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For use at 4:00 p.m., E.S.T. Friday March 13, 1998 FEDERAL RESERVE statistical release Z.1 Flow of Funds Accounts of the United States Flows and Outstandings Fourth Quarter 1997 Board of Governors of the Federal Reserve System, Washington DC 20551 Flow of Funds Summary Statistics Fourth Quarter 1997 Debt of domestic nonfinancial sectors increased at a seasonally adjusted annual rate of 6-1/2 percent in the fourth quarter of 1997. Growth of federal government debt, at a 1-3/4 percent pace, remained subdued, while debt of nonfederal sectors increased at an 8 percent annual rate. Household debt picked up to a 7-3/4 percent rate, as an increase in home mortgage borrowing was only partially offset by a slight decline in consumer credit borrowing. Nonfinancial business debt accelerated to an 8-3/4 percent rate in the fourth quarter, the highest in nine years. All types of business credit remained strong, with particularly sizable increases in bank loans and loans from other sources. State and local government debt rose at a 7 percent annual rate in the fourth quarter. years. However, the composition of debt growth shifted toward businesses and state and local governments and away from the federal government and households. The level of domestic nonfinancial debt outstanding was $15.2 trillion at the end of 1997. Debt of the nonfederal sectors was $11.4 trillion, and federal debt was $3.8 trillion. Figures on the growth and level of debt are found on tables D.1 through D.3. Tables with financial flows, amounts outstanding, and selected sector balance sheets and reconciliation tables are included in the remaining pages of this release. Over 1997, domestic nonfinancial debt rose 5-1/4 percent, about the same as in the previous two Growth of Domestic Nonfinancial Debt1 Percent changes; quarterly data are seasonally adjusted annual rates Nonfederal Total Federal Total Households Business State and local govts. 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 9.1 7.3 6.4 4.3 4.6 5.0 4.6 5.4 5.2 5.3 8.0 7.0 11.0 11.1 10.9 8.3 4.7 4.1 4.0 0.6 9.4 7.3 5.2 2.3 2.6 3.8 4.6 5.9 5.7 6.9 9.1 8.5 7.5 4.8 4.5 5.6 7.8 8.1 7.9 7.0 10.4 6.7 3.1 -1.7 0.7 1.4 3.8 6.3 4.6 7.1 6.5 5.7 5.1 8.4 2.0 5.7 -3.9 -4.4 0.1 5.6 1996:Q1 :Q2 :Q3 :Q4 6.3 5.0 4.9 4.5 6.2 1.7 4.4 3.4 6.3 6.2 5.0 4.9 9.3 8.2 7.2 6.1 4.2 4.9 5.1 3.7 0.4 2.0 -5.6 3.8 1997:Q1 :Q2 :Q3 :Q4 1. Changes shown are on 5.0 2.1 6.0 6.9 4.2 -2.6 6.6 6.6 4.9 1.1 6.2 6.0 6.5 1.8 8.1 7.8 an end-of-period basis and may differ from month-average data 5.6 3.8 6.3 7.4 7.0 3.8 8.8 6.9 in the H.6 release. Table of Contents Title Table Page Flow of Funds Accounts, Fourth Quarter 1997 1 Availability of Data for Latest Quarter 5 Debt Growth by Sector D.1 8 Borrowing by Sector D.2 9 Debt Outstanding by Sector D.3 10 Flows Title Levels Table Page Table Page Total Net Borrowing and Lending in Credit Markets F.1 11 L.1 60 Credit Market Borrowing by Nonfinancial Sectors F.2 12 L.2 61 Credit Market Borrowing by Financial Sectors F.3 12 L.3 61 Credit Market Borrowing, All Sectors, by Instrument F.4 13 L.4 62 Total Liabilities and Their Relation to Total Financial Assets F.5 13 L.5 62 Distribution of Gross Domestic Product F.6 14 Distribution of National Income F.7 15 Gross Saving and Investment F.8 16 Derivation of Measures of Personal Saving F.9 17 L.9 63 Summaries Flows Title Levels Table Page Table Page Households and Nonprofit Organizations F.100 18 L.100 64 Nonfinancial Business F.101 19 L.101 65 Nonfarm Nonfinancial Corporate Business F.102 20 L.102 66 Nonfarm Noncorporate Business F.103 21 L.103 67 Farm Business F.104 21 L.104 67 State and Local Governments F.105 22 L.105 68 Federal Government F.106 23 L.106 68 Rest of the World F.107 24 L.107 69 Monetary Authority F.108 25 L.108 70 Commercial Banking F.109 26 L.109 71 U.S.-Chartered Commercial Banks F.110 27 L.110 72 Foreign Banking Offices in U.S. F.111 28 L.111 73 Bank Holding Companies F.112 29 L.112 74 Banks in U.S.-Affiliated Areas F.113 29 L.113 74 Savings Institutions F.114 30 L.114 75 Credit Unions F.115 31 L.115 76 Bank Personal Trusts and Estates F.116 31 L.116 76 Life Insurance Companies F.117 32 L.117 77 Other Insurance Companies F.118 32 L.118 77 Private Pension Funds F.119 33 L.119 78 State and Local Government Employee Retirement Funds F.120 33 L.120 78 Money Market Mutual Funds F.121 34 L.121 79 Sectors Flows Levels Title Table Page Table Page Mutual Funds F.122 34 L.122 79 Closed-End Funds F.123 34 L.123 79 Government-Sponsored Enterprises F.124 35 L.124 80 Federally Related Mortgage Pools F.125 35 L.125 80 Issuers of Asset-Backed Securities F.126 36 L.126 81 Finance Companies F.127 36 L.127 81 Mortgage Companies F.128 37 L.128 82 Real Estate Investment Trusts F.129 37 L.129 82 Security Brokers and Dealers F.130 38 L.130 83 Funding Corporations F.131 38 L.131 83 Gold and Official Foreign Exchange Holdings F.200 39 L.200 84 SDR Certificates and Treasury Currency F.201 39 L.201 84 U.S. Deposits in Foreign Countries F.202 39 L.202 84 Net Interbank Transactions F.203 40 L.203 85 Checkable Deposits and Currency F.204 41 L.204 86 Time and Savings Deposits F.205 42 L.205 87 Money Market Mutual Fund Shares F.206 42 L.206 87 Federal Funds and Security Repurchase Agreements F.207 43 L.207 88 Open Market Paper F.208 43 L.208 88 Treasury Securities F.209 44 L.209 89 Instruments Flows Levels Title Table Page Table Page Agency Securities F.210 45 L.210 90 Municipal Securities and Loans F.211 46 L.211 91 Corporate and Foreign Bonds F.212 46 L.212 91 Corporate Equities F.213 47 L.213 92 Mutual Fund Shares F.214 47 L.214 92 Bank Loans Not Elsewhere Classified F.215 48 L.215 93 Other Loans and Advances F.216 49 L.216 94 Total Mortgages F.217 50 L.217 95 Home Mortgages F.218 51 L.218 96 Multifamily Residential Mortgages F.219 51 L.219 96 Commercial Mortgages F.220 52 L.220 97 Farm Mortgages F.221 52 L.221 97 Consumer Credit F.222 53 L.222 98 Trade Credit F.223 53 L.223 98 Security Credit F.224 53 L.224 98 Life Insurance and Pension Fund Reserves F.225 54 L.225 99 Taxes Payable by Businesses F.226 54 L.226 99 Investment in Bank Personal Trusts F.227 54 L.227 99 Proprietors' Equity in Noncorporate Business F.228 54 Total Miscellaneous Financial Claims F.229 55 L.229 100 Identified Miscellaneous Financial Claims - Part I F.230 56 L.230 101 Identified Miscellaneous Financial Claims - Part II F.231 57 L.231 102 Unidentified Miscellaneous Financial Claims F.232 58 L.232 103 Sector Discrepancies F.10 59 Instrument Discrepancies F.11 59 Balance Sheet Title Reconciliation Table Page Table Page Households and Nonprofit Organizations B.100 104 R.100 106 Nonfarm Nonfinancial Corporate Business B.102 105 R.102 107 Title Table Page Table Page F.100.a 108 L.100.a 109 Balance Sheet and Reconciliation Tables Flows Levels Supplementary Tables Nonprofit Organizations Flow of Funds Matrix for 1997 110 1 Flow of Funds Accounts, Fourth Quarter 1997 This publication presents the flow of funds accounts for 1997:Q4. new data compiled from information on commercial paper from The Depository Trust Company. Data revisions and other changes. The statistics shown in these tables reflect use of new or revised source data. Most significant revisions appear in recent quarters; however, new source information resulted in changes to data for earlier periods. The revisions include the following: 5. Loans extended by federal agencies and reported in the other loans and advances instrument category (tables F.216 and L.216) were revised up from 1994:Q1 onward based on information from the Treasury Department. The bulk of the revision is the result of a higher value for loans to students under the Federal Direct Loan Program. 1. Total financial assets of the state and local governments sector (tables F.105 and L.105) were revised upward for the period 1995:Q1 onward. The changes were based on a compilation of data by the Flow of Funds Section from a sample of financial reports of the state governments that account for a majority of sector activity and from information on the assets of local government investment pools from Standard & Poor’s. Within instrument categories, the sector's holdings of corporate equities are now larger than previously estimated. 2. In the private pension funds sector (tables F.119 and L.119), data have been benchmarked to aggregates from the Internal Revenue Service/ Department of Labor/Pension Benefit Guaranty Corporation Form 5500 filed for plan year 1994. Total assets of the sector are about unchanged from previous estimates. Among instrument categories, the revisions indicate that private pension funds accumulated a larger volume of U.S. government securities and a smaller volume of corporate and foreign bonds than reported earlier. 3. Data for the state and local government employee retirement funds sector (tables F.120 and L.120) were revised for 1992:Q3 onward to reflect new information from plans reporting details of asset composition to the Bureau of the Census. The changes resulted in a reduction of the value of unidentified miscellaneous assets and a reallocation of identified assets in the sector. 4. Figures for funding corporations' (tables F.131 and L.131) investment in foreign banking offices were revised from 1991:Q1 onward, owing to 6. Beginning with 1997:Q4, the figures for other loans and advances (tables F.216 and L.216) include estimates of bank business loans in collateralized loan obligations. The loans are assets of the issuers of asset-backed securities sector (tables F.126 and L.126) and liabilities of the nonfarm nonfinancial corporate business sector (tables F.102 and L.102). 7. The time series for home mortgages (tables F.218 and L.218) was revised, with the most significant change a downward revision for the period beginning 1992:Q1. That revision owed mainly to improved estimates of the value of loans financed by owner-sellers and was offset in part by an upward revision to home mortgages for the period 1991:Q4 onward based on more complete information for securitized home equity loans. 8. Balance sheet and reconciliation tables for the households and nonprofit organizations sector (tables B.100 and R.100) and the nonfarm nonfinancial corporate business sector (tables B.102 and R.102) have been extended through year-end 1997. Data for prior periods have been revised to reflect changes to assets and liabilities in tables L.100 and L.102. 9. A new supplemental table, provided at the end of this release, shows the flow of funds accounts matrix for the year 1997. The matrix format provides a snapshot of financial flows for a given period. 2 Explanatory notes for tables D.1, D.2, and D.3. Domestic debt includes credit market funds borrowed by U.S. entities from both domestic and foreign sources, while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in U.S. markets only. Financial sectors consist of government-sponsored enterprises, federally related mortgage pools, and private financial institutions. Credit market debt consists of debt securities, mortgages, bank loans, commercial paper, consumer credit, U.S. government loans, and other loans and advances; it excludes trade debt, loans for the purpose of carrying securities, and funds raised from equity sources. Preliminary Estimates. Figures shown for the most recent quarter in these tables are based on preliminary and incomplete information. A summary list of the principal sources of information available when the latest quarter's data were compiled is provided in a table following this introduction. The distinction between "available" data and "missing" data is not between final and preliminary versions of data, but rather between those source estimates that are fully ready when the latest quarterly publication is compiled and those that are not yet completed. However, the items that are shown as available are, in general, also preliminary in the sense that they are subject to revision by source agencies. Growth rates in table D.1 are calculated by dividing seasonally adjusted flows from table D.2 by seasonally adjusted levels at the end of the previous period from table D.3. Seasonally adjusted levels in flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted flows. Growth rates calculated from changes in unadjusted levels printed in table L.2 can differ from those in table D.1. Margins of Uncertainty. Flow of funds statistics are subject to uncertainties resulting from measurement errors in source data, incompatibilities among data from different sources, potential revisions in both financial and nonfinancial series, and incomplete data in parts of the accounts. The size of these uncertainties cannot be quantified in precise statistical terms, but allowance for them is explicitly made throughout the accounts by the inclusion of "discrepancies" for various sectors and instrument types. A discrepancy for a sector is the difference between its measured sources of funds and its measured uses of funds. For an instrument category, a discrepancy is the difference between measured funds borrowed through the financial instrument and measured funds lent through that instrument. The size of such discrepancies relative to the main asset or liability components is one indication of the quality of source data, especially on an annual basis. For quarterly data, differences in seasonal adjustment procedures for financial and nonfinancial components of the accounts sometimes result in discrepancies that cancel in annual data. Relation of Flows to Outstandings. Estimates of financial assets and liabilities outstanding are linked to data on flows. However, figures on outstandings contain discontinuities or breaks in series that could affect analysis of particular relationships over time. Specifically, outstandings in the flow of funds accounts are related to the flows in the following way: Outstanding t = Outstanding t-1+ Flow t+ Discontinuity where "t" is the time period. t Discontinuities result from changes in valuation, breaks in source data, and changes in definitions. For most series, the value of the discontinuity is zero for nearly all time periods. However, in a few instances, the discontinuity is nonzero for almost all time periods, or is quite large in a particular quarter, such as a period when there is a sharp increase or decrease in equity prices or a major break in source data. The discontinuities in the series can distort estimated rates of growth in assets and liabilities between periods. In order to minimize these distortions, percentage changes in assets and liabilities in flow of funds releases should be calculated in the following manner: Percentage change t = (Flow t / Outstanding t-1) * 100 Availability of Data. Flow of funds statistics are updated about nine weeks following the end of a quarter. This publication--the Z.1 release--is available from the Board's Publications Services. Flow of funds data are also available electronically through the Internet at the following location: http://www.bog.frb.fed.us/releases/ and through the Economic Bulletin Board of the Department of Commerce. Data from the flow of funds accounts are also available on 3-1/2 inch diskettes. The diskettes contain quarterly data beginning in 1952, organized in files that correspond to the tables published in this release. One diskette contains the seasonally adjusted 3 flows, a second diskette contains unadjusted flows, and a third diskette contains quarterly outstandings, which are not seasonally adjusted. In addition, the third diskette contains quarterly data for the debt tables (tables D.1, D.2, and D.3) and available balance sheet tables, as well as monthly data from January 1955 onward for the monthly debt aggregate published in the Board's H.6 statistical release, "Money Stock, Liquid Assets, and Debt Measures." Subscription Information. The Federal Reserve Board charges for subscriptions to all statistical releases. Inquiries for releases or the diskettes should be directed to: Publications Services, Stop 127 Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N.W. Washington, DC 20551 (202) 452-3244 A Guide to the Flow of Funds Accounts is available. The 670-page Guide explains in detail how the U.S. financial accounts are prepared and the principles underlying the accounts. 4 5 Availability of Data for Latest Quarter Available at time of publication Major items missing 1. National income and product accounts (NIPA) Preliminary estimates, seasonally adjusted, for 1997:Q4; unadjusted flows through 1996. Unadjusted flows since 1996; corporate profits and related items for 1997:Q4. 2. Household sector (tables F.100 and L.100) Estimates for this sector are largely residual and derived from data for other sectors. Availability of data depends on schedules for other sectors. Data for consumer credit, which are estimated directly, are available through 1997:Q4. 3. Nonfarm nonfinancial corporate business (tables F.102 and L.102) Quarterly Financial Report (QFR) of the Census Bureau through 1997:Q3; Internal Revenue Service Statistics of Income data through 1994; securities offerings, mortgages, bank loans, commercial paper, and other loans through 1997:Q4. Statistics of Income data since 1994; QFR data for 1997:Q4. 4. Nonfarm noncorporate business (tables F.103 and L.103) Internal Revenue Service Statistics of Income data through 1994; bank and finance company loans and mortgage borrowing for 1997:Q4. Statistics of Income data since 1994. 5. Farm business (tables F.104 and L.104) Mortgages, bank loans, loans from government-sponsored enterprises, and equity in government-sponsored enterprises through 1997:Q4; data for U.S. government loans to farms through 1996:Q4. Data for consumption of fixed capital, undistributed profits, and trade payables since 1996. 6. State and local governments (tables F.105 and L.105) Gross security offerings and retirements, deposits at banks, holdings of mortgages and nonmarketable U.S. government securities issues for 1997:Q4; selected financial assets through 1996:Q2 from the Comprehensive Annual Financial Reports of states that account for most of the holdings of the sector, and data from Standard & Poor's on local government investment pools. Selected financial asset items since 1996:Q2. 6 7. Federal government (tables F.106 and L.106) Data from the Monthly Treasury Statement of Receipts and Outlays through 1997:Q4; data from the Federal Financing Bank through 1997:Q4; Treasury data for loan programs through 1997:Q4. None. 8. Rest of the world (U.S. international transactions) (tables F.107 and L.107) Balance of payments data through 1997:Q4; NIPA estimates, data from bank reports of condition and Treasury International Capital System data through 1997:Q4. None. 9. Monetary authority (tables F.108 and L.108) All data through 1997:Q4. None. 10. Commercial banking (tables F.109 and L.109) All data through 1997:Q4 for U.S.-chartered banks, foreign banking offices in the U.S., bank holding companies, and commercial banks in U.S.-affiliated areas. Data since 1996 for branches of domestic commercial banks located in U.S.-affiliated areas. 11. Savings institutions (tables F.114 and L.114) All data through 1997:Q4. None. 12. Credit unions (tables F.115 and L.115) All data through 1997:Q4. None. 13. Bank personal trusts and estates (tables F.116 and L.116) All data through 1996. Data since 1996. 14. Life insurance companies (tables F.117 and L.117) Asset data through 1997:Q3 and liability data through 1996. Asset data for 1997:Q4 and liability data since 1996. 15. Other insurance companies (tables F.118 and L.118) All data through 1997:Q3. Data for 1997:Q4. 16. Private pension funds (including FERS) (tables F. 119 and L.119) Quarterly data through 1997:Q4; Internal Revenue Service/ Department of Labor/Pension Benefit Guaranty Corporation Form 5500 data through 1994. Form 5500 data since 1994. 17. State and local government employee retirement funds (tables F.120 and L.120) All data through 1997:Q3. Data for 1997:Q4. 18. Money market mutual funds (tables F.121 and L.121) All data through 1997:Q4. None. 19. Mutual funds (tables F.122 and L.122) All data through 1997:Q4. None. 7 20. Closed-end funds (tables F.123 and L.123) All data through 1996. Data since 1996. 21. Government-sponsored enterprises (tables F.124 and L.124) Balance sheet data for FHLBs, FNMA, FHLMC, SLMA, FCS, FICO, and REFCORP for 1997:Q4. None. 22. Federally related mortgage pools (tables F.125 and L.125) All data through 1997:Q4. None. 23. Issuers of asset-backed securities (ABSs) (tables F.126 and L.126) All data from Trepp/PSA Information Services of the Muller Data Corporation and data for private mortgage pools, consumer credit, business loans, student loans, consumer leases, and trade credit securitization through 1997:Q4. None. 24. Finance companies (tables F.127 and L.127) All data through 1997:Q4. None. 25. Mortgage companies (tables F.128 and L.128) Mortgage data through 1997:Q2. Data since 1997:Q2. 26. Real estate investment trusts (REITs) (tables F.129 and L.129) Data through 1996:Q3; equity and unsecured debt issuance through 1997:Q4. Data since 1996:Q3. 27. Security brokers and dealers (tables F.130 and L.130) Data for firms filing FOCUS and FOGS reports through 1997:Q4. None. 28. Funding corporations (tables F.131 and L.131) Estimates for this sector are largely residual and derived from data for other sectors. 8 Z.1, March 13, 1998 D.1 Debt Growth by Sector 1 In percent; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1960 1961 1962 1963 1964 5.0 6.0 6.9 6.8 7.3 -0.9 3.0 2.8 1.5 2.4 8.1 7.4 8.8 9.1 9.3 8.4 7.1 8.8 9.9 9.8 7.9 8.0 8.2 8.8 8.3 7.1 3.6 9.3 12.3 12.2 7.9 7.7 9.1 9.1 9.6 7.3 6.1 7.9 7.7 9.2 8.3 7.8 7.7 6.5 7.2 17.5 7.2 13.1 18.3 13.6 8.3 9.6 8.2 11.7 12.9 1965 1966 1967 1968 1969 7.1 6.7 7.1 8.0 7.2 0.6 1.4 4.9 4.5 -1.1 9.6 8.5 7.8 9.2 9.7 8.7 6.1 4.9 8.0 7.1 7.6 5.1 5.0 6.1 5.8 11.6 6.1 5.0 9.9 8.3 11.2 11.7 11.0 10.8 12.1 11.4 12.4 11.6 11.4 12.1 7.9 6.7 6.7 7.5 9.6 16.8 17.7 1.0 14.1 32.8 7.2 5.1 9.8 6.3 6.9 1970 1971 1972 1973 1974 6.9 9.5 10.0 10.7 9.2 4.2 8.3 4.6 2.0 3.4 7.6 9.8 11.4 12.9 10.5 4.0 8.9 11.2 12.2 7.7 3.7 8.0 11.0 11.2 7.8 3.4 11.7 13.1 13.3 4.6 10.5 10.3 12.5 14.9 13.8 10.5 8.1 10.1 17.7 12.1 8.7 10.9 8.4 7.8 6.9 14.5 8.7 17.2 28.9 23.1 5.7 9.7 7.9 10.3 20.5 1975 1976 1977 1978 1979 9.3 10.8 12.8 13.8 12.2 23.9 15.6 11.0 9.2 5.8 6.3 9.6 13.3 15.0 13.7 8.0 11.6 16.1 16.8 14.6 8.9 13.1 17.4 17.4 15.3 3.8 10.6 15.5 17.4 13.8 5.2 8.3 12.1 13.3 14.1 3.7 7.6 12.2 12.0 11.5 5.4 8.4 8.4 15.4 9.0 1.2 9.0 18.8 22.1 22.0 17.4 21.5 11.6 18.6 9.5 1980 1981 1982 1983 1984 9.5 10.3 10.1 12.0 14.7 11.8 11.6 19.7 18.9 16.9 9.0 10.0 7.9 10.2 14.1 8.1 7.2 5.4 11.3 12.6 10.4 6.5 4.5 10.4 11.3 0.6 5.0 4.6 12.8 18.3 10.4 13.1 9.3 9.0 16.1 8.5 13.8 9.2 8.2 16.9 6.9 8.0 11.2 11.4 11.4 14.4 18.0 13.6 13.4 17.9 14.0 11.9 7.2 8.2 3.7 1985 1986 1987 1988 1989 15.7 11.8 9.0 9.1 7.3 16.5 13.6 8.0 8.0 7.0 15.4 11.3 9.3 9.4 7.3 15.2 11.2 11.9 9.1 8.5 13.1 13.3 15.9 10.7 9.9 15.9 9.0 4.6 6.3 6.0 12.0 11.5 6.4 10.4 6.7 13.0 14.0 7.8 11.6 8.0 31.8 10.8 12.1 6.5 5.7 19.5 26.1 18.3 13.1 10.5 0.5 4.1 2.6 3.0 4.0 1990 1991 1992 1993 1994 6.4 4.3 4.6 5.0 4.6 11.0 11.1 10.9 8.3 4.7 5.2 2.3 2.6 3.8 4.6 7.5 4.8 4.5 5.6 7.8 9.6 6.4 5.2 4.3 5.8 1.5 -1.3 0.5 7.6 14.5 3.1 -1.7 0.7 1.4 3.8 4.9 -2.1 1.8 1.9 5.3 5.1 8.4 2.0 5.7 -3.9 8.8 6.0 8.7 9.7 14.0 9.1 5.3 8.0 22.1 -3.6 1995 1996 1997 5.4 5.2 5.3 4.1 4.0 0.6 5.9 5.7 6.9 8.1 7.9 7.0 5.6 7.9 7.2 14.1 7.9 4.4 6.3 4.6 7.1 8.2 5.0 8.0 -4.4 0.1 5.6 11.8 12.6 12.8 19.1 15.9 10.0 1992 -- Q1 Q2 Q3 Q4 5.2 4.2 4.6 4.2 11.5 11.6 10.3 8.6 3.2 1.7 2.7 2.6 5.6 2.3 4.8 5.2 7.4 2.4 5.7 5.0 0.1 -1.5 1.4 1.9 0.8 0.3 0.2 1.6 1.6 1.4 1.3 2.8 2.8 4.2 3.6 -2.8 6.5 9.7 10.3 7.0 2.0 21.2 8.9 0.3 1993 -- Q1 Q2 Q3 Q4 3.7 6.0 4.7 5.2 7.2 10.3 5.8 9.0 2.5 4.4 4.3 3.9 3.0 5.6 6.7 6.6 2.1 5.3 5.1 4.6 4.5 4.8 8.5 11.8 0.2 1.6 1.8 2.0 0.4 2.4 2.3 2.4 8.3 9.6 3.9 0.6 5.4 6.1 13.9 12.1 18.1 20.7 32.7 10.7 1994 -- Q1 Q2 Q3 Q4 4.7 4.1 4.5 4.9 4.7 3.9 4.7 5.0 4.7 4.2 4.4 4.8 7.4 7.1 7.4 8.3 6.1 4.9 5.2 6.6 11.7 14.8 14.9 14.0 3.4 3.5 3.7 4.2 5.1 5.0 5.1 5.7 -0.3 -4.2 -4.6 -6.6 14.9 11.6 11.5 15.1 -22.2 -7.6 4.0 11.9 1995 -- Q1 Q2 Q3 Q4 5.9 6.6 4.2 4.4 5.4 6.6 2.5 1.8 6.1 6.6 4.8 5.4 7.6 8.2 8.3 7.4 5.3 5.7 5.9 4.9 14.6 14.2 14.1 10.7 7.1 7.2 4.5 5.7 9.4 9.6 5.3 7.4 -3.4 -1.8 -8.4 -4.3 7.3 11.3 12.2 14.6 18.5 11.7 22.3 19.0 1996 -- Q1 Q2 Q3 Q4 6.3 5.0 4.9 4.5 6.2 1.7 4.4 3.4 6.3 6.2 5.0 4.9 9.3 8.2 7.2 6.1 9.5 7.3 6.9 7.1 10.7 9.9 6.9 3.2 4.2 4.9 5.1 3.7 4.6 5.5 6.5 3.1 0.4 2.0 -5.6 3.8 8.1 16.7 9.7 13.9 11.8 7.9 22.7 17.9 1997 -- Q1 Q2 Q3 Q4 5.0 4.2 4.9 6.5 2.1 -2.6 1.1 1.8 6.0 6.6 6.2 8.1 6.9 6.6 6.0 7.8 6.4 6.2 7.0 8.3 5.8 4.9 4.3 2.5 5.6 6.3 7.0 8.8 6.4 6.7 8.0 10.3 3.8 7.4 3.8 6.9 6.8 13.6 10.7 18.2 5.1 10.8 16.4 6.5 1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release. Z.1, March 13, 1998 9 D.2 Borrowing by Sector Billions of dollars; quarterly figures are seasonally adjusted annual rates Total Federal government Total nonfederal Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Business Total Corporate State and local governments Domestic financial sectors Foreign 1960 1961 1962 1963 1964 34.7 43.5 52.8 55.5 64.1 -2.0 7.2 6.9 3.8 6.1 36.8 36.3 46.0 51.7 58.1 16.0 14.7 19.7 24.1 26.4 9.7 10.7 12.0 14.0 14.5 4.0 2.2 5.9 8.5 9.5 15.3 16.0 20.3 22.0 25.2 10.4 9.2 12.6 13.3 16.8 5.5 5.6 6.0 5.5 6.4 4.9 2.3 4.6 7.2 6.3 1.8 2.2 2.1 3.2 4.0 1965 1966 1967 1968 1969 67.1 67.3 76.2 92.6 88.9 1.6 3.6 12.9 12.5 -3.2 65.5 63.7 63.2 80.0 92.1 25.9 19.8 17.1 29.3 28.0 14.6 10.6 11.1 14.2 14.3 10.1 5.9 5.1 10.8 9.9 32.1 37.0 38.8 42.0 51.9 22.6 27.0 28.2 30.8 36.4 7.6 6.9 7.3 8.8 12.1 8.9 11.0 0.7 10.4 27.6 2.5 1.9 3.9 2.7 3.2 1970 1971 1972 1973 1974 91.3 135.3 156.1 184.0 175.0 12.1 24.9 15.0 6.9 11.9 79.3 110.5 141.1 177.0 163.1 16.9 39.6 54.7 66.2 47.3 9.8 22.0 32.8 37.2 29.0 4.4 15.6 19.5 22.5 8.9 50.3 54.4 72.4 96.8 102.3 35.1 29.8 40.1 76.6 60.4 12.1 16.4 14.0 14.1 13.4 16.2 11.1 23.9 47.0 48.5 2.8 5.1 4.4 6.3 13.8 1975 1976 1977 1978 1979 193.5 244.8 321.2 390.7 391.9 85.6 69.2 56.3 52.5 35.8 107.8 175.6 264.8 338.2 356.1 52.9 83.3 129.2 156.9 160.2 35.7 57.8 87.3 102.6 106.9 7.8 22.0 35.4 46.0 42.7 43.8 73.8 115.8 141.9 169.3 20.5 44.0 74.9 82.4 87.9 11.1 18.5 19.9 39.4 26.6 3.1 23.5 53.6 74.7 91.1 14.1 20.5 13.5 24.0 15.0 1980 1981 1982 1983 1984 343.7 408.6 439.6 573.0 790.7 77.4 85.5 161.3 185.2 197.2 266.3 323.2 278.3 387.8 593.5 102.0 98.6 80.0 174.6 215.2 83.9 59.2 43.5 104.1 123.5 2.3 17.7 17.2 50.0 80.7 142.1 196.9 156.7 165.8 325.8 72.0 125.2 93.9 91.2 207.3 22.2 27.6 41.7 47.3 52.5 73.0 104.3 93.0 104.5 157.7 24.2 23.5 16.0 17.3 8.4 1985 1986 1987 1988 1989 962.7 841.9 717.8 785.5 685.4 225.7 216.0 143.9 155.1 146.4 737.0 625.9 573.9 630.4 539.1 291.9 250.9 297.0 250.5 258.0 159.6 187.9 255.4 194.9 200.7 82.8 54.4 30.4 43.4 44.2 281.5 301.5 185.8 325.4 230.0 185.1 224.9 142.5 231.7 175.1 163.6 73.4 91.1 54.5 51.1 205.0 327.8 291.6 249.2 225.0 1.2 9.7 6.3 7.4 10.2 1990 1991 1992 1993 1994 654.6 467.8 523.1 589.4 575.2 246.9 278.2 304.0 256.1 155.9 407.7 189.6 219.1 333.3 419.4 247.6 171.5 171.0 218.7 322.8 216.0 158.7 138.6 121.6 170.2 11.9 -10.7 3.9 60.7 124.9 111.6 -65.2 27.0 52.3 141.9 115.1 -51.5 43.0 46.5 134.3 48.5 83.3 21.1 62.3 -45.3 211.3 156.8 240.2 293.6 464.3 23.9 15.1 24.1 69.8 -14.0 1995 1996 1997 704.2 719.7 758.8 144.4 145.0 23.1 559.7 574.6 735.7 363.0 383.0 364.1 172.0 258.2 251.0 138.9 88.8 53.8 245.7 190.3 311.7 216.7 144.1 244.7 -49.0 1.3 59.9 448.4 536.3 614.3 71.1 70.5 51.5 1992 -- Q1 Q2 Q3 Q4 589.9 478.5 533.2 490.8 319.0 332.6 303.7 260.6 270.9 145.9 229.5 230.2 211.2 87.7 182.4 202.5 195.3 64.7 156.1 138.3 1.1 -11.9 11.2 15.0 29.0 12.2 8.0 59.0 39.1 34.3 30.6 68.1 30.7 46.0 39.1 -31.3 180.9 274.9 297.3 207.7 5.9 62.2 27.4 0.9 1993 -- Q1 Q2 Q3 Q4 436.1 714.2 564.0 643.2 221.6 323.9 185.2 293.8 214.5 390.4 378.8 349.4 116.5 221.7 268.8 267.8 57.4 150.2 144.8 134.0 36.0 39.0 69.5 98.2 7.2 61.2 65.5 75.1 9.2 59.8 56.9 59.9 90.8 107.5 44.4 6.4 164.1 186.6 433.6 389.9 57.0 68.2 113.6 40.4 1994 -- Q1 Q2 Q3 Q4 589.4 517.4 569.5 624.6 158.3 131.6 161.1 172.5 431.1 385.8 408.4 452.1 306.9 301.5 319.9 362.7 177.9 145.1 157.1 200.7 100.4 130.4 136.2 132.6 128.0 133.3 141.4 164.8 129.1 127.0 131.6 149.4 -3.8 -49.0 -52.9 -75.5 494.9 400.6 407.8 553.9 -85.7 -27.8 14.3 43.0 1995 -- Q1 Q2 Q3 Q4 769.7 875.8 567.7 603.4 186.9 234.5 91.4 64.9 582.8 641.4 476.2 538.5 341.0 373.0 388.1 350.0 163.4 178.3 188.5 157.9 144.0 145.1 149.3 117.2 279.4 288.0 181.0 234.4 250.3 260.0 148.5 208.1 -37.6 -19.7 -92.8 -45.9 276.7 435.6 484.9 596.5 68.8 45.7 89.3 80.4 1996 -- Q1 Q2 Q3 Q4 858.3 694.9 686.8 638.7 227.3 62.7 163.2 126.9 631.0 632.2 523.6 511.8 450.4 406.0 363.5 312.1 310.9 244.4 233.4 244.2 119.9 114.7 81.9 38.6 176.1 204.9 220.4 159.9 131.9 159.9 192.0 92.6 4.5 21.2 -60.3 39.8 342.0 721.7 436.8 644.8 52.3 36.1 105.7 87.9 1997 -- Q1 Q2 Q3 Q4 724.2 612.6 722.3 976.1 81.2 -97.1 40.9 67.4 643.0 709.6 681.4 908.8 357.9 350.4 322.2 425.8 224.3 220.2 254.6 304.8 70.8 60.0 53.0 31.5 244.5 279.1 317.3 405.9 193.6 205.7 250.2 329.3 40.6 80.0 41.8 77.0 325.9 661.0 536.7 933.8 26.3 56.4 87.8 35.5 10 Z.1, March 13, 1998 D.3 Debt Outstanding by Sector 1 Billions of dollars; quarterly figures are seasonally adjusted Domestic nonfinancial sectors Nonfederal Households Home Consumer Total mortgage credit Total Corporate Business State and local governments Domestic financial sectors Total Federal government Total nonfederal 1960 1961 1962 1963 1964 724.2 767.7 820.6 876.0 939.9 236.0 243.2 250.0 253.8 259.9 488.3 524.6 570.5 622.1 680.0 208.2 224.0 245.1 270.9 299.1 133.9 145.7 159.1 174.8 191.1 61.2 63.4 69.3 77.9 87.4 207.9 222.7 241.6 262.1 285.3 152.1 160.2 171.4 183.0 197.8 72.2 77.8 83.8 89.2 95.6 32.5 34.9 39.4 46.6 53.0 23.2 25.5 27.5 30.8 35.0 1965 1966 1967 1968 1969 1007.1 1074.6 1150.6 1242.7 1332.0 261.5 265.1 278.1 290.6 287.4 745.6 809.5 872.6 952.1 1044.6 326.6 348.4 366.9 397.4 426.8 207.3 219.8 232.3 247.4 262.7 97.5 103.4 108.6 119.3 129.2 315.7 351.1 388.3 428.6 479.5 218.7 244.1 270.8 299.9 335.3 103.2 110.0 117.4 126.1 138.3 61.9 72.9 73.6 84.0 111.5 37.5 39.5 43.3 46.1 49.2 1970 1971 1972 1973 1974 1422.3 1557.5 1713.5 1898.0 2072.3 299.5 324.4 339.4 346.3 358.2 1122.8 1233.1 1374.1 1551.7 1714.1 445.3 487.1 544.5 614.1 663.5 274.2 297.2 332.5 371.4 402.5 133.7 149.2 168.8 193.0 201.9 527.2 579.2 649.0 742.8 842.4 367.4 395.6 433.0 497.0 554.6 150.3 166.7 180.7 194.8 208.2 127.8 138.9 162.8 209.8 258.3 52.1 56.6 61.1 67.4 81.2 1975 1976 1977 1978 1979 2264.7 2508.3 2829.6 3214.5 3606.5 443.9 513.1 569.4 621.9 657.7 1820.8 1995.3 2260.2 2592.6 2948.9 715.3 802.3 934.6 1094.1 1259.1 439.9 500.4 590.9 697.4 809.7 207.0 229.0 264.4 310.4 353.1 886.2 955.1 1069.4 1202.9 1367.6 575.2 614.2 687.6 761.6 844.8 219.4 237.8 256.2 295.6 322.2 261.4 284.9 338.8 413.5 505.9 95.6 116.0 129.4 157.6 172.9 1980 1981 1982 1983 1984 3957.9 4365.0 4786.7 5362.6 6148.6 735.0 820.5 981.8 1167.0 1364.2 3222.9 3544.6 3804.9 4195.6 4784.4 1375.6 1483.5 1551.0 1709.6 1921.9 906.1 974.5 1005.7 1093.8 1221.5 355.4 373.1 390.3 440.3 521.0 1502.9 1689.0 1840.1 2024.9 2348.8 910.2 1024.6 1113.0 1223.1 1428.6 344.4 372.1 413.8 461.1 513.6 578.9 682.4 778.1 882.8 1052.4 197.2 220.7 210.4 227.7 235.5 1985 1986 1987 1988 1989 7129.4 7968.7 8670.1 9452.1 10154.6 1589.9 1805.9 1949.8 2104.9 2251.2 5539.5 6162.9 6720.3 7347.2 7903.3 2239.4 2494.9 2751.6 3023.9 3297.5 1411.2 1605.1 1824.2 2034.6 2238.7 603.8 658.2 688.6 732.0 793.3 2622.1 2916.6 3127.8 3427.8 3659.3 1605.6 1823.5 1991.3 2195.6 2372.5 677.9 751.4 840.9 895.5 946.5 1258.3 1593.6 1896.5 2145.8 2399.3 236.7 238.3 244.8 252.4 262.2 1990 1991 1992 1993 1994 10836.5 11301.1 11827.3 12431.6 13013.0 2498.1 2776.4 3080.3 3336.5 3492.3 8338.4 8524.7 8747.0 9095.1 9520.7 3579.2 3758.2 3933.0 4157.0 4482.5 2488.9 2655.1 2797.6 2924.5 3097.7 805.1 794.5 798.3 859.0 983.9 3764.1 3688.1 3714.5 3776.3 3921.7 2480.8 2423.1 2463.9 2519.9 2657.7 995.1 1078.4 1099.5 1161.8 1116.5 2613.7 2770.5 3026.3 3325.3 3797.3 285.9 301.1 315.8 385.8 371.8 1995 1996 1997 13717.2 14436.9 15194.1 3636.7 3781.8 3804.9 10080.4 10655.1 11389.2 4850.7 5204.6 5571.5 3275.0 3504.0 3757.6 1122.8 1211.6 1265.4 4162.2 4381.7 4689.0 2869.2 3042.4 3282.8 1067.6 1068.9 1128.7 4248.4 4784.7 5366.0 442.9 513.4 558.8 1992 -- Q1 Q2 Q3 Q4 11451.7 11571.3 11704.6 11827.3 2856.1 2939.3 3015.2 3080.3 8595.6 8632.1 8689.4 8747.0 3811.9 3834.6 3881.1 3933.0 2704.8 2721.9 2761.8 2797.6 794.8 791.8 794.6 798.3 3697.7 3699.8 3700.9 3714.5 2433.6 2441.3 2448.1 2463.9 1086.1 1097.6 1107.4 1099.5 2831.4 2900.1 2974.4 3026.3 293.3 308.8 315.7 315.8 1993 -- Q1 Q2 Q3 Q4 11937.1 12115.6 12256.6 12431.6 3135.7 3216.7 3263.0 3336.5 8801.3 8898.9 8993.6 9095.1 3962.7 4018.7 4086.7 4157.0 2812.6 2850.7 2887.7 2924.5 807.3 817.1 834.5 859.0 3716.4 3731.1 3746.7 3776.3 2466.3 2480.6 2494.1 2519.9 1122.2 1149.1 1160.2 1161.8 3072.7 3119.4 3227.8 3325.3 330.1 347.1 375.5 385.8 1994 -- Q1 Q2 Q3 Q4 12585.1 12714.5 12856.9 13013.0 3376.0 3408.9 3449.2 3492.3 9209.1 9305.6 9407.7 9520.7 4234.1 4310.3 4391.1 4482.5 2969.7 3006.8 3046.9 3097.7 884.1 916.7 950.8 983.9 3814.2 3846.7 3881.2 3921.7 2558.0 2589.0 2621.0 2657.7 1160.9 1148.6 1135.4 1116.5 3456.7 3556.9 3658.8 3797.3 364.5 357.5 361.1 371.8 1995 -- Q1 Q2 Q3 Q4 13205.5 13424.4 13566.3 13717.2 3539.1 3597.7 3620.5 3636.7 9666.4 9826.7 9945.8 10080.4 4569.0 4663.5 4761.8 4850.7 3139.9 3185.7 3234.1 3275.0 1019.9 1056.2 1093.5 1122.8 3990.2 4061.0 4105.0 4162.2 2719.0 2782.7 2818.6 2869.2 1107.1 1102.2 1079.0 1067.6 3869.1 3978.0 4099.2 4248.4 389.0 400.5 422.8 442.9 1996 -- Q1 Q2 Q3 Q4 13931.8 14105.5 14277.2 14436.9 3693.6 3709.2 3750.0 3781.8 10238.2 10396.2 10527.1 10655.1 4964.4 5033.3 5125.3 5204.6 3353.8 3382.3 3441.8 3504.0 1152.8 1181.5 1201.9 1211.6 4205.1 4288.9 4342.9 4381.7 2901.1 2973.6 3020.5 3042.4 1068.7 1074.0 1058.9 1068.9 4333.9 4514.3 4623.5 4784.7 456.0 465.0 491.4 513.4 1997 -- Q1 Q2 Q3 Q4 14617.9 14771.0 14950.1 15194.1 3802.1 3777.8 3788.0 3804.9 10815.8 10993.3 11162.1 11389.2 5295.7 5384.4 5465.0 5571.5 3561.5 3617.7 3681.3 3757.6 1229.3 1244.3 1257.5 1265.4 4441.1 4509.8 4587.6 4689.0 3089.1 3139.5 3200.5 3282.8 1079.0 1099.0 1109.5 1128.7 4866.2 5031.4 5132.5 5366.0 520.0 534.1 549.9 558.8 1. Data shown are on an end-of-period basis and may differ from month-average statistics in the Board’s H.6 release. Foreign 11 Z.1, March 13, 1998 F.1 Total Net Borrowing and Lending in Credit Markets (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 Total net borrowing Domestic nonfinancial sectors 3 Federal government 4 Nonfederal sectors 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 952.7 1025.5 1223.7 1326.5 1424.6 1229.3 1371.5 1076.4 1329.9 1346.7 1945.5 1 589.4 575.2 704.2 719.7 758.8 686.8 638.7 724.2 612.6 722.3 976.1 2 256.1 155.9 144.4 145.0 23.1 163.2 126.9 81.2 -97.1 40.9 67.4 3 333.3 419.4 559.7 574.6 735.7 523.6 511.8 643.0 709.6 681.4 908.8 4 218.7 46.5 3.2 2.6 62.3 322.8 134.3 3.3 4.4 -45.3 363.0 216.7 26.0 2.9 -49.0 383.0 144.1 41.5 4.8 1.3 364.1 244.7 60.7 6.3 59.9 363.5 192.0 27.9 0.6 -60.3 312.1 92.6 58.2 9.2 39.8 357.9 193.6 46.6 4.3 40.6 350.4 205.7 66.8 6.7 80.0 322.2 250.2 64.0 3.1 41.8 425.8 329.3 65.5 11.1 77.0 5 6 7 8 9 10 Rest of the world 69.8 -14.0 71.1 70.5 51.5 105.7 87.9 26.3 56.4 87.8 35.5 10 11 Financial sectors 293.6 464.3 448.4 536.3 614.3 436.8 644.8 325.9 661.0 536.7 933.8 11 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 13.4 9.7 -5.1 8.8 20.1 12.5 -2.6 10.3 22.5 11.2 -3.1 14.4 13.0 11.7 -0.7 2.0 46.5 29.9 -2.4 19.1 14.7 11.9 0.0 2.9 26.8 20.5 2.9 3.5 13.7 6.8 0.6 6.3 79.7 39.1 2.5 38.0 32.0 21.7 -5.3 15.6 60.7 52.0 -7.6 16.3 12 13 14 15 16 17 Savings institutions Credit unions 11.3 0.2 12.8 0.2 2.6 -0.1 25.5 0.1 19.8 0.1 25.8 0.3 23.0 0.3 -16.8 -0.2 31.9 0.2 22.3 0.2 41.7 0.3 16 17 18 19 20 21 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 0.2 80.6 84.7 82.8 0.3 172.1 115.4 68.8 -0.1 105.9 98.2 132.9 1.1 90.4 141.1 132.0 0.2 99.0 114.4 168.2 -0.4 80.0 142.9 88.0 2.0 123.3 129.6 138.6 0.8 -8.9 114.6 62.9 0.1 198.1 88.1 95.0 0.2 46.4 114.6 169.6 -0.3 160.4 140.3 345.5 18 19 20 21 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations -1.4 0.0 3.4 12.0 6.3 48.7 -11.5 13.7 0.5 23.1 50.2 0.4 6.0 -5.0 34.9 45.9 12.4 12.8 -2.0 64.1 48.7 4.8 23.8 8.0 80.7 30.7 1.7 13.7 5.7 33.7 43.8 12.1 17.7 4.9 123.0 7.2 5.9 20.2 -2.9 129.4 123.8 5.0 20.3 34.9 -16.1 -2.9 3.6 26.9 -6.9 130.7 66.6 4.9 27.9 7.0 78.8 22 23 24 25 26 952.7 1025.5 1223.7 1326.5 1424.6 1229.3 1371.5 1076.4 1329.9 1346.7 1945.5 27 43.0 241.8 -85.7 -17.9 -115.2 -222.3 -158.5 -205.8 -66.3 -175.8 -13.0 28 2.4 9.1 -1.1 32.6 278.5 17.7 0.6 -55.0 -1.8 -2.4 0.3 -81.8 5.1 13.5 0.4 -37.0 -101.7 5.3 0.7 -19.6 -81.9 -9.1 0.4 -131.7 -22.8 -5.9 0.4 -130.2 -204.2 58.0 0.5 -60.2 -30.0 -51.5 0.7 14.5 -121.5 20.0 0.8 -75.1 -51.0 -5.3 0.9 42.4 29 30 31 32 27 28 29 30 31 32 Total net lending Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world -18.4 129.3 -27.5 132.3 -0.2 273.9 -7.7 409.3 4.9 316.4 -7.1 485.3 -4.1 532.2 1.9 367.3 5.6 303.0 3.0 402.7 9.1 192.5 33 34 35 Financial sectors 798.8 678.9 1035.7 942.9 1218.5 973.4 1001.9 913.0 1087.5 1116.8 1756.8 35 36.2 31.5 12.7 12.3 38.3 11.5 8.4 37.4 47.2 14.3 54.3 36 36 Monetary authority 37 38 39 40 41 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 142.2 149.6 -9.8 -0.0 2.4 163.4 148.1 11.2 0.9 3.3 265.9 186.5 75.4 -0.3 4.2 187.5 119.6 63.3 3.9 0.7 324.3 275.0 39.6 5.4 4.2 196.1 119.5 71.1 4.8 0.7 248.3 158.9 80.5 10.5 -1.6 308.1 195.9 104.0 2.2 6.1 309.2 301.1 1.1 5.1 1.8 209.8 209.5 -0.6 -5.0 5.8 469.9 393.5 53.8 19.4 3.2 37 38 39 40 41 42 43 44 Savings institutions Credit unions Bank personal trusts and estates -23.3 21.7 9.5 6.7 28.1 7.1 -7.6 16.2 -18.8 19.9 25.5 3.9 -7.7 15.7 9.2 49.7 21.1 7.8 -47.9 24.3 7.2 -5.3 18.5 8.2 23.8 25.7 8.9 -42.1 15.7 9.4 -7.1 2.7 10.3 42 43 44 45 46 47 48 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 100.9 27.7 49.5 22.7 66.7 24.9 45.5 22.3 99.2 21.5 61.4 27.5 72.5 22.5 46.5 45.9 121.1 23.3 66.9 48.3 123.2 14.2 41.3 45.5 118.1 27.7 31.0 41.9 94.3 -0.1 52.4 3.6 175.0 27.9 58.5 39.2 107.0 32.4 66.2 90.6 108.1 32.8 90.5 59.7 45 46 47 48 49 50 51 52 53 54 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools ABS issuers 20.4 159.5 20.0 87.8 84.7 80.2 30.0 -7.1 -3.7 117.8 115.4 61.7 86.5 52.5 10.5 84.7 98.2 111.1 88.8 48.9 2.2 92.0 141.1 101.8 84.5 74.7 0.8 95.0 114.4 129.8 83.0 27.5 2.2 81.4 142.9 62.0 81.3 25.3 2.2 137.9 129.6 89.6 65.2 61.9 2.7 45.1 114.6 39.3 19.7 91.6 1.3 119.2 88.1 80.2 123.6 103.6 0.3 55.5 114.6 107.0 129.3 41.4 -0.9 160.1 140.3 292.7 49 50 51 52 53 54 55 56 57 58 59 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations -20.9 -0.0 0.6 14.8 -35.3 48.3 -24.0 4.7 -44.2 -16.2 49.9 -3.4 2.2 90.1 -24.6 18.4 8.2 3.5 -15.7 17.2 22.2 6.7 5.0 15.9 30.4 13.2 3.4 3.4 35.5 8.6 -6.2 4.1 3.9 82.7 -7.6 44.9 -0.3 5.0 -14.5 31.9 1.9 10.0 5.0 -11.7 -33.1 65.2 7.2 5.0 15.8 15.6 -23.2 9.7 5.0 74.0 107.2 55 56 57 58 59 (1) Excludes corporate equities and mutual fund shares. 12 Z.1, March 13, 1998 F.2 Credit Market Borrowing by Nonfinancial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 589.4 575.2 704.2 719.7 758.8 686.8 638.7 724.2 612.6 722.3 976.1 1 Federal government Treasury securities Budget agency securities and mortgages 256.1 248.3 7.8 155.9 155.7 0.2 144.4 142.9 1.5 145.0 146.6 -1.6 23.1 23.2 -0.1 163.2 166.3 -3.1 126.9 130.2 -3.3 81.2 82.6 -1.4 -97.1 -97.3 0.2 40.9 41.9 -0.9 67.4 65.6 1.7 2 3 4 Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances 333.3 10.0 74.8 75.2 6.4 -18.9 419.4 21.4 -35.9 23.3 75.2 34.0 559.7 18.1 -48.2 73.3 102.0 67.2 574.6 -0.9 2.6 72.5 66.3 33.8 735.7 13.7 70.2 90.7 107.7 65.9 523.6 -14.2 -64.7 67.8 136.6 63.0 511.8 -24.1 41.6 89.9 31.9 3.9 643.0 7.2 43.7 79.4 147.5 31.2 709.6 20.3 95.9 86.1 110.5 20.3 681.4 14.5 51.8 122.9 24.7 73.5 908.8 12.8 89.3 74.4 147.9 138.3 5 6 7 8 9 10 125.1 156.6 -6.6 -25.9 1.0 60.7 176.5 179.0 2.0 -6.8 2.2 124.9 208.4 175.8 10.7 20.2 1.6 138.9 311.7 262.1 17.8 29.2 2.6 88.8 333.8 257.5 21.0 52.1 3.2 53.8 253.3 238.5 12.0 0.7 2.2 81.9 330.0 249.6 27.6 51.2 1.6 38.6 263.1 229.9 10.8 20.4 2.1 70.8 316.6 226.5 21.3 64.6 4.1 60.0 340.9 261.5 15.1 60.0 4.3 53.0 414.4 312.2 36.6 63.2 2.4 31.5 11 12 13 14 15 16 333.3 218.7 52.3 46.5 3.2 2.6 62.3 419.4 322.8 141.9 134.3 3.3 4.4 -45.3 559.7 363.0 245.7 216.7 26.0 2.9 -49.0 574.6 383.0 190.3 144.1 41.5 4.8 1.3 735.7 364.1 311.7 244.7 60.7 6.3 59.9 523.6 363.5 220.4 192.0 27.9 0.6 -60.3 511.8 312.1 159.9 92.6 58.2 9.2 39.8 643.0 357.9 244.5 193.6 46.6 4.3 40.6 709.6 350.4 279.1 205.7 66.8 6.7 80.0 681.4 322.2 317.3 250.2 64.0 3.1 41.8 908.8 425.8 405.9 329.3 65.5 11.1 77.0 17 18 19 20 21 22 23 Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 24 Foreign borrowing in U.S. 69.8 -14.0 71.1 70.5 51.5 105.7 87.9 26.3 56.4 87.8 35.5 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances -9.6 82.9 0.7 -4.2 -26.1 12.2 1.4 -1.5 13.5 49.7 8.5 -0.5 11.3 49.4 9.1 0.8 3.7 41.3 8.5 -2.0 37.5 60.2 4.7 3.4 4.4 78.5 7.8 -2.7 15.5 11.0 -0.7 0.5 10.4 34.3 11.5 0.2 -11.6 94.6 7.3 -2.5 0.7 25.3 15.7 -6.1 25 26 27 28 659.2 561.2 775.2 790.2 810.3 792.5 726.6 750.5 668.9 810.1 1011.7 29 29 Domestic and foreign F.3 Credit Market Borrowing by Financial Sectors Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 8 9 10 11 12 By instrument 293.6 464.3 448.4 536.3 614.3 436.8 644.8 325.9 661.0 536.7 933.8 1 Federal government-related Govt.-sponsored enterprise securities Mortgage pool securities U.S. government loans 165.3 80.6 84.7 0.0 287.5 176.9 115.4 -4.8 204.1 105.9 98.2 0.0 231.5 90.4 141.1 0.0 213.4 99.0 114.4 0.0 222.9 80.0 142.9 0.0 252.8 123.3 129.6 0.0 105.7 -8.9 114.6 0.0 286.2 198.1 88.1 0.0 161.0 46.4 114.6 0.0 300.6 160.4 140.3 0.0 2 3 4 5 Private financial sectors Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages 128.3 -5.5 122.2 -14.4 22.4 3.6 176.8 40.5 117.6 -13.7 22.6 9.8 244.3 42.7 188.2 4.2 3.4 5.9 304.9 92.2 156.5 16.8 27.9 11.4 400.9 166.7 170.8 13.6 36.0 14.0 213.9 84.4 80.7 2.6 33.3 12.9 392.0 162.0 164.0 20.4 31.2 14.3 220.2 175.9 41.4 7.0 -20.1 16.0 374.8 77.8 215.1 4.9 63.0 14.0 375.6 168.2 139.3 16.7 37.5 14.0 633.1 244.6 287.4 25.7 63.3 12.0 6 7 8 9 10 11 293.6 464.3 448.4 536.3 614.3 436.8 644.8 325.9 661.0 536.7 933.8 12 By sector 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 13.4 9.7 -5.1 8.8 20.1 12.5 -2.6 10.3 22.5 11.2 -3.1 14.4 13.0 11.7 -0.7 2.0 46.5 29.9 -2.4 19.1 14.7 11.9 0.0 2.9 26.8 20.5 2.9 3.5 13.7 6.8 0.6 6.3 79.7 39.1 2.5 38.0 32.0 21.7 -5.3 15.6 60.7 52.0 -7.6 16.3 13 14 15 16 17 18 Savings institutions Credit unions 11.3 0.2 12.8 0.2 2.6 -0.1 25.5 0.1 19.8 0.1 25.8 0.3 23.0 0.3 -16.8 -0.2 31.9 0.2 22.3 0.2 41.7 0.3 17 18 19 20 21 22 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 0.2 80.6 84.7 82.8 0.3 172.1 115.4 68.8 -0.1 105.9 98.2 132.9 1.1 90.4 141.1 132.0 0.2 99.0 114.4 168.2 -0.4 80.0 142.9 88.0 2.0 123.3 129.6 138.6 0.8 -8.9 114.6 62.9 0.1 198.1 88.1 95.0 0.2 46.4 114.6 169.6 -0.3 160.4 140.3 345.5 19 20 21 22 23 24 25 26 27 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations -1.4 0.0 3.4 12.0 6.3 48.7 -11.5 13.7 0.5 23.1 50.2 0.4 6.0 -5.0 34.9 45.9 12.4 12.8 -2.0 64.1 48.7 4.8 23.8 8.0 80.7 30.7 1.7 13.7 5.7 33.7 43.8 12.1 17.7 4.9 123.0 7.2 5.9 20.2 -2.9 129.4 123.8 5.0 20.3 34.9 -16.1 -2.9 3.6 26.9 -6.9 130.7 66.6 4.9 27.9 7.0 78.8 23 24 25 26 27 13 Z.1, March 13, 1998 F.4 Credit Market Borrowing, All Sectors, by Instrument Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 Total 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 952.7 1025.5 1223.7 1326.5 1424.6 1229.3 1371.5 1076.4 1329.9 1346.7 1945.5 1 2 3 4 5 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds -5.1 421.4 74.8 280.3 35.7 448.1 -35.9 153.2 74.3 348.5 -48.2 311.1 102.6 376.5 2.6 278.4 184.1 236.5 70.2 302.8 107.7 386.1 -64.7 208.7 142.3 379.7 41.6 332.4 198.6 186.9 43.7 131.8 108.5 189.1 95.9 335.5 171.1 201.9 51.8 356.8 258.1 368.0 89.3 387.1 2 3 4 5 6 7 8 9 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit -7.2 -0.8 128.7 60.7 62.9 50.3 186.2 124.9 114.7 70.1 214.2 138.9 92.1 62.5 323.1 88.8 129.7 99.8 347.8 53.8 143.8 99.7 266.1 81.9 60.1 32.4 344.4 38.6 153.8 11.7 279.1 70.8 126.8 83.6 330.6 60.0 48.7 108.5 354.9 53.0 189.4 195.6 426.4 31.5 6 7 8 9 429.7 125.2 143.9 230.5 217.8 71.9 156.0 197.7 183.0 313.9 176.6 10 137.7 21.3 24.6 -44.9 -3.5 -58.3 -7.0 -64.2 -41.2 -79.9 -100.1 -127.6 -20.3 -56.0 -55.7 -78.8 -57.9 -90.4 10.2 -60.4 -61.5 -90.0 11 12 63.4 53.0 292.0 48.1 21.4 100.6 50.4 4.4 147.4 58.8 -1.6 237.6 38.0 0.7 259.0 32.7 -5.1 171.9 42.3 -6.7 176.3 47.0 -23.9 253.4 53.0 -20.6 240.9 62.2 8.4 303.7 -10.4 38.8 238.2 13 14 15 Memo: Funds raised through corporate equities and mutual fund shares 10 11 12 13 14 15 Total net issues Corporate equities Nonfinancial Foreign shares purchased by U.S. residents Financial Mutual fund shares F.5 Total Liabilities and Their Relation to Total Financial Assets Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net flows through credit markets (from table F.4, line 1) 952.7 1025.5 1223.7 1326.5 1424.6 1229.3 1371.5 1076.4 1329.9 1346.7 1945.5 1 Official foreign exchange SDR certificates Treasury currency Foreign deposits 0.8 0.0 0.4 -18.5 -5.8 0.0 0.7 52.9 8.8 2.2 0.6 35.3 -6.3 -0.5 -0.0 82.0 0.7 -0.5 0.0 89.0 -26.6 -1.8 2.3 119.7 0.7 0.0 -2.3 104.5 -17.6 -2.1 0.4 188.6 0.4 0.0 0.2 18.8 2.4 0.0 1.3 105.4 17.5 0.0 -1.9 43.1 2 3 4 5 6 7 8 9 10 Net interbank transactions Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares 50.5 117.3 -70.3 -23.5 20.2 89.8 -9.7 -39.9 19.6 43.3 9.9 -12.7 96.6 65.6 142.3 -51.6 15.8 97.2 114.0 145.8 -40.2 41.1 98.5 120.5 157.6 -97.2 105.9 94.2 180.2 145.1 17.6 -53.3 90.1 135.4 187.5 -88.8 85.3 157.9 49.9 182.4 -43.7 64.2 24.5 176.3 58.5 -42.7 -49.2 46.6 194.1 243.6 14.5 64.3 165.1 61.6 146.0 6 7 8 9 10 11 12 13 14 Security RPs Corporate equities Mutual fund shares Trade payables 71.3 137.7 292.0 52.0 78.2 24.6 100.6 93.7 110.5 -3.5 147.4 105.2 40.3 -7.0 237.6 68.1 114.0 -41.2 259.0 75.7 -15.9 -100.1 171.9 -15.9 83.3 -20.3 176.3 97.2 32.8 -55.7 253.4 66.8 193.7 -57.9 240.9 63.4 115.9 10.2 303.7 131.9 113.6 -61.5 238.2 40.6 11 12 13 14 15 16 17 18 Security credit Life insurance reserves Pension fund reserves Taxes payable 61.4 36.0 255.6 11.4 -0.1 34.5 246.1 2.6 26.7 44.9 233.9 4.6 52.4 43.6 227.2 14.0 103.8 57.0 298.6 20.1 5.3 59.2 221.6 12.5 125.2 66.7 277.0 16.6 117.1 39.8 243.3 30.4 137.4 77.5 337.3 1.8 79.7 62.8 311.8 29.9 81.2 48.0 302.0 18.1 15 16 17 18 19 20 21 Investment in bank personal trusts Noncorporate proprietors’ equity Miscellaneous 0.9 24.6 345.6 17.8 59.0 250.8 -49.7 39.5 462.9 12.5 22.6 490.7 26.4 15.8 544.1 19.2 44.5 413.4 19.8 5.9 656.5 23.5 22.6 587.8 26.3 19.7 633.3 28.9 19.7 406.6 26.9 1.2 548.8 19 20 21 2318.0 2084.3 2694.7 2925.1 3364.6 2566.9 3355.8 2994.4 3302.3 3349.2 3812.6 22 -0.2 -5.7 4.2 -0.2 43.0 -2.7 -0.5 25.7 -3.1 -1.0 55.8 -3.3 -0.6 68.3 -16.0 1.3 86.3 -4.4 -3.1 37.3 4.2 -0.3 178.0 26.9 -0.5 -10.2 -24.4 0.8 78.1 -51.6 -2.4 27.2 -15.0 23 24 25 46.4 15.8 -190.1 69.4 16.6 -145.6 36.1 17.8 -110.6 31.9 16.3 -120.7 52.1 20.5 -283.0 -90.6 20.3 -240.1 132.6 21.6 19.0 -104.6 12.2 -189.3 178.6 28.3 -321.4 6.2 11.2 -281.7 128.3 30.3 -339.8 26 27 28 -1.5 -1.3 -4.3 -4.8 -2.8 0.3 -6.0 -3.8 -29.1 0.5 -4.0 -33.9 -2.7 -3.9 -33.4 27.1 -4.7 -103.5 -21.4 -3.7 -42.7 -9.4 -2.6 15.2 16.1 -4.8 -73.1 2.1 -3.4 -17.2 -19.5 -4.8 -58.6 29 30 31 2454.5 2111.1 2768.2 2983.6 3563.4 2875.4 3212.0 3068.4 3513.7 3604.6 4066.9 32 2 3 4 5 22 Total financial sources 23 24 25 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank liabilities 26 27 28 Security RPs Taxes payable Miscellaneous 29 30 31 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 32 Totals identified to sectors as assets 14 Z.1, March 13, 1998 F.6 Distribution of Gross Domestic Product (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 Gross Domestic Product (GDP) Personal consumption expenditures (2) Durable goods (3) Nondurable goods and services Gross private domestic investment Fixed investment 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 6558.1 6947.0 7265.4 7636.1 8081.1 7676.2 7792.9 7933.5 8034.5 8124.4 8231.9 1 4459.3 4717.0 4957.7 5207.6 5488.1 5227.4 5308.1 5405.7 5432.1 5527.4 5587.2 2 530.2 3929.0 579.6 4137.4 608.5 4349.2 634.5 4573.1 659.1 4829.0 634.5 4592.9 638.2 4669.9 658.4 4747.3 644.5 4787.6 667.3 4860.1 666.2 4921.0 3 4 876.2 1007.8 1038.2 1116.6 1240.9 1149.2 1151.1 1193.6 1242.0 1250.3 1277.9 5 855.7 946.6 1008.1 1090.7 1172.6 1112.1 1119.2 1127.5 1160.9 1201.3 1200.8 6 7 8 9 10 11 12 Nonresidential plant and equipment Household sector (nonprofit organizations) Nonfinancial corporate business Nonfarm noncorporate business Farm business Financial corporations 604.1 35.6 418.1 67.2 18.7 64.5 660.6 31.9 461.2 66.8 20.8 79.9 723.0 37.7 521.7 63.3 21.6 78.6 781.5 41.0 564.9 62.0 23.2 90.4 845.4 44.2 607.6 57.7 24.8 111.1 798.6 41.7 577.4 59.8 24.0 95.8 807.2 42.7 583.3 62.7 23.6 95.0 811.3 42.8 586.3 59.9 23.4 98.8 836.3 43.6 604.7 58.9 25.0 104.1 872.0 45.3 630.6 52.8 26.4 116.9 861.9 44.9 608.8 59.4 24.4 124.5 7 8 9 10 11 12 13 14 15 16 17 Residential construction Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 251.6 218.4 1.7 26.3 5.2 286.0 249.1 1.9 27.8 7.3 285.1 244.0 2.3 35.9 2.9 309.3 267.0 2.3 34.8 5.2 327.3 279.1 2.4 36.8 9.0 313.5 269.8 2.3 35.3 6.2 312.0 268.8 2.3 35.1 5.8 316.2 271.6 2.3 35.6 6.7 324.6 278.4 2.3 36.5 7.4 329.3 280.1 2.4 37.0 9.8 338.9 286.5 2.4 38.1 11.9 13 14 15 16 17 20.5 25.4 1.3 -6.2 61.2 48.0 2.5 10.8 30.1 36.1 1.9 -8.0 25.9 21.9 1.2 2.9 68.3 58.6 3.1 6.7 37.1 29.7 1.6 5.8 31.9 27.3 1.4 3.2 66.1 59.1 3.1 3.9 81.1 71.2 3.7 6.2 49.0 38.9 2.0 8.1 77.1 65.2 3.4 8.5 18 19 20 21 18 19 20 21 Change in business inventories Nonfinancial corporate business Nonfarm noncorporate business Farm business 22 Net U.S. exports of goods and services -60.7 -90.8 -86.0 -94.8 -100.8 -113.9 -88.6 -98.8 -88.7 -111.3 -104.2 22 23 24 Exports - Imports 658.6 719.3 721.2 812.0 818.4 904.4 870.9 965.7 958.0 1058.8 863.7 977.6 904.6 993.2 922.2 1021.0 960.3 1049.0 965.8 1077.1 983.8 1088.0 23 24 25 Government consumption expenditures and gross investment 1283.4 1313.0 1355.6 1406.7 1452.8 1413.5 1422.3 1433.0 1449.1 1458.0 1471.0 25 1078.9 447.3 631.6 1107.1 443.2 663.9 1142.1 443.5 698.6 1182.5 451.5 731.0 1226.8 463.9 762.9 1189.9 454.0 735.9 1197.0 453.6 743.4 1209.7 458.0 751.7 1221.6 464.2 757.4 1230.8 464.7 766.1 1244.9 468.5 776.4 26 27 28 204.5 71.1 133.4 205.9 67.0 138.9 213.5 66.1 147.4 224.3 68.5 155.8 226.0 60.0 166.1 223.6 67.6 156.0 225.3 63.9 161.4 223.3 58.1 165.2 227.5 61.9 165.6 227.2 61.0 166.2 226.1 58.9 167.2 29 30 31 18.7 150.8 132.1 8.2 176.5 168.3 5.2 222.8 217.6 1.7 234.3 232.6 -20.2 263.2 283.5 -6.9 235.4 242.3 3.2 248.8 245.6 -14.3 248.2 262.5 -20.7 261.6 282.3 -20.7 269.4 290.1 -25.3 273.7 299.0 32 33 34 6576.8 6955.2 7270.7 7637.8 8060.8 7669.3 7796.1 7919.2 8013.8 8103.7 8206.6 35 26 27 28 Consumption expenditures (4) Federal State and local 29 30 31 Gross investment (4) Federal State and local Memo: 32 33 34 Net U.S. factor income from rest of the world U.S. receipts - U.S. payments 35 Gross National Product (GNP) = GDP + net U.S. factor income (1) This table corresponds to NIPA table 1.1 in the Survey of Current Business, Department of Commerce. (2) Component of personal outlays, found on table F.100, line 4. (3) Considered investment rather than current expenditure in the flow of funds accounts; added back to NIPA-based personal saving in the calculation of gross saving. (4) Government inventory investment is included in consumption expenditures. 15 Z.1, March 13, 1998 F.7 Distribution of National Income (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 National Income Compensation of employees Wages and other labor income Employer social insurance contributions Wage accruals less disbursements 9 Proprietors’ income with inventory valuation and capital consumption adjustments Nonfarm Farm Rental income of persons (with capital consumption adjustment) 10 Corporate profits with inventory valuation and capital consumption adjustments 6 7 8 11 Corporate profits with inventory valuation adjustment 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 5266.7 5590.6 5912.3 6254.4 6650.6 6303.2 6376.5 6509.9 6599.0 6699.6 6794.0 1 3814.8 3474.7 335.7 4.4 4011.9 3645.5 353.0 13.3 4215.4 3836.4 366.0 13.1 4426.9 4040.1 385.7 1.1 4703.6 4294.0 408.4 1.2 4460.9 4071.2 388.6 1.1 4520.7 4126.0 393.6 1.1 4606.3 4203.8 401.3 1.2 4663.5 4256.7 405.6 1.2 4725.3 4313.9 410.2 1.2 4819.3 4401.5 416.6 1.2 2 3 4 5 450.8 418.4 32.4 471.6 434.7 36.9 488.9 465.5 23.4 520.4 483.1 37.2 544.5 503.7 40.7 523.8 483.7 40.1 528.3 487.9 40.4 534.6 494.4 40.2 543.6 500.0 43.6 547.2 506.3 40.9 552.4 514.2 38.2 6 7 8 105.7 124.4 132.9 146.3 148.0 148.0 149.2 149.0 148.7 148.0 146.4 9 492.8 570.5 650.0 735.9 805.6 739.6 747.7 779.5 795.1 827.3 820.4 10 456.8 519.1 598.4 674.1 735.8 676.4 683.3 711.8 725.7 757.0 748.8 11 12 13 14 15 16 Profits before tax Domestic nonfinancial Farm Foreign subsidiaries Financial 465.4 307.4 1.2 73.8 83.0 535.1 391.9 0.4 73.4 69.4 622.6 437.7 0.7 86.8 97.5 676.6 476.4 0.8 95.9 103.5 730.2 511.7 0.9 99.4 118.2 679.1 482.6 0.8 91.8 103.9 680.0 483.7 0.8 107.5 88.0 708.3 493.7 0.9 97.3 116.4 719.8 500.7 0.9 100.8 117.4 753.4 533.3 0.9 99.9 119.3 739.2 519.0 1.0 99.7 119.5 12 13 14 15 16 17 18 19 20 Less: Profits tax liability Domestic nonfinancial Farm Financial 165.2 104.5 0.5 60.2 186.6 128.3 0.5 57.8 213.2 138.9 0.5 73.8 229.0 154.2 0.6 74.2 249.8 165.7 0.6 83.5 231.6 156.2 0.6 74.8 226.0 158.5 0.5 67.0 241.2 158.8 0.6 81.8 244.5 161.3 0.5 82.7 258.2 173.5 0.6 84.1 255.2 169.2 0.5 85.5 17 18 19 20 21 22 23 24 25 26 Equals: Profits after tax Dividends Domestic nonfinancial Farm Foreign subsidiaries Financial 300.2 195.8 147.0 0.8 20.8 27.2 348.5 216.3 157.6 1.0 31.9 25.8 409.4 264.4 187.1 1.2 27.5 48.6 447.6 304.8 195.1 1.3 34.0 74.4 480.4 336.1 210.7 1.5 38.8 85.1 447.5 305.7 190.5 1.3 40.1 73.8 454.0 309.1 198.0 1.4 27.5 82.2 467.1 326.8 205.6 1.4 34.1 85.7 475.3 333.0 206.6 1.5 39.4 85.5 495.2 339.1 206.2 1.5 47.1 84.3 484.0 345.6 224.4 1.5 34.7 85.0 21 22 23 24 25 26 27 28 29 30 31 Undistributed profits Domestic nonfinancial Farm Foreign subsidiaries Financial 104.5 55.9 -0.1 53.0 -4.4 132.3 106.0 -1.1 41.6 -14.2 145.0 111.7 -1.1 59.3 -24.9 142.8 127.1 -1.1 62.0 -45.2 144.3 135.3 -1.1 60.6 -50.5 141.8 135.9 -1.1 51.7 -44.7 144.9 127.2 -1.1 80.0 -61.2 140.3 129.3 -1.1 63.2 -51.1 142.3 132.8 -1.1 61.4 -50.8 156.1 153.5 -1.1 52.8 -49.1 138.4 125.5 -1.1 65.0 -51.0 27 28 29 30 31 32 Inventory valuation adjustment -8.6 -16.0 -24.2 -2.5 5.6 -2.7 3.3 3.5 5.9 3.6 9.6 32 33 34 35 36 Capital consumption adjustment Domestic nonfinancial Farm Financial 36.0 45.3 1.0 -10.4 51.4 60.1 0.8 -9.5 51.6 60.0 0.5 -8.9 61.8 70.8 0.3 -9.4 69.8 79.3 0.4 -10.0 63.2 72.3 0.3 -9.4 64.4 73.8 0.2 -9.6 67.7 77.2 0.2 -9.7 69.4 78.8 0.5 -9.9 70.3 80.0 0.4 -10.1 71.6 81.2 0.6 -10.2 33 34 35 36 402.5 412.3 425.1 425.1 449.0 430.9 430.6 440.5 448.1 451.8 455.5 37 5266.7 5590.6 5912.3 6254.4 6650.6 6303.2 6376.5 6509.9 6599.0 6699.6 6794.0 38 37 Net interest Memo: Calculation of Gross Domestic Product from National Income: (2) 38 National Income, from line 1 above 39 40 41 42 43 44 Plus: Business transfer payments to persons Business transfer payments to rest of the world Indirect business taxes and nontaxes Private consumption of fixed capital Government consumption of fixed capital Statistical discrepancy 22.1 6.0 532.6 594.5 133.4 52.7 23.8 6.8 568.4 638.7 138.8 14.8 25.0 7.3 582.8 653.0 143.8 -28.2 26.0 7.6 604.8 682.7 147.4 -59.7 27.1 8.3 619.4 716.8 151.1 -86.3 26.1 7.7 600.9 687.7 147.7 -79.0 26.4 7.8 625.3 697.2 148.5 -59.6 26.7 7.7 610.2 705.4 149.6 -64.2 26.9 8.1 616.2 712.3 150.7 -73.5 27.2 8.7 625.4 720.3 151.3 -103.0 27.5 8.7 625.7 729.2 152.6 -104.5 39 40 41 42 43 44 45 46 Less: Subsidies less current surplus of government enterprises Net U.S. factor income from rest of the world 31.1 18.7 26.6 8.2 25.2 5.2 25.4 1.7 26.1 -20.2 25.0 -6.9 26.0 3.2 26.1 -14.3 25.9 -20.7 25.8 -20.7 26.6 -25.3 45 46 47 Equals: Gross Domestic Product 6558.1 6947.0 7265.4 7636.1 8081.1 7676.2 7792.9 7933.5 8034.5 8124.4 8231.9 47 (1) This table corresponds to NIPA table 1.14 in the Survey of Current Business, Department of Commerce. (2) The relationship of National Income to Gross Domestic Product is shown on NIPA table 1.9 in the Survey of Current Business, Department of Commerce. 16 Z.1, March 13, 1998 F.8 Gross Saving and Investment (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 Gross saving Gross private saving 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 949.5 1079.1 1165.5 1267.7 1392.9 1295.6 1303.2 1332.8 1397.1 1411.6 1430.0 1 979.2 1030.2 1093.1 1125.4 1162.5 1144.9 1131.4 1134.1 1178.2 1159.7 1177.9 2 3 Personal saving 248.5 210.6 254.6 239.5 224.8 253.8 220.5 216.0 247.1 208.2 227.9 3 4 5 6 7 8 Undistributed corporate profits Nonfinancial corp. inventory valuation adjustment Corporate capital consumption adjustment Private consumption of fixed capital Wage accruals less disbursements 104.5 -8.6 36.0 594.5 4.4 132.3 -16.0 51.4 638.7 13.3 145.0 -24.2 51.6 653.0 13.1 142.8 -2.5 61.8 682.7 1.1 144.3 5.6 69.8 716.8 1.2 141.8 -2.7 63.2 687.7 1.1 144.9 3.3 64.4 697.2 1.1 140.3 3.5 67.7 705.4 1.2 142.3 5.9 69.4 712.3 1.2 156.1 3.6 70.3 720.3 1.2 138.4 9.6 71.6 729.2 1.2 4 5 6 7 8 -29.8 48.9 72.4 142.2 230.4 150.7 171.8 198.7 218.9 251.9 252.1 9 9 Gross government saving 10 11 12 Federal Consumption of fixed capital Current surplus -182.7 67.9 -250.7 -117.2 69.5 -186.7 -103.6 70.9 -174.4 -39.2 71.2 -110.4 43.0 71.6 -28.5 -28.3 71.2 -99.5 -5.7 71.3 -77.0 15.8 71.4 -55.6 34.8 71.5 -36.7 60.9 71.6 -10.7 60.7 71.8 -11.1 10 11 12 13 14 15 State and local Consumption of fixed capital Current surplus 153.0 65.5 87.5 166.1 69.4 96.7 176.0 72.9 103.1 181.4 76.2 105.3 187.3 79.5 107.9 179.0 76.5 102.5 177.5 77.2 100.3 182.9 78.2 104.7 184.1 79.2 104.9 191.0 79.7 111.3 191.4 80.8 110.6 13 14 15 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 16 1002.1 1093.8 1137.3 1208.0 1306.6 1216.6 1243.6 1268.6 1323.6 1308.6 1325.5 17 876.2 1007.8 1038.2 1116.6 1240.9 1149.2 1151.1 1193.6 1242.0 1250.3 1277.9 18 16 17 18 Capital grants received by the U.S. (net) Gross investment Gross private domestic investment 19 Fixed investment 855.7 946.6 1008.1 1090.7 1172.6 1112.1 1119.2 1127.5 1160.9 1201.3 1200.8 19 20 21 Nonresidential Residential 604.1 251.6 660.6 286.0 723.0 285.1 781.5 309.3 845.4 327.3 798.6 313.5 807.2 312.0 811.3 316.2 836.3 324.6 872.0 329.3 861.9 338.9 20 21 22 Change in business inventories 20.5 61.2 30.1 25.9 68.3 37.1 31.9 66.1 81.1 49.0 77.1 22 23 Gross government investment 204.5 205.9 213.5 224.3 226.0 223.6 225.3 223.3 227.5 227.2 226.1 23 24 Net foreign investment in U.S. -78.6 -119.9 -114.4 -132.9 -160.4 -156.2 -132.8 -148.3 -145.9 -168.9 -178.5 24 52.7 14.8 -28.2 -59.7 -86.3 -79.0 -59.6 -64.2 -73.5 -103.0 -104.5 25 25 Statistical discrepancy (line 17 less line 1) (1) This table corresponds to NIPA table 5.1 in the Survey of Current Business, Department of Commerce. 17 Z.1, March 13, 1998 F.9 Derivation of Measures of Personal Saving (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 447.7 507.0 458.0 476.3 523.9 349.9 403.5 441.1 496.2 558.2 600.1 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -1.1 56.5 -106.6 -0.3 3.1 -24.2 -3.7 13.5 4.6 -39.2 156.3 100.4 12.4 -38.3 170.7 79.1 13.8 -23.9 187.6 104.8 16.0 -21.6 183.7 87.7 16.1 -103.9 183.1 100.1 17.1 52.0 170.2 142.3 15.2 -10.0 134.5 2.6 12.0 -99.6 221.5 206.8 11.0 -38.2 224.4 67.4 2 3 4 5 6 Securities 158.8 198.8 -60.1 -100.3 -245.0 -266.7 -274.0 -343.6 -211.0 -252.7 -172.7 6 7 8 9 10 Open market paper U.S. savings bonds Other Treasury securities Agency securities 15.6 14.7 8.6 -34.4 1.2 8.0 148.9 145.2 13.3 5.1 -43.6 24.7 22.7 2.0 -104.0 123.4 40.0 -0.5 -236.6 85.9 37.1 2.6 -122.4 205.0 37.7 0.5 -87.5 110.1 47.4 -3.6 -270.9 91.0 39.6 -0.1 -235.8 131.3 35.1 0.6 -166.6 23.8 37.9 1.1 -273.1 97.6 7 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares -31.3 36.2 -56.2 205.7 -50.2 35.8 -157.5 67.4 -56.3 60.0 -173.2 109.9 -22.6 -12.2 -290.2 180.5 25.8 -10.8 -339.6 190.9 -58.8 -111.1 -340.3 121.4 -27.1 -65.5 -366.5 124.4 30.5 -116.2 -292.1 170.4 53.4 -3.5 -373.6 177.7 -2.2 22.5 -399.2 233.4 21.4 53.9 -293.6 182.0 11 12 13 14 15 16 17 18 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves 35.7 73.9 98.4 83.6 34.3 81.0 78.8 86.6 44.8 65.7 96.1 72.3 43.8 39.9 84.7 102.3 56.7 93.8 83.4 121.7 60.4 54.9 82.8 82.8 66.9 75.3 92.5 109.0 40.7 80.3 73.9 88.3 75.2 126.6 86.3 126.8 64.0 89.7 79.9 141.1 46.8 78.7 93.8 130.8 15 16 17 18 19 20 Investment in bank personal trusts Miscellaneous assets 0.9 47.8 17.8 21.3 -49.7 66.9 12.5 69.4 26.4 104.6 19.2 50.7 19.8 118.7 23.5 96.6 26.3 123.7 28.9 66.7 26.9 131.3 19 20 21 22 23 24 25 Gross investment in tangible assets Residential structures Other fixed assets (3) Consumer durables Inventories (3) 891.6 218.4 147.8 530.2 -4.9 989.2 249.1 147.3 579.6 13.3 1005.0 244.0 158.5 608.5 -6.0 1066.5 267.0 161.0 634.5 4.0 1111.5 279.1 163.5 659.1 9.8 1072.3 269.8 160.7 634.5 7.4 1075.6 268.8 164.0 638.2 4.6 1098.7 271.6 161.7 658.4 7.0 1096.8 278.4 164.0 644.5 9.9 1119.0 280.1 161.5 667.3 10.1 1131.4 286.5 166.7 666.2 11.9 21 22 23 24 25 26 27 28 29 Consumption of fixed capital Residential structures Other fixed assets (3) Consumer durables 635.8 79.7 125.8 430.3 650.6 87.3 107.0 456.3 672.6 89.4 100.8 482.3 695.4 92.0 101.8 501.6 729.9 96.6 106.6 526.6 700.6 92.7 102.6 505.3 710.1 94.0 103.9 512.2 718.7 95.1 105.3 518.3 725.3 96.0 105.9 523.3 733.4 97.1 107.1 529.2 742.1 98.3 108.1 535.8 26 27 28 29 30 Net investment in tangible assets (4) 31 32 33 34 35 Residential structures Other fixed assets (3) Consumer durables Inventories (3) Net increase in liabilities 255.7 338.6 332.4 371.1 381.6 371.8 365.5 380.0 371.5 385.6 389.2 30 138.7 22.0 99.9 -4.9 161.8 40.3 123.3 13.3 154.5 57.7 126.2 -6.0 174.9 59.2 132.9 4.0 182.5 56.9 132.5 9.8 177.0 58.1 129.2 7.4 174.8 60.2 126.0 4.6 176.5 56.4 140.1 7.0 182.3 58.1 121.2 9.9 183.0 54.4 138.1 10.1 188.2 58.7 130.4 11.9 31 32 33 34 257.8 346.0 421.3 463.2 486.1 395.0 423.0 449.0 489.7 473.7 531.9 35 36 37 38 39 40 41 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit Policy loans Security credit Other liabilities (3) 155.9 -27.2 60.7 5.6 22.6 40.1 178.3 -27.0 124.9 7.8 -1.1 63.1 174.9 -9.4 138.9 10.5 3.5 102.9 261.2 27.1 88.8 4.5 15.8 65.8 256.6 33.6 53.8 5.4 34.3 102.3 237.5 2.3 81.9 11.8 -11.7 73.2 248.7 58.6 38.6 -5.9 29.9 53.1 228.9 2.3 70.8 5.9 26.8 114.3 225.6 42.7 60.0 6.9 37.6 117.0 260.5 42.9 53.0 3.0 67.8 46.5 311.3 46.7 31.5 6.0 5.1 131.3 36 37 38 39 40 41 42 Personal saving (FOF measure) (5) 445.6 499.6 369.1 384.2 419.4 326.7 346.1 372.1 378.0 470.1 457.5 42 43 44 45 - Govt. insurance and pension reserves - Net investment in consumer durables - Net saving by farm corporations 83.6 99.9 0.9 86.6 123.3 -0.3 72.3 126.2 -0.5 102.3 132.9 -0.8 121.7 132.5 -0.7 82.8 129.2 -0.8 109.0 126.0 -0.9 88.3 140.1 -0.9 126.8 121.2 -0.6 141.1 138.1 -0.7 130.8 130.4 -0.5 43 44 45 46 = Personal saving (NIPA concept, FOF data) 261.2 290.1 171.1 149.8 165.9 115.4 112.0 144.7 130.7 191.6 196.7 46 47 Personal saving (NIPA measure) 248.5 210.6 254.6 239.5 224.8 253.8 220.5 216.0 247.1 208.2 227.9 47 48 Difference (6) 12.7 79.4 -83.5 -89.8 -58.9 -138.4 -108.5 -71.3 -116.4 -16.6 -31.2 48 49 Memo: Disposable personal income 4829.2 5052.7 5355.7 5608.4 5885.6 5644.5 5695.8 5790.6 5849.9 5908.9 5992.8 49 50 51 52 53 Personal saving as a percentage of disposable personal income: FOF measure (line 42) 9.2 NIPA concept, FOF data (line 46) 5.4 NIPA measure (line 47) 5.1 Difference (line 48) 0.3 9.9 5.7 4.2 1.6 6.9 3.2 4.8 -1.6 6.9 2.7 4.3 -1.6 7.1 2.8 3.8 -1.0 5.8 2.0 4.5 -2.5 6.1 2.0 3.9 -1.9 6.4 2.5 3.7 -1.2 6.5 2.2 4.2 -2.0 8.0 3.2 3.5 -0.3 7.6 3.3 3.8 -0.5 50 51 52 53 (1) Consolidated statement for household sector, nonfarm noncorporate business, and farm business. (2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19). (3) Includes corporate farms. (4) Line 21 less line 26. (5) Line 1 plus line 30 less line 35. (6) Household sector discrepancy with sign reversed. 18 Z.1, March 13, 1998 F.100 Households and Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 Personal income - Personal taxes and nontaxes = Disposable personal income - Personal outlays = Personal saving, NIPA (2) 6 7 8 9 10 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 5519.2 690.0 4829.2 4580.8 248.5 5791.8 739.1 5052.7 4842.1 210.6 6150.8 795.1 5355.7 5101.1 254.6 6495.3 886.9 5608.4 5368.8 239.5 6874.2 988.6 5885.6 5660.7 224.8 6541.9 897.4 5644.5 5390.7 253.8 6618.4 922.6 5695.8 5475.3 220.5 6746.2 955.6 5790.6 5574.6 216.0 6829.1 979.2 5849.9 5602.8 247.1 6906.9 998.0 5908.9 5700.7 208.2 7014.6 1021.8 5992.8 5764.9 227.9 1 2 3 4 5 + Government insurance and pension reserves + Net investment in consumer durables + Consumption of fixed capital = Gross saving 83.6 99.9 530.8 962.8 86.6 123.3 565.6 986.1 72.3 126.2 595.1 1048.2 102.3 132.9 618.3 1093.1 121.7 132.5 649.2 1128.2 82.8 129.2 622.8 1088.7 109.0 126.0 631.4 1086.9 88.3 140.1 638.9 1083.3 126.8 121.2 645.1 1140.1 141.1 138.1 652.4 1139.7 130.8 130.4 660.4 1149.6 6 7 8 9 Gross investment 975.5 1065.5 964.7 1003.3 1069.3 950.3 978.4 1011.9 1023.7 1123.2 1118.4 10 11 12 13 14 Capital expenditures Residential construction Consumer durable goods Nonprofit plant and equipment 784.2 218.4 530.2 35.6 860.5 249.1 579.6 31.9 890.2 244.0 608.5 37.7 942.5 267.0 634.5 41.0 982.4 279.1 659.1 44.2 946.0 269.8 634.5 41.7 949.6 268.8 638.2 42.7 972.8 271.6 658.4 42.8 966.5 278.4 644.5 43.6 992.7 280.1 667.3 45.3 997.6 286.5 666.2 44.9 11 12 13 14 15 Net financial investment 191.3 205.1 74.5 60.8 86.9 4.3 28.8 39.1 57.2 130.5 120.8 15 16 Net acquisition of financial assets 440.5 531.4 450.2 461.4 490.5 356.0 368.3 424.2 456.3 522.5 559.0 16 17 18 19 20 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares -1.1 47.2 -113.1 -0.6 3.1 -31.0 -11.9 13.4 4.6 -42.6 150.0 100.3 12.4 -42.0 166.3 78.9 13.8 -29.2 182.5 104.4 16.0 -25.2 179.3 87.5 16.1 -107.7 178.7 99.8 17.1 47.2 165.6 142.0 15.2 -14.9 129.7 2.3 12.0 -104.7 216.5 206.4 11.0 -44.4 218.4 67.0 17 18 19 20 21 Credit market instruments 2.4 278.5 -1.8 5.1 -101.7 -81.9 -22.8 -204.2 -30.0 -121.5 -51.0 21 15.6 -11.5 22.9 14.7 8.3 -34.4 -31.3 36.2 -6.6 1.2 301.4 156.2 8.0 148.2 145.2 -50.2 35.8 -9.7 13.3 -14.2 -38.9 5.1 -44.0 24.7 -56.3 60.0 -4.6 22.7 20.9 -102.5 2.0 -104.5 123.4 -22.6 -12.2 -3.7 40.0 -151.9 -237.9 -0.5 -237.4 85.9 25.8 -10.8 -4.7 37.1 84.6 -120.4 2.6 -123.0 205.0 -58.8 -111.1 -33.6 37.7 22.6 -87.5 0.5 -88.0 110.1 -27.1 -65.5 9.6 47.4 -184.1 -275.1 -3.6 -271.5 91.0 30.5 -116.2 18.2 39.6 -105.3 -236.6 -0.1 -236.5 131.3 53.4 -3.5 -14.2 35.1 -143.0 -166.9 0.6 -167.4 23.8 -2.2 22.5 -33.8 37.9 -175.3 -273.0 1.1 -274.0 97.6 21.4 53.9 11.1 22 23 24 25 26 27 28 29 30 -56.2 205.7 26.0 36.0 255.6 0.9 24.6 13.1 -157.5 67.4 6.7 34.5 246.1 17.8 59.0 5.4 -173.2 109.9 18.6 44.9 233.9 -49.7 39.5 15.8 -290.2 180.5 35.3 43.6 227.2 12.5 22.6 9.0 -339.6 190.9 47.9 57.0 298.6 26.4 15.8 23.7 -340.3 121.4 33.3 59.2 221.6 19.2 44.5 21.4 -366.5 124.4 70.8 66.7 277.0 19.8 5.9 6.1 -292.1 170.4 36.2 39.8 243.3 23.5 22.6 12.9 -373.6 177.7 68.3 77.5 337.3 26.3 19.7 20.9 -399.2 233.4 16.6 62.8 311.8 28.9 19.7 39.8 -293.6 182.0 70.4 48.0 302.0 26.9 1.2 21.1 31 32 33 34 35 36 37 38 249.2 326.4 375.7 400.6 403.6 351.7 339.6 385.1 399.1 392.0 438.2 39 218.7 322.8 363.0 383.0 364.1 363.5 312.1 357.9 350.4 322.2 425.8 40 121.6 60.7 11.9 9.8 7.1 7.7 170.2 124.9 14.5 13.4 7.1 -7.4 172.0 138.9 13.8 15.7 26.6 -4.0 258.2 88.8 19.1 -3.6 12.4 8.1 251.0 53.8 29.0 8.5 20.8 1.0 233.4 81.9 16.8 11.7 19.2 0.6 244.2 38.6 20.8 -18.7 9.7 17.5 224.3 70.8 19.5 29.2 27.2 -13.1 220.2 60.0 33.4 15.3 17.6 4.0 254.6 53.0 27.8 -41.4 19.7 8.5 304.8 31.5 35.1 30.9 18.7 4.8 41 42 43 44 45 46 22.6 7.4 -1.1 4.2 3.5 8.5 15.8 1.4 34.3 3.0 -11.7 -0.4 29.9 -2.8 26.8 -1.8 37.6 8.8 67.8 -0.2 5.1 5.0 47 48 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Open market paper U.S. government securities Treasury Savings bonds Other Agency Municipal securities Corporate and foreign bonds Mortgages Corporate equities (3) Mutual fund shares Security credit Life insurance reserves Pension fund reserves Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets Net increase in liabilities Credit market instruments Home mortgages Consumer credit Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages Security credit Trade payables Deferred and unpaid life insurance premiums Discrepancy 0.5 0.5 0.7 0.3 2.2 0.3 0.3 2.2 2.2 2.2 2.2 49 -12.7 -79.4 83.5 89.8 58.9 138.4 108.5 71.3 116.4 16.6 31.2 50 Memo: Net physical investment: 51 52 53 54 55 (A) Residential construction expenditures - Consumption of fixed capital = Net investment - Home mortgages = Excess net investment 218.4 79.7 138.7 121.6 17.1 249.1 87.3 161.8 170.2 -8.4 244.0 89.4 154.5 172.0 -17.5 267.0 92.0 174.9 258.2 -83.3 279.1 96.6 182.5 251.0 -68.5 269.8 92.7 177.0 233.4 -56.3 268.8 94.0 174.8 244.2 -69.4 271.6 95.1 176.5 224.3 -47.8 278.4 96.0 182.3 220.2 -37.9 280.1 97.1 183.0 254.6 -71.6 286.5 98.3 188.2 304.8 -116.6 51 52 53 54 55 56 57 58 59 60 (B) Consumer durable goods expenditures - Consumption of fixed capital = Net investment - Consumer credit = Excess net investment 530.2 430.3 99.9 60.7 39.2 579.6 456.3 123.3 124.9 -1.6 608.5 482.3 126.2 138.9 -12.7 634.5 501.6 132.9 88.8 44.1 659.1 526.6 132.5 53.8 78.6 634.5 505.3 129.2 81.9 47.4 638.2 512.2 126.0 38.6 87.3 658.4 518.3 140.1 70.8 69.3 644.5 523.3 121.2 60.0 61.2 667.3 529.2 138.1 53.0 85.1 666.2 535.8 130.4 31.5 98.9 56 57 58 59 60 (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) See table F.9 for derivation of alternative measures of personal saving. (3) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 32), life insurance and pension reserves (lines 34 and 35), and bank personal trusts (line 36). 19 Z.1, March 13, 1998 F.101 Nonfinancial Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Income before taxes 813.8 924.1 995.3 1071.6 1128.3 1082.1 1088.3 1103.0 1117.8 1152.1 1140.4 1 2 Gross saving 589.9 634.5 654.4 724.2 771.1 727.4 760.9 755.4 766.2 782.5 780.2 2 3 Gross investment 690.6 632.5 649.6 706.1 745.5 785.2 751.0 732.0 784.8 724.9 740.2 3 552.6 639.8 682.5 716.5 804.8 735.9 753.0 773.2 834.7 800.8 810.3 4 532.0 28.0 504.0 578.6 29.7 548.9 644.8 38.2 606.7 687.2 37.1 650.1 729.3 39.2 690.1 698.7 37.6 661.1 707.0 37.4 669.6 707.5 37.9 669.6 727.4 38.8 688.6 749.2 39.4 709.8 733.0 40.5 692.5 5 6 7 20.5 0.0 61.2 0.0 30.1 7.6 25.9 3.5 68.3 7.1 37.1 0.1 31.9 14.1 66.1 -0.4 81.1 26.1 49.0 2.6 77.1 0.2 8 9 4 Capital expenditures 5 6 7 Fixed investment Residential construction Plant and equipment 8 9 Change in inventories Access rights from federal government 10 138.0 -7.3 -33.0 -10.4 -59.3 49.2 -1.9 -41.3 -49.8 -75.9 -70.1 10 11 Net acquisition of financial assets 382.0 325.6 445.2 452.3 389.6 473.0 441.7 377.7 429.1 387.3 364.1 11 12 13 14 15 16 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -1.4 22.9 28.8 -2.3 -2.6 1.1 25.3 1.6 7.5 -0.3 1.1 20.8 4.8 24.9 0.2 10.4 30.6 7.2 7.4 1.4 6.8 32.5 1.9 14.4 2.0 3.9 53.5 30.8 5.2 1.3 28.8 18.7 -18.5 10.1 -3.1 3.4 23.7 -25.3 12.9 -0.7 15.4 40.8 34.9 7.1 -1.9 4.2 34.6 -13.9 20.2 4.0 4.3 30.9 11.9 17.6 6.5 12 13 14 15 16 17 Credit market instruments 8.0 18.3 -2.1 14.0 6.0 -8.7 -5.4 58.6 -50.8 20.8 -4.4 17 2.4 -1.0 8.9 -9.2 6.9 -0.6 3.5 2.0 4.0 9.4 1.1 -5.3 -1.3 5.0 -1.6 10.8 10.7 -7.6 7.4 -7.3 3.4 -0.7 -5.7 8.0 1.2 12.2 12.3 -25.7 7.9 -15.4 23.6 0.5 -7.1 7.9 -30.4 -8.7 15.8 -9.6 7.9 53.0 -9.5 -45.1 12.4 8.0 -16.6 12.8 11.8 -13.1 8.0 1.3 18.8 14.5 -12.7 8.0 -33.0 18 19 20 21 22 6.8 49.9 271.8 2.1 85.9 184.3 4.6 110.4 280.5 3.3 69.5 308.6 3.0 62.5 260.5 3.3 45.3 338.4 3.3 91.9 316.0 3.0 4.3 298.0 3.0 114.0 266.7 3.0 88.8 225.7 3.0 42.7 251.7 23 24 25 244.0 333.0 478.2 462.7 448.8 423.8 443.7 418.9 478.9 463.3 434.2 26 52.3 141.9 245.7 190.3 311.7 220.4 159.9 244.5 279.1 317.3 405.9 27 10.0 -0.1 75.2 21.4 -5.1 23.3 18.1 -12.6 73.3 -0.9 -17.5 72.5 13.7 -19.9 90.7 -14.2 -20.4 67.8 -24.1 -18.6 89.9 7.2 -21.2 79.4 20.3 -17.2 86.1 14.5 -18.2 122.9 12.8 -23.0 74.4 28 29 30 -3.3 -25.4 -4.1 61.8 26.8 13.6 86.3 40.2 40.4 69.9 21.0 45.4 99.1 46.3 81.8 124.9 43.1 19.3 50.6 -6.2 68.4 118.3 8.9 52.0 95.1 2.4 92.4 66.1 54.2 77.8 117.0 119.7 104.9 31 32 33 21.3 34.9 6.1 111.9 -44.9 85.8 0.4 78.1 -58.3 82.0 0.8 178.8 -64.2 59.8 10.4 251.8 -79.9 56.2 15.7 141.2 -127.6 -25.9 9.1 311.9 -56.0 84.4 12.0 248.0 -78.8 43.7 27.7 164.9 -90.4 53.2 -1.8 242.9 -60.4 96.1 24.2 83.9 -90.0 31.6 12.8 73.2 34 35 36 37 17.5 71.7 29.3 14.6 3.9 36.0 -4.6 16.9 -4.1 2.1 0.7 38 -100.7 2.0 4.9 18.1 25.6 -57.7 9.9 23.5 -18.7 57.7 40.0 39 18 19 20 21 22 23 24 25 26 27 Net financial investment Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Net increase in liabilities Credit market instruments 28 29 30 Commercial paper Municipal securities Corporate bonds 31 32 33 Bank loans n.e.c. Other loans and advances Mortgages 34 35 36 37 38 39 Corporate equities Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment Discrepancy (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 20 Z.1, March 13, 1998 F.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 5 6 7 8 Profits before tax (book) - Profit tax accruals - Dividends + Consumption of fixed capital = U.S. internal funds, book + Foreign earnings retained abroad + Inventory valuation adjustment (IVA) = Total internal funds + IVA 307.4 104.5 147.0 383.6 439.5 53.0 -8.6 484.0 391.9 128.3 157.6 418.3 524.3 41.6 -16.0 549.8 437.7 138.9 187.1 430.7 542.4 59.3 -24.2 577.5 476.4 154.2 195.1 461.3 588.4 62.0 -2.5 647.9 511.7 165.7 210.7 489.5 624.8 60.6 5.6 691.1 482.6 156.2 190.5 465.6 601.5 51.7 -2.7 650.5 483.7 158.5 198.0 472.6 599.8 80.0 3.3 683.1 493.7 158.8 205.6 480.5 609.8 63.2 3.5 676.5 500.7 161.3 206.6 486.5 619.3 61.4 5.9 686.6 533.3 173.5 206.2 492.2 645.8 52.8 3.6 702.2 519.0 169.2 224.4 498.9 624.4 65.0 9.6 699.0 1 2 3 4 5 6 7 8 9 Gross investment 584.6 547.8 572.6 629.8 665.5 708.2 673.2 653.1 705.3 644.5 659.0 9 10 11 12 13 Capital expenditures Fixed investment (1) Inventory change + IVA Access rights from federal government 445.2 419.8 25.4 0.0 511.1 463.1 48.0 0.0 567.7 524.0 36.1 7.6 592.5 567.2 21.9 3.5 675.7 610.0 58.6 7.1 609.6 579.7 29.7 0.1 627.0 585.6 27.3 14.1 647.3 588.6 59.1 -0.4 704.3 607.0 71.2 26.1 674.4 633.0 38.9 2.6 676.6 611.2 65.2 0.2 10 11 12 13 14 Net financial investment 139.4 36.7 4.9 37.3 -10.2 98.7 46.3 5.8 0.9 -29.9 -17.5 14 15 Net acquisition of financial assets 357.3 278.3 408.2 422.8 352.2 443.2 411.2 343.8 393.3 349.5 322.3 15 16 17 18 19 20 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs -1.4 13.6 22.3 -2.5 -2.6 1.1 18.5 -6.6 7.4 -0.3 1.1 17.4 -1.5 24.8 0.2 10.4 27.0 2.8 7.2 1.4 6.8 27.2 -3.2 14.1 2.0 3.9 49.9 26.4 5.0 1.3 28.8 14.9 -22.9 9.8 -3.1 3.4 18.9 -29.9 12.6 -0.7 15.4 35.8 30.1 6.8 -1.9 4.2 29.4 -18.9 19.8 4.0 4.3 24.7 5.9 17.2 6.5 16 17 18 19 20 21 22 23 24 25 26 27 Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 2.4 -1.3 8.9 -7.8 6.9 50.7 6.8 -0.6 2.8 2.0 4.1 9.4 71.9 2.1 1.1 -5.7 -1.3 5.1 -1.6 98.9 4.6 10.8 10.2 -7.6 7.5 -7.3 61.3 3.3 3.4 -1.5 -5.7 8.0 1.2 53.5 3.0 12.2 11.7 -25.7 8.0 -15.4 37.1 3.3 23.6 0.0 -7.1 8.0 -30.4 83.7 3.3 -8.7 15.2 -9.6 8.0 53.0 -4.3 3.0 -9.5 -45.8 12.4 8.0 -16.6 105.2 3.0 12.8 11.0 -13.1 8.0 1.3 79.8 3.0 18.8 13.6 -12.7 8.0 -33.0 33.2 3.0 21 22 23 24 25 26 27 28 29 30 31 32 33 Miscellaneous assets U.S. direct investment abroad (2) Insurance receivables Equity in GSEs Investment in finance co. subs. Other 261.3 51.9 6.6 0.0 0.6 202.1 166.6 61.9 7.8 0.1 3.1 93.7 265.1 85.0 3.2 0.0 4.6 172.2 295.9 71.4 -2.0 2.2 4.6 219.7 243.6 91.6 -7.1 4.6 2.2 152.3 325.4 69.8 -2.6 2.6 3.2 252.4 302.5 79.8 -3.9 2.9 4.8 218.8 282.9 86.4 -5.2 3.7 1.4 196.6 250.4 99.6 -6.5 4.3 -1.9 154.8 208.2 89.6 -7.8 4.9 3.2 118.2 233.0 90.7 -9.0 5.6 6.1 139.6 28 29 30 31 32 33 217.9 241.6 403.3 385.5 362.4 344.6 364.9 338.1 392.4 379.4 339.8 34 67.8 21.3 46.5 10.0 -0.1 75.2 -10.8 89.4 -44.9 134.3 21.4 -5.1 23.3 42.7 158.4 -58.3 216.7 18.1 -12.6 73.3 62.8 79.9 -64.2 144.1 -0.9 -17.5 72.5 47.8 164.8 -79.9 244.7 13.7 -19.9 90.7 74.1 64.4 -127.6 192.0 -14.2 -20.4 67.8 103.6 36.6 -56.0 92.6 -24.1 -18.6 89.9 28.1 114.8 -78.8 193.6 7.2 -21.2 79.4 94.6 115.3 -90.4 205.7 20.3 -17.2 86.1 65.7 189.8 -60.4 250.2 14.5 -18.2 122.9 47.5 239.3 -90.0 329.3 12.8 -23.0 74.4 88.6 35 36 37 38 39 40 41 34 35 36 37 38 39 40 41 Net increase in liabilities Net funds raised in markets Net new equity issues Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (2) Bank loans n.e.c. 42 43 44 45 46 47 48 49 Other loans and advances Savings institutions Finance companies U.S. government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages -24.2 -0.8 -14.3 0.2 -3.3 -15.8 9.7 -3.6 26.7 -0.3 23.3 -0.1 -2.1 1.6 4.3 25.2 32.3 1.2 24.0 1.9 -0.8 0.0 5.9 42.8 18.7 1.5 7.1 -1.3 -0.7 4.1 8.1 23.4 42.5 1.5 8.4 -0.3 -2.6 12.4 23.2 43.5 41.8 3.2 5.5 -1.7 -1.4 46.7 -10.5 13.4 -5.5 -0.5 5.5 -0.0 2.2 -31.6 19.0 22.8 1.7 2.0 23.7 -0.6 -0.5 -4.9 -17.9 31.9 2.4 0.9 -12.5 -0.1 3.2 7.1 3.8 48.3 46.0 2.6 49.7 -0.2 -5.3 6.8 -7.5 37.5 119.9 0.5 -27.5 -0.1 -7.8 40.5 114.3 56.5 42 43 44 45 46 47 48 49 50 51 52 53 54 55 Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other 36.4 5.4 108.3 17.9 3.0 87.5 77.3 -0.4 75.4 42.9 0.1 32.4 73.8 -0.0 171.1 50.7 3.8 116.6 52.7 9.6 243.3 59.7 3.8 179.8 47.3 15.0 135.3 81.8 3.8 49.7 -31.5 8.3 303.4 52.8 3.8 246.8 77.7 11.2 239.4 52.1 3.8 183.5 38.4 27.0 157.9 77.4 3.8 76.7 42.7 -2.6 236.9 41.8 3.8 191.3 88.2 23.5 77.9 94.3 3.8 -20.2 20.0 12.2 68.4 113.6 3.8 -49.0 50 51 52 53 54 55 -100.7 2.0 4.9 18.1 25.6 -57.7 9.9 23.5 -18.7 57.7 40.0 56 14.2 14.3 -5.3 2.8 25.1 49.6 8.6 6.5 6.1 45.2 68.7 10.8 5.9 23.8 -42.7 34.0 62.5 79.1 -8.4 25.1 13.1 42.6 57 58 103.2 10.2 145.8 100.5 25.5 66.6 109.1 36.6 73.1 101.1 24.2 55.4 107.2 36.5 67.3 101.8 31.4 33.5 104.0 14.8 39.5 105.6 30.1 59.3 112.8 29.5 56.1 103.9 37.3 75.9 106.8 49.4 72.7 59 60 61 56 Discrepancy 57 58 Memo: Trade receivables net of trade payables Financing gap (4) 59 60 61 Analytical measures (percent) Capital outlays (5)/U.S. internal funds Credit market borrowing/capital outlays (5) Net funds raised/credit market borrowing (1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 9 and 15, respectively. (2) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Capital expenditures (line 10) less the sum of U.S. internal funds (line 5) and inventory valuation adjustment (line 7). (5) Capital outlays equal capital expenditures (line 10) less inventory valuation adjustment (line 7). 21 Z.1, March 13, 1998 F.103 Nonfarm Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 Net income with IVA and CCAdj Gross saving = capital consumption 3 Gross investment 4 5 6 Capital expenditures Fixed investment (1) Change in inventories 7 Net financial investment 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 473.9 84.4 495.3 64.1 534.2 55.8 557.9 54.6 575.9 57.1 559.4 55.1 564.2 55.8 569.1 56.6 573.5 56.8 577.9 57.4 583.2 57.8 1 2 84.4 64.1 55.8 54.6 57.1 55.1 55.8 56.6 56.8 57.4 57.8 3 94.8 93.5 1.3 97.2 94.6 2.5 101.1 99.2 1.9 97.9 96.8 1.2 97.6 94.5 3.1 96.6 95.0 1.6 99.2 97.8 1.4 98.6 95.5 3.1 99.1 95.4 3.7 91.9 89.8 2.0 100.9 97.5 3.4 4 5 6 -10.5 -33.0 -45.3 -43.3 -40.5 -41.4 -43.5 -41.9 -42.3 -34.5 -43.2 7 8 Net acquisition of financial assets 21.5 43.7 34.7 27.2 32.4 26.8 29.8 29.5 31.0 32.8 36.5 8 9 10 11 12 13 14 15 16 17 18 19 Checkable deposits and currency Time and savings deposits Money market mutual funds Treasury securities Mortgages Consumer credit Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (2) Other 7.6 6.5 0.3 0.3 -1.5 0.0 -0.8 9.0 0.8 0.2 8.0 5.1 8.2 0.1 0.7 -0.1 0.0 14.0 15.7 6.0 0.2 9.5 3.8 6.3 0.1 0.4 -0.1 0.0 11.5 12.7 5.0 0.0 7.7 4.3 4.4 0.2 0.5 -0.1 0.0 8.2 9.8 3.0 0.7 6.1 4.8 5.1 0.3 0.7 -0.0 0.0 9.0 12.5 4.1 -0.1 8.5 4.2 4.4 0.2 0.5 -0.1 0.0 8.2 9.3 3.0 0.0 6.3 4.4 4.4 0.2 0.5 -0.1 0.0 8.2 12.2 3.0 2.8 6.4 4.4 4.6 0.3 0.6 -0.1 0.0 8.6 11.0 4.0 0.0 7.0 4.6 4.8 0.3 0.7 -0.0 0.0 8.8 11.8 4.0 -0.2 8.0 4.8 5.0 0.4 0.8 -0.0 0.0 9.0 12.9 4.0 -0.1 9.0 5.5 6.0 0.4 0.9 0.0 0.0 9.6 14.1 4.4 -0.1 9.9 9 10 11 12 13 14 15 16 17 18 19 31.9 76.7 80.0 70.5 72.9 68.2 73.3 71.4 73.3 67.3 79.7 20 3.2 5.3 -0.6 -1.5 -2.5 0.7 3.6 26.9 3.3 17.2 -0.1 -13.8 7.5 0.8 2.8 62.4 26.0 22.5 7.6 -4.1 7.2 0.8 7.7 38.3 41.5 21.4 0.7 19.4 5.8 0.8 8.4 14.0 60.7 21.5 4.2 35.0 7.0 0.7 5.9 -1.4 27.9 23.4 0.8 3.7 5.9 0.8 8.4 25.2 58.2 20.0 -5.8 44.0 6.0 0.8 8.6 -0.2 46.6 24.0 4.6 18.0 6.4 0.8 7.0 10.6 66.8 23.0 3.8 40.0 7.0 0.7 6.0 -7.1 64.0 18.0 10.0 36.0 7.0 0.7 6.0 -10.4 65.5 21.0 -1.5 46.1 7.6 0.7 4.8 1.1 21 22 23 24 25 26 27 28 20 21 22 23 24 25 26 27 28 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities Proprietors’ net investment (1) Nonresidential plant and equipment plus residential construction, shown on table F.6, lines 10 and 16, respectively. (2) Equity in the Farm Credit System. F.104 Farm Business (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Proprietors’ net income with IVA and CCAdj Net saving (corporate) Consumption of fixed capital Corporate Noncorporate 32.4 0.9 20.6 2.0 18.6 36.9 -0.3 20.8 2.4 18.4 23.4 -0.5 21.7 2.6 19.0 37.2 -0.8 22.4 2.9 19.5 40.7 -0.7 23.6 3.0 20.5 40.1 -0.8 22.6 2.9 19.7 40.4 -0.9 22.9 3.0 20.0 40.2 -0.9 23.2 3.0 20.2 43.6 -0.6 23.4 3.0 20.4 40.9 -0.7 23.7 3.1 20.6 38.2 -0.5 24.0 3.1 20.9 1 2 3 4 5 6 Gross saving 21.6 20.5 21.1 21.7 22.9 21.8 22.0 22.2 22.8 22.9 23.5 6 7 Gross investment 21.6 20.5 21.1 21.7 22.9 21.8 22.0 22.2 22.8 22.9 23.5 7 12.5 18.7 -6.2 31.6 20.8 10.8 13.7 21.6 -8.0 26.1 23.2 2.9 31.5 24.8 6.7 29.8 24.0 5.8 26.8 23.6 3.2 27.3 23.4 3.9 31.2 25.0 6.2 34.5 26.4 8.1 32.9 24.4 8.5 8 9 10 9.1 -11.0 7.4 -4.4 -8.6 -8.0 -4.7 -5.1 -8.4 -11.5 -9.4 11 8 9 10 Capital expenditures Fixed investment (2) Change in inventories 11 Net financial investment 12 Net acquisition of financial assets 3.2 3.6 2.3 2.3 4.9 3.0 0.7 4.4 4.8 5.0 5.3 12 13 14 15 16 Checkable deposits and currency Miscellaneous assets Insurance receivables Equity investment in GSEs (3) 1.7 1.5 1.4 0.1 1.7 2.0 2.0 0.0 -0.4 2.7 2.8 -0.1 -0.6 2.9 3.6 -0.6 0.4 4.5 4.4 0.1 -0.6 3.6 3.7 -0.0 -0.6 1.3 3.9 -2.5 0.3 4.0 4.1 -0.0 0.3 4.5 4.3 0.2 0.3 4.7 4.5 0.2 0.7 4.6 4.7 -0.0 13 14 15 16 -5.9 14.7 -5.1 6.7 13.5 11.0 5.5 9.5 13.2 16.5 14.7 17 2.6 2.1 -0.6 1.0 1.0 -9.4 4.4 1.9 0.2 2.2 1.0 9.3 2.9 1.1 0.3 1.6 1.0 -9.0 4.8 0.6 1.6 2.6 1.3 0.7 6.3 3.5 -0.5 3.2 1.8 5.4 0.6 -2.1 0.5 2.2 -0.3 10.7 9.2 2.5 5.1 1.6 0.7 -4.4 4.3 -0.3 2.5 2.1 -1.1 6.3 6.7 6.4 -3.9 4.1 3.5 3.1 3.1 0.6 -1.8 4.3 0.9 12.5 11.1 7.4 1.3 2.4 4.0 -0.4 18 19 20 21 22 23 17 18 19 20 21 22 23 Net increase in liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Proprietors’ net investment (1) Corporate and noncorporate farms. (2) Nonresidential plant and equipment, shown on table F.6, line 11. (3) Equity in the Farm Credit System. 22 Z.1, March 13, 1998 F.105 State and Local Governments, Excluding Employee Retirement Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 894.5 949.1 999.0 1043.3 1090.5 1046.7 1054.8 1070.9 1080.0 1099.0 1112.0 1 2 3 4 Tax receipts Social insurance receipts Grants-in-aid received 639.9 68.8 185.8 676.5 73.4 199.2 709.8 77.2 212.0 743.6 81.4 218.3 780.0 86.2 224.2 746.0 82.0 218.7 754.2 83.1 217.5 767.1 84.2 219.6 772.1 85.4 222.5 788.0 86.8 224.2 793.0 88.4 230.6 2 3 4 5 Expenditures, NIPA basis 807.0 852.4 895.9 938.0 982.6 944.2 954.5 966.2 975.1 987.7 1001.4 5 6 7 Consumption expenditures Net interest and transfers 631.6 175.4 663.9 188.5 698.6 197.3 731.0 207.1 762.9 219.7 735.9 208.3 743.4 211.1 751.7 214.5 757.4 217.7 766.1 221.6 776.4 225.0 6 7 Surplus, NIPA basis 87.5 96.7 103.1 105.3 107.9 102.5 100.3 104.7 104.9 111.3 110.6 8 9 10 + Consumption of fixed capital - Pension fund reserves 65.5 55.7 69.4 58.6 72.9 56.2 76.2 58.2 79.5 91.0 76.5 53.5 77.2 73.7 78.2 67.3 79.2 99.2 79.7 101.1 80.8 96.3 9 10 11 = Gross saving 97.3 107.5 119.7 123.2 96.4 125.5 103.8 115.6 84.9 89.9 95.1 11 12 Gross investment 119.9 126.0 144.5 159.7 150.3 173.0 70.7 141.2 128.4 154.1 177.7 12 147.4 155.8 166.1 156.0 161.4 165.2 165.6 166.2 167.2 13 8 Receipts, NIPA basis 1994 13 Fixed investment 133.4 138.9 14 Net financial investment -13.5 -13.0 -2.9 4.0 -15.7 17.0 -90.7 -24.0 -37.2 -12.1 10.5 14 49.4 -57.6 -49.7 6.8 45.4 -42.4 -47.7 19.0 43.0 30.6 89.2 15 -2.2 21.6 -4.8 8.1 12.2 17.5 -3.5 9.2 9.0 16 17 18 15 Net acq. of financial assets 16 17 18 Checkable deposits and currency Time and savings deposits Security RPs 1.6 -4.9 10.7 3.2 6.3 -15.1 2.8 9.5 -16.0 -2.7 8.3 -0.9 1.7 8.0 8.6 2.4 5.1 -8.7 -2.2 5.4 -5.5 4.2 -10.9 12.5 19 Credit market instruments 32.6 -55.0 -81.8 -37.0 -19.6 -131.7 -130.2 -60.2 14.5 -75.1 42.4 19 20 21 22 23 Open market paper U.S. government securities Treasury Agency 3.7 29.7 29.6 0.1 4.4 -66.2 -77.8 11.6 12.6 -101.3 -76.2 -25.1 10.2 -52.1 -1.8 -50.3 4.1 -28.5 -12.7 -15.8 10.7 -142.7 -16.3 -126.5 2.7 -145.1 -18.7 -126.4 -5.7 -54.9 -15.7 -39.2 10.8 5.1 4.4 0.6 2.7 -89.6 -44.2 -45.4 8.7 25.6 4.8 20.8 20 21 22 23 24 25 26 Municipal securities Corporate and foreign bonds Mortgages -1.0 5.6 -5.4 -0.9 5.4 2.2 -3.5 7.1 3.3 -3.2 4.3 3.8 -0.4 1.3 3.9 -0.5 -3.4 4.3 -0.1 5.4 6.8 -0.0 -2.2 2.6 0.0 -5.6 4.3 0.1 7.0 4.7 -1.9 5.9 4.0 24 25 26 1.5 6.5 1.3 7.8 12.1 5.9 16.9 2.0 13.7 2.6 5.4 2.0 13.3 2.2 5.8 2.1 40.0 2.7 8.9 2.6 0.2 3.0 27 28 -3.2 4.6 -6.0 -0.1 -9.4 27.1 -4.6 24.9 0.3 30.2 -3.9 87.1 -4.9 74.4 -1.3 66.7 -1.2 -27.6 1.8 54.4 1.7 27.2 29 30 62.9 -44.6 -46.7 2.9 61.1 -59.4 43.0 43.0 80.2 42.7 78.6 31 27 28 Corporate equities Mutual fund shares 29 30 Taxes receivable Miscellaneous assets 31 Net increase in liabilities 32 Credit market instruments 62.3 -45.3 -49.0 1.3 59.9 -60.3 39.8 40.6 80.0 41.8 77.0 32 33 34 35 36 Municipal securities Short-term Other U.S. government loans 62.9 1.8 61.1 -0.6 -45.3 -2.2 -43.2 0.1 -49.4 1.2 -50.7 0.5 0.9 6.3 -5.3 0.4 61.1 7.0 54.1 -1.2 -61.1 5.3 -66.4 0.8 39.4 12.0 27.3 0.4 45.4 -4.2 49.6 -4.8 79.6 5.9 73.8 0.4 42.2 10.2 32.0 -0.4 77.1 16.3 60.9 -0.1 33 34 35 36 0.6 0.6 2.2 1.6 1.3 1.0 3.2 2.4 0.2 0.9 1.6 37 -22.6 -18.5 -24.7 -36.5 -53.9 -47.4 33.2 -25.6 -43.5 -64.1 -82.6 38 37 38 Trade payables Discrepancy (1) Data for retirement funds are shown in table F.120. 23 Z.1, March 13, 1998 F.106 Federal Government Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 Receipts, NIPA basis Personal taxes Corporate profits tax accruals Indirect taxes Social insurance receipts 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1275.1 1374.7 1463.2 1587.6 1723.6 1598.7 1641.7 1675.2 1709.3 1741.8 1768.3 1 522.6 138.3 87.0 527.3 562.3 156.7 98.6 557.1 605.8 182.1 93.5 581.8 686.7 194.5 95.9 610.5 774.4 212.1 91.3 645.9 695.7 196.7 91.5 614.8 717.5 192.0 110.2 622.0 746.9 204.8 88.2 635.3 767.9 207.7 92.2 641.5 781.9 219.3 92.4 648.2 800.8 216.6 92.3 658.6 2 3 4 5 6 Expenditures, NIPA basis 1525.8 1561.4 1637.6 1698.1 1752.2 1698.2 1718.7 1730.8 1746.0 1752.5 1779.4 6 7 8 9 Consumption expenditures Transfers, grants, etc. Net interest 447.3 885.8 192.7 443.2 918.1 200.0 443.5 969.3 224.8 451.5 1019.5 227.1 463.9 1058.1 230.2 454.0 1017.6 226.6 453.6 1033.3 231.8 458.0 1043.9 228.9 464.2 1052.0 229.8 464.7 1056.6 231.2 468.5 1079.9 231.0 7 8 9 -250.7 -186.7 -174.4 -110.4 -28.5 -99.5 -77.0 -55.6 -36.7 -10.7 -11.1 10 67.9 27.9 69.5 28.0 70.9 16.0 71.2 44.1 71.6 30.8 71.2 29.3 71.3 35.3 71.4 21.0 71.5 27.6 71.6 40.0 71.8 34.5 11 12 10 Surplus, NIPA basis 11 12 + Consumption of fixed capital - Insurance and pension reserves 13 = Gross saving -210.7 -145.2 -119.6 -83.3 12.3 -57.6 -41.0 -5.2 7.2 20.9 26.2 13 14 Gross investment -221.3 -182.3 -116.4 -125.0 1.2 -94.2 -141.1 -21.2 29.9 18.0 -21.8 14 71.1 -0.0 67.0 0.0 66.1 -7.6 68.5 -3.5 60.0 -7.1 67.6 -0.1 63.9 -14.1 58.1 0.4 61.9 -26.1 61.0 -2.6 58.9 -0.2 15 16 -292.4 -249.3 -174.8 -190.1 -51.6 -161.7 -190.9 -79.7 -5.8 -40.4 -80.5 17 -4.2 -60.5 -1.4 -1.1 1.7 7.1 -7.0 7.6 -46.5 7.7 38.0 18 1.0 20.7 -0.1 -2.7 -21.7 -0.1 6.4 -0.0 0.3 -2.9 11.0 1.4 2.5 -0.5 1.0 -16.3 35.1 -4.1 1.0 12.2 -3.7 -11.2 10.2 0.2 0.6 -29.0 3.4 2.7 -1.0 -2.1 17.8 17.6 2.6 19 20 21 -18.4 -27.5 -0.2 -7.7 4.9 -7.1 -4.1 1.9 5.6 3.0 9.1 22 0.0 -15.4 -2.9 0.0 -14.0 -13.5 0.0 -13.2 13.0 0.0 -7.5 -0.2 0.0 -4.5 9.5 0.0 -9.8 2.7 0.0 -7.8 3.6 0.0 -8.6 10.6 0.0 -2.5 8.1 0.0 -4.9 7.9 0.0 -2.1 11.2 23 24 25 -2.4 -1.3 -3.8 -3.8 -8.0 3.3 -1.6 -3.8 -2.5 1.2 2.3 -6.4 1.4 -0.7 -6.9 2.7 -3.9 0.7 4.6 -0.0 -16.9 -1.3 19.5 -11.8 5.2 -25.3 -7.0 -2.6 16.8 -9.2 4.3 -13.8 0.4 26 27 28 288.2 188.8 173.4 189.0 53.3 168.7 183.9 87.3 -40.7 48.1 118.4 29 0.0 0.4 0.0 0.7 2.2 0.6 -0.5 -0.0 -0.5 0.0 -1.8 2.3 0.0 -2.3 -2.1 0.4 0.0 0.2 0.0 1.3 0.0 -1.9 30 31 256.1 155.9 144.4 145.0 23.1 163.2 126.9 81.2 -97.1 40.9 67.4 32 14.7 233.7 7.8 -0.0 8.0 147.7 0.2 0.0 5.1 137.9 1.5 0.0 2.0 144.6 -1.6 0.0 -0.5 23.7 -0.1 0.0 2.6 163.7 -3.1 0.0 0.5 129.7 -3.3 0.0 -3.6 86.2 -1.4 0.0 -0.1 -97.2 0.2 0.0 0.6 41.3 -0.9 0.0 1.1 64.6 1.7 0.0 33 34 35 36 3.0 27.9 0.7 0.4 28.0 3.9 5.7 16.0 4.5 3.6 44.1 -3.2 2.2 30.8 -2.3 5.3 29.3 -29.6 4.4 35.3 19.6 4.1 21.0 -17.3 6.2 27.6 22.4 -1.4 40.0 -32.8 -0.3 34.5 18.6 37 38 39 10.7 37.1 -3.2 41.7 11.0 36.6 100.1 16.0 -22.7 2.8 48.0 40 19.2 -26.7 -5.7 12.9 -2.2 58.1 -12.9 1.0 -9.6 -0.9 0.7 41 15 16 Fixed investment Access rights sales 17 Net financial investment 18 Net acq. of financial assets 19 20 21 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 22 Credit market instruments 23 24 25 26 27 28 29 Agency securities Mortgages Other loans and advances Trade receivables Taxes receivable Miscellaneous assets Net increase in liabilities 30 31 SDR certificates Treasury currency 32 Credit market instruments 33 34 35 36 37 38 39 40 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance and pension reserves Miscellaneous liabilities Discrepancy Memo: 41 Change in cash balance (1) (1) Time and savings deposits (line 21) plus checkable deposit and currency liabilities of the monetary authority and commercial banking sectors (table F.204, lines 3 and 7). 24 Z.1, March 13, 1998 F.107 Rest of the World Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 2 3 4 Foreign income from U.S. U.S. imports from abroad U.S. factor payments to foreign Net transfers to foreign 888.0 719.3 132.1 36.6 1017.6 812.0 168.3 37.3 1155.6 904.4 217.6 33.6 1238.1 965.7 232.6 39.8 1381.6 1058.8 283.5 39.4 1255.3 977.6 242.3 35.4 1286.2 993.2 245.6 47.4 1318.7 1021.0 262.5 35.2 1367.8 1049.0 282.3 36.5 1404.1 1077.1 290.1 36.9 1436.0 1088.0 299.0 49.0 1 2 3 4 5 6 7 8 Foreign outlays to U.S. U.S. exports to foreign U.S. factor receipts from foreign Net capital grants from foreign 809.4 658.6 150.8 0.0 897.7 721.2 176.5 0.0 1041.2 818.4 222.8 0.0 1105.2 870.9 234.3 0.0 1221.2 958.0 263.2 0.0 1099.1 863.7 235.4 0.0 1153.4 904.6 248.8 0.0 1170.4 922.2 248.2 0.0 1221.9 960.3 261.6 0.0 1235.2 965.8 269.4 0.0 1257.5 983.8 273.7 0.0 5 6 7 8 9 Gross saving (1) 78.6 119.9 114.4 132.9 160.4 156.2 132.8 148.3 145.9 168.9 178.5 9 Net financial investment 85.1 136.8 144.0 195.1 263.6 324.3 160.6 215.9 207.2 290.4 340.7 10 317.8 291.0 431.9 518.3 575.6 564.0 624.4 612.1 533.8 720.5 435.9 11 -0.5 45.6 18.6 6.8 16.9 -0.4 92.8 25.2 1.5 -12.0 -0.8 11.1 13.4 -6.6 21.0 0.4 -52.0 19.9 10.9 3.2 -0.4 -28.7 30.2 7.5 6.9 3.4 -106.2 22.1 27.3 0.3 -0.6 0.4 37.3 12.1 -22.5 0.3 -89.2 18.1 9.7 53.4 -0.5 -32.0 26.8 11.7 1.8 -0.6 9.4 21.5 10.2 20.7 -0.6 -2.8 54.6 -1.5 -48.5 12 13 14 15 16 129.3 5.9 108.7 53.0 49.0 4.1 55.7 24.4 31.3 30.4 -15.8 132.3 6.0 86.7 36.8 30.8 6.1 49.9 34.3 15.6 38.0 1.6 273.9 18.6 197.2 72.7 69.0 3.7 124.5 99.5 25.0 58.1 0.0 409.3 11.1 315.8 115.6 111.3 4.4 200.1 155.6 44.6 78.3 4.1 316.4 20.4 199.6 -3.0 -7.0 4.0 202.6 163.1 39.5 84.0 12.4 485.3 20.9 329.0 106.8 101.9 4.9 222.2 173.6 48.6 88.7 46.7 532.2 28.0 461.1 141.7 134.3 7.4 319.5 270.1 49.4 74.8 -31.6 367.3 -30.6 316.7 95.8 93.2 2.6 220.9 191.2 29.7 86.2 -4.9 303.0 41.3 173.0 -45.9 -48.4 2.6 218.9 180.4 38.5 81.6 7.1 402.7 61.7 232.6 37.4 26.7 10.7 195.2 145.4 49.9 101.5 6.8 192.5 9.3 76.2 -99.2 -99.5 0.3 175.4 135.3 40.1 66.5 40.5 17 18 19 20 21 22 23 24 25 26 27 20.9 4.5 0.0 75.6 49.0 26.6 0.9 2.1 0.0 48.6 45.7 2.9 16.6 0.6 0.0 102.7 67.5 35.2 12.2 6.4 0.0 108.0 77.0 31.0 65.1 3.5 0.0 175.0 107.9 67.1 -3.2 12.6 0.0 122.4 103.9 18.5 12.8 9.2 0.0 43.4 70.6 -27.2 26.5 7.3 0.0 218.7 122.7 95.9 90.2 3.6 0.0 129.2 106.6 22.6 92.8 3.4 0.0 160.5 103.8 56.7 50.8 -0.3 0.0 191.7 98.6 93.1 28 29 30 31 32 33 232.7 154.2 287.8 323.2 312.0 239.7 463.8 396.2 326.6 430.1 95.1 34 0.8 -18.5 -5.8 52.9 8.8 35.3 -6.3 82.0 0.7 89.0 -26.6 119.7 0.7 104.5 -17.6 188.6 0.4 18.8 2.4 105.4 17.5 43.1 35 36 69.8 -9.6 82.9 0.7 -1.0 1.2 0.5 -1.1 -3.1 -14.0 -26.1 12.2 1.4 -0.2 0.0 1.6 -1.3 -0.3 71.1 13.5 49.7 8.5 0.4 2.1 5.9 -0.8 0.3 70.5 11.3 49.4 9.1 0.3 3.4 5.4 -1.0 1.8 51.5 3.7 41.3 8.5 -0.8 -0.5 9.8 -1.8 -0.2 105.7 37.5 60.2 4.7 -0.5 -1.8 7.0 -2.0 5.4 87.9 4.4 78.5 7.8 -1.2 6.5 2.5 -1.6 -1.2 26.3 15.5 11.0 -0.7 -3.5 -2.2 5.1 -1.7 2.2 56.4 10.4 34.3 11.5 0.2 -1.2 12.4 -0.6 0.8 87.8 -11.6 94.6 7.3 0.8 -1.2 7.7 -3.5 1.0 35.5 0.7 25.3 15.7 -0.7 2.6 13.9 -1.3 -4.8 37 38 39 40 41 42 43 44 45 63.4 3.3 0.0 113.8 1.1 0.3 77.9 34.4 48.1 3.6 0.0 69.4 1.4 0.2 69.3 -1.4 50.4 5.7 0.0 116.5 1.5 -0.1 86.7 28.4 58.8 -2.3 0.0 120.5 1.8 -0.1 87.8 31.0 38.0 7.5 0.0 125.4 1.6 0.0 119.4 4.3 32.7 -1.5 0.0 9.7 1.7 -0.3 44.4 -36.1 42.3 8.6 0.0 219.8 2.3 0.4 123.5 93.6 47.0 5.1 0.0 146.8 1.7 0.1 107.0 38.0 53.0 0.1 0.0 197.9 1.6 0.1 148.0 48.3 62.2 7.4 0.0 164.9 1.7 0.0 91.1 72.2 -10.4 17.5 0.0 -8.1 1.3 -0.1 131.7 -141.2 46 47 48 49 50 51 52 53 -6.6 -16.9 -29.7 -62.3 -103.2 -168.1 -27.8 -67.6 -61.3 -121.5 -162.2 54 -60.7 18.7 36.6 0.0 -90.8 8.2 37.3 0.0 -86.0 5.2 33.6 0.0 -94.8 1.7 39.8 0.0 -100.8 -20.2 39.4 0.0 -113.9 -6.9 35.4 0.0 -88.6 3.2 47.4 0.0 -98.8 -14.3 35.2 0.0 -88.7 -20.7 36.5 0.0 -111.3 -20.7 36.9 0.0 -104.2 -25.3 49.0 0.0 55 56 57 58 -78.6 -119.9 -114.4 -132.9 -160.4 -156.2 -132.8 -148.3 -145.9 -168.9 -178.5 59 10 11 Net acquisition of financial assets 12 13 14 15 16 Gold and SDRs (2) Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 17 18 19 20 21 22 23 24 25 26 27 Credit market instruments Open market paper U.S. government securities Official Treasury Agency Private Treasury Agency U.S. corporate bonds (3) Loans to U.S. corporate business 28 29 30 31 32 33 U.S. corporate equities Trade receivables Security credit Miscellaneous assets Foreign direct investment in U.S. (4) Other 34 35 36 Net increase in liabilities U.S. official foreign exchange and net IMF position U.S. private deposits 37 38 39 40 41 42 43 44 45 Credit market instruments Commercial paper Bonds Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 46 47 48 49 50 51 52 53 Foreign corporate equities (5) Trade payables Security debt Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (3,4) Other 54 55 56 57 58 59 Discrepancy (FOF basis) (6) Memo: Net U.S. exports, NIPA basis + Net U.S. factor income (7) - Net transfer payments to foreign + Net capital grants received = Net foreign investment in U.S. (NIPA basis) (1) Line 1 minus line 5; also equal to line 59 with the sign reversed. (2) U.S. net sales, sign reversed. (3) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (4) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. (5) Includes American Depositary Receipts (ADRs). (6) Balance of payments discrepancy adjusted to NIPA concepts. (7) Consists of net receipts from foreigners of interest, corporate profits, and employee compensation. Equals difference between GNP and GDP. 25 Z.1, March 13, 1998 F.108 Monetary Authority (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Gross saving 0.1 -2.6 -1.1 2.0 1.9 2.0 2.0 1.9 1.9 1.9 1.9 1 2 Fixed nonresidential investment 0.2 0.2 0.3 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2 3 Net acquisition of financial assets 42.1 28.2 19.8 23.3 38.8 52.7 43.6 5.3 48.1 23.2 78.7 3 0.4 0.0 0.6 -2.6 0.0 0.9 3.2 2.2 1.0 -3.8 -0.5 1.0 -1.5 -0.5 0.6 -13.6 -1.8 1.1 0.3 0.0 0.7 -6.7 -2.1 0.8 0.3 0.0 0.6 0.3 0.0 0.5 0.3 0.0 0.6 4 5 6 7 8 9 4 5 6 Gold and foreign exchange SDR certificates Treasury currency 7 8 9 Federal Reserve float Fed. Res. loans to domestic banks Security RPs -2.3 -0.6 5.1 -1.6 0.1 -2.6 0.8 -0.1 3.3 4.2 -0.1 7.7 -3.6 2.0 2.3 3.3 4.1 34.9 14.6 -6.3 22.9 -19.3 15.7 -19.3 3.9 -8.4 -4.2 -2.9 -6.3 21.0 3.9 6.9 11.6 Credit market instruments 36.2 31.5 12.7 12.3 38.3 11.5 8.4 37.4 47.2 14.3 54.3 10 0.0 36.2 37.0 -0.8 0.0 0.0 31.5 32.5 -1.0 0.0 0.0 12.7 13.7 -1.0 0.0 0.0 12.3 12.7 -0.4 0.0 0.0 38.3 39.8 -1.5 0.0 0.0 11.5 11.8 -0.3 0.0 0.0 8.4 8.8 -0.3 0.0 0.0 37.4 38.3 -0.9 0.0 0.0 47.2 49.2 -2.0 0.0 0.0 14.3 16.6 -2.3 0.0 0.0 54.3 55.2 -1.0 0.0 11 12 13 14 15 10 11 12 13 14 15 16 17 Acceptances U.S. government securities Treasury Agency Bank loans n.e.c. Miscellaneous assets Net increase in liabilities 2.6 2.6 -3.2 2.4 1.2 13.2 3.0 -1.1 8.6 -3.7 1.1 16 41.8 28.0 19.5 22.8 38.1 53.0 44.4 1.7 47.9 19.5 83.3 17 18 19 Depository institution reserves Vault cash of commercial banks 2.9 0.8 -4.2 5.5 -1.2 2.4 -5.1 4.6 6.3 -0.2 -10.1 16.0 -4.9 9.5 -9.7 -13.2 18.3 -1.0 1.2 7.5 15.5 6.0 18 19 20 21 22 23 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 37.1 7.2 0.1 29.8 25.3 -7.7 -0.1 33.1 17.0 -1.2 0.2 18.0 23.5 1.7 -0.1 21.8 30.1 -2.3 0.5 31.9 46.3 22.6 0.5 23.1 32.3 3.7 -0.2 28.8 36.1 4.8 3.2 28.1 22.0 1.1 -2.7 23.6 18.7 -10.6 0.3 29.0 43.7 -4.6 1.3 47.0 20 21 22 23 24 25 26 Miscellaneous liabilities Federal Reserve Bank stock Other 1.0 0.3 0.6 1.3 0.3 1.1 1.3 0.3 1.0 -0.2 0.6 -0.9 1.8 0.8 1.0 0.8 1.6 -0.8 7.5 0.3 7.2 -11.5 0.6 -12.2 8.7 1.2 7.6 -7.9 0.7 -8.6 18.1 0.8 17.2 24 25 26 -0.5 -3.1 -1.7 1.0 0.7 1.8 2.3 -2.1 1.3 -2.3 5.9 27 27 Discrepancy (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 26 Z.1, March 13, 1998 F.109 Commercial Banking (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Gross saving 36.6 34.1 39.7 41.7 45.7 41.8 42.3 40.4 40.8 39.8 61.8 1 2 Fixed nonresidential investment 16.4 14.4 14.8 14.5 15.8 14.9 15.0 15.1 15.6 16.3 16.1 2 3 Net acquisition of financial assets 246.4 237.6 339.1 217.7 466.8 137.0 303.4 406.8 531.3 284.7 644.6 3 4 5 6 Vault cash Reserves at Federal Reserve Checkable deposits and currency 0.8 2.5 -0.3 5.5 -3.5 0.4 2.4 -1.1 0.2 4.6 -4.6 -0.2 -0.2 6.9 0.0 16.0 -9.2 -0.3 9.5 -4.7 -0.1 -13.2 -8.9 -0.1 -1.0 19.1 0.2 7.5 1.3 -0.1 6.0 16.0 0.1 4 5 6 7 Total bank credit 162.6 156.8 273.4 189.9 350.0 177.2 276.0 360.4 339.8 207.9 491.9 7 72.5 27.8 44.7 -26.2 -31.8 5.5 27.0 -11.7 38.7 11.3 -16.9 28.2 83.3 8.0 75.3 -16.0 -24.6 8.6 47.6 -31.6 79.2 96.3 37.1 59.1 12.0 -38.3 50.3 39.3 -20.2 59.6 185.5 53.2 132.3 8 9 10 1.7 3.5 -1.6 4.3 -4.2 8.4 0.9 1.4 2.4 27.9 -0.3 1.0 5.0 6.6 1.1 14.1 0.7 15.3 7.4 39.1 0.4 43.0 11 12 8 9 10 U.S. government securities Treasury Agency 11 12 Municipal securities Corporate and foreign bonds 13 14 15 16 17 18 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 83.6 -1.9 -7.2 47.3 32.8 12.7 183.7 -1.5 62.9 64.9 63.1 -5.7 239.8 -0.1 114.7 77.5 43.2 4.6 174.2 0.8 92.1 55.2 24.8 1.3 235.1 -0.8 129.7 98.8 -14.2 21.7 191.0 -2.3 143.8 40.5 25.4 -16.4 212.6 8.4 60.1 93.5 26.0 24.5 249.2 -1.2 153.8 87.2 -44.8 54.2 308.6 -0.4 126.8 126.7 24.0 31.5 123.5 0.1 48.7 107.6 -28.1 -4.7 259.3 -1.7 189.4 73.8 -7.9 5.7 13 14 15 16 17 18 19 20 Corporate equities Mutual fund shares 0.9 0.5 -1.4 -1.9 2.1 0.3 1.8 0.3 -4.2 5.5 1.9 -0.3 2.7 1.5 -18.1 17.9 -1.6 4.9 0.0 -1.5 3.0 0.8 19 20 -6.4 87.2 -2.4 80.7 -0.6 64.8 1.0 27.0 -2.8 112.9 4.0 -50.9 1.1 21.6 1.8 66.8 4.1 169.1 -4.4 72.4 -12.6 143.1 21 22 21 22 Customers’ liab. on acceptances (2) Miscellaneous assets 23 Net increase in liabilities 241.1 255.2 300.5 203.7 488.9 81.4 302.4 433.9 515.7 314.4 691.7 23 24 25 26 27 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 46.9 -2.9 4.2 45.6 88.5 -1.5 -2.7 92.8 8.7 0.7 -3.1 11.1 -51.2 4.1 -3.3 -52.0 -46.3 -1.6 -16.0 -28.7 -103.1 7.4 -4.4 -106.2 12.9 8.3 4.2 0.4 -65.9 -3.6 26.9 -89.2 -60.9 -4.5 -24.4 -32.0 -51.4 -9.2 -51.6 9.4 -7.0 10.8 -15.0 -2.8 24 25 26 27 28 29 30 31 Checkable deposits Federal government Rest of the world Private domestic 74.1 12.1 -0.4 62.4 -31.7 -18.9 1.9 -14.7 -45.9 -4.7 0.8 -42.0 -34.6 9.7 2.6 -46.9 -19.9 -0.9 4.9 -23.9 34.9 39.5 -8.0 3.3 -113.8 -12.8 6.3 -107.3 16.2 -4.0 0.9 19.3 8.0 -14.0 10.2 11.8 -97.4 11.7 -5.1 -103.9 -6.4 2.7 13.7 -22.7 28 29 30 31 32 33 34 Small time and savings deposits Large time deposits Federal funds and security RPs (net) -12.0 -21.0 41.6 -1.0 21.3 78.1 113.9 54.8 30.4 123.1 105.3 41.0 148.4 107.9 88.8 80.5 150.6 16.4 157.4 137.8 43.3 189.9 37.5 65.5 77.3 167.6 70.3 141.3 181.9 87.4 185.3 44.4 132.0 32 33 34 35 Credit market instruments 13.4 20.1 22.5 13.0 46.5 14.7 26.8 13.7 79.7 32.0 60.7 35 -2.5 7.2 8.6 3.1 7.7 9.3 -2.2 18.5 6.2 2.9 7.8 2.3 3.3 23.8 19.5 -1.1 10.7 5.1 -3.6 18.6 11.7 2.0 11.8 -0.1 14.8 35.3 29.6 -4.1 16.5 19.6 0.3 31.6 28.8 36 37 38 7.3 0.5 90.4 -3.3 0.7 82.4 -8.7 0.9 124.0 -14.3 1.2 20.1 -27.8 1.4 189.9 -21.2 1.2 -92.5 -14.8 1.3 51.4 -52.8 1.3 228.4 -30.8 1.4 203.2 -20.6 1.4 39.8 -6.9 1.5 288.1 39 40 41 14.9 37.4 -13.6 13.1 52.0 -28.6 26.3 52.4 9.6 53.3 92.9 42 142.2 163.4 265.9 187.5 324.3 196.1 248.3 308.1 309.2 209.8 469.9 43 36 37 38 39 40 41 42 Open market paper Corporate bonds Other loans and advances Corporate equity issues Taxes payable Miscellaneous liabilities Discrepancy Memo: 43 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table F.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 7) less security credit (line 18) less corporate equities (line 19) less mutual fund shares (line 20) plus customers’ liability on acceptances (line 21). 27 Z.1, March 13, 1998 F.110 U.S.-Chartered Commercial Banks Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Gross saving 19.6 8.4 10.8 3.5 5.2 -5.0 -1.2 5.9 5.2 6.4 3.5 1 2 Fixed nonresidential investment 14.2 11.7 12.0 11.4 12.3 11.6 11.7 11.8 12.2 12.7 12.6 2 3 Net acquisition of financial assets 166.7 160.1 203.9 123.9 295.8 124.8 113.3 298.4 305.8 227.4 351.4 3 4 Vault cash and reserves at Federal Reserve 5 Total bank credit 3.0 2.0 1.5 -0.3 4.9 6.6 2.9 -20.2 16.6 10.5 12.7 4 157.5 140.5 194.8 115.2 280.8 109.3 176.7 216.0 290.9 218.7 397.5 5 6 7 8 9 10 11 U.S. government securities Treasury Agency Mortgage pool securities Agency-issued CMOs Other agency securities 56.8 20.6 36.2 17.6 11.1 7.5 -25.2 -27.0 1.8 9.1 -14.4 7.1 -17.1 -40.4 23.4 12.9 -18.4 28.8 -19.4 -34.7 15.3 21.4 -11.5 5.4 54.2 -6.1 60.4 31.1 17.5 11.8 -27.9 -23.6 -4.3 -6.1 -4.5 6.4 -15.2 -67.7 52.6 34.5 -1.2 19.4 20.3 -16.6 36.9 29.4 11.6 -4.1 34.0 -3.1 37.2 17.9 3.1 16.1 9.7 -40.3 50.0 30.0 14.8 5.2 153.0 35.5 117.5 47.3 40.5 29.7 6 7 8 9 10 11 12 13 14 15 16 Municipal securities Corporate and foreign bonds Private mortgage pool securities Privately issued CMOs Other bonds 1.9 0.1 0.9 -1.8 1.0 -2.0 -0.6 -1.1 1.7 -1.2 -4.3 3.3 0.9 3.5 -1.1 1.0 -4.5 -0.4 -3.1 -1.0 2.4 19.6 -1.2 0.7 20.2 0.0 -9.6 0.6 -12.9 2.7 5.3 -5.8 -0.9 -1.6 -3.3 1.3 4.9 -2.7 -1.8 9.4 0.7 10.5 -0.5 -3.0 14.0 7.6 34.5 -0.5 4.5 30.5 0.1 28.7 -1.1 3.1 26.7 12 13 14 15 16 17 18 19 20 21 22 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 97.3 -1.0 8.8 52.6 32.8 4.1 171.5 -1.3 46.2 68.1 63.1 -4.6 210.5 0.3 77.0 81.7 43.2 8.3 136.0 0.3 58.2 57.5 24.8 -4.8 203.1 -0.6 109.3 104.4 -14.2 4.2 145.2 -1.9 89.3 40.3 25.4 -7.8 188.1 5.0 52.3 93.6 26.0 11.4 189.6 -0.9 119.8 93.0 -44.8 22.5 242.4 -0.2 93.4 136.7 24.0 -11.5 168.5 0.3 77.2 109.4 -28.1 9.6 212.0 -1.5 146.8 78.7 -7.9 -4.0 17 18 19 20 21 22 23 24 Corporate equities Mutual fund shares 0.9 0.5 -1.4 -1.9 2.1 0.3 1.8 0.3 -4.2 5.5 2.0 -0.3 2.7 1.5 -18.1 17.9 -1.6 4.9 0.0 -1.5 3.0 0.8 23 24 -2.4 8.6 -0.2 17.9 2.4 5.3 1.6 7.4 -0.2 10.3 4.0 5.0 -2.2 -64.0 2.3 100.3 2.1 -3.8 -1.0 -0.7 -4.3 -54.5 25 26 175.7 199.4 189.7 142.6 352.8 111.0 149.4 354.5 320.4 285.1 451.3 27 25 26 27 Customers’ liab. on acceptances (1) Miscellaneous assets Net increase in liabilities 28 29 30 31 32 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banking To foreign banks 29.1 -2.3 -0.6 13.3 18.7 79.0 -1.6 0.1 5.6 74.8 -6.8 0.8 -0.1 -7.3 -0.2 -55.7 4.2 -0.1 -23.5 -36.3 -1.7 -3.6 2.0 -2.1 1.9 -76.5 3.3 4.1 -24.2 -59.7 3.6 14.6 -6.3 -9.7 5.0 7.6 -19.3 15.7 23.2 -12.0 17.4 3.9 -8.4 -11.0 32.9 -30.3 -2.9 -6.3 -35.5 14.4 -1.6 3.9 6.9 15.1 -27.5 28 29 30 31 32 33 34 35 36 Checkable deposits Federal government Rest of the world Private domestic 73.8 12.1 -0.3 61.9 -32.2 -18.9 1.5 -14.9 -46.0 -4.7 0.9 -42.1 -34.4 9.7 3.3 -47.4 -21.2 -0.9 4.5 -24.7 37.5 39.5 -4.8 2.8 -115.3 -12.8 7.0 -109.5 16.6 -4.0 1.3 19.3 3.9 -14.0 7.6 10.3 -93.8 11.7 -3.7 -101.8 -11.4 2.7 12.7 -26.8 33 34 35 36 37 38 39 Small time and savings deposits Large time deposits Federal funds and security RPs (net) -10.9 -20.0 45.5 -0.6 17.9 71.6 113.4 42.6 28.2 122.8 49.5 28.7 144.1 63.1 63.3 81.6 65.0 16.4 153.7 39.1 29.1 147.9 22.3 30.8 88.9 72.7 71.6 154.8 123.8 76.3 184.7 33.7 74.3 37 38 39 40 41 42 43 44 Acceptance liabilities Corporate bonds Other loans and advances Corporate equity issues Taxes payable -2.5 3.6 8.6 1.9 0.5 -0.3 3.4 9.3 1.8 0.7 2.3 2.7 6.2 2.6 0.9 1.7 7.7 2.3 3.2 1.2 -0.3 10.7 19.5 3.1 1.4 4.0 2.7 5.1 2.9 1.2 -1.9 10.7 11.7 3.3 1.3 2.2 4.7 -0.1 0.6 1.3 2.2 7.3 29.6 3.5 1.4 -1.2 3.2 19.6 1.8 1.4 -4.3 27.6 28.8 6.6 1.5 40 41 42 43 44 45 46 47 Miscellaneous liabilities Investment by bank holding companies Other 46.2 31.6 14.6 48.8 17.5 31.3 43.6 40.1 3.5 15.6 28.6 -13.0 70.8 40.8 30.1 -29.0 13.3 -42.4 14.1 30.4 -16.3 120.6 56.7 63.9 21.9 48.9 -27.0 29.5 42.9 -13.4 111.4 14.6 96.8 45 46 47 14.4 35.9 -15.3 10.8 50.0 -30.5 23.2 50.2 7.6 51.3 90.8 48 149.6 148.1 186.5 119.6 275.0 119.5 158.9 195.9 301.1 209.5 393.5 49 48 Discrepancy Memo: 49 Credit market funds advanced (2) (1) Included in other loans and advances (table F.216). (2) Total bank credit (line 5) less security credit (line 22) less corporate equities (line 23) less mutual fund shares (line 24) plus customers’ liability on acceptances (line 25). 28 Z.1, March 13, 1998 F.111 Foreign Banking Offices in U.S. (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Gross saving 1.3 2.2 2.6 2.8 2.9 2.8 2.8 2.8 2.9 2.9 2.9 1 2 Fixed nonresidential investment 1.8 2.2 2.4 2.7 2.9 2.7 2.8 2.8 2.9 3.0 2.9 2 3 Net acquisition of financial assets 32.9 47.5 76.6 48.5 101.8 -6.2 126.5 52.1 142.9 -10.8 223.0 3 4 Reserves at Federal Reserve 0.3 -0.0 -0.1 0.3 1.8 0.3 1.9 -1.9 1.5 -1.7 9.3 4 5 Total bank credit 2.8 12.1 74.7 70.0 59.6 62.4 90.4 136.1 42.0 -11.6 71.8 5 13.9 6.5 7.4 0.0 1.4 -1.9 -3.5 1.5 0.0 5.1 43.9 29.6 14.3 0.0 4.6 30.9 18.4 12.4 0.0 3.2 26.2 13.9 12.3 0.0 3.1 10.8 -0.7 11.5 0.0 8.3 60.8 35.4 25.3 0.0 6.9 73.3 53.1 20.2 0.0 2.1 -22.1 -32.9 10.8 0.0 -0.7 30.4 19.0 11.4 0.0 3.9 23.2 16.3 6.9 0.0 6.8 6 7 8 9 10 -12.5 -0.9 -13.7 -6.5 8.6 9.0 -0.2 15.1 -4.8 -1.2 26.2 -0.4 35.4 -5.1 -3.7 36.0 0.5 32.2 -2.9 6.2 30.3 -0.2 19.2 -6.1 17.5 43.3 -0.3 52.6 -0.3 -8.6 22.8 3.4 6.2 -0.0 13.2 60.8 -0.2 35.2 -5.8 31.6 64.8 -0.2 32.1 -10.0 42.9 -46.0 -0.2 -28.7 -2.7 -14.4 41.7 -0.2 38.2 -6.1 9.7 11 12 13 14 15 6 7 8 9 10 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 11 12 13 14 15 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 16 17 18 Corporate equities Customers’ liab. on acceptances (2) Miscellaneous assets 0.0 -0.0 0.0 -0.0 -0.0 -0.0 -0.0 0.0 0.0 -0.0 0.0 16 -4.0 33.8 -2.1 37.6 -2.9 5.0 -0.6 -21.2 -2.5 43.0 0.0 -69.0 3.2 31.0 -0.6 -81.6 2.0 97.4 -3.3 5.9 -8.2 150.2 17 18 19 Net increase in liabilities 34.3 49.2 78.4 50.6 104.2 -4.1 128.7 54.4 145.3 -8.4 225.5 19 20 21 22 Net interbank liabilities To foreign banks To domestic banks 16.9 29.2 -12.3 11.2 25.8 -14.6 18.7 15.1 3.6 -2.5 -11.5 9.0 -44.9 -31.4 -13.5 -19.8 -40.7 20.9 19.8 13.7 6.0 -79.4 -98.8 19.4 -64.2 -50.1 -14.1 -26.6 -1.1 -25.5 -9.4 24.4 -33.8 20 21 22 23 24 25 Checkable deposits Small time and savings deposits Large time deposits 0.0 -0.8 -0.8 0.4 -1.1 2.6 -0.1 -0.7 11.0 -0.7 0.1 55.6 0.9 4.3 44.7 -3.0 -0.2 86.4 0.0 4.3 99.3 0.0 43.1 16.3 3.4 -10.7 95.9 -2.4 -14.7 57.0 2.5 -0.4 9.7 23 24 25 26 27 Federal funds and security RPs (net) Acceptance liabilities -4.3 -5.1 6.7 -2.6 1.8 -3.1 12.0 -0.7 25.6 -2.4 -0.6 0.0 13.8 2.9 33.9 0.6 -0.7 2.5 11.0 -5.3 58.1 -7.6 26 27 28 29 30 31 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 28.5 2.2 -6.6 32.9 32.0 3.4 -0.5 29.0 50.9 6.4 6.7 37.9 -13.3 0.3 13.7 -27.3 76.1 7.7 14.3 54.0 -67.0 3.2 26.3 -96.6 -11.4 4.9 20.1 -36.4 40.0 1.7 59.6 -21.3 119.0 11.5 -20.3 127.8 -27.3 5.3 34.4 -67.1 172.6 12.2 -16.4 176.7 28 29 30 31 1.0 1.7 2.1 2.2 2.4 2.2 2.3 2.4 2.4 2.4 2.5 32 -9.8 11.2 75.4 63.3 39.6 71.1 80.5 104.0 1.1 -0.6 53.8 33 32 Discrepancy Memo: 33 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table F.216). (3) Total bank credit (line 5) less security credit (line 15) less corporate equities (line 16) plus customers’ liability on acceptances (line 17). 29 Z.1, March 13, 1998 F.112 Bank Holding Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Gross saving 15.6 23.4 26.2 35.3 37.4 43.9 40.5 31.5 32.6 30.4 55.3 1 2 Fixed nonresidential investment 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 2 3 Net acquisition of financial assets 45.1 26.2 52.6 44.0 64.5 16.2 63.5 49.7 79.1 62.4 66.7 3 -0.0 0.9 -0.3 3.9 5.4 4.8 10.5 2.2 5.1 -5.0 19.4 4 0.1 -0.8 0.9 1.7 -1.8 1.0 -0.7 1.7 -0.1 -0.1 -1.3 -1.2 -0.2 0.6 0.4 0.9 0.6 0.3 2.8 0.2 0.5 -0.1 0.6 5.0 -0.0 1.6 2.2 -0.5 2.6 0.6 3.8 2.8 1.0 5.3 1.4 -3.3 -1.8 -1.5 7.1 -1.6 -0.0 -2.7 2.7 5.3 -0.2 -4.3 -0.9 -3.5 0.4 -1.0 9.7 5.1 4.6 7.0 2.7 5 6 7 8 9 45.2 31.6 13.0 0.5 25.3 17.5 0.2 7.7 53.0 40.1 8.2 4.6 40.1 28.6 0.3 11.3 59.0 40.8 25.0 -6.7 11.4 13.3 -7.8 5.9 53.0 30.4 -16.6 39.1 47.5 56.7 31.8 -41.0 74.0 48.9 10.0 15.1 67.4 42.9 23.3 1.2 47.3 14.6 34.8 -2.0 10 11 12 13 4 5 6 7 8 9 10 11 12 13 Credit market instruments U.S. government securities Treasury Agency Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other 14 Net increase in liabilities 29.8 3.2 26.8 9.2 27.5 -27.3 23.4 18.6 46.9 32.4 11.9 14 15 16 17 Net interbank liabilities To domestic banks To foreign banks 0.9 3.2 -2.3 -1.7 6.2 -7.8 -3.2 0.6 -3.8 7.0 11.2 -4.1 0.3 -0.4 0.8 -6.9 -1.0 -5.8 -10.4 7.9 -18.3 5.9 -15.6 21.5 -14.2 0.7 -14.8 5.5 9.5 -4.0 4.0 3.7 0.3 15 16 17 18 Federal funds and security RPs (net) 0.4 -0.2 0.4 0.4 0.0 0.6 0.4 0.8 -0.6 0.1 -0.3 18 19 20 21 Credit market instruments Commercial paper Corporate bonds 8.8 5.2 3.6 10.3 5.9 4.3 14.4 -1.4 15.8 2.0 1.9 0.1 19.1 6.0 13.1 2.9 -5.1 7.9 3.5 -4.5 8.0 6.3 -0.8 7.1 38.0 10.0 28.0 15.6 2.4 13.2 16.3 12.3 4.0 19 20 21 22 23 24 25 Corporate equity issues Miscellaneous liabilities Equity, etc. Other 5.4 14.2 22.0 -7.8 -5.1 -0.2 -7.6 7.5 -11.3 26.6 12.7 13.9 -17.5 17.3 -11.9 29.2 -30.9 39.0 -13.1 52.1 -24.1 0.2 -29.5 29.7 -18.0 48.0 -15.8 63.8 -53.4 59.0 -29.1 88.1 -34.3 57.9 10.0 48.0 -22.4 33.6 2.0 31.6 -13.5 5.4 -35.2 40.6 22 23 24 25 -0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -0.0 0.0 26 26 Discrepancy F.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 1 2 Fixed nonresidential investment 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 2 3 Net acquisition of financial assets 1.7 3.7 5.9 1.3 4.8 2.1 0.0 6.5 3.5 5.6 3.5 3 4 Checkable deposits and currency -0.3 0.4 0.2 -0.2 0.0 -0.3 -0.1 -0.1 0.2 -0.1 0.1 4 5 Credit market instruments 2.4 3.3 4.2 0.7 4.2 0.7 -1.6 6.1 1.8 5.8 3.2 5 6 7 8 9 10 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 1.7 1.5 0.2 -0.2 0.2 -0.2 -0.6 0.5 0.4 -0.1 1.5 0.2 1.3 0.1 -0.1 -1.0 -1.3 0.2 -0.1 -0.1 2.3 0.3 2.0 -0.0 0.2 -0.5 -2.4 1.9 -0.4 -0.3 -1.8 -2.1 0.3 -0.3 0.2 5.9 2.4 3.5 -0.2 0.0 0.1 0.4 -0.3 0.0 0.2 3.6 2.0 1.6 -0.2 0.4 -0.4 -3.7 3.4 0.3 0.4 6 7 8 9 10 11 12 13 Bank loans n.e.c. Home mortgages Commercial mortgages -0.5 1.2 0.1 1.7 0.6 0.9 1.8 1.0 -0.0 1.4 0.6 -0.1 1.2 0.0 0.5 1.3 1.2 -0.7 0.3 -0.2 0.2 0.3 -0.6 0.7 1.5 -0.2 0.2 1.2 0.4 0.5 1.7 0.6 0.5 11 12 13 -0.4 -0.1 1.6 0.8 0.5 1.7 1.7 0.6 1.5 -0.1 0.2 14 1.3 3.5 5.5 1.4 4.4 1.8 0.9 6.3 3.1 5.3 3.0 15 0.3 -0.2 -0.2 0.1 0.8 0.8 0.2 1.2 1.2 0.5 0.2 0.2 0.4 0.0 0.0 0.3 -0.9 -0.9 1.4 -0.6 -0.6 -0.3 -1.1 -1.1 0.7 -1.0 -1.0 -1.2 1.2 1.2 2.5 1.0 1.0 16 17 18 1.4 1.8 2.9 0.6 4.0 3.3 0.6 8.8 4.3 4.1 -1.3 19 -0.4 -0.2 -0.4 0.1 -0.4 -0.3 0.9 -0.2 -0.4 -0.4 -0.5 20 14 15 Miscellaneous assets Net increase in liabilities 16 17 18 Checkable deposits Small time and savings deposits Large time deposits 19 Miscellaneous liabilities 20 Discrepancy (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 30 Z.1, March 13, 1998 F.114 Savings Institutions (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Gross saving 4.8 5.0 2.9 2.0 3.1 5.5 -6.7 2.1 2.1 4.1 4.2 1 2 Fixed nonresidential investment 4.1 3.3 2.9 2.8 3.0 2.9 2.9 2.9 3.0 3.1 3.1 2 3 Net acquisition of financial assets -39.9 -11.1 0.9 16.1 -11.8 123.7 -101.0 -50.1 29.4 -42.4 15.9 3 4 5 6 7 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 0.4 3.1 -0.7 -3.9 -0.6 -1.5 -1.8 -4.1 -0.1 1.6 -0.2 4.8 -0.5 -1.3 0.3 -1.2 -0.6 1.1 -0.4 -0.8 -0.9 2.9 1.6 2.6 -0.1 -0.5 -0.1 0.4 -0.8 -4.3 -0.1 -2.6 -0.9 2.0 -0.1 1.8 -0.1 2.4 -0.5 -5.3 -0.5 4.1 -1.0 2.9 4 5 6 7 8 Credit market instruments -23.3 6.7 -7.6 19.9 -7.7 49.7 -47.9 -5.3 23.8 -42.1 -7.1 8 -0.3 -1.5 -5.7 4.2 -0.2 11.5 -1.1 12.6 0.0 -4.1 -8.7 4.7 0.1 -9.5 -1.0 -8.5 -0.3 -4.1 -2.8 -1.3 -0.1 -26.3 -7.0 -19.3 0.6 -18.1 -1.3 -16.8 -1.2 -1.4 -1.5 0.1 -0.1 11.4 -2.6 14.1 0.0 -23.5 -4.3 -19.2 0.0 -2.9 -2.8 -0.1 9 10 11 12 0.1 9.1 -1.6 -29.5 0.5 -0.1 -2.4 -0.5 -2.2 0.6 -0.0 -8.2 2.5 0.6 1.6 0.1 -9.9 3.0 31.6 4.6 0.0 -10.2 3.0 1.4 2.5 0.4 -7.3 6.4 65.2 11.4 0.1 -30.7 -1.0 2.1 -0.9 -0.6 -2.9 4.0 -7.8 4.6 0.4 -2.8 1.7 10.7 2.5 0.2 -34.8 5.2 2.8 8.0 0.2 -0.1 1.1 -0.1 -5.3 13 14 15 16 17 1.7 -17.2 -1.8 -8.1 0.7 1.7 0.6 -1.8 0.2 -3.6 0.0 67.7 0.6 -53.4 -0.4 -36.6 1.4 1.2 -0.6 3.8 0.2 17.3 18 19 9 10 11 12 Open market paper U.S. government securities Treasury Agency 13 14 15 16 17 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 18 19 Corporate equities Miscellaneous assets 20 Net increase in liabilities -51.8 -17.8 -3.2 15.4 -12.9 122.8 -105.5 -48.9 23.1 -45.0 19.2 20 21 22 23 24 Deposits Checkable Small time and savings Large time -67.4 4.4 -68.2 -3.6 -51.8 -5.4 -44.4 -2.1 -5.7 14.1 -29.0 9.2 -6.5 25.4 -38.1 6.3 -27.2 27.1 -65.3 11.0 66.0 25.1 12.7 28.2 -63.1 28.5 -84.6 -7.0 -11.4 26.1 -46.0 8.6 -27.3 29.8 -64.2 7.2 -58.3 23.8 -94.1 12.0 -11.7 28.7 -56.8 16.4 21 22 23 24 25 Security RPs 7.5 18.4 -0.0 -0.9 -2.1 -14.3 -11.2 7.8 1.0 3.5 -20.8 25 26 27 28 29 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 11.3 -1.5 -0.5 13.3 12.8 -0.8 0.9 12.7 2.6 -0.0 5.2 -2.6 25.5 -0.4 1.4 24.5 19.8 0.1 3.5 16.2 25.8 -1.4 -1.1 28.3 23.0 -0.1 5.8 17.3 -16.8 -0.3 4.1 -20.6 31.9 -0.2 -1.1 33.1 22.3 0.9 3.7 17.6 41.7 0.0 7.1 34.6 26 27 28 29 30 31 32 33 Taxes payable Miscellaneous liabilities Investment by parent Other 0.6 -3.8 0.4 -4.2 -0.9 3.7 -0.0 3.7 0.5 -0.6 0.1 -0.7 -0.1 -2.5 0.2 -2.7 0.4 -3.7 0.3 -4.0 0.2 45.1 0.2 44.9 0.2 -54.4 0.2 -54.7 -0.2 -28.3 0.3 -28.6 0.5 17.1 0.3 16.8 0.9 -13.3 0.3 -13.6 0.4 9.6 0.4 9.3 30 31 32 33 -11.2 -5.0 -4.0 -1.5 -1.0 1.8 -14.2 0.3 -7.2 -1.6 4.4 34 34 Discrepancy (1) Savings and loan associations, mutual savings banks, and federal savings banks. 31 Z.1, March 13, 1998 F.115 Credit Unions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Gross saving 3.7 3.8 3.7 3.7 3.7 3.7 3.8 3.7 3.8 3.7 3.7 1 2 Fixed nonresidential investment 1.0 1.1 1.2 1.3 1.4 1.3 1.3 1.3 1.4 1.4 1.4 2 3 Net acquisition of financial assets 17.0 11.9 17.1 19.5 24.8 2.7 24.5 31.5 21.9 15.0 30.7 3 4 5 6 Checkable deposits and currency Time and savings deposits Federal funds and security RPs -0.1 -1.3 -5.1 0.0 -8.9 -2.3 0.9 0.4 0.2 0.1 -0.7 -4.9 0.0 3.6 2.0 -1.7 -3.6 -12.9 2.1 -0.8 0.8 0.0 4.6 10.7 -0.4 -2.6 -11.2 -0.7 -5.1 4.2 1.1 17.5 4.5 4 5 6 7 Credit market instruments 21.7 28.1 16.2 25.5 15.7 21.1 24.3 18.5 25.7 15.7 2.7 7 8 9 10 11 Open market paper U.S. government securities Treasury Agency -0.7 10.3 2.6 7.7 -0.1 4.0 -0.5 4.5 -1.6 1.1 -3.8 4.9 -0.3 4.1 -0.9 4.9 -0.1 -4.0 -1.7 -2.3 -0.3 -0.7 -3.3 2.6 0.5 0.2 -3.3 3.5 -0.4 2.8 1.6 1.2 0.9 3.4 -0.2 3.6 -1.0 -6.4 -8.0 1.6 0.1 -16.0 -0.3 -15.7 8 9 10 11 12 13 Home mortgages Consumer credit -0.1 12.2 6.1 18.0 4.4 12.3 9.5 12.2 10.3 9.5 6.7 15.4 11.8 11.9 4.5 11.5 14.0 7.5 15.2 7.9 7.4 11.2 12 13 14 15 Mutual fund shares Miscellaneous assets 0.1 1.7 -1.6 -3.4 0.2 -0.8 -0.3 -0.2 -0.1 3.5 -0.7 0.5 -0.7 -1.2 -0.1 -2.2 -0.1 10.5 -0.1 0.9 -0.1 4.9 14 15 16 Net increase in liabilities 13.3 9.5 13.4 16.4 21.4 0.1 20.3 29.2 17.9 11.0 27.5 16 17 18 19 20 Shares/deposits Checkable Small time and savings Large time 12.6 1.7 9.8 1.1 7.9 2.0 5.5 0.4 15.4 2.1 11.6 1.7 16.3 1.6 12.3 2.4 20.8 3.8 15.4 1.6 2.1 -0.2 1.0 1.4 21.7 -0.3 17.4 4.6 24.8 6.9 14.0 3.9 17.4 4.5 11.4 1.5 5.3 5.7 -0.5 0.1 35.7 -1.8 36.7 0.8 17 18 19 20 21 22 Other loans and advances Miscellaneous liabilities 0.2 0.5 0.2 1.4 -0.1 -1.9 0.1 0.0 0.1 0.5 0.3 -2.3 0.3 -1.6 -0.2 4.5 0.2 0.3 0.2 5.6 0.3 -8.5 21 22 -1.0 0.3 -1.2 -0.6 -1.0 -0.2 -1.7 0.1 -1.6 -1.6 -0.8 23 23 Discrepancy F.116 Bank Personal Trusts and Estates (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 1.6 18.8 -47.7 9.8 17.8 15.8 15.2 17.0 18.6 19.5 16.1 1 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares -1.1 -0.1 -1.1 0.1 1.8 -0.3 1.6 0.6 1.2 0.1 -1.0 2.1 8.5 0.1 -1.1 9.4 10.3 0.1 0.0 10.2 9.7 0.1 -1.1 10.7 9.6 0.1 -0.8 10.2 9.9 0.1 -0.4 10.2 10.2 0.1 -0.2 10.3 10.4 0.1 0.2 10.1 10.7 0.1 0.5 10.1 2 3 4 5 6 Credit market instruments 9.5 7.1 -18.8 3.9 9.2 7.8 7.2 8.2 8.9 9.4 10.3 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency -3.2 1.2 0.3 0.9 3.5 -1.1 -0.6 -0.5 0.2 -5.3 -3.3 -2.0 -0.4 4.5 2.9 1.6 0.7 7.0 0.0 6.9 -0.6 6.1 4.0 2.2 -0.2 5.9 3.8 2.1 0.2 6.4 4.1 2.3 0.5 6.8 -0.7 7.5 0.9 7.1 0.1 7.0 1.2 7.5 -3.5 11.0 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 12.9 -1.1 -0.3 5.3 -0.4 -0.2 -11.1 -3.1 0.5 0.6 -0.5 -0.3 1.1 -0.3 0.8 2.7 0.0 -0.5 1.7 -0.2 -0.1 1.5 -0.2 0.3 1.3 -0.3 0.6 0.8 -0.4 1.0 0.7 -0.4 1.3 11 12 13 -55.2 44.9 -8.8 21.7 -17.9 -11.1 -23.2 16.4 -19.6 14.3 -22.1 15.3 -20.0 14.0 -21.2 16.0 -17.9 13.5 -18.4 14.8 -20.9 12.9 14 15 3.5 -3.1 -1.1 4.1 3.6 5.1 4.4 4.1 3.8 3.3 3.1 16 0.9 17.8 -49.7 12.5 26.4 19.2 19.8 23.5 26.3 28.9 26.9 17 -0.7 -1.0 -2.0 2.8 8.6 3.4 4.7 6.5 7.7 9.4 10.8 18 14 15 Corporate equities Mutual fund shares 16 Miscellaneous assets 17 Net increase in liabilities (2) 18 Discrepancy (1) Includes personal trusts and estates administered by nondeposit noninsured trust companies. (2) Equal to the net acquisition of tangible and financial assets. These liabilities are assets of the household sector. 32 Z.1, March 13, 1998 F.117 Life Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Gross saving 4.0 22.7 15.3 14.5 14.4 15.6 19.2 15.3 15.5 13.9 12.9 1 2 Fixed nonresidential investment 22.1 18.8 24.6 18.7 20.2 19.1 19.2 19.3 20.0 20.9 20.6 2 3 Net acquisition of financial assets 143.0 120.9 144.7 128.3 206.4 180.2 214.8 151.4 266.6 233.2 174.5 3 4 5 Checkable deposits and currency Money market fund shares 0.4 6.4 0.4 -15.3 -0.5 6.6 -0.9 17.9 -0.2 17.4 -0.5 15.4 -1.7 25.4 -3.4 16.0 2.3 24.7 -1.4 12.2 1.7 16.8 4 5 6 Credit market instruments 100.9 66.7 99.2 72.5 121.1 123.2 118.1 94.3 175.0 107.0 108.1 6 3.6 47.7 20.1 27.6 5.9 8.4 -2.9 11.3 -7.3 9.8 1.0 8.7 2.9 -13.6 -14.9 1.3 19.9 12.1 3.7 8.5 -5.7 35.7 4.5 31.1 -15.9 -27.3 -34.3 7.0 18.4 -4.4 -0.0 -4.3 10.3 13.3 2.5 10.8 28.0 25.8 11.6 14.2 22.8 13.8 0.7 13.2 7 8 9 10 3.2 58.3 5.7 -17.6 -1.9 59.9 7.8 -13.5 -0.9 90.7 10.4 -3.4 1.5 79.2 4.5 -2.1 1.8 76.4 5.4 5.4 1.1 96.7 11.8 -16.4 4.0 158.2 -5.9 5.0 0.6 69.3 5.9 4.6 0.9 137.4 6.9 6.2 1.5 43.3 3.0 5.4 4.3 55.8 6.0 5.5 11 12 13 14 7 8 9 10 Open market paper U.S. government securities Treasury Agency 11 12 13 14 Municipal securities Corporate and foreign bonds Policy loans Mortgages 15 16 Corporate equities Mutual fund shares 36.3 6.3 61.8 -14.9 18.6 13.5 42.1 7.0 53.5 5.4 47.7 7.0 77.7 7.0 35.1 3.5 54.6 5.4 84.9 8.4 39.5 4.3 15 16 17 Miscellaneous assets -7.3 22.2 7.2 -10.2 9.2 -12.8 -11.8 5.8 4.7 22.1 4.1 17 18 Net increase in liabilities 125.2 120.2 122.4 101.0 173.6 131.4 192.9 137.5 223.1 183.4 150.5 18 19 20 21 Other loans and advances Life insurance reserves Pension fund reserves (1) 0.2 35.7 73.9 0.3 34.3 81.0 -0.1 44.8 65.7 1.1 43.8 39.9 0.2 56.7 93.8 -0.4 60.4 54.9 2.0 66.9 75.3 0.8 40.7 80.3 0.1 75.2 126.6 0.2 64.0 89.7 -0.3 46.8 78.7 19 20 21 22 23 Taxes payable Miscellaneous liabilities 1.6 13.7 1.0 3.6 0.6 11.4 0.6 15.5 0.6 22.4 0.6 15.9 0.6 48.2 0.6 15.1 0.6 20.6 0.6 29.0 0.6 24.8 22 23 -35.9 3.2 -31.6 -31.5 -38.5 -52.3 -21.9 -17.9 -47.9 -56.7 -31.6 24 24 Discrepancy (1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 23). F.118 Other Insurance Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving -1.1 -3.4 1.4 0.8 0.7 0.7 1.5 0.9 0.8 0.7 0.5 1 2 Fixed nonresidential investment 2.4 2.7 2.6 2.7 2.9 2.8 2.8 2.8 2.9 3.0 3.0 2 3 Net acquisition of financial assets 31.7 28.2 36.9 16.0 38.6 34.8 1.0 36.7 28.1 46.4 43.2 3 4 5 Checkable deposits and currency Security RPs -0.4 -0.9 -0.2 -2.3 -0.2 8.1 -0.9 -2.1 0.2 2.0 1.3 12.0 -0.6 -5.4 1.2 10.6 -0.7 -6.2 0.4 3.8 -0.3 -0.4 4 5 6 Credit market instruments 7 8 9 10 11 12 13 14 15 27.7 24.9 21.5 22.5 23.3 14.2 27.7 -0.1 27.9 32.4 32.8 6 U.S. government securities Treasury Agency 15.4 14.2 1.3 11.0 9.4 1.6 2.8 0.5 2.3 -9.7 -12.6 2.8 7.4 7.2 0.2 -13.9 -15.4 1.4 -4.9 -16.5 11.7 1.2 0.9 0.3 5.5 11.5 -5.9 11.3 8.1 3.2 11.5 8.2 3.3 7 8 9 Municipal securities Corporate and foreign bonds Commercial mortgages 10.4 3.3 -1.4 7.4 7.2 -0.7 7.0 12.7 -1.0 14.4 18.3 -0.4 9.0 6.9 -0.1 5.0 23.2 -0.1 28.5 4.7 -0.6 1.3 -3.0 0.3 11.1 11.7 -0.4 11.7 9.4 -0.0 11.9 9.6 -0.1 10 11 12 0.8 1.7 2.8 1.1 2.2 2.3 -0.6 4.4 3.7 -6.8 -0.1 3.4 2.5 5.4 5.3 3.0 0.5 3.7 -15.7 -9.7 4.6 3.2 16.3 5.5 1.1 2.2 3.8 3.2 0.2 6.4 2.6 3.0 5.5 13 14 15 Corporate equities Trade receivables Miscellaneous assets 16 Net increase in liabilities 24.6 23.7 31.0 19.4 22.3 32.4 5.5 17.9 12.6 36.9 21.8 16 17 18 19 Corporate equity issues Taxes payable Miscellaneous liabilities 7.4 1.4 15.8 6.5 0.9 16.4 7.1 0.9 23.0 6.2 0.9 12.3 2.9 0.9 18.5 8.0 0.9 23.5 1.8 0.9 2.8 2.8 0.9 14.3 2.2 0.9 9.6 4.0 0.9 32.0 2.6 0.9 18.3 17 18 19 -10.6 -10.5 -7.1 1.5 -18.5 -4.5 3.2 -20.8 -17.5 -11.8 -23.9 20 20 Discrepancy 33 Z.1, March 13, 1998 F.119 Private Pension Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Gross saving 0.5 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 0.8 1 2 Fixed nonresidential investment 1.1 1.5 0.8 1.2 1.3 1.3 1.3 1.3 1.3 1.3 1.3 2 3 Net acquisition of financial assets 97.8 78.1 96.1 84.3 82.9 82.3 91.9 73.3 85.7 79.3 93.2 3 4 5 6 7 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 0.1 -8.4 6.5 3.6 0.2 -4.5 5.3 -0.5 -0.1 -15.1 6.0 -0.0 -0.1 -11.9 4.8 3.0 -0.1 -11.7 0.7 1.3 -0.1 -13.3 2.8 1.8 -0.1 -10.4 9.0 4.4 -0.1 -13.7 -5.7 0.6 -0.1 -12.0 2.8 0.1 -0.1 -10.2 -1.8 3.3 -0.1 -10.9 7.6 1.3 4 5 6 7 8 Credit market instruments 49.5 45.5 61.4 46.5 66.9 41.3 31.0 52.4 58.5 66.2 90.5 8 9 10 11 12 Open market paper U.S. government securities Treasury Agency 3.6 23.7 15.7 8.0 -0.5 49.9 31.6 18.3 -0.0 33.1 21.0 12.0 3.0 19.3 12.4 6.9 1.3 31.0 19.3 11.8 1.8 17.0 11.4 5.6 4.4 8.5 6.0 2.5 0.6 23.7 14.9 8.8 0.1 27.3 17.1 10.1 3.3 28.7 17.6 11.1 1.3 44.4 27.5 17.0 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Mortgages 0.1 22.2 -0.1 0.1 -7.7 3.6 0.1 27.0 1.3 0.1 22.5 1.6 0.1 32.1 2.4 0.1 21.0 1.4 0.0 17.2 0.9 0.1 25.9 2.1 0.1 29.0 2.1 0.1 31.6 2.4 0.1 41.8 2.9 13 14 15 15.5 21.1 -4.0 20.1 6.2 24.1 -2.3 28.3 -23.6 37.4 4.0 23.9 11.3 24.6 -18.2 40.6 -7.8 33.9 -22.6 43.1 -45.9 32.2 16 17 16 17 Corporate equities Mutual fund shares 18 19 20 21 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 9.8 0.6 3.0 6.2 16.0 -4.9 0.1 20.8 13.5 -5.4 3.8 15.1 15.9 1.5 3.8 10.6 11.9 -5.6 3.8 13.7 21.9 0.4 3.8 17.7 22.0 17.6 3.8 0.6 17.4 1.2 3.8 12.4 10.4 -15.7 3.8 22.3 1.4 -13.0 3.8 10.5 18.6 5.0 3.8 9.7 18 19 20 21 22 Pension fund reserves (liabilities) (3) 98.4 78.8 96.1 84.7 83.4 82.8 92.5 73.9 86.3 79.9 93.8 22 (1) Includes the Federal Employees’ Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. F.120 State and Local Government Employee Retirement Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 0.7 1.1 1.2 1.3 1.4 1.3 1.4 1.4 1.4 1.4 1.4 1 2 Fixed nonresidential investment 1.5 2.1 1.2 2.2 2.4 2.2 2.3 2.3 2.3 2.4 2.4 2 3 Net acquisition of financial assets 54.9 57.6 56.2 57.3 90.0 52.6 72.7 66.3 98.2 100.1 95.3 3 4 5 6 Checkable deposits and currency Time and savings deposits Security RPs 0.5 2.7 -0.1 -1.3 -3.6 5.8 -2.0 -0.9 6.3 0.4 0.1 0.7 0.6 -2.1 1.9 -4.0 1.3 2.6 0.5 2.3 3.5 -2.0 11.4 0.9 5.1 -13.7 16.0 -1.8 -0.7 -11.5 1.0 -5.3 2.4 4 5 6 7 Credit market instruments 22.7 22.3 27.5 45.9 48.3 45.5 41.9 3.6 39.2 90.6 59.7 7 8 9 10 11 Open market paper U.S. government securities Treasury Agency -0.1 10.8 15.2 -4.4 5.8 15.1 8.0 7.1 6.3 24.6 4.8 19.8 0.7 27.7 14.7 13.0 1.9 23.3 23.1 0.3 2.6 -3.1 -6.3 3.2 3.5 19.5 4.3 15.3 0.9 13.9 7.9 6.0 16.0 4.6 21.7 -17.1 -11.5 52.0 44.7 7.3 2.4 22.7 17.9 4.8 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages 0.2 13.7 -1.9 -0.3 1.2 0.7 0.1 -4.2 0.7 0.0 16.7 0.8 0.3 21.8 0.9 0.7 44.5 0.8 0.0 18.0 0.8 -0.2 -11.8 0.8 -0.0 17.7 0.9 1.9 47.3 0.9 -0.2 33.9 0.9 12 13 14 44.3 -15.2 29.3 5.2 41.3 -16.0 52.2 -42.1 44.3 -3.0 79.8 -72.6 59.5 -34.9 57.3 -4.8 41.8 9.8 55.1 -31.5 23.0 14.5 15 16 55.7 58.6 56.2 58.2 91.0 53.5 73.7 67.3 99.2 101.1 96.3 17 15 16 17 Corporate equities Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the net acquisition of tangible and financial assets less gross saving (line 2 + line 3 - line 1). These liabilities are assets of the household sector. 34 Z.1, March 13, 1998 F.121 Money Market Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets 20.2 43.3 142.3 145.8 157.6 145.1 187.5 182.4 58.5 243.6 146.0 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs -10.3 1.4 -2.8 0.4 5.7 -1.3 -0.5 2.4 4.0 -1.0 20.9 19.0 3.4 2.4 30.4 16.0 0.1 2.6 28.6 22.8 13.5 -3.5 51.1 15.1 22.4 9.9 61.4 25.9 -9.8 2.8 66.8 42.9 -1.6 -0.1 28.0 -20.7 11.1 -6.9 34.1 49.2 0.6 14.7 -14.6 19.8 2 3 4 5 6 Credit market instruments 20.4 30.0 86.5 88.8 84.5 83.0 81.3 65.2 19.7 123.6 129.3 6 -9.1 14.5 1.0 13.5 22.7 -3.9 -13.3 9.4 48.4 17.5 3.8 13.7 38.4 31.3 20.3 11.0 62.1 -9.5 -4.0 -5.5 46.4 25.7 5.6 20.1 30.3 31.0 2.1 28.9 108.6 -69.9 -30.9 -39.0 -0.0 6.2 1.3 4.9 96.1 -25.6 -6.5 -19.1 43.8 51.1 19.9 31.2 7 8 9 10 9.6 5.4 7.8 3.4 14.3 6.4 16.8 2.4 22.5 9.4 12.8 -1.9 22.5 -2.6 16.7 9.8 8.0 5.5 33.4 19.7 31.8 2.8 11 12 11.0 6.9 12.8 4.8 19.1 -14.1 -13.3 14.6 33.1 32.4 -3.9 13 20.2 43.3 142.3 145.8 157.6 145.1 187.5 182.4 58.5 243.6 146.0 14 7 8 9 10 Open market paper U.S. government securities Treasury Agency 11 12 Municipal securities Corporate and foreign bonds 13 14 Miscellaneous assets Net share issues (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.122 Mutual Funds (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving -33.9 -45.3 -53.3 -80.7 -89.1 -83.8 -93.8 -85.0 -85.0 -82.2 -104.2 1 2 Net acquisition of financial assets 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 2 16.8 4.4 7.1 -2.7 14.4 25.3 -34.5 22.1 20.1 1.2 14.2 3 159.5 -7.1 52.5 48.9 74.7 27.5 25.3 61.9 91.6 103.6 41.4 4 Open market paper U.S. government securities Treasury Agency 16.8 49.2 31.4 17.9 4.4 -10.4 -6.8 -3.6 7.1 18.9 11.2 7.7 -3.1 15.1 8.9 6.2 9.8 11.6 4.8 6.8 15.6 -7.7 -4.5 -3.1 -17.9 4.7 2.8 1.9 13.1 21.3 12.6 8.7 22.6 18.5 10.9 7.6 -9.6 43.0 25.3 17.6 12.9 -36.4 -29.7 -6.7 5 6 7 8 Municipal securities Corporate and foreign bonds 42.9 50.6 -4.3 3.2 3.2 23.3 3.1 33.8 9.0 44.3 1.3 18.3 1.4 37.1 3.7 23.9 3.5 47.1 11.6 58.7 17.3 47.6 9 10 115.3 0.3 100.8 2.5 87.4 0.5 193.0 -1.7 167.2 2.8 139.2 -20.2 179.0 6.5 166.0 3.4 121.6 7.6 194.0 4.8 187.4 -4.8 11 12 3 Security RPs 4 Credit market instruments 5 6 7 8 9 10 11 12 Corporate equities Miscellaneous assets 13 Net share issues (liabilities) 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 13 14 Discrepancy -33.9 -45.3 -53.3 -80.7 -89.1 -83.8 -93.8 -85.0 -85.0 -82.2 -104.2 14 36.1 30.0 54.6 101.1 184.1 57.5 215.7 67.8 52.1 60.7 556.1 15 Memo: 15 Capital gains dividends (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance companies sector (table F.117). F.123 Closed-End Funds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 6 7 Net acquisition of financial asssets Credit market instruments U.S. government securities Municipal securities Corporate and foreign bonds Corporate equities Net share issues (liabilities) 23.7 2.4 5.9 0.7 -1.2 0.7 0.7 0.7 -0.7 -1.7 -2.9 1 20.0 -3.7 10.5 2.2 0.8 2.2 2.2 2.7 1.3 0.3 -0.9 2 2.1 12.1 5.8 -1.0 1.6 -4.4 -1.5 6.2 5.8 0.1 0.8 1.3 -0.8 0.8 0.8 0.1 0.8 1.3 0.1 0.8 1.3 0.1 0.8 1.8 -0.6 0.8 1.0 -1.0 0.8 0.5 -1.5 0.8 -0.2 3 4 5 3.7 6.1 -4.6 -1.5 -2.0 -1.5 -1.5 -2.0 -2.0 -2.0 -2.0 6 23.7 2.4 5.9 0.7 -1.2 0.7 0.7 0.7 -0.7 -1.7 -2.9 7 35 Z.1, March 13, 1998 F.124 Government-Sponsored Enterprises (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Gross saving 1.7 1.7 2.0 2.0 2.0 2.0 1.9 2.0 2.0 2.0 2.1 1 2 Fixed nonresidential investment 0.5 0.5 0.4 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 2 3 Net acquisition of financial assets 78.8 150.7 115.1 91.7 110.2 83.8 134.6 21.1 178.3 66.4 174.9 3 4 5 Checkable deposits and currency Federal funds and security RPs 0.9 -16.2 -0.9 35.4 0.2 20.5 -0.8 -11.8 1.2 -1.4 -0.4 0.3 0.6 -36.0 0.8 6.4 8.0 24.5 -3.9 1.6 -0.2 -37.9 4 5 6 Credit market instruments 87.8 117.8 84.7 92.0 95.0 81.4 137.9 45.1 119.2 55.5 160.1 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency -1.7 11.2 -7.1 18.4 14.4 63.4 0.4 63.1 -0.8 63.4 6.1 57.4 9.6 46.7 -12.9 59.6 -2.6 66.1 -3.1 69.2 -4.6 63.8 8.3 55.5 36.7 20.5 -57.5 78.0 31.2 50.8 -8.1 58.9 10.8 59.4 -26.7 86.1 -59.2 105.1 40.7 64.4 6.6 48.9 -18.4 67.3 7 8 9 10 11 12 Municipal securities Corporate and foreign bonds -0.6 11.1 0.8 8.5 1.0 5.5 -0.3 5.6 1.1 2.8 -0.4 -2.8 -0.0 44.1 1.2 -3.2 -2.2 0.2 -1.1 -21.7 6.5 36.0 11 12 13 14 15 16 Other loans and advances Sallie Mae Farm Credit System FHLB loans 26.5 1.8 1.4 23.3 27.2 3.6 0.8 22.8 11.2 0.9 3.9 6.4 28.8 -1.7 1.4 29.1 31.6 -4.9 0.0 36.4 28.4 -2.8 -2.2 33.4 36.2 2.3 1.5 32.3 -20.9 -4.9 3.0 -18.9 57.4 -5.6 0.2 62.9 34.0 -4.4 0.6 37.8 55.7 -4.5 -3.8 63.9 13 14 15 16 17 18 19 20 Mortgages Home Multifamily residential Farm 41.3 39.8 1.7 -0.2 3.6 2.6 0.9 0.1 4.4 3.9 0.6 -0.1 1.7 1.0 -0.5 1.1 -3.9 -3.6 -1.2 0.9 -3.1 -3.2 -0.7 0.8 0.4 1.2 -0.9 0.1 -14.0 -12.9 -1.3 0.2 -6.5 -5.7 -1.9 1.1 -1.6 -1.9 -1.2 1.4 6.6 6.3 -0.7 1.0 17 18 19 20 6.3 -1.7 9.7 12.3 15.4 2.5 32.2 -31.2 26.7 13.3 52.9 21 21 22 23 24 25 26 27 Miscellaneous assets Net increase in liabilities 75.7 147.3 112.0 93.1 111.6 82.2 146.7 22.4 178.1 72.6 173.4 22 Credit market instruments GSE issues (2) U.S. government loans 80.6 80.6 0.0 172.1 176.9 -4.8 105.9 105.9 0.0 90.4 90.4 0.0 99.0 99.0 0.0 80.0 80.0 0.0 123.3 123.3 0.0 -8.9 -8.9 0.0 198.1 198.1 0.0 46.4 46.4 0.0 160.4 160.4 0.0 23 24 25 Miscellaneous liabilities -4.9 -24.9 6.1 2.7 12.7 2.2 23.4 31.3 -19.9 26.2 13.1 26 -1.9 -2.2 -1.5 3.0 3.0 -0.1 13.6 2.8 1.3 7.7 0.1 27 Discrepancy (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997. (2) Such issues are classified as U.S. government securities. F.125 Federally Related Mortgage Pools (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 1 2 3 4 Home mortgages Multifamily residential mortgages Farm mortgages 86.1 -1.4 -0.0 115.4 -0.0 -0.0 93.7 4.5 -0.0 135.5 5.6 -0.0 109.1 5.3 -0.0 135.8 7.1 -0.0 122.4 7.2 0.0 109.6 5.0 0.0 82.4 5.7 -0.0 109.4 5.2 0.0 135.0 5.3 0.0 2 3 4 84.7 115.4 98.2 141.1 114.4 142.9 129.6 114.6 88.1 114.6 140.3 5 5 Net increase in pool securities (liabilities)(2) (1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools that are used as collateral for federally related agency-issued CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans. (2) Such issues are classified as U.S. government securities. 36 Z.1, March 13, 1998 F.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Gross saving 0.2 0.3 0.4 1.1 1.6 1.2 1.4 1.3 1.5 1.7 1.8 1 2 Fixed nonresidential investment 0.2 0.6 1.7 6.3 3.7 0.7 6.6 -0.1 4.8 4.9 5.1 2 3 Net acquisition of financial assets 82.8 68.5 131.6 126.7 166.1 88.5 133.4 64.3 91.7 166.4 342.2 3 4 Agency securities (1) 14.7 0.6 2.3 -28.4 -46.7 -22.9 -55.1 -39.1 -36.4 -68.0 -43.2 4 5 6 7 Other loans and advances Student loans Loans to business 9.7 0.0 9.7 4.3 0.0 4.3 6.9 1.0 5.9 13.3 5.3 8.1 31.5 8.3 23.2 -6.5 4.0 -10.5 24.0 5.1 19.0 -11.1 6.8 -17.9 12.1 8.3 3.8 0.7 8.2 -7.5 124.3 10.0 114.3 5 6 7 8 9 10 11 Mortgages (2) Home Multifamily residential Commercial 45.5 32.9 2.4 10.3 41.2 23.7 6.2 11.3 36.3 19.3 6.4 10.6 62.6 34.1 12.4 16.1 97.7 56.1 14.6 27.1 45.7 33.2 5.3 7.2 74.7 24.0 22.2 28.5 58.7 36.8 7.7 14.3 72.1 33.4 13.5 25.1 113.9 79.8 11.9 22.1 146.3 74.4 25.2 46.7 8 9 10 11 12 13 Consumer credit Trade credit 10.2 2.6 15.6 6.8 65.6 20.5 54.2 25.0 47.2 36.3 45.7 26.5 45.9 43.8 30.8 25.0 32.4 11.5 60.5 59.3 65.3 49.5 12 13 82.8 68.8 132.9 132.0 168.2 88.0 138.6 62.9 95.0 169.6 345.5 14 4.7 78.1 12.4 56.4 37.3 95.6 45.4 86.6 89.4 78.9 51.4 36.6 62.0 76.6 47.6 15.3 35.0 60.0 110.5 59.1 164.2 181.3 15 16 14 15 16 Net increase in liabilities Commercial paper Corporate bonds 17 Discrepancy 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 17 18 Memo: Securitized consumer leases not included above (3) 0.0 0.3 1.3 5.3 2.1 -0.5 5.2 -1.4 3.3 3.2 3.3 18 (1) Federally related mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset; depreciation flows are included in line 1, and fixed investment flows are included in line 2. F.127 Finance Companies (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 14.9 24.6 27.5 29.0 29.5 28.3 29.9 29.4 29.5 29.5 29.4 1 2 Fixed nonresidential investment 13.0 19.1 19.5 17.8 22.5 24.1 18.1 25.0 21.1 22.3 21.6 2 3 Net acquisition of financial assets 6.3 42.3 72.7 42.2 54.9 40.1 53.2 36.5 61.4 47.1 74.4 3 4 Checkable deposits and currency 5 6 7 8 Credit market instruments Other loans and advances Mortgages Consumer credit 9 Miscellaneous assets 10 Net increase in liabilities 11 12 13 14 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 15 Taxes payable 16 17 18 19 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 20 Discrepancy 21 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table F.126. 1.4 1.6 1.7 1.9 2.1 1.9 1.9 2.0 2.0 2.1 2.1 4 -20.9 -15.9 -3.1 -1.9 48.3 25.9 4.2 18.3 49.9 26.7 5.6 17.7 18.4 7.9 10.2 0.3 22.2 9.3 5.3 7.6 13.2 6.1 7.6 -0.6 -6.2 6.1 1.6 -13.9 44.9 26.3 2.9 15.8 1.9 -13.9 5.6 10.2 65.2 55.2 6.6 3.3 -23.2 -30.5 6.0 1.3 5 6 7 8 25.7 -7.6 21.0 22.0 30.6 25.0 57.4 -10.4 57.5 -20.2 95.5 9 10.9 64.2 72.7 49.8 46.8 44.2 72.6 37.4 51.8 46.5 51.6 10 -1.4 -0.1 12.5 -13.7 48.7 22.5 31.7 -5.6 50.2 -2.9 52.6 0.5 45.9 9.0 32.5 4.4 48.7 23.9 20.3 4.4 30.7 13.3 13.2 4.2 43.8 -0.2 40.9 3.1 7.2 42.6 -31.5 -3.8 123.8 41.2 82.5 0.1 -2.9 -17.5 6.1 8.5 66.6 29.3 24.4 12.9 11 12 13 14 0.8 0.8 1.0 1.0 1.0 1.0 0.9 1.0 1.0 1.0 1.0 15 11.5 23.6 1.2 -13.4 14.8 3.2 6.2 5.4 21.6 15.4 9.3 -3.1 3.0 7.5 9.3 -13.8 -2.8 33.3 4.4 -40.4 12.6 22.2 6.4 -16.0 27.9 12.6 9.7 5.7 29.2 49.1 2.7 -22.6 -73.0 38.0 -3.9 -107.1 48.5 29.4 6.3 12.8 -16.0 16.7 12.2 -45.0 16 17 18 19 6.5 27.3 8.1 18.8 -1.1 8.4 31.2 5.3 -1.3 6.7 -15.1 20 10.2 18.2 13.4 11.7 4.3 12.5 10.6 12.2 11.5 -9.4 2.9 21 37 Z.1, March 13, 1998 F.128 Mortgage Companies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Net acquisition of financial assets -0.0 -24.0 -3.4 8.2 6.7 3.4 4.1 -0.3 10.0 7.2 9.7 1 2 3 4 Home mortgages Multifamily residential mortgages Commercial mortgages -0.5 0.1 0.3 -24.0 0.0 0.0 -4.5 1.1 0.0 8.2 -0.1 0.0 5.2 1.5 0.0 4.8 -1.3 0.0 4.0 0.1 0.0 -3.3 3.0 0.0 10.0 0.0 0.0 6.0 1.2 0.0 8.0 1.7 0.0 2 3 4 -0.0 -24.0 -3.4 8.2 6.7 3.4 4.1 -0.3 10.0 7.2 9.7 5 0.0 -0.1 -11.5 -12.5 0.4 -3.8 12.4 -4.3 4.8 1.8 1.7 1.7 12.1 -7.9 5.9 -6.2 5.0 5.0 3.6 3.6 4.9 4.8 6 7 5 6 7 Net increase in liabilities Bank loans n.e.c. Investment by parent F.129 Real Estate Investment Trusts (REITs) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Gross saving 4.2 12.9 15.7 22.0 23.2 22.3 22.5 22.8 23.0 23.3 23.6 1 2 3 Fixed nonresidential investment Multifamily residential investment 1.1 5.2 14.6 7.3 7.8 2.9 20.9 5.2 35.8 9.0 24.7 6.2 23.4 5.8 26.9 6.7 29.6 7.4 39.1 9.8 47.6 11.9 2 3 4 Net acquisition of financial assets 3.6 4.6 3.4 1.6 4.1 1.6 2.7 2.0 2.8 5.2 6.3 4 5 6 7 8 Mortgages Home Multifamily residential Commercial 0.6 0.1 0.4 0.1 4.7 0.5 3.1 1.1 2.2 0.2 1.4 0.5 3.5 0.4 2.3 0.8 5.0 0.5 3.3 1.2 3.4 0.4 2.2 0.8 3.9 0.4 2.5 0.9 5.0 0.5 3.3 1.2 5.0 0.6 3.3 1.2 5.0 0.5 3.3 1.2 5.0 0.5 3.3 1.2 5 6 7 8 9 Miscellaneous assets 3.0 -0.1 1.3 -1.9 -0.9 -1.8 -1.2 -3.0 -2.2 0.2 1.3 9 18.7 32.5 16.8 28.4 57.8 31.1 37.7 42.3 47.2 63.9 77.7 10 2.1 4.7 1.2 1.6 1.0 1.7 2.3 0.4 0.6 1.3 1.7 11 10 Net increase in liabilities 11 Security RPs 12 Credit market instruments 13 14 15 16 17 18 19 Open market paper Corporate bonds Bank loans n.e.c. Mortgages Corporate equity issues Miscellaneous liabilities Discrepancy 3.4 13.7 6.0 12.8 23.8 13.7 17.7 20.2 20.3 26.9 27.9 12 -0.3 0.3 -0.2 3.6 -0.6 2.0 2.5 9.8 -0.0 2.0 -1.9 5.9 0.0 2.8 -1.5 11.4 0.0 9.0 0.8 14.0 0.0 3.0 -2.2 12.9 0.0 3.9 -0.6 14.3 0.0 3.4 0.8 16.0 0.0 5.5 0.8 14.0 0.0 12.1 0.8 14.0 0.0 15.1 0.8 12.0 13 14 15 16 13.2 -0.1 11.1 2.9 8.3 1.4 12.3 1.6 32.7 0.3 13.2 2.5 17.2 0.6 21.7 0.1 26.1 0.1 35.2 0.3 47.7 0.4 17 18 13.0 18.9 18.3 22.7 32.1 21.0 28.3 29.5 30.4 33.1 35.5 19 38 Z.1, March 13, 1998 F.130 Security Brokers and Dealers Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 1 Gross saving -0.3 6.6 2.1 3.8 3.9 3.6 3.7 3.8 3.8 3.9 3.9 1 2 Fixed nonresidential investment 0.8 0.9 1.0 1.0 1.1 1.0 1.0 1.0 1.1 1.1 1.1 2 3 Net acquisition of financial assets 97.0 -24.1 113.4 68.2 140.5 71.4 212.9 59.8 274.2 125.9 102.0 3 4 Checkable deposits and currency 5 Credit market instruments 6 7 8 9 10 11 12 13 14 Open market paper U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets 1.9 -0.3 1.7 1.9 5.6 -0.1 1.4 -3.1 12.9 3.6 8.9 4 14.8 -44.2 90.1 -15.7 15.9 35.5 82.7 -14.5 -11.7 15.8 74.0 5 -0.3 -12.8 -20.7 7.8 5.8 22.2 -3.7 -30.2 -14.4 -15.8 -1.7 -8.7 10.9 70.0 61.0 9.0 -2.7 12.0 1.6 -29.9 -31.1 1.2 -1.9 14.5 0.6 3.0 7.8 -4.8 2.4 9.8 -7.4 33.6 40.4 -6.8 -3.7 13.1 22.5 -0.6 -35.4 34.8 11.9 49.0 6.1 -45.8 -40.2 -5.6 -3.2 28.4 3.0 -17.2 -16.9 -0.3 5.3 -2.9 -5.7 -12.1 -62.7 50.6 -1.3 34.9 -1.1 87.3 151.1 -63.8 8.8 -21.0 6 7 8 9 10 11 8.1 22.6 49.6 -3.4 -1.1 24.8 7.7 3.5 10.3 -1.9 15.8 68.2 1.3 34.3 83.4 -14.0 -11.7 61.7 26.5 29.9 72.4 2.5 26.8 48.2 -5.8 37.6 241.2 14.1 67.8 24.6 -5.8 5.1 19.8 12 13 14 15 Net increase in liabilities 98.0 -29.1 112.8 66.2 138.4 69.8 210.7 57.3 272.4 124.0 99.9 15 16 17 18 Security RPs (net) Corporate bonds Corporate equity issues 20.0 12.0 1.3 -23.0 0.5 4.7 79.0 -5.0 -8.1 -1.5 -2.0 -6.5 26.3 8.0 -5.9 -19.7 5.7 -5.8 48.9 4.9 -11.7 -40.9 -2.9 3.8 121.9 34.9 -17.4 23.7 -6.9 -8.6 0.7 7.0 -1.6 16 17 18 19 20 21 22 23 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 2.7 38.7 26.0 12.7 0.5 -0.9 1.0 6.7 -5.7 -0.2 1.1 23.1 18.6 4.6 -0.1 4.0 36.6 35.3 1.3 0.1 5.6 69.5 47.9 21.7 0.1 5.7 16.9 33.3 -16.4 -0.5 -0.7 95.3 70.8 24.5 0.7 13.4 90.4 36.2 54.2 -0.9 -5.1 99.7 68.3 31.5 -0.6 29.1 11.9 16.6 -4.7 0.9 -14.9 76.0 70.4 5.7 0.9 19 20 21 22 23 24 25 26 27 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 15.6 0.1 29.2 -13.7 1.6 0.8 25.7 -24.8 12.6 1.5 25.1 -14.0 27.5 0.5 51.2 -24.2 22.9 1.9 59.6 -38.6 58.9 0.2 15.2 43.4 62.7 0.8 72.1 -10.2 -11.4 0.7 93.0 -105.1 15.1 0.1 13.5 1.5 56.4 5.8 68.4 -17.9 31.3 0.9 63.4 -33.0 24 25 26 27 7.1 -12.7 10.2 8.0 11.9 8.5 10.5 5.7 23.8 17.6 0.5 28 -0.2 0.7 0.6 0.8 0.7 0.9 0.5 0.3 0.8 0.9 0.7 29 2.4 109.7 94.1 86.5 131.2 155.1 -35.1 98.9 157.7 1 28 29 Proprietors’ net investment Discrepancy F.131 Funding Corporations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net acquisition of financial assets 2 Money market fund shares 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 9 Net increase in liabilities 10 11 12 Credit market instruments Open market paper Corporate bonds 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other -14.6 31.1 10.1 31.8 2.4 27.3 10.4 23.4 32.9 7.0 11.3 -3.5 26.9 2 -35.3 -39.3 4.0 -16.2 -26.2 10.0 -24.6 -34.3 9.8 17.2 -5.6 22.8 30.4 23.8 6.6 8.6 -18.7 27.3 -7.6 -22.5 14.9 31.9 19.9 12.0 -33.1 -37.1 4.1 15.6 17.4 -1.7 107.2 95.2 11.9 3 4 5 10.6 -6.6 17.2 15.6 -0.5 16.1 24.5 6.7 17.8 65.2 13.7 51.5 53.3 14.3 39.0 54.5 26.3 28.2 106.0 20.1 85.8 116.2 59.6 56.7 -13.4 -20.3 6.9 86.7 34.4 52.3 23.6 -16.4 40.0 6 7 8 -14.6 31.1 2.4 109.7 94.1 86.5 131.2 155.1 -35.1 98.9 157.7 9 6.3 -7.3 13.6 23.1 3.0 20.0 34.9 10.5 24.4 64.1 34.9 29.2 80.7 50.1 30.6 33.7 20.7 12.9 123.0 103.8 19.2 129.4 83.7 45.7 -16.1 -13.2 -2.9 130.7 79.2 51.5 78.8 50.8 28.0 10 11 12 -21.0 4.3 43.6 -68.8 8.1 -7.5 24.6 -9.0 -32.6 -10.4 -5.5 -16.6 45.6 1.1 59.9 -15.4 13.4 -27.4 59.9 -19.0 52.9 20.8 63.2 -31.1 8.3 -17.0 43.3 -18.0 25.7 -13.2 49.8 -10.9 -19.0 2.7 202.8 -224.5 -31.9 -44.0 -12.2 24.4 78.9 -55.2 -0.9 135.0 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 39 Z.1, March 13, 1998 F.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Official foreign currency holdings Treasury Monetary authority Net IMF position Federal government Monetary authority 1997 Q4 Q1 Q2 Q3 Q4 1.4 -5.3 9.6 -6.7 1.0 -30.0 1.3 -17.9 0.9 2.9 18.1 1 0.5 0.4 0.8 -0.4 0.4 -3.4 0.6 -0.3 0.5 0.6 0.6 2 0.5 -0.0 0.4 -0.0 0.8 -0.0 -0.4 -0.0 0.4 -0.0 -3.4 0.0 0.6 -0.0 -0.3 0.0 0.5 0.0 0.6 0.0 0.6 -0.0 3 4 0.8 -5.8 8.8 -6.3 0.7 -26.6 0.7 -17.6 0.4 2.4 17.5 5 0.8 0.4 0.4 -5.3 -2.6 -2.6 6.3 3.2 3.2 -7.6 -3.8 -3.8 -2.9 -1.5 -1.5 -27.3 -13.6 -13.6 0.6 0.3 0.3 -13.4 -6.7 -6.7 0.6 0.3 0.3 0.5 0.3 0.3 0.6 0.3 0.3 6 7 8 0.0 0.1 -0.0 -0.5 -0.5 0.0 2.5 2.5 0.0 1.3 1.3 0.0 3.6 3.6 0.0 0.7 0.7 0.0 0.1 0.1 0.0 -4.2 -4.2 0.0 -0.2 -0.2 0.0 1.9 1.9 0.0 16.9 16.9 0.0 9 10 11 (1) Lines 1, 2, and 3 exclude increases in SDRs through allocations, which have occurred at various dates beginning January 1970. Transactions in SDRs are included. Also excluded from the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. Allocations and revaluations are included in tables on outstandings. F.201 SDR Certificates and Treasury Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 0.0 0.0 0.0 0.0 2.2 2.2 -0.5 -0.5 -0.5 -0.5 -1.8 -1.8 0.0 0.0 -2.1 -2.1 0.0 0.0 0.0 0.0 0.0 0.0 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 0.4 0.6 0.7 0.9 0.6 1.0 -0.0 1.0 0.0 0.6 2.3 1.1 -2.3 0.7 0.4 0.8 0.2 0.6 1.3 0.5 -1.9 0.6 3 4 5 Discrepancy (seigniorage) -0.2 -0.2 -0.5 -1.0 -0.6 1.3 -3.1 -0.3 -0.5 0.8 -2.4 5 F.202 U.S. Deposits in Foreign Countries Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets -18.5 52.9 35.3 82.0 89.0 119.7 104.5 188.6 18.8 105.4 43.1 1 -1.1 -1.4 -10.3 3.1 1.1 5.7 4.6 1.1 4.0 12.4 10.4 3.4 13.8 6.8 0.1 16.0 3.9 13.5 16.1 28.8 22.4 17.1 3.4 -9.8 15.2 15.4 -1.6 12.0 4.2 11.1 11.0 4.3 0.6 2 3 4 -5.7 43.0 25.7 55.8 68.3 86.3 37.3 178.0 -10.2 78.1 27.2 5 40 Z.1, March 13, 1998 F.203 Net Interbank Transactions Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 Net change in liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 50.5 89.8 9.9 -51.6 -40.2 -97.2 17.6 -88.8 -43.7 -42.7 14.5 1 3.7 2.9 0.8 1.3 -4.2 5.5 1.3 -1.2 2.4 -0.5 -5.1 4.6 6.1 6.3 -0.2 5.9 -10.1 16.0 4.7 -4.9 9.5 -22.9 -9.7 -13.2 17.2 18.3 -1.0 8.7 1.2 7.5 21.5 15.5 6.0 2 3 4 46.9 -2.9 88.5 -1.5 8.7 0.7 -51.2 4.1 -46.3 -1.6 -103.1 7.4 12.9 8.3 -65.9 -3.6 -60.9 -4.5 -51.4 -9.2 -7.0 10.8 5 6 45.6 92.8 11.1 -52.0 -28.7 -106.2 0.4 -89.2 -32.0 9.4 -2.8 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 46.3 19.3 6.6 -12.8 93.6 74.4 52.6 -21.7 10.7 -2.7 -14.7 -12.0 -46.8 -31.1 -1.9 29.2 -24.1 7.4 56.0 48.6 -93.6 -48.8 18.4 67.2 1.3 3.9 45.1 41.3 -54.2 19.9 27.0 7.1 -43.0 25.9 22.6 -3.3 0.4 10.1 -3.1 -13.3 0.5 -26.3 177.3 203.6 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates 29.2 -1.7 -30.9 27.1 1.4 -25.7 17.2 15.5 -1.7 -11.5 10.6 22.1 -32.3 -30.5 1.7 -39.0 -5.1 33.9 15.7 67.1 51.4 -95.6 -0.2 95.3 -54.2 -2.2 51.9 -5.8 -44.7 -38.9 26.4 -75.0 -101.5 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -2.3 -2.3 -0.0 -7.8 -2.5 5.3 -3.8 -1.1 2.7 -4.1 -0.2 3.9 0.8 0.3 -0.4 -5.8 -1.8 4.0 -18.3 0.8 19.1 21.5 -1.3 -22.8 -14.8 -0.3 14.5 -4.0 3.4 7.4 0.3 -0.5 -0.8 15 16 17 18 19 20 Less: Deposits at foreign banks U.S.-chartered commercial banks Foreign banking offices in U.S. 0.7 0.7 0.0 0.8 -0.4 1.3 -0.4 -2.5 2.1 5.2 5.2 -0.0 4.6 5.5 -0.9 12.6 10.9 1.7 0.9 -1.1 2.0 35.1 31.9 3.2 -11.0 -6.9 -4.1 -9.0 -4.3 -4.7 3.3 1.3 2.1 18 19 20 4.2 -2.7 -3.1 -3.3 -16.0 -4.4 4.2 26.9 -24.4 -51.6 -15.0 21 13.3 6.0 1.9 -0.1 4.2 5.6 4.9 8.1 -0.4 -2.7 -7.3 -8.1 -4.9 -0.1 -3.1 -23.5 -6.6 -3.0 -0.3 -3.3 -2.1 -10.0 6.1 -0.2 -16.0 -24.2 -16.8 -13.4 0.9 -4.4 -9.7 13.8 11.6 -2.0 4.2 23.2 38.7 8.7 3.1 26.9 -11.0 -17.1 7.8 -0.5 -24.4 -35.5 -45.5 5.9 0.2 -51.6 15.1 -16.3 2.1 -3.5 -15.0 22 23 24 25 26 -10.5 3.2 -6.5 5.8 -1.3 0.5 6.0 10.9 -7.4 -0.6 7.5 -0.2 17.6 5.9 28.0 -12.5 -6.3 0.1 -19.6 9.7 -31.7 0.3 27 28 -12.3 -10.5 1.9 -14.6 -6.5 8.1 3.6 -1.3 -4.9 9.0 6.0 -3.0 -13.5 -7.4 6.1 20.9 7.5 -13.4 6.0 17.6 11.6 19.4 28.0 8.7 -14.1 -6.3 7.8 -25.5 -19.6 5.9 -33.8 -31.7 2.1 29 30 31 3.2 3.2 -0.1 6.2 5.8 -0.4 0.6 0.5 -0.1 11.2 10.9 -0.3 -0.4 -0.6 -0.2 -1.0 -0.2 0.9 7.9 5.9 -2.0 -15.6 -12.5 3.1 0.7 0.1 -0.5 9.5 9.7 0.2 3.7 0.3 -3.5 32 33 34 46.3 92.6 13.1 -48.3 -24.2 -92.9 13.4 -115.7 -19.3 8.8 29.4 35 45.6 92.8 11.1 -52.0 -28.7 -106.2 0.4 -89.2 -32.0 9.4 -2.8 36 0.7 -0.2 2.0 3.7 4.5 13.3 13.0 -26.5 12.7 -0.5 32.3 37 -2.9 -2.3 -0.6 -1.5 -1.6 0.1 0.7 0.8 -0.1 4.1 4.2 -0.1 -1.6 -3.6 2.0 7.4 3.3 4.1 8.3 14.6 -6.3 -3.6 -19.3 15.7 -4.5 3.9 -8.4 -9.2 -2.9 -6.3 10.8 3.9 6.9 38 39 40 6.7 6.9 -0.2 6.8 -9.2 16.0 4.8 -4.7 9.5 -22.1 -8.9 -13.2 18.1 19.1 -1.0 8.8 1.3 7.5 22.0 16.0 6.0 41 42 43 21 22 23 24 25 26 27 28 To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks 35 Net change in assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 3.3 2.5 0.8 1.9 -3.5 5.5 1.4 -1.1 2.4 -0.0 -4.6 4.6 Savings insts.: Reserves at Fed. Res. 0.4 -0.6 -0.1 -0.5 -0.6 -0.9 -0.1 -0.8 -0.9 -0.1 -0.5 44 4.2 -2.7 -3.1 -3.3 -16.0 -4.4 4.2 26.9 -24.4 -51.6 -15.0 45 44 45 Discrepancy--floats, etc. 41 Z.1, March 13, 1998 F.204 Checkable Deposits and Currency Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 Net change in liabilities 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 117.3 -9.7 -12.7 15.8 41.1 105.9 -53.3 85.3 64.2 -49.2 64.3 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 37.1 7.2 0.1 29.8 25.3 -7.7 -0.1 33.1 17.0 -1.2 0.2 18.0 23.5 1.7 -0.1 21.8 30.1 -2.3 0.5 31.9 46.3 22.6 0.5 23.1 32.3 3.7 -0.2 28.8 36.1 4.8 3.2 28.1 22.0 1.1 -2.7 23.6 18.7 -10.6 0.3 29.0 43.7 -4.6 1.3 47.0 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 74.1 12.1 -0.4 62.4 -31.7 -18.9 1.9 -14.7 -45.9 -4.7 0.8 -42.0 -34.6 9.7 2.6 -46.9 -19.9 -0.9 4.9 -23.9 34.9 39.5 -8.0 3.3 -113.8 -12.8 6.3 -107.3 16.2 -4.0 0.9 19.3 8.0 -14.0 10.2 11.8 -97.4 11.7 -5.1 -103.9 -6.4 2.7 13.7 -22.7 6 7 8 9 -5.4 2.0 14.1 2.1 25.4 1.6 27.1 3.8 25.1 -0.2 28.5 -0.3 26.1 6.9 29.8 4.5 23.8 5.7 28.7 -1.8 10 11 10 11 Savings institutions Credit unions 4.4 1.7 12 Net change in assets 117.3 -9.7 -12.7 15.8 41.1 105.9 -53.3 85.3 64.2 -49.2 64.3 12 13 Household sector 47.2 -31.0 -42.6 -42.0 -29.2 -25.2 -107.7 47.2 -14.9 -104.7 -44.4 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 22.9 13.6 7.6 1.7 25.3 18.5 5.1 1.7 20.8 17.4 3.8 -0.4 30.6 27.0 4.3 -0.6 32.5 27.2 4.8 0.4 53.5 49.9 4.2 -0.6 18.7 14.9 4.4 -0.6 23.7 18.9 4.4 0.3 40.8 35.8 4.6 0.3 34.6 29.4 4.8 0.3 30.9 24.7 5.5 0.7 14 15 16 17 18 19 State and local governments Federal government 1.6 20.7 3.2 -21.7 2.8 -0.0 -2.7 11.0 1.7 -0.5 2.4 35.1 -2.2 12.2 4.2 10.2 -2.2 -29.0 8.1 -1.0 -3.5 17.6 18 19 20 21 22 Rest of the world Checkable deposits Currency 18.6 -0.3 18.9 25.2 1.8 23.4 13.4 1.1 12.3 19.9 2.6 17.3 30.2 5.4 24.8 22.1 -7.5 29.6 37.3 6.1 31.2 18.1 4.1 13.9 26.8 7.5 19.3 21.5 -4.9 26.3 54.6 15.0 39.6 20 21 22 23 Financial sectors 8.9 -3.1 2.7 2.7 13.1 -4.3 13.5 -6.1 31.5 -6.4 33.3 23 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates -0.3 3.1 -0.1 -0.1 0.4 -1.5 0.0 -0.3 0.2 1.6 0.9 0.1 -0.2 -1.3 0.1 0.1 0.0 1.1 0.0 0.1 -0.3 2.9 -1.7 0.1 -0.1 -0.5 2.1 0.1 -0.1 -4.3 0.0 0.1 0.2 2.0 -0.4 0.1 -0.1 2.4 -0.7 0.1 0.1 4.1 1.1 0.1 24 25 26 27 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 0.4 -0.4 0.1 0.5 0.4 -0.2 0.2 -1.3 -0.5 -0.2 -0.1 -2.0 -0.9 -0.9 -0.1 0.4 -0.2 0.2 -0.1 0.6 -0.5 1.3 -0.1 -4.0 -1.7 -0.6 -0.1 0.5 -3.4 1.2 -0.1 -2.0 2.3 -0.7 -0.1 5.1 -1.4 0.4 -0.1 -1.8 1.7 -0.3 -0.1 1.0 28 29 30 31 32 33 34 35 Money market mutual funds Government-sponsored enterprises Finance companies Brokers and dealers 1.4 0.9 1.4 1.9 -1.3 -0.9 1.6 -0.3 -1.0 0.2 1.7 1.7 2.4 -0.8 1.9 1.9 2.6 1.2 2.1 5.6 -3.5 -0.4 1.9 -0.1 9.9 0.6 1.9 1.4 2.8 0.8 2.0 -3.1 -0.1 8.0 2.0 12.9 -6.9 -3.9 2.1 3.6 14.7 -0.2 2.1 8.9 32 33 34 35 -2.8 -7.6 -9.8 -3.6 -6.6 22.4 -25.0 -12.0 11.3 -1.3 -24.3 36 36 Mail float 42 Z.1, March 13, 1998 F.205 Time and Savings Deposits Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 Net change in liabilities Small time and savings deposits 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 -93.9 -20.3 162.2 211.3 219.0 274.4 225.6 207.9 200.8 240.7 226.8 1 -70.3 -39.9 96.6 97.2 98.5 94.2 90.1 157.9 24.5 46.6 165.1 2 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas -12.0 -10.9 -0.8 -0.2 -1.0 -0.6 -1.1 0.8 113.9 113.4 -0.7 1.2 123.1 122.8 0.1 0.2 148.4 144.1 4.3 0.0 80.5 81.6 -0.2 -0.9 157.4 153.7 4.3 -0.6 189.9 147.9 43.1 -1.1 77.3 88.9 -10.7 -1.0 141.3 154.8 -14.7 1.2 185.3 184.7 -0.4 1.0 3 4 5 6 7 8 Savings institutions Credit unions -68.2 9.8 -44.4 5.5 -29.0 11.6 -38.1 12.3 -65.3 15.4 12.7 1.0 -84.6 17.4 -46.0 14.0 -64.2 11.4 -94.1 -0.5 -56.8 36.7 7 8 9 Large time deposits (1) -23.5 19.6 65.6 114.0 120.5 180.2 135.4 49.9 176.3 194.1 61.6 9 -21.0 -20.0 -0.8 -0.2 21.3 17.9 2.6 0.8 54.8 42.6 11.0 1.2 105.3 49.5 55.6 0.2 107.9 63.1 44.7 0.0 150.6 65.0 86.4 -0.9 137.8 39.1 99.3 -0.6 37.5 22.3 16.3 -1.1 167.6 72.7 95.9 -1.0 181.9 123.8 57.0 1.2 44.4 33.7 9.7 1.0 10 11 12 13 -3.6 1.1 -2.1 0.4 9.2 1.7 6.3 2.4 11.0 1.6 28.2 1.4 -7.0 4.6 8.6 3.9 7.2 1.5 12.0 0.1 16.4 0.8 14 15 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Net change in assets -93.9 -20.3 162.2 211.3 219.0 274.4 225.6 207.9 200.8 240.7 226.8 16 17 Household sector -113.1 -11.9 150.0 166.3 182.5 179.3 178.7 165.6 129.7 216.5 218.4 17 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 28.8 22.3 6.5 1.6 -6.6 8.2 4.8 -1.5 6.3 7.2 2.8 4.4 1.9 -3.2 5.1 30.8 26.4 4.4 -18.5 -22.9 4.4 -25.3 -29.9 4.6 34.9 30.1 4.8 -13.9 -18.9 5.0 11.9 5.9 6.0 18 19 20 21 22 23 State and local governments Federal government Rest of the world -4.9 -0.1 6.8 6.3 -0.1 1.5 9.5 0.3 -6.6 8.3 1.4 10.9 8.0 1.0 7.5 5.1 -4.1 27.3 5.4 -3.7 12.1 -10.9 0.2 9.7 21.6 3.4 11.7 12.2 -2.1 10.2 9.2 2.6 -1.5 21 22 23 24 Financial sectors -11.5 -17.7 4.2 17.1 18.0 35.9 51.6 68.6 -0.5 17.8 -13.8 24 25 26 27 Savings institutions Credit unions Bank personal trusts and estates -0.7 -1.3 -1.1 -1.8 -8.9 1.6 -0.2 0.4 -1.0 0.3 -0.7 -1.1 -0.4 3.6 0.0 1.6 -3.6 -1.1 -0.1 -0.8 -0.8 -0.1 4.6 -0.4 -0.1 -2.6 -0.2 -0.5 -5.1 0.2 -1.0 17.5 0.5 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds -8.4 2.7 -2.8 -4.5 -3.6 -0.5 -15.1 -0.9 20.9 -11.9 0.1 30.4 -11.7 -2.1 28.6 -13.3 1.3 51.1 -10.4 2.3 61.4 -13.7 11.4 66.8 -12.0 -13.7 28.0 -10.2 -0.7 34.1 -10.9 -5.3 -14.6 28 29 30 (1) Large time deposits are those issued in amounts of $100,000 or more. F.206 Money Market Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 20.2 43.3 142.3 145.8 157.6 145.1 187.5 182.4 58.5 243.6 146.0 1 2 Net purchases 20.2 43.3 142.3 145.8 157.6 145.1 187.5 182.4 58.5 243.6 146.0 2 3 4 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business -0.6 -2.5 0.3 13.4 7.4 0.1 100.3 24.8 0.1 78.9 7.2 0.2 104.4 14.1 0.3 87.5 5.0 0.2 99.8 9.8 0.2 142.0 12.6 0.3 2.3 6.8 0.3 206.4 19.8 0.4 67.0 17.2 0.4 3 4 5 6 7 8 9 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations 0.1 6.4 6.5 10.1 0.6 -15.3 5.3 31.8 2.1 6.6 6.0 2.4 9.4 17.9 4.8 27.3 10.2 17.4 0.7 10.4 10.7 15.4 2.8 23.4 10.2 25.4 9.0 32.9 10.2 16.0 -5.7 7.0 10.3 24.7 2.8 11.3 10.1 12.2 -1.8 -3.5 10.1 16.8 7.6 26.9 6 7 8 9 43 Z.1, March 13, 1998 F.207 Federal Funds and Security Repurchase Agreements Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 71.3 78.2 110.5 40.3 114.0 -15.9 83.3 32.8 193.7 115.9 113.6 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 41.6 45.5 -4.3 0.4 78.1 71.6 6.7 -0.2 30.4 28.2 1.8 0.4 41.0 28.7 12.0 0.4 88.8 63.3 25.6 0.0 16.4 16.4 -0.6 0.6 43.3 29.1 13.8 0.4 65.5 30.8 33.9 0.8 70.3 71.6 -0.7 -0.6 87.4 76.3 11.0 0.1 132.0 74.3 58.1 -0.3 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) 7.5 2.1 20.0 18.4 4.7 -23.0 -0.0 1.2 79.0 -0.9 1.6 -1.5 -2.1 1.0 26.3 -14.3 1.7 -19.7 -11.2 2.3 48.9 7.8 0.4 -40.9 1.0 0.6 121.9 3.5 1.3 23.7 -20.8 1.7 0.7 6 7 8 24.8 8.9 74.5 8.4 61.9 74.7 -49.3 137.4 15.1 109.7 -14.8 9 9 Net change in liabilities 1994 Net change in assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world -2.6 10.7 16.9 -0.3 -15.1 -12.0 0.2 -16.0 21.0 1.4 -0.9 3.2 2.0 8.6 6.9 1.3 -8.7 0.3 -3.1 -5.5 -22.5 -0.7 12.5 53.4 -1.9 -4.8 1.8 4.0 17.5 20.7 6.5 9.0 -48.5 10 11 12 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions -0.2 5.1 -3.9 -5.1 36.3 -2.6 -4.1 -2.3 69.2 3.3 4.8 0.2 4.6 7.7 -1.2 -4.9 44.5 2.3 -0.8 2.0 81.8 34.9 2.6 -12.9 -18.2 22.9 0.4 0.8 72.2 -19.3 -2.6 10.7 20.1 -4.2 1.8 -11.2 67.5 21.0 -5.3 4.2 18.3 11.6 2.9 4.5 13 14 15 16 -0.9 3.6 -0.1 0.4 16.8 -16.2 -2.3 -0.5 5.8 2.4 4.4 35.4 8.1 -0.0 6.3 19.0 7.1 20.5 -2.1 3.0 0.7 16.0 -2.7 -11.8 2.0 1.3 1.9 22.8 14.4 -1.4 12.0 1.8 2.6 15.1 25.3 0.3 -5.4 4.4 3.5 25.9 -34.5 -36.0 10.6 0.6 0.9 42.9 22.1 6.4 -6.2 0.1 16.0 -20.7 20.1 24.5 3.8 3.3 -11.5 49.2 1.2 1.6 -0.4 1.3 2.4 19.8 14.2 -37.9 17 18 19 20 21 22 46.4 69.4 36.1 31.9 52.1 -90.6 132.6 -104.6 178.6 6.2 128.3 23 17 18 19 20 21 22 23 Other insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises Discrepancy--unallocated assets F.208 Open Market Paper Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -5.1 35.7 74.3 102.6 184.1 107.7 142.3 198.6 108.5 171.1 258.1 1 2.5 38.6 75.1 101.6 186.8 103.7 141.4 195.8 103.8 177.6 270.1 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 10.0 -9.6 -3.1 -6.5 21.4 -26.1 -12.3 -13.9 18.1 13.5 5.4 8.1 -0.9 11.3 -1.9 13.2 13.7 3.7 -2.3 6.0 -14.2 37.5 4.9 32.6 -24.1 4.4 -0.8 5.2 7.2 15.5 -3.1 18.6 20.3 10.4 1.7 8.7 14.5 -11.6 -6.3 -5.2 12.8 0.7 -1.3 1.9 3 4 5 6 7 8 9 10 11 12 Financial sectors Commercial banking ABS issuers Finance companies REITs Funding corporations 2.1 5.2 4.7 -0.1 -0.3 -7.3 43.3 5.9 12.4 22.5 -0.6 3.0 43.4 -1.4 37.3 -2.9 -0.0 10.5 91.3 1.9 45.4 9.0 0.0 34.9 169.4 6.0 89.4 23.9 0.0 50.1 80.4 -5.1 51.4 13.3 0.0 20.7 161.1 -4.5 62.0 -0.2 0.0 103.8 173.2 -0.8 47.6 42.6 0.0 83.7 73.1 10.0 35.0 41.2 0.0 -13.2 174.6 2.4 110.5 -17.5 0.0 79.2 256.6 12.3 164.2 29.3 0.0 50.8 7 8 9 10 11 12 13 Bankers acceptances (1) -7.7 -2.9 -0.8 1.0 -2.7 4.0 1.0 2.8 4.8 -6.5 -11.9 13 14 Net purchases, by sector -5.1 35.7 74.3 102.6 184.1 107.7 142.3 198.6 108.5 171.1 258.1 14 2 3 4 5 6 Total net issues, all types Commercial paper 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 15.6 2.4 3.7 5.9 1.2 -0.6 4.4 6.0 13.3 1.1 12.6 18.6 22.7 10.8 10.2 11.1 40.0 3.4 4.1 20.4 37.1 12.2 10.7 20.9 37.7 23.6 2.7 28.0 47.4 -8.7 -5.7 -30.6 39.6 -9.5 10.8 41.3 35.1 12.8 2.7 61.7 37.9 18.8 8.7 9.3 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0.0 -1.9 -0.3 -0.7 -3.2 0.0 -1.5 -0.2 -0.1 3.5 0.0 -0.1 0.0 -1.6 0.2 0.0 0.8 0.1 -0.3 -0.4 0.0 -0.8 -0.3 -0.1 0.7 0.0 -2.3 -0.1 -0.3 -0.6 0.0 8.4 0.6 0.5 -0.2 0.0 -1.2 -1.2 -0.4 0.2 0.0 -0.4 -0.1 0.9 0.5 0.0 0.1 0.0 -1.0 0.9 0.0 -1.7 0.0 0.1 1.2 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 3.6 3.6 -0.1 5.9 -0.5 5.8 -7.3 -0.0 6.3 2.9 3.0 0.7 19.9 1.3 1.9 -5.7 1.8 2.6 -15.9 4.4 3.5 18.4 0.6 0.9 10.3 0.1 16.0 28.0 3.3 -11.5 22.8 1.3 2.4 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations -9.1 16.8 -1.7 -0.3 -39.3 22.7 4.4 14.4 -3.7 -26.2 48.4 7.1 -0.8 10.9 -34.3 38.4 -3.1 9.6 1.6 -5.6 62.1 9.8 -2.6 0.6 23.8 46.4 15.6 -4.6 -7.4 -18.7 30.3 -17.9 36.7 22.5 -22.5 108.6 13.1 31.2 6.1 19.9 -0.0 22.6 10.8 3.0 -37.1 96.1 -9.6 -59.2 -5.7 17.4 43.8 12.9 6.6 -1.1 95.2 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 44 Z.1, March 13, 1998 F.209 Treasury Securities Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 7 Net issues Savings bonds Other Treasury issues Net purchases Household sector Savings bonds Other Treasury issues 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 248.3 155.7 142.9 146.6 23.2 166.3 130.2 82.6 -97.3 41.9 65.6 1 14.7 233.7 8.0 147.7 5.1 137.9 2.0 144.6 -0.5 23.7 2.6 163.7 0.5 129.7 -3.6 86.2 -0.1 -97.2 0.6 41.3 1.1 64.6 2 3 248.3 155.7 142.9 146.6 23.2 166.3 130.2 82.6 -97.3 41.9 65.6 4 22.9 14.7 8.3 156.2 8.0 148.2 -38.9 5.1 -44.0 -102.5 2.0 -104.5 -237.9 -0.5 -237.4 -120.4 2.6 -123.0 -87.5 0.5 -88.0 -275.1 -3.6 -271.5 -236.6 -0.1 -236.5 -166.9 0.6 -167.4 -273.0 1.1 -274.0 5 6 7 -11.8 0.3 29.6 2.0 0.7 -77.8 -4.8 0.4 -76.2 1.8 0.5 -1.8 15.9 0.7 -12.7 1.8 0.5 -16.3 -16.5 0.5 -18.7 51.8 0.6 -15.7 -25.9 0.7 4.4 17.9 0.8 -44.2 19.6 0.9 4.8 8 9 10 8 9 10 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 11 12 Rest of the world Monetary authority 73.3 37.0 65.0 32.5 168.5 13.7 266.8 12.7 156.0 39.8 275.5 11.8 404.4 8.8 284.4 38.3 131.9 49.2 172.1 16.6 35.8 55.2 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 27.8 20.6 6.5 -0.8 1.5 -31.8 -27.0 -3.5 -0.7 -0.6 -11.7 -40.4 29.6 -1.2 0.2 -16.9 -34.7 18.4 0.6 -1.3 8.0 -6.1 13.9 -0.1 0.3 -24.6 -23.6 -0.7 2.2 -2.4 -31.6 -67.7 35.4 2.8 -2.1 37.1 -16.6 53.1 -1.8 2.4 -38.3 -3.1 -32.9 -2.7 0.4 -20.2 -40.3 19.0 -0.9 2.0 53.2 35.5 16.3 5.1 -3.7 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates -5.7 2.6 0.3 -1.1 -0.5 -0.6 -8.7 -3.8 -3.3 -1.0 -0.9 2.9 -2.8 -1.7 0.0 -7.0 -3.3 4.0 -1.3 -3.3 3.8 -1.5 1.6 4.1 -2.6 -0.2 -0.7 -4.3 -8.0 0.1 -2.8 -0.3 -3.5 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 20.1 14.2 15.7 15.2 -2.9 9.4 31.6 8.0 1.0 0.5 21.0 4.8 -14.9 -12.6 12.4 14.7 3.7 7.2 19.3 23.1 4.5 -15.4 11.4 -6.3 -34.3 -16.5 6.0 4.3 -0.0 0.9 14.9 7.9 2.5 11.5 17.1 21.7 11.6 8.1 17.6 44.7 0.7 8.2 27.5 17.9 21 22 23 24 25 26 27 28 29 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 1.0 31.4 2.1 -7.1 -20.7 -13.3 -6.8 -1.0 0.4 -14.4 3.8 11.2 -1.5 6.1 61.0 20.3 8.9 0.1 -12.9 -31.1 -4.0 4.8 -0.8 -3.1 7.8 5.6 -4.5 0.1 8.3 40.4 2.1 2.8 0.1 -57.5 -35.4 -30.9 12.6 0.1 -8.1 -40.2 1.3 10.9 -0.6 -26.7 -16.9 -6.5 25.3 -1.0 40.7 -62.7 19.9 -29.7 -1.5 -18.4 151.1 25 26 27 28 29 256.1 155.9 144.4 145.0 23.1 163.2 126.9 81.2 -97.1 40.9 67.4 30 Memo: 30 Federal government borrowing (1) (1) Total issues of Treasury securities (table F.209, line 1) plus budget agency securities (table F.210, line 2) and federal mortgage borrowing (table F.217, line 12). 45 Z.1, March 13, 1998 F.210 Agency Securities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 6 7 8 Net issues Budget agencies Government-sponsored enterprises Federally related mortgage pools Net purchases Household sector Nonfinancial corporate business State and local governments 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 173.1 292.5 205.6 229.9 213.3 219.8 249.5 104.3 286.4 160.1 302.4 1 7.8 80.6 84.7 0.2 176.9 115.4 1.5 105.9 98.2 -1.6 90.4 141.1 -0.1 99.0 114.4 -3.1 80.0 142.9 -3.3 123.3 129.6 -1.4 -8.9 114.6 0.2 198.1 88.1 -0.9 46.4 114.6 1.7 160.4 140.3 2 3 4 173.1 292.5 205.6 229.9 213.3 219.8 249.5 104.3 286.4 160.1 302.4 5 -34.4 10.5 0.1 145.2 0.8 11.6 24.7 -1.0 -25.1 123.4 8.4 -50.3 85.9 -17.3 -15.8 205.0 9.9 -126.5 110.1 16.5 -126.4 91.0 -36.5 -39.2 131.3 -19.9 0.6 23.8 -6.9 -45.4 97.6 -6.0 20.8 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 35.4 -0.8 0.0 21.7 -1.0 0.0 28.7 -1.0 0.0 48.9 -0.4 0.0 43.6 -1.5 0.0 53.5 -0.3 0.0 56.8 -0.3 0.0 32.3 -0.9 0.0 41.1 -2.0 0.0 60.5 -2.3 0.0 40.4 -1.0 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 44.7 36.2 7.4 0.9 0.2 5.5 1.8 1.5 1.7 0.5 38.7 23.4 14.3 -0.2 1.3 28.2 15.3 12.4 0.3 0.2 75.3 60.4 12.3 0.6 2.0 8.6 -4.3 11.5 -0.5 1.9 79.2 52.6 25.3 1.0 0.3 59.1 36.9 20.2 -1.5 3.5 50.3 37.2 10.8 2.7 -0.3 59.6 50.0 11.4 -3.5 1.6 132.3 117.5 6.9 4.6 3.4 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates 4.2 7.7 0.9 12.6 4.5 -0.5 4.7 4.9 -2.0 -8.5 4.9 1.6 -1.3 -2.3 6.9 -19.3 2.6 2.2 -16.8 3.5 2.1 0.1 1.2 2.3 14.1 3.6 7.5 -19.2 1.6 7.0 -0.1 -15.7 11.0 17 18 19 20 21 22 23 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 27.6 1.3 8.0 -4.4 11.3 1.6 18.3 7.1 8.7 2.3 12.0 19.8 1.3 2.8 6.9 13.0 8.5 0.2 11.8 0.3 31.1 1.4 5.6 3.2 7.0 11.7 2.5 15.3 -4.3 0.3 8.8 6.0 10.8 -5.9 10.1 -17.1 14.2 3.2 11.1 7.3 13.2 3.3 17.0 4.8 20 21 22 23 24 25 26 27 28 Money market mutual funds Mutual funds Government-sponsored enterprises ABS issuers Brokers and dealers 13.5 17.9 18.4 14.7 7.8 9.4 -3.6 63.1 0.6 -15.8 13.7 7.7 57.4 2.3 9.0 11.0 6.2 59.6 -28.4 1.2 -5.5 6.8 69.2 -46.7 -4.8 20.1 -3.1 55.5 -22.9 -6.8 28.9 1.9 78.0 -55.1 34.8 -39.0 8.7 58.9 -39.1 -5.6 4.9 7.6 86.1 -36.4 -0.3 -19.1 17.6 64.4 -68.0 50.6 31.2 -6.7 67.3 -43.2 -63.8 24 25 26 27 28 (1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government-sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total borrowing of the federal government, which is shown in table F.209, line 30. 46 Z.1, March 13, 1998 F.211 Municipal Securities and Loans Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 74.8 -35.9 -48.2 2.6 70.2 -64.7 41.6 43.7 95.9 51.8 89.3 1 2 3 4 State and local governments Short-term (1) Long-term 62.9 1.8 61.1 -45.3 -2.2 -43.2 -49.4 1.2 -50.7 0.9 6.3 -5.3 61.1 7.0 54.1 -61.1 5.3 -66.4 39.4 12.0 27.3 45.4 -4.2 49.6 79.6 5.9 73.8 42.2 10.2 32.0 77.1 16.3 60.9 2 3 4 5 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 11.9 14.5 13.8 19.1 29.0 16.8 20.8 19.5 33.4 27.8 35.1 5 6 7 Net change in liabilities 1994 Net change in assets -0.1 -5.1 -12.6 -17.5 -19.9 -20.4 -18.6 -21.2 -17.2 -18.2 -23.0 6 74.8 -35.9 -48.2 2.6 70.2 -64.7 41.6 43.7 95.9 51.8 89.3 7 8 9 10 Household sector Nonfinancial corporate business State and local governments -31.3 8.9 -1.0 -50.2 2.0 -0.9 -56.3 -1.3 -3.5 -22.6 -7.6 -3.2 25.8 -5.7 -0.4 -58.8 -25.7 -0.5 -27.1 -7.1 -0.1 30.5 -9.6 -0.0 53.4 12.4 0.0 -2.2 -13.1 0.1 21.4 -12.7 -1.9 8 9 10 11 12 13 Commercial banking Savings institutions Bank personal trusts and estates 1.7 0.1 12.9 -1.6 -0.1 5.3 -4.2 -0.0 -11.1 0.9 0.1 0.6 2.4 0.0 1.1 -0.3 0.4 2.7 5.0 0.1 1.7 1.1 -0.6 1.5 0.7 0.4 1.3 7.4 0.2 0.8 0.4 0.2 0.7 11 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 3.2 10.4 0.1 0.2 -1.9 7.4 0.1 -0.3 -0.9 7.0 0.1 0.1 1.5 14.4 0.1 0.0 1.8 9.0 0.1 0.3 1.1 5.0 0.1 0.7 4.0 28.5 0.0 0.0 0.6 1.3 0.1 -0.2 0.9 11.1 0.1 -0.0 1.5 11.7 0.1 1.9 4.3 11.9 0.1 -0.2 14 15 16 17 18 19 20 Money market mutual funds Mutual funds Closed-end funds 9.6 42.9 12.1 7.8 -4.3 1.6 14.3 3.2 6.2 16.8 3.1 0.8 22.5 9.0 0.8 12.8 1.3 0.8 22.5 1.4 0.8 16.7 3.7 0.8 8.0 3.5 0.8 33.4 11.6 0.8 31.8 17.3 0.8 18 19 20 21 22 Government-sponsored enterprises Brokers and dealers -0.6 5.8 0.8 -1.7 1.0 -2.7 -0.3 -1.9 1.1 2.4 -0.4 -3.7 -0.0 11.9 1.2 -3.2 -2.2 5.3 -1.1 -1.3 6.5 8.8 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). F.212 Corporate and Foreign Bonds Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 280.3 153.2 311.1 278.4 302.8 208.7 332.4 131.8 335.5 356.8 387.1 1 75.2 82.9 23.3 12.2 73.3 49.7 72.5 49.4 90.7 41.3 67.8 60.2 89.9 78.5 79.4 11.0 86.1 34.3 122.9 94.6 74.4 25.3 2 3 2 3 Nonfinancial corporate business Rest of the world (1) 4 5 6 Financial sectors Commercial banking Savings institutions 122.2 7.2 -1.5 117.6 7.7 -0.8 188.2 18.5 -0.0 156.5 7.8 -0.4 170.8 23.8 0.1 80.7 10.7 -1.4 164.0 18.6 -0.1 41.4 11.8 -0.3 215.1 35.3 -0.2 139.3 16.5 0.9 287.4 31.6 0.0 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 78.1 12.5 0.3 12.0 13.6 56.4 31.7 2.0 0.5 20.0 95.6 52.6 2.0 -5.0 24.4 86.6 32.5 2.8 -2.0 29.2 78.9 20.3 9.0 8.0 30.6 36.6 13.2 3.0 5.7 12.9 76.6 40.9 3.9 4.9 19.2 15.3 -31.5 3.4 -2.9 45.7 60.0 82.5 5.5 34.9 -2.9 59.1 6.1 12.1 -6.9 51.5 181.3 24.4 15.1 7.0 28.0 7 8 9 10 11 280.3 153.2 311.1 278.4 302.8 208.7 332.4 131.8 335.5 356.8 387.1 12 12 Net purchases 13 14 15 Household sector State and local governments Rest of the world (2) 36.2 5.6 30.4 35.8 5.4 38.0 60.0 7.1 58.1 -12.2 4.3 78.3 -10.8 1.3 84.0 -111.1 -3.4 88.7 -65.5 5.4 74.8 -116.2 -2.2 86.2 -3.5 -5.6 81.6 22.5 7.0 101.5 53.9 5.9 66.5 13 14 15 16 17 18 Commercial banking Savings institutions Bank personal trusts and estates 3.5 9.1 -1.1 4.3 -2.4 -0.4 8.4 -8.2 -3.1 1.4 -9.9 -0.5 27.9 -10.2 -0.3 1.0 -7.3 0.0 6.6 -30.7 -0.2 14.1 -2.9 -0.2 15.3 -2.8 -0.3 39.1 -34.8 -0.4 43.0 -0.1 -0.4 16 17 18 19 20 21 22 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 58.3 3.3 22.2 13.7 59.9 7.2 -7.7 1.2 90.7 12.7 27.0 -4.2 79.2 18.3 22.5 16.7 76.4 6.9 32.1 21.8 96.7 23.2 21.0 44.5 158.2 4.7 17.2 18.0 69.3 -3.0 25.9 -11.8 137.4 11.7 29.0 17.7 43.3 9.4 31.6 47.3 55.8 9.6 41.8 33.9 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Closed-end funds 5.4 50.6 5.8 3.4 3.2 -4.4 6.4 23.3 5.8 2.4 33.8 1.3 9.4 44.3 0.8 -1.9 18.3 1.3 -2.6 37.1 1.3 9.8 23.9 1.8 5.5 47.1 1.0 19.7 58.7 0.5 2.8 47.6 -0.2 23 24 25 26 27 28 Government-sponsored enterprises Brokers and dealers Funding corporations 11.1 22.2 4.0 8.5 -8.7 10.0 5.5 12.0 9.8 5.6 14.5 22.8 2.8 9.8 6.6 -2.8 13.1 27.3 44.1 49.0 14.9 -3.2 28.4 12.0 0.2 -2.9 4.1 -21.7 34.9 -1.7 36.0 -21.0 11.9 26 27 28 (1) Net purchases of foreign issues by U.S. residents. (2) Net purchases of U.S. issues by foreign residents. 47 Z.1, March 13, 1998 F.213 Corporate Equities (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1 Q1 Q2 Q3 Q4 137.7 24.6 -3.5 -7.0 -41.2 -100.1 -20.3 -55.7 -57.9 10.2 -61.5 1 2 Nonfinancial corporate business 21.3 -44.9 -58.3 -64.2 -79.9 -127.6 -56.0 -78.8 -90.4 -60.4 -90.0 2 3 Rest of the world (2) 63.4 48.1 50.4 58.8 38.0 32.7 42.3 47.0 53.0 62.2 -10.4 3 4 5 6 7 8 9 Financial sectors Commercial banking Other insurance companies Closed-end funds REITs Brokers and dealers 53.0 7.3 7.4 23.7 13.2 1.3 21.4 -3.3 6.5 2.4 11.1 4.7 4.4 -8.7 7.1 5.9 8.3 -8.1 -1.6 -14.3 6.2 0.7 12.3 -6.5 0.7 -27.8 2.9 -1.2 32.7 -5.9 -5.1 -21.2 8.0 0.7 13.2 -5.8 -6.7 -14.8 1.8 0.7 17.2 -11.7 -23.9 -52.8 2.8 0.7 21.7 3.8 -20.6 -30.8 2.2 -0.7 26.1 -17.4 8.4 -20.6 4.0 -1.7 35.2 -8.6 38.8 -6.9 2.6 -2.9 47.7 -1.6 4 5 6 7 8 9 137.7 24.6 -3.5 -7.0 -41.2 -100.1 -20.3 -55.7 -57.9 10.2 -61.5 10 10 Net issues 1997 Q4 Net purchases 11 12 13 Household sector State and local governments Rest of the world (3) -56.2 1.5 20.9 -157.5 1.3 0.9 -173.2 12.1 16.6 -290.2 16.9 12.2 -339.6 13.7 65.1 -340.3 5.4 -3.2 -366.5 13.3 12.8 -292.1 5.8 26.5 -373.6 40.0 90.2 -399.2 8.9 92.8 -293.6 0.2 50.8 11 12 13 14 15 16 Commercial banking Savings institutions Bank personal trusts and estates 0.9 1.7 -55.2 -1.4 -1.8 -8.8 2.1 0.7 -17.9 1.8 0.6 -23.2 -4.2 0.2 -19.6 1.9 0.0 -22.1 2.7 0.6 -20.0 -18.1 -0.4 -21.2 -1.6 1.4 -17.9 0.0 -0.6 -18.4 3.0 0.2 -20.9 14 15 16 17 18 19 20 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 36.3 0.8 15.5 44.3 61.8 1.1 -4.0 29.3 18.6 -0.6 6.2 41.3 42.1 -6.8 -2.3 52.2 53.5 2.5 -23.6 44.3 47.7 3.0 4.0 79.8 77.7 -15.7 11.3 59.5 35.1 3.2 -18.2 57.3 54.6 1.1 -7.8 41.8 84.9 3.2 -22.6 55.1 39.5 2.6 -45.9 23.0 17 18 19 20 21 22 23 Mutual funds Closed-end funds Brokers and dealers 115.3 3.7 8.1 100.8 6.1 -3.4 87.4 -4.6 7.7 193.0 -1.5 -1.9 167.2 -2.0 1.3 139.2 -1.5 -14.0 179.0 -1.5 26.5 166.0 -2.0 2.5 121.6 -2.0 -5.8 194.0 -2.0 14.1 187.4 -2.0 -5.8 21 22 23 (1) Excludes mutual fund shares shown on table F.214. (2) Net purchases of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Net purchases of U.S. issues by foreign residents. F.214 Mutual Fund Shares Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net issues 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 1 2 Net purchases 292.0 100.6 147.4 237.6 259.0 171.9 176.3 253.4 240.9 303.7 238.2 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 205.7 6.8 6.5 67.4 2.1 7.8 109.9 4.6 5.9 180.5 3.3 2.0 190.9 3.0 2.6 121.4 3.3 2.0 124.4 3.3 2.2 170.4 3.0 2.1 177.7 3.0 2.7 233.4 3.0 2.6 182.0 3.0 3.0 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates 0.5 0.1 44.9 -1.9 -1.6 21.7 0.3 0.2 -11.1 0.3 -0.3 16.4 5.5 -0.1 14.3 -0.3 -0.7 15.3 1.5 -0.7 14.0 17.9 -0.1 16.0 4.9 -0.1 13.5 -1.5 -0.1 14.8 0.8 -0.1 12.9 6 7 8 Life insurance companies Private pension funds 6.3 21.1 -14.9 20.1 13.5 24.1 7.0 28.3 5.4 37.4 7.0 23.9 7.0 24.6 3.5 40.6 5.4 33.9 8.4 43.1 4.3 32.2 9 10 9 10 48 Z.1, March 13, 1998 F.215 Bank Loans Not Elsewhere Classified Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Total loans by commercial banking, flow of funds basis 83.6 183.7 239.8 174.2 235.1 191.0 212.6 249.2 308.6 123.5 259.3 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit -1.9 47.3 32.8 12.7 -1.5 64.9 63.1 -5.7 -0.1 77.5 43.2 4.6 0.8 55.2 24.8 1.3 -0.8 98.8 -14.2 21.7 -2.3 40.5 25.4 -16.4 8.4 93.5 26.0 24.5 -1.2 87.2 -44.8 54.2 -0.4 126.7 24.0 31.5 0.1 107.6 -28.1 -4.7 -1.7 73.8 -7.9 5.7 2 3 4 5 6 = Banking sector total bank loans n.e.c. -7.2 62.9 114.7 92.1 129.7 143.8 60.1 153.8 126.8 48.7 189.4 6 8.8 -13.7 -1.8 -0.5 46.2 15.1 -0.1 1.7 77.0 35.4 0.4 1.8 58.2 32.2 0.2 1.4 109.3 19.2 -0.0 1.2 89.3 52.6 0.6 1.3 52.3 6.2 1.4 0.3 119.8 35.2 -1.6 0.3 93.4 32.1 -0.2 1.5 77.2 -28.7 -1.0 1.2 146.8 38.2 2.7 1.7 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. -7.2 62.9 114.7 92.1 129.7 143.8 60.1 153.8 126.8 48.7 189.4 12 13 Net change in liabilities -7.2 62.9 114.7 92.1 129.7 143.8 60.1 153.8 126.8 48.7 189.4 13 7.1 76.6 110.5 75.3 116.1 141.2 39.7 146.8 121.9 32.0 163.7 14 9.8 -10.8 5.3 2.1 13.4 42.7 17.2 1.9 15.7 62.8 22.5 1.1 -3.6 47.8 21.4 0.6 8.5 74.1 21.5 3.5 11.7 103.6 23.4 -2.1 -18.7 28.1 20.0 2.5 29.2 94.6 24.0 -0.3 15.3 65.7 23.0 6.4 -41.4 47.5 18.0 0.6 30.9 88.6 21.0 7.4 15 16 17 18 0.7 -1.0 1.2 0.5 1.4 -0.2 0.0 1.6 8.5 0.4 2.1 5.9 9.1 0.3 3.4 5.4 8.5 -0.8 -0.5 9.8 4.7 -0.5 -1.8 7.0 7.8 -1.2 6.5 2.5 -0.7 -3.5 -2.2 5.1 11.5 0.2 -1.2 12.4 7.3 0.8 -1.2 7.7 15.7 -0.7 2.6 13.9 19 20 21 22 -14.4 -13.7 4.2 16.8 13.6 2.6 20.4 7.0 4.9 16.7 25.7 23 -0.5 -13.7 0.0 -0.2 0.9 -5.6 -11.5 2.5 5.2 0.5 0.4 -1.9 1.4 4.4 12.4 -1.5 3.5 4.4 4.8 0.8 -1.1 4.2 1.7 -2.2 5.8 3.1 12.1 -0.6 4.1 -3.8 5.9 0.8 -1.1 0.1 5.0 0.8 3.7 8.5 3.6 0.8 7.1 12.9 4.9 0.8 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Household sector Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 49 Z.1, March 13, 1998 F.216 Other Loans and Advances Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Total other loans and advances -0.8 50.3 70.1 62.5 99.8 99.7 32.4 11.7 83.6 108.5 195.6 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises -2.9 -1.2 0.2 0.6 -0.7 -0.6 -1.1 0.0 -13.5 -4.4 -0.1 -2.5 -0.6 0.1 -1.3 -4.8 12.9 11.3 1.9 1.2 -1.2 0.5 -0.8 0.0 -0.2 3.1 -1.3 -0.3 -1.1 0.4 -1.0 0.0 9.5 11.4 -0.3 1.8 -0.5 -1.2 -1.8 0.0 2.7 6.0 -1.7 0.2 -0.5 0.8 -2.0 0.0 3.6 7.2 -0.0 -1.8 -0.5 0.4 -1.6 0.0 10.6 18.2 -0.6 0.0 -0.5 -4.8 -1.7 0.0 8.1 8.1 -0.1 0.8 -0.5 0.4 -0.6 0.0 7.9 12.7 -0.2 -0.1 -0.5 -0.4 -3.5 0.0 11.2 6.6 -0.1 6.5 -0.4 -0.1 -1.3 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business -15.8 -15.8 1.6 1.6 0.0 0.0 4.1 4.1 12.4 12.4 46.7 46.7 -31.6 -31.6 -4.9 -4.9 7.1 7.1 6.8 6.8 40.5 40.5 10 11 12 13 14 Customers liability on acceptances outstanding (Commercial banking asset) Liab.: Nonfinancial corporate business Rest of the world -6.4 -3.3 -3.1 -2.4 -2.1 -0.3 -0.6 -0.8 0.3 1.0 -0.7 1.8 -2.8 -2.6 -0.2 4.0 -1.4 5.4 1.1 2.2 -1.2 1.8 -0.5 2.2 4.1 3.2 0.8 -4.4 -5.3 1.0 -12.6 -7.8 -4.8 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business -1.6 -0.8 -0.8 -0.5 -0.3 -0.3 2.5 1.2 1.2 3.0 1.5 1.5 3.0 1.5 1.5 6.4 3.2 3.2 -1.0 -0.5 -0.5 4.0 2.0 2.0 1.7 0.9 0.9 5.2 2.6 2.6 1.1 0.5 0.5 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 5.6 -0.0 5.7 7.8 -0.0 7.8 10.5 0.1 10.4 4.5 0.0 4.5 5.4 -0.0 5.4 11.8 0.0 11.8 -5.9 0.0 -5.9 5.9 0.0 5.9 6.9 -0.0 6.9 3.0 -0.0 3.0 6.0 -0.0 6.0 18 19 20 21 22 23 24 25 26 27 28 Govt.-sponsored enterprises loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 26.5 2.7 1.2 0.2 8.6 13.3 0.2 0.2 27.2 3.7 0.0 0.8 9.3 12.7 0.2 0.3 11.2 3.9 2.5 1.4 6.2 -2.6 -0.1 -0.1 28.8 -0.6 -1.2 2.7 2.3 24.5 0.1 1.1 31.6 -4.4 0.0 0.0 19.5 16.2 0.1 0.2 28.4 -2.7 -3.2 0.9 5.1 28.3 0.3 -0.4 36.2 3.4 -4.1 5.6 11.7 17.3 0.3 2.0 -20.9 -3.8 -0.0 3.0 -0.1 -20.6 -0.2 0.8 57.4 -5.8 3.5 -3.3 29.6 33.1 0.2 0.1 34.0 -4.2 2.0 -1.3 19.6 17.6 0.2 0.2 55.7 -3.9 -5.5 1.7 28.8 34.6 0.3 -0.3 21 22 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Households (1) Nonfinancial corporate business 9.7 0.0 9.7 4.3 0.0 4.3 6.9 1.0 5.9 13.3 5.3 8.1 31.5 8.3 23.2 -6.5 4.0 -10.5 24.0 5.1 19.0 -11.1 6.8 -17.9 12.1 8.3 3.8 0.7 8.2 -7.5 124.3 10.0 114.3 29 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business -15.9 -14.3 -1.6 25.9 23.3 2.6 26.7 24.0 2.7 7.9 7.1 0.8 9.3 8.4 0.9 6.1 5.5 0.6 6.1 5.5 0.6 26.3 23.7 2.6 -13.9 -12.5 -1.4 55.2 49.7 5.5 -30.5 -27.5 -3.1 32 33 34 (1) Student loans. 50 Z.1, March 13, 1998 F.217 Total Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Net change in mortgages 128.7 186.2 214.2 323.1 347.8 266.1 344.4 279.1 330.6 354.9 426.4 1 2 3 4 5 Home Multifamily residential Commercial Farm 156.6 -5.5 -23.5 1.0 179.0 5.2 -0.3 2.2 175.8 12.7 24.1 1.6 262.1 21.6 36.9 2.6 257.5 25.6 61.4 3.2 238.5 16.2 9.3 2.2 249.6 32.4 60.8 1.6 229.9 16.1 31.1 2.1 226.5 25.9 74.0 4.1 261.5 19.7 69.4 4.3 312.2 40.6 71.3 2.4 2 3 4 5 128.7 186.2 214.2 323.1 347.8 266.1 344.4 279.1 330.6 354.9 426.4 6 129.3 162.8 168.0 266.3 252.0 234.0 261.6 211.1 224.2 263.1 309.5 7 6 7 Net borrowing Household sector 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm -4.1 -3.6 -1.5 1.0 13.6 25.2 -13.8 2.2 40.4 42.8 -4.1 1.6 45.4 23.4 19.4 2.6 81.8 43.5 35.0 3.2 19.3 13.4 3.7 2.2 68.4 22.8 44.0 1.6 52.0 31.9 18.0 2.1 92.4 48.3 40.0 4.1 77.8 37.5 36.0 4.3 104.9 56.5 46.1 2.4 8 9 10 11 12 13 Federal government REITs -0.0 3.6 0.0 9.8 0.0 5.9 0.0 11.4 0.0 14.0 0.0 12.9 0.0 14.3 0.0 16.0 0.0 14.0 0.0 14.0 0.0 12.0 12 13 14 Net change in assets 128.7 186.2 214.2 323.1 347.8 266.1 344.4 279.1 330.6 354.9 426.4 14 -6.6 -7.8 -1.5 -9.7 4.1 -0.1 -4.6 5.1 -0.1 -3.7 7.5 -0.1 -4.7 8.0 -0.0 -33.6 8.0 -0.1 9.6 8.0 -0.1 18.2 8.0 -0.1 -14.2 8.0 -0.0 -33.8 8.0 -0.0 11.1 8.0 0.0 15 16 17 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 18 19 State and local governments Federal government -5.4 -15.4 2.2 -14.0 3.3 -13.2 3.8 -7.5 3.9 -4.5 4.3 -9.8 6.8 -7.8 2.6 -8.6 4.3 -2.5 4.7 -4.9 4.0 -2.1 18 19 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 47.3 -29.5 -0.1 -0.3 64.9 -2.2 6.1 -0.2 77.5 0.6 4.4 0.5 55.2 31.6 9.5 -0.3 98.8 1.4 10.3 0.8 40.5 65.2 6.7 -0.5 93.5 2.1 11.8 -0.1 87.2 -7.8 4.5 0.3 126.7 10.7 14.0 0.6 107.6 2.8 15.2 1.0 73.8 -0.1 7.4 1.3 20 21 22 23 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -17.6 -1.4 -0.1 -1.9 -13.5 -0.7 3.6 0.7 -3.4 -1.0 1.3 0.7 -2.1 -0.4 1.6 0.8 5.4 -0.1 2.4 0.9 -16.4 -0.1 1.4 0.8 5.0 -0.6 0.9 0.8 4.6 0.3 2.1 0.8 6.2 -0.4 2.1 0.9 5.4 -0.0 2.4 0.9 5.5 -0.1 2.9 0.9 24 25 26 27 28 29 30 Government-sponsored enterprises (1) Federally related mortgage pools ABS issuers 41.3 84.7 45.5 3.6 115.4 41.2 4.4 98.2 36.3 1.7 141.1 62.6 -3.9 114.4 97.7 -3.1 142.9 45.7 0.4 129.6 74.7 -14.0 114.6 58.7 -6.5 88.1 72.1 -1.6 114.6 113.9 6.6 140.3 146.3 28 29 30 31 32 33 Finance companies Mortgage companies REITs -3.1 -0.0 0.6 4.2 -24.0 4.7 5.6 -3.4 2.2 10.2 8.2 3.5 5.3 6.7 5.0 7.6 3.4 3.4 1.6 4.1 3.9 2.9 -0.3 5.0 5.6 10.0 5.0 6.6 7.2 5.0 6.0 9.7 5.0 31 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 51 Z.1, March 13, 1998 F.218 Home Mortgages (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 2 3 4 5 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 156.6 179.0 175.8 262.1 257.5 238.5 249.6 229.9 226.5 261.5 312.2 1 121.6 0.7 34.3 170.2 0.8 8.1 172.0 0.9 2.9 258.2 0.9 3.0 251.0 0.9 5.6 233.4 0.9 4.2 244.2 0.9 4.5 224.3 0.9 4.7 220.2 0.9 5.4 254.6 0.9 5.9 304.8 1.0 6.5 2 3 4 156.6 179.0 175.8 262.1 257.5 238.5 249.6 229.9 226.5 261.5 312.2 5 Household sector Nonfinancial corporate business Nonfarm noncorporate business -8.6 -5.8 0.2 -10.3 1.6 -0.0 -7.5 2.8 -0.0 -3.1 3.2 -0.0 -3.4 2.9 -0.0 -33.1 3.8 -0.0 11.8 3.1 -0.0 19.8 3.7 -0.0 -14.4 2.7 -0.0 -32.9 2.8 -0.0 14.0 2.5 -0.0 6 7 8 9 10 State and local governments Federal government -6.0 -6.0 1.0 -3.9 3.2 -5.0 2.3 -2.9 2.7 -0.7 3.4 -3.4 3.1 -0.2 2.3 -5.4 2.9 -0.1 2.8 2.7 2.7 -0.1 9 10 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 50.0 -19.6 -0.1 -0.3 55.1 7.6 6.1 -0.2 53.6 4.7 4.4 0.5 29.1 31.4 9.5 -0.3 63.9 5.3 10.3 0.8 19.2 62.3 6.7 -0.5 57.9 0.4 11.8 -0.1 69.3 -1.3 4.5 0.3 81.9 12.5 14.0 0.6 58.6 6.7 15.2 1.0 45.9 3.1 7.4 1.3 11 12 13 14 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds -2.6 -0.0 0.1 -1.6 0.8 0.4 0.3 0.3 0.5 -0.5 0.4 0.6 0.4 0.5 0.6 -4.3 0.3 0.6 2.3 0.2 0.6 0.1 0.5 0.6 0.2 0.5 0.6 1.0 0.5 0.6 0.4 0.6 0.7 15 16 17 18 19 20 Government-sponsored enterprises Federally related mortgage pools ABS issuers 39.8 86.1 32.9 2.6 115.4 23.7 3.9 93.7 19.3 1.0 135.5 34.1 -3.6 109.1 56.1 -3.2 135.8 33.2 1.2 122.4 24.0 -12.9 109.6 36.8 -5.7 82.4 33.4 -1.9 109.4 79.8 6.3 135.0 74.4 18 19 20 21 22 23 Finance companies Mortgage companies REITs -3.1 -0.5 0.1 4.2 -24.0 0.5 5.6 -4.5 0.2 13.4 8.2 0.4 6.9 5.2 0.5 12.7 4.8 0.4 6.8 4.0 0.4 4.7 -3.3 0.5 4.7 10.0 0.6 8.6 6.0 0.5 9.5 8.0 0.5 21 22 23 6 7 8 Net change in assets 1994 (1) Mortgages on 1-4 family structures. F.219 Multifamily Residential Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing -5.5 5.2 12.7 21.6 25.6 16.2 32.4 16.1 25.9 19.7 40.6 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 0.7 -7.3 0.8 1.3 0.9 9.8 0.9 16.9 0.9 20.0 0.9 11.1 0.9 26.7 0.9 9.9 0.9 20.4 0.9 14.1 1.0 35.7 2 3 4 5 Federal government REITs -0.0 1.2 0.0 3.2 0.0 1.9 0.0 3.8 0.0 4.6 0.0 4.2 0.0 4.7 0.0 5.3 0.0 4.6 0.0 4.6 0.0 4.0 4 5 6 Net change in assets -5.5 5.2 12.7 21.6 25.6 16.2 32.4 16.1 25.9 19.7 40.6 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.8 -0.2 -1.3 0.2 0.2 -0.0 0.6 0.2 -0.0 -0.3 1.0 -0.0 -0.4 1.0 -0.0 -0.4 1.0 -0.0 -0.4 1.1 -0.0 -0.5 1.2 -0.0 -0.6 1.2 -0.0 -0.6 1.3 0.0 0.2 0.5 0.0 7 8 9 10 11 State and local governments Federal government 0.4 -4.5 0.7 -2.6 0.6 -4.7 1.8 -2.5 0.7 -2.2 1.7 -3.7 3.5 -4.2 -0.2 -3.0 0.8 -0.6 1.4 -5.2 0.7 -0.2 10 11 12 13 Commercial banking Savings institutions 0.6 -2.4 0.7 -3.0 4.5 -2.4 2.8 -0.4 4.4 -2.0 4.2 2.5 1.0 1.1 3.8 -3.7 6.0 -2.3 2.1 1.1 5.8 -3.2 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds -1.8 -0.0 -0.1 -1.5 0.2 0.2 -0.5 0.1 0.2 -0.2 0.1 0.2 0.6 0.1 0.3 -1.5 0.1 0.2 0.2 0.0 0.2 0.5 0.1 0.2 0.7 0.1 0.2 0.5 0.1 0.3 0.6 0.1 0.3 14 15 16 17 18 19 Government-sponsored enterprises Federally related mortgage pools ABS issuers 1.7 -1.4 2.4 0.9 -0.0 6.2 0.6 4.5 6.4 -0.5 5.6 12.4 -1.2 5.3 14.6 -0.7 7.1 5.3 -0.9 7.2 22.2 -1.3 5.0 7.7 -1.9 5.7 13.5 -1.2 5.2 11.9 -0.7 5.3 25.2 17 18 19 20 21 22 Finance companies Mortgage companies REITs 0.0 0.1 0.4 0.0 0.0 3.1 0.0 1.1 1.4 -0.6 -0.1 2.3 -0.2 1.5 3.3 -0.4 -1.3 2.2 -1.4 0.1 2.5 0.1 3.0 3.3 -0.3 0.0 3.3 -1.7 1.2 3.3 1.1 1.7 3.3 20 21 22 7 8 9 52 Z.1, March 13, 1998 F.220 Commercial Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1 2 3 4 5 6 Net borrowing Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs Q1 Q2 Q3 Q4 -23.5 -0.3 24.1 36.9 61.4 9.3 60.8 31.1 74.0 69.4 71.3 1 7.7 -5.0 -28.5 2.4 -7.4 23.7 -23.1 6.6 -4.0 41.0 -16.8 3.9 8.1 21.6 -0.5 7.7 1.0 41.6 9.4 9.4 0.6 11.6 -11.5 8.6 17.5 20.9 12.7 9.6 -13.1 30.0 3.5 10.7 4.0 46.4 14.3 9.4 8.5 35.6 16.0 9.4 4.8 54.6 3.9 8.0 2 3 4 5 -23.5 -0.3 24.1 36.9 61.4 9.3 60.8 31.1 74.0 69.4 71.3 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.8 -1.7 -0.5 -0.3 2.3 -0.0 1.5 2.2 -0.0 -0.8 3.3 -0.0 -1.6 4.0 0.0 -0.8 3.2 -0.0 -1.0 3.8 -0.0 -1.1 3.1 -0.0 -1.3 4.1 -0.0 -1.4 3.9 0.0 -2.5 5.0 0.0 7 8 9 10 11 State and local governments Federal government 0.2 -4.5 0.5 -7.3 -0.5 -3.1 -0.2 -1.7 0.6 -0.6 -0.8 -2.0 0.2 -3.1 0.5 -0.1 0.7 -0.4 0.5 -0.5 0.6 -1.5 10 11 12 13 Commercial banking Savings institutions -4.3 -7.5 7.4 -6.8 18.1 -1.8 22.2 0.6 28.4 -1.9 16.0 0.4 33.2 0.6 12.6 -2.9 36.7 0.5 43.8 -5.0 20.4 -0.0 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -13.4 -1.4 -0.0 -1.9 -10.5 -0.7 2.6 0.1 -3.3 -1.0 0.9 0.0 -1.7 -0.4 1.2 -0.0 4.0 -0.1 1.7 -0.0 -10.8 -0.1 1.0 0.0 1.2 -0.6 0.7 0.0 3.5 0.3 1.5 -0.0 5.1 -0.4 1.5 -0.0 3.3 -0.0 1.8 -0.0 4.0 -0.1 2.1 -0.0 14 15 16 17 18 19 20 21 ABS issuers Finance companies Mortgage companies REITs 10.3 0.0 0.3 0.1 11.3 0.0 0.0 1.1 10.6 0.0 0.0 0.5 16.1 -2.6 0.0 0.8 27.1 -1.4 0.0 1.2 7.2 -4.7 0.0 0.8 28.5 -3.7 0.0 0.9 14.3 -1.9 0.0 1.2 25.1 1.2 0.0 1.2 22.1 -0.2 0.0 1.2 46.7 -4.6 0.0 1.2 18 19 20 21 7 8 9 Net change in assets 1997 Q4 F.221 Farm Mortgages Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net borrowing (Farm business) 1.0 2.2 1.6 2.6 3.2 2.2 1.6 2.1 4.1 4.3 2.4 1 2 Net change in assets 1.0 2.2 1.6 2.6 3.2 2.2 1.6 2.1 4.1 4.3 2.4 2 0.4 0.1 0.7 -0.0 0.9 -0.0 0.5 0.0 0.6 0.0 0.7 0.0 -0.8 0.0 -0.0 0.0 2.1 0.0 1.1 0.0 -0.6 0.0 3 4 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government -0.0 -0.5 -0.0 -0.3 -0.0 -0.5 -0.1 -0.5 0.0 -0.9 0.0 -0.6 0.0 -0.3 0.0 -0.2 0.0 -1.4 0.0 -1.9 0.0 -0.2 5 6 7 8 Commercial banking Savings institutions 1.0 -0.0 1.7 -0.0 1.3 -0.0 1.1 0.0 2.1 0.0 1.1 0.0 1.3 0.0 1.5 0.0 2.1 0.0 3.0 0.0 1.8 0.0 7 8 0.3 0.0 0.1 0.0 0.1 0.0 0.4 0.0 0.5 0.0 0.2 0.0 1.3 0.0 0.4 0.0 0.2 0.0 0.7 0.0 0.5 0.0 9 10 -0.2 -0.0 0.1 -0.0 -0.1 -0.0 1.1 -0.0 0.9 -0.0 0.8 -0.0 0.1 0.0 0.2 0.0 1.1 -0.0 1.4 0.0 1.0 0.0 11 12 9 10 Life insurance companies State and local govt. retirement funds 11 12 Government-sponsored enterprises Federally related mortgage pools 53 Z.1, March 13, 1998 F.222 Consumer Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 1 Net change in liabilities (Households) 60.7 124.9 138.9 88.8 53.8 81.9 38.6 70.8 60.0 53.0 31.5 1 2 Net change in assets 60.7 124.9 138.9 88.8 53.8 81.9 38.6 70.8 60.0 53.0 31.5 2 6.9 0.0 9.4 0.0 -1.6 0.0 -7.3 0.0 1.2 0.0 -15.4 0.0 -30.4 0.0 53.0 0.0 -16.6 0.0 1.3 0.0 -33.0 0.0 3 4 3 4 Nonfinancial corporate business Nonfarm noncorporate business 5 6 7 Commercial banking Savings institutions Credit unions 32.8 0.5 12.2 63.1 0.6 18.0 43.2 1.6 12.3 24.8 4.6 12.2 -14.2 2.5 9.5 25.4 11.4 15.4 26.0 -0.9 11.9 -44.8 4.6 11.5 24.0 2.5 7.5 -28.1 8.0 7.9 -7.9 -5.3 11.2 5 6 7 8 9 ABS issuers Finance companies 10.2 -1.9 15.6 18.3 65.6 17.7 54.2 0.3 47.2 7.6 45.7 -0.6 45.9 -13.9 30.8 15.8 32.4 10.2 60.5 3.3 65.3 1.3 8 9 F.223 Trade Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in trade payables 52.0 93.7 105.2 68.1 75.7 -15.9 97.2 66.8 63.4 131.9 40.6 1 7.4 4.2 8.5 1.4 3.0 -0.4 -2.8 -1.8 8.8 -0.2 5.0 2 36.4 -2.5 1.0 77.3 7.5 1.0 73.8 7.2 1.0 52.7 5.8 1.3 47.3 7.0 1.8 -31.5 5.9 -0.3 77.7 6.0 0.7 38.4 6.4 -1.1 42.7 7.0 3.5 88.2 7.0 0.9 20.0 7.6 4.0 3 4 5 State and local governments Federal government 0.6 3.0 0.6 0.4 2.2 5.7 1.6 3.6 1.3 2.2 1.0 5.3 3.2 4.4 2.4 4.1 0.2 6.2 0.9 -1.4 1.6 -0.3 6 7 Rest of the world Brokers and dealers 3.3 2.7 3.6 -0.9 5.7 1.1 -2.3 4.0 7.5 5.6 -1.5 5.7 8.6 -0.7 5.1 13.4 0.1 -5.1 7.4 29.1 17.5 -14.9 8 9 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 8 9 10 Net change in trade receivables 56.2 93.3 134.3 102.0 109.1 87.7 139.9 51.6 136.5 149.1 99.2 10 11 12 Nonfinancial corporate business Nonfarm noncorporate business 50.7 -0.8 71.9 14.0 98.9 11.5 61.3 8.2 53.5 9.0 37.1 8.2 83.7 8.2 -4.3 8.6 105.2 8.8 79.8 9.0 33.2 9.6 11 12 13 14 Federal government Rest of the world -2.4 4.5 -3.8 2.1 -1.6 0.6 1.2 6.4 1.4 3.5 2.7 12.6 4.6 9.2 -1.3 7.3 5.2 3.6 -2.6 3.4 4.3 -0.3 13 14 15 16 Other insurance companies ABS issuers 1.7 2.6 2.2 6.8 4.4 20.5 -0.1 25.0 5.4 36.3 0.5 26.5 -9.7 43.8 16.3 25.0 2.2 11.5 0.2 59.3 3.0 49.5 15 16 -4.3 0.3 -29.1 -33.9 -33.4 -103.5 -42.7 15.2 -73.1 -17.2 -58.6 17 17 Discrepancy F.224 Security Credit Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in liabilities 61.4 -0.1 26.7 52.4 103.8 5.3 125.2 117.1 137.4 79.7 81.2 1 2 3 Household sector Rest of the world 22.6 0.0 -1.1 0.0 3.5 0.0 15.8 0.0 34.3 0.0 -11.7 0.0 29.9 0.0 26.8 0.0 37.6 0.0 67.8 0.0 5.1 0.0 2 3 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 38.7 26.0 4.1 8.6 1.0 6.7 -4.6 -1.2 23.1 18.6 8.3 -3.7 36.6 35.3 -4.8 6.2 69.5 47.9 4.2 17.5 16.9 33.3 -7.8 -8.6 95.3 70.8 11.4 13.2 90.4 36.2 22.5 31.6 99.7 68.3 -11.5 42.9 11.9 16.6 9.6 -14.4 76.0 70.4 -4.0 9.7 4 5 6 7 8 Net change in assets 61.4 -0.1 26.7 52.4 103.8 5.3 125.2 117.1 137.4 79.7 81.2 8 9 10 Household sector Rest of the world 26.0 0.0 6.7 0.0 18.6 0.0 35.3 0.0 47.9 0.0 33.3 0.0 70.8 0.0 36.2 0.0 68.3 0.0 16.6 0.0 70.4 0.0 9 10 11 12 Commercial banking Brokers and dealers 12.7 22.6 -5.7 -1.1 4.6 3.5 1.3 15.8 21.7 34.3 -16.4 -11.7 24.5 29.9 54.2 26.8 31.5 37.6 -4.7 67.8 5.7 5.1 11 12 54 Z.1, March 13, 1998 F.225 Life Insurance and Pension Fund Reserves Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 Life insurance reserves: 1 2 3 4 Net change in liabilities Federal government Life insurance companies Net change in assets (Households) 36.0 34.5 44.9 43.6 57.0 59.2 66.7 39.8 77.5 62.8 48.0 1 0.3 35.7 0.2 34.3 0.1 44.8 -0.3 43.8 0.4 56.7 -1.2 60.4 -0.2 66.9 -0.9 40.7 2.3 75.2 -1.2 64.0 1.2 46.8 2 3 36.0 34.5 44.9 43.6 57.0 59.2 66.7 39.8 77.5 62.8 48.0 4 255.6 246.1 233.9 227.2 298.6 221.6 277.0 243.3 337.3 311.8 302.0 5 Pension fund reserves: 5 Net change in liabilities 6 7 Federal government Life insurance companies 27.6 73.9 27.8 81.0 15.9 65.7 44.4 39.9 30.4 93.8 30.5 54.9 35.5 75.3 21.9 80.3 25.3 126.6 41.2 89.7 33.3 78.7 6 7 8 9 Private pension funds (1) State and local govt. retirement funds 98.4 55.7 78.8 58.6 96.1 56.2 84.7 58.2 83.4 91.0 82.8 53.5 92.5 73.7 73.9 67.3 86.3 99.2 79.9 101.1 93.8 96.3 8 9 255.6 246.1 233.9 227.2 298.6 221.6 277.0 243.3 337.3 311.8 302.0 10 10 Net change in assets (Households) (1) Includes unallocated insurance company contracts beginning 1985:Q4. F.226 Taxes Payable by Businesses Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Net change in taxes payable by all businesses 11.4 2.6 4.6 14.0 20.1 12.5 16.6 30.4 1.8 29.9 18.1 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 5.4 0.7 -0.4 0.8 -0.0 0.8 9.6 0.8 15.0 0.7 8.3 0.8 11.2 0.8 27.0 0.8 -2.6 0.7 23.5 0.7 12.2 0.7 2 3 4 5 U.S.-chartered commercial banks Savings institutions 0.5 0.6 0.7 -0.9 0.9 0.5 1.2 -0.1 1.4 0.4 1.2 0.2 1.3 0.2 1.3 -0.2 1.4 0.5 1.4 0.9 1.5 0.4 4 5 6 7 Life insurance companies Other insurance companies 1.6 1.4 1.0 0.9 0.6 0.9 0.6 0.9 0.6 0.9 0.6 0.9 0.6 0.9 0.6 0.9 0.6 0.9 0.6 0.9 0.6 0.9 6 7 8 9 Finance companies Brokers and dealers 0.8 0.5 0.8 -0.2 1.0 -0.1 1.0 0.1 1.0 0.1 1.0 -0.5 0.9 0.7 1.0 -0.9 1.0 -0.6 1.0 0.9 1.0 0.9 8 9 -4.5 -14.0 -13.2 -2.3 -0.4 -7.8 -5.0 18.2 -26.5 18.7 -12.2 10 -3.2 -1.3 -6.0 -8.0 -9.4 -3.8 -4.6 2.3 0.3 -0.7 -3.9 -3.9 -4.9 -0.0 -1.3 19.5 -1.2 -25.3 1.8 16.8 1.7 -13.8 11 12 15.8 16.6 17.8 16.3 20.5 20.3 21.6 12.2 28.3 11.2 30.3 13 10 11 12 13 Net change in business taxes receivable State and local governments Federal government Discrepancy F.227 Investment in Bank Personal Trusts and Estates Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 Liab.: Bank personal trusts and estates 0.9 17.8 -49.7 12.5 26.4 19.2 19.8 23.5 26.3 28.9 26.9 1 2 Asset: Household sector 0.9 17.8 -49.7 12.5 26.4 19.2 19.8 23.5 26.3 28.9 26.9 2 F.228 Proprietors’ Equity in Noncorporate Business Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 2 3 4 Total household investment Nonfarm noncorporate business Farm business Brokers and dealers 24.6 59.0 39.5 22.6 15.8 44.5 5.9 22.6 19.7 19.7 1.2 1 26.9 -9.4 7.1 62.4 9.3 -12.7 38.3 -9.0 10.2 14.0 0.7 8.0 -1.4 5.4 11.9 25.2 10.7 8.5 -0.2 -4.4 10.5 10.6 6.3 5.7 -7.1 3.1 23.8 -10.4 12.5 17.6 1.1 -0.4 0.5 2 3 4 55 Z.1, March 13, 1998 F.229 Total Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 345.6 250.8 462.9 490.7 544.1 413.4 656.5 587.8 633.3 406.6 548.8 1 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 0.5 108.3 3.6 0.5 75.4 2.8 0.7 171.1 7.7 0.3 243.3 8.4 2.2 135.3 5.9 0.3 303.4 8.4 0.3 239.4 8.6 2.2 157.9 7.0 2.2 236.9 6.0 2.2 77.9 6.0 2.2 68.4 4.8 2 3 4 5 6 Federal government Rest of the world 0.7 113.8 3.9 69.4 4.5 116.5 -3.2 120.5 -2.3 125.4 -29.6 9.7 19.6 219.8 -17.3 146.8 22.4 197.9 -32.8 164.9 18.6 -8.1 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 1.0 90.4 -3.8 0.5 1.3 82.4 3.7 1.4 1.3 124.0 -0.6 -1.9 -0.2 20.1 -2.5 0.0 1.8 189.9 -3.7 0.5 0.8 -92.5 45.1 -2.3 7.5 51.4 -54.4 -1.6 -11.5 228.4 -28.3 4.5 8.7 203.2 17.1 0.3 -7.9 39.8 -13.3 5.6 18.1 288.1 9.6 -8.5 7 8 9 10 11 12 Life insurance companies Other insurance companies 13.7 15.8 3.6 16.4 11.4 23.0 15.5 12.3 22.4 18.5 15.9 23.5 48.2 2.8 15.1 14.3 20.6 9.6 29.0 32.0 24.8 18.3 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies -4.9 11.5 -0.1 -24.9 14.8 -12.5 6.1 21.6 -3.8 2.7 3.0 -4.3 12.7 -2.8 1.8 2.2 12.6 1.7 23.4 27.9 -7.9 31.3 29.2 -6.2 -19.9 -73.0 5.0 26.2 48.5 3.6 13.1 -16.0 4.8 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations -0.1 15.6 -21.0 2.9 1.6 8.1 1.4 12.6 -32.6 1.6 27.5 45.6 0.3 22.9 13.4 2.5 58.9 52.9 0.6 62.7 8.3 0.1 -11.4 25.7 0.1 15.1 -19.0 0.3 56.4 -31.9 0.4 31.3 78.9 16 17 18 535.7 396.5 573.5 611.5 827.2 653.5 637.5 777.1 954.6 688.3 888.6 19 13.1 261.3 9.0 1.5 5.4 166.6 15.7 2.0 15.8 265.1 12.7 2.7 9.0 295.9 9.8 2.9 23.7 243.6 12.5 4.5 21.4 325.4 9.3 3.6 6.1 302.5 12.2 1.3 12.9 282.9 11.0 4.0 20.9 250.4 11.8 4.5 39.8 208.2 12.9 4.7 21.1 233.0 14.1 4.6 20 21 22 23 4.6 -3.8 75.6 -0.1 3.3 48.6 27.1 -2.5 102.7 24.9 -6.4 108.0 30.2 -6.9 175.0 87.1 0.7 122.4 74.4 -16.9 43.4 66.7 -11.8 218.7 -27.6 -7.0 129.2 54.4 -9.2 160.5 27.2 0.4 191.7 24 25 26 19 Net change in liabilities 1994 Net change in assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 24 25 26 State and local governments Federal government Rest of the world 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates 2.6 87.2 -17.2 1.7 3.5 2.6 80.7 -8.1 -3.4 -3.1 -3.2 64.8 1.7 -0.8 -1.1 2.4 27.0 -1.8 -0.2 4.1 1.2 112.9 -3.6 3.5 3.6 13.2 -50.9 67.7 0.5 5.1 3.0 21.6 -53.4 -1.2 4.4 -1.1 66.8 -36.6 -2.2 4.1 8.6 169.1 1.2 10.5 3.8 -3.7 72.4 3.8 0.9 3.3 1.1 143.1 17.3 4.9 3.1 27 28 29 30 31 32 33 34 35 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds -7.3 2.8 9.8 -15.2 22.2 2.3 16.0 5.2 7.2 3.7 13.5 -16.0 -10.2 3.4 15.9 -42.1 9.2 5.3 11.9 -3.0 -12.8 3.7 21.9 -72.6 -11.8 4.6 22.0 -34.9 5.8 5.5 17.4 -4.8 4.7 3.8 10.4 9.8 22.1 6.4 1.4 -31.5 4.1 5.5 18.6 14.5 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises 11.0 0.3 6.3 6.9 2.5 -1.7 12.8 0.5 9.7 4.8 -1.7 12.3 19.1 2.8 15.4 -14.1 -20.2 2.5 -13.3 6.5 32.2 14.6 3.4 -31.2 33.1 7.6 26.7 32.4 4.8 13.3 -3.9 -4.8 52.9 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 25.7 3.0 49.6 10.6 -7.6 -0.1 24.8 15.6 21.0 1.3 10.3 24.5 22.0 -1.9 68.2 65.2 30.6 -0.9 83.4 53.3 25.0 -1.8 61.7 54.5 57.4 -1.2 72.4 106.0 -10.4 -3.0 48.2 116.2 57.5 -2.2 241.2 -13.4 -20.2 0.2 24.6 86.7 95.5 1.3 19.8 23.6 39 40 41 42 -190.1 -145.6 -110.6 -120.7 -283.0 -240.1 19.0 -189.3 -321.4 -281.7 -339.8 43 43 Discrepancy 56 Z.1, March 13, 1998 F.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 U.S. direct investment abroad (1): 1 2 3 4 5 6 7 8 9 10 Liab.: Rest of the world Equity Reinvested earnings Intercompany accounts 77.9 24.6 30.7 22.7 69.3 20.5 30.1 18.6 86.7 36.6 54.0 -3.9 87.8 21.6 57.9 8.3 119.4 48.1 64.0 7.4 44.4 19.2 54.6 -29.4 123.5 21.1 68.8 33.5 107.0 45.0 63.8 -1.7 148.0 40.1 63.7 44.1 91.1 36.4 60.5 -5.9 131.7 70.7 67.8 -6.7 1 2 3 4 Asset: Nonfinancial corporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 51.9 2.0 -0.1 2.8 20.4 1.0 61.9 2.3 0.5 2.3 1.0 1.3 85.0 1.0 0.4 3.7 -4.9 1.5 71.4 3.3 1.0 3.4 4.5 4.2 91.6 4.8 0.7 5.3 14.5 2.5 69.8 4.3 0.7 3.7 -37.8 3.7 79.8 5.4 1.7 4.6 27.0 4.9 86.4 3.7 1.2 5.5 9.0 1.2 99.6 3.7 0.3 3.8 38.7 1.9 89.6 6.4 -0.3 6.4 -13.3 2.2 90.7 5.4 1.6 5.5 23.7 4.9 5 6 7 8 9 10 Foreign direct investment in U.S. (1): 11 12 13 14 15 16 17 18 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 17.9 0.0 2.2 0.2 0.7 23.6 0.1 4.3 42.9 0.0 3.4 1.0 1.8 3.2 0.8 -7.5 50.7 -0.1 6.4 1.9 2.2 15.4 1.5 -10.4 59.7 0.0 0.3 2.0 5.7 7.5 0.5 1.1 81.8 0.0 7.7 4.0 6.7 33.3 1.9 -27.4 52.8 -0.0 3.2 1.9 2.7 22.2 0.2 20.8 52.1 0.2 4.9 3.2 13.9 12.6 0.8 -17.0 77.4 -0.0 1.7 2.5 4.6 49.1 0.7 -13.2 41.8 -0.0 11.5 8.4 4.2 38.0 0.1 2.7 94.3 0.0 5.3 3.0 10.0 29.4 5.8 -44.0 113.6 0.1 12.2 2.2 8.1 16.7 0.9 -55.2 11 12 13 14 15 16 17 18 19 20 21 22 Asset: Rest of the world Equity Reinvested earnings Intercompany accounts 49.0 29.7 -9.4 28.8 45.7 37.2 2.5 5.9 67.5 45.1 9.8 12.6 77.0 53.0 12.2 11.7 107.9 47.8 20.4 39.7 103.9 52.0 19.3 32.6 70.6 63.6 5.6 1.4 122.7 47.2 16.9 58.6 106.6 34.2 15.6 56.8 103.8 45.1 26.8 31.9 98.6 64.9 22.1 11.6 19 20 21 22 1.1 1.1 1.4 1.4 1.5 1.5 1.8 1.8 1.6 1.6 1.7 1.7 2.3 2.3 1.7 1.7 1.6 1.6 1.7 1.7 1.3 1.3 23 24 0.3 0.3 0.3 0.3 0.3 0.3 0.6 0.6 0.8 0.8 1.6 1.6 0.3 0.3 0.6 0.6 1.2 1.2 0.7 0.7 0.8 0.8 25 26 Federal government equity in IBRD, etc.: 23 24 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 25 26 Liab.: Monetary authority Asset: Commercial banking Equity in govt.-sponsored enterprises: 27 Liab.: Government-sponsored enterprises 1.7 1.9 2.0 3.6 6.4 3.9 4.8 6.3 6.2 6.6 6.4 27 28 29 30 31 32 33 34 35 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) 0.0 0.2 0.1 0.0 1.3 0.0 0.0 0.0 0.1 0.2 0.0 0.0 1.6 -0.0 0.0 0.0 0.0 0.0 -0.1 0.0 1.6 0.4 0.1 -0.0 2.2 0.7 -0.6 0.0 0.8 0.5 0.0 0.1 4.6 -0.1 0.1 0.0 1.3 0.4 0.0 0.0 2.6 0.0 -0.0 0.0 0.5 0.8 0.0 0.0 2.9 2.8 -2.5 0.0 1.5 -0.1 0.0 0.2 3.7 0.0 -0.0 0.0 1.8 0.8 0.0 0.0 4.3 -0.2 0.2 0.0 2.1 -0.2 0.0 0.0 4.9 -0.1 0.2 0.0 1.5 -1.6 0.8 0.9 5.6 -0.1 -0.0 0.0 -0.1 2.7 -0.7 -0.9 28 29 30 31 32 33 34 35 BHC investment in subsidiaries: 36 37 38 39 40 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 31.6 0.4 0.6 -0.1 12.0 17.5 -0.0 3.1 -12.5 9.6 40.1 0.1 4.6 -3.8 7.3 28.6 0.2 4.6 -4.3 -0.3 40.8 0.3 2.2 1.8 20.6 13.3 0.2 3.2 1.7 -12.9 30.4 0.2 4.8 -7.9 -13.7 56.7 0.3 1.4 -6.2 36.4 48.9 0.3 -1.9 5.0 6.6 42.9 0.3 3.2 3.6 16.1 14.6 0.4 6.1 4.8 23.5 36 37 38 39 40 41 Asset: Bank holding companies 44.7 17.7 48.3 28.9 65.7 5.5 13.9 88.5 58.9 66.1 49.3 41 0.6 0.6 3.1 3.1 4.6 4.6 4.6 4.6 2.2 2.2 3.2 3.2 4.8 4.8 1.4 1.4 -1.9 -1.9 3.2 3.2 6.1 6.1 42 43 NFC investment in finance company subs.: 42 43 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 44 45 Liab.: Foreign banking offices in U.S. Brokers and dealers -6.6 17.2 -0.5 16.1 6.7 17.8 13.7 51.5 14.3 39.0 26.3 28.2 20.1 85.8 59.6 56.7 -20.3 6.9 34.4 52.3 -16.4 40.0 44 45 46 Asset: Funding corporations 10.6 15.6 24.5 65.2 53.3 54.5 106.0 116.2 -13.4 86.7 23.6 46 (1) Direct investment is valued on a current-cost basis. Excludes capital gains and losses. Components of direct investment--equity, reinvested earnings, intercompany accounts--are not available before 1982. 57 Z.1, March 13, 1998 F.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1997 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 0.3 0.3 0.2 0.2 -0.1 -0.1 -0.1 -0.1 0.0 0.0 -0.3 -0.3 0.4 0.4 0.1 0.1 0.1 0.1 0.0 0.0 -0.1 -0.1 1 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 -7.0 -7.0 -7.8 -7.8 3.3 3.3 -1.2 -1.2 0.0 0.0 2.0 2.0 10.7 10.7 -11.1 -11.1 -8.8 -8.8 9.1 9.1 10.8 10.8 5 6 0.5 0.5 0.5 0.5 0.7 0.7 0.3 0.3 2.2 2.2 0.3 0.3 0.3 0.3 2.2 2.2 2.2 2.2 2.2 2.2 2.2 2.2 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 Liab.: Life insurance companies Health Policy dividend accumulation 6.7 6.2 0.5 6.7 6.6 0.1 6.1 5.2 0.8 7.0 6.2 0.8 13.2 10.7 2.5 4.6 4.4 0.2 20.3 17.3 3.0 6.1 5.5 0.6 17.3 14.2 3.1 18.5 15.9 2.6 10.8 7.2 3.6 9 10 11 12 Asset: Household sector 6.7 6.7 6.1 7.0 13.2 4.6 20.3 6.1 17.3 18.5 10.8 12 15.2 14.5 20.8 6.6 11.8 20.8 -11.2 9.7 5.4 22.0 10.2 13 6.3 6.6 0.8 1.4 -1.3 7.8 6.0 2.0 9.8 3.2 5.0 2.8 2.0 -2.0 3.0 3.6 10.5 -7.1 4.1 4.4 16.8 -2.6 3.0 3.7 -14.1 -3.9 3.0 3.9 6.8 -5.2 4.0 4.1 3.6 -6.5 4.0 4.3 21.3 -7.8 4.0 4.5 10.2 -9.0 4.4 4.7 14 15 16 17 0.6 0.6 -4.9 -4.9 -5.4 -5.4 1.5 1.5 -5.6 -5.6 0.4 0.4 17.6 17.6 1.2 1.2 -15.7 -15.7 -13.0 -13.0 5.0 5.0 18 19 3.0 3.0 0.1 0.1 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 3.8 20 21 43.6 43.6 24.6 24.6 -5.5 -5.5 59.9 59.9 59.9 59.9 63.2 63.2 43.3 43.3 49.8 49.8 202.8 202.8 -12.2 -12.2 -0.9 -0.9 22 23 Policy payables: 13 Liab.: Other insurance companies 14 15 16 17 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business Unallocated insurance company contracts: 18 19 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 20 21 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 22 23 Liab.: Funding corporations Asset: Brokers and dealers 58 Z.1, March 13, 1998 F.232 Unidentified Miscellaneous Financial Claims Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1994 1995 1996 1997 1996 Q3 1 Q1 Q2 Q3 Q4 96.8 61.9 203.8 143.4 101.4 99.9 245.2 81.6 119.1 16.3 188.9 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 87.5 3.6 32.4 2.7 116.6 7.7 179.8 8.4 49.7 5.9 246.8 8.5 183.5 8.4 76.7 7.0 191.3 6.0 -20.2 6.0 -49.0 4.7 2 3 4 5 6 Federal government Rest of the world Monetary authority 0.7 34.4 0.6 3.9 -1.4 1.1 4.5 28.4 1.0 -3.2 31.0 -0.9 -2.3 4.3 1.0 -29.6 -36.1 -0.8 19.6 93.6 7.2 -17.3 38.0 -12.2 22.4 48.3 7.6 -32.8 72.2 -8.6 18.6 -141.2 17.2 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 63.2 14.6 32.9 14.2 1.4 61.9 31.3 29.0 -0.2 1.8 70.9 3.5 37.9 26.6 2.9 -22.5 -13.0 -27.3 17.3 0.6 127.1 30.1 54.0 39.0 4.0 -135.4 -42.4 -96.6 0.2 3.3 -4.1 -16.3 -36.4 48.0 0.6 110.4 63.9 -21.3 59.0 8.8 163.1 -27.0 127.8 57.9 4.3 -42.8 -13.4 -67.1 33.6 4.1 277.6 96.8 176.7 5.4 -1.3 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises -4.2 0.5 6.2 0.5 3.7 1.4 0.9 -19.0 -0.7 -1.9 8.8 0.8 -2.7 0.0 5.0 0.3 -4.0 0.5 10.8 6.3 44.9 -2.3 8.9 -3.7 -54.7 -1.6 7.2 8.0 -28.6 4.5 5.4 36.1 16.8 0.3 10.7 -17.3 -13.6 5.6 20.4 10.5 9.3 -8.5 6.7 -4.1 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations -13.4 -0.1 -13.7 -68.8 5.4 2.9 -24.8 -9.0 -3.1 1.4 -14.0 -16.6 -13.8 1.6 -24.2 -15.4 -40.4 0.3 -38.6 -19.0 -16.0 2.5 43.4 -31.1 5.7 0.6 -10.2 -18.0 -22.6 0.1 -105.1 -10.9 -107.1 0.1 1.5 -224.5 12.8 0.3 -17.9 24.4 -45.0 0.4 -33.0 135.0 16 17 18 19 286.9 207.6 314.4 264.2 384.5 340.0 226.2 270.9 440.4 298.0 528.7 20 202.1 8.0 4.6 93.7 9.5 -0.1 172.2 7.7 27.1 219.7 6.1 24.9 152.3 8.5 30.2 252.4 6.3 87.1 218.8 6.4 74.4 196.6 7.0 66.7 154.8 8.0 -27.6 118.2 9.0 54.4 139.6 9.9 27.2 21 22 23 20 Net change in liabilities 1997 Q4 Net change in assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority -5.3 26.6 2.6 1.7 2.9 2.6 -3.8 35.2 -3.2 -8.1 31.0 2.4 -8.5 67.1 1.2 -0.7 18.5 13.2 -19.6 -27.2 3.0 -13.6 95.9 -1.1 -8.7 22.6 8.6 -10.9 56.7 -3.7 -0.9 93.1 1.1 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 38.8 5.0 33.8 0.5 -0.4 58.9 13.8 37.6 7.7 -0.1 13.6 2.4 5.0 4.6 1.6 -6.6 2.6 -21.2 11.3 0.8 40.2 3.4 43.0 -6.7 0.5 -62.8 -1.4 -69.0 5.9 1.7 0.6 -71.2 31.0 39.1 1.7 -27.7 94.3 -81.6 -41.0 0.6 103.4 -10.7 97.4 15.1 1.5 -2.3 -9.4 5.9 1.2 -0.1 87.6 -60.7 150.2 -2.0 0.2 27 28 29 30 31 32 33 34 Savings institutions Credit unions Bank personal trusts and estates -10.2 1.7 3.5 -0.3 -3.4 -3.1 -2.0 -0.9 -1.1 -1.1 -0.2 4.1 -4.0 3.5 3.6 65.0 0.5 5.1 -64.0 -1.3 4.4 -26.3 -2.2 4.1 10.2 10.4 3.8 -3.7 0.1 3.3 3.8 5.7 3.1 32 33 34 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds -7.7 6.2 -15.2 21.1 20.8 5.2 6.2 15.1 -16.0 -11.7 10.6 -42.1 6.3 13.7 -3.0 -13.7 17.7 -72.6 -14.0 0.6 -34.9 2.4 12.4 -4.8 2.2 22.3 9.8 19.3 10.5 -31.5 1.2 9.7 14.5 35 36 37 38 39 40 Money market mutual funds Mutual funds Government-sponsored enterprises 11.0 0.3 6.3 6.9 2.5 -1.7 12.8 0.5 9.7 4.8 -1.7 12.3 19.1 2.8 15.4 -14.1 -20.2 2.5 -13.3 6.5 32.2 14.6 3.4 -31.2 33.1 7.6 26.7 32.4 4.8 13.3 -3.9 -4.8 52.9 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 5.3 3.0 5.0 -8.6 -0.1 -1.0 25.9 1.3 14.2 17.4 -1.9 4.1 16.1 -0.9 21.0 62.8 -1.8 -5.2 30.4 -1.2 24.3 -19.5 -3.0 -2.8 18.8 -2.2 36.5 -6.9 0.2 34.6 71.8 1.3 15.8 41 42 43 -190.1 -145.6 -110.6 -120.7 -283.0 -240.1 19.0 -189.3 -321.4 -281.7 -339.8 44 44 Discrepancy 59 Z.1, March 13, 1998 F.10 Sector Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1993 1 All sectors 1995 1996 1997 1996 1997 Q3 Q4 Q1 Q2 Q3 Q4 -193.6 -54.9 -58.4 0.2 -113.7 -230.5 202.3 -11.0 -139.1 -153.6 -151.0 1 -12.7 -100.7 -79.4 2.0 83.5 4.9 89.8 18.1 58.9 25.6 138.4 -57.7 108.5 9.9 71.3 23.5 116.4 -18.7 16.6 57.7 31.2 40.0 2 3 State and local governments Federal government Rest of the world -22.6 10.7 -6.6 -18.5 37.1 -16.9 -24.7 -3.2 -29.7 -36.5 41.7 -62.3 -53.9 11.0 -103.2 -47.4 36.6 -168.1 33.2 100.1 -27.8 -25.6 16.0 -67.6 -43.5 -22.7 -61.3 -64.1 2.8 -121.5 -82.6 48.0 -162.2 4 5 6 Financial sectors -61.7 20.7 -89.1 -50.7 -52.1 -132.1 -21.6 -28.6 -109.3 -45.1 -25.3 7 -0.5 14.9 -3.1 37.4 -1.7 -13.6 1.0 13.1 0.7 52.0 1.8 -28.6 2.3 26.3 -2.1 52.4 1.3 9.6 -2.3 53.3 5.9 92.9 8 9 2 3 Household sector Nonfinancial corporate business 4 5 6 7 8 9 1994 Monetary authority Commercial banking 10 11 12 Savings institutions Credit unions Bank personal trusts and estates -11.2 -1.0 -0.7 -5.0 0.3 -1.0 -4.0 -1.2 -2.0 -1.5 -0.6 2.8 -1.0 -1.0 8.6 1.8 -0.2 3.4 -14.2 -1.7 4.7 0.3 0.1 6.5 -7.2 -1.6 7.7 -1.6 -1.6 9.4 4.4 -0.8 10.8 10 11 12 13 14 Life insurance companies Other insurance companies -35.9 -10.6 3.2 -10.5 -31.6 -7.1 -31.5 1.5 -38.5 -18.5 -52.3 -4.5 -21.9 3.2 -17.9 -20.8 -47.9 -17.5 -56.7 -11.8 -31.6 -23.9 13 14 15 16 Mutual funds Government-sponsored enterprises -33.9 -1.9 -45.3 -2.2 -53.3 -1.5 -80.7 3.0 -89.1 3.0 -83.8 -0.1 -93.8 13.6 -85.0 2.8 -85.0 1.3 -82.2 7.7 -104.2 0.1 15 16 17 18 19 20 Issuers of asset-backed securities Finance companies REITs Brokers and dealers 0.0 6.5 13.0 -0.2 0.0 27.3 18.9 0.7 0.0 8.1 18.3 0.6 0.0 18.8 22.7 0.8 0.0 -1.1 32.1 0.7 0.0 8.4 21.0 0.9 0.0 31.2 28.3 0.5 0.0 5.3 29.5 0.3 0.0 -1.3 30.4 0.8 0.0 6.7 33.1 0.9 0.0 -15.1 35.5 0.7 17 18 19 20 F.11 Instrument Discrepancies Billions of dollars; quarterly figures are seasonally adjusted annual rates 1 -193.6 -54.9 -58.4 0.2 -113.7 -230.5 202.3 -11.0 -139.1 -153.6 -151.0 1 2 3 Treasury currency Foreign deposits -0.2 -5.7 -0.2 43.0 -0.5 25.7 -1.0 55.8 -0.6 68.3 1.3 86.3 -3.1 37.3 -0.3 178.0 -0.5 -10.2 0.8 78.1 -2.4 27.2 2 3 4 5 Net interbank transactions Security RPs 4.2 46.4 -2.7 69.4 -3.1 36.1 -3.3 31.9 -16.0 52.1 -4.4 -90.6 4.2 132.6 26.9 -104.6 -24.4 178.6 -51.6 6.2 -15.0 128.3 4 5 6 7 Mail floats: Federal government Other -1.5 -1.3 -4.8 -2.8 -6.0 -3.8 0.5 -4.0 -2.7 -3.9 27.1 -4.7 -21.4 -3.7 -9.4 -2.6 16.1 -4.8 2.1 -3.4 -19.5 -4.8 6 7 8 9 Trade credit Taxes payable -4.3 15.8 0.3 16.6 -29.1 17.8 -33.9 16.3 -33.4 20.5 -103.5 20.3 -42.7 21.6 15.2 12.2 -73.1 28.3 -17.2 11.2 -58.6 30.3 8 9 10 Miscellaneous -190.1 -145.6 -110.6 -120.7 -283.0 -240.1 19.0 -189.3 -321.4 -281.7 -339.8 10 11 Nonfinancial -57.1 -28.1 15.1 58.6 85.1 77.9 58.5 63.0 72.3 101.8 103.3 11 52.7 4.4 0.0 14.8 13.3 0.0 -28.2 13.1 0.0 -59.7 1.1 0.0 -86.3 1.2 0.0 -79.0 1.1 0.0 -59.6 1.1 0.0 -64.2 1.2 0.0 -73.5 1.2 0.0 -103.0 1.2 0.0 -104.5 1.2 0.0 12 13 14 12 13 14 All types Nonfinancial components (sign reversed): Statistical discrepancy (NIPA) Private wage accruals less disbursements Net capital grants from foreign 60 Z.1, March 13, 1998 L.1 Credit Market Debt Outstanding (1) Billions of dollars; levels, not seasonally adjusted 1993 1 2 Total credit market debt owed by: Domestic nonfinancial sectors 3 Federal government 4 Nonfederal sectors 5 6 7 8 9 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16142.6 17182.2 18408.5 18696.1 19039.9 19356.2 19735.0 19981.2 20288.9 20596.3 21118.9 1 12431.6 13013.0 13717.2 13913.2 14065.4 14241.9 14436.9 14602.1 14727.9 14913.9 15194.1 2 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 3771.2 3804.9 3 9095.1 9520.7 10080.4 10196.0 10371.6 10508.8 10655.1 10772.3 10967.3 11142.7 11389.2 4 4157.0 2519.9 1118.5 137.9 1161.8 4482.5 2657.7 1121.8 142.2 1116.5 4850.7 2869.2 1147.9 145.1 1067.6 4911.3 2916.0 1158.5 142.8 1067.4 4991.3 2993.7 1167.8 148.2 1070.7 5101.0 3028.4 1174.1 149.5 1055.7 5204.6 3042.4 1189.3 149.9 1068.9 5240.0 3104.9 1200.9 148.3 1078.1 5340.5 3160.4 1217.6 153.4 1095.4 5439.4 3209.7 1233.0 155.4 1105.2 5571.5 3282.8 1250.1 156.2 1128.7 5 6 7 8 9 10 Rest of the world 385.8 371.8 442.9 453.6 462.6 490.2 513.4 517.8 531.6 548.7 558.8 10 11 Financial sectors 3325.3 3797.3 4248.4 4329.3 4511.9 4624.1 4784.7 4861.4 5029.4 5133.7 5366.0 11 208.0 68.6 16.0 123.4 228.1 81.0 13.4 133.6 250.6 92.2 10.4 148.0 241.8 90.4 10.0 141.4 253.0 95.8 8.8 148.4 256.8 98.8 8.9 149.1 263.6 103.9 9.6 150.0 266.9 105.6 9.7 151.6 286.8 115.4 10.3 161.1 294.6 120.8 9.2 164.6 309.7 133.8 7.2 168.6 12 13 14 15 99.6 0.2 112.4 0.5 115.0 0.4 117.8 0.4 128.3 0.3 134.8 0.4 140.5 0.4 136.3 0.4 144.3 0.4 149.8 0.5 160.3 0.6 16 17 0.2 528.5 1356.8 485.3 0.6 700.6 1472.1 554.1 0.5 806.5 1570.3 687.0 1.1 814.4 1599.7 717.3 1.2 846.1 1643.3 756.6 1.1 866.1 1679.0 781.2 1.6 896.9 1711.4 819.1 1.8 894.7 1740.0 829.8 1.8 944.2 1762.1 852.5 1.9 955.8 1790.7 908.8 1.8 995.9 1825.8 998.4 18 19 20 21 385.1 30.2 17.4 33.7 180.3 433.7 18.7 31.1 34.3 211.0 483.9 19.1 37.1 29.3 248.6 491.1 24.1 39.1 21.4 261.3 506.3 28.1 42.0 24.6 282.0 513.7 28.5 45.4 26.1 291.0 529.8 31.5 49.9 27.3 312.7 528.4 33.0 54.9 26.6 348.6 557.8 34.3 60.0 35.3 350.0 532.7 35.2 66.7 33.6 363.4 554.5 36.4 73.7 35.3 373.8 22 23 24 25 26 16142.6 17182.2 18408.5 18696.1 19039.9 19356.2 19735.0 19981.2 20288.9 20596.3 21118.9 27 2724.1 2998.6 2877.8 2851.2 2936.2 2896.5 2905.0 2825.6 2785.6 2725.9 2753.7 28 1630.6 271.5 37.0 784.9 1941.9 289.2 37.6 729.9 1904.9 286.8 37.9 648.1 1864.9 273.6 38.0 674.8 1934.5 285.7 38.1 677.8 1941.3 273.8 38.2 643.2 1964.5 291.0 38.3 611.1 1911.7 281.8 38.5 593.6 1873.7 272.3 38.6 600.9 1829.4 277.1 38.8 580.5 1826.9 296.3 39.0 591.5 29 30 31 32 231.9 1147.8 204.4 1254.8 204.2 1563.1 199.3 1656.7 199.2 1722.2 197.5 1844.8 196.5 1953.6 196.9 2051.1 198.3 2125.3 199.1 2227.3 201.4 2270.0 33 34 12038.8 12724.3 13763.4 13989.0 14182.3 14417.4 14679.9 14907.6 15179.7 15443.9 15893.8 35 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 412.4 412.7 431.4 36 3090.8 2721.5 326.0 17.5 25.8 3254.3 2869.6 337.1 18.4 29.2 3520.1 3056.1 412.6 18.0 33.4 3541.6 3068.8 422.2 16.8 33.9 3590.8 3101.3 437.1 18.1 34.3 3643.3 3135.3 454.2 19.3 34.5 3707.7 3175.8 475.8 22.0 34.1 3775.7 3218.1 499.5 22.5 35.6 3856.8 3295.2 501.8 23.8 36.1 3912.9 3351.9 501.0 22.5 37.5 4031.9 3450.8 515.4 27.4 38.3 37 38 39 40 41 914.1 218.7 240.9 920.8 246.8 248.0 913.3 263.0 229.2 921.8 267.0 228.3 932.7 276.9 229.4 945.2 282.6 231.3 933.2 288.5 233.1 931.9 291.2 235.2 937.8 299.2 237.4 927.3 303.6 239.7 925.5 304.2 242.3 42 43 44 12 13 14 15 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 16 17 Savings institutions Credit unions 18 19 20 21 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 22 23 24 25 26 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 27 28 29 30 31 32 Total credit market assets held by: Domestic nonfederal nonfinancial sectors Household sector Nonfinancial corporate business Nonfarm noncorporate business State and local governments 33 34 Federal government Rest of the world 35 Financial sectors 36 Monetary authority 37 38 39 40 41 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 42 43 44 Savings institutions Credit unions Bank personal trusts and estates 45 46 47 48 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 1416.0 422.7 611.4 433.5 1482.6 446.4 656.9 455.8 1581.8 468.7 718.3 483.3 1596.2 473.1 735.0 493.6 1596.7 480.7 746.7 509.8 1627.0 484.2 757.1 517.7 1654.3 491.2 764.8 529.2 1680.2 491.2 777.9 531.6 1724.1 498.1 792.5 542.7 1750.4 506.2 809.1 562.0 1775.4 514.4 831.7 577.5 45 46 47 48 49 50 51 52 53 54 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Federally related mortgage pools ABS issuers 429.0 725.9 89.7 545.5 1356.8 455.1 459.0 718.8 86.0 663.3 1472.1 516.8 545.5 771.3 96.4 748.0 1570.3 627.9 595.6 795.9 97.0 755.8 1599.7 653.3 594.7 809.0 97.6 758.9 1643.3 686.0 606.6 818.3 98.1 779.3 1679.0 704.1 634.3 820.2 98.7 813.6 1711.4 729.7 659.0 838.3 99.3 824.3 1740.0 734.5 656.5 860.6 99.7 854.8 1762.1 753.5 678.7 889.2 99.7 868.7 1790.7 783.1 718.8 894.8 99.5 908.6 1825.8 859.5 49 50 51 52 53 54 55 56 57 58 59 Finance companies Mortgage companies REITs Brokers and dealers Funding corporations 427.9 60.4 8.6 137.5 117.8 476.2 36.5 13.3 93.3 109.3 526.2 33.0 15.5 183.4 87.3 530.3 46.0 16.3 156.2 106.7 539.9 39.3 17.2 138.2 108.1 538.3 40.2 18.0 147.1 113.9 544.5 41.2 19.0 167.7 104.5 552.4 41.1 20.3 164.1 122.5 553.1 43.6 21.5 161.2 112.0 564.4 45.4 22.8 165.1 112.3 566.7 47.9 24.0 183.6 130.3 55 56 57 58 59 (1) Excludes corporate equities and mutual fund shares. 61 Z.1, March 13, 1998 L.2 Credit Market Debt Owed by Nonfinancial Sectors Billions of dollars; levels, not seasonally adjusted 1993 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Domestic 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 12431.6 13013.0 13717.2 13913.2 14065.4 14241.9 14436.9 14602.1 14727.9 14913.9 15194.1 1 Federal government Treasury securities Budget agency secur. and mortgages 3336.5 3309.9 26.6 3492.3 3465.6 26.7 3636.7 3608.5 28.2 3717.2 3689.6 27.6 3693.8 3665.5 28.2 3733.1 3705.7 27.4 3781.8 3755.1 26.6 3829.8 3803.5 26.3 3760.6 3734.3 26.3 3771.2 3745.1 26.1 3804.9 3778.3 26.5 2 3 4 Nonfederal, by instrument Commercial paper Municipal securities and loans Corporate bonds Bank loans n.e.c. Other loans and advances 9095.1 117.8 1377.5 1229.7 684.8 629.3 9520.7 139.2 1341.7 1253.0 759.9 669.6 10080.4 157.4 1293.5 1326.3 861.9 736.9 10196.0 174.2 1291.4 1341.5 871.6 746.4 10371.6 181.7 1297.9 1359.4 889.2 757.3 10508.8 173.0 1281.7 1376.4 919.2 769.4 10655.1 156.4 1296.0 1398.8 928.2 770.6 10772.3 168.7 1305.2 1418.7 963.8 782.9 10967.3 179.3 1326.7 1440.2 996.5 786.9 11142.7 176.6 1338.9 1470.9 998.5 801.3 11389.2 168.6 1366.2 1489.5 1035.8 836.5 5 6 7 8 9 10 4196.9 3178.4 266.4 671.3 80.7 859.0 4373.4 3357.5 268.4 664.5 83.0 983.9 4581.7 3533.3 279.2 684.7 84.6 1122.8 4657.7 3598.1 282.7 692.0 85.0 1113.2 4741.6 3633.7 290.8 731.0 86.2 1144.5 4815.7 3704.1 293.8 731.1 86.7 1173.5 4893.4 3761.7 300.7 743.9 87.1 1211.6 4946.6 3806.6 303.4 749.0 87.7 1186.4 5032.7 3870.1 308.7 765.2 88.7 1205.0 5129.1 3946.7 312.5 780.2 89.8 1227.3 5227.2 4019.2 321.6 796.0 90.3 1265.4 11 12 13 14 15 16 9095.1 4157.0 3776.3 2519.9 1118.5 137.9 1161.8 9520.7 4482.5 3921.7 2657.7 1121.8 142.2 1116.5 10080.4 4850.7 4162.2 2869.2 1147.9 145.1 1067.6 10196.0 4911.3 4217.3 2916.0 1158.5 142.8 1067.4 10371.6 4991.3 4309.6 2993.7 1167.8 148.2 1070.7 10508.8 5101.0 4352.1 3028.4 1174.1 149.5 1055.7 10655.1 5204.6 4381.7 3042.4 1189.3 149.9 1068.9 10772.3 5240.0 4454.2 3104.9 1200.9 148.3 1078.1 10967.3 5340.5 4531.4 3160.4 1217.6 153.4 1095.4 11142.7 5439.4 4598.0 3209.7 1233.0 155.4 1105.2 11389.2 5571.5 4689.0 3282.8 1250.1 156.2 1128.7 17 18 19 20 21 22 23 Mortgages Home Multifamily residential Commercial Farm Consumer credit Nonfederal, by sector Household sector Nonfinancial business Corporate Nonfarm noncorporate Farm State and local governments 24 Foreign credit market debt held in U.S. 385.8 371.8 442.9 453.6 462.6 490.2 513.4 517.8 531.6 548.7 558.8 24 25 26 27 28 Commercial paper Bonds Bank loans n.e.c. Other loans and advances 68.8 230.1 24.6 62.3 42.7 242.3 26.1 60.8 56.2 291.9 34.6 60.2 52.5 303.8 36.8 60.6 54.5 306.7 40.5 60.9 65.8 321.7 41.7 61.0 67.5 341.3 43.7 61.0 69.3 344.1 43.5 60.9 71.3 352.7 46.4 61.2 64.3 376.3 48.2 59.9 65.1 382.6 52.1 59.0 25 26 27 28 12817.3 13384.9 14160.1 14366.8 14528.0 14732.1 14950.3 15119.8 15259.5 15462.6 15752.9 29 29 Domestic and foreign L.3 Credit Market Debt Owed by Financial Sectors Billions of dollars; levels, not seasonally adjusted 1 2 3 4 5 6 7 8 9 10 11 12 By instrument 3325.3 3797.3 4248.4 4329.3 4511.9 4624.1 4784.7 4861.4 5029.4 5133.7 5366.0 1 Federal government-related Govt.-sponsored enterprise securities Mortgage pool securities U.S. government loans 1885.2 523.7 1356.8 4.8 2172.7 700.6 1472.1 0.0 2376.8 806.5 1570.3 0.0 2414.0 814.4 1599.7 0.0 2489.4 846.1 1643.3 0.0 2545.1 866.1 1679.0 0.0 2608.3 896.9 1711.4 0.0 2634.7 894.7 1740.0 0.0 2706.2 944.2 1762.1 0.0 2746.5 955.8 1790.7 0.0 2821.7 995.9 1825.8 0.0 2 3 4 5 Private financial sectors Open market paper Corporate bonds Bank loans n.e.c. Other loans and advances Mortgages 1440.0 393.4 866.2 62.6 108.9 8.9 1624.6 441.6 983.9 48.9 131.6 18.7 1871.5 486.9 1172.0 53.1 135.0 24.6 1915.3 490.9 1205.7 58.6 133.6 26.5 2022.5 517.3 1265.2 63.9 146.8 29.2 2079.0 538.6 1288.8 64.2 155.1 32.4 2176.4 579.1 1328.5 69.8 162.9 36.0 2226.7 623.0 1334.4 71.3 157.9 40.0 2323.2 642.5 1390.7 72.9 173.7 43.5 2387.2 684.7 1396.0 76.5 183.0 47.0 2544.3 745.7 1466.3 83.4 198.9 50.0 6 7 8 9 10 11 3325.3 3797.3 4248.4 4329.3 4511.9 4624.1 4784.7 4861.4 5029.4 5133.7 5366.0 12 84.6 123.4 99.6 0.2 94.5 133.6 112.4 0.5 102.6 148.0 115.0 0.4 100.5 141.4 117.8 0.4 104.6 148.4 128.3 0.3 107.7 149.1 134.8 0.4 113.6 150.0 140.5 0.4 115.3 151.6 136.3 0.4 125.7 161.1 144.3 0.4 130.0 164.6 149.8 0.5 141.0 168.6 160.3 0.6 13 14 15 16 0.2 528.5 1356.8 485.3 0.6 700.6 1472.1 554.1 0.5 806.5 1570.3 687.0 1.1 814.4 1599.7 717.3 1.2 846.1 1643.3 756.6 1.1 866.1 1679.0 781.2 1.6 896.9 1711.4 819.1 1.8 894.7 1740.0 829.8 1.8 944.2 1762.1 852.5 1.9 955.8 1790.7 908.8 1.8 995.9 1825.8 998.4 17 18 19 20 33.7 385.1 30.2 17.4 180.3 34.3 433.7 18.7 31.1 211.0 29.3 483.9 19.1 37.1 248.6 21.4 491.1 24.1 39.1 261.3 24.6 506.3 28.1 42.0 282.0 26.1 513.7 28.5 45.4 291.0 27.3 529.8 31.5 49.9 312.7 26.6 528.4 33.0 54.9 348.6 35.3 557.8 34.3 60.0 350.0 33.6 532.7 35.2 66.7 363.4 35.3 554.5 36.4 73.7 373.8 21 22 23 24 25 By sector 13 14 15 16 Commercial banks Bank holding companies Savings institutions Credit unions 17 18 19 20 Life insurance companies Government-sponsored enterprises Federally related mortgage pools ABS issuers 21 22 23 24 25 Brokers and dealers Finance companies Mortgage companies REITs Funding corporations 62 Z.1, March 13, 1998 L.4 Credit Market Debt, All Sectors, by Instrument Billions of dollars; levels, not seasonally adjusted 1993 1 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16142.6 17182.2 18408.5 18696.1 19039.9 19356.2 19735.0 19981.2 20288.9 20596.3 21118.9 1 2 3 4 5 Open market paper U.S. government securities Municipal securities Corporate and foreign bonds 580.0 5216.9 1377.5 2326.0 623.5 5665.0 1341.7 2479.1 700.4 6013.6 1293.5 2790.3 717.6 6131.2 1291.4 2851.1 753.6 6183.1 1297.9 2931.3 777.4 6278.2 1281.7 2986.8 803.0 6390.0 1296.0 3068.7 861.1 6464.5 1305.2 3097.2 893.1 6466.8 1326.7 3183.6 925.7 6517.7 1338.9 3243.2 979.4 6626.5 1366.2 3338.4 2 3 4 5 6 7 8 9 Bank loans n.e.c. Other loans and advances Mortgages Consumer credit 772.0 805.3 4205.8 859.0 834.9 862.0 4392.1 983.9 949.6 932.1 4606.3 1122.8 966.9 940.5 4684.2 1113.2 993.7 965.0 4770.8 1144.5 1025.0 985.4 4848.1 1173.5 1041.7 994.5 4929.4 1211.6 1078.6 1001.7 4986.6 1186.4 1115.7 1021.8 5076.2 1205.0 1123.1 1044.2 5176.1 1227.3 1171.3 1094.4 5277.2 1265.4 6 7 8 9 6257.6 1375.4 6237.9 1477.3 8331.3 1852.8 8809.7 1997.0 9105.0 2129.9 9340.5 2211.6 10061.1 2342.4 10072.3 2411.5 11719.8 2719.6 12804.6 2977.0 12958.6 3013.5 10 11 10 11 Total 1994 Memo: Selected claims not included above: Corporate equities Mutual fund shares L.5 Total Liabilities and Their Relation to Total Financial Assets Billions of dollars; levels, not seasonally adjusted 1 Total credit market debt (from table L.4) 16142.6 17182.2 18408.5 18696.1 19039.9 19356.2 19735.0 19981.2 20288.9 20596.3 21118.9 1 2 3 4 5 6 Official foreign exchange SDR certificates Treasury currency Foreign deposits Net interbank liabilities 53.4 8.0 17.0 271.8 189.3 53.2 8.0 17.6 324.6 280.1 63.7 10.2 18.2 359.2 290.7 62.1 10.2 18.2 384.4 266.6 61.4 10.2 18.2 385.2 250.0 54.3 9.7 18.8 415.1 225.8 53.7 9.7 18.2 438.1 240.8 46.3 9.2 18.3 485.2 210.2 46.7 9.2 18.3 489.9 197.1 46.1 9.2 18.7 516.2 186.9 48.9 9.2 18.2 527.0 198.9 2 3 4 5 6 7 8 9 10 11 Checkable deposits and currency Small time and savings deposits Large time deposits Money market fund shares Security RPs 1251.7 2223.1 391.7 559.6 471.3 1242.0 2183.2 411.2 602.9 549.5 1229.3 2279.7 476.9 745.3 660.0 1183.3 2342.4 493.6 816.9 666.0 1212.3 2340.2 511.1 809.5 692.0 1220.8 2357.9 557.2 838.1 687.6 1245.1 2377.0 590.9 891.1 700.3 1220.0 2427.1 606.0 950.8 713.3 1265.3 2432.3 646.7 952.4 765.1 1234.2 2437.0 696.1 1005.1 792.5 1286.2 2475.5 711.4 1048.7 814.3 7 8 9 10 11 12 13 14 15 Mutual fund shares Security credit Life insurance reserves Pension fund reserves 1375.4 279.0 470.8 4662.0 1477.3 279.0 505.3 4880.1 1852.8 305.7 550.2 5600.5 1997.0 326.9 554.5 5767.8 2129.9 318.6 562.3 5901.1 2211.6 317.8 577.1 6030.9 2342.4 358.1 593.8 6313.8 2411.5 380.0 603.7 6414.7 2719.6 414.8 623.1 6940.1 2977.0 432.2 638.8 7325.1 3013.5 461.9 650.8 7453.9 12 13 14 15 16 17 18 19 Trade payables Taxes payable Investment in bank personal trusts Miscellaneous 1047.8 98.8 691.3 5144.1 1141.5 101.4 699.4 5402.7 1246.7 106.0 767.4 5792.0 1234.6 116.2 793.7 5954.5 1269.7 113.4 811.7 5943.3 1263.0 117.9 829.0 6031.6 1314.8 120.0 872.0 6163.8 1300.6 133.2 890.4 6344.1 1322.2 128.9 969.7 6276.2 1351.3 137.5 1035.2 6394.0 1390.5 140.1 1050.7 6441.0 16 17 18 19 35348.6 37341.4 40762.9 41684.9 42379.7 43120.4 44378.5 45146.0 46506.6 47829.3 48859.7 20 20 Total liabilities 21 22 23 + Financial assets not included in liabilities: Gold and SDRs Corporate equities Household equity in noncorp. bus. 20.1 6257.6 3218.8 21.1 6237.9 3419.1 22.1 8331.3 3625.4 22.1 8809.7 3670.1 22.0 9105.0 3727.1 21.2 9340.5 3792.1 21.4 10061.1 3836.5 20.9 10072.3 3914.9 21.1 11719.8 4052.3 21.0 12804.6 4111.8 21.1 12958.6 4087.6 21 22 23 24 25 26 - Liabilities not identified as assets: Treasury currency Foreign deposits Net interbank transactions -5.1 233.2 -4.7 -5.4 276.2 -6.5 -5.8 301.2 -9.0 -6.1 319.5 -2.6 -6.3 326.1 -8.0 -6.0 347.7 -11.6 -6.8 354.1 -10.6 -6.9 398.6 -1.6 -7.0 396.0 -8.1 -6.8 415.6 -22.1 -7.4 422.4 -28.3 24 25 26 -1.5 40.8 -867.0 67.8 48.8 -977.7 103.9 60.8 -1092.2 104.2 45.8 -1105.5 125.5 61.0 -1222.4 113.4 67.7 -1300.4 135.8 73.2 -1414.2 110.9 70.6 -1382.7 153.4 72.5 -1439.6 164.8 82.3 -1448.0 187.9 93.2 -1631.2 27 28 29 27 28 29 Security RPs Taxes payable Miscellaneous 30 31 32 - Floats not included in assets: Checkable deposits: Federal govt. Other Trade credit 5.6 40.7 -245.3 3.4 38.0 -245.8 3.1 34.2 -274.9 -0.0 29.6 -328.3 -3.4 31.8 -338.5 -1.7 23.1 -377.8 -1.6 30.1 -308.7 -9.7 25.6 -363.8 -6.8 27.9 -390.0 -7.8 19.5 -419.9 -8.1 26.2 -353.2 30 31 32 33 Totals identified to sectors as assets 45648.4 47820.7 53620.4 55130.3 56268.0 57419.8 59446.2 60313.1 63501.4 65989.1 67225.5 33 63 Z.1, March 13, 1998 L.9 Assets and Liabilities of the Personal Sector (1) Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 15770.4 16263.4 18557.6 19125.4 19495.9 19836.3 20646.6 20751.8 22332.1 23432.5 23744.2 1 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 15.8 673.3 2291.1 341.8 18.8 649.1 2287.3 355.3 23.4 609.9 2443.6 455.7 26.0 589.7 2515.1 509.2 27.7 583.3 2530.7 489.4 31.7 576.9 2571.0 503.8 35.5 571.6 2614.3 534.9 39.7 565.3 2666.2 584.5 43.5 564.1 2699.2 572.1 46.5 537.8 2747.7 615.6 49.3 547.7 2802.0 641.4 2 3 4 5 6 Securities 5731.1 5942.2 7129.8 7373.7 7593.0 7701.4 8069.0 7928.6 8834.2 9381.5 9415.9 6 45.5 171.9 316.4 120.2 46.7 179.9 496.3 267.3 59.9 185.0 420.4 289.9 61.2 185.8 406.1 269.5 63.9 186.5 380.0 333.5 73.2 186.8 361.9 385.4 82.6 187.0 370.3 413.8 94.5 186.5 324.4 435.7 104.4 186.3 227.1 468.4 113.1 186.2 190.2 475.1 122.6 186.5 133.7 499.8 7 8 9 10 552.6 312.9 3220.7 990.9 502.2 348.8 3048.9 1052.1 445.7 408.3 4065.6 1255.0 436.0 411.3 4245.0 1358.7 440.0 436.8 4294.8 1457.5 426.4 414.9 4337.2 1515.7 423.1 396.1 4604.4 1591.6 422.4 358.1 4525.6 1581.5 439.1 359.5 5281.7 1767.8 439.1 338.1 5709.9 1929.8 448.9 349.3 5737.6 1937.5 11 12 13 14 457.2 836.4 2216.3 1622.9 491.5 884.5 2317.2 1692.2 536.3 997.6 2682.0 1934.8 540.8 1014.6 2765.1 2001.8 548.3 1025.8 2839.6 2049.7 563.4 1045.6 2901.5 2097.5 580.1 1083.6 3062.2 2181.6 590.3 1111.9 3100.5 2215.8 609.1 1192.1 3355.4 2406.6 625.1 1239.6 3563.4 2535.9 636.8 1268.4 3602.9 2596.7 15 16 17 18 691.3 893.2 699.4 925.8 767.4 977.1 793.7 995.6 811.7 996.7 829.0 1014.6 872.0 1041.8 890.4 1058.6 969.7 1086.1 1035.2 1104.2 1050.7 1132.5 19 20 5820.3 6168.6 6592.8 6675.1 6778.7 6897.2 7026.5 7081.3 7221.1 7358.8 7515.4 21 3160.4 844.1 859.0 3338.8 820.3 983.9 3514.0 815.9 1122.8 3578.6 823.2 1113.2 3614.1 830.5 1144.5 3684.3 831.7 1173.5 3741.8 847.2 1211.6 3786.5 850.8 1186.4 3849.9 861.2 1205.0 3926.2 871.6 1227.3 3998.5 883.0 1265.4 22 23 24 78.6 76.1 802.1 86.4 75.1 864.1 96.9 78.6 964.6 98.7 89.1 972.2 99.9 89.9 999.8 102.9 86.9 1017.8 101.4 94.4 1030.1 102.9 101.1 1053.7 104.6 110.5 1089.8 105.4 127.5 1100.9 106.8 128.7 1132.9 25 26 27 7 8 9 10 Open market paper U.S. savings bonds Other Treasury securities Agency securities 11 12 13 14 Municipal securities Corporate and foreign bonds Corporate equities (2) Mutual fund shares 15 16 17 18 Private life insurance reserves Private insured pension reserves Private noninsured pension reserves Govt. insurance and pension reserves 19 20 Investment in bank personal trusts Miscellaneous assets 21 Total liabilities 22 23 24 Mortgage debt on nonfarm homes Other mortgage debt (3) Consumer credit 25 26 27 Policy loans Security credit Other liabilities (3) (1) Combined statement for household sector, nonfarm noncorporate business, and farm business. (2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 14), life insurance and pension reserves (lines 15, 16, 17, and 18), and bank personal trusts (line 19). (3) Includes corporate farms. 64 Z.1, March 13, 1998 L.100 Households and Nonprofit Organizations (1) Billions of dollars; levels, not seasonally adjusted 1993 1 2 3 4 5 6 7 Total financial assets Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Credit market instruments 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 18411.8 19059.2 21528.0 22133.6 22553.9 22952.0 23795.3 23970.7 25679.5 26831.5 27108.7 1 3160.4 3133.9 3346.1 3451.5 3440.6 3490.7 3561.5 3658.6 3679.3 3745.4 3834.8 2 15.8 570.8 2235.9 337.9 18.8 539.8 2223.9 351.3 23.4 497.2 2373.9 451.6 26.0 476.1 2444.3 505.0 27.7 468.8 2458.8 485.2 31.7 461.5 2498.0 499.5 35.5 455.3 2540.2 530.6 39.7 447.7 2591.0 580.1 43.5 445.3 2622.8 567.7 46.5 417.8 2670.0 611.1 49.3 426.1 2722.8 636.7 3 4 5 6 1630.6 1941.9 1904.9 1864.9 1934.5 1941.3 1964.5 1911.7 1873.7 1829.4 1826.9 7 8 9 10 11 12 13 Open market paper U.S. government securities Treasury Savings bonds Other Treasury Agency 45.5 595.3 475.0 171.9 303.1 120.2 46.7 929.6 662.2 179.9 482.3 267.3 59.9 880.9 591.0 185.0 406.0 289.9 61.2 847.0 577.4 185.8 391.6 269.5 63.9 885.4 551.8 186.5 365.3 333.5 73.2 919.3 533.9 186.8 347.1 385.4 82.6 956.3 542.4 187.0 355.4 413.8 94.5 931.6 495.9 186.5 309.4 435.7 104.4 866.6 398.2 186.3 211.9 468.4 113.1 836.0 360.9 186.2 174.7 475.1 122.6 804.3 304.5 186.5 118.1 499.8 8 9 10 11 12 13 14 15 16 Municipal securities Corporate and foreign bonds Mortgages 552.6 312.9 124.4 502.2 348.8 114.7 445.7 408.3 110.1 436.0 411.3 109.4 440.0 436.8 108.5 426.4 414.9 107.5 423.1 396.1 106.4 422.4 358.1 105.2 439.1 359.5 104.2 439.1 338.1 103.1 448.9 349.3 101.8 14 15 16 17 18 19 20 21 Corporate equities (2) Mutual fund shares Security credit Life insurance reserves Pension fund reserves 3220.7 990.9 102.3 470.8 4662.0 3048.9 1052.1 109.0 505.3 4880.1 4065.6 1255.0 127.6 550.2 5600.5 4245.0 1358.7 140.9 554.5 5767.8 4294.8 1457.5 136.8 562.3 5901.1 4337.2 1515.7 145.2 577.1 6030.9 4604.4 1591.6 162.9 593.8 6313.8 4525.6 1581.5 171.9 603.7 6414.7 5281.7 1767.8 189.0 623.1 6940.1 5709.9 1929.8 193.1 638.8 7325.1 5737.6 1937.5 210.7 650.8 7453.9 17 18 19 20 21 22 23 24 Investment in bank personal trusts Equity in noncorporate business Miscellaneous assets 691.3 3218.8 264.1 699.4 3419.1 269.5 767.4 3625.4 285.4 793.7 3670.1 286.5 811.7 3727.1 287.5 829.0 3792.1 292.8 872.0 3836.5 294.3 890.4 3914.9 297.6 969.7 4052.3 302.8 1035.2 4111.8 312.8 1050.7 4087.6 318.0 22 23 24 4339.2 4668.3 5049.3 5119.8 5203.5 5310.3 5420.7 5462.9 5575.6 5692.0 5827.1 25 4157.0 4482.5 4850.7 4911.3 4991.3 5101.0 5204.6 5240.0 5340.5 5439.4 5571.5 26 2924.5 859.0 111.1 3097.7 983.9 125.6 3275.0 1122.8 139.4 3340.6 1113.2 142.8 3376.4 1144.5 149.1 3446.5 1173.5 153.3 3504.0 1211.6 158.5 3548.9 1186.4 163.4 3612.0 1205.0 171.8 3686.9 1227.3 178.7 3757.6 1265.4 187.5 27 28 29 27.4 126.6 108.5 40.0 133.7 101.5 55.7 160.3 97.5 53.0 161.5 100.2 54.2 165.4 101.8 55.9 170.2 101.5 52.1 172.7 105.6 57.8 179.5 104.0 64.1 183.8 103.7 52.3 188.8 105.5 61.2 193.5 106.4 30 31 32 76.1 89.8 75.1 94.0 78.6 102.4 89.1 101.8 89.9 104.7 86.9 104.6 94.4 103.9 101.1 103.4 110.5 105.6 127.5 105.6 128.7 106.8 33 34 16.3 16.8 17.5 17.6 17.7 17.8 17.9 18.4 19.0 19.5 20.1 35 25 26 Total liabilities Credit market instruments 27 28 29 Home mortgages Consumer credit Municipal securities 30 31 32 Bank loans n.e.c. Other loans and advances Commercial mortgages 33 34 35 Security credit Trade payables Deferred and unpaid life insurance premiums (1) Sector includes farm households. Supplementary tables (tables F.100.a and L.100.a) show estimates of annual flows and year-end outstandings of nonprofit organizations. (2) Only directly held and those in closed-end funds. Other equities are included in mutual funds (line 18), life insurance and pension reserves (lines 20 and 21), and bank personal trusts (line 22). 65 Z.1, March 13, 1998 L.101 Nonfinancial Business (1) Billions of dollars; levels, not seasonally adjusted 1993 1 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4859.5 5185.2 5630.4 5738.7 5843.6 5962.5 6082.7 6160.2 6273.9 6372.3 6472.3 1 2 3 4 5 6 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 12.9 305.6 129.3 48.7 2.5 14.0 330.9 130.9 56.2 2.2 15.0 351.7 135.6 81.1 2.4 17.7 341.9 133.5 84.0 2.4 17.2 349.9 139.7 84.7 4.2 18.2 364.8 147.4 86.0 4.6 25.4 382.3 142.8 88.5 3.8 26.2 374.4 136.5 91.7 3.6 30.1 383.5 145.2 93.5 3.1 31.1 393.9 141.7 98.6 4.1 32.2 414.8 144.7 103.0 5.8 2 3 4 5 6 7 Credit market instruments 308.5 326.8 324.7 311.6 323.9 312.0 329.3 320.2 311.0 316.0 335.3 7 19.4 81.2 54.7 76.0 77.2 18.8 84.7 56.7 80.0 86.6 19.9 79.4 55.4 85.0 85.1 17.2 78.4 52.4 87.0 76.7 20.5 86.9 55.9 88.5 72.0 23.0 80.6 49.5 90.4 68.5 30.7 80.7 47.7 92.4 77.7 25.8 84.6 45.4 94.4 70.0 24.8 73.4 48.5 96.4 68.0 27.4 76.3 45.2 98.4 68.7 34.1 80.0 42.0 100.4 78.9 8 9 10 11 12 29.8 1138.0 2884.2 31.1 1224.0 3069.2 45.7 1334.4 3339.8 49.3 1367.9 3430.4 51.4 1410.8 3461.7 53.4 1432.9 3543.3 58.6 1403.8 3648.2 62.1 1432.1 3713.4 73.1 1474.9 3759.6 80.0 1507.8 3799.1 81.8 1466.3 3888.5 13 14 15 6869.7 7127.6 7565.5 7675.5 7790.1 7876.0 7981.6 8066.1 8181.2 8290.7 8392.1 16 8 9 10 11 12 13 14 15 16 17 Total financial assets 1994 Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Mutual fund shares Trade receivables Miscellaneous assets Total liabilities 3776.3 3921.7 4162.2 4217.3 4309.6 4352.1 4381.7 4454.2 4531.4 4598.0 4689.0 17 18 19 20 Commercial paper Municipal securities Corporate bonds 117.8 113.9 1229.7 139.2 108.8 1253.0 157.4 96.3 1326.3 174.2 91.0 1341.5 181.7 87.9 1359.4 173.0 82.7 1376.4 156.4 78.8 1398.8 168.7 72.6 1418.7 179.3 68.6 1440.2 176.6 63.9 1470.9 168.6 58.9 1489.5 18 19 20 21 22 23 Bank loans n.e.c. Other loans and advances Mortgages 657.4 493.5 1163.9 719.8 526.7 1174.1 806.2 566.8 1209.3 818.6 575.1 1216.9 835.0 582.0 1263.5 863.3 589.1 1267.6 876.0 587.8 1283.8 906.0 594.5 1293.7 932.4 594.0 1316.9 946.2 603.6 1336.7 974.7 634.1 1363.2 21 22 23 797.6 74.5 2221.3 883.3 74.9 2247.7 965.3 75.7 2362.4 954.4 84.9 2418.9 984.1 81.4 2415.0 974.4 85.1 2464.4 1025.1 86.1 2488.8 1004.7 98.5 2508.7 1022.7 93.3 2533.8 1042.4 100.5 2549.8 1081.2 101.8 2520.0 24 25 26 24 25 26 Credit market instruments Trade payables Taxes payable Miscellaneous liabilities (1) Combined statement for nonfarm nonfinancial corporate business, nonfarm noncorporate business, and farm business. 66 Z.1, March 13, 1998 L.102 Nonfarm Nonfinancial Corporate Business Billions of dollars; levels, not seasonally adjusted 1993 1 2 3 4 5 6 Total financial assets Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4289.0 4567.3 4975.5 5076.7 5174.2 5285.7 5398.3 5467.3 5572.0 5660.9 5750.5 1 12.9 203.1 74.1 44.8 2.5 14.0 221.6 67.5 52.2 2.2 15.0 239.0 65.9 77.0 2.4 17.7 228.3 62.7 79.9 2.4 17.2 235.4 67.8 80.5 4.2 18.2 249.4 74.4 81.8 4.6 25.4 266.0 68.7 84.2 3.8 26.2 256.9 61.2 87.4 3.6 30.1 264.7 68.8 89.1 3.1 31.1 273.8 64.0 94.0 4.1 32.2 293.2 65.5 98.3 5.8 2 3 4 5 6 7 8 9 10 11 12 13 Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares 19.4 67.9 54.7 52.3 77.2 1035.0 29.8 18.8 70.7 56.7 56.4 86.6 1107.0 31.1 19.9 65.0 55.4 61.5 85.1 1205.9 45.7 17.2 63.9 52.4 63.5 76.7 1237.4 49.3 20.5 72.2 55.9 65.0 72.0 1278.3 51.4 23.0 65.8 49.5 67.0 68.5 1298.3 53.4 30.7 65.8 47.7 69.0 77.7 1267.2 58.6 25.8 69.6 45.4 71.0 70.0 1293.2 62.1 24.8 58.1 48.5 73.0 68.0 1333.9 73.1 27.4 60.9 45.2 75.0 68.7 1364.5 80.0 34.1 64.3 42.0 77.0 78.9 1320.6 81.8 7 8 9 10 11 12 13 14 15 16 17 18 19 Miscellaneous assets U.S. direct investment abroad (1) Insurance receivables Equity in GSEs Investment in finance company subs. Other 2615.3 598.4 169.7 1.9 17.8 1827.6 2782.6 670.3 177.5 2.0 20.9 1912.0 3037.7 749.9 180.7 2.0 25.5 2079.6 3125.5 774.2 180.7 2.4 25.3 2142.9 3153.6 787.4 180.4 2.8 28.1 2154.9 3231.9 805.8 179.7 3.4 28.9 2214.1 3333.4 815.3 178.8 4.2 30.2 2305.1 3394.8 839.0 177.5 5.1 30.5 2342.8 3437.0 865.4 175.8 6.2 30.0 2359.6 3472.1 889.0 173.9 7.4 30.8 2371.0 3556.8 906.9 171.6 8.8 32.3 2437.2 14 15 16 17 18 19 20 5388.6 5627.4 6022.0 6120.3 6215.0 6289.1 6375.8 6447.7 6535.7 6623.9 6703.8 20 21 Credit market instruments 2519.9 2657.7 2869.2 2916.0 2993.7 3028.4 3042.4 3104.9 3160.4 3209.7 3282.8 21 22 23 24 25 Commercial paper Municipal securities (2) Corporate bonds (1) Bank loans n.e.c. 117.8 113.9 1229.7 477.6 139.2 108.8 1253.0 521.0 157.4 96.3 1326.3 583.7 174.2 91.0 1341.5 593.2 181.7 87.9 1359.4 600.8 173.0 82.7 1376.4 622.6 156.4 78.8 1398.8 631.5 168.7 72.6 1418.7 657.6 179.3 68.6 1440.2 673.9 176.6 63.9 1470.9 681.9 168.6 58.9 1489.5 705.1 22 23 24 25 26 27 28 29 30 31 32 33 Other loans and advances Savings institutions Finance companies Federal government Acceptance liabilities to banks Rest of the world ABS issuers Mortgages 388.4 5.4 224.1 8.1 17.1 114.2 19.5 192.5 421.4 5.1 247.4 8.0 15.0 122.1 23.7 214.3 453.7 6.4 271.4 10.0 14.2 122.1 29.6 251.8 460.2 6.9 273.2 9.6 13.7 126.6 30.2 255.8 466.8 7.2 275.1 9.1 13.1 126.7 35.6 297.0 474.1 8.0 271.3 8.7 13.5 139.6 33.0 299.7 472.4 7.9 278.5 8.7 13.4 126.2 37.7 304.4 478.0 8.4 283.7 8.5 13.5 130.7 33.2 309.3 476.8 8.6 280.5 8.5 14.1 130.9 34.2 321.6 484.9 9.2 287.6 8.4 13.5 133.9 32.3 331.3 515.0 9.4 286.9 8.4 10.8 138.6 60.9 345.7 26 27 28 29 30 31 32 33 719.3 40.7 2108.7 497.8 21.9 1589.0 796.5 40.3 2132.8 543.3 22.0 1567.5 870.3 40.3 2242.2 587.9 25.8 1628.5 858.0 49.3 2297.0 603.3 26.7 1666.9 884.8 45.6 2291.0 630.4 27.7 1632.9 873.3 49.1 2338.2 644.8 28.6 1664.8 923.0 49.9 2360.5 647.3 29.6 1683.6 901.9 62.1 2378.7 669.9 30.5 1678.3 916.3 56.8 2402.3 686.2 31.5 1684.6 933.7 63.8 2416.7 691.1 32.4 1693.2 970.3 64.9 2385.8 709.4 33.4 1643.0 34 35 36 37 38 39 34 35 36 37 38 39 Total liabilities Trade payables Taxes payable Miscellaneous liabilities Foreign direct investment in U.S. Pension fund contributions payable Other Memo: 40 41 Trade receivables net of payables Market value of equities 315.8 4126.0 310.4 4141.8 335.6 5481.1 379.4 5774.3 393.5 5995.3 424.9 6027.8 344.2 6367.4 391.3 6283.4 417.6 7286.7 430.8 7881.2 350.3 7793.7 40 41 42 43 Securities and mortgages Loans and short-term paper 1536.1 983.8 1576.1 1081.6 1674.4 1194.8 1688.4 1227.6 1744.3 1249.3 1758.8 1269.7 1782.0 1260.4 1800.6 1304.4 1830.3 1330.1 1866.1 1343.5 1894.1 1388.7 42 43 44 45 Total short-term liabilities (3) Total liquid assets (4) 1743.8 509.2 1918.4 534.7 2105.4 585.3 2134.9 573.7 2179.7 605.4 2192.1 620.0 2233.2 650.9 2268.4 638.2 2303.1 660.2 2341.0 680.6 2423.9 717.1 44 45 46 47 Analytical measures (percent) Long-term debt/credit market debt Short-term debt/credit market debt 61.0 39.0 59.3 40.7 58.4 41.6 57.9 42.1 58.3 41.7 58.1 41.9 58.6 41.4 58.0 42.0 57.9 42.1 58.1 41.9 57.7 42.3 46 47 48 Liquid assets/short-term liabilities 29.2 27.9 27.8 26.9 27.8 28.3 29.1 28.1 28.7 29.1 29.6 48 (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (2) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (3) Loans (except mortgages), short-term paper, taxes payable, and trade payables. Includes loans due in more than one year and excludes current maturities of bonds and mortgages. (4) Sum of lines 2 through 9, plus line 13. 67 Z.1, March 13, 1998 L.103 Nonfarm Noncorporate Business Billions of dollars; levels, not seasonally adjusted 1993 1 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 513.9 557.6 592.4 598.8 605.4 612.1 619.6 627.0 634.7 642.9 652.0 1 2 3 4 Checkable deposits and currency Time and savings deposits Money market fund shares 87.2 55.2 3.9 92.3 63.4 4.0 96.1 69.7 4.1 97.2 70.8 4.1 98.2 71.9 4.2 99.3 73.0 4.3 100.4 74.1 4.3 101.5 75.2 4.4 102.6 76.4 4.5 103.8 77.7 4.6 105.2 79.2 4.7 2 3 4 5 6 7 Treasury securities Mortgages Consumer credit 13.3 23.7 0.0 14.0 23.6 0.0 14.4 23.5 0.0 14.5 23.5 0.0 14.6 23.5 0.0 14.8 23.4 0.0 14.9 23.4 0.0 15.1 23.4 0.0 15.2 23.4 0.0 15.4 23.4 0.0 15.7 23.4 0.0 5 6 7 103.0 227.6 40.8 0.8 186.1 117.0 243.3 46.8 0.9 195.6 128.5 256.1 51.8 1.0 203.3 130.5 258.2 52.5 1.0 204.7 132.6 260.5 53.3 1.0 206.2 134.6 262.8 54.0 1.0 207.8 136.7 265.9 54.8 1.7 209.4 138.8 268.6 55.8 1.7 211.2 141.0 271.6 56.8 1.6 213.2 143.3 274.8 57.8 1.6 215.4 145.7 278.3 58.9 1.6 217.9 8 9 10 11 12 1329.0 1342.9 1382.2 1396.2 1409.2 1419.4 1438.4 1453.6 1473.7 1492.5 1512.8 13 1118.5 1121.8 1147.9 1158.5 1167.8 1174.1 1189.3 1200.9 1217.6 1233.0 1250.1 14 143.0 84.8 890.7 160.2 84.7 876.9 182.7 92.3 872.9 187.8 94.6 876.1 193.3 94.2 880.3 199.1 93.8 881.2 204.1 93.0 892.2 210.1 94.1 896.7 215.9 95.0 906.7 220.4 96.9 915.7 225.6 97.2 927.2 15 16 17 64.1 33.8 112.5 71.6 34.6 114.9 78.8 35.4 120.2 80.2 35.6 122.0 81.7 35.8 124.0 83.1 36.0 126.1 84.6 36.2 128.3 86.2 36.4 130.0 88.0 36.6 131.5 89.7 36.7 133.0 91.6 36.9 134.2 18 19 20 56.6 60.2 62.6 63.2 63.9 64.7 64.9 66.0 67.2 68.4 69.8 1 8 9 10 11 12 13 14 15 16 17 18 19 20 Total financial assets 1994 Trade receivables Miscellaneous assets Insurance receivables Equity investment in GSEs (1) Other Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables Taxes payable Miscellaneous liabilities (1) Equity in the Farm Credit System. L.104 Farm Business (1) Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 15.3 17.0 16.6 16.4 16.3 16.1 16.0 16.1 16.2 16.2 16.4 2 3 4 5 Miscellaneous assets Insurance receivables Equity investment in GSEs (2) 41.3 39.1 2.2 43.3 41.1 2.2 46.0 43.8 2.2 46.8 44.6 2.1 47.7 45.5 2.2 48.6 46.4 2.1 48.9 47.4 1.5 49.9 48.4 1.5 51.0 49.5 1.6 52.2 50.6 1.6 53.4 51.7 1.6 3 4 5 152.1 157.4 161.3 159.1 165.9 167.5 167.4 164.9 171.8 174.4 175.5 6 137.9 142.2 145.1 142.8 148.2 149.5 149.9 148.3 153.4 155.4 156.2 7 36.8 20.3 80.7 38.7 20.6 83.0 39.7 20.8 84.6 37.6 20.3 85.0 40.9 21.1 86.2 41.5 21.3 86.7 40.4 22.4 87.1 38.2 22.4 87.7 42.6 22.2 88.7 43.9 21.8 89.8 43.9 21.9 90.3 8 9 10 14.2 15.2 16.2 16.2 17.7 17.9 17.4 16.5 18.4 19.0 19.3 11 6 7 8 9 10 11 Total liabilities Credit market instruments Bank loans n.e.c. Other loans and advances Mortgages Trade payables (1) Corporate and noncorporate farms. (2) Equity in the Farm Credit System. 68 Z.1, March 13, 1998 L.105 State and Local Governments (1) Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 Q1 1 1997 Q3 Q4 Q1 Q2 Q3 Q4 1083.4 1025.8 976.1 990.8 1006.6 994.4 982.9 985.2 999.6 1005.6 1028.3 1 2 3 4 Checkable deposits and currency Time and savings deposits Security RPs 28.3 46.5 133.7 31.6 52.9 118.6 34.4 62.4 102.7 30.3 66.8 104.6 30.8 67.5 105.4 29.9 69.0 103.2 31.7 70.7 101.8 30.0 70.7 104.9 31.3 72.7 103.7 31.8 75.9 108.1 33.3 78.7 110.4 2 3 4 5 Credit market instruments 6 7 8 9 10 11 12 Total financial assets Q2 784.9 729.9 648.1 674.8 677.8 643.2 611.1 593.6 600.9 580.5 591.5 5 Open market paper U.S. government securities Treasury Agency 17.9 622.8 447.8 175.0 22.3 556.6 370.0 186.6 34.9 455.3 293.8 161.5 39.4 477.5 297.9 179.6 41.8 476.4 301.9 174.4 44.4 439.0 296.2 142.8 45.1 403.2 292.0 111.2 43.7 387.0 285.6 101.4 46.4 391.9 290.3 101.6 47.1 367.9 277.7 90.2 49.2 374.8 279.3 95.4 6 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 9.5 26.5 108.3 8.6 31.9 110.5 5.1 39.0 113.8 3.1 40.6 114.3 2.1 42.7 114.9 2.0 41.9 115.9 1.9 43.2 117.6 1.9 42.7 118.3 1.9 41.3 119.4 2.0 43.0 120.5 1.5 44.5 121.5 10 11 12 13 14 Corporate equities Mutual fund shares 9.3 21.3 10.6 29.1 26.2 35.0 33.7 35.8 40.9 36.0 43.1 36.5 49.6 37.0 51.8 37.6 70.2 38.2 77.7 38.9 79.9 39.6 13 14 15 16 Taxes receivable Miscellaneous assets 39.1 20.1 34.0 19.0 27.9 39.4 27.3 17.6 27.5 20.7 27.2 42.2 26.1 54.9 25.9 70.7 26.5 56.0 27.0 65.8 26.9 68.0 15 16 17 1190.2 1145.5 1098.8 1098.4 1102.4 1087.7 1101.7 1111.5 1128.9 1138.9 1162.8 17 18 Credit market instruments 1161.8 1116.5 1067.6 1067.4 1070.7 1055.7 1068.9 1078.1 1095.4 1105.2 1128.7 18 19 20 21 22 Municipal securities Short-term Other U.S. government loans 1152.6 33.8 1118.7 9.2 1107.2 31.7 1075.6 9.3 1057.8 32.9 1024.9 9.8 1057.6 34.3 1023.3 9.8 1060.8 32.7 1028.2 9.8 1045.6 36.0 1009.6 10.0 1058.7 39.1 1019.6 10.1 1069.2 40.2 1029.0 8.9 1086.4 37.6 1048.7 9.0 1096.3 41.8 1054.5 8.9 1119.8 46.2 1073.6 8.9 19 20 21 22 28.4 29.0 31.2 31.0 31.8 32.0 32.8 33.4 33.5 33.7 34.1 23 488.7 437.1 438.5 460.3 461.4 454.5 437.7 446.6 459.4 446.3 437.7 1 40.2 52.2 0.8 41.4 27.8 0.7 53.8 22.2 0.9 53.3 24.2 1.0 52.9 42.8 4.3 45.1 47.5 3.3 44.9 38.3 2.4 38.3 40.0 2.4 38.9 57.8 3.3 38.6 49.3 2.8 42.0 41.6 3.4 2 3 4 231.9 204.4 204.2 199.3 199.2 197.5 196.5 196.9 198.3 199.1 201.4 5 0.0 85.0 146.9 0.0 71.0 133.4 0.0 57.8 146.4 0.0 55.6 143.7 0.0 54.6 144.6 0.0 52.2 145.3 0.0 50.3 146.2 0.0 48.0 148.8 0.0 47.4 150.9 0.0 46.3 152.9 0.0 45.7 155.7 6 7 8 28.4 18.9 116.2 24.7 18.6 119.5 23.1 17.3 117.1 23.9 43.0 115.6 22.7 24.8 114.7 23.3 23.0 114.9 24.3 20.7 110.6 24.7 36.6 107.7 25.4 29.9 105.9 24.7 28.2 103.6 25.7 20.0 103.7 9 10 11 3799.1 3984.0 4152.7 4242.0 4231.6 4289.3 4345.6 4387.7 4330.7 4358.2 4397.8 12 8.0 17.0 8.0 17.6 10.2 18.2 10.2 18.2 10.2 18.2 9.7 18.8 9.7 18.2 9.2 18.3 9.2 18.3 9.2 18.7 9.2 18.2 13 14 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 3771.2 3804.9 15 171.9 3138.0 26.6 0.0 179.9 3285.6 26.7 0.0 185.0 3423.5 28.2 0.0 185.8 3503.7 27.6 0.0 186.5 3479.1 28.2 0.0 186.8 3518.9 27.4 0.0 187.0 3568.1 26.6 0.0 186.5 3617.0 26.3 0.0 186.3 3547.9 26.3 0.0 186.2 3558.9 26.1 0.0 186.5 3591.8 26.5 0.0 16 17 18 19 86.1 344.7 6.8 86.5 372.7 6.8 92.2 388.7 6.7 93.3 396.6 6.6 94.9 407.3 7.3 96.7 423.9 7.2 95.8 432.8 7.3 97.2 426.6 6.6 99.8 436.1 6.7 99.9 455.0 4.2 98.0 463.6 4.0 20 21 22 23 Total liabilities Trade payables (1) Data for employee retirement funds are shown in table L.120. L.106 Federal Government Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 2 3 4 Gold, SDRs, and official foreign exchange Checkable deposits and currency Time and savings deposits 5 Credit market instruments 6 7 8 9 10 11 12 Agency securities Mortgages Other loans and advances Trade receivables Taxes receivable Miscellaneous assets Total liabilities 13 14 SDR certificates Treasury currency 15 Credit market instruments 16 17 18 19 20 21 22 Savings bonds Other Treasury securities Budget agency securities Multifamily residential mortgages Trade payables Insurance and pension reserves Miscellaneous liabilities 69 Z.1, March 13, 1998 L.107 Rest of the World Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 3 4 5 Net interbank assets U.S. checkable deposits and currency U.S. time deposits Security RPs 6 Credit market instruments 7 8 9 10 11 12 13 14 15 16 Open market paper U.S. government securities Official holdings Treasury Agency Private holdings Treasury Agency U.S. corporate bonds (1) Loans to U.S. corporate business 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2704.8 2904.9 3465.9 3643.7 3746.7 3913.4 4151.8 4285.4 4328.4 4545.9 4654.2 1 125.4 178.2 54.7 58.6 218.2 203.5 56.3 46.6 229.3 216.8 49.6 67.6 210.0 213.3 52.3 72.5 197.2 221.8 50.7 76.4 175.9 227.4 57.5 76.5 177.3 236.7 60.6 70.9 149.4 241.2 63.0 84.2 141.1 247.9 65.9 84.7 148.6 253.3 68.4 89.8 148.6 266.9 68.1 77.7 2 3 4 5 1147.8 1254.8 1563.1 1656.7 1722.2 1844.8 1953.6 2051.1 2125.3 2227.3 2270.0 6 18.8 741.5 388.3 371.2 17.1 24.9 796.5 415.0 393.4 21.6 43.4 1028.1 498.9 471.5 27.4 31.0 1111.1 554.6 527.1 27.5 42.3 1146.3 552.4 523.7 28.7 47.5 1228.6 579.1 549.2 29.9 54.5 1325.1 610.2 579.0 31.2 46.9 1404.3 634.1 602.2 31.9 57.2 1447.5 622.7 590.1 32.5 72.7 1505.7 632.0 596.8 35.2 75.0 1524.7 607.2 571.9 35.3 7 8 9 10 11 353.1 253.9 99.2 381.5 266.7 114.8 529.2 389.4 139.8 556.6 402.4 154.2 593.9 434.0 159.8 649.4 477.4 172.0 714.9 530.6 184.3 770.1 578.4 191.8 824.8 623.4 201.4 873.7 659.8 213.9 917.5 693.6 223.9 12 13 14 273.3 114.2 311.4 122.1 369.5 122.1 388.0 126.6 406.9 126.7 429.0 139.6 447.7 126.2 469.3 130.7 489.7 130.9 515.1 133.9 531.7 138.6 15 16 17 18 19 U.S. corporate equities Trade receivables Security credit 373.5 47.5 0.0 368.9 50.6 0.0 509.0 51.2 0.0 544.2 52.1 0.0 565.1 52.1 0.0 576.7 55.2 0.0 623.0 57.5 0.0 639.5 59.4 0.0 764.6 60.3 0.0 845.3 61.1 0.0 881.7 61.0 0.0 17 18 19 20 21 22 Miscellaneous assets Foreign direct investment in U.S. (2) Other 719.0 550.9 168.1 706.1 585.0 121.1 779.3 654.5 124.8 842.5 670.2 172.4 861.2 688.1 173.1 899.4 714.6 184.8 972.3 729.1 243.2 997.6 759.4 238.2 838.6 786.5 52.1 852.0 813.0 39.0 880.1 837.0 43.2 20 21 22 1574.2 1702.3 1940.3 2052.2 2043.9 2082.3 2194.3 2322.2 2234.5 2286.1 2266.6 23 23 Total liabilities 24 25 U.S. official foreign exchange and net IMF position U.S. private deposits 53.4 271.8 53.2 324.6 63.7 359.2 62.1 384.4 61.4 385.2 54.3 415.1 53.7 438.1 46.3 485.2 46.7 489.9 46.1 516.2 48.9 527.0 24 25 26 Credit market instruments 385.8 371.8 442.9 453.6 462.6 490.2 513.4 517.8 531.6 548.7 558.8 26 68.8 230.1 42.7 242.3 56.2 291.9 52.5 303.8 54.5 306.7 65.8 321.7 67.5 341.3 69.3 344.1 71.3 352.7 64.3 376.3 65.1 382.6 27 28 24.6 2.4 8.8 13.5 54.1 8.2 26.1 2.2 8.8 15.2 52.9 7.9 34.6 2.6 10.9 21.1 52.1 8.2 36.8 2.2 12.2 22.4 51.7 8.9 40.5 3.3 13.1 24.1 52.0 9.0 41.7 3.2 12.7 25.8 51.4 9.5 43.7 2.9 14.3 26.5 51.0 9.9 43.5 2.0 13.8 27.7 50.6 10.3 46.4 2.0 13.5 30.9 50.5 10.8 48.2 2.2 13.2 32.8 49.6 10.3 52.1 2.1 13.8 36.3 49.3 9.7 29 30 31 32 33 34 35.9 0.0 39.5 0.0 45.3 0.0 42.5 0.0 41.2 0.0 40.8 0.0 43.0 0.0 44.2 0.0 44.3 0.0 46.1 0.0 50.5 0.0 35 36 827.4 25.0 1.9 714.8 85.7 913.1 26.4 2.1 797.8 86.8 1029.2 27.9 1.9 884.3 115.0 1109.6 28.3 2.1 908.5 170.6 1093.5 28.7 1.8 933.6 129.3 1081.9 29.1 1.7 945.8 105.2 1146.1 29.7 1.8 970.8 143.8 1228.7 30.1 1.8 999.6 197.2 1122.0 30.5 1.8 1038.1 51.5 1129.0 31.0 1.8 1062.3 33.9 1081.4 31.3 1.8 1090.2 -41.9 37 38 39 40 41 543.9 586.6 699.1 741.0 785.5 832.6 875.5 901.2 1058.9 1154.1 1183.9 42 27 28 Commercial paper Bonds 29 30 31 32 33 34 Bank loans n.e.c. Official Banks Other U.S. government loans Acceptance liabilities to banks 35 36 Trade payables Security debt 37 38 39 40 41 Miscellaneous liabilities U.S. equity in IBRD, etc. U.S. government deposits U.S. direct investment abroad (1,2) Other Memo: 42 Market value of foreign equities held by U.S. residents (3) (1) Through 1992:Q4, corporate bonds include net issues by Netherlands Antillean financial subsidiaries; U.S. direct investment abroad excludes net inflows from those bond issues. (2) Direct investment is valued on a current-cost basis. (3) Includes American Depositary Receipts (ADRs). 70 Z.1, March 13, 1998 L.108 Monetary Authority (1) Billions of dollars; levels, not seasonally adjusted 1993 1 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 423.8 452.1 471.9 459.8 469.2 472.0 495.2 486.0 507.6 502.2 534.0 1 2 3 4 Gold and foreign exchange SDR certificates Treasury currency 33.3 8.0 22.1 33.0 8.0 23.0 32.1 10.2 24.0 30.9 10.2 24.3 30.5 10.2 24.5 30.4 9.7 24.8 30.2 9.7 25.0 28.9 9.2 25.2 28.9 9.2 25.3 28.5 9.2 25.5 28.0 9.2 25.6 2 3 4 5 6 7 Federal Reserve float Fed. Res. loans to domestic banks Security RPs 0.9 0.1 13.2 -0.7 0.2 10.6 0.1 0.1 13.9 0.0 0.0 4.9 -0.2 0.6 7.1 0.6 1.7 8.4 4.3 0.1 21.6 -0.5 4.0 11.6 0.5 1.9 16.6 -0.3 0.3 13.9 0.7 2.0 23.8 5 6 7 8 Credit market instruments 336.7 368.2 380.8 379.6 386.3 386.2 393.1 397.1 412.4 412.7 431.4 8 0.0 336.7 332.0 4.6 0.0 0.0 368.2 364.5 3.6 0.0 0.0 380.8 378.2 2.6 0.0 0.0 379.6 377.1 2.5 0.0 0.0 386.3 383.9 2.4 0.0 0.0 386.2 383.9 2.3 0.0 0.0 393.1 390.9 2.2 0.0 0.0 397.1 395.1 2.0 0.0 0.0 412.4 410.9 1.5 0.0 0.0 412.7 411.8 0.9 0.0 0.0 431.4 430.7 0.7 0.0 9 10 11 12 13 9.6 9.8 10.7 9.8 10.2 10.2 11.2 10.6 12.8 12.3 13.2 14 420.4 448.4 467.9 455.3 464.5 467.3 490.7 480.6 502.1 495.9 528.8 15 9 10 11 12 13 14 15 Total financial assets 1994 Acceptances U.S. government securities Treasury Agency Bank loans n.e.c. Miscellaneous assets Total liabilities 16 17 Depository institution reserves Vault cash of commercial banks 35.0 32.7 30.8 38.1 29.6 40.6 24.7 34.4 24.6 35.7 21.0 38.2 24.5 45.2 21.8 37.2 23.2 38.4 21.8 38.5 30.8 45.0 16 17 18 19 20 21 Checkable deposits and currency Due to federal government Due to rest of the world Currency outside banks 348.2 15.2 0.4 332.6 373.5 7.5 0.3 365.7 390.5 6.2 0.5 383.7 389.6 7.3 0.4 381.9 397.5 8.0 0.4 389.1 400.7 8.0 0.5 392.2 413.9 8.0 0.5 405.5 414.9 6.3 1.3 407.4 432.5 16.7 0.6 415.2 428.3 7.9 0.7 419.7 444.0 5.7 1.0 437.4 18 19 20 21 22 23 24 Miscellaneous liabilities Federal Reserve Bank stock Other 4.6 3.4 1.2 6.0 3.7 2.3 7.3 4.0 3.3 6.6 4.0 2.6 6.7 4.1 2.6 7.4 4.5 2.8 7.1 4.6 2.5 6.7 4.8 1.9 8.0 5.1 2.9 7.2 5.2 2.0 8.9 5.4 3.5 22 23 24 (1) Assets and liabilities of Federal Reserve Banks and Treasury monetary accounts that supply or absorb bank reserves. Excludes the accounts of the Federal Reserve Board. 71 Z.1, March 13, 1998 L.109 Commercial Banking (1) Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 3 4 Vault cash Reserves at Federal Reserve Checkable deposits and currency 5 Total bank credit 6 7 8 U.S. government securities Treasury Agency 9 10 Municipal securities Corporate and foreign bonds 11 12 13 14 15 16 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 17 18 Corporate equities Mutual fund shares 19 20 21 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3875.9 4150.1 4487.6 4503.5 4564.7 4606.6 4705.3 4786.8 4910.3 4990.4 5179.2 1 32.7 31.5 1.0 38.1 28.0 1.4 40.6 26.9 1.6 34.4 22.0 1.4 35.7 22.1 1.5 38.2 18.7 1.4 45.2 22.3 1.4 37.2 19.8 1.4 38.4 21.4 1.4 38.5 20.0 1.4 45.0 29.1 1.4 2 3 4 3174.4 3331.2 3604.6 3623.5 3668.7 3714.2 3794.5 3868.2 3957.4 4010.5 4144.5 5 745.4 322.2 423.2 719.1 290.4 428.7 746.1 278.7 467.5 755.3 284.0 471.3 753.9 280.2 473.7 750.8 275.0 475.9 757.5 261.8 495.7 792.9 282.5 510.4 788.9 265.9 523.0 799.7 261.8 537.9 840.7 269.8 571.0 6 7 8 99.2 98.2 97.6 102.5 93.4 110.9 93.0 109.7 92.7 110.4 92.7 110.7 94.2 112.3 94.0 118.8 94.3 122.6 96.2 132.4 96.7 143.1 9 10 2223.5 7.3 772.0 947.8 395.7 100.7 2407.1 5.8 834.9 1012.7 458.8 94.9 2646.9 5.7 949.6 1090.2 502.0 99.5 2657.8 6.1 966.9 1097.6 490.4 96.8 2703.7 4.9 993.7 1109.9 503.3 91.9 2751.7 4.4 1025.0 1123.2 513.4 85.7 2821.1 6.5 1041.7 1145.4 526.8 100.8 2853.2 3.2 1078.6 1160.1 504.3 107.0 2941.3 3.1 1115.7 1196.5 510.7 115.3 2972.5 3.1 1123.1 1227.1 507.5 111.6 3053.3 2.7 1171.3 1244.2 512.6 122.5 11 12 13 14 15 16 4.3 3.9 2.9 2.0 5.0 2.3 5.2 2.5 5.6 2.3 6.1 2.2 6.8 2.6 2.3 7.1 1.9 8.3 1.9 7.9 2.6 8.1 17 18 25.3 611.1 22.9 728.4 22.3 791.6 22.6 799.6 22.1 814.8 23.1 810.9 23.4 818.6 23.8 836.4 24.9 866.8 23.8 896.3 20.6 938.5 19 20 3750.3 4049.0 4333.2 4330.2 4407.0 4441.4 4547.4 4633.5 4755.0 4842.9 5051.6 21 22 23 24 25 Net interbank liabilities To monetary authority To domestic banks (3) To foreign banks 121.7 1.0 -4.7 125.4 211.2 -0.5 -6.5 218.2 220.5 0.2 -9.0 229.3 207.5 0.1 -2.6 210.0 189.7 0.4 -8.0 197.2 166.6 2.3 -11.6 175.9 171.1 4.4 -10.6 177.3 151.2 3.5 -1.6 149.4 135.4 2.4 -8.1 141.1 126.6 0.1 -22.1 148.6 123.1 2.8 -28.3 148.6 22 23 24 25 26 27 28 29 Checkable deposits Federal government Rest of the world Private domestic 788.4 42.6 21.3 724.5 756.7 23.8 23.2 709.8 710.8 19.0 24.0 667.8 659.3 16.8 23.1 619.4 673.2 31.4 27.1 614.8 672.3 37.8 25.1 609.4 676.3 28.7 26.6 621.0 642.0 24.0 26.9 591.1 661.1 34.2 29.4 597.4 626.8 33.5 28.1 565.1 656.4 27.8 31.6 597.1 26 27 28 29 30 31 32 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 1377.2 311.7 313.7 1376.2 333.0 391.8 1490.1 387.8 422.2 1548.7 402.4 428.2 1557.9 420.1 450.0 1575.2 458.8 451.5 1613.2 493.1 463.2 1666.7 505.0 477.0 1684.4 543.6 498.4 1716.0 590.0 516.2 1761.6 600.9 552.0 30 31 32 33 Credit market instruments 208.0 228.1 250.6 241.8 253.0 256.8 263.6 266.9 286.8 294.6 309.7 33 51.9 134.9 21.2 55.0 142.6 30.5 52.8 161.1 36.7 53.4 155.9 32.4 56.7 161.6 34.8 56.5 164.2 36.1 55.7 168.9 39.0 56.1 171.8 39.0 59.8 180.7 46.4 58.5 184.8 51.3 58.5 192.7 58.5 34 35 36 1.2 628.4 1.9 750.1 2.8 848.4 3.1 839.1 3.4 859.7 3.7 856.6 4.0 863.0 4.3 920.3 4.7 940.5 5.0 967.7 5.4 1042.5 37 38 3090.8 3254.3 3520.1 3541.6 3590.8 3643.3 3707.7 3775.7 3856.8 3912.9 4031.9 39 34 35 36 37 38 Open market paper Corporate bonds Other loans and advances Taxes payable Miscellaneous liabilities Memo: 39 Credit market funds advanced (4) (1) U.S.-chartered commercial banks, foreign banking offices in U.S., bank holding companies, and banks in U.S.-affiliated areas. IBFs are excluded from domestic banking and treated the same as branches in foreign countries. (2) Included in other loans and advances (table L.216). (3) Floats and discrepancies in interbank transactions. (4) Total bank credit (line 5) less security credit (line 16) less corporate equities (line 17) less mutual fund shares (line 18) plus customers’ liability on acceptances (line 19). 72 Z.1, March 13, 1998 L.110 U.S.-Chartered Commercial Banks Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 Vault cash and reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 9 U.S. government securities Treasury Agency Mortgage pool securities Agency-issued CMOs Other agency securities 10 11 12 13 14 Municipal securities Corporate and foreign bonds Private mortgage pool securities Privately issued CMOs Other bonds 15 16 17 18 19 20 Total loans Open market paper Bank loans n.e.c. Mortgages Consumer credit Security credit 21 22 Corporate equities Mutual fund shares 23 24 25 Customers’ liab. on acceptances (1) Miscellaneous assets Total liabilities 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2916.5 3113.2 3315.5 3316.2 3352.3 3383.9 3439.5 3490.4 3563.1 3621.3 3742.2 1 63.2 65.2 66.6 56.0 57.2 56.3 66.3 56.3 58.8 57.9 71.2 2 2780.9 2921.4 3116.3 3126.7 3155.1 3186.6 3231.5 3278.9 3353.4 3412.3 3512.3 3 671.3 275.0 396.3 173.2 133.8 89.3 646.1 248.0 398.1 182.2 119.4 96.5 629.1 207.6 421.5 195.1 101.0 125.3 631.9 208.4 423.4 204.7 97.3 121.4 624.8 200.1 424.7 209.5 90.9 124.2 618.8 195.2 423.6 208.0 89.8 125.8 609.7 173.0 436.7 216.6 89.5 130.7 626.1 180.1 446.0 223.9 92.4 129.7 627.7 172.4 455.3 228.4 93.2 133.7 631.0 163.2 467.8 235.9 96.9 135.0 663.9 166.8 497.1 247.7 107.0 142.4 4 5 6 7 8 9 98.9 66.6 4.7 19.8 42.1 97.0 66.0 3.6 21.5 40.9 92.7 69.3 4.5 24.9 39.8 92.2 69.4 4.4 25.9 39.1 91.9 68.7 4.2 25.4 39.0 92.1 66.3 4.4 22.2 39.7 93.7 64.8 4.2 21.8 38.9 93.5 67.4 3.5 21.3 42.5 93.8 70.0 3.4 20.6 46.0 95.7 78.6 3.2 21.7 53.7 96.1 85.8 3.0 22.5 60.3 10 11 12 13 14 1935.9 4.9 578.4 895.5 395.7 61.4 2107.4 3.6 624.6 963.7 458.8 56.8 2317.9 3.9 701.6 1045.4 502.0 65.1 2325.6 4.1 713.7 1054.3 490.4 63.0 2361.7 3.4 728.2 1067.5 503.3 59.4 2401.1 3.0 746.6 1080.7 513.4 57.4 2453.9 4.2 759.8 1102.9 526.8 60.2 2482.5 2.7 790.6 1119.1 504.3 65.9 2551.7 2.6 817.4 1158.0 510.7 63.0 2597.2 2.7 832.6 1189.0 507.5 65.4 2655.7 2.3 869.1 1207.3 512.6 64.4 15 16 17 18 19 20 4.3 3.9 2.9 2.0 5.0 2.3 5.2 2.5 5.6 2.3 6.1 2.2 6.8 2.6 2.3 7.1 1.9 8.3 1.9 7.9 2.6 8.1 21 22 10.1 62.2 9.9 116.7 12.3 120.3 12.8 120.8 13.5 126.6 14.5 126.6 13.9 127.7 14.5 140.8 15.0 136.0 14.7 136.3 13.7 145.0 23 24 3036.3 3271.5 3457.6 3441.1 3503.4 3530.6 3598.7 3654.3 3735.0 3808.4 3953.7 25 26 27 28 29 30 Net interbank liabilities Federal Reserve float Borrowing from Federal Reserve banks To domestic banks To foreign banks -19.4 0.9 0.1 -19.9 -0.5 60.5 -0.7 0.2 -13.3 74.3 54.4 0.1 0.1 -20.0 74.1 22.2 0.0 0.0 -39.9 62.0 13.4 -0.2 0.6 -38.5 51.4 -7.1 0.6 1.7 -44.2 34.8 0.4 4.3 0.1 -41.8 37.8 -7.6 -0.5 4.0 -43.7 32.7 1.0 0.5 1.9 -44.6 43.2 -7.4 -0.3 0.3 -52.3 44.9 -3.0 0.7 2.0 -45.5 39.8 26 27 28 29 30 31 32 33 34 Checkable deposits Federal government Rest of the world Private domestic 773.9 42.6 15.6 715.7 741.7 23.8 17.1 700.9 695.8 19.0 18.0 658.7 644.5 16.8 17.5 610.1 658.0 31.4 20.8 605.9 657.8 37.8 19.6 600.4 661.4 28.7 21.3 611.4 627.2 24.0 21.6 581.5 645.3 34.2 23.5 587.5 611.8 33.5 22.6 555.7 640.2 27.8 25.8 586.6 31 32 33 34 35 36 37 Small time and savings deposits Large time deposits Federal funds and security RPs (net) 1358.6 196.1 279.8 1357.9 214.0 351.4 1471.3 256.5 379.6 1530.0 266.6 387.1 1539.5 279.2 397.0 1557.1 296.5 404.8 1594.2 306.1 408.2 1637.1 314.2 418.0 1657.7 329.1 433.3 1692.7 360.9 455.2 1738.2 369.2 471.5 35 36 37 38 39 40 41 Acceptance liabilities Corporate bonds Other loans and advances Taxes payable 10.2 37.1 21.2 1.2 10.0 40.6 30.5 1.9 12.3 43.3 36.7 2.8 12.8 45.1 32.4 3.1 13.4 47.6 34.8 3.4 14.4 48.3 36.1 3.7 14.0 50.9 39.0 4.0 14.5 52.1 39.0 4.3 15.1 53.9 46.4 4.7 14.8 54.7 51.3 5.0 13.7 61.6 58.5 5.4 38 39 40 41 42 43 44 Miscellaneous liabilities Investment by bank holding companies Other 377.6 286.6 91.0 463.0 304.2 158.9 505.0 344.3 160.7 497.2 348.4 148.7 517.1 361.9 155.2 519.1 365.3 153.9 520.6 372.9 147.7 555.4 387.1 168.3 548.6 399.3 149.3 569.2 410.0 159.2 598.4 413.6 184.7 42 43 44 2721.5 2869.6 3056.1 3068.8 3101.3 3135.3 3175.8 3218.1 3295.2 3351.9 3450.8 45 Memo: 45 Credit market funds advanced (2) (1) Included in other loans and advances (table L.216). (2) Total bank credit (line 3) less security credit (line 20) less corporate equities (line 21) less mutual fund shares (line 22) plus customers’ liability on acceptances (line 23). 73 Z.1, March 13, 1998 L.111 Foreign Banking Offices in U.S. (1) Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 Reserves at Federal Reserve 3 Total bank credit 4 5 6 7 8 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 9 10 11 12 13 Total loans Open market paper Bank loans n.e.c. Mortgages Security credit 14 Corporate equities 15 16 17 Customers’ liab. on acceptances (2) Miscellaneous assets Total liabilities 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 542.2 589.7 666.3 673.9 681.8 687.4 714.8 731.2 761.4 766.3 816.6 1 1.0 1.0 0.8 0.5 0.6 0.6 1.1 0.7 1.0 0.6 2.9 2 350.2 362.3 436.9 446.2 461.1 473.8 507.0 531.3 544.2 538.1 566.5 3 57.6 36.1 21.5 0.0 23.8 55.7 32.7 23.0 0.0 28.9 99.6 62.3 37.3 0.0 33.5 106.9 67.8 39.1 0.0 32.6 112.5 72.0 40.5 0.0 32.8 115.2 71.9 43.4 0.0 34.9 130.4 80.7 49.7 0.0 36.6 148.8 94.0 54.8 0.0 38.8 143.2 85.8 57.5 0.0 38.6 150.8 90.5 60.3 0.0 39.6 156.6 94.6 62.0 0.0 41.3 4 5 6 7 8 268.8 2.4 182.0 45.1 39.3 277.7 2.2 197.2 40.3 38.1 303.9 1.7 232.6 35.1 34.4 306.6 2.0 237.7 33.2 33.8 315.7 1.5 249.4 32.3 32.6 323.7 1.4 261.8 32.2 28.3 339.9 2.3 264.8 32.2 40.6 343.7 0.5 271.3 30.8 41.1 362.3 0.5 281.2 28.3 52.3 347.6 0.4 273.4 27.6 46.2 368.6 0.4 284.0 26.1 58.0 9 10 11 12 13 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14 15.1 175.9 13.0 213.5 10.1 218.5 9.8 217.5 8.6 211.5 8.6 204.3 9.4 197.2 9.3 190.0 9.9 206.3 9.0 218.6 6.9 240.2 15 16 553.7 602.8 681.3 689.4 697.8 704.0 731.9 748.9 779.7 785.2 836.1 17 18 19 20 Net interbank liabilities To foreign banks To domestic banks 151.2 132.7 18.5 162.4 158.5 3.9 181.0 173.6 7.5 190.2 167.6 22.6 179.8 162.4 17.5 179.0 159.1 19.8 178.6 162.1 16.5 165.3 133.9 31.3 144.4 118.9 25.5 142.5 125.6 16.9 133.7 130.7 3.0 18 19 20 21 22 23 Checkable deposits Small time and savings deposits Large time deposits 8.3 10.4 107.4 8.8 9.3 110.0 8.7 8.5 121.0 8.6 8.3 125.4 8.7 7.7 130.2 8.0 7.6 151.8 8.0 8.7 176.6 8.0 19.4 180.7 8.9 16.8 204.6 8.3 13.1 218.9 8.9 13.0 221.3 21 22 23 24 25 Federal funds and security RPs (net) Acceptance liabilities 34.7 16.0 41.4 13.4 43.2 10.4 41.5 10.0 53.4 8.8 46.9 8.9 55.1 9.6 59.0 9.7 65.3 10.3 61.0 9.2 80.7 7.2 24 25 26 27 28 29 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 225.7 24.0 44.5 157.1 257.6 26.3 44.1 187.3 308.5 32.9 50.7 224.9 305.4 33.7 52.7 219.0 309.2 31.2 52.9 225.2 301.8 32.0 59.4 210.4 295.2 30.9 64.5 199.9 306.8 31.4 79.4 196.1 329.3 34.2 74.3 220.8 332.2 35.6 82.9 213.7 371.3 38.6 78.8 253.9 26 27 28 29 326.0 337.1 412.6 422.2 437.1 454.2 475.8 499.5 501.8 501.0 515.4 30 Memo: 30 Credit market funds advanced (3) (1) Branches and agencies of foreign banks, Edge Act and Agreement corporations, New York investment companies (through 1996:Q2), and American Express Bank. (2) Included in other loans and advances (table L.216). (3) Total bank credit (line 3) less security credit (line 13) less corporate equities (line 14) plus customers’ liability on acceptances (line 15). 74 Z.1, March 13, 1998 L.112 Bank Holding Companies Billions of dollars; levels, not seasonally adjusted 1993 1 2 3 4 5 6 7 8 9 10 11 12 Total financial assets 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 387.9 414.1 466.8 474.2 490.9 494.9 510.8 523.2 543.0 558.6 575.3 1 17.5 18.4 18.0 16.8 18.1 19.3 22.0 22.5 23.8 22.5 27.4 2 8.4 5.3 3.1 7.2 1.9 9.4 4.6 4.8 7.1 1.8 8.1 3.4 4.7 7.7 2.3 7.5 2.8 4.7 7.3 1.9 7.6 2.8 4.8 8.5 2.0 8.0 3.3 4.7 9.2 2.1 9.0 4.0 4.9 10.5 2.5 8.1 3.6 4.6 12.3 2.1 8.1 2.9 5.2 13.6 2.0 7.0 2.7 4.4 13.7 1.8 9.5 4.0 5.5 15.5 2.4 3 4 5 6 7 370.4 286.6 56.3 27.5 395.8 304.2 56.4 35.2 448.7 344.3 64.7 39.8 457.4 348.4 68.2 40.8 472.8 361.9 71.0 39.8 475.6 365.3 69.1 41.3 488.9 372.9 64.9 51.1 500.7 387.1 72.9 40.8 519.2 399.3 75.4 44.6 536.1 410.0 81.2 44.9 547.9 413.6 89.9 44.4 8 9 10 11 132.2 143.0 157.1 162.4 167.9 168.5 178.3 190.2 199.4 207.0 218.8 12 -10.0 -3.3 -6.8 -11.7 2.9 -14.6 -14.9 3.5 -18.5 -4.9 14.6 -19.6 -3.6 13.0 -16.6 -5.3 12.7 -18.0 -7.9 14.7 -22.6 -6.4 10.8 -17.2 -10.0 11.0 -20.9 -8.6 13.3 -21.9 -7.6 14.3 -21.9 13 14 15 -0.8 -0.9 -0.5 -0.4 -0.4 -0.3 -0.2 0.0 -0.1 -0.1 -0.2 16 123.4 25.6 97.7 133.6 31.6 102.0 148.0 30.1 117.9 141.4 30.6 110.8 148.4 34.4 114.0 149.1 33.2 116.0 150.0 32.0 118.0 151.6 31.8 119.7 161.1 34.4 126.7 164.6 34.5 130.0 168.6 37.6 131.0 17 18 19 19.6 22.0 24.6 26.3 23.5 24.9 36.3 45.0 48.4 51.1 57.9 20 29.4 33.1 39.0 39.1 39.8 40.3 40.3 41.9 42.8 44.2 45.1 1 1.0 1.4 1.6 1.4 1.5 1.4 1.4 1.4 1.4 1.4 1.4 2 25.8 29.2 33.4 33.9 34.3 34.5 34.1 35.6 36.1 37.5 38.3 3 U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds 8.1 5.8 2.3 0.2 0.6 7.9 5.1 2.8 0.6 0.5 9.4 5.4 4.0 0.7 0.4 9.0 5.1 4.0 0.7 0.4 9.0 5.3 3.7 0.7 0.3 8.8 4.7 4.2 0.6 0.3 8.4 4.1 4.3 0.5 0.3 9.9 4.7 5.1 0.5 0.3 9.9 4.8 5.1 0.5 0.3 10.8 5.3 5.5 0.4 0.4 10.7 4.4 6.3 0.5 0.5 4 5 6 7 8 Bank loans n.e.c. Home mortgages Commercial mortgages 9.7 4.1 3.1 11.3 4.8 4.0 13.1 5.7 4.0 13.7 5.8 4.2 14.2 6.1 4.1 14.5 6.4 3.9 14.6 6.3 3.9 14.7 6.2 4.1 15.1 6.1 4.2 15.4 6.2 4.3 15.8 6.4 4.4 9 10 11 Credit market instruments U.S. government securities Treasury issues Agency Corporate and foreign bonds Bank loans n.e.c. Miscellaneous assets Investment in bank subsidiaries Investment in nonbank subsidiaries Other Total liabilities 13 14 15 Net interbank liabilities To domestic banks To foreign banks 16 Federal funds and security RPs (net) 17 18 19 Credit market instruments Commercial paper Corporate bonds 20 Miscellaneous liabilities L.113 Banks in U.S.-Affiliated Areas (1) Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 Miscellaneous assets Total liabilities 2.6 2.4 4.0 3.8 3.9 4.4 4.8 4.9 5.3 5.3 5.3 12 28.2 31.7 37.2 37.3 37.9 38.4 38.6 40.2 40.9 42.2 43.0 13 14 15 16 Checkable deposits Small time and savings deposits Large time deposits 6.1 8.2 8.2 6.2 9.0 9.0 6.4 10.2 10.2 6.2 10.5 10.4 6.5 10.8 10.8 6.5 10.5 10.5 6.9 10.4 10.4 6.8 10.1 10.1 7.0 9.9 9.9 6.7 10.2 10.2 7.3 10.4 10.4 14 15 16 17 Miscellaneous liabilities 5.6 7.4 10.3 10.2 9.9 10.7 10.9 13.1 14.2 15.2 14.9 17 (1) Commercial banks and branches of U.S.-chartered commercial banks located in Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, and other U.S.-affiliated insular areas. 75 Z.1, March 13, 1998 L.114 Savings Institutions (1) Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 3 4 5 Reserves at Federal Reserve Checkable deposits and currency Time and savings deposits Federal funds and security RPs 6 Credit market instruments 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1020.2 1008.6 1012.8 1017.6 1024.5 1055.7 1031.7 1019.4 1029.7 1020.7 1025.4 1 3.4 15.4 3.0 10.6 2.8 13.9 1.3 6.5 2.7 15.5 1.1 11.2 2.7 13.9 1.0 11.2 2.5 13.6 1.0 9.3 2.3 14.3 1.4 9.9 2.3 14.2 1.4 10.0 2.1 13.1 1.4 9.4 1.8 13.6 1.3 9.8 1.8 14.2 1.2 8.5 1.7 15.3 1.0 9.2 2 3 4 5 914.1 920.8 913.3 921.8 932.7 945.2 933.2 931.9 937.8 927.3 925.5 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 0.3 175.5 28.2 147.3 0.1 187.0 27.1 159.9 0.2 183.0 18.4 164.6 0.2 182.6 18.8 163.8 0.2 184.5 19.5 165.1 0.2 178.0 17.7 160.3 0.3 173.4 17.4 156.1 0.0 173.1 17.0 156.1 0.0 175.9 16.3 159.6 0.0 170.1 15.3 154.8 0.0 169.3 14.6 154.8 7 8 9 10 11 12 13 14 15 Municipal securities Corporate and foreign bonds Other loans and advances Mortgages Consumer credit 2.1 89.1 10.8 598.4 37.9 2.0 86.7 10.3 596.2 38.5 2.0 78.5 12.8 596.8 40.1 2.0 79.9 13.9 602.6 40.7 2.0 78.1 14.4 611.5 42.1 2.1 76.3 16.0 627.8 44.9 2.1 68.6 15.7 628.3 44.7 1.9 67.9 16.7 626.4 45.9 2.0 67.2 17.2 629.1 46.5 2.1 58.5 18.5 629.8 48.5 2.1 58.4 18.7 629.7 47.2 11 12 13 14 15 12.5 61.0 10.4 53.0 14.3 54.7 15.9 51.0 16.1 49.3 16.4 66.2 17.8 52.9 17.9 43.7 21.2 44.0 22.6 45.0 23.4 49.3 16 17 1016.1 998.3 995.1 998.9 1006.2 1036.9 1010.5 998.3 1004.1 992.8 997.6 18 785.4 88.3 624.1 73.0 733.6 83.0 579.7 71.0 727.9 97.1 550.7 80.1 728.1 103.4 543.0 81.7 720.6 109.0 530.5 81.1 737.1 115.3 533.7 88.1 721.4 122.4 512.5 86.4 718.5 128.9 501.0 88.5 711.7 136.4 485.0 90.3 697.1 142.3 461.5 93.3 694.2 149.5 447.3 97.4 19 20 21 22 16 17 18 Corporate equities Miscellaneous assets Total liabilities 19 20 21 22 Deposits Checkable Small time and savings Large time 23 Security RPs 26.1 44.5 44.5 45.1 50.0 46.5 43.7 45.6 45.9 46.7 41.5 23 24 25 26 27 Credit market instruments Corporate bonds Bank loans n.e.c. Other loans and advances 99.6 3.9 8.4 87.3 112.4 3.1 9.3 100.0 115.0 3.1 14.6 97.4 117.8 2.9 15.2 99.7 128.3 3.1 14.8 110.5 134.8 2.7 14.5 117.6 140.5 2.7 15.9 121.9 136.3 2.6 17.0 116.7 144.3 2.6 16.7 125.0 149.8 2.8 17.6 129.4 160.3 2.8 19.4 138.0 24 25 26 27 28 29 30 31 Taxes payable Miscellaneous liabilities Investment by parent Other 1.9 103.0 4.4 98.5 1.0 106.7 4.4 102.3 1.6 106.1 4.5 101.6 1.7 106.4 4.5 101.8 1.3 105.9 4.6 101.3 1.4 117.1 4.6 112.5 1.4 103.5 4.7 98.8 1.4 96.4 4.8 91.7 1.5 100.7 4.8 95.9 1.7 97.4 4.9 92.5 1.8 99.8 5.0 94.8 28 29 30 31 (1) Savings and loan associations, mutual savings banks, and federal savings banks. 76 Z.1, March 13, 1998 L.115 Credit Unions Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 3 4 Checkable deposits and currency Time and savings deposits Federal funds and security RPs 5 Credit market instruments 6 7 8 9 Open market paper U.S. government securities Treasury Agency 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 281.7 293.6 310.7 323.9 327.7 326.0 330.1 341.7 348.0 349.2 354.9 1 6.5 25.6 8.5 6.5 16.7 6.2 7.4 17.1 6.4 8.0 19.1 10.4 7.6 17.9 7.1 6.8 17.6 2.5 7.5 16.4 1.4 7.9 18.4 8.4 7.6 17.3 4.2 7.0 16.8 3.8 7.5 20.0 3.5 2 3 4 218.7 246.8 263.0 267.0 276.9 282.6 288.5 291.2 299.2 303.6 304.2 5 2.2 58.9 22.6 36.3 2.1 62.9 22.1 40.9 0.6 64.1 18.3 45.7 0.3 67.2 19.3 47.9 0.3 69.2 19.1 50.1 0.2 68.4 18.2 50.2 0.3 68.1 17.4 50.7 0.2 69.7 17.8 51.9 0.4 70.6 17.8 52.9 0.2 68.3 15.8 52.5 0.2 64.1 15.7 48.4 6 7 8 9 10 11 Home mortgages Consumer credit 56.0 101.6 62.1 119.6 66.5 131.9 68.0 131.5 71.3 136.1 73.1 140.9 76.0 144.1 77.4 143.9 80.6 147.6 84.4 150.7 86.2 153.7 10 11 12 13 Mutual fund shares Miscellaneous assets 4.2 18.2 2.6 14.8 2.8 13.9 2.9 16.6 2.9 15.3 2.7 13.7 2.6 13.7 2.6 13.3 2.5 17.0 2.5 15.4 2.5 17.3 12 13 260.8 270.3 283.7 296.2 299.4 297.0 300.1 311.1 316.4 316.6 321.5 14 255.5 26.8 221.8 6.9 263.4 28.8 227.3 7.3 278.8 30.9 238.9 9.0 291.2 31.0 250.7 9.5 294.3 32.6 251.8 9.9 291.8 32.5 249.0 10.3 295.1 32.5 251.2 11.4 306.0 34.2 259.4 12.4 311.0 35.3 262.9 12.8 309.1 36.7 259.6 12.8 315.9 36.3 266.6 13.0 15 16 17 18 0.2 5.1 0.5 6.4 0.4 4.5 0.4 4.6 0.3 4.8 0.4 4.8 0.4 4.6 0.4 4.7 0.4 5.0 0.5 7.0 0.6 5.0 19 20 660.9 670.0 740.0 766.2 783.6 800.1 841.9 858.7 936.1 999.2 1012.0 1 39.5 0.8 9.4 29.3 41.4 0.5 11.0 29.9 42.6 0.5 10.0 32.0 44.1 0.6 9.7 33.8 46.2 0.6 9.4 36.2 48.6 0.6 9.1 38.9 51.0 0.6 8.9 41.4 53.5 0.7 8.8 44.0 56.0 0.7 8.8 46.6 58.6 0.7 8.8 49.1 61.3 0.8 9.0 51.6 2 3 4 5 240.9 248.0 229.2 228.3 229.4 231.3 233.1 235.2 237.4 239.7 242.3 6 19.5 73.1 40.4 32.7 23.0 72.0 39.8 32.2 23.3 66.7 36.5 30.2 23.2 67.0 36.7 30.3 23.1 68.2 37.4 30.7 22.9 69.7 38.4 31.3 22.9 71.2 39.4 31.8 22.9 72.8 40.4 32.4 23.0 74.5 40.3 34.2 23.2 76.3 40.3 36.0 23.5 78.1 39.4 38.7 7 8 9 10 108.9 35.8 3.6 114.2 35.3 3.4 103.1 32.2 3.9 102.3 31.9 3.8 102.6 31.8 3.7 103.3 31.8 3.6 103.7 31.8 3.6 104.1 31.7 3.7 104.4 31.6 3.8 104.6 31.5 4.1 104.8 31.4 4.4 11 12 13 181.0 183.5 167.3 200.4 202.9 253.5 208.7 272.7 208.6 285.8 208.3 296.9 219.0 322.8 218.8 334.2 243.1 381.6 261.2 420.9 259.3 429.5 14 15 16.0 12.9 11.9 12.5 13.6 14.9 16.0 17.0 18.0 18.8 19.5 16 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1035.2 1050.7 17 14 Total liabilities 15 16 17 18 Shares/deposits Checkable Small time and savings Large time 19 20 Other loans and advances Miscellaneous liabilities L.116 Bank Personal Trusts and Estates (1) Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 2 3 4 5 Deposits Checkable deposits and currency Time and savings deposits Money market fund shares 6 Credit market instruments 7 8 9 10 Open market paper U.S. government securities Treasury Agency 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 14 15 Corporate equities Mutual fund shares 16 Miscellaneous assets 17 Total liabilities (2) (1) Includes personal trusts and estates administered by nondeposit noninsured trust companies. (2) Equal to value of tangible and financial assets. These liabilities are assets of the household sector. 77 Z.1, March 13, 1998 L.117 Life Insurance Companies Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 1997 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1884.1 2086.8 2121.0 2147.8 2199.2 2271.7 2320.3 2435.4 2529.7 2581.4 1 5.6 16.2 5.2 22.8 5.0 26.7 4.9 30.5 4.7 34.4 4.3 40.7 3.5 44.7 4.0 50.9 3.7 54.0 4.1 56.5 2 3 1416.0 1482.6 1581.8 1596.2 1596.7 1627.0 1654.3 1680.2 1724.1 1750.4 1775.4 4 Open market paper U.S. government securities Treasury Agency 46.9 332.8 110.0 222.8 52.8 341.2 107.1 234.1 45.5 351.0 108.1 242.9 54.2 344.9 105.8 239.1 56.6 335.3 100.7 234.6 54.6 344.2 101.8 242.4 48.4 337.4 93.2 244.1 55.3 336.3 93.2 243.1 58.1 339.6 93.8 245.8 64.6 346.0 96.7 249.3 68.3 349.5 96.9 252.6 5 6 7 8 Municipal securities Corporate and foreign bonds Policy loans Mortgages 14.7 719.5 77.7 224.4 12.8 779.4 85.5 210.9 11.9 870.1 95.9 207.5 12.3 879.6 97.8 207.4 12.1 885.5 99.0 208.2 12.4 909.7 101.9 204.1 13.4 949.3 100.5 205.4 13.5 966.6 101.9 206.5 13.7 1000.9 103.7 208.1 14.1 1011.8 104.4 209.4 15.2 1025.7 105.9 210.8 9 10 11 12 226.0 25.9 272.2 9.6 344.2 27.7 361.5 31.0 380.9 33.8 398.9 36.5 437.5 40.0 454.7 41.0 509.9 49.0 563.0 55.7 582.2 57.5 13 14 75.7 97.9 105.1 100.6 101.0 97.8 94.8 96.3 97.5 103.0 105.7 15 4 Credit market instruments 13 14 Corporate equities Mutual fund shares 15 Miscellaneous assets 16 1996 Q1 5.2 31.5 Checkable deposits and currency Money market fund shares 9 10 11 12 1995 1780.2 2 3 5 6 7 8 1994 1677.8 1773.5 1953.9 1975.9 1999.8 2040.7 2115.6 2155.2 2266.9 2345.5 2395.8 16 17 18 19 Total liabilities Other loans and advances Life insurance reserves Pension fund reserves (1) 0.2 457.2 836.4 0.6 491.5 884.5 0.5 536.3 997.6 1.1 540.8 1014.6 1.2 548.3 1025.8 1.1 563.4 1045.6 1.6 580.1 1083.6 1.8 590.3 1111.9 1.8 609.1 1192.1 1.9 625.1 1239.6 1.8 636.8 1268.4 17 18 19 20 21 Taxes payable Miscellaneous liabilities 9.4 374.6 10.4 386.6 11.0 408.6 11.1 408.3 11.3 413.2 11.4 419.2 11.6 438.7 11.7 439.5 11.9 452.0 12.0 466.9 12.2 476.6 20 21 (1) Excludes unallocated contracts held by private pension funds, which are included in miscellaneous liabilities (line 21). L.118 Other Insurance Companies Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 2 3 Checkable deposits and currency Security RPs 4 Credit market instruments 5 6 7 8 9 10 11 12 13 14 15 16 642.5 678.9 741.2 751.1 758.0 768.8 780.0 791.1 813.2 831.4 844.5 1 5.2 31.7 5.0 29.4 4.9 37.5 4.8 39.6 3.8 33.8 4.1 36.8 3.9 35.4 4.2 38.1 4.1 36.6 4.2 37.5 4.1 37.4 2 3 422.7 446.4 468.7 473.1 480.7 484.2 491.2 491.2 498.1 506.2 514.4 4 U.S. government securities Treasury Agency 169.0 124.5 44.5 178.7 133.0 45.8 181.6 133.4 48.2 181.8 133.6 48.3 176.5 128.8 47.7 173.1 125.0 48.1 171.8 120.9 51.0 172.1 121.1 51.1 173.5 123.9 49.6 176.4 126.0 50.4 179.2 128.0 51.2 5 6 7 Municipal securities Corporate and foreign bonds Commercial mortgages 146.1 103.1 4.5 153.8 110.1 3.8 161.0 123.3 2.8 163.0 125.7 2.6 167.0 134.6 2.6 168.2 140.4 2.5 175.4 141.6 2.4 175.7 140.8 2.5 178.5 143.8 2.4 181.4 146.1 2.4 184.4 148.5 2.3 8 9 10 103.4 50.7 28.8 112.1 52.9 33.0 134.2 57.3 38.7 136.0 58.4 39.3 140.3 59.5 39.9 143.2 59.6 40.9 148.6 57.2 43.7 151.3 61.3 45.1 166.6 61.8 46.0 174.0 61.9 47.6 176.9 62.6 49.0 11 12 13 463.1 479.7 510.6 514.7 516.8 522.9 524.5 528.3 530.9 539.1 543.9 14 7.0 456.1 7.9 471.9 8.8 501.9 9.0 505.7 9.2 507.5 9.4 513.4 9.7 514.8 9.9 518.4 10.1 520.8 10.3 528.8 10.6 533.4 15 16 Corporate equities Trade receivables Miscellaneous assets Total liabilities Taxes payable Miscellaneous liabilities 78 Z.1, March 13, 1998 L.119 Private Pension Funds (1) Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs 6 Credit market instruments 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2193.4 2291.8 2657.3 2740.5 2814.6 2876.5 3036.8 3075.2 3330.4 3538.4 3577.8 1 3.0 69.0 26.3 38.1 3.2 64.5 31.6 37.6 3.1 49.4 37.5 37.6 3.1 46.8 39.2 38.4 3.1 43.5 39.4 39.1 3.1 40.2 40.1 39.5 3.0 37.6 42.3 40.6 3.0 34.2 40.9 40.8 3.0 31.2 41.6 40.8 3.0 28.6 41.2 41.6 2.9 25.9 43.1 41.9 2 3 4 5 611.4 656.9 718.3 735.0 746.7 757.1 764.8 777.9 792.5 809.1 831.7 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 38.1 350.5 239.6 110.9 37.6 400.4 271.2 129.2 37.6 433.5 292.2 141.3 38.4 441.5 297.2 144.3 39.1 446.4 300.3 146.1 39.5 450.7 303.2 147.5 40.6 452.8 304.7 148.2 40.8 458.7 308.4 150.4 40.8 465.5 312.7 152.9 41.6 472.7 317.1 155.7 41.9 483.8 323.9 159.9 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 0.6 207.8 14.5 0.7 200.0 18.0 0.8 227.1 19.3 0.8 234.4 19.9 0.8 240.0 20.3 0.8 245.3 20.7 0.9 249.6 20.9 0.9 256.1 21.4 0.9 263.3 22.0 0.9 271.2 22.6 1.0 281.7 23.3 11 12 13 14 15 Corporate equities Mutual fund shares 937.7 116.0 940.5 150.4 1179.4 230.7 1233.7 244.2 1278.6 260.2 1328.9 267.7 1447.3 287.2 1428.1 345.6 1619.7 399.1 1769.2 441.3 1765.4 457.0 14 15 16 17 18 19 Miscellaneous assets Unallocated insurance contracts (2) Contributions receivable Other 391.9 206.6 21.9 163.4 407.0 210.0 22.0 175.0 401.1 215.2 25.8 160.1 400.2 214.1 26.7 159.3 404.0 217.4 27.7 158.9 399.9 219.5 28.6 151.8 413.9 231.4 29.6 153.0 404.8 228.7 30.5 145.5 402.5 232.1 31.5 138.9 404.4 236.5 32.4 135.4 409.9 241.3 33.4 135.2 16 17 18 19 20 Pension fund reserves (liabilities) (3) 2216.3 2317.2 2682.0 2765.1 2839.6 2901.5 3062.2 3100.5 3355.4 3563.4 3602.9 20 (1) Includes the Federal Employees’ Retirement System Thrift Savings Plan. (2) Assets of private pension plans held at life insurance companies (e.g., GICs, variable annuities); series begins 1985:Q4. (3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. L.120 State and Local Government Employee Retirement Funds Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 1255.9 1294.3 1517.9 1575.1 1610.6 1641.2 1714.9 1753.6 1935.5 2046.6 2099.7 1 6.5 8.5 20.5 5.1 4.9 26.2 3.1 4.0 32.5 3.2 4.7 30.8 4.0 3.7 32.7 3.0 4.0 32.4 3.6 4.2 33.2 2.7 7.4 33.3 3.9 4.0 38.4 3.5 3.8 34.7 4.2 2.1 35.1 2 3 4 433.5 455.8 483.3 493.6 509.8 517.7 529.2 531.6 542.7 562.0 577.5 5 Open market paper U.S. government securities Treasury Agency 20.5 231.2 163.0 68.2 26.2 246.3 171.0 75.2 32.5 270.8 175.8 95.0 30.8 280.1 181.2 98.8 32.7 294.4 191.0 103.4 32.4 293.6 189.4 104.2 33.2 298.5 190.5 108.0 33.3 302.0 192.5 109.5 38.4 303.1 197.9 105.2 34.7 316.1 209.1 107.0 35.1 321.8 213.6 108.2 6 7 8 9 Municipal securities Corporate and foreign bonds Mortgages 0.7 166.5 14.5 0.4 167.7 15.2 0.5 163.5 15.9 0.8 165.8 16.1 0.4 166.0 16.3 0.5 174.6 16.5 0.6 180.2 16.7 0.5 178.9 16.9 0.5 183.5 17.2 1.0 192.8 17.4 0.9 202.0 17.6 10 11 12 531.0 256.0 542.6 259.6 753.5 241.5 808.2 234.6 838.4 221.9 877.0 207.0 955.7 189.1 985.3 193.2 1153.7 192.7 1254.3 188.4 1295.2 185.7 13 14 1278.2 1319.5 1546.1 1605.3 1642.4 1673.6 1748.8 1789.1 1970.5 2080.9 2133.1 15 2 3 4 Checkable deposits and currency Time and savings deposits Security RPs 5 Credit market instruments 6 7 8 9 10 11 12 13 14 15 Corporate equities Miscellaneous assets Pension fund reserves (liabilities) (1) (1) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector. 79 Z.1, March 13, 1998 L.121 Money Market Mutual Funds (1) Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 3 4 5 Foreign deposits Checkable deposits and currency Time and savings deposits Security RPs 6 Credit market instruments 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 1005.1 1048.7 1 10.0 -1.2 31.9 66.4 15.7 -2.5 31.4 68.8 19.7 -3.5 52.3 87.8 21.2 -2.9 56.6 96.7 14.1 -2.7 54.6 98.2 17.5 -3.6 67.4 100.7 23.1 -1.1 82.7 103.8 20.6 -0.4 99.4 119.0 20.2 -0.4 106.4 113.6 23.0 -2.2 115.0 124.6 23.2 1.5 111.3 126.6 2 3 4 5 429.0 459.0 545.5 595.6 594.7 606.6 634.3 659.0 656.5 678.7 718.8 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 164.4 147.2 79.4 67.8 187.2 143.3 66.1 77.2 235.5 160.8 70.0 90.8 248.0 182.0 85.7 96.2 262.8 170.2 80.6 89.6 265.2 178.2 83.6 94.6 273.9 192.0 90.2 101.8 302.7 174.2 82.2 92.1 308.9 168.1 74.8 93.3 323.6 163.5 75.0 88.5 336.0 182.5 86.2 96.3 7 8 9 10 11 12 Municipal securities Corporate and foreign bonds 105.6 11.7 113.4 15.2 127.7 21.5 141.0 24.6 136.7 25.0 138.6 24.6 144.5 23.9 155.7 26.4 151.8 27.7 158.9 32.7 167.0 33.4 11 12 23.7 30.6 43.4 49.7 50.5 49.5 48.3 53.2 56.0 65.9 67.3 13 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 1005.1 1048.7 14 13 14 Miscellaneous assets Total shares outstanding (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.122 Mutual Funds (1) Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 2 Security RPs 3 Credit market instruments 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 1 38.7 43.1 50.2 46.4 49.8 56.1 47.5 53.0 58.1 58.4 61.9 2 725.9 718.8 771.3 795.9 809.0 818.3 820.2 838.3 860.6 889.2 894.8 3 4 5 6 7 Open market paper U.S. government securities Treasury Agency 38.7 306.6 200.9 105.7 43.1 296.2 194.1 102.1 50.2 315.1 205.3 109.9 49.4 328.9 213.4 115.5 49.8 331.0 214.6 116.4 56.1 329.1 213.5 115.6 47.2 330.2 214.2 116.1 53.0 335.6 217.3 118.2 58.1 340.2 220.0 120.1 58.4 350.9 226.4 124.5 56.9 341.8 219.0 122.9 4 5 6 7 8 9 Municipal securities Corporate and foreign bonds 211.3 169.3 207.0 172.4 210.2 195.7 212.1 205.5 212.6 215.6 213.0 220.2 213.3 229.5 214.2 235.4 215.1 247.2 218.0 261.9 222.3 273.8 8 9 607.4 3.3 709.6 5.9 1024.9 6.3 1149.6 5.1 1263.0 8.1 1334.1 3.0 1470.0 4.7 1514.7 5.5 1793.6 7.4 2020.8 8.6 2049.4 7.4 10 11 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 12 10 11 12 Corporate equities Miscellaneous assets Total shares outstanding (liabilities) (1) Open-end investment companies; excludes funding vehicles for variable annuities, which are included in the life insurance sector (table L.117). L.123 Closed-End Funds Billions of dollars; levels, not seasonally adjusted 1 2 3 4 5 6 Total financial assets Credit market instruments U.S. government securities Municipal securities Corporate and foreign bonds Corporate equities 116.1 117.8 134.4 136.8 138.2 139.6 142.3 142.6 149.5 153.7 153.7 1 89.7 86.0 96.4 97.0 97.6 98.1 98.7 99.3 99.7 99.7 99.5 2 13.7 51.8 24.2 12.8 53.4 19.8 11.2 59.6 25.6 11.3 59.8 25.9 11.3 60.0 26.3 11.3 60.2 26.6 11.4 60.4 26.9 11.4 60.6 27.4 11.2 60.8 27.6 11.0 61.0 27.8 10.6 61.2 27.7 3 4 5 26.5 31.9 38.0 39.8 40.7 41.5 43.6 43.2 49.8 54.0 54.2 6 116.1 117.8 134.4 136.8 138.2 139.6 142.3 142.6 149.5 153.7 153.7 7 Memo: 7 Market value of equities 80 Z.1, March 13, 1998 L.124 Government-Sponsored Enterprises (GSEs) (1) Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 3 Checkable deposits and currency Federal funds and security RPs 4 Credit market instruments 5 6 7 8 Open market paper U.S. government securities Treasury Agency 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 631.1 781.8 896.9 906.8 934.0 954.9 988.6 993.9 1038.5 1055.1 1098.8 1 2.1 50.3 1.3 85.8 1.5 106.3 1.0 104.0 0.7 103.4 0.6 103.5 0.7 94.5 0.9 96.1 2.9 102.2 1.9 102.6 1.9 93.1 2 3 545.5 663.3 748.0 755.8 758.9 779.3 813.6 824.3 854.8 868.7 908.6 4 11.9 116.9 51.6 65.3 26.3 180.3 51.9 128.4 25.5 243.8 58.0 185.8 24.5 254.0 54.2 199.8 23.6 246.6 34.5 212.0 24.6 260.4 34.5 225.9 35.1 264.2 18.8 245.4 40.6 279.2 19.1 260.1 42.2 295.1 13.5 281.6 29.3 319.4 21.7 297.8 32.5 330.2 15.6 314.6 5 6 7 8 2.6 11.1 3.4 19.5 4.4 25.0 3.9 23.1 4.2 20.2 4.1 19.5 4.1 30.6 4.4 29.8 3.8 29.8 3.5 24.4 5.2 33.4 9 10 9 10 Municipal securities Corporate and foreign bonds 11 12 13 14 Other loans and advances Sallie Mae Farm Credit System FHLB 162.0 33.4 25.4 103.1 189.1 37.0 26.3 125.9 200.3 37.9 30.2 132.3 199.8 36.9 31.5 131.4 213.0 36.3 31.8 144.9 220.2 35.6 31.3 153.3 229.1 36.2 31.6 161.4 223.3 34.9 31.7 156.6 238.3 33.5 32.4 172.4 246.9 32.4 32.7 181.8 260.7 31.3 31.6 197.8 11 12 13 14 15 16 17 18 Mortgages Home Multifamily residential Farm 241.0 196.7 17.5 26.8 244.6 199.3 18.4 26.9 249.0 203.2 19.0 26.8 250.5 204.3 19.0 27.2 251.3 204.8 18.9 27.6 250.6 204.0 18.8 27.8 250.7 204.3 18.6 27.9 247.2 201.0 18.2 27.9 245.5 199.6 17.8 28.2 245.1 199.1 17.5 28.6 246.8 200.7 17.3 28.8 15 16 17 18 33.2 31.5 41.2 46.1 71.0 71.6 79.8 72.6 78.5 81.8 95.2 19 614.4 761.7 873.6 882.8 909.5 930.1 966.7 972.3 1016.9 1035.0 1078.4 20 528.5 523.7 4.8 700.6 700.6 0.0 806.5 806.5 0.0 814.4 814.4 0.0 846.1 846.1 0.0 866.1 866.1 0.0 896.9 896.9 0.0 894.7 894.7 0.0 944.2 944.2 0.0 955.8 955.8 0.0 995.9 995.9 0.0 21 22 23 85.9 61.1 67.1 68.4 63.4 64.0 69.8 77.7 72.7 79.2 82.5 24 19 20 Miscellaneous assets Total liabilities 21 22 23 Credit market instruments GSE issues (2) U.S. government loans 24 Miscellaneous liabilities (1) Federal Home Loan Banks, Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Farm Credit System, the Financing Corporation, the Resolution Funding Corporation, and the Student Loan Marketing Association (Sallie Mae), which is a subsidiary of SLM Holding Corporation, a private company chartered in 1997. (2) Such issues are classified as U.S. government securities. L.125 Federally Related Mortgage Pools (1) Billions of dollars; levels, not seasonally adjusted 1 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 1 2 3 4 Total financial assets Home mortgages Multifamily residential mortgages Farm mortgages 1334.3 22.5 0.0 1449.7 22.4 0.0 1543.4 26.9 0.0 1571.9 27.8 0.0 1614.3 28.9 0.0 1648.3 30.7 0.0 1678.9 32.5 0.0 1706.3 33.7 0.0 1726.9 35.2 0.0 1754.2 36.5 0.0 1788.0 37.8 0.0 2 3 4 5 Total pool securities (liabilities)(2) 1356.8 1472.1 1570.3 1599.7 1643.3 1679.0 1711.4 1740.0 1762.1 1790.7 1825.8 5 (1) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also includes federally related pools which are used as collateral for federally related agency-issued CMOs and privately issued CMOs. Excludes Federal Financing Bank holdings of pool securities, which are included with federal government mortgages and other loans and advances. (2) Such issues are classified as U.S. government securities. 81 Z.1, March 13, 1998 L.126 Issuers of Asset-Backed Securities (ABSs) Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Total financial assets 483.4 552.0 683.6 714.0 749.1 773.8 810.3 821.4 843.3 898.8 987.5 1 2 Agency securities (1) 86.2 86.9 89.2 86.0 80.3 74.6 60.8 51.0 41.9 24.9 14.1 2 3 4 5 Other loans and advances Student loans Loans to business 19.5 0.0 19.5 23.7 0.0 23.7 30.6 1.0 29.6 32.7 2.5 30.2 39.6 4.0 35.6 38.0 5.0 33.0 44.0 6.3 37.7 41.2 8.0 33.2 44.2 10.0 34.2 44.4 12.1 32.3 75.5 14.6 60.9 3 4 5 6 7 8 9 Mortgages (2) Home Multifamily residential Commercial 219.0 184.8 8.7 25.5 260.2 208.5 14.9 36.8 296.5 227.8 21.3 47.4 313.2 237.6 24.5 51.1 329.0 247.6 26.8 54.5 340.4 255.9 28.1 56.3 359.1 261.9 33.7 63.5 373.7 271.1 35.6 67.0 391.8 279.5 39.0 73.3 420.2 299.4 42.0 78.8 456.8 318.0 48.3 90.5 6 7 8 9 Consumer credit Trade receivables 130.5 28.4 146.1 35.2 211.6 55.7 221.4 60.6 237.2 63.1 251.2 69.7 265.8 80.7 268.5 86.9 275.6 89.8 293.5 115.7 313.1 128.1 10 11 485.3 554.1 687.0 717.3 756.6 781.2 819.1 829.8 852.5 908.8 998.4 12 51.6 433.8 63.9 490.2 101.2 585.8 110.2 607.1 114.7 642.0 126.8 654.5 146.7 672.4 158.1 671.7 163.3 689.3 210.4 698.4 256.1 742.2 13 14 1.9 2.2 3.5 3.3 7.6 7.4 8.7 8.4 9.2 10.0 10.8 15 10 11 12 13 14 15 Total liabilities Commercial paper Corporate bonds Memo: Securitized consumer leases not included above (3) (1) Federally related mortgage pool securities backing privately issued CMOs. (2) Mortgages backing privately issued pool securities and privately issued CMOs. (3) Receivables from operating leases, such as consumer automobile leases, are booked as current income when payments are received and are not included in financial assets (or household liabilities). The leased automobile is a tangible asset. L.127 Finance Companies (1) Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 557.4 599.7 672.3 678.0 688.4 692.6 714.6 720.5 736.9 731.5 759.4 1 13.3 14.9 16.6 17.1 17.5 18.0 18.5 19.0 19.5 20.0 20.6 2 2 Checkable deposits and currency 3 4 5 6 Credit market instruments Other loans and advances Mortgages Consumer credit 427.9 249.0 62.7 116.1 476.2 274.9 66.9 134.4 526.2 301.6 72.4 152.1 530.3 303.5 74.3 152.5 539.9 305.7 80.4 153.9 538.3 301.4 82.2 154.6 544.5 309.5 82.7 152.4 552.4 315.2 83.4 153.8 553.1 311.7 84.8 156.7 564.4 319.5 86.4 158.4 566.7 318.8 87.9 160.0 3 4 5 6 7 Miscellaneous assets 116.1 108.5 129.6 130.7 130.9 136.3 151.5 149.0 164.3 147.1 172.1 7 554.2 618.5 691.2 695.6 708.9 714.2 741.0 747.1 761.1 755.6 777.8 8 385.1 149.1 215.6 20.4 433.7 171.6 247.4 14.8 483.9 168.6 300.0 15.3 491.1 168.2 307.5 15.4 506.3 169.6 319.0 17.7 513.7 173.1 322.3 18.3 529.8 177.6 332.5 19.7 528.4 185.3 324.6 18.4 557.8 193.7 345.3 18.8 532.7 189.6 322.8 20.4 554.5 201.5 328.9 24.1 9 10 11 12 3.3 4.1 5.1 5.3 5.6 5.8 6.0 6.3 6.5 6.7 7.0 13 165.8 33.8 35.6 96.4 180.6 35.9 41.8 102.9 202.2 52.4 51.1 98.8 199.2 49.3 50.5 99.3 197.1 51.2 56.3 89.6 194.6 56.8 57.9 80.0 205.2 63.3 60.3 81.6 212.5 75.6 61.0 75.9 196.8 85.1 60.0 51.7 216.2 92.4 61.6 62.1 216.4 96.6 64.7 55.1 14 15 16 17 49.3 67.5 80.8 83.4 86.7 89.9 92.5 95.6 98.5 96.1 96.8 18 8 Total liabilities 9 10 11 12 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. 13 Taxes payable 14 15 16 17 Miscellaneous liabilities Foreign direct investment in U.S. Investment by parent Other 18 Memo: Consumer leases not included above (2) (1) Includes retail captive finance companies. (2) See footnote (3), table L.126. 82 Z.1, March 13, 1998 L.128 Mortgage Companies Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 Q1 1 2 3 4 5 6 7 Total financial assets Home mortgages Multifamily residential mortgages Commercial mortgages Total liabilities Bank loans n.e.c. Investment by parent Q2 1997 Q3 Q4 Q1 Q2 Q3 Q4 60.4 36.5 33.0 46.0 39.3 40.2 41.2 41.1 43.6 45.4 47.9 1 52.2 3.1 5.1 28.3 3.1 5.1 23.8 4.2 5.1 36.7 4.2 5.1 29.8 4.4 5.1 31.0 4.1 5.1 32.0 4.1 5.1 31.2 4.9 5.1 33.7 4.9 5.1 35.2 5.2 5.1 37.2 5.6 5.1 2 3 4 60.4 36.5 33.0 46.0 39.3 40.2 41.2 41.1 43.6 45.4 47.9 5 30.2 30.2 18.7 17.7 19.1 13.9 24.1 21.9 28.1 11.2 28.5 11.6 31.5 9.7 33.0 8.1 34.3 9.4 35.2 10.3 36.4 11.5 6 7 L.129 Real Estate Investment Trusts (REITs) Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 17.4 22.1 25.5 25.7 26.1 26.5 27.1 27.6 28.3 29.6 31.2 1 2 3 4 5 Mortgages Home Multifamily residential Commercial 8.6 0.9 5.6 2.1 13.3 1.5 8.7 3.2 15.5 1.7 10.1 3.7 16.3 1.8 10.7 3.9 17.2 1.9 11.2 4.1 18.0 2.0 11.8 4.3 19.0 2.1 12.4 4.5 20.3 2.2 13.2 4.8 21.5 2.4 14.0 5.1 22.8 2.5 14.8 5.4 24.0 2.6 15.7 5.7 2 3 4 5 6 Miscellaneous assets 8.8 8.7 10.0 9.4 8.9 8.4 8.1 7.4 6.8 6.9 7.2 6 24.7 46.1 54.6 57.3 61.1 65.5 70.7 75.8 81.1 88.3 95.8 7 7 Total liabilities 8 Security RPs 9 10 11 12 13 Credit market instruments Open market paper Corporate bonds Bank loans n.e.c. Mortgages 14 Miscellaneous liabilities 5.0 9.7 10.9 11.2 11.5 12.0 12.5 12.6 12.8 13.1 13.5 8 17.4 0.6 4.3 3.6 8.9 31.1 0.0 6.3 6.0 18.7 37.1 0.0 8.3 4.2 24.6 39.1 0.0 8.8 3.8 26.5 42.0 0.0 9.4 3.4 29.2 45.4 0.0 10.2 2.8 32.4 49.9 0.0 11.2 2.7 36.0 54.9 0.0 12.0 2.9 40.0 60.0 0.0 13.4 3.1 43.5 66.7 0.0 16.4 3.3 47.0 73.7 0.0 20.2 3.5 50.0 9 10 11 12 13 2.3 5.3 6.6 7.0 7.5 8.1 8.3 8.3 8.3 8.4 8.5 14 83 Z.1, March 13, 1998 L.130 Security Brokers and Dealers Billions of dollars; levels, not seasonally adjusted 1993 1 Total financial assets 2 Checkable deposits and currency 3 Credit market instruments 4 5 6 7 8 9 10 11 12 13 Open market paper U.S. government securities Treasury Agency Municipal securities Corporate and foreign bonds Corporate equities Security credit Miscellaneous assets Total liabilities 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 478.8 454.7 568.1 569.4 565.3 583.1 636.4 651.3 719.9 751.3 776.8 1 12.3 12.0 13.7 12.9 15.3 15.3 15.7 14.9 18.1 19.0 21.2 2 137.5 93.3 183.4 156.2 138.2 147.1 167.7 164.1 161.2 165.1 183.6 3 14.9 32.5 -28.3 60.8 17.1 73.0 11.2 2.3 -42.7 45.0 15.5 64.4 22.1 72.3 18.3 54.0 12.7 76.4 16.8 55.2 5.2 50.0 8.9 75.3 19.9 34.1 -14.1 48.2 8.8 75.3 18.1 42.5 -4.0 46.5 7.9 78.6 23.7 42.4 -12.8 55.2 10.8 90.9 25.2 30.9 -22.9 53.8 10.0 97.9 26.0 26.6 -27.1 53.7 11.4 97.2 24.5 23.6 -42.8 66.4 11.0 105.9 24.3 45.4 -5.0 50.4 13.2 100.7 4 5 6 7 8 9 24.2 76.1 228.6 20.1 75.1 254.2 34.2 78.6 258.2 28.2 89.1 283.0 31.9 89.9 290.0 29.1 86.9 304.7 37.9 94.4 320.7 39.1 101.1 332.1 44.0 110.5 386.1 50.8 127.5 389.0 50.8 128.7 392.5 10 11 12 441.9 420.9 535.4 534.8 530.5 547.2 596.5 608.4 674.9 703.7 729.0 13 14 15 Security RPs (net) Corporate bonds 126.4 33.7 103.4 34.3 182.4 29.3 181.5 21.4 180.4 24.6 177.6 26.1 180.9 27.3 178.0 26.6 208.1 35.3 216.5 33.6 207.2 35.3 14 15 16 17 18 19 20 Trade payables Security credit Customer credit balances (HH) From banks Taxes payable 10.1 202.9 102.3 100.7 1.4 9.1 203.9 109.0 94.9 1.2 10.3 227.1 127.6 99.5 1.1 11.6 237.8 140.9 96.8 1.1 13.0 228.8 136.8 91.9 1.2 14.5 230.8 145.2 85.7 1.1 14.3 263.7 162.9 100.8 1.3 17.6 278.9 171.9 107.0 1.0 16.4 304.3 189.0 115.3 0.9 23.6 304.7 193.1 111.6 1.1 19.9 333.2 210.7 122.5 1.3 16 17 18 19 20 21 22 23 24 Miscellaneous liabilities Foreign direct investment in U.S. Due to affiliates Other 67.4 5.0 84.7 -22.3 69.0 5.8 110.3 -47.2 85.3 11.0 135.4 -61.2 81.4 11.2 143.1 -72.8 82.4 11.3 164.8 -93.7 97.1 11.3 168.6 -82.8 109.1 7.8 186.7 -85.3 106.3 8.0 209.9 -111.6 110.1 8.0 213.3 -111.2 124.2 9.5 230.4 -115.7 132.0 9.7 246.3 -124.0 21 22 23 24 329.2 368.0 373.0 414.3 432.2 457.4 482.8 531.5 520.5 541.6 572.2 1 86.0 117.8 120.2 128.3 133.4 139.3 147.5 149.2 152.1 151.2 157.9 2 L.131 Funding Corporations (1) Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 2 Money market fund shares 3 4 5 Credit market instruments Open market paper Corporate and foreign bonds 117.8 113.8 4.0 109.3 95.3 14.0 87.3 63.6 23.8 106.7 76.9 29.8 108.1 72.1 36.0 113.9 71.0 42.8 104.5 58.0 46.5 122.5 72.9 49.6 112.0 61.4 50.6 112.3 62.2 50.1 130.3 77.1 53.1 3 4 5 6 7 8 Miscellaneous assets (2) Investment in foreign banking offices Investment in brokers and dealers 125.4 44.5 80.8 141.0 44.1 96.9 165.5 50.7 114.8 179.3 52.7 126.6 190.6 52.9 137.8 204.2 59.4 144.8 230.7 64.5 166.3 259.8 79.4 180.4 256.4 74.3 182.1 278.1 82.9 195.2 284.0 78.8 205.2 6 7 8 329.2 368.0 373.0 414.3 432.2 457.4 482.8 531.5 520.5 541.6 572.2 9 10 11 12 9 Total liabilities Credit market instruments Open market paper Corporate bonds 180.3 140.3 40.0 211.0 151.1 60.0 248.6 164.2 84.4 261.3 159.1 102.2 282.0 176.4 105.6 291.0 182.2 108.8 312.7 199.1 113.6 348.6 223.6 125.0 350.0 225.7 124.3 363.4 226.3 137.2 373.8 229.6 144.2 10 11 12 13 14 15 16 Miscellaneous liabilities Foreign direct investment in U.S. Securities loaned (net) Other 148.9 -54.9 197.1 6.7 157.0 -70.1 221.7 5.4 124.4 -83.1 216.2 -8.6 153.0 -82.0 242.6 -7.6 150.2 -91.4 249.5 -7.9 166.4 -86.7 265.2 -12.1 170.0 -82.0 276.1 -24.0 182.9 -88.8 288.5 -16.8 170.5 -93.5 339.2 -75.2 178.2 -85.3 336.2 -72.7 198.4 -89.8 335.9 -47.8 13 14 15 16 (1) Funding subsidiaries, nonbank financial holding companies, and custodial accounts for reinvested collateral of securities lending operations. (2) Due from affiliated companies. 84 Z.1, March 13, 1998 L.200 Gold and Official Foreign Exchange Holdings (1) Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 Q1 1 2 3 4 5 6 7 8 9 10 11 Total U.S. reserves U.S. gold stock and SDRs Federal govt.: Exchange Stab. Fund Monetary authority (2) U.S. foreign exchange position Q2 1997 Q3 Q4 Q1 Q2 Q3 Q4 73.4 74.3 85.8 84.2 83.4 75.5 75.1 67.2 67.8 67.1 70.0 1 20.1 21.1 22.1 22.1 22.0 21.2 21.4 20.9 21.1 21.0 21.1 2 9.0 11.1 10.0 11.1 11.0 11.1 11.0 11.1 11.0 11.1 10.2 11.1 10.3 11.0 9.9 11.1 10.0 11.1 10.0 11.1 10.0 11.0 3 4 53.4 53.2 63.7 62.1 61.4 54.3 53.7 46.3 46.7 46.1 48.9 5 Official foreign currency holdings Treasury Monetary authority 41.5 19.2 22.3 41.2 19.2 22.0 49.1 28.0 21.1 46.9 26.9 20.0 46.1 26.5 19.6 38.9 19.4 19.5 38.3 19.0 19.3 32.4 14.5 18.0 32.9 15.0 18.0 32.1 14.5 17.6 30.8 13.8 17.0 6 7 8 Net IMF position Federal government Monetary authority 11.8 11.9 -0.1 12.0 12.1 -0.1 14.6 14.7 -0.1 15.2 15.3 -0.1 15.3 15.4 -0.1 15.4 15.5 -0.1 15.4 15.5 -0.1 13.8 13.9 -0.1 13.8 13.9 -0.1 14.0 14.1 -0.1 18.1 18.2 -0.1 9 10 11 (1) Lines 1, 2, and 3 include increases in SDRs through allocations, which occurred at various dates beginning January 1970. Also included in the table are revaluations of foreign currency holdings, gold, SDRs, and IMF position. These allocations and revaluations are excluded from tables on flows. (2) Treasury gold stock. L.201 SDR Certificates and Treasury Currency Billions of dollars; levels, not seasonally adjusted SDR certificates: 1 2 Liab: Federal government Asset: Monetary authority 8.0 8.0 8.0 8.0 10.2 10.2 10.2 10.2 10.2 10.2 9.7 9.7 9.7 9.7 9.2 9.2 9.2 9.2 9.2 9.2 9.2 9.2 1 2 Treasury currency: 3 4 Liab: Federal government Asset: Monetary authority 17.0 22.1 17.6 23.0 18.2 24.0 18.2 24.3 18.2 24.5 18.8 24.8 18.2 25.0 18.3 25.2 18.3 25.3 18.7 25.5 18.2 25.6 3 4 5 Discrepancy (seigniorage) -5.1 -5.4 -5.8 -6.1 -6.3 -6.0 -6.8 -6.9 -7.0 -6.8 -7.4 5 271.8 324.6 359.2 384.4 385.2 415.1 438.1 485.2 489.9 516.2 527.0 1 15.8 12.9 10.0 18.8 14.0 15.7 23.4 15.0 19.7 26.0 17.7 21.2 27.7 17.2 14.1 31.7 18.2 17.5 35.5 25.4 23.1 39.7 26.2 20.6 43.5 30.1 20.2 46.5 31.1 23.0 49.3 32.2 23.2 2 3 4 233.2 276.2 301.2 319.5 326.1 347.7 354.1 398.6 396.0 415.6 422.4 5 L.202 U.S. Deposits in Foreign Countries Billions of dollars; levels, not seasonally adjusted 1 2 3 4 5 Total rest of the world liability Held by: Household sector Nonfinancial corporate business Money market mutual funds Discrepancy--unallocated assets 85 Z.1, March 13, 1998 L.203 Net Interbank Transactions Billions of dollars; levels, not seasonally adjusted 1993 1 Total liabilities 2 3 4 Monetary authority Depository institution reserves Vault cash 5 6 Commercial banking To monetary authority 7 To banks in foreign countries, net 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 189.3 280.1 290.7 266.6 250.0 225.8 240.8 210.2 197.1 186.9 198.9 1 67.6 35.0 32.7 68.9 30.8 38.1 70.2 29.6 40.6 59.1 24.7 34.4 60.3 24.6 35.7 59.2 21.0 38.2 69.7 24.5 45.2 59.0 21.8 37.2 61.6 23.2 38.4 60.3 21.8 38.5 75.8 30.8 45.0 2 3 4 121.7 1.0 211.2 -0.5 220.5 0.2 207.5 0.1 189.7 0.4 166.6 2.3 171.1 4.4 151.2 3.5 135.4 2.4 126.6 0.1 123.1 2.8 5 6 125.4 218.2 229.3 210.0 197.2 175.9 177.3 149.4 141.1 148.6 148.6 7 8 9 10 11 Liabilities, net U.S.-chartered commercial banks Due to foreign affiliates - Due from foreign affiliates 135.4 7.9 90.8 82.9 229.0 82.3 143.4 61.1 239.7 79.6 128.7 49.1 223.3 69.5 113.3 43.8 209.5 59.6 110.9 51.3 191.3 45.7 115.5 69.8 192.9 48.5 126.8 78.4 173.8 51.3 133.6 82.3 162.8 60.0 139.2 79.2 168.0 60.7 138.4 77.8 168.8 55.9 182.8 126.9 8 9 10 11 12 13 14 Foreign banking offices in U.S. Due to foreign affiliates - Due from foreign affiliates 134.3 83.0 -51.3 161.4 84.3 -77.0 178.6 99.9 -78.7 173.4 95.5 -77.9 166.4 94.9 -71.5 163.6 93.7 -70.0 167.1 110.4 -56.6 139.7 110.4 -29.3 123.7 109.8 -13.8 129.3 98.7 -30.6 134.8 79.9 -54.9 12 13 14 15 16 17 Bank holding companies Due to foreign affiliates - Due from foreign affiliates -6.8 6.6 13.3 -14.6 4.1 18.7 -18.5 3.0 21.4 -19.6 2.5 22.0 -16.6 3.0 19.5 -18.0 2.5 20.6 -22.6 2.7 25.3 -17.2 2.4 19.6 -20.9 2.3 23.3 -21.9 3.2 25.1 -21.9 3.0 24.9 15 16 17 10.0 8.4 1.6 10.8 8.0 2.9 10.4 5.4 5.0 13.3 7.4 5.8 12.3 8.2 4.1 15.4 10.9 4.5 15.6 10.6 5.0 24.4 18.6 5.8 21.6 16.9 4.8 19.4 15.8 3.6 20.2 16.1 4.1 18 19 20 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.6 -8.1 -22.1 -28.3 21 -19.9 44.8 48.2 1.3 -4.7 -13.3 50.7 56.3 0.9 -6.5 -20.0 43.3 51.5 0.8 -9.0 -39.9 40.3 42.1 0.8 -2.6 -38.5 38.1 45.3 0.8 -8.0 -44.2 31.1 41.8 1.0 -11.6 -41.8 38.3 48.4 0.5 -10.6 -43.7 43.4 43.7 1.3 -1.6 -44.6 41.8 48.7 1.2 -8.1 -52.3 28.7 49.6 1.2 -22.1 -45.5 26.6 54.6 0.3 -28.3 22 23 24 25 26 66.7 -1.9 60.2 3.8 58.9 4.4 64.7 15.5 62.8 13.8 61.6 13.7 64.9 15.2 75.1 12.1 74.3 12.1 66.5 14.6 57.5 14.6 27 28 18 19 20 21 22 23 24 25 26 27 28 Less: Deposits at foreign banks U.S. chartered commercial banks Foreign banking offices in U.S. To U.S. banking, net U.S.-chartered commercial banks Liabilities To foreign offices in U.S. To bank holding companies Unallocated Less, due from: Foreign offices in U.S. Bank holding companies 29 30 31 Foreign banking offices in U.S. Due to U.S. banks - Due from U.S. banks 18.5 66.7 48.2 3.9 60.2 56.3 7.5 58.9 51.5 22.6 64.7 42.1 17.5 62.8 45.3 19.8 61.6 41.8 16.5 64.9 48.4 31.3 75.1 43.7 25.5 74.3 48.7 16.9 66.5 49.6 3.0 57.5 54.6 29 30 31 32 33 34 Bank holding companies Due to U.S. banks - Due from U.S. banks -3.3 -1.9 1.3 2.9 3.8 0.9 3.5 4.4 0.8 14.6 15.5 0.8 13.0 13.8 0.8 12.7 13.7 1.0 14.7 15.2 0.5 10.8 12.1 1.3 11.0 12.1 1.2 13.3 14.6 1.2 14.3 14.6 0.3 32 33 34 194.1 286.6 299.7 269.2 257.9 237.4 251.4 211.9 205.1 209.0 227.2 35 125.4 218.2 229.3 210.0 197.2 175.9 177.3 149.4 141.1 148.6 148.6 36 68.6 68.4 70.4 59.2 60.7 61.5 74.1 62.5 64.0 60.4 78.6 37 1.0 0.9 0.1 -0.5 -0.7 0.2 0.2 0.1 0.1 0.1 0.0 0.0 0.4 -0.2 0.6 2.3 0.6 1.7 4.4 4.3 0.1 3.5 -0.5 4.0 2.4 0.5 1.9 0.1 -0.3 0.3 2.8 0.7 2.0 38 39 40 64.2 31.5 32.7 66.1 28.0 38.1 67.5 26.9 40.6 56.4 22.0 34.4 57.8 22.1 35.7 56.9 18.7 38.2 67.5 22.3 45.2 56.9 19.8 37.2 59.8 21.4 38.4 58.5 20.0 38.5 74.2 29.1 45.0 41 42 43 35 Total assets 36 Rest of the world 37 Domestic 38 39 40 Monetary authority Federal Reserve float Loans to member banks 41 42 43 Commercial banking Reserves at Federal Reserve Vault cash 44 45 Savings insts.: Reserves at Fed. Res. Discrepancy--floats, etc. 3.4 2.8 2.7 2.7 2.5 2.3 2.3 2.1 1.8 1.8 1.7 44 -4.7 -6.5 -9.0 -2.6 -8.0 -11.6 -10.6 -1.6 -8.1 -22.1 -28.3 45 86 Z.1, March 13, 1998 L.204 Checkable Deposits and Currency Billions of dollars; levels, not seasonally adjusted 1993 1 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.1 1220.0 1265.3 1234.2 1286.2 1 2 3 4 5 Monetary authority Federal government cash and deposits Deposits due to foreign Currency outside banks 348.2 15.2 0.4 332.6 373.5 7.5 0.3 365.7 390.5 6.2 0.5 383.7 389.6 7.3 0.4 381.9 397.5 8.0 0.4 389.1 400.7 8.0 0.5 392.2 413.9 8.0 0.5 405.5 414.9 6.3 1.3 407.4 432.5 16.7 0.6 415.2 428.3 7.9 0.7 419.7 444.0 5.7 1.0 437.4 2 3 4 5 6 7 8 9 Commercial banking Federal government deposits Deposits due to foreign Private domestic deposits 788.4 42.6 21.3 724.5 756.7 23.8 23.2 709.8 710.8 19.0 24.0 667.8 659.3 16.8 23.1 619.4 673.2 31.4 27.1 614.8 672.3 37.8 25.1 609.4 676.3 28.7 26.6 621.0 642.0 24.0 26.9 591.1 661.1 34.2 29.4 597.4 626.8 33.5 28.1 565.1 656.4 27.8 31.6 597.1 6 7 8 9 88.3 26.8 83.0 28.8 97.1 30.9 103.4 31.0 109.0 32.6 115.3 32.5 122.4 32.5 128.9 34.2 136.4 35.3 142.3 36.7 149.5 36.3 10 11 10 11 12 Total liabilities 1994 Savings institutions Credit unions 1251.7 1242.0 1229.3 1183.3 1212.3 1220.8 1245.1 1220.0 1265.3 1234.2 1286.2 12 13 Total assets Household sector 570.8 539.8 497.2 476.1 468.8 461.5 455.3 447.7 445.3 417.8 426.1 13 14 15 16 17 Nonfinancial business Corporate Nonfarm noncorporate Farm 305.6 203.1 87.2 15.3 330.9 221.6 92.3 17.0 351.7 239.0 96.1 16.6 341.9 228.3 97.2 16.4 349.9 235.4 98.2 16.3 364.8 249.4 99.3 16.1 382.3 266.0 100.4 16.0 374.4 256.9 101.5 16.1 383.5 264.7 102.6 16.2 393.9 273.8 103.8 16.2 414.8 293.2 105.2 16.4 14 15 16 17 18 19 State and local governments Federal government 28.3 52.2 31.6 27.8 34.4 22.2 30.3 24.2 30.8 42.8 29.9 47.5 31.7 38.3 30.0 40.0 31.3 57.8 31.8 49.3 33.3 41.6 18 19 20 21 22 Rest of the world Checkable deposits Currency 178.2 21.6 156.6 203.5 23.5 180.0 216.8 24.5 192.3 213.3 23.4 189.9 221.8 27.4 194.4 227.4 25.6 201.8 236.7 27.1 209.6 241.2 28.1 213.1 247.9 30.0 217.9 253.3 28.8 224.5 266.9 32.5 234.4 20 21 22 23 Financial sectors 70.1 67.0 69.7 68.0 69.8 68.4 72.4 70.8 78.4 76.5 85.4 23 1.0 15.4 6.5 0.8 1.4 13.9 6.5 0.5 1.6 15.5 7.4 0.5 1.4 13.9 8.0 0.6 1.5 13.6 7.6 0.6 1.4 14.3 6.8 0.6 1.4 14.2 7.5 0.6 1.4 13.1 7.9 0.7 1.4 13.6 7.6 0.7 1.4 14.2 7.0 0.7 1.4 15.3 7.5 0.8 24 25 26 27 5.2 5.2 3.0 6.5 5.6 5.0 3.2 5.1 5.2 4.9 3.1 3.1 5.0 4.8 3.1 3.2 4.9 3.8 3.1 4.0 4.7 4.1 3.1 3.0 4.3 3.9 3.0 3.6 3.5 4.2 3.0 2.7 4.0 4.1 3.0 3.9 3.7 4.2 3.0 3.5 4.1 4.1 2.9 4.2 28 29 30 31 -1.2 2.1 13.3 12.3 -2.5 1.3 14.9 12.0 -3.5 1.5 16.6 13.7 -2.9 1.0 17.1 12.9 -2.7 0.7 17.5 15.3 -3.6 0.6 18.0 15.3 -1.1 0.7 18.5 15.7 -0.4 0.9 19.0 14.9 -0.4 2.9 19.5 18.1 -2.2 1.9 20.0 19.0 1.5 1.9 20.6 21.2 32 33 34 35 46.4 41.4 37.2 29.5 28.4 21.4 28.5 15.9 21.1 11.7 18.1 36 24 25 26 27 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 28 29 30 31 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 32 33 34 35 Money market mutual funds Government-sponsored enterprises Finance companies Brokers and dealers 36 Mail float 87 Z.1, March 13, 1998 L.205 Time and Savings Deposits Billions of dollars; levels, not seasonally adjusted 1993 1 2 Total liabilities Small time and savings deposits 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2614.8 2594.4 2756.6 2836.0 2851.3 2915.1 2967.9 3033.1 3079.0 3133.1 3186.9 1 2223.1 2183.2 2279.7 2342.4 2340.2 2357.9 2377.0 2427.1 2432.3 2437.0 2475.5 2 1377.2 1358.6 10.4 8.2 1376.2 1357.9 9.3 9.0 1490.1 1471.3 8.5 10.2 1548.7 1530.0 8.3 10.5 1557.9 1539.5 7.7 10.8 1575.2 1557.1 7.6 10.5 1613.2 1594.2 8.7 10.4 1666.7 1637.1 19.4 10.1 1684.4 1657.7 16.8 9.9 1716.0 1692.7 13.1 10.2 1761.6 1738.2 13.0 10.4 3 4 5 6 3 4 5 6 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 7 8 Savings institutions Credit unions 624.1 221.8 579.7 227.3 550.7 238.9 543.0 250.7 530.5 251.8 533.7 249.0 512.5 251.2 501.0 259.4 485.0 262.9 461.5 259.6 447.3 266.6 7 8 9 Large time deposits (1) 391.7 411.2 476.9 493.6 511.1 557.2 590.9 606.0 646.7 696.1 711.4 9 311.7 196.1 107.4 8.2 333.0 214.0 110.0 9.0 387.8 256.5 121.0 10.2 402.4 266.6 125.4 10.4 420.1 279.2 130.2 10.8 458.8 296.5 151.8 10.5 493.1 306.1 176.6 10.4 505.0 314.2 180.7 10.1 543.6 329.1 204.6 9.9 590.0 360.9 218.9 10.2 600.9 369.2 221.3 10.4 10 11 12 13 73.0 6.9 71.0 7.3 80.1 9.0 81.7 9.5 81.1 9.9 88.1 10.3 86.4 11.4 88.5 12.4 90.3 12.8 93.3 12.8 97.4 13.0 14 15 2614.8 2594.4 2756.6 2836.0 2851.3 2915.1 2967.9 3033.1 3079.0 3133.1 3186.9 16 2235.9 2223.9 2373.9 2444.3 2458.8 2498.0 2540.2 2591.0 2622.8 2670.0 2722.8 17 129.3 74.1 55.2 130.9 67.5 63.4 135.6 65.9 69.7 133.5 62.7 70.8 139.7 67.8 71.9 147.4 74.4 73.0 142.8 68.7 74.1 136.5 61.2 75.2 145.2 68.8 76.4 141.7 64.0 77.7 144.7 65.5 79.2 18 19 20 46.5 0.8 54.7 52.9 0.7 56.3 62.4 0.9 49.6 66.8 1.0 52.3 67.5 4.3 50.7 69.0 3.3 57.5 70.7 2.4 60.6 70.7 2.4 63.0 72.7 3.3 65.9 75.9 2.8 68.4 78.7 3.4 68.1 21 22 23 147.5 129.8 134.0 137.9 130.2 139.7 151.2 169.6 169.1 174.3 169.2 24 10 11 12 13 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Banks in U.S.-affiliated areas 14 15 Savings institutions Credit unions 16 Total assets 17 Household sector 18 19 20 Nonfinancial business Corporate Nonfarm noncorporate 21 22 23 State and local governments Federal government Rest of the world 24 Financial sectors 25 26 27 Savings institutions Credit unions Bank personal trusts and estates 3.0 25.6 9.4 1.3 16.7 11.0 1.1 17.1 10.0 1.0 19.1 9.7 1.0 17.9 9.4 1.4 17.6 9.1 1.4 16.4 8.9 1.4 18.4 8.8 1.3 17.3 8.8 1.2 16.8 8.8 1.0 20.0 9.0 25 26 27 28 29 30 Private pension funds State and local govt. retirement funds Money market mutual funds 69.0 8.5 31.9 64.5 4.9 31.4 49.4 4.0 52.3 46.8 4.7 56.6 43.5 3.7 54.6 40.2 4.0 67.4 37.6 4.2 82.7 34.2 7.4 99.4 31.2 4.0 106.4 28.6 3.8 115.0 25.9 2.1 111.3 28 29 30 (1) Large time deposits are those issued in amounts of $100,000 or more. L.206 Money Market Mutual Fund Shares Billions of dollars; levels, not seasonally adjusted 1 559.6 602.9 745.3 816.9 809.5 838.1 891.1 950.8 952.4 1005.1 1048.7 1 2 3 4 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 337.9 44.8 3.9 351.3 52.2 4.0 451.6 77.0 4.1 505.0 79.9 4.1 485.2 80.5 4.2 499.5 81.8 4.3 530.6 84.2 4.3 580.1 87.4 4.4 567.7 89.1 4.5 611.1 94.0 4.6 636.7 98.3 4.7 2 3 4 5 6 7 8 Bank personal trusts and estates Life insurance companies Private pension funds Funding corporations 29.3 31.5 26.3 86.0 29.9 16.2 31.6 117.8 32.0 22.8 37.5 120.2 33.8 26.7 39.2 128.3 36.2 30.5 39.4 133.4 38.9 34.4 40.1 139.3 41.4 40.7 42.3 147.5 44.0 44.7 40.9 149.2 46.6 50.9 41.6 152.1 49.1 54.0 41.2 151.2 51.6 56.5 43.1 157.9 5 6 7 8 88 Z.1, March 13, 1998 L.207 Federal Funds and Security Repurchase Agreements Billions of dollars; levels, not seasonally adjusted 1993 1 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 471.3 549.5 660.0 666.0 692.0 687.6 700.3 713.3 765.1 792.5 814.3 1 2 3 4 5 Commercial banking (net) U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies 313.7 279.8 34.7 -0.8 391.8 351.4 41.4 -0.9 422.2 379.6 43.2 -0.5 428.2 387.1 41.5 -0.4 450.0 397.0 53.4 -0.4 451.5 404.8 46.9 -0.3 463.2 408.2 55.1 -0.2 477.0 418.0 59.0 0.0 498.4 433.3 65.3 -0.1 516.2 455.2 61.0 -0.1 552.0 471.5 80.7 -0.2 2 3 4 5 6 7 8 Savings institutions REITs Brokers and dealers (net) 26.1 5.0 126.4 44.5 9.7 103.4 44.5 10.9 182.4 45.1 11.2 181.5 50.0 11.5 180.4 46.5 12.0 177.6 43.7 12.5 180.9 45.6 12.6 178.0 45.9 12.8 208.1 46.7 13.1 216.5 41.5 13.5 207.2 6 7 8 472.8 481.7 556.1 561.8 566.6 574.1 564.5 602.4 611.8 627.7 626.4 9 9 Total liabilities 1994 Total assets 10 11 12 Nonfinancial corporate business State and local governments Rest of the world 2.5 133.7 58.6 2.2 118.6 46.6 2.4 102.7 67.6 2.4 104.6 72.5 4.2 105.4 76.4 4.6 103.2 76.5 3.8 101.8 70.9 3.6 104.9 84.2 3.1 103.7 84.7 4.1 108.1 89.8 5.8 110.4 77.7 10 11 12 13 14 15 16 Financial sectors Monetary authority Savings institutions Credit unions 277.9 13.2 10.6 8.5 314.2 10.6 6.5 6.2 383.4 13.9 11.2 6.4 382.4 4.9 11.2 10.4 380.5 7.1 9.3 7.1 389.9 8.4 9.9 2.5 388.0 21.6 10.0 1.4 409.6 11.6 9.4 8.4 420.3 16.6 9.8 4.2 425.6 13.9 8.5 3.8 432.6 23.8 9.2 3.5 13 14 15 16 17 18 19 20 21 22 Other insurance companies Private pension funds State and local govt. retirement funds Money market mutual funds Mutual funds Government-sponsored enterprises 31.7 38.1 20.5 66.4 38.7 50.3 29.4 37.6 26.2 68.8 43.1 85.8 37.5 37.6 32.5 87.8 50.2 106.3 39.6 38.4 30.8 96.7 46.4 104.0 33.8 39.1 32.7 98.2 49.8 103.4 36.8 39.5 32.4 100.7 56.1 103.5 35.4 40.6 33.2 103.8 47.5 94.5 38.1 40.8 33.3 119.0 53.0 96.1 36.6 40.8 38.4 113.6 58.1 102.2 37.5 41.6 34.7 124.6 58.4 102.6 37.4 41.9 35.1 126.6 61.9 93.1 17 18 19 20 21 22 -1.5 67.8 103.9 104.2 125.5 113.4 135.8 110.9 153.4 164.8 187.9 23 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 893.1 925.7 979.4 1 553.8 600.1 677.7 694.7 731.3 754.0 779.4 836.8 867.7 901.7 958.5 2 Nonfinancial corporate business Foreign issues in U.S. Nonfinancial Financial 117.8 68.8 27.5 41.3 139.2 42.7 15.2 27.5 157.4 56.2 20.6 35.6 174.2 52.5 16.5 36.0 181.7 54.5 15.1 39.4 173.0 65.8 18.3 47.5 156.4 67.5 18.7 48.8 168.7 69.3 15.9 53.4 179.3 71.3 15.7 55.6 176.6 64.3 19.8 44.6 168.6 65.1 20.0 45.0 3 4 5 6 7 8 9 10 11 12 Financial business Commercial banking ABS issuers Finance companies REITs Funding corporations 367.1 25.6 51.6 149.1 0.6 140.3 418.2 31.6 63.9 171.6 0.0 151.1 464.2 30.1 101.2 168.6 0.0 164.2 468.0 30.6 110.2 168.2 0.0 159.1 495.1 34.4 114.7 169.6 0.0 176.4 515.2 33.2 126.8 173.1 0.0 182.2 555.5 32.0 146.7 177.6 0.0 199.1 598.8 31.8 158.1 185.3 0.0 223.6 617.0 34.4 163.3 193.7 0.0 225.7 660.7 34.5 210.4 189.6 0.0 226.3 724.8 37.6 256.1 201.5 0.0 229.6 7 8 9 10 11 12 13 Bankers acceptances (1) 26.3 23.4 22.6 22.9 22.2 23.3 23.6 24.2 25.4 24.0 20.9 13 580.0 623.5 700.4 717.6 753.6 777.4 803.0 861.1 893.1 925.7 979.4 14 23 Discrepancy--unallocated assets L.208 Open Market Paper Billions of dollars; levels, not seasonally adjusted 1 2 3 4 5 6 14 Total outstanding, all types Commercial paper Holdings, by sector 15 16 17 18 Household sector Nonfinancial corporate business State and local governments Rest of the world 45.5 19.4 17.9 18.8 46.7 18.8 22.3 24.9 59.9 19.9 34.9 43.4 61.2 17.2 39.4 31.0 63.9 20.5 41.8 42.3 73.2 23.0 44.4 47.5 82.6 30.7 45.1 54.5 94.5 25.8 43.7 46.9 104.4 24.8 46.4 57.2 113.1 27.4 47.1 72.7 122.6 34.1 49.2 75.0 15 16 17 18 19 20 21 22 23 Monetary authority Commercial banking (1) Savings institutions Credit unions Bank personal trusts and estates 0.0 7.3 0.3 2.2 19.5 0.0 5.8 0.1 2.1 23.0 0.0 5.7 0.2 0.6 23.3 0.0 6.1 0.2 0.3 23.2 0.0 4.9 0.2 0.3 23.1 0.0 4.4 0.2 0.2 22.9 0.0 6.5 0.3 0.3 22.9 0.0 3.2 0.0 0.2 22.9 0.0 3.1 0.0 0.4 23.0 0.0 3.1 0.0 0.2 23.2 0.0 2.7 0.0 0.2 23.5 19 20 21 22 23 24 25 26 Life insurance companies Private pension funds State and local govt. retirement funds 46.9 38.1 20.5 52.8 37.6 26.2 45.5 37.6 32.5 54.2 38.4 30.8 56.6 39.1 32.7 54.6 39.5 32.4 48.4 40.6 33.2 55.3 40.8 33.3 58.1 40.8 38.4 64.6 41.6 34.7 68.3 41.9 35.1 24 25 26 27 28 29 30 31 Money market mutual funds Mutual funds Government-sponsored enterprises Brokers and dealers Funding corporations 164.4 38.7 11.9 14.9 113.8 187.2 43.1 26.3 11.2 95.3 235.5 50.2 25.5 22.1 63.6 248.0 49.4 24.5 16.8 76.9 262.8 49.8 23.6 19.9 72.1 265.2 56.1 24.6 18.1 71.0 273.9 47.2 35.1 23.7 58.0 302.7 53.0 40.6 25.2 72.9 308.9 58.1 42.2 26.0 61.4 323.6 58.4 29.3 24.5 62.2 336.0 56.9 32.5 24.3 77.1 27 28 29 30 31 (1) Excludes banks’ holdings of own acceptances. 89 Z.1, March 13, 1998 L.209 Treasury Securities Billions of dollars; levels, not seasonally adjusted 1993 1 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 3734.3 3745.1 3778.3 1 171.9 3138.0 179.9 3285.6 185.0 3423.5 185.8 3503.7 186.5 3479.1 186.8 3518.9 187.0 3568.1 186.5 3617.0 186.3 3547.9 186.2 3558.9 186.5 3591.8 2 3 3309.9 3465.6 3608.5 3689.6 3665.5 3705.7 3755.1 3803.5 3734.3 3745.1 3778.3 4 Household sector Savings bonds Other Treasury issues 475.0 171.9 303.1 662.2 179.9 482.3 591.0 185.0 406.0 577.4 185.8 391.6 551.8 186.5 365.3 533.9 186.8 347.1 542.4 187.0 355.4 495.9 186.5 309.4 398.2 186.3 211.9 360.9 186.2 174.7 304.5 186.5 118.1 5 6 7 8 9 10 Nonfarm noncorporate business Nonfinancial corporate business State and local governments 13.3 48.8 447.8 14.0 50.8 370.0 14.4 46.1 293.8 14.5 46.8 297.9 14.6 51.5 301.9 14.8 42.6 296.2 14.9 38.4 292.0 15.1 51.4 285.6 15.2 44.9 290.3 15.4 49.4 277.7 15.7 54.3 279.3 8 9 10 11 12 Rest of the world Monetary authority 625.1 332.0 660.1 364.5 860.9 378.2 929.5 377.1 957.8 383.9 1026.6 383.9 1109.5 390.9 1180.6 395.1 1213.6 410.9 1256.6 411.8 1265.6 430.7 11 12 13 14 15 16 17 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 322.2 275.0 36.1 5.3 5.8 290.4 248.0 32.7 4.6 5.1 278.7 207.6 62.3 3.4 5.4 284.0 208.4 67.8 2.8 5.1 280.2 200.1 72.0 2.8 5.3 275.0 195.2 71.9 3.3 4.7 261.8 173.0 80.7 4.0 4.1 282.5 180.1 94.0 3.6 4.7 265.9 172.4 85.8 2.9 4.8 261.8 163.2 90.5 2.7 5.3 269.8 166.8 94.6 4.0 4.4 13 14 15 16 17 18 19 20 Savings institutions Credit unions Bank personal trusts and estates 28.2 22.6 40.4 27.1 22.1 39.8 18.4 18.3 36.5 18.8 19.3 36.7 19.5 19.1 37.4 17.7 18.2 38.4 17.4 17.4 39.4 17.0 17.8 40.4 16.3 17.8 40.3 15.3 15.8 40.3 14.6 15.7 39.4 18 19 20 21 22 23 24 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 110.0 124.5 239.6 163.0 107.1 133.0 271.2 171.0 108.1 133.4 292.2 175.8 105.8 133.6 297.2 181.2 100.7 128.8 300.3 191.0 101.8 125.0 303.2 189.4 93.2 120.9 304.7 190.5 93.2 121.1 308.4 192.5 93.8 123.9 312.7 197.9 96.7 126.0 317.1 209.1 96.9 128.0 323.9 213.6 21 22 23 24 25 26 27 28 29 Money market mutual funds Mutual funds Closed-end funds Government-sponsored enterprises Brokers and dealers 79.4 200.9 13.7 51.6 -28.3 66.1 194.1 12.8 51.9 -42.7 70.0 205.3 11.2 58.0 18.3 85.7 213.4 11.3 54.2 5.2 80.6 214.6 11.3 34.5 -14.1 83.6 213.5 11.3 34.5 -4.0 90.2 214.2 11.4 18.8 -12.8 82.2 217.3 11.4 19.1 -22.9 74.8 220.0 11.2 13.5 -27.1 75.0 226.4 11.0 21.7 -42.8 86.2 219.0 10.6 15.6 -5.0 25 26 27 28 29 3336.5 3492.3 3636.7 3717.2 3693.8 3733.1 3781.8 3829.8 3760.6 3771.2 3804.9 30 2 3 4 5 6 7 Total liabilities 1994 Savings bonds Other Treasury issues Total assets Memo: 30 Federal government debt (1) (1) Total Treasury securities (table L.209, line 1) plus budget agency securities (table L.210, line 2) and federal mortgage debt (table L.217, line 12). 90 Z.1, March 13, 1998 L.210 Agency Securities (1) Billions of dollars; levels, not seasonally adjusted 1993 1 2 3 4 5 Total liabilities Budget agencies Government-sponsored enterprises Federally related mortgage pools 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1907.0 2199.5 2405.0 2441.7 2517.6 2572.5 2634.9 2661.0 2732.6 2772.6 2848.2 1 26.6 523.7 1356.8 26.7 700.6 1472.1 28.2 806.5 1570.3 27.6 814.4 1599.7 28.2 846.1 1643.3 27.4 866.1 1679.0 26.6 896.9 1711.4 26.3 894.7 1740.0 26.3 944.2 1762.1 26.1 955.8 1790.7 26.5 995.9 1825.8 2 3 4 1907.0 2199.5 2405.0 2441.7 2517.6 2572.5 2634.9 2661.0 2732.6 2772.6 2848.2 5 Household sector Nonfinancial corporate business State and local governments 120.2 19.1 175.0 267.3 19.9 186.6 289.9 18.9 161.5 269.5 17.0 179.6 333.5 20.7 174.4 385.4 23.2 142.8 413.8 27.3 111.2 435.7 18.2 101.4 468.4 13.2 101.6 475.1 11.5 90.2 499.8 10.0 95.4 6 7 8 9 10 11 Federal government Rest of the world Monetary authority 0.0 116.4 4.6 0.0 136.4 3.6 0.0 167.2 2.6 0.0 181.6 2.5 0.0 188.6 2.4 0.0 201.9 2.3 0.0 215.6 2.2 0.0 223.7 2.0 0.0 233.9 1.5 0.0 249.1 0.9 0.0 259.2 0.7 9 10 11 12 13 14 15 16 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 423.2 396.3 21.5 3.1 2.3 428.7 398.1 23.0 4.8 2.8 467.5 421.5 37.3 4.7 4.0 471.3 423.4 39.1 4.7 4.0 473.7 424.7 40.5 4.8 3.7 475.9 423.6 43.4 4.7 4.2 495.7 436.7 49.7 4.9 4.3 510.4 446.0 54.8 4.6 5.1 523.0 455.3 57.5 5.2 5.1 537.9 467.8 60.3 4.4 5.5 571.0 497.1 62.0 5.5 6.3 12 13 14 15 16 17 18 19 Savings institutions Credit unions Bank personal trusts and estates 147.3 36.3 32.7 159.9 40.9 32.2 164.6 45.7 30.2 163.8 47.9 30.3 165.1 50.1 30.7 160.3 50.2 31.3 156.1 50.7 31.8 156.1 51.9 32.4 159.6 52.9 34.2 154.8 52.5 36.0 154.8 48.4 38.7 17 18 19 20 21 22 23 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 222.8 44.5 110.9 68.2 234.1 45.8 129.2 75.2 242.9 48.2 141.3 95.0 239.1 48.3 144.3 98.8 234.6 47.7 146.1 103.4 242.4 48.1 147.5 104.2 244.1 51.0 148.2 108.0 243.1 51.1 150.4 109.5 245.8 49.6 152.9 105.2 249.3 50.4 155.7 107.0 252.6 51.2 159.9 108.2 20 21 22 23 24 25 26 27 28 Money market mutual funds Mutual funds Government-sponsored enterprises ABS issuers Brokers and dealers 67.8 105.7 65.3 86.2 60.8 77.2 102.1 128.4 86.9 45.0 90.8 109.9 185.8 89.2 54.0 96.2 115.5 199.8 86.0 50.0 89.6 116.4 212.0 80.3 48.2 94.6 115.6 225.9 74.6 46.5 101.8 116.1 245.4 60.8 55.2 92.1 118.2 260.1 51.0 53.8 93.3 120.1 281.6 41.9 53.7 88.5 124.5 297.8 24.9 66.4 96.3 122.9 314.6 14.1 50.4 24 25 26 27 28 6 7 8 Total assets 1994 (1) Agency securities include: issues of federal budget agencies (line 2) such as those for the TVA; issues of government sponsored enterprises (line 3) such as FNMA and FHLB; and federally related mortgage-backed securities issued by GNMA, FNMA, FHLMC, and the Farmers Home Administration (line 4). Only the budget agency issues are considered officially to be part of the total debt of the federal government, which is shown in table L.209, line 30. 91 Z.1, March 13, 1998 L.211 Municipal Securities and Loans Billions of dollars; levels, not seasonally adjusted 1993 1 Total liabilities 2 3 4 State and local governments Short-term (1) Long-term 5 6 Nonprofit organizations (2) Nonfinancial corporate business (industrial revenue bonds) 7 Total assets 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1377.5 1341.7 1293.5 1291.4 1297.9 1281.7 1296.0 1305.2 1326.7 1338.9 1366.2 1 1152.6 33.8 1118.7 1107.2 31.7 1075.6 1057.8 32.9 1024.9 1057.6 34.3 1023.3 1060.8 32.7 1028.2 1045.6 36.0 1009.6 1058.7 39.1 1019.6 1069.2 40.2 1029.0 1086.4 37.6 1048.7 1096.3 41.8 1054.5 1119.8 46.2 1073.6 2 3 4 111.1 113.9 125.6 108.8 139.4 96.3 142.8 91.0 149.1 87.9 153.3 82.7 158.5 78.8 163.4 72.6 171.8 68.6 178.7 63.9 187.5 58.9 5 6 1377.5 1341.7 1293.5 1291.4 1297.9 1281.7 1296.0 1305.2 1326.7 1338.9 1366.2 7 8 9 10 Household sector Nonfinancial corporate business State and local governments 552.6 54.7 9.5 502.2 56.7 8.6 445.7 55.4 5.1 436.0 52.4 3.1 440.0 55.9 2.1 426.4 49.5 2.0 423.1 47.7 1.9 422.4 45.4 1.9 439.1 48.5 1.9 439.1 45.2 2.0 448.9 42.0 1.5 8 9 10 11 12 13 Commercial banking Savings institutions Bank personal trusts and estates 99.2 2.1 108.9 97.6 2.0 114.2 93.4 2.0 103.1 93.0 2.0 102.3 92.7 2.0 102.6 92.7 2.1 103.3 94.2 2.1 103.7 94.0 1.9 104.1 94.3 2.0 104.4 96.2 2.1 104.6 96.7 2.1 104.8 11 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 14.7 146.1 0.6 0.7 12.8 153.8 0.7 0.4 11.9 161.0 0.8 0.5 12.3 163.0 0.8 0.8 12.1 167.0 0.8 0.4 12.4 168.2 0.8 0.5 13.4 175.4 0.9 0.6 13.5 175.7 0.9 0.5 13.7 178.5 0.9 0.5 14.1 181.4 0.9 1.0 15.2 184.4 1.0 0.9 14 15 16 17 18 19 20 Money market mutual funds Mutual funds Closed-end funds 105.6 211.3 51.8 113.4 207.0 53.4 127.7 210.2 59.6 141.0 212.1 59.8 136.7 212.6 60.0 138.6 213.0 60.2 144.5 213.3 60.4 155.7 214.2 60.6 151.8 215.1 60.8 158.9 218.0 61.0 167.0 222.3 61.2 18 19 20 21 22 Government-sponsored enterprises Brokers and dealers 2.6 17.1 3.4 15.5 4.4 12.7 3.9 8.9 4.2 8.8 4.1 7.9 4.1 10.8 4.4 10.0 3.8 11.4 3.5 11.0 5.2 13.2 21 22 (1) Debt with original maturity of 13 months or less. (2) Liability of the households and nonprofit organizations sector (tables F.100 and L.100). L.212 Corporate and Foreign Bonds Billions of dollars; levels, not seasonally adjusted 1 Total liabilities 2326.0 2479.1 2790.3 2851.1 2931.3 2986.8 3068.7 3097.2 3183.6 3243.2 3338.4 1 1229.7 230.1 1253.0 242.3 1326.3 291.9 1341.5 303.8 1359.4 306.7 1376.4 321.7 1398.8 341.3 1418.7 344.1 1440.2 352.7 1470.9 376.3 1489.5 382.6 2 3 2 3 Nonfinancial corporate business Rest of the world (1) 4 5 6 Financial sectors Commercial banking Savings institutions 866.2 134.9 3.9 983.9 142.6 3.1 1172.0 161.1 3.1 1205.7 155.9 2.9 1265.2 161.6 3.1 1288.8 164.2 2.7 1328.5 168.9 2.7 1334.4 171.8 2.6 1390.7 180.7 2.6 1396.0 184.8 2.8 1466.3 192.7 2.8 4 5 6 7 8 9 10 11 ABS issuers Finance companies REITs Brokers and dealers Funding corporations 433.8 215.6 4.3 33.7 40.0 490.2 247.4 6.3 34.3 60.0 585.8 300.0 8.3 29.3 84.4 607.1 307.5 8.8 21.4 102.2 642.0 319.0 9.4 24.6 105.6 654.5 322.3 10.2 26.1 108.8 672.4 332.5 11.2 27.3 113.6 671.7 324.6 12.0 26.6 125.0 689.3 345.3 13.4 35.3 124.3 698.4 322.8 16.4 33.6 137.2 742.2 328.9 20.2 35.3 144.2 7 8 9 10 11 2326.0 2479.1 2790.3 2851.1 2931.3 2986.8 3068.7 3097.2 3183.6 3243.2 3338.4 12 312.9 26.5 273.3 348.8 31.9 311.4 408.3 39.0 369.5 411.3 40.6 388.0 436.8 42.7 406.9 414.9 41.9 429.0 396.1 43.2 447.7 358.1 42.7 469.3 359.5 41.3 489.7 338.1 43.0 515.1 349.3 44.5 531.7 13 14 15 98.2 89.1 35.8 102.5 86.7 35.3 110.9 78.5 32.2 109.7 79.9 31.9 110.4 78.1 31.8 110.7 76.3 31.8 112.3 68.6 31.8 118.8 67.9 31.7 122.6 67.2 31.6 132.4 58.5 31.5 143.1 58.4 31.4 16 17 18 12 Total assets 13 14 15 Household sector State and local governments Rest of the world (2) 16 17 18 Commercial banking Savings institutions Bank personal trusts and estates 19 20 21 22 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 719.5 103.1 207.8 166.5 779.4 110.1 200.0 167.7 870.1 123.3 227.1 163.5 879.6 125.7 234.4 165.8 885.5 134.6 240.0 166.0 909.7 140.4 245.3 174.6 949.3 141.6 249.6 180.2 966.6 140.8 256.1 178.9 1000.9 143.8 263.3 183.5 1011.8 146.1 271.2 192.8 1025.7 148.5 281.7 202.0 19 20 21 22 23 24 25 Money market mutual funds Mutual funds Closed-end funds 11.7 169.3 24.2 15.2 172.4 19.8 21.5 195.7 25.6 24.6 205.5 25.9 25.0 215.6 26.3 24.6 220.2 26.6 23.9 229.5 26.9 26.4 235.4 27.4 27.7 247.2 27.6 32.7 261.9 27.8 33.4 273.8 27.7 23 24 25 26 27 28 Government-sponsored enterprises Brokers and dealers Funding corporations 11.1 73.0 4.0 19.5 64.4 14.0 25.0 76.4 23.8 23.1 75.3 29.8 20.2 75.3 36.0 19.5 78.6 42.8 30.6 90.9 46.5 29.8 97.9 49.6 29.8 97.2 50.6 24.4 105.9 50.1 33.4 100.7 53.1 26 27 28 (1) Holdings of foreign issues by U.S. residents. (2) Holdings of U.S. issues by foreign residents. 92 Z.1, March 13, 1998 L.213 Corporate Equities (1) Billions of dollars; levels, not seasonally adjusted 1993 1 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 12804.6 12958.6 1 2 Nonfinancial corporate business 4126.0 4141.8 5481.1 5774.3 5995.3 6027.8 6367.4 6283.4 7286.7 7881.2 7793.7 2 3 4 Rest of the world (2) Financial corporations 543.9 1587.7 586.6 1509.4 699.1 2151.2 741.0 2294.3 785.5 2324.3 832.6 2480.1 875.5 2818.3 901.2 2887.7 1058.9 3374.2 1154.1 3769.3 1183.9 3981.0 3 4 5 6 7 8 Issues at market value 1994 Holdings at market value Household sector State and local governments Rest of the world (3) 6257.6 6237.9 8331.3 8809.7 9105.0 9340.5 10061.1 10072.3 11719.8 12804.6 12958.6 5 3220.7 9.3 373.5 3048.9 10.6 368.9 4065.6 26.2 509.0 4245.0 33.7 544.2 4294.8 40.9 565.1 4337.2 43.1 576.7 4604.4 49.6 623.0 4525.6 51.8 639.5 5281.7 70.2 764.6 5709.9 77.7 845.3 5737.6 79.9 881.7 6 7 8 9 10 11 Commercial banking Savings institutions Bank personal trusts and estates 4.3 12.5 181.0 2.9 10.4 167.3 5.0 14.3 202.9 5.2 15.9 208.7 5.6 16.1 208.6 6.1 16.4 208.3 6.8 17.8 219.0 2.3 17.9 218.8 1.9 21.2 243.1 1.9 22.6 261.2 2.6 23.4 259.3 9 10 11 12 13 14 15 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 226.0 103.4 937.7 531.0 272.2 112.1 940.5 542.6 344.2 134.2 1179.4 753.5 361.5 136.0 1233.7 808.2 380.9 140.3 1278.6 838.4 398.9 143.2 1328.9 877.0 437.5 148.6 1447.3 955.7 454.7 151.3 1428.1 985.3 509.9 166.6 1619.7 1153.7 563.0 174.0 1769.2 1254.3 582.2 176.9 1765.4 1295.2 12 13 14 15 16 17 18 Mutual funds Closed-end funds Brokers and dealers 607.4 26.5 24.2 709.6 31.9 20.1 1024.9 38.0 34.2 1149.6 39.8 28.2 1263.0 40.7 31.9 1334.1 41.5 29.1 1470.0 43.6 37.9 1514.7 43.2 39.1 1793.6 49.8 44.0 2020.8 54.0 50.8 2049.4 54.2 50.8 16 17 18 5555.3 5484.3 7421.0 7859.5 8101.0 8288.0 8948.8 8935.2 10398.6 11369.9 11490.2 19 Memo: 19 Market value of domestic corporations (4) (1) Excludes mutual fund shares shown on table L.214. (2) Holdings of foreign issues by U.S. residents; includes American Depositary Receipts (ADRs). (3) Holdings of U.S. issues by foreign residents. (4) Sum of lines 2 and 4 less the sum of lines 9, 13, 17, 18; line 1 excludes intercorporate holdings of nonfinancial corporations. L.214 Mutual Fund Shares Billions of dollars; levels, not seasonally adjusted 1 Shares at market value 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 1 2 Holdings at market value 1375.4 1477.3 1852.8 1997.0 2129.9 2211.6 2342.4 2411.5 2719.6 2977.0 3013.5 2 3 4 5 Household sector Nonfinancial corporate business State and local governments 990.9 29.8 21.3 1052.1 31.1 29.1 1255.0 45.7 35.0 1358.7 49.3 35.8 1457.5 51.4 36.0 1515.7 53.4 36.5 1591.6 58.6 37.0 1581.5 62.1 37.6 1767.8 73.1 38.2 1929.8 80.0 38.9 1937.5 81.8 39.6 3 4 5 6 7 8 Commercial banking Credit unions Bank personal trusts and estates 3.9 4.2 183.5 2.0 2.6 200.4 2.3 2.8 253.5 2.5 2.9 272.7 2.3 2.9 285.8 2.2 2.7 296.9 2.6 2.6 322.8 7.1 2.6 334.2 8.3 2.5 381.6 7.9 2.5 420.9 8.1 2.5 429.5 6 7 8 Life insurance companies Private pension funds 25.9 116.0 9.6 150.4 27.7 230.7 31.0 244.2 33.8 260.2 36.5 267.7 40.0 287.2 41.0 345.6 49.0 399.1 55.7 441.3 57.5 457.0 9 10 9 10 93 Z.1, March 13, 1998 L.215 Bank Loans Not Elsewhere Classified Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Total loans by commercial banking, flow of funds basis 2223.5 2407.1 2646.9 2657.8 2703.7 2751.7 2821.1 2853.2 2941.3 2972.5 3053.3 1 2 3 4 5 - Loans elsewhere classified: Open market paper Mortgages Consumer credit Security credit 7.3 947.8 395.7 100.7 5.8 1012.7 458.8 94.9 5.7 1090.2 502.0 99.5 6.1 1097.6 490.4 96.8 4.9 1109.9 503.3 91.9 4.4 1123.2 513.4 85.7 6.5 1145.4 526.8 100.8 3.2 1160.1 504.3 107.0 3.1 1196.5 510.7 115.3 3.1 1227.1 507.5 111.6 2.7 1244.2 512.6 122.5 2 3 4 5 6 = Banking sector total bank loans n.e.c. 772.0 834.9 949.6 966.9 993.7 1025.0 1041.7 1078.6 1115.7 1123.1 1171.3 6 578.4 182.0 1.9 9.7 624.6 197.2 1.8 11.3 701.6 232.6 2.3 13.1 713.7 237.7 1.9 13.7 728.2 249.4 2.0 14.2 746.6 261.8 2.1 14.5 759.8 264.8 2.5 14.6 790.6 271.3 2.1 14.7 817.4 281.2 2.0 15.1 832.6 273.4 1.8 15.4 869.1 284.0 2.4 15.8 7 8 9 10 7 8 9 10 U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 11 + Loans from Federal Reserve banks 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11 12 = Total bank loans n.e.c. 772.0 834.9 949.6 966.9 993.7 1025.0 1041.7 1078.6 1115.7 1123.1 1171.3 12 13 Total liabilities 772.0 834.9 949.6 966.9 993.7 1025.0 1041.7 1078.6 1115.7 1123.1 1171.3 13 709.4 786.0 896.5 908.4 929.7 960.9 971.8 1007.3 1042.9 1046.7 1087.9 14 27.4 477.6 143.0 36.8 40.0 521.0 160.2 38.7 55.7 583.7 182.7 39.7 53.0 593.2 187.8 37.6 54.2 600.8 193.3 40.9 55.9 622.6 199.1 41.5 52.1 631.5 204.1 40.4 57.8 657.6 210.1 38.2 64.1 673.9 215.9 42.6 52.3 681.9 220.4 43.9 61.2 705.1 225.6 43.9 15 16 17 18 24.6 2.4 8.8 13.5 26.1 2.2 8.8 15.2 34.6 2.6 10.9 21.1 36.8 2.2 12.2 22.4 40.5 3.3 13.1 24.1 41.7 3.2 12.7 25.8 43.7 2.9 14.3 26.5 43.5 2.0 13.8 27.7 46.4 2.0 13.5 30.9 48.2 2.2 13.2 32.8 52.1 2.1 13.8 36.3 19 20 21 22 62.6 48.9 53.1 58.6 63.9 64.2 69.8 71.3 72.9 76.5 83.4 23 8.4 20.4 30.2 3.6 9.3 14.8 18.7 6.0 14.6 15.3 19.1 4.2 15.2 15.4 24.1 3.8 14.8 17.7 28.1 3.4 14.5 18.3 28.5 2.8 15.9 19.7 31.5 2.7 17.0 18.4 33.0 2.9 16.7 18.8 34.3 3.1 17.6 20.4 35.2 3.3 19.4 24.1 36.4 3.5 24 25 26 27 14 Nonfinancial sectors 15 16 17 18 Households Corporate business Nonfarm noncorporate business Farm business 19 20 21 22 Rest of the world Foreign official institutions Foreign banks Other foreign 23 24 25 26 27 Financial sectors Savings institutions Finance companies Mortgage companies REITs 94 Z.1, March 13, 1998 L.216 Other Loans and Advances Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Total other loans and advances 805.3 862.0 932.1 940.5 965.0 985.4 994.5 1001.7 1021.8 1044.2 1094.4 1 2 3 4 5 6 7 8 9 U.S. government loans Liab.: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business State and local governments Rest of the world Government-sponsored enterprises 146.0 20.3 8.1 40.7 8.7 9.2 54.1 4.8 132.6 16.0 8.0 38.2 8.2 9.3 52.9 0.0 145.5 27.3 10.0 39.4 7.0 9.8 52.1 0.0 142.7 25.6 9.6 39.5 6.6 9.8 51.7 0.0 143.7 27.1 9.1 39.5 6.2 9.8 52.0 0.0 144.3 28.6 8.7 39.5 6.1 10.0 51.4 0.0 145.3 30.4 8.7 39.1 5.9 10.1 51.0 0.0 147.9 34.9 8.5 39.1 5.8 8.9 50.6 0.0 149.9 37.0 8.5 39.3 5.7 9.0 50.5 0.0 151.9 40.1 8.4 39.3 5.6 8.9 49.6 0.0 154.7 41.8 8.4 40.9 5.5 8.9 49.3 0.0 2 3 4 5 6 7 8 9 10 11 Foreign loans to U.S. corporate business Liab.: Nonfinancial corporate business 114.2 114.2 122.1 122.1 122.1 122.1 126.6 126.6 126.7 126.7 139.6 139.6 126.2 126.2 130.7 130.7 130.9 130.9 133.9 133.9 138.6 138.6 10 11 12 13 14 Customers’ liability on acceptances outstanding (bank asset) Liab.: Nonfinancial corporate business Rest of the world 25.3 17.1 8.2 22.9 15.0 7.9 22.3 14.2 8.2 22.6 13.7 8.9 22.1 13.1 9.0 23.1 13.5 9.5 23.4 13.4 9.9 23.8 13.5 10.3 24.9 14.1 10.8 23.8 13.5 10.3 20.6 10.8 9.7 12 13 14 15 16 17 Savings institution loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 10.8 5.4 5.4 10.3 5.1 5.1 12.8 6.4 6.4 13.9 6.9 6.9 14.4 7.2 7.2 16.0 8.0 8.0 15.7 7.9 7.9 16.7 8.4 8.4 17.2 8.6 8.6 18.5 9.2 9.2 18.7 9.4 9.4 15 16 17 18 19 20 Policy loans (Household liability) Asset: Federal government Life insurance companies 78.6 0.9 77.7 86.4 0.9 85.5 96.9 0.9 95.9 98.7 0.9 97.8 99.9 0.9 99.0 102.9 1.0 101.9 101.4 1.0 100.5 102.9 1.0 101.9 104.6 1.0 103.7 105.4 0.9 104.4 106.8 0.9 105.9 18 19 20 21 22 23 24 25 26 27 28 Government-sponsored enterprise loans Liab.: Household sector (SLMA) Noncorporate business (FCS) Farm business (FCS) Commercial banks (FHLB and SLMA) Savings institutions (FHLB and SLMA) Credit unions (FHLB) Life insurance companies (FHLB) 162.0 27.6 13.9 11.6 21.2 87.3 0.2 0.2 189.1 31.3 13.9 12.4 30.5 100.0 0.5 0.6 200.3 35.2 16.4 13.8 36.7 97.4 0.4 0.5 199.8 34.7 17.8 13.7 32.4 99.7 0.4 1.1 213.0 34.4 16.9 14.9 34.8 110.5 0.3 1.2 220.2 33.8 16.1 15.2 36.1 117.6 0.4 1.1 229.1 34.6 15.1 16.5 39.0 121.9 0.4 1.6 223.3 33.7 15.1 16.6 39.0 116.7 0.4 1.8 238.3 32.2 16.0 16.5 46.4 125.0 0.4 1.8 246.9 31.2 16.5 16.2 51.3 129.4 0.5 1.9 260.7 30.2 15.1 16.5 58.5 138.0 0.6 1.8 21 22 23 24 25 26 27 28 29 30 31 Securitized loans held by ABS issuers Liab.: Households (1) Nonfinancial corporate business 19.5 0.0 19.5 23.7 0.0 23.7 30.6 1.0 29.6 32.7 2.5 30.2 39.6 4.0 35.6 38.0 5.0 33.0 44.0 6.3 37.7 41.2 8.0 33.2 44.2 10.0 34.2 44.4 12.1 32.3 75.5 14.6 60.9 29 30 31 32 33 34 Finance company loans to business Liab.: Nonfinancial corporate business Nonfarm noncorporate business 249.0 224.1 24.9 274.9 247.4 27.5 301.6 271.4 30.2 303.5 273.2 30.4 305.7 275.1 30.6 301.4 271.3 30.1 309.5 278.5 30.9 315.2 283.7 31.5 311.7 280.5 31.2 319.5 287.6 32.0 318.8 286.9 31.9 32 33 34 (1) Student loans. 95 Z.1, March 13, 1998 L.217 Total Mortgages Billions of dollars; levels, not seasonally adjusted 1993 1 2 3 4 5 6 Total mortgages Home Multifamily residential Commercial Farm 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4205.8 4392.1 4606.3 4684.2 4770.8 4848.1 4929.4 4986.6 5076.2 5176.1 5277.2 1 3178.4 269.4 677.3 80.7 3357.5 274.6 677.0 83.0 3533.3 287.3 701.2 84.6 3598.1 291.4 709.7 85.0 3633.7 300.4 750.5 86.2 3704.1 304.5 752.8 86.7 3761.7 312.6 768.0 87.1 3806.6 316.6 775.8 87.7 3870.1 323.1 794.3 88.7 3946.7 328.0 811.7 89.8 4019.2 338.1 829.5 90.3 2 3 4 5 4205.8 4392.1 4606.3 4684.2 4770.8 4848.1 4929.4 4986.6 5076.2 5176.1 5277.2 6 Household sector 3033.0 3199.2 3372.5 3440.8 3478.1 3548.0 3609.7 3652.9 3715.7 3792.4 3863.9 7 8 9 10 11 Nonfinancial business Corporate Nonfarm noncorporate Farm 1163.9 192.5 890.7 80.7 1174.1 214.3 876.9 83.0 1209.3 251.8 872.9 84.6 1216.9 255.8 876.1 85.0 1263.5 297.0 880.3 86.2 1267.6 299.7 881.2 86.7 1283.8 304.4 892.2 87.1 1293.7 309.3 896.7 87.7 1316.9 321.6 906.7 88.7 1336.7 331.3 915.7 89.8 1363.2 345.7 927.2 90.3 8 9 10 11 12 13 Federal government REITs 0.0 8.9 0.0 18.7 0.0 24.6 0.0 26.5 0.0 29.2 0.0 32.4 0.0 36.0 0.0 40.0 0.0 43.5 0.0 47.0 0.0 50.0 12 13 4205.8 4392.1 4606.3 4684.2 4770.8 4848.1 4929.4 4986.6 5076.2 5176.1 5277.2 14 7 14 Total liabilities 1994 Total assets 15 16 17 Household sector Nonfinancial corporate business Nonfarm noncorporate business 124.4 52.3 23.7 114.7 56.4 23.6 110.1 61.5 23.5 109.4 63.5 23.5 108.5 65.0 23.5 107.5 67.0 23.4 106.4 69.0 23.4 105.2 71.0 23.4 104.2 73.0 23.4 103.1 75.0 23.4 101.8 77.0 23.4 15 16 17 18 19 State and local governments Federal government 108.3 85.0 110.5 71.0 113.8 57.8 114.3 55.6 114.9 54.6 115.9 52.2 117.6 50.3 118.3 48.0 119.4 47.4 120.5 46.3 121.5 45.7 18 19 20 21 22 23 Commercial banking Savings institutions (1) Credit unions Bank personal trusts and estates 947.8 598.4 56.0 3.6 1012.7 596.2 62.1 3.4 1090.2 596.8 66.5 3.9 1097.6 602.6 68.0 3.8 1109.9 611.5 71.3 3.7 1123.2 627.8 73.1 3.6 1145.4 628.3 76.0 3.6 1160.1 626.4 77.4 3.7 1196.5 629.1 80.6 3.8 1227.1 629.8 84.4 4.1 1244.2 629.7 86.2 4.4 20 21 22 23 24 25 26 27 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 224.4 4.5 14.5 14.5 210.9 3.8 18.0 15.2 207.5 2.8 19.3 15.9 207.4 2.6 19.9 16.1 208.2 2.6 20.3 16.3 204.1 2.5 20.7 16.5 205.4 2.4 20.9 16.7 206.5 2.5 21.4 16.9 208.1 2.4 22.0 17.2 209.4 2.4 22.6 17.4 210.8 2.3 23.3 17.6 24 25 26 27 28 29 30 Government-sponsored enterprises (1) Federally related mortgage pools ABS issuers 241.0 1356.8 219.0 244.6 1472.1 260.2 249.0 1570.3 296.5 250.5 1599.7 313.2 251.3 1643.3 329.0 250.6 1679.0 340.4 250.7 1711.4 359.1 247.2 1740.0 373.7 245.5 1762.1 391.8 245.1 1790.7 420.2 246.8 1825.8 456.8 28 29 30 31 32 33 Finance companies Mortgage companies REITs 62.7 60.4 8.6 66.9 36.5 13.3 72.4 33.0 15.5 74.3 46.0 16.3 80.4 39.3 17.2 82.2 40.2 18.0 82.7 41.2 19.0 83.4 41.1 20.3 84.8 43.6 21.5 86.4 45.4 22.8 87.9 47.9 24.0 31 32 33 (1) FHLB loans to savings institutions are included in other loans and advances. 96 Z.1, March 13, 1998 L.218 Home Mortgages (1) Billions of dollars; levels, not seasonally adjusted 1993 1 2 3 4 5 6 7 8 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 9 10 State and local governments Federal government 11 12 13 14 Commercial banking Savings institutions Credit unions Bank personal trusts and estates 15 16 17 Life insurance companies Private pension funds State and local govt. retirement funds 18 19 20 Government-sponsored enterprises Federally related mortgage pools ABS issuers 21 22 23 Finance companies Mortgage companies REITs 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3178.4 3357.5 3533.3 3598.1 3633.7 3704.1 3761.7 3806.6 3870.1 3946.7 4019.2 1 2924.5 18.1 235.9 3097.7 18.7 241.1 3275.0 19.3 239.0 3340.6 19.5 238.0 3376.4 19.6 237.8 3446.5 19.8 237.8 3504.0 19.9 237.7 3548.9 20.1 237.5 3612.0 20.3 237.9 3686.9 20.5 239.3 3757.6 20.7 240.9 2 3 4 3178.4 3357.5 3533.3 3598.1 3633.7 3704.1 3761.7 3806.6 3870.1 3946.7 4019.2 5 105.2 36.9 9.7 94.9 38.5 9.7 87.4 41.3 9.6 86.7 42.0 9.6 85.9 42.8 9.6 85.0 43.7 9.6 84.3 44.5 9.6 83.4 45.4 9.6 82.6 46.1 9.6 81.8 46.8 9.6 80.9 47.4 9.6 6 7 8 56.3 33.0 57.3 29.1 60.5 24.1 60.8 22.6 61.2 22.1 62.0 21.2 62.8 21.2 63.4 19.8 64.1 19.8 64.8 20.5 65.5 20.5 9 10 560.8 470.0 56.0 3.6 615.9 477.6 62.1 3.4 669.4 482.4 66.5 3.9 672.0 489.6 68.0 3.8 677.0 498.0 71.3 3.7 685.0 513.6 73.1 3.6 698.5 513.7 76.0 3.6 708.8 513.4 77.4 3.7 733.7 516.5 80.6 3.8 752.0 518.2 84.4 4.1 762.4 519.0 86.2 4.4 11 12 13 14 8.6 3.2 3.5 7.0 4.0 3.9 7.3 4.3 4.4 7.3 4.4 4.6 7.3 4.5 4.7 6.2 4.6 4.8 6.8 4.6 5.0 6.8 4.7 5.1 6.8 4.8 5.3 7.1 5.0 5.5 7.2 5.1 5.6 15 16 17 196.7 1334.3 184.8 199.3 1449.7 208.5 203.2 1543.4 227.8 204.3 1571.9 237.6 204.8 1614.3 247.6 204.0 1648.3 255.9 204.3 1678.9 261.9 201.0 1706.3 271.1 199.6 1726.9 279.5 199.1 1754.2 299.4 200.7 1788.0 318.0 18 19 20 62.7 52.2 0.9 66.9 28.3 1.5 72.4 23.8 1.7 74.3 36.7 1.8 47.3 29.8 1.9 50.4 31.0 2.0 52.1 32.0 2.1 53.3 31.2 2.2 54.5 33.7 2.4 56.6 35.2 2.5 59.0 37.2 2.6 21 22 23 269.4 274.6 287.3 291.4 300.4 304.5 312.6 316.6 323.1 328.0 338.1 1 19.9 246.6 20.5 248.0 21.1 258.1 21.2 261.5 21.4 269.4 21.6 272.2 21.7 279.0 21.9 281.5 22.1 286.7 22.3 290.2 22.5 299.1 2 3 0.0 3.0 0.0 6.2 0.0 8.1 0.0 8.7 0.0 9.6 0.0 10.7 0.0 11.9 0.0 13.2 0.0 14.4 0.0 15.5 0.0 16.5 4 5 269.4 274.6 287.3 291.4 300.4 304.5 312.6 316.6 323.1 328.0 338.1 6 1.4 0.1 7.0 1.6 0.3 7.0 2.2 0.5 6.9 2.1 0.7 6.9 2.1 0.9 6.9 2.0 1.2 6.9 1.9 1.5 6.9 1.7 1.7 6.9 1.6 2.1 6.9 1.4 2.4 6.9 1.5 2.5 6.9 7 8 9 (1) Mortgages on 1-4 family properties. L.219 Multifamily Residential Mortgages Billions of dollars; levels, not seasonally adjusted 1 Total liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 Federal government REITs 6 7 8 9 Total assets Household sector Nonfinancial corporate business Nonfarm noncorporate business 10 11 State and local governments Federal government 42.8 24.6 43.5 22.0 44.1 17.3 44.4 16.9 44.6 16.8 45.0 15.9 45.9 14.8 45.9 14.1 46.1 13.9 46.4 12.6 46.6 12.6 10 11 12 13 Commercial banking Savings institutions 38.7 67.4 39.3 64.3 43.8 62.0 44.7 60.6 45.4 60.7 46.4 61.3 46.7 61.6 47.6 60.6 49.1 60.1 49.6 60.3 51.1 59.5 12 13 14 15 16 Life insurance companies Private pension funds State and local govt. retirement funds 25.4 0.7 4.1 23.9 0.9 4.3 23.4 1.0 4.5 23.4 1.0 4.6 23.5 1.0 4.6 23.2 1.0 4.7 23.2 1.0 4.7 23.3 1.1 4.8 23.5 1.1 4.9 23.6 1.1 4.9 23.8 1.2 5.0 14 15 16 17 18 19 Government-sponsored enterprises Federally related mortgage pools ABS issuers 17.5 22.5 8.7 18.4 22.4 14.9 19.0 26.9 21.3 19.0 27.8 24.5 18.9 28.9 26.8 18.8 30.7 28.1 18.6 32.5 33.7 18.2 33.7 35.6 17.8 35.2 39.0 17.5 36.5 42.0 17.3 37.8 48.3 17 18 19 20 21 22 Finance companies Mortgage companies REITs 0.0 3.1 5.6 0.0 3.1 8.7 0.0 4.2 10.1 0.0 4.2 10.7 3.6 4.4 11.2 3.5 4.1 11.8 3.1 4.1 12.4 3.1 4.9 13.2 3.1 4.9 14.0 2.7 5.2 14.8 2.9 5.6 15.7 20 21 22 97 Z.1, March 13, 1998 L.220 Commercial Mortgages Billions of dollars; levels, not seasonally adjusted 1993 1 2 3 4 5 6 Total liabilities Household sector Nonfinancial corporate business Nonfarm noncorporate business REITs 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 677.3 677.0 701.2 709.7 750.5 752.8 768.0 775.8 794.3 811.7 829.5 1 108.5 154.5 408.2 6.0 101.5 175.1 387.8 12.5 97.5 211.5 375.7 16.5 100.2 215.2 376.6 17.8 101.8 256.0 373.2 19.6 101.5 258.4 371.2 21.7 105.6 262.8 375.5 24.1 104.0 267.4 377.7 26.8 103.7 279.2 382.2 29.1 105.5 288.5 386.2 31.5 106.4 302.4 387.2 33.5 2 3 4 5 677.3 677.0 701.2 709.7 750.5 752.8 768.0 775.8 794.3 811.7 829.5 6 Household sector Nonfinancial corporate business Nonfarm noncorporate business 3.9 15.3 6.1 3.6 17.5 6.0 5.1 19.7 6.0 5.0 20.7 6.0 4.8 21.3 6.0 4.6 22.1 6.0 4.3 23.1 6.0 4.1 23.8 6.0 3.7 24.9 6.0 3.4 25.8 6.0 2.8 27.1 6.0 7 8 9 10 11 State and local governments Federal government 7.7 20.5 8.3 13.2 7.7 10.2 7.8 10.0 7.7 9.8 7.5 9.3 7.5 8.5 7.7 8.5 7.9 8.4 8.0 8.2 8.1 7.9 10 11 12 13 Commercial banking Savings institutions 327.5 60.8 335.0 53.9 353.1 52.1 356.9 52.1 363.0 52.5 367.0 52.6 375.3 52.7 378.5 52.0 387.7 52.1 398.6 50.9 403.7 50.9 12 13 14 15 16 17 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 180.9 4.5 10.6 7.0 170.4 3.8 13.2 7.0 167.1 2.8 14.1 7.0 167.0 2.6 14.5 7.0 167.8 2.6 14.8 7.0 165.1 2.5 15.1 7.0 165.4 2.4 15.3 7.0 166.3 2.5 15.7 7.0 167.5 2.4 16.0 7.0 168.4 2.4 16.5 7.0 169.4 2.3 17.0 7.0 14 15 16 17 18 19 20 21 ABS issuers Finance companies Mortgage companies REITs 25.5 0.0 5.1 2.1 36.8 0.0 5.1 3.2 47.4 0.0 5.1 3.7 51.1 0.0 5.1 3.9 54.5 29.5 5.1 4.1 56.3 28.3 5.1 4.3 63.5 27.4 5.1 4.5 67.0 26.9 5.1 4.8 73.3 27.2 5.1 5.1 78.8 27.2 5.1 5.4 90.5 26.0 5.1 5.7 18 19 20 21 7 8 9 Total assets 1994 L.221 Farm Mortgages Billions of dollars; levels, not seasonally adjusted 1 Total liabilities (Farm business) 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.7 88.7 89.8 90.3 1 2 Total assets 80.7 83.0 84.6 85.0 86.2 86.7 87.1 87.7 88.7 89.8 90.3 2 13.9 0.9 14.6 0.9 15.5 0.9 15.6 0.9 15.8 0.9 15.9 0.9 16.0 0.9 16.1 0.9 16.3 0.9 16.5 0.9 16.6 0.9 3 4 1.5 7.0 1.4 6.7 1.4 6.2 1.4 6.1 1.4 6.0 1.4 5.9 1.4 5.8 1.4 5.6 1.4 5.3 1.4 4.9 1.4 4.9 5 6 20.9 0.3 22.6 0.3 23.8 0.3 23.9 0.3 24.6 0.3 24.8 0.3 24.9 0.3 25.2 0.3 26.1 0.3 26.8 0.3 27.0 0.4 7 8 9.5 0.0 9.6 0.0 9.6 0.0 9.6 0.0 9.6 0.0 9.7 0.0 10.0 0.0 10.1 0.0 10.2 0.0 10.4 0.0 10.5 0.0 9 10 26.8 0.0 26.9 0.0 26.8 0.0 27.2 0.0 27.6 0.0 27.8 0.0 27.9 0.0 27.9 0.0 28.2 0.0 28.6 0.0 28.8 0.0 11 12 3 4 Household sector Nonfarm noncorporate business 5 6 State and local governments Federal government 7 8 Commercial banking Savings institutions 9 10 Life insurance companies State and local govt. retirement funds 11 12 Government-sponsored enterprises Federally related mortgage pools 98 Z.1, March 13, 1998 L.222 Consumer Credit Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 Total liabilities (Households) 859.0 983.9 1122.8 1113.2 1144.5 1173.5 1211.6 1186.4 1205.0 1227.3 1265.4 1 2 Total assets 859.0 983.9 1122.8 1113.2 1144.5 1173.5 1211.6 1186.4 1205.0 1227.3 1265.4 2 77.2 0.0 86.6 0.0 85.1 0.0 76.7 0.0 72.0 0.0 68.5 0.0 77.7 0.0 70.0 0.0 68.0 0.0 68.7 0.0 78.9 0.0 3 4 3 4 Nonfinancial corporate business Nonfarm noncorporate business 5 6 7 Commercial banking Savings institutions Credit unions 395.7 37.9 101.6 458.8 38.5 119.6 502.0 40.1 131.9 490.4 40.7 131.5 503.3 42.1 136.1 513.4 44.9 140.9 526.8 44.7 144.1 504.3 45.9 143.9 510.7 46.5 147.6 507.5 48.5 150.7 512.6 47.2 153.7 5 6 7 8 9 ABS issuers Finance companies 130.5 116.1 146.1 134.4 211.6 152.1 221.4 152.5 237.2 153.9 251.2 154.6 265.8 152.4 268.5 153.8 275.6 156.7 293.5 158.4 313.1 160.0 8 9 1047.8 1141.5 1246.7 1234.6 1269.7 1263.0 1314.8 1300.6 1322.2 1351.3 1390.5 1 89.8 94.0 102.4 101.8 104.7 104.6 103.9 103.4 105.6 105.6 106.8 2 719.3 64.1 14.2 796.5 71.6 15.2 870.3 78.8 16.2 858.0 80.2 16.2 884.8 81.7 17.7 873.3 83.1 17.9 923.0 84.6 17.4 901.9 86.2 16.5 916.3 88.0 18.4 933.7 89.7 19.0 970.3 91.6 19.3 3 4 5 L.223 Trade Credit Billions of dollars; levels, not seasonally adjusted 1 Total trade payables 2 Household sector 3 4 5 Nonfinancial corporate business Nonfarm noncorporate business Farm business 6 7 State and local governments Federal government 28.4 86.1 29.0 86.5 31.2 92.2 31.0 93.3 31.8 94.9 32.0 96.7 32.8 95.8 33.4 97.2 33.5 99.8 33.7 99.9 34.1 98.0 6 7 8 9 Rest of the world Brokers and dealers 35.9 10.1 39.5 9.1 45.3 10.3 42.5 11.6 41.2 13.0 40.8 14.5 43.0 14.3 44.2 17.6 44.3 16.4 46.1 23.6 50.5 19.9 8 9 1293.1 1387.3 1521.6 1562.9 1608.2 1640.7 1623.6 1664.4 1712.2 1771.2 1743.7 10 1035.0 103.0 1107.0 117.0 1205.9 128.5 1237.4 130.5 1278.3 132.6 1298.3 134.6 1267.2 136.7 1293.2 138.8 1333.9 141.0 1364.5 143.3 1320.6 145.7 11 12 10 Total trade receivables 11 12 Nonfinancial corporate business Nonfarm noncorporate business 13 14 Federal government Rest of the world 28.4 47.5 24.7 50.6 23.1 51.2 23.9 52.1 22.7 52.1 23.3 55.2 24.3 57.5 24.7 59.4 25.4 60.3 24.7 61.1 25.7 61.0 13 14 15 16 Other insurance companies ABS issuers 50.7 28.4 52.9 35.2 57.3 55.7 58.4 60.6 59.5 63.1 59.6 69.7 57.2 80.7 61.3 86.9 61.8 89.8 61.9 115.7 62.6 128.1 15 16 -245.3 -245.8 -274.9 -328.3 -338.5 -377.8 -308.7 -363.8 -390.0 -419.9 -353.2 17 279.0 279.0 305.7 326.9 318.6 317.8 358.1 380.0 414.8 432.2 461.9 1 76.1 0.0 75.1 0.0 78.6 0.0 89.1 0.0 89.9 0.0 86.9 0.0 94.4 0.0 101.1 0.0 110.5 0.0 127.5 0.0 128.7 0.0 2 3 202.9 102.3 61.4 39.3 203.9 109.0 56.8 38.1 227.1 127.6 65.1 34.4 237.8 140.9 63.0 33.8 228.8 136.8 59.4 32.6 230.8 145.2 57.4 28.3 263.7 162.9 60.2 40.6 278.9 171.9 65.9 41.1 304.3 189.0 63.0 52.3 304.7 193.1 65.4 46.2 333.2 210.7 64.4 58.0 4 5 6 7 17 Discrepancy L.224 Security Credit Billions of dollars; levels, not seasonally adjusted 1 Total liabilities 2 3 Household sector Rest of the world 4 5 6 7 Brokers and dealers Customer credit balances (HH) From U.S.-chartered commercial banks From foreign banking offices in U.S. 8 279.0 279.0 305.7 326.9 318.6 317.8 358.1 380.0 414.8 432.2 461.9 8 9 10 Total assets Household sector Rest of the world 102.3 0.0 109.0 0.0 127.6 0.0 140.9 0.0 136.8 0.0 145.2 0.0 162.9 0.0 171.9 0.0 189.0 0.0 193.1 0.0 210.7 0.0 9 10 11 12 Commercial banking Brokers and dealers 100.7 76.1 94.9 75.1 99.5 78.6 96.8 89.1 91.9 89.9 85.7 86.9 100.8 94.4 107.0 101.1 115.3 110.5 111.6 127.5 122.5 128.7 11 12 99 Z.1, March 13, 1998 L.225 Life Insurance and Pension Fund Reserves Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Life insurance reserves: 1 Total liabilities 470.8 505.3 550.2 554.5 562.3 577.1 593.8 603.7 623.1 638.8 650.8 1 2 3 Federal government Life insurance companies 13.6 457.2 13.8 491.5 13.9 536.3 13.7 540.8 14.0 548.3 13.7 563.4 13.7 580.1 13.4 590.3 14.0 609.1 13.7 625.1 14.0 636.8 2 3 4 Total assets (Households) 470.8 505.3 550.2 554.5 562.3 577.1 593.8 603.7 623.1 638.8 650.8 4 4662.0 4880.1 5600.5 5767.8 5901.1 6030.9 6313.8 6414.7 6940.1 7325.1 7453.9 5 331.1 836.4 358.9 884.5 374.8 997.6 382.9 1014.6 393.2 1025.8 410.2 1045.6 419.2 1083.6 413.2 1111.9 422.1 1192.1 441.2 1239.6 449.6 1268.4 6 7 2216.3 1278.2 2317.2 1319.5 2682.0 1546.1 2765.1 1605.3 2839.6 1642.4 2901.5 1673.6 3062.2 1748.8 3100.5 1789.1 3355.4 1970.5 3563.4 2080.9 3602.9 2133.1 8 9 4662.0 4880.1 5600.5 5767.8 5901.1 6030.9 6313.8 6414.7 6940.1 7325.1 7453.9 10 Pension fund reserves: 5 Total liabilities 6 7 Federal government Life insurance companies 8 9 Private pension funds (1) State and local govt. retirement funds 10 Total assets (Households) (1) Includes unallocated insurance company contracts beginning 1985:Q4. L.226 Taxes Payable by Businesses Billions of dollars; levels, not seasonally adjusted 1 Total taxes payable by all businesses 98.8 101.4 106.0 116.2 113.4 117.9 120.0 133.2 128.9 137.5 140.1 1 2 3 Nonfinancial corporate business Nonfarm noncorporate business 40.7 33.8 40.3 34.6 40.3 35.4 49.3 35.6 45.6 35.8 49.1 36.0 49.9 36.2 62.1 36.4 56.8 36.6 63.8 36.7 64.9 36.9 2 3 4 5 U.S.-chartered commercial banks Savings institutions 1.2 1.9 1.9 1.0 2.8 1.6 3.1 1.7 3.4 1.3 3.7 1.4 4.0 1.4 4.3 1.4 4.7 1.5 5.0 1.7 5.4 1.8 4 5 6 7 Life insurance companies Other insurance companies 9.4 7.0 10.4 7.9 11.0 8.8 11.1 9.0 11.3 9.2 11.4 9.4 11.6 9.7 11.7 9.9 11.9 10.1 12.0 10.3 12.2 10.6 6 7 8 9 Finance companies Brokers and dealers 3.3 1.4 4.1 1.2 5.1 1.1 5.3 1.1 5.6 1.2 5.8 1.1 6.0 1.3 6.3 1.0 6.5 0.9 6.7 1.1 7.0 1.3 8 9 58.0 52.6 45.2 70.4 52.3 50.2 46.8 62.5 56.4 55.2 46.9 10 39.1 18.9 34.0 18.6 27.9 17.3 27.3 43.0 27.5 24.8 27.2 23.0 26.1 20.7 25.9 36.6 26.5 29.9 27.0 28.2 26.9 20.0 11 12 40.8 48.8 60.8 45.8 61.0 67.7 73.2 70.6 72.5 82.3 93.2 13 10 11 12 13 Total business taxes receivable State and local governments Federal government Discrepancy L.227 Investment in Bank Personal Trusts and Estates Billions of dollars; levels, not seasonally adjusted 1 Liab.: Bank personal trusts and estates 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1035.2 1050.7 1 2 Asset: Household sector 691.3 699.4 767.4 793.7 811.7 829.0 872.0 890.4 969.7 1035.2 1050.7 2 100 Z.1, March 13, 1998 L.229 Total Miscellaneous Financial Claims Billions of dollars; levels, not seasonally adjusted 1993 1 Total liabilities 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5144.1 5402.7 5792.0 5954.5 5943.3 6031.6 6163.8 6344.1 6276.2 6394.0 6441.0 1 16.3 2108.7 112.5 16.8 2132.8 114.9 17.5 2242.2 120.2 17.6 2297.0 122.0 17.7 2291.0 124.0 17.8 2338.2 126.1 17.9 2360.5 128.3 18.4 2378.7 130.0 19.0 2402.3 131.5 19.5 2416.7 133.0 20.1 2385.8 134.2 2 3 4 Federal government Rest of the world 6.8 827.4 6.8 913.1 6.7 1029.2 6.6 1109.6 7.3 1093.5 7.2 1081.9 7.3 1146.1 6.6 1228.7 6.7 1122.0 4.2 1129.0 4.0 1081.4 5 6 7 8 9 10 Monetary authority Commercial banking Savings institutions Credit unions 4.6 628.4 103.0 5.1 6.0 750.1 106.7 6.4 7.3 848.4 106.1 4.5 6.6 839.1 106.4 4.6 6.7 859.7 105.9 4.8 7.4 856.6 117.1 4.8 7.1 863.0 103.5 4.6 6.7 920.3 96.4 4.7 8.0 940.5 100.7 5.0 7.2 967.7 97.4 7.0 8.9 1042.5 99.8 5.0 7 8 9 10 11 12 Life insurance companies Other insurance companies 374.6 456.1 386.6 471.9 408.6 501.9 408.3 505.7 413.2 507.5 419.2 513.4 438.7 514.8 439.5 518.4 452.0 520.8 466.9 528.8 476.6 533.4 11 12 13 14 15 Government-sponsored enterprises Finance companies Mortgage companies 85.9 165.8 30.2 61.1 180.6 17.7 67.1 202.2 13.9 68.4 199.2 21.9 63.4 197.1 11.2 64.0 194.6 11.6 69.8 205.2 9.7 77.7 212.5 8.1 72.7 196.8 9.4 79.2 216.2 10.3 82.5 216.4 11.5 13 14 15 16 17 18 REITs Brokers and dealers Funding corporations 2.3 67.4 148.9 5.3 69.0 157.0 6.6 85.3 124.4 7.0 81.4 153.0 7.5 82.4 150.2 8.1 97.1 166.4 8.3 109.1 170.0 8.3 106.3 182.9 8.3 110.1 170.5 8.4 124.2 178.2 8.5 132.0 198.4 16 17 18 6011.1 6380.4 6884.2 7060.0 7165.7 7332.0 7578.0 7726.8 7715.9 7841.9 8072.2 19 264.1 2615.3 227.6 41.3 269.5 2782.6 243.3 43.3 285.4 3037.7 256.1 46.0 286.5 3125.5 258.2 46.8 287.5 3153.6 260.5 47.7 292.8 3231.9 262.8 48.6 294.3 3333.4 265.9 48.9 297.6 3394.8 268.6 49.9 302.8 3437.0 271.6 51.0 312.8 3472.1 274.8 52.2 318.0 3556.8 278.3 53.4 20 21 22 23 2 3 4 Household sector Nonfinancial corporate business Nonfarm noncorporate business 5 6 19 Total assets 20 21 22 23 Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 24 25 26 State and local governments Federal government Rest of the world 20.1 116.2 719.0 19.0 119.5 706.1 39.4 117.1 779.3 17.6 115.6 842.5 20.7 114.7 861.2 42.2 114.9 899.4 54.9 110.6 972.3 70.7 107.7 997.6 56.0 105.9 838.6 65.8 103.6 852.0 68.0 103.7 880.1 24 25 26 27 28 29 30 31 Monetary authority Commercial banking Savings institutions Credit unions Bank personal trusts and estates 9.6 611.1 61.0 18.2 16.0 9.8 728.4 53.0 14.8 12.9 10.7 791.6 54.7 13.9 11.9 9.8 799.6 51.0 16.6 12.5 10.2 814.8 49.3 15.3 13.6 10.2 810.9 66.2 13.7 14.9 11.2 818.6 52.9 13.7 16.0 10.6 836.4 43.7 13.3 17.0 12.8 866.8 44.0 17.0 18.0 12.3 896.3 45.0 15.4 18.8 13.2 938.5 49.3 17.3 19.5 27 28 29 30 31 32 33 34 35 Life insurance companies Other insurance companies Private pension funds State and local govt. retirement funds 75.7 28.8 391.9 256.0 97.9 33.0 407.0 259.6 105.1 38.7 401.1 241.5 100.6 39.3 400.2 234.6 101.0 39.9 404.0 221.9 97.8 40.9 399.9 207.0 94.8 43.7 413.9 189.1 96.3 45.1 404.8 193.2 97.5 46.0 402.5 192.7 103.0 47.6 404.4 188.4 105.7 49.0 409.9 185.7 32 33 34 35 36 37 38 Money market mutual funds Mutual funds Government-sponsored enterprises 23.7 3.3 33.2 30.6 5.9 31.5 43.4 6.3 41.2 49.7 5.1 46.1 50.5 8.1 71.0 49.5 3.0 71.6 48.3 4.7 79.8 53.2 5.5 72.6 56.0 7.4 78.5 65.9 8.6 81.8 67.3 7.4 95.2 36 37 38 39 40 41 42 Finance companies REITs Brokers and dealers Funding corporations 116.1 8.8 228.6 125.4 108.5 8.7 254.2 141.0 129.6 10.0 258.2 165.5 130.7 9.4 283.0 179.3 130.9 8.9 290.0 190.6 136.3 8.4 304.7 204.2 151.5 8.1 320.7 230.7 149.0 7.4 332.1 259.8 164.3 6.8 386.1 256.4 147.1 6.9 389.0 278.1 172.1 7.2 392.5 284.0 39 40 41 42 -867.0 -977.7 -1092.2 -1105.5 -1222.4 -1300.4 -1414.2 -1382.7 -1439.6 -1448.0 -1631.2 43 43 Discrepancy 101 Z.1, March 13, 1998 L.230 Identified Miscellaneous Financial Claims - Part I Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 U.S. direct investment abroad: 1 2 3 4 5 6 7 Liab.: Rest of the world Asset: Nonfinancial corporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers 714.8 598.4 33.8 4.9 28.8 44.6 4.3 797.8 670.3 37.7 5.0 33.0 45.8 5.8 884.3 749.9 39.4 5.5 38.7 41.2 9.6 908.5 774.2 39.9 5.7 39.3 39.0 10.4 933.6 787.4 40.3 5.9 39.9 48.5 11.7 945.8 805.8 41.5 6.1 40.9 39.0 12.6 970.8 815.3 44.7 6.6 43.7 46.0 14.6 999.6 839.0 45.5 6.9 45.1 48.2 14.8 1038.1 865.4 46.5 7.0 46.0 57.9 15.3 1062.3 889.0 48.3 6.9 47.6 54.6 15.9 1090.2 906.9 49.5 7.3 49.0 60.5 17.1 1 2 3 4 5 6 7 Foreign direct investment in U.S.: 8 9 10 11 12 13 14 15 Liab.: Nonfinancial corporate business Nonfarm noncorporate business Commercial banking Life insurance companies Other insurance companies Finance companies Brokers and dealers Funding corporations 497.8 5.2 24.0 13.1 26.7 33.8 5.0 -54.9 543.3 4.8 26.3 10.9 27.9 35.9 5.8 -70.1 587.9 2.4 32.9 13.9 37.1 52.4 11.0 -83.1 603.3 2.1 33.7 14.3 38.2 49.3 11.2 -82.0 630.4 2.1 31.2 14.7 38.6 51.2 11.3 -91.4 644.8 2.1 32.0 15.2 39.3 56.8 11.3 -86.7 647.3 2.1 30.9 16.1 43.5 63.3 7.8 -82.0 669.9 2.1 31.4 16.7 44.6 75.6 8.0 -88.8 686.2 2.1 34.2 18.8 45.7 85.1 8.0 -93.5 691.1 2.1 35.6 19.6 48.2 92.4 9.5 -85.3 709.4 2.1 38.6 20.1 50.2 96.6 9.7 -89.8 8 9 10 11 12 13 14 15 16 Asset: Rest of the world 550.9 585.0 654.5 670.2 688.1 714.6 729.1 759.4 786.5 813.0 837.0 16 25.0 25.0 26.4 26.4 27.9 27.9 28.3 28.3 28.7 28.7 29.1 29.1 29.7 29.7 30.1 30.1 30.5 30.5 31.0 31.0 31.3 31.3 17 18 3.4 3.4 3.7 3.7 4.0 4.0 4.0 4.0 4.1 4.1 4.5 4.5 4.6 4.6 4.8 4.8 5.1 5.1 5.2 5.2 5.4 5.4 19 20 16.3 18.2 20.3 20.8 21.7 22.7 23.9 25.4 27.0 28.6 30.3 21 1.9 0.8 2.2 0.0 2.7 8.7 0.1 0.0 2.0 0.9 2.2 0.0 4.3 8.6 0.1 0.1 2.0 1.0 2.2 0.0 5.8 9.1 0.2 0.1 2.4 1.0 2.1 0.0 6.0 9.0 0.2 0.1 2.8 1.0 2.2 0.0 6.2 9.4 0.2 0.1 3.4 1.0 2.1 0.0 6.3 9.5 0.2 0.1 4.2 1.7 1.5 0.0 6.7 9.5 0.2 0.2 5.1 1.7 1.5 0.0 7.1 9.7 0.2 0.2 6.2 1.6 1.6 0.0 7.6 9.7 0.2 0.2 7.4 1.6 1.6 0.0 8.0 9.3 0.4 0.4 8.8 1.6 1.6 0.0 8.0 9.9 0.2 0.2 22 23 24 25 26 27 28 29 Federal government equity in IBRD, etc.: 17 18 Liab.: Rest of the world Asset: Federal government Federal Reserve Bank stock: 19 20 Liab.: Monetary authority Asset: Commercial banking Equity in government-sponsored enterprises: 21 Liab.: Government-sponsored enterprises 22 23 24 25 26 27 28 29 Asset: Nonfin. corporate business (FNMA) Nonfarm noncorporate (BC) Farm business (FICB and FLB) Federal government Commercial banks (FHLB) Savings institutions (FHLB) Credit unions (FHLB) Life insurance companies (FHLB) BHC investment in subsidiaries: 30 31 32 33 34 Liab.: Commercial banking Savings institutions Finance companies Mortgage companies Brokers and dealers 286.6 4.4 17.8 30.2 3.8 304.2 4.4 20.9 17.7 13.4 344.3 4.5 25.5 13.9 20.7 348.4 4.5 25.3 21.9 16.5 361.9 4.6 28.1 11.2 27.1 365.3 4.6 28.9 11.6 23.8 372.9 4.7 30.2 9.7 20.4 387.1 4.8 30.5 8.1 29.5 399.3 4.8 30.0 9.4 31.2 410.0 4.9 30.8 10.3 35.2 413.6 5.0 32.3 11.5 41.1 30 31 32 33 34 35 Asset: Bank holding companies 342.9 360.6 408.9 416.6 432.9 434.3 437.8 459.9 474.6 491.2 503.5 35 17.8 17.8 20.9 20.9 25.5 25.5 25.3 25.3 28.1 28.1 28.9 28.9 30.2 30.2 30.5 30.5 30.0 30.0 30.8 30.8 32.3 32.3 36 37 44.5 80.8 44.1 96.9 50.7 114.8 52.7 126.6 52.9 137.8 59.4 144.8 64.5 166.3 79.4 180.4 74.3 182.1 82.9 195.2 78.8 205.2 38 39 125.4 141.0 165.5 179.3 190.6 204.2 230.7 259.8 256.4 278.1 284.0 40 NFC inv. in finance company subs.: 36 37 Liab.: Finance companies Asset: Nonfinancial corporate business Funding corp. investment in subs.: 38 39 Liab.: Foreign banking offices in U.S. Brokers and dealers 40 Asset: Funding corporations 102 Z.1, March 13, 1998 L.231 Identified Miscellaneous Financial Claims - Part II Billions of dollars; levels, not seasonally adjusted 1993 1994 1995 1996 Q1 Q2 1997 Q3 Q4 Q1 Q2 Q3 Q4 Nonofficial foreign currencies: 1 2 Liab.: Rest of the world Asset: Federal government 1.9 1.9 2.1 2.1 1.9 1.9 2.1 2.1 1.8 1.8 1.7 1.7 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1.8 1 2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3 4 23.7 23.7 16.0 16.0 19.3 19.3 17.5 17.5 14.9 14.9 15.4 15.4 18.0 18.0 15.2 15.2 13.0 13.0 15.3 15.3 18.0 18.0 5 6 16.3 16.3 16.8 16.8 17.5 17.5 17.6 17.6 17.7 17.7 17.8 17.8 17.9 17.9 18.4 18.4 19.0 19.0 19.5 19.5 20.1 20.1 7 8 Postal Savings System deposits: 3 4 Liab.: Federal government Asset: Household sector Deposits at Federal Home Loan Banks: 5 6 Liab.: Government-sponsored enterprises Asset: Savings institutions Deferred and unpaid life insurance premiums: 7 8 Liab.: Household sector Asset: Life insurance companies Life insurance company reserves: 9 10 11 Liab.: Life insurance companies Health Policy dividend accumulation 84.2 51.4 32.8 90.9 58.0 32.9 96.9 63.2 33.7 96.9 63.2 33.7 97.7 64.0 33.7 98.9 65.1 33.8 103.9 69.4 34.5 105.4 70.8 34.6 109.8 74.3 35.4 114.4 78.3 36.1 117.1 80.1 37.0 9 10 11 12 Asset: Household sector 84.2 90.9 96.9 96.9 97.7 98.9 103.9 105.4 109.8 114.4 117.1 12 Policy payables: 13 Liab.: Other insurance companies 429.4 444.0 464.8 467.5 468.9 474.2 471.4 473.8 475.1 480.6 483.2 13 14 15 16 17 Asset: Household sector Nonfinancial corporate business Nonfarm noncorporate business Farm business 179.9 169.7 40.8 39.1 178.7 177.5 46.8 41.1 188.5 180.7 51.8 43.8 189.6 180.7 52.5 44.6 189.8 180.4 53.3 45.5 194.0 179.7 54.0 46.4 190.4 178.8 54.8 47.4 192.1 177.5 55.8 48.4 193.0 175.8 56.8 49.5 198.4 173.9 57.8 50.6 200.9 171.6 58.9 51.7 14 15 16 17 206.6 206.6 210.0 210.0 215.2 215.2 214.1 214.1 217.4 217.4 219.5 219.5 231.4 231.4 228.7 228.7 232.1 232.1 236.5 236.5 241.3 241.3 18 19 21.9 21.9 22.0 22.0 25.8 25.8 26.7 26.7 27.7 27.7 28.6 28.6 29.6 29.6 30.5 30.5 31.5 31.5 32.4 32.4 33.4 33.4 20 21 197.1 197.1 221.7 221.7 216.2 216.2 242.6 242.6 249.5 249.5 265.2 265.2 276.1 276.1 288.5 288.5 339.2 339.2 336.2 336.2 335.9 335.9 22 23 Unallocated insurance company contracts: 18 19 Liab.: Life insurance companies Asset: Private pension funds Pension fund contributions payable: 20 21 Liab.: Nonfinancial corporate business Asset: Private pension funds Securities borrowed (net): 22 23 Liab.: Funding corporations Asset: Brokers and dealers 103 Z.1, March 13, 1998 L.232 Unidentified Miscellaneous Financial Claims Billions of dollars; levels, not seasonally adjusted 1993 1 Total liabilities 2 3 Nonfinancial corporate business Nonfarm noncorporate business 4 5 6 Federal government Rest of the world Monetary authority 1994 1995 1996 1997 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2366.6 2425.8 2543.6 2616.4 2519.8 2526.1 2557.1 2612.1 2406.3 2416.9 2376.1 1 1589.0 107.3 1567.5 110.0 1628.5 117.8 1666.9 119.9 1632.9 122.0 1664.8 124.1 1683.6 126.2 1678.3 127.9 1684.6 129.4 1693.2 130.9 1643.0 132.1 2 3 6.8 85.7 1.2 6.8 86.8 2.3 6.7 115.0 3.3 6.6 170.6 2.6 7.3 129.3 2.6 7.2 105.2 2.8 7.3 143.8 2.5 6.6 197.2 1.9 6.7 51.5 2.9 4.2 33.9 2.0 4.0 -41.9 3.5 4 5 6 7 8 9 10 11 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 273.2 91.0 157.1 19.6 5.6 375.6 158.9 187.3 22.0 7.4 420.5 160.7 224.9 24.6 10.3 404.3 148.7 219.0 26.3 10.2 413.7 155.2 225.2 23.5 9.9 399.8 153.9 210.4 24.9 10.7 394.7 147.7 199.9 36.3 10.9 422.5 168.3 196.1 45.0 13.1 432.7 149.3 220.8 48.4 14.2 439.3 159.2 213.7 51.1 15.2 511.4 184.7 253.9 57.9 14.9 7 8 9 10 11 12 13 14 15 Savings institutions Credit unions Life insurance companies Government-sponsored enterprises 98.5 5.1 70.7 45.8 102.3 6.4 74.7 26.8 101.6 4.5 82.5 27.6 101.8 4.6 82.9 30.1 101.3 4.8 83.4 26.9 112.5 4.8 85.7 26.0 98.8 4.6 87.3 28.0 91.7 4.7 88.7 37.0 95.9 5.0 91.4 32.7 92.5 7.0 96.5 35.3 94.8 5.0 98.1 34.2 12 13 14 15 16 17 18 19 Finance companies REITs Brokers and dealers Funding corporations 96.4 2.3 -22.3 6.7 102.9 5.3 -47.2 5.4 98.8 6.6 -61.2 -8.6 99.3 7.0 -72.8 -7.6 89.6 7.5 -93.7 -7.9 80.0 8.1 -82.8 -12.1 81.6 8.3 -85.3 -24.0 75.9 8.3 -111.6 -16.8 51.7 8.3 -111.2 -75.2 62.1 8.4 -115.7 -72.7 55.1 8.5 -124.0 -47.8 16 17 18 19 3233.5 3403.4 3635.8 3721.9 3742.2 3826.5 3971.3 3994.8 3846.0 3864.9 4007.3 20 1827.6 186.1 20.1 1912.0 195.6 19.0 2079.6 203.3 39.4 2142.9 204.7 17.6 2154.9 206.2 20.7 2214.1 207.8 42.2 2305.1 209.4 54.9 2342.8 211.2 70.7 2359.6 213.2 56.0 2371.0 215.4 65.8 2437.2 217.9 68.0 21 22 23 20 Total assets 21 22 23 Nonfinancial corporate business Nonfarm noncorporate business State and local governments 24 25 26 Federal government Rest of the world Monetary authority 89.3 168.1 9.6 91.1 121.1 9.8 87.2 124.8 10.7 85.2 172.4 9.8 84.2 173.1 10.2 84.0 184.8 10.2 79.1 243.2 11.2 75.7 238.2 10.6 73.5 52.1 12.8 70.8 39.0 12.3 70.6 43.2 13.2 24 25 26 27 28 29 30 31 Commercial banking U.S.-chartered commercial banks Foreign banking offices in U.S. Bank holding companies Banks in U.S.-affiliated areas 228.3 22.3 175.9 27.5 2.6 322.1 71.0 213.5 35.2 2.4 333.5 71.2 218.5 39.8 4.0 332.9 70.8 217.5 40.8 3.8 331.2 76.0 211.5 39.8 3.9 324.3 74.3 204.3 41.3 4.4 324.9 71.8 197.2 51.1 4.8 319.1 83.4 190.0 40.8 4.9 333.0 76.8 206.3 44.6 5.3 343.6 74.8 218.6 44.9 5.3 372.1 82.1 240.2 44.4 5.3 27 28 29 30 31 32 33 34 Savings institutions Credit unions Bank personal trusts and estates 28.6 18.1 16.0 28.4 14.7 12.9 26.4 13.8 11.9 24.6 16.4 12.5 25.1 15.1 13.6 41.3 13.6 14.9 25.3 13.6 16.0 18.8 13.1 17.0 21.3 16.8 18.0 20.4 15.0 18.8 21.3 17.0 19.5 32 33 34 35 36 37 Life insurance companies Private pension funds State and local govt. retirement funds 54.5 163.4 256.0 76.0 175.0 259.6 82.0 160.1 241.5 77.1 159.3 234.6 77.3 158.9 221.9 73.8 151.8 207.0 70.2 153.0 189.1 70.8 145.5 193.2 71.3 138.9 192.7 76.2 135.4 188.4 78.2 135.2 185.7 35 36 37 38 39 40 Mutual funds Money market mutual funds Government-sponsored enterprises 3.3 23.7 33.2 5.9 30.6 31.5 6.3 43.4 41.2 5.1 49.7 46.1 8.1 50.5 71.0 3.0 49.5 71.6 4.7 48.3 79.8 5.5 53.2 72.6 7.4 56.0 78.5 8.6 65.9 81.8 7.4 67.3 95.2 38 39 40 41 42 43 Finance companies REITs Brokers and dealers 71.5 8.8 27.2 62.7 8.7 26.7 88.3 10.0 32.3 91.7 9.4 30.1 82.4 8.9 28.8 97.3 8.4 26.8 105.6 8.1 30.0 100.8 7.4 28.7 106.4 6.8 31.6 92.6 6.9 36.9 111.6 7.2 39.5 41 42 43 -867.0 -977.7 -1092.2 -1105.5 -1222.4 -1300.4 -1414.2 -1382.7 -1439.6 -1448.0 -1631.2 44 44 Discrepancy 104 Z.1, March 13, 1998 B.100 Balance Sheet of Households and Nonprofit Organizations (1) Billions of dollars; levels, not seasonally adjusted 1 2 3 4 5 6 7 8 Assets Tangible assets Real estate Households (2,3) Nonprofit organizations Equipment owned by nonprofit organizations (4) Consumer durable goods (4) Financial assets 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 19585.4 21413.7 23468.6 24176.8 25904.1 27042.7 28393.4 29377.9 32333.2 35212.9 39254.5 1 7724.4 8398.6 9107.9 9324.6 9469.9 9732.7 9981.6 10318.7 10805.1 11417.6 12145.8 2 6176.7 5465.2 711.5 6712.6 5954.4 758.2 7296.0 6494.9 801.1 7405.8 6608.5 797.3 7478.2 6716.0 762.2 7665.7 6948.8 716.9 7806.7 7105.0 701.7 8020.1 7281.9 738.3 8404.0 7631.0 772.9 8918.0 8109.0 809.0 9564.3 8676.2 888.1 3 4 5 40.8 1506.9 44.6 1641.4 48.5 1763.4 52.6 1866.3 56.6 1935.1 62.0 2005.0 67.0 2107.9 72.2 2226.3 77.7 2323.4 84.4 2415.2 89.1 2492.4 6 7 11861.0 13015.1 14360.7 14852.2 16434.3 17309.9 18411.8 19059.2 21528.0 23795.3 27108.7 8 9 10 11 12 13 Deposits Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares 2840.6 9.8 436.5 2147.4 246.9 3029.2 10.7 414.6 2342.1 261.8 3182.8 11.9 404.1 2428.8 338.0 3241.5 13.4 385.6 2477.5 364.9 3244.3 14.6 426.6 2423.7 379.5 3226.7 15.6 523.6 2349.0 338.6 3160.4 15.8 570.8 2235.9 337.9 3133.9 18.8 539.8 2223.9 351.3 3346.1 23.4 497.2 2373.9 451.6 3561.5 35.5 455.3 2540.2 530.6 3834.8 49.3 426.1 2722.8 636.7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Credit market instruments Open market paper U.S. government securities Treasury Savings bonds Other Treasury Agency Municipal securities Corporate and foreign bonds Mortgages 1025.1 32.9 294.5 259.5 101.1 158.4 35.0 452.6 125.9 119.2 1226.8 67.3 394.1 342.2 109.6 232.6 52.0 523.8 121.2 120.3 1290.1 56.9 402.6 322.5 117.7 204.8 80.1 547.2 155.3 128.1 1492.9 63.2 519.3 393.6 126.2 267.4 125.7 574.5 198.7 137.3 1586.0 33.3 509.0 381.0 138.1 242.8 128.0 614.1 288.6 141.1 1639.9 29.9 616.2 458.5 157.3 301.2 157.8 585.5 277.3 131.0 1630.6 45.5 595.3 475.0 171.9 303.1 120.2 552.6 312.9 124.4 1941.9 46.7 929.6 662.2 179.9 482.3 267.3 502.2 348.8 114.7 1904.9 59.9 880.9 591.0 185.0 406.0 289.9 445.7 408.3 110.1 1964.5 82.6 956.3 542.4 187.0 355.4 413.8 423.1 396.1 106.4 1826.9 122.6 804.3 304.5 186.5 118.1 499.8 448.9 349.3 101.8 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Corporate equities (2) Mutual fund shares (5) Security credit Life insurance reserves Pension fund reserves 1384.2 381.7 39.1 301.0 2432.4 1639.9 401.3 40.9 326.6 2668.7 1963.6 469.1 53.2 355.3 3137.5 1795.4 467.8 62.4 380.9 3388.2 2577.9 586.6 87.0 406.8 3876.9 2919.7 727.9 76.2 434.8 4217.9 3220.7 990.9 102.3 470.8 4662.0 3048.9 1052.1 109.0 505.3 4880.1 4065.6 1255.0 127.6 550.2 5600.5 4604.4 1591.6 162.9 593.8 6313.8 5737.6 1937.5 210.7 650.8 7453.9 24 25 26 27 28 29 30 31 Investment in bank personal trusts Equity in noncorporate business (6) Miscellaneous assets 442.1 2839.8 174.9 470.3 3020.1 191.3 541.4 3161.4 206.2 551.7 3246.8 224.4 639.3 3195.4 234.1 660.6 3155.1 251.0 691.3 3218.8 264.1 699.4 3419.1 269.5 767.4 3625.4 285.4 872.0 3836.5 294.3 1050.7 4087.6 318.0 29 30 31 2839.9 3124.4 3414.0 3703.4 3906.8 4084.7 4339.2 4668.3 5049.3 5420.7 5827.1 32 2751.6 1824.2 688.6 78.2 31.9 84.4 44.4 3023.9 2034.6 732.0 79.5 30.0 88.9 59.0 3297.5 2238.7 793.3 81.9 20.4 90.3 72.8 3579.2 2488.9 805.1 83.9 17.9 100.9 82.5 3758.2 2655.1 794.5 89.9 13.1 110.2 95.5 3933.0 2797.6 798.3 99.1 17.6 119.5 100.9 4157.0 2924.5 859.0 111.1 27.4 126.6 108.5 4482.5 3097.7 983.9 125.6 40.0 133.7 101.5 4850.7 3275.0 1122.8 139.4 55.7 160.3 97.5 5204.6 3504.0 1211.6 158.5 52.1 172.7 105.6 5571.5 3757.6 1265.4 187.5 61.2 193.5 106.4 33 34 35 36 37 38 39 41.8 31.4 43.5 41.5 42.5 57.6 38.8 68.9 55.1 77.7 53.5 82.5 76.1 89.8 75.1 94.0 78.6 102.4 94.4 103.9 128.7 106.8 40 41 15.1 15.5 16.4 16.5 15.7 15.8 16.3 16.8 17.5 17.9 20.1 42 16745.6 18289.3 20054.6 20473.4 21997.4 22958.0 24054.2 24709.6 27283.9 29792.2 33427.3 43 3876.6 3636.3 138.4 102.0 398.1 4150.4 3901.4 142.5 106.5 420.7 4408.5 4151.4 146.9 110.2 444.3 4607.3 4343.1 151.2 113.0 465.0 4710.0 4445.9 152.0 112.1 474.9 4985.5 4713.9 156.8 114.8 493.3 5328.8 5049.6 162.2 117.0 521.6 5749.9 5459.0 170.7 120.2 551.5 6020.5 5724.0 175.0 121.5 575.1 6348.5 6044.6 179.6 124.4 597.3 6706.2 6396.5 182.8 126.9 630.5 44 45 46 47 48 3374.5 3652.7 3906.1 4179.4 4356.8 4626.7 4829.2 5052.7 5355.7 5608.4 5885.6 49 496.2 500.7 513.4 489.9 504.9 496.2 498.1 489.0 509.4 531.2 568.0 50 3641.0 3919.9 4256.2 4119.6 4060.9 4151.2 4180.5 4184.2 4356.0 4604.9 4918.6 51 66.6 65.8 65.5 62.3 60.5 59.7 58.8 57.5 57.1 56.8 56.7 52 32 Liabilities 33 34 35 36 37 38 39 Credit market instruments Home mortgages Consumer credit Municipal securities (7) Bank loans n.e.c. Other loans and advances Commercial mortgages (7) 40 41 Security credit Trade payables (7) Deferred and unpaid life insurance premiums 42 43 Net worth 44 45 46 47 48 Memo: Replacement-cost value of structures: Residential Households Farm households Nonprofit organizations Nonresidential (nonprofits) 49 50 51 52 Disposable personal income Household net worth as percentage of disposable personal income Owners’ equity in household real estate (8) Owners’ equity as percentage of household real estate (9) (1) Sector includes farm households. (2) At market value. (3) Includes vacant land and vacant homes for sale. (4) At replacement (current) cost. (5) Value based on the market values of equities held and the book value of other assets held by mutual funds. (6) Owners’ equity in noncorporate business, farm business, and unincorporated security brokers and dealers. (7) Liabilities of nonprofit organizations. (8) Line 4 less line 34. (9) Line 51 divided by line 4. 105 Z.1, March 13, 1998 B.102 Balance Sheet of Nonfarm Nonfinancial Corporate Business Billions of dollars; levels, not seasonally adjusted 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 With tangible assets stated at either market value or replacement cost: 1 Assets 8342.9 9074.0 9620.8 9816.9 9799.8 9787.7 10120.2 10752.6 11487.8 12274.3 13177.0 1 2 Tangible assets 5440.1 5788.3 6101.7 6182.5 6035.7 5856.0 5831.2 6185.3 6512.3 6876.1 7426.5 2 3 4 5 Real estate (1) Equipment (2) Inventories (2) 3083.4 1567.7 789.0 3288.5 1652.5 847.4 3471.9 1735.8 894.0 3429.0 1828.1 925.4 3246.9 1875.8 913.0 3006.5 1925.1 924.4 2874.4 1994.1 962.7 3051.3 2092.3 1041.7 3187.1 2222.2 1103.0 3383.1 2360.6 1132.3 3824.2 2423.7 1178.6 3 4 5 6 Financial assets 2902.7 3285.7 3519.1 3634.4 3764.2 3931.7 4289.0 4567.3 4975.5 5398.3 5750.5 6 14.4 104.8 116.6 18.9 3.4 15.0 34.4 19.4 51.5 54.0 805.3 12.8 1652.1 20.2 134.9 98.8 15.6 5.0 13.6 34.0 16.8 68.1 60.8 895.9 10.6 1911.2 13.3 151.1 89.7 16.2 2.8 14.3 60.6 32.4 54.4 63.8 938.0 11.7 2070.9 13.2 166.8 73.4 26.3 2.1 13.8 40.9 24.7 52.8 67.1 967.2 9.7 2176.3 15.0 182.5 66.8 31.5 1.6 14.7 48.5 44.8 59.0 63.0 961.4 14.8 2260.5 14.3 189.4 51.8 47.3 5.1 17.0 69.2 45.8 60.0 65.7 988.9 21.1 2355.8 12.9 203.1 74.1 44.8 2.5 19.4 67.9 54.7 52.3 77.2 1035.0 29.8 2615.3 14.0 221.6 67.5 52.2 2.2 18.8 70.7 56.7 56.4 86.6 1107.0 31.1 2782.6 15.0 239.0 65.9 77.0 2.4 19.9 65.0 55.4 61.5 85.1 1205.9 45.7 3037.7 25.4 266.0 68.7 84.2 3.8 30.7 65.8 47.7 69.0 77.7 1267.2 58.6 3333.4 32.2 293.2 65.5 98.3 5.8 34.1 64.3 42.0 77.0 78.9 1320.6 81.8 3556.8 7 8 9 10 11 12 13 14 15 16 17 18 19 3774.0 4191.7 4532.7 4729.4 4829.8 5109.7 5388.6 5627.4 6022.0 6375.8 6703.8 20 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Foreign deposits Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs Commercial paper U.S. government securities Municipal securities Mortgages Consumer credit Trade receivables Mutual fund shares (1) Miscellaneous assets Liabilities 21 22 23 24 25 26 27 Credit market instruments Commercial paper Municipal securities (3) Corporate bonds (4) Bank loans n.e.c. Other loans and advances Mortgages 1991.3 73.8 116.2 784.1 485.1 322.6 209.5 2195.6 85.7 116.4 887.2 517.9 372.9 215.5 2372.5 107.1 115.5 961.1 542.8 418.9 227.1 2480.8 116.9 115.2 1008.2 545.5 473.1 222.0 2423.1 98.5 114.0 1086.9 507.7 410.2 205.8 2463.9 107.1 114.0 1154.5 488.4 412.6 187.3 2519.9 117.8 113.9 1229.7 477.6 388.4 192.5 2657.7 139.2 108.8 1253.0 521.0 421.4 214.3 2869.2 157.4 96.3 1326.3 583.7 453.7 251.8 3042.4 156.4 78.8 1398.8 631.5 472.4 304.4 3282.8 168.6 58.9 1489.5 705.1 515.0 345.7 21 22 23 24 25 26 27 28 29 30 Trade payables Taxes payable Miscellaneous liabilities 522.4 47.9 1212.4 576.1 44.4 1375.6 597.9 38.3 1524.1 626.3 38.3 1584.0 649.4 28.9 1728.4 682.8 35.3 1927.7 719.3 40.7 2108.7 796.5 40.3 2132.8 870.3 40.3 2242.2 923.0 49.9 2360.5 970.3 64.9 2385.8 28 29 30 31 Net worth (market value) 4568.9 4882.3 5088.1 5087.5 4970.1 4678.0 4731.6 5125.2 5465.8 5898.6 6473.2 31 62.6 2207.1 65.3 2348.2 67.1 2464.2 68.6 2563.5 69.4 2592.8 72.3 2666.1 74.0 2805.0 76.1 2955.8 78.4 3086.8 81.9 3217.2 84.9 3400.6 32 33 2014.6 43.6 98.8 44.1 2216.7 45.0 99.0 45.4 2673.1 46.6 88.8 52.5 2529.7 48.8 98.1 49.7 3497.0 48.8 69.3 70.4 3827.9 52.7 64.4 81.8 4126.0 53.3 61.1 87.2 4141.8 51.9 64.2 80.8 5481.1 52.5 52.3 100.3 6367.4 51.6 47.8 107.9 7793.7 50.7 42.1 120.4 34 35 36 37 6210.9 6790.4 7199.3 7474.3 7725.2 8052.7 8604.5 9124.5 9853.8 10534.0 11229.3 38 3308.2 1321.0 1204.7 782.6 3504.7 1400.3 1269.4 834.9 3680.1 1474.5 1341.8 863.9 3839.9 1552.1 1412.4 875.4 3961.0 1622.6 1471.7 866.8 4121.0 1681.6 1536.9 902.5 4315.5 1753.3 1621.5 940.6 4557.1 1833.5 1727.7 996.0 4878.3 1933.6 1863.8 1080.8 5135.8 2041.5 2009.7 1084.5 5478.8 2169.5 2178.3 1131.0 39 40 41 42 32 33 34 35 36 37 Memo: Replacement-cost value of structures: Residential Nonresidential Market value of equities outstanding (includes corporate farm equities) Debt/net worth (percent) (5) Debt/equities (percent) (6) Equities/net worth (percent) (7) With tangible assets stated at historical cost: 38 39 40 41 42 Assets (8) Tangible assets Real estate Equipment Inventories 43 Net worth (historical cost) (9) 2437.0 2598.7 2666.5 2744.8 2895.4 2943.0 3215.9 3497.1 3831.8 4158.3 4525.5 43 44 45 46 Memo: Historical-cost value of structures: Residential Nonresidential Debt/net worth (percent) (10) 23.8 1164.8 81.7 25.0 1225.5 84.5 26.1 1286.2 89.0 27.2 1356.9 90.4 28.2 1420.1 83.7 29.3 1474.6 83.7 29.8 1538.6 78.4 30.6 1605.4 76.0 32.1 1687.7 74.9 33.6 1781.7 73.2 35.1 1883.2 72.5 44 45 46 (1) At market value. (2) At replacement (current) cost. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Through 1992, corporate bonds include net issues by Netherlands Antillean financial subsidiaries, and U.S. direct investment abroad excludes net inflows from those bond issues. (5) Line 21 divided by line 31. (6) Line 21 divided by line 34. (7) Line 34 divided by line 31. (8) Sum of lines 6 and 39. (9) Line 38 less line 20. (10) Line 21 divided by line 43. 106 Z.1, March 13, 1998 R.100 Change in Net Worth of Households and Nonprofit Organizations Billions of dollars; not seasonally adjusted 1 2 Change in net worth (1) Net investment 1987 1988 1989 1990 1991 1992 1993 1009.7 1543.7 1765.3 418.8 1524.0 960.6 1096.2 414.1 530.4 398.1 582.9 377.0 520.0 444.7 1994 1995 1996 1997 655.4 2574.3 2508.3 3635.1 1 499.9 369.6 385.0 420.1 2 3 4 5 Net physical investment Capital expenditures - Consumption of fixed capital 247.8 625.1 377.3 265.8 670.7 404.8 251.1 692.9 441.8 218.6 683.6 465.0 156.9 646.3 489.4 198.0 714.8 516.8 253.4 784.2 530.8 294.8 860.5 565.6 295.1 890.2 595.1 324.2 942.5 618.3 333.2 982.4 649.2 3 4 5 6 7 8 Net financial investment Net acquisition of financial assets - Net increase in liabilities 166.4 453.1 286.7 264.6 519.7 255.2 147.0 420.9 274.0 364.3 619.6 255.3 220.1 415.9 195.8 321.9 496.1 174.1 191.3 440.5 249.2 205.1 531.4 326.4 74.5 450.2 375.7 60.8 461.4 400.6 86.9 490.5 403.6 6 7 8 580.2 1017.3 1389.8 -124.9 1101.8 469.0 674.9 147.3 2292.1 2100.7 3348.3 9 331.6 98.5 -12.8 155.3 414.3 366.9 9.9 177.8 465.8 408.0 36.5 153.9 3.9 -142.2 -28.8 51.2 -13.1 815.8 15.4 -73.5 81.4 318.2 7.5 -77.5 3.0 357.2 57.2 39.2 64.2 -14.4 -6.1 141.3 238.2 1189.9 93.0 166.8 349.1 828.9 156.1 188.4 491.1 1472.9 155.1 235.3 10 11 12 13 10.9 21.2 273.8 13.6 287.1 111.0 188.5 -28.0 486.4 486.1 841.5 14 -3.3 27.3 51.8 -22.6 70.1 28.4 29.8 -9.7 117.7 92.1 152.3 15 7.9 13.6 6.6 7.1 12.9 -6.6 3.7 -3.6 -27.3 -40.8 -58.0 16 7.0 0.9 12.3 1.3 5.7 0.9 5.6 1.4 12.3 0.6 -7.2 0.6 3.0 0.7 -4.8 1.2 -29.1 1.8 -41.1 0.3 -55.3 -2.7 17 18 7.5 -17.6 -29.1 -46.3 32.2 -21.8 -27.0 11.8 -60.0 63.5 -75.3 19 16745.6 3374.5 18289.3 3652.7 20054.6 3906.1 20473.4 4179.4 21997.4 4356.8 22958.0 4626.7 24054.2 4829.2 24709.6 5052.7 27283.9 5355.7 29792.2 5608.4 33427.3 5885.6 20 21 9 10 11 12 13 14 15 16 17 18 19 Holding gains on assets stated at market value (2) Real estate Corporate equities Mutual fund shares Equity in noncorporate business Life insurance and pension fund reserves Investment in bank personal trusts and estates Holding gains on assets stated at current cost (2) Consumer durable goods Equipment Other factors (3) Memo: 20 21 Net worth outstanding (4) Disposable personal income (1) Sum of net investment (line 2), holding gains (lines 9 and 16), and other factors (line 19). (2) Calculated as change in amount outstanding during period less net purchases during period. (3) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities. (4) Table B.100, line 43. 107 Z.1, March 13, 1998 R.102 Change in Net Worth of Nonfarm Nonfinancial Corporate Business Billions of dollars; not seasonally adjusted 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 With tangible assets valued at either market or replacement cost: 1 2 3 4 5 6 7 8 9 10 11 Change in net worth (1) 229.3 313.4 205.7 -0.6 -117.4 -292.1 53.7 393.6 340.6 432.7 574.6 1 -2.0 -78.8 -126.7 -42.2 127.1 94.2 276.2 160.7 160.2 174.1 162.5 2 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Access rights from fed. government 112.9 354.1 261.8 -20.7 0.2 111.4 360.2 277.8 -29.3 0.3 111.4 389.7 295.6 -17.5 0.2 89.1 382.4 306.6 -13.5 0.2 46.1 368.5 318.4 4.0 -0.1 61.0 382.0 328.5 -7.5 0.0 115.5 445.2 338.2 -8.6 0.0 168.9 511.1 358.2 -16.0 0.0 213.6 567.7 370.7 -24.2 7.6 201.0 592.5 390.5 -2.5 3.5 252.6 675.7 410.2 5.6 7.1 3 4 5 6 7 Net financial investment Net acquisition of financial assets - Net increase in liabilities -39.4 234.6 273.9 -60.7 382.9 443.7 -113.9 233.5 347.4 -68.3 115.3 183.5 62.7 129.8 67.1 6.2 167.5 161.3 139.4 357.3 217.9 36.7 278.3 241.6 4.9 408.2 403.3 37.3 422.8 385.5 -10.2 352.2 362.4 8 9 10 Corporate equity issues -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -79.9 11 101.2 101.3 -0.2 155.7 155.1 0.5 143.7 141.2 2.5 -88.6 -87.6 -1.0 -217.1 -219.8 2.7 -266.9 -268.1 1.3 -169.6 -171.4 1.8 131.9 132.7 -0.8 81.6 71.6 10.0 134.9 125.2 9.6 372.3 352.1 20.2 12 13 14 Net investment flow 12 13 14 Holding gains on assets stated at market value (2) Real estate Mutual fund shares 15 16 17 18 19 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Equipment Inventories (3) Direct investment abroad - Foreign direct investment in U.S. 77.9 40.2 8.0 37.9 8.2 62.5 57.2 7.4 0.7 2.7 43.4 49.9 -1.0 -12.4 -6.9 105.5 60.8 12.8 25.9 -5.9 13.6 27.8 -7.3 -9.9 -2.9 -13.1 22.1 2.0 -33.6 3.6 -10.9 19.6 4.3 -33.5 1.4 47.9 25.5 14.9 10.1 2.6 26.6 25.1 0.9 -5.4 -6.1 20.1 20.7 5.0 -6.0 -0.3 -62.9 -76.0 -6.6 0.0 -19.7 15 16 17 18 19 20 Other factors (4) 52.3 174.1 145.3 24.7 -41.1 -106.3 -42.1 53.1 72.2 103.8 102.7 20 4568.9 4882.3 5088.1 5087.5 4970.1 4678.0 4731.6 5125.2 5465.8 5898.6 6473.2 21 153.1 161.8 67.8 78.3 150.6 47.5 272.9 281.2 334.7 326.5 367.2 22 -2.0 -78.8 -126.7 -42.2 127.1 94.2 276.2 160.7 160.2 174.1 162.5 23 Memo: 21 Net worth outstanding (market value) With tangible assets valued at historical cost: 22 23 Change in net worth (5) Net investment flow 24 25 26 27 28 Net physical investment Capital expenditures - Consumption of fixed capital - Inventory valuation adjustment - Access rights from fed. government 112.9 354.1 261.8 -20.7 0.2 111.4 360.2 277.8 -29.3 0.3 111.4 389.7 295.6 -17.5 0.2 89.1 382.4 306.6 -13.5 0.2 46.1 368.5 318.4 4.0 -0.1 61.0 382.0 328.5 -7.5 0.0 115.5 445.2 338.2 -8.6 0.0 168.9 511.1 358.2 -16.0 0.0 213.6 567.7 370.7 -24.2 7.6 201.0 592.5 390.5 -2.5 3.5 252.6 675.7 410.2 5.6 7.1 24 25 26 27 28 29 30 31 Net financial investment Net acquisition of financial assets - Net increase in liabilities -39.4 234.6 273.9 -60.7 382.9 443.7 -113.9 233.5 347.4 -68.3 115.3 183.5 62.7 129.8 67.1 6.2 167.5 161.3 139.4 357.3 217.9 36.7 278.3 241.6 4.9 408.2 403.3 37.3 422.8 385.5 -10.2 352.2 362.4 29 30 31 32 Corporate equity issues -75.5 -129.5 -124.2 -63.0 18.3 27.0 21.3 -44.9 -58.3 -64.2 -79.9 32 33 Valuation adjustment on reproducible assets (6) 11.3 1.4 -18.7 -7.1 -3.4 26.3 3.6 -8.6 24.5 -20.6 -2.8 33 34 Holding gains on mutual fund shares (2) -0.2 0.5 2.5 -1.0 2.7 1.3 1.8 -0.8 10.0 9.6 20.2 34 35 36 37 Holding gains on assets stated at current cost less holding gains on liabilities stated at current cost (2) Direct investment abroad - Foreign direct investment in U.S. 29.7 37.9 8.2 -2.0 0.7 2.7 -5.5 -12.4 -6.9 31.9 25.9 -5.9 -6.9 -9.9 -2.9 -37.2 -33.6 3.6 -34.9 -33.5 1.4 7.5 10.1 2.6 0.7 -5.4 -6.1 -5.7 -6.0 -0.3 19.7 0.0 -19.7 35 36 37 114.2 240.7 216.1 96.8 31.1 -37.0 26.1 122.5 139.4 169.1 167.7 38 2437.0 2598.7 2666.5 2744.8 2895.4 2943.0 3215.9 3497.1 3831.8 4158.3 4525.5 39 38 Other factors (4) Memo: 39 Net worth outstanding (historical cost) (1) Sum of net investment flow (line 2), holding gains (lines 12 and 15), and other factors (line 20). (2) Calculated as change in amount outstanding during period less net purchases during period. (3) Before inventory valuation adjustment. (4) Consists of estimates of land purchases, difference between series for consumption of fixed capital published by BEA, and statistical discontinuities. (5) Sum of net investment flow (line 23), valuation adjustment on reproducible assets (line 33), holding gains (lines 34 and 35), and other factors (line 38). (6) Effect of different treatment of certain items in BEA capital accounts from the NIPA accounts in the calculation of historical-cost investment flows; also reflects adjustments for intersectoral transfers of assets. 108 Z.1, March 13, 1998 F.100.a Nonprofit Organizations (1) Billions of dollars; quarterly figures are seasonally adjusted annual rates 1988 1989 1990 1991 1992 1993 1994 1 Net financial investment 44.1 24.6 19.3 26.6 26.4 7.7 38.5 1 2 Net acquisition of financial assets 71.0 69.3 55.9 79.3 65.8 55.6 69.9 2 3 4 5 6 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 0.5 -0.2 -13.1 0.4 -1.0 5.4 4.9 3.1 1.3 -6.2 -1.2 -2.2 4.0 10.4 32.9 -1.3 1.2 -2.4 4.0 6.0 1.7 -1.5 -13.8 0.5 -2.5 0.2 1.1 0.2 3 4 5 6 7 Credit market instruments 51.6 22.6 23.4 -7.5 34.9 46.0 23.4 7 8 9 10 11 Open market paper U.S. government securities Treasury Agency 34.4 11.5 3.2 8.2 -10.4 18.6 27.8 -9.2 6.2 10.5 -2.9 13.4 -29.9 14.2 7.8 6.4 -3.3 18.2 13.4 4.7 15.6 19.6 8.4 11.2 1.2 16.2 13.7 2.5 8 9 10 11 12 13 14 Municipal securities Corporate and foreign bonds Mortgages -0.0 6.6 -0.8 1.9 11.5 0.9 -1.9 9.3 -0.7 0.1 8.2 -0.1 -0.1 19.3 0.9 2.2 6.9 1.6 0.4 5.8 -0.1 12 13 14 7.8 -0.2 10.3 1.3 16.1 0.9 -0.6 1.4 4.9 3.0 1.3 -3.2 31.2 2.0 15 16 2.8 2.8 2.8 2.8 2.6 2.6 2.0 2.0 1.1 1.1 0.8 1.8 3.1 1.0 17 18 -0.1 18.6 -3.9 21.0 -6.0 24.5 15.2 20.5 10.6 1.2 7.0 15.0 0.2 10.1 19 20 26.9 44.6 36.7 52.7 39.4 47.8 31.4 21 15 16 Corporate equities Mutual fund shares 17 18 Security credit Trade receivables (2) 19 20 Equity in noncorporate business Miscellaneous assets (2) 21 22 Net increase in liabilities 7.3 11.0 10.8 16.5 16.9 24.7 13.7 22 23 24 25 26 Credit market instruments Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 1.3 0.2 -0.0 5.8 2.5 -5.2 -0.0 13.8 1.9 -1.1 0.3 9.7 6.0 -2.8 0.4 12.9 9.3 2.4 -0.2 5.4 11.9 5.0 0.1 7.7 14.5 6.4 0.1 -7.4 23 24 25 26 27 28 Trade payables Miscellaneous liabilities (2) 2.5 17.2 16.1 17.5 11.3 14.5 8.8 27.4 4.7 17.8 7.4 15.8 4.2 13.6 27 28 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table F.100. Z.1, March 13, 1998 109 L.100.a Nonprofit Organizations (1) Billions of dollars; levels, not seasonally adjusted 1 Total financial assets 2 3 4 5 Checkable deposits and currency Time and savings deposits Money market fund shares Security RPs (2) 6 Credit market instruments 1988 1989 1990 1991 1992 1993 1994 541.5 649.0 688.0 796.5 868.5 942.0 1004.4 1 17.0 1.5 15.9 1.7 15.9 6.8 20.8 4.8 17.3 0.6 19.6 2.5 21.3 11.1 52.5 1.3 22.5 8.7 56.5 7.3 24.1 7.1 42.7 7.8 21.6 7.3 43.8 8.0 2 3 4 5 201.4 224.0 247.4 240.0 274.9 320.9 344.3 6 7 8 9 10 Open market paper U.S. government securities Treasury Agency 67.3 97.3 64.8 32.6 56.9 115.9 92.5 23.4 63.2 126.4 89.7 36.8 33.3 140.6 97.5 43.1 29.9 158.8 110.9 47.9 45.5 178.4 119.4 59.0 46.7 194.6 133.1 61.5 7 8 9 10 11 12 13 Municipal securities Corporate and foreign bonds Mortgages 0.0 34.2 2.6 1.9 45.7 3.5 0.0 55.0 2.8 0.2 63.2 2.8 0.1 82.5 3.7 2.3 89.4 5.3 2.7 95.2 5.2 11 12 13 122.0 12.7 167.2 17.3 167.8 16.9 192.6 22.2 201.8 27.1 219.0 26.0 243.4 27.1 14 15 14 15 Corporate equities Mutual fund shares 16 17 Security credit Trade receivables (2) 25.7 25.7 28.5 28.5 31.1 31.1 33.1 33.1 34.3 34.3 35.0 36.1 38.1 37.1 16 17 18 19 Equity in noncorporate business Miscellaneous assets (2) 26.1 92.0 22.2 112.9 16.2 137.4 31.4 158.0 42.0 159.2 49.0 174.2 49.2 184.3 18 19 323.2 367.8 404.5 457.2 496.6 544.4 575.8 20 154.3 165.3 176.1 192.6 209.5 234.2 247.9 21 20 21 Liabilities Credit market instruments 22 23 24 25 Municipal securities Bank loans n.e.c. Other loans and advances Commercial mortgages 79.5 15.5 0.3 59.0 81.9 10.3 0.3 72.8 83.9 9.2 0.5 82.5 89.9 6.4 0.9 95.5 99.1 8.8 0.7 100.9 111.1 13.8 0.8 108.5 125.6 19.9 0.9 101.5 22 23 24 25 26 27 Trade payables Miscellaneous liabilities (2) 41.5 127.4 57.6 144.9 68.9 159.4 77.7 186.8 82.5 204.6 89.8 220.4 94.0 233.9 26 27 (1) Does not include religious organizations or organizations with less than $25,000 in gross annual receipts. (2) Not included in table L.100. Flow of Funds Matrix for 1997 Z.1, March 13, 1998 (Billions of dollars; flows) Households and Nonprofit Organizations 1 2 3 Gross saving Capital consumption Net saving (1 less 2) 4 5 6 7 8 9 10 Gross investment (5 plus 11) Capital expenditures Consumer durables Residential construction Plant and equipment Inventory change Access rights from fed. govt. 11 12 13 Net financial investment Financial uses Financial sources State and Local Governments Nonfinancial Business Domestic Nonfinancial Sectors Federal Government Rest of the World Financial Sectors All Sectors Instrument Discr. U S U S U S U S U S U S U S U S U (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) Memo: National Saving and Investment (18) ---- 1128.2 649.2 479.0 ---- 771.1 490.9 280.2 ---- 96.4 79.5 16.9 ---- 12.3 71.6 -59.3 ---- 2007.9 1291.2 716.8 ---- 160.4 -160.4 ---- 42.8 103.3 -60.5 ---- 2211.2 1394.5 816.7 ---- 2050.8 1394.5 656.3 1069.3 982.4 659.1 279.1 44.2 --- -------- 745.5 804.8 -39.2 690.1 68.3 7.1 -------- 150.3 166.1 --166.1 --- -------- 1.2 52.8 --60.0 --7.1 -------- 1966.4 2006.0 659.1 318.3 960.3 68.3 0.0 -------- 263.6 ------- -------- 94.9 120.0 -9.0 111.1 --- -------- 2324.9 2126.1 659.1 327.3 1071.4 68.3 -- -------- -113.7 85.1 ------ 1862.5 2126.1 659.1 327.3 1071.4 68.3 -- 86.9 490.5 -- --403.6 -59.3 389.6 -- --448.8 -15.7 45.4 -- --61.1 -51.6 1.7 -- --53.3 -39.7 927.2 -- --966.8 263.6 575.6 -- --312.0 -25.1 2060.7 -- --2085.8 198.8 3563.4 -- --3364.6 -198.8 -198.8 -- -263.6 312.0 575.6 ---13.8 --29.2 182.5 104.4 -- ---------- ---6.8 -32.5 1.9 14.4 2.0 ---------- -----1.7 8.0 -8.6 ---------- 2.5 -----0.5 1.0 --- --0.5 0.0 ------- 2.5 --20.6 -4.4 193.5 118.9 10.5 --0.5 0.0 ------- -0.4 ----28.7 30.2 7.5 -6.9 0.7 --89.0 ------ -1.5 -0.5 0.6 0.1 4.5 13.1 18.0 38.8 44.5 -----40.2 41.1 219.0 157.6 114.0 0.7 -0.5 0.6 20.7 -24.2 47.7 219.0 157.6 61.9 0.7 -0.5 0.0 89.0 -40.2 41.1 219.0 157.6 114.0 ---0.6 68.3 -16.0 -6.6 --52.1 ---------- 14 15 16 17 18 19 20 21 22 Gold and off. fgn. exchange SDR certificates Treasury currency Foreign deposits Interbank claims Checkable dep. and currency Time and savings deposits Money market fund share Fed. funds and security RPs 23 24 25 26 27 28 29 30 31 32 Credit market instruments Open market paper Treasury securities Federal agency securities Municipal securities Corporate and fgn. bonds Bank loans n.e.c. Other loans and advances Mortgages Consumer credit -101.7 40.0 -237.9 85.9 25.8 -10.8 ---4.7 -- 364.1 ---29.0 -8.5 20.8 252.0 53.8 6.0 3.4 16.6 -17.3 -5.7 ---8.0 1.2 311.7 13.7 ---19.9 90.7 99.1 46.3 81.8 -- -19.6 4.1 -12.7 -15.8 -0.4 1.3 --3.9 -- 59.9 ---61.1 ---1.2 --- 4.9 --0.0 ---9.5 -4.5 -- 23.1 -23.2 -0.1 ----0.0 -- -110.3 47.5 -234.0 52.8 19.6 -9.6 -9.5 2.7 1.2 758.8 13.7 23.2 -0.1 70.2 90.7 107.7 65.9 333.8 53.8 316.4 20.4 156.0 43.6 -84.0 -12.4 --- 51.5 3.7 ---41.3 8.5 -2.0 --- 1218.5 116.2 101.1 116.9 50.6 228.4 129.7 78.0 345.1 52.6 614.3 166.7 -213.4 -170.8 13.6 36.0 14.0 -- 1424.6 184.1 23.2 213.3 70.2 302.8 129.7 99.8 347.8 53.8 1424.6 184.1 23.2 213.3 70.2 302.8 129.7 99.8 347.8 53.8 ----------- ----------- 33 34 35 36 Corporate equities Mutual fund shares Trade credit Security credit -339.6 190.9 -47.9 --3.0 34.3 -3.0 62.5 -- -79.9 -56.2 -- 13.7 2.6 --- --1.3 -- --1.4 -- --2.2 -- -325.9 196.5 63.9 47.9 -79.9 -62.5 34.3 65.1 -3.5 0.0 38.0 -7.5 0.0 219.6 62.6 41.7 56.0 0.7 259.0 5.6 69.5 -41.2 259.0 109.1 103.8 -41.2 259.0 75.7 103.8 ---33.4 -- ----- 37 38 39 40 41 42 Life insurance reserves Pension fund reserves Taxes payable Inv. in bank personal trusts Equity in noncorp. business Miscellaneous 57.0 298.6 -26.4 15.8 23.7 -----2.2 -----260.5 --15.7 -3.9 141.2 --0.3 --30.2 ------- ---0.7 ---6.9 0.4 30.4 ----2.3 57.0 298.6 -0.4 26.4 15.8 307.5 0.4 30.4 15.7 -3.9 141.1 -----175.0 -----125.4 -----344.7 56.7 268.2 4.3 26.4 11.9 277.6 57.0 298.6 -0.4 26.4 15.8 827.2 57.0 298.6 20.1 26.4 15.8 544.1 --20.5 ---283.0 ------- 43 Sector discrepancies (1 less 4) 58.9 -- 25.6 -- -53.9 -- 11.0 -- 41.6 -- -103.2 -- -52.1 -- -113.7 -- -113.7 188.3 General notes: U = use of funds; S = source of funds. Domestic nonfinancial sectors (columns 9 and 10) are households and nonprofit organizations, nonfinancial business, state and local governments, and federal government.
@FedFRASER