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FLOW OF FUNDS ACCOUNTS 1ST QUARTER 1978 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, 1978 In addition to preliminary estimates for the first quarter these tables include substantial revisions from the February publication for the four quarters of 1977. The most important of these revisions are for nonfinancial corporations, and in using the tables it is important for the reader to be aware of the relation of the new 1977 figures to 1976 and earlier years, which are still unchanged from the August 1977 edition of the tables. At present the 1977 numbers for nonfinancial corporations are not statistically consistent with those shown for earlier years, and as a result they can be used only with caution in time series with the past. Nonfinancial corporation revision. When the Securities and Exchange Commission last year discontinued tabulation of corporate business current assets and liabilities the operation was transferred to the Federal Trade Commission and has subsequently been altered substantially in form and in use of basic data. The new version will be published soon, and this is not the place to describe it in detail. Broadly, however, the new version incorporates directly the FTCfs Quarterly Financial Report for manufacturing, mining, and trade and in addition uses for regulated industries a wider combination of annual benchmarks and quarterly indicators than had been in the earlier version. These changes in procedure produce a tabulation that is statistically different in nature from the SEC!s publication and not directly comparable. The new series begins with December 1974, which is the first date covered by the FTC's QFR for mining and trade, and at the moment therefore covers only three years. Publication of the new working capital data will include revisions of the older version for 1972-74 to reflect tax statistics benchmarks for those years. In the future, therefore, quarterly history on corporate working capital will consist of one tabulation by SEC for 1947 to 1961 benchmarked on tax returns, a redefined SEC tabulation for 1962 to 1974, also based on tax returns, and beginning 1974 an FTC tabulation based on QFR and regulatory commission data for some industries and tax statistics for the rest. The present set of flow of funds tables include the new numbers only for 1977, and for earlier years reflects the SEC estimates as benchmarked on 1971 tax returns, that is, before the 1972-74 taxbased revisions. The revisions for 1972-76 will be brought into these tables at the time of the regular annual revision later this year, and until then 1977 is not statistically comparable with earlier years. - i - The use of the numbers even for 1977 is tentative, it should be noted, because seasonality of the new version is not clear yet and because the content of the several components of working capital are not yet adequately tested. Hence further changes can also be expected for 1977. The new figures do indicate fairly clearly, however, that both current assets and current liabilities were rising less rapidly last year (and in 1976 as well, although that is not yet in the tables) than in earlier estimates. The downward revision is relatively greater in liquid assets than in liabilities, and it now appears that the ratio of liquid assets to short-term debt fell somewhat over 1977 after holding for two years at what were probably high levels. Tentatively, the year-end liquidity ratios come out (in per cent) as: 1974 1975 1976 1977 34.2 39.6 40.6 37.9 which is a higher level than earlier but with a different movement for 1977. It is unfortunate that only a short and preliminary view of the revision can be presented now. Circumstances require considerable further work before a more complete presentation is possible, however. Other 1977 revisions. For nonfinancial corporations the figures also reflect an upward revision in private placements of bonds recently published by SEC and a downward revision in net stock issues based on larger estimates of cash payments in corporate acquisitions last year. For banks the tables incorporate Call Reports for September 30 and December 31, 1977, with a number of resulting differences with the monthly series on bank credit and monetary aggregates. There is also a revision in the forms of mortgage lending by savings and loan associations that increases the second-half volume of net borrowing by households. First quarter, 1978. 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 first 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 be 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 - ii - 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. 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. "Available11 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 of estimates. 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. 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 assets and liability positions were published in December 1977 in Flow of Funds Accounts, Assets and Liabilities Outstanding, 1965-76. Quarterly history is available in either computer data tape form for the complete set or in specific printings of selected tables. Requests and inquiries about the data, historical tabulations and computer tapes of the data should be addressed to: Flow of Funds Section Room B-3125 Board of Governors of the Federal Reserve System 20th and Constitution Ave. Washington, D. C. 20551 (202) 452-3482. - iii - 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 - iv - See FINANCIAL-Rest of the world (U.S. International Transactions) Available Major items missing Preceding quarter, two months of current quarter for capital movements Capital movements for last month of quarter, direct investment flows Monthly Treasury Statement of Receipts and Outlays for last month of quarter, Federal Financing Bank statement Loans outstanding except at Federal Financing Bank 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 Mortgage pools Complete None Monetary authorities Complete None Banking Banking and monetary estimates through last month of quarter two months for foreign agencies Recent all-bank totals, last month for foreign agencies Savings and loan associations Last month of quarter on summary monthly basis Detailed listing of cash and investments. Mutual savings banks Two months of quarter Last month of quarter Credit unions Deposit flows and consumer credit Other assets U.S. Government Sponsored credit agencies v - 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 - vi - MAY 1 5 , 1 9 7 8 INCOME AND PRODUCT DISTRIBUTION INCOME AND PRODUCT DISTRIBUTION INCOME AND PRODUCT ACCOUNTS: GNP EXPENDITURES AND GROSS SAVING SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES 1976 1977 1976 1 IV 1 1977 I 11 I IV I I I 1978 1 I 1 1306.6 1412.9 1528.8 1706.5 1889.6 1755.4 1810.8 1869.9 1915.9 1961.8 1992.9 TOTAL 2 3 4 5 6 1079.4 809.9 123.7 167.3 102.2 1192;3 889.6 122.0 191.5 111.1 1319.3 980.4 132.9 215.6 123.3 1455.3 1094.0 158.9 231.2 130.1 1606.2 1211.2 179.8 249.6 145.4 1509.0 1139.0 166.3 235.8 134.2 1547.2 1172.4 177.0 238.5 136.3 1584.6 1194.0 178.6 247.0 143.6 1619.8 1218.9 177.6 252.9 148.1 1673.3 1259.5 186.0 260.0 153.8 1701.1 1284.0 184.0 264.1 153.1 CURRENT OUTLAYS HOUSEHOLDS O F W H I C H CONSUMER DURABLES S T A T E • LOCAL GOVERNMENT U . S . GOVERNMENT 2 3 4 5 6 GROSS D O M E S T I C 7 7 220.0 214.6 189.1 243.3 294.2 243.4 271.8 294.9 303.6 306.7 314.4 8 9 10 11 12 13 202.1 66.1 205.7 55.1 200.6 51.5 230.0 68.0 276.1 91.0 244.3 76.7 258.0 81.0 273.2 90.8 280.0 92.5 293.2 99.7 4.4 3.2 2.4 3.1 4.2 2.9 3.8 3.9 4.3 4.9 37.6 37.8 33.7 33.3 39.7 36.9 56.0 52.0 74.1 69.0 63.2 58.4 65.6 60.6 73.6 66.8 75.5 72.7 81.6 75.7 .6 1.2 .9 1.0 1.1 1.1 1.1 1.2 1.1 1.0 297.9 100.2 5.0 81.5 80.3 1.1 14 15 16 -.9 - . 4 -.4 -.8 -.4 -.4 1.9 .9 .9 3.0 1.5 1.5 4.0 2.0 2.0 3.7 1.9 1.9 3.9 2.0 2.0 5.5 2.8 2.8 1.7 .9 .9 4.9 2.5 2.5 17 18 19 20 21 24.2 18.2 11.5 13.3 12.7 13.1 5.0 .2 8.9 2.5 4.9 1.0 .5 10.6 6.4 8.9 2.6 .4 9.4 3.7 3.7 1.0 1.0 12.7 3.0 2.5 7.8 2.5 - . 1 2.2 6.1 2.1 .2 2.2 7.3 1.7 .3 2.4 8.4 2.6 2.7 7.6 2.8 - . 4 2.8 7.9 2.8 -.3 22 23 24 25 26 27 136.0 150.6 149.1 161.9 185.1 167.6 177.0 182.4 187.5 193.5 5.2 9.0 5.4 5.5 5.4 4.7 5.3 5.1 4.8 4.6 4.4 10.6 15.3 11.6 15.6 12.7 15.7 13.9 14.0 12.5 15.9 14.2 14.1 14.2 13.8 13.4 14.4 13.9 13.7 15.9 14.8 4.8 6.3 9.0 102.2 113.0 107.4 120.1 146.1 17.9 8.9 -11.5 3.2 -1.8 10.8 -2.2 12.9 -15.1 -3.0 -12.1 13.3 -1.6 14.9 28 29 30 31 32 13.3 33 34 35 7.1 6.0 101.6 94.4 137.9 131.9 20.4 147.3 126.9 36 901.7 984.6 1084.4 14.7 1.3 3.6 8.0 6.3 * 6.4 6.7 7.0 136.6 143.1 149.9 154.8 18.2 - . 9 13.8 21.7 23.6 13.5 1.0 -2.3 -.3 -.7 .5 17.1 14.1 -4.8 18.9 22.4 23.1 5.1 -.3 17.2 23.4 4.5 9.0 -.3 9.4 16.5 1.0 15.5 -.9 16.4 3.0 5.2 1.2 - . 1 13.8 17.2 7.8 162.9 155.1 -10.9 174.7 185.6 168.5 165.6 -8.2 170.4 178.6 -9.7 178.1 187.7 -7.5 179.9 187.4 -18.2 170.6 188.8 -22.6 178.3 200.8 1185.8 1309.2 1222.6 56.3 1252.4 51.4 1292.5 68.5 1323.8 73.3 1368.3 76.1 4.6 4.1 5.3 5.5 5.6 1400.5 82.6 5.9 -55.9 26.5 -38.8 27.3 -40.3 25.5 -58.9 32.9 -60.0 31.1 -60.6 34.4 67.3 5.1 15.8 .7 6.8 16.2 92.0 126.9 .2 9.6 14.4 102.7 123.5 .6 6.1 15.0 101.7 156.9 .6 8.1 18.2 129.9 171.7 .6 9.3 20.7 141.2 154.8 .5 7.7 18.4 128.2 161.7 .6 10.1 19.2 131.8 174.0 .6 10.7 19.9 142.8 172.8 .5 9.6 21.2 141.5 178.3 .7 6.7 22.3 148.6 48.7 .3 9.1 39.4 52.4 .2 9.7 42.5 50.2 .3 9.4 40.5 64.7 .3 11.1 53.4 69.2 .3 12.2 56.7 63.9 .2 11.2 52.5 64.4 .3 11.6 52.5 69.7 .3 12.0 57.4 69.3 .3 12.4 56.6 73.3 .3 12.9 60.1 27.8 .1 3.2 .7 23.8 31.0 .1 4.8 .1 25.9 32.4 .2 3.0 .4 28.3 35.8 .2 4.0 -.6 32.2 41.2 .2 3.7 -.7 38.0 38.4 .2 2.9 -.5 35.8 36.5 .2 3.9 -.7 35.0 40.3 .2 3.7 -.7 37.0 42.3 .2 3.6 - . 7 39.2 43.6 .2 3.4 r:.8 40.9 6.1 8.3 44.3 4.6 34.3 5.3 32.3 60 61 62 63 1.9 -2.9 .1 1.8 .1 -3.0 64 65 66 67 68 69 70 71 72 117.7 17.1 3.1 7.8 17.8 71.9 3.2 .6 68.1 73 74 84.8 202.4 * 7.7 9.2 44.3 46.5 39.9 -12.2 -.2 -.2 -11.9 -14.7 -17.2 -15.6 .1 -.2 -.2 -14.6 -17.0 -14.8 .1 -.1 -14.8 -.2 -15.5 -.2 -15.7 -.3 -17.6 137.7 19.8 3.7 9.2 20.4 84.6 3.8 .7 80.0 162.5 179.0 24.8 197.0 27.2 4.2 4.3 4.9 12.2 26.0 111.8 13.3 29.6 121.9 4.4 1.0 4.8 .9 5.4 1.2 96.3 106.0 115.4 189.0 26.3 4.6 12.8 27.6 117.6 5.1 1.1 111.4 193.3 26.9 4.8 10.9 23.6 101.7 184.5 25.7 4.4 12.6 26.6 115.2 5.0 1.0 109.3 29.0 119.4 5.3 1.1 113.0 199.8 27.5 5.0 13.5 30.1 123.7 5.5 1.2 117.0 -.3 -19.0 205.9 28.1 5.2 13.9 31.7 127.0 5.7 1.2 120.1 95.0 232.7 110.3 272.8 116.6 295.7 132.7 329.7 121.5 306.0 126.0 315.0 130.4 323.7 134.9 334.8 139.3 345.3 41.3 14.6 39.9 15.2 40.0 14.8 40.1 14.6 41.1 14.6 * 22.2 * 75 2.6 5.8 5.9 5.5 -.2 76 77 42.1 14.3 41.3 14.7 40.6 13.5 41.3 14.2 40.3 14.8 BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE INFORMATION. 0 9 10 11 12 13 14 15 16 N O N R E S . PLANT • EQUIPMENT NONPROFIT I N S T . (HH) FARM NUNFARM N O N C O R P . B U S . F I N A N C I A L CORPORATIONS N O N F I N . CORP. BUSINESS INVENTORIES FARM NONFARM NONCORPORATE CORPORATE 22 23 24 25 26 27 28 29 30 31 32 NET EXPORTS EXPORTS IMPORTS 33 34 35 D I S P O S A B L E PERSONAL I N C O M E PERSONAL S A V I N G S A V I N G RATE (PER C E N T ) 36 37 36 F E D E R A L GOVERNMENT SURPLUS S T . + L O C . GOVERNMENT S U R P L U S 39 40 CORPORATE PROFITS, TAXES + DIVIDENDS? 170.5 PROFITS - TOTAL .6 FARMS 11.6 FOREIGN 23.4 FINANCIAL CORPORATIONS 134.8 NONFIN. CORPORATE BUSINESS 41 42 43 44 45 66.2 .4 13.4 52.4 TAX ACCRUALS - TOTAL FARMS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 46 47 48 49 43.8 .2 3.8 -.8 40.7 DIVIDENDS - TOTAL FARMS NET FOREIGN FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 50 51 52 53 54 40.8 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 2 1 0 . 8 TOTAL CAPITAL CONSUMPTION 28.8 OWNER-OCCUPIED HOMES (HH) 5.4 NONPROFIT INSTITUTIONS (HH) 14.4 FARM NONCORPORATE 32.3 NONFARM NONCORP. BUSINESS 130.1 TOTAL CORPORATE 5.9 FINANCIAL BUSINESS 1.3 CORPORATE FARMS 122.9 NONFIN. CORPORATE BUSINESS MEMO: CAP. CONS. ON CONSUMER 143.8 DURABLES NOT INCLUDED ABOVE 3 5 4 . 6 TOT. CAP. CONS. 1NCL. DURABLES 64 65 66 67 68 69 70 71 72 -20. 13.1 INVESTMENT 17 MULTI-FAMILY UNITS 18 HOUSEHOLDS U) 19 NONCORPORATE B U S I N E S S N O N F I N . CORP. BUSINESS 2 0 21 REITS 197.7 4.2 14.0 13.4 6.6 159.5 8.1 1 P R I V A T E F I X E D INVESTMENT R E S I D E N T I A L CONSTRUCTION M O B I L E HOMES 1 - 4 F A M I L Y STRUCTURES HOUSEHOLD P U R C H A S E S FARM CHANGE I N WORK I N PROCESS ON NONFARM NONCORPORATE CORPORATE 13.7 3.1 8.2 2.5 - . 1 125.8 -54.0 18.4 6.4 28.8 * * 1.4 - . 1 1.5 80.2 7.4 58 59 .1 GNP -.1 -.4 -20.1 73 74 - 3 . 0 STATISTICAL DISCREPANCY 75 3 8 . 8 PROFIT TAX RATE ( * ) 1 4 . 4 PERSONAL TAX RATE ( * ) 76 77 (1) Purchases of condominium u n i t s . MAY 15, 1978 FUNDS RAISED IN CREDIT MARKETS 2 FUNDS RAISED IN CREDIT MARKETS SUMMARY OF FUNDS RAISED IN CREDIT MARKETS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1976 | IV | 1977 II III I I BILLIONS OF DOLLARS 1969 1970 1971 1978 I CREDIT MARKET FUNDS RAISED BY NONFINANCIAL SECTORS TOTAL FUNDS RAISED B Y N O N F I N A N C I A L -SECTORS EXCLUDING E Q U I T I E S 1 2 3 U . S . GOVERNMENT 4 TREASURY I S S U E S AGENCY I S S U E S • 5 MORTGAGES A L L OTHER N O N F I N A N C I A L CORPORATE E Q U I T I E S DEBT INSTRUMENTS 6 7 8 SECTORS PRIVATE DOMESTIC N O N F I N A N C I A L SECTORS CORPORATE E Q U I T I E S DEBT INSTRUMENTS 9 10 11 81.227 79.190 63.783 62.754 77.732 77.186 95.157 93.755 103.825 102.675 71.297 71.414 98.4 98.4 93.7 89.8 100.6 94.9 153.5 142.1 177.8 167.2 1 2 17.430 17.849 -419 17.626 17.813 -187 -1.145 -1.037 -108 19.606 20.129 -523 20.676 20.744 -68 20.791 21.139 -348 13.6 10.5 3.1 -3.7 -1.3 -2.4 11.9 12.9 -1.0 24.9 26.0 -1.1 15.1 14.3 .8 3 4 5 63.797 2.037 61.760 46.157 1.029 45.128 78.877 546 78.331 75.551 1.402 74.149 83.149 1.150 81.999 50.506 -117 84.8 97.3 88.8 3.9 5.8 50.623 84.8 93.5 83.0 128.6 11.5 117.2 162.7 10.5 152.2 6 7 8 55.717 2.038 53.679 46.009 840 45.169 76.011 432 75.579 70.923 1.105 69.818 79.546 1.350 78.196 48.481 -417 48.898 82.0 93.6 86.0 3.4 5.7 82.1 90.2 80.3 123.5 11.4 112.0 158.7 9 1 0 . 9 10 1 4 7 . 8 11 52.5 60.2 11.2 19.8 29.2 14.4 86.8 17.4 18.8 50.5 28.6 * - . 2 12 13 14 15 16 17 18 19 DEBT C A P I T A L INSTRUMENTS ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY RESID. COMMERCIAL FARM 31.830 3.141 5.706 22.983 17.447 354 3.593 1.589 30.473 2.665 5.061 22.747 16.784 819 3.020 2.124 49.103 11.096 3.149 34.858 24.962 1.825 5.334 2.737 51.165 8.759 5.526 36.880 27.598 1.883 5.226 2.173 48.836 5.190 7.241 36.407 25.592 2.328 6.687 1.800 34.600 3.803 4.072 26.725 18.140 1.876 4.300 2.409 51.8 20 21 22 23 24 OTHER D E B T I N S T R U M E N T S CONSUMER C R E D I T BANK LOANS N . E . C . O P E N - M A R K E T PAPER OTHER 21.849 8.435 6.971 1.930 4.513 14.696 1.905 5.638 1.099 6.054 26.476 11.507 10.920 1.409 2.640 18.653 10.579 4.845 -195 3.424 29.358 11.058 9.633 1.288 7.379 14.298 2.386 5.020 1.937 4.955 BORROWING S E C T O R : S T . + L O C . GOVERNMENTS HOUSEHOLDS 55.717 3.185 29.370 46.009 2.437 21.276 76.011 8.042 36.991 70.923 9.196 39.058 79.546 4.750 40.782 48.481 3.691 20.470 NONFINANCIAL BUSINESS FARM NONFARM N O N C O R P O R A T E CORPORATE DEBT INSTRUMENTS EQUITIES 23.162 1.728 2.635 18.799 16.761 2.038 22.296 3.759 1.563 16.974 16.134 840 30.978 5.748 3.270 21.960 21.528 432 22.669 3.767 1.941 16.961 15.856 1.105 34.014 1.428 5.105 27.481 26.131 1.350 8.080 -1 8.081 2.171 3.769 1.296 845 148 189 -41 503 -1.986 432 1.010 2.866 114 2.752 L.670 154 376 552 4.628 297 4.331 1.858 1.078 479 916 3.603 -200 3.803 931 1.818 567 487 2.975 -6.686 -5.221 92.182 110.511 16.631 27.362 76.518 26.012 BY 25 26 27 28 29 30 31 32 33 FOREIGN CORPORATE E Q U I T I E S DEBT INSTRUMENTS BONDS BANK L O A N S N . E . C . O P E N - M A R K E T PAPER U . S . GOVERNMENT L O A N S 34 35 36 37 38 39 40 4 1 MEMO: U . S . GOVT. CASH BALANCE -4.357 -2.754 7.404 TOTALS NET OF CHANGES IN U . S . GOVT. CASH BALANCES— 42 TOTAL FUNDS RAISED 85.584 66.537 70.328 43 BY U . S . GOVERNMENT 21.787 20.380 -8.549 9.5 9.9 12.9 29.4 17.3 12.0 30.6 18.1 3.4 6.6 2.2 4.9 5.7 1.8 6.9 7.1 .8 9.7 9.8 2.4 30.3 10.0 13.8 37.8 10.4 15.7 20.1 25.3 13.1 1.5 5.0 1.8 9.9 5.9 6.8 2.6 4.8 82.0 32.4 93.6 10.7 34.4 86.0 11.3 24.9 123.5 17.7 45.2 24.320 3.171 1.430 19.719 20.136 -417 39.8 48.6 49.8 60.6 2.8 5.2 3.0 7.3 2.3 6.8 31.8 32.0 38.2 34.8 40.7 35.0 - . 2 3.4 5.7 2.025 2.8 .2 2.7 1.1 -.5 -.2 2.2 3.7 .5 3.2 1.0 -.2 .3 2.1 2.7 .1 2.7 .9 -.3 .8 1.3 99.6 14.8 93.2 -4.1 97.9 9.1 150.4 21.7 9.5 9.1 .7 -.3 9.8 8.2 1.6 5.9 1.1 4.8 25.6 5.9 4.8 .8 .2 1.3 1.1 2.7 .7 - . 1 12.9 300 1.725 1.494 36 -412 607 9.8 8.1 -.4 4.4 4.5 11.6 44.5 33.0 11.4 5.2 * 5.2 .9 2.1 .3 1.8 102.3 14.7 12.2 75.4 42.6 12.7 16.5 3.6 12 13 14 15 16 17 18 19 45.5 18.9 18.9 .8 6.9 20 21 22 23 24 1 5 8 . 7 25 1 4 . 5 26 6 6 . 6 27 77.6 5.8 14.1 57.7 46.8 10.9 28 29 30 31 32 33 4.0 -.4 4.4 1.0 2.9 -1.0 1.5 34 35 36 37 38 39 40 1 7 8 . 1 42 1 5 . 4 43 CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS TOTAL FUNDS RAISED BY FINANCIAL SECTORS 9.732 12.150 17.579 13.282 21.473 19.606 2 3 4 5 U.S. GOVT. RELATED SPONSORED CR. AG. SEC. MORTGAGE POOL SECURITIES LOANS FROM U . S . GOVERNMENT 5.758 1.235 4.841 -318 5.366 5.661 -1.172 5.839 2.553 3.286 7.270 1.351 5.919 7.797 2.175 5.622 7.556 4.288 3.268 6 7 PRIVATE FINANCIAL SECTORS CORPORATE EQUITIES 3.974 6.784 1 8 9 10 11 12 13 DEBT INSTRUMENTS CORPORATE BONDS MORTGAGES BANK LOANS N . E . C . OPEN-MARKET PAPER • RP»S LOANS FROM FHLB'S 14 TOTAL, BY SECTOR 15 SPONSORED CREDIT AGENCIES 16 MORTGAGE POOLS 17 18 19 20 21 22 23 24 25 PRIVATE FINANCIAL SECTORS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNOS 0 0 0 0 4.0 3.2 .5 .2 11.740 -336 6.012 -365 13.676 12.050 13.2 571 816 6.5 6.3 6.377 1.675 13.105 2.486 11.234 2.428 628 234 178 514 2.503 1.337 1.511 5.811 3.119 -2.172 9.359 1.105 6.6 .4 .4 1.5 3.4 .9 19.3 -1.356 7.137 -1.400 12.076 3.167 1.775 -539 6.418 1.255 4.841 12.150 -295 5.661 17.579 2.553 3.286 13.282 1.351 5.919 21.473 2.175 5.622 19.606 4.288 3.268 3.974 -395 6.784 5.925 11.740 2.011 6.012 2.865 13.676 106 565 385 965 220 12.050 5.355 -35 77 238 -306 4.236 2.800 5.149 238 238 238 238 238 4.311 -861 1.483 -723 1.483 -439 -5 66 1.209 -692 -790 7.119 -594 499 140 6.344 -657 -663 -334 179 400 1.997 877 955 235 3.019 1.339 6.549 1.632 338 471 536 1.071 -200 9.732 917 -3 889 2.002 525 ~ 8.4 3.5 4.9 2 3 4 9.5 3.5 19.9 2.8 6 7 17.1 5.1 1.7 5.9 4.4 * 8 9 10 11 12 13 -3.5 6.0 3.8 2.1 1.9 .9 4.0 1.3 -2.7 17.2 35.1 15.7 15.4 3.5 .5 8.8 .7 8.2 1.6 1.1 4.8 13.2 25.6 5.9 .8 -2.0 -1.9 1.1 .2 3.9 1.2 5.9 2.4 4.3 4.1 .5 7.8 1.5 4.9 1.8 .4 2.6 2.2 2.8 9.5 2.4 -.4 - . 1 .6 2.7 2.9 1.3 - - - - - 5 ~ 2 8 . 3 14 3 . 5 15 4 . 9 16 19.9 4.8 .7 2.0 .5 6.2 6.3 -.5 - 17 18 19 20 21 22 23 24 25 206.1 TOTAL CREDIT MARKET FUNDS RAISED, ALL SECTORS, BY TYPE 1 TOTAL FUNDS RAISED 2 INVESTMENT COMPANY SHARES 3 OTHER CORPORATE EQUITIES 90.959 499 -5 2.493 1.269 4 5 6 7 8 DEBT INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE • LOCAL OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES 87.967 23.521 3.141 9.216 23.306 74.669 24.197 2.665 7.196 23.250 9 10 11 12 CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER • RP*S OTHER LOANS 8.435 11.211 4.297 4.840 1.905 2.296 8.668 4.492 75.933 9 5 . 3 1 1 108.439 125.298 -663 -790 179 873 1.827 1.542 90.903 115.5 128.7 116.3 168.9 525 174 5.9 .6 4.9 5.2 2.8 7.7 1.3 -.5 13.7 13.8 1 2 3 9 5 . 1 0 1 107.402 4.724 26.901 11.096 8.759 7.986 9.059 36.603 37.483 123.577 28.498 5.190 10.658 36.560 90.204 28.375 3.803 7.994 27.211 109.0 17.4 118.6 154.0 30.9 17.4 23.5 52.6 192.8 23.6 14.7 18.4 77.0 4 5 6 7 8 11.058 12.962 7.666 10.985 2.386 2.884 10.884 6.667 13.1 12.1 18.9 27.8 .8 3.5 4.1 8.4 9 10 11 12 11.507 10.535 8.203 4.447 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 10.579 6.157 2.787 5.677 9.5 6.2 9.9 14.4 29.8 13.8 30.7 105.8 21.7 11.2 23.3 29.9 10.0 14.8 10.4 16.8 15.1 15.8 5.9 6.3 - . 1 7.5 4.8 8.3 MAY 15, 1978 FUNDS RAISED IN CREDIT MARKETS FUNDS RAISED I N CREDIT MARKETS (3) SUMMARY OF FUNDS RAISED I N CREDIT MARKETS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 1976 1977 I 1976 I IV | | 1977 II III IV I | 1978 I CREDIT MARKET FUNDS RAISED BY NONFINANCIAL SECTORS 335.1 335.5 TOTAL FUNDS RAISED BY NONFINANCIAL SECTORS EXCLUDING EQUITIES 1 2 1 2 202.0 194.3 189.6 185.8 205.6 195.5 268.3 257.8 340.5 336.4 283.6 275.5 294.2 290.1 307.3 305.2 390.8 385.2 369.6 365.0 3 4 5 8.3 7.9 .4 11.8 12.0 -.2 85.4 85.8 -.4 69.0 69.1 -.1 56.8 57.6 -.9 53.8 55.5 -1.7 41.5 42.2 -.7 39.1 39.6 -.4 83.8 85.9 -2.1 62.6 62.9 -.3 6 7 8 193.8 7.7 186.1 177.8 3.8 174.0 120.2 10.0 110.1 199.2 10.5 188.8 283.7 4.1 279.6 229.8 8.1 221.6 252.7 4.1 248.6 268.2 2.2 266.0 307.0 5.6 301.4 307.0 4.6 302.4 275.7 ALL OTHER NONFINANCIAL SECTORS -.5 CORPORATE EQUITIES 276.2 DEBT INSTRUMENTS 9 10 11 187.5 7.9 179.7 162.4 4.1 158.3 107.0 9.9 97.1 179.0 10.5 168.4 272.5 3.7 268.8 197.8 8.2 189.6 251.1 3.4 247.8 262.0 1.7 260.3 284.2 4.4 279.8 292.7 5.4 287.3 266.4 -1.7 268.1 12 13 14 15 16 17 18 19 105.0 14.7 9.2 81.2 46.4 10.4 18.9 5.5 98.7 17.1 19.7 61.9 34.8 6.9 15.1 5.0 95.8 13.6 27.2 55.0 39.5 11.0 4.6 122.7 15.1 22.8 84.8 63.6 1.6 13.4 6.1 179.6 27.7 21.0 130.9 94.9 6.9 20.3 8.8 130.7 13.9 22.9 93.9 72.2 1.4 12.7 7.7 136.5 14.1 16.5 106.0 77.9 4.0 15.5 8.6 182.2 41.4 11.2 129.6 93.4 6.6 20.3 9.3 200.1 33.2 27.3 139.6 102.9 7.4 20.4 8.9 199.5 22.2 29.0 148.3 105.6 9.3 24.9 8.5 154.0 19.3 12.1 122.5 83.8 8.2 20.7 9.8 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 74.6 22.0 39.8 2.5 10.3 59.6 10.2 29.1 6.6 13.7 1.3 9.4 -14.5 -2.6 9.0 45.7 23.6 3.7 4.0 14.4 89.2 35.0 31.0 3.6 19.5 59.0 25.1 9.2 7.0 17.6 111.3 33.0 51.1 4.5 22.7 78.1 38.3 23.6 6.9 9.2 79.7 32.7 31.1 -1.2 17.0 87.8 36.2 18.3 4.1 29.1 114.1 38.0 49.6 7.9 18.6 OTHER DEBT INSTRUMENTS CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER 20 21 22 23 24 25 26 27 187.5 13.2 79.1 162.4 16.2 49.2 107.0 11.2 48.6 179.0 14.6 89.8 272.5 24.4 138.1 197.8 14.1 95.6 251.1 13.2 128.1 262.0 29.2 131.4 284.2 34.9 150.7 292.7 20.4 142.2 266.4 18.9 126.8 28 29 30 31 32 33 95.2 9.7 12.8 72.7 64.8 7.9 97.0 7.9 7.4 81.8 77.7 4.1 47.3 8.7 2.0 36.6 26.6 9.9 74.6 11.0 5.2 58.3 47.8 10.5 110.0 14.7 11.9 83.4 79.6 3.7 68.1 11.6 7.0 69.4 61.3 8.2 109.9 16.1 12.6 81.2 77.9 3.4 101.4 17.1 11.0 73.3 71.6 1.7 98.6 15.0 8.0 75.5 71.1 4.4 130.0 10.6 16.0 103.4 98.0 5.4 120.7 13.8 12.7 94.2 95.9 -1.7 34 35 36 37 38 39 40 6.2 -.2 6.4 1.0 2.8 .9 1.7 15.4 -.2 15.7 2.1 4.7 7.3 1.6 13.2 .1 13.0 6.2 3.7 .3 2.8 20.3 11.2 .4 10.8 5.0 1.1 1.9 3.0 32.0 20.3 8.4 6.7 1.9 3.3 1.6 .8 .8 2.0 -7.0 1.7 4.0 6.2 .5 5.8 6.7 -4.6 1.5 Z.Z 22.8 1.2 21.7 7.4 8.6 1.9 3.7 14.3 -.8 15.1 3.7 7.2 2.3 1.9 9.3 1.2 8.1 6.0 1.4 -1.6 2.4 194.2 16.4 202.7 82.5 265.1 65.9 339.6 55.8 294.0 64.2 * * * 32.0 8.7 14.8 5.2 3.4 289.8 21.6 59.4 U.S. GOVERNMENT TREASURY ISSUES 60.7 -1.4 AGENCY ISSUES + MORTGAGES 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 7.1 -16.5 -16.3 MEMO: U.S. GOVT. CASH BALANCE TOTALS NET OF CHANGES IN U.S. GOVT. CASH BALANCES— 383.8 386.1 351.4 TOTAL FUNDS RAISED 76.7 79.1 75.7 BY U.S. GOVERNMENT 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 41 42 43 CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS 61.9 44.7 79.6 102.7 23.6 23.7 30.1 7.7 22.5 37.3 24.2 13.1 U.S. GOVT. RELATED SPONSORED CR. AG. SEC. MORTGAGE POOL SECURITIES LOANS FROM U.S. GOVERNMENT PRIVATE FINANCIAL SECTORS CORPORATE EQUITIES 13 .5 2 .3 10 .3 .9 18.6 3.3 15.7 -.4 26.3 7.0 20.5 -1.2 22.3 4.2 19.4 -1.3 28.2 10.3 22.6 -4.7 23.1 9.9 13.1 31.7 1.5 16.3 .3 .4 10.0 .7 38.2 .1 10.5 3.6 43.5 .4 38.9 -1.0 21.0 -1.1 49.4 2.1 65.4 2.7 30.2 3.5 -1.2 8.9 11.8 7.2 16.0 2.1 -1.3 4.6 3.9 6.7 .4 2 .9 2 .3 -3 .6 2 .8 -4 .0 9.2 5.8 2.1 -3.7 7.1 -2.0 38.1 9.0 3.1 -.2 21.9 4.3 6.9 4.3 3.5 1.5 -2.4 43.1 7.2 2.4 3.2 26.2 2.2 39.8 12.2 3.9 -8.5 27.6 4.7 22.1 7.5 3.2 .6 11.3 -.5 47.3 9.0 3.0 4.2 20.4 10.8 62.6 10.5 2.2 .4 37.1 12.4 32.8 2.9 19.4 71.7 5.6 22.6 61.9 9.9 13.1 44.7 23.7 79.6 7.7 22.5 10.5 -1.6 -.1 .9 1.0 11.5 -3.4 1.7 43.5 23.7 .4 9.8 1.0 11.9 -2.9 -.6 38.9 8.0 2.3 12.2 1.0 21.6 -2.6 -2.3 21.0 11.5 1.5 4.2 1.0 8.4 -2.8 -2.8 49.4 3.9 .9 21.3 1.0 22.7 -2.4 .5 19.9 16.3 3.6 6 7 8 9 10 11 12 13 19 20 21 22 23 71.7 23.1 16.6 5.8 .7 2 3 4 5 " * 1.7 .3 -2.2 1.0 .5 -2.0 -.1 1.3 2.2 6.0 .5 9.4 6.5 7.4 -.8 * 1.0 6.4 -2.8 -1.0 -.3 11.8 1.3 11.9 1.0 16.2 -2.7 -1.3 .1 TOTAL FUNDS RAISED BY FINANCIAL SECTORS 32.8 * - * ~ * " DEBT INSTRUMENTS CORPORATE BONDS MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER • RP»S LOANS FROM FHLB«S 1 0 2 . 7 TOTAL, BY SECTOR 24.2 SPONSORED CREDIT AGENCIES 13.1 MORTGAGE POOLS 65.4 21.4 3.6 19.3 1.0 12.4 -1.8 1.6 8.0 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 RAISED, ALL SECTORS, BY TYPE 1 2 3 253.7 -1.2 10.4 229.0 -.7 4.8 219.5 -.1 10.2 296.8 -1.0 12.2 405.0 -1.3 5.5 U6.4 1.7 10.0 365.9 -.6 5.1 369.3 -2.3 3.5 435.5 -2.8 7.3 449.2 .5 6.2 437.7 4 3 7 . 7 TOTAL FUNDS RAISED 1.6 INVESTMENT COMPANY SHARES .7 OTHER CORPORATE EQUITIES 4 5 6 7 8 244.5 28.3 14.7 13.6 79.9 224.9 34.3 17.1 23.9 60.5 209.5 98.2 13.6 36.3 57.2 285.6 88.1 15.1 37.0 86.8 400.7 84.3 27.7 34.9 133.9 k04.7 77.5 13.9 35.9 97.4 361.4 74.6 14.1 25.6 108.2 368.1 62.3 41.4 30.1 133.4 431.0 107.5 33.2 42.2 142.7 442.5 92.9 22.2 41.7 151.3 435.5 96.8 19.3 28.5 124.7 9 10 11 12 22.0 51.6 15.2 19.1 10.2 38.4 17.8 22.7 9.4 -14.4 .5 8.7 23.6 6.7 13.0 15.3 35.0 32.0 27.3 25.6 25.1 23.9 13.7 17.4 33.0 47.4 34.4 24.2 38.3 10.5 36.0 16.1 32.7 40.4 12.1 20.2 36.2 29.6 26.8 41.9 38.0 51.4 43.4 33.4 BILLIONS OF DOLLARS. 1/76 BASED ON INCOMPLETE INFORMATION. DEBT INSTRUMENTS U . S . GOVERNMENT SECURITIES STATE • LOCAL OBLIGATIONS CORPORATE • FOREIGN BONDS MORTGAGES 4 5 6 7 8 CONSUMER CREDIT BANK LOANS N . E . C . OPEN-MARKET PAPER • RP*S OTHER LOANS 9 10 11 12 MAY 1 5 , 1978 CREDIT MARKET SUPPLY OF FUNDS CREDIT MARKET SUPPLY OF FUNDS DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ 976 | IV | 1 TOTAL FUNDS ADVANCED IN CREDIT MARKETS TO NONFINANC1AL SECTORS 79.190 1977 I 62.754 II 77.186 i1 III iv 1978 I ii MILL.) BILLIONS OF DOLLARS 1969 1970 1971 9 3 . 7 5 5 102.675 71.414 24.208 10.898 5.866 1.337 6.107 27.876 14.312 5.913 3.119 4.532 26.119 15.320 4.226 1.105 5.468 .3.0 16.3 3.3 3.3 .9 5.5 .3 5.1 4.0 6.9 5.060 6.944 1.984 10.220 4.643 7.926 -649 15.956 4.325 7.909 -417 14.302 5.2 3.8 3.7 .3 3.1 9.4 4.2 -.5 89.4 14.1 82.9 BY PUBLIC AGENCIES + FOREIGN 21.110 12.554 2 TOTAL NET ADVANCES, BY TYPE 11, 613 5.235 9.760 3 U . S . GOVERNMENT SECURITIES 2 ., 6 9 3 4.549 4.096 4 RESIDENTIAL MORTGAGES 3., 7 5 3 1.255 -1.400 •200 5 FHLB ADVANCES TO S * L ' S 5.546 4.623 6 OTHER LOANS + SECURITIES 5., 3 6 7 TOTALS ADVANCED, BY SECTOR 1.154 1.289 1 U . S . GOVERNMENT 2 ., 2 0 7 6.274 5.801 8 GOVT.RELATED AG. + POOLS 6., 1 9 4 7.882 9 MONETARY AUTHORITIES - 1 ., 9 1 1 - 2 . 0 7 3 5.665 7.672 10 FOREIGN 5., 1 2 3 AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED 5.366 5.839 11 IN LINE 1 i>. 758 29.4 15.3 43.4 34.4 6.5 1.3 6.2 7.0 19.8 7.6 7.0 2 3 4.6 5.1 4 5 6 5.0 2.8 5.2 8.9 10.5 26.4 1.8 9.2 .3 8.4 7 8 9 10 75.3 1.3 104.6 -3.6 17.4 19.5 31.2 37.4 -2.7 155.9 16.0 14.7 13.1 48.2 63.9 12 13 14 15 16 17 18 2.8 11.1 -2.7 * PRIVATE DOMESTIC FUNDS ADVANCED 73.335 20.828 3.141 7.729 14.033 27.404 -200 55.566 18.962 2.665 5.349 13.474 13.716 -1.400 61.915 -5.036 11.096 3.489 22.208 31.413 1.255 76.817 16.003 8.759 6.460 23.590 23.342 1.337 82.596 14.186 5.190 6.969 21.982 37.388 3.119 52.851 13.055 3.803 5.311 15.762 16.025 1.105 66.721 31.890 13.999 10.926 9.906 45.455 7.774 63.768 20.921 22.501 16.570 3.776 71.913 30.554 18.224 15.161 7.974 44.693 1.045 67.843 26.293 23.293 14.214 4.043 24 SOURCES OF FUNDS 25 PRIVATE DOMESTIC DEPOSITS 26 CREDIT MARKET BORROWING 66.721 53.727 3.019 45.455 22.705 6.549 67.843 33.052 12.076 63.768 25.832 6.377 71.913 53.196 13.105 27 28 29 30 31 9.975 3.847 -2.655 8.838 16.201 -3.883 22.715 1.813 10.642 9.442 -199 12.997 8.104 31.559 -220 2.474 13.346 15.959 12 TOTAL NET ADVANCES 13 U.S. GOVERNMENT SECURITIES 14 STATE + LOCAL OBLIGATIONS 15 CORPORATE • FOREIGN BONDS 16 RESIDENTIAL MORTGAGES 17 GTHER MORTGAGES • LOANS 18 LESS: FHLB ADVANCES PRIVATE FINANCIAL i 9.5 5.8 9.9 13.8 17.3 35.6 12.5 17.9 40.9 .9 4.0 6.4 11.2 20.0 14.7 24.3 * INTERMEDIATION CREDIT MARKFT FUNDS ADVANCED BY PRIVATE FINANCIAL INSTS., COMMERCIAL BANKING SAVINGS INSTITUTIONS INSURANCE • PENSION FUNDS OTHER FINANCE OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE + PENSION RES. OTHER, NET -55 21.746 14.891 2.951 75.4 38.7 15.4 13.7 7.6 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 6.1 149.7 70.5 48.2 17.2 13.9 19 20 21 22 23 44.693 15.188 11.234 75.4 45.9 6.6 57.3 2.3 19.3 76.5 60.7 1.1 110.3 69.4 6.0 149.7 100.8 17.1 24 25 26 5.612 5.643 2.022 13.076 -15.129 18.271 -3.209 -2.464 13.044 10.900 22.8 2.6 -.2 11.4 9.1 35.6 9.6 10.8 15.1 14.7 -8.1 2.9 13.3 6.6 14.9 -3.9 2.2 8.6 7.9 31.8 5.3 .7 11.6 14.1 27 28 29 30 31 20.6 8.6 4.2 4.2 3.6 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 23.3 3.9 3.0 4.4 2.9 9.1 32 33 34 35 36 37 5.155 19.246 17.341 * PRIVATE DOMESTIC N0NF1NANCIAL INVESTORS 32 DIRECT LENDING IN CR. MARKETS 33 U . S . GOVERNMENT SECURITIES 34 STATE • LOCAL OBLIGATIONS 35 CORPORATE • FOREIGN BONOS 36 OPEN-MKT PAPER, ETC. 37 OTHER 9.633 7.120 421 -1.543 -I.100 4.735 16.660 5.871 965 743 6.147 2.934 6.148 -4.487 1.882 1.925 3.167 3.661 19.426 23.788 10.250 10.355 3.776 -109 1.613 3.896 1.582 -1.096 5.793 19.392 5.897 1.590 1.622 7.287 2.996 38 DEPOSITS • CURRENCY 39 TIME • SAVINGS ACCOUNTS 40 LARGE NEGOTIABLE CD'S 41 OTHER AT COMMERCIAL BANKS 42 AT SAVINGS INSTITUTIONS 57.920 32.46"? -2.041 18.540 15.968 21.661 37.449 -3.437 19.814 21.072 36.426 23.462 1.229 4.966 17.267 28.402 31.830 3.243 10.546 18.039 56.589 28.618 8.438 6.914 13.266 13.752 31.702 1.692 13.148 16.862 48.5 33.7 3.3 17.4 13.0 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 39.6 105.2 83.8 7.7 30.6 45.4 38 39 40 41 42 43 44 45 26.453 2*.260 4.193 -15.788 -14.744 -1.044 12.964 9.590 3.374 -3.428 -5.998 2.570 27.971 -17.950 14.8 12.3 2.5 7.3 4.5 2.8 8.9 5.4 3.5 13.7 10.4 3.4 21.4 17.0 4.4 43 44 45 TOTAL OF CREDIT MARKET INSTRMMENTS, DEPOSITS + CURRENCY 67.553 38.321 42.574 47 PUBLIC HOLDINGS AS Z CF TOTAL 48 PVT. FINAN. INTERMEDIATION 1%) 49 TOTAL FOREIGN FUNDS 14.664 90.981 6.970 20.005 81.803 3.789 27.349 109.574 7.476 13.2 84.4 2.9 18.2 69.0 9.2 31.0 101.7 2.4 30.5 105.4 22.5 11.8 96.1 13.7 47 48 49 46 MONEY DEMAND DEPOSITS CURRENCY 7.154 24.578 -16.514 3.393 -1.436 47.828 80.377 33.144 25.820 83.012 10.000 27.149 87.065 21.599 36.574 84.564 11.093 CORPORATE 1 TOTAL NET ISSUES 2 MUTUAL FUND SHARES 3 OTHER EQUITIES 4 ACQ. BY FINANCIAL INSTITUTIONS 5 OTHER NET PURCHASES NOT I N C L U D E D ABOVE 2.992 499 2.493 1.264 -5 1.269 210 -663 873 1.037 -790 1.827 1.721 179 1.542 699 525 174 6.5 5.9 .6 10.1 4.9 5.2 10.5 2.8 7.7 15.0 1.3 13.7 13.3 -.5 13.8 1 2 3 5.203 -2.211 346 918 1.016 -806 1.097 -60 3.467 -1.746 26 673 10.9 -4.4 12.2 -2.1 11.4 - . 9 19.2 -4.3 15.3 -2.1 4 5 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. EQUITIES * MAY 15, 1978 CREDIT MARKET SUPPLY OF FUNDS CREDIT MARKET SUPPLY OF FUNDS 5 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS SEASONALLY ADJUSTED ANNUAL RATES 1975 1976 SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1977 194.3 185.8 34.1 9.5 8.2 7.2 9.2 52.7 11.9 14.7 6.7 19.5 44.3 22.5 16.2 -4.0 9.5 54.6 26.8 12.8 -2.0 16.9 85.7 40.2 20.4 4.3 20.8 2.8 21.4 9.2 .6 9.8 25.6 6.2 11.2 15.1 14.5 8.5 6.1 8.9 20.6 9.8 15.2 12.1 26.9 7.1 39.5 180.2 18.8 14.7 10.0 48.4 95.4 7.2 156.1 22.4 17.1 20.9 26.9 75.4 6.7 164.8 75.7 13.6 32.8 23.2 15.6 -4.0 221.8 61.3 15.1 30.3 52.4 60.8 -2.0 276.9 44.1 27.7 22.3 81.3 105.9 4.3 I 1976 I IV | | 1977 II III IV I | 1978 I TOTAL FUNDS ADVANCED IN CREDIT MARKETS 365.0 335.5 TO NONFINANCIAL SECTORS BY PUBLIC AGENCIES + FOREIGN 60.4 17.1 22.0 2.2 19.1 13.5 -2.4 22.5 -4.3 22.8 29.2 -7.5 30.6 60.0 75.9 -2.4 257.9 57.5 14.1 17.6 59.7 111.2 2.2 86.8 44.1 18.1 4.7 19.9 80.1 40.0 18.9 -.5 21.7 115.6 59.6 22.6 10.8 22.5 115.3 TOTAL NET ADVANCES, BY TYPE 57.8 U.S. GOVERNMENT SECURITIES 22.7 RESIDENTIAL MORTGAGES 12.4 FHLB ADVANCES TO S+L«S 22.4 OTHER LOANS • SECURITIES TOTALS ADVANCED, BY SECTOR 4.0 17.4 19.0 20.9 U . S . GOVERNMENT 25.9 23.6 29.1 38.0 GOVT.RELATED AG. + POOLS 30.7 3.5 1.9 -.8 MONETARY AUTHORITIES 26.3 35.6 65.5 57.3 FOREIGN AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED 23.1 23.6 30.1 37.3 IN LINE 1 PRIVATE DOMESTIC FUNDS ADVANCED 12 13 14 15 16 17 18 241.4 18.2 41.4 12.5 81.7 92.2 4.7 328. 67. 91.4 105.1 -.5 279.6 33.2 22.2 27.9 92.2 114.9 10.8 257.5 TOTAL NET ADVANCES 38.9 U.S. GOVERNMENT SECURITIES 19.3 STATE • LOCAL OBLIGATIONS 17.1 CORPORATE • FOREIGN BONDS 69.2 RESIDENTIAL MORTGAGES 125.4 OTHER MORTGAGES • LOANS 12.4 LESS: FHLB ADVANCES PRIVATE FINANCIAL 19 20 21 22 23 164.9 86.5 36.9 23.9 17.5 126.3 64.6 26.9 30.0 4.7 119.9 27.6 52.0 41.5 -1.1 187.2 58.0 71.7 47.6 9.9 249.0 85.5 85.8 60.8 16.8 24 25 26 164.9 86.5 30.2 126.3 69.4 16.0 119.9 90.9 .4 187.2 122.8 9.2 249.0 134.8 38.1 27 28 29 30 31 48.2 6.9 -1.0 18.4 23.9 40.9 14.5 -5.1 26.0 5.4 28.6 -.4 -1.7 29.0 1.7 55.1 3.1 -.1 35.8 16.4 76.1 3.4 4.3 50.1 18.4 32 33 34 35 36 37 45.5 19.5 5.4 1.3 12.5 6.8 45.9 18.2 10.0 4.7 4.8 8.2 45.3 22.2 6.3 8.2 3.1 5.5 43.8 19.4 4.7 4.0 4.0 11.8 66.0 22.0 8.2 1.5 18.1 16.3 38 39 40 41 42 90.4 76.1 18.1 29.6 28.5 75.7 66.7 18.8 26.1 21.8 97.1 84.8 -14.0 39.4 59.4 130.1 113.0 -14.2 58.1 69.1 143.1 121.4 9.5 42.2 69.6 43 44 45 14.3 10.3 3.9 8.9 2.6 6.3 12.3 6.1 6.2 17.2 9.9 7.3 21.7 13.4 8.3 174.0 209.1 240.1 60.2 12.8 240.1 137.2 230.9 104.6 39.8 45.8 26.6 221. 146. 67.2 12.8 -7.4 230.9 85.4 55.3 13.9 59.8 -13.5 42.2 26.3 -7.0 52.1 34.0 285.1 104.4 93.6 107.4 -.2 5.9 81.8 63.0 242.6 79.4 76.2 65.0 22.0 INTERMEDIATION CREDIT MARKET FUNDS ADVANCED BY PRIVATE FINANCIAL INSTS. COMMERCIAL BANKING SAVINGS INSTITUTIONS INSURANCE • PENSION FUNDS OTHER FINANCE 239.9 141.8 47.3 242.6 SOURCES OF FUNDS 111.2 PRIVATE DOMESTIC DEPOSITS 62.6 CREDIT MARKET BORROWING 50.7 19.8 13.5 53.9 -36.5 68.8 -10.7 -6.5 51.8 34.2 17.5 91.5 7.5 28.4 80.9 25.7 5.6 -.7 -8.9 155. 132. 189.5 -3.2 26.0 139.8 120.8 -13.7 7.9 16.7 1.3 24.4 16.1 110.5 89.6 4.9 174.8 158.9 13.0 60.8 85.1 147.3 116.1 33.8 23.8 58.6 112.1 DEPOSITS • CURRENCY 98.4 TIME • SAVINGS ACCOUNTS 6.8 LARGE NEGOTIABLE CD'S 39.5 OTHER AT COMMERCIAL BANKS 52.2 AT SAVINGS INSTITUTIONS 20.9 15.0 5.9 15.8 31.2 MONEY DEMAND DEPOSITS CURRENCY TOTAL OF CREDIT MARKET INSTRU189.7 MENTS, DEPOSITS • CURRENCY 200.7 22.7 72.8 5.8 31.7 85.8 22 INVESTORS 77.6 DIRECT LENDING IN CR. MARKETS 21.5 U.S. GOVERNMENT SECURITIES 6.0 STATE • LOCAL OBLIGATIONS .4 CORPORATE • FOREIGN BONDS 30.9 OPEN-MKT PAPER, ETC. 18.7 OTHER 13.7 21 OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE + PENSION RES. OTHER, NET PRIVATE DOMESTIC NONFINANCIAL 50.4 4.0 9.7 7.1 14.1 15.6 13 14 15 16 17 18 46 34.4 PUBLIC HOLDINGS AS % OF TOTAL 47 94.2 PVT. FINAN. INTERMEDIATION <*) 48 46.6 TOTAL FOREIGN FUNDS 49 CORPORATE EQUITIES NOT INCLUDED ABOVE 2.3 TOTAL NET ISSUES 1.6 MUTUAL FUND SHARES .7 OTHER EQUITIES 13.3 -4.1 5.8 -1.6 BILLIONS OF DOLLARS. 12.3 -1.1 5.9 -1.7 1/78 BASED ON INCOMPLETE 13.3 -1.6 8.5 -3.9 5.1 ACQ. BY FINANCIAL INSTITUTIONS -2.8 OTHER NET PURCHASES INFORMATION. Page 2, line 2. 30. Excludes net investment of these reserves in corporate equities. Sum of lines 3-6 or 7-10. 31. Mainly retained earnings and net miscellaneous liabilities. Includes farm and commercial mortgages. 32. Line 12 less line 19 plus line 26. Credit market funds raised by Federally sponsored credit agencies. Includes all GNMA-guaranteed security issues backed by mortgage pools. 33-37. Lines 13-17 less amounts required by private finance. Line 37 includes mortgages. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. 39-44. See line 25. Also sum of lines 27, 32, 39 and 44. 45. Mainly an offset to line 9. Includes farm and commercial mortgages. 46. Lines 32 + 38 or line 12 less line 27 plus line 45. Lines 3 9 + 4 4 . 47. Line 2/line 1. Excludes equity issues and investment company shares. Includes line 18. Foreign deposits at commercial banks, bank borrowings from foreign branches, and liabilities of foreign banking agencies to foreign affiliates. J 48. Line 19/line 12. 49. Line 10 plus line 28. Demand deposits at commercial banks. Corporate Equities Line 1 and 3. Includes issu i by financial institutions. HAY 15t 1978 HOUSEHOLDS HOUSEHOLDS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS (* MILL.) 1977 II III IV I I 1978 I BILLIONS OF DOLLARS 1969 1970 1971 HOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS 396.134 52.043 685.2 97.1 745.8 115.4 801.3 115.3 859.1 116.3 942.5 141.2 1 2 321.923 309.483 314.064 324.882 360.801 344.091 DISPOSABLE PERSONAL INCOME 304.286 287.467 306.278 311.137 337.025 315.789 PERSONAL OUTLAYS 17.637 22.016 7.786 13.745 23.776 28.302 PERSONAL SAVING, NIA BASIS 2.953 1.347 5.742 9.493 3.522 2.076 CREDITS FROM GOVT. INSURANCE 282 255 32 62 287 279 CAPITAL GAINS DIVIDENDS 14.646 7.997 13.237 10.636 15.239 4.832 NET DURABLES IN CONSUMPTION 588.1 550.1 38.1 6.1 2.5 24.3 630.4 595.3 35.1 7.1 2.5 23.8 685.9 635.4 50.6 8.9 .9 17.4 742.8 685.5 57.3 9.5 .8 25.1 801.3 751.9 49.4 11.6 1.4 33.6 3 4 5 6 7 8 1 PERSONAL INCOME 2 - PERSONAL TAXES + NONTAXES 3 4 5 6 7 8 = = • • • 373.201 356.610 377.289 386.434 416.384 51.278 47.127 63.225 61.552 55.583 9 = NET SAVING 10 + CAPITAL CONSUMPTION 11 = GROSS SAVING 35.518 37.920 73.438 31.615 39.243 70.858 26.797 40.526 67.323 33.936 41.867 75.803 42.824 43.157 85.981 35.489 44.482 79.971 71.0 68.0 139.0 68.5 75.8 144.3 77.8 82.7 160.5 92.6 88.3 180.9 96.0 9 9 5 . 1 10 1 9 1 . 2 11 12 GROSS INVESTMENT CAPITAL EXPEND.-NET OF SALES 13 RESIDENTIAL CONSTRUCTION 14 CONSUMER DURABLE GOODS 15 NONPROFIT PLANT • EOUIP. 16 67.979 63 . 831 17.484 45.031 1.316 81.911 57.069 16.299 39.505 1.265 72.703 63.985 16.942 45.831 1.212 86.385 65.931 20.398 44.371 1.162 81.557 73.262 22.086 50.067 1.109 86.869 63.686 21.842 40.786 1.058 146.1 109.0 24.7 80.0 4.2 145.4 116.5 26.3 85.5 4.7 165.4 114.2 24.5 84.9 4.8 186.2 134.7 32.4 97.1 5.1 207.7 157.4 40.6 111.2 5.5 17 NET FINANCIAL INVESTMENT NET ACO. OF FINANCIAL ASSETS Id 4.148 35.019 24.842 47.628 8.718 46.999 20.454 60.606 8.295 49.661 23.183 44.119 37.1 73.2 28.9 60.9 51.2 75.3 51.6 100.3 5 0 . 2 17 1 2 2 . 5 18 DEP. • CR. MKT. INSTR. t l ) DEMAND DEP. • CURRENCY 28.714 5.885 41.477 -3.580 36.063 10.455 45.250 857 41.825 9.749 36.293 -3.199 54.3 10.9 43.2 2.4 51.3 8.8 76.8 9.0 9 8 . 1 19 1 4 . 6 20 7 1 . 0 21 2 5 . 6 22 4 5 . 4 23 19 20 21 22 23 TIME • SAVINGS ACCOUNTS AT COMMERCIAL BANKS AT SAVINGS I N S T . 28.241 12.273 15.968 35.011 13.939 21.072 24.090 6.823 17.267 29.350 11.311 18.039 21.136 7.870 13.266 28.033 11.171 16.862 31.1 18.1 13.0 9.1 .7 8.4 43.6 27.0 16.6 67.8 28.1 39.6 24 25 26 27 28 29 30 CREDIT MKT. INSTRUMENTS U . S . GOVT. SECURITIES S l . + L O C . OBLIGATIONS CORPORATE + FGN. BONDS MORTGAGES OPEN-MARKET PAPER MONEY MARKET FUND SHRS -5.412 -3.940 121 -1.543 2.189 -2.379 140 10.046 5.108 874 743 2.257 998 66 1.518 -7.055 1.916 1.925 3.024 2.042 -334 15.043 9.318 3.678 -109 3.276 -1.117 -3 10.940 4.234 1.623 -1.096 3.075 2.704 400 11.459 2.375 1.467 1.622 3.049 949 1.997 12.3 6.3 -.5 4.2 2.8 -.5 31.7 11.0 9.3 5.4 2.2 3.8 -1.1 -8.4 -.9 9.5 1.8 -3.2 -10.0 .1 8.3 1.2 .3 - * - 12 13 14 15 16 12.5 -.3 2.3 4.4 6.3 -.2 - 24 25 26 27 28 29 30 31 32 ~ ~ 31 32 INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 499 -2.841 -5 387 -663 -868 -790 231 179 -2.819 525 -232 5.9 -12.4 4.9 -8.6 2.8 -4.3 1.3 -6.4 -.5 -4.0 33 34 LIFE INSURANCE RESERVES PENSION FUND RESERVES 1.844 10.809 1.859 10.358 1.964 14.878 2.028 19.357 2.605 12.245 2.183 11.370 4.6 15.6 5.0 16.3 5.2 19.2 6.2 21.1 6 . 6 33 2 2 . 6 34 35 36 37 NET I N V . IN NONCORP. BUS. SECURITY CREDIT MISCELLANEOUS ASSETS -5.568 416 1.146 -7.717 75 1.194 -6.037 273 1.389 -7.022 143 1.409 -6.297 553 1.370 -7.292 -82 1.354 1.3 2.1 1.8 -.2 -1.8 2.1 -.6 -.9 2.6 -1.5 .5 2.3 - 3 . 1 35 . 1 36 2 . 7 37 38 39 40 41 42 43 44 45 NET INCREASE IN L I A B I L I T I E S CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N . E . C . OTHER LOANS 30.871 29.370 17.859 242 6.542 1.893 2.507 327 22.786 21.276 17.848 239 1.287 618 723 561 38.281 36.991 22.274 234 10.222 1.285 2.466 510 40.152 39.058 25.748 231 10.297 282 1.802 698 41.366 40.782 25.842 227 9.277 1.781 3.142 513 20.936 20.470 20.388 223 2.631 -245 -3.029 502 36.1 32.4 17.1 1.1 8.3 1.7 2.5 1.7 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 1.1 1.1 2.6 48.7 45.2 27.0 1.2 10.7 2.3 2.5 1.4 72.3 66.6 41.6 1.3 15.8 3.0 3.5 1.3 1.079 339 83 1.120 324 66 927 312 51 763 296 35 282 283 19 195 268 3 2.9 .5 .4 -3.4 .6 .4 -1.8 .6 .4 2.7 .5 .3 -5.380 -10.582 4.424 -6.898 17.484 730 16.754 6.423 17.859 -6.798 16.299 20.398 22.086 16.942 953 978 1.067 1.233 19.331 20.853 15.346 15.964 6.883 7.036 6.577 6.730 17.848 22.274 25.748 25.842 - 8 . 1 2 6 -12.062 -12.233 -10.792 21.842 1.259 20.583 7.189 20.388 -5.735 1.7 2.3 2.5 3.3 23.1 10.5 17.1 -2.8 24.0 12.1 16.5 -4.3 22.0 12.8 14.1 -2.5 45.031 30.385 14.646 39.505 31.508 7.997 45.831 32.594 13.237 44.371 33.735 10.636 50.067 34.828 15.239 40.786 35.954 4.832 80.0 55.7 24.3 85.5 61.7 23.6 1.905 6.092 11.507 10.579 11.058 6.211 10.0 14.3 10.4 13.4 1.265 1.162 1.249 231 -318 1.109 1.293 227 1.058 1.339 223 -132 1.212 1.202 234 -224 -411 -504 4.2 1.8 1.1 1.3 13.215 7.113 16.757 2.479 15.928 4.230 13.348 6.589 13.137 8.225 21.049 22.665 23.581 23.083 20.005 14.694 11.968 11.565 19.714 18.121 12.005 11.678 20.093 13.620 11.345 11.185 18.382 12.734 6.043 5.908 SECURITY CREDIT TRADE DEBT MISCELLANEOUS 46 47 48 49 DISCREPANCY !>.459 - 1 1 . 0 5 3 38 39 40 41 42 43 44 45 4 . 5 46 . 7 47 . 5 48 -5.3 -16.5 49 32.4 29.2 13.7 27.0 -8.3 40.6 4.0 36.6 14.7 41.6 -15.7 50 51 52 53 54 55 84.9 67.5 17.4 97.1 72.0 25.1 111.2 56 77.6 57 33.6 58 5.9 11.5 13.1 12.0 18.9 59 14.7 60 4.7 2.1 1.2 1.4 4.8 2.3 1.2 1.3 5.1 2.6 1.2 1.4 14.2 15.5 14.4 13.5 6.5 5.6 7.4 7.7 18.3 12.3 6.1 5.4 18.2 9.5 5.0 5.4 16.4 10.8 3.5 3.6 17.9 13.3 6.5 6.0 CD 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 (B) CONSUMER DURABLES 56 EXPENDITURES 57 - CAPITAL CONSUMPTION 58 = NET INVESTMENT 59 60 CONSUMER CREDIT = EXCESS NET INVESTMENT 24.7 26.3 24.5 <C) NONPROFIT PLANT • EQUIP. 61 62 63 64 EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT PER CENT RATIOS: 65 EFFECTIVE TAX RATE 66 SAVING RATE, NIA BASIS 1.316 1.112 242 -38 13.740 5.478 1.158 239 PER CENT OF DISPOSABLE INCOME ADJ. ( 2 ) : 22.585 22.777 67 GROSS SAVING 68 69 70 71 CAPITAL EXPENDITURES ACQUISITION OF FINAN. ASSETS NET INCREASE I N L I A B I L I T I E S CREDIT MARKET BORROWING 19.630 10.769 9.494 9.032 18.345 15.310 7.324 6.839 72 ( 2 ) DISPOSABLE INCOME ADJ. 325.158 311.085 319.838 334.437 364.610 346.446 (NIA DISPOSABLE INCOME • GOVT. INSURANCE CREDITS • CAPITAL GAINS D I V I D . ) 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 5.5 2.8 1.3 1.5 61 62 63 64 15.0 65 6.2 66 19.3 15.0 8.9 8.2 68 69 70 71 MAY 1 5 t 1978 HOUSEHOLDS SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I 1976 IV 1977 | | II III IV I | 1978 I HOUSEHOLDS. PERSONAL TRUSTS* AND NONPROFIT ORGANIZATIONS 1052. 150.8 1154.9 170.3 1253.4 169.0 1382.7 196.9 1536.7 227.5 1432.2 209.5 1476.8 224.4 1517.2 224.8 1549.8 226.1 1603.0 234.7 1 6 3 6 . 7 PERSONAL INCOME 2 3 6 . 3 - PERSONAL TAXES • NONTAXES 901.7 831.3 70.3 11.6 1084.4 1004.2 80.2 15.0 1309.2 1241.9 67.3 20.1 .6 47.1 1222.6 1166.3 56.3 15.3 .9 44.8 1368. 1292. 76. 50.9 1292.5 1223.9 68.5 25.6 .5 48.2 1323.8 1250.5 73.3 22.5 22.7 1185.8 1119.9 65.9 18.5 .5 42.3 1252.4 1201.0 51.4 14.7 39.0 984.6 913.0 71.7 12.6 .5 27.0 1400.5 1317 82.6 20.1 .6 40.2 122.0 105.0 227.0 111.6 118.5 230.2 118.0 136.6 254.6 127.2 145.6 272.8 135.2 164.8 300.0 117.3 151.7 269.0 117.5 157.0 274.5 142.9 162.1 305.0 139.1 167.5 306.5 143.0 172.6 315.6 143.5 = NET SAVING 177.9 • CAPITAL CONSUMPTION 3 2 1 . 4 = GROSS SAVING 10 11 236.6 174.1 45.2 123.7 5.2 246.3 170.3 42.9 122.0 5.4 279.6 181.3 42.9 132.9 5.5 295.0 221.9 57.6 158.9 5.4 322.6 260.2 75.7 179.8 4.7 296.0 235.2 63.6 166.3 5.3 299.9 246.7 66.7 177.0 5.1 313.0 256.6 73.2 178.6 4.8 331.2 261.9 79.7 177.6 4.6 347.8 273.8 83.4 186.0 4.4 3 2 9 . 2 GROSS INVESTMENT 276.6 CAPITAL EXPEND.-NET OF SALES 88.4 RESIDENTIAL CONSTRUCTION 184.0 CONSUMER DURABLE GOODS 4.2 NONPROFIT PLANT • EQUIP. 12 13 14 15 16 17 18 62.5 138.3 76.1 125.1 98.2 73.0 169.3 62.3 60.8 162.4 51.2 185.3 56.5 69.3 224.4 74.0 218.5 5 2 . 5 NET FINANCIAL INVESTMENT 17 181.2 NET ACQ. OF FINANCIAL ASSETS 18 19 20 111.4 12.7 118.9 7.0 132.0 7.9 157.9 14.8 144.1 31.1 183.3 2.2 173.2 21.9 144.8 18.4 21 22 67.6 39.3 28.5 113.0 43.9 69.0 89.8 24.0 65.8 142.3 57.2 85.1 56.6 30.1 16.6 3.0 -3.2 8.7 4.7 23.2 -11.0 9.8 7.1 11.5 7.0 -1.3 9 10 11 14 15 29 30 5.3 1.3 3.4 3.4 31 32 -1.2 -5.7 33 34 7.4 25.6 35 36 37 -1.8 -.2 2.8 38 39 40 41 42 75.8 79.1 47.1 1.1 19.6 -9.7 57.2 35.4 21.8 25.4 59.4 39.6 13.7 8.9 4.7 4.3 5.7 2.4 27.0 15.7 5.0 8.2 2.9 -6.0 1.3 -1.0 4.2 4.0 1.5 11.6 -1.3 -3.1 5.4 37.4 7.0 46.6 -18.3 -27.1 •9.0 •9.2 15.4 1.1 9.3 .9 -.8 3.2 51.2 48.6 36.0 1.1 7.5 1.9 -2.0 2.2 96.3 89.8 61.2 1.0 20.5 3.0 2.1 1.8 142.6 138.1 91.7 .9 31.1 4.0 8.1 2.3 -1.8 .9 .7 .8 1.2 .7 4.7 1.4 .4 3.1 1.2 .2 -16.2 42.6 14.1 9.0 DISPOSABLE PERSONAL INCOME PERSONAL OUTLAYS PERSONAL SAVING, NIA BASIS CREDITS FROM GOVT. INSURANCE CAPITAL GAINS DIVIDENDS NET DURABLES IN CONSUMPTION TIME • SAVINGS ACCOUNTS AT COMMERCIAL BANKS AT SAVINGS INST. 40.2 8.5 5.5 CREDIT MKT. INSTRUMENTS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS CORPORATE • FGN. BONOS MORTGAGES OPEN-MARKET PAPER MONEY MARKET FUND SHRS -2.8 -3.2 7.4 50.4 8.1 60.6 10.4 55.8 -25.6 2.2 5.5 -.3 5.4 NET INV. IN NONCORP. BUS. SECURITY CREDIT MISCELLANEOUS ASSETS 144.6 142.2 101.6 .9 33.1 3.1 1.4 2.1 128.6 126.8 83.8 .9 36.6 1.4 2.1 2.0 NET INCREASE IN LIABILITIES CREOIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS -31.5 .3 4.8 5.6 5.6 101.6 95.6 69.3 1.0 21.1 4.1 -1.0 1.3 134.1 128.1 74.7 1.0 28.7 4.3 17.1 2.2 136.6 131.4 86.9 .9 32.3 6.0 1.2 2.0 155.1 150.7 101.6 .9 30.3 2.4 12.8 1.3 .3 3.7 1.2 .2 3 4 5 6 7 8 DEP. • CR. MKT. INSTR. (1) 19 DEMANO DEP. • CURRENCY 20 -.6 -3.5 -22.3 1.7 4.6 -27.0 58.0 26.7 10.6 1.3 13.0 4.9 1.6 = = + + + 24 25 26 27 28 29 30 INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES LIFE INSURANCE RESERVES PENSION FUND RESERVES SECURITY CREDIT TRAOE DEBT MISCELLANEOUS 1.1 46 47 -7.8 DISCREPANCY -25.4 (1) EXCLUDES CORPORATE EQUITIES. 52 53 54 55 40.8 17.1 47.1 -19.0 39.7 19.8 35.4 -12.3 40.6 22.2 38.0 -17.2 54.5 24.8 61.2 -28.4 71.5 27.2 91.7 -43.2 66.7 3.8 62.8 26.3 73.2 3.9 69.2 26.9 -34.4 -42.7 >3.6 2.9 >0.6 >5.7 79.7 4.3 75.4 27.5 101.6 -49.4 MEMORANDA: NET PHYSICAL INVESTMENT: (A) RESIDENTIAL CONSTRUCTION EXPENDITURES MOBILE HOMES OTHER - CAPITAL CONSUMPTION - HOME MORTGAGES = EXCESS NET INVESTMENT 83.4 4.9 78.5 28.1 101.6 -46.4 88.4 5.0 83.4 28.8 83.8 -24.1 I B ) CONSUMER DURABLES 184.0 EXPENDITURES 143.8 - CAPITAL CONSUMPTION 40.2 = NET INVESTMENT 50 51 52 53 54 55 56 57 58 123.7 84.8 39.0 122.0 95.0 27.0 132.9 110.3 22.7 158.9 116.6 42.3 179.8 132.7 47.1 166.3 121.5 44.8 177.0 126.0 50.9 178.6 130.4 48.2 177.6 134.9 42.6 186.0 139.3 46.7 59 60 22.0 16.9 10.2 16.7 9.4 13.3 23.6 18.7 35.0 12.1 25.1 19.7 33.0 18.0 38.3 9.9 32.7 9.9 36.2 10.4 38.0 2.2 - CONSUMER CREDIT = EXCESS NET INVESTMENT 59 60 61 62 63 64 5.2 3.1 1.1 1.0 5.4 3.7 1.1 .6 5.5 4.2 1.1 .3 5.4 4.3 1.0 .2 4.7 4.9 .9 -1.1 5.3 4.4 1.0 -.2 5.1 4.6 1.0 -.5 4.8 4.8 .9 -.9 4.6 5.0 .9 -1.3 4.4 5.2 .9 -1.6 4.2 5.4 .9 -2.0 (C) NONPROFIT PLANT + EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT 61 62 63 64 65 66 14.3 7.8 14.7 7.3 13.5 7.4 14.2 5.6 14.8 5.1 14.6 4.6 15.2 4.1 14.8 5.3 14.6 5.5 14.6 5.6 PER CENT RATIOS: 1 4 . 4 EFFECTIVE TAX RATE 5 . 9 SAVING RATE. NIA BASIS 68 69 70 71 19.0 15.1 8.3 8.7 17.1 12.5 4.9 4.9 16.5 13.6 4.7 4.4 18.4 14.1 8.0 7.5 19.6 15.4 10.7 10.4 72 914.4 997.7 1099.6 1204.8 1330.0 BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE 19.0 13.1 8.2 7.7 19.6 14.6 10.6 10.1 19.5 14.6 10.4 10.0 19.4 16.7 11.5 11.2 65 66 PER CENT OF DISPOSABLE INCOME ADJ. 22.7 22.6 GROSS SAVING 67 19.7 15.7 10.4 10.2 68 69 70 71 19.5 12.7 9.1 8.9 CAPITAL EXPENDITURES ACQUISITION OF FINAN. ASSETS NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING 1238.8 1267.5 1318.6 1346.9 1388.6 1421.2 12) DISPOSABLE INCOME ADJ. (NIA DISPOSABLE INCOME + GOVT. INSURANCE CREDITS • CAPITAL GAINS DIVID.) INFORMATION. 56 57 56 72 MAY 15, 1978 TOTAL • NONCORP BUSINESS 8 TOTAL • NONCORP BUSINESS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS IS MILL.) 1976 | IV I 1977 , II III I BILLIONS OF DOLLARS 1969 1970 1971 1978 NONFINANCIAL BUSINESS 57.970 42.506 57.332 45.024 66.108 41.521 63.574 44.935 67.833 48.603 60.082 50.192 143.3 79.7 142.4 80.9 128.6 79.6 139.8 90.8 161.7 104.0 1 2 GROSS INVESTMENT CAPITAL EXPENDITURES FIXED INVESTMENT BUSINESS PLANT • EQUIPMENT HOME CONSTRUCTION ( 1 ) MULTI-FAMILY RESIDENTIAL CHANGE IN INVENTORIES 10 MINERAL RIGHTS FROM U.S.GOVT 34.724 46.751 43.135 41.271 -187 2.051 3.072 544 44.292 44.808 39.377 38.521 -1.096 1.952 5.218 213 36.523 52.307 49.940 43.537 3.622 2.781 1.885 482 38.943 53.286 48.507 43.522 2.581 2.404 3.644 1.135 39.639 59.617 51.569 48.446 15 3.108 7.408 640 49.936 49.615 43.716 43.892 -2.567 2.391 5.610 289 71.1 101.5 92.5 82.8 75.1 112.3 102.9 91.4 71.2 108.5 104.4 92.4 78.2 119.3 112.2 95.2 87.5 138.2 127.9 106.9 11.2 11.1 14.3 19.0 3 4 5 6 7 8 9 10 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS 13 NET INCREASE IN L I A B I L I T I E S 14 CORPORATE EQUITIES 15 CREDIT MARKET INSTRUMENTS -12.027 16.122 28.149 2.038 21.124 6.509 4.882 4.464 5.269 -516 -15.784 -14.343 -19.978 16.991 13.713 7.502 16,296 28.056 36.969 23.286 16.812 1.350 432 1.105 840 32.664 30.546 21.564 21.456 8.369 6.305 4.162 5.631 10.901 10.338 12.350 4.660 6.491 3.043 8.454 4.915 7.466 1.315 5.580 6.250 321 8.586 8.265 -417 24.737 4.687 6.114 8.049 5.887 -30.5 30.1 60.6 -37.2 29.9 67.1 -37.3 17.5 54.7 39.9 12.9 11.3 11.3 45.2 12.0 10.8 14.4 44.1 19.8 14.0 8.0 5.7 4.7 -41.0 30.5 71.5 11.4 49.2 18.9 22.3 -50.7 38.6 89.4 10.9 66.7 12.7 32.5 15.4 5.694 1.434 -6.918 -13.386 -9.668 -6.387 16.3 21.2 -2.7 8.1 10.6 4.5 -3.2 .3 14.6 2 0 -2.9 21 8.6 5.8 8.4 12.5 16.5 2 2 1 INCOME BEFORE TAXES 2 GROSS SAVING 16 17 18 BONDS MORTGAGES BANK LOANS N.E.C. 19 OTHER LOANS 20 TRADE DEBT OTHER L I A B I L I T I E S 21 7.529 -2.542 9.524 -4.137 7.678 -4.723 22 DISCREPANCY .9 8.8 7.7 1.3 -.2 4.5 .2 9.4 * 3.4 .9 3.8 .3 5.7 2.7 6.4 .7 5.7 2.3 2.0 9.4 .9 11 12 13 14 15 16 17 18 6 . 0 19 FARM BUSINESS 1 NET INCOME 2 NET SAVING 3 CAPITAL CONSUMPTION 4 CORPORATE 4.153 1.089 3.376 238 3.138 4.465 5.187 477 3.478 270 3.208 3.955 4.933 -1.266 3.559 282 3.277 2.293 3.876 -292 3.674 296 3.378 3.382 5.664 1.165 3.793 308 3.485 4.958 4.916 503 3.911 318 3.593 4.414 5.8 .3 5.5 5.8 6.2 .3 5.9 6.2 6.4 .4 6.0 6.3 6.9 .4 6.6 6.8 7.4 .4 7.0 7.5 7 GROSS INVESTMENT 8 CAPITAL EXPENDITURES 9 PLANT + EQUIPMENT 10 RESIDENTIAL CONSTRUCTION 11 CHANGE I N INVENTORIES 4.465 2.664 2.906 327 -569 3.955 3.877 3.713 235 -71 2.293 3.888 3.798 263 -173 3.382 3.568 3.174 269 125 4.958 4.679 3.221 328 1.130 4.414 4.238 3.746 242 250 5.8 6.2 5.5 .6 .1 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 7.9 8 6.6 9 . 7 10 . 6 11 12 NET FINANCIAL INVESTMENT 13 NET ACQ. OF FINANCIAL ASSETS 14 DEMAND DEPOSITS • CURRENCY 15 MISCELLANEOUS ASSETS 16 INSURANCE RECEIVABLES 17 EQ. I N SPONS. AGS. ( 2 ) 1.801 350 25 325 211 114 78 296 25 271 220 51 -1.595 303 25 278 230 48 -186 281 25 256 239 17 279 405 25 380 249 131 176 358 25 333 258 75 -.4 •6 .2 .4 .3 .1 -.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 12 13 14 15 16 17 -1.451 1.728 1.589 382 -243 45 -288 218 3.759 2.124 418 1.217 29 1.188 1.898 5.748 2.737 1.942 1.069 542 527 467 3.767 2.173 653 941 474 467 126 1.428 1.800 -565 193 928 -735 182 3.171 2.409 400 362 721 -359 1.0 2.8 2.2 .4 .2 -.1 .2 1.0 3.0 1.8 .6 .6 2.2 4.5 2.4 1.3 .7 .6 1.2 2.3 •8 .8 .6 -.1 .7 1.3 5.8 3.6 1.8 .5 * .4 18 19 20 21 22 23 24 76 -3.255 79 -3.620 80 -3.930 85 -3.385 89 -1.391 91 -3.080 -1.0 -.8 -.4 -1.7 -.4 -.7 .1 -2.4 . 5 25 - 5 . 1 26 5 NONCORPORATE 6 CURRENT SURP. = GROSS SAVING 18 19 20 NET INCREASE IN L I A B I L I T I E S CREDIT MARKET INSTRUMENTS MORTGAGES 21 22 23 24 25 26 BANK LOANS N.E.C. OTHER LOANS U.S. GOVERNMENT FICB TRADE DEBT PROPRIETOR NET INVESTMENT * * .7 3 4 5 6 NONFARM NONCORPORATE BUSINESS 1 NET INCOME 21.499 22.208 23.069 23.939 24.794 25.055 2 CAPITAL CONSUMPTION 3 CURRENT SURP. = GROSS SAVING 6.638 7.403 6.902 10.968 7.253 3.914 7.532 5.279 7.915 9.441 8.066 15.702 11.5 11.5 13.0 13.0 14.5 14.5 15.3 15.3 15.5 15.6 4 GROSS INVESTMENT 5 CAPITAL EXPENDITURES 6 FIXED CAPITAL 7 PLANT • EQUIPMENT 8 HOME CONSTRUCTION CD 9 MULTI-FAMILY RESIDENTIAL 10 CHANGE IN INVENTORIES 7.403 6.564 5.463 4.178 -257 1.542 1.101 10.968 6.138 4.294 3.374 -666 1.586 1.844 3.914 5.492 7.067 3.230 1.680 2.157 -1.575 5.279 4.466 6.676 3.763 1.156 1.757 -2.210 9.441 7.648 5.778 3.656 -157 2.279 1.870 15.702 6.256 3.544 3.117 -1.405 1.832 2.712 11.5 18.2 17.4 11.4 13.0 21.4 20.5 12.9 14.5 21.3 21.0 12.9 15.3 24.9 23.4 11.5 15.6 4 30.0 5 28.8 6 13.4 7 .7 8 14.7 9 1.3 10 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. I N SPONS. AGS. ( 2 ) 839 1.153 0 757 396 376 20 4.830 923 0 493 430 400 30 -1.578 395 0 -32 427 420 7 813 569 0 123 446 443 3 1.793 1.248 0 780 468 464 4 9.446 929 0 433 4<»6 470 26 -6.6 -8.3 -6.8 -9.6 .8 1.1 1.3 1.2 -. 4 -. 4 -. 6 -. 4 .5 .5 • .7 .7 .7 .7 .8 .8 18 19 314 2.635 342 -206 213 335 -3.907 1.563 231 -532 485 278 1.973 3.270 2.972 1.344 1.118 510 -244 1.941 2.989 925 1.564 500 -545 5.105 2.186 -125 1.665 646 -8.517 1.430 580 -1.124 1.296 408 7.5 5.2 3.1 .1 2.4 .6 9.4 7.3 3.7 -.2 3.5 .5 8.0 6.8 6.5 .1 5.8 .6 10.8 11.6 -403 2.696 415 917 -380 678 -454 -594 165 2.754 -413 1.263 1.1 1.0 2.1 1.5 -.6 1.0 .7 1.3 1.1 24 1.0 25 -8 -2.313 -1.373 -4.097 810 -2.107 1.452 -3.637 -744 -4.906 -5.735 -4.212 .2 2.1 .6 1.5 1.1 .1 -1.8 - . 1 26 1.9 27 20 21 22 23 24 25 26 27 NET INCREASE IN L I A B I L I T I E S 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 I N WORK I N PROCESS. ( 2 ) SHARES I N F I C B ' S , BANKS FOR COOPS* AND LAND BANKS. 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. .1 5.9 .7 -.3 7.9 .9 * .2 8.0 .3 * 1.0 10.9 1.5 * 9.7 .8 8.0 .9 .9 2 3 -14.4 1.5 .5 1.0 1.0 * 11 12 13 14 15 16 17 15.9 14.1 12.0 .5 9.9 1.5 18 19 20 21 22 23 MAY 15« 1978 TOTAL • NONCORP BUSINESS TOTAL • NONCORP BUSINESS 9 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV 1976 NONFINANCIAL | | I | IV 1978 I BUSINESS - TOTAL 1 2 195.6 110.4 200.9 105.9 200.3 143.4 231.1 165.2 254.8 180.1 230.8 162.5 241.4 167.3 254.8 178.2 252.8 189.9 270.4 185.0 254.7 INCOME BEFORE TAXES 174.8 GROSS SAVING 3 4 5 6 7 8 9 10 92.3 167.7 146.6 126.0 88.7 166.1 150.7 138.9 127.2 132.0 142.1 134.6 148.9 175.7 158.4 148.5 159.4 210.0 189.4 174.0 143.6 168.4 167.1 154.2 148.5 193.6 179.0 164.9 165.0 212.4 188.6 171.2 163.0 219.0 190.9 177.7 161.1 215.0 199.0 182.3 157.4 GROSS INVESTMENT 216.4 CAPITAL EXPENDITURES FIXED INVESTMENT 198.8 BUSINESS PLANT • EQUIPMENT 186.9 20.9 17.9 11.5 3.2 8.9 6.5 -11.5 13.3 10.2 18.2 13.8 10.9 21.7 10.4 23.6 10.7 13.5 11 12 13 14 15 16 17 18 19 -75.4 42.1 117.5 -77.4 31.2 108.6 -4.8 36.8 41.6 87.3 11.0 33.0 33.3 10.0 93.0 21.3 25.4 29.8 16.5 37.4 29.8 16.0 -12.5 -26.8 60.7 87.5 10.5 64.0 25.3 22.6 4.1 20 21 19.9 20.0 -8.4 8.7 -.3 7.9 2.4 .4 4.1 2.8 4.7 1.3 9.9 -14.4 4.0 5.9 5.1 5.0 9.0 6.7 2.8 5.9 2.5 4.8 8.1 -.9 2.2 -50.6 54.5 105.1 -24.8 61.1 85.9 -45.1 80.1 125.3 -47.5 26.1 73.5 -56.0 46.5 102.5 -53.9 65.3 119.2 14.6 106.2 24.5 38.2 22.9 20.6 79.9 26.1 23.7 10.2 20.0 106.6 18.7 30.3 34.0 23.6 99.6 15.2 39.8 22.4 22.2 94.1 30.4 37.1 16.4 22.3 -9.4 24.3 -29.2 11.2 -13.4 47.5 -32.1 10.0 -37.8 4.0 1.6 8.2 3.7 1.9 .9 3.4 1.7 4.5 2.6 1.2 10.7 16.5 1.2 3 4 5 6 HOME CONSTRUCTION (1) 7 MULTI-FAMILY RESIDENTIAL 8 CHANGE IN INVENTORIES 9 MINERAL RIGHTS FROM U.S.GOVT 10 11 12 13 14 8.2 124.6 33.5 45.8 16.9 28.5 - 559.1 9 . 1 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 50.9 NET INCREASE IN LIABILITIES 109.9 CORPORATE EQUITIES -1.7 CREDIT MARKET INSTRUMENTS 122.4 BONDS 14.6 MORTGAGES 37.9 BANK LOANS N.E.C. 47.5 OTHER LOANS 22.5 27.5 -23.6 12.3 -23.1 18.4 -29.2 20 21 4.4 5.4 TRADE DEBT OTHER LIABILITIES 16 17 18 19 17.4 DISCREPANCY FARM BUSINESS 1 2 3 4 5 6 7 8 9 10 11 32.0 25.4 .4 8.4 .6 7.8 8.8 -.1 9.9 .7 9.2 9.8 8.8 12.8 9.0 .6 3.2 9.8 9.9 10.6 1.2 -1.8 23.2 18.6 19.7 16.6 .2 13.5 1.0 12.6 13.7 20.7 .1 13.9 1.1 12.8 14.0 19.7 .1 14.2 1.1 13.1 14.3 14.7 1.2 13.5 14.7 22.7 .2 15.2 1.2 13.9 15.4 1 9 . 7 NET INCOME NET SAVING 1 5 . 6 CAPITAL CONSUMPTION CORPORATE 1.3 NONCORPORATE 14.4 1 5 . 6 CURRENT SURP. = GROSS SAVING 14.6 16.0 13.9 13.7 11.3 12.5 1.1 -2.3 14.0 15.0 14.2 1.1 -.3 14.3 14.7 14.2 1.2 -.7 14.7 15.0 13.4 1.1 .5 15.4 19.4 13.9 1.0 4.5 1 5 . 6 GROSS INVESTMENT 1 6 . 1 CAPITAL EXPENDITURES PLANT • EQUIPMENT 14.0 RESIDENTIAL CONSTRUCTION 1.1 CHANGE I N INVENTORIES 1.0 -1.4 2.4 1.4 .1 1.3 .8 .5 -1.0 1.2 .1 1.1 .9 .2 -.4 1.2 .1 1.1 .9 .2 -.3 1.1 .1 1.0 1.0 .1 -4.0 1.6 .1 1.5 1.0 .5 -1.0 11.6 7.7 2.8 1.2 .9 .3 2.2 16.1 8.6 2.4 5.1 .2 4.9 1.6 17.1 9.3 5.8 2.0 1.7 .3 1.4 15.0 8.9 2.6 3.5 1.5 2.0 5.7 10.6 8.5 -1.0 3.1 4.5 -1.4 2.0 13.8 9.8 2.3 1.7 3.0 -1.3 NET INCREASE I N L I A B I L I T I E S CREDIT MARKET INSTRUMENTS MORTGAGES BANK LOANS N . E . C . OTHER LOANS U . S . GOVERNMENT FICB -14.4 -15.8 -13.7 -5.4 -12.3 TRAOE DEBT PROPRIETOR NET INVESTMENT .4 .1 11.9 13.1 14.5 10.9 12.0 12.2 13.5 13.3 14.6 12.0 16.1 11.6 13.5 12.2 12.7 * 1.0 .9 3.6 .9 1.0 -1.6 1.2 1.1 1.0 12 13 14 15 16 17 -4.1 -.1 .6 -.2 .8 .5 .2 -4.2 .8 .2 .6 .5 .2 18 19 20 21 22 23 24 4.9 9.7 5.5 3.0 1.2 .1 1.1 .7 7.9 5.0 .9 1.9 .3 1.7 5.2 8.7 4.6 1.9 2.2 1.1 1.1 25 26 .1 .2 .3 .3 .3 -4.9 -7.4 -3.9 -11.6 -12.3 1.0 .1 .9 .7 .2 1.4 1.1 .1 1.0 .8 .2 1.3 .1 1.2 .9 .2 -.3 2.7 11.0 14.7 6.1 3.1 1.8 .5 1.3 8.8 2.4 3.4 2.0 1.4 NONFARM NONCORPORATE 15.5 * * - . 5 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 1.4 DEMAND DEPOSITS • CURRENCY .1 MISCELLANEOUS ASSETS 1.3 INSURANCE RECEIVABLES 1.0 EQ. I N SPONS. AGS. ( 2 ) .3 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 BUSINESS 100.2 NET INCOME 2 3 17.8 17.8 20.4 20.4 23.6 23.6 26.0 25.9 29.6 29.6 26.6 26.6 27.6 27.6 29.0 29.0 30.1 30.1 31.7 31.7 3 2 . 3 CAPITAL CONSUMPTION 3 2 . 3 CURRENT SURP. - GROSS SAVING 2 3 4 5 6 7 8 9 10 17.8 31.6 30.2 14.8 20.4 21.6 23.8 15.3 23.6 17.3 20.3 15.6 25.9 23.3 22.1 15.7 1.3 -2.2 -3.0 1.5 4.9 1.2 29.6 23.7 23.8 14.0 2.0 7.6 -.1 26.6 23.7 23.8 15.9 1.9 6.1 -.1 27.6 18.6 23.4 14.1 2.0 7.3 -4.8 29.0 30.1 25.0 13.8 2.8 8.4 5.1 30.1 22.6 22.9 14.4 .9 7.6 -.3 31.7 23.7 24.1 13.7 2.5 7.9 -.3 3 2 . 3 GROSS INVESTMENT 2 0 . 7 CAPITAL EXPENDITURES 21.6 FIXED CAPITAL 13.4 PLANT • EQUIPMENT HOME CONSTRUCTION ( 1 ) 8.2 MULTI-FAMILY RESIDENTIAL -.9 CHANGE I N INVENTORIES 4 5 6 7 8 9 10 11 12 13 14 15 16 17 -13.8 -1.2 1.9 1.6 6.3 2.1 2.6 2.6 5.9 3.1 2.9 2.5 9.0 3.3 -1.1 3.5 7.5 3.0 8.0 2.8 1 1 . 6 NET FINANCIAL INVESTMENT 3.2 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS • CURRENCY 1.2 CONSUMER CREDIT 2.0 MISCELLANEOUS ASSETS 1.9 INSURANCE RECEIVABLES .1 EQ. I N SPONS. AGS. ( 2 ) 11 12 13 14 15 16 17 18 19 20 21 22 23 15.7 12.8 IS 19 20 21 22 23 24 25 1.1 2.4 26 27 -.2 3.1 -.4 15.9 - .9 1.0 1.0 * 9.3 -.4 7.9 1.8 -.4 8.9 - .7 1.0 1.0 * .9 3.7 - .8 1.3 1.2 * - 1.2 1.5 1.4 .1 * 3.0 7.4 6.6 -.3 5.5 1.4 -4.2 2.0 1.8 .8 .1 1.0 5.2 3.6 1.2 1.2 1.2 -1.0 -2.0 -3.1 1.8 2.2 4.6 — - - - - - * - .9 1.6 1.5 .1 1.5 1.7 1.6 .1 1.8 1.7 1.7 8.4 1.6 4.8 1.9 -.4 7.0 3.6 1.5 1.0 1.2 -5.8 12.6 5.7 1.6 2.7 1.5 4.6 11.0 8.7 2.2 4.5 1.9 -4.5 8.0 8.0 .7 5.4 1.9 -5.1 16.0 11.2 2.0 6.8 2.4 -8.4 12.7 7.9 -.3 3.8 -2.5 5.9 1.6 5.3 -.6 2.9 -1.2 1.2 -.9 5.7 -2.1 6.9 1.8 -9.3 -1.3 -17.1 1.2 -7.5 1.6 -14.1 -.9 -20.2 -3.3 -17.8 1.4 1.8 1.7 * -2.7 11.9 1.3 2.5 1.6 .1 -5.7 -8.7 -6.7 -14.7 * 1.2 1.8 1.8 * .9 1.9 1.9 * * 5.9 2.0 NET INCREASE I N L I A B I L I T I E S 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 NONFARN CHANGE IN WORK IN PROCESS. 12) SHARES IN FICB'S, BANKS FOR COOPS, AND LAND BANKS. BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE INFORMATION. 24 25 26 27 MAY 15, 1978 NONFINANCIAL CORPORATE BUSINESS 10 NONFINANCIAL CORPORATE BUSINESS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS (* MILL.) UNADJUSTED NET FLOWS IS MILL.) 1976 | IV I 1977 I II 1 1978 III IV I1 BILLIONS OF DOLLARS 1969 1970 1971 I NONFINANCIAL CORPORATE BUSINESS* EXCLUDING FARMS i 2 3 4 PROFITS BEFORE TAX - PROFITS TAX ACCRUALS - NET DIVIDENDS PAID = UNDISTRIBUTED PROFITS 5 6 7 8 9 • • • + - FOREIGN BRANCH PROFITS I N V . 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 32.318 13.263 9.897 9.158 1.595 -3.738 -3.701 27.324 30.638 29.937 11.746 8.343 9.848 1.350 -5.076 -3.868 27.847 30.101 38.106 15.447 8.986 13.673 1.590 -4.274 -3.935 28.260 35.314 35.759 14.249 9.275 12.235 1.154 -1.975 -4.400 29.260 36.274 37.375 15.221 11.434 10.722 1.496 -3.296 -4.753 30.035 34.204 30.111 11.433 9.748 8.694 1.784 -6.116 -5.016 30.730 30.076 71.8 33.5 20.7 17.6 1.8 -3.4 3.7 42.7 62.3 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 1 2 3 4 5 6 7 8 9 22.856 37.523 34.439 34.187 -257 509 2.540 544 29.369 34.793 31.135 31.434 -665 366 3.445 213 30.316 42.927 38.812 36.509 1.679 624 3.633 482 30.282 45.252 38.388 36.585 1.156 647 5.729 1.135 25.240 47.290 42.242 41.569 -156 829 4.408 640 29.820 39.121 36.184 37.029 -1.404 559 2.648 289 53.7 77.2 69.0 65.9 .1 2.9 6.9 1.3 55.9 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 56.1 86.0 81.7 77.3 1.0 3.4 3.6 .7 64.3 100.3 91.8 86.9 .7 4.3 7.6 .9 10 11 12 13 14 15 16 17 -5.424 -12.611 -14.970 -22.050 15.077 6.804 12.863 15.338 -9.301 7.299 -23.4 28.7 -28.4 28.3 -29.9 15.6 -30.0 28.6 -36.0 36.2 18 19 18 NET FINANCIAL INVESTMENT -14.667 19 NET ACQ. OF FINANCIAL ASSETS 14.619 * 20 21 22 23 24 25 26 LIQUID ASSETS DEMAND DEP. • CURRENCY TIME DEPOSITS U . S . GOVT. SECURITIES ST.+LOC. OBLIGATIONS COMMERCIAL PAPER SECURITY R . P . « S 12.557 3.480 1.550 6.344 44 2.378 -1.239 -231 -3.034 -250 -2.061 31 2.203 2.880 -4.282 -1.148 400 -4.955 -38 1.207 252 527 2.723 352 -5.343 62 589 2.144 11.683 3.093 4.300 246 -6 2.368 1.682 -1.287 -3.099 -3 -2.578 52 2.168 2.173 8.0 2.7 -.6 .8 .5 4.2 .5 2.3 .6 -5.4 1.9 -1.0 4.0 2.2 2.3 .9 1.7 2.2 -.6 1.2 -3.1 7.7 1.6 4.2 2.5 1.0 -2.3 .8 9 . 0 20 1.4 2 1 6 . 0 22 - 2 . 4 23 1.0 24 1.4 25 1.6 26 27 28 CONSUMER CREDIT TRADE CREDIT 29 30 31 32 33 MISCELLANEOUS ASSETS FOREIGN D I R . INVEST. ( 1 ) FOREIGN CURRENCIES INSURANCE RECEIVABLES EQUITY I N SPONSORED AGS. 1.691 -1.915 2.286 727 871 655 33 -428 14.076 1.660 82 874 700 4 984 6.245 3.857 1.837 1.234 725 61 209 11.238 889 933 -820 768 8 1.568 -66 2.153 1.499 -150 798 6 -856 7.122 2.320 1.605 -100 809 6 .2 18.4 2.1 .7 .5 .8 .5 22.5 2.9 2.1 -.4 1.1 .1 .9 8.1 4.2 3.6 -.4 .9 .1 .2 14.8 5.7 3.3 1.4 1.0 .9 21.4 4.9 1.2 1.8 1.9 • 27 28 29 30 31 32 33 29.286 18.799 2.038 16.761 20.501 16.974 840 16.134 19.415 21.960 432 21.528 27.833 16.961 1.105 15.856 37.388 27.481 1.350 26.131 16.600 19.719 -417 20.136 52.1 31.8 -.2 32.0 56.7 38.2 3.4 34.8 45.5 40.7 5.7 35.0 58.5 44.5 11.4 33.0 72.2 57.7 10.9 46.8 34 35 36 37 779 5.526 5.739 925 319 34 35 36 37 38 NET INCREASE IN L I A B I L I T I E S NET FUNDS RAISED I N MKTS. NET NEW EQUITY ISSUES DEBT INSTRUMENTS TAX-EXEMPT BONDS ( 2 ) CORPORATE BONDS ( 1 ) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 803 570 1.013 5.706 2.951 -206 5.061 2.305 -532 3.149 6.641 1.344 141 334 707 3.016 2.503 4.590 1.128 615 7.241 4.072 6.352 3.125 -125 -1.124 663 580 4.495 5.814 3.669 44 45 46 47 48 BANK LOANS N . E . C . COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U . S . GOVERNMENT LOANS 4.485 160 885 1.703 68 4.082 1.034 32 2.922 128 6.892 831 289 2.725 -12 2.844 261 -228 837 98 6.891 -367 8.062 911 827 513 3.979 2.726 80 112 49 50 51 PROFIT TAXES PAYABLE TRADE DEBT MISCELLANEOUS L I A B I L I T I E S 2.623 7.461 403 262 2.728 537 -7.917 4.804 568 2.266 7.987 619 1.771 705 8.333 -197 -4.024 200 4.998 5.992 52 DISCREPANCY * * 12.9 6.1 .1 1.0 4.9 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 38 39 40 41 42 43 9.7 1.2 .1 1.7 .2 11.6 1.1 .4 4.3 .1 5.5 1.8 .4 .6 .3 3.6 -.9 •3 .7 .2 12.5 .7 * 3.6 .2 44 45 46 47 48 2.9 17.1 .3 -3.3 20.9 .8 -3.7 7.4 1.0 2.0 12.2 -.2 - . 1 49 1 4 . 2 50 . 4 51 8.6 5.8 8.4 12.5 1 6 . 5 52 _ _ MEMORANDUM ITEMS: EXCESS OF CAPITAL EXPENDITURES 53 OVER GROSS INTERNAL FUNDS 6.885 4.692 7.613 8.978 13.086 9.045 14.8 22.6 21.5 17.5 1 9 . 5 53 54 TRADE CREDIT NET OF TRADE DEBT 55 PROFITS TAX PAYMENTS -9.376 8.875 11.348 13.094 1.441 24.639 3.251 10.446 -8.399 11.034 11.146 12.575 1.3 31.8 1.6 36.1 .7 30.2 2.6 27.6 7 . 2 54 3 3 . 3 55 11.460 5.301 15.385 10.101 6.033 9.023 12.216 9.312 6.199 12.257 3.599 13.852 17.602 8.529 18.633 12.161 7.975 4.656 22.8 9.2 29.2 22.2 12.7 30.3 28.5 6.5 10.2 29.8 3.3 17.5 3 4 . 2 56 1 2 . 6 57 2 6 . 7 58 59 EFFECTIVE TAX RATE 41.039 39.235 40.536 39.847 40.725 60 CAPITAL OUTLAYS/INTERNAL FUNDS 1 2 2 . 4 7 2 115.587 1 2 1 . 5 5 7 1 2 4 . 7 5 0 1 3 8 . 2 5 8 61 CR. MKT. BORROWING/CAP. EXP. 44.668 46.371 50.150 35.039 55.256 37.969 130.073 51.471 46.7 123.7 41.4 48.7 136.7 41.3 49.4 136.5 43.6 47.2 125.5 38.4 4 4 . 1 59 1 2 4 . 2 60 46.6 61 DEBT SUBTOTALS: (3) 56 LONG-TERM DEBT 57 SHORT-TERM DEBT 58 TOTAL S-T L I A B I L I T I E S PER CENT RATIOS: CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS 62 CAP. CONS. ALLOWANCE* N I A 63 PLUS: CAP. CONS. ADJUSTMENT 64 EQUALS: BOOK DEPRECIATION 27.324 -3.701 23.623 27.847 -3.868 23.979 28.260 -3.935 24.325 29.260 30.035 30.730 -4.400 -4.753 -5.016 24.860 25.282 25.714 42.7 3.7 46.4 47.4 3.5 51.0 52.7 1.6 54.3 57.9 .5 58.4 6 2 . 2 62 2 . 7 63 6 4 . 9 64 65 INVENTORY CHANGE* N I A 66 LESS: I N V . VAL. ADJUSTMENT 67 EQUALS: INVENTORY CHG., BOOK 2.540 -3.738 6.278 3.445 -5.076 8.521 3.633 -4.274 7.907 5.729 -1.975 7.704 4.408 -3.296 7.704 2.648 -6.116 8.764 6.9 -3.4 10.3 8.3 -5.5 13.9 3.4 -5.1 8.5 3.6 -5.0 8.6 7 . 6 65 - 6 . 6 66 1 4 . 2 67 68 69 70 71 13.673 1.595 1.350 1.590 23.623 34.376 23.979 35.177 24.325 39.588 12.235 1.154 24.860 38.249 10.722 1.496 25.282 37.500 8.694 1.784 25.714 36.192 17.6 1.8 46.4 65.8 14.4 1.8 51.0 67.2 8.1 1.6 54.3 63.9 13.4 1.9 58.4 73.6 2 0 . 6 68 1.9 69 6 4 . 9 70 87.4 71 26.594 41.261 34.439 6.278 544 34.445 39.869 31.135 8.521 213 34.590 47.201 38.812 7.907 482 32.257 47.227 38.388 7.704 1.135 28.536 50.586 42.242 7.704 640 35.936 45.237 36.184 8.764 289 57.2 80.6 69.0 10.3 1.3 61.4 89.8 75.9 13.9 55.5 85.4 76.6 8.5 .3 61.1 91.1 81.7 8.6 .7 UNDISTRIBUTED PROFITS • FOREIGN BRANCH PROFITS • BOOK DEPRECIATION = GROSS INTERNAL FUNDS.BOOK 72 GROSS INVESTMENT* BOOK 73 CAPITAL EXPENDITURES 74 FIXED INVESTMENT 75 INVENTORY CHG., BOOK 76 MINERAL RIGHTS (1) 9.158 9.848 FOREIGN INVESTMENT I S NET OF BONO ISSUES ABROAD* AND BOND ISSUES OUTSIDE THE U . S . ARE EXCLUDED FROM SOURCES OF FUNDS ABOVE. 12) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. ISSUED BY STATE AND LOCAL GOVERNMENTS TO FINANCE PRIVATE INVESTMENT AND SECURED I N INTEREST AND PRINCIPAL BY THE INDUSTRIAL USER OF THE FUNDS. ( 3 ) MATURITY SPLIT ON DEBT I S APPROXIMATE: L-T I S BONOS* M-F + COMMERCIAL MORTGAGES* AND 40% OF BANK LOANS. S-T DEBT I S OTHER CREDIT MARKET BORROWING. TOTAL S-T L I A B I L I T I E S I S S-T BORROWING • TAX L I A B I L I T I E S • TRADE DEBT. http://fraser.stlouisfed.org/ 1 / 7 8 BASED ON PRELIMINARY Federal Reserve Bank of St. Louis AND INCOMPLETE INFORMATION. * NOTE: See Preface discussion of 1977 figures. 70.9 106.9 91.8 14.2 .9 72 73 74 75 76 MAY 15, 1978 NONFINANCIAL CORPORATE BUSINESS NONFINANCIAL CORPORATE BUSINESS SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1976 IV I I NONFINANCIAL CORPORATE BUSINESS, EXCLUOING FARMS 1 2 3 4 5 6 7 8 9 92.0 39.4 23.8 28.8 3.7 -18.6 1.8 68.1 83.8 102.7 42.5 25.9 34.3 4.8 -40.4 -3.0 80.0 75.7 101.7 40.5 28.8 32.3 3.1 -12.0 -11.9 96.3 107.8 129.9 53.4 32.2 44.3 4.2 -14.1 -14.6 106.0 125.8 141.2 56.7 38.0 46.5 5.6 -14.6 -17.0 115.4 135.9 10 11 12 13 14 15 16 17 65.8 123.3 106.8 102.2 -.4 5.0 13.3 3.2 58.6 134.7 115.2 113.0 -.4 2.6 12.9 6.5 91.6 98.6 109.3 107.4 .9 1.0 -12.1 1.3 109.5 140.3 122.6 120.1 1.5 1.0 13.8 4.0 18 19 -57.5 39.3 -76.1 28.9 -6.9 33.7 20 21 22 23 24 25 26 6.7 .4 1.1 -3.8 -.1 6.5 2.6 2.1 -2.6 3.8 3.5 .6 -.6 -2.8 27 28 29 30 31 32 33 .8 25.4 6.5 2.0 2.6 2.0 .7 22.9 3.2 1.3 -.2 2.1 34 35 36 37 96.9 72.7 7.9 64.8 105.0 81.8 4.1 77.7 40.6 36.6 9.9 26.6 38 39 40 41 42 43 1.8 9.2 18.2 -.4 2.5 16.1 1.6 19.7 13.7 -.3 1.4 12.6 44 45 46 47 48 29.3 1.4 .5 4.1 .3 49 50 51 2.3 20.0 1.9 * 128.2 52.5 35.8 39.9 4.8 -16.9 -14.8 109.3 131.8 52.5 35.0 44.3 6.1 -20.6 142.8 57.4 37.0 48.4 7.0 122.3 -15.5 111.4 125.7 -17.8 -15.7 113.0 134.8 115.2 170.3 150.6 146.1 2.0 2.5 17.2 2.5 103.3 133.4 106.9 160.1 121.6 167.6 129.7 140.3 125.8 136.6 2.0 148.5 143.1 -30.8 56.9 -55.1 50.1 17.8 2.7 1.9 5.4 -.2 5.6 2.2 19.6 4.5 2.1 9.6 -1.1 2.2 2.3 7.7 1.6 4.8 -12.1 6.4 7.0 9.8 -5.0 .2 6.6 9.1 6.1 .8 2.2 1.1 27.1 9.1 4.3 2.2 2.5 2.3 31.5 8.6 4.4 1.1 3.0 .1 87.7 58.3 10.5 47.8 105.1 83.4 3.7 79.6 2.6 27.2 9.6 .8 -.1 8.9 2.5 22.8 12.8 1.2 .4 11.2 3.5 21.0 21.0 1.6 2.0 17.4 29.9 4.1 1.3 5.8 1.5 -12.4 -2.9 .2 2.2 .2 1.6 1.4 1.3 5.2 .2 20.7 1.8 .9 10.5 .3 1.0 18.5 3.7 -3.2 5.9 1.4 6.8 20.4 2.2 -3.6 23.9 1.5 * * * * 141.5 56.6 39.2 45.6 5.9 -5.9 -17.6 117.0 145.1 118.2 181.4 153.5 18.9 .9 17.2 1.9 149.9 .9 2.8 23.4 4.5 -30.1 -53.2 75.7 -46.0 21.3 -63.3 42.4 31.2 8.9 5.1 10.1 -3.5 -2.5 -5.0 .1 9.5 11.5 -9.4 -3.9 1.9 -15.7 -.2 7.4 1.0 2.3 6.5 4.2 -14.6 .2 -2.6 8.6 1.4 16.9 7.6 1.4 3.5 2.6 4.1 56.5 3.5 10.4 16.9 8.8 4.9 2.9 .2 1.1 33.3 87.2 69.4 128.9 81.2 3.4 77.9 67.3 73.3 105.7 75.5 2.3 16.5 16.0 1.6 1.4 13.1 4.1 11.2 21.8 2.2 2.1 17.4 1.9 1.7 2.1 1.5 2.2 12.2 .2 22.9 12.4 1.5 1.2 9.4 .5 -2.8 48.3 7.2 9.0 2.1 2.8 2.6 1.7 -16.7 8.5 2.3 -14.1 -19.0 120.1 138.0 114.1 171.9 160.0 154.8 2.5 2.8 9.4 3.1 27.3 20.3 -.2 4.1 .4 1.8 25.8 2.5 134.8 52.4 40.7 40.8 7.9 -24.6 -20.1 122.9 126.9 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 109.5 GROSS INVESTMENT 179.6 CAPITAL EXPENDITURES 162.0 FIXED INVESTMENT 159.5 PLANT • EQUIPMENT * HOME CONSTRUCTION 2.5 MULTI-FAMILY RESIDENTIAL 16.4 CHANGE IN INVENTORIES 1.2 MINERAL RIGHTS FROM U.S.GOVT 10 11 12 13 14 15 16 17 -70.1 NET FINANCIAL INVESTMENT 18 46.3 NET ACQ. OF FINANCIAL ASSETS 19 27.8 7.5 5.7 -3.8 -1.0 -6.8 .2 8.4 8.7 25.8 6.6 4.0 118.7 103.4 5.4 98.0 71.6 17.3 4.7 1.1 11.6 148.6 60.1 40.9 47.6 3.3 4.5 29.0 26.1 2.0 2.5 21.6 18.7 1.0 1.6 16.8 .3 7.8 5.0 116.3 94.2 -1.7 95.9 2.5 12.1 20.2 * 2.3 17.9 1.6 3.2 8.6 .4 3.3 12.8 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 CONSUMER CREDIT TRADE CREDIT MISCELLANEOUS ASSETS FOREIGN DIR. INVEST. (1) FOREIGN CURRENCIES INSURANCE RECEIVABLES EQUITY IN SPONSORED AGS. 27 28 29 30 31 32 33 NET INCREASE IN LIABILITIES NET FUNDS RAISED IN MKTS. NET NEW EQUITY ISSUES DEBT INSTRUMENTS 34 35 36 37 TAX-EXEMPT BONDS ( 2 ) CORPORATE BONDS ( 1 ) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 38 39 40 41 42 43 BANK LOANS N.E.C. COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U.S. GOVERNMENT LOANS 44 45 46 47 48 PROFIT TAXES PAYABLE TRADE DEBT MISCELLANEOUS LIABILITIES 17.4 DISCREPANCY MEMORANDUM ITEMS: EXCESS OF CAPITAL EXPENDITURES 52.6 OVER GROSS INTERNAL FUNDS 53 54 55 5.4 37.5 4.4 41.3 .7 42.5 6.7 45.4 7.6 59.2 7.9 46.7 8.2 54.2 1.9 73.5 7.5 53.5 13.0 55.6 7.3 TRADE CREDIT NET OF TRADE DEBT 54 52.2 PROFITS TAX PAYMENTS 55 56 57 58 41.2 23.6 45.9 47.3 30.4 49.8 33.7 -7.0 -4.4 37.5 10.3 37.5 52.2 27.5 47.7 41.0 20.3 36.5 45.1 32.7 78.2 41.7 29.9 21.6 56.8 14.4 42.0 65.1 32.9 48.9 DEBT SUBTOTALS: (3) 53.6 LONG-TERM DEBT 42.2 SHORT-TERM DEBT 63.5 TOTAL S-T LIABILITIES 59 60 61 42.8 147.0 52.5 41.4 177.9 57.7 39.8 91.4 27.0 41.1 111.5 34.1 40.1 125.3 46.8 41.0 109.1 45.9 39.9 127.4 48.7 40.2 124.3 42.7 40.0 125.1 39.2 40.5 124.6 57.0 62 63 64 68.1 1.8 69.9 80.0 -3.0 77.0 96.3 -11.9 84.4 106.0 -14.6 91.5 115.4 -17.0 98.4 109.3 -14.8 94.5 111.4 -15.5 95.9 113.0 -15.7 97.3 117.0 -17.6 99.4 120.1 -19.0 101.1 122.9 CAP. CONS. ALLOWANCE* N I A -20.1 PLUS: CAP. CONS. ADJUSTMENT 102.9 EQUALS: BOOK DEPRECIATION 62 63 64 65 66 67 13.3 -18.6 31.9 12.9 -40.4 53.4 -12.1 -12.0 -.1 13.8 -14.1 27.9 17.2 -14.6 31.8 1.5 -16.9 18.4 18.9 -20.6 39.5 17.2 -17.8 35.1 23.4 -5.9 29.3 9.4 -14.1 23.4 16.4 INVENTORY CHANGE, N I A -24.6 LESS: INV. VAL. ADJUSTMENT 41.0 EQUALS: INVENTORY CHG., BOOK 65 66 67 68 69 70 71 28.8 3.7 69.9 102.4 34.3 4.8 77.0 116.1 32.3 3.1 84.4 119.9 44.3 4.2 91.5 139.9 46.5 5.6 98.4 150.5 39.9 4.8 94.5 139.2 44.3 6.1 95.9 146.3 48.4 7.0 97.3 152.7 45.6 5.9 99.4 151.0 47.6 3.3 101.1 152.1 40.8 7.9 102.9 151.6 68 69 70 71 72 73 74 75 76 84.3 141.9 106.8 31.9 3.2 99.0 175.1 115.2 53.4 6.5 103.7 110.6 109.3 -.1 1.3 123.6 154.4 122.6 27.9 4.0 129.8 184.9 150.6 31.8 2.5 120.3 150.3 129.7 18.4 2.2 127.5 180.7 140.3 39.5 .9 139.5 185.4 148.5 35.1 1.9 124.1 187.4 153.5 29.3 4.5 128.2 186.0 160.0 23.4 2.6 134.1 GROSS INVESTMENT. BOOK 204.2 CAPITAL EXPENDITURES 162.0 FIXED INVESTMENT 41.0 INVENTORY CHG.. BOOK 1.2 MINERAL RIGHTS 56 57 58 PER CENT RATIOS: 38.9 EFFECTIVE TAX RATE 59 141.5 CAPITAL OUTLAYS/INTERNAL FUNDS 60 53.4 CR. MKT. BORROWING/CAP. EXP. 61 CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS NOTE: See Preface discussion of 1977 figures. http://fraser.stlouisfed.org/BILLIONS OF Federal Reserve Bank of St. Louis UNDISTRIBUTED PROFITS • FOREIGN BRANCH PROFITS 4 BOOK DEPRECIATION = GROSS INTERNAL FUNDS,BOOK (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, M-F • 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. DOLLARS. 1/78 BASED ON INCOMPLETE INFORMATION. 72 73 74 75 76 MAY 15, 1978 STATE+LOCAL GOVTS. AND FOREIGN UNADJUSTED NET FLOWS STATE*LOCAL GOVTS. ANO FOREIGN ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1976 | IV | 1977 II 1978 I III BILLIONS OF DOLLARS 1969 1970 1971 STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS (1) 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 PURCH. OF GOODS • SERVICES NET INTEREST • TRANSFERS NET SURPLUS, NIA BASIS - RETIREMENT CREDIT TO MH - GROSS SAVING 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS 13 DEMAND DEP. + CURRENCY 14 TIME DEPOSITS 15 16 17 18 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES TREASURY ISSUES U.S. GOVT. AGENCY SEC. 19 20 21 ST.+LOC. OBLIGATIONS MORTGAGES TAXES RECEIVABLE 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 75.154 53.826 4.770 16.558 68.258 48.137 4.885 15.236 72.488 51.136 4.970 16.382 70.715 47.916 82.971 59.669 76.887 52.896 5.044 17.755 5.171 18.131 5.349 18.642 L07.2 81.4 7.2 18.6 119.7 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 63.137 59.153 3.984 12.017 2.564 9.453 61.351 57.643 3.708 6.907 2.461 4.446 65.269 61.496 3.773 7.219 4.252 2.967 69.015 65.066 3.949 1.700 3.309 -1.609 69.602 65.381 4.221 13.369 3.358 10.011 67.858 64.063 3.795 9.029 3.250 5.779 .06.9 LOO.7 6.2 .3 4.8 -4.5 117.6 110.4 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 5 6 151.0 12.7 7 13.7 8 9 8.5 5 . 3 10 6.862 10.287 1.036 2.676 1.379 4.122 -1.380 2.688 -1.232 7.014 1.116 -1.028 -542 8.984 -1.149 2.128 8.132 13.145 2.301 3.182 3.032 7.051 -2.400 3.672 -4.9 5.5 -.2 3.2 -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 11 12 13 14 5.070 4.716 3.252 1.464 3.496 2.824 1.981 7.212 7.523 6.082 1.441 6.599 6.275 4.775 1.500 6.210 5.875 4.375 1.500 6.541 6.100 4.600 1.500 1.8 1.6 -.5 2.1 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 15 16 17 18 843 4 -35 370 71 370 1.452 -762 .2 .7 .1 .5 .3 .1 .8 .2 -.3 1.1 .5 9.526 9.196 7.980 5.013 4.750 4.062 -1.382 5.444 4.019 3.691 3.188 -1.442 4.630 10.4 9.8 9.5 .1 9.4 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 14.9 688 263 503 328 .3 .6 .7 .4 .1 .6 .4 .7 1.879 2.747 60 612 1.505 -682 -315 -286 3.425 3.185 2.338 -2.304 4.642 2.743 2.437 2.095 -2.221 4.316 8.246 8.042 10.083 3.458 6.625 7.734 847 240 342 306 -2.041 1.216 204 330 2.591 3.067 4.199 (1)EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE * 36 288 1.406 256 98 246 1 2 3 4 - . 3 19 1.4 20 . 8 21 15.1 14.5 14.2 .1 14.1 22 23 24 25 26 . 3 27 . 6 26 SECTOR. REST OF THE WORLD 1 2 3 4 5 6 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) 7 NET FINANCIAL INVESTMENT 8 NET ACO. OF FINANCIAL ASSETS 9 GOLD • SDR'S U ) 10 U . S . DEMAND DEPOSITS 11 U . S . TIME OEPOSITS 12 13 14 15 16 U . S . CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U . S . GOVT. SECURITIES U . S . CORPORATE BONDS ( 2 ) OPEN-MARKET PAPER 17 18 SECURITY CREDIT TRADE CREDIT 19 MISCELLANEOUS ASSETS U . S . faANK L I A B I L I T I E S TO FOREIGN AFFILIATES D I f t . INVESTMENT IN U . S . OTHER 24 25 26 27 20 21 22 23 1.195 3.501 -2.018 45.157 47.175 1.076 1.292 4.386 -4.687 42.665 47.352 1.157 1.476 7.320 -2.852 44.414 47.266 1.087 1.768 5.707 -5.243 44.449 49.692 1.080 2.179 8.502 -1.848 11.955 2.594 2.123 3.432 13.542 9.711 13.779 7.454 18.910 9.646 11.139 -29 -90 -16 -645 -195 -607 1.799 1.301 -1.487 954 -78 988 929 -16 2.342 -65 33 2.445 43.704 41.259 1.031 1.199 -215 -1.335 42.490 43.825 971 -31 2.3 1.8 3.9 1.6 49.9 47.7 54.7 52.9 62.5 58.5 65.6 64.0 2.9 .7 1.4 3.0 .8 2.0 3.2 1.0 .3 3.6 1.8 3.9 3.4 .6 5.9 13.9 22.6 •8 1.3 -.2 .3 .9 8.5 1.2 .6 -.3 10.3 -1.0 .5 .3 1.4 -1.7 1.6 -.5 .7 .8 10.5 26.4 26.3 -3.3 72.7 75.9 3.8 2.7 9.8 1 2 3 4 5 6 11.8 7 19.7 8 .6 9 1.6 10 2 . 8 11 2.4 8.4 8.4 .1 -.1 12 13 14 15 16 131 536 725 499 894 380 5.123 3.490 7.672 6.568 10.220 7.656 14.302 13.386 148 215 889 924 15.956 14.080 1.203 1.640 673 255 661 •2 1.485 5.665 3.177 1.330 1.158 .6 .5 1.0 9.3 .7 .5 0 557 0 238 0 29 0 921 0 483 0 416 .3 .9 -.2 .8 - . 1 1.4 .1 . 1 17 . 8 18 2.877 -5.646 5.284 3.157 -1.433 -2.425 3.4 7.9 -6.2 -6.2 3 . 1 19 551 403 -3.271 -104 568 4.820 1.756 -934 7.9 .6 - . 9 -4.1 -2.912 2.3 .3 .7 -6.9 1.923 2.543 -197 -3.779 -1.691 537 782 619 1.0 -.3 -1.9 . 9 20 . 4 21 1.8 22 NET INCREASE IN L I A B I L I T I E S U . S . OFF. FGN. EXCHANGE • NET IMF POSITION 13.803 -471 10.110 4.068 11.456 1.493 7.6 6.8 5.3 8.8 7.9 23 -257 344 -16 -248 -87 -262 2.1 .3 -2.5 -1.7 -.2 24 FOREIGN EQUITY ISSUES CREDIT MARKET INSTRUMENTS CORP. AND FOREIGN BONDS -1 189 -41 503 114 297 300 2.752 1.670 4.331 1.858 -200 3.803 .2 2.7 1.1 .5 3.2 1.0 .1 2.7 .9 154 227 283 1.078 1.818 -.5 -.2 -.2 1.236 - . 3 - . 1 -.2 -356 132 503 443 376 552 479 916 567 487 -412 0 -87 28 29 30 31 BANK TO TO TO LOANS N . E . C . FGN. OFFICIAL FGN. BANKS OTHER FGN. 32 33 BANKERS ACCEPTANCES U.S.GOVT. LOANS 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. ABROAD(2) OTHER 41 DISCREPANCY 8.081 2.171 3.769 780 2.246 743 -1.986 -446 - 1 .366 -174 1.296 432 845 1.010 0 967 0 0 0 -152 -105 -698 5.013 -811 213 7.365 180 727 184 382 82 1.973 -1.459 3.144 1.837 2.204 1.633 907 954 2.100 (1) CONSISTS ONLY OF NET PURCHASES FROM U.S. EXCLUDES ACQUISITIONS FROM OTHER SOURCES. (2) EXCLUDES U.S. SECURITY ISSUES IN FOREIGN MARKETS. 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 931 169 413 200 1.725 1.494 36 138 -70 -32 -2.0 * .3 -.2 * -.2 * 5.2 .9 - . 4 25 4 . 4 26 1.0 27 2.1 .2 1.0 .9 2 . 9 28 . 2 29 1.0 30 1.7 3 1 .3 1.8 - 1 . 0 32 1.5 33 - . 3 .2 -.4 607 - . 2 2.2 .3 2.1 .8 1.3 0 -50 .2 .4 -.2 .8 1.0 .5 -220 2.1 .1 .5 .7 .8 2.3 .2 -.5 2.1 .5 4.1 .2 .5 3.6 -.2 4.7 .3 1.4 3.3 - . 1 386 170 8.027 215 293 -3.258 2.541 6.900 1.499 -587 2.007 1.605 -4.125 -2.391 -1.747 -1.144 933 2.1 .3 - . 5 * * * * . 1 34 . 5 35 3.5 .3 3.6 1.2 -1.5 36 37 38 39 40 MAY 15, 1978 STATE+LOCAL GOVTS. AND FOREIGN STATE+LOCAL GOVTS. AND FOREIGN SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1976 1 IV 1977 I I I 11 III IV 11 I1 1978 1 STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS (1) 1 2 3 4 193.5 140.8 12.1 40.6 210.4 152.6 13.9 43.9 235.7 165.2 15.9 54.6 264.7 185.5 18.1 61.0 294.4 206.9 20.1 67.5 277.5 193.0 19.1 65.5 281.0 199.4 19.5 62.0 288.1 204.6 19.9 63.6 301.6 208.8 20.2 72.7 307.1 214.7 20.7 71.7 314.4 TOTAL RECEIPTS* NIA BASIS 217.8 TAX RECEIPTS 21.4 SOCIAL INSURANCE RECEIPTS 75.2 GRANTS IN AID RECEIVED 280.1 264.1 16.0 34.4 13.0 21.4 5 180.5 202.8 229.8 246.2 265.2 6 7 8 9 10 167.3 13.1 13.0 9.5 3.5 191.5 11.3 7.6 9.7 -2.1 215.6 14.1 5.9 11.2 -5.3 231.2 15.0 18.4 13.7 4.8 249.6 15.7 29.2 13.4 15.8 251.0 235.8 15.2 26.5 10.3 16.3 253.7 238.5 15.1 27.3 9.8 17.4 262.6 247.0 15.7 25.5 17.0 8.4 268.7 252.9 15.8 32.9 13.2 19.7 276.0 260.0 16.0 31.1 13.4 17.7 11 12 13 14 1.4 15.4 -.3 7.2 -8.2 9.8 -.6 5.7 -10.3 2.9 .2 -2.0 .4 15.9 -1.3 2.1 7.7 33.3 .9 7.0 7.0 22.1 -3.8 4.4 8.8 23.2 2.1 10.4 -1.4 28.6 -.8 -2.2 12.0 48.2 1.1 12.4 11.5 33.0 15 16 17 18 7.8 5.8 1.4 4.4 4.0 1.0 -1.9 2.8 4.1 1.0 2.8 -1.8 13.3 10.8 7.4 3.4 23.5 22.5 17.2 5.3 19.2 17.8 11.9 9.0 6.3 2.9 29.4 30.7 24.9 5.8 33.0 31.7 25.7 19 20 21 .2 1.7 .7 .5 2.5 .7 1.5 1.6 .6 1.6 .9 1.8 .1 1.0 1.9 1.0 .4 2.2 1.8 -1.3 2.2 .1 1.2 1.7 22 23 24 25 26 14.0 13.2 12.9 .3 12.6 18.0 16.2 15.5 2.7 12.8 13.2 11.2 11.0 -1.7 12.7 15.5 14.6 12.6 -3.6 16.2 25.5 24.4 24.2 .1 24.1 15.0 14.1 10.7 -7.6 18.3 14.4 13.2 11.8 -6.5 18.3 30.0 29.2 37.4 11.8 25.6 27 28 .3 .8 .7 1.8 .2 2.0 2.0 .9 .2 1.1 3.4 1.0 1.4 1.2 -8.2 29 2.1 6.1 5.0 4.4 8.1 9.9 TOTAL EXPENDITURES, NIA BASIS PURCH. OF GOODS • SERVICES NET INTEREST • TRANSFERS NET SURPLUS, NIA BASIS - RETIREMENT CREDIT TO HH = GROSS SAVING 5 6 7 8 9 10 14.4 NET FINANCIAL INVESTMENT 34.6 NET ACQ. OF FINANCIAL ASSETS -1.8 DEMAND DEP. • CURRENCY 13.2 TIME DEPOSITS 11 12 13 14 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES TREASURY ISSUES U.S. GOVT. AGENCY SEC. 15 16 17 18 ST.+LOC. OBLIGATIONS MORTGAGES TAXES RECEIVABLE 19 20 21 NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING ST.+LOC. OBLIGATIONS SHORT-TERM OTHER 22 23 24 25 26 21.6 15.3 6.0 13.8 6.0 -.1 1.5 1.9 1.6 21.5 20.4 17.7 -3.8 21.5 20.2 18.9 16.9 -3.0 19.9 4.9 1.3 2.8 1.1 2.0 1.3 7.7 6.2 7.0 DISCREPANCY U.S. GOVERNMENT TRADE DEBT (1)EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE LOANS 27 SECTOR. REST OF THE WORLD 1 2 3 4 5 6 7.1 101.6 94.4 3.9 3.8 .6 * 6.0 137.9 131.9 4.2 4.3 2.5 20.4 147.3 126.9 4.0 4.5 -11.8 * 7.8 162.9 155.1 4.2 4.5 .9 -10.9 174.7 185.6 4.3 5.7 20.9 -.2 2.6 .8 3.0 168.5 165.6 4.2 4.7 5.9 -8.2 170.4 178.6 4.0 4.9 17.1 2.9 3.0 -.2 2.9 7.0 .1 .7 -.1 1.8 -1.9 12 13 14 15 16 2.8 .6 .2 .1 .3 .5 11.2 3.7 .9 6.6 4.7 6.1 8.1 .6 -2.6 2.7 15.2 11.6 .9 2.7 2.7 39.5 31.5 3.7 4.4 17 18 1.0 1.7 .1 1.7 3.8 1.7 2.2 1.0 9 10 11 * * 2. -2. 22. 13. 30.6 25.8 .9 4.0 19 6.4 10.2 .8 12.6 1.4 9.9 -20.1 20 21 22 1.1 1.9 3.4 4.6 3.7 1.9 -1.2 1.4 .5 3.2 2.2 7.2 -.1 1.5 -.1 2.2 1.6 6.1 -13.1 2.1 23 13.5 28.7 31.3 42.6 25.2 47.4 -9.7 178.1 187.7 3.9 5.2 18.8 -7.5 179.9 187.4 4.9 5.9 18.2 -.3 4.0 3.7 -.1 -.1 -3.2 2.9 26.3 16.7 -.2 1.3 .5 25 26 27 -.2 6.4 1.0 -.2 15.7 2.1 .1 13.0 6.2 28 29 30 31 2.8 .4 1.7 .7 4.7 .3 3.1 1.3 32 33 .9 1.7 7.3 1.6 34 35 -.2 1.9 36 37 38 39 40 5.7 .3 4.8 2.0 -1.4 2.5 * * 3.6 65.5 55.6 1.5 57.3 53.5 1.0 2.7 3.7 1.9 1.7 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 D1R. INVESTMENT IN U.S. OTHER 20 21 22 15.2 -7.4 -7.4 -.4 2.3 15.9 3.1 2.5 9.6 10.2 -.8 -6.8 .8 -16.8 -1.5 39.7 23.7 8.5 NET INCREASE IN LIABILITIES U.S. OFF. FGN. EXCHANGE + NET IMF POSITION 23 37.8 -.3 -1.0 1.2 8.1 6.0 FOREIGN EQUITY ISSUES CREDIT MARKET INSTRUMENTS CORP. AND FOREIGN BONDS 25 26 27 -.1 -1.0 5.8 6.7 1.2 21.7 7.4 1.4 20.3 8.4 32.0 8.7 3.7 .3 1.0 2.5 6.7 .9 4.1 1.7 1.1 .1 .7 .3 14.8 3.1 9.2 2.4 -7.0 -1.8 -5.4 .2 .9 -3.0 -2.5 8.6 .5 5.7 2.4 7.2 .7 5.3 1.2 1.4 .6 .3 2.8 1.9 3.3 1.9 3.0 5.2 3.4 1.7 4.0 1.5 2.2 1.9 3.7 2.3 1.9 -1.6 2.4 3.1 .1 1.3 2.0 -1.0 3.9 -2.8 -.3 -.2 9.0 .6 1.2 1.3 5.9 16.1 .7 4.9 6.1 4.5 17.9 1.1 8.9 4.3 3.6 15.0 .7 7.2 4.4 2.7 12.5 .9 8.4 1.4 1.9 4.7 .7 -13.0 6.0 11.1 24.1 .9 27.6 4.0 -8.3 .5 1.2 8.0 5.0 -13.7 -2.9 .7 1.5 -1.3 -3.8 33.9 .7 12.6 8.8 11.9 3.6 4.0 -11.1 BANK TO TO TO LOANS N.E.C. FGN. OFFICIAL FGN. BANKS OTHER FGN. BANKERS ACCEPTANCES U.S.GOVT. LOANS INFORMATION. 24 28 29 30 31 32 33 35 MISCELLANEOUS LIABILITIES USG EQUITY IN IBRD, ETC. FGN. CURR. HELD IN U.S. U.S. DIR. INV. ABROAD(2) OTHER 36 37 38 39 40 -4.7 DISCREPANCY (2) EXCLUDES U . S . SECURITY ISSUES IN FOREIGN MARKETS. 1/78 BASED ON INCOMPLETE 19 SECURITY DEBT TRADE DEBT (1) CONSISTS ONLY OF NET PURCHASES FROM U . S . EXCLUDES ACQUISITIONS FROM OTHER SOURCES. BILLIONS OF DOLLARS. 1 2 3 4 5 6 2.0 35.6 27.8 3.7 4.1 .4 10.8 5.0 * 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) 40.5 NET FINANCIAL INVESTMENT 7 49.1 NET ACQ. OF FINANCIAL ASSETS 8 -.1 GOLO • SDR»S (1) 9 -3.8 U.S. DEMAND DEPOSITS 10 -.1 U.S. TIME DEPOSITS 11 -.5 -1.0 -22.6 178.3 200.8 4.5 8.8 35.8 35.1 72.9 -9.2 24 -18.2 170.6 188.8 4.3 7.0 29.5 41 MAY 15. 1978 U.S.GOVT. • CREDIT AGENCIES U.S.GOVT. + CREDIT SECTOR UNADJUSTED NET FLOWS 1 1977 1 I II 1 IV I I I 1978 I U.S. GOVERNMENT 1968 FLOWS ($ MILL.) B I L L I O N S O F DOLLARS 1970 1969 1971 1972 80.554 38.247 13.943 5.922 22.442 83.688 33.732 12.614 5.347 31.995 103.696 48.224 15.899 6.688 32.885 97.599 47.987 14.946 6.476 28.190 88.923 40.752 15.988 6.335 25.848 92.036 37.083 12.627 5.486 36.840 174.7 79.6 36.3 18.0 40.8 197.0 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 1 2 3 4 5 100.963 34.947 58.852 7.164 -20.409 389 -20.798 544 -20.254 101.261 33.404 60.668 7.189 -17.573 -1.114 -16.459 213 -16.246 103.454 35.882 60.343 7.229 242 1.490 -1.248 482 -766 106.125 36.191 62.645 7.289 -8.526 6.184 -14.710 1.135 -13.575 112.567 39.969 64.668 7.930 -23.644 164 -23.808 640 -23.168 113.139 37.314 67.267 8.558 -21.103 -1.174 -19.929 289 -19.640 180.6 98.0 71.2 11.4 -5.8 1.3 -7.1 1.3 -5.8 188.4 97.5 78.1 12.9 8.5 1.6 7.0 7.0 204.2 95.6 94.3 14.3 -12.1 2.5 -14.6 .3 -14.3 220.6 96.2 110.4 14.0 -22.0 2.9 -24.9 .7 -24.2 244.7 102.1 128.1 14.6 -17.3 3.1 -20.4 .9 -19.5 6 7 8 9 10 11 12 13 14 NET F I N A N C I A L INVESTMENT -19.242 511 N E T A C Q . OF F I N A N C I A L A S S E T S G O L D , S D R * S + O F F FGN EXCH 223 DEMAND D E P O S I T S • CURRENCY -5.341 161 TIME DEPOSITS -18.545 -1.798 484 -3.040 -141 -1.372 -281 74 7.082 220 -14.758 10.994 -214 2.813 -50 -21.964 -386 -73 -7.210 -40 -21.221 -1.443 -295 -5.693 -10 -8.7 7.3 2.0 -1.7 .1 6.0 3.5 1.4 1.1 -.2 -14.5 .4 -2.0 2.5 .3 -24.6 3.9 -2.2 3.3 .1 -19.5 -.9 -.4 -1.0 .1 15 16 17 18 19 2.207 1.100 -1.060 2.167 1.154 1.000 -719 873 1.289 1.150 478 -339 5.060 1.715 -193 3.538 4.643 1.480 204 2.959 4.325 1.955 -258 2.628 5.2 .1 1.4 3.7 3.1 -1.3 1.0 3.5 2.8 - . 1 .3 2.6 2.8 • -.4 3.2 1.8 -.7 2.5 20 21 22 23 3.059 0 202 -199 -180 124 -9.025 -192 271 2.792 473 120 2.982 -873 185 197 -210 243 1.3 .6 - . 2 -3.0 .9 .1 -2.6 -.8 .3 1.5 -1.7 .1 -.7 -.8 .1 24 25 26 19.753 503 16.747 -11 1.091 117 25.752 99 21.578 95 19.778 136 16.0 .4 -2.5 .3 14.9 .6 28.5 .5 18.7 .5 27 28 17.430 1.095 16.754 -419 17.626 1.185 16.628 -187 -1.145 1.245 -2.282 -108 19.606 1.124 19.005 -523 20.676 1.190 19.554 -68 20.791 1.196 19.943 -348 13.6 .6 9.8 3.1 -3 -1 -2 7 1 2 4 11.9 .3 12.6 -1.0 24.9 2.3 23.7 -1.1 15.1 3.3 11.0 .8 29 30 31 32 389 870 561 -1.114 771 -525 1.490 416 213 6.184 577 -714 164 542 101 -1.174 180 -155 1.3 1.6 - . 3 -.4 2.5 -.6 .5 2.9 - . 7 .8 3.1 - . 1 .7 33 34 35 -1.012 10.884 2.299 12.813 606 24.924 1.183 12.154 -1.204 13.006 1.581 12.430 2.9 35.0 1.0 39.2 .2 33.4 .4 32.0 6 TOTAL E X P E N D I T U R E S , N I A B A S I S 7 GOODS • S E R V I C E S 8 TRANSFERS, E T C . NET I N T E R E S T 9 10 NET SURPLUS, N I A B A S I S 1 1 - INSURANCE C R E D I T S TO HH 1 2 = GROSS S A V I N G 13 • MINERAL RIGHTS SALES ( 2 ) 1 4 = N O N F I N A N C I A L SURPLUS 20 21 22 23 C R E D I T MARKET I N S T R U M E N T S MORTGAGE POOL SECURITIES ( 3 ) 24 25 26 TAXES RECEIVABLE TRADE C R E D I T MISCELLANEOUS MORTGAGES OTHER LOANS NET INCREASE I N L I A B I L I T I E S T R E A S U R Y C U R R . • SDR C T F S . 29 30 31 32 C R E D I T MARKET I N S T R U M E N T S S A V I N G S BONDS OTHER T R E A S U R Y I S S U E S AGENCY I S S U E S • M T G S . 33 34 35 L I F E • RETIREMENT TRADE DEBT MISCELLANEOUS 36 37 | AGENCIES INVESTMENT UNADJUSTED NET 1 TOTAL R E C E I P T S , N I A BASIS PERSONAL T A X E S 2 C O R P . P R O F I T S TAX ACCRUALS 3 4 I N D I R E C T TAXES 5 SOCIAL INSURANCE R E C E I P T S 27 28 AND ($ MILL.) 1976 IV 15 16 17 18 19 STATEMENTS OF SAVING DISCREPANCY MEMO: C O R P . RESERVES TAX R E C E I P T S , NET FEDERALLY S P t 3NS0RED CREDIT SPONSORED CREDIT AGENCIES * * . . . . * * * 37.3 36 37 A N D MORTGAGE P O O L S AGENCIES .1 .1 .1 .2 .2 1 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS • CURRENCY 1.152 18 161 -1 3.338 -10 1.136 48 2.797 32 4.807 -40 3.2 9.2 • 10.3 .7 .1 3.9 * 2 3 4 5 6 7 8 1.353 861 286 -177 752 140 -323 -1.096 239 534 2.988 -234 -1.983 941 808 1.025 -1.472 -596 -594 -282 2.304 -1.384 -127 -353 -904 4.641 1.454 49 -237 1.642 3.2 - . 1 - . 1 8.8 -.4 -.6 9.6 1.9 1.1 .5 -1.2 -.5 .8 -.6 4.4 -.4 -1.2 .4 .4 4 5 6 7 8 -243 -43 -200 -2.176 -776 -1.400 2.191 936 1.255 1.576 239 1.337 3.261 142 3.119 2.438 1.333 1.105 2.5 1.6 .9 7.8 3.8 4.0 6.2 4.9 1.3 .2 2.9 -2.7 2.9 2.8 * 9 10 11 LOANS TO AGRICULTURE FARM MORTGAGES LOANS TO COOPS ( B O LOANS TO FARMERS (FICB) MISCELLANEOUS ASSET* 735 542 481 -288 -219 2.639 807 644 1.188 22 1.031 859 -355 527 360 921 684 -230 467 63 427 592 570 -735 461 749 768 340 -359 206 .8 .5 .1 .2 1.4 .6 .2 .6 .4 1.5 .5 .3 .7 .8 1.4 .7 1.9 1.2 .3 .4 -.4 12 13 14 15 16 17 NET INCREASE IN LIABILITIES 18 CREDIT MARKET INSTRUMENTS 19 SPONS. AGENCY ISSUES 20 U . S . GOVERNMENT LOANS 21 MISCELLANEOUS LIABILITIES 1.169 917 1.235 -318 252 99 -295 877 -1.172 394 3.159 2.553 2.553 0 606 986 1.351 1.351 0 -365 2.833 2.175 2.175 0 658 4.685 4.288 4.288 0 397 3.2 3.5 3.2 .2 - . 3 9.1 8.8 9.1 -.3 .4 10.3 8.2 8.2 .6 1.1 1.1 3.8 3.5 3.5 .3 17 18 19 20 21 3.268 2.845 326 97 4.9 4.3 .3 .3 23 24 25 26 4.9 27 9.2 -.4 7.4 2.2 28 29 30 31 1 CURRENT SURPLUS CREDIT MARKET INSTRUMENTS LIOUID 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 FEDERALLY SPONSORED MORTGAGE POOLS 5.661 5.169 404 88 3.286 3.206 91 -11 5.919 5.559 277 83 5.622 5.060 407 155 27 NET 4.841 5.661 3.286 5.919 5.622 MEMO: TOTALS FOR AGENCIES AND POOLS— CREDIT MARKET INSTRUMENTS 6.194 LIQUID ASSETS 861 HOUSING CREDIT 4.547 LOANS TO AGRICULTURE 786 5.801 -323 3.397 2.727 6.274 -234 5.488 1.020 6.944 -1.472 7.412 1.004 7.926 -1.384 8.728 582 6.538 5.83 7.270 7.797 (1) 1/78 (2) • * — .2 — - 2.1 — * .7 .2 - -.5 (1) 4.841 4.664 126 51 INCR. IN POOL 32 NET SECURITY — * 1 23 NET A C Q . OF MORTGAGES 24 HOME MORTGAGES 25 MULTIFAMILY MORTGAGES 26 FARM MORTGAGES 28 29 30 31 * SECURITIES ISSUES 6.076 GNMA, FHLMC, AND FARMERS HOME ADM. POOLS. BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. Sales of Outer Continental Shelf leases. (3) From 1974, mainly Federal Financing Bank purchases of Farmers Home Administration mortgage pool securities. 7.909 1.454 5.609 846 1.6 1.2 3.8 -.1 3.0 .9 -.4 8.3 1.6 11.1 1.9 7.5 1.8 9.8 -1.2 4.5 32 MAY 15, 1978 U.S.GOVT. • CREDIT AGENCIES U.S.GOVT. • CREDIT AGENCIES SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES 1976 1977 U.S. 1 1976 1 IV | |1 1978 1977 I II I I I IV I I GOVERNMENT 1 2 3 4 5 258.3 114.6 43.0 21.2 79.4 288.6 131.1 45.9 21.7 89.9 286.9 125.6 43.1 24.0 94.2 332.3 147.3 55.9 23.4 105.7 373.9 170.7 59.4 24.8 118.9 344.5 157.1 55.1 23.8 108.4 364.9 170.0 55.4 24.2 115.4 371.2 168.6 59.9 24.6 118.1 373.2 168.6 59.5 25.4 119.7 386.3 175.6 63.0 25.2 122.5 3 9 1 . 0 TOTAL RECEIPTS, NIA BASIS PERSONAL TAXES 175.7 CORP. PROFITS TAX ACCRUALS 56.3 INDIRECT TAXES 25.4 SOCIAL INSURANCE RECEIPTS 133.5 6 7 8 9 10 11 12 13 14 265.0 102.2 144.6 18.2 -6.7 299.3 111.1 167.3 20.9 -10.7 357.1 123.3 210.5 23.3 -70.2 386.3 130.1 229.0 27.2 -54.0 423.4 145.4 248.3 29.6 -49.5 400.4 134.2 237.7 28.5 -55.9 403.7 136.3 238.8 28.6 -38.8 411.5 143.6 238.7 29.1 -40.3 432.1 148.1 254.7 29.4 -58.9 446.3 153.8 261.0 31.5 -60.0 4 5 1 . 6 TOTAL EXPENDITURES, NIA BASIS 153.1 GOODS • SERVICES 264.5 TRANSFERS, ETC. NET INTEREST 34.0 - 6 0 . 6 NET SURPLUS, NIA BASIS 7 . 1 - INSURANCE CREDITS TO HH - 6 7 . 7 = GROSS SAVING 1 . 2 + MINERAL RIGHTS SALES (2) - 6 6 . 6 = NONFINANCIAL SURPLUS 6 7 8 9 10 11 12 13 14 - 6 8 . 1 NET FINANCIAL INVESTMENT -.7 NET ACQ. OF FINANCIAL ASSETS GOLD, SOR»S • OFF FGN EXCH -1.2 DEMAND DEPOSITS • CURRENCY -19.5 TIME DEPOSITS 15 16 17 18 19 2.3 2.9 3.8 4.8 6.7 5.0 4.9 8.6 9.3 5.9 -9.0 -13.6 -74.0 -58.8 -56.2 -61.0 -43.6 -49.0 -68.2 -65.9 3.2 6.5 1.3 4.0 2.5 2.2 .9 1.9 4.5 2.6 -5.9 -7.1 -72.7 -54.8 -53.8 -58.8 -42.8 -47.0 -63.6 -63.3 15 16 17 18 19 -7.4 -6.9 -57.2 23.8 -60.7 -47.0 -50.1 .5 2.9 .1 2.4 4.0 .2 8.5 .3 - . 4 4.5 .9 - . 1 1.9 1.4 .3 -66.7 27.6 -64.5 8.1 1.4 -73.4 17.7 -56.6 3.3 20 21 22 23 2.8 15.1 8.9 3.7 - . 6 3.4 9.8 2.5 1.4 5.9 24 25 26 1.3 .3 1.0 .6 .9 -2.8 27 26 10.8 .4 29 30 31 32 * -1.8 -.2 -4.5 * -11.0 -5.8 12.0 * .6 -.6 .9 12.1 8.8 4.4 4.0 4.6 1.1 -1.7 5.2 - . 3 - . 9 6.7 - . 2 -14.2 17.4 19.0 20.9 6.9 5.9 .4 7.8 2.5 -.2 * 5.3 -.2 7.0 -5.1 9.5 8.1 4.0 .6 3.5 -3.5 4.3 -3.5 -16.1 1.2 .7 6.8 .5 1.0 .8 -.7 .5 15.0 91.1 81.1 65.2 65.2 46.9 .4 .9 1.2 .3 2.0 8.3 2.7 5.2 .4 11.8 85.4 69.0 56.8 53.8 3.0 9.0 -.2 4.0 4.7 4.7 4.4 4.7 5.0 4.5 4.8 81.8 64.5 52.9 37.5 34.6 - . 1 - . 9 -.7 -.4 81.4 -2.1 58.1 -.4 51.1 -1.7 - . 3 56.0 -1.4 33 34 35 2.3 .1 - . 4 2.9 - . 1 3.8 1.7 -.7 4.8 5.1 .9 6.7 2.3 - . 9 5.0 2.9 1.4 4.9 3.8 8.6 2.3 1.0 9.3 1.7 - . 9 5.9 1.5 - . 7 -1.3 36 37 41.7 * 1.6 * * -.2 45.3 4.5 3.2 7.4 -3.1 8.2 - . 8 .7 - * 41.5 -3.1 -3.0 13.6 12.7 10.5 3.6 -1.0 -3.5 .7 -.8 1.0 94.3 69.7 67.4 .4 .4 .5 83.8 62.6 59.4 -.8 1.1 2.1 1.9 .5 51.5 .5 39.1 .7 2.4 2.9 1.9 4.2 3.1 3.1 1.1 45.9 49.0 62.9 50.8 58.9 75.9 57.4 59.4 4.8 7.1 1.7 1 2 3 4 5 CREDIT MARKET INSTRUMENTS MORTGAGE POOL SECURITIES (3) MORTGAGES OTHER LOANS 20 21 22 23 TAXES RECEIVABLE TRADE CREDIT MISCELLANEOUS 24 25 26 NET INCREASE I N L I A B I L I T I E S 2 7 TREASURY CURR. + SDR CTFS. 2 8 CREDIT MARKET INSTRUMENTS SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES + MTGS. 29 30 31 32 LIFE • RETIREMENT RESERVES 3 3 34 TRADE DEBT 35 MISCELLANEOUS 1 . 5 DISCREPANCY 5 7 . 3 MEMO: CORP. TAX RECEIPTS, NET 36 37 FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS SPONSORED CREDIT AGENCIES .8 18.7 .1 3.3 -.2 4 5 6 7 8 17.8 19.8 2.1 -.2 2.3 .3 .4 .9 9 10 11 6.4 .1 1.0 2.1 3.8 3.2 -2.4 -1.1 1.4 -.8 2.2 9.0 4.3 4.7 -1.9 -1.4 -.5 10.9 .1 10.8 20.2 7.7 12.4 10.6 2.8 3.0 -.6 .3 1.3 4.0 2.8 - . 8 2.0 - . 6 2.6 2.8 1.2 -1.4 3.1 3.2 2.9 1.5 -1.3 .5 13.7 - . 9 9.4 7.7 7.7 -1.2 -1.6 .4 -2.0 4.9 .5 4.3 -3.0 2.8 -4.0 12 13 14 15 16 3.2 1.9 .3 1.1 .8 5.2 2.5 1.0 1.7 -1.8 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 3.9 2.6 1.0 .3 .3 17 18 19 20 21 18.5 16.3 16.3 17.6 17.3 16.6 4.8 3.2 2.3 .9 1.6 4.3 2.9 3.3 -.4 1.4 7.1 5.8 7.0 3.0 2.9 4.2 -1.2 -1.3 10.3 -4.7 .1 .6 - 2.2 .7 .3 1.3 4 5 6 7 8 1.3 7.7 6.7 - . 6 24.9 1.5 -4.1 -.9 6.6 -2.2 14.3 -2.4 6.6 -6.9 -1.9 -1.4 -3.6 - . 1 1.0 5.3 7.2 .2 .2 3.1 2.6 4.9 - . 2 6.2 5.6 9.9 9.9 - 3.7 - * * - . 9 1 2 3 12.7 12.5 * .3 .6 CURRENT SURPLUS 25.3 NET ACQ. OF FINANCIAL ASSETS -.1 DEMAND DEPOSITS • CURRENCY -6.0 -1.0 * 3.1 2.2 - . 1 - . 7 3.0 9.6 -.1 6.5 5.0 1.7 1.5 6.5 .1 -.5 .2 -5.5 -8.6 4.2 1.3 1.5 .1 -.3 -3.4 -3.8 14.1 1.8 .6 CREDIT MARKET INSTRUMENTS LIQUID ASSETS U.S.GOVT. SECURITIES OPEN-MARKET PAPER FEDERAL FUNDS • RP»S HOUSING CREDIT 9 RESIDENTIAL MORTGAGES 10 FHLB LOANS TO S • L ASSOC. 11 LOANS TO AGRICULTURE FARM MORTGAGES LOANS TO COOPS (BC) LOANS TO FARMERS (FICB) MISCELLANEOUS ASSETS 12 13 14 15 16 24.8 NET INCREASE IN LIABILITIES 24.2 CREDIT MARKET INSTRUMENTS 24.2 SPONS. AGENCY ISSUES U.S. GOVERNMENT LOANS .5 MISCELLANEOUS LIABILITIES 17 18 19 20 21 .1 DISCREPANCY 22 FEDERALLY SPONSORED MORTGAGE POOLS (1) 23 24 25 26 28 29 30 31 3.6 3.2 .2 .2 5.8 5.4 .2 .2 10.3 9.9 .5 - . 1 25.6 14.5 2.1 .3 15.9 19.8 3.5 5.4 1.3 9.2 4.1 21.4 15.7 14.5 20.5 19.0 19.4 18.7 22.6 20.7 13.1 12.8 .6 .5 1.2 .3 .5 1.6 .4 26.9 -3.4 25.0 5.3 22.5 2.2 16.1 4.1 27.4 29.2 -5.5 23.7 11.0 22.5 20.2 1.6 .6 23.6 -2.2 21.5 4.4 23.6 13.1 NET ACQ. OF MORTGAGES 11.4 HOME MORTGAGES 1.3 MULTIFAMILY MORTGAGES .4 FARM MORTGAGES 23 24 25 26 22.5 13.1 NET INCR. IN POOL SECURITIES 27 29.1 -6.9 32.8 3.3 MEMOS TOTALS FOR AGENCIES AND P O O L S — 38.0 CREDIT MARKET INSTRUMENTS 1.5 LIQUID ASSETS 32.8 HOUSING CREDIT 3.6 LOANS TO AGRICULTURE 28 29 30 31 30.1 37.3 NET SECURITY ISSUES (1) GNMA, FHLMC, AND FARMERS HOME ADM. POOLS. BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE INFORMATION. (2) Sales of Outer Continental Shelf leases. (3) From 1974, mainly Federal Financing Bank purchases of Farmers Home Administration mortgage pool securities. 32 MAY 15, 1978 BANKING SYSTEM BANKING SYSTEM SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS <$ MILL.» UNADJUSTED NET FLOWS U MILL.) 1976 | IV I II 1977 III IV I | 1978 I BILLIONS OF DOLLARS 1969 1970 1971 MONETARY AUTHORITY 1 CURRENT SURPLUS -2.423 -451 553 -210 -301 -1.627 -75 180 312 124 8.715 -12 91 691 111 1.459 -18 165 -1.648 1.032 4 76 135 1.854 -1.027 -283 49 149 9 98 -1.911 -2.183 -2.203 20 272 0 -103 -2.073 -1.237 -909 -328 -836 0 -95 7.882 7.416 6.127 1.289 466 0 -48 1.984 2.123 2.476 -353 -139 0 -56 -649 -1.121 -1.896 775 472 0 -385 -417 -70 -376 306 -347 0 -171 3.7 3.8 3.8 14 NET INCREASE IN L I A B I L I T I E S 15 MEMBER BANK RESERVES 16 VAULT CASH OF COML. BANKS -2.435 -4.558 -166 -1.638 1.725 796 8.703 -2.321 -191 1.446 -609 -1.399 -152 2.917 2.595 -421 3.429 363 4.0 .8 1.3 4.0 .2 17 18 2.442 -1.863 112 4.193 -153 -3.853 -2.613 -196 -1.044 -306 10.917 7.383 160 3.374 298 3.075 551 -46 2.570 379 -5.222 -8.668 53 3.393 -442 -4.305 -2.747 -122 -1.436 92 1.5 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 DEMAND DEPOSITS + CURRENCY DUE TO U . S . GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS MISCELLANEOUS L I A B I L I T I E S 20 21 4.0 •1.2 .2 1.0 * * -. 2 -.1 4.0 -.1 .1 * * 4.2 4.2 4.2 * - -.1 5.4 -1.4 .7 .8 .2 5.0 5.0 5.0 * -. 1 8.5 -.8 .5 .1 -.3 2.2 -.4 .7 -.4 1.9 2 3 4 5 6 8.9 8.7 8.1 .6 .2 .3 .4 -.3 .7 -.2 * 7 8 9 10 11 12 13 -. 2 5.4 2.1 -.3 8.5 3.6 .5 2.1 14 - 2 . 1 15 1.1 16 3.1 -.4 .1 2.5 .4 3.3 .6 -.1 2.8 .3 4.4 .9 .1 3.4 3.2 -1.1 -.1 4.4 -.1 17 18 19 20 21 -1.1 1 • * 3.5 .5 * COMMERCIAL BANKING ( 1 ) 1 CURRENT SURPLUS 2 PLANT + EQUIPMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS • CURRENCY 5 TOTAL BANK CREDIT 6 CREDIT MARKET INSTRUMENTS 7 U . S . GOVT. SECURITIES 8 TREASURY ISSUES 9 AGENCY ISSUES 752 1.237 923 1.015 996 1.109 1.027 1.104 800 1.209 1.139 1.115 3.1 1.3 3.8 1.8 3.3 2.1 2.5 2.2 3.3 2.6 1 2 39.469 -56 39.550 31.890 9.128 8.343 785 10.203 156 5.348 7.774 3.173 3.104 69 26.613 193 25.308 26.293 -3.133 -2.996 -137 21.385 107 23.604 20.921 -2.466 -2.317 -149 46.728 100 31.876 30.554 2.393 1.402 991 6.793 100 2.874 5.155 -536 -549 13 46.1 21.3 46.3 60.1 79.1 .2 75.4 70.5 6.5 2.4 4.1 3 4 5 6 7 8 9 * 40.1 38.7 3.3 2.1 1.3 .1 .1 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 * -.3 10 11 12 13 OTHER SECURITIES • MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONOS MORTGAGES 4.667 1.428 -164 3.403 3.883 -156 -83 4.122 12.956 5.471 -74 7.559 11.430 3.19 3 -65 8.302 8.049 563 188 7.298 3.792 -659 -49 4.500 15.4 8.6 .3 6.6 6.0 .6 -.1 5.4 13.6 10.7 23.6 12.6 25.6 7.2 1.7 16.8 10 11 12 13 14 15 16 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N.E.C. 18.095 2.991 11.211 3.893 718 1.225 2.296 -2.803 16.470 6.063 10.535 -128 11.957 5.651 6.157 149 20.112 4.105 12.962 3.045 1.899 1.645 2.884 -2.630 20.0 38.4 10.8 27.8 -.2 14 15 16 17 0 7.660 0 -2.426 0 -985 0 2.683 0 1.322 0 -2.281 .1 1.3 -4.724 2.283 2.416 2.521 -1.515 3.693 -2.512 -1.618 5.242 -2.008 2.741 -3.059 5.512 2.344 6.896 3.792 -2.853 2.880 23 NET INCREASE IN L I A B I L I T I E S 24 DEMAND DEPOSITS, NET 25 U . S . GOVERNMENT 26 OTHER 38.489 9.032 22.231 -14.861 -2.655 0 24.886 -14.861 25.258 10.671 -199 10.870 19.894 -2.954 2.474 -5.428 45.976 28.915 2.022 26.893 27 19.020 16.132 -3.674 19.871 -65 7.592 .927 312 124 -1.515 691 111 -1.618 13.263 .896 9.361 6 -1.648 18.007 .840 8.185 -18 1.854 1.032 2.741 -1.027 2.344 225 3.025 157 385 2.483 197 988 165 220 603 6.169 135 -5.302 2.5A3 -7.845 6.155 -1.691 7.846 -1.161 17 18 19 20 21 22 29 30 OPEN-MARKET PAPER CORPORATE EQUITIES SECURITY CREDIT VAULT CASH + MEM. BANK RES. OTHER INTERBANK CLAIMS MISCELLANEOUS ASSETS 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 34 35 CORPORATE EQUITY ISSUES 38 CREDIT MARKET DEBT CORPORATE BONDS OPEN-MARKET PAPER FEDERAL FUNDS AND RP»S 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 43 DISCREPANCY -417 19.239 198 -210 -301 2.283 400 -830 161 -35 -956 75 5.956 5.735 -70 .501 183 565 .753 4.104 2.809 5.235 551 -3.271 -104 t.655 6.080 5.339 .210 782 .428 -1.465 -1.263 -1.468 -1.568 CD CONSISTS OF CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES, EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS I N U . S . POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS APPEAR TOGETHER I N THESE TABLES AS "FOREIGN BANKING AGENCIES." 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. .8 2.1 1.2 9.8 22.7 10.7 19.8 5.5 4.7 14.8 16.8 2.9 6.3 1.5 12.1 -.4 1.3 * 7.4 .3 * -1.1 .1 1.4 .8 . 1 18 4.8 19 2.0 .8 3.1 .3 1.8 1.6 1.8 1.8 6.1 4.1 3.3 1.3 - 1 . 0 20 2.3 21 2.3 22 5.853 -20.460 -2.464 -17.996 44.2 13.3 19.2 44.7 4.6 9.3 2.9 6.4 58.5 13.1 16.660 4.370 12.372 -82 9 98 20.7 -.2 13.5 3.1 17.4 .2 1.0 * .8 -.1 .8 .3 -. 6 -.1 7.7 2.3 5.3 4 . 6* -9.5 -12.5 2.9 .2 * 1 . 8* * 6.7 -.2 4.3 2.6 2.2 10.9 23 24 25 26 27 28 29 30 31 32 33 38.0 15.2 22.4 41.4 .3 .1 -.3 3.3 42.3 9.8 33.0 -.5 -.4 1.9 2.3 .1 .6 1.4 .9 -.4 1.0 1.2 4.3 1.1 .7 2.5 34 35 36 37 38 -.2 4.9 .9 4.0 39 40 41 42 .4 .8 .2 1.8 -4.0 .1 -1.9 -2.2 8.7 32.4 .1 .3 • 15.5 -1.7 -6.9 -1.1 -4.1 7.9 7.6 77.2 20.8 .7 20.1 5.2 2.9 MAY 15, 1978 BANKING SYSTEM BANKING SYSTEM SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES I I 1976 1976 IV 1978 I MONETARY AUTHORITY .6 CURRENT SURPLUS 1.2 .2 7 8 9 10 11 12 13 9.2 9.3 8.6 .7 14 15 16 8.0 1.4 2.0 17 16 19 20 21 3.4 -.5 -.1 3.9 1.2 -1.6 7.1 7.2 -7.5 -4.2 -1.3 -3.3 .1 1.1 * -.3 4.1 NET ACQ. OF FINANCIAL ASSETS .2 GOLD • FOREIGN EXCHANGE .6 TREASURY CURR. • SDR CTFS. 5.3 F.R. FLOAT -.5 F.R. LOANS TO DOMESTIC BANKS -5.6 -.1 .7 -8.7 -1.3 -.3 30.7 28.8 23.6 5.2 1.9 3.5 4.1 -1.4 -.6 -3.1 3.1 1.9 -.8 .6 -.6 1.2 -1.4 -.7 10.6 4.5 -.9 -.1 -3.6 10.6 3.1 .2 7.3 .3 5.5 -3.6 .4 8.7 -.6 COMMERCIAL BANKING 3 4 5 6 7 8 9 105.3 .3 83.4 86.5 -1.3 -8.8 7.6 86.8 -.2 62.2 64.6 1.0 -2.6 3.6 33.7 .1 29.4 27.6 30.1 28.8 1.4 81.8 -.2 65.1 58.0 19.7 18.2 1.5 104.9 .6 86.1 85.5 10 11 12 13 25.9 5.7 .4 19.8 19.4 5.5 1.1 12.8 7.8 1.7 1.8 4.3 16.4 3.0 -.6 13.9 36.3 9.1 14 15 16 62.0 11.6 51.6 44.2 3.6 38.4 -10.4 2.9 -14.4 21.9 11.4 6.7 49.3 17.0 32.0 * -.8 .8 * 27.3 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES TREASURY SECURITIES AGENCY ISSUES ACCEPTANCES BANK LOANS N.E.C. MISCELLANEOUS ASSETS 3.5 NET INCREASE IN LIABILITIES 4.9 MEMBER BANK RESERVES 7.5 VAULT CASH OF COML. BANKS -5.7 -17.2 -10.4 30.2 23.7 20.4 1.4 -.2 -29.8 .2 -9.3 -9.7 -.5 OEMAND DEPOSITS + CURRENCY DUE TO U.S. GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS MISCELLANEOUS LIABILITIES 3.5 11.1 7.1 -.3 10.0 15.0 .8 -6.1 9.4 -1.0 4.9 12.9 3.5 2.0 12.8 23 24 25 26 102.4 13.3 -1.0 14.3 84.3 .1 -5.1 5.1 31.8 5.4 -1.7 7.1 80.1 12.0 -.1 12.1 100.2 21.8 4.3 17.5 27 28 29 30 31 32 33 50.9 20.0 30.3 .6 -.9 -.7 11.1 57.0 28.5 28.3 .2 -1.1 -1.0 10.0 30.1 -10.1 39.7 .5 1.7 -.1 -6.1 40.5 -17.5 58.7 -.7 -1.1 -.2 4.9 55.0 12.0 43.2 -.1 1.2 .2 2.0 34 35 36 37 38 1.2 9.1 2.2 6.9 1.0 1.4 .2 3.5 -2.2 1.0 1.0 .2 .3 .5 1.6 5.0 .7 -.8 5.2 .6 12.5 .6 1.3 10.6 39 40 41 42 .1 18.3 1.1 17.2 .1 16.8 4.6 12.2 -.3 -1.0 -1.2 .2 17.4 3.2 14.2 * _ _ 7.0 -.1 7.0 1/78 BASED ON INCOMPLETE 14 15 16 17 18 19 20 21 4.5 4 . 5 CURRENT SURPLUS 4.5 r • EQUIPMENT I 2 3.4 4.9 3.7 4.1 3.9 4.4 4.1 4.4 3.4 4.8 112.0 -.2 99.7 84.0 19.1 16.7 2.4 102.0 .6 86.0 85.6 10.9 9.2 1.7 83.7 .8 68.8 75.5 1.6 2.7 -1.0 95.0 .4 123.4 104.4 -4.0 -2.9 -1.1 139.0 .4 66.4 76.7 -8.7 -12.2 3.6 16.5 3.1 -.7 14.0 23.1 3.3 -.3 20.1 44.2 16.6 -.3 27.9 48.2 16.7 -.3 31.7 29.8 -.4 .8 29.4 23.5 1.8 -.2 21.8 OTHER SECURITIES • MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES 10 11 12 13 48.5 13.4 23.9 11.2 51.6 14.9 47.4 -10.6 29.6 18.3 10.5 .9 60.2 16.5 40.4 3.4 55.6 18.6 29.6 7.4 58.8 17.5 51.4 -10.1 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N . E . C . OPEN-MARKET PAPER 14 15 16 17 9 3 . 3 NET ACQ. OF FINANCIAL ASSETS 93.3 .4 DEMAND DEPOSITS + CURRENCY 80.3 TOTAL BANK CREDIT 79.4 CREDIT MARKET INSTRUMENTS U . S . GOVT. SECURITIES -2.8 -4.2 TREASURY ISSUES 1.4 AGENCY ISSUES 6.7 -6.1 14.8 95.4 22.1 81.6 16.3 -14.7 65.8 -.3 21.9 -.3 109.8 16.2 12.4 -11.4 11.5 -12.2 85.6 5.7 5.9 -.2 138.0 43.0 13.5 71.7 68.0 NET INCREASE IN LIABILITIES 1.5 DEMAND DEPOSITS, NET -6.5 U.S. GOVERNMENT 8.0 OTHER 53.5 17.5 36.4 -.3 5.3 -.5 -11.4 16 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 .4 23.2 2.3 7.0 1.5 9.9 .9 2.4 3.6 20.6 -.9 -.9 -13.1 12.2 1.3 30.5 -.4 30.9 -.3 -5.9 3.1 -9.0 -.1 4.1 10.2 -6.1 -.9 15.5 -6.8 22.3 PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES LIAB. TO FGN. AFFILIATES OTHER -6.9 -2.6 -2.5 -5.3 DISCREPANCY INFORMATION. 3 4 5 6 7 8 9 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 CORPORATE EQUITY ISSUES CREDIT MARKET DEBT CORPORATE BONDS OPEN-MARKET PAPER FEDERAL FUNDS AND RP*S -. 1 -3.8 -.1 9.7 2.2 7.5 VAULT CASH • MEM. BANK RES. OTHER INTERBANK CLAIMS MISCELLANEOUS ASSETS (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. 7 8 9 10 11 12 13 ID CORPORATE EQUITIES SECURITY CREDIT 20 21 22 2 3 4 5 6 43 MAY 15» 1978 COMMERCIAL BANKING SUBSECTORS COMMERCIAL BANKING SUBSECTORS SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1976 | IV | 1977 II BILLIONS OF DOLLARS 1969 1970 1971 I 1978 III COMMERCIAL BANKS 1 CURRENT SURPLUS 2 PLANT • EQUIPMENT 3 NET ACQ. OF FINANCIAL ASSETS TOTAL BANK CREDIT 4 CREDIT MARKET INSTRUMENTS 5 U . S . GOVT. SECURITIES 6 TREASURY ISSUES 7 AGENCY ISSUES 8 752 1.237 923 1.015 996 1.109 1.027 1.104 800 1.209 1.139 1.115 3.1 1.3 3.8 1.8 3.3 2.1 2.5 2.2 3.3 2.6 1 2 36.284 38.298 30.790 8.875 8.153 722 13.410 6.445 8.872 3.250 3.136 114 27.444 27.402 28.316 -3.178 -3.056 -122 20.108 23.189 20.602 -2.453 -2.308 -145 43.327 30.196 29.180 2.306 1.299 1.007 9.871 4.277 6.583 -492 -523 31 43.6 39.5 38.2 3.3 2.0 1.3 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 3 4 5 6 7 8 9 10 11 12 OTHER SECURITIES • MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES 4.574 1.310 -142 3.406 3.917 -60 -143 4.120 12.914 5.502 -145 7.557 11.355 3.136 -81 8.300 8.027 592 139 7.296 3.858 -621 -19 4.496 15.4 8.6 .3 6.6 5.8 .6 -.1 5.3 13.3 10.5 .8 2.0 23.6 12.8 1.2 9.6 25.3 9 7 . 1 10 1 . 4 11 16.8 12 13 14 15 16 17 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N . E . C . OPEN-MARKET PAPER SECURITY CREDIT 17.341 2.991 10.457 3.893 7.508 1.705 1.225 3.283 -2.803 -2.427 18.580 6.063 12.645 -128 -914 11.700 5.651 5.900 149 2.587 18.847 4.105 11.697 3.045 1.016 3.217 1.645 4.202 -2.630 -2.306 19.5 5.5 14.4 -.4 1.3 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 18 19 20 21 -2.761 INTERBANK CLAIMS VAULT CASH + MEM. BK. RES. -4.724 665 DEP. AT FGN. BANKING AGS. LOANS TO FGN. BANKING AGS. 1.298 2.115 2.521 3 -409 -4.270 -2.512 -1.357 -401 -500 -2.008 1.509 -1 7.376 5.512 2 1.862 2.059 3.792 -402 -1.331 2.1 2.0 .6 .3 2.1 1.8 5.7 4.1 22 MISCELLANEOUS ASSETS 747 5.755 3.535 56.6 13.0 2.2 10.7 76.2 24.1 .7 23.4 4 2 . 8 27 9.8 28 3 3 . 0 29 4.850 4.312 -2.581 23 NET INCREASE I N L I A B I L I T I E S DEMAND DEPOSITS, NET 24 U . S . GOVERNMENT 25 OTHER 26 35.304 12.239 21.370 -13.588 0 -2.655 24.025 -13.588 26.089 9.203 -199 9.402 18.617 -1.169 2.474 -3.643 8.931 42.575 29.632 -20.327 2.022 -2.464 27.610 -17.863 41.8 12.2 -.2 12.4 11.6 4.6 4.6 36.4 5.1 2.9 2.2 27 28 29 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER 18.822 -417 19.239 16.197 -3.674 19.871 7.662 1.927 5.735 13.257 3.896 9.361 18.025 9.840 8.185 16.742 4.370 12.372 20.6 3.1 17.4 -9.7 -12.5 2.9 37.6 15.2 22.4 41.1 8.7 32.4 30 31 32 33 CORPORATE EQUITIES CORPORATE BONDS SECURITY R . P . ' S PROFIT TAXES PAYABLE 400 161 -956 0 75 49 5.801 0 75 183 1.753 0 225 157 2.483 0 197 165 603 0 75 135 5.145 0 -.1 .3 .6 -.1 -.2 2.6 .1 •1 .1 -2.2 .3 .6 .9 1.0 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. -191 -210 -301 65 -24 0 279 -673 312 124 -1.328 -54 0 273 942 691 111 82 95 0 -37 617 -1.648 1.032 536 -78 0 775 1.307 1.854 -1.027 698 -52 0 -166 -1.013 9 98 -549 -58 0 -513 1.7 1.0 2.5 .8 .2 1.2 .1 .1 .1 1.6 .1 -.3 1.3 41 42 43 MISCELLANEOUS L I A B I L I T I E S L I A B . TO FOREIGN BRANCHES OTHER -4.302 1.497 -5.799 4.378 -2.384 6.762 6.271 738 5.533 3.047 161 2.886 -7.354 1.318 -8.672 8.174 -1.523 9.697 6.6 1.8 4.8 12.7 6.8 5.9 -7.1 -7.2 -1.5 -4.8 3.3 -1.465 -1.263 -1.468 -1.568 4.5 3.9 -.9 -1.0 44 DISCREPANCY * . 7* * * 1.5 * . 8* -. 6 -1 * * * .3 .1 13 14 15 16 17 2 . 4 18 - 1 . 0 19 23 24 25 26 1.2 1.1 2.5 -.2 30 31 32 33 .5 -.4 1.9 -1.2 .3 -.4 .2 34 35 36 37 38 39 40 4.2 41 . 5 42 3 . 7 43 DOMESTIC AFFILIATES OF COMMERCIAL BANKS 1 NET ACQ. OF FINANCIAL ASSETS 2 BANK LOANS N.E.C. 3 LOANS TO AFFILIATE BANKS 153 153 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 153 -35 188 600 600 -30 106 -136 565 -582 385 -361 -.2 -.4 600 220 380 EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS 1 NET ACQ. OF FINANCIAL ASSETS 2 CREDIT MARKET INSTRUMENTS 3 U . S . GOVERNMENT SECURITIES 4 STATE • LOCAL OBLIGATIONS 5 CORPORATE BONDS 6 BANK LOANS N . E . C . 7 OPEN-MARKET PAPER 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 14 NET INCREASE IN LIABILITIES 15 DEMAND DEP. IN MONEY STOCK 16 TIME DEPOSITS 17 DEPOSITS OF BANKS 18 LOANS FROM BANKS 19 20 21 MISCELLANEOUS LIABILITIES DUE TO FOREIGN AFFILIATES OTHER 1.9 1.3 2.813 733 169 -3 -34 601 0 -3.412 -1.115 -133 -35 10 -957 0 -1.054 -2.102 -26 7 10 -2.093 0 1.057 222 -92 104 -23 233 0 2.601 697 12 -4 24 665 0 -2.763 -991 -131 -13 -44 -803 0 0 152 65 -24 279 1.608 0 1 -1.328 -54 273 -1.189 0 -71 82 95 -37 979 0 96 536 -78 775 -494 0 306 698 -52 -166 1.118 0 25 -549 -58 -513 -677 2.813 861 198 665 1.298 -3.412 -1.273 -65 3 -409 -1.054 1.468 -70 -1.357 -401 1.057 -1.785 6 1.509 -I 2.601 -717 -18 2 1.862 -2.763 -133 -82 -402 -1.331 2.2 1.1 .2 • .1 1.9 -209 -946 737 -1.668 -887 -781 -694 -842 148 1.328 621 707 1.472 1.225 247 -815 -168 -647 .8 .5 .3 2.2 .4 * * -.1 .4 .1 -. 7 1 . 1* *• * — 1.3 * -. 8 -. 1 8.7 2.7 -.1 .2 * 2.6 .1 1.2 .1 -.2 -.2 — .5 * . 1* 1.2 1.7 .3 * .3 1.1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 1.2 .1 .1 4.5 -.4 .1 .1 -1.2 .3 .2 * .2 .1 .2 8.7 4.2 .4 .2 .1 1.2 .2 .3 -.1 1.6 1.2 -3.3 -.5 2.5 .8 1.5 1.2 .3 3.8 .2 3.6 -.7 .7 -1.4 -.5 * - 1.3 1.6 19 . 4 20 1.1 21 BANKS I N U . S . POSSESSIONS 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 10 NET INCREASE I N DEPOSIT L I A B . 219 -56 214 84 121 12 14 -17 61 235 156 47 56 -61 50 36 -34 32 240 193 96 71 -38 61 36 -34 -49 219 235 240 1 / 7 8 BASEO ON PRELIMINARY AND INCOMPLETE INFORMATION. 196 107 73 79 -47 39 14 -12 16 200 100 77 75 -25 25 10 -8 23 200 100 78 87 -25 14 0 2 22 .2 .3 .2 .1 .1 .9 1.1 MAY 15, 1978 COMMERCIAL BANKING SUBSECTORS COMMERCIAL BANKING SUBSECTORS SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1976 1973 1974 1975 1976 I 1977 t IV I COMMERCIAL BANKS 1 2 3.4 3.1 2.6 4.1 3.5 4.6 4.1 4.8 3.7 4.4 4.1 3.9 4.4 3 4 5 6 7 8 93.7 77.9 80.8 -1.3 -8.8 7.5 74.4 55.8 58.2 1.2 -2.4 3.6 36.5 31.3 29.2 30.3 28.7 1.6 76.8 64.6 57.7 19.3 17.9 1.4 104.3 87.2 87.0 -.1 -.9 .9 114.8 90.4 90.0 11.2 9.3 1.9 87.0 77.1 83.6 1.5 2.5 -1.0 9 10 11 12 25.6 5.6 .4 19.6 18.6 5.2 1.0 12.3 7.6 1.6 1.8 4.1 15.9 2.6 -.7 13.9 36.2 9.2 -.2 27.3 13 14 15 16 17 56.5 11.6 46.2 -1.3 -3.0 38.4 3.6 32.6 2.2 -2.4 -8.7 2.9 -12.7 1.1 2.1 22.5 11.4 7.3 3.7 6.9 50.8 17.0 33.5 .3 .3 18 19 20 21 10.9 3.5 2.3 5.1 5.7 -.3 3.1 2.9 -2.4 .8 -2.9 -.3 .7 -1.0 1.3 .4 4.7 3.5 .2 1.1 1.5 -6.3 22 4.9 12.8 7.7 11.5 12.3 23 24 25 26 90.8 12.9 -1.0 13.9 71.9 -1.1 -5.1 3.9 34.6 5.5 -1.7 7.2 75.1 10.7 -.1 10.8 27 28 29 50.3 20.0 30.3 56.8 28.5 28.3 29.6 -10.1 39.7 30 31 32 33 1.2 6.9 •1 1.0 .2 -2.2 •1 34 35 36 37 38 39 40 2.1 -.9 -.7 2.6 .1 -.4 1.4 41 42 17.3 .4 * 18.1 15.9 23.3 3.7 -.6 20.1 20.9 11.2 55.5 14.9 51.3 -10.6 3.4 4.8 121. 103. -2.9 -1.1 125.4 59.7 71.2 -9.0 -12.6 3.6 39.3 3.4 1 0 5 . 6 NET ACQ. OF FINANCIAL ASSETS 85.9 TOTAL BANK CREDIT 85.1 CREDIT MARKET INSTRUMENTS -2.6 U . S . GOVT. SECURITIES -4.1 TREASURY ISSUES 1.5 AGENCY ISSUES 23.7 2.0 -.1 21.8 16.5 -.3 18.3 18.9 4 . 5 CURRENT SURPLUS 4 . 5 PLANT • EQUIPMENT 1 2 3 4 5 6 7 8 OTHER SECURITIES + MTGS. 9 ST.+LOC. OBLIGATIONS 10 CORPORATE BONDS 11 MORTGAGES 12 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT 13 14 15 16 17 5.5 12.4 -1.6 -5.3 INTERBANK CLAIMS VAULT CASH • MEM. BK. RES. DEP. AT FGN. BANKING AGS. LOANS TO FGN. BANKING AGS. 18 19 20 21 14.1 MISCELLANEOUS ASSETS 22 24. 7. -11. -7.4 -.4 -5.4 -1.6 -21.5 -27.6 6.0 3.0 17.2 -10.3 23.0 99.5 24.1 4.3 19.8 97.1 12.8 -7.4 20.1 85.0 10.4 -7.0 17.4 80.5 12.8 5.9 6.9 124.4 45.9 13.5 32.4 41.1 -17.5 58.7 55.1 12.0 43.2 72.8 -1.7 74.5 29.6 7.7 21.9 71.6 15.6 56.1 68.2 39.4 28.8 53.9 17.5 36.4 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER 27 28 29 1.0 .2 .5 -.3 1.6 .7 5.2 .6 .6 10.6 - " .3 .7 7.0 1.3 .9 .6 9.9 -.3 .8 .7 2.4 -.1 .3 .5 20.6 -.9 CORPORATE EQUITIES CORPORATE BONDS SECURITY R.P.»S PROFIT TAXES PAYABLE 30 31 32 33 1.9 -1.1 -1.0 4.3 .1 -.2 -.2 -1.2 1.7 -.1 -2.7 -.1 1.9 -1.1 -.2 2.9 2.2 1.2 .2 .9 2.0 -1.6 .3 .4 -4.6 -8.7 -.8 2.1 -.3 10.7 5.0 3.8 2.8 -.2 .3 5.3 -.5 -2.2 -.2 34 35 36 37 38 39 40 15.3 2.2 -.6 .1 - -.1 * -.3 14.0 2.1 * — .8 -.1 6.3 -.2 * * 7.4 100.3 NET INCREASE IN LIABILITIES 2.0 DEMAND DEPOSITS, NET U.S. GOVERNMENT -6.5 OTHER 8.5 -.1 3.1 -.7 -2.1 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. 34.7 3.0 31.7 -10.5 .6 -11.2 -4.1 5.3 -9.4 23.6 -6.1 29.7 MISCELLANEOUS LIABILITIES LIAB. TO FOREIGN BRANCHES OTHER 23 24 25 26 -5.3 DISCREPANCY DOMESTIC AFFILIATES OF COMMERCIAL 1.3 1.7 -.5 -.5 BANKS -.3 -.3 .1 NET ACQ. OF FINANCIAL ASSETS .1 BANK LOANS N.E.C. LOANS TO AFFILIATE BANKS -2.1 NET INCREASE IN LIABILITIES 3.6 COMMERCIAL PAPER ISSUES -5.6 MISCELLANEOUS LIABILITIES 2.3 -2.3 EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS -4.5 -.5 -11.1 NET ACQ. OF FINANCIAL ASSETS -4.0 CREDIT MARKET INSTRUMENTS -.5 U.S. GOVERNMENT SECURITIES -.1 STATE • LOCAL OBLIGATIONS -.2 CORPORATE BONDS -3.2 BANK LOANS N.E.C. OPEN-MARKET PAPER -8.4 -.1 -.1 2.4 11 12 13 .1 1.4 2.1 .1 -.2 2.4 -.1 -.1 1.2 14 15 16 17 18 9.9 .4 .6 2.3 5.1 11.6 1.2 .2 3.1 2.9 -3.4 .5 -2.9 -.3 2.7 5.2 19 20 21 1.5 .7 .8 4.2 2.4 1.8 -.7 -1.3 .6 -.8 -3.8 2.9 -.2 1.1 -.1 1.1 6.4 -13. -5. * -6.7 -3.5 -3.1 -.3 .3 .4 -.1 3.9 .4 2.1 -.3 3.1 -2.0 1.2 2.8 -.2 -.7 4.5 -4.2 5.9 -.3 -5.4 -1.6 4.2 -7.1 * 6.0 * 10.4 -2.9 -.1 * 7.4 -2.8 -3.4 .6 5.3 2.5 2.8 5.9 4.9 1.0 .1 -2.2 -.2 -2.1 -2.7 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 -11.1 NET INCREASE IN LIABILITIES -.5 DEMANO DEP. IN MONEY STOCK -.3 TIME DEPOSITS -1.6 DEPOSITS OF BANKS -5.3 LOANS FROM BANKS -3.3 -.7 -2.6 MISCELLANEOUS LIABILITIES DUE TO FOREIGN AFFILIATES OTHER BANKS IN U.S. POSSESSIONS .3 -.2 .2 .1 -.1 -.2 -.2 .2 .1 -.1 10 .5 .1 BILLIONS OF DOLLARS. 1.1 .4 .9 1/78 BASED ON INCOMPLETE .9 INFORMATION. -.2 .2 1 2 3 4 5 6 7 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS • CURRENCY CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE • LOCAL OBLIGATIONS -.1 CORPORATE BONDS .1 HOME MORTGAGES COMMERCIAL MORTGAGES MISCELLANEOUS ASSETS .8 NET INCREASE IN DEPOSIT LIAB. 14 15 16 17 18 19 20 21 MAY 15, 1978 NONBANK FINANCE NONBANK FINANCE SUMMARY PRIVATE NONBANK FINANCIAL UNADJUSTED NET FLOWS SUMMARY INSTITUTIONS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1976 | IV I I I IV 1978 I BILLIONS OF DOLLARS 1969 1970 1971 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.*LOG. OBLIGATIONS CORPORATE • FOREIGN BONDS MORTGAGES CONSUMER CREDIT OTHER LOANS 14 15 16 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 17 NET INCREASE IN LIABILITIES 18 TIME • SAVINGS ACCOUNTS 19 INSURANCE + PENSION RESERVES 20 CORPORATE EQUITY ISSUES (1) 1.852 1.975 2.261 2.440 2.403 2.374 854 818 489 100 383 505 46.489 1.434 2.487 41.257 -501 1.738 45.609 45.608 49.510 269 564 437 -160 -822 1.917 346 1.016 41.550 2.584 3.743 4.805 20.776 4.492 5.150 1.097 42.847 8.219 1.790 8.309 18.968 4.596 3.467 41.359 1.438 3.045 10.363 19.257 4.605 2.651 39.538 7.694 2.872 6.166 14.181 1.164 7.461 5.203 34.831 4.580 1.292 10.775 13.336 2.996 1.852 37.681 9.918 1.856 6.321 11.286 615 7.685 1.142 1.052 100 1.292 107 834 44.677 17.049 12.264 38.747 22.269 13.331 555 160 21 22 23 24 25 26 27 28 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 3.849 1.178 593 140 66 -200 -1.400 29 30 31 SECURITY CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS L I A B I L I T I E S 8.139 -2.419 32 DISCREPANCY 149 189 471 1.922 1.583 516 20 -1.356 1.164 176 467 2.645 4.346 965 .6 1.1 .1 1.2 2.2 1.2 4.8 1.6 5.0 2.2 1 2 44.682 -177 3.004 52.9 47.5 56.4 86.3 .7 - . 4 -.6 .4 1.1 .7 2.4 105.2 1.2 1.7 3 4 5 26 10.8 36.7 12.2 38.6 -1.8 11.3 41.5 19.3 59.7 3.0 1.9 • 4.0 12.3 17.9 13.7 32.5 * 16.0 16.6 3.9 4.0 10.1 1.5 4.8 5.0 4.6 15.2 6 79.2 7 5.6 8 4.6 9 1 2 . 2 10 4 4 . 2 11 6 . 7 12 6 . 0 13 3 . 7 14 1.2 15 2 . 9 16 2.1 1.0 9.7 .9 8.0 4.8 885 110 591 115 246 119 295 123 -1.3 1.216 1.965 1.873 2.8 .3 1.5 -3.5 1.939 .4 .9 .5 2.9 2.6 .3 1.3 44.661 16.859 15.352 -411 42.734 16.888 15.201 -590 46.266 13.789 14.686 41.259 18.005 14.727 53.5 12.8 18.9 50.0 19.7 57.1 17.0 21.9 82.1 40.5 24.4 374 741 6.6 6.3 4.6 2.9 9.575 2.984 1.773 3.352 1.518 12.117 2.321 5.065 2.293 12.6 612 16 234 191 -13 505 9 1.511 4.588 5.8 .2 .2 .2 1.5 2.9 .2 1.3 6.0 5.2 2.6 .6 .1 - . 1 .6 4.5 2.9 2.0 .1 1.9 .3 - 2 -539 4.434 -334 1.255 -754 -119 4.159 -814 -3 400 1.337 3.119 -2.172 1.328 1.997 1.105 2.654 1.839 -2.263 -362 395 247 577 4.834 3.214 4.407 -534 -1.224 -1.554 - 7.9 1.0 * - - .9 4.0 1.3 -2.7 3.5 .2 5.7 -3.0 .1 6.4 1.0 .2 7.1 1.1 - . 1 8.8 .1 1.5 1.6 -1.0 102.0 46.0 26.1 1.6 17 18 19 20 12.8 4.0 1.2 .5 5.9 1.2 * 21 22 23 24 25 26 27 28 4 . 1 29 . 2 30 11.2 31 -.4 32 (1) INCLUDES INVESTMENT COMPANY SHARES. SAVINGS INSTITUTIONS COMBINED 1.3 1.6 1.5 1.9 2.2 1 21.790 15.6 14.0 20.8 43.3 337 19.461 -337 135 -1.239 507 1.400 -.4 -.1 -.2 -.6 1.0 51.6 .2 1.7 2 3 4 .6 48.2 3.8 .5 2.1 5 6 7 B 9 27.8 18.4 5.3 4.1 -.1 37.7 27.7 4.8 5.2 * 10 11 12 13 14 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 TIME DEPOSITS 5 6 7 8 9 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 1NSTR. MISCELLANEOUS ASSETS 19 NET INCREASE IN LIABILITIES 20 SAVINGS ACCOUNTS 21 CR. MKT. INSTR. (SVGS+LN) 22 PROFIT TAX LIABILITY 23 MISCELLANEOUS L I A B I L I T I E S 24 DISCREPANCY 17.278 183 -91 2.113 1.300 22.725 -349 -638 21.984 * -.2 2.8 70 70 125 122 52 50 .3 .2 .3 .5 13.999 21.745 5.625 23.293 -395 22.501 2.568 18.224 19.246 3.523 15.4 14.6 17.4 39.9 156 879 86 48 205 68 474 89 117 .3 1.2 11.270 9.514 18.938 16.180 1.628 1.136 18.301 15.431 1.430 1.440 16.504 13.695 1.285 1.523 11.7 12.2 11.7 8.5 1.4 1.9 9.3 1.5 1.3 8.0 2.2 1.5 289 74 625 12.822 10.287 1.189 1.345 877 881 -2 -3 139 12.920 10.298 1.232 1.389 .6 .1 1.3 -6 0 1 1 " 551 38 1.109 2.672 2.560 1.512 1.447 15 63 54 28 5 -400 2.691 1.881 -1.255 1.215 1.5 .1 .2 .5 1 913 820 294 263 -500 1.015 16.423 17.049 22.890 22.269 -306 21.590 16.859 4.236 20.781 16.888 2.800 18.241 13.789 5.149 20.583 18.005 2.002 91 836 47 448 85 86 1.008 -783 118 458 -213 -391 77 60 -763 -132 1/78 BASED ON PRELIMINARY AND INCOMPLETE 23.844 INFORMATION. 959 14.5 12.8 1.1 * .5 -.4 * * 1.3 * * 3.4 .2 3.9 .5 -.1 1.8 2.0 2.6 .1 1.9 .3 3.1 .1 .9 .9 15 16 17 18 12.6 19.6 17.0 41.6 40.5 49.1 46.0 2.0 * 1.1 19 20 21 22 23 2.0 * 7.9 4.1 * .6 1.4 * 1.8 * .7 -.1 .1 1.1 MAY 1 5 f 1978 NONBANK FINANCE SUMMARY NONBANK FINANCE SUMMARY PRIVATE NONBANK FINANCIAL INSTITUTIONS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV | | 1977 II PRIVATE NONBANK FINANCIAL INSTITUTIONS 4.7 2.0 4.7 2.6 5.0 5.4 7.2 3.8 9.1 1.8 3 4 5 90.7 .6 -.2 76.5 113.7 .8 4.0 150.2 .8 -1.5 182.0 .8 2.7 172.0 169.4 5.3 7.9 3.6 6 7 8 9 10 11 12 13 13.1 78.3 .6 3.6 11.8 44.8 8.7 8.8 5.7 61.7 3.2 1.6 17.3 23.6 5.2 10.8 9.4 92.3 23.4 5.6 25.7 29.5 5.4 2.7 12.3 129.2 22.2 7.3 32.7 47.9 9.8 9.3 5.9 163.4 22.2 10.4 29.8 70.3 14.3 16.5 13.3 137.0 20.1 5.2 36.6 57.3 9.4 8.5 6.4 154.5 28.7 7.4 28.2 51.3 12.4 26.4 14 15 16 -4.3 .6 2.6 -1.6 .5 4.8 1.0 .6 5.5 4.6 .4 4.4 2.8 .5 6.0 17 18 19 20 87.6 27.8 30.6 .3 75.7 22.1 33.2 -.7 112.7 59.4 39.1 -1.0 145.1 69.2 48.8 -.9 172.4 69.8 58.6 -.5 165.9 71.0 21 22 23 24 25 26 27 28 21.1 3.5 -1.5 .3 8.9 2.7 14.7 1.9 -1.4 .2 4.6 .3 2.4 6.7 -.6 2.7 1.9 .4 -3.6 .7 1.3 -4.0 4.2 5.1 1.7 .4 -3.7 3.0 -.3 -2.0 25.6 8.4 3.1 10.2 3.7 -.2 9.8 .1 4.3 4.9 .6 -2.4 .3 2.2 29 30 31 -3.4 .1 11.0 -3.2 9.5 2.6 .2 13.0 8.5 .7 14.6 1.3 1.0 16.6 17.6 .9 13.9 17.6 32 -.4 1.2 -1.4 -1.7 -2.3 - 7.2 * * 161. 70. IV 1978 I TOTAL 8.7 2.0 1 2 III I I 9.4 .4 9.8 1.5 174.1 4.1 83.7 -.7 5.1 2.7 155.4 12.6 15.1 17.9 73.7 14.7 21.3 6.1 163.2 7.0 10.0 CURRENT SURPLUS 2.0 PHYSICAL INVESTMENT 1 8 3 . 7 NET ACQ. OF FINANCIAL ASSETS -1.8 DEMAND DEPOSITS • CURRENCY 8.5 TIME • SVGS. ACCOUNTS 16.1 11.6 5.1 163.2 20.2 11.5 27.3 63.2 15.2 25.8 1.2 .5 7.1 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U . S . GOVERNMENT SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT OTHER LOANS 6 7 8 9 10 11 12 13 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 16 1 7 2 . 4 NET INCREASE I N L I A B I L I T I E S 53.2 TIME • SAVINGS ACCOUNTS 58.5 INSURANCE • PENSION RESERVES 2.4 CORPORATE EQUITY ISSUES ( 1 ) 17 18 19 20 3.5 .4 7.3 2.4 .5 5.0 1.0 .5 8.6 166.2 65.5 189.7 85.2 172.1 58.1 3.2 .1 3.1 -.1 4.2 15.5 1.6 10.8 5.0 8.0 12.4 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 1.2 16.0 1.0 1.2 18.0 SECURITY CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES -3.3 -3.3 DISCREPANCY 19.3 7.0 2.3 38.0 * 1.0 15.5 1.0 17.0 -2.6 3 4 5 29 30 31 (1) INCLUDES INVESTMENT COMPANY SHARES. SAVINGS INSTITUTIONS COMBINED -1.0 30.7 -.4 1.1 59.9 .6 4.8 73.8 -.5 -.7 88.0 -.4 -.1 5 6 7 8 9 .4 36.9 -.1 .1 -1.1 .2 26.9 1.2 .3 .9 .2 52.0 11.4 1.2 3.5 .1 71.7 9.6 .9 2.8 .4 85.8 8.3 .5 1.1 10 11 12 13 14 32.7 24.5 3.3 4.9 19.8 14.7 1.7 3.4 32.3 24.5 2.6 5.3 49.3 40.5 3.3 5.6 65.0 54.8 5.2 5.0 2 3 4 37.9 * * * * -2.2 .1 BILLIONS OF DOLLARS. * .2 1.2 2.9 3.0 3.1 3.2 76.3 .7 6.4 83.9 1.6 -1.3 95.7 .7 -.3 85.2 -1.0 -.6 79.2 NET ACQ. OF FINANCIAL ASSETS -2.6 DEMAND DEPOSITS • CURRENCY 2.1 TIME DEPOSITS 2 3 4 64.7 .5 82.4 -.9 .5 93.6 19.4 .2 81.8 2.2 .2 76.2 4.4 * .6 5 6 7 8 9 2.Z 57.4 45.5 5.4 6.4 * 5.6 3.7 * .3 1.5 1/78 BASED ON INCOMPLETE 3.0 CURRENT SURPLUS 9.0 * 4.9 3.4 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES STATE AND LOCAL GOVT. SEC. CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL FARM 1 10 11 12 13 14 CONSUMER INSTALMENT CREDIT 15 CONSUMER NONINSTAL. CREDIT 16 MONEY MARKET INSTR. 17 MISCELLANEOUS ASSETS 18 .6 .3 10.8 2.9 7.5 .7 -5.0 1.2 .5 .0 9 ,2 ,4 83.4 70.4 9.8 .3 2.9 79.5 65.5 12.2 .3 1.5 91.2 85.2 4.2 .3 1.4 74.4 NET INCREASE IN LIABILITIES 53.2 SAVINGS ACCOUNTS 19.3 CR. HCT. INSTR. (SVGS+LN) .4 PROFIT TAX LIABILITY 1.5 MISCELLANEOUS LIABILITIES 19 20 21 22 23 ,9 -.9 -1.4 -1.5 -1.8 DISCREPANCY 24 INFORMATION. MAY 15, 1978 SAVINGS INSTITUTIONS SAVINGS INSTITUTIONS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1977 II IV III | BILLIONS OF DOLLARS 1969 1970 1971 1978 I SAVINGS AND LOAN ASSOCIATIONS 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS MORTGAGES 3 CONSUMER CREDIT 4 12.252 11.339 305 17.355 10.568 199 17.681 17.059 283 17.440 16.206 386 14.899 14.378 273 16.033 11.222 183 9.7 8.9 .1 9.3 9.5 .2 14.1 9.8 .3 29.8 23.8 .8 37.1 32.0 .9 2 3 4 4.0 -.2 .4 5.3 -.2 1.7 4.2 * 1.0 5 6 7 -1.3 1.9 -.8 3.0 -.5 2.4 * .5 .4 .4 8 9 10 11 12 13 35.5 32.6 2.0 1.2 .7 * * .9 14 15 16 17 18 19 20 21 5 6 7 OTHER ASSETS DEMAND DEPOSITS • CURRENCY TIME DEPOSITS 608 -639 1.003 6.588 371 68 339 -602 -268 848 389 -134 248 -782 -66 4.628 687 200 .7 -.4 .1 -.3 -.2 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 293 -824 16 -139 68 830 1.298 2.463 142 290 1.218 738 -1.269 758 -27 1.101 432 214 785 694 -26 -1.655 608 187 -690 556 36 -544 692 1.046 1.282 757 25 275 300 1.102 .4 .1 .1 .1 -1.5 1.2 11.619 12.230 77 149 128 -200 60 -748 16.724 16.159 -306 516 578 -1.400 91 780 16.881 12.151 4.236 1.773 1.208 1.255 47 447 16.564 12.986 2.800 612 851 1.337 85 693 14.056 9.667 5.149 191 1.839 3.119 86 -846 15.182 12.157 2.002 505 392 1.105 118 905 8.9 7.4 1.1 .2 .1 .9 .4 .4 .6 -132 -122 -286 -348 -304 -338 .2 .3 .3 .4 - . 1 22 11.058 16.178 18.337 16.998 14.701 14.044 9.7 9.6 12.2 28.4 3 5 . 7 23 .2 3.0 -.6 .2 .3 3.8 -.1 .4 .6 5 9.7 6 .2 7 1.1 8 .5 9 2.1 10 5.5 .1 -.1 .1 .5 14 NET INCREASE I N L I A B I L I T I E S SAVINGS SHARES 15 CREDIT MARKET INSTRUMENTS 16 MORTGAGE LOANS I N PROCESS 17 BANK LOANS N . E . C . 18 FHLB ADVANCES 19 PROFIT TAXES PAYABLE 20 MISCELLANEOUS L I A B I L I T I E S 21 22 DISCREPANCY 23 MEMO: ACQ. OF CREDIT MKT. INST -. 4 * * . 2* * 8.4 3.9 4.1 * .1 4.0 * * 1.5 - 1.8 13.3 10.9 1.8 .6 -.1 1.3 * * 1.0 .5 * 29.0 27.8 -.1 2.0 .7 -2.7 .1 1.2 MUTUAL SAVINGS BANKS 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS • CURRENCY 4 TIME DEPOSITS 3.399 774 0 4.089 -502 0 2 .877 218 0 2 .888 -79 0 2.524 424 0 2.772 -566 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 70 2.472 -11 666 58 625 70 4.439 520 1.186 14 879 125 2 .454 -256 248 113 48 122 2 .769 88 388 231 68 52 2.079 -291 813 53 117 50 3.431 289 688 -28 139 .3 4.2 -.5 .4 1.3 .3 1.2 .5 9.5 .1 .8 .2 3.9 11 12 13 14 15 MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER SECURITY RP»S MISCELLANEOUS ASSETS 1.429 34 208 -537 83 634 23 14 1.169 82 1 .803 150 87 261 80 2 .003 199 -221 13 76 2.025 10 219 -867 -31 1.583 120 -390 1.030 -143 2.8 .1 .1 .1 2.7 .1 .1 .2 -.1 1.8 .1 .2 .1 .2 3.9 .1 .2 .2 .3 3.287 -15 3.810 56 2 .645 1 2.356 315 2.204 63 2.974 -447 4.2 .1 2.6 .2 4.4 .1 9.9 -.1 10.2 16 .2 17 .1 -.2 - . 2 18 16 SAVINGS DEPOSITS 17 MISCELLANEOUS LIABILITIES * * -.1 18 DISCREPANCY * * * CREDIT UNIONS 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY TIME DEPOSITS SAVINGS • LOAN SHARES CREDIT MARKET INSTRUMENTS U . S . GOVERNMENT SECURITIES HOME MORTGAGES CONSUMER CREDIT 10 CREDIT UNION SHARES .1 1.627 48 29 1.081 469 165 54 250 2.400 40 35 1.197 1.128 158 68 902 2.167 1.656 27 35 46 38 -1.151 -408 2.734 2.502 613 124 92 76 2.029 2.302 1.532 2.300 2.063 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 2.038 21 50 523 1.444 86 101 1.257 2.0 .2 1.3 14 57 1.143 1.771 507 115 1.149 1.5 .2 -.4 2.1 .3 1.3 1.7 1.2 1.4 * 2.0 .2 .1 1.0 .2 2.2 11 12 13 14 15 MAY 15, 1978 SAVINGS INSTITUTIONS SAVINGS INSTITUTIONS SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV 1976 1977 | I II III SAVINGS AND LOAN ASSOCIATIONS 2.1 CURRENT SURPLUS 2 3 4 28.8 26.5 1.1 23.6 17.6 .7 42.7 29.5 .9 53.8 45.0 1.0 67.4 58.2 1.1 5 6 7 1.2 -.2 -.7 5.4 -.6 .4 12.2 .5 4.4 7.8 -.7 -1.0 8.0 -.6 -.4 8 9 10 11 12 13 -2.4 2.3 -.1 1.2 .3 -.1 1.6 2.4 2.2 4.1 .6 -1.4 1.8 4.2 .7 .1 -.1 2.1 2.6 .1 4.5 .1 -.8 3.0 2.2 14 15 16 17 18 19 20 21 26.9 20.2 6.0 -1.5 .4 7.2 22.3 16.0 6.3 -1.4 1.1 6.7 .1 -.1 41.4 42.8 -2.2 1.9 -.2 -4.0 .1 .7 51.5 50.3 1.7 .3 -2.0 .2 1.0 64.2 51.0 11.9 3.1 4.5 4.3 .3 1.1 -.1 -.5 36.0 52.9 * -.5 1.3 1.3 * .6 22 .1 23 28.3 * 21.4 * * 5.6 .4 -1.1 8.7 -.9 -.5 -3.8 3.0 -.1 4.4 1.7 1.1 11.2 2.8 -.1 -6.6 2.4 .5 61.3 50.5 9.8 2.3 5.3 2.2 .3 .7 62.4 48.1 12.2 3.8 3.7 4.7 .3 1.8 69.0 63.0 4.2 3.2 1.5 -.5 .3 1.4 -l.l -.6 -1.0 66.2 62.0 65.1 14.2 -2.0 10.4 1.1 14.9 1.5 -3.0 9.9 .1 -.6 .3 54.2 52.5 .2 .7 58.8 NET ACQ. OF FINANCIAL ASSETS 50.6 MORTGAGES .8 CONSUMER CREDIT 72.3 62.2 1.5 57.0 51.8 1.2 -.8 -.3 7.4 -.4 .8 -2.2 2.8 4.4 -2.5 3.0 .1 1.1 1.2 4.2 OTHER ASSETS DEMAND DEPOSITS • CURRENCY TIME DEPOSITS U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE+LOCAL GOVT SEC. OPEN-MARKET PAPER FED. FUNDS • RP*S MISCELLANEOUS 6 8 9 10 11 12 13 64.2 42.2 21.3 3.1 7.4 10.8 55.3 NET INCREASE IN LIABILITIES 34.5 SAVINGS SHARES CREDIT MARKET INSTRUMENTS 19.3 MORTGAGE LOANS IN PROCESS 2.2 BANK LOANS N.E.C. FHLB ADVANCES 12. PROFIT TAXES PAYABLE 1.2 MISCELLANEOUS LIABILITIES 14 15 16 17 18 19 20 21 -1.2 -1.5 -1.4 DISCREPANCY 22 73.3 64.5 54.3 MEMO: ACQ. OF CREDIT MKT. INST 23 10.0 -.3 8.9 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS • CURRENCY -2.2 TIME DEPOSITS MUTUAL SAVINGS BANKS .5 CURRENT SURPLUS 3.8 .2 13.6 1.3 11.5 .1 .1 - 2 3 4 " - - - - .2 2.8 -.4 .2 .2 10.6 2.2 1.7 .6 3.5 .1 13.0 1.1 2.9 .9 2.8 .4 11.7 .1 2.6 .4 1.1 .3 11.3 .9 3.1 .2 2.5 .3 15.8 .8 4.1 .1 3.5 .5 9.1 -1.2 .5 .5 .2 .5 12.2 .8 2.3 .9 .3 .2 9.8 -.1 3.7 .2 .5 .2 11.7 -.1 2.0 -.1 .6 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE • LOCAL OBLIGATIONS CORPORATE BONOS 5 6 7 8 9 10 11 12 13 2.2 .2 .1 2.3 .2 4.1 .2 .5 6.5 5.7 .1 .8 -2.1 .8 2.5 .1 .1 4.7 .1 7.2 .6 .3 1.0 -.4 8.0 .8 -.9 .1 .7 8.1 6.3 .5 -1.6 4.1 -.8 MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER SECURITY RP»S MISCELLANEOUS ASSETS 11 12 13 14 15 16 17 3.1 .3 11.2 -.1 13.0 .1 11.0 .4 13.3 -.2 11.1 2.2 9.7 -.3 14.1 5.0 -.5 * * .9 -3.5 .4 9.1 -.2 7.6 SAVINGS DEPOSITS .3 MISCELLANEOUS LIABILITIES -.4 DISCREPANCY CREDIT UNIONS .4 CURRENT SURPLUS 2 3 4 5 6 7 8 9 3.2 .1 .2 -.6 3.6 .5 .4 2.7 3.3 .2 .1 .4 2.7 .4 .1 2.3 5.7 * .3 * 5.4 1.1 .5 3.8 6.3 .2 .1 .2 5.8 .7 .2 4.9 8.3 .1 .2 .2 7.8 1.0 .3 6.5 10 2.9 3.0 5.5 6.0 7.8 BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE 5.6 .2 .1 2.2 3.1 .7 .2 2.2 5.2 INFORMATION. 9.2 .2 .1 1.4 7.5 .6 .3 6.6 8.1 .1 .2 -.4 8.2 .5 .3 7.4 8.5 .1 .2 .1 8.1 2.5 .4 5.3 7.3 .1 .2 -.5 7.5 .3 .4 6.8 11.6 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS • CURRENCY .1 TIME DEPOSITS .2 SAVINGS • LOAN SHARES 1.1 CREDIT MARKET INSTRUMENTS 10.2 U.S. GOVERNMENT SECURITIES 2.0 HOME MORTGAGES .5 CONSUMER CREDIT 7.7 11.1 CREDIT UNION SHARES 16 17 MAY 1 5 t 1978 INSURANCE • PENSION FUNDS INSURANCE • PENSION FUNDS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ( $ M I L L . ) UNADJUSTED NET FLOWS ($ MILL.) 1976 | IV | BILLIONS OF DOLLARS 1969 1970 1971 1978 I LIFE INSURANCE COMPANIES 1 CURRENT SURPLUS 2 PHYSICAL INVESTMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS • CURRENCY 5 6 7 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 I N L I A B I L I T I E S 15 LIFE INSURANCE RESERVES 16 PENSION FUND RESERVES 17 PROFIT TAXES PAYABLE 18 MISCELLANEOUS L I A B I L I T I E S 874 677 909 604 932 511 965 396 997 644 990 583 8.087 822 7.060 -439 6.942 1 7.560 36 8.825 473 8.661 -574 733 6.251 177 188 5.233 1.353 -1.040 340 281 494 6.744 374 138 4.308 231 1.320 373 261 174 6.528 8 81 4.748 1.068 173 450 239 171 7.131 843 181 3.286 1.216 1.175 430 222 351 7.801 671 22 5.952 2.695 -1.960 421 200 350 8.704 618 84 4.734 1.208 1.668 392 181 1.4 7.3 -.2 7.769 1.779 4.633 15 1.342 6.568 1.791 3.314 248 1.215 7.441 1.891 4.067 -123 1.606 7.189 1.953 3.655 186 1.395 8.393 2.525 4.245 79 1.544 7.794 2.100 3.995 309 1.390 1.0 .8 1.3 1.0 1.6 1.2 2.0 1.1 1.7 6.9 -.2 1.2 .6 1.7 2.1 •8 2.5 .9 2.0 7.0 .1 .1 1.5 2.3 .8 2.2 .8 3.6 8.2 -.1 .1 5.5 1.1 .6 1.0 .9 3.5 9.7 .1 * 7.0 1.5 .2 .9 1.0 5 6 7 8 9 10 11 12 13 9.2 4.6 2.9 .2 1.5 9.3 4.9 2.9 .1 1.4 10.2 5.1 3.3 .1 1.7 12.6 6.1 4.5 -.1 2.1 13.6 6.5 4.3 * 2.9 14 15 16 17 18 7.3 .2 -.4 6.9 .3 * 3.7 2.5 * * 19 DISCREPANCY PRIVATE PENSION FUNDS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS • CURRENCY 3 TIME DEPOSITS 3.288 23 423 5.765 25 445 5.142 23 413 6 .284 24 426 4.558 23 1.190 5.382 23 677 4 5 6 7 8 9 2.009 773 600 218 -45 1.650 3.585 2.603 932 50 1.577 1.869 1.289 462 118 788 4 .246 1 .334 2 .817 95 445 2.100 949 1.049 102 750 3.332 2.212 1.020 100 ,564 156 2.461 -29 4.252 401 3.309 137 3.358 -73 3.250 69 684 .724 670 560 110 -368 .223 199 545 1.945 2.205 1.064 1.141 -841 629 -48 604 3.247 2.120 2.120 0 522 399 206 896 2.276 807 107 700 -41 1.377 133 814 2.617 746 -254 1.000 35 1.670 166 583 2.598 625 0 625 20 1.803 150 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U . S . GOVERNMENT SECURITIES CORPORATE BONDS MORTGAGES MISCELLANEOUS ASSETS 4.6 2.2 4.8 1.1 8.9 -1.5 -.3 -.7 1.0 -.8 STATE • LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS • CURRENCY 3 4 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U . S . GOVERNMENT SECURITIES DIRECT AGENCY ISSUES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES 5.5 -.1 3.7 3 4.6 4 .3 5 -.3 6 .6 7 -.1 8 4.2 9 .2 10 1.3 3.4 1.8 3.8 -.3 -.5 .2 -.1 4.0 2.1 4.1 -.4 -.3 -.1 -.3 4.5 3.2 3.3 -1.2 -1.2 .1 5.4 .1 6.6 .1 6.7 * 1.0 3.8 2.5 3.8 .1 3.5 .3 3.0 4 3.7 5 .1 6 4.3 7 -.7 8 * 9 1.2 10 OTHER INSURANCE COMPANIES 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 I N L I A B I L I T I E S 12 CORPORATE EQUITY ISSUES 13 PROFIT TAXES PAYABLE 14 POLICY PAYABLES 15 DISCREPANCY 272 288 293 383 470 472 2.813 157 2.872 15 3.005 119 3.322 -57 3.537 355 3.375 120 3.1 .1 3.0 378 2.178 392 1.409 350 27 100 133 2.617 238 2.292 46 41 107 206 2.570 -113 2.560 85 38 110 347 2.917 261 1.728 903 25 115 420 2.643 326 3.057 -730 -10 119 425 2.707 354 2.759 -409 3 123 .8 1.9 -.1 .9 1.2 1.0 1.6 -.3 1.1 .8 .3 .4 .5 .3 2.172 238 13 1.921 2.335 238 47 2.050 2.532 238 -6 2.300 2.684 238 46 2.400 2.692 238 31 2.423 2.743 238 68 2.437 2.7 .2 3.9 .5 .1 3.3 3.9 .4 .1 3.4 4.1 .6 -.1 3.6 -369 -249 -180 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * 2 . 5* * * * 1.5 2.3 * * 5.4 .5 .1 4.8 2 3 11 12 13 14 MAY 15, 1978 INSURANCE + PENSION FUNDS INSURANCE + PENSION FUNDS SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES t 1976 1 IV 1976 | I 1 1 1977 I II III IV |1 1978 I LIFE INSURANCE COMPANIES 3.5 2.7 1 2 2.3 1.2 2.5 1.6 2.7 2.4 3.2 2.1 3.8 2.2 3 4 16.9 .1 16.6 -.1 20.4 -.1 28.0 .1 30.4 .1 5 6 7 8 9 10 11 12 13 3.6 12.3 -.2 2.2 .9 2.3 12.9 .1 .3 4.0 4.9 1.1 2.7 1.4 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 1.2 1.2 28.2 1.9 .4 18.3 5.2 .7 1.7 .9 -1.3 1.4 1.1 14 15 16 17 18 15.4 7.2 5.5 15.4 6.4 6.2 19.2 5.3 9.7 -.1 4.3 27.9 6.7 15.6 .1 5.4 29.6 8.2 15.3 .4 5.8 31.1 7.1 18.5 .2 5.2 * 5.9 4.4 * * 2.7 * 2.8 26.2 .5 3.6 2.4 26.4 .3 2.0 23.1 1.0 .5 15.2 2.2 2.6 1.5 1.0 26.3 7.2 13.3 3.7 2.0 4.0 CURRENT SURPLUS 2.3 PHYSICAL INVESTMENT 28.8 1.1 33.8 -.9 3 2 . 8 NET ACQ. OF FINANCIAL ASSETS -.2 DEMAND DEPOSITS • CURRENCY 1.4 32.5 1.4 30.8 2.0 .3 16.6 6.1 4.3 1.6 .7 1.5 1.8 1.0 3.8 1.7 -5.1 1.7 7.6 16.3 7.8 14.6 10.1 17.0 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE • LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES OPEN-MARKET PAPER POLICY LOANS MISCELLANEOUS ASSETS 31.2 NET INCREASE IN LIABILITIES 8.4 LIFE INSURANCE RESERVES 16.0 PENSION FUND RESERVES .5 PROFIT TAXES PAYABLE 6.3 MISCELLANEOUS LIABILITIES 14 15 16 17 18 * DISCREPANCY PRIVATE PENSION FUNDS 8.5 -.2 .8 10.9 12.8 .1 -1.3 12.8 .1 2.7 5.3 2.5 .7 2.1 2.3 5.8 1.1 4.7 5.8 8.0 5.2 2.8 7.3 5.2 3.9 1.3 * -•> 21.7 .1 2.5 14.5 .1 1.7 22.7 .1 1.8 20.7 .1 1.7 23.8 .1 1.7 19.8 .1 4.8 21.2 NET ACQ. OF FINANCIAL ASSETS 21.2 DEMAND DEPOSITS • CURRENCY .1 TIME DEPOSITS 2.7 4.5 11.8 6.2 5.3 8.0 4.4 3.7 .9 -.2 .2 6.6 14.0 10.1 3.7 .2 .2 6.3 7.6 5.2 1.8 .5 5.0 3.2 15.6 4.0 11.3 .4 3.2 1.8 10.0 5.4 4.2 .4 3.2 3.0 13.0 8.5 4.1 .4 2.4 MISCELLANEOUS ASSETS 9 1 2 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONOS MORTGAGES 1 2 3 4 5 6 7 8 STATE • LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS 7 8 9 10 -.2 -1.1 .9 -.3 5.6 .7 .1.2 -.4 13.7 2.4 9.2 1.9 1.0 1.0 1.0 6.1 .2 2.7 10.9 3.0 2.2 .8 .9 6.8 .3 * 13.4 .4 10.3 .6 9.8 -.1 17.0 1.6 13.2 .5 13.4 -.3 13.0 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS • CURRENCY .3 2.9 10.1 5.9 3.0 2.8 -.3 4.1 .5 2.7 6.9 2.7 2.2 .4 -1.5 4.9 .8 2.2 7.8 8.8 4.3 4.6 -3.4 2.5 -.2 2.4 13.0 8.5 8.5 3.3 10.5 3.0 -1.0 4.0 .1 6.7 .7 2.3 10.4 2.5 2.1 1.6 .8 3.6 9.1 3.2 .4 2.6 -.2 5.5 .5 11.4 .1 12.5 .5 13.3 -.2 13.6 1.4 1 3 . 4 NET ACQ. OF FINANCIAL ASSETS .5 DEMAND DEPOSITS • CURRENCY 10.4 .9 9.2 10.8 1.4 11.7 1.1 1.7 10.1 - - 2.5 .1 7.2 .6 CORPORATE EQUITIES 3 4 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES 5 DIRECT 6 7 AGENCY ISSUES 8 STATE • LOCAL OBLIGATIONS 9 CORPORATE BONDS 10 MORTGAGES OTHER INSURANCE COMPANIES 1 1.2 -.4 -.5 .6 1.4 2 3 6.4 4.7 .1 7.3 .1 9.8 .6 12.7 .4 4 5 6 7 8 9 10 2.4 3.4 -.5 4.6 .4 2.2 2.0 -.7 7.3 2.5 2.6 2.2 .1 .6 1.0 7.8 1.6 4.2 2.0 1.1 10.7 .7 9.6 .3 .1 .5 8.2 1.0 .1 11 12 13 14 15 * 3.6* -.1 * .6 * .5 5.3 .5 5.8 .9 7.1 1.0 * 4.8 * 4.9 6.2* .7 -.7 * BILLIONS OF DOLLARS. * .4 1.9 CURRENT SURPLUS 10.8 •6 1.4 .1 7.2 9.2 8.7 1.0 .1 7.7 -1.0 -1.1 -1.0 10.2 1.0 .1 1/78 BASED ON INCOMPLETE INFORMATION. CORPORATE EQUITIES 4 CREDIT MARKET INSTRUMENTS 5 U.S. GOVERNMENT SECURITIES 6 STATE • LOCAL OBLIGATIONS 7 CORPORATE BONOS 8 COMMERCIAL MORTGAGES 9 TRADE CREDIT 10 10.2 .3 .2 .4 12.2 -2.9 1.7 10.7 1.3 11.0 -1.6 10.8 1.0 .2 10.9 NET INCREASE IN LIABILITIES 1.0 CORPORATE EQUITY ISSUES .2 PROFIT TAXES PAYABLE * 9.2 1.0 .1 8.2 10.3 1.0 .1 9.2 -1.0 -1.1 9.7 9.7 2 3 POLICY PAYABLES - . 7 DISCREPANCY 11 12 13 14 15 MAY 15* 1978 FINANCE N.E.C. 26 FINANCE N . E . C . SECTOR STATEMENTS OF SAVIN6 AND INVESTMENT UNADJUSTED NET FLOWS ($ UNADJUSTED NET FLOWS (S MILL.) 1976 | IV | 1 CURRENT SURPLUS OF GROUP -17 III I II 37 292 I I IV 322 140 1978 I 155 MILL.) 1968 BILLIONS OF DOLLARS 1970 1969 1971 1972 -2.1 -2.5 -1.3 -.2 -1.0 1 8.7 .1 8.6 .8 2.8 5.0 2.4 .2 2.2 1.7 .1 .4 5.4 .3 5.2 1.5 2.3 1.3 9.6 .3 9.4 1.7 3.5 4.2 1 2 3 4 5 6 8.9 7.8 .9 .9 6.0 3.9 2.6 2.1 - . 1 .6 4.7 2.7 2.5 .6 -.5 8.6 6.2 3.6 3.8 FINANCE COMPANIES 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMANO 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 L I A B I L I T I E S 4.826 2.600 6.199 1.726 7.960 2.516 48 47 46 45 44 43 4.778 2.553 1.681 -436 1.982 7.916 2.473 200 200 135 3.065 4.651 -288 2.561 5.2 .1 5.2 .6 2.3 2.2 7.350 7.119 2.336 5.2 3.9 .2 .8 2.9 1.3 31 248 2.407 2.340 -509 2.814 6.153 1.487 1.757 2.909 4.497 4.311 1.235 1.050 2.026 1.738 1.483 1.615 -1.341 1.209 6.494 6.344 3.019 -1.038 4.363 1.455 1.209 1.529 -20 197 -300 4.586 1.744 1.483 2.291 -2.131 1.323 61 125 87 168 9 141 91 155 82 149 111 150 * * 1.0 2.0 2.4 7 8 9 10 11 12 13 .1 .3 1.1 .4 .8 1 2 3 1.9 .4 .8 .7 2.5 .2 .9 1.2 .2 5.0 .4 2.0 1.7 .8 4 5 6 7 8 2.2 1.5 2.9 1.0 1.9 .1 6.3 9 1.7 10 4 . 6 11 . 5 12 . 2 13 . 3 14 * 1.3 * -1.3 * REAL ESTATE INVESTMENT TRUSTS 1 PHYSICAL INVESTMENT 2 MULTI-FAMILY STRUCTURES 3 NONRESIDENTIAL STRUCTURES 4 NET ACQ. OF FINANCIAL ASSETS 5 HOME MORTGAGES 6 MULTI-FAMILY MORTGAGES 7 COMMERCIAL MORTGAGES 8 MISCELLANEOUS ASSETS 9 NET INCREASE I N L I A B I L I T I E S 10 CCRPORATE EQUITY ISSUES 11 CREDIT MARKET INSTRUMENTS 12 MORTGAGES 13 MULTI-FAMILY RESIDENTIAL 14 COMMERCIAL 15 16 17 CORPORATE BONDS BANK LOANS N . E . C . OPEN-MARKET PAPER 177 58 119 214 71 143 -22 -7 -15 -979 -827 -933 -115 -299 -665 -62 -42 -408 -581 -174 -290 -321 72 -296 -261 -98 -86 -198 -175 -78 -26 -52 -477 -394 -352 -21 -51 -52 -131 -218 -131 -217 146 -164 -181 -111 6 48 -993 -816 -713 -467 -841 -182 -679 -73 14 -38 -43 -22 -650 -671 -654 -551 -417 189 62 127 20 7 13 2 1 1 16 5 11 -13 -4 -9 9 3 6 -57 -707 -104 -646 -32 -59 3 -45 -35 -11 -15 2 -709 -597 -525 -433 71 -62 2 5 OPEN-END INVESTMENT 1.2 .2 .2 .1 .1 4 5 6 7 8 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U . S . GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER 224 21 -253 -46 26 -907 .110 -282 -1.526 1.319 -673 -38 117 60 891 501 282 546 491 -685 -215 .4 1.3 2.5 15 16 17 COMPANIES 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS • CURRENCY .6 .8 -2.3 -2.4 -1.1 -.7 -1.3 1 251 -16 3.6 .1 2.6 -.1 1.7 •6 .1 -1.8 -19 -92 1 2 3 -1.094 -454 361 23 467 -886 1.153 2.5 .9 •2 .4 .3 1.7 .9 -.5 .2 1.2 1.2 .5 .2 .7 -.4 .4 • -.3 .6 -.3 -1.8 274 -839 -245 -9 528 -129 12 125 1.016 * * * .1 .2 -.3 4 5 6 7 8 9 NET SHARE ISSUES MONEY MARKET FUNDS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMANO DEPOSITS • CURRENCY 3 TIME DEPOSITS 140 -11 -49 -334 4 5 6 7 234 123 111 -34 -398 -350 CREDIT MARKET INSTRUMENTS U . S . GOVERNMENT SECURITIES OPEN-MARKET PAPER MISCELLANEOUS -1 65 -48 0 -3 49 -9 400 -44 220 1.997 -85 -37 -48 42 280 112 168 -56 962 353 609 85 1 2 3 23 927 4 5 8 NET SHARE ISSUES SECURITY BROKERS AND DEALERS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 8.248 -2.331 -704 2.742 1.897 -2.188 35 17 3 12 -5 0 3 4 5 6 7 8 2.236 4.835 2.611 -1.020 -2.380 -1.472 -997 -595 1.839 -183 -1.863 -158 1.838 -1.246 -1.237 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE • LOCAL OBLIGATIONS CORPORATE BONOS SECURITY CREDIT 9 NET INCREASE IN LIABILITIES 10 SECURITY CREDIT 11 FROM BANKS 12 CUSTOMER CREDIT BALANCES 13 PROFIT TAXES PAYABLE -11 111 2.235 1.142 -1.019 1.052 -997 -133 2.272 2.688 -283 -133 885 591 246 295 8.166 8.139 7.723 -2.425 -2.419 -2.494 -800 -754 -1.027 2.641 2.654 2.511 1.808 1.B39 1.286 -2.292 -2.263 -2.181 416 27 75 -6 273 -46 143 -13 553 -31 -82 -29 1/78 BASED ON PRELIMINARY ANO INCOMPLETE -92 494 INFORMATION. -3 12 -1.246 3.8 .5 -3.1 -.1 •8 -.3 1.4 -.2 .6 .8 .4 •1 .1 2.3 1.7 .6 .1 -1.3 1.0 1.0 1.9 -1.0 * -.2 2.8 3.5 3.5 1.0 2.4 * * -.2 .4 -3.5 -3.1 -3.0 -1.0 -2.0 -.1 - 4.2 * 1 2 .1 -1.4 -1.6 .1 .1 2.6 .2 .3 .2 -.1 .2 3.7 3 4 5 6 7 8 1.1 1.1 .7 .5 4.1 4.1 3.9 .2 * 9 10 11 12 13 * * NAY 15, 1978 FINANCE N.E.C. FINANCE N.E.C. SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV 1976 1977 II III | | IV I 1978 I 1.1 CURRENT SURPLUS OF GROUP FINANCE COMPANIES 1 2 3 4 5 6 11.8 .2 11.5 1.9 4.7 5.0 5.2 .2 5.0 -1.9 2.0 4.8 1.6 .2 1.4 -1.3 .5 2.1 9.0 .2 8.8 -.4 3.7 5.4 18.5 .2 18.3 1.5 6.3 10.5 13.7 .2 13.5 .1 5.8 7.6 15.1 .2 14.9 .4 4.9 9.5 22.8 .2 22.6 5.5 5.6 11.5 9.9 .2 9.8 -.8 6.4 4.1 26.2 .2 26.0 .9 8.2 16.8 15.3 NET ACQ. OF FINANCIAL ASSETS .2 DEMAND DEPOSITS • CURRENCY 15.1 CREDIT MARKET INSTRUMENTS .3 MORTGAGES 6.2 CONSUMER CREDIT 8.6 OTHER LOANS (TO BUSINESS) 7 8 9 10 11 12 13 11.8 9.4 3.0 4.5 2.0 .1 2.3 5.5 4.5 1.8 -.8 3.6 .1 .9 1.3 .5 2.7 -2.8 .6 .1 .7 7.2 6.4 5.3 -2.1 3.3 .2 .6 17.0 16.2 8.5 -2.2 9.9 .3 .6 12.2 11.-5 3.9 2.3 5.3 .2 .5 12.8 11.9 7.1 .3 4.5 .2 .7 22.4 21.6 11.6 -9.4 19.4 .3 .6 9.3 8.4 6.9 1.4 .1 .3 .6 23.6 22.7 8.4 -1.1 15.5 .3 .6 13.3 NET INCREASE IN LIABILITIES 12.4 CREDIT MARKET INSTRUMENTS 9.9 CORPORATE BONDS -2.5 BANK LOANS N.E.C. 5.0 OPEN-MARKET PAPER .3 PROFIT TAXES PAYABLE .6 MISCELLANEOUS LIABILITIES 9 10 11 12 13 REAL ESTATE INVESTMENT TRUSTS 1 2 3 .7 .2 .5 1.1 .4 .7 3.0 1.0 2.0 1.6 .5 1.1 -.4 -.1 -.2 .7 .2 .5 .9 .3 .6 -.1 -.1 -1.2 -.4 -.8 -1.0 -.3 -.7 4 5 6 7 8 5.6 .7 2.4 2.5 .5 -.2 .2 .2 .4 -3.6 -.5 -2.6 -1.8 1.2 -4.1 -.2 -1.7 -1.8 -.3 -2.6 -.2 -.8 -1.4 -.3 -3.9 -.2 -1.6 -2.3 .3 -3.3 -.2 -.7 -1.2 -1.3 -3.7 -.5 -1.2 -2.7 .6 -1.9 -.1 -.7 -.7 -.4 -1.6 -.2 -.5 -.9 9 10 11 12 13 14 6.5 1.0 5.6 .3 .1 .2 1.4 -.9 1.5 .2 .1 .1 -.7 -1.8 -.1 .4 .1 .3 -2.6 -.9 -1.9 .4 .1 .3 -3.2 -.1 -2.5 -3.4 -.7 -2.7 .8 .2 .5 -2.6 -.3 -2.6 .1 -4.0 .1 -2.7 -3.3 -.2 -2.6 .1 -2.9 -.2 -2.2 -.1 15 16 17 .6 4.0 .7 .2 4.4 -3.3 -.6 .1 _ -.2 -1.9 -.3 -.1 -2.4 -.2 -2.8 -.4 -.1 -2.4 -.2 * * * * * * .1 * * * * -.1 -2.8 .3 * * * -2.4 -.2 * * * -.1 -2.1 * -.3 PHYSICAL INVESTMENT -.1 MULTI-FAMILY STRUCTURES -.2 NONRESIDENTIAL STRUCTURES -1.4 NET ACQ. OF FINANCIAL ASSETS -.2 HOME MORTGAGES -.5 -.9 .2 MULTI-FAMILY MORTGAGES COMMERCIAL MORTGAGES MISCELLANEOUS ASSETS - 1 . 9 NET INCREASE I N L I A B I L I T I E S -.1 CORPORATE EQUITY ISSUES -1.7 CREDIT MARKET INSTRUMENTS * * * * -1.7 * 4 5 6 7 8 9 10 11 MORTGAGES 12 MULTI-FAMILY RESIDENTIAL 13 COMMERCIAL 14 CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER 15 16 17 OPEN-END INVESTMENT COMPANIES 1 -1.0 -.2 -.2 2 3 4 5 6 7 8 -2.2 .3 -2.3 -.2 .5 -.9 .2 -1.0 -.2 -.5 -.3 -.1 -.4 .1 -.3 .1 -1.1 .7 * 1.0 -.2 -.6 CURRENT SURPLUS 1.9 .2 1.1 .7 .9 .1 -1.0 -.2 -2.7 .1 -3.4 -.1 -.4 -3.6 4.4 -1.1 3.6 2.0 -6.1 5.3 1.1 2.2 2.0 -2.7 -.2 .5 .2 -.9 -4.4 1.1 -1.0 -1.8 1.4 .1 1.9 -.5 * 2.1 * 1.0 NET ACQ. OF FINANCIAL ASSETS -.1 DEMAND DEPOSITS • CURRENCY -3.5 4.6 * .5 4.1 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER 1.6 NET SHARE ISSUES MONEY MARKET FUNDS 2.4 1.3 -1.3 1.6 .5 .3 -1.6 -1.4 -.2 * .7 1.6 -.2 .9 8.0 NET ACQ. OF FINANCIAL ASSETS .1 DEMAND DEPOSITS • CURRENCY 3.7 TIME DEPOSITS 1 2 3 1.1 .4 .7 -.2 3.8 1.4 2.4 .3 4 5 6 7 1.6 8.0 NET SHARE ISSUES 8 1.2 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS • CURRENCY * CORPORATE EQUITIES * CREDIT MARKET INSTRUMENTS * U.S. GOVERNMENT SECURITIES * STATE • LOCAL OBLIGATIONS CORPORATE BONDS 1.2 SECURITY CREDIT 1 2 3 4 5 6 7 8 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES OPEN-MARKET PAPER MISCELLANEOUS SECURITY BROKERS AND DEALERS 9.0 .2 1.6 1.1 .9 -.1 -.1 1.1 1.0 .8 3.4 2.4 .3 .8 4.6 -.3 -.9 -.7 .2 -.3 2.8 1.5 11.9 10.4 2.7 2.6 2.0 .6 8.6 8.5 7.0 1.5 .1 1.2 1.3 .3 1.0 -.1 1 2 -3.6 -.2 -3.3 -.1 3.0 3 4 5 6 7 8 .4 .6 -.7 -.9 .2 -.4 -.7 -1.6 -3.3 -3.2 -2.2 -1.0 -.1 9 10 11 12 13 * .2 .4 -4.3 -3.4 -3.4 -3.2 -.2 * BILLIONS OF DOLLARS. * * * 1.5 4.6 .9 -4.5 -5.9 .4 .9 4.2 -5.3 -3.7 -.4 2.0 -5.3 3.5 3.6 13.2 10.8 -1.1 3.6 2.4 -.4 -8.5 -7.5 -.6 -.4 1.0 17.7 17.6 15.9 1.7 .1 .3 .4 .1 .3 -.1 -5.8 -5.8 -6.9 1.1 18.8 18.9 18.3 .6 -.1 -8.4 -8.2 -10.4 2.2 -.1 * 1/78 BASED ON INCOMPLETE INFORMATION. * .8 NET INCREASE IN LIABILITIES 1.0 SECURITY CREDIT 1.3 FROM BANKS -.3 CUSTOMER CREDIT BALANCES -.2 PROFIT TAXES PAYABLE 9 10 11 12 13 MAY 15, 1978 MONETARY AND INSURANCE RESERVES MONETARY AND INSURANCE RESERVES GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1976 | IV | 1977 II 1978 I III BILLIONS OF DOLLARS 1969 1970 1971 GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1) 1 TOTAL U.S. RESERVES -3.3 2 U.S. GOLD STOCK AND SDR'S 3 U.S. GOVT.—EX. STAB. FUND 4 MONETARY AUTHORITY (2) 1.0 1.0 -.8 -1.2 -1.3 -.7 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 -718 -250 -468 -59 53 -112 -169 -168 -1 -27 -34 7 -47 -1 -46 62 14 48 1.2 .7 .5 -.7 -.7 -.1 -2.2 -.4 -1.7 -.4 -.1 -.2 -.2 .2 461 444 17 403 404 -1 153 148 5 -221 -221 0 -40 -39 -1 -324 -325 1 .9 .9 1.0 1.0 -.4 -.4 • -1.4 -1.3 -.2 -.2 * * * * * 6 7 8 9 10 11 TREASURY CURRENCY AND SDR CERTIFICATES 1 TOTAL U.S. GOVT. LIABILITY 2 MONETARY AUTHORITY ASSET 3 UNALLOCATED ASSETS 503 553 -50 -11 180 -191 117 91 26 95 135 -40 99 165 -66 136 149 -13 .6 .7 -.1 .4 .2 .5 .7 .2 1 2 3 INSURANCE AND PENSION FUND RESERVES LIFE INSURANCE RESERVES: 1 NET CHANGE I N L I A B I L I T I E S 2 U . S . GOVERNMENT 3 LIFE INSURANCE COMPANIES 1.844 65 1.779 1.859 68 1.791 1.964 73 1.891 2.026 75 1.953 2.605 80 2.525 2.183 83 2.100 4.6 4.6 5.0 .1 4.9 5.2 .1 5.1 6.2 .1 6.1 6.6 .2 6.5 1 2 3 4 NET CHANGE I N ASSETS (HH) 1.844 1.859 1.964 2.028 2 .605 2.183 4.6 5.0 5.2 6.2 6.6 4 10.809 324 10.465 4.633 3.288 2.564 10.358 -1.182 11.540 3.314 5.765 2.461 14.878 1.417 13.461 4.067 5.142 4.252 19.357 6.109 13.248 3.655 6.284 3.309 12.245 84 12.161 4.245 4.558 3.358 11.370 -1.257 12.627 3.995 5.382 3.250 15.6 1.3 14.3 2.9 6.5 4.8 16.3 1.5 14.8 2.9 6.3 5.5 19.2 2.4 16.8 3.3 7.1 6.4 21.1 2.8 18.3 4.5 7.3 6.6 22.6 5 6 3.0 7 19.6 4.3 8 9 6.9 8 . 5 10 10.809 10.358 14.878 19.357 12.245 11.370 15.6 16.3 19.2 21.1 2 2 . 6 11 PENSION FUND RESERVES: NET CHANGE I N L I A B I L I T I E S 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 I N ASSETS (HH) * INTERBANK CLAIMS 1.442 -3.328 117 8.683 -4.558 -166 1.725 796 -2.321 -191 -609 -1.399 2.917 2.595 3.429 363 .8 1.3 1.772 COMMERCIAL BANKING—TOTAL -191 COMMERCIAL BANKS -511 TO MONETARY AUTHORITIES 0 LOANS FROM AFFILIATES 279 LOANS FROM FGN. BK. AG. 65 DEM. DEP. OF FGN. BK. AG -24 TIME DEP. OF FGN. BK. AG -1.079 -673 436 0 273 -1.328 -54 -816 942 802 0 -37 82 95 2.125 617 -616 0 775 536 -78 3.171 1.307 827 0 -166 698 -52 -2.746 -1.013 107 0 -513 -549 -58 1.8 1.7 3 -409 -1.357 -401 1.509 -1 2 1.862 -402 -1.331 .2 -2.952 1.442 -3.328 117 8.683 1.046 2.1 1 NET CHANGE IN LIABILITIES NONE. AUTH.—MEM. BANK RES. —VAULT CASH 2 3 4 5 6 7 8 9 10 FOREIGN BANKING AGENCIES665 DEPOSITS OF BANKS 1.298 BANK LOANS 11 12 13 NET CHANGE I N ASSETS 14 15 16 MONETARY AUTHORITIES F . R . FLOAT LOANS TO MEMBER BANKS -511 -210 -301 436 312 124 802 691 111 -616 -1.648 1.032 827 1.854 -1.027 107 9 98 17 18 19 20 21 22 -2.441 COMMERCIAL BANKING—TOTAL -2.761 COMMERCIAL BANKS -4.558 MEMBER BANK RESERVES -166 VAULT CASH 665 DEPOSITS AT FGN. BK. AG. LOANS TO FGN. BK. AGS. 1.298 BANK AFFILIATES—LOANS 0 TO AFFILIATE BANKS 1.006 2.115 1.725 796 3 -409 -4.130 -4.270 -2.321 -191 -1.357 -401 733 -500 -609 -1.399 1.509 -1 7.856 7.376 2.917 2.595 2 1.662 939 2.059 3.429 363 -402 -1.331 0 0 0 0 0 320 65 -24 279 -1.109 -1.328 -54 273 140 82 95 -37 1.233 536 -78 775 480 698 -52 -166 -1.120 -549 -58 -513 23 24 25 26 27 FOREIGN BANKING AGENCIES DEMAND DEPOSITS AT BANKS TIME DEPOSITS AT BANKS LOANS TO BANKS (1) LINES 1 + 2 EXCLUDE I N I T I A L ALLOCATION OF SDR'S OF $867 MILLION I N JANUARY 1 9 7 0 , $ 7 1 7 MILLION I N JANUARY 1 9 7 1 , AND $710 MILLION I N JANUARY 1 9 7 2 . TRANSACTIONS I N SDR«S ARE IN LINE 2 . ALSO EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY HOLDINGS, GOLD, SDR*S, AND IMF POSITION. THESE ALLOCATIONS AND REVALUATIONS ARE REFLECTED I N TABLES ON OUTSTANDINGS. (2) TREASURY GOLD STOCK. 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. -2.1 1.1 2.1 -.3 1.7 1.5 2.7 2.5 3.1 1.6 -.2 3.8 .5 1.6 -.4 .2 -1.2 1.6 14 -.4 15 1.9 16 3.6 2.1 2.1 7.4 5.7 -.1 1.6 .1 .2 1.3 2.4 -2.1 1.1 2.5 .8 17 18 19 20 21 22 -.4 23 .7 .7 1.4 1.2 1.5 1.3 -.7 -1.2 .3 .2 24 25 26 27 MAY 15, 197B MONETARY AND INSURANCE RESERVES MONETARY AND INSURANCE RESERVES 29 GOLD* OFFICIAL FOREIGN EXCHANGE* TREASURY CURRENCY* AND INSURANCE RESERVES SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1976 | I | IV 1978 I GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS 11) 2.5 -.9 1.6 .2 -.9 .1 .1 .1 .1 .3 .1 .2 .3 .4 -.1 .1 .2 -.1 -1.0 1.4 -.1 -1.0 -2.9 -1.0 -1.9 -.2 .2 -.4 -.7 -.7 -.1 -.1 1.8 1.8 .1 1.6 1.6 .6 .6 -.9 -.9 -.3 -.2 -.2 2.2 2.2 1.3 1.3 * * -1.0 TOTAL U.S. RESERVES 2 3 4 -1.0 U.S. FOREIGN EXCHANGE POSITION 5 .2 .1 .2 * 1 .1 U . S . GOLD STOCK AND SDK'S .1 U . S . G O V T . — E X . STAB. FUND MONETARY AUTHORITY (2) OFFICIAL FGN. CURRENCY HLDGS TREASURY MONETARY AUTHORITY NET IMF POSITION U.S. GOVERNMENT ASSET MONETARY AUTHORITY 10 11 TREASURY CURRENCY AND SDR CERTIFICATES 1.2 1.4 -.2 .5 -.1 .5 TOTAL U . S . GOVT. LIABILITY .6 MONETARY AUTHORITY ASSET -.1 UNALLOCATED ASSETS .4 .7 -.3 2.0 2.2 -.2 INSURANCE AND PENSION FUND RESERVES 1 2 3 7.4 .2 7.2 6.5 .1 6.4 5.4 .1 5.3 7.0 .2 6.7 8.5 .3 8.2 7.4 .3 7.1 7.4 .3 7.2 7.9 .3 7.6 8.1 .3 7.8 10.4 .3 10.1 LIFE INSURANCE RESERVES: 8.7 NET CHANGE IN LIABILITIES U.S. GOVERNMENT .3 LIFE INSURANCE COMPANIES 8.4 4 7.4 6.5 5.4 7.0 8.5 7.4 7.4 - 7.9 8.1 10.4 8.7 NET CHANGE IN ASSETS (HH) 5 6 7 8 9 LO 25.6 2.1 23.4 5.5 8.5 9.5 29.6 2.7 26.8 6.2 10.9 9.7 37.4 3.7 33.8 9.7 12.8 11.2 46.6 4.6 42.0 15.6 12.8 13.7 56.8 6.4 50.4 15.3 21.7 13.4 48.1 4.8 43.3 18.5 14.5 10.3 50.4 4.6 45.8 13.3 22.7 9.8 62.3 8.3 53.9 16.3 20.7 17.0 60.6 9.0 51.7 14.6 23.8 13.2 55.8 5.6 50.2 17.0 19.8 13.4 PENSION FUND RESERVES: 57.0 NET CHANGE IN LIABILITIES U.S. GOVERNMENT 6.8 INSURANCE SECTOR 50.1 LIFE INSURANCE COMPANIES 16.0 PRIVATE PENSION FUNDS 21.2 ST.+LOC. GOVT, RTR. FUNDS 13.0 57.0 NET CHANGE IN ASSETS (HH) INTERBANK CLAIMS -1.2 1.0 -1.2 1.6 1.9 -1.3 5 6 7 8 9 10 2.1 -1.6 -.4 1.4 2.6 .1 1.9 -2.1 -.2 -.2 4.3 .1 -.1 -2.7 -.1 .3 2.9 11 12 2.3 5.1 3.1 2.9 -2.9 -.3 1.3 .4 13 12.9 7.7 -3.6 2.6 14 15 16 -1.6 -.9 -.7 -2.1 -1.1 -1.0 1.6 1.7 -.1 -1.3 -1.1 -.2 20 21 22 2.0 2.3 5.1 24 25 26 27 4.1 2.6 .1 1.4 5.7 -1.2 1.0 3.1 - -2.9 -.3 6.8 -6.5 -26.1 53.4 5.8 NET CHANGE IN LIABILITIES 1 -1.9 8.6 -2.6 2.2 -17.2 -10.4 28.4 6.8 4.9 7.5 2 3 12.1 4.2 2.9 .1 1.7 6.2 -6.1 .9 .3 1.5 -4.6 -9.5 18.2 10.7 8.8 -6.7 .3 4.7 - - * -.9 -.1 1.3 5.7 -2.7 -3.6 1.7 1.8 .2 1.1 -5.3 -.2 2.7 5.2 -1.6 -.1 -.1 * — - -.1 .3 .4 3.1 2.1 -.3 -5.4 -1.6 6.0 * -2.1 -2.2 -.2 4 COMMERCIAL BANKING—TOTAL 5 COMMERCIAL BANKS 6 TO MONETARY AUTHORITIES 7 LOANS FROM AFFILIATES 8 LOANS FROM FGN. BK. AG. DEM. DEP. OF FGN. BK. AG 9 TIME DEP. OF FGN. BK. AG 10 7.4 -1.6 -5.3 FOREIGN BANKING A G E N C I E S — 11 DEPOSITS OF BANKS 12 BANK LOANS 5.8 NET CHANGE IN ASSETS 13 4.7 5.3 -.5 MONETARY AUTHORITIES F.R. FLOAT LOANS TO MEMBER BANKS 14 15 16 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 17 18 19 20 21 22 23 FOREIGN BANKING AGENCIES DEMAND DEPOSITS AT BANKS TIME DEPOSITS AT BANKS LOANS TO BANKS 24 25 26 27 — -.7 2.8 -.2 * -3.4 6.3 6.6 -.4 2.0 -1.6 -8.7 -.8 5.0 3.8 2.8 1.5 -2.7 -3.6 2.7 5.2 .6 5.1 -1.9 8.6 -6.8 -7.4 -2.6 2.2 -5.4 -1.6 -16.6 -21.5 -17.2 -10.4 6.0 44.7 42.7 28.4 6.8 4.2 4.3 .1 -.2 — 1.1 .3 -.1 1.3 .3 -.1 1.1 * " -1.6 -4.4 -5.3 -.2 1.1 .6 .3 .4 -.1 * 4.9 2.1 -.3 3.1 MONE. A U T H . — M E M . BANK RES. — V A U L T CASH - 7.4 1.0 5.5 4.9 7.5 -1.6 -5.3 1.9 2.8 -.2 -.7 -4.5 -2.2 -.2 -2.1 * - - (1) LINES 1 + 2 EXCLUDE INITIAL ALLOCATION OF SDR'S OF $867 MILLION IN JANUARY 1970* $717 MILLION IN JANUARY 1971* AND $710 MILLION IN JANUARY 1972. TRANSACTIONS IN SDR*S ARE IN LINE 2 . ALSO EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY HOLDINGS* GOLD* SDR'S* AND IMF POSITION. THESE ALLOCATIONS AND REVALUATIONS ARE REFLECTED IN TABLES ON OUTSTANDINGS. (2) TREASURY GOLD STOCK. BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE INFORMATION. MAY 15, 1978 MONEY AND DEPOSITS SUMMARY MONEY AND DEPOSITS SUMMARY MONEY STOCK AND TIME AND SAVINGS ACCOUNTS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1976 | IV | 1977 I II III IV 11 |1 1978 I BILLIONS OF DOLLARS 1969 1970 1971 DEMAND DEPOSITS AND CURRENCY 1 NET CHANGE IN ASSETS 24.673 -18.714 21.588 121 23.693 -24.765 14.8 7.9 12.4 17.5 24.0 1 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 29.191 -16.101 33 2.342 26.849 -16.134 5.885 - 3 . 5 8 0 3.505 - 3 . 0 0 9 -1.380 1.036 -346 1.396 15.027 - 7 . 8 1 9 14.404 988 13.416 10.455 -1.123 1.116 452 2.516 -2.904 -195 -2.709 857 2.748 -1.149 719 -5.884 30.339 -19.554 -1.487 1.799 26.540 -18.067 9.749 -3.199 -3.074 3.118 2.301 -2.400 -117 569 -9.277 12.803 16.1 7.3 .3 7.0 2.4 .7 1.4 -.4 2.8 9.9 .5 9.4 8.8 1.1 14.4 24.4 1.7 1.7 1.4 3.5 2 3 4 5 6 7 8 9 U.S. GOVERNMENT -4.518 -.4 10 .6 15.6 10.9 2.9 -.2 .8 1.2 -2.9 .5 1.9 -.2 1.6 14.6 22.8 14.6 9.0 1.7 1.0 .9 2.0 -2.613 7.184 3.025 -6.646 -5.211 -1.3 .6 2.5 3.1 11 NET CHANGE IN BKG. SYSTEM LIAB 12 MONETARY AUTHORITIES 13 U.S. GOVT. CASH • DEPOSITS 14 FOREIGN DEPOSITS 15 CURRENCY 24.673 -18.714 2.442 - 3 . 8 5 3 -2.613 -1.863 -196 112 4.193 -1.044 21.588 10.917 7.383 160 3.374 121 3.075 551 -46 2.570 23.693 -24.765 -4.305 -5.222 -2.747 -8.668 -122 53 3.393 - 1 . 4 3 6 14.8 12.4 17.5 24.0 11 3.1 -.4 .1 2.5 7.9 3.3 .6 -.1 2.8 4.4 .9 .1 3.4 - 1 . 1 13 16 17 18 22.231 -14.861 0 -2.655 229 2.230 22.656 -15.090 10.671 -199 828 10.042 -2.954 2.474 -149 -5.279 28.915 -20.460 -2.464 2.022 -1.365 1.746 25.147 - 1 6 . 6 3 1 13.3 4.6 9.3 2.9 .6 5.9 13.1 20.8 16 11.2 18.4 19 38.0 15.2 22.4 41.4 42.3 8.7 9.8 32.4 33.0 27.0 28.1 25.6 1.7 10.0 -1.7 .3 4.2 7.2 .3 .1 6 7 6.0 6.8 8 9 2.8 . 1 10 .7 .4 .2 1.5 1.7 .2 1.1 1.0 .2 10 COMMERCIAL BANKING U . S . GOVERNMENT DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC 1.5 -l.l -.2 .5 13.0 * .4 4.2 * 3.5 2.2 -.3 3.2 -.1 4.4 .7 1.7 12 14 15 17 18 TIME DEPOSITS AND SAVINGS ACCOUNTS 1 NET CHANGE - TOTAL 36.069 38.401 24.451 30.151 31.796 34.665 2 3 4 5 19.020 -417 19.239 198 16.132 - 3 .674 19.871 -65 7.592 1.927 5.735 -70 13.263 3.896 9.361 6 18.007 9.840 8-. 18 5 -18 16.660 4.370 12.372 -82 20.7 17.4 .2 2.9 .2 12.273 1.550 2.676 954 161 13.939 -250 2.688 -645 -141 6.823 400 -1.028 929 220 11.311 352 2.128 -807 -50 7.870 4.300 3.182 1.301 -40 11.171 -3 3.672 -31 -10 18.1 .7 -.6 3.2 -.3 .1 -5.4 -5.9 1.406 1.003 0 29 423 -49 541 68 0 35 445 -7 248 -268 0 38 413 65 329 -134 0 46 426 -9 1.394 -66 0 50 1.190 220 1.861 200 0 57 677 927 .2 .1 -.1 * -. 2 - -.1 17.049 3.287 1.532 12.230 11.149 1.081 22.269 3.810 2.300 16.159 14.962 1.197 16.859 2.645 2.063 12.151 12.559 -408 16.888 2.356 1.546 12.986 14.137 -1.151 13.769 2.204 1.918 9.667 9.144 523 18.005 2.974 2.874 12.157 11.014 1.143 12.8 7.9 2.6 1.4 3.9 4.4 -.4 17.0 40.5 4.2 1.2 7.4 7.5 -.2 4.4 1.7 9.9 2.9 10.9 10.5 27.8 26.9 .9 32.6 2 0 32.0 21 • 6 22 28.241 35.011 24.090 29.350 21.136 28.033 31.1 9.1 43.6 67.8 71.0 2 3 6 7 8 9 10 11 12 13 14 15 16 COMMERCIAL BANKING LIABILITY LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS AT FOREIGN BANKING AGS. ACQUIRED BY: HOUSEHOLDS N0NF1N. 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 17 18 19 20 21 22 AT SAVINGS INSTITUTIONS MUTUAL SAVINGS BANKS CREDIT UNIONS SAVINGS • LOAN ASSNS. HELO BY: HOUSEHOLDS CREDIT UNIONS MEMO: TOTAL OF HOUSEHOLDS 23 TIME • SAVINGS ACCOUNTS 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 3.1 -9.5 -12.5 1.4 -.2 * * " .4 — .1 - .4 .3 — - -.4 -.5 • - 2 3 4 5 11 12 13 14 15 16 4 6 . 0 17 10.2 18 3.3 19 MAY 15, 1978 MONEY AND DEPOSITS SUMMARY MONEY AND DEPOSITS SUMMARY 31 MONEY STOCK AND TIME AND SAVINGS ACCOUNTS SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV 1976 1977 | | 1978 I II III 29.8 4.0 25.8 31.1 -3.8 -.8 4.9 -5.5 18.7 -.1 18.9 2.2 6.6 1.1 3.0 6.1 35.2 4.5 30.7 21.9 7.6 1.2 -.4 .5 8.5 -3.8 12.3 18.4 -3.7 -1.8 -1.4 .8 -16.3 DEMAND DEPOSITS AND CURRENCY - 7 . 8 NET CHANGE IN ASSETS 2 3 4 5 6 7 8 18.2 2.9 15.3 12.7 .6 -.3 1.0 11.7 2.9 8.7 5.8 -2.8 -.6 -.2 13.3 .1 13.2 7.0 2.8 .2 .9 19.6 1.8 17.8 7.9 4.6 -1.3 .6 25.7 2.6 23.1 17.5 1.7 .9 1.4 11 12 13 14 15 16.6 7.0 7.0 .4 .2 6.3 16.1 10.6 22.6 10.6 26.7 -3.3 6.2 3.1 .2 7.3 16 17 18 19 13.3 -1.0 .1 5.4 12.0 21.8 -5.1 -1.7 -.1 1.6 4.3 2.7 3.4 -.5 -.1 3.9 3.0 11.3 2.7 2.4 4.5 * .2 7.0 10.4 4.9 * 8.3 14.8 32.7 6.7 26.0 7.2 9.0 -3.8 2.7 10.8 19.2 2.2 17.0 14.8 -3.4 2.1 -1.9 5.4 -11.0 -3.9 16.7 7.3 -16.3 21.7 5.5 -3.6 .4 8.7 15.3 -6.8 -8.7 -.8 2.6 46.5 30.2 23.7 .6 5.9 26.0 20.4 1.4 -.2 19.2 18.9 -24.1 -29.8 .2 5.5 16.2 -7.4 6.3 17.3 22.1 4.8 3.0 14.4 16.3 -7.0 3.4 19.9 5.7 5.9 .1 -.3 43.0 13.5 4.2 25.3 68.1 39.4 28.8 53.5 17.5 36.4 34.7 15.6 34.1 -1.0 13.2 MONEY STOCK REST OF THE WORLD DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS ST.+LOC. GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT U . S . GOVERNMENT - 7 . 8 NET CHANGE IN BKG. SYSTEM LIAB MONETARY AUTHORITIES -9.3 U . S . GOVT. CASH • DEPOSITS -9.7 FOREIGN DEPOSITS -.5 CURRENCY .9 1.5 -6.5 -3.3 11.3 COMMERCIAL BANKING U . S . GOVERNMENT DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 TIME DEPOSITS AND SAVINGS ACCOUNTS 89.6 109.7 3 4 5 20.0 30.3 .6 28.5 28.3 .2 -10.1 39.7 .5 -17.5 58.7 -.7 12.0 43.2 -.1 6 7 8 9 10 39.3 l.l 7.2 3.0 -.2 35.4 3.8 5.7 7.0 25.4 1.9 -2.0 .7 .1 39.7 2.1 2.1 -1.9 .2 39.9 4.8 7.0 .8 11 12 13 14 15 16 .5 -.7 .2 .2 .8 5.0 .4 .2 .1 2.7 1.6 4.0 4.4 .1 .3 -1.3 .5 -1.6 -1.0 2.5 -.4 .1 -.1 -.7 17 18 19 20 21 22 27.8 4.7 2.9 20.2 20.9 -.6 22.1 3.1 3.0 16.0 15.6 .4 59.4 11.2 5.5 42.8 42.8 23 67.8 57.2 84.9 " * BILLIONS OF DOLLARS. * 1/78 1 0 6 . 8 NET CHANGE - TOTAL 144.6 121.3 73.6 -1.7 74.5 50.8 -14.7 65.8 29.4 21.9 71.7 15.6 56.1 54.0 43.9 -2.5 10.4 -2.6 24.0 57.2 .8 5.1 4.4 3.8 .6 -.3 7.7 -.3 4.2 12.4 -3.2 -.2 7.3 5.2 -.2 1.3 -.5 5.6 -.3 7.4 .8 .2 1.7 .3 .2 1.7 .2 4.8 .9 .2 2.7 3.7 65.5 85.2 14.1 58.1 53.2 5.6 4.0 2.2 .3 -1.1 .2 2.5 .3 .1 1.7 -.2 .1 1.6 69.2 13.0 6.0 50.3 50.1 .2 69.8 11.0 7.8 51.0 50.8 .2 71.0 13.3 70.4 11.1 108.8 109.6 - BASED ON INCOI * 1.0 8.8 9.7 7.7 52.5 50.2 50.5 49.1 48.1 48.5 122.6 113.0 5.2 2.2 1.4 -.3 1.9 -.6 - -.1 -2.2 3.7 .9 * * -.4 * 8.0 9.1 6.8 63.0 63.0 42.2 42.7 .1 -.5 -.1 * COMMERCIAL BANKING LIABILITY 2 LARGE NEGOTIABLE CD'S 3 OTHER AT COMMERCIAL BANKS 4 AT FOREIGN BANKING AGS. 5 ACQUIRED BY: HOUSEHOLDS 6 NONFIN. CORPORATE BUSINESS 7 STATE • LOCAL GOVERNMENTS 6 FOREIGN 9 U.S. GOVERNMENT 10 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 1.1 MEMO: TOTAL OF HOUSEHOLDS TIME • SAVINGS ACCOUNTS 7.6 11.1 34.5 33.4 11 12 13 14 15 16 17 18 19 20 21 22 23 MAY 15, 1978 U.S. GOVT. SECURITIES 32 U.S. GOVT. SECURITIES U.S. GOVERNMENT SECURITIES MARKET SUMMARY UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.I 1977 1976 | IV | II BILLIONS OF DOLLARS 1969 1970 1971 III TOTAL NET ISSUFS, BY SECTOR AND TYPE 23.521 1 TOTAL U.S.GOVERNMENT SECUR. 17.445 2 U.S. GOVERNMENT 6.076 3 SPON. AGENCIES • MTG.POOLS BY INSTRUMENT: 17.849 4 TREASURY ISSUES 1.095 5 HOUSEHOLD SAVINGS BONDS 6 TREAS. EXCL. SAVINGS BONDS 1 6 . 7 5 4 7 8 9 10 11 OTHER BUDGET AGENCY ISSUES LOAN PARTICIPATIONS (1) SPONS. AGENCY ISSUES (2) MORTGAGE POOL SECUR. (2) 24.197 17.659 6.538 4.724 -1.115 5.839 26.901 19.631 7.270 28.498 20.701 7.797 28.375 20.819 7.556 17.4 13.6 -3.6 21.7 11.9 30.9 25.0 3.8 9.7 9.8 5.9 8.4 17.813 1.185 16.628 -1.037 1.245 -2.282 20.129 1.124 19.005 20.744 1.190 19.554 21.139 1.196 19.943 10.5 -1.3 12.9 26.0 14.3 .6 9.8 - . 1 .3 2.3 3.3 -1.2 12.6 23.7 11.0 5.672 -378 -26 6.384 -15 -139 5.761 -36 -42 6.772 -463 -35 7.754 -18 -25 7.236 -320 0 6.9 1.5 1.7 7.4 -.4 8.8 .3 4.9 .8 -1.9 -1.3 -1.8 9.3 1.8 -.9 1.235 4.841 8 77 5.661 2.553 3.286 1.351 5.919 2.175 5.622 4.288 3.268 3.2 .5 9.1 .7 8.2 1.6 1.1 4.8 3.5 4.9 -.5 -.6 -1.2 -1.2 6.2 23.6 15.2 TOTAL NET PURCHASES, BY SECTOR AND TYPE 1 TOTAL HOLDINGS, BY SECTOR 2 U.S. GOVT. (AGENCY SEC.) 3 SPONSORED CREDIT AGENCIES 4 TREASURY MARKETABLE 5 FHLB SPECIAL ISSUE 6 AGENCY SECURITIES 23.521 1.100 7 8 9 -2.183 -2.203 10 11 12 13 14 15 FEDERAL RESERVE SYSTEM TREASURY ISSUES AGENCY ISSUES FOREIGN SHORT-TERM MARKETABLE OTHER TOTAL PRIVATE DOMESTIC TREASURY ISSUES AGENCY ISSUES 24.197 1.000 -1.096 -1.190 4.724 1.150 -1.983 -1.801 26.901 1.715 -596 -571 0 94 0 0 -182 -2 5 -258 49 -77 0 126 -1.237 -909 -328 7.416 6.127 1.289 2.123 2.476 -353 -1.121 -1.896 -376 775 306 3.177 3.544 6.568 3.537 3.031 2.384 7.656 -803 8.459 14.080 4.566 9.514 13.386 5.500 7.886 -.5 -1.7 20.828 16.375 4.453 18.962 13.344 5.618 -5.036 -8.540 3.504 16.003 10.568 5.435 14.186 8.429 5.757 13.055 8.206 4.649 14.1 7.3 7.120 4.364 1.095 3.269 2.756 5.871 6.208 1.185 5.023 -337 -4.487 -6.106 1.245 -7.351 1.619 10.250 6.998 1.124 5.874 3 . 2 52 10.355 8.909 1.190 7.719 1.446 5.897 5.804 1.196 4.608 -3.940 -4.327 1.095 -5.422 5.108 5.978 1.185 4.793 -870 -7.055 -7.544 1.245 -8.789 4.234 4.288 1.190 3.098 489 9.318 7.255 1.124 6.131 2.063 -54 2.375 3.518 1.196 2.322 -1.143 -2.061 -1.751 -310 -4.955 -4.644 -311 -5.343 -5.03* -311 246 246 0 -2.578 -2.314 -264 7.523 6.082 1.441 6.275 4.775 1.500 5.875 4.375 1.500 6.100 4.600 1.500 -.5 2.1 3.3 2.1 286 187 0 99 20 3.490 -54 793 28.498 1.480 -127 131 0 28.375 1.955 -70 16 17 18 19 20 PRIVATE DOMESTIC NONFINAN. TOTAL TREASURY ISSUES SAVINGS BONDS (HH) OTHER TREASURY ISSUES AGENCY ISSUES 21 22 23 24 25 HOUSEHOLDS TOTAL TREASURY ISSUES SAVINGS BONOS OTHER TREASURY ISSUES AGENCY ISSUES 26 27 28 NONFIN. CORPORATE BUSINESS TREASURY ISSUES AGENCY ISSUES 6.344 5.439 29 30 31 S. • L. GOVERNMENTS TREASURY ISSUES AGENCY ISSUES 4.716 3.252 1.464 2.824 1.981 9.128 8.343 3.173 3.104 -2.466 -2.317 -149 -536 -549 69 -3.133 -2.996 -137 2.393 1.402 785 991 13 8.875 3.250 -133 -3.178 -2 6 -2.453 2.306 71 -92 79 12 75 -492 -131 56 32 33 34 35 36 37 38 COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES COMMERCIAL BANKS FOREIGN BANKING AGENCIES BANKS IN U.S. POSSESSIONS 387 905 169 84 843 -.1 -.1 10 1.3 11 7.2 12 1 6 . 0 13 7.4 14 -9.7 2.1 93 6.0 -.1 2.2 2.6 -.5 1.6 8.4 9.3 7.8 4.7 3.1 10.8 6.9 -9.1 -3.9 8.5 15 3.9 4.7 3.3 1.5 -.8 16 17 18 19 20 -10.0 -8.2 - . 3 21 3.2 22 3.3 23 2.5 2.8 - 2 . 4 26 - 2 . 6 27 . 1 28 -3.2 -1.3 -1.8 6 . 7 29 4 . 1 30 2 . 6 31 7.1 3.1 4.0 6 . 5 32 2 . 4 33 87 PRIVATE NONBANK FINANCE 39 TOTAL, ALL PVT. NONBANK FIN. 40 TREASURY ISSUES 41 AGENCY ISSUES .580 .668 912 9.918 4.032 5.886 2.584 562 2.022 8.219 5.887 2.332 1.438 -1.882 3.320 7.694 2.951 4.743 42 43 44 SAVINGS • LOAN ASSOCIATIONS TREASURY ISSUES AGENCY ISSUES -531 293 -824 3.761 1.298 2.463 -511 -1.269 758 1.479 785 694 -134 -690 556 2.039 1.282 757 45 46 47 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 655 -11 666 1.706 520 1.186 -8 -256 248 476 86 388 522 -291 813 977 289 688 48 49 50 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 165 41 124 158 37 121 124 25 99 613 13 600 86 4 82 507 -7 514 51 52 53 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 177 -51 228 374 178 196 B -146 154 843 483 360 671 -190 861 618 107 511 -.1 -.2 .1 .1 51 * 52 . 1 53 54 55 56 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 600 -206 806 2.603 2.276 327 1.289 541 748 1.334 1.643 -309 949 1.102 -153 2.212 1.128 1.084 -.3 1.0 54 . 9 55 . 1 56 57 58 59 S. • L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES 670 560 110 2.205 1.064 1.141 2.120 2.120 0 807 107 700 746 -254 1.000 625 0 625 -1.2 -1.2 .1 60 61 62 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES 392 590 -198 238 -214 452 -113 -128 15 261 362 -101 326 165 161 354 -210 564 63 64 INVESTMENT COS. (TREASURY) MONEY MARKET FUNDS (TREAS) SECURITY BROKERS + DEALERS (TREASURY) -282 123 282 63 117 -350 -245 -37 23 112 12 353 2.611 -1.472 -92 2.688 -1.863 65 ( 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 INCLUOEO IN CREDIT MARKET DEBT OF FINANCIAL INSTITUTIONS. 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. -4.2 4.2 -.3 -1.5 -.1 -.5 2.3 -.8 3.0 1.9 42 - . 5 43 2 . 4 44 .9 .1 .8 1.4 45 -.6 .2 .3 .2 .1 .2 . 2 46 1.1 47 .2 -.1 -.2 .3 .2 -.3 1.7 . 1 60 . 3 61 . 4 62 MAY 15, 1978 U.S. GOVT. SECURITIES U.S. GOVT. SECURITIES 33 U.S. GOVERNMENT SECURITIES MARKET SUMMARY SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES i 1976 I IV 197 I | TOTAL NET ISSUES, BY SECTOR AND TYPE 98.2 85.5 12.7 7.9 2.7 5.2 12.0 3.0 9.0 85.8 4.0 81.8 56.9 27.4 69.1 4.7 22.2 .1 -.3 10 11 16.3 3.6 -.5 -.2 16.6 5.8 3.3 15.7 77.5 53.9 23.6 74.6 41.6 32.9 62.3 39.2 23.1 107.5 83.9 23.6 55.5 4.4 51.1 42.2 4.7 37.5 39.6 5.0 34.6 85.9 4.5 81.4 22.0 -1.5 32.3 -.1 22.8 -.1 21.6 -1.9 96.8 TOTAL U.S.GOVERNMENT SECUR. 59.5 U . S . GOVERNMENT 37.3 SPON. AGENCIES + MTG.POOLS BY INSTRUMENT: 60.7 TREASURY ISSUES 4.8 HOUSEHOLD SAVINGS BONDS 56.0 TREAS. EXCL. SAVINGS BONDS 30.0 -.1 -.1 36.0 24.2 13.1 7.0 20.5 OTHER BUDGET AGENCY ISSUES LOAN PARTICIPATIONS (1) SPONS. AGENCY ISSUES (2) MORTGAGE POOL SECUR. (2) 7 8 9 10 11 TOTAL NET PURCHASES, BY SECTOR AND TYPE 77.5 4.4 -.1 -.5 3.7 1.5 2.0 3.2 7.4 1.0 10.0 9.1 7.2 5.8 74.6 4.0 -8.6 -8.9 62.3 4.6 -6.0 -5.3 107.5 6.9 1.3 1.4 92.9 5.9 -1.9 -.9 * -3.1 96.6 1 OTAL HOLDINGS, BY SECTOR 7.8 U.S. GOVT. (AGENCY SEC.) -4.1 SPONSORED CREDIT AGENCIES -4.6 TREASURY MARKETABLE FHLB SPECIAL ISSUE .5 AGENCY SECURITIES — .4 .4 -.7 - -.1 - -1.0 -5.4 -5.5 .1 -4.2 -2.9 -1.3 26.8 23.6 5.2 4.1 5.5 -1.4 3.1 .6 -.6 1.2 1 2 3 4 5 6 7 8 9 FEDERAL RESERVE SYSTEM TREASURY ISSUES AGENCY ISSUES 10 11 12 11 12 -5.7 5.9 7.6 -3.9 6.6 1.5 3.3 8.3 8.1 23.4 13.7 -.5 14.2 25.8 13.7 12.1 16.7 7.2 • 9.5 27.8 -6.0 33.8 55.6 17.5 38.1 53.5 22.0 31.5 FOREIGN SHORT-TERM OTHER 13 14 15 18.8 -.8 19.6 22.4 6.0 16.4 75.7 68.8 6.9 61.3 47.0 14.3 44.1 23.8 20.3 64.9 47.8 17.1 57.5 28.3 29.2 18.2 4.5 13.7 67.5 51.2 16.3 33.2 11.2 22.0 38.9 12.5 26.5 TOTAL PRIVATE DOMESTIC TREASURY ISSUES AGENCY ISSUES 16 17 18 19 20 19.5 11.6 2.7 8.9 7.9 18.2 10.0 3.0 7.0 8.2 22.2 26.0 4.0 21.9 -3.8 19.4 12.3 4.7 7.6 7.1 22.0 16.0 4.7 11.3 6.0 25.7 15.1 4.4 10.7 10.6 17.9 13.2 4.7 8.5 4.7 4.0 -3.2 5.0 -8.2 7.2 31.2 23.8 4.5 19.3 7.4 34.9 30.1 4.8 25.4 4.7 21.5 14.7 4.8 9.9 6.6 21 22 23 24 25 17.5 15.5 2.7 12.8 2.0 13.7 9.8 3.0 6.8 3.9 15.7 17.0 4.0 12.9 -1.2 -1.0 -3.2 4.7 -7.9 2.2 11.6 10.0 4.7 5.2 1.6 -4.3 -5.4 4.4 -9.8 1.2 16.6 14.1 4.7 9.3 2.5 -11.0 -13.6 5.0 -18.6 2.6 14.1 11.5 4.5 7.0 2.6 26.7 27.9 4.8 23.2 -1.3 8.5 6.6 4.6 1.8 1.9 26 27 28 -3.8 -5.3 1.5 3.5 2.1 1.4 5.4 6.2 -.7 9.6 8.1 1.5 -12.1 -11.2 -.9 12.2 8.6 3.6 -5.0 -3.8 -1.2 -15.7 -14.5 -1.2 -14.6 -13.4 -1.2 -13.1 -13.1 -6.8 -5.7 -1.1 NONFIN. CORPORATE BUSINESS 26 27 TREASURY ISSUES 28 AGENCY ISSUES 29 30 31 5.8 1.4 4.4 1.0 -1.9 2.8 1.0 2.8 -1.8 10.8 7.4 3.4 22.5 17.2 5.3 17.8 11.9 5.9 6.3 2.9 3.4 30.7 24.9 5.8 31.7 25.7 6.0 21.3 15.3 6.0 19.8 13.8 6.0 S. • L. GOVERNMENTS TREASURY ISSUES AGENCY ISSUES 32 33 34 -1.3 -8.6 7.6 1.0 -2.6 3.6 30.1 28.8 1.4 19.7 18.2 1.5 -.8 .8 19.1 16.7 2.4 10.9 9.2 1.7 1.6 2.7 -1.0 -4.0 -2.9 -1.1 -8.7 -12.2 3.6 -2.8 -4.2 1.4 35 36 37 -1.3 .1 -.1 1.2 .1 -.2 30.3 -.3 .1 19.3 .3 -.1 -.2 .3 18.1 .7 .3 11.2 -.5 .2 1.5 -.1 .3 -4.0 -.4 .3 -9.0 -2.6 -.5 .3 38 .6 3.2 23.4 22.2 22.2 39 40 41 .6 -3.6 4.2 3.2 -1.4 4.6 23.4 14.1 9.3 22.2 16.5 5.7 22.2 8.6 13.6 26.7 5.8 22.9 40.3 30.3 10.0 42 43 44 -.1 -2.4 2.3 1.1 -.1 1.2 6.3 2.2 4.1 4.9 4.2 .7 4.6 .1 4.5 6.9 -3.0 9.9 13.9 11.2 2.8 45 46 -.5 -.5 -.2 -.4 3.9 2.2 4.0 1.1 2.7 .1 2.6 4.9 .6 4.1 3.0 .8 2.3 1.9 -.1 2.0 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 2.5 .1 2.4 2.0 * 2.1 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 48 49 50 2.0 * 2.0 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 51 52 8.5 4.2 4.3 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 54 55 56 2.5 S. • L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES 57 58 2.5 1.1 1.5 1.3 -.9 2.3 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES -1.4 -1.0 -.1 * 1.4 -.4 10.8 INVESTMENT COS. (TREASURY) MONEY MARKET FUNDS (TREAS) SECURITY BROKERS • DEALERS (TREASURY) -1 51 52 -.2 -1.1 .9 * * -.1 * -.9 1.0 .4 * .4 * .7 .2 1.9 .3 1.6 .5 -.4 3.0 2.2 .8 5.9 3.0 2.8 2.5 1.9 .6 1.6 2.0 -.4 .7 .2 .5 * .3 8.8 4.3 8.5 8.5 -.9 1.8 -1.1 .5 10.4 -5.9 13 14 15 PRIVATE DOMESTIC NONFINAN. TOTAL TREASURY ISSUES SAVINGS BONDS (HH) OTHER TREASURY ISSUES AGENCY ISSUES 16 17 18 19 20 HOUSEHOLDS TOTAL TREASURY ISSUES SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES 21 22 23 24 25 29 30 31 32 33 34 COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES COMMERCIAL BANKS FOREIGN BANKING AGENCIES BANKS IN U.S. POSSESSIONS PRIVATE NONBANK 1.0 1.9 1.0 1.0 ~ MARKETABLE FINANCE 20.2 TOTAL, ALL PVT. NONBANK 2.0 TREASURY ISSUES 18.2 AGENCY ISSUES FIN. SAVINGS • LOAN ASSOCIATIONS TREASURY ISSUES AGENCY ISSUES 3.0 -1.0 4.0 -7.5 * (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. 1/78 BASED ON INCOMPLETE INFORMATION. 35 36 37 61 62 63 64 MAY 15, 1978 PRIVATE SECURITIES PRIVATE SECURITIES STATE + LOCAL GOVERNMENT, CORPORATE, AND FOREIGN SECURITIES UNADJUSTED NET FLOWS U MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1977 II III IV BILLIONS OF DOLLARS 1969 1970 1971 I 1978 I I STATE AND LOCAL GOVERNMENT SECURITIES 5 . .190 4 , .062 - 1 . .382 5 . .444 1 . .128 3.803 3.188 -1.442 4.630 9.5 9.5 .1 9.4 615 ~ 5 .. 1 9 0 1 . .623 -6 -35 3.803 1.467 9.5 -.5 .5 -659 -26 231 563 36 53 11.096 10.083 3.458 6.625 1.013 8.759 7.980 11.096 1.916 8.759 3.678 -38 4 62 36 -156 5.471 3.193 142 14 -27 113 3.141 2.338 -2.304 4.642 2.665 2.095 -2.221 4.316 803 570 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 NONFIN. CORPORATE BUSINESS 9 ST.+LOC. GOVT, GEN. FUNDS 3.141 2.665 121 44 256 874 31 60 10 11 12 COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 1.428 16 58 13 14 15 16 LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES BROKERS + DEALERS 1 NET CHANGE IN L I A B I L I T I E S 2 STATE • LOCAL GOVERNMENTS 3 SHORT-TERM 4 OTHER 5 NONFIN. CORPORATE BUSINESS 246 7.734 779 (POLLUTION CONTROL) 52 71 * 8.6 .1 25 -28 188 138 -368 1.409 -841 2.292 81 522 181 -41 22 35 84 20 2.560 3 ,. 0 5 7 2.759 -11 111 494 1.728 -283 -158 12 * * . 9* * 9.9 9.9 2.8 7.2 "" 11.2 11.2 2.3 8.9 17.4 17.3 14.7 14.2 2.5 .1 14.9 .1 14.1 ~ .5 1 2 3 4 5 11.2 17.4 14.7 -1.0 .1 -.9 -.6 .1 .1 1.0 -.3 2.3 1.0 -.3 6 7 8 9 .6 10.7 12.6 7.2 10 9.9 9.3 * * * -.1 * * * .2 1.1 -.2 .1 -.3 1.5 .6 .1 .1 3.5 .1 13.8 12.0 23.3 19.8 * 11 12 13 * - . 1 14 .5 4.3 -.1 15 16 23.5 18.8 18.4 12.2 1 2 3 4 5 6 18.4 CORPORATE AND FOREIGN BONDS NET ISSUES NONFIN. CORPORATE BUSINESS REST OF THE WORLO COMMERCIAL BANKS FINANCE COMPANIES REITS 7 NET PURCHASES 8 HOUSEHOLDS 9 REST CF THE WORLD 10 COMMERCIAL BANKING 11 MUTUAL SAVINGS BANKS 12 13 14 15 16 17 18 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES OPEN-END INVESTMENT COS. BROKERS + DEALERS 7.986 3.149 1.670 183 3.019 -35 9.059 5.526 1.858 10.658 7.241 931 165 2.336 -15 7.994 4.072 1.494 135 2.291 2 14.4 12.9 7.986 1.925 9.059 10.658 -109 -1.096 924 1.203 188 -65 117 7.994 1.622 255 -49 139 14.4 13.8 23.3 23.5 148 -164 625 7.196 743 215 -83 879 4.2 .2 .3 1.3 5.4 .5 -.1 .3 9.5 .7 .8 1.2 8.3 .3 1.2 3.9 7 4.4 8 9 .1 1 . 7 10 2 . 1 11 7.024 5.233 218 1.223 350 5.915 4.308 932 629 46 5.694 4.748 462 399 85 7.941 5.952 1.049 1.670 -730 7.148 4.734 1.020 1.803 -409 8.2 3.7 .6 2.6 1.2 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 -.8 4.2 -.7 12 13 14 15 16 891 2.235 546 -1.019 60 467 125 1.838 -1.246 .4 -.2 .2 .4 .7 .1 .6 .1 .2 .2 17 18 6.5 5.9 .6 -.2 .2 -.1 .2 .4 10.1 10.5 15.0 13.3 4.9 5.2 3.4 .5 .5 .8 2.8 7.7 5.7 .1 .1 .4 1.5 1 2 3 4 5 6 7 8 6.5 10.1 -3.7 10.5 -1.6 9.216 5.706 2.171 7.196 5.061 161 1.235 -57 49 1.615 -32 9.216 -1.543 503 1.330 -74 48 157 1.529 -11 8.383 3.286 1.377 903 1.1 .3 .2 - 1.0 -.2 .9 .1 .9 .1 2.1 .5 .9 .9 2.5 .4 1.0 1.1 3.6 .4 CORPORATE EQUITIES 1 2 3 4 5 6 7 8 9 10 11 12 13 NET ISSUES OPEN-ENO INVESTMENT COS. OTHER SECTORS NONFIN. CORPORATE BUSINESS REST OF THE WORLD COMMERCIAL BANKS OTHER INSURANCE COMPANIES REITS NET PURCHASES HOUSEHOLDS REST OF THE WORLD COMMERCIAL BANKING MUTUAL SAVINGS BANKS 2.992 499 2.493 2.038 - 1 400 238 -182 1.264 210 -5 -663 1.2 69 840 189 75 238 -73 873 432 114 75 238 14 297 225 238 -38 1.721 179 1.542 1.350 -200 197 238 -43 699 525 174 -417 300 75 238 -22 1.264 210 382 536 0 70 -1.531 1.037 -559 1.721 -2.640 131 0 70 725 0 125 499 0 122 894 0 52 699 293 380 0 50 2.822 2.992 -2.342 2.561 2.202 2.030 2.108 733 494 174 2.009 1.650 1.577 684 378 545 133 604 2G6 171 788 896 347 351 445 814 420 350 750 583 425 -907 2.236 -1.526 -1.020 -673 -997 -1.094 -133 -454 1.839 -886 -1.246 14 15 16 17 18 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 3.804 19 20 OPEN-END INVESTMENT COS. BROKERS • DEALERS 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 1.037 -790 1.827 1.105 -6.5 * 9.9 1.7 5.4 1.3 -.5 13.7 11.4 13.8 10.9 * •6 .6 1.0 -.4 1.2 .5 1.7 15.0 -5.1 13.3 9 - 4 . 5 10 18.2 16.2 3.5 7.3 3.7 3.0 3.6 8.9 3.2 2.5 .4 .1 14 15 16 17 18 - 1 . 8 19 . 2 20 MAY 15, 1978 PRIVATE SECURITIES PRIVATE SECURITIES STATE * LOCAL GOVERNMENT, CORPORATE, AND FOREIGN SECURITIES SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV | | I I 1977 II III IV 1978 I STATE AND LOCAL GOVERNMENT SECURITIES 1 2 3 4 5 14.7 12.9 .3 12.6 1.8 17.1 15.5 2.7 12.8 1.6 6 7 8 9 14.7 5.3 -.1 .2 10 11 12 5.7 13 14 15 * * * -.3 3.6 13.9 10.7 -7.6 18.3 3.2 14.1 11.8 -6.5 18.3 2.3 41.4 37.4 11.8 25.6 4.1 33.2 30.0 -1.0 31.1 3.1 22.2 17.7 -3.8 21.5 4.5 19.3 NET CHANGE IN LIABILITIES STATE + LOCAL GOVERNMENTS 16.9 SHORT-TERM -3.0 OTHER 19.9 NONFIN. CORPORATE BUSINESS 2.5 (POLLUTION CONTROL) 1 2 3 4 5 17.1 8.9 .6 .5 13.9 4.4 .2 1.0 14.1 3.0 .1 .2 41.4 9.8 -.2 33.2 9.0 .2 .1 22.2 10.6 19.3 NET CHANGE IN ASSETS 5.5 HOUSEHOLDS NONFIN. CORPORATE BUSINESS .2 ST.+LOC. GOVT, GEN. FUNDS .3 6 7 8 9 5.5 .3 3.1 .1 .2 3.3 .6 .1 16.6 -.1 .5 16.7 -.1 .9 -.4 .1 .2 1.8 .1 -.1 .8 -1.5 5.6 .5 -3.4 9.2 .4 .4 2.1 10.2 2.0 .6 -.2 6.9 -1.1 .1 .1 12.2 -.6 .3 .1 11.0 41.7 29.0 3.7 .7 8.4 -.1 28.5 NET ISSUES NONFIN. CORPORATE BUSINESS 12.1 REST OF THE WORLD 6.0 COMMERCIAL BANKS .5 9.9 FINANCE COMPANIES REITS 13.6 11.0 -1.7 12.7 15.1 12.6 -3.6 16.2 27.7 24.2 .1 24.1 * .3 -.7 2.2 * * * -.1 * 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 3.0 .6 23.9 19.7 2.1 .2 1.6 .2 36.3 27.2 6.2 .2 2.7 7 8 9 10 11 13.6 1.3 .1 .4 -1.1 23.9 4.7 .9 1.1 .9 12 13 14 15 16 13.4 5.9 2.1 5.6 17 18 -.9 .4 1 2 3 4 5 6 13.6 9.2 1.0 * "•! 37.0 22.8 8.4 .7 5.3 -.2 34.9 21.0 5.0 .6 8.5 -.1 35.9 22.9 8.7 .6 3.9 -.2 25.6 16.5 2.0 .2 7.1 -.1 30.1 11.2 6.7 .7 11.6 -.1 42.2 27.3 7.4 .6 6.9 36.3 8.2 .6 1.8 3.5 37.0 4.0 .9 -.6 2.8 34.9 1.5 3.7 1.1 35.9 -.7 .6 -.7 2.5 25.6 -3.2 .9 -.3 3.5 30.1 7.1 5.3 -.3 .2 42.2 .6 3.7 -.3 .3 41.7 1.3 4.8 .8 .5 28.5 NET PURCHASES .4 HOUSEHOLDS REST OF THE WORLD 1.0 COMMERCIAL BANKING -.2 MUTUAL SAVINGS BANKS .6 17.5 4.0 4.7 6.8 2.0 20.1 9.1 2.8 6.1 2.2 26.9 16.9 1.3 6.8 2.0 27.9 18.3 5.3 4.1 .3 29.1 21.9 .9 4.9 1.4 21.6 15.2 3.7 2.5 .2 22.8 19.0 1.8 1.6 .3 34.4 14.0 11.3 5.5 3.6 32.9 25.0 4.2 6.7 -2.9 26.3 16.6 4.1 7.2 -1.6 -.4 -.7 1.0 1.1 2.2 .8 1.1 -.3 3.6 1.5 2.2 .9 .2 -5.3 3.6 1.9 -.4 1.6 1.0 -.7 4.5 -.6 5.1 3.4 .8 .3 1.0 -.3 1.2 -2.3 3.5 1.7 .5 .3 1.0 .1 4.6 -2.8 7.3 4.4 1.2 .9 1.0 -.2 6.7 .5 6.2 5.4 -.8 .8 1.0 -.2 11.7 -2.1 .5 4.5 -4.0 2.1 1.2 -4.4 2.9 4.6 -5.9 2.0 6.7 -3.0 3.6 - * * * * .5 - 1 2 3 4 5 6 7 8 9 10 11 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 12 13 14 15 16 OPEN-END INVESTMENT COS. BROKERS • DEALERS 17 18 CORPORATE EQUITIES 11.7 1.7 10.0 8.2 2.33 NET ISSUES OPEN-END INVESTMENT COS. 1.6 .7 OTHER SECTORS NONFIN. CORPORATE BUSINESS -1.7 REST OF THE WORLD 1.2 COMMERCIAL BANKS .3 OTHER INSURANCE COMPANIES 1.0 REITS -.1 5 6 7 8 -.2 1.2 .5 1.0 -.2 1.0 .9 -.9 .1 1.0 1.0 -1.8 1.6 1.0 -.9 5.5 3.7 .4 .6 1.0 -.1 9 10 11 12 13 9.2 -6.9 2.8 .2 .4 4.1 -2.2 .5 .1 .2 10.0 -4.1 4.7 11.2 -3.8 2.7 4.2 -4.3 2.7 .2 .1 .4 .3 .3 .5 .5 .2 14 15 16 17 18 14.6 3.6 5.3 3.4 2.4 6.7 2.3 2.3 2.6 -.5 9.3 1.9 5.8 2.4 -.7 14.0 3.0 7.3 2.7 1.0 9.6 1.2 4.5 2.9 1.1 15.2 2.9 8.0 2.7 1.5 11.3 2.0 6.6 2.2 .5 10.2 .7 6.3 2.4 .8 8.8 .7 3.2 3.6 1.4 8.1 1.4 1.8 3.3 1.7 8.4 1.4 3.0 2.3 1.7 19 20 -2.3 .4 -.5 -.7 -1.1 1.1 -2.5 .6 -3.7 -.3 -3.6 1.5 -6.1 .9 -2.7 -5.3 -4.4 3.6 -1.8 -.4 -3.5 BILLIONS OF DOLLARS. * 1/78 BASED ON INCOMPLETE * INFORMATION. 3 NET PURCHASES 2.3 HOUSEHOLDS -4.3 REST OF THE WORLD 1.5 COMMERCIAL BANKING MUTUAL SAVINGS BANKS .2 * 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 COS. BROKERS • DEALERS 19 20 MAY 15, 1978 MORTGAGES - I 36 MORTGAGES - I MORTGAGE MARKETS BY TYPE OF MORTGAGE UNADJUSTED NET FLOWS ($ M I L L . ) UNADJUSTED NET FLOWS ($ MILL.) 1976 | IV S BILLIONS OF DOLLARS 1969 1970 1971 1978 I TOTAL MORTGAGES 36.603 26.735 1.796 5.335 2.737 37.483 28.210 1.863 5.237 2.173 36.560 25.783 2.299 6.678 1.800 27.211 18.645 1.851 4.306 2.409 -30 2 -25 612 16 -25 191 -13 -28 505 9 22.747 17.848 34.858 22.274 36.880 25.748 36.407 25.842 26.725 20.388 239 234 231 227 223 4.882 1.589 4.660 2.124 231 2.951 2.305 12.350 2.737 2.972 6.641 10.901 2.173 2.989 5.739 10.338 1.800 2.186 6.352 6.114 2.409 342 16 FUNDS ADVANCED BY: 17 HOUSEHOLDS 18 ST.+LOC. GOVT, GEN. FUNDS 23.306 2.189 23.250 2.257 36.560 3.075 27.211 3.049 612 36.603 3.024 -315 37.483 3.276 98 288 370 370 19 20 21 U . S . GOVERNMENT SPONSORED CREDIT AG. ( 1 ) MORTGAGE POOLS -1.060 -719 478 -193 499 31 204 734 5.661 1.795 3.286 923 4.841 5.919 5.622 -258 2.101 3.268 22 23 24 25 26 27 PRIVATE FINAN. INSTITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S+L ASSOCIATIONS ( 1 ) MUTUAL SAVINGS BANKS CREDIT UNIONS 16.739 3.403 12.822 11.339 1.429 15.408 4.122 11.270 10.568 28.335 7.559 18.938 17.059 1.803 27.270 8.302 18.301 16.206 2.003 26.555 7.298 16.504 14.378 2.025 18.681 4.500 12.920 11.222 1.533 1 NET CHANGE IN MORTGAGES 2 HOME MORTGAGES 3 MULTI-FAMILY RESID. 4 COMMERCIAL 5 FARM BORROWED BY: 6 U.S. GOVERNMENT 7 SAVINGS • LOAN ASSOCIATIONS 8 REITS 9 10 11 12 13 14 15 28 29 30 31 32 33 34 PRIVATE NONFINANCIAL SECTORS HOUSEHOLDS NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS FARMS NONFARM NONCORPORATE CORPORATE INSURANCE LIFE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. FINANCE COMPANIES REITS 23.306 17.596 23.250 17.300 401 793 3.720 1.589 3.033 2.124 -15 149 189 -33 516 20 1.773 22.983 17.859 242 54 1.534 1.35 3 634 68 -45 199 27 31 274 231 50 -48 41 248 -1.051 -506 580 3.125 76 92 101 115 1.430 1.068 1.469 1.216 2.953 2.695 1.461 1.208 118 206 38 95 133 25 1.487 -1.079 -436 -366 102 166 -10 200 100 150 3 200 -400 -400 29.8 17.5 3.4 52.6 30.6 18.1 4.9 5.8 9.7 9.9 2.4 - . 1 2.0 .1 17.1 1.1 3.1 6.1 30.6 18.5 1.2 10.8 1.8 3.7 5.3 14.1 1.2 14.0 50.5 27.0 30.7 2.2 .5 1.4 2.2 .5 20.1 2.1 11.7 1.2 35 ( 1 ) MEMO: FHLB LOANS TO S+L -200 -1.400 ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY). 3.6 1 2 3 4 5 -.1 1.2 .5 6 7 8 75.4 9 41.6 10 6.3 17 1.4 18 -.7 19 4.0 20 4.9 21 5.4 1.6 22.0 5.4 77.0 43.8 12.8 16.8 27.8 23.8 3.9 61.0 16.8 37.7 32.0 5.5 .2 22 23 24 25 26 27 1.0 1.1 .7 28 1.5 2.3 1.7 33 4.2 34 4.0 HOME MORTGAGES 26.735 22.274 1.344 1.344 1.773 28.210 25.748 191 26.210 2.048 25.783 1.805 368 26.735 1.685 -22B 162 127 127 -856 -109 4.664 2.267 -602 -777 5.169 2.652 277 815 -139 183 165 267 3.206 4.736 5.559 5.055 5.060 4.763 -155 1.434 2.845 2.581 10.287 9.311 9.514 9.033 922 54 413 68 16.180 14.606 1.498 15.431 14.026 1.313 13.695 12.270 1.324 10.298 9.147 1.036 76 92 101 115 -285 -360 -454 -389 -149 -281 -366 -396 -148 -295 -220 -300 -.6 -.7 -17 92 -10 -55 4 128 25 5 25 122 24 56 .2 401 -62 301 -42 328 298 -21 100 -51 139 -52 17.300 17.848 -532 -532 1 NET BORROWING 2 HOUSEHOLDS 3 NONFARM NONCORP. BUSINESS 4 NONFIN. CORPORATE BUSINESS 5 SAVINGS + LOAN ASSOCIATIONS 17.596 17.859 -206 -206 149 516 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 STATE • LOCAL GOVERNMENTS 17.596 1.280 17.300 1.171 9 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 -115 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 925 925 612 25.783 25.842 -125 -125 18.645 20.388 -1.124 -1.124 15.0 14.1 .1 .1 .6 30.6 27.0 .8 .8 2.0 43.8 41.6 .5 .5 1.2 1 2 3 4 5 18.1 2.0 .1 15.0 -.1 .1 30.6 3.0 .1 43.8 3.3 .1 6 7 8 .9 1.6 .4 3.5 .2 3.8 .4 2.9 -.1 4.6 1.2 .9 -.6 2.1 4.3 5.7 8.5 6.8 1.6 9.3 7.7 1.6 8.0 6.8 1.1 .1 18.4 17.2 1.2 -.8 -.9 .1 -2.3 -2.1 -.3 .1 .9 .4 -.2 •2 18.1 18.5 -.2 -.2 505 L7.5 L7.1 .1 .1 .2 18.645 1.648 L7.5 2.5 * * * .5 * * * -1.3 -1.4 .1 * .7 .2 * * -.6 9 1.8 10 4 . 3 11 9 . 0 12 27.7 24.8 2.7 .2 13 14 15 16 -2.7 -2.3 -.4 * 17 18 19 20 . 6 21 . 4 22 MAY 1 5 , 1978 MORTGAGES - I MORTGAGES - I 37 MORTGAGE MARKETS BY TYPE OF MORTGAGE SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES 1976 I I 1977 1976 IV I | II 1977 I I III 1978 I 1 TOTAL MORTGAGES 1 2 3 4 5 6 7 8 79.9 44.9 10.4 19.1 5.5 60.5 33.3 6.9 57.2 41.4 * 133.9 98.0 1.6 6.8 1.5 3.9 6.5 13.2 15.5 20.3 15.3 11.2 13.7 20.3 5.0 4.6 6.1 8.8 97.4 75.0 108.2 80.1 - . 1 - . 1 -1.5 -1.4 .2 -.1 1.9 .4 - . 1 1.7 .4 - . 1 3.1 .3 9 10 11 12 13 14 15 81.2 47.1 61.9 35.4 55.0 38.0 84.8 61.2 130.9 91.7 1.1 1.1 1.1 1.0 .9 33.0 25.4 16.0 22.6 38.2 23.7 30.3 5.5 9.3 5.0 6.6 6.1 3.6 8.8 8.4 7.7 3.6 8.6 5.7 18.2 13.7 4.6 1.8 9.6 12.8 21.0 12.4 16 17 18 79.9 60.5 57.2 86.8 3.4 1.7 4.3 2.5 2.9 1.6 8.6 .9 133.9 11.6 19 20 21 -.6 7.2 3.6 3.2 5.3 -3.1 2.9 -.2 3.5 -5.1 10.2 2.0 .6 2.3 5.8 10.3 15.7 20.5 19.4 22.6 22 23 24 25 26 27 64.6 19.8 32.7 26.5 36.4 12.8 19.8 17.6 33.6 32.3 29.5 61.8 13.9 49.3 45.0 97.6 27.3 65.0 58.2 71.3 14.0 57.7 51.8 71.5 20.1 50.6 47.7 5.7 .4 2.2 2.3 .5 4.1 .2 6.5 .3 5.7 .2 28 29 30 31 32 33 34 4.7 4.4 - . 4 .7 5.4 4.9 3.2 2.9 2.7 2.4 .6 .2 .1 .3 1.9 5.6 -1.9 -.4 .2 -1.3 -4.8 6.1 5.2 .4 .5 .1 1.5 -3.8 35 7.2 6.7 -4.0 -2.0 * 1.4 •* * * 4.3 * 133.4 97.2 86.8 65.3 * * 142.7 151.3 24.9 8.5 * 1 2 4 . 7 NET CHANGE I N MORTGAGES HOME MORTGAGES MULTI-FAMILY RESID. COMMERCIAL FARM BORROWED BY: U.S. GOVERNMENT SAVINGS • LOAN ASSOCIATIONS REITS 101.6 101.6 39.8 37.1 45.8 9.3 8.7 8.9 8.0 16.0 21.8 20.3 11.2 26.1 97.4 108.2 9.4 .4 8.7 2.4 133.4 11.5 -1.3 142.7 13.3 151.3 13.0 1.1 7.3 -3.0 1.4 .4 2.9 13.1 23.7 22.5 10.7 13.1 101.6 27.9 66.1 58.6 106.2 31.7 70.5 62.2 111.0 29.4 72.9 64.4 85.0 21.8 57.4 50.6 2.5 .3 7.2 .3 8.0 .4 8.1 .4 6.3 .5 3.6 2.9 -.2 .8 .1 .1 2.4 2.2 .2 -.2 .2 .4 6.5 5.0 .5 .8 .2 5.5 6.3 5.3 .,4 .5 .1 - , 8 9.4 8.3 .4 .7 7.1 6.1 .4 .6 .9 .3 -2.4 -4.2 -2.0 -4.3 -1.5 -1.6 -1.6 4.3 -2.4 2.2 4.7 1.0 1.2 8.5 1.5 * 37.9 9.6 7.9 20.2 PRIVATE NONFINANCIAL SECTORS HOUSEHOLDS NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS FARMS NONFARM NONCORPORATE CORPORATE 9 10 11 12 13 1 2 4 . 77 FUNDS ADVANCED BY: HOUSEHOLDS 11.9 ST.+LOC. GOVT, GEN. FUNDS 1.5 2.5 * U.S. GOVERNMENT SPONSORED CREDIT AG. (1) MORTGAGE POOLS PRIVATE FINAN. INSTITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S+L ASSOCIATIONS II) MUTUAL SAVINGS BANKS CREDIT UNIONS INSURANCE LIFE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. FINANCE COMPANIES REITS -.5 12.4 1 2 . 4 CI) MEMO: FHLB LOANS TO S+L 10.8 ASSOCIATIONS (INCLUDI 27 28 29 30 31 32 33 34 35 HOME MORTGAGES 1 2 3 4 5 44.9 47.1 -.4 -.4 -1.5 33.3 35.4 -.3 -.3 1.2 1.2 1.7 -1.4 98.0 91.7 75.0 69.3 80.1 74.7 97.2 88.9 106.1 101.6 108.7 101.6 1.6 3.1 1.5 1.5 2.8 1.6 1.6 2.3 2.2 2.2 3.8 .7 .7 3.2 2.0 2.0 3.1 75.0 80.1 97.2 106.1 108.7 86.0 5.1 4.7 1.5 6.7 -.9 8.2 .6 7.2 .5 6.6 .5 65.3 5.3 * .9 -.8 .5 3.6 2.8 8.1 9.8 -2.8 -1.6 22.2 19.1 .1 .6 12.8 17.4 20.2 19.8 11.4 12.3 54.8 49.9 4.5 .3 46.7 42.8 42.2 40.2 56.8 50.5 59.6 53.9 60.7 55.0 45.5 40.9 3.7 .2 1.7 .3 6.0 .3 5.3 .4 5.3 .4 4.1 .5 -1.5 -1.5 -.1 -1.1 -1.4 -1.4 -1.7 -2.0 -1.8 -.3 -.8 -1.3 -1.4 -.8 -1.4 -1.1 -1.4 .4 -.2 1.0 -.2 - . 9 11 12 3.2 11.0 5.4 6.6 9.9 2.5 14.5 8.2 19.0 17.2 18.7 13 14 15 16 24.5 21.5 2.6 .4 14.7 13.9 .7 .1 24.5 23.2 .8 .5 40.5 37.4 2.9 .2 17 18 19 20 -2.0 -1.9 -.2 .2 -1.4 -1.4 .1 -1.7 -1.4 -.1 -.2 21 22 1.2 .7 -1.2 -.2 -.5 -.5 BILLIONS OF DOLLARS. * * 20.7 12.6 -4.4 * 86.0 8 6 . 0 NET BORROWING HOUSEHOLDS 83.8 NONFARM NONCORP. BUSINESS N0NF1N. CORPORATE BUSINESS SAVINGS + LOAN ASSOCIATIONS 2.2 * * .2 1/78 BASED ON INCOMPLETE INFORMATION. fcT CHANGE IN ASSETS HOUSEHOLDS STATE + LOCAL GOVERNMENTS U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKING 11 12 SAVINGS INSTITUTIONS SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 13 14 15 16 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 17 18 19 20 FINANCE COMPANIES REITS 21 MAY 1 5 , 1978 MORTGAGES - II 38 MORTGAGES - II MORTGAGE MARKETS - CONTINUED UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS <* MILL.) 1977 1976 | IV I 1978 I III II BILLIONS OF DOLLARS 1969 1970 1971 MULTI-FAMILY RESIDENTIAL MORTGAGES 12.8 1 NET BORROWING 2 NONFARM NONCORP. BUSINESS 3 NONFIN. CORPORATE BUSINESS 4 REITS 5 U . S . GOVERNMENT 401 213 141 62 -15 793 485 334 7 -33 1.796 1.118 707 1 -30 1.863 1.564 319 5 -25 2.299 1.665 663 -4 -25 1.851 1.296 580 3 -28 3.4 2.4 1.0 .1 -.1 4.9 3.5 1.5 .1 -.1 6.9 5.8 1.2 -.1 -.1 9.9 2.8 .2 -.1 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 STATE • LOCAL GOVERNMENTS 401 23 95 793 40 196 1.796 101 -90 1.863 116 120 2.299 168 192 1.851 100 192 3.4 -.1 .2 4.9 -.4 .4 6.9 9.7 12.8 -1.1 .6 1.0 -138 66 126 -99 1 404 39 121 91 -70 56 277 139 -125 407 -123 -101 326 .3 .7 .5 .3 9 10 11 U . S . GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS 12 COMMERCIAL BANKS 13 14 15 SAVINGS INSTITUTIONS SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS 16 17 18 19 20 * * * * * * .6 * 9.7 8.0 1.7 * .7 .4 .8 1 - 1 2 3 4 5 6 7 8 9 .3 1 . 0 10 . 3 11 -44 -108 29 380 279 222 .3 .5 .1 .7 1.8 12 L.189 936 253 877 763 114 1.628 1.317 311 1.430 1.080 350 1.285 933 352 1.232 957 275 1.4 1.1 .3 1.5 1.2 .3 2.2 2.0 .2 5.3 3.5 1.8 4.8 3.5 1.3 13 14 15 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS -56 -36 -148 -257 27 -12 -30 26 -240 -60 30 66 -24 25 34 50 23 39 1.0 1.5 .1 .1 1.8 .1 .1 .7 -.3 .3 .6 -.3 -.1 16 17 18 FINANCE COMPANIES REITS -268 -408 -102 -174 420 -299 -318 -164 50 -131 22 -131 .1 .1 .1 .4 .5 .8 1.2 .9 . 9 19 2 . 0 20 6.7 1.1 .6 4.9 .1 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 6.7 -.6 5.8 9.9 .2 .1 3.0 16.8 6 1.1 7 .3 8 -.2 9 5.4 10 * * COMMERCIAL MORTGAGES 3.720 3.033 5.335 5.237 6.678 4.306 242 335 239 278 234 510 231 500 227 646 223 408 3.016 2.503 4.590 4.495 5.814 3.669 127 13 1 11 -9 6 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 STATE • LOCAL GOVERNMENTS 9 U . S . GOVERNMENT 10 COMMERCIAL BANKING 3.720 3.033 5.335 5.237 6.678 4.306 330 -27 -61 268 43 -8 354 -7 62 399 0 16 559 33 7 292 33 7 1.015 1.335 2.414 2.527 1.992 1.494 11 12 13 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 1.345 1.092 881 772 109 1.136 1.136 1.440 1.100 1.523 1.175 1.389 1.118 0 340 348 14 15 16 17 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 1.528 662 33 19 41 879 88 297 38 1.337 8 238 27 40 50 25 18 19 FINANCE COMPANIES REITS -102 -581 49 739 39 -665 -416 -181 50 -290 -218 -217 1 NET BORROWING 2 HOUSEHOLDS 3 NONFARM NONCORP. BUSINESS 4 NONFIN. CORPORATE BUSINESS 5 REITS 253 1 2 3 4 5 .1 2.6 1.8 7.2 1.5 .1 .1 1.2 271 1.9 1.0 .8 1.3 .6 .8 1.5 .9 .6 4.1 3.1 1.0 5.2 11 3.7 12 1.4 13 2.646 1.158 1.9 2.0 1.6 52 44 -10 53 55 3 .2 2.5 .1 • 3.1 -.2 .1 * .2 .7 .5 1.2 . 3 18 1.7 19 2.4 1.2 3.6 1.4 - * * * .7 .1 * — .1 * * * * .6 * * -1.8 * 14 15 16 17 FARM MORTGAGES 1 NET BORROWING 1.589 2 .124 2 .737 2 .173 1.800 2 .409 2.2 1.8 2 NET CHANGE IN ASSETS 3 HOUSEHOLDS 4 STATE • LOCAL GOVERNMENTS 1.589 2 .124 2 .737 2 .173 1.800 2 . .409 1 .009 18 2.2 1.8 556 21 778 5 884 10 713 6 543 18 5 6 7 U.S. GOVERNMENT SPONSORED CREDIT AGENCIES MORTGAGE POOLS -5 542 51 -10 807 88 100 859 -11 0 684 83 -107 592 155 13 768 97 8 9 10 11 COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS 165 1 241 243 -2 215 380 -6 500 340 0 335 264 1 368 203 1 300 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. .5 .1 -.1 1.2 .3 .1 10 * 11 MAY 15, 1978 MORTGAGES - II MORTGAGES MORTGAGE MARKETS - CONTINUED SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV MULTI-FAMILY RESIDENTIAL 1 2 3 4 5 10.4 7.9 2.5 .1 -.1 6.9 5.5 1.4 .1 -.1 6 7 8 10.4 -1.0 .9 6.9 -.1 1.4 9 10 11 .3 1.8 .2 .7 2.2 .2 1.6 1.2 .1 1.2 1977 | | II III MORTGAGES 1.5 1.0 .4 .2 -.1 3.9 2.7 1.4 * -.1 6.5 4.5 2.1 * -.1 7.4 5.4 2.1 * -.1 8.1 NET BORROWING 5.9 NONFARM NONCORP. BUSINESS 2.3 NONFIN. CORPORATE BUSINESS * REITS -.1 U . S . GOVERNMENT 1.5 .1 .4 3.9 .2 .8 6.5 .4 -.4 7.4 .5 .5 8.1 NET CHANGE IN ASSETS .4 HOUSEHOLDS .8 STATE • LOCAL GOVERNMENTS -.6 .3 .5 -.4 * 1.6 .2 .5 .4 -.3 .2 1.1 -.5 -.4 1.3 U . S . GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS 9 10 11 12 1.2 .6 -.2 -.4 .1 1.5 13 14 15 3.3 1.8 1.4 1.7 1.0 .7 5.2 4.2 1.0 4.0 3.6 .5 5.6 4.4 1.2 5.6 4.2 1.4 16 17 18 1.1 -.1 -.1 1.2 -.7 -.1 -.6 -.8 .1 * .1 .1 -1.0 -.2 .1 .3 -.6 .1 .1 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 17 18 -1.1 -1.6 -.4 -.7 1.7 -1.2 -1.3 -.7 .2 -.5 FINANCE COMPANIES REITS 19 20 13.2 1.0 1.2 10.5 .5 15.5 1.0 1.5 13.1 .1 20.3 .9 1.9 17.4 20.4 .9 1.9 17.5 24.9 .9 2.4 21.6 20.3 1.4 * .1 -.5 -1.7 COMMERCIAL 11.2 1.1 1.0 8.9 .3 13.7 1.0 1.2 11.2 .3 20.3 .9 1.9 17.4 11.2 13.7 1.0 13.2 1.3 -.1 -.2 3.6 15.5 1.1 .2 -.1 5.1 20.3 1.6 .1 .1 8.3 8 9 10 .2 -.1 6.9 .3 .6 .3 .1 .0 11 12 13 4.9 3.2 1.7 .4 .6 .8 5.3 4.6 .7 5.6 4.7 .9 5.0 4.2 .8 5.8 4.7 1.0 14 15 16 17 4.9 •8 3.9 .1 .4 .1 3.7 .1 .4 5.5 .2 .4 .1 4.5 18 19 .2 2.5 * * .5 • .5 * * * 3.2* * * BANKS SAVINGS INSTITUTIONS SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS 13 14 MORTGAGES .3 .1 .4 .6 .1 * COMMERCIAL 5.4 4.3 1.1 * * * 20.4 1.6 - * 24.9 2.2 .1 20.8 NET BORROWING .9 HOUSEHOLDS 2.0 NONFARM NONCORP. BUSINESS 17.9 NONFIN. CORPORATE BUSINESS * REITS 2 0 . 8 NET CHANGE I N ASSETS 1.2 HOUSEHOLDS .1 STATE • LOCAL GOVERNMENTS * U . S . GOVERNMENT 7.7 COMMERCIAL BANKING .2 9.1 .1 9.7 7.3 4.4 3.9 .4 3.7 3.7 5.3 4.0 1.4 6.5 5.1 1.4 6.4 5.3 1.1 SAVINGS INSTITUTIONS SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS 1.0 .1 3.6 .1 .1 .2 3.9 .4 1.2 .2 5.6 .2 .2 .1 9.0 .2 .2 5.6 .2 .2 * LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES -.4 -2.3 .2 -1.2 3.0 -2.7 -1.7 -.7 .2 -.9 .2 -.9 FINANCE COMPANIES REITS * * 6.9 ~ * * 8 9 10 12 13 14 15 FARM MORTGAGES 9.8 NET BORROWING 2 3 4 5.5 2.3 * 5.0 1.4 * 4.6 1.1 * 6.1 2.0 .1 8.8 2.9 * 7.7 2.9 .1 8.6 2.8 * 9.3 2.9 * 8.9 3.0 * 8.5 2.9 .1 9.8 NET CHANGE IN ASSETS 3.8 HOUSEHOLDS .1 STATE • LOCAL GOVERNMENTS 2 3 4 5 6 7 * 1.9 .2 * 2.5 .2 .1 2.6 -.1 -.2 2.5 .5 * 2.9 .3 .1 2.6 .2 .1 3.1 .4 .1 3.0 * * 2.8 .3 -.3 2.8 .6 .2 2.9 .4 U . S . GOVERNMENT SPONSORED CREDIT AGENCIES MORTGAGE POOLS 5 6 7 8 9 0 .7 * .3 .6 * .3 .3 * .4 .5 * .7 1.2 * 1.4 .8 * .9 .1 1.1 * 1.1 - 1.3 • 1.8 .1 1.3 1.3 * 1.2 * 1.4 -.1 .9 • 1.5 COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS 8 9 10 11 BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE INFORMATION. MAY 15, 1978 CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED UNADJUSTED NET FLOWS (* MILL.) UNADJUSTED NET FLOWS (* MILL.) 1976 IV 1977 II III I 1978 | I IV BILLIONS OF DOLLARS 1969 1970 1971 CONSUMER CREDIT 1 NET CHANGE IN LIABILITIES (HH) 2 INSTALMENT CREDIT 3 NONINSTALMENT CREDIT 8.435 6.542 1.893 1.905 1.287 618 11.507 10.222 1.285 10.579 10.297 282 11.058 9.277 1.781 2.386 2.631 -245 10.0 10.4 8.3 1.7 9.4 1.0 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 8.435 6.542 177 839 2.568 279 22 250 2.407 1.905 1.287 -224 -163 1.074 189 18 902 -509 11.507 10.222 35 194 5.564 248 122 2.302 1.757 10.579 10.297 54 286 5.415 369 162 2.029 1.982 11.058 9.277 187 786 3.727 247 8 1.257 3.065 2.386 2.631 -92 -311 1.875 200 98 1.149 -288 10.0 10.4 8.3 -.1 13 14 15 16 17 18 1.893 580 852 423 26 12 618 717 -265 151 10 5 1.285 -67 790 499 35 28 282 69 -77 236 17 37 1.781 593 782 378 26 2 -245 525 -545 -230 -17 22 NONINSTALMENT CREDIT NONFARM NONCORP. BUSINESS NONFIN. CORPORATE BUSINESS COMMERCIAL BANKING SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS 5.9 4.9 1.1 13.1 10.7 18.9 15.8 3.0 5.9 4.9 .1 .3 3.0 .3 .1 1.0 .1 13.1 10.7 4.6 .1 .1 1.3 2.3 9.4 -.1 .2 4.5 .2 .1 1.7 2.8 18.9 4 15.8 5 -.2 6 .2 7 9.3 8 .8 9 . 1 10 2.2 11 3.5 12 1.7 .5 .2 .9 1.0 .5 .3 .2 1.1 .5 .6 -.1 2.3 .6 .5 1.2 * 2.3 -.2 -.3 6.2 .8 .1 1.8 2.3 3.0 .7 .6 1.6 .1 * 1 2 3 13 14 15 16 17 18 * * * * * * 4.7 -1.1 1.3 2.9 1.4 1.5 9.6 7.4 .8 .3 16.8 10.8 4.7 -.2 -1.0 -.1 .5 -.2 8 1.1 9 27.8 10 * * BANK LOANS NOT ELSEWHERE CLASSIFIED 1 TOTAL LOANS AT COMMERCIAL BANKS, F/F BASIS 28.255 3.398 25.223 22.587 27.159 3.406 2.991 7.508 3.893 0 10.457 4.120 1.225 -2.427 -2.803 0 3.283 7.557 6.063 -914 -128 0 12.645 8.300 5.651 2.587 149 0 5.900 7.296 4.105 1.016 3.045 0 11.697 4.498 1.645 -2.306 -2.630 0 4.202 153 601 11.211 -30 -957 2.296 -17 -2.093 10.535 24 233 6.157 600 665 12.962 -515 -803 2.884 -. 4 3.9 1.3 14.8 16.8 0 11.211 0 2.296 0 10.535 0 6.157 0 12.962 0 2.884 14.8 16.8 6.3 12.1 11.211 1 0 . 740 2.507 382 -403 4.485 2.296 3.652 723 418 415 4.082 10.535 11.074 2.466 1.942 -380 6.892 6.157 5.923 1.802 653 -454 2.844 12.962 11.451 3.142 -565 165 6.891 2.884 5.056 -3.029 400 -413 8.062 14.8 13.3 16.8 15.4 6.3 6.4 1.1 .8 -.6 5.5 12.1 10.2 2.5 1.3 .7 3.6 27.8 21.9 3.5 1.8 1.1 12.5 13 14 15 16 17 18 3.769 780 2.246 743 -1.986 -446 - 1 . 3 66 -174 154 227 283 -356 1.078 132 503 443 1.818 169 1.236 413 36 138 -70 -32 -.5 -.2 - . 3* •2 -.3 -.1 -.2 -.4 2.1 .2 1.0 .9 2.9 .2 1.0 1.7 19 20 21 22 471 128 1.050 -707 -1.356 578 -1.341 -593 -539 1.208 -1.038 -709 234 851 -20 -597 1.511 1.839 197 -525 -2.172 392 -2.131 -433 1.5 .1 .8 .6 1.3 .1 .9 .4 -.1 -.1 -.1 .1 1.9 .7 .6 .6 5.9 .7 3.8 1.3 23 24 25 26 - LOANS ELSEWHERE CLASSIFIED: 2 3 4 5 6 MORTGAGES CONSUMER CREDIT SECURITY CREDIT OPEN-MARKET PAPER HYPOTHECATED DEPOSITS 7 = BANK LOANS NEC AT COML. BKS. • BANK LOANS NEC AT OTHER BANKING SUBSECTORS: 8 DOMESTIC AFFILIATES 9 FOREIGN BANKING AGENCIES 10 = BANKING SECTOR TOTAL BANK LOANS NEC 11 • LOANS BY F.R. BANKS 12 = TOTAL BANK LOANS NEC 13 NET CHANGE IN LIABILITIES 14 NONFINANCIAL SECTORS HOUSEHOLDS 15 FARM BUSINESS 17 NONFARM NONCORP. BUSINESS CORPORATE BUSINESS 18 19 20 21 22 23 24 25 26 REST OF THE WORLD FGN. OFFICIAL FGN. BANKS OTHER FGN. FINANCIAL SECTORS SAVINGS + LOAN ASSNS. FINANCE COMPANIES REITS 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 5.5 1.3 -.4 - 2.5 .4 1.1 9.7 - 1.3 .6 2.1 11.6 -.2 * 2.6 6.3 - * 12.1 _ - 11 27.8 12 MAY 15, 1978 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 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES 1976 I 1976 I IV 1977 | | 1978 I 1977 II III CONSUMER CREDIT 1 2 3 22.0 19.6 2.4 10.2 9.3 .9 9.4 7.5 1.9 23.6 20.5 3.0 35.0 31.1 4.0 25.1 21.1 4.1 33.0 28.7 4.3 38.3 32.3 6.0 36.2 33.1 3.1 38.0 NET CHANGE IN LIABILITIES <HH) INSTALMENT CREDIT 36.6 NONINSTALMENT CREDIT 1.4 4 5 6 7 8 9 10 11 12 22.0 19.6 .1 .3 11.0 .7 .2 2.7 4.7 10.2 9.3 23.6 20.5 35.0 31.1 .1 1.1 15.8 1.1 .3 6.5 6.3 25.1 21.1 .2 4.0 .6 .2 2.3 2.0 9.4 7.5 -.1 -.4 2.8 .7 .2 3.8 .5 33.0 28.7 -.2 3.0 13.6 .8 .1 6.6 4.9 38.3 32.3 .2 1.0 16.7 1.1 .5 7.4 5.6 36.2 33.1 .1 -.3 17.4 .9 38.0 NET CHANGE IN ASSETS INSTALMENT CREDIT 36.6 NONFARM NONCORP. BUSINESS .3 NONFIN. CORPORATE BUSINESS 3.5 COMMERCIAL BANKING 17.7 SAVINGS + LOAN ASSNS. .8 MUTUAL SAVINGS BANKS .4 CREDIT UNIONS 7.7 FINANCE COMPANIES 6.2 13 14 15 16 17 18 2.4 .8 .5 .6 .4 .9 .8 .5 -.4 .1 1.9 .9 .6 .1 .2 3.0 1.2 1.1 .6 * * * * * * 10.8 1.0 .1 4.9 3.7 * .1 * -.2 12.0 l.l .1 2.2 5.8 4.0 1.3 1.2 1.3 .1 .1 * 6.8 8.2 1.4 .9 .6 -.2 -.1 .1 1.0 .1 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 .7 2 3 4 5 19.6 11.6 -3.0 -1.3 12.3 3.6 -2.4 2.2 4.1 2.9 2.1 1.1 13.9 11.4 6.9 3.7 .9 4.9 -.5 -1.2 -.3 -.3 6.7 27.3 17.0 .3 .3 14.0 13.4 15.1 11.2 20.1 14.9 .4 -10.6 2.4 23.9 27.9 18.3 -6.4 .9 31.7 16.5 18.6 3.4 29.4 18.6 -11.5 7.4 -.1 -8.4 10.5 .9 40.4 2.7 29.6 - 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: DOMESTIC AFFILIATES -2.1 -3.2 FOREIGN BANKING AGENCIES 51.4 = BANKING SECTOR TOTAL BANK LOANS NEC • LOANS BY F.R. BANKS = TOTAL BANK LOANS NEC 21.8 17.5 •8 -10.1 13 14 15 16 17 18 51.6 42.7 6.5 3.0 1.1 29.3 38.4 33.7 -.8 .9 -1.0 29.9 -14.4 -10.8 -2.0 1.9 -2.0 -12.4 6.7 10.5 2.1 3.1 -3.1 1.6 32.0 32.1 8.1 2.4 -.3 20.7 23.9 23.9 -1.0 2.8 -2.5 9.9 47.4 44.1 17.1 2.4 1.6 30.0 10.5 19.0 1.2 5.8 -.6 17.3 40.4 39.8 12.8 2.6 -1.2 16.9 29.6 25.5 1.4 -1.0 -.9 18.7 19 ZO 21 22 2.8 .4 1.7 .7 4.7 .3 3.1 1.3 3.7 .3 1.0 2.5 6.7 .9 4.1 1.7 1.1 .1 .7 .3 14.8 3.1 9.2 2.4 -7.0 -1.8 -5.4 .2 -4.6 .9 -3.0 -2.5 8.6 .5 5.7 2.4 7.2 .7 5.3 1.2 1.4 .6 -.1 .9 23 24 25 26 8.9 .4 4.5 4.0 4.6 1.1 -.8 4.4 -3.6 -.2 -2.8 -.6 -3.7 .3 -2.1 -1.9 -.2 4.5 -2.2 -2.4 .5 2.3 -2.8 3.2 5.3 .3 -2.4 -8.5 3.7 -9.4 -2.8 .6 1.5 1.4 -2.4 4.2 7.4 -l.l -2.1 .4 4.6 -2.5 -1.7 BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE * INFORMATION. TOTAL LOANS AT COMMERCIAL BANKS, F/F BASIS 51.4 NET CHANGE IN LIABILITIES NONFINANCIAL SECTORS 51.0 HOUSEHOLDS 2.1 FARM BUSINESS 2.3 NONFARM NONCORP. BUSINESS -2.1 CORPORATE BUSINESS 47.3 REST OF THE WORLD FGN. OFFICIAL FGN. BANKS OTHER FGN. FINANCIAL SECTORS SAVINGS • LOAN ASSNS. FINANCE COMPANIES REITS 13 14 15 16 17 18 19 20 21 22 23 24 25 26 MAY 15, 1978 OTHER LOANS 42 OTHER LOANS PRIVATE MONEY MARKET INSTRUMENTS AND OTHER LOANS UNADJUSTED NET FLOWS (S MILL.) UNADJUSTED NET FLOWS (S MILL.) 976 I IV I 1977 I II III IV 1I |1 1978 BILLIONS OF DOLLARS 1969 1970 1971 I OPEN-MARKET PAPER, FEOERAL FUNDS + R P ' S , AND MONEY MARKET FUND SHARES 1 TOTAL NET ISSUES, ALL TYPES 4.297 8.668 8.203 2.787 7.666 10.884 4.8 15.1 -.1 .8 4.1 1 2 OPEN-MARKET PAPER 5.113 2.801 6.784 307 6.663 3.742 4.2 12.5 2.1 -.1 1.6 2 3 4 5 6 7 8 COMMERCIAL PAPER NONFINANCIAL CORPORATIONS FINANCIAL BUSINESS COMMERCIAL BANKING FINANCE COMPANIES REITS 2.047 160 1.887 -35 2.026 -104 2.304 1.034 1.270 106 1.209 -45 5.830 831 4.999 565 4.363 71 284 261 23 385 -300 -62 4.441 -367 4.808 220 4.586 2 3.128 911 2.217 889 1.323 5 4.1 1.2 2.9 11.4 .5 1.8 ~ 4.3 6.0 ~ - -.9 -.9 -.1 -.4 -.5 .8 2.6 .7 1.9 .7 -1.3 2.5 3 4 5 6 7 8 BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 3.066 1.770 885 885 1.296 497 65 33 32 432 954 578 289 289 376 23 -456 -228 -228 479 2.222 1.655 828 827 567 614 1.026 513 513 -412 .1 .3 .1 .1 -.2 1.0 .7 .4 .4 .3 1.6 .8 .4 .4 .8 .8 .5 .3 .3 .3 -1.0 .1 * * -1.0 9 10 11 12 13 5.113 -2.379 2.378 1.485 2.801 998 2.203 889 6.784 2.042 1.207 1.158 307 -1.117 589 1.640 6.663 2.704 2.368 673 3.742 949 2.168 661 4.2 -.5 12.5 2.1 3.8 -3.2 -.1 .3 1.6 14 - . 2 15 -177 272 3.893 -139 208 239 -836 -2.803 290 14 941 466 -128 1.101 87 -594 -139 149 -1.655 -221 -353 472 3.045 -544 219 -237 -347 -2.630 275 -390 -.1 -.4 .1 -1.040 501 111 1.320 491 -4 173 -215 -48 1.175 528 -48 -1.960 -129 168 1.668 1.016 609 .3 -956 -1.239 752 68 -537 5.801 2.880 534 1.218 1.169 1.753 252 808 432 261 2.483 2.144 -282 608 13 603 1.682 -904 692 -867 5.145 2.173 1.642 300 1.030 400 1.997 10 11 13 14 NET PURCHASES, BY SECTOR 15 HOUSEHOLDS 16 NONFIN. CORPORATE BUSINESS 17 REST OF THE WORLD 18 19 20 21 22 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS • LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 23 24 25 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES MONEY MARKET FUNDS 2.9 1.1 10.3 -1.3 -1.9 .6 1.3 .2 .1 1.5 1.5 .2 .2 .3 1.0 .2 -.2 -.2 .5 -.1 .8 1.2 .8 -.4 .6 -.3 .2 23 - . 3 24 - 25 2.6 2.2 .2 -2.2 -3.1 -. 1 -. 2 -. 1 1.0 .8 -.6 .5 .2 2.5 1.6 .4 .4 .1 26 27 28 29 30 1 2 3 * * * * 19 20 21 22 FEDERAL FUNDS AND SECURITY RP»S 26 TOTAL NONBANK CREDIT TO BANKS 27 NONFINANCIAL CORPORATIONS 28 SPONSORED CREDIT AGENCIES 29 SAVINGS + LOAN ASSOCIATIONS 30 MUTUAL SAVINGS BANKS .6 .5 * .8 MONEY MARKET MUTUAL FUND SHARES 31 NET ISSUES = HOUSEHOLD NET PURCHASES OTHER LOANS 1 FINANCE CO. LOANS TO BUSINESS 2 LIAB.-NONCORPORATE BUSINESS 3 NONFIN. CORP. BUSINESS >.340 637 L.703 2.814 -108 2.922 2.909 184 2.725 135 -702 837 4.651 672 3.979 2.561 -165 2.726 2.2 .5 1.7 5.0 .6 4.3 .4 -.3 .6 1.3 .7 .7 4.2 .6 3.6 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 !.167 -13 45 693 68 847 845 -318 873 188 29 348 128 342 1.010 -1.172 -334 65 542 560 -12 -2.041 552 0 3.532 262 474 566 98 1.216 916 0 2.956 89 928 684 80 688 487 0 2.618 100 721 575 112 503 607 0 3.6 .4 -.1 .3 .2 .3 2.2 .2 3.4 .4 2.5 .3 -.1 .6 .3 .1 1.3 3.2 .4 ~ ~ 2.5 4 .4 5 * 6 .1 7 .2 8 .3 9 1.5 10 - 11 12 SPONSOREO CREDIT AGENCY LOANS LIABILITY OF13 FARM BUSINESS (FICB) 14 NONFARM NONCORP. BUS. ( B O 15 S+L ASSOCIATIONS (FHLB) -7 432 1.427 1.574 2.954 1.086 1.2 4.8 2.3 -2.0 . 8 12 -288 481 -200 1.188 644 -1.400 527 -355 1.255 467 -230 1.337 -735 570 3.119 -359 340 1.105 .2 .1 .9 .6 .2 4.0 .7 .3 1.3 .7 . 4 13 . 3 14 * 15 340 0 340 373 0 373 445 -5 450 436 6 430 424 3 421 402 10 392 1.3 2.6 .1 2.5 2.3 .1 2.2 16 POLICY LOANS (HH LIABILITY) 17 ASSfcT-U.S. GOVERNMENT 18 LIFE INSURANCE C O S . 19 HYPOTHECATED DEP. (HH LIAB.) ASSET-COMMERCIAL BANKS 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * 1.2 * .3 .1 .7 2.1 -.3 * .4 .2 .4 1.8 * -2.7 1.0 * 1.0 1.0 16 * 17 . 9 18 MAY 15t 1978 OTHER LOANS OTHER LOANS PRIVATE MONEY MARKET INSTRUMENTS AND OTHER LOANS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1977 I 1976 | I IV | II 1978 I III OPEN-MARKET PAPER* FEDERAL FUNDS • RP»S, AND MONEY MARKET FUND SHARES 4 3 . 4 TOTAL NET ISSUES* ALL TYPES 1 15.2 17.8 .5 13.0 27.3 13.7 2 8.3 17.7 -1.2 8.1 16.6 17.0 3 4 5 6 7 8 6.4 1.4 4.9 2.2 2.0 .7 7.9 4.1 3.8 3.5 3.6 -3.3 -1.8 -2.9 1.1 .3 .6 .1 3.6 1.4 2.2 -.8 3.3 -.3 12.9 1.8 11.1 1.3 9.9 7.7 2.9 4.8 -.1 5.3 -.4 6.9 2.2 4.7 .4 4.5 -.2 26.6 4.7 21.9 2.3 19.4 .3 •6 -.8 1.4 1.5 .1 -.2 15.5 9 10 11 12 13 2.0 1.1 .5 .5 .9 9.8 2.5 1.3 1.3 7.3 .6 .3 .2 .2 .3 4.5 2.6 1.3 1.3 1.9 3.7 1.8 .9 .9 1.9 9.3 4.1 2.0 2.0 5.2 4.1 2.3 1.2 1.2 1.7 3.8 2.3 1.1 1.1 1.5 1.6 -.3 -.2 -.2 1.9 5.4 3.1 1.6 1.6 2.3 14 15 16 17 8.3 3.4 6.5 .3 17.7 5.7 -.6 6.6 -1.2 -6.0 5.6 -2.6 8.1 -.2 2.2 2.7 16.6 4.6 6.4 4.4 17.0 -14.3 10.9 4.7 30.4 7.0 7.4 4.2 2.1 2.0 22.8 4.9 5.8 HOUSEHOLDS -2.6 4.1 11.2 5.1 8.4 2.7 NONFIN. CORPORATE BUSINESS REST OF THE WORLD 17 18 19 20 21 22 -.2 .9 .9 2.2 -.1 .1 .1 .1 1.1 -.6 3.4 -1.4 1.9 7.4 -.9 -1.4 -10.1 1.1 -1.6 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS • LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 18 19 20 21 22 1.1 .1 .6 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES MONEY MARKET FUNDS 23 24 25 -2.2 -2.8 -1.0 1.8 -.3 23 24 25 * -1.3 -.5 -.1 * .2 * -.1 * 30.4 .2 * -10.6 1.2 3.8 1.9 .9 4.4 .1 3.7 -.1 .5 .3 -.8 .1 .7 -.2 -.1 .4 -1.1 .3 .7 .7 .1 1.5 -.9 -.2 .5 2.2 -.3 -1.4 -.1 5.2 2.3 .3 2.1 .4 10.6 7.0 .2 3.0 .6 7.0 1.0 3.2 1.7 1.0 * 22.8 1 4 . 8 OPEN-MARKET PAPER 17.4 1.0 10.1 1.6 8.6 3.6 5.0 * COMMERCIAL PAPER NONFINANCIAL CORPORATIONS FINANCIAL BUSINESS COMMERCIAL BANKING FINANCE COMPANIES REITS 4.7 6.3 3.2 3.2 -1.6 BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 16.4 .9 -.5 .7 3 4 5 6 7 8 10 11 12 13 14.8 NET PURCHASES* BY SECTOR 4.3 4.1 2.4 FEDERAL FUNDS AND SECURITY RP»S 26 27 28 29 30 6.9 2.6 2.3 1.3 .7 3.0 .3 -2.1 9.9 8.6 -1.1 2.4 .1 6.7 -3.6 20.6 TOTAL NONBANK CREDIT TO BANKS 8.7 NONFINANCIAL CORPORATIONS 6.6 SPONSORED CREDIT AGENCIES 1.2 SAVINGS + LOAN ASSOCIATIONS 4.1 MUTUAL SAVINGS BANKS 26 27 28 29 30 MONEY MARKET MUTUAL FUND SHARES 8.0 NET ISSUES = HOUSEHOLD NET PURCHASES 31 OTHER LOANS 4.1 .1 4.1 16.8 -8.2 2.2 13.5 1.0 1.5 2.0 .4 4.9 3.7 12.7 .4 4.5 2.9 .3 2.8 1.9 ~ " ~ 4.5 .8 10.6 .3 -.6 4.7 2.0 -.8 -.5 -1.4 1.2 10.8 1.5 1.8 1.7 1.7 — 1.8 1 2 3 5.0 .9 4.1 4.8 -1.0 5.8 2.1 -.1 2.2 5.4 .2 5.2 10.5 7.6 -.1 7.6 9.5 .2 9.4 11.5 10.5 4 5 6 7 8 9 10 11 3.4 .2 .1 .8 .3 .3 1.7 5.9 .5 .3 .5 1.5 .7 1.6 .7 7.3 .5 1.1 1.7 .2 .2 2.8 .9 8.2 .5 .5 2.2 .2 2.0 3.3 -.4 7.0 .6 2.0 2.2 .3 .2 3.0 -1.2 9.5 -.1 .9 2.9 .3 3.4 3.4 -1.3 3.5 .8 .2 1.3 .5 1.4 4.0 -4.7 -1.7 .3 1.7 2.4 12 8.5 9.3 -2.4 .3 6.4 -1.1 9.7 13 14 15 1.1 .3 7.2 1.7 1.0 6.7 1.1 .4 -4.0 1.3 1.0 -2.0 1.4 .6 4.3 .3 1.0 -2.4 4.9 2.6 2.2 16 17 18 2.2 2.7 1.6 1.4 1.7 1.4 — 1.5 ~ * 2.2 * 2.7 * 1.6 * 1.4 * * 1.7 1.4 * 11.6 * * * 1.7 * 16.8 * 1.7 8.6 FINANCE CO. LOANS TO BUSINESS LIAB.-NONCORPORATE BUSINESS 8.6 NONFIN. CORP. BUSINESS 10.5 U.S. GOVERNMENT LOANS .4 LIAB.-HOUSEHOLDS 3.0 FARM BUSINESS 2.2 NONFARM NONCORP. BUS. .4 NONFIN. CORP. BUSINESS 2.0 ST.*LOC. GOVERNMENTS 2.4 REST OF THE WORLD SPONS. CREDIT AGENCIES 12.7 SPONSORED CREDIT AGENCY LOANS 12 LIABILITY OFFARM BUSINESS (FICB) 13 NONFARM NONCORP. BUS. <BC) 14 S + L ASSOCIATIONS (FHLB) 15 -1.3 1.5 12.4 .6 POLICY LOANS (HH LIABILITY) * ASSET-U.S. GOVERNMENT .6 LIFE INSURANCE COS. HYPOTHECATED DEP. (HH LIAB.) ASSET-COMMERCIAL BANKS BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE INFORMATION. 1 2 3 16 MAY 15, 1978 SECURITY CREDIT, TRADE CREDIT, AND TAXES SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE SECURITY CREDIT, TRADE CREDIT, AND TAXES UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS (* MILL.) 1976 | IV | 1977 II BILLIONS OF DOLLARS 1969 1970 1971 1978 I III SECURITY CREOIT 173 1 NET CHANGE IN LIABILITIES 2 HOUSEHOLDS 3 FOREIGN 9.218 1.079 4 5 6 7 8.139 7.571 -2.419 -2.495 -754 -956 152 1 -71 273 BROKERS • DEALERS FROM COMMERCIAL BANKS FROM FOREIGN BANKING AGS. CUSTOMER CREDIT BALANCES -1.299 1.120 416 75 8 NET CHANGE IN ASSETS 9 HOUSEHOLDS 10 COMMERCIAL BANKING 9.218 416 7.660 -1.299 75 -2.426 11 12 1.142 1.052 BROKERS + DEALERS FOREIGN 927 0 173 273 -985 3.417 763 2.654 2.415 143 2.683 885 0 2.121 282 0 -2.068 195 0 6 .6 2 .9 .2 -6 .7 -3 .4 .2 -.8 -1.8 • 3.8 2.7 .839 980 306 553 -2.263 -2.206 3 .5 1 .0 -3 .0 -1 .0 1.0 1.9 1.1 .7 2 .4 -2 .0 -1.0 - .5 2.121 553 1.322 -2.068 -82 -2.281 6 .6 2 .1 1 .3 -6 .7 -1 .8 -1.1 -.8 -.9 1.4 3.8 .5 .8 8.7 8 .1 9 4.8 10 246 0 295 0 2 .8 .3 -3.5 .2 -1.3 -.1 2.6 3.7 11 .1 12 ~ - * * 8.7 4.5 .1 1 2 3 4.1 3.8 .1 .2 4 5 6 7 TRADE CREDIT 1 NET CHANGE IN L I A B I L I T I E S 2 3 4 HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUSINESS (PAYABLES LESS RECEIVABLES) 5 6 NONFIN. CORPORATE BUSINESS STATE • LOCAL GOVERNMENTS 7 8 FOREIGN U . S . GOVERNMENT 9 NET CHANGE IN ASSETS 10 NONFIN. CORPORATE BUSINESS 11 12 13 FOREIGN U.S. GOVERNMENT OTHER INSURANCE COMPANIES 14 DISCREPANCY 16.2 .7 9.945 339 76 -8 2.683 324 79 -1.373 6.521 312 80 810 10.029 296 85 1.452 8.679 283 89 -744 -8.942 268 91 -5.735 7.461 240 967 870 2.728 306 -152 771 4.804 204 -105 416 7.987 330 -698 577 8.333 263 -87 542 -4.024 328 -50 180 17.1 .6 .4 -1.258 -1.915 557 0 100 14.241 14.076 238 -180 107 6.192 6.245 29 -192 110 12.747 11.238 921 473 115 -337 -66 483 -873 119 7.451 7.122 416 -210 123 -2.718 9.016 -16.393 11.203 -11.558 -1.0 .2 20.9 .4 .8 -.3 7.4 .6 1.0 -.6 12.2 .7 .5 -.7 14.2 .6 .5 -.1 5 6 7 8 20.2 18.4 .9 .6 .3 24.7 22.5 .8 .9 .4 9.2 8.1 1.4 -.8 .5 13.5 14.8 .1 -1.7 .3 22.6 21.4 .8 -.8 1.2 9 10 11 12 13 3.0 2.9 -.1 -3.1 -3.3 82 -31 1.282 705 0 118 309 68 111 -29 -565 -762 197 1.9 .7 1.3 -2.7 .3 -3.0 -2.4 .2 -2.6 2.1 .5 1.5 -.6 -.7 -1.5 -2.4 * PROFIT TAXES PAYABLE 729 -8.036 262 -7.917 0 91 248 .661 .266 0 85 186 2.018 1.771 1 NET CHANGE I N TAXES PAYABLE 2 NONFIN. CORPORATE BUSINESS 3 COMMERCIAL BANKS 4 SAVINGS • LOAN ASSOCIATIONS 5 LIFE INSURANCE COMPANIES 6 OTHER INSURANCE COMPANIES 7 FINANCE COMPANIES 8 BROKERS + DEALERS 2.799 2.623 0 60 9 NET CHANGE IN TAXES RECEIVABLE 10 STATE • LOCAL GOVERNMENTS 11 U . S . GOVERNMENT 4.564 1.505 3.059 -881 -682 -199 -9.311 -286 -9.025 4.198 1.406 2.792 4.434 1.452 2.982 -1.765 1.610 1.275 -1.537 -2.416 12 DISCREPANCY 15 13 * 9 .8 10 -.7 11 PROPRIETORS* EQUITY I N NONCORPORATE BUSINESS TOTAL HOUSEHOLD INVESTMENT FARM BUSINESS NONFARM NONCORP. BUSINESS -5.568 -7.717 -3.255 -3.620 -2.313 -4.097 -6.037 -3.930 -2.107 1/78 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION. -7.022 -3.385 -3.637 -6.297 -7.292 -1.391 -3.080 -4.906 -4.212 -.2 -1.7 1.5 -3.1 -5.1 1.9 MAY 15, 1978 SECURITY CREDIT, TRADE CREDIT, AND TAXES SECURITY CREDIT, TRADE CREDIT, AND TAXES SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES 1976 I 1976 I IV 1977 I I 1977 III IV | | 1978 I I II 21.9 4.3 4.9 4.5 -2.1 3.7 22.0 3.1 -7.1 1.1 18.9 18.0 .4 .6 -8.2 -11.7 1.2 2.2 1.2 .1 -.3 22.0 .6 19.0 -7.1 2.2 -10.3 1.8 NET CHANGE IN ASSETS -.3 HOUSEHOLDS .9 COMMERCIAL BANKING SECURITY CREDIT 1 2 3 -7.9 -4.3 -.2 -5.0 -1.8 4 5 6 7 -3.4 -2.8 -.4 -.2 -3.2 -2.1 8 9 LO -7.9 -.2 -3.4 3.6 .8 .1 13.2 4.7 4.4 3.1 " - 8.5 6.8 .2 1.5 1.3 -.1 .3 1.0 17.6 15.3 .6 1.7 .4 .1 -1.0 2.6 2.2 -.2 .6 .3 -5.8 -6.6 -.3 1.1 -5.0 -1.0 -2.4 3.6 .6 1.9 13.2 1.5 7.2 4.4 1.0 .6 21.9 1.7 15.7 4.9 .3 .4 -2.1 1.1 -6.7 * * * 11 12 .8 NET CHANGE IN LIABILITIES .8 HOUSEHOLDS FOREIGN 1.0 1.2 BROKERS • DEALERS FROM COMMERCIAL BANKS FROM FOREIGN BANKING AGS. CUSTOMER CREDIT BALANCES BROKERS • DEALERS FOREIGN 11 12 TRADE CREDIT 15.6 1.1 2 2 . 3 NET CHANGE I N L I A B I L I T I E S 1.1 HOUSEHOLDS FARM BUSINESS .4 NONFARM NONCORP. BUSINESS -3.3 (PAYABLES LESS RECEIVABLES) 1 2 3 4 23.3 .6 .1 -.2 25.7 .9 .2 1.3 14.9 1.2 .3 2.5 31.6 1.4 .3 1.6 27.9 1.2 .3 .1 .4 1.8 .5 -1.3 .3 1.2 .1 1.6 .4 -.9 5 6 7 8 20.0 .8 1.9 .1 18.5 1.8 3.1 -.1 5.9 2.0 1.3 1.7 20.4 .9 2.0 5.1 23.9 1.1 -1.0 2.3 9.0 1.0 3.9 2.9 48.3 1.2 -.6 3.8 8.5 .8 -.4 2.3 25.8 1.3 -2.8 1.7 12.8 1.1 -.3 1.5 21.3 1.3 -.2 1.7 NONFIN. CORPORATE BUSINESS STATE • LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT 5 6 7 8 9 10 11 12 13 27.3 25.4 1.0 .3 .6 26.0 22.9 1.7 .9 .5 10.2 6.6 1.7 1.2 .6 31.9 27.1 3.8 .5 .4 32.8 31.5 1.7 -.8 .5 19.5 16.9 2.2 57.1 56.5 1.0 -.7 .4 10.2 10.4 .1 -.8 .4 39.3 33.3 3.7 1.9 .5 24.7 25.8 1.9 -3.5 .5 29.9 NET CHANGE IN ASSETS NONFIN. CORPORATE BUSINESS 28.6 FOREIGN 1.7 U.S. GOVERNMENT -.8 OTHER INSURANCE COMPANIES .5 9 10 11 12 13 .4 3 4 - 7 . 6 DISCREPANCY PROFIT TAXES PAYABLE .2 .0 .1 .1 * * .1 -.1 -3.4 -3.2 -.3 .1 -.1 * * .1 7.5 6.8 -2.6 -3.6 — .2 — .3 .1 .1 .2 .1 .4 .1 .3 -.1 .3 .7 .6 -2.2 .6 -2.8 8.7 1.8 6.8 -1.6 1.9 -3.5 -.1 -1.2 -1.2 -1.1 7.2 -.1 -2.9 -2.8 -14.4 -16.7 1.3 -3.5 -16.1 2.5 1.8 -.3 .3 .4 .1 .3 -.1 4.3 3.3 -.1 .3 .5 .2 .3 -.1 3.8 1.7 2.1 5.5 1.9 3.6 1.3 -1.2 -27.9 -13.7 -25.6 -5.4 -20.2 .4 NET CHANGE IN TAXES PAYABLE * NONFIN. CORPORATE BUSINESS -.9 COMMERCIAL BANKS .4 SAVINGS + LOAN ASSOCIATIONS .5 LIFE INSURANCE COMPANIES .2 OTHER INSURANCE COMPANIES .3 FINANCE COMPANIES -.2 BROKERS • DEALERS .6 NET CHANGE IN TAXES RECEIVABLE 9 1.6 STATE • LOCAL GOVERNMENTS 10 -1.0 U.S. GOVERNMENT 11 -.2 DISCREPANCY PROPRIETORS* EQUITY IN NONCORPORATE BUSINESS 1 2 3 -1.8 -4.9 3.1 -13.1 -7.4 -5.7 BILLIONS OF DOLLARS. -12.6 -3.9 -8.7 -18.3 -11.6 -6.7 -27, -12 -14, 1/78 BASED ON INCOMPLETE -22.3 -13.0 INFORMATION. -23.4 -15.8 1 2 3 4 5 6 7 8 -30.1 TOTAL HOUSEHOLD INVESTMENT -12.3 FARM BUSINESS -17.8 NONFARM NONCORP. BUSINESS 12 MAY 15, 1978 MISCELLANEOUS I MISCELLANEOUS I MISCELLANEOUS FINANCIAL CLAIMS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1976 IV 1 1977 I I II III IV BILLIONS OF DOLLARS 1969 1970 1971 1978 1 I 1 NET CHANGE IN LIABILITIES 2 HOUSEHOLDS 3 NONFIN. CORPORATE BUSINESS 4.700 83 403 6.510 66 537 18.495 51 568 9.384 35 619 6.078 19 -197 10.879 3 200 L7.0 25.8 14.1 12.8 .4 .3 .4 .8 .4 1.0 .3 -.2 20.8 .5 .4 1 2 3 4 5 REST OF THE WORLD U.S. GOVERNMENT 5.013 561 -811 -525 7.365 213 386 -714 8.027 101 -220 -155 2.1 .7 2.3 -.4 4.1 .5 4.7 .8 3.5 * 4 5 6 7 8 9 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING -1.360 252 -153 -4.104 7.243 394 -306 2.809 10.298 606 298 5.235 9.058 -365 379 4.210 -1.872 658 -442 -5.302 11.051 397 92 6.155 L3.5 22.6 •4 8.0 2.1 .5 7.1 -.5 .3 15.5 -1.7 -1.1 16.3 .3 -.1 4.9 6 7 8 9 10 11 12 13 14 15 SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES NONLIFE INSUR. COMPANIES FINANCE COMPANIES REITS -748 -15 1.342 1.921 125 20 780 56 1.215 2.050 168 77 447 1 1.606 2.300 141 -336 693 315 1.395 2.400 155 -124 -846 63 1.544 2.423 149 -119 905 -447 1.390 2.437 150 -28 .4 .1 1.5 2.5 1.3 .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 - 10 11 12 13 14 15 16 NET CHANGE IN ASSETS 17 HOUSEHOLDS 18 FARM BUSINESS 19 NONFARM NONCORP. BUSINESS 20 NONFIN. CORPORATE BUSINESS 10.618 1.146 325 396 2.286 2.487 1.194 271 430 1.660 18.999 1.389 278 427 3.857 4.441 1.409 256 446 689 12.060 1.370 380 468 2.153 7.109 1.354 333 496 2.320 L2.7 16.8 11.9 1.8 .4 .5 2.1 2.1 .4 .7 2.9 2.6 .5 .7 4.2 6.3 2.3 .6 .8 5.7 17.2 2.7 .7 1.0 4.9 16 17 18 19 20 -.3 .4 7.7 - - - * ~ 21 22 REST OF THE WORLD U.S. GOVERNMENT 2.877 202 -5.646 124 5.284 271 3.157 120 -1.433 185 -2.425 243 3.4 -.2 7.9 .1 -6.2 -6.2 .3 .1 23 24 25 26 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING 3.386 -219 -103 2.416 4.454 22 -95 3.693 7.493 360 -48 5.242 -1.836 63 -56 -3.059 8.937 461 -385 6.896 4.788 206 -171 2.880 4.8 .2 3.1 2.7 .4 -.1 1.6 9.9 .8 .1 6.1 3.0 .2 .2 1.3 27 28 29 30 31 32 SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNDS 830 83 281 60 72 -34 738 82 261 60 -321 14 214 80 239 1.260 146 0 187 76 222 800 -111 42 1.046 -31 200 800 6 -56 1.102 -143 181 600 48 85 .4 .1 .6 .4 -.1 .9 .1 1.8 .2 .8 .1 .3 .9 - - - -5.918 4.023 -504 551 .497 -946 -3.271 -2.384 -887 -104 738 -842 2.3 1.8 .5 7.9 6.8 1.2 -6.9 -7.2 .2 33 UNALLOCATED, NET * * * * .2 - 3.1 21 . 1 22 4.8 -.4 * 2.3 23 24 25 26 .4 .5 1.0 .2 .8 - 27 28 29 30 31 32 4.943 -5.982 (A) FOREIGN CLAIMS 34 35 36 COMMERCIAL BANK L I A B I L I T Y TO FOREIGN AFFILIATES ASSET-REST OF THE WORLD LIAB.-COMMERCIAL BANKS FOREIGN BANKING AGS. 782 161 621 2.543 1.318 1.225 -1.691 -1.523 -168 .9 34 .5 35 .4 36 DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS 37 LIAB.-REST OF THE WORLD 933 1.499 1.605 DIRECT FOREIGN INVESTMENT IN U.S. 38 L I A B . - N O N F I N . CORP. BUSINESS 619 -197 200 .3 .8 1.0 -.2 . 4 38 U . S . GOVT. EQ. IN IBRD, ETC. 39 LIAB.-REST OF THE WORLD 170 215 293 I .2 .2 .3 . 3 39 2.007 -100 -50 2.733 -576 .5 .5 .1 -.5 -.4 -.1 .5 -.4 1.4 1.4 -.2 .2 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. 2.100 871 -11 -800 2.040 382 874 -60 896 -1.328 3.144 1.234 91 1.695 124 -3.258 -820 -50 -3.364 976 6.900 -150 -30 6.032 1.048 799 -357 203 -140 574 * * * * * .1 .8 * 3.6 1.8 -.2 .2 1.7 40 41 42 43 44 (B) U . S . GOVERNMENT CLAIMS 45 POSTAL SAVINGS DEPOSITS ASSET-HOUSEHOLDS L I A B . - U . S . GOVT. DEPOSITS AT FHLB 46 LIAB.-SPONSORED CREDIT AGS. ASSET-S+L ASSOCIATIONS 5 * 47 FEDERAL RESERVE BANK STOCK ASSET OF COMMERCIAL BANKS 48 EQ. I N 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) 210 0 33 25 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 550 0 75 26 - . 2 46 . 1 47 1 . 3 48 - 49 1 .. * * .1 * * * 50 51 52 53 NAY 15, 1978 MISCELLANEOUS I MISCELLANEOUS I 47 MISCELLANEOUS FINANCIAL CLAIMS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV 1 2 3 40.3 .4 1.9 39.7 .7 3.7 30.7 .7 1.4 55.0 .4 2.2 40.5 .2 1.5 4 5 5.7 -.4 9.0 16.1 -.7 17.9 .9 15.0 -.9 26.3 .3 -.3 16.8 13.2 1.6 -.5 -1.0 33.6 1.4 .3 17.4 24.7 1.3 -.1 7.0 -.1 .3 2.8 4.9 .9 .8 .7 -.1 4.3 6.2 .7 1.3 1.0 .1 5.4 7.2 .6 .2 1.1 .4 5.8 9.2 .6 -.5 6 7 8 9 32.7 2.2 1.2 18.3 * | | 1977 II 12.5 1.4 III .2 2.3 .1 2.5 -2.9 -3.1 33.9 1.0 4.7 -.9 16.1 .6 -1.2 -.9 50.9 3.7 1.2 11.8 -.9 .7 2.2 5.6 8.2 1.8 -.3 5.6 9.2 .6 -1.3 10.0 4.8 1.1 1.7 5.0 73.5 5.6 1.1 1.7 16.9 42.8 .1 20.1 1.8 -1.8 4.1 34.4 NET CHANGE IN LIABILITIES * HOUSEHOLDS .8 NONFIN. CORPORATE BUSINESS -1.3 REST OF THE WORLD U.S. GOVERNMENT 34.4 .5 .4 15.5 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING 6 7 8 9 10 11 12 13 14 15 .6 .6 2.7 4.8 2.3 16 17 18 19 20 29.1 2.8 .6 1.0 6.5 37.8 2.7 .8 1.0 3.2 32.4 3.7 .9 1.3 9.1 46.4 4.4 1.0 1.5 9.1 38.0 5.4 1.2 1.8 8.6 21 22 6.4 1.0 10.2 .8 .7 12.6 1.0 1.4 .7 .5 -7.4 1.0 REST OF THE WORLD U.S. GOVERNMENT 22 23 24 25 26 10.9 .8 .3 7.1 19.9 -1.8 1.8 15.0 15.9 .9 9.4 16.9 -.2 -.2 12.9 19.0 .9 -.6 12.8 -.4 9.7 17.1 -.2 -.4 14.8 18.3 .5 -.7 11.5 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING 23 24 25 26 27 28 29 30 31 32 1.3 .2 .9 .1 2.4 .5 1.4 .1 .4 1.8 .6 1.7 .2 1.2 2.6 .6 1.2 .2 -.3 2.2 .2 .9 2.9 -.3 3.5 .8 1.1 .2 .3 -.1 2.8 .1 1.0 .2 -1.3 .1 -2.3 2.4 ~ * - * * * * * - -.2 5.2 7.7 .5 1.3 1.6 6.0 9.7 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES NONLIFE INSUR. COMPANIES FINANCE COMPANIES REITS 10 11 12 13 14 15 28.4 NET CHANGE IN ASSETS 5.4 HOUSEHOLDS 1.3 FARM BUSINESS 2.0 NONFARM NONCORP. BUSINESS 7.8 NONFIN. CORPORATE BUSINESS 16 17 18 19 20 1.2 .3 6.3 -.1 1.0 1.8 5.8 46.6 5.5 1.5 17.8 21.0 -12.2 -1.5 27.6 1.1 -.4 1.0 5.0 .5 .7 .9 3.2 4.4 .4 .8 3.2 * -.2 -3.8 4.2 -.8 .7 2.4 .2 .3 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNDS 5.9 UNALLOCATED* NET 27 28 29 30 31 32 33 (A) FOREIGN CLAIMS 34 35 36 1.1 .4 .7 4.6 2.2 2.4 -1.2 .1 -1.3 3.2 2.1 1.1 -.1 -.2 .1 2.2 6.0 -3.8 -13.1 -9.5 -3.5 -.4 3.0 -3.4 3.1 .6 2.5 10.2 5.3 4.9 -6.8 -6.1 -.7 5.0 COMMERCIAL BANK LIABILITY TO FOREIGN AFFILIATES ASSET-REST OF THE WORLD L1AB.-C0MMERCIAL BANKS FOREIGN BANKING AGS. 34 35 36 DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS LIAB.-REST OF THE WORLD 37 DIRECT FOREIGN INVESTMENT IN U.S. .8 LIAB.-NONFIN. CORP. BUSINESS 38 1.2 40 41 42 43 44 4.8 2.6 .6 .2 1.4 1.2 -.2 -.6 .7 1.3 4.9 .8 * 3.9 .1 8.9 2.2 -.1 5.5 1.3 7.2 1.1 1.5 3.5 -.2 * 5.3 .8 12.6 4.9 -13.0 -3.3 -.2 -13.5 3.9 8.0 -.4 -.2 10.9 -2.3 U . S . GOVT. EQ. I N 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 .2 .1 53 .4 * .5 BILLIONS OF DOLLARS. .1 .1 1/78 BASED ON INCOMPLETE INFORMATION. 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 47 .9 EO. IN U.S. GOVT. CREDIT AGS. U.S. GOVERNMENT PRIVATE .3 FARM BUSINESS (FICB • FLB) .1 NONFARM NONCORPORATE (BC) * NONFIN. CORP. BUS. (FNMA) .5 S+L ASSOCIATIONS (FHLB) 48 49 50 51 52 53 MAY 1 5 , 1978 MISCELLANEOUS II 48 MISCELLANEOUS II MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED) UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL. 1976 | IV | I 1978 I I BILLIONS OF DOLLARS 1969 1970 1971 (C) LIFE INSURANCE CLAIMS 1 DEFERRED AND UNPAID PREMIUMS LIAB.-HOUSEHOLDS ASSET-LIFE INSURANCE 2 3 4 LIFE COMPANY RESERVES L I A B . - L I F E INSURANCE COS. ACCIDENT AND HEALTH POLICY DIVIDEND ACCUM. ASSET-HOUSEHOLDS 467 165 302 464 165 299 464 165 299 459 164 295 458 164 294 454 163 291 ,921 679 211 376 655 2.050 730 220 400 700 2.300 925 230 420 725 2.400 950 239 443 768 2.423 912 249 464 798 2.437 900 258 470 809 -5.918 4.023 2.774 1.973 -141 702 -739 -171 5.995 -1.459 -74 -451 380 -313 9.703 2.204 -95 308 264 288 7.312 2.541 -86 -628 -281 363 -8.579 -587 -395 496 -126 -455 4.709 -4.125 0 -155 -446 73 9.5 .8 .2 .5 -.1 -953 4.383 3.841 .-1.780 380 -361 247 707 200 196 -598 1.253 -1.404 -647 200 4.7 4.1 1.3 .5 2 3 4.8 1.4 .6 1.0 1.9 5 6 7 8 9 (D) NONLIFE INSURANCE CLAIMS 5 6 7 8 9 LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. NONFIN. CORP. BUSINESS 3.3 1.2 .7 1.1 .4 .7 (E) UNALLOCATED ASSETS + L I A B . 10 NET TOTAL (LIAB. LESS ASSETS) 11 12 13 14 15 16 NET CHANGE IN LIABILITIES REST OF THE WORLD U . S . GOVERNMENT U . S . GOVT.-WITHOUT LEVELS SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES 4.3 -.3 -.1 .5 9.0 -.2 -.6 .3 15 -.2 16 17 18 19 20 21 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U.S. POSS. -583 1.727 188 737 219 5.020 5.702 -136 -781 235 5.169 5.363 -582 148 240 22 23 24 25 FLOATS IN COML. BANK STMNT ON INTERBANK DEPOSITS ON INTERBANK LOANS LESS: ON MEMBER BK. RES. 4.072 1.013 •2.283 776 1.060 1.263 135 338 170 -1.785 1.781 -174 -955 -1.351 1.051 655 -6.892 -3.044 -3.009 839 8.444 3.194 5.292 42 26 27 28 29 SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES -748 -15 875 125 780 56 751 168 447 1 1.142 141 693 315 936 155 -846 63 1.086 149 905 -447 936 150 30 31 32 33 NET CHANGE IN ASSETS REST OF THE WORLD SPONSORED CREDIT AGENCIES MONETARY AUTHORITY 3.144 1.923 -219 -103 1.972 -2.912 22 -95 10.207 4.820 360 -48 2.369 1.756 63 -56 -2.597 -3.779 461 -385 939 -934 206 -171 6.8 -.3 34 35 36 COMMERCIAL BANKS FOREIGN BANKING AGENCIES BANKS IN U.S. POSSESSIONS 1.529 -432 61 3.947 139 32 2.607 855 -49 767 -1.470 16 -290 70 23 783 -101 22 1.2 3.7 .3 37 38 39 40 SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS 6 83 198 60 809 82 195 60 -12 80 188 1.260 299 76 187 800 403 -31 181 800 366 -143 178 600 41 42 REITS MONEY MARKET FUNDS 72 -34 -321 14 146 0 -111 42 6 -56 48 85 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 7.6 -.1 1.8 2.1 6.4 17 6.1 18 1.1 3.6 .5 22 23 -.1 -2.0 -.2 .5 1.0 .4 .1 .1 .5 1.3 1.2 -.1 1.1 2.4 29 4.1 1.8 -.4 * 30 31 32 33 2.0 34 -1.7 35 * 36 -.1 .5 .8 41 42 MAY 15t 1978 MISCELLANEOUS II MISCELLANEOUS II MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV | | (C) LIFE INSURANCE CLAIMS DEFERRED AND UNPAID PREMIUMS LIAB.-HOUSEHOLDS ASSET-LIFE INSURANCE 1.9 .7 1.2 1.9 .7 1.2 1.8 .7 1.2 1.8 .7 1.2 1.8 .7 1.2 1.9 3.2 9.7 3.6 1.0 1.9 3.2 LIFE COMPANY RESERVES LIAB.-LIFE INSURANCE COS. ACCIDENT AND HEALTH POLICY DIVIDEND ACCUM. ASSET-HOUSEHOLDS (D) NONLIFE INSURANCE CLAIMS 2.0 .7 7.2 2.5 9.2 3.5 3.8 1.0 1.8 3.1 1.5 2.6 LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. NONFIN. CORP. BUSINESS (E) UNALLOCATED ASSETS + LIAB. 2.4 11 12 13 14 15 16 -.4 1.4 1.1 - 1.7 -1.7 -1.1 -.3 -.6 -.1 1.0 -.5 -.5 1.4 -.3 .2 -.7 -.3 .2 -.1 17 18 19 20 21 4.3 4.0 -1.0 .8 .5 10.2 11.0 -2.7 1.8 .8 -.1 -.6 .6 1.1 6.6 4.3 .5 1.4 .4 13.6 13.1 -.7 .3 .9 22 23 24 25 12.9 1.5 11.8 .3 2.0 .7 1.8 .5 -.6 -2.0 .8 -.5 7.6 -1.6 9.2 .1 -6.6 -4.9 26 27 28 29 .6 .6 1.3 2.3 -.1 .3 1.3 .9 .7 -.1 2.6 .7 1.0 .1 3.6 .6 1.1 .4 3.9 .6 30 31 32 33 11.6 3.4 .8 .3 17.9 1.9 -1.8 1.8 11.3 .5 .9 15.4 7.2 -.2 -.2 12.0 -.1 .9 -.6 13.9 6.1 34 35 36 4.7 .6 .1 12.1 1.1 -.2 3.7 1.1 .6 5.9 .2 -.1 7.0 -.4 6.1 -1.7 .2 37 38 39 .7 .2 .5 1.3 .5 .7 1.4 .6 1.0 1.2 .6 .8 1.5 .2 .8 * * -1 BILLIONS OF DOLLARS. * * 13.4 -3.8 -.3 -2.8 1.8 -1.3 -5.0 .8 2.9 .9 7.9 1.1 6.4 1.7 * - 1/78 BASED ON INCOMPLETE 11.9 -.4 1.4 20.0 22.7. -.5 -3.1 6.5 11.1 -.3 9.7 -1.4 2.8 -12.8 -8.3 13 14 15 16 -3.7 -7.0 1.5 4.7 1.4 -.7 -3.9 -20.9 -7.9 -6.8 24.7 4.1 1.8 -.2 4.2 35.8 15.9 15.8 .6 10.4 3.4 -.2 -16.8 3.1 -1.5 3.1 -5.9 4.4 .1 .7 3.2 INFORMATION. 10 NET CHANGE IN LIABILITIES REST OF THE WORLD U.S. GOVERNMENT U.S. GOVT.-WITHOUT LEVELS SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES 12.5 -13.7 1.0 -7.8 -6.3 3.4 4.9 2.2 3.7 -.1 5.9 NET TOTAL (LIAB. LESS ASSETS) 1.2 .3 4.4 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U.S. POSS. 17 18 19 20 21 FLOATS IN COML. BANK STMNT ON INTERBANK DEPOSITS ON INTERBANK LOANS LESS: ON MEMBER BK. RES. 22 23 24 25 SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES 26 27 28 29 6.6 -1.5 NET CHANGE IN ASSETS REST OF THE WORLD SPONSORED CREDIT AGENCIES MONETARY AUTHORITY 30 31 32 33 3.1 -.4 COMMERCIAL BANKS FOREIGN BANKING AGENCIES BANKS IN U.S. POSSESSIONS 34 2.6 -.8 .7 2.4 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNDS MAY 15* 1978 TOTAL CLAIMS 50 TOTAL CLAIMS TOTAL FINANCIAL ASSETS AND LIABILITIES UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1976 | IV | 1977 I II III IV 1I |1 1978 I BILLIONS OF DOLLARS 1969 1970 1971 TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1) 1 TOTAL FUNDS RAISED IN CREDIT MARKETS BY: NONFINANCIAL SECTORS U.S. GOVERNMENT FOREIGN PRIVATE DOMESTIC HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. CORPORATE BUSINESS ST.+LOC. GOVERNMENTS 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 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 22 TOTAL FUNDS ADVANCED IN CREDIT MARKETS BY: PRIVATE DOM. NONFIN. SECTORS 23 24 HOUSEHOLDS NONFARM NONCORP. BUSINESS 26 CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS 27 90.959 75.933 9 5 . 3 1 1 108.439 125.298 90.903 116.3 168.9 81.227 17.430 8.080 55.717 29.370 1.728 2.635 18.799 3.185 63.783 17.626 95.157 103.825 19.606 20.676 3.603 4.628 79.546 70.923 40.782 39.058 1.428 3.767 5.105 1.941 16.961 27.481 4.750 9.196 71.297 20.791 2.025 48.481 20.470 3.171 1.430 19.719 3.691 98.4 13.6 93.7 -3.7 100.6 11.9 153.5 24.9 2.8 3.7 2.7 5.2 46.009 21.276 3.759 1.563 16.974 2.437 77.732 -1.145 2.866 76.011 36.991 5.748 3.270 21.960 8.042 82.0 32.4 93.6 34.4 86.0 24.9 123.5 45.2 2.8 5.2 3.0 7.3 2.3 6.8 31.8 9.8 38.2 10.7 40.7 11.3 11.6 44.5 17.7 9.732 12.150 -295 5.661 5.925 17.579 2.553 3.286 2.011 13.282 1.351 5.919 2.865 21.473 2.175 5.622 19.606 4.288 3.268 5.355 17.2 35.1 15.7 15.4 3.5 .5 .8 8.8 .7 2.4 4.3 4.1 .5 7.8 1.5 4.9 8.2 1.6 1.1 4.8 2.4 - . 4 - . 1 .6 2.7 2.9 1.3 917 4.841 -395 148 128.7 -2.0 -1.9 4.5 206.1 177.8 2 15.1 3 4.0 4 158.7 5 66.6 6 5.8 7 14.1 8 57.7 9 1 4 . 5 10 28.3 3.5 4.9 4.8 .7 2.0 .5 6.2 6.3 -.5 - 11 12 13 14 15 16 17 18 19 20 21 -35 77 238 106 565 385 965 220 -306 4.236 2.800 5.149 238 238 238 238 238 4.311 -861 1.483 -723 1.483 -439 -5 66 1.209 -692 -790 7.119 -594 499 140 6.344 -657 -663 -334 179 400 1.997 ~ 90.959 75.933 95.311 108.439 125.298 90.903 L15.5 128.7 116.3 168.9 7.291 -7.754 17.042 10.428 21.148 8.300 19.685 11.752 14.1 -1.7 -2.7 -4.8 -5.1 493 123 780 9.218 5.070 2.625 3.496 -2.550 7.212 -2.339 6.599 5.858 6.210 433 959 .4 7.7 5.3 .6 .6 -.2 .4 2.2 6.541 5.9 .4 6.1 1.8 41.3 28.0 757 -13 -32 18.867 14.484 -2.3 18.8 8.0 .5 2.5 7.8 10.719 16.850 14.682 2.4 1.1 11.2 27.3 1 0 . 8 28 5.060 4.643 4.325 5.2 3.1 2.8 2.8 4.617 -3 889 2.002 525 - 1.1 .2 3.9 1.2 5.9 1.8 .4 2.6 2.2 2.8 ~ - - 28 REST OF THE WORLD 5.254 8.208 6.390 29 U.S. GOVERNMENT 2.207 1.154 1.289 30 31 32 33 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORTGAGE POOLS FEDERAL RESERVE SYSTEM 76.207 1.353 4.841 -1.911 49.529 140 5.661 -2.073 83.015 2.988 3.286 7.882 73.793 1.025 5.919 1.984 82.657 2.304 5.622 -649 52.211 4.641 3.268 -417 93.8 83.1 104.0 143.6 3.2 .5 3.7 8.8 .7 4.2 9.6 1.6 5.0 .5 4.8 8.9 5.155 6.583 -515 -991 38.8 38.2 18.7 13.1 35.1 33.2 -1.0 50.5 50.2 34 35 36 37 38 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U.S. POSS. 31.890 30.790 7.774 8.872 26.293 28.316 20.921 20.602 30.554 29.180 153 733 214 -30 -17 -1.115 - 2 .102 47 96 24 222 73 600 697 77 39 40 41 42 43 PRIVATE NONBANK FINANCE SAVINGS INSTITUTIONS SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 40.034 14.069 11.058 2.542 469 38.027 21.815 16.178 4.509 1.128 42.566 23.418 18.337 2.579 2.502 43.944 22.623 16.998 2.891 2.734 4A.826 18.276 14.701 2.131 1.444 .5 .1 3.9 1.4 .2 39.564 19.296 14.044 3.481 1.771 47.5 15.7 50.8 14.9 9.7 4.5 1.5 9.6 3.2 2.1 78 - 2.8 .1 52.8 17.7 12.2 4.2 1.4 44 45 46 47 48 INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. 14.730 6.984 2.782 2.408 2.556 17.713 7.238 5.235 2.490 2.750 16.775 6.702 3.446 3.851 2.776 18.772 7.302 5.034 3.172 3.264 17.191 8.152 2.545 3.431 3.063 19.449 9.054 4.082 3.181 3.132 21.9 23.0 26.9 8.7 5.9 4.7 2.7 8.6 6.2 5.6 2.6 9.0 6.8 6.3 4.8 49 50 51 52 53 54 FINANCE N.h.C. FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS SECURITY BKRS. • DEALERS 11.235 4.778 -1.051 -1.501 2.553 -506 -207 2.373 6.153 -1.079 -711 -398 -1.592 2.549 1.681 -366 -820 9.359 7.916 -400 819 9.9 5.2 .8 3.5 12.9 2.473 -4O0 8.2 2.2 1.9 1.7 203 234 7.071 59 -3.400 -85 -93 280 267 962 2.139 1.656 -2.483 — .5 8.6 1.2 2.6 .5 79.0 40.4 28.4 10.0 2.0 32.0 11.8 7.5 6.5 6.2 1.8 29 30 31 32 33 70.6 68.8 -.2 1.8 .3 34 35 36 37 38 94.4 48.8 35.7 10.3 2.9 39 40 41 42 43 33.4 13.2 6.5 8.2 5.4 44 45 46 47 48 49 50 51 52 53 54 2.4 -1.2 6.7 5.2 2.3 .4 — 23 24 25 26 27 174.6 4.4 4.9 .3 12.3 9.4 4.2 -1.8 .5 — — - . 1 .1 .3 2 0 6 . 1 22 TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS TOTAL FUNDS RAISED (FROM PRECEDING TABLE) OTHER L I A B I L I T I E S : 2 OFFICIAL FOREIGN EXCHANGE 3 TREASURY CURR. • SDR CTFS. 1 95.311 108.439 125.298 90.903 115.5 128.7 116.3 168.9 206.1 1 -87 95 -262 136 2.1 .4 .3 .3 -2.5 .6 -1.7 .5 -.2 .5 2 3 90.959 75.933 -257 503 344 -11 -16 117 99 4 5 6 7 DEPOSITS AT FINANCIAL I N S T S . DEMAND DEP. + CURRENCY TIME DEPOSITS AT BANKS DEP. AT SAVINGS 1NSTIT. 60.742 19.687 24.673 - 1 8 . 7 1 4 19.020 16.132 17.049 22.269 46.039 21.588 7.592 16.859 30.272 55.489 121 23.693 13.263 18.007 16.888 13.789 9.900 -24.765 16.660 18.005 48.4 14.8 20.7 12.8 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 4 5 6 7 8 9 LIFE INSURANCE RESERVES PENSION FUND RESERVES 1.844 10.809 1.859 10.358 1.964 14.878 2.028 19.357 2.605 12.245 2.183 11.370 4.6 15.6 5.0 16.3 5.2 19.2 6.2 21.1 6.6 22.6 8 9 10 11 12 13 14 SECURITY CREDIT TRADE DEBT PROFIT TAXES PAYABLE NONCORP. PROPRIETORS* EQUITY MISCELLANEOUS 9.218 9.945 2.799 -5.568 4.700 -1.299 2.683 173 -7.717 6.510 6.521 -8.036 -6.037 18.495 3.417 10.029 2.661 -7.022 9.384 2.121 8.679 2.018 -6.297 6.078 -2.068 -8.942 1.282 -7.292 10.879 6.6 17.8 3.0 1.3 17.0 -6.7 22.7 -3.1 -.2 25.8 -.8 9.7 -3.1 -.6 14.1 3.8 11.7 1.8 -1.5 12.8 8.7 16.2 -.1 -3.1 20.8 10 11 12 13 14 15 INTERBANK CLAIMS 1.442 -3.328 117 8.683 2.1 4.5 7.2 2.8 15 16 TOTAL LIABILITIES ABOVE 182.742 110.518 166.081 178.533 216.927 109.135 - FLOATS NOT INCL. IN ASSETS 564 102 212 482 17 DEMAND DEPOSITS-U.S. GOVT. 823 427 .5.027 - 7 . 8 1 9 2.516 12.803 -9.277 18 OTHER -5.884 329 19 TRADE CREDIT Ll.203 - 1 1 . 5 5 8 -2.718 9.016 -16.393 - LIABILITIES NOT ALLOCATED AS ASSETS 20 TREASURY CURRENCY -1.765 1.610 1.275 - 1 . 5 3 7 -2.416 1.847 21 PROFIT TAXES PAYABLE -5.918 4.023 -504 4.943 -5.982 3.770 22 MISCELLANEOUS 236.1 197.4 230.0 330.3 393.2 16 .4 1.2 -2.4 -.5 2.8 -2.0 .1 1.9 .4 -.2 2.0 -1.8 . 6 17 3 . 5 18 - 6 . 4 19 .2 1.1 4.3 .2 -.4 9.0 -.1 -.8 2.2 -.2 6.5 - . 2 20 - . 1 21 3 . 6 22 231.3 188.4 226.3 324.0 392.2 2 3 23 TOTALS ALLOCATED TO SECTORS AS ASSETS (1) 729 163.422 124.026 162.337 183.583 202.982 INCLUDES CORPORATE EQUITIES. 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 3.9 128.719 * MAY 1 5 . 1978 TOTAL CLAIMS TOTAL CLAIMS TOTAL FINANCIAL ASSETS AND L I A B I L I T I E S SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I 1976 IV 1977 I I II III IV I | 1978 I TOTAL FUNDS RAISED AND ADVANCED I N CREDIT MARKETS 11) 253.7 229.0 219.5 296.8 2 3 4 5 6 7 8 9 10 202.0 189.6 11.8 15.4 162.4 49.2 205.6 85.4 13.2 107.0 48.6 12.8 72.7 13.2 7.9 7.4 8.7 2.0 268.3 69.0 20.3 179.0 89.8 11.0 81.8 16.2 36.6 11.2 11 12 13 14 15 16 17 18 19 20 21 51.6 16.3 39.4 17.3 14.0 3.2 2.9 5.8 3.6 8.1 2.2 6.0 .5 9.4 6.5 5.8 10.3 15.7 1.7 .3 7.4 -.8 20.5 11.8 22 253.7 229.0 23 24 25 26 27 38.7 24.0 8.3 6.2 187.5 79.1 9.7 -1.1 3.5 6.3 .9 4.5 .6 -.7 2.4 283.6 53.8 58.3 14.6 340.5 56.8 11.2 272.5 138.1 14.7 11.9 83.4 24.4 28.6 64.5 32.8 2.9 19.4 -1.6 5.2 -2.2 * 11.6 7.0 69.4 14.1 1.0 131.4 17.1 11.0 73.3 150.7 15.0 8.0 75.5 369.6 62.6 14.3 292.7 142.2 10.6 16.0 41.5 251.1 128.1 16.1 12.6 81.2 13.2 -2.8 -1.0 -.3 .1 219.5 296.8 405.0 316.4 43.7 37.5 41.2 23.0 40.0 11.4 61.7 33.2 .9 5.9 7.8 .7 1.5 4.0 .8 1.2 1.4 3.6 31.8 -7.0 .9 4.1 14.1 13.3 23.5 29.2 61.9 9.9 22.6 23.7 .4 9.8 1.0 11.5 -3.4 1.7 -2.0 13.3 449.2 390.8 83.8 22.8 284.2 .9 16.2 -2.7 -1.3 - . 1 1.3 435.5 307.3 39.1 6.2 262.0 1.3 11.9 1.0 6.4 ~ 369.3 294.2 1.6 1.0 .5 -1.2 365.9 1.0 11.9 -2.9 -.6 .3 365.9 26.1 1.5 13.1 8.0 2.3 12.2 1.0 21.6 -2.6 -2.3 23.7 11.5 1.5 1.0 8.4 -1.3 103.4 20.4 79.6 7.7 22.5 3.9 .9 21.3 1.0 22.7 -2.4 .5 1.6 369.3 435.5 449.2 46.0 .18.7 1.8 -4.0 29.4 59.8 32.9 84.1 55.1 1.2 5.4 22.6 28 3.4 11.7 10.8 18.0 42.2 32.8 29.2 37.6 29 2.8 9.8 15.1 8.9 12.1 8.1 4.0 17.4 30 31 32 33 208.8 17.8 163.7 19.8 152.4 229.9 289.0 268.2 320.7 4.2 5.0 6.5 3.1 6.5 3.6 9.2 5.8 6.2 10.3 15.7 20.5 8.5 9.8 7.1 19.4 -4.3 22.6 -7.5 290.1 12.7 13.1 30.7 34 35 36 37 38 86.8 80.8 64.7 58.2 27.6 29.2 58.0 57.7 85.5 87.0 84.0 79.6 85.6 90.0 75.5 83.6 104.4 103.1 76.7 71.2 1.7 4.1 .1 .9 5.1 .5 -.5 -.3 .6 - . 1 - . 1 -4.5 -8.4 .2 .4 .1 .9 .3 2.4 2.8 .3 39 40 41 42 43 91.4 37.3 28.3 67.4 27.1 21.4 158.1 82.9 65.1 5.4 3.6 3.0 2.7 189.2 94.1 73.3 12.7 169.3 82.0 64.5 10.0 44 45 46 47 48 38.6 15.9 36.7 15.2 7.8 9.1 5.8 8.1 9.2 4.1 49 50 51 52 15.5 11.5 3.5 5.0 .2 -.8 5.6 -2.5 252.6 * -2.3 .4 .6 .3 .6 2.9 .9 101.8 52.1 36.0 10.8 141.5 71.8 52.9 13.1 169.4 86.1 66.2 12.1 150.3 64.9 50.3 11.5 160.9 85.6 62.0 16.1 -1.5 5.4 5.8 7.8 3.1 7.5 9.6 8.2 50.8 18.8 13.8 11.6 61.6 26.6 12.5 13.6 61.0 29.2 12.5 6.6 8.8 70.5 29.4 16.3 12.9 11.9 9.6 9.7 66.6 25.1 20.6 10.0 10.9 70.4 29.5 13.9 15.4 11.6 12.8 18.3 -2.4 -1.8 24.4 13.5 -4.2 8.7 4.8 14.9 -2.0 22.6 -4.3 -2.8 -1.6 -9.0 -1.1 1.4 -4.8 -.4 8.1 8.8 -3.8 -1.4 .8 .9 -.8 .2 13.3 -3.6 102.7 24.2 13.1 21.4 3.6 19.3 1.0 8.0 277.0 - . 1 6.6 22.5 1.9 284.8 24.9 13.1 -.8 79.4 85.1 -2.1 -4.0 .3 168.2 76.4 54.3 11.9 10.2 9 10 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 4 3 7 . 7 TOTAL FUNDS ADVANCED IN CREDIT MARKETS BY: PRIVATE DOM. NONFIN. SECTORS 73.2 35.8 HOUSEHOLDS NONFARM NONCORP. BUSINESS 14.6 CORPORATE BUSINESS 21.6 STATE • LOCAL GOVERNMENTS 58.8 23.7 3.5 4 3 7 . 7 TOTAL FUNDS RAISED I N CREDIT MARKETS BY: 335.1 NONFINANCIAL SECTORS 59.4 U.S. GOVERNMENT 9.3 FOREIGN 266.4 PRIVATE DOMESTIC 126.8 HOUSEHOLDS 13.8 FARM BUSINESS 12.7 NONFARM NONCORP. BUS. 94.2 CORPORATE BUSINESS 18.9 ST.+LOC. GOVERNMENTS 22 23 24 25 26 27 REST OF THE WORLD 28 U.S. GOVERNMENT 29 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORTGAGE POOLS FEDERAL RESERVE SYSTEM 30 31 32 33 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BANKS IN U . S . POSS. 34 35 36 37 38 PRIVATE NONBANK FINANCE SAVINGS INSTITUTIONS SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 39 40 41 42 43 8.1 7.5 73.7 29.1 18.8 12.7 13.1 71.1 33.9 11.8 13.7 11.8 73.4 32.2 16.0 12.7 12.4 INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. 44 45 46 47 48 21.4 16.2 26.0 -1.6 18.5 15.1 -1.6 - . 3 -.4 1.1 1.1 3.8 16.8 -9.0 FINANCE N.E.C. FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS SECURITY BKRS. • DEALERS 49 50 51 52 53 54 9.8 -1.5 -3.3 * TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS 1 253.7 229.0 219.5 296.8 2 3 -.2 .4 1.3 .4 .5 .9 2.5 1.2 .3 2.0 4 5 6 7 95.4 16.6 50.9 27.8 86.2 7.0 57.0 22.1 105.6 16.1 30.1 59.4 132.3 22.6 40.5 69.2 151.5 26.7 55.0 69.8 166.4 21.7 73.6 71.0 8 9 7.4 25.6 6.5 29.6 5.4 37.4 7.0 46.6 8.5 56.8 7.4 7.4 48.1 50.4 10 11 12 13 14 -7.9 23.3 2.5 -1.8 40.3 -5.0 25.7 1.2 -13.1 39.7 3.6 14.9 -3.4 -12.6 30.7 13.2 31.6 7.5 -18.3 55.0 4.4 27.9 -2.6 -27.1 40.5 4.9 -2.1 13.9 -14.4 -23.4 88.4 405.0 * 365.9 369.3 435.5 449.2 -1.0 1.4 - . 1 .5 -1.0 .4 -.3 .4 141.3 46.5 29.4 65.5 182.9 26.0 71.7 85.2 145.1 18.9 68.1 58.1 99.0 -7.8 53.5 53.2 7.9 8.1 62.3 60.6 10.4 55.8 57.0 22.0 28.9 -7.1 15.6 22.3 2.5 4.3 .4 -27.9 18.2 -25.6 42.8 -30.1 34.4 21.9 20.3 8.0 -22.3 38.9 * 136.6 15.3 50.8 70.4 53.2 -2.9 -31.5 12.5 15 12.9 7.7 -3.6 2.6 5.7 6.8 -6.5 -26.1 53.4 16 451.6 409.0 399.1 577.9 672.1 611.8 604.7 637.0 704.2 744.1 17 18 19 .3 1.4 -4.0 -.1 6.6 -.2 z'.3 -1.0 5.9 -.2 1.3 1.6 -4.9 2.0 5.4 -5.5 .6 6.1 -2.1 10.8 4.8 .6 -4.0 3.7 -10.4 -9.1 20 21 22 .5 11.2 -.1 -.1 1.9 -1.2 -1.7 -.2 -1.2 8.6 -.3 -1.1 2.5 -.2 1.4 -1.2 .1 -.6 -2.3 2.4 14.9 442.2 401.1 395.0 566.1 672.9 * * 6.9 TOTAL FUNDS RAISED (FROM PRECEDING TABLE) OTHER LIABILITIES: -1.0 OFFICIAL FOREIGN EXCHANGE .5 TREASURY CURR. • SDR CTFS. 316.4 * -.8 600.8 4.7 619.7 .5 -.3 - . 2 -1.3 -3.6 -1.2 -3.8 437.7 8.7 1.8 5.8 4 5 6 7 LIFE INSURANCE RESERVES PENSION FUND RESERVES 8 9 SECURITY CREDIT 10 TRADE DEBT 11 PROFIT TAXES PAYABLE 12 NONCORP. PROPRIETORS* EOUITY 13 MISCELLANEOUS 14 INTERBANK CLAIMS TOTALS ALLOCATED TO SECTORS AS ASSETS (1) INCLUDES CORPORATE EQUITIES. BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE INFORMATION. 2 3 DEPOSITS AT FINANCIAL INSTS. DEMAND DEP. • CURRENCY TIME DEPOSITS AT BANKS DEP. AT SAVINGS INSTIT. 6 3 6 . 4 TOTAL LIABILITIES ABOVE 636.4 - FLOATS NOT INCL. IN ASSETS 3.2 DEMAND DEPOSITS-U.S. GOVT. .8 OTHER TRADE CREDIT -7.6 - LIABILITIES NOT ALLOCATED AS ASSETS -.1 TREASURY CURRENCY PROFIT TAXES PAYABLE -.2 MISCELLANEOUS 5.9 634.4 1 15 16 17 18 19 20 21 22 MAY 15 t 1978 SAVING BY INDIVIDUALS SAVING BY INDIVIDUALS AMOUNT AND COMPOSITION OF INDIVIDUALS' SAVING UNADJUSTED NET FLOWS (1) ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) BILLIONS OF DOLLARS 1969 1970 1971 57.611 9.774 21.136 52.698 -3.174 28.033 73.4 11.1 31.1 62.7 77.7 2.5 9.1 8.9 9.1 43.6 67.8 11.206 1.124 6.131 2.063 3.678 5.225 1.190 3.098 3.0 .6 4.2 1.4 -.5 25.8 -4.4 -.1 6.1 5.0 9.3 .3 2.3 -13.3 1.623 8.703 1.196 2.322 -1.143 1.467 -10.5 -1.6 -109 -1.120 -790 -1.096 3.104 1.622 2.946 525 4.2 -.5 5.9 5.4 3.8 4.9 9.5 1.064 1.925 1.708 -663 -868 -3.2 2.8 8.3 .3 1.3 1 INCREASE IN FINANCIAL ASSETS 2 DEMAND DEPOSITS • CURRENCY 3 SAVINGS ACCOUNTS 42.090 5.910 28.241 56.564 -3.555 35.011 53.734 10.480 24.090 4 5 6 7 8 SECURITIES U.S. SAVINGS BONDS OTHER U.S. TREASURY SEC. U.S. GOVT. AGENCY SEC. STATE + LOCAL OBLIGATIONS -9.943 1.095 -5.422 8.171 1.185 4.793 -870 -3.037 1.245 -8.789 874 1.916 9 10 11 12 CORPORATE + FOREIGN BONDS COMMERCIAL PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES -1.543 -2.239 743 387 121 489 68.478 882 29.350 -54 179 4.6 -.9 103.7 -6.3 .1 128.1 14.8 71.0 1 2 3 1.7 3.3 -.1 -3.5 2.3 4 5 6 7 8 4.4 9 - . 2 10 - . 5 11 - 4 . 0 12 -2.841 -5 387 231 -2.819 -232 -12.4 -8.6 -4.3 -6.4 PRIVATE LIFE INSURANCE RES. PRIVATE INSURED PENSION RES. PRIVATE NONINSURED PEN. RES. GOVT. INSURANCE • PEN. RES. MISCELLANEOUS FINAN. ASSETS 1.779 4.633 3.288 2.953 5.229 1.791 3.314 5.765 1.347 4.720 1.891 4.067 5.142 5.742 5.359 1.953 3.655 6.284 9.493 5.653 2.525 4.245 4.558 3.522 6.626 2.100 3.995 5.382 2.076 5.583 4.6 2.9 6.5 6.1 8.0 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 13 14 15 16 17 18 GROSS INV. IN TANGIBLE ASSETS 19 NONFARM HOMES 20 NCNCORP. BUS. PLANT + EQUIP. 21 CONSUMER DURABLES ZZ INVENTORIES 73.059 17.484 10.012 45.031 532 67.084 16.299 9.507 39.505 1.773 73.365 16.942 12.340 45.831 -1.748 73.965 20.398 11.281 44.371 -2.08 5 85.589 22.066 10.436 50.067 3.000 74.180 21.842 8.590 40.786 2.962 133.3 24.7 27.7 80.0 144.4 26.3 31.6 65.5 142.4 24.5 32.6 84.9 167.9 32.4 35.6 97.1 2.7 195.3 40.6 41.6 111.2 1.9 18 19 20 21 22 23 CAPITAL CONSUMPTION ALLOWANCES 24 NONFARM HOMES 25 NONCORP. BUS. PLANT «• EQUIP. 26 CONSUMER DURABLES 47.934 6.423 11.126 30.385 49.623 6.577 11.538 31.508 51.338 6.730 12.014 32.594 53.073 6.883 12.455 33.735 54.865 7.036 13.001 34.828 56.459 7.189 13.316 35.954 85.4 10.5 19.2 55.7 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 23 24 25 26 27 NET INV. IN TANGIBLE ASSETS 28 NONFARM HOMES 29 NONCORP. BUS. PLANT + EQUIP. 30 CONSUMER DURABLES 31 INVENTORIES 25.125 11.061 -1.114 14.646 22.027 10.212 30.724 15.050 -2.565 15.239 3.000 17.721 14.653 -4.726 4.832 2.962 24.3 49.4 14.2 10.3 23.8 38.8 11.7 13.237 -1.748 20.892 13.515 -i.174 10.636 -2.085 47.9 14.3 532 17.461 9.722 -2.031 7.997 1.773 57.3 18.8 10.8 25.1 77.3 25.9 15.9 33.6 1.9 27 28 29 30 31 32 NET INCREASE IN DEB1 33 MTG. DEBT ON NONFARM HOMES NONCORP BUS. MORTGAGE DEBT 34 CONSUMER CREDIT SECURITY CREDIT 36 POLICY LOANS 37 OTHER DEBT 35.302 17.859 2.173 8.435 1.079 26.814 17.848 2.594 1.905 1.120 48.189 22.274 5.943 11.507 47.244 25.842 4.213 11.058 19.893 20.388 3.212 2.386 43.3 17.1 42.5 18.5 34.0 14.1 10.0 10.4 -3.4 -1.8 5.416 2.974 7.093 4.478 5.425 -6.690 2.9 1.3 5.7 63.2 27.0 13.3 13.1 373 927 445 47.397 25.748 5.393 10.579 2.3 4.9 2.7 1.0 6.1 92.6 41.6 16.8 18.9 4.5 1.0 9.9 32 33 34 35 36 37 38 39 INDIVIDUALS* SAVING 31.913 47.211 27.572 41.973 41.091 50.526 78.0 69.6 82.6 97.9 13 14 15 16 17 (1+27-32) 499 340 326 (1) COMBINED STATEMENT FOR HOUSEHOLDS, AND NONFARM NONCORPORATE BUSINESS. 1/76 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 763 436 282 424 195 402 .8 8.6 .8 6.3 1.0 1.0 6.7 2.6 7.7 .4 9.4 17.4 .4 6.5 5.9 2.7 112.8 39 MAY 1 5 , 1978 SAVING BY INDIVIDUALS SAVING BY INDIVIDUALS 53 AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING CI) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1976 I 142.8 12.9 67.8 140.5 5.6 7.1 8.0 57.2 84.9 108.8 20.6 33.2 20.1 2.7 3.0 6.8 3.9 8.9 12.9 -1.2 4.7 8.1 -.7 -4.8 -1.5 -3.9 12.8 2.0 5.3 1.3 3.4 -1.2 -5.7 165.1 4.0 5.0 8.2 -.1 191.4 2.9 4.7 -7.9 2.2 4.2 II 4.7 5.2 1.6 8.1 4.0 -.5 1.5 4.8 -1.0 -2.9 -1.3 -3.1 5.3 9.7 6.7 8.2 11.8 8.6 8.5 12.8 15.0 10.2 15.6 12.8 18.5 18.1 15.3 21.7 20.1 22.4 18 19 20 21 22 218.6 45.2 45.0 123.7 214.8 42.9 38.3 132.9 257.4 57.6 41.3 158.9 300.0 75.7 43.6 179.8 4.6 201.8 42.9 40.9 122.0 -4.0 23 24 25 26 131.1 17.1 29.3 84.8 148.9 19.8 34.1 95.0 172.1 22.2 39.7 110.3 184.8 24.8 43.4 116.6 27 28 29 30 31 87.4 28.2 15.7 39.0 52.9 23.1 4.6 27.0 -4.0 42.7 20.6 -1.4 22.7 32 33 34 35 36 37 38 98.3 47.1 15.9 22.0 -4.3 65.8 35.4 12.7 10.2 -1.8 2.2 15.3 2.7 6.5 7.5 9.4 .8 1.6 7.5 39 40 41 132.0 11.8 39.0 127.6 12.6 27.0 143.0 15.0 22.7 42 43 44 .9 .4 .5 - . 1 .2 .2 .5 .2 .6 .1 80.0 87.8 104.9 88.2 89.9 45 70.3 71.7 80.2 65.9 46 9.7 16.1 24.8 22.3 17.3 4.7 9.3 2.5 3.0 7.2 5.0 9.8 2.6 9.0 -3.2 4.9 -.6 -3.5 7.1 5.7 -2.3 -2.2 -2.8 -3.2 7.2 13.3 7.6 16.3 20.7 25.6 22.8 14.5 15.3 270.1 282.2 43. 177. .9 42.6 166.3 -2.4 208.9 27.2 49.0 132.7 191.7 25.7 44.5 121.5 198, 26. 72.6 32.8 -2.1 42.3 91.1 48.5 -5.4 47.1 .6 -.4 .9 78.4 37.9 -1.9 44.8 -2.4 64.8 38.0 114.4 61.2 10.8 23.6 169.6 91.7 18.1 35.0 4.7 1.4 3.1 1.7 12.7 20.0 149.6 18.5 42.3 157.8 20.1 47.1 .6 -.4 23.8 22.5 248.6 22.0 215.8 18.5 23.2 -1.3 10.6 1.8 1.9 5.5 13.8 1.6 19.8 19.3 16.0 21.2 20.1 INCREASE IN FINANCIAL ASSETS DEMAND DEPOSITS * CURRENCY SAVINGS ACCOUNTS SECURITIES U.S. SAVINGS BONDS OTHER U.S. TREASURY SEC. U.S. GOVT. AGENCY SEC. STATE • LOCAL OBLIGATIONS 4 5 6 7 8 CORPORATE + FOREIGN BONDS COMMERCIAL PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 9 10 11 12 PRIVATE LIFE INSURANCE RES. 13 PRIVATE INSURED PENSION RES. PRIVATE N0N1NSURED PEN. RES. GOVT. INSURANCE + PEN. RES. MISCELLANEOUS FINAN. ASSETS 299.5 79.7 42.0 177.6 313.5 GROSS INV. IN TANGIBLE ASSETS 88.4 NONFARM HOMES 41.0 NONCORP. BUS. PLANT • EQUIP. 184.0 CONSUMER DURABLES .1 INVENTORIES 18 19 20 21 22 205.4 26.9 48.1 130.4 212.3 27.5 49.8 134.9 225.8 CAPITAL CONSUMPTION ALLOWANCES 28.8 NONFARM HOMES 53.3 NONCORP. BUS. PLANT • EQUIP. 143.8 CONSUMER DURABLES 23 24 25 26 96.0 87.2 52.1 -7.8 42.6 87.6 NET INV. IN TANGIBLE ASSETS 59.6 NONFARM HOMES -12.3 NONCORP. BUS. PLANT + EQUIP. 40.2 CONSUMER DURABLES .1 INVENTORIES 27 28 29 170.7 101.6 20.6 3.7 1.8 14.5 179.8 101.6 17.8 32.7 3.1 1.7 23.0 152.3 NET INCREASE IN DEBT 83.8 MTG. DEBT ON NONFARM HOMES NONCORP BUS. MORTGAGE DEBT 18.6 38.0 CONSUMER CREDIT SECURITY CREDIT 1.6 POLICY LOANS OTHER DEBT 175.4 19.3 46.7 151.2 INDIVIDUALS* SAVING (1+27-32) 20.1 - GOVT. INSURANCE + PEN. RES. 40.2 - NET INVESTMENT IN CONS. DUR. - CAPITAL GAINS DIVIDENDS .6 FROM INVESTMENT COMPANIES * - NET SAVING BY FARM CORPS. 90.3 = PFRSONAL SAVING, F/F BASIS 144.5 15.3 44.8 143.0 14.7 50.9 151.0 25.6 48.2 163.7 22.5 42.6 .1 83.4 .1 76.8 .1 76.6 97.9 .2 108.2 67.3 51.4 68.5 73.3 76.1 22.6 25.4 8.1 24.6 32.1 .7 82.6 PERSONAL SAVING, NIA BASIS 7.7 DIFFERENCE (1) COMBINED STATEMENT FOR HOUSEHOLDS AND NONFARM NONCORPORATE BUSINESS BILLIONS OF DOLLARS. 1/78 BASED ON INCOMPLETE INFORMATION. 1 2 3 301.4 73.2 45.2 178.6 4.5 162.0 74.7 25.1 4.3 1.4 1978 I III 256.4 2.3 142.3 113.0 21.6 10.9 12.6 6.8 IV I 236.4 17.6 109.6 6.4 6.2 7.2 5.5 8.5 1977 I FARM, 31 39 40 41 42 43 44 45 MAY 15, 1978 DISCREPANCIES 54 DISCREPANCIES DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 976 | IV | 1977 I II III IV 1I |1 1978 I BILLIONS OF DOLLARS 1969 1970 1971 SECTOR DISCREPANCIES 1 TOTAL, ALL SECTORS 2 HOUSEHOLDS NONFIN. CORPORATE BUSINESS 3 4 STATE + LOCAL GOVERNMENTS 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 . 14.349 - 6 . 5 6 6 5.459 -11.053 732 7.782 3.067 2.591 2.299 -1.012 907 1.633 -8.951 4.710 -5.380 -10.582 5.992 4.998 -1.067 4.199 1.183 606 954 - 2 . 3 9 1 10.161 4.424 8.964 1.879 -1.204 -1.747 -5.892 -6.898 256 2.747 1.581 -1.144 5.4 -7.1 8.6 .5 2.9 .5 12.3 -l.l 5.8 6.6 1.0 -1.4 5.8 -4.9 8.4 1.1 •2 -.3 4.6 -5.3 12.5 9.1 .4 -9.9 -.2 -16.5 16.5 3.3 * -2.1 -1.5 .1 -2.104 175 0 -1.465 -2.518 98 0 -1.263 -667 -23 0 -1.468 -2.086 16 0 -1.568 -2.155 230 0 -1.161 -2.434 36 0 -916 .1 .1 1.4 .1 1.3 .1 -2.2 .1 -.1 -.2 -.4 -1.3 -814 -132 0 -121 -369 -192 -1.353 -122 -91 -187 -249 -704 824 -286 -105 920 -180 475 -534 -348 -85 198 -255 -44 -1.224 -304 -120 -79 -375 -346 -1.554 -338 -112 -460 -160 -484 .1 .2 -.1 .1 -.1 -.1 1.5 .3 .1 1.0 .1 1.6 .3 .1 .7 -.9 1.5 -1.0 .4 -.2 .3 -1.1 5.8 -.1 * - . 4 1 2 3 4 5 6 7 8 9 - 1 . 2 10 -.4 -.1 -.2 .1 .5 -.6 11 12 13 14 15 16 TRANSACTION DISCREPANCIES 1 TOTAL, ALL TYPES 2 TREASURY CURRENCY DEMAND DEPOSIT MAIL FLOATS: 3 U . S . GOVERNMENT 4 OTHER 14.349 -50 -6.566 -191 4.710 26 -8.951 -66 10.161 -40 -5.692 -13 12.3 .2 823 15.027 427 -7.819 102 2.516 212 -5.884 564 12.803 482 -9.277 -.5 2.8 5 6 7 8 11.203 - 1 1 . 5 5 8 -1.765 1.610 -5.918 4.023 -4.971 6.942 329 1.275 -504 966 -2.716 -1.537 4.943 -3.901 9.016 -16.393 -2.416 1.647 -5.982 3.770 -3.784 13.692 1.353 0 295 1.146 -1.107 6.428 0 -1.118 -708 818 -5.545 0 -511 -2.435 5.201 -3.901 -3.784 13.692 TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL NONFINANCIAL COMPONENTS: NIA DISCREPANCY ( N E G . i PVT. WAGE ACCR. LESS DISB. FARM DISCREPANCY (NEG.) NONFARM NONCORP DISCREP. (NEGI TRADE DEBT (POSITIVE) 6.776 0 -1.040 -295 470 -2.415 0 -461 -2.900 1.166 -5.589 0 1.284 2.462 -877 14 TOTAL NONFINANCIAL DISCREPANCY -4.971 6.942 966 9 10 11 12 13 1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. -2.4 1.1 4.3 -2.0 -.4 9.0 3.3 2.2 2.1 -.2 -.2 -1.8 -.2 6.5 -1.7 .3 .4 * * 3.6 -1.2 1.7 -.3 * • •2 9 10 11 12 13 MAY 15, 1978 DISCREPANCIES DISCREPANCIES 55 DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS SEASONALLY ADJUSTED ANNUAL RATES 1973 1974 1975 SEASONALLY ADJUSTED ANNUAL RATES I 1976 I IV 1976 | | 1977 II III 1978 I SECTOR DISCREPANCIES 6.8 -9.7 18.1 2.1 1.6 -2.5 2.1 -16.2 17.1 6.1 -.2 -2.1 -1.8 -24.9 16.2 5.0 .7 5.3 6.4 -22.2 16.3 4.4 2.4 9.3 -.6 -22.6 20.7 8.1 2.9 -2.3 5.3 -27.0 19.0 9.2 1.9 7.4 •6 -25.4 18.8 8.6 4.2 3.6 18.5 -8.1 13.2 9.9 3.1 4.0 -9.8 -24.7 26.9 7.7 3.1 -11.1 -11.9 -32.2 23.9 6.2 1.1 -5.6 -2.8 .2 -2.6 .1 -4.1 .3 -3.8 .3 -7.4 .3 -5.2 .4 -9.2 .4 -3.6 .1 -11.7 .2 -5.3 .6 -2.6 -3.9 -3.0 -2.4 -5.5 -3.8 - -6.9 -2.6 — -9.8 -2.5 -5.3 -.4 .1 -.1 -.4 1.2 -1.4 -.1 -.1 -.9 -.7 .4 -1.7 -.5 -.2 1.0 -1.0 -1.0 -2.3 -1.1 -.4 .9 -1.1 -.6 -1.8 -.8 -.1 .9 -1.0 -.9 -2.6 -.6 -.3 1.0 -1.0 -1.7 -1.1 -1.0 -.5 1.0 -l.l .4 -2.1 -1.2 -.2 .2 -l.l .3 -3.3 -1.5 -.6 1.2 -1.0 -1.5 -3.3 -1.4 -.4 .6 -.8 18.5 .1 -9.8 -.3 -11.9 -.2 * * * .1 -.3 .7 .7 TRANSACTION * * * 2.1 -.1 -1.8 6.4 -.2 -.6 -.3 5.3 -.2 .3 1.4 -.1 6.6 -.1 2.3 -1.0 5.9 1.3 1.6 10.8 2.0 5.4 4.7 -5.5 .6 6.1 -2.1 .5 -4.0 .5 11.2 -2.6 -.2 -.1 1.9 -5.8 4.8 -1.2 -1.7 -5.9 -.2 -1.2 8.6 -5.5 -4.9 -1.1 2.5 .2 .8 1.4 -2.3 -5.3 -4.0 -1.2 2.4 -3.3 3.7 -.6 14.9 1.2 -10.4 -1.3 -3.6 -.9 -9.1 -1.2 -3.8 3.9 * 5.5 - * -.7 -.8 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. -.2 -.1 1/78 BASED ON INCOMPLETE 4.9 TOTAL, ALL TYPES -.1 TREASURY CURRENCY DEMAND DEPOSIT MAIL FLOATS: 3.2 U.S. GOVERNMENT .8 OTHER -7.6 -.2 5.9 3.0 -3.0 * - 7 6 9 10 11 12 13 14 15 16 TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL 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 3.0 TOTAL NONFINANCIAL DISCREPANCY 14 -5.5 BILLIONS OF DOLLARS. -8.5 .1 1 2 3 4 5 6 DISCREPANCIES 6.8 11 12 13 4.9 TOTAL. ALL SECTORS -7.8 HOUSEHOLDS NONFIN. CORPORATE BUSINESS 17.4 STATE • LOCAL GOVERNMENTS 7.0 U. S. GOVERNMENT 1.5 FOREIGN -4.7 INFORMATION. MAY 15, 1978 MONEY STOCK RELATIONSHIP MONEY STOCK RELATIONSHIP RELATION OF F/F MONEY STOCK DATA TO DAILY AVERAGE SERIES SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY AOJUSTED ANNUAL RATES I 1976 I IV 1977 | | II III IV I | 1978 I I. TOTAL MONEY STOCK '2.5 >2.2 .0.4 11.7 12.8 -1.2 13.3 12.1 1.2 19.5 17.9 1.7 25.7 24.2 1.6 32.7 23.0 9.7 19.2 23.1 -3.9 29.8 23.6 6.3 18.7 30.4 -11.7 35.2 19.7 15.5 2.6 .1 2.5 .1 -1.2 .1 -1.4 .1 1.2 -.5 1.9 -.2 1.7 .4 .8 .5 1.6 -2.1 2.9 .7 2.4 -1.7 14.2 -10.1 -1.0 2.4 -10.7 7.3 1.6 -.3 5.2 -3.4 -2.9 .2 -9.6 6.5 3.9 -A.4 18.1 -9.8 NET CHANGES, S.A. QTRLY RATE: F/F DEMAND DEP. • CURRENCY DAILY AVERAGE (OAMS) TOTAL DIFFERENCE 1 2 3 -1.2 TOTAL DIFF. AT QUARTERLY RATE 5.6 ARISING FROM—DATA DIFF. -14.1 TIMING DIFF. 7.3 SEASONALS 4 5 6 7 8.5 13.4 -5.0 II. DEMAND DEPOSITS 1 2 3 14 .2 10 .9 3,.3 5.4 6.6 -1.2 7.1 6.1 1.0 12.2 11.1 1.2 17 .4 16 .3 1 .1 6.0 4.4 1.6 4.1 4.1 .1 6.0 4.1 1.9 -.1 5.2 -5.3 7.4 2.9 4.5 4 5 6 3,.3 .1 3 .3 -1.2 .1 -1.4 1.2 -.5 1.7 .8 .4 .4 .6 -2 .1 2 .7 11.4 -1.7 13.1 -7.7 2.4 -10.1 4.2 -.3 4.5 -10.1 .2 -10.3 14.1 -4.4 18.5 -.3 -.3 .3 .4 .5 .5 -9.7 .7 -11.4 .9 7.8 -1.2 10.0 -1.1 -2.4 -.7 -1.6 4.7 1.1 3.2 .4 -9.6 1.2 -11.6 .7 .7 1.7 1.5 1.8 -.3 4.8 2.4 2.4 1.4 2.0 -.6 -1.0 .1 -1.1 1.8 .2 1.5 -.2 .3 -.5 7 8 * - * * 1.9 1.3 .6 NET CHANGE, S.A. QTRLY RATE: F/F DAMS DIFFERENCE -7.2 DIFFERENCE IN UNADJUSTED DATA DIFFERENCE 5.6 TIMING DIFFERENCE -12.8 7.8 DIFFERENCE IN SEASONALS FLOWS VS. LEVELS -1.7 10.1 ONE-OAY V S . DAILY AVERAGE SEASONAL BALANCE ADJUSTMENT -.6 1 2 3 4 5 6 7 8 9 10 III. CURRENCY 3.9 4.7 -.7 6.3 6.3 6.2 5.9 7.3 6.8 8.3 7.9 2.2 1.4 .2 2.1 -1.9 NET CHANGE, S.A. QTRLY RATE: F/F DAMS DIFFERENCE -1.3 -.3 .2 -.5 BILLIONS DF DOLLARS. 1/78 BASED ON INCOMPLETE -.6 -.5 TIMING DIFFERENCE DIFFERENCE IN SEASONALS FLOWS V S . LEVELS ONE-DAY V S . DAILY AVG. SEASONAL BALANCE ADJ. INFORMATION. MONEY STOCK RELATIONSHIP 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 . See 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 + 1 0 - 1 1 . Difference in adjustment method: seasonal in daily-average series (month average) adjusted as flows less seasonal in published dailyaverage 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 flow-of-funds matrix. No statistical difference between the two series. In unadjusted data, only difference is between one-day figure for end-of-quarter and threeweek average. Correspond to lines 7 through 11 in Part II. 1 2 3
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