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Z.l March 11, 1988 Flow of Funds 1987: Q4 Flow of Funds Accounts, Fourth Quarter 1987 Seasonally Adjusted and Unadjusted Board of Governors of the Federal Reserve System, Washington, D.C. 20551 CONTENTS PAGE i-ii iii-iv v-vii General Information Data Availability for Preliminary Estimates Debt Aggregate Growth Rates SUMMARY TABLES 1 2 4 Income and Product Distribution Funds Raised in Credit Markets Credit Market Supply of Funds SECTOR TABLES 6 8 10 12 14 16 18 20,22 24 26 28 30 Households Total Nonfinancial Business, Farm Business, Noncorporate Business Nonfinancial Corporate Business State and Local Governments U.S. Government and Credit Agencies Foreign 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, REITs, Mutual Funds, MMMFs, Security Brokers and Dealers, CMO Issuers TRANSACTION TABLES 32 34 36 38 Monetary and Insurance Reserves Interbank Claims Deposit Claims U.S. Government Securities —continued TRANSACTION TABLES—continued 40 42,44 46 48 50 52,54 56 58 60 Private Securities Tax-Exempt Debt Securities and Loans, Corporate and Foreign Bonds, 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, Profit Taxes Payable, Proprietors' Equity in Noncorporate Business Miscellaneous Total Claims Saving by Individuals Discrepancies Flow of Funds Accounts Fourth Quarter 1987 The tables published here include revisions for 1986 and 1987 compared with the 1987.Q3 Accounts published in December. A few corrections for earlier periods have been incorporated, as well. There have been no structural changes in the preparation of the fourth quarter 1987 financial estimates, and no changes in underlying data sources. The extensive changes introduced earlier in 1987 are described in the preface to the 1987 second quarter accounts. Preliminary estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information and are therefore only tentative. At the end of this preface is a list of the principal sources of information that were available in putting together the 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. Availability. Flow of Funds statistics are usually compiled and available within three months following the last quarter reported. 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 the 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—usually 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. i The current quarterly tables are an extension of a body of data that begins in 1916 in annual form and in 1952 quarterly. Annual-total flows and year-end outstandings for the entire period available at that time were most recently published together in Flow of Funds Accounts, 1949-78 (December 1979). Data in that publication however, are superceded by revisions that have appeared in subsequent publications and in the current release. Two replacement volumes to the 1979 publication have been in preparation. The first, containing annual data for 1946 to 1969, was made available in December 1986, and can be ordered from Publication Services at the Federal Reserve Board at a cost of $1.75. The second, with quarterly data from 1970 onwards likely will follow in late 1988. Subscription Information. Effective in 1987, the Federal Reserve Board began charging 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 $2.00; the price of the full Z.l release has been fixed at $7.00. The Flow of Funds Section also publishes Balance Sheets for the U.S. Economy, which is designated as the Federal Reserve Board's C.9 release and appears twice a year, usually in April and October. The cost of that release is $2.00 per year. Subscription inquiries for these releases 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 in printed form from the Flow of Funds Section on request. Computer tapes for the entire data base in the accounts may be purchased from the National Technical Information Service, 5285 Port Royal Road, Springfield, Virginia 22161. Tape prices are determined by NTIS. Requests and inquiries about the data and historical tabulations should be addressed to: Flow of Funds Section Room B-5100, Stop 95 Board of Governors of the Federal Reserve System 20th and Constitution Avenue, N.W. Washington, D. C. 20551 (202) 452-3482 - ii - Data Availability for Preliminary Estimates: NONFINANCIAL" 1. National income and product accounts 1987.Q4 Major items missing Available Second estimate of current quarter, seasonally adjusted None FINANCIAL" for this sector are almost entirely residual and derived from data sectors. Availability is thus dependent on schedules for other Principal types of borrowing—mortgages and consumer credit—are in time for first quarterly estimates. 2. Households Estimates for other sectors. available 3. Farms Bank loans. For sponsored agency loans, see item 9 below. D.S. Government loans. below. 4. Nonfarm noncorporate business Bank and finance company loans, mortgage borrowing, open-market paper Net trade debt 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, D.S. Government loans for current quarter. 6. State and local governments Gross security offerings, deposits at banks, nonmarketable D.S. Government Securities (SLGs). Security retirements, other asset items. 7. Rest of the world (D.S. International Transactions) NIPA export, import and net foreign investment estimates. Balance of payments current and capital account data. 8. D.S. Government Monthly Treasury Statement of Receipts and Outlays for last month of quarter, Federal Financing Bank Statement. Loans outstanding except at Federal Financing Bank iii - See item 9 Available FINANCIAL— Major items missing Sponsored credit agencies Balance sheets for FNMA, Home Loan Banks, Farm Credit Administration loans and securities outstanding. Asset breakdown for FCA. 10. Mortgage pools Complete None 11. Monetary authority Complete None 12. Banking All-bank totals for preceding quarter, current-quarter indicators for banking and monetary estimates through last month of current quarter. All-bank totals for current quarter 13. Savings and loan associations Last month of quarter on summary monthly basis Detailed balance sheets and liquidity statements 14. Mutual savings banks Complete None 15. Credit unions Complete None 16. Life insurance companies Two months of current quarter Balance sheet for last month of quarter 17. Private Pension Funds 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 Borrowings Assets 24. CMO issuers Complete data from Trepp/PSA CMO Information Services. None 9. - iv - MARCH 11, 1988 NONFINANCIAL DEBT NONFINANCIAL DEBT GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR TOTAL ----------------------------------- DOMESTIC NONFINANCIAL SECTORS ---------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE 8 PVT. HOME CONSUMER LONG SHORT LOCAL u.s. TOTAL TERM TERM NONFIN TOTAL GOVTS MTGES CREDIT GOVT. FOREIGN TOTAL NON FINANCIAL MEMO: PRIVATE FINAN. ASSETS ANNUAL CHANGE (PER CENT) 1974 1975 1976 1977 1978 9.0 9.0 10.7 12.6 13.1 3.4 23.7 15.5 11.0 9.4 10.3 5.9 9.5 13.0 14.1 7.8 7.1 11.6 16.1 16.9 8.8 8.9 12.7 17.0 17.5 4.9 4.3 11.0 15.6 16.6 13.4 4.9 8.5 12.3 13.2 10.3 9.2 8.9 11.2 10.5 19.0 -2.3 7.8 14.7 18.2 7.6 5.9 6.0 4.5 6.8 20.5 17.4 21.5 11.7 18.6 9.4 9.3 11.1 12.6 13.4 8.9 9.2 10.7 10.8 11.2 1979 1980 1981 1982 1983 12.1 9.5 9.6 9.0 11.8 6.0 11.9 11.8 19.4 18.8 13.6 9.0 9.1 6.6 9.9 15.0 8.9 8.3 5.7 11.4 16.2 11.4 8.0 4.8 10.4 13.0 .8 5.8 4.9 13.6 13.6 9.7 11.2 7.3 8.3 9.9 8.8 7.7 7.1 9.5 20.2 11.1 16.9 7.6 6.6 6.8 6.2 2.3 7.1 10.5 9.5 14.0 11.9 7.2 8.2 12.0 9.7 9.7 9.0 11.6 11.5 9.5 11.0 10.5 11.9 1984 1985 1986 1987 14.4 14.3 12.2 9.0 16.9 16.2 13.4 7.8 13.7 13.7 11.8 9.3 12.7 14.1 11.9 9.3 11.0 11.6 13.6 12.8 19.2 16.8 10.0 4.2 15.9 11.5 12.2 9.9 1?.8 14.3 14.7 12.8 19.0 7.4 8.3 5.2 7.7 23.8 9.3 6.4 3.7 .5 3.8 1.3 14.0 13.8 11.9 8.7 14.1 11.8 8.1 6.1 QUARTERLY GROWTH RATES (X - SAAR) 1984 - - I II III IV 13.2 13.8 12.4 15.4 18.2 13.5 15.0 16.9 11.8 13.8 11.7 14.9 11.7 13.4 11.1 12.5 11.2 11.7 9.8 9.5 17.0 22.2 15.9 16.6 13.2 16.0 12.9 17.8 9.6 11.8 13.5 17.4 18.6 22.2 12.0 18.3 4.8 4.2 8.5 12.4 7.8 23.5 -12.6 -3.4 13.0 14.2 11.4 14.6 12.1 13.2 10.7 17.5 1985 - - I II III IV 11.2 12.7 11.0 19.6 14.3 14.9 10.9 21.3 10.2 12.0 11.0 19.1 12.3 12.4 13.8 15.4 10.9 10.1 11.9 11.6 18.0 15.2 17.4 12.8 8.4 10.2 9.0 16.4 11.2 13.0 12.6 17.7 4.5 6.0 3.7 14.5 8.9 19.9 7.4 53.1 -2.2 -2.8 8.5 -1.4 10.7 12.1 10.9 18.8 10.2 9.1 9.5 16.6 1986 - - I II III IV 8.3 11.4 13.0 14.0 11.8 13.7 12.4 13.4 7.2 10.7 13.2 14.2 8.3 11.2 14.2 11.9 9.6 12.1 15.8 14.4 9.5 11.9 12.3 5.0 8.5 10.9 9.2 18.1 15.0 13.3 13.0 14.7 -1.4 7.2 3.1 23.7 -4.5 6.4 28.9 5.9 14.7 3.5 6.9 -9.6 8.5 11.1 12.8 13.3 6.5 6.3 7.3 11.6 1987 - - I II III IV 7.2 9.7 7.9 9.8 8.9 7.5 3.6 10.3 6.7 10.4 9.3 9.7 7.6 10.5 10.0 8.1 13.1 13.9 10.9 11.2 .8 4.6 5.8 5.3 5.4 11.3 8.9 12.3 13.2 11.5 12.7 10.9 -7.3 11.0 2.4 14.6 8.8 4.7 7.3 4.2 -4.3 -2.0 7.5 4.0 6.9 9.3 7.9 9.7 1.9 4.8 6.7 10.6 v MARCH 11, 1988 NONFINANCIAL DEBT NONFINANCIAL DEBT GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR TOTAL U.S. GOVT. - -DOMESTIC NONFINANCIAL SECTORS ---------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE 8 LOCAL LONG SHORT HOME CONSUMER PVT. GOVTS TERM TERM TOTAL NONFIN TOTAL MTGES CREDIT FOREIGN TOTAL NON FINAN CIAL MEMO: PRIVATE FINAN. ASSETS ANNUAL FLOWS (^BILLIONS) 1974 1975 1976 1977 1978 172.5 187.5 242.1 316.9 371.9 11.8 85.4 69.0 56.8 53.7 160.7 102.1 173.1 260.2 318.2 51.6 50.8 88.2 137.5 167.2 34.8 38.2 59.4 89.7 108.6 9.9 9.1 24.2 38.1 46.7 94.6 39.0 71.6 112.2 134.5 47.0 46.0 49.1 66.8 70.1 47.5 -7.0 22.5 45.4 64.5 14.6 12.3 13.2 10.5 16.5 13.8 14.1 20.5 13.5 24.0 186.4 201.6 262.6 330.4 395.9 120.1 135.1 171.1 191.0 220.0 1979 1980 1981 1982 1983 385.7 341.7 375.9 388.9 550.2 37.4 79.2 87.4 161.3 186.6 348.4 262.5 288.5 227.6 363.6 173.7 118.4 120.7 90.0 188.2 117.6 96.4 75.0 49.5 110.8 42.7 2.9 21.8 19.3 56.6 157.1 126.8 161.1 116.1 141.4 73.0 71.4 68.2 67.1 95.8 84.0 55.4 92.9 49.0 45.7 17.6 17.2 6.8 21.5 34.0 15.0 24.2 23.5 16.0 17.3 400.7 365.8 399.4 404.8 567.5 252.6 231.3 295.8 311.5 389.9 1984 1985 1986 1987 753.9 854.8 831.7 685.2 198.8 223.6 215.0 141.4 555.1 631.1 616.7 543.9 234.6 293.4 281.1 245.6 129.0 151.0 197.4 210.5 90.4 94.6 65.8 30.1 293.0 245.9 291.3 265.0 152.3 180.7 212.3 211.2 140.8 65.2 79.0 53.8 27.4 91.8 44.3 33.3 8.3 1.2 9.0 3.1 762.2 856.0 840.7 688.3 517.1 496.7 381.2 311.6 QUARTERLY NET FLOWS ($B - SAAR) 1984 — I II III IV 691.8 742.8 695.3 885.6 214.4 166.5 191.6 222.7 477.4 576.3 503.7 662.8 215.6 254.5 216.7 251.8 131.4 141.9 122.1 120.7 80.3 109.1 82.7 89.7 244.6 306.6 256.0 364.8 106.3 134.2 158.0 210.5 138.3 172.3 98.0 154.3 17.2 15.2 31.0 46.2 17.8 54.4 -30.9 -8.0 709.6 797.2 664.4 877.6 445.4 500.6 420.4 701.9 1985 — I II III IV 667.6 777.9 698.3 1275.3 197.4 212.1 161.4 323.6 470.2 565.7 536.9 951.7 254.8 264.7 303.4 350.7 141.8 135.3 163.7 163.1 101.0 89.6 106.0 81.8 181.0 222.7 202.7 377.3 141.1 168.7 169.0 243.9 39.9 54.0 33.7 133.3 34.4 78.3 30.7 223.7 -5.1 -6.5 19.7 -3.3 662.5 771.4 717.9 1272.0 428.5 392.9 417.6 747.6 1986 — I II III IV 1 565.0 793.1 932.5 1036.3 188.5 226'. 0 210.4 235.2 376.5 567.1 722.0 801.1 195.5 270.4 352.6 306.0 138.8 179.8 241.3 229.6 62.3 79.8 85.2 36.0 202.5 266.6 231.2 464.8 215.7 198.2 201.4 233.9 -13.3 68.4 29.9 230.9 -21.5 30.1 138.3 30.4 34.7 8.2 16.5 -23.5 599.8 801.3 949.0 1012.8 302.4 300.7 350.7 571.0 1987 — I II III IV 551.4 756.0 633.2 800.4 162.3 139.1 68.0 196.1 389.1 616.9 565.2 604.2 199.6 281.2 274.4 227.0 215.3 233.9 190.8 202.0 6.0 33.0 42.2 39.1 143.8 310.6 251.5 354.2 218.7 198.8 226.2 201.0 -74.9 111.7 25.4 153.1 45.7 25.1 39.3 23.1 -10.1 -4.6 17.5 9.5 541.3 751.4 650.6 809.9 98.2 245.0 346.7 553.4 vi MARCH 11, 1988 NONFINANCIAL DEBT NONFINANCIAL DEBT GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR TOTAL U.S. GOVT. - -DOMESTIC NONFINANCIAL SECTORS --------------------------------------------------- HOUSEHOLDS --------- NONFINANCIAL BUSINESS STATE 8 LONG SHORT LOCAL HOME CONSUMER PVT. TOTAL TERM TERM GOVTS NONFIN TOTAL MTGES CREDIT FOREIGN TOTAL NON FINAN CIAL MEMO s PRIVATt FINAN ASSETS YEAR--END OUTSTANDINGS <$ BILLIONS) 1974 L975 1976 1977 1978 2082.2 2268.4 2509.7 2828.4 3195.1 360.8 446.3 515.8 572.5 626.2 1721.3 1822.2 1993.9 2255.8 2568.9 714.5 762.2 851.7 989.2 1154.7 431.4 469.7 529.4 619.2 727.7 213.4 219.6 243.9 282.0 328.8 798.9 839.8 908.7 1022.7 1153.7 501.7 549.5 598.9 667.6 738.3 297.3 290.3 309.8 355.1 415.4 207.9 220.2 233.5 243.9 260.5 81.2 95.3 115.8 129.3 157.6 2163.4 2363.8 2625.5 2957.7 3352.6 1466.6 1601.3 1773,6 3 96* 8 2188 7 1979 1980 1981 1982 1983 3580.9 3922.1 4297.6 4675.1 5228.3 663.6 742.8 830.1 991.4 1177.9 2917.4 3179.3 3467.4 3683.7 4050.4 1329.0 1450.0 1575.4 1657.2 1844.6 846.9 943.3 1023.0 1064.6 1174.6 371.4 374.4 396.2 415.5 472.1 1310.2 1434.0 1589.9 1702.8 1848.1 811.6 883.0 946.1 1009.4 1106.0 498.6 550.9 643.8 693.4 742.1 278.1 295.3 302.1 323.7 357.7 172.4 197.2 220.7 210.4 227.7 3753.3 4119.3 4518.2 4885.5 5456.0 2441.f 2677.1 2973.5 3235.4 3679.1 QUARTERLY OUTSTANDINGS, SEASONALLY ADJUSTED 1984 — I II III IV 5400.7 5585.0 5759.4 5980.8 1231.5 1273.2 1321.1 1376.8 4169.2 4311.8 4438.3 4604.0 1893.9 1956.6 2011.3 2074.3 1207.8 1242.3 1272.8 1303.0 492.2 519.5 540.1 562.5 1913.2 1989.4 2053.4 2144.6 1136.6 1169.7 1209.2 1261.8 776.7 819.7 844.2 882.8 362.0 365.8 373.5 385.1 231.6 245.2 237.5 235.5 5632.3 5830.2 5996.8 6216.2 3r89.8 3914.6 4019.8 4195.1 1985 — I II III IV 6147.4 6338.9 6512.2 6832.5 1426.1 1479.1 1519.5 1600.4 4721.3 4859.7 4992.7 5232.1 2137.5 2200.6 2273.7 2360.4 1338.4 1372.3 1410.4 1451.2 587.8 610.2 636.7 657.1 2190.1 2245.8 2298.0 2394.8 1297.1 1339.3 1380.6 1441.4 893.1 906.5 917.5 953.4 393.7 413.3 421.0 476.9 234.2 232.6 237.5 236.7 6381.6 6571.5 6749.7 7069.2 4299.6 4397.8 4498.5 4686.1 1986 — I II III IV 6970.9 7167.2 7397.9 7654.8 1647.5 1704.0 1756.6 1815.4 5323.4 5463.2 5641.3 5839.4 2407.8 2474.9 2561.0 2635.1 1484.9 1529.9 1589.0 1647.0 672.7 692.6 714.0 723.0 2444.6 2510.3 2567.6 2684.0 1494.5 1544.1 1594.0 1652.6 950.1 966.2 973.7 1031.4 471.0 478.0 512.6 520.2 237.4 239.4 243.5 237.7 7208.3 7406.6 7641.4 7892.4 4757.3 4832.5 4918.2 5058.6 1987 — I II III IV 7805.6 7997.4 8153.5 8361.5 1856.0 1890.7 1907.7 1956.8 5949.6 6106.6 6245.8 6404.7 2670.0 2746.5 2812.9 2868.9 1685.8 1750.4 1798.1 1848.3 724.5 732.7 743.3 753.1 2748.0 2822.2 2885.1 2982.3 1735.3 1781.6 1838.1 1888.4 1012.7 1040.6 1046.9 1093.9 531.6 537.9 547.7 553.5 235.1 234.0 238.4 242.4 8040.7 8231.4 8391.9 8603.9 5083.2 5144.3 5234,1 5392,0 vii MARCH 11. 1988 Income and Product Distribution Income and Product Distribution Income and Product Accounts: GNP Expenditures and Gross Saving 1 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1 1986 I 1 1987 1983 1984 1985 1986 1987 1 3405.8 3772.2 4010.4 4235.0 4487.7 4266.0 4288.1 4377.6 4445.2 4523.9 4604.0 Total GNP 1 2 3 4 5 6 2909.6 2234.6 289.1 391.5 283.6 3166.3 2430.5 335.6 425.4 310.5 3448.0 2629.4 368..7 464.7 353.9 3669.6 2799.9 402.4 503.5 366.2 3891.3 2967.0 413.8 543.4 380.9 3715.6 2837.1 427.6 507.3 371.2 3744.9 2858.6 419.8 517.7 368.6 3790,0 2893.8 396.1 529.3 366.9 3860.9 2943.7 409.0 537.6 379.6 3940.3 3011,3 436.8 546.9 382.1 3974.0 Current outlays 3019.2 Households 413.1 Of which consumer durables 559.7 State and local governments 395.1 U.S. government 2 3 4 5 6 7 8 9 10 11 12 13 502.3 509.4 152.5 6.1 113.8 103.9 1.5 664.9 597.2 181.1 6.2 134.8 131.5 2.6 641.6 631.6 189.0 6.1 138.6 135.5 1.9 671.0 655.2 218.3 5.3 164.4 157.6 2.0 716.7 671.3 228.3 4.8 185.3 180.9 1.8 660.9 657.3 223.8 5.1 164.8 156.3 2.1 660.1 666.6 226.9 5.3 172.7 169.5 1.8 699.8 648.2 225.4 4.8 182.8 178.6 1.7 702.6 662.3 227.7 4.7 178.3 173.0 1.8 707.3 684.5 227.9 4.9 189.2 185.3 1,9 7 8 9 10 11 12 13 14 15 16 8.4 4.2 4.2 .8 .4 .4 1.2 .6 .6 4.8 2.4 2.4 2.6 1.3 1.3 6.3 3.2 3.2 1.5 .7 .7 2.4 1.2 1.2 3.4 1.7 1.7 1.9 1.0 1.0 756.9 Gross domestic Investment 690.1 Private fixed investment 232.3 Residential construction 4.9 Mobile homes 191.3 1-4 family structures 186.7 Household purchases 1.8 Farm Change in work in process 2.7 on nonfarm 1.4 Noncorporate 1.4 Corporate 17 18 19 20 21 32.6 14.9 16.6 1.2 « 40.0 16.9 21.2 1.7 .2 44.3 18.2 24.4 1.3 .4 48.6 19.1 27.8 1.3 .4 38.2 19.9 16.7 1.5 .1 53.9 19.2 33.1 .4 1.3 48.9 19.4 27.8 1.0 .7 37.9 19.6 15.7 2.1 .5 44.8 19.8 23.5 1.4 .1 33.8 20.0 12.5 1.2 K 36.1 20.2 15.1 1.1 -.3 22 23 24 25 26 27 356.9 13.9 12.6 50.0 19.4 261.0 416.1 15.2 12.2 49.9 29.5 309.3 442.7 15.7 9.3 50.9 36.5 330.3 436.9 16.5 9.2 49.4 39.9 322.0 443.0 16.9 6.8 50.6 41.8 327.0 433.5 16.6 9.0 49.3 40.4 318.2 439.7 16.7 8.3 49.8 40.8 324.1 422.8 16.8 7.8 50.1 41.2 307.0 434.6 16.8 7.1 50.4 41.6 318.8 456.6 16.9 6.5 50.7 42.0 340.5 457.8 17.0 5.8 51.1 42.4 341.6 28 29 30 31 32 -7.1 -7.5 ,4 -.2 .6 67.7 7.2 60.6 8.9 51.7 10.0 -3.6 13.6 7.4 6.2 15.7 -1.1 16.8 10.5 6.3 45.4 8.8 36.6 7.0 29.6 3.6 4.5 -.9 6.0 -6.9 -6.5 -11.6 5.1 7.7 -2.6 51.6 2.9 48.7 7.2 41.5 40.3 13.0 27.3 6.0 21.3 22.8 11.7 11.1 6.4 4.7 66.8 7.5 59.3 8.5 50.8 33 34 35 -6.1 352.5 358.6 -59.0 383.5 442.5 -79.2 370.0 449.2 -105.5 376.2 481.7 -120.3 427.5 547.7 -110.5 376.6 487.1 -116.9 383.3 500.2 -112.2 397.3 509.5 -118.3 416.5 534.8 -123.7 439.2 562.9 -126.9 Net exports 456.8 Exports 583.7 - Imports 33 34 35 36 37 38 2428.1 130.6 5,4 2668.6 164.1 6.1 2841.2 127.1 4.5 3022.1 130.6 4.3 3181.5 119.6 3.8 3038.3 108.9 3.6 3061.6 109.0 3.6 3125.9 138.3 4,4 3130.7 93.2 3.0 3195.3 88.9 2.8 3274.2 Disposable personal income 157.9 Personal saving 4.8 Saving rate (percent) 36 37 38 39 40 -176.1 47.4 -169.5 64.5 -196.1 63.0 -204.7 56.8 -150.4 43.5 -203.8 59.5 -188.7 50.6 -170.3 40.9 -139,4 50.7 -135.7 46.4 -156.2 Federal government surplus 39 35.9 St. 8 local government surplus 40 41 42 43 44 45 207.6 -.2 30.2 18.1 159.5 239.9 a 30.9 13.0 196.0 224.8 -.1 30.5 18.4 176.0 231.9 -.1 31.2 26.1 174.6 275.7 a 32,4 28.1 215.3 236.3 -.1 32.1 25.2 179.1 247.9 -.1 29.7 26,1 192.2 257.0 -.1 32.6 27.6 196.9 268.7 -.1 33.0 27.8 208.0 Corporate profits, taxes, and dividends: 284.9 292,2 Profits - total (book) a a Farms 31.9 32.0 Foreign 28.0 29.0 Financial corporations 225.0 231.2 Nonfin. corporate business 41 42 43 44 45 46 47 48 49 77.3 .1 17.8 59.3 93.9 ,3 20.4 73.3 96.7 .3 26.8 69.7 105.1 .3 26.8 78.0 138.2 .3 29.5 108.4 106.1 .3 26.3 79.5 113.9 .3 26.7 86.9 128.0 .3 28.2 99.5 134.2 .3 28.9 105.0 143.0 .3 29.6 113.1 147.6 .3 31.1 116.2 Tax accruals - total Farms Financial corporations Nonfin. corporate business 46 47 48 49 50 51 52 53 54 55 71.5 .3 -6.8 78.0 66.2 11.8 79.0 .3 -2.2 81.0 69.2 11.8 81.4 .3 -1.9 82.9 70.6 12f3 86.8 .3 -2,7 89.2 73.8 15.3 93.8 .3 -2.3 95.7 87.2 8.5 87.7 .3 -3.7 91.1 74.3 16.8 88.6 .3 -3.6 91.9 75.3 16.6 90,3 .3 -2.2 92.2 82.1 10.1 92.4 .3 -2.2 94.3 86.0 8.3 95.2 .3 -2.3 97.2 89.6 7.6 97.3 .3 -2.4 99.4 91.4 8.0 Dividends - total Farms Financial corporations Nonfin. corporate business Net dividends paid ♦ Net fgn. div. received 50 51 52 53 54 55 56 57 58 59 60 61 62 58.9 -.5 7.1 18.4 33.9 22.2 11.8 67.1 -.6 -5,2 19.2 53.6 41.8 11.8 46.8 -.6 -6.5 18.2 35.7 23.4 12.3 40.1 -.7 2.0 15.9 22.8 7.5 15,3 43.7 -.7 .9 23.9 19.6 11.1 8.5 42.5 -.7 2.5 15.3 25.4 8,6 16.8 45.4 -.7 3.1 13.1 29.9 13.3 16.6 38.7 -.7 1.5 22.5 15.4 5.3 10.1 42.1 -.7 1.1 24.6 17.1 8.8 8.3 46.7 -.7 .7 24.3 22.4 14.8 7.6 47.3 -.7 .3 24.0 23.7 15.7 8.0 Undist. profits - total Farms Financial corporations Foreign Nonfin. corporate business Domestic undist. prof. ♦ Net fgn. div. received 56 57 58 59 60 61 62 83 64 65 66 17.0 1.1 -.1 16.0 32.8 1.2 .7 30.9 53.5 1.5 1.0 51.0 46.0 1.3 1.4 43.3 48,2 1.6 a 46.5 44.0 1.3 1.3 41.4 42.1 1.3 .7 40.1 48.2 1.5 .4 46.3 48.0 1.6 .1 46.3 47.7 1,7 -.1 46.1 48.7 1.8 -.5 47.4 Cap. cons, adjust. - total Farms Financial corporations Nonfin. corporate business 63 64 65 66 67 68 69 70 71 72 73 74 75 396.6 57.0 11.9 19.2 65.8 242.7 12.9 1.6 228.2 415.5 60.0 12.7 20.6 67.7 254.5 14.5 1.6 238.4 437.6 64.4 13.3 20,4 70.3 269.2 16.4 1,6 251.2 456.7 67.1 14.1 19.8 73.0 282.8 18.5 1.5 262.8 479.1 70.0 14.8 19.2 78.9 296.3 20.4 1.5 274,3 4^8.9 67.4 14.2 19.7 73.4 284.3 18.7 1.5 264.1 465.9 68.1 14.3 19.6 74.5 289.3 19.7 1.5 268.1 469.7 68.9 14.5 19.4 75.1 291.8 20.0 1.5 270.3 476.6 69.6 14.7 19.3 78.5 294.5 20.2 1.5 272.8 483.0 70.4 14.9 19.1 80.9 297.8 20.6 1.5 275.7 487.2 Total capital cons. w/CCAdj 71.1 Owner-occupied homes (HH) 15.0 Nonprofit institutions (HH) 18.9 Farm noncorporate 81.2 Nonfarm noncorp. business 300.9 Total corporate 20.9 Financial business 1.5 Corporate farms 278.5 Nonfin. corporate business 67 68 69 70 71 72 73 74 75 76 77 226.4 623.0 236.7 652.2 254.6 692.2 275.0 731.7 299.2 778.3 277.3 736.2 284.1 750.0 290.3 760.0 295.9 772.5 302.4 785.4 Memo: Cap. cons, on consumer 308.2 durables not included above 76 795.4 Tot. cap. cons. incl. durables 77 78 5.3 5.4 -5.5 -4,9 -6.9 -5.8 -11,7 -2.1 -3.0 -11.1 -11.2 Statistical discrepancy 39.1 14.2 43.0 14.6 45.3 14,5 50.1 15.1 44.9 14.5 45.9 14.8 49.8 14.6 49.9 15.6 50.2 15.0 79 80 37.2 14.5 III IV I II III IV Multi-family units Households (1) Noncorporate business Nonfin. corp, business REITs Nonres. plant 8 equipment Nonprofit Inst. (HH) Farm Nonfarm noncorp. bus. Financial corporations Nonfin. corp, business Inventories Farm Nonfarm Noncorporate Corporate 50.5 Profit tax rate (percent) 15.0 Personal tax rate (percent) (1) Purchases of condominium units. PILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 78 79 80 MARCH 11, 1988 Funds Raised in Credit Markets 2 Funds Raised ln Credit Markets Summary of Net Funds Raised ln Credit and Equity Markets UNADJUSTED NET FLOWS!$ MILL) UNADJUSTED NET FLOWS($ MILL) ___ I 1 1986 Ill IV 1987 I II III IV 1978 BILLIONS OF DOLLARS 1980 1979 1981 1982 Net Credit Market Borrowing by Nonfinancial Sectors 1 Total net borrowing by domestic nonfinancial sectors 242,988 271,842 107,704 195,964 168,917 212,656 371.9 385.7 341.7 375.9 388.9 1 60,653 60,955 -302 53.7 55.1 -1.4 37.4 38.8 -1.4 79.2 79.8 -.6 87.4 87.8 -.5 161.3 162.1 -.9 2 3 4 2 3 4 U.S. government Treasury issues Agency issues 8 mortgages 5 Private domestic nonfinancial sectors 6 7 8 9 10 11 12 13 Debt capital instruments Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family resid. Commercial Farm 14 15 16 17 18 Other debt instruments Consumer credit Bank loans n.e.c. Commercial paper Other 19 20 21 22 23 24 25 By borrowing sector: StateSlocal governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 26 Fgn. net borrowing in U.S. Bonds 27 Bank loans n.e.c. 28 Commercial paper 29 U.S. govt. 8 other loans 30 31 Total domestic plus foreign 57,888 57,506 382 69,344 69,299 45 27,496 27.527 -31 31.396 31.879 -483 21,833 21,960 -127 80,208 164,568 147,084 152.003 318.2 348.4 262.5 288.5 227.6 5 150,591 121.645 110,287 122,540 118.737 104,927 5,503 5,502 10,903 4,371 9,362 35,544 27,108 21,764 39,650 29,541 32,531 23,707 75,717 75,303 87,497 87,939 95,510 61,275 65,420 60,037 43.576 62,666 52.113 54,232 4,801 4,348 8,586 8,452 9,271 6,078 15,700 28,947 14,347 17.642 19.581 17,929 -792 -1,633 -2,745 -2.726 -1,397 -1,192 200.7 28.4 21.1 151.2 110.2 10.9 21.9 8.2 212.5 30.3 17.3 164,9 116.6 10.0 24.4 14.0 189.1 30.3 27.7 131.2 94.2 7.6 19.2 10.2 155.5 23.4 22.8 109.3 72.2 4.8 22.2 10.0 148.3 44.2 18.7 85.4 50.5 5.4 25.2 4.2 6 7 8 9 10 11 12 13 47,076 16,377 15,225 -2,969 18,443 117.6 46.7 40.3 2.7 27.9 135.9 42.7 48.5 9.0 35.7 73.3 2.9 36.5 4.0 30.0 133.0 21.8 48.1 1*. 7 48.5 79.3 19.3 50.4 -6.1 15.8 14 15 16 17 18 80,208 164,568 147.084 152,003 7,149 11,235 5,867 9,051 26,888 74.414 72.464 71,791 44,269 83,005 63.385 74,345 -6,407 342 -1.515 -2,456 16,927 32,803 26.331 26,400 33,749 49,860 38,569 50.401 318.2 16.5 167.2 134.5 15.6 33.8 85.2 348.4 17.6 173.7 157.1 23.5 37.9 95.7 262.5 17.2 118.4 126.8 15.2 31.8 79.8 288.5 6.8 120.7 161.1 16.6 38.5 106-0 227.6 21.5 90.0 116.1 6.8 40.2 &9.0 19 20 21 22 23 24 25 2,818 5,648 -1,121 -1,068 -641 24.0 4.0 18.3 1.0 .7 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.»> 3.9 11.1 16.)? 26 6.6 27 -5.5 28 1.9 29 13.0 30 245,360 266,927 105,991 195,661 171.187 215,474 395.9 400.7 365.8 399.4 404.8 31 185,100 202,498 34,509 25,621 2,098 4,125 2,665 80,853 -30,079 15,619 -14,371 57,171 -24,817 -9.914 728 8.381 17,977 185,100 202,498 35,830 7,651 91,683 90.431 57,587 104,416 -2,828 -6,679 26,128 42,418 34,287 68,677 2,372 574 -2,260 3,677 381 -4,915 -1,146 731 -2,501 -1,999 -1,713 137 -912 -129 -809 42,028 12,638 14,590 4,323 10,477 -303 -852 -577 -1,691 2.817 28.347 15,445 9,245 192 3.465 2,270 1,337 -1.251 5,023 -2.839 Net Credit Market Borrowing by Financial Sectors Total net borrowing 1 by financial sectors 79.266 104,018 67,133 81,793 70,884 63,611 73.3 89.9 65.4 101.9 90.3 1 2 3 4 5 U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government 52,313 5,922 46.824 -433 61,682 5,787 56,231 -336 38,490 -4,634 43.844 -720 47.072 7.395 39,707 -30 41,031 7,954 33,077 42,723 19,193 23,530 37.1 23.1 13.6 .4 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 2 3 4 5 6 7 8 9 10 11 Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 26,953 15,690 -137 484 6,720 4.196 42,336 21,377 -98 2.993 8.455 9,609 28.643 24,446 74 -4,571 10,579 -1.885 34,721 10,667 42 549 15,888 7,575 29.853 20.317 70 2,118 1,593 5.755 20,888 6,610 142 849 319 12,968 36.2 7.8 .2 1.8 13.9 12.5 42.0 5.5 M .5 26.8 9.2 20.6 1.6 K -1.0 12.9 7.1 54.5 4.4 M 1.2 32.7 16.2 25.4 6 12.7 7 .1 8 1.9 9 9.9 10 .8 11 12 Total, by sector Sponsored credit agencies 13 Mortgage pools 14 79,266 104,018 5,489 5,451 46,824 56,231 67,133 -5,354 43,844 81,793 7,365 39,707 70,884 7.954 33.077 63,611 19,193 23,530 73.3 23.5 13.6 89.9 24.8 23.1 65.4 25.6 19.2 101.9 32.4 15.0 90.3 12 15.3 13 49.5 14 15 16 17 18 19 20 21 26,953 2,469 576 5,842 12,425 -332 5,973 28.643 565 7,709 2,150 1,916 -89 16.392 34.721 4,524 -237 10,488 10.004 78 9,864 29.853 -2,108 753 8,396 11.333 429 11,050 20.888 5,540 -3,393 14,150 3,256 519 816 36.2 -.5 7.5 13.5 15.9 -.2 42.0 9.1 4.1 12.6 16.2 K 20.6 8.3 6.7 7.4 -1.4 -.4 54.5 11.6 9.2 15.5 18.6 -.4 25.4 11.7 6.8 2.5 4.5 -.2 .2 15 16 17 18 19 20 21 Private financial sectors Commercial banks Domestic affiliates Savings and loan assns. Finance companies REITs CMO Trusts 42.336 -2,738 3,192 13,020 13,766 -326 15,422 Total Net Credit Market Borrowing, All Sectors, by Type 1 Total net borrowing 2 U.S. government securities 3 Tax-exempt obligations 4 Corporate 8 foreign bonds 5 Mortgages 324,626 370,945 173,124 277,454 242.071 279.085 110,646 131.366 66,715 78,500 62,867 103.377 5,503 35,544 4,371 9,362 5,502 10.903 43.372 41,995 64,233 39,356 54,185 35,965 87,790 95,408 61,340 87,537 75.370 75,858 469.2 90.5 28.4 32.9 151.2 490.6 84.8 30.3 26.5 164.8 431.2 122.9 30.3 30.5 131.1 501.4 133.0 23.4 32.7 109.2 495.1 225.9 44.2 38.0 85.4 1 2 3 4 5 16,377 14,953 -3,718 30,770 46.7 60.3 17.7 41.5 42.7 52.1 37.5 51.9 2.9 47.2 19.3 47.1 21.8 52.3 51.3 77.7 19.3 46.7 5.7 30.0 6 7 8 9 10 Memo: U.S. govt, cash balance 7,059 -737 -22,872 32,699 -2.688 -3,815 Totals net of changes ln U.S. govt, cash balances: Net borrowing by dom. nonfin. 235,929 272,579 130,576 163.265 171,605 216,471 By U.S. government 50,829 70,081 50,368 -1.303 24.521 64,468 3.8 .6 -3.8 368.1 49.9 385.1 36.8 345.5 83.0 375.9 87.4 6 7 8 9 Consumer credit Bank loans n.e.c. Open-market paper Other loans 25,621 322 14,522 6,809 15,619 -14,371 60,895 -30,300 -3.960 11,178 4,967 25,251 12,638 14.562 18,520 20,839 15.445 10,112 6.808 6,381 11 12 7.3 10 381.6 11 154.0 12 External Corporate Equity Funds Raised in U.S. Markets 1 Total net share issues Mutual funds 2 All other 3 4 Nonfinancial corporations 5 Financial corporations Foreign shares 6 purchased in U.S. 18,690 20,096 41,085 3,835 -17,193 37,368 46,383 52,330 23,194 1.803 -18.678 -26,287 -11,245 -19,359 -18,996 -20.125 -26,250 -14,250 -20,750 -19,500 2.641 1,930 911 1,797 923 -1,194 -1,967 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 1,208 468 -407 -37,070 -12,861 -24,209 -22,000 1,497 1.6 -.1 1.7 -.1 2.1 -3.8 .4 -4.2 -7.8 2.6 19.8 2.9 16.9 12.9 1.7 -5.5 3.7 -9.2 -11.5 2.0 25.8 8.8 17.0 11.4 4.2 1 2 3 4 5 -3,706 -.4 1.0 2.4 .2 1.4 6 MARCH 11, 1988 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 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 1987 I I 1986 III IV I 1 198? i II III IV Net Credit Market Borrowing by Nonfinancial Sectors Total net borrowing by domestic 800.4 nonfinancial sectors 1 550.2 753.9 854.8 831.7 685.2 932.5 1036.3 551.4 756.0 633.2 2 3 4 186.6 186.7 -.1 198.8 199.0 -.2 223.6 223.7 -.1 215.0 214.7 .4 141.4 142.3 -.9 210.4 208.9 1.5 235.2 235.0 .2 162.3 162.4 -.1 139.1 141.0 -1.9 68.0 68.5 -.5 196.1 197.3 -1.2 U.S. government Treasury issues Agency issues 8 mortgages 2 3 4 5 363.6 555.1 631.1 616.7 543.9 722.0 801.1 389.1 616.9 565.2 604.2 Private domestic nonfinancial sectors 5 6 7 8 9 10 11 12 13 253.4 53.7 16.0 183.6 117.5 14.2 49.3 2.6 313.6 50.4 46.1 217.1 129.7 25.1 63.2 -.9 447.8 136.4 73.8 237.7 151.9 29.2 62.5 -6.0 452.7 30.8 121.3 300.6 201.2 33.1 74.6 -8.4 456.5 ?1.3 125.4 299.8 212.6 23.8 69.5 -6.1 587.1 137.1 113.7 336.2 246.4 36.8 59.0 -6.0 492.6 17.3 100.8 374.5 230.7 33.0 120.2 -9.4 482.6 46.9 146.9 288.8 217.2 28.2 55.7 -12.3 458.8 18.6 108.0 332.3 236.6 31.5 70.6 -6.4 458.3 38.0 135.3 285.0 192.4 22.8 74.0 -4.1 426.2 21.6 111.6 293.0 204.1 12.8 77.7 -1.6 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 18 110.2 56.6 23.2 -.8 31.3 241.5 90.4 67.1 21.7 62.2 183.3 94.6 38.6 14.6 35.5 164.0 65.8 66.5 -9.3 41.0 87.4 30.1 14.2 2.3 40.8 135.0 85.2 14.8 5.2 29.8 308.5 36.0 226.8 -16.3 61.9 -93.6 6.0 -124.8 -1.8 27.1 158.1 33.0 75.6 10.8 38.8 106.9 42.2 42.0 -12.0 34.7 178.0 39.1 64.2 12.2 62.5 Other debt instruments Consumer credit Bank loans n.e.c. Commercial paper Other 14 15 16 17 18 19 20 21 22 23 24 25 363.6 34.0 188.2 141.4 4.1 77.0 60.3 555.1 27.4 234.6 293.0 -.1 97.0 196.0 631.1 91.8 293.4 245.9 -13.9 93.1 166.7 616.7 44.3 281.1 291.3 -15.1 116.2 190.2 543.9 33.3 245.6 265.0 -10.0 102.5 172.6 722.0 138.3 352.6 231.2 -13.4 99.9 144.6 801.1 30.4 306.0 464.8 -13.3 171.2 306.9 389.1 45.7 199.6 143.8 -23.0 78.9 87.9 616.9 25.1 281.2 310.6 -12.7 122.6 200.7 565.2 39.3 274.4 251.5 -8.0 99.5 160.0 604.2 23.1 227.0 354.2 3.5 103.9 241.7 By borrowing sector: State&local governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 19 20 21 22 23 24 25 26 27 28 29 30 17.3 3.1 3.6 6.5 4.1 8.3 3.8 -6.6 6.2 5.0 1.2 3.8 -2.8 6.2 -6.0 9.0 2.6 -1.0 11.5 -4.0 3.1 6.3 -3.9 2.1 -1.5 16.5 2.4 -7.7 15.8 6.0 -23.5 -4.6 .6 -8.1 -11.4 -10.1 2.7 -2.3 -4.3 -6.2 -4.6 -6.0 -4.1 -6.2 11.7 17.5 4.9 -2.9 21.4 -5.9 9.5 Fgn. net borrowing in U.S. Bonds 23.5 Bank loans n.e.c. -6.2 Commercial paper -2.3 U.S. govt. 8 other loans -5.5 26 27 28 29 30 31 567.5 762.2 856.0 840.7 688.3 949.0 1012.8 541.3 751.4 650.6 809.9 Total domestic plus foreign 31 1 Net Credit Market Borrowing by Financial Sectors Total net borrowing by financial sectors 1 1 99.3 151.9 199.0 295.3 283.4 303.1 393.4 329.8 307.2 264.3 233.3 2 3 4 5 67.8 1.4 66.4 - 74.9 30.4 44.4 - 101.5 20-6 79.9 1. ' 178.1 15.2 163.3 -.4 169.) 29. > 140.2 -.8 200.6 23.0 179.3 -1.7 239.7 20.4 220.7 -1.3 174.8 -3.6 181.3 -2.9 186.3 19.8 166.7 -.1 153.2 31.4 121.8 164.0 72.0 91.9 6 7 8 9 10 11 31.5 17.4 N -.1 21.3 -7.0 77.0 36.2 .4 .7 24.1 15.7 97.4 48.6 .1 2.6 32.0 14.2 117.2 69.0 .1 4.0 24.2 19.8 114.1 62.0 .3 -1.1 28.4 24.4 102.5 53.5 -.5 5.5 34.3 9.7 153.7 78.5 -.4 2.5 32.5 40.7 155.0 104.1 .3 -8.0 47.5 11.2 120.9 54.8 .2 -1.5 51.3 16.1 111.1 70.5 .3 12.1 12.8 15.3 69.4 18.7 .6 -6.9 1.9 55.1 12 13 14 99.3 1.4 66.4 151.9 30.4 44.4 199.0 21.7 79.9 295.3 14.9 163.3 283.4 29.2 140.2 303.1 21.3 179.3 393.4 19.0 220.7 329.8 -6.5 181.3 307.2 19.6 166.7 264.3 31.4 121.8 233.3 Total, by sector 72.0 Sponsored credit agencies 91.9 Mortgage pools 12 13 14 15 16 17 18 19 20 21 31.5 5.0 12.1 -2.1 12.9 -.1 3.7 77.0 7.3 15.6 22.7 18.9 .1 12.4 97.4 -4.9 14.5 22.3 53.9 -.7 12.2 117,2 -3.6 4, £, 29.8 49.7 -.3 37.1 114.1 8.5 4.8 35.2 26.5 ,9 38.1 102.5 l.l 11.8 18.1 49.0 -1.3 23.9 153.7 -10.3 10.1 49.9 43.7 -1.3 61.7 155.0 6.5 26.2 44.5 12.7 -.4 65.6 120.9 21.7 -3.2 13.8 48.9 .3 39.5 111.1 -19.6 13.8 28.3 42.7 1.7 44.2 69.4 25.4 -17.4 54.2 1.7 2.1 3.3 15 16 17 18 19 20 21 - U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans Private financial sectors Commercial banks Domestic affiliates Savings and loan assns. Finance companies REITs CMO Trusts 2 3 4 5 6 7 8 9 10 11 Total Net Credit Market Borrowing, All Sectors, by Type 1 2 3 4 5 666.8 254.4 53.7 36.5 183.6 914.1 273.8 50.4 86.1 217.4 1054.9 324.2 136.4 126.1 237.7 1136.0 393.5 30.8 192.9 300.7 971.7 311.5 31.3 193.7 300.1 1252.1 412.8 137.1 169.6 335.6 1406.2 476.2 17.3 174.7 374.1 871.1 340.0 46.9 253.7 289.1 1058.7 325.5 18.6 156.8 332.4 914.9 221.2 38.0 210.7 285.3 6 7 8 9 56.6 26.7 26.9 28.4 90.4 61.1 52.0 82.9 94.6 38.3 52.8 44.8 65.8 69.5 26.4 56.5 30.1 9.3 32.8 63.0 85.2 12.6 55.3 43.7 36.0 229.9 8.1 89.9 6.0 -135.1 41.3 29.2 33.0 70.0 55.9 66.4 42.2 51.2 22.2 44.2 10 -7.1 6.3 14.4 K 3.3 23.7 1.0 -34.3 11 12 557.3 193.7 747.6 192.5 840.4 209.3 831.7 215.0 681.9 138.1 908.8 186.8 1035.3 234.1 585.6 196.6 1043.2 Total net borrowing U.S. government securities 360.1 21.6 Tax-exempt obligations Corporate 8 foreign bonds 153.8 Mortgages 293.6 1 2 3 4 5 Consumer credit Bank loans n.e.c. Open-market paper Other loans 6 7 8 9 39.1 51.2 11.8 112.0 10 -20.4 Memo: U.S. govt, cash balance -8.0 76.0 Totals net of changes :in U.S. govt, cash balances: 820.7 Net borrowing by dom. nonfin. 11 641.2 680.1 12 By U.S. government 216.5 76.0 63.1 External Corporate Equity Funds Raised In U.S. Markets 1 2 3 4 5 61.8 27.2 34.6 28.3 2.6 -36.4 29.3 -65.7 -74.5 7.8 19.9 85.7 -65.8 -81.5 12.0 91.6 163.3 -71.7 -80.8 8.3 -9.3 64.5 -73.8 -76.5 5.1 82.0 156.6 -74.6 -80.5 10.6 82.7 185.6 -102.9 -105.0 7.7 145.6 193.1 -47.6 -57.0 7.2 23.4 101.2 -77.7 -83.0 3.7 -61.1 14.9 -75.9 -78.0 3.6 6 3.7 .9 3.7 .7 -2.4 -4.7 -5.6 2.2 1.6 -1.6 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION -145.3 Total net share issues Mutual funds -51.3 All other -94.0 Nonfinancial corporations -88.0 Financial corporations 6.0 Foreign shares purchased in U.S. -12.0 1 2 3 4 5 6 MARCH 11. 1988 Credit Market Supply of Funds Credit Market Supply of Funds 4 Direct and Indirect Sources of Funds to Credit Markets UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 IV III I 1 1987 I II IV III Total funds advanced in credit markets 242.988 271,842 107,704 195,964 168,917 212,656 to dom. nonfinan. sectors 1 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 371.9 385.7 341.7 375.9 388.9 1 3 4 5 6 By Federal agencies and foreigni 40,790 -3,513 42.155 -1,885 4,033 78,596 24,796 38,137 7,575 8,088 50,207 10,435 31,091 5,755 2,926 63,981 19,674 25,354 12,968 5.985 94.0 34.9 25.7 12.5 20.8 69.4 -9.1 35.8 9.2 33.6 99.1 20.0 31.7 7.1 40.2 107.0 19.6 23.5 16.2 47.7 114.9 22.3 61.0 .8 30.8 90,198 102,165 40,790 7 By type of lender: 179 2,712 U.S. government 162 8 64,707 40,534 Spons. credit ag.&mtg. pools 49,301 9 Monetary authority 8,621 20.852 -17.331 10 29.564 16,427 17,425 Foreign 11 Agency and foreign borrowing not in line 1: Spons. credit ag.&mtg. pools 52,313 61,682 38,490 12 Foreign 2.372 -4,915 -1.713 13 78.596 -3,330 42,961 16,857 22,108 50,207 -6,904 42.300 -1,421 16,232 63,981 387 40,213 10,540 12,841 94.0 17.1 40.3 7.0 29.7 69.4 19.0 53.1 7.7 -10.4 99.1 23.7 45.6 4.5 25.3 107.0 24.0 48.2 9.2 25.5 114.9 7 15.9 8 65.5 9 9.8 10 23.7 11 47,072 -303 41,031 2,270 42,723 2,818 37.1 24.0 47.9 15.0 44.8 24.2 47.4 23.5 64.9 12 16.0 13 207,475 226,444 103,691 164,137 162,011 194,216 86,652 104,340 70,228 53,704 52,432 83,703 35,544 4,371 5,503 9,362 5,502 10,903 11,169 32,158 22,898 28,238 26,855 17,701 14,125 27,533 7,490 33,113 25,820 33,225 44.241 102,048 -17,432 56,495 50,373 57,898 9,609 -1,885 5,755 12,968 4,196 7,575 339.0 55.5 28.4 23.2 95.3 149.2 12.5 379.2 93.9 30.3 18.4 90.7 155.1 9.2 311.5 102.9 30.3 20.7 70.0 94.8 7.1 339.8 113.4 23.4 19.8 53.5 146.0 16.2 354.8 203.6 44.2 14.7 -5.3 98.3 .8 14 15 16 17 18 19 20 21 22 23 24 25 90,198 102,165 23,994 27,026 46,327 55,179 4,196 9,609 10,351 15,681 2 Total net advances, by type U.S. government securities 3 Residential mortgages 4 FHLB advances to S8Ls 5 Other loans and securities 6 Private domestic funds advanced 14 Total net advances U.S. government securities 15 Tax-exempt obligations 16 Corporate and foreign bonds 17 Residential mortgages 18 Other mortgages and loans 19 Less: FHLB advances 20 Private financial intermediation Credit market funds advanced by private financial insts. Commercial banking Savings institutions Insurance and pension funds Other finance 203,537 219,102 116,814 159.342 149,279 142,232 56,478 95,859 -17,372 52,083 40,759 52,008 31,268 23,483 11.717 44.327 46,710 37,921 54,316 41,650 67.242 35,701 54,399 46,275 7,411 61,475 58,110 55,227 27,231 6,028 303.7 128.1 71.3 76.9 27.5 316.1 131.4 55.4 78.6 50.7 284.0 107.6 51.3 93.7 31.3 316.5 106.5 26.2 90.1 93.6 274.2 110.2 22.9 96.6 44.5 26 Sources of funds Private domestic dep. 8 RPs 27 Credit market borrowing 28 203-537 219,102 116,814 159,342 149,279 142,232 52,925 99,815 -15,937 36,119 34,627 73,475 26,953 42,336 28,643 34,721 29,853 20,888 303.7 137.2 36.2 316.1 134.4 42.0 284.0 170.0 20.6 316.5 210.0 54.5 274.2 26 196.2 27 25.4 28 21 22 23 24 25 29 30 31 32 33 123,659 Other sources -1,707 Foreign funds 2,987 Treasury balances Insurance and pension res. 57,189 65,190 Other, net 76,951 104,108 12,794 8,163 -731 -18,831 27,604 68,164 37,284 46,612 84,799 27,116 2,051 63,377 -7,745 47,869 10,607 -488 36,314 1,436 130.3 7.3 6.8 76.0 40.3 139.7 26.4 .4 74.7 38.2 93.4 -25.1 -2.6 86.1 35.0 51.9 -22.6 -1.1 83.4 -7.8 52.6 -32.3 6.1 106.0 -27.2 29 30 31 32 33 39,516 42,585 9,372 9,662 17,063 19,089 -9,266 22,663 19,303 -11,406 2,754 2,867 72,872 42,386 10,681 19,091 -1,403 2,117 71.5 39.8 3.6 -4.2 14.7 17.7 105.1 59.7 9.9 -1.8 10.7 26.5 48.2 31.0 7.0 -13.2 -4.8 28.1 77.9 38.3 11.0 -4.9 2.6 31.0 106.0 68.5 25.0 K -5.7 18.2 34 35 36 37 38 39 88,502 -620 22,275 39,926 26,921 Private domestic nonfinancial Investors 15,520 -6,637 5,322 17,712 -1,166 289 34 Direct lending in cr. markets U.S. government securities 35 Tax-exempt obligations 36 Corporate and foreign bonds 37 Open-market paper 38 Other 39 30,891 21,402 10,895 2,058 -6,588 3,124 40 Deposits and currency Currency 41 Checkable deposits 42 53,817 111,046 -26,402 961 8,322 -1,018 846 72,015 -45,482 43,315 5,926 20.123 37.542 1,103 -341 86,683 9,611 16.361 148.4 9.3 17.0 147.5 8.0 19.9 183.2 10.3 7.3 217.9 9.5 18.4 205.5 40 9.7 41 18.3 42 17,529 11,565 -5,049 5,500 -9,447 13,069 -2,858 -465 6,250 1.270 14,070 4,471 4,635 11,792 1,812 24,590 9,081 19,109 4,334 3,597 65.8 6.4 42.5 5.5 2.0 59.2 33.0 15.6 6.7 5.1 82.2 28.5 45.2 6.8 2.8 47.6 102.2 36.7 5.2 -1.7 135.8 33.5 -2.4 11.1 -.4 84,708 160,724 -10,882 82.831 80,127 159,555 220.0 252.6 231.3 295.8 311.5 48 38,274 38,484 96,757 112,655 29,221 25,588 40,169 97,078 21,488 29,328 92,141 43,348 29,693 73,233 23,448 23.7 89.6 36.9 17.3 83.4 16.0 27.1 91.2 .2 26.8 93.1 2.9 28.4 49 77.3 50 -8.6 51 43 44 45 46 47 48 Small time 8 svgs. deposits Money market fund shares Large time deposits Security RPs Foreign deposits Total of credit mkt. instru ments, deposits, and currency 49 Public holdings as * of total 50 Pvt. finan. intermediation (Si) 51 Total foreign funds 30,704 15,737 -2,018 7,656 -69 36,761 98,101 27,857 49,678 31,754 6,846 -3,050 5,258 8,870 28,709 -4,247 -1,664 5,002 2,909 43 44 45 46 47 Corporate Equities Not Included Above 1 Total net issues Mutual fund shares 2 Other equities 3 4 Acq. by financial Institutions 5 Other net purchases 3,835 -17,193 -37,070 18,690 20,096 41,085 1,803 -12,861 37,368 46,383 52,330 23.194 -18,678 -26,287 -11,245 -19.359 -18,996 -24,209 1.6 -.1 1.7 -3.8 .4 -4.2 19.8 2.9 16.9 -5.5 3.7 -9.2 25.8 8.8 17.0 1 2 3 7,537 2,431 14,298 21,607 26.787 -17,772 -24,730 -39,501 11.9 -10.2 17.8 -21.7 25.0 -5.2 28.0 -33.5 25.9 -.1 4 5 9,588 9.102 18,095 2,001 Line notes: (1): Page 2 line 1. (6): Includes farm and commercial mortgages. (12): Credit market funds raised by federally sponsored credit agencies and net issues of federally related mortgage pool securities. (14): Line 1 less line 2 plus lines 12 and 13. Also line 21 less line 28 plus line 34. Also sum of lines 29 and 48 less lines 41 and 47. (19): Includes farm and commercial mortgages. (27): Line 40 less lines 41 and 47. (28): Excludes equity issues and investment company shares. Includes line 20. (30): Foreign deposits at commercial banks, plus bank borrowings from foreign branches, and liabilities of foreign banking offices to foreign affiliates, net of claims on foreign affiliates and deposits by banking in foreign banks. (31) : Demand deposits and note balances at commercial banks. (32) : Excludes investment of these reserves in corporate equities. (33) : Mainly retained earnings and net miscellaneous liabilities. (34) : Line 14 less line 21 plus line 28. (35-39): Lines 15-19 less amounts acquired by private finance plus amounts borrowed by private finance. Line 39 includes mortgages. (41): Mainly an offset to line 10. (48): Lines 34 and 40. Also line 14 less line 29 plus lines 41 and 47. (49): Line 2/ (lines 1 ♦ 13). (50): Line 21 / line 14. (51): Line 11 plus line 30. Corporate Equities: (1-3): Includes issues by financial institutions. LATEST QUARTER BASED ON INCOMPLETE INFORMATION MARCH 11> 1988 Credit Market Supply of Funds Credit Market Supply of Funds 5 Direct and Indirect Sources of Funds to Credit Markets SEASONALLY ADJUSTED ANNUAL RATES 1983 1 550.2 1984 753.9 1985 854.8 1986 831.7 SEASONALLY ADJUSTED ANNUAL RATES 1987 685.2 I I III 1986 932.5 IV I I 1036.3 I 551.4 II 1987 756.0 III IV Total funds advanced in credit markets 800.4 633.2 to dom. nonfinan. sectors 1 By Federal agencies and foreign 2 3 4 5 6 114.0 26.3 76.1 -7.0 18.6 157.6 39.3 56.5 15.7 46.2 202.3 47.1 94.6 14.2 46.3 319.7 84.8 160.3 19.8 54.7 233.6 51.4 136.7 24.4 21.0 376.1 120.4 180.8 9.7 65.2 373.2 70.9 213.0 40.7 48.6 208.6 17.4 172.8 11.2 7.3 286.8 79.1 160.9 16.1 30.7 7 8 9 10 11 114.0 9.7 69.8 10.9 23.7 157.6 17.1 74.3 8.4 57.9 202.3 16.8 101.5 21.6 62.3 319.7 9.5 177.3 30.2 102.6 233.6 -9.7 166.0 8.6 68.6 376.1 10.5 196.8 45.6 123.2 373.2 5.9 256.1 48.9 62.3 208.6 -.8 184.9 -40.8 65.3 286.8 -17.7 151.4 62.4 90.8 12 13 67.8 17.3 74.9 8.3 101.5 1.2 178.1 9.0 169.3 3.1 200.6 16.5 239.7 -23.5 174.8 -10.1 186.3 -4.6 14 15 16 17 18 19 20 521.3 228.1 53.7 14.5 55.5 162.4 -7.0 679.5 234.5 50.4 35.1 98.2 276.9 15.7 755.2 277.0 136.4 40.8 86.4 228.8 14.2 699.2 308.7 30.8 83.4 74.0 222.1 19.8 624.1 260.1 31.3 110.1 99.6 147.3 24.4 773.5 292.4 137.1 71.3 102.4 180.1 9.7 879.3 405.3 17.3 61.9 50.7 384.8 40.7 507.5 322.6 46.9 123.5 72.6 -47.0 11.2 650.9 246.4 18.6 76.4 107.2 218.4 16.1 219.6 70.3 118.9 15.3 15.0 219.3 Total net advances* by type 38.7 U.S. government securities Residential mortgages 94.8 55.1 FHLB advances to SSLs 30.7 Other loans and securities 219.6 219.3 By type of lender: -27.3 U.S. government 6.1 168.4 160.4 Spons. credit ag.&mtg. pools 7.8 Monetary authority 5.1 Foreign 70.7 47.7 Agency and foreign borrowing not in line 1: 164.0 Spons. credit ag.&mtg. pools 153.2 Foreign 17.5 9.5 2 3 4 5 6 7 8 9 10 11 12 13 Private domestic funds advanced 584.3 150.9 38.0 111.9 96.3 202.5 15.3 754.6 Total net advances U.S. government securities 321.4 Tax-exempt obligations 21.6 Corporate and foreign bonds 128.8 Residential mortgages 122.1 Other mortgages and loans 215.8 Less: FHLB advances 55.1 14 15 16 17 18 19 20 Private financial intermediation 21 22 23 24 25 395.8 144.3 135.6 100.1 15.8 559.8 168.9 150.2 121.8 118.9 579.5 186.3 83.0 156.0 154.2 726.9 194.7 105.5 176.7 249.9 567.7 127.5 140.7 203.6 95.9 845.2 212.7 121.7 232.7 278.2 785.3 332.0 111.5 136.1 205.6 504.5 -51.1 58.1 282.0 215.5 667.2 257.3 150.9 149.7 109.3 624.5 144.2 183.7 232.4 64.2 474.4 159.5 169.9 150.3 -5.3 Credit market funds advanced by private financial insts. Commercial banking Savings institutions Insurance and pension funds Other finance 21 22 23 26 27 28 395.8 215.4 31.5 559.8 316.9 77.0 579.5 213.2 97.4 726.9 271.4 117.2 567.7 128.3 114.1 845.2 291.5 102.5 785.3 289.7 153.7 504.5 -33.0 155.0 667.2 143.4 120.9 624.5 235.3 111.1 474.4 Sources of funds Private domestic dep. 8 RPs 163.1 Credit market borrowing 69.4 26 27 28 29 30 31 32 33 148.9 14.6 -5.3 109.7 30.0 165.9 8.8 4.0 118.6 34.5 268.9 19.7 10.3 140.9 98.1 338.3 12.9 1.7 152.8 170.9 325.3 45.3 5.0 207.8 67.2 451.2 -10.5 19.4 236.7 205.6 341.9 38.4 -4.2 101.2 206.5 382.4 51.8 -34.7 277.3 88.1 403.0 -2.7 43.4 158.0 204.2 278.2 102.8 21.8 260.4 -106.8 Other sources Foreign funds Treasury balances Insurance and pension res Other, net 29 30 31 32 33 34 35 36 37 38 39 157.0 99.3 40.3 -11.6 12.0 17.0 196.7 123.6 30.4 5.2 9.3 28.1 273.2 145.3 47.6 11.8 43.9 24.6 89.4 47.1 -5.4 34.7 -4.8 17.9 170.5 54.8 52.2 50.2 5.3 8.0 30.7 8.8 36.4 -8.6 -19.0 13.2 247.8 95.1 77.3 10.0 34.4 31.1 158.0 80.1 15.0 40.4 6.9 15.5 104.6 54.5 24.0 -16.3 41.5 .9 70.8 -44.6 68.7 72.6 -37.9 12.1 349.6 Direct lending in cr. markets U.S. government securities 130.1 Tax-exempt obligations 100.9 Corporate and foreign bonds 104.1 Open-market paper 10.8 Other 3.5 34 35 36 37 38 39 40 41 42 232.8 14.3 28.8 320.4 8.6 28.0 223.5 12.4 41.5 291.8 14.4 100.1 141.1 15.6 -9.3 319.9 14.3 72.5 323.3 22.0 163.1 -59.8 8.7 -80.6 140.4 10.6 37.6 275.9 16.7 81.8 203.8 Deposits and currency Currency 26.5 Checkable deposits -76.1 40 41 42 43 44 45 46 47 215.4 -39.0 -8.3 18.5 3.1 150.7 49.0 84.3 5.0 -5.1 138.6 8.9 7.6 16.6 -2.1 120.8 43.8 -11.6 18.3 5.9 69.3 22.3 18.2 27.9 -2.8 143.2 64.7 -24.8 35.9 14.1 114.9 16.5 -21.9 17.1 11.6 29.1 -6.9 9.7 15.7 -35.5 75.0 .7 .3 29.8 -13.5 73.2 23.3 4.6 52.4 23.9 48 389.9 517.1 496.7 381.2 311.6 350.7 571.0 98.2 245.0 346.7 Total of credit mkt. instru553.4 ments* deposits, and currency 48 49 50 51 20.1 75.9 38.2 20.7 82.4 66.7 23.6 76.7 82.0 38.0 104.0 115.5 33.9 91.0 113.9 39.6 109.3 112.7 36.8 89.3 100.7 38.5 99.4 117.1 38.2 102.5 88.1 33.7 106.9 173.4 27.1 Public holdings as % of total 49 62.9 Pvt. finan. intermediation (X) 50 51 76.9 Total foreign funds 241.9 29.2 -10.4 135.5 87.6 24 25 Private domestic nonfinancial investors 99.7 71.9 54.0 13.6 14.1 Small time 8 svgs. deposits Money market fund shares Large time deposits Security RPs Foreign deposits 43 44 45 46 47 Corporate Equities Not Included Above 1 2 3 61.8 27.2 34.6 -36.4 29.3 -65.7 19.9 85.7 -65.8 91.6 163.3 -71.7 -9.3 64.5 -73.8 82.0 156.6 -74.6 82.7 185.6 -102.9 145.6 193.1 -47.6 23.4 101.2 -77.7 -61.1 14.9 -75.9 -145.3 Total net issues Mutual fund shares -51.3 Other equities -94.0 1 2 3 4 5 51.1 10.7 19.7 -56.1 43.4 -23.5 50.6 41.0 45.9 -55.2 33.1 48.9 76.2 6.5 58.8 86.8 86.4 -62.9 24.1 -85.1 14.3 Acq. by financial institutions -159.6 Other net purchases 4 5 Llne notes: (1): Page 2 line 1. (6): Includes farm and commercial mortgages. (12): Credit market funds raised by federally sponsored credit agencies and (14): Line 1 less net issues of federally related mortgage pool securities. line 2 plus lines 12 and 13. Also line 21 less line 28 plus line 34. Also sum of lines 29 and 48 less lines 41 and 47. (19): Includes farm and commercial mortgages. (27): Line 40 less lines 41 and 47. (28): Excludes equity issues and investment company shares. Includes line 20. (30): Foreign deposits at commercial banks* plus bank borrowings from foreign branches* and liabilities of foreign banking offices to foreign affiliates* net of claims on foreign affiliates and deposits by banking in foreign banks. (31) : Demand deposits and note balances at commercial banks. (32) : Excludes investment of these reserves ln corporate equities. (33) : Mainly retained earnings and net miscellaneous liabilities. (34) : Line 14 less line 21 plus line 28. (35-39): Lines 15-19 less amounts acquired by private finance plus amounts borrowed by private finance. Line 39 includes mortgages. (41): Mainly an offset to line 10. (48): Lines 34 and 40. Also line 14 less line 29 plus lines 41 and 47. (49): Line 2/ (lines 1 ♦ 13). (50): Line 21 / line 14. (51): Line 11 plus line 30. Corporate Equities: (1-3): Includes issues by financial institutions. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, MARCH 11. 1988 Households Households Sector Statements of Saving and Investment UNADJUSTED NET FLOWSCS MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III BILLIONS OF DOLLARS 1979 1980 1981 1987 IV II III Households. Personal Trusts, and Nonprofit Organizations 896.853 934,184 882,447 914.044 949.2011000,608 132.883 127,884 123,691 156,346 145.791 138 ♦ 948 1812.4 261.1 2034.0 304.7 2258.5 340.5 2520.9 393.3 2670.8 409.3 1 2 763,970 806,300 758,756 757,698 803.410 861,660 Disposable personal income Personal outlays 726,298 770,810 720,591 757,177 771,448 812,734 Personal saving. NIPA basis 37,672 35,490 38,165 521 31,962 48,926 Credits from govt, insurance 24,942 23,212 19,787 17,939 28.426 13,949 2,700 2,456 Capital sains dividends 2,000 2,475 9,858 3,889 Net durables in consumption 33,879 43,177 16,637 31,625 29,964 36.304 1551.2 1441.1 110.2 27.9 .7 58.8 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 3 4 5 6 7 8 98,949 111,737 72,640 52,085 92,827 107,717 89,708 91,648 93,433 95,058 96,921 98.576 188,657 203,385 166,073 147,143 189,748 206,293 197.6 190.3 387.9 197.4 215.2 412.6 205.9 243.6 449.5 239.2 264.4 503.6 237.4 9 280.9 10 518.4 11 12 Gross investment 195,653 182,540 186,706 150,560 194,903 195.035 13 Capital expend, net of sales 156,194 168,408 143,835 153,309 167,053 172,044 14 Residential construction 48,832 50,025 50,422 43,489 57,248 54,452 15 Consumer durable goods 103.203 114,203 89,217 105,609 105,576 113.348 16 4.244 Nonprofit plant and equip. 4,159 4,229 4,211 4,180 4,196 399.7 327.7 114.0 205.6 8.2 426.3 356.1 128.7 219.0 8.4 474.4 342.7 113.6 219.3 9.9 530.4 362.1 111.2 239.9 11.0 599.2 355.0 89.9 252.7 12.4 17 Net financial investment 39,459 14,132 18 Net acq. of financial assets 132,495 108,815 22,991 97.021 72.0 243.0 70.3 248.0 131.7 260.1 168.4 291.8 244.2 17 341.2 18 1 Personal income 2 - Personal taxes and nontaxes 3 4 5 6 7 8 = s ♦ ♦ ♦ 9 s Net saving 10 ♦ Capital consumption 11 s Gross saving 42,871 67,913 -2,749 27,850 75,657 102,465 12 13 14 15 16 19 Dep. 8 cr. mkt. instr. (1) 60,634 84,684 84 69,061 76,517 98,939 181.2 204.8 190.8 238.2 242.1 19 20 21 22 23 24 Deposits Checkable dep. 8 curr. Small time 8 svgs.dep. Large time deposits Money mkt. fund shares 58,609 11,361 30,316 1,670 15,262 63,937 -13,605 49,231 -24,759 28,305 16,630 -8,846 -16,441 -4,753 10.965 37,635 23,617 12,197 4,549 -2,728 34,745 10,799 13,040 6,667 4,239 48,772 2,624 23,151 14.354 8.643 127.4 22.2 66.0 33.2 6.0 128.4 25.6 59.8 12.4 30.6 158.5 11.1 82.5 40.4 24.5 180.2 24.9 47.5 17.1 90.7 168.5 17.9 134.3 -16.5 32.8 20 21 22 23 24 25 26 27 28 29 30 Credit mkt. instruments 2,025 U.S. govt, securities -173 Tax-exempt obligations 11,000 Corporate 8 fgn. bonds 2,058 Mortgages -209 Open-market paper -10,651 20,747 13.689 14,107 -11,490 4,643 4,270 -3,050 17,712 1,144 858 3,903 2,339 31,426 41,772 5,291 12,477 19,056 17,320 -9,266 22,663 -856 2,331 18,537 -14,755 50,167 25.242 8,418 19,091 -1,646 -938 53.7 27.4 4.1 -4.2 11.9 14.5 76.4 42.5 10.4 -1.8 16.7 8.7 32.3 23.5 7.0 -13.2 17.5 -2.4 58.0 41.4 10.9 -4.9 18.0 -7.4 73.6 51.7 24.7 K 10.8 -13.6 25 26 27 28 29 30 577 -12,730 34,249 43,687 46,760 20,744 -30,332 -42,614 -31,459 -47,708 -30,613 -19.594 .6 -13.1 -1.0 -22.7 1.1 -12.0 5.8 -45.3 7.0 31 -12.1 32 3.287 45,952 11.2 83.8 10.7 91.1 9.7 108.8 9.2 108.7 7.2 33 131.8 34 -14,777 -36,564 -19,479 -27,125 -23,681 -27,046 -3,185 743 2,649 7,692 -2-515 -653 5,564 7,855 7,031 5,705 6,947 6,726 -29.8 2.5 6.6 -44.0 1.8 7.2 -49.1 5.2 5.6 -28.8 -2.1 6.1 -45.3 35 3.7 36 6.8 37 31 32 Mutual fund shares Other corporate equities 33 34 Life insurance reserves Pension fund reserves 35 36 37 Net inv. in noncorp. bus. Security credit Miscellaneous assets 38 39 40 41 42 Net increase in liabilities Credit market instruments Home mortgages Installment cons, credit Other consumer credit 43 44 45 46 47 48 49 Tax-exempt debt Other mortgages Bank loans n.e.c. Other loans Security credit Trade debt Miscellaneous 50 Discrepancy 4,574 73,477 4,796 40,187 4,484 63,312 3,441 50,866 4,828 68,389 93,036 91,683 61*646 23,281 2,340 94,683 25,042 90,431 26,888 61,259 50,102 12.639 -11,750 2,980 -2,621 78,406 74,414 56-026 11,877 761 74,615 72,464 49,165 18,669 -3,224 74,030 71,791 55,192 16,387 -10 170.9 167.2 108.6 41.0 5.7 177.7 173.7 117.6 35.6 7.1 128.5 118.4 96.4 .1 2.8 123.4 120.7 75.0 15.5 6.3 96.9 90.0 49.5 16.1 3.2 38 39 40 41 42 899 587 1,386 1,544 -629 3 584 581 12,351 -10,208 1.247 781 -325 578 5,451 46 -181 575 6,775 685 75 572 -1,469 1.044 2.6 1.3 4.1 3.8 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 43 44 45 46 -2,458 693 -81 3,018 717 257 1,184 739 228 931 762 546 1.2 1.5 1.1 1.0 1.7 1.3 6.5 2.3 1.2 -1.7 2.7 1.8 3.8 47 2.4 48 .8 49 20,845 -20,633 -3,417 -5,155 11,258 -11.8 -13.7 -24.9 -26.8 -80.9 50 57,248 54,452 1,235 1,225 56,013 53.227 17.595 17,778 49,165 55,192 -9,512 -18,518 114.0 4.4 109.5 36.1 108.6 -30.7 128.7 4.9 123.8 41.9 117.6 -30.9 113.6 4.3 109.2 47.0 96.4 -29.8 111.2 89.9 4.7 4.6 106.5 85.3 51.4 54.3 75.0 49.5 -15.3 ’ -13.8 89,217 105,609 105,576 113,348 72,580 73,984 75,612 77.044 16,637 31,625 29.964 36.304 205.6 146.8 58.8 219.0 165.0 54.0 219.3 187.4 31.9 239.9 202.5 37.4 252.7 57 215.4 58 37.2 59 1,125 647 -419 -6,996 3,824 672 -244 (1) Excludes corporate equities. Memoranda: 51 52 53 54 55 56 Net physical investment: (A) Residential construction Expenditures Mobile homes Other - Capital consumption - Home mortgages * Excess net investment 48,832 50,025 50,422 43,489 1,275 1,323 1,194 1,170 47,557 48,702 49,228 42,319 16,843 17,035 17,223 17,405 61,646 61,259 50,102 56,026 -29,657 -28,269 -16,903 -29,942 57 58 59 (B) Consumer durables Expenditures - Capital consumption « Net investment 103,203 114,203 69,324 71,026 33,879 43,177 60 61 62 63 64 - Consumer credit = Excess net investment (C) Nonprofit plant and equip Expenditures - Capital consumption « Net investment 25,621 8,258 15,619 -14,371 27,558 31,008 51 52 53 54 55 56 12,638 18,987 15,445 14,519 16,377 19,927 46.7 12.0 42.7 11.3 2.9 29.0 21.8 15.5 19.3 60 17.9 61 4,159 3,541 618 4,180 3,587 593 4,196 3,630 566 4,211 3,669 542 4,229 3,714 515 4,244 3,754 490 8.2 7.4 .7 8.4 8.3 .1 9.9 9.3 .5 11.0 10.4 .6 12.4 62 11.2 63 1.2 64 14,816 4,931 13,689 4,401 14,016 5.029 17,104 68 15,359 3,978 13.886 5.678 14.4 7.1 15.0 6.8 15.1 7.1 15.6 7.5 15.3 65 6.8 66 Percent ratios: 65 Effective tax rate 66 Saving rate, NIPA basis Percent of disposable Income adj. (2): 67 Gross saving 23,839 24,230 21,384 18,921 22,743 23,332 24.6 23.5 23.0 23.2 22.5 67 68 69 70 71 19,737 16,742 11,756 11,585 20,063 12,963 11,280 10,773 18,521 8,744 3,224 3,462 19,714 9,729 10,082 9,569 20,022 12,281 8,943 8,685 19,458 10,973 8,373 8,119 20.7 15.4 10.8 10.6 20.3 14.1 10.1 9.9 17.5 13.3 6.6 6.1 16.7 13.4 5.7 5.6 15.4 14.8 4.2 3 9 72 (2) Disposable Income adj. = 791,368 839,370 776,594 777,637 134,311 884,147 (NIPA disposable income ♦ govt, insurance credits ♦ capital ns divid.) 1579.8 1754.7 1955.0 2170,0 Capital expenditures Acquisition of finan. assets Net increase in liabilities Credit market borrowing L'.TrST QUARTER BASED ON INCOMPLETE INFORMATION. 68 69 70 71 2307.7 72 MARCH 11. 1988 Households Households 7 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 1986 SEASONALLY ADJUSTED ANNUAL RATES 1987 I I III 1986 IV I I I II 1987 IV III Households. Personal Trusts, and Nonprofit Organizations 1 2 2838.6 410.5 3108.8 440.2 3327.1 485.9 3534.3 512.3 3746.3 564.8 3553.6 515.3 3593.6 532.0 3662.0 536.1 3708.6 577.9 3761.0 565.7 3853.6 Personal income 579.4 - Personal taxes and nontaxes 1 2 3 4 5 6 2428.1 2297.5 130.6 53.5 2841.2 2714.1 127.1 72.3 4.9 114.1 3022.1 2891.5 130.6 78.7 17.5 127.4 3181.5 3062.0 119.6 80.1 11.1 114.5 3038.3 2929.4 108.9 67.6 13.2 150.3 3061.6 2952.6 109.0 96.7 38.5 135.7 3125.9 2987.6 138.3 85.5 6.1 105.8 3130.7 3037.5 93.2 72.2 14.6 113.1 3195.3 3106.4 88.9 79.9 13.7 134.4 3274.2 3116.3 157.9 82.7 9.9 104.9 3 4 5 6 7 8 8 62.7 2668.6 2504.5 164.1 63.9 6.0 98.8 9 10 11 251.2 295.3 546.5 332.8 309.4 642.2 318.4 332.3 650.7 354.1 356.2 710.3 325.3 384.0 709.3 340.1 358.8 698.9 379.8 366.6 746.4 335.7 373.7 709.4 293.1 380.2 673*. 3 316.9 387.7 704.6 355.4 = Net saving 394.3 * Capital consumption 749.7 = Gross saving 9 10 11 12 13 14 15 16 606.4 427.8 124.9 289.1 13.9 729.7 505.3 154.6 335.6 15.2 697.5 544.1 159.7 368.7 15.7 748.1 600.9 182.0 402.4 16.5 727.2 636.2 205.6 413.8 16.9 701.4 624.9 180.6 427.6 16.6 806.5 630.7 194.2 419.8 16.7 760.0 615.9 203.0 396.1 16.8 597.8 623.3 197.5 409.0 16.8 701.8 664.0 210.3 436.8 16.9 846.0 Gross investment 641.9 Capital expend, net of sales 211.9 Residential construction 413.1 Consumer durable goods 17.0 Nonprofit plant and equip. 12 13 14 15 16 17 18 178.6 377.5 224.4 456.7 153.4 465.8 147.2 438.1 91.0 343.1 76.5 434.5 175.8 498.8 144.1 336.3 -25.5 271.7 37.7 320.7 204.0 Net financial Investment 17 440.0 Net acq. of financial assets 18 4.4 7 = = ♦ * * Disposable personal income Personal outlays Personal saving* NIPA basis Credits from govt, insurance Capital gains dividends Net durables in consumption 19 291.6 417.4 343.1 263.5 244.6 175.3 411.7 48.1 221.2 245.9 459.9 Dep. 8 cr. mkt. instr. (1) 19 20 21 22 23 24 202.5 36.8 210.1 -13.3 -31.1 282.2 16.6 153.3 68.2 44.0 181.0 39.1 144.0 -14.2 12.1 246.5 99.8 120.6 -16.5 42.6 107.5 12.3 65.0 9.1 21.1 278.5 86.9 140.8 -12.1 62.8 249.7 158.2 113.7 -36.7 14.5 -76.6 -61.0 25.5 -31.8 -9.3 132.1 53.7 71.7 5.5 1.2 199.4 98.6 68.4 10.0 22.4 171.0 -42.2 94.5 48.6 70.2 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 50. 89.2 59.4 39.1 -11.6 .9 1.4 135.3 94.8 29.5 5.2 5.8 -.1 162.2 59.3 47.9 11.8 3.3 39.9 17.0 -.2 -8.2 34.7 1.1 -10.4 137.1 31.5 49.1 50.2 .7 5.6 -103.2 -111.8 36.8 -8.6 -.1 -19.5 162.0 45.8 68.5 10.0 11.7 26.1 124.7 66.1 10.8 40.4 2.5 4.9 89.1 47.3 25.0 -16.3 -9.6 42.7 46.5 -69.5 68.5 72.6 10.3 -35.3 288.9 83.3 91.9 104.1 -.4 10.0 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 -19.9 24.0 -80.0 69.8 -102.7 154.1 -132.8 55.4 -129.4 144.1 -118.3 174.8 -170.1 170.8 -135.3 91.4 -185.8 10.0 -118.9 -50.8 -77.5 Mutual fund shares Other corporate equities 31 32 33 34 8.0 145.6 5.2 147.2 10.7 183.8 17.5 184.2 16.0 228.5 18.3 261.0 19.2 160.7 17.9 286.7 13.8 205.6 19.3 238.5 13.1 183.3 Life insurance reserves Pension fund reserves 33 34 35 36 37 -89.5 2.4 15.3 -72.8 -.6 16.3 -65.8 12.5 14.5 -85.2 8.7 28.1 -97.3 .2 25.0 -64.6 -12.7 31.4 -156.1 30.8 27.8 -68.7 -10.1 26.9 -100.0 -2.6 28.1 -99.9 3.0 22.8 -120.9 10.6 22.3 Net inv. in noncorp. bus. Security credit Miscellaneous assets 35 36 37 38 39 40 41 42 198.9 188.2 110.8 47.6 9.0 232.3 234.6 129.0 73.5 16.9 312.4 293.4 151.0 77.7 16.8 290.9 281.1 197.4 55.3 10.5 252.1 245.6 210.5 35.2 -5.1 358.0 352.6 241.3 77.5 7.7 323.0 306.0 229.6 29.1 6.9 192.2 199.6 215.3 5.6 .4 297.2 281.2 233.9 34.3 -1.3 283.0 274.4 190.8 57.1 -14.9 236.0 227.0 202.0 43.7 -4.6 Net increase in liabilities Credit market Instruments Home mortgages Installment cons, credit Other consumer credit 38 39 40 41 42 43 44 45 46 11.4 2.5 3.6 3.3 10.2 2.5 — .4 2.9 30.2 2.4 6.9 8.3 -2.2 2.4 11.1 6.6 -.4 2.3 .5 2.6 3.6 2.3 13.9 6.2 -2.5 2.3 35.6 5.0 N 2.3 -27.1 3.1 -1.3 2.3 13.2 .2 -.7 2.3 37.0 2.7 .3 2.3 -20.8 4.2 47 48 49 8.4 1.8 .6 -3.1 1.8 -1.0 16.7 2.2 .1 8.6 2.5 -1.3 2.7 2.9 1.0 4.5 2.6 -1.7 15.3 2.7 -1.0 -9.8 2.8 -.3 12.1 2.9 1.0 4.7 3.0 .9 3.7 3.0 2.2 50 -59.9 -87.5 -46.8 -37.8 -17.9 -2.5 -60.0 -50.6 75.5 2.8 Tax-exempt debt Other mortgages Bank loans n.e.c. Other loans Security credit Trade debt Miscellaneous -96.2 Discrepancy 43 44 45 46 47 48 49 50 (1) Excludes corporate equities. Memoranda: 210.3 4.9 205.4 70.4 190.8 -50.9 Net physical investment: (A) Residential construction Expenditures 211.9 Mobile homes 4.9 Other 207.0 - Capital consumption 71.1 - Home mortgages 202.0 = Excess net investment -61.2 51 52 53 54 55 56 (B) Consumer durables Expenditures 413.1 - Capital consumption 308.2 = Net investment 104.9 57 58 59 51 52 53 54 55 56 124.9 6.1 118.8 57.0 110.8 -43.0 154.6 6.2 148.4 60.0 129.0 -34.4 159.7 6.1 153.7 64.4 151.0 -55.6 182.0 5.3 176.7 67.1 197.4 -82.5 205.6 4.8 200.8 70.0 210.5 -74.9 180.6 5.1 175.5 67.4 241.3 -128.1 194.2 5.3 188.9 68.1 229.6 -103.5 203.0 4.8 198.2 68.9 215.3 -81.2 197.5 4.7 192.8 69.6 233.9 -106.0 57 58 59 289.1 226.4 62.7 335.6 236.7 98.8 368.7 254.6 114.1 402.4 275.0 127.4 413.8 299.2 114.5 427.6 277.3 150.3 419.8 284.1 135.7 396.1 290.3 105.8 409.0 295.9 113.1 436.8 302.4 134.4 60 61 56.6 6.1 90.4 8.4 94.6 19.5 65.8 61.6 30.1 84.4 85.2 65.1 36.0 99.6 6.0 99.8 33.0 80.1 42.2 92.1 39.1 65.8 - Consumer credit * Excess net investment 60 61 62 63 64 13.9 11.9 2.0 15.2 12.7 2.5 15.7 13.3 2.3 16.5 14.1 2.4 16.9 14.8 2.1 16.6 14.2 2.5 16.7 14.3 2.4 16.8 14.5 2.3 16.8 14.7 2.2 16.9 14.9 2.1 (C) Nonprofit plant and equip. Expenditures 17.0 - Capital consumption 15.0 = Net investment 2.0 62 63 64 14.5 4.3 15.1 3.8 14.5 3.6 14.8 3.6 14.6 4.4 15.6 3.0 15.0 2.8 15.0 Effective tax rate 4.8 Saving rate* NIPA basis Percent ratios: 65 66 14.5 5.4 14.2 6.1 14.6 4.5 67 22.0 23.5 22.3 22.8 21.7 22.4 23.3 22.0 20.9 21.4 22.3 Gross saving 68 69 70 71 17.2 15.2 8.0 7.6 18.5 16.7 8.5 8.6 18.6 16.0 10.7 10.1 ’9.3 14.0 9.3 9.0 19.4 10.5 7.7 7.5 20.0 13.9 11.5 11.3 19.7 15.6 10.1 9.6 19.1 10.5 6.0 6.2 19.4 8.4 9.2 8.7 20.2 9.8 8.6 8.3 19.1 13.1 7.0 6.7 72 2486.0 2738.5 2918.3 3118.2 3272.7 65 66 Percent of disposable income adj. (2): BILLICNS OF DOLLARS. Capital expenditures Acquisition of finan assets Net increase in liabilities Credit market borrowing 67 68 69 70 71 72 3119.2 3196.7 3217.5 3217.5 3288.9 3366.8 (2) Disposable income adj. (NIPA disposable income ♦ govt, insurance credits * capital gains divid. ) LATEST QUARTFR EA^FH ON INCOMPLETE INFORMATION MARCH 11, 1988 Total and Noncorporate Business Total and Noncorporate Business 8 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) Ill 1986 IV I 1 1987 I II III 1978 IV Nonfinancial BILLIONS OF DOLLARS 1981 1979 1980 1982 Business - Total 128*970 129,632 134,928 143,167 147,744 151,344 112,405 111,725 106,523 110,647 113,937 116,476 368.0 233.3 397.1 256.8 374.8 268.0 387.9 316.4 327.5 327.0 1 2 95,709 86,648 111*910 102,840 104*499 214.4 274.7 274.2 301.6 303.0 3 113,805 97,275 4 Capital expenditures 107,780 105,818 Fixed investment 5 Business plant 8 equipment 92,655 100,236 6 Home construction (1) 5,262 -1,067 7 6,649 9,863 Multi-family residential 8 4,125 -10,400 Change in inventories 9 1*857 1,900 10 Mineral rts. from U.S. govt. 96,342 126,254 116,737 115,933 80,008 111,960 107,307 107,680 84-745 96,995 97,934 104,637 4,177 -719 -7,787 8,773 3,050 5,196 3.762 6,192 8,670 7,481 15,638 13*586 760 772 696 708 285.2 254.6 239.3 4.2 11.1 28.6 2.0 308.8 291.1 280.7 .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 4 352.2 5 337.1 6 3.3 7 11.8 8 -24.6 9 7.8 10 -14,974 -1,566 -9,694 -14,344 -13,897 -11.434 11 Net financial investment 2,788 28,423 22,964 41,485 Net acq. of financial assets 17,873 67,320 12 32,847 68,886 12,482 42,767 36,861 52,919 Net increase in liabilities 13 -20,125 -26,250 -14,250 -20,750 -19,500 -22,000 14 Corporate equities 57,587 104.416 44,269 83,005 63,385 74,345 Credit market Instruments 15 25,872 19,371 39,796 28,224 32,280 23,868 Bonds 16 25,706 33,667 10,592 30,893 25,563 19,953 Mortgages 17 2*470 16,694 712 44,820 -14,609 9,139 18 Bank loans n.e.c. 6,558 5.297 8*490 14,749 3,072 13,830 19 Other loans -70.8 99.8 170.6 -.1 134.5 28.8 41.3 36.2 28.3 -34.2 139.6 173.7 -7.8 157.1 27.3 45.8 45.9 38.1 -30.2 113.6 143.9 12.9 126.8 38.5 32.9 31.2 24.2 -80.5 89.4 170.0 -11.5 161.1 36.2 32.0 42.0 50.9 -32.4 52.5 84.9 11.4 116.1 33.8 33.3 47.8 1.2 1,368 11,236 -6,009 7,197 17,204 2.197 -5,983 -20,516 -11,528 -21.685 -14,221 -16,630 53.8 -17.6 54.2 -29.7 39.7 -35.5 30.6 -10.3 3.0 20 -45.5 21 18.9 -17.9 -6.2 14.8 24.0 22 1 Income before taxes 2 Gross saving 3 Gross investment 20 21 Trade debt Other liabilities 22 Discrepancy 98*831 13,574 16,016 19,875 -1,263 11,097 11,977 11 12 13 14 15 16 17 18 19 Farm Business 1 Proprietors’ net income w/IVA 8 CCAdi. 9,075 9,150 12,825 11,825 10,150 14,025 27.0 31.7 20.5 30.7 24.6 1 2 Net saving (corporate) 3 Capital consumption 4 Corporate 5 Noncorporate 6 Current surplus = gross saving 147 5,306 385 4,921 5*453 164 5,275 382 4,893 5,439 191 5,224 379 4,845 5,415 220 5,192 378 4,814 5,412 244 5,146 375 4,771 5,390 274 5,109 374 4,735 5,383 .9 13.6 .9 12.6 14.5 .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 2 3 4 5 6 7 Gross investment 8 Capital expenditures 9 Plant and equipment 10 Residential construction Change in inventories 11 5.453 3,870 2*201 544 1,125 5,439 -214 2,225 461 -2,900 5,415 2,851 1,755 371 725 5,412 5,588 1,864 474 3,250 5,390 4,979 1,563 491 2,925 5,383 3,943 1,587 481 1,875 14.5 20.9 16.5 2.2 2.1 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 7 13.8 8 13.2 9 2.0 10 -1.5 11 12 Net financial investment 13 Net acq. of financial assets Demand deposits 8 currency 14 15 Miscellaneous assets 16 Insurance receivables 17 Eq. in spons. ags. (2) 1*583 605 49 556 749 -193 5,653 566 50 516 737 -221 2.564 543 51 492 700 -208 -176 645 52 593 677 -84 411 797 53 744 898 -154 1,440 895 54 841 871 -30 -6.4 2.1 .1 2.0 1.7 .3 -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 12 13 14 15 16 17 18 19 20 21 22 23 24 Net increase in liabilities Credit market instruments Mortgages Bank loans n.e.c. Other loans U.S. government Fed. Int. Credit Banks -978 -2,828 -1,633 -468 -727 -64 -663 -5,087 -6,679 -2,745 -2,462 -1,472 -935 -537 -2,021 -6,407 -2,726 -2,481 -1.200 -59 -1,141 821 342 -1,397 1,637 102 -124 226 386 -1,515 -1,192 246 -569 -439 -130 -545 -2.456 -792 -495 -1,169 -351 -818 8.5 15.6 8.2 2.5 5.0 3.5 1.5 12.0 23.5 14.0 2.8 6.7 3.4 3.3 -1.9 15.2 10.2 .5 4.5 2.6 1.9 6.4 16.6 10.0 1.4 5.2 3.4 1.8 -5.3 6.8 4.2 3.2 -.6 .2 -.8 18 19 20 21 22 23 24 25 26 Trade debt Proprietor net investment 62 1,788 79 1,513 107 4,279 131 348 155 1,746 181 1,730 1.6 -8.7 1.2 -12.6 1.0 -18.2 .9 -11.1 .4 25 -12.5 26 Nonfarm Noncorporate Business 1 Net Income 2 Gross svg. s capital consump. 72,101 18,345 73,720 18,635 76,237 18,777 77,412 19,637 78,615 20,220 80,826 20,308 159.8 36.6 170.5 42.9 172.9 49.9 175.8 57.4 173.1 63.8 1 2 3 Gross Investment 4 Capital expenditures 5 Fixed capital 6 Plant and equipment 7 Home construction (1) 8 Multi-family residential 9 Change in inventories 18,345 26,155 24,356 12,368 2,359 9,629 1.799 18,635 18,412 17,936 12,310 -764 6,390 476 18,777 14,178 11,385 12,689 -4,079 2,775 2,793 19,637 24,200 22,409 12.502 4,150 5,757 1,791 20.220 21,116 19,325 12,736 1,843 4,746 1,791 20,308 16,150 15,502 12,634 -600 3,468 648 36.6 47.4 43.9 32.9 1.0 10.1 3.5 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 3 4 5 6 7 8 9 -7,810 1,859 875 984 1,000 -16 223 4,764 1,000 3,001 763 782 -19 4.599 -1,982 -1.000 -1,808 826 840 -14 -4.563 1,067 4,158 2,197 — 1,341 856 848 8 -10.8 5.0 -1.4 5.2 3.3 3.3 -14.2 5.6 382 685 700 -15 -896 375 — -554 929 929 - 2.0 3.0 2.9 .1 2.2 3.0 2.9 .1 .7 2.6 2.5 .1 3.4 2.1 2.1 .1 9,669 26,128 25,219 1,887 8,299 15,033 4,541 42,418 36,798 -611 9,146 28,263 -6,581 16,927 16,322 -3,263 5,919 13,666 5,630 32,803 28,707 3.320 8,423 16.964 1,271 26,331 25,006 1,474 4,626 18,906 -1.961 26,400 20,891 -480 4,114 17,257 15.8 33.8 28.5 .8 8.2 19.5 6.6 37.9 30.3 -.5 7.6 23.3 M 31.8 21.0 -1.1 4.6 17.5 19.7 38.5 23.9 -1.4 4.1 21.2 216 693 3,049 2,571 146 459 2,704 1,392 290 1,035 2,220 3,289 -.8 6.0 .5 7.1 3.2 7.6 6.1 8.5 7.4 23 2.6 24 106 200 250 300 367 415 -16,565 -38,077 -23,758 -27.473 -25,427 -28,776 3.1 -21.0 .1 -31.4 -.9 -31.0 -1.1 -17.7 -2.4 25 -32.7 26 10 Net financial Investment 11 Net acq. of financial assets 12 Demand deposits 8 currency Consumer credit 13 14 Miscellaneous assets 15 Insurance receivables 16 Equity in spons.ags. (2) 17 18 19 20 21 22 23 24 25 26 Net increase in liabilities Credit market Instruments Mortgages Home mortgages Multi-family Commercial Bank loans n.e.c. Other loans Trade debt, net Proprietor net Investment — (1) Farm plus nonfarm change in work in process. (2) Shares in FICBs* Banks for Cooperatives* and Federal Land Banks. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -1.4 10 3.7 11 12 1.6 13 2.1 14 2.0 15 R 16 5.1 40.2 30.3 .5 6.1 23.7 17 18 19 20 21 22 MARCH 11, 1988 Total and Noncorporate Business Total and Noncorporate Business Sector Statements of Saving and Investment 9 SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 1987 Nonfinancial 1 2 457.6 426.8 376.1 372.8 462.5 448.5 497,0 446.4 577.2 447.6 1986 III IV I 1 I II 1987 III IV Business - Total 503.8 447.4 523.6 438.5 553.1 440.0 564.9 441.0 580.1 453.4 610.6 Income before taxes 456.0 Gross saving 1 2 3 3 340.3 396.3 398.6 394.9 405.9 404.7 388.2 399.3 384.6 420.4 419.2 Gross Investment 4 5 6 7 8 9 10 352.0 351.3 323.6 9.9 17.8 -7.1 7.8 473.3 397.7 371.4 3.4 22.9 67.7 7.9 433.6 419.3 390.5 3.1 25.7 10.0 4.4 439.4 416.4 380.5 6.8 29.1 15.7 7.2 455.3 407.0 384.3 4.4 18.2 45.4 2.9 429.6 418.4 376.5 8.4 33.5 3.6 7.6 415.2 414.3 382.2 3.3 28.8 -6.5 7.4 441.2 386.8 364.9 4.1 17.8 51.6 2.8 449.4 406.3 376.2 5.3 24.9 40.3 2-8 441.1 415.3 397.7 3.8 13.7 22.8 3.0 489.1 Capital expenditures 4 419.2 Fixed investment 5 398.5 Business plant 8 equipment 6 4.6 Home construction (1) 7 16.2 Multi-family residential 8 66.8 Change in inventories 9 3.1 Mineral rts. from U.S. govt. 10 11 12 13 14 15 16 17 18 19 -11.7 126.6 138.3 28.3 141.4 25.5 70.3 19.5 26.1 -76.9 131.7 208.6 -74.5 293.0 66.7 85.6 67.5 73.3 -35.0 117.4 152.4 -81.5 245.9 96.4 84.3 31.7 33.6 -44.5 112.0 156.5 -80.8 291.3 111.4 100.9 55.4 23.6 -49.4 95.7 145.0 -76.5 265.0 124.2 87.0 13.7 40.1 -24.9 88.5 113.4 -80.5 231.2 108.8 92.6 .9 29.0 -27.0 229.4 256.4 -105.0 464.8 91.3 142.6 191.2 39.6 -41.8 46.6 88.4 -57.0 143.8 147.5 71.2 -97.6 22.7 -64.8 99.1 163.9 -83.0 310.6 102.7 96.1 62.4 49.4 -20.7 111.4 132.1 -78.0 251.5 134.3 91.9 5.0 20.4 -69.9 Net financial investment 125.6 Net acq. of financial assets 195.4 Net Increase in liabilities -88.0 Corporate equities 354.2 Credit market instruments 112.2 Bonds 88.8 Mortgages 85.0 Bank loans n.e.c. 68.1 Other loans 11 12 13 14 15 16 17 18 19 20 21 40.7 -72.2 36.6 -46.5 35.0 -47.1 3.7 -57.8 20.6 -64.1 -.5 -36.8 -2.5 -100.8 45.4 -43.7 -7.6 -56.0 26.4 -67.9 18.1 -88.8 20 21 22 32.5 30.5 49.9 51.5 41.7 42.6 50.3 40.7 56.4 33.0 36.7 Discrepancy Trade debt Other liabilities 22 Farm Business 1 12.5 30.5 29.6 37.3 48.8 36.3 36.6 51.3 47.3 40.6 56.1 Proprietors' net income w/IVA 8 CCAdi. 1 2 3 4 5 6 .6 20.8 1.6 19.2 21.4 .7 22.2 1.6 20.6 22.8 .9 22.0 1.6 20.4 22.9 .6 21.3 1.5 19.8 21.9 .9 20.7 1.5 19.2 21.6 .6 21.2 1.5 19.7 21.8 .7 21.1 1.5 19.6 21.8 .8 20.9 1.5 19.4 21.7 .9 20.8 1.5 19.3 21.6 1.0 20.6 1.5 19.1 21.6 1.1 Net saving (corporate) 20.4 Capital consumption Corporate 1.5 18.9 Noncorporate 21.5 Current surplus « gross saving 2 3 4 5 6 7 8 9 10 11 21.4 6.7 12.6 1.5 -7.5 22.8 21.9 12.2 2.6 7.2 22.9 7.6 9.3 1.9 -3.6 21.9 10.0 9.2 2.0 -1.1 21.6 17.4 6.8 1.8 8.8 21.8 15.5 9.0 2.1 4.5 21.8 -1.5 8.3 1.8 -11.6 21.7 12.4 7.8 1.7 2.9 21.6 21.9 7.1 1.8 13.0 21.6 20.0 6.5 1.9 11.7 21.5 Gross investment 15.1 Capital expenditures 5.8 Plant and equipment 1.8 Residential construction 7.5 Change in inventories 12 13 14 15 16 17 14.7 1.3 .1 1.1 1.0 .1 .9 2.1 .2 1.9 1.9 .1 15.3 2.4 .2 2.2 2.5 -.3 11.9 2.7 .2 2.5 3.1 -.6 4.2 2.9 .2 2.7 3.1 -.5 6.3 2.4 .2 2.2 3.0 -.8 23.2 2.3 .2 2.1 2.9 -.9 9.3 2.2 .2 2.0 2.8 -.8 -.2 2.6 .2 2.4 2.7 — .3 1.5 3.2 .2 3.0 3.6 -.6 18 19 20 21 22 23 24 -13.4 4.1 2.6 2.8 -1.3 H -1.3 1.1 -.1 -.9 1.0 -.1 1.1 -1.2 -12.9 -13.9 -6.0 -4.4 -3.5 .4 -3.9 -9.2 -15.1 -8.4 -4.3 -2.5 -.2 -2.3 -1.4 -10.0 -6.1 -1.1 -2.8 -1.0 -1.9 -3.8 -13.4 -6.0 -2.7 -4.6 -.6 -4.1 -21.0 -13.3 -9.4 -4.4 .5 -1.3 1.8 -7.1 -23.0 -12.3 -7.1 -3.6 .7 -4.3 2.8 -12.7 -6.4 -1.1 -5.2 -3.5 -1.7 1.7 -8.0 -4.1 .1 -4.0 -2.2 -1.8 25 26 -.7 -16.8 -1.1 2.3 -.3 1.2 .2 5.7 .6 8.1 .2 9.3 .3 -8.0 .4 15.5 .5 15.0 .6 9.0 7 8 9 10 11 6.4 Net financial investment 3.6 Net acq. of financial assets Demand deposits 8 currency .2 3.4 Miscellaneous assets 3.5 Insurance receivables Eq. in spons. 89S. (2) -.1 12 13 14 15 16 17 -2.8 3.5 -1.6 3.6 1.5 1.1 .4 Net increase in liabilities Credit market instruments Mortgages Bank loans n.e.c. Other loans U.S. government Fed. Int. Credit Banks 18 19 20 21 22 23 24 .7 -7.1 Trade debt Proprietor net investment 25 26 Nonfarm Noncorporate Business 1 2 204.1 65.8 231.1 67.7 256.9 70.3 285.1 73.0 313.1 78.9 288.4 73.4 294.9 74.5 304.9 75.1 309.6 78.5 314.5 80.9 323.3 Net Income 81.2 Gross svg. = capital consump. 1 2 3 4 5 6 7 8 9 65.8 70.6 70.8 50.0 4.2 16.6 -.2 67.7 80.4 71.5 49.9 .4 21.2 8.9 70.3 83.3 75.9 50.9 .6 24.4 7.4 73.0 90.1 79.6 49.4 2.4 27.8 10.5 78.9 75.6 68.6 50.6 1.3 16.7 7.0 73.4 91.6 85.6 49.3 3.2 33.1 6.0 74.5 86.0 78.3 49.8 .7 27.8 7.7 75.1 74.1 66.9 50.1 1.2 15.7 7.2 78.5 81.6 75.6 50.4 1.7 23.5 6.0 80.9 70.6 64.2 50.7 1.0 12.5 6.4 81.2 Gross Investment 76.0 Capital expenditures 67.5 Fixed capital 51.1 Plant and equipment Home construction (1) 1.4 15.1 Multi-family residential Change in Inventories 8.5 3 4 5 6 7 8 9 10 11 12 13 14 15 16 -4.8 .2 4.8 -4.6 -4.6 -12.7 12.5 8.3 4.2 4.2 K -13.0 15.3 8.4 7.0 7.0 * -17.1 8.7 1.0 4.0 3.6 3.7 -.1 3.3 1.7 -1.0 -.6 3.3 3.3 N -18.2 9.2 — 5.2 3.9 4.0 -.1 -11.5 11.0 4.0 3.9 3.1 3.1 -.1 1.0 .3 -4.0 1.0 3.3 3.4 -.1 -3.1 2.7 — -.1 2.7 2.8 -.1 10.3 3.3 -.4 3.7 3.7 - 5.2 Net financial Investment .3 Net acq. of financial assets — Demand deposits 8 currency -3.1 Consumer credit 3.4 Miscellaneous assets 3.4 Insurance receivables a Equity in spons.ags. (2) 17 18 19 20 21 22 5.0 77.0 64.2 3.3 13.3 47.5 25.2 97.0 86.2 .3 24.9 61.0 28.4 93.1 89.9 .5 29.3 60.0 25.8 116.2 106.6 1.9 32.6 72.0 -1.6 102.5 90.9 1.1 23.1 66.8 27.4 99.9 95.1 2.5 36.2 56.4 22.5 171.2 150.5 .6 32.4 117.4 -.7 78.9 81.7 1.0 27.8 53.0 5.7 122.6 99.9 1.4 30.6 67.9 -6.9 99.5 94.2 .8 22.1 71.3 -4.9 108.9 87.9 l.l 11.8 75.1 23 24 1.4 11.4 2.5 8.3 .2 3.0 3.5 6.1 5.4 6.2 2.0 2.8 13.1 7.6 -4.5 1.7 14.0 8.7 2.1 3.2 9.9 11.1 25 26 .7 -72.7 3.3 -75.1 2.3 -67.0 .5 -90.9 1.3 -105.4 1.3 -73.8 -.6 -148.2 4.6 -84.2 -1.9 -114.9 2.6 -109.0 -113.9 H Net increase in liabilities Credit market Instruments Mortgages Home mortgages Multi-family Commercial Bank loans n.e.c. Other loans Trade debt, net Proprietor net Investment (1) Farm plus nonfarm change in work in process. (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 22 23 24 25 26 MARCH 11- 1988 Nonfinancial Corporate Business Nonfinancial Corporate Business 10 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) Ill 1986 IV I 1 I II 1987 IV III 1978 BILLIONS OF DOLLARS 1980 1981 1979 1982 Nonfinancial Corporate Business. Excluding Farms 47.794 20,942 21,348 5,778 46,762 20,738 26,286 1,990 45,866 23,074 22,183 -1.673 53,930 27,980 22,411 2,812 58,979 29,447 22,792 7,661 56,493 27.922 28,360 2,348 181.2 66.8 47.6 66.9 194.9 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 1 2 3 4 Capital consumption adj. Depreciation charges. NIPA Earnings rec. from abroad U.S. internal funds, book 10,351 66,015 2,692 84,836 10,013 67,018 6,085 85,106 11,584 67,571 2,006 79,488 11,580 68,197 2,146 84,735 11,532 68,925 258 88,376 11.852 69,626 4,090 87,916 -11.3 129.8 10.5 195.9 -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 5 6 7 8 9 * Fgn. earnings ret. abroad 10 ♦ Inv. valuation adjustment 11 = Total internal funds ♦ IVA 2,448 1,323 88.607 3,835 -1,290 87,651 5,738 -2,895 82,331 6,909 -6,046 85,598 4,562 -4,611 88,327 6,641 -3,772 90,785 11.7 -25.3 182.3 18.6 -43.2 197.6 18.7 -43.1 200.1 14.0 -24.2 239.5 15.5 9 -10.4 10 242.3 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. 75,033 83,780 80,679 78,086 2,359 234 1,201 1,900 71,635 79,077 85,196 85,701 -764 259 -7,976 1,857 62.456 79.313 66,497 70,301 -4,079 275 12.120 696 86,861 96,466 87,213 82,629 4,149 435 8,545 708 77,230 90,642 85,928 83,635 1,843 450 3,954 760 78,808 95.840 90.110 90,416 -600 294 4,958 772 163.4 217.0 192.0 189.9 1.0 1.0 23.1 2.0 215.5 238.3 223.8 223.2 -.7 1.2 9.8 4.7 206.3 243.7 238.0 238.2 -1.4 1.1 .7 5.0 224.7 286.5 270.0 270.8 -1.8 1.0 11.7 4.8 218.3 256.5 269.8 268.0 .6 1.2 -21.2 7.8 20 Net financial investment 21 Net acq. of financial assets -8,747 15,409 -7,442 -16,857 61,990 4,227 -9,605 -13,412 -17,032 26,711 21,792 38,393 -53.6 92.7 -22.8 132.3 -37.4 108.4 -61.8 82.0 -38.1 20 47.0 21 1 2 3 4 Profits before tax - Profit tax accruals - Domestic net dividends = Domestic undist. profits 5 6 7 8 * ♦ ♦ « 12 13 14 15 16 17 18 19 22 23 24 25 26 27 Liquid assets Demand dep. and currency Time deposits Money mkt. fund shares Security RPs Foreign deposits 4,433 2,369 -479 475 2,061 -69 42,337 13,199 8,891 506 4,902 2,909 -7,796 -8,371 8,595 600 1,800 -9,447 3,902 -1,616 -1,154 -130 2,450 1,270 8,096 -1,513 1,701 232 7.357 1,812 36,856 9,416 8,940 438 3,222 3,597 16.2 4.4 2.0 .4 5.5 2.0 26.0 2.6 4.7 2.4 2.6 5.1 27.7 4.8 6.5 4.0 6.6 2.8 41.4 .3 17.4 11.4 * -1.7 28 29 30 U.S. govt, securities Tax-exempt obligations Commercial paper -3,794 -193 4,063 8,587 1,988 1,355 1.663 869 -3,505 2,972 -256 366 -4,706 -136 3,349 9,621 2,087 -465 1.5 .2 .2 6.6 1.9 M 5.6 -.2 -2.3 10.0 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 412 702 9,604 258 3,303 1.138 2,165 2,462 -2.192 756 1,655 -5,148 24,210 21,583 -11,650 5,596 -849 1.586 -328 4,010 -521 365 800 10,665 10,979 4,894 -664 5,558 116 340 16,496 -3.256 5,279 415 4,864 1,872 60 -9,697 9.302 1,286 -3,056 4,342 1.2 _ j 56*6 18.9 16.1 4.4 11.7 1.2 .4 69.8 34.9 26.8 7.6 19.2 .2 .3 48.2 32.0 23.6 4.9 18.6 1.9 .3 23.2 15.3 12.6 -.5 13.1 38 39 40 Insurance receivables Equity in sponsored ags. Other 1,504 -1 -4,548 2.427 1,153 374 6 19,999 -18,773 1,257 4,828 1.135 2 -9.672 1,109 6.907 5.6 M 5.5 .1 2.5 4.7 -2.8 3.8 H 3.7 -1.0 2.7 38 .1 39 5.7 40 24,156 69,432 21,084 36,316 35,204 55,425 14,162 42,427 19.499 29,110 19,069 28,401 -20,125 -26,250 -14,250 -20,750 -19,500 -22,000 146.3 85.0 -.1 155.1 87.8 -7.8 145.8 92.7 12.9 143.9 94.5 -11.5 85.1 41 80.4 42 11.4 43 69.0 44 15.1 45 18.7 46 41 42 43 Net increase in liabilities Net funds raised in mkts. Net new equity issues 4.0 « 42.3 8.4 11.8 .6 3.7 -.4 22 23 24 25 26 27 10.3 28 .1 29 7.9 30 .5 1.1 -15.7 18.7 10.2 5.4 4.8 31 32 33 34 35 36 37 34,287 -1.236 27,108 68,677 -2,393 21,764 33,749 146 39,650 49,860 -1,317 29,541 38,569 -251 32,531 50,401 161 23,707 85.2 7.7 21.1 95.7 10.0 17.3 79.8 10.9 27.7 106.0 13.4 22.8 2.120 1,887 153 80 -386 -611 125 100 -3,004 -3,263 159 100 3,583 3,320 163 100 1,749 1,474 175 100 -146 -480 234 100 4.6 .8 2.7 1.1 1.5 -.5 2.4 -.4 1.7 -1.1 3.0 -.2 -2.0 -1.4 .8 -1.3 -1.2 .5 -.6 -1.1 47 48 49 50 44,233 -12,274 443 2,069 -9,914 728 -415 -49 13,919 7,009 1,100 -200 4,798 3.058 4,323 1,274 5,650 -1,050 1,934 1,873 192 767 -126 -100 14,969 2,000 -2,969 443 12,436 -200 34.4 .3 2.7 1.2 11.5 1.7 42.5 2.0 9.0 2.0 10.2 1.2 27.4 1.3 4.0 1.6 3.8 1.5 34.6 8.9 14.7 2.2 10.2 1.2 37.2 2.5 -6.1 — .4 2.0 1.3 51 52 53 54 55 56 1,905 10,957 14,143 14,187 -44 1,167 -6,366 6,784 6,173 611 -4,050 1,766 9.490 8,517 973 1,056 6.675 8,404 6.783 1,621 1,799 16,608 8,617 7.117 1.500 4.3 49.1 7.9 5.3 2.5 2.5 52.9 11.8 7.9 3.9 -1.7 39.6 15.3 11.7 3.6 -6.8 30.8 25.3 22.3 3.0 -14.1 5.0 13.8 16.2 -2.4 57 58 59 60 61 16,016 19,875 -1,263 11,097 11.977 18.9 -17.9 -6.2 14.8 24.0 62 8,404 -16,105 16,148 18,409 30,576 23,989 8,899 29,202 9,821 -26.305 26,481 22.310 7.5 64.0 16.9 68.3 8.6 69.0 -7.6 71.1 -20.6 63 57.7 64 27,992 6,295 9,866 18,985 49,692 62,554 36,792 -3,043 -8.242 31,807 18,053 15,769 34,029 4,540 12,271 23,722 26,679 45.086 33.4 51.8 105.2 28.8 66.9 122.3 40.3 39.5 77.4 34.2 71.7 95.8 32.6 65 36.4 66 27.3 67 43,817 94,552 40,925 44,347 90,218 86,848 50,307 51,882 49,927 49,425 96,334 112,696 102,620 105,568 42,551 51,686 42.550 52,588 36.9 119.1 39.2 35.6 120.6 40.1 36.8 121.8 32.7 35.1 119.6 37.0 35.6 68 105.8 69 26.9 70 (1) Capital outlays on book basis: 1,201 71 Inventory change, NIPA Less: Inv. val. adjustment 1,323 72 -122 73 Inventory change before IVA -7,976 -1,290 -6,686 12,120 -2,895 15,015 44 45 46 Debt instruments Tax-exempt debt (3) Corporate bonds (2) 47 48 49 50 Mortgages Home mortgages Multi-family Commercial 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 964 5,387 4,125 1,250 -5.523 92 57 58 59 60 61 Profit taxes payable Trade debt Fgn.dir.investmt.in U.S.(5 Equity, etc. Retained earnings 2.371 1,200 6,423 7,109 -686 13,574 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. 74 Total cap. expend, before IVA 82,457 80,367 84,836 85,106 75 U.S. internal funds, book Financing gap: Excess of capital expenditures over U.S. Internal funds -2,379 -4,739 76 8,545 -6,046 14,591 3,954 -4,611 8,565 4,958 -3.772 8.730 23.1 -25.3 48.4 9.8 -43.2 53.0 .7 -43.1 43.9 11.7 -24.2 35.9 -21.2 71 -10.4 72 -10.8 73 82,208 102,512 79,488 84,735 95,253 88,376 99.612 87,916 242.3 195.9 281.5 222.1 286.8 224.6 310.7 249.6 266.8 74 237.1 75 17,777 6,877 11,696 46.4 59.3 62.3 61.1 29.7 76 2,720 (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 (line 631. taxes payable and trade del t (5) Direct investment totals and retained earnings exclude capital gains/losses included in br^ance of payments statistics. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. MARCH 11, 1988 Nonfinancial Corporate Business Nonfinancial Corporate Business Sector Statements of Saving and Investment 11 SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 1987 I I III 1986 I I IV II 1987 IV III Nonfinancial Corporate Business* Excluding Farms 1 2 3 4 159.5 59.3 78.0 22.2 196.0 73.3 81.0 41.8 176.0 69.7 82.9 23.4 174.6 78.0 89.2 7.5 215.3 108.4 95.7 11.1 179.1 79.5 91.1 8.6 192.2 86.9 91.9 13.3 196.9 99.5 92.2 5.3 208.0 105.0 94.3 8.8 225.0 113.1 97.2 14.8 231.2 116.2 99.4 15.7 Profits before tax - Profit tax accruals - Domestic net dividends = Domestic undist. profits 5 6 7 8 16.0 228.2 11.8 278.2 30.9 238.4 11.8 322.9 51.0 251.2 12.3 337.9 43.3 262.8 15.3 329.0 46.5 274.3 8.5 340.5 41.4 264.1 16.8 330.9 40.1 268.1 16.6 338.0 46.3 270.3 10.1 332.0 46.3 272.8 8.3 336.2 46.1 275.7 7.6 344.2 47.4 278.5 8.0 349.6 * ♦ ♦ = Capital consumption adj. Depreciation charges. NIPA Earnings rec. from abroad U.S. Internal funds* book 5 6 7 8 9 10 11 18.4 -10.9 285.7 19.2 -5.8 336.3 18.2 -.8 355.4 15.9 6.6 351.5 23.9 -17.3 347.0 15.3 6.0 352.2 13.1 -8.9 342.2 22.5 -11.3 343.2 24.6 -20.0 340.8 24.3 -17.6 350.9 24.0 * Fgn. earnings ret. abroad -20.4 * Inv. valuation adjustment 353.2 = Total internal funds * IVA 9 10 11 12 13 14 15 16 17 18 19 253.1 274.7 266.4 261.0 4.2 1.2 .6 7.8 305.8 370.9 311.4 309.3 .4 1.7 51.7 7.9 305.5 342.8 332.2 330.3 .6 1.3 6.2 4.4 300.0 339.2 325.7 322.0 2.4 1.3 6.3 7.2 305.4 362.3 329.7 327.0 1.3 1.5 29.6 2.9 309.5 322.5 321.8 318.2 3.2 .4 -6.9 7.6 291.9 330.7 325.8 324.1 .7 1.0 -2.6 7.4 302.6 354.6 310.4 307.0 1.2 2.1 41.5 2.8 284.5 346.0 321.8 318.8 1.7 1.4 21.3 2.8 317.9 350.5 342.7 340.5 1.0 1.2 4.7 3.0 316.5 Gross Investment 398.0 Capital expenditures (1) 344.1 Fixed investment Plant and equipment 341.6 Home construction 1.4 Multi-family residential 1.1 50.8 Inventory change + IVA Mineral rts. from U.S. govt. 3.1 12 13 14 15 16 17 18 19 20 21 -21.6 125.1 -65.1 117.1 -37.3 99.7 -39.2 100.6 -56.9 91.1 -12.9 76.9 -38.8 216.1 -52.1 44.1 -61.5 93.9 -32.5 104.8 20 -81.5 Net financial investment Net acq. of financial assets 21 121.7 22 23 24 25 26 27 54.1 6.7 16.6 -7.9 11.2 3.1 36.6 6.7 13.2 4.9 -4.6 -5.1 27.1 9.8 9.4 -3.2 4.0 -2.1 57.1 11.5 9.7 1.2 9.7 5.9 41.1 -2.1 18.1 1.1 14.8 -2.8 49.0 9.3 5.7 1.9 8.6 14.1 102.3 18.4 19.3 2.0 18.9 11.6 18.1 -8.4 40.2 2.4 4.1 -35.5 .6 4.8 -2.5 -.5 14.3 -13.5 68.9 -6.0 15.6 .9 28.3 23.9 76.6 1.2 19.1 1.8 12.6 14.1 Liquid assets Demand dep. and currency Time deposits Money mkt. fund shares Security RPs Foreign deposits 22 23 24 25 26 27 28 29 30 13.0 .7 10.7 12.2 -.1 9.4 4.4 .8 4.0 10.5 3.1 5.6 9.6 2.6 -.3 9.7 -.8 .5 16.1 8.0 8.2 9.9 3.5 2.0 .3 -1.0 -1.3 9.3 -.5 -2.6 18.7 8.3 .8 U.S. govt, securities Tax-exempt obligations Commercial paper 28 31 32 33 34 35 36 37 3.3 1.2 62.2 4.2 9.8 -3.6 13.5 3.8 2.8 46.4 27.5 13.2 -4.6 17.8 3.2 4.5 35.2 29.7 8.8 -4.1 12.9 1.0 2.0 12.4 28.3 14.1 4.0 10.1 .2 2.9 41.7 5.4 17.1 -1.7 18.8 -.7 2.8 24.2 1.5 11.2 .1 11.1 6.4 3.0 30.7 73.6 6.5 7.1 -.5 -2.4 6.6 48.8 -27.1 15.7 -.6 16.3 .5 3.2 49.2 40.4 17.4 -.6 18.0 -2.3 1.4 54.1 -17.1 18.9 -3.5 22.4 4.9 .2 14.6 25.4 16.3 -2.1 18.4 Consumer credit Mutual fund shares Trade credit Miscellaneous assets Foreign dir.invest.(2*5) Equity, etc. Retained earnings 31 32 33 34 35 36 37 38 39 40 3.5 5.2 10.0 .1 4.1 4.7 .4 -16.7 6.0 a -15.6 57.4 4.6 1.5 -48.9 5.0 18.0 4.5 9.1 10.0 .1 10.8 9.7 -9.1 -40.5 4.4 — 4.6 41 42 43 146.6 88.6 28.3 182.2 121.6 -74.5 136.9 85.2 -81.5 139.9 109.5 -80.8 148.0 96.1 -76.5 89.8 64.1 -80.5 254.9 201.9 -105.0 96.2 30.9 -57.0 155.4 117.7 -83.0 137.4 82.0 -78.0 203.2 153.7 -88.0 44 45 46 60.3 9.4 16.0 196.0 20.5 46.1 166.7 22.6 73.8 190.2 -9.9 121.3 172.6 -1.3 125.4 144.6 -4.9 113.7 306.9 -9.6 100.8 87.9 .6 146.9 200.7 -5.3 108.0 160.0 -1.0 135.3 241.7 .6 111.6 47 48 49 50 3.5 3.3 .8 -.7 .3 .3 .2 -.2 .4 .5 -.1 .1 2.7 1.9 .5 .3 2.2 1.1 .7 .4 3.5 2.5 .6 .3 1.6 .6 .6 .4 1.8 1.0 .4 .4 2.6 1.4 .8 .4 1.9 .8 .7 .4 2.4 1.1 1.0 .4 51 52 53 54 55 56 15.3 2.7 -.8 3.5 11.1 -.5 64.0 13.0 21.7 1.4 27.7 1.2 35.9 1.5 14.6 -1.1 21.6 -2.6 56.1 11.1 -9.3 -.1 16.9 1.5 9.4 7.4 2.3 2.4 25.0 -.3 1.5 21.5 5.2 .8 4.2 -.9 182.6 8.3 -16.3 .1 36.6 2.8 -86.0 1.8 -1.8 2.6 20.0 2.1 49.5 12.2 10.8 5.2 22.3 -4.8 2.7 7.5 -12.0 -2.2 29.6 -1.7 71.5 8.0 12.2 4.1 27.9 3.3 Bank loans n.e.c. Loans from foreign Commercial paper Accept, liabs. to bks. Nonbank finance loans U.S. government loans 51 52 53 54 57 58 59 60 61 5.8 40.8 11.5 11.9 -.3 .7 34.4 25.6 22.5 3.1 -1.8 33.0 20.5 20.4 .1 1.0 3.0 26.4 26.4 K a 18.7 33.3 28.6 4.7 -.6 -2.0 28.3 31.2 -2.8 1.1 -2.3 54.2 53.5 .7 -.8 40.3 25.8 24.0 1.9 4.8 -6.2 39.1 35.5 3.6 -4.9 23.2 36.9 30.4 6.5 .8 17.4 31.3 24.5 6.8 Profit taxes payable Trade debt Fgn.dlr.investmt.in U.S.(5 Equity* etc. Retained earnings 57 58 59 60 61 62 32.5 30.5 49.9 51.5 41.7 42.6 50.3 40.7 56.4 33.0 36.7 Discrepancy H M a a .Net increase ln liabilities Net funds raised in mkts. Net new equity issues 41 42 43 Debt instruments Tax-exempt debt (3) Corporate bonds (2) 44 45 46 Mortgages Home mortgages Multi-family Commercial 49 50 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. 21.5 52.1 11.9 68.7 2.3 72.8 9.4 76.5 23.0 102.0 26.2 78.0 33.0 85.8 8.5 98.5 55.4 89.8 30.8 118.5 -2.8 101.1 65 66 67 29.0 31.3 77.8 67.0 129.0 164.1 96.8 69.9 101.2 114.1 76.1 80.2 126.4 46.2 64.9 112.3 32.4 29.7 92.8 214.1 212.9 149.3 -61.4 -21.9 105.3 95.3 93.9 136.1 23.9 42.3 114.7 127.1 145.3 68 69 70 37.2 96.2 21.9 37.4 110.3 52.9 39.6 96.4 48.6 44.7 96.5 56.1 50.4 104.4 47.6 44.4 91.6 44.9 45.2 96.6 92.8 50.5 103.3 24.8 50.5 101.5 58.0 50.2 99.9 45.7 50.2 112.7 60.7 71 72 73 .6 -10.9 11.5 51.7 -5.8 57.5 6.2 -.8 7.0 6.3 6.6 -.2 29.6 -17.3 46.9 -6.9 6.0 -12.9 -2.6 -8.9 6.3 41.5 -11.3 52.8 21.3 -20.0 41.3 4.7 -17.6 22.3 74 75 285.6 278.2 376.7 322.9 343.5 337.9 332.7 329.0 379.6 340.5 316.5 330.9 339.6 338.0 365.9 332.0 76 7.4 53.8 5.6 3.7 39.1 -14.4 1.5 33.9 418.4 Total cap. expend, before IVA 368.1 366.0 349.6 U.S. internal funds* book 336.2 344.2 9 ap: Excess of capital expenditures Financing < over U.S. internal funds 23.8 68.8 29.7 (1) Capital outlays on book basis: 50.8 Inventory change* NIPA -20.4 Less: Irtv. val. adjustment 71.2 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 (line 63)* 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, 29 30 38 Insurance receivables Equity in sponsored ags. 39 40 Other 63 64 http://fraser.stlouisfed.org/ BILLIONS OF DOLLARS. Federal Reserve Bank of St. Louis 1 2 3 4 47 48 55 56 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 MARCH 11. 1988 State and Local Governments State and Local Governments 12 Sector Statements of Saving and Investment UNADJUSTED NET FLOWSCS MILL) UNADJUSTED NET FLOWSCS MILL) 1986 Ill IV I 1 1987 I II III IV 1978 BILLIONS OF DOLLARS 1981 1979 1980 1982 State and Local Governments - General Funds Cl) 149.332 166,004 156,658 161,449 156,793 175,602 110,873 127-574 120-619 124,027 119-053 137.502 11,300 11,425 11,575 11,750 11.050 11.625 27.409 26,805 24,739 25,997 26.165 26,350 330.3 228.3 24.7 77.3 355.3 247.3 27.4 80.5 390.0 271.6 29.7 88.7 425.6 305.2 32.5 87.9 449.4 329.7 35.9 83.9 1 2 3 4 5 Total expenditures. NIPA basis 145-204 145,261 142,731 150,767 157,050 156,475 Purch. of goods and services 130-800 129,600 127,558 134,652 141,130 140,034 6 14.404 16,441 15,173 16,115 15,920 7 Net interest and transfers 15,661 301.3 263.4 37.9 327.7 289.9 37.8 363.2 322.2 41.0 391.4 345.9 45.6 414.3 369.0 45.2 5 6 7 1 Total receipts. NIPA basis Tax receipts 2 Social insurance receipts 3 Grants-in-aid received 4 8 Net surplus. NIPA basis 9 - Retirement credit to HH 10 = Gross saving 4,128 12,796 -8,668 20-743 16,300 4,443 13,927 17,239 -3,312 10,682 -257 13,320 14,916 -2,638 -15.173 19.127 14,364 4,763 28.9 20.7 8.3 27.6 16.2 11.4 26.8 26.5 .3 34.1 29.7 4.4 35.1 8 32.0 9 3.1 10 11 Net financial investment Net acq. of financial assets 12 Demand dep. and currency 13 Time deposits 14 Security RPs 15 -6,501 29.626 -3,230 -2,821 5,595 7,981 15,935 3,469 -1,305 100 -1,351 8,009 -3,902 3,696 3,700 -323 7,141 3,367 -2,988 3,800 -7,497 4,059 -2,228 -2,703 4,435 261 6,455 -1,795 -2,746 1.112 2.4 20.6 M 7.1 K .5 19.8 -.4 -2.1 4.0 -8.6 10.6 -.6 -2.0 .3 -.2 7.6 -1.5 2.2 5.2 -2.3 20.2 -1.6 3.8 7.3 11 12 13 14 15 27,503 25,369 23,374 1,995 88 2.046 11,538 9,060 5,923 3,137 215 2,263 6,804 3,190 87 3,103 183 3,431 4,261 1,399 -1,171 2,570 -1 2,863 2,744 1,601 -1,210 2,811 169 974 8,249 7,523 5,165 2,358 176 550 12.7 10.9 5.5 5.3 -.7 2.5 16.7 10.7 7.5 3.2 -.5 6.5 11.9 1.9 .7 1.2 .2 9.8 .7 -7.1 -1.8 -5.4 .1 7.7 12.0 6.5 4.8 1.7 .2 5.2 16 17 18 19 20 21 16 17 18 19 20 21 22 23 24 25 26 27 28 Credit market instruments U.S. govt, securities Treasury issues Agency issues Tax-exempt obligations Mortgages Taxes receivable Net increase ln liabilities Credit market borrowing Tax-exempt obligations Short-term Other U.S. government loans 29 Trade debt 30 Discrepancy 2,579 2,133 -2,289 -1.299 1,811 1,635 .8 1.5 1.1 1.0 -1.4 22 36,127 35,830 35,881 4,605 31,276 -51 7,954 7,651 7,393 998 6,395 258 9,360 9,051 9,213 -1,331 10,544 -162 7,464 7,149 7,144 -770 7,914 5 11,556 11,235 11,335 4,009 7,326 -100 6.194 5,867 5,267 2,572 2,695 600 18.3 16.5 18.1 .6 17.5 -1.6 19.3 17.6 17.4 1.0 16.5 .2 19.2 17.2 16.3 1.7 14.6 .9 7.9 6.8 5.5 1.1 4.4 1.2 22.5 21.5 20.6 6.7 13.9 1.0 297 -2,167 303 -3,538 309 -1,961 315 -2,315 321 -7,676 327 4,502 1.7 5.9 1.6 10.9 2.0 8.9 1.1 4.7 (1) Employee retirement funds are in insurance sector. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 23 24 25 26 27 28 .9 29 5.4 30 MARCH 11, 1988 State and Local Governments State and Local Governments 13 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 1986 1987 I 1 1986 III IV I 1 1987 I II III IV State and Local Governments - General Funds (1) 1 2 3 4 487.6 362.9 38.5 86.2 540.4 406.7 40.2 93.5 579.5 437.8 42.1 99.7 618.7 467.4 44.5 106.8 650.5 501.2 46.1 103.3 626.2 472.5 44.2 109.5 629.0 479.7 46.5 102.8 632.0 484.6 45.2 102.2 651.4 499.7 45.7 106.0 657.5 507.7 46.3 103.5 661.1 Total receipts. NIPA basis 512.8 Tax receipts 47.0 Social insurance receipts Grants-in-aid received 101.3 1 2 3 4 5 6 7 440.2 391.5 48.7 475.9 425.4 50.6 516.5 464.7 51.8 561.9 503.5 58.4 607.0 543.4 63.6 566.7 507.3 59.4 578.4 517.7 60.7 591.1 529.3 61.8 600.7 557.6 63.1 611.1 5^6.9 64.2 625.2 Total exoenditures, NIPA basis 559.7 Purch. of 9oods and services 65.5 Net interest and transfers 5 6 7 8 9 10 47.4 39.2 8.2 64.5 45.7 18.8 63.0 53.1 9.9 56.8 57.6 -.8 43.5 59.8 -16.4 59.5 52.3 7.2 50.6 63.7 -13.1 40.9 72.3 -31.4 50.7 51 .2 -.5 46.4 59.7 -13.3 35.9 Net surplus, NIPA basis 56.1 - Retirement credit to HH -20.1 = Gross saving 8 9 10 11 12 13 14 15 2.8 37.6 -.7 -6.3 7.2 18.1 46.5 5.0 .2 9.5 19.4 112.3 1.1 7.0 12.6 12.2 57.7 3.5 -4.6 8.6 -8.9 25.7 -4.6 -4.7 13.0 -8.5 130.9 -3.7 -16.0 27.3 12.3 43.9 3.7 -3.3 -1.7 -14.0 32.9 -1.3 4.9 11.6 6.7 33.1 - .2 .7 15.5 -10.3 30.3 .9 -16.2 24.1 -18.0 Net financial investment Net acq. of financial assets 6.3 -17.6 Demand dep. and currency -8.4 Time deposits 1.0 Security RPs 11 12 13 14 15 16 17 18 19 20 21 35.4 26.9 16.7 10.2 .6 7.9 27.9 16.6 4.5 12.1 1.1 10.2 90.3 81.7 66.3 15.3 -1.2 9.8 48.4 36.8 24.1 12.8 -.3 11.8 22.1 13.7 2.9 10.8 .5 7.8 119.9 110.9 102.3 8.6 .4 8.7 43.2 33.2 20.5 12.7 .9 9.1 19.2 4.1 -6.9 11.1 .7 14.4 17.0 6.9 -3.9 10.8 K 10.1 20.9 15.6 4.4 11.2 .7 4.6 22 1.9 3.9 1.3 1.8 -.1 3.3 2.2 -1.6 .1 .6 .4 31.1 28.2 17.9 10.3 .7 2.2 Credit market instruments U.S. govt, securities Treasury issues Agency issues Tax-exempt obligations Mortgages 16 17 18 19 20 21 Taxes receivable 22 23 24 25 26 27 28 34.8 34.0 32.9 -1.5 34.4 1.1 28.4 27.4 19.7 -3.7 23.3 7.7 92.9 91.8 83.6 1.3 82.3 8.2 45.5 44.3 42.9 4.2 38.7 1.4 34.6 33.3 33.0 4.5 28.5 .3 139.4 138.3 138.5 13.4 125.1 -.2 31.6 30.4 29.4 3.8 25.6 1.0 46.9 45.7 46.3 4.2 42.2 -.6 26.4 25.1 25.1 -6.5 31.7 * 40.6 39.3 39.7 10.4 29.3 -.4 24.4 23.1 20.7 9.9 10.8 2.4 29 30 .8 5.4 1.0 .7 1.1 -9.5 1.2 -13.0 1.3 -7.5 1.2 15.7 1.2 -25.5 1.2 -17.4 1.3 -7.2 1.3 -3.0 Trade debt 1.3 -2.1 Discrepancy Net increase in liabilities Credit market borrowing Tax-exempt obligations Short-term Other U.S. government loans Cl) Employee retirement funds are in insurance sector. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 23 24 25 26 27 28 29 30 MARCH 11, 1988 CS, Government and Credit Agencies U.S. Gcv-ernme' » and Credit Agencies 14 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 IV III 1987 i I II III IV 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 U.S. Government 209-889 198,251 215,808 249,716 232-491 219,959 96-396 89,497 85,763 113-769 106,512 97,681 22,377 22,548 23,146 28,186 30-100 30,318 13,285 13,391 13,827 12.492 13,595 13,367 77,725 73,714 93,532 94.166 82,052 78,675 441.4 194.9 71.4 28.0 147.0 505.0 231.0 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 1 2 3 4 5 6 Total expenditures, NIPA basis 258,906 264,897 260,833 260.802 266,024 280,718 7 Goods and services 90,978 96,282 91,042 92,823 93,775 103,285 8 Transfers, etc. 135,032 133,618 134,528 133,213 137,506 139,555 9 Net interest 32-896 34,997 35,263 34-766 34,743 37,878 470.7 161.8 273.8 35.2 521.1 178.0 300.7 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 6 7 8 9 -49,017 -66,646 -45,025 -11,086 -33,533 -60,759 5,423 12,146 6,912 -3,290 4,619 13-510 -61,163 -73,558 -41,735 -15,705 -47,043 -66,182 772 1,900 760 708 1,857 696 -59,263 -71,701 -41,039 -14,997 -46,283 -65,410 -29.3 7.2 -36.6 2.0 -34.6 -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 10 11 12 13 14 15 Net financial investment -55,649 -75,970 -41,981 -17,746 -45,185 -76,017 16 Net acq. of financial assets 10,424 -442 -20,569 25,026 -10,473 -10,976 17 Gold, SDRs 8 fgn. exch. -470 -124 -478 -163 -1.334 -1,774 18 Demand deposits 8 currency 7,303 -612 -22,207 30,992 -2,972 -14,855 19 Time deposits 486 -190 -53 -23 252 -112 -39.7 24.8 -3.1 4.4 .1 -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 -153.2 23.5 4.4 6.4 .5 15 16 17 18 19 15.9 2.4 13.6 20 21 22 23 1 Total receipts, NIPA basis 2 Personal taxes 3 Corp, profits tax accruals 4 Indirect taxes 5 Social insurance receipts 10 11 12 13 14 Net surplus, NIPA basis - Insurance credits to HH = Gross saving ♦ Mineral rights sales (1) = Nonfinancial surplus 20 21 22 23 Credit market instruments Fed. agency securities Mortgages Other loans 2,712 52 2,660 179 686 -507 162 -290 452 -3,330 -47 -3,283 -6,904 -5,254 -1,650 387 146 241 17.1 4.2 12.8 19.0 6.6 12.4 23.7 7.5 16.2 24.0 4.9 19.1 24 25 26 Taxes receivable Trade credit Miscellaneous 2,155 -849 -229 93 -146 230 1,486 1,212 224 135 -1,408 159 1,266 -1,985 299 4,177 -868 167 2.9 2.7 .8 -.3 2.4 .8 -4.8 3.8 .5 -10.0 2.5 .9 -10.2 24 4.8 25 1.6 26 66,073 276 75,528 109 21,412 128 42,772 107 34,712 114 65,041 120 64.5 .5 46.8 1.6 88.7 1.3 100.2 1.2 176.7 27 1.7 28 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. 57,888 3,948 53,558 382 69,344 5,563 63,736 45 27,496 1,340 26,187 -31 31,396 2,131 29,748 -483 21,833 1,730 20,230 -127 60,653 2,570 58,385 -302 53.7 3.9 51.2 -1.4 37.4 -.8 39.6 -1.4 79.2 -7.3 87.1 -.6 87.4 -4.3 92.2 -.5 161.3 29 _ 2 30 162*0 31 -.9 32 33 34 35 Life 8 retirement reserves Trade debt Miscellaneous 12,146 977 -5,214 6,912 -2,394 1,557 -3,290 -2,403 -519 4,619 3,676 2,974 13,510 2,951 -3,696 5,423 999 -2.154 7.2 3.4 -.3 8.2 1.0 -1.3 8.8 1.3 -1.9 10.0 .5 1.0 11.9 33 1.7 34 .2 35 36 Discrepancy Memo: 37 Corp, tax receipts, net -3,614 4,269 942 2,749 -1,098 10,607 5.1 4.6 -1.8 8.8 3.1 36 20,222 22,455 21,660 28,051 28,834 26,141 68.5 74.7 75.1 75.7 59.2 37 (1) Sales of Outer Continental Shelf leases. Federally Sponsored Credit Agencies and Mortgage Pools Sponsored credit agencies 1 Current surplus 1 48 50 50 69 67 .6 .8 .9 1.2 1.4 I 2 Net acq. of financial assets 3 Demand deposits and currency 4 Fed. funds 8 security RPs 8,407 212 5.451 9,539 995 -3,652 -3,020 -592 -298 5.514 -699 2,346 4,321 -273 -5,639 21,284 521 384 28.6 K 1.4 31.1 .2 .6 29.5 * 1.8 37.6 .2 3.5 22.4 -.2 5.4 2 3 4 5 6 7 8 Credit market instruments U.S. government securities Open-market paper Student loans (SLMA) 2,477 742 42 419 8,476 2,570 5 507 -3,310 2,335 17 362 3,254 -3,312 -35 1,745 9,223 2,069 -35 939 16,683 1,934 6 652 26.7 .6 -1.2 .4 30.0 .2 .1 .6 26.4 .7 N 1.1 33.2 .4 .3 2.2 16.0 1.4 -.3 1.6 5 6 7 8 9 10 11 Housing credit Residential mortgages FHLB loans to SSL assns. 3,709 -487 4,196 7,867 -1,742 9,609 -3,373 -1,488 -1,885 6.066 -1.509 7,575 6,865 1,110 5.755 14,644 1,676 12,968 21.5 9.0 12.5 18.5 9.4 9.2 14.9 7.8 7.1 21.2 5.0 16.2 11.0 9 10.2 10 .8 11 -2,435 -1,176 -596 -663 267 -2,473 -2,010 74 -537 3,720 -2,651 -1,736 226 -1,141 1,180 -1,210 -1,439 3 226 613 -615 -850 365 -130 1,010 -553 -941 1,206 -818 3,696 5.4 3.2 .7 1.5 .4 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 12 13 14 15 16 8,055 5,489 5,922 -433 2.566 9,664 5,451 5,787 -336 4,213 -2,922 -5,354 -4,634 -720 2,432 5.123 7,365 7,395 -30 -2,242 4,439 7,954 7,954 -3,515 21.035 19.193 19,193 1,842 28.1 23.5 23.1 .4 4.6 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 17 18 19 20 21 -351 173 148 -341 187 -182 .1 .2 .5 .7 23 Net acq. of mortgages 24 Home mortgages 25 Multi-family mortgages 26 Farm mortgages 46,824 45,809 1,053 -38 56,231 54,488 1,981 -238 43,844 42,009 1,839 -4 39,707 38,560 1.150 -3 33,077 32,059 1,020 _2 23,530 22,996 536 -2 13.6 12.4 1.5 -.3 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 27 Net incr. in pool securities 46,824 56,231 43,844 39,707 33,077 23.530 13.6 23.1 19.2 15.0 49.5 27 Memo: Totals for agencies and pools Housing credit 50,571 Loans to agriculture -2,473 64,336 -2,711 40,475 -2.655 45,776 -1,213 39.944 -617 38,176 -555 35.4 5.1 41.5 10.6 34.3 9.5 36.3 9.0 60.7 28 2.1 29 62,018 39,210 47,102 41.031 42.723 36.7 47.3 43.6 45.5 64.5 30 12 13 14 15 16 Loans to agriculture Farm mortgages Loans to coops (BC) Loans to farmers (FICB) Miscellaneous assets 17 Net increase in liabilities 18 Credit market instruments 19 Sponsored agency issues 20 U.S. government loans 21 Miscellaneous liabilities 22 Discrepancy .3 22 Federally related mortgage pools (I) 28 29 30 Net security issues 52,746 (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 11, 1988 U.S. Government and Credit Agencies U.S. Government and Credit Agencies 15 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1983 198 A 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1 1987 1986 III IV I 1 II I 1987 III IV U.S. Government 1 2 3 A 5 659.9 29A.A 61.A 51.6 252.5 726.0 310.3 75.3 55.7 28A.7 788.6 3A6.6 76.2 55.3 310.6 827. A 363.0 83.7 50.9 329.8 918.0 A03.7 111.8 5A.1 3A8.A 832.3 365.2 8A.3 52.1 330.7 852.5 376.A 90.5 51.1 33A.5 879.3 381.5 103.0 53.3 3A1.5 922.8 A15.6 107.8 5A.2 3A5.2 923.1 A0A.3 11A.6 53.9 350.3 6 7 8 9 836.0 283.6 A58.2 9A.3 895.5 310.5 A69.A 115.6 98A.6 353.9 500.5 130.2 1032.0 366.2 530.1 135.7 1068.A 380.9 5AA.8 1A2.7 1036.1 371.2 530.7 13A.2 10A1.2 368.6 53A.8 137.8 10A9.6 366.9 5A3.2 139.5 1062.2 379.6 5A2.8 139.8 1058.8 382.1 533.8 1A2.9 1102.9 Total expenditures* NIPA basis 395.1 Goods and services 559.A Transfers* etc. 1A8.A Net interest 10 11 12 13 IA -176.1 1A.2 -190.3 7.8 -182.5 -169.5 18.2 -187.7 7.9 -179.8 -196.1 19.1 -215.2 A.A -210.8 -20A.7 21.1 -225.7 7.2 -218.5 -150.A 20.3 -170.7 2.9 -167.7 -203.8 15.3 -219.1 7.6 -211.5 -188.7 32.9 -221.6 7.A -21A.2 -170.3 13.2 -183.5 2.8 -180.7 -139.A 21.0 -160.A 2.8 -157.5 -135.7 20.2 -155.9 3.0 -152.9 -156.2 26.7 -182.9 3.1 -179.8 15 16 17 18 19 -192.5 13.6 2.9 -8.3 -.5 -192.9 32.6 2.6 5.3 .5 -219.5 32.7 1.9 13.0 a -228.0 9.6 -.7 .A .2 -180.9 -17.0 -3.7 -9.0 .6 -207.5 3.1 -1.9 1.7 -.8 -233.0 57.6 -.7 53.6 -.1 -213.8 -80.8 -5.3 -82.9 -.A -115.8 73.7 -7.1 87.1 1.0 -162.3 -76.6 -.5 -36.2 -.2 -232.8 Net financial investment 1A.6 Net acq. of financial assets -1.9 Gold* SDRs & fgn. exch. -A.l Demand deposits 8 currency 1.9 Time deposits 20 21 22 23 9.7 — 1.2 8.A 17.1 — .5 16.6 16.8 — 1.8 1A.9 9.5 — .5 9.0 -9.7 -5.A -A.2 10.5 — .7 9.8 5.9 1.6 A.A -.8 -1.0 .2 -17.7 -.2 -17.6 -27.3 -19.9 -7.A 6.1 -1.7 7.8 Credit market instruments Fed. agency securities Mortgages Other loans 20 21 22 23 2A 25 26 5.3 3.8 .7 .6 5.1 1.5 -A.2 3.7 l.A -.5 .1 .6 7.1 -3.0 .8 -2.1 -3.A -.9 -1.6 -.6 .9 3.0 A.8 .9 15.A -5.6 .6 -5.6 -7.9 1.2 15.A -3.5 .7 Taxes receivable Trade credit Miscellaneous 2A 25 26 27 28 206.1 .5 225.5 .6 252.2 .5 237.6 .8 163.9 .5 210.6 1.1 290.6 .A 133.0 .5 189.5 .A 85.8 .5 2A7.A .5 29 30 31 32 186.6 3.1 183.5 -.1 198.8 3.0 195.9 -.2 223.6 5.3 218.5 -.1 215.0 13.6 201.1 .A 1A1.A 7.8 13A.6 -.9 210.A 1A.6 19A.3 1.5 235.2 23.3 211.7 .2 162.3 A.3 158.2 -.1 139.1 9.5 131.5 -1.9 68.0 5.A 63.0 -.5 196.1 11.9 185.5 -1.2 33 3A 35 1A.2 2.9 2.0 18.2 3.0 A.9 19.1 A.A A.6 21.1 .6 .2 20.3 5.2 -3.A 15.3 A.9 -21.2 32.9 -7.5 29.6 13.2 -10.2 -32.7 21.0 11.8 17.3 20.2 12.9 -15.8 26.7 6.5 17.7 36 10.0 13.1 8.8 9.5 13.2 -A.O 18.8 33.1 -A1.7 9.A 37 56.1 7A.7 80.3 8A.2 10A.7 86.A 92.1 100.0 92. A 120.2 9A6.7 Total receipts* NIPA basis A13.5 Personal taxes 121.6 Corp, profits tax accruals 5A.9 Indirect taxes 356.7 Social insurance receipts Net surplus* NIPA basis - Insurance credits to HH = Gross saving * Mineral rights sales (1) = Nonfinancial surplus 1 2 3 A 5 6 7 8 9 10 11 12 13 IA 15 16 17 18 19 Net Increase in liabilities 27 Treasury curr. 8 SDR ctfs. 28 Credit market instruments Savings bonds Other Treasury Issues Agency issues and mtgs. 29 30 31 32 Life 8 retirement reserves 33 3A Trade debt Miscellaneous 35 53.0 Discrepancy Memo: 106.2 Corp, tax receipts* net 36 37 (1) Sales of Outer Continental Shelf leases. Federally Sponsored Credit Agencies and Mortgage Pools Sponsored credit agencies 1 1.0 1.0 .2 .3 .2 a .2 .2 .2 .3 2 3 A 2.0 .2 -2.3 A1.5 .6 8.3 27.2 -.2 7.2 22.7 1.5 5.0 28.1 -1.0 -3.2 19.8 .9 -1.3 36.7 3.0 -9.9 5.A -1.0 -1.5 22.7 -3.3 30.3 2.2 -.9 -A8.5 5 6 7 8 3.A -1.3 .A 1.5 29.8 1.6 -.1 1.9 21.7 1.3 -.6 2.5 1A.1 A.6 a 2.A 25.9 3.0 K 3.7 17.5 16.0 .2 1.7 35.A 7.7 a 2.0 3.6 12.3 .1 l.A -15.3 -28. A -.1 7.0 9 10 11 2.2 9.3 -7.0 27.7 12.1 15.7 27.9 13.7 1A.2 16.6 -3.2 19.8 2A.2 -.2 2A.A 11.0 1.2 9.7 31.5 -9.2 AO.7 3.3 -7.9 11.2 12 13 IA 15 16 .6 1.1 .9 -1.3 .7 -l.A .3 -.A -1.2 2.8 -9.A -A.5 -1.0 -3.9 -1.5 -9.6 -6.5 -.7 -2.3 2.1 -5.0 -5.0 1.8 -1.9 6.5 -11.3 -A.l -3.1 -A.l 2.7 -5.8 -7.A -.2 1.8 8.1 17 18 19 20 21 1.2 l.A l.A AO.7 30.A 30.A -.2 10.2 28.6 21.7 20.6 1.1 6.9 23.2 1A.9 15.2 -.A 8.3 27.7 29.2 29.9 -.8 -1.5 19.0 21.3 23.0 -1.7 -2.3 22 .1 .1 1.7 .7 -.2 .3 Current surplus 1 82.0 Net acq. of financial assets Demand deposits and currency 1.1 6.8 Fed. funds 8 security RPs 2 3 A A6.6 23.3 -.1 3.8 68.5 A.9 a 2.6 5 6 7 8 10.6 -5.5 16.1 23.8 8.5 15.3 59.1 A.l 55.1 -13.5 -7.7 -1.5 -A.3 A.3 -A. 3 -6.A 3.8 -1.7 11.0 -A.l -2.7 .A -1.8 5.0 1.8 -3.1 A.5 .A 5.7 35.8 19.0 20.A -1.3 16.8 5.9 -6.5 -3.6 -2.9 12.3 22.0 19.6 19.8 -.1 2.3 3.A 31.A 31.A -28.1 -.8 -.7 .6 -.5 l.A 181.3 17A.1 7.3 -.1 166.7 162.2 A.5 -.1 121.8 118.2 A.O -.A 91.9 Net acq. of mortgages 89.2 Home mortgages 2.1 Multi-family mortgages .6 Farm mortgages 23 2A 25 26 Credit market Instruments U.S. government securities Open-market paper Student loans (SLMA) Housing credit 9 10 Residential mortgages FHLB loans to SSL assns. 11 Loans to agriculture Farm mortgages Loans to coops (BC) Loans to farmers (FICB) Miscellaneous assets 12 13 IA 15 16 79.5 Net Increase in liabilities 72.0 Credit market instruments 72.0 Sponsored agency issues U.S. government loans 7.A Miscellaneous liabilities 17 18 19 20 21 -2.2 Discrepancy 22 Federally related mortgage pools (1) 23 2A 25 26 66.A 65.2 1.2 a AA.A A3.A 1.1 a 79.9 78.6 1.5 -.2 163.3 158.3 5.1 -.2 1A0.2 135.6 A.5 a 179.3 175.A A.3 -.A 220.7 213.0 8.1 -.5 27 66.A AA.A 79.9 163.3 1A0.2 179.3 220.7 181.3 166.7 121.8 91.9 Net incr. in pool securities 27 28 29 68.7 .6 72.2 -l.A 107.9 -9.6 180.1 -9.8 16A.A -5.0 190.6 -11.6 252.6 -6.3 18A.7 -13.7 177.3 -A. 3 1A6.0 -A.5 Memo: Totals for agencies and pools 150.A Housing credit 2.A Loans to agriculture 28 29 30 67.8 7A.9 100.5 178.5 170.1 202.3 2A1.0 177.7 186.A 153.2 16A.0 Net security Issues (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. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 30 MARCH 11. 1988 Foreign sector Foreign sector 16 Sector Statements of Saving and Investment UNADJUSTED NET FLOWSCS MILL) UNADJUSTED NET FLOWS($ MILL) III IV I I II IV III 1978 BILLIONS OF DOLLARS 1:31 1979 1980 1982 Foreign Sector 1 Net U.S. exports. NIPA basis 2 U.S. export receipts 3 - U.S. import payments 4 (Memo: net corporate earnings retained abroad) -31.330 -27,522 -24,869 -30,585 -34,545 -30,276 91.296 97,093 99,135 106,128 106-840 115-347 122.626 124,615 124,004 136,713 141,385 145,623 2.448 4,562 6,641 3,835 6,909 5,738 4.1 227.5 223.4 11.7 18.8 291.2 272.5 18.6 32.1 351.0 318.9 18.7 33.9 382.8 348.9 14.0 26.3 361.9 335.6 15.5 1 2 3 4 4.309 5,704 41,343 4,305 5,700 37,527 2,902 5,715 33,486 2,978 6,188 39,751 2,750 6,077 43,372 4,170 6,144 40,590 5.6 8.7 10.1 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 5 6 7 8 9 Net financial investment 10 Net acq. of financial assets Gold and SDRs (1) 11 U.S. demand deposits 12 U.S. time deposits 13 Net interbank claims 14 46*881 47,697 163 -313 -455 -927 32,041 48,610 -31 2,439 1,685 8,657 45,284 39,020 76 -1,504 433 9,331 34,363 35,323 -171 555 -1,493 198 38,845 63.818 -210 -1,687 636 28,328 36,122 46,099 -100 1,676 1,312 7,425 2.5 59.2 1.2 -.2 1.1 6.4 -25.9 30.9 -1.2 4.2 1.2 21.1 -31.2 22.2 « X 1.2 -26.6 -27.4 .2 -1.8 -3.8 2.3 -20.9 -30.8 -6.7 -1.4 -3.7 6.8 -35.7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 U.S. corporate equities Credit market instruments U.S. govt, securities Treasury issues Agency issues U.S. corporate bonds (2) Loans to US nonbanks Open-market paper 4,483 29,564 14,631 12,776 1.855 9,981 5,387 -435 172 16,427 3,604 1,498 2,106 9,449 2,069 1,305 9,831 17.425 11,483 10,575 908 7,629 443 -2,130 8.392 22,108 11,251 10,513 738 5,791 3,058 2.008 4,966 16.232 9,787 9,129 658 5.630 1,873 -1,058 -7,237 12,841 7,200 6,500 700 2,500 2*000 1,141 2.4 29.7 27.0 25.7 1.3 1.9 .3 .5 1.7 -10.4 -16.9 -17.5 .5 2.6 2.0 1.9 5.4 25.3 14.9 12.4 2.5 8.2 1.3 .9 5.8 25.5 9.5 7.9 1.6 8.4 8.9 -1.3 3.9 23.7 12.3 12.8 -.5 10.6 2.5 -1.7 15 16 17 18 19 20 21 22 23 24 Security credit Trade credit 767 72 -131 -1.166 256 400 4.1 .2 3.5 • -.2 25 26 27 28 29 Miscellaneous assets Dir. investmt.in U.S.(3) Equity, etc. Retained earnings Other 14,415 6,423 7-109 -686 7,992 19,189 14,143 14.187 -44 5,046 3.559 6,784 6,173 611 -3,225 6,900 9,490 8,517 973 -2,590 15,297 8,404 6,783 1,621 6,893 29,782 8,617 7,117 1,500 21,165 14.5 7.9 5.3 2.5 6.6 14.1 11.8 7.9 3.9 2.3 13.4 15.3 11.7 3.6 -1.9 -6.6 25.3 22.3 3.0 -31.9 5 6 7 8 30 31 32 33 34 35 - Transfers to foreign - U.S. govt, interest paid ♦ Net capital grants a Net foreign investment (U.S. balance, sign reversed) Net increase in liabilities U.S. off. fgn. exchange 8 net IMF position U.S. private deposits Foreign corporate equities Credit market instruments Corporate bonds 36 37 38 39 Bank To To To 40 41 42 Commercial paper Accept, liabs. to banks U.S. government loans loans n.e.c. foreign official foreign banks other foreign 43 44 Security debt Trade debt 45 46 47 48 49 50 51 Miscellaneous liabilities U.S.equity in IBRD. etc. U.S. govt, deposits U.S. dir. invstmt. (2.3) Equity, etc. Retained earnings Other 52 Discrepancy (FOF basis) -.4 13.8 16.2 -2.4 -14.2 25 26 27 28 29 816 16,569 -6,264 960 24,973 9,977 56.7 56.8 53.4 27.6 24.2 30 -117 516 -163 2,441 -1,880 -4.518 -3,590 -1,906 -242 600 -1,569 2,500 .5 2.4 -.1 9.8 8.1 4.5 3.4 10.4 3.6 31 4.5 32 -1,194 2,372 574 -1,967 -4,915 -1,146 1,208 -1,713 137 468 -303 -852 -407 2,270 1,337 -3*706 2,818 5,648 -.4 24.0 4.0 1.0 15.0 3.7 2.4 24.2 1.2 .2 23.5 5.5 1.4 33 16.0 34 6.6 35 -2,260 -567 -1,009 -684 731 243 1,103 -615 -912 767 -2,142 463 -577 -974 611 -214 -1,251 -61 -798 -392 -1,121 -118 -767 -236 18.3 2.1 9.5 6.6 3.1 2.1 -4.1 5.0 11.8 4.5 4.7 2.6 3.0 .8 -4.5 6.7 -5.5 w .7 -6.2 3.677 -1,317 1.698 -2,501 -1.670 -329 -129 -521 -288 -1,691 2,893 -76 5,023 -2,326 -513 -1,068 -319 -322 1.0 -3.2 3.9 1.7 3.6 2.9 2.4 4.1 4.7 3.9 6.9 4.2 1.9 40 8.5 41 4.5 42 -48 472 -46 -21 371 200 -.3 1.5 1.7 .2 43 -2.7 44 -713 715 -944 3,303 1,138 2,165 -3.787 20,701 165 65 -849 -328 -521 21,320 685 200 24 5,596 1,586 4,010 -5,135 6,312 300 -141 4,894 -664 5,558 1,259 22,381 312 -13 5,279 415 4,864 16,803 9,734 332 -165 1,286 -3,056 4,342 8,281 30.4 .6 .1 16.1 4.4 11.7 13.6 29.6 .8 X 26.8 7.6 19.2 2.0 12.5 .7 -.2 23.6 4.9 18.6 -11.5 -10.1 1.1 -.2 12.6 -.5 13.1 -23.6 5.486 -11,798 5,388 4,527 4,468 7.6 23.3 18.3 16.8 -5,538 (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. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 23 X 24 1.5 1.3 .4 10.2 5.4 4.8 -10.4 36 37 38 39 45 46 47 48 49 50 51 31.9 52 MARCH 11. 1988 Foreign sector Foreign sector 17 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES' 1986 1987 1 III 1986 IV I I I II 1987 III IV Foreign Sector 1 2 5 4 -6.1 352.5 358.6 18.4 -59.0 383.5 442.5 19.2 -79.2 370.0 449.2 18.2 -105.5 376.2 481.7 15.9 -120.3 427.5 547.7 23.9 -110.5 376.6 487.1 15.3 -116.9 383.3 500.2 13.1 -112.2 397.3 509.5 22.5 -118.3 416.5 534.8 24.6 -123.7 439.2 562.9 24.3 5 6 7 8 9.5 17.8 33.5 12.2 19.8 90.9 15.4 21.3 115.9 15.7 22.6 143.8 12.8 24.1 157.2 17.4 22.8 150.7 16.6 22.9 156.4 12.4 23.1 147.7 11.6 24.5 154.4 11.0 24.3 159.0 16.2 24.6 167.7 9 10 11 12 13 14 28.4 58.2 -.1 1.6 .5 12.5 71.7 83.8 -1.0 1.9 4.6 2.3 105.4 112.3 -.9 1.6 3.7 14.5 127.5 174.5 -.2 2.7 -2.7 12.7 154.6 184.3 -.4 -1.0 .9 45.3 187.4 169.5 .7 3.5 -.1 -14.0 119.4 160.4 -.1 3.1 3.0 32.2 185.8 190.6 .3 -1.1 8.5 44.7 143.3 168.2 -.7 -.1 -10.3 7.6 153.7 228.2 -.8 -2.4 3.7 101.9 143.8 Net financial Investment 150.1 Net acq. of financial assets -.4 Gold and SDRs (1) -.2 U.S. demand deposits 1.7 U.S. time deposits 27.0 Net Interbank claims 9 10 11 12 13 14 15 16 17 18 19 20 21 22 5.4 23.7 15.6 15.7 M 4.6 2.7 .8 -3.0 57.9 28.9 27.7 1.2 14.8 13.0 1.2 5.0 62.3 24.2 19.6 4.6 36.7 1.5 -.2 17.8 102.6 50.0 42.8 7.2 40.5 11.1 1.1 16.0 68.6 39.7 36.7 3.0 21.6 7.4 N 20.3 123.2 58.5 51.1 7.4 44.9 21.5 -1.7 -1.3 62.3 14.4 6.0 8.4 34.4 8.3 5.2 44.7 65.3 45.9 42.3 3.6 26.1 1.8 -8.5 28.3 90.8 45.0 42.1 3.0 25.5 12.2 8.0 22.4 70.7 39.1 36.5 2.6 28.2 7.5 -4.2 -31.6 47.7 28.8 26.0 2.8 6.3 8.0 4.6 U.S. corporate equities Credit market Instruments U.S. govt, securities Treasury issues Agency Issues U.S. corporate bonds (2) Loans to US nonbanks Open-market paper 15 16 17 18 19 20 21 22 23 24 -1.3 1.4 .5 .4 -.6 3.8 -2.5 2.9 -5.7 1.8 -1.6 Security credit Trade credit 23 24 25 26 27 28 29 16.0 11.5 11.9 -.3 4.5 19.7 25.6 22.5 3.1 -5.9 25.7 20.5 20.4 .1 5.2 41.2 26.4 26.4 M 14.9 55.5 33.3 28.6 4.7 22.2 32.3 28.3 31.2 -2.8 3.9 63.7 54.2 53.5 .7 9.5 25.4 25.8 24.0 1.9 -.4 58.3 39.1 35.5 3.6 19.2 30.9 36.9 30.4 6.5 -6.1 107.5 31.3 24.5 6.8 76.3 Miscellaneous assets Dlr. Investmt.in U.S.(3) Equity* etc. Retained earnings Other 25 26 27 28 29 30 29.9 12.0 7.0 46.9 29.6 -17.9 41.0 4.9 24.9 74.5 6.2 31 32 1.1 1.3 2.2 -5.8 5.0 -4.3 -.6 9.1 -7.3 -3.3 -.5 13.7 -.7 13.1 -7.5 -20.3 -14.4 -21.6 -1.0 15.6 -6.3 13.0 33 34 35 3.7 17.3 3.1 .9 8.3 3.8 3.7 1.2 3.8 .7 9.0 2.6 -2.4 3.1 6.3 -4.7 16.5 2.4 -5.6 -23.5 -4.6 2.2 -10.1 2.7 1.6 -4.6 -6.0 -1.6 17.5 4.9 -12.0 9.5 23.5 36 37 38 39 3.6 3.0 -.9 1.5 -6.6 -.9 -3.1 -2.6 -2.8 -1.4 -1.3 -.1 -1.0 M 1.0 -2.1 -3.9 -.4 -3.1 -.4 -7.7 -2.8 -l.l -3.8 .6 1.5 2.0 -3.0 -2.3 2.5 -5.9 1.2 -4.1 -3.5 -1.6 1.1 -2.9 -1.0 .7 -2.7 -6.2 .5 -5.5 -1.1 Bank To To To 40 41 42 6.5 -.1 4.3 6.2 1.0 4.0 6.2 -7.4 1.4 11.5 -5.4 1.4 2.1 -.3 -1.2 15.8 -1.5 7.5 -8.1 -10.5 -.9 -4.3 -4.8 -1.4 -6.2 12.9 -1.2 21.4 -4.7 -1.1 -2.3 -4.5 -l.l Commercial paper Accept, liabs. to banks U.S. government loans 43 44 .2 -.5 -.6 -.4 .5 -1.0 1.6 .7 .1 .7 .5 45 46 47 48 49 50 51 6.2 .7 .1 9.8 -3.6 13.5 -4.4 6.9 1.1 .4 13.2 -4.6 17.8 -7.8 4.0 1.5 -.1 8.8 -4.1 12.9 -6.2 29.1 1.5 -.9 14.1 4.0 10.1 14.4 39.1 1.1 -.3 17.1 -1.7 18.8 21.2 -42.0 2.9 -3.8 11.2 .1 11.1 -52.2 56.0 .7 .3 6.5 7.1 -.5 48.6 39.8 .8 .1 15.7 -.6 16.3 23.3 63.8 1.2 -.6 17.4 -.6 18.0 45.8 43.2 1.2 -.1 18.9 -3.5 22.4 23.2 1.4 1.3 -.7 16.3 -2.1 18.4 -15.5 52 5.1 19.2 10.5 16.3 2.6 -36.7 37.0 -38.1 11.1 5.3 -126.9 Net U.S. exports* NIPA basis 456.8 U.S. export receipts 583.7 - U.S. import payments 24.0 (Memo: net corporate earnings retained abroad) 1 2 3 4 - Transfers to foreign - U.S. govt. Interest paid * Net capital grants * Net foreign Investment (U.S. balance* sign reversed) 5 6 7 8 Net Increase In liabilities U.S. off. fgn. exchange 8 net IMF position U.S. private deposits 31 32 Foreign corporate equities 33 Credit market instruments 34 Corporate bonds 35 loans n.e.c. foreign official foreign banks other foreign 36 37 38 39 40 41 42 Security debt Trade debt 43 44 Miscellaneous liabilities U.S.equity in IBRD* etc. U.S. 9ovt. deposits U.S. dir. lnvstmt. (2,3) Equity* etc. Retained earnings Other 45 46 47 48 49 50 51 23.8 Discrepancy (FOF basis) (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. (S) 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, 30 52 MARCH 11. 1988 Banking System Banking System Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWSCS MILL) 1986 III IV I 1 1987 II I IV III 1978 BILLIONS OF DOLLARS 1980 1981 1979 1982 Monetary Authority -425 -400 -378 -349 .7 .2 .2 .4 .1 1 2 Net acq. of financial assets Gold and foreign exchange 3 Treasury currency 4 SDR certificates 5 Federal Reserve float 6 F.R. loans to domestic banks 7 10*648 198 108 200 566 -73 22*502 -13,999 -622 31 168 129 3.980 412 686 22 11,774 -1,645 154 -3.662 -615 -266 92 117 -1.331 969 11,929 -999 171 577 1.874 13.3 2.4 .5 .1 2.7 .9 10.9 -.3 1.3 .5 .3 .3 7.1 3.2 .7 .7 -2.3 .4 8.2 .4 .7 .8 -2.7 -.2 12.4 .5 .6 1.3 1.0 -.9 2 3 4 5 6 7 Credit market Instruments U.S. government securities Treasury securities Agency Issues Acceptances Bank loans n.e.c. Miscellaneous assets 8*621 8*621 6*902 1.719 1*028 20*852 -17,331 20.852 -17.331 20*565 -14,907 287 -2,424 — 392 -216 16,857 16.857 15*897 960 685 -1,421 -1,421 -365 -1,056 1,308 10*540 10.540 10*610 -70 -234 7.0 7.3 7.7 -.4 -.4 -.2 7.7 7.6 6.9 .7 .1 1.2 4.5 4.4 3.9 .6 .1 — -.1 9.2 9.8 9.6 .1 -.6 .1 9.8 8.5 8.4 .1 1.3 — .1 8 9 10 11 12 13 14 11.106 4*854 388 22.959 -13.574 11*313 -7*951 3*043 -3,159 12.174 -4,054 1.457 112 2*925 472 12*278 2,757 3.818 12.6 4.4 1.5 10.7 -1.4 3.0 6.9 -2.3 1.3 7.8 -2.2 -1.2 12.2 15 1.3 16 .9 17 15.978 10.172 -120 5.926 -1.207 -3,422 -4.686 161 1,103 137 5*604 -3.813 -194 9.611 99 6.3 -3.1 .1 9.3 .4 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 18 19 20 21 22 1 Current surplus 8 9 10 11 12 13 14 15 Net increase in liabilities Depository Inst, reserves 16 Vault cash of coml. banks 17 18 19 20 21 22 Demand deposits and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities -458 5*235 4*262 12 961 629 -457 8*326 17 -13 8.322 277 -4*850 -3.929 97 -1,018 2.386 Commercial Banking (1) 1 Current surplus 2 Fixed nonres. Investment 5 Net acq. of financial assets Demand deposits and currency 4 5 6 7 8 Total bank credit U.S. govt, securities Treasury Issues Agency Issues 9 10 Tax-exempt obligations Corporate bonds 11 12 13 14 15 16 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 17 18 19 20 Corporate equities Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 21 Net Increase in liabilities Checkable deposits 22 U.S. government 23 24 Foreign 25 Private domestic 2,028 4.942 3,514 6*316 1,475 6,294 1,296 6,245 568 6.259 5.2 6.0 6.0 6.8 4.1 6.3 6.0 5.5 6.1 6.6 1 2 69,277 119,229 -19,012 50 50 64 32,790 62 48.805 73 61.120 75 152.3 .3 139.1 .7 121.4 .6 118.5 1.0 136.8 -.1 3 4 50,411 13,677 283 13,394 97.548 -20,129 14,229 6.189 2.611 -3,570 9,759 11.618 47.913 4.674 -578 5.252 44,824 10*978 5*674 5,304 41.250 5*619 7*040 -1,421 125.9 -.8 -7.8 7.0 123.0 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 5 6 7 8 8.672 -14,284 -10.789 7,263 7.594 7.130 -6.984 6,180 -5*566 2,815 583 1,435 9.6 -.3 9.5 -.1 13.6 .6 5.0 a 90,462 -23,131 24*881 16,940 4,376 -4,845 60.895 -30.300 1,132 -1,542 -823 -3.384 44,038 24,907 3.088 14,562 215 1,266 36,606 33.614 19,732 20,796 3,987 7*682 10*112 14*953 -507 372 3,282 -10*189 117.4 35.1 26.2 60.3 -1.3 -2.9 103.9 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 8 5 -9 -1 a a a -.1 a 17 -619 5.441 -2,500 14*356 -11,110 -2,597 9,775 12.782 -18.029 -792 3,397 1*303 568 6,575 12.652 -.7 5.9 20.9 7.5 1.6 6.3 7.3 -1.0 13.4 11.3 -3.4 9.2 7.7 18 2.2 19 24.5 20 30.532 37,064 22.275 675 14,114 59,913 -2,395 2.051 -1,848 -2,598 47,849 17.444 -488 1,870 16.062 152.3 25.4 6.8 -.3 18.9 137.0 26.4 .4 4.1 21.8 120.7 5.1 -2.6 .3 7.4 136.4 8.6 -1.1 -3.9 13.7 20.794 18*206 8.444 322 -1,290 -4 *888 1.874 5.991 12 5 1,184 5*242 12.390 64,916 123,085 -16,851 -560 76,839 -71.810 2,987 -731 -18.831 -325 2*452 -1*601 -3.222 75,118 -51,378 4.5 9 1.5 10 69.8 16.0 6.7 46.7 .3 a 143.2 19.2 6.1 -3.4 16.5 11 12 13 14 15 16 21 22 23 24 25 26 Small time and savings dep. 18.531 18.666 1,255 6.324 4*764 9,757 13.2 29.5 44.8 40.1 96.4 26 27 28 Large time deposits Fed. funds and security RPs 7.417 15*154 9,113 -3.643 3.287 14,662 12.909 -4,555 6.612 -749 19.442 2.488 48.6 22.5 13.8 17.0 47.2 20.5 51.5 14.8 13.0 27 9.2 28 29 30 31 32 Net Interbank claims To Federal Reserve To domestic banks (2) To foreign banks 2,771 493 3,205 -927 13,360 1,098 3,605 8.657 10,678 4,002 -2,655 9,331 -2,638 -4.277 1,441 198 34,064 -362 6,098 28,328 4,361 2*451 -5,515 7.425 9.5 3.6 -.5 6.4 20.6 .5 -1.0 21.1 -32.1 -1.9 -3.6 -26.6 -24.4 -2.9 -.5 -20.9 -36.6 .1 -1.0 -35.7 29 30 31 32 33 34 35 36 Corporate equity Issues Credit market debt Corporate bonds Open-market paper 350 3.045 3,172 -127 350 454 -99 553 369 8,274 2,461 5,813 400 4.287 -1,656 5.943 400 -1,355 1*659 -3.014 400 2*147 3*396 -1.249 1.1 7.0 1.0 6.0 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 33 34 35 36 37 38 Profit taxes payable Miscellaneous liabilities -2 18,210 -36 7*982 18 -8 16,416 -23*251 23 18.549 20 -8*210 .1 24.8 .5 14.8 -.5 20.4 -.4 24.8 . -.1 37 23.2 38 39 Discrepancy -7,275 40 Memos 56,478 Credit mkt. funds adv. -261 -641 -7,077 95.859 -17,372 52,083 6.159 -18*962 40*759 52.008 (1) Consists of U.S.-chartered commercial banks* domestic afflllates(BHC's), Edge Act corporations* agencies and branches of forelsn banks* and banks in U.S. possessions. Edge Act corporations and offices of foreign banks appear together in these tables as "foreign banking offices." IBF's are excluded from the banking data. (2) Floats and discrepancies in Interbank deposits and loans. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -.9 -3.0 -2.9 18.4 5.9 39 128.1 131.4 107.6 106.5 110.2 40 MARCH 11. 1988 Banking System Banking System 19 Sector Statements of Savins and Investment SEASONALLY ADJUSTED ANNUAL RATES 1983 1985 1984 SEASONALLY ADJUSTED ANNUAL RATES 1986 I I 1987 1986 III I I IV I II 1987 IV 111 Monetary Authority 1 .5 .6 -1.1 -1.9 -1.6 -1.8 -1.8 -1.7 -1.6 -1.5 -1.4 Current surplus 1 2 3 4 5 6 7 9.4 -1.7 .7 — -1.2 .2 14.6 .5 .7 — -.7 2.7 24.9 2.0 .6 .1 .1 -.5 31.9 .4 .5 .3 .3 -1.5 9.4 -3.2 .6 -.4 2.3 48.2 .8 .4 .8 -.4 -2.3 51.2 .1 .5 -.7 3.5 -17.9 -2.5 .7 20.2 3.4 44.0 -6.6 .6 -13.6 -3.5 4.5 .4 .5 — -9.5 1.3 7.1 Net acq. of financial assets Gold and foreign exchange -4.0 Treasury currency .7 — SDR certificates Federal Reserve float 1.2 F.R. loans to domestic banks 7.8 2 3 4 5 6 7 8 9 10 11 12 13 14 10.9 12.0 12.6 -.7 -1.1 .5 8.4 8.8 8.9 -.1 -.4 — 3.0 21.6 21.6 20.5 1.1 — 1.0 30.2 30.2 30.0 .2 1.7 8.6 8.6 11.2 -2.6 — 1.5 45.6 45.9 39.5 6.4 -.3 — 3.2 48.9 48.7 50.5 -1.8 .1 -1.1 -40.8 -40.9 -34.9 -6.0 .1 1.2 62.4 62.5 58.4 4.2 -.1 4.7 7.8 7.9 12.6 -4.7 -.1 — 4.0 5.1 5.0 8.9 -3.8 .1 — -3.7 Credit market Instruments U.S. government securities Treasury securities Agency Issues Acceptances Bank loans n.e.c. Miscellaneous assets 8 9 10 11 12 13 14 15 16 17 8.9 -5.0 1.5 14.0 .4 3.2 26.1 6.8 1.3 33.8 19.5 .1 11.0 -6.3 2.6 50.0 19.4 2.1 53.0 40.3 -2.2 -16.2 -36.7 3.9 45.6 -8.2 4.8 6.0 13.5 1.0 18 19 20 21 22 13.0 -1.3 M 14.3 -.5 10.3 1.7 K 8.6 .1 16.6 4.1 .1 12.4 1.4 12.4 -1.9 -.2 14.4 1.9 13.3 -2.3 -.1 15.6 1.4 19.2 5.0 -.1 14.3 9.3 27.3 5.3 -.1 22.0 -12.3 9.9 .9 .3 8.7 6.8 41.9 31.6 -.2 10.6 7.2 -12.5 -29.6 .4 16.7 4.0 8.5 Net increase ln liabilities Depository inst. reserves 6.1 Vault cash of coml. banks .7 13.9 -11.9 -.7 26.5 -12.3 Demand deposits and currency Due to U.S. government Due to foreign Currency outside banks Miscellaneous liabilities 15 16 17 18 19 20 21 22 Commercial Banking (1) 4.7 Current surplus 25.0 Fixed nonres. Investment 1 2 1 2 7.1 8.6 5.8 15.7 7.1 19.6 9.2 22.4 6.9 25.1 9.6 19.8 9.7 24.0 9.2 25.3 6.6 25.2 6.9 25.0 3 4 150.1 -.3 199.8 -1.1 238.8 -.1 257.6 .2 123.7 .3 306.8 .2 359.3 .2 -33.9 .3 189.0 .2 225.0 .3 114.7 Net acq. of financial assets Demand deposits and currency .3 5 6 7 8 139.9 48.6 47.8 .7 170.8 .6 1.9 -1.3 206.9 9.7 12.1 -2.4 194.5 43.3 5.3 38.0 113.9 27.5 8.6 18.9 197.2 54.0 7.8 46.1 324.6 70.2 19.8 50.5 -51.3 -3.8 -43.2 39.4 235.8 33.4 8.7 24.7 170.2 41.3 28.8 12.5 100.7 39.0 39.9 -1.0 9 10 4.8 4.7 10.8 4.2 57.2 5.8 -28.5 23.6 -22.8 18.0 31.2 30.6 -104.8 30.5 -15.3 31.0 3.8 20.2 -26.8 13.2 -52.8 7.7 Tax-exempt obligations Corporate bonds 9 10 11 12 13 14 15 16 81.9 29.2 22.7 26.7 .8 2.4 155.3 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 23.3 69.5 -.9 -5.8 91.1 82.4 9.9 9.3 -1.5 -9.0 81.5 64.2 25.1 12.6 -5.1 -15.5 328.6 102.9 11.4 229.9 2.0 -17.6 -63.3 73.7 2.9 -135.1 -4.9 .1 178.5 98.8 5.0 70.0 2.7 1.9 142.5 69.3 6.9 51.2 -1.8 17.0 106.9 87.7 24.8 51.2 -1.8 -55.0 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 11 12 13 14 15 16 17 a -.1 .1 a a a a a a a a Corporate equities 17 1$ 19 20 6.9 -3.6 7.2 3.8 3.6 22.7 -9.5 8.1 33.4 -5.6 19.6 48.9 4.6 -3.7 8.7 .1 21.5 87.9 -10.2 38.1 6.6 .3 -32.9 49.7 23.4 -3.5 -67.0 -9.0 14.5 49.0 3.7 6.9 3.1 21 22 23 24 25 161.9 15.9 -5.3 1.6 19.7 206.5 29.2 4.0 2.0 23.2 235.7 53.9 10.3 1.4 42.2 246.9 94.1 1.7 2.9 89.6 121.4 -19.7 5.0 -.9 -23.8 302.9 80.8 19.4 3.6 57.8 368.8 162.0 -4.2 3.1 163.0 -2.7 -130.5 -34.7 -1.4 -94.4 146.7 57.6 43.4 .1 14.2 284.6 94.9 21.8 -2.8 76.0 Total bank credit U.S. govt, securities Treasury Issues Agency Issues Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 57.2 Net increase in liabilities Checkable deposits -100.8 U.S. government -10.4 Foreign .5 Private domestic -91.0 3 4 5 6 7 8 18 19 20 21 22 23 24 25 26 130.8 74.6 80.3 71.6 22.1 97.1 51.4 4.8 30.2 38.7 14.8 Small time and savings dep. 26 27 28 -48.3 14.8 38.3 1.6 11.8 31.3 3.2 19.2 42.3 11.8 14.3 62.3 18.6 -26.9 34.8 39.3 64.3 11.8 14.3 .6 55.6 -4.4 Large time deposits Fed. funds and security RPs 27 28 29 30 31 32 -.1 -1.0 -11.6 12.5 11.7 2.0 7.4 2.3 21.9 -.4 7.7 14.5 13.8 -1.2 2.3 12.7 46.5 1.8 -.6 45.3 -6.9 -2.7 9.8 -14.0 56.6 2.8 21.6 32.2 58.6 23.5 -9.6 44.7 -8.7 -17.1 .8 7.6 111.7 -8.1 18.0 101.9 24.2 9.0 -11.7 27.0 Net interbank claims To Federal Reserve To domestic banks (2) To foreign banks 29 30 31 32 33 34 35 36 .8 17.1 8.4 8.7 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 13.4 5.9 7.5 1.4 12.8 12.7 .1 1.4 -.2 -.4 .2 1.5 32.7 9.8 22.8 1.6 18.5 -6.6 25.1 1.6 -5.8 6.6 -12.5 1.6 8.1 13.6 -5.5 Corporate equity issues Credit market debt Corporate bonds Open-market paper 33 34 35 36 37 38 -.1 31.0 K .1 25.4 a 41.1 -.1 106.2 .1 -43.8 a 42.7 .1 3.5 a 27.2 -28.6 .1 28.4 .1 58.1 Profit taxes payable Miscellaneous liabilities 37 38 39 10.2 -3.1 -15.6 -23.8 -20.5 -14.1 -4.7 15.1 -60.9 41.5 40 144.3 168.9 186.3 194.7 127.5 212.7 332.0 -51.1 257.3 144.2 -77.8 Discrepancy 159.5 Memo: Credit mkt. funds adv. (1) Consists of U.S.-chartered commercial banks* domestic afflliates(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.” IBF’s are excluded from the banking data. (2) Floats and discrepancies in interbank deposits and loans. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 39 40 MARCH 11. 1988 Commercial Banking Subsectors 20 Commercial Banking Subsectors Subsector Statements for Component Groups In Commercial Banking UNADJUSTED NET FLOWSC$ MILL) UNADJUSTED NET FLOWSf$ MILL) 1986 III IV I 1 I 1987 II III IV 1978 BILLIONS OF DOLLARS 1981 1980 1979 1982 U.S.-Chartered Commercial Banks 1 Current surplus 2 Fixed nonres. Investment 3 Net acq. of financial assets Total bank credit 4 U.S. government securities 5 Treasury issues 6 Agency Issues 7 8 9 10 11 12 13 14 15 16 17 18 Tax-exempt obligations Corporate bonds Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets 19 Net Increase In liabilities Checkable deposits 20 U.S. government 21 Foreign 22 Private domestic 23 3*514 6*316 1.475 6*294 1,296 6.245 568 6,259 5.2 6.0 6.0 6.8 4.1 6.3 6.0 5.5 6.1 6.6 1 2 92,998 -29,929 79.986 -28,223 4*208 13,681 2,274 -5,555 9*763 11.407 32,417 44.256 4,897 -24 4,921 37.622 37,833 10.279 5,604 4,675 38,485 33,040 5,557 6,433 -876 121.5 106.4 .1 -6.7 6.8 111.5 105.8 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 3 4 5 6 7 8.719 -14*224 -10,789 6*157 5*857 4*988 -6.957 4.219 -5,583 3.348 569 877 9.4 -.6 9.7 -.3 13.2 .5 5.7 ft 4.6 1.7 8 9 15.392 17.765 8*444 -4.433 -1*356 -5.028 74,673 -27,799 23,179 17,234 4*376 -4*845 48*399 -36.779 1*201 -1,520 -2,483 -1,889 42.097 23*465 3,088 12,547 551 2*446 29.789 18.254 3,987 7,000 -1.239 1.787 26,037 19,735 7,682 8,089 71 -9,540 97.5 35.2 26.2 41.4 -2.3 -3.0 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 46.2 -.2 4.7 71.2 15.4 6.7 47.6 1.0 .5 10 11 12 13 14 15 -1,458 5*843 977 236 -1,600 13.715 -10,737 8*795 897 -1.051 -3,162 -7.626 -2.033 3.494 -1.672 223 7,267 -2,045 -.4 5.3 10.2 6.0 1.6 -2.0 5.8 -1.2 5.2 8.2 -4.0 3.4 7.0 16 1.8 17 -1.7 18 42,577 -175 2.987 -18 -3,144 96,854 76.246 -731 2*464 74*513 -27,768 -71,018 -18*831 -1.123 -51*064 30,159 36,938 22.275 240 14,423 48,730 -2,761 2,051 -2,255 -2,557 25,214 17,461 -488 1.841 16,108 121.5 22.9 6.8 ft 16.2 109.3 25.6 .4 3.4 21.8 92.0 10.7 -2.6 -.2 13.4 116.9 14.8 -l.l -3.0 18.9 2*028 4*942 46.938 41*576 12.477 -617 13*094 1.874 5*991 117.6 20.9 6.1 -2.2 17.1 19 20 21 22 23 24 Small timeSsavlngs deposits 18*531 18*666 1,255 6.324 4,764 9,757 13.2 29.5 44.8 40.1 96.4 24 25 26 Large time deposits Fed. funds and security RPs 3,161 15.154 2*093 -3.643 3*301 14*662 11*380 -4,555 5,827 -749 17,212 2,488 42.1 22.5 10.2 17.0 39.3 20.5 43.9 14.8 2.3 25 9.2 26 27 28 29 30 31 Net interbank liabilities Federal Reserve float Borrowing at F.R. banks To domestic banking To foreign banks 1*158 566 -73 -1,271 1.936 4*948 412 686 2,855 995 10*065 3*980 22 -4,213 10,276 -7,065 -3.662 -615 -7,192 4,404 36.125 -1,331 969 23,885 12,602 -9,648 577 1,874 -3,169 -8,930 -.6 2.7 .9 -6.3 2.1 7.3 .3 .3 -7.7 14.5 -39.9 -2.3 .4 -14.3 -23.6 -17.8 -2.7 -.2 -8.5 -6.4 -26.1 1.0 -.9 -2.7 -23.5 27 28 29 30 31 32 33 34 35 36 37 38 Acceptance liabilities Corporate equities Corporate bonds Profit taxes payable Miscellaneous liabilities Inv. by dom. affiliates Other -802 350 316 -2 4*886 -32 4*918 -2*468 350 399 -36 299 706 -407 -2,051 3,149 400 400 4 2,000 20 23 7,148 -17,625 2,861 2,370 4,778 -20,486 -.4 1.1 .2 .1 20.3 4.8 15.5 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 32 33 34 35 36 37 38 39 Discrepancy 40 Memo: Credit mkt. funds adv. -7,275 45,146 351 -1,192 369 400 124 376 18 -8 12,853 -12,187 1,358 762 12*091 -13,545 -641 -7,077 80,869 -26,098 40,759 -261 6,159 -18,962 -.9 -3.0 -2.9 18.4 5.9 39 42,803 109.0 112.7 87.6 95.0 110.7 40 16.5 15.2 .5 .1 .1 14.5 .8 13.2 .6 18.1 18.0 .5 .2 10.6 10.0 .6 -.1 .3 9.2 1.7 5.8 1.0 .6 -.1 7.8 1 1.0 2 .8 3 -.1 4 .1 5 .1 6 1.1 7 .2 8 -.7 9 -.5 10 k 11 34.013 Foreign Banking Offices In U.S. 15,130 8,341 1,101 — 2,204 5,031 406 4,419 66 140 5 18,946 18,077 789 — 1,203 16,073 1,682 12,800 -69 1,660 12 4,829 6,811 1,314 — 1,357 4,132 -321 5.970 -22 -1.495 8 9.684 3,162 -695 1,881 1,971 1.423 2,064 -336 -1,180 5 6,106 7,281 903 -620 7,007 1.458 3,322 732 1.495 -9 9,185 7,539 -432 468 7,504 1,044 6,808 301 -649 -1 21.8 19.8 .5 -.1 .1 19.3 ft 18.1 1.0 .1 m n 2,642 -601 4,748 -900 641 1,128 -855 -373 -754 6,492 565 -535 1.241 -97 -2,319 345 -692 1,993 -.3 .6 1.7 1.5 -.2 1.5 .2 -1.5 3.0 .6 -3.0 .8 12 .3 13 5.7 14 15 Net Increase In liabilities 16 Demand deposits Time deposits 17 15,130 -385 4,256 18,946 593 7,020 4,829 -792 -14 9,684 126 1,529 6,106 366 785 9,185 -17 2,230 21.8 2.5 6.4 16.5 .8 3.6 18.1 -5.6 7.9 10.6 -6.1 7.6 7.8 15 -1.7 16 10.7 17 18 19 20 Net Interbank liabilities To foreign banks To domestic banks 1,823 -1,303 3,126 10,491 8,870 1.621 5,966 2,249 3,717 757 3.993 -7,194 18,972 7,951 -14,979 8,790 9,438 -648 10.4 3.4 7.1 10.8 5.8 5.0 9.8 -.8 10.7 4.5 -8.4 13.0 -7.7 18 -10.0 19 2.3 20 21 22 Acceptance liabilities Miscellaneous liabilities 2,955 6,481 -669 1.511 -162 -169 391 -2.209 -.3 2.7 1.8 -.5 1.9 4.1 3.2 1.4 1.5 21 4.9 22 1 Net acq. of financial assets Total bank credit 2 U.S. government securities 3 4 Tax-exempt obligations Corporate bonds 5 Total loans 6 Mortgages 7 Bank loans n.e.c. 8 Open-market paper 9 Security credit 10 Corporate equities 11 12 13 14 Cust. liabs. on acceptances Member bank reserves Miscellaneous assets LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 5,592 1,680 -61 1.023 » « k 17.2 1.3 15.5 .8 -.4 MARCH 11, 1988 Commercial Banking Subsectors Commercial Banking Subsectors 21 Subsector Statements for Component Groups ln Commercial Banking SEASONALLY AOJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 1987 1 1 1986 111 1 1 IV I II 1987 IV III U.S.-Chartered Commercial Banks 1 2 7.1 8.6 5.8 15.7 7.1 19.6 9.2 22.4 6.9 25.1 9.6 19.8 9.7 24.0 9.2 25.3 6.6 25.2 6.9 25.0 3 4 5 6 7 131.3 133.9 44.2 43.5 .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 78.6 86.9 24.9 6.5 18.5 220.7 166.5 50.1 5.2 44.9 279.3 268.7 67.9 18.2 49.6 -120.8 -96.8 -9.8 -49.2 39.4 197.2 214.6 31.5 8.2 23.3 181.8 146.3 39.8 29.8 10.0 8 9 3.8 3.6 12.6 3.2 57.2 2.3 -28.4 18.4 -22.8 14.6 31.4 21.5 -104.5 25.4 -15.3 25.3 3.9 12.3 -26.9 15.3 -52.8 5.5 Tax-exempt obligations Corporate bonds 10 11 12 IS 14 15 82.3 29.0 22.7 27.5 1.1 2.0 149.1 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 23.3 47.9 -.7 -5.9 70.1 78.7 9.9 -9.1 -2.1 -7.2 63.6 62.5 25.1 -3.6 -5.4 -15.1 279.9 96.1 11.4 189.8 2.3 -19.7 -97.0 74.9 2.9 -171.9 -4.8 1.9 166.8 93.1 5.0 60.4 4.1 4.3 118.0 63.4 6.9 40.4 -4.7 12.1 92.7 83.4 24.8 34.5 -3.0 -47.0 Total loans Mortgages Consumer credit Bank loans n.e.c. Open-market paper Security credit 16 17 18 4.6 -2.9 -4.3 -2.8 3.3 -.5 -11.1 7.4 13.4 -7.3 19.0 1.9 -2.6 -3.1 -2.5 -8.4 23.9 38.7 -6.7 35.6 -18.2 1.4 -31.4 5.9 -2.2 -5.7 -9.5 -11.8 14.9 32.4 2.1 9.6 -39.1 19 20 21 22 23 143.1 15.6 -5.3 1.4 19.5 172.9 30.2 4.0 2.8 23.4 190.0 51.8 10.3 .1 41.4 166.8 93.2 1.7 2.7 88.8 76.3 -19.4 5.0 -1.3 -23.1 216.8 81.5 19.4 4.9 57.3 288.8 158.9 -4.2 3.0 160.1 -89.6 -126.6 -34.7 -1.2 -90.7 154.9 58.2 43.4 .2 14.6 241.4 92.8 21.8 -4.2 75.1 24 130.8 74.6 80.3 71.6 22.1 97.1 51.4 4.8 30.2 38.7 14.8 Small tlme8savlngs deposits 24 25 26 -38.7 14.8 33.9 1.6 10.8 31.3 -6.6 19.2 37.7 11.8 -4.6 62.3 -3.4 -26.9 25.0 39.3 63.6 11.8 8.7 .6 53.6 -4.4 Large time deposits Fed. funds and security RPs 25 26 27 28 29 30 31 3.1 -1.2 .2 -3.9 7.9 8.1 -.7 2.7 7.9 -1.8 4.8 .1 -.5 -5.0 10.1 -8.2 .3 -1.5 -4.3 -2.7 29.5 -.4 2.3 9.3 18.4 -1.8 -.4 -2.3 -2.0 2.9 29.0 -.7 3.5 19.2 7.1 36.1 20.2 3.4 -28.8 41.3 -24.3 -13.6 -3.5 -26.3 19.0 132.3 -9.5 1.3 94.8 45.7 -26.2 1.2 7.8 -2.5 -32.6 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 3.0 .8 -.2 -.1 14.0 12.6 1.4 -3.6 1.1 3.6 -8.7 1.4 2.2 2.8 1.5 1.5 .1 -74.0 5.0 -79.0 -14.1 1.6 -12.9 -.5 -12.4 -11.0 1.4 1.6 -.1 88.0 1.3 86.7 -1.1 1.6 .5 2.7 .3 2.4 .3 1.6 2.5 .1 -9.8 7.4 -17.2 -7.5 1.4 1.3 23.4 10.3 13.1 -10.9 1.4 4.5 .1 15.9 5.5 10.3 13.4 1.6 8.0 .1 39.6 10.1 29.5 Acceptance liabilities Corporate equities Corporate bonds Profit taxes payable Miscellaneous liabilities Inv. by dom. affiliates Other 32 33 34 35 36 37 38 ■ a a a 14.5 5.4 9.1 a .1 -19.4 8.9 -28.2 39 10.2 -3.1 -15.6 -23.8 -20.5 -14.1 -4.7 15.1 -60.9 41.5 40 136.5 158.7 165.6 162.5 91.5 173.2 281.6 -97.2 208.1 122.4 55.4 40.3 3.3 — 5.4 31.6 -1.3 34.7 -.1 -1.8 25.3 19.3 30.6 25.0 2.3 4.7 Current surplus 25.0 Fixed nonres. investment 1 2 56.2 Net acq. of financial assets Total bank credit 83.5 U.S. government securities 38.2 Treasury Issues 37.0 Agency Issues 1.2 3 4 5 6 7 Cust. liabs. on acceptances Vault cash 8 res. at F.R. Miscellaneous assets -1.4 Net Increase ln liabilities Checkable deposits -101.9 -10.4 U.S. government a Foreign Private domestic -91.5 -77.8 Discrepancy 132.6 Memo: Credit mkt. funds adv. 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 39 40 Foreign Banking Offices in U.S, 39.7 33.4 3.6 29.8 24.8 1.1 63.7 28.7 3.5 5.0 24.8 2.9 21.9 -.2 .1 3.1 20.6 3.6 18.2 .7 -1.8 8.8 16.4 1.6 14.9 .3 -.4 54.1 58.0 3.4 4.8 49.8 6.7 41.3 -.3 2.0 1.6 .7 -.1 1.7 .6 4.0 7.2 -.6 -1.6 8.4 -2.4 28.9 -3.5 2.6 -3.0 13.4 -1.0 4.4 21.3 2.1 .9 39.7 .9 9.8 29.8 -.3 4.5 63.7 -.7 18.9 7.4 7.7 -.3 2.8 4.6 -1.9 14.4 4.9 9.5 21.4 14.1 7.2 19.5 23.5 -4.0 2.2 1.0 7.3 1.5 2.4 2.8 4.8 5.8 .3 1 2 3 4 5 6 7 8 9 10 11 1.3 1.9 1.7 -.1 .4 -.1 .2 -.4 -.4 .5 a 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 12 13 14 2.2 -.7 -2.2 6.6 .3 -.9 15 16 17 1.3 .3 -9.6 18 19 20 21 22 a a a a 7.5 11.8 5.7 9.8 -1.3 -2.4 a -2.5 25.3 5.8 11.6 2.9 4.9 -1.1 -1.5 17.7 25.6 2.3 -21.8 2.8 -.4 3.2 54.1 S.l 22.0 55.4 -3.9 9.7 25.3 — .6 .7 30.6 2.2 5.7 2.2 -4.2 6.4 39.1 33.2 5.9 36.8 9.0 27.8 -2.8 -27.1 24.4 11.4 77.0 -65.6 7.3 36.1 -.9 -9.2 2.2 10.5 22.3 5.6 -5.5 17.0 a a BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION a - a 1 7.9 Net acq. of financial assets 2 Total bank credit 14.5 U.S. government securities 3 -1.2 4 Tax-exempt obligations 5 Corporate bonds 1.9 6 Total loans 13.9 7 Mortgages 4.2 8 Bank loans n.e.c. 16.5 9 Open-market paper 1.2 10 Security credit -8.0 a 11 Corporate equities 1.7 -2.8 -5.5 Cust. liabs. on acceptances Member bank reserves Miscellaneous assets 12 13 14 7.9 Net Increase ln liabilities Demand deposits 1.1 Time deposits 2.0 15 16 17 32.6 35.0 -2.4 Net Interbank liabilities To foreign banks To domestic banks 18 19 20 4.0 -31.8 Acceptance liabilities Miscellaneous liabilities 21 22 MARCH 11. 1988 Commercial Banking Subsectors* Continued Commercial Banking Subsectors* Continued 22 Commercial Banking Subsectors* Continued UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWSC$ MILL) 1986 III IV 1987 I I II III IV 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 Domestic Affiliates of Commercial Banks (BHC’s) 1 Net acq. of financial assets 2 3 A Credit market Instruments U.S. govt, securities Bank loans n.e.c. 5 6 7 8 Miscellaneous assets Inv. in bank subsidiaries Inv. in finance co. subs. Other 9 Net increase in liabilities 10 11 12 13 IA Net interbank claims To domestic banks To foreign banks Corporate bonds Commercial paper 15 16 17 Miscellaneous liabilities Equity* etc. Other 7,053 7.1A2 6.053 -9,352 5.109 13,AAA 8.A 10.0 8.9 6.1 18.8 1 AA9 113 336 -569 -265 -30A 1*200 691 509 A58 507 -A9 -360 -150 -210 627 571 56 -.5 -1.3 .8 2.0 1.7 .3 -.3 .2 -.5 .2 -.1 .3 -2.2 -1.2 -1.0 2 3 A 6*60A -32 6.73A -98 7,711 706 6,85A 151 A,853 -9,810 762 1*358 3.18A -10,121 907 -1.0A7 5.A69 2.370 1.781 1*318 12.817 2,861 5,613 A.3A3 8.9 A.8 A.A -.3 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 5 6 7 8 7*053 7,1A2 6*053 -9,352 5,109 13,AAA S.A 10.0 8.9 6.1 18.8 9 -210 1,350 -1*560 2*856 -2,280 -2,079 -871 -1,208 -A98 3.690 -5,353 -2,159 -3.19A 2.085 5.62A 3,670 682 2*988 -1,780 1*5A3 -6.05A -2,808 -3.2A6 1,655 -902 5,219 -1.698 6-917 1,396 -A,789 -.3 -1.3 1.0 .8 6.7 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 11 12 13 IA 6*687 A,270 2.A17 6,029 3.A03 2*626 3,697 -12,785 6*098 3,885 -2,A01 -16,670 10.A10 5.858 A,552 11,618 A, 962 6*656 1.2 3.6 -2.A 3.A 5.1 -1.7 A.3 6.3 -2.0 8.1 8.1 X 1A.9 15 1A.0 16 .9 17 Banks in U.S. Possessions 1 Net acq. of financial assets 2 Demand deposits and currency 156 50 1A3 50 35 6A Al 62 -32 73 6 75 .6 .3 1.1 .7 1.6 .6 2.7 1.0 -1.1 -.1 1 2 3 A 5 6 7 8 Credit market instruments U.S. government securities Tax-exempt obligations Corporate bonds Home mortgages Commercial mortgages A5 -IA -A7 71 10 25 5A 2A -60 70 25 -5 83 -2A 80 23 A 37 -35 -27 80 35 -16 70 -5A 17 87 38 -18 AA -77 IA 90 A6 -29 .2 -.1 .3 .2 .1 -.3 X X -.2 .1 .1 X .5 .1 .3 X .1 X -1.1 -.3 -.7 -.3 .1 X -.5 .3 X -.3 -.2 -.3 3 A 5 6 7 8 9 Miscellaneous assets 61 39 -112 -58 -175 -113 .1 .A .5 2.9 -.5 9 156 1A3 35 Al -32 6 .6 1.1 1.6 2.7 10 Net increase in deposit liab. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -1.1 10 MARCH 11» 1988 Commercial Banking Subsectors* Continued Commercial Banking Subsectors* Continued 23 Commercial Barikin9 Subsectors* Continued SEASONALLY ADJUSTED ANNUAL RATES 1983 198A SEASONALLY ADJUSTED ANNUAL RATES 1986 1985 I 1 1987 1 1 1986 IV III 1987 II I III IV Domestic Affiliates of Commercial Banks (BHC’s) 1 16.8 2A.7 2A.3 39.5 15.3 21.8 25.A 31.3 -33.7 12.7 2 3 A 1.2 1.6 -.A .6 .5 .1 A.O A.7 -.6 -3.1 -2.8 -.3 1.9 1.6 .3 .1.8 .5 1.3 -2.3 -1.1 -1.2 A.8 2.8 2.0 1.8 2.0 -.2 -l.A -.6 -.8 2.5 2.3 .2 5 6 7 8 15.6 12.6 2.A .5 2A.1 10.3 12.5 1.3 20.2 5.5 15.0 -.3 A2.6 .3 A0.8 l.A 13.3 7.A .5 5.5 20.0 -.5 28.A -7.9 27.6 1.3 23.8 2.5 26.5 5.0 6.6 1A.9 -35.5 5.A -31.3 -9.6 1A.1 8.9 7.6 -2.A A8.2 10.1 18.9 19.2 9 16.8 2A.7 2A.3 39.5 15.3 21.8 25.A 31.3 -33.7 12.7 50.7 Net increase in liabilities 10 11 12 13 IA -10.6 -7.A -3.1 8.6 3.5 .8 l.A -.6 9.3 6.3 2.7 3.2 -.5 12.A 2.1 .6 -.7 1.3 3.A 1.2 -2.5 -6.0 3.5 3.A 1.5 -7.3 5.A -12.7 11.A .3 -11.5 -3.5 -8.0 -2.0 12.1 -1A.3 -8.6 -5.7 8.3 17.8 18.A 2.7 15.7 -7.1 3.9 -32.0 -11.2 -20.8 6.6 7.1 17.8 -6.8 2A.6 5.6 -22.9 15 16 17 15.3 1A.3 .9 8.3 9.9 -1.6 7.1 7.5 -.5 3A.3 17.A 16.9 12.9 20.8 -7.9 17.3 17.1 .2 26.8 13.6 13.2 19.A 2A.A -5.0 -A8.8 15.5 -6A.A 30.9 23.A 7.5 50.3 19.8 30.A .2 .2 -.1 .3 k 3 Net acq. of financial assets Demand deposits and currency 1 2 3 2 1 ,3 ,2 1 2 ,3 ,1 .A .2 ,1 Credit market instruments U.S. government securities Tax-exempt obligations Corporate bonds Home mortgages Commercial mortgages 3 A 5 6 7 8 7 -.5 50.7 Net acq. of financial assets 1 Credit market instruments U.S. govt, securities Bank loans n.e.c. 2 3 A Miscellaneous assets Inv. in bank subsidiaries Inv. in finance co. subs. Other 5 6 7 8 9 Net Interbank claims To domestic banks To foreign banks Corporate bonds Commercial paper 10 11 12 13 IA Miscellaneous liabilities Equity* etc. Other 15 16 17 Banks in U.S. Possessions .6 .2 .1 .3 .3 .1 -.1 .3 .1 .1 .2 -.2 « .3 .1 -.1 ,2 .1 ,2 .3 • .1 .2 .1 -.2 .3 .1 « .3 -.1 .3 .1 « 1 1 1 3 1 1 1 .A -.5 ,2 .2 -.A -.2 1 .9 .1 6 .6 .1 .2 .3 « « « .1 .1 -1.9 .7 3 A 5 6 7 8 2.9 1.1 1.0 .7 -.1 .2 10 6 2 .9 .2 .7 -.3 9 .1 .3 1 1 1 2 -A.5 -1.1 -3.3 -.6 -1.8 -.7 .3 -.5 -A.5 BILLIONS OF DOLLARS LATEST QUARTER BASED ON INCOMPLETE INFORMATION. Miscellaneous assets Net increase in deposit liab. 9 10 MARCH 11. 1988 Nonbank Finance Summary Nonbank Finance Summary Private Nonbank Financial Institutions 2Zp UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV I I 1987 I II III IV 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 Private Nonbank Financial Institutions - Total 1,573 4,332 14.9 5.5 12.8 6.8 10.3 7.8 2.5 10.4 .6 10.6 1 2 174,532 161,447 185,568 147,566 112,887 104,441 3 Net acq. of financial assets 4 -89 8,220 -3,186 -505 Demand deposits and currency -875 -2,150 10,729 4,817 3,744 13,587 6,307 8,805 5 Time and savings deposits 1,264 1,256 -127 704 6 Money market fund shares 800 350 -911 -4,713 15,750 -3,130 -4,449 -4,737 7 Security RPs 585 -468 8 Foreign deposits 4,929 -3,176 -1,212 -1.097 227.1 2.7 10.4 .5 1.8 .5 250.5 2.2 12.8 1.4 5.5 4.6 248.8 2.4 14.3 2.3 3.9 1.7 312.2 2.5 22.7 7.6 16.4 12.1 277.4 6.7 22.6 -.8 6.9 4.9 3 4 5 6 7 8 1 Current surplus 2 Fixed nonres. Investment 1,221 5,154 -6,000 4,198 -339 3,972 2,055 4,098 1,410 4,243 .7 9 25.2 10 9 10 Mutual fund shares Other corporate equities 886 6,660 -191 2,623 -.5 12.3 1.0 16.8 1.5 23.5 -2.3 30.3 11 12 13 14 15 16 17 147.059 123,243 134,186 107,259 108.520 Credit market Instruments U.S. government securities 51,573 58,357 70,676 39,368 32,082 15,977 11,809 Tax-exempt obligations 14,829 -4,577 -2,620 24,070 28,466 31,298 36,651 23,077 Corporate 8 foreign bonds Mortgages 22,534 13,955 -219 23,911 24,250 15,890 Consumer credit 5,780 -5,526 8,803 11,896 17,015 4,876 23,128 Other loans 3,103 19,835 90.224 35.698 -5,761 12,939 31.747 5,482 10,119 175.6 16.5 15.2 35.5 71.6 17.3 19.4 184.7 24.6 10.9 25.7 66.9 19.4 37.3 176.4 46.1 9.6 35.0 45.5 8.2 32.0 209.9 63.5 7.4 29.1 29.4 12.6 67.9 18 19 20 Security credit Trade credit Miscellaneous assets 659 848 7,108 1.6 1.5 20.7 1.1 1.9 18.2 6.5 2.0 14.3 -2.4 2.6 12.7 180,330 163,013 197,789 137,031 127,968 92,642 21 Net Increase in liabilities Thrift deposits 17,063 22 11,907 14,185 10,214 14,126 25,493 17,001 -2,991 23 Money market fund shares 9.785 12,365 -2,985 4,821 Security RPs (S&L) 1,967 24 2,903 3,708 17,166 2,094 2.716 25 Insurance 8 pension reserves 65,905 38,071 71,086 49,688 59,707 43,816 26 39,659 47,963 53,758 23,717 Corporate equity Issues (1) 2,314 -11,764 214.3 59.1 6.9 2.1 87.8 .9 237.2 46.9 34.4 .5 93.7 1.7 237.1 53.6 30.8 2.1 109.7 4.2 309.0 25.9 109.8 3.0 107.9 5.2 282.3 62.3 32.7 -1.2 127.1 12.4 21 22 23 24 25 26 27 28 29 30 31 32 2,417 7,166 976 1,409 3,927 1,940 16,143 3,674 931 6,404 3.915 10,375 -2,708 808 16,955 1,650 19,952 2,818 395 9,213 902 425 -3,352 164.0 108.5 14.6 25.9 -12.7 10.4 17.2 11 12 13 14 15 16 17 3.7 18 2.1 19 41.3 20 27 28 29 30 31 32 Credit market Instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 23,908 12,518 -137 484 6,847 4,196 41,882 21,476 -98 2,993 7,902 9,609 20,369 21.985 74 -4,571 4,766 -1,885 30,434 12,323 42 549 9.945 7,575 31.208 18,658 70 2.118 4,607 5,755 18,741 3,214 142 849 1,568 12,968 29.2 6.8 .2 1.8 7.9 12.5 28.8 5.7 « .5 13.4 9.2 5.6 .3 K -1.0 -.8 7.1 33.7 2.4 K 1.2 13.9 16.2 7.0 6.8 .1 1.9 -2.6 .8 33 34 35 Security credit Profit taxes payable Miscellaneous liabilities -8,222 -58 23.107 6,719 -67 16,626 -6,149 94 28,373 413 66 8,318 3.743 88 9,867 -7,812 180 11,487 H .8 27.4 1.1 -.2 30.5 6.0 -.8 26.0 2.5 -1.2 22.1 3.6 33 .1 34 38.4 35 1,551 -8,804 12.238 -14,473 -3.3 -7.2 -9.2 -11.3 -5.2 36 36 Discrepancy 7,785 -12,598 (1) Includes mutual fund shares. Savings Institutions Combined 1 Current surplus 2 Fixed nonres. investment 1,218 336 917 790 853 359 1.155 340 1.032 443 1,263 356 5.1 1.0 4.3 1.3 1.2 1.5 -6.4 1.3 -6.4 1.7 1 2 31,038 -886 982 -506 30,876 5,710 6,523 -7,032 29,802 -4,818 -4,206 11,064 43,495 -219 1,787 -5,851 23,949 -2,161 -4,617 -8,910 37,779 1,834 -391 -2,800 81.3 1.1 -.7 1.7 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 1.2 3 4 5 6 364 31,268 13,652 189 1,635 238 23,483 10,820 -184 -1,391 511 11,717 10,355 -155 3,766 32 44,327 23,904 -15 4,210 -154 46,710 11.791 125 4,181 -305 37,921 11,994 14 1,477 .1 71.3 4.5 .6 .1 -.1 55.4 1.0 -.5 -1.1 -.5 51.3 18.1 -.5 .7 -.6 26.2 3.6 M -.3 -.5 7 22.9 8 38.3 9 -.3 10 1.0 11 7,387 5,978 1,576 -151 -16 7,175 2,837 2.894 1,428 16 -1,429 -5,628 2,041 2,157 1 15,502 12,907 1,598 995 2 23,566 20,279 2,105 1,182 - 24.063 20,479 2,470 1,114 - 57.8 50.0 4.3 3.5 « 48.2 42.8 2.1 3.3 K 29.6 28.0 ■ 1.6 « 17.1 15.9 -.7 1.9 -24.5 -30.9 1.6 4.9 ii 12 13 14 15 16 3,516 254 938 3,697 -184 3,562 -221 3,014 708 1,954 175 -246 -555 -194 15,534 4,496 349 197 -4,316 3,419 5.395 120 265 1,267 -6.919 3,790 -770 -99 -2,548 1,520 7.3 .5 3.6 2.4 .3 .8 .6 7.8 1.8 8.3 2.4 7.7 4.5 -1.3 .4 2.0 8.3 5.4 -.7 .2 3.6 29.2 17 18 19 20 21 22 Net increase in liabilities 23 Deposits 24 Checkable 25 Small time and savings 26 Large time Security RPs 27 Cr. mkt. instr. (SSL) 28 29 Profit taxes payable 30 Miscellaneous liabilities 28,942 17,063 4.241 12,905 -83 1,967 5,842 -7 4,077 29,111 11,907 6,162 9,998 -4,253 2,903 13,020 -53 1,334 28,221 14,185 2,182 17,448 -5,445 3,708 2,150 2 8,176 42,003 10,214 4,497 7,282 -1,565 17,166 10,488 -24 4.159 22,379 14.126 -93 7,835 6,384 2,094 8,396 -19 -2,218 36,973 25,493 390 15,062 10,041 2.716 14,150 19 -5,405 76.5 59.1 1.0 51.9 6.2 2.1 13.5 .2 1.6 62.4 46.9 1.2 30.2 15.5 .5 12.6 -.2 2.6 66.1 53.6 2.9 37.9 12.7 2.1 7.4 -.3 3.4 49.6 25.9 8.4 7.7 9.8 3.0 15.5 -.3 5.5 76.6 62.3 8.3 42.3 11.6 -1 .2 2.5 M 13.1 22 23 24 25 26 27 28 29 30 31 Discrepancy -1,214 -1,638 -1,087 -677 -981 101 -.7 -.7 -1.2 -2.6 31 3 Net acq. of financial assets 4 Demand deposits and currency 5 Time deposits 6 Security RPs 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Corporate equities Credit market instruments U.S. govt, securities Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family Commercial Farm Consumer install, credit Consumer noninstall.credit Other loans (to business) Open-market paper Miscellaneous assets LATEST QUARTER BASED ON INCOMPLETE INFORMATION. MARCH 11, 1988 Nonbank Finance Summary V',-ban* finance Summary Private Nonbank Financial Institutions 25 SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONS'.LY ADJUSTED ANNUAL RATES I I 1987 1986 1986 III IV 1987 IJ I III IV Private Nonbank Financial Institutions - Total 1 2 6.9 10.8 -3.4 13.8 -.3 17.0 -3.3 17.5 4.7 16.6 1.5 20.6 -23.0 16.8 8.1 15.9 1.6 16.4 1.9 17.0 3 4 5 6 7 8 343.0 2.5 -3.6 -1.5 12.9 -1.8 479.0 3.6 -2.0 5.2 22.4 -.7 531.4 14.0 9.1 1.4 11.5 -2.2 665.0 8.3 22.3 4.5 9.8 3.1 550.5 -6.7 32.4 1.7 3.4 -.6 748.0 5.6 47.5 5.1 -7.6 -.3 628.3 20.9 16.0 5.0 -18.5 1.5 722.9 -1.0 6.1 3.2 42.1 15.2 574.5 -7.1 62.0 -.5 12.2 -8.1 508.4 -3.8 31.4 1.4 -21.6 -8.2 9 10 2.0 49.1 2.5 17.3 11.4 31.9 7.2 43.3 6.3 39.6 9.7 23.4 7.8 68.4 15.7 43.1 6.6 79.7 3.5 20.5 -.8 15.1 11 12 13 14 15 16 17 251.5 80.2 8.7 38.8 67.5 25.7 30.6 390.9 110.3 9.2 61 .8 99.4 33.2 77.0 393.2 122.0 31.6 71.8 84.0 45.6 38.1 532.1 218.3 64.7 94.1 63.7 37.6 53.8 440.2 177.8 1.9 104.0 79.7 20.7 56.2 632.5 229.6 69.6 102.8 85.6 55.5 89.4 453.3 240.0 44.8 99.9 44.8 14.3 9.6 555.6 246.3 47.2 156.2 33.8 4.4 67.7 409.9 158.5 -9.2 127.4 78.5 27.6 27.2 480.3 154.2 -3.9 96.6 93.5 38.1 101.8 314.9 152.3 -26.6 35.7 112.9 12.5 28.0 18 19 20 7.4 2.0 22.6 -3.0 2.8 39.9 16.1 2.2 42.9 7.1 4.7 22.5 1.7 2.5 29.9 3.9 5.6 24.7 14.7 3.7 55.5 -10.8 3.2 50.5 11.3 1.6 6.9 3.6 1.7 -.5 2.6 3.4 58.5 21 22 23 24 25 26 334.0 132.5 -40.4 13.9 139.4 29.0 504.9 133.1 54.2 18.8 134.2 36.0 542.3 80.0 10.2 -1.9 175.4 96.3 690.6 74.8 48.3 14.2 180.7 170.2 555.4 64.0 24.0 25.7 224.3 68.0 734.9 73.1 69.8 3.6 264.0 165.8 672.2 66.0 21.5 7.5 146.9 191.9 735.4 25.5 -3.7 16.4 291.4 198.8 568.6 46.8 .1 77.0 198.4 103.3 524.9 61.0 24.7 2.9 237.6 16.9 27 28 29 30 31 32 14.4 8.9 -.1 12.6 -7.0 54.1 23.3 .4 .7 14.1 15.7 87.8 31.7 .1 2.6 39.3 14.2 116.2 63.5 .1 4.0 28.8 19.8 100.8 56.2 .3 -1.1 20.9 24.4 89.7 40.8 -.5 5.5 34.2 9.7 154.0 78.9 -.4 2.5 32.3 40.7 122.4 94.3 .3 -8.0 24.6 11.2 102.4 61.4 .2 -1.5 26.2 16.1 116.9 63.9 .3 12.1 25.3 15.3 61.3 5.1 .6 -6.9 7.4 55.1 33 34 35 3.8 .1 41.4 5.2 -.1 69.4 22.9 .1 71.5 1.4 -.2 85.0 -9.8 .4 58.0 -28.8 -.2 97.9 12.5 -.4 72.1 -11.0 .4 95.1 -1.5 .3 41.8 18.8 .4 45.6 -45.5 .6 49.6 36 -12.8 8.4 -6.8 4.4 -7.0 -33.5 3.4 4.2 -20.8 1.3 ■ * 7.2 Current surplus 17.3 Fixed nonres. Investment 396.0 Net acq. of financial assets Demand deposits and currency -15.0 Time and savings deposits 34.6 2.8 Money market fund shares -19.0 Security RPs Foreign deposits -1.2 1 2 3 4 5 6 7 8 Mutual fund shares Other corporate equities 9 10 Credit market Instruments U.S. government securities Tax-exempt obligations Corporate & foreign bonds Mortgages Consumer credit Other loans 11 12 13 14 15 16 17 Security credit Trade credit Miscellaneous assets 18 19 20 392.9 Net Increase ln liabilities Thrift deposits 122.9 Money market fund shares 74.7 Security RPs (SSL) 6.4 Insurance & pension reserves 169.8 Corporate equity Issues (1) -46.9 21 22 23 24 25 26 Credit market Instruments Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 27 28 29 30 31 32 Security credit Profit taxes payable Miscellaneous liabilities 33 34 35 -12.9 Discrepancy 36 (1) Includes mutual fund shares. Savings Institutions Combined 5.1 Current surplus 1.4 Fixed nonres. Investment 1 2 .5 1.9 2.9 2.0 5.9 1.9 5.1 2.0 4.3 1.5 4.9 1.3 3.7 3.2 3.4 1.4 4.6 1.4 4.1 1.8 3 4 5 6 156.8 3.1 2.8 6.4 184.2 2.3 -8.1 8.5 119.5 5.2 7.0 4.5 134.3 4.6 11.0 2.3 135.0 -5.4 -7.4 -6.5 123.7 .6 15.2 -2.0 144.1 16.7 19.0 -23.1 113.3 -14.8 -25.2 35.3 159.9 -3.3 12.4 -19.9 95.4 -3.7 -7.2 -35.7 171.5 Net acq. of financial assets Demand deposits and currency .4 -5.4 Time deposits Security RPs -5.7 7 8 9 10 11 .5 135.6 53.0 -.2 8.3 -.2 150.2 21.3 -.3 5.9 -.1 83.0 -9.2 .6 .3 .9 105.5 52.5 -.3 .1 .1 140.7 58.0 13.6 1.5 121.7 66.5 .8 5.1 1.0 111.5 67.3 -.7 -4.1 2.0 58.1 22.9 -.6 15.0 .1 150.9 74.7 -.1 16.9 -.6 183.7 59.5 .5 15.2 -1.2 169.9 75.0 .1 7.5 12 13 14 15 16 53.5 30.0 7.0 16.6 86.6 50.9 14.4 21.3 58.5 33.7 14.5 10.3 .1 24.0 11.4 7.3 5.3 17.3 11.0 6.3 .1 -.1 29.3 14.6 11.6 3.1 .1 14.3 -10.0 8.2 16.1 54.8 49.4 6.4 -1.0 81.8 67.9 8.4 5.5 96.0 84.9 9.9 1.2 H 61.7 48.0 8.2 5.4 * 17 18 19 20 21 14.8 -.2 2.4 3.8 8.5 23.8 .8 8.7 3.6 31.4 19.0 2.0 5.6 6.1 19.9 11.5 1.9 6.7 9.1 9.9 13.9 -.5 -.2 -5.8 13.6 13.7 -1.7 6.4 13.7 -13.3 11.8 .6 9.2 -1.7 19.0 7.9 -.6 -.5 -.2 57.8 14.2 2.4 -.6 -11.2 19.7 21.5 -2.8 4.3 3.7 -41.1 11.8 -1.1 -3.9 -15.4 13.5 22 23 24 25 26 27 28 157.7 132.5 11.5 85.8 35.3 13.9 -2.1 185.5 133.1 7.9 76.3 49.0 18.8 22.7 127.2 74.8 20.5 52.7 1.6 14.2 29.8 129.6 64.0 7.0 47.6 9.4 25.7 35.2 115.2 73.1 19.4 50.8 2.9 3.6 18.1 a K 13.4 10.9 8.5 4.7 20.3 137.8 66.0 24.1 63.9 -21.9 7.5 49.9 -.3 14.6 106.9 25.5 12.1 27.2 -13.8 16.4 44.5 30 116.6 80.0 13.0 60.9 6.1 -1.9 22.3 .1 16.1 20.5 153.4 46.8 13.3 46.6 -13.1 77.0 13.8 -.1 16.0 89.0 61.0 1.3 30.3 29.4 2.9 28.3 — -3.2 31 -.6 2.2 1.2 -4.0 -2.6 -5.1 -5.8 -4.4 -3.3 -4.1 K K BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, H « « 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 169.0 Net Increase ln liabilities Deposits 122.9 Checkable 1.2 Small time and savings 86.4 Large time 35.2 Security RPs 6.4 Cr. mkt. instr. (SSL) 54.2 M Profit taxes payable Miscellaneous liabilities -14.5 1.1 Discrepancy 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 MARCH 1‘. 1988 Savings ^restitutions Savings Institutions Sector Statements of Saving and Investment 25 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 Ill IV I 1 I 1987 II III IV 1978 Savings and Loan Associations 1 Current surplus 2 Fixed nonres. investment S Net acq. of financial assets Demand deposits 8 currency 4 5 Time deposits 6 Fed. funds 8 security RPs BILLIONS OF DOLLARS 1980 1981 1979 1982 (1) 837 336 733 790 703 359 705 340 719 443 720 356 3.6 1.0 3.3 1.3 1.4 1.5 -5.2 1.3 -5.1 1.7 1 2 18.489 -304 -883 731 18,029 3.832 6,512 -4,434 15,787 -3,742 -6.390 6,253 32,949 248 -472 -1,823 16,217 -1,006 -770 -6,047 32,242 415 268 -1,127 62.9 .1 .4 1.7 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 .4 3 4 5 6 49.3 -2.9 3.9 -.1 46.2 5.7 8.1 23.2 -4.2 6.6 .1 .7 20.0 7 5.4 8 29.8 9 -.5 10 2.1 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 19.807 2,230 9.091 63 1,460 12,119 -3,379 9,760 49 -565 4,721 4.955 1,522 -22 4,993 34,397 5,024 16.766 -33 4,850 32,296 1,002 9,831 161 4,586 27.687 1,639 7,746 33 1,131 56.1 12 13 14 15 16 Mortgages Consumer credit Other loans (to business) Open-market paper Miscellaneous assets 2.737 651 938 2,637 -862 458 1,081 3,014 1.701 -5,159 291 -555 -1,304 14.945 8,544 1,827 197 -2,778 599 15,232 1,435 265 -216 -8,256 16,279 798 -99 160 4,999 50.8 .3 .4 4.6 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 26.4 12 13 14 15 16 17,860 14.998 5,011 3,393 3,721 -1,060 4,544 15,904 -3,254 -11,451 3.708 2.903 32,201 4,322 1,234 6,544 -3,456 17,166 15,525 10,692 -293 8,808 2,177 2,094 31.464 23.648 -190 17,348 6,490 2,716 59.6 44.2 .1 38.7 5.3 2.1 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 17 18 19 20 21 22 5,842 1,843 -197 4.196 13.020 165 3,246 9,609 2,150 2,819 1.216 -1,885 10,488 -614 3,527 7.575 8,396 795 1.846 5,755 14,150 275 907 12.968 13.5 .7 .3 12.5 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 23 24 25 26 -7 167 -53 -3,021 2 5,745 -24 249 -19 -5,638 19 -9,069 .2 -.3 -.2 1.1 -.3 .9 -.3 2.6 ■ 27 13.1 28 17 Net increase in liabilities Deposits 18 19 Checkable 20 Small time and savings Large time 21 Security RPs 22 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 23 29 Discrepancy 30 Memo: Acq.of credit mkt.inst. 17,943 9,974 1,878 9,621 -1,525 1,967 M 4.6 .1 - K -45 -226 -445 -383 -416 -414 -.6 -.7 .2 -.8 -1.4 29 19,807 12,119 4,721 34,397 32.296 27,687 56.1 49.3 46.2 23.2 20.0 30 (1) Includes most federal savings banks that are Insured by FSLIC. A few of them are included with mutual savings banks. Mutual Savings Banks (2) 1 Current surplus 419 257 200 425 293 457 .9 .7 -.4 -1.8 -1.8 1 5,487 -482 -8 -693 7,520 1,678 -2 -1,965 4,365 -1,376 -8 1,676 4,021 -167 3 -1.874 6,712 -455 -982 5,151 1,419 6 -706 10.9 1.0 .3 8.2 1.1 H .6 4.2 1.2 -.1 1.5 4.4 .1 1.4 a 2 3 4 5 N 5.2 -.3 -.3 .9 6 7 8 9 10 11 Corporate equities Credit market Instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate 8 foreign bonds 364 5,875 200 845 126 175 238 7,168 400 3,443 -233 -826 511 3,996 343 1,335 -133 -1,227 32 3,075 107 252 18 -640 -154 7.880 -438 1,762 -36 -405 -305 7,173 713 2,435 -19 346 .1 8.7 -.9 1.7 .5 .1 -.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 12 13 14 15 Mortgages Consumer credit Open-market paper Miscellaneous assets 3,230 239 1.060 431 4,712 665 -993 403 2,347 221 1.110 -434 4.276 600 -1.538 2,952 5,081 433 1.483 423 5,746 660 -2,708 -2,436 6.4 .7 .2 .8 3.6 .1 1.1 .5 .6 1.0 .9 1.0 -.4 .7 .8 1.2 -2.5 1.4 .8 2.6 12 13 14 15 16 Net increase in liabilities 17 Deposits 18 Checkable 19 Small time 8 savings 20 Large time 21 Miscellaneous liabilities 3,899 1,089 1,638 -1,866 1,317 2,810 5,851 1,896 1,606 1,380 -1,090 3,955 3,523 1,592 2,658 -7.015 5,949 1.931 3,302 -408 2.461 -4,724 1,855 3.710 5,854 3,534 333 -872 4,073 2,320 5.209 2,345 265 -1.325 3,405 2,864 10.0 8.6 .4 7.4 .8 1.4 4.6 3.4 .5 1.5 1.4 1.2 8.3 7.5 .6 5.3 1.7 .8 5.5 3.0 .5 1.6 .9 2.6 5.0 5.3 .8 4.5 a -.2 16 17 18 19 20 21 22 Discrepancy -1.169 -1,412 -642 -294 -565 515 K K -.2 -.4 2 Net acq. of financial assets Demand deposits and currency 3 4 Time deposits 5 Fed. funds and security RPs -.5 6 .7 7 .7 8 1.2 9 .2 10 -1.1 11 -1.2 22 (2) Includes federal savings banks Insured by FDIC and a few insured by FSLIC. Credit Unions -38 -73 -50 25 20 86 .6 .3 .2 .6 .5 1 2 Net acq. of financial assets Demand deposits and currency 3 4 Time deposits 5 At banks 6 At savings and loans 7 Fed.funds 8 security RPs 7,062 -100 1,873 951 922 -544 5,327 200 13 35 -22 -633 9.650 300 2,192 906 1,286 3,135 6.525 -300 2.256 1,971 285 -2,154 1,020 -700 -3,847 -2,429 -1,418 -1.881 386 -665 -408 -257 -967 7.5 .1 -1.4 -.6 -.8 - 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 2 3 4 5 6 7 Credit market instruments U.S. government securities Treasury Issues Agency Issues Home mortgages Consumer credit Miscellaneous assets 5,586 1,286 567 719 1,420 2,880 247 4,196 596 205 391 2,005 1.595 1.551 3,000 2,200 1,252 948 1,383 -583 1,023 6,855 1,755 830 925 2,682 2,418 -132 6.534 -366 969 -1.335 3,253 3,647 914 3,061 -539 220 -759 2,038 1,562 -1,043 6.4 -.8 -.7 -.1 .6 6.7 2.3 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 8 9 10 11 12 13 14 7,100 6,000 725 5,150 125 1,100 5,400 5,000 835 4,074 91 400 9,700 9,200 584 8,559 57 500 6,500 6,300 802 5,462 36 200 1,000 -100 -133 -101 134 1,100 300 -500 315 -961 146 800 6.9 6.4 .4 5.8 .1 .6 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 16 17 18 19 20 1 Current surplus 8 9 10 11 12 13 14 15 Net increase in liabilities Shares/Deposits 16 17 Checkable 18 Small time 8 savings 19 Large time 20 Miscellaneous liabilities LATEST QUARTER BASED ON INCOMPLETE INFORMATION. a MARCH 11, 1988 Savings Institutions Savings Institutions Sector Statements of Saving and Investment 27 SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 1987 I I 1986 IV III I I Savings and Loan Associations 1987 I II III IV (1) 1 2 .5 1.9 2.2 2.0 4.3 1.9 3.6 2.0 2.8 1.5 3.3 1.3 2.9 3.2 2.8 1.4 2.8 1.4 2.9 1.8 3 4 5 6 121.4 3.4 1.2 5.9 158.1 1.8 -5.5 6.9 81.3 3.0 2.3 .5 85.8 3.6 4.0 -.2 97.2 -4.1 -7.4 -2.7 70.0 .8 3.8 2.9 79.4 13.0 17.9 -17.7 77.7 -12.3 -29.7 25.0 115.2 -1.4 3.8 -7.3 60.5 -1.6 4.6 -24.2 135.4 Net acq. of financial assets -1.1 Demand deposits 8 currency -8.1 Time deposits -4.5 Fed. funds 8 security RPs 7 8 9 10 11 104.7 10.3 29.8 .1 5.4 124.9 3.8 16.9 -.2 7.4 59.8 -12.9 1.2 .4 2.8 73.2 .9 41.1 -.2 2.0 99.1 12.6 35.9 .1 15.6 79.5 17.6 37.1 .3 5.8 65.8 .4 47.5 .2 -2.3 25.1 9.4 2.8 -.1 20.0 111.6 5.3 60.2 -.1 19.4 130.2 12.6 40.4 .6 18.3 129.5 23.2 40.1 .1 4.5 Credit market instruments U.S. Treasury securities U.S. govt, agency secur. Tax-exempt obligations Corporate 8 foreign bonds 7 8 9 10 11 12 13 14 15 16 47.1 5.8 2.4 3.7 6.3 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 5.2 34.9 4.4 -.2 -4.1 12.3 1.6 1.6 6.4 9.0 -17.1 3.1 4.2 9.2 3.5 .4 .1 3.0 -.5 -9.5 69.6 21.9 6.7 -.6 -1.1 8.5 52.1 4.6 4.3 -2.7 -48.5 65.5 3.2 -3.9 -3.2 19.6 Mortgages Consumer credit Other loans (to business) Open-market paper Miscellaneous assets 12 13 14 15 16 17 18 19 20 21 22 123.9 101.8 6.4 65.7 29.7 13.9 160.6 112.4 3.9 66.3 42.3 18.8 81.8 51.7 6.4 45.0 .3 -1.9 83.9 41.5 9.6 36.3 -4.5 14.2 94.2 42.1 -.3 48.6 -6.2 25.7 67.6 41.4 9.9 30.2 1.3 3.6 79.4 27.3 13.4 35.4 -21.5 7.5 74.5 -2.9 -2.3 37.3 -37.9 16.4 111.6 23.7 2.9 40.7 -19.9 77.0 57.6 44.1 .3 28.0 15.8 2.9 23 24 25 26 -2.1 K 5.0 -7.0 22.7 1.2 5.8 15.7 22.3 3.6 4.5 14.2 29.8 3.6 6.4 19.8 35.2 3.3 7.5 24.4 18.1 6.5 1.8 9.7 49.9 -1.4 10.6 40.7 44.5 12.9 20.4 11.2 13.8 -.8 -1.5 16.1 28.3 2.3 10.7 15.3 54.2 -1.3 .4 55.1 27 28 K 10.4 H 6.8 .1 9.6 K -1.5 K -8.7 K 4.5 -.3 -5.0 H 16.5 -.1 -2.7 -17.8 -30.9 29 1.1 2.8 2.9 -.3 -1.7 -.4 -.1 -1.8 -2.1 -1.8 30 104.7 124.9 59.8 73.2 99.1 79.5 65.8 25.1 111.6 130.2 2.9 Current surplus 1.4 Fixed nonres. investment 133.0 Net Increase in liabilities 103.3 Deposits -2.1 Checkable 88.4 Small time and savings 17.0 Large time 6.4 Security RPs 1 2 3 4 5 6 17 18 19 20 21 22 Credit market Instruments Corporate bonds Bank loans n.e.c. Fed. Home Loan Bank loans 23 24 25 26 Profit taxes payable Miscellaneous liabilities 27 28 -.9 Discrepancy 129.5 Memo: 29 Acq.of credit mkt.inst. 30 (1) Includes most federal savings banks that are insured by FSLIC. A few of them are included with mutual savings banks. Mutual Savings Banks (2) 1 -.6 -.4 .6 1.4 1.4 1.7 1.0 .8 1.7 1.2 2 3 4 5 19.3 -.7 M -.6 10.3 .1 -1.4 1.3 12.9 1.6 -.3 .3 19.6 .3 ■ K 20.2 -.6 M -1.9 23.0 .2 a -2.8 33.7 2.9 M -2.8 5.3 -3.7 K -2.3 23.4 -.7 M -4.0 28.5 .6 -3.9 23.8 Net acq. of financial assets 1.5 Demand deposits and currency K Time deposits 2.7 Fed. funds and security RPs 6 7 8 9 10 11 .3 18.8 3.8 6.0 -.3 3.0 -.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 .1 22.1 .7 5.8 -.2 -1.9 1.5 23.5 1.0 6.6 .5 -.7 1.0 25.5 1.5 11.6 -.9 -1.8 2.0 18.1 .2 3.4 -.5 -5.0 .1 13.9 1.7 1.5 .1 -2.5 -.6 31.6 -1.7 11.1 -.1 -3.2 -1.2 24.9 2.6 7.1 -.1 3.0 12 13 14 15 3.6 2.6 .1 1.5 6.9 3.4 1.2 .3 7.6 3.7 2.0 1.7 8.5 1.9 2.2 1.0 17.5 1.9 -1.7 .5 10.0 1.5 4.7 .6 18.3 2.2 -5.2 7.2 9.6 1.0 9.3 -8.8 21.1 2.2 -10.1 14.1 16.6 2.4 6.4 .9 22.4 2.0 -12.2 -4.1 16 17 18 19 20 21 18.2 15.9 2.8 7.5 5.6 2.3 10.2 7.8 2.5 -1.2 6.6 2.4 10.6 5.4 3.5 -3.5 5.4 5.2 14.4 6.1 7.5 -7.1 5.7 8.3 17.9 7.1 5.7 -13.9 15.3 10.8 16.7 4.4 6.7 -3.4 1.1 12.3 27.1 8.9 7.4 2.3 -.8 18.2 1.9 -.5 12.1 -36.4 23.9 2.4 20.5 4.1 7.2 -9.7 6.7 16.4 25.1 14.0 1.5 -.6 13.0 11.1 22 -1.7 -.6 -1.7 -3.7 -1.0 -4.7 -5.6 -2.6 -1.2 -2.3 1.8 Current surplus 1 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 6 7 8 9 10 11 Mortgages Consumer credit Open-market paper Miscellaneous assets 12 13 14 15 24.0 Net increase in liabilities 10.6 Deposits 2.1 Checkable -9.0 Small time 8 savings 17.6 Large time 13.4 Miscellaneous liabilities 2.1 Discrepancy 16 17 18 19 20 21 22 (2) Includes federal savings banks Insured by FDIC and a few Insured by FSLIC. Credit Unions 1 .5 1.1 1.0 a .1 -.2 -.3 -.2 .1 .1 2 3 4 5 6 7 16.1 .4 1.6 K 1.6 1.1 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 17.6 -.7 -.1 H -.1 -1.9 30.7 -.4 11.4 6.0 5.4 -2.2 31.0 .8 1.0 .6 .4 -2.5 30.3 1.2 4.6 1.2 3.3 12.5 21.4 -1.2 8.6 7.9 .7 -8.6 6.4 -2.8 -11.8 -7.8 -4.0 -7.5 8 9 10 11 12 13 14 12.1 3.1 1.4 1.7 2.8 6.2 .8 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 5.5 5.8 3.7 19.5 3.1 3.3 -.2 9.4 7.0 .8 18.7 4.1 2.0 2.1 5.7 8.8 3.2 20.2 6.3 2.6 3.6 8.0 6.0 11.5 14.9 7.1 4.2 2.9 4.6 3.3 -2.9 25.4 6.0 2.5 3.5 11.7 7.7 -2.9 22.0 -2.9 3.5 -6.4 13.1 11.8 6.5 15 16 17 18 19 20 15.6 14.9 2.3 12.6 M .7 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 .4 1.7 17.5 14.9 1.6 13.0 .4 2.6 30.8 27.3 2.9 23.9 .5 3.5 31.3 29.9 3.3 26.2 .4 1.4 30.5 28.9 2.3 26.3 .2 1.6 21.3 18.9 3.2 15.6 .1 2.3 6.3 2.8 -.5 2.8 .5 3.4 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, .3 Current surplus 12.3 Net acq. of financial assets Demand deposits and currency 2.7 Time deposits 3.1 At banks -.5 At savings and loans -3.9 Fed.funds & security RPs 15.5 2.0 2.9 -.9 8.0 5.5 -1.9 Credit market Instruments U.S. government securities Treasury Issues Agency Issues Home mortgages Consumer credit Miscellaneous assets 12.0 Net Increase in liabilities 9.0 Shares/Deposits 1.3 Checkable 7.1 Small time 8 savings .6 Large time 3.0 Miscellaneous liabilities 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 MARCH 11. 1988 Insurance and Pension Funds Insurance and Pension Funds 28 Sector Stateaents of Savins and Investaent UNADJUSTED NET FLOWS<$ MILL) UNADJUSTED NET FLOWSI$ MILL) 1986 IV III 1 BILLIONS OF DOLLARS 1987 I I II III XV 1978 1979 1980 1981 1982 Life Insurance Companies 3A5 1,676 351 1.00A 375 869 375 1,198 377 1.358 3A9 1,631 3.A l.A 3.8 2.0 5.2 2.9 5.2 A.3 3.9 3.5 1 2 3 Net acq. of financial assets A Demand deposits and currency 5 Money mkt. fund shares 30,898 -12 295 31,731 1,622 356 27,290 -1,007 300 17.5A3 -898 -27 26.A37 -2A 1A0 31,503 1A8 285 35.6 .2 .3 37.5 .3 .6 37.8 .5 .9 A5.9 1.1 3.7 55.A .3 1.1 3 A 5 Mutual fund shares Other corporate equities 703 5,323 628 2,917 915 A,007 A10 -A17 211 -1.230 -Al 1.0A1 a -.1 .1 .A .1 .A .5 2.A 1.0 2.A 6 7 22,601 3,069 2.23A 835 2A,119 7,257 A,001 3,256 22,885 8,999 6,628 2,371 15,A96 -2,953 -A,256 1,303 25,271 A,177 1.9A7 2,230 26,133 6,768 A,6A8 2,120 32.8 2.0 -.5 2.5 32.5 2.9 .1 2.8 32.3 2.7 1.0 1.8 31.0 5.5 2.3 3.1 857 9,533 5.A8A 3,682 -2A 1,988 11 8,579 7,862 700 -290 2,089 -799 12,389 1,901 798 -A03 190 625 1A,69A A,639 -1,235 -27A 2,979 -399 13,721 3,881 3,8A7 AA 2,069 71A 12.765 6,300 -592 178 3,937 .A 17.3 9.3 1.2 2.6 2.A K 11.6 12.3 1.0 A.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 A.2 3.1 A.3 8.1 12 13 IA 15 16 17 32,930 A,500 26,985 -32 1.A77 26,059 A,721 20,302 2 1.03A 28,882 A,A08 22.A8A 38 1,952 17,161 3.36A 13.A89 60 2A8 30.66A A, 750 25.083 A7 78A 25.2A5 3,208 21,862 79 96 35.1 10.9 19.1 .3 A.8 35.1 10.A 19.A * 5.3 35.5 9.7 22.3 -.A 3.8 A6.1 8.9 29.5 -.5 8.2 53.7 7.0 39.7 H 7.0 18 19 20 21 22 701 -6,325 1,098 -1,205 3.2A6 -7.5A0 1.5 -.5 -.1 1.1 1 Current surplus 2 Fixed nonres. Investment 6 7 8 9 10 11 Credit market instruments U.S. sovernment securities Treasury issues Agency issues 12 13 IA 15 16 17 Tax-exempt obligations Corporate 8 foreign bonds Mortgages Open-market paper Policy loans Miscellaneous assets 18 Net increase in liabilities 19 Life insurance reserves 20 Pension fund reserves 21 Profit taxes payable 22 Miscellaneous liabilities 23 Discrepancy A2.A 8 12.7 9 8.A 10 A.3 11 -1.3 23 Private Pension Funds -3,252 -328 -3,066 900 1A.958 751 6.66A 210 A, 382 207 1.123 A19 37.1 .3 7.A .3 A7.6 -.1 5.7 .8 51.2 -.9 K 1.5 39.7 -.7 .5 3.9 A8.5 .6 7.5 -1.8 1 2 3 A 1.2A0 675 -1,971 -11,826 -150 -9A8 -.5 9.8 .9 13.3 l.A 16.A -2.8 17.3 -.3 12.0 5 6 17.018 A.809 -3.29A 8,103 5.1A0 3,150 -1,768 A,918 10.6 2.1 1.9 .2 21.9 6.7 2.8 3.9 30.7 12.0 6.2 5.8 27.3 16.3 5.0 11.3 25.8 7 10.3 8 3.8 9 6.A 10 6,228 50 5,931 1.A66 1.A71 519 -1.A09 8.A .2 -.2 9.3 10.7 .3 A.2 5.1 1A.0 .5 A.l 2.1 5.6 .A 5.0 -5.8 6.5 2.0 7.1 A.8 11 12 13 IA 1 Net acq. of financial assets Demand deposits and currency 2 3 Time deposits A Money mkt. fund shares 21.62A 79A 6,177 969 Mutual fund shares Other corporate equities 1.71A -5,086 7 8 9 10 Credit market instruments U.S. government securities Treasury issues Agency issues 16,337 3,137 2.022 1,115 -2,A78 172 A, 158 -3.986 26,697 5.990 -2,107 8,097 11.A73 2,161 3.3A7 -1,186 11 12 13 IA Corporate 8 foreign bonds Mortgages Open-market paper Miscellaneous assets 6.9AA -85 6.3A1 719 -A26 17A -2,398 59A 11,710 170 8,827 l,30A 3.880 150 5,282 2.601 5 6 26.955 1.18A 9,108 500 1,312 3.000 -186 -1A.838 19,515 6A6 5,626 -100 State and Local Government Employee Retirement Funds 1 Net acq. of financial assets 2 Demand deposits and currency 3 Time deposits A 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 12,796 -100 1.A21 16,300 -7A 1,226 17,239 -Al -90A 13,320 163 1,310 1A.916 179 1.A39 1A,36A 133 1,065 20.7 .1 .9 16.2 .2 1.1 26.5 K .2 29.7 a .1 32.0 .A 2.2 1 2 3 6,062 5.A13 A,605 767 3,838 5,796 9,352 5,021 5,707 -686 9,838 8,3A6 3.797 1,670 2,127 10,500 1,3A7 6,171 5.21A 957 8,500 A, 798 6,990 A, 787 2,203 7,600 5.566 5,385 3.3A8 2,037 2.6 17.0 7.1 2.7 A.A A.l 10.8 6.6 5.3 l.A 5.3 20.9 9.9 6.2 3.7 7.1 22.5 11.8 6.6 5.2 6.0 23.A 19.A 9.3 10.1 A 5 6 7 S -126 767 167 -261 A,A06 186 -100 A,866 -217 66 —A,785 -105 -8 -2.36A 180 8 1A8 25 .A 9.0 .5 a 3.2 1.0 .1 9.5 1.3 -.2 9.2 1.6 -.7 9 3.5 10 1.3 11 Other Insurance Companies 772 1,230 1,050 1,050 1,065 1,077 A.6 A.2 3.6 3.1 .5 1 2 Net acq. of financial assets 3 Demand deposits and currency A Security RPs 13,291 127 9A0 13.73A -90 966 10,981 -351 -50 10,768 -AA1 1.882 10,580 -706 1,888 9,885 -837 -920 20.A .A 18.8 .3 15.0 .1 - 1A.2 .1 .1 13.8 a A.O 2 3 A Corporate equities Credit market instruments U.S. government securities Treasury issues Agency issues 850 9,965 5,811 3.05A 2,757 1,270 10,657 5,975 3,265 2,710 1,260 9,31A 6,532 3.5A6 2,986 1,5A7 7,385 A.A68 1,911 2,557 1,661 7.312 A,139 2.A95 1.6AA 1.358 9,A36 5,718 3.615 2,103 2.0 16.5 1.2 .7 .5 3.2 13.A 1.3 .2 1.1 3.1 9.9 1.8 1.6 .2 2.0 9.A 2.2 l.A .8 2.7 5.0 2.2 .6 1.5 5 6 7 8 9 Tax-exempt obligations Corporate 8 foreign bonds Commercial mortgages Trade credit 1,257 2.602 295 1.A09 1,331 3.056 295 931 627 2,100 55 808 611 2,100 206 395 613 2,553 7 A25 900 2.763 55 8A8 13.5 1.8 K 1.5 9.9 2.0 .3 1.9 7.7 a .3 2.0 A.O 2.8 .A 2.6 3.0 -.5 .3 2.1 10 11 12 13 IA Net increase in liabilities 15 Corporate equity issues 16 Profit taxes payable 17 Policy payables 11,200 853 -9 10,356 10.7A7 518 -9 10,238 9.172 308 -3 8,867 9,596 375 — 9,221 8,58 A 259 2 8.323 8.375 217 3 8,155 15.0 .8 .1 1A.1 15.6 .9 ■ 1A.7 13.A 1.2 -.2 12.A 11.8 1.1 -.2 10.8 13.A 2.8 a 10.6 IA 15 16 17 18 Discrepancy -1.319 -1,757 -759 -122 -931 -A33 -.8 1.1 1.9 .7 1 Current surplus 5 6 7 8 9 10 11 12 13 LATEST QUARTER BASED ON INCOMPLETE INFORMATION a 18 MARCH 11. 1988 Insurance and Pension Funds Insurance and Pension Funds 29 Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I I 1987 1986 III IV I I 1987 II I IV III Life Insurance Companies 1 2 4.0 2.8 1.9 5.0 .9 5.0 1.5 5.3 1.5 5.1 1.4 6.7 1.4 4.0 1.5 3.5 3 4 5 59.1 -.6 -1.9 62.5 .7 2.2 94.9 .5 .4 104.7 .7 1.1 102.8 -1.8 .7 138.3 .5 1.2 99.2 1.0 1.4 124.2 2.3 1.2 6 7 -.4 3.4 .5 .3 2.3 3.7 2.1 6.0 1.5 3.4 2.8 21.3 2.5 11.7 3.7 16.0 1.6 -1.7 .8 -4.9 -.2 4.2 8 9 10 11 52.5 19.3 12.1 7.2 54.1 23.6 12.6 11.0 76.1 23.0 10.5 12.5 86.8 17.9 7.3 10.6 89.8 17.0 9.0 8.0 104.6 19.9 11.8 8.0 74.2 13.8 7.5 6.3 100.2 39.5 27.8 11.7 63.0 -7.0 -12.2 5.2 116.7 25.2 10.9 14.3 79.3 10.2 9.4 .8 Credit market instruments 8 U.S. sovernment securities 9 Treasury issues 10 Agency issues 11 12 13 14 15 16 17 .9 16.7 9.0 5.3 1.1 6.1 -1.3 23.7 5.7 1.9 .4 4.8 1.0 37.8 15.1 -.6 -.1 12.0 2.0 40.8 22.0 4.3 -.3 8.0 .1 53.6 16.7 2.8 -.5 9.2 3.7 40.2 26.2 14.7 -.1 8.0 -1.7 39.1 21.4 2.8 -1.2 8.4 -1.0 43.9 16.1 3.2 -1.6 .8 2.0 57.4 16.6 -4.9 -1.1 11.9 -1.3 57.0 20.2 15.4 .2 8.3 .8 56.0 13.9 -2.4 .7 15.7 Tax-exempt obligations Corporate & foreign bonds Mortgages Open-market paper Policy loans Miscellaneous assets 18 19 20 21 22 55.8 7.8 38.8 -.1 9.2 66.3 5.0 46.7 -.2 14.8 88.3 10.4 63.4 ft 14.4 100.1 17.2 77.5 ft 5.4 102.0 15.7 82.9 .2 3.1 131.0 18.0 107.2 -.1 5.9 100.4 18.9 77.3 ft 4.1 119.2 17.6 93.6 .2 7.8 70.3 13.5 55.6 .2 1.0 121.4 19.0 99.0 .2 3.1 23 -2.2 .8 -10.7 -8.4 -4.4 -12.6 -1.5 -6.9 -2.8 1.5 4.8 1.4 Current surplus 6.5 Fixed nonres. investment 1.5 5.4 69.9 121.9 -4.9 » -5 -.1 .6 95.1 Net acq. of financial assets -5.0 Demand deposits and currency 1.1 Money mkt. fund shares Mutual fund shares Other corporate equities 1 2 3 4 5 6 7 12 13 14 15 16 17 96.9 Net increase in liabilities 12.8 Life insurance reserves Pension fund reserves 83.3 Profit taxes payable .3 .4 Miscellaneous liabilities 18 19 20 21 22 -4.5 -3.4 Discrepancy 23 17.5 Net acq. of financial assets Demand deposits and currency .8 Time deposits 4.5 1.7 Money mkt. fund shares Private Pension Funds 1 2 3 4 53.5 .8 7.5 .4 36.8 .5 3.3 3.0 48.4 .9 7.6 1.0 28.3 .7 5.5 3.4 65.8 2.8 22.5 1.0 86.5 3.2 24.7 3.9 -13.0 -1.3 -12.3 3.6 107.8 4.7 36.4 2.0 78.1 2.6 22.5 -.4 59.8 3.0 26.7 .8 5 6 2.4 4.2 2.1 5.6 9.1 -9.1 5.1 -8.5 4.8 -29.6 6.9 -20.3 5.2 -.7 12.0 -59.4 5.0 -7.9 2.7 -47.3 -.6 -3.8 Mutual fund shares Other corporate equities 7 8 9 10 29.9 12.0 .4 11.6 21.4 7.3 11.6 -4.3 26.8 8.1 -.8 8.9 20.7 6.9 8.9 -2.0 60.3 16.1 -3.8 19.9 63.6 13.8 6.1 7.7 -14.2 -6.2 20.9 -27.1 107.9 24.3 -19.8 44.1 53.0 15.5 22.2 -6.8 65.4 20.2 -14.7 35.0 15.1 4.4 -3.0 7.4 Credit market instruments 7 U.S. government securities 8 Treasury issues 9 Agency issues 10 11 12 13 14 10.5 .6 6.8 8.3 10.2 « 3.8 1.0 10.5 .5 7.8 12.0 7.3 .4 6.1 1.4 23.3 .4 20.6 4.0 27.8 .4 21.7 4.6 -1.7 .5 -6.8 6.7 46.8 .6 36.1 4.1 15.5 « 22.0 3.3 24.9 1.1 19.1 8.5 5.9 -.3 5.0 -.1 Corporate 8 foreign bonds Mortgages Open-market paper Miscellaneous assets 1 2 3 4 5 6 11 12 13 14 State and Local Government Employee Retirement Funds 1 2 3 39.2 .4 2.8 45.7 .6 3.2 53.1 .4 1.4 57.6 -.3 3.5 59.8 .4 2.9 52.3 -.2 9.7 63.7 .5 2.9 72.3 -.7 -6.1 51.2 ft 5.5 59.7 1.0 10.3 56.1 Net acq. of financial assets Demand deposits and currency 1.5 Time deposits 1.9 1 2 3 4 5 6 7 8 20.0 16.0 17.0 12.0 4.9 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 36.4 20.1 22.3 15.0 7.3 16.8 26.1 17.6 5.9 11.7 27.1 33.2 20.1 26.8 -6.7 41.8 37.3 4.7 -5.7 10.4 43.3 2.4 35.9 25.6 10.3 25.9 22.6 26.9 22.7 4.2 34.7 18.0 21.9 17.5 4.4 Corporate equities Credit market instruments U.S. government securities Treasury issues Agency issues 4 5 6 7 8 9 10 11 -1.1 -.7 .9 -.5 11.5 .6 -.4 10.9 .1 -.3 10.7 .3 » -2.1 -.1 -.5 8.3 .7 -1.0 13.4 .7 -.4 33.9 -.9 .3 -33.3 -.4 ft -5.1 .7 ft -4.0 .1 Tax-exempt obligations Corporate 8 foreign bonds Mortgages 9 10 11 Other Insurance Companies 4.3 Current surplus 1 1 -.3 -4.8 -6.0 2.4 4.2 3.1 4.9 4.2 4.2 4.3 2 3 4 15.0 -.4 9.6 14.8 .5 4.2 35.3 1.2 3.7 48.2 .6 1.3 42.2 -2.3 2.8 51.7 .5 3.8 55.2 -.4 3.9 43.4 -1.4 -.2 44.8 -1.8 7.5 40.9 -2.8 7.6 39.8 Net acq. of financial assets Demand deposits and currency -3.3 Security RPs -3.7 2 3 4 5 6 7 8 9 2.1 1.7 5.5 3.3 2.2 -4.3 11.7 9.1 5.9 3.2 -2.0 30.2 18.8 10.6 8.2 3.7 37.9 21.7 12.4 9.3 5.8 33.4 20.9 11.6 9.3 3.4 38.4 21.8 10.8 11.0 5.1 42.9 24.1 13.3 10.8 5.0 36.7 25.6 13.6 11.9 6.2 31.3 19.6 9.4 10.2 6.6 27.8 15.1 8.5 6.6 5.4 38.0 23.1 14.7 8.4 Corporate equities Credit market instruments U.S. government securities Treasury Issues Agency issues 5 6 7 8 9 10 11 12 13 -.3 -4.2 .7 2.0 -1.9 4.1 .4 2.8 2.5 8.2 .7 2.2 4.6 10.4 1.2 4.7 2.8 9.5 .3 2.5 5.0 10.4 1.2 5.6 5.3 12.2 1.2 3.7 2.5 8.4 .2 3.2 2.4 8.4 .8 1.6 2.5 10.2 M 1.7 3.6 11.1 .2 3.4 Tax-exempt obligations Corporate 8 foreign bonds Commercial mortgages Trade credit 10 11 12 13 14 15 16 17 13.5 1.5 K 12.0 28.7 3.9 « 24.8 38.2 7.7 -.1 30.5 46.1 4.2 * 41.9 35.7 1.2 44.8 3.4 « 41.4 43.0 2.1 » 41.0 36.7 1.2 H 35.5 38.4 1.5 ft 36.9 34.3 1.0 33.3 33.5 Net increase in liabilities Corporate equity issues .9 k Profit taxes payable Policy payables 32.6 14 15 16 17 -2.3 -2.3 -2.0 Discrepancy 18 18 -1.8 9.0 -3.1 .3 m 34.6 -2.2 -3.8 -7.3 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -2.5 k MARCH 11, 1988 Finance n.e.c. Finance n.e.c 30 Sector Statements of Saving and Investment UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV 1 1 1987 II I III 1978 IV BILLIONS OF DOLLARS 1979 1980 1981 1982 Finance Cotmanies 1 Current surplus 2 Fixed nonres. investment 3 Net acq. of financial assets Demand deposits and currency Credit market instruments Mortgages Consumer credit Other loans (to business) A 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 14 15 16 Profit taxes payable Inv. by parent companies Other misc. liabilities 17 Discrepancy 1,212 2.504 1,238 2,055 1,222 2,491 1 ,400 2,520 1,376 2,421 1,508 2,517 3.0 3.3 1.9 3.6 1.1 3.5 1.7 4.8 2.7 5.2 1 2 14,961 350 14-611 9,183 12,120 -6,692 *,921 765 15,156 -1,095 2,439 13,812 1,651 -41 1,692 -940 -5-455 8,087 14,183 530 13,653 3,544 3,958 6,151 2,380 10 2,370 -3,723 6,381 -288 17-508 201 17,307 971 2,462 13-874 26.1 .2 26.0 4.9 9.6 11.5 29.5 .2 29.4 5.8 13.4 10.1 13.3 .1 13.1 1.9 7.1 4.1 24.6 .1 24.5 4.4 9.4 10.8 11.0 .1 10.9 4.1 5.8 .9 3 4 5 6 7 8 19,636 12,425 4,622 1,108 6,695 17,654 13,766 5-783 207 7,776 11,453 1-916 2,835 -5.471 4,552 4,709 10,004 3,037 -2,978 9,945 14,329 11,333 6,630 80 4,623 11,916 3-256 2-002 -255 1,509 23.1 15.9 6.4 1.7 7.8 24.1 16.2 4.3 -1.4 13.3 4.7 -1.4 .1 -1.0 -.5 15.9 18.6 3.6 1.1 13.9 12.1 4.5 6.4 .6 -2.4 9 10 11 12 13 14 6,734 463 11 6,854 -2,977 16 15 3.184 -10,121 6.337 4,811 18 1,781 1,197 19 5,613 3.028 .1 4.4 2.6 -.1 3.4 4.6 2.8 3.5 -.2 -2.6 * » 14 7.2 15 .5 16 3,383 916 8,533 -10,594 10,904 -6,601 -3.4 -7.1 -11.0 -11.8 -1.3 17 Real Estate Investment Trusts 1 Current surplus 2 Fixed nonres. investment 3 Multi-family resid. invest. -85 638 314 -87 349 172 -88 253 125 -88 40 20 -89 21 10 -88 -172 -85 -.4 -.2 -.1 -.3 -.1 * -.1 -.1 « -.1 .1 « -.2 .2 .1 1 2 3 4 Net acq. of financial assets Mortgages 5 Miscellaneous assets 6 69 103 -34 271 -642 913 422 241 181 78 -25 103 561 289 272 1,568 333 1,235 -.3 -1.1 .8 -1.0 .9 -.2 -.7 .5 -.1 -1.1 1.0 .2 « .3 4 5 6 1,106 1 ,438 -332 -137 80 -427 152 879 1,062 -326 -98 106 -460 126 888 1,120 -89 74 -61 -316 214 226 148 78 42 36 - 681 252 429 70 183 192 -16 1,399 880 519 142 121 197 59 -.2 .2 -.2 .2 -.2 - .2 .1 .2 .4 -.4 -.1 .1 -.1 .2 -.4 X -.2 ft -.2 h .6 .8 -.2 .1 « -.2 -.1 7 8 9 10 11 12 13 143 -143 - - -.1 -.2 .1 .1 k 14 7 Net increase in liabilities Corporate equity issues 8 Credit market instruments 9 10 Mortgages Corporate bonds 11 Bank loans n.e.c. 12 Open-market paper 13 14 Miscellaneous liabilities - - .2 .4 « « m m -.7 .3 Open-End ]Investment Companies (Mutual Funds) 1 Current surplus -2,390 -9,778 -3,839 -1,937 -2,641 -.8 -1.2 -1.4 -1.3 -.2 1 2 Net acq. of financial assets Demand deposits and currency 3 34,978 397 36,605 643 48,491 1,248 21.257 167 -640 -15,502 64 -1,026 -.9 * -.8 .1 1.5 .1 2.4 8.5 .3 2 3 Corporate equities Credit market instruments U.S. government securities Treasury issues Agency issues Tax-exempt obligations Corporate 8 foreign bonds Open-market paper 4,786 29.795 13,443 6,836 6,607 7,986 7,721 645 3,950 32,012 8,920 4,195 4,725 9,042 12,085 1,965 11,400 35,843 26,464 21,983 4,481 8,593 -1,730 2,516 10,465 10,625 -5,229 -4,317 -912 -935 16,756 33 8,107 -3,033 -8.811 -11,443 -9,572 -5,848 -7,502 -4,325 -2.070 -1,523 -110 -2.140 -2,844 -2,595 3,715 -860 -1.6 .8 -.2 _ 2 .5 -.7 1.1 -2.8 1.9 « 1.4 .8 -.2 -1.8 3.2 .3 .3 .4 1.3 1.2 -.6 3.1 .9 .9 .7 1.6 -.1 3.5 4 4.7 5 2.3 6 2.3 7 — 8 2.9 9 .2 10 -.6 11 37,368 46,383 52,330 23,194 1,803 -12,861 -.1 .4 2.9 3.7 8.8 12 4 5 6 7 8 9 10 11 12 Net share issues -2,443 m k Money Market Mutual Funds 1 Net acq. of financial assets Demand deposits and currency 2 Time deposits 3 Security RPs 4 Foreign deposits 5 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 17,001 -772 2,149 -1,345 585 -2,991 638 134 1,353 -468 12,365 704 -254 4,736 4,929 -2,985 -287 4.864 839 -3,176 4,821 16 2,821 2.573 -1,212 9.785 -727 7,008 -1,017 -1,097 6.9 ft 2.7 .1 .5 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 14,946 -5,502 1,967 4,007 1,595 4,079 372 -72 4,551 3,126 8,428 -12.635 854 1,438 2,504 -8,017 -9,563 1,546 6,469 4,052 -254 -5,336 926 1,735 -809 -3,527 -2,735 111 863 -2,409 -4,977 2,568 -1,782 5,054 -240 3,793 7,649 -925 8,574 -3,503 -353 1,825 3.2 .6 ft .6 — 2.6 .5 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 6 22.7 7 21.1 8 1.6 9 8.0 10 -1.3 11 -1.1 12 17,001 12,365 -2,985 4,821 9,785 6.9 34.4 30.8 109.8 32.7 13 -2,991 m 32.7 .8 -3.1 1.7 4.9 1 2 3 4 5 Security Brokers and Dealers 149 129 88 100 92 105 .1 .8 .3 .3 1 2 Net acq. of financial assets Demand deposits and currency 3 -8,097 13 6,830 -666 -6,020 -64 528 -536 3,875 -279 -7,647 -438 .2 .2 1.2 .9 7.0 .5 2.7 .1 4.1 2.0 2 3 Corporate equities Credit market instruments U.S. government securities Tax-exempt obligations Corporate 8 foreign bonds Security credit -5,133 -3,953 -84 1,263 -5,132 976 2,158 1,664 763 -1,256 2,157 3,674 -1,803 -1,445 164 194 -1,803 -2.708 -204 -1,550 56 -1,402 -204 2,818 1,602 1,650 1,107 -1,059 1.602 902 -3,090 -4,778 66 -1,754 -3,090 659 -.4 -1.3 -.8 -.2 -.4 1.6 -1.5 .6 1.9 .2 -1.5 1.1 .7 -.7 -1.4 2.7 2.3 -.6 .7 6.5 -2.4 -.9 -.6 .4 -.2 -.9 3.7 4 5 6 7 8 9 -8,246 -8,222 -5,037 -3,185 -24 6,701 6,719 -973 7,692 -18 -6,108 -6,149 -3,634 -2,515 41 428 413 1,066 -653 15 3,783 -7.752 3,743 -7.812 3,000 -10,461 743 2.649 40 60 k ft -2.4 2.5 « 1.2 1.1 -.8 1.8 .1 6.2 6.0 .8 5.2 .2 2.5 2.5 4.6 -2.1 * 3.8 3.6 -.1 3.7 .2 10 11 12 13 14 - - .2 1 .2 2 1 Current surplus 4 5 6 7 8 9 10 Net Increase in liabilities Security credit 11 From banks 12 Customer credit balances 13 14 Profit taxes payable m 2^7 CMO Issuers Net acq. of financial assets Agency securities 1 5,973 15,422 16,392 9,864 11,050 816 Net increase in liabilities Corporate bonds (CMO Issues) 2 5,973 15,422 16,392 9,864 11,050 816 LATEST QUARTER BASED ON INCOMPLETE INFORMATION - - MARCH 11, 198C finance n.e.c Finance n.e.c. Sector Statements of Saving and Investment 31 SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I I 1987 1986 III I I IV 1987 I II III IV Finance Companies 2 5.0 6.1 3.0 6.4 3.6 9.3 4.6 9.3 5.5 9.9 4.8 10.0 5.0 8.2 4.9 10.0 5.6 10.1 5.5 9.7 3 4 5 6 7 8 26.8 .1 26.8 2.7 11.0 13.1 37.8 - .5 38.3 5.4 8.6 24.4 52.8 .9 51.9 6.8 24.6 20.5 58.1 1.6 56.4 15.8 24.2 16.4 35.7 .7 35.0 -.1 7.3 27.8 86.2 1.4 84.8 39.5 43.6 1.7 34.4 3.1 31.3 -5.7 1.9 35.1 21.7 -.2 21.8 2.5 -2.9 22.2 44.9 2.1 42.8 6.8 11.0 25.0 38.8 38.8 -11.5 19.4 31.0 9 10 11 12 13 19.7 12.9 5.3 -5.0 12.6 37.6 18.9 9.6 -4.5 13.9 64.3 53.9 15.8 -1.0 39.1 79.3 49.7 22.5 -1.3 28.5 42.4 26.5 14.5 -8.6 20.6 79.3 49.0 10.0 5.5 33.6 55.6 43.7 18.1 -6.2 31.8 44.7 12.7 16.1 -27.2 23.8 36.9 48.9 22.6 .1 26.2 55.2 42.7 16.7 .7 25.4 14 15 16 K a 12.5 6.2 a a 15.0 -4.6 40.8 -11.3 .1 .5 15.4 .1 28.4 1.9 a 2.4 4.4 23.8 -11.9 .1 6.6 25.3 .1 -31.3 19.2 .1 7.6 4.8 17 -8.3 -3.5 5.9 16.5 2.2 -12.1 17.9 17.9 -12.5 12.1 1 a 6.0 Current surplus 10.1 Fixed nonres. investment 1 2 37.5 Net acq. of financial assets .8 Demand deposits and currency 36.7 Credit market instruments 1.7 Mortgages 1.9 Consumer credit 33.1 Other loans (to business) 3 4 5 6 7 8 32.9 Net Increase in liabilities 1.7 Credit market instruments 2.6 Corporate bonds -8.0 Bank loans n.e.c. 7.1 Open-market paper 9 10 11 12 13 .1 18.9 12.1 14 15 16 Profit taxes payable Inv. by parent companies Other misc. liabilities -8.7 Discrepancy 17 Real Estate Investment Trusts -.3 .5 .2 -.3 .8 .4 -.4 .9 .4 -.4 .1 .1 -.3 2.6 1.3 -.3 1.4 .7 -.4 1.0 .5 -.4 .2 .1 -.4 .1 -.4 Current surplus -.7 Fixed nonres. investment -.3 Multi-family resid. invest. 1 2 3 .1 .1 2.0 .8 1.2 .8 2.4 -1.6 .4 .4 2.6 .8 1.8 .3 .4 -.1 1.1 -2.6 3.7 1.7 1.0 .7 .3 -.1 .4 2.2 1.2 1.1 6.3 Net acq. of financial assets 1.3 Mortgages 4.9 Miscellaneous assets 4 5 6 7 8 9 10 11 12 13 .1 .3 -.1 -.1 -.1 3.0 2.7 .1 .4 .1 -.6 .2 2.3 2.9 -.7 .1 .1 -.9 .1 2.1 2.7 -.3 .1 .3 -1.0 .3 3.2 2.4 .9 .3 .3 .1 .3 4.4 5.8 -1.3 -.5 .3 -1.7 .6 3.5 4.2 -1.3 -.4 .4 -1.8 .5 3.6 4.5 -.4 .3 -.2 -1.3 .9 .9 .6 .3 .2 .1 — 2.7 1.0 1.7 .3 .7 .8 -.1 5.6 Net increase in liabilities 3.5 Corporate equity issues 2.1 Credit market instruments .6 Mortgages .5 Corporate bonds .8 Bank loans n.e.c. .2 Open-market paper 7 8 9 10 11 12 13 14 -.1 .1 .1 -.3 -.1 - .6 -.6 - - Miscellaneous liabilities 14 1 2 3 -.1 -.1 4 5 6 a a a a a - Open-End Investment Companies <[Mutual Funds) 1 -3.2 -5.2 -4.9 -17.3 -10.9 -13.0 -38.2 -5.9 -14.4 -13.6 2 3 24.0 .6 24.2 .4 80.8 1.7 145.9 2.6 53.6 .5 143.6 1.6 147.4 2.6 187.2 5.0 86.8 .7 1.3 .3 4 5 6 7 8 9 10 11 13.7 9.8 .6 .6 5.5 2.7 1.0 5.9 17.9 6.4 5.8 .5 5.6 3.6 2.4 10.3 68.7 52.9 41.4 11.5 14.5 3.6 -2.3 20.2 123.1 59.3 36.4 22.9 31.8 26.8 5.3 26.9 26.2 5.8 5.8 5.4 9.6 5.4 20.1 121.9 57.2 30.8 26.4 32.3 30.2 2.2 19.0 125.8 47.9 29.0 18.9 31.6 35.6 10.8 40.7 141.5 89.5 71.6 17.9 36.1 11.5 4.5 41.9 44.2 -23.3 -19.7 -3.6 -.4 64.8 3.2 33.7 -32.7 -34.2 -25.9 -8.3 -.1 -12.7 14.4 12 27.2 29.3 85.7 163.3 64.5 156.6 185.6 193.1 101.2 14.9 a -9.6 Current surplus -60.9 Net acq. of financial assets -4.1 Demand deposits and currency -8.6 -48.3 -8.8 -2.7 -6.1 -13.9 -25.2 -.5 1 2 3 Corporate equities 4 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 -51.3 Net share Issues 12 Money Market Mutual Funds 1 2 3 4 5 -40.4 -.6 -16.8 -3.2 -1.8 54.2 -1.0 -.4 9.7 -.7 10.2 1.4 -6.8 3.3 -2.2 48.3 -.2 2.3 6.1 3.1 24.0 -.3 14.4 7.1 -.6 69.8 -4.1 -2.1 -9.4 -.3 21.5 1.3 6.4 .7 1.5 -3.7 4.3 .9 7.0 15.2 .1 -.3 21.6 24.6 -8.1 24.7 -.9 1.7 6.5 -8.2 6 7 8 9 10 11 12 -17.7 -18.4 -19.8 1.4 3.6 -3.0 -.4 45.0 6.2 2.6 3.6 7.0 31.8 1.5 13.9 .3 -.8 1.1 12.4 1.2 .6 34.1 .5 3.4 -3.0 27.5 6.2 2.9 1.8 -1.9 -13.7 11.9 -2.3 6.0 1.4 60.2 7.9 6.4 1.5 23.2 29.1 25.5 -6.2 16.0 16.3 -.3 16.4 -38.6 17.8 -18.3 -32.1 -38.3 6.2 9.8 4.0 -12.9 -9.2 3.7 6.9 -3.2 -7.8 -5.1 -28.4 3.0 -9.6 -19.9 10.3 -1.1 13.8 22.7 13 -40.4 54.2 10.2 48.3 24.0 69.8 21.5 -3.7 .1 24.7 74.7 Net acq. of financial assets -4.3 Demand deposits and currency 33.6 Time deposits -9.6 Security RPs -1.2 Foreign deposits 31.8 30.6 -3.7 34.3 -10.2 11.4 24.4 1 2 3 4 5 Credit market Instruments 6 U.S. government securities 7 Treasury Issues 8 Agency issues 9 Tax-exempt obligations 10 Open-market paper 11 Miscellaneous 12 74.7 Net share Issues 13 Security Brokers and Dealers 1 1.1 -.9 .5 .8 .4 .6 .5 .4 .4 .4 -28.3 .1 12.9 -2.7 -10.5 -.3 -1.0 -2.1 19.3 -1.1 -44.9 Net acq. of financial assets -1.8 Demand deposits and currency 2 3 -15.6 -30.1 -7.5 -7.0 -15.6 2.6 4 5 6 7 8 9 -45.3 Net increase in liabilities -45.5 Security credit -56.1 From banks 10.6 Customer credit balances .2 Profit taxes payable 10 11 12 13 14 Net acq. of financial assets Agency securities 1 .4 Current surplus 2 3 5.1 -.9 4.4 .2 23.4 1.7 2.1 -2.0 -9.3 -1.3 4 5 6 7 8 9 5.3 -6.7 -12.4 .4 5.3 7.4 2.8 4.4 1.0 .6 2.8 -3.0 .5 5.1 3.6 1.0 .5 16.1 -2.2 -.8 1.8 -.5 -2.2 7.1 -3.5 -6.1 1.4 -4.0 -3.5 1.7 -19.3 -13.0 1.2 5.1 -19.3 3.9 5.4 -4.4 -4.8 -5.0 5.4 14.7 -3.2 3.8 6.3 .8 -3.2 -10.8 -2.3 -7.9 -5.6 -2.2 11.3 7.1 9.7 6.8 -4.2 7.1 3.6 10 11 12 13 14 4.0 3.8 1.4 2.4 .2 5.3 5.2 5.9 -.6 .1 22.9 22.9 10.4 12.5 .1 1.3 1.4 -7.3 8.7 -.1 -9.6 -9.8 -10.0 .2 .2 -28.9 -28.8 -16.1 -12.7 -.1 12.4 12.5 -18.2 30.8 -.1 -10.8 -11.0 -.9 -10.1 .2 -1.4 -1.5 1.1 -2.6 .1 18.9 18.8 15.8 3.0 .1 23.9 61.7 65.6 39.5 44.2 3.3 44.2 Net increase ln liabilities 3.3 Corporate bonds (CMO issues) N Corporate equities Credit market Instruments U.S. government securities Tax-exempt obligations Corporate 8 foreign bonds Security credit 1 CMO Issuers 1 2 3.7 3.7 12.4 12.4 BILLIONS -~'.LAPS. 12.2 12.2 37.1 37.1 38.1 38.1 23.9 61.7 LAT3T QUARTER BA't’*’ ON INCOMPLETE INFORMATION. 65.6 39.5 2 MARCH 11, 1988 Monetary and Insurance Reserves 32 Monetary and Insurance Reserves Foreign Exchange, Treasury Currency and Insurance Reserves UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV 1 1 1987 II I IV III 1978 BILLIONS OF DOLLARS 1980 1981 1979 1982 Gold and Official Foreign Exchange Holdings (1) 1 Total U.S. reserves -280 -132 -1,956 -3,419 -32 -1,469 -.7 1.1 8.2 5.2 5.0 1 2 U.S. gold stock and SDRs 3 U.S. govt.: Ex. Stab. Fund 4 Monetary authority (2) -163 -163 - 31 51 -20 -76 -93 17 171 183 -12 210 204 6 100 97 3 -1.2 -1.2 .1 1.2 1.4 -.2 M K K 1.8 1.8 K 1.4 1.4 * 2 3 4 5 U.S. foreign exchange position 6 Official fgn.currency hldgs. 7 Treasury 8 Monetary authority -117 391 196 195 -163 120 60 60 -1.880 -1,274 -637 -637 -3.590 -3,255 -1,628 -1.627 -242 165 83 82 -1.569 -2.000 -1,000 -1.000 .5 4.7 2.3 2.3 -.1 -.3 -.1 -.1 8.1 6.5 3.2 3.2 3.4 .9 .4 .4 3.6 1.0 .5 .5 5 6 7 8 -508 -511 3 -283 -274 -9 -606 -604 -2 -335 -329 -6 -407 -411 4 431 433 -2 -4.2 -4.2 .2 .2 * 1.7 1.7 * 2.5 2.5 * 2.6 9 2.5 10 11 1.6 1.3 .5 -.2 1.3 .7 .7 -.2 1.2 .7 .8 -.2 1.7 .6 1.3 -.2 1 2 3 4 9 10 11 Net IMF position U.S. government asset Monetary authority » M (1) Lines 1, 2, and 3 exclude Increases in SDRs through allocations, which occurred at various dates beginning January 1970, Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are reflected in tables on outstandings. (2) Treasury gold stock. Treasury Currency and SDR Certificates 1 Total U.S. govt, liability Treasury currency 2 3 SDR certificates 4 Unallocated assets 276 108 200 -32 109 129 -20 128 168 -40 107 154 -47 114 117 -3 120 171 -51 .5 .5 .1 * Insurance and Pension Fund Reserves Life insurance reserves: 1 Net change in liabilities 2 U.S. government 3 Life insurance companies 4.574 74 4,500 4,796 75 4.721 4,484 76 4,408 3.441 77 3,364 4,828 78 4,750 3,287 79 3,208 11.2 .3 10.9 10.7 .3 10.4 9.7 9.7 9.2 .3 8.9 7.2 .2 7.0 1 2 3 4 Net change in assets (HH) 4,574 4,796 4,484 3.441 4,828 3.287 11.2 10.7 9.7 9.2 7.2 4 5 Net change in liabilities 6 U.S. government 7 Insurance sector 8 Life insurance companies 9 Private pension funds 10 St.Bloc. govt. rtr. funds 73,477 12,072 61,405 26.985 21,624 12,796 40,187 6,837 33,350 20,302 -3,252 16,300 63,312 -3,366 66,678 22,484 26,955 17,239 50,866 4,542 46,324 13,489 19,515 13,320 68,389 13,432 54,957 25,083 14,958 14,916 45,952 5.344 40,608 21,862 4.382 14,364 83.8 6.9 76.9 19.1 37.1 20.7 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 29.7 131.8 5 11.7 6 120.1 7 39.7 8 48.5 9 32.0 10 11 Net change ln assets (HH) 73.477 40,187 63,312 50,866 68,389 45,952 83.8 91.1 108.8 108.7 131.8 11 K Pension fund reserves: LATEST QUARTER BASED ON INCOMPLETE INFORMATION. MARCH 11, 19tJ Monetary and Insurance Reserves Monetary and Insurance Reserves 33 Foreign Exchange, Treasury Currency and Insurance Reserves SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 1987 I I 1986 III IV 1987 I I II III IV Cold and Official Foreign Exchange Holdings Cl) 1 1.2 3.1 3.9 -.3 -6.9 -1.1 -.5 -7.8 -13.7 -.1 2 3 4 .1 .1 M 1.0 1.0 N .9 .9 a .2 .3 M .4 .4 * -.7 -.7 - .1 .2 -.1 -.3 -.4 .1 .7 .7 a .8 .8 a 5 6 7 8 1.1 -3.3 -1.7 -1.7 2.2 1.2 .6 .6 3.0 3.9 1.9 1.9 -.6 .9 .5 .5 -7.3 -6.4 -3.2 -3.2 -.5 1.6 .8 .8 -.7 .5 .2 .2 -7.5 -5.1 -2.5 -2.5 -14.4 -13.0 -6.5 -6.5 -1.0 .7 .3 .3 9 10 11 4.4 4.5 * 1.0 1.0 M -.9 -.9 K -1.5 -1.5 a -.9 -.9 a -2.0 -2.0 -1.1 -1.1 * -2.4 -2.4 a -1.3 -1.3 * -1.6 -1.6 a -5.9 Total U.S. reserves .4 U.S. gold stock and SDRs .4 U.S. govt.: Ex. Stab. Fund a Monetary authority (2) -6.3 U.S. foreign exchange position -8.0 Official fgn.currency hldgs. Treasury -4.0 Monetary authority -4.0 1.7 1.7 a Net IMF position U.S. government asset Monetary authority 1 2 3 4 5 6 7 8 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 .5 .7 .6 .7 -.2 -.1 .5 .6 .1 -.2 .8 .5 .3 a .5 .6 -.1 1.1 .4 .8 -.1 .5 .5 .5 Total U.S. govt, liability Treasury currency .7 SDR certificates Unallocated assets -.2 13.8 .3 13.5 19.3 .3 19.0 13.1 Net change in liabilities U.S. government .3 Life insurance companies 12.8 1 2 3 13.1 Net change in assets (HH) 4 .4 .5 .5 .7 .4 .6 -.1 -.2 -.2 1 2 3 4 Insurance and Pension Fund Reserves Life Insurance reserves: 1 2 3 8.0 .2 7.8 5.2 .2 5.0 10.7 .3 10.4 17.5 .3 17.2 16.0 .3 15.7 18.3 .3 18.0 19.2 .3 18.9 17.9 .3 17.6 4 8.0 5.2 10.7 17.5 16.0 18.3 19.2 17.9 13.8 19.3 5 6 7 8 9 10 145.6 14.1 131.5 38.8 53.5 39.2 147.2 18.0 129.2 46.7 36.8 45.7 183.8 18.8 165.0 63.4 48.4 53.1 184.2 20.8 163.4 77.5 28.3 57.6 228.5 20.0 208.6 82.9 65.8 59.8 261.0 15.0 246.0 107.2 86.5 52.3 160.7 32.6 128.0 77.3 -13.0 63.7 286.7 12.9 273.8 93.6 107.8 72.3 205.6 20.7 184.9 55.6 78.1 51.2 238.5 19.9 218.6 99.0 59.8 59.7 183.3 Net change in liabilities' U.S. government 26.4 Insurance sector 156.9 83.3 Life insurance companies Private pension funds 17.5 St.&loc. govt. rtr. funds 56.1 5 6 7 8 9 10 11 145.6 147.2 183.8 184.2 228.5 261.0 160.7 286.7 205.6 238.5 183.3 Net change in assets (HH) 11 Pension fund reserves: BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, MARCH 11, 1988 Interbank Claims Interbank Claims 3Z|. Net Interbank Positions, Domestic and Foreign Banks UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 Ill IV I 1 1978 BILLIONS OF DOLLARS 1979 1980 1981 1987 I II III IV 1982 Net Interbank Claims 1 Net change in liabilities Monetary authority 2 Coml. bank reserves 3 4 Vault cash 8,013 5,242 4,854 388 27,716 -432 14,356 -11,110 11,313 -7,951 3,043 -3,159 -5,235 -2,597 -4,054 1,457 37,461 3,397 2,925 472 10,936 6-575 2,757 3,818 15.4 5.9 4.4 1.5 22.2 1.6 -1.4 3.0 -33.2 -1.0 -2.3 1.3 -27.8 -3.4 -2.2 -1.2 -34.5 2.2 1.3 .9 1 2 3 4 5 6 7 8 9 10 11 ommercial banking To monetary authority To banks in fgn entries. Liabilities, net U.S. chartered banks Due to fgn affils. -Due from fgn affils. 2,771 493 -927 -1,001 1,874 5,838 3,964 13,360 1,098 8,657 9,704 2,097 -2,801 -4,898 10,678 4,002 9,331 8,671 9,746 -25 -9,771 -2-638 -4,277 198 -1,221 3,298 6,912 3,614 34,064 -362 28,328 27,048 11,093 9,542 -1,551 4,361 2,451 7,425 7,612 -8,882 -4-424 4,458 9.5 3.6 6.4 5.9 1.2 4.4 3.1 20.6 .5 21.1 20.9 14.3 13.1 -1.2 -32.1 -1.9 -26.6 -21.2 -20.2 -5.7 14.5 -24.4 -2.9 -20.9 -17.9 -3.0 12.7 15.7 -36.6 5 .1 6 -35.7 7 -25.2 8 -13.2 9 -2.7 10 10.5 11 12 13 14 Domestic affiliates Due to fgn. affil. -Due from fgn. affil. -1,560 17 1,577 -1,208 666 1,874 -3,194 -127 3,067 2,988 -553 -3,541 -3,246 747 3,993 6,917 813 -6.104 1.0 -.7 -1.7 .8 .8 - -2.1 .8 2.9 -6.1 1.0 7.2 -2.2 12 .3 13 2.5 14 15 16 17 Fgn. bkg. off. in U.S. Due to fgn affil. -Due from fgn. affil. -1,315 303 1,618 8,815 8,237 -578 2,119 -270 -2,389 -7,507 19,201 3,144 -2,316 5.191 -16,057 9,577 12,460 2,883 3.7 7.1 3.3 5.8 15.5 9.7 1.2 13.5 12.3 -8.8 9.0 17.8 -9.8 15 -6.3 16 3.5 17 18 19 20 Less: Dep. at fgn. banks U.S. chartered banks Fgn. bkg. off. in U.S. -74 -62 -12 1,047 1,102 -55 -660 -530 -130 -1,419 -1,106 -313 -1,280 -1.509 229 187 48 139 -.5 -.9 .4 -.2 -.2 5.4 3.4 2.0 3.0 3.4 -.4 10.5 18 10.3 19 .2 20 3,205 -1,271 5,709 82 2,422 3,205 3,605 2.855 6,319 272 2,442 3,605 -2,655 -4,213 -2,538 2,051 -1,934 -2,655 1,441 -7,192 -718 -834 -1,325 1,441 6.098 23,885 18,024 2,351 9,575 6,098 -5,515 -3,169 382 1,229 4,668 -5,515 -.5 -6.3 7.5 2.7 5.3 -.5 -1.0 -7.7 8.9 .9 9.1 -1.0 -3.6 -14.3 2.5 1.8 4.3 -3.6 -.5 -8.5 4.4 4.4 .5 -.5 -1.0 -2.7 -7.2 .9 -7.1 -1.0 5,548 1,432 4,063 -599 1,783 -108 6,626 -152 -5,404 -457 4,020 -469 12.4 1.4 14.1 2.6 15.0 1.8 13.4 -.5 -4.7 27 .2 28 682 -152 -834 -2.808 -457 2,351 -1,698 -469 1,229 -1.3 1.4 2.7 1.7 2.6 .9 .1 1.8 1.8 -4.9 -.5 4.4 -.7 29 .2 30 .9 31 -648 4,020 4,668 7.1 12.4 5.3 5.0 14.1 9.1 10.7 15.0 4.3 13.0 13.4 .5 2.3 32 -4.7 33 -7.1 34 27 28 To U.S. banking, net U.S.-chartered banks Liabilities To dom. affiliates To fgn. off in U.S. Unallocated Less, due from: Fgn. offices in US Domestic Affiliates 29 30 31 Domestic affiliates Due to U.S. banks -Due from U.S. banks 1,350 1,432 82 -871 -599 272 -2,159 -108 2,051 32 33 34 Fgn. bkg. off. in U.S. Due to U.S. banks -Due from U.S. banks 3,126 5,548 2,422 1,621 4,063 2,442 3,717 1,783 -1,934 7,951 -14,979 6,626 -5,404 -1,325 9,575 4,808 -927 5,735 493 566 -73 24,111 8,657 15,454 1,098 412 686 2,223 9,331 -7,108 4,002 3,980 22 -6,676 198 -6,874 -4,277 -3,662 -615 31,363 28,328 3,035 -362 -1,331 969 16,451 7,425 9,026 2-451 577 1,874 15.9 6.4 9.5 3.6 2.7 .9 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 5,242 4,854 388 14,356 -11,110 11,313 -7,951 3,043 -3,159 -2,597 -4,054 1,457 3.397 2,925 472 6,575 2,757 3,818 5.9 4.4 1.5 1.6 -1.4 3.0 -1.0 -2.3 1.3 -3.4 -2.2 -1.2 2.2 41 1.3 42 .9 43 1,441 6,098 -5,515 -.5 -1.0 -3.6 -.5 -1.0 44 21 22 23 24 25 26 35 Net change in assets Foreign 36 Domestic 37 Monetary authority 38 Federal Reserve float 39 Loans to member banks 40 41 42 43 Commercial banking Reserves at F.R. Vault cash 44 Discrepancy: Floats, etc. 3,205 3,605 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -2,655 -33.4 -35.7 2.3 .1 1.0 -.9 21 22 23 24 25 26 35 36 37 38 39 40 MARCH 11, 1988 Interbank Claims Interbank Claims 35 Net Interbank Positions, Domestic and Foreign Banks SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1986 1983 1984 1985 1986 1987 1 III IV I 1 1987 I III II IV Net Interbank Claims 3 4 -3.7 -3.6 -5.0 1.5 15.3 3.6 .4 3.2 30.0 8.1 6.8 1.3 33.4 19.6 19.5 .1 42.7 -3.7 -6.3 2.6 14.6 21.5 19.4 2.1 94.7 38.1 40.3 -2.2 25.8 -32.9 -36.7 3.9 -12.2 -3.5 -8.2 4.8 126.2 14.5 13.5 1.0 5 6 7 8 9 10 11 -.1 -1.0 12.5 10.6 6.7 8.5 1.8 11.7 2.0 2.3 -.7 -6.4 .9 7.3 21.9 -.4 14.5 9.8 8.1 10.3 2.2 13.8 -1.2 12.7 11.7 -3.7 -5.1 -1.4 46.5 1.8 45.3 42.1 15.3 12.0 -3.3 -6.9 -2.7 -14.0 -10.4 7.5 23.4 15.9 56.6 2.8 32.2 35.6 8.4 -11.2 -19.6 58.6 23.5 44.7 41.8 39.0 -.1 -39.1 -8.7 -17.1 7.6 -1.1 13.2 27.6 14.5 111.7 -8.1 101.9 100.4 44.4 38.2 -6.2 24.2 9.0 27.0 27.4 -35.5 -17.7 17.8 5 Commercial banking 6 To monetary authority 7 To banks in fgn entries. 8 Liabilities, net 9 U.S. chartered banks 10 Due to fgn affils. -Due from f9n affils. 11 12 13 14 -3.1 .7 3.8 -.6 .8 1.4 -.5 -l.l -.6 1.3 1.2 -.1 3.5 .9 -2.6 -12.7 .1 12.7 -8.0 2.7 10.7 -5.7 -.5 5.2 15.7 -2.2 -17.9 -20.8 3.0 23.7 24.6 3.3 -21.3 12 Domestic affiliates 13 Due to fgn. affil. -Due from fgn. affil. 14 15 16 17 7.1 5.3 -1.8 6.3 -.9 -7.2 2.2 7.4 5.1 14.1 18.7 4.6 23.4 13.0 -10.4 -5.3 1.2 6.5 35.3 32.9 -2.3 8.5 -1.1 -9.6 -30.0 -9.3 20.8 76.8 12.6 -64.2 38.3 49.8 11.5 F9n. bkg. off. in U.S. 15 16 Due to fgn affil. -Due from fgn. affil. 17 18 19 20 -1.8 -1.3 -.6 -2.9 -4.6 1.7 -4.7 -2.0 -2.7 -1.1 -1.0 -.1 -3.2 -3.1 -.1 3.6 4.6 -1.0 3.4 1.3 2.1 -2.9 -2.3 -.5 -8.7 -5.8 -2.9 -1.5 -1.3 -.2 .4 -2.9 3.3 Less: Dep. at fgn. banks 18 19 U.S. chartered banks Fgn. bkg. off. in U.S. 20 21 22 23 24 25 26 -11.6 -3.9 -6.4 6.9 -1.7 -11.6 7.4 7.9 1.3 -3.0 -3.1 7.4 7.7 -5.0 9.0 K 1.3 7.7 2.3 -4.3 9.2 -.3 7.3 2.3 -.6 9.3 15.2 4.8 11.0 -.6 9.8 -2.0 17.8 .3 7.7 9.8 21.6 19.2 37.6 1.1 14.9 21.6 -9.6 -28.8 -18.8 8.2 -17.4 -9.6 .8 -26.3 -2.1 -3.3 .5 .8 18.0 94.8 64.5 9.4 37.1 18.0 -11.7 -2 .i. 16.9 4.9 23.7 -11.7 27 28 -1.9 -.6 -5.0 -1.6 10.8 3.2 14.5 -1.0 7.0 -1.2 14.1 5.7 20.8 -2.4 10.4 -.4 24.8 -.6 -28.5 -1.8 29 30 31 -7.4 -.6 6.9 1.4 -1.6 -3.0 3.2 3.2 * -.7 -1.0 -.3 -6.0 -1.2 4.8 5.4 5.7 .3 -3.5 -2.4 1.1 -8.6 -.4 8.2 2.7 -.6 -3.3 32 33 34 -.3 -1.9 -1.7 -1.9 -5.0 -3.1 9.5 10.8 1.3 7.2 14.5 7.3 -4.0 7.0 11.0 6.4 14.1 7.7 5.9 20.8 14.9 27.8 10.4 -17.4 35 36 37 38 39 40 7.9 12.5 -4.6 -1.0 -1.2 .2 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 43.4 45.3 -1.9 1.8 -.4 2.3 4.8 -14.0 18.8 -2.7 -.4 -2.3 73.1 32.2 40.9 2.8 -.7 3.5 41 42 43 -3.6 -5.0 1.5 3.6 .4 3.2 8.1 6.8 1.3 19.6 19.5 .1 -3.7 -6.3 2.6 21.5 19.4 2.1 44 -11.6 7.4 7.7 2.3 -.6 9.8 1 2 1 2 3 4 21 22 23 24 25 26 21.3 -1.9 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 -11.2 -1.8 9.4 -6.8 -1.9 4.9 Domestic affiliates Due to U.S. banks -Due from U.S. banks 29 30 31 24.4 24.8 .5 -65.6 -28.5 37.1 -2.4 21.3 23.7 Fgn. bkg. off. in U.S. Due to U.S. banks -Due from U.S. banks 32 33 34 35.4 44.7 -9.3 23.5 20.2 3.4 -13.0 7.6 -20.6 -17.1 -13.6 -3.5 108.3 101.9 6.4 -8.1 -9.5 1.3 42.8 Net change ln assets Foreign 27.0 Domestic 15.8 Monetary authority 9.0 Federal Reserve float 1.2 Loans to member banks 7.8 38.1 40.3 -2.2 -32.9 -36.7 3.9 -3.5 -8.2 4.8 14.5 13.5 1.0 21.6 -9.6 .8 18.0 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 31.1 Net change in liabilities Monetary authority 6.9 Coml. bank reserves 6.1 Vault cash .7 6.9 6.1 .7 Commercial banking Reserves at F.R. Vault cash -11.7 Discrepancy: Floats, etc. 27 28 35 36 37 38 39 40 41 42 43 44 MARCH 11, 1988 Deposit Claims Deposit Claims 36 Monetary Claims On Financial Institutions UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 Ill IV I 1 1987 I II III IV 1978 BILLIONS OF DOLLARS 1981 1980 1979 1982 Currency and Checkable Deposits 1 Net change in liabilities 8,916 2 S A 5 Monetary authority U.S. govt, cash 8 deposits Foreign deposits Currency outside banks 5,235 A,262 12 961 6 7 8 9 Commercial banking U.S. government deposits Foreign deposits Private domestic deposits -560 2,987 -325 -3,222 57,539 -5,910 23.A38 32.7 35.8 17.1 27.9 37.7 1 -A,850 -3,929 97 -1.018 15,978 10,172 -120 5,926 -3.A22 -A,686 161 1,103 5.60A -3,813 -19A 9,611 6.3 -3.1 .1 9.3 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 2 3 A 5 76,839 -71,810 -731 -18,831 2.A52 -1,601 75,118 -51,378 37.06A 22,275 675 1A.11A -2,395 2,051 -1.8A8 -2,598 17,AAA -A88 1,870 16,062 25.A 6.8 -.3 18.9 26.A .A A.l 21.8 5.1 -2.6 .3 7.A 8.6 -1.1 -3.9 13.7 19.2 6.1 -3.A 16.5 6 7 8 9 91,327 -7A.A78 8.326 17 -13 8,322 Savings institutions A.2A1 2,182 A.A97 -93 390 1.0 1.2 2.9 8.A 8.3 10 11 Net change in total assets 8,916 91.327 -7A.A78 57.539 -5,910 23.A38 32.7 35.8 17.1 27.9 37.7 11 12 IS IA 15 1.980 Pvt. domes, sectors, by type Currency 961 Demand deposits -13,317 Other checkable 1A.336 89,602 -50.21A 8,322 -1,018 59,229 -59,151 22,051 9,955 2A.537 5,926 11.A89 7.122 -1,588 1,103 -5,796 3,105 26,063 9,611 12,281 A,171 29.2 9.3 15.A A.5 31.0 8.0 1A.A 8.6 20.7 10.3 -.8 11.2 31.6 9.5 -28.8 50.8 3A.5 9.7 -1.1 26.0 12 13 IA 15 16 17 18 19 20 21 22 Pvt.domes.sectors, by holder Pvt. domestic nonfinancial Households Business State&local governments Mail float Financial sectors 1,980 1,807 11,361 2,A18 -3,230 -8.7A2 173 89,602 -50.21A 80,337 -A6.500 A9.231 -2A.759 1A.2A9 -9,320 3.A69 -3,902 13,388 -8,519 9,265 -3.71A 2A.537 26.0A9 23,617 -1.56A 3,367 629 -1,512 -1,588 762 10,799 -1.A60 -2,228 -6.3A9 -2,350 26,063 25,972 2.62A 9.A70 -1,795 15,673 91 29.2 26.2 22.2 A.5 K -.5 3.0 31.0 27.9 25.6 2.8 -.A -.1 3.1 20.7 17.7 11.1 A.9 -.6 2.3 3.0 31.6 27.9 2A.9 .A -1.5 A.l 3.7 3A.5 28.0 17.9 8.5 -1.6 3.2 6.5 16 17 18 19 20 21 22 23 2A Foreign U.S. government -313 7,2A9 2.A39 -1.50A -71A -22,760 555 32.AA7 -1,687 -2,635 1,676 -A,301 -.2 3.7 A.2 .5 K -3.6 -3.8 .1 -3.7 23 6.8 2A 10 6,162 Small Time and Savings Deposits 1 Net change in liabilities Commercial banks 2 3 Savings institutions A Savings and loan assns. 5 Mutual savings banks Credit unions 6 7 Net change in assets 8 Households 9 State and local governments 10 U.S. government Credit unions 11 31.A36 18,531 12,905 9.621 -1,866 5,150 28,66A 18,666 9,998 A.5AA 1,380 A.07A 18,703 1,255 17,AA8 15.90A -7,015 8,559 13,606 6,32A 7.282 6.5AA -A,72A 5.A62 12,599 A.76A 7,835 8,808 -872 -101 2A.819 9.757 15,062 17.3A8 -1,325 -961 65.1 13.2 51.9 38.7 7.A 5.8 59.6 29.5 30.2 2A.8 1.5 3.9 82.7 AA.8 37.9 30.A 5.3 2.2 A7.8 A0.1 7.7 3.9 1.6 2.2 138.7 96.A A2.3 29.7 A.5 8.2 31,A36 30,316 388 -190 922 28.66A 28.305 AOA -23 -22 18,703 16,630 899 -112 1,286 13,606 12,197 872 252 285 12.599 13.0A0 1,030 -53 -1.A18 2A.819 23,151 1.A39 A86 -257 65.1 66.0 -.1 .1 -.8 59.6 59.8 -.6 .1 .A 82.7 82.5 -.3 -.2 .7 A7.8 A7.5 .1 -.1 .A 138.7 7 13A.3 8 1.5 9 .5 10 2.5 11 6.9 6.0 .A .3 .3 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 1 2 3 A 5 2A.6 13.0 2.3 10.7 11.6 1 2 3 A 5 1 2 3 A 5 6 Money1 Market Mutual Fund Shares 1 Net change in assets 2 Households 3 Nonfin. corp, business A Life Insurance cos. 5 Private pension funds 17,001 15,262 A75 295 969 -2,991 -A.753 506 356 900 12,365 10,965 600 300 500 -2,985 -2,728 -130 -27 -100 A.821 A,239 232 1A0 210 9,785 8,6A3 A 38 285 A19 Large Time Deposits 1 Net change in total liab. 2 Commercial banking Domestic banks 3 A Foreign banking offices 5 Savings institutions 6 Net change in assets 7 Pvt. domestic nonfinancial Households 8 9 Business 10 State & local governments Foreign 11 12 13 IA 15 16 17 18 Financial sectors Saving and loan assns. Mutual savings banks Credit unions Private pension funds St.Slocal govt.rtr.funds Money market funds 7,33A 7,A17 3,161 A,256 -83 7,33A -2,018 1,670 -A79 -3,209 -A55 9,807 -883 -8 951 6,177 1.A21 2.1A9 -2,158 3.287 3.301 -IA -5.AA5 11.3AA 12,909 11,380 1,529 -1,565 12,996 6,612 5,827 785 6.38A 29.A83 19.AA2 17,212 2,230 10.0A1 5A.8 A8.6 A2.1 6.A 6.2 29.3 13.8 10.2 3.6 15.5 60.0 A7.2 39.3 7.9 12.7 61.3 51.5 A3.9 7.6 9.8 A,860 -2,158 -1.66A -5.0A9 -8.8A6 -16.AA1 8,891 8,595 -1,709 2,797 1,685 A33 11.3AA -A65 A,5A9 -1.15A -3,860 -1.A93 12,996 A,635 6,667 1,701 -3,733 636 29.A83 19,109 1A.35A 8.9A0 -A,185 1.312 5A.8 A2.5 33.2 2.0 7.3 1.1 29.3 15.6 12.A A.7 -1.5 1.2 60.0 A5.2 AO.A 6.5 -1.6 1.2 61.3 36.7 17.1 17.A 2.2 2.3 A,839 6,512 -2 35 -3,066 1,226 13A 13,302 -A 72 3 1,971 5.626 1,310 A.86A 7,725 -770 -2.A29 6.66A 1.A39 2,821 9,062 268 6 -A 08 1.123 1,065 7,008 11.1 .A .3 -.6 7.A .9 2.7 12.5 -2.2 -.3 .7 5.7 1.1 7.5 13.6 2.5 M 1.7 M .2 9.0 22.A -.7 -.1 -.3 .5 .1 22.8 20.1 7.2 l.A 5.0 7.5 2.2 -3.1 12 13 IA 15 16 17 18 1 2 3 A,860 9,113 2.093 7,020 -A,253 2.A58 -6,390 -8 906 9,108 -90A -25A 2A.6 6 -2.A 7 -16.5 8 11.8 9 2.A 10 6.8 11 Federal Funds and Security Repurchase Agreements 1 Net change in liabilities Commercial banks 2 Savings and loan assns. 3 A Net change in assets Nonfinancial corporations 5 6 State and local governments Sponsored credit agencies 7 Savings and loan assns. 8 9 Mutual savinss banks 10 Credit unions Other insurance companies 11 12 Money market funds 13 Discrepancy-unallocated assets 17,121 15.15A 1,967 -7A0 -3,6A3 2,903 18,370 1A.662 3,708 12,611 -A,555 17.166 1.3A5 -7A9 2.09A 5.20A 2.A88 2,716 2A.6 22.5 2.1 17.5 17.0 .5 22.5 20.5 2.1 17.8 1A.8 3.0 8.0 9.2 -1.2 12,196 2,061 5,595 5,A51 731 -693 -5AA 9A0 -1.3A5 -3,363 A,902 100 -3.652 -A.A3A -1,965 -633 966 1,353 20,952 1,800 3,700 -298 6,253 1,676 3,135 -50 A.736 5.A66 2.A50 3,800 2.3A6 -1,823 -1.87A -2.15A 1.882 839 1.70A 7,357 A.A35 -5,639 -6.0A7 -982 -1,881 1,888 2,573 -19 3,222 1,112 38A -1.127 -706 -967 -920 -1,017 8.7 5.5 K l.A 1.7 K — — .1 12.7 2.6 A.O .6 2.5 .9 2.1 12.5 6.6 .3 1.8 -.7 .6 .7 3.2 25.0 N 5.2 3.5 A.2 1.5 1.7 .1 8.9 23.3 A 3.7 5 7.3 6 5.A 7 •A 8 H 9 .8 10 A.O 11 1.7 12 A, 925 2,623 -2,582 7.1A5 -359 5,223 15.9 A.8 10.0 -7.2 -15.3 13 9.8 5.1 A.6 A.5 2.8 1.7 10.A -1.7 12.1 A.5 -.A A.9 — U.S. Deposits in Foreign Countries 1 Total f9n. liability, held by: 2 Nonfinan. corporate business 3 Money market funds 516 -69 585 2.AA1 2.909 -A68 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -A.518 -9.AA7 A, 929 -1.906 1.270 -3.176 600 1,812 -1.212 2.500 3,597 --1.097 2.A 2.0 .5 1 2 3 MARCH 11* 1988 Deposit Claims Deposit Claims 37 Monetary Claims On Financial Institutions SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 I 1987 I I 1986 IV III 1987 I X II III IV Currency and Checkable Deposits 1 40.4 47.5 85.4 127.0 .6 119.4 213.4 -108.5 112.8 83.8 -85.7 Net change in liabilities 1 2 3 4 5 13.0 -1.3 14.S 10.5 1.7 M 8.6 16.6 4.1 .1 12.4 12.4 -1.9 -.2 14.4 13.3 -2.3 -.1 15.6 19.2 5.0 -.1 14.3 27.3 5.3 -.1 22.0 9.9 .9 .3 8.7 41.9 31.6 -.2 10.6 -12.5 -29.6 .4 16.7 13.9 -11.9 -.7 26.5 Monetary authority U.S. 9ovt. cash ft deposits Foreign deposits Currency outside banks 2 3 4 5 6 7 8 9 15.9 -5.5 1.6 19.7 29.2 4.0 2.0 25.2 55.9 10.5 1.4 42.2 94.1 1.7 2.9 89.6 -19.7 5.0 -.9 -23.8 80.8 19.4 3.6 57.8 162.0 -4.2 3.1 163.0 -130.5 -34.7 -1.4 -94.4 57.6 43.4 .1 14.2 94.9 21.8 -2.8 76.0 -100.8 -10.4 .5 -91.0 Commercial banking U.S. government deposits Foreign deposits Private domestic deposits 6 7 8 9 a 10 11.5 7.9 15.0 20.5 7.0 19.4 24.1 12.1 13.3 1.3 11 40.4 47.5 83.4 127.0 .6 119.4 213.4 -108.5 112.8 83.8 -85.7 Net change in total assets 12 IS 14 15 45.5 14.5 2.7 28.5 59.7 8.6 15.5 15.8 67.5 12.4 22.0 33.1 124.5 14.4 52.7 57.4 -1.2 15.6 -41.2 24.4 91.6 14.3 16.6 60.6 209.2 22.0 106.4 80.8 -73.6 8.7 -125.7 43.4 38.0 10.6 -2.9 30.3 94.0 16.7 63.8 13.5 -63.2 26.5 -99.9 10.2 Pvt. domes, sectors* by type 12 Currency 13 Demand deposits 14 Other checkable 15 16 17 18 19 20 21 22 45.5 45.1 36.8 6.8 -.7 .1 2.4 59.7 56.6 16.6 6.8 5.0 8.1 5.1 67.5 53.9 39.1 9.9 1.1 3.8 13.7 124.5 114.5 99.8 12.7 3.5 -1.4 10.0 -1.2 6.3 12.3 -2.9 -4.6 1.4 -7.5 91.6 86.8 86.9 9.5 -3.7 -5.9 4.7 209.2 185.1 158.2 22.6 3.7 .7 24.1 -73.6 -71.9 -61.0 -12.2 -1.3 2.6 -1.7 38.0 48.1 53.7 5.1 -.2 -10.5 -10.1 94.0 98.5 98.6 -5.7 .9 4.7 -4.5 -63.2 -49.6 -42.2 1.4 -17.6 8.9 -13.6 Pvt.domes.sectors* by holder Pvt. domestic nonfinancial Households Business StateSlocal governments Mall float Financial sectors 16 17 18 19 20 21 22 23 24 1.6 -6.7 1.9 5.7 1.6 14.3 2.7 -.2 -1.0 2.8 3.5 24.4 3.1 1.1 -1.1 -33.8 -.1 75.0 -2.4 -7.8 -.2 -22.3 Foreign U.S. government 23 24 1.2 Savings institutions 10 11 Small Time and Savlnss Deposits 1 2 3 4 5 6 216.6 130.8 85.8 65.7 7.5 12.6 150.9 74.6 76.3 66.3 -1.2 11.3 141.3 80.3 60.9 45.0 -3.5 19.4 124.3 71.6 52.7 36.3 -7.1 23.5 69.7 22.1 47.6 48.6 -13.9 13.0 147.8 97.1 50.8 30.2 -3.4 23.9 115.2 51.4 63.9 35.4 2.3 26.2 32.0 4.8 27.2 37.3 -36.4 26.3 76.7 30.2 46.6 40.7 -9.7 15.6 69.0 38.7 30.3 28.0 -.6 2.8 101.2 Net change in liabilities 14.8 Commercial banks 86.4 Savings institutions 88.4 Savings and loan assns. -9.0 Mutual savings banks 7.1 Credit unions 7 8 9 10 11 216.6 210.1 5.3 -.5 1.6 150.9 153.3 -2.6 .5 -.4 141.3 144.0 -5.4 a 2.6 124.3 120.6 .2 .2 3.3 69.7 65.0 4.2 .6 -.1 147.8 140.8 2.4 -.8 5.4 115.2 113.7 1.2 -.1 .4 32.0 25.5 3.6 -.4 3.3 76.7 71.7 3.3 1.0 .7 69.0 68.4 4.7 -.2 -4.0 101.2 Net change in essets Households 94.5 5.3 State and local governments 1.9 U.S. government -.5 Credit unions 21.5 14.5 2.0 1.4 3.6 -3.7 -9.3 2.4 1.2 2.0 .1 1.2 -.5 -.1 -.4 24.7 22.4 .9 .6 .8 74.7 Net change in assets 70.2 Households 1.8 Nonfin. corp, business 1.1 Life Insurance cos. 1.7 Private pension funds 1 2 3 4 5 1 2 3 4 5 6 7 8 9 10 11 Money Market Mutual Fund Shares 1 2 3 4 5 -40.4 -31.1 -7.9 -1.9 .4 54.2 44.0 4.9 2.2 3.0 10.2 12.1 -3.2 .4 1.0 48.3 42.6 1.2 1.1 3.4 24.0 21.1 1.1 .7 1.0 69.8 62.8 1.9 1.2 3.9 Large Time Deposits 1 2 3 4 5 -13.0 -48.3 -38.7 -9.6 35.3 87.2 38.3 33.9 4.4 49.0 17.8 11.8 10.8 .9 6.1 4.8 3.2 -6.6 9.8 1.6 51.7 42.3 37.7 4.5 9.4 17.2 14.3 -4.6 18.9 2.9 -3.3 18.6 -3.4 22.0 -21.9 20.9 34.8 25.0 9.7 -13.8 51.3 64.3 63.6 .7 -13.1 43.7 14.3 8.7 5.7 29.4 90.8 Net change in total liab. Commercial banking 55.6 Domestic banks 53.6 2.0 Foreign banking offices 35.2 Savings institutions 1 2 3 4 5 6 7 8 9 10 11 -13.0 -8.3 -13.3 14.6 -11.6 .5 87.2 84.3 68.2 13.2 2.8 4.6 17.8 7.6 -14.2 9.4 12.4 3.7 4.8 -11.6 -16.5 9.7 -4.8 -2.7 51.7 18.2 9.1 18.1 -9.0 .9 17.2 -24.8 -12.1 5.7 -18.4 -.1 -3.3 -21.9 -36.7 19.3 -4.5 S.O 20.9 9.7 -31.8 40.2 l.S 8.5 51.3 .3 5.5 -2.5 -2.6 -10.3 43.7 4.6 10.0 15.6 -20.9 3.7 90.8 Net change in assets 54.0 Pvt. domestic nonflnsnclal 48.6 Households Business 19.1 -13.7 State t local governments Foreign 1.7 6 7 8 9 10 11 12 IS 14 15 16 17 18 -5.2 1.2 ■ a 7.5 2.8 -16.8 -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 19.0 4.0 a 3.8 5.5 3.5 2.3 32.5 -7.4 a a 22.5 2.9 14.4 42.1 3.8 a 6.0 24.7 9.7 -2.1 15.5 17.9 a .6 -12.3 2.9 6.4 2.8 -29.7 a 1.2 36.4 -6.1 .9 61.3 3.8 a 7.9 22.5 5.5 21.6 35.4 4.6 — -7.8 26.7 10.3 1.7 35.1 -8.1 a S.l 4.5 1.9 35.6 Financial sectors Ssvlng and loan assns. Mutual savings banks Credit unions Private pension funds St.&locel govt.rtr.funds Money market funds 12 13 14 15 16 17 18 Federal Funds and Security Repurchase Agreements 1 2 3 28.6 14.8 13.9 20.4 1.6 18.8 29.4 31.3 -1.9 33.4 19.2 14.2 37.5 11.8 25.7 65.9 62.3 3.6 -19.4 -26.9 7.5 55.7 39.3 16.4 88.8 11.8 77.0 3.6 .6 2.9 4 5 6 7 8 9 10 11 12 29.1 11.2 7.2 -2.3 8.9 -.6 1.1 9.6 -3.2 31.7 -4.6 9.5 8.3 6.9 1.3 .3 4.2 9.7 35.4 4.0 12.6 7.2 .5 .3 3.7 3.7 3.3 33.8 9.7 8.6 5.8 -.2 a 2.5 l.S 6.1 28.1 14.8 13.0 -3.2 -2.7 -1.9 -1.9 2.8 7.1 26.9 8.6 27.3 -1.3 2.9 -2.8 -2.2 3.8 -9.4 -11.2 18.9 -1.7 -9.9 -17.7 -2.8 -2.5 3.9 .7 56.4 4.1 11.6 -1.5 25.0 -2.3 12.5 -.2 7.0 72.4 14.3 15.5 30.3 -7.3 -4.0 -8.6 7.5 24.6 -17.7 28.3 24.1 -48.5 -24.2 -3.9 -7.5 7.6 6.5 IS -:4 -18.4 -6.8 .4 9.4 39.8 -8.2 -.6 16.4 21.2 -20.3 -35.5 15.2 -21.6 -13.5 -8.1 15.6 23.9 -8.2 2.1 Net change in liabilities Commercial banks -4.4 6.4 Savings and loan assns. 1.4 Net ehange in assets 12.6 Nonfinancial corporations State and local governments 1.0 6.8 Sponsored credit agencies Savlnss and loan assns. -4.5 2.7 Mutual savlnss banks Credit unions -3.9 -3.7 Other Insurance companies Money market funds -9.6 1 2 3 4 5 6 7 8 9 10 11 12 .7 Discrepancy-unallocated assets 13 U.S . Deposits in Foreign Countries 1 2 3 l.S S.l -1.8 -5.8 -5.1 -.7 -4.3 -2.1 -2.2 9.1 5.9 3.1 -3.3 -2.8 — .6 13.7 14.1 -.3 13.1 11.6 1.5 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 13.0 Total fgn. liability* held bv« Nonfinan. corporate business 14.1 Money market funds -1.2 1 2 3 i-iARCH II 1988 U.S. Government Securities U.S. Government Securities U.S. Government Securities Market Summary 38 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV I 1 1987 II I III IV 1978 BILLIONS OF DOLLARS 1981 1979 1980 1982 Total Net Issues. by Sector and Type 1 Total U.S. government secur. 110.646 131,366 57,900 69,348 U.S. government 2 3 Spons. agencies 8 mtg. pools 52.746 62,018 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) 66,715 27,505 39,210 78,500 31,3<»8 47,102 62,867 103,377 21,836 60,654 41,031 42,723 90.5 53.8 36.7 84.8 37.5 47.3 122.9 79.3 43.6 133.0 87.5 45.5 225.9 161.4 64.5 1 2 3 162.1 .2 162.0 4 5 6 57,506 3,948 53,558 69,299 5,563 63,736 27,527 1,340 26,187 31,879 2,131 29,748 21,960 1,730 20,230 60,955 2-570 58,385 55.1 3.9 51.2 38.8 -.8 39.6 79.8 -7.3 87.1 87.8 -4.3 92.2 53,140 394 5,922 46.824 62,067 49 5,787 56,231 39,188 -22 -4,634 43,844 46,621 -346 -135 7,395 39,707 40,907 -124 7,954 33,077 42,422 -130 -171 19,193 23,530 35.3 -1.1 -.3 23.1 13.6 46.0 -1.1 -.2 24.3 23.1 43.1 -.3 -.2 24.4 19.2 45.2 -.3 -.1 30.5 15.0 110.646 131,366 742 2,570 721 2.579 21 -9 66,715 2,335 2,315 20 78,500 -3,312 -3,292 -20 62,867 103.377 1,934 2,069 1,973 2,104 -39 -35 90.5 .6 .5 .1 84.8 .2 -.2 .4 122.9 — .7 .4 .2 133.0 .4 .2 .2 225.9 — 1.4 1.5 -.1 1 2 3 4 5 20,852 -17,331 20,565 -14,907 287 -2,424 16,857 15,897 960 -1,421 -365 -1,056 10,540 10,610 -70 7.3 7.7 -.4 7.6 6.9 .7 4.4 3.9 .6 9.8 9.6 .1 8.5 8.4 .1 6 7 8 63.7 7 -.2 8 -.5 9 14.9 10 49.5 11 Total Net Purchases, by Sector and Type 1 Total purchases, by sector U.S. govt, (agency issues) 2 Sponsored credit agencies 3 4 Treasury issues Agency issues 5 6 7 8 Monetary authority Treasury issues Agency Issues 8.621 6,902 1.719 9 10 11 Foreign Treasury Issues Agency issues 14,631 12,776 1,855 3.604 1,498 2,106 11,483 10,575 908 11,251 10,513 738 9.787 9,129 658 7,200 6,500 700 27.0 25.7 1.3 -16.9 -17.5 .5 14.9 12.4 2.5 9.5 7.9 1.6 12.3 9 12.8 10 -.5 11 12 13 14 Total private domestic Treasury issues Agency Issues 86,652 104,340 37,107 44,657 49,545 59,683 70,228 29,544 40,684 53,704 8,761 44,943 52,432 11,092 41,340 83,703 41,872 41,831 55.5 21.2 34.4 93.9 49.5 44.4 102.9 63.1 39.8 113.4 70.0 43.3 203.6 12 139.5 13 64.1 14 21,402 17.403 3,948 13,455 3,999 31,754 -6,637 18,652 4,243 1,340 5,563 2,903 13,089 13.102 -10,880 9,662 -312 2,131 -2,443 9,974 9,372 9,322 1,730 7,592 50 42,386 27,601 2,570 25,031 14,785 39.8 26.8 3.9 22.8 13.0 59.7 39.8 -.8 40.6 20.0 31.0 24.5 -7.3 31.8 6.6 38.3 38.8 -4.3 43.1 -.5 68.5 67.7 .2 67.5 .8 15 16 17 18 19 14,107 -11,490 2,460 4,108 5,563 1,340 1,120 -1,455 9,999 -13,950 5,291 -2.144 2,131 -4,275 7,435 12,477 15,209 1,730 13,479 -2,732 25,242 12,789 2,570 10,219 12,453 27.4 20.5 3.9 16.5 7.0 42.5 24.4 -.8 25.2 18.0 23.5 18.7 -7.3 26.0 4.9 41.4 36.6 -4.3 40.9 4.8 51.7 52.7 .2 52.5 -1.0 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 24 Households Total Treasury issues Savings bonds Other Treas. issues Agency issues -173 -2,212 3,948 -6,160 2.039 25 26 27 Nonfin. corp, business Treasury issues Agency issues -3,794 -3,759 -35 8,587 8,621 -34 1,663 1,696 -33 2,972 3,003 -31 -4,706 -4,677 -29 9,621 9,647 -26 1.5 .8 .7 6.6 7.8 -1.3 5.6 5.1 .5 4.0 4.0 10.3 25 10.2 26 .1 27 28 29 30 State and local govts. Treasury issues Agency Issues 25,369 23.374 1,995 9,060 5,923 3,137 3,190 87 3,103 1.399 -1,171 2,570 1,601 -1,210 2,811 7,523 5,165 2,358 10.9 5.5 5.3 10.7 7.5 3.2 1.9 .7 1.2 -7.1 -1.8 -5.4 6.5 28 4.8 29 1.7 30 13,677 283 13,394 14,229 2,611 11,618 6,189 -3,570 9,759 4,674 -578 5,252 10,978 5,674 5.304 5,619 7,040 -1,421 -.8 -7.8 7.0 9.6 2.0 7.6 25.8 16.1 9.7 11.6 1.8 9.8 26.6 31 19.4 32 7.3 33 12,477 113 1,101 -14 13,681 -265 789 24 4,208 691 1,314 -24 4,897 507 -695 -35 10,279 -150 903 -54 5,557 571 -432 -77 .1 -1.3 .5 -.1 7.4 1.7 .5 K 25.0 .2 .5 .1 11.4 -.1 .6 -.3 26.7 -1.2 .8 .3 51,573 19,421 32,152 58.357 23,394 34,963 70,676 28,871 41,805 39.368 9,651 29,717 32,082 -3.904 35,986 35,698 7,231 28,467 16.5 2.2 14.3 24.6 7.8 16.8 46.1 22.6 23.5 63.5 29.4 34.1 108.5 38 52.4 39 56.1 40 11.321 2,230 9,091 6,381 -3,379 9.760 6,477 4,955 1,522 21,790 5,024 16,766 10,833 1,002 9,831 9.385 1,639 7,746 4.6 H 4.6 1.0 -2.9 3.9 13.8 5.7 8.1 2.4 -4.2 6.6 35.3 41 5.4 42 29.8 43 31 32 33 34 35 36 37 38 39 40 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 34 35 36 37 41 42 43 Savings and loan assns. Treasury Issues Agency Issues 44 45 46 Mutual savings banks Treasury issues Agency Issues 1.045 200 845 3.843 400 3,443 1,678 343 1,335 359 107 252 1,324 -438 1.762 3,148 713 2.435 .8 -.9 1.7 1.2 -.2 1.3 3.3 .8 2.5 .9 -.2 1.2 1.9 44 .7 45 1.2 46 47 48 49 Credit unions Treasury issues Agency Issues 1,286 567 719 596 205 391 2.200 1,252 948 1.755 830 925 -366 969 -1,335 -539 220 -759 -.8 -.7 -.1 -1.1 -.1 -1.0 1.0 .3 .7 .3 .1 .3 1.2 47 .3 48 .9 49 50 51 52 Life insurance companies Treasury Issues Agency Issues 3,069 2.234 835 7.257 4,001 3.256 8,999 6,628 2,371 -2,953 -4,256 1.303 4.177 1,947 2,230 6,768 4,648 2,120 2.0 -.5 2.5 2.9 .1 2.8 2.7 1.0 1.8 5.5 2.3 3.1 12.7 50 8.4 51 4.3 52 53 54 55 Private pension funds Treasury issues Agency Issues 3.137 2,022 1,115 172 4,158 -3,986 5,990 -2,107 8.097 2,161 3,347 -1,186 4,809 -3,294 8.103 3,150 -1,768 4.918 2.1 1.9 .2 6.7 2.8 3.9 12.0 6.2 5.8 16.3 5.0 11.3 10.3 53 3.8 54 6.4 55 56 57 58 St.Slocal govt.rtr.funds Treasury issues Agency issues 4,605 767 3,838 5,021 5,707 -686 3,797 1,670 2,127 6.171 5,214 957 6,990 4,787 2,203 5,385 3.348 2,037 7.1 2.7 4.4 6.6 5.3 1.4 9.9 6.2 3.7 11.8 6.6 5.2 19.4 56 9.3 57 10.1 58 59 60 61 Other Insurance cos. Treasury issues Agency issues 5,811 3.054 2.757 5,975 3,265 2,710 6,532 3,546 2.986 4,468 1,911 2,557 4.139 2,495 1,644 5,718 3,615 2,103 1.2 .7 .5 1.3 .2 1.1 1.8 1.6 .2 2.2 1.4 .8 2.2 59 .6 60 1.5 61 62 63 64 Mutual funds Treasury issues Agency issues 13,443 6,836 6,607 8,920 4,195 4,725 26.464 21,983 4,481 -5,229 -4,317 -912 -9,572 -7,502 -2,070 -5,848 -4,325 -1,523 -.2 -.2 - « « .3 .3 - .9 .9 - 2.3 62 2.3 63 - 64 65 66 67 Money market funds Treasury Issues Agency Issues 1,967 1,595 374 4,007 4,079 -72 -8,017 -9,563 1,546 926 1.735 -809 -2,409 -4,977 2.568 7,649 -925 8,574 .6 M .6 4.2 .7 3.4 2.6 1.9 .7 23.7 18.0 5.6 22.7 65 21.1 66 1.6 67 68 69 Brokers 8 dealers CMO Trusts (agy. Issues) -84 5,973 763 15,422 164 16,392 56 9.864 1,107 11,050 66 816 -.8 - 1.9 - -1.4 - -.6 - .4 68 .2 69 (1) For purchases* agency issues include loan participations. (2) These issues are outside both the budget and the U.S. government sector in the Flow of Funds Accounts. They are Included in credit market debt of financial institutions. LATEST QUARTER BASED ON INCOMPLETE INFORMATION - MARCH 11, 1988 U.S. Government Securities U.S. Government Securities 39 U.S. Government Securities Market Summary SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 1986 SEASONALLY ADJUSTED ANNUAL RATES 1987 I 1 1986 III IV I 1 I 1987 II III IV Total Net Issues, by Sector and Type 1 2 3 254.4 186.6 67.8 273.8 198.9 74.9 324.2 223.7 100.5 393.5 215.1 178.5 311.5 141.4 170.1 412.8 210.5 202.3 476.2 235.2 241.0 340.0 162.3 177.7 325.5 139.1 186.4 221.2 68.0 153.2 4 5 6 186.7 3.1 183.5 199.0 3.0 195.9 223.7 5.3 218.5 214.7 13.6 201.1 142.3 7.8 134.6 208.9 14.6 194.3 235.0 23.3 211.7 162.4 4.3 158.2 141.0 9.5 131.5 68.5 5.4 63.0 197.3 11.9 185.5 7 8 9 10 11 67.8 74.8 -.1 30.4 44.4 100.4 1.4 66.4 178.9 .4 15.2 163.3 169.1 -.6 -.3 29.9 140.2 203.9 1.6 — 23.0 179.3 241.2 .2 20.4 220.7 177.6 -.1 -3.6 181.3 184.5 -1.4 -.5 19.8 166.7 152.7 -.5 — 31.4 121.8 162.8 -.5 -.7 72.0 91.9 Other Budget agency issues Loan participations (1) Spons. agency Issues (2) Mortgage pool secur. (2) 7 8 9 10 11 1 2 3 4 5 254.4 -1.3 -.8 — .4 273.8 1.6 1.4 .2 324.2 1.3 1.2 .1 393.5 4.6 5.2 -.6 311.5 3.0 3.1 -.1 412.8 16.0 16.6 -.7 476.2 7.7 7.4 .3 340.0 12.3 11.5 .9 325.5 -28.4 -28.0 -.4 221.2 23.3 24.4 -1.1 360.1 Total purchases, by sector U.S. govt, (agency issues) 4.9 Sponsored credit agencies Treasury Issues 4.5 .4 Agency issues 1 2 3 4 5 6 7 8 12.0 12.6 -.7 8.8 8.9 -.1 21.6 20.5 1.1 30.2 30.0 .2 8.6 11.2 -2.6 45.9 39.5 6.4 48.7 50.5 -1.8 -40.9 -34.9 -6.0 62.5 58.4 4.2 7.9 12.6 -4.7 5.0 8.9 -3.8 Monetary authority Treasury Issues Agency Issues 9 10 11 15.6 15.7 « 28.9 27.7 1.2 24.2 19.6 4.6 50.0 42.8 7.2 39.7 36.7 3.0 58.5 51.1 7.4 14.4 6.0 8.4 45.9 42.3 3.6 45.0 42.1 3.0 39.1 36.5 2.6 28.8 26.0 2.8 Foreign Treasury Issues Agency Issues 9 10 11 12 13 14 228.1 159.2 68.9 234.5 161.0 73.5 277.0 182.5 94.6 308.7 136.7 172.0 260.1 91.3 168.8 292.4 101.7 190.7 405.3 171.0 234.3 322.6 143.6 179.1 246.4 68.6 177.8 150.9 -5.0 155.9 321.4 158.0 163.4 Total private domestic Treasury issues Agency issues 12 13 14 15 16 17 18 19 99.3 99.7 3.1 96.5 -.4 123.6 96.3 3.0 93.3 27.3 145.3 101.9 5.3 96.6 43.4 47.1 45.5 13.6 31.9 1.6 54.8 40.9 7.8 33.1 13.9 8.8 .2 14.6 -14.4 8.6 95.1 37.6 23.3 14.4 57.5 80.1 117.4 4.3 113.1 -37.3 54.5 18.2 9.5 8.7 36.4 -44.6 -36.7 5.4 -42.2 -7.9 130.1 64.6 11.9 52.7 65.6 20 21 22 23 24 59.4 69.9 3.1 66.8 -10.5 94.8 79.5 3.0 76.5 15.3 59.3 31.1 5.3 25.8 28.2 -.2 10.8 13.6 -2.8 -11.0 31.5 28.3 7.8 20.5 3.2 -111.8 -111.9 14.6 -126.5 .1 45.8 .9 23.3 -22.4 44.9 66.1 114.3 4.3 110.1 -48.2 47.3 21.6 9.5 12.1 25.7 -69.5 -50.6 5.4 -56.0 -19.0 83.3 27.9 11.9 16.0 55.4 Households Total Treasury issues Savings bonds Other Treas. issues Agency Issues 20 21 22 23 24 25 26 27 13.0 13.0 * 12.2 12.3 -.1 4.4 4.5 -.1 10.5 10.6 -.1 9.6 9.7 -.1 9.7 9.8 -.1 16.1 16.2 -.1 9.9 10.0 -.1 .3 .5 -.1 9.3 9.4 -.1 18.7 18.8 -.1 Nonfin. corp, business Treasury issues Agency issues 25 26 27 28 29 30 26.9 16.7 10.2 16.6 4.5 12.1 81.7 66.3 15.3 36.8 24.1 12.8 13.7 2.9 10.8 110.9 102.3 8.6 33.2 20.5 12.7 4.1 -6.9 11.1 6.9 -3.9 10.8 15.6 4.4 11.2 28.2 17.9 10.3 State and local govts. Treasury issues Agency issues 28 29 30 31 32 33 48.6 47.8 .7 .6 1.9 -1.3 9.7 12.1 -2.4 43.3 5.3 38.0 27.5 8.6 18.9 54.0 7.8 46.1 70.2 19.8 50.5 -3.8 -43.2 39.4 33.4 8.7 24.7 41.3 28.8 12.5 39.0 39.9 -1.0 34 35 36 37 44.2 1.6 1.7 1.1 1.3 .5 -.6 -.6 4.6 4.7 .4 24.9 1.6 1.1 -.2 50.1 .5 3.5 -.1 67.9 -1.1 3.4 .1 -9.8 2.8 3.3 -.1 31.5 2.0 H 42.4 -2.8 3.6 .1 -.1 39.8 -.6 2.3 -.2 38.2 2.3 -1.2 -.3 38 39 40 80.2 11.7 68.5 110.3 62.8 47.5 122.0 68.4 53.5 218.3 85.9 132.4 177.8 41.8 136.0 229.6 93.6 136.0 240.0 113.6 126.4 246.3 69.4 177.0 158.5 41.7 116.8 154.2 2.9 151.3 152.3 53.5 98.8 41 42 43 40.1 10.3 29.8 20.7 3.8 16.9 -11.7 -12.9 1.2 42.0 .9 41.1 48.5 12.6 35.9 54.7 17.6 37.1 47.9 .4 47.5 12.1 9.4 2.8 65.5 5.3 60.2 53.0 12.6 40.4 63.3 23.2 40.1 44 45 46 9.8 3.8 6.0 .3 -.2 .5 -1.2 — .6 -.6 6.8 .7 6.1 6.5 .7 5.8 7.6 1.0 6.6 13.1 1.5 11.6 3.7 .2 3.4 3.2 1.7 1.5 9.5 -1.7 11.1 47 48 49 3.1 1.4 1.7 .4 .8 -.4 3.7 2.6 1.1 3.7 1.9 1.8 3.1 3.3 -.2 4.1 2.0 2.1 6.3 2.6 3.6 7.1 4.2 2.9 6.0 2.5 3.5 50 51 52 19.3 12.1 7.2 23.6 12.6 11.0 23.0 10.5 12.5 17.9 7.3 10.6 17.0 9.0 8.0 19.9 11.8 8.0 13.8 7.5 6.3 39.5 27.8 11.7 53 54 55 12.0 .4 11.6 7.3 11.6 -4.3 8.1 -.8 8.9 6.9 8.9 -2.0 16.1 -3.8 19.9 13.8 6.1 7.7 -6.2 20.9 -27.1 56 57 58 17.0 12.0 4.9 23.1 19.0 4.1 12.3 15.0 -2.7 20.7 12.1 8.6 22.3 15.0 7.3 17.6 5.9 11.7 59 60 61 5.5 3.3 2.2 9.1 5.9 3.2 18.8 10.6 8.2 21.7 12.4 9.3 20.9 11.6 9.3 62 63 64 .6 .6 6.4 5.8 .5 52.9 41.4 11.5 59.3 36.4 22.9 65 66 67 -18.4 -19.8 1.4 6.2 2.6 3.6 .3 -.8 1.1 68 69 -12.4 3.7 1.0 12.4 3.6 12.2 K H 20.6 79.9 360.1 Total U.S. government secur. 196.1 U.S. government 164.0 Spons. agencies 8 mtg. pools 1 2 3 By instruments Treasury Issues Household savings bonds Treas. excl. savings bonds 4 5 6 Total Net Purchases, by Sector and Type a Private domestic nonfinan. Total Treasury Issues Savings bonds (HH) Other Treasury issues Agency issues 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 6 7 8 15 16 17 18 19 31 32 33 34 35 36 37 38 39 40 Savings and loan assns. Treasury issues Agency issues 41 42 43 9.7 2.6 7.1 Mutual savings banks Treasury issues Agency issues 44 45 46 -2.9 3.5 -6.4 2.0 2.9 -.9 Credit unions Treasury issues Agency issues 47 48 49 -7.0 -12.2 5.2 25.2 10.9 14.3 10.2 9.4 .8 Life Insurance companies 50 Treasury issues 51 Agency Issues 52 24.3 -19.8 44.1 15.5 22.2 -6.8 20.2 -14.7 35.0 4.4 -3.0 7.4 Private pension funds Treasury Issues Agency Issues 20.1 26.8 -6.7 4.7 -5.7 10.4 35.9 25.6 10.3 26.9 22.7 4.2 21.9 17.5 4.4 St.81ocal govt.rtr.funds 56 Treasury Issues 57 Agency issues 58 21.8 10.8 11.0 24.1 13.3 10.8 25.6 13.6 11.9 19.6 9.4 10.2 15.1 8.5 6.6 23.1 14.7 8.4 Other Insurance cos. Treasury Issues Agency issues 59 60 61 5.8 5.8 a 57.2 30.8 26.4 47.9 29.0 18.9 89.5 71.6 17.9 -23.3 -19.7 -3.6 -34.2 -25.9 -8.3 -8.8 -2.7 -6.1 Mutual funds Treasury Issues Agency Issues 62 63 64 .5 3.4 -3.0 -1.9 -13.7 11.9 7.9 6.4 1.5 16.0 16.3 -.3 -32.1 -38.3 6.2 3.7 6.9 -3.2 -9.6 -19.9 10.3 30.6 -3.7 34.3 Money market funds Treasury issues Agency issues 65 66 67 1.8 37.1 1.4 38.1 1.2 23.9 -4.8 61.7 6.3 65.6 a 39.5 6.8 44.2 -7.5 3.3 Brokers 8 dealers 68 CMO Trusts (agy. issues) 69 (1) For purchases* agency issues include :loan participations. (2) These issues are outside both the budget and the U.S. government sector in the Flow of Funds Accounts. They are Included in credit market debt of financial institutions. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 53 54 55 MARCH 11, K88 Private Securities Private Securities Tax-Exempt Debt and Corporate and Foreign Securities 40 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV 1987 1 1 I II III IV 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 Tax-Exempt Debt Securities and Loans (1) 1 Net change in liabilities State and local governments 2 Short-term 3 Other 4 5 6 Households 8 nonprof. org. Nonfin. corporate business (industrial revenue bonds) 7 Net change in assets Households 8 Nonfin. corporate business 9 StateSlocal govt. gen. funds 10 35.544 35,881 4,605 31,276 4,371 7,393 998 6,395 9,362 9,213 -1,331 10,544 5,502 7,144 -770 7,914 10,903 11,335 4-009 7,326 5,503 5,267 2,572 2,695 28.4 18.1 .6 17.5 30.3 17.4 1.0 16.5 30.3 16.3 1.7 14.6 23.4 5.5 1.1 4.4 44.2 20.6 6.7 13.9 1 2 3 4 899 -1,236 -629 -2,393 3 146 -325 -1,317 -181 -251 75 161 2.6 7.7 2.9 10.0 3.1 10.9 4.4 13.4 8.5 15.1 5 6 35,544 11,000 -193 88 4,371 4,643 1,988 215 9.362 4,270 869 183 5,502 17,320 -256 -1 10,903 19,056 -136 169 5,503 8,418 2,087 176 28.4 4.1 .2 -.7 30.3 10.4 K -.5 30.3 7.0 -.2 .2 23.4 10.9 K .1 44.2 7 24.7 8 9 .1 . 2 10 -6,984 -33 18 -5,566 161 -36 583 33 -19 9.6 .1 .5 9.5 -.1 -.4 13.6 K -.5 5.0 .1 -.1 4.5 11 -.5 12 .2 13 11 12 13 Commercial banking Savings and loan assns. Mutual savings banks 8,672 -14,284 --10,789 63 49 -22 -233 126 -133 14 15 16 17 Insurance Life insurance companies StateSlocal govt.rtr.funds Other insurance companies 1,988 857 -126 1.257 1,081 11 -261 1,331 -272 -799 -100 627 1,302 625 66 611 206 -399 ->8 613 1,622 714 8 900 14.3 .4 .4 13.5 9.9 K K 9.9 8.1 .3 .1 7.7 4.2 .5 -.2 4.0 4.2 1.9 -.7 3.0 18 19 20 Money market funds Mutual funds Brokers and dealers 4,551 7,986 1,263 3,126 9,042 -1,256 6,469 8,593 194 -3,527 -935 -1.402 -1.782 -110 -1,059 -3,503 -2,140 -1,754 .5 -.2 1.4 .2 1.6 .4 H 2.3 .7 .2 8.0 18 2.9 19 -.2 20 14 15 16 17 (1) Includes small amounts of taxable issues since 1986. ————————— ———— Corporate and Foreign Bonds 1 Net issues Nonfin. corporate business 2 Foreign (1) 3 4 5 6 7 8 9 Total finance Commercial banking Savings and loan assns. Finance companies REITs CMO Trusts 10 Net purchases Households 11 12 Foreign (2) Commercial banking 13 Savings and loan assns. 14 Mutual savings banks 15 43,372 27,108 574 41,995 21,764 -1,146 64,233 39,650 137 39,356 29-541 -852 54,185 32,531 1.337 35,965 23,707 5,648 32.9 21.1 4.0 26.5 17.3 3.7 30.5 27.7 1.2 32.7 22.8 5.5 38.0 18.7 6.6 1 2 3 15,690 3,172 1.843 4,622 80 5,973 21,377 -99 165 5,783 106 15,422 24,446 2,461 2,819 2,835 -61 16,392 10,667 -1,656 -614 3,037 36 9,864 20,317 1,659 795 6,630 183 11,050 6,610 3,396 275 2,002 121 816 7.8 1.0 .7 6.4 -.2 - 5.5 1.6 1.3 .4 .1 -.2 - 4.4 2.0 -.5 3.6 -.7 12.7 6.0 .2 6.4 M .2 4 5 6 7 8 9 43,372 2,058 9.981 7,263 1,460 175 41,995 -3,050 9,449 7,130 -565 -826 64,233 17,712 7,629 7,594 4,993 -1,227 39,356 -9,266 5,791 6,180 4,850 -640 54,185 22,663 5,630 2,815 4,586 -405 35,965 19,091 2,500 1,435 1,131 346 32.9 -4.2 1.9 -.3 .1 26.5 -1.8 2.6 -.1 -1.1 30.5 -13.2 8.2 .6 .7 32.7 -4.9 8.4 K .7 -1.0 38.0 X 10.6 1.5 2.1 -1.1 10 11 12 13 14 15 25.7 16.2 6.5 3.5 -.5 16 17 18 19 20 l\ 4.3 K 16 17 18 19 20 Insurance Life insurance companies Private pension funds St.Sloc. govt. rtr. funds Other insurance companies 19,846 9,533 6,944 767 2,602 15,615 8,579 -426 4,406 3,056 31,065 12.389 11,710 4,866 2,100 15,889 14,694 3,880 -4,785 2,100 20,138 13,721 6,228 -2,364 2,553 17,147 12,765 1,471 148 2,763 36.5 17.3 8.4 9.0 1.8 27.4 11.6 10.7 3.2 2.0 32.3 8.7 14.0 9.5 K 25.0 7.3 5.6 9.2 2.8 21 22 Mutual funds Brokers and dealers 7,721 -5,132 12.085 2,157 -1,730 -1,803 16,756 -204 -2,844 1,602 -2,595 -3,090 -.7 -.4 .8 -1.5 1.3 .7 1.6 2.7 .2 21 -.9 22 Mutual Funds and Other Corporate Equities 1 Net issues Mutual funds 2 3 4 5 6 7 8 18,690 37,368 20,096 46,383 41,085 52,330 3,835 -17,193 -37,070 1,803 -12.861 23,194 1.6 -.1 -3.8 .4 19.8 2.9 -5.5 3.7 25.8 8.8 1 2 -18,678 -26,287 -11,245 -19,359 -18,996 -24,209 Other sectors Nonfin. corporate business -20,125 --26,250 -14,250 -20,750 -19,500 -22,000 Foreign (1) -1,194 -1,967 1.208 468 -407 -3.706 Commercial banking 350 350 400 369 400 400 853 518 Other Insurance companies 308 375 259 217 1,438 1.062 1.120 880 REITs 148 252 1.7 -.1 -.4 1.1 .8 .2 -4.2 -7.8 1.0 1.3 .9 .4 16.9 12.9 2.4 .4 1.2 .2 -9.2 -11.5 .2 .5 1.1 .4 17.0 11.4 1.4 .6 2.8 .8 3 4 5 6 7 8 3,835 -17,193 -37.070 1.6 -3.8 19.8 -5.5 25.8 9 1,803 -12,861 577 -12.730 340 60 -41 211 -150 675 -.1 .6 -.2 K -.5 .4 -1.0 .4 .1 .9 2.9 1.1 .3 .1 1.4 3.7 5.8 .3 .5 -2.8 8.8 7.0 1.1 1.0 -.3 10 11 12 13 14 -18.678 -26,287 -11,245 -19,359 -18,996 -24,209 -30,332 --42,614 -31,459 -47,708 -30,613 -19,594 4,483 172 9.831 8,392 4,966 -7,237 12 -1 5 8 5 -9 364 238 511 -154 -305 32 1.7 -13.1 2.4 a .1 -4.2 -22.7 1.7 a -.1 16.9 -12.0 5.4 M -.5 -9.2 -45.3 5.8 -.1 -.6 17.0 -12.1 3.9 M -.5 15 16 17 18 19 9.051 1,041 -948 7,600 1.358 14.2 -.1 9.8 2.6 2.0 21.1 .4 13.3 4.1 3.2 25.2 .4 16.4 5.3 3.1 28.8 2.4 17.3 7.1 2.0 23.1 2.4 12.0 6.0 2.7 20 21 22 23 24 -3,033 -3,090 -1.6 -.4 -2.8 -1.5 -1.8 .7 -.6 2.7 9 Net purchases 10 11 12 13 14 Mutual fund shares Households Nonfin. corp business Life insurance companies Private pension funds 15 16 17 18 19 Other corporate equities Households Foreign (2) Commercial banking Mutual savings banks 18,690 20,096 41,085 37,368 34,249 702 703 1,714 46,383 43,687 756 628 1,312 52,330 46,760 1,655 915 3,000 23,194 20,744 800 410 1,240 20 21 22 23 24 Insurance Life Insurance cos. Private pension funds St.&loc. govt. rtr. fnds Other insurance cos. 7,149 5,323 -5,086 6,062 850 9,797 267 2.917 4,007 -186 -14,838 5,796 9,838 1,270 1.260 9.659 -2,895 -417 -1.230 -1,971 -11,826 10,500 8,500 1.547 1,661 25 26 Mutual funds Brokers and dealers 4.786 -5,133 3,950 2,158 10,465 -204 11,400 -1.803 (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. 8.107 1,602 3.5 25 -.9 26 MARCH 11, 1988 Private Securities Private Securities A-l Tax-Exempt Debt and Corporate and Foreign Securities SEASONALLY_ADJUSTED ANNUAL RATES 1983 1984 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 1987 1 1 1986 III 1 1 IV 1987 II I III IV Tax- Exempt Debt Securities and Loans Cl) 1 2 3 4 53.7 32.9 -1.5 34.4 50.4 19.7 -3.7 23.3 136.4 83.6 1.3 82.3 30.8 42.9 4.2 38.7 31.3 33.0 4.5 28.5 137.1 138.5 13.4 125.1 17.3 29.4 3.8 25.6 46.9 46.3 4.2 42.2 18.6 25.1 -6.5 31.7 38.0 39.7 10.4 29.3 5 6 11.4 9.4 10.2 20.5 30.2 22.6 -2.2 -9.9 -.4 -1.3 3.6 -4.9 -2.5 -9.6 « .6 -1.3 -5.3 -.7 -1.0 7 8 9 10 53.7 39.1 .7 .6 50.4 29.5 -.1 1.1 136.4 47.9 .8 -1.2 30.8 -8.2 3.1 -.3 31.3 49.1 2.6 .5 137.1 36.8 -.8 .4 17.3 68.5 8.0 .9 46.9 10.8 3.5 .7 18.6 25.0 -1.0 M 38.0 68.5 -.5 .7 11 12 13 4.8 .1 -.3 10.8 -.2 -.1 57.2 .4 .2 -28.5 -.2 -.1 -22.8 .1 -.2 31.2 .3 .5 -104.8 .2 -.9 -15.3 -.1 -.5 3.8 -.1 .1 26.8 .6 -.1 -52.8 .1 -.1 14 15 16 17 -.5 .9 -1.1 -.3 -3.7 -1.3 -.5 -1.9 3.1 1.0 -.4 2.5 6.3 2.0 -.3 4.6 2.9 .1 2.5 -1.7 -1.0 5.3 1.2 -1.0 -.4 2.5 4.7 2.0 .3 2.4 1.1 -1.3 4.5 .8 2.8 8.2 3.7 -.5 5.0 2.5 3.6 18 19 20 3.6 5.5 .4 7.0 5.6 .6 12.4 14.5 1.0 27.5 31.8 -.5 -2.3 5.4 -4.0 23.2 32.3 5.1 16.4 31.6 -5.0 9.8 36.1 .8 -7.8 -.4 -5.6 -1.1 -.1 -4.2 -10.2 -13.9 -7.0 H ■ 21.6 Net change ln liabilities 20.7 State and local governments 9.9 Short-term Other 10.8 .3 .6 Households 8 nonprof. org. Nonfin. corporate business (industrial revenue bonds) 1 2 3 4 5 6 21.6 Net change ln assets 7 91.9 Households 8 8.3 Nonfin. corporate business 9 .7 StateSlocal govt. gen. funds 10 « Commercial banking Savings and loan assns. Mutual savings banks 11 12 13 Insurance Life Insurance companies State81ocal govt.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 Foreign Bonds 1 2 3 36.5 16.0 3.1 86.1 46.1 3.8 126.1 73.8 3.8 192.9 121.3 2.6 193.7 125.4 6.3 169.6 113.7 2.4 174.7 100.8 -4.6 253.7 146.9 2.7 156.8 108.0 -6.0 210.7 135.3 4.9 4 5 6 7 8 9 17.4 8.4 N 5.3 M 3.7 36.2 12.9 1.2 9.6 .1 12.4 48.6 16.9 3.6 15.8 .1 12.2 69.0 5.6 3.6 22.5 .3 37.1 62.0 5.9 3.3 14.5 .3 38.1 53.5 12.7 6.5 10.0 .3 23.9 78.5 -.4 -1.4 18.1 .4 61.7 104.1 9.8 12.9 16.1 -.2 65.6 54.8 -6.6 -.8 22.6 .1 39.5 70.5 6.6 2.3 16.7 .7 44.2 10 11 12 13 14 15 36.5 -11.6 4.6 4.7 5.4 3.0 86.1 5.2 14.8 4.2 7.4 -1.5 126.1 11.8 36.7 5.8 2.8 -2.5 192.9 34.7 40.5 23.6 2.0 -1.8 193.7 50.2 21.6 18.0 15.6 -1.9 169.6 -8.6 44.9 30.6 5.8 -.7 174.7 10.0 34.4 30.5 -2.3 -1.8 253.7 40.4 26.1 31.0 20.0 -5.0 156.8 -16.3 25.5 20.2 19.4 -2.5 210.7 72.6 28.2 13.2 18.3 -3.2 16 17 18 19 20 22.4 16.7 10.5 -.7 -4.2 49.6 23.7 10.2 11.5 4.1 67.4 37.8 10.5 10.9 8.2 69.3 40.8 7.3 10.7 10.4 84.2 53.6 23.3 -2.1 9.5 86.8 40.2 27.8 8.3 10.4 63.0 39.1 -1.7 13.4 12.2 133.0 43.9 46.8 33.9 8.4 48.0 57.4 15.5 -33.3 8.4 87.1 57.0 24.9 -5.1 10.2 68.9 56.0 5.9 -4.0 11.1 21 22 2.7 5.3 3.6 2.8 3.6 .5 26.8 -2.2 9.6 -3.5 30.2 -19.3 35.6 5.4 11.5 -3.2 64.8 -2.2 -12.7 7.1 -25.2 -15.6 153.8 Net Issues 111.6 Nonfin. corporate business 23.5 Foreign (1) 18.7 13.6 -1.3 2.6 .5 3.3 Total finance Commercial banking Savings and loan assns. Finance companies REITs CMO Trusts 153.8 Net purchases Households 104.1 Foreign (2) 6.3 Commercial banking 7.7 Savings and loan assns. 4.5 3.0 Mutual savings banks 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Insurance Life insurance companies Private pension funds St.Sloc. govt. 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 61.8 27.2 -36.4 29.3 19.9 85.7 91.6 163.3 -9.3 64.5 82.0 156.6 82.7 185.6 145.6 193.1 23.4 101.2 -61.1 14.9 3 4 5 6 7 8 34.6 28.3 3.7 .8 1.5 .3 -65.7 -74.5 .9 1.1 3.9 2.7 -65.8 -81.5 3.7 1.4 7.7 2.9 -71.7 -80.8 .7 1.4 4.2 2.7 -73.8 -76.5 -2.4 1.6 1.2 2.4 -74.6 -80.5 -4.7 1.4 3.4 5.8 -102.9 -105.0 -5.6 1.4 2.1 4.2 -47.6 -57.0 2.2 1.5 1.2 4.5 -77.7 -83.0 1.6 1.6 1.5 .6 -75.9 -78.0 -1.6 1.6 1.0 1.0 -145.3 Net Issues -51.3 Mutual funds -94.0 -88.0 -12.0 1.6 .9 3.5 Other sectors Nonfin. corporate business Foreign (1) Commercial banking Other insurance companies REITs -145.3 Net purchases 1 2 3 4 5 6 7 8 9 9 61.8 -36.4 19.9 91.6 -9.3 82.0 82.7 145.6 23.4 -61.1 10 11 12 13 14 27.2 24.0 1.2 -.4 2.4 29.3 24.0 2.8 .5 2.1 85.7 69.8 4.5 2.3 9.1 163.3 154.1 2.0 2.1 5.1 64.5 55.4 2.9 1.5 4.8 156.6 144.1 2.8 2.8 6.9 185.6 174.8 3.0 2.5 5.2 193.1 170.8 6.6 3.7 12.0 101.2 91.4 3.2 1.6 5.0 14.9 10.0 1.4 .8 2.7 -51.3 -50.8 .2 -.2 -.6 Mutual fund shares Households Nonfin. corp business Life insurance companies Private pension funds 10 11 12 13 14 15 16 17 18 19 34.6 -19.9 5.4 -65.8 -102.7 5.0 .1 -.1 -71.7 -132.8 17.8 -73.8 -129.4 16.0 -74.6 -118.3 20.3 -102.9 -170.1 -1.3 -47.6 -135.3 44.7 -77.7 -185.8 28.3 .9 .1 1.5 1.0 2.0 .1 -75.9 -118.9 22.4 a -.6 -94.0 -77.5 -31.6 .3 -65.7 -80.0 -3.0 -.1 -.2 Other corporate equities Households Foreign (2) Commercial banking Mutual savings banks 15 16 17 18 19 20 21 22 23 24 29.8 3.4 4.2 20.0 2.1 8.8 .3 5.6 7.3 -4.3 21.2 3.7 -9.1 28.6 -2.0 24.3 6.0 -8.5 23.1 3.7 16.1 3.4 -29.6 36.4 5.8 21.1 21.3 -20.3 16.8 3.4 43.1 11.7 -.7 27.1 5.1 3.6 16.0 -59.4 41.8 5.0 39.9 -1.7 -7.9 43.3 6.2 -19.7 -4.9 -47.3 25.9 6.6 40.5 4.2 -3.8 34.7 5.4 25 26 13.7 5.3 5.9 2.8 10.3 .5 20.2 -2.2 26.9 -3.5 20.1 -19.3 19.0 5.4 40.7 -3.2 41.9 -2.3 33.7 7.1 -8.6 -15.6 K a a ■ K H M K -1.2 Insurance Life insurance cos. Private pension funds St.feloc. govt. rtr. fnds Other insurance cos. 20 21 22 23 24 Mutual funds Brokers and dealers 25 26 (1) Net purchases of foreign Issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. MARCH 11, 1988 Mortgages - I Mortgages - I Mortgage Markets by Type ot Mortgage 2^2 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV I 1 1987 I II IV III 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 Total Mortgages 1 Net change in mortgages 2 Home mortgages Multi-family residential 3 4 Commercial Farm 5 87,790 65-420 8,395 15,608 -1,633 95,408 60,037 9,235 28,881 -2,745 61,340 43,576 6,093 14,397 -2,726 87,537 62.666 8,598 17,670 -1.397 75,370 52,113 4,821 19,628 -1,192 75,858 54,232 4,394 18,024 -792 151.2 110.2 10.9 22.0 8.2 164.8 116.6 9.9 24.4 14.0 131.1 94.2 7.5 19.2 10.2 109.2 72.2 4.7 22.2 10.0 85.4 50.5 5.3 25.3 4.2 1 2 3 4 5 6 Borrowings by: U.S. government 7 8 REITs 87,790 -12 -137 95,408 -4 -98 61,340 -9 74 87,537 -2 42 75,370 -3 70 75,858 -1 142 151.2 -.1 .2 164.8 -.1 X 131.1 -.1 X 109.2 -.1 X 85.4 -.1 .1 6 7 8 87,939 61,646 587 25.706 -1,633 25,219 2.120 95,510 61,259 584 33,667 -2,745 36,798 -386 61,275 50,102 581 10,592 -2,726 16,322 -3,004 87,497 56,026 578 30,893 -1.397 28,707 3,583 75,303 49,165 575 25,563 -1,192 25,006 1,749 75,717 55,192 572 19,953 -792 20,891 -146 151.2 108.6 1.3 41.3 8.2 28.5 4.6 164.9 117.6 1.5 45.8 14.0 30.3 1.5 131.2 96.4 1.9 32.9 10.2 21.0 1.7 109.3 75.0 2.3 32.0 10.0 23.9 -2.0 85.4 49.5 2.6 33.3 4.2 30.3 -1.2 9 10 11 12 13 14 15 16 Funds advanced by: Households 17 St.Bloc. govt. gen. funds 18 87,790 -209 2,046 95,408 1,144 2,263 61,340 858 3.431 87.537 -856 2,863 75,370 2,331 974 75,858 -1,646 550 151.2 11.9 2.5 164.8 16.7 6.5 131.1 17.5 9.8 109.2 18.0 7.7 85.4 16 10.8 17 5.2 18 19 20 21 U.S. government Sponsored credit agencies(l) Mortgage pools 52 -1,663 46,824 686 -3,752 56,231 -290 -3,224 43,844 -47 -2,948 39,707 -5,254 260 33,077 146 735 23,530 4.2 12.2 13.6 6.6 14.4 23.1 7.5 14.2 19.2 4.9 12.6 15.0 2.4 19 14.1 20 49.5 21 22 23 24 25 26 27 Private finan. Institutions Commercial banking Savings institutions SSL associations (1) Mutual savings banks Credit unions 40,740 18.206 7,387 2,737 3,230 1,420 38,836 24,881 7,175 458 4,712 2,005 16,721 16,940 -1,429 -5,159 2,347 1,383 48,818 24,907 15,502 8,544 4.276 2,682 43,982 19,732 23,566 15.232 5,081 3,253 52,543 20,796 24,063 16,279 5,746 2.038 106.7 35.1 57.8 50.8 6.4 .6 97.5 30.6 48.2 44.0 3.6 .6 63.0 17.5 29.6 28.3 .6 .7 51.0 21.6 17.1 17.7 — .4 -.2 3.3 16.0 -24.5 -21.8 -2.5 -.2 22 23 24 25 26 27 5,861 5,484 -85 167 295 9,183 103 8,517 7,862 174 186 295 -1,095 -642 1,909 1,901 170 -217 55 -940 241 4,890 4,639 150 -105 206 3,544 -25 4,118 3,881 50 180 7 -3,723 289 6,380 6,300 25 55 971 333 10.1 9.3 .2 .5 X 4.9 -1.1 13.8 12.3 .3 1.0 .3 5.8 -1.0 14.8 12.7 .5 1.3 .3 1.9 -.7 9.1 6.7 .4 1.6 .4 4.4 -1.1 7.7 4.2 2.0 1.3 .3 4.1 X 28 29 30 31 32 33 34 4,196 9,609 -1,885 7,575 35 (1) Memo: FHLB loans to saving associations (included in "other loans" category). 5,755 12,968 12.5 9.2 7.1 16.2 9 10 11 12 13 14 15 28 29 30 31 32 33 34 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 Home Mortgages .8 35 (1) 1 Net borrowing Households 2 Nonfarm noncorp. business 3 Nonfin. corporate business 4 65,420 61,646 1,887 1,887 60,037 61,259 -611 -611 43,576 50,102 -3,263 -3,263 62,666 56,026 3,320 3,320 52,113 49,165 1,474 1,474 54,232 55,192 -480 -480 110.2 108.6 .8 .8 116.6 117.6 -.5 -.5 94.2 96.4 -1.1 -l.l 72.2 75.0 -1.4 -1.4 50.5 49.5 .5 .5 1 2 3 4 5 Net change in assets 6 Households State and local governments 7 65,420 -1,629 651 60,037 -443 326 43,576 1,689 184 62,666 -2,082 -331 52,113 -863 284 54,232 -2,787 300 110.2 6.7 2.0 116.6 8.8 4.7 94.2 14.3 7.9 72.2 15.0 5.8 50.5 10.4 3.0 5 6 7 -245 -789 45,809 6,741 232 -1,032 54,488 5,007 -175 -957 42,009 6,510 -150 -1,785 38,560 12,154 -3,145 1,233 32,059 5,734 98 1,716 22.996 9.959 1.9 9.0 12.4 24.1 2.3 9.2 21.8 20.0 2.7 7.6 18.7 11.0 2.4 5.1 14.3 9.9 1.5 8 10.3 9 49.3 10 2.7 11 5,978 2,571 1,987 1,420 2,837 -1,705 2,537 2,005 -5,628 -4,833 -2,178 1,383 12,907 7,407 2,818 2,682 20,279 13.358 3,668 3,253 20,479 14,245 4,196 2,038 50.0 44.6 4.8 .6 42.8 39.4 2.8 .6 28.0 26.2 1.1 .7 15.9 15.8 .3 -.2 -30.9 -28.9 -1.8 -.2 12 13 14 15 153 340 -25 -162 -278 -158 51 -171 206 76 50 80 -211 -158 40 -93 191 -3 194 450 400 50 -.2 -.3 .2 -.1 2.2 1.7 .2 .3 2.6 1.8 .3 .4 -.3 -.7 .2 .3 .1 -.5 .5 .1 16 17 18 19 8,746 5 -1,066 -34 -275 13 3,603 1 -3,674 15 1,021 - 4.5 -.2 5.1 -.2 1.5 -.1 4.3 -.1 4.1 20 K 21 8 9 10 11 U.S. government Spons. credit agencies Mortgage pools Commercial banking 12 13 14 15 Savings institutions Savings and loan assns. Mutual savings banks Credit unions 16 17 18 19 Insurance Life insurance companies Private pension funds St.&loc. govt. rtr. funds 20 21 Finance companies REITs (1) 1-4 family LATEST QUARTER BASED ON INCOMPLETE INFORMATION. MARCH 11 1$C3 Mortgages - I Mortgages - I 43 Mortgage Markers by Type of Mortgage SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 1986 SEASONALLY ADJUSTED ANNUAL RATES 1987 I 1 1986 III IV I 1 1987 I II III IV Total Mortgages 1 2 3 4 5 183.6 117.5 14.1 49.3 2.6 217.4 129.7 25.2 63.5 -.9 237.7 151.9 29.1 62.6 -6.0 300.7 201.2 33.1 74.7 -8.4 300.1 212.6 23.9 69.7 -6.1 335.6 246.4 36.6 58.7 -6.0 374.1 230.7 32.9 119.9 -9.4 289.1 217.2 28.3 55.9 -12.3 332.4 236.6 31.5 70.7 -6.4 285.3 192.4 22.9 74.2 -4.1 293.6 Net change in mortgages 204.1 Home mortgages Multi-family residential 12.9 Commercial 78.1 -1.6 Farm 6 7 8 183.6 -.1 If 217.4 -.1 .4 237.7 -.1 .1 300.7 a .1 300.1 a .3 335.6 a -.5 374.1 a -.4 289.1 a .3 332.4 a .2 285.3 a .3 293.6 Borrowings by: a U.S. government REITs .6 9 10 11 12 13 14 15 183.6 110.8 2.5 70.3 2.6 64.2 3.5 217.1 129.0 2.5 85.6 -.9 86.2 .3 237.7 151.0 2.4 84.3 -6.0 89.9 .4 300.6 197.4 2.4 100.9 -8.4 106.6 2.7 299.8 210.5 2.3 87.0 -6.1 90.9 2.2 336.2 241.3 2.3 92.6 -6.0 95.1 3.5 374.5 229.6 2.3 142.6 -9.4 150.5 1.6 288.8 215.3 2.3 71.2 -12.3 81.7 1.8 332.3 233.9 2.3 96.1 -6.4 99.9 2.6 285.0 190.8 2.3 91.9 -4.1 94.2 1.9 293.0 202.0 2.3 88.8 -1.6 87.9 2.4 16 17 18 183.6 .9 7.9 217.4 5.8 10.2 237.7 3.3 9.8 300.7 1.1 11.8 300.1 .7 7.8 335.6 -.1 8.7 374.1 11.7 9.1 289.1 2.5 14.4 332.4 -9.6 10.1 285.3 10.3 4.6 293.6 Funds advanced by: Households -.4 St.&loc. govt. gen. funds 2.2 19 20 21 1.2 10.4 66.4 .5 12.3 44.4 1.8 9.2 79.9 .5 -9.7 163.3 -5.4 -5.2 140.2 .7 -2.9 179.3 1.6 -16.6 220.7 -1.0 -15.6 181.3 -.2 -11.9 166.7 -19.9 5.8 121.8 -1.7 .9 91.9 22 23 24 25 26 27 96.8 29.2 53.5 47.1 3.6 2.8 144.1 44.6 86.6 77.5 6.9 2.2 133.7 49.7 58.5 47.8 7.6 3.2 133.7 70.1 24.0 10.1 8.5 5.5 162.1 82.4 61.7 34.9 17.5 9.4 149.9 64.2 17.3 1.6 10.0 5.7 147.8 102.9 29.3 3.1 18.3 8.0 107.5 73.7 14.3 .1 9.6 4.6 177.3 98.8 54.8 21.9 21.1 11.7 162.8 69.3 81.8 52.1 16.6 13.1 200.6 87.7 96.0 65.5 22.4 8.0 28 29 30 31 32 33 34 11.2 9.0 .6 .9 .7 2.7 .1 6.7 5.7 a .6 .4 5.4 .8 16.3 15.1 .5 .1 .7 6.8 2.4 23.9 22.0 .4 .3 1.2 15.8 a 17.3 16.7 .4 -.1 .3 -.1 .8 28.4 26.2 .4 .7 1.2 39.5 .4 23.8 21.4 .5 .7 1.2 -5.7 -2.6 16.1 16.1 .6 -.9 .2 2.5 1.0 17.1 16.6 a -.4 .8 6.8 -.1 22.1 20.2 1.1 .7 a -11.5 1.2 14.0 13.9 -.3 .1 .2 1.7 1.3 35 -7.0 15.7 14.2 19.8 24.4 9.7 40.7 11.2 55.1 (1) Memo: FHLB loans to saving 35 16.1 15.3 associations (included in "other loans" category). Home Mortgages (1) Private nonfinancial sectors Households Nonprofit Institutions Nonfinancial business Farms Nonfarm noncorporate Corporate 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 U.S. government Sponsored credit agencies(l) 20 21 Mortgage pools Private finan. institutions Commercial banking Savings institutions S&L associations (1) Mutual savings banks Credit unions Insurance Life insurance companies Private pension funds St.&loc. govt, rtr.funds Other insurance cos. Finance companies REITs 22 23 24 25 26 27 28 29 30 31 32 33 34 1 2 3 4 117.5 110.8 3.3 3.3 129.7 129.0 .3 .3 151.9 151.0 .5 .5 201.2 197.4 1.9 1.9 212.6 210.5 1.1 1.1 246.4 241.3 2.5 2.5 230.7 229.6 .6 .6 217.2 215.3 1.0 1.0 236.6 233.9 1.4 1.4 192.4 190.8 .8 .8 204.1 Net borrowing Households 202.0 Nonfarm noncorp. business 1.1 Nonfin. corporate business 1.1 1 2 3 4 5 6 7 117.5 -3.0 5.2 129.7 2.2 5.4 151.9 -.8 5.9 201.2 -3.2 3.9 212.6 -4.0 .4 246.4 -1.9 2.6 230.7 -5.7 1.3 217.2 19.4 .7 236.6 -18.7 -1.3 192.4 1.3 1.1 204.1 Net change in assets Households -18.6 State and local governments 1.2 5 6 7 8 9 10 11 .7 9.4 65.2 8.7 .6 11.2 43.4 12.9 .9 11.7 78.6 17.3 -.7 -3.4 158.3 20.0 -3.4 .2 135.6 34.4 -1.6 H 175.4 23.1 1.1 -6.4 213.0 19.8 -.9 -5.8 174.1 32.8 -.5 -6.6 162.2 45.9 -12.5 9.0 118.2 18.7 -.3 4.2 89.2 40.0 U.S. government Spons. credit agencies Mortgage pools Commercial banking 8 9 10 11 12 13 14 15 30.0 22.1 5.1 2.8 50.9 45.4 3.3 2.2 33.7 26.1 4.4 3.2 11.4 -.2 6.1 5.5 48.0 30.2 8.5 9.4 11.0 -.4 5.7 5.7 14.6 -3.6 10.2 8.0 -10.0 -3.7 -10.8 4.6 49.4 21.5 16.1 11.7 67.9 43.1 11.6 13.1 84.9 59.7 17.1 8.0 Savings institutions Savings and loan assns. Mutual savings banks Credit unions 12 13 14 15 16 17 18 19 -1.3 -1.4 .1 K -1.6 -1.2 -.4 -.1 -1.8 -1.7 * -.1 H .4 .1 -.6 .6 .3 .1 .2 .1 .8 -.1 -.6 -1.3 -.8 .2 -.7 1.5 1.0 .2 .3 -.6 -.4 .2 -.4 a -.7 — .8 1.7 1.5 .2 Insurance Life insurance companies Private pension funds St.&loc. govt. rtr. funds 16 17 18 19 20 21 2.7 ■ 4.6 6.5 .1 14.9 » .7 a 37.7 « -5.6 -.1 5.2 .1 7.0 a -11.3 .1 1.9 - Finance companies REITs 20 21 (1) 1-4 family BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, MARCH 11, 1988 Mortgages - II Mortgages - II 44 Mortgage Markets (Continued) UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 IV III 1 1 1987 I II III IV 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 Multi-Family Residential Mortgages 1 Net borrowing Nonfarm noncoro. business 2 3 Nonfin. corporate business 4 REITs 5 U.S. government 8,395 8,299 153 -A5 -12 9,235 9,146 125 -32 -A 6,093 5,919 159 2A -9 8,598 8,423 163 14 -2 4,821 4,626 175 23 -3 4.394 4,114 234 47 -1 10.9 8.2 2.7 X -.1 9.9 7.6 2.4 X -.1 7.5 4.6 3.0 X -.1 4.7 4.1 .8 X -.1 5.3 6.1 -.6 X -.1 1 2 3 4 5 6 Net change in assets 7 Households 8 *-ate and local governments 8.395 1,162 1,447 9,235 905 1,875 6,093 -247 3.203 8,598 761 3.144 4,821 552 515 4,394 26 200 10.9 2.1 .4 9.9 2.2 U4 7.5 1.1 1.5 4.7 .1 1.2 5.3 .6 1.4 6 7 8 9 10 11 12 U.S. government Spons. credit agencies Mortgage pools Commercial banking 197 302 1,053 1,790 220 -710 1,981 2,213 -30 -531 1,839 649 86 276 1,150 981 47 -123 1,020 553 48 -40 536 1,054 .9 X 1.5 1.1 1.1 .2 1.2 .9 1.9 .2 .7 1.7 1.0 -.1 .9 2.1 -.3 9 -.1 10 .4 11 1.4 12 13 14 15 Savings institutions Savings and loan assns. Mutual savings banks 1.576 975 601 2,894 1,982 912 2.0A1 A6A 1,577 1,598 979 619 2,105 1,615 490 2,470 1,923 547 4.3 3.5 .8 2.1 1.5 .6 X .6 -.6 -.7 -.4 -.2 1.6 13 2.3 14 -.7 15 16 17 18 Life insurance companies Private pension funds St.Slocal govt. rtr. funds 561 -9 3 150 18 —12 -18 18 -150 729 10 -14 305 -78 200 -50 .2 X .6 .2 X .6 .3 -.2 .5 -.2 -.1 .9 — .4 16 .1 17 .6 18 19 20 Finance companies REITs 282 31 -108 -191 -753 72 -115 -8 -161 86 -100 50 .3 -.5 .3 -.2 .2 -.3 -.1 -.3 .1 19 X 20 Commercial Mortgages 1 Net borrowing 2 Households Nonfarm noncorp, business 3 4 Nonfin. corporate business 5 REITs 15,608 587 15,033 80 -92 28,881 584 28,263 100 -66 14,397 581 13,666 100 50 17,670 578 16,964 100 28 19,628 575 18,906 100 47 18,024 572 17,257 100 95 22.0 1.3 19.5 1.1 .1 24.4 1.5 23.3 -.4 * 19.2 1.9 17.5 6 Net change In assets 7 Households 8 State and local governments 9 U.S. government 10 Commercial banking 15,608 976 -60 66 9,469 28,881 1,259 84 50 17,359 14.397 282 56 17 9,322 17,670 845 52 90 11,151 19,628 2,820 189 -1,961 13,124 18.024 1,302 50 9,245 22.0 1.3 X .6 9.2 -151 -809 658 1,428 181 1,247 2.157 -790 2,947 995 158 837 1,182 259 923 1,114 111 1,003 4,516 -51 326 295 8,270 105 369 295 2,309 102 -147 55 4,191 100 206 3,853 50 64 7 155 67 79 -417 88 156 56 -18 112 188 11 12 13 Savings institutions Savings and loan assns. Mutual savings banks 14 15 16 17 Life insurance companies Private pension funds St.Slocal govt. rtr. funds Other insurance companies 18 19 Finance companies REITs 2 X 2.3 21.2 -1.3 X 25.3 2.6 23.7 -1.1 .1 24.4 1.1 .2 .8 9.7 19.2 .9 .2 L2 4.8 22.2 1.1 .5 1.0 9.8 25.3 6 -.4 7 .9 8 .7 9 11.8 10 3.5 2.7 .8 3.3 3.1 .2 1.6 1.5 X 1.9 2.4 -.6 4.9 11 4.9 12 X 13 5,900 25 55 7.8 X .1 X 8.7 X .2 .3 9.7 .3 .3 .3 7.5 .3 .4 .4 5.4 1.4 .5 .3 50 283 .1 -.5 .5 -.5 .1 -.4 -.6 -.1 18 -.1 19 _ 2 1 2 3 4 5 14 15 16 17 Farm Mortgages 1 Net borrowing -1.633 -2,745 -2,726 -1.397 -1,192 -792 8.2 14.0 10.2 10.0 4.2 1 2 Net change in assets 3 Households 4 State and local governments -1.633 -718 8 -2,745 -577 -22 -2,726 -866 -12 -1.397 -380 -2 -1,192 - 78 4 -792 -187 - 8.2 1.9 .1 14.0 4.6 .2 10.2 1.2 .3 10.0 1.8 .1 4.2 *2 X 2 3 4 5 6 7 34 -1.176 -38 184 -2,010 -238 -102 -1,736 -4 -73 -1.439 -3 -195 -850 -2 -941 -2 .8 3.2 -.3 2.3 5.1 .1 1.8 6.4 -.2 .6 7.7 -.1 .5 3.9 -.2 5 6 7 206 -16 67 - 302 16 -400 - 459 1 -466 - 621 2 -123 - 321 -274 - 538 -200 - .7 X 1.6 X .1 X 1.6 X X X .8 « _. 2 .1 - X 8 X 9 -.3 10 11 8 9 10 11 U.S. government Sponsored credit agencies Mortgage pools Commercial banks Mutual savings banks Life insurance companies St.&local govt. rtr. funds LATEST QUARTER BASED ON INCOMPLETE INFORMATION MARCH 11, 1988 Mortgages - II Mortgages - II 45 Mortgage Markets (Continued) SEASONALLY ADJUSTED ANNUAL RATES 1983 1985 1984 SEASONALLY ADJUSTED ANNUAL RATES I I 1987 1986 1986 III I I IV I II 1987 IV III Multi-Family Residential Mortgages 1 2 3 4 5 14.1 13.3 .8 * -.1 25.2 24.9 .2 .1 -.1 29.1 29.3 -.1 -.1 N M 6 7 8 14.1 1.3 2.4 25.2 2.5 4.5 29.1 3.3 3.2 9 10 11 12 -.3 -.1 1.2 1.9 -.7 .9 1.1 2.1 a 13 14 15 7.0 8.9 -1.9 16 17 18 19 20 33.1 32.6 .5 23.9 23.1 .7 .1 M 36.6 36.2 .6 -.2 * 32.9 32.4 .6 -.1 28.3 27.8 .4 .1 31.5 30.6 .8 .1 22.9 22.1 .7 .1 12.9 Net borrowing Nonfarm noncorp. business 11.8 Nonfin. corporate business 1.0 REITs .2 * U.S. government 1 2 3 4 5 33.1 3.5 7.0 23.9 1.1 7.1 36.6 5.4 6.3 32.9 1.7 7.5 28.3 1.6 13.5 31.5 1.7 11.2 22.9 3.6 2.7 12.9 Net change in assets Households -2.4 State and local governments .8 6 7 8 .7 .3 5.1 7,4 .2 -.4 4.5 3.2 1.5 1.2 4.3 7.2 M 1.9 1.5 3.1 -2.8 8.1 8.9 .1 -2.1 7.3 2.6 .2 1.1 4.5 3.9 .8 -.5 4.0 2.2 -.3 -.2 2.1 4.2 U.S. government Spons. credit agencies Mortgage pools Commercial banking 9 10 11 12 14.4 13.7 .7 14.5 13.1 1.3 7.3 5.8 1.5 8.2 5.0 3.2 6.3 3.9 2.4 11.6 7.9 3.6 8.2 1.9 6.3 6.4 3.9 2.5 8.4 6.5 2.0 9.9 7.7 2.2 Savings institutions Savings and loan assns. Mutual savings banks 13 14 15 .3 .1 .6 -.2 .1 .1 1.0 .1 1.1 .1 1.2 3.2 -.3 K K -.8 .1 a .4 .1 -.6 3.0 a -.1 2.3 -.3 -.8 — -.2 Life insurance companies Private pension funds St.Slocal govt. rtr. funds 16 17 18 -.4 .1 M .4 .2 .4 .7 -1.1 .2 1.1 .1 -.4 -.8 -3.0 .3 -.5 * -.6 .3 -.4 .2 Finance companies REITs 19 20 « K M H K M H H K Commercial Mortgages 1 2 3 4 5 49.3 2.5 47.5 -.7 W 63.5 2.5 61.0 _.2 *3 62.6 2.4 60.0 .1 ■ 74.7 2.4 72.0 .3 .1 69.7 2.3 66.8 .4 .2 58.7 2.3 56.4 .3 -.4 119.9 2.3 117.4 .4 -.3 55.9 2.3 53.0 .4 .2 70.7 2.3 67.9 .4 .1 74.2 2.3 71.3 .4 .2 78.1 Net borrowing Households 2.3 Nonfarm noncorp. business 75.1 .4 Nonfin. corporate business .4 REITs 1 2 3 4 5 6 7 8 9 10 49.3 2.2 .4 .4 17.7 63.5 3.5 .3 a 28.8 62.6 3.3 .7 .3 28.1 74.7 3.4 .7 .2 41.3 69.7 5.2 .3 -1.9 42.8 58.7 -.7 -.2 .4 33.2 119.9 17.7 .3 .2 72.7 55.9 -13.9 .2 -.1 36.5 70.7 7.9 .2 .6 46.8 74.2 6.3 .8 -7.9 47.1 78.1 Net change in assets Households 21.1 State and local governments .2 U.S. government -.5 Commercial banking 40.9 6 7 8 9 10 11 12 13 16.6 16.1 .5 21.3 18.3 2.9 10.3 8.6 1.7 5.3 4.5 .8 5.4 -.3 5.7 .1 -1.9 2.0 3.1 -1.2 4.3 16.1 2.0 14.1 -1.0 -3.6 2.5 5.5 2.5 3.0 1.2 -1.9 3.2 Savings Institutions Savings and loan assns. Mutual savings banks 11 12 13 14 15 16 17 10.3 .4 .3 .7 7.3 .3 .6 .4 16.5 .4 .2 .7 21.4 .2 .8 1.2 16.3 .3 -.1 .3 22.0 .6 1.3 1.2 24.4 .2 1.5 1.2 16.1 .4 -.6 .2 15.3 -.2 19.8 1.1 .3 K 13.8 -.3 .1 .2 Life insurance companies Private pension funds St.&local govt. rtr. funds Other insurance companies 14 15 16 17 18 19 .4 .7 .4 .1 1.9 .2 .3 .6 .6 .3 .3 -1.7 .4 .6 .2 -.1 .4 .8 .2 1.1 Finance companies REITs 18 19 M M a .8 Farm Mortgages 1 2.6 -.9 -6.0 -8.4 -6.1 -6.0 -9.4 -12.3 -6.4 -4.1 -1.6 Net borrowing 1 2 3 4 2.6 .3 -.9 -2.3 -6.0 -2.6 * -8.4 -2.6 .2 -6.1 -1.6 -6.0 -2.9 a -9.4 -2.0 -.1 -12.3 -4.7 -6.4 -.5 a -4.1 -.8 -.1 -1.6 Net change in assets Households -.5 State and local governments - 2 3 4 .3 -7.4 -.5 -.2 -7.7 -.1 -.5 -6.4 -.1 -.3 -2.7 -.4 — .6 -3.1 .6 1.6 .1 -1.4 - 1.8 2.2 -1.3 - -1.2 - 1.3 -1.2 - 2.5 — -.5 - K K K 5 6 7 .4 1.1 .5 .3 .6 -4.5 -.2 .3 -6.5 -.2 -.4 -5.0 a 8 9 10 11 1.0 .9 1.4 1.9 -.1 -.3 1.2 .1 -.6 -.9 -1.1 a K a M .4 -4.1 -.4 .8 -.1 .2 - BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, a a a U.S. government Sponsored credit agencies Mortgage pools 5 6 7 Commercial banks Mutual savings banks Life Insurance companies St.81ocal govt. rtr. funds 8 9 10 11 MARCH 11, 1988 Consumer Credit and Bank Loans N.E.C 46 Consumer Credit and Bank Loans N.E.C Consumer Credit and Bank Loans Not Elsewhere Classified UNADJUSTED NET FLOWS(S MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV I 1 1978 BILLIOHS OF DOLLARS 1981 1980 1979 1982 1987 I II III IV Consumer Credit 1 Net chanse in liabilities (HH) 2 Installment credit 3 Noninstallment credit 25,621 23,281 2,340 15,619 -14,371 12,639 -11-750 2,980 -2,621 12,638 11,877 761 15,445 18,669 -3,224 16,377 16,387 -10 46.7 41.0 5.7 42.7 35.6 7.1 2.9 .1 2.8 21.8 15.5 6.3 19.3 16.1 3.2 4 Net change in assets 5 Installment credit 6 Nonfarm noncorp. business 7 Nonfin. corporate business 8 Commercial banking 9 Savings and loan assns. 10 Mutual savings banks Credit unions 11 12 Finance companies 25.621 23,281 12 144 7,489 477 159 2,880 12,120 15,619 -14,371 12,639 -11,750 320 -296 1,657 -1,822 4,661 -4,352 1,475 569 492 189 1,595 -583 2,439 -5,455 12,638 11,877 -17 237 3,203 1,558 520 2.418 3,958 15,445 18,669 -5 291 6,607 1,311 437 3,647 6,381 16,377 16.387 322 1,589 8,224 1,671 557 1,562 2,462 46.7 41.0 M .6 23.6 K .5 6.7 9.6 42.7 35.6 K .5 18.2 1.3 M 2.2 13.4 2.9 .1 -.1 K -7.2 2.1 .7 -2.5 7.1 21.8 15.5 .2 .9 .6 2.0 .7 1.9 9.4 19.3 4 16.1 5 .1 6 * 7 4.9 8 3.1 9 1.0 10 1.3 11 5.8 12 761 399 128 -115 269 80 -3.224 -549 -175 -2,620 124 -4 -10 1,019 283 -542 -873 103 5.7 2.0 .6 2.6 .3 .2 7.1 2.2 .7 1.7 2.4 * 2.8 .8 .2 1.0 .5 .3 6.3 3.3 1.0 3.4 -1.4 ft 3.2 1.5 .5 1.9 -1.1 .4 13 14 15 16 17 18 13 14 15 16 17 18 Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings and loan assns. Mutual savings banks 2,340 863 268 955 174 80 2,980 2,681 805 -285 -394 173 -2.621 -1,512 -370 -493 -278 32 1 2 3 Bank Loans Not Elsewhere Classified Total loans by commercial banking, Flow of Funds basis 1 Loans elsewhere classified: 2 Mortgages 3 Consumer credit 4 Security credit Open-market paper 5 6 = Banking sector total bank loans n.e.c. 7 U.S. chartered banks 8 Domestic affiliates Foreign banking off. in US 9 10 ♦ Loans by F.R. banks 11 = Total bank loans n.e.c. 12 Net change in liabilities 13 Nonfinancial sectors 14 Households 15 Farm business 16 Nonfarm noncorp. business 17 Corporate business 20,794 90,462 -23,13-1 44,038 36,606 33,614 117.4 103.9 61.1 83.9 69.8 1 18,206 8,444 -4,888 -1,290 322 24,881 16,940 4,376 -4,845 -823 -3,384 1,132 -1,542 60,895 -30.300 24,907 3,088 1,266 215 14,562 19,732 20,796 3,987 7,682 3,282 -10.189 -507 372 10,112 14,953 35.1 26.2 -2.9 -1.3 60.3 30.6 19.9 -.9 2.2 52.1 17.5 -6.2 .8 1.8 47.2 21.6 4.0 5.3 .8 52.3 16.0 6.7 ft .3 46.7 2 3 4 5 6 -4,433 336 4,419 48,399 -36,779 -304 509 12,800 5,970 12,547 -49 2,064 7,000 -210 3,322 8,089 56 6,808 41.4 .8 18.1 38.6 .3 13.2 32.2 -.5 15.5 46.2 .3 5.8 47.6 -1.0 .2 7 8 9 322 60,895 -30,300 14,562 10,112 14,953 60.3 52.1 47.2 52.3 10 46.7 11 322 -162 1,386 -468 216 964 60,895 57,902 12,351 -2,462 3,049 44,233 -30,300 -25,729 -10,208 -2,481 146 -12,274 14,562 14,013 5,451 1,637 2,704 4,798 10,112 7,994 6,775 246 290 1,934 14,953 14,104 -1,469 -495 2,220 14,969 60.3 58.5 4.1 2.5 -.8 34.4 52.1 51.6 2.6 2.8 .5 42.5 47.2 48.3 5.3 .5 3.2 27.4 52.3 51.1 6.0 1.4 6.1 34.6 46.7 44.9 2.6 3.2 7.4 37.2 12 13 14 15 16 17 18 19 20 21 Foreign Official institutions Banks Other -2,260 -567 -1,009 -684 731 243 1,103 -615 -912 767 -2.142 463 -577 -974 611 -214 -1,251 -61 -798 -392 -1,121 -118 -767 -236 18.3 2.1 9.5 6.6 3.1 2.1 -4.1 5.0 11.8 4.5 4.7 2.6 3.0 .8 -4.5 6.7 -5.5 ft .7 -6.2 18 19 20 21 22 23 24 25 Financial sectors Savings and loan assns. Finance companies REITs 484 -197 1,108 -427 2,993 3,246 207 -460 -4,571 1,216 -5,471 -316 549 3,527 -2.978 - 2,118 1,846 80 192 849 907 -255 197 1.8 .3 1.7 -.2 .5 2.0 -1.4 -.1 -1.0 -.1 -1.0 « 1.2 -.2 1.1 .3 1.9 1.5 .6 -.2 22 23 24 25 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. MARCH 11, 1988 Consumer Credit and Bank Loans N.E.C Consumer Credit and Bank Loans N.E.C 47 Consumer Credit and Bank Loans Not Elsewhere Classified SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1986 — 1983 198A 1985 1986 1987 1 III IV 1987 I 1 I II III IV Consumer Credit 1 2 3 56.6 A7.6 9.0 90.A 73.5 16.9 9A.6 77.7 16.8 65.8 55.3 10.5 30.1 35.2 -5.1 85.2 77.5 7.7 36.0 29.1 6.9 6.0 5.6 .A 33.0 3A.3 -1.3 A2.2 57.1 -1A.9 A 5 6 7 8 9 10 11 12 56.6 A7.6 .3 2.0 19.5 6.5 2.2 6.2 11.0 90.A 73.5 .2 1.3 39.6 8.3 2.8 12.7 8.6 9A.6 77.7 .1 .6 33.A 9.3 3.1 6.6 2A.6 65.8 55.3 .1 -.3 19.8 A.3 l.A 5.8 2A.2 30.1 35.2 « .3 13.7 5.1 1.7 7.0 7.3 85.2 77.5 .2 -2.2 22.3 3.7 1.2 8.8 A3.6 36.0 29.1 .2 5.1 10.2 A.3 1.5 6.0 1.9 6.0 5.6 -.1 -2.9 3.5 3.7 .9 3.3 -2.9 33.0 3A.3 -.1 .5 8.7 A.6 1.9 7.7 11.0 A2.2 57.1 .1 -2.1 18.3 7.3 2.A 11.8 19.A 13 IA 15 16 17 18 9.0 A.5 l.A 3.2 -.6 .5 16.9 8.1 2.5 5.6 .2 .6 16.8 8.2 2.5 A.O 1.5 .5 10.5 3.9 1.3 3.5 l.A .5 -5.1 -.6 -.1 -3.8 -.8 .2 7.7 5.0 1.6 2.8 -2.0 .3 6.9 3.8 1.3 1.2 -.1 .7 .A 1.1 .5 -.6 -.7 .1 -1.3 .1 * -3.7 2.0 .3 -1A.9 -.5 -.2 -11.A -2.8 « -A. 6 -3.2 -.9 .7 -1.6 .A Noninstallment credit Nonfarm noncorp. business Nonfin. corporate business Commercial banking Savings and loan assns. Mutual savings banks 13 IA 15 16 17 18 178.5 1A2.5 106.9 Total loans by commercial banking, Flow of Funds basis 1 39.1 Net change ln liabilities (HH) A3.7 Installment credit Noninstallment credit -A. 6 1 2 3 39.1 Net change ln assets A A3.7 Installment credit 5 .1 Nonfarm noncorp. business 6 5.7 Nonfin. corporate business 7 2A.2 Commercial banking 8 A.7 Savings and loan assns. 9 10 1.6 Mutual savings banks 5.5 Credit unions 11 1.9 Finance companies 12 Bank Loans Not Elsewhere Classified 1 81.9 155.3 13A.0 156.1 91.1 81.5 -63.3 328.6 Loans elsewhere classifieds 87.7 Mortgages Consumer credit 2A.8 Security credit -55.0 Open-market paper -1.8 51.2 = Banking sector total bank loans n.e.c. U.S. chartered banks 3A.5 Domestic affiliates .2 Foreign banking off. in US 16.5 2 3 A 5 6 29.2 22.7 2.A .8 26.7 AA.6 A5.2 5.8 -l.A 61.1 A9.7 37.5 11.0 -2.5 38.3 70.1 23.3 -5.8 -.9 69.5 82.A 9.9 -9.0 -1.5 9.3 6A.2 25.1 -15.5 -5.1 12.6 102.9 11.A -17.6 2.0 229.9 73.7 2.9 .1 -A.9 -135.1 98.8 5.0 1.9 2.7 70.0 69.3 6.9 17.0 -1.8 51.2 7 8 9 27.5 -.A -.A 55.A .1 5.7 28.5 -.6 10.5 A7.9 -.3 21.9 -9.1 .3 18.2 -3.6 1.3 1A.9 189.8 -1.2 A1.3 -171.9 2.0 3A.7 60.A -.2 9.8 AO.A -.8 11.6 10 11 26.7 61.1 38.3 69.5 9.3 12.6 229.9 -135.1 70.0 51.2 12 13 IA 15 16 17 26.7 26.8 3.6 2.8 l.A 15.3 61.1 60.5 -.A 1.0 2.5 6A.0 38.3 35.8 6.9 -A.A .2 35.9 69.5 65. A 11.1 -A.3 3.5 56.1 9.3 10.A .5 -1.1 5.A 9.A 12.6 7.1 13.9 -2.7 2.0 1.5 229.9 227. A 35.6 -A.A 13.1 182.6 -135.1 -127.0 -27.1 -7.1 -A.5 -86.0 70.0 71.5 13.2 -1.1 1A.0 A9.5 51.2 39.0 37.0 .1 2.1 2.7 18 19 20 21 3.6 3.0 -.9 1.5 -6.6 -.9 -3.1 -2.6 -2.8 -l.A -1.3 -.1 -1.0 « 1.0 -2.1 -3.9 -.A -3.1 -.A -7.7 -2.8 -1.1 -3.8 .6 1.5 2.0 -3.0 -2.3 2.5 -5.9 1.2 -A.l -3.5 -1.6 1.1 -2.9 -1.0 .7 -2.7 -6.2 .5 -5.5 -1.1 Foreign Official institutions Banks Other 18 19 20 21 22 23 2A 25 -.1 5.0 -5.0 -.1 .7 5.8 -A.5 -.6 2.6 A.5 -1.0 -.9 A.O 6.A -1.3 -1.0 -1.1 7.5 -8.6 .1 5.5 1.8 5.5 -1.7 2.5 10.6 -6.2 -1.8 -8.0 20.A -27.2 -1.3 -1.5 -1.5 .1 - 12.1 10.7 .7 .8 -6.9 .A -8.0 .8 Financial sectors Savings and loan assns. Finance companies REITs 22 23 2A 25 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. ♦ Loans by F.R. banks 51.2 = Total bank loans n.e.c. 51.2 Net change in liabilities 58.1 Nonfinancial sectors -20.8 Households 3.6 Farm business Nonfarm noncorp. business 9.9 Corporate business 71.5 2 3 A 5 6 7 8 9 10 11 12 13 IA 15 16 17 MARCH 11, 1988 Other Loans Other Loans 48 Open-Market Paper and Other Loans UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV I 1 1978 BILLIONS OF DOLLARS 1980 1979 1981 1982 1987 I II III IV Open-Market Paper 1 Total net issues, all types Commercial paper 2 Nonfinancial corporations 3 Foreign issues in U.S. 4 5 6 7 8 9 Financial business Commercial banking Finance companies REITs Bankers acceptances (1) 10 Net purchases, by sector Households 11 Nonfin. corporate business 12 Foreign 13 14 15 16 17 18 Sponsored credit agencies Monetary authority Commercial banking (1) Savings 8 loan associations Mutual savings banks 19 20 21 22 Life insurance companies Private pension funds Mutual funds Money market funds 14,522 12,369 4,125 3,677 -3,960 -823 -9,914 -2,501 11,178 10,989 728 -129 18,520 14,120 4,323 -1,691 6,808 8,920 192 5,023 -3,718 -7,258 -2,969 -1,068 17.7 18.4 2.7 1.0 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 1 2 3 4 4,567 -2,280 6.695 152 11,592 3,690 7,776 126 10,390 5.624 4,552 214 11,488 1,543 9,945 - 3,705 -902 4,623 -16 -3,221 -4,789 1,509 59 14.6 6.7 7.8 .1 18.0 4.5 13.3 .1 4.8 5.6 -.5 -.2 20.9 7.0 13.9 K -1.1 1.4 -2.4 -.1 5 6 7 8 -3,137 189 4,400 -2.112 3,540 -.7 8.9 8.1 11.7 11.1 9 -3,718 -938 -465 1,141 17.7 14.5 .2 .5 37.5 8.7 1.9 1.9 19.3 -2.4 -2.3 .9 51.3 -7.4 10.0 -1.3 5.7 -13.6 7.9 -1.7 10 11 12 13 2,153 14,522 -10,651 4,063 -435 -3,960 3,903 1,355 1,305 11,178 2,339 -3,505 -2,130 6,808 18,520 18,937 -14,755 3,349 366 2,008 -1,058 42 -1,290 2,637 1,060 5 1,132 1,701 -993 17 -1,542 -1,304 1,110 -35 215 -2,778 -1,538 -35 -507 -216 1,483 6 372 160 -2,708 -1.2 -.4 -1.3 .4 .2 .1 .1 2.2 .7 1.1 .1 1.8 1.5 .9 .3 -.6 .8 1.2 .8 -.3 1.3 .3 2.7 .8 14 15 16 17 18 700 3,682 6,341 -2,398 1,965 645 8,428 -12,635 798 8,827 2,516 4,052 -1,235 5,282 33 -2,735 3,847 5,931 3,715 5,054 -592 519 -860 -353 1.2 -.2 1.1 2.6 1.0 4.2 -.2 15.6 1.3 4.1 1.2 12.3 3.7 5.0 -.1 38.8 3.1 7.1 -.6 -1.3 19 20 21 22 - - - .4 .2 .2 .1 .1 1 2 3 « (1) Excludes banks' holdings of own acceptances. Other Loans 1 SSL assn, loans to business Noncorporate business 2 Liab.: Nonfin. corp, business 3 938 469 469 3,014 1,507 1,507 -555 -277 -278 197 98 99 265 132 133 -99 -49 -50 4 Finance co. loans to business 5 Liab.: Noncorporate business Nonfin. corp, business 6 -6,692 -700 -5,992 13-812 1,400 12,412 8,087 800 7,287 6,151 600 5,551 -288 -29 -259 13,874 1,388 12,486 11.5 K 10.1 11.5 10.2 4.1 .4 3.8 10.8 .8 10.0 .9 -.9 1.9 4 5 6 7 U.S. government loans 8 Liab.: Households Farm business 9 Nonfarm noncorp. bus. 10 Nonfin. corp, business 11 12 St.Slocal governments Foreign 13 14 Spons. credit agencies 2,611 1,100 -64 269 92 -51 1,698 -433 -570 967 -935 5 -200 258 -329 -336 376 746 -59 -241 1,100 -162 -288 -720 -3,371 -1,513 -124 -583 -1,050 5 -76 -30 -1,752 -400 -439 -200 -100 -100 -513 127 100 -351 300 -200 600 -322 12.8 .8 3.5 4.1 1.7 -1.6 3.9 .4 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 7 8 9 10 11 12 13 14 15 Sponsored credit agency loans 16 Liab.: Households (SLMA) Farm business (FICB) 17 Noncorp. business (BC) 18 19 S&L assns. (FHLB) 3,356 419 -663 -596 4,196 9,653 507 -537 74 9,609 -2,438 362 -1.141 226 -1,885 9,549 1,745 226 3 7,575 6,929 939 -130 365 5,755 14,008 652 -818 1,206 12,968 15.0 .4 1.5 .7 12.5 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 15 16 17 18 19 25 49 -24 -227 63 -290 -327 76 -403 -186 88 -274 a46 102 44 292 114 178 2.6 K 4.7 2.6 4.7 6.7 .1 6.6 7.4 .1 7.3 1,184 1,251 1,250 -1,317 -2.500 -415 -415 -1,670 -619 -49 -49 -521 5,441 1,274 1,274 2,893 -792 767 767 -2,326 568 444 443 -319 -.7 1.2 1.2 -3.2 7.5 2.0 2.0 3.6 7.3 1.6 1.6 4.1 11.3 2.2 2.2 6.9 5,387 2,069 443 3,058 1,873 2,000 .3 2.0 1.3 8.9 20 Policy loans (HH liability) U.S. government 21 Asset: 22 Life insurance cos. Cust. liab. on acceptances 23 outstanding (bank asset) 24 Liab: Noncorp. business Nonfin. corp, business 25 Foreign 26 Foreign loans to US nonbanks 27 Liab.: Nonfin. corp, business LATEST QUARTER BASED ON INCOMPLETE INFORMATION. K K 4.2 20 21 4.3 22 M 7.7 -.4 -.4 8.5 23 24 25 26 2.5 27 MARCH 11. 1988 Other Loans Other Loans 49 Open-Market Paper and Other Loans SEASONALLY ADJUSTED ANNUAL RATES — 1984 1983 1985 SEASONALLY ADJUSTED ANNUAL RATES 1986 1987 I 1 111 1986 I 1 IV I II 1987 III IV Open-Market Paper 1 2 3 4 26.9 21.7 -.8 6.5 52.0 48.3 21.7 6.2 52.8 62.1 14.6 6.2 26.4 32.2 -9.3 11.5 32.8 26.8 2.3 2.1 55.3 55.5 5.2 15.8 8.1 20.0 -16.3 -8.1 41.3 36.3 -1.8 -4.3 55.9 34.7 10.8 -6.2 22.2 41.8 -12.0 21.4 5 6 7 8 16.0 3.5 12.6 -.1 20.4 6.3 13.9 .2 41.3 2.1 39.1 .1 30.1 1.2 28.5 .3 22.4 1.5 20.6 .3 34.5 .3 33.6 •6 44.4 12.1 31.8 .5 42.5 17.8 23.8 .9 30.1 3.9 26.2 - 32.4 7.1 25.4 -.1 -15.6 -22.9 7.1 .2 11.8 Total net Issues* all types Commercial paper -5.7 Nonfinancial corporations 12.2 Foreign Issues in U.S. -2.3 Financial business Commercial banking Finance companies REITs Bankers acceptances (1) 9 5.3 3.7 -9.4 -5.9 6.0 -.2 -11.9 5.0 21.2 -19.6 17.4 10 11 12 13 26.9 1.4 10.7 .8 52.0 -.1 9.4 1.2 52.8 39.9 4.0 -.2 26.4 -10.4 5.6 1.1 32.8 5.6 -.3 55.3 -19.5 .5 -1.7 8.1 26.1 8.2 5.2 41.3 4.9 2.0 -8.5 55.9 42.7 -1.3 8.0 22.2 -35.3 -2.6 -4.2 11.8 Net purchases* by sector Households 10.0 .8 Nonfin. corporate business Foreign 4.6 14 15 16 17 18 .4 -1.1 .8 3.7 .1 -.1 -.4 -1.4 2.4 1.2 -.6 -2.5 4.1 2.0 ■ -.9 6.9 2.2 -1.5 -4.1 -1.7 ■ .2 -.3 -5.1 9.0 4.7 ■ .1 2.0 3.5 -5.2 .1 .1 -4.9 -9.5 9.3 -.1 -.1 2.7 -1.1 -10.1 -.1 -.1 -1.8 -2.7 6.4 .1 -1.8 -3.2 -12.2 19 20 21 22 5.3 6.8 1.0 -3.0 1.9 3.8 2.4 31.8 -.6 7.8 -2.3 1.2 4.3 6.1 5.3 6.2 2.8 20.6 5.4 6.0 14.7 21.7 2.2 29.1 2.8 -6.8 10.8 -38.6 3.2 36.1 4.5 4.0 -4.9 22.0 3.2 -5.1 15.4 19.1 14.4 13.8 -2.4 5.0 -.5 11.4 M K 1 2 3 4 5 6 7 8 9 10 11 12 13 Sponsored credit agencies Monetary authority Commercial banking (1) Savings 8 loan associations Mutual savings banks 14 15 16 17 18 Life Insurance companies Private pension funds Mutual funds Money market funds 19 20 21 22 (1) Excludes banks* holdings of own acceptances. Other Loans 1 2 3 2.4 1.2 1.2 8.7 4.3 4.3 5.6 2.8 2.8 6.7 3.3 3.3 -.2 -.1 -.1 6.4 3.2 3.2 9.2 4.6 4.6 -.5 -.3 -.3 -.6 -.3 -.3 4.3 2.1 2.1 -3.9 SSL assn, loans to business -2.0 Liab.: Noncorporate business Nonfin. corp, business -2.0 1 2 3 4 5 6 13.1 3.1 9.9 24.4 1.0 23.4 20.5 1.8 18.8 16.4 2.9 13.5 27.8 2.8 25.1 1.7 .8 .9 35.1 3.1 32.0 22.2 1.9 20.3 25.0 2.3 22.7 31.0 3.6 27.4 33.1 Finance co. loans to business 3.2 Liab.: Noncorporate business Nonfin. corp, business 29.9 4 5 6 7 8 9 10 11 12 13 1-4 8.5 .8 2.7 -.5 1.1 4.3 - 16.6 .6 1.1 2.0 1.2 7.7 4.0 - 14.9 6.0 .4 .5 -2.6 8.2 1.4 1.1 8.8 4.4 -.2 .7 1.5 1.4 1.4 -.4 -4.6 -1.1 -1.0 -.7 -.3 .3 -1.2 -.8 9.6 4.4 -.6 1.1 -.9 -.2 7.5 -1.7 4.1 3.9 -1.3 a 2.8 1.0 -.9 -1.3 -.1 3.0 .7 -1.0 2.1 -.6 -1.4 -2.9 -17.9 -6.1 -3.5 -2.3 -4.8 -1.2 -.1 -7.8 -1.6 -2.2 -.8 -1.7 — .4 -1.1 - 7.3 U.S. government loans .4 Liab.: Households Farm business 1.1 Nonfarm noncorp. bus. 1.2 Nonfin. corp, business 3.3 2.4 St.Slocal governments Foreign -1.1 Spons. credit agencies - 7 8 9 10 11 12 13 14 15 16 17 18 19 -6.1 1.5 -1.3 .9 -7.0 16.0 1.9 -1.2 -.4 15.7 11.8 2.5 -3.9 -1.0 14.2 19.2 2.4 -2.3 -.7 19.8 28.0 3.7 -1.9 1.8 24.4 4.2 1.7 -4.1 -3.1 9.7 44.3 2.0 1.8 -.2 40.7 6.8 1.4 -4.3 -1.5 11.2 25.1 7.0 -1.7 3.8 16.1 17.7 3.8 -1.8 .4 15.3 62.6 Sponsored credit agency loans 2.6 Liab.: Households (SLMA) Farm business (FICB) .4 Noncorp, business (BC) 4.5 55.1 SSL assns. (FHLB) 15 16 17 18 19 20 21 22 1.1 .4 -.1 1.1 .4 -.1 -.1 .2 -.3 -.1 .4 -.5 .1 .2 -.1 -.9 .3 -1.2 -1.3 .3 -1.6 -.7 .4 -1.1 .6 .4 .2 23 24 25 26 6.9 3.5 3.5 -.1 3.8 1.4 1.4 1.0 -9.5 -1.1 -1.1 -7.4 -5.6 -.1 -.1 -5.4 4.6 2.4 2.4 -.3 .1 .8 .8 -1 .5 -10.2 .1 .1 -10.5 .3 2.6 2.6 -4.8 23.4 5.2 5.2 12.9 -9.0 -2.2 -2.2 -4.7 27 2.7 13.0 1.5 11.1 7.4 21 .5 8.3 1.8 12.2 7.5 H ■ M » BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. « 1.2 Policy loans (HH liability) .5 Asset: U.S. government Life insurance cos. .7 20 21 22 Cust. liab. on acceptances outstanding (bank asset) 3.7 4.1 Liab: Noncorp, business Nonfin. corp, business 4.1 Foreign -4.5 23 24 25 26 Foreign loans to US nonbanks 8.0 Liab.: Nonfin. corp, business 27 MARCH 11, 1988 Security Credit, Trade Credit, and Taxes Security Credit, Trade Credit, and Taxes Security Credit, Trade Credit, and Taxes Payable 50 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWSt$ MILL) 1986 III IV 1 1 1987 I II III IV 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 Security Credit -7,097 1,125 - 10,543 3,824 -8,607 -2,458 - 3.431 3,018 4,927 1.184 -6,881 931 1.2 1.2 2.1 1.0 12.5 6.5 .8 -1.7 - 7.4 3.8 1 2 3 -8,222 -5,177 140 -3,185 6,719 -2,633 1,660 7,692 -6,149 -2.139 -1,495 -2,515 413 2,246 -1,180 -653 3,743 1,505 1,495 743 -7,812 -9,812 -649 2,649 « -2.5 .1 2.5 1.1 -.7 1.8 6.0 1.2 -.4 5.2 2.5 4.0 .6 -2.1 3.6 .4 -.5 3.7 4 5 6 7 -7,097 -3,185 -4,888 10,543 7,692 -823 -8,607 -2,515 -3,384 3,431 -653 1,266 4,927 -6,881 2.649 743 3,282 -10,189 1.2 2.5 -2.9 2.1 1.8 -.9 12.5 5.2 .8 .8 -2.1 5.3 7.4 3.7 8 9 10 976 - 3,674 - -2.708 - 2,818 - 902 1.6 - 1.1 - 6.5 - -2.4 - 3.7 11 12 - 1 Net change in liabilities Households 2 Farm business 3 Nonfarm noncorp. business 4 (payables less receivables) 3,241 647 62 106 10,289 672 79 200 -7,456 693 107 250 6,884 717 131 300 11,579 739 155 367 19,492 762 181 415 60.1 1.5 1.6 3.1 60.0 1.7 1.2 .1 47.0 2.3 1.0 -.9 35.1 2.7 .9 -1.1 5.3 2.4 .4 -2.4 1 2 3 4 Nonfin. corporate business State and local governments Foreign U.S. government 1,200 297 -48 977 10,957 303 472 -2,394 -6,366 309 -46 -2,403 1,766 315 -21 3,676 6,675 321 371 2,951 16,608 327 200 999 49.1 1.7 -.3 3.4 52.9 1.6 1.5 1.0 39.6 2.0 1.7 1.3 30.8 1.1 .2 .5 5.0 .9 -2.7 1.7 5 6 7 8 9 Net change in assets Nonfin. corporate business 10 Foreign 11 U.S. government 12 Other insurance companies 13 10,931 9,604 767 -849 1,409 -4,291 -5,148 72 -146 931 26,099 24,210 -131 1,212 808 8,486 10,665 -1,166 -1,408 395 15,192 16,496 256 -1,985 425 -9.317 -9,697 400 -868 848 64.9 56.6 4.1 2.7 1.5 74.4 69.8 .2 2.4 1.9 57.5 48.2 3.5 3.8 2.0 28.2 23.2 -.2 2.5 2.6 -8.7 9 -15.7 10 M 11 4.8 12 2.1 13 14 Discrepancy -7,690 14,580 -33,555 -1,602 -3,613 28,809 -4.8 -14.4 -10.5 6.9 14.0 14 -8.4 -6.8 -.4 -.3 -.5 -.2 _ 2 -14.1 -14.1 -.1 M .2 1 Net chan9e in liabilities Households 2 Foreign 3 4 5 6 7 Brokers and dealers From commercial banks From foreign banking off. Customer credit balances 8 Net change ln assets Households 9 Commercial banking 10 11 12 Brokers and dealers Foreign 659 - K K Trade Credit 5 6 7 8 Profit Taxes Payable 1 Net change in taxes payable Nonfin. corporate business 2 Commercial banks 3 Savings 8 loan associations 4 Life insurance companies 5 Other insurance companies 6 Finance companies 7 Brokers and dealers 8 2,311 2.371 -2 -7 -32 -9 14 -24 1,802 1,905 -36 -53 2 -9 11 -18 1,279 1,167 18 2 38 -3 16 41 -3,992 -4,050 -8 -24 60 15 15 1,167 1,056 23 -19 47 2 18 40 1,999 1,799 20 19 79 3 19 60 5.2 4.3 .1 .2 .3 .1 .1 * 2.8 2.5 .5 -.2 * -.1 .1 -3.1 -1.7 -.5 -.3 -.4 -.2 -.2 .2 9 Net change in taxes receivable State and local governments 10 U.S. government 11 4,734 2,579 2.155 2,226 2,133 93 -803 -2,289 1,486 -1,164 -1,299 135 3,077 1,811 1,266 5.812 1,635 4,177 3.7 .8 2.9 1.3 1.5 -.3 -3.8 1.1 -4.8 -9.0 1.0 -10.0 -11.6 9 -1.4 10 -10.2 11 -2,423 -424 2,082 -2,828 -1,910 -3,813 1.5 1.5 .6 .7 -2.5 12 -44.0 -12.6 -31.4 -49.1 -18.2 -31.0 -28.8 -11.1 -17.7 12 Discrepancy K K * If M 1 2 3 4 5 6 7 8 Proprietors’ Equity in Noncorporate Business 1 Total household investment Farm business 2 Nonfarm noncorp. business 3 -14,777 -36,564 -19,479 -27,125 -23,681 -27,046 1,788 348 1,746 4,279 1,513 1,730 -16,565 -38,077 -23,758 -27,473 -25,427 -28,776 LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -29.8 -8.7 -21.0 -45.3 -12.5 -32.7 1 2 3 MARCH 11, 1988 Security Credit, Trade Credit, and Taxes Security Credit, Trade Credit, and Taxes Security Credit, Trade Credit, and Taxes Payable 51 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 1986 1987 1 IV III 1 I Il Ill IV Security Credit 1 2 3 12.2 8.4 2.1 -3.1 39.6 16.7 10.0 8.6 - -7.1 2.7 -24.3 4.5 - 27.8 15.3 - -20.8 -9.8 10.5 12.1 23.6 4.7 -41.8 Net change in liabilities 3.7 Households Foreign - 4 5 6 7 3.8 .9 .5 2.4 5.2 4.7 1.1 -.6 22.9 6.2 4.2 12.5 1.4 -7.4 .1 8.7 -9.8 -8.2 -1.8 .2 -28.8 -15.7 -.4 -12.7 12.5 -20.3 2.0 30.8 -11.0 .9 -1.8 -10.1 -1.5 3.5 -2.4 -2.6 18.8 11.0 4.9 3.0 -45.5 -48.1 -8.0 10.6 8 9 10 12.2 2.4 2.4 2.1 -.6 5.8 39.6 12.5 11.0 10.0 8.7 -5.8 -7.1 .2 -9.0 -24.3 -12.7 -15.5 27.8 30.8 -17.6 -20.8 -10.1 .1 10.5 -2.6 1.9 23.6 3.0 17.0 -41.8 Net change in assets 10.6 Households -55.0 Commercial banking 11 12 7.4 - -3.0 - 16.1 - 7.1 - 1.7 - 3.9 - 14.7 - -10.8 - 11.3 - 3.6 - 1 2 3 4 46.4 1.8 -.7 .7 41.9 1.8 -1.1 3.3 42.1 2.2 -.3 2.3 7.6 2.5 .2 .5 30.5 2.9 .6 1.3 7.2 2.6 .2 1.3 -4.6 2.7 .3 -.6 39.9 2.8 .4 4.6 8.4 2.9 .5 -1.9 44.3 3.0 .6 2.6 29.5 Net change in liabilities 3.0 Households .7 Farm business « Nonfarm noncorp. business (payables less receivables) 1 2 3 4 5 6 7 8 40.8 .8 .2 2.9 34.4 1.0 -.5 3.0 33.0 1.1 -.6 4.4 3.0 1.2 -.4 .6 18.7 1.3 .5 5.2 -2.0 1.2 -1.0 4.9 -2.3 1.2 1.6 -7.5 40.3 1.2 .7 -10.2 -6.2 1.3 .1 11.8 23.2 1.3 .7 12.9 17.4 1.3 .5 6.5 5 6 7 8 9 10 11 12 13 66.6 62.2 -1.3 3.8 2.0 55.6 46.4 1.4 5.1 2.8 41.6 35.2 .5 3.7 2.2 17.5 12.4 .4 .1 4.7 40.5 41.7 -.6 -3.0 2.5 30.2 24.2 3.8 -3.4 5.6 31.4 30.7 -2.5 -.6 3.7 59.8 48.8 2.9 4.8 3.2 39.4 49.2 -5.7 -5.6 1.6 49.7 54.1 1.8 -7.9 1.7 12.9 Net change in assets 14.6 Nonfin. corporate business Foreign -1.6 -3.5 U.S. government 3.4 Other insurance companies 9 10 11 12 13 14 -20.3 -13.7 .5 -9.9 -10.0 -23.0 -35.9 -19.9 -31.1 -5.4 16.6 Discrepancy 14 2.6 - Brokers and dealers From commercial banks From foreign banking off. Customer credit balances Brokers and dealers Foreign 1 2 3 4 5 6 7 8 9 10 11 12 Trade Credit Nonfin. corporate business State and local governments Foreign U.S. government Profit Taxes Payable H .1 -1.6 -1.8 .1 .1 a -.1 K .1 .8 1.0 « a a a a -.1 .5 a .1 a .2 a .1 .2 -.8 -.6 a a -.1 a .1 -.1 .6 1.1 -.1 -.3 a a a -.1 -.4 -.8 .1 a .2 a .1 .2 5.1 4.8 a -.1 .2 a .1 .1 -4.4 -4.9 .1 .2 a .1 .1 7.2 1.9 5.3 4.4 3.9 .6 -2.9 1.3 -4.2 1.3 1.8 -.5 6.9 -.1 7.1 1.3 3.3 -2.1 .6 2.2 -1.6 1.4 -1.6 3.0 15.5 .1 15.4 -5.0 .6 -5.6 -1.4 -3.9 1.3 -.5 -6.5 -2.1 a -1.8 -10.4 .6 -100.0 15.0 -114.9 -99.9 9.0 -109.0 1 2 3 4 5 6 7 8 5.8 5.8 -.1 K -.1 M K .2 .5 .7 K K -.2 9 10 11 12 u 1.5 Net change in taxes payable .8 Nonfin. corporate business .1 Commercial banks a Savings 8 loan associations .3 Life insurance companies a Other insurance companies Finance companies .1 .2 Brokers and dealers 1 2 3 4 5 6 7 8 15.8 Net change In taxes receivable 9 .4 State and local governments 10 15.4 11 U.S. government * -14.3 Discrepancy 12 Proprietors* Equity in Noncorporate Business 1 2 3 -89.5 -16.8 -72.7 -72.8 2.3 -75.1 -65.8 1.2 -67.0 -85.2 5.7 -90.9 -97.3 8.1 -105.4 -64.6 9.3 -73.8 -156.1 -8.0 -148.2 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. -68.7 15.5 -84.2 -120.9 Total household investment -7.1 Farm business -113.9 Nonfarm noncorp. business 1 2 3 MARCH 11, 1988 Miscellaneous I Miscellaneous I 52 Miscellaneous Financial Claims UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III 1 Net change in liabilities 2 Households 3 Nonfin. corporate business IV I 1 1987 I II BILLIONS OF DOLLARS III IV 1978 1979 1980 1981 1982 44.589 -419 6,423 65,255 -244 14,143 56,476 -81 6,784 651 257 9,490 52,355 228 8,404 21.961 546 8,617 96.3 1.1 7.9 93.3 1.3 11.8 76.1 1.2 15.3 69.9 1.8 25.3 83.7 .8 13.8 1 2 3 685 -519 6,312 2.974 22,381 -3,696 9,734 -2.154 30.4 -.3 29.6 -1.3 12.5 -1.9 -10.1 1.0 1.5 .2 4 5 49,607 -18,382 2,432 -2.242 2,386 -1,207 16,416 -23,251 25,038 -3.515 137 18,549 5,218 1.842 99 -8.210 57.2 4.6 .4 24.8 51.9 5.7 .9 14.8 48.9 3.6 -1.1 20.4 51,9 4.7 .3 24.8 67.4 5.9 -.1 23.2 6 7 8 9 4 5 Foreign S. government -713 -5,214 20,701 1,557 6 7 8 9 Total finance Sponsored credit agencies Monetary authorities Commercial banking 44,512 2,566 629 18,210 29,098 4,213 277 7,982 10 11 12 13 14 15 16 Savings 8 loan assns. Mutual savings banks Credit unions Life insurance companies Other insurance companies Finance companies REITs 167 2,810 1,100 1,477 10,356 7,197 -3,021 3,955 400 1,034 10,238 3,877 143 5,745 1,931 500 1,952 8,867 9,521 -143 249 3,710 200 248 9,221 -5,310 - -5,638 2.320 1,100 784 8,323 2,978 -9,069 2,864 800 96 8,155 8.641 -.3 1.4 .6 4.8 14.1 7.1 -.1 1.1 1 .2 .3 5.3 14.7 8.0 -.2 .9 .8 1.6 3.8 12.4 6.3 .1 2.6 2.6 .4 8.2 10.8 -2.6 .1 13.1 -.2 .2 7.0 10.6 7.6 41,451 7,855 556 984 258 69,519 30,878 6,947 6,726 516 492 763 826 21,583 -11,650 18,829 7,031 593 685 10,979 19,987 5,705 744 929 -3,256 69,734 5,564 841 856 9.302 87.5 6.6 2.0 3.0 18.9 88.0 7.2 1.9 3.0 34.9 84.9 5.6 1.9 2.6 32.0 42.2 6.1 1.7 2.1 15.3 97.6 6.8 1.7 2.1 18.7 6,900 159 15,297 299 29,782 167 14.5 .8 14.1 .8 13.4 .5 -6.6 .9 30,701 -7,518 613 1,180 -216 685 12,782 -18,029 269 1.010 1,308 1,303 23,222 3,696 -234 12,652 41.9 .4 -.2 20.9 26.1 .4 1.2 6.3 28.9 1.3 -.1 13.4 22.6 .7 .1 9.2 67.1 1.1 .1 24.5 24 25 26 27 -8,256 423 914 2,069 1,466 272 -240 4,999 -2,436 -1,043 3,937 -1,409 1,235 1.825 4.6 .8 2.3 2.4 9.3 .8 .5 5.6 .5 2.1 3.5 5.1 .9 .4 3.1 1.0 3.6 3.6 2.1 .5 .4 7.4 1.2 -.3 7.3 -5.8 1.0 1.9 26.4 2.6 .2 8.1 4.8 .3 -1.1 28 29 30 31 32 33 34 32,368 -47,773 8.7 5.3 -8.9 27.7 -13.9 35 17 Net change in assets 18 Households 19 Farm business 20 Nonfarm noncorp. business 21 Nonfin. corporate business 22 23 Foreign U.S. government 14,415 -229 19.189 230 24 25 26 27 Total finance Sponsored credit agencies Monetary authority Commercial banking 17,612 267 1,028 12,390 20,291 3,720 392 9,775 -862 431 247 1,988 719 -34 1,438 403 1,551 2,089 594 913 854 3,138 -4,264 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds REITs Money market funds 28 29 30 31 32 33 34 35 Unallocated, net (A) 3,559 224 14,945 -434 1,023 190 1,304 181 -254 599 2,952 -132 2,979 2,601 103 111 25,598 -18,178 10 11 12 13 14 15 K 16 17 18 19 20 21 -.4 22 1.6 23 Foreign claims Foreign direct investment by U.S. corps. 36 Liab.: Foreign (1) 3,303 37 Equity 8 intercompany accts. 1,138 38 Retained earnings 2,165 -849 -328 -521 5,596 1,586 4,010 4,894 -664 5,558 5,279 415 4,864 1,286 -3,056 4,342 16.1 4.4 11.7 26.8 7.6 19.2 23.6 4.9 18.6 12.6 -.5 13.1 10.2 36 5.4 37 4.8 38 Direct investment in U.S. by fgn. corps. 39 Liab.: Nonfin. corp, bus.(l) 6,423 14,143 40 Equity 8 intercompany accts. 7,109 14-187 41 Retained earnings -686 -44 6,784 6,173 611 9,490 8,517 973 8,404 6,783 1,621 8,617 7,117 1,500 7.9 5.3 2.5 11.8 7.9 3.9 15.3 11.7 3.6 25.3 22.3 3.0 13.8 39 16.2 40 -2.4 41 U.S. govt, equity in IBRD, etc. 42 Liab.: Foreign Nonofficial foreign currency 43 Asset: U.S. government Liab.: Foreign (B) 715 165 200 300 312 332 .6 .8 .7 1.1 1.3 42 -944 65 24 -141 -i3 -165 .1 M -.2 -.2 .4 43 Claims on federally related agencies Postal Savings deposits 44 Asset: Households Liab.: U.S. government 44 Deposits at Federal Home Loan Banks 45 Liab.: Sponsored credit ags. 1,716 Asset: S8L associations 1,913 -1.763 -3,864 -3,200 2,224 2.1 3.0 .8 1.8 2.8 45 46 Federal Reserve Bank stock Asset: Commercial banks 42 25 42 45 48 38 K .1 .1 .1 .1 46 47 Equity in sponsored credit ag. 48 U.S. government Private: 49 Farm business (FICB 8 FLB) 50 Nonfarm noncorporate (BC)' 51 Nonfin. corp. bus. (FNMA) 52 S8L associations (FHLB) 59 74 787 298 129 461 1.3 1.6 .7 1.4 .9 47 48 -193 -16 -1 269 -221 -19 6 308 -208 -14 374 635 -84 -15 397 -154 2 281 -30 8 — 483 .3 .1 .4 .1 .1 1.0 .6 .1 (1) Excludes capital gains/losses. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. ii .8 « a .6 * .1 .7 .4 49 a 50 .1 51 .4 52 MARCH 11. 1988 Miscellaneous I Miscellaneous I 53 Miscellaneous Financial Claims SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I 1986 I I 1987 1983 198 A 1985 1986 1987 2 3 91.9 .6 11.5 1A3.3 -1.0 25.6 13A.5 .1 20.5 192.2 -1.3 26.A 131.A 1.0 33.3 109.5 -1.7 28.3 321.6 -1.0 5A.2 103.0 -.3 25.8 1AA.0 1.0 39.1 115.2 .9 36.9 A 5 6.2 2.0 6.9 A.9 A.O A.6 29.1 .2 39.1 -3.A -A2.0 -21.2 56.0 29.6 39.8 -32.7 63.8 17.3 A3.2 -15.8 l.A 17.7 6 7 8 9 71.6 - .2 -.5 31.0 107.0 10.2 .1 27.2 105.3 6.9 l.A 25.A 138.0 8.3 1.9 A2.7 61.5 -1.5 l.A 3.5 1A6.0 -2.3 9.3 Al.l 182.8 16.8 -12.3 106.2 70.A 12.3 6.8 -A3.8 22.8 2.3 7.2 -28.6 A9.9 -28.1 A.O 28. A 10 11 12 13 IA 15 16 10.A 2.3 .7 9.2 12.0 6.8 -.1 6.8 2.A 1.8 1A.8 2A.8 18.7 .1 9.6 5.2 1.3 1A.A 30.5 10.A .1 -1.5 8.3 1.7 5.A A1.9 29.6 -.3 -8.7 10.8 2.6 3.1 3A.6 15.8 -.1 A.5 12.3 3.5 5.9 Al.A 30.2 - -5.0 18.2 l.A A.l A1.0 11.9 .6 16.5 2.A 1.6 7.8 35.5 31.9 -.6 -2.7 16.A 2.3 1.0 36.9 -12.0 - 17 18 19 20 21 63.7 15.3 1.1 -A.6 A.2 139.5 16.3 1.9 A.2 27.5 156.2 1A.5 2.2 7.0 29.7 179.5 28.1 2.5 3.6 28.3 139.A 25.0 2.7 3.3 5.A 188.9 31.A 2.2 3.9 1.5 2A0.2 27.8 2.1 3.1 73.6 137.1 26.9 2.0 3.3 -27.1 22 23 16.0 .7 19.7 1.5 25.7 l.A A1.2 .6 55.5 .8 32.3 -.9 63.7 .9 2A 25 26 27 31.0 .7 .5 7.2 68.5 2.8 3.0 22.7 75.8 -1.5 1.0 33.A 75.2 2.1 1.7 A8.9 A6.7 6.5 1.5 8.7 118.A 2.7 3.2 87.9 28 29 30 31 32 33 3A 6.3 1.5 .8 6.1 8.3 -.A 30.0 .3 1.0 A.8 1.0 1.2 1.5 15.8 1.7 2.A 12.0 12.0 -1.6 .6 5.2 1.0 3.7 8.0 l.A .A 2.9 12.3 .5 .8 9.2 A.O 1.8 l.A 35 28.2 3.8 -21.8 12.7 -8.0 1 III IV II III IV 155.A Net change in liabilities Households 2.2 Nonfin. corporate business 31.3 1 2 3 Foreign U.S. government A 5 102.8 7.A -12.3 58.1 Total finance Sponsored credit agencies Monetary authorities Commercial banking 6 7 8 9 -17.8 11.1 3.A 3.1 33.3 12.A - -30.9 13.A 3.0 .A 32.6 31.0 - Savings 8 loan assns. Mutual savings banks Credit unions Life insurance companies Other insurance companies Finance companies REITs 10 11 12 13 IA 15 16 88.2 28.1 2.A 2.7 AO.A 102.0 22.8 3.0 3.7 -17.1 226.2 Net change in assets Households 22.3 Farm business 3.A Nonfarm noncorp. business 3.A Nonfin. corporate business 25.A 25.A .9 58.3 .6 30.9 1.2 107.5 .7 69.1 8.1 -1.1 6.6 105.7 A.3 1.2 A9.7 -AA.A 11.0 A.7 -67.0 57.6 5.0 A.O A9.0 63.5 5.7 -3.7 3.1 -17.1 .6 3.2 8.0 A.6 -.1 25.5 .A 7.2 11.5 8.A 6.7 3.7 17.8 69.6 -8.8 -2.9 .8 A.l .7 -12.9 8.5 1A.1 -2.9 11.9 3.3 .A -28. A -A8.5 .9 6.5 8.3 8.5 1.1 22.7 19.6 -A.l -1.9 15.7 -.1 A.9 2A.A -79.A 81.3 -3A.0 55.8 13.2 17 18 19 20 21 Foreign U.S. government 22 23 Total finance Sponsored credit agencies Monetary authority Commercial banking 2A 25 26 27 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds REITs Money market funds -70.8 Unallocated* net 28 29 30 31 32 33 3A 35 (A) Foreign claims 36 37 38 9.8 -3.6 13.5 13.2 -A.6 17.8 8.8 -A.l 12.9 1A.1 A.O 10.1 17.1 -1.7 18.8 11.2 .1 11.1 6.5 7.1 -.5 15.7 -.6 16.3 17.A -.6 18.0 Foreign direct investment by U.S. corps. 36 18.9 16.3 Liab.: Foreign (1) Equity 8 intercompany accts. 37 -2.1 -3.5 38 Retained earnings 18.A 22.A 39 AO A1 11.5 11.9 -.3 25.6 22.5 3.1 20.5 20.A .1 26.A 26.A a 33.3 28.6 A.7 28.3 31.2 -2.8 5A.2 53.5 .7 25.8 2A.0 1.9 39.1 35.5 3.6 Direct investment in U.S. by fgn. corps. 31.3 Liab.: Nonfin. corp, bus.(l) 39 36.9 Equity & intercompany accts. AO 30.A 2A.5 A1 Retained earnings 6.8 6.5 A2 .7 1.1 1.5 1.5 1.1 2.9 .7 .8 1.2 A3 .1 .A -.1 -.9 -.3 -3.8 .3 .1 -.6 1.2 -.1 u.i3. govt, equity in IBRD, etc. 1.3 Liab.: Foreign Nonofficial foreign currency -.7 Asset: U.S. government Liab.: Foreign A2 A3 (B) Claims on federally related agencies - AA - - - - - A5 -2.9 7.0 A.5 3.6 -6.6 1.7 .3 -6.9 -1.3 -18.5 A6 .1 .2 .2 .1 .2 .2 .1 .2 .2 .2 A7 A8 .2 - .9 - .9 .6 1.7 .5 - .A - 2.7 - 1.2 .7 - A9 50 51 52 .1 .1 -.3 M .1 1.1 -.6 -.1 .1 1.2 -.5 -.8 -.1 a 1.3 -.9 -.1 H 1.3 -.8 -.1 1.5 2.1 -.3 -.1 1.6 -.6 — a l.A M K .1 M ■ .8 a .A 1.8 Postal Savings deposits Asset: Households Liab.: U.S. government Deposits at Federal Home Loan Banks .3 Liab.: Sponsored credit ags. Asset: S&L associations .2 Federal Reserve Bank stock Asset: Commercial banks 2.0 Equity in sponsored credit ag. U.S. government Private: Farm business (FICB & FLB) -.1 * Nonfarm noncorporate (BC) — Nonfin. corp. bus. (FNMA) S&L associations (FHLB) 2.1 (1) Excludes capital gains/losses. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. AA A5 A6 A7 A8 A9 50 51 52 MARCH 11. 1988 Miscellaneous II Miscellaneous II 54 Miscellaneous Financial Claims (Continued) UNADJUSTED NET FLOWS(S MILL) UNADJUSTED NET FLOWS($ MILL) 1986 III IV I I 1987 I II III IV 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 .8 1 2.3 1.3 1.0 2 3 4 (C) Life insurance claims Deferred and unpaid premiums 1 Liab.: Households Asset: Life insurance 419 -244 -81 257 228 546 1.1 1.3 1.2 1.8 Life company reserves 2 Liab.: Life Insurance cos. Accident and health 3 4 Policy dividend accum. Asset: Households 752 653 99 655 526 129 552 405 147 444 291 153 344 167 177 237 52 185 2.7 1.3 1.4 2.4 .8 1.6 1.7 .6 1.1 2.1 .9 1.2 10,356 7,103 749 1,000 1,504 10,238 6,292 737 782 2,427 8,867 6,174 700 840 1.153 9,221 6,587 677 700 1,257 8,323 5,361 898 929 1,135 8,155 5,327 871 848 1.109 14.1 3.9 1.7 2.9 5.6 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 Corporate parent Investment in: 10 Commercial bank subsidiaries -32 11 Finance company subsidiaries 6*734 Asset: Domestic bank affiliates 706 6.854 762 1.358 3.184 -10.121 2,370 1,781 2,861 5,613 4.8 4.4 5.4 3.4 6.9 2.8 7.8 -2.6 13.2 10 7.2 11 -13.9 12 (D) Nonlife insurance claims 5 Liab.: 6 Asset: 7 8 9 Other insurance cos. Households Farm business Nonfarm noncorp. bus. Nonfin. corp, business 5 6 7 8 9 (E) Intercorporate claims (F) Unallocated assets 8 liabilities 12 Net total (liab. less assets) 3,138 -4,264 25,598 -18,178 32,368 -47,773 8.7 5.3 -8.9 27.7 13 14 15 16 17 18 Net change in liabilities Foreisn U.S. government U.S. govt.-without levels Sponsored credit agencies Monetary authority 15,884 -3,787 -5,214 791 587 31,510 21,320 1,557 2,226 252 31,522 -11,530 1,259 -5,135 2,974 -519 1,324 3.408 2,344 -1,252 28,350 16.803 -3,696 -444 89 -8,244 8,281 1,042 -3,196 -843 61 41.2 13.6 -.3 1.3 .4 21.9 2.0 -1.3 1.1 .8 10.2 -11.5 -1.9 2.1 -1.1 7.9 -23.6 1.0 1.4 .2 20.2 -10.4 .2 2.2 -.2 13 14 15 16 17 18 19 20 21 22 23 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. poss. 18,242 4,918 6,687 6,481 156 7,276 -407 6,029 1,511 143 15,654 -24,609 12,091 -13,545 3,697 -12,785 -169 1,680 35 41 16,179 -11,071 4,778 -20,486 10,410 11.618 1,023 -2,209 -32 6 20.0 15.5 1.2 2.7 .6 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 19 20 21 22 23 24 25 26 27 28 29 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Finance companies REITs 167 2,810 1,100 725 463 - -3,021 3,955 400 379 -2,977 143 30 31 32 33 34 Net change in assets Foreign Nonfin. corporate business Sponsored credit agencies Monetary authority 12,746 7,992 -4,548 267 1,028 35 36 37 38 39 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. possession 5,646 935 -98 4,748 61 2,190 872 151 1,128 39 40 41 42 43 44 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds -2,847 431 247 2,407 719 45 46 REITs Money market funds -34 1,438 5,745 1,931 500 1,400 6,337 -143 249 3,710 200 -196 4,811 - -5,638 2,320 1,100 440 1,197 -9,069 2,864 800 -141 3,028 - -.3 1.4 .6 2.1 2.6 -.1 1.1 1.2 .3 2.9 4.6 -.2 .9 .8 1.6 2.1 3.5 .1 2.6 2,6 .4 6.0 K .1 13.1 -.2 .2 4.8 .5 K 24 25 26 27 28 29 35,774 5,924 5,046 -3,225 19,999 -18.773 3,720 1,180 392 -216 6,648 -2,590 4,828 613 685 -4,018 6,893 -9,672 1,010 1.308 39,529 21,165 6,907 3,696 -234 32.4 6.6 -2.8 .4 -.2 16.6 2.3 2.5 .4 1.2 19.0 -1.9 3.8 1.3 -.1 -19.9 -31.9 -1.0 .7 .1 34.1 -14.2 5.7 1.1 .1 30 31 32 33 34 8,794 8,753 907 -754 -112 -9,311 -7,671 -1,047 -535 -58 -2,896 -1,720 1,318 -2,319 -175 4,140 -2,083 4,343 1,993 -113 11.7 10.2 — .3 1.7 .1 -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 35 36 37 38 39 -2,221 403 1,551 2,333 594 16,073 -434 1,023 271 1,304 4,066 2,952 -132 2,722 2,601 -5,337 423 914 1,841 1,466 2,292 -2,436 -1,043 3,391 -1,409 1.7 .8 2.3 1.3 9.3 1.6 .5 2.1 2.2 5.1 2.3 1.0 3.6 2.4 2.1 4.9 1.2 -.3 5.5 -5.8 23.1 2.6 .2 7.4 4.8 40 41 42 43 44 913 854 181 -254 103 111 272 -240 1,235 1,825 .8 .5 .9 .4 .5 .4 1.0 1.9 LATEST QUARTER BASED ON INCOMPLETE INFORMATION, .3 45 -1.1 46 MARCH 11. 1988 Miscellaneous II Miscellaneous II 55 Miscellaneous Financial Claims (Continued) SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 1986 SEASONALLY ADJUSTED ANNUAL RATES 1987 I 1 1986 III 1987 IV I II III IV (C) 1 .6 -1.0 .1 -1.3 1.0 -1.7 -1.0 -.3 1.0 .9 2 3 4 3.2 1.8 1.4 2.7 1.6 1.1 3.5 2.3 1.2 3.0 2.5 .5 1.6 .9 .7 3.0 2.6 .4 2.6 2.1 .5 2.2 1.6 .6 1.8 1.2 .6 1.4 .7 .7 5 6 7 8 9 12.0 12.1 1.0 —4.6 3.5 24.8 13.6 1.9 4.2 5.2 30.5 11.0 2.5 7.0 10.0 41.9 25.1 3.1 3.7 10.0 34.6 23.4 3.1 3.3 4.7 41.4 28.4 3.0 4.0 6.0 41.0 25.2 2.9 3.1 9.7 35.5 24.7 2.8 3.4 4.6 36.9 26.3 2.7 2.8 5.0 33.3 21.4 3.6 3.7 4.5 Life Insurance claims Deferred and unpaid premiums 2.2 Liab.: Households Asset: Life insurance 1 Life company reserves .9 Liab.: Life Insurance cos. .2 Accident and health .7 Policy dividend accum. Asset: Households 2 3 4 (D) Nonlife insurance claims 32.6 Liab.: 21.3 Asset: 3.5 3.4 4.4 Other Insurance cos. Households Farm business Nonfarm noncorp. bus. Nonfin. corp, business 5 6 7 8 9 (E) Intercorporate claims Corporate parent investment in: 10.1 Commercial bank subsidiaries 10 18.9 Finance company subsidiaries 11 Asset: Domestic bank affiliates 10 11 12.6 2.4 10.3 12.5 5.5 15.0 .3 40.8 7.4 .5 -.5 28.4 1.3 23.8 5.0 6.6 5.4 -31.3 8.9 7.6 12 28.2 3.8 -21.8 12.7 -8.0 -79.4 81.3 -34.0 55.8 13.2 -70.8 Net total (liab. less assets) 12 13 14 15 16 17 18 41.6 -4.4 2.0 2.4 -.6 45.7 -7.8 4.9 2.3 « 43.6 -6.2 4.6 1.5 1.3 62.1 14.4 .2 4.1 1.8 40.1 21.2 1.0 -4.4 3.4 1.2 -2.1 -52.2 — -21.2 -4.5 9.1 191.5 48.6 29.6 16.1 -12.4 15.7 23.3 -32.7 16.5 6.6 73.0 45.8 17.3 2.5 7.0 23.7 23.2 -15.8 -10.4 3.8 39.9 -15.5 4.2 13.5 5.1 -12.4 Net change in liabilities Foreign U.S. government U.S. govt.-without levels Sponsored credit agencies Monetary authority 13 14 15 16 17 18 19 20 21 22 23 18.3 1.4 15.3 1.0 .7 16.9 13.1 8.3 19.9 10.3 7.1 2.4 .1 42.4 2.4 34.3 4.8 .9 -3.8 -17.2 12.9 .3 .1 41.6 -12.4 17.3 36.1 .6 104.9 86.7 26.8 -9.2 .6 -48.9 -79.0 19.4 10.5 .1 -34,0 9.1 -48.8 5.6 .2 19.5 -28.2 30.9 17.0 -.1 48.0 29.5 50.3 -31.8 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. poss. 19 20 21 22 23 -2.7 16.4 2.3 -.8 19.2 - -17.8 11.1 3.4 1.8 4.8 -30.9 13.4 3.0 — .6 12.1 - Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Finance companies REITs 24 25 26 27 28 29 (F) Unallocated assets & liabilities k -4.5 k 24 25 26 27 28 29 10.4 2.3 .7 6.1 4.4 -.1 6.8 2.4 1.8 12.1 6.2 .1 9.6 5.2 1.3 11.0 -4.6 .1 -1.5 8.3 1.7 2.4 -11.3 -.3 -8.7 10.8 2.6 1.5 15.4 -.1 4.5 12.3 3.5 2.9 1.9 - -5.0 18.2 1.4 1.5 -11.9 .6 16.5 2.4 1.6 5.6 25.3 -.6 30 31 32 33 34 13.4 4.5 -9.1 .7 .5 41.9 -5.9 9.1 2.8 3.0 65.4 5.2 10.8 -1.5 1.0 49.4 14.9 4.1 2.1 1.7 48.1 22.2 -16.7 6.5 1.5 77.3 3.9 -15.6 2.7 3.2 110.1 9.5 57.4 8.1 -1.1 49.7 -.4 -48.9 4.3 1.2 17.1 19.2 18.0 11.0 4.7 10.5 -6.1 -40.5 5.0 4.0 110.7 76.3 4.6 5.7 -3.7 Net change in assets Foreign Nonfin. corporate business Sponsored credit agencies Monetary authority 30 31 32 33 34 35 36 37 38 39 -8.0 -4.4 .5 -2.2 -1.9 -.2 -.6 1.3 -.9 * 12.7 13.2 -.3 -.1 -.1 7.6 1.8 1.4 4.0 .4 .7 -2.7 5.5 -1.6 -.5 59.8 38.5 -7.9 28.9 .2 -18.6 -18.3 2.5 -3.0 .2 37.9 5.8 14.9 17.7 -.4 -41.3 -9.6 -9.6 -21.8 -.2 32.4 32.2 -2.4 3.2 -.7 -26.1 -39.2 19.2 -5.5 -.5 Commercial banking U.S. commercial banks Domestic affiliates Foreign banking offices Banks in U.S. possession 35 36 37 38 39 40 41 42 43 44 9.0 1.5 .8 5.5 8.3 22.2 .3 1.0 5.8 1.0 10.1 1.7 2.4 11.9 12.0 .4 1.0 3.7 9.3 1.4 17.1 .5 .8 8.2 4.0 -20.2 .6 3.2 9.6 4.6 -1.3 7.2 11.5 9.3 6.7 74.4 -8.8 -2.9 1.1 4.1 8.2 14.1 -2.9 10.9 3.3 -31.4 .9 6.5 7.4 8.5 17.2 -4.1 -1.9 13.6 -.1 Savings and loan assns. Mutual savings banks Credit unions Life insurance companies Private pension funds 40 41 42 43 44 45 46 -.4 1.2 1.5 -1.6 .6 .4 2.9 1.8 1.4 -.1 25.5 3.7 17.8 .7 -12.9 .4 -28.4 1.1 22.7 4.9 24.4 REITs Money market funds 45 46 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION. MARCH 11. 1988 Total Claims Total Claims Total Financial Assets and Liabilities 56 UNADJUSTED NET FLOWS!S MILL) UNADJUSTED NET FLOWS($ MILL) 1986 Ill I 1 IV I II 1987 III IV 1978 BILLIONS OF DOLLARS 1979 1980 1981 1982 Total Net Borrowing and Lending in Credit Markets (1) 1 Total net borrowing in credit markets 2 3 4 5 6 7 8 9 Domestic nonfinan. sectors U.S. government Private domestic Households Farm business Nonfarm noncorp. bus. Corporate business StateSlocal governments 10 11 12 13 14 15 16 17 18 19 Foreign borr. in U.S. Financial sectors Sponsored credit agencies Mortgage pools Commercial banks Bank affiliates Savings and loan assns. Finance companies REITs CMO Trusts Total net lending in credit markets 324*626 370,945 173,124 277,454 242,071 279,085 469.2 490.6 431.2 501.4 495.1 1 242,988 271,842 107*704 195,°64 168,917 212,656 57*888 69,344 27,496 31,396 21,833 60,653 185*100 202,498 80,208 164,568 147,084 152,003 91*683 90,431 26*888 74,414 72,464 71,791 -2,828 -6,679 -6*407 342 -1,515 -2.456 26*128 42,418 16,927 32-803 26,331 26,400 34,287 68,677 33,749 49*860 38*569 50,401 7,651 9,051 7,149 11.235 5,867 35*830 371.9 53.7 318.2 167.2 15.6 33.8 85.2 16.5 385.7 37.4 348.4 173.7 23.5 37.9 95.7 17.6 341.7 79.2 262.5 118.4 15.2 31.8 79.8 17.2 375.9 87.4 288.5 120.7 16.6 38.5 106.0 6.8 388.9 161.3 227.6 90.0 6.8 40.2 69.0 21.5 2 3 4 5 6 7 8 9 2.818 63,611 19,193 23,530 5,540 -3,393 14.150 3,256 519 816 24.0 73.3 23.5 13.6 -.5 7.5 13.5 15.9 -.2 15.0 89.9 24.8 23.1 9.1 4.1 12.6 16.2 » 24.2 65.4 25.6 19.2 8.3 6.7 7.4 -1.4 -.4 23.5 101.9 32.4 15.0 11.6 9.2 15.5 18.6 -.4 - 16.0 90.3 15.3 49.5 11.7 6.8 2.5 4.5 -.2 .2 10 11 12 13 14 15 16 17 18 19 324,626 370,945 173.124 277,454 242,071 279,085 -1,713 67,133 -5,354 43,844 565 7.709 2,150 1,916 -89 16,392 2,372 -4,915 79,266 104.018 5,489 5,451 46*824 56,231 2,469 -2,738 576 3.192 5,842 13,020 12,425 13,766 -326 -332 5,973 15,422 -303 81,793 7,365 39,707 4-524 -237 10,488 10,004 78 9,864 2,270 70,884 7,954 33,077 -2,108 753 8,396 11.333 429 11.050 469.2 490.6 431.2 501.4 21 22 23 24 25 Private dom. nonfin. sectors Households Nonfarm noncorp, business Corporate business State 8 local governments 30,891 2,025 875 488 27,503 49,678 20,747 3,001 14,392 11,538 15,520 13,689 -1,808 -3,165 6,804 39,516 31*426 382 3.447 4,261 42,585 41,772 -554 -1,377 2,744 72.872 50,167 1.341 13,115 8,249 71.5 53.7 2.0 3.1 12.7 105.1 76.4 2.2 9.7 16.7 48.2 32.3 .7 3.3 11.9 77.9 58.0 3.4 15.8 .7 26 27 Foreign U.S. government 29,564 2,712 16,427 179 17,425 162 22,108 -3,330 16,232 -6.904 12.841 387 29.7 17.1 -10.4 19.0 25.3 23.7 25.5 24.0 28 29 30 31 Financial sectors Sponsored credit agencies Mortgage pools Monetary authority 261,459 304,661 140,017 219,160 190,158 192,985 3,254 9,223 16,683 2,477 8,476 -3,310 46,824 56,231 43,844 39,707 33,077 23,530 8,621 20,852 -17,331 16,857 -1,421 10.540 350.9 26.7 13.6 7.0 376.9 30.0 23.1 7.7 334.1 26.4 19.2 4.5 373.9 33.2 15.0 9.2 349.5 16.0 49.5 9.8 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. 37 38 39 40 41 Private nonbank finance Savings Institutions Savings & loan assns. Mutual savings banks Credit unions 20 95*859 -17,372 80,869 -26,098 1,200 -569 15.505 7,443 54 83 495.1 20 106.0 73.6 1.6 18.8 12.0 21 22 23 24 25 23.7 26 15.9 27 40,759 34,013 -360 7,036 70 52,008 42,803 627 8,534 44 128.1 109.0 -.5 19.3 .2 131.4 112.7 2.0 16.8 K 107.6 87.6 -.3 19.8 .5 106.5 95.0 .2 12.5 -1.1 110.2 110.7 -2.2 2.2 -.5 32 33 34 35 36 147,059 123,243 134*186 107,259 108,520 31,268 23*483 11,717 44,327 46,710 4,721 34,397 32,296 19*807 12,119 3,996 5*875 7,168 3,075 7,880 3,000 5,586 4,196 6*855 6,534 90,224 37,921 27,687 7,173 3,061 175.6 71.3 56.1 8.7 6.4 184.7 55.4 49.3 4.4 1.7 176.4 51.3 46.2 5.9 -.8 209.9 26.2 23.2 .9 2.0 164.0 22.9 20.0 .7 2.3 37 38 39 40 41 56,478 45,146 449 10,838 45 52,083 40,759 458 10.829 37 42 43 44 45 46 Insurance sector Life insurance cos. Private pension funds St .Sloe.govt.rtr.funds Other Insurance cos. 54,316 22,601 16.337 5,413 9,965 41,650 24,119 -2,478 9,352 10,657 67,242 22,885 26,697 8.346 9,314 35,701 15,496 11,473 1,347 7,385 54,399 25,271 17,018 4,798 7,312 46,275 26,133 5,140 5,566 9,436 76.9 32.8 10.6 17.0 16.5 78.6 32.5 21.9 10.8 13.4 93.7 32.3 30.7 20.9 9.9 90.1 31.0 27.3 22.5 9.4 96.6 42.4 25.8 23.4 5.0 42 43 44 45 46 47 48 49 50 51 52 53 Finance n.e.c. Finance companies REITs Mutual funds Money market funds Brokers and dealers CMO Trusts 61.475 14,611 103 29,795 14,946 -3,953 5,973 58,110 15*156 -642 32,012 -5,502 1,664 15,422 55.227 1*692 241 35,843 2,504 -1,445 16.392 27,231 13,653 -25 10-625 -5,336 -1,550 9,864 7,411 6,028 2,370 17,307 289 333 -8,8 1 -11,443 8 ; 3,793 1,6. J -4,778 816 11,050 27.5 26.0 -1.1 .8 3.2 -1.3 - 50.7 29.4 -1.0 1.9 19.8 .6 - 31.3 13.1 -.7 3.2 16.4 -.7 - 93.6 24.5 -1.1 3.1 64.8 2.3 - 44.5 10.9 K 4.7 29.5 -.6 .2 47 48 49 50 51 52 53 (1) Excludes corporate equities. Total Liabilities and Their Relation to Total Financial Assets Net flows through credit markets (from preceding table) 324,626 370.945 173,124 277.454 242,071 279,085 1 Other financial sources: Official foreign exchange -163 -1,880 -3.590 -117 2 -242 -1,569 109 276 128 Treasury curr. and SDR ctfs. 107 114 3 120 469.2 490.6 431.2 501.4 495.1 1 .5 .5 -.1 1.6 8.1 1.3 3.4 1.2 3.6 1.7 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 82.324 123,561 -31,716 8,916 91,327 -74,478 31,436 28,664 18,703 17,001 -2,991 12,365 7,334 4,860 -2,158 -740 18,370 17,121 516 2,441 -4,518 90,209 57,539 13,606 -2,985 11,344 12,611 -1,906 26,451 -5,910 12,599 4,821 12,996 1,345 600 95,229 23,438 24,819 9,785 29,483 5,204 2,500 186.5 32.7 65.1 6.9 54.8 24.6 2.4 186.3 35.8 59.6 34.4 29.3 17.5 9.8 217.6 17.1 82.7 30.8 60.0 22.5 4.5 275.0 246.1 4 27.9 37.7 5 47.8 138.7 6 109.8 * 32.7 7 61.3 24.6 8 17.8 8.0 9 10.4 4.5 10 11 12 Life Insurance reserves Pension fund reserves 4,574 73,477 4,796 40.187 3,441 50,866 4,828 68.389 3,287 45,952 11.2 83.8 10.7 91.1 9.7 108.8 9.2 108.7 7.2 11 131.8 12 13 14 15 16 17 18 19 8.013 27,716 -432 -5,235 37,461 10,936 Interbank claims 18,690 20.096 41,085 Corporate equities 3,835 -17,193 -37,070 Security credit -7,097 10,543 -8,607 3,431 4.927 -6,881 3,241 10.289 -7,456 Trade debt 6.884 11.579 19,492 1,279 -3,992 1,802 Profit taxes payable 2,311 1,999 1,167 Noncorp, proprietors* equity -14,777 -36,564 -19,479 -27,125 -23.681 -27,046 44,589 65.255 56,476 Miscellaneous 651 52,355 21.961 15.4 1.6 1.2 60.1 5.2 -29.8 96.3 22.2 -3.8 2.1 60.0 2.8 -44.0 93.3 -33.2 19.8 12.5 47.0 -3.1 -49.1 76.1 -27.8 -5.5 .8 35.1 -8.4 -28.8 69.9 -34.5 25.8 7.4 5.3 -14.1 -45.3 83.7 540,130 638.572 270,318 396,936 408,226 405.495 20 Total financial sources - Floats not incl. ln assets Demand dep.: U.S. govt. 21 22 Other 23 Trade credit - Liabilities not allocated as assets 24 Treasury currency Interbank claims 25 26 Security RPs 27 Profit taxes payable 28 Miscellaneous Totals allocated to sectors 29 as assets 4,484 63,312 13 14 15 16 17 18 19 901.8 912.9 846.8 934.2 913.8 20 10,554 15,673 28,809 -.8 -.5 -4.8 1.3 -.1 -14.4 -1.1 2.3 -10.5 -.2 4.1 6.9 .3 21 3.2 22 14.0 23 -3 -51 6,098 -5,515 -359 5,223 -1,910 -3,813 32.368 -47,773 a -.5 15.9 1.5 8.7 -.2 -1.0 4.8 1.5 5.3 -.2 -3.6 10.0 .6 -8.9 -.2 -.5 -7.2 .7 27.7 547,803 609,186 290,542 408,921 381.657 402.388 882.2 915.6 858.0 903.0 -54 -8,742 -7,690 -102 -553 13.388 -8,519 14,580 -33,555 -32 3,205 4,925 -2,423 3,138 -20 3,605 2,623 -424 -4,264 LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 1,455 629 -1,602 -40 -47 -2,655 1,441 -2,582 7,145 2,082 -2,828 25,598 -18.178 337 -6,349 -3,613 -.2 -1.0 -15.3 -2.5 -13.9 24 25 26 27 28 929.3 29 MARCH 11, 1988 Total Claims Total Claims 57 Total Financial Assets and Liabilities SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 1986 1987 I I III 1986 IV I I I II 1987 III IV Total Net Borrowing and Lendin9 in Credit Markets (1) Total net borrowing in credit markets 1 666.8 914.1 1054.9 1136.0 971.7 1252.1 1406.2 871.1 1058.7 914.9 1043.2 2 3 4 5 6 7 8 9 550.2 186.6 363.6 188.2 4.1 77.0 60.3 34.0 753.9 198.8 555.1 234.6 -.1 97.0 196.0 27.4 854.8 223.6 631.1 293.4 -13.9 93.1 166.7 91.8 831.7 215.0 616.7 281.1 -15.1 116.2 190.2 44.3 685.2 141.4 543.9 245.6 -10.0 102.5 172.6 33.3 932.5 210.4 722.0 352.6 -13.4 99.9 144.6 138.3 1036.3 235.2 801.1 306.0 -13.3 171.2 306.9 30.4 551.4 162.3 389.1 199.6 -23.0 78.9 87.9 45.7 756.0 139.1 616.9 281.2 -12.7 122.6 200.7 25.1 633.2 68.0 565.2 274.4 -8.0 99.5 160.0 39.3 800.4 196.1 604.2 227.0 3.5 108.9 241.7 23.1 Domestic nonfinan. sectors U.S. government Private domestic Households Farm business Nonfarm noncorp. bus. Corporate business State&local governments 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 17.3 99.3 1.4 66.4 5.0 12.1 -2.1 12.9 -.1 3.7 8.3 151.9 30.4 44.4 7.3 15.6 22:7 18.9 .1 12.4 1.2 199.0 21.7 79.9 -4.9 14.5 22.3 53.9 -.7 12.2 9.0 295.3 14.9 163.3 -3.6 4.6 29.8 49.7 -.3 37.1 3.1 283.4 29.2 140.2 8.5 4.8 35.2 26.5 .9 38.1 16.5 303.1 21.3 179.3 1.1 11.8 18.1 49.0 -1.3 23.9 -23.5 393.4 19.0 220.7 -10.3 10.1 49.9 43.7 -1.3 61.7 -10.1 329.8 -6.5 181.3 6.5 26.2 44.5 12.7 -.4 65.6 -4.6 307.2 19.6 166.7 21.7 -3.2 13.8 48.9 .3 39.5 17.5 264.3 31.4 121.8 -19.6 13.8 28.3 42.7 1.7 44.2 9.5 233.3 72.0 91.9 25.4 -17.4 54.2 1.7 2.1 3.3 Foreign borr. in U.S. Financial sectors Sponsored credit agencies Mortgage pools Commercial banks Bank affiliates Savings and loan assns. Finance companies REITs CMO Trusts 10 11 12 13 14 15 16 17 18 19 20 666.8 914.1 1054.9 1136.0 971.7 1252.1 1406.2 871.1 1058.7 914.9 1043.2 21 22 23 24 25 157.0 89.2 4.8 27.7 35.4 196.7 135.3 8.3 25.2 27.9 273.2 162.2 8.4 12.4 90.3 89.4 17.0 4.0 20.1 48.4 170.5 137.1 -.6 12.0 22.1 30.7 -103.2 5.2 8.8 119.9 247.8 162.0 3.9 38.7 43.2 158.0 124.7 1.0 13.0 19.2 104.6 89.1 -.1 -1.4 17.0 70.8 46.5 -.4 3.8 20.9 349.6 288.9 -3.1 32.7 31.1 26 27 23.7 9.7 57.9 17.1 62.3 16.8 102.6 9.5 68.6 -9.7 123.2 10.5 62.3 5.9 65.3 -.8 90.8 -17.7 70.7 -27.3 47.7 6.1 28 29 30 31 476.5 3.4 66.4 10.9 642.5 29.8 44.4 8.4 702.6 21.7 79.9 21.6 934.4 14.1 163.3 30.2 742.3 25.9 140.2 8.6 1087.7 17.5 179.3 45.6 1090.3 35.4 220.7 48.9 648.6 3.6 181.3 -40.8 881.0 -15.3 166.7 62.4 800.7 46.6 121.8 7.8 32 33 34 35 36 144.3 136.5 1.2 3.7 2.9 168.9 158.7 .6 12.9 -3.3 186.3 165.6 4.0 16.4 .3 194.7 162.5 -3.1 35.0 .3 127.5 91.5 1.9 33.8 .2 212.7 173.2 1.8 37.5 .2 332.0 281.6 -2.3 52.4 .2 -51.1 -97.2 4.8 41.0 .3 257.3 208.1 1.8 47.2 .1 37 38 39 40 41 251.5 135.6 104.7 18.8 12.1 390.9 150.2 124.9 10.1 15.3 393.2 83.0 59.8 9.7 13.4 532.1 105.5 73.2 17.4 15.0 440.2 140.7 99.1 22.1 19.5 632.5 121.7 79.5 23.5 18.7 453.3 111.5 65.8 25.5 20.2 555.6 58.1 25.1 18.1 14.9 42 43 44 45 46 100.1 52.5 29.9 16.0 1.7 121.8 54.1 21.4 34.7 11.7 156.0 76.1 26.8 22.9 30.2 176.7 86.8 20.7 31.3 37.9 203.6 89.8 60.3 20.1 33.4 232.7 104.6 63.6 26.1 38.4 136.1 74.2 -14.2 33.2 42.9 47 48 49 50 51 52 53 15.8 26.8 .1 9.8 -17.7 -6.7 3.7 118.9 38.3 .8 17.9 45.0 4.4 12.4 154.2 51.9 2.4 68.7 13.9 5.1 12.2 249.9 56.4 H 123.1 34.1 -.8 37.1 95.9 35.0 .8 26.2 1.8 -6.1 38.1 278.2 84.8 .4 121.9 60.2 -13.0 23.9 205.6 31.3 -2.6 125.8 -6.2 -4.4 61.7 Total net lending in credit markets 1 20 Private dom. nonfin. sectors Households Nonfarm noncorp. business Corporate business State & local governments 21 22 23 24 25 Foreign U ,S. government 26 27 639.9 68.5 91.9 5.1 Financial sectors Sponsored credit agencies Mortgage pools Monetary authority 28 29 30 31 144.2 122.4 -1.4 23.0 .3 159.5 132.6 2.5 24.1 .2 Commercial banking U.S. commercial banks Bank affiliates Foreign banking offices Banks in U.S. poss. 32 33 34 35 36 409.9 150.9 111.6 13.9 25.4 480.3 183.7 130.2 31.6 22.0 314.9 169.9 129.5 24.9 15.5 Private nonbank finance Savings Institutions Savings 8 loan assns. Mutual savings banks Credit unions 37 38 39 40 41 282.0 100.2 107.9 37.3 36.7 149.7 63.0 53.0 2.4 31.3 232.4 116.7 65.4 22.6 27.8 150.3 79.3 15.1 18.0 38.0 Insurance sector Life insurance cos. Private pension funds St.Sloe.govt.rtr.funds Other Insurance cos. 42 43 44 45 46 215.5 21.8 1.0 141.5 -18.3 3.8 65.6 109.3 42.8 -.1 44.2 -9.2 -7.9 39.5 64.2 38.8 1.2 -32.7 3.0 9.7 44.2 -5.3 36.7 1.3 -48.3 31.8 -30.1 3.3 Finance n.e.c. Finance companies REITs Mutual funds Money market funds Brokers and dealers CMO Trusts 47 48 49 50 51 52 53 (1) Excludes corporate equities. Total Liabilities and Their Relation to Total Financial Assets 1 666.8 914.1 1054.9 1136.0 971.7 1252.1 1406.2 871.1 1058.7 2 3 1.1 .5 2.2 .6 3.0 .5 -.6 .8 -7.3 .5 -.5 1.1 -.7 .4 -7.5 .5 -14.4 .4 Net flows through credit markets (from preceding table) 914.9 1043.2 Other financial sources: Official foreign exchange -6.3 -1.0 Treasury curr. and SDR ctfs. .5 .5 4 5 6 7 8 9 10 233.4 40.4 216.6 -40.4 -13.0 28.6 1.3 354.2 47.3 150.9 54.2 87.2 20.4 -5.8 277.9 83.4 141.3 10.2 17.8 29.4 -4.3 346.8 127.0 124.3 48.3 4.8 33.4 9.1 180.2 .6 69.7 24.0 51.7 37.5 -3.3 433.9 119.4 147.8 69.8 17.2 65.9 13.7 340.5 213.4 115.2 21.5 -3.3 -19.4 13.1 -23.9 -108.5 32.0 -3.7 20.9 55.7 -20.3 308.2 112.8 76.7 .1 51.3 88.8 -21.6 240.4 83.8 69.0 24.7 43.7 3.6 15.6 196.0 -85.7 101.2 74.7 90.8 2.1 13.0 Deposits at financial insts. 4 5 Checkable deposits 6 Small time & savings dep. 7 Money market fund shares 8 Large time deposits 9 Security RPs 10 Foreign deposits 11 12 8.0 145.6 5.2 147.2 10.7 183.8 17.5 184.2 16.0 228.5 18.3 261.0 19.2 160.7 17.9 286.7 13.8 205.6 19.3 238.5 13.1 183.3 Life insurance reserves Pension fund reserves 13 -3.7 15.3 14 15 61.3 -36.4 2.1 33.4 91.6 10.0 7.6 .8 -85.2 192.2 42.7 -9.3 -7.1 30.5 .5 -97.3 131.4 14.6 82.0 -24.3 7.2 -.8 -64.6 109.5 94.7 82.7 27.8 -4.6 .6 -156.1 321.6 25.8 145.6 -20.8 39.9 -.4 -68.7 103.0 -12.2 23.4 10.5 8.4 5.1 -100.0 144.0 126.2 -61.1 23.6 44.3 -4.4 -99.9 115.2 31.1 -145.3 -41.8 29.5 1.5 -120.9 155.4 16 17 18 19 12.2 46.4 5.8 -89.5 91.9 41.9 .5 -72.8 143.3 30.0 19.9 39.6 42.1 -1.6 -65.8 134.5 20 1180.4 1517.3 1729.4 1935.2 1481.0 2089.5 2293.2 1369.1 1651.5 1556.5 21 22 23 1.6 .1 -20.3 .5 8.1 -13.7 1.3 3.8 .5 -.6 -1.4 -9.9 11.8 1.4 -10.0 22.8 -5.9 -23.0 -52.5 .7 -35.9 49.1 2.6 -19.9 -12.1 -10.5 -31.1 28.4 4.7 -5.4 -.2 -.2 7.7 -6.0 1.3 -21.8 « -.4 -1.4 28.2 -.1 7.4 -15.4 -3.9 3.8 2.3 .4 -.5 12.7 -.1 -.6 9.4 -6.5 -8.0 -.1 9.8 39.0 -2.1 -79.4 -.1 21.6 -8.2 M 81.3 -.2 -9.6 -.6 -1.8 -34.0 -.2 .8 16.4 -10.4 55.8 H 18.0 21.2 .6 13.2 1184.4 1530.5 1742.7 1932.3 1483.5 2128.6 2286.3 1383.6 1642.7 1475.8 24 25 26 27 28 29 -11.6 BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, I 2 3 11 12 13 Interbank claims 14 Corporate equities 15 Security credit 16 Trade debt 17 Profit taxes payable Noncorp. proprietors’ equity 18 19 Miscellaneous 1339.4 Total financial sources - Floats not incl. in assets Demand dep.: U.S. govt. -18.2 Other 8.9 Trade credit 16.6 - Liabilities not allocated as assets Treasury currency -.2 Interbank claims -11.7 Security RPs .7 Profit taxes payable -14.3 Miscellaneous -70.8 Totals allocated to sectors 1428.3 as assets 20 21 22 23 24 25 26 27 28 29 MARCH 11. 1988 Saving by Individuals 58 Savins by Individuals Amount and Composition of Individuals' Savins (1) UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS($ MILL) III 1986 IV I 1 I II 1987 III IV 149*736 150,709 85*953 104,494 127,318 127,159 1 Increase in financial assets 2,678 Checkable deposits and curr. 11*410 50,281 -25,708 23,669 10,852 2 189 16,746 19,707 37,505 31*986 19.459 Time and savinss deposits 3 4,239 8,643 15.262 -4*753 10*965 -2,728 Money market fund shares 4 1978 BILLIONS OF DOLLARS 1980 1979 1981 1982 279.8 22.3 99.2 6.0 299.3 25.7 72.2 30.6 314.5 11.2 122.9 24.5 328.0 25.0 64.6 90.7 391.9 13.0 117.8 32.8 1 2 3 4 19.489 2*570 10*219 12*453 8,418 29.3 3.9 16.5 7.0 4.1 36.1 -.8 25.2 18.0 10.4 4.0 -7.3 26.0 4.9 7.0 .5 -4.3 40.9 4.8 10.9 57.6 .2 52.5 -1.0 24.7 5 6 7 8 9 2*058 -3,050 17,712 -9,266 22,663 19,091 -938 2,339 18*937 -14,755 3*903 -10,651 577 -12,730 34*249 43*687 46*760 20,744 -30.332 -42,614 -31,459 -47,708 -30,613 -19,594 -4.2 14.5 .6 -13.1 -1.8 8.7 -1.0 -22.7 -13.2 -2.4 1.1 -12.0 -4.9 -7.4 5.8 -45.3 3*208 21*862 4*382 19,787 9*605 10.9 19.1 37.1 27.9 28.0 10.4 19.4 47.6 24.4 32.9 9.7 22.3 51.2 35.3 33.4 8.9 29.5 39.7 39.7 29.3 7.0 39.7 48.5 43.9 26.7 14 15 16 17 18 186*219 186,606 160*864 183.097 193,148 192,137 48*832 50*025 50,422 43*489 57*248 54*452 31*260 24.802 17,707 28*958 25*608 21,814 103*203 114,203 89,217 105*609 105*576 113*348 5*041 4*716 2*523 2*924 -2*424 3*518 395.9 114.0 70.8 205.6 5.6 426.6 128.7 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 19 20 21 22 23 24 Capital consumption allowances 113*359 115*558 117*434 119,887 122,287 123,993 16*843 17*035 17,223 17.405 17*595 17,778 Owner-occupied homes 25 27,192 27,497 27,631 28*498 29*080 29,171 26 Other fixed assets (2) 69,324 71*026 72,580 73,984 75.612 77,044 Consumer durables 27 240.5 36.1 57.5 146.8 273.5 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 24 25 26 27 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Securities U.S. savinss bonds Other U.S. Treasury secur. U.S. sovt. asency 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 Other fixed assets (2) 21 Consumer durables 22 Inventories (2) 23 6.151 3.948 -6*160 2*039 11.000 4*500 26*985 21,624 24.942 6*876 20*676 28*132 1*340 5*563 1,120 -1,455 9,999 -13,950 4,270 4*643 4,721 20*302 -3,252 23*212 20*063 4*408 22*484 26,955 13,949 4,579 5*318 2,131 -4.275 7,435 17,320 3*364 13*489 19*515 17,939 7*182 9*405 1,730 13,479 -2.732 19,056 4,750 25*083 14*958 28*426 9*898 M 10 -13.6 11 7.0 12 -12.1 13 63,210 26,084 460 31.625 5*041 70*861 39,653 -3,472 29,964 4*716 68*144 36*674 -7.357 36,304 2,523 155.5 77.8 13.3 58.8 5.6 153.1 86.7 9.2 54.0 3.2 92.3 66.6 2.9 31.9 -9.1 116.6 59.7 7.2 37.4 12.3 68.9 35.6 -.6 37.2 -3.4 28 29 30 31 32 33 Net increase in debt Mtg. debt on nonfarm homes 34 35 Other mortgage debt (2) 36 Consumer credit 37 Security credit Policy loans 38 39 Other debt (2) 116*504 130*701 35*919 111*982 61*646 61*259 50.102 56.026 24.173 34,637 14,177 27*888 25,621 15,619 -14,371 12*638 3,018 3*824 -2,458 1,125 -327 -186 -227 25 3*914 15,589 -11,204 12*598 99,953 49*165 24,389 15,445 1.184 146 9*624 98,570 55,192 20*671 16,377 931 292 5,107 225.0 108.6 38.0 46.7 1.2 2.6 27.9 240.4 117.6 45.8 42.7 1.0 4.7 28.6 175.6 96.4 33.1 2.9 6.5 6.7 30.1 178.3 75.0 36.2 21.8 -1.7 7.4 39.5 142.0 49.5 37.1 19.3 3.8 4.2 28.1 33 34 35 36 37 38 39 40 Individuals* saving (1*28-33) 106,092 98*226 96*733 210.3 27.9 58.8 212.0 24.4 54.0 231.2 35.3 31.9 266.3 39.7 37.4 318.8 40 43.9 41 37.2 42 .7 .9 122.0 .9 .9 131.8 1.8 .5 161.8 2.7 .2 186.3 2.4 43 .5 44 234.8 45 110.2 118.1 136.9 159.4 154.0 46 11.8 13.7 24.9 26.8 80.9 47 28 Net inv. in tangible assets 29 Owner-occupied homes 30 Other fixed assets (2) 31 Consumer durables 32 Inventories (2) 72*860 31*989 4*068 33,879 2*924 71,048 32,990 -2,695 43.177 -2*424 91,056 43,430 33,199 -9,924 16,637 3,518 93*464 (1) Combined statement for households* farm business* and nonfarm noncorporate business. (2) Includes corporate farms. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 55,722 MARCH 11. 1988 Saving by Individuals Saving by Individuals 59 Amount and Composition of Individuals* Saving (1) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1983 1984 1985 1986 1987 1 2 3 4 468.5 37.0 196.7 -31.1 544.1 16.7 221.5 44.0 549.3 39.3 129.8 12.1 534.6 101.0 104.1 42.6 5 6 7 8 9 92.4 3.1 66.8 -10.5 39.1 73.4 3.0 76.5 15.3 29.5 125.9 5.3 25.8 28.2 47.9 10 11 12 13 -11.6 1.4 24.0 -19.9 5.2 -.1 24.0 -80.0 14 15 16 17 18 7.8 38.8 53.5 53.5 19.9 19 20 21 22 23 I 1986 III IV 444.9 11.5 74.1 21.1 510.7 87.1 128.7 62.8 668.1 162.4 77.1 14.5 37.2 13.6 -2.8 -11.0 -8.2 62.3 7.8 20.5 3.2 49.1 -77.3 14.6 -126.5 .1 36.8 11.8 39.9 69.8 -102.7 34.7 -10.4 154.1 -132.8 50.2 5.6 55.4 -129.4 5.0 46.7 36.8 63.9 35.9 10.4 63.4 48.4 72.3 47.8 17.2 77.5 28.3 78.7 48.0 505.1 124.9 98.8 289.1 -7.6 607.7 154.6 101.5 335.6 16.1 635.0 159.7 102.8 368.7 3.8 24 25 26 27 381.9 57.0 98.4 226.4 399.3 60.0 102.6 236.7 28 29 30 31 32 123.2 67.8 .3 62.7 -7.6 33 34 35 36 37 38 39 1 I 1 1987 I IV II III 407.6 -64.8 -6.4 -9.3 376.9 53.9 77.2 1.2 427.2 98.8 78.4 22.4 564.8 Increase in financial assets -42.0 Checkable deposits and curr. 143.0 Time and savings deposits 70.2 Money market fund shares 1 2 3 4 155.1 23.3 -22.4 44.9 68.5 157.8 4.3 110.1 -48.2 10.8 4.2 9.5 12.1 25.7 25.0 -72.7 5.4 -56.0 -19.0 68.5 161.0 11.9 16.0 55.4 91.9 Securities U.S. savings bonds Other U.S. Treasury secur. U.S. govt, agency secur. Tax-exempt obligations 5 6 7 8 9 -8.6 -19.5 144.1 -118.3 10.0 26.1 174.8 -170.1 40.4 4.9 170.8 -135.3 -16.3 42.7 91.4 -185.8 72.6 -35.3 10.0 -118.9 104.1 10.0 -50.8 -77.5 Corporate 8 foreign bonds Open-market paper Mutual fund shares Other corporate equities 10 11 12 13 15.7 82.9 65.8 80.1 31.3 18.0 107.2 86.5 67.6 30.0 18.9 77.3 -13.0 96.7 79.3 17.6 93.6 107.8 85.5 25.6 13.5 55.6 78.1 72.2 20.9 19.0 99.0 59.8 79.9 42.4 12.8 83.3 17.5 82.7 36.1 Private life insurance res. Private insured pension res. Private noninsured pen. res. Govt, insurance 8 pen. res. Miscellaneous finan. assets 14 15 16 17 18 701.0 182.0 107.2 402.4 9.4 729.2 205.6 94.1 413.8 15.8 732.0 180.6 113.3 427.6 10.5 715.2 194.2 105.2 419.8 -3.9 702.4 203.0 93.2 396.1 10.1 726.8 197.5 101.3 409.0 19.0 754.7 210.3 89.5 436.8 18.1 733.1 Gross inv. in tangible assets 211.9 Owner-occupied homes 92.1 Other fixed assets (2) 413.1 Consumer durables 16.0 Inventories (2) 19 20 21 22 23 424.6 64.4 105.7 254.6 450.4 67.1 108.3 275.0 483.6 70.0 114.4 299.2 453.4 67.4 108.8 277.3 462.2 68.1 110.0 284.1 469.7 68.9 110.5 290.3 479.5 69.6 114.0 295.9 489.1 70.4 116.3 302.4 496.0 Capital consumption allowances 71.1 Owner-occupied homes 116.7 Other fixed assets (2) 308.2 Consumer durables 24 25 26 27 208.4 94.6 -1.1 98.8 16.1 210.4 95.4 -2.9 114.1 3.8 250.6 114.9 -1.1 127.4 9.4 245.6 135.6 -20.3 114.5 15.8 278.6 113.2 4.5 150.3 10.5 253.0 126.0 -4.8 135.7 -3.9 232.7 134.1 -17.3 105.8 10.1 247.3 127.9 -12.7 113.1 19.0 265.5 139.9 -26.9 134.4 18.1 237.1 Net inv. in tangible assets Owner-occupied homes 140.8 -24.6 Other fixed assets (2) Consumer durables 104.9 16.0 Inventories (2) 28 29 30 31 32 280.0 110.8 69.3 56.6 8.4 1.1 33.9 331.5 129.0 87.7 90.4 -3.1 .4 27.0 393.7 151.0 86.3 94.6 16.7 -.1 45.2 392.7 197.4 100.6 65.8 8.6 -.1 20.5 346.4 210.5 87.1 30.1 2.7 -.1 16.1 446.1 241.3 91.4 85.2 4.5 .1 23.5 480.6 229.6 143.4 36.0 15.3 -.9 57.2 253i2 215.3 71.7 6.0 -9.8 -1.3 -28.7 405.7 233.9 95.8 33.0 12.1 -.7 31.7 377.6 190.8 92.3 42.2 4.7 .6 46.9 349.2 Net Increase in debt Mtg. debt on nonfarm homes 202.0 Other mortgage debt (2) 88.6 39.1 Consumer credit 3.7 Security credit Policy loans 1.2 14.6 Other debt (2) 33 34 35 36 37 38 39 40 41 42 311.7 53.5 62.7 421.0 63.9 98.8 366.1 72.3 114.1 392.6 78.7 127.4 344.1 80.1 114.5 343.1 67.6 150.3 440.5 96.7 135.7 387.0 85.5 105.8 218.5 72.2 113.1 315.1 79.9 134.4 40 41 42 43 44 45 4.4 .6 190.5 6.0 .7 251.6 4.9 .9 174.0 17.5 .6 168.4 11.1 .9 137.5 13.2 .6 111.4 38.5 .7 169.0 6.1 .8 188.9 14.6 .9 17.7 13.7 1.0 86.1 452.8 Individuals* saving (1*28-33) 82.7 - Govt, insurance 8 pen. res. 104.9 - Net investment in cons. dur. - Capital gains dividends from mutual funds 9.9 1.1 - Net saving by farm corps. 254.1 = Personal saving* FOF basis 46 130.6 164.1 127.1 130.6 119.6 108.9 109.0 138.3 93.2 88.9 157.9 Personal saving* NIPA basis 46 47 59.9 87.5 46.8 37.8 17.9 2.5 60.0 50.6 -75.5 -2.8 96.2 Difference (1) Combined statement for households, farm business* and nonfarm noncorporate business. (2) Includes corporate farms. BILLIONS OF DOLLARS. LATEST QUARTER BASED ON INCOMPLETE INFORMATION, 43 44 45 47 MARCH 11, 1988 Discrepancies Discrepancies Discrepancies - Summary for Sectors and Transactions 60 UNADJUSTED NET FLOWS($ MILL) UNADJUSTED NET FLOWS<$ MILL) III 1986 IV I I II 1987 III BILLIONS OF DOLLARS 1979 1980 1981 IV Sector Discrepancies 1 Total, all sectors Households 2 3 Nonfin. corporate business 4 State and local governments U.S. government 5 6 Foreign -10-816 -6,996 13,574 -2,167 —3,61A -5,538 34,186 -6,283 -18,874 20.845 -20,633 -3,417 16.016 19,875 -1,263 -3,538 -1,961 -2,315 4.269 942 2,749 5.388 5.486 -11,798 20,279 -5,155 11,097 -7,676 -1,098 4,527 9,195 11,258 11,977 4,502 10,607 4.468 21.5 -11.8 18.9 5.9 5.1 7.6 -2.8 -13.7 -17.9 10.9 A.6 23.3 -17.3 -24.9 -6.2 8.9 -1.8 18.3 26.0 -26.8 14.8 4.7 8.8 16.8 -15.4 -80.9 24.0 5.4 3.1 31.9 1 2 3 4 5 6 7 8 9 10 Financial sectors Sponsored credit agencies Monetary authority Commercial banks -6,075 -351 -7.275 -8,892 173 -261 7,292 -20,016 -341 148 -6A1 -7,077 18,584 -33.617 187 -182 6,159 -18,962 -4.2 .1 -.9 -10.0 .2 -3.0 -11.6 .5 — -2.9 7.8 .7 18.A 1.0 7 .3 8 9 5.9 10 11 12 13 14 15 16 Private nonbank finance Savings and loan assns. Mutual savings banks Life Insurance Other insurance Finance n.e.c. 1,551 -A5 -1,169 701 -1.319 3,383 -8,804 -226 -1,412 -6,325 -1,757 916 7,785 -12,598 -445 -383 -642 -294 1,098 -1,205 -759 -122 8,533 -10,594 12.238 -14,473 -416 -414 -565 515 3,246 -7,540 -931 -433 10,904 -6.601 -3.3 -.6 -7.2 -.7 1.5 -.8 -3.A -.5 1.1 -7.1 -9.2 .2 -.2 -.1 1.9 -11.0 -11.3 -.8 -.A 1.1 .7 -11.8 11 12 13 14 M 15 -1.3 16 K K -5.2 -1.4 -1.2 -1.3 Transaction Discrepancies 1 Total, all types 2 Treasury currency Interbank claims 3 A Security RPs Demand deposit mall floats: 5 U.S. government 6 Other 7 8 9 10 11 12 Trade credit Profit taxes payable Miscellaneous Nonfinancial Nonfinancial components: NIPA discrepancy Pvt. wage accr. less disb. -10,816 -32 3,205 A, 925 34,186 -20 3.605 2.623 -6,283 -18,874 -40 -47 -2.655 1,441 -2,582 7,145 20.279 -3 6.098 -359 9,195 -51 -5,515 5.223 21.5 a -.5 15.9 -2.8 -.2 -1.0 A.8 -17.3 -.2 -3.6 10.0 26.0 -.2 -.5 -7.2 -15.A -.2 -1.0 -15.3 1 2 3 4 -54 -8,742 -102 13,388 -553 -8,519 337 -6,349 10,554 15.673 -.8 -.5 1.3 -.1 -1.1 2.3 -.2 4.1 .3 3.2 5 6 -7.690 -2,423 3,138 -3,143 14.580 -33,555 -1,602 -424 2,082 -2,828 -4,264 25,598 -18,178 4,800 13,941 -6,889 -3,613 28,809 -1,910 -3,813 32,368 -47,773 6,088 -6,290 -4.8 1.5 8.7 1.9 -14.A 1.5 5.3 -.2 -10.5 .6 -8.9 -6.1 6.9 .7 27.7 -5.2 14.0 7 -2.5 8 -13.9 9 .1 10 -1.9 - -1.0 - A.9 - A.l - -.1 11 - 12 3,143 - -4,800 -13,941 - LATEST QUARTER BASED ON INCOMPLETE INFORMATION. 1.455 629 6,889 - 6,290 - -6,088 - MARCH lit 1988 Discrepancies Discrepancies 61 Discrepancies - Summary fcr Sectors ano Transactions SEASONALLY ADJUSTED ANNUAL RATES 1984 1983 1985 1986 SEASONALLY ADJUSTED ANNUAL RATES 1987 I 1 1986 III IV I 1 1987 I II III IV Sector Discrepancies 3 4 5 6 -9.4 -59.9 32.5 5.4 10.0 5.1 -18.6 -87.5 30.5 .7 13.1 19.2 -7.8 -46.8 49.9 -9.5 8.8 10.5 7.8 -37.8 51.5 -13.0 9.5 16.3 4.3 -17.9 41.7 -7.5 13.2 2.6 -33.3 -2.5 42.6 15.7 -4.0 -36.7 18.6 -60.0 50.3 -25.5 18.8 37.0 -12.4 -50.6 40.7 -17.4 33.1 -38.1 11.8 75.5 56.4 -7.2 -41.7 11.1 91.8 2.8 33.0 -3.0 9.4 5.3 -77.8 Total, all sectors Households -96.2 36.7 Nonfin. corporate business State and local governments -2.1 U.S. government 53.0 23.8 Foreign 1 2 3 4 5 6 7 8 9 10 -2.5 .1 10.2 5.4 .1 -3.1 -20.7 1.7 -15.6 -18.7 .7 -23.8 -27.8 -.2 -20.5 -48.4 -.8 -14.1 -2.0 -.7 -4.7 19.9 .6 15.1 -82.2 -.5 -60.9 44.3 1.4 41.5 -92.9 -2.2 -77.8 Financial sectors Sponsored credit agencies Monetary authority Commercial banks 7 8 9 10 11 12 13 14 15 16 -12.8 1.1 -1.7 -2.2 -1.8 -8.3 8.4 2.8 -.6 .8 9.0 -3.5 -6.8 2.9 -1.7 -10.7 -3.1 5.9 4.4 -.3 -3.7 -8.4 .3 16.5 -7.0 -1.7 -1.0 -4.4 -2.2 2.2 -33.5 -.4 -4.7 -12.6 -3.8 -12.1 3.4 -.1 -5.6 -1.5 -7.3 17.9 4.2 -1.8 -2.6 -6.9 -2.5 17.9 -20.8 -2.1 -1.2 -2.8 -2.3 -12.5 1.3 -1.8 -2.3 -4.5 -2.3 12.1 -12.9 -.9 2.1 -3.4 -2.0 -8.7 Private nonbank finance Savings and loan assns. Mutual savings banks Life Insurance Other insurance Finance n.e.c. 11 12 13 14 15 16 1 2 3 4 1 2 - Transaction Discrepancies 1 2 3 4 -9.4 -.2 -11.6 -.4 -18.6 -.1 7.4 -15.4 -7.8 -.2 7.7 -6.0 7.8 a 2.3 .4 4.3 -.1 -.6 9.4 -33.3 -.1 9.8 39.0 18.6 -.1 21.6 -8.2 -12.4 -.2 -9.6 -.6 11.8 -.2 .8 16.4 91.8 H 18.0 21.2 5 6 1.6 .1 .5 8.1 1.3 3.8 -.6 -1.4 11.8 1.4 22.8 -5.9 -52.5 .7 49.1 2.6 -12.1 -10.5 28.4 4.7 -77.8 Total, all types Treasury currency -.2 Interbank claims -11.7 Security RPs .7 Demand deposit mail floats: U.S. government -18.2 Other 8.9 7 8 9 10 -20.3 -1.4 28.2 -5.3 -13.7 -3.9 3.8 -5.4 .5 1.3 -21.8 5.5 -9.9 -.5 12.7 4.9 -10.0 -6.5 -8.0 6.9 -23.0 -2.1 -79.4 5.8 -35.9 M 81.3 11.7 -19.9 -1.8 -34.0 2.1 -31.1 -10.4 55.8 3.0 -5.4 .6 13.2 11.1 16.6 -14.3 -70.8 11.2 11 12 5.3 5.4 -5.5 -4.9 -6.9 -5.8 -11.7 -2.1 -3.0 -11.1 -11.2 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
@FedFRASER