Full text of Z.1 Financial Accounts of the United States : May 9, 1975 (Seasonally Adjusted)

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F / F Seas Adj

. 1/75

May 9, 1975

Flow of Funds,
Seasonally Adjusted
1st Quarter, 1975
•




Preliminary

Division of Research and Statistics
Board of Governors of the Federal Reserve System
Washington, D.C.
20551




V,

V

TABLE LIST

SUMMARY TABLES
1.

Income and Product Distribution

2.

Funds Raised in Credit Markets

3.

Credit Market Supply of Funds

SECTOR TABLES
4.

Households

5.

Total Nonfinancial Business & Noncorporate Business

6.

Corporate Business

7.

Governments

8.

Banking System

9.

Commercial Banking Subsectors

10.

Nonbank Finance Summary
Savings Institutions

11.

Insurance and Pension Funds

12.

Finance N.E.C.

13.

Rest of the World

TRANSACTION TABLES
14.

Monetary and Insurance Reserves
Interbank Claims

15.

Money and Deposits

16.

Money Stock Relationship to Other Data

17.

U.S. Government Securities

18.

Private Securities and Mortgages

19.

Mortgages by Type

20.

Consumer Credit and Bank Loans N.E.C.

21.

Other Loans, Including Open-Market Paper

22.

Security Credit, Trade Credit, and Taxes

23-24.

®

f

£

Miscellaneous Financial Claims

25.

Total Claims— Recapitulation by Type

26.

Saving by Individuals

27.

Discrepancies

£

Flow of Funds Accounts,
First Quarter 1975

These tables present first preliminary estimates of flow of
funds data and revisions for 1974 based on more complete information.
The 1974 accounts now reflect commercial bank universe tabulations for
December 31 from Call Reports, but numerous other estimates will remain
preliminary until final compilations are published for source information.
A set of year-end outstanding assets and liabilities will be available in
June to replace the tables printed in February.
Change in table form. The principal summary table on funds
raised--page 2 of the seasonally adjusted set and page 1 in the unadjusted
set— has been expanded in three different ways:
(1) The top section, on funds raised by nonfinancial sectors,
segregates foreign borrowing by form of credit, and the type-ofcredit listing that has appeared for several years in the table
now refers only to funds raised by private domestic nonfinancial
sectors.
(2) A new middle section lists credit market funds raised
by financial sectors both by type of credit and by type of
institution.
Sponsored credit agencies are shown separately,
and the total for them is the same as in the following table,
line 11. For private finance the total of debt instruments, line
7, is the same as credit market borrowing in the following table,
line 26.
(3) A new bottom section gives total net credit market flows
by type of instrument, combining funds raised by financial and
by nonfinancial sectors. Line 5, U.S. Government securities, thus
combines net issues by the Treasury, on-budget, off-budget, and
sponsored credit agencies.
Each of the totals in this section can
be found in the respective transaction tables in the later parts
of the publication, where the totals are distributed among
borrower sectors as well as sectors advancing funds.
The table on Total Claims, page 25 of the seasonally
adjusted set and page 23 of the unadjusted, recapitulates sector
totals of funds advanced in credit and equity markets.
First-quarter figures are based on early indicators and are
therefore highly tentative, particularly in the distribution of financial
asset holdings among private nonfinancial sectors.
The most important
information not yet available in these tables are S.E.C. data on net new
security issues and current assets and liabilities of corporations.
The
lack of these data weakens the figures for total credit flows, household
investment in securities, and distribution of liquid assets as between
households and business. Also missing at the time the accounts were put




together were balance of payments statistics, final income-and-product
data, end-of-quarter balance sheets for insurance companies, mutual
savings banks, pension funds, and investment companies, and the Treasury
survey of ownership of Federal securities.
Quarterly tables are available both seasonally adjusted and
unadjusted, in two separate publications, and mailing lists are maintained
for their distribution. Historical data back to 1945 are available in a
third publication that includes annual flows and year-end outstanding
asset and liability positions. Much of the historical material appears
in the October 1974 Federal Reserve Bulletin, pp. A58-A59.28, with annual
net flows back to 1965 and outstandings to 1962. Requests concerning
these publications or the mailing list should be addressed to the Flow
of Funds Section, Division of Research and Statistics, Room 3222, Board
of Governors of the Federal Reserve System, Washington, D.C. 20551.
Tel.:
(202) 452-3483.




INCOME^AND PRODUCT DISTRIBUTION

INCOME AND PRODUCT DISTRIBUTION

1

1

INCOME AND PRODUCT ACCOUNTS: GNP EXPENDITURES AND GROSS SAVING
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

1

SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1973

977.1

1054.9

1158.0

1294.9

|
1973
1974 I III
1397.4

I
IV I

1974
I

II

I
IV I

III

1975
I

1308.9

1344.0

1358.8

1383.8

1416.3

1430.9

1419.2

TOTAL GNP

1

1136.9
840.6
123.9
184.8
111.5

1173.5
869.1
129.5
190.1
114.3

1213.6
901.3
136.1
195.1
117.2

1219.6
895.8
120.7
199.3
124.5

1249.1
916.3
12 5.5
205.1
127.7

CURRENT OUTLAYS
HOUSEHOLDS
OF WHICH CONSUMER DURABLES
STATE + LOCAL GOVERNMENT
U. S. GOVERNMENT

2
3
4
5

6

837.2
617.6
91.3
123.3
96.2

901.4
667.1
103.9
136.6
97.6

984.7
729.0
118.4
150.8
104.9

1081.6
805.2
130.3
169.8
106.6

1185.9
876.7
127.5
192.3
116.9

1093.2
816.3
132.4
171.6
105.3

1110.3
823.9
124.3
177.9
108.4

7

136.3

153.7

179.3

209.4

209.4

209.0

224.4

210.5

2 1 1 .8

205.8

209.4

164.6 GROSS DOMESTIC INVESTMENT

8

131.7
31.2
20.5
19.6
.5

147.4
42.8
29.9
26.9

170.8
54.0
36.3
34.3

194.0
57.2
37.0
37.5
.5

195.2
46.0
32.2
32.5
.7

197.1
58.1
37.3
38.0
.5

195.5
53.6
33.5
37.0

198.3
48.8
33.6
30.6

197.1
46.2
34.1
33.3

.6

193.6
48.4
30.8
32.8
.7

191.6
40.4
30.2
33.4
.7

182.6
35.2
27.5
29.5
.5

-1 .1
-.5
-.5

-1 .1

- 1 .1
- .6
-.6

-4.2
-2 .1
-2 .1

-2 .8
-1.4
-1.4

2 .2
1 .1
1 .1

*
*
*

-3.9
-1.9
-1.9

-2.5
-1.3
-1.2

17.6
12.3
4.9
.4

20.3
14.2
5.8

13.8
9.7
3.8
.3

2 0 .8

2 0 .2

1 0 .2

14.3
5.9
*

17.7
12.4
4.8
.4

15.2

14.5

7.7
5.0
2.6
*

MULTI-FAMILY UNITS
NONCORPORATE BUSINESS
CORPORATE BUSINESS
REITS

16
17
18
19

104.6
5.6
6.4
11.5
4.0
77.1

116.8

149.2
6.3
12.3

139.0
6.3
9.7
12.9
4.8
105.3

141.9

145.2
6.5
10.9

4.4
87.1

136.8
6.3
9.5
12.9
4.8
103.3

4.3
108.2

149.4
6.4
1 2 .C
12.9
5.6

108.8

1 1 2 .6

147.4
6.1
13.6
12.0
5.6
110.1

NONRES. PLANT + EQUIPMENT
NONPROFIT INST. (HH)
FARM
NONFARM NONCORP. BUS.
FINANCIAL CORPORATIONS
CORPORATE BUSINESS

20
21
22
23
24
25

6.3
1.4
4.9

8.5
.7
7.8
-1.9
9.7

15.4
4.0
11.4
-1.5
12.9

1 1 .8

28.9
4.9
24.0

16.9
3.8
13.1

13.5
3.1
10.4

2

3
4
5

9
10
11
12

.6

.6

13
14
15

.4

2.4

1.5

.2
.2

1 .2
1 .2

.8
.8

16
17
18
19

10.7
7.5
3.1

13.0
9.1
3.8

20
21
22

100.6

23
24
25

.1

5.3
6.3

1 0 .6

3.3
75.1
4.5

.1

6 .0

7.1
1 2 .2

.2

26
27
28
29
30

4.3
-1.4
5.7

31
32
33

3.6
62.9
59.3

65.5
65.6

—6 .0
72.4
78.4

3.9
100.4
96.4

34
35
36

691.7
56.2

746.4
60.5

802.5
52.6

903.7
74.3

8 .1

8 .1

6 .6

8 .2

37
38

-11.9

-21.9
3.4

-17.5
12.3

39
40
41
42
43

74.0
*
4.7
13.6
55.7

83.6

44
45
46
47

34.8

.2

1 .8

.1

12.8
6 .2

1 2 .1

8.4
3.2
.4

7.2
2.9

150.9

151.2

.1

6 .1

6 .1

12.5
12.9
6.4
113.1

13.8
12.7

8.7

.6

2 .1
6 .6
.6
6 .1

-1.5
138.5

-3.1
143.6
146.1

6 .1
1 1 2 .6

15.9

-18.0
-1.3
-16.6
-2.7
-13.9

INVENTORIES
FARM
NONFARM
NONCORPORATE
CORPORATE

26
27
28
29
30

1.9
147.5
145.7

5.4
143.5
138.1

NET EXPORTS
EXPORTS
IMPORTS

31
32
33

17.8
.3
17.5

1 .1
1 2 .0

9.8

140.2
138.1

6.7
103.7
96.9

9.3
113.6
104.3

11.3
131.2
119.9

1 *0 .0

979.7
77.0
7.9

913.9
73.2
8 .0

939.4
89.3
9.5

950.6
84.4
8.9

966.5
71.5
7.4

-5.6
9.2

-8 .1

-1.7
8.4

-2.3
4.6

-2.8
3.2

122.7

140.7
.7
9.9

122.7

122.7

.6

.8
8 .0

135.4
.7
13.2

139.0
.7
7.9
20.7
109.6

157.0
.7

4.9
15.6
63.1

99.2
.3
5.2
17.6
76.0

20.7

131.5
.7
9.6
20.9

126 .8

10 0 .2

37.5

41.5

49.8

.1

.1
8 .2

55.9
.3

62.7
.3
10.3
52.2

52.0
.3
10.4
41.3

38.0
.3
9.5
28.2

TAX ACCRUALS - TOTAL
FARMS
FINANCIAL CORPORATIONS
CORPORATE BUSINESS

44
45
46
47

33.2

33.3

.1

.1
1 .0
2 .6

33.7
.1
2.5
2.7
28.5

DIVIDENDS - TOTAL
FARMS
NET FOREIGN
FINANCIAL CORPORATIONS
CORPORATE BUSINESS

48
49
50
51
52

27.6
.4
4.4
7.0
15.8
-6.2
4.4
14.1

UNDIST. PROFITS - TOTAL
FARMS
FOREIGN BRANCH PROFITS
FINANCIAL CORPORATIONS
CORPORATE BUSINESS
+ INVENTORY VAL. ADJ.
+ BRANCH PROFITS
= NONFIN. CORPS., NET

53
54
55
56
57
56
59
60

-.2

.1

48
49
50
51
52

24.7
*
2.4
2.3
2 0 .0

53
54
55
56
57
58
59
60

14.6

87.3
9.0
1.7

10.5
12 .8

4.3
.3

.1

.6

7.3
19.6
95.2
.2

55.7
.3

49.9

1 0.2

20.4
93.5

.2

52.2
.3
9.9
42.1
31.6

45.3

29.6

32.7

29.8

30.7

.1

.1
2.8

.1

.1

23.6

2 1 .1

30.3

2 .2

2 .0

2 .1

10.3

15.7

43.3
.3
3.7
8.3
31.0
-17.6
3.7
17.1

93.7
9.3
1.9
6.5
15.7
60.4

102.9

1 1 0 .8

.1
2 .1

7.4
20.7
-7.0

1 0 .0
2 .0

10.4
2 .1

.1

-.7
2.7
30.6
52.4
.4
1 0 .6

7.9
33.5
-35.1

119.5

1 0.6

9.0
1 0 .6

2 0 .8
100.8

49.5
.3
9.7
39.6

27.3
2 .0
2 2 .1

5.9
13.3
-4.9

2 0.8

109.4

7.4
19.8
94.9

33.3

2 0 .2

*

1 .8

9.3
40.3

3.6

2 .0

2 .1

9.0
40.5

3.1

2.9
1.9

1 .0

10.9

.1

1 .6

993. 1 1008.8
65.5
86.5
6 .6

8 .6

-3.0

-1.9

-24.5

2 .0

2 .1

1 0 .1

45.6
32.5
.1

23.9

2 .2

2.4
25.4

43.1
.3
3.8
8.3
30.7
-17.5
3.8
17.0

42.5
.4
5.2
8.4
28.5
-16.3
5.2
17.3

51.6
.4
11.5
8.3
31.4
-27.7
11.5
15.2

7.9
31.7
-33.4
8.9

2 .0

9.8

111.5
10.3

113.9
10.4

115.8
10.5

120.7

2 .2
8 .1

2 .2

118.6
1 0 .b
2.3

2 .1

5C.5
.4

-2.9
2.9
33.1

1.7
2.5
27.3

3.5

-2.7

8 .8

-.1

2 .8

32.4

1 0 .6

1 0 .6

61.1
.4
11.7
7.5
41.5
-51.2
11.7

29.t>
46.2
.4
8 .6
8 .0

29.3
-28.1
8 .6

2 0 .6

8 .6
2 1 .2

74.1
3.4
.7
70.1

75.7
3.5
.7
71.6

21.5
77.5
3.6
.7
73.3

122.9
10.7
2.3
8.9
21.7
79.3
3.6
.7
75.0

112.3

116.8
235.4

119.G
239.7

119.1
242.0

1 0 .6

2.3

68

69

.4
53.6

.5
57.7

63.0

67.5

2.3
8.7
21.3
76.7
3.5
.7
72.5

70
71

80.7
168.0

87.5
181.2

94.1
197.0

103.2
214.0

116.8
236.3

104.1
215.6

108.0
221.9

22 8 .1

72

-6.4

-2.3

-3.8

-5.0

.4

-4.9

-2 .6

-6.3

.3

3.0

4.8

44.9
13.6

41.9
15.1

40.6
14.3

39.6
14.8

40.6
14.4

40.4
14.5

38.5
14.6

40.2
14.8

40.0
15.0

39.5
15.0

66

67

73
74

6 .0

14.6
56.0
2 .0

47.0
14.4

13
14
15

.6

5.1

25.0

61
62
63
64
65

14.2
2.3
11.9

6 .1

1 0 .6

6

9
1C
11
12

23.2

- .1

7.8
29.7

2.3
4.1
8.3
-4.8
2.3
5.8

1 2 .8
6 .0
1 1 1 .8

6 .2
.1

.8

7

4.4
7.4
-2 .1
9.5

7.2
27.5

-.1

-.6
-.6

.8

PRIVATE FIXED INVESTMENT
RESIDEN1IAL CONSTRUCTION
1-4 FAMILY STRUCTURES
HOUSEHOLD PURCHASES
FARM
CHANGE IN WORK IN
PROCESS ON NONFARM
NONCORPORATE
CORPORATE

6

2 .2

6.9
17.7
66.3
2.7
.6

7.8
19.3
71.2
3.1
.6

7.8
19.6
71.6
3.1
.6

20.3
72.9
3.3
.6

67.8

69.0

8.4

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




8 .8

1017.4 DISPOSABLE PERSONAL INCOME
74.8 PERSONAL SAVING
7.4
SAVING RATE (PER CENT)

34
35
36

-56.8 FEDERAL GOVERNMENT SURPLUS
-2.4 S. + L. GOVERNMENT SURPLUS

37
38

CORPORATE PROFITS, TAXES + DIVIDENDS:
99.2
PROFITS - TOTAL
.7
FARMS
6.9
FOREIGN
19.1
FINANCIAL CORPORATIONS
72.4
CORPORATE BUSINESS

39
40
41
42
43

125.0 TOTAL CAPITAL CONSUMPTION
61
10.7
OWNER-OCCUPIED HOMES (HH)
62
2.3
NONPROFIT INSTITUTIONS (HH) 63
9.0
FARM NONCORPORATE
64
21.9
NONFARM NONCORP. BUSINESS
65
81.0
TOTAL CORPORATE
66
3.7
FINANCIAL BUSINESS
67
.7
CORPORATE FARMS
68
76.7
CORPORATE BUSINESS
69
MEMO: CAP. CONS. ON CONSUMER
119.4
DURABLES NOT INCLUDED ABOVE 7C
244.4 TOT. CAP. CONS. INCL. DURABLES 71
4.5 STATISTICAL DISCREPANCY
38.3 PROFIT TAX RATE (?)
14.7 PERSONAL TAX RATE (?)

72
73
74

9 MAY 1975

FUNDS RAISED IN CREDIT MARKETS

FUNDS RAISED IN CREDIT MARKETS

2

2

SUMMARY OF FUNDS RAISED IN CREDIT MARKETS
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

I
1973
1974 I III

I
IV I

1974
I

|
IV I

II

III

208.5
204.1

182.3
182.7

161.7
156.7

1.4
.*»

18.2
19.7
-1.5

19.6
20.7
- 1 .1

1975
I

FUNDS RAISED BY NONFINANCIAL SECTORS

98.2
92.5

147.4
135.9

169.4
158.9

187.4
180.1

179.6
175.8

177.4
172.3

172.2
163.3

166.0
159.7

3
4
5

1 2 .8

17.3
13.9
3.4

9.7
7.7

1 2 .0
1 2 .0

-7.1
-9.7

-.1

25.5
26.0
-.5

*

2 .6

10.3
7.4
2.9

7.3
1.4

6

85.4
5.8
79.7

121 .9
11.5
110.4

152.1
10.5
141.6

177.7
7.2
170.4

167.6
3.9
163.8

184.5
5.1
179.4

161.9
8.9
153.0

157.2
6.3
150.9

207.2
4.5
202.7

164.1
-.4
164.5

142.1
5.0
137.1

89.2 ALL OTHER NONFINANCIAL SECTORS
2.4
CORPORATE EQUITIES
DEBT INSTRUMENTS
8 6 .8

82.7
5.7
77.0

117.3
11.4
105.8

147.8
10.9
136.9

170.1
7.4
162.7

152.2
4.1
148.1

180.3
5.1
175.2

152.0
8.9
143.1

141.8

10
11

182.7
5.0
177.8

156.6
*
156.6

127.8
5.2

90.8
2.5
88.3

12

56.7

83.2
17.6
18.8
46.9
26.1

93.8
14.4

92.9
17.4
19.7
55.9
31.6
7.8
11.5
4.9

105.4
15.6
10.5
79.3
46.9
9.7
18.1
4.7

87.0
16.0
8.5
62.6
37.0
4.5
16.6
4.5

89.7
16.1
17.1
56.4
32.0
6.7
14.5
3.3

109.6
20.4
19.0
70.2
39.6

79.2
15.7
16.6
46.8
26.4
7.9
7.0
5.5

93.1
17.2
25.9
49.9
28.4

95.9
16.3
34.8
<*4.7
25.6
7.3

2 .6

96.1
13.7
9.2
73.2
43.3
8.4
17.0
4.4
97.9
22.9
35.8
-.4
8.3

63.5
9.6
27.1
6.4

95.5
22.3
36.0

100.9
19.2

93.7

1 1 1 .2

30.0
-3.0
15.1

1 2 .1

.6
1 0 .8

5.6
9.6

30.3
1.5
5.9

7.2

99.2
16.2
28.0
13.7
19.6

7
6

9

13
14
15
16
17
18
19
20
21
22

12.9

1 1 .2

19.8
25.7
1 2 .8

5.8
5.3
1 .8

8 .8
1 0 .0
2 .0
2 2 .6
1 1 .2

12 .2

67.3
39.6
10.3
14.8

2 .0

8 .8

1 .0

6 .2

135.6

8 .0

17.0
5.6

122.6

158.6
156.3

TOTAL FUNDS RAISED
BY NONFINANCIAL SECTORS
EXCLUDING EQUITIES

1
2

69.4 U.S. GOVERNMENT
71.4
PUBLIC DEBT SECURITIES
AGENCY ISSUES + MORTGAGES
-2 .0

5.6

15.6

-18.1
-3.3
-9.2
4.3
.5

OTHER PVT. DOM N-F CREDIT
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
OTHER

7.6
5.3

6 .2

23
24

6.7
3.0
4.6

- 1 .2
4.8

43.0
19.2
18.9
-.5
5.5

25
26
27

82.7
11.3
23.4

117.3
17.8
39.8

147.8
14.2
63.1

170.1
12.3
72.8

152.2
16.6
43.5

180.3
15.4
80.5

152.0
14.1
64.1

141.8
14.7
42.2

182.7
18.1
52.7

156.6
16.3
47.3

127.8
17.1
31.7

90.8
14.5
29.1

28
29
30
31
32
33

48.0
3.2
5.3
39.5
33.8
5.7

59.6
4.1
8.7
46.8
35.4
11.4

70.5
4.9
10.4
55.3
44.4
10.9

85.1

92.2
7.8
7.3
77.1
73.0
4.1

84.4
9.6

73.8
9.8

93.0
9.5

6 .0

10 .6

8 .2

79.0
6.3
6.5

47.2

9.7

8 .8
6 6 .1

84.9
5.7
3.8
75.5
69.2

1 1 2 .0

9.3
67.2
59.7
7.4

34
35
36
37
38
39
40

2.7

4.6
*
4.6
.9

4.3
-.4
4.7

7.5

15.4

7.7

20.3
6 .0

.1

2.7
.9
-.3
.8

1.3

7.8

1 .6

.3
1 .8

8 .6

-.2

1 .0

1 .0
2.8
2 .2

1 .8

1.7

2.9
- 1 .0

-.2

15.7
2 .2

60.9
5.1
4.2
♦
4.2
.8

4.8
7.0
1.7

- 1 .6
2.7
2 .2

2 1 .6

57.9
49.1
8.9
1 0 .0

*
9.9

2 .0

4.2
2.9
.7

41

2.8

3.2

-.3

-1.7

-4.6

-18.4

4.2

42
43

95.5

144.2
22.3

169.7
17.6

189.0
11.4

184.2
16.6

195.8
11.3

168.1

1 0 .0

1 2 .6

16.5

28.9

52.0

-19.3
3.2

52.0
19.6

38.2

8 .6

32.4
4.5

2 2 .8

.1
1 .8

.4

1 .6
-.1
.6

.8
2 .0

20
21
22

1 .1

-.7

7.6

8.6

6.7

12.7
2.5
-.4

6 .1

20. 9
18.6
2.3

.9
-14.9
10.5
-10.5

4.3
-3.1
-1.9

.5
9.3

11.5

-12.7

15
16
17
18
19

4.0
.7

59.6

-14.8
1.4
-2.9

2 .2

5.1

6 .0

.5
9.4
6.3
-1 .6

-

1.8

2 .2

2 .0

23.4
1.9

10 .2

-4.5
8.9
5.4
2.4

.3
-2.5
20.7
3.3

20.3
-9.1
10.4

23.9
.3
-2 .6
S.3
8.3
9.6

70.6
26.7

25.2
17.0

34.5
9.3

47.1
24.3

59.6
33.Q

11.5
20.9

16.1
-1.9
2.4
2.9
6.3
.4
3.9

43.9
9.8
3.8
1.9

-.9
-1.4

8 .2

22.9
-4.6
3.6
6.7
13.6
.4

25.7
3.7
2.7
2.5

-9.4
-16.6
-1.3
3.6
-2 .2
.3

1 .2
1 .0

6.5

25.3
9.8
4.7
-1.4
3.6
.4
4.5
3.7

.1

2 2 .1

38.9
1 .1

1 2 .6

17.3

1 0 .1

,

1 0 .1
1 .2

<►.8

-3.1
.5
7.9
4.2
-3.7

*

23

NONFINANCIAL BUSINESS
FARM
NONFARM NONCORPORATE
CORPORATE
DEBT CLAIMS
EQUITIES
FOREIGN
CORPORATE EQUITIES
DEBT CLAIMS
BONDS
BANK LOANS N.E.C.
OPEN-MARKET PAPER
U.S. GOVT. LOANS

TOTAL CREDIT MARKET FUNDS RAISED BY
1.7 FINANCIAL SECTORS

47. 1

23.8

-

20
21
22

42
43

------ ------- ------

1^.4

2 2 .1

21.4
.7

12

13
14
15
16
17
18
19

BY BORROWING SECTOR:
S. + L. GOVERNMENTS
HOUSEHOLDS

-15.9
6.3 MEMO: U.S. GOVT. CASH BALANCE
1 .6
IN U.S. GOVT. CASH BALANCES—
TOTALS NET OF CHANGES :
180.7
177.6
152.3 TOTAL FUNDS RAISED
BY U.S. GOVERNMENT
35.5
63.1
16.6

-2 .2

28.9
6 .2

34.5

2.8

14.1
1.4
-1.3
7.2

16.5
3.8

*

25.2

2.5

31.6
2.3
- 1 .2
13.5
9.8
7.2

1 2 .6
8 .2

6 .8

4.9

70.6

6 .6

2 .0

13
14

-

38.2

1 .1

.8

-2.7

2 .6

-4.1
212.7
5.5

1 .6

-2 .6
7.6

-.1

-1.4
2.4
-6.3
-.4

-6.9
5.8

10
11
12

23

- 1 .6

-.2

14.5
2.9
2.4

-9.4
5.3

20.3
7.C
1.7

2.7

14.3

25.7

9.3
5. 1

4.2
3.0

7.5
-.3
7.9

22.9
-.5

-.3
3.1
.7
-.5
-5.0
1.3

1 .6

24.5
-.5
25.0
1.7
12.9
9.8
.5

25.3
1.5

2.4

1 .8

39.9
37.4
2.5

8 .2
-6 .2

32.4

3.0

60.9
5.2

43.9
5.0

2 2 .8

2 .1

6 6 .1

16.1

12.7
3.3

9

.1

165.9
8.7

75.3
75.3
*

24.3
24.3

4.3
4.6

8

.1

15.3
2.5
6 .*
4.0
2.5

91.7
86.7
5.0

9.3
9.3

19.6
19.6

7

15.4

6 .1
1 .2

17.0
17.0

6 .2
6 .2

6

6 .2

1 .8

26.7
26.7

3.8
3.8

5

8 .8

33.9
33.4
.4

8 .2
8 .2

2

3
4

17.2
34.9

CREDIT MARKET FUNDS; RAISED BY FINANCIAL SECTORS

__ ___ ___ ____
1

6 .1

8 .2

PRIVATE DOMESTIC
NONFINANCIAL SECTORS
CORPORATE EQUITIES
DEBT INSTRUMENTS
DEBT CAPITAL INSTRUMENTS
S. + L. GOVERNMENT SECS.
CORPORATE BONDS
MORTGAGES
HOME MORTGAGES
OTHER RESIDENTIAL
COMMERCIAL
FARM

8 .6

1
2

*

1 0 .2

- 1 .6

.4
5.5
-.7
1.4

2 .8

1.9

2 .8

1 .0

1 .2

1.7

2 .8

-6.9
9.2
2.4
-3.5
-1 1 .2
.3
-7.9

-.3
4.2

4.6

-.8

1

SPONSORED CREDIT AGENCIES
U.S. GOVT. SECURITIES
LOANS FROM U.S. GOVT.

2
3
4

PVT. FINANCIAL SECTORS
CORPORATE EQUITIES

6

5

DEBT INSTRUMENTS
CORPORA IE BONDS
MORTGAGES
BANK LOANS N.E.C.
OPEN-MARKET PAPER ♦ RP»S
LOANS FROM FHLB'S

9
10
11
12

TOTALS RAISED, BY SECTOR
SPONSORED CREDIT AGENCIES

13
14

PVT. FINANCIAL SECTORS
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
SAVINGS ♦ LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.

7
8

15
16
17
18
19
20
21
22
23

TOTAL FUNDS RAISED, ALL SECTORS, BY TYPE
1
2

1 10 .8
2 .6

163.9
1 .1

239.4
-1 .6
9.6

217.8

8.9

197.4
-3.7
6.3

200.5
♦
7.8

255.7
-1 .6
5.5

241.9
1.4
“

173.2
4.2

4.9

231.3
29.4
13.7
12.5
71.9
22.9

211.9
33.5
17.4
23.3
54.4
9.6

237.9
19.7
15.6
12.5
77.0
22.3

194.8
27.3
16.0
12.7
58.1
19.2

192.7
18.1
16.1
21.7
56.7

251.7
25.7
20.4
22.7
70.1
17.2

240.5
51.6
15.7
18.5
44.2
16.2

162.8
38.5
17.2
30.3
46.7
-3.0

152.2
77.0
16.3
38.5
45.7
-3.3

52.1

39.1
13.6

47.0
23.2

34.2
26.2
11.7

6 8 .0

2 1 .1

34.8
14.0
12.7

33.7
29.7
30.9

20.4
-10.9
23.6

-30.*
1*.5
-6 .1

3

7.7

13.6

4
5

100.4

185.4
23.6
14.4

23.8
26.4

149.1
29.*
17.6
24.8
48.9

6 .0

1 1 .2

19.2

5.8
- 1 .2
7.3

12.4
.9
3.9

6

7
8

9
10
11
12

2 1 .1
1 1 .2

1/75 FIGURES ARE



160.3 TOTAL FUNDS RAISED
4.6 INVESTMENT COMPANY SHARES
3.5 OTHER CORPORATE EQUITIES

198.3
-.7
13.6

2 0 .2
6 8 .8

28.5
3.3
7.4

1 1 .6

17.2

1 .0

248.0
1 .2

2 0 .6

8 .2

9.5
18.2

TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

6 .2

DEBT INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE + LOCAL GOVT. OBL.
CORPORATE + FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
BANK LOANS N. E. C.
OPEN-MARKET PAPER + RP*S
OTHER LOANS

7
b

9
10
11
12

a

MAY

1975

CREDIT MARKET SUPPLY OF FUNDS

CREDIT MARKET SUPPLY OF FUNDS
^
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
(BILLIONS OF DOLLARS)

3

SEASONALLY ADJUSTED ANNUAL RATES

1

1970

1971

1972

1973

92.5

135.9

158.9

180.1

SEASONALLY ADJUSTED ANNUAL RATES
|
1973
1974 | III

175.8

172.3

I
IV 1

163.3

1974
1

159.7

II

III

204.1

182.7

I
IV I

1975
I

TOTAL FUNDS ADVANCED IN CREDIT MARKETS
156.3
TO NGNFINANCIAL SECTORS
156.7

1

BY PUBLIC AGENCIES + FOREIGN
2

3
4
5
6

28.1
15.9
5.7
1.3
5.2

12.3
-.9
3.4

2 2 .1

26.7

17.0

9.3

24.3

20 .2

2 .6

7.0
.3
8.4

3.0
20.3
9.2
.7

7.5
24.1

6 .2

19.6

9

5.0
10.3

11

8 .2

3.8

20.9

16.6
10.9
-6.3

2.7
28.6
13.1
17.8

7.6
7.2
7.5

10

33.9

2 .2

8 .6

3.2
3.2
8.9
26.4

2 0 .8
1 .8

2 .2

6 .2
1 1 .6

7.8
27.8
5.7
-14.0

49.3

1 1 .0

2 .8
1 0 .0

34.5
10.7
7.2

2.4
5.7

33.2

8

7

8 .0

1 0 .2

18.3
8.4
5.2
*
4.6

27.3
-4.8
12.5

13.8
6.7

9.4

23.5
7.4

6 2 .0

17.1
-1 1 .2
9.9
3.3
15.1

41.7
33.8
5.7
-2.7
4.9

24.9
13.5
10.4
13.2

60.4
4.5
16.3
9.8
29.8

57.6
16.3
15.5
3.2
22.7

8 .0

16.9
18.2

2

55.1 TOTAL NET ADVANCES, BY TYPE
U.S. GOVERNMENT SECURITIES
42.e
RESIDENTIAL MORTGAGES
17.3
FHLB ADVANCES TO S+L'S
-1C.5
OTHER LOANS ♦ SECURITIES
5.4
TOTALS ADVANCED, BY SECTOR
U.S. GOVERNMENT
15.7
SPONSORED CREDIT AGENCIES
11.4
MONETARY AUTHORITIES
8.9
FOREIGN
18.8
AGENCY BORROWING NOT INCLUDED
IN LINE 1
8 .6

3
4
5
6

7
8

9
10
11

PRIVATE DOMESTIC FUNDS ADVANCED
12

13
14
15
16
17
18

72.6
5.2
1 1 .2
2 0 .0
1 2 .8

24.6
1.3

148.6
24.8
17.4
20.5
25.5
67.0
6.7

166.5
18.4
13.7

146.7
15.2
14.4
13.2
44.6
59.5
*

98.1
-4.4
17.6
19.5
29.1
33.7
-2.7

1 0 .1

4^.1
87.4
7.2

171.6
24.4
15.6

156.9
19.9
16.0

44.0
87.0

33.5
78.7
2.4

10 .8

1 0 .2

1 1 .2

151.9
29.2
16.1
19.4
28.8
61.6
3.3

166.3
.8

20.4
19.0
34.0
102.5
10.4

156.1
47.1
15.7
16.8
18.1

120 .C
2 2 .2

6 8 .2

35.8
3.2

17.2
26.7
2 1 .2

9.8

12

109.8 TOTAL NET ADVANCES
U.S. GOVERNMENT SECURITIES
34.2
STATE ♦ LOCAL OBLIGATIONS
16.3
CORPORATE ♦ FOREIGN BONDS
37.5
RESIDENTIAL MORTGAGES
15.6
OTHER MORTGAGES + LOANS
-4.3
LESS: FHLB ADVANCES
-10.5

13
14
15
16
17
18

PRIVATE FINANCIAL INTERMEDIATION

153.4
97.5
20.3

27
28
29
30
31

1 1 .0

-8.5
2.9
13.1
4.4

35.5
5.2
.7
13.1
16.5

12 .0

-3.2
2 .2

9.1
2.9

20 .2

77.9
-14.8
38.0
13.3
-15.4
32.3
7.8

24.9
-1 2 .2
3.6
29.1
4.5

167.4
99.7
23.4

116.1
23.2
23.9

42.7
4.7
-6.4

*6.5
10.7
3.1
12.5
20.3

32.8
13.2
.6
16.0
2.9

44.3
-4.8
29.9
9.1

69.0
17.7
-.7
33.7
18.2

46.0
13.6
-5.1
28.0
9.5

110.7
90.3
9.3

23

143.7
87.2
23.8

42.4
6.5
-1 .0
16.7

74.9
63.2
-.3

24
25
26

126.9
65.9
14.4

132.1
72.0
14.1

24
25
26

35.1

102.5 SOURCES OF FUNDS
PRIVATE DOMESTIC DEPOSITS
90.3
CREDIT MARKET BORROWING
-12.7

150.6
69.0
38.*>

158.8
84.9
31.6

15.0

86.6

1 0 1 .1

1 0 1 .1

2 1 .1
1 1 .6

116.1
48.8
17.1
39.6
10.7

6.0

2 2 .1

132.1
64.4
27.5
34.3

23

153.4
70.5
49.3
17.7
15.8

CREDIT MARKET FUNDS ADVANCED
102.5 BY PRIVATE FINANCIAL INSTS.
COMMERCIAL BANKING
15.2
SAVINGS INSTITUTIONS
51.8
INSURANCE
PENSION FUNDS
34.6
.9
OTHER FINANCE

167.4
97.3
27.2
37.9
5. 1

126.9
75.3
18.9

110.7
50.6
41.4
13.3
5.3

19

143.7
77.7
43.1
20.4
2.5

150.6
83.7
22.7
24.8
19.4

74.9
35.1
16.9
17.3
5.7

158.8

20
21
22

2 2 .6

21.7

10 .0

33.8
22.5
39.2
5.6

19
20
21
22

27
28
29
30

OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE ♦ PENSION RES.
OTHER, NET

21

PRJVATfc DOMESTIC NONFINANCIAL INVESTORS
39.3
18.8
4.4

32
33
34
35
36
37

-2 .6
-9.0

-3.2
-14.0

- 1 .2

.6

10.7
-4.4
1.4

9.3
1.5

.8

38
39
40
41
42

66 .6

93.7

56.1
15.0
24.2
16.9

7.7
32.9
40.4

101.9
85.2
8.7
30.6
45.9

76.3
18.5
29.5
28.2

43
*4
45

10.5
7.1
3.5

12.7
9.3
3.4

16.7
12.3
4.4

1 2 .6
6 .6

46

64.1

90.5

47
48
49

30.4
103.1

30.7

1 .8

13.7
1 .6
2 .1

8 1 .0

1 1 2 .8

23.2

1 .1

5.2
4.0

- .6

11.3
3.8
8 8 .8

30.5
18.4
10.7
-2.3

60.0
27.8
7.2
-1.4

44.5
15.8
-.5

.6

2 2 .8

16.7

6 .1

32.1
18.2
6.9
3.3
4.4
-.7

9.7
9.7
—6 .6
4.3
5.1

63.9
37.5
18.5
-1 1 .8
14.7
5.0

7.6
5.9
-20.9
3.6

-5.2 DIRECT LENDING IN CR. MARKETS
U.S. GOVERNMENT SECURITIES
-28.3
STATE ♦ LOCAL OBLIGATIONS
14.9
CORPORATE + FOREIGN BONDS
4.2
OPEN—MKT PAPER + RP'S
2.7
OTHER
1.3

32
33
34
35
36
37

108.4
91.0
42.8
32.7
15.5

25.9
31.9
26.4
-1 .2
6 .b

83.3
76.4
e.o
43.1
27.2

96.7 DEPOSITS + CURRENCY
TIME + SAVINGS ACCOUNTS
89.0
LARGE NEGOTIABLE CD'S
-15.5
OTHER AT COMMERCIAL BANKS
37.4
AT SAVINGS INSTITUTIONS
67.0

38
39
40

2 2 .1

4.0
8 .0

3.2

3.5

6 .2

78.3
72.0
23.6
26.6

70.0
65.4
34.8

95.6

2 1 .8

9.9

69.3
50.8
-15.1
38.9
27.0

8.9
.4
8.4

17.4
P. 8

-6 .0
-8.7
2.7

~.u

8 .6

2 0 .8

8 6 .8

17.1
31.9
37.7

5.0

7.8
1.3
6.5

*1

42
43
44
45

MONEY
DEMAND DEPOSITS
CURRENCY

4.5
3.5

3.9

6.3
*
6.3

1 .0

18.6
15.2
3.4

115.7

128.1

108.9

129.9

113.8

127.7

130.5

89.8

87.4

TOTAL OF CREDIT MARKET INSTRU91.6
MENTS, DEPOSITS + CURRENCY

11.5
104.5
13.6

18.4
95.4
7.2

28.0
88.9
25.2

15.9
87.7
-9.3

14.4
80.9
■**.4

10.7
94.6
16.6

30.4
100.7
27.8

33.1
74.4
24.9

36.8
84.3
31.4

35.3 PUBLIC HOLDING? AS % GF TOTAL 47
93.4 PVT. FIVAN. INTERMEDIATION 1%) 48
49
6 .6 TOTAL FOREIGN FUNDS

3.9
-1 .6
5.5

1.4
1.4
“

10.4
4.2
6 .2

4.6
3.5

8 .0

2.4
- 1 .0

6.5
3.9

13.3
-5.2

5.*

<*■6

CORPORATE EQUITIES NOT INCLUDED ABOVE
8 .0

5.9

1
2

10.4

3

7.7

13.6

1 .1

12.9
-.7
13.6

-1 .6
9.6

4.9

4
5

11.4
- 1 .0

19.3
-4.5

16.0
-3.1

13.4
-5.4

6.4
-.5

2 .6

14.8

1 .0

1 0 .1
1 .2

8.9

2.7
-3.7
6.3

7.0
3.2

-18.0

20 .6

7.8
*
7.8
8 .8

- 1 .0

-4.1

8 .1

MUTUAL FOND SHARES
OTHER EQUITIES
6 Y FINANCIAL INSTITUTIONS

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION,

Page

2, line

2.

30.

E xc ludes net i n v e stment of these reserves in corporate

31.

M a i n l y r etained earni n g s

32.

Line

33-37.

Lines 13-17 less amounts
37 includes mortgages.

equities.
S u m o f lines
Inclu d e s

3-6 o r 7-10.

C r e d i t m a r k e t funds rai s e d b y F e d e r a l l y - s p o n s o r e d credit
agencies.
I n c l u d e d b e l o w in lines 13 and 33.
Includes
all G N M A - g u a r a n t e e d s e c u r i t y issues b a c k e d b y m or t g a g e
pools.

39+44.

L i n e 1 less line 2 plus line 11.
A l s o line 19 less line
26 plus line 32.
A l s o s u m o f lines 27, 32, 39, and 44.
Inc l u d e s
25.

Lines

26.

Excludes

12 less

See Line

line

19 plus

line

liabilities.

26.

r equired b y p rivate finance.

25.

45.

M a i n l y an o f fset

46.

Lines

47.

Line

48.

Line 19/line

49.

Lines

to line 9.

32 + 38 or line

12 less

line

27 plus

f arm and c o m m e r c i a l mortga g e s .
2/line

1.

39+44.
e q u i t y i s sues

Inclu d e s

and i n v e s t m e n t

Demand deposits

10 plus

28.

Cor p o r a t e equities
Line
1 and 3.

at c o m m e r c i a l banks.

12.

c o m p a n y shares.

line 18.

F o r e i g n d e p o s i t s at c o m m e r c i a l banks, b a n k b o r r o w ings from
f o r e i g n b r a n ches, a n d l i a b i l i t i e s o f fo r e i g n b a nk i n g
a g e n c i e s to fo r e i g n affiliates.




and net m i s c e l l a n e o u s

farm a nd c o m m e r c i a l mort g a g e s .

Includes

issues b y financial

institutions.

line 45.

Line

V

9 HAY 1975
HOUSEHOLDS

HOUSEHOLDS
4
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1973

I
1973
1974 | III

1975

1974

I
IV |

ID

III

IV I

I

HOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS
808.3
116.6

864.0
117.6

944.9
142.4

1055.0
151.3

1150.5
170.8

1068.0
154.2

1099.3
159.9

1112.5
161.9

1134.6
168.1

1168.2
175.1

1186.9
178.1

1193.0 PERSONAL INCOME
175.7 - PERSONAL TAXES + NONTAXES

691.7
635.5
56.2

802.5
749.9
52.6

979.7
902.7
77.0
15.1
.5
10.7

913.9
840.7
73.2

939.4
850.1
89.3
9.6
.3
16.3

950.6
84.4

966.5
894.9
71.5

1 0 .0

2 1 .6

993.1
927.6
65.5
12.3

.7
1 1 .6

.9
12.7

1008.8
922.2
86.5
16.6
-.4

1017.4
942.5
74.8
14.5

1.4
24.4

903.7
829.4
74.3
11.5
.9
27.1

17.1

1 .6

115.5

106.7
125.0
231.7

106.8
129.8
236.6

95.7
131.9
227.6

104.3
132.1
236.3

95.5 : NET SAVING
132.4 • CAPITAL CONSUMPTION
227.9 =

242.0
163.2
32.8
123.9
6.5

245.9
166.5
30.6
129.5
6.4

237.5
175.5
33.3
136.1

251.4
160.1
33.4
120.7

6 .1

6 .1

241.9 (
CAPITAL EXPEND.-NET OF SALES
161.1
RESIDENTIAL CONSTRUCTION
29.5
CONSUMER DURABLE GOODS
125.5
NONPROFIT PLANT ♦ EQUIP.
6 .1

78.8

62.0
10 0 .6

91.3
125.3

7

.9

8

1 0 .6

746.4
685.9
60.5
9.2
.8
16.5

9

76.4
91.4
167.9

86.9
98.6
185.5

89.4
106.1
195.5

113.9
115.7
229.6

103.3
129.7
233.0

113.2
116.5
229.7

12

13
14
15
16

167.7
116.2
19.6
91.3
5.3

186.1
136.4
26.9
103.9
5.6

203.8
158.8
34.3
118.4

244.2
166.3
32.5
127.5
6.3

233.7
176.7
38.0
132.4
6.3

241.9
167.5
37.0
124.3

6 .0

235.6
174.1
37.5
130.3
6.3

17
18

51.5
74.1

49.7
92.8

45.0
114.0

61.5
130.8

77.9
120 .2

57.0
134.5

74.4
134.6

122.8

79.4
132.1

3
4
5
6

10
11

8 .8

1 1 .1

1 0 .8
1 .0

28.3

12 0 .6

236.1

6 .1

866.2

.8

=
=
n
.1 i
6 .1 ■

PERSONAL OUTLAYS
PERSONAL SAVING, NIA BASIS
CREDITS FROM GOVT. INSURANCE
CAPITAL GAINS DIVIDENDS
NET DURABLES IN CONSUMPTION

54.4

72.3

93.6

1 1 .2

1 1 .0

1 1 .8

110.4
13.1

85.6
4.0

103.8
5.5

123.4
26.0

95.7
10.3

94.4
9.2

69.4
-6 .0

82.8
2.5

83.0
3.1

21
22

44.4
27 m b
16.9

70.3
29.8
40.4

75.4
29.5
45.9

67.7
39.5
28.2

59.7
38.0

50.8
41.0
9.9

61.9
34.9
27.0

76.2
38.4
37.7

63.3
47.9
15.5

27.9
2 1 .2
6 .6

71.5
44.3
27.2

102.5
35.5
67.0

TIME
SAVINGS ACCOUNTS
AT COMMERCIAL BANKS

21.9
14.8
9.8
-2.3
-1 .6

47.5
27.1
8.9
-1.4

35.5
14.4

21.9
16.1
9.5
-6 .6

8 .6

1 1 .2
1 .6

2 .1

47.5
31.2
18.1
-1 1 .8
8.9

1 .1

1.4

9.3
14.1
4.6
3.3
-12.3
-.5

.7

1 .0

-2.3
7.0
5.9
-5.0
3.2

-22.7
-40.8
15.6
4.2
-2 .2
.7

CREDIT MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
S. + L. OBLIGATIONS
CORPORATE ♦ FGN. BONDS
COMMERCIAL PAPER
MORTGAGES

1 .0

1 .2

*
-2.5

-1 .6
-2.5

1.4
-2.7

4.2
- .2

4.6
-14.4

7.1
2 0 .6

7.5
39.4

7.3
30.9

7.2
35.7

24
25
26
27
28
29

-1 .1
-9.7
-.8

-8.9
-14.4
-.2

10.7
-1.5

9.3
-3.9

.1

.2

6.4
.6
1 .0

5.2
1.5
- 1 .8

29.7
20.4
4.3
1 .1

3.5
.5

2 .0
6 .1
1 1 .6

32
33

-7.2
2.4

NET INV. IN NONCORP. BUS.
SECURITY CREDIT
MISCELLANEOUS ASSETS

34
35
36

2 .8

28.8
29.1
27.6
1.4
-2.4
-.9
.9
2.4

NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREDIT
BANK LOANS N.E.C.
OTHER LOANS

37
36
39
40
41
42
43
44

1.3

-1.3

-1 .6
-6 .6

-2 .0

-1.5

32
33

5.2
19.1

6 .2
2 1 .6

6 .6

23.8

7.3
24.4

7.3
31.6

7.4
25.3

7.2
22.5

34
35
36

-4.7
-.9

-4.7
.5
2.3

-7.4

-4.4

-5.3
-.3

-4.1
.7

-.6

.4
-.7

-6.4
-.9

.2

1 .8

1.5

2 .2

1 .6

1 .6

2 .2

2 .2

-8.4
.4
2.3

-6.9

.5

2.7

2.3

37
38
39
40
41
42
43
44

22.5
23.4
12.5
1.4
5.0

43.1
39.8
24.2

69.3
72.8
44.2
1.4

77.4
80.5
47.8
1.4

2 .0
1 .8

60.1
64.1
40.4
1.4
15.5
3.8

44.0
42.2
34.2
1.4

1 .1

68.9
63.1
38.4
1.4
16.0
3.1

- .2

38.5
47.3
26.4
1.4
14.5
1.7
-.5
3.8

34.0
31.7
31.5
1.4
-2.5
-.5
-.9

3.3

-3.3
1.7

52.7
52.7
37.8
1.4
14.0
3.2
-7.1
3.5

45
46
47

-1 .8
.5
.4

-4.1

-4.9

-l.C

—9*b

.6

.6

.6

.8
.6

.6

.6

.6

.4

.4

.4

.4

.4

.4

-1 1 .2

-4.0

-5.8

-10.4

-9.3

-9.9

-15.1

48

.9

2 .6

.2

1.4

1.3

2.5

2 .6

4.7

-4.6

.6

.6

-2 .2

1 .2

9.2

.3
.3
-.5

2 .8

.5

-8.3

2 0 .1
2 .8
1 .8

.4
-6 .0

2 1 .0

1.3
5.6
3.5

8 .8
-.6

24
25
26
27
28
29

LIFE INSURANCE RESERVES
PENSION FUND RESERVES

-.7
-4.7

42.3
43.5
32.5
1.4
8.7
.9
-3.0
2.9

IN S T.

7.2
32.3

1 .1

-6.5

-.2

S A V IN G S

30
31

2 .6

-4.4

.1

AT

INVESTMENT COMPANY SHARES
OTHER CORPORATE SHARES

30
31

-3.7
-16.3

2 .6

13
14
15
16

DEP. + CR. MKT. INSTR. (1) 19
DEMAND DEP. + CURRENCY
20

19

2 1 .8

12

80.8 1
NET ACQ. OF FINANCIAL ASSETS 18
109.6

20

23

9
10
11

SECURITY CREDIT
TRADE DEBT
MISCELLANEOUS

.6

.4

45
*6

47

-14.0 !
(1 )

49
50
51
52

19.6
9.0
12.5
-1.9

26.9
9.3
24.2
-6 .6

1 0 .0

38.4
-14.1

37.5
10.4
44.2
-17.0

32.5
-10 .6

38.0
10.3
47.8
-2 0 .1

37.0
10.4
40.4
-13.7

32.8
10.5
34.2
-11.9

53
54
55

91.3
80.7

118.4
94.1
24.4

130.3
103.2
27.1

127.5
116.8
10.7

132.4
104.1
28.3

124.3
108.0
16.3

123.9
112.3

1 0 .6

103.9
87.5
16.5

56
57

6 .0

1 1 .2

22.3

5.2

22.9
4.2

9.6

4.5

19.2
5.2

1 .1

6 .0

19.2
-2.9

58
59
60
61

5.3
1.7
1.4

5.6
1.9

6 .0
2 .0

6.3

6.3

6 .1
2 .2

2 .2

2.5

2 .6

1.4
2.7

6.3
2.3
1.4

62
63

14.4

13.6

15.1

14.3

8 .1

8 .1

6 .6

8 .2

64

23.9

24.5

24.0

65

16.6

66

1 0 .6

67
68

3.2
3.3

18.0
12.3
5.7
5.3

69

701.4

756.4

1 .2

34.3

32.5
1 0 .6

33.4
10.7
31.5
-8 .8

29.5
10.7
27.6
-8 .8

136.1
119.0
17.1

120.7
119.1

125.5
119.4

17.2
-4.4

16.2
.9

-3.0
4.6

-3.3
9.3

6 .1

6 .1

6 .1

2.3
1.4
2.4

2.3
1.4
2.4

30.6

1 0 .6

26.4
-3.7

129.5
116.8
12.7

8 .2

6.5

1 1 .6

3.4

1 .6

- CONSUMER CREDIT
= EXCESS NET INVESTMENT

56
57

(C) NONPROFIT PLANT ♦ EQUIP.
EXPENDITURES
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT

60
61

1.4
2.7

2 .6

1.4
2.9

14.8
7.9

14.4

14.5
9.5

14.6
8.9

14.8
7.4

15.0

15.0

8 .0

6 .6

8 .6

25.1

23.4

24.8

24.9

24.1

23.9

2 2 .6

PER CENT OF
SAVING
2 2 .1 GROSS
1
23.1

19.5
14.0
8.5
7.7

19.0
14.3
7.6
7.9

16.7

19.1
14.5
8.4
8.7

17.6
14.2
6.3

17.0

16.8
13.4
5.3
5.3

17.4

15.6

CAPITAL EXPENDITURES
15.6 (

1 2 .8

1 0 .0

1 2 .2

4.2
4.4

3.8
4.7

3.3
3.1

1 0 .6 i
2 .8 1
2 .8 1

815.0

916.2

995.3

925.6

1.4

2 .6

1 2 .1

2 .1

1.4

6 .8

2 .2

4.6
4.4

49
50
51
52

(B) CONSUMER DURABLES
EXPENDITURES
- CAPITAL CONSUMPTION
= NET INVESTMENT
6 .1

6.4
2.3
1.4
2.7

2 .1

2.3
1.4
2.4

PER
1 CENT RATIOS:
14.7 1
7.4 :

989.0 1006.2 1024.9 1031.9 (2) DISPOSABLE INCOME ADJ.
949.3
961.3
(NIA DISPOSABLE INCOME + GOVT. INSURANCE CREDITS ♦ CAPITAL GAINS DIVID.)

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




33.3

1 0 .8

37.8
-18.0

MEMORANDA:
1
NET
PHYSICAL INVESTMENT:
1
(A) RESIDENTIAL CONSTRUCTION
EXPENDITURES
- CAPITAL CONSUMPTION
- HOME MORTGAGES
= EXCESS NET INVESTMENT

62
63

65
66

67
68

9 HAY 1975
TOTAL ♦ NONCORP BUSINESS
5

TOTAL ♦ NONCORP BUSINESS
5

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1973

SEASONALLY ADJUSTED ANNUAL RATES

I
1973
1974 | III
NONFINANCIAL

1

128.2
80.3

137.5
90.6

155.2
104.1

1 1 2 .6

73.6
108.0
103.5
92.0
.9

80.4
117.1
1 1 0 .8

89.3
134.3
125.7
106.4

98.8
160.5
145.2
125.7

10.6

1 2 .8

9

4.5

6.3

10
11
12

-34.5
14.8
49.2
5.7
42.3
19.8
.3

2

3
4
5
6

7

8

13
14
15
16
17
18
19
20
21

1 1 .6

5.8
4.9

8.6
-7.3

95.0
3.0

2 .1

183.9

-.6

17.3
8.5

20.0

-36.7
25.3
62.0
11.4
48.2
18.8
1.9
19.5
5.9
1.9

-45.0
33.8
78.7
10.9
59.6

-61.7
43.9
105.5
7.4
77.6
9.2
-.9
28.4
34.0
5.1

5.3
-2.9

15.4
-7.1

12.2

1 .2

26.2
16.1
3.3

15.4

20.1

.4

|
IV |

1974

1975

II

III

177.4
112.5

186.9
113.2

190.6
115.8

181.6

115.3

176.1
111.4

177.8
106.6

98.6
164.2
150.0
136.9
-.4
13.5
14.2

97.9
159.8
148.0
127.9
-.7
20.7

105.9
177.0
148.0
131.5
-3.5
20.1
28.9

108.6
164.6
147.7
132.5
-2 .1
17.2
16.9

96.1
168.9
155>.4
137.5
3.0
14.9
13.5

89.2
159.6
150.9
138.5

-65.6
46.1
111.7
4.1

-61.9
40.7
102.5
5.1
79.3
10.5
-.9
31.0
30.4

-71.1
32.1
103.2
8.9
64.9
8.5
-3.4
24.2

-72.9
70.6
143.5
5.0
107.0
19.0

-70.4
41.8

6 .2

2 1 .8
1 2 .0

-56.0
67.1
123.1
6.2
78.7
17.1
-2 .2
23.0
33.7
5.5

29.3
42.1
13.2

15.7
2.4

25.9
3.4

29.2
8.9

29.5
2.1

8 8 .1

19.7
-.9
22.9
30.1
14.8
18.1
1.4

1 1 .8

IV |

I

BUSINESS - TOTAL
173.9
116.5

161.5 INCOME BEFORE TAXES
122.7 GROSS SAVING

100.6

163.8
146.0
139.1
-3.2
10.1
17.8

111.1 GROSS INVESTMENT
3
123.4 CAPITAL EXPENDITURES
4
141.3
FIXED INVESTMENT
5
135.7
BUSINESS PLANT ♦ EQUIPMENT 6
-2.0
NONFARM HOME CONST. (1)
7
7.7
MULTI-FAMILY RESIDENTIAL
8
-18.0
CHANGE IN INVENTORIES
9

19.0
28.5
27.5

-63.2
4.8
68.0
5.2
73.8
25.9
-3.1
20.2
16.0
12.8

-12.3 NET FINANCIAL INVESTMENT
10
-.1
FINANCIAL USES OF FUNDS, NET 11
12.2
FINAN. SOURCES OF FUNDS, NET 12
2.5
CORPORATE SHARE ISSUES
13
44.7
CREDIT MARKET INSTRUMENTS 14
34.8
CORPORATE BONDS
15
-2.0
HOME MORTGAGES
16
17.8
OTHER MORTGAGES
17
-10.1
BANK LOANS N.E.C.
18
2.8
OTHER LOANS
19

17.1
2.2

-3.5
-7.5

•8

11.7
8.7

112 .2

*

93.0
16.6

*

1 .8

-16.1
-18.9

TRADE DEBT
OTHER LIABILITIES

20
21

11.7 DISCREPANCY
FARM BUSINESS
1
2

16.9

3
4
5

6.4
.4

6

6.3

7
8

9
10
11
12

17.2
*
7.0
.5
6.5
6.9

2 1 .0
.1

6.9
7.6

6.3
7.0
6.3
.5

6.9
8.4
6.4

7.6
8.4
7.1

.2

.6

1.4

.6

-.7

-1.4
.7

-.1
6 .0

.6
.1

13
14
15
16
17

.1

.1

18
19

1.4
3.2

4.1

20
21
22

1 .8
.8
.6
-.1

23
24

25
26

.5
.4

.1
.6

.5

7.5

38.5
.3
8.4

.6

.6

.7
-.8

.9
.3
.7
.6
.1

41.5
.3
8.5

7.8
8.7

31.8
.4
9.3
.7
8.7
9.7

8 .8

9.2

8.7
13.9
9.5
.5
4.0

9.7
15.4
12.3
.7
2.3

8 .8

14.7
9.7
.5
4.4

9.2
16.0
10.5

-5.2
.7
—
.7

-5.6

-5.9
.7

.6
.2

2 .1

1.7
4.9

5.9

2 .0

2 .6
1 .8

4.4
3.0

.7

1.3
.7
*
.7

.9
-2 .8

-3.1

1 .1

.8
.1
•8
•6
.2

.5
*
.4

1 .2
.1
1 .1

6.5
7.8
4.9
.9
1.9
.3
1.7

1.5
-4.6

1.5
-4.2

-2.5

8 .6

1 .2

.6

7.8

-.1
.8

.5
.2
6 .6

9.6
4.7
3.1
1.7
*
1.7
1 .2

-4.2

44.9
.4
8 .8
•6
8 .1

.6

4.9
-6.8
.7
*
.7
.6
.1

7.5
9.8
4.5
4.0
1.3
.4
.9
1.7
-4.0

39.1
.4
9.0
.7
8.4
9.4

29.1
.4
9.3
.7
8 .6

8 .8

9.7

9.8

1 0 .0

1 0 .1

9.4
15.3
10.9
.7
3.8

9.7
15.9

9.8
15.4
12.5

10 .0

1 0 .1
1 2 .8

-5.9
.7

-6.3
.9
*
.9

.1
.6
.6
.1
6 .6

5.7
3.3
1.7
.7
-.2

.9

1 .8
-.8

12 .0
.8

3.1

.6

.4
7.2
9.7
5.6
1 .1

3.0
.4

29.8
.4
9.5
.7

29.1
•4
9.6
.7
8.9

.8
2 .1

14.8
13.8
.7
.3

-5.5
.9

-4.8
.9

22 .2 NET INCOME

.4 NET SAVING
9.7 CAPITAL CONSUMPTION
.7
CORPORATE
9.0
NONCORPORATE

13.6
.5
-1.3

.1
.8
.6
.2

6.4
9.5
5.5
.6
3.3

5.7
6.3
5.3

6 .1

.2

-.2

3.5
5.6

2 .6

2.7

.7
.3
.4

1.3
-3.8

1.4
-4.4

.3
-1 .0

- 1 .6
- 1 .0

.7
.1

.5

NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGES
BANK LOANS N.E.C.
OTHER LOANS
U.S. GOVERNMENT
FICB

1

60.3

62.2

65.3

67.7

71.3

67.9

6 8 .6

69.4

70.6

72.4

72.7

73.0 NET INCOME

2

3

14.6
14.6

15.7
15.7

17.7
17.7

19.3
19.3

21.3
21.3

19.6
19.6

20.3
20.3

2 0 .6
2 0 .6

2 1 .2
2 1 .2

21.5
21.5

21.7
21.7

21.9 CAPITAL CONSUMPTION
21.9 CURRENT SURP. = GROSS SAVING

4
5

14.6
16.9
18.3

15.7

17.7
23.4
25.3

19.3
25.1
26.6
12.9
-.5
14.2
-1.5

21.3
22.9
21.9

19.6
24.7
26.8
12.9

20.3
25.8
25.0

24.9
23.9

2 0 .6

2 1 .2

-2 .1
14.3

12 .8

21.5
21.9
21.3
12.9

-.6

25.3
24.6
12.9

1 .1

1 .1
1 0 .6
•6

8.4
•6

21.7
19.5
17.9
12.7
-1.9
7.2

21.9 GROSS INVESTMENT
13.1 CAPITAL EXPENDITURES
15.8
FIXED CAPITAL
1 2 .0
PLANT ♦ EQUIPMENT
-1.3
HOME CONSTRUCTION (1)
5.0
MULTI-FAMILY RESIDENTIAL
-2.7
CHANGE IN INVENTORIES

-5.8
2.3
1.3

-1 .6
1.9
.9

1 .0
1 .0

1 .0
1 .0

1 .2
1 .0
1 .0

-5.4
2.9
1.9

-4.3
.7
-.3

-4.1
2.5
1.4

1 .0
1 .0

1 .0
1 .0

1 .1
1 .0
.1

8 .0

3.6
7.3

7.3

8.3

6 .6
1 0 .6
8 .0

7
8

9

1 0 .6
.2

10

7.5
-1.4

11
12

-2.4
1.3

13
14
15
16
17
18
19
20
21
22

~

.6

2 1 .6

21.7
11.5
1 .2

9.1
-.1

-5.9
1.5
~
.7

.7
.7

.8
.8

3.7
5.3
4.9

7.4
8.7

*

.2

23

4.3
.4

24
25

-.6
1 .0

26
27

- 1 .8

.2

*

8 .0
1 .0
6 .2

.9

.2

.5
.3
- 1 .6

1 2 .2
.8

12.3
-1.9
-5.6
2 .1

-

1 .1
1 .0
1 .0

♦

7.7
10.4
9.2
.6

7.3
1.3
.7
.4
.2

-2 .8

*

1 2 .8
-.6

9.7
1 .0

*

9.3
7.1
-.4
5.9

-.4
5.6

1 .6

1 .0

.4
1 .8

-1 .0
-.3

6 .1

-1 .0
2 .1

-.9
-2 .8

14.5
-2 .1
-5.1
2 .2

-

*

12 .8
.8

*

-1.4
12.4

♦

8 .8

6 .0

6 .6

1.7

3.0
-1.7
3.2
1.5

4.9
3.8
5.0
-1 .1
4.8
1.3

-.5
1.5

1.5
1 .6

-2 .0

7.8
-.5

-1 .6
.2

-1 .0
3.4

.9
5.6

*

1 .6

-.4
3.1
-

2 .2
1 .6

2 .1
1 .0
1 .0

.6
1 .0
1 .0

3.4
8 .2
6 .2

-.7
6.5
5.3
-1.5

5.6

*

*

-

*

1 .6

.6

6 .2
.6

.3

8.9 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
1 .6
CONSUMER CREDIT
1 .0
MISCELLANEOUS ASSETS
1 .0
INSURANCE RECEIVABLES
EQ. IN SPONS. AGS. (2)
2 .6

-6.3
1 .2

4.4
- 1 .0
5.0
.5

.8

2 .2

-.3
2.4

-1.9
3.1

-3.0

-.1
1 .2

-1.4
-2 .6

-.9
-3.9

-1.3
-5.9

-1.3
-6 .2

NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL

-.2

BANK LOANS N.E.C.
OTHER LOANS
TRADE DEBT, NET
PROPRIETOR NET INVESTMENT

(1) CHANGE IN WORK IN PROCESS.
(2) SHARES IN FICB'S, BANKS FOR COOPS, AND LAND BANKS.
1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




18
19
20
21
22
23
24

TRADE DEBT
25
PROPRIETOR NET INVESTMENT 26

NONFARM NONCORPORATE BUSINESS

6

9
10
11

-2.7 IET FINANCIAL INVESTMENT
12
.8
NET INCR. IN FINAN. ASSETS 13
.1
DEMAND DEPOSITS + CURRENCY 14
.8
MISCELLANEOUS ASSETS
15
mb
INSURANCE RECEIVABLES
16
.2
EQ. IN SPONS. AGS. (2) 17

.1
.8
.6
.2

.6

PLANT + EQUIPMENT
RESIDENTIAL CONSTRUCTION
CHANGE IN INVENTORIES

9 MAY 1975
NONFINANCIAL CORPORATE BUSINESS

NONFINANCIAL CORPORATE BUSINESS
6
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

1973

I
1973
1974 | III

1974
IV I

I
IV |

II

III

109.6
45.6
32.4
31.7

126.8
52.2
33.1
41.5
11.7
-51.2
73.3
75.3

1975
I

NONFINANCIAL CORPORATE BUSINESS
1
2

3
4
5

55.7
27.5

63.1
29.7

76.0
33.3

2 0 .0

2 0 .2

2 2 .1

13.3

20.7

8.3
2.3
-4.8
53.6
59.4

2 .0

2 .1

-4.9
57.7
6 8 .0

-7.0
63.0
78.7

10
11
12

52.7
84.0
78.4
75.1

57.8
87.2
82.1
77.1

64.0
102.5
92.8
87.1

13
14
15

.2

1 .2

3.1
5.7

3.8
5.1

16
17

-31.3
12.9

-29.4
23.1

18
19

-.4
.9
1.7
.5

1 0 .6

6

7
8

9

.5
3.6

20
21
22

-.6

23
24

.5
-3.4

2.4

25
26
27
28
29
30
31

.7
8.4
4.2
3.6
-.4
.9

6 .2

32
33
34
35

44.2
39.5
5.7
33.8

36
37
38
39
40
41
42
43
44
45
46

.1

19.8
5.2
.2

1.5
3.6
5.6
2 .2

.4
.4
.3

2 .2
1 .0

109.4
45.3
30.6
33.5
1 0 .6

-35.1
72.5
81.5

1 1 1 .8
**•6

4.9
9.7

70.8
121.5
108.6
103.3
-.5
5.8
12.9

-38.5
30.8

-50.7
40.9

4.0

.8

-.1

3.1
-2.4

.8

1 .0
•8
1 .6

•6
5.7

1 .6
2 0 .0

3.8
1.4

95.2
40.5
23.6
31.0
3.7
-17.6
67.5
84.6

67.6
126.0
115.0

94.9
40.3
23.9
30.7
3.8
-17.5
67.8
84.8

93.5
39.6
25.4
28.5
5.2
-16.3
69.0
86.3

69.5
120.4
110.9
105.3

1 1 2 .0

76.3
135.2

9.5

108.2
-2 .1
5.9
23.2

-58.3
43.3

-50.9
37.7

6.9
-.3
1.4
-1 .8

13.2
.3

1 1 .1
.8

5.2

4.9
-2 .8

-.1

2 .6
2 .0

3.8
10.9

6 .6

3.5
.6

1 .2
2 0 .8
8 .1

-.6
6 .2

19.6
-1.3
15.8
3.0
♦

10.5
1.4

*
1.7
1.7
12.4

7.8

-6.7

2.9
33.1

.1

2.9
38.4
6.3
5.5

8 .8

5.2
1.5

24.1
7.9
3.6

6.7

.7
22.5
3.4
1.7

5.4

38.0
4.9
1.7

1 .8

2 .6
1 .6

- .2
1 .6

.1
1 .6

1 .6
1 .6

1 .6
1 .6

-.8
1 .6

8 8 .6
6 6 .1

111.5
75.5

91.6
67.2
7.4
59.7

1 0 1 .6

77.1
4.1
73.0

5.1
60.9

87.3
57.9
8.9
49.1

.5

1 .8

1 .6

2 .0

1 .8

12 .2

*

7.9

1 2 .0

9.2
16.1
-.4
2.5
14.1

4.4
-1.7
.3
1.9

13.5

30.6

-.6

-.2
-.1
2 .0

15.6
.6

3.0

*

2 .8
.2

.3

*

19.7
10.9
-.4

30.1
3.9
1.3
4.5

2 .2

9.1

1 .1

*

♦

2 .1
1 .0
.1
2 .1

3.7

.2

♦
-16.0
-.2

1.9
17.6
7.9
7.8
- 1 .6

-10.7
13.4

*

♦

1 1 .8

-

72.4
28.2
28.5
15.8
4.4
-6 .2
76.7
90.7

5.5
-.8

-5.2
7.0
-.4
*
5.0
- 1 .0
-19.4
11.4
9.5
.3

63.0
5.2
60.9

15.0
39.9
2.5
37.4

1 1 .8

1.7
19.0
17.4
.9
2.4
14.1

1.3
16.6
7.3
*
2.3
5.0

1.9
25.9
6.5
-1.5
2.4
5,6

1.5
34.8
5.7
- 1 .0
2.3
4.4

TAX-EXEMPT BONDS (2)
CORPORATE BONOS (1)
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL

17.6

-6.9

-.6
1 .2

1 .8

42
BANK LOANS N.E.C.
43
COMMERCIAL PAPER
ACCEPTANCES
FINANCE COMPANY LOANS
U.S. GOVERNMENT LOANS

6 .2

69.2
1 .6

28.2
10.7
1.5
9.4

.1

.2

4.1
4.3

- 1 .1
.4

1 .2

3.4
27.5
5.1

1.7
29.6
6.7

10.9
16.6
-.4

-2.5
-2 .2

1 .6

-11.7
-13.2

13.7
.4

2.3
19.6
2.5

4.4
17.8
2.3

2.9
16.0
3.5

25.3
2 .8

17.1

6 6 .1

-

6 .2

3.8

CONSUMER CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
FOREIGN DIR. INVEST. (1)
FOREIGN CURRENCIES
INSURANCE RECEIVABLES
EQUITY IN SPONSORED AGS.

102.4
75.3
*
75.3

40.7

-.1

1 2 .6
- 1 .1

1.9

4.0
-.3

1.3
.5

1.3

NET INCREASE IN LIABILITIES
NET FUNDS RAISED IN MKTS.
NET NEW EQUITY ISSUES
DEBT INSTRUMENTS

PROFIT TAXES PAYABLE
TRADE DEBT
MISCELLANEOUS LIABILITIES

50

6.7

1 0 .2

14.8

13.8

13.8

15.3

1 0 .0

6.7

15.3

17.4

15.9

11.7 DISCREPANCY

51
52

.9
30.3

1.9
27.8

6.3
33.7

4.5
38.1

3.0
41.1

6.4
37.2

7.8
37.8

10.5
39.3

8 .8

1 .1

43.0

41.9

-8 .2
40.2

-6 .2 MEMO: NET TRADE CREDIT
39.9 PROFITS TAX PAYMENTS

53
54
55

49.4
141.4
40.2

47.0
128.3
40.6

43.8
130.1
43.3

42.6
143.6
49.2

41.4
154.6
58.0

42.5
142.0
50.6

42.3
156.6
36.3

41.7
145.7
55.7

41.6
158.6
67.9

41.2
162.6
61.5

41.2
152.7
47.0

(2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. THESE
ARE FORMALLY ISSUED BY STATE AND LOCAL GOVERNMENT
AUTHORITIES, BUT THEY FINANCE PRIVATE INVESTMENT
AND ARE SECURED IN INTEREST AND PRINCIPAL BY THE
INDUSTRIAL USER OF THE FUNOS.
1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

32
33
34
35
36
37
38
39
40
41

47
48
49

PER CENT RATIOS:
53
38.9 EFFECTIVE TAX RATE
107.5 CAPITAL OUTLAYS/INTERNAL FUNDS 54
55
38.4 CR. MKT. BORROWING/CAP. EXP.

(1) FOREIGN INVESTMENT EXCLUDES AMOUNTS FINANCED BY BOND
ISSUES ABROAD, AND BOND ISSUES OUTSIDE THE U.S. ARE
EXCLUDEO FROM FINANCIAL SOURCES OF FUNDS ABOVE.




23
24

129.7
91.7
5.0
86.7

-.8
1 .2

1 .0

19
20
21
22

1 .6

*

34.0

-3.7
7.4

LIQUID ASSETS
DEMAND DEP. + CURRENCY
TIME DEPOSITS
U.S. GOVT. SECURITIES
S. ♦ L. OBLIGATIONS
COMMERCIAL PAPER
SECURITY R.P.'S

1 .6

*

16.3
6.5
-.4
2.7
.4

.1

13
14
15

1 .6

27.8
.3
.2

10
11
12

-18.5 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
-3.5

8.5
13.3
-1.7
1.4
13.7

2.4

PROFITS BEFORE TAX
- PROFITS TAX ACCRUALS
- NET DIVIDENDS PAID
= UNDISTRIBUTED PROFITS
♦ FOREIGN BRANCH PROFITS
♦ INV. VALUATION ADJUSTMENT
♦ CAPITAL CONSUMPTION ALLOW.
= GROSS INTERNAL FUNDS

79.0 GROSS INVESTMENT
97.6 CAPITAL EXPENDITURES
FIXED INVESTMENT
111.5
PLANT ♦ EQUIPMENT
1 1 0 .1
HOME CONSTRUCTION
- 1 .2
MULTI-FAMILY RESIDENTIAL
2.6
-13.9
CHANGE IN INVENTORIES

10.5
17.7
-.5
3.1
15.0

47
48
49

-.1

1 1 2 .6

-60.6
2.4

1 .0

8 .6

68.9
129.5
113.6

-64.5
37.8

6 .6

2 .1
8 .8

8 .6

-28.1
75.0
84.8

-62.5
67.2

-2.4

6 .8

41.3
29.6
29.3

-1.9
2.9
15.9

22.7
-.5

3.6
-3.4
-1.5
5.0

57.9
122.4
116.3
113.1
*
3.2

1 0 0 .2

6 .1

-16.0
-3.3
-12.7
-2 .6
-2.5
4.1

69.3
55.3
10.9
44.4

2 .0

1 1 2 .6
1 .1

-45.7
65.8

52.5
46.8
11.4
35.4

.2

65.2
127.8
118.0

-58.8
28.5

*

1 .0
2 .6

78.5
124.3
112.3
108.8
-1.4
4.8

1 0 .6

-33.4
71.6
80.5

4.3
9.8

1.9
*

18.8
11.4

42.1
27.3
31.4
11.5
-27.7
70.1
85.3

1 2 .0

1 .0

.1

1 00.8

9 MAY 1975
GOVERNMENTS

GOVERNMENTS
7

7

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

I
1973
1974 | III

3
4
5
6

7

1 2 .2

-2.7

1 .0

1.5

1 0 .0

15
16
17
18

-.8

19

.2

20
21

.3
.2

.9

3.6
3.4
4.0

41.0

8 .2

-3.6

13.0
-10.9

15.9
-16.0

-10.7
8.3
5.0
11.9

-11.9
5.4
-2.7

-16.5
1.5
-2.5
5.2

-17.0 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
- 1 .6
DEMAND OEP. + CURRENCY
.8
TIME DEPOSITS
-8.3

1 .6

-9.2
-9.4
-9.9
.5

5.5
5.3
3.1

1 1 .6
.6

3.8

-.6

.1
-.6

.7

1 .1

1 .8

6.4
4.6
1.9

.2

.2

*

.2

_

-.2

•1

.2

•6

.6

.6

.6

13.3
12.3
11.9

.1

.4
.7

.3
.7

.3

.8

1 -1

.9

1 .2

-.2

9.1

7.1

5.1

.4

.4

.5

1 2 .1

.2
1 .2
-1 .0

-.2
1 2 .2

2.3
8.9

11.7
-9.7

6 .6

17.5
16.6
15.7
2.9
12.9

1 1 .2

3.2
8.4
-5.2

221.4
205.1
16.3
-2.4
13.2
-15.6

4.2
4.1
2.3

-.6
1 1 .0

14.9
14.2
13.8
-.7
14.5

11.3

214.0
199.3
14.7

3.8
4.1
3.0

1 .8
1 2 .2

18.5
17.8
17.5
2.5
15.0

1 1 .8

208.8
195.1
13.7

.3

43.8

*
.3

*

.1

23
24
25
26

29

6 .8

12.8

-.3
*
.3

22

27
28

7.2
- 2 .0
- 1 .8
-1.3
-.5

1 2 .2

12 .6

203.3
190.1
13.2

-4.1

.4

-1 2 .1
6.4

197.4
184.8

-9.9
5.2
- 1 .1

-5.4
7.9
-.3
7.2

-4.3
7.6
-2.9

219.0 TOTAL RECEIPTS, NIA BASIS
TAX RECEIPTS
155.8
SOCIAL INSURANCE RECEIPTS
13.7
GRANTS IN AID RECEIVED
49.6

-1.7
14.8

-10.4

10

3.4
6.3
-2.9

213.9
155.1
13.3
45.5

-1 0 .8
6*7
•i
5.7

205.9
192.3
13.6

148.8
136.6

210.9
154.5
13.0
43.4

192.7
177.9
14.8
4.6

184.4
169.8
14.6
9.2
9.4
-.3

133.2
123.3
9.9

1 0 .6

1 .8

13
14

IV |

205.3
149.5
12.7
43.2

186.1
171.6
14.5
8.4
9.7
-1.3

37.4
164.9
150.8
14.1
12.3
7.9
4.5

177.2
129.2

6.3
-4.5

11
12

III

145.3
12.4
42.9

197.3
144.2

207.7
151.1

152.2
114.0
9.2
29.0

200.6

194.6
142.8
11.9
39.8

193.5
141.3
11.7
40.5

135.0
102.3
8.3
24.4

8

9

II

1975
I

STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS

r
1
2

1974

I
IV I

♦

*

2 .0

*

16.5
15.4
13.6
.7
12.9

15.1
14.1
14.2
1.4
1 2 .8

15.7
14.7
14.5
-.5
15.0

1.7

-.1
1 .1

1 .0

.3

2 .0

2 .2

-.1

-1 .8
-2 .1
-.4
-1.7

5.4
5.5
4.9
.6
- .2

CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
DIRECT
U.S. GOVT. AGENCY SEC.

—

.2

—

.3
*

.6

.6

.6

.6

17.3
16.3
14.4
5.9
8.5

18.0
17.1
15.3

15.4
14.5
14.8

2 .8
1 2 .6

15.6

NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
S. + L. OBLIGATIONS
SHORT-TERM
OTHER

1.9

1.8

-.3
.9

U.S. GOVERNMENT LOANS
TRADE DEBT

.2

.6

2 .1

TOTAL EXPENDITURES, NIA BASIS
PURCH. OF GOODS + SERVICES
NET INTEREST ♦ TRANSFERS
NET SURPLUS, NIA BASIS
- RETIREMENT CREDIT TO HH
= GROSS SAVING

19.0
18.1
18.7
3.4
15.4
-.6

.9

1 .0

6.3

- 1 .1

268.3

278.1
124.1
45.9
21.5
86.7

288.6
129.4
49.2
21.9

270.6
108.4
144.5
17.6
-2.3
1.3
-3.6

281.0
111.5
151.6
17.9
-2 .8

-2 .2
9.9

-4.4
7.5
.9

1 .0

.9

♦

-.8

S. + L. OBLIGATIONS
HOME MORTGAGES
TAXES RECEIVABLE

1 .0
.5
1.4 DISCREPANCY
EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTOR.

U.S• GOVERNMENT
1
2

3
4
5
6

7

8

9

10
11
12

13
14
15
16
17
18
19
20
21
22

192.0
92.2
31.0
19.3
49.5

196.5
89.9
33.4
20.4
54.6

227.2
108.2
36.6

258.5
114.1
43.7

291.1
131.3
49.1

261.8
116.7
43.8

2 0 .0

2 1 .2

2 1 .0

79.5

2 2 .0

62.5

88.7

80.2

203.9
96.2
93.2
14.6
-11.9
2.5
-14.4

220.3
97.6
109.0
13.6
-21.9
2.9
-24.8

244.7
104.9
126.4
13.5
-17.5
3.2
-20.7

264.1
106.6
141.3
16.3
-5.6

299.1
116.9
163.4
18.8
-8 .1
2.9
-10.9

263.4
105.3
141.4
16.8
-1.7

-15.2
.7
-2 .0
2.5
.3

-24.9
4.2
- 2 .2
3.3

-2 1 .1

-7.7
4.3
*
-1 .8

-1.3
-8 .2
—
-17.8

.1

.1
2 .6

-6.9
.3
-7.1

2 .8
-.1
-.1

.5

2 .6

3.2
♦
-.3
.4
3.2
1.4
-1.7
•1

23
24
25

-2.3

26
27
28
29
30
31
32
33
34

15.9

.5

.8

35
36

.8

.1

-.8

.3
.6
1 2 .8

.3

1 2 .6
-.1

2.5
-.6

33.4

29.1
.5
25.5
2.4
23.6
-.5
2.9
-.7

32.0

2 .1

-7.8

-.8
—.8
.1

2 .2
1 .0

-7.9
8.7
1.4
-4.5
*
7.5
*
.5
1.3
5.6
3.8
.9
-.3

2 1 .0

1 2 .0

16.6

- .1

-.3
-1 .0
*

—.6
.4
2.9

.5
17.3
3.3
1 0 .6

3.4
3.2

-.1

♦

.4
37.3

-.2

3.0
*
-1 .2
•6

3.6
.3

.4
9.7
2.7
5.0

2 .0
2 .1
.1

.8
1 2 .0

3.0
9.0
*
2.9

-.4

-.1
1 .0

-.1

-3.0
45.2

41.6

1 .1

-2.7

-.6

7.8
*

.8
2 .1

4.9
2 .8

-.4
-.1

2 .0

-11.7
2 .6
1 .1
.1

1 2 1 .6

43.5
21.3
81.8

.1

4.1
-.6
2 .2

*
-.5
-.3
3.1
1.3
-.3
3.1

1 2 .1

.3
10.3
1.7
5.7
2.9
1.3

1 .6

-4.4

-.2
.6
2 .2

*
*

-.6
2 .8

2.5
.8

.7
11.9
1.9
8 .8

3.2
4.1
1.4
1 .6

294.7
136.8
45.7

8 8 .1

291.6
114.3
158.6
18.7
-3.0
9.9
-12.9

304.6
117.2
168.4
19.1
-1.9
-.7
- 1 .2

319.3
124.5
175.1
19.7
-24.5
.7
-25.3

338.0
127.7
190.6
19.7
-56.8
1.3
-58.1

2 .2

-21.7

-55.6 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
14.9
GOLD, SDR*S + OFF FGN EXCH
1 .0
DEMAND DEPOSITS ♦ CURRENCY
11.7
*
TIME DEPOSITS
CREDIT MARKET INSTRUMENTS
15.7
*
SPONSORED AGENCY ISSUES
HOME MORTGAGES
6 .8
OTHER MORTGAGES
3.7
OTHER LOANS
5.2
TAXES RECEIVABLE
-14.4
TRADE CREDIT
.1
MISCELLANEOUS
.8

-7.7
4.3
1 .1
-.8
- .6

2.7
*
.2

•6
1.9
2.4
.9
-1.4
1 2 .0

.4
1.4
3.0
-2 .6
1 .0

9.9

1 .0

-1.3

-1.3

-.9

.8

2 .1
-1 .8

-1.5
41.0

-1.4
42.2

-.1

-5.2
46.8

43.4

281.2 TOTAL RECEIPTS, NIA BASIS
134.0
PERSONAL TAXES
33.4
CORP. PROFITS TAX ACCRUALS
23.0
INDIRECT TAXES
SOCIAL INSURANCE RECEIPTS
90.9

302.7
134.8
55.4
22.5
90.0

20.7
3.4
- 1 .0
.1
8 .0

*
.7

1 .8

5.6
1 0 .0

1.3

2 2 .2

90.0

2 .2
.1

-16.3
.1

16.9
1.3
3.5
1 2 .2

.4
.4

TOTAL EXPENDITURES, NIA BASIS
GOODS + SERVICES
TRANSFERS, ETC.
NET INTEREST
NET SURPLUS, NIA BASIS
- INSURANCE CREDITS TO HH
= GROSS SAVING

-1 .2

.6

18.5
.4
18.2
2.7
17.0
-1.5
-.7
.3
.3

24.0
19.6
3.2
17.5
-1 .1
.7
-1.4
4.4

70.5
.7
69.4
3.0
68.4
- 2 .0
1.3
- 1 .2
.3

-3.4
45.4

-3.5
45.3

-2.5 DISCREPANCY
47.7 MEMO: CORP. TAX RECEIPTS, NET

.6

NET INCREASE IN LIABILITIES
TREASURY CURR. + SDR CTFS.
CREDIT MARKET INSTRUMENTS
SAVINGS BONDS
DIRECT EXCL. SVGS. BONDS
AGENCY ISSUES + MTGS.
LIFE + RETIREMENT RESERVES
33
TRADE DEBT
34
MISCELLANEOUS

FEDERALLY SPONSORED CREDIT AGENCIES
1

.1

.1

.1

.2

.3

.3

.3

.3

.3

.3

2

1 0 .8

3.4

6 .6

2 1 .0

12.9

1 0 .0

-.1

3.2
- 1 .2
5.6
.7
-2 .0
*
.7
-2.7

23.7
♦
24.1

29.5

3
4
5

2 2 .0
.1

.4
16.6

25.5
-.3
28.6
-.4
12.9
3.5
12.4
-.5

35.4
34.5
3.5
14.1
3.2
13.7

2 .6

2.7
9.8
.9

25.0
24.3
24.3
-

34.8
33.9
33.4
.4
.9
-.3

6

7
8

9

10
11
12

13
14
15
16
17
18

*

1.9
5.4
.5
2.3
.3
.7
1.3
•8
1 0 .8
8 .2
8 .2

_
2.5
.1

.1

.2

3.3
3.8
3.8
_
-.5
*

1/75 FIGURES ARE


♦
7.0
-.4
5.5
1 .2
•8

.3
.4
*
-.4
6.5
6 .2
6 .2

.3

-.1

20.3
1.3
8.4

-.2
1 2.2
2 .8

27.8
3.9
9.8

1 .1

1 .0

2 .0
1 2 .1
.1

1.7
6.7
-.3

1 0 .2
1 .8

2 1 .8

23.4

2 .0

8.5
.3
7.2
1.7
19.6
19.6
2 .2

*

9.3

2 2 .1

21.4
.7
1.3
*

1.7

29.2
26.7
26.7
2 .6

♦

2 .8

9.3
2 .1

2.4
-.9
.9
2.4
3.9
20.7
17.0
17.0
3.7
*

-.1

12.3
-5.5
10.7
1.5
5.8
1 .6

.9
3.3
.7
12.7
9.3
9.3
3.4
*

10.4
-2.9

.8
-.2

1 .2

.3
2 1 .0

.3
2 0 .8
1 .6

10.9
2.9
5.3
1.7
.4
3.2
-.1
2 1 .0

20.9
18.6
2.3
.1

.4

.3 CURRENT SURPLUS
1 1 .6 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
-.2

11.4
11.4
8 .2

3.1
-1 1 .0
- 1 .1
.5
-10.5
.4

CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
RESIDENTIAL MORTGAGES (1)
FARM MORTGAGES
OTHER LOANS
TO COOPS (BC)
TO FARMERS (FICB)
TO S+L*S (FHLB)
MISCELLANEOUS ASSETS

11.5 NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
8 .6
SPONS. AGENCY ISSUES (1)
7.6
U.S. GOVERNMENT LOANS
1 .0
2.9
MISCELLANEOUS LIABILITIES
.2 DISCREPANCY

(1) ALL GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS ARE INCLUDED
IN AGENCY SECURITIES. THE MORTGAGE POOLS ARE INCLUDED IN RESIDENTIAL
MORTGAGES.
TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

9 MAY 1975
BANKING SYSTEM

BANKING SYSTEM

8

8
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

SEASONALLY ADJUSTED ANNUAL RATES

I
1973
1974 | III

1972

1973

•1

.1

.2

.1

2 .2

7.8

4.7

18.0

|
IV I

1974
I

II

III

I
IV |

1975
I

MONETARY AUTHORITIES
1

*

2

5.3
-1.4
.7
•8

3
4
5
6

7

8

9

.2

5.0
5.0
*

10

-.1

8.3
- .8

.5
•1
-.3
8.9
8.7

-.4
.7
-.4
1.9
.3
•4

.2

-.2

8.4
3.6
.5

2 .1
-2 .1
1 .1

4.4
.9

3.2
-1 .1

-

11
12

2 .1

13

-.3

14
15
16
17
18
19

3.1
-.4
*
3.5
*
.4

5.3

.1

3.4
*
-.2

-.2

.1

.4
-.9
-.7
9.2
9.3
*
-

.5
- 1 .1
-1 .0
5.2
.9
-

.3
3.0
9.0
5.7
5.8
♦
-

7.7
1.4
2 .0

4.5
-1 .2
.9

17.9
22.5
4.4

-4.7
-15.8
5.7

-1 0 .1
-11.4
.3

4.3
1.7

1 .0
.2
1 .0

6 .2

3.4
-.5

7.0
.4

-.1

-.1

3.9

.2

6.3

- .1

.1
.8

-2 .2

4.4
*

.1

.2

-4.5
—
.5
-4.3
-1 1 .6
10.9

.1

10 .8

♦

.2

3.7
*

.2

20.9
.4

.2

.6

2.9
1.5
-.9
- 1 .2

-.5
7.3
13.1
12.4
.7
-

.2

3.5

20.7

1 .6

1 2 .8

-4.8

-2.5
9.9

3.4

7.7
- 1 .2
.5
8.4

.1
1 .0

- 1 .2

—.8

.2

21.9
.6

.4
4.3
5.8
10.7
9.9
.7

.2

-27.6
-.7
.9
-1 1 .2
-18.4
1 .8

-.3
2 .0

21.7
10.9
4.7

-27.8
-30.1
6.5

6 .0
2 .2
1 .0

4.2
-.5
-.7
5.4

.1

1 .2
.1
8 .6
.2

.4

.1
.1

-8 .2

2.7

-.1

1

.2 CURRENT SURPLUS

2
17.1 NET ACQ. OF FINANCIAL ASSETS
GOLD ♦ FOREIGN EXCHANGE
3
.1
4
.5
TREASURY CURR. + SDR CTFS.
5
F.R. FLOAT
6.7
F.R. LOANS TO DOMESTIC BANKS 6
.7
CREDIT MARKET INSTRUMENTS
7
8.9
8 .8
U.S. GOVERNMENT SECURITIES 8
9
ACCEPTANCES
.1
BANK LOANS N.E.C.
10

16.9 NET INCREASE IN LIABILITIES
MEMBER BANK RESERVES
13.9
-5.2
VAULT CASH OF COML. BANKS
9.5
2.7
.3
6.5
- 1 .1
-.2

DEMAND DEPOSITS ♦ CURRENCY
DUE TO U.S. GOVERNMENT
DUE TO REST OF THE WORLD
CURRENCY OUTSIDE BANKS
TAXES PAYABLE
MISCELLANEOUS LIABILITIES

11
12

13
14
15
16
17
18
19

COMMERCIAL BANKING (1 )
1
2

3
4
5
6

7
8

9
10
11
12

13
14
15
16
17
18
19

3.3
2 .1

45.2
.1

2.9
2.3

3.5
2.7

4.4
3.0

4.8
3.8

4.4
3.1

4.7
3.2

4.7
3.7

4.7
3.8

4.6
3.8

5.1
4.0

58.5

78.3

10 0 .2

1 0 1 .1
.6

72.0
.5
75.1
75.3
1.4
-6.9
8.3

99.5
-.5
72.5
77.7
9.9
5.3
4.6

151.1
-.5
102.3
97.3
-7.6
-13.1
5.5

41.1

*6 .0

23.1
8.5
.5
7.8

.1

8 6 .6

84.4
-.5
62.7
64.4

-1.3
-8 .8
7.6

-2 .6
3.6

78.5
83.7
1.7
-9.0
10.7

25.7
7.2
1.7
9.0
7.8

25.9
5.7
.5

19.0
5.6

25.0
3.5

32.1

6.4
5.9

1 .2

1.3

1 1 .0
8 .8

1 .1

38.4

62.0

.2

.3
83.3

36.6
35.1
10.4
6.9
3.5

51.4
50.6
6.9
3.1
3.8

75.4
70.5
6.5
2.4
4.1

13.9
10.7

23.8

.8
1 .6

1.3
5.7
4.2

10.7
2.9
5.8

19.8
6.7
12.4

1 0 .1

1 0 .6

28.5

52.1

.9

2 .0
.1

1 2 .6

.8

- .2

-.8

*

.1

.1

1 .0

44.4
2 .8

39.1
2.5

_

37.8
-.1
2 0 .2

1 .0
2 .8

15.2
35.8
30.0
5.8

4.8
-3.6

18.3
6.3

6.5

.6

2 .8

3.1
4.7

75.0
5.4

40.1
5.6
33.7

11.4
8.9

1 0 .6

7.9

6 .2

57.0
47.0
-.7

41.8
7.5
34.8
-.4

44.8
4.2
34.2
6.4

6 8 .0
1 .6

_

_

_

_

1 0 .8

-.6

31.4
33.8
-2 .0
-3.5
1.5

29.8
11.3
.5
9.5
8.5

1 2.2

- .2

44.6
48.8
3.8

.8

8 .8

_

_

_

5.1

-4.1

-2.4

5.0

21
22

1 .8

4.1
1.7

- 1 .0
1.4
2.3

3.5

-.3
7.2
15.3

26.8
-1 2 .2
7.4

-1 0 .1

-3.2

1 0 .2

— 1 .6

24.5

1 .0

-23.7
16.5
22.4

8.7

25.9
13.2

15.5
-19.9

81.9
-.9
-5.1
4.1

98.4
3.3
-6.4
9.8

68.7
27.5
3.1
24.4

96.4

147.5
8 .2

.5

-4.8
13.0

39.4
-6 .0
-.7
-5.3

44.3
-7.1
-15.4
8.3

56.9
28.5
28.2

26.6
-15.1
41.0

48.3
15.8
32.4

81.8
47.9
33.9

.1

.1

59.0
14.8
44.0
.3

-19.1
41.0

.6

38.3
35.6
2.4
.3

-1 .8
4.3
-4.3
-1 1 .6

1 .0
1 2 .0

1 .0

1 .0
8 .0

1 .0

1 .0

2.9
8.3

28
29
30
31

38.0
15.2
22.4
.4

32
33
34
35
36
37

1 1 .2

.1

97.3

2 .2
1 0 .8

76.3
16.3
.7
15.6

41.4
8.7
32.4
.3

42.3
9.8
33.0
-.5

50.9
.6

.2

55.0
34.7
19.7
.5

.6

1 .2

1 .2
1 0 .6

1 .0

2 .8

56.8
13.0

-5.0
•8

3.2

1.7
.3

-.3
1.7
*

AO

-3.7
-6.9
3.2

-2.7
-4.1
1.3

41

-.4

- 1 .1

38
39

.2

.1

4.4
-.4
1.9
1.4

1 2 .6

-1 .0
13.6
2 0 .0

30.3

-.9
-.7

2.4
-1 .1
-1 .0
7.2

12.7
3.0
9.0

18.8

1 0 .8

18.2

7.6
2.3
5.3

19.7
3.0
16.8

-1.5

-1.9

-2 .1

-2 .6

-.9

-.6

- 1 .6

-1 .6

- 1 .1

1 .8

.6




23

TIME DEPOSITS
LARGE NEGOTIABLE CD*S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.

28
29
30
31

CORPORATE EQUITIES
CREDIT MARKET DEBT
F.R. FLOAT
BORROWING AT F.R. BANKS
OTHER INTERBANK CLAIMS
TAXES PAYABLE

32
33
34
35
36
37

MISCELLANEOUS LIABILITIES
LIAB. TO FGN. AFFILIATES
OTHER

38
39
40

*

1 .8

-.9

- 1 .6 DISCREPANCY

(1) CONSISTS OF CHARTERED COMMERCIAL BANKS* THEIR DOMESTIC AFFILIATES,
EDGE ACT CORPORATIONS, AGENCIES OF FOREIGN BANKS, AND BANKS IN U.S.
POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES."
1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

20
21
22

2 1 .8

-3.2
-7.1
3.9

23.3
12.5

24.9

12 .8

1 .1

VAULT CASH + MEM. BANK RES.
OTHER INTERBANK CLAIMS
MISCELLANEOUS ASSETS

19

24
25
26
27

.2

.2

19.9
.7
19.2

17.4
4.6

16.4

*

CORPORATE EQUITIES
SECURITY CREDIT

13
14

35.9 NET INCREASE IN LIABILITIES
.9
DEMAND DEPOSITS, NET
3.6
U.S. GOVERNMENT
- 2 .6
OTHER

7.1
6.7
.7

4.3
5.8
-19.9

23.0

9.3
.9
8.4

*

1 .8

7.2

-15.3
-1 1 .2
-18.4
16.5
*

4.8
-.5
7.3
25.9

6 .1
.1

6 .0
.1

17.5

2.9
1.5

8 .1

-1 2 .2

-.2

.1

1 .2
.6

9

15
16
17
18

-5.3

43.6

7
8

OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER

-.2

24
25
26
27

6

-27.1
-5.5
-30.4

-5.2

6 .1

3
4
5

17.5
-4.2
20.4
1.3

-1.7

8 .1

ASSETS

3.9
.5

-3.4

7.2

FIN A N C IA L

5.2
4.0

4.8

6 .0

OF

10
11
12

.8

1 .2

ACQ.

DEMAND DEPOSITS + CURRENCY
TOTAL BANK CREDIT
CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
DIRECT
AGENCY ISSUES
OTHER SECURITIES ♦ MTGS.
S. + L. OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES

1.4
1.7
5.0

N ET

.1
2 .0

20

23

1
2

4.2 CURRENT SURPLUS
3.9 PLANT + EQUIPMENT

41

9 HAY 1975

COMMERCIAL BANKING SUBSECTORS

COMMERCIAL BANKING SUBSECTORS

9

9

SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

1
1973
1974 I III

1
IV |

1974
III

1

IV |

I

II

4.7
3.7

4.7
3.8

4.6
3.8

5.1
4.0

84.8

58.7
43.2
47.4
4.3
1.3
3.0

25.6
-2 .2
-3.8
17.8

1 0 .1

1975
I

COMMERCIAL BANKS
1
2

3.3
2 .1

2.9
2.3

3.5
2.7

3
4
5

38.0
34.7
33.3
10.5
7.0
3.5

56.6
51.1
50.3
7.0
3.2
3.8

77.3
73.5

13.6
10.5

23.9

.8

25.3
7.1
1.4
9.0
7.8
37.6

6

7
8

9
10
11
12

1 2 .8

13

1 .6

1.3
5.6
4.2

14
15
16
17
18

9.1
2.9
4.2

19.4
6.7
11.9

2 .0

.8
.8

19

2 .0
1 .8
.2

4.0
4.1

20
21

.7

1.4

-.1

6 8 .8
6 .0
2 .1

3.9

4.4
3.0

4.8
3.8

4.4
3.1

4.7
3.2

8 8 .6

72.1
56.4
58.1

1 0 2 .0

61.6
70.0
71.4

6 8 .8

1 .0

1 0 .1

-2.4
3.6

71.4
75.6
1.4
-9.4
10.7

25.7
5.6
.4

18.4
5.3

24.4
3.2

1 1 .0

1 .1

8.7

6.5
5.6

1 .2
1 1 .2

56.5

38.6

77.9
80.9
-1.3
-8 .8
7.5

1 .1

8.9

49.8

8 .2

5.9
4.2

114.3
91.7
86.5
-7.6
-13.1
5.5

31.6

22.3

29.1

1 2 .1
1 .2

8 .1

1 0 .8

-7.2

72.9

10.4
7.9

.5
7.8
5.9

.5
9.5
8 .2

4.3
-3.9
•6
3.1
4.5

40.4
4.2
29.8
6.4
-4.0

65.0
5.4
58.0

38.8
5.6
32.3

-1 .0
-3.2

1 0 .1

1 0 .6

2 .8

1 0 .8

27.7

46.7

-.2

-.8

4.7

-3.0

33.3
2.5
-1 .6

39.8
-.7
-4.3

38.8
7.5
31.8
-.4
-1.4

1.5
- 1 .0
2.5

5.8
3.5
2.3

2.9
-.3
3.2

22.5
26.8
-4.3

-8 .6
-1 0 .1
1.5

2 .2

1 .6

.8

5.1

-4.2
8 .6

19.3
1 0 .2

9.0

30.7
2 2 .1

1 .6
6 .0

2.7
5.4
3.7
-4.2
12.9
1.3
-3.5

15.5
-6.9

-15.2
-23.7
8.4

22

1.3

1.5

2.3

4.9

1 2 .8

8 .1

.2

17.0

3.4

6.9

23.8

23
24
25
26

36.3
4.6
2.9
1.7

54.9
13.0

75.3

10.7

69.6
-1.7
-5.1
3.3

99.3
5.3
-6.4
11.7

58.3
28.5
3.1
25.5

81.8
-6 .2

.7
19.4

85.7
13.0
-1 .0
14.0

.6
-6 .8

110.7
-14.5
-4.8
-9.8

57.1
16.0
-.7
16.7

28.9
-2.3
-15.4
13.1

27
28
29

37.6
15.2
22.4

41.1
8.7
32.4

42.8
9.8
33.0

50.3
30.3

56.7
28.5
28.2

54.5
34.7
19.7

25.9
-15.1
41.0

48.2
15.8
32.4

81.7
47.9
33.9

38.0
35.6
2.4

58.8
14.8
44.0

30
31
32
33

1 .1

1 .0
.2

2 .8
-.1

- 1 .8
•8

-3.3
.3

.1

.1

7.1
♦

34
35
36
37
38
39
40

2.5
.8
.2
1 .2
.1
.1
.1

1 .6
.1

2 .1

-.3
1.3
*
.3

1.9
-1 .1
-1 .0
4.3

4.1
3.0
9.0
-6.3

-.4
1.4

.1
-.2
-.2

-2.3
.5

41
42
43

-5.6
-7.2
1.5

-3.2
-4.8
1.5

15.7
.4
15.3

14.6
2.3
12.3

24.9

14.0

15.0

44

-.4

- 1 .1

- 1 .6

-1 .6

-1.5

-1.9

-2 .1

.1
.1

2 .2

.6

.9
♦

.1

2 0 .1

1 .2
1 .1

1.7

-.2

.5
-.4
1.9
- 1 .2
.3
-.4
.2
8 .1

.5
7.7
- 1 .1

2 0 .0
1 .2

*
3.3

-.9
-.7
2 .6
.1

-3.1

.2

25.7
.8

.1

*

-9.3
-4.3
-1 1 .6
5.7
.1
-.1
.8

14.1
.1

1 .0

.3
8.5
.1

33.8 NET ACQ. OF FINANCIAL ASSETS
14.2
TOTAL BANK CREDIT
8 .6
CREDIT MARKET INSTRUMENTS
35.7
U.S. GOVT. SECURITIES
29.9
DIRECT
AGENCY ISSUES
5.8
6 .0
-.2
2 .0

3.9
.3
-33.2
-5.5
-36.4
8 .8

5.7
1 1 .6

10
11
12

OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
SECURITY CREDIT

14
15
16
17
18

2 1 .8

TIME DEPOSITS
LARGE NEGOTIABLE CD'S
OTHER

27
28
29

CORPORATE EQUITIES
CORPORATE BONDS
SECURITY R.P.,S
PROFIT TAX LIABILITIES

30
31
32
33

-.2

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.

3*
35
36
37
38
39
40

MISCELLANEOUS LIABILITIES
LIAB. TO FOREIGN BRANCHES
OTHER

41
42
43

-19.1
41.0
1 .0

-.9

-21.5
-1 1 .2
-18.4
11.5

6.3
6.7
.7
-.9

*

8 .1

-2 .8
4.3
5.8
-15.5

2 1 .6
6 .6

24.2
1.7

1.9
- 1 .8
3.7

1 0 .6

2 2 .6

8 .1

- 1 .1
-6.5
5.4

-2 .6

-.9

- .6

- 1 .6 DISCREPANCY

1.5
1.9
-.4

-.6
- .6

-.1
-.1

1.5
3.6
-2 .1

2.7
-3.3

-1.3

-17.4

15.6
7.7
.3

2.5

22

23
24
25
26

.2

.1

13

MISCELLANEOUS ASSETS

23.6
-.5
7.3
22.4
.4
-.4
-5.6

-3.5

9

OTHER SECURITIES ♦ MTGS.
S. ♦ L. OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES

8.3
2.9
1.5
-1.4
*
-.4
5.6

*

7

7.9

*
-17.6
*

2 .6

6
8

31.9 NET INCREASE IN LIABILITIES
-3.4
DEMAND DEPOSITS, NET
3.6
U.S. GOVERNMENT
-6.9
OTHER

1 .0

- .1

3
4
5

INTERBANK CLAIMS
19
VAULT CASH ♦ MEM. BK. RES. 20
DEP. AT FGN. BANKING AGS. 21

2 .8
.2

♦

1
2

8.7
2.9

1 .0

.4
—6 .0

1 .0

4.2 CURRENT SURPLUS
3.9 PLANT + EQUIPMENT

*

-

44

DOMESTIC AFFILIATES OF COMMERCIAL BANKS
1
2

3

-.9
-1 .0
.1

.2
-.1

.3

4
5

-.9
-1.9

.2

6

1 .0

•6>

-.6
-.2

-.4
-.6

.7
-1.3

1.3
1.7
-.4
1.3
2 .2

-1 .0

.7
.9

2 .1

-.2

4.5
-2.3

.7
2.4
-1.7

3.8
-1.7

2 .1

-1.4
-1.3
-.1

-1.4
-1.4
*

2 .0

2.4
-.4
2 .0

4.7
-2.6

*

-.6

-

-.1

1 .2

— .8 NET ACQ. OF FINANCIAL ASSETS
-.8
BANK LOANS N.E.C.
LOANS TO AFFILIATE BANKS
- . 8 NET INCREASE IN LIABILITIES

2.4
-3.3

COMMERCIAL PAPER ISSUES
MISCELLANEOUS LIABILITIES

1
2

3
45
6

EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
1
2

7.7
2.7

3
4
5

-.1
.2

6

2 .6

7

-

8

.1

*

1 .2
.1
-.2
-.2

.5

*
1.3
*

9

-

1 .2
.1
.1

13

3.5

-.4

14
15
16
17
18

7.7

1 .2

.4

.2
.1

19

.4

20
21

.2
.2

1.7
.3
*
.3
1 .1

“

10
11
12

6 .6

1 .2

.1

*
.3

- .1
1 .6
-.6

.7
-1.3

.1
.1
- 1 .2

.3
.2

*

1 .2

-3.7
-.5
2.5
.8
2 .0

.4

1 .6

9.9
3.9

1 1 .6

.1

.1

*
*
3.7
“
.1

-.4
2 .6
.1

1.4
2.3

5.0
*

*

4.9
*
4.3
.1
- .2

1 0 .8

.1
.1
.1

.2

2.7
-.9
-6.3
.2

2.5

.6

1 1 .6
.8
.2

2.3
5.1

3.2
2.9

2.3
.7
1.5

4.5
2.4

9.9
-.4

-4.3
3.0

2 .2

.5
-.9

4.7
*

.2

4.4
1 .1

5.7
.1
.8

-1.7

-4.3
-1.9
.5
-4.3
1.9

10 .8
-1 .0
.6

-.4

4.9

1 .0

-1.5

1.5
4.8
.6

4.3

12.7
2.4
.3
.1
.1

1.9
“
- 1 .2
-1.4
♦
5.6
7.3

35.5
8.4
.1
.1

*

8 .2

_
*
22.4
.4
-5.6
9.9

1 .6

-.4
♦
1.9
“
_
.1

-.1

*
7.5
“
_
1 .1

4.6 NET ACQ. OF FINANCIAL ASSETS
6.9
CREDIT MARKET INSTRUMENTS
*
U.S. GOVERNMENT SECURITIES
*
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
6.9
BANK LOANS N.E.C.
OPEN-MARKET PAPER
“
_
CORPORATE EQUITIES
SECURITY CREDIT
-.7
-.9
DEM. DEPOSITS AT COML. BANKS
*
TIME DEPOSITS AT COML. BANKS
-.2
LOANS TO BANKS
-.5
MISCELLANEOUS ASSETS

-15.5

11.5

-.1
2 .6
-6 .1

.1

-3.5
-1.3

2 2 .8
.1

-1.4

9.0
6.7

-17.4
-2 2 .0
.3
-6.9
2.5

15.6
-4.8
.3
8.4
3.6

4.5
5.9
-1.4

-3.2
- 1 .1
-2 .1

8.7
4.1
4.6

8 .1

.4
7.7

-.6

.3

-.2
-.6

-.1

.3 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
.3
STATE + LOCAL OBLIGATIONS
CORPORATE BONOS
-.1
HOME MORTGAGES
.2
COMMERCIAL MORTGAGES
-.3
MISCELLANEOUS ASSETS

-.2

.3 NET INCREASE IN DEPOSIT LIAB.

12.7
7.3
.1
2 .2

35.5

4.6 NET INCREASE IN LIABILITIES
4.3
DEMAND DEP. IN MONEY STOCK
*
TIME DEPOSITS
2.9
DEPOSITS OF BANKS
-3.5
LOANS FROM BANKS
.9
1.5

MISCELLANEOUS LIABILITIES
DUE 10 FOREIGN AFFILIATES
OTHER

1
2

3
4
5
6

7
8

9

10
11
12

13
14
15
16
17
18
19
20
21

BANKS IN U.S. POSSESSIONS
1
2

3
4
5
6

7
8

9

.5

.5

.5

.1
.1

.1

.2

.3

.3

.2

.2
.1

*
*
*

•1
*
.3

*
*

.1

*

.1

10
.5
.5

1/75 FIGURES ARE


*
*
♦
*

.5

.5
.3
.1
-.1
.1

*
*

.1
.1

.5

*
-.5
.4

1 .2
.6

.5
.5

-.5

.5

-.2

.2
.1

-

.2
.1

.2

.3
*

-.1

.3
*
♦

*

1 .0

- .2

-.2

-.5
.5

-.2

-.1

-.1

-

-.5
.4
♦

.2

-.1

-.1

*

.1

.4
-

.4
.3
*

.1

-.1

.2

-.2

.2
.2

1 .2

1 .0

-.2

-.2

.3

.3

.3

TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

.5
*
.4
-.1

.3

- .1
.6
.1

1
2

3
4
5
6

7

8

9
10

9 MAY 1975
NONBANK FINANCE SUMMARY

NONBANK FINANCE SUMMARY
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

—

SEASONALLY ADJUSTED ANNUAL RATES

1973

1

1

1973

1974 | III

IV 1

1.7

4.4

5.0

5.7

1 .2

1 .8

2 .1

2 .0

5.7
2.5

3
4
5

55.2

84.9

107.5

1 .0
.2
.1

87.7

1 .1
.2
.1

1 .6
.2
.2

2 .0
.1

78.8
2.4

♦

.3

11.3
39.8
3.8

19.3
60.1

13.4
72.2
.9
3.6
10.9
26.5
15.4
9.0
5.9

6.4
67.7
5.5

1 .8
1 1 .6

15.9
82.8
7.1
5.1
13.2
30.7
16.8
6.4
3.5

23.1
13.5
10.7
4.8
9.1

1 2 .2

6 .0

24.9
15.5
9.5
4.9

14.5
13.0
6.9
4.2

-2.9

-4.4

7
8

9
10
11
12

I

11

III

2 .6

—

1 .1

6 .2
1 .1

5.9
2.9

2 .0

76.1
3.1
-2 .0

74.1
.9
-

82.2
-.9
1.9

84.9
2.5
.9

7.0
66.9
-5.1
5.0

2 0 .6

8 .8
6 6 .0
1 .2

8 .0

5.7
1 .8

-.1

51.5
2 .6

SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS

16
17
18

80.1
16.4
37.0
-1.5

67.3
4.2
38.9
.8

78.0
27.9
42.2
4.3

108.5 NET INCREASE IN LIABILITIES
66.9
TIME + SAVINGS ACCOUNTS
38.1
INSURANCE + PENSION RESERVES
CORPORATE EQUITIES (1)
4.8

20
21
22

18.6
1.5
4c
*
13.5
3.7
-6.7
10.4

15.9
.3
-2 .8

.5
1.5
-3.1

-19.8

3.4
*
6.3

-.8

.6

1 .8
.6

-1 .6

3.5

4.9

4.0

4.3

55.0
17.0

82.2
40.6
24.8
2.7

103.5
46.1
27.1
1.3

82.3
28.1
29.5
-.4

76.2

2 1 .8

72.0
7.8
31.7

1 .0

2 .2

66.9
26.8
28.4
-4.4

79.2
39.6
26.1
.5

4.7
3.0

6 .2

2 1 .0

11.7

26.2

1 0 .2

11.7

4.2

15.9
5.8

.6
.1

2 .0
.1

1 .2

-1.5

.2

*
.3

4.3
7.4

-2.3
*
10.7
16.6
6.4

6.7

1 0 .2

-1.7
4c
7.1

-3.4

1.5

1.4
-1.5

1.3

-2.7

.2

1 .2

.5
5.9
2.5
2.5
*

31
32
33

1 .0
.2

1 .1
-.1

4.1

-3.4

5.8

7.0

.2
8 .8

7.4

34

.3

*

- 1 .0

-1.7

.1

1 .2

.1
.8

.5

1 .2

1.5
-4.6

27.0
19.6
14.3
7.4
3.7

1 .8

4.1
9.1
6.7
2.4

-1 .1

l.l

-4.8

10 .8

7.5
3.3

.1

.1

.1

7.4

4.8

5.9

-.2

-2 .0

.1

7

1.9
.5
5.1

.6

3.4

17.5
17.8
14.0
4.2
10.7

.6

-1 .6

.1

5.8
12.5
2 .8

9.8
*
8.3

2 .8

.1
-.8

2.7
-.5
3.2
-4.7
4c
7.8
.6

13.3
87.3
26.7
1.3
32.6
10.5
8.5
1.7

6

-1 .2
.5
1.7

.6

1.7

-4.6
.7
3.9

-1.9

1 .2

2.3
-1.5
.3
8.4
11.5
4.3
7.2

6.5
67.3
16.3
3.4
19.5
9.1

3
4
5

-6 .8
.5
3.5

3.9

4.5

2.4
67.4
5.8
.9
28.2
7.6
7.9

109.6 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
1 .6
TIME DEPOSITS (MSB)
S+L SHARES (CREDIT UNION)
-.1

6 .1

2.5
.3
1.4

23
24
25
26
27
28
29
30

81.5
5.9
-■
.7

-2.4

1
2

6 .6
.8

-1.3
.5
3.6

36.0

6 6 .8
2 .2

5.8 CURRENT SURPLUS
1.7 PHYSICAL INVESTMENT

11.7

16
17
18

2 2 .0

6.4
2 .2

6 .6

—•6

3.1

mb

5.3
3.0

10.3

70.2
-1.3

1 0 .1
1 .8

19

IV |

1975
I

CORPORATE SHARES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
S. + L. OBLIGATIONS
CORPORATE ♦ FOREIGN BONDS
HOME MORTGAGES
OTHER MORTGAGES
CONSUMER CREDIT
OTHER LOANS

13
14
15

7.6

4.2

5.2

4.4
13.9
17.8
14.6
3.3
3.5

20
21
22

1

PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL

1
2

6

1974

1 .2

.9
4c
-11.4
-1 0 .6
-.1

-10.5
9.9
*
8 .6

CREDIT MARKET INSTRUMENTS
CO RP O R ATE

BONDS

MORTGAGE LOANS IN PROCESS
OTHER MORTGAGES
BANK LOANS N.E.C.
OTHER LOANS
OPEN-MARKET PAPER
FHLB LOANS
SECURITY CREDIT
TAXES PAYABLE
MISCELLANEOUS LIABILITIES

3.0 DISCREPANCY

8

9
10
11
12

13
14
15

19

23
24
25
26
27
28
29
30
31
32
33
34

SAVINGS AND LOAN ASSOCIATIONS
1

1 .0

1 .2

2

14.1
.3

29.8
.5
29.2
5.2
17.3

3
4
5
6

1 1 .6
1 .2

7.2
3.0
.3

1.5

1 .8

1.7

1 .8

1 .8

1 .8

1.7

37.1

29.2

23.7

19.3

19.1

26.3

.6

.6

36.4
4.3
24.8
7.2

27.1
*

.6
2 1 .0

9

2 .2

6 .6
.1
.1

10
11
12

13.3
10.9

29.0
27.8

35.5
32.6

1 .8
.6
-.1

-.1
2 .0

2 .0
1 .2

7
8

13
14
15
16
17
18

1.3
*

.7
-2.7

.6

.1
1 .2

.2

.3

2 2 .0

4.9

.8

1 .2

3.3
13.8
3.8

16.9
-6.7
18.6
4.8

15.8
1.4
11.9
2.3

33.7
-.5
31.7
9.2
17.2
5.2

.8

1 .6

1 .6

15.3
.9

19.5
1.3
16.8
7.0
7.8
1.9

1 2 .0

23.8
-1.3
19.8
5.0
.3
1.7

-1.7
10.5
3.0
2.5

1.4

24.5

14.4
4.0
-2 .8
3.2
9.8

10 .2

18.3
21.4
-2 .2
-3.1
-2.3
3.2
- 1 .0

.2

.2
.1

.2

1.5

.2
2 .1

.2
1 .6

.2
2 .1

.1
2 .6

27.4
20.5

22.3
15.9
6.3
-1.5

17.4

17.8

32.1
27.3
3.6
4c
.3
3.3
*

13.6
*
3.2
10.4
4c

1 .2

-.2

.1
.1

.2

-.1

.7

.7
4c
*
.9

- .2

6 .0

-1.5
.3
7.2
4c
.9
-.1

1 .1

6.7
.1

4c

.3

6 .6
1 0 .1

-2.3
2 .2
1 0 .2

*
.7

-.1

2 1 .8

-3.1
-4.6
-.9
2.4
4c
-.9
.5

1 1 .1

.1

.1

.4

1 .6 CURRENT SURPLUS

36.9 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
-.7
35.1
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
16.9
13.7
HOME MORTGAGES
3.9
OTHER MORTGAGES
.6
CONSUMER CREDIT
MISCELLANEOUS ASSETS
2 .6
36.1 NET INCREASE IN LIABILITIES
46.4
SAVINGS SHARES
CREDIT MARKET INSTRUMENTS
-1 1 .2
.9
MORTGAGE LOANS IN PROCESS
BANK LOANS N.E.C.
-1.7
-10.5
FHLB ADVANCES
TAXES PAYABLE
.1
MISCELLANEOUS LIABILITIES
.8
.7 DISCREPANCY

1
2

3
4
5
6

7
8

9

10
11
12

13
14
15
16
17
18

MUTUAL SAVINGS BANKS
1

.3

.4

.4

.6

.5

.6

2

4.7
.1
.2

1 1 .0
.1
.2

6 .0
.2
.1

3.8

3
4

10.4
*

-.2

1.3
-.7

5

.3
3.8
.3
*

.5
9.6
.9

.6

-.2

1 .2

3.9

2 .1

.4
5.0
-.5
*
-1 .1

.9
.9

1.3
2.7

3.0

2 .6

.1
.2
.1

.3

.1
.2
.2
.2

- .2
.1

16
17

4.4

9.9

.1

.1

18

.1

6

7
8

9
10
11
12

13
14
15

.2

.2

*

9.8
1.4
.5

2 .6

.3

.2

3.7

.6

.6

.5

.5

3.1

8.9

1.5

4.2

1 .0

—.8

.1

.5
-.9
-

mb

-.3
2 .8

.5
.6

.8

9.9
-.4

-.1

.5
-1 .0

4c
1.3
.3
*
-.4

3.1
.3
.3

.5
3.9

.7
1.4
.3

.2
.2

.8
.6

-1.4
-.3
-2 .1

- 1 .8

3.5

.7

2.9
2.7

-.1
1 .1

2 .0

.1

♦
-.5
- 1 .0

1 .0
2 .2

.2
-.1

2 .0
2 .8

.9

3.1

.7
1.5

*
-2.9
.7

1 .0

.3
2.9
.7
-1 .0

1 .1

.1

4c

1 .0

-.9
-.1

.1

-.2

.8

.5 CURRENT SURPLUS
13.1 NET ACQ. OF FINANCIAL ASSETS
1.4
DEMAND DEPOSITS + CURRENCY
TIME DEPOSITS
-

-.1

.1

.2

-.9
4.4
-1 .6

-.3

.4

.7
.3

.1

.4
.5
-.4

1 0 .2
.2

4.7

3.1
.3

.2

8.9
-.5

1.5
-.4

3.0

1.4

2.7
-.3

-.9

.6

1 .0

1 .0

-.2

-.1

.2

.9

-.2

.1

.1

.1

.3

3.4

3.8

1 .2
-.2

3.4

-2.4
3.8
-.4

.7
2.7

-.9

.2

.3
9.9
.1

.3
.5
3.1
1.5

CORPORATE SHARES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES
CONSUMER CREDIT
COMMERCIAL PAPER
SECURITY RP*S
MISCELLANEOUS ASSETS

13.9 SAVINGS DEPOSITS
-.7 MISCELLANEOUS LIABILITIES
.6 DISCREPANCY

1
2

3
4
5
6

7
8

9
10
11
12

13
14
15
16
17
18

CREDIT UNIONS
1
2

1.7

2.9

3.4

3
4
5

.2
.1

.1
.2

1.5
.4

.1
.1
2 .6
.8

6

7

.1
1 .0

8

1.7

3.1

2.9

1 .0

2.9
*
*
2.9

4c

4c

.3
2.7

- 2 .0
3.0

-.1

2.3

.2

.2

.1

4c

4c

2.5

1.9
1.5

.9
2.9

.2

.2

.2

4c

.1
.8

6 .6 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
-.1
SAVINGS * LOAN SHARES
-.1
CREDIT MARKET INSTRUMENTS
6 .8

4.6
*

U.S. GOVERNMENT SECURITIES
HOME MORTGAGES
CONSUMER CREDIT

2.7

*
2.5

4c

4c

2.3

2.7

4c

2.9

1.3

4c

1 .8

.8
.2
2 .1

4.2

1.9

2 .2

2.9

3.4

2.9

2.9

1 .0

2.3

3.4

3.8

1 .2

3.4

6 .6 CREDIT UNION SHARES

*

1/75 FIGURES ARE TENTATIVE



*1) INCLUDES INVESTMENT COMPANY SHARES.
ESTIMATES BASED ON INCOMPLETE INFORMATION.

1
2

3
4
5
6

7
8

9 MAY 1975
INSURANCE ♦ PENSION FUNDS

INSURANCE + PENSION FUNDS
11

11

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

|
1974 |

1973
III

I
IV

1974

I

I

II

III

I
|

IV

1975
I

LIFE INSURANCE COMPANIES
1
2

.8
1 .0

1 .0

1 .6
1 .0

1 .8

1.3

2 .0
1 .6

1.4

1 .8
1 .0

1.9
1.5

1.9

1.4

3
4

9.9

12.7
*

15.0

16.6

16.9

15.5

.2

.1

18.1
-.4

13.6
.7

-1.3

3.6

3.5
10.3
.3

3.1
14.4

2.5
9.5
-.9
.5
3.5
-.7
4.7

.1

5

2 .0

6

7.0

7
8

.1
.1

8 .1
-.2
.1

*

1 0 .2

13.3

5.1
3.3

15.3
6.5

5.2

6 .0

.1

-.1
2 .1

20

.1

.3

*

2 .2

15.3
.2

1.9
1 2 .2
-.1

2 .0
1 .8

17.8
.3
2.3
14.3
.4
.3
4.1

2 .0 CURRENT SURPLUS

1.7 PHYSICAL INVESTMENT

17.2 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
-.3
2 .0

14.6
.1

3.1
.9

14.7
7.4
5.2
*

15.4
7.2
5.4

11.7
7.1
3.1

2 .8

1.5

16.1
7.2
5.7
*
3.2

17.1
7.1

2 .1

18.2
7.4
7.7
♦
3.1

-.5

- 1 .8

- 1 .6

-1 .8

1 .1

-.5

1 0 .1

12.9
1.3

13.0
3.0

1.4
9.3

2.9
7.2

2 .6

1 .8

5.4
*

3.2
7.3
1.4
5.9
*

-.1

.1

-.7

15
16
17
18
19

.9

2 .1

19.1
.4

1.7

1.4
.9

- 1 .0

1 .0

2 0 .8

2 .0

.9

1 .0

.9

5.9
-.5
4.3
*

♦

1 .2

*
5.1
.9
4.6
-1.9
3.5
.9

2.9

.6
1 .0

1.7

.2

1 1 .6
-.2
.2

15.8
7.2
5.7
*
2.9

.8
2 .2
.8

.2

6 .1

*

15.1
7.2
5.2
*
2.7

- 2 .1
4.0

13
14

3.1

13.8

.9

-2 .1
3.2

10
11
12

*

2 .2

*

6.7
.4
4.6
-3.4
3.4
.9

7.0

1.5
-1.3
3.6

♦

5.4
.4
4.7
.4
2.7
.9

5.5

9

3.6
1 2 .1
.1

1 .8

-.1

5.0
.1
6 .2

1 .1

.4

2 .8

*

*

.2

9.1
.1
6 .2
.1

3.4

.3
8.3
.4
4.3

2 .2
2 .8

-.8
2 .0

1 .2

.9

6 .2
-.1

3.9

.9

CORPORATE SHARES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
OTHER MORTGAGES
OPEN-MARKET PAPER
POLICY LOANS
MISCELLANEOUS ASSETS

17.9 NET INCREASE IN LIABILITIES
LIFE INSURANCE RESERVES
7.1
PENSION FUND RESERVES
6.4
TAXES PAYABLE
- .1
MISCELLANEOUS LIABILITIES
4.5
1 .0 DISCREPANCY

1
2

3
4
5
6

7

8

9
10
11
12

13
14
15
16
17
18
19
20

PRIVATE PENSION FUNDS
6 .8
.2

7.7
.4

10.9

5.3

2.3
5.8

1
2

7.1

7.3

.2

-.2

3
4
5

4.6
2.4

8.9
- 1 .6
-.3
-.7

7.1
-.5

-.6
.1

-.7

-.3

4.7
*

.1

.1

.8

6

7
8

.2
2 .1
.1

♦

1 .0
-.8

2 .0
.6
1 .6

2 .0

1 .1

9.4
1.7

7.6
-1.5

7.6

2.9
4.1
.7
3.5

8 .8

3.1
1.5
-.5
1.9

1.7
5.3
.7
4.7

.1

-.1
.6

-.1
.6

.5

.8
-.1
-.2
-.2

1 .1

1.9

2.4

6.7
*
.9

11.5 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY
.9
CORPORATE SHARES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONDS
HOME MORTGAGES
MISCELLANEOUS ASSETS

STATE ♦ LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS
1
2

3
4
5

6.3

7.9

9.4

.1

.1

.1

.2

3.5
4.3

3.9
5.3

3.5
8.7

-.6

.6

2 .1

9

4.0
-.3
-.3
*
-.3
3.8

10

.8

6

7
8

1 2.2

6.3

3.2
3.0
- 1 .6
- 1 .2
-.3
.1

-.1
-.1

.1
-.1
.2
- .6

4.2
.3

5.3
-.3

-.1

-.5

5.9

*

.7
-.1
-.6

8.4
.3

9.7
.5

8 .2

3.0

4.1
3.9
.7
.3
.5
-.5
3.9

6 .2
-.1

-.4
.2
.1
6 .6

-.4

.3

- .2

8.4
-.5

11.7

4.4
4.4
- 1 .1

3.2
7.8
2.3
1.9
.4
-1.9
7.3

-.2

-.9
-.1

5.5

.6

.1

.1

15.9
-.3

13.2
.3

NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS ♦ CURRENCY

1
2

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

4.6
11.5

-.2

9.4
1 .1

.1

CORPORATE SHARES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
DIRECT
AGENCY ISSUES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES

3
4
5

-.1
1 1 .6

3.9
9.0
.4
.3
.1
.3
8.3

13.0
*

*
*

1 .2
1 .2

*

6

7
8

9
10

OTHER INSURANCE COMPANIES
1
2

.8

1 .8

2 .0

1.9

1.5

1 .8

1.7

1.7

1.5

1.4

1 .2

1.2 CURRENT SURPLUS

1

5.5

6 .6
.1

7.9

5.6

5.2

5.6
.4

5.4
.4

5.6

5.1

4.9

- 1 .0

5.3
.3

4.9 NET ACQ. OF FINANCIAL ASSETS
-.5
DEMAND DEPOSITS ♦ CURRENCY

2
3

3.0
3.7
-.4
4.8
-.7

2 .2
2 .8
- .1

-1.4
5.9
.3

1.7
2.9

2 .2

1 .0

1 .8

3.8

4.8
-2 .1

1 .2

.7

.6

-3.7
6.9
.3
.9
5.6
—
.5

-1.7

3.9
-1 .0

-1 .1
5.7
-.5
1.4
4.8
*

3

.1

4
5

1 .0

*

*

8

1.5
2.3

9

*

2.5
3.8
-.4
3.9
.3

10

.5

.3

11
12

3.9
.4

4.1

13
14

.1

3.4

.6
-.1

3.6

4.8

3.2

15

-.8

-.8

-.4

-.1

6

7

3.9
.1

*

*

5.4
.5
.1

*

3.7
.5

*

.1

.2

2.3
.1

5.0

*

*

6 .2

1.3
2 .8
2 .2

2.4
2.7

.6

3.3
-1 .2
*
•6

.6

.6

4.3
.4
♦
3.9

3.7
.5

3.7
.5

4.3
.4

4.2
.4

4.3
.4

4.3
.3

3.2

3.2

3.8

3.8

3.9

3.9

.5

*

.4

.7

.8

.2

*

*
*

*
*

*
♦

*

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1 .2

*

♦

.5

*

1.2
3.7
.4
.9
2.4
.5

CORPORATE SHARES
4
CREDIT MARKET INSTRUMENTS
5
U.S. GOVERNMENT SECURITIES 6
STATE + LOCAL OBLIGATIONS
7
CORPORATE BONDS
8
COMMERCIAL MORTGAGES
9
TRADE CREDIT
10

4.3 NET INCREASE IN LIABILITIES
.3
CORPORATE EQUITIES
*
TAXES PAYABLE
4.0
POLICY PAYABLES
.6 DISCREPANCY

11
12
13
14
15

9 MAY 1975
FINANCE N.E.C.

FINANCE N.E.C.

12

12

SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

1

SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1973

- 1 .1

*

-.5

-.3

I
1973
1974 | III
*

-.3

|
IV I

I

.3

-.2

1974
IF
III

|
IV I

-.6

1.1

-.3

1975
I
.5 CURRENT SURPLUS OF GROUP

1

FINANCE COMPANIES
1
2

3
4
5

.9
.2
.1

.5
.1

6

1 .6

7
8

2.5
-1 .1

10

*

9

.2

4.4
.3

1 1 .0

1 .1

1.3

.3
4.1
3.8

1 .8

2 .8

4.2
3.8
*
.4
*

9.3
5.4
3.8
*
*

10.4

4.2

.2

.2

1.4
5.9
2.9

-1.7

9.4
1 .8

4.1
3.5
.1

2 .1

3.5

1 1 .1
.2

8 .8
.2

4.1

1.7
6.3
2.9

-.3
4.3
4.5

-.4
2.5
1 .8

4.5

2 .8

1 0 .1
1 .0

5.9
3.2

6.5

-6 .6
9.9

.1

.1

.1

.1

7.9
.8
.6

.2

-1.5
4.4
.7

1 .1

3.9
-1 .0
3.8

3.8

.2

1 .2

1.4
.8
.6
.1

5.8

3.0

.2

.2
-.2

-4.5
2 .0
8 .1

-.3
3.3
2 .8

-7.5 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
.2
-4.1
HOME MORTGAGES
-1.3
CONSUMER CREDIT
OTHER LOANS (TO BUSINESS)
-2 .2
-7.9 NET INCREASE IN LIABILITIES
CORPORATE BONDS
1 .2
BANK LOANS N.E.C.
-9.0
OPEN-MARKET PAPER
- .1
TAXES PAYABLE
.1

5.5
.4
-.4
5.4

-.7

.1

.1

1.3
.4
•8

.4

-2 .0
*-

- . 8 NET ACQ. OF FINANCIAL ASSETS

- 1 .1
- 1 .0

-.7
*
*
*
—.8

-.7

-.3

- . 8 NET INCREASE IN LIABILITIES
-.2
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
-.6

1.3
2 .1

REAL ESTATE INVESTMENT TRUSTS
.2
.1
.2

.1

.4

3
4
5

2.4
.5

2 .6

5.0
1.4

6

.6
1 .0

1
2

7
8

9
10
11
12

13
14

.4
.3

.7
.7

.7

.8

.5

.3
.7

5.6
1.3
.7
2.5

.3
.3

1 .2

1 .1

2.3

.3

*

.2

2.7
1.4
1.3

3.0
.9

6 .1

.2

1 .1

-.4
1.5
.1

.1

.2

.1
.2

.4
.7

.4
1.3
2.5

4.0
.7

.8

18

-

-

-

1 .0

4.2
- 1 .2
5.4

.3

.5

4.0
-.3
2.3

.8

.1

.6

1.4
1.4
2.5

*

.1

6.5
.5

1.5
4.6
.5

-

6 .2

.1

1 .2

2 .1
.1

15
16
17

.2

.1
.2

-.5

.1

♦

.2

.3

1 .1

6.3
.7
5.6
.3

♦

1 .0

1 .1

.6

-

.1

*

.1

6 .0

*
*
*

.2

4.3
-3.0

2.5
3.2

-

-

.2
.1
.1

.7
4.3
.2

1.4
.4
.9
2.4
.7
.7
1.3
-.4

.9
.3
.6
1 .1

.3
.4
.5

-.1

.1
.2

1.9
-.4
2.3
*
*

.5
5.2
-2.4

*
9.5
-7.3

3.7
.1

3.6
.3

-

-

*

- 1 .0

.1

.1 PHYSICAL INVESTMENT

*
*

.3

-.3
-.4
-.1
*

.2
.1

-.2
- .1
.1

.1

.1

2.9
-2.7

-.1

.1
-.6
.2

- .6

-

-

-

-

♦

*
*
*

*
_

-

MULTI-FAMILY STRUCTURES
NONRESIDENTIAL STRUCTURES

HOME MORTGAGES
MULTI-FAMILY MORTGAGES
COMMERCIAL MORTGAGES
MISCELLANEOUS ASSETS

MORTGAGES
MULTI-FAMILY RESIDENTIAL
COMMERCIAL
CORPORATE BONDS
BANK LOANS N.E.C.
OPEN-MARKET PAPER
MISCELLANEOUS LIABILITIES

OPEN-END INVESTMENT COMPANIES
* CURRENT SURPLUS

— .6

- 1 .1

—.6

-.2

-.6

*

-.4

-.7

-.5

.6

1.7
*

.6
.1

- 1 .8
*

-2 .2
.3

.8
-.2

.6

-3.6
-.4

-.4

-2 .2
-.3

.9
-.5

<•.8
.2

4.6 NET ACQ. OF FINANCIAL ASSETS
.5
DEMAND DEPOSITS + CURRENCY

4
5

1 .2

-1 .8
*

-2.3

.7
-.4

.6

-.3

-.3

.2

1 .8

1 .2

-1.4
-2 .1

2.9

-.3
-1 .6
-1.5
-2 .1
1.9

1.3
3.2
1.4

7

.5
-.9

8

.1
.2

-2 .2
2.5
.5
.9

- .2

.2

-.5
1.4
*
-.4

-.1

6

.4
*
-.3

9

2 .6

1 .1

-.7

-1 .6

1 .0

1 .2

-3.7

*

3

.5

-.2

.3

.4
-3.6
- .1

- .1

-2.7
2.5
- 1 .2
.8

J

-.9

S
'I
i

1
2

1.5
1.3
-1.5

4.4
.1
.8

CORPORATE SHARES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONDS
OPEN-MARKET PAPER

1 .6

1 .2
.6

3.5

1.4

4.2

4.6 NET SHARE ISSUES

- 1 .0

-4.6

1 .0

SECURITY BROKERS AND DEALERS

.8

1.4

4.3

-3.5

-2 .0

-3.5

.1

.2

.1
-.1
.2

-1.3

-1.3
- 1 .6

.1
.2
.2
-.1
.1

.4

2.3
1.7

.6
1 .8
.1

3.7
.5

1
2

-.3

3
4
5
6

.6
.1

*

.1
.2

*

*

.6

*

.2

*

-.4

*

.9

-5.0

2.9

1 .6

-.3
-6 .6
-4.1
-2 .2
-.3

-.6

♦

1 .6

8

2.5

3.9

.4
-4.6

.1

-1.3

-1.9

-1.3
-2.9

1.5
-4.4

9

1 .0
1 .0

1 .1
1 .1

4.1
4.1
3.9

-3.5
-3.4
-3.2

-3.4
-3.4
-4.0

1 .0
1 .1

.2

- .2

-1 .8
-1.7
-1.4
-.3

.6

.6

7

10
11
12

13

1.9
- 1 .0
-

.7
.5

*

*

*

-.1

*

.4

*

*

*

2.5
1.9

*

1 .8

2.5
-1 .6

-4.8
-4.8
-4.3
-.5

3.3
3.4
4.4
- 1 .0

-.1

- .1

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




*

4.7
3.6

9.9 NET ACQ. OF FINANCIAL ASSETS
* DEMAND DEPOSITS + CURRENCY

1
2

-3.0
-.5

2.9
5.1

2 .1

2 .8

3
4
5

*

CORPORATE SHARES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE ♦ LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREDIT

.1
1 .0

.4
-3.0
-1 .2

-.7
2.9
1.9

-.9
-.8

-.9

-4.8
-4.7
-4.9

.1
-.1

.2
-.1

9.7 NET INCREASE IN LIABILITIES
9.9
SECURITY CREDIT
8 .1
FROM BANKS
CUSTOMER CREDIT BALANCES
1.8
TAXES PAYABLE
- .2

-6 .8

6

7
8

9
10
11
12

13

9 MAY 1975
REST OF THE WORLD
13

REST OF THE WORLD
13
SECTOR STATEMENTS OF SAVING AND INVESTMENT
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1973

I
1974 |

I

1973

IV I

III

I

1974
II

III

IV I

1975
I

REST OF THE WORLD
1
2

3
4
5

3.6
62.9
59.3
3.2
-.4
•8

5.9
9

.2

10

-1.7

11
12

.7
10.3
9.1
.7
.5

13
14
15

-.2

65.5
65.6
3.6
3.8
13.6
22.7
1.3
.3
.5
26.4
26.3
.3
-.2

-.1

♦

18

-5.6

- 6 .8

19

-6.9

-4.1

20
21

1 .0

.3

-2 .6

22

5.1

9.1

-.1

23

-2.5

-1.7

24
25
26
27
28

.1

*
4.6
.9

31
32
33
34
35

4.0
.2
•5
3.6
-.4

2.1
♦
2.8
.7
.3

.1

1.0

17.4

.6

2.3
8.4
8.4
.1

.8

1.4

29
30

11.6
19.7

-.1

2.5
2.9

-.1

2 .1

3.9
100.4
96.4
3.9

1.5
2.7

16
17

2.7
.9
-.3

-6 .0
72.4
78.4
3.8
9.8

1 .6
2 .1

.1
.8

-1.2

.3

11.3
131.2
119.9
3.7
-7.6

-1.5
138.5
140.0
3.7
5.2

-3.1
143.6
146.7
3.3
6.5

1.9
147.5
145.7
3.6

-3.2
31.9
-.2
2.4
6.6

-6.0
5.8

-8.7
7.6

-1 1 .1
28.7

.4
41.3

1.7
25.8
-.5
2.4
13.0

-3.8
31.7
-.1
2.5
7.8

-3.3 NET FINANCIAL INVESTMENT
6
12.9
NET ACQ. OF FINANCIAL ASSETS 7
.1
GOLD ♦ SDR’S (1)
8
-5.0
U.S. DEMAND DEPOSITS
9
-.1
U.S. TIME DEPOSITS
10

.4

3.5
-14.0
-14.5
.5

.3
7.2
-8.9
1.4
14.7

-.1
18.2
14.9

2 2 .6

11.6

3.6
1.4
6.6

1.0

6.6
3.4

-.1

1.9
-6.3
-6.2
-.7
.7

-.1
2.3

1.2

.2

2 .0

-.1
2 .6

-1.3

6.9

1.5
3.4
-4.5

*
17.8
12.9

.2

1 .8

7.6

3.1

.2

-.1

2 1 .6

1 2 .8

1.4

1.5

1.1
2.5
4.0

4.6
2.3
3.0

1.8
3.5
5.9

.7
2.8
-3.0

12.5
5.1
3.9

6.7
5.5

15.3

35.1

1 1 .8

-•2

-.2

1.3

-.4
4.7
1.0
2.9
.8

-.2
7.7
1.0
2.8
3.9

-.2
15.7
2.2
4.8
8.7

♦

.5

-.2
1.9

3.5
.3
3.6
1.5
-1.9

6.3
.3
4.8
3.6
-2.5

1

1 .8

2 .1
1 .1

*

4.6
18.8
-.3
-3.5
*
.3

-.2
1.2

.6
2 .8

-5.9

2.3
-.4

3.0
-2 .2

-7.1

2 .1

1 .2

35.5

16.2

-

16.3

39.8

40.8

.1

.1

.8

1.3

3.5

-.6

15.3
2.5

.1

-1.6
5.0

9.9
2.0
4.2
3.7

6.4

-.5
25.0
1.7
12.9
10.3

-.3
7.9
1.6
-2.6
8.9

14.5
2.9
2.4
9.1

2.2

*
6.5

.1

3.0

-.1
4.0

2.4

-.2
1.3

*
1.7

2 .1

15.4
•6
.9
6.7
7.3

5.4

2.3
6.2
5.4

17.1
.5
9.5
1.7
5.5

14.3

-.3
1.7
4.0

.9
-2 .8
5.5
9.0

3.5

4.8

4.6

*

•8

- 1 0 .0

4.0

1 2 .6

-.2

1.3
-.1

-1.4
2.4
-6.3
2.4
*

U.S. CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
U.S. CORPORATE BONDS (2)
OPEN-MARKET PAPER
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
U.S. BANK LIABILITIES
TO FOREIGN AFFILIATES
DIR. INVESTMENT IN U.S.
OTHER
NET INCREASE IN LIABILITIES
U.S. OFF. FGN. EXCHANGE
♦ NET IMF POSITION
FOREIGN EQUITY ISSUES
CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
BANK LOANS N.E.C.
OTHER LOANS

24
25
26
27
28

SECURITY DEBT
TRADE DEBT

29
30

MISCELLANEOUS LIABILITIES
USG EQUITY IN IBRD, ETC.
FGN. CURR. HELD IN U.S.
U.S. DIR. INV. ABROAD(2)
OTHER

12.0

2 0 .0

.3
-5.6
7.8
9.4

.9
2.3
1 1 .8

5.1

9.5
4.2

4.8

5.5

1.5 DISCREPANCY

.6
.1

Cl) CONSISTS ONLY OF NET PURCHASES FROM U.S.
EXCLUDES ACQUISITIONS FROM OTHER SOURCES.
(2) NET OF U.S. SECURITY ISSUES IN FOREIGN MARKETS TO
FINANCE U.S. INVESTMENT ABROAD.
1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1
2
3
4
5

9.3
113.6
104.3
4.7
-4.7

7.6
.9
.4
2.1

•

5.6
.3
1.4
3.8
.3

.1

5.4 NET U.S. EXPORTS
143.5
U.S. EXPORTS
138.1
U.S. IMPORTS
3.6 TRANSFER RECEIPTS FROM U.S.
-1.8 CURRENT ACCOUNT BALANCE
(U.S. BALANCE, SIGN REVERSED)

6.7
103.7
96.9
3.6
-3.1

2 .1

140.2
138.1
3.6
1.5

9 HAY 1975
MONETARY AND INSURANCE RESERVES

MONETARY AND INSURANCE RESERVES
14

GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

1973

1973
I
1974 | III

1

IV |

1974
I

II

III

1

IV I

1975
I

GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1)
1

-3.3

-3.1

-.7

2

- .8
-1 .2

-1.3
-.7

— .6
♦

3
4

.4

-.2

-1.7

- .2

-.2

-.4

*

-.1
-.2

-.2
.2

-.2

-.4
-.4

-1.4
-1.3

-.1
-.1

*

1.4
.1
.1

-

-

1.3

-2.5

9

.8

_
-

~

-2 .2
-.4
-1.7

10
11

.1

_

-.5

5

8

.1

_

-.6

6

7

1.4
.2
.1
.1

*
*

*

*

♦

- .2
♦
*
*

-

.1

*

_
-

♦

-

*

1.3
1.3
*

-

~

.1

—

-1
•

.1
.1

.1

-

4.0

-.6

.5
.5

.1

1 .2 TOTAL U.S. RESERVES

1

- . 1 U.S. GOLD STOCK AND SDR»S

2

*

1.3 U.S. FOREIGN EXCHANGE POSITION

5

OFFICIAL FGN. CURRENCY HLDGS
TREASURY
MONETARY AUTHORITIES

6

1.3

3.5

-.6

*
*

.3

.6

-1 .0
*

*

*

.3

.6

-1 .0

.1

.8

1 .0
1 .0

.9

*

*

—

2.9
2.9

3
4

-.1

.8

*

U.S. GOVT.— EX. STAB. FUND
MONETARY AUTHORITIES (2)

-.3
.3

.3
.4

*

*

.1

1 .2
1 .0
.2

NET IMF POSITION
U.S. GOVERNMENT ASSET
MONETARY AUTHORITIES

7

8

9
10
11

TREASURY CURRENCY AND SDR CERTIFICATES
.5
.5

•5
.7
-.2

.3
.5
-.2

.5
.3

1.9
.2
1.7

.9
-.3

.7 TOTAL U.S. GOVT. LIABILITY
.5 HONETARY AUTHORITIES ASSET
.1 UNALLOCATED ASSETS

•6

INSURANCE AND PENSION FUND RESERVES

7.2

7.1

7.5

7.3

7.2

.1

7.1

7.2

.1

7.2

7.4

.1

7.2

.1

.1

7.4

.1

6.5

7.3
•1
7.2

7.4

.1

7.1

LIFE INSURANCE RESERVES:
7.2 NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
.1
LIFE INSURANCE COMPANIES
7.1

6 .6

7.3

7.3

7.4

7.2

7.1

7.5

7.3

7.2

7.2 NET CHANGE IN ASSETS (HH)

23.8
3.2

24.4

31.6

25.3

22.5

18.7
5.2
7.3
6.3

2 0 .6
6 .0
6 .8

28.8
5.7
10.9

1 .2
2 1 .2

35.7
.7
35.1

7.9

22.3
5.2
7.7
9.4

1 .0

39.4
9.8
29.5
7.7

30.9

2 .8

2 0 .6

2 .1

2 1 .6

23.8

24.4

31.6

.1

3

5.1

6 .2
.1
6 .1

4

5.2

6 .2

5

2 1 .6
2 .8

10

19.1
2.4
16.7
3.3
7.1
6.3

11

19.1

1
2

6

7
8

9

5.2

6 .6
.1

7.3

1 2 .2

24.3
5.2
9.4
9.7
25.3

8 .2

1.5
19.0
3.1
7.6
8.4

22.5

5.4
7.6

13.0
15.9

PENSION FUND RESERVES:
32.3 NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
1 .2
31.0
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
6.4
PRIVATE PENSION FUNDS
11.5
S. + L. GOVT., RTR. FUNDS
13.2

30.9

35.7

32.3 NET CHANGE IN ASSETS (HH)

-.8

11.7

31.7
5.7
12.9
13.0

2 0 .6

39.4

1 0 .1

6 .2

INTERBANK CLAIMS
1

4.5

5.6

2 .0

7.9

4.8

26.6

-17.9

7.3

42.9

5.8

-36.7

17.9 NET CHANGE IN LIABILITIES

2

2 .1

3.6
.5

-2 .1

1.4

-1 .2
.9

22.5
4.4

-15.8
5.7

1 .6

1 2 .8

-4.8

-2.5

10.9
4.7

-30.1
6.5

13.9
-5.2

MONET. AUTH.— MEM. BANK RES.
— VAULT CASH

1.5

3.0
.5

4.4

-.2

10.5
8.3
4.4
-.4
5.6
-1.4

-9.7
-2 .8

-1 .6
-.4
1.4

-7.8
-9.3
-15.9

32.7
23.6

1 .6

6 .8

1 0 .2

-13.0
-21.5
-29.6
-3.5
11.5

9.2
6.3
7.4
-

3

-.3

4
5

2.7
2.5

6

10

1 .0
.1
•1
1 .2
.1

11

.2

12

13
14
15
16
17
18
19

3.5
-.3

5.8
4.0
3.6
.5

20

.2

-.1

7
8

9

1 .6
-.2

.3
.1

1 .1

-.4
.2
- 1 .2

2 .0
2 .1

.3

2 .6
.1

-.1

2.5

2.3

4.5

5.6

2 .0

1 .0
.8
.2

-.2
.1

1 .6

2 .0
2 .1

1.3
*

-.3

5.1
1.9
-2 .1
-.2
-.2

4.3

4.1
11.9
-2.3
.5
-6.3

-.1

.8
5.7

.1

-.9
*

2 .2

9.0

-6.9

8.4

2.9

FOREIGN BANKING AGENCIES—
DEPOSITS OF BANKS

1.5

7.9

4.8

26.6

-17.9

7.3

42.9

5.8

-36.7

-2 .1
-1 .1
-1 .0

11.9
3.0
9.0

-15.9
-4.3
-1 1 .6

4.4
2.9
1.5

6 .8

1 0 .2

-.4
1.9

- 1 .6
-.9
-.7

-.5
7.3

4.3
5.8

-29.6
-1 1 .2
-18.4

7.4
6.7
.7

.4
1.5

-2 .0
-8 .6
-15.8
5.7
1.5

36.1
19.3

-4.4

2.5

14.7
22.5
22.5
4.4
-4.3

2.9
-1 .0

-2 .1

9.5
5.8
1.4

-7.1
-15.2
-30.1
6.5
8.4

13.9
-5.2
2.9

1 .1

2 .0

2.3

.1

.3

-.4

-.4

-.2

-2.3

-.1

1.5
1.3
*

-.7
-1 .2
.3

4.1

4.2
4.3

-5.5
-6.3

6 .6

.1
-.2

.2

.1
.8

.2

2 .6
.1

1.4

.5

5.7

8 .6

1 .6

1 2 .8

-4.8
2 .2

-2.5
9.0

10.9
4.7
-6.9

-.4

-.4

♦

"

17.9 NET CHANGE IN ASSETS

10.5
1 1 .6

MONETARY AUTHORITIES
F.R. FLOAT
LOANS TO MEMBER BANKS

13
14
15

COMMERCIAL BANKING— TOTAL
COMMERCIAL BANKS
MEMBER BANK RESERVES
VAULT CASH
DEPOSITS AT FGN. BK. AG.
BANK AFFILIATES— LOANS
TO AFFILIATE BANKS

16
17
18
19
20

FOREIGN BANKING AGENCIES
8 .1
-13.0
- 1 .1
4.3
17.2
DEMAND DEPOSITS AT BANKS
11.5
-.9
-1.4
22.4 -15.5
*
24
*
TIME DEPOSITS AT BANKS
.4
-.1
.1
25
LOANS TO BANKS
-3.5
2 .6
-.2
-5.6
5.6
(1) LINES 1 ♦ 2 EXCLUDE INITIAL ALLOCATION OF SDR'S OF $867 MILLION
IN JANUARY 1970, S717 MILLION IN JANUARY 1971, AND S710 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 INCLUDED IN TABLES ON OUTSTANDINGS.
(2) TREASURY GOLD STOCK.

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-.2

-4.3

1.4

.1

- .1

3.2

22

1 .2
.1
.1

*

*

2 .6

.2

21

23
24
25

-15.5

.1

6.9
2.9
-1 .2
.9
3.2

.1

-.4
-5.6
22.4
.4

COMMERCIAL BANKING— TOTAL
COMMERCIAL BANKS
TO MONETARY AUTHORITIES
LOANS FROM AFFILIATES
LOANS FROM FGN. BK. AG.
DEM. DEP. OF FGN. BK. AG
TIME DEP. OF FGN. BK. AG

3
9 MAY 1975
MONEY AND DEPOSITS SUMMARY
15

MONEY AND DEPOSITS SUMMARY
15
MONEY STOCK AND TIME AND SAVINGS ACCOUNTS
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1974
II

|
IV I

III

1975
I

DEMAND DEPOSITS AND CURRENCY
1

14.3

17.4

19.6

16.0

6 .0

-6 .8

31.8

8.9

18.2

*

-2.9

2

1 1 .8
1 1 .6
1 1 .2
1 .1

14.3
14.0

2 0 .0
1 1 .8
.2

10.7
8.3
4.0
.4

1 1 .0
8 .1

- 1 .6
-4.0
-6 .0
1.5
-2.7

13.0
10.5
2.5

4.1
9.1
3.1

1 .8

1 .8

2 .0
1 .2

-2.5
5.5
3.2
2.5

-.8
•8

1.3

27.0
20.5
26.0
-3.3
- 1 .1
1.9
-3.0

9.4
7.4
10.3
-.4

1 .0
1 .2
.2

1 1 .0
•6
1 .0

17.5
15.0
13.1
-.3
-.3
2.4

1.4
4.6
-5.0

MONEY STOCK
DOMESTIC SECTORS
HOUSEHOLDS
NONFINANCIAL BUSINESS
S. + L. GOVERNMENTS
FINANCIAL SECTORS
MAIL FLOAT
REST OF THE WORLD

1 .6

-15.9

6.3

U.S. GOVERNMENT DEPOSITS

3
4
5
6

7
8

9

-2.9

.1

.3

18.4
1.5
1.7
3.2
1.5

5.5

.8
-.6

.1

.1
2 .0
1 .8

2.4

3.6
-1 .1
2.9

2.5

6 .6

.6

21.7
19.2
9.2
-1.3
5.0

-1.4
- 1 .6

4.4

2 .0

2 .6

10

2.5

3.1

-.4

-1.5

-4.6

-17.8

4.8

-.5

-3.6

11
12

14.3
3.1
-.4
*
3.5

17.4
4.4
.9
•1
3.4

19.6
3.2
- 1 .1

16.0
3.4
-.5

6 .0

31.8
4.3
1.7

-.1

3.9

.2

6.3

1 .0

8.9
7.7
- 1 .2
.5
8.4

18.2
9.9

-.1

-6 .8
-1 0 .1
-11.4
.3

1 1 .2

13.0

16.3
.7

1 2 .6
-1 .0
2 .6

-.9
-5.1

3.3
-6.4

8 .2

2 .1
2 .0

2 .6

1 .2
.6

13
14
15
16
17
18
19

2.9

.2
8 .1

2 .2
.2
1 0 .6

4.4

1 .6

14.0

11.0

7.0
.4

7.1

-.8

3.4
27.5
3.1
7.4
17.1

1 .2
.1
8 .6

2.4

*
6 .0
2 .2
1 .0

2.7

-2.9
4.2
-.5
-.7
5.4
-7.1
-15.4
3.2
5.1

1.5

-4.8
2.4

-1 .0

1 0 .6

—6 .0
-.7
1.4
-6.7

10.4 NET CHANGE IN ASSETS

10.4 NET CHANGE IN BKG. SYSTEM LIAB
9.5
MONETARY AUTHORITIES
2.7
U.S. GOVT. CASH ♦ DEPOSITS
.3
FOREIGN DEPOSITS
6.5
CURRENCY
.9
3.6
-5.3
2.7

COMMERCIAL BANKING
U.S. GOVERNMENT DEPOSITS
FOREIGN DEPOSITS
PRIVATE DOMESTIC

TIME DEPOSITS AND SAVINGS ACCOUNTS
1

54.9

81.9

88.5

79.1

78.9

62.8

53.4

87.9

98.2

42.5

86.9

2

41.4
8.7
32.4
.3

42.3
9.8
33.0
-.5

50.9

3
4
5

38.0
15.2
22.4
.4

2 0 .0

56.9
28.5
28.2

26.6
-15.1
41.0

48.3
15.8
32.4

81.8
47.9
33.9

.6

.2

55.0
34.7
19.7
.5

38.3
35.6
2.4
.3

59.0
14.8
44.0
.3

-19.1
41.0
*

6

39.5
1.4
7.2

34.9
-12.7

38.4

1 0 .0

29.5
3.1

41.0
3.6

8

29.8
3.6
7.2

38.0

7

27.5
1.7

1 1 .0
—.6

1 .6
—.6

3.8

2 1 .2
2 .1
2 .0
.1

44.3
1.7
5.2

35.5
-5.2
-8.3

.2

.1
.2

17.0
4.4
1.7
10.9

40.6
9.9
2.9
27.8
27.7

9

.3

10
11

-1.7

12

13
14
15
16
17

1 0 .8
.1

18

44.4

.5

.1

70.3

6 .8
.1
.2

2.7

46.1
1 0 .2

3.4
32.6
32.3
.2

75.4

30.3

-.2
.1

6 .6

5.7

*

-

-

.6

—

.1
6 .8
.6

.1

47.9
15.8
11.9
— .6

2 1 .8

*

.1

-

-

-

-

-

2.9

6 .6

*

3.4

-1.3

6.9

13.0

7.8

- .1

28.1
4.7
2.9
20.5
20.5
*

2 2 .0

7.8

3.1
2.9
15.9
15.7
.3

.2
1 .0
6 .6
8 .6
-2 .0

26.8
2.7
2.3

16.4
1.5
3.8

4.2
-.9

66.9
13.9

2 1 .8
-.1

39.6
8.9
3.4
27.3
25.5
1.9

67.7

59.7

50.8

61.9

76.2

21.9

1 1 .1
1 0 .1

.9

4.0
6.4
-2.4

27.9
3.0
3.4
21.4
20.7
.7

63.3

27.9

71.5

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




8 8 .8 NET CHANGE - TOTAL

1 .2

6 .6

46.4
46.5
-.1

102.5

COMMERCIAL BANKING LIABILITY
LARGE NEGOTIABLE CD'S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.
ACQUIRED BY:
HOUSEHOLDS
CORPORATE BUSINESS
STATE * LOCAL GOVERNMENTS
U.S. GOVERNMENT
MUTUAL SAVINGS BANKS
FOREIGN
AT SAVINGS INSTITUTIONS
MUTUAL SAVINGS BANKS
CREDIT UNIONS
SAVINGS ♦ LOAN ASSNS.
HELD BY: HOUSEHOLDS
CREDIT UNIONS
MEMO: TOTAL OF HOUSEHOLDS
TIME * SAVINGS ACCOUNTS

V

9 HAY 1975
MONEY STOCK RELATIONSHIP
16

MONEY STOCK RELATIONSHIP
16

RELATION OF F/F HONEY STOCK DATA TO DAILY AVERAGE SERIES
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

I
1973
1974 | III

I

1974

I
IV I

II

IV |

III

1975
I

I. TOTAL MONEY STOCK

1
2

3
4
5
6

7

47.1
50.1
-3.1

1^.3
13.9
.4

2 0 .0

- .8

.4
-.4
.3
.4

- .6

.3
-1.3
.3

20.5
-.5
-2.5
1.4
.6

17.5
15.7
1.7
1.7
-.9
2.3
.3

10.7

1 1 .0

1 2 .8
-2 .1

-.3
11.4

-2 .1

2 .8

-.6

-1.9
.3

1.5
-5.6
6.9

.8

-5.9
13.8
-7.0

- 1 .6
4.4
-6 .0

13.0
12.7
•3

.4
5.A
—5.2

.6

-1.5
-1 .8
-6.9
7.2

-6 .1
13.4
-7.2

3.3
3.5

- 1 .1

1.9
1.3

9.4
14.6
-5.2

21.7
19.5

-1.3
6.9
-13.7
5.5

27.0
23.8
3.2

2 .2

.1

4.1
1 0 .2
- 6 .1

NET CHANGES, S.A. QTRLY RATE:
F/F DEMAND DEP. + CURRENCY
DAILY AVERAGE (DAMS)
TOTAL DIFFERENCE

-1.5 TOTAL DIFF. AT QUARTERLY RATE
4.1
ARISING FROM— DATA DIFF.
-1 0 .8
TIMING DIFF.
5.2
SEASCNALS

II. DEMAND DEPOSITS
1
2

3
4
5
6

8.3
9.5
- 1 .2

10.9
10.4
.5

-1.5
.3
-1 .8

-.4
.5

.1

15.5
16.2
-.6

- 1 .2
-2.5
1.4

13.5

4.4

1 1 .0
2 .6

6 .6

7.4
-5.9
13.3

-6 .6
6.9
-13.6

.2
.2

5.5
1.4
3.9

-5.9
1.3
-7.7

4.9
-2 .0
5.8

.2

.6

1 .2

.3

.5

.4

-.3

-.5

-.4

♦

4.0
.4
3.7

-2 .1
1.5
-3.6

.3

*

-.2

-.6

-.3

*

-1.7

.3
2 .0

-1.9

2 .2

8
10

5.9
4.4
1.5

-.9
3.1

7
9

-2.3

2.5
-.9
3.4

-2.5

*

*
-

-.1

-.9

.6

-6.7
- 1 .8
-4.9

-6 .1
12.9

6 .8

-.6

.9
-1.5

-6 .2 DIFFERENCE IN UNADJUSTED
4.1
DATA DIFFERENCE
TIMING DIFFERENCE
-10 .2

-2 . 1
-1.9

3.9
.7

-6 .2
1.3
-7.5
*

- 2.2
5.3

.7
1.2
-.5

1.4
1.9
-.5

1.6

1.5
.1
1.4

-1.0
.1
-1.2

-4.3
- .2

5.7
1 .2

NET CHANGE, S.A. QTRLY RATE:
F/F
DAMS
DIFFERENCE

^ .6 DIFFERENCE IN SEASONALS
1.6

FLOWS VS. LEVELS
ONE-DAY VS. DAILY AVERAGE
SEASONAL BALANCE ADJUSTMENT

III. CURRENCY
3.5
3.0
.5

3.5
-.1

4.3
.1

.9
1.5
-.7

2.1
1.7
.4

2.2
1.4

-1.1
-.1
-1.1

.6
-.3

-1.0
.1
-1.0

6.3
6.2

1.7
.1
.1

1.5
.1
1.3

- .1

1.6

NET CHANGE, S.A. QTRLY RATE:
F/F
DAMS
DIFFERENCE

-.5

TIMING DIFFERENCE

.5
-.4
.9
.1

DIFFERENCE IN SEASONALS
FLOWS VS. LEVELS
ONE-DAY VS. DAILY AVG.
SEASONAL BALANCE ADJ.

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

Money Stock Relationship
Part

Line
Line I of page 15.
Daily averages in th is table are increm ents in month averages from last month of preceding qua rte r to last
m onth of th is q u arter.
I - 2.
5 + 6 + 7.
See Part 11, lin e 5.
Part 11, lin e 6 + Part 111, lin e 4.
Part I I , lin e 7 + Part I I I , lin e 5.
unadjusted flow.

"Seasonal" here means dollar excess of seasonally adjusted flow over

Lines 14 + 18 + 19 of page 15 at q u a rterly rates.
Differences between money-stock concept of demand deposits derived from last preceding all-b an k total
(e ith er last Wednesday of q uarter or Call Report) and fig u re for th at one day, e.g. M arch 29, 1972,
derived from data going into daily-average statistics. Q uarterly increm ents in th is difference.
D ifference between fig u re for period derived from d aily-average data and average for last month of q u arter.
Q u arte rly increm ents in th is difference.

8 + 9 + |0 - N.
D ifference in adjustm ent m ethod:

.

.

seasonal in daily-average series (month average) adjusted as flows less

seasonal in published daily-average series.
Seasonal in F/F demand deposit (based on net change from last day of one qua rte r to last day of next) less
seasonal in daily average adjusted as flows.
A djustm ent to seasonal needed as part of th e balancing of all seasonally adjusted sources and uses of funds
in th e flow -of-fun ds m atrix.
No statistical difference between th e two series.

III

5 -9




In unadjusted data, only difference is between one-day

fig u re for end of qua rte r and th ree-w eek average.
Correspond to lines 7 th ro u g h II in Part I I .

1
2

3
4
5
6

7
8

9
10

9 MAY 1975
U.S. GOVT. SECURITIES
17
U.S. GOVERNMENT SECURITIES MARKET SUMMARY
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
11

1970

1971

1972

1973

1974 |
1 III

2 1 .1

29.4
26.0
2.4
23.6

23.6
13.9
3.3

29.4
7.7
2.7
5.0

33.5

8 .2

3.4

9.7

21.5

.6

2 .0

2 1 .6

8

8 .2

- 1 .1
3.8

6 .2

9

2 1 .1
-.1

29.4
*
- 1 .2
- 1 .1

23.6
♦
-.4
-.3

8.7

.4

1
2

3
4
5
6

7

10
11
12

13
14
15
16
17

12.9
.3
1 2 .6

.3
-.3

1.9

2 .0
- .2

5.0
9.1
7.8
1.3

-.1

1 0 .6

1.5

-.1

26.3
13.9
12.4

8.4
1.3
7.2

.7
1.3
19.6

1 2 .0

3.0
9.0

.1
-.1

21.4

29.4
*
1.3
1.4
*
9.3

33.5
*

.3
-5.7

1

1973

19.7
-9.7
2 .0

-11.7
29.4
1.3
1.4
26.7

IV |

1974
I

III

1

IV |

1975
I

27.3
7.4
1.7
5.7

18.1
7.3
3.2
4.1

25.7
.4
3.0
-2 .6

51.6
19.7
2.7
17.0

38.5
20.7
3.2
17.5

77.0 TOTAL NET ISSUES
71.4
TREASURY ISSUES
3.0
HOUSEHOLD SAVINGS BONDS
68.4
TREAS. EXCL. SAVINGS BONDS

3
4

19.9
1.9

10.7
1.4
*
9.3

25.3
1 .0
.1

17.6

5.6
- 1 .2

6

24.3

32.0
- 1 .1
-.4
33.4

25.7
♦
-.4
-.4
12.4

51.6
*
3.5
3.5
9.9

38.5
-

12.9
15.0
-2 .1

-8.9
-.9
-7.9

14.9
14.9
*

1 .0

17.0

5.2

19.7
*
3.9
3.9
5.8

1 0 .8

18.0
*
-5.5
-5.5
-1 .2

6 .1

3.6
7.2
-3.6

-14.5
-12.7
- 1 .8

-6 .2
5.5
-1 1 .8

-4.5
-.3
-4.1

-.2
-.2

II

27.3
*
2 .8
2.8

-

-.8

*
18.6

1 .6
1 .6

-.3

-.8

7.6

OTHER
BUDGET AGENCY ISSUES
LOAN PARTICIPATIONS (1)
SPONS. AGENCY ISSUES (2)

77.0 NET ACQUISITIONS, BY SECTOR
*
U.S. GOVT. (AGENCY SEC.)
11.4
SPONSORED CREDIT AGENCIES
11.4
TREASURY MARKETABLE
FHLB SPECIAL ISSUE
8 .8
FEDERAL RESERVE SYSTEM
2 2 .6

11.3
11.3

FOREIGN
SHORT-TERM MARKETABLE
OTHER

1
2

5
7
8

9
10
11
12

13
14
15
16
17

18

5.2

-4.4

15.2

18.4

24.8

24.4

19.9

29.2

.8

47.1

2 2 .2

34.2

TOTAL PRIVATE DOMESTIC

18

19

-9.0
.3
-11.4

-14.0
2.4
-1 1 .0
-5.4

1 .6

18.4
3.0
3.7

27.8

3.3
-1.7

16.8
2.7
4.7
11.4

15.8
1.7

18.2
3.2
15.9
- 1 .0

9.7
3.0

8 .0

3.2
-1.5
6.3

-2 8.3
3.0
-21.7
-9.6

PRIVATE DGMESTIC NONFINAN.
SAVINGS BONDS (HH)
TREAS. FXCL. SVGS. BONDS
AGENCY ISSUES

19

-1 0 .6
17.3

37.5
2.7
10.9
23.9

20
21
22

-14.4
2.4
-1 1 .8
-5.0

3.3

14.1
3.2
13.8
-3.0

16.1
3.0
-3.4
16.5

31.2
2.7
6.4
2 2 .2

-2.3
3.2
-13.8
8.3

-40.8
3.0
-34.2
-9.5

PVT. DOM. NONFIN., BY SEC.
HOUSEHOLDS
SAVINGS BONOS
TREAS. EXCL. SVGS. BONDS
AGENCY ISSUES

23
24
25
26

-2.4
-2.5
•1

3.0
2.7
.3

1 .0

12.4

1.4
-.4

1 2 .6
-.2

7.0
7.7
-.7

CORPORATE BUSINESS
TREASURY ISSUES
AGENCY ISSUES

27
28
29

5.3
3.1

-2 .1
-.4
-1.7

5.5
4.9

STATE + LOCAL GOVERNMENTS
TREASURY ISSUES
AGENCY ISSUES

30
31
32

-2 .0
-3.5
1.5

35.8
30.0
5.8

COMMERCIAL BANKING
TREASURY ISSUES
AGENCY ISSUES

33
34
35

16.3
1 0 .2
6 .1

26.7
18.2
8.4

PRIVATE NONBANK FINANCE
TREASURY ISSUES
AGENCY ISSUES

36
37
38

16.3
7.0
5.0

26.7
16.9
8.9
7.9

PVT. NONBANK FIN., BY SECTOR
SAVINGS ♦ LOAN ASSNS.
TREASURY ISSUES
AGENCY ISSUES

39
40
41
42

20
21
22

2 .1

23
24
25
26

-9.7
.3
-12.7

27
28
29

.5
.4
.1

30
31
32

.1
.6

6.7
19.2

6 .0
8 .1

14.8
3.0

27.1
2 .0

14.4
1.7

8.9
16.2

6 .6
6 .1

-2 .6
- 2.8

-.1

1 1 .1

.8
1 1 .0

2 .2
2 .1
.1

-2.4
-3.2
.7

- 1 .8
-3.0

-3.4
-5.2

1 .2

3.5
3.6
*

- .8

- 1 .8
-1.3
-.5

•2
1 .2

-1 .0

.1
-.6

4.1
3.0

-.6

4.1
2.3

1 .1

1 .8

6.4
4.6
1.9

-V.4
-9.9
.5

33
34
35

10.4
6.9
3.5

6.9
3.1
3.8

6.5
2.4
4.1

-1.3
-8 .8
7.6

-2 .6
3.6

1.7
-9.0
10.7

1.4
-6.9
8.3

9.9
5.3
4.6

-7.6
-13.1
5.5

36
37
38

2 .6

2.7

-1.7
4.3

7.1
2.3
4.8

.9
- 1 .1

5.5
2.5
3.0

-5.1
-3.8
-1.3

2 .2

39
40
41
42

3.8

2 .6

5.2
1.4
3.9

7.1
4.3
.9
3.4

.9
*
-1 .0

5.5
3.3

-.4
1.5

1 .0

2 .2
1 .1

-5.1
-6.7
-5.2
-1.5

.3

.9

1.4
.3

-.5

-.2

43
44
45

2 .8

.2

.9

3.8
1 .1

1 .2

-.2

.5

.1
.8

.4
.3

.8

46
47
48

.1

49
50
51

.1
-.1
.1

-.2
-.2
.1

52
53
54

.2
- .1

.3

-.3
*
-.3

55
56
57

-.3
-.3
*

- 1 .6
- 1 .2
-.3

58
59
60

.1
-.1
.1

.3
.5

-.4
-.2
- .2

-2 .6

20.4
2.7
6.5

2 .0

1 1 .6

3.4
4.0

2 .0

1 .1

- .6
.1

.8

.2
.2

.4
.4

.3
.3
*
1 .0

.9
.1
-.6

♦

.1
-.2
.2
.6
.1

.5

-.1

.1
- .1
.2

-.4
-.3

-.1
-.1

-.5

-.1

*

.7
1 .0

1 .6

.2

2 .6

.4

2 .6

1.4
-.4

-.7

-1 .0
-.7
-.3

.3
.3
♦

.2
.2

.2
.2

-.5

- .2

*
*

.2

.2

1 .1
-.1

.7
.5
.3

.3
♦
.3

61

.2

-.3

.1

.5

*

62

1.7

- 1 .6

.2

*

.2

.2

-.2

*

*

.8
.1
.6

.7
.3
.5

.2
.1
•1

.1
.1

.5

-.1

1 .8

5.8
-1.7

1 .0

-2.3

*
-.3

-.1

-1.3
-1.3

6 .1

.2
.2

-.4

.8

-.4
- 1 .0
•6

.1
.2
- .1

.6

5.8
5.0

1 .8

.2
.1
.1

.7

.1

-1.4

-.9

-.3
•1

-.1

1 .2

9.2
3.1

-1.3

3.8
1 .0
2.8

-.6
- 1 .2

-1.4
-.9
-.5

1.3

1 .2

-5.3
6.4

2 .2

*

.5

*

-.9
-1 .0

-.4
-.1

*

-.3

.4

- .1

.2

.1
.2

-.5
-.9
.4

.4

-.3
.2

2 .0

.3
*
.2
.8

.3
.5
.4
•1
.3

.2

2 .6
1 .2

-1 .0

-.9

2.3
1.9
.4

-.2
-.2

1 .2
1 .2

*

-.5

- 1 .1
-.2

-.1

*

.7

-.6
.1

1.4

*

.3
-.2
.6

1 .8

.6

.1
-.2

MUTUAL SAVINGS BANKS
TREASURY ISSUES
AGENCY ISSUES

43
44
45

4.6
4.4

CREDIT UNIONS
TREASURY ISSUES
AGENCY ISSUES

46
47
48

LIFE INSURANCE
TREASURY ISSUES
AGENCY ISSUES

*9
50
51

PRIVATE PENSION FUNDS
TREASURY ISSUES
AGENCY ISSUES

52
53
54

S. + L. GOVT., RTR. FUNDS
TREASURY ISSUES
AGENCY ISSUES

55
56
57

OTHER INSURANCE COMPANIES
TREASURY ISSUES
AGENCY ISSUES

58
59
60

INVESTMENT COS. (TREAS.)
SECURITY BROKERS ♦
DEALERS (TREAS.)

61

.3

.2
.1

*

.1

1.4
1.4

2 .8

*

1.3
1 .0

.3

- 1 .2

-1.5

1.3

1.4

-4.1

-.6

3.6

2 .1

.4
.3
.1

.4
.6
- .2
.1
2.8

(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. SPONSORED AGENCY ISSUES INCLUDE
GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS.
1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




62

9 MAY 1975

PRIVATE SECURITIES AND MORTGAGES

PRIVATE SECURITIES AND MORTGAGES

18

18

PRIVATE SECURITIES AND MORTGAGES
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

|
1973
1974 | III

I
IV f

1974
I

II

I
IV |

III

1975
I

STATE AND LOCAL GOVERNMENT SECURITIES
1
2
3
4
5

11.2
11.2
2.3
8.9
-

17.6
17.5
2.5
15.0
.1

1*.4
13.8
-.7
14.5
.5

13.7
11.9
-.2
12.2
1.8

17.4
15.7
2.9
12.9
1.6

15.6
13.6
.7
12.9
2.0

16.0
14.2
1.4
12.8
1.8

16.1
14.5
-.5
15.0
1.6

20.4
18.7
3.4
15.4
1.7

15.7
14.4
5.9
8.5
1.3

17.2
15.3
2.8
12.6
1.9

16.3
14.8
-.8
15.6
1.5

STATE ♦ LOCAL GOVERNMENTS
SHORT-TERM
OTHER
CORPORATE BUSINESS
(POLLUTION CONTROL)

2
3
4
5

6
7
8
9

11.2

17.6
-.2
1.0

13.7
4.3
-.1
.2

17.4
9.8

15.6
, 8.9
-1.5
-.2

16.0
2.0
-2.5
.1

16.1
4.6
2.1
.2

20.*
9*5
*
-2

15.7
18.1
.1
.2

17.2
7.0
.2
.3

16.3 NET CHANGE IN ASSETS
15.6
HOUSEHOLDS
-.4
CORPORATE BUSINESS
-.2
S. + L. GOVT., GEN. FUNDS

7

-.3

14.4
1.0
1.0
.2

9

10
u

10.7
*

12

1

12.6
.2
.1

7.2
.5
*

5.7
*
*

5.6
*
.2

3.5
-.3
.2
.1
4.8
.1

12.2
-.1
-.1
-.5
3.3
1.6

8.5
-1
.5
-.1
2.4
-2.2

11.3
~-2
.2
-1.9
1.4
*

-3.6
*
*
-.1
.9
.1

6.3
.2
.3
-.2
2.8
.4

.1
COMMERCIAL BANKING
.5
MUTUAL SAVINGS BANKS
.3
LIFE INSURANCE COMPANIES
.3
S. + L. GOVT., RTR. FUNDS
.9
OTHER INSURANCE COMPANIES
-.7
BROKERS + DEALERS

10
11
12
13
14
15

-.8
-.6
.2

13

-.3

15

1 .5
.6

.1
3 .9
.1

- .1
4 .8

-.1

.6

.2

-.6

-.6

3.9
.2

1.8
-.4

6
8

CORPORATE AND FOREIGN BONDS
23.8
19.8
.!
2.5

20.2
12.2
i.i
5.4
.4

12.5
9.2
4c
1.8

1 .0

1 .0

2 .2

2 .5

1 .7

24.6
9.3
1.3
9

20.2
5.2
1.7
2.1

12.5
1.1
.5
-1.1

23.3
-2.3
1.1
1.0

12.5
-1.4
1.2
-2.1

12.7
6.1
1.3
-1.8

21.7
3.3
.5
3.5

22.7
-6 .6
.5
.7

18.5
-11.8

9.3

12

9 .6
1 .5

10.8
7.0

13
14

2.1
3.

-.7

12.4
5.9
1.6
5.9
-1.0

22.4
5.4
4.7
8.4
3.8
-.4
.1

14.7
6.7
3.5

7.7
5.0
-.1
3.9
-1.2
-1.4
1.5
-.7

13.6
3.5
1.9
5.5
2.7
-.3
.2

25.9
9.1
4.7
7.3
4.8
-2.1
2.5
1.8

.5
.9

23.8
10.7
.8

1.2
H

Jg

Ij

24.8
18.8

.9

3.8
.4
.9

5 .5
4 .2

-.8

.3

5.3
-.7

,6
.2
.3

.2
.1

.!

.6

-.9
.4
.1

23.3
19.7
.2
1.1
.1

1 .4

12.5
10.5
-.1
1.0
.2

12.7
8.5
.8
.8

.7

.8

2 .0

6 .6

-2.1
.9
-1.3
.5

21.7
17.1
.3
1.2
.5

.8

22.7
19.0
.4
1.4
*

18.5
30.3
38.5 NET ISSUES
16.625.9
34.8
CORPORATE BUSINESS
*
*
*
COMMERCIAL BANKS
.4
1.3
1.2
FINANCE COMPANIES
-.1
.1
REITS
1 .6
2 .9
2 .4
R E S T OF T H E W ORLD
30.3
5.9
2.8
.3

2.0
3.9

29.0
5.1
6.7
11.6
5.6
-1.5
1.0
1.4

21.1
4.1
5.4
9.4
2.22.4
1.2
-3.0
2.1

24.9
INSURANCE
11
8.3
LIFE INSURANCE COMPANIES
12
5.9
PRIVATE PENSION^FUNOS,^^
13
8.3
S. ♦ L. GOVT., RTR. FUNDS 14
OTHER INSURANCE COMPANIES
15
.8
OPEN-END INVESTMENT COS. 16
2.9
BROKERS ♦ DEALERS 17
-.3
REST OF THE WORLD 18

.6

-.4

38.5 NET PURCHASES
4.2
HOUSEHOLDS
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS

CORPORATE EQUITIES
1
2
3
4
5
6
7
8

10.4
2.6
7.7
5.7
.1
.4
1.4
.1

14.8
1.1
13.6
11.4
.6
.6
.9
*

12.9
-.7
13.6
10.9
1.2
.5
1.5
-.4

8.0
-1.6
9.6
7.4
1.2
.5
.7
-.2

5.9
1.0
4.9
4.1
1.0
.4
-.4
-.2

10.1
1.2
8.9
5.1
2.8
.5
.5
*

2.7
-3.7
6.3
8.9
-1.8
.5
-1.2
*

7.8
*
7.8
6.2
1.0
.4
.1
.1

3.9
-1.6
5.5
5.0
1.0
.4
-.4
-.5

1.4
1.4
*
1.0
.4
-1.0
-.3

10.4
4.2
6.2
5.2
1.0
.3
-.2
-.2

8.1 NET ISSUES
OPEN-END INVESTMENT COS.
4.6
OTHER SECTORS
3.5
CORPORATE BUSINESS
2.5
COMMERCIAL BANKS
1.0
OTHER INSURANCE COMPANIES
.3
REITS
-.2
REST OF THE WORLD
-.1

1
2
3
4
5
6
7
8

9
10
11
12
13
14
15
16
17
18
19
20

10.4
-1.7
.1
.3
9.7
2.0
4.6
2.1
1.0
1.2
.1
.7

14.8
-5.3
*
.5
18.2
3.6
8.9
3.2
2.5
.4
.2
.8

12.9
-5.4
.1
.6
17.0
3.5
7.1
3.5
3.0
-1.8
.1
2.3

8.0
-6.2
.1
.4
14.9
3.6
5.3
3.9
2.2
-2.3
.4
2.8

5.9
-1.0
.2
6.6
2.2
2.3
3.5
-1.4
-.5
.1
.4

10.1
-.3
-.3
10.8
3.1
2.9
3.0
1.7
-2.2
-1.3
3.5

2.7
-19.9
.5
18.2
3.1
8.8
4.1
2.2
.4
1.6
1.9

7.8
-2.5
.8
11.1
2.5
3.1
4.4
1.0
-2.7
-.3
1.5

3.9
-4.1
—
-.1
6.0
2.1
1.7
3.2
-1.1
-•3
2.5
*

1.4
-1.3
*
1.4
1.9
1.4
1.8
-3.7
-.1
1.0
.3

10.4
4.0
.1
8.1
2.3
2.9
4.6
-1.7
1.3
-3.0
-.1

8.1 NET PURCHASES
HOUSEHOLDS
-9.8
COMMERCIAL BANKING
~
MUTUAL SAVINGS BANKS
•3
INSURANCE
10.3
LIFE INSURANCE COMPANIES
2.0
PRIVATE PENSION FUNDS
3.2
S. ♦ L. GOVT., RTR. FUNDS
3.9
OTHER INSURANCE COMPANIES
1.2
OPEN-END INVESTMENT COS.
-.2
BROKERS + DEALERS
2.9
REST OF THE WORLD
4.6

9
1C
11
12
13
14
15
16
17
18
19
20

44.2

46.7

1
45.7 NET CHANGE IN MORTGAGES
BORROWED BY:
*
U.S. GOVERNMENT
2
SAVINGS ♦ LOAN ASSOCIATIONS
3
.9
*
REITS
4
PRIVATE NONFINANCIAL SECTORS 5
44.7
HOUSEHOLDS
6
27.6
NONPROFIT INSTITUTIONS
7
1.4
BUSINESS
8
15.8
FARMS
9
5.6
NONFARM NONCORPORATE
10
4.4
CORPORATE
11
5.7

TOTAL MORTGAGES
1

26.4

48.9

68.8

71.9

54.4

77.0

58.1

56.7

70.1

2
3
4
5
6
7
8
9
10
11

-.1
.6
.1
25.7
12.5
1.*
11.9
1.8
4.9
5.2

-.1
2.0
.1
46.9
24.2
1.2
21.5
2.0
8.0
11.4

-.1
1.2
.5
67.3
38.4
1.4
27.4
2.6
9.2
15.6

-.1
-1.5
.3
73.2
44.2
1.4
27.6
4.4
7.1
16.1

-.1
-1.5
.1
55.9
32.5
1.4
22.0
4.9
6.1
10.9

-.1
-2.3
*
79.3
47.8
1.4
30.1
4.7
7.8
17.7

*
-4.6
•2
62.6
40.4
1.4
20.9
4.5
3.0
13.3

*
*
.3
56.4
34.2
1.4
20.8
3.3
5.0
12.6

-.1
♦
*
70.2
37.8
1.4
31.0
5.6
8.0
17.4

-2.8
.1
46.8
26.4
1.4
19.0
5.5
6.2
7.3

-.3
-3.1
.1
49.9
31.5
1.4
17.1
5.3
5.3
6.5

12
13
14
15
16

26.4
.1
.3
*
5.8

48.9
.2
*
*
6.3

68.8
-1.8
-.2
*
6.7

71.9
.5
-.6
*
10.4

54.4
1.1
1.8
15.0

77.0
1.6
2.9
*
11.8

58.1
1.4
-.9
*
11.4

56.7
-.5
-.6
*
12.0

70.1
.7
.8
—
16.6

44.2
1.0
2.4
17.3

46.7
3.2
4.7
*
13.8

45.7 FUNDS ADVANCED BY:
HOUSEHOLDS
.7
U.S. GOVERNMENT
10.5
*
S. ♦ L. GOVT., GEN. FUNDS
SPONSORED CREDIT AG. (1) (2)
11.1

17
18
19
20
21
22

20.1
2.5
12.1
10.2
1.8
.1

42.3
9.9
28.0
23.9
4.0
*

64.2
16.8
37.7
31.9
5.6
.2

61.6
19.8
32.6
26.9
5.7
-

36.5
12.3
19.7
17.6
2.2
*

60.8
20.3
29.0
23.4
5.6
*

46.2
18.6
19.0
14.2
4.8
*

45.7
14.0
25.3
22.4
2.9

51.9
18.0
28.0
24.7
3.2
“

23.4
7.6
15.6
13.5
2.1
♦

24.9
9.2
10.1
9.7
.4
*

23.4
4.4
19.1
17.6
1.5
*

23
24
25
26
27
26
29

3.3
2.3
.1
.8
*
.1
2.1

.8
1.1
-.6
.3
*
1.1
2.5

.8
1.8
-.7
-.3
*
4.1
4.9

3.4
3.9
-.3
-.1
*
1.4
4.5

5.4
5.1

5.9
6.3
-.2
-.2
*
-.3
3.0

4.1
3.9
.1
.1
*
-.4
2.7

6.3
6.2
-.1
.1
*
-1.5
1.2

5.5
5.5
♦

.3
*
-1.7
.7

4.4
5.0
-.1
-.4
*
1.7
5.3

5.7
4.6
*
1.1
*
-.2
.1

4.8
4.7
♦
.1
-4.1
-.8

30

1.3

-2.7

*

7.2

6.7

10.2


1/75 FIGURES ARE TENTATIVE


—

*

*

*

—
-4.5
-1.0

PRIVATE FINAN. INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S+L ASSOCIATIONS (1)
MUTUAL SAVINGS BANKS
CREDIT UNIONS
INSURANCE
LIFE COMPANIES
PRIVATE PENSION FUNDS
S. + L. GOVT., RTR. FUND
OTHER INSURANCE COS.
FINANCE COMPANIES
REITS

9.8
3.2
-10.5 (1) MEMO: FHLB LOANS TO S+L
2.4
3.3
10.4
ASSOCIATIONS (INCLUDI
(2) INCLUDES MORTGAGE POOLS BACKING GNMA—GUARANTI

ESTIMATES BASED ON INCOMPLETE INFORMATION.

12
13
1*
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30

9 MAY*1975
MORTGAGES, BY TYPE

MORTGAGES, BY TYPE
19

19

MORTGAGE MARKETS BY TYPE OF MORTGAGE
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

I
1973
1974 1 III

I
IV 11

1974
I

|
IV |

1975
I

II

III

39.4
37.8
.9
.9
-.1
*

23.7
26.4
♦
*
♦
-2.8

25.0
31.5
-1.5
-1.5
-.3
-3.1

26.6 NET BORROWING
27.6
HOUSEHOLDS
NONFARM NONCORP. BUSINESS
-1.0
-1.0
CORPORATE BUSINESS
4c
U.S. GOVERNMENT
.9
SAVINGS * LOAN ASSOCIATIONS

1
2
3
4
5
6

23.7
.6
.7
11.7
3.1

25.0
.6
1.3

26.6 NET CHANGE IN ASSETS
-1.5
HOUSEHOLDS
U.S. GOVERNMENT
6.8
*
STATE ♦ LOCAL GOVERNMENTS
6.9
SPONS. CREDIT AGENCIES (1)
3.9
COMMERCIAL BANKING

7
8
9
10
11
12

HOME MORTGAGES
1
2
3
4
5
6

13.4
12.5
.2
.2
-.1
.6

28.0
24.2
1.0
1.0
-.1
2 .0

.6
-.1
1.2

41.7
44.2
-.4
-.4
-.1
-1.5

30.0
32.5
-.4
-.4
-.1
-1.5

44.5
47.8
-.5
-.5
-.1
-2.3

32.4
40.4
-1.7
-1.7
*
-4.6

32.0
34.2
-1.1
-1.1

41.7
-.9
-1.2
*
6.4
11.0

30.0
-.2
.5
9.8
6.4

44.5
-.1
.8
*
7.5
11.4

32.4
.5
-.5

32.0
-1.5

4c

*

7.2
10.6

8.0
7.8

39.4
-.4
.2
10.6
9.5

13.9
11.9
2.0

18.1
17.2
.9

20.8
19.8
1.0

11.1
10.5
.7
*

8.0
7.8
.2
4c

14.6
13.7
.8
*

-.7
-.7
.1
-.4
.7

♦
.1
-.1
-1.5
.3

.9
.9

1.3
1.2

.4
.4

4c

4c

4c

-4.5
*

- .2
4c

-4.1
-.3

8.6
6.2
2.4

40.7
38.4
•6

7
8
9
10
11
12

13.4
*
-.1
*
5.1
.9

28.0
*
-.3
4.8
5.7

40.7
-2.6
-.6
♦
4.3
9.0

13
14
15
16

8.2
7.2
.9
.1

18.7
17.3
1.3
*

27.9
24.8
3.0
.2

24.6
22.0
2.6

14.5
13.8
.7
*

21.5
18.6
2.9
4c

4c

17
18
19
20
21

-1.2
-1.3
.1
.1
.5

-2.7
-2.1
—•6
i.i
.7

-2.8
-2.1
-.7
4.1
1.4

—•8
-.5
-.3
1.4
1.3

.4
.4
*
-1.7
.3

.3
.4
-.1
1.7
1.4

-.1
•1

4c

- .2

-.3
1.0

4c
4c

4c

4t

8.8
5.2

SAVINGS INSTITUTIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS

13
14
15
16

INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
FINANCE COMPANIES
REITS

17
18
19
20
21

MULTI-FAMILY RESIDENTIAL MORTGAGES
4.6
3.2
1.4
.1

6.8
4.8
1.9
.1

8.0
5.6
2.4

8.0
5K.6
2.3
4c

4c

4.6

8.0

-.8
2.1
.7

6.8
.2
-.8
2.5
.5

.4
2.5
.9

8.0
-.5
1.5
2.5
.4

8.6
.1
3.3
2.1
.6

2.6
1.9
.7

1.8
.7
1.1

2.4
1.7
.7

2.2
1.8
.4

1.2
.7
.5

.5
.4
.1

2.3
2.0
.3

SAVINGS INSTITUTIONS
SAVINGS * LOAN ASSNS.
MUTUAL SAVINGS BANKS

10
11
12

.7
-.4
1.4

1.3

1.2
.1
.7

1.5
.1
.4

2.8

.9
1.1

-.3

1.8
.1
-.4

LIFE INSURANCE COMPANIES
S. + L. GOVT., RTR. FUNDS
REITS

13
14
15

16.7
1.4
1.5
13.7
.1

14.6
1.4
1.3
11.8

17.0
1.4
1.6
14.1
4c

7.0
1.4
.6
5.0
.1

7.7
1.4
.6
5.6
.1

6.2 NET BORROWING
1.4
HOUSEHOLDS
.5
NONFARM NONCORP. BUSINESS
4.4
CORPORATE BUSINESS
4c
REITS

3
4
5

7.0
-.1
3.7

7.7
.4
3.4

6.2 NET CHANGE IN ASSETS
HOUSEHOLDS
.3
U.S. GOVERNMENT
1.8
COMMERCIAL BANKING

7
8
9

2.2
1.9
.3

SAVINGS INSTITUTIONS
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS

10
11
12

1.9

LIFE INSURANCE COMPANIES
OTHER INSURANCE COMPANIES
REITS

13
14
15

8.8
6.2
2.6
*

10.4
7.3
3.0
.2

8.5
5.9
2.5
.1

7.8
5.6
2.2
*

9.7
6.6
3.1

5.9
-.8
.5
.3
•1

8.8
-.1
.4
.8
.7

10.4
1.2
.3
1.2
1.6

8.5
.1
.4
2.0
1.2

7.8
1.1
2.4
.6

9.7
.1
1.9
2.3
1.1

10
11
12

2.4
2.1
.4

5.3
3.5
1.8

4.5
3.4
1.1

3.1
1.8
1.4

1.6
1.2
.4

13
14
15

1.9
.8

.7
.3
.7

.5
-.3
1.2

1.1
-.1
.7

1 .6

1
2
3
4

5.9
4.3
1.5

5
6
7
8
9

*

.6

4c

.3
•3

4c

4c

-.2

4c

4c

♦

4c

7.3 NET BORROWING
5.0
NONFARM NONCORP. BUSINESS
2.3
CORPORATE BUSINESS
4c
REITS

1
2
3
4

7.3 NET CHANGE IN ASSETS
HOUSEHOLDS
.1
U.S. GOVERNMENT
2.3
SPONS. CREDIT AGENCIES (1)
1.1
4c
COMMERCIAL BANKS

5
6
7
8
9

COMMERCIAL MORTGAGES
1
2

3
4
5

5.4
1.4
•4
3.6
.1

10.1
1.2
.9
7.9
•1

15.1
1.4
1.3
12.0
.3

17.3
1.4
1.6
14.1
.2

11.6
1.4
1.0
9.1
.1

18.1
1.4
1.7
15.0

5.4

10.1

17.3
.1
6.9

11.6
.2

16.7
*

14.6
.3

-

-

4.8

18.1
*
7.2

6.7

5.1

17.0
.1
7.1

4.9
3.1
1.7

3.6
2.6
1.0

4.9
3.0
2.0

3.3
1.6
1.7

4.8
3.5
1.4

4.9
3.2
1.7

3.3
2.3
1.0

1.5
1.5
.1

2.9

2.8
*

3.5

4.4
*
2.3

3.1

4.3

2.3

*
1.2

*
3.0

15.1
-1.2
*
5.4

10
11
12

1.5
1.0
.6

4.1
3.1
1.0

5.2
3.7
1.5

13
14
15

1.8
*
1.0

2.5
*
1.1

3.4

6
7
8
9

-.2

-.6

*

2.3

*

2.5

-

.2

4c

4c

2.5

.2

4c

4c

1.3

.5

1.3
-1.1

4c

-

*

-.1

1
2

6

FARM MORTGAGES
1

1.8

2.0

2.6

4.4

4.9

4.7

4.5

3.3

5.6

5.5

5.3

2

1.8
1.1
*
.5
.2

2.0
.9
*
.7
.6
-.1
*

2.6
.7
*
1.2
.6
♦
.1

4.4
1.3
.2
2.0
.7
♦
.3

4.9
1.1
.2
2.8
.4
4c
.3

4.7
1.5

4.5
1.0
.5
2.1
.5
*
.5

3.3
.5
.2
1.5
.7

5.6
1 .0

5.5
1.0

5.3
2.1

.2
3.5
.5
.1
.4

.2

.2

3.2
.6
.4

2.9

3
4
5
6
7
8

*

-.1

.2

2.0
.6
.4

4c

.3

4c
4c

.2

5.6 NET BORROWING
5.6 NET CHANGE IN ASSETS
1.8
HOUSEHOLDS
1.4
U.S. GOVERNMENT
3.1
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKS
-1.3
4c MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
.6

(1) INCLUDES MORTGAGE POOLS BACKING GNMA-GUARANTEED SECURITIES.
1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION,




1
2

3
4
5
6
7
8

9 HAY 1975
CONSUMER CREDIT AND BANK LOANS N.E.C.

CONSUHER CREDIT AND BANK LOANS N.E.C.

CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1973

SEASONALLY ADJUSTED ANNUAL RATES

I
1973
1974 | III

|
IV I

1974
I

II

III

|
IV I

1975
I

CONSUHER CREDIT

1

1
2
3

6.0
5.0
1.1

11.2
9.2
2.0

19.2
16.0
3.1

22.9
20.1
2.8

9.6
8.7
.9

22.3
21.0
1.3

19.2
15.5
3.8

8.2
8.8
—.6

17.2
14.0
3.2

16.2
14.5
1.7

-3.0
-2.5
-.5

-3.3 NET CHANGE IN LIABILITIES (HH)
-2.4
INSTALNENT CREDIT
-.9
NONINSTALHENT CREDIT

2
3

4
5
6
7
8
9
10
11
12

6.0
5.0
•1
•1
3.0
.3
•1
1.0
.5

11.2
9.2
*
•1
5.8
.1
•1
1.8
1.3

19.2
16.0
.2
1.0
8.5
.1
.2
2.1
3.8

22.9
20.1
.2
1.2
9.7
.2
.2
2.7
5.9

9.6
8.7
.1
.7
3.0
•2
-.1
2.5
2.1

22.3
21.0
.2
1.0
10.2
.2
.1
2.9
6.3

19.2
15.5
.2
1.3
7.0
.2
♦
2.3
4.3

8.2
8.8
*
.5
4.2
.1
.3
1.3
2.5

17.2
14.0
.2
1.1
5.3
•3
♦
2.7
4.4

16.2
14.5
.2
1.5
6.0
.2
.3
4.2
2.0

-3.0
-2.5
.1
-.1
-3.5
•1
-.8
1.9
-.3

-3.3 NET CHANGE IN ASSETS
-2.4
INSTALHENT CREDIT
*
NONFARH NONCORP. BUSINESS
-.2
CORPORATE BUSINESS
-3.9
COHHERCIAL BANKING
.6
SAVINGS ♦ LOAN ASSNS.
.3
HUTUAL SAVINGS BANKS
CREDIT UNIONS
2.2
-1.3
FINANCE COHPANIES

4
5
6
7
8
9
10
11
12

13
14
15
16
17
18

1.1
•5
•6
-.1
*
*

2.0
.7
.4
.8
*
*

3.1
.9
.6
1.5
.1
.1

2.8
1.0
.8
.9
*
*

.9
.8
.4
-.3
*
*

1.3
1.0
-.3
.6
*
*

3.8
1.7
1.6
.4
*
*

—•6
-.4
-.3
*
*
.1

3.2
1.3
1.8
.1
*
*

1.7
1.8
.4
-.4
*
*

-.5
.5
-.2
-.7
*
-.1

-.9
1.6
-.8
-1.7
*
*

13
14
15
16
17
18

42.2

15.6

-23.3

NONINSTALHENT CREDIT
NONFARH NONCORP. BUSINESS
CORPORATE BUSINESS
COHHERCIAL BANKING
SAVINGS * LOAN ASSNS.
MUTUAL SAVINGS BANKS

BANK LOANS NOT ELSEWHERE CLASSIFIED
1

12.9

30.0

59.0

73.2

49.0

65.6

55.8

50.2

87.9

TOTAL LOANS AT COHHERCIAL
BANKS* F/F BASIS

1

LOANS ELSEWHERE CLASSIFIED:
MORTGAGES
2
CONSUHER CREDIT
3
SECURITY CREDIT
4
OPEN-HARKET PAPER
5
6
HYPOTHECATED DEPOSITS
BANK LOANS NEC AT COHL. BKS. 7
♦ BANK LOANS NEC AT OTHER
BANKING SUBSECTORS:
DOHESTIC AFFILIATES
8
FOREIGN BANKING AGENCIES
9
SECTOR TOTAL BANK
10
= BANKING
LOANS NEC
+ LOANS BY F.R. BANKS
11
= TOTAL BANK LOANS NEC
12

2
3
4
5
6
7

2.4
2.9
1.4
2.0
4.2

9.8
6.7
.8
.8
11.9

16.8
10.1
4.7
-.2
27.7

19.6
10.6
-3.0
-.8
—
46.7

12.1
2.8
-1.6
2.5
33.3

20.1
10.8
-4.3
-.7
39.8

18.3
7.5
-1.4
-.4
31.8

13.8
4.2
-4.0
6.4
—
29.8

17.8
5.4
5.1
1.6
58.0

7.6
5.6
-4.2
.8
32.3

9.0
-4.2
-3.5
1.3
12.9

4.2
-5.5
5.7
8.8
-36.4

8
9
10

-1.0
2.6
5.8

-.1
.5
12.4

-.2
1.1
28.5

1.7
3.7
52.1

.9
4.9
39.1

4.5
2.7
47.0

-1.3
4.4
34.8

2.4
1.9
34.2

1.9
8.2
68.0

—.6
1.9
33.7

-.1
7.5
20.4

-.8
6.9
-30.4

11
12

5.8

12.4

28.5

52.1

39.1

47.0

34.8

34.2

68.0

33.7

—
20.4

-30.4

13
14
15
16
17
18
19

5.8
6.4
.9
.8
-.6
5.6
-.3

12.4
9.3
1.8
1.3
.2
4.4
1.6

28.5
21.8
2.8
1.8
.7
13.5
2.9

52.1
38.6
1.8
3.0
.4
30.6
2.8

39.1
31.9
-3.0
.9
-1.0
30.1
4.8

47.0
34.4
5.6
3.1
-.5
27.8
-1.6

34.8
25.9
-.2
4.0
1.5
16.3
4.2

34.2
36.7
-3.3
1.7
-2.0
34.0
6.4

68.0
47.B
-7.1
1.1
.3
40.7
12.9

33.7
25.4
-.5
.6
-.3
28.2
-2.6

20.4
17.5
-.9
.2
-1.9
17.6
2.4

-30.4 NET CHANGE IN LIABILITIES
-15.5
NONFINANCIAL SECTORS
.9
HOUSEHOLDS
-.2
FARM BUSINESS
-3.0
NONFARM NONCORP. BUSINESS
-6.9
CORPORATE BUSINESS
-6.3
REST OF THE WORLD

13
14
15
16
17
18
19

20
21
22
23
24

-.5
-.1
-1.1
.6
.1

3.0
.7
♦
.7
1.6

6.8
.7
3.8
1.3
.8

13.5
.3
4.1
4.0
5.1

7.2
1.1
-1.0
4.3
2.9

12.6
2.2
5.9
2.5
1.9

8.9
-.9
.6
4.3
4.8

-2.5
.3
-6.6
5.2
-1.4

20.3
3.2
.8
9.5
6.7

8.3
3.2
-.4
2.9
2.5

2.8
-2.3
2.1
-.6
3.6

-14.9
-1.7
-9.0
-.6
-3.5

20
21
22
23
24

1/75 FIGURES ARE TENTATIVE ESTIHATES BASED ON INCOHPLETE INFORMATION.




FINANCIAL
SAVINGS
FINANCE
REITS
FOREIGN

SECTORS
♦ LOAN ASSNS.
COMPANIES
BANKING AGENCIES

9 MAY 1975
OTHER LOANS
21

OTHER LOANS
21
OPEN-MARKET PAPER AND OTHER LOANS
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

1973

1974 | III
OTHER LOANS —

IV »

I

II

III

IV |

10.7
5.8
1.3
.5
.4
2.5
.3
.8

28.8
11.8
2.5
1.2
1.8
2.0
.3
3.9

34.7
27.2
2.9
1.9
2.1
10.7
.8
8.7

43.9
16.4
3.5
1.7
1.5
3.0
1.7
5.0

26.7
18.9
3.3
1.3
1.6
9.2
-.1
3.7

37.9
13.9
1.7
.7
.8
4.0
.3
6.4

27.6
26.4
3.5
3.0
2.2
8.0
-.6
10.3

60.6
42.1
3.8
3.3
2.4
21.8
1.9
8.9

12.7
26.5
2.8
.7
3.1
9.0
1.8
9.1

-.8

5.0

_

17.0

-

2.4
*
*
2.5

5.5
7.2
3.5
.7

7.5
.7
-.6
6.7
3.8
-3.0

27.5

.7
-2.7
.4
.8

10.9
10.2
3.2
3.2

7.8
—
-1.3
2.4
6.5
.2

24.0
—
13.2
3.3
9.9
-2.4

1.3
—
-2.4
10.4
.6
-7.3

18.5
.4
5.5
9.8
5.4
-2.7

-13.8
2.3
-18.8
3.2
-.7
.2

6.0
-1.5
-2.9
2.6

4.9
-3.9
3.3
3.2

10.7
1.5
2.4
2.9

28.8
3.5
7.8
3.6

34.7
-1.6
2.2
5.6

43.9
11.2
11.6
4.9

26.7
11.6
5.1
3.1

37.9
-12.3
16.7
2.8

27.6
2.1
2.1
1.9

60.6
8.9
5.8
5.6

12.7
-5.0
-16.0
12.2

2.3
*
2.0
.3
3.0
-.3
.5

-2.0
.2
.8
.5
1.6
1.4
-.2

.8
-.2
-.2
-.1
1.1
2.5
-.1

8.5
*
-.8
.6
2.2
3.1
.3

9.3
.9
2.5
.8
3.1
5.3
6.6

12.1
*
-.7
.8
*
4.1
-.1

2.4
*
-.4
-1.4
3.2
2.4
.7

5.8
.2
6.4
3.6
2.4
4.7
7.6

12.4
.7
1.6
-2.2
3.3
2.7
3.1

13.7
.7
.8
-1.0
1.6
9.7
14.7

5.3
2.0
1.3
2.8
5.0
3.9
1.1

1
2
3
4
5
6
7
8

6.0
9.7
2.6
.6
1.0
3.2
.1
2.1

4.9
5.7
1.4
.7
.5
.7
.4
2.1

9
10
11
12
13
14

-3.6
-5.1
1.3
.2

15
16
17
18
19
20
21
22
23
24
25

_

—

I

SECTOR TOTALS
8.4 NET INCREASE IN LIABILITIES
NONFINANCIAL SECTORS
7.3
HOUSEHOLDS
2.4
FARM BUSINESS
.7
NONFARM NONCORP. BUSINESS
-.2
CORPORATE BUSINESS
2.3
STATE + LOCAL GOVERNMENTS
-.3
REST OF THE WORLD
2.4

1
2
3
4
5
6
7
8

FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKING
SAVINGS + LOAN ASSNS.
FINANCE COMPANIES
REITS

9
10
11
12
13
14

1.0
1.0
10.6
-10.5
-.1
~

8.4 NET INCREASE IN ASSETS
HOUSEHOLDS
-2.2
CORPORATE BUSINESS
5.0
U.S. GOVERNMENT
5.2
-11.0
.1
8.8
3.7
1.2
1.2
-3.5

SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
FINANCE N.E.C.
REST OF THE WORLD

15
16
17
18
19
20
21
22
23
24
25

OPEN-MARKET PAPER
20.6

14.0

9.5

29.7

-10.9

14.5 NET ISSUES, BY TYPE + SECTOR

1

2.7
-1.6

8.2
3.1
3.0
2.1

-.2
-1.2
5.1
-4.0

4.2
-1.0

2.5
5.9
.1
-3.*

4.6
.3
5.6
-1.3

.3
.3
.7
-.7

-1.5
2.7
-4.1
-.1

DIRECTLY-PLACED PAPER
BANK AFFILIATES
FINANCE COMPANIES
REITS

2
3
4
5

2.2
.3
.7
.2
1.1

12 .0

1 1 .6

-.6
1.2

3.5
3.9
-.1
1.1
-1.4

5.7
-1.4

6.2
-2.2
.5
-3.8

-1.4

-2.6
6
-1.5
-1.4
1.0

5.6
1.8
-.2
4.1
.1

DEALER-PLACED PAPER
CORPORATE BUSINESS
BANK AFFILIATES
FINANCE COMPANIES
REITS

6
7
8
9
10

2.0
-.2
-.1
-.1
2.2

9.6
2.6
1.3
1.3
7.0

3.1
.4
.2

2.1

4.0

12.4
2.6
1.3
1.3
9.8

10.7
2.9
1.5
1.5
7.8

9.0
2.4
1.2
1.2
6.6

2.2
2.6
1.3
1.3
-.4

BANKERS' ACCEPTANCES
NONFINANCIAL BUSINESS
NONCORPORATE
CORPORATE
REST OF THE WORLD

11
12
13
14
15

8.1

NONBANK CREDIT TO BANKS
IN SECURITY RP *S

16

3.3

6
7
8
9
10

-.4
-1.1
.7

.3
-.5
.5
.3

1.8
.2
.4
1.2

.9
2.2

-1.3
-1.7
.1
-.1
.5

-.6
.4
-.4
1.3
-1.0
.1

5.5
1.9
4.1
-.5

6.5
-.2
1.4
4.2

6.3
2.3

10.7
2.4
-.1

11
12
13
14
15

.4
•4

16

-3.3

1.1

1.7

3.3

-3.1

7.1

.1

8.5

-6.0

2.8

-17.6

IT

-1.2

.9

3.3

11.6

13.6

20.6

14.0

26.2

9.5

29.7

-10.9

1
4 .5 N E T
14.5

18
19
20
21

-1.5
-2.9
.5
-3.4

-3.9
3.3
2.4
.8

1.5
2.4
.8
1.6

3.5
7.8
5.2
2.6

-1.6
2.2
4.9
-2.8

11.2
11.6
5.0
6.6

11.6
5.1
4.1
1.0

-12.3
16.7
8.8
7.8

2.1
2.1
8.8
-6.7

8.9
5.8
2.1
3.7

-5.0
-16.0
*
-16.0

-2.2
5.0
*
5.0

22
23
24
25
26

*
2.0
.3
.2
.1

.2
.8
.5
.2
.2

-.2
-.2
-.1
-.2
.1

*
-.8
.6
-.1
.7

.9
2.5
.8
1.1
-.3

*
-.7
.8
.4
.5

*
-.4
-1.4
-.5
-1.0

.2
6.4
3.6
2.9
.7

.7
1.6
-2.2
-2.9
.7

.7
.8
-1.0
-.1
-.9

2.0
1.3
2.8
4.4
-1.6

.1
8.8
3.7
.5
3.1

27
28
29

.8
-.4
.5

.6
-.3
-.2

.2
-.3
-.1

*
.2
.3

.4
1.8
6.6

-3.4
1.2
-.1

.4
-2.1
.7

1.1
2.9
7.6

.1
1.9
3.1

-1.9
1.6
14.7

2.2
.6
1.1

-.8
3.5
-3.5

-2.2 FINANCE CO. LOANS TO BUSINESS
LIAB.-NONCORPORATE BUSINESS
-1.1
CORPORATE BUSINESS
-1.1

1.2
1.2

PURCHASES,

BY

S E C TO R

HOUSEHOLDS
CORPORATE BUSINESS
COMMERCIAL PAPER
SECURITY RP»S

18
19
20
21

MONETARY AUTHORITIES
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
COMMERCIAL PAPER
SECURITY RP'S

22
23
24
25
26

LIFE INSURANCE COMPANIES
INVESTMENT COMPANIES
REST OF THE WORLD

27
28
29

OTHER TYPES
1
2
3

.1
-.3
.4

1.8
-.1
1.9

2.8
♦
2.8

2.9
.9
2.0

3.5
-1.0
4.5

2.9
.5
2.4

4.5
1.8
2.7

1.8
-2.2
4.0

.7
.3
.5

8.1
-1.3
9.4

3.3
-.8
4.1

4
5
6
7
8
9
10
11

2.5
.3
-.1
.6
.3
.1

3.2
.4
.4
.2
.4

2.9
.4
*
.1
.2
.3

3.5
.3
.1
.8
.3
.3

4.9
.1
*
.7
.1
1.7

1.3

1.8

1.8

1.7

5.6
.2
.3
.8
1.1
.8
.7
1.7

2.2

3.0
.5
.4
1.1
.4
-.1
.7

2.7
.4
-.2
.2
-.3
.3
2.5

1.8
.3
.4
1.2
.1
-.6
.5

5.5
.2
.6
1.0
.2
1.9
.4
1.1

12.2
-.1
.3
1.0
4.3
1.8
2.3
2.5

*

_

_

-

-

4
5.1 U.S. GOVERNMENT LOANS
LIAB.-HOUSEHOLDS
5
.4
FARM BUSINESS
6
.1
NONFARM NONCORP. BUS.
7
.7
CORPORATE BUSINESS
8
.4
S. ♦ L. GOVERNMENTS
9
-.3
SPONS.
CREDIT
AGENCIES
10
1.0
REST OF THE WORLD
11
2.8
-11.0 SPONSORED CREDIT AGENCY LOANS
LIABILITY OFFARM BUSINESS (FICB)
.5
NONFARM NONCORP. BUS. (BC)
-1.1
S+L ASSOCIATIONS (FHLB)
-10.5

12

2.3

-2.0

.8

8.5

9.3

12.1

2.4

5.8

12.4

13.7

5.3

13
14
15

.7
.3
1.3

.7
*
-2.7

.4
.3
*

1.1
.3
7.2

1.7
1.0
6.7

1.7
.1
10.2

.9
-.9
2.4

.9
1.6
3.3

2.6
-.5
10.4

2.7
1.2
9.8

.4
1.7
3.2

16
17
18

2.3
.1
2.2

1.0
*
1.0

.9
*
.9

2.2
*
2.2

2.7
*
2.7

3.4
*
3.4

2.8
*
2.8

1.4
*
1.4

3.2
*
3.1

3.6
.1
3.5

2.8
*
2.8

2.1
.1
2.0

19

_

_

-

-

-

-

-

-

-

-

-

-

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




1
2
3

ASSET—U.S. GOVERNMENT
LIFE INSURANCE COS.
HYPOTHECATED DEP. (HH LIAB.)
ASSET-COMMERCIAL BANKS

12
13
14
15
16
17
18

9 MAY 1975
SECURITY CREDIT, TRADE CREDIT* AND TAXES

SECURITY CREDIT, TRADE CREDIT, AND TAXES

SECURITY CREDIT, TRAOE CREOIT, AND TAXES PAYABLE
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1973

SEASONALLY ADJUSTED ANNUAL RATES

I
1973
1974 | III

I
IV I

1974
I

II

III

|
IV I

1975
I

SECURITY CREDIT
1
2
3

-.8
-1.8
*

3.8
2.6
*

8.9
4.7
.1

-8.2
-4.6
-.2

-3.9
-2.2
*

-7.4
-4.1
*

-4.0
-4.9
-.1

-4.0
.8
*

2.5
-1.0
.1

-10.8
-9.8
-.2

-3.4
1.3
*

4
5
6
7

1.0
1.9
-1.0

1.1
.7
.5

4.1
3.8
.1
.2

-3.4
-2.8
-.4
-.2

-1.7
-1.4
*
-.3

-3.4
-3.1
-.9
•6

1.1
-.7
1.1
.6

-4.8
-3.0
-1.2
-.5

3.4
4.4
*
-1.0

-1.0
.1
.1

-4.7
-5.9
1.1
.2

9.9
8.8
-.7
1.8

8
9
10

-.8
-.9
1.4

3.8
.5
.8

8.9
.1
4.8

-8.2
-.2
-3.4

-3.9
-.3
-1.7

-7.4
.7
-5.2

-4.0
.5
-.2

-4.0
-.7
-5.3

2.5
-.9
5.1

-10.8
.4
-4.1

-3.4
.2
-2.4

8.7 NET CHANGE IN ASSETS
1.8
HOUSEHOLDS
5.0
COMMERCIAL BANKING

11
12

-1.3
-.1

2.5
*

3.9
.1

-4.6
*

-1.9
♦

-2.9
-.1

-4.4
.2

1.8
.2

-1.6
-.1

-6.8
-.2

-1.2
*

1.9
*

1
2
3
4

10.0
.5
.9
.2

6.1
.3
1.1
.3

17.0
.6
1.5
.2

23.7
.6
1.5
-1.0

22.5
.6
1.2
-.9

19.8
.6
1.2
-1.6

32.6
.6
1.7
-1.0

36.0
.6
1.8
-.1

35.4
.6
1.3
-1.4

20.2
.6
1.4
-.9

-1.7
.6
.3
-1.3

-13.6 NET CHANGE IN LIABILITIES
•6
HOUSEHOLDS
-1.6
FARM BUSINESS
-1.3
NONFARM NONCORP. BUSINESS
(PAYABLES LESS RECEIVABLES)

1
2
3
4

5
6
7
8

7.4
.5
-.6
1.0

3.8
.7
-.7
.5

13.7
.7
-.1
.5

19.6
1.1
.1
1.9

17.8
.9
-.1
3.0

16.0
1.2
.1
2.2

25.3
1.1
1.0
4.0

27.5
1.0
-1.3
6.5

29.6
.9
2.1
2.4

16.6
1.0
.3
1.3

-2.5
.9
-1.4
1.7

-13.2
.9
-1.2
2.1

5
6
7
8

9
10
11
12
13

9.4
8.4
-.8
.5
1.4

4.4
5.7
-1.7
.3
.1

21.2
20.0
-.8
1.2
.8

26.0
24.1
.3
.7
1.0

23.4
20.8
.9
•6
i.i

24.9
22.5
-.4
•6
2.3

34.6
33.1
-.3
•6
1.2

40.8
38.0
.8
.6
1.4

41.3
38.4
.9
.6
1.5

20.7
17.6
1.3
.5
1.2

-9.3
-10.7
.4
.5
.6

14

.5

1.7

-4.1

-2.3

-.9

-5.2

-2.0

-4.7

-5.8

-.4

7.6

8.7 NET CHANGE IN LIABILITIES
-1.3
HOUSEHOLDS
*
FOREIGN
BROKERS + DEALERS
FROM COMMERCIAL BANKS
FROM FOREIGN BANKING AGS.
CUSTOMER CREDIT BALANCES

BROKERS ♦ DEALERS
FOREIGN

TRADE CREDIT

CORPORATE BUSINESS
STATE

♦ LOCAL

G OVERNM ENTS

U.S. GOVERNMENT
FOREIGN

-18.4 NET CHANGE IN ASSETS
-19.4
CORPORATE BUSINESS
.1
U.S. GOVERNMENT
.5
OTHER INSURANCE COMPANIES
.3
FOREIGN
4.8 DISCREPANCY

9
10
11
12
13
14

PROFIT TAXES PAYABLE

.1
-.1
-.1
*
*

-.1
-.1
*
-.2
*
*
.1
*
*

2.7
2.3
.1
.1
*
4c
*
.1
*

4.6
4.4
.1
.1
.1
*
*
.1
-.1

3.2
2.9
.2
*
*
*
*
.1
*

1.4
1.2
.1
*
*
*
*
.1
*

3.8
3.4
.1
.1
*
*
*
.1
-.1

2.1
1.7
.2
.2
*
*
*
.1
-.1

11.2
10.9
.1
.2
.1
*
*
.1
-.1

1.5
1.6
-.1
*
.1
-.1
♦
.1
-.1

-13.8 NET CHANGE IN TAXES PAYABLE
-11.7
CORPORATE BUSINESS
MONETARY AUTHORITIES
-1.1
-.9
COMMERCIAL BANKS
.1
SAVINGS ♦ LOAN ASSOCIATIONS
LIFE INSURANCE COMPANIES
-.1
*
OTHER INSURANCE COMPANIES
.1
FINANCE COMPANIES
BROKERS + DEALERS
-.2

-2.2
.1
-2.3

1.7
.3
1.4

-.5
.3
-.8

2.8
.6
2.2

4.4
.6
3.8

3.4
.6
2.8

1.9
.6
1.3

3.1
.6
2.5

3.0
.6
2.4

10.6
.6
10.0

1.0
•6
.4

-13.7 NET CHANGE IN TAXES RECEIVABLE 10
.6
STATE + LOCAL GOVERNMENTS
11
-14.4
U.S. GOVERNMENT
12

-.9

.1

.4

-.1

.2

-.2

-.5

.7

-.9

.6

.5

-8.4
-4.4
-3.9

-6.9
-1.0
-5.9

1
2
3
4
5
6
7
8
9

-3.1
-3.7
*
.3
*
.1
.1
♦

10
11
12
13

1.8
2.0
*
*

* DISCREPANCY

1
2
3
4
5
6
7
8
9

13

PROPRIETORS* EQUITY IN NONCORPORATE BUSINESS
1
2
3

-4.7
-2.8
-1.8

-4.7
-3.1
-1.6

-7.4
-4.6
-2.8

-4.4
-4.2
-.3

-5.3
-2.5
-2.8

-4.1
-4.2
.2

-.6
-4.0
3.4

.4
-.8
1.2

-6.4
-3.8
-2.6

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-7.2 TOTAL HOUSEHOLD INVESTMENT
-1.0 FARM BUSINESS
-6.2 NONFARM NONCORPORATE BUSINESS

1
2
3

9 HAY 1975
MISCELLANEOUS I

MISCELLANEOUS I
23

23

MISCELLANEOUS FINANCIAL CLAIMS
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1970

1971

1972

1973

1973
1
1974 | III

1
2
3
4

11.0
.4
1.0
.5

10.2
.3
-.1
.8

22.7
.5
.4

*

36.7
.4
2.5
-.4

42.6
.4
2.3
1.0

43.7
.4
3.5
-1.3

5
6
7
8

5.0
2.5
.4
-3.7

3.6
-.5
-.2
-2.7

18.3
.3
-.1
9.3

27.8
2.2
.8
17.5

23.5
1.3
-2.2
17.4

9
10
11
12
13

.6
.1
1.7
3.4

1.2
.1
2.1
3.6

.9
.2
2.9
4.8

.9
.6
2.7
3.2

14

4.0

5.6

3.5

15
16
17
18
19
20

12.1
2.6
.5
.7
4.2
.3

6.0
2.3
.6
.8
6.2
.1

21
22
23

9.5
.8
5.0

24
25
26
27
28

2.2
.3
.8

29
30

*

.3
-5.6
-1.1

1
IV 1

1974
III

1
IV 1

1975
I

I

II

34.2
.4
2.8
-.9

54.9
.4
5.1
.8

44.2
.4
6.7
-1.8

29.4
.4
-.4
.3

42.0
.4
-2.2
4.4

23.1
.4

35.8
2.6
1.0
24.9

29.5
3.7
1.0
19.9

31.4
3.4
-1.2
23.3

26.3
.8
.4
18.8

17.0
.9
.1
7.6

19.4
.1
-8.2
19.7

8.0
2.9
-.2
-3.2

.3
2.9
3.9

.7
1.4
2.1
3.2

-.9
-.3
2.8
3.2

1.2
-.5
1.5
3.8

-.2
-.4
3.1
3.8

.1
1.0
3.2
3.9

-1.0
1.0
3.9
3.9

.8
-.7
4.5
4.0

6.3

15.4

5.4

2.3

17.1

12.6

12.0

20.0

14.3

16.6
2.7
.7
1.0
5.2
.1

32.4
1.5
.7
1.0
7.9
1.0

40.0
2.2
.8
1.0
8.1
-.3

30.6
1.6
.8
1.0
3.4
-.1

22.7
1.6
.7
1.0
8.6
3.1

60.2
2.2
.6
1.0
4.9
.7

36.4
2.2
.9
1.1
6.3
-1.4

18.5
2.3
•8
1.0
7.9
-1.2

45.0
2.3
.8
1.0
13.4
•6

23.0
2.4
.8
1.0
11.4
.8

2.8
.2
1.2

3.6
-.4
2.3

12.8
1.7
7.2

18.3
-.3
15.3

12.7
1.8
7.4

7.2
3.9
-1.6

29.3
.7
24.5

14.6
-2.9
13.2

5.4
.9
1.0

24.1
-.1
22.4

12.6
.4
7.2

TOTAL FINANCE
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKING

21
22
23

.1
.2
.9
.1

.1
.4
1.0
.1
.2

1.5
.3
.9
.1
1.1

2.1
.1
.9
.8
-.5

1.6
-.4
.9
.6
.8

2.1
1.0
.9
-.2
1.1

2.6
-1.0
.9
1.9
-.4

1.7
1.1
.9
.6
-.1

2.5
.1
.9
.9
-1.0

1.4
.2
.9
-.1
-.8

2.6
1.5
.9
.1

SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
REITS

24
25
26
27
28

*

-6.8
4.3

-

3.4
6.1

7.6
4.3

*

9.9
2.6

11.3
13.1

~

.6
11.6

“

21.6
-5.3

~

.3

"

*

12.8

2.4

2.8

-5.9

7.8

10.8

-3.0

.1

HOUSEHOLDS
CORPORATE BUSINESS
U.S. GOVERNMENT
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
SAVINGS + LOAN
MUTUAL SAVINGS
LIFE INSURANCE
NONLIFE INSUR.
REITS

ASSNS.
BANKS
COMPANIES
COMPANIES

REST OF THE WORLD
ET CHANGE IN ASSETS
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUSINESS
CORPORATE BUSINESS
U.S. GOVERNMENT

REST OF THE WORLD

5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

29

(A) FOREIGN CLAIMS

31
32
33

-6.9
-7.2
.2

-4.1
-4.8
.7

.9
.5
.4

1.1
.4
.7

4.6
2.3
2.4

1.8
.8
1.0

.7
.1
.6

12.5
6.6
5.9

.6
1.7
-1.1

34

3.6

3.8

1.5

3.6

6.7

1.7

5.4

1.7

5.5

35
36
37
38
39
40
41

1.0
.2
.5
-.4
*

.1
.8

-.1
.3
1.4
1.4
-.2
.2

*

.4
.3
3.6
1.8
-.2
.2
1.7

2.5
.3
4.8
2.6
.6
.2
1.4

2.3
.6
.9
-.2
-1.0
.7
1.3

3.5

*
-.3
.1
-.1
-.2
-.1

2.8
.8
6.2
1.6
2.3
.9
1.4

5.1

4.1

3.0
2.5

.9
-2.8
—.8
-2.4
—6.1
6.4

-5.6
-1.6
-1.5

-.3
1.4
1 .2

31
32
33

DIRECT FOREIGN INVESTMENT
BY U.S. CORPORATIONS
LIAB.-REST OF THE WORLD

34

DIRECT FOREIGN INVESTMENT
IN U.S.
LIAB.-CORPORATE BUSINESS

35

U.S. GOVT. EQ. IN IBRD* ETC.
.6
LIAB.-REST OF THE WORLD

36

9.5

6.7

.5
9.5
1.6
.3
7.5
.1

2.3
-1.8

COMMERCIAL BANK LIABILITY
TO FOREIGN AFFILIATES
-7.1
ASSET-REST OF THE WORLD
-6.5
LIAB.—COMMERCIAL BANKS
-.6
FOREIGN BANKING AGS.

FOREIGN CURR. EXCEPT OFFICIAL
.1
LIAB.-REST OF THE WORLD
37
.3
ASSET-CORPORATE BUSINESS
38
.2
U.S. GOVERNMENT
39
.8
COMMERCIAL BANKS
40
-1.2
FOREIGN BANKING AGS. 41
(B) U. S. GOVERNMENT CLAIMS

42

-

-

-

-

-

-

-

POSTAL SAVINGS DEPOSITS
(LIAB.—U.S. GOVT.)
ASSET-HOUSEHOLOS

-

43

1.3

-.5

-.2

.2

.7

.4

.6

.8

1.1

-.4

44
45

.3

.1

.3

.6

.8

.6

.3

.6

1.0

•6

“

~

46
47
48
49

.1

.1

*
*

.1

.2

.2
*

.2

*
*

.1

.1

.4
.1

*

.1

.5

.4

.2

.5

.5

*

.1
.1

-

*
*

“

*
*

.4

♦

“
*
*

*
*

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




*

DEPOSITS AT FHLB
(ASSET-S+L ASSOCIATIONS)
1.8
LIAB.-SPONSORED CREDIT AGS.

42

43

.2 EQ. IN U.S. GOVT. CREDIT AGS. 44
U.S. GOVERNMENT
45
PRIVATE
.2
FARM BUSINESS (FICB ♦ FLB) 46
NONFARM NONCORPORATE (BC) 47
CORPORATE BUSINESS (FNMA) 48
*
S+L ASSOCIATIONS (FHLB)
49

9 MAY 1975
MISCELLANEOUS II
24

MISCELLANEOUS II
24

MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED)
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1973
1970

1971

1972

1973

1974 | III

I
IV I

I

1974
II

III

IV |

1975
I
(C) LI HE INSURANCE CLAIMS
DEFERRED AND UNPAID PREMIUMS
(ASSET-LIFE INSURANCE)
.4
LIAB.-HOUSEHOLDS

1

.4

•3

.5

.4

.4

.4

.4

.4

.4

.4

.4

2
3
4

1.2
•6
•6

1.1
.4
.6

1.3
.5
.8

1.4
.6
.9

1.5
.6
.9

1.5
•6
.9

1.5
.6
.9

1.5
•6
.9

1.5
•6
.9

1.5
.6
.9

1.6
•6
.9

1.6
.6
.9

3.4
1.4
.4
.7
.9

3.6

4.8
1.4

3.9
.7
•6

3.2
.1
.5

3.2

3.8
.7
.6

3.8
.7

1 .0

1 .0

1 .0

1 .0

1.9

1.6

1 .0
1 .6

1 .0

1 .0

1.6

1.6

1.6

1.0
1.6

3.9
.8
•6
1.0
1.6

3.9
.8
.6
1.0
1.6

*.0
.8
.6
1.0
1.6

10

-1.1

4.3

6.1

4.3

2.6

13.1

11.6

-5.3

7.8

10.8

-3.0

11
12
13
14
15

6.0
-.6
1.2
.9
.4

4.5
*
.8
-.1
-.2

9.4
*
*
.3
-.1

18.5
-.4
1.4
.8

20.2
1.7
-.8
-.2
-2.2

30.9
-1.3
1.6
1.0

12.3
-.9
2.8
1.0

18.5
.8
2.0
-1.2

25.5
-1.8
-1.3
.4

16.6
.3
-1.4
.1

20.3
6.9
-2.5
-.1
-8.2

12.2
-.7
1.0
.9
-.2

16
17
18
19
20

4.0
2.4
1.0
•2
.5

1.9
2.1
.6
-1.3
.5

6.8
6.1
-1.3
1.6
.5

5.0
4.0
-1.0
1.5
.5

11.4
11.0
-1.7
2.2
*

-4.6
-2.7
-1.7
-1.5
1.2

9.1
3.9
♦
4.3
1.0

3.8
8.0
-2.6
-1.4
-.2

15.0
19.4
-2.1
-2.1
-.2

4.6
3.0
-3.3
4.6
.3

22.3
13.6
1.2
7.7
-.2

5.2
6.7
-3.3
1.5
.3

21
22
23
24

-.8
-.1
-1.0
-.2

-.6
-1.1
1.0
.5

1.5
2.3
-.1
.7

11.4
1.4
10.3
.3

1.3
1.3
.6
.5

27.6
6.3
22.0
.7

10.1
9.9
1.0
.8

7.0
2.4
4.1
-.5

3.2
-2.5
3.7
-2.0

.7
-4.0
2.6
-2.1

-5.5
9.3
-8.1
6.7

-1.3
-11.3
3.9
-6.2

25
26
27
28
29

.6
.1
.5
-.4

1.2
.1
1.1
—
.3

.9
.2
1.6
-1.9

.9
•6
1.3
-2.5

*
•3
1.4
7.3

.7
1.4
.6
4.0

-.9
-.3
1.3
-10.0

1.2
-.5
*
5.5

-.2
-.4
1.6
9.0

.1
1.0
1.6
9.4

-1.0
1.0
2.3
5.1

.8
-.7
2.9
—
44.2

30
31
32
33
34

7.1
.8
1.2
2.7
.3

.3
.2
1.3
-.3
.1

3.3
-.4
2.0
-1.7
*

14.2
1.7
4.7
•8
•i

17.6
-.3
12.1
1.1
♦

17.8
1.8
8.4
*“•8
.i

.7
3.9
-.8
-3.0
-.1

23.8
.7
9.5
7.2
.2

17.7
-2.9
9.5
3.5
-.2

5.8
.9
6.9
-3.6
.2

23.3
-.1
22.4
-2.5
-.1

12.1
.4
7.1
•8
-.3

35
36
37
38
39
40

.8
.3
.4
*
.3
.3

•6
.2
•6
.i
*
-2.6

.2
.4
•5
.1
.2
2.1

.9
.3
.5
.1
1.1
4.0

.8
.1
.5
.8
-.5
3.0

.8
-.4
.5
.6
.8
5.9

1.3
1.0
.5
-.2
1.1
-3.0

1.2
-1.0
.5
1.9
-.4
3.9

.1
1.1
.5
.6
-.1
5.5

.4
.1
.5
.9
-1.0
.4

1.5
.2
.5
-.1
-.8
2.1

.8
1.5
.5
.1
*
1.2

LIFE COMPANY RESERVES
(ASSET-HOUSEHOLDS)
LIAB.—LIFE INSURANCE COS.
ACCIDENT AND HEALTH
POLICY DIVIDEND ACCUM.
(D) NONLIFE INSURANCE CLAIMS

1 .2

.5
.8

•1

.6

LIAB.-OTHER INSURANCE
ASSET-HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
CORPORATE BUSINESS

5
6
7
8
9

(E) UNALLOCATED ASSETS ♦ LIAB.

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




.1 NET TOTAL (LIAB. LESS ASSETS)
NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
U.S. GOVT.—WITHOUT LEVELS
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES

11
12
13
14
15

COMMERCIAL BANKING
16
COMMERCIAL BANKS
17
BANK AFFILIATES
18
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.
FLOATS IN COML. BANK STMNT
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LESS: ON MEMBER BK. RES.
SAVINGS ♦ LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
REITS
REST OF THE WORLD
NET CHANGE IN ASSETS
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSSESSIONS
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
PRIVATE PENSION FUNDS
REITS
REST OF THE WORLD

35
36
37
38
39
40

9 HAY 1975
TOTAL CLAIMS
25

TOTAL CLAIMS
25

TOTAL FINANCIAL ASSETS AND LIABILITIES
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

I
1973
1974 | III

I

1974

IV |

IT

III

IV |

1975
I

TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1)
110.8

163.9

198.3

239.4

217.8

248.0

197.4

200.5

255.7

241.9

173.2

2
3
4
5
6
7
8
9
10

98.2

147.4
25.5
4»6
117.3
39.8
4.1
8.7
46.8
17.8

169.4
17.3
4.3
147.8
63.1
4.9
10.4
55.3
14.2

187.4
9.7
7.5
170.1
72.8

179.6

177.4
-7.1
4.2
180.3
80.5
9.6

172.2
10.3

166.0
8.8
15.4
141.8
42.2
5.7
3.8
75.5
14.7

208.5
1.4
24.5
182.7
52.7
9.7

182.3
18.2
7.5
156.6
47.3
9.5

10.6

8 .2

161.7
19.6
14.3
127.8
31.7
6*3
6.5

91.7
18.1

75.3
16.3

66.1

11
12
13
14
15
16
17
18
19
20

1 2 .6
8 .2

16.5
3.8
2.5
-.4

28.9

52.0
19.6
4.5

34.5
9.3
9.8
4.7
-1.4
3.6
.4
4.5
3.7

47.1
24.3
-4.6
3.6
6.7
13.6
.4
2.8
1.9
-1.6

59.6
33.9
3.7
2.7
2.5

11.5
20.9
-16.6
-1.3
3.6

10.2

- 2 .2

.4
5.5
-.7
1.4

-.3
4.2

12.8

2.7
82.7
23.4
3.2
5.3
39.5
11.3

-3.1
-1.9
.1
1 .8

.4
1 .6

2.7
2 .6

110.8

8 .6

9.3
67.2
12.3

15.4
70.6
26.7
9.8
3.8
1.9

6.0

57.9
14.1

17.1

1 .0

1 .2

198.3

239.4

217.8

248.0

197.4

200.5

255.7

241.9

173.2

29.6
20.9
.9
7.5
.3

59.7
47.2

29.6

8.0

7.5
3.8

2 .8

-.3
16.6

18.0
17.7
1.4

62.6
46.2

1.2

24.5
15.6
1.9
4.2

6 .6

-9.2

8.9
5.5

6.2

1.6
-.1

2 .0

6.0

•6
4.2
3.0

.5
9.3

.5
9.4
6.3

1.1

38.2

8 .8
66.1

10 .0

152.0
64.1
9.8

25.2
17.0
-.9
-1.4
4.8
-3.1
.5
7.9
4.2
-3.7

4.0
.7
•8

163.9

12.0

15.4
152.2
43.5
7.8
7.3
77.1
16.6

6.1

-.7

2 .2

5.1

- 1 .6

22.1

-1.9
2.4
2.9
6.3
.4
3.9
1.2

10.1

.5
1 0 .1

6.5

.3
2 .8

160.3 TOTAL FUNDS RAISED IN CREDIT
MARKETS BY:
158.6
NONFINANCIAL SECTORS
69.4
U.S. GOVERNMENT
-1.6
FOREIGN
90.8
PRIVATE DOMESTIC
29.1
HOUSEHOLDS
6.1
FARM BUSINESS
1.2
NONFARM NONCORP. BUS.
39.9
CORPORATE BUSINESS
14.5
S. + L. GOVERNMENTS

2
3
4
5
6
7
8
9
10

1.7
8.6
9.2
2.4
-3.5
-11.2
.3
-7.9
-.8
4.6

11
12
13
14
15
16
17
18
19
20

FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGBYCIES
SAVINGS * LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-ENO INVESTMENT COS.

160.3 TOTAL FUNDS ADVANCED IN CREDIT
MARKETS BY:
PRIVATE DOM. NONFIN. SECTORS
HOUSEHOLDS
NONFARM NONCORP. BUSINESS
CORPORATE BUSINESS
STATE ♦ LOCAL GOVERNMENTS

1

21

22
23
24
25
26

-4.3
-2.9
.6
-2.3
.3

- 8 .6

8.3

-14.3
.7
7.0

1.1
1.1
2 .6

- 2 .0

3.6

31.1
21.5
1.3
7.9
.4

27

2.8

3.2

2.6

3.0

7.5

7.8

2.2

2.2

2.7

8.0

16.9

15.7

28
29
30

101.3
10.0
5.0

142.0
3.2
8.9

176.7
7.0
.3

201.8
20.3
9.2

168.7
24.1
6.2

191.0
27.8
5.7

175.0
16.6
10.9

163.9
12.3
-.9

217.2
28.6
13.1

163.7
34.5
10.7

130.2
20.8
1.8

136.1
11.4
8.9

31
32
33
34
35

35.2
33.3
-1.0
2.8
.1

50.6
50.3
-.1
.1
.3

70.7
68.8
-.2
1.8
.3

86.7
80.9
1.7
4.0
.1

64.4
58.1
.9
5.0
.4

83.7
75.6
4.5
3.0
.5

75.3
71.4
-1.3
4.7
.5

77.7
72.9
2.4
2.4
.1

97.3
86.5
1.9
8.4
.5

48.8
47.4
—.6
1.6
.4

33.8
25.6
-.1
7.7
.5

15.2
8.6
-.8
6.9
.6

36
37
38
39

51.1
11.6
4.1
1.5

79.4
29.2
10.0
2.6

98.7
36.4
10.4
3.1

85.6
27.1
5.4
2.9

74.1
21.0
3.9
2.7

73.8
16.9
2.5
3.0

72.2
15.8
1.1
2.5

74.8
31.7
10.7
1.5

78.2
23.8
.4
2.9

69.7
12.0
1.4
3.8

73.8
16.8
3.2
2.7

100.6
35.1
10.2
6.8

40
41
42
43

9.0
6.9
6.1
4.9

11.8
7.4
6.2
6.2

13.8
6.5
7.8
6.6

15.6
7.2
9.2
5.0

16.0
8.1
12.3
4.5

14.7
7.1
9.2
4.6

17.6
9.3
7.9
4.5

12.0
4.6
8.8
6.0

21.2
7.0
11.0
4.6

14.2
10.7
13.0
3.1

16.6
10.1
16.2
4.5

16.6
10.5
12.9
4.9

LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
S. ♦ L. GOVT., RTR. FUND
OTHER INSURANCE COS. C

40
41
42
43

44
45
46
47

.7
2.1
1.7
2.4

4.1
2.5
.4
-1.2

10.8
4.9
-1.8
.3

10.1
4.5
-2.5
1.0

4.0
.7
.9
-.1

10.9
5.3
.3
-.7

8.6
3.0
-3.3
5.2

3.9
2.7
-.2
-6.8

3.6
1.2
-2.0
4.5

5.6
-1.0
1.4
5.7

2.8
.1
4.5
-3.5

-7.7
-.8
4.2
8.0

FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
SECURITY BKRS. ♦ DEALERS

44
45
46
47

48

11.0

27.3

10.7

3.5

12.1

-10.5

-4.3

4.9

17.8

7.5

18.1

23.4

160.3

6 .8

8.0

2.1

1 2 .8

.6
-3.6
- 1 .8

-15.0
-32.4
1.6
10.5
5.4

22
23
24
25
26

U.S. GOVERNMENT

27

FINANCIAL INSTITUTIONS
SPONSORED CREDIT AGENCIES
FEDERAL RESERVE SYSTEM

28
29
30

COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.

31
32
33
34
35

PRIVATE NONBANK FINANCE
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS

36
37
38
39

REST OF THE WORLD

48

TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS
TOTAL FUNDS RAISED (FROM
PRECEDING TABLE)
OTHER LIABILITIES:
1.3
OFFICIAL FOREIGN EXCHANGE
.7
TREASURY CURR. ♦ SDR CTFS.

1

110.8

163.9

198.3

239.4

217.8

248.0

197.4

200.5

255.7

241.9

173.2

2
3

-2.5
.6

-1.7
.5

-.2
.5

-.2
.4

1.3
.8

.1
.3

.1
.3

.8
1.9

1.3
.4

3.5
.4

-.6
.6

4
5
6
7
8

69.2
52.2
14.3
38.0
17.0

99.3
58.8
17.4
41.4
40.6

108.0
61.9
19.6
42.3
46.1

95.0
66.9
16.0
50.9
28.1

84.9
62.9
6.0
56.9
22.0

56.0
48.2
-6.8
55.0
7.8

85.2
58.4
31.8
26.6
26.8

96.8
57.2
8.9
48.3
39.6

116.4
100.0
18.2
81.8
16.4

42.5
38.3
*
38.3
4.2

84.0
56.1
-2.9
59.0
27.9

99.2
32.2
10.4
21.8
66.9

9

24.3

27.7

30.3

31.6

38.9

32.7

29.7

27.7

46.9

38.2

42.9

39.4

10
11
12
13
14

-.8
10.0
-3.1
-4.7
11.0

3.8
6.1
1.8
-4.7
10.2

8.9
17.0
-.1
-7.4
22.7

-8.2
23.7
2.7
-4.4
36.7

-3.9
22.5
4.6
-5.3
42.6

-7.4
19.8
3.2
-4.1
43.7

-4.0
32.6
1.4
—.6
34.2

-4.0
36.0
3.8
.4
54.9

2.5
35.4
2.1
-6.4
44.2

-10.8
20.2
11.2
-8.4
29.4

-3.4
-1.7
1.5
-6.9
42.0

8.7
-13.6
-13.8
-7.2
23.1

15

4.5

5.6

2.0

7.9

4.8

26.6

-17.9

7.3

42.9

5.8

-36.7

17.9

16

219.2

312.5

380.1

424.6

409.1

418.9

358.4

426.2

541.4

374.0

294.9

315.9

17
18
19

.1
1.2
.5

-.2
.1
1.7

.6
3.2
-4.1

.3
.1
-2.3

-.1
1.8
-.9

*
-1.1
-5.2

.7
-3.0
-2.0

-.4
-1.6
-4.7

-2.8
4.4
-5.8

2.5
1.2
-.4

.3
3.2
7.6

-5.4
4.6
4.8

20
21
22

-.1
-.9
-1.1

*
.1
4.3

-.2
.4
6.1

*
-.1
4.3

.3
.2
2.6

-.2
13.1

-.2
-.5
11.6

1.7
.7
-5.3

-.2
-.9
7.8

*
.6
10.8

-.3
.5
-3.0

23

219.5

306.5

374.2

422.1

405 .2

412.2

351.9

435.9

538.9

359.4

286.5

DEPOSITS AT FINANCIAL INSTS.
BANKING SYSTEM
DEMAND DEP. + CURRENCY
TIME ♦ SAVINGS DEPOSITS
SAVINGS INSTITUTIONS

4
5
6
7
8

INSURANCE ♦ PENSION RESERVES

9

SECURITY CREDIT
10
TRADE DEBT
11
PROFIT TAXES PAYABLE
12
NONCORP. PROPRIETORS* EQUITY 13
MISCELLANEOUS
14
INTERBANK CLAIMS




15

- FLOATS NOT INCL. IN ASSETS
DEMAND DEPOSITS—U.S. GOVT.
OTHER
TRADE CREDIT
- LIABILITIES NOT ALLOCATED
AS ASSETS
TREASURY CURRENCY
.1
*
TAXES PAYABLE
.1
MISCELLANEOUS

20
21
22

TOTALS ALLOCATED TO SECTORS
AS ASSETS

23

311.7

(1) INCLUDES CORPORATE EQUITIES.
1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.

1
2
3

17
18
19

-iv

9 MAY 1975
SAVING BY INDIVIDUALS

SAVING BY INDIVIDUALS

26

26

AMOUNT AND COMPOSITION OF INDIVIDUALS1 SAVING (1)
(BILLIONS OF DOLLARS)
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1
1973
1974 1 III

|
IV 1

1970

1971

1972

1973

1
2
3

80.6
11.3
44.4

99.7
11.1
70.3

124.4
12.1
75.4

138.2
13.1
67.7

128.3
4.0
59.7

141.4
5.4
50.8

138.8
26.0
61.9

4
5
6
7
8

-3.0
•3
—12.7
2.8
-.8

-14.5
2.4
-11.8
-5.0
-.2

2.9
3.3
-2.6
-.1
1.0

21.0
2.7
6.5
11.1
4.3

19.7
3.0
.8
11.0
9.8

45.6
2.0
8.9
16.2
8.9

9
10
11
12

10.7
-1.5
2.6
-4.4

9.3
-3.9
1.1
-6.5

5.2
1.5
-.7
-4.7

1.1
3.5
-1.6
—6.6

-2.3
-1.6
1.0
-2.0

13
14
15
16
17

5.1
3.3
7.1
8.8
3.6

6.1
5.2
7.3
9.2
5.1

6.5
6.0
6.8
11.1
3.7

7.2
5.2
7.7
11.5
4.8

18
19
20
21
22

140.2
19.6
30.4
91.3
-1.1

166.4
26.9
34.3
103.9
1.3

190.6
34.3
39.0
118.4
-1.2

23
24
25
26

112.4
9.0
22.6
80.7

121.3
9.3
24.5
87.5

27
28
29
30
31

27.8
10.6
7.7
10.6
-1.1

32
33
34
35
36
37
38

1974
I

1
IV |

1975
I

II

III

123.7
10.4
76.2

141.9
9.2
63.3

112.9
-5.9
27.9

134.6
2.5
71.5

120.2 INCREASE IN FINANCIAL ASSETS
3.2
DEMAND DEPOSITS + CURRENCY
102.5
SAVINGS ACCOUNTS

1
2
3

14.2
1.7
6.6
6.1
2.0

7.2
3.2
13.8
-3.0
4.6

17.0
3.0
-3.4
16.5
9.5

45 .2
2.7
6.4
22.2
18.1

9.6
3.2
-13.8
8.3
7.0

-33.1
3.0
-34.2
-9.5
15.6

SECURITIES
U.S. SAVINGS BONDS
OTHER U.S. TREASURY SEC.
U.S. GOVT. AGENCY SEC.
STATE ♦ LOCAL OBLIGATIONS

4
5
6
7
8

-1.4
11.2
1.2
-1.5

6.1
11.6
-3.7
-16.3

3.3
-12.3
*
-2.5

-6.6
2.1
-1.6
-2.5

-11.8
8.9
1.4
-2.7

5.9
-5.0
4.2
-.2

4.2
-2.2
4.6
-14.4

CORPORATE ♦ FOREIGN BONDS
COMMERCIAL PAPER
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES

9
10
11
12

7.2
5.7
10.9
15.1
5.8

7.4
5.2
9.4
10.8
6.9

7.2
5.4
7.6
9.6
7.0

7.1
3.1
7.6
10.0
2.3

7.4
7.7
10.1
21.6
5.4

7.2
5.7
12.9
12.3
7.5

7.1
6.2
13.0
16.6
8.1

7.1
6.4
11.5
14.5
8.1

213.1
37.5
42.8
130.3
2.5

204.6
32.5
41.2
127.5
3.3

216.0
38.0
43.3
132.4
2.3

209.3
37.0
42.2
124.3
5.7

203.5
32.8
41.9
123.9
4.9

207.7
30.6
43.8
129.5
3.8

212.7
33.3
40.7
136.1
2.6

131.3
10.0
27.2
94.1

143.5
10.4
29.9
103.2

160.3
10.6
32.9
116.8

144.6
10.3
30.2
104.1

149.7
10.4
31.3
108.0

154.7
10.5
31.9
112.3

160.3
10.8
32.7
116.8

45.1
17.6
9.8
16.5
1.3

59.3
24.3
11.8
24.4
-1.2

69.7
27.2
12.9
27.1
2.5

44.3
21.9
8.4
10.7
3.3

71.4
27.7
13.1
28.3
2.3

59.6
26.6
10.9
16.3
5.7

48.9
22.4
10.0
11.6
4.9

32.2
12.5
8.0
6.0
-1.8
2.3
5.1

57.3
24.2
11.2
11.2
2.6
1.0
7.1

85.8
38.4
13.2
19.2
4.7
.9
9.4

87.6
44.2
12.9
22.9
-4.6
2.2
10.0

57.7
32.5
12.4
9.6
-2.2
2.7
2.5

95.4
47.8
13.9
22.3
-4.1
3.4
12.1

76.6
40.4
8.9
19.2
-4.9
2.8
10.3

39
40
41

76.2
8.8
10.6

87.4
9.2
16.5

97.9
11.1
24.4

120.2
11.5
27.1

114.9
15.1
10.7

117.5
10.8
28.3

42
43
44

.9
-.1
56.1

.8
♦
61.0

1.4
.1
60.9

.9
.3
80.3

.5
.4
88.2

45

56.2

60.5

52.6

74.3

46

-.1

.5

8.3

6.0

PRIVATE LIFE INSURANCE RES.
PRIVATE INSURED PENSION RES.
PRIVATE NONINSURED PEN. RES.
GOVT. INSURANCE ♦ PEN. RES.
MISCELLANEOUS FINAN. ASSETS

13
14
15
16
17

194.4
33.4
38.4
120.7
1.9

186.9 GROSS INV. IN TANGIBLE ASSETS
29.5
NONFARM HOMES
35.9
NONCORP. BUS. PLANT ♦ EQUIP.
125.5
CONSUMER DURABLES
-4.0
INVENTORIES

18
19
20
21
22

162.8
10.6
33.2
119.0

163.4
10.7
33.6
119.1

164.1 CAPITAL CONSUMPTION ALLOWANCES
10.7
NONFARM HOMES
34.0
NONCORP. BUS. PLANT ♦ EQUIP.
119.4
CONSUMER DURABLES

23
24
25
26

47.4
19.9
11.1
12.7
3.8

49.9
22.7
7.5
17.1
2.6

31.0
22.7
4.8
1.6
1.9

22.9 NET INV. IN TANGIBLE ASSETS
18.8
NONFARM HOMES
2.0
NONCORP. BUS. PLANT ♦ EQUIP.
6.1
CONSUMER DURABLES
-4.0
INVENTORIES

27
28
29
30
31

55.2
34.2
9.6
8.2
.8
1.4
1.0

72.8
37.8
15.0
17.2
-1.0
3.2
.6

56.8
26.4
13.0
16.2
-9.8
3.6
7.3

45.9
31.5
12.0
-3.0
1.3
2.8
1.3

33.2 INCREASE IN DEBT
27.6
MTG. DEBT CM NONFARM HOMES
11.4
NONCORP BUS. MORTGAGE DEBT
-3.3
CONSUMER CREDIT
SECURITY CREDIT
-1.3
2.1
POLICY LOANS
OTHER DEBT
-3.3

32
33
34
35
36
37
38

121.7
9.6
16.3

117.4
10.0
11.6

116.5
21.6
12.7

106.0
12.3
17.1

119.7
16.6
1.6

39
40
41

1.0
.3
77.2

.3
.4
95.1

.7
.4
94.8

.9
.4
80.9

.8
.4
75.4

-.4
.4
101.6

109.9 INDIVIDUALS* SAVING (1+27-32)
14.5 - GOVT. INSURANCE + PEN. RES.
6.1 - NET INVESTMENT IN CONS. DUR.
- CAPITAL GAINS DIVIDENDS
FROM INVESTMENT COMPANIES
.1
.4 - NET SAVING BY FARM CORPS.
88.8 = PERSONAL SAVING, F/F BASIS

77.0

73.2

89.3

84.4

71.5

65.5

86.5

74.8 PERSONAL SAVING* NIA BASIS

45

11.2

4.0

5.8

10.4

9.3

9.9

15.1

14.0 DIFFERENCE

46

(I) COMBINED STATEMENT FOR HOUSEHOLDS* FARM*
AND NONFARM NONCORPORATE BUSINESS.
1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




42
43
44

9 MAY 1975

DISCREPANCIES
27

DISCREPANCIES
27
DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS
(BILLIONS OF DOLLARS)

SEASONALLY ADJUSTED ANNUAL RATES
1970

1971

1972

SEASONALLY ADJUSTED ANNUAL RATES

1973

|
1973
1974 I III

|
IV I

1974
I

II

III

|
IV I

1975
I

SECTOR DISCREPANCIES
3.6
-15.1
15.9
.5
-3.5
5.5

-.3 TOTAL, ALL SECTORS
HOUSEHOLDS
-14.0
CORPORATE BUSINESS
11.7
STATE * LOCAL GOVERNMENTS
1.4
-2.5
U. S. GOVERNMENT
FOREIGN
1.5

1
2
3
4
5
6

6.1
•2
6.7
-.2
.8
-1.2

8.0
—.5
10.2
9.1
.1
-9.8

10.1
-8.3
14.8
7.1
.4
-1.8

7.4
—6.0
13.8
5.1
-.1
-2.2

3.5
-11.2
13.8
.4
-3.0
4.6

11.5
-4.0
15.3
.4
-1.5
2.9

9.1
-5.8
10.0
6.3
-1.4
4.0

-3.3
-10.4
6.7
-1.1
-.1
3.5

2.2
-9.3
15.3
1.0
-5.2
4.8

11.7
-9.9
17.4
1.0
-3.4
4.8

7
8
9
10

-.1
.1

-1.1

-1.1

-2.1

-4.4
-.2

1.7
-.3

—
-2.1

-

-1.1

*
-1.9

—

-1.1

—
-1.6

-

-.4

—
-1.6

-1.7
*
—
-1.5

-3.9

—

-2.2
-.1

-3.3

—

-2.6

-.9

-.6

1.6
.2
*
-1.6

11
12
13
14
15
16

•3
•2
.1
.1
-.8
.7

*
.3

-1.0
-.2
-.2
1.0
-.4
-1.2

-1.7
-.1
-.1
-1.0
-.1
-.5

.5
.3
.2
-.7
.5
.2

-.2
-.1
.9
—.5

-2.0
.5
-.2
-1.8

-.4

-.5

.1
.2
.1
—1.6
.4
.9

-1.6
-.1
.1
-1.8
.7
-.5

2.8
.7
.1
1.1
.8
.1

.6
.4
.3
-.5
.2
.2

3.0
.7
.6
1.0
.6
*

*

*

.3
-.8
.1

—

*

*

*

*

*

♦

.4
.4

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.

TRANSACTION DISCREPANCIES
1
2

6.1
-.1

8.0
*

10.1
-.2

7.4
*

3.5
.3

11.5

9.1
-.2

-3.3
1.7

2.2
-.2

11.7
*

3.6
-.3

3
4

.1
1.2

-.2
•1

.6
3.2

.3
.1

-.1
1.8

*
-1.1

.7
-3.0

-.4
-1.6

-2.8
4.4

2.5
1.2

.3
3.2

5
6
7
8

.5
-.9
-1.1
6.4

1.7
.1
4.3
2.0

-4.1
.4
6.1
4.1

-2.3
-.1
4.3
5.0

-.9
.2
2.6
-.4

-5.2
-.2
13.1
4.9

-2.0
-.5
11.6
2.6

-4.7
.7
-5.3
6.3

-5.8
-.9
7.8
-.3

-.4
.6
10.8
-3.0

7.6
.5
-3.0
-4.8

1/75 FIGURES ARE TENTATIVE ESTIMATES BASED ON INCOMPLETE INFORMATION.




-.3 TOTAL, ALL TYPES
TREASURY CURRENCY
.1
DEMAND DEPOSIT MAIL
-5.4
U.S. GOVERNMENT
OTHER
4.6
4.8
*
.1
-4.5

TRADE CREDIT
TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16