
10
11
12
13
14

15
16
17
18
19
20
21
22
23

.1
-3.0
57.9
28.9
4.7
24.2
14.8
13.0
1.2

.8
5.0
62.3
24.2
-1.1
25.4
36.7
1.5
-.2

3.4
17.8
97.8
45.4
33.2
12.3
40.2
11.1
1.1

.1
-1.3
105.9
67.4
42.0
25.5
19.7
18.2
.6

7.8
21.8
19.1
-2.2
6.2
-8.4
23.7
1.9
-4.2

1.4
-24.8
81.0
86.1
79.6
6.5
.3
-11.2
5.8

-4.6
-4.3
172.9
138.9
110.3
28.6
2.4
34.1
-2.6

.6
-2.9
82.4
55.9
24.3
31.7
25.0
-1.4
2.8

5.7
5.8
73.8
8.7
-12.5
21.2
33.5
24.0
7.6

-1.3
-3.7
94.6
66.3
45.8
20.5
18.0
16.0
-5.6

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

24
25

1.5

.4

.7

.1

.1

3.6

1.9

-1.8

-1.1

•2

3.2

Security credit
Trade credit

24
25

26
27
28
29
30

19.6
25.6
22.5
3.1
-6.0

25.0
20.5
20.4
.1
4.5

44.7
35.4
35.4
«
9.3

63.2
42.2
39.4
2.7
21.0

52.7
42.1
34.5
7.6
10.7

68.5
57.3
51.5
5.9
11.2

59.8
55.6
50.7
4.9
4.2

48.9
28.9
19.9
9.0
20.1

105.6
52.5
49.1
3.3
53.1

-13.4
30.7
21.4
9.4
-44.1

69.8
56.2
47.7
8.5
13.6

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

26
27
28
29
30

31

12.1

8.2

43.4

35.3

44.3

32.4

29.6

.4

115.4

-3.7

60.0

32
33

2.2
-5.8

3.0
-4.3

-.6
9.1

-9.7
-3.4

5.7
3.8

-1.0
11.5

-15.8
12.1

-5.4
-16.7

.6
24.0

29.4
-5.9

-1.8
13.9

34
35
36

.9
8.4
3.8

3.7
1.2
3.8

1.3
9.6
3.0

-2.4
4.3
6.8

.9
9.3
9.4

-1.3
12.3
6.7

-12.0
13.9
21.6

-.7
-1.0
16.8

-6.5
5.2
-2.7

1.1
4.6
6.5

9.7
28.5
17.2

37
38
39
40

-6.6
-.9
-3.1
-2.6

-2.8
-1.4
-1.3
-.1

-1.0
1.0
-2.1

-3.6
-.9
-2.8
.1

-.8
.2
.3
-1.3

-3.7
-.2
-1.5
-2.0

-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

-3.2
1.1
-1.7
-2.6

Bank
To
To
To

41
42
43

6.2
1.0
4.0

6.2
-7.4
1.4

11.5
-5.4
1.5

2.1
1.4
-2.4

9.6
-7.6
-1.4

21.6
-10.1
-2.2

-2.5
5.9
-5.1

1.5
-21.7
1.8

6.4
5.1
-.1

10.7
-5.1
-10.4

20.0
-8.7
3.1

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

44
45

-1.6

-.1

-1.2

2.9

5.3

4.2

-5.0

7.6

-5.2

13.2

5.5

46
47
48
49
50
51
52

8.0
1.1
.4
13.2
-4.6
17.8
-6.7

4.8
1.5
-.1
9.6
-3.3
12.9
-6.3

25.2
1.5
-1.0
13.7
3.6
10.1
11.0

43.5
1.2
«
26.3
6.2
20.0
16.1

19.3
2.4
-.2
16.5
-5.2
21.7
.6

6.7
1.2
■
22.9
2.3
20.7
-17.5

36.5
1.7
-.2
39.0
10.3
28.7
-4.0

16.6
2.3
-.4
13.4
4,7
8.7
1.3

97.2
2.5
-.2
11.6
-11.2
22.8
83.4

-46.2
3.1
-.3
33.9
-2.9
36.8
-82.9

4.2
1.6
«
7.3
-11.4
18.7
-4.7

53

19.1

10.2

9.0

9.3

16.1

-26.6

54.5

18.8

-46.6

96.0

2.2
15.5
62.5>
40.7
44.9
-4.2
20.3
1.2
.3

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

Net Increase ln liabilities
U.S. off. fgn. exchange
8 net IMF position
U.S. private deposits




32
33

Foreign corporate equities 34
Credit market Instruments 35
36
Corporate bonds
loans n.e.c.
foreign official
foreign banks
other foreign

37
38
39
40

41
42
43

Security debt
Trade debt

44
45

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

46
47
48
49
50
51
52

-8.9 Discrepancy (FOF basis) (4)

(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.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,

31

53

MARCH 10, 1989
Hankins System

Banking System

18

Sector Statements of Savins and Investment

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
I

1987

III

IV

I
I

1988

II

I

III

IV

I
I

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

1979

Monetary Authority

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

9
10
11
12
13
14
15

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

16 Net increase in liabilities
17
Depository inst. reserves
18
Vault cash of coml. banks
19
20
21
22
23

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

-460

-462

-450

-450

-441

-437

.2

•2

.4

.1

.5

1

-266
92
117
-1,331
969
—6,054

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
-253
162
87
16
-2,629

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

4,633
4,633
4,693
-60
1,308

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
814

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

14.7
14.7
15.0
-.3
.5

9
10
11
12
13
14
15

194
2.925
472

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
309
4,341

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

-3,422
-4,686
161
1,103
219

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

3*402
-4,361
-18
7,781
446

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 19
-1.3 20
X 21
14.3 22
-.5 23

.1

Commercial Banking (1)

3,671
5,250

3,323
5,106

5.789
5,711

4,703
5,505

4,697
5,372

4,214
5,439

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

48,805
73

83.104
75

10.566
82

62,212
87

45,456
92

78,166
98

139.1
.7

121.4
.6

118.5
1.0

136.8
-.1

150.1
-.3

3
4

5
6
7
8

44,824
10,978
5,674
5,304

51,904
5,013
-3,816
8,829

23.429
6,580
-89
6,669

50,894
815
-5,035
5.850

38.850
8,845
632
8.213

47,888
5,905
334
5,571

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

Total bank credit
U.S. 9ovt. securities
Treasury issues
Agency issues

9
10

Tax-exempt obligations
Corporate bonds

-5,566
2,815

-5,762
7,394

-7,235
6.784

-5,359
2,821

-2,936
947

-5,574
5,178

9.5
-.1

13.6
.6

5.0

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

36.606
20,141
9,502
4,188
-507
3,282

45,353
23,603
6,848
17,527
3,792
-6,417

17,293
13.317
857
2.045
-3,181
4,255

52.617
23,915
8,520
23,162
-212
-2,768

31,994
20,752
11,106
-626
1,136
-374

42,379
16,323
11,497
10,977
208
3.374

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

H

X

-.1

X

X 17

-2,309
4,650
27,839

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

78,814
83,261
37,731
23.054 -13,068 22,163
9,039
1,595 -•11,170
1,295 -1,564
460
12,720 -13,099 32,873

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

17

18
19
20

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

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

-9

-94

7

-792
3,397
1,303

2.445
3,193
25,487

-6,538
-4,755
-1.652

57,052 63,598
8.931
17,379 -18,735
-2.395
2,051 -11,331
1,876
1,708
-2,129
-818
-2.317 27,002 -19,793

1,657
-641
10,215

-

-

-303
-115
6,932

X

X

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.

4.803

15,010

24.958

16,289

12.081

21,590

29.5

44.8

40.1

96.4

130.8 26

27
28

Large time deposits
Fed. funds and security RPs

6,612
-788

19,281
1.583

4,951
28,516

-828
3.503

25,042
4,700

9,114
7,647

13.8
17.0

47.2
20.5

51.5
14.8

13.0
9.2

-48.3 27
14.8 28

29
30
31
32

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

30,349
-362
2,383
28,328

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

13,940
114
1,173
12,653

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

9,630
103
-3,674
13,201

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

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

400
-1,355
1,659
-3,014

400
412
-1,230 -21,628
-388 -15,078
-842 -6,550

411
3,838
889
2,949

420
-292
1,648
-1,940

423
789
-399
1,188

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

33
34
35
36

37
38

Profit taxes payable
Miscellaneous liabilities

23
19,403

42
23,012

50
18,759

60
7,398

.5
14.8

-.5
20.4

-.4
24.8

-.1
23.2

-.1 37
31.0 38

39 Discrepancy

40 Memo:

Credit mkt. funds adv.

20
9,469

34
6,192

6.668 -21,289

-1.557

20,247

-8,400

-577

-4.6

-4.3

13.1

4.0

10.8 39

60,860

12,629

55,319

38,921

42,205

131.4

107.6

106.5

110.2

144.3 40

40,759

(1) Consists of U.S.-chartered commercial banks, domestic affiliates(BHC*s),
Ed9e 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.




MARCH 10, 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

1987

III

1988

1988

IV

II

III

IV

Monetary Authority
1

.6

-1.1

-1.9

-1.8

-1.8

-1.8

-1.8

-1.8

-1.8

-1.8

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
3.2
.6
.5
-1.6
5.5

1.4
.4
.5
-4.9
2.2
-28.6

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

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
—
-.2

29.0
29.0
29.3
-.3

2.9

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

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
1.6

3.3
7.5
.6

18.3
7.4
-10.2

2.5
-14.9
8.9

48.0
-2.6
8.1

34.6
9.6
-16.6

19
20
21
22
23

10.3
1.7
*
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

19.2
3.3
.1
15.9
1.9

-7.5
-25.5
.6
17.3
2.7

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

-

-1.7 Current surplus

1

-5.9 Net acq. of financial assets
Gold and foreign exchange
-1.0
Treasury currency
.6
SDR certificates
Federal Reserve float
-4.6
F.R. loans to domestic banks
-1.0
-28.1
Security RPs

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

26.5
26.5
27.2
-.8
1.7

-4.1 Net increase in liabilities
Depository inst. reserves
-1.7
Vault cash of coml. banks
5.9

-8.9
-23.6
-.1
14.7
.7

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)
19.6 Current surplus
21.8 Fixed nonres. Investment

1
2

5.8
15.6

11.0
16.6

13.9
18.9

15.5
20.3

19.4
22.0

16.4
21.0

15.8
20.4

17.8
22.8

19.6
22.0

20.7
21.5

3
4

199.8
-1.1

238.8
-.1

257.6
.2

161.7
.3

196.4
.4

207.1
.3

249.8
.3

94.3
.3

272.4
.3

191.6
.4

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

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

124.5
26.9
-2.3
29.1

161.1
22.1
-4.2
26.3

175.4
39.8
21.5
18.2

202.7
39.9
4.5
35.4

110.8
-2.7
-29.3
26.7

190.0
15.5
-11.3
26.8

149.2
29.5
-.4
29.8

194.3
46.2
24.4
21.9

9
10

10.8
4.2

57.2
5.8

-28.5
23.6

-29.1
24.0

-21.1
15.7

-22.3
13.1

-23.0
30.7

-28.9
24.9

-21.4
10.5

-11.7
6.0

-22.3
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
20.4
72.3
-.9
-5.8

102.9
86.0
18.3
1.9
2.0
-5.3

144.3
74.3
32.0
35.6
-2.0
4.5

144.9
75.9
29.3
23.6
.3
15.8

155.6
95.2
19.4
68.5
10.7
-38.1

117.4
59.3
27.1
10.0
-8.2
29.2

185.4
93.3
27.5
81.1
-3.0
-13.6

125.5
78.4
35.1
3.7
7.6
.6

148.9
66.2
38.2
47.4
-4.6
1.8

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

II
12
13
14
15
16

17

-.1

.1

K

-.1

«

■

-.4

H

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
37.5

-7.5
-.9
43.3

-8.8
8.1
32.1

11.4
-2.8
38.2

-25.4
-6.0
14.6

9.6
5.5
67.1

-8.1
-7.0
57.1

-6.1
4.1
34.5

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

159.8
-19.8
-5.8
-1.3
-12.6

208.7
13.4
1.3
-.6
12.7

237.6
31.9
6.1
-2.8
28.6

168.7
-23.9
-36.1
-1.0
13.2

92.2
67.5
53.3
2.8
11.4

360.3
2.1
-17.5
1.6
18.0

155.7
-6.5
8.7
-.3
-15.0

26

74.6

80.3

71.6

27.4

74.9

37.0

38.8

109.1

62.5

63.0

65.0

Small time and savings dep.

26

27
28

38.3
1.6

11.8
31.3

3.2
19.2

42.1
10.9

38.3
44.4

16.8
-6.2

55.5
-7.2

39.7
91.5

9.2
54.8

93.5
14.6

10.7
16.5

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

-2.2
-1.2
-4.5
3.5

96.5
-2.8
-.3
99.5

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

39.5
-5.6
-1.7
46.8

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
-17.3
-12.9
-4.4

1.6
-1.8
6.6
-8.4

1.6
-7.6
-1.6
-6.1

1.6
-89.9
-60.3
-29.5

1.6
17.5
3.6
13.9

1.7
1.4
6.6
-5.2

1.7
1.8
-1.6
3.4

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
46.8

.2
55.4

.1
61.7

.1
101.3

.1
-43.7

.2
107.6

.2
57.0

.2
100.5

Profit taxes payable
Miscellaneous liabilities

37
38

-

-

39

-4.1

-9.5

-19.7

-6.7

9.7

25.8

-85.8

-7.1

85.4

-36.7

40

168.9

186.3

194.8

136.3

149.1

150.9

252.6

56.2

213.1

140.6

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

Corporate equities

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

226.6 Net increase in liabilities
-9.4
Checkable deposits
-39.1
U.S. government
Foreign
-6.6
36.3
Private domestic

-2.8 Discrepancy

186.4 Memo:

Credit mkt. funds adv.

(1) Consists of. U.S.-chartered commercial banks, domestic affillates(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.




1
2
3
4

5
6
7
8

17

18
19
20
21
22
23
24
25

39

40

MARCH 10, 1989
Commercial Banking Subsectors

Commercial Banking Subsectors

Subsector Statements for Component Groups in Commercial Banking

20

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1987
III

IV

1
1

1988
I

II

III

IV

1
1

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

U.S.-Chartered Commercial Banks

3,671
5,250

3,323
5.106

5,789
5,711

4,703
5,505

4,697
5.372

4,214
5,439

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
Total bank credit
U.S. government securities
5
Treasury issues
6
7
Agency Issues

37,622
37,833
10,279
5,604
A,675

50.36A
A3.175
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

54,169
38,392
5,838
451
5,387

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

8
9

Tax-exempt obligations
Corporate bonds

-5,583
3,348

-5,776
6,983

-7,272
6,371

-5,407
2,800

-2,999
1,407

-5,652
5,319

9.7
-.3

13.2
.5

5.7
M

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

29,789
18,663
9,502
1,076
-1,239
1,787

36,517
21.0A3
6,848
10.818
3,326
-5.518

13,528
12,075
857
A27
-2,951
3,120

41,549
21,332
8,520
14,526
-130
-2.699

31,965
18,546
11,106
751
1,246
316

32,887
14-397
11,497
3,436
778
2,779

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

-2,033
3,494
-1,672

1.802
3,748
1,639

-A,073
-A,739
1.495

93
200
-100

631
-187
879

-3,914
4,691
15,000

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

60,899 32,426 54-817
22.396 -12,869 21,915
9,039
1,595 -11,170
1,229 -1,171
403
12,128 -13,293 32,682

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

1 Current surplus
2 Fixed nonres. investment

10
11
12
13
14
15

16
17
18

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

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

45.869 30,858
10,697
-2.761
17-708 -19,367
2,051 -11,331
1,876
-2.536
1.937 -1,160
-2,276 27.102 -20-083

144.7
15.6
-5.3
1.4
19.5

19
20
21
22
23

2A

Small time&savlngs deposits

A,803

15,010

24,958

16,289

12.081

21,590

29.5

44.8

40.1

96.4

130.8 24

25
26

Large time deposits
Fed. funds and security RPs

5.827
-619

17,145
3.AOO

5,061
26,547

218
-835

21,998
6,048

6.280
5.192

10.2
17.0

39.3
20.5

43.9
14.8

2.3
9.2

-38.7 25
11.3 26

27
28
29
30
31

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

32,241 -15,718 -16,989
-1,331
563
-513
969
1.87A -1,504
20,001 -7,989 -13,754
12,602 -10,166 -1.218

11,878
-39
153
1,969
9,795

810
940
-310
4,778
-4,598

-3,319
87
16
1,144
-4,566

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

32
33
3A
35
36
37
38

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

-2,051
AOO
A
23
8,002
3,22 A
A, 778

99
423
1
60
2,576
2,350
226

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

39 Discrepancy
AO Memo:

Credit mkt. funds adv.

1.878
AOO
162
20
-9,147
382
-9,529

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

90
411
-305
42
10.715
6.276
4,439

544
420
25
50
3.319
-992
4,311

6.668 -21,289

-1,557

20,247

-8,400

-577

-4.6

-4.3

13.1

4.0

10.8 39

12,456

42,449

39,143

31.699

112.7

87.6

95.0

110.7

136.5 40

3A.013

50,495

Foreign Banking Offices in U.S.
1 Net acq. of financial assets
2
Total bank credit
U.S. government securities
3
4
Tax-exempt obligations
5
Corporate bonas
6
Total loans
7
Mortgages
8
Bank loans n.e.c.
9
Open-market paper
10
Security credit
11
Corporate equities
12
13
14

Cust. liabs. on acceptances
Member bank reserves
Miscellaneous assets

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

6,106
7,281
903
-620
7,007
1,458
3,322
732
1,495
-9

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
-

18,875
9,281
132
-248
9,397
1,917
7,455
-570
595
-

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

18.1
18.0
.5
.2
K
17.2
1.3
15.5
.8
— .4
«

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

7.8
1.0
.8
-.1
.1
.1
1.1
.2
-.7
-.5
«

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

1,241
-97
-2,319

643
-555
14.865

-2,465
-16
-3,339

1.564
-841
8,141

-934
72
1,777

1,605
-41
8,030

1.5
«
-.2

1.5
.2
-L5

3.0
.6
-3.0

.8
.3
5.7

2.2 12
-.7 13
-2.2 14

6,106
366
785
-169

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

18,875
248
2,834
2,455

16.5
.8
3.6
-

18.1
-5.6
7.9
-

10.6
-6.1
7.6
-

7.8
-1.7
10.7
-

5,225
2,192
9,510 -12,550
-4,285
14,742

6,559
2,929
3,630

-6,714
-1,960
-4,754

10,962
13,922
-2,960

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

2.069
15,751

1,030
8,938

-1,250
6,979

1,474
902

1.8
-.5

1.9
4.1

3.2
1.4

1.6
4.9

2.2 22
1.0 23

19
20
21

Net interbank liabilities
To foreign banks
To domestic banks

4,162
18,972
-14,810

22
23

Acceptance liabilities
Miscellaneous liabilities

-61
1,023

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-1,903
-4,273

1.3
.3
-9.6
3.5

15
16
17
18

MARCH 10. 1989
Commercial Banking Subsectors

Commercial Banking Subsectors

Subsector Statements for Component Groups ln Commercial Banking

1984

ANNUAL FLOWS. $ BILLIONS
1986
1987
1985

2|

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1988

I
1

III

1987

IV

I
1

I

II

1988

III

IV

U.S.-Chartered Commercial Banks
1
2

1
2

5.8
15.6

11.0
16.6

13.9
18.9

15.5
20.3

19.4
22.0

16.4
21.0

15.8
20.4

17.8
22.8

19.6
22.0

20.7
21.5

S
4
5
6
7

166.2
166.2
1.3
2.5
-1.2

193.1
183.4
4.6
7.5
-2.9

177.5
163.9
42.4
5.9
36.5

90.5
97.0
24.8
-3.1
27.9

146.5
136.5
22.0
-3.3
25.3

160.8
147.6
37.0
21.2
15.7

142.3
188.7
41.6
7.4
34.2

87.8
76.3
-.9
-26.9
26.1

170.1
142.4
15.1
-10.5
25.7

167.4
148.3
27.9
-.6
28.5

160.7 Net acq. of financial assets
Total bank credit
179.1
U.S. government securities
46.0
Treasury Issues
24.8
Agency issues
21.1

8
9

12.6
3.2

57.2
2.3

-28.4
18.4

-29.1
20.7

-21.3
15.9

-22.3
15.2

-23.1
29.0

-29.1
23.3

-21.6
10.4

-12.0
7.9

-22.6
22.0

Tax-exempt obligations
Corporate bonds

10
11
12
13
14
15

149.1
44.4
45.2
55.4
-.6
4.7

119.3
49.4
37.5
28.5
-2.8
6.8

131.5
67.0
20.4
50.7
-.7
-5.9

80.6
80.8
18.3
-16.5
1.1
-3.2

119.9
66.4
32.0
19.1
-1.1
3.5

117.8
70.0
29.3
11.7
-2.2
9.1

141.2
84.9
19.4
55.1
8.9
-27.1

83.1
54.3
27.1
-9.6
-9.0
20.3

138.5
83.0
27.5
45.6
-1.3
-16.3

124.5
69.6
35.1
8.8
8.4
2.5

133.7
58.4
38.2
31.7
-2.4
7.6

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
7.4
13.4

-7.3
19.0
1.9

-1.0
-6.7
1.1

-7.3
K
17.3

-7.5
8.5
12.2

6.5
-.6
-52.3

-17.5
-5.9
35.0

1.2
8.9
17.5

2.6
-7.3
23.9

-15.3
4.3
-7.3

19
20
21
22
23

171.9
30.2
4.0
2.8
23.4

189.2
51.8
10.3
.1
41.4

162.8
93.2
1.7
2.7
88.8

88.6
-19.1
-5.8
-1.5
-11.8

158.8
12.1
1.3
-.7
11.4

191.2
30.1
6.1
-4.1
28.1

61.2
-22.4
-36.1
-.5
14.2

85.8
63.3
53.3
-.6
10.6

257.9
1.3
-17.5
3.4
15.4

131.5
-5.9
8.7
1.9
-16.5

24

74.6

80.3

71.6

27.4

74.9

37.0

38.8

109.1

62.5

63.0

65.0

Small time8savlngs deposits

24

25
26

33.9
1.9

10.8
26.8

-6.6
10.8

37.7
12.6

33.6
37.0

13.0
-5.6

54.3
.1

31.0
83.6

14.8
37.5

81.2
20.0

7.3
6.7

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

-7.6
.5
-1.6
-5.9
-.6

105.0
-4.9
2.2
68.6
39.2

-43.0
-2.9
7.0
-18.8
-28.2

-92.7
2.4
-3.0
-63.4
-28.7

80.5
.2
.8
15.5
64.0

-25.2
3.9
-3.4
5.9
-31.6

6.9
-4.6
-1.0
18.5
-6.0

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

27
28
29
30
31

32
33
34
35
36
37
38

-3.6
1.1
3.6
K
23.4
10.3
13.1

-10.9
1.4
4.5
.1
15.9
5.5
10.3

-8.7
1.4
2.2
K
2.1
-.3
2.4

-1.0
1.6
.7
.1
8.3
14.5
-6.2

-3.5
1.7
-.4
.2
11.0
5.0
6.0

-8.6
1.6
a
.1
18.5
13.2
5.3

5.5
1.6
.6
.1
25.7
-2.5
28.1

-16.7
1.6
-.4
.1
-93.2
-5.3
-87.9

1.8
1.6
-1.2
.2
59.0
23.8
35.2

1.2
1.7
.1
.2
-4.7
-3.9
-.9

-.4
1.7
K
.2
82.9
5.3
77.6

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

32
33
34
35
36
37
38

39

-4.1

-9.5

-19.7

-6.7

9.7

25.8

-85.8

-7.1

85.4

-36.7

40

158.7

165.6

162.5

99.2

125.7

131.0

222.4

38.5

160.0

148.4

19.6 Current surplus
21.8 Fixed nonres. Investment

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

160.1 Net Increase ln liabilities
-10.4
Checkable deposits
-39.1
U.S. government
Foreign
-7.5
Private domestic
36.2

-2.8 Discrepancy

156.1 Memo:

Credit mkt. funds adv.

3
4
5
6
7

8
9
10
11
12
13
14
15

16
17
18
19
20
21
22
23

39
40

Foreign Banking Offices in U.S.

1
2
3
4
5
6
7
8
9
10
11

13.4
7.3
-.6
-.1
1.8
6.3
.4
5.7
-.9
1.1
-.1

21.3
19.1
.4
-.1
3.5
15.1
.1
10.5
.3
4.2
.1

39.7
33.4
3.6
5.0
24.8
2.9
21.9
-.2
.1
*

43.7
25.3
.9
2.9
21.6
5.1
17.8
.8
-2.1
-.1

38.4
24.8
1.8
-.6
23.6
7.9
15.7
-1.0
1.0
*

34.2
29.0
3.6
-2.5
27.9
5.8
12.8
2.6
6.7
M

61.9
11.4
-2.6
1.3
13.2
10.2
12.1
1.8
-10.9
-.4

16.8
36.6
4.3
1.3
31.0
4.9
16.3
.9
8.9
»

84.2
49.0
1.0
-.3
48.4
10.3
37.1
-1.7
2.7
-

14.9
-.8
1.5
-2.3
H
8.8
-6.1
-.8
-1.9
-

12
13
14

6.6
.3
-.9

1.6
.7
-.1

1.7
.6
4.0

7.5
-.5
11.3

-.2
-.8
14.6

-1.2
-.4
6.8

4.9
-2.2
47.8

-7.8
-.1
-11.9

8.3
-3.4
30.2

-10.6
.3
26.0

15
16
17
18

13.4
-1.0
4.4
-.3

21.3
2.1
.9
4.5

39.7
.9
9.8
8.4

43.7
-.6
4.4
-1.7

38.4
1.3
4.7
7.4

34.2
1.8
3.8
-.7

61.9
-1.5
1.3
-7.3

16.8
4.2
8.7
7.9

84.2
.8
-5.6
17.4

14.9
-.6
12.3
-5.4

19
20
21

3.1
4.6
-1.5

9.9
4.9
5.0

12.9
14.1
-1.2

15.8
23.5
-7.7

13.0
2.3
10.7

25.0
82.6
-57.6

-.1
18.9
-19.0

13.5
-46.6
60.1

36.8
23.8
13.0

-17.4
.3
-17.7

19.1
31.9
-12.8

Net interbank liabilities
To foreign banks
To domestic banks

19
20
21

22
23

7.3
H

1.5
2.4

2.8
4.8

7.4
18.3

-.6
12.5

-4.5
8.8

8.9
60.7

-5.3
-12.2

5.6
29.2

-9.6
35.6

6.7
-2.5

Acceptance liabilities
Miscellaneous liabilities

22
23

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




37.5 Net acq. of financial assets
1
14.4
Total bank credit
2
.5
U.S. government securities 3
4
Tax-exempt obligations
-1.0
Corporate bonds
5
14.8
Total loans
6
7.7
Mortgages
7
15.3
Bank loans n.e.c.
8
-2.3
Open-market paper
9
-5.8
Security credit
10
Corporate equities
11
9.2
-.2
14.1

Cust. liabs. on acceptances
Member bank reserves
Miscellaneous assets

37.5 Net increase in liabilities
.9
Checkable deposits
3.4
Time deposits
9.8
Fed. funds and sec RPs (net)

12
13
14

15
16
17
18

MARCH 10, 1989
Commercial Banking Subsectors, Continued

Commercial Banking Subsectors, Continued

22

Commercial Banking Subsectors, Continued

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

I
1

I
1

1987
III

IV

1988

I

II

ANNUAL FLOWS, $ BILLIONS

I

III

IV

1

1979

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 ln liabilities

5,109

9,699

-223

1,926

A,862

5.201

10.0

8.9

6.1

18.8

16.8

1

-360
-150
-210

603
293
310

-602
-1,424
822

-A22
-30
-392

378
1A8
230

170
8A
86

2.0
1.7
.3

-.3
.2
-.5

.2
-.1
.3

-2.2
-1.2
-1.0

1.2
1.6
-.A

2
3
A

5.469
3,22 A
927
1.318

9,096
382
9,425
-711

379
-2.6AA
2,947
76

2,348
6,276
-3.626
-302

4,484
-992
5,797
-321

5,031
2.350
2.580
101

8.0
5.A
3.A
-.8

9.3
6.9
2.8
-.A

5.9
7.8
-2.6
.7

21.0
13.2
7.2
.6

15.6
12.6
2.A
.5

5
6
7
8

9,699

-223

1,926

A,862

5,201

10.0

8.9

6.1

18.8

16.8

9

12,179
-972
5,262
1,023
6,917 -1,995
-550 -14,971
-A, 789
-A 08

-A.A97
-4,426
-71
1.194
1,829

-A,057
-A,021
-36
1,623
-1.23A

1,987
-1.858
3,845
-AOO
-385

2.5
1.7
.8
-.5
A.5

-2.1
.1
-2.1
1.1
5.6

-11.1
-A. 9
-6.1
2.1
7.0

-2.8
-.7
-2.2
5.A
l.A

-10.6
-7.A
-3.1
8.6
3.5

10
11
12
13
14

3,AOO
4,904
-1,504

8,530
5,587
2,943

3,999
A,532
-533

S.A
5.1
-1.7

A.3
6.3
-2.0

8.1
8.1
K

1A.9
1A.0
.9

5.109

10
11
12
13
14

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

-6,054
-2,808
-3.2A6
1,655
-902

IS
16
17

Miscellaneous liabilities
Equity, etc.
Other

10.410
5.806
4,604

2,859
1,758
1,101

16,128
2,164
13,964

15.3 15
1A.3 16
.9 17

Banks in U.S. Possessions

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

3
A
5
6
7
8

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

9

Miscellaneous assets

10 Net increase in deposit liab.

-79
98

1.1
.7

1.6
.6

2.7
1.0

-1.1
-.1

.7
-.3

1
2

A6*
-11A
A8
99
58
-A5

A7
-130
63
103
65
-5A

A5
-149
78
107
71
-62

K
K
— .2
a
.i
M

.5
.1
.3
K
.1
«

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

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

2.9
1.1
1.0
.7
-.1
.2

3
A
5
6
7
8

-187

-17A

-208

-222

.A

.5

2.9

-.5

-1.9

9

-50

-Al

-69

-79

1.1

1.6

2.7

-1.1

6
75

-50
82

-Al
87

70
-5A
17
87
38
-18

AA
-77
IA
90
A6
-29

55
-92
37
95
52
-37

-175

-113

-32

6

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-69
92

-32
73

.7 10

MARCH 10, 1989
Commercial Banking Subsectors, Continued

Commercial Banking Subsectors, Continued

Commercial Banking Subsectors, Continued

23

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS, $ BILLIONS
1986
1985
1987

1988

|
1

1987
III

I
1

IV

I

II

1988

III

IV

Domestic Affiliates of Commercial Banks (BHC’s)
1

24.7

24.3

39.5

27.5

11.8

12.3

45.6

-10.2

18.3

9.6

2
3
4

.6
.5
.1

4.0
4.7
-.6

-3.1
-2.8
-.3

1.9
1.3
.6

-.5
-1.2
.7

-1.4
-.6
-.8

2.4
1.2
1.2

-2.4
-5.7
3.3

-1.7
-.1
-1.6

1.5
.6
.9

.7
.3
.3

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

12.2
5.0
7.7
-.4

13.8
13.2
3.1
-2.5

43.2
-2.5
43.4
2.2

-7.7
-5.3
3.6
-6.0

20.0
23.8
-12.6
8.8

8.1
-3.9
23.3
-11.4

28.6
5.3
16.5
6.8

29.3 Net acq. of financial assets

1

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

2
3
4

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

5
6
7
8

9

24.7

24.3

39.5

27.5

11.8

12.3

45.6

-10.2

18.3

9.6

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

-7.5
-9.3
1.7
-12.6
-.2

-33.5
-11.2
-22.3
6.6
4.7

53.3
21.0
32.3
-2.2
-20.4

-4.6
4.1
-8.7
-59.9
-7.6

-12.5
-17.7
5.2
4.8
6.5

-26.5
-16.1
-10.4
6.5
3.2

13.4
-7.4
20.9
-1.6
-2.9

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

10
11
12
13
14

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

32.1
17.2
14.9

34.6
23.2
11.3

14.9
7.0
7.9

61.9
8.7
53.3

19.6
19.6
a

26.3
22.3
4.0

20.4
18.1
2.2

Miscellaneous liabilities
Equity, etc.
Other

15
16
17

29.3 Net increase in liabilities

9

Banks In U.S. Possessions
1
2

-4.5
-1.1

.1
-.1

.9
.2

.1
.3

-.2
.4

-.1
.3

.3

-.2
.3

-.2
.3

-.3
.4

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

3
4
5
6
7
8

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

.3
K
K
*
.1
.1

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

-.2
■
.3
.1
-.1

.2
-.5
.2
.4
.2
-.2

.3
-.2
.1
.3
.2
-.1

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

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

.2
-.5
.2
.4
.2
-.2

.2
-.5
.3
.4
.3
-.2

.2
-.6
.3
.4
.3
-.2

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

9

*

-.1

.4

-.5

-.8

-.7

-.5

-.7

-.7

-.8

-.9

Miscellaneous assets

9

10

-4.5

.1

.9

.1

-.2

-.1

a

-.2

-.2

-.3

-.3 Net Increase In deposit liab.

10

K

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




1
2
3
4
5
6
7
8

MARCH 10, 198**
Nonbank Finance Summary

Nonbank Finance Summary

24

Private Nonbank Financial Institutions

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I

1987

IV

III

I
1

1988

I

II

III

IV

I
11

1979

ANNUAL FLOWS, $ BILLIONS
1981
1982
1980
1983

Private Nonbank Financial Institutions - Total

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
Security RPs
8
9
Foreign deposits

-338 -11,877
5.992
6,351
116
258
102,A37
-1,420
7,782
-2,097
-5,783
-1,212

10
11

Mutual fund shares
Other corporate equities

12
13
14
15
16
17
18

117,808
Credit market instruments
U.S. government securities 30,463
Tax-exempt obligations
3,161
28,768
Corporate 8 foreign bonds
Mortgages
20,640
Consumer credit
11,809
Other loans
22,967

19
20
21

Security credit
Trade credit
Miscellaneous assets

-1,098
A,030

590
5,938
16

1.451
6.115
58

72,874 142,113
874
3,510
-2,419 12,911
-859
3,506
-1,447
7,434
-1,097
506

95,649
3,526
5,357
-5,507
-1,538
4

1,744
-9,258

-1,706
-289

-2,777
-3.18A

91.987 122,634 102,248
16,734
23,248
11,315
1,464
14,209
5,851
23,868 40.167 30,306
30,922
13,851
33,156
6,099 -2,895
8,673
6,386 40,568
12,947

2,489 -18,298
1,044
765
6,414
-18,827

-1,205
731
2,236

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

3A
35
36
37
38

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

39 Discrepancy

12.8
6.0
ft

10.3
6.4
ft

2.5
7.7
ft

.6
8.6
.1

6.9
9.7
ft

1
2
3

72,515 157.342
2,725
8
-3,090
2.707
-1.626
433
109
1.092
7,191
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
-157

1.0
18.6

1.5
23.0

-2.3
28.1

.7
27.4

81,821 121,958
8-268
19,765
7,046
9,245
28,221
28,611
27,600 26,249
4,663
3,677
6,023 34,411

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

1,600
894
20.935

.3
1.9
20.1

7.3
2.0
16.4

-1.7
2.6
13.6

2.8
2.1
48.8

82,894 154,364
-2
10,071
-925
11.436
6,254
8,652
46,663 64.672
217
1.769

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
62.2
32.7
22.7
136: i

1,488
4,142

683
1,091
971
811
-8,100 -15,337

22 Net increase in liabilities
107,7A2 78,066 145,466 99,173
23
Thrift deposits
13,505 28,504 33.002
3.956
2A
Money market fund shares
A,821
9.785 28,591 -17,240
Security RPs
-AA1 -18,021
25
-347
5,021
26
Insurance 8 pension reserves 44,700 29,665 56,640 56,738
27
Corporate equity issues (1)
5,125
3,347
4,937
6.655
28
29
30
31
32
33

-89
6,234
55

1,478
6,251
89

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
22
23
24
25
26
27

12.8

344.6
132.5
-40.4
-2.9
144.9
30.1

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

17,674
16,932
-35
-9,088
13,417
-3,552

41,754
13,940
2
2,653
19,830
5,329

20,654
8.861
-2
-1,426
6,494
6,727

41,074
10,479
-54
1,699
17,731
11.219

28.8
5.7
ft
.5
13.4
9.2

5.6
.3
w
-1.0
-.8
7.1

33.7
2.4
ft
1.2
13.9
16.2

7.4
7.2
.1
1.9
-2.6
.8

14.3
8.9
ft
-.1
12.6
-7.0

28
29
30
31
32
33

2,765 -10,880
-801
682
-50
-135
196 -3,177
5,884
14,690

2,897
277
136
1,290
369

1,745
1,829
132
-1.232
-185

-1 -961
273
91
1.027
530

4,286
100
136
1,000
21,241

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

-1,141 -13,294

-2,011

-1,198

5,517

-9,356

-6.2

-7.6

-7.5

-3.4

-9.1 39

30,555
18,016
59
2,118
A,607
5,755

(1) Includes mutual fund shares.
Savings Institutions Combined

1 Current surplus
2 Fixed nonres. investment

-426
443

-401
372

-412
423

-410
331

-407
338

-409
320

4.3
1.3

1.2
1.5

-6.4
1.3

-6.4
1.7

.5
1.9

1
2

23,662
-2,161
-3,652
-8,910

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

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

21,228
165
-1,717
-1,155

36,015
2,070
-3,991
-1,268

22,513
-5
-1,905
625

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

-154
43,233
12,286
125
4,181

-182
38,464
7,522
13
3,478

127
7,833
-7,484
44
1,546

52
32,776
1,703
-60
4,228

88
34,953
-619
206
5,433

-109
26,128
4,940
47
-50

-.1
55.4
1.0
-.5
-1.1

-.5
51.3
18.1
-.5
.7

-.6
26.2
3.6
ft
-.3

-.5
22.9
38.3
-.3
1.0

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

20,543
17,358
1,974
1,211

23,989
20,699
1,965
1,325

12.830
9,798
1,906
1,126
-

19,348
20,884
-719
-817
-

26,941
25,100
34
1,807

17,259
15,189
2,081
-11

48.2
42.8
2.1
3.3
ft

29.6
28.0
ft
1.6
ft

17.1
15.9
-.7
1.9

-24.5
-30.9
1.6
4.9
*

53.5
30.0
7.0
16.6

12
13
14
15
16

5,001
-246
275
1,068
-4,694

3,124
-242
-139
719
3,086

66
-292
872
251
4,318

5,831
-45
702
1,069
-8,893

2,569
-238
452
209
4,163

1,221
-268
518
2,461
-2,221

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 ln liabilities
Deposits
23
24
Checkable
Small time and savings
25
26
Large time
27
Security RPs
Cr. mkt. instr. (S8L)
28
29
Profit taxes payable
30
Miscellaneous liabilities

22,018
13,505
66
7,370
6,069
5,744
8.356
-9
-5,578

41,450
28,504
374
18,696
9,434
3,788
15,717
19
-6,578

17,054
33,002
1,096
29,273
2.633
-7.040
-3.687
11
-5,232

21,564
3,956
5,570
-2,938
1,324
10,285
9,523
22
-2,222

34,562
10,071
778
3,732
5,561
6,990
10,997
12
.6,492

20,872
_«■>
818
-2,685
1,865
3,638
12,412
54
4,770

62.4
46.9
1.2
30.2
15.5
2.6
12.6
_ e2
.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

157.7
132.5
11.5
85.8
35.3
12.0
-2.1

13.9

22
23
24
25
26
27
28
k 29
15.3 30

31 Discrepancy

-2,513

-2,236

-2,042

-405

-2,198

-2,370

-.7

ft

-1.2

-2.6

-.6 31

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




«

MARCH 10. 1989
Nonbank Finance Summary

Nonbank Finance Summary
Private Nonbank Financial Institutions

25

SEASONALLY AOJUSTEO ANNUAL RATES

1984

SEASONALLY AOJUSTED ANNUAL RATES

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987

1988

I
I

1987

III

I
I

IV

I

II

1988

III

IV

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

3.4
24.5
.2

-4.5
24.0
.5

-45.2
25.4
1.0

7.4
23.8
.1

1.5
24.5
.2

2.5
25.0
.4

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

687.9
15.2
22.4
6.8
6.5
3.1

466.6
-2.4
23.0
-4.2
4.5
-.6

467.6
7.1
17.9
-3.2
7.1
8.1

505.7
-2.8
36.3
-8.4
-26.6
-6.6

163.4
-1.0
-7.0
-3.4
-1.6
-1.8

639.0
15.1
44.0
14.0
6.0
-3.5

342.9
15.5
20.3
-22.0
16.2
5.2

411.0
13.9
-6.5
-6.5
-2.7
-.3

10
11

2.5
13.3

11.4
34.1

12.6
35.9

-2.4
25.2

2.2
-5.6

-4.4
9.7

-11.1
-5.0

7.0
-42.4

-6.8
1.4

6.0
10.2

2.7
8.6

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

551.7
230.7
72.9
98.8
64.3
33.5
51.4

429.7
133.3
17.5
124.4
78.3
19.4
56.7

428.7
56.1
36.4
127.3
100.9
14.1
93.9

490.3
142.8
12.6
120.1
82.2
33.5
99.1

297.5
52.9
.5
72.6
107.0
21.5
43.0

596.1
86.8
52.3
199.8
92.4
17.2
147.6

354.7
39.2
33.7
104.4
114.6
23.6
39.2

348.6
58.6
27.3
116.9
111.2
2.7
31.7

415.3
39.8
32.1
88.0
85.2
12.9
157.3

19
20
21

-2.3
2.8
48.1

18.9
2.2
37.4

6.7
4.9
22.1

-16.3
3.6
6.6

2.2
3.4
-.3

18.5
3.1
-3.4

-87.0
4.2
-20.2

8.0
2.9
-8.1

-4.8
3.9
-40.7

14.5
3.2
30.6

-9.1
3.6
17.1

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

488.9
65.3
24.0
-12.4
177.2
90.8

481.9
47.0
21.9
19.6
224.7
13.6

497.5
67.7
24.3
.2
159.7
30.6

234.8
118.3
59.9
-84.0
130.3
15.8

622.1
106.4
73.1
30.5
233.2
18.5

362.6
23.2
-56.8
-2.3
227.3
13.7

422.3
55.0
6.5
32.2
165.9
13.0

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

121.2
50.2
-.1
-6.2
57.5
19.7

122.6
71.1
.2
6.3
22.7
22.2

90.3
44.0
.8
-10.7
11.4
44.9

104.0
71.4
-.1
-26.8
54.1
5.4

143.6
56.6
«
8.7
68.2
10.1

83.5
34.3
■
-8.6
31.3
26.6

153.5
38.6
-.2
2.1
76.2
36.8

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
51.6

7.0
2.5
.5
2.1
22.0

21.0
2.7
-.1
.8
68.0

-68.3
-3.2
-.6
-12.7
-10.8

25.2
1.1
.5
5.2
24.5

8.8
7.3
.5
-4.9
2.2

1.5
1.1
.4
4.1
59.0

-7.6
.4
.5
4.0
2.2

39

-1.6

.6

-7.1

-16.0

-7.0

-37.2

-.1

-33.3

-3.5

-11.6

2.3 Current surplus
24.9 Fixed nonres. Investment
.2 Multi-family resid. invest.

477.6 Net acq. of financial assets
-15.9
Checkable dep. and currency
13.7
Time and savlnss deposits
1.7
Money market fund shares
8.8
Security RPs
31.0
Forelsn deposits

1
2
3
4
5
6
7
8
9

Mutual fund shares
Other corporate equities

10
11

Credit market Instruments
U.S. sovernment securities
Tax-exempt obllsatlons
Corporate 8 forelsn bonds
Mortgases
Consumer credit
Other loans

12
13
14
15
16
17
18

Security credit
Trade credit
Miscellaneous assets

19
20
21

520.6 Net lncreese in liabilities
Thrift deposits
3.5
64.7
Money market fund shares
Security RPs
17.9
272.4
Insurance & pension reserves
Corporate equity Issues (1)
9.1

22
23
24
25
26
27

Credit market instruments
Corporate bonds
Mortseses
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

20.2 Discrepancy

39

(1) Includes mutual fund shares.
Savlnss Institutions Combined

-1.6 Current surplus
1.3 Fixed nonres. Investment

1
2

158.3
11.2
-9.4
-.5

84.8 Net acq. of financial assets
Checkable dep. and currency
-4.9
Time deposits
-5.7
Security RPs
7.6

3
4
5
6

.2
66.0
-45.3
-.2
16.5

.4
159.7
30.9
.8
20.4

-.4
98.7
24.0
.2
1.5

74.1
54.9
7.6
11.6

67.7
77.9
-2.9
-7.3
-

98.1
89.6
.1
8.4
-

65.5
61.5
8.3
-4.2
-

10.9
-1.7
-2.6
-.2
11.1

9.0
-.7
5.5
3.6
1.9

17.8
.5
2.1
6.9
1.0

8.8
-1.3
2.8
-.8
-2.9

3.1
-1.8
-.1
6.3
-10.5

163.2
118.3
.7
85.8
31.8
14.5
51.9

-21.4

83.4
106.4
8.8
80.6
17.0
-11.3
9.1
.1
-20.8

62.1
23.2
15.4
1.4
6.5
19.6
16.6
.1
2.6

152.5
55.0
6.3
29.1
19.6
33.4
54.3
.1
9.6

-8.9

-8.2

-1.6

-8.8

1
2

2.9
2.0

8.7
1.9

6.4
2.0

-.8
1.5

-1.6
1.4

-1.7
1.8

-1.6
1.5

-1.6
1.7

-1.6
1.3

-1.6
1.4

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

98.0
.5
-4.7
3.0

107.1
-6.0
-7.3
-31.7

169.1
12.9
-6.5
1.3

88.2
-6.4
1.8
8.0

60.7
2.1
-5.4
-3.1

7
8
9
10
11

-.2
150.2
21.3
-.3
5.9

-.1
83.0
-9.2
.6
.3

.9
105.5
52.5
-.3
.1

.2
140.4
54.4

.2
101.7
-1.5
.2
11.2

-.6
188.7
79.2
.5
15.3

-.7
151.0
34.9
.1
15.6

.5
82.4
-15.5
.2
6.2

12
13
14
15
16

86.6
50.9
14.4
21.3

25.5
12.9
7.3
5.3

61.6
51.7
4.8
5.1

«

58.5
33.7
14.5
10.3
.1

a

76.4
71.0
3.3
2.1
-

72.0
58.2
7.9
5.9
-

94.0
84.4
7.9
1.7
-

17
18
19
20
21

25.3
.2
8.7
2.7
31.4

19.5
.5
5.6
7.2
19.9

11.7
-1.5
6.7
10.7
12.4

12.2
-1.2
-.2
-2.0
12.5

9.7
-.8
2.5
4.0
-2.6

18.8
-1.4
2.1
2.3
-36.0

22
23
24
25
26
27
28
29
30

185.5
133.1
7.9
76.2
49.0
19.4
22.7

127.2

131.2
65.3
7.2
49.6
8.5
36.7
36.0

a

a

a

a

2.9

-6.7

94.1
47.0
8.3
27.4
11.4
13.9
29.2
.1
3.8

100.5
67.7
3.3
41.7
22.7
27.4
41.9

10.4

116.6
80.0
13.0
60.8
6.1
-.3
22.3
.1
14.6

-36.5

31

2.2

3.9

-2.7

-8.6

-7.0

-10.1

a

74.8

20.5
52.5
1.8
19.7
29.8

a

15.6

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




Corporete equities
Credit market Instruments
U.S. govt, securities
Tax-exempt oblisetlons
Corporate bonds
Mortgages
Home mortgases
Multi-family
Commercial
Farm

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

7
8
9
10
11

12
13
14
15
16
17
18
19
20
21

78.3 Net Increase in liabilities
3.5
Deposits
Checkable
2.6
Small time and savlnss
-1.5
Large time
2.5
13.7
Security RPs
Cr. mkt. instr. (S&L)
37.0
Profit taxes payable
.1
Miscellaneous liabilities
23.8

22
23
24
25
26
27
28
29
30

-9.5 Discrepancy

31

MARCH 10. 1989
Savings Institutions

Savings Institutions
Sector Statements of Savins and Investment

26

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

I
1

1987
III

IV

I
1

1988

I

II

IV

III

I
1

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

1979

Savinss and Loan Associations

(1)

1 Current surplus
2 Fixed nonres. investment

-1.039
443

-1,205
372

-1,037
423

-1.035
331

-970
338

-913
320

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. S currency
Time deposits
5
Fed. funds 8 security RPs
6

16.356
-1,006
-770
-6,047

33,911
2.276
-877
508

10,293
-740
-128
3,427

28,476
125
-62
-1,712

28,592
1,351
-61
432

18,938
101
46
189

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

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

29.361
1,554
9,534
161
4.586

27,533
-2.889
7,419
31
2,860

4,431
-4,416
-1,299
16
2,204

32,950
515
3,712
124
5,124

25,736
-193
1,507
177
5,779

20,284
1,045
5,869
9
325

49.3
-2.9
3.9
-.1

46.2
5.7
8.1
K
-

23.2
-4.2
6.6
.1
.7

20.0
5.4
29.8
-.5
2.1

12
13
14
15
16

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

12,542
1,455
275
-746
-5,182

16,259
1,783
-139
2,209
4,471

7,019
519
872
-484
3,303

16.071
2,713
702
3,9§9
-2.825

17,850
379
452
-215
1,134

10,280
2,066
518
172
-1,682

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

15,664
10,674
-239
9,067
1,846
2.101

33,077
23,766
-196
17,930
6.032
3,323

9,316
25,857
-406
27,815
-1,552
-7,885

27,788
8,644
1.906
9,014
-2,276
10,405

27,555
6,937
-229
9.832
-2,666
6.032

18,037
-2,136
-114
-613
-1,409
5.416

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

8,356
816
1,785
5.755

15,717
1.016
1,733
12,968

-3.687
-119
-16
-3,552

9,523
1.383
2,811
5,329

10,997
262
4,008
6,727

12,412
414
779
11.219

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
24
5.0 25
-7.0 26

-9
-5,458

19
-9,748

11
-4,980

22
-806

12
3,577

54
2.291

-.2
1.1

-.3
.9

-.3
2.6

M
13.1

V 27
10.4 28

29 Discrepancy

-2.174

-2,411

-2,437

-2.054

-2,345

-2,134

-.7

.2

-.8

-1.4

1.1 29

30 Memo:

29.361

27,533

4,431

32.950

25,736

20.284

49.3

46.2

23.2

20.0

104.7 30

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

23
24
25
26

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

27
28

Profit taxes payable
Miscellaneous liabilities

Acq.of credit mkt.inst.

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

Mutual Savings Banks (2)

1 Current surplus

519

687

500

423

363

.7

-.4

-1.8

-1.8

-.6

1

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

6,712
-455
-982

8,885
1.384
6
-706

1.743 -12.173
-60
-1,000
10
7
2,015 -1.405

5,583
619
13
-34

3,834
94
15
-50

5.2
-.3
-.3
.9

8.2
1.1

4.4
.1
1.4
K

19.3
-.7

.6

4.2
1.2
-.1
1.5

2
3
4
5

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

-154
7,898
-438
1.762
-36
-405

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

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

52
-5,415
-670
-2,495
-184
-896

88
4,692
-300
-658
29
-346

-109
4,134
254
-638
38
-375

-.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

5,099
102
1,814
405

5,195
134
-1,490
516

3.712
-346
735
-1,169

1,502
248
-2,920
-5.355

5.453
90
424
205

4,476
-1,910
2,289
-250

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

5,854
3,531
226
-766
4.071
3.643
-1.320

8,373
5,238
208
1.731
3.299
465
2,670

1,638 -11,024
1,345 -9.388
1,152
2*663
-3,877 -15,593
4,070
3,542
845
-120
-552 -1,516

5,307
3,634
1,188
-5,607
8,053
958
715

3,235
3.334
761
-564
3,137
-1,778
1,679

4.6
3.4
.5
1.5
1.4
2.0
-.8

8.3
7.5
.6
5.3
1.7
.8
K

5.5
3.0
.5
1.6
.9
3.0
-.5

5.0
5.3
.8
4.5
K
-.8
.6

18.2
15.9
2.8
7.5
5.6
-1.9
4.2

16
17
18
19
20
21
22

-339

175

1,649

147

-236

«

-.2

-.4

-1.2

6
7
8
9
10
11

12
13
14
15

Mortgages
Consumer credit
Open-market paper
Miscellaneous assets

16 Net increase in liabilities
17
Deposits
Checkable
18
19
Small time 8 savings
20
Large time
Security RPs
21
22
Miscellaneous liabilities
23 Discrepancy

500

395

X

-.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
Checkable dep. and currency
3
4
Time deposits
At banks
5
At savings and loans
6
7
Fed.funds 8 security RPs

8
9
10
11
12
13
14

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

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

94

117

125

125

140

141

.3

.2

.6

.5

.5

1

594
-700
-2.882
-1,946
-936
-1,881

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

6,225
3,049
2,588
461
-64 7

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

1,840
100
-3,943
-1,961
-J,982
-1,666

-259
-200
-1,966
-1,236
-730
486

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
M
1.6
1.1

2
3
4
5
6
7

5,974
-126
969
-1,095
2,902
3,198
83

3,064
-436
220
-656
2,535
965
-1,901

1,639
-61
1,272
-1,333
2,099
-399
2,184

5,241
641
1,043
-402
1,775
2,825
-713

4,525
-975
32
-1,007
3,638
1,862
2,824

1,710
-1.590
-325
-1,265
2,503
797
-289

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
-700
79
-931
152
1,200

-500
362
-965
103
500

6,100
5,800
350
5.335
115
300

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

1.700
-500
-181
-493
174
2,200

-400
-1,200
171
-1,508
137
800

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
H
.7

15
16
17
18
19
20

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




MARCH 10. 1989
Savinss Institutions

Savinss Institutions

Sector Statements of Savins and Investment

27

SEASONALLY ADJUSTED ANNUAL RATES
1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1986
1987
1985

1988

I
1

1987

III

I
1

IV

Savinss and Loan Associations

I

II

1988

III

IV

(1)

1
2

2.2
2.0

6.0
1.9

4.1
2.0

-3.2
1.5

-4.0
1.4

-4.2
1.8

-4.8
1.5

-4.1
1.7

-4.1
1.3

-3.9
1.4

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

86.3
.8
-.2
2.3

73.7
-4.0
-1.4
-24.2

123.6
9.1
-3.0
2.0

72.0
-3.0
-7.5
13.7

87.4
.5
4.4
-6.8

7
8
9
10
11

124.9
3.8
16.9
-.2
7.4

59.8
-12.9
1.2
.4
2.8

73.2
.9
41.1
-.2
2.0

97.0
9.1
35.2
.1
17.3

83.4
-3.0
9.8
.3
13.4

136.5
24.9
47.4
.6
18.3

105.8
-19.2
42.1
.1
11.4

58.9
-3.8
-1.3
.1
8.8

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

10.1
5.6
6.7
6.9
7.7

32.4
5.6
-.2
-2.6
12.4

51.2
5.7
2.5
3.5
-.1

41.1
5.9
2.1
-3.9
-33.1

63.6
6.9
-2.6
3.4
9.7

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
42.0
-.3
49.4
-7.1
26.3

82.7
39.3
1.2
46.0
-7.9
14.0

71.0
52.7
.1
43.8
8.8
12.9

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

36.0
4.0
7.6
24.4

29.2
1.9
7.6
19.7

27
28

■
6.8

.1
9.6

a
-1.5

M
-9.8

.1
.1

-3.7 Current surplus
1.3 Fixed nonres. Investment

1
2

124.1
5.4
.5
1.7

61.6 Net acq. of financial assets
.4
Checkable dep. 8 currency
1.7
Time deposits
Fed. funds 8 security RPs
.8

3
4
5
6

74.4
-24.0
-12.7
.5
20.5

126.0
19.5
16.9
.7
23.1

74.3
-3.9
36.3

48.9
4.9
5.5
-4.1
9.8

54.7
8.1
2.1
25.2
14.9

62.9
1.8
2.8
-1.6
-9.5

120.3
89.2
-2.6
78.9
12.9
12.6

68.1
91.6
1.8
86.7
3.1
-14.7

84.6
42.1
5.1
45.2
-8.1
20.1

120.0
38.7
.1
48.7
-10.0
29.6

41.9
2.3
17.4
22.2

51.9
1.0
6.0
44.9

9.1
3.2
.5
5.4

16.6
6.4
.1
10.1

54.3
-.1
27.8
26.6

37.0
-1.7
1.9
36.8

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

23
24
25
26

-36.5

W
-33.5

.1
-17.9

.1
5.8

.1
-2.8

.1
15.3

Profit taxes payable
Miscellaneous liabilities

27
28

-8.5 Discrepancy

29

2.8

4.6

.2

-7.7

-9.0

-8.7

-9.6

-9.7

-8.2

-9.4

30

124.9

59.8

73.2

97.0

83.4

136.5

105.8

58.9

74.4

126.0

1.3

Credit market instruments
U.S. Treasury securities
U.S. sovt. asency secur.
Tax-exempt obllsations
Corporate 8 foreisn bonds

7
8
9
10
11

38.3
8.0
-.1
-5.6
-15.6

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

12
13
14
15
16

a

58.0 Net increase in liabilities
Deposits
-15.2
Check-able
-2.3
Small time and savinss
3.6
Larse time
-16.5
Security RPs
20.9

74.3 Memos

17
18
19
20
21
22

29

Acq.of credit mkt.inst. SO

(1) Includes most federal savinss banks that are Insured by FSLIC.
A few of them are included with mutual savinss banks.
Mutual Savinss Banks (2)
1

-.4

1.6

2.3

2.1

1.8

2.1

2.7

2.0

2.0

1.7

2
3
4
5

10.3
.1
-1.4
1.3

12.9
1.6
-.3
.3

19.6
.3

24.0
-.6

-1.0
-.3

M
H

■

H

36.3
1.3

-.8
-1.9

-1.9

.5

26.9
-.1
-3.3

.9

-.4

-40.9
.3
s
-1.7

22.6
4.3
.1
.6

15.1 Net acq. of financial assets
Checkable dep. and currency
-4.2
Time deposits
.1
Fed. funds and security RPs
3.5

6
7
8
9
10
11

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

-.1
9.7
-.6
-.6
.2
-2.5

.9
17.4
.7
6.1
-.1
-1.8

.2
25.6
.8
6.0
-.2
-1.7

.2
5.2
-1.8
-4.4
-.1
-2.3

-.6
32.5
-1.6
9.0
-.1
-3.0

-.7
29.8
3.1
7.5
-.1
4.2

.5
11.7
-5.1
-4.2
.1
-2.6

.2
-25.7
-1.8
-7.2
-.7
-4.0

.4
20.0
-1.1
-.5
.1
-2.8

-.4
14.7
.9
-5.9
.2
.2

Corporate equities
Credit market Instruments
U.S. Treasury securities
U.S. sovt. asency secur.
Tax-exempt obllsations
Corporate 8 foreisn 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
3.8
1.0

19.7
.3
.6
.7

15.1
-1.9
.5
-6.6

20.0
2.1
6.2
-1.7

19.8
-1.0
-3.6
5.0

16.7
— .9
7.7
-10.8

5.8
.6
-18.3
-14.1

21.4
2.0
.8
-2.8

16.7
-9.3
11.9
1.4

Mortsases
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

-.8
-l.l
5.8
-25.6
18.8
-.1
.3

23.5
13.8
2.0
-1.4
13.2
14.6
-4.9

34.2
21.0
2.3
.3
18.5
1.9
11.3

-1.3
— .4
4.9
-18.7
13.4
3.4
-4.3

-36.3
-31.2
7.5
-53.1
14.4
-.5
-4.6

21.5
14.3
6.0
-20.6
29.0
3.8
3.3

23

-.6

-.7

-2.8

-.8

2.0

-1.4

.7

1.6

6.6

.6

■

a

1.5 Current surplus

12.7 Net increase in liabilities
Deposits
13.0
Checkable
4.6
-10.1
Small time 8 savinss
Larse time
18.5
Security RPs
-7.1
6.9
Miscellaneous liabilities

-.9 Discrepancy

1
2
3
4
5

16
17
18
19
20
21
22
23

(2) Includes federal savinss banks insured by FDIC and a few insured
by FSLIC.

Credit Unions
1

1.1

1.0

a

.3

.5

.4

.5

.5

.5

.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

12.7
-4.5
-2.7
-1.9
.1

6.5
-1.9
-5.9
-4.6
-1.3
-4.3

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

11.6
1.4
-10.0
-4.6
-5.4
-2.9

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
9.5
5.0
-.6

13.1
-2.0
2.0
-4.0
10.0
5.1
4.0

19.7
-.5
3.7
-4.2
10.9
9.4
-1.2

15.4
1.4
2.6
-1.2
10.6
3.4
-3.6

11.8
-1.2
4.3
-5.5
8.6
4.4
2.9

17.2
.4
3.4
-3.0
7.3
9.6
.1

13.7
-3.8
-.1
-3.7
13.8
3.7
9.3

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

12.2
8.8
1.3
7.0
.5
3.4

6.1
1.1
1.2
-.7
.6
4.9

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

11.0
1.9
.2
1.0
.7
9.1

a

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




.6 Current surplus
8.1 Net acq. of financial assets
Checkable dep. and currency
-1.1
Time deposits
-7.5
At banks
-4.7
At savinss and loans
-2.7
Fed.funds 8 security RPs
3.3
9.7
-3.4
.5
-3.9
10.5
2.6
3.7

Credit market Instruments
U.S. sovernment securities
Treasury Issues
Asency issues
Home mortsases
Consumer credit
Hiscellaneous assets

7.5 Net Increase in liabilities
Shares/Deposits
5.8
Checkable
.3
Small time 8 savinss
5.0
Larse
time
.5
Miscellaneous liabilities
1.7

1

2
3
4
5
6
7

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

MARCH 10. 1989
Insurance and Pension Funds

Insurance and Pension Funds

28

Sector Statements of Saving and Investment

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS
1
1

1987

IV

III

1
1

1988
II

I

III

IV

1
1

ANNUAL FLOWS. $ BILLIONS
1981
1980
1982
1983

1979

Life Insurance Companies
1 Current surplus

2 Fixed nonres. investment
3 Net acq. of financial assets
4
Checkable dep. and currency
Money mkt. fund shares
5
6
7

Mutual fund shares
Other corporate equities

-232
1,074

-330
1,337

-159
1.226

-156
832

-65
1,301

-8
1,349

3.4
1.6

4.7
2.5

4.7
3.8

3.3
2.9

3.4
2.2

1
2

28,065
77
-1,349

23,660
775
-471

26,361
-875
620

27,768
301
-200

23,927
-395
-90

23,976
378
240

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

-418
-601

-1,743
1.378

952
1,198

-1.882
3,068

-2
166

181
-881

.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

28.063
2,515
-395
2,910

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

21.739
3,978
2.126
1,852

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

-736
17,616
3,881
4,645
142
2,293

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

146
10.071
8.187
-659
16
2,319

H
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
19
Life insurance reserves
20
Pension fund reserves
21
Profit taxes payable
22
Miscellaneous liabilities

26,603
8,033
18,634
47
-111

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

35.1
10.4
19.4
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
*
7.0

55.8
7.8
38.8
-.1
9.2

18
19
20
21
22

23 Discrepancy

-2,768

-5.488

-708

-177

18

-3,750

-.5

-.1

1.1

-1.3

-2.2 23

57.5
.6
7.5
-1.8

59.1
.8
7.5
.4

1
2
3
4

2.4
4.5

5
6

K

Private Pension Funds (1)

1 Net acq. of financial assets
Checkable dep. and currency
2
Time deposits
3
4
Money mkt. fund shares
5
6

Mutual fund shares
Other corporate equities

3,605
827
7.223
-748

-680
-12,175

15,273
1.084
8,218
2,886

11.810
734
6,295
-5.307

3.612
-84
-1.561
-1,536

23.668
906
7.367
193

47.6
-.1
5.7
.8

51.2
-.9
1.5

39.7
-.7
.5
3.9

-1,034
792
1,486 -10,182

176
-4.608

1,490
-3,509

500
-1.327

.9
13.3

1.4
16.4

-2.8
17.3

-.3
12.3

-5,236
-1.085
-7,407
-388

«

7
8
9
10

Credit market instruments
U.S. government securities
Treasury issues
Agency issues

18,151
5,352
91
5.261

-3,243
-2,210
4.802
-7,012

22.404
3,810
6.417
-2.607

13,942
3,635
3,921
-286

6,410
3.233
3,568
-335

19.735
4,496
3.104
1,392

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

6,925
-688
6,562
-8,993

5,982
-706
-6.309
6,435

9,767
133
8,694
-9,929

5,152
-134
5,289
578

3.938
38
-799
2,402

7.688
72
7,479
-3.706

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) Includes Federal Employees* Retirement Thrift Savings Fund
State and Local Government Employee Retirement Funds

1 Net acq. of financial assets
Checkable dep. and currency
2
3
Time deposits
4
5
6
7
8

9
10
11

Corporate equities
Credit market instruments
U.S. government securities
Treasury issues
Agency issues
Tax-exempt obligations
Corporate 8 foreign bonds
Mortgages

14,428
154
1,390

14.694
-17
-136

14,120
-20
-164

15,880
349
2,820

17,018
-62
-500

17,976
110
892

16.2
.2
1.1

26.5

29.7

.2

.1

32.0
.4
2.2

39.2
.4
2.8

1
2
3

6,500
6.384
6,567
4,519
2,048

1,600
13.247
8,048
6.476
1,572

4,000
10,304
7,277
4,577
2,700

5,800
8,911
1,880
2,488
-608

10,740
6.840
7,609
5,184
2,425

4,500
12,474
4,994
4,891
103

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

-8
-355
180

62
5,214
-77

-235
3,145
117

31
6,811
189

-116
-602
-51

16
7,504
-40

M
3.2
1.0

.1
9.5
1.3

-.2
9.2
1.6

-.7
3.5
1.3

K

H

-1.1
9
-.7 10
.9 11

Other Insurance Companies
1 Current surplus
2 Fixed nonres. investment

1.073
1,819

1,499
1.617

1,090
1,801

1,093
2.278

946
1.874

813
1,871

4.6
-.5

4.0
-1.0

3.6
-2.3

1.1
-1.4

.3
-.5

1
2

12.192
-94
554

12,186
-36
501

12,205
4
467

11,483
20
451

12,465
70
408

11,982
91
389

18.8
.3
-

15.0
.1
-

14.2
.1
.1

13.8

15.0
-.4
9.6

3
4
5

594
10,373
2,081
898
1.183

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

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

6,058
2,121
113
765

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

9,9
2.0
.3
1.9

7.7

.3
2.0

4.0
2.8
.4
2.6

3.0
-.5
.3
2.1

15 Net increase ln liabilities
16
Corporate equity issues
17
Profit taxes payable
18
Policy payables

11,258
2.810
2
8,446

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

15.6
.9

11.8
1.1
-.2
10.8

13.4
2.8

14.7

13.4
1.2
-.2
12.4

10.6

13.5 15
1.5 16
« 17
12.0 18

19 Discrepancy

-1.680

-1.043

-1,569

-1,199

-1,876

-1,408

1.9

3.4

3.4

2.0

-.7 19

3 Net acq. of financial assets
4
Checkable dep. and currency
5
Security RPs
6
7
8
9
10

Corporate equities
Credit market instruments
U.S. government securities
Treasury Issues
Agency issues

11
12
13
14

Tax-exempt obligations
Corporate 8 foreign bonds
Commercial mortgages
Trade credit

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




H

N

K

4.0

«

6
2.1
1.7 7
5.5 8
3.3
9
2.2 10
-.3
-4.2
.7
2.0

11
12
13
14

MARCH 10. 1989
Insurance and Pension Funds

Insurance and Pension Funds

29

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS. $ BILLIONS
1986
1987
1985

1988

I

1

III

1987

I

IV

1

I

II

1988

IV

III

Life Insurance Companies

M Current surplus
5.4 Fixed nonres. investment

1
2

1
2

1.2
4.3

.6
4.0

-.3
4.0

-1.0
3.9

-.4
4.7

-.9
4.3

-1.3
5.3

-.6
4.9

-.6
3.3

-.3
5.2

3
4
5

62.5
.7
2.2

89.9
.5
.4

104.7
.7
2.6

99.2
-.9
-2.8

102.0
-.6
.6

114.3
.5
-5.4

80.5
-2.2
-1.9

116.2
3.4
2.5

113.8
-.5
-.8

97.2
-1.5
-.4

6
7

.5
.3

2.3
3.7

8.0
.2

-1.4
5.0

-.8
3.6

-1.7
-2.4

-7.0
5.5

3.8
4.8

-7.5
12.3

.7

.7
-3.5

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

90.7
11.9
4.9
7.0

114.1
9.8
-.9
10.6

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

77.2
5.9
-.1
6.1

8
Credit market instruments
U.S. government securities 9
10
Treasury issues
Agency Issues
11

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

.5
49.7
21.4
7.6
-.5
8.5

-2.9
73.8
20.5
12.3
.6
9.2

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

.6
44.2
20.3
6.1
.1
9.3

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
K
14.4

100.1
17.2
77.5
«
5.4

96.8
25.7
70.6
.2
.3

102.5
12.5
92.8
.1
-2.9

107.2
32.1
75.4
.2
-.4

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

23

.8

-5.1

-8.9

-7.3

-4.6

-12.3

-9.1

-9.9

-6.9

-.5

«

80.8 Net acq. of financial assets
Checkable dep. and currency
-3.8
1.0
Money mkt. fund shares

3
4
5
6
7

12
13
14
15
16
17

85.1 Net Increase in liabilities
2.0
Life insurance reserves
88.8
Pension fund reserves
Profit taxes payable
.1
-5.9
Miscellaneous liabilities

18
19
20
21
22

-1.2 Discrepancy

23

Private Pension Funds (1)

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

54.4
2.6
20.3
-3.8

-6.4
3.3
28.9
-3.0

-3.5
-4.3
-29.6
-1.6

61.0
4.3
32.9
11.5

49.3
2.9
25.2
-21.2

-7.3
-.3
-6.2
-6.1

5
6

2.1
5.4

9.1
-9.0

4.6
-8.5

-1.0
-27.8

3.0
-19.6

-2.7
-48.7

-4.1
5.9

3.2
-40.7

.7
-18.4

6.0
-14.0

2.0
-5.3

Mutual fund shares
Other corporate equities

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

62.5
15.2
17.0
-1.8

59.9
19.9
.4
19.5

-6.8
-13.7
19.2
-32.9

98.6
26.5
25.7
.8

54.0
10.3
15.7
-5.4

10.4
10.1
14.3
-4.2

87.0
13.8
12.4
1.4

Credit market instruments
7
U.S. government securities 8
Treasury issues
9
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

26.5
.1
20.7
-10.7

24.7
-2.2
17.5
-44.1

20.2
-2.6
-10.6
37.0

41.9
-.2
30.4
-48.9

25.5
-.7
18.8
6.2

12.7
.8
-13.1
3.1

26.1
.5
46.5
-3.0

Corporate 8 foreign bonds
Mortgages
Open-market paper
Miscellaneous assets

114.5 Net acq. of financial assets
3.6
Checkable dep. and currency
29.5
Time deposits
.8
Money mkt. fund shares

1
2
3
4
5
6

11
12
13
14

(1) Includes Federal, Employees* Retirement Thrift Savings Fund
State and Local Government Employee Retirement Funds

1
2
3

45.7
.6
3.2

53.1
.4
1.4

57.6
-.3
3.5

54.7
.3
1.7

65.0
.4
3.0

58.7
.6
5.9

54.3
.2
1.9

59.5
-.3
-4.3

65.2
1.4
12.0

68.2
-.3
-1.8

67.1 Net acq. of financial assets
.7
Checkable dep. and currency
6.3
Time deposits

1
2
3

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

23.0
38.5
21.8
17.1
4.6

19.1
33.1
24.3
20.7
3.6

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

21.8
38.3
21.0
21.4
-.4

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

M
1.9
-.2

-.3
16.9
.2

H
8.1
.7

.2
9.7
-.3

-.9
25.5
.5

.1
17.7
.8

-.5
6.8
-.2

.1
17.4
-.2

Corporate 8 foreign bonds

Tax-exempt obligations
Mortgages

9
10
11

Other Insurance Companies
1
2

-4.1
.8

-5.5
4.0

3.3
5.7

5.1
7.5

3.9
7.8

4.3
7.3

6.0
6.5

4.4
7.2

4.4
9.1

3.8
7.5

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

47.7
-.4
2.2

48.3
-.1
2.0

48.7
M
1.9

47.7
.1
1.8

48.8
.3
1.6

47.4 Net acq. of financial assets
.4
Checkable dep. and currency
1.6
Security RPs

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

2.4
40.4
7.3
2.5
4.7

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

6
Corporate equities
Credit market instruments
7
U.S. government securities 8
Treasury Issues
9
Agency issues
10

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

24.2
8.5
.5
3.1

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

Tax-exempt obligations
Corporate 8 foreign bonds
Commercial mortgages
Trade credit

15
16
17
18

19.3
3.9
K
15.4

37.4
7.7
-.1
29.7

45.4
6.3
«
39.1

44.1
11.3
K
32.8

46.0
10.9
.1
35.0

45.0
11.2
K
33.8

45.1
11.2
«
33.8

45.4
11.1
K
34.2

45.9
10.9
«
35.0

46.1
10.8
.1
35.2

46.5 Net increase in liabilities
10.6
Corporate equity issues
.1
Profit taxes payable
35.8
Policy payables

15
16
17
18

19

-.3

-2.3

-7.7

-4.7

-6.1

-5.7

-3.7

-6.1

-6.6

-6.4

-5.1 Discrepancy

19

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




3.3 Current surplus
7.5 Fixed nonres. investment

1
2
3
4
5

11
12
13
14

MARCH 10, 1989
Finance n.e.c.

Finance n.e.c

30

Sector Statements of Saving and Investment

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, S MILLIONS

1987

IV

1
1

1988
I

II

III

IV

1
1

1979

ANNUAL FLOWS. $ BILLIONS
1980
1981
1982

Finance Companies
1,193
2,421

928
2,501

1,127
2.456

1,135
2,556

1.185
2.556

1,260
2,581

1.9
3.6

1.1
3.5

1.7
4.8

2.7
5.2

5.0
6.1

1
2

3,496
10
3.486
-3,723
7,054
155

21,732
201
21,531
-1,003
3,217
19,317

7,707
1
7,706
-1,954
-2,669
12,329

15.125
-25
15.150
7,727
2,887
4.536

-3,120
-99
-3,021
-4,552
2,332
-801

17.218
117
17,101
988
2,724
13,389

29.5
.2
29.4
5.8
13.4
10.1

13.3
.1
13.2
1.9
7.1
4.1

23.5
.1
23.4
3.2
9.4
10.8

11.0
.1
10.9
4.1
5.8
.9

26.8
.1
26.8
2.7
11.0
13.1

3
4
5
6
7
8

9 Net increase in liabilities
Credit market instruments
10
Corporate bonds
11
Bank loans n.e.c.
12
Open-market paper
13

10.544
10,902
6.373
-71
4,600

18,778
7,306
8,929
-3,034
1.411

11,344
10,359
6,143
-9,176
13,392

17,129
24,008
4,640
-470
19,838

7,824
4,687
3,197
-5,030
6,520

16,711
19,336
1,955
-370
17,751

24.2
16^3

4.3
-1.2
13.3

4.9
-1.3
.1
-.9
-.5

15.8
18.5
3.6
1.0
13.9

11.9
4.3
6.4
.3
-2.4

22.3
13.0
5.3
-4.9
12.6

9
10
11
12
13

14
15
16

18
927
-1,303

19
9-425
2,028

21
2,947
-1,983

23
-3,626
-3,276

25
5,797
-2,685

27
2,580
-5,232

-.1
3.4
4.6

-.2
2.8
3.5

-.2
-2.6
M

K
7.2
.5

K 14
2.4 15
6.9 16

5,820

-4,527

2.308

583

9,573

-1,828

-7.0

-10.9

-10.8

-1.6

-5.7 17

1 Current surplus

2 Fixed nonres. investment

3 Net acq. of financial assets
4
5

6
7
8

Checkable dep. and currency
Credit market instruments
Mortgages
Consumer credit
Other loans (to business)

Profit taxes payable
Inv. oy parent companies
Other misc. liabilities

17 Discrepancy

Open-End Investment: Companies (Mutual Funds)

1 Current surplus
2 Net acq. of financial assets
Checkable oep. and currency
3
4
5
6
7
8
9
10
11

Corporate equities
Credit market instruments
U.S. government securities
Treasury issues
Agency issues
Tax-exempt obligations
Corporate 8 foreign bonds
Open-market paper

12 Net share issues

-1,571 -13,085

-681

-640 -15,947
64 -1,026

876
262

8,107 -3,033
-8,811 -11,888
-9,572 -1,776
-253
-7,502
-2,070 -1,523
-110 -2,140
-2,844 -4,894
3,715 -3,078

-5,344
5,958
-9,918
-9,596
-322
1,430
4,937
9,509

931

-2,862

1,557

164

150

-1,449

-1.2

-1.4

-1.3

-.2

-3.2

1

1,381
156

-2,815
-81

-3.260
-65

-.8
.1

1.5
.1

2.4
K

8.5
.3

24.0
.6

2
3

-2,878 -4,282
4,103
1,548
8,844 -10,554
9.028 -9,646
-184
-908
2,408
1,735
-1.261
5,001
-5,888
5.366

-3,222
27
-3,444
-3,388
-56
2,433
1,019
19

-2.8
1.9
w
a
1.4
.8

-1.8
3.2
.3
.3
.4
1.3
1.2

-.6
3.1
.9
.9
.7
1.6
-.1

3.5
4.7
2.3
2.3
2.9
.2
-.6

13.7 4
9.8 5
.6 6
.6 7
8
5.5 9
2.7 10
1.0 11

-1,811

.4

2.9

3.7

8.8

27.2 12

1,217

-2,965

Money Market Mutual Funds
——— ——————
1 Net acq. of financial assets
Checkable dep. and currency
2
3
Time deposits
4
Security RPs
5
Foreign deposits
6
7
8
9
10
11
12

Credit market instruments
U.S. government securities
Treasury issues
Agency issues
Tax-exempt obligations
Open-market paper
Miscellaneous

13 Net share Issues

4,821
16
2,821
2,573
-1.212

9,785
-727
7,008
-1,017
-1,097

28,591 -17,240
339
109
1,929 -2.041
-834
2,172
4
506

-925
2.116
2,962
969
381

11,436
-1 -574
-3,647
78
7,191

34.4
*
7.5
2.1
4.6

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
4.9

-40.4
-.6
-16.8
-3.2
-1.8

863
-2,409
-4,977
2.568
-1,782
5,054
-240

3,793
7,649
-925
8,574
-3,503
-353
1.825

19,110 -11,732
3,356 -9,603
554 -J .735
2.802 -7.868
8,459 -4,168
2,039
7,295
4,535 -2,746

-6,741
-3,423
-2,280
-1,143
-670
-2,648
-612

10,017
-1,690
718
-2.408
619
11,088
-629

19.8
4.2
.7
3.4
15.6
.4

16.4
2.6
1.9
.7
1.6
12.3
.4

64.8
23.7
18.0
5.6
2.3
38.8
1.9

29.5
22.7
21.1
1.6
8.0
-1.3
-1.1

-17.7 6
-18.4
7
-19.8 8
1.4 9
3.6 10
-3.0 11
-.4 12

4.821

9,785

28,591 -17,240

-925

11,436

34.4

30.8

109.8

32.7

-40.4 13

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




1
2
3
4
5

MARCH 10, 1989
Finance n.e.c.

Finance n.e.c.

Sector Statements of Saving and Investment
SEASONALLY ADJUSTED ANNUAL RATES

—

198A

ANNUAL FLOWS» $ BILLIONS
1986
1987
1985

SEASONALLY ADJUSTED ANNUAL RATES

|
1

1988

III

1987

IV

I
1

I

11

1988

III

IV

Financ:e Companies

1
2

3.0
6.A

1.7
9.3

3.9
9.3

A.l
9.9

A.7
10.1

A.8
9.7

3.7
10.0

A.5
9.8

A.5
10.2

A.7
10.2

3
A
5
6
7
8

37.8
-.5
38.3
5.A
8.6
2A.A

50.A
.9
A9.5
6.8
23.1
19.7

58.5
3.6
5A.9
15.8
23.2
15.9

A1.3
.7
AO.6
-2.1
8.5
3A.2

36.9
K
36.9
2.2
5.3
29.5

37.8
K
37.8
-10.6
16.2
32.1

53.9
.8
53.1
-7.3
12.3
A8.1

50.A
«
50.A
-2.2
8.9
A3.8

51.2
-.1
51.3
2A.8
5.A
21.2

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
A8.A
22.5
-2.6
28.5

51.7
31.6
21.5
-10.A
20.5

53.0
58. A
15.9
-15.0
57.5

33.5
35.5
25.5
-12.7
22.7

81.8
30.2
35.7
-16.3
10.8

A6.6
50.9
2A.6
-27.7
5A.0

IA
15
16

«
12.5
6.2

*
15.0
-5.6

K
A1.5
-13.8

.1
10.6
9.A

.1
7.7
-13.2

.1
3.1
-5.2

.1
<3. A
*8.1

17

-A.2

A.l

12.2

5.0 Current surplus
10.3 Fixed nonres. investment

1
2

12.5
-.A
12.9
-13.6
-A. 7
31.2

33.6 Net acq. of financial assets
.5
Checkable dep. and currency
33.1
Credit market instruments
-.1
Mortgages
11.5
Consumer credit
21.6
Other loans (to business)

3
A
5
6
7
8

68.6
9A.2
18.6
7.3
68.3

22.0
9.A
12.8
-3A.8
31.A

7A.8 Net increase in liabilities
79.2
Credit market instruments
7.8
Corporate bonds
Bank loans n.e.c.
-5.0
76.3
Open-market paper

.1
3.6
-7.9

.1
-12.6
-13.1

.1
23.3
-10.7

A.5
10.6
21.6
-9.1
-9.2
V
Open-End Investment Companies (Mutual Funds)

11.7

A.l

.1
16.5
-20.9

Profit taxes payable
Inv. by parent companies
Other mlsc. liabilities

36.0 Discrepancy

9
10
11
12
13

IA
15
16

17

1

-5.2

-3.6

-15.9

-19.1

-1.8

-9.5

-50.0

2.A

-3.6

-2.9

-3.1 Current surplus

1

2
3

2A.2
.A

80.8
1.7

1A5.9
2.6

53.2
.5

-3.8
.3

A.3
.3

-59.1
-A.l

7.3
1.0

-11.7
.6

-2.6
-.3

-8. A Net acq. of financial assets
Checkable dep. and currency
-.3

2
3

A
5
6
7
8
9
10
11

5.9
17.9
6.A
5.8
.5
5.6
3.6
2.A

10.3
68.7
52.9
Al.A
11.5
1A.5
3.6
-2.3

20.2
123.1
59.3
36.A
22.9
31.8
26.8
5.3

26.9
25.8
9.9
9.9
K
5.A
7.3
3.2

-15.7
11.6
-15.1
-13.6
-1.5
8.0
9.7
9.0

3A.6
-30.5
-27.0
-18.7
-8.3
-.8
-1A.9
12.1

-A. 6
-50.3
-9.1
-3.0
-6.1
-6.0
-33.1
-2.1

-29.5
35.8
-50.3
-A9.1
-1.3
l.A
A6.A
38.3

-1A.6
2.3
35.9
36.7
-.7
11.5
-12.6
-32.6

-1A.2
11.9
-29.0
-25.A
-3.6
6.5
15.7
18.8

12

29.3

8A.A

161.8

72.3

-2.0

13.8

-9.1

5.0

-8.0

.3

-A. 6
-3.5
-16.8
-16.6
-.2
12.5
-10.7
11.5

Corporate equities
A
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

-5.2 Net share issues

12

Money Market Mutual Funds

1
2
3
A
5

5A.2
-1.0
-.A
9.7
-.7

10.2
l.A
-6.8
3.3
-2.2

A8.3
-.2
2.3
6.1
3.1

2A.0
-.3
1A.A
7.1
-.6

21.9
1.0
-.8
2.A
8.1

2A.3
-.3
8.9
2.9
-6.6

59.9
-3.7
27.3
-A. 9
-1.8

73.1
3.3
13.6
-3.9
-3.5

-56.8
-.A
-11.5
17.5
5.2

6.5
8.1
11.0
-3.7
-.3

6
7
8
9
10
11
12

A5.0
6.2
2.6
3.6
7.0
31.8
1.5

13.9
.3
-.8
1.1
12.A
1.2
.6

3A.1
.5
3.A
-3.0
27.5
6.2
2.9

1.8
-1.9
-13.7
11.9
-2.3
6.0
l.A

10.7
-11.A
-2.7
-8.6
A.2
17.8
.5

-2.9
-1A.3
-17.A
3.1
-3.8
15.2
22.3

19.7
16.3
-2A.6
A0.9
-10.0
13.A
23.5

62.6
22.7
1A.5
8.2
17.6
22.A
.9

-31.6
-29.0
-1.8
-27.2
-8.0
5.A
-36.0

-3A.5
-18.2
-5.6
-12.7
.9
-17.2
25.9

13

5A.2

10.2

A8.3

2A.0

21.9

2A.3

59.9

73.1

-56.8

6.5

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




6A.7 Net acq. of financial assets
Checkable dep. and currency
-7.1
-16.3
Time deposits
Security RPs
-.3
31.0
Foreign deposits
A6.1
-20.9
-18.2
-2.7
6.5
60.5
11.3

1
2
3
A
5

Credit market Instruments
6
U.S. government securities 7
Treasury issues
8
Agency Issues
9
Tax-exempt obligations
10
11
Open-market paper
12
Miscellaneous

6A.7 Net share Issues

13

MARCH 10, 1989
Finance n.e.c.* Continued

Finance n.e.c.* Continued

Sector Statements of Savins and Investment

32

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLONS. $ MILLIONS

I
I

1987

IV

III

I
I

1988

I

III

II

IV

I
I

ANNUAL FLOWS. $ BILLIONS
1980
1981
1982
1983

1979

Real Estate Investment Trusts

1 Current surplus
2 Fixed nonres. investment
3 Multi-family resid. invest.
A Net acq. of financial assets
5
Mortgages
6
Miscellaneous assets

7 Net increase in liabilities
8 ‘Corporate equity Issues
9
Credit market instruments
10
Mortgages
Corporate bonds
11
12
Bank loans n.e.c.
13
Open-market paper

IA

Miscellaneous liabilities

-13A
235
116

-159
52A
258

-125
32
16

-125
118
58

-108
182
89

-96
113
55

-.3
-.1
M

-.1
-.1
*

-.1
.1

.2

K

.1

M

1
2
3

A21
33A
87

1*710
A90
1*220

237
302
-65

3A9
AO
309

-653
5A2
-1,195

1,795
-127
1.922

M
-1.0
.9

-.2
-.7
.5

-.1
-1.1
1.0

.2

.1
.1
*

A
5
6

906
266
622
59
152
AOA
7

2.651
1.683
555
193
311
-106
157

A10
165
2A0
-35
1A6
10A
25

650
187
A21
2
115
312
-8

-27A
1AA
-361
-2
71
-AOA
-26

2.059
723
1.288
-5A
72
1,290
-20

.2
.5
-.1

-.1
.3
-.5

.2
.3
-.2

.6
.6

«

K

.1

H

-.2
.1

-.2
-.1
-.2

-.7
.5
*

.1
-.1

7
8
9
M 10
M 11
12
-il 13

18

A13

5

A2

-57

A8

-.2

.1

.1

K

-.1 IA

K

.3

K
K

-.1
-.1

.1
.A
-.2

Security Brokers and Dealers

1 Current surplus
2 Net acq. of financial assets
3
Checkable dep. and currency
A
Corporate equities

5
6
7
8
9

Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate 8 foreign bonds
Open-market paper

-2A1

-329

-250

1,712 -3A.13A
1,065
-313
1,759 -A.822

7,720
1,819
206

5,057
2,968
-386
1.12A
1.351

-250

.8

.3

.3

1.1

1

12.8
.8
.1

1A.8
-.2
.5

2A.0
1.7
.9

7.7
-.9
A.3

2
3
A

100
500
100

-3.5
-5.3
.3
.1
l.A

2.6
2.3
.3
.A
-.A

15.3
8.7
.5
l.A
A.8

15.A
6.A
1.6
2.5
A.9

-7.7
-6.8
1.8
2.0
-A.8

5
6
7
8
9

-200
22,000
50

3.39A
2.382
125
79A
93

-2,900
-3.600

-2,550
-8,399
1,369
1.661
2.819

-

.2
1.0
.A

-223

63 -18.3A0
1,717
-810
-371
96

-

-3,865
1.A67
266
-3,879
-1.719

5,625
A.930
-2,279
2.6A7
327

Security credit
Miscellaneous assets

2.A89 -18.298
-7,280 -8.21A

-1,205
1,275

683
1,091
58A -22,111

1,600
23,250

.3
2.0

7.3
2.0

-1.7
.8

2.8
3.2

8.A 10
3.6 11

12 Net increase in liabilities
13
Corporate equity issues
IA
Security RPs (net)

1.953 -33,805
1,72A
1,118
-6,185 -21,809

7,970
A30
6,693

313 -18,117
2.532
326
-5.26A
-736

22,200
200
5.01A

.2
-.1
-2.5

12.1
.A
.9

1A.6
.8
9.1

23.7
.7
2A.7

6.5 12
1.0 13
-1A.9 IA

A.l 15
l.A 16
2.7 17

10
11

15
16
17

Security credit
From banks
Customer credit balances

2.765 -10.880
3.000 -6.689
-235 -A,191

2,897
3.939
-1.0A2

1.7A5
-3,102
A.8A7

-1,961
-735
-1,226

A, 286
2,986
1,300

1.1
-.8
1.8

6.7
.8
5.9

3.1
A.6
-1.5

3.0
-.1
3.1

18
19
20
21

Trade debt
Profit taxes payable
Miscellaneous liabilities
Proprietor net investment

682
-108
3.A85
196

277
70
-3,687
1,290

1.829
273
50
15
653 -17.061
-1,232
1,027

100
15
11.585
1.000

w

1.0
.7

.3
3.1
.7

-.2
1.2
.5

.3
-6.A
1.3

1.0
- .2
1A.6
.9

18
19
20
21

.6

3.6

1

.6

3.6

2

-801
-201
1,339
-3.177

Collateralized Mortgage Obligation Issuers (CMOS)

Net acq. of financial assets
1
Agency securities

10,675

1,511

10.762

7,802

5,331

8,038

-

-

Net increase in liabilities
2
Corporate bonds (CMOs)

10.675

1.511

10,762

7,802

5.331

8.038

-

-

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




-

MARCH 10, 1989
Finance n.e.c., Continued

Finance n.e.c., Continued

Sector Statenents of Savins and Investnent
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

198A

ANNUAL FLONS, $ BILLIONS
1986
1987
1985

1988

1
1

1987

III

IV

1
1

I

II

1988

IV

III

Real Estate Investnent Trusts

-.A Current surplus
.5 Fixed nonres. investment
.2 Multi-fanily resid. invest.

1
2
3

-2.6
2.2
-A.8

7.2 Net acq. of financial assets
Mortgages
-.5
Miscellaneous assets
7.7

A
5
6

2.6
.7
1.7

-1.1
.6
-l.A

a

a

.5
1.2
a

.3
-1.6
-.1

8.2 Net increase ln liabilities
Corporate equity Issues
2.9
Credit narket Instrunents
5.2
Mortgages
-.2
Corporate bonds
.3
Bank loans n.e.c.
5.2
Open-narket paper
-.1

7
8
9
10
11
12
13

a

.2

-.2

Miscellaneous liabilities

IA

1
2
3

-.3
.5
.2

-.6
.8
.A

-.6
.9
.A

-.6
l.A
.7

-.5
.A
.2

-.5
.9
.5

-.6
2.1
1.0

-.5
.1
.1

-.5
.5
.2

-.A
.7
.A

A
5
6

2.0
.8
1.2

.8
2.A
-1.6

.A
«
.A

2.0
1.0
1.0

1.7
.8
1.0

1.7
1.3
.3

6.8
2.0
A.9

.9
1.2
-.3

l.A
.2
1.2

7
8
9
10
11
12
13

3.0
2.0
.8
.A
.1
.1
.2

2.5
2.0
.5
.1
.1
.2
.1

2.3
1.6
1.0
.1
.3
.3
.3

A.7
2.9
.8
.A
.5
-.A
.A

2.8
1.2
1.6
-.1
.A
1.3

3.6
1.1
2.5
.2
.6
1.6
a

10.6
6.7
2.2
.8
1.2
-.A
.6

1.6
.7
1.0
-.1
.6
.A
.1

IA

.1

.1

-.3

1.0

a

.1

1.7

H

.2

——————

Security Brokers and Dealers
1

1

-.9

.3

-1.1

-.9

-1.0

-1.3

-1.0

-1.0

-.9

2
3
A

28.A
.3
-1.0

37.8
2.A
2.6

29.2
2.2
l.A

-56.9
-l.A
-7.1

11.A
2.8
-.1

73.5
-.9
5.3

-252.9
-.A
-22.3

90.6
9.7
1.9

-9.3
9.3
2.7

10.8
-2.9
-2.0

-A6.3 Net acq. of financial assets
Checkable dep. and currency
-5.0
Corporate equities
-2.8

5
6
7
8
9

28.8
12.8
A.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. A
-A.A
-l.A

3.6
-A. 7
-.7
5.6
3.3

5.8
1.1
-A. 7
A.5
A.9

-38.2
-8.2
-10.8
-15.5
-3.8

A1.3
21.2
6.8
10.6
2.7

A.8
-12.9
5.2
6.6
5.9

-.2
.1
-3.5
3.2
.1

-31.7
-27.1
-11.2
2.0
A.7

10
11

-2.3
2.7

18.9
8.A

6.7
5.7

-16.3
-1.2

2.2
3.0

18.5
AA.8

-87.0
-10A.9

8.0
29.7

-A.8
-21.3

1A.5
1.3

-9.1
2.3

12
13
IA

29.A
1.1
17.0

37.5
2.5
-1.2

29.0
2.2
13.3

-55.8
A.A
-A9.1

12.A
3.5
5.7

7A.5
A.5
-27.2

-251.6
6.9
-98.5

91.6
1.7
A1.8

-8.3
10.1
-21.9

11.7
1.3
-1.2

15
16
17

6.9
5.9
1.0

23.9
10.A
13.5

1.7
-7.3
9.0

-13.1
-6.3
-6.8

7.0
3.1
3.9

21.0
1A.6
6.A

-68.3
-39.2
-29.2

25.2
27.9
-2.8

8.8
-1A.9
23.7

1.5
-.9
2.A

-7.6
.2
-7.8

Security credit
From banks
Custoner 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
A.2
-1.5

2.5
.2
-8.5
2.1

2.7
-.A
73.2
.8

-3.2
-.8
-7A.9
-12.7

1.1
.3
16.A
5.2

7.3
.2
-7.9
-A. 9

1.1
.1
A.9
A.l

.A
.1
-A7.A
A.O

Trade debt
Profit taxes payable
Miscellaneous liabilities
Proprietor net investment

18
19
20
21

A3.0

31.2

21.3

32.2

21.3

Net increase in liabilities
32.2
Corporate bonds (CMOs)

-.8 Current surplus

Credit narket instrunents
U.S. governnent securities
Tax-exempt obligations
Corporate 8 foreign bonds
Open-narket paper

Security credit
Miscellaneous assets

-A5.5 Net increase in liabilities
Corporate equity Issues
.8
A.2
Security RPs (net)

2
3
A
5
6
7
8
9
10
11
12
13
IA

Collateralized Mortgage Obligation Issuers (CMOs)
1
2

9.3
9.3

11.5
11.5

39.0

39.0

39.1
39.1

31.9
31.9

A2.7
A2.7

6.0
6.0

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




A3.0

31.2

Net acq. of financial assets
Agency securities

1
2

MARCH 10, 1989
Monetary and Insurance Reserves

34

Monetary and Insurance Reserves
Foreign Exchange, Treasury Currency and Insurance Reserves

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, S MILLIONS

I
I

1987

III

IV

I
I

1988
I

II

III

IV

I
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Gold and Official Foreign Exchange Holdings (11

1 Total U.S. reserves

-32

-3.742

-1,502

-39

7,380

-720

1.1

8.2

5.2

5.0

1.2

1

2 U.S. gold stock and SDRs
3
U.S. govt.: Ex. Stab. Fund
4
Monetary authority (2)

210
204
6

205
202
3

-155
-140
-15

-180
-180

35
36
-1

-268
-266
-2

1.2
1.4
-.2

K
M
X

1.8
1.8
«

1.4
1.4

.1
.1
M

2
3
4

-242
165
83
82

-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

-452
-519
-260
-259

-.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

-407
-411
4

-722
-720
“2

-446
-450
4

-69
-71
2

-202
-196
-6

67
59
8

.2
.2
K

1.7
1.7
K

2.5
2.5
K

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

5 U.S. foreign exchange position
Official fgn.currency hldgs.
6
7.
Treasury
8
Monetary authority
9
10
11

Net IMF position
U.S. government asset
Monetary authority

(1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which
occurred at various dates beginning January 1970.
Transactions in SDRs
are included.
Also excluded from the table are revaluations of foreign
currency holdings- gold- SDRs, and IMF position. Allocations and
revaluations are reflected in tables on outstandings.

(2) Treasury gold stock.
Treasury Currency and SDR Certificates

1 Total U.S. govt, liability
2
Treasury currency
SDR certificates
3
4
Unallocated assets

114
117
-3

120
171
-51

129
162
-33

100
162
-62

120
136
-16

162
162
-

1.6
1.3
.5
-.2

Insurance and Pension Fund Reserves

Life insurance reserves:
1 Net change in liabilities
2
U.S. government
3
Life insurance companies

8,111
78
8,033

4,757
79
4.678

6,449
80
6,369

3,286
81
3.205

2,544
82
2,462

583
83
500

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)

8,111

4,757

6.449

3,286

2,544

583

10.7

9.7

9.2

7.2

8.0

4

5 Net change in liabilities
6
U.S. government
7
Insurance sector
Life insurance companies
8
9
Private pension funds
10
St.Sloc. govt. rtr. funds

49,937
13,270
36,667
18,634
3.605
14,428

29,797
4,810
24,987
15,529
-5,236
14,694

46,284
-3,987
50.271
20,878
15,273
14,120

58,317
4,784
53,533
25,843
11,810
15.880

57,814
13.613
44.201
23,571
3,612
17,018

69,393
5,221
64,172
22,528
23,668
17,976

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)

49,937

29,797

46,284

58,317

57,814

69,393

91.1

108.8

108.7

140.9

151.2 11

Pension fund reserves:

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




MARCH 10* 1989
Monetary and Insurance Reserves

Monetary and Insurance Reserves

35

Foreign Exchange* Treasury Currency and Insurance Reserves
SEASONALLY ADJUSTED ANNUAL RATES
1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS* $ BILLIONS
1985
1986
1987

1988

I
I

1987

III

i
I

IV

I

II

1988

IV

III

Gold and Official Foreign Exchange Holdings (1)
-2.9 Total U.S. reserves

1

-1.1 U.S. gold stock and SDRs
-1.1
U.S. govt.: Ex. Stab. Fund
«
Monetary authority (2)

2
3
4

-1.8 U.S. foreign exchange position
-2.1
Official fgn.currency hldgs.
-1.0
Treasury
-1.0
Monetary authority

5
6
7
8

1

3.1

3.9

-.3

-9.1

5.1

-.1

-15.0

-6.0

-.2

29.5

2
3
4

1.0
1.0

.9
.9

.2
.3

.5
.5

.8
.8

.8
.8

R

M

R

K

H

-.6
-.6
-.1

-.7
-.7
-

.1
.1

«

-.6
-.6
*

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

5.7
6.3
3.2
3.2

-1.0
.7
.3
.3

-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
*

-.9
-.9

-1.5
-1.5

-2.1
-2.1

-.7
-.7

-1.6
-1.6

-2.9
-2.9

-1.8
-1.8

-.3
-.3

-.8
-.8

.3
.2

K

R

R

N

R

R

«

r

R

a

a

Net IMF position
U.S. government asset
Monetary authority

9
10
11

Cl) Lines 1, 2, and 3 exclude increases in SDRs through allocations* which
occurred at various dates beginning January 1970. Transactions in SDRs
are included . Also excluded from the table are revaluations of foreign
currency holdings* gold* SDRs* and IMF position. Allocations and
revaluations are reflected in tables on outstandings.
(2) Treasury gold stock.

Treasury Currency and SDR Certificates
1
2
3
4

.6
.7
-.1

.5
.6
.1
-.2

.8
.5
.3
R

.5
.6
-.1

.5
.6
-.1

.5
.5

-

R

.5
.7
-.2

.5
.6
-.1

.4
.6
-.2

.5
.5
-.1

.6 Total U.S. govt, liability
Treasury currency
.6
SDR certificates
Unallocated assets
-

1
2
3
4

Insurance and Pension Fund Reserves

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

32.4
.3
32.1

19.0
.3
18.7

25.8
.3
25.5

13.1
.3
12.8

10.2
.3
9.8

2.3 Net change in liabilities
U.S. government
.3
Life insurance companies
2.0

1
2
3

4

5.2

10.7

17.5

26.0

12.9

32.4

19.0

25.8

13.1

10.2

2.3 Net change in assets (HH)

4

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

231.8
19.6
212.2
92.8
54.4
65.0

147.2
19.6
127.6
75.4
-6.4
58.7

135.8
24.2
111.6
60.8
-3.5
54.3

218.1
10.3
207.7
87.3
61.0
59.5

236.3
21.9
214.5
99.9
49.3
65.2

176.9
20.8
156.1
95.2
-7.3
68.2

296.0 Net change in liabilities
25.5
U.S. government
270.4
Insurance sector
Life insurance companies
88.8
Private pension funds
114.5
St.81oc. govt. rtr. funds
67.1

5
6
7
8
9
10

11

152.5

174.8

175.1

170.4

231.8

147.2

135.8

218.1

236.3

176.9

296.0 Net change in assets (HH)

11

Pension fund reserves:

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




MARCH 10. 1989
InterDank Claims

Interbank Claims
Net Interbank Positions. Domestic and Forelsn Banks

36
UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
I
1

1987
III

IV

I
1

1988

I

II

III

IV

I
1

1979

ANNUAL FLOWS, $ BILLIONS
1982
1981
1983
1980

Net Interbank Claims

1 Net change ln liabilities
2
Monetary authority
Coml. bank reserves
3
4
Vault cash

13.299 -10,076
-641
-115
-3,096
3,357
2,455 -3.472

14,280
4,650
309
4,341

21.5
1.6
-1.4
3.0

-33.1
-1.0
-2.3
1.3

-30.3
-3.4
-2.2
-1.2

-34.3
2.2
1.3
.9

-2.1
-3.6
-5.0
1.5

13,940
114
12.653
14,242
11,846
5,548
-6,298

-9,961
630
-6,594
-6,006
-3,984
6,113
10,097

9,630
103
13,201
15,873
-2,447
4,742
7,189

19.9
.5
21.1
20.9
14.3
13.1
-1.2

-32.0
-1.9
-26.6
-21.2
-20.2
-5.7
14.5

-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

-1-995
-552
1,443

-71
2,374
2.445

-36
1,982
2,018

3,845
918
-2,927

.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 14

9,577 -12.485
12,460 -2.853
2,883
9,632

2,467
3.<3 3
1,366

-1,986
14,475
-2.742
2,069
-756 -12,406

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

-1,897
-1,962
65

1,589
2,051
-462

588
614
-26

2.672
2,119
553

-.2
-.2
K

5.4
3.4
2.0

3.0
3.4
-.4

10.5
10.3
.2

-1.8 18
-1.3 19
-.6 20

1,173
1,969
4,517
1,692
1.652
1,1/3

-3,997
4,778
-2,082
923
992
-3,997

-3,674
1.144
799
1,173
3,300
-3.674

-1.7
-8.4
8.2
.9
9.1
-1.7

-3.5
-14.2
2.6
1.8
4.3
-3.5

-3.0
-11.0
1.9
4.4
.5
-3.0

-.9
-2.5
-7.1
.9
-7.1
-.9

33,746
3,397
2,925
472

4,879 -20,524
3,193 -4,755
2,757 -3,007
436 -1,748

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.

30,349
-362
28,328
27,048
11,093
9,542
-1,551

1,686 -15,769
2.437 -2.017
6.261 -15,763
7,612 -17,660
-8,882 -3.180
-4,424 -4,318
4,458 -1,138

12
13
14

Domestic affiliates
Due to fgn. affil.
-Due from fgn. affil.

-3,246
747
3.993

6,917
813
-6,104

15
16
17

Fgn. bkg. off. in U.S.
19,201
Due to fgn affil.
3,144
-Due from fgn. affil. -16,057

18
19
20

Less: Dep. at fgn. banks
U.S. chartered banks
Fgn. bkg. off. in U.S.

-1,280
-1.509
229

1.351
1,284
67

1
2
3
4

2,383
20.001
14,309
2,351
9,575
2,383

2.011
-7,012
-7,989 -13,754
-9,639 -1,837
-5,807
248
3,180 -4,096
-7,012
2,011

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

-5,235
-457

-1,105
-545

10,646
1,271

5,282
-2,734

-3,762
-3,098

340
-685

14.1
2.6

15.0
1.8

13.4
-.5

-4.7
.2

-5.4 27
-.6 28

29
30
31

Domestic affiliates
Due to U.S. banks
-Due from U.S. banks

-2,808
-457
2,351

5,262
-545
-5,807

1,023
1,271
248

-4,426
-2.734
1,692

-4.021
-3,098
923

-1,858
-685
1,173

1.7
2.6
.9

.1
1.8
1.8

-4.9
-.5
4.4

-.7
.2
.9

-7.4 29
-.6 30
6.9 31

32
33
34

Fgn. bkg. off. in U.S.
Due to U.S. banks
-Due from U.S. banks

-14,810
-5,235
9,575

-4,285
-1,105
3,180

14,742
10,646
-4,096

3,630
5,282
1,652

-4,754
-3,762
992

-2.960
340
3,300

5.0
14.1
9.1

10.7
15.0
4.3

13.0
13.4
.5

2.3
-4.7
-7.1

-3.8 32
-5.4 33
-1.7 34

11,891 -22,535
6,261 -15,763
5,630 -6,772
2.437 -2,017
563
-513
1,874 -1,504

12,126
12,653
-527
114
-39
153

-6.079
-6,594
515
630
940
-310

17.954
13.201
4,753
103
87
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

-33.4
-35.7
2.3
.1
1.0
-.9

21
22
23
24
25
26

35 Net change in assets
36
Foreign
37
Domestic
38
Monetary authority
39
Federal Reserve float
40
Loans to member banks

41
42
43

Commercial banking
Reserves at F.R.
Vault cash

44 Discrepancy:

Floats, etc.

31,363
28,328
3,035
-362
-1.331
969

7.9
12.5
-4.6
-1.0
-1.2
.2

21
22
23
24
25
26

35
36
37
38
39
40

3,397
2.925
472

3,193
2,757
436

-4,755
-3.007
-1,748

-641
-3.096
2,455

-115
3,357
-3,472

4,650
309
4,341

1.6
-1.4
3.0

-1.0
-2.3
1.3

-3.4
—2.2
-1*2

2.2
1.3
.9

-3.6 41
-5.0 42
1.5 43

2,383

-7.012

2,011

1,173

-3,997

-3,674

-1.7

-3.5

-3.0

-.9

-10.0 44

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-10.0
1.2
-4.8
6.9
-1.7
-10.0

HARCH 10. 1989
Interbank Claims

Interbank Claims

Het Interbank Positions. Domestic and Foreign Banks

37

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLOWS. $ BILLIONS
1985
1986
1987

SEASONALLY ADJUSTED ANNUAL RATES
1988

I
1

III

1987

IV

I
1

I

II

1988

III

IV

Net Interbank Claims

1
2
S
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

-3.0
-.9
-2.4
1.6

104.6
8.1
7.5
.6

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

43.6 Net change in liabilities
4.1
Monetary authority
Coml. bank reserves
-1.7
Vault cash
5.9

5
6
7
8
9
10
11

10.6
2.0
2.3
-.7
-6.4
.9
7.3

21.2
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

-2.2
-1.2
3.5
6.4
2.2
12.1
9.9

96.5
-2.8
99.5
98.6
37.4
31.1
-6.3

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

39.5
-5.6
46.8
54.5
-.5
28.2
28.7

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

-22.3
3.0
25.3

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

Domestic affiliates
12
Due to fgn. affil.
13
-Due from fgn. affil. 14

1516
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

83.5
18.4
-65.1

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

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

3.0
2.8
.1

-.9
-1.8
.9

2.4
2.2
.3

-8.1
-8.4
.3

6.0
7.8
-1.8

6.2
6.3
-.1

7.8
5.5
2.2

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

-3.0
-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

-4.5
-5.9
1.4
4.0
1.8
-4.5

-.3
68.6
45.2
9.4
36.1
-.3

-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

-1.7
18.5
17.6
4.7
14.6
-1.7

27
28

-4.7
-1.6

6.3
3.2

6.1
-1.0

1.8
-1.3

12.5
-5.2

-21.5
-1.8

-3.8
-2.2

41.4
5.1

22.1
-10.9

-15.3
-12.4

29
30
31

1.4
-1.6
-3.0

3.2
3.2
K

-.7
-1.0
-.3

1.0
-1.3
-2.2

-9.3
-5.2
4.0

-11.2
-1.8
9.4

21.0
-2.2
-23.2

4.1
5.1
1.0

-17.7
-10.9
6.8

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

10.7
12.5
1.8

-57.6
-21.5
36.1

-19.0
-3.8
15.2

60.1
41.4
-18.8

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

1.5
3.5
-2.0
-1.2
.5
-1.6

104.9
99.5
5.4
-2.8
-4.9
2.2

24.2
22.9
1.3
4.1
-2.9
7.0

41
42
43

3.6
.4
3.2

8.1
6.8
1.3

19.6
19.5
.1

-7.1
-6.3
-.8

-.9
-2.4
1.6

8.1
7.5
.6

44

6.4

7.0

-1.1

-5.2

-4.5

-.3

21
22
23
24
25
26

1.8
-2.7

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

-16.1
-12.4
3.7

-7.4
-2.7
4.7

Domestic affiliates
Due to U.S. banks
-Due from U.S. banks

29
30
31

13.0
22.1
9.2

-17.7
-15.3
2.4

-12.8
1.8
14.6

Fgn. bkg. off. In U.S.
Due to U.S. banks
-Due from U.S. banks

32
33
34

-90.6
-84.0
-6.6
-.6
2.4
-3.0

99.4
92.9
6.5
1.0
.2
.8

-48.3
-41.7
-6.5
.5
3.9
-3.4

45.3 Net change in assets
Foreign
46.8
Domestic
-1.5
-5.6
Monetary authority
-4.6
Federal Reserve float
-1.0
Loans to member banks

35
36
37
38
39
40

-2.8
7.4
-10.2

-6.0
-14.9
8.9

5.5
-2.6
8.1

-7.0
9.6
-16.6

4.1
-1.7
5.9

41
42
43

-16.8

.8

10.8

-27.9

-1.7 Discrepancy:

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




1
2
3
4

Commercial banking
Reserves at F.R.
Vault cash
Floats* etc.

27
28

44

MARCH 10, 1989
Deposit Claims

Deposit Claims

33

Monetary Claims On Financial Institutions

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987

III

IV

1
1

1988

I

II

III

IV

1
1

1979

ANNUAL FLOWS. $ BILLIONS
1980
1981
1982
1983

Checkable Deposits and Currency
-5,751

26,739 -21,546

41,689

-5.637

26,383

55.8

17.1

27.9

37.7

40.4

1

2
3
4
5

Monetary authority
U.S. govt. cash 8 deposits
Foreign deposits
Currency outside banks

-3,422
-4,686
161
1,103

8,986
-3.821
-194
13,001

13,065
7.312
-206
5,959

6.653
3.218
-51
3.486

3.402
-4,361
-18
7,781

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
14.3

2
3
4
5

6
7
8
9

Commercial banking
U.S. government deposits
Foreign deposits
Private domestic deposits

-2,395
17,379 -18,735
1,876
2,051 -11,331
-2,129
1,708
-818
-2,317 27,002 -19.793

23.054 -13.068 22,163
9,039
1,595 -11,170
1.295 -1.564
460
12.720 -13.099 32,873

26.4
.4
4.1
21.8

5.1
-2.6
.3
7.4

8.6
-1.1
-3.9
13.7

19.2
6.1
-3.4
16.5

15.9
-5.3
1.6
19.7

6
7
8
9

1 Net change in liabilities

-3.907
-2,877
336
-1,366

M

1,096

5.570

778

818

1.2

2.9

8.4

8.3

11.5 10

11 Net change in total assets

-5.751

26,739 -21,546

41,689

-5,637

26.383

35.8

17.1

27.9

37.7

40.4 11

12
13
14
15

Pvt. domes, sectors, by type
Currency
Demand deposits
Other checkable

-1,148
1,103
-5.633
3,382

40.377 -20.063
13.001 -1,366
23,168 -23,455
4,208
4,758

24,249 -8.835
5.959
3.486
9.257 -15.146
9.033
2.825

41,472
7.781
27,457
6.234

31.0
8.0
14.4
8.6

20.7
10.3
-.8
11.2

31.6
9.5
-28.8
50.8

34.5
9.7
-1.1
26.0

45.5
14.3
2.7
28.5

12
13
14
15

16
17
18
19
20
21
22

Pvt.domes.sectors, by holder
Pvt. domestic nonfinancial
Householos
Business
State81ocal governments
Mail float
Financial sectors

-1.148
472
6,223
2,801
-2.203
-6,349
-1,620

40,377 -20,063
36.298 -20,785
7,414 -9.076
12,704 -3,831
3,507 -2,896
12,673 -4,982
4,079
722

24,249 -8,835
20,849 -11.813
21.913 -8.825
-5,353
4,537
2,139 -1.302
2,150 -6.223
3.400
2.978

41,472
41.111
20,543
7.842
4,822
7,904
361

31.0
27.8
32.7
-4.5
-.4
-.1
3.2

20.7
17.4
6.1
9.6
-.6
2.3
3.3

31.6
28.1
32.9
-7.4
-1.5
4.1
3.4

34.5
28.3
22.1
9.6
-1.6
-1.8
6.2

45.5
43.1
26.1
15.1
-.7
2.6
2.4

16
17
18
19
20
21
22

23
24

Foreign
U.S. government

1,514
-1,968
-2,635 -15,152

-1,615
442
4,813 -15,531

4.2
.5

N
-3.6

-3.8
.1

-3.7
6.8

1.6 23
-6.7 24

10

Savings institutions

66

374

-482
-1.001

1,089
16.351

-—

— —— ——
Small Time and Savings Deposits
————— —— ——

1 Net change in liabilities
2
Commercial banks
3
Savings Institutions
4
Savings and loan assns.
5
Mutual savings banks
6
Credit unions

7 Net change in assets
8
Households
9
State and local governments
10
U.S. government
11
Credit unions

12.173
4,803
7.370
9,067
-766
-931

33.706
15,010
18,696
17,930
1,731
-965

13.351
54,231
16,289
24.958
29,273 -2,938
9,014
27,815
-3,877 -15,593
3,641
5,335

15,813
12.081
3.732
9,832
-5,607
-493

18.905
21,590
-2,685
-613
-564
-1,508

59.6
29.5
30.2
24.8
1.5
3.9

82.7
44.8
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

12,173
12,132
1.030
-53
-936

33,706
32,615
1.439
131
-479

54,231
52.332
1,517
-79
461

13,351
11,165
1.723
72
391

15,813
16,336
1,684
-225
-1.982

18,905
17.229
2,201
205
-730

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
4
5
6

___________________________ _________
Large Time Deposits

1 Net change in liabilities
Commercial banking
2
3
Domestic banks
4
Foreign banking offices
Savings institutions
5

12,681
6,612
5,827
785
6,069

28,715
19,281
17,145
2,136
9,434

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

10,979
9,114
6.280
2.834
1.865

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

6 Net change in assets
7
Pvt. domestic nonfinancial
8
Households
9
Business
10
State 8 local governments
11
Foreign

12,681
3,575
8,058
-799
-3,684
388

28,715
29,058
15,346
12,440
1.272
1,597

7,584
-5.056
-8,237
1,026
2,155
190

496
-7,012
2,391
-482
-8,921
2,542

30,603
33.957
30,679
3,078
200
-2,246

10,979
5,006
-273
9,544
-4,265
2,536

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

12
13
14
15
16
17
18

8,718
-770
-1,946
7,223
1,390
2,821

-1,940
-877
6
-534
-7,407
-136
7.008

12,450
-128
7
2,588
8,218
-164
1,929

4,966
-62
10
-2,056
6,295
2,820
-2,041

-1,108
-61
13
-1.961
-1,561
-500
2,962

3,437
46
15
-1.236
7,367
892
-3,647

12.5
-2.2
-.3
.7
5.7
1.1
7.5

13.6
2.5
K
1.7
K
2
9*0

22.4
-.7
-.1
-.3
.5
.1
22.8

20.2
7.2
1.4
5.0
7.5
2.2
-3.1

Financial sectors
Saving and loan assns.
Mutual savings banks
Credit unions
Private pension funds
St.&local govt.rtr.funds
Money market funds

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-13.0
-48.3
-38.7
-9.6
35.3

1
2
3
4
5

-13.0 6
-8.3 7
-25.0 8
28.3 9
-11.6 10
.5 11
-5.2
1.2
«
»
7.5
2.8
-16.8

12
13
14
15
16
17
18

HARCH 10, 1989
Deposit Claims

Deposit Claims

Monetary Claims On Financial Institutions

39

SEASONALLY ADJUSTED ANNUAL RATES
1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLONS, $ BILLIONS
1985
1987
1986

1
1

1988

III

1987

1
1

IV

I

II

1988

III

IV

Checkable Deposits and Currency

1

47.4

83.5

127.0

4.1

40.9

27.7

-6.3

93.7

49.1

36.5

-15.8 Net change In liabilities

1

2
3
4
5

10.3
1.7
«
8.6

16.6
4.1
.1
12.4

12.4
-1.9
-.2
14.4

16.7
-2.3
-.1
19.0

19.2
3.3
.1
15.9

-7.5
-25.5
.6
17.3

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

-8.9
-23.6
-.1
14.7

Monetary authority
U.S. govt, cash 8 deposits
Foreign deposits
Currency outside banks

2
3
4
5

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

13.4
1.3
-.6
12.7

31.9
6.1
-2.8
28.6

-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

-9.4
-39.1
-6.6
36.3

Commercial banking
U.S. government deposits
Foreign deposits
Private domestic deposits

6
7
8
9

10

7.9

13.0

20.5

7.2

8.3

3.3

.7

8.8

15.4

6.3

11

47.4

83.5

127.0

4.1

40.9

27.7

-6.3

93.7

49.1

36.5

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

36.8
15.9
-1.9
22.9

49.2
17.3
14.4
17.5

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
-23.4
14.8

53.6
14.7
22.8
16.1

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
16.8
12.4
3.2
.8
.4
-3.2

36.8
29.4
24.6
3.2
2.8
-1.2
7.5

49.2
52.6
49.7
1.8
1.9
-.7
-3.4

50.7
51.0
8.1
22.8
4.0
16.2
-.3

28.4
12.6
1.9
4.8
2.9
3.0
15.8

45.3
30.2
45.7
-3.0
-6.9
-5.5
15.1

19.9
4.7
-8.8
6.7
5.9
1.0
15.2

53.6
69.9
59.5
4.3
9.2
-3.1
-16.3

Pvt.domes.sectors, by holder
Pvt. domestic nonfinancial
Households
Business
State&local governments
Mail float
Financial sectors

16
17
18
19
20
21
22

23
24

1.9
5.7

1.6
14.3

2.7
-.2

-1.4
-8.1

-.6
4.6

-2.1
-19.4

-1.8
-55.2

4.1
61.2

.8
3.0

-.5
17.1

-6.6
-62.7

Foreign
U.S. government

23
24

Small Time and Savings Deposits
————--------------- —--------

2.6

Savings Institutions

-15.8 Net change In total assets

10
11

Pvt. domes, sectors, by type 12
Currency
13
Demand deposits
14
Other checkable
15

———--

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

77.0
27.4
49.6
49.4
-10.9
11.1

102.3
74.9
27.4
46.0
-25.6
7.0

78.7
37.0
41.7
43.8
-1.4
-.7

124.5
38.8
85.8
78.9
.3
6.5

189.8
109.1
80.6
86.7
-18.7
12.6

63.9
62.5
1.4
45.2
-53.1
9.3

92.0
63.0
29.1
48.7
-20.6
1.0

7
8
9
10
11

150.8
153.2
-2.6
.5
-.4

141.2
143.9
-5.4
a
2.6

124.1
120.3
.2
.2
3.3

77.0
72.4
4.2
.2
.1

102.3
97.1
7.1
a
-1.9

78.7
75.2
5.0
-.2
-1.3

124.5
120.5
5.2
.5
-1.7

189.8
183.8
6.2
-.3
.1

63.9
56.4
6.7
.3
.5

92.0
90.8
7.5
-.9
-5.4

63.5 Net change in liabilities
65.0
Commercial banks
-1.5
Savings Institutions
3.6
Savings and loan assns.
-10.1
Mutual savings banks
5.0
Credit unions
63.5 Net change In assets
57.3
Households
8.1
State and local governments
.8
U.S. government
-2.7
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

49.7
38.3
33.6
4.7
11.4

39.4
16.8
13.0
3.8
22.7

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

13.2 Net change In liabilities
10.7
Commercial banking
7.3
Domestic banks
3.4
Foreign banking offices
2.5
Savings Institutions

1
2
3
4
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
14.6
15.6
-3.5
.9

49.7
26.9
24.6
13.2
-10.8
3.0

39.4
-1.0
6.0
7.8
-14.7
2.8

87.3
89.4
63.9
24.7
.9
3.3

56.7
11.7
-.1
7.5
4.3
1.2

15.7
-16.2
2.7
8.6
-27.5
12.1

113.1
122.7
95.9
25.1
1.7
-8.4

13.2 Net change In assets
-10.5
Pvt. domestic nonfinancial
-.3
Households
11.5
Business
-21.7
State & local governments
7.3
Foreign

6
7
8
9
10
11

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

23.0
-8.5

19.7
-.2

43.9
-7.5

19.8
4.4

a

a

a

a

a

3.8
5.6
3.5
2.3

.3
15.0
1.7
14.4

-2.7
20.3
3.0
-.8

37.6
-1.4
-4.6
28.9
5.9
8.9

-5.3
-3.0

a

-1.9
-29.6
1.9
27.3

9.1
32.9
-4.3
13.6

-10.4
25.2
12.0
-11.5

-1.2
.5
.1
-4.6
-6.2
-1.8
11.0

16.5
1.7
.1
-4.7
29.5
6.3
-16.3

12
13
14
15
16
17
18

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOHPLETE INFORHATION




Financial sectors
Saving and loan assns.
Mutual savings banks
Credit unions
Private pension funds
St.&local govt.rtr.funds
Money market funds

MARCH 10, 1989
Deposit Claims, Continued

Deposit Claims, Continued

40

Monetary Claims On Financial Institutions

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987

III

IV

1
1

1988
I

II

III

IV

1
1

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Money Market Mutual Fund Shares

1 Net change in assets
2
Households
Nonfan. corp, business
3
4
Life insurance cos.
Private pension funds
5

A,821
7.765
-847
-1.349
-748

9,785
10,356
288
-471
-388

28,591 -17,240
23.026 -10,242
2,059 -1,491
-200
620
2,886 -5.307

-925
750
-A9
-90
-1.536

11.436
10,375
628
2A0
193

3A.A
30.6
2.A
.6
.8

30.8
2A.5
A.O
.9
1.5

109.8
90.7
11.A
3.7
3.9

32.7
32.8
.6
1.1
-1.8

-AO.A
-31.1
-7.9
-1.9
.4

1
2
3
A
5

31.9
9.2
9.2

1
2
3
4
5
6
7

Federal Funds and Security Repurchase Agreements

1 Met change ln liabilities
2
Commercial banking (net)
3
Domestic banks
A
Foreign banking offices
Savings and loan assns.
5
6
Mutual savings banks
7
Brokers 8 dealers (net)
8 Net change ln assets
9
Nonfinancial corporations
10
State and local governments
Foreign
11
12
Financial Sectors
13
Monetary authority
IA
Sponsored credit agencies

15
16
17
18
19

Savings and loan assns.
Mutual savings banks
Credit unions
Other insurance companies
Money market funds

20 Discrepancy-unallocated assets

-1,229 -16,438
-788
1,583
-619
3,400
-169 -1,817
2,101
3,323
3.6A3
A65
-6,185 -21,809

28,169
28,516
26,547
1,969
-7,885
845
6,693

8,524
3,503
-835
4,338
10,405
-120
-5,264

10,954
4,700
6,048
-1,348
6,032
958
-736

16,299
7.647
5.192
2,455
5,416
-1,778
5,014

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

-1.2
-.8
24.7

11.8
14.8
11.3
3.5
13.9
-1.9
-14.9

-2.739
5.357
7.A35
1,945
-17,476
-6.05A
-5.639

-1,052
222
-2.888
361
1,253
1,316
1,384

20,432
2,445
1,177
-1,142
17,952
-1,316
11,834

5.514
92
3,715
155
1,552
7,426
-4,336

7,979
-1,035
2,569
1,413
5.032
2,064
2,859

8.485
6,707
2.407
-328
-301
-2,629
1,236

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

-6.0A7
-982
-1,881
55A
2,573

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

189
-50
486
389
78

2.5
.9
2.1

-.7
.6
.7
3.2

4.2
1.5
1.7
.1
8.9

5.4
N
.8
4.0
1.7

.9
-.6
1.1
9.6
-3.2

15
16
17
18
19

1,510 -15.386

7,737

3,010

2,975

7,814

2.1

7.4

-.5

-5.1

4.5
2.8
1.7

10.4
-1.7
12.1

4.5
-.4
4.9

-4.0 20

U.S. Deposits in Foreign Countries

1 Total fgn. liability, held by:
2
Nonfinan. corporate business
3
Money market funds

839
2,051
-1,212

2,766
3,863
-1.097

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-3,297
-3,803
506

7,382
7,378
4

-3,656
-4,037
381

3,400
-3.791
7,191

9.8
5.1
4.6

1.3
3.1
-1.8

1
2
3

MARCH 10, 1989
Deposit Claims, Continued

Deposit Claims, Continued

41

Monetary Claims On Financial Institutions

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLONS, $ BILLIONS
1985
1986
1987

1988

I
1

III

1987

IV

I
1

1988

IV

I

II

73.1
50.8
8.2
2.5
11.5

-56.8
-28.8
-6.0
-.8
-21.2

6.5
13.2
-.2
-.A
-6.1

6A.7 Net change In assets
60.A
Households
Nonfin. corp, business
2.5
1.0
Life insurance cos.
.8
Private pension funds

1
2
3
A
5

3A.5 Net change In liabilities
Commercial banking (net)
16.5
6.7
Domestic banks
9.8
Foreign banking offices
20.9
Savings and loan assns.
-7.1
Hutual savings banks
Brokers 8 dealers (net)
A.2

1
2
3
A
5
6
7

III

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
23.9
1.1
.6
-3.8

2A.3
36.1
-3.A
-5.A
-3.0

59.9
62.2
1.2
-1.9
-1.6

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

63.9
AA.A
37.0
7.A
1A.0
-.1
5.7

-6.0
-6.2
-5.6
-.7
12.9
1A.6
-27.2

-91.2
-7.2
.1
-7.3
12.6
1.9
-98.5

122.0
91.5
83.6
7.9
-1A.7
3.A
A1.8

52.5
5A.8
37.5
17.A
20.1
-.5
-21.9

A6.8
1A.6
20.0
-5.A
29.6
3.8
-1.2

8
9
10
11
12
13
IA

A0.8
.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

A2.A
8.2
9.9
.1
2A.2
5.5
11.6

-23.A
28.1
18.6
7.8
-77.7
-28.6
-22.6

-32.A
-19.3
-6.2
l.A
-8.3
-12.2
5.5

83.7
18.A
8.9
-A.6
61.0
7.6
A7.3

61.3
5.7
17.0
.6
38.0
39.1
-17.3

17.6
1.8
-2.2
5.7
12.3
3.5
11.A

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

2.3
.5
.1
1.7
2.A

-2A.2
-3.3
-A. 3
2.2
2.9

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

20

-2.9

-13.6

5.8

-8.1

21.5

17.3

-58.9

38.2

-8.8

29.2

2A.0
18.8
5.2

-5.9
-5.6
-.3

7.0 Net change in assets
Nonfinancial corporations
6.9
State and local governments
15.7
Foreign
-1.3
Financial Sectors
-1A.3
-28.1
Monetary authority
Sponsored credit agencies
A.9
.8
3.5
3.3
1.6
-.3

Savings and loan assns.
Mutual savings banks
Credit unions
Other Insurance companies
Money market funds

8
9
10
11
12
13
IA

15
16
17
18
19

27.5 Discrepancy-unallocated assets 20

——

1J.S. Deposits In Foreign Countries
1
2
3

-5.8
-5.1
-.7

-A.3
-2.1
—2.2

9.1
5.9
3.1

-3.A
-2.8
-.6

3.8
-A. 3
8.1

11.5
18.1
-6.6

12.1
13.9
-1.8

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-16.7
-13.2
-3.5

13.9 Total fgn. liability, held by:
Nonfinan. corporate business
-17.1
31.0
Money market funds

1
2
3

MARCH 10, 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

III

IV

1
1

1988
I

II

III

IV

1
1

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Total Net Issues, by Sector and Type

1 Total U.S. sovernment secur.
U.S. government
2
3
Spons. agencies & mtg. pools

4
5
6
7
8
9
10
11

By instrument:
Treasury issues
Household savings bonds
Treas. excl. savings bonds

Other
Budget agency Issues
Loan participations (1)
Spons. agency issues (2)
Mortgage pool secur. (2)

70,108 107.399
62,557
22,071
A8.037 AA.8A2

66,950
42,871
24,079

45,421
19.08A
26,337

81,023 100,165
41,661 53,846
39,362 46,319

84.8
37.5
47.3

122.9
79.3
43.6

133.0
87.5
45.5

225.9
161.4
64.5

254.4
186.6
67.8

1
2
3

22,297
1,730
20,567

61,314
2,570
58.7AA

42,994
2,920
40,074

17,153
2,144
15,009

36,437
1,614
34,823

A3,AAA
1.775
41,669

38.8
-.8
39.6

79.8
-7.3
87.1

87.8
-4.3
92.2

162.1
.2
162.0

186.7
3.1
183.5

4
5
6

47,811
-226
7,954
A0,083

46,085
1,414
-171
19,489
25,353

23,956
135
-258
10.305
13,774

28,268
2,116
-185
A,363
21,974

44,586
5,662
-A38
10,605
28,757

56.721
10,402
19.673
26,646

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

67.8

, 70,108 107,399
2,069
1,711
2,104
1,750
-39
-35

66,950
3,798
3,449
3A9

45,421
-A,379
-4,304
-75

122.9

133.0
.4
.2
.2

225.9
1.4
1.5
-.1

254.4
-1.3
-.8
-.4

1
2
3
4
5

14.7
15.0
-.3

6
7
8

7
K 8
9
1.4 10
66.4 11

Total Net Purchases, by Sector and Type

1 Total purchases, by sector
->
U.S. govt, (agency issues)
Sponsored credit agencies
3
4
Treasury issues
5
Agency issues

6
7
8

Monetary authority
Treasury issues
Agency issues

81,023 100,165
-1,217
1.453
-1,217
1,535
-82

84.8
.2

-

*4

.7
.4
.2

A,633
A,693
-60

10,540
10,610
-70

-5,209
-5,055
-15A

A,823
A, 95A
-131

1.0A6
1,123
-77

9,864
10,089
-225

7.1
6.8
.3

3.5
3.0
.5

8.8
8.4
.4

7.7
7.9
_' o

9
10
11

Foreign
Treasury issues
Agency Issues

-553
-1,993
1,440

21.530
19,739
1,791

34,732
3A,588
1AA

13,979
11,320
2,659

2,174
616
1,558

16,564
15,120
1,444

-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
M 11

12
13
14

Total private domestic
Treasury issues
Agency issues

63,959
17,493
46,466

73,618
29,215
44,403

33,629
10,012
23,617

30,998
5,183
25,815

79,020
35-915
A3,105

72,284
16,700
55,584

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

22,518
14,132
1,730
12,402
8,386

45,357
22,892
2,570
20,322
22,465

10,315
6,200
2,920
3,280
A,115

18,868
2,341
2.1AA
197
16,527

61,907
3A.70A
1,614
33,090
27,203

46,614
10,841
1,775
9,066
35,773

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

29,473
21,369
1,730
19,639
8,104

29,563
10-430
2-570
7,860
19,133

12,120
7,550
2,920
A,630
A,570

21,597
6,233
2,144
A, 089
15,364

61,270
34,017
1,614
32,403
27,253

43,111
8,983
1,775
7,208
34,128

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

15
16
17
18
19

Private domestic nonfinan.
Total Treasury Issues
Savings bonds (HH)
Other Treasury Issues
Agency issues

20
21
22
23
2A

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

-7,206
-7,177
-29

9,121
9.1A7
-26

-786
-763
-23

-A,326
-A,307
-19

-1,833
-1,818
-15

1.066
1,076
-10

1.6
2.8
-1.3

5.6
5.1
.5

1.5
1.5

N

10.3
10.2
.1

10.0 26
10.0 27
K 28

29
30
31

State and local govts.
Treasury issues
Agency issues

101
-210
311

6,523
3,165
3,358

-1,169
-737
-A32

1.AA7
265
1.182

2,320
2,355
-35

2,287
632
1.655

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

10,978
5,674
5,304

5-013
-3,816
8.829

6,580
-89
6.669

815
-5,035
5,850

8,845
632
8,213

5,905
334
5,571

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

10,279
-150
903
-5A

5.A51
293
-65A
-77

7,022
-1 ,424
1,07A
-92

715
-30
2AA
— 11A

8,455
1A8
372
-130

5,838
84
132
-149

7.4
1.7
.5
K

25.0
.2
.5
.1

11.4
-.1
.6
-. 3

26.7
-1.2
.8
.3

44.2
1.6
1.7
1.1

30,463
-2.313
32,776

23,248
10.139
13,109

16.73A
3,901
12,833

11,315
7,877
3,438

8,268
579
7,689

19,765
5,525
14,240

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

11,088
1,554
9,534

A.530
-2,889
7,419

-5,715
-4,416
-1,299

A,227
515
3,712

1 ,314
-193
1,507

6,914
1,045
5,869

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

1,324
-A 38
1,762

3,428
79A
2.634

-1,708
-1,056
-652

-3,165
-670
-2,495

-958
-300
-658

-384
254
-638

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

-126
969
-1.095

-A36
220
-656

-61
1,272
-1,333

6A1
1,043
-A02

-975
32
-1,007

-1,590
-325
-1,265

-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

32
33
3A
35
36
37
38

39
A0
Al

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

A2
A3
AA

Savings and loan assns.
Treasury issues
Agency issues

A5
A6
A7

Mutual savings banks
Treasury issues
Agency issues

A8
A9
50

Credit unions
Treasury issues
Agency issues

51
52
53

Life insurance companies
Treasury Issues
Agency issues

2,515
-395
2,910

-812
-168
-6AA

2,038
525
1,513

A,111
1,7A8
2.363

1,785
523
1,262

3.978
2,126
1,852

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

5A
55
56

Private pension funds
Treasury issues
Agency issues

5,352
91
5,261

-2,210
A,802
-7.012

3,810
6,417
-2,607

3,635
3,921
-286

3,233
3,568
-335

4,496
3,104
1,392

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

6,567
A,519
2.048

8,048
6,476
1.572

7,277
A,577
2,700

1,880
2,488
-608

7,609
5,184
2,425

4.994
4,891
103

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

2,081
898
1.183

1.8A9
615
1.234

1,963
69A
1,269

1,342
-62
1,404

2,524
1,309
1,215

2,053
700
1,353

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
6A
65

Mutual funds
Treasury issues
Agency issues

-9,572
-7,502
-2.070

-1,776
-253
-1,523

-9,918
-9,596
-322

8,844 -10,554
9.028 -9,646
-18A
-908

-3-444
-3,388
-56

K
K

.3
.3

.9
.9

2.3
2.3

.6 63
.6 64
65
-

66
67
68

Money market funds
Treasury issues
Agency issues

-2,409
-A,977
2.568

7.6A9
-925
8,574

3,356
55A
2.802

-9,603
-1,735
-7,868

-3,423
-2,280
-1.143

-1,690
718
-2.408

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
CMO Issuers (agencies)

2.968
10,675

1,467
1.511

A,930
10.762

-8,399
7.802

2.382
5,331

-3,600
8,038

-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.

MARCH 10. 1989
U.S. Government Securities

U.S. Government Securities
U.S. Government Securities Harket Summary

^3
SEASOHALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLONS, $ BILLIONS
1987
1986
1985

1988

I
1

1987

III

IV

I
1

I

II

1988

IV

III

Total Net Issues. by Sector and Type

296.1 Total U.S. government secur.
124.4
U.S. government
Spons. agencies 8 mtg. pools
171.7

1
2
3

82.8
7.2
75.5

By Instrument:
Treasury Issues
Household savings bonds
Treas. excl. savings bonds

4
5
6

171.5
22.6
-1.8
42.8
107.8

213.3
41.6
70.8
100.9

Other
Budget agency Issues
Loan participations (1)
Spons. agency issues (2)
Mortgage pool secur. (2)

7
8
9
10
11

191.0
-17.6
-16.7
-.9

339.2
-4.7
-4.1
-.6

296.1 Total purchases* by sector
U.S. govt, (agency issues)
Sponsored credit agencies
5.7
Treasury Issues
5.6
.1
Agency Issues

1
2
3
4
5

-5.5
-4.9
-.6

4.1
4.7
-.6

17.1
17.4
-.3

26.5
27.2
-.8

Monetary authority
Treasury Issues
Agency Issues

6
7
8

86.1
79.0
7.2

138.9
138.4
.6

55.9
45.3
10.6

8.7
2.5
6.2

66.3
60.5
5.8

Foreign
Treasury Issues
Agency Issues

9
10
11

253.5
73.7
179.8

212.4
47.1
165.3

199.3
81.6
117.7

148.6
48.2
100.4

318.1
151.9
166.2

197.7
-10.6
208.3

Total private domestic
Treasury issues
Agency Issues

12
13
14

137.7
54.1
8.5
45.6
83.6

70.9
37.5
6.1
31.4
33.4

119.6
51.6
10.4
41.2
68.1

115.2
86.2
11.3
74.9
29.0

93.9
16.7
9.6
7.1
77.2

230.0
119.9
5.6
114.2
110.2

111.7
-6.4
7.2
-13.7
118.1

138.1
56.8
8.5
48.3
81.3

81.1
53.2
6.1
47.0
27.9

79.9
21.0
10.4
10.6
58.9

111.4
87.6
11.3
76.3
23.7

102.4
30.6
9.6
21.0
71.8

209.8
103.5
5.6
97.8
106.3

120.8
5.4
7.2
-1.9
115.4

1
2
3

273.8
198.9
74.9

324.2
223.7
100.5

393.5
215.1
178.5

331.5
144.9
186.6

293.6
157.5
136.1

288.6
103.1
185.5

335.7
168.2
167.5

347.9
227.7
120.3

191.0
89.2
101.8

339.2
188.6
150.6

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

104.0
6.1
97.9

163.2
10.4
152.9

228.2
11.3
216.8

81.5
9.6
71.9

167.7
5.6
162.1

7
8
9
10
11

74.8
-.1
30.4
44.4

100.4
K
20.6
79.9

178.9
.4
15.2
163.3

188.1
1.8
-.3
30.2
156.4

153.5
18.3
-.9
44.9
91.2

184.6
-.9
—
32.0
153.5

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

1
2
3
4
5

273.8
1.6
1.4
.2

324.2
-4.7
-4.8
.1

393.5
4.6
5.2
-.6

331.5
2.8
2.9
-.1

293.6
-.3
-.5
.2

288.6
8.3
9.0
-.7

335.7
6.8
6.6
.2

347.9
15.2
13.0
2.2

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

29.0
29.3
-.3

30.4
30.6
-.2

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

67.4
61.6
5.8

-2.2
-8.0
5.8

12
13
14

234.9
161.2
73.7

286.2
190.4
95.9

324.1
151.5
172.6

263.3
79.8
183.5

215.9
67.8
148.1

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

50.1
38.6
13.6
25.1
11.5

103.2
63.7
7.8
55.9
39.5

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

-7.4
-6.2
13.6
-19.8
-1.2

87.8
57.6
7.8
49.8
30.3

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

-5.9
-5.8
-.1

-15.5
-15.4
-.1

17.2
17.3
-.1

.8
.9
-.1

-15.7
-15.6
-.1

6.3
6.4
-.1

-15.0
-14.9
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

11.2
1.9
9.3

4.9
2.5
2.4

4.7
-.8
5.6

21.9
12.7
9.3

2.4
-2.9
5.4

6.5
1.1
5.5

13.3
9.4
3.9

5.3
2.5
2.7

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

26.9
-2.3
29.1

22.1
-4.2
26.3

39.8
21.5
18.2

39.9
4.5
35.4

-2.7
-29.3
26.7

15.5
-11.3
26.8

29.5
-.4
29.8

46.2
24.4
21.9

35
36
37
38

1.3
.5
-.6
-.6

4.6
4.7
.4
■

42.4
-2.8
3.6
.1

24.8
1.3
.9
-.2

22.0
-1.2
1.8
-.5

37.0
— .6
3.6
-.2

41.6
1.2
-2.6
-.3

-.9
-5.7
4.3
— .4

15.1
-.1
1.0
-.5

27.9
.6
1.5
-.5

46.0
.3
.5
-.6

39
40
41

118.9
74.6
44.3

100.8
48.0
52.8

230.7
107.5
123.2

133.3
18.4
114.9

56.1
17.9
38.2

142.8
14.6
128.2

52.9
-9.0
61.9

86.8
24.8
62.0

39.2
42.8
-3.7

58.6
32.4
26.2

39.8
-28.5
68.3

42
43
44

20.7
3.8
16.9

-11.7
-12.9
1.2

42.0
.9
41.1

44.4
9.1
35.2

6.7
-3.0
9.8

72.3
24.9
47.4

22.9
-19.2
42.1

-5.1
-3.8
-1.3

-36.7
-24.0
-12.7

36.4
19.5
16.9

32.4
-3.9
36.3

Savings and loan assns.

Treasury Issues
Agency issues

42
43
44

45
46
47

.3
^5

-1.2
-.6
-.6

6.8
.7
6.1

6.8
.8
6.0

-6.2
-1.8
-4.4

7.4
-1.6
9.0

10.6
3.1
7.5

-9.2
-5.1
-4.2

-9.0
-1.8
-7.2

-1.6
-1.1
-.5

-5.0
.9
-5.9

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
K

-2.0
2.0
-4.0

-.5
3.7
-4.2

1.4
2.6
-1.2

-1.2
4.3
-5.5

.4
3.4
-3.0

-3.8
-.1
-3.7

-3.4
.5
-3.9

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

11.9
4.9
7.0

9.8
-.9
10.6

-13.3
-9.1
-4.2

10.2
4.3
5.9

25.2
12.8
12.4

6.3
2.6
3.7

5.9
-.1
6.1

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

15.2
17.0
-1.8

19.9
.4
19.5

-13.7
19.2
-32.9

26.5
25.7
.8

10.3
15.7
-5.4

10.1
14.3
-4.2

13.8
12.4
1.4

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

21.8
17.1
4.6

24.3
20.7
3.6

32.9
28.2
4.7

21.3
10.1
11.2

16.5
13.1
3.4

28.2
24.0
4.2

.21.0
21.4
-.4

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

7.3
2.5
4.7

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

63
64
65

6.4
5.8
.5

52.9
41.4
11.5

59.3
36.4
22.9

9.9
9.9
K

-15.1
-13.6
-1.5

-27.0
-18.7
-8.3

-9.1
-3.0
-6.1

-50.3
-49.1
-1.3

35.9
36.7
-.7

-29.0
-25.4
-3.6

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

-14.3
-17.4
3.1

16.3
-24.6
40.9

22.7
14.5
8.2

-29.0
-1.8
-27.2

69
70

12.8
9.3

-9.8
11.5

18.2
39.0

-16.8
39.1

-4.7
31.9

1.1
42.7

-8.2
6.0

21.2
43.0

-12.9
31.2

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

Life Insurance companies 51
Treasury issues
52
Agency issues
53

Private pension funds
Treasury issues
Agency issues

54
55
56

St.81ocal govt.rtr.funds 57
Treasury Issues
58
Agency Issues
59
Other insurance cos.
Treasury issues
Agency issues

60
61
62

-16.8
-16.6
-.2

Mutual funds
Treasury Issues
Agency issues

63
64
65

-18.2
-5.6
-12.7

-20.9
-18.2
-2.7

Money market funds
Treasury issues
Agency issues

66
67
68

.1
21.3

-27.1
32.2

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

MARCH 10, 1989
Private Securities

Private Securities
Tax-Exempt Debt and Corporate and Foreijn Securities

44
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

I
1

1987

III

IV

I
1

1988

I

II

III

IV

I
1

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Tax-Exempt Debt Securities and Loans (1)

1 Net change in liabilities
2
State and local governments
2
Short-term
A
Other

10,369
10,721
A,556
6,165

8.20A
8,502
3,A07
5,095

A.265
3.6A7
-1,515
5,162

7,829
7,868
2,278
5,590

13,573
13,08A
A,311
8,775

10,675
10,752
1,512
9.2A0

30.3
17.A
1.0
16.5

30.3
16.3
1.7
1A.6

23.A
5.5
1.1
A.A

AA.2
20.6
6.7
13.9

53.7
32.9
-1.5
3A.A

1
2
3
A

-303
-A 9

-A25
127

187
A31

33
-72

601
-112

86
-163

2.9
10.0

3.1
10.9

A.A
13.A

8.5
15.1

11.A
9.A

5
6

7 Net change in assets
8
Households
9
Nonfin. corporate business
10
StateSlocal govt. gen. funds

10,369
13.2A1
-636
169

8.20A
10,793
1.587
122

A,265
-3,667
A77
A81

7,829
7,310
-23A
261

13,573
9.1A9
-1A3
A57

10,675
7,730
-1,103
377

30.3
10.2
K
-.5

30.3
6.7

.2

23.A
10.5
K
.1

AA.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

-5,566
161
-36

-5.762
31
-18

-7,235
16
28

-5,359
12A
-18A

-2,936
177
29

-5.57A
9
38

9.5
-.1
-.A

13.6
H
-.5

5.0
.1
-.1

A.5
-.5
.2

A.8 11
.1 12
-.3 13

1A
15
16
17

Insurance
Life insurance companies
State81ocal govt.rtr.funds
Otner insurance companies

5,31A
-736
-8
6,058

6,828
A73
62
6,293

6,555
A67
-235
6,323

6.302
32
31
6,239

5,650
-126
-116
5,892

6.0A6
1A6
16
5.88A

9.9
K
K
9.9

8.1
.3
.1
7.7

A.2
.5
-.2
A.O

A.2
1.9
-.7
3.0

18
19
20

Money market funds
Mutual funds
Brokers and dealers

-1.782
-110
-386

-3,503
-2.1A0
266

8.A59
1.A30
-2,279

-A, 168
2.A08
1,369

-670
1.735
125

619
2.A33
100

l.A
.3

1.6
.A
.3

2.3
.7
.5

8.0
2.9
1.6

5
6

Households 8 nonprof. org.
Nonfin. corporate business
(industrial revenue bonds)

-.5
.9
-1.1
-.3

1A
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

1 Net issues
2
Nonfin. corporate business
3
Foreign (1)

A6,210
25,180
1,355

37.A68
20,395
5,69A

30,987
25.3A5
3.788

AA.250
29,607
-186

3A.A05
22,581
1,315

3A.A31
19,825
A,526

26.5
17.3
3.7

30.5
27.7
1.2

32.7
22.8
5.5

38.A
18.7
6.6

36.A
16.0
3.1

1
2
3

A
5
6
7
8
9

19,675
1,659
816
6,373
152
10.675

11.379
1.85A
-388 -15,078
1,016
-119
8,929
6.1A3
311
1A6
1,511
10,762

1A.829
889
1.383
A.6A0
115
7.802

10,509
1.6A8
262
3,197
71
5.331

10.080
-399
A1A
1,955
72
8,038

5.5
-.2
l.A
A.3
«
*

1.6
1.3
.A
.1
-.2
-

A.A
2.0
-.5
3.6
-.7
-

13.1
6.0
.2
6.A
K
.6

17.3
8.A
K
5.3
M
3.6

A
5
6
7
8
9

10 Net purchases
Households
11
12
Foreign
(2)
13
Commercial banking
1A
Savings and loan assns.
15
Mutual savings banks

A6.210
9.1A1
5.A86
2,815
A, 586
-A 05

37.A68 30,987
A.8A5 -16,893
1,36)
929
7.39A
6.78A
2,860
2.20A
618
-658

AA.250
6,092
5.031
2.82)
5.12A
-896

SA.A05
-2,759
7,996
9A7
5,779
-3A6

SA.A31
-5,116
5,758
5.178
325
-375

26.5
-3.A
2.6
-.1
-1.1

30.5
-13.0
8.2
.6
.7

32.7
-3.5
8.A
M
.7
-1.0

38.A
-3.0
10.6
1.5
2.1
-1.1

36.A
-8.3
A.6
A.7
5.A
3.0

10
11
12
13
1A
15

16
17
18
19
20

Insurance
Life insurance companies
Private pension funds
St.Sloc. govt. rtr. funds
Other insurance companies

26,307
17,616
6,925
-355
2,121

29,163
15,938
5,982
5,21A
2,029

31,037
16,128
9,767
3.1A5
1,997

25,678
11.83A
5,152
6.811
1.881

16,993
11,665
3,938
-602
1.992

27.1A2
10,071
7,688
7.50A
1,879

27.A
11.6
10.7
3.2
2.0

32.3
8.7
1A.0
9.5
K

25.0
7.3
5.6
9.2
2.8

25.8
16.2
6.6
3.5
-.5

22.3
16.7
10.A
-.7
-A. 2

16
17
18
19
20

21
22

Mutual funds
Brokers and dealers

-2.8AA
1.12A

-A.89A
-3,879

A,937
2.6A7

-1.261
1,661

5.001
79A

1,019
500

.8
.1

1.3
•A

1.6
l.A

*2
2*5

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

1 Net issues
2
Mutual funds
3
A
5
6
7
8
9

-1A.358 -22,190 -17.722 -29,277 -22,157 -A5.200
931 -2,862
1.557
1,217 -2,965 -1,811

-3.8
.A

20.3
2.9

-A .8
3.7

21.2
8.8

58.1
27.2

1
2

Other sectors
-15,289 -19.328 -19.279 -30.A9A -19,192 -A3,389
Nonfin. corporate business -19,500 -22,000 -23,750 -35,000 -23.000 -A8.750
Foreign (1)
-383 -3,937
679 -1.3A3
206
1,358
Commercial banking
A00
A00
A12
All
A20
A23
Other insurance companies
2,810
2,802
2,785
2,719
2,712
2,657
REITs
266
1,683
1AA
187
165
723
Brokers and dealers
1.72A
1.118
A30
2.532
200
326

-A.l
-7.8
1.0
1.3
.9
.5
-.1

17.A
12.9
2.A
.A
1.2
.3
.A

-8.5
-11.5
.2
.5
1.1
.3
.8

12.A
6.A
l.A
.6
2.8
.6
.7

30.8
23.5
3.7
.8
1.5
.A
1.0

3
A
5
6
7
8
9

58.1 10

10 Net purchases
11
12
13
1A
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

-1A.358 -22.190 -17,722 -29.277 -22.157 -A5.200

-3.8

20.3

-A.8

21.2

-1 ,811
-2.A73
-19
181
500

.A
-1.0
.A
.1
.9

2.9
1.1
.3
.1
l.A

3.7
5.8
.3
.5
-2.8

8.8
7.0
1.1
1.0
-.3

27.2
2A.0
1.2
-.A
2.A

11
12
13
1A
15

-15,289 -19,328 -19,279 -30.A9A -19,192 -A3.389
-2A.336 -8.287 -9,810 -30,931 -2A.309 -A0.A75
5,026 -7,763
-218
726
975 -2,757
-9
-9A
7
-15A
-182
127
52
88
-109

-A.l
-2A.5
1.7
K
-.1

17.A
-11.0
5.A
K
-.5

-8.5
-A2.A
5.8
-.1
-.6

12.A
-18.9
3.9
K
-.5

30.8
-22.9
5.A
K
.3

16
17
18
19
20

30.1
3.A
A.5
20.0
2.1

21
22
23
2A
25

931
6,A13
-A.38A
-A18
-680

21
22
23
2A
25

Insurance
-5,682
Life insurance cos.
-601
Private pension funds
-12,175
St.Sloc. govt. rtr. fnds
6,500
Other insurance cos.
59A

26
27

Mutual funds
Brokers and dealers

8,107
1,759

-2,862
378
-A63
-1.7A3
-1.03A

1,557
-1.133
9A6
952
792

A,853 -A.2A7
1,378
1.198
1 ,A86 -10,182
1,600
A,000
389
737
-3,033
-A,822

-5.3AA
206

(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.




1,217
2.836
87
-1,882
176

-2,965
-7,175
2,722
_2
1.A90

2,908
3,068
-A,608
3.800
6A8

8.2A0
166
-3,509
10.7A0
8A3

3.17A
-881
-1.327
A,500
882

21.1
.A
13.3
A.l
3.2

25.2
.A
16.A
5.3
3.1

28.8
2.A
17.3
7.1
2.0

23.5
2.A
12.3
6.0
2.7

-2,878
-371

-A, 282
96

-3,222
-

-2.8
.A

-1.8
.1

-.6
.5

3.5
.9

13.7 26
A.3 27

MARCH 10, 1989
Private Securities

Private Securities

45

Tax-Exempt Debt and Corporate and Foreisn Securities

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLONS. $ BILLIONS
1987
1985
1986

I
1

1988

1987

III

IV

I
1

I

II

1988

III

IV

Tax-Exempt Debt Securities and Loans (1)

43.5 Net chanse in liabilities
State and local sovernments
43.8
Short-term
6.9
Other
37.0

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

36.3
35.4
6.6
28.8

32.7
34.1
9.5
24.7

33.5
34.7
14.3
20.4

24.8
22.4
1.7
20.6

32.6
32.7
10.4
22.4

44.4
42.5
7.4
35.1

5
6

10.2
20.5

30.2
22.6

-2.2
-9.9

-1.0
-.9

.9
.1

-1.2
-.2

-1.7
.5

.7
1.7

.1
-.3

2.4
-.4

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

36.3
20.5
-1.0
1.6

32.7
44.3
-2.5
.7

33.5
49.2
6.3
.5

24.8
-2.3
1.9
1.9

32.6
20.2
-.9
1.0

44.4
27.6
-.6
1.8

11
12
13

10.8
-.2
-.1

57.2
.4
.2

-28.5
-.2
-.1

-29.1
.1
-.2

-21.1
.3
-.1

-22.3
.6
-.1

-23.0
.1
-.1

-28.9
.1
.1

-21.4
.5
-.7

-11.7
.7
.1

-22.3
K
.2

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

21.3
-2.9

23.8

24.6
.5
-.3
24.3

24.2

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

24.2
.6
.1
23.5

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
-.7

-3.8
-.8
-4.7

-10.0
-6.0
-10.8

17.6
1.4
6.8

-8.0
11.5
5.2

.9
6.5
-3.5

6.5
12.5
-11.2

K

M

.3
-.7

Households 8 nonprof. or9.
Nonfin. corporate business
(industrial revenue bonds)

1
2
3
4
5
6

7
43.5 Net chanse in assets
8
Households
36.6
9
Nonfin. corporate business
-4.4
State&local sovt. sen. funds 10
1.5
Commercial bankins
Savinss and loan assns.
Mutual savinss banks

11
12
13

Insurance
Life insurance companies
Stateftlocal sovt.rtr.funds
Other Insurance companies

14
15
16
17

Money market funds
Mutual funds
Brokers and dealers

18
19
20

(1) Includes small amounts of taxable Issues since 1986.
Corporate and Foreisn 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

144.1
97.4
9.4

185.1
100.7
6.7

145.6
81.6
21.6

129.3
101.4
16.8

175.9
118.4
-2.7

137.7
90.3
6.5

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

37.3
-12.9
1.9
15.9
.4
31.9

77.7
6.6
2.3
25.5
.6
42.7

42.4
-1.6
1.0
35.7
1.2
6.0

11.1
-60.3
3.2
24.6
.6
43.0

60.1
3.6
6.4
18.6
.5
31.2

40.9
6.6
-.1
12.8
.3
21.3

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

144.1
-18.7
19.7
15.7
13.4
-2.3

185.1
28.3
23.7
13.1
18.3
-3.0

145.6
42.1
.3
30.7
11.4
4.2

129.3
-97.9
2.4
24.9
8.8
-2.6

175.9
36.0
25.0
10.5
20.5
-4.0

137.7
-18.7
33.5
6.0
23.1
-2.8

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

100.9
49.7
26.5
16.9
7.7

115.2
73.8
24.7
8.1
8.5

105.6
67.6
20.2
9.7
8.1

136.7
61.3
41.9
25.5
8.0

93.8
43.0
25.5
17.7
7.5

77.7
50.3
12.7
6.8
8.0

95.2
44.2
26.1
17.4
7.5

21
22

3.6
5.7

3.6
9.2

26.8
.3

7.3
-4.4

9.7
5.6

-14.9
4.5

-33.1
-15.5

46.4
10.6

-12.6
6.6

15.7
3.2

-10.7
2.0

133.4 Net issues
Nonfin. corporate business
79.3
Foreisn (1)
17.2
37.0
-1.6
-1.7
7.8
.3
32.2

Total finance
Commercial bankins
Savinss and loan assns.
Finance companies
REITs
CMO Issuers

133.4 Net purchases
6.0
Households
Foreisn (2)
18.0
Commercial bankins
21.5
1.3
Savinss and loan assns.
Mutual savinss banks
.2

1
2
3

4
5
6
7
8
9
10
11
12
13
14
15

Insurance
Life insurance companies
Private pension funds
St.&loc. sovt. rtr. funds
Other insurance companies

16
17
18
19
20

Mutual funds
Brokers and dealers

21
22

Mutual Funds and Other Corporate Equities

1
2

-36.0
29.3

20.1
84.4

93.9
161.8

13.5
72.3

-114.4
-2.0

-47.1
13.8

-82.7
-9.1

-75.6
5.8

-131.1
-8.0

-76.2
.3

-174.5 Net Issues
-5.2
Mutual funds

1
2

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

-112.4
-130.5
.9
1.7
10.9
1.2
3.5

-60.9
-78.0
-1.3
1.6
11.2
1.1
4.5

-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

-76.5
-92.0
1.1
1.7
10.8
.6
1.3

-169.3
-195.0
9.7
1.7
10.6
2.9
.8

3
4
5
6
7
8
9

10

-36.0

20.1

93.9

13.5

-114.4

-47.1

-82.7

-75.6

-131.1

-76.2

-174.5 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

-2.0
-7.9
3.7
-.8
3.0

13.8
35.7
-17.5
-1.7
-2.7

-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
ft
6.0

-5.2
-7.9
-.1
.7
2.0

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

-112.4
-105.5
-1.3

-60.9
-92.4
21.8

«

M

.9

-58.8
-99.3
15.5
-.1
.2

.2

-.6

-73.6
-43.4
-24.8
-.4
-.7

-80.5
-33.9
-4.3
ft
.5

-123.1
-121.6
-2.9
.2

-76.5
-92.4
5.8
.4

-169.3
-174.1
-3.7
-.4

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

10.1
3.6
-19.6
23.0
3.1

-29.6
-2.4
-48.7
19.1
2.4

22.6
5.5
5.9
9.6
1.6

-15.3
4.8
-40.7
17.7
2.9

13.2
12.3
-18.4
16.7
2.6

26.0
.7
-14.0
36.0
3.4

16.4
-3.5
-5.3
21.8
3.5

Insurance
Life Insurance cos.
Private pension funds
St.ftloc. 9ovt. 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

-15.7
-.1

34.6
5.3

-4.6
—22.3

-29.5
1.9

-14.6
2.7

-14.2
-2.0

-4.6
-2.8

Mutual funds
Brokers and dealers

26
27

V

Other sectors
Nonfin. corporate business
Foreisn (1)
Commercial bankins
Other insurance companies
REITs
Brokers and dealers

11
12
13
14
15

Other corporate equities
Households
Foreign (2)
Commercial banking
Mutual savinss banks

16
17
18
19
20

(1) Net purchases of forelsn issues by U.S. residents.
(2) Net purchases of U.S. issues by forelsn residents.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




10

Mutual fund shares
Households
Nonfin. corp business
Life insurance companies
Private pension funds

MARCH 10, 1989
Mortgages - I

Mortgages - I
Mortgage Markets by Type of Mortgage

4^
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

1
1

1987

III

IV

1
1

1988
I

II

IV

!

III

1979

ANNUAL FLOWS. $ BILLIONS
1981
1982
1980
1983

Total Mortgages

1 Net change in mortgages
2
Home mortgages
3
Multi-family residential
A
Commercial
5
Farm

75.631
56.585
5.106
15.260
-1.320

79,297
55,059
5-102
20.228
-1.092

45,230
29,275
A, 788
12.013
-8A6

78.A07
63,764
1,411
13,474
-2A2

7A.037
55,289
2,573
16,773
-598

69,325
48,103
6,282
15.599
-659

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

75.631
-3
59

79,297
-1
193

A5.230
-35

78,407
1
2

74,037
-2
"2

69,325
-A
-5A

16A.8
-.1
M

132.7
-.1
K

109.1
-.1
M

88.2
-.1
.1

187.8
-.1
K

6
7
8

75,575
5A.011
575
20.989
-1.320
18.000
A.309

79,105
56,207
572
22,326
-1,092
20,000
3.A18

45,265
36.279
569
8,417
-8A6
14,000
-A,737

78,404
57,706
566
20,132
-2A2
12.500
7,874

74,041
53,005
563
20,473
-598
18,000
3,071

69,383
48,713
560
20,110
-659
13,813
6,956

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

75,631
-2.0A5
832
97A

79,297
-A,038
832
1.A2A

45,230
-2,071
832
1,339

78^07
-A.712
832
677

74,037
-2,712
832
255

69,325
-1,507
832
260

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

-5.25A
260
A0.083

303
898
25,353

101
A, 087
13,774

-688
3,253
21.97A

-916
-531
28,757

A9A
28
26,646

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
SSL associations (1)
Mutual savings banks
Credit unions

AO.781
20.1A1
20,543
12.5A2
5.099
2.902

5A.525
23,603
23-989
16,259
5,195
2,535

27,168
13,317
12,830
7,019
3,712
2,099

57,071
23,915
19.3A8
16.071
1.512
1,775

48,352
20,752
26-941
17,850
5,453
3,638

42,572
16,323
17,259
10,280
4,476
2.503

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
55.5
A7.1
3.6
2.8

23
2A
25
26
27
28

3.A86
3,881
-688
180
113
-3,723
33A

7.AA6
8,112
-706
-77
117
-1,003
A90

2,673
2,440
133
117
-17
-1,954
302

6,041
6.055
-13A
189
-69
7,727
A0

A,669
A,757
38
-51
-75
-A,552
5A2

8,129
8,187
72
-A0
-90
988
-127

1A.0
12.3
.A
1.0
.3
5.8
-1.0

1A.7
12.7
.4
1.3
.3
1.9
-.7

9.0
6.7
.3
1.6
.4
3.2
-1.1

7.0
A.2
1.3
1.3
.3
A.l
K

11.3
9.0
.7
.9
.7
2.7
.1

29
30
31
32
33
3A
35

5,329

6,727

11,219

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
5,755 12,968 -3,552
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

56,585
54,011
1,287
1.287

55,059
56,207
-57A
-57A

29,275
36,279
-3,502
-3,502

63,764
57,706
3,029
3,029

55,289
53.005
1,142
1,1A2

A8.103
48,713
-305
-305

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 in assets
6
Households
7
Nonfarm noncorp. business
8
State and local governments

56,585
-A,126
125
28A

55,059
-A,532
125
1,027

29,275
-2.21A
125
939

63,764
-A,875
125
18A

55,289
-3,329
125
1

48,103
-2,158
125
1A1

116.6
8.0
.7
A.7

95.3
15.0
.4
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

-3.1A5
1,233
39,081
9,486

163
1,578
24,837
11,613

67
A.AA8
12,436
A,996

18
3.428
21,183
14,668

-85
-32A
27,249
10,693

298
125
25.039
7,779

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

17,358
11,999
2,457
2,902

20,699
15,375
2-789
2,535

9,798
5,625
2,074
2,099

20.88A
17,024
2,085
1.775

25,100
17.838
3.62A
3.638

15,189
9,629
3,057
2,503

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

-30
-3
-221
19A

387
A8A
-199
102

5A8
A27
15
106

531
519
-13
25

5A9
7A5
-23
-173

AA7
44*
12
-9

2.3
1.7
.3
.3

2.5
1.8
.2
.4

-.A
-.7
.1
.3

.5
-.5
.9
.1

-2.8
-l.A
-l.A
K

17
18
19
20

21
22

Finance companies
REITs

-3.67A
-7

-862
2A

-1,880
12

7,613
5

-A,717
27

1.124
-6

5.1
-.2

1.6
-.1

3.2
-.1

A.l
«

(1) 1-A family
LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




.7 9
9.A 10
65.2 11
8.7 12

2.7 21
B 22

MARCH 10, 1989
Mortgages - 1

Mortgages - I

Mortgage Markets by Type of Mortgage
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

198A

ANNUAL FLONS, $ BILLIONS
1986
1985
1987

1988

I
1

1987

III

I
1

IV

II

I

1988

IV

III

Total Mortgages
1
2
3
A
5

223.1
136.7
25.2
62.A
-1.2

2A2.2
156.8
29.7
62.3
-6.6

308.6
210.9
33.5
73.7
-9.5

312.0
221.7
2A.5
72.2
-6.A

267.0
196.A
15.1
57.9
-2.3

295.1
212.1
23.3
6A.A
-A. 7

301.6
206.9
16.1
80.A
-1.9

22A.8
162.A
23.5
AA.9
-6.0

29A.8
2A0.3
2.6
53.5
-1.7

290.1
206.5
13.5
71.8
-1.6

258.3 Net change in mortgages
Home mortgages
176.6
Multi-family residential
20.5
Commercial
61.3
Farm
-.1

1
2
3
A
5

6
7
8

223.1
-.1
.A

2A2.2
-.1
.1

308.6

312.0

267.0

295.1

301.6

K

M

290.1

.A

-.1

.2

.8

22A.8
-.1

29A.8

.1

258.3 Borrowings by:
a
U.S. government
-.2
REITs

6
7
8

9
10
11
12
13
IA
15

222.8
13A.7
2.5
85.6
-1.2
8A.2
2.7

2A2.2
153.3
2.A
86.5
-6.6
103.0
-9.9

308.6
207.0
2.A
99.2
-9.5
80.3
28.A

311.6
219.7
2.3
89.6
-6.A
80.0
16.0

267.1
195.7
2.3
69.1
-2.3
58.3
13.2

29A.9
211.A
2.3
81.2
-A.7
72.0
13.9

300.8
205.1
2.3
93.5
-1.9
80.0
15.3

225.0
163.0
2.3
59.7
-6.0
56.0
9.7

29A.8
2A0.6
2.3
51.9
-1.7
50.0
3.6

290.1
207.1
2.3
80.8
-1.6
72.0
10.A

258.5
172.6
2.2
83.7
-.1
55.3
28.6

16
17
18
19

223.1
1.5
10.0
10.2

2A2.2
3.1
A.7
9.8

308.6
A.A
3.9
11.8

312.0
-10.A
3.3
8.>7

267.0
-11.0
3.3
2.5

295.1
-A.2
3.3
3.9

301.6
-9.8
3.3
5.7

22A.8
-15.9
3.3
5.A

29A.8
-21.8
3.3
2.7

290.1
-6.2
3.3
1.0

258.3 Funds advanced by:
Households
-.1
Nonfarm noncorp. business
3.3
St.&loc. govt. gen. funds
1.0

20
21
22

.5
12.3
AA.A

1.8
9.2
79.9

.5
-9.7
163.3

-5.3
-5.0
156.A

-1.0
6.8
91.2

-20.5
1.0
153.5

.7
3.6
95.9

.5
16.3
63.A

-2.8
13.0
92.A

-3.A
-2.1
107.8

1.7
.1
100.9

U.S. government
20
Sponsored credit agencies(l) 21
Mortgage pools
22

23
2A
25
26
27
28

1AA.*1
AA.6
86.6
77.5
6.9
2.2

133.7
A9.7
58.5
A7.8
7.6
3.2

13A.A
70.1
25.5
10.1
8.5
6.9

16A.3
86.0
61.6
32.A
19.7
9.5

175.2
7A.3
76.A
51.2
15.1
10.0

158.1
75.9
72.0
Al.l
20.0
10.9

202.2
95.2
9A.0
63.6
19.8
10.6

151.7
59.3
7A.1
A8.9
16.7
8.6

207.9
93.3
67.7
5A.7
5.8
7.3

189.7
78. A
98.1
62.9
21.A
13.8

151.3
66.2
65.5
38.3
16.7
10.5

Private finan. institutions
Commercial banking
Savings Institutions
S&L associations (1)
Mutual savings banks
Credit unions

29
30
31
32
33
3A
35

6.7
5.7
.1
.6
.A
5.A
.8

16.3
15.1
.A
.1
.7
6.8
2.A

23.1
22.0
-.2
.3
.9
15.8
«

17.8
18.5
-1.2
- .2
.6
-2.1
1.0

21.5
21.A
.1
.2
-.3
2.2
.8

19.5
20.5
-2.2
.7
.5
-10.6
1.3

18.A
20.8
-2.6
-.3
.5
-7.3
2.0

19.3
19.1
-.2
.5
-.1
-2.2
1.2

21.9
22.1
-.7
.8
-.3
2A.8
.2

2A.6
2A.3
.8
-.2
-.3
-13.6
2.2

20.2
20.3
.5
-.2
-.A
-.1
-.5

36

15.7

1A.2

19.8

2A.A

19.7

22.2

AA.9

5.A

Home Mortgages

(1)

a

K

«

K
K

«
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
IA
15

16
17
18
19

23
2A
25
26
27
28
29
30
31
32
33
3A
35

10.1
26.6
36.8 (1) Memo: FHLB loans to saving 36
associations (included in "other loans" category).

1
2
3
A

136.7
13A.7
2.0
*

156.8
153.3
3.8
-.3

210.9
207.0
2.0
2.0

221.7
219.7
1.0
1.0

196.A
195.7
.A
.A

212.1
211.A
.3
.3

206.9
205.1
.9
.9

162.A
163.0
-.3
-.3

2A0.3
2A0.6
-.2
-.2

206.5
207.1
-.3
-.3

176.6 Net borrowing
Households
172.6
Nonfarm noncorp. business
2.0
2.0
Nonfin. corporate business

1
2
3
A

5
6
7
8

136.7
A.9
3.3
5.A

156.8
3.8
.6
5.9

210.9
2.8
2.2
3.9

221.7
-15.3
.5
1.2

196.A
-12.6
.5
1.3

212.1
-11.5
.5
1.1

206.9
-23.A
.5
A.l

162.A
-1.1
.5
3.8

2A0.3
-25.5
.5
.7

206.5
-8.6
.5
H

176.6 Net change in assets
Households
-15.0
Nonfarm noncorp. business
.5
State and local governments
.6

5
6
7
8

9
10
11
12

.6
11.2
A3.A
12.9

.9
11.7
78.6
17.3

-.7
-3.A
158.3
20.0

-3.3
.1
151.9
36.9

.3
7.7
85.9
38.1

-12.6
A.7
1A9.7
32.8

.7
5.8
93.3
A7.1

.3
18.5
58.2
26.6

.1
13.8
89.A
56.6

-.3
-1.6
101.9
37.2

9A.1
32.1

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

9
10
11
12

13
IA
15
16

50.9
A5.A
3.3
2.2

33.7
26.1
A.A
3.2

12.9
-.2
6.1
6.9

51.7
30.1
12.0
9.5

71.0
50.1
10.8
10.0

58.2
37.5
9.8
10.9

8A.A
62.7
11.2
10.6

5A.9
38.1
8.3
8.6

77.9
62.3
8.3
7.3

89.6
61.3
1A.5
13.8

61.5
38.8
12.2
10.5

Savings institutions
Savings and loan assns.
Mutual savings banks
Credit unions

13
IA
15
16

17
18
19
20

-.7
-1.2
.6
-.1

-2.1
-1.7
-.3
-.1

M

.A

2.1
2.1
-.1

-.A
-.3
-.9
.8

1.1
1.5
-.8
.A

2.6
2.1
.1
.A

2.A
2.A
-.1
.1

1.9
2.7
-.1
-.7

1.3
1.3

-'.6

-.7
.A
-l.A
.3

Insurance
Life insurance companies
Private pension funds
St.&loc. govt. rtr. funds

17
18
19
20

21
22

A.6

6.5
.1

1A.9

-1.2

2.1

-10.A
ft

-6.7
.1

-1.9

2A.3

-1A.3
.1

.5

Finance companies
REITs

21
22

«

H

H

K

K

M

H

1.2
M

a
K

a

(1) 1—A family

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




MARCH 10, 1989
Mortgages - II

Mortgages - II

48

Mortgage Markets (Continued)

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1
1

1987

III

IV

i1
11

1988
I

II

III

IV

1
1

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

1979

Multi -Family Residential Mortgages

1 Net borrowing
2
Nonfarm noncorp, business
Nonfin. corporate business
3
4
REITs
U.S. government
5

5,106
4.915
175
19
-3

5,102
4,805
234
64
-1

4,788
4,505
295
-12

6 Net change In assets
7
Households
Nonfarm noncorp, business
8
9
State and local governments

5.106
-83
200
515

5,102
376
200
133

1,411
1,212
197
1
1

2,573
2,299
277
-1
-2

6,282
6,088
216
-18
-4

9.9
7.6
2.4
ft
-.1

7.5
6.6
1.0
ft
-.1

4.7
6.1
-1.2
»
-.1

5.3
12.1
-6.6
k

k

-.1

-.1

1
2
3
4
5

4,788
153
200
209

1,411
-90
200
201

2.573
100
200
215

6.282
388
200
102

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

14.0
17.3
-3.2

10
11
12
13

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

47
-123
1.004
1,309

266
72
520
1,114

96
171
1,350
432

-236
313
798
456

256
247
1,509
-329

257
327
1,608
860

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

1,974
604
1,370

1,965
580
1.385

1,906
1,198
708

-719
-532
-187

34
32
2

2,081
1,521
560

2.1
1.5
.6

a
.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

305
78
-78

556
-118
-114

199
31
-57

298
33
-31

118
-107
-40

542
13
-14

.2
»
.6

.3
-.2
.5

-.2

-.4

.6

.3 17
» 18
.6 19

20
21

Finance companies
REITs

-161
119

-15
147

94
4

90
98

207
163

-44
-38

.3
-.2

.2
-.3

-.1
-.3

.1
»

-.4 20
.1 21

22.2
2.3
12.6
7.3

25.3
2.6
46.4
-23.8
.1

x
.9

k

Commercial Mortgages

1 Net borrowing
2
Households
3
Nonfarm noncorp, business
4
Nonfin. corporate business
5
REITs

15,260
575
11,798
2,847
40

20,228
572
15,769
3,758
129

12,013
569
12,997
-1,530
-23

13.474
566
8,259
4,648
1

16,773
563
14,559
1,652
-1

15,599
560
8,030
7,045
-36

24.4
1.5
35.2
-12.3
k

19.2
1.9
34.2
-16.9
»

6 Net change in assets
7
Households
8
Nonfarm noncorp, business
9
State and local governments
10
U.S. government
11
Commercial banking

15,260
2,470
500
189
-1,961
9,032

20,228
434
500
256
11
10,588

12,013
153
500
192
37
7,697

13,474
364
500
296
-352
8,238

16,773
595
500
40
-988
10.174

15,599
395
500
17
43
7,464

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

k

51.0
2.5
41.7
6.8
«

1
2
3
4
5

25.3
-.9
1.5 ‘
.9
.7
11.8

51.0 6
.4 7
1.8 8
.4 9
.4 10
17.7 11

12
13
14

Savings institutions
Savings and loan assns.
Mutual savings banks

1,211
-61
1.272

1,325
304
1.021

1,126
196
930

-817
-421
-396

1.807
-20
1,827

-11
-870
859

3.3
3.1
.2

1.6
1.5
m

1.9
2.4
-.6

4.9
4.9
ft

16.6 12
16.1 13
.5 14

15
16
17
18

Life insurance companies
Private pension funds
St.&local govt. rtr. funds
Other insurance companies

3.853
-545
64
113

7,258
-389
-65
117

2,052
87
68
-17

5,312
-154
195
-69

4,080
168
162
-75

7,426
47
-17
-90

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

112
222

-126
319

-168
286

24
-63

-42
352

-92
-83

.5
-.5

.1
-.4

.2
-.6

-.1
-.1

15
16
17
18

.4 19
» 20

Farm Mortgages

1 Net borrowing

-1.320

-1,092

-846

-242

-598

-659

14.0

10.7

9.7

4.1

2.4

1

2 Net change in assets
3
Households
4
Nonfarm noncorp, business
5
State and local governments

-1,320
-306
7
-14

-1,092
-316
7
8

-846
-163
7
-1

-242
-111
7
-4

-598
-78
7
-1

-659
-132
7
-

14.0
4.6

10.7
1.7

4.1

»

k

.1

2.4
.2
-.1

.2

.3

9.7
1.4
.1
.1

k

k

2
3
4
5

2.3
5.1
.1

1.8
6.4
_ o

.6
7.7
-.1

.5
3.9
-.2

.4
1.1
«

6
7
8

k

-.2
.1
-

H
«
-.3
-

1.0 9
10
-.1 11
ft 12

6
7
8
9
10
11
12

U.S. government
Sponsored credit agencies
Mortgage pools

-195
-850
-2

-137
-752
-4

-99
-532
-12

-118
-488
-7

-99
-454
-1

-104
-424
-1

Commercial banks
Mutual savings banks
Life insurance companies
St.&local govt. rtr. funds

314
-274
-

288
-186
-

192
-238
-

553
-74
-

214
-186
-

220
-225
-

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




.1
k

m

1.6

.8

«

k

k

MARCH 10. 1989
Mortgages - II

Mortgages - II

Mortgage Markets (Continued)

49
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1984

ANNUAL FLOMS. $ BILLIONS
1985
1986
1987

1988

I
1

III

1987

I
1

IV

1988

I

II

13.5
12.4
1.1
«
«

20.5 Net borrowing
Nonfarm noncorp, business
19.7
.9
Nonfin. corporate business
REITs
-.1
h
U.S. government

1
2
3
4
5

20.5 Net change ln assets
Households
-1.9
.8
Nonfarm noncorp, business
.4
State and local governments

6
7
8
9

IV

III

Multi-Family Residential Mortgages

1
2
3
4
5

25.2
27.0
-1.8
.1
-.1

29.7
33.9
-4.1
a
-.1

33.5
33.0
.5
«
ft

24.5
23.6
.7
.1
«

15.1
14.1
1.0
«
«

23.3
22.6
.7
.1
a

16.1
14.9
.9
.3
■

23.5
22.4
1.2
-

2.6
1.9
.8
«
«

6
7
8
9

25.2
.4
2.0
4.5

29.7
2.6
.7
3.2

33.5
2.5
1.0
7.0

24.5
3.2
.8
7.0

15.1
.6
.8
.7

23.3
1.3
.8
2.1

16.1
-1.5
.8
.5

23.5
4.4
.8
.8

2.6
-2.8
.8
.8

13.5
2.5
.8
.9

10
11
12
13

-.7
.9
1.1
2.1

n

1.9
1.5
3.1

.7
.3
5.1
7.4

.4
-.3
4.5
4.1

.4
1.1
5.3
1.4

.7
-.5
4.0
5.2

.6
.3
2.1
4.5

.5
.7
5.4
1.7

-1.0
1.3
3.2
1.8

1.3
1.0
6.0
-1.3

.7
1.3
6.4
3.4

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

10
11
12
13

14
15
16

14.4
13.7
.7

14.5
13.1
1.3

7.3
5.8
1.5

4.8
2.7
2.2

3.3
2.2
1.1

7.9
2.4
5.5

7.9
2.3
5.5

7.6
4.8
2.8

-2.9
-2.1
-.7

.1
.1
■

8.3
6.1
2.2

Savings institutions
Savings and loan assns.
Mutual savings banks

14
15
16

17
18
19

-.2
.2
.1

1.0
.7
«

1.1
.4

1.6
-.5
-•<

1.2

-.1

2.0
.3
-.3

1.4
-.5
-.5

1.3
.1
-.2

.7
.1
-.1

1.3
-.4
-.2

1.3
.1
-.1

Life Insurance companies
Private pension funds
St.&local govt. rtr. funds

17
18
19

20
21

ft
.4

.2
.4

.7
«

.3
.2

-.6
.5

-.1
.6

.4

.4
.4

.8
.7

-.2
-.2

Finance companies
REITs

20
21

k

-1.0
.3

m

m

__ _______ _________ _______ ________ ___________ ___________________ _________________
Commercial Mortgages

1
2
3
4
5

62.4
2.5
55.2
4.5
.3

62.3
2.4
65.3
-5.5

6
7
8
9
10
11

62.4
-.9
4.4
.3

________

73.7
2.4
45.3
26.0
.1

72.2
2.3
55.4
14.3
.3

57.9
2.3
43.8
11.8
-.1

64.4
2.3
49.1
12.8
.2

80.4
2.3
64.1
13.5
.5

44.9
2.3
33.9
8.8
-.1

53.5
2.3
48.3
2.9
«

71.8
2.3
59.9
9.6

28.8

62.3
-.1
3.4
.7
.3
28.1

73.7
2.9
.7
.7
.2
41.3

72.2
3.5
2.0
.6
-1.8
43.3

57.9
1.5
2.0
.5
-1.3
33.6

64.4
6.9
2.0
.8
-7.8
36.4

80.4
15.3
2.0
1.0
«
42.2

44.9
-16.3
2.0
.8
.1
30.3

53.5
6.2
2.0
1.2
-1.4
33.1

71.8
-.2
2.0
.2
-4.0
41.5

12
13
14

21.3
18.3
2.9

10.3
8.6
1.7

5.3
4.5
.8

5.1
-.4
5.5

2.1
-1.1
3.2

5.9
1.2
4.7

1.7
-1.4
3.1

11.6
6.0
5.5

-7.3
-5.5
-1.8

8.4
1.5
6.9

-4.2
-6.5
2.3

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

18.9
.1
.4
-.3

19.9
-1.7
.3
.5

18.5
-1.4
-.3
.5

16.1
-.3
.3
-.1

20.1
-.8
.8
-.3

21.0
1.3
.6
-.3

18.3
.4
-.1
-.4

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

-.3
.5

.4
.9

-.5
1.3

-.7
1.1

.1
-.3

-.2
1.4

-.4
-.3

Finance companies
REITs

19
20

k

m

m

m

61.3 Net borrowing
Households
2.2
33.5
Nonfarm noncorp, business
25.7
Nonfin. corporate business
REITs
-.1

1
2
3
4
5

61.3 Net change ln assets
Households
16.3
Nonfarm noncorp, business
2.0
State and local governments
.1
.2
U.S. government
Commercial banking
29.5

6
7
8
9
10
11

Farm Mortgages
1

-1.2

-6.6

-9.5

-6.4

-2.3

-4.7

-1.9

-6.0

-1.7

-1.6

-.1 Net borrowing

1

2
3
4
5

-1.2
-2.9
.3
*

-6.6
-3.2

-9.5
-3.8

k

m

«

-2.3
-.5
*
»

-4.7
-.9
«
-.1

-1.9
-.3
«

.2

-6.4
-1.7
*
«

m

-6.0
-2.8
ft
»

-1.7
.3
ft
«

-1.6
.1
»
«

-.1 Net change ln assets
Households
.5
•
Non'arm noncorp, business
State and local governments
-

2
3
4
5

6
7
8

.5
.3
k

.6
-4.5
-.2

.3
-6.5
-.2

-.5
-4.8
«

-.4
-1.9
*

-.8
-3.1
-.2

-.5
-2.5
.4

-.4
-2.9
-.2

-.5
-2.1
-.2

-.4
-1.5
-.1

-.4
-1.2
.4

9
10
11
12

.9
«
-.3
-

1.2
.1
-.6
-

1.4
«
-.9
-

1.7
ft
-1.0
-

1.2
-.7
-

1.4
-1.1
-

1.5
-.6
-

.7
-.4
-

1.8
-1.0
-

1.0
-.7
-

1.2
-.7
-

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




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

MARCH 10- 1989
Consumer Credit and Bank Loans N.E.C

50

Consumer Credit and Bank Loans N.E.C
Consumer Credit and Bank Loans Not Elsewhere Classified
UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

I
1

1987
IV

III

I
1

1988
I

II

III

IV

I
1

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Consumer Credit

1 Net change ln liabilities (HH)
Installment credit
2
3
Noninstallment credit

22,210
22,610
-AOO

16,071
15,851
220

-A,723
-2.003
-2,720

17,362
19,573
-2,211

16.15A
17.15A
-1,000

20.A72
20,937
-A65

AO.5
35.6
A.9

2.6
1.7
.9

16.9
13.5
3.A

16.A
1A.8
1.6

A9.0
AA.l
A.9

A Net change in assets
5
Installment credit
Nonfarm noncorp. business
6
7
Nonfin. corporate business
8
Commercial banking
9
Savings and loan assns.
10
Mutual savings banks
Credit unions
11
12
Finance companies

22,210
22,610
25
A61
10,069
1,533
270
3,198
7.05A

16,071
15,851
386
1.9A7
7,177
1,835
32A
965
3.217

-A,723
-2,003
-262
-1.6AA
2,506
395
70
-399
-2,669

17.362
19.573
7
256
10,592
2,721
285
2,825
2,887

16.15A
17.15A
10
20A
12,039
613
9A
1,862
2,332

20,A72
20,937
288
2,379
1A.325
1.67A
-1,250
797
2,72A

AO.5
35.6

2.6
1.7
-.1

16.A
1A.8
.1

.5
18.2
1.0
.3
2.2
13.A

-7.2
3.5
.9
-2.5
7.1

16.9
13.5
.2
.9
.6
.A
.1
1.9
9.A

A9.0 A
AA.l 5
.3 6
2.0 7
19.5 8
A.l
9
1.0 10
6.2 11
11.0 12

-AOO
83
330
-567
-78
-168

220
158
632
-329
-52
-190

-2,720
-156
— 62 c>
-1.6A9
12A
-A16

-2,211
-19
-75
-2,072
-8
-37

-1,000
3A
137
-933
-23A
-A

-A65
526
2,105
-2,828
392
-660

A.9
.2
.6
1.7
2.7
-.3

.9
.1
.3
1.0
-1.0
.5

3.A
-.1
-.6
3.A
.1
.6

13
IA
15
16
17
18

Noninstallment credit
Nonfarm noncorp. business
Nonfin. corporate business
Commercial banking
Savings and loan assns.
Mutual savings banks

M

K

A.9
2.2
.6
1.3
5.8

1
2
3

«

A.9
.3
l.A
3.2
1.7
-1.9

13
IA
15
16
17
18

1.6

K

-.1
1.9
-.3

Bank Loans Not Elsewhere Classified

Total loans by commercial
banking, Flow of Funds basis
1

36,606

A5.353

17,293

52,617

31,99A

A2.379

103.9

61.1

83.9

69.8

81.9

1

2O,1A1
9.502
3,282
-507
A, 188

23,603
6,8A8
-6,A17
3,792
17,527

13,317
857
A, 255
-3,181
2,0A5

23-915
8,520
-2,768
-212
23,162

20,752
11,106
-37A
1,136
-626

16,323
11,A97
3,37A
208
10,977

30.6
19.9
-.9
2.2
52.1

17.5
—■ 6 • 2
.8
1.8
A7.2

21.6
A.O
5.3
.8
52.3

16.0
6.7
*
.3
A6.7

29.2
22^7
2.A
.8
26.7

3
A
5
6

1,076
-210
3,322

10,818
310
6,399

A27
822
796

1A.526
-392
9,028

751
230
-1,607

3,A36
86
7,A55

38.6
.3
13.2

32.2
-.5
15.5

A6.1
.3
5.8

A7.6
-1.0
.2

27.5
-.A
-.A

7
8
9

10 * Loans by F.R. banks
11 = Total bank loans n.e.c.

A, 188

17,527

2.0A5

23.162

-626

10,977

52.1

A7.2

52.3

A6.7

10
26.7 11

12 Net change in liabilities
13
Nonfinancial sectors
IA
Households
Farm business
15
16
Nonfarm noncorp. business
17
Corporate business

A, 188
2-070
851
2A6
1,5A3
681

17.527
18.93A
3,713
-1,589
3,962
13,728

2.0A5
11,133
-3,666
-9A7
930
15.32A

23,162
20,509
1,881
2,187
3.9A3
12,898

-626
800
-882
A82
1,137
-208

10,977
9,278
-1,535
70
2,0A8
8,838

52.1
51.6
2.6
2.8
13.2
29.9

A7.2
A8.3
5.3
.5
6.5
2A.2

52.3
51.1
6.0
l.A
1A.2
26.5

A6.7
AA.9
2.6
3.2
2.5
A2.1

26.7
26.8
3.6
2.8
7.5
9.2

12
13
IA
15
16
17

-5.5

Loans elsewhere classified:
O
Mortgages
3
Consumer credit
A
Security credit
Open-market paper
5
6 s Banking sector total bank
loans n.e.c.
7
U.S. chartered banks
8
Domestic affiliates
9
Foreign banking off. in US

18
19
20
21

Foreign
Official institutions
Banks
Other

-1,251
-61
-798
-392

-880
-650
-520
290

-508
-312
-69
-127

-AOO
-38 A
292
-308

271
60A
2A
-357

-1A3
280
7A
-A97

3.1
2.1
-A.l
5.0

11.8
A.5
A.7
2.6

3.0
.8
-A.5
6.7

.7
-6.2

3.6
3.0
-.9
1.5

18
19
20
21

22
23
2A
25

Financial sectors
Savings and loan assns.
Finance companies
REITs

2.118
1.785
-71
AOA

-1.A07
1,733
-3.03A
-106

-9,088
-16
-9,176
10A

2,653
2,811
-A70
312

-1.A26
A, 008
-5,030
-AOA

1,699
779
-370
1.290

.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
-A. 9
-.2

22
23
2A
25

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




HARCH 10> 1989
Consumer Credit and Bank Loans N.E.C

Consumer Credit and Bank Loans N.E.C,
51

Consumer Credit and Bank Loans Not Elsewhere Classified

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
I

ANNUAL FLOWS. $ BILLIONS

1984

1985

1986

1987

1988

I

III

1987

IV

I
I

II

1988

III

IV

Consumer Credit
1
2
3

81.6
75.0
6.6

82.5
77.0
5.5

54.4
54.9
-.5

40.7
42.3
-1.6

49.3
55.7
-6.4

61.4
63.5
-2.1

49.4
50.8
-1.5

34.8
43.2
-8.4

59.5
68.0
-8.6

34.9
39.3
-4.4

67.9 Net change in liabilities (HH)
Installment credit
72.1
Noninstallment credit
-4.2

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

54.4
54.9
.1
-1.1
20.9
6.3
1.1
4.4
23.2

40.7
42.3
.1
1.6
19.9
6.1
1.1
5.0
8.5

49.3
55.7
M
1.2
39.5
5.4
-.8
5.1
5.3

61.4
63.5
.3
-3.3
31.5
8.0
1.4
9.4
16.2

49.4
50.8
.4
6.5
20.7
6.5
1.1
3.4
12.3

34.8
43.2
N
-8.3
33.7
3.8
.8
4.4
8.9

59.5
68.0
9.0
35.8
7.7
.6
9.6
5.4

34.9
39.3
.2
-3.8
38.9
4.4
.7
3.7
-4.7

4
67.9 Net change in assets
5
Installment credit
72.1
H
Nonfarm noncorp. business
6
Nonfin. corporate business 7
7.9
8
Commercial banking
49.5
9
Savings and loan assns.
5.7
10
Mutual savings banks
-5.2
11
Credit unions
2.6
12
Finance companies
11.5

13
14
15
16
17
18

6.6
.2
.7
5.6
-1.5
1.7

5.5
.2
.8
4.0
-.2
.7

-.5
.3
1.2
-.5
-.6
-.8

-1.6
.2
1.0
-1.6
-.5
-.8

-6.4
.4
1.5
-7.5
.3
-1.1

-2.1
.3
1.3
-2.3
-2.1
.6

-1.5
.3
1.3
-1.3

-8.4
-.2
-.9
-6.6
1.0
-1.7

-8.6
-.1
-.6
-8.3
.4
K

-4.4
.1
.5
-3.7
-2.6
1.3

-4.2
1.8
7.2
-11.3
2.2
-4.1

Noninstallment credit
Nonfarm noncorp. business
Nonfin. corporate business
Commercial banking
Savings and loan assns.
Mutual savings banks

13
14
15
16
17
18

185.4

125.5

148.9

Total loans by commercial
banking. Flow of Funds basis

1

-2.1

1
2
3

Bank Loans Not Elsewhere Classified

1

155.3

134.0

156.1

102.9

144.3

144.9

155.6

117.4

Loans elsewhere classified:
66.2
Mortgages
Consumer credit
38.2
Security credit
1.8
-4.6
Open-market paper
47.4 c Banking sector total bank
loans n.e.c.
U.S. chartered banks
31.7
Domestic affiliates
.3
Foreign banking off. in US
15.3

2
3
4
5
6

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
20.4
-5.8
-.9
72.3

86.0
18.3
-5.3
2.0
1.9

74.3
32.0
4.5
-2.0
35.6

75.9
29.3
15.8
.3
23.6

95.2
19.4
-38.1
10.7
68.5

59.3
27.1
29.2
-8.2
10.0

93.3
27.5
-13.6
-3.0
81.1

78.4
35.1
.6
7.6
3.7

7
8
9

55.4
.1
5.7

28.5
-.6
10.5

50.7
-.3
21.9

-16.5
.6
17.8

19.1
.7
15.7

11.7
-.8
12.8

55.1
1.2
12.1

-9.6
3.3
16.3

45.6
-1.6
37.1

8.8
.9
-6.1

10
11

61.1

38.3

72.3

1.9

35.6

23.6

68.5

10.0

81.1

3.7

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

72.3
68.3
14.0
-4.3
11.7
47.9

1.9
5.2
-4.3
-2.2
10.7
4.6

35.6
41.7
-4.2
1.8
8.1
36.9

23.6
17.3
5.0
-.4
6.2
10.3

68.5
79.2
6.8
-.4
15.8
63.0

10.0
36.8
-.2
-.5
3.7
33.1

81.1
72.5
-.4
.8
15.8
59.8

3.7
12.3
-2.3
.4
4.5
6.8

18
19
20
21

-6.6
-.9
-3.1
-2.6

-2.8
-1.4
-1.3
-.1

-1.0
»
1.0
-2.1

-3.6
-.9
-2.8
.1

-.8
.2
.3
-1.3

-3.7
-.2
-1.5
-2.0

-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

-3.2
1.1
-1.7
-2.6

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

4.0
6.4
-2.6
.3

-3.3
7.6
-10.4
-.4

-6.2
7.6
-15.0
1.3

6.3
17.4
-12.7
1.6

-10.7
6.0
-16.3
-.4

-26.8
.5
-27.7
.4

8.7
.1
7.3
1.2

-8.6
27.8
-34.8
-1.6

2.1
1.9
-5.0
5.2

Financial sectors
Savings and loan assns.
Finance companies
REITs

22
23
24
25

.2

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




♦ Loans by F.R. banks
47.4 s Total bank loans n.e.c.
47.4 Net change in liabilities
Nonfinancial sectors
45.3
Households
-13.9
Farm business
6.4
Nonfarm noncorp. business
8.2
47.7
Corporate business

7
8
9

10
11
12
13
14
15
16
17

MARCH 10, 1989
Other i_oans

Other Loans
Open-Market Paper and Other Loans

52

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
I
I

1987

III

IV

I
I

1988

I

II

III

IV

I

1979

ANNUAL FLOWS, S BILLIONS
1980
1981
1982
1983

Open-Market Paper
1 Total net issues, all types
Commercial paper
2
3
Nonfinancial corporations
4
Foreign issues in U.S.
5
6
7
8

9

Financial business
Commercial banking
Finance companies
REITs
Bankers acceptances (1)

10 Net purchases, by sector
Households
11
12
Nonfin. corporate business
13
Foreign

6,808
8,920
192
5,023

-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

28,559
26,986
5,061
4,579

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

3,705
-902
4,600
7

-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
17,751
-20

18.0
4.5
13.3
.1

4.8
5.6
-.5
_. £

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

-2,112

3.947

-6.142

1.120

-706

1,573

8.9

8.1

11.7

11.1

5.3

9

7,905
-3,311
2,650 -12,752
1,535 -3,742
1,447
-651

28.612
20,608
-12
704

9,273
■3,975
3,881
1,901

28,559
6,839
2,230
-1,401

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

6,808
-17,336
3,349
-1,058

14
15
16
17
18

Sponsored credit agencies
Monetary authority
Commercial banking (1)
Savings 8 loan associations
Mutual savings banks

-35
-507
-746
1,814

6
3,792
2,209
-1,490

222
—
-3,181
-484
735

-62
-212
3.989
-2,920

—
1,136
-215
424

195
—
208
172
2.289

.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

4,645
6,562
3,715
5,054
1,351

-2,001
-6,309
-3,078
-353
-1,719

1,933
8.694
9.509
7,295
327

2.258
5,289
-5.888
2,039
2,819

4.109
-799
5.366
■2,648
93

-659
7,479
19
11,088
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
a
.1

2.4
1.2
1.2

1
2
3

(11l Excludes banks* holdings of own acceptances.
Other Loans

-

1 S&L assn, loans to business
2 Liab.: Noncorporate business
Nonfin. corp, business
3

275
137
138

-139
-69
-70

872
436
436

702
351
351

452
226
226

518
259
259

4 Finance co. loans to business
5 Liab.: Noncorporate business
6
Nonfin. corp, business

155
77
78

19,317
9,658
9,659

12,329
6,164
6,165

4,536
2.268
2,268

-801
-400
-401

13,389
6,694
6,695

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
10
Nonfarm noncorp. bus.
11
Nonfin. corp, business
12
St.&local governments
13
Foreign
14
Spons. credit agencies

-616
-612
-439
365
503
173
-606
-

-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

3.507
2,557
71
1,873
772
910
-2,676
-

-170
50
-612
-300
-100
200
592

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)
18
Noncorp. business (BC)
19
S&L assns. (FHLB)

6,929
939
-130
565
5,755

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

10,734
611
-812
-284
11,219

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

244
102
142

63
114
-51

-514
128
-642

-136
-259
123

-153
-195
42

-471
-487
16

4.7
*
4.7

6.7
.1
6.6

7.4
.1
7.3

4.2
4.3

1.1 20
M 21
1.1 *-*■

-792
1,534
-2,326

2.445
1,116
1,329

-6,538
-2,314
-4,224

1,657
1,509
148

-303
618
-921

-2,309
280
-2.589

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

463

-2,803

8,535

-349

6,000

4,000

2.0

1.3

8.9

2.5

2.7 26

20 Policy loans (HH liability)
21 Asset:
U.S. government
22
Life insurance cos.
Cust. liab. on acceptances
23
outstanding ibank asset)
24 Liab: Nonfin. corp, business
Foreign
25
Foreign loans to US nonbanks
26 Liab.:
Nonfin. corp, business

LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




-

-

-

M

K

MARCH 10. 1989
Other Loans

Other Loans

53

Open-Market Paper and Other Loans

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

198A

ANNUAL FLOWS. $ BILLIONS
1986
1987
1985

1988

I
1

1987

III

IV

I
1

I

II

1988

IV

III

Open-Market Paper
13A.7 Total net issues* all types
Commercial paper
128.3
Nonfinancial corporations
35.1
Foreign Issues ln U.S.
20.0

1
2
3
A

2

3
A

52.0
A8.S
21.7
6.2

52.8
62.1
1A.6
6.2

26.A
32.2
-9.3
11.5

33.2
26.8
2.3
2.1

7A.3
78.5
11.6
9.6

36.9
50.0
1.0
21.6

6.7
-7.7
3.9
-2.5

22.3
AA.3
-3.8
1.5

92.5
85.0
A.O
6.A

A8.0
56.A
11.1
10.7

5
6
7
8

20.A
6.3
13.9
.2

A1.3
2.1
39.1
.1

30.1
1.2
28.5
.3

22.A
1.5
20.5
.A

57.3
-.2
57.5

27.A
A.7
22.7

A6.6
-7.6
5A.0
.1

7A.7
6.5
68.3

a

-9.0
-20.A
10.8
.6

a

3A.5
3.2
31.A
-.1

3.7

-9.A

-5.9

6.A

-13.1

1A.A

-22.0

7.A

-8. A

10
11
12
13

52.0
-5.A
9.A
1.2

52.8
39.1
6.5
-.2

26.A
-11.6
8.6
1.1

33.2
6.1
1.7
.3

7A.3
10.7
2.A
.6

36.9
-2A.9
1.6
-A.2

6.7
-8.8
1.3
5.8

22.3
-70.A
1.7
-2.6

92.5
77.2
.2
2.8

A8.0
30.7
A.6
7.6

1A
15
16
17
18

-.1
-l.A
2.A
.3

-.6
-2.5
A.l
3.0

M
-.9
6.9
3.8

K
2.0
-2.6
.6

.A
-2.0
3.5
.5

-.2
.3
-3.9
6.2

.1
10.7
3.A
-3.6

.9
-8.2
-A.l
7.7

-.2
-3.0
25.2
-18.3

-.2
—
7.6
-1.6
.8

.9
-A.6
-5.6
11.9

Sponsored credit agencies
Monetary authority
Commercial banking (1)
Savings t loan associations
Mutual savings banks

1A
15
16
17
18

19
20
21
22
23

1.9
3.8
2.A
31.8
5.7

-.6
7.8
-2.3
1.2
-2.8

2.8
6.2
5.3
6.2
-2.0

2.A
1A.9
3.2
6.0
-l.A

7.6
20.7
9.0
17.8
3.3

12.3
17.5
12.1
15.2
A.9

1.0
-10.6
-2.1
13.A
-3.8

3.5
30.A
38.3
22.A
2.7

11.1
18.8
-32.6
5.A
5.9

9.8
-13.1
18.8
-17.2
.1

6.1
A6.5
11.5
60.5
A.7

Life Insurance companies
Private pension funds
Mutual funds
Money market funds
Brokers and dealers

19
20
21
22
23

1

9

«

-A.2

73.3
-2.9
76.3
-.1
6.3

Financial business
Commercial banking
Finance companies
REITs

Bankers acceptances (1)

ISA.7 Net purchases* by sector
Households
5.3
Nonfin. corporate business
3.0
Foreign
-5.6

5
6
7
8
9
10
11
12
13

(1) Excludes banks* holdings of own acceptances.

Other Loans
1
2
3

8.7
A.3
A.3

5.6
2.8
2.8

6.7
3.3
3.3

-.2
-.1
-.1

2.5
1.3
1.3

2.1
1.0
1.1

-2.6
-1.3
-1.3

5.5
2.7
2.7

2.1
1.0
1.1

2.8
l.A
l.A

-.1 S&L assn, loans to business
-.1 Liab.: Noncorporate business
Nonfin. corp, business
-.1

1
2
3

A
5
6

2A.A
12.2
12.2

19.7
9.8
9.8

15.9
8.0
8.0

3A.2
17.1
17.1

29.5
1A.7
1A.7

32.1
16.1
16.1

A8.1
2A.1
2A.1

A3.8
21.9
21.9

21.2
10.6
10.6

31.2
15.6
15.6

21.6 Finance co. loans to business
10.8 Liab.: Noncorporate business
Nonfin. corp, business
10.8

A
5
6

7
8
9
10
11
12
13
1A

16.7
.6
1.1
2.0
1.2
7.7
A.O

1A.9
6.0
.A
.5
-2.6
8.2
l.A
1.1

9.0
A.A
-.2
.7
1.5
l.A
1.5
-.A

-7.0
-.7
-.A
-.6
.1
-2.A
-2.A
-.8

-2.3
3.A
-1.9
-1.5
-.5
-.5
-l.A
-

-A.O
-2.A
-2.1
1.5
.7
.7
-2.2

-3.8
.2
3.3
-2.8
2.A
-1.8
-5.1
-

-9.8
3.1
-5.2
-2.A
-A.3
-2.8
1.8
-

-18.0
.2
-2.2
-9.8
-2.6
-3.6
-.1
-

12.6
10.2

6.1 U.S. government loans
.2 Liab.: Households
Farm business
-.2
Nonfarm noncorp. bus.
-1.2
3.A
Nonfin. corp, business
.8
St.Slocal governments
Foreign
3.1
Spons. credit agencies
-

7
8
9
10
11
12
13
1A

15
16
17
18
19

16.0
1.9
-1.2
-.A
15.7

11.8
2.5
-3.9
-1.0
1A.2

19.2
2.A
-2.3
-.7
19.8

27.3
3.7
-1.6
.8
2A.A

22.8
2.8
-.9
1.2
19.7

2A.A
3.8
-2.2
.6
22.2

50.3
2.6
2.A
.5
AA.9

7.3
l.A
-A.O
A.A
5.A

15.7
2.9
-.5
3.2
10.1

29.0
A.A
-.6
-1.3
26.6

39.2 Sponsored credit agency loans
2.A Liab.: Households (SLMA)
l.A
Farm business (FICB)
-l.A
Noncorp, business (BC)
36.8
S&L assns. (FHLB)

15
16
17
18
19

20
21
22

.A
■
.A

-.1
H
-.1

-.1
.2
-.3

«
.A
-.A

-1.3
-.8
-.5

1.0
.A
.6

.3
.5
-.2

-2.1
.5
-2.6

-.5
-1.0
.5

-.6
-.8
.2

-1.9 Policy loans (HH liability)
-1.9 Asset: U.S. government
Life insurance cos.
.1

20
21
22

23
2A
25

3.8
2.8
1.0

-9.5
-7^A

-5.6
-.2
-5.A

6.5
5.1
l.A

-7.5
.1
-7.6

-8.8
1.3
-10.1

11.A
5.5
5.9

-25. A
-3.7
-21.7

9.6
A.A
5.1

-8.1
-2.9
-5.1

Cust. liab. on acceptances
-6.1
outstanding (bank asset)
2.6 Liab: Nonfin. corp, business
-8.7
Foreign

23
2A
25

26

13.0

1.5

11.1

1.2

18.2

1.9

-11.2

3A.1

-l.A

2A.0

Foreign loans to US nonbanks
16.0 Liab.: Nonfin. corp, business 26

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




a

7.5
1.7
3.6
-10.A

MARCH 10, 1989
Security Credit, Trade Credit, and Taxes
54

Security Credit, Trade Credit, and Taxes

Security Credit, Trade Credit, and Taxes Payable

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS
1987
I

IV

III

I
I

1988
I

II

III

IV

I
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

Security Credit

1 Net chanse in liabilities
2
Households
3
Foreign

5,536 -28,906
2,771 -18,026
-

2,008
-889

2,762
1.017
-

-509
1.452

6.274
1.988
-

1.3
.2
-

13.9
7.2

2.1
-1.0

5.9
2.8
-

13.6
9.4

1
2
3

4
5
6
7

2,765 -10,880
1,505 -5,790
-899
1,495
-235 -4,191

2.897
2.804
1,135
-1,042

1,745
-3,033
-69
4,847

-1,961
-45
-690
-1.226

4,286
2.391
595
1.300

1.1
-.7
K
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

8 Net chanse in assets
9
Households
10
Commercial banking

5,536 -28.906
-235 -4,191
3,282 -6,417

2,008
-1.042
4,255

2,762
4.847
-2,768

-509
-1,226
-374

6,274
1.300
3.374

1.3
1.8
-.9

13.9
5.9
.8

2.1
-1.5
5.3

5.9
3.1
*

13.6 8
2.7 9
2.4 10

11
12

2,489 -18,298

-1.205

683

1,091

1.600

.3

7.3

-1.7

2.8

8.4 11
12
■

Brokers and dealers
From domestic banks
From fgn bk off in US
Customer credit balances

Brokers and dealers
Foreign

■

■

■

■

■

Trade Credit

1 Net change in liabilities
2
Households
3
Farm business
4
Nonfarm noncorp. business
5
6
7
8
9

Nonfin. corporate business
State and local governments
Foreign
U.S. sovernment
Brokers ano dealers

12,193
739
155
864

15,945 -18,548
762
785
205
181
807
752

-1,696
808
231
696

8,735
831
256
640

19,793
854
281
584

64.8
1.7
1.2
6.2

54.6
2.5
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

5,908
471
1,231
2,143
682

17,938 -21.728
490
545
-1,034
1,621
-950
-2,453
-801
277

-3,388
589
-1,427
-1,034
1,829

5,744
563
3,500
-3,072
273

19,092
620
1,600
-3.338
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

11,384
1.200
9,330
-455
578
731

7,801
1.200
6,896
-285
-981
971

11.830
1,200
9,805
46
-32
811

-8.159
1,200
-9,526
800
-1.527
894

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

48.5
6.8
37.2
-1.3
3.8
2.0

10
11
12
13
14
15

22.509 -29,932

-9,497

-3.095

27,952

-13.1

-4.4

5.4

11.4

-12.6
-12.7
-.1
ft
K
ft
ft
.3

7.6
8.0
-.1
ft
-.1
ft
ft
-.2

1
2
3
4
5
6
7
8

1.8

9

10 Net change in assets
11
Nonfarm noncorp. business
12
Nonfin. corporate business
13
Foreign
14
U.S. sovernment
15
Other insurance companies

19.701 -6,564
1,200
1,200
18.821 -10,405
900
465
-1,985
1.132
1.044
765

16 Discrepancy

-7,508

M

4.8
2.1

-5.9 16

Taxes Payable
1 Net change in profit taxes pay
2
Nonfin. corporate business
3
Commercial banks
4
Savinss & loan associations
5
Life insurance companies
6
Other insurance companies
7
Finance companies
8
Brokers and dealers

-433
-406
23
-9
47
2
18
-108

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
2,474
50
12
25
14
25
15

1,211
1,015
60
54
25
15
27
15

5.6
5.5
.5
-.2
K
ft
-.1
ft

-.6
.7
-.5
-.3
-.4
.3

-9.9
-8.2
-.4
-.3
-.5
-.2
-.2
-.2

9 Net chanse in other taxes pay.
(Nonfarm noncorp. business)

400

400

400

400

400

400

2.8

2.5

-1.6

1.5

10 Net change in profit taxes rec
11
State and local sovernments
12
U.S. government

1,993
1,811
182

1,603
1,635
-32

2,083
-1,500
3,583

-8,252
-920
-7,332

4,463
2,279
2,184

-3,221
2,120
-5,341

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

-2.426

1,796

-320

2,668

-1,848

4,432

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

-.2

Proprietors* Equity in Noncorporate Business

1 Total household investment
2
Farm business
3
Nonfarm noncorp. business
A
Brokers and dealers

-14,586 -30,941 -18,391 -14,787 -13,277 -25,992
-1,180
708
5,685 -2,481 -1.269 -3,468
-13,602 -28,472 -25.366 -11,074 -13,035 -23,524
196 -3,177- 1,290 -1,232
1,027
1.000

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




-65.2
-12.6
-53.3
.7

-79.6
-20.7
-59.8
.9

1
2
3
4

MARCH 10. 1989
Security Credit, Trade Credit, and Taxes

Security Credit, Trade Credit, and Taxes

55

Security Credit, Trade Credit, and Taxes Payable
SEASONALLY ADJUSTED ANNUAL RATES

198A

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLONS, $ BILLIONS
1987
1985
1986

1988

I
1

1987

III

I
11

IV

I

II

1988

III

IV

Security Credit
1
2
3

A.5
-2.A
-

A3.3
19.A
-

9.9
8.2

-28. A
-15.3
-

10.5
3.6
-

AO.6
19.6
-

-15A.3
-86.0

3A.5
9.3
-

5.A
-3.5
-

17.A
15.9

A
5
6
7

6.9
A.7
1.1
1.0

23.9
6.2
A.2
13.5

1.7
-7.A
.1
9.0

-13.1
-A.2
-2.1
-6.8

7.0
2.1
1.0
3.9

21.0
8.0
6.7
6.A

-68.3
-28.2
-10.9
-29.2

25.2
19.0
8.9
-2.8

8.8
-17.7
2.7
23.7

1.5
1.0
-1.9
2.A

8
9
10

A.5
1.0
5.8

A3.3
13.5
11.0

9.9
9.0
-5.8

-28. A
-6.8
-5.3

10.5
3.9
A.5

AO.6
6.A
15.8

-15A.3
-29.2
-38.1

3A.5
-2.8
29.2

5.A
23.7
-13.6

17.A
2.A
.6

11
12

-2.3

18.9

6.7

-16.3

2.2

18.5
*

-87.0
*

8.0

-A.8

1A.5

-9.1
-

Brokers and dealers
Foreisn

11
12

1
2
3
A

A2.5
1.8
-1.1
5.7

A7.7
2.2
-.3
5.A

12.6
2.5
.2
A.2

3A.8
2.9
.6
3.4

8.3
3.3
1.0
2.7

35.A
3.0
.6
3.5

12.5
3.0
.7
3.2

-17.3
3.1
.8
3.0

3.6
3.2
.9
2.8

22.0
3.3
1.0
2.6

2A.8 Net chanse in liabilities
3.A
Households
1.1
Farm business
2.3
Nonfarm noncorp. business

1
2
3
A

5
6
7
8
9

33.0
1.0
-1.6
3.3
.5

3A.0
1.1
-.1
A.6
.8

3.1
1.6
-1.2
1.1
1.1

18.0
1.9
2.9
5.1
-.2

-.3
2.3
5.3
-8.A
2.5

11.7
1.9
A.2
7.8
2.7

15.2
2.2
-5.0
-3.7
-3.2

-25.8
2.0
7.6
-9.2
1.1

-2.9
2.A
-5.2
-5.0
7.3

11.8
2.3
13.2
-13.2
1.1

15.8
2.5
5.5
-6.3
.A

5
6
7
8
9

10
11
12
13
IA
15

63.9
6.5
A8.1
1.5
5.1
2.8

37.1
A.l
26.7
.A
3.7
2.2

15.3
6.A
3.2
.7
.1
A.9

56.7
A.8
A9.2
.1
-1.0
3.6

22.9
A.8
16.5
.1
-2.0
3.A

50.1
A.8
A6.5
3.6
-7.9
3.1

23.9
A.8
8.6
1.9
A.5
A.2

25.9
A.8
17.7
-1.8
2.3
2.9

30.6
A.8
27.0
-1.1
-3.9
3.9

17.5
A.8
9.A
.2
-.1
3.2

16

-21.A

10.6

-2.6

-21.9

-1A.6

-1A.7

-11.A

-A3.2

-26.9

A.6

6.5
7.0
.1

-.7
-l.A
.2
.1
.1
«
.1
.2

1.5
.9
.2
.1
.1
.1
.1
.1

-2.A Net change in profit taxes pay
-3.1
Nonfin. corporate business
.2
Commercial banks
.1
Savings 8 loan associations
.1
Life Insurance companies
Other insurance companies
.1
.1
Finance companies
Brokers and dealers
.1

1
2
3
A
5
6
7
8

1.6 Net change in other taxes pay.
(Nonfarm noncorp. business)

9

-15.1 Net chanse in liabilities
-7.5
Households
Foreisn

-7.6
6.1
-5.8
-7.8

Brokers and dealers
From domestic banks
From fsn bk off in US
Customer credit balances

-15.1 Net chanse in assets
-7.8
Households
1.8
Commercial banking

1
2
3

A
5
6
7
8
9
10

Trade Credit

Nonfin. corporate business
State and local governments
Foreisn
U.S. sovernment
Brokers and dealers

17.5 Net change in assets
A.8
Nonfarm noncorp. business
12.0
Nonfin. corporate business
3.2
Foreign
-6.1
U.S. sovernment
3.6
Other Insurance companies
7.3 Discrepancy

10
11
12
13
IA
15

16

Taxes Payable

m

k

.2
»
.1
-.A

.1
.1
-.8

1.6
.9
.1
.1
.1
«
.1
.3

1.6

1.6

1.6

1.6

1.6

1.6

1.0
-.1
1.2

-A.9
2.0
-6.9

-11.9
.1
-12.0

.9
.2
.7

8.A
1.7
6.6

-7.1
1.8
-8.9

-2.5
2.2
-A.7

-18.5 Net change in profit taxes rec 10
2.2
State and local governments 11
12
-20.7
U.S. sovernment

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)

1.0

«

A.9

.6

5.6

-6.8

6.3

A.O

-6A.6
3.9
-63.6
-A. 9

-80.5
-2.3
-82.3
A.l

1.1
l.A
.1

1
2
3
A
5
6
7
8

1.6
1.9
«
ft
_. j
ft
ft
-.1

1.9
l.A
.1
.1
«
-.1
«
.3

2.5
2.5
«
»
«
ft
ft
.2

.2
«
.1
-.6

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

9

1.1

S.A

1.7

1.6

10
11
12

A.A
3.9
.6

-2.8
1.3
-A.O

1.5
1.8
-.3

13

1.1

3.A

IA

-2.8

A.7

-11.2
-11.2
.1

m

16.1 Discrepancy

IA

Proprietors’ Equity in Noncorporate Business
1
2
3
A

-86.5
-1.3
-86.9
1.6

-89.2
1.9
-93.1
2.0

-AO. 6
5.0
-A9.3
3.6

-88.9
.8
-88.2
-1.5

-72.A
-1.5
-73.0
2.1

-83.5
-1.8
-82. A
.8

-11A.2
-12.7
-88.8
-12.7

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-51.1
21.7
-78.0
5.2

-9A.3 Total household Investment
-29.5
Farm business
-68.8
Nonfarm noncorp. business
A.O
Brokers and dealers

1
2
3
A

MARCH 10. 1989
Miscellaneous I

Miscellaneous I
Miscellaneous Financial Claims
UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

1987

III

IV

1
1

1988
I

II

III

IV

|
1

ANNUAL FLOWS. $ BILLIONS
1980
1981
1982
1983

1979

54,122
310
2.000
IA.608

49,665
590
2,000
13.876

24,097
620
2.000
6,923

53,237
810
2,000
13,042

36.A1A
91A
2,000
8,107

47,847
1.013
2,000
14,000

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

15.AA9
—23A

15.36A
-9,092

-1,811
5.317

9,233
8.522

3,264
1,307

8,578
-6,451

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

21.989
-3,517
219
19,403

26,927
1,254
1,514
9,469

11,048
4,564
-77
6,192

19,630
-3,492
295
23,012

20.822
293
1.240
18,759

28,707
-378
446
7.398

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

-5,458
-1.320
1,200
-111
8,446
-376
18
3,485

-9,748
2.670
500
-393
8,456
11-453
A13
1.339

-A,980
-552
300
-23A
8,553
96A
5
-3.687

3.577
-806
715
-1,516
100
2,200
-A9A
-7A7
8.738
8,791
-6,902
3,112
-57
. A2
’653 -17,061

2.291
1.679
800
-1,470
8.960
-2,652
48
11.585

1.1
-.8
.3
5.3
14.7
8.0
_ .2
1.0

.9
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
M
-6.4

10.4
4.2
.7
9.2
12.0
9.3
-.1
14.6

11
12
13
14
15
16
17
18

19 Net change in assets
20
Households
Farm business
21
22
Nonfarm noncorp. business
23
Nonfin. corporate business

19,093
A.062
A58
2.631
-1-149

82.138 -1,656
5,859
4,949
633
602
2.A57
2,316
19,457 -13,038

A8.988
6,787
700
2,212
16,955

2,943 107,057
7,916
7,675
759
832
2,057
1.946
-9,042
19,599

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

2A
25

Foreign
U.S. government

27.983
31A

18.817
37A

3,036
A70

19,977
578

8,072
705

21.646
408

12.0
.8

15.0
.5

-6.9
.9

-1.9
1.6

15.5 24
.7 25

26
27
28
29

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

-15,206
1.010
1,308
1.303

35,451
3.172
378
25.A87

-901
-1,137
-3A8
-1,652

1,779
27
-363
10,215

-7,356
1.354
-305
6,932

54,783
5,195
814
27,839

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
3A
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

-5,182
A05
83
2.293
-8,993
87
-2A0
-7,280

4,471
516
-1.901
2,062
6,435
1,220
1,825
-8,214

3,303
-1,169
2.18A
2,102
-9,929
-65
A,535
1,275

1,134
-2,825
-5,355
205
-713
2,824
2,068
2.016
578
2,402
309 -1.195
-2,746
-612
58A -22,111

-1.682
-250
-289
2,319
-3,706
1,922
-629
23,250

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

35.029 ■-32,473

25,753

A.2A9

33,471 -59,210

-13.9

-.5

24.4

5.6

17.8 38

8,941
3.531
5,410

A,969
1,506
3,463

3.178
-3,628
6,806

7,339
-1,135
8,474

1.046
-1,954
3,000

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 ln U.S. by fan. corps.
42 Liab.: Nonfin. corp, bus.(l)
14,608
13,876
43
Equity 8 Intercompany accts.
13,667
12,945
44
209
Retained earnings
1,663

6,923
4,002
2,921

13.042
11,968
1,074

8,107
5,541
2,566

14.000
13,000
1,000

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

1.1

1.3

.7 45

.4

.1 46

-

-

-

1 Net change ln liabilities
Households
Nontarm noncorp. business
Nonfin. corporate business

2
3
4

5
6

38 Unallocated, net

K

(A) Foreign claims
Foreign direct investment by U..S. corps
39 Liab.: Foreign (1)
A,886
AC
239
Equity 8 intercompany accts.
Al
Retained earnings
4,647

U.S. govt, equity in IBRD, etc.
Foreign
45 Liab.:

312

423

575

633

781

411

.8

.7

2

-49

-105

-55

-76

-3

K

—•2

-

-

Nonofficial foreign currency
46 Asset:
U.S. government
Liab.: Foreign

(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.
-3,200
Asset: S8L associations
49 Federal Reserve Bank stock
Asset:
Commercial banks

50 Equity ln sponsored credit ag.
51
U.S. government
Private:
52
Farm business (FICB 8 FLB)
53
Nonfarm noncorporate (BC)
54
Nonfin. corp. bus. (FNMA)
55
SSL associations (FHLB)

-

-

-

-

47

2,224

4,193

-4,276

-562

-676

3.0

.8

1.8

2.8

-2.9 48

48

38

48

15

-13

16

.1

.1

.1

.1

.1 49

127

458

518

338

542

572

1.6
-

.7

1.4

.9

, 2 50
51

-154
-2
2
281

-18
-7
483

-75
-8
3
598

11
1
326

.4
.1
.1
1.0

.6
.1

.6
.1
.7

.4

.1 52
M 53
M 54
.1 55

(1) Excludes capital gains/losses.
LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




-

no
-

l
431

7
2
541

H
«

H

.1
.4

MARCH 10, 1989
Miscellaneous I

Miscellaneous I

57

Miscellaneous Financial Claims
SEASONALLY ADJUSTED ANNUAL RATES

198A

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1986
1985
1987

1988

1
1

1987

III

IV

1
1

I

II

1988

IV

III

1
2
3
A

156.0
-1.0
19.2
25.6

1A5.6
.1
7.5
20.5

201.7
-1.3
3.1
35.A

18A.8
1.2
8.0
A2.2

161.6
S.A
8.0
A2.1

176.9
1.2
8.0
57.3

189.3
2.A
8.0
55.6

57.9
2.5
8.0
28.9

300.9
3.2
8.0
52.5

107.9
3.7
8.0
30.7

17A.5 Net change In liabilities
A.l
Households
Nonfarm noncorp. business
8.0
56.2
Nonfin. corporate business

5
6

8.0
A.9

A.8
-.A

25.2
5.2

A3.5
-9.A

19.3
8.7

6.7
-.A

36.5
-18.0

16.6
5.9

97.2
29.7

-A6.2
5.9

A.2
-6.7

7
8
9
10

99.3
10.2
.1
27.2

113.2
8.9
l.A
25.A

13A.2
8.3
1.9
A2.1

99.3
-2.1
3.0
A6.8

80.2
1.0
1.9
55.A

10A.0
-28. A
2.7
61.7

10A.9
10.2
A.2
101.3

-3.9
2A.2
-8.9
-A3.7

110.3
-10.A
10.9
107.6

105.7
-15.2
A.9
57.0

108.7
5.A
.7
100.5

Total finance
Sponsored credit agencies
Monetary authorities
Commercial banking

7
8
9
10

11
12
13
IA
15
16
17
18

6.8
1.8
1.8
1A.8
15.A
18.7
.1
2.2

9.6
3.7
1.3
1A.A
29.7
9.A
.1
9.2

-1.5
2.7
1.7
5.A
39.1
27.7
-.3
7.0

-9.8
.7
2.A
.3
32.8
20.0
1.0
A.2

.1
.3
3.A
-2.9
35.0
-5.5
K
-8.5

-36.5
-A. 9
A.9
-.A
33.8
-2.1
.1
73.2

-33.5
11.3
.8
-1.6
33.8
51.5
1.7
-7A.9

-17.9
-A.3
l.A
-.9
3A.2
-A.A
H
16.A

5.8
-A.6
l.A
-2.0
35.0
-25.7
.2
-7.9

-2.8
3.3
9.1
-3.0
35.2
12.6
-.2
A.9

15.3
6.9
1.7
-5.9
35.8
-A.A
.2
-A7.A

Savings 8 loan assns.
Mutual savings banks
Credit unions
Life Insurance companies
Other Insurance companies
Finance companies
REITs
Brokers and dealers

11
12
13
IA
15
16
17
18

19
20
21
22
23

150.7
2.0
.1
13.5
37.5

1A6.0
21.5
2.5
6.A
15.0

196.2
29.6
3.0
13.3
30.3

161.A
17.0
2.?
10.0
15.6

157.3
28.2
2.9
8.5
1A.5

170.9
16.2
1.8
10.5
A8.8

1A0.6
19.8
2.5
9.8
11.3

77.A
23.A
2.A
9.3
-12.1

223.8
27.1
2.8
8.8
A3.A

120.A
30.7
3.3
8.2
13.8

2A
25

19.6
1..5

25.0
l.A

AA.7
.5

63.2
1.2

52.7
2.2

68.5
1.3

59.8
1.5

A8.9
1.9

105.6
2.3

-13.A
2.8

69.8
1.6

Foreign
U.S. government

2A
25

26
27
28
29

76.6
2.8
3.0
22.7

7A.2
2.5
1.0
33.A

7A.8
2.1
1.7
A8.9

52.3
6.0
2.2
37.5

A8.3
5.A
-.2
A3.3

23.7
-7.9
2.9
32.1

35.8
17.9
-.1
38.2

3.6
-3.3
.A
1A.6

33.7
6.A
.9
67.1

75.0
-9.0
-3.9
57.1

80.9
27.5
1.7
3A.5

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

26
27
28
29

30
31
32
33
3A
35
36
37

30.0
.3
1.0
A.8
6.A
1.2
1.5
2.7

15.8
1.7
2.A
7.0
3.1
-1.6
.6
8.A

7.7
1.0
3.7
8.0
-7.3
.A
2.9
5.7

12.A
.7
-.6
7.9
-15.0
1.0
l.A
-1.2

-.1
-6.6
A.O
8.5
-10.7
1.0
.5
3.0

-33.1
-1.7
-1.2
9.2
-AA.l
.3
22.3
AA.8

9.7
5.0
-3.6
8.2
37.0
A.9
23.5
-10A.9

9.8
-10.8
2.9
8.A
-A8.9
-.3
.9
29.7

1A.9
-1A.1
.1
8.3
6.2
1.2
-36.0
-21.3

-9.5
-2.8
9.3
8.1
3.1
-A.8
25.9
l.S

-15.6
l.A
3.7
9,3
-3.0
7.7
11.3
2.3

Savings and loan assns.
Mutual savings banks
Credit unions
Life Insurance companies
Private pension funds
REITs
Money market funds
Brokers and dealers

30
31
32
33
3A
35
36
37

38

5.3

-.A

5.5

23.A

A.3

6.0

A8.7

-19.6

77.1

-12.5

Foreign
U.S. government

207.7 Net change In assets
31.7
Households
3.0
Farm business
Nonfarm noncorp. business
7.8
12.9
Nonfin. corporate business

-33.2 Unallocated, net

1
2
3
A
5
6

19
20
21
22
23

38

(A) Foreign claims
39
A0
Al

13.2
-A. 6
17.8

9.6
-3.3
12.9

13.7
3.6
10.1

26.3
6.2
20.0

16.5
-5.2
21.7

22.9
2.3
20.7

39.0
10.3
28.7

13.A
A.7
8.7

11.6
-11.2
22.8

Foreign direct investment by U.S. corps.
33.9
39
7.3 Liab.: Foreign (1)
-11.A
-2.9
Equity 8 Intercompany accts. AO
Al
36.8
18.7
Retained earnings

A2
A3
AA

25.6
22.5
3.1

20.5
20.A
.1

35.A
35.A
«

A2.2
39.A
2.7

A2.1
3A.5
7.6

57.3
51.5
5.9

55.6
50.7
A.9

28.9
19.9
9.0

52.5
A9.1
3.3

Direct investment In U.S. by fgn. corps.
30.7
56.2 Liab.: Nonfin. corp, bus.(l) A2
Equity 8 Intercompany accts. A3
21.A
A7.7
AA
9.A
Retained earnings
8.5

A5

1.1

1.5

1.5

1.2

2.A

1.2

1.7

2.3

2.5

A6

.A

-.1

-1.0

«

-.2

■

-.2

-.A

-.2

3.1

U.S. govt, equity in IBRD, etc.
1.6 Liab.: Foreign

A5

-.3

Nonofficial foreign currency
* Asset: U.S. government
Liab.: Foreign

A6

IB) Claims on federally related agencies

A7

-

A8

7.0

A.5

3.6

-6.6

-1.3

-16.2

-.1

15.A

-2.1

-5.7

A9

.2

.2

.1

.2

.1

.2

.2

.2

.1

-.1

50
51

.9
-

.9
-

.6
-

1.7
-

2.0
-

.8
-

1.9
-

1.6
-

l.A
-

2.5
—

52
53
5A
55

.1
»
«
.8

-.3
K
.1
1.1

-.6
-.1
.1
1.2

-.5
M
.A
1.8

.1
■
1.9

-.6
•
■
l.A

-.1
«
—
2.0

-.3
H
«
1.9

l.A

H

.A
—
«
2.0

Postal Savings deposits
Asset: Households
Liab.: U.S. government

Deposits at Federal Home Loan Banks
-12.9 Liab.: Sponsored credit ags.
Asset: S8L associations

.1 Federal Reserve Bank stock
Asset: Commercial banks
2.A Equity in sponsored credit ag.
U.S. government
Private:
.1
Farm business (FICB 8 FLB)
»
Nonfarm noncorporate (BC)
•
Nonfin. corp. bus. (FNMA)
2.2
S8L associations (FHLB)

(1) Excludes capital gains/losses.

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION




A7

A8

A9
50
51

52
53
5A
55

MARCH 10. 1989
Miscellaneous II

Miscellaneous II
Miscellaneous Financial Claims (Continued)

58

UNADJUSTED NET FLOWS, $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

1
I

I

1987
III

IV

1988

II

I

III

IV

I
I

1979

ANNUAL FLOWS, $ BILLIONS
1980
1981
1982
1983

(C) Life Insurance claims

Deferred and unpaid premiums
1 Liab.: Households
Asset: Life insurance

310

590

620

810

914

1,013

1.3

1.2

1.8

.8

.6

1

1.009
725
284

634
388
246

297
74
223

-7
-207
200

-372
-533
161

-342
-528
186

2.4
.8
1.6

1.7
.6
1.1

2.1
.9
1.2

2.3
1.3
1.0

3.2
1.8
1.4

2
3
4

8,446
3.053
612
1,586
3,195

8,456
4.315
651
1,449
2,041

8.553
&,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

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 in:
10
Commercial bank subsidiaries
3,224
11
Finance company subsidiaries
927
Asset:
Domestic bank affiliates

382
9,425

-2.644
2.947

6,276
3.626

-992
5.797

2.350
2.580

5.4
3.4

6.9

2.8

7.8
•2.6

13.2
7.2

33.471 -59.210

Life company reserves
2 Liab.:
Life insurance cos.
3
Accident and health
4
Policy dividend accum.
Asset: Households

(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

12.6 10
2.4 11

(F) Unallocated assets 8 liabilities

12 Net total (liab. less assets)

35,029 -32,473

25,753

4.249

-13.9

-.5

24.4

5.6

13
14
15
16
17
18
19

Net change in liabilities
Forea 9n
Nonfarm noncorp, business
U.S. government
U.S. govt.-without levels
Sponsored credit agencies
Monetary authority

23,423
10,249
2,000
962
-1,196
-444
171

4,267
6,049
2,000
204
-9,296
-1,428
1,476

-2.797
-7,250
2,000
597
4,720
-147
-125

28.171
5,477
2.000
1,044
7,478
446
280

6.158
-4,780
2.000
776
531
313
1.253

17,920
7,124
2.000
1,292
-7,743
-274
430

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.

16,179
4,778
10,410
1,023
-32

9,087
-9,529
2.859
15,751
6

8,836
-2,969
16,128
-4,273
-50

16,736
4,439
3,400
8.938
-41

19.751
4.311
8,530
6,979
-69

5.048
226
3,999
902
-79

9.3
5.3
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

-5,458
-1,320
1,200
-1.120
-1,303
18
3,485

-9,748
2.670
500
-1,027
2.028
413
1,339

-4,980
-552
300
-531
-1,983
5
-3,687

-806
3,577
-1,516
715
100
2.200
-487
-375
-3,276 -2.685
42
-57
653 -17.061

2.291
1,679
800
-1,128
-5,232
48
11,585

1.1
-.8
.3
2.9
4.6
-.2
1.0

.9
K
1.6
2.1
3.5
.1
3.1

2.6
-.5
.4
6.0
K
.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

36,740 -28,550
4,941 -3,887
1,000
1.015
8,475 -19,000
3.172 -1,137
-348
378

23,922 -27,313
6,935
-35
1,000
977
13.733 -15,324
27
1.354
-363
-305

77,130
7,646
974
19,551
5,195
814

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

32
33
34
35
36
37

Net change ln assets
-11.606
Foreign
13,375
Nonfarm noncorp, business
1.047
Nonfin. corporate business -9,232
Sponsored credit agencies
1.010
Monetary authority
1,308

17.8 12

38
39
40
41
42

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. possession

-2.896
-1,720
1.318
-2,319
-175

15,642
1,601
-711
14,865
-113

-2,003
1,447
76
-3,339
-187

7.550
-115
-302
8,141
-174

2,140
892
-321
1,777
-208

22,893
14,984
101
8.030
—222

-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

-2,263
405
83
1,983
-8,993

1.764
516
-1,901
1,472
6,435

-1,488
-1.169
2,184
1,482
-9.929

1,125
-5,355
-713
1.258
578

1,265
205
2,824
1,102
2,402

-1,547
-250
-289
1-306
-3,706

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

87
-240
-7,280

1.220
1,825
-8,214

-65
4,535
1.275

309 -1,195
-2,746
-612
584 -22,111

1,922
-629
23,250

.9
.4
2.0

.5
.4
2.0

1.0
1.9
.8

.3
-1.1
3.2

LATEST QUARTER BASED ON INCOMPLETE INFORMATION




48
-.4 49
3.6 50

MARCH 10, 1989
Miscellaneous II

Miscellaneous II

Miscellaneous Financial Claims (Continued)

59
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1984

ANNUAL FLONS, $ BILLIONS
1985
1986
1987

1988

III

1987

II

IV

1988

III

IV
(C) Life Insurance claims

1

2
5
4

.1

-1.5

1.2

5.4

1.2

5.5
2.5
1.2

5.0
2.5
.5

5.7
2.7
1.0

— .4
-1.2
.8

4.0
2.9
l.l

29.7
18.1
2.8
5.8
5.1

59.1
26.5
5.6
4.8
4.2

52.8
15.5
2.6
6.0
10.9

55.0
28.7
2.8
4.6
-1.0

55.8
12.2
2.4
6.5
12.8

-1.0

2.7
1.6
1.1

2.4

2.5
1.6
1.0

Deferred and unpaid premiums
4.1 Liab.: Households
Asset: Life Insurance

1

Life company reserves
■1.4 Liab.: Life Insurance cos.
■2.1
Accident and health
.7
Policy dividend accum.
Asset: Households

2
5
4

2.5

5.2

5.7

1.2
.5
.9

»
,8
>8

-1.5
-2.1
.6

54.2
22 «2
2.7
5.5
4.0

55.0
27.2
2.8
4.8
.2

55.2
52.2
2.9
4.5
-4.2

55.8 Liab.:
55.0 Asset:
2.9
5.9
-4.0

Corporate parent Investment in:
Commercial bank subsidiaries 10
5.5
Finance company subsidiaries 11
16.5
Asset: Domestic bank affiliates

(D) Nonlife Insurance claims
5
6
7
8
9

15.4
-.8
K
11.0
5.1

55.8
17.5
2.6
5.8
8.2

Other Insurance cos.
Households
Farm business
Nonfarm noncorp. bus.
Nonfin. corp, business

5
6
7
8
9

(E) Intercorporate claims
10
11

10.5
12.5

5.5
15.0

-.5
41.5

14.5
10.6

5.0
7.7

15.2
5.1

-2.5
45.4

-5.5
5.6

25.8
-12.6

-5.9
25.5

12

5.5

-.4

5.5

25.4

4.5

6.0

48.7

-19.6

77.1

-12.5

-55.2 Net total (liab. less assets)

12

15
14
15
16
17
18
19

67.7
-6.7
19.2
4.9
2.5
«

54.7
-6.5
7.5
-.4
5.5
1.5

65.8
11.0
5.1
5.2
4.1
1.8

57.1
16.1
8.0
1.2
-10.5
2.9
2.8

49.5
.6
8.0
5.7
5.0
.5
1.8

55.1
-17.5
8.0
5.8
-4.5
-15.0
2.5

11.6
-4.0
8.0
.8
-18.8
8.4
4.1

-59.6
1.5
8.0
2.4
5.5
7.2
-9.1

185.8
85.4
8.0
4.2
25.5
-9.8
10.8

-15.1
-82.9
8.0
5.1
2.8
-12.0
5.0

59.5
-4.7
8.0
5.2
-11.9
15.9
.6

Net chanse in liabilities
Foreisn
Nonfarm noncorp. business
U.S. sovernment
U.S. sovt.-without levels
Sponsored credit asencies
Monetary authority

15
14
15
16
17
18
19

20
21
22
25
24

16.9
15.1
8.5
«
-4.5

19.9
10.5
7.1
2.4
.1

42.4
2.4
54.5
4.8
.9

52.5
-6.2
20.2
18.5
.1

50.4
6.0
52.1
12.5
-.2

48.5
5.5
54.6
8.8
-.1

105.7
28.1
14.9
60.7
«

-58.4
-87.9
61.9
-12.2
-.2

85.8
55.2
19.6
29.2
_ e2

60.8
-.9
26.5
55.6
-.5

95.2
77.6
20.4
-2.5
-.5

Commercial banklns
U.S. commercial banks
Domestic affiliates
Foreisn banklns offices
Banks in U.S. poss.

20
21
22
25
24

25
26
27
28
29
50
51

6.8
1.8
1.8
12.1
6.2
.1
2.2

9.6
5.7
1.5
11.0
-5.6
.1
9.2

-1.5
2.7
1.7
2.4
-15.8
-.5
7.0

-9.8
.7
2.4
-5.4
9.4
1.0
4.2

.1
.5
5.4
-2.5
-15.2
«
-8.5

-56.5
-4.9
4.9
-4.5
-5.2
.1
75.2

-55.5
11.5
.8
-4.1
8.1
1.7
-74.9

-17.9
-4.5
1.4
-2.1
-7.9
•
16.4

5.8
-4.6
1.4
-1.9
-15.1
.2
-7.9

-2.8
5.5
9.1
-1.5
-10.7
-.2
4.9

15.5
6.9
1.7
-4.5
-20.9
.2
-47.4

Savinss and loan assns.
Mutual savinss banks
Credit unions
Life insurance companies
Finance companies
REITs
Brokers and dealers

25
26
27
28
29
50
51

52
55
54
55
56
57

62.4
-6.0
2.4
19.1
2.8
5.0

55.2
4.5
2.6
.2
2.5
1.0

60.5
9.5
8.5
12.4
2.1
1.7

55.7
21.0
4.0
-21.9
6.0
2.2

45.2
10.7
4.0
-1.0
5.4
-.2

49.1
11.2
4.2
15.1
-7.9
2.9

-57.1
4.2
4.1
-55.8
17.9
-.1

-20.1
20.1
4.0
-29.5
-5.5
.4

108.7
55.1
4.0
51.6
6.4
.9

-.6
-44.1
5.9
-15.9
-9.0
-5.9

92.7
15.6
5.9
9.6
27.5
1.7

Net chanse in assets
Foreisn
Nonfarm noncorp. business
Nonfin. corporate business
Sponsored credit asencies
Monetary authority

52
55
54
55
56
57

58
59
40
41
42

-.2
-.6
1.5
-.9
*

12.7
15.2
-.5
-.1
-.1

7.6
1.8
1.4
4.0
.4

12.2
1.0
.5
11.5
-.5

50.6
17.2
-.4
14.6
-.8

15.5
12.0
-2.5
6.8
-.7

-2.9
-52.5
2.2
47.8
-.5

16.1
54.8
-6.0
-11.9
-.7

55.8
17.5
8.8
50.2
-.7

57.7
25.9
-11.4
26.0
-.8

12.6
-7.5
6.8
14.1
-.9

Commercial banklns
U.S. commercial banks
Domestic affiliates
Foreisn banklns offices
Banks in U.S. possession

58
59
40
41
42

45
44
45
46
47

22.2
.5
1.0
5.8
6.4

10.1
1.7
2.4
6.9
5.1

2.9
1.0
5.7
9.5
-7.5

17.2
.7
-.6
6.7
-15.0

-.6
-6.6
4.0
5.1
-10.7

-18.4
-1.7
-1.2
7.9
-44.1

7.8
5.0
-5.6
5.9
57.0

-7.5
-10.8
2.9
5.9
-48.9

15.6
-14.1
.1
5.0
6.2

-5.8
-2.8
9.5
4.4
5.1

-4.9
1.4
5.7
5.2
-5.0

Savinss and loan assns.
Mutual savinss banks
Credit unions
Life insurance companies
Private pension funds

45
44
45
46
47

48
49
50

1.2
1.5
2.7

-1.6
.6
8.4

.4
2.9
5.7

1.0
1.4
-1.2

1.0
.5
5.0

.5
22.5
44.8

4.9
25.5
-104.9

-.5
.9
29.7

1.2
-56.0
-21.5

-4.8
25.9
1.5

7.7
11.5
2.5

REITs
Money market funds
Brokers and dealers

49
50

CF) Unallocated assets t liabilities

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




48

MARCH 10, 1989
Total Claims

Total Claims
Total Financial Assets and Liabilities

g0

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS, $ MILLIONS

1
1

1987
III

IV

1
1

1988
I

II

III

IV

1
1

ANNUAL FLOWS. $ BILLIONS
1980
1981
1982
1983

1979

Total Net Borrowingi and Lending in Credit Markets Itl)

1

Total net borrowing
ln credit markets

2
3
4
5
6
7
8
9

Domestic nonfinan. sectors
U.S. government
Private domestic
Households
Farm business
Nonfarm noncorp. bus.
Corporate business
StateSlocal governments

10
11
12
13
14
15
16
17
18
19

Foreign borr. in U.S.
Financial sectors
Sponsored credit agencies
Mortgage pools
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
REITs
CMO Issuers

Total net lending
in credit markets

242,182 292,219 162,644 254,568 244,573 300.295

488.4

432.6

496.3

495.4

663.4

1

162.750 219,916 141.638 181,417 184,597 205,148
19,085 41,659 53,842
22.068 62,556 42,871
140,682 157.360 98,767 162,332 142,938 151,306
72,947 68,486
77,915 76,907 29.253 78.181
2,583
224 -2.013
—1,643 -3,023 -4.183
16,790 20,770 22,230
20,487 33.090 22.335
33,029 42,334 48,423 57,800 35,003 51,651
13,994
10.894
6,978
10,952
2.939
8,052

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

6,965
88.182
19,673
26,646
1 ,574
-785
12,412
19,336
1.288
8,038

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

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

242,182 292,219 162.644 254,568 244,573 300,295

2.195
77,237
7.954
40,083
-2,108
753
8,356
10,902
622
10,675

881
3,602
68,701 20,125
19,489
10,305
13,774
25,353
4,109 -6,249
-5,339 -15,379
15,717 -3,687
10,359
7.306
240
555
10,762
1,511

1 p 222
71,929
4.363
21,974
815
3,023
9,523
24,008
421
7,802

252
59,724
10,605
28,757
-681
389
10,997
4,687
-361
5,331

K

.6

663.4 20

488.4

432.6

496.3

495.4

21
22
23
24
25

Private dom. nonfin. sectors
Households
Nonfarm noncorp, business
Corporate business
State & local governments

31,106
32,474
1.090
-3,702
1.244

68,231 -28.366
43,813 -23,263
564
1,526
14,823 -6,318
651
8.069

49.859
50.895
970
-4,391
2,385

67.277
60,973
1,026
2,246
3,032

62,454
51.057
1.796
6,677
2,924

107.4
83.4
2.7
4.6
16.7

47.3
36.1
.9
-1.7
11.9

61.3
42.5
8.9
9.2
.7

92.5
55.6
4.6
20.2
12.0

26
27

Foreign
U.S. government

4,338
-5,768

21,535
-2,161

43.545
-1.633

19,365
-4,716

18,071
2.396

24,921
-163

-10.4
19.0

25.3
23.7

25.5
24.0

23.7
15.9

28
29
30
31

Financial sectors
Sponsored credit agencies
Mortgage pools
Monetary authority

212,506 204.614 149,098 190,060 156.829 213.083
5,696
6,284
5,270
12,410
9.223 15,874
40,083 25,353 13,774 21,974 28,757 26,646
4,823
1,046
9,864
4,633 10,540 -5,209

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
33
34
35
36

Commercial banking
U.S. commercial banks
Bank affiliates
Foreign banking offices
Banks in U.S. poss.

40,759
34,013
-360
7.036
70

42.205
31,699
170
10,291
45

131.4
112.7
2.0
16.8

106.5
95.0
.2
12.5
-1.1

110.2
110.7
—2 • 2

M

107.6
87.6
-.3
19.8
.5

-.5

144.3
136.5
1.2
3.7
2.9

32
33
34
35
36

37
38
39
40
41

Private nonbank finance
Savings institutions
Savings 8 loan assns.
Mutual savings banks
Credit unions

117,808
43,233
29.361
7,898
5.974

81,821 121,958
34,953 26,128
25,736 20,284
4.692
4,134
4.525
1,710

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

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

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

20

60.860
50,495
603
9,718
44

12,629
12,456
-602
720
55

55,319
42,449
-422
13.246
46

91,987 122,634 102.248
38,464
7.833 32,776
32,950
27.533
4,431
7,867
1,763 -5,415
5.241
3.064
1.639

42
43
44
45
46

Insurance sector
Life insurance cos.
Private pension funds
St.Sloe.govt.rtr.funds
Other Insurance cos.

62,971
28.063
18,151
6.384
10,373

47
48
49
50
51
52
53

Finance n.e.c.
Finance companies
REITs
Mutual funds
Money market funds
Brokers and dealers
CMO Issuers

11,604
11,572
3.486 21.531
334
490
-8,811 -11.888
863
3,793
5.057 -3,865
10.675
1,511

41,951
21,659
-3,243
13,247
10,288

38,921
39,143
378
-647
47

56,659
24,413
13,942
8,911
9.393

45.815
22,232
6,410
6.840
10.333

63.674
21,739
19,735
12,474
9,726

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

12.813
49.463
15.150
7,706
40
302
4.103
5,958
19,110 -11,732
5,625 -2,550
7,802
10,762

1.053
-3,021
542
1,548
-6,741
3,394
5,331

32,156
17.101
-127
27
10,017
-2.900
8,038

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
-

65,338
22.364
22.404
10.304
10.266

9.4

2.2

■

150.9
87.1
7.8
20.7
35.4

21
22
23
24
25

23.7 26
9.7 27

(1) Excludes corporate equities.

Total Liabilities and Their Relation to Total Financial Assets
Net flows through credit markets (from
1
preceding table)
242,182 292,219 162,644 254,568 244,573 300.295
Other financial sources:
2
Official foreign exchange
141
-242 -3,947 -1.347
7,345
-452
3
Treasury curr. and SDR ctfs.
114
120
129
100
120
162

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

4
5
6
7
8
9
10

Deposits at financial insts.
Checkable deposits
Small time & savings dep.
Money market fund shares
Large time deposits
Security RPs
Foreign deposits

23.534 85,273 93,732 54,202
-5,751 26,739 -21,546 41,689
12,173 33,706 54,231
13,351
4,821
9,785 28,591 -17.240
7,584
496
12.681 28,715
-1,229 -16,438 28,169
8,524
839
2,766 -3,297
7.382

47,152
-5.637
15.813
-925
30,603
10,954
-3,656

87.402
26.383
18.905
11.436
10,979
16,299
3,400

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

11
12

Life insurance reserves
Pension fund reserves

8,111
49,937

2,544
57,814

583
69,393

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
33,746
13,299 -10,076
4,879 -20,524
14.280
Corporate equities
-14,358 -22,190 -17,722 -29,277 -22,157 -45,200
Security credit
5,536 -28,906
2.008
-509
2,762
6,274
Trade debt
12,193
15,945 -18,548 -1,696
8,735
19,793
Taxes payable
-33
3,799
2.163 -5,184
3.015
1,611
Noncorp, proprietors* equity -14,586 -30.941 -18,391 -14,787 -13,277 -25,992
Miscellaneous
54,122 49,665 24,097 53,237 36,414 47.847

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

20 Total financial sources
- Floats not incl. in assets
21
Check, dep.:
U.S. govt.
22
Other
23
Trade credit
- Liabilities not allocated
as assets
24
Treasury currency
25
Interbank claims
26
Security RPs
27
Profit taxes payable
28
Miscellaneous
Totals allocated to sectors
29
as assets

4,757
29,797

3.286
58,317

400,256 400,470 260,974 388,968 361,693 475,996

13
14
15
16
17
18
19

897.7

838.8

928.7

909.4

1207.5 20

-2.630
7,904
27,952

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
-5.9 23

-16
-3,997 -3,674
7,814
2,975
-1,848
4,432
33,471 -59,210

-.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

377,283 419,679 259,291 386,979 341,051 493,408

918.9

835.7

899.6

901.0

337
-6,349
-7,508

-1,265
1,449
12,673 -4,982
22,509 -29,932

-3
-51
2.383 -7,012
1,510 -15,386
-2,426
1,796
35,029 -32,473

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




6,449
46,284

-33
2,011
7,737
-320
25,753

-1,702
2.150
-9,497

-62
1,173
3,010
2.668
4,249

-625
-6,223
-3,095

-.2
-10.0
-4.0
.4
17.8

24
25
26
27
28

1205.1 29

MARCH 10. 1989
Total Clains

Total Clains
61

Total Financial Assets and Liabilities

SEASONALLY AOJUSTED ANNUAL RATES
198d

ANNUAL FLOWS. $ BILLIONS
1985
1985
1987

SEASONALLY AOJUSTED ANNUAL RATES
1988

I
1

III

1987

IV

I
1

I

II

1988

III

IV

Total Net Borrowing and Lending in Credit Markets (1)

Total net borrowing
in credit narkets

1

907.9

10d5.7

1137.d

989.7

962.1

972.2

1033.d

8d7.d

955.9

988.9

1056.1

2
3
d
5
6
7
8
9

750.8
198.8
552.0
231.5
-.<
123.2
170.3
27.d

8d6.3
223.6
622.7
283.6
-Id.5
129.3
132.d
91.8

830.6
215.0
615.6
282.2
-16.3
103.2
202.1
dd.S

682.0
ldd.9
537.1
260.3
-10.6
107.9
ld5.d
3d.O

712.8
157.5
555.3
2<8.9
-3.d
82.1
192.9
3d. 9

653.6
103.1
550.5
281.1
-9.d
97.d
ld6.6
3d.8

769.d
168.2
601.2
26d.9
3.3
116.3
183.8
32.9

713.9
227.7
d86.3
203.0
-15.6
86.d
192.9
19.5

687.8
89.2
598.6
S0d.6
-3.6
70.9
197.6
29.2

7<8.8
188.6
560.2
258.3
-1.8
99.7
158.0
<6.1

700.7
12d.d
576.3
229.9
7.5
71.6
222.7
dd.d

Donestic nonfinan. sectors
U.S. governnent
Private domestic
Households
Farm business
Nonfarn noncorp. bus.
Corporate business
StateSlocal governnents

2
3
d
5
6
7
8
9

10
11
12
13
Id
15
16
17
18
19

8.d
1<8.7
30.d
dd.d
7.3
15.6
22.7
18.2
.8
9.3

1.2
198.3
21.7
79.9
-d.9
Id.5
22.3
52.7
.5
11.5

9.6
297.2
Id.9
163.3
-3.6
d.6
29.8
d8.d
1.0
39.0

d.3
303.3
29.5
156.d
7.1
2.9
36.0
31.6
.8
39.1

9.3
2d0.0
dd.9
91.2
-d.5
-12.8
29.2
58.d
1.6
31.9

12.3
306.d
32.0
153.5
-13.1
11.3
dl.9
35.5
2.5
d2.7

13.9
250.2
71.6
95.9
15.0
-22.6
51.9
30.2
2.2
6.0

-1.0
13d.d
56.8
63.d
-22.d
-67.d
9.1
50.9
1.0
dS.O

5.2
262.9
9.d
92.d
6.2
11.3
16.6
9d.2
1.7
31.2

d.6
235.5
<2.8
107.8
-8.3
9.7
5d.3
9.d
-l.d
21.3

28.5
327.0
70.8
100.9
6.3
-d.5
37.0
79.2
5.2
32.2

Foreign borr. in U.S.
Financial sectors
Sponsored credit agencies
Mortgage pools
Connercial banks
Bank affiliates
Savings and loan assns.
Finance conpanies
REITs
CMO Issuers

10
11
12
IS
Id
15
16
17
18
19

20

907.9

10d5.7

1137.d

989.7

962.1

972.2

1033.d

8<7.d

955.9

988.9

1056.1

21
22
23
2d
25

169.2
108.0
9.9
23.5
27.9

282.9
16d.d
5.3
15.d
97.8

86.7
1.6
5.5
31.2
d8.d

167.0
131.8
d.3
10.5
20.d

151.2
139.7
d.d
-1.8
9.0

119.8
12d.d
d.5
-18.d
9.3

217.9
152.5
d.7
32.6
28.1

-66.6
-75.1
3.7
-d.8
9.7

220.2
21d.l
3.8
-8.0
10.3

270.6
2d3.2
d.2
7.0
16.2

180.7
168.5
5.7
-l.d
7.8

26
27

57.9
17.1

62.3
16.8

97.8
9.7

62.5
-11.9

105.9
-d.l

19.1
-2d.l

81.0
-2.6

172.9
-8.8

82.d
-21.8

73.8
8.d

9d.6
5.8

28
29
30
31

663.7
29.8
dd.d
8.d

683.8
15.7
79.9
18.d

9d3.2
ld.l
163.3
19.d

772.1
25.0
156.d
2d.7

709.1
29.7
91.2
10.5

857.3
33.5
153.5
29.0

737.1
60.8
95.9
30.d

7d9.9
39.7
63.d
-5.5

675.2
11.0
92.d
d.l

636.2
22.1
107.8
17.1

32
33
3d
35
36

168.9
158.7
.6
12.9
-3.3

186.3
165.6
d.O
16.d
.3

19d.8
162.5
-3.1
35.0
.3

136.3
99.2
1.9
35.0
.2

ld9.1
125.7
-.5
23.6
.2

150.9
131.0
-l.d
21.1
.3

252.6
222. d
2.d
27.6
.2

56.2
38.5
-2.d
19.8
.2

213.1
160.0
-1.7
5d.6
.2

37
38
39
dO
dl

dl2.2
150.2
I2d.9
10.1
15.3

383.5
83.0
59.8
9.7
13.d

551.7
105.5
73.2
17.d
15.0

d29.7
ldO.d
97.0
25.6
17.8

<28.7
101.7
83.d
5.2
13.1

<90.3
188.7
136.5
32.5
19.7

297.5
151.0
105.8
29.8
15.d

596.1
82.d
58.9
11.7
11.8

d2
<3
dd
d5
d6

121.8
5d.l
21.3
3d.7
11.7

ld8.9
76.1
26.8
22.9
23.1

181.9
85.3
20.1
31.3
d5.2

211.9
91.5
5d.7
26.3
39.d

231.5
90.7
62.5
38.5
39.7

2d7.5
lld.l
59.9
33.1
dO.d

15d.3
77.8
-6.8
d2.6
d0.7

d7
d8
d9
50
51
52
53

ldO.l
38.3
.8
17.9
d5.0
28.8
9.3

151.6
d9.5
2.d
68.7
13.9
5.6
11.5

26d.3
5d.9
a
123.1
3d.l
13.2
39.0

77.d
d0.6
1.0
25.8
1.8
-30.9
39.1

95.5
36.9
.8
11.6
10.7
3.6
31.9

5d.l
37.8
1.3
-30.5
-2.9
5.8
d2.7

-7.8
55.1
2.0
-50.3
19.7
-38.2
6.0

Total net lending
in credit narkets

1

20

Private don. nonfin. sectors
Households
Nonfarn noncorp. business
Corporate business
State 8 local governnents

21
22
23
2d
25

Foreign
U.S. governnent

26
27

775.0
d5.9
100.9
26.5

Financial sectors
Sponsored credit agencies
Mortgage pools
Monetary authority

28
29
30
31

ld0.6
l<8.d
1.5
-9.5
.2

186.d
156.1
.7
29.5
.2

Connercial banking
U.S. coamercial banks
Bank affiliates
Foreign banking offices
Banks In U.S. poss.

32
33
3d
35
36

35d.7
66.0
7d.d
-25.7
17.2

3d8.6
159.7
126.0
20.0
13.7

<15.3
98.7
7d.S
Id.7
9.7

Private nonbank finance
Savings Institutions
Savings 8 loan assns.
Mutual savings banks
Credit unions

37
38
39
dO
dl

279.3
93.d
98.6
d6.3
d0.9

230.5
102.1
5d.O
35.1
39.3

175.3
90.3
10.d
3d.d
dO.S

2d0.8
77.2
87.0
38.3
38.d

Insurance sector
Life Insurance cos.
Private pension funds
St.81oc.govt.rtr.funds
Other Insurance cos.

d2
<3
dd
d5
<6

23d. d
50.d
1.2
35.8
62.6
dl.S
dS.O

58.2
51.3
.2
2.3
-31.6
d.8
31.2

13.6
12.9
2.2
11.9
-3d.5
-.2
21.3

75.7
33.1
-.5
-3.5
dd.l
-31.7
32.2

Finance n.e.c.
Finance conpanies
REITs
Mutual funds
Money narket funds
Brokers and dealers
CMO Issuers

d7
<8
<9
50
51
52
53

(1) Excludes corporate equities.

Total Liabilities and Their Relation to Total Financial Assets
Net flows through credit narkets (fron
preceding table)
988.9 1056.1
Other financial sources:
Official foreign exchange
29.d
-1.8
Treasury curr. and SDR ctfs.
.5
.6

1

907.9

10<5.7

1137.d

989.7

962.1

972.2

1033.d

8d7.d

955.9

2
3

2.2
.6

3.0
.5

-.6
.8

-9.7
.5

5.7
.5

-1.0
.5

-15.8
.5

—5.d
.5

.6
.d

d
5
6
7
8
9
10

371.8
d7.d
150.8
5d.2
87.3
38.0
-5.8

278.2
83.5
ldl.2
10.2
17.9
29.7
-d.3

365.7
127.0
12d.l
<8.3
5.0
52.2
9.1

150.8
d.l
77.0
2d.O
50.6
-1.5
-3.d

282.5
d0.9
102.3
21.9
d9.7
63.9
3.8

175.6
27.7
78.7
2d.3
39.d
-6.0
11.5

186.3
-6.3
12d.5
59.9
87.3
-91.2
12.1

518.5
93.7
189.8
73.1
56.7
122.0
-16.7

ld8.d
d9.1
63.9
-56.8
15.7
52.5
2d.O

289.1
36.5
92.0
6.5
113.1
d6.8
-5.9

17d.O
-15.8
63.5
6d.7
13.2
3d.5
13.9

Deposits at financial Insts. d
5
Checkable deposits
6
Snail tine 8 savings dep.
7
Money narket fund shares
Large tine deposits
8
9
Security RPs
Foreign deposits
10

11
12

5.2
152.5

10.7
17d.8

17.5
175.1

26.0
170.d

12.9
231.8

32.d
ld7.2

19.0
135.8

25.8
218.1

13.1
236.3

10.2
176.9

2.3
296.0

Life Insurance reserves
Pension fund reserves

13
Id
15
16
17
18
19

Id.3
-36.0
d.5
d2.5
2.7
-86.5
156.0

29.3
20.1
d3.3
d7.7
5.3
-89.2
ld5.6

30.0
93.9
9.9
12.6
d.2
-d0.6
201.7

33.6
13.5
-28. d
3d.8
2.7
-88.9
18d.8

-3.0
-lld.d
10.5
8.3
1.6
-72.d
161.6

10d.6
-d7.1
<0.6
35.d
-9.6
-83.5
176.9

7.d
-82.7
-15d.3
12.5
8.1
-lid.2
189.3

-89.8
-75.6
3d.5
-17.3
3.2
-51.1
57.9

110.3
-131.1
5.d
3.6
.9
-6d.6
300.9

-76.1
-76.2
17.d
22.0
3.1
-80.5
107.9

dS.6
-17d.5
-15.1
2d.8
-.8
-9d.S
17d.5

20

1537.d

1715.1

2007.6

ld79.8

ld87.6

15dd.2

1225.d

ld66.5

1580.0

ldl2.6

21
22
23

.5
-1.9
-21.d

1.3
2.8
10.6

-.6
-8.9
-2.6

»
.d
-21.9

-3.5
-1.2
-Id.6

d.d
-.7
-Id.7

-2d.O
16.2
-ll.d

16.0
3.0
-d3.2

-1.0
-5.5
-26.9

.2
1.0
d.d

2d
25
26
27
28

-.1
6.d
-2.9
-2.8
5.3

-.2
7.0
-13.6
d.7
-.d

«
-1.1
5.8
1.0
5.5

-.1
-5.2
-8.1
■
23.d

-.1
-d.5
21.5
d.9
d.3

■
-.3
17.3
.6
6.0

-.2
-16.8
-58.9
5.6
d8.7

-.1
.8
38.2
-6.8
-19.6

-.2
10.8
-8.8
6.3
77.1

-.1
-27.9
29.2
d.O
-12.5

29

155d.3

1703.1

2008.6

ld91.3

ld80.7

1531.5

1266.2

ld78.1

1528.2

ldld.l

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




1
2
3

11
12

Interbank clains
13
Id
Corporate equities
Security credit
15
16
Trade debt
17
Taxes payable
Noncorp. proprietors* equity 18
19
Miscellaneous

1<85.5 Total financial sources
- Floats not Incl. in assets
Check, dep.: U.S. govt.
-29.2
Other
-3.1
Trade credit
7.3
- Liabilities not allocated
as assets
Treasury currency
Interbank claims
-1.7
Security RPs
27.5
Profit taxes payable
16.1
Miscellaneous
-33.2
Totals allocated to sectors
1501.7
as assets

20

21
22
23

2d
25
26
27
28
29

MARCH 10, 1989
Saving by Individuals
62

Saving by Individuals

Amount and Composition of Individuals* Saving (1)

UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS

III

1987

IV

1
1

I

II

1988

III

IV

1
1

1979

ANNUAL FLOWS. $ BILLIONS
1981
1980
1982
1983

90,916 127.670 147.060 143.606
-8,021 23,469 -7.643 21,585
46,595 14,556 51.515 17.644
23,026 -10.242
750 10.375

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
4

9,766
1,775
7,358
34,128
7.730

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 -16,893
6.092 -2,759 -5,116
6.839
2.650 -12,752 20.608 -3,975
378 -1.133
2.836 -7,175 -2,473
-8,287 -9,810 -30,931 -24.309 -40.475

-3.4
7.5
-1.0
-24.5

-13.0
3.4
1.1
-11.0

-3.5
-10.2
5.8
-42.4

-3.0
-20.1
7.0
-18.9

-8.3
5.7
24.0
-22.9

10
11
12
13

500
22,528
23,668
23.280
14.260

10.4
19.4
47.6
24.4
38.8

9.7
22.3
51.2
35.3
55.4

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

191,908 193.115 175,030 197.054 200,896 205.714
55,669 54.077 52,046 49,240 59,854 59.035
27,024 23,656 17,396 26.666 25,335 21.322
107,989 1)4,988 98,672 115.385 110,873 126.195
1,226
4,834
394
6.916
-838
5.763

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 123-792 125,084 126.821 128.230 129.544 131.204
25
Owner-occupied homes
17,595 17,778 17,966 18,151 18,338 18.524
26
Other fixed assets (2)
29,005 29,046 29.531 29.694 29,755 30,167
27
Consumer durables
77,192 78,260 79,324 80,385 . 81,451 82.513

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
Owner-occupied"homes
29
30
Other fixed assets (2)
Consumer durables
31
32
Inventories (2)

120,232 145,640
1 Increase in financial assets
Checkable deposits and curr.
7.776
8,968
2
3
Time and savings deposits
22,690 52.461
4
Money market fund shares
7,765 10,356

5
6
7
8
9
10
11
12
13
14
15
16
17
18

Securities
U.S. savings bonds
Other U.S. Treasury secur.
U.S. govt, agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds
Open-market paper
Mutual fund shares
Other corporate equities

Private life Insurance res.
Private insured pension res.
Private noninsured pen. res.
Govt, insurance 8 pen. res.
Miscellaneous finan. assets

19 Gross inv. in tangible assets
20
Owner-occupied homes
21
Other fixed assets (2)
Consumer durables
22
23
Inventories (2)

16,746
1,730
19,789
8,104
13,241

9,141
-17,336
6,413
-24,336

8,033
18,634
3,605
27,776
7,207

68,116
38.074
-1.981
30,797
1,226

40.092 -31,985
2,570
2.920
8.010
4,780
19.133
4,570
10,793 -3,667

4,678
15.529
-5,236
19,583
-791

6,369
20.878
15,273
10,213
8,568

68,031 48,209
36,299 34,080
-5.390 -12,135
36,728 19,348
394
6,916

33 Net Increase in liabilities
34
Mtg. debt on nonfarm homes
Other mortgage debt (2)
35
36
Consumer credit
37
Security credit
Policy loans
38
Other liabilities (2)
39

103.998 93.688
55.298 55.633
15.968 20.054
22,210 16.071
2.771 -18.026
244
63
7.507 19.893

40 Individuals* saving (1*28-33)

84,350 119,983

(2) Includes corporate farms.




3.205
25,843
11,810
20,745
10.622

68.824
31,089
-3,028
35.000
5.763

32.351
1,614
32,553
27,253
9.149

2.462
23,571
3.612
30,713
9,729

71.352
41,516
-4.420
29,422
4.834

74,510
40,511
-8,845
43.682
-838

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

168.9
35.6
-.6
37.2
-3.4

127.2
76.2
-4.0
62.7
-7.6

28
29
30
31
32

51,278 103.516 100.434
32,777 60.735 54.147
9.795 16.823
17.225
-4,723 17,362 16.154
-889
1,017
1,452
-514
-136
-153
7.402 14,743 12.011

95,823
48.408
14,019
20.472
1,988
-471
11.407

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
55
36
37
38
39

92.978 117,978 122.293

203.0

203.4

246.0

264.7

309.7 40

87,847

(1) Combined statement for households, farm business,
and nonfarm noncorporate business.

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.

27.662
2.144
4,239
15.364
7.310

MARCH 10, 1989
Savins by Individuals

Savins by Individuals
Amount and Composition of Individuals* Savins (1)

63

SEASONALLY ADJUSTED ANNUAL RATES
1984

ANNUAL FLONS* $ BILLIONS
1985
1986
1987

SEASONALLY ADJUSTED ANNUAL RATES

1988

1
1

HI

1987

IV

1
1

I

II

1988

III

IV

1
2
S
4

540.8
26.7
221.5
44.0

543.8
35.7
125.7
12.1

520.6
94.1
101.5
34.2

482.7
16.6
98.5
28.9

509.3
29.4
130.3
23.9

475.6
55.9
91.2
36.1

546.4
14.3
202.3
62.2

425.6
6.1
193.7
50.8

492.7
51.9
63.1
-28.8

592.8
-4.1
204.7
13.2

517.9 Increase in financial assets
63.7
Checkable deposits and curr.
59.7
Time and savinss deposits
60.4
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

24.5
13.6
-18.6
-1.2
-16.4

123.2
7.8
50.4
30.3
43.0

37.8
8.5
48.9
81.3
20.5

72.6
6.1
47.6
27.9
44.3

123.4
10.4
11.2
58.9
49.2

-98.3
11.3
76.9
23.7
-2.3

113.3
9.6
21.6
71.8
20.2

141.0
5.6
98.4
106.3
27.6

-12.7
7.2
-1.3
115.4
36.6

5
6
7
8
9

10
11
12
IS

-.8
-5.4
24.0
-75.6

2.4
39.1
68.5
-103.4

32.6
-11.6
147.8
-121.6

5.3
6.1
79.8
-99.3

-18.7
10.7
-7.9
-105.5

28.3
-24.9
35.7
-92.4

42.1
-8.8
3.9
-43.4

-97.9
-70.4
-5.8
-33.9

36.0
77.2
-1.6
-121.6

-18.7
30.7
-16.5
-92.4

6.0
5.3
-7.9
-174.1

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
73.6

25.7
70.6
26.2
73.9
19.0

12.5
92.8
54.4
85.0
43.2

32.1
75.4
-6.4
78.6
40.2

18.7
60.8
-3.5
78.8
-10.6

25.5
87.3
61.0
70.1
29.5

12.8
99.9
49.3
87.4
43.8

9.8
95.2
-7.3
89.3
51.0

2.0
88.8
114.5
92.9
48.5

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

778.7
220.2
90.7
451.1
16.7

750.9
209.2
96.5
441.4
3.8

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

782.9 Gross inv. in tanslble assets
227.7
Owner-occupied homes
Other fixed assets (2)
89.3
Consumer durables
464.0
Inventories (2)
1.9

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

495.2
70.4
116.0
308.8

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

524.8 Capital consumption allowances
74.1
Owner-occupied homes
Other fixed assets (2)
120.7
Consumer durables
330.1

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

262.9
147.2
-28.4
127.5
16.7

255.7
138.8
-19.6
132.6
3.8

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

258.1 Net Inv. in tanslble assets
Owner-occupied homes
153.6
-31.4
Other fixed assets (2)
Consumer durables
133.9
Inventories (2)
1.9

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

387.8
209.0
71.2
54.4
8.2
-.1
45.1

360.2
220.7
74.9
40.7
-15.3
«
39.3

351.1
196.1
57.9
49.3
3.6
-1.3
45.6

406.5
211.7
69.3
61.4
19.6
1.0
43.6

317.6
206.0
79.5
49.4
-86.0
.3
68.4

302.2
162.7
52.6
34.8
9.3
-2.1
44.9

388.1
240.4
50.8
59.5
-3.5
-.5
41.5

392.3
206.8
72.9
34.9
15.9
-.6
62.3

322.0 Net increase in liabilities
Mts. debt on nonfarm homes
174.6
Other mortsese debt (2)
55.3
Consumer credit
67.9
Security credit
-7.5
Policy loans
-1.9
Other liabilities (2)
33.6

33
34
35
36
37
38
39

40
41
42

372.0
63.9
98.8

323.3
72.3
117.6

381.7
78.7
126.0

364.0
73.9
116.5

421.1
85.0
127.5

324.8
78.6
132.6

465.3
78.8
109.0

385.5
70.1
120.5

371.8
87.4
128.3

464.9
89.3
127.1

40
41
42

43
44
45

6.0
.7
202.6

4.9
.9
127.6

17.5
.6
159.0

22.4
.9
150.3

4.8
1.4
202.6

13.1
1.0
99.5

53.9
1.1
222.6

.8
1.2
192.8

6.8
1.3
147.9

5.7
1.4
241.4

454.1 Individuals' savins (1*28-33)
92.9 - Govt. Insurance 8 pen. res.
133.9 - Net Investment In cons. dur.
- Capital sains dividends
from mutual funds
5.7
1.5 - Net savins by farm corps.
219.9 « Personal savins* FOF basis

46

164.1

125.4

121.7

104.2

145.7

72.5

144.0

149.8

127.8

145.7

159.7 Personal savins* NIPA basis

46

47

38.5

2.2

37.3

46.1

56.8

27.0

78.6

43.0

20.1

95.7

Securities
U.S. savinss bonds
Other U.S. Treasury secur.
U.S. sovt. asency secur.
Tax-exempt oblisations
Corporate * forelsn bonds
Open-market paper
Mutual fund shares
Other corporate equities

10
11
12
13

Private life Insurance res.
Private insured pension res.
Private nonlnsured pen. res.
Govt. Insurance t pen. res.
Miscellaneous finan. assets

14
15
16
17
18

60.2 Difference

(1) Conbined statement for households* farm business*
and nonfarm noncorporate business.
(2) Includes corporate farms.
BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION,




43
44
45

47

MARCH 10, 1989
Discrepancies

Discrepancies
Discrepancies - Summary for Sectors and Transactions

64
UNADJUSTED NET FLOWS. $ MILLIONS

UNADJUSTED NET FLOWS. $ MILLIONS
1987

III

IV

1988

I
I

II

III

IV

I

1979

ANNUAL FLOWS. $ BILLIONS
1980
1981
1982
1983

Sector Discrepancies

1 Total, all sectors
2
Households
Nonfin. corporate business
3
4
State and local governments
U.S. government
5
Foreign
6

27.382 -22,600 20.96A -6,468
11.AOA
2,854 -18.588 -41,361
20.878 -2,302 27,256 -A,662
-7.AAA
1.575
7,355
3.208
-1.368
8,465 25,435
-6A8
-1,930 10.A33
658 -8.08A

24,486 -■20.131
-2.727
5,869
18,056 -9.37A
5,239
-9,423
-7,882 -7.096
28,837 -5,300

-21.A
-A. 7
-42.1
8.0
A.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.A
-26.8
-A. 9
3.9
3.A
31.9

-3.0
-57.9
34.5
3.5
10.1
5.1

1
2
3
A
5
6

7
8
9
10

Financial sectors
Sponsored credit agencies
Monetary authority
Commercial banks

5.8A2 -3A.512
315
71
6.668 -21,289

-A,182
-61A
-1.557

18,996
-53
20.2A7

-2,375
508
-8.AOO

-9,469
A6A
-577

-10.6
.2
-A. 6

-11.A
.5
-A. 3

6.3
.7
13.1

.9
.3
A.O

11
12
13
14
15
16

Private nonbank finance
Savings and loan assns.
Mutual savings banks
Life insurance
Other insurance
Finance n.e.c.

-1.1A1 -13,294
-2.17A -2,All
-339
175
-2,768 -5,488
-1.680 -1,043
5,820 -A,527

-2.011
-2.A37
395
-708
-1,569
2.308

-1,198
-2, OSA
1.6A9
-177
-1,199
583

5,517
-2,345
1A7
18
-1,876
9,573

-9,356
-2,134
-236
-3,750
-1.408
-1,828

-6.2
-.7
K
-.5
1.9
-7.0

-7.6
.2
-.2
-.1
3.A
-10.9

-7.5
-.8
-.A
1.1
3.A
-10.8

-3.A
-l.A
-1.2
-1.3
2.0
-1.6

-9.1
1.1
-1.7
-2.2
-.7
-5.7

11
12
13
IA
15
16

23.9

-3.0
- .2
-10.0
-A.O

1
2
3
A

1.6
2.6

5
6

1.7 7
.1 8
9
10.8 10

Transaction Discrepancies

1 Total, all types
27.382 -22,600
2
Treasury currency
-3
-51
Interbank claims
3
2.383 -7,012
A
Security RPs
1.510 -15,386
Checkable deposit mail floats
5
U.S. government
337 -1,265
Other
6
-6.3A9
12,673
7
8
9
10
11
12

Trade credit
Profit taxes payable
Miscellaneous
Nonfinancial
Nonfinancial components:
NIPA discrepancy
Pvt. wage accr. less disb.

20.96A
-33
2,011
7,737

-6.468
-62
1,173
3,010

24,486 -20,131
-16
-3,997 -3.67A
2,975
7,814

-21.A
-.2
-1.7
2.1

-2.9
-.2
-3.5
7.A

-3*0

-.5

8.A
-.2
-.9
-5.1

1.AA9
-A,982

-1,702
2.150

-625
-6,223

-2,630
7,904

1.3
-.1

-1.1
2.3

-.2
A.l

.3
-1.8

-7.508 22,509 -29,932
-2.A26
1,796
-320
35,029 -32,473 25,753
A.A09 -3,391
19,281

-9.AS7
2.668
A,249
-8,457

-3.095 27,952
-1.8A8
4,432
33.A71 -59,210
3.8AA -2,719

-13.1
A.A
-13.9
-.2

-A. A
3.2
-.5
-6.1

5.A
-.9
24.A
-5.2

11.A
-1.0
5.6
.1

-5.9 7
.4 8
17.8 9
-5.3 10

-1.0
-

A.9
-

A.l
-

-.1
-

5.3 11
- 12

-A.A09
-

3.391 -19.281
-

LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




8.A57
-

-3,844
-

2,719
-

_ 2

MARCH 10, 1989
Discrepancies

Discrepancies

65

Discrepancies - Summary for Sectors and Transactions
SEASONALLY ADJUSTED ANNUAL RATES

1984

SEASONALLY ADJUSTED ANNUAL RATES

ANNUAL FLOWS, $ BILLIONS
1985
1987
1986

1988

I
1

III

1987

IV

I
1

I

II

1988

III

IV

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

12.7
-37.3
63.0
-9.9
13.9
9.0

-3.4
-46.1
45.9
-.3
10.2
9.3

18.9
-56.8
31.3
6.4
18.9
16.1

27.6
-27.0
38.4
9.2
42.9
-26.6

-34.4
-78.6
55.8
-3.2
24.9
54.5

3.5
-43.0
57.9
-17.4
29.7
18.8

56.6
-20.1
6.0
19.3
15.4
-46.6

12.6
-95.7
29.9
3.5
24.2
96.0

7
8
9
10

-5.6
.1
-4.1

-7.2
1.7
-9.5

-26.0
.8
-19.7

-22.4
.3
-6.7

3.0
.3
9.7

-9.2
2.2
25.8

-87.7
-1.8
-85.8

-42.5
-2.1
-7.1

82.6
.6
85.4

-45.2
3.1
-36.7

17.0
-.4
-2.8

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

-7.1
.2
-2.8
-8.9
-7.7
12.2

-16.0
-7.7
-.8
-7.3
-4.7
4.5

-7.0
-9.0
2.0
-4.6
-6.1
10.6

-37.2
-8.7
-1.4
-12.3
-5.7
-9.2

-.1
-9.6
.7
-9.1
-3.7
21.6

-33.3
-9.7
1.6
-9.9
-6.1
-9.1

-3.5
-8.2
6.6
-6.9
-6.6
11.7

-11.6
-9.4
.6
-.5
-6.4
4.1

20.2
-8.5
-.9
-1.2
-5.1
36.0

Private nonbank finance
Savings and loan assns.
Mutual savings banks
Life Insurance
Other insurance
Finance n.e.c.

11
12
13
14
15
16

-2.4 Total, all types
Treasury currency
Interbank claims
-1.7
Security RPs
27.5
Checkable deposit mall floats:
-29.2
U.S. government
Other
-3.1

1
2
3
4

-2.4 Total, all sectors
Households
-60.2
31.2
Nonfin. corporate business
State and local governments
12.1
6.3
U.S. government
Foreign
-8.9

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

12.7
«
-1.1
5.8

-3.4
-.1
-5.2
-8.1

18.9
-.1
-4.5
21.5

27.6
M
-.3
17.3

-34.4
-.2
-16.8
-58.9

3.5
-.1
.8
38.2

56.6
-.2
10.8
-8.8

12.6
-.1
-27.9
29.2

5
6

.5
-1.9

1.3
2.8

-.6
-8.9

K
.4

-3.5
-1.2

4.4
-.7

-24.0
16.2

16.0
3.0

-1.0
-5.5

.2
1.0

7
8
9
10

-21.4
-2.8
5.3
-5.4

10.6
4.7
-.4
4.7

-2.6
1.0
5.5
13.7

-21.9
K
23.4
8.0

-14.6
4.9
4.3
11.9

-14.7
.6
6.0
14.9

-11.4
5.6
48.7
6.5

-43.2
-6.8
-19.6
15.1

-26.9
6.3
77.1
4.8

4.6
4.0
-12.5
14.1

7.3
16.1
-33.2
13.8

11
12

5.4

-4.7

-13.7
*“

-8.0

-11.9
-

-14.9
-

-6.5
-

-15.1
-

-4.8

-14.1

-13.8
-

BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION.




Trade credit
Profit taxes payable
Miscellaneous
Nonfinancial
Nonfinancial components:
NIPA discrepancy
Pvt. wage accr. less disb.

5
6
7
8
9
10

11
12