Full text of Z.1 Financial Accounts of the United States : March 2, 1987

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Z.l
March 1987
Flow of Funds
1986: Q4

Flow of Funds Accounts,
Fourth Quarter 1986
Seasonally Adjusted and Unadjusted

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






CONTENTS
PAGE
i-ii
iii-v
vi-viii

General Information
Data Availability for Preliminary Estimates
Debt Aggregate Growth Rates

SUMMARY TABLES
1
2
4

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

6
8

10
12
14
16
18
20
22
24
26
28

Households
Total Nonfinancial Business
Noncorporate Business
Nonfinancial Corporate Business
State and Local Governments
U.S. Government and Credit Agencies
Foreign
Banking System
Commercial Banking Subsectors
Nonbank Finance Summary
Savings Insitutitons
Insurance and Pension Funds
Finance N.E.C.
TRANSACTION TABLES

30
32
34
36
38
40,42
44
46
48

50,52
54
56
58

Monetary and Insurance Reserves
Interbank Claims
Deposit Claims
U.S. Government Securities
Private Securities
Mortgages
Consumer Credit and Bank Loans N.E.C.
Open Market Paper
Other Loans
Security Credit, Trade Credit, and Taxes
Miscellaneous
Total Claims
Saving by Individuals
Discrepancies

Flow of Funds Accounts
Fourth Quarter 1986

The tables published here include preliminary data for 1986.Q4 and
revisions for the first three quarters, compared with 1986.Q3 accounts
published in December. With the exception of one change affecting the calcu
lation of the foreign and system discrepancies, data for 1985 and earlier
years are unchanged from those published earlier. There have been no structural
changes in the preparation of the fourth quarter accounts, and no changes in
data sources.
Preliminary estimates. Figures shown for the most recent quarter in
these tables are based on preliminary and incomplete information and are
therefore only tentative. At the end of this preface is a list of the principal
sources of information that were available in putting together the fourth quarter
on this preliminary basis, and the significance of individual items in the tables
should be judged on the basis of the list. The list is summary in form and is
by no means a complete statement of sources of data or of derivation methods.
Because much of the source information consists of sector balance sheets or
statements of activity, the list is organized mainly in terms of sectors. For
nonfinancial activity included in the accounts, however, such as sector income
and capital outlays, the Commerce Department’s income and product accounts are
the principal source. This part of the system is included separately at the
beginning of the list.
The items that are shown as available are in general also preliminary
in the sense that they are subject to revision once a year on the basis of
benchmark data.
’’Available" for them means that the basic quarterly estimates
have been completed in a form that will usually stand until the next annual
revision.
Virtually all quarterly data sources are compiled within five or six
months of the end of the quarter, and the distinction between the two columns
is not between final and preliminary versions of data but rather between those
source estimates that are fully ready when the first quarterly estimate is put
together and those that are not yet completed.

Availability. Flow of Funds statistics are usually compiled and
available within three months following the last quarter reported. The Z.7
release—Flow of Funds Summary Statistics—is made available as soon as possible,
providing an overview of major credit market demands and supplies, together with
developments in a few key sectors. The current publication—which is the Z.1
release and covers the full range of the accounts—is subject to printing and
mailing delays of up to two weeks from the time the estimates are completed.
To facilitate access in the meantime, copies of the computer printouts are
distributed to Federal Reserve Bank information offices for use by the public.

The quarterly data in this release concentrate on flows of financing
in economic sectors and transactions forms. The outstandings counterparts of
these flows are published—usually annually, in the autumn—in Flow of Funds
Accounts: Financial Assets and Liabilities, which constitutes part of the same
release as the quarterly flow accounts. All subscribers to the Z.1 release,
therefore, receive both the flow and outstandings publications.




i

The current quarterly tables are an extension of a body of data
that begins in 1946 in annual form and in 1952 quarterly. Annual-total flows
and year-end outstandings for the entire period then available were most
recently published together in Flow of Funds Accounts, 1949-78 (December 1979).
Data in that publication however, are superceded by revisions that appeared in
subsequent publications and continue to appear in the two parts of the current
release. Two replacement volumes to the 1979 publication have been in prepara
tion. The first, containing annual data for 1946 to 1969, was made available
in December 1986, and can be ordered from Publication Services at the Federal
Reserve Board at a cost of $1.75. The second, with quarterly data from 1970
through 1985 will follow in the near future.
Effective immediately, the Federal Reserve Board now charges nominal
amounts for subscriptions to all public releases, to defray printing and postage
costs. The 1987 cost of the Z.7 Summary Statistics release has been set at
$2.00; the cost of the full Z.l release has been fixed at $7.00. The Flow of
Funds Section also publishes Balance Sheets for the U.S. Economy, which is
designated as the Federal Reserve Board’s C.9 release and appears twice a year.
The cost of the release has been set at $2.00 per year. Subscription inquiries
for these releases may be directed to Publication Services, Stop 138 at the
Federal Reserve street address given below.

Quarterly or annual data for specific sectors of the accounts, in
reasonable scope, are available in printed form from the Flow of Funds Section
on request. Computer tapes for the entire data base in the accounts may be
purchased from the National Technical Information Service, 5285 Port Royal
Road, Springfield, Virginia 22161.
Requests and inquiries about the data and historical tabulations
should be addressed to:




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

- ii

Data Availability for Preliminary Estimates:
NONFINANCIAL—

1.

National income and product
accounts

1986.Q4

Major items missing

Available
Second estimate of current quarter,
seasonaly adjusted

Corporate profits and tax accruals

FINANCIAL—

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

2.

Households

Estimates
for other
sectors,
available

3.

Farms

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

U.S. Government loans.
below.

4.

Nonfarm noncorporate business

Bank and finance company loans,
mortgage borrowing, open-market
paper

Net trade debt

5.

Nonfinancial corporate business

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

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

6.

State and local governments

Gross security offerings, deposits
at banks, two months of quarter
for Government security holdings
(SLGs)

Security retirements, last month
of quarter for holdings for
Government securities•

7.

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

Balance of payments current account
data. Treasury data on securities
transactions; bank claims on and
liabilities to foreigners.

Balance of payments capital
account data.




- iii

See item 9

FINANCIAL—
8.

U.S. Government

Available

Major items missing

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

Loans outstanding except at Federal
Financing Bank

Sponsored credit agencies

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

FCA loans for December

10.

Mortgage pools

Complete

None

11.

Monetary authority

Complete

None

12.

Banking

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

Recent all-bank totals

13.

Savings and loan associations

Last month of quarter on summary
monthly basis

Detailed balance sheets and liquidity
statements

14.

Mutual savings banks

Complete

None

15.

Credit unions

Complete

None

16.

Life insurance companies

Two months of current quarter

Balance sheet for final month of quarter

17.

Private Pension Funds

Complete

None

18.

State and local government
retirement system

Preceding quarter

Current quarter

19.

Other insurance companies

Preceding year

Current year

9.




- iv -

FINANCIAL—

Major items missing

Available

20.

Finance companies

Complete

None

21.

REIT’s

Preceding quarter

Current quarter

22.

Investment companies and
money market funds

Complete

None

23.

Security brokers and dealers

Borrowings

Assets




v -

MARCH 2, 1987
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

TOTAL

U.S.
GOVT.

- -DOMESTIC NONFINANCIAL SECTORS ------------------------------------------------ HOUSEHOLDS -------- NONFINANCIAL BUSINESS STATE 8
LOCAL
LONG SHORT
PVT.
HOME iCONSUMER
GOVTS
TERM TERM
NONFIN TOTAL
MTGES CREDIT
TOTAL

FOREIGN

TOTAL
NON
FINAN
CIAL

MEMO:
PRIVATE
FINAN.
ASSETS

ANNUAL CHANGE (PER CENT)

t

1973
1974
1975
1976
1977

10,7
9.0
9.0
10.7
12.6

2.4
3.4
23.7
15.5
11.0

12.8
10.3
5.9
9.5
13.0

13.0
7.8
7.1
11.6
16.1

12.6
8.8
8.9
12.7
17.0

13.5
4.9
4.3
11.0
15.6

14.3
13.4
4.9
8.5
12.3

10.4
10.3
9.2
8.9
11.1

22.2
19.0
-2.3
7.8
14.7

7.1
7.6
5.9
6.0
4.5

10.3
23.1
16.2
21.8
11.7

10.7
9.5
9.3
11.1
12.6

11.2
8.9
8.8
11.0
10.8

1978
1979
1980
1981
1982

13.1
12.1
9.6
9.6
9.0

9.4
6.0
11.9
11.8
19.4

14.1
13.6
9.1
9.1
6.5

16.9
15.0
9.0
8.4
5.6

17.5
16.2
11.4
8.0
4.8

16.6
13.0
1.2
6.0
4.5

13.1
13.6
9.8
11.2
7.3

10.5
9.9
8.8
7.7
7.1

18.2
20.2
11.4
16.7
7.6

6.8
6.8
6.2
2.3
7.1

18.9
9.6
13.8
12.0
7.3

13.4
12.0
9.8
9.7
8.9

11.3
11.3
9.7
11.1
10.8

1983
1984
1985
1986

11.7
14.5
14.5
12.1

18.8
16.9
16.2
13.4

9.8
13.8
14.0
11.7

11.3
13.0
14.2
12.3

10.4
11.0
11.5
13.6

13.6
20.0
17.0
10.2

8.2
15.7
11.3
11.0

9.5
13.8
14.3
13.3

6.4
18.6
7.1
7.5

10.5
7.7
28.0
12.2

8.3
2.7
.7
6.2

11.6
14.0
14.0
11.9

11.6
14.0
12.3
8.2

QUARTERLY GROWTH RATES (X - SAAR)

1984 -- I
II
III
IV

13.3
14.1
12.2
15.4

15.7
14.5
14.7
18.7

12.6
14.0
11.4
14.5

10.9
13.9
11.3
13.5

10.1
12.1
9.8
10.3

17.5
23.1
17.4
16.7

14.8
15.8
12.3
16.6

10.4
12.6
13.0
16.3

21.2
20.6
11.2
16.9

9.8
4.2
7.4
8.5

6.9
24.2
-15.1
-4.2

13.0
14.5
11.0
14.7

13.0
13.4
11.7
15.4

1985 — I
II
III
IV

11.0
13.1
11.5
19.7

10.2
18.7
10.1
22.6

11.2
11.5
11.9
18.8

11.4
12.6
13.7
16.2

9.6
10.5
11.9
12.1

18.5
15.0
18.2
12.2

10.6
9.7
9.1
14.2

12.1
13.7
12.3
16.2

8.5
3.9
4.4
11.1

13.7
15.3
17.3
57.0

-2.5
-1.1
5.2
1.3

10.5
12.6
11.3
19.0

9.0
11.0
11.2
15.8

1986 — I
II
III
IV

8.0
12.4
12.1
13.9

7.5
18.5
10.8
14.3

8.1
10.5
12.5
13.7

7.4
11.9
13.5
14.3

8.0
12.6
14.8
16.2

9.5
12.7
11.2
6.0

10.1
8.7
8.2
15.3

14.7
12.9
11.7
11.4

3.1
2.1
2.5
21.6

2.0
12.5
29.0
3.7

14.8
6.1
3.2
.6

8.2
12.2
11.8
13.5

4.5
9.3
7.3
10.9




vi

MARCH 2, 1987
NONFINANCIAL DEBT

NONFINANCIAL DEBT
GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

TOTAL

U.S.
GOVT.

PVT.
NONFIN

-DOMESTIC NONFINANCIAL SECTORS ------------------------------------------------ HOUSEHOLDS -------- NONFINANCIAL BUSINESS STATE 8
HOME CONSUMER
LONG SHORT
LOCAL
TOTAL
TERM TERM
MTGES CREDIT
TOTAL
GOVTS

FOREIGN

TOTAL
NONFINAN
CIAL

MEMO:
PRIVATE
FINAN.
ASSETS

ANNUAL FLOWS (5BILLI0NS)

1973
1974
1975
1976
1977

185.3
172.5
187.5
242.1
316.9

8.3
11.8
85.4
69.0
56.8

177.1
160.7
102.1
173.1
260.2

75.9
51.6
50.8
88.2
137.5

44.6
34.8
38.2
59.4
89.7

24.0
9.9
9.1
24.2
38.1

88.3
94.6
39.0
71.6
112.2

42.8
47.0
46.0
49.1
66.8

45.5
47.5
-7.0
22.5
45.4

12.8
14.6
12.3
13.2
10.5

6.3
15.7
13.2
20.5
13.5

191.6
188.2
200.7
262.6
330.4

135.6
119.6
129.4
175.1
191.5

1978
1979
1980
1981
1982

371.9
385.7
344.9
375.8
387.4

53.7
37.4
79.2
87.4
161.3

318.2
348.4
265.7
288.5
226.2

167.2
173.7
120.0
121.4
88.4

108.6
117.6
96.4
75.0
49.5

46.7
42.7
4.5
22.6
17.7

134.5
157.1
128.5
160.3
116.2

70.1
73.0
71.4
68.2
67.1

64.5
84.0
57.1
92.1
49.1

16.5
17.6
17.2
6.8
21.5

24.2
15.1
23.8
23.5
16.0

396.1
400.8
368.7
399.3
403.4

221.8
248.6
237.0
299.0
320.7

1983
1984
1985
1986

548.8
756.3
869.3
827.7

186.6
198.8
223.6
214.3

362.2
557.5
645.7
613.3

188.0
239.5
295.0
291.2

110.4
129.3
149.4
196.8

56.8
95.0
96.6
67.9

140.2
290.6
242.9
262.2

95.6
152.4
180.2
191.4

44.7
138.2
62.8
70.8

34.0
27.4
107.8
60.0

17.4
6.1
1.7
14.4

566.2
762.4
871.0
842.0

382.7
517.4
515.3
386.7

QUARTERLY NET FLOWS ($B - SAAR)
1984 — I
II
III
IV

694.9
760.6
680.1
889.6

185.1
177.4
186.4
246.3

509.8
583.2
493.7
643.3

201.8
263.8
221.4
270.9

118.8
145.6
121.7
131.1

83.2
114.3
91.2
91.4

272.8
304.2
245.0
340.4

115.2
143.6
153.0
197.8

157.6
160.6
92.0
142.6

35.2
15.3
27.3
32.0

15.5
55.5
-36.7
-9.9

710.4
816.1
643.3
879.7

479.1
509.8
459.3
621.6

1985 — I
II
III
IV

658.6
806.6
728.8
1283.3

140.2
263.4
149.3
341.7

518.4
543.2
579.6
941.6

237.6
269.6
302.9
369.8

124.7
139.8
162.4
170.6

105.5
89.2
112.6
79.2

227.9
212.8
204.9
326.0

153.2
178.1
165.4
223.8

74.6
34.7
39.5
102.2

52.9
60.8
71.7
245.8

-5.8
-2.4
12.0
2.9

652.7
804.1
740.8
1286.2

378.4
473.7
493.6
715.3

1986 — I
II
III
IV

546.3
864.2
871.8
1029.7

120.6
301.9
184.5
250.5

425.7
562.3
687.3
779.2

175.0
288.5
335.0
367.2

116.2
187.2
226.8
257.1

63.6
87.0
78.9
43.4

241.0
212.0
204.2
391.5

211.7
192.3
180.1
181.2

29.3
19.6
24.1
210.3

9.6
61.8
148.0
20.5

34.5
14.1
7.5
1.3

580.8
878.3
879.2
1031.0

211.0
441.9
355.6
538.9




- vii -

MARCH 2, 1987
NONFINANCIAL DEBT

NONFINANCIAL DEBT

GROWTH OF MAJOR DEBT AGGREGATES BY SECTOR

------------------------------------------------ DOMESTIC NONFINANCIAL SECTORS ------------------------------------------------- HOUSEHOLDS -------- NONFINANCIAL BUSINESS STATE 8
LOCAL
U.S.
PVT.
LONG SHORT
HOME CONSUMER
TOTAL
MTGES CREDIT
TERM TERM
GOVTS
GOVT. NONFIN TOTAL
TOTAL

FOREIGN

TOTAL
NON
FINAN
CIAL

MEMO:
PRIVATE
FINAN.
ASSETS

YEAR--END OUTSTANDINGS ($ BILLIONS)
1973
1974
1975
1976
1977

1910.8
2082.7
2269.0
2510.2
2828.9

349.1
360.8
446.3
515.8
572.5

1561.8
1721.9
1822.7
1994.5
2256.4

663.1
714.5
762.2
851.7
989.2

396.8
431.4
469.7
529.4
619.2

203.5
213.4
219.6
243.9
282.0

705.4
799.5
840.3
909.3
1023.2

455.3
502.2
550.0
599.5
668.1

250.1
297.3
290.3
309.8
355.1

193.3
207.9
220.2
233.5
243.9

67.7
81.1
94.3
114.9
128.3

1978.5
2163.9
2363.3
2625.1
2957.2

1348.3
1469.6
1598.6
1774.8
1966.6

1978
1979
1980
1981
1982

3195.6
3581.5
3925.8
4301.2
4679.1

626.2
663.6
742.8
830.1
991.4

2569.4
2917.9
3183.1
3471.1
3687.7

1154.7
1329.0
1451.6
1577.7
1659.8

727.7
846.9
943.3
1023.0
1064.6

328.8
371.4
375.9
398.5
418.1

1154.2
1310.8
1436.2
1591.3
1704.3

738.9
812.2
883.6
946.6
1009.9

415.4
498.6
552.6
644.7
694.4

260.5
278.1
295.3
302.1
323.7

156.7
172.1
195.8
219.2
209.0

3352.3
3753.6
4121.7
4520.5
4888.1

2192.2
2441.3
2682.0
2981.3
3299.5

1983

5230.6

1177.9

4052.6

1847.5

1174.7

474.8

1847.5

1105.4

742.1

357.7

226.3

5456.9

3685.2

QUARTERLY OUTSTANDINGS/ SEASONALLY ADJUSTED

1984 — I
II
III
IV

5403.7
5592.5
5763.0
5985.4

1224.2
1268.6
1315.2
1376.8

4179.5
4323.9
4447.9
4608.7

1893.4
1958.4
2014.3
2082.0

1204.7
1240.2
1270.6
1303.4

495.6
524.2
547.0
569.9

1919.7
1995.2
2056.5
2141.6

1138.2
1173.6
1211.9
1261.3

781.5
821.6
844.6
880.3

366.5
370.3
377.1
385.1

229.6
243.5
234.3
231.8

5633.4
5836.0
5997.4
6217.2

3804.3
3931.4
4046.4
4201.7

1985 -- I
II
III
IV

6149.1
6347.7
6528.7
6851.0

1411.8
1477.6
1515.0
1600.4

4737.3
4870.1
5013.7
5250.6

2140.9
2205.3
2278.3
2369.7

1334.6
1369.5
1407.4
1450.0

596.2
618.5
646.7
666.5

2198.0
2251.3
2304.0
2388.0

1299.6
1344.2
1384.6
1440.4

898.4
907.1
919.5
947.6

398.3
413.5
431.4
492.9

229.9
229.3
232.3
233.0

6378.9
6577.0
6760.9
7084.0

4294.5
4413.0
4532.6
4712.1

1986 — I
II
III
IV

6987.3
7206.4
7424.4
7680.6

1630.5
1706.0
1752.1
1814.7

5356.8
5500.4
5672.2
5865.9

2414.3
2486.0
2567.6
2657.0

1480.2
1527.0
1582.4
1646.2

682.4
704.1
723.9
734.4

2447.7
2504.7
2558.4
2657.6

1492.5
1540.5
1585.3
1631.8

955.2
964.1
973.1
1025.7

494.8
509.7
546.3
551.4

233.6
236.9
238.0
238.2

7220.9
7443.3
7662.4
7918.8

4761.4
4874.2
4955.7
5089.8




viii

MARCH 2* 1987
Income and Product Distribution

Income and Product Distribution

Income and Product Accounts:

GNP Expenditures and Gross Saving

SEASONALLY ADJUSTED ANNUAL RATES
1982

SEASONALLY ADJUSTED ANNUAL RATES

1983

1984

1985

1986

I
1

1985

III

I
IV 1

I

II

1986

III

IV

1

3166.0

3405.8

3765.0

3998.0

4206.5

4030.5

4087.5

4149.2

4175.6

4240.7

4260.6 Total GNP

1

2
3
4
5
6

2692.4
2050.7
252.7
369.0
272.7

2909.6
2234.6
289.1
391.5
283.6

3161.6
2428.2
331.2
422.2
311.2

3415.9
2600.5
359.3
461.3
354.1

3627.6
2763.1
388.4
497.9
366.7

3456.8
2627.1
373.3
468.8
360.9

3523.5
2667.9
362.0
474.7
380.9

3534.5
2697.9
360.8
480.9
355.7

3592.9
2732.0
373.9
493.3
367.6

3673.8
2799.8
414.5
504.7
369.3

3709.0 Current outlays
2822.5
Households
404.3
Of which consumer durables
512.5
State and local governments
374.0
U.S. government

2
3
4
5
6

7
8
9
10
11
12
13

447.3
471.8
105.1
4.6
75.4
72.0
2.0

502.3
509.4
152.5
6.1
113.8
103.9
1.5

662.1
598.0
181.4
6.2
134.7
131.3
2.6

661.1
650.0
191.8
6.1
141.1
137.7
2.2

684.1
676.3
217.0
5.3
161.2
154.5
2.0

657.4
654.3
194.5
6.2
142.2
139.5
2.3

669.4
672.6
198.6
6.1
146.2
141.9
2.2

708.4
664.5
205.3
5.5
154.3
145.8
2.1

687.2
672.8
215.3
5.1
160.4
153.1
2.1

675.8
680.3
221.3
5.1
163.3
155.6
1.9

7
8
9
10
11
12
13

14
15
16

1.3
.6
.6

8.4
4.2
4.2

.7
.4
.4

1.2
.6
.6

4.7
2.3
2.3

.4
.2
.2

2.2
1.1
1.1

6.5
3.2
3.2

5.3
2.6
2.6

5.7
2.9
2.9

665.2 Gross domestic investment
687.7
Private fixed investment
226.3
Residential construction
5.4
Mobile homes
166.7
1-4 family structures
163.5
Household purchases
2.0
Farm
Change in work in process
1.2
on nonfarm
.6
Noncorporate
.6
Corporate

17
18
19
20
21

25.2
13.3
10.6
1.2
.1

32.6
14.9
16.6
1.2
M

40.5
16.9
21.5
1.9
.2

44.7
18.2
24.3
1.8
.4

50.6
19.1
29.1
2.2
.2

46.2
18.3
25.6
1.7
.4

46.2
18.5
25.6
1.8
.4

45.4
18.8
24.3
2.3
.1

49.7
18.9
28.5
2.2
.1

52.9
19.2
31.3
2.2
.2

54.2
19.4
32.4
2.2
.2

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

17
18
19
20
21

22
23
24
25
26
27

366.7
12.4
15.9
53.4
17.1
267.9

356.9
13.9
14.1
48.7
19.2
261.1

416.6
14.6
14.1
56.7
21.3
309.9

458.2
14.1
16.2
58.7
29.7
339.4

459.3
14.2
15.6
65.8
26.8
336.8

459.8
14.0
16.5
58.9
30.3
340.1

474.0
14.1
17.6
59.7
25.5
357.1

459.2
14.2
15.4
63.4
28.7
337.5

457.5
14.2
16.5
64.1
25.8
336.9

459.0
14.3
15.2
67.1
27.1
335.4

461.4
14.3
15.4
68.6
25.9
337.2

28
29
30
31
32

-24.6
-1.5
-23.1
-1.9
-21.2

-7.1
-7.5
.4
-.2
.6

64.1
7.5
56.6
5.4
51.2

11.1
-1.1
12.2
5.3
7.0

7.8
-.5
8.3
4.4
3.9

3.1
-.1
3.2
5.0
-1.8

-3.2
-19.9
16.7
6.2
10.5

43.9
2.7
41.2
7.4
33.8

14.4
3.9
10.5
8.2
2.3

-4.5
5.8
-10.3
1.6
-11.9

-22.5
-14.2
-8.3
.4
-8.7

33
34
35

26.3
361.9
335.6

-6.1
352.5
358.6

-58.7
382.7
441.4

-78.9
369.7
448.7

-105.2
372.3
477.5

-83.7
362.3
446.0

-105.4
368.2
473.6

-93.7
374.8
468.5

-104.5
363.0
467.5

-108.9
370.8
479.7

-113.6 Net exports
380.7
Exports
494.3 - Imports

33
34
35

36
37
38

2261.4
154.0
6.8

2428.1
130.6
5.4

2670.6
168.7
6.3

2828.0
143.3
5.1

2972.0
114.0
3.8

2832.0
119.6
4.2

2882.2
125.7
4.4

2935.1
145.7
5.0

2978.5
153.0
5.1

2979.9
84.0
2.8

2994.6 Disposable personal income
73.5 Personal saving
2.5 Saving rate (percent)

36
37
38

39
40

-145.9
35.1

-176.1
47.4

-169.9
68.5

-198.1
61.7

-204.9
63.0

-197.6
59.4

-217.6
62.5

-194.9
70.0

-232.2
58.7

-197.3
63.9

-195.1 Federal government surplus
39
59.4 St. 8 local government surplus 40

41
42
43
44
45

169.6
-.1
28.1
11.8
129.8

207.6
-.2
30.2
18.1
159.5

235.7
-.3
31.0
15.4
189.6

223.2
-.2
31.8
21.1
170.4

235.7
-.2
35.5
29.4
170.9

229.2
-.1
30.0
21.7
177.6

235.8
-.1
35.1
23.2
177.6

222.5
-.1
38.4
27.8
156.4

227.7
-.2
32.9
29.1
165.9

46
47
48
49

63.1
.1
16.8
46.2

77.3
.1
17.8
59.3

95.4
.2
21.0
74.2

91.8
.2
25.3
66.3

102.3
.2
27.1
75.0

95.8
.2
25.3
70.3

96.4
.2
26.1
70.1

95.7
.2
27.0
68.5

50
51
52
53
54
55

66.9
.3
-5.4
72.0
59.4
12.5

71.5
.3
-6.8
78.0
66.2
11.8

78.3
.3
-5.9
83.9
72.6
11.3

81.6
.3
-4.9
86.2
74.0
12.2

87.6
.3
-3.2
90.5
80.3
10.2

81.6
.3
-4.5
85.8
72.5
13.3

82.5
.3
-4.7
86.9
74.3
12.6

56
57
58
59
60
61
62

39.7
-.4
.4
15.5
24.2
11.6
12.5

58.9
-.5
7.1
18.4
33.9
22.2
11.8

62.0
-.8
.3
19.7
42.8
31.5
11.3

49.8
-.7
.7
19.6
30.1
17.9
12.2

45.8
-.7
5.5
25.3
15.6
5.4
10.2

51.8
-.6
1.0
16.7
34.7
21.4
13.3

63
64
65
66

-9.3
.9
-1.8
-8.4

17.0
1.1
-.1
16.0

34.5
1.5
1.6
31.4

58.1
1.8
3.6
52.7

56.8
1.6
5.7
49.5

67
68
69
70
71
72
73
74
75

383.2
54.3
10.6
18.9
64.4
235.0
12.0
1.6
221.4

396.6
57.0
11.2
19.2
66.4
242.7
12.9
1.6
228.2

415.1
59.9
12.0
19.3
78.0
253.9
14.4
1.6
237.9

437.2
63.9
12.6
19.0
73.5
268.2
16.0
1.6
250.6

76
77

215.4
598.6

226.4
623.0

238.5
653.6

256.3
693.6

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

Inventories
Farm
Nonfarm
Noncorporate
Corporate

28
29
30
31
32

41
42
43
44
45

99.0
.2
27.3
71.5

104.4
.2
26.5
77.7

110.0
.2
27.7
82.1

Tax accruals - total
Farms
Financial corporations
Nonfin. corporate business

46
47
48
49

85.2
.3
-4.4
89.3
74.5
14.8

87.5
.3
-3.3
90.5
85.3
5.2

88.8
.3
-2.8
91.3
79.5
11.8

88.9
.3
-2.4
91.0
82.0
9.0

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

50
51
52
53
54
55

57.0
-.6
1.7
22.7
33.2
20.6
12.6

41.7
-.6
5.2
23.7
13.4
-1.4
14.8

41.2
-.6
5.2
27.7
8.9
3.7
5.2

47.2
-.7
5.1
23.0
19.8
8.0
11.8

53.1
-.7
6.4
27.0
20.4
11.4
9.0

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

56
57
58
59
60
61
62

61.0
1.9
3.8
55.3

59.2
1.8
4.0
53.4

57.3
1.7
4.6
51.0

54.8
1.6
5.1
48.1

55.5
1.6
5.8
48.1

59.4
1.5
7.2
50.7

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

63
64
65
66

455.2
67.0
13.3
18.5
76.3
280.2
17.2
1.6
261.4

441.3
64.4
12.6
19.1
75.1
270.1
16.2
1.6
252.3

446.7
65.1
12.8
19.0
76.5
273.3
16.5
1.6
255.2

447.1
65.8
13.0
18.4
74.6
275.3
16.6
1.6
257.1

453.3
66.6
13.2
18.4
76.1
278.9
17.0
1.6
260.3

457.6
67.3
13.4
18.3
77.0
281.6
17.4
1.6
262.6

462.9 Total capital consumption
Owner-occupied homes (HH)
68.1
Nonprofit institutions (HH)
13.6
18.9
Farm noncorporate
77.4
Nonfarm noncorp. business
284.9
Total corporate
17.8
Financial business
1.6
Corporate farms
265.5
Nonfin. corporate business

67
68
69
70
71
72
73
74
75

274.8
730.0

258.5
699.8

263.3
710.0

267.9
715.0

272.4
725.7

277.1
734.7

Memo: Cap. cons, on consumer
281.6
durables not included above 76
744.5 Tot. cap. cons. incl. durables 77

-.1

5.3

-1.9

-5.6

5.0

-5.4

1.4

-3.7

4.8

10.5

79
80

37.2
15.3

37.2
14.5

40.5
14.1

41.1
14.7

43.4
14.7

41.8
14.8

40.9
14.8

43.0
14.5

43.5
14.5

43.4
14.8

8.5 Statistical discrepancy
43.7 Profit tax rate (percent)
15.2 Personal tax rate (percent)

(1) Purchases of condominium units.




22
23
24
25
26
27

Corporate profits* taxes* and dividends:
240.4
252.0
Profits - total
-.2
Farms
-.2
34.7
36.0
Foreign
28.9
31.7
Financial corporations
177.0
184.5
Nonfin. corporate business

78

BILLIONS OF DOLLARS.

14
15
16

IV/86 BASED ON INCOMPLETE INFORMATION

78
79
80

MARCH 2, 1987
Funds Raised In Credit Markets

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

2

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

II

IV I

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Net Credit Market Borrowing by Nonfinancial Sectors
1

Total net borrowing by domestic
nonfinancial sectors
196*678 336*331 111,618 205.721 235,501 274,847

2
3
4

U.S. government
Treasury issues
Agency issues 8 mortgages

5

Private domestic
nonfinancial sectors

6
7
8
9
10
11
12
13

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

14
15
16
17
18

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

19
20
21
22
23
2A
25

By borrowing sector:
State81ocal governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

26 Fgn. net borrowing in U.S.
27
Bonds
28
Bank loans n.e.c.
29
Commercial paper
30
U.S. govt. 8 other loans

31 Total domestic plus foreign

46,055
46,074
-19

90*516
90*525
-9

37*111
37*176
-65

50*673
50*680
-7

57,446
57*506
-60

316.9

69*112
69,299
-187

56.8
57.6
-.9

371.9

385.7

344.9

375.8

1

53.7
55.1
-1.4

37.4
38.8
-1.4

79.2
79.8
-.6

87.4
87.8
-.5

2
3
4

74,507 155*048 178*055 205*735

260.2

318.2

348.4

265.7

288.5

5

107*281 185.9A2 68*378 113*309 147,022 118,339
8*011
26,175 98,175 -11.414 12*651 39,273
16.975 21,579 29*828 33*720 24,452 21*163
64,131 66*188 49,964 66*938 83.297 89,165
44,809 41,227 26*627 49,159 62,279 62,507
7,493
7,014
7*568
8*352
6,487 10,436
15,410 17*216 16*143 13,075 14*864 20,306
-2,575 -2,691 -1*158 -2,310 -1,414 -1,141

171.3
20.3
22.9
128.1
93.3
8.4
18.2
8.2

200.7
28.4
21.1
151.2
110.2
10.9
21.9
8.2

212.5
30.3
17.3
164.9
116.6
10.0
24.4
14.0

189.1
30.3
27.7
131.2
94.2
7.6
19.2
10.2

155.5
23.4
22.8
109.3
72.2
4.8
22.2
10.0

6
7
8
9
10
11
12
13

87,396
17,508
65*489
-9,878
14,277

88.9
38.1
26.5
1.6
22.6

117.6
46.7
40.5
2.7
27.6

135.9
42.7
50.5
9.0
33.7

76.6
4.5
37.8
4.0
30.3

133.0
22.6
57.0
14.7
38.7

14
15
16
17
18

74,507 155*048 178*055 205,735
8*946
-5,124 16,250 39,906
29*512 73,935 88,725 98,985
50*119 64.863 49,424 97,804
-944 -2,609 -3,999
-4,157
22*076 25*006 24,683 28,939
32*200 40.801 27,350 72,864

260.2
10.5
137.5
112.2
13.4
29.5
69.3

318.2
16.5
167.2
134.5
15.6
33.8
85.2

348.4
17.6
173.7
157.1
23.5
37.9
95.7

265.7
17.2
120.0
128.5
15.2
31.8
81.5

288.5
6.8
121.4
160.3
16.6
38.5
105.2

19
20
21
22
23
24
25

143
1*016
-343
-2,501
1,971

13.5
5.1
3.1
.6
4.8

24.2
4.2
18.3
1.0
.7

15.1
3.9
3.1
1.7
6.5

23.8
.8
11.8
2.4
8.8

23.5
5.4
3.0
3.9
11.1

26
27
28
29
30

200*116 336*935 120*542 208,750 237,763 274,990

330.4

396.1

400.8

368.7

150*623 245,815

43,342
31.699
11*125
150
368

59,873
26,657
20*383
A *052
8*781

150*623 245,815
20,106 64,976
80,341 100*041
50*176 80*798
-3.675 -9,571
23,421 27*246
30,430 63.123

3,438
65A
2.314
1,579
-1,109

60A
622
-1,808
2*506
-716

6*129
1,007
-262
-2,693
8*077

8,924
4*024
-899
5,972
-173

41,739
25.907
8*958
-860
7.734

3*029
-475
1*398
4*336
-2.230

31*033
23*503
6,053
4,125
-2,648

2*262
630
-2,260
3,677
215

399.3 31

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

55*957

56*559

27,796

63*709

69*421

81*105

50.8

73.3

89.9

65.4

101.9

1

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

26,148
3,596
22,252
300

30*570
4*263
25*522
785

23,647
-2.201
25,733
115

39*303
4,539
34.475
289

52*180
5,789
46*824
-433

55*931
4,290
51,977
-336

22.0
7.0
16.1
-1.1

37.1
23.1
13.6
.4

47.9
24.3
23.1
.6

44.8
24.4
19.2
1.2

47.4
30.5
15.0
1.9

2
3
4
5

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

29*809
6,466
15
2*303
14,909
6*116

25*989
13*837
18
543
8*501
3,090

4,149
9*030
24
-1,294
-2.007
-1*604

24,406
3*624
276
1*829
11*068
7*609

17,241
5,964
-123
484
6,720
4,196

25,174
3.665
-124
2*561
9.463
9*609

28.8
12.0

42.0
5.5

20.6
1.6

54.5
4.4

-.2
12.8
4.3

36.2
7.8
.2
1.8
13.9
12.5

12 Total* by sector
13
Sponsored credit agencies
Mortgage pools
IA

55*957
3*896
22*252

56*559
5*048
25,522

27,796
-2*086
25,733

63,709
4*828
34*475

69*421
5*356
46*824

81*105
3,954
51,977

50.8
5.9
16.1

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

29*809
-831
3*052
10*629
16*830
129

25,989
539
4,606
6*434
14*273
137

4*149
-3,009
-3*016
-239
9.952
461

24*406
-365
3*858
11*135
9*780
-2

17.241
2*469
-2,070
6,855
9,858
129

25,174
-1,318
5*690
13*544
7.331
-73

28.8
3.7
3.8
6.9
17.0
-2.5

2
3
A
5

6
7
8
9
10
11

15
16
17
18
19
20

M

H

M

.5
26.8
9.2

-1.0
12.9
7.1

6
7
8
1.2 9
32.7 10
16.2 11

73.3
23.5
13.6

89.9
24.8
23.1

65.4
25.6
19.2

101.9 12
32.4 13
15.0 14

36.2
-.5
7.5
13.5
16.1
-.4

42.0
9.1
4.1
12.6
16.3
-.1

20.6
8.3
6.7
7.4
-1.3
-.5

54.5
11.6
9.2
15.5
18.5
-.2

15
16
17
18
19
20

K

Total Net Credit Market Borrowing, All Sectors, by Type

256,073 393*494 148*338 272*459 307*184 356,095
71*916 120,312 60,654 89,696 110,071 125,383
8*011
26,175 98,175 -11.414 12*651 39,273
24,095 36*038 42*882 36*869 31,046 25,844
64,133 66*195 49,977 67*205 83,162 89,037

381.3
79.9
20.3
39.9
128.0

469.4
90.5
28.4
33.1
151.2

490.7
84.8
30.3
26.6
164.8

434.1
122.9
30.3
30.1
131.1

501.3
133.0
23.4
32.6
109.2

1
2
3
4
5

17,508
67,707
-2,916
25,521

38.1
29.3
15.0
30.7

46.7
60.6
17.7
41.2

42.7
54.1
37.5
50.0

4.5
48.5
19.3
47.5

22.6
61.2
51.3
68.0

6
7
8
9

10 Memo: U.S. govt, cash balance
-434
7,059
-6,425 14,379 -19*480 13*148
Totals net of changes in U.S. govt, cash balances:
11 Net borrowing by dom. nonfin. 203*103 321,952 131*098 192,573 228.442 275.281
12
By U.S. government
52,480 76,137 56*591 37,525 50,387 69,546

1.1

3.8

.6

-3.8

K

10

315.8
55.7

368.1
49.9

385.1
36.8

348.7
83.0

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

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

31*699
15,742
16*638
5*675

26,657
19,118
15*059
11*940

1,007
-2,455
1.272
6*415

25,907
12,185
14,544
13*402

23,503
4.277
14,522
1*330

375.8 11
87.4 12

External Corporate Equity Funds Raised in U.S. Markets
1 Total net share issues
Mutual funds
2
All other
3
A
Nonfinancial corporations
5
Financial corporations
Foreign shares
6
purchased in U.S.

9.761 10,719 48*091 27,063 22,815 17,351
24,318 31,904 58*589 42,548 42,385 44,066
-14,557 -21,185 -10,498 -15*485 -19,570 -26,715
-18.750 -25,000 -14,750 -19.625 -20,125 -26,250
1.348
1*208
3,184
3*026
2*143
2*002

1*009

IV/86 BASED ON INCOMPLETE INFORMATION




789

2*109

2*138

-793

-1.673

6.6
1.0
5.6
2.7
2.5

1.7
-.1
1.8
-.1
2.4

-3.9
.4
-4.3
-7.8
2.7

21.2
4.5
16.8
12.9
1.8

-3.3
6.0
-9.3
-11.5
1.9

1
2
3
4
5

.4

-.5

.8

2.1

.3

6

MdfcCH 2* 1987
Funds Raised in Credit Markets

Funds Raised in Credit Markets

Summary of Net Funds Raised in Credit and Equity Markets

3

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1984

1985

1986

I
I

III

1985

I
IV I

I

II

1986

III

IV

Net Credit Market Borrowing by Nonfinancial Sectors

Total net borrowing by domestic
1029.7
nonfinancial sectors

1

1

387.4

548.8

756.3

869.3

827.7

728.8

1283.3

546.3

864.2

871.8

2
3
4

161.3
162.1
-.9

186.6
186.7
-.1

198.8
199.0
-.2

223.6
223.7
-.1

214.3
214.7
-.3

149.3
149.3
-.1

341.7
341.7
*

120.6
120.9
-.3

301.9
301.9
K

184.5
184.7

250.5
251.2
-.7

U.S. government
Treasury issues
Agency issues S mortgages

2
3
4

5

226.2

362.2

557.5

645.7

613.3

579.6

941.6

425.7

562.3

687.3

779.2

Private domestic
nonfinancial sectors

5

6
7
8
9
10
11
12
13

148.3
44.2
18.7
85.4
50.5
5.4
25.2
4.2

252.8
53.7
16.0
183.0
117.1
14.1
49.0
2.8

314.0
50.4
46.1
217.5
129.9
25.1
63.3
-.8

461.7
152.4
73.9
235.4
150.3
29.2
62.4
-6.4

447.0
48.5
109.2
289.4
200.6
30.4
64.4
-6.0

404.7
96.0
70.2
238.5
162.7
26.3
59.4
-9.9

731.4
378.6
80.0
272.9
172.3
41.1
69.5
-10.1

326.7
-15.5
120.6
221.7
121.3
33.5
71.8
-5.0

441.9
47.4
137.8
256.7
191.5
28.3
46.8
-9.8

559.5
145.5
100.5
313.5
231.3
30.6
56.8
-5.3

460.0
16.7
77.7
365.5
258.1
29.2
82.2
-4.0

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

6
7
8
9
10
11
12
13

14
15
16
17
18

77.9
17.7
52.9
-6.1
13.4

109.5
56.8
25.8
-.8
27.7

243.5
95.0
80.1
21.7
46.6

184.0
96.6
41.3
14.6
31.4

166.3
67.9
80.2
-9.3
27.4

174.9
112.6
43.3
-.5
19.5

210.2
79.2
72.2
34.3
24.5

99.0
63.6
22.9
-16.6
29.0

120.3
87.0
21.2
-14.9
27.1

127.7
78.9
23.7
16.4
8.7

319.2
43.4
253.1
-22.2
44.9

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

14
15
16
17
18

19
20
21
22
23
24
25

226.2
21.5
88.4
116.2
6.8
40.2
69.2

362.2
34.0
188.0
140.2
4.3
76.6
59.3

557.5
27.4
239.5
290.6
.1
97.1
193.4

645.7
107.8
295.0
242.9
-13.6
92.8
163.7

613.3
60.0
291.2
262.2
-11.7
100.7
173.2

579.6
71.7
302.9
204.9
-15.3
92.2
128.0

941.6
245.8
369.8
326.0
-27.2
107*6
245.6

425.7
9.6
175.0
241.0
-12.5
106.0
147.5

562.3
61.8
288.5
212.0
-17.8
85.5
144.3

687.3
148.0
335.0
204.2
-11.1
96.6
118.7

779.2
20.5
367.2
391.5
-5.5
114.8
282.2

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

19
20
21
22
23
24
25

26
27
28
29
30

16.0
6.7
-5.5
1.9
13.0

17.4
3.1
3.6
6.5
4.1

6.1
1.3
-6.6
6.2
5.3

1.7
4.0
-2.8
6.2
-5.7

14.4
5.2
-2.1
11.5
-.2

12.0
2.6
7.5
6.3
-4.4

2.9
2.5
-6.7
10.0
-2.9

34.5
16.1
-4.8
23.9
-.7

14.1
-1.9
7.6
17.3
-8.9

7.5
2.5
-10.6
14.7
.9

1.3 Fgn. net borrowing in U.S.
4.1
Bonds
Bank loans n.e.c.
-.6
Commercial paper
-10.0
U.S. govt. 8 other loans
7.9

26
27
28
29
30

31

403.4

566.2

762.4

871.0

842.0

740.8

1286.2

580.8

878.3

879.2

1031.0 Total domestic plus foreign

31

Net Credit Market Borrowing by Financial Sectors

1

90.1

94.0

139.0

186.9

242.0

213.5

224.3

134.4

243.7

265.6

324.4

2
3
4
5

64.9
14.9
49.5
.4

67.8
1.4
66.4

74.9
30.4
44.4
-

101.5
20.6
79.9
1.1

171.1
12.4
159.0
-.4

93.9
6.9
85.8
1.2

126.4
24.9
98.4
3.1

101.5
-2.5
103.6
.5

157.4
11.2
145.1
1.2

197.5
15.5
183.7
-1.7

227.8
25.5
203.7
-1.3

6
7
8
9
10
11

25.2
12.5
.1
1.9
9.9
.8

26.2
12.1
K
-.1
21.3
-7.0

64.1
23.3
.4
.7
24.1
15.7

85.3
36.5
.1
2.6
32.0
14.2

71.0
22.3
.1
3.6
25.2
19.8

119.6
21.4
.1
7.6
71.2
19.4

97.9
54.1
.1
.8
28.9
14.1

32.9
32.2
.1
-.3
-4.7
5.6

86.3
25.2
1.1
5.1
33.6
21.3

68.1
17.6
-.5
-.7
40.4
11.3

96.6
14.2
-.5
10.2
31.8
41.0

12
13
14

90.1
15.3
49.5

94.0
1.4
66.4

139.0
30.4
44.4

186.9
21.7
79.9

242.0
12.1
159.0

213.5
8.1
85.8

224.3
28.0
98.4

134.4
-2.1
103.6

243.7
* 12.4
145.1

265.6
13.8
183.7

15
16
17
18
19
20

25.2
11.7
6.8
2.5
4.3
K

26.2
5.0
12.1
-2.1
11.4
-.2

64.1
7.3
15.6
22.7
17.8
.8

85.3
-4.9
14.5
22.3
52.8
.5

71.0
-2.2
4.5
31.3
36.9
.5

119.6
-3.3
12.2
34.5
75.7
.5

97.9
2.2
18.4
30.7
46.1
.5

32.9
-12.0
-12.1
7.8
47.4
1.8

86.3
-1.5
15.4
38.4
33.9
*

68.1
9.9
-8.3
18.7
47.3
.5

Total net borrowing
by financial sectors
U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans

1

2
3
4
5
6
7
8
9
10
11

324.4 Total* by sector
Sponsored credit agencies
24.1
Mortgage pools
203.7

12
13
14

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

15
16
17
18
19
20

96.6
-5.3
22.8
60.3
19.1
-.3

Total Net Credit Market Borrowing* All Sectors* by Type
1
2
3
4
5

493.5
225.9
44.2
37.8
85.4

660.2
254.4
53.7
31.2
183.0

901.4
273.8
50.4
70.7
217.8

1057.8
324.2
152.4
114.4
235.4

1084.1
385.8
48.5
136.6
289.4

954.4
242.0
96.0
94.2
238.5

1510.5
465.0
378.6
136.5
272.9

715.2
221.7
-15.5
168.9
221.7

1122.0
458.2
47.4
161.1
257.8

1144.8
383.8
145.5
120.7
313.0

6
7
8
9

17.7
49.3
5.7
27.6

56.8
29.3
26.9
24.8

95.0
74.2
52.0
67.6

96.6
41.0
52.8
41.0

67.9
81.7
27.4
46.7

112.6
58.3
77.1
35.7

79.2
66.3
73.3
38.9

63.6
17.8
2.6
34.3

87.0
33.9
36.0
40.7

78.9
12.4
71.5
19.2

10

7.3

-7.1

6.3

14.4

.3

-73.4

112.5

-71.1

11
12

380.2
154.0

555.9
193.7

750.0
192.5

854.9
209.3

827.4
214.0

802.3
222.7

1170.8
229.2

617.4
191.8

1355.4 Total net borrowing
U.S. government securities
479.6
Tax-exempt obligations
16.7
Corporate & foreign bonds
96.0
Mortgages
365.0

1
2
3
4
5

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

6
7
8
9

43.4
262.6
-.4
92.4

-20.4
59.0 Memo: U.S. govt, cash balance 10
33.8
Totals net of changes in U.S. govt, cash balances:
970.7 Net borrowing by dom. nonfin. 11
830.4
892.1
12
By U.S. government
204.9
191.5
268.1

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

33.6
16.8
16.8
11.4
4.0

67.0
32.1
34.9
28.3
2.7

-31.1
38.0
-69.1
-77.0
6.7

37.5
103.4
-65.9
-81.6
11.7

115.3
187.6
-72.3
-80.8
6.7

42.4
100.6
-58.2
-75.0
12.7

40.8
125.6
-84.7
-100.0
12.1

189.2
231.2
-42.0
-59.0
8.6

109.9
171.9
-61.9
-78.5
8.0

95.0
173.3
-78.3
-80.5
5.4

6

1.5

3.9

1.2

4.0

1.8

4.0

3.2

8.4

8.6

-3.2

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

67.1 Total net share issues
Mutual funds
174.0
All other
-106.9
Nonfinancial corporations
-105.0
Financial corporations
4.8
Foreign shares
purchased in U.S.
-6.7

1
2
3
4
5
6

MARCH 2* 1987
Credit Market Supply of Funds

Credit Market Supply of Funds

Direct and Indirect Sources of Funds to Credit Markets

4

UNADJUSTED NET FLOWSCS MILL)

UNADJUSTED NET FLOWSCS MILL)
III

1985

I
IV I

I

II

1986

III

IV

Total funds advanced in credit markets
196*678 336*331 111*618 205*721 235*501 274,847
to dom. nonfinan. sectors
1

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

316.9

371.9

385.7

344.9

375.8

1

2
3
4
5
6

By Federal agencies and foreign
59,789
15*980
28,321
3*090
12*398

38*746
3*616
25*812
-1,604
10*922

82*811
28 * 984
33*006
7*609
13*212

88*339 103*102
24.704 28*213
46*327 51*320
4*196
9*609
13*112 13,960

75.5
34.9
20.0
4.3
16.4

90.4
31.4
25.7
12.5
20.8

72.3
-6.3
35.8
9.2
33.6

94.9
15.8
31.7
7.1
40.2

104.4
17.1
23.5
16.2
47.7

51*063 59*789
7 By type of lender:
3*071
8
U.S. government
-19
9
Spons. credit ag.Smtg. pools 30.338 24,198
516 13,319
10
Monetary authority
17*138 22*291
Foreign
11
Agency and foreign borrowing not in line 1:
Spons. credit ag.&mtg. pools 26*148 30,570
12
3*438
Foreign
604
13

38*746
3*135
19*896
-6*441
22*156

82*811
4*335
41.433
7.179
29*864

88*339 103*102
3,119
3*578
50*301 59*011
8*621 20,852
25*839 20*120

75.5
10.0
22.6
7.1
35.8

90.4
17.1
40.3
7.0
26.1

72.3
19.0
53.1
7.7
-7.5

94.9
23.7
45.6
4.5
21.1

104.4 7
24.0 8
48.2 9
9.2 10
23.0 11

23*647
8*924

39*303
3*029

52*180
2*262

55.931
143

22.0
13.5

37.1
24.2

47.9
15.1

44.8
23.8

47.4 12
23.5 13

175,201 307,716 105*443 165*242 201*604 227,819
61*587 104*332 57*038 60*712 85*367 97,170
8,011
26,175 98*175 -11.414 12*651 39,273
9.943
7,429 24,389 22,739 15*649 12*558
26*210 23*331
9,156 23*158 23*508 18*676
57.402 77*539 24*670 53*591 42*003 101*013
9*609
6*116
7*609
4*196
3*090 -1*604

276.9
45.1
20.3
24.1
81.6
110.1
4.3

342.8
59.1
28.4
23.4
95.3
149.2
12.5

376.5
91.0
30.3
18.5
90.7
155.1
9.2

318.7
107.1
30.3
20.3
70.0
98.1
7.1

342.3
115.9
23.4
19.8
53.5
145.9
16.2

14
15
16
17
18
19
20

21
22
23
24
25

2 Total net advances* by type
3
U.S. government securities
4
Residential mortgages
FHLB advances to SSLs
5
6
Other loans and securities

51*063
10*329
25*073
6*116
9*545

Private domestic funds advanced

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

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

146*688 186,799 113,877 157.002 185*093 203*234
48*834 81*324
-708 43*125 56*479 104*301
36*751 15*293 15*357 35.262 31*603 27.382
38*254 42,459 30,972 30*456 44*548 31*356
22,849 47,723 68*256 48,159 52*463 40*195

260.9
91.5
78.6
67.5
23.3

306.2
128.1
71.3
79.4
27.5

320.7
131.4
55.4
83.2
50.7

286.2
107.6
51.3
93.2
34.0

320.2
106.5
26.2
93.5
94.0

26 Sources of funds
27
Private domestic dep. 8 RPs
28
Credit market borrowing

146*688 186,799 113,877 157,002 185,093 203,234
60*561 61*586 38 * 322 54*666 52,404 107,898
29*809 25*989
4,149 24*406 17,241 25,174

260.9
137.1
28.8

306.2
137.7
36.2

320.7
137.7
42.0

286.2
170.8
20.6

320.2 26
214.5 27
54.5 28

21
22
23
24
25

29
30
31
32
33

Other sources
Foreign funds
Treasury balances
Insurance and pension res.
Other* net

56.318
5,722
-7,352
33*254
24,694

99,224 71,406
5*067
9,723
9,145 -13,849
26*386 23,723
58*626 51*809

77,930 115*448
-8*368
2,977
2.987
13*276
27,096 46*258
45,926 63*226

70*162
10*380
-513
23*148
37,147

94.9
1.1
4.3
58.3
31.2

132.3
7.3
6.8
75.7
42.5

141.0
26.4
.4
79.5
34.7

94.8
-25.1
-2.6
88.9
33.6

51.2
-23.7
-1.1
89.6
-13.6

29
30
31
32
33

97.8
56.6
9.9
-4.5
9.3
26.4

53.1
34.2
7.0
-11.7
-4.6
28.2

76.6
37.1
11.1
-4.0
1.4
31.0

34
35
36
37
38
39

Private domestic nonfinancial :investors

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

58 * 322 146*906 -4,285
24.234 71.891
1,743
9*336 39,277 -17,501
-4,506
7,271 15*555
23,511 18.848 -7,766
5,747
3*684
9,619

32*646
10,527
5*326
4*282
7,364
5,147

33,752
26*801
15,647
-7,213
-4,538
3*055

49,759
26*638
2*901
-1.105
11,937
9*388

44.9
23.7
-2.4
13.4
10.2

72.8
41.7
3.6
-4.2
14.1
17.7

40 Deposits and currency
41
Currency
42
Checkable deposits

63*571
-776
23*184

62*812
5*662
24*219

39*201
30
-6*346

62,027
5*102
33*189

56*061 117,576
961
8,335
835 71,534

146.6
8.2
17.2

149.0
9.3
17.1

150.8
8.0
20.1

183.9
10.3
6.5

26*673
-5.292
11*122
4*874
3,786

24*467
1*011
10*499
1,390
-4.436

33*302 28*786
7,726
6.752
4*330 -10,797
284 -4,238
2,259
849

26,407
-6*080
6*562
9,475
1*343

93.6
.2
23.3
2.9
1.3

67.1
6.9
41.1
5.5
2.0

60.6
34.4
16.0
6.7
5.1

82.3
29.2
45.9
6.8
2.8

191.5

221.8

248.6

237.0

299.0 48

22.9
94.2
36.9

22.8
89.3
33.4

18.0
85.2
18.9

25.7
89.8
-4.0

26.2 49
93.6 50
-.7 51

6.6
1.0
5.6

1.7
-.1
1.8

-3.9
.4
-4.3

21.2
4.5
16.8

-3.3
6.0
-9.3

1
2
3

11.1
-4.5

5.6
-3.9

17.3
-21.3

22.2
-1.0

19.9
-23.2

4
5

43
44
45
46
47
48

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

Total of credit mkt. instru
ments* deposits* and currency 121*893 209*718

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

25*516
83,725
22,860

29,379
12*450
1*546
8*194
2*696

34,916

94.673

89*813 167*335

17,744 32,143
60*705 107,998
27,358 31,879

39,669
95*013
21,496

37,154
91*810
28*816

37,492
89*208
30*500

H

222.4 40
9.5 41
18.5 42

47.3
107.5
36.0
5.2
-1.7

43
44
45
46
47

Corporate Equities Not Included Above

1 Total net Issues
2
Mutual fund shares
3
Other equities

4 Acq. by financial institutions
5 Other net purchases

9*761 10,719 48,091 27*063 22*815 17*351
24*318 31*904 58.589 42*548 42*385 44*066
-14,557 -21,185 -10,498 -15.485 -19,570 -26,715
6*261
3*500

1*452
9,267

8*563
39.528

7*842
19*221

2,714
20*101

8*719
8*632

Line notes: Cl): Page 2 line 1. C6): Includes farm and commercial mortgages.
C12):
Credit market funds raised by federally sponsored credit agencies and
net issues of federally related mortgage pool securities.
CIA): Line 1 less
line 2 plus lines 12 and 13.
Also line 21 less line 28 plus line 34.
Also sum of lines 29 and 48 less lines 41 and 47. C19): Includes farm and
commercial mortgages.
C27): Line 40 less lines 41 and 47. C28): Excludes
equity issues and investment company shares. Includes line 20. C30): Foreign
deposits at commercial banks* plus bank borrowings from foreign branches*
and liabilities of foreign banking offices to foreign affiliates* net
of claims on foreign affiliates and deposits by banking in foreign banks.
C31):
Demand
deposits and
note
balances
at
commercial
banks.
C32):
Excludes investment of these reserves in corporate equities.
C33):
Mainly
retained
earnings and net miscellaneous liabilities.
C34): Line 14 less line 21 plus line 28. C35-39): Lines 15-19 less amounts
acquired by private finance plus amounts borrowed by private finance.
Line 39 includes mortgages. C41): Mainly an offset to line 10.
C48): Lines
34 and 40.
Also line 14 less line 29 plus lines 41 and 47. C49):
Line 2 / line 1.
(50): Line 21 / line 14.
C51): Line 11 plus line 30.
Corporate Equities:
Cl-3):
Includes issues by financial institutions.

IV/86 BASED ON INCOMPLETE INFORMATION




MARCH 2, 1987
Credit Market Supply of Funds

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

SEASONALLY ADJUSTED ANNUAL RATES
1982

1

387.4

1983
548.8

1984

756.3

1985

869.3

SEASONALLY ADJUSTED ANNUAL RATES
1986

827.7

I
I

III

1985

728.8

IV I

1283.3

II
546.3

1986

864.2

III

IV

Total funds advanced in credit markets
871.8 1029.7
to dom. nonfinan. sectors

1

By Federal agencies and foreign
2
3
4
5
6

115.4
22.7
61.0
.8
30.8

115.3
27.6
76.1
-7.0
18.6

154.6
36.0
56.5
15.7
46.5

203.3
47.2
94.6
14.2
47.3

313.0
85.5
156.5
19.8
51.2

188.8
38.0
99.0
19.4
32.3

221.0
44.6
108.3
14.1
54.0

216.3
53.3
102.4
5.6
54.9

306.4
101.5
139.6
21.3
43.9

7
8
9
10
11

115.4
15.9
65.5
9.8
24.1

115.3
9.7
69.8
10.9
24.9

154.6
17.4
73.3
8.4
55.5

203.3
17.8
101.5
21.6
62.4

313.0
14.2
170.6
30.2
98.0

188.8
11.5
113.0
-1.7
66.1

221.0
1.9
96.8
40.8
81.5

216.3
14.1
91.5
H
110.7

306.4
15.0
163.1
19.6
108.6

12
13

64.9
16.0

67.8
17.4

74.9
6.1

101.5
1.7

171.1
14.4

93.9
12.0

126.4
2.9

101.5
34.5

157.4
14.1

14
15
16
17
18
19
20

352.9
203.1
44.2
14.8
-5.3
96.9
.8

518.7
226.9
53.7
14.6
55.0
161.5
-7.0

682.7
237.8
50.4
32.6
98.5
279.1
15.7

769.2
277.0
152.4
41.2
84.8
228.1
14.2

700.1
300.3
48.5
75.3
74.5
221.3
19.8

646.0
204.0
96.0
42.1
90.0
233.4
19.4

1191.6
420.4
378.6
23.4
105.0
278.3
14.1

466.0
168.4
-15.5
98.9
52.4
167.5
5.6

729.4
356.7
47.4
93.9
80.1
172.6
21.3

337.4
95.8
184.1
11.3
46.1

391.8 Total net advances* by type
91.3
U.S. government securities
199.7
Residential mortgages
41.0
FHLB advances to SSLs
59.9
Other loans and securities

337.4
391.8 By type of lender:
14.2
U.S. government
13.4
234.8
193.2
Spons. credit ag.&mtg. pools
Monetary authority
69.3
31.9
73.5
Foreign
99.0
Agency and foreign borrowing not in line 1:
227.8
197.5
Spons. credit ag.Smtg. pools
1.3
Foreign
7.5

2
3
4
5
6
7
8
9
10
11
12
13

Private domestic funds advanced
739.4
288.0
145.5
65.3
77.8
174.1
11.3

867.0 Total net advances
388.4
U.S. government securities
16.7
Tax-exempt obligations
43.3
Corporate and foreign bonds
87.6
Residential mortgages
371.9
Other mortgages and loans
41.0
Less: FHLB advances

14
15
16
17
18
19
20

Private financial intermediation
21
22
23
24
25

261.9
110.2
21.8
86.2
43.7

391.9
144.3
135.6
97.8
14.1

550.5
168.9
149.2
124.0
108.3

554.4
186.3
83.4
141.0
143.6

659.2
203.2
109.6
137.3
209.1

558.3
169.1
135.0
148.7
105.5

716.5
308.5
72.8
171.6
163.5

518.1
41.9
55.1
122.6
298.5

626.9
171.9
147.6
126.6
180.7

706.1
195.5
112.4
173.9
224.3

787.1
404.2
123.2
126.3
133.4

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

21
22
23
24
25

26
27
28

261.9
195.2
25.2

391.9
212.2
26.2

550.5
317.6
64.1

554.4
204.8
85.3

659.2
253.3
71.0

558.3
268.2
119.6

716.5
145.1
97.9

518.1
217.3
32.9

626.9
231.7
86.3

706.1
232.9
68.1

787.1 Sources of funds
331.7
Private domestic dep. 8 RPs
96.6
Credit market borrowing

26
27
28

29
30
31
32
33

41.5
-31.4
6.1
92.5
-25.7

153.4
16.3
-5.3
110.6
31.8

168.8
5.4
4.0
112.5
46.8

264.2
17.7
10.3
107.0
129.2

334.9
14.7
1.9
120.2
198.1

170.5
23.3
-68.4
126.7
88.9

473.4
25.2
80.6
106.5
261.2

267.9
36.6
-54.2
99.6
185.8

308.9
-34.9
43.2
109.4
191.1

405.1
12»1
-28.5
178.4
243.1

358.8
45.0
47.2
93.5
173.1

34
35
36
37
38
39

116.3
69.9
25.0
2.0
-1.3
20.6

153.0
95.5
39.0
-12.7
15.1
16.2

196.4
132.9
29.6
-3.4
8.9
28.3

300.2
150.9
59.2
13.2
51.8
25.1

111.9
65.7
6.4
11.5
7.0
21.3

207.3
53.8
39.9
-25.3
113.6
25.4

573.1
288.1
156.0
27.3
78.9
22.6

-19.2
-23.0
-55.3
50.1
-25.7
34.6

188.8
129.7
6.3
39.1
-.4
14.0

101.4
55.0
64.7
-37.6
4.2
15.1

176.5 Direct lending in cr. markets
101.5
U.S. government securities
9.8
Tax-exempt obligations
Corporate and foreign bonds
-5.5
49.9
Open-market paper
Other
20.8

34
35
36
37
38
39

40
41
42

204.5
9.7
18.6

229.7
14.3
28.8

321.1
8.6
27.8

215.1
12.4
42.0

274.9
14.4
99.2

286.3
3.0
110.7

142.3
14.9
20.9

230.1
9.4
34.3

253.1
12.3
133.6

254.2
10.6
18.6

362.4 Deposits and currency
25.4
Currency
210.6
Checkable deposits

40
41
42

43
44
45
46
47

135.7
24.7
5.2
11.1
-.4

215.3
-44.1
-6.3
18.5
3.1

150.7
47.2
84.9
7.0
-5.1

137.5
-2.2
14.0
13.4
-2.1

117.9
20.8
1.6
13.7
7.1

147.4
-21.2
11.7
19.5
15.1

68.5
4.0
46.1
5.6
-17.7

116.4
27.0
38.4
1.1
3.4

118.6
30.9
-34.4
-17.0
9.0

159.0
49.8
-27.3
32.8
10.8

77.6
-24.3
29.9
37.9
5.4

48

320.7

382.7

517.4

515.3

386.7

493.6

715.3

211.0

441.9

355.6

Total of credit mkt. instru538.9 ments* deposits* and currency 48

49
50
51

28.6
74.2
-7.3

20.4
75.5
41.3

20.3
80.6
60.9

23.3
72.1
80.1

37.2
94.2
112.7

25.5
86.4
89.4

17.2
60.1
106.8

37.2
111.2
147.3

34.9
85.9
73.8

38.4
95.5
111.1

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

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

Private domestic nonfinancial investors

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

43
44
45
46
47

Corporate Equities Not Included Above

1
2
3

33.6
16.8
16.8

67.0
32.1
34.9

-31.1
38". 0
-69.1

37.5
103.4
-65.9

115.3
187.6
-72.3

42.4
100.6
-58.2

40.8
125.6
-84.7

189.2
231.2
-42.0

109.9
171.9
-61.9

95.0
173.3
-78.3

4
5

27.6
6.0

46.8
20.2

8.2
-39.4

33.3
4.1

27.8
87.5

26.8
15.6

-1.6
42.4

36.2
153.1

34.5
75.4

12.9
82.1

67.1 Total net issues
174.0
Mutual fund shares
-106.9
Other equities

27.8 Acq. by financial institutions
39.3 Other net purchases

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

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

1
2
3

4
5

MARCH 2, 1987
Households

Households
Sector Statements of Saving and Investment

5

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV I

II

I

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Households* Personal Trusts* and Nonprofit Organizations

838*715 880,003 826*275 858*463 883*153 918*183
125*863 118*532 113*324 144*193 131*413 125,121

1607.5
228.1

1812.4
261.1

2034.0
304.7

2258.5
340.5

2520.9
393.3

1
2

712*852 761*471 712.951 714*270 751,740 793,062
Disposable personal Income
672*935 718*663 677*013 700*439 717,731 762,792
Personal outlays
39,917 42*808 35*938 13*831 34*009 30,270
Personal saving* NIPA basis
8,973 17,378 23,257 19*009
Credits from govt, insurance 24,917 17*618
4*000
920
3*410
2.456
2*229
1*740
Capital gains dividends
26*645 35*162 15*051 23*738 31.895 42*916
Net durables in consumption

1379.3
1288.6
90.7
22.5
.6
53.3

1551.2
1441.1
110.2
27.9
.7
58.8

1729.3
1611.3
118.1
24.4
.9
54.0

1918.0
1781.1
136.9
35.3
1.8
31.9

2127.6
1968.1
159.4
39.7
2.7
37.4

3
4
5
6
7
8

92,399 97,817 63*372 56*687 91.617 96*195
83*889 85*295 86.678 88*064 89.455 90*839
176*288 183*112 150*050 144,751 181*072 187*034

167.2
168.6
335.8

197.6
189.9
387.4

197.4
214.7
412.0

205.9
243.1
448.9

239.2 9
263.7 10
503.0 11

196*269 176.700 186*934 160,499 188,732 186*715
12 Gross Investment
13
Capital expend, net of sales 137*812 148*640 128*666 133*841 152,378 166*546
43.050 44.132 43*094 38*457 47,636 49,649
14
Residential construction
91*269 100*982 82*030 91*842 101*176 113*328
15
Consumer durable goods
3*569
3*493
3*526
3*542
3*566
3,542
16
Nonprofit plant and equip.

351.3
284.2
92.2
184.5
7.6

401.2
327.7
114.0
205.6
8.2

434.2
356.1
128.7
219.0
8.4

491.5
342.7
113.6
219.3
9.9

565.0
362.0
111.2
239.9
11.0

58*457 28*060
17 Net financial Investment
18
Net acq. of financial assets 141*465 137*812

58*268 26*658 36*354 20,169
91*535 102*153 126*478 118*868

67.1
208.0

73.4
244.4

78.2
255.9

148.8
278.9

202.9 17
327.1 18

1 Personal income
2 - Personal taxes and nontaxes
S
A
5
6
7
8

=
=
*
*
*

9 » Net saving
10 * Capital consumption
11 « Gross saving

12
13
14
15
16

19

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

93.458 106*347

46.663

61*125

57*686

92.752

159.0

183.4

208.2

205.4

265.3 19

20
21
22
23
24

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

57.735
27*206
28*653
7*168
-5,292

34*545
6*345
24,799
2*390
1*011

52*613
11*212
34*178
471
6*752

52,787
25*699
28*458
-9,096
7,726

60*533
14,865
28,991
4,227
12*450

69.499
51*348
26*003
-1.772
-6*080

125.1
19.5
95.1
10.2
.2

128.4
22.3
67.3
31.9
6.9

134.1
25.7
61.2
12.8
34.4

168.2
12.7
82.7
43.6
29.2

203.6
29.9
47.3
19.0
107.5

20
21
22
23
24

25
26
27
28
29
30

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

35.723
12,793
9,947
-4,506
-548
18,037

71*802 -5,950
7*362
-573
38*664 -17,921
7,271 15*555
1,249
2*376
17*256 -5,387

8*338
-6,372
4*765
4,282
839
4*824

-2,847
-3.274
15,794
-7,213
447
-8*601

23*253
8,991
1,775
-1.105
2*010
11*582

33.9
15.6
-3.0
K
7.8
13.5

55.0
29.4
4.1
-4.2
11.9
13.8

74.1
44.4
10.4
-4.5
16.5
7.3

37.2
26.7
7.0
-11.7
17.5
-2.2

61.7
45.2
11.0
-4.0
18.0
-8.6

25
26
27
28
29
30

24*318 31*904 58*589 42*548 42*385 44*066
-22,228 -26*756 -25.431 -30,471 -26.976 -35*434

1.0
-8.2

-.1
-6.2

.4
-23.3

4.5
-10.8

6.0 31
-34.9 32

2*642
31*378

9.5
68.5

11.2
77.3

10.7
95.4

9.7
108.8

9.2 33
106.8 34

-9,954 -10,069 -21.260
823
-607
231
3*901
4,777
2*935

-27.8
-1.0
6.9

-30.2
2.5
6.6

-44.5
1.8
7.2

-49.6
5.2
5.6

-29.2 35
-2.1 36
6.1 37

31
32

Mutual fund shares
Other corporate equities

33
34

Life Insurance reserves
Pension fund reserves

35
36
37

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

38
39
40
41
42

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

43
44
45
46
47
48
49

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

Security credit
Trade debt
Miscellaneous

50 Discrepancy

2*941
49*155

2*740
28*315

2*383
16*663

-10,278 -16,889 -15,703
164
8*153
4,778
3,935
3*998
3*593

83*008 109,752
80*341 100*041
42*295 42*315
27*638 23*445
4*061
3*212

2*623
33*954

2*592
55*852

33.267
29,512
31,917
1,859
-852

75,495
73,935
42*509
21*330
4,577

90,124
88,725
58,627
21*872
1*631

98*699
98,985
63,775
14*946
2*562

140.9
137.5
89.7
35.0
3.2

170.9
167.2
108.6
41.0
5.7

177.7
173.7
117.6
35.6
7.1

130.0
120.0
96.4
1.1
3.4

124.2
121.4
75.0
16.9
5.7

38
39
40
41
42

43
44
45
46

1*837
599
2*402
1*509

23*484
596
4*899
2*090

-2*668
593
-2*875
1*538

159
590
2*478
2*292

1,317
587
3.192
1,499

899
584
14*653
1*566

3.4
1.1
2.8
2.3

2.6
1.3
4.1
3.8

2.9
1.5
2.6
6.4

3.1
1.9
5.3
8.8

4.4
2.3
6.0
11.1

2*500
567
-400

9,752
578
-619

2.976
603
176

652
627
281

470
647
282

-1.309
672
351

1.3
1.2
.9

1.2
1.5
1.1

1.0
1.7
1.3

6.5
2.3
1.2

-1.7 47
2.7 48
1.8 49

6,412 -36*884 -15,748

-7,660

319

-15.6

-13.7

-22.2

-42.6

-62.0 50

43*094 38*457 47*636 49*649
1*341
1,277
1,382
1,280
41,712 37,177 46*359 48*308
16,459 16*658 16*833 17,029
31.917 42*509 58*627 63.775
-5,282 -20,710 -27*824 -31*155

92.2
3.9
88.2
31.1
89.7
-28.7

114.0
4.4
109.5
36.1
108.6
-30.8

128.7
4.9
123.8
41.9
117.6
-30.9

113.6
4.3
109.2
47.0
96.4
-29.8

111.2
4.7
106.5
51.4
75.0
-15.3

-19,981

(1) Excludes corporate equities.

Memoranda:

51
52
53
54
55
56

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

57
58
59

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

60
61

- Consumer credit
= Excess net investment

62
63
64

(C) Nonprofit plant and equip.
Expenditures
- Capital consumption
« Net Investment

43.050 44*132
1,538
1*528
41,512 42*604
16*109 16*276
42,295 42*315
-15*354 -14,459

51
52
53
54
55
56

91*269 100,982
64*624 65,820
26*645 35,162

82*030
66,979
15*051

91*842 101,176 113*328
68*104 69*281 70*412
23*738 31*895 42*916

184.5
131.2
53.3

205.6
146.8
58.8

219.0
165.0
54.0

219.3
187.4
31.9

239.9 57
202.5 58
37.4 59

31*699
-5,054

26,657
8,505

1*007
14.044

25,907
-2,169

23*503
8*392

17.508
25.408

38.1
15.2

46.7
12.0

42.7
11.3

4.5
27.4

22.6 60
14.8 61

3,493
3,156
337

3,526
3,199
327

3*542
3,240
302

3*542
3*302
240

3*566
3*341
225

3*569
3*398
171

7.6
6.3
1.3

8.2
6.9
1.2

8.4
7.8
.7

9.9
8.7
1.1

11.0 62
9.8 63
1.2 64

15*006
5,599

13*469
5,621

13*715
5*040

16*796
1*936

14*879
4*524

13*627
3*816

14.2
6.6

14.4
7.1

15.0
6.8

15.1
7.1

15.6 65
7.5 66

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

Percent of disposable Income adi. (2):

67 Gross saving

23,864

23,436

20*687

19,737

23,290

22,918

23.9

24.5

23.5

23.0

23.2 67

68
69
70
71

18*656
19,150
11*237
10,876

19*024
17*638
14*047
12*804

17*738
12*619
4*586
4*068

18*249
13,928
10*294
10*081

19.599
16*268
11,592
11*412

20*408
14*565
12.094
12,129

20.3
14.8
10.0
9.8

20.7
15.5
10.8
10.6

20.3
14.6
10.1
9.9

17.5
14.3
6.7
6.1

16.7
15.1
5.7
5.6

738*689 781*318 725,334 733,388 777.453 816*071
72 (2) Disposable income adj.
(NIPA disposable income * govt. Insurance credits * capital gains divid.)

1402.5

1579.8

1754.7

1955.0

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

IV/86 BASED ON INCOMPLETE INFORMATION




68
69
70
71

2170.0 72

MARCH 2* 1987
Households

Households

Sector Statements of Saving and Investment

7
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1982

1983

1984

1985

1986

I
I

III

1985

I
IV I

I

II

1986

III

IV

Households* Personal Trusts* and Nonprofit Organizations
1
2

2670.8
409.3

2838.6
410.5

3110.2
439.6

3314.5
486.5

3486.1
514.1

3323.2
491.2

3382.9
500.7

3432.6
497.5

3483.3
504.8

3498.8
518.9

3529.6 Personal income
535.0 - Personal taxes and nontaxes

3
4
5
6
7
8

2261.4
2107.5
154.0
43.9
2.4
37.2

2428.1
2297.5
130.6
53.5
4.4
62.7

2670.6
2501.9
168.7
63.9
6.0
92.7

2828.0
2684.7
143.3
66.5
4.9
102.9

2972.0
2858.0
114.0
68.6
11.6
113.6

2832.0
2712.4
119.6
65.9
5.6
114.8

2882.2
2756.5
125.7
79.4
7.5
98.7

2935.1
2789.4
145.7
58.2
11.8
92.9

2978.5
2825.5
153.0
72.6
8.3
101.5

2979.9
2895.9
84.0
58.5
11.9
137.4

2994.6
2921.1
73.5
85.3
14.4
122.7

9
10
11

237.4
280.3
517.7

251.2
294.7
545.9

331.3
310.4
641.7

317.6
332.8
650.3

307.9
355.0
662.9

305.9
335.6
641.5

311.2
341.2
652.4

308.6
346.7
655.3

335.4
352.3
687.6

291.7
357.8
649.6

295.8 - Net saving
363.4 * Capital consumption
659.1 = Gross saving

9
10
11

12
13
14
15
16

610.7
355.0
89.9
252.7
12.4

606.1
427.8
124.9
289.1
13.9

732.0
500.2
154.5
331.2
14.6

712.8
535.3
162.0
359.3
14.1

722.9
581.4
178.8
388.4
14.2

703.1
551.3
164.0
373.3
14.0

702.6
542.5
166.4
362.0
14.1

706.7
545.0
170.1
360.8
14.2

786.8
565.2
177.1
373.9
14.2

663.4
608.7
179.9
414.5
14.3

734.6 Gross investment
Capital expend, net of sales
606.8
Residential construction
188.2
Consumer durable goods
404.3
Nonprofit plant and equip.
14.3

12
13
14
15
16

17
18

255.7
351.1

178.2
377.0

231.8
469.0

177.4
490.1

141.4
439.0

151.8
465.4

160.0
568.7

161.7
351.7

221.6
516.3

54.7
395.3

17
127.8 Net financial investment
Net acq. of financial assets 18
493.9

=
=
*
*
*

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

1
2
3
4
5
6
7
8

19

257.0

284.3

433.2

367.8

258.2

322.5

433.2

154.5

330.4

169.6

379.4

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

20
21
22
23
24

170.6
19.2
134.2
-7.5
24.7

193.9
39.3
210.0
-11.3
-44.1

290.7
18.9
153.2
71.4
47.2

182.8
45.0
142.9
-2.9
-2.2

235.4
103.1
117.6
-6.2
20.8

219.7
95.8
155.3
-10.2
-21.2

121.6
15.1
69.9
32.5
4.0

221.4
49.2
119.9
25.3
27.0

225.9
120.1
117.3
-42.4
30.9

229.6
46.2
157.4
-23.9
49.8

265.3
197.3
76.0
16.3
-24.3

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

20
21
22
23
24

25
26
27
28
29
30

86.4
55.6
24.7
2.0
13.3
-9.2

90.4
60.5
37.8
-12.7
.4
4.4

142.4
111.2
28.7
-3.4
6.4
-.5

185.0
60.7
59.4
13.2
4.0
47.8

22.8
-1.2
4.4
11.5
5.7
2.4

102.8
-20.6
42.3
-25.3
-1.3
107.6

311.6
59.4
153.6
27.3
4.6
66.6

-66.9
-42.9
-57.0
50.1
8.6
-25.7

104.5
69.0
4.1
39.1
3.8
-11.5

-60.0
-95.2
65.3
-37.6
2.8
4.7

114.1
64.6
5.3
-5.5
7.5
42.2

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

25
26
27
28
29
30

31
32

16.8
-14.7

32.1
-17.3

38.0
-74.3

103.4
-104.2

187.6
-118.3

100.6
-92.7

125.6
-99.1

231.2
-102.3

171.9
-125.1

173.3
-112.0

174.0
-133.9

33
34

7.2
120.1

8.0
142.2

5.2
129.1

10.7
139.7

10.2
137.8

11.8
154.1

11.0
123.2

9.5
88.4

10.5
147.3

10.4
179.6

35
36
37

-45.7
3.7
6.8

-90.0
2.4
15.3

-68.5
-.6
7.0

-52.8
12.5
13.1

-57.0
5.2
15.2

-47.3
.7
15.7

-73.8
32.6
16.0

-63.1
19.1
14.4

-27.9
-2.4
11.7

38
39
40
41
42

95.3
88.4
49.5
14.9
2.8

198.7
188.0
110.4
48.9
7.9

237.2
239.5
129.3
77.0
18.0

312.7
295.0
149.4
82.4
14.2

297.6
291.2
196.8
60.0
7.9

313.6
302.9
162.4
94.1
18.5

408.7
369.8
170.6
75.7
3.5

190.0
175.0
116.2
57.5
6.0

43
44
45
46

8.5
2.6
2.6
7.4

11.4
2.5
3.6
3.3

10.2
2.5
-.4
2.9

30.2
2.4
8.1
8.3

-.3
2.4
17.4
6.9

7.3
2.4
12.1
6.0

93.9
2.4
15.4
8.4

47
48
49

3.8
2.4
.8

8.4
1.8
.6

-3.1
1.8
-1.0

16.7
2.2
-1.2

2.8
2.5
1.1

10.0
2.3
-1.6

50

-93.0

-60.2

-90.3

-62.5

-60.0

-61.6

Mutual fund shares
Other corporate equities

31
32

10.6
136.1

Life Insurance reserves
Pension fund reserves

33
34

-45.7
.9
19.1

-91.1
3.3
15.6

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

35
36
37

294.7
288.5
187.2
70.8
16.1

340.6
335.0
226.8
69.6
9.3

366.0
367.2
257.1
43.2
.2

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

38
39
40
41
42

-10.7
2.4
-2.6
6.2

.6
2.4
2.1
9.2

5.3
2.3
15.8
6.0

3.6
2.3
54.4
6.3

39.0
2.3
-2.5

11.9
2.4
.7

2.6
2.5
1.1

1.9
2.6
1.1

-5.2
2.7
1.4

-50.1

-51.4

-99.1

-13.8

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

-75.5 Discrepancy

43
44
45
46

47
48
49
50

(1) Excludes corporate equities.
Memoranda:

Net physical investment:
(A) Residential construction
Expenditures
188.2
5.4
Mobile homes
Other
182.9
- Capital consumption
68.1
257.1
- Home mortgages
= Excess net Investment
-137.0

51
52
53
54
55
56

(B)i Consumer durables
Expenditures
404.3
- Capital consumption
281.6
= Net investment
122.7

57
58
59

51
52
53
54
55
56

89.9
4.6
85.3
54.3
49.5
-13.8

124.9
6.1
118.8
57.0
110.4
-42.6

154.5
6.2
148.2
59.9
129.3
-34.7

162.0
6.1
155.9
63.9
149.4
-51.3

178.8
5.3
173.6
67.0
196.8
-85.0

164.0
6.2
157.9
64.4
162.4
-62.8

166.4
6.1
160.3
65.1
170.6
-69.3

170.1
5.5
164.5
65.8
116.2
-11.9

177.1
5.1
172.0
66.6
187.2
-76.8

179.9
5.1
174.8
67.3
226.8
-114.2

57
58
59

252.7
215.4
37.2

289.1
226.4
62.7

331.2
238.5
92.7

359.3
256.3
102.9

388.4
274.8
113.6

373.3
258.5
114.8

362.0
263.3
98.7

360.8
267.9
92.9

373.9
272.4
101.5

414.5
277.1
137.4

60
61

17.7
19.5

56.8
5.9

95.0
-2.4

96.6
6.3

67.9
45.7

112.6
2.2

79.2
19.5

63.6
29.3

87.0
14.5

78.9
58.5

43.4
79.2

- Consumer credit
= Excess net investment

60
61

62
63
64

12.4
10.6
1.8

13.9
11.2
2.6

14.6
12.0
2.6

14.1
12.6
1.6

14.2
13.3
.9

14.0
12.6
1.3

14.1
12.8
1.3

14.2
13.0
1.2

14.2
13.2
1.0

14.3
13.4
.9

(C)i Nonprofit plant and equip.
Expenditures
14.3
- Capital consumption
13.6
= Net investment
.7

62
63
64

65
66

15.3
6.8

14.5
5.4

14.1
6.3

14.7
5.1

14.7
3.8

14.8
4.2

14.8
4.4

14.5
5.0

14.5
5.1

14.8
2.8

15.2 Effective tax rate
2.5 Saving rate* NIPA basis

23.4

22.4

21.7

22.1

22.0

21.8

22.5

21.3

21.3 Gross saving

19.0
16.0
10.8
10.4

18.3
19.2
13.8
12.5

18.1
11.7
6.3
5.8

18.5
16.9
9.6
9.4

20.0
13.0
11.2
11.0

19.6
16.0
11.8
11.9

Percent ratios:

65
66

Percent of disposable Income adj. (2):
67

22.4

22.0

68
69
70
71

15.4
15.2
4.1
3.8

17.2
15.2
8.0
7.6

18.3
17.1
8.7
8.7

18.5
16.9
10.8
10.2

19.0
14.4
9.7
9.5

72

2307.7

2486.0

2740.5

2899.4

3052.2

BILLIONS OF DOLLARS.




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

67
68
69
70
71

72
2903.5 2969.0 3005.1 3059.4 3050.3 3094.2 (2) Disposable income adj.
(NIPA disposable income * govt. Insurance credits * capital gains divld.)

IV/86 BASED ON INCOMPLETE INFORMATION

MARCH 2, 1987
Total and Noncorporate Business

Total and Noncorporate Business
Sector Statements of Saving and Investment

8
UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)
III

1 Income before taxes
2 Gross saving

1985

I
IV 1

][

II

1986

III

IV

1977

Nonfinancial

Business - Total

115*353 115,A79 109,3A3 125,896 12A.A75 123,999
117*105 111*039 112,812 116,766 115,353 110.72A

322.5
209.9

BILLIONS OF DOLLARS
1978
1979
1980

1981

368.0
233.8

397.1
257.3

37A.8
268.6

387.9
317.0

1
2
3

87,320 115,156 113,227 108,590

8A.09A

190.6

21A.6

267.A

26A.2

283.7

A Capital expenditures
120,856 107,770 113,117 13A.715 122.15A
5
Fixed investment
11A.A21 118*087 97,678 123,8A7 117,783
6
Business plant 8 equipment 103*385 112,A03 97,589 107,062 103,812
8,856
5,069
7
Home construction (1)
3.739
-787 -6.1A8
7,929
8,902
8
Multi-family residential
7,297
6.A71
6,237
9
8,272
2.A71
Change in inventories
A,2A1 -11,076 1A.598
2.19A
2,596
10
1,900
Mineral rts. from U.S. govt.
759
8A1

101,287
116,9A7
109,7AA
-1.07A
8,277
-17,517
1,857

238.0
21A.2
197.8
6.5
9.9
21.3
2.5

285.2
25A.6
239.3
A.2
11.1
28.6
2.0

308.8
291.1
280.7
.3
10.1
13.0
A.7

30A.9
308.2
299.2
-.3
9.3
-8.3
5.0

382.2 A
353.3 5
3A2.3 6
-1.6 7
12.6 8
2A.0 9
A.8 10

2.039 -21.A88 -13.56A -17.193
11 Net financial investment
-21.517 -20.A50
Net acq. of financial assets 26.20A A2.975
12
-2A7 22,903 12,588 55,216
13
Net increase in liabilities
A7.721 63.A25 -2.286 AA.391 26,152 72.A09
IA
-18,750 -25,000 -1A.750 -19,625 -20,125 -26,250
Corporate equities
15
Credit market instruments
50,176 80,798 50,119 6A.863 A9.A2A 97.80A
16
22,375 32,579 26,828 30,570 23,252 20,529
Bonds
17
Mortgages
21,237 23,277 17.A5A 23.839 2A.083 2A.806
6.A80
2,861 50,836
18
Bank loans n.e.c.
2,613
8,723 15.A8A
3.97A
-772
-2,159
9.A58
3.22A
1.633
19
Other loans

-A7.A
66.1
113.5
2.7
112.2
29.5
37.2
23.7
21.7

-70.6
99.5
170.1
-.1
13A.5
28.8
A1.3
36.A
28.0

-Al.A
131.8
173.2
-7.8
157.1
27.3
A5.8
A7.9
36.1

-AO.7
10A.A
1A5.1
12.9
128.5
38.5
32.9
32.5
2A.6

-98.5
70.3
168.7
-11.5
160.3
36.2
32.0
50.9
Al.l

2A.2
-25.6

53.8
-18.0

5A.2
-30.2

39.7
-36.0

30.6 20
-10.7 21

19.3

19.2

-10.1

A.A

33.3 22

3 Gross investment

20
21

Trade debt
Other liabilities

22 Discrepancy

99,339

9,993
17.A35 19.5A1 -2A.A8A
-1.1A0 -11.91A -13,171 -10.8A0

17,766

23,719

-2,3AA

3.539

1,368 1A.88A
-A,515 -1A.029

6,763

26,630

11
12
13
IA
15
16
17
18
19

Farm Business
1 Proprietors' net income

5.A00

7,350

6,100

9,875

A,900

5,675

20.5

27.0

31.7

20.5

30.7

1

2 Net saving (corporate)
3 Capital consumption
A
Corporate 5
Noncorporate
6 Current surplus = gross saving

30A
5,166
398
A, 768
5,A70

306
5.133
395
A, 738
5,A39

278
A, 995
392
A,603
5,273

2A9
A.995
392
A, 603
5.2AA

232
A.97A
390
A, 58 A
5,206

203
5,112
389
A, 723
5,315

.3
12.1
.8
11.3
12.A

.9
13.6
.9
12.6
1A.5

.9
15.3
1.1
1A.3
16.3

.5
17.6
1.3
16.3
18.1

.2
19.A
l.A
17.9
19.6

2
3
A
5
6

5,A70
A.70A
A,133
596
-25

5.A39
-2
A.A01
572
-A,975

5,273
5,002
3,862
A65
675

5.2AA
5,65A
A.135
5AA
975

5,206
5,752
3.797
505
1.A50

5,315
80A
3.8A2
512
-3,550

12.A
18.0
1A.8
2.1
1.1

1A.5
21.7
17.A
2.2
2.1

16.3
26.9
20.2
1.6
5.0

18.1
15.A
18.9
2.A
-5.9

19.6 7
27.2 8
19.5 9
2.0 10
5.8 11

766
28
A5
-17
85
-102

5.AA1
80A
A6
758
850
-92

271
638
A7
591
800
-209

-A10
892
A8
8AA
800
AA

-5A6
8A3
A9
79A
7A9
A5

A,511
978
50
928
737
191

-5.7
1.8
.1
1.7
1.5
.2

-7.3
2.1
.1
2.0
1.7
.3

-10.6
2.1
.1
1.9
1.5
.A

2.7
2.0
.1
1.9
1.3
.6

-7.6
1.9
.1
1.7
1.1
.6

12
13
IA
15
16
17

9.5
16.6
10.0
l.A
5.2
3.A
1.8

18
19
20
21
22
23
2A

7 Gross Investment
8 Capital expenditures
9
Plant and equipment
10
Residential construction
11
Change in inventories

12 Net financial investment
13
Net acq. of financial assets
IA
Demand deposits & currency
15
Miscellaneous assets
16
Insurance receivables
17
Eq. in spons. ags. (2)
18
19
20
21
22
23
2A

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

-738
-3,675
-2,575
-1,020
-80
331
-All

-A,637
-9,571
-2,691
-3,605
-3,275
-985
-2,290

367
-A.157
-1,158
-1.758
-1.2A1
-120
-1,121

1.302
-9AA
-2.310
A21
9A5
953
-8

1,389
-2,609
- 1.A1A
-A 68
-727
-6A
-663

-3,533
-3,999
-1.1A1
-1,100
-1,758
-A58
-1,300

7.5
13.A
8.2
2.5
2.7
1.3
l.A

9.3
15.6
8.2
2.5
5.0
3.5
1.5

12.7
23.5
1A.0
2.8
6.7
3.A
3.3

-.7
15.2
10.2
.5
A.5
2.6
1.9

25
26

Trade debt
Proprietor net investment

-26
2,963

-33
A,967

22
A,502

23
2,223

62
3,936

79
387

.9
-6.8

1.6
-7.9

1.2
-12.0

1.0
-16.9

.9 25
-8.0 26

Nonfarm Noncorporate Business
1 Net income
2 Gross svg. = capital consump.

63.AA2
18,767

6A.921
19,137

68,075
18,6A8

71,119
19.037

73,170
19.2A2

73,860
19,350

1A1.9
32.A

159.8
37.0

170.5
A3.5

172.9
50.A

175.8
58.0

1
2

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

18,767
2A.86A
23,033
1A.721
1,572
6,7A0
1,831

19,137
20,523
20,260
1A.922
-680
6,018
263

18.6A8
20,868
18.A55
15,857
-3,307
5,905
2.A13

19,037
29.773
27.A7A
16,019
A,156
7.299
2,299

19.2A2
28,202
27,272
16,777
2,282
8,213
930

19,350
22,826
2A.070
17.15A
-793
7,709
-1,2AA

32.A
AO.3
37.3
26.0
2.2
9.2
3.0

37.0
A6.6
A3.1
32.1
1.0
10.1
3.5

A3.5
A3.7
A5.6
37.3
-.7
8.9
-1.9

50.A
A5.A
A8.5
A1.7
-l.A
8.2
-3.1

58.0
68.7
62.1
52.2
-1.8
11.6
6.6

3
A
5
6
7
8
9

-6,097
A,6A5
2,557
2,088
2,099
-11

-1,386
A,263
2,870
1,393
1,392
1

-2,220 -10.736
2,152
-179
1,253
-1,172
899
993
919
1,000
-20
-7

-8,960
1.82A
830
99A
1,000
-6

-3.A76
3,799
3,037
762
782
-20

-7.9
1.8
-.7
2.6
2.5
H

-9.5
5.0
2.0
3.0
2.9
.1

-.2
5.2
2.2
3.0
2.9
.1

5.0
3.3
.7
2.6
2.5
.1

-10.7
5.6
3.A
2.1
2.1
.1

10
11
12
13
IA
15
16

10.7A2
23.A21
22,531
1,257
6,537
1A.737

5.6A9
27,2A6
26,512
-5AA
10,386
16,670

2.0A1
22,076
21,108
-2,6A5
8,202
15,551

12,888
25,006
22,837
3,325
6,939
12.573

10.78A
2A.683
23.60A
1,826
7.A15
1A.363

7,275
28,939
26,588
-63A
7,368
19,85A

9.7
29.5
25.A
1.8
6.A
17.2

1A.5
33.8
28.5
.8
8.2
19.5

5.5
37.9
30.3
-.5
7.6
23.3

-1.8
31.8
21.0
-1.1
A.6
17.5

16.2
38.5
23.9
-l.A
A.l
21.2

17
18
19
20
21
22

-180
1,070

2A0
A9A

201
767

28
2,1A1

216
863

A9
2,302

.9
3.3

-.8
6.0

.5
7.1

3.2
7.6

6.1 23
8.5 2A

59
106
562
259
170
-17
—13,2A1 -21,856 -20,205 -12,177 -1A.005 -21.6A7

1.2
-21.0

3.1
-22.3

.1
-32.5

-.9
-32.7

-1.1 25
-21.2 26

10 Net financial investment
Net acq. of financial assets
11
12
Demand deposits 8 currency
13
Consumer credit
IA
Miscellaneous assets
15
Insurance receivables
16
Equity in spons.ags. (2)
17
18
19
20
21
22
23
2A
25
26

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

Bank loans n.e.c.
Other loans
Trade debt, net
Proprietor net Investment

(1) Farm plus nonfarm change in work in process.
(2) Shares in FICBs* Banks for Cooperatives* and Federal Land Banks.
IV/86 BASED ON INCOMPLETE INFORMATION




MARCH 2* 1987
Total and Noncorporate Business

Total and Noncorporate Business

Sector Statements of Saving and Investment

9

SEASONALLY ADJUSTED ANNUAL RATES
1982

1983

1984

SEASONALLY ADJUSTED ANNUAL RATES

1985

I
1

1986
Nonfinancial

1
2

327.5
327.7

376.1
373.5

453.4
417.9

451.2
447.8

483.7
455.7

III

1985

I
IV 1

I

II

1986

III

IV

Business - Total
453.0
462.1

466.7
453.4

453.1
457.4

489.8
452.8

489.3
457.4

502.7 Income before taxes
455.1 Gross saving

1
2
3

3

292.1

341.3

383.6

403.3

421.1

374.5

402.5

447.8

431.4

412.2

393.0 Gross investment

4
5
6
7
8
9
10

335.5
352.3
337.1
3.3
11.8
-24.6
7.8

352.2
351.5
323.8
9.9
17.8
-7.1
7.8

479.4
407.4
380.7
3.3
23.4
64.1
7.9

$59.3
443.9
414.4
3.4
26.1
11.1
4.4

471.3
456.3
418.2
6.7
31.3
7.8
7.2

457.4
445.6
415.5
2.7
27.4
3.1
8.8

466.0
466.1
434.4
4.4
27.3
-3.2
3.0

498.8
451.5
416.4
8.6
26.5
43.9
3.4

480.4
455.6
417.6
7.4
30.7
14.4
10.4

461.9
458.8
417.7
7.6
33.5
-4.5
7.6

444.0 Capital expenditures
4
459.1
Fixed Investment
5
421.2
Business plant 8 equipment 6
3.2
Home construction (1)
7
34.6
Multi-family residential
8
-22.5
Change in inventories
9
7.4
Mineral rts. from U.S. govt. 10

11
12
13
14
15
16
17
18
19

-43.4
41.2
84.6
11.4
116.2
33.8
33.3
50.3
-1.2

-11.0
125.6
136.6
28.3
140.2
25.5
70.1
22.2
22.5

-95.8
112.2
208.0
-77.0
290.6
66.7
85.7
80.5
57.7

-56.0
102.9
159.0
-81.6
242.9
96.5
83.7
33.2
29.5

-50.2
90.5
140,7
-80.8
262.2
101.2
90.2
62.8
8.1

-83.0
88.6
171.5
-75.0
204.9
91.8
73.6
31.2
8.3

-63.5
162.2
225.7
-100.0
326.0
124.0
99.9
56.8
45.4

-50.9
31.1
82.0
-59.0
241.0
108.6
103.1
25.5
3.8

-49.1
88.0
137.1
-78.5
212.0
125.2
67.1
19.0
.6

-49.8
34.9
84.7
-80.5
204.2
95.7
84.4
7.9
16.1

20
21

3.0
-46.0

40.7
-72.7

36.6
-42.2

35.0
-37.4

1.8
-42.6

64.0
-22.4

62.5
-62.8

-43.7
-56.4

12.5
-8.9

-4.7
-34.3

22

35.6

32.2

34.3

44.6

34.6

87.7

50.9

9.6

21.4

45.2

62.1 Discrepancy

-51.0 Net financial Investment
207.4
Net acq. of financial assets
258.4
Net increase in liabilities
-105.0
Corporate equities
Credit market Instruments
391.5
75.2
Bonds
106.0
Mortgages
198.6
Bank loans n.e.c.
Other loans
11.7

42.5
-70.6

Trade debt
Other liabilities

11
12
13
14
15
16
17
18
19
20
21

22

Farm Business

1

24.6

12.5

31.5

29.2

26.6

21.6

29.4

24.4

39.5

19.6

22.7 Proprietors* net Income

1

2
3
4
5
6

.5
20.5
1.6
18.9
21.0

.6
20.8
1.6
19.2
21.4

.7
20.9
1.6
19.3
21.6

1.2
20.6
1.6
19.0
21.8

1.0
20.1
1.6
18.5
21.0

1.2
20.7
1.6
19.1
21.9

1.2
20.5
1.6
19.0
21.8

1.1
20.0
1.6
18.4
21.1

1.0
20.0
1.6
18.4
21.0

.9
19.9
1.6
18.3
20.8

.8 Net saving (corporate)
20.4 Capital consumption
1.6
Corporate
Noncorporate
18.9
21.3 Current surplus = gross saving

2
3
4
5
6

7
8
9
10
11

21.0
16.5
15.9
2.0
-1.5

21.4
8.1
14.1
1.5
-7.5

21.6
24.2
14.1
2.6
7.5

21.8
17.3
16.2
2.2
-1.1

21.0
17.2
15.6
2.0
-.5

21.9
18.7
16.5
2.3
-.1

21.8
-.1
17.6
2.2
-19.9

21.1
20.3
15.4
2.1
2.7

21.0
22.5
16.5
2.1
3.9

20.8
22.9
15.2
1.9
5.8

12
13
14
15
16
17

4.5
1.8
.1
1.7
1.3
.4

13.3
1.3
.1
1.1
1.0
.1

-2.6
2.1
.2
1.9
1.9
.1

4.5
2.4
.2
2.2
2.5
-.3

3.8
3.4
.2
3.2
3.1
.1

3.2
.1
.2
-.1
.3
-.4

21.8
3.2
.2
3.0
3.4
-.4

.8
2.6
.2
2.4
3.2
-.8

-1.6
3.6
.2
3.4
3.2
.2

-2.1
3.4
.2
3.2
3.0
.2

18
19
20
21
22
23
24

-2.7
6.8
4.2
3.2
-.6
.2
-.8

-12.0
4.3
2.8
2.8
-1.3
M
-1.3

4.6
.1
-.8
1.0
-.1
1.1
-1.2

-2.1
-13.6
-6.4
-4.4
-2.8
1.1
-3.9

-.5
-11.7
-6.0
-2.9
-2.8
.3
-3.1

-3.0
-15.3
-9.9
-4.8
-.6
1.3
-1.9

-18.6
-27.2
-10.1
-10.0
-7.2
-2.4
-4.8

1.7
-12.5
-5.0
-5.8
-1.7
.4
-2.1

5.1
-17.8
-9.8
-3.5
-4.5
1.7
-6.3

5.5
-11.1
-5.3
-2.7
-3.2
-.4
-2.8

25
26

.4
-9.9

-.7
-15.6

-1.1
5.7

-.3
11.7

.2
11.0

-.1
12.4

-.1
8.7

.1
14.1

.1
22.8

.2
16.3

21.3 Gross investment
3.1 Capital expenditures
15.4
Plant and equipment
2.0
Residential construction
-14.2
Change in inventories

7
8
9
10
11

18.1 Net financial Investment
Net acq. of financial assets
3.9
Demand deposits 8 currency
.2
3.7
Miscellaneous assets
2.9
Insurance receivables
.8
Eq. in spons. ags. (2)

12
13
14
15
16
17

-14.2
-5.5
-4.0
.3
-1.7
-.5
-1.3

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

18
19
20
21
22
23
24

.3
-9.1

Trade debt
Proprietor net Investment

25
26

Nonfarm Noncorporate Business

1
2

173.1
64.4

204.1
66.4

232.3
70.0

251.5
73.5

286.2
76.3

253.8
75.1

259.7
76.5

272.3
74.6

284.5
76.1

292.7
77.0

295.4 Net Income
77.4 Gross svg. = capital consump.

1
2

3
4
5
6
7
8
9

64.4
62.7
64.7
53.4
.6
10.6
-1.9

66.4
69.3
69.4
48.7
4.2
16.6
-.2

70.0
84.0
78.6
56.7
.4
21.5
5.4

73.5
88.9
83.6
58.7
.6
24.3
5.3

76.3
101.7
97.3
65.8
2.3
29.1
4.4

75.1
89.7
84.7
58.9
.2
25.6
5.0

76.5
92.5
86.4
59.7
1.1
25.6
6.2

74.6
98.3
90.9
63.4
3.2
24.3
7.4

76.1
103.5
95.3
64.1
2.6
28.5
8.2

77.0
102.8
101.2
67.1
2.9
31.3
1.6

77.4 Gross Investment
102.1 Capital expenditures
Fixed capital
101.7
68.6
Plant and equipment
.6
Home construction (1)
32.4
Multi-family residential
.4
Change ln inventories

3
4
5
6
7
8
9

10
11
12
13
14
15
16

1.7
3.7
1.6
2.1
2.0
*

-2.8
.1
4.7
-4.6
-4.6
K

-14.0
12.2
8.0
4.2
4.2
*

-15.3
15.1
8.2
7.0
7.0
K

-25.4
7.6
3.9
3.6
3.7
-.1

-14.6
20.2
11.8
8.4
8.4
K

-16.0
10.2
—
4.6
5.6
5.6
*

-23.7
5.7
—
1.7
4.0
4.0
K

-27.3
7.6
4.0
3.6
3.7
-.1

-25.9
9.1
5.2
4.0
4.0
*

-24.7 Net financial investment
7.9
Net acq. of financial assets
Demand deposits 8 currency
4.9
Consumer credit
Miscellaneous assets
3.0
3.1
Insurance receivables
Equity in spons.ags. (2)
-.1

10
11
12
13
14
15
16

17
18
19
20
21
22

2.0
40.2
30.3
.5
6.1
23.7

2.9
76.6
63.8
3.3
13.3
47.2

26.2
97.1
86.2
.3
24.9
61.0

30.5
92.8
89.6
.5
29.3
59.9

33.0
100.7
94.1
1.9
29.9
62.3

34.8
92.2
83.3
.1
26.5
56.7

26.2
107.6
109.1
.9
40.9
67.3

29.4
106.0
104.9
2.6
32.9
69.4

34.9
85.5
74.9
2.1
28.0
44.8

35.0
96.6
87.1
2.3
30.0
54.8

32.6
114.8
109.6
.5
28.7
80.4

17
18
19
20
21
22

23
24

7.4
2.6

1.4
11.4

2.5
8.3

.2
2.9

.5
6.1

1.0
7.9

1.0
-2.4

.6
.5

-1.3
11.9

2.5
7.0

.2
4.9

25
26

-2.4
-35.8

.7
-74.4

3.3
-74.2

2.3
-64.6

.3
-68.0

2.2
-59.7

1.0
-82.5

.7
-77.2

.2
-50.8

.4
-62.0

-.1
-82.1

-

Net increase in liabilities
Credit market instruments
Mortgages
Home mortgages
Multi-family
Commercial
Bank loans n.e.c.
Other loans

Trade debt* net
Proprietor net Investment

(1) Farm plus nonfarm change ln work ln process.
(2) Shares in FICBs* Banks for Cooperatives* and Federal Land Banks.
BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

23
24
25
26

MARCH 2, 1987
Nonfinancial Corporate Business

Nonfinancial Corporate Business
Sector Statements of Saving and Investment

10

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOMSCS MILL)

III

1985

I
IV I

II

1986

BILLIONS OF DOLLARS
1978
1979
1980

III

Nonfinancial Corporate Business* Excluding Farms

—

46,511
18*209
20*111
9*672

43,208
16*213
24,843
653

35*168
16,114
21,514
-2,042

44*902
19*851
21*534
2*922

46*405
20.096
21*403
6*721

44*464
18*908
26*066
-2,170

160.1
59.7
42.0
58.4

181.2
66.8
47.6
66.9

194.9
69.3
54.1
71.5

181.4
66.7
61.0
53.7

181.4
63.6
67.6
50.2

1
2
3
4

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

13,834
63,077
1,942
88*525

13,346
63*805
4,934
82*738

12,745
64,283
3*220
78*206

12*014
65*083
1*353
81*372

12.026
65*660
1,442
85*849

12*673
66*386
4*184
81*073

-9.4
114.3
10.3
173.7

-11.3
129.8
10.5
195.9

-14.0
149.6
15.1
222.1

-16.1
171.3
15.7
224.6

-13.8
198.8
14.5
249.6

5
6
7
8

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

2*937
1,406
92*868

6,144
-2*419
86,463

6,040
A, 645
88*891

7,627
3*486
92*485

4,373
683
90.905

7.300
-2*314
86,059

8.0
-16.6
165.1

11.7
-25.3
182.3

18.6
-43.2
197.6

18.7
-43.1
200.1

14.0 9
-24.2 10
239.5 11

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

75,102
91*288
86.659
84,531
1.571
557
2,435
2*194

62*744
87,249
92.85A
93*080
-679
A53
-6,364
759

91,235
87,247
74,896
77,870
-3,306
332
11*510
841

88*946
99*288
91*694
86*908
4*156
630
4,998
2,596

84*142 59,429
88*200 77,657
86*209 88*523
83,238 88 * 748
2*282
-793
689
568
91 -12,723
1.900
1.857

145.8
179.7
160.0
157.1
2.2
.7
17.2
2.5

163.1
216.9
191.9
189.9
1.0
1.0
23.1
2.0

207.7
238.3
223.7
223.2
-.7
1.2
9.8
4.7

195.7
244.1
238.3
238.6
-1.4
1.1
.7
5.0

206.1
286.3
269.8
270.6
-1.8
1.0
11.7
4.8

3*988 -10*342
-706 19*859

-4*058 -18*228
9,921 50*439

-33.8
62.5

-53.8
92.4

-30.6
124.5

-48.4
99.1

-80.2 20
62.8 21

1
2
3
A

Profits before tax
- Profit tax accruals
- Domestic net dividends
= Domestic undist. profits

5
6
7
8

*
*
*
=

20 Net financial Investment
-16,186 -24,505
21
Net acq. of financial assets 21*531 37*908

12
13
14
15
16
17
18
19

22
23
24
25
26

Liquid assets
Demand dep. and currency
Time deposits
Security RPs
Foreign deposits

13*265
1,463
923
4.385
3*786

13,793
8*402
5.924
1*235
-4,436

-1*069
-5*293
2*558
147
849

8*820
587
1,747
-1,956
2*259

3*358
-996
-479
2*061
2*696

37.981
9*165
8*891
9*402
1.343

3.7
2.8
4.8
1.2
1.3

15.8
4.4
2.0
5.5
2.0

18.6
2.6
4.7
2.6
5.1

18.7
2.3
4.0
6.6
2.8

17.5
-4.7
14.9
K
-1.7

27
28
29

U.S. govt, securities
Tax-exempt obligations
Commercial paper

-2*865
99
5*474

460
616
1*592

2,469
580
-2,379

2*952
691
2*540

-3,794
-193
4.063

7,837
988
355

-6.4
M
-.1

1.5
.2
.2

1.6
M
1.9

5.6
-.2
-2.3

-1.0 27
M 28
10.0 29

Consumer credit
1*138
Trade credit
5*697
Miscellaneousassets
1*431
Foreign dir.invest.(2*5)
1,385
Equity, etc.
-2,098
Retained earnings
3,483

2*484
8*042
13*589
4,347
1*215
3*132

-2,132
-3*439
5*934
7,251
2*440
4*811

178
2*390
8*471
4*379
-960
5*339

-122
8*138
-1,453
4.592
1.424
3*168

3,001
-1.187
10.644
4*236
-229
4*465

2.6
34.8
21.5
11.5
5.1
6.4

1.2
56.6
18.9
16.1
4.4
11.7

1.2
69.8
34.9
26.8
7.6
19.2

.2
48.2
32.0
23.6
4.9
18.6

1.9
23.2
20.3
12.6
-.5
13.1

2*600
-1
6*643

2,600
69
-3*986

3*498
8
586

1*504 2*427
-1
-18
-7*548 3*999

4.4
.1
5.5

5.6
M
-2.8

5.5
.1
2.5

4.7
M
3.8

3.7 36
- 37
4.0 38

37,717 62*413 -4*694 30*201 13*979 68*667
11*680 38,123 17*450 21*176 7*225 46*614
-18*750 -25*000 -14*750 -19*625 -20*125 -26*250

96.3
72.0
2.7

146.3
85.0
-.1

155.1
87.8
-7.8

147.5
94.3
12.9

143.0 39
93.7 40
-11.5 41

27.350 72*864
-1.200
-634
24.452 21*163

69.3
6.7
22.9

85.2
7.7
21.1

95.7
10.0
17.3

81.5
10.9
27.7

105.2 42
13.4 43
22.8 44

30
31
32
33
34
35

36
37
38
39
40
41

Insurance receivables
Equity in sponsored ags.
Other
Net increase in liabilities
Net funds raised in mkts.
Net new equity issues

63*123
11,000
21*579

1*281
1*257
-50
74

-544
-544
50
-50

-2,496
-2,645
150
-1

3*312
3*325
75
-88

1*893
1.826
153
-86

-641
-634
125
-132

3.7
1.8
2.0
-.1

4.6
.8
2.7
1.1

1.5
-.5
2.4
— .4

1.7
-1.1
3.0
-.2

-2.0
-1.4
.8
-1.3

45
46
47
48

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

9*923
150
434
-2.761
-972

18*849
4,052
-804
11*489
-2,498

4*170
-2,693
-982
6*853
520

6*031
-860
50
590
1*108

3*113
4*125
1*250
-6,375
92

51,887
-9,878
-479
11*646
-200

20.4
1.6
.6
13.5
H

34.7
2.7
1.2
11.5
1.7

44.5
9.0
2.0
10.2
1.2

28.7
4.0
1.6
5.5
1.5

43.5
14.7
2.2
9.4
1.2

49
50
51
52
53

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

2*890
16,899
6*248
5*419
829

1*895
2,499
19,315 •24,676
637
2*476
715
3.146
-78
-670

-5.125
9,911
4*239
3*616
623

2,371
1*200
3*183
3*043
140

1*905
14*822
5*326
4,379
947

-1.5
22.1
3.7
2.1
1.6

4.3
49.1
7.9
5.3
2.5

2.5
52.9
11.8
7.9
3.9

-1.7
39.6
15.3
11.7
3.6

-6.8
30.8
25.3
22.3
3.0

54
55
56
57
58

17*766

23*719

3*539

6.763

26*630

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

45
46
47
48

Mortgages
Home mortgages
Multi-family
Commercial

49
50
51
52
53

54
55
56
57
58

59 Discrepancy

62
63
64

65
66
67

30
31
32
33
34
35

30*430
5*400
16,975

42
43
44

60
61

2*618

-2*572

22
23
24
25
26

32*200 40,801
-3,000 -3,150
29*828 33*720

-2*344

Memorandum items:
Trade credit net of trade debt •11,202 -11,273 21,237 -7.521
Profits tax payments
13*855 14*981 16,139 24*060
Debt subtotals:
Securities and mortgages
23,656 32*035 24*332 33*882
Loans and short-term paper
6,774 31*088
7*868
6,919
Total short-term liab. (4)
26*563 52*902 •14*913 11*705
Percent ratios:
Effective tax rate
39*149 37*523 45*820 44*209
Capital outlays/internal funds 98*298 100*909 98*150 107,355
Cr. mkt. borrowing/cap. exp.
33*334 72,348 36*906 41*093

(1) Capital outlays on book basis:
68 Inventory change, NIPA
2,435 -6*364
69 Less: Inv. val. adjustment
1*406 -2,419
70 Inventory change before IVA
1,029 -3,945

71 Total cap. expend, before IVA
89*882 89*668
72 U.S. Internal funds, book
88,525 82,738
Financing gap: Excess of capital expenditures
73
over U.S. internal funds
1*357
6,930

6*938 -16*009
15.080 17.117

12.7
60.2

7.5
64.0

16.9
68.3

8.6
69.0

-7.6 60
71.1 61

25,145
2,205
5,776

19*888
52*976
69*703

33.2
36.1
56.6

33.4
51.8
105.2

28.8
66.9
122.3

40.3
41.2
79.1

34.2 62
70.9 63
94.9 64

43*305
97*024
31*009

42*524
90*236
93,827

37.3
108.8
38.6

36.9
119.0
39.3

35.6
120.6
40.1

36.8
122.0
33.4

35.1 65
119.6 66
36.7 67

91 -12,723
683 -2,314
-592 -10*409

17.2
-16.6
33.9

23.1
-25.3
48.4

9.8
-43.2
53.0

.7
-43.1
43.9

11.7 68
-24.2 69
35.9 70

11*510
4*645
6*865

4*998
3*486
1*512

82*602
78*206

95*802
81*372

87*517
85*849

79,971
81*073

196.3
173.7

242.2
195.9

281.4
222.1

287.2
224.6

310.5 71
249.6 72

4*396

14*430

1*668

-1*102

22.6

46.4

59.3

62.6

60.9 73

(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries;
U.S. direct investment abroad is before subtracting net Inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Industrial revenue bonds. Issued by state and local governments
to finance private investment and secured in interest and
principal by the Industrial user of the funds.
(4) Loans and short-term paper (line 63), taxes payable and trade debt
(5) Direct Investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.

IV/86 BASED ON INCOMPLETE INFORMATION




-10.1
19.2
4.4
33.3 59
19.3
————

MARCH 2, 1987
Nonfinancial Corporate Business

Nonfinancial Corporate Business

Sector Statements of Saving and Investment

11

SEASONALLY ADJUSTED ANNUAL RATES

___

1982

1983

198 A

———

1985

SEASONALLY ADJUSTED ANNUAL RATES

1986

I
1

III

1985

I
IV 1

I

Nonfinancial Corporate Business* Excluding Farms

II

1986

III

IV

——

1
2
3
A

129.8
A6.2
72.0
11.6

159.5
59.3
78.0
22.2

189.6
7A.2
83.9
31.5

170.A
66.3
86.2
17.9

170.9
75.0
90.5
5.A

177.6
70.3
85.8
21.A

177.6
70.1
86.9
20.6

156.A
68.5
89.3
-l.A

165.9
71.5
90.5
3.7

177.0
77.7
91.3
8.0

18A.5
82.1
91.0
11.A

Profits before tax
- Profit tax accruals
- Domestic net dividends
= Domestic undist. profits

5
6
7
8

-8. A
221. A
12.5
237.2

16.0
228.2
11.8
278.2

31.A
237.9
11.3
312.1

52.7
250.6
12.2
333.A

A9.5
261.A
10.2
326.5

55.3
252.3
13.3
3A2.A

53.A
255.2
12.6
3A1.8

51.0
257.1
1A.8
321.5

A8.1
260.3
5.2
317.3

A8.1
262.6
11.8
330.5

50.7
265.5
9.0
336.7

*
*
*
=

Capital consumption adl.
Depreciation charges* NIPA
Earnings rec. from abroad
U.S. internal funds* book

5
6
7
8

9
10
11

15.5
-10.A
2A2.3

18. A
-10.9
285.7

19.7
-5.5
326.3

19.6
-.6
352.5

25.3
6.5
358.3

16.7
6.1
365.2

22.7
-9.A
355.1

23.7
16.5
361.7

27.7
10.6
355.6

23.0
6.1
359.6

27.0 ♦ Fgn. earnings ret. abroad
-7.2 * Inv. valuation adjustment
356.A a Total internal funds ♦ IVA

9
10
11

12
13
IA
15
16
17
18
19

206.8
256.3
269.7
267.9
.6
1.2
-21.2
7.8

253.5
27A.8
266.5
261.1
A.2
1.2
.6
7.8

292.0
371.2
312.2
309.9
.A
1.9
51.2
7.9

307.9
353.1
3A1.8
339.A
.6
1.8
7.0
A.A

323.8
352. A
3A1.3
336.8
2.3
2.2
3.9
7.2

277.5
3A9.0
3A2.0
3A0.1
.2
1.7
-1.8
8.8

30A.2
373.5
359.9
357.1
1.1
1.8
10.5
3.0

352.1
380.2
3A3.0
337.5
3.2
2.3
33.8
3.A

33A.2
35 A. A
3A1.8
336.9
2.6
2.2
2.3
10.A

31A.A
336.2
3A0.5
335.A
2.9
2.2
-11.9
7.6

29A.3 Gross Investment
338.8 Capital expenditures (1)
Fixed investment
3A0.1
Plant and equipment
337.2
Home construction
.6
Multi-family residential
2.2
Inventory change * IVA
-8.7
7.A
Mineral rts. from U.S. govt.

12
13
IA
15
16
17
18
19

20
21

-A9.6
35.7

-21.A
12A.3

-79.2
97.9

-A5.2
85.A

-28.6
79.5

-71.5
68.3

-69.3
1A8.8

-28.0
22.8

-20.2
76.8

-21.8
22.A

20
-AA.5 Net financial Investment
Net acq. of financial assets 21
195.5

22
23
2A
25
26

3A.2
7.A
10.3
3.7
-.A

5A.5
A.2
16.6
11.2
3.1

21.7
A.2
10.7
-A. 6
-5.1

15.3
A.8
6.9
A.O
-2.1

A9.1
3.5
12.7
9.7
7.1

62.5
6.1
10.9
17.5
15.1

13.1
10.6
7.2
A.9
-17.7

27.1
3.0
17.1
.6
3.A

39.2
l.A
9.8
-7.8
9.0

23.2
-3.7
6.1
8.2
10.8

106.8
13.1
17.9
37.6
5.A

Liquid assets
Demand dep. and currency
Time deposits
Security RPs
Foreign deposits

22
23
2A
25
26

27
28
29

5.3
.1
7.9

8.0
.7
10.7

7.2
-.1
9.A

-3.1
.8
A.O

9.5
2.1
A.6

6.A
.A
6.0

-6.6
2.5
12.3

.7
2.3
K

12.9
2.8
11.1

3.0
-.8
-.5

21.2
A.O
7.7

U.S. govt, securities
Tax-exempt obligations
Commercial paper

27
28
29

30
31
32
33
3A
35

.5
-15.7
16.6
8.1
3.3
A.8

3.3
62.3
A.2
9.8
-3.6
13.5

3.6
A6.5
26.0
1A.3
-3.5
17.8

3.2
35.2
31.7
10.8
-5.0
15.8

.9
5.9
23.6
20.5
2.7
17.8

A.A
-5.8
7.1
8.3
-5.7
13.9

1.3
87.1
A7.2
16.2
3.7
12.5

5.9
-A6.5
36.3
30.7
11.A
19.2

-5.3
13.5
29.A
15.3
-6.1
21.A

-.A
A.l
-A.A
21.0
8.A
12.7

3.0
52.5
33.1
1A.8
-3.0
17.9

Consumer credit
Trade credit
Miscellaneous assets
Foreign dir.invest.(2*5)
Equity* etc.
Retained earnings

30
31
32
33
3A
35

36
37
38

2.7
.1
5.7

3.5
K
-9.1

5.2
K
6.6

10.0
.1
10.8

10.0
.1
-6.9

10.5
-11.7

10.A
K
20.6

10.A
.3
-5.0

1A.0
K
.1

6.0
K
-31.5

9.7
-.1
8.7

39
A0
Al

85.3
80.6
11.A

1A5.6
87.6
28.3

177.1
116.A
-77.0

130.6
82.1
-81.6

108.2
92.5
-80.8

139.8
53.0
-75.0

218.1
1A5.6
-100.0

50.8
88.5
-59.0

97.1
65.8
-78.5

AA.2
38.2
-80.5

2A0.0
177.2
-105.0

A2
A3
AA

69.2
15.1
18.7

59.3
9.A
16.0

193.A
20.5
A6.1

163.7
22.6
73.9

173.2
-8.0
109.2

128.0
21.6
70.2

2A5.6
AA.O
80.0

1A7.5
-12.0
120.6

1AA.3
-12.6
137.8

118.7
-A.8
100.5

282.2
-2.5
77.7

A5
A6
A7
A8

-1.2
.5
-.6
-1.1

3.5
3.3
.8
-.7

.3
.3
.2
-.2

.A
.5
-.1
.1

2.1
1.9
.5
-.3

.2
.1
-.2
.3

.9
.9
.2
-.2

3.2
2.6
.6
H

2.1
2.1
.3
-.A

2.6
2.3
.6
-.3

.5
.5
.5
-.5

A9
50
51
52
53

39.7
-6.1
-.A
2.1
1.3

18.0
-.8
3.5
10.2
-.5

77.0
21.7
l.A
25.1
1.2

37.A
1A.6
-1.1
18.5
-2.6

65.2
-9.3
-.2
12.7
1.5

35.0
-.5
1.7
3.6
-3.9

65.8
3A.3
-3.2
33.8
-10.0

30.7
-16.6
-3.9
23.5
2.1

23.8
-1A.9
.2
3.5
A.A

8.1
16.A
5.0
-9.A
.A

5A
55
56
57
58

-IA.1
5.0
13.8
16.2
-2.A

5.8
AO.8
11.5
11.9
-.3

.7
3A.A
25.6
22.5
3.1

-1.8
33.0
17.2
16.8
.5

1.0
1.3
13.A
11.8
1.6

-.1
61.9
25.0
21.7
3.3

1.0
61.6
9.9
12.6
-2.7

A.2
-AA.5
2.5
2.9
-.3

2.1
12.2
17.0
1A.5
2.5

59

35.6

32.2

3A.3

AA.6

3A.6

87.7

50.9

9.6

21.A

Insurance receivables
36
Equity in sponsored ags. 37
38
Other
Net increase in liabilities
Net funds raised in mkts.
Net new equity issues

A2
A3
AA

Mortgages
Home mortgages
Multi-family
Commercial

A5
A6
A7
A8

198.1
-22.2
-1.9
33.A
-.8

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

A9
50
51
52
53

-1.3
-5.A
12.7
12.2
.6

-.8
A2.3
21.3
17.5
3.8

Profit taxes payable
Trade debt
Fgn.dlr.investmt.ln U.S.(5
Equity* etc.

5A
55
56
57

A5.2

62.1 Discrepancy

-20.6
57.7

21.5
52.1

12.1
69.0

2.2
71.9

A.6
72.A

-67.7
71.3

25.5
75.7

-2.0
6A.7

1.3
65.0

9.5
75.5

10.2
8A.A

62
63
6A

32.6
36.6
27.5

29.0
30.3
76.8

67.0
126.5
161.5

96.9
66.8
98.1

103.2
70.0
72.3

92.0
36.0
97.8

12A.8
120.8
183.A

111.8
35.7
-A.5

127.3
17.0
31.3

98.3
20.A
13.7

75.7
206.6
2A8.1

65
66
67

35.6
105.8
27.0

37.2
96.2
21.6

39.1
113.8
52.1

38.9
100.2
A6.A

A3.9
98.3
A9.2

39.6
95.6
36.7

39.5
105.2
65.7

A3.8
105.1
38.8

A3.1
99.7
AO.7

A3.9
93.5
35.3

AA.5
95.0
83.3

68
69
70

-21.2
-10.A
-10.8

.6
-10.9
11.5

51.2
-5.5
56.7

7.0
-.6
7.5

3.9
6.5
-2.6

-1.8
6.1
-7.9

10.5
-9.A
19.9

33.8
16.5
17.3

2.3
10.6
-8.3

-11.9
6.1
-18.0

71
72

266.7
237.2

285.7
278.2

376.7
312.1

353.7
333.A

3A5.9
326.5

3A2.9
3A2.A

382.9
3A1.8

363.7
321.5

73

29.5

7.6

6A.6

20.3

19.A

.5

Al.l

A2.1

Retained earnings

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

(1) Capital outlays on book basis:
-8.7 Inventory change* NIPA
-7.2 Less: Inv. val. adjustment
-1.5 Inventory change before IVA

330.1
3A3.8
3A6.0 Total cap. expend, before IVA
317.3
330.5
336.7 U.S. internal funds* book
Financing <9ap: Excess of capital expenditures
26.5
-.A
over U.S. internal funds
9.3

(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries;
U.S. direct investment abroad is before subtracting net inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Industrial revenue bonds. Issued by state and local governments
to finance private investment and secured in interest and
principal by the Industrial user of the funds.
(4) Loans and short-term paper (line 63)» taxes payable and trade debt
(5) Direct investment totals and retained earnings exclude
capital gains/losses Included in balance of payments statistics.




IV/86 BASED ON INCOMPLETE INFORMATION

39
AO
Al

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

60
61

BILLIONS OF DOLLARS.

1
2
3
A

58

59
60
61

62
63
6A
65
66
67

68
69
70

71
72
73

MARCH 2, 1987
State and Local Governments

State and Local Governments
Sector Statements of Saving and Investment

^2

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV 1

I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

State and Local Governments - General Funds (1)

139,514 155.907 155,081 151,559 149,748 166,338
103,519 117,871 116,443 113,987 111,113 126.433
11,125 11,275 11,425 11,575 11,750 12,375
24,870 26,761 25,213 25.997 26,885 27,530

300.1
210.5
22.1
67.5

330.3
228.3
24.7
77.3

355.3
247.3
27.4
80.5

390.0
271.6
29.7
88.7

425.6
305.2
32.5
87.9

1
2
3
4

5 Total expenditures, NIPA basis 134,659 132,334 130,948 138,383 145.033 143,359
6
Purch. of 9oods and services 120,279 119,021 116,715 123,289 129,391 128,455
14,380 13,313 14,233 15,094 15,642 14,904
7
Net interest and transfers

273.2
236.2
37.0

301.3
263.4
37.9

327.7
289.9
37.8

363.2
322.2
41.0

391.4
345.9
45.6

5
6
7

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

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

4,855
11,310
-6,455

23,573
13,254
10,319

22,133
11,398
10,735

13,176
12,940
236

4,715
11,111
-6,396

22,979
12,097
10.882

26.9
15.9
11.0

28.9
20.7
8.3

27.6
16.2
11.4

26.8
26.5
.3

34.1 8
29.7 9
4.4 10

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

-1,749
18,631
-1.687
1,051
489

7,531
72,786
2,064
1,853
155

5,382
543
-2,471
425
137

-1,088
15,453
5.206
-3,120
-2,282

-870
39,333
-3,380
-1,814
6.133

10.010
19,259
5,918
-153
73

15.8
27.0
1.1
6.7
1.7

2.4
20.6
K

.5
19.8
-.4
-2.1
4.0

-8.6
10.6
-.6
-2.0
.3

-.2
7.6
-1.5
2.2
5.2

11
12
13
14
15

16
17
18
19
20
21

16,196
14,306
14,814
-508
-710
2,600

67,082
64,069
60,109
3,960
-3
3,016

4,299
-153
-1,809
1,656
-160
4,612

16,694
13,947
10,736
3,211
-130
2,877

35,815
33,869
29,374
4,495
46
1,900

11,288
9,810
8,673
1,137
138
1,340

15.7
14.6
10.6
4.0
.6
.6

12.7
10.9
5.5
5.3
-.7
2.5

16.7
10.7
7.5
3.2
-.5
6.5

11.9
1.9
.7
1.2
.2
9.8

.7
-7.1
-1.8
-5.4
.1
7.7

16
17
18
19
20
21

,22
23
24
25
26
27
28

Credit market instruments
U.S. 9ovt. securities
Treasury issues
Agency issues
Tax-exempt obligations
Mortgages
Taxes receivable

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

29
Trade debt
30 Discrepancy

7.1

2,582

1,632

-1,847

-1,045

2,579

2,133

1.8

.8

1.5

1.1

20,380
20,106
18,938
4,649
14,289
1,168

65,255
64,976
63,691
-730
64,421
1.285

-4,839
-5.124
-5,746
-2,593
-3,153
622

16,541
16,250
15,642
518
15.124
608

40,203
39,906
39,156
3,864
35,292
750

9,249
8,946
7,746
677
7,069
1,200

11.1
10.5
10.3
-2.9
13.2
.2

18.3
16.5
18.1
.6
17.5
-1.6

19.3
17.6
17.4
1.0
16.5
.2

19.2
17.2
16.3
1.7
14.6
.9

274
-4,706

279
2.788

285
5,353

291
1.324

297
-5.526

303
872

.7
-4.8

1.7
5.9

1.6
10.9

2.0
8.9

(1) Employee retirement funds are in insurance sector.
IV/86 BASED ON INCOMPLETE INFORMATION




H

1.0 22
7.9
6.8
5.5
1.1
4.4
1.2

23
24
25
26
27
28

1.1 29
4.7 30

MARCH 2. 1987
State and Local Governments

State and Local Governments
Sector Statements of Saving and Investment

13

SEASONALLY ADJUSTED ANNUAL RATES
1982

1983

1984

1985

SEASONALLY ADJUSTED ANNUAL RATES
1986

I
1

III

1985

I
IV 1

II

I

1986

III

IV

State and Local Goivernments - General Funds iCl)
1
2
3
4

449.4
329.7
35.9
83.9

487.6
362.9
38.5
86.2

540.9
406.2
41.1
93.6

577.5
434.4
44.2
99.0

620.7
468.0
47.1
105.6

584.1
439.4
44.5
100.2

592.8
446.1
45.1
101.6

608.4
459.2
45.7
103.5

611.4
458.2
46.3
106.9

629.0
474.0
47.0
108.0

634.1 Total receipts* NIPA basis
Tax receipts
480.5
49.5
Social insurance receipts
104.1
Grants-in-aid received

1
2
3
4

5
6
7

414.3
369.0
45.2

440.2
391.5
48.7

472.4
422.2
50.2

515.8
461.3
54.5

557.7
497.9
59.9

524.7
468.8
55.9

530.3
474.7
55.6

538.4
480.9
57.5

552.7
493.3
59.4

565.1
504.7
60.4

574.7 Total expenditures* NIPA basis
512.5
Purch. of goods and services
62.2
Net interest and transfers

5
6
7

8
9
10

35.1
32.0
3.1

47.4
39.2
8.2

68.5
45.7
22.7

61.7
47.4
14.3

63.0
47.5
15.5

59.4
45.2
14.2

62.5
53.0
9.5

70.0
45.6
24.4

58.7
51.8
6.9

63.9
44.4
19.5

11
12
13
14
15

.2
22.7
-1.6
3.8
7.3

2.8
37.6
-.7
-6.3
7.2

18.1
46.5
5.0
.2
11.5

9.3
118.1
.7
4.6
9.4

13.4
74.6
5.3
-4.7
4.1

10.9
83.7
1.5
3.0
2.0

4.0
250.9
-1.0
5.1
.6

21.4
32.1
-.2
-7.4
.5

.3
63.2
11.5
-.5
-9.1

16
17
18
19
20
21

14.5
9.0
7.3
1.7
.2
5.2

35.4
26.9
16.7
10.2
.6
7.9

25.9
14.6
4.5
10.1
1.1
10.2

102.1
93.3
85.3
8.1
-1.0
9.8

68.1
57.5
47.0
10.5
-.1
10.7

75.4
67.9
69.9
-2.0
-2.8
10.4

247.4
235.3
219.5
15.8
K
12.1

37.1
19.3
12.7
6.6
-.6
18.4

58.8
47.8
35.0
12.8
-.5
11.5

22

-1.4

1.9

3.9

1.3

1.8

1.8

-1.1

23
24
25
26
27
28

22.5
21.5
20.6
6.7
13.9
1.0

34.8
34.0
32.9
-1.5
34.4
1.1

28.4
27.4
19.7
-3.7
23.3
7.7

108.9
107.8
99.6
1.3
98.3
8.2

61.2
60.0
56.8
2.5
54.3
3.2

72.8
71.7
67.1
15.7
51.3
4.7

246.9
245.8
240.6
-5.4
246.1
5.1

29
30

.9
2.9

.8
5.4

1.0
4.6

1.1
5.1

1.2
2.0

1.1
3.3

1.1
5.4

2.1

10.8 '
9.6
7.1
1.8
5.4
2.5

1.1
3.1

59.4 Net surplus* NIPA basis
48.4 - Retirement credit to HH
11.0 = Gross saving

8
9
10

19.6
168.8
-4.3
-8.0
24.5

12.5 Net financial Investment
Net acq. of financial assets
34.2
14.1
Demand dep. and currency
-2.7
Time deposits
Security
RPs
.3

11
12
13
14
15

154.9
147.1
129.2
18.0
.2
7.6

21.6
15.6
11.1
4.5
.6
5.4

2.6

1.7

.9

63.0
61.8
59.4
-4.0
63.4
2.4

149.2
148.0
145.0
12.6
132.4
3.0

21.7
20.5
15.7
-.5
16.1
4.8

1.2
6.7

1.2
-.2

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

16
17
18
19
20
21

Taxes receivable

22

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

1.2
Trade debt
-1.5 Discrepancy

(1) Employee retirement -funds are in Insurance sector.

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

23
24
25
26
27
28
29
30

MARCH 2, 1987
U.S. Government and Credit Agencies

U.S. Government and Credit Agencies

Sector Statements of Saving and Investment

14

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)
III

1985

I
IV I

II

1986

1977

III

BILLIONS OF DOLLARS
1978
1979
1980

1981

U.S. Government

198.964 184,860 198,750 227,242 207.172 192,786
91.239 83,005 77,141 104,204 94.131 86,449
20.128 18,863 17,604 21,504 22.074 21.618
14.226 13,611 12,783 12,408 14,438 12,696
73.371 69,381 91,222 89,126 76,529 72,023

384.1
169.8
61.6
25.0
127.7

441.4
194.9
71.4
28.0
147.0

505.0
231.0
74.4
29.3
170.3

553.8
257.9
70.3
38.8
186.8

639.5
298.9
65.7
56.2
218.8

1
2
3
4
5

6 Total expenditures. NIPA basis 244.610 259,763 250,668 259,668 254,888 265,601
7
Goods and services
88.647 98,142 89,932 89,472 90,668 96.578
8
Transfers, etc.
123.486 128,086 127.277 135,475 130,445 135.103
32.477 33,535 33,459 34,721 33,775 33,920
9
Net interest

430.1
151.1
249.9
29.1

470.7
161.8
273.8
35.2

521.1
178.0
300.7
42.5

615.1
208.1
353.7
53.3

703.3
242.2
388.7
72.4

6
7
8
9

>45.646 -74,903 -51.918 -32,426 -47,716 -72,815
13.607
4,364 -2.425
4,438 12,146
6,912
-59,253 -79,267 -49,493 -36.864 -59,862 -79.727
2,194
759
841
1,900
1.857
2,596
-57.059 -78,508 -48.652 -34,268 -57,962 -77,870

-46.0
6.6
-52.7
2.5
-50.2

-29.3
7.2
-36.6
2.0
-34.6

-16.1
8.2
-24.3
4.7
-19.6

-61.3
8.8
-70.1
5.0
-65.1

-63.8
10.0
-73.8
4.8
-69.0

10
11
12
13
14

-59,923 -76,967 -56,216 -37,663 -54,009 -75,787
15 Net financial investment
16
Net acq. of financial assets
1.338
23 14,016 -13,192 14,944 11,577
Gold. SDRs 8 fgn. exch.
17
-87
1,690
17
-530
-764
-40
Demand deposits 8 currency -6,252 13,403 -18,605 12,236
-370
18
7,352
Time deposits
19
83
44
53
373
25
-190

-55.8
8.6
.4
-.5
.1

-38.6
24.9
-2.3
3.7
.1

-25.3
21.6
-.6
.2
.1

-64.6
24.2
4.3
-3.0
-.2

-79.1
21.3
2.8
1.2
-.1

15
16
17
18
19

24.0
4.9
19.1

20
21
22
23

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

10
11
12
IS
14

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

20
21
22
23

Credit market instruments
Fed. agency securities
Mortgages
Other loans

3.071
580
2,491

-19
563
-582

3.135
—
1
3,134

4,335
-222
4,557

3,578
—
52
3,526

3,119
569
2,550

10.0
4.2
5.8

17.1
4.2
12.8

19.0
6.6
12.4

23.7
7.5
16.2

24
25
26

Taxes receivable
Trade credit
Miscellaneous

1,852
1,040
316

-331
-1,171
391

1,898
-145
192

-3,278
1,261
348

2.377
-849
-161

-445
-146
-100

-1.4
-.8
.7

2.9
2.7
.8

-.3
2.4
.8

-4.8
3.8
.5

-10.0 24
2.5 25
.9 26

59.946
80

90,983
112

43,024
211

52,607
193

65,586
276

77.125
109

64.4
.3

63.5
.5

46.9
1.6

88.7
1.3

100.4 27
1.2 28

27
28

Net increase in liabilities
Treasury curr. 8 SDR ctfs.

29
SO
31
32

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

46,055
1,551
44,523
-19

90,516
1,529
88,996
-9

37,111
1,646
35,530
-65

50,673
2,398
48,282
-7

57.446
3,948
53,558
-60

69,112
5,563
63,736
-187

56.8
4.7
52.9
-.9

53.7
3.9
51.2
-1.4

37.4
-.8
39.6
-1.4

79.2
-7.3
87.1
-.6

87.4
-4.3
92.2
-.5

33
34
35

Life 8 retirement reserves
Trade debt
Miscellaneous

13,607
248
-44

4,364
200
-4,209

-2,425
1,949
6,178

4,438
-341
-2,356

12,146
932
-5,214

6.912
-565
1,557

6.6
1.6
-.9

7.2
2.3
-.3

8.2
1.0
-1.3

8.8
1.4
-1.9

10.0 33
.7 34
1.0 35

2,864

-1,541

7,564

3,395

-3,953

-2,083

5.6

4.0

5.7

-.6

10.2 36

18.276

19,194

15,706

24.782

19,697

22,063

63.0

68.5

74.7

75.1

75.7 37

36 Discrepancy
Memo:
37 Corp, tax receipts, net

29
30
31
32

(1) Sales of Outer Continental Shelf leases.

Federally Sponsored Credit Agencies and Mortgage Pools

Sponsored credit agencies
1 Current surplus

84

2

45

50

51

71

.4

.6

.8

.9

1.2

1

2 Net acq. of financial assets
Demand deposits and currency
3
4
Fed. funds 8 security RPs

5,394
-139
-1,023

5,120
121
6,560

-349
-23
4,466

5.137
344
-1,278

8,407
212
5,451

6,868
995
-2,652

7.7
.1
.2

28.6
«
1.4

31.1
.2
.6

29.5
K
1.8

37.6
.2
3.5

2
3
4

5
6
7
8

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

8,086
1,137
-79
652

-1,324
-3,009
-253
696

-5,837
-2,068
-62
414

6.958
1,338
4
1,083

3.477
1,742
42
419

7,034
-139
5
507

6.4
-3.8
.2
.1

26.7
.6
-1.2
.4

30.0
.2
.1
.6

26.4
.7
K
1.1

33.2
.4
.3
2.2

5
6

9
10
11

Housing credit
Residential mortgages
FHLB loans to SSL assns.

8,510
2,394
6,116

5,439
2,349
3,090

-1.490
114
-1,604

6.559
-1,050
7,609

3,709
-487
4,196

8,505
-1.104
9.609

4.9
.5
4.3

21.5
9.0
12.5

18.5
9.4
9.2

14.9
7.8
7.1

21.2 9
5.0 10
16.2 11

-2,134
-1,690
-33
-411
-1,530

-4,197
-1,660
-247
-2,290
-237

-2.631
-1.387
-123
-1,121
1,045

-2.026
-1.932
-86
-8
-887

-2,435
-1,176
-596
-663
-733

-1,844
-1,318
774
-1,300
1,491

5.1
3.0
.6
1.4
1.0

5.4
3.2
.7
1.5
.4

10.5
5.1
2.1
3.3
.4

9.7
6.4
1.5
1.9
1.3

9.1
7.7
-.3
1.8
.7

12
13
14
15
16

5,773
3,896
3,596
300
1.877

6,718
5,048
4,263
785
1,670

356
-2,086
-2,201
115
2,442

5.074
4.828
4,539
289
246

8.170
5.356
5,789
-433
2.814

6,487
3,954
4.290
-336
2,533

7.3
5.9
7.0
-l.l
1.4

28.1
23.5
23.1
.4
4.6

30.6
24.8
24.3
.6
5.7

29.2
25.6
24.4
1.2
3.6

37.1
32.4
30.5
1.9
4.7

17
18
19
20
21

463

1.600

750

-13

-186

-310

M

.1

.2

.5

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

22,252
22,212
158
-118

25,522
25,533
72
-83

25,733
23,671
1,993
69

34,475
34,366
112
-3

46,824
45.809
1,053
-38

51,977
50,188
1,923
-134

16.1
15.7
.9
-.5

13.6
12.4
1.5
-.3

23.1
21.8
1.2
.1

19.2
18.7
.7
-.2

15.0
14.3
.9
-.1

27 Net incr. ln pool securities

22,252

25,522

25,733

34,475

46,824

51.977

16.1

13.6

23.1

19.2

15.0 27

Memo: Totals for agencies and !pools
Housing credit
30,880
Loans to agriculture
-2,252

31,044
-4,280

24.174
-2,562

41,037
-2.029

50,571
-2.473

60,616
-1.978

21.5
4.5

35.4
5.1

41.5
10.6

34.3
9.5

36.3 28
9.0 29

29,785

23,532

39,014

52,613

56,267

23.1

36.7

47.3

43.6

45.5 30

12
13
14
15
16

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

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

22 Discrepancy

.7 22

__ _____________________ _______ _ _ ___
Federally related mortgage pools (1)

28
29

30 Net security Issues

25,848

4

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

IV/86 BASED ON INCOMPLETE INFORMATION




7

8

23
24
25
26

MARCH 2, 1987
U.S. Government and Credit Agencies

U.S. Government and Credit Agencies
Sector Statements of Saving and Investment

15

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1984

1983

1985

1986

I
I

III

1985

I
IV I

1986

II

I

III

IV

U.S. Government
1
2
3
4
5

635.3
304.5
49.1
48.1
233.7

659.9
294.4
61.4
51.6
252.5

726.5
309.4
75.9
55.7
285.6

786.8
345.6
73.6
56.1
311.5

826.0
361.9
82.8
52.3
328.9

792.5
349.6
76.8
53.9
312.2

805.8
355.6
77.2
56.0
317.0

806.6
350.3
77.8
52.7
325.8

813.6
355.5
80.2
50.7
327.2

833.1
365.8
84.3
53.4
329.6

6
7
8
9

781.2
272.7
424.0
84.6

836.0
283.6
458.2
94.3

896.4
311.2
469.6
115.6

984.9
354.1
500.3
130.6

1030.8
366.7
528.3
135.9

990.1
360.9
499.4
129.8

1023.4
380.9
508.6
133.9

1001.5
355.7
510.8
135.0

1045.8
367.6
540.1
138.1

1030.4
369.3
526.4
134.7

1045.6 Total expenditures* NIPA basis
374.0
Goods and services
535.9
Transfers* etc.
135.7
Net interest

10
11
12
13
14

-145.9
11.9
-157.8
7.8
-150.0

-176.1
14.2
-190.3
7.8
-182.5

-169.9
18.2
-188.1
7.9
-180.2

-198.1
19.1
-217.2
4.4
-212.8

-204.9
21.1
-225.9
7.2
-218.8

-197.6
20.6
-218.2
8.8
-209.4

-217.6
26.3
-243.9
3.0
-240.9

-194.9
12.6
-207.5
3.4
-204.1

-232.2
20.8
-253.0
10.4
-242.6

-197.3
14.0
-211.3
7.6
-203.7

-195.1
36.9
-232.0
7.4
-224.5

15
16
17
18
19

-153.2
23.6
3.8
7.1
.5

-192.7
13.6
3.3
-8.7
-.5

-192.0
33.3
3.3
4.6
.5

-221.0
30.8
1.8
13.1
w

-223.7
14.7
-1.3
.6
.3

-231.8
-60.6
-.3
-75.0
.3

-241.3
112.2
6.8
110.7
.2

-217.3
-51.9
-.2
-69.5
1.5

-255.4
57.0
.1
31.8
.1

-197.8
-15.0
-2.1
-21.7
-.8

-224.2 Net financial investment
68.7
Net acq. of financial assets
Gold* SDRs 8 fgn. exch.
-3.1
62.0
Demand deposits 8 currency
.2
Time deposits

20
21
22
23

15.9
2.4
13.6

9.7
—
1.2
8.4

17.4
.5
16.9

17.8
1.8
15.9

14.2
.4
13.8

11.5
1.6
9.9

1.9
2.6
-.7

14.1
.7
13.4

15.0
-1.1
16.2

13.4

-.6
14.0

14.2
2.6
11.5

Credit market instruments
Fed. agency securities
Mortgages
Other loans

20
21
22
23

24
25
26

-10.2
4.8
1.6

5.3
3.8
.7

1.2
5.1
1.2

-6.7
3.7
1.2

.6
.1
.3

-2.5
4.2
1.3

-4.2
-4.7
1.6

2.0
-.6
.8

3.5
5.0
1.4

.3
-3.4
-.6

-3.5
-.6
-.4

Taxes receivable
Trade credit
Miscellaneous

24
25
26

27
28

176.8
1.7

206.3
.5

225.3
.6

251.8
.5

238.3
.8

171.2
.3

353.5
.4

165.4
.8

312.4
.8

182.8
1.1

292.9
.4

29
30
31
32

161.3
.2
162.0
-.9

186.6
3.1
183.5
-.1

198.8
3.0
195.9
-.2

223.6
5.3
218.5
-.1

214.3
13.6
201.1
-.3

149.3
5.9
143.4
-.1

341.7
5.6
336.1
K

120.6
7.4
113.5
-.3

301.9
9.4
292.5
*

184.5
15.5
169.3
-.2

250.5
21.9
229.3
-.7

33
34
35

11.9
1.8
.2

14.2
3.0
2.0

18.2
2.9
4.9

19.1
4.1
4.6

21.1
2.0
.2

20.6
1.2
-.2

26.3
1.9
-16.8

12.6
6.6
24.7

20.8
-1.7
-9.4

14.0
4.1
-20.9

36.9
-1.1
6.2

—

36

3.2

10.2

11.8

8.2

4.9

22.4

.4

13.2

12.8

-5.9

37

59.2

56.1

74.7

80.3

82.2

79.3

81.4

75.8

76.7

84.0

850.5 Total receipts* NIPA basis
Personal taxes
376.1
88.9
Corp, profits tax accruals
52.5
Indirect taxes
333.0
Social insurance receipts

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

1
2
3
4
5
6
7
8
9

10
11
12
13
14
15
16
17
18
19

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

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

29
30
31
32

Life 8 retirement reserves 33
34
Trade debt
35
Miscellaneous

-.4 Discrepancy
Memo:
92.4 Corp, tax receipts* net

36
37

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

Sponsored credit agencies
1

1.4

1.0

1.0

.4

.2

.3

2
3
4

22.4
-.2
5.4

2.0
.2
-2.3

41.5
.6
9.3

27.2
-.2
7.2

20.1
1.5
6.0

15.7
-.8
-4.1

17.9

5
6
7
8

16.0
1.4
-.3
1.6

3.4
-1.3
.4
1.5

28.8
.6
-.1
1.9

21.7
1.3
-.6
2.5

11.6
.9

2.4

27.1
1.5
-.3
2.6

-1.6
-12.3
-1.0
2.8

9
10
11

11.0
10.2
.8

2.2
9.3
-7.0

27.7
12.1
15.7

27.9
13.7
14.2

17.3
-2.5
19.8

31.6
12.2
19.4

12
13
14
15
16

2.2
3.9
-.8
-.8
1.1

.6
1.1
.9
-1.3
.7

-1.4
.3
-.4
-1.2
2.8

-9.4
-4.5
-1.0
-3.9
-1.5

-8.9
-5.8

17
18
19
20
21

21.3
15.3
14.9
.4
5.9

1.2
1.4
1.4
-.2

40.7
30.4
30.4
10.2

22

.3

.1

23
24
25
26

49.5
49.3
.4
-.2

27

.3 Current surplus

»

.2

.2

.2

23.2
-.1
26.2

9.0

13.3
2.2
-5.1

28.4
.5
21.8

-12.0
-6.4
-.2
1.7

18.0
7.4

31.1
-1.9

4.3

9.4
4.4
.2
1.7

21.9
7.8
14.1

4.0
-1.5
5.6

17.7
-3.6
21.3

12.6
1.2
11.3

34.8
-6.1
41.0

-3.1
.9

-8.2
-6.7
.4
-1.9
-6.5

-13.0
-6.1
-2.1
-4.8
-1.3

-11.0
-5.6
-3.3
-2.1
3.1

-11.4
-8.1
3.0
-6.3
-1.9

-9.4
-4.7
-1.9
-2.8
-3.3

-3.9
-4.8
2.1
-1.3
5.8

28.6
21.7
20.6
1.1
6.9

20.1
12.1
12.4
-.4
8.0

17.5
8.1
6.9
1.2
9.4

28.6
28.0
24.9
3.1
.6

12.1
-2.1
-2.5
.5
14.2

13.5
12.4
11.2
1.2
1.1

27.7
13.8
15.5
-1.7
13.9

27.1 Net Increase in liabilities
24.1
Credit market instruments
Sponsored agency issues
25.5
-1.3
U.S. government loans
Miscellaneous liabilities
3.0

17
18
19
20
21

.1

1.8

.2

2.1

5.4

3.4

.4

-.5

-2.3 Discrepancy

22

66.4
65.2
1.2

44.4
43.4
1.1
«

79.9
78.6
1.5
-.2

159.0
154.0
5.1
-.1

85.8
85.7
.6
-.5

98.4
98.4
.3
-.3

103.6
95.3
8.0
.3

145.1
144.6
.4
*

183.7
179.7
4.2
-.2

203.7 Net acq. of mortgages
196.5
Home mortgages
7.7
Multi-family mortgages
Farm mortgages
-.5

23
24
25
26

49.5

66.4

44.4

79.9

159.0

85.8

98.4

103.6

145.1

183.7

203.7 Net incr. in pool securities

27

28
29

60.7
2.1

68.7
.6

72.2
-1.4

107.9
-9.6

176.4
-9.0

117.9
-8.7

120.6
-13.3

107.3
-10.8

162.8
-11.4

196.4
-9.6

Memo: Totals for agencies and pools
239.1
Housing credit
-4.5
Loans to agriculture

28
29

30

64.5

67.8

74.9

100.5

171.4

92.7

123.3

101.0

156.3

199.2

«

K

K

1

29.6 Net acq. of financial assets
3.4
Demand deposits and currency
-10.6
Fed. funds & security RPs

2
3
4

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

5
6
7
8

M

2.0

Housing credit
9
Residential mortgages
10
FHLB loans to SSL assns. 11

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

12
13
14
15
16

Federally related mortgage pools (1)

M

229.2 Net security issues

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




IV/86 BASED ON INCOMPLETE INFORMATION

30

MARCH 2, 1987
Foreign sector

Foreign sector
Sector Statements of Saving and Investment

Ig
UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV 1

I

II

1986

IV

III

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Foreign Sector
1 Net U.S. exports. NIPA basis
2
U.S. export receipts
3 - U.S. Import payments
4 (Memo: net corporate earnings
retained abroad)

-24.861 -23,898 -20,085 -27,808 -31,452 -25,829
87,905 93,556 93,286 92,330 89,960 96,749
112.766 117,454 113,371 120,138 121,412 122,578
4.373
7,300
2,937
7,627
6,144
6.040

1.9
191.6
189.7
8.0

4.1
227.5
223.4
11.7

18.8
291.2
272.5
18.6

32.1
351.0
318.9
18.7

33.9
382.8
348.9
14.0

1
2
3
4

3,901
5,376
34.138

4,516
5,373
33,787

2.971
5,696
28,752

3,982
5,560
37,350

4,066
5,695
41,213

3,831
5,700
—
35,360

5.1
5.5
—
8.7

5.6
8.7
10.1

6.2
11.1
1.1
-2.6

7.7
12.6
1.2
-13.0

7.5
16.9
1.1
-10.6

5
6
7
8

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

33.760
40,460
-264
1,503
1,118
3.386

33,251
38,387
-189
181
1,910
2,792

23,629 23,970
45,042 30,502
-104
-274
1,465
-912
838
-4,727
15,160 -10,639

42,126
46,916
163
-276
337
2,928

39.954
44,916
120
2,146
803
7.473

16.5
40.6
-.2
2.4
-.4
-.9

2.5
59.6
1.2
-.2
1.1
6.4

-24.8
31.0
-.1
4.2
1.2
21.1

-30.1
27.1
1.1
K
1.2
-26.6

-26.1
27.1
-.7
-3.8
2.3
-22.0

9
10
11
12
13
14

15
16
17
18
19
20

U.S. corporate equities
Credit market instruments
U.S. govt, securities
U.S. corporate bonds (2)
Bank loans to US nonbnks
Open-market paper

1,410
17,138
8,676
7,686
816
-40

4.119
22,291
5,670
14,772
1,880
-31

6,370
22,156
12,125
9,463
-39
607

7.144
29,864
20.467
10,506
-693
-416

4,692
25,839
14,341
9,433
2,500
-435

20.120
7,500
9,621
2,766
233

2.7
35.8
31.5
3.8
.2
.4

2.4
26.1
23.5
1.9
.3
.5

1.7
-7.5
-14.0
2.6
2.0
1.9

5.4
21.1
10.7
8.2
1.3
.9

5.8
23.0
7.0
8.4
8.9
-1.3

15
16
17
18
19
20

21
22

Security credit
Trade credit

392

1.382

-1,320

508

609

2,256

1.7

3.0

.2

3.6

23
24
25
26
27

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

15,777
6,248
5,419
829
9,529

5,901
2,476
3,146
-670
3,425

8,589
637
715
-78
7,952

1.426
4,239
3.616
623
-2,813

12,624
3,183
3.043
140
9,441

11,998
5,326
4,379
947
6,672

-.5
3.7
2.1
1.6
-4.2

19.5
7.9
5.3
2.5
11.7

10.2
11.8
7.9
3.9
-1.6

21.3
15.3
11.7
3.6
6.0

22.6
25.3
22.3
3.0
-2.7

6,700

5,136

21.413

6,532

4.790

4,962

24.1

57.1

55.7

57.2

53.2 28

-143
4,190

2,958
-4,409

-159
995

-120
5.137

-117
3,281

-300
900

.1
1.3

.5
2.4

K
9.8

8.0
4.5

2.1 29
10.4 30

1,009
3,438
654

789
604
622

2,109
8,924
4,024

2,138
3,029
-475

-793
2.262
630

-1,673
143
1,016

.4
13.5
5.1

-.5
24.2
4.2

.8
15.1
3.9

2.1
23.8
.8

.3 31
23.5 32
5.4 33

2,314
349
1,417
548

-1,808
-509
-1,720
421

-899
-116
-575
-208

1,398
425
1.517
-544

-2,260
-567
-1,009
-684

-343
-136
250
-457

3.1
.1
2.7
.3

18.3
2.1
9.5
6.6

3.1
2.1
-4.1
5.0

11.8
4.5
4.7
2.6

3.0
.8
-4.5
6.7

1,579
-1,230
121

2,506
-780
64

5,972
-361
188

4.336
-2,028
-202

3,677
-1,317
1,532

-2,501
857
1,114

.6
1.9
3.0

1.0
-3.2
3.9

1.7
3.6
2.9

2.4
4.1
4.7

3.9 38
6.9 39
4.2 40

-995

575

-634

-211

-100

-812

.5

-.3

1.5

1.7

- 41
.2 42

-799
336
-20
1,385
-2,098
3,483
-2,500

4,619
290
101
4,347
1,215
3,132
-119

10,178
208
-16
7.251
2,440
4,811
2,735

-3,441
394
-46
4.379
-960
5.339
-8,168

257
715
-876
4,592
1,424
3,168
-4,174

6,704
200
-300
4,236
-229
4,465
2,568

8.2
.7
K
11.5
5.1
6.4
-4.0

30.7
.6
.1
16.1
4.4
11.7
13.9

28.6
.8
H
26.8
7.6
19.2
1.0

17.1
.7
-.2
23.6
4.9
18.6
-6.9

16.7
1.1
-.2
12.6
-.5
13.1
3.2

378

536

5,123

13.380

-913

-4,594

-7.8

7.6

22.2

17.1

15.5 50

5
6
7
8

28
29
30

31
32
33

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

Net increase in liabilities
U.S. off.-' fgn. exchange
8 net IMF position
U.S. private deposits
Foreign corporate equities
Credit market instruments
Corp, and foreign bonds

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

34
35
36
37

Bank
To
To
To

38
39
40

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

41
42

Security debt
Trade debt

43
44
45
46
47
48
49

Miscellaneous liabilities
U.S.equity in IBRD. etc.
U.S. govt, deposits
U.S. dir. invstmt. (2.3)
Equity, etc.
Retained earnings (3)
Other

50 Discrepancy (FOF basis)

(1) U.S. net sales* sign reversed.
(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries;
U.S. direct investment abroad is before subtracting net Inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
IV/86 BASED ON INCOMPLETE INFORMATION




-

21
« 22
23
24
25
26
27

34
35
36
37

43
44
45
46
47
48
49

MARCH 2, 1987
Foreign sector

Foreign sector

Sector Statements of Saving and Investment

17
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1984

1985

1986

I
I

III

1985

I
IV I

II

1986

III

IV

Foreign Sector

1
2
3
4

26.3
361.9
335.6
15.5

—6.1
352.5
358.6
18.4

-58.7
382.7
441.4
19.7

-78.9
369.7
448.7
19.6

-105.2
372.3
477.5
25.3

-83.7
362.3
446.0
16.7

-105.4
368.2
473.6
22.7

-93.7
374.8
468.5
23.7

-104.5
363.0
467.5
27.7

-108.9
370.8
479.7
23.0

5
6
7
8

9.0
18.3
*
1.0

9.5
17.8
—
33.5

12.2
19.8
—
90.6

15.0
21.3
—
115.3

14.9
22.7
—
142.7

16.0
21.5
—
121.2

17.0
21.5
—
143.9

12.2
22.8
—
128.7

16.3
22.2
—
143.0

9
10
11
12
13
14

-28.2
1.5
-1.4
-3.7
6.8
-34.8

28.7
82.3
-.1
1.6
.5
14.2

70.7
101.1
-1.0
1.9
4.6
-1.1

99.0
117.9
-.9
1.6
3.7
12.6

129.7
167.4
-.1
2.4
-2.7
14.9

126.0
156.4
-1.1
8.4
8.0
7.9

131.7
155.7
-.8
-2.8
5.1
22.1

107.9
181.4
-1.1
-1.4
-15.8
53.2

15
16
17
18
19
20

3.9
24.1
12.8
10.6
2.5
-1.7

5.4
24.9
16.9
4.6
2.7
.8

-3.0
55.5
26.5
14.8
13.0
1.2

5.0
62.4
24.3
36.7
1.5
-.2

18.2
98.0
54.4
39.0
4.5
«

7.7
66.1
37.3
30.7
3.3
-5.2

15.9
81.5
16.3
59.1
7.5
-1.3

21
22

.1

-1.2

1.2

.1

2.1

1.6

23
24
25
26
27

6.4
13.8
16.2
-2.4
-7.4

36.9
11.5
11.9
-.3
25.3

42.9
25.6
22.5
3.1
17.4

33.6
17.2
16.8
.5
16.3

34.6
13.4
11.8
1.6
21.3

28

29.7

53.5

30.4

19.0

29
30

3.0
4.5

1.1
1.3

2.1
-5.8

31
32
33

1.5
16.0
6.7

3.9
17.4
3.1

34
35
36
37

-5.5
N
.7
-6.2

38
39
40

113.6 Net U.S. exports* NIPA basis
380.7
U.S. export receipts
494.3 - U.S. import payments
27.0 (Memo: net corporate earnings
retained abroad)

1
2
3
4

16.6
22.8
—
148.3

14.3
22.8
150.7

5
6
7
8

93.1
127.9
-.4
5.2
-.9
-38.9

158.7
180.1
.7
M
4.9
7.0

159.0 Net financial investment
180.0
Net acq. of financial assets
.5
Gold and SDRs (1)
5.9
U.S. demand deposits
.8
U.S. time deposits
38.4
Net interbank claims

24.1
110.7
60.5
37.9
-.2
12.5

28.6
108.6
74.7
42.0
-2.8
-5.3

20.8
99.0
58.4
37.7
10.0
-7.1

-.7
73.5
24.1
38.5
11.1
-.1

5.5

-5.3

2.0

2.4

9.0

57.8
25.0
21.7
3.3
32.9

29.1
9.9
12.6
-2.7
19.1

16.9
2.5
2.9
-.3
14.4

23.8
17.0
14.5
2.5
6.8

45.3
12.7
12.2
.6
32.5

52.6
21.3
17.5
3.8
31.3

37.7

30.3

24.0

73.5

34.9

21.3

21.0

3.0
-4.3

-.7
10.3

— .6
16.8

11.8
-17.6

-.6
4.0

-.5
20.5

-.5
13.1

-1.2
3.6

1.2
6.1
1.3

4.0
1.7
4.0

1.8
14.4
5.2

4.0
12.0
2.6

3.2
2.9
2.5

8.4
34.5
16.1

8.6
14.1
-1.9

-3.2
7.5
2.5

-6.7
1.3
4.1

3.6
3.0
-.9
1.5

-6.6
-.9
-3.1
-2.6

-2.8
-1.4
-1.3
-.1

-2.1
-.4
.2
-1.9

7.5
1.4
5.3
.8

-6.7
-2.0
-7.8
3.1

-4.8
-.5
-.8
-3.6

7.6
1.7
5.4
.5

-10.6
-2.3
-4.3
-4.0

-.6
-.5
.4
-.4

1.9
8.5
4.5

6.5
-.1
4.3

6.2
1.0
4.3

6.2
-7.4
1.6

11.5
-2.8
2.6

6.3
-4.9
.5

10.0
-3.1
.3

23.9
-1.4
.8

17.3
-8.1
-.8

14.7
-5.3
6.1

-10.0
3.4
4.5

41
42

-2.7

.2

-.5

-.6

-1.8

-4.0

2.3

-2.5

-.8

-.4

-3.2

Security debt
Trade debt

41
42

43
44
45
46
47
48
49

7.4
1.3
.4
8.1
3.3
4.8
-2.4

29.6
.7
.1
9.8
-3.6
13.5
19.1

27.3
.8
.4
14.3
-3.5
17.8
11.8

15.3
1.3
-.1
10.8
-5.0
15.8
3.3

13.7
1.5
-1.2
20.5
2.7
17.8
-7.0

2.1
1.3
-.1
8.3
-5.7
13.9
-7.4

21.4
1.2
.4
16.2
3.7
12.5
3.7

29.8
.8
-.1
30.7
11.4
19.2
-1.7

-7.0
1.6
-.2
15.3
-6.1
21.4
-23.7

4.8
2.9
-3.5
21.0
8.4
12.7
-15.6

27.2
.8
-1.2
14.8
-3.0
17.9
12.7

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

43
44
45
46
47
48
49

50

29.2

4.7

20.0

16.3

13.0

-4.8

12.2

20.8

49.9

-10.4

-8.3 Discrepancy (FOF basis)

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

U.S. corporate equities
Credit market instruments
U.S. govt, securities
U.S. corporate bonds (2)
Bank loans to US nonbnks
Open-market paper

15
16
17
18
19
20

Security credit
Trade credit

21
22

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

23
24
25
26
27

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




IV/86 BASED ON INCOMPLETE INFORMATION

28
29
30

Foreign corporate equities 31
Credit market instruments 32
Corp, and foreign bonds 33

Bank
To
To
To

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

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

(1) U.S. net sales* sign reversed.
(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries;
U.S. direct investment abroad ls before subtracting net Inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
BILLIONS OF DOLLARS.

9
10
11
12
13
14

34
35
36
37
38
39
40

50

MARCH 2, 1987
Banking System

Banking System

Sector Statements of Saving and Investment

jg

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV 1

II

I

1986

IV

III

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Mone tary Authority
1 Current surplus

-281

-280

110

122

213

357

.2

.7

.2

.2

.4

1

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

2*848
208
141
-193
1*182

16*682
1*457
128
100
919
540

-8.618
155
155
-428
-2.242

7.412
-33
123
100
-277
134

10*651
250
108
200
566
-73

22*235
344
155
412
369

8.5

13.3
1.6
.5
.1
2.7
.9

10.9
.7
1.3
.5
.3
.3

7.1
2.6
.7
.7
-2.3
.4

8.2

.7
.8
-2.7
-.2

2
3
4
5
6
7

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

516
516
592
-76
—
994

13*319
13.319
11*625
1*694
-

7,179
7,179
7,229
-50
186

8*621
8*621
6,902
1,719
979

20*852
20*852
20*565
287
—
103

7.1
7.2
5.8
1.4

219

-6*441
-6.441
-4,707
-1,734
183

—
-.6

7.0
7.3
7.7
-.4
-.4
.5

7.7
7.6
6.9
.7
.1
—
.2

4.5
4.4
3.9
.6
.1
.5

9.2
9.8
9.6
.1
-.6
.5

8
9
10
11
12
13
14

3*129
-74
2*213

16.962
1*469
4*467

-8,728
2*151
-4*286

7,290
1*158
970

10*438
4*854
388

21.878
11*313
3*050

8.3
1.7
1.8

12.6
4.4
1.5

10.7
-1.4
3.0

6.9
-2.3
1.3

7.8 15
-2.2 16
-1.2 17

353
844
285
-776
637

10*659
5*181
-184
5*662
367

-6*176
-6,004
-202
30
-417

4*981
-153
32
5*102
181

5*235
4*262
12
961
-39

8.412
35
42
8*335
-897

4.8
-3.3
a

6.3
-3.1
.1
9.3
.4

8.2
.1
.1
8.0
.9

9.0
-1.1
-.2
10.3
-1.1

10.9
1.2
.1
9.5
.3

18
19
20
21
22

4*481
4*115

5.2
6.7

6.8
9.5

7.9
10.8

6.5
9.9

8.9
10.6

1
2

8
9
10
11
12
13
14

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

Demand deposits and currency
Due to U.S. government
Due to foreign
Currency outside banks
Miscellaneous liabilities

-

N

.5
.1
1.2
.2

K

a

8.2

K

Commercial Banking (1)

1 Current surplus
2 Plant and equipment

3 Net acq. of financial assets
4
Demand deposits and currency
5
6
7
8

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

3,530
5*808

3*550
4*982

5*658
5*214

4*467
4*890

55*448 110*803
-28
278

22*171
14

49.939
50

62*472 115*259
50
50

107.4
.5

152.3
.3

139.1
.7

121.4
.6

124.0
1.0

3
4

50,200
-2,120
1,933
-4*053

90*209
-5,611
-5.398
-213

5*488
7*603
3*517
4,086

41,077
7*802
-1,099
8*901

50,412 100,180
14,029 17,030
635
3.908
13*394 13*122

90.6
.1
— .6
.8

125.9
-.8
-7.8
7.0

123.0
9.6
2.0
7.6

101.1
25.8
16.1
9.7

100.5
11.6
1.8
9.8

5
6
7
8

4,173
4*260

9
10

Tax-exempt obligations
Corporate bonds

10*926
1*365

49*048 -17.651
161
2*618

-5.260
6,613

8*672
7*263

-5,760
-1*602

9.2
H

9.6
-.3

9.5
-.1

13.6
.6

5.0

9

11
12
13
14
15
16

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

40*018
14*853
10*037
14*926
-792
994

46*606
13,787
8*440
17*238
649
6*492

31*941
14*869
8,592
12*878
-441
-3,957

20*443
18*288
6*556
1,777
-1,290
-4*888

90*512
23,913
5*424
64*941
457
-4,223

81.3
27.4
22.3
29.2
.3
2.2

117.4
35.1
26.2
60.3
-1.3
-2.9

103.9
30.6
19.9
52.1
2.2
-.9

61.1
17.5
-6.2
47.2
1.8
.8

83.9
21.6
4.0
52.3
.8
5.3

11
12
13
14
15
16

17
18
19
20

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

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

12*909
11*900
-169
-2*416
-267
3*861

a 10

a

a

a

a

-.1 17

-102
14*363
768

3.1
3.5
9.7

-.7
5.9
20.9

7.5
1.6
6.3

7.3
-1.0
13.4

11.3 18
-3.4 19
14.7 20

47*331
41*856
13*276
1*433
27.147

59,928 116*480
-560 72,923
-513
2*987
-288
2*104
-3,259 71*332

108.9
24.5
4.3
2.4
17.8

152.3
25.4
6.8
-.3
18.9

137.0
26.4
.4
4.1
21.8

120.7
5.1
-2.6
.3
7.4

11

5

9

-19

5

-361
2*139
3*498

-2*388
5*936
16*768

-2*326
-2.135
21*130

-1,928
2*128
8*612

1*184
5*242
5*584

53,071 109*089 18*508
16,717 38*514 -24*015
-7,352
9*145 -13*849
1*218
365
-710
22*851 29.004 -9*456

-

133.1
8.6
-1.1
-3.9
13.7

21
22
23
24
25

26

Small time and savings dep.

12*845

18*057

14,764

19.589

18*531

15*593

28.2

13.2

29.5

44.8

40.3 26

27
28

Large time deposits
Fed. funds and security RPs

11.782
14*893

9*462
12*833

-2,672 -10.637
14,657 -10.299

7.417
18*548

9*460
6*751

26.0
10.6

48.6
22.5

13.8
17.0

47.2
20.5

51.5 27
14.5 28

29
30
31
32

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

5*518
989
1,143
3*386

9.477
1,459
5.226
2.792

4*436 -7.265
-2,670
-143
-8,054
3,517
15,160 -10*639

6*626
493
3,205
2*928

11*983
781
3,729
7.473

-6.6
1.4
-7.1
-.9

9.5
3.6
-.5
6.4

20.6
.5
-1.0
21.1

-32.1
-1.9
-3.6
-26.6

-25.5
-2.9
-.5
-22.0

29
30
31
32

33
34
35
36

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

360
2*221
3*660
-1,439

375
5*145
5,472
-327

325
-6*025
1*198
-7*223

325
3*493
1*308
2*185

350
399
526
-127

350
4,372
2.579
1.793

.6
7.5
3.1
4.4

1.1
7.0
1.0
6.0

1.3
13.2
-.2
13.4

.4
15.0
1.3
13.7

.5
20.8
2.0
18.7

33
34
35
36

37
38

Profit taxes payable
Miscellaneous liabilities

20
-11,285

22
15*204

34
17*004

-17
10*286

-2
8*619

-36
-4,916

.2
18.0

.1
24.8

.5
14.8

-.5
20.4

-.4 37
22.7 38

39 Discrepancy

-4*655

-3.146

-3,219

-3,031

-2.631

1*587

.1

-2.8

-5.0

-4.1

7.4 39

40 Memo:

48*834

81.324

-708

43*125

56,479 104*301

91.5

128.1

131.4

107.6

106.5 40

1.1
.7

1.6
.6

2.7
1.0

1
2

a
a

.5
.1
.3
.1

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

.4

.5

2.9

3
4
5
6
7
8
9

1.1

1.6

Credit mkt. funds adv.

Banks in U.S. Possessions

1 Net acq. of financial assets
2
Demand deposits and currency

167
-28

448
278

187
14

418
50

156
50

143
50

.8
.5

.6
.3

3
4
5
6
7
8
9

225
21
92
42
12
58
-30

206
94
24
40
14
34
-36

50
-21
-11
49
10
23
123

182
110
-19
67
10
14
186

45
-14
-47
71
10
25
61

54
24
-60
70
25
-5
39

.3
.2
— .1
.1

.2
-.1
.3

K
a

.1
-.3
.1

167

448

187

418

156

143

.8

.6

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

10 Net increase ln deposit liab.

(1) Consists of U.S.-chartered commercial banks* their domestic affiliates*
Edge Act corporations* agencies and branches of foreign banks* and banks
in U.S. possessions. Edge Act corporations and offices of foreign banks
appear together in these tables as "foreign banking offices."
(2) Floats and discrepancies in interbank deposits and loans.
IVZ86 BASED ON INCOMPLETE INFORMATION




.1

-.2
.1
.1
a

a

a

a

2.7 10

MARCH 2, 1987
Banking System

Banking System
Sector Statements of Saving and Investment

19

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1982

1983

1984

1985

I
1

1986

I
IV 1

1985

III

I

1986

II

IV

III

Monetary Authority
1

.1

.5

.6

-1.1

.8

-1.1

-1.1

.4

.5

.9

2
3
4
5
6
7

12.4
.6
.6
1.3
1.0
-.9

9.4
-2.1
.7
-1.2
.2

14.6
-.1
.7
-.7
2.7

24.9
2.1
.6
.1
.1
-.5

31.7
.7
.5
.3
.3
-1.8

8.1
.8
.6
.6
3.8

53.8
5.8
.5
.4
-1.9
7.2

-7.8
.6
.6
1.7
-11.4

19.0
-.1
.5
.4
-.4
-1.7

40;2
1.0
.4
.8
3.3
-1.1

75.2 Net acq. of financial assets
Gold and foreign exchange
1.4
Treasury currency
.6
SDR certificates
Federal Reserve float
-3.5
F.R. loans to domestic banks
6.9

2
3
4
5
6
7

8
9
10
11
12
13
14

9.8
8.5
8.4
.1
1.3
—

10.9
12.0
12.6
-.7
-1.1

30.2
30.2
30.0
.2
1.5

-1.7
-.7
-.4
-.3
-1.0
4.0

K

1.0

21.6
21.6
20.5
1.1
.9

40.8
40.6
33.8
6.8
.2

H

8.4
8.8
8.9
-.1
-.4
—
3.7

.9

-.7
6.3
-6.9
.7
.7

19.6
19.5
19.7
-.2
.1
.7

31.9
32.9
26.1
6.9
-1.1
—
3.9

69.3
69.0
67.9
1.1
.3
.4

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

8
9
10
11
12
13
14

15
16
17

12.2
1.3
.9

8.9
-5.0
1.5

14.0
.4
3.2

26.1
6.8
1.3

30.9
19.5
.1

9.2
-5.0
13.3

54.9
1.4
6.1

-8.2
7.1
-4.3

18.5
16.1
-1.4

39.3
14.1
6.5

73.8 Net increase in liabilities
Depository inst. reserves
40.6
Vault cash of coml. banks
-.3

18
19
20
21
22

10.2
.7
-.2
9.7
-.1

13.0
-1.3

10.3
1.7

14.3
-.5

8.6
.1

16.6
4.1
.1
12.4
1.4

12.5
-1.9
-.1
14.4
-1.2

-1.4
-5.4
1.0
3.0
2.3

45.8
31.7
-.8
14.9
1.5

-9.6
-18.4
-.6
9.4
-1.5

3.1
-9.5
.2
12.3
.7

19.2
8.9
-.2
10.6
-.4

37.1
11.6
.1
25.4
-3.5

20.1 Current surplus
16.5 Plant and equipment

«

H

-

1.4 Current surplus

Demand deposits and currency
Due to U.S. government
Due to foreign
Currency outside banks
Miscellaneous liabilities

1

15
16
17

18
19
20
21
22

Commercial. Banking (1)
1
2

9.5
12.4

10.7
15.2

12.1
14.7

15.0
22.4

18.8
18.5

15.5
23.2

16.2
19.9

18.3
20.9

18.5
19.6

18.2
17.0

3
4

131.3
-.1

153.4
-.3

195.0
-1.1

241.5
-.1

249.8
.2

191.7
-.1

412.4
1.1

150.3
.1

202.0
.2

213.5
.2

434.2 Net acq. of financial assets
Demand deposits and currency
.2

5
6
7
8

102.4
26.6
19.4
7.3

139.9
48.6
47.8
.7

170.8
.6
1.9
-1.3

206.9
9.7
12.1
-2.4

197.2
46.5
7.0
39.5

180.1
-3.7
16.4
-20.1

330.3
-14.6
-16.5
1.9

83.7
9.4
-5.0
14.4

154.7
38.7
N
38.7

176.9
60.1
11.0
49.0

374.0
77.6
21.7
55.9

9
10

4.5
1.5

4.8
4.7

10.8
4.2

57.2
5.8

-20.0
14.9

32.2
5.5

184.0
.6

-56.1
10.5

-9.0
26.5

20.6
29.1

-35.6
-6.4

Tax-exempt obligations
Corporate bonds

9
10

11
12
13
14
15
16

69.8
16.0
6.7
46.7
.3

81.9
29.2
22.7
26.7
.8
2.4

155.3
44.6
45.2
61.1
-1.4
5.8

134.0
49.9
36.1
39.5
-2.5
11.0

155.8
69.0
20.4
77.2
-1.5
-9.2

146.1
53.6
32.4
55.1
-4.4
9.5

160.3
54.9
28.0
58.8
6.4
12.2

119.9
58.8
15.2
18.0
-4.6
32.4

98.6
54.8
32.6
36.6
-.6
-24.8

67.2
66.9
18.2
2.4
-6.6
-13.8

338.4
95.4
16.6
251.5
5.5
-30.6

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

11
12
13
14
15
16

Corporate equities

17

-.4
40.2
20.2

M

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

1
2
3
4

5
6
7
8

17

K

K

-.1

.1

■

K

M

K

-.1

18
19
20

7.7
2.2
19.0

6.9
-3.6
10.5

3.8
3.6
17.9

-9.5
8.1
36.1

-3.2
19.6
36.1

-1.4
8.3
5.0

-9.6
7.6
82.9

-9.3
2.9
73.0

-7.7
14.7
40.1

4.7
20.5
11.1

21
22
23
24
25

140.4
19.2
6.1
-3.4
16.5

164.1
15.9
-5.3
1.6
19.7

200.2
29.2
4.0
2.0
23.2

237.0
53.9
10.3
1.4
42.2

242.2
90.2
1.9
2.5
85.8

185.8
49.5
-68.4
7.5
110.5

398.4
111.8
80.6
-2.0
33.2

143.8
-29.2
-54.2
-.8
25.8

187.3
159.6
43.2
4.9
111.5

206.9
-24.8
-28.5
.2
3.4

26

97.0

130.0

74.6

80.3

68.5

81.7

46.8

61.5

69.4

105.9

37.3

Small time and savings dep.

26

27
28

13.0
8.6

-48.3
15.6

38.3
1.6

11.8
37.3

3.6
29.7

25.8
54.6

34.2
58.2

13.9
52.0

-41.1
-36.6

8.2
69.4

33.3
33.8

Large time deposits
Fed. funds and security RPs

27
28

29
30
31
32

-35.7
.1
-1.0
-34.8

1.7
-1.0
-11.6
14.2

8.2
2.0
7.4
-1.1

19.9
-.4
7.7
12.6

15.8
-1.5
2.4
14.9

23.0
4.4
10.7
7.9

44.2
5.4
16.7
22.1

19.0
-9.7
-24.5
53.2

-35.6
-2.1
5.4
-38.9

28.2
2.2
19.0
7.0

51.5
3.5
9.7
38.4

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

29
30
31
32

33
34
35
36

.6
18.4
6.0
12.5

.8
17.1
8.4
8.7

1.1
22.8
12.9
10.0

1.4
9.6
16.9
-7.3

1.4
2.2
5.6
-3.4

1.4
8.9
14.6
-5.8

1.5
20.6
21.9
-1.3

1.3
-24.1
4.8
-28.9

1.3
14.0
5.2
8.7

1.4
1.6
2.1
-.5

1.4
17.5
10.3
7.2

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

33
34
35
36

37
38

-.1
19.5

-.1
31.4

M

.1
22.7

M

31.0

.1
-59.2

.1
81.1

.1
49.3

-.1
56.4

«

24.4

17.0

-.1
1.2

Profit taxes payable
Miscellaneous liabilities

37
38

-

39

6.3

6.3

2.7

-11.9

-7.3

-13.7

-17.7

-9.1

-15.8

-5.4

40

110.2

144.3

168.9

186.3

203.2

169.1

308.5

41.9

171.9

195.5

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

431.7 Net Increase ln liabilities
Checkable deposits
255.7
U.S. government
47.2
Foreign
5.8
Private domestic
202.6

1.2 Discrepancy

404.2 Memo:

Credit mkt. funds adv.

18
19
20

21
22
23
24
25

39

40

Banks in U.S. Possessions

1
2

-1.1
-.1

.7
-.3

-4.5
-1.1

.1
-.1

.9
.2

.7
-.1

1.8
1.1

.7
.1

1.7
.2

.6
.2

3
4
5
6
7
8
9

-.5
.3

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

.3

.9
.1
.4
.2

.2
-.1
-.2
.3

M

K

.2
-.1

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

.7
.4
-.1
.3

M

.1
.1
-.1

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

.2
-.1

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

2.9
1.1
1.0
.7
-.1
.2
-1.9

.1
.5

.1
.7

.1
.2

10

-1.1

.7

-4.5

.1

.9

.7

1.8

.7

1.7

.6

H

M
K
H

M

K

.2
»

.6 Net acq. of financial assets
Demand deposits and currency
.2

1
2

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

3
4
5
6
7
8
9

.2
.1
-.2
.3
.1
«

.2

.6 Net increase in deposit liab.

(1) Consists of U.S.-chartered commercial banks* their domestic affiliates*
Edge Act corporations* agencies and branches of foreign banks* and banks
in U.S. possessions. Edge Act corporations and offices of foreign banks
appear together in these tables as "foreign banking offices."
(2) Floats and discrepancies in interbank deposits and loans.

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

10

MARCH 2, 1987
Commercial Banking Subsectors

Commercial Banking Subsectors

Subsector Statements for Component Groups in Commercial Banking

20

UNADJUSTED NET FLOWS($ HILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV 1

I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

U.S.-Chartered Commercial Banks
1 Current surplus
2 Plant and equipment

3*530
5.808

3*550
4,982

5*658
5.214

4*467
4*890

4,173
4*260

4*481
4*115

5.2
6.7

6.8
9.5

7.9
10.8

6.5
9.9

8.9
10.6

1
2

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

41*841
41*024
-4,191
-20
-4,171

92,757
79,320
-7,878
-7,294
-584

2*914
7*013
9*054
5*472
3*582

34*625
35*276
7,157
-1.249
8*406

46*938
41,576
12,477
-617
13*094

98*155
86*678
15*400
2*400
13*000

91.4
83.6
-1.3
-2.2
.9

121.5
106.4
.1
-6.7
6.8

111.5
105.8
7.4
-.2
7.6

92.8
82.9
25.0
15.3
9.7

99.0
91.4
11.4
1.8
9.6

3
4
5
6
7

8
9

Tax-exempt obligations
Corporate bonds

10*850
104

49*095 -17,640
-710
2*353

-5,241
5*178

8,719
4*988

-5,700
-2.225

9.2
-.3

9.4
-.6

9.7
-.3

13.2
.5

5.7
K

8
9

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

34*261
14*692
10*037
9*832
-897
597

38*813
13,467
8*440
13,447
740
2,719

13*246
11*436
-169
-2,346
91
4*234

28*182
14*432
8*592
8*468
-650
-2*660

15*392
17,847
6,556
-2,627
-1,356
-5 * 028

79,203
23,712
5*424
54*015
452
-4,400

75.9
27.3
22.3
24.4
.2
1.8

97.5
35.2
26.2
41.4
-2.3
-3.0

89.1
29.8
19.9
38.6
1.6
-.8

44.3
16.1
-6.2
32.2
1.0
1.2

74.3
19.7
4.0
46.1
-.2
4.7

10
11
12
13
14
15

-794
2,039
-428

-3.383
5*622
11*198

-2,375
-1.973
249

-1,819
1*414
-246

-1,458
5,843
977

-725
15*216
-3.014

2.5
3.5
1.8

-.4
5.3
10.2

6.0
1.6
-2.0

5.8
-1.2
5.2

8.2 16
-4.0 17
3.4 18

121.5
22.9
6.8
K
16.2

109.3
25.6
.4
3.4
21.8

92.0
10.7
-2.6
-.2
13.4

10
11
12
13
14
15
16
17
18

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

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

39*464
15,564
-7,352
575
22*341

-749
91*043
38*085 -23,506
9*145 -13,849
-211
365
28*575 -9*446

32*017
40*631
13*276
497
26*858

44,394
-175
2,987
19
-3.181

99,376
72,703
-513
2*052
71*164

92.8
21.5
4.3
1.7
15.5

24

Small timeSsavlngs deposits

12*845

18*057

14*764

19*589

18*531

15*593

28.2

13.2

29.5

44.8

40.3 24

25
26

Large time deposits
Fed. funds and security RPs

7,329
14*893

11*248
12*833

-1,329 -10,495
14.657 -10,299

3,161
18*548

3,934
6,751

23.8
10.6

42.1
22.5

10.2
17.0

39.3
20.5

43.9 25
14.5 26

27
28
29
30
31

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

944
-193
1*182
370
-415

-151
919
540
-4,496
2*886

-156
-428
-2.242
-2*653
5*167

-5,901
-277
134
1,173
-6,931

3,581
566
-73
700
2,388

4*652
412
369
3.143
728

-4.2
1.2
.2
-4.0
-1.7

-.6
2.7
.9
-6.3
2.1

7.3
.3
.3
-7.7
14.5

-39.9
-2.3
.4
-14.3
-23.6

-26.6
-2.7
-.2
-8.5
-15.1

27
28
29
30
31

32
33
34
35
36
37
38

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

-1,344
360
660
20
-11,807
500
-12.307

-2,554
375
1*689
22
11*439
1*559
9*880

-3,597
325
695
34
-2,636
-163
-2,473

-1,814
325
804
-17
-806
-164
-642

-802
350
316
-2
886
-32
918

12
350
579
-36
-5,162
306
-5*468

2.5
.6
.6
.2
9.3
6.5
2.8

— .4
1.1
.2
.1
20.3
4.8
15.5

7.1
1.3
.2
.5
10.7
5.4
5.3

6.2
.4
.2
-.5
10.4
6.9
3.5

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

32
33
34
35
36
37
38

39 Discrepancy

-4,655

-3,146

-3*219

-3,031

-2,631

1*587

.1

-2.8

-5.0

-4.1

7.4 39

40 Memo:

39*633

73*218

404

36,117

45,146

90*353

84.3

109.0

112.7

87.6

95.0 40

Credit mkt. funds adv.

108.1
14.8
-1.1
-3.0
18.9

19
20
21
22
23

Domestic Affiliates of Commercial Banks

1 Net acq. of financial assets
2
Credit market instruments
3
U.S. govt, securities
4
Bank loans n.e.c.
5
Miscellaneous assets
6
Inv. in bank subsidiaries
7
Inv. in finance co. subs.
Other
8
9 Net increase in liabilities
10
Net Interbank claims
11
To domestic banks
12
To foreign banks
13
Credit market debt
14
Corporate bonds
15
Commercial paper
16
Miscellaneous liabilities
17
Equity* etc.
18
Other

9*581
1*400
1*500
-100
8*181
500
5,081
2*600

3,446
1,150
1,453
-303
2,296
1.559
3,547
-2.810

17,936
-1,475
-1,309
-166
19,411
-163
16*408
3,166

7*344
-1,475
-1,309
-166
8*819
-164
7*316
1,667

2.954
450
465
-15
2,504
-32
1,409
1*127

8,365
1,020
1,000
20
7.345
306
3,820
3*219

9.5
1.3
1.3
K
8.2
6.5
1.6
.1

8.4
-.5
-1.3
.8
8.9
4.8
4.4
-.3

10.0
2.0
1.7
.3
8.0
5.4
3.4
— .8

8.9
-.3
.2
-.5
9.3
6.9
2.8
-.4

6.1
.2
-.1
.3
5.9
7.8
-2.6
.7

9*581
4,081
1.274
2,807
3,052
3.000
52
2,448
2.000
448

3,446
-1,982
978
-2,960
4,606
3.783
823
822
1,601
-779

17,936
4*465
-762
5.227
-3,016
503
-3,519
16,487
999
15,488

7,344
-1,628
-447
-1.181
3,858
504
3,354
5,114
775
4.339

2,954
-1,575
-15
-1.560
-2,070
210
-2,280
6,599
502
6,097

8*365
-2*635
-427
-2,208
5*690
2,000
3,690
5.310
642
4,668

9.5
-1.5
-1.4
-.1
3.8
2.5
1.3
7.1
5.1
2.0

8.4
— .3
-1.3
1.0
7.5
.8
6.7
1.2
3.6
-2.4

10.0
2.5
1.7
.8
4.1
-.5
4.5
3.4
5.1
-1.7

8.9
-2.1
.1
-2.1
6.7
1.1
5.6
4.3
6.3
-2.0

6.1
-11.1
-4.9
-6.1
9.2
2.1
7.0
8.1
8.1

21.8
19.3
.5
-.1
a
.1
18.1
1.0
-.3

16.5
16.8
.5
.1
.8
.1
13.2
.6
1.5

18.1
19.8
.5
.2
1.3

16.1
12.5
.6
-.1
1.7
.3
5.8
1.0
3.0

a
a
a

1
2
3
4
5
6
7
8

9
10
11
12
13
14
15
16
17
a 18

Foreign Banking Offices in U.S.
1 Net acq. of financial assets
2
Credit market instruments
3
U.S. government securities
4
Tax-exempt obligations
5
Mortgages
6
Corporate bonds
7
Bank loans n.e.c.
8
Open-market paper
9
Cust. liabs. on accepts.

3,859
7.576
550
-16
91
1*219
5*194
105
433

14,152
6,750
720
-71
272
831
4,094
-91
995

1,134
313
-121
—
431
216
96
-358
49

7*552
8*301
1,844
413
1*368
4*576
209
-109

12,424
10,838
1*101
406
2.204
4*419
66
2*642

8.596
12*874
606
181
553
10*906
5
623

11
397
100
-4,225

5
3,773
314
3,310

9
-373
-162
1*347

-19
-1,297
714
-147

5
140
-601
2*042

177
-853
-3*602

K

K

.5
—
-.3

.1
.6
1.7

14 Net increase in liabilities
15
Demand deposits
16
Time deposits

3*859
1.153
4*453

14,152
429
-1,786

1*134
-509
-1,343

7,552
1,225
-142

12*424
-385
4*256

8*596
220
5*526

5.7
3.0
2.2

21.8
2.5
6.4

17
18
19

Net interbank liabilities
To foreign banks
To domestic banks

493
994
-501

11,610
2,866
8,744

127
4,766
-4,639

264
-2,527
2,791

4*620
2*100
2*520

9*966
8*953
1,013

-.9
.9
-1.7

20
21

Acceptance liabilities
Miscellaneous liabilities

-147
-2.093

1,404
2,495

-107
2*966

645
5,560

2,955
978

-1,909
-5,207

.6
.7

10
11
12
13

Corporate equities
Security credit
Member bank reserves
Miscellaneous assets

IV/86 BASED ON INCOMPLETE INFORMATION




5.7
5.5
-.1
a
a

.2
4.7
.1
.6

a

15.5
.8
1.5
a

1
2
3
4

5
6
7
8
9

-.2

-.4
.2
-1.5

-.1 10
.6 11
.6 12
2.5 13

16.5
.8
3.6

18.1
-5.6
7.9

16.1 14
-6.1 15
7.6 16

10.4
3.4
7.1

10.8
5.8
5.0

9.8
-.8
10.7

12.2 17
-.8 18
13.0 19

-.3
2.7

1.8
-.5

1.9
4.1

3.2 20
-.7 21

MARCH 2. 1987
Commercial Banking Subsectors

Commercial Banking Subsectors

Subsector Statements for Component Groups in Commercial Banking
SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1984

21
SEASONALLY ADJUSTED ANNUAL RATES

1985

1986

I
i

III

1985

I
IV 1

I

II

1986

III

IV

U.S.-Chartered Commercial Banks
1
2

9.5
12.4

10.7
15.2

12.1
14.7

15.0
22.4

18.8
18.5

15.5
23.2

16.2
19.9

18.3
20.9

18.5
19.6

18.2
17.0

3
4
5
6
7

111.3
104.2
26.7
19.4
7.3

131.3
133.9
44.2
43.5
.7

166.2
166.2
1.3
2.5
-1.2

193.1
183.4
4.6
7.5
-2.9

182.6
170.5
44.1
6.0
38.1

142.9
148.9
-12.0
8.6
-20.6

345.0
291.6
-23.7
-24.1
.4

71.9
88.4
15.2
2.8
12.4

131.5
122.2
36.1
-.6
36.7

156.7
147.0
53.8
6.0
47.8

8
9

4.6
1.7

3.8
3.6

12.6
3.2

57.2
2.3

-19.9
10.3

31.9
.4

184.2
-2.8

-56.1
9.4

-8.9
20.7

10
11
12
13
14
15

71.2
15.4
6.7
47.6
1.0
.5

82.3
29.0
22.7
27.5
1.1
2.0

149.1
44.4
45.2
55.4
-.6
4.7

119.3
49.6
36.1
29.6
-2.8
6.8

136.0
67.4
20.4
57.5
-1.5
-7.9

128.7
53.0
32.4
39.6
-4.8
8.5

133.9
53.6
28.0
46.3
6.8
-.7

119.9
56.9
15.2
19.2
-3.1
31.7

16
17
18

7.0
1.8
-1.7

4.6
-2.9
-4.3

-2.8
3.3
-.5

-11.1
7.4
13.4

-6.4
20.5
-2.0

-3.2
7.9
-10.7

-13.5
6.3
60.6

19
20
21
22
23

120.4
20.9
6.1
-2.2
17.1

142.0
15.6
-5.3
1.4
19.5

171.5
30.2
4.0
2.8
23.4

188.6
51.8
10.3
.1
41.4

175.0
89.7
1.9
2.4
85.4

137.0
43.6
-68.4
4.1
107.9

24

97.0

130.0

74.6

80.3

68.5

25
26

2.3
8.6

-38.7
15.6

33.9
1.6

10.8
37.3

-4.7
29.7

27
28
29
30
31

-23.3
1.0
-.9
-2.7
-20.7

2.0
-1.2
.2
-3.9
6.9

6.6
-.7
2.7
7.9
-3.2

-.6
.1
-.5
-9.0
8.8

32
33
34
35
36
37
38

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

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

-3.6
1.1
3.6
K
23.4
10.3
13.1

-10.9
1.4
4.5
.1
13.9
5.5
8.3

20.1 Current surplus
16.5 Plant and equipment

1
2

371.1 Net acq. of financial assets
325.3
Total bank credit
71.1
U.S. government securities
Treasury Issues
15.7
55.4
Agency Issues

3
4
5
6
7

20.8
20.0

-35.3
-8.9

Tax-exempt obligations
Corporate bonds

8
9

74.2
53.0
32.6
10.6
-1.4
-20.6

52.4
65.2
18.2
-10.7
-6.8
-13.6

298.5
94.6
16.6
210.8
5.5
-28.9

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

-9.5
3.5
-10.5

-7.3
11.9
4.7

-5.8
22.9
-7.3

-2.9
43.7
5.0

331.1
111.0
80.6
-1.2
31.6

65.4
-28.4
-54.2
.2
25.6

116.7
155.8
43.2
2.0
110.7

150.2
-24.7
-28.5
.8
3.0

81.7

46.8

61.5

69.4

105.9

37.3

Small tlme&savlngs deposits

24

7.9
54.6

41.3
58.2

19.3
52.0

-40.5
-36.6

-8.8
69.4

11.2
33.8

Large time deposits
Fed. funds and security RPs

25
26

2.2
.3
-1.8
2.4
1.4

16.1
.6
3.8
16.6
-4.8

-1.5
-1.9
7.2
-24.9
18.0

.5
1.7
-11.4
-1.7
12.0

-34.0
-.4
-1.7
-10.8
-21.1

29.0
3.3
-1.1
20.2
6.5

13.2
-3.5
6.9
1.8
7.9

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

27
28
29
30
31

-6.2
1.4
2.4
K
-7.7
-.1
-7.7

-5.4
1.4
2.6
.1
-65.8
2.0
-67.8

-10.2
1.5
6.8
.1
77.1
6.2
70.9

-14.4
1.3
2.8
.1
-29.3
-.7
-28.6

-7.3
1.3
3.2
-.1
5.4
-.7
6.1

-3.2
1.4
1.3
H
-20.1
-.1
-19.9

M
1.4
2.3
-.1
13.1
1.2
11.8

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

32
33
34
35
36
37
38

39

6.3

6.3

2.7

-11.9

-7.3

-13.7

-17.7

-9.1

-15.8

-5.4

40

110.7

136.5

158.7

165.6

172.0

137.2

278.8

47.2

135.5

154.7

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

368.6 Net Increase in liabilities
256.3
Checkable deposits
47.2
U.S. government
6.4
Foreign
202.7
Private domestic

1.2 Discrepancy

10
11
12
IS
14
15

16
17
18

19
20
21
22
23

39

Credit mkt. funds adv.

40

33.5 Net acq. of financial assets
4.1
Credit market instruments
4.0
U.S. govt, securities
Bank loans n.e.c.
.1
Miscellaneous assets
29.4
Inv. in bank subsidiaries
1.2
15.3
Inv. in finance co. subs.
12.9
Other

1
2
3
4
5
6
7
8

351.3 Memo:

Domestic Affiliates of Commercial Banks

1
2
3
4
5
6
7
8

18.8
-2.2
-1.2
-1.0
21.0
13.2
7.2
.6

16.8
1.2
1.6
-.4
15.6
12.6
2.4
.5

24.7
.6
.5
.1
24.1
10.3
12.5
1.3

24.3
4.0
4.7
-.6
20.2
5.5
15.0
-.3

36.6
-1.5
-1.2
-.3
38.1
-.1
29.0
9.2

38.3
5.6
6.0
-.4
32.7
2.0
20.3
10.4

13.8
4.6
5.8
-1.2
9.2
6.2
14.2
-11.2

71.7
-5.9
-5.2
-.7
77.6
-.7
65.6
12.7

29.4
-5.9
-5.2
-.7
35.3
-.7
29.3
6.7

11.8
1.8
1.9
-.1
10.0
-.1
5.6
4.5

9
10
11
12
13
14
15
16
17
18

18.8
-2.8
-.7
-2.2
6.8
5.4
1.4
14.9
14.0
.9

16.8
-10.6
-7.4
-3.1
12.1
8.6
3.5
15.3
14.3
.9

24.7
.8
1.4
-.6
15.6
9.3
6.3
8.3
9.9
-1.6

24.3
2.7
3.2
-.5
14.5
12.4
2.1
7.1
7.5
-.5

36.6
-1.4
-1.7
.3
4.5
3.2
1.2
33.5
2.9
30.6

38.3
16.3
5.1
11.2
12.2
12.0
.2
9.8
8.0
1.8

13.8
-7.9
3.9
-11.8
18.4
15.1
3.3
3.3
6.4
-3.1

71.7
17.9
-3.0
20.9
-12.1
2.0
-14.1
65.9
4.0
62.0

29.4
-6.5
-1.8
-4.7
15.4
2.0
13.4
20.5
5.1
17.4

11.8
-6.3
-.1
-6.2
-8.3
.8
-9.1
26.4
2.0
24.4

33.5 Net increase in liabilities
Net interbank claims
-10.5
-1.7
To domestic banks
-8.8
To foreign banks
22.8
Credit market debt
8.0
Corporate bonds
14.8
Commercial paper
21.2
Miscellaneous liabilities
2.6
Equity, etc.
18.7
Other

9
10
11
12
13
14
15
16
17
18

Foreign Banking Offices in U.S.

1
2
3
4
5
6
7
8
9

2.3
2.2
.8
-.1
1.1
.1
.2
-.7
.8

4.6
3.7
1.7
-.1
.2
.4
-.4
-.4
2.2

8.5
12.9
-.6
-.1
.4
1.8
5.7
-.9
6.6

24.0
16.4
.4
-.1
.1
3.5
10.5
.3
1.6

29.7
32.3
3.4
—
1.4
4.3
20.0
-.1
3.2

9.9
25.4
2.2
-.1
.4
4.9
15.8
.4
1.7

51.8
24.3
2.9
-.3
1.1
3.3
13.7
-.4
4.0

5.9
.4
-.5
—
1.7
.9
-.5
-1.4
.2

39.5
41.6
7.4
—
1.7
5.5
26.7
.8
-.4

44.3
38.8
4.4
—
1.6
8.8
13.1
.3
10.6

10
11
12
13

K
-.5
.3
.2

.5
-.7
1.1

-.1
1.1
.3
-5.7

.1
4.2
.7
2.6

K
-1.4
-.9
-.4

M
.9
.4
-16.9

K
12.9
1.3
13.2

M
.7
-.6
5.4

-.1
-4.2
2.9
-.6

K
-.2
-2.4
8.2

14
15
16

2.3
-1.7
10.7

4.6
.3
-9.6

8.5
-1.0
4.4

24.0
2.1
.9

29.7
.6
8.3

9.9
5.9
17.8

51.8
.8
-7.1

5.9
-.8
-5.4

39.5
3.7
— .6

44.3
-.1
17.0

29.1 Net Increase in liabilities
-.6
Demand deposits
22.1
Time deposits

14
15
16

17
18
19

-9.6
-11.9
2.3

10.2
10.5
-.3

.8
2.7
-1.9

17.8
4.3
13.5

15.0
13.3
1.7

-9.4
1.5
-10.9

53.6
15.9
37.6

.6
20.3
-19.7

4.9
-13.1
18.0

5.6
6.7
-1.1

48.9
39.3
9.6

Net Interbank liabilities
To foreign banks
To domestic banks

17
18
19

20
21

1.5
1.3

2.2
1.4

7.3
-2.9

1.5
1.7

1.6
4.3

-.6
-3.8

5.6
-1.1

-.4
11.9

2.6
28.9

11.8
10.0

-7.6
-33.7

Acceptance liabilities
Miscellaneous liabilities

20
21

BILLIONS OF DOLLARS.




IVZ86 BASED ON INCOMPLETE INFORMATION

29.1 Net acq. of financial assets
Credit market instruments
48.6
2.4
U.S. government securities
—
Tax-exempt obligations
.7
Mortgages
2.2
Corporate bonds
40.7
Bank loans n.e.c.
K
Open-market paper
Cust. liabs. on accepts.
2.5

1
2
3
4
5
6
7
8
9

Corporate equities
Security credit
Member bank reserves
Miscellaneous assets

10
11
12
13

-1.7
-3.4
-14.4

MARCH 2, 1987
Nonbank Finance Summary

Nonbank Finance Summary
Private Nonbank Financial Institutions

22

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)
III

1985

I
IV 1

II

I

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1980
1979

1981

P•rivate hlonbank Ffinancial Insltltutions - Total

-1,611
2,417

10.0
2.2

13.3
2.0

10.9
2.9

7.9
3.8

-.4
5.4

1
2

116.689 136,253 142,863 147,101 144,546 117,959
3 Net acq. of financial assets
2.726
7,459 -1,418
899
4,859
-431
Demand deposits and currency
4
101
500
4,299
1.437
8.197 -2,276
Time and savings deposits
5
9,024
3.437 10.122
5,931
28
1.451
6
Security RPs
404
27
146
2.878
585
-443
7
Foreign deposits

202.7
1.0
6.2
3.0

255.6
2.1
11.1
5.5
4.6

252.4
2.3
14.4
3.9
1.7

311.4
2.6
23.7
16.4
12.1

3
4
5
6
7

19.9
213.7
67.2
7.3
28.2
29.4
13.3
68.3

8
9
10
11
12
13
14
15

1 Current surplus
2 Physical Investment

663
1.876

-444
1,502

-1,540
1,978

292
1,581

-195
2.558

K

221.1
2.6
10.4
1.8
.5

8,554
6.250
7,861
1,447
2,709
97.854 105,475 114.585 113,877 128,614
39.473 38,052 47,692 42.383 44,537
9,850 23.738 12,585 14,954
5.913
19.550 13,834 15.246 15,468 21,563
23.692 21,369
6,628 17,349 17.314
17,967 12,863
4,480 15,884 16,239
-8.741
9,507 16,801 10.208 14,007

8,719
98,933
53.502
10,870
18.930
11.650
6,046
-2,065

11.1
169.4
21.2
13.5
36.1
68.5
14.1
16.0

5.5
178.2
18.2
15.2
35.8
71.7
17.3
20.1

17.3
189.3
24.8
10.9
28.5
67.0
19.4
38.7

22.2
178.5
47.2
9.7
33.1
45.4
9.8
33.5

321
809
3,714

-1,459
335
7,840

1.0
1.3
9.7

1.6
1.5
19.0

1.1
1.9
22.5

6.5
2.0
20.9

125,405 138,230 157.245 146.235 149,334 114,757
19 Net increase in liabilities
17,362 12,983 27,168 18,672 17,246 12,593
Thrift deposits
20
-5.292
1,011
6,752
7,726 12,450 -6,080
Money
market
fund
shares
21
3.915
6,049
-863 10,161
967
978
Security RPs (SSL)
22
38,489
26,691
21.471
32,139
46,298 27,108
Insurance
&
pension
reserves
23
27,142 34,555 60.407 44,225 43,383 44,924
Corporate equity Issues (1)
24

196.6
69.7
.2
1.9
71.4
2.9

208.0
59.1
6.9
2.1
81.2
1.2

241.6
46.9
34.4
.5
97.9
1.8

237.3
53.5
29.2
2.1
109.7
5.9

28.8
5.7

5.6
.3

.5
13.4
9.2

-1.0
-.8
7.1

33.7 25
2.4 26
K 27
1.2 28
13.9 29
16.2 30

8
9
10
11
12
13
14
15

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

16
17
18

Security credit
Trade credit
Miscellaneous assets

2,339
506
3,072

9,491
431
1,301

2,665
697
7.404

-208
629
10,704

-2.4 16
2.6 17
22.9 18

306.8
25.9
107.5
3.0
105.9
7.4

19
20
21
22
23
24

25
26
27
28
29
30

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

27.588
2.806
15
2,303
16,348
6,116

20,844
8,365
18
543
8,828
3,090

10,174
7,832
24
-1,294
5,216
-1.604

20.913
2.316
276
1,829
8,883
7,609

16,842
5,438
-123
484
6,847
4,196

20.802
1,086
-124
2.561
7,670
9,609

21.3
8.9

-.2
8.4
4.3

29.2
6.8
.2
1.8
7.9
12.5

31
32
33

Security credit
Profit taxes payable
Miscellaneous liabilities

997
60
15,144

14,384
47
21,666

8,328
42
23,766

-5,424
-97
17,920

-4,806
-58
17.012

-3,550
-67
18,049

.9
.7
27.5

K
.8
27.4

1.1
-.2
30.5

6.0
-.8
26.0

2.5 31
-1.2 32
22.1 33

7,503

31

10,864

-2,155

2.035

-7,230

1.7

-1.8

-5.9

-11.0

-10.4 34

34 Discrepancy

a

K

K

(1) Includes mutual fund shares.

Savings Institutions Combined
1,323

1,391

1.385

1,430

1,446

1.475

3.8

5.1

4.3

1.2

-6.4

1

2 Net acq. of financial assets
Demand deposits and currency
3
Time deposits
4
Security RPs
5

34,574
117
458
-1,402

32,471
3,521
2,223
4,910

28,608
-653
2.706
4.896

44,578
430
576
2,063

31.412
-686
1,177
433

33.472
2,667
537
-868

85.4

1.0
2.9

a

81.8
1.1
-.7
1.7

66.9
.5
-1.5
3.4

66.8
1.7
5.0
.7

43.9
2.6
-.8
7.4

2
3
4
5

Corporate equities
Credit market instruments
U.S. 9ovt. securities
Tax-exempt obligations
Corporate bonds

-39
36,751
12,272
-8
-474

-270
15.293
-6,755
663
-2,065

20
15,357
7,755
-187
-816

315
35,262
21,217
-130
-355

364
31,603
15,347
189
175

238
27,382
16,810
-194
-826

.4
78.6
7.0
.4
1.2

.1
71.3
4.5
.6
.1

-.1
55.4
1.0
-.5
-1.1

-.5
51.3
18.1
-.5
.7

-.6
26.2
4.3

6
7
8
a 9
-1.0 10

18,230
11,667
3,345
3,135
83

11,987
8,299
4,985
-1,265
-32

1,697
-4.776
1.840
4,629
4

5.800
5.412
940
-570
18

7,251
5,842
1,576
-151
-16

6,704
2,334
3.360
1,000
10

61.9
52.1
4.9
4.9

57.8
50.0
4.3
3.5

48.2
42.8
2.1
3.3

29.6
28.0

a

a
1.6
a

17.1
15.9
-.7
1.9

11
12
13
14
15

8,042
-610
824
-1,525
-1.311

5,302
77
1,974
4,110
6,794

2,148
-98
1.217
3,641
6,282

6,033
518
1,493
686
5,932

4,631
-408
938
3,480
-1,479

4,157
-664
1,154
241
3,516

8.1
.3
-.3
2.6

7.3
.5
—
.6
8.3

3.6
2.4
1.8
9.1

.3
1.4
1.8
8.7

4.5
-1.9
.4
2.6
9.1

16
17
18
19
20

33,425
17.362
2,892
14,185
285
3,915
10,629
7
1,512

30,975
12,983
3,073
7,168
2.742
6.049
6,434
34
5,475

27.101
27.168
1.683
20.087
5,398
-863
-239
25
1,010

42,031
18.672
7.335
10,431
906
10,161
11.135
-12
2.075

28,914
17,246
3,925
11,607
1.714
967
6,855
-7
3,853

30.730
12,593
6,106
10,951
-4,464
978
13,544
-53
3.668

80.8
69.7
1.0
66.4
2.3
1.9
6.9
.2
2.1

76.5
59.1
1.0
52.0
6.0
2.1
13.5
.2
1.6

62.4
46.9
1.2
31.5
14.1
.5
12.6
-.2
2.6

66.1
53.5
2.0
37.5
14.0
2.1
7.4
-.3
3.4

49.6
25.9
8.6
7.3
10.1
3.0
15.5
-.3
5.5

21
22
23
24
25
26
27
28
29

174

-105

-122

-1,117

-1,052

-1,267

-.7

-.3

-.2

.5

1 Current surplus

6
7
8
9
10

11
12
13
14
15
16
17
18
19
20

Mortgages
Home mortgages

Multi-family
Commercial
Farm

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

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

30 Discrepancy
IV/86 BASED ON INCOMPLETE INFORMATION




K

a

-.6 30

MARCH 2» 1987
Nonbank Finance Summary

Nonbank Finance Summary
Private Nonbank Financial Institutions

23

SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1984

SEASONALLY ADJUSTED ANNUAL RATES

1985

1986

I
1

III

1985

I
IV I

I

II

1986

III

IV

Private Nonbank Financial Institutions - Total
1
2

-2.8
4.9

3.3
4.0

-3.3
6.9

1.1
7.6

-3.1
8.5

.7
7.5

-.3
6.0

-4.3
7.9

-.2
6.3

3
4
5
6
7

266.0
6.3
15.9
6.9
4.9

337.7
2.3
-6.3
12.9
-1.8

453.6
3.6
-2.4
23.4
-.7

469.7
13.4
3.9
11.5
-2.2

552.5
3.9
11.7
16.4
3.2

476.3
12.3
8.3
13.8
1.6

503.6
23.6
-3.2
43.5
.1

601.4
-1.9
17.6
18.7
.6

592.1
4.8
2.6
38.2
11.5

587.2
-.2
41.3

8
9
10
11
12
13
14
15

27.6
151.7
106.6
14.6
23.8
-15.1
8.9
12.9

46.8
247.6
82.9
10.0
34.7
67.5
26.1
26.5

8.3
381.6
104.3
10.0
55.1
99.2
38.2
74.8

33.2
368.0
116.4
36.0
58.7
80.8
49.1
27.0

27.8
456.0
188.1
62.1
71.2
52.9
42.6
39.0

26.8
389.2
154.0
23.9
83.3
82.9
63.9
-18.9

-1.6
407.9
146.9
38.5
49.4
98.6
45.2
29.3

36.1
476.2
181.9
95.9
70.4
38.8
40.8
48.4

34.6
455.0
188.3
50.1
53.5
55.5
55.6
52.0

12.9
510.6
173.0
60.1
91.5
56.1
55.9
74.1

27.8
382.9
209.3
42.5
69.4
61.3
18.9
-18.6

16
17
18

3.7
2.1
46.7

7.4
2.0
27.0

-3.0
2.8
40.0

16.1
2.2
23.6

1.3
2.5
29.7

9.4
2.0
13.0

38.0
1.7
-6.4

10.7
2.8
40.6

-.8
2.5
43.7

1.3
3.2
15.7

-5.8
1.3
18.6

19
20
21
22
23
24

270.2
62.3
24.7
-1.2
115.4
20.2

326.6
132.5
-44.1
13.9
136.0
34.0

465.3
133.1
47.2
18.8
116.1
43.6

489.7
80.0
-2.2
-1.9
131.4
113.7

567.6
75.7
20.8
11.2
127.0
192.9

507.1
79.8
-21.2
15.7
145.3
111.9

525.4
48.0
4.0
24.2
107.8
136.2

648.7
89.5
27.0
-3.5
85.3
238.5

587.6
87.1
30.9
40.6
137.0
178.6

601.1
78.7
49.8
3.9
176.0
177.3

25
26
27
28
29
30

6.8
6.6
.1
1.9
-2.6
.8

9.1
3.6
M
-.1
12.6
-7.0

41.3
10.5
.4
.7
14.1
15.7

75.7
19.6
.1
2.6
39.3
14.2

68.7
16.7
.1
3.6
28.6
19.8

110.7
6.7
.1
7.6
77.0
19.4

77.3
32.2
.1
.8
30.2
14.1

57.0
27.4
.1
-.3
24.2
5.6

72.3
19.9
1.1
5.1
24.8
21.3

66.5
15.5
-.5
-.7
40.9
11.3

79.1
3.9
-.5
10.2
24.6
41.0

31
32
33

3.6
.1
38.3

3.8
.1
41.4

5.2
-.1
60.1

22.9
.1
70.1

-5.5
-.2
76.7

9.5
.2
55.2

43.8
.2
83.8

50.3
.2
104.4

-30.7
-.3
72.1

-13.5
-.3
62.6

-27.9
-.3
67.8

34

-3.4

-11.7

1.5

13.5

3.5

23.9

15.4

35.1

-11.1

.8

10.2

«

2.3

-4.8 Current surplus
9.7 Physical investment

1
2

429.8 Net acq. of financial assets
Demand deposits and currency
12.9
-14.9
Time and savings deposits
8.8
Security RPs
-1.8
Foreign deposits

3
4
5
6
7

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

8
9
10
11
12
13
14
15

Security credit
Trade credit
Miscellaneous assets

16
17
18

432.9 Net increase in liabilities
Thrift deposits
47.4
-24.3
Money market fund shares
3.9
Security RPs (SSL)
Insurance 8 pension reserves
109.8
177.4
Corporate equity issues (1)

19
20
21
22
23
24

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

25
26
27
28
29
30

Security credit
Profit taxes payable
Miscellaneous liabilities

31
32
33

-11.4 Discrepancy

34

(1) Includes mutual fund shares.
Savings Institutions Combined

1

-6.4

.5

1.5

4.7

5.7

5.3

5.6

5.5

5.7

5.8

2
3
4
5

72.2
2.2
16.0
1.2

158.1
3.1
2.8
6.4

185.5
2.3
-8.1
9.5

120.6
5.2
7.0
4.5

138.1
1.8
5.0
6.5

136.0
1.4
9.8
-5.6

126.8
13.2
3.7
22.6

112.2
-4.9
11.2
14.5

187.0
3.9
-.8
10.4

122.1
-1.6
13.2
1.6

131.0 Net acq. of financial assets
9.6
Demand deposits and currency
-3.6
Time deposits
Security RPs
-.5

6
7
8
9
10

-.5
21.8
40.4
-.3
-1.1

.3
135.6
58.4
-.2
3.0

-.2
149.2
27.7
-.3
-1.5

-.1
83.4
-6.5
.6
-2.5

.9
109.6
61.1
-.3
-1.8

-.2
135.0
50.3
M
-1.9

-1.1
72.8
-26.9
2.7
-8.3

.1
55.1
18.0
-.7
-3.3

1.3
147.6
96.4
-.5
-1.4

1.5
112.4
61.5
.8
.7

1.0
123.2
68.7
-.8
-3.3

11
12
13
14
15

-25.6
-32.0
1.4
4.9
K

53.5
30.0
7.0
16.6
-

85.7
50.0
14.4
21.3
«

57.2
32.4
14.5
10.3
.1

2) .5
8.8
7.7
4.9
*

61.2
35.5
13.4
12.0
.3

63.0
46.2
19.9
-3.0
-.1

13.5
-14.3
7.4
20.4
N

12.6
14.7
3.8
-5.9
.1

16.1
11.3
6.3
-1.4
-.1

43.6
23.6
13.4
6.6
M

16
17
18
19
20

5.4
-1.1
.2
3.9
31.4

14.8
-1.0
2.4
4.7
9.8

24.7
2.3
8.7
2.1
32.7

23.9
-.3
5.4
5.6
20.6

17.0
-.7
4.8
8.0
14.3

28.7
-1.4
3.3
-5.3
-4.5

23.9
-1.9
7.9
12.5
15.6

11.9
.4
4.9
10.6
36.1

21.5
2.6
6.0
10.5
24.6

15.0
-.4
3.8
15.0
-5.1

19.5
-5.2
4.6
-3.9
1.3

21
22
23
24
25
26
27
28
29

76.6
62.3
8.2
41.6
12.5
-1.2
2.5
N
13.0

157.7
132.5
11.3
86.5
34.7
13.9
-2.1
M
13.5

185.5
133.1
7.7
76.2
49.2
18.8
22.7
«
10.9

116.6
80.0
12.9
59.8
7.2
-1.9
22.3
.1
16.1

128.8
75.7
19.0
53.1
3.6
11.2
31.3
K
10.6

130.6
79.8
11.6
67.1
1.1
15.7
34.5
K
.6

122.2
48.0
12.3
24.8
11.0
24.2
30.7
.2
19.1

107.3
89.5
6.7
61.2
21.6
-3.5
7.8
.1
13.4

174.9
87.1
29.3
54.2
3.6
40.6
38.4
-.1
8.7

111.2
78.7
15.7
56.2
6.9
3.9
18.7
a
10.0

30

-2.0

.1

1.5

.7

-3.6

-.1

.9

.6

-6.4

-5.1

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

5.9 Current surplus

Corporate equities
Credit market instruments
U.S. govt, securities
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multi-family
Commercial
Farm

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

121.7 Net increase in liabilities
47.4
Deposits
24.4
Checkable
40.8
Small time and savings
-17.9
Large time
3.9
Security RPs
60.3
Cr. mkt. instr. (SSL)
-.2
Profit taxes payable
10.3
Miscellaneous liabilities
-3.3 Discrepancy

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

16
17
18
19
20

21
22
23
24
25
26
27
28
29
30

MARCH 2, 1987
Savings Institutions

Savings Institutions

Sector Statements of Saving end Investment

24

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV I

I

II

1986

IV

111

1977

Savings and Loan Associations

1 Current surplus
2 Net acq. of financial assets
3
Mortgages
Consumer credit
4
5
Other loans (to business)

BILLIONS OF DOLLARS
1978
1979
1980

890

958

993

1,041

1,087

1.130

2.7

3.6

3.3

1.4

-5.2

1

25>178
14,729
2,750
824

27,126
10,748
2.147
1.974

16.598
1,889
1.212
1,217

33,137
4,989
2,685
1,493

19,099
2,637
651
938

21,025
1,590
519
1.154

64.3
55.1
1.5
-

63.5
50.8
.3
-

56.6
44.0
3.7
-

52.6
28.3
2.6
-

35.8
17.7
.6
.4

2
3
4
5

17.1 6
1.0- 7
-.7 8
4.2 9

6
7
8
9

Other assets
Demand deposits 8 currency
Time deposits
Fed. funds 8 security RPs

6.875
280
-46
-1,826

12,257
2.000
790
5,035

12.280
-1.173
279
1,928

23,970
1,274
-1,942
1.591

14.873
-304
-883
731

17,762
289
157
696

7.7
-.2
.1
2.3

12.4
.1
.4
1.7

8.8
.5
-2.2
2.5

21.7
.5
2.5
-.7

10
11
12
13
14

U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Open-market paper
Miscellaneous

459
10.027
-22
277
-2.274

-5.940
625
447
3,023
6,277

-362
6,637
-170
2,673
2,468

3,526
15.614
-105
-71
4,083

3,916
9,091
63
2,637
-378

3,374
9.141
39
1.051
3.015

-1.0
4.9

-2.9
3.9
-.1
.7
6.5

5.7
8.1

-.3
1.8

K
4.6
.1
.4
5.1

15 Net Increase In liabilities
16
Deposits
17
Checkable
18
Small time and savings
Large time
19
20
Security RPs

24,915
10,175
1,714
11.059
-2,598
3,915

26.800
11,935
1.721
7.658
2,556
6,049

16,046
16,774
470
13.545
2,759
-863

32.003
9,702
3.437
6,622
-357
10.161

18,415
10,257
1,802
9.763
-1,308
967

20.179
6.097
3,359
8,414
-5.676
978

61.1
50.9
.2
48.6
2.1
1.9

59.6
44.2
.1
38.8
5.2
2.1

21
22
23
24

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

10,629
1,639
2,874
6,116

6,434
1,475
1,869
3,090

-239
810
555
-1,604

11,135
745
2,781
7.609

6.855
1,843
816
4,196

13,544
140
3.795
9.609

6.9
1.2
1.4
4.3

25
26

Profit taxes payable
Miscellaneous liabilities

7
189

34
2,348

25
349

-12
1,017

-7
343

-53
-387

.2
1.2

Acq.of credit mkt.inst.

H

1.5
4.1

-3.5
6.6
.1
1.2
8.2

10
11
12
13
14

53.0
39.1
.3
26.0
12.7
.5

51.9
41.8
.5
29.0
12.3
2.1

40.8
20.0
7.2
4.1
8.7
3.0

15
16
17
18
19
20

13.5
.7
.3
12.5

12.6
1.4
2.0
9.2

7.4
.4
-.1
7.1

15.5
-.5
-.2
16.2

21
22
23
24

.2
-.3

-.2
l.l

-.3
.9

a

-.3 25
2.6 26

627

632

441

-93

403

284

-.5

-.2

-.3

.8

-.3 27

29,044

13,024

13,096

28,131

19.933

16.868

60.1

56.1

49.3

46.2

23.2 28

27 Discrepancy

28 Memo:

1981

(1)

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

Mutual Savings Banks (2)
190

204

162

159

133

118

.7

3.353
-63
37
123

1,216
1,321
-12
-548

4,480
-380
2,606

2,111
-544
—
72

5,487
-482
-8
-693

7,520
1.678
-2
-1,965

12.5
M

-39
3,636
-196
1,011
14
-474

-270
47
-86
-1.376
» 216
-2,065

20
1,695
200
1,114
-17
-816

315
2,676
-100
722
-25
-355

364
5,875
200
845
126
175

238
7,162
400
3,443
-233
-826

2,931
2,152
-1,802
-341

1,606
665
1,087
678

-177
423
968
539

687
990
757
-408

3,230
456
843
431

2,710
1,587
1,123

275
-1,752
2.027

3,755
2,994
761

928
170
758

-453

-737

-563

-1,024

1 Current surplus

2 Net acq. of financial assets
3
Demand deposits and currency
4
Time deposits
5
Fed. funds and security RPs
6
7
8
9
10
11

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

12
13
14
15

Mortgages
Consumer credit
Commercial paper
Miscellaneous assets

16 Net Increase In liabilities
17
Deposits
18
Miscellaneous liabilities

19 Discrepancy

.9

.7

-.4

-1.8

1

10.9
1.0"
.3
■

5.2
-.3
-.3
.9

8.2
1.1
a
.6

4.2
1.2
-.1
1.5

2
3
4
5

.4
11.2
.1
2.6
.4
1.2

.1
8.7
-.9
1.7
.5
.1

-.1
4.4
-.2
1.3
-.4
-l.l

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

4,706
482
-810
409

6.6
.5
■
.3

6.4
.7
.2
.8

3.6
.1
1.1
.5

.6
1.6
.3
1.0

-.4
.2
1.3
1.2

3,899
1.089
2,810

5.851
1.896
3.955

11.5
11.1
.4

10.0
8.6
1.4

4.6
3.4
1.2

8.3
7.5
.8

5.5 16
3.0 17
2.6 18

-1,455

-1,551

-.3

a

M

-.2

— .4 19

.6

-.6 6
.9 7
-.2 8
1.2 9
-.1 10
-1.0 11
12
13
14
15

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

Credit Unions
1 Current surplus
2 Net acq. of financial assets
3
Demand deposits and currency
4
Time deposits
5
At banks
6
At savings and loans
7
Fed.funds 8 security RPs
8
9
10
11
12
13
14

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

15 Net Increase in liabilities
Shares
16
17
Miscellaneous liabilities

243

229

230

230

226

227

.5

.6

.3

.2

.6

1

6,043
-100
467
193
274
301

4,129
200
1,445
740
705
423

7,530
900
2,427
1.251
1.176
362

9.330
-300
2,518
1,309
1,209
400

6.826
100
2,068
1.119
949
395

4,927
700
382
289
93
401

8.7
.1
.9
.1
.8

7.5
.1
-1.4
.5
-1.9
-

5.1
.2
1.0
.7
.4

6.1
.1
2.4
2.2
.2
.7

3.9
.4

-.3
.4
1.7

2
3
4
5
6
7

4,071
971
398
573
570
2,530
1,304

-2,222
22
130
-108
-367
2,567
-161

566
166
69
97
-15
415
3,275

4,455
1,455
871
584
124
2,876
2.257

5,795
1,295
565
730
1.384
3.116
-1,532

3,352
452
202
250
408
2,492
92

7.2
.5
.1
.4
.3
6.4
.5

6.4
-.8
-.7
-.1
.6
6.7
2.3

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

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

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

8
9
10
11
12
13
14

5,800
5.600
200

3,900
2,800
1,100

7,300
7,400
-100

9,100
8,800
300

6.600
5,900
700

4.700
4,600
100

8.2
7.7
.5

6.9
6.4
.6

4.8
4.4
.3

5.9
4.2
1.6

IV/86 BASED ON INCOMPLETE INFORMATION




a

3.3 15
2.9 16
.4 17

MARCH 2. 1987
Savings Institutions

Savings Institutions

25

Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1986

1983

1985

1986

I
1

1985

III

I
IV 1

Savings and Loan Associations

I

II

1986

III

IV

(1)

6.5 Current surplus

1

1

-5.1

.5

.7

3.1

6.3

3.6

3.8

6.0

6.2

6.3

2
3
6
5

56.9
-22.9
1.9
.2

122.6
67.1
5.8
2.6

159.3
77.5
8.5
8.7

82.6
67.8
10.8
5.6

89.9
11.1
5.1
6.8

96.3
65.8
11.0
3.3

106.9
57.5
8.6
7.9

73.1
18.9
6.8
6.9

136.9
6.9
10.7
6.0

70.6
-3.7
2.6
3.8

81.0 Net acq. of financial assets
Mortgages
22.3
Consumer credit
2.1
Other loans (to business)
6.6

6
7
8
9

77.6
1.9
7.2
.6

67.3
3.6
1.2
5.9

66.7
1.8
-5.5
7.9

18.5
3.0
2.3
.5

68.9
.1
-2.6
6.9

36.3
1.7
7.7
-7.3

30.9
8.2
-2.1
20.1

66.5
-7.1
1.5
7.7

111.3
6.9
-10.9
6.6

67.7
-.5
5.0
2.9

52.1
1.0
-5.1
2.8

Other assets
Demand deposits & currency
Time deposits
Fed. funds 8 security RPs

6
7
8
9

10
11
12
13
16

7.5
29.8
-.5
2.7
28.6

15.7
29.8
.1
3.7
7.5

10.2
16.9
-.2
2.6
31.3

-10.1
1.2
.6
6.1
17.2

10.5
60.5
-.2
6.3
9.2

1.9
60.1
-.1
.6
-8.6

-23.2
2.5
1.8
10.1
13.5

-12.6
26.5
-.7
7.3
21.8

26.5
62.5
-.6
6.0
16.3

16.6
36.6
.3
10.0
-.7

15.5
36.6
.2
1.8
-.7

U.S. Treasury securities
U.S. govt, agency secur.
Tax-exempt obligations
Open-market paper
Miscellaneous

10
11
12
13
16

15
16
17
18
19
20

61.2
66.8
5.8
29.3
11.7
-1.2

123.9
101.8
6.3
66.0
29.5
13.9

160.6
112.6
6.1
65.8
62.5
18.8

81.8
51.7
6.7
63.5
1.5
-1.9

86.6
62.8
9.1
38.3
-6.6
11.2

95.1
65.0
6.9
68.6
-10.6
15.7

103.6
37.1
6.9
20.0
10.2
26.2

71.1
61.3
1.9
68.6
11.0
-3.5

130.6
51.8
13.7
39.5
-1.6
60.6

67.5
66.6
7.2
62.7
-5.2
3.9

21
22
23
26

2.5
.2
1.5
.8

-2.1
M
5.0
-7.0

22.7
1.2
5.8
15.7

22.3
3.6
6.5
16.2

31.3
3.5
7.9
19.8

36.5
6.6
8.5
19.6

30.7
5.9
10.7
16.1

7.8
3.2
-1.0
5.6

38.6
3.0
16.1
21.3

18.7
7.6
K
11.3

60.3
.6
18.8
61.0

25
26

M
13.1

M
10.6

K
6.8

.1
9.6

H
1.3

K
-.1

.2
11.5

.1
5.3

-.1
-.5

«
.3

-.2
.1

27

-.8

1.8

1.9

2.5

1.0

2.6

2.5

1.9

-.3

1.6

28

18.8

106.7

123.9

59.6

78.0

102.6

65.2

69.2

116.2

63.7

77.7 Net increase in liabilities
Deposits
13.5
Checkable
13.6
Small time and savings
22.8
Large time
-22.7
Security RPs
3.9

2
3
6
5

15
16
17
18
19
20

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

21
22
23
26

Profit taxes payable
Miscellaneous liabilities

25
26

1.2 Discrepancy
83.0 Memo:

27

Acq.of credit mkt.inst. 28

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

Mutual Savings Banks (2)

.5 Current surplus

1

-1.8

-.6

-.3

.6

.6

.8

.8

.6

.6

.5

2
3
6
5

6.6
.1
1.6

19.3
-.7
«
-.6

10.3
.1
-1.6
1.3

12.9
1.6
-.3
.3

19.6
.3
»
a

15.5
.2
.1
.5

5.3
6.2
H
.8

8.9
-1.6
5.6

16.8
-1.7
2.6

26.6
-1.5
M
-2.9

30.2 Net acq. of financial assets
Demand deposits and currency
5.7
M
Time deposits
Fed. funds and security RPs
-6.9

6
7
8
9
10
11

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

.3
18.8
3.8
6.0
-.3
3.0

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

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

.9
17.6
.7
6.1
-.1
-1.8

-.2
16.1
-.9
5.3
.1
-1.9

-1.1
-1.3
.6
-6.7
.9
-8.3

.1
3.7
-1.8
5.2
-.1
-3.3

1.3
13.6
1.7
1.9
-.1
-1.6

1.5
25.5
.6
5.0
.5
.7

1.0
26.8
2.6
12.6
-.9
-3.3

Corporate equities
Credit market instruments
U.S. Treasury securities
U.S. 9ovt. agency secur.
Tax-exempt obligations
Corporate bonds

6
7
8
9
10
11

12
13
16
15

-2.5
1.0
1.2
2.6

3.6
1.8
1.0
1.5

6.9
6.8
-.3
.3

7.6
6.2
1.5
1.7

8.6
2.6
1.8
1.0

10.9
8.6
-5.9
-1.3

7.6
2.7
2.6
2.8

-1.3
1.7
3.2
1.2

3.1
6.0
6.5
-.8

12.0
1.8
5.0
1.8

20.0
1.9
-5.7
1.6

Mortgages
Consumer credit
Commercial paper
Miscellaneous assets

12
13
16
15

16
17
18

5.0
5.3
-.3

18.2
15.8
2.6

10.2
7.8
2.6

10.6
5.6
5.2

16.6
6.1
8.3

12.2
7.9
6.6

3.0
-7.1
10.1

7.0
5.8
1.2

8.1
5.2
2.9

17.3
5.8
11.5

25.3 Net increase ln liabilities
Deposits
7.8
Miscellaneous liabilities
17.5

16
17
18

19

-1.2

-1.7

-.6

-1.7

-6.6

-2.5

-1.6

-1.3

-6.1

-6.5

-6.5 Discrepancy

19

1

2
3
6
5

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

Credit Unions
.9 Current surplus

1

1

.5

.5

1.1

1.0

.9

1.0

.9

.9

.9

.9

2
3
6
5
6
7

10.9
.2
7.6
5.0
2.5
.8

16.1
.6
1.6
H
1.6
1.1

15.8
.6
-1.2
-.8
-.6
.3

25.2
.7
5.0
2.3
2.6
3.7

28.6
1.6
7.6
6.0
3.6
1.6

26.2
-.6
1.9
.8
1.1
1.2

16.5
.8
5.8
3.0
2.8
1.7

30.1
3.6
9.7
5.0
6.7
1.6

37.3
-1.2
10.1
5.2
6.8
1.6

27.3
.6
8.3
6.5
3.8
1.6

19.7 Net acq. of financial assets
Demand deposits and currency
2.8
Time deposits
1.5
At banks
1.2
At savings and loans
.6
Fed.funds 8 security RPs
1.6

2
3
6
5
6
7

8
9
10
11
12
13
16

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

12.1
3.1
1.6
1.7
2.8
6.2
.8

15.3
.6
.8
-.6
1.3
13.6
1.0

16.1
3.6
2.5
1.1
1.8
8.7
1.7

16.2
3.6
1.7
1.7
1.9
8.9
6.1

16.3
3.9
1.6
2.3
6.6
7.8
5.2

8.9
.1
.5
-.6
-1.9
10.7
-.6

2.3
.7
.3
.6
-6.1
5.7
13.1

17.8
5.8
3.5
2.3
2.6
9.6
9.0

23.2
5.2
2.3
2.9
7.8
10.2
-6.1

13.6
1.8
.8
1.0
1.3
10.3
.6

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

8
9
10
11
12
13
16

15
16
17

10.6
10.2
.2

15.6
16.9
.7

16.7
12.9
1.8

26.2
22.9
1.3

27.7
26.7
1.0

23.2
26.9
-3.7

15.6
18.1
-2.5

29.2
22.3
6.9

36.6
30.1
6.3

26.6
28.3
-1.9

18.8 Net Increase ln liabilities
26.1
Shares
Miscellaneous liabilities
-7.3

BILLIONS OF DOLLARS.




-

IV/86 BASED ON INCOMPLETE INFORMATION

15
16
17

MARCH 2, 1987
Insurance and Pension Funds

Insurance and Pension Funds

Sector Statements of Saving and Investment

26

UNADJUSTED NET FLOWSC$ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

——

1 Current surplus
2 Physical Investment

I
IV I

I

II

1986

---- — ________

III

1977

IV

Life Insurance Companies

BILLIONS OF DOLLARS
1978
1979
1980

1981

______ _________ _____________ __

1.461
1.556

1.496
1,172

1,428
1,892

1,537
1,493

1,592
2,394

1,642
2.252

3.5
1.9

4.2
2.2

4.8
3.0

6.1
3.9

6.3
5.3

1
2

3 Net acq. of financial assets
4
Demand deposits and currency

21.530
474

25,103
1,418

18,582
-1,650

20,605
468

21,297
-135

24,552
1,545

31.3
.1

35.6
.2

37.5
.3

37.8
.5

45.9
1.1

3
4

5
6
7
8
9

1.064
19.099
6.303
1.596
4.707

995
22,120
6,885
5.085
1,800

522
17,645
6,204
2,589
3,615

1,618
16,376
1,569
-92
1,661

499
18.812
2,538
2,501
37

1,284
19,587
4,452
3,133
1,319

1.2
27.5
1.6
-.1
1.7

-.1
33.1
2.0
-.5
2.5

.6
33.0
2.9
.1
2.8

.5
33.2
2.7
1.0
1.8

2.9
34.7
5.5
2.3
3.1

5
6
7
8
9

130
8.920
2.646
1.177
-77
893

664
11,190
7,037
-3,674
18
570

-34
9,106
3,026
-561
-96
2.065

440
8.431
5.218
649
69
2,143

492
6.835
5.228
3,788
-69
2,121

394
7.119
5.600
1,993
29
2,136

.5
18.8
5.3
-.3
1.7
2.5

.4
17.3
9.3
1.5
2.6
2.4

11.6
12.3
1.6
4.7
3.5

.3
8.7
12.7
2.2
6.6
3.6

.5
7.3
6.7
7.4
7.3
7.3

10
11
12
13
14
15

22.655
2.872
16.211
29
3.543

23,812
2,669
17,406
23
3,714

19.664
2,311
14.200
20
3,133

20,839
2,550
15,020
-35
3,304

23,367
2,518
16.988
-32
3,893

23,488
2,567
17,155
2
3,764

31.1
9.3
16.8
.4
4.6

35.1
10.9
19.1
.3
4.8

35.1
10.4
19.4
N
5.3

35.5
9.7
22.3
-.4
3.8

46.1
8.9
29.5
-.5
8.2

16
17
18
19
20

1.030

-967

618

278

1,268

-1,674

1.3

1.5

-.5

-.1

10
11
12
13
14
15

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

Tax-exempt obligations
Corporate bonds
Mortgages
Open-market paper
Policy loans
Miscellaneous assets

16 Net increase in liabilities
17
Life insurance reserves
18
Pension fund reserves
19
Profit taxes payable
20
Miscellaneous liabilities
21 Discrepancy

1.1 21

Private Pension Funds

1 Net acq. of financial assets
2
Demand deposits and currency
3
Time deposits

4
5
6
7
8
9
10
11
12

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

Corporate bonds
Mortgages
Open-market paper
Miscellaneous assets

8,096
382

-6,638
-70
-622

-6,438
-156
-704

1,629
14
76

15,681
580
4.457

-4,711
-393
-3,304

29.4
.4
4.7

30.6
.3
7.5

51.9
-.3
4.0

51.2
-1.0
.1

37.8
-.6
1.5

1
2
3

1,161
3,598
-270
3,218
-3,488

-3,280
1,551
1,113
-3,824
4,937

-5,332
-144
2,086
3,374
-1,288

-793
849
600
-1,073
1,673

-3,986
13,001
2.840
2,076
764

279
-2,728
981
917
64

8.2
10.6
5.0
3.6
1.4

3.0
12.8
3.7
2.2
1.4

13.7
25.9
6.9
3.5
3.4

15.0
29.3
13.1
6.1
7.0

6.4
27.0
19.4
7.4
11.9

4
5
6
7
8

2,983
885
2,845

947
-509
-4,217

-1.322
40
-948
-102

-7
—
256
1,483

5,672
4,489
1,629

-848
-2.861
1,435

5.2
.1
.2
5.5

8.7
.2
.2
7.0

13.5
.4
5.0
8.6

12.1
.4
3.7
7.8

no

5.4 9
.3 10
1.9 11
3.6 12

State and Local Government Employee Retirement Funds
1 Net acq. of financial assets
2
Demand deposits and currency
3
Time deposits

4
5
6
7
8
9
10
11

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

11,310
48
480

13,254
-238
654

11,398
228
1,850

12,940
154
1,239

11,111
50
414

12,097
39
382

15.9
«
.3

20.7
.1
.9

16.2
.2
1.1

26.5
K
.2

29.7
a
.1

1
2
3

3.010
7,772
6,024
4,520
1,504

2,590
10,248
4,630
4,773
-143

2.558
6,762
9,011
8,945
66

4.218
7,329
1,695
53
1,642

3.527
7,120
5,175
1,085
4,090

2.397
9,279
3,734
1,734
2,000

3.7
11.9
5.5
2.7
2.7

2.6
17.0
7.1
2.7
4.4

4.1
10.8
6.6
5.3
1.4

5.3
20.9
9.9
6.2
3.7

7.1
22.5
11.8
6.6
5.2

4
5
6
7
8

-53
1,839
-38

-297
5,910
5

-290
-2.050
91

80
5,722
-168

-84
2,139
-110

66
5,529
-50

.2
6.0
.3

.4
9.0
.5

M

3.2
1.0

.1
9.5
1.3

-.2 9
9.2 10
1.6 11

Other Insurance Companies

1 Current surplus

-1,122

-1,029

-853

-845

-678

-626

4.6

4.6

4.2

3.6

3.1

1

2 Net acq. of financial assets
3
Demand deposits and currency
4
Security RPs

9,883
365
1,547

9,317
85
411

8,798
82
901

8,075
-145
1,012

7.741
-223
940

7,155
-384
966

20.2
.3

20.4
.4
-

18.8
.3
-

15.0
.1

14.2
.1
.1

2
3
4

5
6
7
8
9

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

-320
7,785
5,030
3.059
1,971

-150
8,540
5,248
2,718
2.530

409
6,709
4,021
2,862
1,159

677
5,902
3,367
1,732
1,635

600
5.615
3,311
2,554
757

1,020
5,218
2,975
2,265
710

1.2
17.5
3.0
2.5
.5

2.0
16.5
1.2
.7
.5

3.2
13.4
1.3
.2
1.1

3.1
9.9
1.8
1.6
.2

2.0
9.4
2.2
1.4
.8

5
6
7
8
9

Tax-exempt obligations
Corporate bonds
Commercial mortgages
Trade credit

653
2,102
506

1,072
2,233
-13
431

517
2,199
-28
697

516
2,061
-42
629

257
2.102
-55
809

331
1,981
-69
335

10.7
3.7
.1
1.3

13.5
1.8

9.9
2.0
.3
1.9

7.7
K
.3
2.0

4.0
2.8
.4
2.6

10
11
12
13

10,322
2,489
-14
7.847

10,214
2,312
-15
7,917

9.239
1.750
-11
7,500

8,990
1,500
-10
7,500

8,248
1,043
-9
7,214

7,786
702
-9
7,093

14.1
1.4
.1
12.6

15.0
.8
.1
14.1

15.6
.9

14.7

13.4
1.2
-.2
12.4

11.8
1.1
-.2
10.8

14
15
16
17

-683

-132

-412

70

-171

5

-1.6

-.8

1.1

1.9

10
11
12
13

14 Net increase ln liabilities
15
Corporate equity Issues
16
Profit taxes payable
17
Policy payables
18 Discrepancy

IV/86 BASED ON INCOMPLETE INFORMATION




M

1.5

M

.7 18

MARCH 2, 1987
Insurance and Pension Funds

Insurance and Pension Funds

Sector Statements of Saving and Investment

27

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1984

1985

1986

I
I

III

1985

I
IV I

I

II

1986

III

IV

Life Insurance Companies
1
2

5.0
4.6

5.2
4.0

4.8
6.2

5.8
6.5

6.2
8.0

5.8
6.2

6.0
4.7

5.7
7.6

6.1
6.0

6.4
9.6

3
4

55.4
.3

59.1
-.6

62.5
.7

87.1
.5

85.0
.2

89.8
2.3

95.8
.4

75.0
-.5

83.3
.9

89.3
-.1

92.5 Net acq. of financial assets
Demand deposits and currency
.7

3
4

5
6
7
8
9

3.4
43.5
12.7
8.4
4.3

3.1
50.6
19.3
12.1
7.2

.7
56.3
23.6
12.6
11.0

5.9
76.5
23.0
10.5
12.5

3.9
72.4
14.8
8.1
6.6

4.3
79.7
27.7
8.9
18.8

4.0
89.2
21.0
13.8
7.2

2.1
65.1
25.0
10.6
14.5

6.5
67.4
10.6
3.9
6.6

2.0
79.0
12.8
12.7
.1

5.1
78.1
10.6
5.3
5.3

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

5
6
7
8
9

10
11
12
13
14
15

1.9
16.2
4.2
4.2
4.3
8.1

.9
16.7
9.0
3.4
1.1
6.1

-1.3
23.7
5.7
4.1
.4
4.8

1.0
37.8
15.1
-.2
-.1
4.2

1.3
31.5
19.1
5.9
-.1
8.5

.8
38.0
11.2
2.2
-.3
3.6

1.8
45.8
24.6
-4.1
.1
2.3

.8
37.3
15.7
“13.4
-.4
8.3

1.5
29.8
20.3
4.9
.3
8.6

2.3
29.7
21.5
13.0
-.3
8.5

.6
29.1
18.7
19.0
.1
8.5

Tax-exempt obligations
Corporate bonds
Mortgages
Open-market paper
Policy loans
Miscellaneous assets

16
17
18
19
20

53.7
7.0
39.7
»
7.0

57.2
7.8
40.2
“.1
9.2

64.8
5.0
45.2
-.2
14.8

88.3
10.4
63.4
K
14.4

87.4
9.9
63.4
»
14.1

90.6
11.5
64.8
.1
14.2

95.2
10.7
69.6
.1
14.8

78.7
9.2
56.8
.1
12.5

83.4
10.2
60.1
“.1
13.2

93.5
10.1
68.0
-.I
15.6

94.0 Net increase in liabilities
Life Insurance reserves
10.3
Pension fund reserves
68.6
K
Profit taxes payable
Miscellaneous liabilities
15.0

16
17
18
19
20

21

-1.3

-.7

1.0

.4

.5

.4

.8

1.8

.2

1.0

“1.0 Discrepancy

21

6.6 Current surplus
9.0 Physical investment

1
2

10
11
12
13
14
15

Private Pension Funds

1
2
3

36.7
.2
.8

48.7
.6
4.9

20.3
.4
3.0

10.2
N
“.1

6.2
M
.5

23.7
.4
1.5

-25.5
-.3
-2.5

-26.3
-.6
-2.8

14.9
.1
.3

53.5
2.3
17.8

4
5
6
7
8

13.4
14.4
6.4
1.9
4.5

2.3
29.6
12.9
.6
12.3

“4.3
21.4
7.3
13.0
-5.7

-2.4
12.8
6.8
.3
6.5

-9.8
11.0
6.5
5.3
1.2

2.3
8.1
-7.4
7.5
-14.9

-13.0
7.1
5.4
-13.8
19.2

-26.7
4.2
13.0
15.9
-2.9

4.2
4.5
3.5
-2.6
6.1

-18.5
45.3
4.7
2.7
2.1

9
10
11
12

6.5
.3
1.2
8.0

11.7
.1
4.8
11.4

10.4
.3
3.4
-.2

5.8
.2
*
-.2

3.5
M
.9
4.4

11.9
M
3.5
11.4

3.8
K
-2.0
-16.9

-5.3
.3
-3.8
-.4

K
M
1.0
5.9

22.7
K
18.0
6.5

-17.5 Net acq. of financial assets
Demand deposits and currency
-1.6
Time deposits
-13.2

1
2
3

1.6
-10.0
4.8
5.2
-.4

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

4
5
6
7
8

-3.4
N
-11.4
5.7

Corporate bonds
Mortgages
Open-market paper
Miscellaneous assets

9
10
11
12

State and Local Government Employee Retirement Funds

1
2
3

32.0
.4
2.2

39.2
.4
2.8

45.7
.6
3.2

47.4
.7
3.8

47.5
.5
3.9

45.2
.2
1.9

53.0
-1.0
2.6

45.6
.9
7.4

51.8
.6
5.0

44.4
.2
1.7

48.4 Net acq. of financial assets
Demand deposits and currency
.2
Time deposits
1.5

1
2
3

4
5
6
7
8

6.0
23.4
19.4
9.3
10.1

20.0
16.0
17.0
12.0
4.9

7.3
34.7
23.1
19.0
4.1

20.8
22.1
17.5
18.6
-1.1

12.7
30.5
19.6
11.8
7.8

12.0
31.1
24.1
18.1
6.0

10.4
41.0
18.5
19.1
-.6

10.2
27.0
36.0
35.8
.3

16.9
29.3
6.8
.2
6.6

14.1
28.5
20.7
4.3
16.4

9.6
37.1
14.9
6.9
8.0

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

4
5
6
7
8

9
10
11

-.7
3.5
1.3

-1.1
-.7
.9

-.5
11.5
.6

-.6
5.2
.1

-.2
11.3
-.2

-.2
7.4
-.2

-1.2
23.6
M

-1.2
-8.2
.4

.3
22.9
-.7

-.3
8.6
-.4

.3
22.1
-.2

Tax-exempt obligations
Corporate bonds
Mortgages

9
10
11

___________ ________ _________ _____ _________________________________ _________ ______ _______________
Other Insurance Companies
1

.5

-.3

“3.1

-3.9

-3.0

-4.5

-4.1

-3.4

-3.4

-2.7

-2.5 Current surplus

1

2
3
4

13.8
4.0

15.0
“.4
9.6

14.7
.5
4.2

34.7
1.2
3.7

31.8
-.7
3.8

38.2
1.5
6.2

37.4
.3
1.6

34.5
.3
3.6

34.1
-.6
4.0

29.6
-.9
3.8

28.8 Net acq. of financial assets
Demand deposits and currency
-1.5
3.9
Security RPs

2
3
4

5
6
7
8
9

2.7
5.0
2.2
.6
1.5

2.1
1.7
5.5
3.3
2.2

-4.3
11.6
9.1
5.9
3.2

-2.0
29.5
18.8
10.6
8.2

2.7
23.4
13.7
9.4
4.3

-1.3
29.8
18.8
10.9
7.9

-.6
34.3
21.1
11.0
10.1

1.6
26.2
15.4
10.8
4.6

2.7
25.4
15.3
8.7
6.5

2.4
21.1
11.9
8.9
3.0

4.1
21.1
12.1
9.2
2.8

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

5
6
7
8
9

10
11
12
13

3.0
-.5
.3
2.1

-.3
-4.2
.7
2.0

-1.9
4.1
.3
2.8

2.5
8.2
M
2.2

1.6
8.3
-.2
2.5

2.6
8.4
2.0

4.3
8.9
-.1
1.7

2.1
8.8
-.1
2.8

2.1
8.2
-.2
2.5

1.0
8.4
-.2
3.2

1.3
7.9
-.3
1.3

14
15
16
17

13.4
2.8
K
10.6

13.5
1.5
K
12.0

19.3
3.9
K
15.4

38.1
9.0
-.1
29.1

34.3
5.0
K
29.3

41.3
10.0
-.1
31.4

40.9
9.2
-.1
31.7

37.0
7.0
K
30.0

36.0
6.0
K
30.0

33.0
4.2
K
28.9

18

K

“1.8

1.5

-.5

-.5

-1.4

-.7

-1.0

-1.5

.7

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

Tax-exempt obligations
Corporate bonds
Commercial mortgages
Trade credit

31.2 Net increase in liabilities
Corporate equity issues
2.8
K
Profit taxes payable
28.4
Policy payables
-.2 Discrepancy

10
11
12
13

14
15
16
17
18

HARCH 2, 1987
Finance N.E.C.

Finance N.E.C.

Sector Statements of Saving and Investment

2g

UNADJUSTED NET FLOWS($ HILL)

UNADJUSTED NET FLOWS($ MILL)

III
1 Current surplus of group

1985

-999

I
IV 1

-2,302

1986

I

II

-3,500

-1.830

BILLIONS OF DOLLARS
1978
1979
1980

1981

III

IV

1977

-2.555

-4,102

-1.9

-.5

-2.4

-3.0

-3.4

1

1
2
3
4
5
6

Finance Companies

1 Net acq. of financial assets
Demand deposits and currency
Credit market Instruments
Mortgages
Consumer credit
Other loans (to business)

11,975
2,263
9,712
2,703
10,535
-3,526

17,492
-1,988
19,480
327
7,484
11,669

11,510
592
10,918
1,568
2,430
6,920

16.106
-74
16.180
6.234
9,333
613

9,658
350
9,308
4.897
12,016
-7.605

14.883
765
14.118
-735
2,553
12,300

22.4
.2
22.3
3.1
5.7
13.5

26.1
.2
26.0
4.9
9.6
11.5

29.5
.2
29.4
5.8
13.4
10.1

15.9
.1
15.8
1.9
8.1
5.8

25.1
.1
25.0
4.4
10.7
10.0

7 Net Increase in liabilities
8
Credit market Instruments
9
Corporate bonds
10
Bank loans n.e.c.
Open-market paper
11

19,068
16,830
1,151
-636
16,315

18,825
14,273
6,868
-1,390
8,795

22,390
9,952
7,005
-2,176
5,123

14,820
9,780
1.574
-708
8.914

11.744
9,858
3.481
-397
6,774

10.685
7.331
832
-1.098
7,597

25.8
17.0
7.8
.8
8.4

23.3
16.1
6.4
1.9
7.8

24.2
16.3
4.3
-1.2
13.3

4.9
-1.3
.1
-.9
-.5

15.8 7
18.5 8
3.6 9
1.0 10
13.9 11

12
15
16

7
5,081
-2,850

5
3,547
1,000

8
16,408
-3.978

10
7.316
-2,286

14
1.409
463

11
3.820
-477

.1
1.6
7.1

.1
4.4
2.6

-.1
3.4
4.6

-.2
2.8
3.5

-.2 12
-2.6 13
a 14

6,982

1,235

10.780

-1,386

1,990

-4,294

2.7

-2.3

-6.3

-13.3

-11.6 15

2

3
4
5
6

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

15 Discrepancy

Real Estate Investment: Trusts

1 Physical Investment

320

330

86

88

164

165

.2

-.3

-.1

-.1

.1

1

2 Net acq. of financial assets
3
Mortgages
4
Miscellaneous assets

170
151
19

170
2,026
-1,856

146
234
-88

108
307
-199

108
103
5

107
200
-93

-3.2
-2.4
-.8

-.3
-1.1
.8

M

-1.0
.9

-.2
-.7
.5

-.1
-1.1
1.0

2
3
4

5 Net Increase in liabilities
6
Corporate equity issues
7
Credit market instruments
8
Mortgages
9
Corporate bonds
10
Bank loans n.e.c.
11
Open-market paper

A75
335
129
15
16
65
33

489
339
137
18
22
64
33

222
68
461
24
17
327
93

186
177
-2
276
-3
-244
-31

264
-45
129
-123
114
65
73

264
156
-73
-124
114
-136
73

-2.4
.6
-2.5

.2
.5
-.1

-.1
.3
-.5

.2
.3
-.2

it

-.2
.4
— .4
.2
-.2
-.5
.1

-.2
.1

-.2
-.1
-.2

-.7
.5

5
6
7
8
9
10
11

Miscellaneous liabilities

11

13

-307

11

180

181

-.5

-.1

-.2

.1

12

K

-.1
-2.4

a
H

H

a
a

.1 12

Open-End ]Investment Companies (Mutual Funds)
1 Current surplus

-1,125

-2,443

-3,610

-1,940

-2,648

-4,187

-.8

-.8

-1.2

-1.4

-1.3

1

2 Net acq. of'financlal assets
3
Demand deposits and currency

23,193
263

29,461
739

54,979
949

40,608
646

39,737
392

39,879
648

.2

-.9

-.8
.1

3.1
.1

4.7
a

2
3

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

1,743
21,187
10,609
5,191
4,549
838

2.314
26,408
25,297
6,948
-3,630
-2,207

6,188
47,842
15,881
24,232
3,940
3,789

5.266
34.696
21,043
11.679
3.055
-1,081

4,786
34,559
13.443
12.837
7,721
558

3,890
35,341
19,735
11.529
6,363
-2.286

-3.7
3.9
.2
1.6
1.1
1.1

-1.6
.8
-.2
.5
-.7
1.1

-2.8
1.9
1.4
.8
-.2

-1.8
4.8
.3
2.0
1.3
1.2

-.6
5.3
.9
2.9
1.6
-.1

4
5
6
7
8
9

24,318

31.904

58,589

42.548

42,385

44,066

1.0

-.1

.4

4.5

4
5
6
7
8
9

10 Net share Issues

K

K

K

6.0 10

Money Market Mutual Funds
1 Net acq. of financial assets
2
Demand deposits and currency
3
Time deposits
4
Security RPs
5
Foreign deposits

-5,292
-1,267
-1,219
3,292
404

1,011
1,778
-1.755
4,801
27

6,752
257
447
134
146

7.726
-310
-454
5,949
2.878

6
7
8
9

-7,128
209
-7,337
626

-3,850
-1,976
-1,874
10

6.521
3.682
2,839
-753

-1.682
-9.205
7,523
1,345

-5,292

1.011

6,752

7,726

Credit market instruments
U.S. government securities
Open-market paper
Miscellaneous

10 Net share Issues

-6,080
638
109
1,353
-443

.2

6.9

34.4

.3
.1
K

2.7
.1
.5

7.5
2.1
4.6

29.2
.1
9.0
3.2
1.7

107.5
-.7
22.8
8.9
12.1

1
2
3
4
5

10,395 -8.583
1,967
4,052
8,428 -12,635
1.438
846

-.1
-.3
.1
-.1

3.2
.6
2.6
.5

19.8
4.2
15.6
.4

14.9
2.6
12.3
.4

62.5
23.7
38.8
1.9

6
7
8
9

-6,080

.2

6.9

34.4

29.2

12.450
-772
2,149
-1,345
585

12.450

M

a

M

107.5 10

Security Brokers and Dealers
1 Net acq. of financial assets
Demand deposits and currency
2

1,250
353

14,612
2,214

8,528
-1.067

-5.274
-284

-4,649
13

-3,395
-666

.9
H

.2
.2

1.2
.9

7.0
.5

2.7
.1

1
2

Corporate equities
Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate bonds
Security credit

-369
-1,073
-704
-369
2,339

-752
3,659
3,610
800
-751
9,491

4,189
2,741
-948
-500
4,189
2,665

-3.440
-1,342
2.097
-3.439
-208

-3,081
-1,902
-84
1.263
-3,081
321

-389
-881
763
-1.256
-388
-1,459

.2
-.3
-.7
.2
.2
1.0

-.4
-1.3
-.8
-.2
— .4
1.6

-1.5
.6
1.9
.2
-1.5
1.1

.7
-.7
-1.4
.7
6.5

2.7
2.3
-.6
.2
2.7
-2.4

3
4
5
6
7
8

1,028
997
833
164

14,384
14.384
6,231
8,153

8,328
8,328
3,550
4,778

-5,474
-5.424
-4.817
-607

-4,830
-4,806
-5,037
231

-3,568
-3.550
-4.373
823

.8
.9
1.9
-1.0

H
«

-2.4
2.5

1.2
1.1
-.8
1.8

6.2
6.0
.8
5.2

2.5 9
2.5 10
4.6 11
-2.1 12

-50

-24

-18

-.1

K

.1

.2

a 13

3
A
5
6
7
8

9 Net increase in liabilities
10
Security credit
From banks
11
12
Customer credit balances

13

Profit taxes payable

IV/86 BASED ON INCOMPLETE INFORMATION




31

-

-

a

MARCH 2, 1987
Finance N.E.C

Finance N.E.C
Sector Statements of Saving and Investment

29

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1

1982

1983

1984

1985

1986

-1.8

-2.1

-6.6

-5.5

-12.0

I
1

1985

III
-6.0

I
IV 1

1986

II

I

III

-7.7

-12.1

-8.7

-12.3

IV
-14.8 Current surplus of group

1

Finance Companies

1
2
3
4
5
6

10.4
.1
10.2
4.6
4.6
1.1

27.6
.1
27.5
3.2
12.3
12.1

38.4
-.5
38.9
5.8
11.3
21.8

49.7
.9
48.8
5.8
25.5
17.5

52.2
1.6
50.5
12.0
26.3
12.2

59.3
9.1
50.2
10.0
36.5
3.7

49.5
-8.0
57.5
2.9
23.3
31.2

63.0
2.4
60.7
8.2
28.5
24.0

57.0
-.3
57.3
22.2
31.5
3.6

50.2
1.4
48.8
18.8
41.3
-11.3

7
8
9
10
11

11.9
4.3
6.4
.3
-2.4

18.1
11.4
3.6
-4.9
12.6

36.5
17.8
9.2
-5.2
13.9

63.3
52.8
15.9
-2.2
39.1

59.6
36.9
12.9
-4.4
28.4

84.7
75.7
.1
-1.2
76.9

64.3
46.1
26.2
-10.2
30.1

97.1
47.4
24.1
-.5
23.8

54.0
33.9
17.0
-8.0
24.9

54.9
47.3
7.7
-.9
40.6

12
13
14

K
7.2
.5

w
2.4
4.4

«
12.5
6.2

H
15.0
-4.6

N
29.0
-6.3

K
20.3
-11.4

H
14.2
4.0

K
65.6
-15.9

29.3
-9.1

K
5.6
1.9

.1
15.3
-1.9

15

-.2

-9.3

-2.6

12.8

7.1

25.0

14.4

33.7

-3.4

4.3

-6.9 Discrepancy

39.1 Net acq. of financial assets
Demand deposits and currency
3.1
Credit market Instruments
36.0
-1.3
Mortgages
Consumer credit
4.7
32.7
Other loans (to businessl
32.5 Net increase in liabilities
Credit market instruments
19.1
Corporate bonds
2.8
-8.1
Bank loans n.e.c.
24.3
Open-market paper

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

1
2
3
4
5
6
7
8
9
10
11

12
13
14

15

Real Estate Investment Trusts
1

.3

-.1

.7

1.2

.5

1.3

1.3

.3

.4

.7

2
3
4

.2
*
.3

.1
.1

2.0
.8
1.2

.8
2.4
-1.6

.5
.8
-.4

.7
.6
.1

.7
8.1
-7.4

.6
.9
-.4

.4
1.2
-.8

.4
.4
K

5
6
7
8
9
10
11

.6
.6
«
.1
K
.1
-.1

.1
.4
-.2
K
N
-.2
-.1

2.7
1.7
.8
.4
.1
.1
.2

1.9
1.3
.5
.1
.1
.2
.1

.9
.4
.5
.1
.2
N
.2

1.9
1.3
.5
.1
.1
.3
.1

2.0
1.4
.5
.1
.1
.3
.1

.9
.3
1.8
.1
.1
1.3
.4

.7
.7
K
1.1
*
-1.0
-.1

1.1
-.2
.5
-.5
.5
.3
.3

12

K

-.1

.1

.1

.1

H

.1

-1.2

•

.7

.7 Physical Investment

1

.4 Net acq. of financial assets
Mortgages
.8
-.4
Miscellaneous assets

2
3
4

1.1 Net increase in liabilities
Corporate equity issues
.6
Credit market instruments
-.3
-.5
Mortgages
Corporate bonds
.5
Bank loans n.e.c.
-.5
Open-market paper
.3

5
6
7
8
9
10
11

Miscellaneous liabilities

12

.7

Open-End1 Investment Companies (Mutual Funds)
1

-.2

-3.2

-6.0

-5.6

-12.4

-6.5

-8.3

-12.6

-9.1

-12.7

-15.1 Current surplus

1

2
3

16.5
.3

28.9
.6

31.9
.4

97.7
1.7

175.2
2.6

94.2
1.1

117.3
3.0

218.6
3.8

162.7
2.6

160.6
1.6

158.8 Net acq. of financial assets
Demand deposits and currency
2.6

2
3

4
5
6
7
8
9

3.5
12.7
2.3
10.9
.2
-.6

13.7
14.6
.6
10.3
2.7
1.0

5.9
25.7
6.4
13.4
3.6
2.4

10.3
85.7
52.9
31.4
3.6
-2.3

20.1
152.4
70.1
60.3
21.1
1.0

8.4
84.7
42.4
20.8
18.2
3.4

8.7
105.6
101.2
27.8
-14.5
-8.8

23.5
191.4
63.5
96.9
15.8
15.2

21.3
138.8
84.2
46.7
12.2
-4.3

20.8
138.2
53.8
51.3
30.9
2.2

14.9
141.4
78.9
46.1
25.5
-9.1

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

4
5
6
7
8
9

10

16.8

32.1

38.0

103.4

187.6

100.6

125.6

231.2

171.9

173.3

174.0 Net share issues

10

Money Market Mutual Funds
1
2
3
4
5

24.7
.8
-3.1
1.7
4.9

-44.1
-.6
-16.8
-3.2
-1.8

47.2
-1.0
-.4
9.7
-.7

-2.2
1.4
-6.8
3.3
-2.2

20.8
-.2
2.3
6.1
3.2

-21.2
-5.1
-4.9
13.2
1.6

4.0
7.1
-7.0
19.2
.1

27.0
1.0
1.8
.5
.6

30.9
-1.2
-1.8
23.8
11.5

49.8
-3.1
8.6
-5.4
2.3

-24.3 Net acq. of financial assets
Demand deposits and currency
2.6
Time deposits
.4
Security RPs
5.4
Foreign deposits
-1.8

1
2
3
4
5

6
7
8
9

21.4
22.7
-1.3
-1.1

-21.4
-18.4
-3.0
-.4

38.0
6.2
31.8
1.5

1.5
.3
1.2
.6

6.7
.5
6.2
2.9

-28.5
.8
-29.3
2.5

-15.4
-7.9
-7.5
*

26.1
14.7
11.4
-3.0

-6.7
-36.8
30.1
5.4

41.6
7.9
33.7
5.8

-34.3
16.2
-50.5
3.4

Credit market instruments
U.S. government securities
Open-market paper
Miscellaneous

6
7
8
9

10

24.7

-44.1

47.2

-2.2

20.8

-21.2

4.0

27.0

30.9

49.8

-24.3 Net share issues

10

Security Brokers and Dealers

1
2

4.1
2.0

5.1
-.9

5.4
.2

23.7
1.7

-4.8
-2.0

10.5
1.4

44.6
8.9

51.1
-4.3

-30.0
-1.1

-12.8
.1

3
4
5
6
7
8

-.9
-.6
.4
-.2
-.9
3.7

5.3
-6.7
-12.4
.4
5.3
7.4

3.3
4.9
1.0
.6
3.3
-3.0

.6
5.2
3.6
1.0
.6
16.1

-2.7
-1.4
1.8
-.5
-2.7
1.3

1.3
-1.5
-2.8
1.3
9.4

-9.9
7.7
14.4
3.2
-9.9
38.0

25.3
19.5
-3.8
-2.0
25.3
10.7

-18.2
-9.8
8.4
-18.2
-.8

-9.5
-4.7
-.3
5.1
-9.4
1.3

9
10
11
12

3.8
3.6
-.1
3.7

4.0
3.8
1.4
2.4

5.3
5.2
5.9
-.6

22.9
22.9
10.4
12.5

-5.5
-5.5
-10.7
5.2

9.6
9.5
8.8
.7

43.7
43.8
11.2
32.6

50.3
50.3
31.2
19.1

-30.8
-30.7
-28.3
-2.4

-13.6
-13.5
-14.4
.9

13

.2

.2

.1

.1

-.1

.1

-.1

M

-.1

-.1

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

-27.4 Net acq. of financial assets
Demand deposits and currency
-2.7

1
2

Corporate equities
Credit market instruments
U.S. government securities
Tax-exempt obligations
Corporate bonds
Security credit

3
4
5
6
7
8

-8.5
-10.4
3.1
-5.0
-8.5
-5.8

-28.1 Net Increase in liabilities
-27.9
Security credit
From banks
-31.2
Customer credit balances
3.3
-.2

Profit taxes payable

9
10
11
12
13

MARCH 2, 1987
Monetary and Insurance Reserves

Monetary and Insurance Reserves
Foreign Exchange* Treasury Currency and Insurance Reserves

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

1
IV 1

II

I

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Goldf and Official Foreign Exchange Holdings (1)
1 Total U.S. reserves

121

3*147

115

-16

-280

-420

.4

-.7

.1

6.8

2.8

1

2 U.S. gold stock and SDRs
U.S. govt.: Ex. Stab. Fund
3
Monetary authority (2)
4

264
265
-1

189
189

274
273
1

104
102
2

-163
-166
3

-120
-124
4

.2
.1
.1

-1.2
-1.3
.1

.1
.3
-.2

-1.1
-1.1
M

.7
.7
K

2
3
4

5 U.S. foreign exchange position
6
Official fgn.currency hldgs.
7
Treasury
8
Monetary authority

-143
245
38
207

2*958
3*126
1*673
1*453

-159
185
35
150

-120
246
267
-21

-117
391
147
244

-300
100
-249
349

.1
-.2
H
-.2

.5
4.7
3.1
1.6

H
-.3
-1.1
.9

8.0
6.3
3.7
2.6

2.1
-.4
-.4
«

5
6
7
8

-388
-390
2

-168
-172
4

-344
-348
4

-366
-352
-14

-508
-511
3

-400
-391
-9

.3
.3
K

-4.2
-4.2

.2
.2
M

1.7
1.7

2.5 9
2.5 10
K 11

.5
.5
.1
K

1.6
1.3
.5
-.2

1.3
.7
.7
-.2

1.2
.7
.8
-.2

9
10
11

Net IMF position
U.S. government asset
Monetary authority

(1) Lines 1* 2* and 3 exclude increases in SDRs through allocations* which
occurred at various dates beginning January 1970. Transactions in SDRs
are included. Also excluded from the table are revaluations of foreign
currency holdings* gold* SDRs* and IMF position. Allocations and
revaluations are reflected in tables on outstandings.
(2) Treasury gold stock.

Treasury Currency and SDR Certificates
1 Total U.S. govt, liability
Treasury currency
2
SDR certificates
3
4
Unallocated assets

80
141
-61

112
128
100
-116

211
155
—
56

193
123
100
-30

276
108
200
-32

109
155
-46

.3
.5
.1
-.3

1
2
3
4

________________ ________ _______ _________________________________ _______________ _________________
Insurance and Pension Fund Reserves

Life insurance reserves:
1 Net change in liabilities
2
U.S. government
Life insurance companies
3

2,941
69
2*872

2*740
71
2*669

2,383
72
2*311

2*623
73
2.550

2,592
74
2*518

2*642
75
2,567

9.5
.2
9.3

11.2
.3
10.9

10.7
.3
10.4

9.7
9.7

9.2
.3
8.9

1
2
3

4 Net change in assets (HH)

2*941

2.740

2*383

2*623

2,592

2*642

9.5

11.2

10.7

9.7

9.2

4

5 Net change in liabilities
6
U.S. government
7
Insurance sector
8
Life insurance companies
9
Private pension funds
10
St.Sloc. govt. rtr. funds

49*155
13.538
35*617
16*211
8*096
11.310

28*315
4*293
24 * 022
17*406
-6*638
13*254

16*663
-2,497
19*160
14*200
-6*438
11*398

33*954
4,365
29,589
15*020
1,629
12*940

55*852
12*072
43*780
16*988
15*681
11*111

31*378
6*837
24*541
17*155
-4,711
12,097

68.5
6.4
62.1
16.8
29.4
15.9

77.3
6.9
70.4
19.1
30.6
20.7

95.4
7.9
87.5
19.4
51.9
16.2

108.8
8.7
100.1
22.3
51.2
26.5

106.8 5
9.8 6
97.0 7
29.5 8
37.8 9
29.7 10

11 Net change in assets (HH)

49*155

28*315

16*663

33.954

55*852

31,378

68.5

77.3

95.4

108.8

106.8 11

«

Pension fund reserves:

IV/86 BASED ON INCOMPLETE INFORMATION




MARCH 2, 1987
Monetary and Insurance Reserves

Monetary and Insurance Reserves
Foreign Exchange* Treasury Currency and Insurance Reserves

31

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1983

1982

1984

1985

1986

I
I

1985

III

I
IV I

1986

II

I

III

IV

Gold and Official Foreign Exchange Holdings (1)

1

4.4

2
3
4

1.4
1.4

K

1.2

3.1

3.9

-.6

.5

12.6

.5

-.1

-1.1

.1
.1

1.0
1.0

.9
.9

.1
.1
*

1.1
1.1
*

.8
.8
-

1.1
1.1

.4
.4

-.7
-.7

-.5 U.S. gold stock and SDRs
-.5
U.S. govt.: Ex. Stab. Fund
Monetary authority (2)
*

2
3
4

-.7
.9
.2
.7

-.6
1.0
.2
.8

11.8
12.5
6.7
5.8

-.6
.7
.1
.6

-.5
1.0
1.1
-.1

-.5
1.6
.6
1.0

-1.2 U.S. foreign exchange position
.4
Official fgn.currency hldgs.
Treasury
-1.0
1.4
Monetary authority

5
6
7
8

-1.6
-1.6

-.7
-.7

-1.4
-1.4

M

K

-1.5
-1.4
-.1

-2.0
-2.0

M

M

K

K

5
6
7
8

3.0
.4
-.2
.6

1.1
-3.3
-1.2
-2.1

2.1
1.2
1.2
-.1

3.0
3.9
1.8
2.1

9
10
11

2.6
2.6

4.4
4.5

1.0
1.0

-.9
-.9

-1.6
-1.6

K

H

M

M

H

N

M

K

N

-1.7 Total U.S. reserves

-1.6
-1.6
*

Net IMF position
U.S. government asset
Monetary authority

1

9
10
11

(1) Lines; 1* 2* and 3 exclude increases in SDRs through allocations* which
occurred at various dates beginning January 1970. Transactions in SDRs
are included. Also excluded from the table are revaluations of foreign
currency holdings* gold* SDRs* and IMF position. Allocations and
revaluations are reflected in tables on outstandings.
(2) Treasury gold stock.

____ ________________________
1
2
3
4

1.7
.6
1.3
-.2

.5
.7
—
-.2

.6
.7
-.1

Treasury Currency and SDR Certificates
.5
.6
.1
-.2

.8
.5
.3
-.1

.3
.6
-.2

.4
.5
.4
-.5

______________ ——
.8
.6
.2

.8
.5
.4
-.1

1.1
.4
.8
-.1

.4 Total U.S. govt, liability
Treasury currency
.6
SDR certificates
Unallocated assets
-.2

1
2
3
4

Insurance and Pension Fund Reserves

Life Insurance reserves:
1
2
3

7.2
.2
7.0

8.0
.2
7.8

5.2
.2
5.0

10.7
.3
10.4

10.2
.3
9.9

11.8
.3
11.5

11.0
.3
10.7

9.5
.3
9.2

10.5
.3
10.2

10.4
.3
10.1

10.6 Net change in liabilities
U.S. government
.3
Life insurance companies
10.3

1
2
3

4

7.2

8.0

5.2

10.7

10.2

11.8

11.0

9.5

10.5

10.4

10.6 Net change in assets (HH)

4

5
6
7
8
9
10

120.1
11.7
108.4
39.7
36.7
32.0

142.2
14.1
128.1
40.2
48.7
39.2

129.1
18.0
111.2
45.2
20.3
45.7

139.7
18.8
120.9
63.4
10.2
47.4

137.8
20.8
117.1
63.4
6.2
47.5

154.1
20.3
133.8
64.8
23.7
45.2

123.2
26.1
97.1
69.6
-25.5
53.0

88.4
12.3
76.1
56.8
-26.3
45.6

147.3
20.5
126.8
60.1
14.9
51.8

179.6
13.7
165.9
68.0
53.5
44.4

136.1 Net change in liabilities
36.6
U.S. government
Insurance sector
99.5
68.6
Life insurance companies
Private pension funds
-17.5
48.4
St.&loc. govt. rtr. funds

5
6
7
8
9
10

11

120.1

142.2

129.1

139.7

137.8

154.1

123.2

88.4

147.3

179.6

136.1 Net change in assets (HH)

11

Pension fund reserves:

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

MARCH 2* 1987
Interbank Claims

Interbank Claims

Net Interbank Positions* Domestic and Foreign Banks

32

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)
Ill

1985

I
IV 1

I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Net Interbank Claims

1 Net change In liabilities
2
Monetary authority
3
Coml. bank reserves
4
Vault cash

7,657
2*139
-74
2*213

15*413
5*936
1*469
4*467

-5,137
2*128
1*158
970

11*868
5,242
4*854
388

26*346
14*363
11*313
3*050

-3.0
3.5
1.7
1.8

15.4
5.9
4.4
1.5

22.2
1.6
-1.4
3.0

-33.2
-1.0
-2.3
1.3

-28.9
-3.4
-2.2
-1.2

4*436 -7,265
-2,670
-143
15*160 -10,639
13*491 -11,014
3,704 -7,515
1*032 -1,687
5,828
-2,672

6*626
493
2*928
2*854
2*326
-1,544
-3,870

11*983
781
7,473
8,704
2,097
-2,801
-4,898

-6.6
1.4
-.9
1.1
-1.3
3.5
4.8

9.5
3.6
6.4
5.9
1.2
4.4
3.1

20.6
.5
21.1
20.9
14.3
13.1
-1.2

-32.1
-1.9
-26.6
-21.2
-20.2
-5.7
14.5

-25.5 5
-2.9 6
-22.0 7
-19.0 8
-11.8 9
5.3 10
17.1 11

2*301
-2,135
2*151
-4*286

1
2
3
4

5
6
7
8
9
10
11

Commercial banking
To monetary authority
To banks in fgn entries.
Liabilities* net
U.S. chartered banks
Due to fgn affils.
-Due from fgn affils.

5*518
989
3*386
3*926
-40
-1.901
-1,861

9*477
1*459
2,792
-778
1,182
2*591
1*409

12
13
14

Domestic affiliates
Due to fgn. affil.
-Due from fgn. affil.

2*807
-774
-3,581

-2,960
-391
2*569

5,227
417
-4,810

-1,181
103
1*284

-1.560
17
1.577

-2,208
-334
1*874

-.1
.1
.2

1.0
-.7
-1.7

.8
.8

-2.1
.8
2.9

-6.1 12
1.0 13
7.2 14

15
16
17

Fgn. bkg. off. in U.S.
Due to fgn affil.
-Due from fgn. affil.

1*159
1*251
92

1*000
2*000
1*000

4*560
5*673
1*113

-2,318
-2,916
-598

2*088
6*412
4*324

8*815
8,237
-578

2.5
5.6
3.1

3.7
7.1
3.3

5.8
15.5
9.7

1.2
13.5
12.3

-1.1 15
11.1 16
12.3 17

18
19
20

Less: Dep. at fgn. banks
U.S. chartered banks
Fgn. bkg. off. in U.S.

540
375
165

-3,570
-1,704
-1*866

-1*669
-1*463
-206

-375
-584
209

-74
-62
-12

1*231
1*369
-138

2.0
.4
1.6

-.5
-.9
.4

-.2
-.2
«

5.4
3.4
2.0

3.0 18
3.4 19
-.4 20

21
22
23
24
25
26

28

To U.S. banking* net
U.S.-chartered banks
Liabilities
To dom. affiliates
To fgn. off in U.S.
Unallocated
LesstDue from fgn. off
Less:Due from dom. aff

1*143
370
2*485
1*342
1*143
841
1.274

5*226
-4,496
2*120
22
-3,128
5*226
5*616
1*000

-8,054
-2,653
-6,733
-320
1*641
-8*054
-2,998
-1,082

3*517
1,173
3,970
-321
774
3.517
3*565
-768

3*205
700
5*546
-81
2*422
3*205
4*942
-96

3,729
3*143
13*153
-239
9*663
3,729
10*676
-666

-7.1
-4.0
.7
1.5
6.2
-7.1
4.5
.2

-.5
-6.3
7.5
2.7
5.3
-.5
12.4
1.4

-1.0
-7.7
8.9
.9
9.1
-1.0
14.1
2.6

-3.6
-14.3
2.5
1.8
4.3
-3.6
15.0
1.8

29
30
31

Domestic affiliates
Due to U.S. banks
-Due from U.S. banks

1*274
1.274
-

978
1*000
22

-762
-1,082
-320

-447
-768
-321

-15
-96
-81

-427
-666
-239

-1.4
.2
1.5

-1.3
1.4
2.7

1.7
2.6
.9

.1
1.8
1.8

-4.9 29
-.5 30
4.4 31

32
33
34

Fgn. bkg. off. in U.S.
Due to U.S. banks
-Due from U.S. banks

-501
841
1*342

8*744
5*616
-3,128

-4*639
-2.998
1*641

2,791
3*565
774

2*520
4.942
2*422

1*013
10*676
9*663

-1.7
4.5
6.2

7.1
12.4
5.3

5.0
14.1
9.1

10.7
15.0
4.3

13.0 32
13.4 33
.5 34

35 Net change in assets
36
Foreign
37
Domestic
38
Monetary authority
39
Federal Reserve float
40
Loans to member banks

6*514
3*386
3*128
989
-193
1*182

10*187
2*792
7,395
1,459
919
540

10*355 -8.654
15*160 -10,639
1*985
-4*805
-143
-2,670
-277
-428
134
-2,242

8*663
2*928
5.735
493
566
-73

22*617
7,473
15*144
781
412
369

4.0
-.9
5.0
1.4
1.2
.2

15.9
6.4
9.5
3.6
2.7
.9

23.2
21.1
2.1
.5
.3
.3

-29.6
-26.6
-3.0
-1.9
-2.3
.4

41
42
43

2,139
-74
2*213

5*936
1*469
4.467

-2.135
2,151
-4*286

2*128
1*158
970

5.242
4*854
388

14*363
11*313
3*050

3.5
1.7
1.8

5.9
4.4
1.5

1.6
-1.4
3.0

-1.0
-2.3
1.3

-3.4 41
-2.2 42
-1.2 43

1*143

5*226

-8*054

3*517

3*205

3,729

-7.1

-.5

-1.0

-3.6

-.5 44

27

Commercial banking
Reserves at F.R.
Vault cash

44 Discrepancy:

Floats* etc.

IV/86 BASED ON INCOMPLETE INFORMATION




-.5
-8.5
4.4
4.4
.5
-.5
13.4
-.5

-28.4
-22.0
-6.3
-2.9
-2.7
-.2

21
22
23
24
25
26
27
28

35
36
37
38
39
40

MARCH 2, J987
Interbank Claims

Interbank Claims

33

Net Interbank Positions, Domestic and Foreign Banks

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1982

1983

1984

1985

1986

I
1

III

1985

I
IV 1

I

II

1986

III

IV

Net Interbank Claims
1
2
3
4

-33.6
2.2
1.3
.9

-1.9
-3.6
-5.0
1.5

11.9
3.6
.4
3.2

28.0
8.1
6.8
1.3

35.4
19.6
19.5
.1

31.3
8.3
-5.0
13.3

51.7
7.6
1.4
6.1

21.8
2.9
7.1
-4.3

-20.9
14.7
16.1
-1.4

48.8
20.5
14.1
6.5

5
6
7
8
9
10
11

-35.7
.1
-34.8
-24.3
-10.4
-1.1
9.3

1.7
-1.0
14.2
12.4
5.6
9.4
3.8

8.2
2.0
-1.1
-4.1
-7.8
-5.7
2.2

19.9
-.4
12.6
7.9
6.8
2.5
-4.2

15.8
-1.5
14.9
14.0
.6
-5.0
-5.6

23.0
4.4
7.9
10.0
-3.3
-8.8
-5.4

44.2
5.4
22.1
7.8
11.2
8.3
-2.9

19.0
-9.7
53.2
46.5
6.2
1.3
-4.9

-35.6
-2.1
-38.9
-40.4
-23.4
-.1
23.3

28.2
2.2
7.0
6.7
6.3
-5.7
-12.0

51.5
3.5
38.4
43.3
13.4
-15.5
-28.9

Commercial banking
5
6
To monetary authority
7
To banks in f9n entries.
8
Liabilities, net
9
U.S. chartered banks
10
Due to fgn affils.
-Due from fgn affils. 11

12
13
14

-2.2
.3
2.5

-3.1
.7
3.8

-.6
.8
1.4

-.5
-1.1
-.6

.3
.2
-.1

11.2
-3.1
-14.3

-11.8
-1.6
10.3

20.9
1.7
-19.2

-4.7
.4
5.1

-6.2
.1
6.3

-8.8
-1.3
7.5

Domestic affiliates
12
13
Due to fgn. affil.
-Due from fgn. affil. 14

15
16
17

-11.7
-2.6
9.1

9.9
4.8
-5.1

4.4
2.0
-2.4

1.6
4.0
2.5

13.1
17.4
4.3

2.2
7.5
5.3

8.5
9.7
1.3

19.5
29.4
10.0

-12.3
-24.1
-11.8

6.7
29.2
22.5

38.8
35.1
-3.6

Fgn. bkg. off. in U.S. 15
16
Due to fgn affil.
-Due from fgn. affil. 17

18
19
20

10.5
10.3
.2

-1.8
-1.3
-.6

-2.9
-4.6
1.7

-4.7
-2.0
-2.7

-.9
-.7
-.1

2.2
1.5
.7

-14.3
-6.8
-7.5

-6.7
-5.9
-.8

-1.5
-2.3
.8

-.3
-.2

4.9
5.5
-.6

Less: Dep. at fgn. banks 18
19
U.S. chartered banks
Fgn. bkg. off. in U.S. 20

21
22
23
24
25
26
27
28

-1.0
-2.7
-7.2
.9
-7.1
-1.0
-4.7
.2

-11.6
-3.9
-6.4
6.9
-1.7
-11.6
-1.9
-.6

7.4
7.9
1.3
-3.0
-3.1
7.4
-5.0
-1.6

7.7
-9.0
9.0
K
1.3
7.7
14.8
3.2

2.4
2.4
15.9
-1.0
14.5
2.4
16.2
-2.6

10.7
16.6
12.6
1.9
10.7
-9.0
5.1

16.7
-24.9
7.0
.1
-9.8
16.7
27.9
4.0

-24.5
-1.7
-13.3
-1.3
12.5
-24.5
-7.2
-4.3

5.4
-10.8
.2
-1.3
-3.9
5.4
14.1
-3.1

19.0
20.2
26.0
-.3
7.3
19.0
6.1
-.4

9.7
1.8
50.8
-1.0
42.1
9.7
51.7
-2.7

To U.S. banking, net
U.S.-chartered banks
Liabilities
To dom. affiliates
To fgn. off in U.S.
Unallocated
Less:Due from fgn. off
LesssDue from dom. aff

21
22
23
24
25
26
27
28

29
30
31

-.7
.2
.9

-7.4
-.6
6.9

1.4
-1.6
-3.0

3.2
3.2
K

-1.7
-2.6
-1.0

5.1
5.1
-

3.9
4.0
.1

-3.0
-4.3
-1.3

-1.8
-3.1
-1.3

-.1
-.4
-.3

-1.7
-2.7
-1.0

Domestic affiliates
Due to U.S. banks
-Due from U.S. banks

29
30
31

32
33
34

2.3
-4.7
-7.1

-.3
-1.9
-1.7

-1.9
-5.0
-3.1

13.5
14.8
1.3

1.7
16.2
14.5

-10.9
-9.0
1.9

37.6
27.9
-9.8

-19.7
-7.2
12.5

18.0
14.1
-3.9

-1.1
6.1
7.3

9.6
51.7
42.1

Fgn. bkg. off. in U.S.
Due to U.S. banks
-Due from U.S. banks

32
33
34

35
36
37
38
39
40

-32.6
-34.8
2.3
.1
1.0
-.9

9.7
14.2
-4.6
-1.0
-1.2
.2

4.4
-1.1
5.6
2.0
-.7
2.7

20.3
12.6
7.7
-.4
.1
-.5

33.0
14.9
18.1
-1.5
.3
-1.8

20.6
7.9
12.7
4.4
.6
3.8

35.1
22.1
13.0
5.4
-1.9
7.2

46.3
53.2
-6.9
-9.7
1.7
-11.4

-26.3
-38.9
12.7
-2.1
-.4
-1.7

29.7
7.0
22.7
2.2
3.3
-1.1

82.1 Net change ln assets
38.4
Foreign
43.7
Domestic
Monetary authority
3.5
Federal Reserve float
-3.5
6.9
Loans to member banks

41
42
43

2.2
1.3
.9

-3.6
-5.0
1.5

3.6
.4
3.2

8.1
6.8
1.3

19.6
19.5
.1

8.3
-5.0
13.3

7.6
1.4
6.1

2.9
7.1
-4.3

14.7
16.1
-1.4

20.5
14.1
6.5

40.2
40.6
-.3

44

-1.0

-11.6

7.4

7.7

2.4

10.7

16.7

-24.5

5.4

19.0

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

91.8 Net change ln liabilities
Monetary authority
40.2
40.6
Coml. bank reserves
Vault cash
-.3

Commercial banking
Reserves at F.R.
Vault cash

9.7 Discrepancy:

Floats, etc.

1
2
3
4

35
36
37
38
39
40

41
42
43

44

MARCH 2, 1987
Deposit Claims

34
UNADJUSTED NET

Deposit Claim4

Monetary Claims On Financial Institutions
FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Currency and Checkable Deposits
1 Net change in liabilities

2
3
4
5

Monetary authority
U.S. govt, cash 8 deposits
Foreign deposits
Currency outside banks

6
7
8
9

Commercial banking
U.S. government deposits
Foreign deposits
Private domestic deposits

10

19.962

353
844
285
-776
16*717
-7.352
1*218
22*851

52*246 -28*508

54*172

8*600

87*441

30.2

32.7

35.8

16.1

28.1

1

-6,176
-6*004
-202
30

4*981
-153
32
5*102

5*235
4*262
12
961

8*412
35
42
8*335

4.8
-3.3
a
8.2

6.3
-3.1
.1
9.3

8.2
.1
.1
8.0

9.0
-1.1
-.2
10.3

10.9
1.2
.1
9.5

2
3
4
5

38,514 -24,015
9,145 -13,849
365
-710
29*004 -9,456

41*856
13,276
1*433
27,147

-560
2,987
-288
-3.259

72,923
-513
2*104
71*332

24.5
4.3
2.4
17.8

25.4
6.8
-.3
18.9

26.4
.4
4.1
21.8

5.1
-2.6
.3
7.4

8.6
-1.1
-3.9
13.7

6
7
8
9

10*659
5*181
-184
5.662

Savings institutions

2*892

1*683

7*335

3*925

6*106

1.0

1.0

1.2

2.0

8.6 10

11 Net change in total assets

19*962

52*246 -28,508

54,172

8*600

87*441

30.2

32.7

35.8

16.1

28.1 11

39*584
1*627
5*102
961
19.837 -13,282
14.645 13*948

85,773
8*335
55*444
21,994

26.9
8.2
17.2
1.6

29.2
9.3
15.4
4.5

31.0
8.0
14.4
8.6

19.7
10.3
-.8
10.2

31.7
9.5
-28.8
51.0

12
13
14
15

31.7
28.0
29.9
-4.6
-1.5
4.1
3.8

16
17
18
19
20
21
22

3*073

12
13
14
15

Pvt. domes, sectors* by type
Currency
Demand deposits
Other checkable

24,967
-776
17*706
8*037

37,739 -7*743
30
5*662
22*228 -13,027
5*254
9*849

16
17
18
19
20
21
22

Pvt.domes.sectors* by holder
Pvt. domestic nonfinancial
Households
Business
State81ocal governments
Mall float
Financial sectors

24*967
22*408
27*206
1.508
-1.687
-4*619
2*559

37,739
29*881
6*345
8*448
2*064
13*024
7*858

-7,743
-6*316
11*212
-5,246
-2,471
-9,811
-1,427

39*584
38*291
25.699
635
5*206
6*751
1*293

1*627
1,796
14*865
-947
-3,380
-8,742
-169

85,773
79,869
51*348
9*215
5,918
13*388
5*904

26.9
25.3
19.5
2.9
1.1
1.8
1.6

29.2
26.3
22.3
4.5
H
-.5
2.9

31.0
28.1
25.7
2.8
-.4
-.1
2.9

19.7
16.8
12.7
2.4
-.6
2.3
2.9

23
24

Foreign
U.S. government

1*503
-6*508

181
-912
14*326 -19*853

1*465
13*123

-276
7,249

2*146
-478

2.4
.9

-.2
3.7

4.2
.5

-3.6

-3.8 23
.1 24

K

Small Time and Savings Deposits
1 Net change in liabilities
2
Commercial banks
3
Savings institutions
4
Savings and loan assns.
5
Mutual savings banks
6
Credit unions
7 Net change in assets
8
Households
9
State and local governments
10
U.S. government
Credit unions
11

27*030
12*845
14 * 185
11.059
-2*048
5.174

25.225
18*057
7*168
7*658
-2.801
2*311

34*851
14*764
20*087
13*545
-632
7.174

30*020
19*589
10*431
6*622
-3,947
7*756

30*138
18*531
11*607
9,763
-3,739
5*583

26*544
15*593
10*951
8*414
-1,277
3*814

94.6
28.2
66.4
48.6
10.4
7.3

65.3
13.2
52.0
38.8
7.5
5.8

61.0
29.5
31.5
26.0
1.6
3.9

82.4
44.8
37.5
29.0
5.4
3.1

47.6
40.3
7.3
4.1
.9
2.3

27*030
28*653
-1,980
83
274

25,225
24*799
-332
53
705

34.851
34*178
-876
373
1*176

30*020
28*458
328
25
1.209

30*138
28*991
388
-190
949

26*544
26,003
404
44
93

94.6
95.1
-1.6
.1
.8

65.3
67.3
-.1
.1
-1.9

61.0
61.2
-.6
.1
.4

82.4
82.7
-.3
-.2
.2

47.6 7
47.3 8
.1 9
-.1 10
.4 11

.2

6.9

34.4

29.2

107.5

1

1
2
3
4
5

1
2
3
4
5
6

Money Market Mutual Fund Shares
Money market fund shares
Liab: Finance n.e.c.
1
Asset: Households

-5,292

1*011

6*752

7.726

12*450

-6*080

Large Time Deposits
1 Net change in total liab.
Commercial banking
Domestic banks
Foreign banking offices
Savings institutions

12,067
11*782
7*329
4*453
285

12*204
9*462
11*248
-1*786
2*742

2*726 -9,731
-2,672 -10,637
-1,329 -10,495
-1,343
-142
5*398
906

9*131
7,417
3*161
4,256
1*714

4,996
9*460
3*934
5*526
-4*464

28.3
26.0
23.8
2.2
2.3

54.6
48.6
42.1
6.4
6.0

27.9
13.8
10.2
3.6
14.1

61.2
47.2
39.3
7.9
14.0

61.6
51.5
43.9
7.6
10.1

6 Net change in assets

2*726 -9.731
4,330 -10,797
471 -9*096
2*558
1,747
1,301 -3*448
-4,727
838

9*131
1*546
4,227
-479
-2,202
337

4*996
6*562
-1,772
8*891
-557
803

28.3
23.3
10.2
4.8
8.3
-.4

54.6
41.1
31.9
2.0
7.3
1.1

27.9
16.0
12.8
4.7
-1.5
1.2

61.2
45.9
43.6
4.0
-1.6
1.2

61.6 6
36.0 7
19.0 8
14.9 9
2.2 10
2.3 11

7*248
-883
-8
1*119
4,457
414
2*149

-2,369
157
-2
289
-3.304
382
109

5.4
.1

12.3
.4
.3
.5
7.5
.9
2.7

10.8
-2.2
-.3
.7
4.0
1.1
7.5

14.1
2.5

2.2
.1
.2
9.0

23.3
-.7
-.1
-.3
1.5
.1
22.8

12
13
14
15
16
17
18

22.5
20.5
2.1

17.6
14.5
3.0

1
2
3

25.0

2.1

12.5
6.6
.3
1.8
-.7
.6
.7
—
3.2

4.8

10.0

-7.5 13

2

3
4
5

7
8
9
10
11

Pvt. domestic nonfinancial
Households
Business
State 8 local governments
Foreign

12*067
11*122
7*168
923
3*031
1*118

12*204
10,499
2*390
5*924
2*185
1*910

12
13
14
15
16
17
18

Financial sectors
Saving and loan assns.
Mutual savings banks
Credit unions
Private pension funds
St.Slocal govt.rtr.funds
Money market funds

-173
-46
37
193
382
480
-1,219

-205
790
-12
740
-622
654
-1.755

3*123
279
1*251
-704
1*850
447

228
-1,942
1*309
76
1,239
-454

a

.1
4.7
.3
.3

a

Federal Funds and Security Repurchase Agreements

1 Net change in liabilities
Commercial banks
2
3
Savings and loan assns.

18*808
14*893
3.915

18*882
12*833
6*049

13,794
-138
14*657 -10,299
-863 10*161

19,515
18*548
967

7,729
6*751
978

12.5
10.6
1.9

24.6
22.5
2.1

17.5
17.0
.5

4 Net change in assets
5
Nonfinancial corporations
6
State and local governments
7
Sponsored credit agencies
8
Savings and loan assns.
9
Mutual savings banks
10
Credit unions
11
Other insurance companies
12
Money market funds

7,288
4*385
489
-1.023
-1,826
123
301
1,547
3*292

18*072
1*235
155
6*560
5*035
-548
423
411
4,801

10*681
147
137
4*466
1*928
2*606
362
901
134

3*508
-1.956
-2,282
-1.278
1*591
72
400
1.012
5*949

13.673
2*061
6*133
5*451
731
-693
395
940
-1,345

8*274
9*402
73
-2,652
696*
-1*965
401
966
1*353

6.1
1.2
1.7
.2
2.3
.6

8.7
5.5

—
.1

—
.1

12.7
2.6
4.0
.6
2.5
.9
—

13 Discrepancy-unallocated assets

11.520

810

3*113

-3*646

5*842

-545

6.4

15.9

K

1.4
1.7
K

<

4
a 5
5.2 6
3.5 7
4.2 8
1.5 9
1.7 10
.1 11
8.9 12

U.S. Deposits in Foreign Countries

1 Total foreign liability
Held by:
Nonfinan. corporate business
Money market funds

2
3

4*190

-4,409

995

5*137

3*281

900

1.3

2.4

9.8

4.5

10.4

1

3*786
404

-4,436
27

849
146

2*259
2*878

2*696
585

1.343
-443

1.3

2.0
.5

5.1
4.6

2.8
1.7

-1.7
12.1

2
3

IV/86 BASED ON INCOMPLETE INFORMATION




a

MARCH 2. 1987
Deposit Claims

Deposit Claims

Monetary Claims On Financial Institutions

35

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982
jfc.

1983

1984

1985

I
I

1986

III

1985

I
IV I

I

II

1986

III

IV

Currency and Checkable Deposits

317.2 Net change in liabilities

1

1

37.5

40.2

47.1

83.4

121.7

59.7

169.8

-32.1

192.0

10.1

2
3
4
5

10.2
.7
-.2
9.7

13.0
-1.3
K
14.3

10.3
1.7
K
8.6

16.6
4.1
.1
12.4

12.5
-1.9
-.1
14.4

-1.4
-5.4
1.0
3.0

45.8
31.7
-.8
14.9

-9.6
-18.4
-.6
9.4

3.1
-9.5
.2
12.3

19.2
8.9
-.2
10.6

37.1
11.6
.1
25.4

Monetary authority
U.S. govt. cash 8 deposits
Foreign deposits
Currency outside banks

2
3
4
5

6
7
8
9

19.2
6.1
-3.4
16.5

15.9
-5.3
1.6
19.7

29.2
4.0
2.0
23.2

53.9
10.3
1.4
42.2

90.2
1.9
2.5
85.8

49.5
-68.4
7.5
110.5

111.8
80.6
-2.0
33.2

-29.2
-54.2
-.8
25.8

159.6
43.2
4.9
111.5

-24.8
-28.5
.2
3.4

255.7
47.2
5.8
202.6

Commercial banking
U.S. government deposits
Foreign deposits
Private domestic deposits

6
7
8
9

Savings Institutions

10

10

8.2

11.3

7.7

12.9

19.0

11.6

12.3

6.7

29.3

15.7

11

37.5

40.2

47.1

83.4

121.7

59.7

169.8

-32.1

192.0

10.1

12
13
14
15

34.4
9.7
-1.1
25.8

45.3
14.3
2.6
28.3

39.5
8.6
15.4
15.5

67.5
12.4
22.4
32.8

119.2
14.4
49.0
55.8

125.0
3.0
89.9
32.1

60.4
14.9
6.1
39.4

42.0
9.4
11.5
21.0

153.2
12.3
82.2
58.6

29.7
10.6
-36.7
55.8

252.4
25.4
139.1
88.0

Pvt. domes, sectors* by type 12
13
Currency
14
Demand deposits
15
Other checkable

16
17
18
19
20
21
22

34.4
28.3
19.2
7.5
-1.6
3.2
6.1

45.3
43.1
39.3
4.3
-.7
.1
2.2

39.5
36.4
18.9
4.3
5.0
8.1
3.0

67.5
54.4
45.0
4.9
.7
3.8
13.1

119.2
113.6
103.1
3.7
5.3
1.6
5.6

125.0
113.8
95.8
6.3
1.5
10.2
11.3

60.4
35.8
15.1
10.8
-1.0
10.8
24.6

42.0
43.8
49.2
3.2
-.2
-8.5
-1.8

153.2
145.9
120.1
1.6
11.5
12.7
7.3

29.7
29.2
46.2
-3.5
-4.3
-9.3
.5

252.4
236.0
197.3
13.3
14.1
11.3
16.4

Pvt.domes.sectors* by holder
Pvt. domestic nonfinancial
Households
Business
StateSlocal governments
Mail float
Financial sectors

16
17
18
19
20
21
22

23
24

-3.7
6.8

1.6
-6.7

1.9
5.7

1.6
14.3

2.4
a

8.4
-73.8

-2.8
112.3

-1.4
-72.6

5.2
33.7

-19.6

5.9
58.8

Foreign
U.S. government

23
24

24.4

317.2 Net change in total assets

11

Small Time and Savings Deposits
1
2
3
4
5
6

1
2
3
4
5
6

138.6
97.0
41.6
29.3
4.1
8.3

216.5
130.0
86.5
66.0
7.7
12.8

150.8
74.6
76.2
65.8
-.7
11.1

140.2
80.3
59.8
43.5
-3.5
19.9

121.6
68.5
53.1
38.3
-9.6
24.3

148.8
81.7
67.1
48.6
-6.7
25.2

71.6
46.8
24.8
20.0
-11.3
16.1

122.6
61.5
61.2
48.4
-8.7
21.4

123.5
69.4
54.2
39.5
-11.3
26.0

162.0
105.9
56.2
42.7
-13.5
27.0

78.1 Net change in liabilities
Commercial banks
37.3
40.8
Savings institutions
Savings and loan assns.
22.8
Mutual savings banks
-4.9
Credit unions
22.9

7
8
9
10
11

138.6
134.2
1.5
.5
2.5

216.5
210.0
5.3
-.5
1.6

150.8
153.2
-2.6
.5
-.4

140.2
142.9
-5.4

121.6
117.6
.2
.3
3.4

148.8
155.3
-7.9
.3
1.1

71.6
69.9
-1.3
.2
2.8

122.6
119.9
-3.5
1.5
4.7

123.5
117.3
1.3
.1
4.8

162.0
157.4
1.6
-.8
3.8

78.1 Net change in assets
Households
76.0
State and local governments
1.6
U.S. government
.2
.4
Credit unions

7
8
9
10
11

4.0

27.0

30.9

49.8

-24.3

Money market fund shares
Liab: Finance n.e.c.
Asset: Households

1

15.5 Net change in total liab.
Commercial banking
33.3
Domestic banks
11.2
Foreign banking offices
22.1
-17.9
Savings institutions

M

2.6

Money Market Mutual Fund Shares
1

24.7

-44.1

47.2

-2.2

20.8

-21.2

Large Time Deposits
1
2
3
4
5

25.5
13.0
2.3
10.7
12.5

-13.6
-48.3
-38.7
-9.6
34.7

87.5
38.3
33.9
4.4
49.2

19.0
11.8
10.8
.9
7.2

7.1
3.6
-4.7
8.3
3.6

26.9
25.8
7.9
17.8
1.1

45.2
34.2
41.3
-7.1
11.0

35.5
13.9
19.3
-5.4
21.6

-37.5
-41.1
-40.5
-.6
3.6

15.1
8.2
-8.8
17.0
6.9

6
7
8
9
10
11

25.5
5.2
-7.5
10.3
2.4
6.8

-13.6
-6.3
-11.3
16.6
-11.6
.5

87.5
84.9
71.4
10.7
2.8
4.6

19.0
14.0
-2.9
6.9
10.0
3.7

7.1
1.6
-6.2
12.7
-4.9
-2.7

26.9
11.7
-10.2
10.9
10.9
8.0

45.2
46.1
32.5
7.2
6.4
5.1

35.5
38.4
25.3
17.1
-3.9
-15.8

-37.5
-34.4
-42.4
9.8
-1.8
-.9

15.1
-27.3
-23.9
6.1
-9.6
4.9

12
13
14
15
16
17
18

13.5
7.2
1.4
5.0
.8
2.2
-3.1

-7.9
1.2
K
K
4.9
2.8
-16.8

-2.0
-5.5
-1.4
-.8
3.0
3.2
-.4

1.2
2.3
-.3
2.3
-.1
3.8
-6.8

8.2
-2.4
if
4.0
.5
3.9
2.3

7.2
7.7
.1
.8
1.5
1.9
-4.9

-6.1
-2.1
K
3.0
-2.5
2.6
-7.0

12.9
1.5
5.0
-2.8
7.4
1.8

-2.2
-10.9
5.2
.3
5.0
-1.8

37.5
5.0
if
4.5
17.8
1.7
8.6

15.5 Net change in assets
Pvt. domestic nonfinancial
29.9
Households
16.3
Business
17.9
State 8 local governments
-4.3
Foreign
.8
-15.2
-5.1

it

1.2
-13.2
1.5
.4

Financial sectors
Saving and loan assns.
Mutual savings banks
Credit unions
Private pension funds
St.&local govt.rtr.funds
Money market funds

1
2
3
4
5
6
7
8
9
10
11

12
13
14
15
16
17
18

Federal 1Funds and Security Repurchase Agreements
1
2
3

7.4
8.6
-1.2

29.5
15.6
13.9

20.4
1.6
18.8

35.4
37.3
-1.9

40.9
29.7
11.2

70.2
54.6
15.7

82.4
58.2
24.2

48.6
52.0
-3.5

4.0
-36.6
40.6

73.3
69.4
3.9

4
5
6
7
8
9
10
11
12

23.3
3.7
7.3
5.4
.4

39.7
-4.6
11.5
9.3
7.9
1.3
.3
4.2
9.7

32.2
4.0
9.4
7.2
.5
.3
3.7
3.7
3.3

36.1
9.7
4.1
6.0
4.9

.8
4.0
1.7

29.1
11.2
7.2
-2.3
5.9
-.6
1.1
9.6
-3.2

1.6
3.8
6.1

29.2
17.5
2.0
-4.1
-7.3
.5
1.2
6.2
13.2

75.3
4.9
.6
26.2
20.1
.8
1.7
1.6
19.2

37.7
.6
.5
17.9
7.7
5.4
1.4
3.6
.5

16.2
-7.8
-9.1
-5.1
6.4
2.4
1.6
4.0
23.8

54.6
8.2
24.5
21.8
2.9
-2.9
1.6
3.8
-5.4

13

-15.9

.4

-19.4

3.3

4.8

41.1

7.2

10.9

-12.2

18.7

4.0

20.5

13.1

a

M

37.7 Net change in liabilities
Commercial banks
33.8
Savings and loan assns.
3.9
36.1 Net change in assets
Nonfinancial corporations
37.6
State and local governments
.3
Sponsored credit agencies
-10.6
Savings and loan assns.
2.8
Mutual savings banks
-4.9
Credit unions
1.6
Other insurance companies
3.9
Money market funds
5.4

1
2
3

4
5
6
7
8
9
10
11
12

1.7 Discrepancy-unallocated assets 13

U .S. Deposits in Foreign Countries

1

2
3

4.5
-.4
4.9

1.3

3.1
-1.8

BILLIONS OF DOLLARS.




-5.8

-5.1
-.7

-4.3
-2.1
-2.2

10.3
7.1
3.2

16.8

15.1
1.6

IV/86 BASED ON INCOMPLETE INFORMATION

-17.6
-17.7
.1

3.4
.6

9.0
11.5

10.8
2.3

3.6 Total foreign liability
Held by:
Nonfinan. corporate business
5.4
Money market funds
-1.8

1
2
3

MARCH 2, 1987
U.S. Government Securities

U.S. Government Securities
U.S. Government Securities Market Summary

36

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)
III

1985

I
IV 1

II

I

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Total Net Issues* by Sector and Type

1 Total U.S. government secur.
U.S. government
2
3
Spons. agencies 8 mtg. pools

71*916 120*312
A6*068 90*527
25*8A8 29*785

60.65A
37,122
23*532

89*696 110*071 125*383
50*682 57.A58 69*116
39.01A 52*613 56*267

79.9
56.9
23.1

90.5
53.8
36.7

8A.8
37.5
A7.3

122.9
79.3
A3.6

133.0
87.5
A5.5

1
2
3
A
5
6

A
5
6

By instrument:
Treasury issues
Household savings bonds
Treas. excl. savings bonds

A6*07A
1,551
AA.523

90*525
1*529
88*996

37,176
1.6A6
35*530

50,680
2,398
A8.282

57*506
3.9A8
53*558

69*299
5*563
63*736

57.6
A.7
52.9

55.1
3.9
51.2

38.8
-.8
39.6

79.8
-7.3
87.1

87.8
-A.3
92.2

7
8
9
10
11

Other
Budget agency issues
Loan participations (1)
Spons. agency issues (2)
Mortgage pool secur. (2)

25.8A2
-6
3*596
22*252

29.787
2
A,263
25*522

23.A78
-5A
-2,201
25*733

39*016
2
A,539
3A.A75

52*565
-A8
5,789
A6.82A

56.08A
-183
A,290
51,977

22.3
-.5
-.2
7.0
16.1

35.3
-1.1
-.3
23.1
13.6

A6.0
-1.1
-.2
2A.3
23.1

A3.1
-.3
-.2
2A.A
19.2

A5.2 7
-.3 8
-.1 9
30.5 10
15.0 11

79.9
-3.8
-3.A
-.A

90.5
.6
.5
.1

8A.8
.2
-.2
.A

122.9
.7
.A
.2

133.0
.A
.2
.2

1
2
3
A
5

7.2
5.8
l.A

7.3
7.7
-.A

7.6
6.9
.7

A.A
3.9
.6

9.8
9.6
.1

6
7
8

7.0

9

Total Net Purchases, by Sector and Type

1 Total purchases* by sector
U.S. govt, (agency secur.)
2
3
Sponsored credit agencies
A
Treasury
5
Agency securities
6
7
8

Monetary authority
Treasury issues
Agency Issues

9

Foreign

10
11
12
13
IA
15
16
17

Total private domestic
Treasury issues
Agency Issues

Private domestic nonfinan.
Total Treasury issues
Savings bonds (HH)
Other Treasury issues
Agency issues

89*696 110*071 125*383
1*338
1.7A2
-139
-130
1*529
1,721
-9
-191
21

71*916 120*312
1,137 -3,009
915 -2,658
222
-351

60.65A
-2*068
-1.6A8
-A20

516
592
-76

13.319
11*625
1.69A

-6.AA1
-A,707
-1.73A

7.179
7,229
-50

8.621
6*902
1,719

8*676

5*670

12*125

20.A67

1A.3A1

7*500

31.5

23.5

-1A.0

10.7

61*587 10A.332
35*891 75*888
25*696 28*AAA

57*038
31.A06
25*632

60,712
21.A55
39,257

85*367
3A.5A2
50*825

97*170
A1.36A
55*806

A5.1
23.8
21.3

59.1
23.A
35.7

91.0
A6.1
AA.9

107.1
6A.8
A2.3

1.7A3
71*891
51.A99 -8.A03
1.6A6
1.529
A9.970 -10.0A9
20*392 10.1A6

10.527
3*702
2,398
1.30A
6*825

26.801
5.68A
3.9A8
1.736
21*117

26*638
881
5*563
-A*682
25,757

23.7
17.A
A.7
12.7
6.3

A1.7
28.1
3.9
2A.2
13.6

56.6
32.2
-.8
33.1
2A.A

3A.2
25.5
-7.3
32.8
8.7

37.1
31.0
-A.3
35.A
6.1

13
IA
15
16
17

A5.2
33.8
-A.3
38.1
11.A

18
19
20
21
22

2A.23A
10*790
1*551
9,239
13,AAA

20*852
20*565
287

115.9 10
71.0 11
AA.9 12

18
19
20
21
22

Households
Total Treasury issues
Savings bonds
Other Treas. issues
Agency issues

8*991
-573 -6,372 -3.27A
12,793
7*362
—1*192 -9.10A -9,098 -10*021 -19*931 -15*663
2,398
3.9A8
5*563
1.6A6
1*551
1*529
-2.7A3 -10,633 -10.7AA -12.A19 -23,879 -21*226
3.6A9 16*657 2A.65A
8*525
13*985 16.A66

15.6
12.9
A.7
8.2
2.7

29.A
21.8
3.9
17.8
7.6

AA.A
21.9
-.8
22.7
22.A

26.7
19.7
-7.3
27.0
7.0

23
2A
25

Nonfin. corp, business
Treasury issues
Agency issues

-2*865
-2,832
-33

A60
A9A
-3A

2.A69
2.50A
-35

2,952
2.987
-35

-3.79A
-3.759
-35

7,837
7,871
-3A

-6.A
-6.0
-.A

1.5
.8
.7

1.6
2.8
-1.3

5.6
5.1
.5

-1.0 23
-1.0 2A
« 25

26
27
28

State and local govts.
Treasury issues
Agency issues

1A,3O6
1A.81A
-508

6A.069
60*109
3*960

-153
-1,809
1*656

13.9A7
10*736
3*211

33*869
29.37A
A.A95

9*810
8*673
1,137

1A.6
10.6
A.O

10.9
5.5
5.3

10.7
7.5
3.2

1.9
.7
1.2

-7.1 26
-1.8 27
-5. A 28

-2,120
1,933
-A.053

-5*611
-5.398
-213

7*603
3.517
A *086

7*802
-1,099
8*901

1A.029
635
13.39A

17*030
3*908
13*122

.1
-.6
.8

-.8
-7.8
7.0

9.6
2.0
7.6

25.8
16.1
9.7

11.6 29
1.8 30
9.8 31

-A,191
1*500
550
21

-7.878
1.A53
720
9A

9.05A
-1.309
-121
-21

7,157
-1,309
1.8AA
110

12.A77
A65
1*101
-IA

15*A00
1*000
606
2A

-1.3
1.3
-.1
.2

.1
-1.3
.5
-.1

7.A
1.7
.5
«

25.0
.2
.5
.1

11.A
-.1
.6
-.3

29
30
31

32
33
3A
35

Commercial banking
Treasury issues
Agency issues

U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S.possessions

32
33
3A
35

36

Private nonbank finance

39*A73

38 * 052

A7.692

A2.383

AA.537

53*502

21.2

18.2

2A.8

A7.2

67.2 36

37
38
39

Total pvt. nonbank finance
Treasury issues
Agency Issues

39.A73
23*168
16*305

38*052
29.787
8*265

A7.692
36*292
ll,A00

A2.383
18*852
23,531

AA.537
28*223
16.31A

53*502
36*575
16*927

21.2
7.0
1A.2

18.2
3.2
15.0

2A.8
11.9
13.0

A7.2
23.2
23.9

67.2 37
38.2 38
29.0 39

AO
A1
A2

Savings and loan assns.
Treasury issues
Agency issues

10.A86
A59
10*027

-5*315
-5.9A0
625

6,275
-362
6*637

19.1A0
3*526
15.61A

13*007
3*916
9*091

12,515
3.37A
9,141

3.9
-1.0
A.9

A.6
«
A.6

1.0
-2.9
3.9

13.8
5.7
8.1

3.1 AO
-3.5 A1
6.6 A2

A3
AA
A5

Mutual savings banks
Treasury issues
Agency issues

815
-196
1*011

-1.A62
-86
-1,376

1.31A
200
1.11A

622
-100
722

1.0A5
200
8A5

3.8A3
A00
3.AA3

2.6
.1
2.6

.8
-.9
1.7

1.2
-.2
1.3

3.3
.8
2.5

.9 A3
-.2 AA
1.2 A5

A6
A7
A8

Credit unions
Treasury issues
Agency issues

971
398
573

22
130
-108

166
69
97

1.A55
871
58A

1.295
565
730

A52
202
250

.5
.1
.A

-.8
-.7
-.1

-1.1
-.1
-1.0

1.0
.3
.7

.3 A6
.1 A7
.3 A8

A9
50
51

Life insurance companies
Treasury issues
Agency Issues

6*303
1*596
A.707

6*885
5*085
1,800

6.20A
2*589
3*615

1*569
-92
1*661

2*538
2*501
37

A,A52
3*133
1*319

1.6
-.1
1.7

2.0
-.5
2.5

2.9
.1
2.8

2.7
1.0
1.8

5.5 A9
2.3 50
3.1 51

52
53
5A

Private pension funds
Treasury issues
Agency issues

-270
3*218
-3.A88

1*113
-3.82A
A,937

2*086
3.37A
-1,288

600
-1*073
1*673

2.8A0
2*076
76A

981
917
6A

5.0
3.6
l.A

3.7
2.2
l.A

6.9
3.5
3.A

13.1
6.1
7.0

19.A 52
7.A 53
11.9 5A

55
56
57

St.Slocal govt.rtr.funds
Treasury issues
Agency issues

6 *02 A
A,520
l*50A

A.630
A,773
-1A3

9*011
8.9A5
66

1*695
53
1,6A2

5,175
1*085
A,090

3.73A
1.73A
2*000

5.5
2.7
2.7

7.1
2.7
A.A

6.6
5.3
l.A

9.9
6.2
3.7

11.8 55
6.6 56
5.2 57

58
59
60

Other insurance cos.
Treasury issues
Agency issues

5*030
3*059
1*971

5.2A8
2.718
2*530

A.021
2*862
1*159

3,367
1*732
1*635

3*311
2 *55 A
757

2*975
2*265
710

3.0
2.5
.5

1.2
.7
.5

1.3
.2
1.1

1.8
1.6
.2

2.2 58
l.A 59
.8 60

61
62

Mutual funds (Treasury)
Money mkt.funds (Treas.)
Security brokers and
dealers (Treasury)

10*609
209

25,297
-1.976

15*881
3*682

21.0A3
-9,205

13.AA3
1*967

19,735
A *052

.2
-.3

-.2
.6

H
A.2

.3
2.6

.9 61
23.7 62

-70A

3,610

-9A8

2*097

-8A

763

-.7

-.8

1.9

-l.A

— .6 63

63

(1) For purchases* agency issues Include loan participations.
(2) These issues are outside both the budget and the U.S. government
sector in the Flow of Funds Accounts. They are included in credit
market debt of financial institutions.
IV/86 BASED ON INCOMPLETE INFORMATION




MARCH 2* 1987
U.S. Government Securities

U.S. Government Securities

U.S. Government Securities Market Summary

37
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1984

1985

1986

I
1

1985

III

I
IV 1

1986

II

I

III

IV

Total Net Issues* by Sector and Type
1
2
3

225.9
161.4
64.5

254.4
186.6
67.8

273.8
198.9
74.9

324.2
223.7
100.5

385.8
214.4
171.4

242.0
149.3
92.7

465.0
341.7
123.3

221.7
120.7
101.0

458.2
301.9
156.3

383.8
184.6
199.2

479.6 Total U.S. government secur.
U.S. government
250.5
Spons. agencies 8 mtg. pools
229.2

1
2
3

4
5
6

162.1
.2
162.0

186.7
3.1
183.5

199.0
3.0
195.9

223.7
5.3
218.5

214.7
13.6
201.1

149.3
5.9
143.4

341.7
5.6
336.1

120.9
7.4
113.5

301.9
9.4
292.5

184.7
15.5
169.3

251.2
21.9
229.3

By instrument:
Treasury issues
Household savings bonds
Treas. excl. savings bonds

4
5
6

7
8
9
10
11

63.7
-.2
-.5
14.9
49.5

67.8

74.8
-.1
30.4
44.4

100.4

171.1
-.3
12.4
159.0

92.7

123.3

100.8
-.2
-2.5
103.6

156.3

199.0
-.2
15.5
183.7

228.4
-.7
25.5
203.7

Other
Budget agency issues
Loan participations (1)
Spons. agency issues (2)
Mortgage pool secur. (2)

7
8
9
10
11

479.6 Total purchases* by sector
U.S. govt, (agency secur.)
Sponsored credit agencies
-1.9
-1.8
Treasury
K
Agency securities

1
2
3
4
5

H

1.4
66.4

K

20.6
79.9

K

K

6.9
85.8

-

24.9
98.4

K

11.2
145.1

Total Net Purchases* by Sector and Type
1
2
3
4
5

225.9
1.4
1.5
-.1

254.4
-1.3
-.8
-.4

273.8
.6
.4
.2

324.2
1.3
1.2
.1

385.8
.9
1.5
-.6

242.0
—
1.5
.6
.9

465.0
-12.3
-10.9
-1.4

221.7

458.2

-6.4
-4.8
-1.7

7.4
8.1
-.8

383.8
4.4
4.4
.1

6
7
8

8.5
8.4
.1

12.0
12.6
-.7

8.8
8.9
-.1

21.6
20.5
1.1

30.2
30.0
.2

-.7
-.4
-.3

40.6
33.8
6.8

-.7
6.3
-6.9

19.5
19.7
-.2

32.9
26.1
6.9

69.0
67.9
1.1

Monetary authority
Treasury issues
Agency issues

9

12.8

16.9

26.5

24.3

54.4

37.3

16.3

60.5

74.7

58.4

24.1

Foreign

-

Total private domestic
Treasury issues
Agency issues

6
7
8

9
10
11
12

10
11
12

203.1
139.5
63.6

226.9
158.0
68.9

237.8
163.2
74.7

277.0
177.7
99.2

300.3
128.8
171.5

204.0
111.9
92.1

420.4
302.5
117.9

168.4
58.9
109.4

356.7
199.5
157.2

288.0
95.9
192.1

388.4
161.1
227.3

13
14
15
16
17

69.9
66.0
.2
65.8
4.0

95.5
91.5
3.1
88.3
4.0

132.9
86.6
3.0
83.5
46.3

150.9
77.2
5.3
71.9
73.7

65.7
1.9
13.6
-11.7
63.8

53.8
7.1
5.9
1.1
46.7

288.1
203.4
5.6
197.9
84.7

-23.0
-69.4
7.4
-76.8
46.4

129.7
103.7
9.4
94.3
26.0

55.0
-22.2
15.5
-37.7
77.2

101.5
-4.2
21.9
-26.2
105.7

18
19
20
21
22

55.6
53.5
.2
53.3
2.2

60.5
66.7
3.1
63.6
-6.2

111.2
74.8
3.0
71.8
36.4

60.7
-5.1
5.3
-10.3
65.8

-1.2
-54.7
13.6
-68.3
53.5

-20.6
-69.4
5.9
-75.4
48.9

59.4
-9.6
5.6
-15.1
69.0

-42.9
-82.9
7.4
-90.3
39.9

69.0
55.7
9.4
46.3
13.3

-95.2
-154.5
15.5
-170.0
59.3

64.6
-36.7
21.9
-58.6
101.3

Households
Total Treasury Issues
Savings bonds
Other Treas. issues
Agency issues

18
19
20
21
22

23
24
25

5.3
5.2
.1

8.0
8.0
*

7.2
7.3
-.1

-3.1
-3.0
-.1

9.5
9.6
-.1

6.4
6.6
-.1

-6.6
-6.5
-.1

.7
.8
-.1

12.9
13.0
-.1

3.0
3.1
-.1

21.2
21.4
-.1

Nonfin. corp, business
Treasury issues
Agency issues

23
24
25

26
27
28

9.0
7.3
1.7

26.9
16.7
10.2

14.6
4.5
10.1

93.3
85.3
8.1

57.5
47.0
10.5

67.9
69.9
-2.0

235.3
219.5
15.8

19.3
12.7
6.6

47.8
35.0
12.8

147.1
129.2
18.0

15.6
11.1
4.5

State and local govts.
Treasury issues
Agency issues

26
27
28

29
30
31

26.6
19.4
7.3

48.6
47.8
.7

.6
1.9
-1.3

9.7
12.1
-2.4

46.5
7.0
39.5

-3.7
16.4
-20.1

-14.6
-16.5
1.9

9.4
-5.0
14.4

38.7
38.7

60.1
11.0
49.0

77.6
21.7
55.9

32
33
34
35

26.7
-1.2
.8
.3

44.2
1.6
1.7
1.1

1.3
.5
-.6
-.6

4.6
4.7
.4
M

44.1
-1.2
' 3.4
.1

-12.0
6.0
2.2
.1

-23.7
5.8
2.9
.4

15.2
-5.2
-.5
-.1

36.1
-5.2
7.4
.4

53.8
1.9
4.4
-.1

71.1
4.0
2.4
.1

36

106.6

82.9

104.3

116.4

188.1

154.0

146.9

181.9

188.3

173.0

209.3

Private nonbank finance

37
38
39

106.6
54.1
52.4

82.9
18.7
64.1

104.3
74.7
29.6

116.4
88.5
27.9

188.1
119.9
68.2

154.0
88.4
65.5

146.9
115.6
31.3

181.9
133.3
48.6

188.3
95.8
92.5

173.0
107.1
65.9

209.3
143.6
65.7

Total pvt. nonbank finance 37
38
Treasury issues
39
Agency issues

40
41
42

37.4
7.5
29.8

45.5
15.7
29.8

27.1
10.2
16.9

-8.9
-10.1
1.2

50.9
10.5
40.5

42.0
1.9
40.1

-20.7
-23.2
2.5

13.9
-12.6
26.5

87.0
24.5
62.5

50.8
14.4
36.4

52.1
15.5
36.6

Savings and loan assns.
Treasury issues
Agency Issues

40
41
42

43
44
45

1.9
.7
1.2

9.8
3.8
6.0

.3
-.2
.5

-1.2
-.6
-.6

6.8
.7
6.1

4.4
-.9
5.3

-6.3
.4
-6.7

3.4
-1.8
5.2

3.6
1.7
1.9

5.6
.6
5.0

14.8
2.4
12.4

Mutual savings banks
Treasury issues
Agency issues

43
44
45

46
47
48

1.2
.3
.9

3.1
1.4
1.7

.4
.8
-.4

3.6
2.5
1.1

3.4
1.7
1.7

3.9
1.6
2.3

.1
.5
-.4

.7
.3
.4

5.8
3.5
2.3

5.2
2.3
2.9

1.8
.8
1.0

Credit unions
Treasury Issues
Agency issues

46
47
48

49
50
51

12.7
8.4
4.3

19.3
12.1
7.2

23.6
12.6
11.0

23.0
10.5
12.5

14.8
8.1
6.6

27.7
8.9
18.8

21.0
13.8
7.2

25.0
10.6
14.5

10.6
3.9
6.6

12.8
12.7
.1

10.6
5.3
5.3

52
53
54

6.4
1.9
4.5

12.9
.6
12.3

7.3
13.0
-5.7

6.8
.3
6.5

6.5
5.3
1.2

-7.4
7.5
-14.9

5.4
-13.8
19.2

13.0
15.9
-2.9

3.5
-2.6
6.1

4.7
2.7
2.1

4.8
5.2
-.4

55
56
57

19.4
9.3
10.1

17.0
12.0
4.9

23.1
19.0
4.1

17.5
18.6
-1.1

19.6
11.8
7.8

24.1
18.1
6.0

18.5
19.1
-.6

36.0
35.8
.3

6.8
.2
6.6

20.7
4.3
16.4

14.9
6.9
8.0

St.&local govt.rtr.funds 55
56
Treasury Issues
57
Agency Issues

58
59
60

2.2
.6
1.5

5.5
3.3
2.2

9.1
5.9
3.2

18.8
10.6
8.2

13.7
9.4
4.3

18.8
10.9
7.9

21.1
11.0
10.1

15.4
10.8
4.6

15.3
8.7
6.5

11.9
8.9
3.0

12.1
9.2
2.8

Other insurance cos.
Treasury issues
Agency issues

61
62

2.3
22.7

.6
-18.4

6.4
6.2

52.9
.3

70.1
.5

42.4
.8

101.2
-7.9

63.5
14.7

84.2
-36.8

53.8
7.9

78.9
16.2

63

.4

-12.4

1.0

3.6

1.8

-2.8

14.4

-3.8

8.4

-.3

3.1

Mutual funds (Treasury) 61
Money mkt.funds (Treas.) 62
Security brokers and
dealers (Treasury)
63

K

Private domestic nonfinan.
Total Treasury issues
Savings bonds (HH)
Other Treasury issues
Agency issues

Commercial banking
Treasury issues
Agency issues

U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S.possessions




IV/86 BASED ON INCOMPLETE INFORMATION

29
30
31

32
33
34
35
36

Life insurance companies 49
50
Treasury issues
51
Agency issues

Private pension funds
Treasury issues
Agency issues

(1) For purchases* agency issues :Include 'loan participations.
(2) These issues are outside both the budget and the U.S. government
sector in the Flow of Funds Accounts. They are included in credit
market debt of financial institutions.

BILLIONS OF DOLLARS.

13
14
15
16
17

52
53
54

58
59
60

MARCH 2, 1987
Private Securities

Private Securities

Tax-Exempt Debt and Corporate and Foreign Securities

38

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)
III

1985

I
IV 1

I

II

1986

IV

III

1977

BILLIONS OF DOLLARS
1979
1980
1978

1981

Tax-Exempt Debt Securities and Loans
1 Net change in liabilities
State and local governments
2
Short-term
S
A
Other
5
6

Households 8 nonprof. org.
Nonfin. corporate business
(industrial revenue bonds)

26.175
18.938
A.6A9
1A.289
1.837
5.A00

98,175 -11.A1A
63,691 -5.7A6
-730 -2,593
6A.A21 -3,153

12,651
15.6A2
518
15.12A

39,273
39,156
3.86A
35,292

8,011
7.7A6
677
7,069

20.3
10.3
-2.9
13.2

28. A
18.1
.6
17.5

30.3
17.A
1.0
16.5

30.3
16.3
1.7
1A.6

23.A
5.5
1.1
A.A

1
2
3
A

-2,668
-3.000

159
-3.150

1,317
-1,200

899
-63A

3.A
6.7

2.6
7.7

2.9
10.0

3.1
10.9

A.A
13.A

5
6

23.A8A
11,000

7 Net change ln assets
Households
8
Nonfin. corporate business
9
StateSlocal govt. gen. funds
10

26.175
9.9A7
99
-710

98,175 -11.A1A
38.66A -17,921
580
616
-3
-160

12,651
A. 765
691
-130

39,273
15.79A
-193
A6

8.011
1,775
988
138

20.3
-3.0
«
.6

28. A
A.l
.2
-.7

30.3
10.A
«
-.5

30.3
7.0
-.2
.2

23.A 7
11.0 8
M 9
.1 10

11
12
13

Commercial banking
Savings and loan assns.
Mutual savings banks

10.926
-22
1A

A9.0A8 -17,651
AA7
-170
-17
216

-5,260
-105
-25

8,672
63
126

-5,760
39
-233

9.2
K
.A

9.6
.1
.5

9.5
-.1
-.A

13.6
K
-.5

5.0 11
.1 12
-.1 13

1A
15
16
17

Insurance
Life insurance companies
StateSlocal govt.rtr.funds
Other insurance companies

18
19

Mutual funds
Brokers and dealers

730
130
-53
653

1.A39
66A
-297
1,072

193
-3A
-290
517

1,036
AAO
80
516

665
A92
-8A
257

791
39A
66
331

11.A
.5
.2
10.7

1A.3
.A
.A
13.5

9.9
K
K
9.9

8.1
.3
.1
7.7

A.2
.5
-.2
A.O

5,191
-

6.9A8
800

2A.232
-500

11.679
-

12,837
1,263

11,529
-1,256

1.6
.2

.5
-.2

l.A
.2

2.0
w

2.9 18
.2 19

1A
15
16
17

Corporate and Foreign Bonds
2A.095
16,975
65A

36,038
21,579
622

A2.882
29,828
A.02A

36.869
33,720
-A75

31,046
2A.A52
630

25.8AA
21,163
1,016

39.9
22.9
5.1

33.1
21.1
A.2

26.6
17.3
3.9

30.1
27.7
.8

32.6
22.8
5.A

1
2
3

6,A66
3,660
1,639
1,151
16

13,837
5.A72
1,A75
6,868
22

9,030
1,198
810
7,005
17

3,62 A
1,308
7A5
1.57A
-3

5.96A
526
1.8A3
3.A81
11A

3,665
2,579
1A0
832
11A

12.0
3.1
1.2
7.8
-.1

7.8
1.0
.7
A.A
-.2

5.5
-.2
l.A
A.3
M

1.6
1.3
.A
.1
-.2

A.A
2.0
-.5
3.6
-.7

A
5
6
7
8

9 Net purchases
10
Households
Foreign
11
Commercial banking
12
13
Mutual savings banks

2A,095
-A,506
7,686
1,365
-A7A

36,038
7,271
1A,772
161
-2,065

A2.882
15,555
9.A63
2,618
-816

36,869
A, 282
10,506
6,613
-355

31.0A6
-7,213
9.A33
7,263
175

25.8AA
-1,105
9,621
-1,602
-826

39.9
K
3.8
«
1.2

33.1
-A.2
1.9
-.3
.1

26.6
-A.5
2.6
-.1
-1.1

30.1
-11.7
8.2
.6
.7

32.6
-A.O
8.A
«
-1.0

9
10
11
12
13

1A
15
16
17
18

Insurance
Life insurance companies
Private pension funds
St.Sloc. govt. rtr. funds
Other insurance companies

15.8AA
8,920
2,983
1,839
2,102

20,280
11.190
9A7
5,910
2,233

7,933
9,106
-1,322
-2.050
2,199

16.207
8.A31
-7
5,722
2,061

16.7A8
6,835
5,672
2,139
2,102

13,781
7.119
-8A8
5,529
1,981

33.7
18.8
5.2
6.0
3.7

36.7
17.3
8.7
9.0
1.8

30.3
11.6
13.5
3.2
2.0

30.A
8.7
12.1
9.5
*

2A.8
7.3
5.A
9.2
2.8

1A
15
16
17
18

19
20

Mutual funds
Brokers and dealers

A,5A9
-369

-3,630
-751

3.9A0
A,189

3.055
-3.A39

7,721
-3,081

6,363
-388

1.1
.2

-.7
-.A

.8
-1.5

1.3
.7

17,351
AA.066

6.6
1.0

1.7
-.1

-3.9
.A

21.2
A.5

» -3.3
6.0

1
2

Other sectors
-1A,557 -21.185 -10.A98 -15.A85 -19,570 -26,715
Nonfin. corporate business -18,750 -25.000 -1A.750 -19,625 -20,125 -26,250
1,009
789
2.138
Foreign
2,109
-793 -1.673
360
375
325
325
350
350
Commercial banking
1,500
2.A89
Other Insurance companies
2.312
1,750
1.0A3
702
177
REITs
335
339
68
-A5
156

5.6
2.7
.A
.6
l.A
.6

1.8
-.1
-.5
1.1
.8
.A

-A.3
-7.8
.8
1.3
.9
.5

16.8
12.9
2.1
.A
1.2
.3

-9.3
-11.5
.3
.5
1.1
.3

3
A
5
6
7
8

9.761 10,719 A8.091 27,063 22,815 17.351
2,090
5.1A8 33,158 12.077 15.A09
8,632
2A.318 31.90A 58,589 A2.5A8 A2.385 AA,066
-22,228 -26,756 -25.A31 -30.A71 -26,976 -35.A3A

6.6
-7.2
1.0
-8.2

1.7
-6.3
-.1
-6.2

-3.9
-22.9
.A
-23.3

21.2
-6.3
A.5
-10.8

-3.3 9
-29.0 10
6.0 11
-3A.9 12
5.8 13
-.1 1A
-.6 15

1 Net Issues
2
Nonfin. corporate business
3
Foreign

A
5
6
7
8

Total finance
Commercial banking
Savings and loan assns.
Finance companies
REITs

1.6 19
2.7 20

Corporate Equities
1 Net Issues
Mutual funds
2
3
A
5
6
7
8

9 Net purchases
Households
10
Mutual fund shares
11
12
Other equities

9,761
2A.318

10,719
31.90A

A8.091
58,589

27,063
A2.5A8

22.815
A2.385

13
1A
15

Foreign
Commercial banking
Mutual savings banks

1.A10
11
-39

A,119
5
-270

6,370
9
20

7.1AA
-19
315

A, 692
5
36A

—
238

2.7
K
.A

2.A
M
.1

1.7
M
-.1

5.A
K
-.5

16
17
18
19
20

Insurance
Life insurance companies
Private pension funds
St.&loc. govt. rtr. funds
Other insurance companies

A,915
1.06A
1,161
3,010
-320

155
995
-3.280
2,590
-150

-1.8A3
522
-5,332
2,558
A09

5,720
1,618
-793
A,218
677

6A0
A99
-3,986
3,527
600

A, 980
1,28 A
279
2,397
1,020

1A.2
1.2
8.2
3.7
1.2

7.5
-.1
3.0
2.6
2.0

21.7
.6
13.7
A.l
3.2

23.9
.5
15.0
5.3
3.1

21
22

Mutual funds
Brokers and dealers

1.7A3
-369

2.31A
-752

6,188
A. 189

5,266
-3,AAO

A, 786
-3,081

3,890
-389

-3.7
.2

-1.6
-.A

-2.8
-1.5

-1.8
.7

IV/86 BASED ON INCOMPLETE INFORMATION




18. A
2.9
6.A
7.1
2.0

16
17
18
19
20

-.6 21
2.7 22

MARCH 2» 1987
Private Securities

Private Securities

Tax-Exempt Debt and Corporate and Foreign Securities

39

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
w 1982

1983

1984

1985

1986

I
1

III

1985

I
IV 1

I

1986

II

III

IV

Tax-Exempt Debt Securities and Loans

16.7 Net change in liabilities
15.7
State and local governments
Short-term
-.5
Other
16.1

1
2
3
4

44.2
20.6
6.7
13.9

53.7
32.9
-1.5
34.4

50.4
19.7
-3.7
23.3

152.4
99.6
1.3
98.3

48.5
56.8
2.5
54.3

96.0
67.1
15.7
51.3

378.6
240.6
-5.4
246.1

-15.5
7.1
1.8
5.4

47.4
59.4
-4.0
63.4

145.5
145.0
12.6
132.4

5
6

8.5
15.1

11.4
9.4

10.2
20.5

30.2
22.6

-.3
-8.0

7.3
21.6

93.9
44.0

-10.7
-12.0

.6
-12.6

5.3
-4.8

7
8
9
10

44.2
24.7
.1
.2

53.7
37.8
.7
.6

50.4
28.7
-.1
1.1

152.4
59.4
.8
-1.0

48.5
4.4
2.1
-.1

96.0
42.3
.4
-2.8

378.6
153.6
2.5
M

-15.5
-57.0
2.3
-.6

47.4
4.1
2.8
-.5

145.5
65.3
-.8
.2

11
12
13

4.5
-.5
.2

4.8
.1
-.3

10.8
-.2
-.1

57.2
.4
.2

-20.0
-.2
-.1

32.2
-.1
.1

184.0
1.8
.9

-56.1
-.7
-.1

-9.0
-.4
-.1

20.6
.3
.5

-35.6
.2
-.9

14
15
16
17

4.2
1.9
-.7
3.0

-.5
.9
-1.1
-.3

5.7
- -3
.5
-1.9

2.9
1.0
-.6
2.5

2.7
1.3
-.2
1.6

3.2
.8
-.2
2.6

4.9
1.8
-1.2
4.3

1.7
.8
-1.2
2.1

3.9
1.5
.3
2.1

3.0
2.3
-.3
1.0

2.2
.6
.3
1.3

18
19

10.9
-.2

10.3
.4

13.4
.6

31.4
1.0

60.3
-.5

20.8
-

27.8
3.2

96.9
-2.0

46.7
-

51.3
5.1

46.1
-5.0

3.6
-2.5

Households 8 nonprof. org.
Nonfin. corporate business
(Industrial revenue bonds)

1
2
3
4

5
6

16.7 Net change in assets
7
Households
8
5.3
Nonfin. corporate business
4.0
9
StateSlocal govt. gen. funds 10
.6

Commercial banking
Savings and loan assns.
Mutual savings banks

11
12
13

Insurance
Life insurance companies
State&local govt.rtr.funds
Other Insurance companies

14
15
16
17

Mutual funds
Brokers and dealers

18
19

96.0 Net issues
Nonfin. corporate business
77.7
Foreign
4.1

1
2
3

14.2
10.3
.6
2.8
.5

4
5
6
7
8

Corporate and Foreign Bonds
1
2
3

37.8
18.7
6.7

31.2
16.0
3.1

70.7
46.1
1.3

114.4
73.9
4.0

136.6
109.2
5.2

94.2
70.2
2.6

136.5
80.0
2.5

168.9
120.6
16.1

161.1
137.8
-1.9

120.7
100.5
2.5

4
5
6
7
8

12.5
6.0
.2
6.4

12.1
8.4
M

23.3
12.9
1.2
9.2
.1

36.5
16.9
3.6
15.9
.1

22.3
5.6
3.5
12.9
.2

21.4
14.6
6.6
.1
.1

54.1
21.9
5.9
26.2
.1

32.2
4.8
3.2
24.1
.1

25.2
5.2
3.0
17.0
N

17.6
2.1
7.4
7.7
.5

9
10
11
12
13

37.8
2.0
10.6
1.5
-1.1

31.2
-12.7
4.6
4.7
3.0

70.7
-3.4
14.8
4.2
-1.5

114.4
13.2
36.7
5.8
-2.5

136.6
11.5
39.0
14.9
-1.8

94.2
-25.3
30.7
5.5
-1.9

136.5
27.3
59.1
.6
-8.3

168.9
50.1
37.9
10.5
-3.3

161.1
39.1
42.0
26.5
-1.4

120.7
-37.6
37.7
29.1
.7

14
15
16
17
18

25.7
16.2
6.5
3.5
-.5

23.6
16.7
11.7
-.7
-4.2

49.7
23.7
10.4
11.5
4.1

56.9
37.8
5.8
5.2
8.2

54.7
31.5
3.5
11.3
8.3

65.7
38.0
11.9
7.4
8.4

82.1
45.8
3.8
23.6
8.9

32.6
37.3
-5.3
-8.2
8.8

60.9
29.8
22.9
8.2

69.3
29.7
22.7
8.6
8.4

55.8
29.1
-3.4
22.1
7.9

Insurance
Life insurance companies
Private pension funds
St.Sloc. govt. rtr. funds
Other insurance companies

14
15
16
17
18

19
20

.2
-.9

2.7
5.3

3.6
3.3

3.6
.6

21.1
-2.7

18.2
1.3

-14.5
-9.9

15.8
25.3

12.2
-18.2

30.9
-9.4

25.5
-8.5

Mutual funds
Brokers and dealers

19
20

K

K

3.6

Corporate Equities

___________

N

_________ __________ ,

96.0 Net purchases
-5.5
Households
Foreign
38.5
-6.4
Commercial banking
-3.3
Mutual savings banks

67.1 Net issues
Mutual funds
174.0

33.6
16.8

67.0
32.1

-31.1
38.0

37.5
103.4

115.3
187.6

42.4
100.6

40.8
125.6

189.2
231.2

109.9
171.9

95.0
173.3

3
4
5
6
7
8

16.8
11.4
1.5
.6
2.8
.6

34.9
28.3
3.9
.8
1.5
.4

-69.1
-77.0
1.2
1.1
3.9
1.7

-65.9
-81.6
4.0
1.4
9.0
1.3

-72.3
-80.8
1.8
1.4
5.0
.4

-58.2
-75.0
4.0
1.4
10.0
1.3

-84.7
- 100.0
3.2
1.5
9.2
1.4

-42.0
-59.0
8.4
1.3
7.0
.3

-61.9
-78.5
8.6
1.3
6.0
.7

-78.3
-80.5
-3.2
1.4
4.2
-.2

9
10
11
12

33.6
2.1
16.8
-14.7

67.0
14.8
32.1
-17.3

-31.1
-36.4
38.0
-74.3

37.5
-.8
103.4
-104.2

115.3
69.3
187.6
-118.3

42.4
7.9
100.6
-92.7

40.8
26.5
125.6
-99.1

189.2
128.9
231.2
-102.3

109.9
46.8
171.9
-125.1

95.0
61.3
173.3
-112.0

13
14
15

3.9
M
-.5

5.4
K
.3

-3.0
-.1
-.2

5.0
.1
-.1

18.2
M
.9

7.7
K
-.2

15.9
M
-1.1

24.1
K
.1

28.6
-.1
1.3

20.8
«
1.5

-.7
1.0

16
17
18
19
20

25.5
3.4
13.4
6.0
2.7

27.4
3.1
2.3
20.0
2.1

-.7
.7
-4.3
7.3
-4.3

22.4
5.9
-2.4
20.8
-2.0

9.5
3.9
-9.8
12.7
2.7

17.3
4.3
2.3
12.0
-1.3

.7
4.0
-13.0
10.4
-.6

-12.7
2.1
-26.7
10.2
1.6

30.2
6.5
4.2
16.9
2.7

H
2.0
-18.5
14.1
2.4

21
22

3.5
-.9

13.7
5.3

5.9
3.3

10.3
.6

20.1
-2.7

8.4
1.3

8.7
-9.9

23.5
25.3

21.3
-18.2

20.8
-9.5




IV/86 BASED ON INCOMPLETE INFORMATION

9
10
11
12
13

____ ____________

1
2

BILLIONS OF DOLLARS.

Total finance
Commercial banking
Savings and loan assns.
Finance companies
REITs

-106.9
-105.0
-6.7
1.4
2.8
.6

Other sectors
Nonfin. corporate business
Foreign
Commercial banking
Other insurance companies
REITs

67.1 Net purchases
Households
40.1
Mutual fund shares
174.0
-133.9
Other equities

1
2
3
4
5
6
7
8

9
10
11
12

Foreign
Commercial banking
Mutual savings banks

13
14
15

20.4
5.1
1.6
9.6
4.1

Insurance
Life insurance companies
Private pension funds
St.Sloc. govt. rtr. funds
Other insurance companies

16
17
18
19
20

14.9
-8.5

Mutual funds
Brokers and dealers

21
22

MARCH 2, 1987
Mortgages - I

Mortgages - I

Mortgage Markets by Type of Mortgage

40

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV 1

I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

To tai Mortgages

1 Net change in mortgages
Home mortgages
2
Multi-family resid.
3
4
Commercial
Farm
5

64.133
44.809
6.479
15.420
-2,575

66,195
41,227
10,431
17,228
-2,691

49,977
26,627
8,349
16,159
-1,158

67,205
49,159
7,096
13,260
-2.310

83,162
62,279
7,515
14,782
-1,414

89,037
62.507
7,448
20,223
-1,141

128.0
93.3
8.3
18.2
8.2

151.2
110.2
10.9
22.0
8.2

164.8
116.6
9.9
24.4
14.0

131.1
94.2
7.5
19.2
10.2

109.2
72.2
4.7
22.2
10.0

1
2
3
4
5

6 Borrowings by:
7
U.S. government
REITs
8

64,133
-13
15

66,195
-11
18

49,977
-11
24

67,205
-9
276

83,162
-12
-123

89,037
-4
-124

128.0
-.1
M

151.2
-.1
.2

164.8
-.1
*

131.1
-.1

■

109.2
-.1
*

6
7
8

64,131
42,295
599
21,237
-2,575
22,531
1,281

66,188
42,315
596
23,277
-2,691
26,512
-544

49,964
31,917
593
17,454
-1,158
21,108
-2,496

66,938
42,509
590
23.839
-2,310
22.837
3,312

83,297
58,627
587
24,083
-1,414
23,604
1.893

89,165
63,775
584
24,806
-1,141
26,588
-641

128.1
89.7
1.1
37.2
8.2
25.4
3.7

151.2
108.6
1.3
41.3
8.2
28.5
4.6

164.9
117.6
1.5
45.8
14.0
30.3
1.5

131.2
96.4
1.9
32.9
10.2
21.0
1.7

109.3
75.0
2.3
32.0
10.0
23.9
-2.0

9
10
11
12
13
14
15

16 Funds advanced by:
17
Households
18
St.&loc. govt. gen. funds

64,133
-548
2,600

66,195
1,249
3,016

49,977
2.376
4,612

67,205
839
2.877

83,162
447
1,900

89.037
2,010
1,340

128.0
7.8
.6

151.2
11.9
2.5

164.8
16.5
6.5

131.1
17.5
9.8

109.2 16
18.0 17
7.7 18

19
20
21

U.S. government
Sponsored credit ag. (1)
Mortgage pools

580
704
22,252

563
689
25,522

1
-1,273
25,733

-222
-2,982
34,475

52
-1,663
46.824

569
-2,422
51,977

4.2
3.5
16.1

4.2
12.2
13.6

6.6
14.4
23.1

7.5
14.2
19.2

4.9 19
12.6 20
15.0 21

22
23
24
25
26
27

Private finan. Institutions
Commercial banking
Savings institutions
S&L associations (1)
Mutual savings banks
Credit unions

38,545
14,853
18,230
14,729
2,931
570

35,156
13,787
11,987
10.748
1,606
-367

18,528
11,900
1,697
1,889
-177
-15

32,218
14,869
5,800
4,989
687
124

35,602
18,288
7,251
2,637
3,230
1,384

35,563
23,913
6,704
1,590
4,706
408

95.8
27.4
61.9
55.1
6.6
.3

106.7
35.1
57.8
50.8
6.4
.6

97.7
30.6
48.2
44.0
3.6
.6

62.9
17.5
29.6
28.3
.6
.7

50.9
21.6
17.1
17.7
-.4
-.2

22
23
24
25
26
27

2,608
2,646
—
-38
2,703
151

7,029
7,037
5
-13
327
2,026

3,129
3,026
40
91
-28
1,568
234

5,008
5,218
-168
-42
6,234
307

5,063
5,228
-55
4,897
103

5,481
5,600
-50
-69
-735
200

5.8
5.3
.1
.3
.1
3.1
-2.4

10.1
9.3
.2
.5
4.9
-1.1

14.0
12.3
.4
1.0
.3
5.8
-1.0

14.7
12.7
.4
1.3
.3
1.9
-.7

9.0
6.7
.3
1.6
.4
4.4
-1.1

28
29
30
31
32
33
34

7.609

4,196

9,609

4.3

12.5

9.2

7.1

9
10
11
12
13
14
15

28
29
30
31
32
33
34

Private nonfinancial sectors
Households
Nonprofit institutions
Nonfinancial business
Farms
Nonfarm noncorporate
Corporate

Insurance
Life insurance companies
Private pension funds
St.Bloc. govt. rtr.funds
Other insurance cos.
Finance companies
REITs

35 (1) Memo: FHLB loans to saving
6,116
3,090 -1,604
associations (included in •'other loans" category)

-no

N

16.2 35

Home Mortgages
1 Net borrowing
2
Households
3
Nonfarm noncorp. business
4
Nonfin. corporate business

44,809
42,295
1,257
1.257

41,227
42,315
-544
-544

26,627
31.917
-2,645
-2,645

49,159
42,509
3,325
3,325

62,279
58,627
1,826
1,826

62,507
63,775
-634
-634

93.3
89.7
1.8
1.8

110.2
108.6
.8
.8

116.6
117.6
-.5
-.5

94.2
96.4
-1.1
-1.1

72.2
75.0
-1.4
-1.4

1
2
3
4

5 Net change in assets
6
Households
7
State and local governments

44,809
-1,638
1.558

41,227
422
1,490

26,627
710
1,803

49,159
102
1,141

62,279
-1,493
600

62,507
108
500

93.3
2.7
.2

110.2
6.7
2.0

116.6
8.7
4.7

94.2
14.4
7.9

72.2
15.1
5.8

5
6
7

8
9
10
11

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

388
1,860
22,212
6,116

248
1,703
25,533
4,505

-162
699
23,671
2,856

-488
-2.317
34,366
5,354

-245
-789
45,809
7.484

157
-72
50,188
9,766

2.5
.5
15.7
18.9

1.9
9.0
12.4
24.1

2.3
9.2
21.8
20.0

2.7
7.6
18.7
11.0

2.4 8
5.1 9
14.3 10
9.9 11

12
13
14
15

Savings institutions
Savings and loan assns.
Mutual savings banks
Credit unions

11,667 * 8,299
9,382
7.564
1,715
1.102
570
-367

-4,776
-5,815
1,054
-15

5,412
4,740
548
124

5,842
2,471
1,987
1.384

2,334
-593
2,519
408

52.1
46.8
5.0
.3

50.0
44.6
4.8
.6

42.8
39.4
2.8
.6

28.0
26.2
1.1
.7

15.9
15.8
.3
-.2

12
13
14
15

16
17
18
19

Insurance
Life insurance companies
Private pension funds
St.Sloe. govt. rtr. funds

2.3
1.7
.3
.3

2.5
1.8
.2
.4

— .4
-.7
.1
.3

16
17
18
19

20
21

Finance companies
REITs

5.1
-.2

1.5
-.1

4.3 20
-.1 21

-212
-164
—
-48

-1.093
-1,073
-20

140
224
10
-94

-128
3
-131

219
319
-100

50
100
-50

-1.3
-1.3

.1

-.2
-.3
.2
-.1

2,848
10

71
49

1,673
13

5,705
12

4,847
5

-535
11

2.2
-.2

4.5
-.2

IV/86 BASED ON INCOMPLETE INFORMATION




«

MARCH 2» 1987
Mortgages - I

Mortgages - I

41

Mortgage Markets by Type of Mortgage

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1984

1985

1986

1
1

1985

III

1
IV 1

I

1986

II

IV

III

Total Mortgages
1
2
3
4
5

85.4
50.5
5.3
25.3
4.2

183.0
117.1
14.0
49.0
2.8

217.8
129.9
25.1
63.5
-.8

235.4
150.3
29.1
62.4
-6.4

289.4
200.6
30.4
64.4
-6.0

238.5
162.7
26.2
59.4
-9.9

272.9
172.3
41.0
69.6
-10.1

221.7
121.3
33.5
71.8
-5.0

257.8
191.5
28.6
47.5
-9.8

313.0
231.3
30.4
56.5
-5.3

365.0 Net change In mortgages
258.1
Home mortgages
Multi-family resid.
29.1
Commercial
81.9
-4.0
Farm

1
2
3
4
5

6
7
8

85.4
-.1
.1

183.0
-.1
ft

217.8
-.1
.4

235.4
-.1
.1

289.4
ft
.1

238.5
-.1
.1

272.9
ft
.1

221.7
ft
.1

257.8
ft
1.1

313.0
ft
-.5

365.0 Borrowings by:
ft
U.S. government
-.5
REITs

6
7
8

9
10
11
12
13
14
15

85.4
49.5
2.6
33.3
4.2
30.3
-1.2

183.0
110.4
2.5
70.1
2.8
63.8
3.5

217.5
129.3
2.5
85.7
-.8
86.2
.3

235.4
149.4
2.4
83.7
-6.4
89.6
.4

289.4
196.8
2.4
90.2
-6.0
94.1
2.1

238.5
162.4
2.4
73.6
-9.9
83.3
.2

272.9
170.6
2.4
99.9
-10.1
109.1
.9

221.7
116.2
2.4
103.1
-5.0
104.9
3.2

256.7
187.2
2.4
67.1
-9.8
74.9
2.1

313.5
226.8
2.3
84.4
-5.3
87.1
2.6

365.5
257.1
2.3
106.0
-4.0
109.6
.5

16
17
18

85.4
13.3
5.2

183.0
.4
7.9

217.8
6.4
10.2

235.4
4.0
9.8

289.4
5.7
10.7

238.5
-1.3
10.4

272.9
4.6
12.1

221.7
8.6
18.4

257.8
3.8
11.5

313.0
2.8
7.6

365.0 Funds advanced by:
Households
7.5
5.4
St.Sloe. govt. gen. funds

19
20
21

2.4
14.1
49.5

1.2
10.4
66.4

.5
12.3
44.4

1.8
9.2
79.9

.4
-8.3
159.0

1.6
5.4
85.8

2.6
1.7
98.4

.7
-7.1
103.6

-1.1
-11.8
145.1

-.6
-3.5
183.7

2.6
-10.9
203.7

U.S. government
Sponsored credit ag. (1)
Mortgage pools

19
20
21

22
23
24
25
26
27

.9
16.0
-25.6
-22.9
-2.5
-.2

96.7
29.2
53.5
47.1
3.6
2.8

143.9
44.6
85.7
77.5
6.9
1.3

130.7
49.9
57.2
47.8
7.6
1.8

121.9
69.0
21.5
11.1
8.4
1.9

136.5
53.6
61.2
45.8
10.9
4.6

153.5
54.9
63.0
57.5
7.4
-1.9

97.6
58.8
13.5
18.9
-1.3
-4.1

110.3
54.8
12.6
6.9
3.1
2.6

123.0
66.9
16.1
-3.7
12.0
7.8

156.7
95.4
43.6
22.3
20.0
1.3

Private finan. Institutions
Commercial banking
Savings institutions
SSL associations (1)
Mutual savings banks
Credit unions

22
23
24
25
26
27

28
29
30
31
32
33
34

6.0
4.2
.3
1.3
.3
4.6
ft

10.7
9.0
.1
.9
.7
3.2
.1

6.9
5.7
.3
.6
.3
5.8
.8

15.4
15.1
.2
.1
ft
5.8
2.4

18.7
19.1
ft
-.2
-.2
12.0
.8

11.1
11.2
ft
-.2
10.0
.6

24.6
24.6
ft
ft
-.1
2.9
8.1

16.2
15.7
.3
.4
-.1
8.2
.9

19.5
20.3
ft
-.7
-.2
22.2
1.2

20.8
21.5
ft
-.4
-.2
18.8
.4

18.2
18.7
ft
-.2
-.3
-1.3
.8

35

.8

-7.0

15.7

14.2

19.8

19.4

14.1

5.6

Private nonfinancial sectors
Households
Nonprofit institutions
Nonfinancial business
Farms
Nonfarm noncorporate
Corporate

Insurance
Life insurance companies
Private pension funds
St.Sloe. govt. rtr.funds
Other insurance cos.
Finance companies
REITs

9
10
11
12
13
14
15
16
17
18

28
29
30
31
32
33
34

41.0 (1) Memo: FHLB loans to saving 35
21.3
11.3
associations (included in "other loans” category).

Home Mortgages

1
2
3
4

50.5
49.5
.5
.5

117.1
110.4
3.3
3.3

129.9
129.3
.3
.3

150.3
149.4
.5
.5

200.6
196.8
1.9
1.9

162.7
162.4
.1
.1

172.3
170.6
.9
.9

121.3
116.2
2.6
2.6

191.5
187.2
2.1
2.1

231.3
226.8
2.3
2.3

258.1 Net borrowing
Households
257.1
.5
Nonfarm noncorp. business
Nonfin. corporate business
.5

1
2
3
4

5
6
7

50.5
11.4
3.0

117.1
-3.7
5.2

129.9
2.6
5.4

150.3
-.2
5.9

200.6
-.6
4.0

162.7
-6.6
6.2

172.3
1.7
6.0

121.3
2.8
7.2

191.5
.4
4.6

231.3
-6.0
2.4

258.1 Net change in assets
Households
.4
State and local governments
2.0

5
6
7

8
9
10
11

1.5
10.3
49.3
2.7

.7
9.4
65.2
8.7

.6
11.2
43.4
12.9

.9
11.7
78.6
17.5

-.7
-2.5
154.0
25.5

.8
10.0
85.7
21.2

1.3
5.2
98.4
16.3

-.1
.8
95.3
20.0

-2.1
-8.7
144.6
18.0

179.7
26.3

1.0
-2.0
196.5
37.5

12
13
14
15

-32.0
-30.0
-1.8
-.2

30.0
22.1
5.1
2.8

50.0
45.4
3.3
1.3

32.4
26.1
4.4
1.8

8.8
.8
6.1
1.9

35.5
24.4
6.5
4.6

46.2
43.0
5.1
-1.9

-14.3
-13.7
3.5
-4.1

14.7
9.7
2.4
2.6

11.3
-4.1
7.5
7.8

23.6
11.2
11.0
1.3

16
17
18
19

-.2
-.5
.1
.1

-1.5
-1.4

-1.9
-1.7

.3
.6

-.8
-.6

-5.0
-4.9

k

k

m

k

-.1

-.4

-.2

-.1

-.2
.3
-.5

-.4
-.2

m

.9
1.2
.1
-.4

.8
1.3

«

ft

-1.4
-1.2
-.2
-.1

-.4

-.2

20
21

4.6
*

3.2

5.1

10.6
*

1.9
.2

8.6
.1

18.6

-.5

m

11.7
*

20.1

m

5.4
.1

k

k

m

»

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

-1.8
m

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banking

8
9
10
11

Savings institutions
Savings and loan assns.
Mutual savings banks
Credit unions

12
13
14
15

Insurance
Life Insurance companies
Private pension funds
St.Sloe. govt. rtr. funds

16
17
18
19

Finance companies
REITs

20
21

MARCH 2, 1987
Mortgages - II

Mortgages - I
Mortgage Markets (Continued)

42

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)
III

1985

I
IV 1

I

II

1986

IV

III

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

4.7
4.1
.8

Multi-Family Residential Mortgages
1 Net borrowing
2
Nonfarm noncorp, business
3
Nonfin. corporate business
4
REITs
5
U.S. government

6,479
6,537
-50
5
-13

10,431
10,386
50
6
-11

8,349
8,202
150
8
-11

7,096
6.939
75
91
-9

7.515
7,415
153
-41
-12

7,448
7,368
125
-41
-4

8.3
6.4
2.0

10.9
8.2
2.7

7.5
4.6
3.0

M

K

9.9
7.6
2.4

M

N

-.1

-.1

-.1

-.1

-.1

1
2
3
4
5

6 Net change in assets
7
Households
8
State and local governments

6,479
1,046
804

10,431
1,020
1,232

8,349
800
1.967

7,096
631
1.738

7,515
1,162
1,300

7,448
757
850

8.3
1.7
.3

10.9
2.1
.4

9.9
2.1
1.4

7.5
1.1
1.5

4.7
.1
1.2

6
7
8

-79
534
158
672

119
646
72
1,120

196
-585
1,993
2,016

66
1,267
112
1.451

197
302
1,053
1,376

156
-1,032
1.923
1,575

.3
.1
.9
1.1

.9
1.5
1.1

1.1
.2
1.2
.9

1.9
.2
.7
1.7

1.0 9
-.1 10
.9 11
2.1 12

3,345
2,890
455

4,985
4,555
430

1,840
2,321
-481

940
514
426

1,576
975
601

3,360
2.427
933

4.9
4.1
.9

4.3
3.5
.8

2.1
1.5
.6

«

.6
-.6

-.7 13
-.4 14
-.2 15

-.4

.2
-.1
.6

.2

-.2

.6

.3
-.2
.5

-.2 16
K 17
.9 18

.3
-.8

.3
-.5

.3
-.2

.2
-.3

-.1 19
-.3 20

9
10
11
12

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banks

13
14
15

Savings institutions
Savings and loan assns.
Mutual savings banks

16
17
18

Life Insurance companies
Private pension funds
St.&local govt. rtr. funds

13
-16

820
-

115
10
38

172
15

528
-10

19
20

Finance companies
REITs

-56
58

152
265

-110
69

611
93

31

-

-200
59

K

M

M

K

Commercial Mortgages
1 Net borrowing
2
Households
3
Nonfarm noncorp, business
4
Nonfin. corporate business
5
REITs

15,420
599
14.737
74
10

17,228
596
16,670
-50
12

16,159
593
15,551
-1
16

13,260
590
12,573
-88
185

14,782
587
14,363
-86
-82

20,223
584
19,854
-132
-83

18.2
1.1
17.2
-.1
K

22.0
1.3
19.5
1.1
.1

24.4
1.5
23.3
-.4
M

19.2
1.9
17.5
-.2
»

22.2
2.3
21.2
-1.3
M

6 Net change ln assets
7
Households
8
State and local governments
9
U.S. government
10
Commercial banking

15,420
1,417
237
87
7,636

17,228
958
294
85
7.841

16,159
1,065
664
18
6,588

13,260
741
-10
91
7,627

14,782
1,326
—
66
9,190

20,223
1,427
-10
55
12,040

18.2
.9
H
.6
6.3

22.0
1.3
«
.6
9.2

24.4
1.1
.2
.8
9.7

19.2
.9
.2
1.2
4.8

22.2 6
1.1 7
.5 8
1.0 9
9.8 10

1
2
3
4
5

11
12
13

Savings institutions
Savings and loan assns.
Mutual savings banks

3.135
2.457
678

-1.265
-1,371
106

4,629
5,383
-754

-570
-265
-305

-151
-809
658

1,000
-244
1.244

4.9
4.2
.7

3.5
2.7
.8

3.3
3.1
.2

1.6
1.5
K

1.9 11
2.4 12
-.6 13

14
15
16
17

Life insurance companies
Private pension funds
St.&local govt. rtr. funds
Other insurance companies

2,888
26
-

7,487
25
-13

2,899
20
147
-28

5,355
-52
-42

4,289
-55

5,650
-69

5.6
.1
.4
.1

7.8
K
.1
K

8.7
.1
.2
.3

9.7
.4
.3
.3

7.5
.3
.4
.4

18
19

Finance companies
REITs

-89
83

104
1,712

5
152

-82
202

50
67

130

.6
-1.3

.1
-.5

.5
-.5

.1
-.4

.2 18
-.6 19

14
15
16
17

Farm Mortgages
1 Net borrowing

-2,575

-2,691

-1,158

-2,310

-1,414

-1.141

8.2

8.2

14.0

10.2

10.0

1

2 Net change in assets
3
Households
4
State and local governments

-2,575
-1,373
1

-2,691
-1,151

-1,158
-199
178

-2,310
-635
8

-1,414
-548

-1,141
-282
-

8.2
2.4
K

8.2
1.9
.1

14.0
4.6
.2

10.2
1.2
.3

10.0
1.8
.1

2
3
4

184
-1,690
-118

Ill
-1,660
-83

-51
-1.387
69

109
-1,932
-3

34
-1,176
-38

201
-1,318
-134

.8
3.0
-.5

.8
3.2
-.3

2.3
5.1
.1

1.8
6.4
-.2

.6
7.7
-.1

5
6
7

429
83
-91
-

321
-32
-197
-

440
4
-212
-

437
18
-312
-

238
-16
92
-

532
10
-150
-

1.0
«
1.4
M

.7
M
1.6
K

.1
H
1.6
K

.8
H

5
6
7

U.S. government
Sponsored credit agencies
Mortgage pools

8
9
10
11

Commercial banks
Mutual savings banks
Life insurance companies
St.Slocal govt. rtr. funds

IV/86 BASED ON INCOMPLETE INFORMATION




K

-.2 8
9
.1 10
- 11

MARCH 2» 1987
Mortgages - II

Mortgages - II

43

Mortgage Markets (Continued)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1982

1983

1984

1985

1986

I
I

1985

III

I
IV I

1986

I

II

41.0
40.9
.2

-.1

a
H

33.5
32.9
.6

28.6
28.0
.3
.4
*

30.4
30.0
.6
-.2

29.1 Net borrowing
28.7
Nonfarm noncorp. business
.5
Nonfin. corporate business
-.2
REITs
N
U.S. government

1
2
3
4
5

29.1 Net change in assets
3.0
Households
State and local governments
3.4

6
7
8

IV

III

Multi-Family Residential Mortgages

m.

29.1
29.3
-.1

-.1

25.1
24.9
.2
.1
-.1

-.1

N
K

5.3
.8
1.4

14.0
1.3
2.4

25.1
2.5
4.5

29.1
3.3
3.2

30.4
3.4
5.9

26.2
4.2
3.2

41.0
4.1
4.9

33.5
3.2
7.9

28.6
2.5
7.0

30.4
4.$
5.2

9
10
11
12

-.3
-.1
.4
1.4

-.3
-.1
1.2
1.9

-.7
.9
1.1
2.1

1.9
1.5
3.1

.6
5.1
6.4

-.3
2.1
.6
2.7

.5
2.6
.3
4.5

.8
-2.3
8.0
8.1

.3
5.1
.4
5.8

.8
1.2
4.2
5.5

.6
-4.1
7.7
6.3

U.S. government
Spons. credit agencies
Mortgage pools
Commercial banks

9
10
11
12

13
14
15

1.4
2.1
-.7

7.0
8.9
-1.9

14.4
13.7
.7

14.5
13.1
1.3

7.7
6.2
1.5

13.4
11.6
1.8

19.9
18.2
1.7

7.4
9.3
-1.9

3.8
2.1
1.7

6.3
3.9
2.4

13.4
9.7
3.7

Savings institutions
Savings and loan assns.
Mutual savings banks

13
14
15

16
17
18

-.4

.3

1.0
.1

2.6

M

2.5
-

-.7

-.1

.5
.1
.2

1.0

K

K
M

.4

.6

-.2
.1
.1

.8

.6

.1

K

Life Insurance companies
Private pension funds
St.&local govt. rtr. funds

16
17
18

19
20

.1
*

-.4
.1

a
.4

.2
.4

.3
.3

-.2
.2

.6
1.1

-.4
.3

2.4
.4

.1

-.8
.2

Finance companies
REITs

19
20

56.5
2.3
54.8
-.3
-.3

81.9 Net borrowing
Households
2.3
Nonfarm noncorp. business
80.4
Nonfin. corporate business
-.5
-.3
REITs

81.9 Net change in assets
Households
5.7
a
State and local governments
U.S. government
.2
49.0
Commercial banking

1
2
3
4
5

5.3
6.1
-.6

14.0
13.3
.8

-.1

6
7
8

H

a

K

K

H

N

30.4
29.9
.5

K

26.2
26.5
-.2
K

a

K

M
«

H

M

Commercial Mortgages

1
2
3
4
5

25.3
2.6
23.7
-1.1
.1

49.0
2.5
47.2
-.7

62.4
2.4
59.9
.1

64.4
2.4
62.3
-.3

59.4
2.4
56.7
.3

69.6
2.4
67.3
-.2

71.8
2.4
69.4

K

63.5
2.5
61.0
-.2
.3

a

.1

47.5
2.4
44.8
-.4
.7

6
7
8
9
10

25.3
.8
.9
.7
11.8

49.0
2.2
.4
.4
17.7

63.5
3.5
.3
K
28.8

62.4
4.0
.7
.3
28.1

64.4
4.6
.6
.2
35.4

59.4
5.7
.9
.3
28.2

69.6
3.8
1.2
.3
32.4

71.8
4.3
2.7
.1
28.9

47.5
3.0
N
.4
29.4

56.5
5.3
.3
34.4

11
12
13

4.9
5.0
*

16.6
16.1
.5

21.3
18.3
2.9

10.3
8.6
1.7

4.9
4.1
.8

12.0
9.8
2.2

-3.0
-3.7
.6

20.4
23.3
-2.9

-5.9
-4.9
-1.0

-1.4
-3.5
2.1

6.6
1.3
5.2

14
15
16
17

5.4
.1
.5
.3

10.3
.1
.3
.7

7.3
.4
.6
.3

16.5
.2
.2

18.2

M

.1
-.2

12.1
.1
-

27.6
.1
-.1

14.3
.1
.6
-.1

20.6
—
-.2
-.2

17.7
-.2

20.2
-.3

18
19

-.1
-.1

.4

.7
.4

.1
1.9

-.4
.3

.4
6.8

K

.6

.6

-.3
.8

.2
.3

.5

«

K

M

K

M

K

M

1
2
3
4
5

6
7
8
9
10

Savings institutions
Savings and loan assns.
Mutual savings banks

11
12
13

Life insurance companies
Private pension funds
St.&local govt. rtr. funds
Other insurance companies

14
15
16
17

Finance companies
REITs

18
19

Farm Mortgages
1

4.2

2.8

-.8

-6.4

-6.0

-9.9

-10.1

-5.0

-9.8

-5.3

-4.0 Net borrowing

1

2
3
4

4.2
.2

2.8
.5

-.8
-2.2

-6.4
-3.0
a

-6.0
-1.7
.2

-9.9
-4.6
a

-10.1
-5.0
-

-5.0
-1.7
.7

-9.8
-2.1
*

-5.3
-1.2
-

-4.0 Net change in assets
-1.6
Households
State and local governments
-

2
3
4

5
6
7

.5
3.9
-.2

.4
1.1

.5
.3

.6
-4.5
-.2

.3
-5.8
-.1

.7
-6.7
-.5

.5
-6.1
-.3

-.1
-5.6
.3

.3
-8.1

.1
-4.7
-.2

.8
-4.8
-.5

U.S. government
Sponsored credit agencies
Mortgage pools

5
6
7

8
9
10
11

a
a

1.0
-.1
*

.9

1.2
.1
-.6
-

1.6

1.7
-.1
-.7
-

-.3
-

1.5
.1
-1.5
-

.7
-.1

2.6

-.6
-

1.5
.3
-.7
-

1.8

— .3
-

Commercial banks
Mutual savings banks
Life insurance companies
St.Slocal govt. rtr. funds

8
9
10
11

a

-.3
-

a

a

BILLIONS OF DOLLARS.




a

a

a

a

IV/86 BASED ON INCOMPLETE INFORMATION

a

a

a

-

a

-.5
-

MARCH 2* 1987
Consumer Credit and Bank Loans N.E.C.

Z|.Z|-

Consumer Credit and Bank Loans N.E.C.

Consumer Credit and Bank Loans Not Elsewhere Classified

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV 1

1

II

1986

IV

III

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

22.6
16.9
5.7

Consumer Credit
1 Net change in liabilities (HH)
2
Installment credit
3
Noninstallment credit

31*699
27*638
4*061

26*657
23*445
3,212

1*007
1*859
-852

25,907
21*330
4,577

23*503
21,872
1.631

17*508
14*946
2,562

38.1
35.0
3.2

46.7
41.0
5.7

42.7
35.6
7.1

4.5
1.1
3.4

4 Net change in assets
5
Installment credit
6
Nonfarm noncorp, business
7
Nonfin. corporate business
Commercial banking
8
9
Savings and loan assns.
10
Mutual savings banks
Credit unions
11
12
Finance companies

31,699
27,638
9
321
8,731
3*520
1,992
2*530
10*535

26*657
23,445
323
1,790
8*546
2*168
567
2,567
7,484

1,007
1.859
-236
-1*906
-577
1,386
347
415
2*430

25,907
21,330
11
-224
6,177
2,322
835
2*876
9*333

23.503
21.872
5
-381
5*601
1*128
387
3*116
12*016

17,508
14,946
336
2,191
5,709
1*303
362
2,492
2,553

38.1
35.0
-.1
2.6
18.6
1.3
.3
6.4
5.7

46.7
41.0
«
.6
23.6
»
.5
6.7
9.6

42.7
35.6
»
.5
18.2
1.3
K
2.2
13.4

4.5
1.1
-.1
«
-7.2
1.5
1.3
-2.5
8.1

4*061
2*548
817
1*306
-770
160

3*212
2,547
694
-106
-21
98

-852
-936
-226
408
-174
76

4,577
1.242
402
2*415
363
155

1*631
825
259
955
-477
69

2*562
2,701
810
-285
-784
120

3.2
-.7
-.1
3.6
.2
.1

5.7
2.0
.6
2.6
.3
.2

7.1
2.2
.7
1.7
2.4
K

3.4
.8
.2
1.0
1.1
.3

5.7
3.3
1.0
3.4
-1.9
«

13
14
15
16
17
18

13
14
15
16
17
18

Noninstallment credit
Nonfarm noncorp, business
Nonfin. corporate business
Commercial banking
Savings and loan assns.
Mutual savings banks

1
2
3

22.6 4
16.9 5
.2 6
.9 7
.6 8
2.5 9
.1 10
1.9 11
10.7 12

Bank Loans Not Elsewhere Classified

Total loans at commercial
banks, Flow of Funds basis
1

40*018

46*606

12,909

31,941

20*443

90*512

81.3

117.4

103.9

61.1

83.9

1

14*853
10*037
994
-792
14*926

13,787
8*440
6*492
649
17,238

11,900
-169
3,861
-267
-2,416

14*869
8,592
-3,957
-441
12*878

18,288
6,556
-4,888
-1,290
1,777

23,913
5*424
-4,223
457
64*941

27.4
22.3
2.2
.3
29.2

35.1
26.2
-2.9
-1.3
60.3

30.6
19.9
-.9
2.2
52.1

17.5
-6.2
.8
1.8
47.2

21.6
4.0
5.3
.8
52.3

2
3
4
5
6

9*832
-100
5*194

13*447
-303
4,094

-2,346
-166
96

8*468
-166
4,576

-2,627
-15
4*419

54*015
20
10,906

24.4
H
4.7

41.4
.8
18.1

38.6
.3
13.2

32.2
-.5
15.5

46.1
.3
5.8

7
8
9

10 ♦ Loans by F.R. banks
11 ♦ Loans by foreign banks
12 s Total bank loans n.e.c.

816
15*742

1,880
19*118

-39
-2,455

-693
12*185

2.500
4,277

2,766
67*707

.2
29.3

.3
60.6

2.0
54.1

1.3
48.5

- 10
8.9 11
61.2 12

13 Net change in liabilities
14
Nonfinancial sectors
15
Households
16
Farm business
17
Nonfarm noncorp, business
18
Corporate business
19
Of which: from foreign

15*742
13*439
2.402
-1,020
-180
9,923
816

19,118
18*575
4,899
-3,605
240
18,849
1,880

-2,455
-1,161
-2,875
-1,758
201
4,170
-39

12*185
10*356
2,478
421
28
6*031
-693

4,277
3,793
3.192
-468
216
3,113
2,500

67,707
65,146
14,653
-1,100
49
51*887
2*766

29.3
29.6
2.8
2.5
.9
20.4
.2

60.6
58.8
4.1
2.5
-.8
34.7
.3

54.1
53.6
2.6
2.8
.5
44.5
2.0

48.5
49.6
5.3
.5
3.2
28.7
1.3

61.2
60.0
6.0
1.4
6.1
43.5
8.9

13
14
15
16
17
18
19

Loans elsewhere classified:
2
Mortgages
3
Consumer credit
4
Security credit
5
Open-market paper
6 = Banking sector total bank
loans n.e.c.
7
U.S. chartered banks
8
Domestic affiliates
9
Foreign banking offices

20
21
22
23

Foreign
Official Institutions
Banks
Other

2*314
349
1,417
548

-1,808
-509
-1*720
421

-899
-116
-575
-208

1*398
425
1.517
-544

-2,260
-567
-1,009
-684

-343
-136
250
-457

3.1
.1
2.7
.3

18.3
2.1
9.5
6.6

3.1
2.1
-4.1
5.0

11.8
4.5
4.7
2.6

3.0
.8
-4.5
6.7

20
21
22
23

24
25
26
27

Financial sectors
Savings and loan assns.
Finance companies
REITs

2*303
2.874
-636
65

543
1,869
-1,390
64

-1,294
555
-2,176
327

1,829
2.781
-708
-244

484
816
-397
65

2*561
3,795
-1,098
-136

-.2
1.4
.8
-2.4

1.8
.3
1.9
-.5

.5
2.0
-1.2
-.2

-1.0
-.1
-.9
-.1

1.2
-.2
1.0
.5

24
25
26
27

IV/86 BASED ON INCOMPLETE INFORMATION




MARCH 2, 1987
Consumer Credit and Bank Loans N.E.C

Consumer Credit and Bank Loans N.E.C.
Consumer Credit and Bank Loans Not Elsewhere Classified

45
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1986

1985

1986

I
I

III

1985

I
IV 1

I

II

1986

III

IV

Consumer Credit
1
2
3

17.7
16.9
2.8

56.8
68.9
7.9

95.0
77.0
18.0

96.6
82.6
16.2

67.9
60.0
7.9

112.6
96.1
18.5

79.2
75.7
3.5

63.6
57.5
6.0

87.0
70.8
16.1

78.9
69.6
9.3

63.6 Net change in liabilities (HH)
63.2
Installment credit
.2
Noninstallment credit

6
5
6
7
8
9
10
11
12

17.7
16.9
.1
K
6.9
3.6
.7
1.3
6.6

56.8
68.9
.3
2.0
19.5
7.3
1.3
6.2
12.3

95.0
77.0
.2
1.2
39.6
6.8
6.3
13.6
11.3

96.6
82.6
.1
.7
32.1
11.6
3.6
8.7
25.5

67.9
60.0
.1
-.3
16.9
6.1
1.9
8.9
26.3

112.6
96.1
.2
.7
27.9
13.0
8.0
7.8
36.5

79.2
75.7
.3
.1
28.2
10.9
2.3
10.7
23.3

63.6
57.5
K
5.3
11.8
6.8
1.6
5.7
28.5

87.0
70.8
«
-6.6
26.6
8.8
3.3
9.6
31.5

78.9
69.6
.2
-2.0
15.1
3.3
1.5
10.2
61.3

63.6 Net change in assets
6
Installment credit
5
63.2
6
.3
Nonfarm noncorp. business
1.5
Nonfin. corporate business 7
8
17.3
Commercial banking
7.8
9
Savings and loan assns.
1.6
10
Mutual savings banks
Credit unions
10.3
11
6.7
Finance companies
12

13
16
15
16
17
18

2.8
1.5
.5
1.9
-1.5
.6

7.9
6.3
1.6
3.2
-1.5
.5

18.0
7.8
2.6
5.6
1.7
.6

16.2
8.0
2.5
6.0
-.8
.5

7.9
3.8
1.2
3.5
-1.1
.6

18.5
11.7
3.7
6.5
-2.0
.6

3.5
6.6
1.2
-.2
-2.3
.6

6.0
1.7
.5
3.6
.1
.3

16.1
6.0
1.3
8.2
2.0
.6

9.3
5.0
1.6
3.1
-.7
.3

.2
6.6
1.6
-.7
-5.7
.5

98.6

67.2

338.6

Noninstallment credit
Nonfarm noncorp. business
Nonfin. corporate business
Commercial banking
Savings and loan assns.
Mutual savings banks

1
2
3

13
16
15
16
17
18

Bank Loans Not Elsewhere Classified
1

69.8

81.9

155.3

136.0

155.8

166.1

160.3

119.9

Total loans at commercial
banks. Flow of Funds basis
- Loans elsewhere classified:
Mortgages
Consumer credit
Security credit
Open-market paper
* Banking sector total bank
loans n.e.c.
U.S. chartered banks
Domestic affiliates
Foreign banking offices

1

2
3
6
5
6

16.0
6.7
K
.3
66.7

29.2
22.7
2.6
.8
26.7

66.6
65.2
5.8
-1.6
61.1

69.9
36.1
11.0
-2.5
39.5

69.0
20.6
-9.2
-1.5
77.2

53.6
32.6
9.5
-6.6
55.1

56.9
28.0
12.2
6.6
58.8

58.8
15.2
32.6
-6.6
18.0

56.8
32.6
-26.8
-.6
36.6

66.9
18.2
-13.8
-6.6
2.6

95.6
16.6
-30.6
5.5
251.5

7
8
9

67.6
-1.0
.2

27.5
-.6
-.6

55.6
.1
5.7

29.6
-.6
10.5

57.5
-.3
20.0

39.6
-.6
15.8

66.3
-1.2
13.7

19.2
-.7
-.5

10.6
-.7
26.7

-10.7
-.1
13.1

210.8
.1
60.7

10
11
12

2.5
69.3

2.7
29.3

13.0
76.2

1.5
61.0

6.5
81.7

3.3
58.3

7.5
66.3

-.2
17.8

-2.8
33.9

10.0
12.6

♦ Loans by F.R. banks
11.1 * Loans by foreign banks
262.6 = Total bank loans n.e.c.

10
11
12

13
16
15
16
17
18
19

69.3
67.6
2.6
3.2
7.6
39.7
2.5

29.3
29.5
3.6
2.8
1.6
18.0
2.7

76.2
73.5
-.6
1.0
2.5
77.0
13.0

61.0
38.5
8.1
-6.6
.2
37.6
1.5

81.7
78.1
17.6
-2.9
.5
65.2
6.5

58.3
50.8
12.1
-6.8
1.0
35.0
3.3

66.3
65.6
15.6
-10.0
1.0
65.8
7.5

17.8
18.1
-2.6
-5.8
.6
30.7
-.2

33.9
28.8
2.1
-3.5
-1.3
23.8
-2.8

12.6
13.1
15.8
-2.7
2.5
8.1
10.0

262.6 Net change in liabilities
252.5
Nonfinancial sectors
56.6
Households
.3
Farm business
.2
Nonfarm noncorp. business
198.1
Corporate business
Of which: from foreign
11.1

13
16
15
16
17
18
19

20
21
22
23

-5.5
a
.7
-6.2

3.6
3.0
-.9
1.5

-6.6
-.9
-3.1
-2.6

-2.8
-1.6
-1.3
-.1

-2.1
-.6
.2
-1.9

7.5
1.6
5.3
.8

-6.7
-2.0
-7.8
3.1

-6.8
-.5
-.8
-3.6

7.6
1.7
5.6
.5

-10.6
-2.3
-6.3
-6.0

-.6
-.5
.6
-.6

Foreign
Official institutions
Banks
Other

20
21
22
23

26
25
26
27

1.9
1.5
.3
.1

-.1
5.0
-6.9
-.2

.7
5.8
-5.2
.1

2.6
6.5
-2.2
.2

3.6
7.9
-6.6
K

7.6
8.5
-1.2
.3

.8
10.7
-10.2
.3

-.3
-1.0
-.5
1.3

5.1
16.1
-8.0
-1.0

-.7
H
-.9
.3

10.2
18.8
-8.1
-.5

Financial sectors
Savings and loan assns.
Finance companies
REITs

26
25
26
27

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

2
3
6
5
6
7
8
9

MARCH 2, 1987
Other Loans

Other Loans

46

Open-Market Paper and Other Loans
UNADJUSTED NET FLOWSC$ MILL)

UNADJUSTED NET FLOWS($ MILL)
III

1985

I
IV 1

I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Open-Market Paper

1 Total net Issues* all types
2
Commercial paper
Nonfinancial corporations
3
4
Foreign Issues in U.S.

16*638
18*129
150
1,579

15*059
16,209
4.052
2*506

1.272
4,976
-2*693
5*972

14,544
15.713
-860
4.336

14,522
12,369
4,125
3,677

-2,916
-1,019
-9,878
-2,501

15.0
11.8
1.6
.6

17.7
18.4
2.7
1.0

37.5
28.7
9.0
1.7

19.3
11.2
4.0
2.4

51.3
39.5
14.7
3.9

1
2
3
4

5
6
7
8

Financial business
Commercial banking
Finance companies
REITs

16*400
52
16*515
33

9,651
823
8,795
33

1*697
-3,519
5,123
93

12,237
3*354
8*914
-31

4,567
-2.280
6,774
73

11*360
3*690
7.597
73

9.6
1.3
8.4
K

14.6
6.7
7.8
.1

18.0
4.5
13.3
.1

4.8
5.6
-.5
-.2

20.9
7.0
13.9
M

5
6
7
8

9

Bankers acceptances (1)

-1,491

-1,150

-3,704

-1*169

2*153

-1,897

3.2

-.7

8.9

8.1

11.7

9

10 Net purchases* by sector
Households
11
12
Nonfin. corporate business
Foreign
IS

16*638
18,037
5*474
-40

15,059
17,256
1,592
-31

1,272
-5,387
-2,379
607

14.544
4,824
2*540
-416

14,522
-8,601
4,063
-435

-2.916
11.582
355
233

15.0
13.5
-.1
.4

17.7
13.8
.2
.5

37.5
7.3
1.9
1.9

19.3
-2.2
-2.3
.9

51.3
-8.6
10.0
-1.3

10
11
12
13

14
15
16
17
18

Sponsored credit agencies
Monetary authority
Commercial banking (1)
Savings 8 loan associations
Mutual savings banks

-79
—
-792
277
-1*802

-253
649
3,023
1,087

-62
—
-267
2,673
968

4
—
-441
-71
757

42
—
-1.290
2,637
843

5
—
457
1,051
-810

.2
K
.3
-.3
K

-1.2
-.4
-1.3
.4
.2

.1
.1
2.2
.7
1.1

K
.1
1.8
1.5
.3

.3
-.6
.8
1.2
1.3

14
15
16
17
18

19
20
21
22

Life Insurance companies
Private pension funds
Mutual funds
Money market funds

1.177
885
838
-7,337

-3,674
-509
-2.207
-1.874

-561
-948
3,789
2*839

649
256
-1*081
7,523

3.788
1.993
4*489 -2.861
558 -2.286
8*428 -12.635

-.3
.2
1.1
.1

1.5
.2
1.1
2.6

1.6
5.0
-.2
15.6

2.2
3.7
1.2
12.3

7.4
1.9
-.1
38.8

19
20
21
22

-

-

.4
.2
.2

1
2
3

(1) Excludes banks* holdings of own acceptances.
Other Loans
——
1 S8L assns. loans to business
2 Liab.: Noncorporate business
Nonfin. corp, business
3

824
412
412

1,974
987
987

1,217
608
609

1*493
746
747

938
469
469

1*154
577
577

4 Finance co. loans to business
5 Liab.: Noncorporate business
6
Nonfin. corp, business

-3*526
-353
-3,173

11*669
1*167
10*502

6,920
676
6*244

613
770
-157

-7,605
-761
-6,844

12*300
1,231
11*069

13.5
K
13.5

11.5
K
11.5

10.1
K
10.2

5.8
.4
5.5

10.0
.8
9.2

4
5
6

7 U.S. government loans
8 Liab.: Households
9
Farm business
Nonfarm noncorp. bus.
10
Nonfin. corp, business
11
St.81ocal governments
12
13
Foreign
14
Spons. credit agencies

2,501
944
331
609
-972
1.168
121
300

-602
1*356
-985
-609
-2,498
1.285
64
785

3.114
1,200
-120
589
520
622
188
115

4*517
1,100
953
661
1,108
608
-202
289

3,477
1*100
-64
500
92
750
1*532
-433

2*487
967
-458
200
-200
1,200
1,114
-336

5.8
.5
1.3
1.9
K
.2
3.0
-1.1

12.8
.8
3.5
4.1
1.7
-1.6
3.9
.4

12.4
1.1
3.4
3.0
1.2
.2
2.9
.6

16.1
1.0
2.6
4.2
1.5
.9
4.7
1.2

19.0
1.5
3.4
5.6
1.2
1.2
4.2
1.9

7
8
9
10
11
12
13
14

15 Sponsored credit agency loans
16 Liab.: Households (SLMA)
17
Farm business (FICB)
18
Noncorp. business (BC)
19
SSL assns. (FHLB)

6.324
652
-411
-33
6,116

1.249
696
-2,290
-247
3,090

-2,434
414
-1.121
-123
-1.604

8,598
1*083
-8
-86
7.609

3*356
419
-663
-596
4*196

9,590
507
-1,300
774
9.609

6.5
.1
1.4
.6
4.3

15.0
.4
1.5
.7
12.5

15.2
.6
3.3
2.1
9.2

11.6
1.1
1.9
1.5
7.1

19.9
2.2
1.8
-.3
16.2

15
16
17
18
19

-87
-10
-77

38
20
18

-76
20
-96

109
40
69

-20
49
-69

92
63
29

1.7
«
1.7

2.6
K
2.6

4.7
«
4.7

6.7
.1
6.6

Cust. liab. on accepts, outstanding
23
(bank asset)
-361
24 Liab: Noncorp. business
435
Nonfin. corp, business
434
25
-1,230
Foreign
26

-2*388
-804
-804
-780

-2*326
-983
-982
-361

-1.928
50
50
-2*028

1*184
1*251
1*250
-1,317

-102
-480
-479
857

3.1
.6
.6
1.9

-.7
1.2
1.2
-3.2

7.5
2.0
2.0
3.6

7.3
1.6
1.6
4.1

20 Policy loans (HH liability)
21 Asset: U.S. government
Life insurance cos.
22

IV/86 BASED ON INCOMPLETE INFORMATION




E

7.4 20
.1 21
7.3 22
11.3
2.2
2.2
6.9

23
24
25
26

MARCH 2. 1987
Other Loans

Other Loans

Open-Market Paper and Other Loans

47

SEASONALLY ADJUSTED ANNUAL RATES

1982
.......

1983

198 A

1985

SEASONALLY ADJUSTED ANNUAL RATES
1986

1

1985

III

I
IV 1

1986

II

I

IV

III

Open-Market Paper
1
2
3
A

5.7
-5.A
-6.1
1.9

26.9
21.7
-.8
6.5

52.0
A8.3
21.7
6.2

52.8
62.1
1A.6
6.2

27.A
32.0
-9.3
11.5

77.1
83.0
-.5
6.3

73.3
77.9
3A.3
10.0

2.6
17.A
-16.6
23.9

36.0
AO.7
-1A.9
17.3

71.5
62.8
16.A
1A.7

5
6
7
8

-1.1
l.A
-2.A
-.1

16.0
3.5
12.6
-.1

20.A
6.3
13.9
.2

A1.3
2.1
39.1
.1

29.9
1.2
28. A
.2

77.2
.2
76.9
.1

33.5
3.3
30.1
.1

10.1
-1A.1
23.8
•A

38.2
13.A
2A.9
-.1

31.7
-9.1
AO.6
.3

39.A
1A.8
2A.3
.3

Financial business
Commercial banking
Finance companies
REITs

-7.6

Bankers acceptances (1)

-.A Total net issues* all types
Commercial paper
7.2
-22.2
Nonfinancial corporations
-10.0
Foreign issues in U.S.

9

11.1

5.3

3.7

-9.A

-A.6

-6.0

-A.6

-1A.8

-A.7

8.6

10
11
12
13

5.7
-9.2
7.9
-1.7

26.9
A.A
10.7
.8

52.0
-.5
9.A
1.2

52.8
A7.8
A.O
-.2

27.A
2.A
A.6
*

77.1
107.6
6.0
-5.2

73.3
66.6
12.3
-1.3

2.6
-25.7
12.5

36.0
-11.5
11.1
-5.3

71.5
A.7
-.5
-7.1

-.A Net purchases* by sector
Households
A2.2
7.7
Nonfin. corporate business
Foreign
-.1

IA
15
16
17
18

-.3
1.3
.3
2.7
1.2

.A
-1.1
.8
3.7
1.0

-.1
-.A
-l.A
2.A
-.3

-.6
-2.5
A.l
1.5

a

-.3
-1.0
-A.A
.6
-5.9

-1.0
.2
6.A
10.1
2.A

-.2
.7
-A. 6
7.3
3.2

a

-1.5
6.3
1.8

.1
-.6
6.0
A.5

.2
-1.1
-6.6
10.0
5.0

.3
5.5
1.8
-5.7

19
20
21
22

A.2
1.2
-.6
-1.3

3.A
A.8
1.0
-3.0

A.l
3.A
2.A
31.8

-.2
M
-2.3
1.2

5.9
.9
1.0
6.2

2.2
3.5
3.A
-29.3

-A.l
-2.0
-8.8
-7.5

-13.A
-3.8
15.2
11.A

A.9
1.0
-A.3
30.1

13.0
18.0
2.2
33.7

19.0
-11.A
-9.1
-50.5

a

a

I
2
3
A
5
6
7
8

9

10
11
12
13

Sponsored credit agencies
Monetary authority
Commercial banking (1)
Savings 8 loan associations
Mutual savings banks

IA
15
16
17
18

Life Insurance companies
Private pension funds
Mutual funds
Money market funds

19
20
21
22

(1) Excludes; banks' holdings of own acceptances.
________

———————

Other Loans

1
2
3

.2
.1
.1

2.A
1.2
1.2

8.7
A.3
A.3

5.A
2.7
2.7

A.8
2.A
2.A

3.3
1.6
1.6

7.9
3.9
3.9

A.9
2.A
2.A

6.0
3.0
3.0

3.8
1.9
1.9

A.6 SSL assns. loans to business
2.3 Liab.: Noncorporate business
2.3
Nonfin. corp, business

1
2
3

A
5
6

1.1
-.9
2.0

12.1
3.1
8.9

21.8
1.0
20.8

17.5
1.8
15.8

12.2
1.9
10.3

3.7
1.7
2.0

31.2
l.A
29.9

2A.0
2.9
21.0

3.6
3.1
.5

-11.3

-11.3

32.7 Finance co. loans to business
1.6 Liab.: Noncorporate business
31.0
Nonfin. corp, business

A
5
6

7
8
9
10
11
12
13
IA

13.6
1.6
.2
A.6
1.3
1.0
A.5
.A

8.5
.8
*
2.7
-.5
1.1
A.3

16.9
.6
1.1
2.0
1.2
7.7
A.3

15.9
6.0
1.1
.5
-2.6
8.2
1.6
1.1

13.6
A.A
.3
2.0
1.5
3.2
2.6
-.A

9.9
3.8
1.3
2.A
-3.9
A.7
.5
1.2

-.8
5.A
-2.A
-2.A
-10.0
5.1
.3
3.1

13.3
A.8
.A
2.A
2.1
2.5
.8
.5

16.0
A.A
1.7
2.6
A.A
2.A
-.8
1.2

13.8
A.A
-.A
2.0
.A
3.0
6.1
-1.7

11.3 U.S. government loans
3.9 Liab.: Households
-.5
Farm business
.8
Nonfarm noncorp. bus.
-.8
Nonfin. corp, business
St.Slocal governments
A.8
A.5
Foreign
-1.3
Spons. credit agencies

7
8
9
10
11
12
13
IA

15
16
17
18
19

.8
1.6
-.8
-.8
.8

-6.1
1.5
-1.3
.9
-7.0

16.0
1.9
-1.2
-.A
15.7

11.8
2.5
-3.9
-1.0
1A.2

19.1
2.A
-3.1

19.8

20.6
2.6
-1.9
.A
19.A

10.0
2.8
-A.8
-2.1
1A.1

1.8
1.7
-2.1
-3.3
5.6

22.A
A.3
-6.3
3.0
21.3

8.3
1.7
-2.8
-1.9
11.3

A3.9 Sponsored credit agency loans
2.0 Liab.: Households (SLMA)
-1.3
Farm business (FICB)
Noncorp. business (BC)
2.1
A1.0
SSL assns. (FHLB)

15
16
17
18
19

20
21
22

A.2

1.1

.A

1.1

.A

-.1
a
-.1

.1
.2
-.1

-.3

A.3

-.3

.2
.1
.1

-.3
.1
-.A

.A
.2
.3

-.1
.2
-.3

.A Policy loans (HH liability)
.3 Asset: U.S. government
Life insurance cos.
.1

20
21
22

23
2A
25
26

7.7
-.A
-.A
8.5

6.9
3.5
3.5
-.1

3.8
l.A
l.A
1.0

-9.5
-1.1
-1.1
-7.A

-3.2
-.2
-.2
-2.8

-l.A
1.7
1.7
-A.9

-9.6
-3.2
-3.2
-3.1

-9.3
-3.9
-3.9
-l.A

-7.7
.2
.2
-8.1

A.7
5.0
5.0
-5.3

Cust.. liab. on accepts, outstanding
(bank asset)
-.A
-1.9 Liab: Noncorp. business
-1.9
Nonfin. corp, business
Foreign
3.A

23
2A
25
26

■

K

BILLIONS OF DOLLARS.




M

a

a

IV/86 BASED ON INCOMPLETE INFORMATION

a

MARCH 2, 1987
Security Credit* Trade Credit* and Taxes

Security Credit* Trade Credit* and Taxes

Security Credit* Trade Credit* and Taxes Payable
ADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)
III

1985

I
IV 1

I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Security Credit
1 Net change in liabilities
2
Households
3
Foreign

3,497
2,500
-

24,136
9,752

11*304
2.976

-4,772
652
-

-4,336
470
-

-4.859
-1.309
-

2.2
1.3
-

1.2
1.2
-

2.1
1.0
-

12.5
6.5
-

.8
-1.7
-

1
2
3

997
436
397
164

14*384
2*458
3.773
8,153

8*328
3*923
-373
4*778

-5.424
-3,520
-1,297
-607

-4*806
-5,177
140
231

-3*550
-4,550
177
823

.9
1.4
.5
-1.0

K
-2.5
.1
2.5

1.1
-.7

1.8

6.0
1.2
— .4
5.2

2.5
4.0
.6
-2.1

4
5
6
7

8 Net change in assets
9
Households
10
Commercial banking

3.497
164
994

24*136
8*153
6*492

11*304
4,778
3,861

-4*772
-607
-3,957

-4.336
231
-4*888

-4,859
823
-4,223

2.2
-1.0
2.2

1.2
2.5
-2.9

2.1
1.8
-.9

12.5
5.2
.8

.8 8
-2.1 9
5.3 10

11
12

2.339

9,491

2*665

-208
**

321
**

-1,459

1.0

1.6

1.1

6.5

-2.4 11
12

4
5
6
7

Brokers and dealers
From commercial banks
From foreign banking off.
Customer credit balances

Brokers and dealers
Foreign

H

—

Trade Credit

1 Net change ln liabilities
2
Households
3
Farm business
4
Nonfarm noncorp, business
(payables less receivables)

17,529
567
-26
562

21.173 -22,281
578
603
-33
22
259
170

10,359
627
23
59

3.144
647
62
106

14*482
672
79
-17

28.1
1.2
.9
1.2

59.0
1.5
1.6
3.1

60.0
1.7
1.2
.1

47.1
2.3
1.0
-.9

35.3
2.7
.9
-1.1

1
2
3
4

5
6
7
8

16*899
274
-995
248

19*315 -24,676
279
285
575
-634
200
1*949

9,911
291
-211
-341

1*200
297
-100
932

14*822
303
-812
-565

22.1
.7
.5
1.6

49.1
1.7
-.3
2.3

52.9
1.6
1.5
1.0

39.6
2.0
1.7
1.4

30.8
1.1
.2
.7

5
6
7
8

28.4
23.2
K
2.5
2.6

9
10
11
12
13

Nonfin. corporate business
State and local governments
Foreign
U.S. government

9 Net change ln assets
10
Nonfin. corporate business
11
Foreign
12
U.S. government
13
Other insurance companies

7*635
5*697
392
1*040
506

8*684
8*042
1*382
-1,171
431

-4,207
-3.439
-1,320
-145
697

4*788
2*390
508
1*261
629

8*707
8*138
609
-849
809

1*258
-1,187
2*256
-146
335

37.0
34.8
1.7
-.8
1.3

63.8
56.6
3.0
2.7
1.5

74.4
69.8
.2
2.4
1.9

57.6
48.2
3.6
3.8
2.0

14 Discrepancy

9.894

12*489 -18,074

5,571

-5*563

13*224

-8.9

-4.8

-14.4

-10.5

6.9 14

Profit Taxes Payable
1 Net change in taxes payable
2
Nonfin. corporate business
3
Commercial banks
4
Savings a loan associations
5
Life insurance companies
6
Other insurance companies
7
Finance companies
8
Brokers and dealers

2.970
2.890
20
7
29
-14
7
31

2*568
2,499
22
34
23
-15
5

1,971
1*895
34
25
20
-11
8
-

-5.239
-5,125
-17
-12
-35
-10
10
-50

2*311
2,371
-2
-7
-32
-9
14
-24

1,802
1*905
-36
-53
2
-9
11
-18

— .6
-1.5
.2
.2
.4
.1
.1
-.1

5.2
4.3
.1
.2
.3
.1
.1
M

2.8
2.5
.5
-.2
«
K
-.1
.1

-3.1
-1.7
-.5
-.3
-.4
-.2
-.2
.2

9 Net change ln taxes receivable
10
State and local governments
11
U.S. government

4*434
2*582
1*852

1*301
1*632
-331

51
-1,847
1*898

-4,323
-1,045
-3,278

4*956
2,579
2.377

1*688
2*133
-445

.4
1.8
-1.4

3.7
.8
2.9

1.3
1.5
-.3

-3.8
1.1
-4.8

-9.0 9
1.0 10
-10.0 11

-1.464

1*267

1*920

-916

-2*645

114

-1.0

1.5

1.5

.6

.7 12

-30.2
-7.9
-22.3

-44.5
-12.0
-32.5

-49.6
-16.9
-32.7

12 Discrepancy

-8.4
-6.8
-.4
— .3
-.5
-.2
-.2
a

1
2
3
4
5
6
7
8

Proprietors' Equity ln Noncorporate Business
1 Total household investment
2
Farm business
3
Nonfarm noncorp, business

-10*278 *-16*889 -15.703 -9,954 -10,069 -21,260
2*963
4*967
4*502
2*223
3*936
387
-13*241 -21*856 -20*205 -12*177 -14.005 -21*647

IV/86 BASED ON INCOMPLETE INFORMATION




-27.8
-6.8
-21.0

-29.2
-8.0
-21.2

1
2
3

MARCH 2, 1987
Security Credit* Trade Credit* and Taxes

Security Credit* Trade Credit* and Taxes

49

Security Credit* Trade Credit* and Taxes Payable

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1984

1985

1986

I
|

III

1985

I
IV I

I

II

1986

III

IV

Security Credit

1
2
3

7.4
3.8
-

12.2
8.4
-

2.1
-3.1
-

39.6
16.7
-

-2.7
2.8
-

19.5
10.0
-

82.8
39.0
-

62.2
11.9
-

-28.1
2.6

-11.6
1.9
-

-33.2 Net change In liabilities
-5.2
Households
Foreign
-

4
5
6
7

3.6
.4
-.5
3.7

3.8
.9
.5
2.4

5.2
4.7
1.1
-.6

22.9
6.2
4.2
12.5

-5.5
-9.3
-1.4
5.2

9.5
7.9
.9
.7

43.8
-1.8
12.9
32.6

50.3
30.4
.7
19.1

-30.7
-24.0
-4.2
-2.4

-13.5
-14.2
-.2
.9

-27.9
-29.5
-1.7
3.3

8
9
10

7.4
3.7
X

12.2
2.4
2.4

2.1
-.6
5.8

39.6
12.5
11.0

-2.7
5.2
-9.2

19.5
.7
9.5

82.8
32.6
12.2

62.2
19.1
32.4

-28.1
-2.4
-24.8

-11.6
.9
-13.8

-33.2 Net change In assets
3.3
Households
Commercial banking
-30.6

11
12

3.7

7.4

-3.0

16.1

1.3

9.4

38.0

10.7

-.8
**

1.3

-5.8

Brokers and dealers
Foreign

11
12

1
2
3
4

5.4
2.4
.4
-2.4

46.5
1.8
-.7
.7

41.8
' 1.8
-1.1
3.3

41.7
2.2
-.3
2.3

5.7
2.5
.2
.3

64.6
2.3
-.1
2.2

70.2
2.3
-.1
1.0

-36.1
2.4
.1
.7

13.7
2.5
.1
.2

2.8
2.6
.2
.4

42.1 Net change in liabilities
Households
2.7
Farm business
.3
Nonfarm noncorp. business
-.1
(payables less receivables)

1
2
3
4

5
6
7
8

5.0
.9
-2.7
1.8

40.8
.8
.2
3.0

34.4
1.0
-.5
2.9

33.0
1.1
-.6
4.1

1.3
1.2
-1.8
2.0

61.9
1.1
-4.0
1.2

61.6
1.1
2.3
1.9

-44.5
1.1
-2.5
6.6

12.2
1.2
-.8
-1.7

-5.4
1.2
-.4
4.1

42.3
1.2
-3.2
-1.1

Nonfin. corporate business
State and local governments
Foreign
U.S. government

5
6
7
8

9
10
11
12
13

-8.6
-15.7
.1
4.8
2.1

66.8
62.3
-1.2
3.8
2.0

55.6
46.5
1.2
5.1
2.8

41.1
35.2
.1
3.7
2.2

10.5
5.9
2.1
.1
2.5

2.0
-5.8
1.6
4.2
2.0

89.7
87.1
5.5
-4.7
1.7

-49.6
-46.5
-5.3
-.6
2.8

23.1
13.5
2.0
5.0
2.5

6.4
4.1
2.4
-3.4
3.2

62.3 Net change in assets
Nonfin. corporate business
52.5
Foreign
9.0
U.S. government
-.6
Other insurance companies
1.3

14

14.0

-20.3

-13.8

.6

-4.8

62.6

-19.5

13.5

-9.4

-3.6

Brokers and dealers
From commercial banks
From foreign banking off.
Customer credit balances

1
2
3
4
5
6
7

8
9
10

Trade Credit

-20.2 Discrepancy

9
10
11
12
13
14

Profit Taxes Payable

1
2
3
4
5
6
7
8

-14.1
-14.1
-.1
X
X
X
X
.2

5.8
5.8
-.1
»
-.1
X
X
.2

.5
.7
X
X
-.2
X
X
.1

-1.6
-1.8
.1
.1
X
-.1
X
.1

.8
1.0
X
X
X
X
X
-.1

.2
-.1
.1
X
.1
-.1
X
.1

1.3
1.0
.1
.2
.1
-.1
X
-.1

4.5
4.2
.1
.1
.1
X
X
X

1.7
2.1
-.1
-.1
-.1
X
X
-.1

-1.6
-1.3
X
X
-.1
X
X
-.1

9
10
11

-11.6
-1.4
-10.2

7.2
1.9
5.3

5.0
3.9
1.2

-5.5
1.3
-6.7

2.4
1.8
.6

-.7
1.8
-2.5

-5.3
-1.1
-4.2

4.1
2.1
2.0

6.1
2.6
3.5

1.9
1.7
.3

12

-2.5

-1.4

-4.5

3.9

-1.5

.9

6.6

.5

-4.5

-3.5

-27.9
22.8
-50.8

-45.7
16.3
-62.0

-1.2 Net change in taxes payable
Nonfin. corporate business
-.8
Commercial banks
-.1
Savings 8 loan associations
-.2
X
Life insurance companies
X
Other Insurance companies
Finance companies
.1
Brokers and dealers
-.2

1
2
3
4
5
6
7
8

-2.7 Net change in taxes receivable 9
State and local governments 10
.9
11
U.S. government
-3.5
1.4 Discrepancy

12

Proprietors’ Equity in Noncorporate Business
1
2
3

-45.7
-9.9
-35.8

-90.0
-15.6
-74.4

BILLIONS OF DOLLARS.




-68.5
5.7
-74.2

-52.8
11.7
-64.6

-57.0
.11.0 •
-68.0

-47.3
12.4
-59.7

IV/86 BASED ON INCOMPLETE INFORMATION

-73.8
8.7
-82.5

-63.1
14.1
-77.2

-91.1 Total household investment
Farm business
-9.1
Nonfarm noncorp. business
-82.1

1
2
3

MARCH 2, 1987
Miscellaneous I

Miscellaneous I
Miscellaneous Financial Claims

50

UNADJUSTED NET FLOWSCS MILL)

UNADJUSTED NET FLOWS($ MILL)

1985

III
1 Net change In liabilities
Households
2
Nonfin. corporate business
3

1
IV 1

I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

11*378
-400
6*248

41*174
-619
2,476

59*964
176
637

27.356
281
4,239

26,914
282
3*183

28,707
351
5,326

58.8
.9
3.7

96.6
1.1
7.9

92.3
1.3
11.8

80.7
1.2
15.3

94.6
1.8
25.3

1
2
3

-799
-44

4.619
-4,209

10*178
6,178

-3.441
-2,356

257
-5.214

6,704
1,557

8.2
-.9

30.7
-.3

28.6
-1.3

17.1
-1.9

16.7
1.0

4
5

51.9
5.7
.9
14.8

48.9
3.6
-1.1
20.4

49.8
4.7
.3
22.7

6
7
8
9

4
5

Foreign
U.S. government

6
7
8
9

Total finance
Sponsored credit agencies
Monetary authorities
Commercial banking

6.373
1*877
637
-11,285

38.907
1.670
367
15*204

42,795
2,442
-417
17*004

28.633
246
181
10,286

28*406
2*814
-39
8*619

14,769
2*533
-897
-4,916

46.9
1.4

18.0

57.2
4.6
.4
24.8

10
11
12
13
14
15
16

Savings 8 loan assns.
Mutual savings banks
Credit unions
Life Insurance companies
Other Insurance companies
Finance companies
REITs

189
1*123
200
3,543
7,847
2*231
11

2,348
2,027
1.100
3.714
7.917
4,547
13

349
761
-100
3.133
7,500
12,430
-307

1*017
758
300
3,304
7,500
5,030
11

343
2.810
700
3*893
7,214
1,872
180

-387
3.955
100
3*764
7,093
3.343
181

1.2
.4
.5
4.6
12.6
8.7
-.5

-.3
1.4
.6
4.8
14.1
7.1
-.1

1.1
1.2
.3
5.3
14.7
8.0
-.2

.9
.8
1.6
3.8
12.4
6.3
.1

2.6
2.6
.4
8.2
10.8
-2.6
.1

10
11
12
13
14
15
16

17 Net change In assets
18
Households
19
Farm business
20
Nonfarm noncorp. business
21
Nonfin. corporate business

29,564
3*935
-17
2,088
1*431

44*081
3*998
758
1,393
13*589

49.654
3.593
591
993
5*934

33,538
2,935
844
899
8*471

27,119
4,777
794
994
-1,453

38.335
3,901
928
762
10*644

52.7
6.9
1.7
2.6
21.5

91.7
6.6
2.0
3.0
18.9

87.4
7.2
1.9
3.0
34.9

100.1
5.6
1.9
2.6
32.0

92.4
6.1
1.7
2.1
20.3

17
18
19
20
21

22
23

Foreign
U.S. government

15,777
316

5*901
391

8*589
192

1*426
348

12*624
-161

11,998
-100

-.5
.7

19.5
.8

10.2
.8

21.3
.5

22.6 22
.9 23

24
25
26
27

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

6*034
-1.530
994
3*498

18*051
-237
219
16*768

29,762
1,045
183
21*130

18*615
-887
186
8.612

9,544
-733
979
5*584

10,202
1*491
103
768

19.7
1.0
-.6
9.7

40.9
.4
.5
20.9

29.4
.4
.2
6.3

36.2
1.3
.5
13.4

38.7
.7
.5
14.7

24
25
26
27

-2,274
-341
1*304
893
2*845
19
626

6,277
678
-161
570
-4,217
-1,856
10

2.468
539
3*275
2*065
-102
-88
-753

4*083
-408
2,257
2*143
1,483
-199
1*345

-378
431
-1,532
2,121
1*629
5
1*438

3.015
409
92
2,136
1*435
-93
846

1.8
.3
.5
2.5
5.5
-.8
-.1

5.1
.8
2.3
2.4
7.0
.8
.5

6.5
.5
2.1
3.5
8.6
.9
.4

4.1
1.0
3.6
3.6
7.8
.5
.4

8.2
1.2
-.3
7.3
3.6
1.0
1.9

28
29
30
31
32
33
34

-18.186

-2,907

10*310

-6*182

-205

-9,628

6.1

4.9

4.9

-19.4

2.1 35

Direct foreign Investment by U,.S. corps
36 Liab.: Foreign
1*385
37
Equity 8 Intercompany accts. -2.098
38
Retained earnings
3*483

4,347
1*215
3,132

7.251
2*440
4*811

4,379
-960
5*339

4*592
1*424
3,168

4*236
-229
4*465

11.5
5.1
6.4

16.1
4.4
11.7

26.8
7.6
19.2

23.6
4.9
18.6

12.6 36
-.5 37
13.1 38

Direct foreign Investment In U,.S.
39 Liab.: Nonfinan. corp. bus.
6*248
40
Equity 8 Intercompany accts.
5,419
41
Retained earnings
829

2*476
3,146
-670

637
715
-78

4*239
3*616
623

3*183
3,043
140

5*326
4,379
947

3.7
2.1
1.6

7.9
5.3
2.5

11.8
7.9
3.9

15.3
11.7
3.6

25.3 39
22.3 40
3.0 41

28
29
30
31
32
33
34

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds
REITs
Money market funds

35 Unallocated* net

X

(A) Foreign claims

U.S. govt, equity In IBRD* etc
42 Liab.: Foreign

336

290

208

394

715

200

.7

.6

.8

.7

1.1 42

Nonofficial foreign currency
43 Asset: U.S. government
Liab.: Foreign

-20

101

-16

-46

-876

-300

■

.1

X

-.2

-.2 43

(B) Claims on federally related agencies

Postal Savings deposits
44 Asset: Households
Liab.: U.S. government

-

Deposits at Federal Home Loan Banks
45 Liab.: Sponsored credit ags.
-2.182
Asset: S8L associations

2*320

-2.337

1*716

1*913

.3

2.1

3.0

.8

1.8 45

32

28

40

-14

42

25

X

x

.1

.1

.1 46

100
—

124
-

227
—

253
—

307
-

461
—

.8
—

1.3
-

1.6
-

.7
—

1.4 47
— 48

-102
-11
—
213

-92
1
-1
216

-209
-7
69
374

44
-20
8
221

45
-6
-1
269

191
-20
-18
308

.2

.3
.1

.4
.1
.1
1.0

.6
.1

IV/86 BASED ON INCOMPLETE INFORMATION




44

5*206

46 Federal Reserve Bank stock
Asset: Commercial banks
47 Equity In sponsored credit ag.
48 U.S. government
Private:
49
Farm business (FICB 8 FLB)
50
Nonfarm noncorporate (BC)
51
Nonfin. corp. bus. (FNMA)
52
S&L associations (FHLB)

-

x

.1
.4

X

.8

X
X

.6
.1
.7

49
50
51
52

MARCH 2, 1987
Miscellaneous 1

Miscellaneous I

51

Miscellaneous Financial Claims

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

I
1

1985

1986

IV

1982

1983

198 A

1985

1986

85.9
.8
13.8

115.9
.6
11.5

151.6
-1.0
25.6

137.1
-1.2
17.2

1A2.9
1.1
13.A

32.9
-1.6
25.0

179.1
-2.5
9.9

22A.2
.7
2.5

132.0
1.1
17.0

90.9
1.1
12.7

A
5

7.A
.2

29.6
2.0

27.3
A.9

15.3
A.6

13.7
.2

2.1
-.2

21.A
-16.8

29.8
2A.7

-7.0
-9.A

A.8
-20.9

27.2
6.2

Foreign
U.S. government

A
5

6
7
8
9

63.7
5.9
-.1
19.5

72.1
-.2
-.5
31.A

9A.8
10.2
.1
2A.A

101.2
6.9
l.A
22.7

11A.6
8.0
-1.2
31.0

7.6
9.A
2.3
-59.2

167.1
.6
1.5
81.1

166.5
1A.2
-1.5
A9.3

130.A
1.1
.7
56.A

93.1
13.9
-.A
17.0

68.5
3.0
-3.5
1.2

Total finance
Sponsored credit agencies
Monetary authorities
Commercial banking

6
7
8
9

10
11
12
13
IA
15
16

13.1
-.3
.2
7.0
10.6
7.6
X

10.A
2.A
.7
9.2
12.0
6.8
-.1

6.8
2.A
1.8
1A.8
15.A
18.7
.1

9.6
5.2
1.3
1A.A
29.1
10.A
.1

1.3
8.3
1.0
1A.1
29.3
22.7
.1

-.1
A.A
-3.7
1A.2
31.A
8.9
X

11.5
10.1
-2.5
1A.8
31.7
18.2
.1

5.3
1.2
6.9
12.5
30.0
A9.7
-1.2

-.5
2.9
6.3
13.2
30.0
20.1
*

.3
11.5
-1.9
15.6
28.9
7.5
.7

.1
17.5
-7.3
15.0
28. A
13.A
.7

Savings 8 loan assns.
Mutual savings banks
Credit unions
Life Insurance companies
Other Insurance companies
Finance companies
REITs

10
11
12
13
IA
15
16

17
18
19
20
21

102.1
6.8
1.7
2.1
16.6

92.7
15.3
1.1
-A.6
A.2

1A7.6
7.0
1.9
A.2
26.0

1A7.7
13.1
2.2
7.0
31.7

1A8.6
15.2
3.2
3.6
23.6

105.7
15.7
-.1
8.A
7.1

178.6
16.0
3.0
5.6
A7.2

192.2
1A.A
2.A
A.O
36.3

155.9
11.7
3.A
3.6
29.A

93.8
19.1
3.2
A.O
-A.A

22
23

6.A
1.6

36.9
.7

A2.9
1.2

33.6
1.2

3A.6
.3

57.8
1.3

29.1
1.6

16.9
.8

23.8
l.A

A5.3
-.6

52.6
-.A

Foreign
U.S. government

22
23

2A
25
26
27

66.9
1.1
x
19.0

39.1
.7
1.0
10.5

6A.A
2.8
3.7
17.9

59.0
-1.5
.9
36.1

68.1
.9
1.5
36.1

15.5
-6.5
A.O
5.0

76.1
-1.3
.9
82.9

117.5
3.1
.7
73.0

82.7
-1.9
.7
A0.1

27.A
-3.3
3.9
11.1

A5.0
5.8
.A
20.2

Total finance
Sponsored credit agencies
Monetary authority
Commercial banking

2A
25
26
27

28
29
30
31
32
33
3A

28.6
2.6
.2
8.1
8.0
.3
-1.1

7.5
1.5
.8
6.1
11.A
-.A

31.3
.3
1.0
A.8
-.2
1.2
1.5

17.2
1.7
1.7
A.2
-.2
-1.6
.6

9.2
1.0
A.l
8.5
A.A
-.A
2.9

-8. A
-1.3
5.2
3.6
11.A
.1
2.5

13.5
2.8
-.6
2.3
-16.9
-7.A
X

21.8
1.2
13.1
8.3
-.A
-.A
-3.0

16.3
-.8
9.0
8.6
5.9
-.8
5.A

-.7
1.8
-6.1
8.5
6.5
X
5.8

-.7
1.6
.A
8.5
5.7
-.A
3.A

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds
REITs
Money market funds

28
29
30
31
32
33
3A

35

-16.2

23.2

3.9

-10.6

-5.7

-72.8

.5

32.0

-23.9

-2.9

1*
2
S

III

IV I

I

II

III

12A.6 Net change in liabilities
l.A
Households
Nonfin. corporate business
21.3

152.7 Net change in assets
Households
15.6
Farm business
3.7
Nonfarm noncorp, business
3.0
Nonfin. corporate business
33.1

-28.1 Unallocated, net

1
2
3

17
18
19
20
21

35

(A) Foreign claims

36
37
38

8.1
3.3
A.8

9.8
-3.6
13.5

1A.3
-3.5
17.8

10.8
-5.0
15.8

20.5
2.7
17.8

8.3
-5.7
13.9

16.2
3.7
12.5

30.7
11.A
19.2

15.3
-6.1
21.A

Direct foreign investment by U.S. corps.
36
1A.8 Liab.: Foreign
21.0
Equity 8 intercompany accts. 37
-3.0
8.A
38
Retained earnings
17.9
12.7

39
AO
A1

13.8
16.2
-2.A

11.5
11.9
-.3

25.6
22.5
3.1

17.2
16.8
.5

13.A
11.8
1.6

25.0
21.7
3.3

9.9
12.6
-2.7

2.5
2.9
-.3

17.0
1A.5
2.5

12.7
12.2
.6

A2

1.3

.7

.8

1.3

1.5

1.3

1.2

.8

1.6

2.9

A3

.A

.1

.A

-.1

-1.2

-.1

.A

-.1

-.2

-3.5

Direct foreign investment in U.S.
39
21.3 Liab.: Nonfinan. corp. bus.
Equity 8 intercompany accts. AO
17.5
A1
Retained
earnings
3.8

u.:5. govt, equity ln IBRD' etc.
.8 Liab.: Foreign

A2

Nonofficial foreign currency
-1.2 Asset: U.S. government
Liab.: Foreign

A3

(B) Claims on federally related agencies

-

-

-

-

-

A5

2.8

-2.9

7.0

A.5

3.6

-11.6

16.0

13.3

-A.7

3.6

A6

.1

.1

.2

.2

.1

.1

.1

.2

-.1

.2

A7
A8

.9

.2

.9

.9

1.2

.8

.A

.9

.8

1.6

A9
50
51
52

.A
X
.1
.A

-.A
X
1.2

-.A
X
X
.8

-.8
X
.3
l.A

.2
-.1
X
.6

.2
X
X
l.A

-

-

-

.1
x
X
.1

BILLIONS OF DOLLARS.




.1
X
X
.8

-.3
w
.1
1.1

.1
-.1
.1
1.2

IV/86 BASED ON INCOMPLETE INFORMATION

Postal Savings deposits
Asset: Households
Liab.: U.S. government

AA

Deposits at Federal Home Loan Banks
2.1 Liab.: Sponsored credit ags.
Asset: S8L associations

A5

-

AA

.1 Federal Reserve Bank stock
Asset: Commercial banks
1.8 Equity in sponsored credit ag.
U.S. government
Private?
Farm business (FICB 8 FLB)
.8
Nonfarm noncorporate (BC)
-.1
Nonfin. corp. bus. (FNMA)
-.1
S8L associations (FHLB)
1.2

A6

A7
A8
A9
50
51
52

MARCH 2, 1987
Miscellaneous II

Miscellaneous II

Miscellaneous Financial Claims (Continued)

52

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS(S MILL)

1986

I
IV 1

I

-400

-619

176

281

282

890
593
297

923
577
346

493
489
4

652
430
222

7,847
3*045
85
2*099
2*418

7,917
3*075
850
1.392
2*600

7*500
3*100
800
1*000
2*600

(E) Intercorporate claims
Corporate pprent investment in:
Commercial bank subsidiaries
500
Finance company subsidiaries
5*081
Asset: Domestic bank affiliates

1*559
3*547

III

BILLIONS OF DOLLARS

1977

1978

1979

1980

1981

351

.9

1.1

1.3

1.2

1.8

1

816
494
322

754
409
345

2.7
1.4
1.4

2.7
1.3
1.4

2.4
.8
1.6

1.7
.6
1.1

2.1
.9
1.2

2
3
4

7*500
2*283
800
919
3*498

7*214
3*961
749
1*000
1*504

7*093
3*147
737
782
2,427

12.6
4.2
1.5
2.5
4.4

14.1
3.9
1.7
2.9
5.6

14.7
4.8
1.5
2.9
5.5

12.4
3.9
1.3
2.5
4.7

10.8
4.0
1.-1
2.1
3.7

5
6
7
8
9

-163
16*408

-164
7*316

-32
1*409

306
3*820

6.5
1.6

4.8
4.4

5.4
3.4

6.9
2.8

II

III

IV

(C) Life insurance claims
Deferred and unpaid premiums
1 Liab.: Households
Asset: Life Insurance

Life company reserves
2 Liab.: Life insurance cos.
3
Accident and health
4
Policy dividend accum.
Asset: Households

(D) Nonlife insurance claims
5 Liab.:
6 Asset:
7
8
9

10
11

Other insurance cos.
Households
Farm business
Nonfarm noncorp. bus.
Nonfin. corp, business

7.8 10
-2.6 11

(F) Unallocated assets 8 liabilities

12 Net total (liab. less assets)
13
14
15
16
17
18

Net change in liabilities
Foreign
U.S. government
U.S. govt.-without levels
Sponsored credit agencies
Monetary authority

-18,186

-2*907

10*310

-6.182

-205

-9*628

6.1

4.9

4.9

-19.4

-8*439
-2,500
-44
3*959
605

15*275
-119
—
-4,209
-3,660
339

24*883
2*735
—
6.178
-105
-457

4*903
-8,168
—
-2,356
2.330
195

7*546
-4,174
—
-5*214
791
-81

4*522
2*568
—
1.557
159
-922

17.4
-4.0
-.7
-.3
.4
K

41.5
13.9
—
-.3
1.3
.4

20.9
1.0
—
-1.3
1.1
.8

14.8
-6.9
-1.9
2.1
-1.1

32.5
3.2
—
1.0
1.4
.2

13
14
15
16
17
18

-11,785
-12*307
2*448
-2*093
167

13*645
9*880
822
2.495
448

17.167
-2.473
16*487
2*966
187

10*450
-642
5*114
5*560
418

8*651
918
6*599
978
156

-5,222
-5,468
5*310
-5,207
143

11.5
2.8
7.1
.7
.8

20.0
15.5
1.2
2.7
.6

9.3
5.3
3.4
-.5
1.1

13.5
3.5
4.3
4.1
1.6

14.9
4.8
8.1
-.7
2.7

19
20
21
22
23

2.1 12

19
20
21
22
23

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. poss.

24
25
26
27
28
29

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Finance companies
REITs

189
1*123
200
2*653
-2*850
11

2*348
2,027
1.100
2,791
1*000
13

349
761
-100
2*640
-3,978
-307

1*017
758
300
2*652
-2,286
11

343
2*810
700
3*077
463
180

-387
3,955
100
3,010
-477
181

1.2
.4
.5
1.8
7.1
-.5

-.3
1.4
.6
2.1
2.6
-.1

1.1
1.2
.3
2.9
4.6
-.2

.9
.8
1.6
2.1
3.5
.1

2.6
2.6
.4
6.0

30
31
32
33
34

Net change in assets
Nonfin. corporate business
Foreign
Sponsored credit agencies
Monetary authority

9*747
-2*572
9*529
-1*530
994

18*182
6*643
3*425
-237
219

14,573
-3*986
7,952
1*045
183

11*085
586
-2,813
-887
186

7,751
-7,548
9*441
-733
979

14*150
3,999
6,672
1,491
103

11.3
5.5
-4.2
1.0
-.6

36.6
-2.8
11.7
.4
.5

16.0
2.5
-1.6
.4
.2

34.2
3.8
6.0
1.3
.5

30.4
4.0
-2.7
.7
.5

30
31
32
33
34

35
36
37
38
39

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. possession

-2*115
-460
2*600
-4*225
-30

11*634
11,170
-2*810
3*310
-36

4*845
209
3*166
1,347
123

1*474
-232
1*667
-147
186

4,165
935
1*127
2*042
61

-3,383
-3,039
3,219
-3,602
39

1.5
1.7
.1
-.3
M

11.7
10.2
— .3
1.7
.1

-2.6
-2.0
-.8
-.2
.4

3.7
5.1
-.4
-1.5
.5

9.4
3.3
.7
2.5
2.9

35
36
37
38
39

40
41
42
43
44

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds

-305
855
-341 *
678
1*304
-161
1*293
1.189
2,845 -4.217

-226
539
3.275
1,889
-102

6*199
-408
2,257
1*862
1.483

-2.363
431
-1,532
1,839
1*629

794
409
92
1.785
1.435

1.2
.3
.5
1.6
5.5

2.3
.8
2.3
1.3
7.0

2.4
.5
2.1
2.2
8.6

3.2
1.0
3.6
2.4
7.8

5.7
1.2
-.3
5.5
3.6

40
41
42
43
44

45
46

REITs
Money market funds

-88
-753

-199
1*345

5
1,438

-93
846

-.8
-.1

.8
.5

.9
.4

.5
.4

IV/86 BASED ON INCOMPLETE INFORMATION




19
626

-1*856
10

24
25
26
27
k 28
.1 29

1.0 45
1.9 46

MARCH 2i 1987
Miscellaneous II

Miscellaneous II
Miscellaneous Financial Claims (Continued)

53
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1982

1983

1984

1985

1986

III

1985

I
IV I

II

1986

III

IV

(C) Life insurance claims
1.1

1.6

-2.5

.7

1.1

1.1

Deferred and unpaid premiums
1.4 Liab.: Households
Asset: Life Insurance

2.7
1.8
.9

3.6
2.4
1.2

3.7
2.3
1.4

2.0
2.0
*

2.6
1.7
.9

3.3
2.0
1.3

Life company reserves
3.0 Liab.: Life insurancecos.
1.6 Accident and health
1.4 Policy dividend accum.
Asset: Households

29.1
9.6
2.5
7.0
10.0

29.3
12.5
3.1
3.7
10.0

31.4
12.2
.3
8.4
10.5

31.7
12.3
3.4
5.6
10.4

30.0
12.4
3.2
4.0
10.4

30.0
9.1
3.2
3.7
14.0

28.9
15.8
3.0
4.0
6.0

10.3
12.5

5.5
15.0

-.1
29.0

2.0
20.3

6.2
14.2

-.7
65.6

-.7
29.3

-.1
5.6

23.2

3.9

-10.6

-5.7

-72.8

.5

32.0

-23.9

-2.9

24.5
-2.4
.2
2.2
_ e2

65.5
19.1
2.0
2.4
-.6

62.5
11.8
4.9
2.3
N

50.4
3.3
4.6
1.5
1.3

41.9
-7.0
.2
3.2
-1.3

-46.5
-7.4
-.2
20.2
2.1

81.6
3.7
-16.8
-15.8
1.4

78.2
-1.7
24.7
K
-1.6

40.0
-23.7
—
-9.4
5.0
.8

13.7
-15.6
-20.9
8.7
-.6

19
20
21
22
23

6.3
-8.8
14.9
1.3
-1.1

18.8
1.4
15.3
1.4
.7

14.1
13.1
8.3
-2.9
-4.5

17.2
8.3
7.1
1.7
.1

31.0
-7.7
33.5
4.3
.9

-61.2
-67.8
9.8
-3.8
.7

74.9
70.9
3.3
-1.1
1.8

50.0
-28.6
65.9
11.9
.7

57.1
6.1
20.5
28.9
1.7

24
25
26
27
28
29

13.1
-.3
.2
4.8
.5
N

10.4
2.4
.7
6.1
4.4
-.1

6.8
2.4
1.8
12.1
6.2
.1

9.6
5.2
1.3
11.0
-4.6
.1

1.3
8.3
1.0
11.4
-6.3
.1

-.1
4.4
-3.7
10.6
-11.4

11.5
10.1
-2.5
11.1
4.0
.1

5.3
1.2
6.9
10.6
-15.9
-1.2

30
31
32
33
34

40.6
5.7
-7.4
1.1
*

42.4
-9.1
25.3
.7
1.0

58.6
6.6
17.4
2.8
3.7

61.1
10.8
16.3
-1.5
.9

47.6
-6.9
21.3
.9
1.5

26.2
-11.7
32.9
-6.5
4.0

81.1
20.6
19.1
-1.3
.9

35
36
37
38
39

-1.5
-1.8
.6
.2
-.5

-4.7
-4.4
.5
1.1
-1.9

-5.1
-.6
1.3
-5.7
M

15.4
13.2
-.3
2.6
-.1

7.1
-2.1
9.2
-.4
.4

-17.5
-10.9
10.4
-16.9
-.1

40
41
42
43
44

25.3
2.6
.2
7.4
8.0

10.3
1.5
.8
5.5
11.4

23.5
.3
1.0
5.8
-.2

11.5
1.7
1.7
5.4
-.2

4f.4
1.0
4.1
7.4
4.4

45
46

.3
-1.1

-.4

1.2
1.5

-1.6
.6

-.4
2.9

1

.8

.6

-1.0

2
3
4

2.3
L.3
L.O

3.2
1.8
1.4

2.7
1.6
1.1

5
6
7
8
9

10.6
4.5
1.3
2.0
2.7

12.0
12.1
1.0
-4.6
3.5

15.4
4.3
1.9
4.2
5.2

10
11

13.2
7.2

12.6
2.4

12

-16.2

13
14
15
16
17
18

-1.2

3.5
2.3
1.2

1

2
3
4

(D) Nonlife Insurance claims

28.4 Liab.:
12.6 Asset:
2.9
3.1
9.7

Other insurance cos.
Households
Farm business
Nonfarm noncorp. bus.
Nonfin. corp, business

5
6
7
8
9

(E) Intercorporate claims
Corporate parent Investment in:
Commercial bank subsidiaries 10
1.2
Finance company subsidiaries 11
15.3
Asset: Domestic bank affiliates
(F) Unallocated assets & liabilities

BILLIONS OF DOLLARS.




-28.1 Net total (liab. less assets)

12

35.5
12.7
6.2
-1.0
-3.6

Net change in liabilities.
Foreign
U.S. government
U.S. govt.-without levels
Sponsored credit agencies
Monetary authority

13
14
15
16
17
18

17.1
-19.9
26.4
10.0
.6

H
11.8
21.2
-33.7
.6

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. poss.

19
20
21
22
23

-.5
2.9
6.3
10.6
-9.1
K

.3
11.5
-1.9
12.3
1.9
.7

.1
17.5
-7.3
12.0
-1.9
.7

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Finance companies
REITs

24
25
26
27
28
29

46.2
-5.0
14.4
3.1
.7

63.9
.1
6.8
-1.9
.7

16.6
-31.5
32.5
-3.3
3.9

63.6
8.7
31.3
5.8
.4

Net change in assets
Nonfin. corporate business
Foreign
Sponsored credit agencies
Monetary authority

30
31
32
33
34

62.4
60.5
-11.2
13.2
-.1

7.9
-10.7
12.7
5.4
.5

11.6
4.7
6.7
-.6
.7

5.4
-7.5
4.5
8.2
.2

3.6
4.9
12.9
-14.4
.2

Commercial banking
U.S. commercial banks
Domestic affiliates
Foreign banking offices
Banks in U.S. possession

35
36
37
38
39

2.0
-1.3
5.2
5.2
11.4

-3.3
2.8
-.6
4.8
-16.9

7.0
1.2
13.1
7.6
-.4

20.4
-.8
9.0
7.4
5.9

-5.8
1.8
-6.1
7.4
6.5

-4.0
1.6
.4
7.1
5.7

Savings and loan assns.
Mutual savings banks
Credit unions
Life insurance companies
Private pension funds

40
41
42
43
44

.1
2.5

-7.4

-.4
-3.0

-.8
5.4

H
5.8

-.4
3.4

REITs
Money market funds

45
46

IV/86 BASED ON INCOMPLETE INFORMATION

HARCH 2* 1987
Total Claims

Total Claims

Total Financial Assets and Liabilities

54

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS(S HILL)

III

1985

I
IV 1

II

I

1986

III

IV

1977

BILLIONS OF DOLLARS
1978
1979
1980

1981

Total Net Borrowing and Lending in Credit Markets (1)
1

Total net borrowing
in credit markets

2
3
4
5
6
7
8
9

Domestic nonfinan. sectors
U.S. government
Private domestic
Households
Farm business
Nonfarm noncorp. bus.
Corporate business
State&local governments

10
11
12
13
14
15
16
17
18

Foreign borr. in U.S.
Financial sectors
Sponsored credit agencies
Mortgage pools
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
REITs
Total net lending
in credit markets

256*073 393*494 148*338 272,459 307*184 356*095

381.3

469.4

490.7

434.1

501.3

1

196*678 336*331 111,618 205,721 235*501 274,847
46,055 90*516 37,111 50.673 57*446 69*112
150*623 245*815 74,507 155*048 178*055 205*735
80.3A1 100.041 29*512 73,935 88*725 98,985
-944 -2,609 -3,999
-3,675 -9,571 -4,157
23,421 27,246 22*076 25*006 24*683 28,939
30,430 63*123 32*200 40*801 27,350 72*864
8*946
20*106 64*976 -5,124 16*250 39*906

316.9
56.8
260.2
137.5
13.4
29.5
69.3
10.5

371.9
53.7
318.2
167.2
15.6
33.8
85.2
16.5

385.7
37.4
348.4
173.7
23.5
37.9
95.7
17.6

344.9
79.2
265.7
120.0
15.2
31.8
81.5
17.2

375.8
87.4
288.5
121.4
16.6
38.5
105.2
6.8

2
3
4
5
6
7
8
9

143
81*105
3*954
51,977
-1*318
5*690
13,544
7,331
-73

13.5
50.8
5.9
16.1
3.7
3.8
6.9
17.0
-2.5

24.2
73.3
23.5
13.6
-.5
7.5
13.5
16.1
-.4

15.1
89.9
24.8
23.1
9.1
4.1
12.6
16.3
-.1

23.8
65.4
25.6
19.2
8.3
6.7
7.4
-1.3
-.5

23.5
101.9
32.4
15.0
11.6
9.2
15.5
18.5
-.2

10
11
12
13
14
15
16
17
18

256*073 393*494 148*338 272*459 307*184 356*095

3*438
55*957
3*896
22*252
-831
3*052
10*629
16*830
129

604
56,559
5*048
25*522
539
4*606
6*434
14,273
137

8*924
27,796
-2*086
25,733
-3.009
-3.016
-239
9,952
461

3*029
63,709
4*828
34,475
-365
3*858
11*135
9*780
-2

2*262
69*421
5*356
46*824
2*469
-2.070
6*855
9*858
129

381.3

469.4

490.7

434.1

20
21
22
23
2A

Private dom. nonfin. sectors
Households
Nonfarm noncorp. business
Corporate business
State & local governments

58*322 146*906
35*723 71.802
2*870
2*557
3*846
5*152
16*196 67*082

-4,285
-5,950
-1,172
-1*462
4,299

32*646
8*338
1*253
6*361
16*694

33*752
-2.847
830
-46
35*815

49,759
23*253
3*037
12,181
11*288

44.9
33.9
-.7
-3.9
15.7

72.8
55.0
2.0
3.1
12.7

97.8
74.1
2.2
4.7
16.7

53.1
37.2
.7
3.3
11.9

76.6
61.7
3.4
10.8
.7

25
26

Foreign
U.S. government

17*138
3*071

22*156
3*135

29*864
4,335

25*839
3*578

20,120
3*119

35.8
10.0

26.1
17.1

-7.5
19.0

21.1
23.7

23.0 25
24.0 26

27
28
29
30

Financial sectors
Sponsored credit agencies
Mortgage pools
Monetary authority

177,542 224*316 127*332 205*614 244*015 283*097
7,034
6*958
3,477
8*086 -1*324 -5,837
22*252 25*522 25*733 34*475 46*824 51,977
7,179
8*621 20*852
516 13*319 -6*441

290.6
6.4
16.1
7.1

353.5
26.7
13.6
7.0

381.5
30.0
23.1
7.7

336.3
26.4
19.2
4.5

377.6
33.2
15.0
9.2

27
28
29
30

31
32
33
3A
35

Commercial banking
U.S. commercial banks
Bank affiliates
Foreign banking offices
Banks in U.S. poss.

48*834
39*633
1*400
7*576
225

56,479 104,301
45*146 90*353
450
1*020
10,838 12*874
45
54

91.5
84.3
1.3
5.5
.3

128.1
109.0
-.5
19.3
.2

131.4
112.7
2.0
16.8
M

107.6
87.6
-.3
19.8
.5

106.5
95.0
.2
12.5
-1.1

31
32
33
34
35

36
37
38
39
AO

Private nonbank finance
Savings institutions
Savings 8 loan assns.
Mutual savings banks
Credit unions

97,854 105.475 114*585 113,877 128*614
36*751 15*293 15,357 35,262 31*603
29*044 13*024 13*096 28.131 19,933
3*636
2*676
5*875
47
1*695
5.795
4,071
2,222
566
4*455

98*933
27,382
16*868
7.162
3*352

169.4
78.6
60.1
11.2
7.2

178.2
71.3
56.1
8.7
6.4

189.3
55.4
49.3
4.4
1.7

178.5
51.3
46.2
5.9
-.8

213.7
26.2
23.2
.9
2.0

36
37
38
39
40

19

22*291
-19

81*324
73*218
1*150
6*750
206

-708
404
-1,475
313
50

43*125
36*117
-1,475
8*301
182

501.3 19
20
21
22
23
24

41
A2
A3
AA
A5

Insurance sector
Life Insurance cos.
Private pension funds
St.Sloe.govt.rtr.funds
Other insurance cos.

38*254
19*099
3*598
7,772
7,785

42*459
22*120
1*551
10*248
8*540

30,972
17*645
-144
6*762
6,709

30*456
16,376
849
7,329
5,902

44*548
18,812
13*001
7,120
5*615

31*356
19.587
-2,728
9.279
5*218

67.5
27.5
10.6
11.9
17.5

79.4
33.1
12.8
17.0
16.5

83.2
33.0
25.9
10.8
13.4

93.2
33.2
29.3
20.9
9.9

93.5
34.7
27.0
22.5
9.4

41
42
43
44
45

A6
A7
A8
A9
50
51

Finance n.e.c.
Finance companies
REITs
Mutual funds
Money market funds
Brokers and dealers

22*849
9,712
151
21*187
-7.128
-1.073

47,723
19*480
2*026
26*408
-3.850
3*659

68*256
10*918
234
47*842
6,521
2*741

48.159
16*180
307
34*696
-1,682
-1,342

52*463
9*308
103
34*559
10*395
-1,902

40*195
14,118
200
35,341
-8.583
-881

23.3
22.3
-2.4
3.9
-.1
-.3

27.5
26.0
-1.1
.8
3.2
-1.3

50.7
29.4
-1.0
1.9
19.8
.6

34.0
15.8
-.7
4.8
14.9
-.7

94.0
25.0
-1.1
5.3
62.5
2.3

46
47
48
49
50
51

(1) Excludes corporate equities.
Total Liabilities and Their Relation to Total Financial Assets

Net flows through credit markets (from
256*073 393*494 148*338 272*459 307*184 356*095
preceding table)
1
Other financial sources:
-117
-300
-159
Official foreign exchange
-143
2*958
-120
2
276
109
80
Treasury curr. and SDR ctfs.
211
193
3
112

381.3

469.4

490.7

434.1

501.3

1

.1
.3

.5
.5

M

1.6

8.0
1.3

2.1
1.2

2
3

167.1
30.2
94.6
.2
28.3
12.5
1.3

186.5
32.7
65.3
6.9
54.6
24.6
2.4

186.3
35.8
61.0
34.4
27.9
17.5
9.8

216.0
16.1
82.4
29.2
61.2
22.5
4.5

272.7 4
28.1 5
47.6 6
107.5 7
61.6 8
17.6 9
10.4 10

9.5
68.5

11.2
77.3

10.7
95.4

9.7
108.8

9.2 11
106.8 12

-3.0
6.6
2.2
28.1
-.6
-27.8
58.8

15.4
1.7
1.2
59.0
5.2
-30.2
96.6

22.2
-3.9
2.1
60.0
2.8
-44.5
92.3

-33.2
21.2
12.5
47.1
-3.1
-49.6
80.7

-28.9
-3.3
.8
35.3
-8.4
-29.2
94.6

427*385 631*072 283*693 435*971 501,549 574*023

691.2

894.4

915.8

853.5

954.2 20

4
5
6
7
8
9
10

Deposits at financial insts.
Checkable deposits
Small time & savings dep.
Money market fund shares
Large time deposits
Security RPs
Foreign deposits

76*765 105,159 30*610
19*962 52*246 -28*508
27*030 25*225 34*851
1,011
-5.292
6,752
2,726
12,067 12*204
18*808 18*882 13,794
995
4*190 -4,409

87,186
54,172
30,020
7,726
-9,731
-138
5*137

83*115 121*530
8*600 87*441
30*138 26*544
12*450 -6*080
9*131
4*996
19,515
7*729
3*281
900

11
12

Life insurance reserves
Pension fund reserves

2*941
49*155

2*623
33,954

2*592
55*852

13
14
15
16
17
18
19

7,657 15*413
2*301
Interbank claims
9.761 10.719 48*091
Corporate equities
3*497 24*136 11*304
Security credit
17.529 21.173 -22.281
Trade debt
Profit taxes payable
2,970
2*568
1,971
Noncorp. proprietors* equity -10,278 -16*889 -15,703
11*378 41*174 59*964
Miscellaneous

20 Total financial sources

21
22
23

24
25
26
27
28
29

- Floats not incl. in assets
Demand dep.: U.S. govt.
Other
Trade credit
- Liabilities not allocated
as assets
Treasury currency
Interbank claims
Security RPs
Profit taxes payable
Miscellaneous
Totals allocated to sectors
as assets

2*383
16*663

2*642
31*378

-5.137 11*868 26*346
27*063 22.815 17,351
-4,772 -4*336 -4,859
3,144 14*482
10*359
2*311
1*802
-5.239
-9,954 -10*069 -21,26027,356 26*914 28,707

13
14
15
16
17
18
19

887
6*751
5*571

-103
-8,742
-5*563

-108
13*388
13*224

1.5
1.8
-8.9

«
-.5
-4.8

.3
-.1
-14.4

-.6
2.3
-10.5

-1.1 21
4.1 22
6.9 23

-30
3,517
-3.646
-916
-6,182

-32
3,205
5.842
-2*645
-205

-46
3,729
-545
114
-9,628

-.3
-7.1
6.4
-1.0
6.1

«
-.5
15.9
1.5
4.9

-.2
-1.0
4.8
1.5
4.9

-.2
-3.6
10.0
.6
-19.4

-.2
-.5
-7.5
.7
2.1

429,414 600*356 305*481 430*019 509*792 553*895

692.6

877.9

919.8

874.8

-256
-4,619
9*894
-61
1*143
11*520
-1,464
-18*186

IV/86 BASED ON INCOMPLETE INFORMATION




2*740
28*315

923 -1*248
13*024 -9,811
12*489 -18*074
-116
5.226
810
1*267
-2,907

56
-8.054
3,113
1,920
10,310

24
25
26
27
28

949.6 29

MARCH 2, 1987
Total Claims

Total Claims
Total Financial Assets and Liabilities

55

SEASONALLY ADJUSTED ANNUAL RATES
1983

1982

1984

1985

SEASONALLY ADJUSTED ANNUAL RATES
1986

1

III

1985

I
IV 1

I

1986

II

III

IV

Total Net Borrowing and Lending in Credit Markets (1)
Total net borrowing
in credit markets

1

493.5

660.2

901.4

1057.8

1084.1

954.4

1510.5

715.2

1122.0

1144.8

1355.4

2
3
4
5
6
7
8
9

387.4
161.3
226.2
88.4
6.8
40.2
69.2
21.5

548.8
186.6
362.2
188.0
4.3
76.6
59.3
34.0

756.3
198.8
557.5
239.5
.1
97.1
193.4
27.4

869.3
223.6
645.7
295.0
-13.6
92.8
163.7
107.8

827.7
214.3
613.3
291.2
-11.7
100.7
173.2
60.0

728.8
149.3
579.6
302.9
-15.3
92.2
128.0
71.7

1283.3
341.7
941.6
369.8
-27.2
107.6
245.6
245.8

546.3
120.6
425.7
175.0
-12.5
106.0
147.5
9.6

864.2
301.9
562.3
288.5
-17.8
85.5
144.3
61.8

871.8
184.5
687.3
335.0
-11.1
96.6
118.7
148.0

1029.7
250.5
779.2
367.2
-5.5
114.8
282.2
20.5

Domestic nonfinan. sectors
U.S. government
Private domestic
Households
Farm business
Nonfarm noncorp. bus.
Corporate business
StateSlocal governments

2
3
4
5
6
7
8
9

10
11
12
13
14
15
16
17
18

16.0
90.1
15.3
49.5
11.7
6.8
2.5
4.3
K

17.4
94.0
1.4
66.4
5.0
12.1
-2.1
11.4
-.2

6.1
139.0
30.4
44.4
7.3
15.6
22.7
17.8
.8

1.7
186.9
21.7
79.9
-4.9
14.5
22.3
52.8
.5

14.4
242.0
12.1
159.0
-2.2
4.5
31.3
36.9
.5

12.0
213.5
8.1
85.8
-3.3
12.2
34.5
75.7
.5

2.9
224.3
28.0
98.4
2.2
18.4
30.7
46.1
.5

34.5
134.4
-2.1
103.6
-12.0
-12.1
7.8
47.4
1.8

14.1
243.7
12.4
145.1
-1.5
15.4
38.4
33.9
N

7.5
265.6
13.8
183.7
9.9
-8.3
18.7
47.3
.5

1.3
324.4
24.1
203.7
-5.3
22.8
60.3
19.1
-.3

Foreign borr. in U.S.
Financial sectors
Sponsored credit agencies
Mortgage pools
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
REITs

10
11
12
13
14
15
16
17
18

19

493.5

660.2

901.4

1057.8

1084.1

954.4

1510.5

715.2

1122.0

1144.8

1355.4

20
21
22
23
24

116.3
86.4
1.6
13.8
14.5

153.0
90.4
4.7
22.6
35.4

196.4
142.4
8.0
20.1
25.9

300.2
185.0
8.2
4.9
102.1

111.9
22.8
3.9
17.0
68.1

207.3
102.8
11.8
17.3
75.4

573.1
311.6
4.6
9.4
247.4

-19.2
-66.9
1.7
8.9
37.1

188.8
104.5
4.0
21.5
58.8

101.4
-60.0
5.2
1.3
154.9

176.5
114.1
4.9
35.9
21.6

25
26

24.1
15.9

24.9
9.7

55.5
17.4

62.4
17.8

98.0
14.2

66.1
11.5

81.5
1.9

110.7
14.1

108.6
15.0

99.0
13.4

73.5
14.2

27
28
29
30

337.2
16.0
49.5
9.8

472.6
3.4
66.4
10.9

632.1
28.8
44.4
8.4

677.5
21.7
79.9
21.6

860.1
11.6
159.0
30.2

669.5
27.1
85.8
-1.7

854.0
-1.6
98.4
40.8

609.6
-12.0
103.6
*

809.6
18.0
145.1
19.6

931.1
9.4
183.7
31.9

31
32
33
34
35

110.2
110.7
-2.2
2.2
-.5

144.3
136.5
1.2
3.7
2.9

168.9
158.7
.6
12.9
-3.3

186.3
165.6
4.0
16.4
.3

203.2
172.0
-1.5
32.3
.3

169.1
137.2
5.6
25.4
.9

308.5
278.8
4.6
24.3
.8

41.9
47.2
-5.9
.4
.2

171.9
135.5
-5.9
41.6
.7

36
37
38
39
40

151.7
21.8
18.8
.7
2.3

247.6
135.6
104.7
18.8
12.1

381.6
149.2
123.9
10.1
15.3

368.0
83.4
59.6
9.7
14.1

456.0
109.6
78.0
17.4
14.2

389.2
135.0
102.6
16.1
16.3

407.9
72.8
65.2
-1.3
8.9

476.2
55.1
49.2
3.7
2.3

41
42
43
44
45

86.2
43.5
14.4
23.4
5.0

97.8
50.6
29.6
16.0
1.7

124.0
56.3
21.4
34.7
11.6

141.0
76.5
12.8
22.1
29.5

137.3
72.4
11.0
30.5
23.4

148.7
79.7
8.1
31.1
29.8

171.6
89.2
7.1
41.0
34.3

46
47
48
49
50
51

43.7
10.2

14.1
27.5
.1
14.6
-21.4
-6.7

108.3
38.9
.8
25.7
38.0
4.9

143.6
48.8
2.4
85.7
1.5
5.2

209.1
50.5
.8
152.4
6.7
-1.4

105.5
50.2
.6
84.7
-28.5
-1.5

163.5
57.5
8.1
105.6
-15.4
7.7

K

12.7
21.4
-.6

Total net lending
in credit markets

1

19

Private dom. nonfin. sectors
Households
Nonfarm noncorp, business
Corporate business
State 8 local governments

20
21
22
23
24

Foreign
U.S. government

25
26

1091.2
31.1
203.7
69.3

Financial sectors
Sponsored credit agencies
Mortgage pools
Monetary authority

27
28
29
30

195.5
154.7
1.8
38.8
.2

404.2
351.3
4.1
48.6
.2

Commercial banking
U.S. commercial banks
Bank affiliates
Foreign banking offices
Banks in U.S. poss.

31
32
33
34
35

455.0
147.6
116.2
13.6
17.8

510.6
112.4
63.7
25.5
23.2

382.9
123.2
83.0
26.8
13.4

Private nonbank finance
Savings Institutions
Savings 8 loan assns.
Mutual savings banks
Credit unions

36
37
38
39
40

122.6
65.1
4.2
27.0
26.2

126.6
67.4
4.5
29.3
25.4

173.9
79.0
45.3
28.5
21.1

126.3
78.1
-10.0
37.1
21.1

Insurance sector
Life insurance cos.
Private pension funds
St.Sloe.govt.rtr.funds
Other insurance cos.

41
42
43
44
45

298.5
60.7
.9
191.4
26.1
19.5

180.7
57.3
1.2
138.8
-6.7
-9.8

224.3
48.8
.4
138.2
41.6
-4.7

133.4
36.0
.8
141.4
-34.3
-10.4

Finance n.e.c.
Finance companies
REITs
Mutual funds
Money market funds
Brokers and dealers

46
47
48
49
50
51

(1) Excludes corporate equities.

Total Liabilities and Their Relation to Total Financial Assets
Net flows through credit markets (from
1144.8 1355.4
preceding table)
Other financial sources:
-.5
Official foreign exchange
-1.2
1.1
.4
Treasury curr. and SDR ctfs.

1

493.5

660.2

901.4

1057.8

1084.1

954.4

1510.5

715.2

1122.0

2
3

3.0
1.7

1.1
.5

2.1
.6

3.0
.5

-.7
.8

-.6
.3

11.8
.4

-.6
.8

-.5
.8

4
5
6
7
8
9
10

238.2
37.5
138.6
24.7
25.5
7.4
4.5

229.7
40.2
216.5
-44.1
-13.6
29.5
1.3

347.2
47.1
150.8
47.2
87.5
20.4
-5.8

271.5
83.4
140.2
-2.2
19.0
35.4
-4.3

322.4
121.7
121.6
20.8
7.1
40.9
10.3

301.3
59.7
148.8
-21.2
26.9
70.2
16.8

355.4
169.8
71.6
4.0
45.2
82.4
-17.6

205.6
-32.1
122.6
27.0
35.5
48.6
4.0

333.5
192.0
123.5
30.9
-37.5
4.0
20.5

323.4
10.1
162.0
49.8
15.1
73.3
13.1

427.8
317.2
78.1
-24.3
15.5
37.7
3.6

Deposits at financial insts. 4
Checkable deposits
5
Small time 8 savings dep.
6
Money market fund shares
7
Large time deposits
8
Security RPs
9
Foreign deposits
10

11
12

7.2
120.1

8.0
142.2

5.2
129.1

10.7
139.7

10.2
137.8

11.8
154.1

11.0
123.2

9.5
88.4

10.5
147.3

10.4
179.6

10.6
136.1

Life insurance reserves
Pension fund reserves

13
14
15
16
17
18
19

-33.6
33.6
7.4
5.4
-14.1
-45.7
85.9

-1.9
67.0
12.2
46.5
5.8
-90.0
115.9

11.9
-31.1
2.1
41.8
.5
-68.5
151.6

28.0
37.5
39.6
41.7
-1.6
-52.8
137.1

35.4
115.3
-2.7
5.7
.8
-57.0
142.9

31.3
42.4
19.5
64.6
.2
-47.3
32.9

51.7
40.8
82.8
70.2
1.3
-73.8
179.1

21.8
189.2
62.2
-36.1
4.5
-63.1
224.2

-20.9
109.9
-28.1
13.7
1.7
-27.9
132.0

48.8
95.0
-11.6
2.8
-1.6
-45.7
90.9

91.8
67.1
-33.2
42.1
-1.2
-91.1
124.6

Interbank claims
13
Corporate equities
14
Security credit
15
Trade debt
16
Profit taxes payable
17
Noncorp, proprietors' equity 18
Miscellaneous
19

20

902.5

1197.1

1493.9

1712.7

1795.2

1564.8

2364.5

1421.7

1794.0

1837.5

2129.1 Total financial sources

21
22
23

-.4
3.2
14.0

2.0
.1
-20.3

1.1
8.1
-13.8

1.2
3.8
.6

-.6
1.6
-4.8

1.3
10.2
62.6

1.6
10.8
-19.5

-3.1
-8.5
13.5

1.9
12.7
-9.4

2.1
-9.3
-3.6

-3.1
11.3
-20.2

24
25
26
27
28

-.2
-1.0
-15.9
-2.5
-16.2

-.2
-11.6
.4
-1.4
23.2

-.1
7.4
-19.4
-4.5
3.9

-.2
7.7
3.3
3.9
-10.6

-.1
2.4
4.8
-1.5
-5.7

-.2
10.7
41.1
.9
-72.8

-.5
16.7
7.2
6.6
.5

.2
-24.5
10.9
.5
32.0

-.1
5.4
-12.2
-4.5
-23.9

-.1
19.0
18.7
-3.5
-2.9

-.2
9.7
1.7
1.4
-28.1

29

921.6

1205.0

1511.1

1703.2

1799.2

1511.1

2341.1

1400.8

1824.1

1817.1

2156.7

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

- Floats not incl. in assets
Demand dep.: U.S. govt.
Other
Trade credit
- Liabilities not allocated
as assets
Treasury currency
Interbank claims
Security RPs
Profit taxes payable
Miscellaneous
Totals allocated to sectors
as assets

1
2
3

11
12

20
21
22
23

24
25
26
27
28

29

MARCH 2, 1987
Saving by Individuals

56
UNADJUSTED NET

Savins by Individuals
Amount and Composition of Individuals* Savln9 (1)

FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV 1

I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1979
1978
1980

1981

1 Increase in financial assets
156*416 159,768 107,697 115*151 139,214 144,905
2
Checkable deposits and curr. 27.251
6*391 11.259 25,747 14,914 51*398
3
Time and savln9s deposits
35*821 27*189 34*649 19*362 33*218 24,231
4
Money market fund shares
7*726 12,450 -6*080
-5,292
1*011
6*752

239.4
19.6
105.4
.2

281.7
22.4
99.2
6.9

307.7
25.9
74.0
34.4

333.7
12.8
126.2
29.2

363.7
30.0
66.2
107.5

1
2
3
4

38*361 75,701 24*832 19,576 12*115 29,875
1*551
2*398
5*563
1,529
3*948
1*646
-2,743 -10*633 -10,744 -12,419 -23,879 -21,226
13*985 16*466
3,649 16,657 24*654
8,525
4,765 15*794
9.947 38*664 -17,921
1,775

18.9
4.7
8.2
2.7
-3.0

36.7
3.9
17.8
7.6
4.1

34.6
-.8
22.7
22.4
10.4

13.3
-7.3
27.0
7.0
7.0

14.6
-4.3
38.1
11.4
11.0

5
6
7
8
9

7.271 15*555
4,282 -7,213 -1.105
-4,506
4*824 -8,601 11,582
18*037 17,256 -5*387
24*318 31,904 58,589 42*548 42.385 44*066
-22,228 -26,756 -25,431 -30,471 -26,976 -35.434

M

13.5
1.0
-8.2

-4.2
13.8
-.1
-6.2

-4.5
7.3
.4
-23.3

-11.7
-2.2
4.5
-10.8

-4.0
-8.6
6.0
-34.9

10
11
12
13

2*567
17*155
-4.711
19,009
11.461

9.3
16.8
29.4
22.5
17.3

10.9
19.1
30.6
27.9
28.0

10.4
19.4
51.9
24.4
32.7

9.7
22.3
51.2
35.3
33.5

8.9
29.5
37.8
39.7
29.4

14
15
16
17
18

167*380 169*161 154*536 169*268 186*332 190,176
43*050 44*132 43*094 38,457 47*636 49*649
31*255 28,759 26*324 35*695 35*140 31,993
91,269 100,982 82*030 91*842 101*176 113*328
3*274
1.806 -4,712
3*088
2*380 -4,794

342.5
92.2
61.8
184.5
4.0

396.0
114.0
70.9
205.6
5.6

426.7
128.7
75.9
219.0
3.2

403.5
113.6
79.7
219.3
-9.1

457.9
111.2
94.5
239.9
12.3

19
20
21
22
23

24 Capital consumption allowances 107*822 109*565 110*321 112,096 113,671 115*301
25
Owner-occupied homes
16*109 16*276 16*459 16*658 16*833 17,029
26
Other fixed assets (2)
27.089 27*469 26*883 27,334 27,557 27,860
Consumer durables
27
64*624 65*820 66*979 68*104 69*281 70*412

213.1
31.1
50.7
131.2

240.5
36.1
57.5
146.8

273.5
41.9
66.6
165.0

311.1
47.0
76.8
187.4

341.1
51.4
87.1
202.5

24
25
26
27

28 Net inv. in tangible assets
29
Owner-occupied homes
30
Other fixed assets (2)
31
Consumer durables
32
Inventories (2)

5
6
7
8
9

10
11
12
13

14
15
16
17
18

Securities
U.S. savinss bonds
Other U.S. Treasury secur.
U.S. govt. agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds
Open-market paper
Mutual fund shares
Other corporate equities

Private life insurance res.
Private insured pension res.
Private noninsured pin. res.
Govt, insurance 8 pen. res.
Miscellaneous finan. assets

19 Gross inv. in tangible assets
20
Owner-occupied homes
21
Other fixed assets (2)
22
Consumer durables
23
Inventories (2)

33 Net Increase in debt
34
Mtg. debt on nonfarm homes
35
Other mortgage debt (2)
36
Consumer credit
37
Security credit
38
Policy loans
39
Other debt (2)

2.872
16*211
8*096
24,917
8,179

2*669
17*406
-6*638
17*618
18*421

2*311
14*200
-6,438
8*973
11.159

2*550
15*020
1,629
17,378
6.163

2*518
16*988
15,681
23,257
8*073

59,596
27,856
1*290
35*162
-4,712

44*215
26*635
-559
15*051
3*088

57,172
21,799
8,361
23*738
3,274

74,875
32*620
4*133
42*916
-4.794

129.5
61.0
11.1
53.3
4.0

155.5
77.8
13.3
58.8
5.6

153.2
86.7
9.3
54.0
3.2

92.4
66.6
3.0
31.9
-9.1

116.8
59.7
7.4
37.4
12.3

28
29
30
31
32

103*290 127,653
42,295 42*315
20*555 24,417
31*699 26*657
2*500
9,752
-87
38
6*328 24*474

51.378
31*917
20*543
1,007
2,976
-76
-4,989

99,639 112*366 123*701
42.509 58*627 63.775
21,117 22,777 26*031
25,907 23*503 17*508
652
470 -1*309
109
-20
92
9*345
7,009 17*604

185.8
89.7
34.7
38.1
1.3
1.7
20.3

225.0
108.6
38.0
46.7
1.2
2.6
27.9

240.4
117.6
45.8
42.7
1.0
4.7
28.6

177.2
96.4
33.1
4.5
6.5
6.7
30.1

179.1
75.0
36.2
22.6
-1.7
7.4
39.5

33
34
35
36
37
38
39

91,711 100*534
17*618
8*973
35*162 15*051

72.684
17,378
23*738

99,509
23,257
31*895

96.079
19*009
42*916

183.1
22.5
53.3

212.2
27.9
58.8

220.5
24.4
54.0

249.0
35.3
31.9

301.5 40
39.7 41
37.4 42

3*410
278
72,822

1*740
249
29,579

2*456
232
41,669

4,000
203
29*951

.6
.3
106.3

.7
.9
123.9

.9
.9
140.2

1.8
.5
179.5

2.7 43
.2 44
221.4 45

59*558
26*941
4*166
26*645
1*806

40 Individuals* saving (1*28-33) 112*684
41 - Govt, insurance 8 pen. res.
24.917
42 - Net investment in cons. dur. 26*645
- Capital gains dividends
43
from mutual funds
920
44 - Net saving by farm corps.
304
45 = Personal saving* FOF basis
59*898

2,229
306
36*396

72,661
30*803
7*583
31*895
2*380

46 Personal saving* NIPA basis

39,917

42*808

35*938

13*831

34*009

30*270

90.7

110.2

118.1

136.9

159.4 46

47 Difference

19*981

-6*412

36*884

15*748

7*660

-319

15.6

13.7

22.2

42.6

62.0 47

(1) Combined statement for households* farm business*
and nonfarm noncorporate business.
(2) Includes corporate farms.
IV/86 BASED ON INCOMPLETE INFORMATION




MARCH 2, 1987
Saving by Individuals

Saving by Individuals
Amount and Composition of Individuals* Saving (1)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

I
1

1985

I
IV 1

1986

1982

1983

1984

1985

1986

1
2
3
4

402.3
19.3
126.7
24.7

468.3
39.5
198.6
-44.1

551.7
19.1
224.6
47.2

560.5
45.1
140.0
-2.2

507.0
103.3
111.5
20.8

533.0
95.9
145.2
-21.2

655.9
15.3
102.4
4.0

423.1
49.4
145.2
27.0

555.5
120.3
74.9
30.9

453.5
46.4
133.6
49.8

5
6
7
8
9

75.2
.2
53.3
2.2
24.7

104.8
3.1
63.6
-6.2
37.8

99.6
3.0
71.8
36.4
28.7

180.2
5.3
-10.3
65.8
59.4

86.4
13.6
-68.3
53.5
4.4

111.9
5.9
-75.4
48.9
42.3

333.5
5.6
-15.1
69.0
153.6

53.4
7.4
-90.3
39.9
-57.0

147.5
9.4
46.3
13.3
4.1

10
11
12
13

2.0
-9.2
16.8
-14.7

-12.7
4.4
32.1
-17.3

-3.4
-.5
38.0
-74.3

13.2
47.8
103.4
-104.2

11.5
2.4
187.6
-118.3

-25.3
107.6
100.6
-92.7

27.3
66.6
125.6
-99.1

50.1
-25.7
231.2
-102.3

14
15
16
17
18

7.0
39.7
36.7
43.9
29.1

7.8
40.2
48.7
53.5
19.2

5.0
45.2
20.3
63.9
26.9

10.4
63.4
10.2
66.5
46.9

9.9
63.4
6.2
68.6
36.9

11.5
64.8
23.7
65.9
35.2

10.7
69.6
-25.5
79.4
66.5

19
20
21
22
23

434.2
89.9
95.0
252.7
-3.4

505.2
124.9
98.9
289.1
-7.6

608.4
154.5
109.8
331.2
12.9

641.5
162.0
116.2
359.3
4.1

700.3
178.8
129.2
388.4
3.9

659.7
164.0
117.5
373.3
4.9

24
25
26
27

365.1
54.3
95.5
215.4

381.9
57.0
98.4
226.4

401.3
59.9
102.9
238.5

426.9
63.9
106.7
256.3

451.4
67.0
109.6
274.8

28
29
30
31
32

69.0
35.6
-.4
37.2
-3.4

123.3
67.8
.4
62.7
-7.6

207.1
94.6
6.9
92.7
12.9

214.6
98.1
9.5
102.9
4.1

33
34
35
36
37
38
39

140.4
49.5
37.1
17.7
3.8
4.2
28.1

279.6
110.4
69.1
56.8
8.4
1.1
33.9

336.5
129.3
87.9
95.0
-3.1
.4
27.0

40
41
42

330.9
43.9
37.2

312.0
53.5
62.7

43
44
45

2.4
.5
247.0

46
47

III

I

II

III

IV

596.9 Increase ln financial assets
Checkable deposits and curr.
197.5
92.3
Time and savings deposits
-24.3
Money market fund shares

1
2
3
4

-1.4
15.5
-170.0
59.3
65.3

146.7
21.9
-58.6
101.3
5.3

5
6
7
8
9

39.1
-11.5
171.9
-125.1

-37.6
4.7
173.3
-112.0

-5.5
42.2
174.0
-133.9

9.2
56.8
-26.3
58.2
50.1

10.2
60.1
14.9
72.6
24.1

10.1
68.0
53.5
58.5
35.1

10.3
68.6
-17.5
85.3
38.1

635.0
166.4
120.3
362.0
-13.7

663.6
170.1
122.7
360.8
10.1

691.2
177.1
128.1
373.9
12.1

734.5
179.9
132.6
414.5
7.4

712.0 Gross inv. in tangible assets
188.2
Owner-occupied homes
Other fixed assets (2)
133.3
Consumer durables
404.3
-13.8
Inventories (2)

19
20
21
22
23

431.3
64.4
108.4
258.5

438.3
65.1
109.9
263.3

441.3
65.8
107.5
267.9

448.4
66.6
109.3
272.4

454.7
67.3
110.2
277.1

461.2 Capital consumption allowances
68.1
Owner-occupied homes
111.4
Other fixed assets (2)
281.6
Consumer durables

24
25
26
27

248.9
111.9
19.5
113.6
3.9

228.4
99.6
9.2
114.8
4.9

196.7
101.3
10.4
98.7
-13.7

222.3
104.2
15.1
92.9
10.1

242.8
110.5
18.7
101.5
12.1

279.8
112.6
22.4
137.4
7.4

250.8 Net inv. in tangible assets
120.1
Owner-occupied homes
21.9
Other fixed assets (2)
Consumer durables
122.7
-13.8
Inventories (2)

28
29
30
31
32

393.9
149.4
85.7
96.6
16.7
-.1
45.7

387.1
196.8
90.5
67.9
2.8
.1
29.0

392.7
162.4
75.8
112.6
10.0
-.3
32.1

490.0
170.6
101.4
79.2
39.0
.2
99.7

284.3
116.2
102.3
63.6
11.9
-.3
-9.4

362.7
187.2
67.4
87.0
2.6
.4
18.1

426.8
226.8
84.2
78.9
1.9
-.1
35.1

475.6 Net Increase ln debt
Mtg. debt on nonfarm homes
257.1
107.9
Other mortgage debt (2)
Consumer credit
43.4
Security credit
-5.2
.4
Policy loans
72.0
Other debt (2)

33
34
35
36
37
38
39

422.3
63.9
92.7

381.2
66.5
102.9

368.8
68.6
113.6

368.8
65.9
114.8

362.6
79.4
98.7

361.1
58.2
92.9

435.5
72.6
101.5

306.5
58.5
137.4

40
41
42

4.4
.6
190.8

6.0
.7
259.0

4.9
1.2
205.7

11.6
1.0
174.0

5.6
1.2
181.2

7.5
1.2
175.8

11.8
1.1
197.1

8.3
1.0
252.1

11.9
.9
97.8

372.1 Individuals* saving (1*28-33)
85.3 - Govt, insurance 8 pen. res.
122.7 - Net Investment in cons. dur.
- Capital gains dividends
14.4
from mutual funds
.8 - Net saving by farm corps.
149.0 = Personal saving* FOF basis

154.0

130.6

168.7

143.3

114.0

119.6

125.7

145.7

153.0

84.0

73.5 Personal saving* NIPA basis

46

93.0

60.2

90.3

62.5

60.0

61.6

50.1

51.4

99.1

13.8

75.5 Difference

47

Securities
U.S. savings bonds
Other U.S. Treasury secur.
U.S. govt, agency secur.
Tax-exempt obligations
Corporate 8 foreign bonds
Open-market paper
Mutual fund shares
Other corporate equities

10
11
12
13

Private life Insurance res.
Private Insured pension res.
Private noninsured pen. res.
Govt, insurance 8 pen. res.
Miscellaneous finan. assets

14
15
16
17
18

(1) Combined statement for households* farm business*
and nonfarm noncorporate business.
(2) Includes corporate farms.

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

43
44
45

MARCH 2* 1987
Discrepancies

Discrepancies
Discrepancies - Summary for Sectors and Transactions

58

SEASONALLY ADJUSTED ANNUAL RATES
1982

1983

1984

1985

SEASONALLY ADJUSTED ANNUAL RATES
1986

I
1

Ill

1985

I
IV i

1

XI

1986

III

IV

Sector Discrepancies
1
2
3
4
5
6

-18.9
-93.0
35.6
2.9
3.2
29.2

-13.2
-60.2
32.2
5.4
10.2
4.7

-15.3
-90.3
34.3
4.6
11.8
20.0

15.2
-62.5
44.6
5.1
8.2
16.3

-9.0
-60.0
34.6
2.0
4.9
13.0

59.2
-61.6
87.7
3.3
22.4
-4.8

22.0
-50.1
50.9
5.4
.4
12.2

24.6
-51.4
9.6
3.1
13.2
20.8

-34.9
-99.1
21.4
6.7
12.8
49.9

9.8
-13.8
45.2
-.2
-5.9
-10.4

7
8
9
10

3.2
.3
—
6.3

-5.4
.1
6.3

4.3
.1
—
2.7

3.5
1.8
—
-11.9

-3.5
.2
-7.3

12.3
2.1
-13.7

3.1
5.4
K
-17.7

29.4
3.4

-9.1

-26.6
.4
H
-15.8

-5.1
-.5
M
-5.4

11
12
13
14
15
16

-3.4
-.8
-1.2
-1.3
M
-.2

-11.7
1.8
-1.7
-.7
-1.8
-9.3

1.5
1.9
-.4
1.0
1.5
-2.6

13.5
2.5
-1.7
.4
-.5
12.8

3.5
1.0
-4.6
.5
-.5
7.1

23.9
2.4
-2.5
.4
-1.4
25.0

15.4
2.5
-1.6
.8
-.7
14.4

35.1
1.9
-1.3
1.8
-1.0
33.7

-11.1
-.3
-6.1
.2
-1.5
-3.4

-36.1 Total* all sectors
-75.5
Households
62.1
Nonfin. corporate business
State and local governments
-1.5
-.4
U.S. government
-8.3
Foreign

1
2
3
4
5
6

-12.6
-2.3
—
1.2

Financial sectors
Sponsored credit agencies
Monetary authority
Commercial banks

7
8
9
10

.8
1.4
-6.5
1.0
.7
4.3

-11.4
1.2
-4.5
-1.0
-.2
-6.9

Private nonbank finance
Savings and loan assns.
Mutual savings banks
Life insurance
Other insurance
Finance n.e.c.

11
12
13
14
15
16

-36.1 Total* all types

Transaction Discrepancies
1
2
3
4

-18.9
-.2
-1.0
-15.9

-13.2
-.2
-11.6
.4

-15.3
-.1
7.4
-19.4

15.2
-.2
7.7
3.3

-9.0
-.1
2.4
4.8

59.2
-.2
10.7
41.1

22.0
-.5
16.7
7.2

24.6
.2
-24.5
10.9

-34.9
-.1
5.4
-12.2

9.8
-.1
19.0
18.7

5
6

-.4
3.2

2.0
.1

1.1
8.1

1.2
3.8

— .6
1.6

1.3
10.2

1.6
10.8

-3.1
-8.5

1.9
12.7

2.1
-9.3

-3.1
11.3

7
8
9
10

14.0
-2.5
-16.2
.1

-20.3
-1.4
23.2
-5.3

-13.8
-4.5
3.9
1.9

.6
3.9
-10.6
5.6

-4.8
-1.5
-5.7
-5.0

62.6
.9
-72.8
5.4

-19.5
6.6
.5
-1.4

13.5
.5
32.0
3.7

-9.4
-4.5
-23.9
-4.8

-3.6
-3.5
-2.9
-10.5

-20.2
1.4
-28.1
-8.5

11
12

-.1
-

5.3
-

-1.9

-5.6
-

5.0
-

-5.4

1.4
-

-3.7

4.8
-

10.5

8.5
-

BILLIONS OF DOLLARS.




IV/86 BASED ON INCOMPLETE INFORMATION

-.2
9.7
1.7

Treasury currency
Interbank claims
Security RPs
Demand deposit mail floats:
U.S. government
Other
Trade credit
Profit taxes payable
Miscellaneous
Nonfinancial

Nonfinancial components:
NIPA discrepancy
Pvt. wage accr. less disb.

1
2
3
4
5
6
7
8
9
10
11
12

MARCH 2, 1987
Discrepancies

Discrepancies

59

Discrepancies - Summary for Sectors and Transactions

UNADJUSTED NET FLOWS($ MILL)

UNADJUSTED NET FLOWS($ MILL)

III

1985

I
IV 1

I

II

1986

III

IV

1977

BILLIONS OF DOLLARS
1979
1978
1980

1981

Sector D iscrepancies

1 Total* all sectors
2
Households
3
Nonfin. corporate business
4
State and local 9overnments
5
U.S. government
6
Foreign

-368
-19,981
17,766
-4,706
2,864
378

30,399 -12,793
691 -12,071
6,412 -36,884 -15.748 -7,660
23.719 -2,344
3,539
6,763
2,788
5,353
1.324 -5,526
-1,541
7,564
3,395 -3,953
536
5,123 13.380
-913

15,191
319
26,630
872
-2,083
-4,594

-1.5
-15.6
19.3
-4.8
5.6
-7.8

18.5
-13.7
19.2
5.9
4.0
7.6

-4.2
-22.2
-10.1
10.9
5.7
22.2

-27.4
-42.6
4.4
8.9
-.6
17.1

-.7
-62.0
33.3
4.7
10.2
15.5

1
2
3
4
5
6

7
8
9
10

Financial sectors
Sponsored credit agencies
Monetary authority
Commercial banks

3,311
463
-4,655

-1,515
1,600
-3,146

8,395
750
-3,219

-5,199
-13
-3.031

-782
-186
-2,631

-5,953
-310
1,587

1.8
.1

H

-4.5
.1
-2.8

-10.7
.2
-5.0

-14.6
.5
-4.1

11
12
13
14
15
16

Private nonbank finance
Savings and loan assns.
Mutual savings banks
Life insurance
Other insurance
Finance n.e.c.

7,503
627
-453
1,030
-683
6.982

31
632
-737
-967
-132
1,235

10,864
441
-563
618
-412
10,780

-2,155
-93
-1,024
278
70
-1.386

2,035
403
-1,455
1,268
-171
1,990

-7,230
284
-1,551
-1,674
5
-4,294

1.7
-.5
-.3
1.3
-1.6
2.7

-1.8
-.2
K
1.5
-.8
-2.3

-5.9
-.3
M
-.5
1.1
-6.3

-11.0
.8
-.2
-.1
1.9
-13.3

-10.4
-.3
-.4
1.1
.7
-11.6

11
12
13
14
15
16

15,191
-46
3,729
-545

-1.5
-.3
-7.1
6.4

18.5

-4.2
-.2
-1.0
4.9

-27.4
-.2
-3.6
10.0

-.7
-*5
-7.5

1
2
3
4

-1.1
4.1

5
6

-2.4 7
.7 8
9
7.4 10

Transaction Discrepancies
1 Total, all types
2
Treasury currency
3
Interbank claims
4
Security RPs
Demand deposit mail floats:
5
U.S. government
6
Other
7
8
9
10

11
12

Trade credit
Profit taxes payable
Miscellaneous
Nonfinancial

Nonfinancial components:
NIPA discrepancy
Pvt. wage accr. less disb.

-368
-61
1.143
11,520

30,399 -12,793
-116
56
5,226 -8,054
810
3,113

-256
-4,619

923
13.024

9,894
-1,464
-18,186
1,661
-1,661
-

IV/86 BASED ON INCOMPLETE INFORMATION




691 -12,071
-30
-32
3,205
3,517
-3,646
5.842

«

-.5
15.9

w

-1,248
-9,811

887
6.751

-103
-8,742

-108
13,388

1.5
1.8

-.5

.3
-.1

-.6
2.3

12,489 -18,074
1,267
1,920
-2,907 10,310
-317
8.995

5,571
-916
-6,182
-5,261

-5,563
-2,645
-205
-3,828

13,224
114
-9,628
-4,937

-8.9
-1.0
6.1
K

-4.8
1.5
4.9
1.9

-14.4
1.5
4.9
-.2

-10.5
.6
-19.4
-6.1

6.9 7
.7 8
2.1 9
-5.2 10

5.261
-

3,828
-

4,937
-

K
-

-1.9
-

.2
-

6.1
-

5.2 11
- 12

317
-

-8,995
-
Full text of Z.1 Financial Accounts of the United States : March 2, 1987

FRASER
