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MAY 1979 FLOW OF FUNDS I-79 FLOW OF FUNDS ACCOUNTS 1ST QUARTER 1979 SEASONALLY ADJUSTED AND UNADJUSTED DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 TABLE LIST PAGE SUMMARY TABLES 1 Income and Product Distribution 2 Funds Raised in Credit Markets 4 Credit Market Supply of Funds SECTOR TABLES 6 Households 8 Total Nonfinancial Business Noncorporate Business 10 Nonfinancial Corporate Business 12 State+Local Governments Foreign 14 U.S. Government + Credit Agencies 16 Banking System 18 Commercial Banking Subsectors 20 Nonbank Finance Summary 22 Savings Institutions 24 Insurance + Pension Funds 26 Finance N.E.C. TRANSACTION TABLES 28 Monetary and Insurance Reserves Interbank Claims 30 Money and Deposits 32 U.S. Government Securities 34 Private Securities 36,38 Mortgages 40 Consumer Credit and Bank Loans N.E.C. 42 Open Market Paper Other Loans 44 Security Credit, Trade Credit, and Taxes Payable 46,48 Miscellaneous 50 Total Claims 52 Saving By Individuals 54 Discrepancies 56 Money Stock Relationship Flow of Funds Accounts First Quarter 1979 The tables in this publication present preliminary estimates of first quarter 1979 flows and revisions from the February publication for the four questers of 1978. Most of the 1978 revisions are for the fourth quarter and are based on a wide variety of more complete information that has become available since February and that is described in the table following these notes. The fourth quarter figures reflect a very preliminary tabulation of the December 31 Call Report for commercial banks, and the tables thus depart in statistical basis from other forms of banking publication. For the first three quarters of 1978 revisions reflect primarily more complete mortgage flows and a new benchmark for corporate working capital. Users who are interested in aggregates of credit flows on pages 2-5 should notice that the totals for the fourth and first quarters are affected to an unusual extent by foreign borrowing in U.S. markets. Foreign demand was very large in the fourth quarter, and in the first quarter there was evidently a sharp reversal of such flows. These movements were presumably related to expectations about international exchange rate movements during the period and were part of the offset to official intervention transactions during the period. The intervention flows are reflected mainly in flows in monetary reserves and U.S. Government securities, and the offsets to intervention are partly in the foreign borrowing mentioned above and partly in flows between banks and their foreign affiliates. These latter flows are detailed in the table, "Miscellaneous Iff, on pages 46-47. First quarter, 1979. First quarter estimates that are included in the 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 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, and this part of the system is included separately at the beginning of the list. - i - 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 for them 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. This publication is part of a quarterly series that is usually available at the middle of the second month following the quarter reported and that is distributed to a mailing list. The process of printing and mailing causes delays of up to two weeks or more from the time the estimates are completed, and to facilitate earlier access in the meantime copies of the computer printouts are distributed to Federal Reserve Bank information offices for use by the public. Tables on 1978 year-end outstanding assets and liabilities, as of the statistical basis in this publication, are available on request. The current quarterly tables are an extension of a body of data that includes all years from 1946 on an annual basis and quarterly periods from 1952 in both net flows and asset and liability positions. In annual form the data are available in Flow of Funds Accounts, 1946-75 (December 1976) in both flows and levels. 1976 and 1977 assets and liabilities were published in August 1978 in Flow of Funds Accounts, Assets and Liabilities, 1967-77. Quarterly history is available in either computer data tape form for the complete set or in specific printings of selected tables. Request and inquiries about the data, historical tabulations and computer tapes of the data should be addressed to: Flow of Funds Section B-3125 Board of Governors of the Federal Reserve System 20th and Constitution Avenue, N.W. Washington, D. C. 20551 (202) 452-3483 - ii - Information Status for Preliminary Estimates NONFINANCIALNational income and product accounts Available First quarterly estimate Major items missing Corporate profits, profit tax accruals, and undistributed profits. FINANCIAL-Households Estimates for this sector is almost entirely residual and derived from data for other sectors. Availability is thus dependent on schedules for other sectors. Principal types of borrowing--mortgages and consumer credit—are available in time for first quarterly estimates. Farms Bank loans. For sponsored agency loans, see item 9 below. U.S. Government loans. item 9 below. Nonfarm noncorporate business Bank and finance company loans, mortgage borrowing, open-market paper Net trade debt Nonfinancial corporate business For preceding quarter: working capital, net security issues, foreign direct investment. For current quarter: gross security offerings, mortgages, bank loans, open-market paper, finance company loans. Working capital, foreign direct investment, U.S. Government loans State and local governments Gross security offerings, deposits at banks, two months of quarter for Government security holdings Security retirements, last month of quarter for holdings for Government securities - iii - See FINANCIAL-- Available Major items missing 7. Rest of the world (U.S. International Transactions) Preceding quarter, two months of current quarter for capital movements Capital movements for last month of quarter, direct investment flows 8. U.S. Government Monthly Treasury Statement of Receipts and Outlays for last month of quarter, Federal Financing Bank statement Loans outstanding except at Federal Financing Bank 9. Sponsored credit agencies Balance sheets for FNMA, Home Loan Banks, Farm Credit Administration securities outstanding. FCA loans for most recent June or December FCA loans for March or September 10. Mortgage pools Complete None 11. Monetary authorities Complete None 12. Banking Banking and monetary estimates through last month of quarter two months for foreign agencies Recent all-bank totals, last month for foreign agencies 13. Savings and loan associations Last month of quarter on summary monthly basis Detailed listing of cash and investments. 14. Mutual savings banks Two months of quarter Last month of quarter 15. Deposit flows and consumer credit Other assets Credit unions - iv - FINANCIAL" Available Major items missing Life insurance companies Two months of quarter Last month Private Pension Funds Preceding quarter — Current quarter- State and local government retirement system Preceding quarter Current quarter Other insurance companies Preceding quarter- Current quarter- Finance companies Complete None REIT's Preceding quarter Current quarter Investment companies and money market funds Complete None Security brokers and dealers Borrowings Assets Because of special problems the last data available for this set of estimates is still the second quarter of 1978. Thus 3 quarters are still without the basic SEC source tabulation. - v - MAY 9, 1979 INCOME AND PRODUCT DISTRIBUTION INCOME AND PRODUCT DISTRIBUTION INCOME AND PRODUCT ACCOUNTS: GNP EXPENDITURES AND GROSS SAVING SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1978 I ! 1977 | IV I 1978 I II III IV I I 1979 I 1 2496.3 1528.8 170t.l 1887.2 2107.6 1958.1 1992.0 2087.5 2136.1 2214.8 2265.6 TOTAL GNP 1 2 3 4 5 6 2112.5 1576,8 218.1 339.1 196.6 1317.5 979.1 132.6 215.4 123.1 1449.7 1090.2 156.6 229.6 129.9 1600.5 1206.5 178.4 248.9 145.1 1774.0 1340.1 197.5 280.2 153.8 1667.7 1255.2 187.2 260.3 152.2 1693.4 1276.7 183.5 265.2 151.5 1747.6 1322.9 197.8 277.6 147.2 1796.7 1356.9 199.5 285.8 154.0 1658.5 1403.9 209.1 292.0 162.5 1904.2 CURRENT OUTLAYS 1444.7 HOUSEHOLDS 213.4 OF WHICH CONSUMER DURABLES 294.8 STATE + LOCAL GOVERNMENT 164.7 U. S. GOVERNMENT 2 3 4 5 6 7 375.6 190.9 243.0 297.8 345.6 313.5 322.7 345.4 350.1 364.0 371.6 GROSS DOMESTIC INVESTMENT 8 9 10 11 12 13 365.3 98.2 201.6 51.5 232.8 68.2 282.3 91.9 329.6 107.0 56.1 52.0 75.4 69.7 86.8 84.2 1.4 325.3 105.3 4.2 85.4 82.6 1.4 336.5 109.0 4.3 88.0 85.3 1.5 353.5 110.9 5. 39.7 37.0 306.0 100.3 4.6 82.3 80.9 1.3 350. 113. 61.1 58.6 300.5 100.2 4.8 82.6 76.7 1.2 14 15 16 .4 .2 .2 1.8 .9 .9 3.1 1.5 1.5 4.2 2.1 2.1 1.2 .6 .6 4.7 2.4 2.4 2.0 1.0 1.0 17 18 19 20 21 31.5 11.4 15.1 9.0 2.5 4.5 1.5 .5 12.4 15.7 4.4 .6 9.4 3.7 3.6 1.1 1.0 2.5 7.2 2.8 -.1 3.4 9.4 3.2 -.3 12.8 2.8 7.3 3.0 -.3 3.1 7.8 2.3 -.2 3.3 -.2 3.5 10.0 3.8 16.8 3.7 10.1 3.1 -.1 22 23 24 25 26 27 267.1 150.2 164.6 190.4 222.6 9.4 5.4 5.6 5.8 5.9 18.6 26.9 11.2 201.1 11.4 17.4 12.5 17.8 13.9 23.7 9.0 7.8 12.7 21.5 6.3 6.0 106.9 120.9 144.1 173.1 200.3 5.8 12.3 23.2 6.5 152.4 205.6 5.9 13.3 23.1 7.5 155.9 220.1 5.9 13.7 23.4 5.7 171.3 227.5 6.0 14.1 23.9 4.4 179.1 237.1 6.0 14.4 24.4 6.2 186.1 24.9 6.1 190.9 28 29 30 31 32 10.2 -2.9 13.1 -7.8 20.9 -10.7 10.2 -2.0 12.2 -1.0 13.3 .6 -.8 -14.3 -3.9 -10.4 15.0 16.7 13.1 16.8 13.1 2.7 10.4 2.7 7.7 16.9 -3.4 20.3 20.1 -2.0 22.1 1.9 20.2 13.6 -.9 14.6 -1.6 16.1 13.5 .1 13.4 2.7 10.7 19.6 2.4 17.2 33 34 35 8.2 244.2 236.0 20.4 147.3 126.9 163.2 155.7 -11.1 175.5 186.6 -12.0 204.8 216.8 -23.2 172.1 195.2 -24.1 181.7 205.8 -5.5 205.4 210.9 -10.7 210.1 220.8 -7.6 221.9 229.5 36 37 38 1740.4 1086.7 1184.4 1303.0 1451.8 122.4 83.6 68.0 66.9 76.9 1359.6 73.7 7.7 5.7 5.1 5.3 1391.6 82.4 5.9 1433.3 76.3 7.0 1468.4 76.0 5.2 1513.9 73.0 4.8 39 40 -18.5 13.2 -70.6 -53.8 20.7 -48.1 29.6 -29.9 28.3 -58.6 -52.6 -23.6 29.8 5.6 2.1 2.4 .9 3.5 6.2 3.1 1.1 7.4 4.0 1.5 15.6 1.9 4.5 16.0 -.1 41 42 43 44 45 225.9 120.4 155.9 173.9 202.0 .3 16.7 25.3 183.5 .6 6.1 .3 8.2 .4 9.6 .5 9.8 13.0 100.7 17.5 129.8 20.9 143.1 25.1 166.5 46 47 48 49 93.4 49.8 64.3 71.8 83.9 .3 17.0 76.1 .2 9.2 50 51 52 53 54 54.7 .2 8.5 .2 55 56 57 58 59 178.3 172.1 9.4 22.7 139.6 .2 .2 .3 40.3 11.3 52.7 12.9 58.7 15.4 68.2 31.9 37.9 43.7 49.3 .2 3.0 .4 .1 4.0 .3 .2 4.6 45.8 28.3 33.4 * .2 5.0 -.7 38.9 44.8 47.0 .2 4.7 -.7 42.8 77.8 38.7 53.8 58.4 68.8 55.1 -.2 8.3 8.1 .2 3.1 3.3 4.2 5.9 5.0 8.0 * 4.9 61.7 32.0 43.7 45.5 10.4 53.5 -5.9 * -20.8 28.8 205.5 .5 11.7 205.4 .5 169.0 169.8 14.1 55.6 .2 4.3 48.1 .2 5.8 88.4 1.3 50.1 .2 4.5 224.9 .6 9.1 27.6 187.6 MULTI-FAMILY UNITS HOUSEHOLDS NONCORPORATE BUSINESS NONFIN. CORP. BUSINESS REITS NONRES. PLANT + EQUIPMENT NONPROFIT INST. (HH) FARM NONFARM NONCORP. BUS. FINANCIAL CORPORATIONS NONFIN. CORP. BUSINESS INVENTORIES FARM NONFARM NONCORPORATE CORPORATE 1563.5 DISPOSABLE PERSONAL INCOME 80.9 PERSONAL SAVING 5.2 SAVING RATE (PER CENT) -13.0 FEDERAL GOVERNMENT SURPLUS 26.6 ST.+LOC. GOVERNMENT SURPLUS CORPORATE PROFITSt TAXES + DIVIDENDS: 228.9 PROFITS - TOTAL .6 FARMS 11.2 FOREIGN 28.5 FINANCIAL CORPORATIONS 188.6 NONFIN. CORPORATE BUSINESS 78.8 * 7.5 12.6 58.6 UNDIST. PROFITS - TOTAL FARMS FOREIGN BRANCH PROFITS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 55 56 57 58 59 CAP. CONS. ADJUST. - TOTAL FARMS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 60 61 62 63 -15.3 -16.1 -17.2 -19.3 -19.9 -20.7 -.6 -.4 -.6 -.3 -.6 -.3 -.6 -.4 -.6 -.5 -.6 -.5 -.7 -.6 -6.1 -11.7 -13.8 -14.2 -17.1 -14.4 -15.1 -16.2 -18.2 -18.7 -19.5 243.2 34.8 162.0 22.2 177.8 24.4 195.2 28.3 216.9 32.2 202.6 29.8 207.3 30.8 213.3 31.7 220.8 32.7 226.3 33.6 231.7 TOTAL CAPITAL CONSUMPTION OWNER-OCCUPIED yOMES (HH) 34.6 16.3 36.0 149.5 10.7 23.3 101.3 11.7 25.6 111.5 12.7 28.4 120.9 13.7 33.3 132.5 13.1 30.0 124.6 13.3 30.7 127.4 141.5 95.7 105.2 113.9 124.6 117.3 167.4 410.5 110.2 272.1 116.6 294.4 128.9 324.1 140.2 357.2 133.3 335.9 6.7 1.3 4.4 1.1 4.8 1.5 5.3 1.7 6.0 1.9 5.6 1.8 5.2 5.2 5.3 13.6 32.4 130.5 5.8 1.3 5.9 1.8 13.9 34.3 134.7 14.1 35.9 137.4 6.1 1.9 6.3 1.9 119.8 122.7 126.7 129.2 136.1 343.4 138.8 352.1 141.6 362.4 144.3 370.7 10.1 7.4 4.2 4.7 1.8 4.8 2.2 .5 .4 4.3 41.4 14.9 41.4 13.4 41.2 14.2 41.3 14.8 41.5 15.0 41.4 14.6 40.7 14.6 41.4 14.8 41.9 15.2 42.0 15.4 BILLIONS OF DOLLARS. 1/79 BASED ON INCOMPLETE INFORMATION. 41 42 43 44 45 50 51 52 53 54 -18.1 5.1 40 DIVIDENDS - TOTAL FARMS NET FOREIGN FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS -.6 -.2 5.0 36 37 54.0 .2 3.8 -.9 50.9 -14.9 5.2 28 29 30 31 32 51.9 .2 4.8 -.5 -.1 4.9 22 23 24 25 26 27 46 47 48 49 -14.4 4.6 17 18 19 20 21 TAX ACCRUALS - TOTAL FARMS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS -.3 -.1 4.5 16 96.1 .4 16.7 79.0 -12.0 6.6 10 11 12 13 -10.3 NET EXPORTS 229.0 EXPORTS 239.2 IMPORTS .1 * 7 94.4 .4 16.6 77.5 .1 4.3 * 17.7 3.9 10.8 3.2 -.1 PRIVATE FIXED INVESTMENT RESIDENTIAL CONSTRUCTION MOBILE HOMES 1-4 FAMILY STRUCTURES HOUSEHOLD PURCHASES FARM CHANGE IN WORK IN PROCESS ON NONFARM NONCORPORATE CORPORATE 5.3 NONPROFIT INSTITUTIONS (HH) FARM NONCORPORATE 14.4 NONFARM NONCORP. BUSINESS 37.0 TOTAL CORPORATE 140.3 6.5 FINANCIAL BUSINESS 1.9 CORPORATE FARMS NONFIN. CORPORATE BUSINESS 131.9 MEMO: CAP. CONS. ON CONSUMER 147.1 DURABLES NOT INCLUDED ABOVE 378.8 TOT. CAP. CONS. INCL. DURABLES 1.7 STATISTICAL DISCREPANCY 42.0 PROFIT TAX RATE (?) 14.8 PERSONAL TAX RATE it) (1) Purchases of condominium units. 64 65 66 67 68 69 70 71 72 73 74 75 76 77 MAY 11, 1979 FUNDS RAISED IN CREDIT MARKETS FUNDS RAISED IN CREDIT MARKETS SUMMARY OF FUNDS RAISED IN CREOIT MARKETS UNADJUSTED NET FLOWS <$ MILL. UNADJUSTED NET FLOWS ($ MILL.) 1977 1 IV 1 1 1978 II I III IV I1 1979 I 1969 CREDIT MARKET FUNDS RAISED BY'NONFINANCIAL 1 2 TOTAL FUNDS RAISED BY NONFINANCIAL SECTORS EXCLUDING EQUITIES 103.603 102.453 BILLIONS OF DOLLARS 1970 1971 1972 1973 SFCTORS 78.776 101.136 102.301 113.432 78.717 100.507 101.389 112.952 67.325 66.995 93.7 89.8 100.6 94.9 153.5 142.1 176.0 165.5 203.8 196.1 1 2 3 U.S. GOVERNMENT 4 TREASURY ISSUES 5 AGENCY ISSUES + MORTGAGES 20.676 20.744 -68 20.792 21.139 -347 2.582 2.706 -124 15.054 15.632 -578 15.253 15.636 -383 10.656 11.311 -655 -3.7 -1.3 -2.4 11.9 12.9 -1.0 24.9 26.0 -1.1 15.1 14.3 .8 8.3 7.9 .4 3 4 5 6 ALL OTHER NONFINANCIAL 7 CORPORATE EQUITIES DEBT INSTRUMENTS 8 82.927 1.150 81.777 57.984 59 57.925 98.554 629 97.925 87.247 912 86.335 98.179 480 97.699 56.669 330 56.339 97.3 3.9 93.5 88.8 5.8 83.0 128.6 11.5 117.2 160.9 10.5 150.4 195.5 7.7 187.9 6 7 8 78.929 1.350 77.579 55.837 389 55.448 92.411 698 91.713 81.920 900 81.020 82.256 612 81.644 58.701 330 58.371 93.6 3.4 90.2 86.0 5.7 80.3 123.5 11.4 112.0 156.9 10.9 146.0 189.3 9 7.9 10 181.4 11 9 10 11 SECTORS PRIVATE DOMESTIC NONFINANCIAL SECTORS CORPORATE EQUITIES DEBT INSTRUMENTS 12 13 14 15 16 17 13 19 DEBT CAPITAL INSTRUMENTS ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY RESID. COMMERCIAL FARM 49.060 5.380 7.241 36.439 25.041 2.442 7.095 1.861 35.456 3.416 4.028 28.012 19.753 2.026 3.992 2.241 56.560 11.160 5.890 39.510 28.530 2.572 5.597 2.811 56.882 10.399 4.864 41.619 28.921 3.027 6.774 2.897 49.664 5.131 5.334 39.199 27.427 2.601 6.888 2.283 37.612 3.010 4.064 30.538 21.666 2.326 4.763 1.783 52.5 9.9 12.0 30.6 18.1 4.9 5.7 1.8 60.2 11.2 19.8 29.2 14.4 6.9 7.1 .8 86.8 17.4 18.8 50.5 28.6 9.7 9.8 2.4 102.3 14.7 12.2 75.4 42.6 12.7 16.5 3.6 105.0 14.7 9.2 81.2 46.4 10.4 18.9 5.5 12 13 14 15 16 17 18 19 20 21 22 23 24 OTHER DEBT INSTRUMENTS CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER 28.519 11.058 9.178 1.403 6.880 19.992 3.293 8.584 1.758 6.357 35.153 17.898 12.316 1.036 3.903 24.138 14.648 5.962 799 2.729 31.980 14.094 8.737 1.578 7.571 20.759 4.684 6.329 2.934 6.812 37.8 10.4 15.7 1.8 9.9 20.1 5.9 6.8 2.6 4.8 25.3 13.1 8.1 -.4 4.4 43.7 17.1 18.9 .8 6.9 76.4 23.8 39.8 2.5 10.3 20 21 22 23 24 78.929 4.940 40.237 55.837 3.034 25.554 92.411 8.138 46.968 81.920 9.780 44.153 82.256 4.534 44.505 58.701 2.221 29.125 93.6 10.7 34.4 86.0 11.3 24.9 123.5 17.7 45.2 156.9 14.5 64.3 33.752 1.454 5.594 26.704 25.354 1.350 27.249 2.575 3.601 21.073 20.684 389 37.305 6.397 4.742 26.166 25.468 698 27.987 5.040 4.623 18.324 17.424 900 33.217 2.824 4.773 25.620 25.008 612 27.355 3.030 1.299 23.026 22.696 330 48.6 3.0 7.3 38.2 34.8 3.4 49.8 2.3 6.8 40.7 35.0 5.7 60.6 4.5 11.6 44.5 33.0 11.4 78.1 5.8 14.1 58.3 47.3 10.9 95.2 9.7 12.8 72.7 64.8 7.9 28 29 30 31 32 33 3.998 -200 4.198 931 2.307 452 508 2.147 -330 2.477 1.279 696 -233 735 6.143 -69 6.212 1.172 1.953 2.026 1.061 5.327 12 5.315 455 3.745 -171 1.286 15.923 -132 16.055 1.002 9.363 4.977 713 -2.032 0 -2.032 900 -3.974 375 667 3.7 .5 3.2 1.0 -.2 .3 2.1 2.7 .1 2.7 .9 -.3 .8 1.3 5.2 5.2 .9 2.1 .3 1.8 4.0 -.4 4.4 1.0 2.9 -1.0 1.5 6.2 -.2 6.4 1.0 2.8 .9 1.7 34 35 36 37 38 39 40 4.752 -4.841 -8.790 97.549 118.273 10.302 20.094 76.115 19.446 97.9 9.1 150.4 21.7 176.3 15.4 5.9 1.1 4.8 8.4 3.5 4.9 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 BY BORROWING SECTOR: ST.+LOC. GOVERNMENTS HOUSEHOLDS NONFINANCIAL BUSINESS FARM NONFARM NONCORPORATE CORPORATE DEBT INSTRUMENTS EQUITIES FOREIGN CORPORATE EQUITIES DEBT INSTRUMENTS BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER U.S. GOVERNMENT LOANS 41 MEMO: U.S. GOVT. CASH BALANCE -6.528 -6.353 11.613 TOTALS NET OF CHANGES IN U.S. GOVT. CASH B A L A N C E S — 42 TOTAL FUNDS RAISED 110.131 85.129 89.523 43 BY U.S. GOVERNMENT 27.204 27.145 -9.031 CREDIT MARKET FUNDS RAISED BY FINANCIAL TOTAL FUNDS RAISED BY FINANCIAL SECTORS * 21.962 26.154 18.986 28.052 28.634 7.797 2.175 5.622 0 8.215 4.424 3.791 0 11.180 6.658 4.522 0 10.117 5.989 4.128 0 11.901 5.998 5.903 0 10.110 5.745 4.365 0 9.5 9.1 .7 -.3 9.8 8.2 1.6 - - - 11.936 769 13.747 416 14.974 98 8.869 -201 16.151 166 18.524 123 25.6 6.3 5.9 4.8 9.5 3.5 11.167 3.025 160 1.728 3.135 3.119 13.331 2.239 636 -2.072 11.423 1.105 14.876 2.294 1.179 1.584 5.823 3.996 9.070 1.488 -345 730 3.313 3.884 15.985 1.462 -533 1.397 10.147 3.512 18.401 1.882 -427 -2.656 20.391 -789 19.3 .8 .2 1.3 12.9 4.0 1.1 2.7 .7 -.1 -3.5 1.3 14 TOTAL, BY SECTOR SPONSORED CREDIT AGENCIES 15 16 MORTGAGE POOLS 19.733 2.175 5.622 21.962 4.424 3.791 26.154 6.658 4.522 18.986 5.989 4.128 28.052 5.998 5.903 28.634 5.745 4.365 35.1 8.8 .7 17 18 19 20 21 22 23 24 25 11.936 -83<J 220 5.149 239 6.918 -470 295 424 13.747 6.953 889 2.050 252 2.276 ^429 23 1.733 14.974 -698 2.003 6.316 265 6.342 -164 -297 1.207 8.869 449 978 4.041 278 2.311 -229 -539 1.580 16.151 737 430 4.035 291 8.889 -395 -237 2.401 18.524 7.979 600 -1.737 304 4.693 -270 -257 7.212 25.6 2.4 4.3 4.1 .5 7.8 1.5 4.9 2 3 4 5 U.S. GOVT. RELATED SPONSORED CR. AG. SEC. MORTGAGE POOL SECURITIES LOANS FROM U.S. GOVERNMENT 6 7 PRIVATE FINANCIAL SECTORS CORPORATE EQUITIES 8 9 10 11 12 13 DEBT INSTRUMENTS CORPORATE BONOS MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER + RP«S LOANS FROM FHLB'S PRIVATE FINANCIAL SECTORS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS TOTAL CREDIT MARKET FUNDS RAISEC 19.9 16.3 3.6 2 3 4 5 19.9 2.8 37.7 1.5 6 7 6.0 3.8 2.1 1.9 .9 -2.7 17.1 5.1 1.7 5.9 4.4 36.2 3.5 -1.2 8.9 17.8 7.2 8 9 10 11 12 13 15.7 8.2 1.6 15.4 1.1 4.8 28.3 3.5 4.9 57.6 14 16.3 15 3.6 16 5.9 -2.0 -1.9 1.8 .4 2.6 2.2 2.8 9.5 2.4 -.4 -.1 .6 2.7 2.9 1.3 19.9 4.5 .7 2.0 .5 6.5 6.3 -.5 37.7 14.1 2.2 6.0 .5 9.4 6.5 -1.2 17 18 19 20 21 22 23 24 * ALL SECTORS, BY TYPE 123.336 100.738 127.290 121.287 141.484 295 23 -297 -539 -237 1.624 452 1.024 1.250 883 95.959 -257 710 128.7 4.9 5.2 116.3 2.8 7.7 168.9 1.3 13.7 204.3 -.5 13.8 261.4 -1.2 10.4 1 2 3 DEBT INSTRUMENTS 121.417 100.263 126.563 120.576 140.838 U.S. GOVERNMENT SECURITIES 28.498 29.031 13.789 25.197 27.174 STATE + LOCAL OBLIGATIONS 5.380 3.416 11.160 10.399 5.131 CORPORATE * FOREIGN BONDS 11.197 7.546 9.356 6.807 7.798 MORTGAGES 36.574 28.624 40.662 41.248 38.646 95.506 20.795 3.010 6.846 30.082 118.6 6.2 9.9 13.8 30.7 105.8 21.7 11.2 23.3 29.9 154.0 30.9 17.4 23.5 52.6 191.0 23.6 14.7 18.4 77.0 252.3 28.3 14.7 13.6 79.9 4 5 6 7 8 4.684 -301 23.700 6.690 10.4 16.8 15.1 15.8 5.9 6.3 -.1 7.5 13.1 12.1 .8 3.5 17.1 27.8 4.1 8.4 1 TOTAL FUNDS RAISED 2 INVESTMENT COMPANY SHARES 3 OTHER CORPORATE EQUITIES 9 10 11 12 205.5 42 9.9 43 SECTORS 19.733 1 189.3 25 13.2 26 80.9 27 CONSUMER CREDIT . BANK LOANS N.E.C. OPEN-MARKET PAPER + RP«S OTHER LOANS 11.058 13.213 4.990 10.507 1/79 BASED ON PRELIMINARY AND INCOMPLETE 3.293 7.208 12.948 8.197 17.898 15.853 8.885 8.960 INFORMATION. 14.648 10.437 3.941 7.899 14.094 19.497 16.702 11.796 23.8 9 51.6 10 21.2 11 19.1 12 MAY lit 1979 FUNDS RAISED IN CREDIT MARKETS FUNDS RAISED IN CREDIT MARKETS 3 SUMMARY OF FUNDS RAISED IN CREDIT MARKETS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I IV ! 1979 ! I 414. 412. 333.4 332.1 1978 1977 | IV | II III 379.5 377.0 413.3 409.6 CREDIT MARKET FUNDS RAISED BY NONFINANCIAL SECTORS TOTAL FUNDS RAISED BY NONFINANCIAL SECTORS EXCLUDING EQUITIES 1 2 341.2 335.1 208.1 198.0 272.5 261.7 340.5 337.4 395.6 393.6 367.1 362.5 3 4 5 20.2 21.0 85.4 85.8 69.0 69.1 56.8 57.6 -.8 -.4 -.1 -.9 53.7 55.1 -1.4 61.9 62.2 -.3 6 7 8 321.0 122.7 10.1 112.6 203.5 10.8 192.6 283.8 342.0 3.1 2.1 314.9 280.6 339.9 305.2 4.6 300.6 310.0 .2 309.8 328.0 2.5 325.5 354.0 3.6 350.3 376.4 1.9 374.5 309.4 ALL OTHER NONFINANCIAL SECTORS 1.3 CORPORATE EQUITIES 308.1 DEBT INSTRUMENTS 9 10 11 293.9 109.5 312.4 9.9 2.7 2.6 287.3 99.6 182.8 10.5 172.3 271.4 6.6 268.7 309.8 292.9 5.4 287.5 296.8 1.6 295.3 306.0 2.8 303.2 329.8 3.6 326.2 317.6 2.4 315.2 312.8 1.3 311.5 12 13 14 15 16 17 18 19 173.1 28.4 35.6 109.1 61.5 11.7 26.7 97.8 15.6 27.2 55.0 39.5 126.8 19.0 22.8 85.0 63.7 181.1 29.2 21.0 131.0 96.4 11.0 13.4 18.4 8.8 198.6 30.1 20.1 148.3 104.6 10.2 23.3 10.2 199.3 25.0 24.7 149.7 104.6 9.7 26.6 8.8 165.7 20.5 13.6 131.5 94.6 9.0 18.9 9.0 295.4 36.6 24.2 144.6 103.8 9.4 21.8 9.6 219.1 38.7 24.7 155.7 105.1 12.1 26.7 11.8 204.1 24.6 18.0 161.5 115.0 10.4 25.6 10.5 176.3 19.4 13.2 143.8 104.3 10.2 22.1 7.1 DEBT CAPITAL INSTRUMENTS ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY RESID. COMMERCIAL FARM 12 13 14 15 16 17 18 19 20 21 22 23 24 114.2 22.1 55.3 12.2 24.7 1.8 9.4 45.5 23.6 87.6 35.0 30.6 111.3 49.9 35.6 19.0 20.6 97.8 56.4 24.1 5.1 12.2 111.1 52.8 23.5 4.7 30.1 135.2 49.8 50.2 14.4 129.6 42.5 58.0 5.3 23.8 107.2 48.5 9.0 88.2 36.2 20.7 4.2 27.1 OTHER DEBT INSTRUMENTS CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER 20 21 22 23 24 25 26 27 293.9 26.8 93.4 109.5 13.2 48.6 182.8 18.5 89.9 271.4 25.9 139.6 312.4 25.5 161.2 292.9 23.2 145.9 296.8 19.0 146.5 306.0 24.5 162.7 329.8 36.2 169.7 317.6 22.2 166.3 312.8 16.2 161.9 28 29 30 31 32 33 173.7 14.4 14.1 145.3 138.6 47.7 74.4 11.0 37.0 27.1 9.9 58.2 47.7 10.5 106.0 14.7 12.6 78.7 76.0 125.8 16.8 17.7 91.2 88.6 2.6 123.8 13.2 15.5 95.2 89.8 5.4 131.3 11.2 24.3 95.8 94.3 1.6 118.7 17.9 16.4 84.4 81.7 2.8 123.9 20.1 17.8 86.0 82.4 3.6 129.2 18.1 12.7 98.4 95.9 2.4 134.7 13.6 16.9 104.2 102.9 1.3 34 35 36 37 38 39 40 27.1 13.2 20.7 12.3 29.5 12.3 22.0 -.3 22.3 4.7 5.3 8.1 4.2 24.1 58.8 -.5 59.3 4.0 32.6 19.9 2.9 -3.4 3.6 -11.2 1.5 2.7 350.6 22.6 6.1 9.2 6.6 * 4.6 -14.0 -2.6 8.7 2.0 7.4 1.8 6.1 3.5 4.0 2.9 5.2 2.7 5.2 376.1 375.8 -.5 .2 .3 .4 -.5 27.6 13.0 20.4 11.9 30.1 5.0 1.6 2.4 3.0 15.8 6.6 3.8 3.7 5.6 1.8 2.0 13.2 -1.3 14.5 5.1 7.4 -.9 2.9 339.4 55.7 390.5 48.5 377.7 72.5 395.3 85.3 2.6 6.2 3.7 .3 2.8 348.8 27.8 205.3 82.5 3.6 7.9 13.5 8.5 6.6 1.9 3.3 269.4 65.9 3.9 24.0 U.S. GOVERNMENT 26.6 TREASURY ISSUES -2.6 AGENCY ISSUES + MORTGAGES 51.5 52.0 -.5 24.1 1.8 17.8 -.7 5.1 -3.4 PRIVATE DOMESTIC NONFINANCIAL SECTORS CORPORATE EQUITIES DEBT INSTRUMENTS BY BORROWING SECTOR: ST.+LOC. GOVERNMENTS HOUSEHOLDS NONFINANCIAL BUSINESS FARM NONFARM NONCORPORATE CORPORATE DEBT INSTRUMENTS EQUITIES FOREIGN CORPORATE EQUITIES DEBT INSTRUMENTS BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER U.S. GOVERNMENT LOANS 1 2 3 4 5 6 7 8 9 10 11 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 11.8 -.8 -28.0 MEMO: U.S. GOVT. CASH BALANCE TOTALS ^ET OF CHANGES IN U.S. GOVT. CASH BALANCES — 401.4 415.1 361.4 TOTAL FUNDS RAISED 47.5 38.7 52.0 BY U.S. GOVERNMENT CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS 2 3 4 5 44.4 33.2 2.3 3.3 7.0 9.8 1.4 10.3 15.7 -.4 20.5 -1.2 6 7 19.9 -1.9 10.6 32.6 53.7 -.1 .6 1.0 .6 .5 20.0 -2.5 2.9 2.3 9.6 5.8 2.1 32.0 10.1 53.3 3.5 -3.6 -3.7 -4.0 -2.0 29.2 8 9 10 11 12 13 -2.4 9.7 -4.4 13.5 13.5 .9 -.1 18.6 7.3 26.3 38.3 23.7 15.2 41.4 23.1 18.3 " 14.4 30.7 12.5 38.7 11.7 2.8 4.7 9.0 10.4 58.8 3.1 * 4.3 7.5 .9 1.6 1.4 50.7 .7 70.9 9.9 3.1 -1.6 46.6 12.8 50.1 6.9 1.4 2.7 23.8 15.3 70.3 104.2 36.9 20.4 16.5 45.7 22.1 23.6 92.6 .2 58.1 5.R 2.0 15.5 10.0 .1 3.5 36.9 11.9 14 15 16 64.3 34.6 11.7 3.2 2.9 5.8 10.3 15.7 20.5 95.2 23.1 18.3 71.1 7.2 22.5 111.1 23.7 15.2 94.9 9.8 70.3 20.4 16.5 104.2 22.1 23.6 17 18 19 20 21 22 23 24 25 19.9 -14.6 -1.9 -1.4 10.6 32.6 53.7 7.5 -.8 4.8 1.3 7.4 4.3 41.4 -3.4 13.2 -2.2 11.9 16.4 16.9 -2.4 -1.0 19.8 -1.2 -1.1 72.3 27.8 3.6 18.3 1.0 16.6 -1.7 -.2 6.9 50.7 -2.8 8.0 21.0 1.1 20.2 -.7 -.9 4.8 33.4 1.8 3.9 10.5 1.1 12.6 -.9 -1.9 6.3 58.5 2.9 1.7 15.9 1.2 30.0 -1.6 -1.2 9.6 5.7 1.5 10.8 .3 -1.6 4.5 .3 * 1.0 .6 .9 6.4 -1.4 -2.4 -1.0 -.1 1.3 * .9 .2 1.1 6.9 20 1.0 21.6 -1.9 .9 1.7 139.0 46.5 29.0 17.5 -3.8 83.1 5.4 TOTAL FUNDS RAISED BY FINANCIAL SECTORS U.S. GOVT. RELATED SPONSORED CR. AG. SEC. MORTGAGE POOL SECURITIES LOANS FROM U.S. GOVERNMENT 1 2 3 4 5 PRIVATE FINANCIAL SECTORS 6 CORPORATE EQUITIES 7 DEBT INSTRUMENTS 8 CORPORATE BONDS 9 MORTGAGES 10 BANK LOANS N.E.C. 11 OPEN-MARKET PAPER + RP'S 12 LOANS FROM FHLBfS 13 139.0 TOTAL, BY SECTOR 29.0 SPONSORED CREDIT AGENCIES 17.5 MORTGAGE POOLS 2.4 3.3 1.2 27.3 -1.1 -1.3 28.8 PRIVATE FINANCIAL SECTORS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS 17 18 19 20 21 22 23 24 25 TOTAL CREDIT MARKET FUNDS RAISED, ALL SECTORS, BY TYPE 1 2 3 405.5 -1.6 219.8 7.7 10.8 301.7 -1.0 12.9 399.4 -1.0 490.8 -l.l 3.6 6.5 487.2 -.2 1.8 474.4 -.9 4.1 483.6 -1.9 5.0 518.5 -1.? 3.5 472.4 TOTAL FUNDS RAISED -1.3 INVESTMENT COMPANY SHARES 2.8 OTHER CORPORATE EQUITIES 4 5 6 7 8 399.4 63.4 28.4 42.8 106.5 209.1 98.2 15.6 36.4 57.2 289.8 88.1 19.0 37.2 87.1 395.6 84.3 29.2 36.1 134.0 488.2 95.2 30.1 31.5 149.2 43 0.9 91.7 25.0 40.1 152.4 485.6 105.0 20.5 28.6 134.6 471.2 95.8 36.6 35.8 145.9 480. 96. 516.3 83.7 24.6 27.8 161.5 470.9 70.6 19.4 25.5 142.5 9 10 11 12 22.1 72.9 21.3 42.1 9.4 23.6 -13.9 -2.4 35.0 32.2 19.8 25.1 49.9 53.0 42.5 36.9 36.2 30.9 15.0 39.6 42.5 63.8 51.0 56.4 32.1 36.9 31.7 52.8 59.5 61.6 44.8 49.8 35.2 94.2 33.7 -.1 8.7 BILLIONS OF DOLLARS. 6.4 13.3 15.3 4.8 1/79 BASED ON INCOMPLETE INFORMATION. 33.8 154.8 56.7 20.4 DEBT INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER LOANS 4 5 6 7 8 11 12 MAY 11, 1979 CREDIT MARKET SUPPLY OF FUNDS 4 CREDIT MARKET SUPPLY OF FUNDS DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1977 | IV | TOTAL FUNDS ADVANCED I N CREDIT MARKETS TO NONFINANCIAL SECTORS 102.453 1978 I II III IV 78.717 100.507 101.389 112.952 \ | 1979 I BILLIONS OF DOLLARS 1970 1971 1972 66.995 94.9 142.1 RY PUBLIC AGENCIES + FOREIGN 2 TOTAL NET ADVANCES, BY TYPE 27. 574 28.184 23.365 7.722 3 U.S. GOVERNMENT SECURITIES 14.312 15.344 4.720 5.680 4 RESIDENTIAL MORTGAGES 5. 913 1.105 3.996 5 FHLB ADVANCES TO S+L"S 3. 119 7.015 5.967 6 OTHER LOANS + SECURITIES 4. 230 TOTALS ADVANCED, BY SECTOR 5.568 3.603 7 U.S. GOVERNMENT 4. 340 8.534 12.634 8 GOVT.RELATED AG. + POOLS 7. 926 649 -1.688 9.153 9 MONETARY AUTHORITIES 10 FOREIGN 15, 957 15.770 -2.025 AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED 8.215 11.180 11 IN LINE 1 7. 797 PRIVATE DOMESTIC FUNDS 19 20 21 22 23 6.249 11.548 4.898 3.551 4.268 7.792 -789 5.616 6.3 .3 5.1 4.0 6.9 29.4 15.3 6.5 1.3 6.2 43.4 34.4 7.0 -2.7 4.6 19.8 7.6 7.0 5.1 34.1 9.5 8.2 7.2 9.2 3.205 13.306 -5.413 20.498 4.257 11.077 -7.009 -4.057 3.1 9.4 4.2 -.5 2.8 11.1 5.0 10.5 2.8 5.2 8.9 26.4 1.8 9.2 .3 8.4 2.8 7 21.4 8 9 9.2 .6 10 10.117 11.901 10.110 -8.351 * 2 3 4 5 6 82.676 14.186 5.380 6.968 21.545 37.716 3.119 58.748 13.687 3.416 5.084 17.035 20.631 1.105 88.322 6.067 11.160 6.514 25.395 43.182 3.996 85.260 17.711 10.399 4.942 24.277 31.815 3.884 93.257 13.868 5.131 5.786 21.595 50.389 3.512 72.837 29.146 3.010 5.014 16.171 18.707 -789 82.9 5.8 9.9 12.5 17.9 40.9 4.0 75.3 6.4 11.2 20.0 14.7 24.3 1.3 104.6 -3.6 17.4 19.5 31.2 37.4 -2.7 154.1 16.0 14.7 13.1 48.2 62.1 70.666 30.819 17.230 14.700 7.917 50.778 13.530 19.862 17.772 -3 86 85.484 40.471 21.513 16.508 6.992 72.316 32.730 21.887 17.793 -94 79.954 35.144 14.929 17.984 11.897 58.434 11.822 17.543 20.298 8.771 57.3 18.6 14.6 13.2 10.8 76.5 35.0 17.4 17.2 6.9 110.3 50.6 39.9 13.7 6.1 70.666 50.151 11.167 50.778 16.775 13.331 85.484 36.899 14.876 72.316 29.818 9.070 79.954 47.870 15.985 58.434 3.741 18.401 57.3 2.3 19.3 76.5 60.7 1.1 9.348 8.051 2.022 11.790 -12.515 20.672 -2.004 -3.757 13.204 13.229 33.709 1.523 4.399 14.813 12.974 33.428 16.099 5.796 7.379 7.526 -25 14.631 14.955 11.443 -12.178 36.292 7.694 -7.765 15.112 21.251 35.6 14.2 182.0 18.8 14.7 10.0 48.4 97.2 7.2 12 13 14 15 16 17 18 149.7 70.5 48.2 17.2 13.9 165.4 B6.5 36.9 23.9 18.0 19 20 21 22 23 110.3 89.4 6.0 149.7 100.6 17.1 165.4 24 86.6 25 36.2 26 10.8 10.6 14.7 -6.9 2.9 13.3 5.5 14.9 -4.1 2.2 8.6 8.1 32.0 4.6 .7 11.6 15.0 42.5 5.8 -1.0 18.4 19.4 27 28 29 30 31 * INTERMEDIATE N CREDIT MARKET FUNDS ADVANCED BY PRIVATE FINANCIAL INSTS. COMMERCIAL BANKING SAVINGS INSTITUTIONS INSURANCE + PENSION FUNDS OTHER FINANCE 24 SOURCES OF FUNDS PRIVATE DOMESTIC DEPOSITS 25 CREDIT MARKET BORROWING 26 27 28 29 30 31 31.596 13.306 8.413 3.512 6.365 ADVANCED 12 TOTAL NET ADVANCES U.S. GOVERNMENT SECURITIES 13 14 STATE + LOCAL OBLIGATIONS CORPORATE + FOREIGN BONDS 15 16 RESIDENTIAL MORTGAGES 17 OTHER MORTGAGES • LOANS LESS: FHLB ADVANCES 18 PRIVATE FINANCIAL 26.246 7.486 7.645 3.884 7.231 OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE • PENSION RES. OTHER, NET PRIVATE DOMESTIC NONFINANCIAL * INVESTORS 32 DIRECT LFNDING IN CR. MARKETS U.S. GOVERNMENT SECURITIES 33 STATE + LOCAL OBLIGATIONS 34 CORPORATE + FOREIGN BONOS 35 OPEN-MKT PAPER, ETC. 36 37 OTHER 23.177 12.361 2.141 -1.298 4.169 5.804 21.301 8.736 422 -8 8.930 3.221 17.714 1.904 4.962 395 5.668 4.785 22.014 14.135 3.124 47 -159 4.867 29.288 11.295 1.084 -2.218 13.853 5.274 32.804 13.677 -54 833 14.501 3.747 45.0 17.7 8.4 5.4 10.0 3.6 -.1 -7.3 -1.3 9.5 -5.1 4.1 .3 -10.7 .8 8.3 -1.1 3.0 21.5 3.9 3.0 4.4 2.9 7.3 52.8 19.2 5.4 1.3 18.3 8.6 32 33 34 35 36 37 38 DEPOSITS + CURRENCY 39 TIME + SAVINGS ACCOUNTS 40 LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS 41 AT SAVINGS INSTITUTIONS 42 53.544 27.898 8.168 6.343 13.387 17.627 34.644 1.388 16.816 16.440 40.499 26.529 4.366 7.487 14.676 30.998 30.532 1.397 12.655 16.480 51.439 28.883 6.068 9.451 13.364 3.863 25.879 -7.056 13.968 18.967 5.1 -2.2 -13.7 3.1 8.4 64.2 55.3 14.5 24.1 16.6 92.8 79.1 6.3 33.2 39.6 105.0 83.8 7.7 30.6 45.4 90.6 76.1 18.1 29.6 28.5 38 39 40 41 42 25.646 -17.017 22.253 -17.869 852 3.393 13.970 10.370 3.600 466 -714 1.180 22.556 -22.016 18.987 -22.138 3.569 122 7.3 4.5 2.8 8.9 5.4 3.5 13.7 10.4 3.4 21.2 16.8 4.4 43 44 45 MONEY DEMAND DEPOSITS CURRENCY 14.4 43 10.5 44 3.9 45 TOTAL OF CREDIT MARKET INSTRUMENTS, DEPOSITS + CURRENCY 76.721 38.928 58.213 53.012 80.727 36.667 93.2 126.5 47 PUBLIC HOLDINGS AS * OF TOTAL 48 PVT. FINAN. INTERMEDIATION (S) 49 TOTAL FOREIGN FUNDS 26.913 85.473 24.008 35.804 86.433 13.766 23.247 96.786 -502 25.886 84.818 10.930 27.972 85.735 26.294 6.370 80.225 3.637 101.7 30.5 05.4 22.3 12.0 97.2 13.0 17.4 47 90.9 48 6.4 49 46 69.0 CORPORATE EQUITIES MOT INCLUDED ABOVE 1 TOTAL NET ISSUES 2 MUTUAL FUND SHARES 3 OTHER EQUITIES 4 ACQ. BY FINANCIAL INSTITUTIONS 5 OTHER NET PURCHASES 1.919 295 1.624 3.399 -1.480 -1.248 1.723 727 -297 1.024 711 -539 1.250 646 -237 453 -257 883 710 10.1 4.9 5.2 10.5 2.8 7.7 15.0 1.3 13.7 13.3 -.5 13.8 9.2 -1.2 10.4 1 2 3 881 -154 1.011 -300 3.018 -2.372 -930 1.383 12.2 -2.1 11.4 -.9 19.2 -4.3 16.5 -3.3 13.3 -4.1 4 5 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. MAY 11, 1979 CREDIT MARKET SUPPLY OF FUNDS CREDIT MARKET SUPPLY OF FUNDS DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS SEASONALLY ADJUSTED ANNUAL SEASONALLY ADJUSTED ANNUAL RATES 197* 1975 1976 1977 335.1 198.0 261.7 337.4 2 3 4 5 6 101.8 24.7 27.1 13.5 36.5 44.3 22.5 16.2 -4.0 9.5 54.5 26.8 12.8 -2.0 16.9 85.4 40.2 20.4 4.3 20.5 7 8 9 10 19.3 48.9 12.6 21.1 15.1 14.5 8.5 6.1 8.9 20.6 9.8 15.2 11.8 26.9 7.1 39.5 12 13 14 15 16 17 18 277.7 38.7 28.4 37.6 45.8 140.5 13.5 167.3 75.7 15.6 32.8 23.2 16.1 -4.0 225.7 61.3 19.0 30.5 52.7 60.4 -2.0 1978 I ! 1978 1977 I IV | II III 409.6 IV I 1 RATES 1979 I TOTAL FUNDS ADVANCED IN CREDIT MARKETS 412.4 332.1 TO NONFINANCIAL SECTORS 362.5 375.8 377.0 109.4 43.9 26.5 12.5 26.6 121.8 65.6 23.0 10.4 22.8 122.3 55.2 26.7 12.8 27.6 85.0 30.1 20.2 15.3 19.4 88.3 26.7 25.3 10.0 26.2 142.0 63.4 33.6 11.9 33.1 18.6 46.0 7.0 37.8 17.8 28.7 6.2 69.2 28.7 39.4 -4.2 58.4 51.3 30.1 22.3 88.3 146.0 12.5 270.4 26.1 25.0 23.6 91.2 115.0 10.4 292.4 49.8 20.5 17.9 76.8 140.2 12.8 336.2 65.6 36.6 26.7 92.9 129.6 15.3 358.3 59.6 38.7 25.0 91.7 143.3 10.0 316.1 20.3 24.6 19.8 91.7 171.6 11.9 BY PUBLIC AGENCIES + FOREIGN 28.4 TOTAL NET ADVANCES, BY TYPE U.S. GOVERNMENT SECURITIES -40.2 RESIDENTIAL MORTGAGES 40.6 FHLB ADVANCES TO S+L»S 5.4 OTHER LOANS + SECURITIES 22.6 TOTALS ADVANCED, BY SECTOR U.S. GOVERNMENT 21.7 10.4 25.0 13.8 GOVT.RELATED AG. + POOLS 50.4 49.8 44.5 49.6 MONETARY AUTHORITIES 29.9 -25.5 -10.4 12.4 FOREIGN -5.7 -20.7 88.8 9.7 AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED 44.2 36.9 45.7 46.5 IN LINE 1 PRIVATE DOMESTIC FUNDS ADVANCED 44.1 29.2 22.3 83.2 103.7 4.3 350.1 TOTAL NET ADVANCES U.S. GOVERNMENT SECURITIES 110.8 STATE + LOCAL OBLIGATIONS 19.4 CORPORATE + FOREIGN BONDS 17.0 RESIDENTIAL MORTGAGES 73.8 OTHER MORTGAGES + LOANS 134.5 LESS: FHLB ADVANCES 5.4 PRIVATE FINANCIAL 279.5 296.8 126.0 76.1 309.3 147.9 86.3 68.0 268.6 108.3 70.9 296.8 131.6 50.1 309.3 171.9 33.9 279.5 113.7 58.1 89.4 2.0 115.1 -14.0 52.1 12.5 103.5 27.8 ^4.6 56.9 23.4 107.7 15.0 38.7 61.8 -7.9 19 20 21 22 23 224.9 119.5 44.0 52.6 8.9 119.9 27.6 52.0 41.5 -1.1 191.2 58.0 71.4 51.7 10.1 249.6 85.8 84.8 62.0 16.9 288.5 121.9 78.2 70.1 18.4 235.4 77.9 79.6 61.1 16.8 268.6 24 25 26 224.9 132.9 20.0 119.9 90.6 -2.5 191.2 121.5 9.6 249.6 136.0 32.0 288.5 131.4 53.3 235.4 124.5 38.7 27 28 29 30 31 72.1 27.9 -8.9 47.3 5.7 31.9 .9 -1.7 29.6 3.1 60.1 5.1 ^•.1 34.8 20.3 81.6 11.6 4.3 48.0 17.8 103.9 12.7 8.1 57.6 25.5 72.3 24.4 15.2 48.9 -16.2 112.9 78.9 68.1 8.7 100.7 71.6 7.1 5.9 59.6 49.3 37.1 94.7 44.2 2.0 -4.3 34.2 18.6 89.5 31.1 19.7 -1.8 23.4 17.0 82.9 47.6 7.9 .3 7.2 19.9 140.7 114.4 17.5 182.4 148.3 302.2 107.9 69.8 78.2 46.2 INTERMEDIATION CREDIT MARKET FUNDS ADVANCED BY PRIVATE FINANCIAL INSTS. COMMERCIAL BANKING SAVINGS INSTITUTIONS INSURANCE + PENSION FUNDS OTHER FINANCE 302.2 SOURCES OF FUNDS 54.8 PRIVATE DOMESTIC DEPOSITS 92.3 CREDIT MARKET BORROWING OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE + PENSION RES. OTHER. NET PRIVATE DOMESTIC NONFINANCIAL 33 34 35 36 37 29.7 16.6 8.8 2.0 15.6 23.0 8.3 8.0 -.8 6.4 19.6 6.8 2.1 4.1 11.5 24.6 9.1 1.1 9.5 16.2 36.1 9.6 -1.8 28.3 18.1 73.6 32.5 12.9 .2 11.5 16.5 38 39 40 41 42 145.6 108.9 34.2 41.6 33.1 96.8 84.8 -14.1 39.4 59.4 128.8 112.2 -14.4 58.1 68.5 144.3 120.1 9.3 41.7 69.1 140.6 120.6 13.2 46.4 61.0 129.7 108.0 32.7 16.3 59.0 43 44 45 36.7 24.0 12.7 12.0 5.8 6.2 16.6 9.3 7.3 24.2 15.9 8.3 20.0 10.8 9.2 21.7 46 218.3 141.6 172.9 47 48 49 30.4 81.0 49.0 22.4 71.7 7.1 20.8 84.7 20.3 25.3 89.7 51.1 27.8 88.6 50.5 119. 108.! 5. 5.6 39.7 57.2 13 14 15 16 17 18 20 21 22 23 24 25 27 28 29 30 INVESTORS 21.4 8.8 -1.4 48.4 17.6 140.3 DIRECT LENDING IN CR. MARKETS 66.1 U.S. GOVERNMENT SECURITIES * STATE + LOCAL OBLIGATIONS -1.0 CORPORATE + FOREIGN BONDS 55.9 OPEN-MKT PAPER, ETC. 19.3 OTHER 32 33 34 35 36 37 119.8 111.1 24.3 26.5 60.3 62.7 DEPOSITS + CURRENCY 72.8 TIME + SAVINGS ACCOUNTS -28.2 LARGE NEGOTIABLE CD'S 38.8 OTHER AT COMMERCIAL BANKS 62.2 AT SAVINGS INSTITUTIONS 38 39 40 41 42 16.5 5.2 10.8 -.2 11.0 26.3 17.2 9.2 34.1 23.6 8.7 2.5 6.2 203.3 214.0 230.2 265.3 214.6 33.6 87.1 93.5 32.5 91.9 60.4 22.5 88.3 .2 21.5 86.3 37.5 34.4 88.4 103.8 -10.0 -17.9 7.9 43 44 MONEY DEMAND DEPOSITS CURRENCY TOTAL OF CREDIT MARKET INSTRU203.0 MENTSt DEPOSITS + CURRENCY 8 . 6 PUBLIC HOLDINGS AS % OF TOTAL 8 6 . 3 PVT. FINAN. INTERMEDIATION ( ? ) 2 0 . 7 TOTAL FOREIGN FUNDS 46 47 48 49 CORPORATE EQUITIES NOT INCLUDED ABOVE 1 2 3 6.0 -1.6 7.7 10.7 -.1 10.8 11.9 -1.0 12.9 3.8 -1.0 4.8 2.6 -1.1 3.6 7.4 .9 6.5 1.6 -.2 1.8 3.2 -.9 4.1 3.1 -1.9 5.0 2.3 -1.2 3.5 4 5 10.5 -4.5 9.7 1.0 12.5 -.7 6.2 -2.4 3.7 -1.1 4.6 2.8 -.9 2.5 4.8 -1.6 8.1 -5.0 2.6 -.3 IILLIONS OF DOLLARS. 1. 2. 6. 11. 1.5 TOTAL NET ISSUES -1.3 MUTUAL FUND SHARES 2.8 OTHER EQUITIES . 2 ACQ. BY FINANCIAL INSTITUTIONS 1.3 OTHER NET PURCHASES 1/79 BASED ON INCOI 30. Excludes net investment of these reserves in corporate equities. 31. Mainly retained earnings and net miscellaneous liabilities. 17. Page 2, line 2. Sum of lines 3-6 or 7-10. Includes farm and commercial mortgages. Credit market funds raised by Federally sponsored credit agencies. Includes all GNMA-guaranteed security issues backed by mortgage pools. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum of lines 27, 32, 39 and 44. Includes farm and commercial mortgages. 46. Lines 32 + 38 or line 12 less line 27 plus line 45. 25. Lines 3 9 + 4 4 . 47. Line 2/line 12. 26. Excludes equity issues and investment company shares. 48. Line 19/line 12. 28. Foreign deposits at commercial banks, bank borrowings from foreign branches, and liabilities of foreign banking agencies to foreign affiliates. * 49. Line 10 plus line 28. 12. 29. Demand deposits at commercial banks. Includes line 18. 32. Line 12 less line 19 plus line 26. 33-37. Lines 13-17 less amounts required by private finance. includes mortgages. 39-44. See line 25. 45. Mainly an offset to line 9. Corporate Equities Line 1 and 3. Includes issues by financial institutions. Line 37 HAY 11 v 1979 HOUSEHOLDS HOUSEHOLDS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS i$ UNADJUSTED NET FLOWS ($ MILL.) 1977 | IV I 1978 II 1979 I III MILL.l BILLIONS OF DOLLARS 1970 1971 1972 HOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS 417.075 393.971 415.747 431.492 466.782 445.060 55.075 52.613 68.308 70.314 64.950 59.581 745.8 115.4 801.3 115.3 859.1 116.3 942.5 141.2 10*2.4 150.8 362.000 341.358 347.439 361.178 401.832 385.479 DISPOSABLE PERSONAL INCOME 335.447 313.616 339.840 346.150 375.281 356.369 PERSONAL OUTLAYS 26.553 27.742 7.599 15.028 26.551 29.110 PERSONAL SAVING, NIA BASIS 3.525 1.743 6.209 10.429 5.995 2.203 CREDITS FROM GOVT. INSURANCE 287 276 19 73 343 250 CAPITAL GAINS DIVIDENDS 17.031 6.637 16.208 14.452 19.965 11.099 NET DURABLES IN CONSUMPTION 630.4 595.3 35.1 7.1 2.5 23.8 685.9 635.4 50.6 8.9 742.8 685.5 57.3 9.5 901.7 831.3 70.3 11.8 .9 39.0 1 PERSONAL INCOME 2 - PERSONAL TAXES + NONTAXES 3 4 5 6 7 8 = = + + + 17.4 25.1 801.3 751.9 49.4 11.6 1.4 33.6 9 = NET SAVING 10 «• CAPITAL CONSUMPTION 11 = GROSS SAVING 47.396 42.053 89.449 36.398 43.004 79.402 30.035 43.924 73.959 39.982 44.889 84. 871 52.854 45.815 98.669 42.662 46.768 89.430 68.5 75.8 144-3 77.8 82.7 160.5 92.6 88.3 180.9 96.0 95.1 191.2 122.0 9 105.0 10 227.0 11 12 GROSS INVESTMENT 13 CAPITAL EXPEND.-NET OF SALES 14 RESIDENTIAL CONSTRUCTION 15 CONSUMER DURABLE GOODS 16 NONPROFIT PLANT + EQUIP. 80.991 74.518 22.693 50.367 1.458 91.446 64.813 22.678 40.665 1.470 83.265 72.920 20.527 50.912 1.481 95.785 73.912 22.563 49.856 1.493 93.078 104.942 83.864 74.821 26.312 25.429 56.048 47.876 1.504 1.516 146.9 116.5 26.3 35.5 *.7 166.8 114.2 24.5 84.9 4.8 186.1 134.7 32.4 97.1 5.1 210.2 157.5 40.7 111.2 5.5 238.6 174.1 45.2 123.7 5.2 17 NET FINANCIAL INVESTMENT 18 NET ACQ. OF FINANCIAL ASSETS 6.473 47.549 26.633 52.923 10.345 59.946 21.873 68.646 9.214 51.261 30.121 58.921 30.4 62.4 52.6 76.7 51.4 100.1 52.7 122.7 64.4 17 142.0 18 DEP. + CR. MKT. INSTR. (1) DEMAND DEP. + CURRENCY 38.673 4.009 45.138 886 49.412 7.149 53.545 5.399 42.101 3.405 47.558 -6.255 44.7 -2.6 52.7 8.8 76.6 13.0 99.5 14.2 21 22 23 TIME + SAVINGS ACCOUNTS AT COMMERCIAL BANKS AT SAVINGS INST. 20.658 7.271 13.387 30.493 14.053 16.440 27.492 12.816 14.676 30.356 13.876 16.480 22.512 9.148 13.364 28.035 9.068 18.967 43.6 27.0 16.6 67.8 28.1 39.6 74.6 29.2 45.4 64.2 21 35.7 22 ?8.5 23 24 25 26 27 28 29 CREDIT MKT. INSTRUMENTS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FGN. BONDS MORTGAGES OPEN-MARKET PAPER MONEY MARKET FUND SHRS 14.006 6.811 2.077 -1.298 3.086 2.906 424 13.759 6.838 77 -8 3.237 1.882 1.733 14.771 -1.142 4.768 395 4.175 5.368 1.207 17.790 11.067 2.489 47 3.800 -1.193 1.580 16.184 3.998 1.183 -2.218 3.343 7.477 2.401 25.778 11.921 -117 833 3.084 2.845 7.212 38.2 16.0 9.3 5.4 2.2 5.3 .3 -6.4 -.9 9.5 1.8 -3.8 -4.2 -10.0 .1 8.3 1.2 -3.8 10.6 -.7 2.3 4.4 6.3 -1.7 35.9 16.8 5.3 1.3 3.4 9.1 - 2.8 -4.3 31 32 INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 295 -2.669 23 1.030 -297 -1.116 -539 223 -237 -2.560 -257 960 4.9 -8.6 33 34 LIFE INSURANCE RESERVES PENSION FUND RESERVES 2.069 11.502 2.052 10.331 2.230 15.540 2.308 19.714 2.425 15.080 2.371 12.552 5.0 16.3 35 36 37 NET INV. IN NONCORP. BUS. SECURITY CREDIT MISCELLANEOUS ASSETS -4.527 553 1.653 -7.245 -77 1.671 -8.174 773 1.578 -8.887 678 1.604 -7.140 63 1.529 -5.955 168 1.524 -.2 -1.8 2.1 2.6 -1.5 .5 2.3 38 39 40 41 42 43 44 45 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS 41.076 40.237 25.243 261 9.277 1.781 3.162 513 26.290 25.554 22.669 258 3.013 280 -1.276 610 49.601 46.968 26.246 255 16.023 1.875 1.645 924 46.773 44.153 26.353 253 13.522 1.126 1.872 1.027 42.047 44.505 28.423 250 11.607 2.487 501 1.237 28.800 29.125 25.568 248 3.353 1.331 -2.775 1.400 31.9 34.4 18.5 1.2 9.4 1.0 1.3 3.0 24.1 24.9 14.1 1.2 4.9 l.l 1.1 2.6 282 333 224 191 335 210 2.098 336 199 2.086 339 195 -2.980 340 182 -845 343 177 46 47 48 SECURITY CREDIT TRADE DEBT MISCELLANEOUS 49 DISCREPANCY 8.458 -12.044 -9.306 -10.914 12 13 14 15 16 24 25 26 27 28 29 30 -1.2 31 6.2 21.1 6.6 22.6 7.4 33 25.6 34 48.7 45.2 27.0 1.2 10.7 2.3 2.5 1.4 70.0 64.3 41.6 1.3 14.1 3.0 2.9 1.3 77.6 80.9 47.1 1.1 21.4 2.4 6.5 2.4 -1.8 2.7 4.5 38 39 40 41 42 43 44 45 -4.3 46 5.591 -15.512 (1) EXCLUDES CORPORATE EQUITIES. 50 51 52 53 54 55 MEMORANDA: NET PHYSICAL INVESTMENT: (A) RESIDENTIAL CONSTRUCTION EXPENDITURES MOBILE HOMES OTHER - CAPITAL CONSUMPTION - HOME MORTGAGES = EXCESS NET INVESTMENT 56 57 58 (B) CONSUMER DURABLES EXPENDITURES - CAPITAL CONSUMPTION = NET INVESTMENT 22.678 20.527 22.563 26.312 1.162 1.039 1.069 1.243 21.516 19.488 21.494 25.069 7.931 8.180 8.411 7.703 22.669 26.246 26.353 28.423 -7.694 -13.650 -11.970 -10.522 25.429 1.244 24.185 8.654 25.568 26.3 2.3 24.0 12.1 18.5 -4.3 24.5 2.5 22.0 12.8 14.1 -2.5 32.4 3.3 29.2 13.7 27.0 -8.3 40.7 4.0 36.7 14.7 41.6 -15.6 45.2 4.4 40.8 17.1 47.1 -19.0 50.367 33.336 17.031 40.665 34.028 6.637 50.912 34.704 16.208 49.856 35.404 14.452 56.048 36.083 19.965 47.876 36.777 11.099 85.5 61.7 23.8 84.9 67.5 17.4 97.1 72.0 25.1 111.2 77.6 33.6 123.7 56 84.8 57 39.0 58 14.648 14.094 4.684 -196 5.871 10.4 13.4 5.9 11.5 13.1 12.0 17.1 16.5 23.8 59 15.2 60 1.493 1.305 1.504 1.321 1.516 1.337 250 -67 248 -69 4.7 2.1 1.2 1.4 4.8 2.3 1.2 1.3 5.1 2.6 1.2 1.4 5.5 2.8 1.3 1.5 13.387 7.551 15.5 5.6 14.4 7.4 13.5 7.7 15.0 6.2 14.3 65 7.8 66 16.4 11.0 3.5 3.6 • 17.9 13.3 6.5 6.0 19.3 15.1 8.6 7.9 19.0 15.5 8.5 8.9 753.1 814.4 22.693 1.212 21.481 7.461 25.243 -10.011 59 60 - CONSUMER CREDIT = EXCESS NET INVESTMENT 11.058 5.973 3.293 3.344 17.898 61 62 63 64 (C) NONPROFIT PLANT + EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT 1.458 1.256 261 -59 1.470 1.273 258 -61 1.481 1.289 255 -63 253 -65 13.205 7.335 13.354 8.126 16.430 2.187 16.295 4.160 13.914 6.607 PER CENT OF DISPOSABLE INCOME ADJ. ( 2 ) : 67 GROSS SAVING 24.452 23.123 20.912 22.834 24.173 23.053 20.618 16.949 14.024 13.280 19.885 18.469 12.584 11.879 20.546 12.558 10.301 10.903 19.287 15.188 7.423 7.507 18.2 9.7 5.0 5.4 72 f 21 DISPOSABLE INCOME ADJ. 365.812 343.377 353.667 371.680 408.170 387.932 JNIA DISPOSABLE INCOME + GOVT. INSURANCE CREDITS + CAPITAL GAINS D I V I D . ) >40.0 PER CENT RATIOS: 65 EFFECTIVE TAX RATE 66 SAVING RATE, NIA BASIS 68 69 70 71 CAPITAL EXPENDITURES ACQUISITION OF FINAN. ASSETS NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING 20.370 12.998 11.228 10.999 18.875 15.412 7.656 7.441 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 695.7 5.2 3.1 1.1 1.0 50 51 52 53 54 55 61 62 63 64 68 69 70 71 914.4 72 MAY 11, 1979 HOUSEHOLDS HOUSEHOLDS 7 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1 1977 1 IV | 1978 I II III IV 1 I I1 1979 I HOUSEHOLDSt PERSONAL TRUSTS* AND NONPROFIT ORGANIZATIONS 2 2044.2 303.8 1255.5 168.8 1380.9 196.5 1529.0 226.0 1708.0 256.2 1593.0 233.3 1628.9 237.3 1682.4 249.1 1731.7 263.2 1789.0 275.1 1834.1 PERSONAL INCOME 270.6 - PERSONAL TAXES + NONTAXES 3 4 5 6 7 8 1740.4 1617.9 122.4 23.3 .6 50.8 1086.7 1003.0 83.6 15.0 .2 22.5 1184.4 1116.3 68.0 18.1 .5 40.1 1303.0 1236.1 66.9 19.8 .6 49.4 1451.8 1374.9 76.9 24.4 .7 57.3 1359.6 1285.9 73.7 16.5 .8 53.8 1391.6 1309.2 82.4 18.1 .8 47.4 1433.3 1357.0 76.3 26.2 1468.4 1392.5 76.0 23.2 59.0 57.9 1513.9 1440.9 73.0 30.0 1.1 64.8 1563.5 1482.6 80.9 21.5 .7 66.3 9 10 11 197.1 208.8 405.9 121.3 136.8 258.2 126.7 145.5 272.2 136.8 162.2 298.9 159.3 177.6 336.9 144.9 168.2 313.1 148.7 172.0 320.7 161.9 175.7 337.6 157.6 179.6 337.2 168.9 183.3 352.2 169.5 = NET SAVING 187.1 + CAPITAL CONSUMPTION 356.6 - GROSS SAVING 9 10 11 12 13 14 15 16 425.7 303.1 75.6 218.1 9.4 282.6 181.1 43.0 132.6 5.4 300.5 219.8 57.5 156.6 5.6 329.1 260.4 76.3 178.4 5.8 363.6 295.5 92.1 197.5 5.9 332.5 277.4 84.3 187.2 5.8 329.8 278.0 88.6 183.5 5.9 370.1 293.7 90.0 197.8 5.9 370.4 298.5 93.1 199.5 6.0 383.8 311.9 96.8 209.1 6.0 3 7 7 . 2 GROSS INVESTMENT 316.7 CAPITAL EXPEND.-NET OF SALES 97.2 RESIDENTIAL CONSTRUCTION 213.4 CONSUMER DURABLE GOODS 6.1 NONPROFIT PLANT + EQUIP. 12 13 14 15 16 17 18 122.6 216.2 101.5 152.7 80.7 177.3 68.6 213.5 68.1 232.8 55.1 204.4 51.8 201.3 76.3 249.6 71.9 252.1 71.9 228.3 60.5 NET FINANCIAL INVESTMENT 17 221.1 NET ACQ. OF FINANCIAL ASSETS 18 19 20 177.4 19.4 119.2 5.1 138.6 13.8 164.4 20.3 190.2 16.8 156.0 6.8 164.2 20.8 206.7 22.1 215.6 19.5 174.5 5.0 167.9 -9.9 21 22 23 93.6 60.5 33.1 84.8 25.4 59.4 108.1 39.5 68.5 108.3 39.2 69.1 110.9 49.9 61.0 29.0 59.0 92.1 39.8 52.3 112.8 55.6 57.2 142.8 68.9 73.9 95.7 35.3 60.3 80.0 17.9 62.2 TIME + SAVINGS ACCOUNTS AT COMMERCIAL BANKS AT SAVINGS INST. 24 25 26 27 28 29 30 64.4 25.5 14.8 8.8 7.5 3.3 4.5 29.2 14.5 6.1 8.0 3.7 -4.5 1.3 16.8 4.8 5.1 2.1 8.0 -3.2 35.8 5.4 8.8 1.1 11.9 8.2 .2 62.5 20.8 8.5 -1.8 14.6 13.5 6.9 61.2 27.0 12.6 .2 13.2 6.5 1.7 51.3 29.0 .6 -4.3 12.7 6.4 6.9 71.7 17.4 18.9 -1.8 16.1 16.2 4.8 53.2 22.8 5.3 .3 15.2 3.3 13.9 9.2 -1.4 14.2 28.3 9.6 97.8 49.0 -.2 -1.0 12.1 9.2 28.8 CREDIT MKT. INSTRUMENTS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FGN. BONDS MORTGAGES OPEN-MARKET PAPER MONEY MARKET FUND SHRS 31 32 -1.6 -3.6 -.1 -3.6 -1.0 -2.4 -1.0 -4.1 -1.1 -2.4 .9 -1.7 -.9 -5.7 -1.9 -3.2 -1.2 -.8 -1.3 -.1 INVESTMENT COMPANY SHA»ES OTHER CORPORATE EQUITIES 31 32 33 34 11.3 54.3 5.4 38.0 6.9 46.0 8.1 55.5 9.0 60.7 8.3 50.1 8.2 51.7 8.9 63.9 9.2 58.7 9.7 68.3 9.5 62.1 LIFE INSURANCE RESERVES PENSION FUND RESERVES 33 34 35 36 37 -24.5 -1.7 4.7 -10.6 .6 3.8 -17.8 1.5 5.5 -17.0 1.0 6.6 -31.4 1.4 6.4 -18.1 2.2 6.6 -29.0 -.3 6.7 -32.7 3.1 6.3 -35.5 2.7 6.4 -28.6 .3 6.1 NET INV. IN NONCORP. BUS. SECURITY CREDIT MISCELLANEOUS ASSETS 35 36 37 38 39 40 41 42 43 44 45 93.6 93.4 61.2 1.9 20.1 2.0 2.4 5.9 51.2 48.6 38.1 1.0 7.5 1.9 -2.0 2.2 96.6 89.9 61.3 1.1 20.5 3.0 2.2 1.8 144.9 139.6 93.0 1.0 31.1 4.0 8.2 2.3 164.7 161.2 103.7 1.0 44.2 5.8 2.7 3.8 149.2 145.9 100.8 1.0 33.1 3.1 5.8 2.1 149.4 146.5 94.5 1.0 37.5 5.0 6.1 2.4 173.2 162.7 102.6 1.0 50.4 6.1 -1.1 3.7 180.2 159.7 104.2 1.0 43.1 5.4 11.9 4.1 156.4 166.3 113.4 1.0 46.1 6.6 -5.9 160.6 161.9 105.5 1.0 40.4 9.4 .1 5.6 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS 38 39 40 41 42 43 44 45 46 47 48 -2.7 1.7 1.3 .8 1.1 .7 4.7 1.4 .6 3.1 1.3 .9 1.4 1.4 .8 1.1 1.3 .8 1.3 .8 8.4 1.3 .8 8.3 1.4 .8 -11.9 1.4 .7 -3.4 1.4 .7 1 * = = + + + DISPOSABLE PERSONAL INCOME PERSONAL OUTLAYS PERSONAL SAVING, NIA BASIS CREDITS FROM GOVT. INSURANCE CAPITAL GAINS DIVIDENDS NET DURABLES IN CONSUMPTION 3 4 5 6 7 8 DEP. + CR. MKT. INSTR. 11) 19 DEMAND DEP. + CURRENCY 20 SECURITY CREDIT TRADE DEBT MISCELLANEOUS -20.6 DISCREPANCY 24 25 26 27 28 29 30 46 47 48 49 (1) EXCLUDES CORPORATE EQUITIES. 97.2 5.0 92.2 34.6 105.5 -42.9 MEMORANDA: NET PHYSICAL INVESTMENT: (A) RESIDENTIAL CONSTRUCTION EXPENDITURES MOBILE HOMES OTHER - CAPITAL CONSUMPTION - HOME MORTGAGES = EXCESS NET INVESTMENT 50 51 52 53 54 55 209.1 144.3 64.8 213.4 147.1 66.3 (B) CONSUMER DURABLES EXPENDITURES - CAPITAL CONSUMPTION = NET INVESTMENT 56 57 58 48.5 9.3 52.8 12.0 49.8 16.6 - CONSUMER CREDIT = EXCESS NET INVESTMENT 59 60 5.9 5.2 1.0 -.3 6.0 5.2 1.0 -.3 6.0 5.3 1.0 -.3 6.1 5.3 1.0 -.3 (C) NONPROFIT PLANT + EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT 61 62 63 64 14.8 5.3 15.2 5.2 15.4 4.8 50 51 52 53 54 55 75.6 5.6 70.0 34.8 61.2 -20.4 43.0 2.4 40.7 22.2 38.1 -17.2 57.5 3.1 54.5 24.4 61.3 -28.1 76.3 4.0 72.3 28.3 93.0 -45.1 92.1 4.5 87.6 32.2 103.7 -43.8 84.3 4.8 79.5 29.8 100.8 -46.3 88.6 4.6 83.9 30.8 94.5 -36.7 90.0 4.2 85.8 31.7 102.6 -44.4 93.1 4.3 88.8 32.7 104.2 -43.8 96.8 5.0 91.8 33.6 113.4 -50.3 56 57 58 218.1 167.4 50.8 132.6 110.2 22.5 156.6 116.6 40.1 178.4 128.9 49.4 197.5 140.2 57.3 187.2 133.3 53.8 183.5 136.1 47.4 197.8 138.8 59.0 199.5 141.6 57.9 59 60 22.1 28.7 9.4 13.1 23.6 16.5 35.0 14.4 49.9 7.3 36.2 17.7 42.5 4.9 56.4 2.6 61 62 63 64 9.4 6.6 1.9 1.0 5.4 4.5 1.0 -.1 5.6 4.6 5.8 4.9 1.0 -.2 5.9 5.2 1.0 -.3 5.8 5.0 1.0 -.2 5.9 5.1 1.0 -.2 65 66 14.9 7.0 13.4 7.7 14.2 5.7 14.8 5.1 15.0 5.3 14.6 5.4 14.6 5.9 l.l * PER CENT RATIOS: 14.8 EFFECTIVE TAX RATE 5.2 SAVING RATE, NIA BASIS PER CENT OF DISPOSABLE INCOME ADJ. (2): 2.8 22.5 GROSS SAVING 68 69 70 71 17.2 12.3 5.3 5.3 16.4 13.9 4.6 4.4 18.3 14.7 8.0 7.5 19.7 16.1 10.9 10.5 20.0 15.8 11.2 10.9 72 1764.3 1101.9 1203.0 1323.4 1476.9 BILLIONS OF DOLLARS. 1/79 BASEO ON INCOMPLETE 20.1 14.8 10.8 10.6 19.7 14.3 10.6 10.4 20.1 17.1 11.9 11.1 20.0 16.9 12.1 11.4 20.2 14.8 10.1 10.8 20.0 13.9 10.1 10.2 CAPITAL EXPENDITURES ACQUISITION OF FINAN. ASSETS NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING 65 66 67 68 69 70 71 1376.9 1410.5 1459.8 1492.3 1545.0 1585.7 (2) DISPOSABLE INCOME ADJ. 72 (NIA DISPOSABLE INCOME + GOVT. INSURANCE CREDITS • CAPITAL GAINS DIVID.) INFORMATION. MAY 11, 1979 TOTAL + NONCORP BUSINESS TOTAL + NONCORP BUSINESS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.I UNADJUSTED NET FLOWS ($ MILL.) .977 | IV I 1 I 1978 I II III IV I1 1979 I BILLIONS OF DOLLARS 1970 1971 1972 NONFINANCIAL . BUSINESS - TOTAL 1 INCOME BEFORE TAXES 2 GROSS SAVING 66.582 44.980 61.334 43.659 75.917 48.871 76.056 48.312 80.512 48.922 78.608 48.729 142.4 80.9 128.6 79.6 139.8 90.8 161.7 103.8 195.6 110.4 3 GROSS INVESTMENT 4 CAPITAL EXPENDITURES 5 FIXED INVESTMENT 6 BUSINESS PLANT + EQUIPMENT 7 HOME CONSTRUCTION (11 8 MULTI-FAMILY RESIDENTIAL 9 CHANGE I N INVENTORIES 10 MINERAL RIGHTS FROM U.S.GOVT 37.034 58.193 52.493 49.840 19 2.634 5.060 640 44.213 52.538 44.292 45.233 -3.433 2.492 7.957 289 45.233 61.225 59.350 52.791 3.263 3.296 778 1.097 43.493 63.084 60.385 53.300 3.662 3.423 2.467 232 42.919 66.985 61.843 59.348 -903 3.398 4.787 355 51.240 63.132 53.MO 54.645 -4.673 3.438 8.501 1.221 75.6 112.3 102.9 91.4 .2 11.2 9.4 71.2 108.5 104.4 92.4 .9 11.1 3.8 83.2 119.3 112.2 95.2 2.7 14.3 6.4 .7 87.9 138.1 127.8 106.9 1.9 19.0 9.4 96.2 167.7 146.6 126.0 -.3 20.9 17.9 3.2 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS 13 NET INCREASE IN LIABILITIES 14 CORPORATE EQUITIES 15 CREDIT MARKET INSTRUMENTS 16 BONDS 17 MORTGAGES 18 BANK LOANS N.E.C. 19 OTHER LOANS •21.159 15.343 36.502 1.350 32.402 8.369 10.935 6.016 7.082 -8.325 -15.992 -19.591 -24.066 -11.892 15.890 20.318 22.693 25.236 15.883 24.215 36.310 42.284 49.302 27.775 330 900 698 612 389 26.860 36.607 27.087 32.605 27.025 7.069 4.953 6.033 5.480 4.695 13.009 15.013 10.526 4.722 5.085 9.104 8.236 4.090 9.860 10.671 5.858 8.246 7.813 2.504 7.220 -36.7 30.4 67.1 3.4 45.2 12.0 10.8 14.4 8.0 -37.3 17.5 -36.0 35.5 71.5 11.4 49.2 18.9 22.3 5.7 2.3 -50.2 48.0 98.2 10.9 67.2 12.7 32.4 16.0 6.0 -71.5 65.1 136.6 7.9 87.3 11.0 33.0 33.3 10.0 5.076 -2.326 13.436 2.878 -5.912 -14.431 1.662 -1.242 21.2 -2.7 8.1 -3.2 10.6 .3 23.0 -2.9 39.2 20 2.2 21 3.9 32.0 .4 8.4 .6 7.8 8.8 20 21 TRADE DEBT OTHER LIABILITIES -554 22 DISCREPANCY 17.641 -3.344 3.638 18.485 -2.400 6.003 44.1 19.8 14.0 11 12 13 14 15 16 17 18 19 -2.511 FARM BUSINESS 6.267 1.951 3.707 440 3.267 5.658 5.472 171 3.772 450 3.322 3.943 6.008 -1.852 3.850 460 3.390 1.998 6.244 -350 3.935 471 3.464 3.585 7.605 1.426 4.014 481 3.533 5.440 7.650 496 4.090 484 3.606 4.5 86 6.2 .3 5.9 6.2 13.9 -.1 6.4 .4 6.0 6.3 14.3 -.1 6.9 .4 6.6 6.8 18.0 .1 7.4 .4 7.0 7.5 7 GROSS INVESTMENT 8 CAPITAL EXPENDITURES 9 PLANT + EQUIPMENT 10 RESIDENTIAL CONSTRUCTION 11 CHANGE IN INVENTORIES 5.658 3.771 2.832 272 667 3.943 3.726 3.560 213 -47 1.998 3.613 3.704 407 -498 3.585 3.506 3.291 452 -237 5.440 3.683 3.317 342 24 4.586 3.759 3.929 205 -375 6.2 6.6 5.7 .7 .1 6.3 6.9 6.2 .6 .1 6.8 8.3 6.4 .7 1.3 7.5 7.9 6.6 .7 .6 8.8 7 12.8 8 9.0 9 .6 10 3.2 11 12 NET FINANCIAL INVESTMENT 13 NET ACQ. OF FINANCIAL ASSETS 14 DEMAND DEPOSITS + CURRENCY 15 MISCELLANEOUS ASSETS 16 INSURANCE RECEIVABLES 17 EQ. IN SPONS. AGS. (2) 1.887 461 23 438 307 131 217 432 24 408 333 75 -1.615 422 25 397 343 54 79 465 25 440 369 71 1.757 466 26 440 369 71 827 467 26 *41 392 49 -.4 .5 .1 .4 .4 .1 -.6 .6 .1 .5 .4 .1 -1.5 .7 .1 .6 .5 .1 -.4 .9 .3 .7 .6 .1 -4.1 .8 .2 .6 .5 .2 12 13 14 15 16 17 22 23 24 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES BANK LOANS N.E.C. OTHER LOANS U.S. GOVERNMENT FICB -1.426 1.454 1.861 -600 193 928 -735 215 2.575 2.241 -300 634 993 -359 2.037 6.397 2.811 1.618 1.968 1.095 873 386 5.040 2.897 1.060 1.083 256 827 -1.291 2.824 2.283 122 419 302 117 -360 3.030 1.783 200 1.047 300 747 1.0 3.0 1.8 .6 .6 1.2 2.3 .8 .8 .6 -.1 .7 2.2 4.5 2.4 1.3 .7 1.3 5.8 3.6 1.8 .5 .7 .4 4.9 9.7 5.5 3.0 1.2 .1 1.1 18 19 20 21 22 23 24 25 26 TRADE DEBT PROPRIETOR NET INVESTMENT 73 -2.953 79 -2.439 82 -4.442 78 -4.732 51 -4.166 62 -3.452 2 3 1 2 3 4 5 6 18 19 NET INCOME NET SAVING CAPITAL CONSUMPTION CORPORATE NONCORPORATE CURRENT SURP. = GROSS SAVING NONFARM NONCORPHRATE 1 NET INCOME * * .6 * * 1 2 3 4 5 6 BUSINESS 23.831 24.112 24.737 26.161 26.990 27.227 2 CAPITAL CONSUMPTION 3 CURRENT SURP. = GROSS SAVING 7.494 5.748 7.684 9.507 8.093 8.772 8.566 7.930 8.980 7.050 9.247 11.766 13.0 13.0 14.5 14.5 15.3 15.3 15.5 15.5 17.8 17.8 4 GROSS INVESTMENT 5 CAPITAL EXPENDITURES 6 FIXED CAPITAL 7 PLANT + EQUIPMENT 8 HOME CONSTRUCTION (11 9 MULTI-FAMILY RESIDENTIAL 10 CHANGE IN INVENTORIES 5.748 8.694 7.753 6.018 -127 1.862 941 9.507 5.276 5.588 5.539 -1.823 1.872 -312 8.772 9.367 9.496 5.601 1.428 2.467 -129 7.930 9.738 10.225 6.187 1.605 2.433 -487 7.050 9.173 8.326 6.359 -623 2.590 847 11.766 7.339 6.297 5.991 -2.439 2.745 1.042 13.0 21.4 20.5 12.9 -.3 7.9 .9 14.5 21.3 21.0 12.9 .2 8.0 .3 15.3 24.9 23.4 11.5 1.0 10.9 1.5 15.5 30.0 28.7 13.4 .6 14.7 1.3 17.8 4 31.6 5 30.2 6 14.8 7 -.4 8 15.9 9 1.3 10 -2.946 1.327 0 780 547 543 4 4.231 1.029 0 453 576 565 11 -595 595 0 -51 646 5 80 66 -1.808 860 0 239 621 592 29 -2.123 1.435 0 818 617 596 21 4.427 1.140 0 511 629 610 19 -8.3 1.1 -6.8 1.3 -9.6 1.2 -14.5 1.5 .4 .6 .4 .7 .7 .7 .7 .8 .8 4.273 5.594 2.382 -101 1.800 683 -3.202 3.601 706 -1.458 1.791 373 1.190 4.742 3.094 1.142 1.418 534 2.668 4.623 4.217 1.284 2.281 652 3.558 4.773 1.952 -498 1.786 664 -3.287 1.299 102 -1.951 1.601 *52 9.4 7.3 3.7 -.2 3.5 .5 8.0 6.8 6.5 .1 5.8 .6 10.8 11.5 9.7 .8 8.0 .9 16.0 14.1 11.9 .5 9.9 1.5 401 2.811 1.037 1.858 623 1.025 -195 601 973 1.848 217 980 2.1 1.5 -.6 1.0 .7 1.3 l.l 1.0 1.1 24 2.4 25 253 -1.574 -1.997 -4.806 180 -3.732 2.200 -4.155 1.759 -2.974 -2.083 -2.503 .6 1.5 1.1 .1 -1.8 .9 .1 1.9 * 26 2.9 27 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS 13 DEMAND DEPOSITS + CURRENCY 14 CONSUMER CREDIT 15 MISCELLANEOUS ASSETS 16 INSURANCE RECEIVABLES 17 EQ. IN SPONS. AGS. (21 18 19 20 21 22 23 24 25 26 27 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 FICB'S, BANKS FOR COOPS, AND LAND BANKS. 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * - .5 1.0 1.0 * -13.8 1.9 .9 1.0 1.0 * 11 12 13 14 15 16 17 15.7 12.8 9.3 -.4 7.9 1.8 18 19 20 21 22 23 MAY 11, 1979 TOTAL + NONCORP BUSINESS TOTAL + NONCORP BUSINESS 9 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 I I 1977 NONFINANCIAL 1978 1977 | IV ! II III IV 1 1 1979 I BUSINESS - TOTAL 292.0 191.2 299.4 195.5 326.0 200.2 328.1 INCOME BEFORE TAXES 191.0 GROSS SAVING 182.0 185.3 248.1 183.3 256.6 179.3 GROSS INVESTMENT 267.3 CAPITAL EXPENDITURES 244.3 FIXED INVESTMENT 230.5 BUSINESS PLANT + EQUIPMENT HOME CONSTRUCTION (1) -.1 MULTI-FAMILY RESIDENTIAL 14.0 CHANGE IN INVENTORIES 18.1 MINERAL RIGHTS FROM U.S.SOVT 10 4.9 1 2 354.4 184.3 20P.4 141.9 230.7 163.1 255.6 177.4 293.8 189.8 268.4 181.5 257.9 172.4 3 4 5 6 7 8 9 10 1-59.7 290.6 268.6 246.5 2.5 19.5 10.2 11.8 129.9 133.8 143.2 135.8 2.7 4.7 '10.7 1.3 142.9 175.5 161.3 151.2 4.1 6.0 10.2 4.0 150.8 212.0 194.0 178.3 5.7 10.0 15.6 2.5 175.9 243.8 225.9 210.7 2.6 12.6 16.0 2.0 157.0 219*8 204.2 187.9 5.9 10.3 13.1 2.6 153.1 222.1 204.2 192.2 1.4 10.6 16.7 1.2 11 12 13 14 15 16 17 18 19 -130.9 81.9 212.9 6.6 167.1 38.5 46.0 52.9 29.7 -3.9 35.1 39.0 9.9 37.8 29.8 15.9 -12.0 4.1 -32.6 48.5 81.0 10.5 63.9 25.3 22.7 1.3 14.6 -61.3 52.9 114.2 2.7 103.3 24.5 36.9 22.5 19.4 -68.0 84.1 152.1 2.6 123.2 23.3 43.6 32.9 23.4 -62.7 59.7 122.5 5.4 118.4 29.2 47.8 14.9 26.5 -69.0 86.9 155.9 1.6 129.8 16.3 36.0 51.9 25.6 -66.5 68.5 116.0 28.9 40.9 25.2 20.9 120.3 27.1 50.5 25.0 17.6 -73.3 95.2 168.6 2.4 126.7 20.8 47.1 29.4 29.5 20 21 57.0 -17.9 2.8 -11.6 14.2 -7.6 24.8 -16.6 52.4 -26.1 13.9 -15.3 50.8 -26.3 53.0 -36.8 48.9 -23.5 57.0 -17.7 22 24.6 11.9 20.1 26.7 13.9 24.4 19.2 248.4 224.0 208.4 2.8 12.7 20.1 4.4 135.0 2.8 233.6 241.6 217.1 2.7 13.8 13.6 224.9 3.5 .9 -52.8 86.4 149.2 3.6 13.3 13.5 1.4 - 8 8 . 0 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 85.-7 NET INCREASE IN LIABILITIES 173.7 CORPORATE EQUITIES 1.3 CREDIT MARKET INSTRUMENTS 133.4 BONDS 16.7 MORTGAGES 37.3 BANK LOANS N.E.C. 50.1 OTHER LOANS 29.2 TRADE DEBT OTHER L I A B I L I T I E S 11 12 13 14 15 16 17 18 19 20 21 11.7 DISCREPANCY FARM BUSINESS 10 11 12 13 14 15 16 20 21 22 23 24 43.0 -.5 17.5 1.3 16.3 17.1 23.5 11.9 l.l 10.7 11.8 18.4 -.5 13.2 1.5 11.7 12.7 20.2 -.6 14.4 1.7 12.7 13.7 25.3 -.6 15.6 1.9 13.7 15.0 25.1 -.6 14.8 1.8 13.1 14.2 21.9 -.6 15.1 1.8 13.3 14.4 24.0 -.6 15.4 1.8 13.6 14.8 25.0 -.6 15.7 1.9 13.9 15.1 30.4 -.5 16.1 1.9 14.1 15.5 30.6 -.6 16.4 1.9 14.4 15.7 17.1 17.9 18.6 2.1 -2.9 11.8 15.9 11.4 .9 3.5 12.7 11.5 12.5 1.1 -2.0 13.7 14.8 12.7 1.5 .6 15.0 14.5 13.9 1.4 -.8 14.2 16.2 12.3 1.2 2.7 14.4 14.4 13.3 1.3 -.2 14.8 13.1 13.7 1.4 -2.0 15.1 14.6 14.1 1.5 15.5 16.0 14.4 1.5 .1 15.7 GROSS INVESTMENT 14.5 CAPITAL EXPENDITURES 14.7 PLANT + EQUIPMENT 1.3 RESIDENTIAL CONSTRUCTION -1.5 CHANGE IN INVENTORIES -.8 1.1 -.3 1.4 1.0 .4 -4.0 1.0 1.2 1.5 1.5 1.3 .2 -1.0 1.6 .1 1.5 1.2 .2 .4 1.8 .1 1.7 1.4 .3 -2.0 1.8 .1 1.8 1.2 .5 .1 1.7 .1 1.6 1.3 .3 1.6 1.7 .1 1.6 1.4 .2 .5 1.9 .1 1.8 1.5 .3 -.4 1.9 .1 1.8 1.5 .3 1.8 14.4 9.2 1.4 3.7 .8 3.0 5.0 8.7 4.6 1.9 2.2 1.1 1.1 .3 11.0 6.1 3.1 1.8 .5 1.3 2.6 14.7 8.8 2.4 3.4 2.0 1.4 1.3 16.8 10.2 2.5 4.1 2.6 1.5 13.2 8.8 .9 3.4 4.2 -.8 11.2 9.0 -.4 2.6 4.6 -2.0 17.9 9.6 3.7 4.6 3.1 1.5 1.4 20.1 11.8 3.6 4.6 1.2 3.5 2.3 18.1 10.5 3.1 4.5 1.7 2.8 13.6 7.1 2.2 4.3 1.9 2.4 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES BANK LOANS N.E.C. OTHER LOANS U . S . GOVERNMENT FICB .2 -3.9 .5 .3 -15.8 2.5 -11.8 .2 -9.3 -.1 -17.8 .2 -18.9 .9 -16.7 .9 -13.8 TRADE DEBT PROPRIETOR NET INVESTMENT * NET INCOME NET SAVING CAPITAL CONSUMPTION CORPORATE NONCORPORATE CURRENT SURP. = GROSS SAVIMG 1.2 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 1.9 DEMAND DEPOSITS + CURRENCY .1 MISCELLANEOUS ASSETS 1.8 INSURANCE RECEIVABLES 1.6 EQ. IN SPONS. AGS. (2) .2 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NONFARM NONCORPORATE BUSINESS 92.2 102.0 98.9 104.6 2 3 36.0 35.5 23.3 23.3 25.6 25.6 28.4 28.4 33.3 33.3 30.0 30.0 30.7 30.7 32.4 32.4 34.3 34.3 35.9 35.9 37.0 CAPITAL CONSUMPTION 37.0 CURRENT SURP. = GROSS SAVING 4 5 6 7 8 9 10 35.5 34.4 42.2 26.9 .2 15.1 -7.8 23.3 18.1 21.9 17.4 .9 3.6 -3.9 25.6 22.8 23.8 17.8 1.5 4.5 -1.0 28.4 32.7 30.8 21.5 2.1 7.2 1.9 33.3 33.6 33.6 23.7 .6 9.4 -.1 30.0 35.6 32.9 23.2 2.4 7.3 2.7 30.7 27.5 30.9 23.1 .1 7.8 -3.4 32.4 35.4 33.5 23.4 .7 9.4 1.9 34.3 33.0 34.5 23.9 .6 10.0 -1.6 35.9 38.2 35.5 24.4 1.0 10.1 2.7 37.0 GROSS INVESTMENT 37.4 CAPITAL EXPENDITURES FIXED CAPITAL 35.0 24.9 PLANT + EQUIPMENT -.7 HOME CONSTRUCTION C D MULTI-FAMILY RESIDENTIAL 10.8 CHANGE IN INVENTORIES 2.4 11 12 13 14 15 16 17 1.1 3.0 5.2 2.1 2.8 3.3 -4.4 3.6 -.3 3.9 1.3 1.8 1.7 .1 .8 1.3 1.2 18 19 20 21 22 23 2.0 14.1 12.0 .2 9.3 2-5 24 25 26 27 - - - - 1.2 2.1 2.1 .1 1.4 2.2 2.2 -3.1 2.0 1.8 .7 .1 1.0 .5 5.2 3.7 1.2 1.2 1.2 7.9 12.6 9.1 1.7 5.7 1.7 -1.4 3.5 -2.0 2.2 -3.1 4.7 3.5 -.5 -11.6 1.6 -6.7 1.8 -6.6 -4.6 * * * _ - 1.5 2.5 2.3 .1 1.0 2.2 2.2 4.2 17.7 10.0 .5 7.3 2.2 8.8 15.5 12.0 1.9 7.6 2.6 3.2 24.3 9.6 2.4 5.3 2.1 -15.7 -.4 NET FINANCIAL INVESTMENT 7.3 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY 4.8 CONSUMER CREDIT 2.5 MISCELLANEOUS ASSETS 2.4 INSURANCE RECEIVABLES .1 EQ. IN SPONS. AGS. (2) -.3 2.6 2.3 .3 2.0 2.5 2.4 .1 .9 2.5 2.4 .1 7.7 1.8 5.4 16.4 8.8 .6 6.2 2.1 3.2 17.8 10.7 .5 7.7 2.6 5.7 12.7 10.8 .8 7.5 2.5 7.7 16.9 8.5 -.6 7.0 2.1 -1.6 5.0 5.5 9.3 3.2 4.4 .1 7.0 1.2 .6 2.4 6.0 -.4 -6.3 -1.8 -19.2 3.9 -14.9 2.0 -16.6 4.9 -11.9 .8 -10.0 * 4.1 2.3 2.3 1 0 8 . 9 NET INCOME * * 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 FICB'S, BANKS FOR COOPS, AND LAND BANKS. BILLIONS OF DOLLARS. 1/79 BASED ON INCOMPLETE INFORMATION. 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 MAY 11, 1979 NONFINANCIAL CORPORATE BUSINESS 10 NONFINANCIAL CORPORATE BUSINESS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS <$ MILL.) UNADJUSTED NET FLOWS-1$ MILL.l 1977 \ IV 1978 I II III IV 1 I 1979 I 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 NONFINANCIAL CORPORATE BUSINESS, EXCLUDING FARMS 36.484 14.963 11.946 9.575 1.434 -3.154 -3.600 29.319 33.574 31.750 12.341 11.266 8.143 1.166 -5.278 -3.773 29.951 30.209 45.172 17.877 10.295 17.002 1.333 -6.878 -4.043 30.687 38.101 43.651 18.507 10.905 14.239 958 -5.524 -4.558 31.682 36.797 45.917 19.445 12.344 14.127 1.430 -6.736 -4.680 32.291 36.432 43.731 18.138 13.473 12.120 1.819 -9.668 -4.870 32.976 32.377 68.3 33.2 20.6 14.4 1.8 -5.5 3.5 47.4 61.7 55.1 27.2 19.8 8.1 1.6 -5.1 1.6 52.7 58.9 63.2 29.8 20.0 13.4 1.9 -5.0 .5 57.9 68.6 75.6 33.4 21.6 20.6 1.9 -6.6 2.7 62.2 80.8 92.0 39.4 23.8 28.8 3.7 -18.6 1.8 68.1 83.8 1 2 3 4 5 6 7 8 9 25.628 45.728 41.636 40.990 -126 772 3.452 640 30.763 43.536 34.931 36.134 -1.823 620 8.316 289 34.463 48.245 45.743 43.486 1.428 829 1.405 1.097 31.978 49.840 46.417 43.822 1.605 990 3.191 232 30.429 54.129 49.858 49.672 -622 808 3.916 355 34.888 52.034 42.979 44.725 -2.439 693 7.834 1.221 56.4 84.3 75.9 72.8 -.3 3.4 8.3 50.5 80.3 76.6 73.3 .2 3.2 3.4 .3 61.1 86.0 81.7 77.3 1.0 3.4 3.6 .7 64.9 100.3 91.8 86.9 .6 4.3 7.6 .9 69.7 123.3 106.8 102.2 -.4 5.0 13.3 3.2 10 11 12 13 14 15 16 17 18 NET FINANCIAL INVESTMENT •20.100 -12.773 -13.782 -17.862 -23.700 -17.146 19 NET ACQ. OF FINANCIAL ASSETS 13.555 14.429 19.301 21.368 23.335 14.276 27.9 28.8 -29.9 15.6 -25.0 33.6 -35.3 45.6 -53.6 18 62.3 19 1 2 3 4 5 6 7 8 9 PROFITS BEFORE TAX - PROFITS TAX ACCRUALS - NET DIVIDENDS PAID = UNDISTRIBUTED PROFITS + FOREIGN BRANCH PROFITS + INV. VALUATION ADJUSTMENT + CAP. CONSUMPTION ADJUSTMENT + CAPITAL CONSUMPTION ALLOW. • GROSS INTERNAL FUNDS 10 GROSS INVESTMENT 11 CAPITAL EXPENDITURES 12 FIXED INVESTMENT 13 PLANT + EQUIPMENT 14 HOME CONSTRUCTION 15 MULTI-FAMILY RESIDENTIAL 16 CHANGE IN INVENTORIES 17 MINERAL RIGHTS FROM U.S.GOVT * 20 21 22 23 24 25 26 LIQUID ASSETS DEMAND OEP. + CURRENCY TIME DEPOSITS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS COMMERCIAL PAPER SECURITY R.P.'S 11.449 6.591 4.300 -275 -6 1.157 -318 -1.816 -5.982 -3 -1.198 52 1.142 4.173 -2.412 2.437 -401 -3.572 31 -657 -250 -513 3.363 -2.650 -732 52 -200 -346 13.839 5.149 5.013 -353 55 1.441 2.534 -3.731 -4.694 -3.156 -488 63 1.051 3.493 .9 5.6 -5.4 -3.1 -1.0 2.5 2.2 .9 .9 1.7 .2 -.6 1.8 -3.1 7.9 -2.4 4.2 2.5 1.0 1.9 .8 7.4 1.5 2.4 -2.1 1.0 3.0 1.6 10.4 * 4.7 -3.4 -.1 .6 8.6 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 CONSUMER CREDIT TRADE CREDIT MISCELLANEOUS ASSETS FOREIGN OIR. INVEST. (1) FOREIGN CURRENCIES INSURANCE RECEIVABLES EQUITY IN SPONSORED AGS. OTHER 1.568 -2.757 3.295 1.216 -142 944 6 1.271 -989 13.142 4.092 2.389 327 986 1 389 525 18.138 3.050 1.653 429 1.088 20 -140 678 20.212 991 -507 -130 1.099 8 521 913 4.856 3.727 295 1.100 1.190 13 1.129 -348 15.077 3.278 450 500 1.225 15 1.088 .5 22.5 4.9 2.1 -.4 1.1 .1 2.0 .9 8.1 5.6 3.6 -.4 .9 .1 1.4 .2 14.8 10.5 3.3 1.4 1.0 -.9 28.0 11.1 1.2 1.8 1.9 4.8 6.2 2.6 37.7 11.7 2.0 2.6 2.0 * 5.2 27 28 29 30 31 32 33 34 33.655 26.704 1.350 25.354 27.202 21.073 389 20.684 33.083 26.166 698 25.468 39.230 18.324 900 17.424 47.035 25.620 612 25.008 31.422 23.026 330 22.696 56.7 38.2 3.4 34.8 45.5 40.7 5.7 35.0 58.5 44.5 11.4 33.0 80.9 58.3 10.9 47.3 115.9 72.7 7.9 64.8 35 36 37 38 35 36 37 38 NET INCREASE *N L I A B I L I T I E S NET FUNDS RAISED I N MKTS. NET NEW EQUITY ISSUES DEBT INSTRUMENTS * * 39 40 41 42 43 44 TAX-EXEMPT BONDS ( 2 ) CORPORATE BONDS ( 1 ) MORTGAGES 40ME MORTGAGES MULTI-FAMILY COMMERCIAL 1.128 7.241 6.692 -101 642 6.151 667 4.028 2.138 -1.458 235 3.361 1.179 5.890 7.104 1.142 1.154 4.808 616 4.864 7.899 1.284 746 5.869 696 5.334 6.291 -498 815 5.974 889 4.064 2.837 -1.951 725 4.063 12.0 5.3 -..2 1.5 4.0 19,8 6.7 .1 1.2 5.3 _ .1 18.8 10.2 .8 1.7 7.8 .5 12.2 17.0 .5 2.8 13.7 1.8 9.2 18.2 -.4 2.5 16.1 39 40 41 42 43 44 45 46 47 48 49 BANK LOANS N.E.C. COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U.S. GOVERNMENT LOANS 6.215 -367 885 3.804 -244 9.123 911 423 2.732 662 8.430 700 168 1.672 325 3.225 567 116 -458 595 7.141 513 532 4.359 142 8.687 2.218 358 3.443 200 11.6 1.1 .4 4.3 .1 5.5 1.8 .4 .6 .3 3.6 -.9 .3 .7 .2 13.1 .7 29.3 1.4 .5 4.1 .3 45 46 47 48 49 50 51 52 PROFIT TAXES PAYABLE TRADE DEBT MISCELLANEOUS LIABILITIES 2.203 4.750 -2 765 4.796 568 -7.407 13.174 1.150 3.976 15.363 1.567 4.515 16.675 225 4.463 3.683 250 -3.3 20.9 .8 -3.7 7.4 1.0 2.0 12.2 -.2 -.1 22.4 .4 -554 3.638 4.819 6.003 -2.511 53 DISCREPANCY MEMORANDUM ITEMS: EXCESS OF CAPITAL EXPENDITURES 54 OVER GROSS INTERNAL FUNDS _ * 3.6 .2 2.4 50 39.0 51 1.9 52 13.327 10.144 13.043 17.697 19.657 22.6 21.5 17.5 19.5 39.4 54 55 TRADE CREDIT NET OF TRADE DEBT 56 PROFITS TAX PAYMENTS -7.507 10.825 8..346 13..135 4.964 26.568 4.849 -11.819 12.824 13.355 11.394 15.547 1.6 36.1 .7 30.2 2.6 27.6 5.6 33.3 -1.3 55 37.5 56 DEBT SUBTOTALS: (3) 57 LONG-TERM DEBT 58 SHORT-TERM DEBT 59 TOTAL S-T L I A B I L I T I E S 17.648 7.706 14.659 11.940 8.744 14.305 16.403 9.065 14.832 13.385 15.675 13.216 4.039 23.378 9.333 30.523 9.480 17.626 22.2 12.7 30.3 28.5 6.5 10.2 29.8 3.3 17.5 34.4 12.9 35.2 41.2 57 23.6 58 65.0 59 PER CENT RATIOS: 60 EFFECTIVE TAX RATE 41.012 38.869 39.575 42.397 42.348 41.476 61 CAPITAL OUTLAYS/INTERNAL FUNDS 136.200 144.115 126.623 135.445 148.575 160.712 62 CR. MKT. BORROWING/CAP. EXP. 55.445 47.510 52.788 34.959 46.200 43.617 48.7 135.7 41.3 49.4 136.5 43.6 47.2 125.5 38.4 44.1 124.1 47.2 42.8 60 147.0 61 52.5 62 CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS 63 CAP. CONS. ALLOWANCE, N I A 64 PLUS: CAP. CONS. ADJUSTMENT 65 EQUALS: BOOK DEPRECIATION 29.319 -3.600 25.719 29.951 -3.773 26.178 30.687 -4.043 26.644 31.682 -4.558 27.124 32.291 -4.680 27.611 32.976 -4.870 28.106 47.4 3.5 51.0 52.7 1.6 54.3 57.9 .5 58.4 62.2 2.7 64.9 68.1 63 1.8 64 69.9 65 66 INVENTORY CHANGE, N I A 67 LESS: INV. VAL. ADJUSTMENT 68 EQUALS: INVENTORY CHG., BOOK 3.452 -3.154 6.606 8.316 -5.278 13.594 1.405 -6.878 8.283 3.191 -5.524 8.715 3.916 -6.736 10.652 7.834 -9.668 17.502 8.3 -5.5 13.9 3.4 -5.1 8.5 3.6 -5.0 8.6 7.6 -6.6 14.2 13.3 66 -18.6 67 31.9 68 69 70 71 72 9.575 1.434 25.719 8.143 1.166 17.002 1.333 14.239 958 26.178 26.644 27.124 36.728 35.487 44.979 42.321 14.127 1.430 27.611 43.168 12.120 1.819 28.106 42.045 14.4 1.8 51.0 67.2 8.1 1.6 54.3 63.9 13.4 1.9 58.4 73.6 20.6 1.9 64.9 87.4 28.8 3.7 69.9 102.4 69 70 71 72 28.782 48.882 41.636 6.606 640 36.041 48.814 34.931 13.594 289 41.341 55.123 45.743 8.283 1.097 37.502 55.364 46.417 8.715 232 37.165 60.865 49.858 10.652 355 44.556 61.702 42.979 17.502 1.221 61.9 89.8 75.9 13.9 55.5 85.4 76.6 8.5 .3 66.1 91.1 81.7 8.6 .7 71.5 106.9 91.8 14.2 .9 88.2 141.9 106.8 31.9 3.2 73 74 75 76 77 UNDISTRIBUTED PROFITS + FOREIGN BRANCH PROFITS + BOOK DEPRECIATION = GROSS INTERNAL FUNDS,BOOK 73 GROSS INVESTMENT, BOOK 74 CAPITAL EXPENDITURES 75 FIXED INVESTMENT 76 INVENTORY CHG., BOOK 77 MINERAL RIGHTS (1) FOREIGN INVESTMENT IS NET OF BOND ISSUES ABROAD, AND BOND ISSUES OUTSIDE THE U.S. ARE EXCLUDED FROM SOURCES OF FUNDS ABOVE. (2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. ISSUED BY STATE AND LOCAL GOVERNMENTS TO FINANCE PRIVATE INVESTMENT AND SECURED IN INTEREST AND PRINCIPAL BY THE INDUSTRIAL USER OF THE FUNDS. <3) MATURITY SPLIT ON DEBT IS APPROXIMATE: L-T IS BONDS, -~HrE.:+ COMMERCIAL. MORTGAGES, AND 40* OF BANK LOANS. S-T DEBT IS OTHER CREDIT MARKET BORROWING. TOTAL S-T LIABILITIES IS S-T BORROWING • TAX LIABILITIES + TRADE DEBT. http://fraser.stlouisfed.org/ 1/79 BASED ON Federal Reserve Bank of St. Louis PRELIMINARY AND INCOMPLETE INFORMATION. * MAY 11, 1979 NONFINANCIAL CORPORATE BUSINESS NONFINANCIAL CORPORATE BUSINESS 11 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1978 1NONFINANCIAL I 1 1977 1 I IV '1 1 1978 I II IV III ! 1979 I CORPORATE BUSINESS, EXCLUDING FARMS 1 2 3 4 5 6 7 8 9 183.5 76.1 45.8 61.7 8.3 -73.6 -6.1 141.5 131.8 100.7 40.3 28.3 32.0 3.1 -12.4 -11.7 95.7 106.8 129.8 52.7 33.4 43.7 4.2 -14.5 -13.8 105.2 124.7 143.1 58.7 38.9 45.5 5.0 -14.8 -14.2 113.9 135.3 166.5 68.2 44.8 53.5 4.9 -24.4 -17.1 124.6 141.5 148.0 60.1 42.3 45.6 3.6 -14.8 -14.4 117.3 137.3 139.6 55.6 42.8 41.2 4.7 -23.5 -15.1 119.8 127.2 169.0 69.8 42.7 56.5 5.9 -24.9 -16.2 122.7 144.1 169.8 69.9 46.0 53.9 4.6 -20.9 -18.2 126.7 146.1 187.6 77.5 47.7 62.5 4.3 -28.4 -18.7 129.2 148.8 138.6 79.0 50.9 58.6 7.5 -40.3 -19.5 131.9 138.3 10 11 12 13 14 15 16 17 107.2 238.4 205.6 201.1 .2 4.4 20.9 11.8 94.8 99.9 108.9 106.9 .9 108.7 164.6 149.0 144.1 2.1 2.8 13.1 2.5 127.6 195.8 176.9 173.1 .6 3.2 16.8 2.0 112.9 168.0 157.8 152.4 2.4 3.0 7.7 2.6 108.0 180.2 158.7 155.9 -10.4 1.3 104.6 141.2 123.9 120.9 1.5 1.5 13.3 4.0 2.8 20.3 1.2 134.8 199.9 175.3 171.3 .7 3.3 20.2 4.4 135.9 200.6 183.5 179.1 .6 3.8 16.1 .9 131.8 202.4 190.2 186.1 1.0 3.1 10.7 1.4 126.6 GROSS INVESTMENT 215.4 CAPITAL EXPENDITURES FIXED INVESTMENT 193.3 PLANT + EQUIPMENT 190.9 HOME CONSTRUCTION -.7 MULTI-FAMILY RESIDENTIAL 3.2 CHANGE IN INVENTORIES 17.2 4.9 MINERAL RIGHTS FROM U.S.GOVT 18 19 -131.2 77.8 -5.0 32.0 -36.6 43.7 -55.9 47.8 -68.1 78.4 -55.2 54.7 -72.2 78.7 -65.0 64.5 -64.6 80.1 -70.6 90.0 1R -88.8 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 19 76.5 20 21 22 23 24 25 26 12.5 6.4 5.5 5.8 .7 6.9 -12.8 17.5 4.4 1.9 9.1 -.2 3.1 -.8 15.5 3.1 2.1 4.0 -1.1 5.0 2.3 .8 1.3 4.8 -6.3 9.1 5.0 2.0 -5.9 .2 1.7 6.1 15.3 12.1 13.5 -13.5 4.5 -1.3 14.7 -5.7 2.4 -3.1 .2 4.2 16.7 -4.6 5.1 -2.1 -10.1 .1 3.4 -1.0 11.6 15.9 -8.1 6.0 .2 -1.0 -1.4 14.7 4.5 15.7 -16.2 .2 .4 10.1 -9.4 -.6 .3 3.9 14.0 LIQUID ASSETS DEMAND DEP. + CURRENCY TIME DEPOSITS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS COMMERCIAL PAPER SECURITY R.P.'S 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 2.4 53.3 9.7 5.6 -.8 3.7 .2 6.4 7.9 6.0 .8 2.2 1.1 19.2 7.8 3.6 1.7 3.4 l.l .9 26.7 11.8 3.5 -.6 3.8 -.3 46.6 17.7 10.7 1.3 3.9 -1.1 -.9 1.9 5.1 1.7 .6 61.2 7.2 6.1 1.7 4.4 .1 -5.0 2.1 57.3 9.1 -1.0 -.5 4.4 1.1 2.3 30.9 13.6 4.2 1.3 3.8 .1 4.2 6.2 1.6 60.2 13.4 -.5 4.4 4.8 .1 4.7 .4 53.1 14.9 3.1 2.0 4.9 .1 4.8 CONSUMER CREDIT TRADE CREDIT MISCELLANEOUS ASSETS FOREIGN DIR. INVEST. (1) FOREIGN CURRENCIES INSURANCE RECEIVABLES EQUITY IN SPONSORED AGS. OTHER 27 28 29 30 31 32 33 34 35 36 37 38 209.0 145.3 6.6 138.6 37.0 37.0 9.9 27.1 80.3 58.2 10.5 47.7 103.6 78.7 2.7 76.0 146.6 91.2 2.6 88.6 109.9 95.2 5.4 89.8 151.0 95.8 1.6 94.3 129.5 84.4 2.8 81.7 144.7 86.0 3.6 82.4 160.5 98.4 2.4 95.9 165.3 104.2 1.3 102.9 39 40 41 42 43 44 2.9 35.6 24.8 .2 2.3 22.3 2.6 27.2 9.5 .7 -.1 9.0 2.5 22.8 12.9 1.2 .6 11.1 3.5 21.0 19.0 1.7 1.7 15.6 3.2 20.1 23.4 .5 3.0 20.0 4.5 24.7 27.0 1.9 2.1 23.0 2.7 13.6 17.5 1.3 16.1 4.7 24.2 22.5 .6 3.3 18.7 2.5 24.7 28.0 .5 4.4 23.1 2.8 18.0 25.7 .8 2.8 22.1 3.6 13.2 21.7 -.6 3.3 19.0 TAX-EXEMPT BONDS (2) CORPORATE BONDS (1) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 39 40 41 42 43 44 45 46 47 48 49 52.9 7.4 2.4 9.5 3.1 -11.9 -2.9 .2 2.2 .2 1.3 1.4 1.3 5.2 .2 20.0 1.6 .6 10.3 27.9 2.7 1.2 8.3 1.7 15.7 1.9 1.1 15.9 -1.0 46.8 -.2 2.8 8.5 2.6 18.4 3.5 .8 6.3 1.3 21.3 1.5 2.0 2.4 25.0 6.0 -.6 18.5 .6 45.5 4.5 2.6 11.1 .8 BANK LOANS N.E.C. COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U.S. GOVERNMENT LOANS 45 46 47 48 49 50 51 52 .7 57.1 5.9 -2.4 1.0 1.4 7.5 11.9 2.7 -1.3 24.5 1.8 1.8 50.0 3.5 2.9 11.8 .4 52.5 2.3 -8.7 49.2 4.6 5.7 46.7 6.3 10.0 51.3 .9 15.9 44.2 1.0 PROFIT TAXES PAYABLE TRADE DEBT MISCELLANEOUS LIABILITIES 50 51 52 53 24.6 11.9 20.1 26.7 13.9 24.4 19.2 9.2 10.2 17.0 11.7 DISCREPANCY 53 MEMORANDUM ITEMS: EXCESS OF CAPITAL EXPENDITURES 77.1 OVER GROSS INTERNAL FUNDS 54 * l.l * * * -.1 1.2 * 56.3 11.9 3.8 1.7 4.4 * * * * * * * * * PROFITS BEFORE TAX - PROFITS TAX ACCRUALS - NET DIVIDENDS PAID = UNDISTRIBUTED PROFITS + FOREIGN BRANCH PROFITS + INV. VALUATION ADJUSTMENT + CAP. CONSUMPTION ADJUSTMENT + CAPITAL CONSUMPTION ALLOW. = GROSS INTERNAL FUNDS 8.2 * NET INCREASE IN LIABILITIES NET FUNDS RAISED IN MKTS. NET NEW EQUITY ISSUES DEBT INSTRUMENTS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 35 36 37 38 54 106.6 55 56 -3.9 73.0 5.3 42.6 7.4 45.1 6.4 59.9 6.3 65.9 14.9 56.2 -5.8 54.4 12.0 77.6 10.5 64.0 9.0 67.5 57 58 59 84.3 54.3 112.2 33.9 -6.8 -8.2 37.6 10.2 29.5 49.8 26.2 49.4 57.4 31.2 83.0 60.5 29.3 44.0 52.5 41.8 94.7 58.2 23.4 63.9 63.2 19.2 71.7 55.7 40.2 101.5 DEBT SUBTOTALS: (3) 57.2 LONG-TERM DEBT 45.7 SHORT-TERM DEBT 105.8 TOTAL S-T LIABILITIES 60 61 62 41.4 180.9 58.2 40.1 93.5 27.1 40.6 113.2 33.8 41.0 121.6 46.2 40.9 138.3 45.3 40.6 122.4 53.4 39.8 141.7 52.3 41.3 138.7 40.9 41.1 137.3 41.1 41.3 136.0 47.4 PER CENT RATIOS: 41.9 EFFECTIVE TAX RATE 60 155.7 CAPITAL OUTLAYS/INTERNAL FUNDS 61 47.8 CR. MKT. BORROWING/CAP. EXP. 62 63 64 65 141.5 -6.1 135.4 95.7 -11.7 84.1 105.2 -13.8 91.4 113.9 -14.2 99.7 124.6 -17.1 107.6 117.3 -14.4 102.9 119.8 -15.1 104.7 122.7 -16.2 106.6 126.7 -18.2 108.5 129.2 -18.7 110.4 131.9 CAP. CONS. ALLOWANCE, N I A -19.5 PLUS: CAP. CONS. ADJUSTMENT 112.4 EQUALS: BOOK DEPRECIATION 63 64 65 66 67 68 20.9 -73.6 94.5 -10.4 -12.4 2.0 13.3 -14.5 27.8 13.1 -14.8 27.9 16.8 -24.4 41.2 7.7 -14.8 22.5 20.3 -23.5 43. 8 20.2 -24.9 45.1 16.1 -20.9 37.0 10.7 -28.4 39.1 17.2 INVENTORY CHANGE, N I A -40.3 LESS: INV. VAL. ADJUSTMENT 57.5 EQUALS: INVENTORY CHG., BOOK 66 67 69 70 71 72 61.7 8.3 135.4 20 5.4 32.0 3.1 84.1 119.2 43.7 4.2 91.4 139.3 45.5 5.0 99.7 150.2 53.5 4.9 107.6 166.0 45.6 3.6 102.9 152.1 41.2 4.7 104.7 150.7 56.5 5.9 106.6 169.0 53.9 4.6 108.5 167.0 62.5 4.3 110.4 177.2 58.6 7.5 112.4 178.6 73 74 75 76 77 180.7 312.0 205.6 94.5 11.8 107.3 112.3 108.9 2.0 1.3 119.1 155.7 123.9 27.8 4.0 123.5 179.4 149.0 27.9 2.5 152.0 220.2 176.9 41.2 2.0 127.6 182.8 157.8 22.5 2.6 131.4 203.7 158.7 43.8 1.2 159.7 224.8 175.3 45.1 4.4 156.8 221.4 183.5 37.0 .9 160.2 230.8 190.2 39.1 1.4 166.9 GROSS INVESTMENT, BOOK 255.7 CAPITAL EXPENDITURES 193.3 FIXED INVESTMENT 57.5 INVENTORY CHG., BOOK 4.9 MINERAL RIGHTS 8.8 TRADE CREDIT NET OF TRADE DEBT 55 63.6 PROFITS TAX PAYMENTS 56 57 58 59 CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS http://fraser.stlouisfed.org/ BILLIONS OF DOLLARS. Federal Reserve Bank of St. Louis UNDISTRIBUTED PROFITS * FOREIGN BRANCH PROFITS + BOOK DEPRECIATION = GROSS INTERNAL FUNDS,ROOK (1) FOREIGN INVESTMENT IS NET OF BOND ISSUES ABROAD, AND BOND ISSUES OUTSIDE THE U.S. ARE EXCLUDED FROM SOURCES OF FUNDS ABOVE. (2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. ISSUED BY STATE AND LOCAL GOVERNMENYS TO FINANCE PRIVATE INVESTMENT AND SECURED IN INTEREST AND PRINCIPAL BY THE INDUSTRIAL USER OF THE FUNDS. (3) MATURITY SPLIT ON DEBT IS APPROXIMATE: L-T IS BONDS, M-F + COMMERCIAL MORTGAGESt ANQ 40* OF BANK LOANS* S-T DEBT IS OTHER CREDIT MARKET BORROWING. TOTAL S-T LIABILITIES IS S-T BORROWING + TAX LIABILITIES + TRADE DEBT. 1/79 BASED ON INCOMPLETE INFORMATION. 71 72 MAY lit 1979 STATEHOCAL GOVTS. AND FOREIGN STATE+LOCAL GOVTS. AND FOREIGN UNADJUSTED NET FLOWS <$ MILL.) UNADJUSTED NET FLOWS (S MILL.l 1977 IV I 1978 1 I II III IV 1 1979 1 I 1969 BILLIONS OF DOLLARS 1971 1972 1970 1973 STATE AN D LOCAL GOVERNMENTS - GENERAL FUNDS (11 1 TOTAL RECEIPTS, NIA BASIS 2 TAX RECEIPTS 3 SOCIAL INSURANCE RECEIPTS 4 GRANTS IN AID RECEIVED 5 6 7 8 9 10 TOTAL EXPENDITURES, NIA BASIS PJRCH. OF GOODS + SERVICES NET INTEREST + TRANSFERS NET SURPLUS, NIA BASIS - RETIREMENT CREDIT TO HH = GROSS SAVING 83.854 60.336 5.693 17.825 76.148 51.865 6.023 18.260 81.369 56.534 6.289 18.546 77.813 51.323 6.526 19.964 92.750 65.925 6.681 20.144 81.750 55.821 6.847 19.082 119.7 91.4 7.9 20.3 134.9 101.5 9.0 24.4 152.6 113.7 9.9 29.0 177.4 129.1 10.8 37.5 193.5 140.8 12.1 40.6 69.436 64.821 4.615 14.418 3.377 11.041 69.551 64.765 4.786 6.597 2.927 3.670 75.095 70.078 5.017 6.274 4.672 1.602 77.787 72.768 5.019 26 4.189 -4.163 77.304 72.545 4.759 15.446 5.365 10.081 77.185 72.494 4.691 4.565 3.807 758 117.6 110.4 7.1 2.1 5.5 -3.4 132.2 123.2 9.0 2.8 6.4 -3.6 148.9 137.5 11.4 3.7 6.6 -2.9 163.7 151.0 12.7 13.7 8.5 5.3 180.5 5 167.3 6 13.1 7 13.0 8 9.5 9 3.5 10 7.990 13.184 2.220 2.940 1.082 4.370 -2.668 4.154 -1.630 6.766 1.146 7.314 12.106 1.592 1.358 -1.485 993 -1.871 1.000 -10.0 1.1 1.4 -5.9 -4.7 7.2 -2.9 10.0 -12.0 6.4 1.0 7.2 1.9 17.0 1.7 6.8 1.4 15.4 -.3 7.2 11 12 13 14 15 16 17 18 1 2 3 4 T562 -2.673 7.362 -1.521 2.826 15 16 17 18 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES TREASURY ISSUES U.S. GOVT. AGENCY SEC. 6.265 5.825 4.279 1.546 3.909 3.096 1.883 1.213 6.917 6.618 6.048 570 4.533 3.800 2.925 875 7.696 7.650 6.250 1.400 2.744 2.244 1.744 500 5.3 4.7 3.1 1.7 -.2 -1.2 .9 -2.1 -2.3 -3.2 -1.3 -1.8 7.8 6.7 4.1 2.6 7.8 5.8 1.4 4.4 19 20 21 ST.+LOC. OBLIGATIONS MORTGAGES TAXES RECEIVABLE 70 370 1.759 293 520 -1.025 163 136 -735 583 150 1.524 -154 200 1.460 0 500 -880 .1 .5 .3 .1 .8 .2 -.3 1.1 .5 -.3 1.4 .8 .2 19 1.7 20 .7 21 5.194 4.940 4.252 -1.382 5.634 3.288 3.034 2.749 -1.799 4.548 8.396 8.138 9.981 1.557 8.424 10.035 9.780 9.783 391 9.392 4.792 4.534 4.435 45 4.390 2.478 2.221 2.121 -1.142 3.263 11.1 10.7 9.9 2.8 7.2 11.9 11.3 11.2 2.3 8.9 18.4 17.7 17.3 2.5 14.9 15.1 14.5 14.2 .1 14.1 688 254 285 2 54 -1.843 258 -3 255 99 258 100 257 .7 .4 .1 .6 .4 .7 .3 .6 .3 27 .8 28 3.232 -1.490 2.767 2.243 6.6 1.1 9.1 3.3 2.1 29 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS1 13 DEMAND DEP. + CURRENCY 14 TIME DEPOSITS 22 23 24 25 26 27 28 NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING ST.+LOC. OBLIGATIONS SHORT-TERM OTHER U.S. GOVERNMENT TRADE DEBT LOANS 29 DISCREPANCY 3.051 2.588 14.0 13.2 12.9 .3 12.6 22 23 24 25 26 (l)EMPLOYEE RETIREMENT FUNDS ARE I N INSURANCE SECTOR REST OF THE WORLD 1 2 3 4 5 6 7.1 101.6 94.4 3.9 3.8 .6 1 2 3 4 5 6 -4.097 44.774 48.871 1.068 1.676 6.841 -5.623 45.303 50.926 1.036 1.949 8.608 -861 51.929 52.790 1.300 2.126 4.287 -5.606 50.047 55.653 1.012 2.116 8.734 104 57.487 57.383 1.157 2.475 3.528 -2.376 57.076 59.452 1.174 2.728 6.278 1.8 54.7 52.9 3.0 .8 2.0 3.9 62.5 58.5 3.2 1.0 .3 1.6 65.6 64.0 3.6 1.8 3.9 -3.3 72.7 75.9 3.8 2.7 9.8 7 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 8 GOLD + SDR«S tl) 9 U.S. DEMAND DEPOSITS 10 U.S. TIME DEPOSITS 11 6.984 19.473 -90 3.144 1.258 5.131 17.770 -16 -1.225 709 -4.376 -616 -90 86 -139 7.386 14.385 -5 -636 -378 4.593 30.058 1.410 1.913 808 3.866 5.547 192 -2.559 101 3.4 10.3 -1.0 .3 1.4 .6 5.9 .8 .5 -1.7 13.9 22.6 1.3 -.2 .3 11.9 19.7 .6 1.6 2.8 12 13 14 15 16 U.S. CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES U.S. CORPORATE BONDS 12) OPEN-MARKET PAPER 894 15.957 14.080 1.204 673 670 15.770 14.886 223 661 1.259 -2.025 -4.945 548 2.372 16 3.551 1.422 377 1.752 425 20.498 16.858 550 3.090 680 -4.057 -4.190 -50 183 1.6 -.5 -2.0 .5 1.0 .7 10.5 9.3 .7 .5 .8 26.4 26.3 .3 -.2 2.4 8.4 8.4 .1 -.1 17 18 SECURITY CREDIT TRADE CREDIT 0 761 0 1.303 0 -134 0 1.325 0 1.916 0 5 86 -.2 .8 -.1 1.4 .1 .1 .8 * 17 1.0 18 19 20 21 22 NET U.S. EXPORTS U.S. EXPORTS U.S. IMPORTS TRANSFER RECEIPTS FROM U.S. U. S. GOVT. INTEREST RECEIVED CURRENT ACCOUNT BALANCE (U.S. BALANCE, SIGN REVERSED) MISCELLANEOUS ASSETS U.S. BANK LIABILITIES TO FOREIGN AFFILIATES DIR. INVESTMENT IN U.S. OTHER * 3.1 7 16.5 8 * 9 2.9 10 3.0 11 2.8 .6 .2 .1 .3 12 13 14 15 16 -2.451 559 427 10.512 3.088 10.604 7.9 -6.2 -6.2 3.1 6.4 19 3.649 -2 -6.098 -1.488 568 1.479 1.576 1.150 -2.299 8.393 1.567 552 3.075 225 -212 10.152 250 202 12.5 .8 -5.5 -5.8 1.0 -1.5 -4.3 -.2 -1.7 .2 .4 2.4 * 20 1.9 21 4.5 22 13.5 23 NET INCREASE IN LIABILITIES U.S. OFF. FGN. EXCHANGE + NET IMF POSITION 12.489 12.639 3.760 6.999 25.465 1.681 6.8 5.3 8.8 7.8 24 -87 -262 -432 -252 1.145 2.103 .3 -2.5 -1.7 -.2 -.2 24 25 26 27 FOREIGN EQUITY ISSUES CREDIT MARKET INSTRUMENTS CORP. AND FOREIGN BONDS -200 4.198 931 -330 2.477 1.279 -69 6.212 1.172 12 5.315 455 -132 16.055 1.002 0 -2.032 900 .5 3.2 1.0 .1 2.7 .9 * 5.2 .9 -.4 4.4 1.0 -.? 25 6.4 26 1.0 27 2.307 169 1.729 409 696 42 410 244 1.953 -81 1.066 968 3.745 709 2.036 1.000 9.363 -484 7.007 2.840 -3.974 0 -4.155 181 -.2 -.3 -.1 -.2 2.1 .2 1.0 .9 2.9 .2 1.0 1.7 2.8 .4 1.7 .7 452 508 -233 735 2.026 1.061 -171 1.286 4.977 713 375 667 .3 2.1 .8 1.3 .3 1.8 -1.0 1.5 .9 32 1.7 33 0 1.326 0 495 0 26 0 112 0 396 0 400 -.2 .8 1.0 .5 .1 .5 -.2 34 1.9 35 7.252 215 8.749 1.216 -2.928 10.259 293 3.272 2.389 4.305 -1.977 151 -3.021 1.653 -760 1.812 181 303 -507 1.835 8.001 119 10.263 295 -2.676 1.210 250 547 450 -37 2.3 .2 -.4 2.1 .4 4.1 .2 .5 3.6 -.2 4.7 .3 1.3 3.3 -.1 3.4 .3 3.9 1.2 -2.0 5.7 .3 5.4 2.0 -2.0 -143 3.477 8.663 1.348 -1.065 2.412 -1.4 -.3 -9.9 -2.2 -2.5 41 23 28 29 30 31 BANK TO TO TO 32 33 BANKERS ACCEPTANCES U.S.GOVT. LOANS LOANS N . E . C FGN. OFFICIAL FGN. BANKS OTHER FGN. 34 35 SECURITY DEBT TRADE DEBT 36 37 38 39 40 MISCELLANEOUS LIABILITIES USG EQUITY IN IBRD, ETC. FGN. CURR. HELD IN U.S. U.S. DIR. INV. ABR0AD<2) OTHER 41 DISCREPANCY (1) CONSISTS ONLY OF NET PURCHASES FROM U.S. EXCLUDES ACQUISITIONS FROM OTHER SOURCES. (2) EXCLUDES U.S. SECURITY ISSUES IN FOREIGN MARKETS. 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * .2 -.4 * * * 28 29 30 31 36 37 38 39 40 MAY 1 1 , 1979 STATE+LOCAL GOVTS. ANO FOREIGN SEASONALLY ADJUSTED ANNUAL STATE+LOCAL GOVTS. ANO FOREIGN RATES SEASONALLY ADJUSTED ANNUAL RATES 1977 1978 I 1977 | IV 11 1979 I 1978 I II III STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS (11 1 2 372.0 269.9 236.9 165.9 266.9 187.0 296.2 207.1 328.1 225.6 307.9 315.7 24.5 16.4 18.7 21.7 25.5 214.0 217.6 3 22.8 329.2 225.6 26.1 77.5 340.1 233.0 26.7 80.3 3 3 9 . 9 TOTAL RECEIPTS, NIA BASIS 235.6 TAX RECEIPTS 27.4 SOCIAL INSURANCE RECEIPTS 76.9 GRANTS IN AID RECEIVED 313.3 294.8 18.6 26.6 15.2 11.4 4 77.6 54.6 61.1 67.4 76.9 71.1 73.9 327.4 226.4 25.2 75.9 5 6 7 8 9 10 358.9 339.1 19.8 13.2 17.3 -4.1 230.6 215.4 15.3 6.2 11.2 -5.0 246.3 229.6 16.7 20.7 13.4 7.2 266.6 248.9 17.7 29.6 13.1 16.4 299.7 280.2 19.6 28.3 17.2 11.2 278.9 260.3 18.6 29.0 13.5 15.5 284.2 265.2 19.0 31.5 11.7 19.8 297.7 277.6 20.1 29.8 18.7 11.1 305.8 285.8 20.0 23.4 16.8 6.6 311.3 292.0 19.3 28.8 21.5 7.3 11 12 13 14 -13.5 16.5 .3 9.8 -12.3 2.2 .2 -2.0 -1.2 18.0 -1.2 2.1 8.5 35.4 .9 7.0 4.1 30.6 -1.5 7.8 7.1 31.3 1.1 6.5 13.8 33.8 -2.7 14.0 3.3 28.9 -.8 3.7 -1.1 .4 23.7 -1.5 -.2 7.1 NET FINANCIAL INVESTMENT 24.3 NET ACQ. OF FINANCIAL ASSETS .8 DEMAND DEP. + CURRENCY 2.1 TIME DEPOSITS 11 12 13 14 15 16 17 18 4.0 -1.5 -5.6 4.0 3.4 14.7 10.8 7.4 3.3 26.4 25.5 21.1 4.4 23.1 21.2 17.1 4.1 19.1 12.9 21.6 18.3 25.0 23.8 21.8 13.5 6.2 4.9 21.5 2.3 15.3 3.5 23.9 23.7 18.1 5.6 19.6 17.6 15.6 2.0 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES TREASURY ISSUES U.S. GOVT. AGENCY SEC. 15 16 17 18 19 20 21 1.1 4.5 2.4 2.4 1.6 .6 2.7 1.3 2.3 .2 .6 1.1 .9 1.0 1.2 .3 1.5 2.8 1.2 2.1 1.0 .7 .5 1.0 2.3 .6 1.4 -.6 .8 1.5 2.0 1.8 ST.+LOC. OBLIGATIONS MORTGAGES TAXES RECEIVABLE 19 20 21 22 23 24 25 26 30.0 26.8 25.5 5.5 20.0 14.5 13.2 13.0 26.9 25.9 25.7 .9 24.8 26.5 25.5 26.9 .2 26.8 24.2 23.2 20.4 -3.8 24.2 20.0 19.0 25.6 24.5 17.8 -3.1 31.9 .4 13.2 19.2 18.5 16.5 -.9 17.4 20.9 31.5 37.2 36.2 36.2 1.4 34.8 23.2 22.2 21.8 2.1 19.7 17.3 16.2 15.8 * 15.8 27 28 1.3 3.2 .2 1.4 2.0 .7 .2 1.0 -1.5 1.0 2.8 1.0 1.1 1.0 -7.4 1.0 1.0 1.0 .4 1.0 29 9.4 7.3 8.5 7.9 7.1 7.8 6.9 4.3 DISCREPANCY -f.6 -.7 * -.3 24.1 20.9 7.8 36.1 -.7 13.6 18.8 TOTAL EXPENDITURES, NIA BASIS PURCH. OF GOODS + SERVICES NET INTEREST + TRANSFERS NET SURPLUS, NIA BASIS - RETIREMENT CREDIT TO HH = GROSS SAVING 10 NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING ST.+LOC. OBLIGATIONS SHORT-TERM OTHER 22 23 24 25 26 U.S. GOVERNMENT LOANS TRADE DEBT 27 28 CDEMPLOYEE RETIREMENT FJNDS ARE IN INSURANCE SECTOR. REST OF THE WORLD 2 3 4 5 6 244.2 236.0 7.5 7.6 6.9 147.3 126.9 4.0 4.5 -11.9 163.2 155.7 4.2 4.5 1.2 -11.1 175.5 186.6 4.2 5.5 20,9 -12.0 204.8 216.8 4.5 8.7 25.2 -23.2 172.1 195.2 4.3 6.6 34.1 -24.1 181.7 205.8 4.3 7.9 36.3 7 8 9 10 11 9.0 60.6 -.3 5.4 14.5 -17.0 14.2 21,9 48.4 -.2 1.9 .7 12.7 61.6 1.3 .1 1.0 34.8 74.8 -.4 8.7 5.0 24.3 80.2 -.1 -1.4 2.8 -16. -5. .1 .7 -7.7 34.8 -.1 2.5 -1.9 12 13 14 15 16 .7 21.1 8.1 1.6 11.4 4.7 6.1 8.1 .6 -2.6 2.8 15.2 11.6 .9 2.7 2.7 39.5 31.5 3.7 4.4 2.4 37.8 28.2 1.7 7.9 3.6 4.8 6.5 2.7 58.4 55.6 .9 1.9 5.0 -5.7 -15.9 2.2 8.0 .1 9.7 4.6 1.5 3.6 17 18 -.1 3.0 .1 1.7 4.0 1.7 4.4 3.0 5.2 -.5 5.3 19 16.4 .8 12.4 2.1 14.6 -14.3 12.6 -3.5 41.0 20 21 22 8.0 5.9 2.5 .1 1.4 -.7 4.5 2.7 5.2 8.9 1.8 -8.6 11.6 3.5 -.5 10.6 6.2 4.6 31.1 6.3 3.6 47.6 1.0 -24.9 .6 2.3 9.7 23 51.6 31.1 42.5 26.4 48.9 40.1 55.9 35.6 12.8 2.3 .5 2.5 .2 -.3 -1.0 -1.0 8.4 NET INCREASE IN LIABILITIES U.S. OFF. FGN. EXCHANGE + NET IMF POSITION 23 24 25 26 27 -.5 27.6 3.6 .2 13.0 6.2 .3 20.4 8.5 .4 11.9 5.0 -.5 30.1 3.9 -.8 13.1 3.7 -1.3 14.5 5.1 -3.4 3.6 FOREIGN EQUITY ISSUES CREDIT MARKET INSTRUMENTS CORP. AND FOREIGN BONDS 25 26 27 28 29 30 31 7.9 .3 5.0 2.6 3.7 .3 1.0 2.5 6.6 .9 4.1 1.7 1.6 .1 1.1 .3 15.8 .2 10.5 5.1 5.6 .7 4.3 .6 7.4 .2 5.1 2.1 32 33 13.5 2.6 .3 2.8 1.9 3.3 2.4 3.0 6.6 3.8 1.8 2.0 -.9 2.9 34 35 -.1 4.6 .1 .9 •4 .4 1.0 5.3 2.0 36 37 38 39 40 17.7 1.2 11.6 5.6 -.7 16.4 .7 10.8 6.0 -1.1 19.0 1.1 12.4 3.6 1.9 13.7 .7 10.9 4.2 -2.2 18.1 .7 10.8 3.8 2.7 22.8 .9 26.8 3.5 -8.4 41.8 1.2 16.0 10.7 13.9 -8.9 .6 -18.7 6.1 3.0 -.7 12.0 35.7 * * -5.5 205.4 210.9 4.8 8.5 18.9 -10.7 210.1 220.8 4.3 8.4 23.5 -7.6 221.9 229.5 4.6 9.8 22.1 17.2 52.8 118.8 26.4 5.6 3.5 3.2 1.7 88.8 68.5 2.2 18.0 -10.3 229.0 239.2 4.9 11.0 26.1 NET U.S. EXPORTS U.S. EXPORTS U.S. IMPORTS TRANSFER RECEIPTS FROM U.S. U. S. GOVT. INTEREST RECEIVED CURRENT ACCOUNT BALANCE (U.S. BALANCE, SIGN REVERSED) 1 9 . 1 NET FINANCIAL INVESTMENT 31.9 NET ACQ. OF FINANCIAL ASSETS .8 GOLD + SDR'S ( 1 ) -6.6 U . S . DEMAND DEPOSITS .4 U.S. TIME DEPOSITS 2.7 -20.7 -21.0 -.2 .5 11 U.S. CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES U.S. CORPORATE BONDS (2) OPEN-MARKET PAPER 12 13 14 15 16 SECURITY CREDIT TRADE CREDIT 17 18 MISCELLANEOUS ASSETS U.S. BANK LIABILITIES TO FOREIGN AFFILIATES DIR. INVESTMENT IN U.S. OTHER 19 20 21 22 -14.3 * 11.5 24 -1.7 -.3 22.3 4.7 5.3 -.3 1.5 4.1 24.1 1.8 -.5 59.3 4.0 17.8 2.8 11.0 3.9 32.6 -1.9 24.4 10.1 8.1 4.2 -.7 5.1 19.9 2.9 12.0 .7 14.3 -1.0 -2.0 6.3 -11. -13, 1. 1.5 2.7 6.2 1.0 31.6 -.5 -4.2 3.1 -3.5 BANK TO TO TO LOANS N.E.C. FGN. OFFICIAL FGN. BANKS OTHER FGN. BANKERS ACCEOTANCFS U.S.GOVT. LOANS 34 35 MISCELLANEOUS LIABILITIES USG EQUITY IN IBRD, ETC. FGN. CURR. HELD IN U.S. U.S. DIR. INV. ABR0AD(2| OTHER 36 3? 38 39 40 7.0 DISCREPANCY (2) EXCLUDES U.S. SECURITY ISSUES IN FOREIGN MARKETS. 1/79 BASED ON INCOMPLETE INFORMATION. 32 33 SECURITY DEBT TRADE DEBT (1) CONSISTS ONLY OF NET PURCHASES FROM U.S. EXCLUDES ACQUISITIONS FROM OTHER SOURCES. BILLIONS OF DOLLARS. 28 29 30 31 41 MAY 9, 1979 U.S.GOVT. + CREDIT AGENCIES U.S.GOVT. + CREDIT AGENCIES SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS <$ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1977 IV | | 1978 II I III IV 1I |1 1979 BILLIONS OF DOLLARS 1970 1971 1972 I U.S. GOVERNMENT 1 TOTAL RECEIPTS, NIA BASIS PERSONAL TAXES 2 CORP. PROFITS TAX ACCRUALS 3 INDIRECT TAXES 4 SOCIAL INSURANCE RECEIPTS 5 6 7 8 9 10 11 12 13 14 TOTAL EXPENDITURES, NIA BASIS GOODS + SERVICES TRANSFERS, ETC. NET INTEREST NET SURPLUS, NIA BASIS - INSURANCE CREDITS TO HH = GROSS SAVING + MINERAL RIGHTS SALES (2) = NONFINANCIAL SURPLUS 87.402 40.522 15.566 6.414 24.900 94.545 115.715 115.289 105.874 112.866 43.280 48.755 54.986 52.148 37.344 19.381 20.289 18.334 13.587 19.082 6.949 7.141 7.386 6.988 6.342 43.555 29.689 33.536 38.245 37.272 197.0 94.8 36.2 19.0 47.0 192.1 92.2 30.8 19.3 49.7 198.6 89.9 33.5 20.4 54.9 227.5 108.2 36.6 20.0 62.8 258.3 114.6 43.0 21.2 79.4 t 2 3 4 5 111.604 39.303 64.537 7.764 -24.202 148 -24.350 640 -23.710 112.574 111.917 115.173 121.695 122.159 40.141 42.040 37.858 36.946 36.942 69.991 68.327 66.475 67.236 71.525 10.493 9.664 8.988 8.496 8.396 3.798 -18.029 -9.293 116 - 1 5 . 8 2 1 630 - 1 . 6 0 4 6.240 1.537 -1.184 2.261 - 6 . 1 2 4 - 1 6 . 4 5 1 -7.689 -16.845 355 232 1.097 1.221 289 -6.468 3.358 -5.892 -16.096 -16.556 188.4 97.5 78.1 12.9 204.2 95.6 94.3 14.3 -12.1 220.6 96.2 110.4 14.0 -22.0 244.7 102.1 128.1 14.6 -17.3 -14.6 -24.9 -20.4 7.0 -14.3 -24.2 -19.5 265.0 102.2 144.6 18.2 -6.7 2.3 -9.0 3.2 -5.9 6 7 8 9 10 11 12 13 14 -9.071 607 -73 -8.213 -141 6.0 3,5 1.4 1.1 -.2 -14.5 -7.4 3.3 * -1.8 -.2 15 16 17 18 19 3.1 -1.3 1.0 3.5 2.8 -.1 .3 2.6 20 21 22 23 -22.678 -18.274 15 NET FINANCIAL INVESTMENT 2.034 NET ACQ. OF FINANCIAL ASSETS - 1 . 1 0 9 16 -295 -73 GOLD, SDR'S + OFF FGN EXCH 17 -5.515 DEMAND DEPOSITS + CURRENCY - 7 . 3 6 8 18 -188 118 TIME DEPOSITS 19 3.795 7.155 -315 10.986 361 -5.767 -14.959 3.897 16.213 -173 - 1 . 8 5 1 5.132 -3.810 -221 111 8.5 1.6 7.0 * -19.5 3.9 -2.2 -.9 -.4 2.5 .3 3.3 .1 -1.0 2.8 1.8 .1 1.5 .1 -.7 -.8 .1 1.3 24 . 3 25 1.0 26 -2.5 14.9 28.5 18.7 .3 .6 .5 .5 10.8 27 . 4 28 10.656 -139 11.450 -655 -3.7 11.9 24.9 -.1 .3 2.3 3.3 -1.2 -2.4 12.6 -1.0 23.7 -1.1 11.0 630 2.326 535 -1.604 647 -297 1.6 -.3 -.4 2.5 -.6 .5 2.9 -.7 .8 3.1 -.1 -1.137 15.098 2.603 14.872 1.0 .2 .4 39.2 33.4 32.0 3.205 1.550 -385 2.040 4.257 2.160 -322 2.419 24 25 26 TAXES RECEIVABLE TRADE CREDIT MISCELLANEOUS 2.560 -873 187 904 1.224 336 -8.099 481 138 4.813 253 160 5.191 822 229 4.210 233 334 -3.0 .9 .1 21.569 95 20.308 136 3.360 97 21.980 179 18.856 112 9.678 276 20.676 1.190 19.554 -68 20.792 1.196 19.943 -347 2.582 1.158 1.548 -124 15.054 829 14.803 -578 15.253 746 14.890 -383 148 549 101 -1.184 719 -155 1.537 -192 -664 6.240 499 8 -1.032 13.006 1.718 12.683 -437 26.433 -125 14.568 36 DISCREPANCY 37 MEMO: CORP. TAX RECEIPTS, NET -24.6 .4 -2.0 -1.7 6.249 1.365 1.113 3.771 LIFE + RETIREMENT RESERVES TRADE DEBT MISCELLANEOUS .9 -.8 .3 3.603 2.860 -563 1.306 33 34 35 3.1 -2.6 5.568 1.955 -536 4.149 CREDIT MARKET INSTRUMENTS SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES + MTGS. .7 2.8 * -.6 3.4 4.340 1.480 204 2.656 29 30 31 32 2.9 -.7 2.5 CREDIT MARKET INSTRUMENTS MORTGAGE POOL SECURITIES (3) MORTGAGES OTHER LOANS NET INCREASE IN L I A B I L I T I E S TREASURY CURR. + SDR CTFS. .3 -.4 3.2 20 21 22 23 27 28 2.5 * * 15.1 .8 * * 37.3 8.3 2.7 5.2 .4 29 30 31 32 2.3 33 . 1 34 - . 4 35 1.6 36 41.7 37 FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS SPONSORED CREDIT AGENCIES 213 228 250 257 278 284 .1 .2 2.797 32 5.260 -40 8.083 34 7.671 -50 7.343 86 7.247 -38 9.2 3.9 2.304 -1.384 -127 -353 -904 4.743 1.232 7 -237 1.462 8.112 375 905 -361 -169 7.420 -809 -505 -552 248 7.403 17 183 -48 -118 6.712 2.305 101 ^18 2.222 3.261 142 3.119 2.762 1.657 1.105 5.759 1.763 3.996 6.643 2.759 3.884 6.320 2.808 3.512 2.760 3.549 -789 LOANS TO AGRICULTURE FARM MORTGAGES LOANS TO COOPS ( B O LOANS TO FARMERS (FICB) MISCELLANEOUS ASSETS 427 592 570 -735 461 749 768 340 -359 557 1.978 896 209 873 -63 1.586 809 -50 827 301 1.066 758 191 117 -146 1.647 800 100 747 573 17 NET INCREASE IN LIABILITIES 18 CREDIT MARKET INSTRUMENTS 19 SPONS. AGENCY ISSUES 20 U.S. GOVERNMENT LOANS 21 MISCELLANEOUS LIABILITIES 2.833 2.175 2.175 0 658 5.075 4.424 4.424 0 651 7.952 6.658 6.658 0 1.294 7.459 5.989 5.989 0 1.470 7.426 5.998 5.998 0 1.428 7.075 5.745 5.745 0 1.330 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 5 6 7 8 CREDIT MARKET INSTRUMENTS LIQUID ASSETS U.S.GOVT. SECURITIES OPEN-MARKET PAPER FEDERAL FUNDS + RP»S 9 10 11 12 13 14 15 16 HOUSING CREDIT RESIDENTIAL MORTGAGES FHLB LOANS TO S + L ASSOC. 22 DISCREPANCY 9.6 1.9 4.9 1.3 10.3 8.2 8.2 2 3 17.8 2.1 * -.2 2.3 4 5 6 7 8 12.5 9 5.3 10 7.2 11 2.9 -2.7 .6 1.1 1.1 18.7 .1 3.8 3.5 3.5 249 3.2 1.9 .3 1.1 .8 12 13 14 15 16 18.5 16.3 16.3 2.2 17 18 19 20 21 .2 22 FEDERALLY SPONSORED MORTGAGE POOLS (1) 23 NET ACQ. OF MORTGAGES 24 HOME MORTGAGES 25 MULTIFAMILY MORTGAGES 26 FARM MORTGAGES 5.622 5.060 407 155 3.791 3.437 279 75 4.522 3.400 903 219 4.128 3.757 308 63 5.903 5.237 387 279 4.365 3.950 415 0 .2 27 NET INCR. I N POOL SECURITIES 5.622 3.791 4.522 4.128 5.903 4.365 .7 MEMO: TOTALS FOR AGENCIES AND POOLS— CREDIT MARKET INSTRUMENTS 7.926 LIQUID ASSETS -1.384 HOUSING CREDIT 8.728 LOANS TO AGRICULTURE 582 8.534 1.232 6.478 824 12.634 375 10.062 2.197 11.548 -809 10.708 1.649 1 3 .. 3 0 6 17 11, . 9 4 4 1,. 3 4 5 11.077 2.305 7.125 1.647 9.4 -.4 8.3 1.6 8.215 11.180 10.117 11, . 9 0 1 10.110 28 29 30 31 32 NET SECURITY ISSUES (1) 7.797 GNMA, FHLMC, AND FARMERS HOME ADM. POOLS. 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE• INFORMATION. (2) S a l e s of Outer Continental Shelf l e a s e s . (3) From 1974, mainly Federal Financing Bank purchases of Farmers Home Administration mortgage pool s e c u r i t i e s . .7 .4 * .3 4.8 4.3 .1 .4 4.9 4.3 .3 .3 3.6 3.2 .2 .2 23 24 25 26 1.6 4.8 4.9 3.6 27 11.1 1.9 7.5 1.8 5.2 -1.2 4.5 1.8 9.2 -.4 7.4 2.2 1.6 1.2 * 2 1 . 4 28 2 . 1 29 1 5 . 9 30 3 . 5 31 MAY 9 , 1 9 7 9 U.S.GOVT. + CREDIT AGENCIES U.S.GOVT. + CREDIT AGENCIES SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1978 \ I 1978 1977 | IV 1 I II III 424.7 186.7 441.7 U . S . GOVERNMENT 1 2 3 4 5 510.3 235.0 81.9 38.2 155.2 286.2 125.4 42.8 23.9 94.2 331.4 146.8 54.8 23.4 106.4 374.5 169.4 61.3 25.0 118.7 431.4 193.2 71.6 27.9 138.7 385.5 174.8 6 7 8 9 10 11 12 13 14 528.8 196.6 295.5 36.7 -18.5 6.1 -24.5 11.8 -12.7 356.8 123.1 210.6 23.2 -70.6 3.8 -74.4 1.3 r73.1 385.2 129.9 228.6 26.8 -53.8 4.7 -58.5 4.0 -54.6 422.6 145.1 248.4 29.1 -48.1 6.6 -54.8 2.5 -52.3 461.4 153.8 272.0 35.5 -29.9 7.2 -37.2 2.0 -35.2 15 16 17 18 19 -11.0 16.3 2.5 -7.2 -.1 -73.7 17.4 .5 2.9 .1 -57.9 22.8 2.4 4.0 .2 -54.8 10.1 .3 -.5 .1 20 21 22 23 19.3 5.0 2.9 11.4 15.1 4.5 3.2 7.4 8.9 3.7 -3.1 8.2 24 25 26 .4 1.5 -.1 -3.1 1.2 .7 27 28 27.3 .8 29 30 31 32 396.2 176.8 59.6 463.1 209.7 80.6 28.8 26.5 133.3 137.6 140.1 144.0 474.2 TOTAL RECEIPTS, NIA BASIS 206.1 PERSONAL TAXES 82.1 CORP. PROFITS TAX ACCRUALS 29.1 INDIRECT TAXES 156.9 SOCIAL INSURANCE RECEIPTS 444.1 152.2 261.2 30.7 -58.6 3.0 -61.6 448.8 151.5 264.1 33.2 -52.6 448.3 147.2 266.6 34.6 -23.6 464.5 6.4 -58.9 7.5 -31.1 6.5 -29.3 2.6 -59.0 1.2 -57.8 4.4 -26.7 .9 -28.4 483.8 162.5 283.2 38.1 -20.8 8.6 -29.3 1.4 -27.9 487.2 164.7 281.0 41.6 -13.0 6.3 -19.3 4.9 -14.5 -35.2 29.3 -2.6 6.8 .1 -61.1 5.7 -.3 -11.3 .5 -56.8 18.6 -1.2 -25.5 30.7 -1.3 25.0 1.4 -29.2 40.8 -29.3 27.0 -7.4 5.3 -16.9 NET FINANCIAL INVESTMENT 15.8 NET ACQ. OF FINANCIAL ASSETS -.3 GOLD, SDR'S + OFF FGN EXCH -26.0 DEMAND DEPOSITS + CURRENCY -.6 TIME DEPOSITS 11.8 5.3 -.2 6.7 18.6 7.7 -.4 11.3 17.8 11.0 3.1 17.7 10.4 11.4 -5.0 4.0 21.7 5.5 1.4 14.8 5.8 .5 1.0 -1.6 -.8 .7 2.8 2.8 .9 1.8 -3.5 1.5 4.9 1.3 -7.3 6.3 91.1 .9 80.7 1.2 64.9 .3 64.5 .5 66.8 .4 20.2 5.2 15.8 -.8 85.4 4.0 81.8 -.4 69.0 4.7 64.5 -.1 56.8 4.7 52.9 -.9 53.7 3.9 51.2 -1.4 61.9 5.0 57.2 -.3 62.9 -1.4 33 34 35 6.1 .2 3.8 1.6 -.7 4.7 4.8 .9 6.6 2.1 -.9 7.2 3.4 -.3 3.0 2.1 -.6 6.4 3.1 -.7 36 37 -1.7 81.5 .6 45.9 3.3 49.0 2.5 62.9 68.8 2.0 61.1 -1.0 58.1 * * 62.9 25.6 122.2 -15.9 5.9 .8 7.8 72.6 27.9 199.7 73.6 28.2 154.0 274.2 36.3 -22.8 -.7 12.8 -.9 1.0 .6 51.5 4.3 58.0 -2.3 6 7 8 9 10 11 12 13 14 15 16 17 18 19 25.0 8.6 5.5 CREDIT MARKET INSTRUMENTS MORTGAGE POOL SECURITIES (3) MORTGAGES OTHER LOANS 20 21 22 23 10.7 3.3 .9 15.3 .9 1.3 TAXES RECEIVABLE TRADE CREDIT MISCELLANEOUS 24 25 56.3 .4 32.7 1.1 NET INCREASE IN L I A B I L I T I E S TREASURY CURR. + SDR CTFS. 28 27.4 -2.6 CREDIT MARKET INSTRUMENTS SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES + MTGS. 29 30 31 32 6.2 -1.0 8.5 37.9 3.2 36.2 -1.5 8.6 -1.1 79.9 TOTAL EXPENDITURES, NIA BASIS GOODS + SERVICES TRANSFERS, ETC. NET INTEREST NET SURPLUS, NIA BASIS - INSURANCE CREDITS TO HH = GROSS SAVING + MINERAL RIGHTS SALES (2) = NONFINANCIAL SURPLUS 1 2 3 4 5 .8 67.3 1.4 69.8 6.3 2.5 LIFE + RETIREMENT RESERVES 33 34 TRADE DEBT 35 MISCELLANEOUS 2.5 DISCREPANCY 66.7 MEMO: CORP. TAX RECEIPTS, 36 37 FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS SPONSORED CREDIT AGENCIES 1 1.0 .6 .6 .7 1.0 .9 .9 1.0 1.0 1.1 2 3 35.8 5.1 4.7 7.4 .1 28.4 9.2 26.1 -.1 31.8 .2 28.5 -.2 27.0 .2 34.0 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY -.1 4 5 6 7 8 39.1 2.0 .9 1.6 -.5 4.2 1.3 1.5 .1 -.3 5.0 1.7 1.5 27.7 .8 .6 -1.2 1.4 6.2 -7.5 -2.5 -1.4 -3.6 24.2 .3 6.5 -3.4 -3.8 .2 .2 -4.9 -.9 5.8 32.3 3.6 5.7 -1.4 -.7 28.0 1.8 3.0 -2.2 1.0 26.2 -2.2 -1.5 -.2 -.5 32.2 4.1 -4.7 -.1 8.9 9 10 11 28.0 14.6 13.5 -1.2 2.8 -4.0 -1.6 .4 -2.0 4.9 .5 4.3 21.5 9.0 12.5 10.4 22.2 9.4 12.8 22.4 7.1 15.3 18.8 8.8 10.0 22.5 10.7 11.9 22.4 17.0 5.4 12 13 14 15 16 9.1 4.7 1.5 3.0 -3.3 4.1 2.6 .4 1.1 .9 4.8 2.5 1.0 1.3 -.2 5.0 2.9 .6 1.4 .9 5.4 3.2 .7 1.5 .6 3.2 2.9 1.2 -.8 3.0 2.0 2.8 1.2 -2.0 1.9 6.4 3.1 1.7 1.5 -.7 7.3 3.4 .4 3.5 .7 5.8 3.6 -.5 2.8 .7 5.6 2.9 .3 2.4 1.9 17 18 19 20 21 35.0 34.6 33.2 1.4 .4 4.8 3.2 2.3 .9 1.6 4.3 2.9 3.3 -.4 1.4 7.1 5.8 7.0 -1.2 1.3 27.9 23.1 23.1 8.9 7.2 7.2 25.2 23.7 23.7 31.7 26.1 26.1 27.9 20.4 20.4 26.9 22.1 22.1 - 1.7 1.5 5.5 7.5 4.8 .6 .1 .8 .4 1.0 * " * * * 4.8 * 10.5 * * 1 1.1 CURRENT SURPLUS 2 3 4 5 6 7 8 CREDIT MARKET INSTRUMENTS LIQUID ASSETS U.S.GOVT. SECURITIES OPEN-MARKET PAPER FEDERAL FUNDS + RP'S 9 HOUSING CREDIT 10 RESIDENTIAL MORTGAGES FHLB LOANS TO S + L ASSOC. 11 LOANS TO AGRICULTURE FARM MORTGAGES LOANS TO COOPS ( B O LOANS TO FARMERS (FICB) MISCELLANEOUS ASSETS 12 13 14 15 16 33.2 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS 29.0 29.0 SPONS. AGENCY ISSUES U.S. GOVERNMENT LOANS MISCELLANEOUS LIABILITIES 4.2 17 18 19 20 21 .3 DISCREPANCY 22 FEDERALLY SPONSORED MORTGAGE POOLS (1) 23 24 25 26 28 29 30 31 9.8 9.1 .3 .5 48.9 2.0 37.4 9.5 10.3 9.9 .5 -.1 14.5 1.3 9.2 4.1 15.7 14.5 .6 .5 20.6 1.7 13.6 5.3 20.5 19.0 1.2 .3 26.9 -3.4 25.0 5.3 18.3 15.8 1.9 .6 46.0 .8 39.2 6.0 22.5 20.2 1.6 .6 28.7 -7.5 32.3 3.9 15.2 13.7 1.1 .3 39.4 * 37.1 2.3 18.1 13.6 3.6 .9 50.4 3.6 39.6 7.3 16.5 15.0 1.2 .3 44.5 1.8 35.1 7.6 23.6 20.9 1.5 1.1 49.8 -2.2 45.0 6.9 45.7 (1) BILLIONS OF DOLLARS. 1/79 BASED ON INCOMPLETE INFORMATION. 17.5 NET ACQ. OF MORTGAGES HOME MORTGAGES 15.8 1.7 MULTIFAMILY MORTGAGES FARM MORTGAGES 23 24 25 26 17.5 NET INCR. IN POOL SECURITIES 27 MEMO: TOTALS FOR AGENCIES AND POOLS— 4 9 . 6 CREDIT MARKET INSTRUMENTS 28 4.1 LIQUID ASSETS 29 39.9 5.6 HOUSING CREDIT 30 LOANS TO AGRICULTURE 31 4 6 . 5 NET SECURITY ISSUES GNMA, FHLMC, AND FARMERS HOME ADM. POOLS. (2) Sales of Outer Continental Shelf leases. (3) From 1974, mainly Federal Financing Bank purchases of Farmers Home Administration mortgage pool securities. 32 MAY 9, 1979 BANKING SYSTEM 16 BANKING SYSTEM SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.I 1977 | IV 1 1978 II BILLIONS OF DOLLARS 1970 1971 1972 III MONETARY AUTHORITY 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 GOLD + FOREIGN EXCHANGE 4 TREASURY CURR. + SDR CTFS. 5 F.R. FLOAT 6 F . R . LOANS TO DOMESTIC BANKS 7 8 9 10 11 12 13 CREDIT MARKET INSTRUMENTS U . S . GOVERNMENT SECURITIES TREASURY SECURITIES AGENCY ISSUES ACCEPTANCES BANK LOANS N . E . C . MISCELLANEOUS ASSETS 14 NET INCREASE IN LIABILITIES 15 MEMBER BANK RESERVES 16 VAULT CASH OF COML. BANKS 17 18 19 20 21 DEMAND DEPOSITS + CURRENCY DUE TO U.S. GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS MISCELLANEOUS LIABILITIES 8.5 -.8 .5 .1 -.3 2.2 -.4 .7 -.4 1.9 8.1 -.2 »4 -.9 -.7 2 3 4 5 6 8.9 8.7 8.1 .6 .2 .3 .4 -.3 .7 -.2 9.2 9.3 8.6 .7 * .3 7 8 9 10 11 12 13 4 76 135 1.854 •1.027 -2.663 49 149 -1.078 67 11.027 -27 85 586 1.096 5.365 -74 180 401 -63 -538 1.586 151 2.797 -193 -5.574 1.984 254 -922 321 4.0 -.1 .1 -649 •1.121 •1.896 775 472 0 -385 -1.688 -1.504 -1.242 -262 -184 0 -162 9.153 8.902 8.569 333 251 0 134 4.898 5.204 5.133 71 -306 0 23 -5.413 -5.285 -4.717 -568 -128 0 534 -7.009 -6.422 -5.857 -565 -587 0 -202 4.2 4.2 4.2 -.1 -56 2.917 2.595 -2.726 1.030 -2.271 10.960 20 296 5.288 -1.090 195 -731 4.393 3.385 -5.828 -2.089 -2.539 4.0 .2 .1 5.4 2.1 -.3 8.5 3.6 .5 -2.1 •5.222 -8.668 53 3.393 -346 -1.602 -2.408 -46 852 117 10.418 6.853 -35 3.600 226 6.086 - 8 . 6 8 0 4.998 - 1 2 . 4 7 8 229 -92 3.569 1.180 171 97 -916 -884 -154 122 -284 3.3 .6 -.1 2.8 .3 3.1 -.4 4.4 .9 .1 3.4 -1.1 * * * - 5.4 -1.4 .7 .8 .2 5.0 5.0 5.0 * -. 1 * 3.5 .5 -. 2 * - * 2.1 1.1 8.G 14 1.4 15 2.0 16 -.1 4.4 -.1 3.4 -.5 -.1 3.9 1.2 17 18 19 20 21 3.2 COMMERCIAL BANKING (1) 1 CURRENT SURPLUS 2 PLANT + EQUIPMENT 3 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY 4 TOTAL BANK CREDIT 5 CREDIT MARKET INSTRUMENTS 6 U . S . GOVT. SECURITIES 7 TREASURY ISSUES 8 AGENCY ISSUES 9 955 1.161 849 1.366 899 929 955 958 1.026 985 1.414 987 3.8 1.8 3.3 2.1 2.5 2.2 3.3 2.6 3.4 3.1 1 2 45.379 80 32.137 30.819 2.368 1.393 975 16.300 73 9.709 13.530 290 -1.045 1.335 43.874 73 42.205 40.471 917 -1.017 1.934 36.553 72 31.999 32.730 -1.199 -1.817 618 62.168 70 34.596 35.144 662 -2.413 3.075 4.411 70 7.568 11.822 3.812 2.237 1.575 21.2 41.7 60.9 81.2 105.4 .3 83.4 86.5 -1.3 -8.8 7.6 3 4 5 6 7 8 9 25.9 5.7 .4 19.8 10 11 12 13 -.2 62.0 11.6 51.6 -1.3 14 15 16 17 .1 4.8 . 2 18 - 3 . 4 19 3.5 20 11.1 21 7.1 22 .1 .1 .2 17.6 18.6 •10.0 -9.7 36.6 35.0 10.8 51.3 50.6 6.9 3.8 7.1 3.1 4.0 75.4 70.5 23.6 12.6 25.6 * -.3 6.5 2.4 4.1 10 11 12 13 OTHER SECURITIES + MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES 8.088 607 169 7.312 6.064 446 -166 5.784 12.657 3.079 -128 9.706 15.276 4.233 67 10.976 8.558 41 -1 8.518 7.151 1.015 36 6.100 6.0 .6 -.1 5.4 13.6 10.7 14 15 16 17 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N . E . C . OPEN-MARKET PAPER 20.363 4.105 13.213 3.045 7.176 2.598 7.208 -2.630 26.897 10.573 15.853 471 18.653 7.861 10.437 355 25.924 5.910 19.497 517 859 2.164 -301 -1.004 22.7 10.7 19.8 4.7 16.8 1.3 2.9 6.3 1.5 12.1 0 1.318 0 -3.821 0 1.734 0 -731 0 -548 0 -4.254 * -1.1 .1 1.4 5.512 874 6.776 -1.241 1.686 6.073 316 1.372 -92 -895 4.975 402 7.778 5.611 14.113 -4.628 -3.209 4.610 .3 1.8 1.5 1.8 1.8 1.4 4.1 3.3 2.0 -1.0 15.142 44.559 28.575 - 2 3 . 7 5 7 -3.757 2.022 26.553 - 2 0 . 0 0 0 42.216 15.897 4.399 11.498 35.447 -579 -25 -554 2.702 59.704 29.423 - 3 3 . 2 5 7 7.526 - 7 . 7 6 5 21.897 -25.492 19.1 40.1 4.6 9.3 2.9 6.4 59.2 13.1 79.3 20.8 -9.5 •12.5 18 19 20 21 22 CORPORATE EQUITIES SECURITY CREDIT VAULT CASH + MEM. BANK RES. OTHER INTERBANK CLAIMS MISCELLANEOUS ASSETS 23 NET INCREASE IN L I A B I L I T I E S DEMAND DEPOSITS, NET 24 U . S . GOVERNMENT 25 OTHER 26 27 28 29 30 31 32 33 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS AT FOREIGN BANKING AGS. F . R . FLOAT BORROWING AT F . R . BANKS OTHER INTERBANK CLAIMS 17.588 9.840 7.810 -62 1.854 -1.027 874 20.886 4.385 16.567 -66 -1.078 67 1.686 13.093 5.589 7.430 74 5 86 1.096 1.372 15.084 3.322 11.737 25 401 -63 4.975 19.680 9.282 10.397 1 2.797 -193 5.611 10.494 -3.360 13.856 -2 -922 321 -3.209 34 35 36 37 38 CORPORATE EQUITY ISSUES CREDIT MARKET DEBT CORPORATE BONDS OPEN-MARKET PAPER FEDERAL FUNDS AND RP'S 197 -816 165 220 -1.201 75 7.767 5 889 6.873 126 1.179 96 2.003 -920 18 1.409 41 978 390 24 1.143 35 430 678 24 8.555 68 600 7.887 39 40 41 42 PROFIT TAXES PAYABLE MISCELLANEOUS L I A B I L I T I E S L I A B . TO FGN. AFFILIATES OTHER 0 -2.686 3.649 -6.335 150 9.346 -1.488 10.834 -150 9.017 1.576 7.441 150 14.052 8.393 5.659 150 1.069 3.075 -2.006 0 20.696 10.152 10.544 -1.026 -1.675 -1.688 -1.109 -2.423 43 DISCREPANCY (1) CONSISTS OF CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES, EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS IN U.S. POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES." 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * 4.6 2.9 .2 * 1 . 8* * 6.7 -.2 4.3 2.6 .8 2.1 7.4 .3 * .8 2.2 7.2 1.7 16.8 38.4 10.8 27.8 2.3 4.4 .7 102.4 12.9 -1.0 13.9 23 24 25 26 27 28 29 30 31 32 33 10.9 20.1 38.0 15.2 22.4 41.4 42.3 8.7 9.8 32.4 33.0 -.5 -.4 1.9 2.3 50.9 20.0 30.3 .6 -.9 -.7 11.1 .1 .6 1.4 .9 -.4 1.0 1.2 4.0 l.l .7 2.2 1.2 15.1 * 2.2 12.9 34 35 36 37 38 -.2 7.3 .2 7.1 .1 12.7 * 12.7 39 40 41 42 .4 .8 .2 1.8 -4.0 .1 -1.9 -2.2 .1 .3 15.4 12.5 -6.4 -5.8 2.9 1.2 9.8 -.6 .3 .1 -.3 3.3 * -.4 -4.3 3.9 MAY 9, 1979 BANKING SYSTEM BANKING SYSTEM 17 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1978 | 1979 I 1978 1977 | IV I II III MONETARY AUTHORITY 1.0 CURRENT SURPLUS .2 2 3 4 5 6 13.7 11.2 .2 1.0 .1 1.0 1.7 -.1 -1.3 -2.7 7 8 9 10 11 12 13 12.6 10.8 4.5 6.3 1.8 8.5 8.4 7.4 1.0 .1 4.0 - 14 15 16 13.5 -3.8 11.0 2.9 17 18 19 20 21 9.8 .1 1.4 -1.1 -.2 9.8 10.0 9.1 .9 -.1 8.6 * .6 1.2 .2 7.1 7.2 5.8 1.4 13.2 11.1 -5.6 33.9 13.7 10.8 -17.4 1.5 .6 2.7 .9 .3 .5 5.0 .7 .2 .6 -.1 .3 -.1 3.4 -.3 • .7 -2.8 6.3 .6 8.4 3.7 7.9 1.0 -.5 .4 7.0 7.3 7.7 -.4 -.4 6.2 4.3 1.2 3.1 1.9 -4.2 -3.4 -2.4 -1.0 29.9 28.9 27.6 -.7 1.3 1.0 12.4 13.6 13.3 -10.4 -9.9 -7.6 -2.3 -1.2 -25.5 -23.1 -20.9 -2.3 -2.3 -. 5 -1.5 -.6 .5 .1 2.1 12.8 10.9 25.0 33.6 8.1 -5.9 -7.5 -5.2 7.2 1.6 13.4 -13.5 -1.0 10.0 31.2 11.0 •20.9 •26.3 6.4 -4.4 23.9 14.9 27.5 17.4 -32.9 -39.9 - .-2 * - .-6 .2 .6 9.8 -.9 -.1 8.3 1.7 1.8 14.4 10.6 10.6 4.9 6.2 1.3 .3 4.5 -3.3 -3.0 12.7 6.2 -.5 3.1 .2 7.3 .3 * * * * 8.3 -.1 4.4 1.6 .1 9.2 .6 -1.0 -.6 -.5 .5 10.5 .4 .9 6.2 .7 11.0 -1.4 .3 -.1 9.2 .9 -.2 .2 5.2 3.6 -.4 -.8 ET ACQ. OF FINANCIAL ASSETS GOLD + FOREIGN EXCHANGE TREASURY CURR. + SDR CTFS. F.R. FLOAT F.R. LOANS TO DOMESTIC BANKS CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES TREASURY SECURITIES AGENCY ISSUES ACCEPTANCES BANK LOANS N.E.C. MISCELLANEOUS ASSETS - 1 8 . 4 NET INCREASE IN LIABILITIES MEMBER BANK RESERVES -20.9 VAULT CASH OF COML. BANKS -6.0 9.6 2.3 -.6 7.9 -1.1 DEMAND DEPOSITS + CURRENCY DUE TO U.S. GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS MISCELLANEOUS LIABILITIES 14 15 19 20 COMMERCIAL BANKING (1) 1 2 4.7 7.1 2.8 4.6 3 4 5 6 7 8 9 164.3 32.9 10 11 12 13 33.7 14 15 16 17 7.3 2.9 72.9 -13.9 18 19 .1 -.8 20 21 22 23 24 25 26 159.5 22.0 -8.9 30.9 27 28 29 30 31 32 33 99.4 53.1 45.9 34 35 36 37 38 3.4 4.6 3.2 4.4 3.7 4.2 3.5 4.6 3.4 5.5 3.6 3.7 3.8 3.8 4.1 3.9 80.9 105.0 158.9 26.4 120.1 144.0 174.5 197.0 5 . 33 CURRENT SURPLUS 3 . 9 PLANT + EQUIPMENT 73.4 NET ACQ. OF FINANCIAL ASSETS -.2 .1 -.2 .5 .3 .3 .3 .3 .3 .3 .3 118.8 119.5 29.7 27.6 30.1 28.8 65.2 58.0 19.7 18.2 86.4 85.8 135.3 126.0 15.9 153.2 147.9 2.8 6.1 8.1 7.8 -1.6 7.0 79.6 100.7 -13.7 -25.0 11.3 98.9 107.9 11.4 -6.3 65.2 77.9 -8.7 •11.5 106.0 112.9 1.5 -.1 -.9 .8 118.5 121.9 16.8 36.4 42.6 33.0 34.2 39.5 9.2 -.1 7.8 -.2 1.5 .7 8.4 -.7 4.2 -.5 61.1 18.9 35.4 3.0 -.6 39.2 11.2 22.8 7.3 1.7 1.8 3.8 84.4 -9.9 1.4 -5.0 6.4 8.9 2.0 1.4 .7 -.5 -6.6 .9 2.6 .3 -.3 4.5 6.9 .1 14.3 27.4 35.0 30.8 26.5 35.8 42.0 35.7 * 27.8 21.5 11.4 1.1 6.4 3.7 49.5 17.0 32.2 .3 78.7 26.9 53.0 -1.3 53.6 18.5 30.9 79.2 22.4 63.8 -7.0 70.7 34.4 32.1 85.9 25.0 56.7 4.2 78.9 26.0 59.5 -6.5 57.3 22.2 35.2 .2 1.9 _ 7.2 _. 6 _ -3.4 5.3 -21.1 -.9 .8 -1.0 18.8 27.8 -6.1 4.2 .4 -1.3 -2.7 18.8 -.1 10 11 12 13 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER 14 15 16 17 CORPORATE EQUITIES SECURITY CREDIT -26.9 -12.8 14.0 3.5 .5 6.0 33.1 4.9 6.7 8.8 5.5 14.1 13.6 20.5 3.5 12.0 24.2 19.8 -5.9 -14.5 19.9 15.6 42.2 22.4 52.5 31.0 79.0 12.2 100.2 23.7 152.5 21.0 113.3 -18.9 -14.0 -4.9 139.6 37.4 12.5 24.9 168.9 20.1 -4.6 24.7 188.3 45.4 38.7 66.9 17.5 49.6 62.2 22.4 39.5 78.5 13.3 65.1 67.4 37.1 30.3 3 1 .5 4.7 .4 8.0 .1 5.6 .2 3.9 1.6 .1 4.6 .1 1.7 2.7 .4 .4 -.2 35.9 27.6 75.9 47.6 28.4 -8.5 -7.3 DISCREPANCY 6.7 12.3 19.4 12.8 .24.7 41.6 15.2 26.4 30.1 -10.1 39.7 40.5 -17.5 58.7 54.6 12.0 42.8 68.7 22.6 46.1 61.3 39.4 22.2 5.0 -1.7 .5 1.7 -.1 -6.1 1.8 1.0 -2.1 -16.6 4.1 OTHER SECURITIES + MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES 8.3 -10.6 .2 5.7 4.3 DEMAND DEPOSITS + CURRENCY TOTAL BANK CREDIT CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES TREASURY ISSUES AGENCY ISSUES .2 .3 -2.6 39 40 41 42 * 32.3 24.2 -.3 1.8 .1 1.7 43 -7.2 -3.7 8.0 -.1 -.7 4.3 -.2 4.9 -.2 1.2 .2 .5 1.6 5.1 .7 -.8 5.2 .6 5.5 .6 1.3 3.7 _ 16.0 _ 14.0 -1.1 8.1 -12.7 23 24 25 26 24.9 -13.4 38.3 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS AT FOREIGN BANKING AGS. F.R. FLOAT BORROWING AT F.R. BANKS OTHER INTERBANK CLAIMS 27 28 29 30 31 32 33 CORPORATE EQUITY ISSUES CREDIT MARKET DEBT CORPORATE BONDS OPEN-MARKET PAPER FEDERAL FUNDS AND RP'S 34 35 36 37 38 PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES LIAB. TO FGN. AFFILIATES OTHER 39 40 41 42 * 2.7 .9 .2 11.5 .8 -3.3 .2 4.3 7.0 * ,6 5 11.4 8.9 5.0 33.5 11.6 21.9 -3.1 -6.0 -6.9 -8.9 .3 -3.7 * 26.0 19.9 43.5 31.1 12.3 -4.6 -5.5 6.2 8.3 .1 34.2 .3 2.4 31.5 (1) CONSISTS OF CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES, EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS IN U.S. POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES." BILLIONS OF DOLLARS. 1/79 BASED ON INCOMPLETE INFORMATION. 20 21 22 64.8 NET INCREASE IN LIABILITIES DEMAND DEPOSITS, NET -57.2 U.S. GOVERNMENT -29.8 OTHER -27.4 13.6 ,3 5 ,6 ,9 4.5 6.7 VAULT CASH + MEM. BANK RES. OTHER INTERBANK CLAIMS MISCELLANEOUS ASSETS 18 19 MAY 9, 1979 COMMERCIAL BANKING SUBSECTORS 18 COMMERCIAL SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING SUBSECTORS BANKING UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS !$ MILL.) 1977 IV 1 1 1 ! 1978 I II III IV 1979 I 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 COMMERCIAL BANKS 1 CURRENT SURPLUS 2 PLANT + EQUIPMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 TOTAL BANK CREDIT 5 CREDIT MARKET INSTRUMENTS 6 U . S . GOVT. SECURITIES 7 TREASURY ISSUES 8 AGENCY ISSUES 955 1.161 849 1.366 899 929 955 958 1.026 985 1.414 987 3.8 1.8 3.3 2.1 2.5 2.2 3.3 2.6 3.4 3.1 1 2 42.865 30.195 29.182 2.306 1.299 1.007 14.477 9.444 13.306 318 -1.005 1.323 41.405 40.327 38.223 499 -1.336 1.835 31.556 29.570 30.720 -1.220 -1.822 602 57.916 33.206 33.603 560 -2.434 2.994 5.014 8.318 12.349 3.807 2.182 1.625 13.8 12.0 13.1 -10.1 -9.8 -.3 38.0 34.7 33.2 10.9 7.0 3.8 58.2 51.0 50.2 7.2 3.2 4.0 78.1 73.4 68.8 6.0 2.1 3.9 93.7 77.9 80.8 -1.3 -8.8 7.5 3 4 5 6 7 8 9 10 11 12 OTHER SECURITIES + MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES 8.006 592 139 7.275 6.077 370 -184 5.891 12.726 3.053 -143 9.816 15.150 4.205 29 10.916 8.377 0 -51 8.428 7.058 1.007 -29 6.080 5.8 .6 -.1 5.3 13.3 10.5 .8 2.0 23.6 12.8 1.2 9.6 25.3 7.1 1.4 16.8 25.6 9 5 . 6 10 . 4 11 1 9 . 6 12 13 14 15 16 17 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N . E . C . OPEN-MARKET PAPER SECURITY CREDIT 18.870 4.105 11.720 3.045 1.013 6.911 2.598 6.943 -2.630 -3.862 24.998 10.573 13.954 471 2.104 16.790 7.861 8.574 355 -1.150 24.666 5.910 18.239 517 -397 1.484 2.164 324 -1.004 -4.031 17.5 4.7 11.5 1.3 -1.1 9.1 2.9 4.7 1.5 1.4 19.4 7.4 11.7 .3 .8 37.6 10.8 26.9 -.2 4.7 5 6 . 5 13 1 1 . 6 14 4 6 . 2 15 - 1 . 3 16 - 3 . 0 17 18 19 20 21 INTERBANK CLAIMS VAULT CASH + MEM. BK. RES. DEP. AT FGN. BANKING AGS. LOANS TO FGN. BANKING AGS. 6.766 5.512 -602 1.856 158 -1.241 1.504 -105 1.129 316 -2 815 1.909 -895 1.836 968 11.768 7.778 80 3.910 -7.057 -4.628 -1.116 -1.313 .6 .3 .1 .2 2.1 1.8 .2 .1 5.7 4.1 -.1 1.6 2.4 -1.0 2.5 .8 1 0 . 9 18 3 . 5 19 2 . 3 20 5 . 1 21 22 MISCELLANEOUS ASSETS 5.904 12.942 4.875 -51 77 3.753 1.2 1.3 1.5 2.3 4.9 22 23 NET INCREASE I N L I A B I L I T I E S 24 DEMAND DEPOSITS, NET 25 U . S . GOVERNMENT 26 OTHER 13.319 42.045 29.452 - 2 4 . 0 1 2 2.022 - 3 . 7 5 7 27.430 -20.255 39.747 15.992 4.399 11.593 30.450 -1.169 -25 -1.144 3.305 55.452 29.267 - 3 2 . 6 7 2 7.526 - 7 . 7 6 5 21.741 -24.907 11.6 4.6 4.6 36.4 5.1 2.9 2.2 56.6 13.0 2.2 10.7 76.2 24.1 .7 23.4 90.8 12.9 -1.0 13.9 23 24 25 26 27 28 29 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER 17.650 9.840 7.810 20.952 4.385 16.567 13.019 5.589 7.430 15.059 3.322 11.737 19.679 9.282 10.397 10.496 -3.360 ,.13.856 -9.7 -12.5 2.9 37.6 15.2 22.4 41.1 8.7 32.4 42.8 9.8 33.0 5 0 . 3 27 2 0 . 0 28 3 0 . 3 29 30 31 32 33 CORPORATE EQUITIES CORPORATE BONDS SECURITY R.P.»S PROFIT TAXES PAYABLE 197 165 -1.201 0 75 5 6.873 150 126 96 -920 -150 18 41 390 150 24 35 678 150 24 68 7.887 0 -.2 2.6 .1 .1 .1 -2.2 .3 .6 .9 1.0 1.2 1.1 2.2 -.2 1.2 * 12.9 .1 30 31 32 33 34 35 36 37 38 39 40 INTERBANK L I A B I L I T I E S F.R. FLOAT BORROWING AT F.R. BANKS DEM. DEP. OF FGN. BK. AGS. TIME DEP. OF FGN. BK. AGS. LOANS FROM AFFILIATES LOANS FROM FGN. BK. AGS. 447 1.854 -1.027 -104 -52 0 -224 -724 -1.078 67 600 -133 0 -180 2.241 586 1.096 575 65 0 -81 2.509 401 -63 1.641 -111 0 641 4.225 2.797 -193 1.515 224 0 -118 -1.381 -922 321 -978 -185 0 3 83 1.5 1.6 .1 -.3 1.3 .6 .1 2.5 .8 .2 1.2 .1 .1 .1 .3 .1 .5 -.4 1.9 -1.2 .3 -.4 .2 2.1 -.9 -.7 2.6 .1 -.4 1.4 34 35 36 37 38 39 40 41 42 43 MISCELLANEOUS L I A B I L I T I E S LIAB. TO FOREIGN BRANCHES OTHER -4.665 2.367 -7.032 10.000 -1.547 11.547 9.343 1.172 8.171 13.452 7.285 6.167 1.394 2.155 -761 18.883 8.568 10.315 12.7 11.4 1.3 -7.1 -6.0 -1.1 -1.5 -4.9 3.4 4.5 -.2 4.7 -1.026 -1.675 -1.688 -1.109 -2.423 -1.282 -.2 -.4 -1.3 -1.2 -2.6 44 44 DISCREPANCY * * * * .8 * 1 1 . 3 41 - . 8 42 1 2 . 0 43 DOMESTIC AFFILIATES OF COMMERCIAL BANKS 1 NET ACQ. OF FINANCIAL ASSETS 2 BANK LOANS N . E . C . 3 LOANS TO AFFILIATE BANKS 600 600 0 -515 -515 0 3 57 357 0 76 76 0 -871 -871 0 -66 -66 0 4.5 3.9 .6 -.9 -1.0 .1 .2 -.1 .3 -.6 -.2 -.4 1.3 1.7 -.4 1 2 3 4 NET INCREASE IN L I A B I L I T I E S 5 COMMERCIAL PAPER ISSUES 6 MISCELLANEOUS L I A B I L I T I E S 600 220 380 -515 889 -1.404 3 57 2.003 -1.646 76 978 -902 -871 430 -1.301 -66 600 -666 4.5 4.3 .2 -.9 -1.9 1.1 .2 -.4 .6 -.6 .7 -1.3 1.3 2.2 -1.0 4 5 6 3.2 1.7 .3 .3 1.1 9.9 3.9 .1 * * 3.7 1 2 3 4 5 6 7 .2 -.4 2.6 .1 1.4 2.1 8 9 10 11 12 13 9.9 * .6 2.3 5.1 14 15 16 17 18 EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS 1.735 942 20 -4 33 893 0 2.140 728 -26 -24 -2 780 0 1.895 1.888 418 -66 -6 1.542 0 4.698 1.788 6 -21 16 1.787 0 4.923 2.257 102 1 25 2.129 0 -752 -527 -9 2 39 -559 0 0 305 -104 -52 -224 868 0 41 600 -133 -180 1.084 0 -370 575 65 -81 -182 0 419 1.641 -111 641 320 0 -151 1.515 224 -118 1.196 0 -223 -978 -185 3 83 778 14 NET INCREASE IN L I A B I L I T I E S 15 DEMAND DEP. I N MONEY STOCK 16 TIME DEPOSITS 17 DEPOSITS OF BANKS 18 LOANS FROM BANKS 1.735 -877 -62 -602 1.856 2.140 255 -66 1.504 -105 1.895 -95 74 -2 815 4.698 590 25 1.836 968 4.923 156 1 80 3.910 -752 -585 -2 -1.116 -1.313 1.8 19 20 21 1.420 1.282 138 552 59 493 1.103 404 699 1.279 1.108 171 776 920 -144 2.264 1.584 680 1 NET ACQ. OF FINANCIAL ASSETS CREDIT MARKET INSTRUMENTS 2 U . S . GOVERNMENT SECURITIES 3 STATE + LOCAL OBLIGATIONS 4 CORPORATE BONDS 5 BANK LOANS N . E . C . 6 OPEN-MARKET PAPER 7 8 9 10 11 12 13 CORPORATE EQUITIES SECURITY CREDIT DEM. DEPOSITS AT COML. BANKS TIME DEPOSITS AT COML. BANKS LOANS TO BANKS MISCELLANEOUS ASSETS MISCELLANEOUS L I A B I L I T I E S DUE TO FOREIGN AFFILIATES OTHER 1.8 1.3 4.0 2.7 -.1 .2 2.0 .1 -.2 -.2 1.3 2.6 .5 * * * * .1 * * 1.2 .1 .1 -.1 1.3 .4 .1 .1 -1.2 .3 .2 2.1 .2 .1 .2 4.0 4.2 .4 .2 .1 2.0 .2 .3 -.1 1.6 3.2 -3.3 -.5 2.5 .8 1.4 1.2 .2 -.8 .2 -1.0 .8 .1 -.6 * * .7 -.7 3.6 .4 3.2 1.9 19 .7 20 1.2 21 BANKS IN U.S. POSSESSIONS 1 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY 2 CREDIT MARKET INSTRUMENTS 3 U.S. GOVERNMENT SECURITIES 4 STATE + LOCAL OBLIGATIONS 5 CORPORATE BONOS 6 HOME MORTGAGES 7 COMMERCIAL MORTGAGES 8 MISCELLANEOUS ASSETS 9 10 NET INCREASF IN DEPOSIT LIAB. 179 80 95 42 19 -3 -33 70 4 198 73 11 -2 100 20 53 -160 114 217 73 3 0 92 21 66 -176 141 179 198 217 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 223 72 146 15 49 22 49 11 5 200 70 155 0 40 25 55 35 -25 215 70 66 14 6 26 46 -26 79 1.1 * * * * * .2 .1 .9 .5 .1 .1 * * * .1 * .3 .5 .1 .3 .2 * * * .1 .1 .5 .2 .3 .2 .1 * * * * .5 .3 .1 -.1 .1 * * .1 .1 1 2 3 4 5 6 7 8 9 MAY 9, 1979 COMMERCIAL BANKING SUBSECTORS COMMERCIAL BANKING SUBSECTORS 19 SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1978 1 1977 1 1 IV I 1978 II III COMMERCIAL BANKS 1 2 4.7 7.1 2.8 4.6 3.4 4.6 3.2 4.4 3.7 4.2 3.5 4.6 3.4 5.5 3.6 3.7 3 4 5 6 7 8 141.3 106.9 107.9 1.7 -4.7 6.4 36.5 31.3 29.3 30.3 28.7 1.6 77.0 64.6 57.7 19.3 17.9 1.4 103.7 87.2 86.9 -.1 -.9 .9 145.4 112.5 115.9 .2 -6.6 6.8 116.3 57.4 71.4 -8.9 -11.9 3.0 112.8 104.9 112.0 -.4 -6.4 6.1 134.1 127.8 117.0 14.2 6.8 7.4 15A.5 143.5 139.9 .9 -1.7 2.5 180.0 74.0 94.5 -14.1 -25.1 11.0 9 10 11 12 32.4 8.5 2.0 21.9 7.1 1.6 1.8 3.7 16.3 2.6 -.7 14.3 36.2 9.2 -.2 27.3 42.3 7.6 -.3 35.1 32.6 1.5 4.1 -.6 36.2 60.6 18.8 .1 41.7 -.5 -.2 35.4 38.8 11.2 -.1 27.8 13 14 15 16 17 73.9 7.3 62.4 4.2 -1.1 -8.2 2.9 -12.2 1.1 2.1 22.1 11.4 7.0 3.7 6.9 50.8 17.0 33.5 .3 .3 73.4 26.9 47.7 -1.3 -3.3 47.7 18.5 24.9 4.3 -14.0 -7.0 -7.1 26.0 54.4 -6.5 -20.5 59.8 22.2 37.7 -.1 -8.2 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT 13 14 15 16 17 18 19 20 21 10.9 -.9 5.7 6.1 -2.4 .8 -2.9 -.3 .7 -1.0 1.3 .4 4.1 3.5 -.4 1.0 15.0 6.0 3.4 5.6 38.2 33.1 -2.4 -7.1 -12.7 6.0 58.2 42.2 .3 15.6 -36.6 -26.9 -4.5 -5.3 INTERBANK CLAIMS VAULT CASH + MEM. BK. RES. DEP. AT FGN. BANKING AGS. LOANS TO FGN. BANKING AGS. 18 19 20 21 MISCELLANEOUS ASSETS 22 63.1 34.4 24.5 5.3 CURRENT SURPLUS 3.9 PLANT + EQUIPMENT 78.4 4.2 3.6 12.1 8.8 47.8 22 23.5 7.6 11.7 12.3 17.8 20.7 15.0 -5.7 23 24 25 26 136.5 18.4 -8.9 27.3 34.6 5.5 -1.7 7.2 75.1 10.8 -.1 10.9 98.9 23.9 4.3 19.6 139.0 20.1 8.1 11.9 114.7 45.1 129.7 37.8 12.5 25.2 148.9 17.8 29.9 106.0 -19.9 -14.0 -5.9 171.2 44.7 38.7 6.0 27 28 29 99.0 53.1 45.9 29.6 -10.1 39.7 41.1 -17.5 58.7 54.8 12.0 42.8 68.7 22.6 46.1 61.5 39.4 22.2 67.1 17.5 49.6 61.9 22.4 39.5 78.4 13.3 65.1 67.4 30 31 32 33 1.8 .2 -16.6 1.0 .2 -2.6 -.3 1.6 .7 5.2 .6 .6 3.7 " - .2 .2 7.0 .3 -4.8 -.1 34 35 36 37 38 39 40 2.9 -1.3 -2.7 8.9 .2 -.3 -1.8 -1.2 1.7 -.1 -2.7 -.1 1.9 -1.1 -.2 2.9 1.3 1.2 .2 -.8 -.1 41 42 43 30.8 4.8 26.0 2.5 1.4 1.2 * - -.1 * .3 13.8 3.5 10.3 .8 14.1 8.7 5.3 8.3 2.7 .9 4.3 .4 -3.7 5.5 -.1 3.4 2.3 4.1 5.0 3.6 -2.8 * .3 10.6 31.1 .4 30.7 23 24 25 26 24.9 -13.4 38.3 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER 27 28 29 .1 .3 31.5 -.2 CORPORATE EQUITIES CORPORATE BONDS SECURITY R.P.'S PROFIT TAXES PAYABLE 30 31 32 33 -3.2 -.5 .4 -3.9 -.7 INTERBANK LIABILITIES F.R. FLOAT BORROWING AT F.R. BANKS DEM. DEP. OF FGN. BK. AGS. TIME DEP. OF FGN. BK. AGS. LOANS FROM AFFILIATES LOANS FROM FGN. BK. AGS. 34 35 36 37 38 39 40 MISCELLANEOUS LIABILITIES LIAB. TO FOREIGN BRANCHES OTHER 41 42 43 68.7 41.2 27.4 26. 14. OTHER SECURITIES + MTGS. 9 ST.+LOC. OBLIGATIONS 10 CORPORATE BONDS 11 MORTGAGES 12 67.2 NET INCREASE IN LIABILITIES -54.9 DEMAND DEPOSITS, NET -29.8 U.S. GOVERNMENT -25.1 OTHER 1.5 7.4 5.5 1.9 34.2 9.1 25.1 75.9 NET ACQ. OF FINANCIAL ASSETS 101.9 TOTAL BANK CREDIT 110.1 CREDIT MARKET INSTRUMENTS 11.4 U.S. GOVT. SECURITIES 4.3 TREASURY ISSUES AGENCY ISSUES 7.1 -7.3 DISCREPANCY DOMESTIC AFFILIATES OF COMMERCIAL BANKS -2.1 -2.1 -.5 -.5 -.5 .3 -.8 .6 1.3 -.7 -1.0 4.3 -2.1 3.6 -5.6 - . 3 NET ACQ. OF FINANCIAL ASSETS -.3 BANK LOANS N . E . C . LOANS TO AFFILIATE BANKS 1.4 8.0 -3.5 1.7 -5.2 1 2 3 -.3 NET INCREASE IN LIABILITIES 2.4 COMMERCIAL PAPER ISSUES -2.7 MISCELLANEOUS LIABILITIES EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS 21.9 9.4 7.6 7.6 1.7 -.1 -2.1 -.2 9 10 11 12 13 .2 8.9 .2 -1.8 4.8 -.2 -2.7 -.1 -.1 .1 .2 2.9 14 15 16 17 18 21.9 3.6 .4 5.7 6.1 -4.1 -.5 .5 -2.9 -.3 3.7 1.3 -.7 1.3 .4 19 20 21 6.1 3.2 2.9 -1.0 -1.3 .3 1.3 1.1 .2 * .3 .4 .3 2.4 1.2 -.4 -.2 -.9 3.5 3.4 5.6 6.9 -3.5 -.2 -2.4 7.4 -.1 -.2 3.7 2.5 1.2 -.7 4.3 1.0 -.3 6.0 -1.5 2.3 .3 -.3 -.7 7.6 -.4 .3 NET ACQ. OF FINANCIAL ASSETS CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER 2.6 1.3 18.8 2.4 7.3 3.9 -.5 4.8 1.5 3.1 -3.0 NET INCREASE IN LIABILITIES -2.3 DEMAND DEP. IN MONEY STOCK * TIME DEPOSITS -4.5 DEPOSITS OF BANKS -5.3 LOANS FROM BANKS 9.1 2.2 .2 2.0 CORPORATE EQUITIES 8 SECURITY CREDIT 9 DEM. DEPOSITS AT COML. BANKS 10 TIME DEPOSITS AT COML. BANKS 11 LOANS TO BANKS 12 MISCELLANEOUS ASSETS 13 MISCELLANEOUS LIABILITIES DUE T O FOREIGN AFFILIATES OTHER 14 15 19 20 21 BANKS IN U.S. POSSESSIONS .9 -.3 -.1 .1 10 .2 1.1 BILLIONS OF DOLLARS. .4 .8 .1 .2 -.3 .2 .8 .1 .2 .7 1/79 BASED ON INCOMPLETE INFORMATION. .3 -.7 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS HOME MORTGAGES COMMERCIAL MORTGAGES MISCELLANEOUS ASSETS .9 NET INCREASE IN DEPOSIT LIAB. 10 MAY lit 1979 NONBANK FINANCE NONBANK FINANCE SUMMARY PRIVATE NONBANK FINANCIAL SUMMARY INSTITUTIONS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS <$ MILL.) 1977 IV 1 I 1978 I III II IV 1 1979 1 I 1969 BILLIONS OF DOLLARS 1971 1970 1972 1973 PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL 1 CURRENT SURPLUS 2 PHYSICAL INVESTMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS + CURRENCY 5 TIME + SVGS. ACCOUNTS 6 7 8 9 10 11 12 13 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT OTHER LOANS 14 15 16 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 17 NET INCREASE IN LIABILITIES TIME t SAVINGS ACCOUNTS 18 INSURANCE + PENSION RESERVES 19 CORPORATE EQUITY ISSUES (1) 20 21 22 23 24 25 26 27 28 29 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER MONEY MARKET FUND SHARES FHLB LOANS SECURITY RP»S 30 31 32 SECURITY CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 33 DISCREPANCY 2.133 383 2.250 448 2.653 443 2.705 -2 2.521 540 2.485 502 .1 1.2 2.2 1.2 4.8 1.6 5.0 2.2 4.7 2.0 1 2 49.657 1.097 2.228 42.025 -985 3.715 50.775 900 -212 46.232 682 -187 51.987 1.070 2.949 52.534 -981 4.480 47.5 -.4 -.6 56.4 .4 1.1 86.3 .7 2.4 106.4 1.5 1.7 90.7 .1 -.2 3 4 5 3.399 39.847 -543 2.632 11.122 19.246 4.605 2.785 -1.248 37.248 4.661 2.548 7.497 13.403 1.231 7.908 881 45.013 3.246 3.119 8.541 20.027 6.851 3.229 1.011 39.586 4.775 3.042 6.316 17.513 5.870 2.070 3.018 44.810 1.911 4.006 9.467 17.501 6.453 5.472 -930 46.612 11.657 2.049 6.027 12.006 2.357 12.516 12.2 38.6 -1.8 .9 8.0 16.6 4.8 10.1 11.3 41.5 3.0 1.9 12.3 17.9 1.5 4.8 19.3 59.7 4.0 13.7 32.5 5.0 4.6 16.4 79.2 5.6 4.6 12.2 44.2 6.7 6.0 13.1 78.8 .9 3.6 11.8 44.8 8.7 9.0 6 7 8 9 10 11 12 13 246 270 2.570 295 300 2.700 1.919 310 1.964 2.148 320 2.672 -2.575 330 2.385 66 340 2.947 -3.5 .4 .9 -1.3 .5 2.9 2.6 .3 1.3 3.7 1.2 2.7 46.242 13.914 13.423 572 40.450 17.994 13.567 341 50.628 13.446 16.233 -28 44.267 14.662 15.782 -219 49.625 13.071 16.875 142 50.351 19.825 16.527 99 50.0 7.9 19.7 6.3 57.1 17.0 21.9 4.6 82.1 40.5 24.4 2.9 102.3 46.0 26.1 1.6 87.5 27.8 30.6 .3 17 18 19 20 11.983 2.860 191 -31 1.728 4.188 424 3.119 -496 5.564 2.234 503 133 -2.072 1.328 1.733 1.105 600 13.697 2.198 1.218 -39 1.5 84 2.834 1.207 3.996 699 7.661 1.447 -411 66 730 118 1.580 3.884 247 14.842 1.427 -484 -49 1.397 6.054 2.401 3.512 584 9.846 1.814 -438 11 -2.656 5.001 7.212 -789 -309 12.6 1.0 5.2 2.6 .6 .1 -.1 .6 4.5 2.9 2.0 .1 1.9 .3 13.1 4.0 1.2 .5 5.9 1.2 4.0 1.3 -2.7 21.1 3.5 -1.5 .3 8.9 2.7 7.2 - 21 22 23 24 25 26 27 28 29 1.835 181 4.334 -3.794 5 23 6.255 2.328 7 4.945 9 504 5.868 -80 411 4.364 -3.175 739 6.490 -3.0 .1 6.4 1.0 .2 7.1 1.1 -.1 8.8 4.1 .2 11.2 -3.4 30 .1 31 11.0 32 -1.665 227 2.063 742 -381 -200 1.5 1.6 -1.0 -1.3 -.4 33 * .2 1.3 6.0 - - * ~ * .3 -4.3 14 .6 15 2.7 16 <1) INCLUDES INVESTMENT COMPANY SHARES. SAVINGS INSTITUTIONS COMBINED 1.5 1.9 2.2 2.8 1 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 TIME DEPOSITS 19.552 320 801 22.654 -376 1.854 20.768 358 -1.673 21.196 112 -2.072 17.531 362 917 20.465 -283 1.469 20.8 43.3 -.2 2.8 51.6 .4 1.7 37.9 * -1.0 2 3 4 5 6 7 8 9 53 17.230 -815 203 168 103 19.862 3.775 -55 241 -9 21.513 -357 210 145 -64 21.887 2.839 228 -227 38 14.929 -135 199 -91 31 17.543 4.482 -70 184 .3 17.4 1.3 .5 39.9 3.4 .2 3.9 .6 48.2 3.8 .5 2.1 .4 36.9 .7 .1 -1.1 5 6 7 8 9 16.493 13.684 1.285 1.523 1 13.061 10.588 1.373 1.099 1 17.372 15.335 1.061 975 1 14.979 12.780 1.335 863 1 13.797 11.826 1.008 962 1 9.675 7.845 872 958 0 11.7 8.0 2.2 1.5 27.8 18.4 5.3 4.1 -.1 37.7 27.7 4.8 5.2 32.7 24.5 3.3 4.9 * 10 11 12 13 14 1.512 28 -359 1.148 1.433 11 1.396 1.211 3.582 150 411 579 2.836 140 1.092 1.333 2.040 58 -939 1.285 770 16 2.436 1.705 1.4 2.6 .1 1.9 .3 3.1 .1 .9 .7 3.6 .4 .6 1.6 15 16 17 18 18.340 13.914 5.149 86 -809 21.432 17.994 2.050 118 1.270 19.373 13.446 6.316 73 -462 19.807 14.662 4.041 113 991 16.289 13.071 4.035 112 -929 19.383 19.825 -1.737 141 1.154 19.6 17.0 1.8 41.6 40.5 -.1 .1 1.1 49.1 46.0 2.0 35.1 27.8 6.0 * 1.2 19 20 21 22 23 -324 -455 1 CURRENT SURPLUS 10 11 12 13 14 15 16 17 18 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES STATE AND LOCAL GOVT. SEC. CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL FARM CONSUMER INSTALMENT CREDIT CONSUMER NONINSTAL. CREDIT MONEY MARKET INSTR. MISCELLANEOUS ASSETS 19 NET INCREASE IN LIABILITIES 20 SAVINGS ACCOUNTS 21 CR. MKT. INSTR. (SVGS+LN) 22 PROFIT TAX LIABILITY 23 MISCELLANEOUS LIABILITIES 24 DISCREPANCY -389 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * 1.0 * 1.2 * * 1.8 2.0 * .7 * * 1.1 MAY 11, 1979 NONBANK FINANCE NONBANK FINANCE SUMMARY PRIVATE NONBANK FINANCIAL SUMMARY INSTITUTIONS SEASONALLY ADJUSTED ANNUAL SEASONALLY ADJUSTED ANNUAL RATES ! \ 1977 1 IV I 1978 II III I \ IV RATES 1979 I PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL 1 2 8.4 4.6 3.9 5.4 6.2 3.8 8.4 1.8 10.1 1.4 8.8 1.5 9.3 1.8 3 4 5 132.7 2.1 8.8 113.8 .6 4.0 155.3 .9 -.8 185.7 1.0 3.5 191.0 1.7 6.3 182.7 1.1 7.8 172.3 -3.7 9.3 6 7 8 9 10 11 12 13 10.4 105.5 7.6 2.9 30.4 39.6 11.1 13.8 9.4 92.3 22.6 5.6 26.0 29.2 5.4 3.7 12.5 133.2 22.0 9.1 34.8 47.9 9.8 9.5 6.2 163.8 19.6 10.9 31.4 70.3 14.3 17.3 3.7 166.7 14.6 12.7 31.8 68.4 20.4 18.7 4.6 157.5 2.2 10.5 34.4 80.8 15.8 13.7 155.7 6.1 10.1 32.7 62.9 16.2 27.7 170.8 18.7 12.8 35.9 70.1 21.7 14 15 16 -2.5 .9 7.6 1.0 .6 5.8 4.6 1.2 3.7 2.8 1.1 7.3 1.8 1.3 9.7 1.1 9.6 1.2 1.2 9.2 17 18 19 20 133.0 32.8 59.5 -1.9 114.0 59.4 39.6 -.4 149.0 69.2 48.2 -.6 176.4 69.9 57.0 185.0 59.2 62.5 .2 170.3 60.1 55.4 2.0 21 22 23 24 25 26 27 28 29 30.6 3.3 -2.7 .3 9.7 -1.0 4.5 13.5 3.0 -.4 2.8 1.9 .4 -3.6 .7 1.3 -4.0 .1 4.5 5.2 1.7 .4 -3.7 3.0 26.5 9.6 3.1 -2.0 -.1 8.4 .2 4.3 .9 41.8 7.3 .8 .1 1.6 10.3 6.9 12.5 2.1 41.9 11.1 2.9 -.1 4.7 13.2 1.7 10.4 -2.0 30 31 32 -2.4 -.3 14.6 2.6 .1 13.0 8.5 .5 18.7 1.3 .7 20.9 -1.5 1.4 21.4 -10.7 .9 20.6 33 4.0 -1.3 -4.0 -2.7 2.7 -5.1 * * * * 10.4 2.2 10.3 1.8 10.2 CURRENT SURPLUS 2.0 PHYSICAL INVESTMENT 198.9 2.5 4.4 192.1 1.1 10.0 214.3 NET ACQ. OF FINANCIAL ASSETS -3.8 DEMAND DEPOSITS + CURRENCY 11.8 TIME + SVGS. ACCOUNTS 8.1 161.4 21.1 11.9 31.7 66.9 19.5 10.4 2.6 178.8 12.5 16.0 27.0 73.9 24.2 25.1 .2 194.2 33.3 8.1 26.6 57.7 22.4 46.1 7.7 1.2 8.4 1.3 12.6 -10 3 1.3 8.6 .3 ,4 10 ,2 166.9 53.0 53.6 l.l 196.9 54.5 65.3 .2 192.1 71.8 61.5 -.6 39.8 9.8 2.6 .5 45.3 6.6 1.5 -.2 2.7 11.8 4.8 15.3 2.8 28.3 7.1 -1.1 .3 6.9 12.8 2.4 184. 57. 11.7 1.5 21.3 6 7 8 9 10 11 12 13 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 16 2 0 6 . 6 NET INCREASE IN L I A B I L I T I E S 59.5 TIME + SAVINGS ACCOUNTS 65.3 INSURANCE + PENSION RESERVES .1 CORPORATE EQUITY ISSUES (1) 17 18 19 20 -.2 3.5 20.6 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER MONEY MARKET FUND SHARES FHLB LOANS SECURITY RP'S -19.2 1.8 20.7 -4.7 1.9 26.3 SECURITY CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES .1 3 4 5 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT OTHER LOANS 58.1 8.5 -1.1 * -3.8 21.6 28.8 5.4 -1.2 6.3 10.0 1.0 1 2 31 32 .5 DISCREPANCY (1) INCLUDES INVESTMENT COMPANY SHARES. SAVINGS INSTITUTIONS COMBINED 1 3.7 1.9 2.3 3.1 3.7 3.3 3.6 3.8 3.7 3.8 2 3 4 49.5 .5 .8 59.9 .5 4.8 73.8 .1 -.1 88.1 .1 .7 82.1 .5 -1.0 86.5 .7 2.1 81.3 -3.1 1.8 78.9 4.5 -4.5 89.6 -.6 -3.1 78.8 1.0 1.9 72.0 NET ACQ. OF FINANCIAL ASSETS -2.8 DEMAND DEPOSITS + CURRENCY TIME DEPOSITS -.2 5 6 7 8 9 .2 44.0 1.7 .6 1.0 .2 52.0 10.4 1.2 3.5 .1 71.4 9.1 .9 2.8 .4 84.8 6.7 .5 1.2 .1 78.2 6.1 .6 .1 .2 79.6 -.4 .8 .7 .4 78.9 3.4 -.2 1.0 76.1 1.9 .8 .6 -.3 86..3 16.6 .9 -.9 .2 71.6 2.6 .8 -.4 .1 69.8 5.5 -.3 .7 10 11 12 13 34.5 25.6 3.1 5.9 32.3 24.5 2.6 5.3 49.5 40.6 3.3 5.6 65.1 54.9 5.2 5.0 59.2 50.5 4.8 3.9 72.0 60.4 5.4 6.2 60.0 48.3 6.2 5.5 59.5 53.0 3.3 3.2 56.0 47.6 5.3 3.0 61.5 53.2 4.3 3.9 46.9 37.7 4.2 5.0 * * * * * * 17 18 * 4.0 -.5 2.6 3.0 2.3 3.3 2.2 •1.4 3.9 5.6 3.3 1.6 2.9 4.4 7.3 -3.8 4.2 19 20 21 22 23 45.9 32.8 13.2 .1 -.2 57.9 59.4 -2.2 .1 .6 70.6 69.2 .2 1.2 83.6 69.9 11.9 .3 1.5 11.3 >0.1 !0.7 .3 .2 76.3 53.0 18.3 .4 4.7 73.6 54.5 21.0 .4 -2.4 84.2 71.8 10.5 .4 1.5 73.5 57.4 15.9 .5 -.3 24 .1 -.2 -.9 -1.5 BILLIONS OF DOLLARS. * 1/79 BASED 3.1 CURRENT SURPLUS 9.<» 5.2 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES STATE AND LOCAL GOVT. SEC. CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL FARM 1 2 3 4 5 6 7 8 9 10 11 12 13 14 CONSUMER INSTALMENT CREDIT 15 CONSUMER NONINSTAL. CREDIT 16 MONEY MARKET INSTR. 17 MISCELLANEOUS ASSETS 18 67.6 NET INCREASE IN LIABILITIES 59.5 SAVINGS ACCOUNTS CR. MKT. INSTR. (SVGS+LN) 3.3 PROFIT TAX LIABILITY .5 MISCELLANEOUS LIABILITIES 4.3 -1.4 DISCREPANCY 19 20 21 22 23 MAY 9, 1979 SAVINGS INSTITUTIONS SAVINGS INSTITUTIONS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1977 | IV I 1978 II III IV | 1979 I BILLIONS OF DOLLARS 1970 1971 1972 SAVINGS AND LOAN ASSOCIATIONS 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL 3 MORTGAGES 4 CONSUMER CREDIT 5 6 7 ASSETS OTHER ASSETS DEMAND DEPOSITS + CURRENCY TIME DEPOSITS 8 9 10 11 12 13 U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE+LOCAL GOVT SEC. OPEN-MARKET PAPER FED. FUNDS + RP'S MISCELLANEOUS 14 NET INCREASE IN L I A B I L I T I E S 15 SAVINGS SHARES 16 CREDIT MARKET INSTRUMENTS 17 CORPORATE BONDS 18 MORTGAGE LOANS IN PROCESS 19 BANK LOANS N . E . C . 20 FHLB ADVANCES 21 SECURITY RP'S 22 PROFIT TAXES PAYABLE 23 MISCELLANEOUS LIABILITIES 24 DISCREPANCY 25 MEMO: ACQ. OF CREDIT MKT. INST 28.8 26.5 1.1 2 3 4 14.899 14.378 273 16.040 11.265 176 16.295 15.537 276 17.401 13.006 365 14.672 11.887 393 16.014 8.489 239 9.3 9.5 .2 14.1 9.8 .3 29.8 23.8 .8 248 -89 234 4.599 10 288 482 58 -357 4.030 59 -365 2.392 33 65 7.286 25 600 -.3 -.2 4.0 -.2 5.3 -.2 1.7 -1.884 478 150 -73 39 2 1.040 2.599 563 -77 -352 325 1.243 -1.123 675 52 241 425 511 2.291 56 106 561 1.295 -445 1.041 44 105 2 89 1.260 2.696 1.435 65 300 600 1.565 -1.5 1.2 -1.3 1.9 14.056 9.667 5.149 551 191 1.784 3.119 -496 86 -846 15.187 12.192 2.050 50 5 03 -208 1.105 600 118 8 27 15.287 9.594 6.316 428 1.218 -25 3.996 699 73 -696 16.364 11.819 4.041 127 -411 194 3.884 247 113 391 13.726 10.604 4.035 61 -484 362 3.512 584 112 -1.025 15.168 15.946 -1.737 119 -438 -320 -789 -309 141 818 -282 -224 -344 -392 -298 -368 .3 .3 .4 -.1 .1 24 13.714 14.499 16.083 16.412 13.314 13.824 9.6 12.2 28.4 35.7 28.3 25 4.2 .3 1.2 -.2 -.7 -.5 2.4 -1.6 2.3 35.5 32.6 2.0 26.9 20.2 6.0 -1.5 .4 7.2 * .6 1.0 .5 3.9. 4.1 13.3 10.9 1.8 29.0 27.8 -.1 2.0 .7 -2.7 .1 4.0 1.2 .4 9 10 -1.3 11 1.3 12 1.3 13 14 15 16 17 18 19 20 21 22 23 MUTUAL SAVINGS BANKS 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY 3 TIME DEPOSITS 4 2 .621 382 27 3.675 -411 0 2.213 273 -100 2 .935 30 100 2.075 3 05 1.132 3.212 -330 0 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U . S . TREASURY SECURITIES U . S . G . AGENCY SEC. STATE + LOCAL OBLIGATIONS CORPORATE BONDS 53 2 .051 -297 770 53 168 103 4.015 -218 702 22 241 -9 1.981 -373 327 158 145 -64 2 .831 -132 503 172 -227 38 575 -222 173 155 -91 31 3.371 - 2 00 676 -135 184 11 12 13 14 15 MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER SECURITY RP'S MISCELLANEOUS ASSETS 2 .025 10 189 -867 108 1.696 149 -90 1.513 -32 1.735 244 -28 -227 68 1 .868 222 251 174 38 1.802 91 110 -1.443 25 2 .329 37 2.980 443 1.712 234 2 .107 600 1.813 96 16 SAVINGS DEPOSITS 17 MISCELLANEOUS L I A B I L I T I E S 4.7 .1 .2 11.0 .1 6.0 .1 9.7 .2 1.1 .5 2.1 5.0 -.5 .2 3.0 .3 3.8 -.1 .5 9.5 .1 1.075 185 323 1.263 140 .1 .2 -.1 .2 .1 .2 .2 .2 .3 -.1 .1 .5 - . 1 13 . 7 14 . 2 15 2.767 336 2.6 .2 4.4 .1 9.9 -.1 10.2 .2 4.7 16 .6 17 2.0 .2 3.1 11 12 18 DISCREPANCY CREDIT UNIONS 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 TIME DEPOSITS 5 SAVINGS + LOAN SHARPS 6 CREDIT MARKET INSTRUMENTS 7 U.S. GOVERNMENT SECURITIES 8 HOME MORTGAGES 9 CONSUMER CREDIT 10 CREDIT UNION SHARES 1/79 114 117 .2 2.032 27 13 527 2.939 25 12 1.6 ,465 1.554 1.348 ,257 1.119 27 14 - 1 . .230 3 , .449 137 100 3, .212 1.918 2.822 2.140 118 90 129 100 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 23 11 - 1 , .818 2. .644 150 105 2,.389 24 13 -293 1.040 -682 108 1.614 22 11 858 348 -.6 3.6 .5 -125 111 362 .2 1.7 1.4 .1 1.0 1.8 2.9 .2 2.2 MAY 9, 1979 SAVINGS INSTITUTIONS SAVINGS INSTITUTIONS 23 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1978 I 1977 I TV IV 11 1978 I II 1979 I III SAVINGS AND LOAN ASSOCIATIONS 1.9 CURRENT SURPLUS 69.5 66.8 53.8 1.5 58.6 NET ACQ. OF FINANCIAL ASSETS 42.2 MORTGAGES 1.0 CONSUMER CREDIT 11.5 1.8 15.4 -2.4 2.4 2 3 4 38.8 30.7 1.3 42.7 29.5 .9 53.7 44.9 1.0 67.4 58.2 1.1 64.4 51.7 1.2 59.1 52.8 .8 62.2 52.1 1.2 48-. 1 1.3 5 6 7 6.8 -.1 .5 12.2 .3 4.4 7.7 .2 -.6 8.0 -.1 -.1 11.5 .2 -.4 5.5 -2.2 8.9 2.9 -1.4 20.2 -1.8 -1.5 8 9 10 11 12 13 -.1 1.5 .6 .1 1.2 3.0 1.3 4.1 .6 .9 -1.4 2.0 3.7 .7 .1 -.1 2.1 1.6 -1.3 4.9 .1 2.7 1.8 1.1 4.6 .1 .1 1.6 4.3 -6.0 1.9 .6 -.3 1.6 3.1 -1.0 2.7 .2 1.0 1.7 2.8 4.2 9.2 .2 .4 2.2 7.1 14 15 16 17 18 19 20 21 22 23 36.4 23.8 13.2 41.4 42.8 -2.2 .1 1.9 -.3 -4.0 .1 .1 .7 51.5 50.2 1.7 .2 -2.0 -.1 .2 1.1 64.2 51.0 11.9 1.2 3.1 2.4 4.3 .9 .3 1.0 60.6 44.2 16.4 .7 .8 .3 12.5 2.1 .4 -.5 63.8 42.3 20.7 2.2 2.9 7.1 10.4 -2.0 35.7 18.3 .2 2.6 .3 12.8 2.4 .4 1.1 58.4 40.1 21.0 1.7 1.5 -.3 15.3 2.8 .4 -3.1 65.5 54.4 10.5 .5 -1.1 .1 10.0 1.0 62.8 46.6 15.9 .2 .3 1.2 11.9 2.3 55.1 NET INCREASE IN LIABILITIFS 50.-2 SAVINGS SHARES 3.3 CREDIT MARKET INSTRUMENTS .5 CORPORATE BONDS -1.1 MORTGAGE LOANS IN PROCESS -.2 BANK LOANS N.E.C. 5.4 FHLB ADVANCES -1.2 SECURITY RP»S .5 PROFIT TAXES PAYABLE 1.1 MISCELLANEOUS LIABILITIES 14 15 16 17 18 19 20 21 22 23 -.1 -.7 -1.1 -1.3 -1.4 -1.0 -1.2 -1.4 -1.4 -1.6 DISCREPANCY 24 36.0 52.5 65.7 60.3 62.4 56.5 58.0 65.6 61.1 53.7 MEMO: ACQ. OF CREDIT MKT. INST 25 10.9 .2 1.1 12.7 -1.0 8.9 1.5 -.4 13.8 1.1 .4 8.1 -.9 4.5 10.8 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY -.5 TIME DEPOSITS 24 25 - -2.7 -.6 13.5 3.0 .1 -.8 * 35.3 * .1 * .4 1.2 .9 5.7 .3 1.2 2.4 4.9 OTHER ASSETS DEMAND DEPOSITS TIME DEPOSITS CURRENCY U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE+LOCAL GOVT SEC. OPEN-MARKET PAPER FED. FUNDS + RP'S MISCELLANEOUS 5 6 7 8 9 10 11 12 13 MUTUAL SAVINGS BANKS .6 CURRENT SURPLUS 12.5 2 3 4 5.2 .3 .4 11.5 .1 .1 13.8 5 6 7 8 9 10 .2 3.3 -.7 .4 1.0 .2 10.6 2.2 1.7 .6 3.5 .1 12.9 1.1 2.9 .9 2.8 .4 11.7 .1 2.6 .4 1.2 .1 9.4 -.9 1.7 .5 .1 .4 13.6 -2.4 1.9 .1 1.0 7.8 -1.4 1.1 .6 .6 -.3 12.4 -.3 2.9 .7 -.9 .2 3.8 .3 1.0 .6 -.4 .1 10.9 -2.4 1.7 -.5 .7 11 12 13 14 15 3.7 .3 .1 -1.5 1.0 2.3 .2 .1 -.1 .6 4.1 .2 .5 .4 .7 6.5 .4 .1 .6 .3 7.1 .7 .2 6.8 .6 -.4 6.1 -.4 6.9 1.0 -.1 -.9 .1 7.5 .9 1.0 .7 .2 7.2 .4 .4 -5.8 .5 4.3 .7 1.3 5.1 .3 16 17 4.0 .6 11.2 -.1 13.0 .1 11.1 .4 8.6 1.4 8.2 3.5 7.1 .8 11.6 1.3 7.5 -.2 18 .2 -.1 -.2 -.4 -.3 -.4 -.4 -.2 -.1 9.5 .1 7.8 .1 * * " * * ~ -3.5 .8 * .1 * - CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE + LOCAL OBLIGATIONS CORPORATE BONDS 5 6 7 8 9 10 MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER SECURITY RP'S MISCELLANEOUS ASSETS 11 12 13 14 15 7.3 SAVINGS DEPOSITS 3.2 MISCELLANEOUS LIABILITIES .2 DISCREPANCY CREDIT UNIONS .5 CURRENT SURPLUS 8.3 .1 1.1 .5 3.8 6.4 -.1 -.2 .6 6.0 .6 .5 4.9 .8 7.3 .5 .4 6.5 6.8 .1 .1 -1.8 8.5 -.3 .4 8.3 5.5 6.0 7.8 6.4 2 3 4 5 6 7 8 9 5.5 .3 .1 -.3 5.4 .7 .1 4.6 5.8 0 5.0 * * 5.4 .3 BILLIONS OF DOLLARS. * 1/79 BASED ON INCOMPLETE .1 .1 1.0 7.6 6.7 7.8 8.3 9.0 INFORMATION. 2 3 4 2.6 NET ACQ. OF FINANCIAL ASSETS .1 DEMAND DEPOSITS + CURRENCY * TIME DEPOSITS -2.7 SAVINGS + LOAN SHARES 5.1 CREDIT MARKET INSTRUMENTS -.5 U.S. GOVERNMENT SECURITIES .4 HOME MORTGAGES 5.2 CONSUMER CREDIT 2.0 CREDIT UNION SHARES 16 17 18 MAY 11» 1979 INSURANCE + PENSION FUNDS INSURANCE + PENSION FUNDS SECTOR STATEMENTS OF SAVING AND INVESTMEMT UNADJUSTED NET FLOWS (* MILL.) UNADJUSTED NET FLOWS 1$ MILL.l 1977 I IV I 1 1979 1978 II III IV | BILLIONS OF DOLLARS 1970 1971 1972 I LIFE INSURANCE COMPANIES 1 CURRENT SURPLUS 2 PHYSICAL INVESTMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS + CURRENCY 5 6 y 8 9 10 11 12 13 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES OPEN-MARKET PAPER POLICY LOANS MISCELLANEOUS ASSETS 14 NET INCREASE IN LIABILITIES 15 LIFE INSURANCE RESERVES 16 PENSION FUND RESERVES 17 PROFIT TAXES PAYABLE 18 MISCELLANEOUS LIABILITIES 990 644 969 634 989 624 1.010 448 1.031 608 1.034 575 1.0 .8 1.3 1.0 9.235 473 8.392 -608 8.489 -43 9.491 -59 9.297 718 9.998 -838 9.5 9.9 .1 351 7.801 671 22 5.952 2.695 •1.960 421 610 67 8.463 695 -36 4.002 1.198 2.209 395 470 409 7.674 -224 -72 5.857 2.077 -662 698 449 -255 9.363 906 58 3.598 2.325 1.835 641 442 494 7.660 461 249 3.927 3.567 -1.456 912 425 325 10.096 1.045 50 3.836 2.000 2.267 898 415 1.7 6.9 -.2 8.590 2.005 4.233 79 2.273 8.022 1.979 3.857 309 1.877 8.936 2.152 4.553 -60 2.291 8.971 2.Z26 4.631 247 1.867 9.059 2.336 4.534 140 2.049 9.393 2.278 4.700 373 2.042 * 1.6 1.2 12.7 * 2.0 1.1 2.3 1.2 1 2 14.4 .2 16.9 .1 3 4 3.6 12.3 -.2 * 5.9 4.4 * 2.2 .9 5 6 7 8 9 10 11 12 13 3.6 8.2 -.1 .1 5.5 1.1 .6 1.0 .9 3.5 9.7 .1 1.7 2.1 .8 2.5 .9 2.0 7.0 .1 .1 1.5 2.3 .8 2.2 .8 9.3 4.9 2.9 10.2 5.1 3.3 12.6 6.1 4.5 13.6 6.5 4.3 7.1 .1 .1 7.3 .2 -.4 6.9 .3 4.6 2.2 .2 2.1 8.9 -1.5 -.3 -.7 -.5 * * 7.0 1.5 .2 .9 1.0 15.4 14 7.2 15 5.5 16 19 DISCREPANCY PRIVATE PENSION FUNDS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 TIME DEPOSITS 3.808 23 1.190 4.804 23 996 4.856 23 1.014 4.736 23 895 4.640 23 351 5.742 23 774 >.3 4 5 6 7 8 9 445 1.350 199 1.049 102 -150 3.335 567 2.430 338 477 2.542 468 1.999 75 700 2.518 427 1.991 100 719 2.247 400 1.787 60 650 3.595 1.600 1.845 150 5.4 .8 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES5 CORPORATE BONDS MORTGAGES MISCELLANEOUS ASSETS * * .6* .1 .1 * .1 * 8.5 -.2 .8 3 7.3 -.8 1.0 -.8 -.9 .2 5.3 2.5 .7 2.1 -.4 .1 4 5 6 7 8 9 9.5 .4 1 2 * 1 •> STATE + LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS 1 MET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY 2 3 4 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES TREASURY AGENCY ISSUES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES 3.377 -70 2.927 433 4,.672 374 4.189 446 5.365 -97 3,.807 188 5.5 -.1 6.4 .1 6.6 .1 8.5 .3 837 2.610 -37 -211 174 37 2.444 166 446 2.048 1.510 714 796 -109 712 -65 534 3,.764 1,.643 1 .560 83 378 1,.255 488 706 3.037 1.140 800 340 -52 1.799 150 707 4.755 1.151 550 601 283 3.221 100 440 3,.179 1,.953 I .153 800 -47 1..123 150 1.8 3.8 -.3 -.5 .2 -.1 4.0 .2 2.1 4.1 -.4 -.3 -.1 -.3 4.5 .3 3.2 3.3 -1.2 -1.2 .1 .1 3.9 .4 3.7 4.6 .3 -.3 .6 -.1 4.2 .2 3.4 3 5.7 4 5 -.2 6 -1.1 7 .9 8 -.3 5.6 9 .7 10 OTHER INSURANCE COMPANIES 1.5 1.8 1.2 1 6.6 7.9 6.4 2 1.0 3.8 2.5 3.8 .1 3.5 3.0 3.7 .1 4.3 -.7 2.4 3.4 .1 3.4 -.1 3.6 .1 4.8 * 13 4.8 14 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS COMMERCIAL MORTGAGES TRADE CREDIT 11 NET INCREASE IN LIABILITIES 12 CORPORATE EQUITY ISSUES 13 PROFIT TAXES PAYABLE 14 POLICY PAYABLES 15 DISCREPANCY 3.984 355 4.079 -507 3.428 138 3.634 89 4.161 100 4.028 -100 420 2.939 1.151 2.528 -730 -10 270 360 3.926 -277 2.736 1.438 29 300 452 2.528 -219 2.838 -98 7 310 350 2.875 -50 2.961 -45 9 320 409 3.322 200 3.100 10 12 330 360 3.428 650 1.988 785 5 340 1.0 1.6 3.032 239 31 2.762 3.220 252 68 2.900 3.226 265 11 2.950 3.409 278 68 3.063 3.446 291 54 3.101 3.591 304 87 3.200 3.9 .5 -452 -309 375 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 3.3 1.0 MAY 11, 1979 INSURANCE + PENSION FUNDS INSURANCE + PENSION FUNDS SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 I 1977 | I IV 1 1979 I 1978 II III LIFE INSURANCE COMPANIES 1 2 4.4 2.8 2.7 2.4 3.2 2.1 3.7 2.2 4.0 2.3 3 4 28.4 .4 20.4 -.1 28.2 .1 31.9 .1 35.7 5 6 7 8 9 10 11 12 13 4.0 21.5 1.9 16.9 1.7 .8 9.1 2.9 .7 1.6 1.7 3.0 23.7 1.5 1.1 16.9 2.4 .4 1.4 1.5 1.2 28.2 1.9 .4 18.3 5.2 .7 1.7 2.5 .7 33.2 1.8 .2 17.4 9.2 1.9 2.6 1.8 1.4 32.2 2.9 .1 22.8 8.2 -3.4 1.7 2.4 14 15 16 17 18 27.0 11.1 11.1 19.8 5.3 10.3 -.1 4.3 27.6 6.7 15.3 .1 5.4 31.1 7.9 14.9 .4 7.9 35.0 8.7 17.6 .6 8.1 34.4 8.0 16.9 .5 * .4 6.5 8.9 .7 4.9 2.5 -.2 5.1 4.0 2.6 * 3.9 2.5 4.0 1.8 32.8 -.6 37.7 .6 .3 31.3 2.4 -.2 14.5 6.1 15.4 .5 1.6 33.3 -1.0 36.4 2.4 * -2.8 2.8 1.8 16.8 9.8 4.7 2.6 1.8 35.7 8.6 18.2 35.9 8.9 18.5 4.1 2.4 4.1 CURRENT SURPLUS 2.3 PHYSICAL INVESTMENT 39.4 NET ACQ. OF FINANCIAL ASSETS -1.5 DEMAND DEPOSITS + CURRENCY 31.7 2.1 11.7 -l.l 36.2 9.3 18.1 1.3 37.9 3.8 .1 13.9 9.3 7.3 3.6 1.7 3 4 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES OPEN-MARKET PAPER POLICY LOANS MISCELLANEOUS ASSETS 37.6 NET INCREASE IN LIABILITIES 9.1 LIFE INSURANCE RESERVES 18.8 PENSION FUND RESERVES .8 PROFIT TAXES PAYABLE 8.9 MISCELLANEOUS LIABILITIES 16 17 .1 DISCREPANCY PRIVATE PENSION FUNOS 1 2 3 20.1 4.9 12.8 .1 -1.3 12.8 .1 -.1 21.0 .1 2.5 19.0 .1 3.8 17.0 .1 4.8 4 5 6 7 8 9 3.8 11.1 2.2 8.9 5.8 8.0 5.2 2.8 7.3 5.2 3.9 1.3 4.5 11.1 5.4 5.3 .4 2.9 1.7 10.6 1.9 8.2 .6 2.8 1.8 7.2 * * * .2 .2 * .2 3.4 9.7 1.4 2.4 1.9 10.5 2.2 8.0 .3 3.2 22.2 NET ACQ. OF FINANCIAL ASSETS .1 DEMAND OEPOSITS + CURRENCY 3.1 TIME DEPOSITS 2.8 8.4 .1 8.0 .4 2.4 2.9 11.0 3.6 7.1 .2 3.2 2.6 13.6 5.6 7.4 .6 2.8 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS MORTGAGES MISCELLANEOUS ASSETS STATE + LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS 1 2 17.3 1.0 11.2 -.4 13.4 3 4 5 6 7 8 9 LO 4.4 11.8 .5 -1.2 1.7 -1.6 11.9 1.0 2.4 9.2 2.1 1.0 1.1 1.0 6.3 -.2 3.1 10.3 1.7 1.5 .1 1.4 7.1 .2 * 13.1 .3 17.2 1.2 13.5 -.3 11.7 1.7 18.7 1.5 16.8 1.8 21.5 -.4 15.2 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .8 3.4 9.4 3.4 2.4 1.0 .3 5.3 .5 2.4 13.6 5.4 3.6 1.8 .5 7.0 .7 3.3 10.4 -.1 -.8 .7 .1 9.8 .7 1.8 8.2 6.0 2.9 3.2 -.4 2.8 -.3 2.1 15.1 6.6 6.2 .3 1.5 5.0 2.0 2.8 12.1 4.6 3.2 1.4 -.2 7.2 .6 2.8 19.0 4.6 2.2 2.4 1.1 12.9 .4 1.8 12.7 7.8 4.6 3.2 -.2 4.5 .6 1 2 3 CORPORATE EQUITIES 4 CREDIT MARKET INSTRUMENTS 5 U.S. GOVERNMENT SECURITIES 6 TREASURY 7 AGENCY ISSUES 8 STATE + LOCAL OBLIGATIONS Q CORPORATE BONDS 10 MORTGAGES OTHER INSURANCE COMPANIES 1 -.8 -.6 .9 1.9 2.4 2.3 2.6 2.6 2 3 7.9 .1 7.3 .1 14.9 .2 15.8 .3 15.3 -.2 15.5 1.4 16.6 -2.0 14.3 .6 14.1 .4 16.2 .4 16.4 NET ACQ. OF FINANCIAL ASSETS -.4 DEMAND DEPOSITS + CURRENCY 4 5 6 7 8 9 10 -1.2 8.1 .7 3.7 3.7 .9 12.5 3.1 5.4 3.9 .1 1.2 1.1 13.3 3.0 9.5 .8 .1 1.1 1.6 12.7 -.3 11.6 1.3 .1 1.3 1.7 11.3 4.1 10.1 -2.9 1.4 16.0 .9 -.7 7.3 2.5 2.6 2.2 .1 .6 1.8 10.7 -.3 11.4 i-.4 * 1.2 1.4 11.1 -.6 11.8 -.2 * 1.3 1.6 12.8 .4 12.4 * * 1.3 1.4 14.0 2.9 8.0 3.1 * 1.4 11 12 13 14 10.1 1.5 7.2 1.0 11.3 .9 .1 10.3 12.1 .9 .1 11.0 13.3 1.1 .2 12.0 12.1 1.0 .1 11.0 12.8 1.0 11.6 13.0 1.1 .2 11.8 13.6 1.1 .2 12.3 13.8 1.2 .2 12.4 14.3 NET INCREASE IN LIABILITIES 1.2 CORPORATE EQUITY ISSUES .3 PROFIT TAXES PAYABLE 12.8 POLICY PAYABLES 15 1.4 .4 -1.3 -1.6 1.0 2.1 .2 * * 8.6 * 6.2 BILLIONS OF DOLLARS. 1/79 BASED ON INCOMPLETE * 10.9 5.8 1.1 INFORMATION. 2.6 CURRENT SURPLUS 1 2 3 CORPORATE EQUITIES 4 CREDIT MARKET INSTRUMENTS 5 U.S. GOVERNMENT SECURITIES 6 STATE + LOCAL OBLIGATIONS 7 CORPORATE BONDS 8 COMMERCIAL MORTGAGES 9 TRADE CREDIT 10 .4 DISCREPANCY 11 12 13 14 15 MAY 9 , 1979 FINANCE N . E . C . FINANCE N.E.C. SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.l UNADJUSTED NET FLOWS IV 1 CURRENT SURPLUS OF GROUP -180 1 I -167 II 147 III IV 115 -113 I t^MILL.) I 1969 BILLIONS OF DOLLARS 1971 1970 1972 41 -2.5 -1.3 -.2 -1.0 2.2 1.7 5.4 .3 5.2 1.5 9.4 1.7 2.6 2.1 2.7 2.5 1.9 .4 .8 .7 2.5 .2 .9 1.2 .2 5.0 .4 2.0 1.7 .8 5.6 .7 2.4 2.5 * 4 5 6 7 8 2.9 1.0 1.9 .1 6.5 1.0 5.6 .3 .1 .2 9 10 11 12 13 14 .6 15 4.0 16 .7 17 1973 -1.5 1 11.7 9.4 3.0 4.5 2.0 2.3 7 8 9 10 11 12 13 FINANCE COMPANIES 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 CREDIT MARKET INSTRUMENTS 4 MORTGAGES 5 CONSUMER CREDIT 6 OTHER LOANS (TO BUSINESS) 7 NET INCREASE IN LIABILITIES 8 CREDIT MARKET INSTRUMENTS 9 CORPORATE BONDS 10 BANK LOANS N.E.C. 11 OPEN-MARKET PAPER 12 PROFIT TAXES PAYABLE 13 MISCELLANEOUS LIABILITIES 7.785 44 7.741 200 3.065 4.476 1.729 43 1.686 -668 -213 2.567 5.271 42 5.229 232 3.119 1.878 1.911 41 1.870 150 2.894 -1.174 9.519 40 9.479 100 4.355 5.024 5.07,5 39 5.036 150 1.571 3.315 7.161 6.918 2.336 389 4.193 16 227 2.522 2.276 2.291 -1.320 1.305 57 189 6.471 6.342 1.790 1.827 2.725 -15 144 2.494 2.311 1.320 889 102 76 107 9.121 8.889 1.429 1.355 6.105 68 164 4.915 4.693 1.709 -2.007 4.991 110 112 8.7 .1 REAL ESTATE INVESTMENT TRUSTS 1 PHYSICAL INVESTMENT 2 MULTI-FAMILY STRUCTURES 3 NONRESIDENTIAL STRUCTURES -261 -86 -175 -125 4 NET ACQ. OF FINANCIAL ASSETS 5 HOME MORTGAGES 6 MULTI-FAMILY MORTGAGES 7 COMMERCIAL MORTGAGES 8 MISCELLANEOUS ASSETS -343 -51 -131 -218 57 -238 -40 -239 -211 252 9 NET INCREASE IN LIABILITIES 10 CORPORATE EQUITY ISSUES 11 CREDIT MARKET INSTRUMENTS 12 MORTGAGES 13 MULTI-FAMILY RESIDENTIAL 14 COMMERCIAL -589 38 -508 -31 -10 -21 -410 66 -495 133 44 15 16 17 18 -27 -445 -5 -119 -107 -544 23 CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER MISCELLANEOUS LIABILITIES -181 -60 -121 -450 -149 -301 -68 -22 -46 -73 -24 -49 -228 -25 -100 246 -362 -10 -25 -100 -227 25 -60 -228 249 -75 -104 -168 -39 -13 -26 -271 66 22 44 -483 -49 -16 -33 -322 11 -218 109 0 -353 16 -160 -63 -320 -51 -14 -329 10 -18 ~ .1 .1 6.3 1.7 4.6 .5 .2 .3 .5 .1 .4 .6 .8 .4 1.3 2.5 2.2 1.5 .7 .1 * - * OPEN-END INVESTMENT COMPANIES 1 CURRENT SURPLUS -190 -192 -16 -256 32 -551 31 -518 -85 -447 2.6 -.1 -480 549 23 467 59 -947 771 70 -199 900 -399 111 -15 -34 160 310 -892 -70 -64 -758 -597 164 -164 -634 962 -833 362 16 156 190 1.7 .9 -.5 .2 1.2 295 23 -297 -539 -237 -257 4.9 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY 4 5 6 7 8 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER 9 NET SHARE ISSUES -1.3 -1.0 -1.8 -2.2 -2.3 .3 1.2 .5 -.9 1.2 MONEY MARKET FUNDS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 TIME DEPOSITS 424 -44 237 1.733 23 865 1.207 -15 447 1.580 9 990 2.401 23 1.181 7.212 -17 2.237 4 5 6 7 276 128 148 -45 678 237 441 167 888 144 744 -113 530 96 434 51 1.095 126 969 102 4.761 1.401 3.360 231 2.401 7.212 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES OPEN-MARKET PA^ER MISCELLANEOUS 0 8 NET SHARE ISSUES SECURITY BROKERS AND DEALERS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 1.765 -5 -3.863 0 2.315 -9 0 -10 -47 -14 -3.118 -17 3 4 5 6 7 8 1.773 -249 •1.863 -158 1.772 246 -1.127 -3.031 -1.916 12 -1.127 295 -583 988 1.806 -235 -583 1.919 -736 -1.402 -513 -153 -736 2.148 1.248 1.294 -128 175 1.247 -2.575 -1.903 -1.264 510 128 -1.902 66 -.2 .4 -3.5 .6 .1 -1.3 .1 .1 2.6 -.1 .2 3.7 .2 .4 -4.3 6 7 8 1.804 1.835 1.282 553 -31 -3.823 -3.794 -3.717 -77 -29 2.326 2.328 1.555 773 -2 9 9 -669 678 0 -43 -80 -143 63 37 -3.147 -3.175 -3.343 168 28 -3.1 -3.0 -1.0 -2.0 -.1 1.0 1.0 1.9 -1.0 1.1 1.1 .7 .5 4.1 4.1 3.9 .2 -3.4 -3.4 -3.? -.2 * 9 10 11 12 13 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT 9 NET INCREASE IN L I A B I L I T I E S 10 SECURITY CREDIT 11 FROM BANKS 12 CUSTOMER CREDIT BALANCES 13 PROFIT TAXES PAYABLE IMPLETE INFORMATION. 1/79 BASED ON PRELIMINARY AND INCOMPLETE -3.6 -.2 - * * MAY 9» 1979 FINANCE N.E.C. FINANCE N.E.C. SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I 1978 1977 | IV | II III \ IV .4 CURRENT SURPLUS OF GROUP FINANCE COMPANIES 1 2 3 4 5 6 9.0 .4 8.6 -4.4 4.9 8.0 1.6 .2 1.4 -1.3 .5 2.1 9.0 .2 8.8 -.4 3.7 5.4 18.3 .2 18.1 1.5 6.3 10.3 18.4 .2 18.3 -.2 10.2 8.3 25.3 .2 25.2 1.1 8.0 16.0 13.1 .2 12.9 -2.5 7.1 8.3 16.9 .2 16.8 .3 10.0 6.4 ll.l .2 10.9 .8 10.1 * 32.6 .2 32.5 .5 13.4 18.5 27.5 NET ACQ. OF FINANCIAL ASSETS .2 DEMAND DEPOSITS + CURRENCY 27.3 CREDIT MARKET INSTRUMENTS .8 MORTGAGES 15.4 CONSUMER CREDIT 11.1 OTHER LOANS (TO BUSINESS) 7 8 9 10 10.4 10.8 3.1 2.8 1.3 .6 2.7 -2.7 8.0 6.4 5.3 -2.1 18.0 16.9 8.5 20.6 19.8 6.8 2.8 22.6 21.6 9.0 -.6 13.3 .1 .9 17.4 16.6 10.1 .3 6.2 .1 .8 20.9 20.2 4.9 3.9 11.4 .2 .6 13.2 12.6 6.6 3.3 2.7 .2 .4 30.9 30.0 5.7 3.5 20.8 .3 .7 28.0 NET INCREASE IN LIABILITIES 27.3 CREDIT MARKET INSTRUMENTS 8.0 CORPORATE BONDS -2.3 BANK LOANS N.E.C. 21.5 OPEN-MARKET PAPER .3 PROFIT TAXES PAYABLE .4 MISCELLANEOUS LIABILITIES -.3 PHYSICAL INVESTMENT -.1 MULTI-FAMILY STRUCTURES -.2 NONRESIDENTIAL STRUCTURES * 10 11 12 REAL ESTATE INVESTMENT TRUSTS 1 2 3 1.8 .6 1.2 3.0 1.0 2.0 1.6 .5 1.1 -.4 -.1 -.2 -.7 -.2 •.5 -.7 -.2 -.5 -1.8 -.6 -1.2 -.3 -.1 -.2 4 5 6 7 8 .5 -.5 -4.1 -.2 -1.7 -1.8 -.3 -2.6 -.2 -.8 -1.4 -.2 .0 -.2 .0 -.8 .0 .1 -.2 .3 -.9 1.0 .2 -.1 -.3 -.4 1.0 -1.4 .1 .9 -3.6 -.5 -2.6 -1.8 1.2 9 10 11 12 13 1.8 -1.8 2.0 .3 .1 -.1 -1.3 -.1 .4 .1 -2.2 -.5 -1.9 .4 .1 -2.9 .1 -2.5 ..6 .3 !.0 .5 .2 .4 -.6 -.7 -.2 -.1 -.1 -1.6 .2 -1.1 .3 .1 .2 -1.7 .4 -1.9 -.2 -.1 -.1 -1.2 NET INCREASE IN LIABILITIES .2 CORPORATE EQUITY ISSUES -1.3 CREDIT MARKET INSTRUMENTS * MORTGAGES * MULTI-FAMILY RESIDENTIAL * COMMERCIAL 9 10 11 12 13 14 -5.9 1.6 .1 1.3 -.4 !.2 .1 .1 -.1 -.9 .4 .1 _ 17 18 -1.4 .1 -.6 -.3 -1.3 -.2 -.1 -.1 -1.3 * -.1 15 16 17 18 * -2.4 .2 -2.0 -.1 * * .1 -.1 * * -.1 -.4 -.9 -.9 NET ACQ. OF FINANCIAL ASSETS -.1 HOME MORTGAGES -.1 MULTI-FAMILY MORTGAGES -.3 COMMERCIAL MORTGAGES -.4 MISCELLANEOUS ASSETS CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER MISCELLANEOUS LIABILITIES OPEN-END INVESTMENT COMPANIES -.3 -.4 -.5 -.1 -.3 -.8 -1.3 -1.4 -1.5 -1.0 .1 -2.2 .1 -2.1 -.3 -1.8 NET ACQ. OF FINANCIAL ASSETS .1 DEMAND DEPOSITS + CURRENCY 2 3 3.6 -1.6 .4 -.1 -.1 .6 1.2 -3.6 -.3 -.3 -3.0 -2.4 .7 -.7 -2.5 3.8 -3.3 1.4 .1 .6 .8 4 5 6 7 8 -.2 -.9 -1.9 -1.2 -1.3 NET SHARE ISSUES 9 1.7 -.2 .9 6.9 .1 3.5 4.8 -.1 1.8 6.3 * 4.0 9.6 .1 4.7 28.8 NET ACQ. OF FINANCIAL ASSETS -.1 DEMAND DEPOSITS + CURRENCY 8.9 TIME DEPOSITS 1 2 3 1.1 .5 .6 -.2 2.7 .9 1.8 .7 3.6 .6 3.0 -.5 2.1 .4 1.7 .2 4.4 .5 3.9 .4 19.0 5.6 13.4 .9 4 5 6 7 .1 * -1.1 -2.5 1.1 1.0 -.2 2.2 -1.1 -1.2 .7 -1.0 -.9 -1.6 -3.8 2.4 .2 1.1 1.2 -1.6 .2 -.2 -.9 1.3 -1.0 -1.1 -1.9 2.2 .1 1.9 .2 -3.8 3.1 -.5 CURRENT SURPLUS CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER 1 MONEY MARKET FUNDS 4.5 1.3 3.2 .5 1.3 .2 1.1 6.9 * -.1 .1 * -.3 .1 3.5 3.2 .6 2.6 .2 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES OPEN-MARKET PAPER MISCELLANEOUS 28.8 NET SHARE ISSUES SECURITY BROKERS AND DEALERS -2.6 -.2 1.2 * 6 7 8 -.3 -.6 -2.5 -.1 1.1 1.0 -.5 •1.1 -.7 .2 -.5 2.8 9 10 11 12 13 -2.6 -2.4 -.5 -1.8 -.2 2.7 2.6 2.0 .6 1.2 1.3 .3 1.0 * -11.0 * -7.2 ~ 8.2 * -19.1 -.1 -4.6 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY -.1 -.4 1.2 -4.5 -4.3 -.5 .7 -4.5 -10.3 -3.7 -1.1 2.0 .5 -3.6 .3 -7.0 -6.9 -6.6 -.3 11.8 11.7 8.6 3.1 8.2 8.3 5.5 2.7 -19.1 -19.2 -19.5 .3 -4.7 4.7 NET INCREASE IN LIABILITIES -4.7 SECURITY CREDIT -5.4 FROM BANKS .7 CUSTOMER CREDIT BALANCES PROFIT TAXES PAYABLE -.4 -8.0 -7.7 -1.5 -1.5 -3.0 1.4 -10.8 -10.7 -12.9 2.2 INFORMATION. * 1.1 -1.5 -2.1 -.6 1.1 8.6 -1.9 -10.0 -7.5 -.6 -1.9 1.0 1/79 BASED ON INCOMPLETE 11.7 -1.1 5.2 7.2 -.9 -l.l 7.7 -1.2 -2.2 -.8 -.2 -1.2 1.8 * BILLIONS OF DOLLARS, -1.6 * CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT 9 10 11 12 13 MAY 11, 1979 MONETARY ANO INSURANCE RESERVES MONETARY AND INSURANCE RESERVES GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES UNADJUSTED NET FLOWS i% MILL.) UNADJUSTED NET FLOWS <S MILL.) 1977 J IV | 1978 II III I | IV 1979 I BILLIONS OF DOLLARS 1970 1971 1972 GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1) -265 1.911 -1.410 -1.413 3 -192 0 -192 -252 1.145 2.103 -58 -20 -38 4.348 2.762 1.586 2.017 -151 2.168 -194 -196 2 -3.203 -3.200 -3 86 78 8 1.0 1.0 1 TOTAL U.S. RESERVES 2 U.S. GOLD STOCK AND SDR'S 3 U.S. GOVT.-^EX. STAB. FUND 4 MONETARY AUTHORITY (2) 90 -33 123 5 U.S. FOREIGN EXCHANGE POSITION 6 7 8 OFFICIAL FGN. CURRENCY HLDGS TREASURY MONETARY AUTHORITY 9 10 11 NET IMF POSITION U.S. GOVERNMENT ASSET MONETARY AUTHORITY 16 16 0 90 102 -12 5 43 -38 262 -432 62 14 48 4 12 -8 •324 •325 1 -436 -429 -7 1.0 1.0 -.8 -1.2 .4 -1.3 -.7 -.6 .3 -2.5 -1.7 -.7 -.7 -.1 -2.2 -.4 -1.7 -.4 -.1 -.2 -.4 -.4 -1.4 -1.3 TREASURY CURRENCY AND SDR CERTIFICATES 1 TOTAL U . S . GOVT. L I A B I L I T Y 2 MONETARY AUTHORITY ASSET 3 UNALLOCATED ASSETS 95 135 -40 97 85 12 136 149 -13 179 180 -1 112 151 -39 276 254 22 .4 .4 1 2 INSURANCE AND PENSION FUND RESERVES LIFE INSURANCE RESERVES: 1 NET CHANGE IN LIABILITIES 2 U.S. GOVERNMENT 3 LIFE INSURANCE COMPANIES 4 *IET CHANGE IN ASSETS fHH) PENSION FUND RESERVES: NET CHANGE IN LIABILITIES U.S. GOVERNMENT INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 5 6 7 8 9 10 11 NET CHANGE IN ASSETS (HH) 2.069 2.052 2.230 64 73 78 2.308 82 2.425 89 2.371 93 2.005 1.979 2.152 2.226 2.336 2.278 2.069 2.052 2.230 2.425 2.371 11.502 84 11.418 4.233 3.808 3.377 10.331 -1.257 11.588 3.857 11.502 4.804 2.927 14.081 4.553 4.856 4.672 19.714 6.158 13.556 4.631 4.736 4.189 15.080 541 14.539 4.534 4.640 5.365 12.552 -1.597 14.249 4.700 5.742 3.807 10.331 15.540 19.714 15.080 12.552 15.540 1.459 5.0 .1 4.9 5.2 .1 5.1 6.2 .1 6.1 6.6 .2 6.5 7.4 .2 7.2 1 2 3 16.3 19.2 21.1 22.6 25.6 5 6 7 8 9 10 1.5 2.4 2.8 3.0 2.1 14.8 16.8 18.3 19.6 23.4 2.9 6.3 5.5 3.3 7.1 6.4 4.5 7.3 6.6 4.3 6.9 8.5 5.5 8.5 9.5 INTERBANK CLAIMS 4.418 15.993 4.5 7.2 2.8 12.9 1 MONE. AUTH. —MEM. BANK RES. —VAULT CASH 2.917 2.595 1.030 -2.271 20 296 -1.090 195 4.393 3.385 -2.089 -2.539 2.1 -.3 3.6 .5 -2.1 l.l 1.4 2.0 2 3 COMMERCIAL BANKING—TOTAL COMMERCIAL BANKS TO MONETARY AUTHORITIES LOANS FROM AFFILIATES LOANS FROM FGN. BK. AG. OEM. OEP. OF FGN. BK. AG TIME DEP. OF FGN. BK. AG 1.701 447 827 0 -224 -104 -52 675 -724 -1.011 0 -180 600 -133 3..054 2.241 1,.682 0 -81 575 65 5.313 2.509 338 0 641 1.641 -111 8.215 4.225 2.604 0 -118 1.515 224 -3.810 -1.381 -601 0 383 -978 -185 2.7 2.5 1.0 .1 .1 1.2 .1 3.1 1.6 -.2 .3 .1 1.3 3.8 .5 1.6 -.4 .2 -1.2 .3 9.5 2.1 -1.6 -.4 1.4 2.6 .1 4 5 6 7 8 9 10 1.504 -105 -2 815 1.836 968 80 3.910 -1.116 -1.313 .2 .1 -.1 1.6 2.5 .8 2.3 5.1 11 12 7.213 -566 3,. 3 7 0 4.418 15.993 -8.438 4.5 7.2 2.8 12.9 13 827 1.854 -1.027 -1.011 -1.078 67 1..682 5 86 1,.096 338 401 -63 2.604 2.797 -193 -601 -922 321 1.0 .8 .2 -.2 .1 -.3 1.6 -.4 1.9 -1.6 -.9 -.7 14 15 16 445 158 1.030 -2.271 1.504 -105 1,.688 1,.129 20 296 -2 815 4.080 1.909 -1.090 195 1.836 968 13.389 11.768 4.393 3.385 80 3.910 -7.837 -7.057 -2.089 -2.539 -1.116 -1.313 3.6 2.1 2.1 -.3 .2 .1 7.4 5.7 3.6 .5 -.1 1.6 1.3 2.4 -2.1 1.1 2.5 .8 14.5 10.9 1.4 2.0 2.3 5.1 17 18 19 20 21 22 .1 .3 -.4 -.4 23 1.4 1.2 .1 .1 1.5 1.3 -.7 -1.2 .3 .2 4.1 2.6 .1 1.4 24 25 26 27 1 NET CHANGE 2 3 4 5 6 7 8 9 10 IN LIABILITIES FOREIGN BANKING AGENCIES-602 DEPOSITS OF BANKS 1.856 BANK LOANS 11 12 13 NET CHANGE I N ASSETS 14 15 16 MONETARY AUTHORITIES F.R. FLOAT LOANS TO MEMBER BANKS 17 18 19 20 21 22 6.386 6.766 2.917 2.595 -602 1.856 23 COMMERCIAL BANKING—TOTAL COMMERCIAL BANKS MEMBER BANK RESERVES VAULT CASH DEPOSITS AT FGN. BK. AG. LOANS TO FGN. BK. AGS. BANK AFFILIATES—LOANS TO AFFILIATE BANKS 0 0 0 0 0 0 24 25 26 27 FOREIGN BANKING AGENCIES DEMAND DEPOSITS AT BANKS TIME DEPOSITS AT BANKS LOANS TO BANKS -380 -104 -52 -224 287 600 -133 -180 559 575 65 -81 2.171 1.641 -111 641 1.621 1.515 224 -118 -780 -978 -185 383 (1) Lines 1 and 2 exclude i n c r e a s e s i n SDR through a l l o c a t i o n s , which occurred i n January of 1970, 1971, 1972, and 1978. T r a n s a c t i o n s in SDR's a r e i n l i n e 2. Also excluded from the Table a r e r e v a l u a t i o n s of f o r e i g n c u r r e n c y h o l d i n g s , Gold, SDR's, and IMF p o s i t i o n . These a l l o c a t i o n s and r e v a l u a t i o n s a r e r e f l e c t e d i n Tables on o u t s t a n d i n g s . (2) TREASURY GOLD STOCK. 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 1.0 .8 .1 * * .1 MAY 11, 1979 MONETARY AND INSURANCE RESERVES MONETARY AND INSURANCE RESERVES 29 GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES SEASONALLY ADJUSTED ANNUAL SEASONALLY ADJUSTED ANNUAL RATES I ! ! I 1978 1977 I IV I II III IV RATES 1979 I GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (II 1 2.7 2 3 4 .3 .2 .2 -.1 5 2.3 .5 2.5 .2 •1.0 4.6 8.4 U.S. FOREIGN EXCHANGE POSITION 5 .1 .2 .2 .1 -.3 -.2 -.2 4.4 2.8 1.6 -.2 -.1 -.2 17.4 11.0 6.3 8.1 -.6 8.7 6 7 8 2.2 2.2 .3 .3 -4.2 -4.2 -.8 -.8 -12.8 -12.8 .3 .3 * 6 7 8 9 10 11 .6 * .1 * * * * .1 .5 .4 .1 2.3 2.3 - 2.5 .2 -1.1 .1 .1 .2 .1 .1 -1.3 -1.3 * * * * .4 .4 .1 .1 * -1. -1. * -5.6 '5.7 .2 -.2 * * 7.6 TOTAL U.S. RESERVES 1- -.8 U.S. GOLD STOCK AND SDR'S U.S. G O V T . — E X . STAB. FUND -.8 MONETARY AUTHORITY (2) 2 3 4 OFFICIAL FGN. CURRENCY HLDGS TREASURY MONETARY AUTHORITY NET IMF POSITION U.S. GOVERNMENT ASSET MONETARY AUTHORITY 9 10 11 TREASURY CURRENCY AND SDR CERTIFICATES .9 1.0 1.2 1.4 -.2 .5 -.2 .6 -.2 1.1 TOTAL U.S. GOVT. LIABILITY 1.0 MONETARY AUTHORITY ASSET .1 UNALLOCATED ASSETS 9.7 .4 9.3 LIFE INSURANCE RESERVES: 9.5 NET CHANGE IN LIABILITIES .4 U.S. GOVERNMENT 9.1 LIFE INSURANCE COMPANIES INSURANCE AND PENSION FUND RESERVES 1 2 3 11.3 .2 11.1 5.4 .1 5.3 6.9 .2 6.7 8.1 .2 7.9 9.0 .3 8.7 4 11.3 5.4 6.9 8.1 9.0 5 6 7 8 9 .0 54.3 5.9 48.4 11.1 20.1 17.3 38.0 3.7 34.3 10.3 12.8 11.2 46.0 4.6 41.5 15.3 12.8 13.4 55.5 6.4 49.1 14.9 21.0 13.1 60.7 6.9 53.8 17.6 19.0 17.2 .3 8.0 8.2 .3 7.9 9.5 NET CHANGE IN ASSETS (HH) 50.1 2.7 47.4 16.9 17.0 51.7 6.1 45.6 15.4 18.5 63.9 7.2 56.7 18.2 19.8 58.7 6.2 52.6 18.5 17.3 58.3 8.2 60.1 18.1 20.5 PENSION FUND RESERVES: 62.1 NET CHANGE IN LIABILITIES 5.9 U.S. GOVERNMENT 56.2 INSURANCE SECTOR 18.8 LIFE INSURANCE COMPANIES 22.2 PRIVATE PENSION FUNDS 15.2 ST.+LOC. GOVT, RTR. FUNDS 10 62.1 NET CHANGE IN ASSETS (HH) INTERBANK CLAIMS -r39.8 NET CHANGE IN LIABILITIES 1 2 3 -3.8 2.9 .2 .6 -.9 -.1 1.7 1.8 4.4 1.6 25.0 8.1 -7.5 -5.2 7.2 1.6 -13.5 -1.0 31.2 11.0 -20.9 -6.0 MONE. AUTH.—MEM. BANK RES. — V A U L T CASH 2 3 4 5 6 7 8 9 10 14.8 2.9 -4.0 -.3 -1.8 8.9 .2 -4.4 -1.2 1.6 3.6 1.9 -1.3 1.9 1.3 1.4 17.3 8.3 3.6 9.1 4.1 5.6 5.2 -.4 -1.6 8.7 5.5 3.2 20.7 9.5 .8 34.5 18.5 12.0 -12.9 -3.2 -.1 -2.7 -.1 .3 2.9 -.9 -.4 -.2 -.7 2.4 -.5 -.3 2.3 .3 2.6 6.6 -.4 -.5 6.1 .9 1.5 -3.9 -.7 COMMERCIAL BANKING—TOTAL 4 COMMERCIAL BANKS 5 TO MONETARY AUTHORITIES 6 LOANS FROM AFFILIATES 7 LOANS FROM FGN. BK. AG. 8 DEM. DEP. OF FGN. BK. AG 9 TIME DEP. OF FGN. BK. AG 10 11 12 5.7 6.1 -2.9 -.3 1.3 .4 -2.4 7.4 6.0 -.4 3.3 7.3 3.9 .3 15.6 -4.5 -5.3 FOREIGN BANKING A G E N C I E S DEPOSITS OF BANKS 11 BANK LOANS 12 - - * - - .8 -.8 -.1 .3 4.3 -.4 1.0 3.4 5.6 * * 13 13.9 -3.6 2.6 5.4 23.2 14 15 16 -4.0 -1.3 -2.7 1.6 1.7 -.1 -1.3 -1.1 -.2 1.4 1.2 .2 3.6 2.7 .9 -1.6 -1.0 -.6 3.2 -.1 3.4 17 18 19 20 21 22 17.9 10.9 -3.8 2.9 5.7 6.1 -5.2 -2.4 .2 .6 -2.9 -.3 3.9 .7 -.9 -.1 1.3 .4 4.0 4.1 1.7 1.8 -.4 1.0 19.6 15.0 4.4 1.6 3.4 5.6 -5.9 -7.1 -7.5 -5.2 5.0 -.4 14.3 12.1 7.2 1.6 * 3.3 23 -.3 - - - - 24 25 26 27 7.2 8.9 .2 -1.8 -2.8 -2.7 '.1 -.1 3.2 2.9 -.1 -.8 -.1 .8 4.6 4.3 1.1 2.4 -.5 -.7 2.2 2.3 .3 -.3 * .3 * .3 76.7 -.2 -.9 12.0 8.4 3.7 -39.8 NET CHANGE IN ASSETS * -.5 .4 -39.7 -36.6 -20.9 -6.0 -4.5 -5.3 -1.0 7.3 8.7 6.6 -.4 2.6 * 6.5 6.1 .9 -.5 -3.1 -3.9 -.7 1.5 MONETARY AUTHORITIES F.R. FLOAT LOANS TO MEMBER BANKS COMMERCIAL BANKING—TOTAL COMMERCIAL BANKS MEMBER BANK RESERVES VAULT CASH DEPOSITS AT FGN. BK. A LOANS TO FGN. BK. AGS. BANK AFFILIATES—LOANS TO AFFILIATE BANKS FOREIGN BANKING AGENCIES DEMAND DEPOSITS AT BANKS TIME DEPOSITS AT BANKS LOANS TO BANKS 23 24 25 26 27 (1) Lines 1 and 2 exclude increases in SDR through allocations, which occurred in January of 1970, 1971, 1972, and 1978. Transactions in SDR's are in line 2. Also excluded from the Table are revaluations of foreign currency holdings, Gold, SDR's, and IMF position. Ihese allocations and revaluations are reflected in Tables on outstandings. (2) TREASURY GOLD STOCK. BILLIONS OF DOLLARS. 1/79 BASED ON INCOMPLETE INFORMATION. MAY 9t 1979 MONEY AND DEPOSITS MONEY AND DEPOSITS SUMMARY SUMMARY MONEY STOCK AND TIME AND SAVINGS ACCOUNTS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1977 | IV I 1978 II III IV I 1 1979 I BILLIONS OF DOLLARS 1970 1971 1972 1973 DEMAND DEPOSITS AND CURRENCY 20.743 -34.173 7.9 12.4 17.5 24.0 16.3 1 •25.524 -2.559 •22.965 -6.255 -4.668 -1.871 -949 12.384 -9.222 7.3 .3 7.0 -2.6 5.7 1.4 -.4 2.8 9.9 .5 9.4 8.8 1.1 -2.9 .5 1.9 14.4 -.2 14.6 13.0 -2.3 1.0 .9 2.0 24.4 1.6 22.8 14.2 1.8 1.7 1.6 3.5 17.8 2.9 14.9 15.2 .2 -.3 .5 -.6 2 3 4 5 6 7 8 9 1 NET CHANGE IN ASSETS 23.353 -25.359 26.315 5.507 2 3 4 5 6 7 8 9 MONEY STOCK REST OF THE WORLD DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS ST.+LOC. GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT 29.999 -19.194 3.144 -1.225 26.855 -17.969 886 4.009 6.614 -5.958 2.220 -2.668 -952 1.209 12.803 -9.277 15.063 86 14.977 7.149 2.462 1.146 1.007 3.213 534 -636 1.170 5.399 3.388 -1.521 704 -6.800 25.695 1.913 23.782 3.405 5.175 1.592 1.226 U.S. GOVERNMENT -6.646 -4.952 -6.165 11.252 4.973 -8.649 .6 2.5 3.1 -.4 11 NET CHANGE IN BKG. SYSTEM LIAB 12 MONETARY AUTHORITIES 13 U.S. GOVT. CASH + DEPOSITS 14 FOREIGN DEPOSITS 15 CURRENCY 23.353 -25.359 -5.222 -1.602 -8.668 -2.408 53 -46 3.393 852 26.315 10.418 6.853 -35 3.600 5.507 20.743 -34.173 6.086 -8.680 -916 4.998 -12.478 -884 -92 229 -154 1.180 3.569 122 7.9 3.3 .6 -.1 2.8 12.4 3.1 -.4 3.5 17.5 4.4 .9 .1 3.4 24.0 3.2 -1.1 -.1 4.4 16.3 3.4 -.5 -.1 3.9 11 12 13 14 15 16 17 18 19 28.575 -23.757 2.022 -3.757 3.091 -1.179 23.462 -18.821 15.897 4.399 121 11.377 4.6 9.3 2.9 .6 5.9 13.1 2.2 -.3 11.2 20.8 .7 1.7 18.4 12.9 -1.0 3.0 10.9 16 17 18 19 2 3 4 5 6 7 10 COMMERCIAL BANKING U.S. GOVERNMENT DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC -579 -25 -544 -1Q 29.423 -33.257 7.526 -7.765 1.684 -2.405 20.213 -23.087 * .4 4.2 * -1.5 10 TIME DEPOSITS AND SAVINGS ACCOUNTS 1 NET CHANGE - TOTAL 31.502 38.880 26.539 29.746 32.751 30.319 2 3 4 5 6 7 17.588 9.840 7.810 6.914 896 -62 20.886 4.385 16.567 6.256 10.311 -66 13.093 5.589 7.430 2.255 5.175 74 15.084 3.322 11.737 6.962 4.775 25 19.680 9.282 10.397 7.266 3.131 1 10.494 -3.360 13.856 1.828 12.028 -2 -9.5 •12.5 2.9 -3.6 6.5 .2 38.0 15.2 22.4 10.3 12.2 .4 41.4 8.7 32.4 5.1 27.3 .3 42.3 9.8 33.0 8.8 24.3 -.5 50.9 20.0 30.3 20.1 10.2 .6 7.271 4.300 2.940 1.258 118 14.053 -3 4.154 709 -188 12.816 -401 -562 -139 361 13.876 -2.650 2.826 -378 -221 9.148 5.013 1.358 808 111 9.068 -3.156 1.000 101 -141 .7 -5.4 -5.9 1.4 -.2 27.0 1.7 10.0 -1.7 .3 28.1 4.2 7.2 .3 .1 29.2 2.4 6.8 2.8 .1 35.7 8 4.7 9 7.2 10 3.0 11 -.2 12 1.701 234 27 13 1.190 237 2.161 288 0 12 996 865 1.018 -357 -100 14 1.014 447 1.631 -365 100 11 895 990 3.242 65 1.132 13 851 1.181 3.622 600 0 11 774 2.237 -.1 .7 .4 .2 1.5 1.7 .2 1.1 1.0 .2 13.914 2.329 1.918 9.667 9.140 527 17.994 2.980 2.822 12.192 10.638 1.554 13.446 1.712 2.140 9.594 10.824 -1.230 14.662 2.107 736 11.819 13.637 -1.818 13.071 1.813 654 10.604 10.897 -293 19.825 2.767 1.112 15.946 15.088 858 7.9 2.6 1.4 3.9 4.4 -.4 20.658 30.493 27.492 30.356 22.512 28.035 8 9 10 11 12 13 14 15 16 17 18 COMMERCIAL BANKING LIABILITY LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS LARGE SMALL AT FOREIGN BANKING AGS. ACQUIRED BY: HOUSEHOLDS NONFIN. CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT FINANCIAL INSTITUTIONS SVGS.+LN. ASSOC. MUTUAL SAVINGS BANKS CREDIT UNIONS PRIVATE PENSION FUNDS MONEY MARKET FUNDS 19 20 21 22 23 24 AT SAVINGS INSTITUTIONS MUTUAL SAVINGS BANKS CREDIT UNIONS SAVINGS + LOAN ASSNS. HELD BY: HOUSEHOLDS CREDIT UNIONS MEMO: TOTAL OF HOUSEHOLDS 25 TIME + SAVINGS ACCOUNTS 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * " -.1 .1 " 17.0 4.4 1.7 10.9 10.5 .4 - -.4 40.5 9.9 2.9 27.8 26.9 .9 * ~ 46.0 10.2 3.3 32.6 32.0 .6 .5 -.7 .2 .2 .8 - 13 14 15 16 l-r 18 27.8 4.7 2.9 20.2 20.9 -.6 19 20 21 22 23 24 MAY 9, 1979 MONEY AND DEPOSITS MONEY AND DEPOSITS SUMMARY SUMMARY MONEY STOCK AND TIME AND SAVINGS ACCOUNTS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1977 1978 ! | 1977 I IV | I DEMAND DEPOSITS AND CURRFNCY -47.6 NET CHANGE IN ASSETS 2 3 4 5 6 7 8 9 43.9 5.4 38.5 19.4 6.1 .3 1.8 11.0 12.8 .1 12.7 5.1 4.4 .2 .7 2.3 19.7 2.5 17.3 13.8 3.1 -1.2 .7 .9 27.7 1.9 25.8 20.3 1.3 .9 1.6 1.6 22.1 .1 22.0 16.8 5.1 -1.5 2.0 -.5 31.8 8.7 23.1 6.8 12.2 1.1 1.4 1.5 5.9 -1.4 7.4 20.8 -5.6 -2.7 -3.5 -1.6 33.9 .3 33.6 22.1 5.2 -.8 7.3 -.2 34.9 -1.8 36.7 19.5 16.0 -.7 2.6 -.7 13.7 3.5 10.2 5.0 4.7 -1.5 1.5 .6 -20.2 -6.6 -13.6 -9.9 .1 .8 -3.6 -1.0 10 -7.6 2.8 3.0 1.0 5.1 -11.1 -18.5 27.4 12.7 -1.3 27.5 -27.5 11 12 13 14 15 36.4 14.4 1.3 .3 12.7 15.6 10.6 4.5 28.6 4.9 -3.3 6.2 22.7 10.6 3.1 .2 7.3 8.3 27.2 6.2 -3.0 .1 9.2 20.8 -20.9 -26.3 .2 5.2 -12.5 6.4 -4.4 -.2 11.0 61.3 23.9 14.9 -.1 9.2 47.6 27.5 17.4 -.4 10.5 12.5 -32.9 -39.9 .9 6.2 -47.6 9.6 2.3 -.6 7.9 16 17 18 19 22.0 -8.9 5.1 25.8 5.0 -1.7 .2 6.5 12.2 -.1 2.3 10.0 23.7 4.3 1.9 17.5 21.0 8.1 .1 12.8 41.6 15.2 8.5 17.9 -18.9 -14.0 -1.3 -3.6 37.4 12.5 .4 24.4 20.1 -4.6 -1.5 26.2 45.4 38.7 2.6 4.0 -57.2 -29.8 -5.9 -21.5 * * MONEY STOCK REST OF THE WORLD DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS ST.+LOC. GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT U.S. GOVERNMENT ET CHANGE IN BKG. SYSTEM LIAB MONETARY AUTHORITIES U.S. GOVT. CASH + DEPOSITS FOREIGN DEPOSITS CURRENCY COMMERCIAL BANKING U.S. GOVERNMENT DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC 10 11 12 13 14 15 16 17 18 19 TIME DEPOSITS AND SAVINGS ACCOUNTS 124.5 127.9 58.7 -.7 54.6 12.0 42.8 12.0 30.8 -.2 68.7 22.6 46.1 22.7 23.4 150.3 124.8 61.3 39.4 22.2 27.7 -5.5 -.2 66.9 17.5 49.6 25.0 24.6 -.3 62.2 22.4 39.5 9.0 30.5 .3 78.5 13.3 65.1 27.8 37.3 .1 67.4 37.1 30.3 29.1 1.2 25.4 1.9 -2.0 .7 .1 39.5 2.1 2.1 -1.9 .2 39.2 4.8 7.0 .7 .1 49.9 2.0 7.8 1.0 .1 29.0 13.5 6.5 5.0 .5 39.8 2.4 14.0 2.8 -.8 55.6 -2.1 3.7 -.6 1.4 68.9 -8.1 13.6 -1.5 -.9 35.3 15.7 -.2 3.2 .4 17.9 -9.4 2.1 .4 -.6 9.2 .5 .4 .1 4.9 3.2 4.0 4.4 .1 .3 -1.3 .5 -1.5 -.6 2.7 -.1 6.8 .9 .1 .1 4.8 .9 8.6 1.2 3.6 4.0 13.0 .3 4.5 .1 3.4 4.7 14.5 2.4 4.0 3.5 4.1 -1.4 -.4 .1 4.1 1.8 6.5 -1.5 .4 2.5 .3 8.1 -.4 1.1 .1 3.8 3.5 -.2 -.1 -.7 19 20 21 22 23 32.8 4.0 5.0 23.8 24.1 59.4 11.2 5.5 42.8 42.8 69.2 13.0 6.0 50.2 49.5 69.9 11.1 7.8 51.0 50.2 59.2 8.6 6.4 44.2 46.0 60.1 9.4 8.3 42.3 41.3 1.0 53.0 8.2 9.0 35.7 35.1 .6 54.5 7.1 7.3 40.1 42.8 -2.7 71.8 11.6 5.8 54.4 56.5 -2.1 57.4 7.5 3.3 46.6 49.5 -3.0 59.5 7.3 2.0 50.2 52.9 -2.7 25 93.6 84.8 108.1 108.3 110.9 2 3 4 5 6 7 99.4 53.1 45.9 29.2 16.8 .4 30.1 -10.1 39.7 -3.4 43.1 .5 40.5 -17.5 58.7 8 9 10 11 12 60.5 5.5 9.8 14.5 -.1 13 14 15 16 17 18 BILLIONS OF DOLLARS. * - * * * 1/79 BASED ON INCOMPLETE 88.0 INFORMATION. * * * 84.4 NET CHANGE - TOTAL 24.9 -13.4 38.3 7.3 31.0 * * 3.1 8.9 COMMERCIAL BANKING LIABILITY 2 LARGE NEGOTIABLE CD'S 3 OTHER AT COMMERCIAL BANKS 4 LARGE 5 SMALL 6 AT FOREIGN BANKING AGS. 7 ACQUIRED BY: HOUSEHOLDS 8 NONFIN. CORPORATE BUSINESS 9 STATE + LOCAL GOVERNMENTS 10 FOREIGN 11 U.S. GOVERNMENT 12 FINANCIAL INSTITUTIONS SVGS.+LN. ASSOC. MUTUAL SAVINGS BANKS CREDIT UNIONS PRIVATE PENSION FUNDS MONEY MARKET FUNDS AT SAVINGS INSTITUTIONS MUTUAL SAVINGS BANKS CREDIT UNIONS SAVINGS + LOAN ASSNS. HELD BY: HOUSEHOLDS CREDIT UNIONS MEMO: TOTAL OF HOUSEHOLDS TIME + SAVINGS ACCOUNTS 13 14 15 16 17 18 19 20 21 22 23 24 25 MAY 11, 1979 U.S. GOVT. SECURITIES 32 U.S. GOVT. SECURITIES U.S. GOVERNMENT SECURITIES MARKET SUMMARY UNADJUSTED NET FLOWS CS MILL.I UNAOJUSTEO NET FLOWS 1$ MILL.) 1977 | IV | 1978 II III IV I | 1979 I 1969 BILLIONS OF DOLLARS 1970 1971 1972 TOTAL NET ISSUES, BY SECTOR AND TYPE 1 TOTAL U.S.GOVERNMENT SECUR. 2 U.S. GOVERNMENT 3 SPON. AGENCIES + MTG.POOLS BY INSTRUMENT: 4 TREASURY ISSUES 5 HOUSEHOLD SAVINGS BONDS 6 TREAS. EXCL. SAVINGS BONDS 7 8 9 10 11 OTHER BUOGET AGENCY ISSUES LOAN PARTICIPATIONS C D SPONS. AGENCY ISSUES C2) MORTGAGE POOL SECUR. C2) 28.498 20.701 7.797 29.031 20.816 8.215 13.789 2.609 11.180 25.197 15.080 10.117 27.174 15.273 11.901 20.795 10.685 10.110 6.2 -3.6 9.7 21.7 11.9 9.8 30.9 25.0 5.9 23.6 15.2 8.4 28.3 8.3 19.9 1 2 3 20.744 1.190 19.554 21.139 1.196 19.943 2.706 1.158 1.548 15.632 829 14.803 15.636 746 14.890 11.311 -139 11.450 -1.3 -.1 -1.2 12.9 .3 12.6 26.0 2.3 23.7 14.3 3.3 11.0 7.9 2.7 5.2 4 5 6 7.754 -18 -25 7.892 -323 0 11.083 -55 -42 9.565 -337 -215 11.538 -338 -25 9.484 -626 0 7.4 -.4 -1.9 8.8 .3 -1.3 4.9 .8 -1.8 9.3 1.8 -.9 20.4 .7 -.3 7 8 9 2.175 5.622 4.424 3.791 6.658 4.522 5.989 4.128 5.998 5.903 5.745 4.365 9.1 .7 8.2 1.6 1.1 4.8 3.5 4.9 16.3 10 3.6 11 21.7 -.1 1.1 1.1 -.2 30.9 23.6 TOTAL NET PURCHASES, BY SECTOR AND TY&E 28.498 1.480 -127 131 0 -258 29.031 1.955 7 -119 0 126 13.789 2.860 905 478 0 427 25.197 1.365 -505 -223 0 -282 27.174 1.550 183 345 0 -162 20.795 2.160 101 69 0 32 6.2 -1.3 -.6 -.6 .3 FEDERAL RESERVE SYSTEM TREASURY ISSUES AGENCY ISSUES -1.121 -1.896 775 -1.504 -1.242 -262 8.902 8.569 333 5.204 5.133 71 -5.285 -4.717 -568 -6.422 -5.857 -565 4.2 4.2 - - FOREIGN SHORT-TERM OTHER 14.080 4.566 9.514 14.886 9.821 5.065 -4.945 -2.006 -2.939 1.422 -98 1.520 16.858 6.450 10.408 -4.190 1.726 -5.916 -2.0 -2.2 .2 14.186 8.429 5.757 13.687 7.614 6.073 6.067 -1.396 7.463 17.711 9.300 8.411 13.868 3.150 10.718 29.146 21.289 7.857 PRIVATE DOMESTIC NONFINAN. TOTAL TREASURY ISSUES SAVINGS BONDS CHH) OTHER TREASURY ISSUES AGENCY ISSUES 12.361 9.967 1.190 8.777 2.394 8.736 5.945 1.196 4.749 2.791 1.904 -256 1.158 -1.414 2.160 14.135 8.314 829 7.485 5.821 11.295 5.963 746 5.217 5.332 HOUSEHOLDS TOTAL TREASURY ISSUES SAVINGS BONOS OTHER TREASURY ISSUES AGENCY ISSUES 6.811 6.158 1.190 4.968 653 6.838 5.618 1.196 4.422 1.220 -1.142 -2.549 1.158 -3.707 1.407 11.067 6.253 829 5.424 4.814 3.998 134 746 -612 3.864 -275 -470 195 -1.198 -1.556 358 -3.572 -3.755 183 -732 -864 132 -353 -421 5.825 4.279 1.546 3.096 1.883 1.213 6.618 6.048 570 3.800 2.925 875 2.368 1.393 975 290 -1.045 1.335 917 -1.017 1.934 -1.199 -1.817 618 2.306 20 42 318 -26 499 418 -543 4.661 3.246 4.775 1.911 11.657 39 TOTAL, ALL PVT. NONBANK FIN. 40 TREASURY ISSUES 41 AGENCY ISSUES -543 -2.931 2.388 4.661 2.714 1.947 3.246 -123 3.369 .775 .803 .972 1.911 -400 2.311 11.657 8.334 3.323 1.8 •3.9 2.1 3.0 3.0 42 43 44 SAVINGS + LOAN ASSOCIATIONS TREASURY ISSUES AGENCY ISSUES -1.406 -1.884 478 3.162 2.599 563 -448 -1.123 675 2.318 27 2.291 596 -445 1.041 4.131 2.696 1.435 -.3 •1.5 1.2 45 46 47 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 473 -297 770 484 -218 702 -46 -373 327 371 -132 503 -49 -222 173 476 -200 575 48 49 50 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 118 21 97 129 23 106 137 24 113 150 27 123 -682 -172 -510 51 52 53 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 671 -190 861 695 314 381 -224 -645 421 906 172 734 54 55 56 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 199 352 -153 567 851 -284 468 -1.046 1.514 57 58 59 S. + L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES -37 -211 174 1.510 714 796 60 61 62 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES 1.151 990 161 63 64 INVESTMENT COS. CTREASURY) MONEY MARKET FUNDS CTREAS) SECURITY BROKERS + DEALERS CTREASURY) TOTAL HOLDINGS, BY SECTOR U.S. GOVT. <AGENCY SEC.) SPONSORED CREDIT AGENCIES TREASURY MARKETABLE FHLB SPECIAL ISSUE AGENCY SECURITIES 10 11 14 15 17 18 21 22 23 24 25 MARKETABLE TOTAL PRIVATE DOMESTIC TREASURY ISSUES AGENCY ISSUES NONFIN. CORPORATE BUSINESS TREASURY ISSUES AGENCY ISSUES S. + L. GOVERNMENTS TREASURY ISSUES AGENCY ISSUES COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES 35 36 COMMERCIAL BANKS FOREIGN BANKING AGENCIES BANKS IN U.S. POSSESSIONS PRIVATE NONBANK FINANCE 65 * * * -1.2 -1.2 -.1 * 28.3 * * -.1 * .1 1 2 3 4 5 6 9.3 8.6 .7 7 8 9 8.7 8.1 .6 .4 -.3 .7 9.3 7.8 1.5 26.3 13.9 12.4 8.4 1.3 7.2 .2 10 -5.7 11 5.9 12 5.8 -2.9 8.7 6.4 -2.5 8.9 -3.6 -7.8 4.2 16.0 7.4 8.5 18.8 13 -.8 14 19.6 15 13.677 10.718 -139 10.857 2.959 17.7 10.7 -.1 10.8 6.9 -7.3 -9.4 .3 -9.7 2.1 -10.7 -6.7 2.3 -9.1 -3.9 3.9 4.7 3.3 1.5 -.8 19.2 11.3 2.7 8.6 7.9 16 17 18 19 20 11.921 9.435 -139 9.574 2.486 16.0 11.0 -.1 11.1 5.0 -6.4 -11.0 .3 -11.3 4.6 -10.0 -8.2 2.3 -10.5 -1.8 -.7 2.8 3.3 -.5 -3.5 16.8 14.8 2.7 12.1 2.0 21 22 23 24 25 -461 -27 -3.1 -3.3 .2 .2 .6 -.5 2.5 2.8 -.3 -2.1 -2.2 .1 -3.4 26 -4.9 27 1.5 28 7.650 6.250 1.400 2.244 1.744 500 4.7 3.1 1.7 -1.2 .9 -2.1 -3.2 -1.3 -1.8 6.7 4.1 2.6 5.8 29 1.4 30 4.4 31 662 -2.413 3.075 3.812 2.237 1.575 -10.0 -9.7 -.3 10.8 6.9 3.8 7.1 3.1 4.0 6.5 2.4 4.1 -1.3 32 -8.8 33 7.6 34 -10.1 10.9 -.1 7.2 -.2 .2 6.0 .3 .2 -1.3 35 .1 36 -.1 37 -4.2 4.2 5.6 .3 5.3 .9 39 -3.3 40 4.2 41 .6 -1.3 1.9 2.3 -.8 3.0 1.9 -.5 2.4 .7 42 -1.6 43 2.3 44 -.5 -.6 .2 .4 -.1 .4 .9 .1 .8 1.4 .2 1.1 -.5 45 -.5 46 .1 47 -125 -100 -25 .3 .2 .1 .3 .2 .5 .3 .2 .6 .5 48 .3 49 .2 50 461 -361 822 1.045 705 340 -.2 -.3 .1 .1 -.1 .1 -.1 -.2 .1 .1 .1 -.2 51 -.4 52 .1 53 427 1.846 -1.419 400 2 81 119 1.600 1.483 117 .2 -.1 .3 -.3 -.3 1.0 .9 .1 .7 54 .2 55 .6 56 1.643 1.560 83 1.140 800 340 1.151 550 601 1.953 1.153 800 -.3 -.5 .2 -.4 -.3 -.1 -1.2 -1.2 .1 .3 -.3 .6 -.2 57 -1.1 58 .9 59 -277 40 -317 -219 -455 236 -50 550 -600 200 135 65 650 670 -20 -.3 -.5 .2 -.1 .1 -.2 .3 .1 -.3 .4 * 60 -.1 61 * 62 23 128 70 237 -15 144 -70 96 -164 126 16 1.401 -.5 .2 -.3 .1 -1.863 -1.916 1.806 -513 -128 560 102 WHERE NOT SHOWN SEPARATELY LOAN PARTICIPATIONS ARE INCLUDED WITH AGENCY ISSUES. C2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET DEBT OF FINANCIAL INSTITUTIONS. CD 1/79 BASED ON * * -.5 -.6 -.1 PRELIMINARY AND INCOMPLETE INFORMATION. * * * -.2 .2 5.05.0 * * * * * * * * * * - * 63 64 MAY 11, 1979 U.S. 60VT. SECURITIES U.S. GOVT. SECURITIES 33 U.S. GOVERNMENT SECURITIES MARKET SUMMARY SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I ! 1978 1977 | IV | II III IV 1 1 1979 I TOTAL NET ISSUES, BY SECTOR AND TYPE 1 2 3 63.4 20.4 43.0 98.2 85.5 12.7 88.1 69.1 19.0 84.3 56.9 27.4 95.2 53.8 41.4 4 5 6 21.0 5.2 15.8 85.8 4.0 81.8 69.1 4.7 64.5 57.6 4.7 52.9 55.1 3.9 51.2 62.2 5.0 57.2 67.5 4.5 62.9 52.0 4.3 47.6 61.6 3.6 58.0 39.4 3.2 36.2 7 8 9 42.4 -.1 -.5 12.3 -.3 -.1 19.0 .1 -.1 26.7 -.5 -.2 40.1 -1.1 -.3 29.5 -.1 -.1 37.6 -1.3 43.8 -.2 -.2 34.7 -1.3 -.9 44.3 -1.4 -.1 43.9 -2.5 10 11 33.2 9.8 2.3 10.3 3.3 15.7 7.0 20.5 23.1 18.3 7.2 22.5 23.7 15.2 26.1 18.1 20.4 16.5 22.1 23.6 29.0 17.5 70.6 TOTAL HOLDINGS, BY SECTOR U.S. GOVT. (AGENCY SEC.) 8.6 SPONSORED CREDIT AGENCIES -4.7 -4.9 TREASURY MARKETABLE FHLB SPECIAL ISSUE AGENCY SECURITIES .1 70.6 TOTAL U.S.GOVERNMENT SECUR. 24.1 U.S. GOVERNMENT 46.5 SPON. AGENCIES + MTG.POOLS BY INSTRUMENT: TREASURY ISSUES 26.6 HOUSEHOLD SAVINGS BONDS -.8 TREAS. EXCL. SAVINGS BONDS 27.4 OTHER BUDGET AGENCY ISSUES LOAN PARTICIPATIONS (1) SPONS. AGENCY ISSUES (2) MORTGAGE POOL SECUR. 12) 1 2 3 4 5 6 7 8 9 10 11 TOTAL NET PURCHASES, BY SECTOR AND TYPE 5.3 -3.8 -3.4 7.7 .6 .5 91.7 5.9 -2.5 -1.4 105.0 7.8 -4.9 -5.4 95.8 11.4 5.7 4.0 96.3 5.5 3.0 4.2 83.7 6.2 -1.5 -.8 -.4 .1 -1.0 - .5 1.7 - -1.1 - -.6 10.0 9.1 .9 7.2 5.8 1.4 7.3 7.7 -.4 4.3 1.2 3.1 -3.4 '2.4 -1.0 28.9 27.6 1.3 13.6 13.3 .3 -9.9 -7.6 -2.3 -23.1 -20.9 -2.3 FEDERAL RESERVE SYSTEM TREASURY ISSUES AGENCY ISSUES 8.1 6.6 1.5 11.6 3.3 8.3 31.5 8.1 23.4 28.2 14.2 14.1 57.8 19.8 38.1 55.6 35.4 20.3 -15.9 -4.1 -11.8 4.6 -1.5 6.1 68.5 26.9 41.6 -21.0 2.7 -23.7 FOREIGN SHORT-TERM OTHER 38.7 7.9 30.8 75.7 68.8 6.9 61.3 47.0 14.3 44.1 23.8 20.3 51.3 18.7 32.7 26.1 4.6 21.5 49.8 19.6 30.3 65.6 36.3 29.3 69.6 39.5 30.1 20.3 -20.7 41.0 110.8 73.3 37.4 TOTAL PRIVATE DOMESTIC TREASURY ISSUES AGENCY ISSUES 16 17 18 19 20 29.7 12.9 5.2 7.7 16.8 23.0 26.9 4.0 22.9 -3.9 19.6 12.7 4.7 8.0 6.9 24.6 16.7 4.7 11.9 8.0 36.1 20.0 3.9 16.0 16.1 32.5 23.7 5.0 18.7 8.9 44.2 26.9 4.6 22.4 17.3 31.1 22.8 4.3 18.5 8.3 47.6 28.9 3.6 25.3 18.7 21.4 1.3 3.2 -1.9 20.1 66.1 47.8 -.8 48.6 18.2 PRIVATE DOMESTIC NONFINAN. TOTAL TREASURY ISSUES SAVINGS BONDS (HH) OTHER TREASURY ISSUES AGENCY ISSUES 16 17 18 19 20 21 22 23 24 25 25.5 15.2 5.2 10.0 10.3 14.5 17.7 4.0 13.7 -3.2 4.8 1.2 4.7 -3.4 3.5 5.4 1.5 4.7 -3.2 3.9 20.8 9.5 3.9 5.5 11.3 27.0 25.1 5.0 20.1 1.9 29.0 18.0 4.6 13.5 11.0 17.4 12.1 4.3 7.8 5.3 22.8 8.0 3.6 4.4 14.7 13.9 -.3 3.2 -3.6 14.3 49.0 32.7 -.8 33.4 16.3 HOUSEHOLDS TOTAL TREASURY ISSUES SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES 21 22 23 24 25 26 27 28 5.8 3.2 2.5 9.1 9.9 -.8 4.0 4.0 -6.3 -6.0 -.A -5.9 -6.6 .7 •13.5 -14.3 .8 -3.1 -4.5 1.4 -10.1 -10.8 .7 6.0 5.5 .5 -16.2 -16.5 .3 -.6 -.5 -.1 29 30 31 -1.5 -5.6 4.0 -.6 -.7 10.8 7.4 3.3 25.5 21.1 4.4 21.2 17.1 4.1 19.1 12.9 6.2 18.3 13.5 4.9 23.8 21.5 2.3 18.8 15.3 3.5 23.7 18.1 5.6 17.6 15.6 2.0 32 33 34 1.4 -5.0 6.4 30.1 28.8 1.4 19.7 18.2 1.5 -.1 -.9 .8 .7 -6.3 7.0 -8.7 •11.5 2.8 -.5 -6.5 6.1 15.9 8.1 7.8 .9 -1.6 2.6 -13.7 -25.0 11.3 11.4 4.5 6.9 35 36 37 1.7 30.3 -.3 .1 19.3 .3 .1 -.1 -.2 .2 .2 .5 -8.9 .1 -.4 -.1 14.2 1.7 .9 -14.1 .4 11.4 -.3 2 3 4 5 6 5.0 .9 .6 7 8 9 10.8 4.5 6.3 8.4 7.4 1.0 10 11 12 8.1 15.0 -6.9 13 14 15 4.5 1.5 1.5 * .3 * * 3.7 1.5 1.5 * * * * - - * MARKETABLE 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 NONFIN. CORPORATE BUSINESS 26 27 TREASURY ISSUES 28 AGENCY ISSUES S. • L. GOVERNMENTS TREASURY ISSUES AGENCY ISSUES COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES COMMERCIAL BANKS FOREIGN BANKING AGENCIES 29 30 31 32 33 34 35 36 PRIVATE NONBANK FINANCE 39 40 41 7.6 * 22.6 13.1 9.4 22.0 16.1 5.9 19.6 8.0 11.6 14.6 5.0 9.6 2.2 •7.6 9.8 6.1 -.8 6.9 18.7 5.4 13.2 21.1 12.3 8.8 12.5 3.0 9.5 33.3 TOTAL, ALL PVT. NONBANK FIN. 21.0 TREASURY ISSUES 12.3 AGENCY ISSUES 42 43 44 7.6 1.4 -.1 1.5 5.4 1.3 4.1 4.4 3.7 .7 3.6 -1.3 4.9 5.6 1.1 4.6 -4.1 •6.0 1.9 3.4 1.1 2.3 1.7 -1.0 2.7 13.4 4.2 9.2 4.0 -.1 4.2 6.7 .9 5.7 45 46 47 -.4 -.7 .4 3.9 2.2 1.7 4.0 1.1 2.9 2.6 .1 2.6 .8 -.9 1.7 3.3 -.1 3.4 -.5 -2.4 1.9 -.4 -1.4 1.1 2.6 -.3 2.9 1.3 .3 1.0 T.7 -2.4 1.7 48 49 50 .7 .1 .6 1.1 .3 .8 .6 .2 .5 .5 .1 .4 -.3 -.1 -.2 .5 .1 .4 .5 .1 .4 .5 .1 .5 .6 .1 .5 -2.7 -.7 -2.0 51 52 53 -.3 .3 1.7 1.4 .4 1.5 .6 .9 1.9 .3 1.6 1.8 -.5 2.4 2.9 -.5 3.4 2.4 .8 1.5 .4 -1.2 1.7 2.4 -.5 2.9 54 55 56 2.2 -.3 2.6 5.2 4.5 .7 3.9 3.7 .3 5.4 4.8 .6 1.9 1.9 -.1 2.5 3.2 -.6 1.6 2.7 -l.l 2.2 -3.8 6.1 57 58 59 .5 -1.2 1.7 2.1 1.0 1.1 1.7 1.5 .1 3.4 2.4 1.0 5.4 3.6 1.8 -.1 -.8 .7 6.0 2.9 3.2 60 61 62 .7 .1 .6 2.5 1.9 .6 3.1 2.6 .6 3.0 2.5 .5 -.3 .3 -.6 4.1 3.5 .6 63 64 .7 .2 .8 .2 .2 -.3 -.2 .6 65 1.5 -.1 2.4 -.7 -.8 * * * SAVINGS + LOAN ASSOCIATIONS TREASURY ISSUES AGENCY ISSUES 42 43 44 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 45 46 47 -.5 -.4 -.1 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 48 49 50 2.1 -1.2 3.3 3.8 2.4 1.4 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 51 52 53 .1 5.7 -5.7 3.6 3.1 .5 5.6 5.1 .5 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 54 55 56 6.6 6.2 .3 4.6 3.2 1.4 4.6 2.2 2.4 7.8 4.6 3.2 S. + L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES 57 58 59 -.8 .4 -1.3 -.3 -1.2 .9 -.6 1.8 -2.4 .4 .1 .3 2.9 3.0 -.1 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES 60 61 62 .1 .5 .3 .9 -.1 .6 -.3 .4 -.7 .5 .1 5.6 63 64 -7.5 -7.7 7.2 -2.1 -.5 2-0 INVESTMENT COS. (TREASURY) MONEY MARKET FUNDS (TREAS) SECURITY BROKERS + DEALERS (TREASURY) (1) WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH AGENCY ISSUES. (2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET DEBT OF FINANCIAL INSTITUTIONS. BILLIONS OF DOLLARS. 39 40 41 1/79 BASED ON INCOMPLETE INFORMATION. MAY lit 1979 PRIVATE SECURITIES 34 PRIVATE SECURITIES STATE + LOCAL GOVERNMENT, CORPORATE, AND FOREIGN SECURITIES UNADJUSTED NET FLOWS (* UNADJUSTED NET FLOWS t$ MILL.) 1977 | IV I 11 1978 I II III IV 1979 I I1 STATE AND LOCAL 1969 1973 17.4 17.3 2.5 14.9 .1 14.7 14.2 .1 14.1 .5 14.7 12.9 .3 12.6 1.8 1 2 3 4 5 14.7 5.3 -.1 .2 6 7 8 9 GOVERNMENT SECURITIES 1 NET CHANGE IN LIABILITIES STATE + LOCAL GOVERNMENTS 2 SHORT-TERM 3 4 OTHER NONFIN. CORPORATE BUSINESS 5 (POLLUTION CONTROL) 5.380 4.252 -1.382 5.634 1.128 3.416 2.749 -1.799 4.548 667 11.160 9.981 1.557 8.424 1.179 10.399 9.783 391 9.392 616 5.131 4.435 45 4.390 696 3.010 2.121 -1.142 3.263 889 9.9 9.9 2.8 7.2 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS NONFIN. CORPORATE BUSINESS 3 9 ST.+LOC. GOVT, GEN. FUNDS 5.380 2.077 -6 70 3.416 77 52 293 11.160 4.768 31 163 10.399 2.489 52 583 5.131 1.183 55 -154 3.010 -117 63 0 9.9 9.3 -1.0 .1 11.2 -.9 -.6 .1 17.4 .1 1.0 -.3 14.7 2.3 1.0 -.3 607 150 53 446 -77 22 3.079 52 158 4.233 56 172 41 44 155 1.015 65 -135 .6 10.7 12.6 7.2 22 37 2.528 -158 -36 -109 2.736 12 -72 378 2.838 -235 58 -52 2.961 -153 249 283 3.100 175 50 -47 1.988 128 10 11 12 COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 13 14 15 16 LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNOS OTHER INSURANCE COMPANIES BROKERS + OEALERS MILL.) BILLIONS OF DOLLARS 1971 1970 1972 " * * * -.1 11.2 11.2 2.3 8.9 " • * * .2 1.1 -.2 .1 -.3 1.5 .6 .1 .1 3.5 .1 23.3 19.8 .9 .1 23.5 18.8 .9 .9 * * -.1 .5 5.7 10 * 11 * 12 4.3 -.1 * -.3 3.6 .2 13 14 15 16 13.4 12.2 1.0 1.1 13.6 9.2 1.0 * 1 2 3 4 5 6 7 CORPORATE AMD FOREIGN BONDS 1 NET ISSUES NONFIN. CORPORATE BUSINESS 2 REST OF THE WORLD 3 4 COMMERCIAL BANKS SAVINGS + LOAN ASSOCIATIONS 5 FINANCE COMPANIES 6 7 REITS 8 NET PURCHASES 9 HOUSEHOLDS REST OF THE WORLD 10 COMMERCIAL BANKING 11 MUTUAL SAVINGS BANKS 12 11.197 7.241 931 165 551 2.336 -27 7.546 4.028 1.279 5 50 2.291 -107 9.356 5.890 1.172 96 428 1.790 -20 6.807 4.864 455 41 127 1.320 0 7.798 5.334 1.002 35 61 1.429 -63 6.846 4.064 900 68 119 1.709 -14 13.8 12.0 1.0 -.2 .1 2.1 .5 2.5 .4 3.6 .4 11.197 -1.298 1.204 169 168 7.546 -8 223 -166 241 9.356 395 548 -128 145 6.807 47 377 67 -227 7.798 -2.218 550 -1 -91 6.846 833 -50 36 184 13.8 5.4 .5 -.1 .3 23.3 9.5 .7 .8 1.2 23.5 8.3 .3 1.2 3.9 18.4 4.4 .1 1.7 2.1 .9 f - - 3.0 .6 13.6 8 1.3 9 .1 10 .4 11 -1.1 12 13 14 15 16 17 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 8.715 5.952 1.049 2.444 -730 8.582 4.002 2.430 712 1.438 9.013 5.857 1.999 1.255 -98 7.343 3.598 1.991 1.799 -45 8.945 3.927 1.787 3.221 10 7.589 3.836 1.R45 1.123 785 7.2 1.7 .6 4.0 .8 10.3 1.5 2.1 4.5 2.3 9.0 5.5 -.7 3.9 .3 9.7 7.0 18 19 OPEN-END INVESTMENT COS. BROKERS + OEALERS 467 1.772 -199 -1.127 -34 -583 -64 -736 -634 1.247 156 -1.902 .2 .4 .7 .1 .6 .1 .2 .2 10.5 2.8 7.7 5.7 .1 .1 .4 1-5 15.0 1.3 13.7 11.4 13.3 -.5 13.8 10.9 -.4 1.2 .5 1.7 9.2 -1.2 10.4 7.9 -.2 1.2 .5 1.0 1 2 3 4 5 6 7 8 15.0 -5.1 .8 9.2 -6.9 2.8 .2 .4 9 10 11 12 13 14 15 16 17 18 T.R 4.2 -.7 13.4 5.9 2.1 5.6 -.1 13 14 15 16 17 -.9 18 .4 19 CORPORATE EQUITIES 1 NET ISSUES OPEN-END INVESTMENT COS. 2 3 OTHER SECTORS NONFIN. CORPORATE BUSINESS 4 REST OF THE WORLD 5 6 COMMERCIAL BANKS 7 OTHER INSURANCE COMPANIES REITS 8 1.919 295 1.624 1.350 -200 197 239 38 475 23 452 389 -330 75 252 66 727 -297 1.024 698 -69 126 265 4 711 -539 1.250 900 12 18 278 42 646 -237 883 612 -132 24 291 88 453 -257 710 330 0 24 304 52 10.1 4.9 5.2 3.4 .5 1.919 -2.374 894 0 53 475 1.053 670 0 103 727 -1.413 1.259 0 -9 711 -316 16 0 -64 646 -2.797 425 0 38 453 703 680 0 31 10.1 -3.7 1.6 * .5 .8 * .6 .6 1.0 .2 10.5 -1.6 .7 .1 .3 .5 13.3 -5.7 2.4 .1 .6 14 15 16 17 18 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 2.053 351 445 837 420 723 67 -150 446 360 1.872 409 477 534 452 1.501 -255 700 706 350 2.329 494 719 707 409 1.775 325 650 440 360 9.9 1.7 5.4 1.8 1.0 9.7 2.0 4.6 2.1 1.0 18.2 3.6 8.9 3.2 2.5 17.4 3.5 7.3 3.7 3.0 14.6 3.6 5.3 3.4 2.4 19 20 OPEN-END INVESTMENT COS. BROKERS + DEALERS -480 1.773 -947 -1.127 -399 -583 310 -736 -597 1.248 -833 -1.903 1.7 .4 1.2 .1 .4 .1 -1.8 .2 -2.3 19 .4 20 9 NET PURCHASES HOUSEHOLDS 10 REST OF THE WORLD 11 COMMERCIAL BANKING 12 MUTUAL SAVINGS BANKS 13 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * MAY 11, 1979 PRIVATE SECURITIES PRIVATE SECURITIES 35 STATE + LOCAL GOVERNMENT, CORPORATE, AND FOREIGN SECURITIES SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES ! I 1977 | IV 1 1978 II III f 1 IV 1979 I STATE AND LOCAL GOVERNMENT SECURITIES 1 2 3 4 5 28.4 25.5 5.5 20.0 2.9 15.6 13.0 -.3 13.2 2.6 19.0 16.5 -.9 17.4 2.5 29*2 25.7 .9 24.8 3.5 30.1 26.9 .2 26.8 3.2 6 7 8 9 28.4 14.8 .7 1.1 15.6 6.1 -.2 2.4 19.0 5.1 -1.1 2.7 29.2 8.8 10 11 12 8.9 .6 1.7 .6 .6 3.0 .1 .9 13 14 15 16 .4 -1.6 3.7 -.3 .8 1.0 2.6 -.1 1.1 1.4 5.4 .3 * 20.4 -3.8 24.2 4.5 17.8 -3.1 20.9 2.7 31.9 .4 31.5 4.7 36.2 1.4 34.8 2.5 21.8 2.1 19.7 2.8 19.4 NET CHANGE IN LIABILITIES STATE + LOCAL GOVERNMENTS 15.8 SHORT-TERM OTHER 15.8 NONFIN. CORPORATE BUSINESS 3.6 (POLLUTION CONTROL) 2 3 4 5 25.0 12.6 .2 30.1 8.5 .2 .9 .3 20.5 .6 .2 1.2 36.6 18.9 .1 .7 38.7 5.3 .2 2.3 24.6 9.2 .2 -.6 19.4 NET CHANGE IN ASSETS HOUSEHOLDS -.2 NONFIN. CORPORATE BUSINESS .3 ST.+LOC. GOVT, GEN. FUNDS 6 7 8 9 9.2 .1 .4 7.8 .1 .5 1.5 .6 .2 8.4 -.3 .1 4.2 .2 .6 18.9 .2 .7 -.3 .2 .6 11.2 .3 -.5 .4 .3 9.5 .2 .2 .5 11.6 -.2 .1 .1 10.1 -.6 -.2 -.4 10.9 1.0 1.1 12.4 .7 .1 -.2 8.0 .5 27.8 18.0 4.0 .1 .2 5.7 -.3 25.5 13.2 3.6 .3 .5 8.0 -.1 25.5 NET PURCHASES HOUSEHOLDS -1.0 REST OF THE WORLD -.2 COMMERCIAL BANKING .1 MUTUAL SAVINGS BANKS .7 * * * * * 1.5 11.4 -.9 -.2 11.8 -.6 33.8 24.7 1.8 .2 .5 6.6 * - COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 10 11 12 LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES BROKERS + DEALERS 13 14 15 16 CORPORATE AND FOREIGN BONDS 1 2 3 4 5 6 7 42.8 35.6 3.6 .2 8 9 10 11 12 42.8 8.8 1.6 2.0 1.0 13 14 15 16 17 18 19 36.4 27.2 6.2 .2 .1 2.7 37.2 22.8 8.5 .7 .1 5.3 -.2 36.1 21.0 5.0 .6 1.2 8.5 -.1 31.5 20.1 3.9 .2 .7 6.8 -.2 40.1 24.7 3.7 .7 2.2 9.0 -.1 28.6 13.6 5.1 10.1 -.4 35.8 24.2 4.7 .4 1.7 4.9 -.1 36.4 8.0 .6 1.8 3.5 37.2 2.1 .9 -.6 2.8 36.1 1.1 3.7 -.1 1.? 31.5 -1.8 1.7 -.2 .1 40.1 .2 4.8 .7 .7 2S.6 -4.3 .9 -.7 1.0 35.8 -1.8 2.2 -.5 .6 33.8 .3 1.5 .3 -.9 27.8 -1.4 2.2 31.0 6.5 8.9 11.9 3.7 20.4 9.1 2.8 6.3 2.2 29.1 16.9 1.3 7.1 3.9 29.7 18.3 5.3 5.3 .8 33.9 17.4 8.2 7.0 1.3 33.8 22.8 4.2 9.8 -2.9 32.9 14.5 9.7 2.8 5.8 36.5 23.9 8.0 5.0 -.4 31.7 16.8 8.0 7.2 -.2 34.4 14.3 7.1 12.9 -1.0 -.6 1.0 1.1 2.2 .7 1.1 -.5 -.9 -1.2 1.9 -1.9 -.8 -.4 -.1 -1.1 -.3 1.1 l.S -.2 1.3 1.6 -1.3 .3 1.0 .3 3.2 -.9 4.1 2.8 -.3 .5 1.1 3.1 -1.9 5.0 3.6 1.6 -.2 2.7 3.2 -6.6 5.0 - 3.1 .2 ~ * .2 - * -.4 NONFIN. CORPORATE BUSINESS REST OF THE WORLD COMMERCIAL BANKS SAVINGS + LOAN ASSOCIATIONS FINANCE COMPANIES REITS 2 3 4 5 6 7 8 9 10 11 12 28.9 13.9 7.4 4.5 3.1 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 13 14 15 16 17 -2.5 -4.5 .6 -3.6 OPEN-END INVESTMENT COS. BROKERS + DEALERS 18 19 .1 1.1 .2 2.3 -1.2 3.5 2.4 -.5 .1 1.2 .4 1.5 NET ISSUES OPEN-END INVESTMENT COS. -1.3 2.8 OTHER SECTORS NONFIN. CORPORATE BUSINESS 1.3 REST OF THE WORLD COMMERCIAL BANKS .1 OTHER INSURANCE COMPANIES 1.2 REITS .2 3.1 -5.0 .1 2.3 -2.0 1.7 1.5 NET PURCHASES -1.4 HOUSEHOLDS REST OF THE WORLD 2.7 COMMERCIAL BANKING MUTUAL SAVINGS BANKS .1 * CORPORATE EQUITIES 1 2 3 4 5 6 7 8 6.0 -1.6 7.7 6.6 -.5 1.8 1.5 -1.8 10.7 -.1 10.8 9.9 .2 1.0 1.0 -1.3 11.9 -1.0 12.9 10.5 .3 1.6 .9 -.5 3.8 -1.0 4.8 2.7 .4 .6 .9 .1 2.6 -1.1 3.6 2.6 -.5 1.1 .2 7.4 .9 6.5 5.4 -.8 .8 1.0 .2 9 10 11 12 13 6.0 -5.2 .7 .1 .2 10.7 -3.6 4.7 .2 .2 11.9 -3.4 2.8 3.8 -5.1 2.7 2.6 -3.5 2.4 7.4 -.8 3.6 .1 .4 .1 .2 .4 -.3 - .2 14 15 16 17 18 11.0 4.0 3.8 4.4 -1.2 9.3 1.9 5.8 2.4 -.7 14.3 3.0 7.3 3.1 .9 10.1 1.2 4.5 3.4 1.1 6.4 .7 1.7 2.4 1.6 8.2 1.4 1.8 3.3 1.7 2.9 .3 -.6 1.8 1.4 7.5 1.6 1.9 2.1 1.8 6.0 -1.0 2.8 2.8 1.4 9.3 2.0 2.9 2.8 1.6 7.1 1.3 2.6 1.8 1.4 19 20 -.3 -.6 -1.1 1.1 -2.5 .6 -3.8 -.5 -1.6 -1.2 -1.9 •1.9 -3.8 -.4 -1.6 -1.1 1.2 1.1 -2.4 -4.5 -3.3 -3.7 BILLIONS OF DOLLARS. .2 1/79 BASED ON INCOMPLETE INFORMATION. * * * - - 1 2 3 4 5 6 7 8 9 10 11 12 13 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 14 15 16 17 18 OPEN-END INVESTMENT CHS. BROKERS + DEALERS 19 20 MAY 11, 1979 MORTGAGES - I 36 MORTGAGE MARKETS BY TYPE OF MORTGAGE UNADJUSTED NET FLOWS ($ MILL.I UNADJUSTED NET FLOWS ($ MILL.) 1977 | IV 1 I 1978 II III BILLIONS OF DOLLARS 1970 1971 1972 1 1979 1 I IV TOTAL MORTGAGES 36.574 25.232 2.407 7.074 1.861 28.624 20.256 2.046 4.081 2.241 40.662 29.748 2.532 5.571 2.811 41.248 28.510 3.023 6.818 2.897 38.646 26.943 2.565 6.855 2.283 30.082 21.228 2.301 4.770 1.783 30.7 18.1 4.9 5.8 1.8 29.9 15.0 6.9 7.2 .8 52.6 30.6 9.7 9.9 2.4 77.0 43.8 12.8 16.8 3.6 79.9 44.9 10.4 19.1 5.5 1 2 3 4 5 -25 191 -31 -24 503 133 -27 1.218 -39 -26 -411 66 -20 -484 -49 -29 -438 11 -.1 .2 -.1 .6 .1 -.1 2.0 .1 -.1 1.2 .5 -.1 -1.5 .3 6 7 8 36.439 25.243 261 10.935 1.861 2.382 6.692 28.012 22.669 258 5.085 2.241 706 2.138 39.510 26.246 255 13.009 2.811 3.094 7.104 41.619 26.353 253 15.013 2.897 4.217 7.899 39.199 28.423 250 10.526 2.283 1.952 6.291 30.538 25.568 248 4.722 1.783 102 2.837 30.6 18.5 1.2 10.8 1.8 3.7 5.3 29.2 14.1 1.2 14.0 .8 6.5 6.7 50.5 27.0 1.2 22.3 2.4 9.7 10.2 75.4 41.6 1.3 32.4 3.6 11.9 17.0 81.2 47.1 1.1 33.0 5.5 9.3 18.2 9 10 11 12 13 14 15 36.574 3.086 370 28.624 3.237 520 40.662 4.175 136 41.248 3.800 150 38.646 3.343 200 30.082 3.084 500 30.7 2.2 .5 29.9 1.8 .8 52.6 1.2 1.1 77.0 6.3 1.4 79.9 16 3.4 17 1.7 18 204 734 5.622 -536 2.425 3.791 -563 2.659 4.522 1.113 3.568 4.128 -385 3.566 5.903 -322 4.349 4.365 1.0 4.4 .7 .3 5.4 1.6 -.4 3.6 4.8 -.7 4.0 4.9 -.6 19 7.2 20 3.6 21 26.558 7.312 16.493 14.378 2.025 90 19.187 5.784 13.061 11.265 1.696 100 29.733 9.706 17.372 15.537 1.735 100 28.489 10.975 14.979 13.006 1.868 105 26.019 8.518 13.797 11.887 1.802 108 18.106 6.100 9.675 8.489 1.075 111 22.0 5.4 12.2 9.5 2.7 20.1 2.1 11.7 9.8 1.8 .1 42.2 9.8 27.8 23.8 3.9 61.0 16.8 37.7 32.0 5.5 .2 64.6 19.8 32.7 26.5 5.7 .4 22 23 24 25 26 27 2.953 2.695 102 166 -10 200 -400 1.500 1.198 338 -65 29 -668 -490 2.647 2.077 75 488 7 232 -224 2.584 2.325 100 150 9 150 -200 3.739 3.567 60 100 12 100 -135 2.305 2.000 150 150 5 150 -124 2.4 2.1 .1 .2 2.7 2.3 1.0 1.1 -.5 .4 .7 1.5 -.9 .2 28 29 30 31 32 33 34 35 (1) MEMO: FHLB LOANS TO S+L 3.119 1.105 3.996 3.884 ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY). 3.512 1 NET CHANGE IN MORTGAGES HOME MORTGAGES 2 MULTI-FAMILY RESID. 3 4 COMMERCIAL FARM 5 BORROWED BY: U.S. GOVERNMENT 6 7 SAVINGS • LOAN ASSOCIATIONS REITS 8 PRIVATE NONFINANCIAL SECTORS HOUSEHOLDS NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS FARMS NONFARM NONCORPORATE CORPORATE 9 10 11 12 13 14 15 16 FUNDS ADVANCED BY: 17 HOUSEHOLDS ST.+LOC. GOVT, GEN. FUNDS 18 19 20 21 U.S. GOVERNMENT SPONSORED CREDIT AG. (11 MORTGAGE PQOLS 22 23 24 25 26 27 PRIVATE FINAN. INSTITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S+L ASSOCIATIONS (1) MUTUAL SAVINGS BANKS CREDIT UNIONS INSURANCE LIFE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. FINANCE COMPANIES REITS 28 29 30 31 32 33 34 * * * .8 1.2 * 1.9 1.5 2.3 1.7 4.2 4.7 4.4 -.4 .7 * 1.9 5.6 15.0 14.1 .1 .1 .6 30.6 27.0 .8 .8 2.0 43.8 41.6 .5 .5 1.2 44.9 47.1 -.4 -.4 -1.5 1 2 3 4 5 44.9 3.0 .6 6 7 8 * .3 1.7* * * HOME MORTGAGES 29.748 26.246 1.142 1.142 1.218 28.510 26.353 1.284 1.284 -411 26.943 21.228 28.423 25.568 -498 -1.951 -498 -1.951 -438 -484 18.1 18.5 -.2 -.2 20.256 29.748 1.530 2.965 422 -358 28.510 2.140 50 26.943 1.828 75 21.228 1.639 400 18.1 2.0 .1 15.0 -.1 .1 30.6 3.0 .1 43.8 3.3 .1 -146 1.964 3.400 6.350 333 2.693 3.757 6.522 -116 2.663 5.237 5.055 -173 3.473 3.950 3.619 .2 3.8 .4 2.9 -.1 4.6 1.2 .9 -.6 2.1 4.3 5.7 -.6 1.8 4.3 9.0 10.588 15.335 9.378 14.100 1.110 1.135 100 100 12.780 11.453 1.222 105 11.826 10.539 1.179 108 7.845 6.984 750 111 9.3 7.7 1.6 8.0 6.8 1.1 .1 18.4 17.2 1.2 27.7 24.8 2.7 .2 24.5 21.5 2.6 .4 13 14 15 16 425 250 100 75 -1.3 -1.4 .1 -.8 -.9 -2.3 -2.1 -.3 .1 -2.7 -2.3 -.4 -2.0 -1.9 -.2 .? 17 18 19 20 -.2 .2 .6 .4 1 NET BORROWING 2 HOUSEHOLDS 3 NONFARM NONCORP. BUSINESS 4 NONFIN. CORPORATE BUSINESS 5 SAVINGS + LOAN ASSOCIATIONS 25.232 20.256 25.243 22.669 -101 -1.458 -101 -1.458 503 191 6 NET CHANGE IN ASSETS 25.232 1.816 127 7 8 HOUSEHOLDS STATE + LOCAL GOVERNMENTS 9 10 11 12 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKING 13 14 15 16 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 17 18 19 20 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 21 22 FINANCE COMPANIES REITS 165 -1.066 267 1.681 5.060 3.437 4.212 3.924 13.684 12.270 1.324 90 -148 -295 100 -51 -379 -251 63 -191 105 -347 20 432 160 60 25 75 335 260 25 50 159 193 -60 100 -25 50 -10 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * .7 .2 * .1 .9 .4 * * -.8 9 3.5 10 3.2 11 11.0 12 1.2 21 .7 22 MAY 1 1 , 1979 MORTGAGES - I MORTGAGES - I 37 MORTGAGE MARKETS BY TYPE OF MORTGAGE SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1977 1 IV | 1978 II III I I IV 1979 I TOTAL MORTGAGES 11.2 4.6 87.1 65.4 1.9 13.6 6.1 134.0 99.5 7.3 18.4 8.8 149.2 105.5 10.2 23.3 10.2 152.4 107.5 9.5 26.5 8.8 134.6 97.2 9.1 19.3 9.0 145.9 105.3 9.3 21.7 9.6 154.8 104,0 12.0 26.9 11.8 161.5 115.3 10.2 25.4 10.5 -.2 -2.7 .3 -.1 1.9 .4 -.1 1.7 .4 -.1 3.1 -.1 .8 .1 -.1 2.9 -.1 -.1 2.6 .5 -.1 1.5 -.2 -.1 -1.1 -.1 .3 -.2 9 10 11 12 13 14 15 109.1 61.2 1.9 46.0 9.2 12.0 24.8 55.0 38.1 1.0 15.9 4.6 1.8 9.5 85.0 61.3 1.1 22.7 6.1 3.7 12.9 131.0 93.0 1.0 36.9 8.8 9.1 19.0 148.3 103.7 1.0 43.6 10.2 10.0 23.4 149.7 100.8 1.0 47.8 8.8 12.0 27.0 131.5 94.5 1.0 36.0 9.0 9.6 17.5 144.6 102.6 1.0 40.9 9.6 8.8 22.5 155.7 104.2 1.0 50.5 11.8 10.7 28.0 161.5 113.4 1.0 47.1 10.5 10.8 25.7 143.8 105.5 1.0 37.3 7.1 8.5 21.7 16 17 18 106.5 7.5 4.5 57.2 3.7 1.6 87.1 8.0 1.3 134.0 11.9 .6 149.2 14.6 1.0 152.4 13.2 1.5 134.6 12.7 2.1 145.9 16.1 .5 154.8 15.2 .6 161.5 1 4 2 . 5 FUNDS ADVANCED BY: 12.1 HOUSEHOLDS 2.0 ST.+LOC. GOVT, GEN. FUNDS 19 20 21 2.9 19.2 9.8 3.2 5.3 10.3 -3.1 2.9 15.7 -.2 3.5 20.5 •r. 4 12.2 18.3 2.9 22.5 3.1 12.2 15.2 -5.0 10.2 18.1 1.4 12.2 16.5 -1.0 14.2 23.6 5.5 20.0 17.5 U . S . GOVERNMENT SPONSORED CREDIT AG. 11) MORTGAGE POOLS 19 20 21 22 23 24 25 26 27 62.5 22.8 34.5 30.7 3.7 .1 33.0 3.8 32.3 29.5 2.3 .5 62.3 14.3 49.5 44.9 4.1 .5 97.7 27.4 65.1 58.2 6.5 .4 103.4 35.0 59.2 51.7 7.1 .4 111.6 30.8 72.0 63.6 8.1 .4 89.3 26.5 60.0 52.8 6.8 .4 105.9 35.8 59.5 52.1 6.9 108.8 42.0 56.0 48.1 7.5 109.6 35.7 61.5 53.fi 7.2 85.6 27.8 46.9 42.2 4.3 PRIVATE FINAN. INSTITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S+L ASSOCIATIONS ( 1 ) MUTUAL SAVINGS BANKS CREDIT UNIONS 22 23 24 25 26 27 28 29 30 31 32 33 34 9.9 8.9 2.8 2.9 2.6 2.4 6.1 5.2 .4 .5 .1 1.5 -2.4 10.5 9.2 .6 .7 .1 -.2 -1.0 9.3 8.2 7.3 6.1 1.4 -.3 .1 -2.5 -2.0 11.2 9.0 1 2 3 4 5 106.5 58.8 11.6 26.9 9.2 57.2 41.4 6 7 8 * * 1.0 -4.4 -.4 * * -.2 .1 -1.3 -4.8 * .2 .1 -.4 -3.8 * 1.1 -1.6 .4 .6 -.9 15.3 12.4 11.7 .2 .8 -.8 1 4 2 . 5 NET CHANGE I N MORTGAGES 103.2 HOME MORTGAGES 10.1 MULTI-FAMILY RESID. 22.1 COMMERCIAL 7.1 FARM BORROWED BY: U . S . GOVERNMENT -.1 SAVINGS • LOAN ASSOCIATIONS -1.1 REITS .6 .6 .8 -.5 PRIVATE NONFINANCIAL SECTORS HOUSEHOLDS NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS FARMS NONFARM NONCORPORATE CORPORATE INSURANCE LIFE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. FINANCE COMPANIES REITS 10 11 12 13 14 15 16 17 18 28 29 30 31 32 33 10.0 11.9 5 . 4 11) MEMO: FHLB LOANS TO S+L ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY). HOME MORTGAGES 1 2 3 4 5 58.8 61.2 .2 .2 -2.7 41.4 38.1 .7 .7 1.9 65.4 61.3 1.2 1.2 1.7 99.5 93.0 1.7 1.7 3.1 105.5 103.7 .5 .5 .8 107.5 100.8 1.9 1.9 2.9 97.2 94.5 6 7 8 58.8 4.1 1.3 41.4 2.5 .8 65.4 4.5 .8 99.5 7.0 .1 105.5 8.5 .2 9 10 11 12 1.8 10.7 9.1 11.9 1.9 2.5 9.9 2.1 -2.8 .5 14.5 8.8 -.3 .5 19.0 18.7 13 14 15 16 25.6 24.3 1.2 .1 24.5 23.2 .8 .5 40.6 37.3 2.8 .5 54.9 49.9 4.5 .4 17 18 19 20 -2.4 -2.5 -1.6 -1.5 -.1 -1.1 -1.4 .1 -1.9 -1.4 -.1 -.4 21 22 -2.8 -.5 -.5 -.5 .4 -.2 * BILLIONS OF DOLLARS. * * .2 1.0 -.2 2.6 105.3 102.6 .6 .6 1.5 104.0 104.2 .5 .5 -1.1 115.3 113.4 .8 .8 .3 1 0 3 . 2 NET BORROWING 105.5 HOUSEHOLDS -.6 NONFARM NONCORP. BUSINESS -.6 NONFIN. CORPORATE BUSINESS -1.1 SAVINGS + LOAN ASSOCIATIONS 1 2 3 4 5 107.5 7.3 .5 97.2 6.1 1.7 105.3 11.9 -1.4 104.0 8.6 .2 115.3 7.3 .3 1 0 3 . 2 NET CHANGE IN ASSETS 6.6 HOUSEHOLDS 1.6 STATE + LOCAL GOVERNMENTS 6 7 8 -1.0 9.0 15.8 21.9 .6 .5 20.2 18.3 .8 9.5 13.7 17.9 -3.1 7.9 13.6 23.1 -1.7 8.6 15.0 24.5 10.1 20. 9 22.0 5.9 16.7 15.8 16.7 U . S . GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKING 9 10 11 12 50.5 45.5 4.6 .4 60.4 54.7 5.3 .4 48.3 43.4 4.4 .4 53.0 48.1 4.5 .4 47.6 42.3 4.9 .4 53.2 48.1 4.7 .4 37.7 34.2 3.0 .4 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 13 14 15 16 .2 -.8 -1.4 .1 .5 -1.5 -1.0 .3 -.8 .5 -1.3 .1 1.7 .8 .4 .1 .3 1.2 .9 .1 .2 1.7 1.0 .4 .3 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 17 18 19 20 .7 -.2 .8 -.2 .2 -.2 .6 -.1 .3 .5 -.1 FINANCE COMPANIES REITS 21 22 -.3 .1 .4 .5 -.1 1/79 BASED ON INCOMPLETE INFORMATION. * * * * MAY ll t 1979 MORTGAGES - II MORTGAGES - II MORTGAGE MARKETS - CONTINUED UNADJUSTED NET FLOWS ($ MILL.i UNADJUSTED NET FLOWS ($ MILL.) 1977 | IV 1 I 1978 II III ! I IV 1979 I MULTI •FAMILY RESIDENTIAL 1969 2.407 1.800 642 -10 -25 2 .046 1 .791 235 44 -24 2.532 1.418 1.154 -13 -27 3 .023 2 .281 746 22 -26 2.565 1.786 815 -16 -20 2.301 1.601 725 4 -29 4.9 3.5 1.5 .1 -.1 6 NET CHANGE IN ASSETS HOUSEHOLDS 7 STATE + LOCAL GOVERNMENTS 8 2.407 168 192 2 .046 140 66 2.532 149 386 3 .023 165' 50 2.565 161 75 2.301 150 50 139 -125 407 413 -24 279 -240 -201 903 97 145 387 51 76 415 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS 12 COMMERCIAL 13 14 15 SAVINGS INSTITUTIONS SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS BANKS 16 17 18 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 19 20 FINANCE COMPANIES REITS 488 66 308 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS STATE + LOCAL GOVERNMENTS 8 U.S. GOVERNMENT 9 10 COMMERCIAL BANKING -.1 12.8 9.9 2.8 .2 -.1 10.4 7.9 2.5 .1 -.1 1 2 3 4 5 9.7 -1.1 .7 12.8 .6 1.0 10.4 -1.0 .9 6 7 8 .4 .8 .1 .3 1.0 .3 6.9 5.8 1.2 9.7 8.0 1.7 -.1 4.9 -.4 .4 6.9 .7 .5 .3 * * * * .6 * * .3 9 1.8 10 .2 11 387 172 538 553 434 311 .5 .1 .7 1.8 1.2 12 1.285 933 352 1 .373 1 .079 294 1.061 759 302 1 .335 1 .011 324 1.008 695 313 872 707 165 1.5 1.2 .3 2.2 2.0 .2 5.3 3.5 1.8 4.8 3.5 1.3 3.3 13 1.8 14 1.4 15 -24 25 34 44 106 92 -106 20 -33 58 25 25 223 10 25 325 25 25 1.5 .1 .1 1.8 .1 .7 -.3 .3 .6 -.3 -.1 1.1 16 -.1 17 -.1 18 50 -131 -376 -239 -9 64 25 -75 25 -25 25 -24 .1 .4 .5 .8 1.2 .9 .9 2.0 .4 19 2.4 20 COMMERCIAL 1 NET BORROWING 2 HOUSEHOLDS NONFARM NONCORP. BUSINESS 3 NONFIN. CORPORATE BUSINESS 4 5 REITS 1973 MORTGAGES 1 NET BORROWING NONFARM NONCORP. BUSINESS 2 NONFIN. CORPORATE BUSINESS 3 REITS 4 U.S. GOVERNMENT 5 9 10 11 BILLIONS OF DOLLARS 1970 1971 1972 * MORTGAGES 7..074 261 683 6,.151 -21 4 .081 258 373 3 .361 89 5,.571 255 534 4,.808 -26 6 .818 253 652 5 .869 44 6.855 250 664 5.974 -33 4.770 248 452 4.063 7 5.8 1.2 .5 4.0 .2 7.2 1.2 .6 5.3 .1 9.9 1.2 .9 7.8 .1 16.8 1.3 1.5 13.7 .3 19.1 1.1 1.8 16.1 .2 7..074 559 33 7 2..388 4 .081 781 14 69 1 .509 5..571 79 76 -114 2 .543 6 .818 483 50 147 3 .436 6.855 518 50 -150 2.670 4.770 545 50 -50 1.912 5.8 9.9 -1.8 .2 .1 3.0 16.8 1.1 .3 -.2 5.4 19.1 6 -.9 7 .2 8 -.1 9 6.9 10 1 2 3 4 5 1.8 7.2 1.5 .1 .1 1.2 11 12 13 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 1.523 1,.175 348 I .099 808 291 975 678 297 863 542 321 962 653 309 958 798 160 1.3 .6 .8 1.5 .9 .6 4.1 3.1 1.0 5.2 3.7 1.4 4.9 11 3.2 12 1.7 13 14 15 16 17 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 2,.646 52 44 -10 1 .038 169 35 29 2 .037 35 113 7 1 .805 50 50 9 2.818 25 25 12 1.300 25 50 5 2.0 1.6 2.5 .1 3.1 -.2 .1 4.9 * .5 * 18 19 FINANCE COMPANIES REITS 50 -218 -451 -211 48 -228 25 -100 25 -100 50 -75 FARM * .1 * * * * .6 * * .2 * * * 14 15 16 17 .2 .7 .5 1.2 .3 1.7 .2 18 2.5 19 MDRTGA3ES 1 MET BORROWING 1.861 2.241 2.811 2,.897 2.283 1.783 1.8 .8 2.4 3.6 5.5 1 2 NET CHANGE IN ASSETS HOUSEHOLDS 3 STATE + LOCAL GOVERNMENTS 4 1.861 543 18 2.241 786 18 2.811 982 32 2 .897 1 .012 0 2.283 836 0 1.783 750 0 1.8 .7 .8 .3 .1 2.4 1.2 3.6 1.4 5.5 2.3 * ? 3 4 5 6 7 U.S. GOVERNMENT SPONSORED CREDIT AGENCIES MORTGAGE POOLS -107 592 155 48 768 75 -63 896 219 145 809 63 -216 758 279 -150 800 0 -.2 .5 .3 -.3 .7 .4 -.1 1.2 .3 * 1.9 .2 5 6 7 8 9 10 11 COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS 325 1 368 -34 179 1 367 -1 275 1 493 -24 465 1 402 0 359 1 266 0 258 0 125 0 .4 -.1 .6 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * .6 .2 .3 * * .1 * -.1 -.1 * * * * * * .1 .7 8 * 9 .3 10 .1 11 MAY 11, 1979 MORTGAGES - II MORTGAGE MARKETS - CONTINUED SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1977 I | 1978 1977 | IV I I IV I I MULTI-FAMILY RESIDENTIAL MORTGAGES 2.3 .1 -.2 .1 -.1 11.6 -.2 2.5 10 11 1.3 3.9 .3 13 14 15 3.1 1.8 1.2 9.5 7.6 2.1 * -.1 9.1 7.7 1.3 .2 -.1 9.3 6.2 3.3 -.1 -.1 12.0 7.7 4.4 .1 -.1 10.2 7.5 2.8 -.1 -.1 10.1 NET BORROWING 7.0 NONFARM NONCORP. BUSINESS 3.3 NONFIN. CORPORATE BUSINESS * REITS -.1 U.S. GOVERNMENT 10.2 .6 .6 9.5 .7 .8 9.1 ".6 .3 9.3 .6 1.5 12.0 .7 .2 10.2 .6 .3 10.1 NET CHANGE IN ASSETS .6 HOUSEHOLDS .2 STATE + LOCAL GOVERNMENTS .6 -.5 1.6 1.7 -.1 1.1 -1.0 -.8 3.6 2.0 .3 1.2 .4 .6 1.5 .1 -.1 .2 .3 1.1 .2 .5 10.2 7.3 3.0 .1 -.1 .6 .1 1.2 3.3 2.9 .4 5.2 4.1 1.1 3.5 1.2 16 17 18 -.8 -2.6 19 20 COMMERCIAL 26.9 1.9 2.5 22.3 .2 11.2 1.0 9.0 .3 26.9 1.1 .6 -.2 8.8 11 12 13 5.9 4.6 1.3 .7 2.2 2.2 1.7 1.2 COMMERCIAL BANKS 6.2 5.0 1.2 3.3 2.1 1.2 5.3 4.0 1.3 4.3 3.0 1.3 4.2 3.6 .7 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS -.5 .1 .1 .4 .4 .4 -.3 .1 -.1 .2 .1 .1 .6 * .1 1.5 .1 .1 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 16 17 18 .2 -.5 -1.5 -1.0 * .3 .1 -.3 .1 -.1 .1 -.1 FINANCE COMPANIES REITS 19 20 26.9 1.0 2.6 23.1 .2 25.4 1.0 2.5 22.1 NET BORROWING 1.0 HOUSEHOLDS 2.1 NONFARM NONCORP. BUSINESS 19.0 NONFIN. CORPORATE BUSINESS * REITS 26.9 1.9 .2 25.4 2.1 .2 -.6 10.6 22.1 NET CHANGE IN ASSETS 2.2 HOUSEHOLDS .2 STATE + LOCAL GOVERNMENTS -.2 U.S. GOVERNMENT 8.8 COMMERCIAL BANKING MORTGAGES 23.3 1.0 2.2 20.0 .1 26.5 1.0 2.6 23.0 -.1 19.3 1.0 1.8 16.1 .4 18.7 -.1 13.6 23.3 1.9 .2 26.5 2.2 .1 -.1 5.1 18.4 1.6 .1 .1 6.4 19.3 3.1 .1 .3 7.1 21.7 .3 .3 -.5 9.6 5.6 4.7 .9 5.0 4.2 .8 3.9 2.7 1.2 3.2 2.0 1.2 6.2 4.8 1.4 .3 .2 .1 5.0 4.3 .6 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 11 12 13 .1 .1 6.0 .1 .2 * LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 14 15 .2 -.3 FINANCE COMPANIES REITS FARM MORTGAGES 10.2 9.2 2.5 .1 4.6 1.4 5 6 7 -.1 4.7 .5 .1 2.6 -.1 -.2 2.5 .5 2.9 .3 -.1 3.2 .6 8 9 10 11 1.1 .3 .3 1.2 1.3 * .7 -.1 * * .4 -.2 BILLIONS OF DOLLARS. 6.1 2.2 .1 * * .7 8.8 2.9 * * * * 1.4 3.6 .1 * * 1.5 1/79 BASED ON INCOMPLETE 8.8 3.0 .1 1.3 * 1.4 INFORMATION. 9 10 3.9 2.7 1.2 -.4 -.6 2 3 4 10 11 5.4 4.0 1.4 18.4 1.0 1.7 15.6 * -.3 -1.8 1.1 .1 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS 1.5 13.6 1.1 1.2 11.I .3 3.9 .1 .3 .1 14 15 16 17 18 19 5.3 4.6 .2 .3 1.7 11.8 10.5 7.1 NET BORROWING 9.0 2.9 .1 11.8 4.0 - 10.5 4.2 7.1 NET CHANGE IN ASSETS 2.7 HOUSEHOLDS STATE + LOCAL GOVERNMENTS .3 2.8 .6 3.4 .3 -.8 3.6 1.1 -.4 2.9 - U.S. GOVERNMENT SPONSORED CREDIT AGENCIES MORTGAGE POOLS 1.9 * 1.7 - 1.4 * 1.0 - 1.2 COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS .7 - MAY 9, 1979 CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS N.E.C. 40 CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED UNADJUSTED NET FLOWS <$ MILL.) UNADJUSTED NET FLOWS ($ MILL.) .977 | IV | 1978 I II III 1I 1979 |1 I IV BILLIONS OF DOLLARS 1970 1971 1972 CONSUMER CREDIT 5.9 4.9 1.1 13.1 10.7 17.1 14.1 23.8 21.4 2.4 9.4 -.1 .2 4.5 .2 .1 1.7 2.8 5.9 4.9 .1 .3 3.0 .3 .1 1.0 .1 13.1 10.7 17.1 14.1 23.8 4 21.4 5 .1 6 2.1 7 11.0 8 .7 9 .2 10 2.7 11 4.7 12 1.0 .5 .3 .2 1.1 .5 .6 -.1 2.3 .6 .5 1.2 11.058 9.277 1.781 3.293 3.013 17.898 16.023 1.875 14.648 13.522 1.126 14.094 11.607 2.487 4.684 3.353 1.331 10.4 4 NET CHANGE IN ASSETS 5 INSTALMENT CREDIT 6 NONFARM NONCORP. BUSINESS 7 NONFIN. CORPORATE BUSINESS 8 COMMERCIAL BANKING 9 SAVINGS + LOAN ASSNS. 10 MUTUAL SAVINGS BANKS 11 CREDIT UNIONS 12 FINANCE COMPANIES 11.058 9.277 17.898 16.023 14.648 13.522 10.4 3.727 3.293 3.013 -148 -736 2.677 1.257 3.065 NONINSTALMENT CREDIT NONFARM NONCORP. BUSINESS NONFIN. CORPORATE BUSINESS COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 1.781 1 NET CHANGE IN LIABILITIES 2 INSTALMENT CREDIT 3 NONINSTALMENT CREDIT 13 14 15 16 17 18 (HH) 187 786 247 8 593 782 378 26 2 280 14.094 11.607 39 430 206 220 4.684 3.353 -156 9.030 7.323 4.786 1.256 1.119 -213 3.212 3.119 2.389 2.894 1.614 4.355 1.571 2 80 1.875 1.126 2.487 1.331 -66 248 200 248 538 74 66 612 693 -2 60 210 104 601 -253 -79 -34 45 15 277 200 170 1.543 76 74 291 156 339 87 1.124 54 4 -88 277 131 362 667 908 -38 54 9.4 1.0 * * * * 2.3 -.2 -.3 6.2 .8 .1 1.8 2.3 * * 3.0 -.2 -1.5 9.3 .8 .1 2.2 3.5 3.0 .7 .6 1.6 .1 * 1 2 3 2.4 .8 .5 .6 .4 * 13 14 15 16 17 18 2 3 4 5 6 7 BANK LOANS NOT ELSEWHERE CLASSIFIED TOTAL LOANS AT COMMERCIAL BANKSt F/F BASIS 27.158 8.940 36.918 26.556 32.697 7.275 4.105 1.013 3.045 5.891 2.598 -3.862 -2.630 9.816 10.573 2.104 10.916 7.861 -1.150 8.428 5.910 -397 6.943 13.954 8.574 18.239 600 893 13.213 -515 780 7.208 357 1.542 15.853 76 1.787 10.437 -871 2.129 19.497 -66 -559 -301 16.8 0 13.213 0 7.208 0 15.853 0 10.437 0 19.497 0 -301 16.8 6.3 12.1 27.8 13 NET CHANGE IN L I A B I L I T I E S NONFINANCIAL SECTORS 14 HOUSEHOLDS 15 FARM BUSINESS 16 NONFARM NONCORP. BUSINESS 17 18 CORPORATE BUSINESS 13.213 11.485 3.162 -600 401 6.215 7.208 9.280 -1.276 -300 1.037 9.123 15.853 14.269 1.645 1.618 623 8.430 10.437 9.707 1.872 1.060 -195 3.225 19.497 18.100 501 122 973 7.141 -301 2.355 -2.775 200 217 8.687 16.8 15.4 6.3 6.4 1.1 .8 -.6 5.5 12.1 10.2 27.8 21.9 REST OF THE WORLD FGN. OFFICIAL FGN. BANKS OTHER FGN. 2.307 169 1.729 409 696 42 410 244 1.953 -81 1.066 968 3.745 709 2.036 1.000 9.363 -484 7.007 2.840 -3.974 0 -4.155 181 .2 -.4 -.3 -.1 -.2 2.1 .2 1.0 .9 1.728 1.784 389 -445 -2.072 -208 -1.320 -544 1.584 -25 1.827 -218 730 194 889 -353 1.397 362 1.355 -320 -2.656 -320 -2.007 -329 1.3 .1 .9 .4 1.9 .7 .6 .6 1 LOANS ELSEWHERE CLASSIFIED: MORTGAGES CONSUMER CREDIT SECURITY CREDIT OPEN-MARKET PAPER HYPOTHECATED DEPOSITS BANK LOANS NEC AT COML. BKS. BANK LOANS NEC AT OTHER BANKING SUBSECTORS: 8 DOMESTIC AFFILIATES FOREIGN BANKING AGENCIES 9 10 = BANKING SECTOR TOTAL BANK LOANS NEC 11 + LOANS BY F . R . BANKS 12 = TOTAL BANK LOANS NEC 19 20 21 22 23 24 25 26 FINANCIAL SECTORS SAVINGS + LOAN ASSNS. FINANCE COMPANIES REITS 1/79 471 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 355 517 6.080 2.164 -4.031 -1.004 9.6 7.4 .8 .3 16.8 10.8 1.3 2.0 2.9 1.4 1.5 4.7 -.2 19.6 11.6 -3.0 -1.3 11.5 4.7 11.7 26.9 46.2 3.9 1.3 -1.0 5.3 4.7 -l.l _ 1.3 .6 2.1 11.6 -.2 * 2.6 6.3 _ * -.1 -.1 -.1 .1 -.1 .5 -.2 1.1 12.1 27.8 _ 2.5 1.3 .7 3.6 _ 1.7 8 3.7 9 51.6 10 - 11 51.6 12 13.1 51.6 42.7 6.5 3.0 1.1 29.3 13 14 15 16 17 18 2.9 .2 1.0 1.7 2.8 .4 1.7 .7 19 20 21 22 5.9 .4 4.1 1.3 8.9 .4 4.5 4.0 23 24 25 26 2.9 1.8 1.1 MAY 9, 1979 CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL 1 1977 t 1 IV 1 I II RATES 1 1978 III IV I CONSUMER CREDIT 1 2 3 22.1 20.1 2.0 9.4 7.5 1.9 23.6 20.5 3.0 35.0 31.1 4.0 49.9 44.2 5.8 36.2 33.1 3.1 42.5 37.5 5.0 56.4 50.4 6.1 48.5 43.1 5.4 52.8 46.1 6.6 49.8 NET CHANGE IN LIABILITIES INSTALMENT CREDIT 40.4 NONINSTALMENT CREDIT 9.4 4 5 6 7 8 9 10 11 12 22.1 20.1 .1 1.1 8.0 1.1 .3 4.6 4.9 9.4 7.5 -.1 -.4 2.8 .7 .2 3.8 .5 23.6 20.5 35.0 31.1 .1 1.1 15.8 1.1 .3 6.5 6.3 49.9 44.2 .1 .2 23.8 1.0 .5 8.3 10.2 36.2 33.1 .1 -.1 17.4 1.0 42.5 37.5 1.0 -1.6 21.9 .9 .4 7.8 7.1 56.4 50.4 .1 .5 28.7 .9 .7 9.4 10.0 48.5 43.1 .1 1.3 22.7 1.0 .6 7.2 10.1 52.8 46.1 .1 .1 21.9 1.3 .3 8.9 13.4 49.8 NET CHANGE IN ASSETS INSTALMENT CREDIT 40.4 NONFARM NONCORP. BUSINESS 1.3 NONFIN. CORPORATE BUSINESS -.9 COMMERCIAL BANKING 17.7 SAVINGS + LOAN ASSNS. 1.2 10 .5 MUTUAL SAVINGS BANKS 11 CREDIT UNIONS 5.2 12 15.4 FINANCE COMPANIES 13 14 15 16 17 18 2.0 1.1 1.3 -.6 .2 1.9 .9 .6 .1 .2 3.0 1.2 1.1 .6 4.0 1.3 1.2 1.3 .1 .1 5.8 1.3 .9 3.1 .2 .2 3.1 1.0 1.0 1.1 .1 5.0 3.1 1.3 .5 -.1 .2 6.1 -.4 .1 5.7 .3 .3 5.4 1.9 .8 2.2 .3 .3 6.6 .8 1.6 4.1 .2 * * * * 10.8 1.0 .1 4.9 3.7 * .1 * 6.7 8.0 * * 9.4 3.5 1.3 4.5 -.2 .2 (HH) NONINSTALMENT CREDIT NONFARM NONCORP. BUSINESS NONFIN. CORPORATE BUSINESS COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 13 14 15 16 17 18 BANK LOANS NOT ELSEWHERE CLASSIFIED 94.8 -2.4 43.3 78.3 105.1 21.9 7.3 -1.1 4.2 3.7 2.9 2.1 1.1 14.3 11.4 6.9 3.7 27.3 17.0 .3 .3 35.1 26.9 -3.3 -1.3 -.5 -1.2 -13.9 -.3 -.3 6.4 .6 -1.9 32.2 110.1 -2.1 3.1 63.8 6.2 32.1 63.8 - 32.1 - 56.7 - 59.5 - 30.9 26.2 5.8 .9 -1.6 15.7 63.8 65.3 6.1 -.4 5.5 46.8 32.1 29.4 -1.1 3.7 3.2 18.4 56.7 54.7 11.9 3.6 .1 21.3 59.5 56.0 -5.9 3.1 1.2 25.0 35.2 NET CHANGE IN LIABILITIES NONFINANCIAL SECTORS 39.0 HOUSEHOLDS .1 FARM BUSINESS 2.2 NONFARM NONCORP. BUSINESS 2.4 45.5 CORPORATE BUSINESS 15.8 .2 10.5 5.1 5.6 .7 4.3 .6 7.4 .2 5.1 2.1 5.3 -.3 1.5 4.1 17.8 2.8 11.0 3.9 32.6 -1.9 24.4 10.1 -13.0 1.8 1.6 .3 2.8 -1.4 4.7 7.1 -.6 -1.8 -1.6 .3 .3 -2.2 2.7 -.3 3.9 -.9 2.0 .1 3.3 -1.4 3.5 1.2 3.5 -1.3 -3.8 -.2 -2.3 -1.3 26.9 22.4 -7.1 -7.0 24.9 62.7 -1.0 6.2 53.0 1.2 9.3 72.9 11 12 72.9 -13.9 6.4 32.2 53.0 30.9 - 13 14 15 16 17 18 72.9 63.2 2.4 1.4 -1.4 52.9 -13.9 -10.3 -2.0 1.9 -2.0 -11.9 6.4 10.1 2.2 3.1 -3.1 1.3 32.2 32.2 8.2 2.4 20.0 53.0 51.4 2.7 2.5 2.4 27.9 19 20 21 22 7.9 .3 5.0 2.6 3.7 .3 1.0 2.5 6.6 .9 4.1 1.7 1.6 .1 1.1 .3 23 24 25 26 9.7 -.6 2.8 7.5 -3.6 -.3 -2.7 -.6 -3.7 .2 -2.1 -1.9 * * -2.4 - BILLIONS OF DOLLARS. _ - * 2.4 TOTAL LOANS AT COMMERCIAL BANKSt F/F BASIS LOANS ELSEWHERE CLASSIFIFD: MORTGAGES CONSUMER CREDIT SECURITY CREDIT OPEN-MARKET PAPER HYPOTHECATED DEPOSITS BANK LOANS NEC AT COML. BKS BANK LOANS NEC AT OTHER BANKING SUBSECTORS: DOMESTIC AFFILIATES FOREIGN BANKING AGENCIES BANKING SECTOR TOTAL BANK LOANS NEC + LOANS BY F.R. BANKS 35.2 = TOTAL BANK LOANS NEC 30.6 18.5 -14.0 4.3 8 9 10 _ 79.4 123.8 _ 1/79 BASED ON INCOMPLETE INFORMATION. 41.7 25.0 3.6 4.2 35.4 26.0 -20.5 -6.5 -3.5 8.5 59.5 27.8 22.2 -8.2 -.1 - -11.2 - REST OF THE WORLD FGN. OFFICIAL FGN. BANKS OTHER FGN. FINANCIAL SECTORS SAVINGS + LOAN ASSNS. FINANCE COMPANIES REITS 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 MAY 11, 1979 OTHER LOANS OTHER LOANS PRIVATE MONEY MARKET INSTRUMENTS AND OTHER LOANS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS 1* MILL.) 1977 | IV 1 1978 I II III IV I 1 1979 II 1969 BILLIONS OF DOLLARS 1970 1971 1972 OPFN-MARKET PAPER, FEDERAL FUNDS + RP«S, AND'MONEY MARKET FUND SHARES 1 TOTAL NET ISSUES, ALL TYPES 4.990 12.948 8.885 3.941 16.702 23.700 15.1 -.1 .8 4.1 21.2 I 2 OPEN-MARKET 6.263 3.742 7.899 1.724 13.039 8.910 12.5 2.1 -.1 1.6 8.3 ? COMMERCIAL PAPER NONFINANCIAL CORPORATIONS FINANCIAL BUSINESS COMMERCIAL BANKING FINANCE COMPANIES REITS 4.041 -367 4.408 220 4.193 -5 3.128 911 2.217 889 1.305 23 5.537 700 4.837 2.003 2.725 109 1.663 567 1.096 978 102 16 6.997 513 6.484 430 6.105 -51 7.819 2.218 5.601 600 4.991 10 11.4 1.1 10.3 4.3 6.0 .5 1.8 -1.3 -1.9 .6 - - -.9 -.9 -.1 -.4 -.5 .8 2.6 .7 1.9 .7 -1.3 2.5 6.4 1.4 4.9 2.2 2.0 .7 3 4 5 6 7 8 BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 2.222 1.770 885 885 452 614 847 424 423 -233 2.362 336 168 168 2.026 61 232 116 116 -171 6.042 1.065 533 532 4.977 1.091 716 358 358 375 1.0 .7 .4 .4 .3 1.6 .8 .4 .4 .8 .8 .5 .3 .3 .3 -1.0 .1 * * -1.0 2.0 1.1 .5 .5 .9 9 10 11 12 13 14 NET PURCHASES, BY SECTOR 15 HOUSEHOLDS 16 NONFIN. CORPORATE BUSINESS 17 REST OF THE WORLD 6.263 2.906 1.157 673 3.742 1.882 1.142 661 7.899 5.368 -657 2.372 1.724 -1.193 -200 1.752 13.039 7.477 1.441 3.090 8.910 2.845 1.051 183 12.5 5.3 2.5 1.0 2.1 -3.8 1.8 .5 -.1 -3.8 1.9 -.2 1.6 -1.7 3.0 -.1 8.3 9.1 .6 .3 14 15 16 17 18 19 20 21 22 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS + LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS -353 472 3.045 -73 189 -237 -184 -2.630 -352 -90 -361 251 471 241 -28 -552 -306 355 106 251 -48 -128 517 105 110 -18 -587 -1.004 300 323 _ .2 1.3 .2 .1 1.5 1.5 .2 .3 1.0 .2 .4 -.2 -.2 .5 -.1 -.2 * -1.3 -1.3 -.1 18 19 20 21 22 23 24 25 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES MONEY MARKET FUNDS -1.960 59 148 2.209 900 441 -662 160 744 1.835 -758 434 -1.456 962 969 2.267 190 3.360 .8 1.2 .8 -.4 .6 -.3 .2 -.3 * 23 1.2 24 26 NET CHANGE IN LIABILITIES 27 COMMERCIAL BANKS 28 SAVINGS + LOAN ASSOCIATIONS -1.697 -1.201 -496 7.473 6.873 600 -221 -9 20 699 637 390 247 1.262 678 584 7.578 7.887 -309 2.6 2.6 -2.2 -2.2 1.0 1.0 - - ~ 2.5 2.2 .3 12.9 26 12.9 27 28 29 NET CHANGE IN ASSETS 30 NONFINANCIAL CORPORATIONS 31 SPONSORED CREDIT AGENCIES 32 SAVINGS + LOAN ASSOCIATIONS 33 MUTUAL SAVINGS BANKS -1.697 -318 -904 392 -867 7.473 4.173 1.462 325 1.513 -221 -250 -169 425 -227 637 -346 248 561 174 1.262 2.534 -118 289 -1.443 7.578 3.493 2.222 600 1.263 2.6 2.2 .2 -2.2 -3.1 .8 » .2 .1 1.0 .8 -.6 .5 .2 2.5 1.6 .4 .4 .1 12.9 8.6 2.3 1.3 .7 29 30 31 32 33 1.733 1.207 .9 4.1 2 3 3.4 .2 .1 .8 .3 .3 4 5 6 7 8 9 3 4 5 6 7 8 9 10 11 12 13 PAPER _ * _ * FEDERAL FUNDS AND SECURITY RP»S MONEY MARKET MUTUAL FUND SHARES 34 NET ISSUES = HOUSEHOLD NET PURCHASES 1.58i OTHER LOAMS 1 FINANCE CO. LOANS TO BUSINESS 2 LIAB.-NONCORPORATE BUSINESS 3 NONFIN. CORP. BUSINESS 4.476 672 3.804 2.567 -165 2.732 1.878 206 1.672 -1.174 -716 -458 5.024 665 4.359 3.315 -128 3.443 5.0 .6 4.3 2.039 324 302 459 142 99 713 2.417 500 3 00 650 200 103 667 3.4 2.5 .3 .1 .7 2.1 -.3 .3 .1 1.3 117 191 3.512 747 100 4 U.S. GOVERNMENT LOANS 5 LIAB.-HOUSEHOLDS 6 FARM BUSINESS 7 NONFARM NONCORP. BUS. 8 NONFIN. CORP. BUSINESS 9 ST.+LOC. GOVERNMENTS 10 REST OF THE WORLD 11 SPONS. CREDIT AGENCIES 2.653 89 928 684 -244 688 508 0 4.152 218 993 1.259 662 285 735 0 1.303 223 1.095 442 325 -1.843 1.061 0 3.770 385 256 1.251 595 -3 1.286 0 12 SPONSORED CREDIT AGENCY LOANS LIABILITY OF13 FARM BUSINESS (FICB) 14 NONFARM NONCORP. BUS. ( B O 15 S+L ASSOCIATIONS <FHLB) 2.954 1.086 5.078 4.661 -735 570 .119 -359 340 .105 873 209 .996 424 3 421 392 -3 395 16 POLICY LOANS <HH LIABILITY) 17 ASSET-U.S. GOVERNMENT 18 LIFE INSURANCE COS. HYPOTHECATED DEP. <HH LIAB.) 19 ASSET-COMMERCIAL BANKS 0 1/79 BASED ON PRELIMINARY AND INCOMPLETE 7 6 0 INFORMATION. -.3 .6 3.2 .4 2.5 .4 .2 .3 1.5 1.7 10 - 11 8.5 12 913 1 912 -789 -2.7 2.6 .1 2.5 2.3 .1 2.2 1.0 1.0 .3 14 7..2 15 2..2 16 17 2,.2 18 * MAY 1 1 , 1979 OTHER LOANS OTHER LOANS PRIVATE MONEY MARKET INSTRUMENTS AND OTHER LOANS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1977 1 IV I 1979 I 1978 II III OPEN-MARKET PAPER, FEDERAL FUNDS + RP»S, AND MONEY MARKET FUND SHARES 1 21.3 -2.4 13.3 19.8 42.5 2 30.4 7-1.2 8.1 15.0 26.4 3 4 5 6 7 8 12.2 7.4 4.8 5.7 5.0 -5.9 -1.8 -2.9 1.1 .3 .6 .1 3.6 1.4 2.2 -.8 3.3 -.3 11.3 1.6 9.6 1.3 8.4 17.3 2.7 14.6 4.3 10.2 .1 16.1 1.9 14.1 .9 13.3 9 10 11 12 13 18.3 4.7 2.4 2.4 13.5 .6 .3 .2 .2 .3 4.5 2.6 1.3 1.3 1.9 3.7 1.3 .6 .6 2.4 9.1 2.5 1.2 1.2 6.6 1* 15 16 17 30.4 3.3 6.9 11.4 -1.2 -4.5 3.1 -2.6 8.1 -3.2 5.0 2.7 15.0 8.2 -.1 4.4 18 19 20 21 22 1.6 1.8 4.2 .1 .1 .1 .1 1.1 .9 .1 .2 -.1 3.7 -.1 .5 23 2* 25 .7 -.9 1.1 .7 -.2 -.1 26 27 28 -13.6 -16.6 3.0 29 30 31 32 33 -13.6 -12.8 -.5 1.2 -1.5 94.2 TOTAL NET ISSUES, ALL TYPES 35.1 OPEN-MARKET PAPER 3 4 5 6 7 8 9.6 -.2 9.8 3.6 6.2 .1 23.3 3.5 19.8 8.0 11.4 .4 8.1 1.5 6.6 3.9 2.7 .1 28.2 6.0 22.3 1.7 20.8 -.2 28.5 4.5 24.0 2.4 21.5 4.1 2.3 1.1 1.1 1.8 4.6 5.5 2.8 2.8 -.9 9.7 1.6 .8 .8 8.1 3.4 4.1 2.0 2.0 -.7 18.7 -1.2 -.6 -.6 19.9 6.6 5.1 2.6 2.6 1.5 26.4 13.5 1.7 7.9 20.1 6.5 4.5 6.5 14.2 6.4 4.2 1.9 33.0 16.2 3.4 8.0 11.5 3.3 -1.0 3.6 46.9 28.3 .4 18.0 35.1 NET PURCHASES, BY SECTOR 9.2 HOUSEHOLDS NONFIN. CORPORATE BUSINESS 3.9 REST OF THE HOPfLD .5 .3 -1.2 -.4 -1.3 .1 .2 -1.4 1.9 4.3 -.3 .8 -.9 -.7 -7.0 -1.4 -.4 -1.4 1.0 4.1 1.0 -.1 -2.2 -1.2 4.2 .4 1.0 -.2 -.5 -6.5 .4 .4 -.1 -2.3 -.1 1.2 1.3 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS • LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 18 19 20 21 22 .4 -1.1 .4 .7 1.2 .1 1.9 1.3 2.6 -3.4 .2 .6 6.8 3.6 1.8 -2.8 .6 3.0 4.7 -3.0 1.7 -1.1 3.8 3.9 7.3 .8 13.4 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES MONEY MARKET FUNDS 23 24 25 -2.5 -2.6 .1 5.2 5.2 -.1 4.6 3.7 .9 9.2 7.0 2.1 -6.8 -4.8 -2.0 29.9 27.5 2.4 -.9 -3.7 2.8 2.5 1.6 1.0 5.0 2.7 2.3 30.3 NET CHANGE IN LIABILITIES COMMERCIAL BANKS 31.5 SAVINGS + LOAN ASSOCIATIONS -1.2 26 27 28 -2.5 -.8 -.3 -1.4 -.1 5.2 2.3 .3 2.1 .4 4.6 1.2 .2 2.7 .6 9.2 6.1 1.4 1.6 -6.8 -1.3 -3.6 1.6 -3.5 29.9 16.7 5.8 1.3 6.1 ^.9 -1.0 -.7 1.7 -.9 2.5 -1.4 1.0 2.2 .7 5.0 10.1 -.5 1.2 -5.8 30.3 NET CHANGE IN ASSETS NONFINANCIAL CORPORATIONS 14.0 8.9 SPONSORED CREDIT AGENCIES SAVINGS + LOAN ASSOCIATIONS 2.4 5.1 MUTUAL SAVINGS BANKS 29 30 31 32 33 * * * * .1 * * COMMERCIAL PAPER NONFINANCIAL CORPORATIONS FINANCIAL BUSINESS COMMERCIAL BANKING FINANCE COMPANIES REITS BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 9 10 11 12 13 14 15 16 17 FEDERAL FUNDS AND SECURITY RP'S * MONEY MARKET MUTUAL FUND SHARES 28.8 NET ISSUES = HOUSEHOLD NET PURCHASES OTHER LOANS 1 2 3 8.0 -1.5 9.5 2.1 -.1 2.2 5.4 .2 5.2 10.3 10.3 8.3 16.0 .1 15.9 8.3 -.2 8.5 4 5 6 7 8 9 10 11 11.3 .9 .8 1.2 3.1 1.3 2.6 1.4 7.3 .5 1.1 1.7 .2 .2 2.8 .9 8.2 .5 .5 2.2 .2 2.0 3.3 -.4 6.7 .6 2.0 2.2 4.2 2.6 -1.0 2.8 2.0 4.6 5.5 .2 3.0 -1.2 11.3 1.2 2.6 3.4 1.7 -1.5 3.8 12 17.9 -2.4 .3 6.4 14.6 13 14 15 3.0 1.5 13.5 1.1 .4 -4.0 1.3 1.0 -2.0 1.4 .6 4.3 1.5 .7 12.5 16 17 18 5.0 .1 4.9 1.6 1.4 1.7 2.6 * 1.6 BILLIONS OF DOLLARS. * 1.4 * * * 1.7 8.3 * 1.1 2.9 - * 2.6 1/79 BASED ON INCOMPLETE 6.4 .1 6.3 * -.1 * 18.5 .1 18.5 4.0 .9 3.1 1.8 1.3 -7.4 4.2 - 14.8 1.5 1.2 4.6 2.4 * 5.1 - 8.5 1.3 1.7 1.7 .6 .4 2.9 - 18.5 13.9 14.1 1.2 10.4 -2.0 1.2 12.8 1.5 1.7 15.3 3.5 .4 10.0 2.8 -.5 11.9 1.7 1.6 1.7 1.6 2.8 * 2.8 2.6 * 2.6 3.7 * 3.6 - - - INFORMATION. * 11.1 FINANCE CO. LOANS TO BUSINESS * LIAB.-NONCORPORATE BUSINESS 11.1 NONFIN. CORP. BUSINFSS 1 2 3 10.9 U.S. GOVERNMENT LOANS 4 2.0 LIAB.-HOUSEHOLDS 5 1.9 FARM BUSINESS 6 3.1 NONFARM NONCORP. BUS. 7 .8 NONFIN. CORP. BUSINESS 8 .4 ST.+LOC. GOVERNMENTS 9 2.7 REST OF THE WORLD 10 SPONS. CREDIT AGENCIES 11 2.4 .3 5.4 8.1 SPONSORED CREDIT AGENCY LOANS LIABILITY OFFARM BUSINESS (FICB) NONFARM NONCORP. PUS. (BC1 S+L ASSOCIATIONS (FHLB) 13 14 15 3.6 POLICY LOANS <HH LIABILITY) * ASSET-U.S. GOVERNMENT 3.6 LIFE INSURANCE COS. 16 17 18 - HYPOTHECATED DEP. (HH LIAB.I ASSET-COMMERCIAL BANKS 12 19 MAY 11, 1979 SECURITY CREDIT, TRADE CREDIT, AND TAXES 44 SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE SECURITY CREDIT, TRADE CREDIT, AND TAXES UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1977 1 IV 1 ! | IV BILLIONS OF DOLLARS 1970 1971 1972 1979 I SECURITY CREDIT 1 NET CHANGE IN LIABILITIES 2 HOUSEHOLDS 3 FOREIGN 2.117 282 0 -3.603 191 0 4.426 2.098 0 2.095 2.086 0 -3.060 -2.980 0 -4.020 -845 0 6.7 •3.4 -.2 -.8 -1.8 3.8 2.7 8.7 4.5 -7.9 -4.3 -.2 1 2 3 4 5 6 7 1.835 977 305 553 -3.794 -3.758 41 -77 2.328 1.925 -370 773 9 -1.088 419 678 -80 8 -151 63 -3.175 -3.120 -223 168 •3.0 1.0 1.0 1.9 1.1 .7 4.1 3.8 2.0 -1.0 .5 -3.4 -2.8 -.4 -.2 4 5 6 7 2.117 553 1.318 -3.603 2.095 678 -731 -3.060 -4.020 168 -4.254 6.7 -1.8 1.1 -.8 -.9 1.4 3.8 .5 .8 8.7 -3.821 4.426 773 1.734 4*8 -7.9 8 -.2 9 -3.4 10 246 0 295 0 1.919 0 2.148 0 -2.575 0 •3.5 -.2 -1.3 -.1 2.6 3.7 1 NET CHANGE IN L I A B I L I T I E S 2 HOUSEHOLDS 3 FARM BUSINESS 4 NONFARM NONCORP. BUSINESS (PAYABLES LESS RECEIVABLES) 7.538 333 73 253 4.681 335 79 -1.997 13.864 336 82 180 18.846 339 78 2.200 21.805 340 51 1.759 3.309 343 62 -2.083 22.7 .6 -.4 .6 9.7 .6 -.4 1.1 11.7 .5 .1 -1.8 24.5 .7 .5 .1 42.5 .6 .1 5 6 7 8 NONFIN. CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT 4.750 254 1.326 549 4.796 254 495 719 13.174 258 26 -192 15.363 255 112 499 16.675 258 396 2.326 3.683 257 400 647 20.9 .4 .8 -.3 7.4 .6 1.0 -.6 12.2 .7 .5 -.7 22.4 .6 .5 -.1 39.0 .8 1.9 .1 9 NET CHANGE IN ASSETS 10 NONFIN. CORPORATE BUSINESS 11 FOREIGN 12 U.S. GOVERNMENT 13 OTHER INSURANCE COMPANIES 2.599 2.757 761 -873 270 15.969 13.142 1.303 1.224 300 18.795 18.138 -134 481 310 22.110 20.212 1.325 253 320 7.924 4.856 1.916 8 22 330 16.236 15.077 586 233 340 24.7 22.5 .8 .9 .4 9.2 8.1 1.4 -.8 .5 13.5 14.8 .1 -1.7 .3 29.1 28.0 .8 -.8 1.2 39.6 37.7 1.0 .3 .6 9 10 11 12 13 10.137 -11.288 -4.931 -3.264 3.1 3.3 .1 -3.1 -3.7 .3 1.8 2.0 -.1 -.1 -.2 .1 .1 .1 .1 2.5 2.4 .1 * * * 1 2 3 4 5 6 BROKERS + DEALERS FROM COMMERCIAL BANKS FROM FOREIGN BANKING AGS. CUSTOMER CREDIT BALANCES NET CHANGE IN ASSETS HOUSEHOLDS COMMERCIAL BANKING 11 12 BROKERS + DEALERS FOREIGN T-77 * * * -4.3 11 * 12 TRADE CREDIT 14 DISCREPANCY * 1 2 3 4 5 6 7 8 13.881 -12.927 PROFIT TAXES PAYABLE NET CHANGE IN TAXES PAYABLE NONFIN. CORPORATE BUSINESS COMMERCIAL BANKS SAVINGS + LOAN ASSOCIATIONS LIFE INSURANCE COMPANIES OTHER INSURANCE COMPANIES FINANCE COMPANIES BROKERS + DEALERS 9 NET CHANGE IN TAXES RECEIVABLE 10 STATE + LOCAL GOVERNMENTS 11 U.S. GOVERNMENT 12 DISCREPANCY 2.384 2.203 0 86 79 31 16 -31 1.438 765 150 118 309 68 57 -29 -7.550 -7.407 -150 73 -60 11 -15 -2 4 .630 3 .976 150 113 247 68 76 0 5 .076 4 .515 150 112 140 54 68 37 5.202 4.463 0 141 373 87 110 28 --1 4.319 1.759 2.560 -121 -1.025 904 -8.834 -735 -8.099 6 337 1 524 4 .813 6 .651 1 460 5 .191 3.330 -880 4.210 2.7 .3 3.0 -1.935 1.559 1.284 -1.707 -1.575 PROPRIETORS' EQUITY IN NONCORPORATE TOTAL HOUSEHOLD INVESTMENT FARM BUSINESS NONFARM NONCORP. BUSINESS -4.527 -2.953 -1.574 1/79 BASED ON PRELIMINARY AND INCOMPLETE -7.245 -2.439 -4.806 -8.174 -4.442 -3.732 INFORMATION. -8.887 -4.732 -4.155 -7.140 -4.166 -2.974 -5.955 -3.452 -2.503 * * " -2.4 .2 -2.6 * .1 -.1 -.1 * * 2.1 .5 1.5 BUSINESS -1.5 -2.4 * * * * * .8 .1 -.7 7 * 8 2.1 9 .7 10 1.3 11 MAY 11, 1979 SECURITY CREDIT, TRADE CREDIT, AND TAXES SECURITY CREDIT, TRADE CREDIT, AND TAXES 45 SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL I I 1977 | IV » 1978 II III 20.1 8.4 16.6 8.3 IV 1 | RATES 1979 I SECURITY CREDIT 3.6 .8 .1 -5.1 -2.7 -2.4 -.8 .2 -1.8 4.4 3.1 -9.6 1.1 -2.9 -.1 1.4 •10.7 •14.1 1.2 2.2 -6.9 -6.7 .2 -.3 11.7 10.1 -1.5 3.1 8.3 3.9 1.7 2.7 -9.6 2.2 -12.8 -6.1 -.3 -7.0 20.1 3.1 9.3 16.6 2.7 5.3 ~ 1.3 -.1 2.2 -.2 -5.1 -1.7 -.8 -.1 1.4 1.5 7.2 1.0 .6 -6.1 .8 - - - -31.1 -11.9 -8.1 NET CHANGE IN LIABILITIES -3.4 HOUSEHOLDS FOREIGN 1 2 3 -19.2 T18.9 -.6 .3 -4.7 -4.5 -.9 .7 4 5 6 7 -31.1 .3 -21.1 -8.1 NET CHANGE IN ASSETS .7 HOUSEHOLDS -9.1 COMMERCIAL BANKING " .3 BROKERS + DEALERS FROM COMMERCIAL BANKS FROM FOREIGN BANKING AGS. CUSTOMER CREDIT BALANCES BROKERS + DEALERS FOREIGN 8 9 10 11 12 TRADE CREDIT 7.8 l.l .2 66,7 1.7 57.1 3.2 4.6 9 10 11 12 21.5 1.4 .4 4.8 9.9 6.4 1.7 1.2 58.7 53.3 3.0 1.5 25.0 19.2 4.0 .5 1.2 29.6 1.3 24.5 1.0 .4 2.1 33.0 30.9 1.7 -3.5 59.2 1.4 52.3 NET CHANGE IN LIABILITIES 23.6 58.3 56.1 53.3 69.1 1.3 2.5 -.4 1.3 .2 -1.8 1.3 -.1 3.9 1.4 .2 2.0 1.4 .9 4.9 1.4 .9 .8 11.8 52.5 49.2 46.7 51.3 44.2 1.0 1.0 3.4 1.0 5.3 2.1 1.0 2.0 3.1 1.0 .1 .6 1.0 .4 1.6 1.0 1.6 8.1 1.0 1.6 2.5 64.8 56.3 4.4 2.8 1.3 27.4 26.7 58.0 46.6 63.9 61.2 64.9 57.3 72.5 60.2 3.0 5.2 4.9 1.2 -.5 1.9 1.2 5.3 1.0 1.3 -3.5 1.1 7.7 3.3 1.3 HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUSINESS (PAYABLES LESS RECEIVABLES) NONFIN. CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT 5 6 7 P 57.7 57.7 NET CHANGE IN ASSETS NONFIN. CORPORATE BUSINESS 53.1 2.3 FOREIGN .9 U.S. GOVERNMENT OTHER INSURANCE COMPANIES 1.4 9 10 11 12 13 -5.4 DISCREPANCY -5.6 PROFIT TAXES PAYABLE 1 2 3 4 5 6 7 8 .4 .7 * .1 -.2 * * -.2 -2.7 -*2.4 -.3 .1 -.1 * * 8.0 7.5 .2 .1 .1 .1 -.6 -1.3 .3 .4 .1 -.1 3.6 1.8 .3 .4 .6 .2 .2 * 3.6 2.9 -.1 .3 .5 .1 .1 -.1 1.7 .4 .3 .4 .5 .2 .1 -.2 -7.2 -8.7 * .4 .6 .2 .2 .1 9 0 1 2.7 2.4 .4 -2.5 .6 -3.1 8.2 2.3 5.8 -.5 1.1 -1.6 4.0 1.2 2.8 4.6 2.8 1.8 2.5 1.0 1.5 -6.3 1.0 -7.3 12.2 10.0 .2 -.1 .2 .3 .1 12.2 1.5 10.7 17,6 NET CHANGE IN TAXES PAYABLE 15.9 NONFIN. CORPORATE BUSINESS -.2 COMMERCIAL BANKS .5 SAVINGS + LOAN ASSOCIATIONS .8 LIFE INSURANCE COMPANIES .3 OTHER INSURANCE COMPANIES .3 FINANCE COMPANIES .1 BROKERS + DEALERS 17.1 NET CHANGE IN TAXES RECEIVABLE 1.8 STATE + LOCAL GOVERNMENTS 15.3 U.S. GOVERNMENT .5 DISCREPANCY PROPRIETORS' EQUITY IN NONCORPORATE BUSINESS I 2 3 -24.5 -13.0 -11.6 -10.6 -3.9 -6.7 BILLIONS OF DOLLARS. -17.8 -11.2 -6.6 -17.0 -12.4 -4.6 -32.7 -17.8 -14.9 T31.4 -15.8 -15.7 1/79 BASED ON INCOMPLETE INFORMATION. -28.6 -16.7 -11.9 1 2 3 4 -23.8 TOTAL HOUSEHOLD INVESTMENT -13.8 FARM BUSINESS -10.0 NONFARM NONCORP. BUSINESS MAY 9, 1979 MISCELLANEOUS I MISCELLANEOUS I MISCELLANEOUS FINANCIAL CLAIMS UNADJUSTED NET FLOWS 1$ M I L L . ) UNADJUSTED NET FLOWS ($ MILL.) 1977 1 IV | 1978 I II III IV I | 1979 I BILLIONS OF DOLLARS 1970 1971 1972 15.975 182 225 29.572 177 250 25.7 .4 .8 9.4 .4 1.0 13.6 .3 -.2 23.0 .5 .4 34.7 .4 1.9 1 2 3 8.001 535 1.210 -297 2.3 -.4 4.1 .5 4.7 .8 3.4 5.7 -.4 4 5 7.032 1.428 171 1.069 28.232 1.330 -284 20.696 22.5 .4 .3 15.4 3.3 2.1 .5 -6.4 7.8 -.5 - . 4* 18.7 .3 -.1 7.3 27.1 2.2 1.2 12.7 6 7 8 9 391 600 1.867 3.063 107 -160 -1.025 96 2.049 3.101 164 -21 818 336 2.042 3.200 112 -18 .4 .2 1.4 3.3 1.0 .6 .1 1.7 3.4 1.3 1.2 -.1 2.1 3.6 2.0 .9 .2 2.9 4.8 2.4 .6 .6 2.7 4.8 2.3 - 10 11 12 13 14 15 8.179 1.578 397 646 3.050 17.726 1.604 440 621 991 26.516 1.529 440 617 3.727 24.738 1.524 441 629 3.278 18.7 2.1 .4 .7 4.9 8.7 2.6 .5 .7 5.6 11.8 2.3 .6 .8 10.5 25.2 2.7 .7 1.0 11.1 34.3 2.8 .6 1.0 11.7 16 17 18 19 20 559 336 427 138 10.512 160 3.088 229 10.604 334 9.422 461 -385 6.776 9.168 557 -162 6.073 1.943 -63 134 -92 3.398 301 16.886 -146 534 14.113 7.928 573 -202 4.610 2.6 .4 -.1 1.5 5.3 .8 .1 1.4 3.7 .2 .2 2.0 6.7 -.4 10.9 .8 .3 7.1 23 24 25 26 .040 108 610 800 57 -45 1.243 -32 470 600 252 167 68 449 POO 249 -113 .295 38 442 600 246 51 1.260 25 425 800 -227 102 1.565 140 415 700 -104 231 * -.1 1.8 .2 .8 .1 1.3 .2 .9 .1 * - 27 28 29 30 31 32 -3.556 10.441 6.011 7.343 -10.541 COMMERCIAL BANK L I A B I L I T Y TO FOREIGN AFFILIATES 34 ASSET-REST OF THE WORLD 35 LIAB.-COMMERCIAL BANKS 36 FOREIGN BANKING AGS. 3.649 2.367 1.282 -1.488 -1.547 59 1.576 1.172 404 8.. 3 9 3 7 .. 2 8 5 1,. 1 0 8 3.075 2.155 920 10.152 8.568 1.584 DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS LIAB.-REST OF THE WORLD 1.216 2.389 1.653 -507 295 450 -2 568 1.150 1.567 225 250 215 293 151 181 119 250 8.749 -142 -28 7.695 1.224 3.272 327 43 2.176 726 -3.021 429 -13 -2.834 -603 303 -130 -21 0 454 10.263 1.100 110 8.323 730 547 500 293 571 210 0 530 0 220 0 215 0 300 0 433 0 131 4 6 69 75 11 1 443 54 66 20 80 71 29 8 107 71 21 13 195 49 19 15 350 1 NET CHANGE IN LIABILITIES 2 HOUSEHOLDS 3 NONFIN. CORPORATE BUSINESS 9.535 224 -2 27.251 210 568 14.190 199 1.150 4 5 REST OF THE WORLD U.S. GOVERNMENT 7.252 101 10.259 -155 -1.977 -664 6 7 8 9 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING 1.960 658 -346 -2.686 16.369 651 117 9.346 15.482 1.294 226 9.017 21.487 1.470 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES NONLIFE INSUR. COMPANIES FINANCE COMPANIES REITS -846 37 2.273 2.762 227 -119 827 443 1.877 2.900 189 19 -696 234 2.291 2.950 144 22 16 NET CHANGE IN ASSETS 17 HOUSEHOLDS 18 FARM BUSINESS 19 NONFARM NONCORP. BUSINESS 20 NONFIN. CORPORATE BUSINESS 13.091 1.653 438 547 3.295 16.810 1.671 408 576 4.092 21 22 REST OF THE WORLD U.S. GOVERNMENT -2.451 187 23 24 25 26 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING 10 11 12 13 14 15 27 28 29 30 31 32 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNDS 33 UNALLOCATED, NET 25.069 195 1.567 ~ - - .9 .1 — - — - * .3 * - * 4.4 .2 .2 .5 1.0 .2 .8 - - .9 * <A) FOREIGN CLAIMS 37 DIRECT FOREIGN INVESTMENT IN U.S. 38 LIAB.-NONFIN. CORP. BUSINESS U . S . GOVT. EQ. I N IBROt ETC. 39 LIAB.-REST OF THE WORLD 40 41 42 43 44 FOREIGN CURR. EXCEPT OFFICIAL LIAB.-REST OF THE WORLD ASSET-NONFIN. CORP. BUSINESS U . S . GOVERNMENT COMMERCIAL BANKS FOREIGN BANKING AGS. -3 78 341 12.5 11.4 1.2 -5.8 -6.0 -4.3 -4.9 .2 -.2 .4 * 34 -.8 35 .7 36 -.4 -.4 -.1 .1 .5 -.4 1.3 1.4 -.2 .1 3.9 1.8 -.2 .6 1.7 5.4 2.6 .6 .8 1.4 * * .1 .8 * 40 41 42 43 44 (B) U. S. GOVERNMENT CLAIMS 45 POSTAL SAVINGS DEPOSITS ASSET-HOUSEHOLDS LIAB.-U.S. GOVT. 46 DEPOSITS AT FHLB LIAB.-SPONSORED CREDIT AGS. ASSET-S+L ASSOCIATIONS 1.3 -.5 .1 .1 47 FEDERAL RESERVE BANK STOCK ASSET OF COMMERCIAL BANKS 48 EQ. IN U.S. GOVT. CREDIT AGS. 49 U.S. GOVERNMENT PRIVATE 50 FARM BUSINESS (FICB + FLB) 51 NONFARM NONCORPORATE (BC) 52 NONFIN. CORP. BUS. (FNMA) 53 S+L ASSOCIATIONS (FHLB) •LETE INFORMATION. 1/79 BASED ON PRELIMINARY AND INCOMPLETE * .1 .1 * * * .1 * . 1* . 2 50 * 51 * 52 . 4 53 MAY 9, 1979 MISCELLANEOUS I MISCELLANEOUS I 47 MISCELLANEOUS FINANCIAL CLAIMS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1977 | I IV 1 1978 1974 1975 1976 1977 1 2 3 72.3 1.3 5.9 33.7 .7 1.4 59.6 .6 2.7 51.5 .9 1.8 82.5 .8 3.5 59.4 .9 100.1 .8 2.3 4 5 17.7 16.4 -.7 19.0 .9 13.7 -.9 18.1 -.3 22.8 -.6 41.8 -.7 -8.9 -3.7 12.0 1.9 27.5 1.3 6.2 -1.2 6 7 8 9 47.3 .4 36.3 1.4 .3 16.0 36.1 1.3 -.1 14.0 60.4 4.8 .6 33.5 36.3 1.7 55.8 1.5 50.9 5.5 72.6 7.5 62.1 4.8 32.3 16.0 1.6 -.5 1.8 105.3 4.2 -1.1 75.9 10 11 12 13 14 15 -.8 .6 5.1 8.6 -.4 1.6 .7 -.1 4.3 6.2 .7 1.3 1.1 .1 5.4 10.3 1.6 .2 1.0 .4 7.9 11.0 1.1 -.5 -.5 1.4 8.1 12.0 .6 -.1 -.1 -.2 1.1 12.4 .7 12.8 .4 -.1 16 17 18 19 20 70.0 4.7 1.4 1.8 9.7 30.4 3.8 .9 1.3 7.9 45.5 5.5 1.5 2.1 7.8 48.5 6.6 1.5 2.2 13.6 69.2 6.4 1.7 2.5 11.9 21 22 16.4 -.1 .8 .7 12.4 1.0 2.1 .7 14.6 .9 23 24 25 26 36.1 -3.3 4.0 27.8 15.0 .9 15.2 -.2 -.2 12.0 21.8 .9 -.6 14.1 31.4 .6 .5 20.5 27 28 29 30 31 32 3.0 1.0 2.5 .2 .9 2.0 .6 1.7 .2 1.2 .1 1.6 .7 1.5 .2 -.3 1.8 .3 2.5 2.9 -.2 4.3 .1 1.8 2.8 .5 .2 * * * * 8.3 * * II III 12.3 .4 -.6 17.1 6.3 1.6 1.8 2.2 11.8 12.6 1.3 -1.5 24.2 -.6 19.8 3.1 .8 112.0 NET CHANGE IN LIABILITIES .7 HOUSEHOLDS 1.0 NONFIN. CORPORATE BUSINESS .8 6.3 90.4 6.4 1.8 2.5 9.1 6.1 1.8 2.5 41.0 REST OF THE WORLD U.S. GOVERNMENT TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES NONLIFE INSUR. COMPANIES FINANCE COMPANIES REITS 104.8 NET CHANGE IN ASSETS 6.1 HOUSEHOLDS 1.8 FARM BUSINESS 2.5 NONFARM NONCORP. BUSINESS 14.9 NONFIN. CORPORATE BUSINESS 10 11 12 13 14 15 18 19 52.9 1.3 REST OF THE WORLD U.S. GOVERNMENT 21 22 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING 23 24 25 26 .5 -5.9 .1 15.6 2.1 52.5 25.3 1.9 -.8 14.0 2.8 .1 1.8 3.2 1.0 -.5 7.1 .2 1.8 2.4 1.0 .2 3.7 .5 1.7 3.2 -.9 .4 4.9 .3 1.7 2.8 -.4 .9 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNDS 7.3 UNALLOCATED, NET 27 28 29 30 31 32 33 (A) FOREIGN CLAIMS COMMERCIAL BANK LIABILITY TO FOREIGN AFFILIATES ASSET-REST OF THE WORLD LIAB.-COMMERCIAL BANKS FOREIGN BANKING AGS. 34 35 36 8.0 4.8 3.2 .1 1.4 -1.3 4.5 3.5 1.1 8.9 8.7 .2 37 5.6 6.0 3.6 4.2 3.1 DIRECT FOREIGN INVESTMENT IN U.S. 1.0 LIAB.-NONFIN. CORP. BUSINESS 38 11.6 9.1 2.5 0.6 5.5 5.1 .6 .4 .2 38 5.9 1.4 2.7 1.8 2.3 39 1.2 .7 1.1 .7 1.2 40 41 42 43 44 11.6 -.8 -1.3 11.1 2.6 10.8 .8 9.8* .1 12.4 1.7 -.1 11.1 -.2 10.9 1.3 7.1* 2.5 10.8 1.7 .1 7.7 1.3 26.8 -.6 -.1 22.6 4.9 16.0 1.3 .2 11.7 2.9 6.2 4.6 1.6 31.1 26.7 4.4 8.3 4.6 3.7 47.6 41.2 6.3 DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS LIAB.-REST OF THE WORLD i -18.7 1.7 -.1 -17.9 -2.4 14.3 -.5 -.1 13.0 1.8 31.6 4.4 .4 23.9 2.9 5.6 2.0 .3 1.9 1.4 37 U.S. GOVT. EQ. IN IBRD, ETC. LIAB.-REST OF THE WORLD 39 FOREIGN CURR. EXCEPT OFFICIAL LIAB.-REST OF THE WORLD ASSET-NONFIN. CORP. BUSINESS U.S. GOVERNMENT COMMERCIAL BANKS FOREIGN BANKING AGS. 40 41 42 43 44 (B) U. S. GOVERNMENT CLAIMS 1.1 POSTAL SAVINGS DEPOSITS ASSET-HOUSEHOLDS LIAB.-U.S. GOVT. 45 DEPOSITS AT FHLB LIAB.-SPONSORED CREDIT AGS. ASSET-S+L ASSOCIATIONS 46 .1 FEDERAL RESERVE BANK STOCK ASSET OF COMMERCIAL BANKS 48 49 1.1 .2 .3 .1 .5 .1 * 52 53 .2 BILLIONS OF DOLLARS. 1/79 BASED ON INCOMPLETE INFORMATION. 1.4 EQ. IN U.S. GOVT. CREDIT AGS. U.S. GOVERNMENT PRIVATE .2 FARM BUSINESS (FICB + FLB) .1 NONFARM NONCORPORATE (BC) .1 NONFIN. CORP. BUS. (FNMA) 1.0 S+L ASSOCIATIONS (FHLB) 47 48 49 50 51 52 53 MAY 9, 1979 MISCELLANEOUS II MISCELLANEOUS II MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED) UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1 1977 1 IV 1 I 685 337 348 655 311 344 639 298 341 601 265 336 583 250 333 551 222 329 2.762 968 307 543 944 2.900 1.016 333 565 986 2.950 939 343 580 1.088 3.063 1.003 .101 946 369 596 .200 973 392 610 1.190 1.225 10 NET TOTAL (LIAB. LESS ASSETS) -3.556 10.441 6.011 11 12 13 -8.760 -2.928 -395 17.610 8.094 98 -664 503 218 -1.646 699 1978 II III IV 1I 1979 BILLIONS OF DOLLARS 1970 1971 1972 I <C) LIFE INSURANCE CLAIMS DEFERRED AND UNPAID PREMIUMS 1 LIAB.-HOUSEHOLDS ASSET-LIFE INSURANCE 2 3 4 LIFE COMPANY RESERVES LIAB.-LIFE INSURANCE COS. ACCIDENT AND HEALTH POLICY DIVIDEND ACCUM. ASSET-HOUSEHOLDS 1.4 .6 .9 .4 .6 .4 .6 (D) NONLIFE INSURANCE CLAIMS 5 6 7 8 9 LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. NONFIN. CORP. BUSINESS 369 592 1.099 1.2 .4 .7 1.1 1.4 .4 .7 .9 3.6 1.2 .5 4.8 1.4 .6 4.8 1.4 1.0 2.0 (E) UNALLOCATED ASSETS + LIAB. 14 15 NET CHANGE IN LIABILITIES REST OF THE WORLD U.S. GOVERNMENT U.S. GOVT.-WITHOUT LEVELS SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES 496 -126 -359 .305 0 -155 -172 -760 0 7.343 -10.541 4.834 10.438 1.835 0 8 641 91 -2.766 -2.676 0 535 546 155 13.047 -37 0 -297 414 -316 5.9 .4 -.3 -.1 .5 .3 3.2 -.2 -.6 1.2 .5 .5 2.517 3.025 -902 171 223 -1.047 198 -1.301 -144 200 5.377 5.148 -666 680 215 .7 -.9 .2 .2 1.1 1.2 .7 1.1 -1.0 .5 3.142 -914 3.618 -438 -959 1.582 -586 1.955 5.167 1.875 816 -2.476 .4 10 19 20 21 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U . S . POSS. -5.001 -5.698 380 138 179 5.410 6.123 -1.404 493 198 217 22 23 24 25 FLOATS I N COML. BANK STMNT ON INTERBANK DEPOSITS ON INTERBANK LOANS LESS: ON MEMBER BK. RES. -1.334 809 -1.304 839 5.424 2.216 2.213 -995 3.861 -1.981 26 27 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES REITS -846 37 1.588 227 827 443 .222 189 19 1.652 144 22 391 600 1.266 107 -160 1.466 164 -21 818 336 1.491 112 -18 .4 .2 .5 1.0 7.169 389 1.479 557 -162 2.083 -140 -2.299 -63 134 3.095 521 552 301 23 7.775 1.129 -212 -146 534 8.213 1.088 202 573 -202 -1.1 2.0 -5.5 -1.804 -356 .680 358 114 2.775 421 141 71 -134 5 4.603 466 -25 4.099 437 79 397 108 386 800 507 -32 260 600 -140 68 250 800 574 38 247 600 483 25 243 800 732 140 238 700 57 252 167 249 -113 246 51 -227 102 -104 231 31 32 33 34 35 NET CHANGE I N ASSETS NONFIN. CORPORATE BUSINESS REST OF THE WORLD SPONSORED CREDIT AGENCIES MONETARY AUTHORITY 36 37 38 COMMERCIAL BANKS FOREIGN BANKING AGENCIES BANKS I N U . S . POSSESSIONS 39 40 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS 43 44 REITS MONEY MARKET FUNDS -119 -5.204 1.271 -6.098 461 -385 1/79 BASED ON PRELIMINARY AND INCOMPLETE 3.580 4.310 6.023 181 -696 234 INFORMATION. 10.3 -2.0 2.8 .5 .3 .7 1.2 -.1 1.4 -1.5 -.9 .3 6.9 4.8 -1.7 .2 .2 .4 .1 .5 .3 .6 12.5 6.2 2.4 17.7 -2.0 -.4 1.4 1.1 11 12 13 14 15 16 5.8 5.1 -1.0 1.2 .5 17 18 19 20 21 5.8 24 .3 25 .6 .6 1.3 2.3 - 26 27 28 29 30 17.3 5.2 4.5 .8 .3 31 32 33 34 35 4.1 36 .6 37 .1 38 .8 .2 .5 .1 - 39 40 41 42 * 43 44 MAY 9, 1979 MISCELLANEOUS II MISCELLANEOUS II 49 MISCELLANEOUS FINANCIAL CLAIMS ICONTINUEDl SEASONALLY AOJUSTEO ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1977 | I IV 1 1978 II III (C) LIFE INSURANCE CLAIMS DEFERRED AND UNPAID PREMIUMS LIAB.-HOUSEHOLDS ASSET-LIFE INSURANCE 1.2 1.3 .7 1.0 1.9 .7 1.2 2.7 1.4 2.5 1.1 2.7 1.3 1.4 2.6 1.2 2.6 1.2 8.6 2.1 1.0 1.7 3.7 6.2 2.1 .7 1.2 2.2 10.3 3.6 1.3 2.1 3.* 11.0 3.8 1.2 12.0 3.9 11.0 3.9 1.2 2.2 3.8 11.6 4.1 1.3 2.3 3.9 11.8 3.8 1.4 2.3 4.4 LIFE COMPANY RESERVES LIAB.-LIFE INSURANCE COS. ACCIDENT AND HEALTH POLICY DIVIDEND ACCUM. ASSET-HOUSEHOLDS 2.3 1.0 (D) NONLIFE INSURANCE CLAIMS 2.3 4.4 12.3 4.0 1.5 2.4 4.4 12.4 3.8 1.5 2.4 4.8 12.8 3.9 1.6 2.4 4.9 LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. NONFIN. CORP. BUSINESS (E) UNALLOCATED ASSETS + LIAB. 14.1 2.3 13 14 15 16 18 19 22 23 1.0 -.5 20.7 1.9 -.5 1.4 -.3 .2 15.0 16.8 -4.8 2.9 .2 .3 1.1 4.1 3.0 .5 .2 .4 9.2 -1.6 12.6 1.8 3.9 -.5 7.4 -1.7 9.1 .1 25.2 -.7 3.4 -3.4 -1.9 5.5 -1.1 26 27 28 .7 1.3 32 33 22.9 1.1 2.5 2.2 -1.1 37 38 2.2 -.5 .6 39 40 41 42 1.2 1.0 1.2 .2 1.6 .6 1.0 .2 43 44 .9 1.2 .1 * * BILLIONS OF DOLLARS. 33.4 2.7 1.2 -8.4 -1.6 1.0 52.0 13.9 - 25.3 3.0 - 22.1 -2.0 - 34.1 -4.2 - 10 NET CHANGE IN LIABILITIES REST OF THE WORLD U.S. GOVERNMENT U.S. GOVT.-WITHOUT LEVELS SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES 11 12 13 14 15 16 35.5 -3.5 - -1.4 -.7 -.6 .4 -3.7 1.2 .9 1.9 2.8 .4 1.3 2.7 .6 -1.2 1.7 -1.3 -1.9 -4.6 1.5 .6 .7 12.9 15.8 -5.6 2.0 .8 5.6 8.5 -6.6 2.8 .9 2.0 4.0 -3.6 .7 .9 21.3 26.3 -5.2 -.6 .8 13.7 12.7 -2.7 2.7 .9 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U.S. POSS. 17 18 19 20 21 11.3 .7 6.5 -1.8 9.0 .7 15.0 -.3 14.9 -.4 14.2 -3.9 15.4 -2.7 10.3 8.0 3.2 .8 6.3 -.1 11.6 5.1 14.7 -1.5 10.1 -6.2 FLOATS IN COML. BANK STMNT ON INTERBANK DEPOSITS ON INTERBANK LOANS LESS: ON MEMBER BK. RES. 22 23 24 25 5.1 1.1 -.5 -.1 .5 -.2 6.2 .9 -.5 1.1 3.5 5.6 .8 .1 -3.1 .8 5.8 .6 .1 .1 1.3 5.4 .4 -.6 -.1 -.2 5.7 .7 -.1 1.1 3.2 6.7 .4 -.1 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES REITS 26 27 28 29 30 6.6 -.9 5.2 -.2 -.2 6.2 4.2 -8.6 .9 -.6 20.1 1.9 -.5 .6 .5 •14.1 5.1 -24.9 3.0 -1.5 24.5 1.7 9.7 1.9 -.6 -1.3 -5.0 -14.3 -.7 .5 18.8 6.2 3.6 .7 .1 38.4 4.7 -.9 .7 2.1 28.2 4.8 4.3 1.9 -.8 NET CHANGE IN ASSETS NONFIN. CORPORATE BUSINESS REST OF THE WORLD SPONSORED CREDIT AGENCIES MONETARY AUTHORITY 31 32 33 34 35 .6 .5 -.1 5.2 -.7 10.1 1.1 -1.9 -1.4 3.3 1.4 .5 12.2 1.7 .6 1.2 -.5 23.9 1.9 -.1 8.6 1.7 .3 COMMERCIAL BANKS FOREIGN BANKING AGENCIFS BANKS IN U.S. POSSESSIONS 36 37 38 1.1 .3 1.6 2.9 1.4 .1 1.0 2.8 1.9 .8 1.5 3.2 1.9 -.4 1.0 2.4 -1.0 .1 1.0 3.2 2.8 .2 1.0 2.4 2.0 .5 1.0 3.2 2.7 .3 1.0 2.8 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS 39 40 41 42 -.2 * .5 .2 .2 -.2 1.0 .7 1.0 -.5 1.0 .2 -.9 .4 -.4 .9 REITS MONEY MARKET FUNDS 43 44 1.1 .1 3.6 -.4 1.6 9.2 -2.2 -.7 7.3 NET TOTAL (LIAB. LESS ASSETS) -.3 * * 10.5 13.7 7.0 1.7 * 1/79 BASED ON INCOMPLETE INFORMATION * MAY 11, 1979 TOTAL CLAIMS TOTAL CLAIMS TOTAL FINANCIAL ASSETS AND LIABILITIES UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1977 IV I 1 1978 I II III IV I 1979 1 I 1969 BILLIONS OF DOLLARS 1971 1970 1972 1973 TOTAL FUNDS RAISED AND A3VANCED IN CREDIT MARKETS (1) 123.336 100.738 127.290 121.287 141.484 95.959 128.7 116.3 168.9 204.3 261.4 78.776 101.136 102.301 113.432 20.792 2.582 15.054 15.253 5.327 15.923 6.143 2.147 55.837 92.411 81.920 82.256 25.554 46.968 44.153 44.505 6.397 2.824 2.575 5.040 4.773 4.623 3.601 4.742 21.073 26.166 18.324 25.620 4.534 9.780 8.138 3.034 67.325 10.656 -2.032 58.701 29.125 3.030 1.299 23.026 2.221 93.7 -3.7 3.7 93.6 34.4 3.0 7.3 38.2 10.7 100.6 11.9 2.7 86.0 24.9 2.3 6.8 40.7 11.3 153.5 24.9 5.2 123.5 45.2 4.5 11.6 44.5 17.7 176.0 15.1 4.0 156.9 64.3 5.8 14.1 58.3 14.5 203.8 2 8.3 3 6.2 4 189.3 5 80.9 6 9.7 7 12.8 8 72.7 9 13.2 10 28.052 5.998 5.903 737 430 4.035 291 8.889 -395 -237 2.401 28.634 5.745 4.365 7.979 600 -1.737 304 4.693 -270 -257 7.212 35.1 8.8 .7 2.4 4.3 4.1 .5 7.8 1.5 4.9 15.7 8.2 1.6 -2.0 -1.9 1.8 .4 2.6 2.2 2.8 15.4 1.1 4.8 2.4 -.4 -.1 .6 2.7 2.9 1.3 28.3 3.5 4.9 4.5 .7 2.0 .5 6.5 6.3 -.5 - " " " 22 TOTAL FUNDS ADVANCED IN CREDIT 123.336 100.738 127.290 121.287 141.484 MARKETS BY: PRIVATE DOM. NONFIN. SECTORS 20.803 22.354 16.301 21.698 26.491 23 24 11.632 14.812 13.358 17.474 13.387 HOUSEHOLDS 818 239 -51 453 780 NONFARM NONCORP. BUSINESS 25 3.180 -3.923 4.590 2.126 -548 26 CORPORATE BUSINESS 3.909 7.696 6.917 4.533 6.265 STATE + LOCAL GOVERNMENTS 27 95.959 128.7 116.3 168.9 204.3 33.507 26.481 511 3.771 2.744 41.3 34.5 .4 1.2 5.3 -1.7 -1.3 .6 -.8 -.2 -4.8 -9.3 .4 6.4 -2.3 15.8 4.9 .5 2.6 7.P 1 TOTAL RJNDS RAISED IN CREDIT MARKETS BY: NONFINANCIAL SECTORS 2 3 U.S. GOVERNMENT 4 FOREIGN PRIVATE DOMESTIC 5 6 HOUSEHOLDS 7 FARM BUSINESS NONFARM NONCORP. BUS. 8 CORPORATE BUSINESS 9 ST.+LOC. GOVERNMENTS 10 11 12 13 14 15 16 17 18 19 20 21 FINANCIAL SECTORS SPONSORED CREOIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS 28 REST OF THE WORLD 29 U.S. GOVERNMENT 30 31 32 33 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORTGAGE POOLS FEDERAL RESERVE SYSTEM 103.603 20.676 3.998 78.929 40.237 1.454 5.594 26.704 4.940 19.733 2.175 5.622 -839 220 5.149 239 6.918 -470 295 424 21.962 4.424 3.791 6.953 889 2.050 252 2.276 -429 23 1.733 26.154 6.658 4.522 -698 2.003 6.316 265 6.342 -164 -297 1.207 18.986 5.989 4.128 449 978 4.041 278 2.311 -229 -539 1.580 57.6 16.3 3.6 14.1 2.2 6.0 .5 9.4 6.5 -1.2 - 1 11 12 13 14 15 16 17 18 19 20 21 261.4 22 45.9 29.0 .9 8.2 7.8 23 24 25 26 27 16.851 16.440 -766 3.567 20.923 -3.377 1.1 11.2 27.3 10.8 4.340 5.568 3.603 6.249 3.205 4.257 3.1 2.8 2.8 1.8 81.342 2.304 5.622 -649 56.376 108.152 4.743 8.112 3.791 4.522 -1.688 9.153 89.773 7.420 4.128 4.898 90.865 7.403 5.903 -5.413 61.572 6.712 4.365 -7.009 83.1 8.8 .7 4.2 104.0 9.6 1.6 5.0 143.6 .5 4.8 8.9 175.8 4.4 4.9 .3 209.3 17.8 3.6 9.2 30 31 32 33 3.4 28 2.8 29 34 35 36 37 38 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U.S. POSS. 30.819 29.182 600 942 95 13.530 13.306 -515 728 11 40.471 38.223 357 1.888 3 32.730 30.720 76 1.788 146 35.144 33.603 -871 2.257 155 11.822 12.349 -66 -527 66 18.7 13.1 3.9 1.4 .2 35.1 33.2 -1.0 2.8 .1 50.5 50.2 -.1 .1 .3 70.6 68.8 -.2 1.8 .3 86.8 80.8 1.7 4.1 .1 34 35 36 37 38 39 40 41 42 43 PRIVATE NONBANK FINANCE SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 43.246 17.283 13.714 2.104 1.465 36.000 19.965 14.499 4.118 1.348 45.894 21.504 16.083 1.972 3.449 40.597 21.823 16.412 2.767 2.644 47.828 14.967 13.314 613 1.040 45.682 17.574 13.824 3.402 348 50.8 14.9 9.6 3.2 2.1 52.8 17.7 12.2 4.2 1.4 79.0 40.4 28.4 10.0 2.0 95.6 48.8 35.7 10.3 2.9 91.9 37.3 28.3 5.4 3.6 39 40 41 42 43 44 45 46 47 48 INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. 16.753 8.152 1.795 3.447 3.359 18.495 8.530 3.185 2.404 4.286 18.380 8.083 3.019 4.298 2.980 19.294 9.108 3.218 3.743 3.225 20.313 8.154 2.966 5.462 3.731 22.073 10.421 4.245 3.619 3.788 23.0 8.6 6.2 5.6 2.6 26.9 9.0 6.8 6.3 4.8 32.0 11.8 7.5 6.5 6.2 34.6 13.2 6.5 8.2 6.6 38.6 15.9 7.8 9.1 5.8 44 45 46 47 48 49 50 51 52 53 54 FINANCE N.E.C. FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS SECURITY 3KRS. + DEALERS 9.210 7.741 -400 69 276 1.524 -2.460 1.686 -490 -176 678 -4.158 6.010 5.229 -224 -288 888 405 -520 1.870 -200 -5 82 530 -2.138 12.548 9.479 -135 -433 1.095 2.542 6.035 5.036 -124 -471 4.761 -3.167 12.9 8.6 1.2 2.6 8.2 2.2 1.9 1.7 6.7 5.2 2.3 .4 12.3 9.4 4.2 -1.8 .5 2.4 - -1.2 - .5 16.0 11.5 5.6 -2.0 .9 49 50 51 52 53 54 TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS TOTAL FUNDS RAISED (FROM PRECEDING TABLE) OTHER LIABILITIES: OFFICIAL FOREIGN EXCHANGE 2 3 TREASURY CURR. + SDR CTFS. 123.336 100.738 127.290 121.287 141.484 -87 95 -262 136 -432 97 -252 179 1.145 112 95.959 128.7 116.3 168.9 204.3 261.4 1 2.103 276 .3 .3 -2.5 .6 -1.7 .5 -.2 .5 -.2 .4 2 3 4 5 6 7 DEPOSITS AT FINANCIAL INSTS. DEMAND DEP. + CURRENCY TIME DEPOSITS AT BANKS DEP. AT SAVINGS INSTIT. 54.855 13.521 23.353 -25.359 17.588 20.886 13.914 17.994 52.854 26.315 13.093 13.446 35.253 5.507 15.084 14.662 53.494 -3.854 20.743 -34.173 19.680 10.494 13.071 19.825 6.4 7.9 -9.5 7.9 67.4 12.4 38.0 17.0 99.4 17.5 41.4 40.5 112.3 24.0 42.3 46.0 95.0 16.3 50.9 27.8 4 5 6 7 8 9 LIFE INSURANCE RESERVES PENSION FUND RESERVES 2.069 11.502 2.052 10.331 2.230 15.540 2.308 19.714 2.425 15.080 2.371 12.552 5.0 16.3 5.2 19.2 6.2 21.1 6.6 22.6 7.4 25.6 8 9 10 11 12 13 14 SECURITY CREDIT TRADE DEBT PROFIT TAXES PAYABLE NONCORP. PROPRIETORS' EQUITY MISCELLANEOUS 2.117 7.538 2.384 -4.527 9.535 -3.603 4.681 1.438 -7.245 27.251 4.426 13.864 -7.550 -8.174 14.190 2.095 13.846 4.630 -8.887 25.069 -3.060 21.805 5.076 -7.140 15.975 -4.020 3.309 5.202 -5.955 29.572 -6.7 22.7 -3.1 -.2 25.7 -.8 9.7 -3.1 -.6 9.4 3.8 11.7 1.8 -1.5 13.6 8.7 24.5 -.1 -3.2 23.0 -7.9 42.5 2.5 -2.0 34.7 10 11 12 13 14 15 INTERBANK CLAIMS 7.213 -566 3.370 4.418 15.993 -8.438 2.1 4.5 7.2 2.8 12.9 15 216.030 148.472 217.705 224.660 262.389 129.077 16 TOTAL LIABILITIES ABOVE - FLOATS NOT INCL. IN ASSETS -650 266 17 722 -159 -1.142 -436 DEMAND DEPOSITS-U.S. GOVT. OTHER 12.803 -9.277 12.384 -9.222 18 3.213 -6.800 10.137 -11.288 -4.931 -3.264 13.881 -12.927 TRADE CREDIT 19 - LIABILITIES NOT ALLOCATED AS ASSETS -13 -39 20 TREASURY CURRENCY -40 12 -1 22 -1.935 1.284 -1.707 -1.575 PROFIT TAXES PAYABLE 1.559 21 1.872 6.011 -3.556 10.441 7.343 -10.541 4.834 MISCELLANEOUS 22 197.3 225.3 331.1 402.0 472.4 16 -.5 2.8 -2.0 .1 1.9 .4 -.2 2.0 -1.8 .6 3.5 -4.6 .3 17 -.6 18 2.9 19 .2 -.4 7.0 -.1 -.8 .8 -.2 1.7 -.2 -.1 -2.2 * 20 .5 21 .4 22 190.3 223.1 329.5 405.0 468.9 23 23 TOTALS ALLOCATED TO SECTORS AS ASSETS 197.899 157.700 211.850 229.248 249.421 144.934 (1) INCLUDES CORPORATE EQUITIES. 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * MAY 11, 1979 TOTAL CLAIMS TOTAL CLAIMS TOTAL FINANCIAL ASSETS AND LIABILITIES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 SEASONALLY ADJUSTED ANNUAL RATES ! I 1977 1978 1977 J IV I II III TOTAL FUNDS RAISED AND ADVANCED IM CREDIT MARKETS (II 1 405.5 219.8 301.7 399.4 490.8 438.2 487.2 474.4 483.6 518.5 2 3 4 5 6 7 8 9 10 341.2 20.2 27.1 293.9 93.4 14.4 14.1 145.3 26.8 208.1 85.4 13.2 109.5 48.6 8.7 2.0 37.0 13.2 272.5 69.0 20.7 182.8 89.9 11.0 5.2 58.2 18.5 340.5 56.8 12.3 271.4 139.6 14.7 12.6 78.7 25.9 395.6 53.7 29.5 312.4 161.2 16.8 17.7 91.2 25.5 367.1 61.9 12.3 292.9 145.9 13.2 15.5 95.2 23 376.1 66.1 13.2 296.8 146.5 11.2 24.3 95.8 19.0 379.5 51.5 22.0 306.0 162.7 17.9 16.4 84.4 24.5 413.3 59.3 24.1 329.8 159.7 20.1 17.8 86.0 36.2 414.3 37.9 58.8 317.6 166.3 18.1 12.7 98.4 22.2 333.4 24.0 11 12 13 14 15 16 17 18 19 20 21 64.3 34.6 9.8 -14.6 5.7 13.2 1.5 10.8 .3 -1.6 4.5 11.7 3.2 10.3 -1.4 .3 -2.2 1.0 .6 -1.4 -.1 1.3 29.2 2.9 15.7 7.5 -.8 58.8 5.8 20.5 4.8 1.3 11.9 .9 16.9 -2.4 -1.0 .2 95.2 23.1 18.3 7.4 4.3 16.4 1.1 19.8 -1.2 -1.1 6.9 71.1 7.2 22.5 111.1 23.7 15.2 27.8 3.6 18.3 1.0 16.6 -1.7 -.2 70.3 20.4 104.2 22.1 23.6 139.0 6.9 94.9 26.1 18.1 -2.8 8.0 21.0 1.1 20.2 -.7 -.9 4.8 22 405.5 219.8 301.7 399.4 490.8 487.2 474.4 483.6 518.5 23 24 25 26 27 67.5 59.2 1.3 3.0 4.0 41.2 25.6 .8 11.5 3.4 40.7 13.3 1.2 11.5 14.7 55.5 30.7 1.4 -2.9 26.4 86.8 59.0 1.5 3.3 23.1 94.4 51.1 4.1 17.7 21.6 82.9 65.1 -.3 -7.0 25.0 77.8 48.2 2.0 92.8 71.9 28 21.8 10.8 17.9 42.2 40.2 61.1 -.7 29 19.3 15.1 8.9 11.8 18.6 28.7 10.4 30 31 32 33 297.0 39.1 9.8 12.6 152.7 4.2 10.3 8.5 234.2 5.0 15.7 9.8 289.8 6.5 20.5 7.1 345.2 27.7 18.3 7.0 303.0 24.2 15.2 -4.2 381.8 32.3 18.1 29.9 34 35 36 37 38 119.6 107.9 1.2 9.6 .9 27.8 29.3 -.5 -1.3 .4 58.0 57.7 -.3 121.9 115.9 -1.0 6.7 .3 112.9 112.0 -2.1 126.0 117.0 1.4 7.6 .6 85.8 86.9 .6 -2.1 .3 39 40 41 42 43 115.8 44.2 35.3 3.5 5.4 101.8 52.1 36.0 10.8 5.4 145.7 71.5 52.5 13.0 6.0 170.0 85.2 65.7 12.1 7.3 170.3 78.3 60.3 9.5 8.5 162.1 154.8 79.8 79.3 56.5 14.1 44 45 46 47 48 63.6 25.5 14.9 16.3 6.9 50.8 18.8 13.8 11.6 6.6 66.0 26.6 12.5 13.4 13.4 72.1 29.4 15.5 12.8 14.4 76.5 33.9 12.4 16.0 14.2 69.3 33.6 8.9 13.8 13.0 71.0 31.5 12.0 10.0 17.4 35.0 12.4 49 50 51 52 53 54 8.1 8.6 -.4 -1.5 1.3 .1 -l.l 1.4 -4.8 -.4 .7 2.0 8.2 8.8 -3.8 -1.4 .6 4.0 12.6 18.1 -2.4 -1.4 -.1 -1.6 15.6 18.3 -1.0 -1.5 3.2 -3.3 13.0 25.2 -1.6 .3 4.6 12.9 -2.0 -.7 2.7 -8.4 22.4 16.8 -.9 -1.2 3.6 4.1 * .9 6.4 -2.4 -1.0 * * -3.4 .9 20.7 1.0 21.6 72.8 60.4 6.2 77.9 71.4 2.4 3.8 .4 2.9 62.4 9.8 7.6 8.7 1.1 -11.9 301.7 399.4 * 490.8 2 3 2.3 .8 .5 .9 2.5 1.2 .3 .2 .5 4 5 6 7 168.5 36.4 99.4 32.8 105.2 15.6 30.1 59.4 132.4 22.7 40.5 69.2 153.1 28.6 54.6 69.9 155.1 27.2 68.7 59.2 8 9 11.3 54.3 5.4 38.0 6.9 46.0 8.1 55.5 9.0 60.7 10 11 12 13 14 -5.1 66.7 .4 -24.5 72.3 3.6 7.8 -2.7 -10.6 33.7 13.2 21.5 8.0 -17.8 59.6 4.4 29.6 -.6 -17.0 51.5 -.1 59.2 3.6 -31.4 82.5 438.2 9.6 7.7 10.4 487.2 -3.9 23.9 9.8 90.5 -18.0 28 21.7 13.8 25.0 374.3 28.0 16.5 12.4 321.5 26.? 23.6 -10.4 326.5 32.2 17.5 -25.5 147.9 139.9 .3 7.2 100.7 107.9 110.1 -.3 -2.1 .3 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U.S. POSS. 34 35 36 37 38 181.4 71.7 61.1 PRIVATE NONBANK FINANCF SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 39 3.9 6.6 194.5 69.9 53.7 11.1 5.1 74.0 35.3 11.2 15.0 12.5 83.9 33.7 13.9 21.8 14.5 85.3 39.2 16.2 14.5 15.5 INSURANCE SECTOR LIFE INSURANCE COMPANIES ORIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. 44 45 46 47 48 9.5 25.8 32.5 -.5 -1.7 4.4 -8.7 39.3 27.3 ^.5 -1.9 19.0 -4.7 FINANCE N.E.C. FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS SECURITY BKRS. + DEALERS 49 50 51 52 53 54 483.6 518.5 472.4 65.6 12.2 8.2 -2.3 2.1 REST OF THE WORLD U.S. GOVERNMENT 29 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORTGAGE POOLS FEDERAL RESERVE SYSTEM 30 31 32 33 TOTAL FUNDS RAISED (FROM PRECEDING TABLE) OTHER LIABILITIES: 8.4 OFFICIAL FOREIGN EXCHANGE 1.1 TREASURY CURR. + SDR CTFS. -1.0 4.6 .4 107.3 -12.5 66.9 53.0 178.0 61.3 198.0 47.6 137.3 12.5 67.4 57.4 36.8 -47.6 24.9 59.5 50.1 8.2 51.7 8.9 63.9 9.2 58.7 9.7 68.3 9.5 62.1 -9.6 23.6 3.6 -18.1 59.4 -6.1 58.3 1.7 -29.0 100.1 20.1 56.1 -7.2 -32.7 43.7 16.6 53.3 7.6 -35.5 93.6 -31.1 69.1 12.2 -28.6 92.5 -8.1 52.3 17.6 -23.8 112.0 SECURITY CREDIT 10 TRADE DEBT 11 PROFIT TAXES PAYABLE 12 NONCORP. PROPRIETORS' EQUITY 13 MISCELLANEOUS 14 -39.8 INTFRBANK CLAIMS 142.1 20.8 -3.6 2.6 5.4 23.2 42.3 -7.5 17.5 6.2 76.7 398.0 577.8 689.7 853.2 740.1 771.4 821.3 891.0 929.8 17 18 19 -.3 11.0 7.9 -.1 2.3 -2.1 -1.0 .9 -3.5 1.5 1.6 -3.4 -1.7 -.5 -5.6 1.5 -3.7 -2.6 -1.6 .3 2.5 -.2 -7.7 -.7 -11.6 -6.6 .6 -3.4 20 21 22 -.2 -2.4 2.3 -.2 3.4 -.2 -.2 14.1 -.3 -.1 3.0 -.4 13.3 -.2 -1.0 15.3 -.1 -.8 27.5 -.9 26.6 -.1 3.2 -.2 * -4.3 748.0 394.8 567.7 687.5 727.9 748.5 801.0 900.2 943.6 DEPOSITS AT FINANCIAL INSTS. DEMAND DEP. + CURRENCY TIME DEPOSITS AT BANKS DEP. AT SAVINGS INSTIT. 4 5 6 7 LIFE INSURANCE RESERVES PENSION FUND RESERVES 8 9 700.6 TOTAL LIABILITIES ABOVE - FLOATS NOT INCL. IN ASSETS -1.4 DEMAND DEPOSITS-U.S. GOVT. -1.0 OTHER -5.4 TRADE CREDIT - LIABILITIES NOT ALLOCATED AS ASSETS .1 TREASURY CURRENCY .5 PROFIT TAXES PAYABLE 7.3 MISCELLANEOUS 700.6 TOTALS ALLOCATED TO SECTORS AS ASSETS (1) INCLUDES CORPORATE EQUITIES. 1 7 3 -1.7 .4 13.9 1/79 BASED ON INCOMPLETE 42 43 -1.0 .5 766.2 BILLIONS OF DOLLARS. 22 ASSETS 16 * 28.8 23 24 ?5 26 27 15 * 31.9 2.4 3.3 1.2 27.3 fl.l -1.3 FINANCIAL SECTORS SPONSORED CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS 472.4 TOTAL FUNDS ADVANCED IN CREDIT MARKETS BY: 138.8 PRIVATE DOM. NONFIN. SECTORS 96.4 HOUSEHOLDS NONFARM NONCORP. BUSINESS 18.0 CORPORATE BUSINESS 19.6 STATE + LOCAL GOVERNMENTS 175.5 76.0 TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL 219.8 2.9 1.7 15.9 1.2 30.0 -1.6 '1.2 472.4 TOTAL FUNDS RAISED IN CREDIT MARKETS BY: NONFINANCIAL SECTORS U.S. GOVERNMENT FOREIGN -3.4 PRIVATE DOMESTIC 312.8 161.9 HOUSEHOLDS 13.6 FARM BUSINESS 16.9 NONFARM NONCORP. BUS. 104.2 CORPORATE BUSINESS ST.+LOC. GOVERNMENTS 16.2 INFORMATION. 15 16 17 18 19 20 21 22 23 MAY lit 1979 SAVING BY INDIVIDUALS SAVING BY INDIVIDUALS AMOUNT AND COMPOSITION OF INDIVIDUALS' SAVING (1) UNADJUSTED NET FLOWS i% MILL.J UNADJUSTED NET FLOWS <$ MILL.) ! 1977 IV 1 1 INCREASE IN FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 SAVINGS ACCOUNTS 1978 I II III IV ! 1979 1 I 1969 BILLIONS OF DOLLARS 1971 1972 1970 1973 53.864 4.032 20.658 61.629 910 30.493 69.137 7.174 27.492 78.858 5.424 30.356 60.302 3.431 22.512 66.483 -6.229 28.035 64.2 -2.5 9.1 79.1 8.9 43.6 103.5 13.1 67.8 128.3 14.5 74.6 146.8 15.4 64.2 1 2 3 4 5 6 7 8 4 5 6 7 8 SECURITIES U.S. SAVINGS BONDS OTHER U.S. TREASURY SEC. U.S. GOVT. AGENCY SEC. STATE + LOCAL OBLIGATIONS 8.546 1.190 4.968 653 2.077 11.575 1.196 4.422 1.220 77 9.183 1.158 -3.707 1.407 4.768 13.674 829 5.424 4.814 2.489 10.044 746 -612 3.864 1.183 23.397 -139 9.574 2.486 -117 32.3 -.1 11.1 5.0 9.3 -3.0 .3 -11.3 4.6 -.9 -10.5 2.3 -10.5 -1.8 .1 -1.4 3.3 -.5 -3.5 2.3 25.6 2.7 12.1 2.0 5.3 9 10 11 12 CORPORATE • FOREIGN BONDS COMMERCIAL PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES '1.298 3.330 295 -2.669 -8 3.615 23 1.030 395 6.575 -297 -1.116 47 387 -539 223 -2.218 9.878 -237 -2.560 833 10.057 -257 960 5.4 5.3 4.9 -8.6 9.5 -3.8 2.8 -4.3 8.3 -3.8 1.3 -6.4 4.4 -1.7 -.5 -5.2 1.3 9 9.1 10 -1.2 11 -5.7 12 2.005 4.233 3.808 3.525 7.057 1.979 3.857 4.804 1.743 6.268 2.152 4.553 4.856 6.209 7.518 2.226 4.631 4.736 10.429 7.382 2.336 4.534 4.640 5.995 6.810 2.278 4.700 5.742 2.203 6.357 4.9 2.9 6.3 7.1 4.0 5.1 3.3 7.1 8.9 5.3 6.1 4.5 7.3 9.5 5.9 6.5 4.3 6.9 11.6 11.3 7.2 5.5 8.5 11.8 8.6 13 14 15 16 17 13 14 15 16 17 PRIVATE LIFE INSURANCE RES. PRIVATE INSURED PENSION RES, PRIVATE NONINSURED PEN. RES, GOVT. INSURANCE + PEN. RES. MISCELLANEOUS FINAN. ASSETS 18 GROSS INV. IN TANGIBLE ASSETS 19 NONFAUM HOMES 20 NONCORP. BUS. PLANT + EQUIP,. 21 CONSUMER DURABLES 22 INVENTORIES 86.983 22.693 12.315 50.367 1.608 73.815 22.678 10.831 40.665 -359 85,900 20.527 15.088 50.912 -6 27 87.156 22^563 15.461 49.856 -724 96.720 25.312 13.489 56.048 871 85.919 25.429 11.947 47.876 667 144.4 26.3 31.6 85.5 1.0 142.4 24.5 32.6 84.9 .4 167.9 32.4 35.6 97.1 2.7 195.4 40.7 41.5 111.2 1.9 218.6 45.2 45.0 123.7 4.6 18 19 20 21 22 23 CAPITAL CONSUMPTION ALLOWANCES5 24 NONFARM HOMES 25 NONCORP. BUS. PLANT + EQUIP . 26 CONSUMER DURABLES 53.254 7.461 12.457 33.336 54.460 7.703 12.729 34.028 55.867 7.931 13.232 34.704 57.390 8.180 13.806 35.404 58.809 8.411 14.315 36.083 60.105 8.654 14.674 36.777 95.0 12.1 21.3 61.7 103.6 12.8 23.2 67.5 110.6 13.7 24.9 72.0 118.1 14.7 25.7 77.6 131.1 17.1 29.3 84.8 23 24 25 26 27 NET INV. IN TANGIBLE ASSETS 28 NONFARM HOMES 29 NONCORP. BUS. PLANT + EQUIP, 30 CONSUMER DURABLES 31 INVENTORIES 33.729 15.232 -142 17.031 1.608 19.355 14.975 -1.898 6.637 -359 30.033 12.596 1.856 16.208 -627 29.766 14.383 1.655 14.452 -724 37.911 17.901 -826 19.965 871 25.814 16.775 -2.727 11.099 567 49.4 14.2 10.3 23.8 1.0 38.8 11.7 9.4 17.4 .4 57.3 18.8 10.8 25.1 2.7 77.3 26.0 15.8 33.6 1.9 87.4 28.2 15.7 39.0 4.6 27 28 29 30 31 32 NET INCREASE IN DEBT 33 MTG. DEBT ON NONFARM HOMES 34 NONCORP BUS. MORTGAGE DEBT 35 CONSUMER CREDIT 36 SECURITY CREDIT 37 POLICY LOANS 38 OTHER DEBT 48.450 25.243 4.504 11.058 282 424 6.939 30.548 22.669 3.205 3.293 191 392 798 61.002 26.246 6.160 17.898 2.098 701 7.899 58.714 26.353 7.367 14.648 2.086 642 7.618 51.454 28.423 4.485 14.094 -2.980 913 6.519 31.108 25.568 2.133 4.684 -845 900 -1.332 42.5 18.5 6.7 10.4 -3.4 2.6 7.7 34.0 14.1 8.5 5.9 -1.8 2.3 4.9 63.2 27.0 13.3 13.1 2.7 1.0 6.1 90.4 41.6 16.8 17.1 4.5 1.0 9.5 100.3 47.1 15.9 23.8 -4.3 2.2 15.6 32 33 34 35 36 37 38 39 INDIVIDUALS' 39.143 50.436 38.168 49.910 46.759 61.189 71.1 84.0 97.7 115.2 (1) SAVING (1+27-32) COMBINED STATEMENT FOR HOUSEHOLDS, FARM, AND NONFARM NONCORPORATE BUSINESS. 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 134.0 39 MAY 11, 1979 SAVING BY INDIVIDUALS SAVING BY INDIVIDUALS AMOUNT AND COMPOSITION OF IMDIVIDUALS 1 SAVING (1) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 1 2 3 244.9 19.1 93.6 166.4 5.2 84.8 199.8 13.8 108.1 4 5 6 51.7 5.2 10.0 21.9 4.0 13.7 5.3 4.7 -3.4 3.5 5.1 10 11 7.8 -1.6 -3.6 8.0 -3.2 -.1 2.1 -3.2 -1.0 -2.4 13 14 5.3 10.3 12.8 16 17 11.1 11.1 20.1 23.3 14.9 18 19 20 21 22 355.4 75.6 72.4 218.1 -10.7 23 24 262.3 34.8 60.1 167.4 27 28 29 30 31 93.1 40.7 12.2 50.8 -10.7 36 37 38 122.0 61.2 23.1 22.1 -2.7 5.0 13.4 215.9 23.3 50.8 42 43 1 I 1977 | IV 1 1978 I II III IV 1 ! 1979 I 269.9 16.9 110.9 227.6 6.9 88.0 238.4 20.9 92.1 286.2 22.2 112.8 294.0 19.6 142.8 262.1 5.1 95.7 44.5 3.9 5.5 11.3 8.5 47.2 5.0 20.1 1.9 12.6 38.4 4.6 13.5 11.0 .6 49.0 4.3 7.8 5.3 18.9 33.0 3.6 4.4 14.7 5.3 57.6 3.2 -3.6 14.3 9.2 84.3 -.8 33.4 16.3 -.2 SECURITIES U.S. SAVINGS BONDS OTHER U.S. TREASURY SFC. U.S. GOVT. AGENCY SEC. STATE + LOCAL OBLIGATIONS 8.4 -1.0 -4.1 -1.8 20.5 -1.1 -2.4 .2 8.2 .9 -1.7 -4.3 13.3 -.2 * -1.8 21.1 -.9 -5.7 .3 9.6 -1.9 -3.2 -1.4 37.9 -1.2 -.8 -1.0 38.0 -1.3 -.1 CORPORATE + FOREIGN BONDS COMMERCIAL PAPER INVESTMENT COMPANY SHAPES OTHER CORPORATE EQUITIES 9 10 11 12 6.7 15.3 12.8 18.1 19.7 7.9 14.9 21.0 19.8 24.6 8.7 17.6 19.0 24.4 28.0 8.0 16.9 17.0 16.5 26.9 7.9 15.4 18.5 18.1 27.1 8.6 18.2 19.8 26.2 29.4 8.9 18.5 17.3 23.2 30.5 9.3 18.1 20.5 30.0 25.7 9.1 18.8 22.2 21.5 27.9 PRIVATE LIFE INSURANCE RES. PRIVATE INSURED PENSION RES. PRIVATE NONINSURED PEN. RES. GOVT. INSURANCE + PEN. RES. MISCELLANEOUS FINAN. ASSFTS 13 14 15 16 17 215.0 43.0 39.7 132.6 -.3 254.1 57.5 43.0 156.6 -3.1 307.9 76.3 50.7 178.4 2.5 343.6 92.1 54.9 197.5 329.1 84.3 52.2 187.2 5.4 319.9 88.5 51.4 183.5 -3.6 342.3 90.0 54.6 197.8 56.1 199.5 -2.5 366.1 96.8 57.4 209.1 2.8 368.6 GROSS INV. IN TANGIBLE ASSETS 97.2 NONFARM HOMES 57.1 NONCORP. BUS. PLANT + EQUIP. 213.4 CONSUMER DURABLES .9 INVENTORIES 18 19 20 21 22 172.0 22.2 184.3 24.4 110.2 116.6 204.9 28.3 47.6 128.9 226.5 32.2 54.1 140.2 213.0 29.8 49.8 133.3 217.8 30.8 50.9 136.1 223.5 31.7 52.9 138.8 229.6 32.7 55.2 141.6 235.2 33.6 57.3 144.3 240.4 CAPITAL CONSUMPTION ALLOWANCES 34.6 NONFARM HOMES 58.7 NONCORP. BUS. PLANT + EQUIP. 147.1 CONSUMER DURABLES 23 24 25 26 43. 20. 69.7 33.2 -.4 40.1 -3.1 103.0 48.0 3.1 117.1 59.9 116.1 54.5 2.4 53.8 5.4 102.0 57.8 .4 118.8 58.2 1.7 116.6 130.9 63.1 .2 64.8 2.8 128.2 NET INV. IN TANGIBLE ASSETS 62.6 NONFARM HOMES -1.6 NONCORP. BUS. PLANT + EQUIP. 66.3 CONSUMER DURABLES .9 INVENTORIES 27 28 29 30 31 63.7 38.1 7.4 9.4 .8 1.6 6.5 115.1 61.3 10.8 23.6 4.7 1.4 13.4 172.4 93.0 19.0 35.0 3.1 1.7 20.6 201. 103. 180.0 100.8 21.9 36.2 1.1 1.7 18.2 183.3 94.5 192.8 NET INCREASE IN DEBT MTG. DEBT ON NONFARM HOMES 105.5 16.6 NONCORP BUS. MORTGAGE DEBT 49.8 CONSUMER CREDIT -3.4 SECURITY CREDIT 3.6 POLICY LOANS 20.7 OTHER DEBT 32 33 34 35 36 37 38 145.7 15.0 22.5 154.4 18.1 40.1 166.3 19.8 49.4 185.3 24.4 163.7 16.5 53.8 157.1 18.1 47.4 39 40 41 97.0 .8 * 93.1 .8 * 91.5 189.5 INDIVIDUALS' SAVING (1+27-32) 21.5 - GOVT. INSURANCE + PEN. RFS. 66.3 - NET INVESTMENT IN CONS. DUR. - CAPITAL GAINS DIVIDENDS .7 FROM INVESTMENT COMPANIES * - NET SAVING BY FARM CHRPS. 101.5 = PERSONAL SAVING, F/F BASTS 66.9 73.7 82.4 76.3 76.0 73.0 80.9 PERSONAL SAVING, NIA BASIS 45 30.1 19.4 9.1 32.5 33.2 31.7 20.6 DIFFERENCE 46 .6 -.2 141.5 235.7 20.4 108.3 4.7 -3.2 1. 2. 22. .2 .2 57.9 -2.5 211.3 102.6 19.4 220.3 104.2 23.6 48.5 8.3 2.6 33.1 52.8 -11.9 193.7 26.2 59.0 190.2 23.2 57.9 200.0 30.0 64.8 .4 * 108.8 .6 * 109.2 1.1 .1 104.7 .8 1.6 24.5 254.1 INCREASE IN FINANCIAL ASSETS -9.8 DEMAND DEPOSITS + CURRENCY 80.0 SAVINGS ACCOUNTS 1 2 3 42 43 44 108.0 45 122.4 46 19.1 83.6 24.4 (1) COMBINED STATEMENT FOR HOUSEHOLDS, AND NONFARM NONCORPORATE BUSINESS. BILLIONS OF DOLLARS. 1/79 BASED ON INCOMPLETE INFORMATION!. MAY 11, 1979 DISCREPANCIES 54 DISCREPANCIES DISCREPANCIES - SUMMARY FOR SECTORS AMD TRANSACTIONS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 977 1 IV | 1 1978 I II III IV |1 1979 I BILLIONS OF DOLLARS 1970 1971 1972 SECTOR DISCREPANCIES 1 TOTAL, ALL SECTORS HOUSEHOLDS 2 NONFIN. CORPORATE BUSINESS 3 STATE + LOCAL GOVERNMENTS 4 U. S. GOVERNMENT 5 FOREIGN 6 7 8 9 10 11 12 13 14 15 16 FINANCIAL SECTORS SPONSORED AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKS PRIVATE NONBANK FINANCE SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE OTHER INSURANCE FINANCE N.E.C. 15.838 -6.220 8.458 -12.044 -554 7.946 2.588 3.051 1.718 -1.032 3.477 -143 6.284 -6.684 -9.306 -10.914 4.819 3.638 3.232 -1.490 -437 -125 1.348 8.663 9.716 -12.135 5.591 -15.512 6.003 -2.511 2.767 2.243 2.603 -1.137 -1.065 2.412 3 .6 ,3 ,6 .0 4 4.4 -6.3 8.4 1.1 .2 -.3 -.2 -5.1 7.5 9.1 .4 -9.9 -4.3 -19.0 15.9 3.3 -2.2 .9 -11.6 14.2 2.1 1.6 -2.5 1.3 .1 -2.2 .1 -2.4 .1 -2.8 .2 -1.405 43 0 -1.675 494 119 0 -1.688 -322 45 0 -1.109 -2.443 ' 361 0 -2.423 -1.370 112 0 -1.282 ,4 .1 .2 -.4 - -1.3 - -1.2 -1.665 -282 -107 -299 -452 -525 227 -224 -100 -35 -309 895 2.063 -344 -111 812 3 75 1.331 742 -392 -68 42 426 734 -381 -298 -2 185 -54 -212 -200 -368 51 -146 208 55 .5 .3 .1 .0 .1 1.6 .3 .1 .7 -.9 1.5 -1.0 .4 -.2 .3 -1.1 -.4 -1.3 -.1 -.2 .1 -.7 -.3 -.4 .1 -.1 -.4 * -.1 11 12 13 14 15 16 9.716 -12.135 -39 22 10.3 .2 4.4 -.1 -.2 -4.3 -.2 .9 1 2 -436 -9.222 -.5 2.8 .1 1.9 -.2 2.0 .6 3.5 .3 -.6 3 4 -2.0 -.4 7.0 3.3 .4 -.8 .8 2.1 -1.8 -.2 1.7 -1.7 -4.6 -.1 -2.2 -1.4 2.9 .5 .4 -2.6 5 6 7 8 15.838 -40 -6.220 -13 6.284 12 -6.684 -1 722 12.803 -650 -9.277 266 3.213 -159 -6.800 5 6 7 8 10.137 -11.288 -1.935 1.559 -3.556 10.441 -2.293 3.008 -4.931 1.284 6.011 429 -3.264 13.881 -12.927 -1.707 -1.575 1.872 7.343 -10.541 4.834 -2.096 -3.252 3.722 -853 0 -332 -287 1.536 -1.444 0 1.694 110 789 1.265 0 195 -1.074 -1.710 2.881 0 -1.559 1.399 -531 '551 0 -652 -248 2.271 429 -2.096 -3.252 3.722 -1.059 220 -18 68 -124 62 11.066 -11.366 -1.328 174 -777 -3.000 -2.613 -2 -283 -366 -2.088 -1.207 44 -195 1.193 63 14.732 -11.588 10.137 -11.288 -4.931 -3.264 13.881 -12.927 MONFINANCIAL COMPONENTS: NIA DISCREPANCY (NEG.) PVT. WAGE ACCR. LESS DISB. FARM DISCREPANCY <NEG.) NONFARM NONCORP DISCREP. (NEG) TRADE DEBT (POSITIVE) 14 TOTAL NONFINANCIAL 15 16 17 18 19 2.652 0 2.105 1.402 -344 DISCREPANCY TRADE CREDIT ANALYSED, FIRST ESTIMATE + BANK LOAN DISCREPANCY + BALANCE ADJUSTMENT + SEASONAL TOTAL TRADE CREDIT, FINAL 1/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. -1.142 12.384 * — Q -2.6 10 DISCREPANCIES 1 TOTAL, ALL TYPES 2 TREASURY CURRENCY DEMAND DEPOSIT MAIL FLOATS: 3 U.S. GOVERNMENT 4 OTHER 9 10 11 12 13 7 8 -2.442 249 0 -1.026 TRANSACTION TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL * 1 2 3 4 5 6 * * 11 12 2.1 -2.1 .2 -1.7 -1.9 .1 15 16 17 18 MAY lit 1979 DISCREPANCIES DISCREPANCIES 55 DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 SEASONALLY ADJUSTED ANNUAL 1977 1978 SECTOR 1 2 3 4 5 6 -4.2 -24.4 11.9 7.3 -19.9 24.6 9.4 5.9 -28.2 20.1 1977 | IV 1 1978 I II III 19.8 -32.5 8.5 2.0 -.7 20.5 -9.1 19.2 5.9 9.2 7.8 -1.0 12.0 -1.1 35.7 3.1 7.4 -26.7 13.9 •19.4 24.4 -1.1 12.4 7.1 -7.4 -6.4 1.0 .3 -4.6 -5.5 -8.5 -7.3 4.5 3.7 .1 .5 -1.2 -1.4 -1.4 -1.6 -4.8 -6.8 -8.4 -3.7 -7.4 -6.5 .2 .3 .3 .4 .6 .6 .1 .7 .8 -7.2 -3.7 -3.1 -6,0 -6.9 -2.8 -8.9 11 12 13 14 15 16 4.0 -1.3 -4.0 2.7 -.7 -.2 .5 -5.1 -1.4 2.4 -.1 -.1 -.3 -2.7 -1.1 -1.0 -.1 -.8 -1.3 -.5 .4 -.3 1.0 .4 2.7 * TRANSACTION -1.3 -2.4 7.8 .8 6.3 * -.4 .6 -.2 .5 2.1 2.7 -.4 .5 1.0 4.5 -1.5 4.8 7.3 -.2 3 4 -.3 11.0 -.1 2.3 -1.0 .9 1.5 1.6 -1.7 -.5 .2 1.5 -2.6 -1.6 2.5 -.2 -.7 5 6 7 8 7.9 -2.4 2.3 -10.9 -2.1 -.2 3.4 -7.4 -3.5 -.2 14.1 -4.2 -3.4 -.1 3.0 -4.7 -5.6 -.4 13.3 -1.9 -3.7 -1.0 15.3 -4.8 .3 -.8 27.5 -2.2 -7.7 -.9 26.6 -.5 -11.6 -.1 3.2 -.4 * 5.9 -.2 -2.5 -.3 6.9 1.4 .2 .1 .4 1.4 -.1 2.4 .2 -1.0 STATE + LOCAL GOVERNMENTS U. S. GOVERNMENT FOREIGN FINANCIAL SECTORS SPONSORED AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKS PRIVATE NONBANK FINANCE SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE OTHER INSURANCE FINANCE N.E.C. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 DISCREPANCIES 1 2 -4.2 -1.6 - 1 . 6 TOTAL, ALL SECTORS HOUSEHOLDS -20.6 NONFIN. CORPORATE BUSINESS 11.7 .4 -3.0 -.4 .7 -18.2 -31.7 17.0 -1.5 7 8 9 10 * -9.6 -33.2 10.2 4.3 2.5 7.0 7.3 .6 5.1 * IV RATES 1979 I -4.3 -1.7 -2.1 .2 .2 1.4 2.3 1 | DISCREPANCIES -2.5 -30.1 26.7 7.9 2.5 8.5 3.3 8.9 ! | 3.1 * 7.4 -.2 20.5 -.1 -9.6 19.8 ** * - 1 . 6 1 OTAL, ALL TYPES TREASURY CURRENCY .1 -18.2 -.2 -6.6 .6 -1.4 -1.0 DEMAND DEPOSIT MAIL FLOATS: U.S. GOVERNMENT OTHER -3.4 -5.4 .5 7.3 -1.7 TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL * -4.3 -4.3 1.7 * * NONFINANCIAL COMPONENTS: NIA DISCREPANCY (NEG.) PVT. WAGE ACCR. LESS DISB. FARM DISCREPANCY (NEG.) NONFARM NONCORP DISCREP. (NEG) TRADE DEBT (POSITIVE) 1 2 3 4 5 6 7 8 9 10 11 12 13 11 12 13 .2 1.9 1.3 14 -10.9 -7.4 -4.2 -4.7 -1.9 -4.8 -2.2 -.5 -.4 -4.3 -1.7 TOTAL NONFINANCIAL DISCREPANCY 14 15 16 17 -.5 .3 .1 -1.7 -.5 - -4.1 .6 * -3.4 * * -5.8 .2 * -4.2 .3 .2 .9 -.1 -.5 -5.3 .7 -3.1 -10.5 * -1.1 -8.4 .2 4.8 TRADE CREDIT ANALYSED, -4.8 FIRST ESTIMATE -.8 + BANK LOAN DISCREPANCY .3 + BALANCE ADJUSTMENT 18 8 19 7.9 -5.6 -3.7 . 0 -2.1 BILLIONS OF DOLLARS. - -3.5 -3.4 - _ 1/79 BASED ON INCOMPLETE INFORMATION. _ _ .3 _ -7.7 _ -11.6 _ -3.4 + SEASONAL -5.4 = TOTAL TRADE CREDIT, FINAL 15 16 17 18 19 MAY 9, 1979 MONEY STOCK RELATIONSHIP MONEY STOCK RELATIONSHIP RELATION OF F/F MONEY STOCK DATA TO DAILY AVERAGE SERIES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 SEASONALLY ADJUSTED ANNUAL RATES 1977 ! 1977 | 1 IV I 1978 I II IV III I 1 1979 I I. TOTAL MONEY STOCK 1 2 3 23.8 20.3 3.5 12.8 11.7 1.1 19.7 18.1 1.7 27.7 24.6 3.0 22.1 22.7 -.6 31.8 22.3 9.5 5.9 17.9 -12.0 33.9 37.4 -3.5 34.9 34.3 .6 13.7 1.3 12.5 4 5 6 7 3.5 .4 10.9 -7.8 1.1 -1.0 1.8 .3 1.7 .8 .5 .4 3.0 -.7 3.1 .6 -.6 .1 -1.3 .6 2.4 -5.3 18.1 •10.4 -3.0 1.2 -10.4 6.1 -.9 -1.7 3.2 -2.3 .2 3.4 -10.0 6.8 3.1 -2.8 15.9 -10.0 NET CHANGES, S.A. ANNUAL RATE: -20.2 F/F DEMAND DEP. + CURRENCY -9.9 DAILY AVERAGE (DAMS1 -10.3 TOTAL DIFFERENCE -2.6 TOTAL OIFF. AT QUARTERLY RATE NA ARISING FROM—DATA OIFF. NA TIMING DIFF. 5.2 SEASONALS II. DEMAND DEPOSITS 1 NET CHANGE, S.A. QTRLY RATE: F/F DAMS DIFFERENCE 2 3 13.1 9.6 3.5 6.6 5.7 .9 12.4 11.1 1.4 19.4 16.7 2.7 12.9 14.0 -1.1 6.6 3.3 3.3 -1.3 2.4 -3.7 6.2 7.5 -1.3 6.1 5.9 .2 1.9 -1.9 3.8 -7.0 -4.4 -2.6 4 5 6 11.3 .4 10.9 .7 -1.0 1.7 1.0 .8 .2 2.1 -.7 2.8 -1.5 .1 -1.6 13.4 -5.3 18.6 -10.2 1.2 -11.4 .7 -1.7 2.5 -5.8 3.4 -9.1 13.7 -2.8 16.5 -8.4 DIFFERENCE IN UNADJUSTED NA DATA DIFFERENCE NA TIMING DIFFERENCE 7 8 -7.8 .7 .2 .2 .4 .4 .6 .6 .5 .4 •10.0 1.5 -11.9 .4 6.5 -1.7 9.1 -.8 -2.0 .1 -2.7 .6 5.9 .2 5.8 -9.9 1.9 -12.1 .3 * 5.8 DIFFERENCE IN SEASONALS -2.2 FLOWS VS. LEVELS 9.0 ONE-DAY VS. DAILY AVERAGE -1.0 SEASONAL BALANCE ADJUSTMENT 1 2 3 4 5 6 7 8 9 10 III. CURRENCY 10.7 10.7 6.2 5.9 .3 1.5 2.2 -.7 8.3 7.9 .2 .1 BILLIONS OF DOLLARS. .1 .1 .1 .1 -.4 .1 -.5 -.3 -.4 .1 -.1 -.6 .6 -.1 .3 -.4 * -.6 -.6 .1 -.1 1/79 BASED ON INCOMPLETE INFORMATION. MONEY STOCK REIATIONSHIP LINE 1 Line 1 of page 15. Daily averages in this table are increments in month averages from last month of preceding quarter to last month of this quarter. Lines 5 + 6 + 7. > Part II, line 5. Part II, line 6 + Part III, line 4. Part II, line 7 + Part III, line 5. "Seasonal" here means dollar excess of seasonally adjusted flow over unadjusted flow. Lines 14 + 18 + 19 of page 15 at quarterly rates. Differences between money-stock concept of demand deposits derived from last preceding all-bank total (either last Wednesday of quarter of Call Report) and figure for that one day, e.g., March 29, 1972, derived from data going into daily-average statistics. Quarterly increments in this difference. Difference between figure derived from daily-average data and average for last month of quarter. Quarterly increments in this difference. Lines 8+9+10-11. Difference in adjustment method: seasonal in daily-average series (month average) adjusted as flows less seasonal in published daily-average series. Seasonal in F/F demand deposit (based on net change from last day of one quarter to last day of next) less seasonal in daily-average adjusted as flows. Adjustment to seasonal needed as part of the balancing of all seasonally adjusted sources and uses of funds in the flowof-funds matrix. Ill 4 No statistical difference between the two series. In unadjusted data, only difference is between one-day figure for end-ofquarter and three-week average. Correspond to lines 7 through 11 to Part II. 2.0 2.0 * NET CHANGE, S.A. QTRLY RATE: F/F DAMS DIFFERENCE 1 2 3 TIMING DIFFERENCE 4 DIFFERENCE IN SEASONALS FLOWS VS. LEVELS ONE-DAY VS. DAILY AVG. SEASONAL BALANCE ADJ. 5 6 7 8
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