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FLOW OF FUNDS ACCOUNTS
1ST QUARTER 1977
SEASONALLY ADJUSTED AND UNADJUSTED
DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C 20551
TABLE LIST
PAGE
SUMMARY TABLES
1
Income and Product Distribution
2
Funds Raised in Credit Markets
4
Credit Market Supply of Funds
SECTOR TABLES
6
Households
8
Total Nonfinancial Business
Noncorporate Business
10
Nonfinancial Corporate Business
12
State+Local Governments
Foreign
14
U.S. Government + Credit Agencies
16
Banking System
18
Commercial Banking Subsectors
20
Nonbank Finance Summary
22
Savings Institutions
24
Insurance + Pension Funds
26
Finance N.E.C.
TRANSACTION TABLES
28
Monetary and Insurance Reserves
Interbank Claims
30
Money and Deposits
32
U.S. Government Securities
36
Private Securities
38,40
Mortgages
42
Consumer Credit and Bank Loans N.E.C.
44
Open Market Paper
Other Loans
46
Security Credit, Trade Credit, and Taxes
Payable
48,50
Miscellaneous
52
Total Claims
54
Saving By Individuals
56
Discrepancies
58
Money Stock Relationship
Flow of Funds Accounts
First Quarter 1977
First-quarter estimates that are included in those tables
are based on preliminary and incomeplete information and are therefore
only tentative. At the end of this preface are lists of the principal
sources of information that were available and that were not available
in putting together the first quarter on this preliminary basis, and
the significance of individual items in the tables should be judged
on the basis of these lists.
For items that had not yet become fully available for the
quarter a variety of monthly or quarterly indicators was used to the
extent possible. The nature of the preliminary figures for the quarter
can be assessed to a considerable extent from the list below. The list
is very summary and is by no means a statement of sources of data or of
derivation methods. The list is mainly in terms of sectors, since a
large part of all source data is in the form of sector balance sheet or
activities. Almost all nonfinancial activity by all sectors comes from
the Commerce Department's income and product accounts, however, and
this part of the system is included separately at the beginning of the
list. The items that are shown as available are in general also preliminary in the sense that they are subject to revision once a year on
the basis of benchmark data. "Available" for them means that the basic
quarterly estimates for them have been completed in a form that will
usually stand until the next annual revision. Virtually all quarterly
data sources are compiled within five or six months of the end of the
quarter, and the distinction between the two columns is not between
final and preliminary versions of data but rather between those data
that are fully ready when the first quarterly estimate is put together
and those that are not yet completed.
1976 numbers in these tables are revised in many ways from
the version printed in February. In addition to the usual fourthquarter revisions, reflecting more complete data than was available in
February, the 1976 estimates now embody the June 1976 Call Report for
commercial banks, which is also reflected in current estimates of
money stock and bank credit published in other releases. Beyond that,
however, the flow of funds tables here incorporate a December 1976
preliminary Call Report that is not yet in money stock and bank credit
releases. The effect of the Call Reports has been to increase substantially the estimates for bank credit and bank lending on mortgages
and bank loans n.e.c. 1976 revisions also include a December call
report for savings and loan associations.
Requests and inquiries about the data, historical tabulations and computer tapes of the data should be addressed to:
Flow of Funds Section
Room B-3222
Board of Governors of the
Federal Reserve System
20th and Constitution Ave.
Washington, D. C. 20551
(202) 452-3483
i
Information Status for Preliminary Estimates
NONFINANCIALNational income and product
accounts
Major items missing
Available
First quarterly estimate
Corporate profits, profit tax
accruals, and undistributed
profits.
FINANCIALHouseholds
Estimates for this sector is almost entirely residual and derived from
data for other sectors. Availability is thus dependent on schedules
for other sectors. Principal types of borrowing--mortgages and consumer credit—are available in time for first quarterly estimates.
Farms
Bank loans. For sponsored agency
loans, see item 9 below.
U.S. Government loans.
item 9 below.
Nonfarm noncorporate business
Bank and finance company loans,
mortgage borrowing, open-market
paper
Net trade debt
Nonfinancial corporate business
For preceding quarter: working
capital, net security issues,
foreign direct investment. For
current quarter: gross security
offerings, mortgages, bank loans,
open-market paper, finance company
loans.
Working capital, foreign direct
investment, U.S. Government loans
State and local governments
Gross security offerings, deposits
at banks, two months of quarter
for Government security holdings
Security retirements, last month
of quarter for holdings of Government securities
ii
See
FINANCIAL—
Available
Major Items missing
Preceding quarter, two months
of current quarter for capital
movements
Capital movements for last month
of quarter, direct investment
flows
Monthly Treasury Statement of
Receipts and Outlays for last
month of quarter, Federal
Financing Bank statement
Loans outstanding except at
Federal Financing Bank
Balance sheets for FNMA, Home
Loan Banks, Farm Credit
Administration securities outstanding. FCA loans for most
recent June or December
FCA loans for March or September
Mortgage pools
Complete
None
Monetary authorities
Complete
None
Banking
Banking and monetary estimates
through last month of quarter,
two months for foreign agencies
Recent all-bank totals, last
month for foreign agencies
Savings and loan associations
Last month of quarter on summary
monthly basis
Detailed listing of cash and
investments.
Mutual savings banks
Two months of quarter
Last month of quarter
Credit unions
Deposit flows and consumer credit
Other assets
Rest of the world (U.S.
International Transactions)
U.S. Government
Sponsored credit agencies
iii
FINANCIAL—
Available
Major items missing
16.
Life insurance companies
Two months of quarter
Last month
17.
Private Pension Funds
Preceding quarter
Current quarter
18.
State and local government
retirement system
Preceding quarter
Current quarter
19.
Other insurance companies
Preceding quarter
Current quarter
20.
Finance companies
Complete
None
21.
REIT's
Preceding quarter
Current quarter
22.
Investment companies and
money market funds
Complete
None
23.
Security brokers and dealers
Borrowings
Assets
iv
9, 1977
INCOME AND PRODUCT DISTRIBUTION
INCOME AND PRODUCT DISTRIBUTION
1
INCOME AND PRODUCT ACCOUNTS: GNP EXPENDITURES AND GROSS SAVING
SEASONALLY ADJUSTED ANNUAL KATES
2
3
4
5
6
1972
1973
1171.1
1306.6
98 6 . 1
733.0
111.2
151.0
102.1
1974
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 |
I
IV |
1976
I
IV I
1977
1
1975
1976
1413.2
151t>.3
1691.6
1588.2
1636.2
1675.2
1079.4
809.9
123.7
167.3
102.2
1190.6
887.5
121.6
191.6
111.6
1312.2
973.2
131.7
214.5
124.4
1445.3
1079.7
156.5
232.2
133.4
1365.8
1012.1
141.8
223.4
130.4
1396.3
1043.6
151.4
225.5
129.2
1426.8
1458.0
1498.2
1 5 3 7 . 1 CURRENT OUTLAYS
1064.7 1088.5 1122.0 1156.8
HOUSEHOLDS
155.0
157.6
162.0
173.4
OF WHICH CONSUMER DURABLES
230.9
235.0
237.4
240.9
STATE • LOCAL GOVERNMENT
131.2
134.5
138.9
139.5
U . S . GOVERNMENT
I
II
III
1709.7
1745.1
1 7 9 2 . 5 TOTAL GNP
7
188.3
220.0
215.0
183.7
239.6
201.4
229.6
239.2
247.0
242.7
260.2 GROSS DOMESTIC INVESTMENT
8
9
10
11
12
13
178.8
62.0
202.1
66.1
204.3
55.1
198.3
51.2
227.7
67.7
214.7
61.3
2.8
50.5
46.6
223.2
65.3
2.7
53.8
50.4
231.9
68.9
2.7
241.0
75.5
252.7
61.7
56.3
.7
.6
65.2
61.1
1.1
14
15
16
1.3
.7
.7
- . 7
- . 3
- . 3
4.2
2.1
2.1
17
18
19
20
21
21.2
4.0
4.4
3.2
2.4
2.7
36.8
34.8
37.6
37.6
33.3
33.2
33.9
36.3
55.6
51.7
1.0
.8
1.1
205.7
57.0
2.5
46.3
41.0
1.4
-.8
- . 4
- . 4
1.8
.9
.9
2.8
1.4
1.4
3.9
1.9
1.9
24.2
18.6
1.8
3.0
14.9
4.8
.4
6.0
.2
6.4
7.2
4.6
.4
9.6
3.7
3.2
2.0
1.0
9.4
2.1
4.9
1.9
.5
8.3
3.4
14.2
22
23
24
25
26
27
116.8
136.0
149.2
147.1
160.0
5.5
6.6
5.2
9.0
4.2
4.8
6.1
8.9
8.0
87.0
102.2
111.9
107.9
118.8
148.7
5.0
10.8
15.4
9.2
106.3
153.4
5.7
11.1
17.1
6.2
111.4
28
29
30
31
32
9 . *
.6
8.6
1.3
7.6
17.9
10.7
-1.5
12.2
-14.6
11.9
-4.3
5.2
-9.5
-2.3
-7.3
14.8
2.2
12.7
2.0
10.6
33
34
35
-3.3
72.7
75.9
101.6
94.4
36
37
38
801.3
49.4
6.2
39
40
-17.3
13.7
41
42
43
44
45
14.8
13.4
3.2
14.7
5.2
5.1
6.1
10.2
15.8
10.5
14.8
11.1
16.0
3.0
*
11.9
8.1
2.6
3.2
1.4
1.0
1.5
.7
11.
15.
1
2
3
4
5
6
7
PRIVATE FIXED INVESTMENT
RESIDENTIAL CONSTRUCTION
10
11
12
13
3.0
1.5
1.5
M O B I L E HOMES
1 - 4 FAMILY STRUCTURES
HOUSEHOLD PUKCHASES
FARM
CHANGE I N WORK I N
P R O C E S S ON NONFARM
NONCORPORATE
CORPORATE
6.3
2.6
.2
6.4
2.9
.2
MULTI-FAMILY UNITS
HOUSEHOLDS (1)
NONCORPORATE BUSINESS
NONFIN. CORP. BUSINESS
REITS
17
16
19
20
21
165.6
6.5
10.6
15.9
8.2
124.4
173.1
6.9
11.3
14.6
7.5
132.7
2.2
-3.4
7.5
2.5
5.0
117.2
122.2
-1.3
17.3
15.1
-.5
15.6
9.3
lo0.3
151.0
4.7
167.7
163.0
4.2
168.5
164.3
1190.2
75.8
6.4
1216.5
67.8
7.5
NONRES. PLANT • EQUIPMENT
NONPROFIT I N S T . (HH)
FARM
NONFARM NONCORP. BUS.
FINANCIAL CORPORATIONS
NONFIN. CORP. BUSINESS
INVENTORIES
FARM
NONFARM
NONCORPORATE
CORPORATE
14
15
16
22
23
24
25
26
27
26
29
30
31
-17.6
-1.2
-16.4
11.6
144.4
136.9
20.5
146.1
127.6
162.7
156.0
21.0
153.7
132.7
6.4
154.1
145.7
901.7
70.3
982.9
72.2
1080.9
64.0
1181.7
76.5
1119.9
83.7
7.8
7.3
7.8
6.5
1147.6
79.5
6.9
-6.7
13.0
-11.5
-71.2
7.3
6.9
-58.6
14.0
-69.4
7.9
-63.8
12.2
-59.3
21.9
96.2
115.8
127.6
114.5
147.9
.7
6.8
.3
.3
7.5
15.4
75.6
16.2
92.0
11.2
14.1
102.1
.3
6.2
12.9
95.3
14.4
125.6
6.4
12.9
111.7
141.1
.3
7.7
14.0
119.1
154.2
.3
4.8
46
47
48
49
41.5
48.7
52.4
49.2
64.4
.1
8.1
.3
9.1
.2
9.9
.2
9.5
33.4
39.4
42.4
39.6
10.4
53.7
9.6
47.4
61.4
.2
10.2
50.9
65.1
.2
10.4
54.5
67.4
.2
10.8
56.4
68.3
.2
10.8
57.3
TAX ACCRUALS - TOTAL
FARMS
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
46
47
46
49
50
51
52
53
24.6
27.8
30.8
32.1
35.1
.1
3.2
.7
.1
.1
2.3
.6
.1
2.6
.8
33.1
.1
4.1
35.4
.1
37.7
.1
2.9
37.6
.1
50
51
52
53
54
1.3
.2
13.3
12.0
7.1
*
7.5
•3
.1
-.1
10.8
.4
6.6
.2
13.8
125.3
7.2
14.4
128.3
1.3
28.4
62
63
- . 2
2.7
.1
1.8
64
65
66
67
68
69
70
71
72
105.4
14.7
117.7
17.1
2.8
7.0
3.1
7.8
3.5
9.2
15.5
65.4
17.8
71.9
20.9
84.6
2.8
.4
3.2
.6
4.9
1.2
68.1
•6
80.0
*.3
.9
62.2
95.7
73
74
89.7
195.1
98.3
216.0
110.6
248. 3
123.7
285.0
.1
.1
-3.0
-11.6
-15.5
137.7
19.5
161.4
22.0
179.8
24.4
3.9
4.3
10.8
23.7
100.9
11.7
26.6
112.8
3.8
106.7
169.5
22.9
4.1
11.1
25.1
106.4
4.5
1.0
100.8
173.6
23.5
4.2
11.3
25.8
108.6
4.6
1.1
103.1
.7
.1
.3
.6
.1
.6
.6
.1
105.6
138.2
318.0
128.4
297.9
132.2
305.8
136.
313.
43.5
13.8
43.5
13.8
75
1.7
2.6
6.6
t . 4
7.7
76
77
43.2
15.0
42.1
14.3
41.1
14.8
43.0
13.5
43.5
14.1
BILLIONS OF DOLLARS.
1 2 4 5 . 5 DISPOSABLE PERSONAL INCOME
6 1 . 8 PERSONAL SAVING
5.0
SAVING RATE (PER CENT)
- 4 6 . 5 FEDERAL GOVERNMENT SURPLUS
2 1 . 2 ST.+LOC. GOVERNMENT SURPLUS
CORPORATE PROFITS. TAXES • DIVIDENDS:
155.6
PROFITS - TOTAL
FARMS
FOREIGN
FINANCIAL CORPORATIONS
15.5
NONFIN. CORPORATE BUSINESS
131.8
36
37
38
39
40
41
42
43
44
45
.9
34.6
DIVIDENDS - TOTAL
FARMS
NET FOREIGN
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
5.7
3.7
39.8
6.1
3.8
39.8
UNDIST. PROFITS - TOTAL
FARMS
FOREIGN BRANCH PROFITS
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
55
56
57
56
59
-16.4
-17.0
-16.4
-.3
-16.6
CAP. CONS. ADJUST. - TOTAL
FARMS
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
60
61
62
63
1 9 1 . 3 TOTAL CAPITAL CONSUMPTION
26.0
OWNER-OCCUPIED HOMES (HH)
4.5
NONPROFIT INSTITUTIONS (HH)
12.2
FARM NONCORPORATE
29.1
NONFARM NONCORP. BUSINESS
119.5
TOTAL CORPORATE
5.7
FINANCIAL BUSINESS
1.3
CORPORATE FARMS
112.5
NONFIN. CORPORATE BUSINESS
MEMO: CAP. CONS. ON CONSUMER
146.2
DURABLES NOT INCLUDED ABOVE
3 3 9 . 5 TOT. CAP. CONS. 1NCL. DURABLES
64
65
66
67
68
69
70
71
72
181.6
24.7
4.4
11.8
26.8
113.9
5.0
1.2
107.7
186.2
25.4
4.4
11.9
27.6
116.9
5.2
1.3
110. t
140.2
321.8
144.2
330.4
43.3
14.1
43.7
14.4
9.2
1 / 7 7 BASED ON INCOMPLETE INFORMATION.
33
34
35
2.8
.9
33.8
33.2
-.1
3.0
40.1
*
- 4 . 9 NET EXPORTS
170.5
EXPORTS
175.4
IMPORTS
STATISTICAL DISCREPANCY
4 3 . 9 PROFIT TAX RATE {%)
1 4 . 9 PERSONAL TAX RATE I S )
(1) Purchases of condominium units.
73
74
75
MAY 9 , 1977
FUNDS RAISED IN CREDIT MARKETS
FUNDS RAISED I N CREDIT MARKETS
SUMMARY OF FUNDS RAISED I N CREDIT MARKETS
UNADJUSTED NET FLOWS ( > M I L L . )
UNADJUSTED NET FLOWS <$ M I L L . )
1975 |
IV |
1976
II
III
I
IV I
1977 I
II
BILLIONS OF DOLLARS
1968
1969
1970
CREDIT MARKET FUNDS RAISED BY NONFINANCIAL SECTORS
TOTAL FUNDS RAISED
BY NONFINANCIAL SECTORS
EXCLUDING EQUITIES
71.030
67.934
53.929
50.b67
3 U . S . GOVERNMENT
4
PUBLIC DEBT SECURITIES
5
AGENCY ISSUES • MORTGAGES
25.896
25.925
-29
24.149
24.117
32
9.418
9.398
20
6 ALL OTHER NONFINANCIAL SECTORS
7
CORPORATE EQUITIES
8
DEBT INSTRUMENTS
45.134
3.096
42.038
29.780
3.262
26.518
1
2
9
10
11
PRIVATE DOMESTIC
NONFINANCIAL SECTORS
CORPORATE EQUITIES
DEBT INSTRUMENTS
67.315
65.319
81.423
79.386
60.435
59.795
83.9
81.5
98.3
98.3
93.5
69.6
100.7
94.9
151.0
139.6
1
2
18.029
17.775
254
17.430
17.849
-419
17.627
17.813
-186
13.0
8.9
4.1
13.6
10.5
3.1
-3.7
-1.3
-2.4
11.9
12.9
-1.0
24.7
26.0
-1.3
3
59.539
3.551
55.988
49.286
1.996
47.290
63.993
2.037
61.956
42.808
640
42.168
70.9
2.4
66.5
84.8
84.8
*
97.1
3.9
93.3
88.8
5.8
83.0
126.3
11.5
114.8
6
7
8
68.957
65.406
4
5
39.516
3.039
25.849
3.152
55.024
3.505
36.477
22.697
51.519
45.426
1.829
43.597
54.751
2.036
52.713
41.994
540
41.454
66.9
2.4
64.5
81.9
-.2
82.1
93.5
3.4
90.1
86.1
5.7
60.4
9
121.1
1 1 . 4 10
1 0 9 . 7 11
12
13
14
15
16
17
18
19
DEBT CAPITAL INSTRUMENTS
ST.+LOC. OBLIGATIONS
CORPORATE BONOS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY RESID.
COMMERCIAL
FARM
27.585
4.445
5.825
17.315
12.507
-92
3.862
1.038
24.037
2.128
6.471
15.438
12.328
353
1.625
1.132
33.118
6.851
4.957
21.310
16.228
396
2.898
1.788
35.061
5.167
5.697
24.197
19.143
180
3.137
1.737
31.422
3.080
5.706
22.636
16.730
175
4.029
1.702
28.763
3.297
4.765
20.681
15.363
227
3.257
1.834
46.1
7.8
14.7
23.7
13.4
3.6
4.7
2.0
51.8
9.5
12.9
29.4
17.3
3.4
6.6
2.2
52.5
9.9
12.0
30.6
18.1
4.9
5.7
1.8
60.2
11.2
19.8
29.2
14.4
6.9
7.1
.8
8 6 . 8 12
1 7 . 5 13
18.6 1 *
5 0 . 5 15
2 8 . 6 16
9 . 7 17
9 . 8 18
2 . 4 19
20
21
22
23
24
OTHER DEBT INSTRUMENTS
CONSUMER CREDIT
BANK LOANS N . E . C
OPEN-MARKET PAPER
OTHER
8.892
6.076
2.121
-1.136
1.831
-1.340
-1.144
-6.521
1.623
4.702
18.401
6.833
7.633
1.602
2.333
8.536
6.486
-740
-565
3.355
21.291
8.322
7.313
795
4.861
12.691
753
5.146
1.351
5.441
18.4
4.5
9.6
1.7
2.6
30.2
10.0
13.8
1.5
5.0
37.6
10.4
15.5
1.6
9.9
20.1
5.9
6.7
2.6
5.0
22.8
11.6
6.5
-.4
5.1
39.51b
3.675
20.768
25.849
3.080
12.076
55.024
5.042
25.468
45.426
5.531
24.250
44.751
3.124
28.863
41.994
3.134
16.954
66.9
7.9
22.4
81.9
9.8
32.1
93.5
10.7
33.8
86.1
11.3
25.3
15.073
1.216
1.644
12.213
9.174
3.039
10.693
2.039
-446
9.100
5.948
3.152
24.514
4.518
2.319
17.677
14.172
3.505
15.645
3.586
1.170
10.889
9.060
1.829
22.764
2.177
1.672
18.915
16.877
2.038
21.906
3.340
945
17.621
17.081
540
36.6
3.3
4.4
28.9
26.5
2.4
40.0
2.8
5.3
31.9
32.1
-.2
48.9
3.1
7.5
38.4
35.0
3.4
49.4
2.3
5.7
41.5
35.8
5.7
61.2
4.5
10.3
46.4
34.9
11.4
28
29
30
31
32
33
5.618
57
5.561
2.418
1.442
1.061
640
3.931
110
3.821
2.350
768
9
694
4.515
46
4.469
1.311
1.859
385
914
3.860
167
3.693
2.576
319
-328
1.126
9.242
-1
9.243
2.123
3.613
2.431
876
814
100
714
1.250
-1.709
180
993
4.0
.1
4.0
1.2
-.3
.5
2.6
2.8
•2
2.7
1.1
-.5
-.2
2.2
3.7
.5
3.2
1.0
-.2
.3
2.1
2.7
.1
2.7
•9
-.3
.6
1.3
5.2
34
5.2
•9
2.1
•3
1.6
4 1 MEMO: U . S . GOVT. CASH BALANCE
19
-786
7.136
TOTALS NET OF CHANGES I N U . S . GOVT. CASH BALANCES—
42 TOTAL FUNDS RAISED
71.011
54.715
61.821
43
BY U . S . GOVERNMENT
25.877
24.935
2.282
1.162
-4.357
-2.879
1.2
-1.2
.5
2.8
3.2 41
66.153
16.867
05.780
21.787
63.314
20.506
82.7
11.8
99.5
14.8
93.0
-4.1
97.9
9.1
147.8 42
2 1 . 6 43
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
BY BORROWING SECTOR:
ST.+LOC. GOVERNMENTS
HOUSEHOLDS
NONFINANCIAL BUSINESS
FARM
NONFARM NONCORPORATE
CORPORATE
OEBT INSTRUMENTS
EQUITIES
FOREIGN
CORPORATE EQUITIES
DEBT INSTRUMENTS
BONDS
BANK LOANS N . E . C .
OPEN-MARKET PAPER
U . S . GOVERNMENT LOANS
20
21
22
23
24
1 2 1 . 1 25
1 7 . 8 26
4 2 . 1 27
* 3356
37
36
39
40
CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS
TOTAL FUNDS RAISED
BY FINANCIAL SECTORS
9
10
12
13
6.986
5.086
5.811
8.200
10.687
10.337
U . S . GOVT. RELATED
SPONSORED CR. AG. SEC.
MORTGAGE POOL SECURITIES
LOANS FROM U . S . GOVERNMENT
4.631
1.825
2.655
4.066
527
3.541
0
5.006
1.315
3.735
4.849
326
4.841
-318
4.600
762
5.010
-1.172
.1
-.6
.7
-.1
4.0
3.2
.5
.2
9.5
9.1
.7
-.3
9.6
8.2
1.6
151
3.769
248
3.546
-25
PRIVATE FINANCIAL SECTORS
CORPORATE EQUITIES
2.355
519
1.317
663
1.743
-456
3.194
421
5.838
1.189
5.737
1.115
2.0
3.1
13.2
25.6
6.5
6.3
1.836
343
124
953
53
363
654
1.014
217
-2.399
3.910
-2.088
2.199
2.416
1.155
-449
-440
-483
2.773
950
3*0
-2.595
3.290
788
4.649
1.390
219
2.169
1.071
-200
4.622
1.894
558
-2.486
6.056
-1.400
-1.1
6.7
.4
.4
1.5
3.4
.9
19.5
6.986
1.976
2.655
5.086
5.811
8.200
10.687
10.337
35.2
15.6
527
1.271
8
-410
3.541
3.735
4.841
5.010
2.0
-.6
.7
17.2
223
3.546
3.5
.5
8.8
.7
8.2
1.6
2.355
-1.036
1.317
4.167
-227
-812
-2.458
239
470
-394
358
-26
1.743
791
-419
50
1.069
239
1.702
-495
-860
-334
3.194
3.180
-114
-89
1.172
246
-780
-440
74
-55
5.838
-545
-35
1.298
77
245
4.686
-80*
776
140
5.737
5.259
106
-1.030
-312
250
1.059
-306
645
66
2.0
13.2
25.8
6.0
.8
-2.0
-1.9
1.1
.2
3.9
1.2
5.9
2.4
4.3
.2
4.1
.5
7.8
1.5
4.9
-
-
DEBT INSTRUMENTS
CORPORATE BONOS
MORTGAGES
BANK LOANS N . E . C .
OPEN-MARKET PAPER • RP»S
LOANS FROM FHLB*S
14 TOTAL, BY SECTOR
15
SPONSORED CREDIT AGENCIES
16
MORTGAGE POOLS
17
18
19
20
21
22
23
24
25
26
PRIVATE FINANCIAL SECTORS
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
SAVINGS • LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
-144
1.269
769
239
1.688
-605
232
-55
.7
1.0
-2.0
1.8
-2.5
*
—
- 1 . 7•
.1
.6
*
-
3.0
—
•1
.8
.2
1.5
12.9
4.0
5.9
1.1
4.8
2
3
4
6.0
4.8
11.1
3.5
6
7
1.2
2.7
.7
7.6
3.8
2.1
3.5
.9
-4.7
8
9
10
11
12
13
-
*
-3.5
1.3
.1
1.8
.4
2.6
2.2
2.8
-
5
17.0 14
1.1 15
4 . 8 16
11.1
2.4
-.4
1.6
-.1
•6
2.7
2.9
1.3
-
17
18
19
20
21
22
23
24
25
26
TOTAL CREDIT MARKET FUNDS RAISED. ALL SECTORS, BY TYPE
1 TOTAL FUNDS RAISED
2
INVESTMENT COMPANY SHARES
3
OTHER CORPORATE EQUITIES
78.016
232
3.383
59.015
358
3.567
74.768
-860
3.955
75.515
74
2.343
92.110
776
2.450
70.772
645
1.110
85.9
3.0
2.5
115.5
5.9
.6
128.7
4.9
5.2
116.4
2.8
7.7
168.1
1.3
13.7
1
2
3
4
5
6
7
8
74.401
30.403
4.445
6.586
17.412
55.090
27.967
2.128
9.835
15.631
71.673
13.508
6.851
8.684
22.443
73.098
23.110
5.167
9.223
24.506
88.884
22.612
3.080
9.219
22.840
69.017
23.432
3.297
7.929
21.206
80.4
13.2
7.8
16.6
24.6
109.0
17.4
9.5
14.4
29.8
118.6
6.2
9.9
13.8
30.7
105.9
21.7
11.2
23.3
29.9
153.1
30.7
17.5
23.5
52.5
4
5
6
7
8
6.076
4.516
-22
2.985
-1.144
-8.152
5.542
3.283
6.833
9.043
1.547
2.764
6.486
-3.016
2.397
5.225
8.322
13.295
4.297
5.219
753
951
7.587
3.862
4.5
7.3
3.9
2.5
10.0
14.8
4.8
8.3
10.4
16.8
15.1
15.8
5.9
6.3
-.1
7.7
10
11
12
DEBT INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE • FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER
OTHER LOANS
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
11.6
9
1 2 . 1 10
. 8 11
4 . 2 12
MAY 9 , 1977
FUNDS RAISED IN CREDIT MARKETS
FUNDS RAISED I N CREDIT MARKETS
SUMMARY OF FUNDS RAISED I N CREDIT MARKETS
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 I
I
IV I
1975
1976
II
III
IV I
1977
I
CRfcDIT MARKET FUNDS RAISED BY NONFINANCIAL SECTORS
TOTAL FUNDS RAISED
1
2
176.9
166.4
197.6
190.0
188.8
185.0
210.4
200.3
271.6
260.8
250.9
238.5
243.5
230.5
269.7
255.5
281.9
273.9
290.7
282.5
271.5
269.0
3
4
5
15.2
14.3
1.0
8.3
7.9
.4
12.0
12.0
85.2
85.8
- . 6
69.0
69.1
- . 1
85.2
85.3
- . 1
71.7
71.6
.1
71.5
71.5
.1
80.4
79.4
1.0
52.7
54.4
- 1 . 7
44.7
45.5
- . 7
6
7
8
161.7
10.5
151.2
189.4
7.7
181.7
176.8
3.6
173.0
125.2
10.0
115.1
202.6
10.8
191.8
165.7
12.4
153.3
171.8
13.0
158.8
198.2
14.2
184.0
201.5
8.0
193.5
237.9
8.1
229.8
226.8
2.6
224.2
9
10
11
157.7
10.9
146.8
183.1
7.9
175.3
161.6
4.1
157.5
112.2
9.9
102.3
181.1
10.5
170.5
144.6
12.2
132.4
154.4
12.6
141.8
183.9
14.0
169.8
182.6
7.3
175.3
202.4
6.2
194.3
221.7
2.2
219.6
12
13
14
15
16
17
18
19
102.8
15.4
12.2
75.2
42.6
12.7
16.4
3.6
106.7
16.3
9.2
81.2
46.4
10.4
18.9
5.5
101.2
19.6
19.7
61.9
34.6
7.0
15.1
5.1
101.3
17.3
27.2
56.8
40.8
- . 1
10.9
5.2
123.6
17.2
22.8
83.6
64.4
1.1
11.7
6.4
113.9
18.5
25.0
70.5
51.3
-.6
14.6
5.2
106.8
9.3
25.8
73.7
57.7
2.1
9.1
4.7
118.2
26.9
15.5
75.8
58.6
1.1
10.6
5.5
137.2
19.7
25.4
92.1
72.4
.5
11.8
7.4
130.4
13.0
24.6
92.7
69.0
.6
15.3
7.8
128.0
14.2
18.8
95.0
70.2
1.5
15.6
7.6
20
21
22
23
24
44.0
18.6
18.1
.8
6.5
68.6
21.7
34.8
2.5
9.6
56.3
9.8
26.2
6.8
13.5
1.0
8.5
-14.5
-2.2
9.1
46.9
20.5
7.7
3.5
15.3
18.6
17.7
- . 7
-5.1
6.7
33.0
18.1
-9.1
7.5
16.5
51.6
20.6
13.5
8.8
8.6
38.1
19.2
6.5
-4.7
17.1
63.9
24.0
19.0
2.2
18.7
91.6
28.3
36.9
6.8
19.6
25
26
27
157.7
15.2
64.8
183.1
14.8
73.5
161.6
18.6
45.2
112.2
14.9
49.7
181.1
16.8
90.7
144.6
15.4
66.6
154.4
13.1
82.5
183.9
19.6
94.0
182.6
21.2
91.4
202.4
13.2
94.6
221.7
13.5
105.5
94.8
9.7
12.3
72.9
65.0
7.9
97.8
7.9
6.7
83.1
79.0
4.1
47.6
9.4
1.2
37.1
27.2
9.9
73.6
12.3
4.7
56.6
46.1
10.5
62.6
10.0
2.6
50.0
37.9
12.2
58.7
9.2
2.7
46.8
34.2
12.6
70.2
12.7
5.6
51.9
37.8
14.0
70.0
14.6
4.7
50.7
43.4
7.3
94.7
12.7
4.8
77.2
69.0
8.2
102.7
14.2
7.9
80.6
78.4
2.2
14.3
.2
14.1
5.2
3.7
1.5
3.7
18.9
.7
18.3
10.3
4.8
-1.3
4.5
35.5
5.1
.4
4.7
5.0
-5.0
.7
4.0
*
28
29
30
31
32
33
77.7
5.8
13.1
58. 8
47.6
10.9
34
35
36
37
38
39
40
4.0
- . 4
4.4
1.0
3.0
-1.0
1.5
6.2
- . 2
6 . *
1.0
2.8
.9
1.7
15.3
- . 2
15.5
2.1
4.7
7.1
1.6
13.0
.1
12.8
6.2
4.0
- . 1
2.8
21.5
.3
21.2
6.4
6.8
2.5
3.6
21.1
.2
20.9
9.7
4.4
4.2
2.6
17.4
.4
17.0
9.4
4.8
177.2
15.5
199.3
9.9
193.4
16.6
207.5
82.3
268.5
65.9
246.4
80.7
243.3
71.4
*
2.8
*
35.5
8.5
13.8
9.7
3.5
BY N O N F I N A N C I A L S E C T O R S
EXCLUDING E Q U I T I E S
1
2
U . S . GOVERNMENT
P U B L I C DEBT S E C U R I T I E S
AGENCY I S S U E S + MORTGAGES
3
4
5
ALL OTHER N O N F I N A N C I A L
CORPORATE E Q U I T I E S
DEBT INSTRUMENTS
6
7
8
SECTORS
P R I V A T E DOMESTIC
N O N F I N A N C I A L SECTORS
CORPORATE E Q U I T I E S
DEBT I N S T R U M E N T S
BY
9
10
11
DEBT C A P I T A L
INSTRUMENTS
S T . + L O C . OBLIGATIONS
C O R P O R A T E BONOS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
RESIO.
COMMERCIAL
FARM
12
13
14
15
16
17
18
19
OTHER D E B T I N S T R U M E N T S
CONSUMER C R E D I T
BANK L O A N S N . f c . C .
O P E N - M A R K E T PAPER
OTHER
20
21
22
23
24
BORROWING S E C T O R :
S T . + L O C . GOVERNMENTS
HOUSEHOLDS
25
26
27
NONFINANCIAL BUSINESS
FARM
NONFARM NONCORPORATE
CORPORATE
DEBT I N S T R U M E N T S
EQUITIES
28
29
30
31
32
33
FOREIGN
CORPORATE E Q U I T I E S
DEBT I N S T R U M E N T S
BONDS
BANK LOANS N . E . C .
O P E N - M A R K E T PAPER
U . S . GOVERNMENT L O A N S
2.2
-13.1
- 8 . 1 MEMO: U . S . GOVT. CASH BALANCE
TOTALS NET OF CHANGES IN U . S . GOVT. CASH BALANCES—
279.7
303.7
2 7 9 . 6 TOTAL FUNDS RAISED
78.2
65.8
52.8
BY U . S . GOVERNMENT
246,
48,
34
35
36
37
36
39
40
41
42
43
CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS
63.5
19.9
16.3
21.9
13.5
2.3
2.4
6.0
7.8
5.8
.7
10.3
15.7
10.6
14.2
36.8
19.9
12.1
1.5
1.0
1.3
1.2
.1
2.9
2.3
10.3
8.4
3.5
4.9
6
7
20.7
2.8
8
9
10
11
12
13
18.0
35.3
5.1
1.7
6.6
4.4
3.5
2.1
-1.2
14.0
11.8
-1.3
14
15
16
29.1
17
18
19
20
21
22
23
24
25
26
"
19.2
23.1
16.6
2
3
4
5
3.6
-
18.9
.9
17.7
- . 4
l.b
PRIVATE FINANCIAL SECTORS
CORPORATE EQUITIES
-.2
10.1
19.3
37.9
2.1
-1.4
2.1
4.5
3.9
17.4
.9
9.7
1.4
8.0
4.2
2.0
14.8
34.0
4.7
.7
8.3
1.9
.9
-1.7
14.8
-1.0
-5.5
-1.1
-3.6
-11.6
15.8
-2.2
4.5
3.7
5.9
1.9
-1.2
2.1
24.2
41.4
13.7
24.7
39.5
63.5
-3.3
7.8
-2.2
56.7
16.3
43.0
17.3
14.8
29.8
3.2
2.0
8.6
7.7
3.6
5.8
10.3
15.7
10.6
14.2
20.7
36.8
1.3
1.7
.3
- . 3
4.9
8.1
2.2
5.1
6.0
.5
9.4
6.5
19.9
-1.1
12.1
4.8
.7
.8
2.0
.5
6.2
6.3
- . 5
-4.2
19.5
16.7
.9
.7
7.6
-.8
.4
- . 1
1.0
6.1
-1.9
-2.1
.8
1.3
.3
- . 3
-
U . S . GOVT. RELATED
SPONSORED CR. AG. SEC.
MORTGAGE POOL SECURITIES
LOANS FROM U . S . GOVERNMENT
-
-2.0
-1.2
25.6
10.3
20.0
-4.7
-.5
2.8
-
2.1
-.1
-4.0
-2.1
20.2
19.5
-3.9
3.5
2.9
6.3
.9
4.5
1.1
- . 5
2.4
-.3
14.9
.6
7.5
3.9
6.7
3.5
4.9
14.5
4.9
1.8
7.2
*
*
19.4
-1.3
3.2
.3
3.0
1.2
5.8
1.9
14.2
-.9
14.2
-.4
.8
5.6
14.9
19.4
20.0
-.5
3.2
10.1
12.7
19.3
-2.2
37.9
21.0
.2
-.5
-.4
-.4
1.0
7.2
-1.6
-1.7
1.0
4.7
1.0
.2
-2.4
-1.6
.8
-.1
-2.0
-3.0
-1.3
-1.8
.6
-.2
-.6
5.1
5.2
1.0
.5
-3.2
-1.5
23.2
14.2
*
-1.7
TOTAL FUNDS RAISED
BY FINANCIAL SECTORS
.4
-.1
5.2
3.1
1.0
-4.1
12.1
-3.2
10.0
-1.2
.7
-.2
2.9
.6
330.1
2.9
9.8
8.4
1.0
2.0
.3
DEBT INSTRUMENTS
6
CORPORATE BONDS
9
MORTGAGES
10
BANK LOANS N . E . C .
11
OPEN-MARKET PAPER • RP»S 12
LOANS FROM FHLB»S
13
OTAL, BY SECTOR
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
PRIVATE FINANCIAL SECTORS
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
SAVINGS • LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
TOTAL CREDIT MARKET FUNDS RAISED, ALL SECTORS, BY TYPE
1
2
3
206.0
254.3
-1.2
10.4
231.8
225.2
- . 5
5.H
.8
.3
13.8
10.4
12.3
13.5
14.3
283.4
-3.0
15.6
306.6
.7
9.4
4
5
6
7
8
192.8
23.7
15.4
18.4
76.8
245.2
28.3
16.3
13.6
79.9
227.0
34.5
19.6
23.9
60.5
214.0
98.0
17.3
36.3
59.0
288.7
87.2
17.2
37.0
85.4
260.9
269.8
93.8
9.3
39.9
74.2
270.6
85.8
26.9
30.5
77.1
296.5
95.2
19.7
39.9
94.0
9
LO
LI
L2
18.6
27.8
21.7
51.6
15.2
18.5
9.8
8.5
38.4
17.8
22.5
-14.4
20.5
11.2
13.8
16.5
17.7
4.9
18.1
-6.0
22.3
18.2
20.6
11.7
19.2
-.5
- . 5
4.1
8.0
BILLIONS OF DOLLARS.
.5
8.7
301.4
284.9
.8
104.0
18.5
34.9
73.3
1/77 BASED ON INCOMPLETE INFORMATION.
3 3 5 . 0 TOTAL FUNDS RAISED
2.0
INVESTMENT COMPANY SHARES
4.4
OTHER CORPORATE EQUITIES
328.5
75.1
14.2
32.1
96.7
24.0
38.6
26.3
30.3
30.8
21.0
DEBT INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE + FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-WARKET PAPER
OTHER LOANS
RP»S
14
15
16
17
18
19
20
21
22
23
24
25
26
MAY 9, 1977
CREDIT MARKET SUPPLY OF FUNDS
CREDIT MARKET SUPPLY OF FUNDS
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
UNADJUSTED NET FLOWS U
UNADJUSTED NET FLOWS ($ MILL.)
1975 I
IV |
TOTAL FUNDS ADVANCED I N CREDIT MARKETS
TO N0NFINANC1AL SECTORS
67.934
1976
I
III
1977 I
I |
1967
MILL.)
BILLIONS OF DOLLARS
1968
1969
1970
65.406
65.319
79.386
59.795
13.278
10.593
10 .215
2 TOTAL NET ADVANCES, BY TYPE
.766
6.246
7.072
3
U . S . GOVERNMENT SECURITIES
3.294
1.399
4
RESIDENTIAL MORTGAGES
4 .636
363 - 2 . 0 8 8
-483
5
FHLB ADVANCES TO S+L»S
5.826
2.605
6
OTHER LOANS • SECURITIES
2 .450
TOTALS ADVANCED, BY SECTOR
3.483
-679
7
U . S . GOVERNMENT
3 .409
4.577
4.195
6
GOVT.RELATED AG. • POOLS
5 .554
2.280
5.025
9
MONETARY AUTHORITIES
1 .087
165
2.938
2.052
10
FOREIGN
AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED
3.769
4.068
11
IN LINE 1
4 .631
20.126
10.804
11.866
2.693
3.753
-200
5.620
12.109
4.851
4.435
-1.400
4.223
12.0
6.9
2.6
-2.5
5.2
13.0
3.3
3.3
.9
5.5
16.5
.5
5.1
4.0
6.9
29.2
15.1
6.5
1.3
6.2
43.4
34.4
7.0
-2.7
4.6
2.460
6.194
4.7
.6
4.8
2.0
5.2
3.8
3.7
.3
3.1
9.4
4.2
-.3
2.8
11.1
5.0
10.3
2.8
7
8
5.2
8.9
9
2 6 . 4 10
89.3
14.1
82.5
75.5
BY PUBLIC AGENCIES •
50.667
II
I
IV |
FOREIGN
4.342
788
4.192
4.942
5.647
4.440
5.097
-1.911
5.123
2.809
3.880
-2.073
7.493
5.006
4.849
4.600
2
3
*•
5
6
PRIVATE 00MEST1C FUNDS ADVANCED
12 TOTAL NET ADVANCES
13
U . S . GOVERNMENT SECURITIES
14
STATE + LOCAL OBLIGATIONS
15
CORPORATE • FOREIGN BONDS
16
RESIDENTIAL MORTGAGES
17
OTHER MORTGAGES • LOANS
18
LESS: FhLB ADVANCES
PRIVATE FINANCIAL
19
20
21
22
23
58.881
6.436
6.851
5.919
15.203
23.989
-483
50.199
12.306
5.167
7.986
14.950
10.578
788
72.369
19.919
3.080
7.681
13.137
28.352
-200
52.286
18.581
3.297
5.685
11.122
12.001
-1.400
69.5
43.243
19.007
11.350
10.725
2.161
28.403
-3.377
19.426
12.911
-557
49.527
20.165
18.720
9.404
1.238
36.146
8.101
17.292
11.640
-887
67.674
32.84V
14.2^16
10.256
10.343
43.243
38.037
1.836
28.403
18.680
654
49.527
29.557
2.199
36.146
19.072
2.773
3.370
1.473
-66
8.581
-6.618
9.069
-2.712
-734
8.822
3.693
17.771
908
2.248
7.903
6.712
6.3
7.8
6.6
102.1
-3.7
17.5
19.5
31.2
35.0
-2.7
12
13
14
13
16
17
18
9.5
5.6
9.9
16.0
14.4
22.4
-2.5
13.8
17.3
35.5
12.5
17.9
40.7
11.2
20.0
14.7
24.3
37.386
3.922
20.647
12.707
110
63.4
35.8
15.0
12.9
-.3
75.5
36.7
15.4
13.8
7.6
57.4
18.6
14.6
13.3
10.8
77.0
35.0
17.4
17.1
7.5
1 0 9 . 7 19
5 0 . 6 20
3 9 . 1 21
1 4 . 2 22
5 . 9 23
67.674
55.416
4.649
37.386
23.258
4.622
63.4
49.8
-1.1
75.5
45.9
6.7
57.4
2.3
19.5
77.0
60.7
1.2
1 0 9 . 7 24
8 9 . 4 23
7 . 6 26
14.301
1.023
1.052
9.182
3.044
7.609
3.247
-2.655
8.369
-1.352
9.506
-5.004
-95
9.070
5.535
14.7
2.3
.2
11.4
.8
22.9
2.6
-.2
11.4
9.1
35.6
9.6
15.1
15.1
-8.1
2.9
13.3
7.1
.9
4.0
1.3
INTERMEDIATION
CREDIT MARKET FUNDS ADVANCED
BY PRIVATE FINANCIAL 1NSTS.
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
INSURANCE • PENSION FUNDS
OTHER FINANCE
24 SOURCES OF FUNDS
25
PRIVATE DOMESTIC DEPOSITS
CREDIT MARKET BORROWING
26
27
28
29
30
31
41.158
21.721
2.128
8.684
9.363
-2.826
-2.088
62.350
27.o37
4.445
7.670
7.752
15.209
363
OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE + PENSION RES.
OTHER, NET
1 0 . 8*
12.6
-3.9
2.2
8.6
5.7
27
28
29
30
31
PRIVATE DOMESTIC NONFINANCIAL INVESTORS
32 DIRECT LENDING I N CR. MARKETS
U . S . GOVERNMENT SECURITIES
33
STATE + LOCAL OBLIGATIONS
34
CORPORATE + FOREIGN BONOS
35
OPEN-MKT PAPER, E T C
36
OTHER
37
20.943
12.520
1.716
86
2.677
3.944
13.409
7.175
1.660
2.204
1.910
460
11.553
1.427
1.287
3.452
1.822
3.565
16.826
6.602
3.104
1.117
2.987
3.016
9.344
4.369
1.042
-864
-387
5.184
19.522
10.658
1.602
1.986
4.205
1.071
4.9
-1.1
-2.6
4.0
1.8
2.8
20.5
8.6
-.1
4.2
4.2
3.6
44.6
17.5
8.2
5.4
10.0
3.6
-.3
-7.1
-1.3
9.5
-5.1
3.7
38 DEPOSITS • CURRENCY
TIME • SAVINGS ACCOUNTS
39
LARGE NEGOTIABLE CD'S
40
OTHER AT COMMERCIAL BANKS
41
42
AT SAVINGS INSTITUTIONS
tl.814
25.233
-434
13.282
12.385
16.627
31.423
-8.001
17.901
21.523
32.213
25.070
-937
10.696
15.311
19.578
23.361
-3.135
10.941
15.555
59.609
33.361
-2.012
18.540
16.833
22.344
36.177
-2.935
18.241
20.871
51.8
36.8
3.9
18.3
16.6
48.5
33.7
3.3
17.4
13.0
5.1
-2.2
-13.7
3.1
b.4
64.2
55.3
1*.5
24.1
16.6
16.581 - 1 2 . 7 9 6
12.804 - 1 2 . 7 4 3
-53
3.777
7.143
4.487
2.656
-3.783
-4.289
506
26.248 - 1 3 . 8 3 3
22.055 - 1 2 . 9 1 9
-914
*.193
13.0
11.0
2.0
14.8
12.3
2.5
7.3
4.5
2.8
B.9
5.4
3.5
1 3 . 7 43
1 0 . 4 44
3 . 4 45
14.8
91.2
13.2
84.6
18.4
69.5
30.7
102.0
3 1 . 1 47
107.4 4b
2 2 . 5 49
43
44
45
MONEY
DEMAND DEPOSITS
CURRENCY
TOTAL OF CREDIT MARKET INSTRUMENTS, DEPOSITS • CURRENCY
62.757
32.036
43.766
36.404
68.953
41.866
47 PUBLIC HOLDINGS AS t OF TOTAL
48 PVT. FINAN. INTERMEDIATION ( X )
49 TOTAL FOREIGN FUNDS
15.036
69.355
1.638
26.206
69.009
226
16.195
84.113
2.960
30.811
72.005
6.120
14.947
93.512
8.370
20.250
71.502
2.489
46
4.3
2.9
9.4
2.2
* A2
- 1 0 . 6 33
. 5 34
8 . 3 35
- 1 . 1 36
3 . 2 37
92.8
79.1
6.3
33.2
39.6
CORPORATE EQUITIES NOT INCLUDED ABOVE
1 TOTAL NET ISSUES
2
MUTUAL FUND SHARES
3
OTHER EQUITIES
3.615
232
3.383
3.925
358
3.567
3.095
-860
3.955
2.417
74
2.343
3.226
776
2.450
1.755
645
1.110
5.6
3.0
2.5
6.5
5.9
.6
10.1
4.9
5.2
4 ACQ. bY FINANCIAL INSTITUTIONS
5 OTHER NET PURCHASES
3.817
-202
3.101
824
1.891
1.204
2.022
395
4.953
-1.727
2.679
-924
9.1
-3.5
10.9
-4.4
13.0
-2.9
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
15.0
1.3
13.7
38
39
40
41
42
HAY 9, 1977
CREDIT MARKET SUPPLY OF FUNDS
CREDIT MARKET SUPPLY OF FUNDS
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 |
I
IV I
1972
1973
1974
1975
1976
166.4
190.0
185.0
200.3
260.8
238.5
2
3
4
5
6
19.8
7.6
7.0
52.7
11.9
14.7
6.7
19.5
44.2
22.5
16.2
-4.0
9.5
55.9
26.8
12.8
-2.0
18.2
47.1
14.3
17.9
5.1
34.2
9.6
8.2
7.2
9.2
7
8
9
10
1.6
9.2
.3
8.4
2.8
21.4
9.2
.7
9.8
25.6
6.2
11.2
15.1
14.5
8.5
6.1
12
13
14
15
16
17
18
155.0
16.1
15.4
13.1
46.1
62.3
175.7
18.7
16.3
10.0
48.5
89.3
7.2
155.3
22.6
19.6
20.9
26.9
71.9
6.7
169.6
75.5
17.3
32.8
24.4
15.7
-4.0
1976
I
I
IV I
II
III
230.5
255.5
273.9
38.9
28.7
14.0
62.2
24.7
16.3
-1.0
22.3
67.7
39.7
15i 0
-2.2
15.1
10.2
20.6
9.8
15.2
14.5
21.4
14.8
24.2
6.6
4.6
14.8
222.6
60.4
17.2
30.3
52.7
60.1
-2.0
J10.7
89.7
18.5
32.3
32.7
38.4
.9
190.1
69.1
9.3
34.6
43.5
32.6
-1.0
1977
1
TOTAL FUNDS ADVANCED I N CREDIT MARKETS
282.5
269.0
TO NONFINANCIAL SECTORS
BY PUBLIC AGENCIES + FOREIGN
*
.9
8.4
5.3
54.7
14.1
14.6
-1.2
27.1
59.0 TOTAL NET ADVANCES, BY TYPE
U.S, GOVERNMENT SECURITIES
20.2
RESIDENTIAL MORTGAGES
20.9
FHLB ADVANCES TO S+L»S
OTHER LOANS • SECURITIES
TOTALS ADVANCED, BY SECTOR
11.0
-3.7
18.7
U . S . GOVERNMENT
12.1
GOVT.RELATED AG. + POOLS
21.9
18.5
24.1
15.7
MONETARY AUTHORITIES
-9.1
17.1
-4.9
18.7
8.1
FOREIGN
34.2
13.4
24.6
AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED
14.2
14.5
20.2
25.6
I N LINE 1
-3.6
8.4
2.1
15.8
9
10
PRIVATE DOMESTIC FUNDS ADVANCED
*
230.8
57.1
26.9
19.4
54.3
69.6
-3.6
220.8
55.5
19.7
34.6
57.8
51.0
-2.2
248.0
60.1
13.0
32.5
55.0
86.2
-1.2
2 3 5 . 5 TOTAL NET ADVANCES
54.9
U . S . GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
14.2
CORPORATE + FOREIGN BONDS
23.2
RESIDENTIAL MORTGAGES
50.7
OTHER MORTGAGES • LOANS
94.5
LESS: FHLB ADVANCES
2.1
PRIVATE FINANCIAL
12
13
14
15
INTERMEDIATION
19
20
21
22
23
149.4
70.5
47.2
17.8
13.8
163.8
86.5
36.0
23.8
17.4
126.2
64.6
27.0
30.1
4.5
116.0
27.6
51.0
39.3
-1.8
181.8
57.7
69.7
44.2
10.1
132.0
41.1
51.4
43.8
-4.3
161.7
25.3
80.6
46.9
9.0
162.1
57.8
61.5
41.6
1.2
172.0
50.6
72.7
46.3
2.5
230.2
96.6
63.8
42.0
27.8
200.4
55.6
85.9
45.8
13.1
CREDIT MARKET FUNDS ADVANCED
BY PRIVATE FINANCIAL INSTS.
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
INSURANCE • PENSION FUNDS
OTHER FINANCE
24
25
26
149.4
100.9
18.0
163.8
86.4
35.3
126.2
69.4
18.9
116.0
90.5
.1
181.8
122.7
10.3
132.0
95.6
3.2
161.7
109.8
17.4
162.1
97.8
.9
172.0
119.1
8.0
230.2
163.7
14.8
200.4
130.5
34.0
SOURCES OF FUNDS
PRIVATE DOMESTIC DtPOSITS
CREDIT MARKET BORROWING
27
28
29
30
31
30.5
5.3
.7
11.6
12.8
42.1
6.9
-1.0
18.4
17.8
37.8
14.5
-5.1
26.0
2.4
25.4
-.4
-1.7
29.9
-2.4
48.8
2.5
-.1
34.3
12.1
33.2
3.2
1.3
34.2
-5.5
34.5
-9.0
.9
35.3
7.4
63.5
3.5
6.9
31.9
21.1
44.9
5.3
1.1
36.6
1.9
51.8
10.0
-9.5
33.3
17.9
35.9
-18.0
3.6
36.3
14.0
32
33
34
35
36
37
23.6
4.2
3.1
4.2
3.0
9.1
47.2
19.4
7.5
.9
12.5
6.9
48.0
17.9
12.2
5.3
4.6
8.1
53.7
23.0
9.9
10.4
3.1
7.3
51.1
19.6
7.1
5.9
6.3
12.2
81.8
52.3
69.6
29.0
7.5
7.3
4.0
10.8
4.7
12.3
56.8
15.2
11.5
3.5
13.1
13.6
32.6
20.1
4.8
3.8
-9.0
12.9
6 9 . 1 DIRECT LENDING IN CR. MARKETS
27.1
U . S . GOVERNMENT SECURITIES
7.3
STATE • LOCAL OBLIGATIONS
3.1
CORPORATE • FOREIGN BONDS
22.1
OPEN-MKT PAPER, ETC.
9.5
OTHER
32
33
34
35
36
37
38
39
40
41
42
105.3
83.7
7.7
30.6
45.4
90.3
76.2
18.3
29.6
28.4
75.7
67.4
18.9
26.1
22.4
96.7
84.8
-13.3
39.0
59.2
130.0
113.2
-14.1
58.1
69.2
102.2
105.9
-1.7
55.9
51.7
117.2
101.3
-32.0
131.9
117.5
-12.5
55.1
171.8
1 3 4 . 5 DEPOSITS • CURRENCY
118.8
TIME • SAVINGS ACCOUNTS
-11.7
LARGE NEGOTIABLE CD'S
60.2
OTHER AT COMMERCIAL BANKS
70.4
AT SAVINGS INSTITUTIONS
38
39
40
41
42
43
44
45
21.6
17.2
4.4
14.1
10.2
3.9
8.3
2.0
6.3
11.9
5.7
6.2
16.8
9.5
7.3
-3.8
15.9
8.4
7.4
129.0
137.5
123.7
150.4
11.9
96.4
13.7
18.0
93.2
7.6
28.5
81.2
25.7
22.1
68.4
5.7
OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE • PENSION RES.
OTHER, NET
19
20
21
22
23
24
25
26
27
28
29
30
31
PRIVATE DOMESTIC NONFINANCIAL INVESTORS
47
48
49
9.0
14.6
-10.3
6.6
21.4
81.6
17.7
19.7
62.7
7.9
27.0
85.1
5.8
98.7
94.4
-3.7
74.9
139.5
-8.0
77.2
70.4
14.4
1.6
12.8
32.3
24.2
8.1
188.7
204.3
15.2
70.2
11.6
24.7
77.9
18.7
19.4
92.8
34.6
15.7
11.6
4.1
MONEY
DEMAND DEPOSITS
CURRENCY
TOTAL OF CREDIT MARKET INSTRU203.7
MENTS, DEPOSITS + CURRENCY
2 2 . 0 PUBLIC HOLDINGS AS % OF TOTAL
8 5 . 1 PVT. FINAN. INTERMEDIATION ( * )
1 6 . 2 TOTAL FOREIGN FUNDS
43
44
45
46
47
48
49
CORPORATE EQUITIES NOT INCLUDED ABOVE
13.3
-.5
13.8
13.3
-4.1
BILLIONS OF DOLLARS.
12.7
.3
12.3
14.2
.6
13.5
15.1
.8
14.3
12.8
-3.0
15.8
10.1
.7
9.4
12.7
2.9
9.8
12.0
.7
8.9
5.2
18.0
-2.9
5.6
7.2
11.0
-.9
13.2
-.6
1/77 BASED ON INCOMPLETE
6.5 TOTAL NET ISSUES
2.0
MUTUAL FUND SHARES
4.4
OTHER EQUITIES
16.5 ACQ. BY FINANCIAL INSTITUTIONS
-10.0 OTHER NET PURCHASES
INFORMATION.
Page 2, line 2.
30.
Excludes net investment of these reserve in corporate equities.
Sum of lines3-6 or 7-10.
31.
Mainly retained earnings and net miscellaneous liabilities.
Includes farm and commercial mortgages.
32.
Line 12 less line 19 plus line 26.
Credit market funds raised by Federally sponsored credit agencies and net
issues of Federally related mortgage pool securities. Included in lines
3, 13, and 33.
33-37.
Lines 13-17 less amounts required by private finance. Line 37
includes mortgages.
39-44.
See line 25.
Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32.
Also sum of lines 27, 32, 39, and 44.
45.
Mainly an offset to line 9.
17.
Includes farm and commercial mortgages.
25.
Lines 3 9 + 4 4 .
26.
Excludes equity issues and investment company shares.
Includes line 18.
Foreign deposits at commercial banks, bank borrowings from foreign
branches, and liabilities of foreign banking agencies to foreign
affiliates.
Demand deposits at commercial banks.
46.
Lines 32 + 38 or line 12 less line 27 plus line 45.
47.
Line 2/line 1.
48.
Line 19/line 12.
49.
Line 10 plus line 28.
Corporate Equities
Line
1 and 3.
Includes issues by financial institutions.
HAY 9 , 1977
HOUSEHOLDS
HOUSEHOLDS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS (S M I L L . )
UNADJUSTED NET FLOWS ($ M I L L . )
1975
IV
1976
|
I
II
III
I
IV I
1977 I
II
BILLIONS OF DOLLARS
1968
1969
1970
HOUSEHOLDS* PERSONAL TRUSTS. AND NONPROFIT ORGANIZATIONS
353.122
44.978
626.6
82.1
685.2
97.1
745.8
115.4
801.3
115.3
859.1
116.3
1
2
DISPOSABLE PERSONAL INCOME
295.532 282.060 285.418 293.609 320.583 308.144
PERSONAL OUTLAYS
271.128 254.935 272.775 277.933 299.512 283.295
PERSONAL SAVING, NIA BASIS
24.404
27.125
12.643
15.676
21.071
24.849
CREDITS FROM GOVT. INSURANCE
2.850
2.493
10.171
1.895
2.414
1.969
CAPITAL GAINS DIVIDENDS
97
110
25
53
282
100
NET DURABLES I N CONSUMPTION
6.780
719
5.660
4.008
7.866
2.091
544.5
503.7
40.9
5.5
1.7
10.2
588.1
550.1
38.1
6.1
2.5
14.4
630.4
595.3
35.1
7.1
2.5
13.7
685.9
635.4
50.6
8.9
.9
7.9
742.6
685.5
57.3
9.5
.8
13.9
3
4
5
6
7
6
1 PERSONAL INCOME
2 - PERSONAL TAXES + NONTAXES
3
4
5
6
7
8
=
=
•
•
+
339.461 320.638 338.497 345.528 370.590
43.929
38.578
53.079
51.919
50.007
9 = NET SAVING
10 • CAPITAL CONSUMPTION
11 = GROSS SAVING
34.131
38.847
72.978
30.447
39.973
70.420
28.519
41.157
69.676
21.632
42.336
63.968
31.633
43.499
75.132
29.009
44.662
73.691
58.3
70.3
128.6
61.0
77.9
139.0
58.4
86.0
144.3
68.3
92.2
160.5
81.5
9
9 9 . 4 10
1 8 0 . 9 11
12 GROSS INVESTMENT
CAPITAL EXPEND.-NET OF SALES
13
RESIDENTIAL CONSTRUCTION
14
CONSUMER DURABLE GOODS
15
NONPROFIT PLANT • EQUIP.
16
66.897
52.871
12.730
38.881
1.260
78.563
48.456
13.262
33.765
1.429
76.882
53.272
12.084
39.739
1.449
72.588
54.929
14.289
39.068
1.572
69.992
62.450
16.900
43.915
1.635
83.987
57.444
16.570
39.147
1.727
134.5
94.9
21.2
69.6
4.1
145.6
108.6
24.4
80.0
4.2
143.9
116-0
25.9
85.5
4.7
167.0
115.0
25.2
84.9
4.8
191.1
134.8
32.6
97.1
5.1
12
13
14
15
16
17 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
18
14.026
37.445
30.107
43.335
23.610
50.455
17.659
42.718
7.5*2
37.240
26.543
45.061
39.6
66.4
37.0
72.9
27.9
59.2
52.0
76.5
56.3
101.7
17
18
DEP. • CR. MKT. INSTR. ( 1 )
DEMAND DEP. + CURRENCY
29.624
107
32.531
-2.160
36.404
2.029
35.561
2.862
31.378
8.425
39.921
-1.362
48.4
9.8
54.2
10.9
42.8
2.4
51.5
8.8
7 6 . 0 19
9 . 0 20
23.676
11.291
12.385
29.255
7.732
21.523
27.074
11.763
15.311
21.959
6.404
15.555
27.435
10.602
16.833
33.089
12.218
20.871
35.3
18.7
16.6
31.1
18.1
13.0
9.1
.7
6.4
43.6
27.0
16.6
67.8 21
2 8 . 1 22
39.6 23
5.841
2.129
779
86
1.666
1.236
-55
5.436
2.137
1.743
2.204
935
-1.557
-26
7.301
-2.164
1.234
3.452
2.182
2.951
-334
10.740
4.871
3.054
1.117
2.354
-601
-55
-4.462
-4.712
399
-864
1.976
-1.421
140
8.194
4.438
1.562
1.986
1.666
-1.524
66
3.4
1.6
-2.2
4.0
2.1
-2.2
12.2
6.3
-.7
4.2
2.8
-.5
31.3
10.8
9.1
5.4
2.2
3.8
-.8
-6.2
-.8
9.5
1.8
-3.2
232
-1.886
358
-1.028
-660
1.264
74
-21
776
-2.634
645
-2.019
3.0
-7.3
5.9
-12.4
4.9
-9.4
2.034
9.576
2.478
9.278
2.490
14.815
2.509
8.367
2.766
9.085
2.674
8.438
5.1
14.0
4.6
15.6
19
20
21
22
23
TIME • SAVINGS ACCOUNTS
AT COMMERCIAL BANKS
AT SAVINGS I N S T .
24
25
26
27
28
29
30
CREDIT MKT. INSTRUMENTS
U . S . GOVT. SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE • FGN. BONDS
MORTGAGES
OPEN-MARKET PAPER
MONEY MARKET FUND SHRS
-
-
-.7
-10.5
-.3
8.3
1.3
.3
-
24
25
26
27
28
29
30
2.8
-3.5
1.3
-5.0
31
32
5.0
16.3
5.2
19.2
6 . 2 33
2 1 . 1 34
- . 7 35
. 5 36
2 . 3 37
-
-
31
32
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
33
34
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
35
36
37
NET 1NV. I N NONCORP. BUS.
SECURITY CREDIT
MISCELLANEOUS ASSETS
-2.712
-346
925
-1.883
530
1.071
-4.444
-311
1.077
-4.796
46
978
-5.344
175
1.038
-5.517
-115
1.034
-.5
2.2
1.5
1.1
2.1
1.8
-.7
-1.8
2.1
-.4
-.9
2.6
38
39
40
41
42
43
44
45
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREDIT
BANK LOANS N . E . C .
OTHER LOANS
23.419
20.766
12.551
281
4.769
1.267
1.442
418
13.228
12.076
13.398
299
-1.508
364
-861
404
26.845
25.468
14.034
313
5.935
898
3.780
508
25.059
24.250
17.405
333
6.254
232
-589
615
29.698
28.863
17.342
348
5.857
2.465
2.520
331
16.518
16.954
16.227
366
920
-167
-701
309
26.7
22.4
13.4
1.2
3.2
1.4
1.9
1.3
35.9
32.1
16.8
1.1
8.3
1.7
2.5
1.7
31.3
33.8
18.2
1.3
9.4
1.0
1.0
3.0
24.5
25.3
14.7
1.3
4.6
1.1
.9
2.6
2.3oo
135
146
890
133
129
1.130
131
116
583
129
97
625
127
83
1.373
125
66
3.7
.4
.3
2.9
.5
.4
-3.4
.5
.4
-1.8
.5
•4
6.081
-6.143
-7.206
-8.620
5.140
-10.296
12.730
615
12.115
5.728
12.551
-5.549
13.262
695
12.567
5.882
13.398
-6.01
12.084
675
11.409
6.033
14.034
-7.983
14.289
680
13.609
6.186
17.405
-9.302
16.900
693
16.207
6.338
17.342
-6.780
16.570
751
15.819
6.490
16.227
-6.147
21.2
1.2
20.0
9.2
13.4
-1.4
24.4
1.7
22.7
10.5
16.8
-2.9
25.9
2.3
23.6
12.1
18.2
-4.4
25.2
2.5
22.7
12.8
14.7
-2.3
32.6
3.3
29.3
13.7
27.1
-8.2
38.881
32.101
6.780
33.765
33.046
719
39.739
34.059
5.680
39.068
35.060
4.008
43.915
36.049
7.866
39.147
37.056
2.091
69.6
59.4
10.2
80.0
65.6
14.4
65.5
71.8
13.7
84.9
77.0
7.9
9 7 . 1 56
6 3 . 2 57
1 3 . 9 58
6.076
-1.144
1.863
-1.153
-2.478
4.5
5.7
10.0
4.4
10.4
3.3
5.9
2.1
1 1 . 6 59
2 . 3 ©0
1.260
1.016
281
-39
1.429
1.045
299
85
1.449
1.0o5
313
71
1.572
1.090
333
149
1.635
1.112
346
175
1.727
1.136
366
225
4.1
1.7
1.2
1.2
4.2
1.8
1.1
1.3
4.7
2.1
1.3
1.3
4.8
2.3
1.3
1.2
12.940
8.257
12.031
9.616
15.680
4.429
15.025
5.339
13.493
6.572
12.737
8.064
13.1
7.5
14.2
6.5
15.5
5.6
14.4
7.4
1 3 . 5 65
7 . 7 66
PER CENT OF DISPOSABLE INCOME ADJ.
>J. (2)
(2):
24.449
24.738
67 GROSS SAVING
23.569
21.643
23.240
23.754
23.3
23.3
22.6
23.1
24.0
17.022
15.223
4.646
4.242
18.020
17.067
9.081
8.615
18.584
14.453
8.478
8.204
19.317
11.519
9.186
8.928
18.517
14.525
5.969
5.465
17.2
12.0
4.8
4.1
18.2
12.2
6.0
5.4
18.1
9.3
4.9
5.3
16.5
11.0
3.5
3.6
1 7 . 9 66
1 3 . 5 69
6 . 0 70
5.6 71
596.7
640.0
46
47
48
SECURITY CREDIT
TRADE DEBT
MISCELLANEOUS
49 DISCREPANCY
45.5
42.1
27.1
1.3
9.3
2.3
.7
1.4
3b
39
40
41
42
43
44
45
2 . 7 46
. 3 47
. 3 4b
CI) EXCLUDES CORPORATE E Q U I T I E S .
50
51
52
53
54
55
56
57
58
59
60
MEMORANDA:
NET PHYSICAL INVESTMENT:
(A) RESIDENTIAL CONSTRUCTION
EXPENDITURES
MOBILE HOMES
OTHER
- CAPITAL CONSUMPTION
- HOME MORTGAGES
= EXCESS NET INVESTMENT
(B) CONSUMER DURABLES
EXPENDITURES
- CAPITAL CONSUMPTION
= NET INVESTMENT
- CONSUMER CREDIT
= EXCESS NET INVESTMENT
50
51
52
53
54
55
(C) NONPROFIT PLANT + EQUIP.
61
62
63
64
EXPENDITURES
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT
PER CENT RATIOS:
65 EFFECTIVE TAX RATE
66 SAVING RATE, NIA BASIS
68
69
70
71
CAPITAL EXPENDITURES
ACQUISITION OF FINAN. ASSETS
NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
17.713
12.545
7.846
6.957
72 ( 2 ) DISPOSABLE INCOME ADJ.
298.479 284.663 295.614 295.557 323.279 310.213
(NIA DISPOSABLE INCOME + GOVT. INSURANCE CREDITS • CAPITAL GAINS 0 I V 1 D . )
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
5.1
2.6
1.3
1.3
61
62
63
64
67
MAY 9 , 1977
HOUSEHOLDS
HOUSEHOLDS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 |
I
IV |
IV
I
|
1977
I
HOUSEHOLDS. PERSONAL TRUSTS. AND NONPROFIT ORGANIZATIONS
1
2
942.5
141.2
1052.4
150.8
1153.3
170.4
1249.7
168.8
1375.3
193.6
1299.7
179.8
1331.3
183.8
1362.
189.5
1386.0
195.8
1421.7
205.3
1 4 6 2 . 8 PERSONAL INCOME
2 1 7 . 3 - PERSONAL TAXES • NONTAXES
1
2
3
4
5
6
7
8
801.3
751.9
49.4
11.6
1.4
21.5
901.7
831.3
70.3
11.7
.9
25.4
982.9
910.7
72.2
12.5
.5
11.1
1080.9
996.9
84.0
14.7
.2
8.1
1181.7
1105.2
76.5
17.0
.5
18.3
1119.9
1036.2
83.7
1147.6
1068.0
79.5
1172.5
15.3
.1
13.4
19.2
1089.6
82.9
20.2
.5
18.6
1190.2
1114.3
75.8
16.8
.6
17.4
1216.5
1148.6
67.8
13.1
.9
17.8
1245.5
1183.8
61.8
17.3
-.2
25.2
3
4
5
6
7
8
9
10
11
83.8
107.2
191.1
108.4
116.5
226.9
96.3
133.6
229.9
106.9
149.6
256.5
112.2
167.0
279.2
112.5
155.4
267.9
116.3
159.9
276.2
122.3
164.6
267.0
110.7
169.3
280.0
99.6
174.0
273.6
1 0 4 . 1 = NET SAVING
1 7 8 . 7 • CAPITAL CONSUMPTION
2 8 2 . 8 = GROSS SAVING
12
13
14
15
16
209.2
157.4
40.6
111.2
5.5
239.8
173.9
45.0
123.1
5.2
248.9
169.6
42.7
121.6
5.2
280.9
179.2
42.4
131.7
5.1
298.0
219.1
56.5
156.5
6.1
269.7
286.4
209.1
52.0
298.1
193.8
46.9
305.8
222.0
299.8
229.5
3 0 3 . 1 GROSS INVESTMENT
12
246.5
CAPITAL EXPENO.-NET OF SALES 13
141.8
5.0
151.4
5.7
17
18
51.7
122.2
65.9
.136.1
79.3
124.0
101.6
154.8
78.9
173.7
95.9
173.1
79.3
166.4
19
20
97.8
14.6
111.8
12.5
98.6
5.0
118.9
6.7
135.9
11.2
132.0
-10.1
121.7
8.9
21
22
23
71.0
25.6
45.4
67.9
39.5
28.4
57.9
35.5
22.4
84.9
25.7
59.2
105.7
36.5
69.2
101.5
49.7
51.7
97.1
23.3
73.8
24
25
26
27
28
29
30
12.2
-.5
2.2
4.2
6.4
31.5
16.3
7.2
.9
3.6
3.4
35.7
7.2
11.2
5.3
4.2
5.5
2.4
27.2
5.7
8.7
10.4
4.4
-3.2
1.3
19.0
.1
6.*
5.9
7.4
-.6
-.3
40.6
20.7
3.8
7.3
6.9
2.2
-.2
15.7
-.6
7.7
4.1
3.7
.9
31
32
-.5
-4.0
-1.2
-5.7
-.5
-.7
.8
-2.6
.3
-2.4
.6
-1.2
.6
-9.7
33
34
6.6
22.6
7.3
25.6
6.4
29.6
7.6
36.1
10.2
41.5
6.1
42.1
9.9
44.6
35
36
37
-3.1
.1
2.7
-%.4
-.2
2.6
-11.1
-1.0
2.7
-9.9
.1
3.7
-16.5
.4
4.2
-10.8
-1.4
3.7
4.3
36
39
40
41
42
43
44
45
70.4
64.8
41.5
1.4
15.6
3.0
2.0
1.3
70.2
73.5
47.0
1.4
19.7
2.0
1.0
2.4
44.7
45.2
35.3
1.4
9.0
.6
-4.5
3.2
53.1
49.7
39.4
1.1
6.9
1.7
-1.5
2.2
94.8
90.7
62.2
1.3
16.5
4.0
4.6
1.9
77.2
66.6
48.2
87.2
82.5
55.6
1.1
15.7
2.0
-2.1
1.7
14.0
3.3
6.0
1.6
46
47
4.5
.6
-4.3
•6
-1.8
.6
2.2
.6
3.2
.5
9.5
.5
3.6
.5
-13.0
-19.1
-24.3
-18.8
-21.8
-12.2
-
•
-
17.7
-.1
1.2
215.9
55.1
155.0
=
=
+
•
•
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
PERSONAL SAVING. NIA BASIS
CREDITS FROM GOVT. INSURANCE
CAPITAL GAINS DIVIDENDS
NET DURABLES I N CONSUMPTION
9
10
11
58.1
61.0
66.1
RESIDENTIAL CONSTRUCTION
14
5.6
157.6
6.3
162.0
6.5
173.4
6.9
CONSUMER DURABLE GOODS
NONPROFIT PLANT • EQUIP.
15
16
82.2
161.6
83.7
178.4
70.4
166.3
5 6 . 6 NET FINANCIAL INVESTMENT
17
168.3
NET ACQ. OF FINANCIAL ASSETS 18
143.6
13.1
135.2
19.0
145.0
8.2
DEP. • CR. MKT. INSTR. ( 1 )
DEMAND DEP. • CURRENCY
102.6
44.9
57.7
105.6
30.7
74.9
117.5
47.1
70.4
110.6
40.2
70.4
TIME • SAVINGS ACCOUNTS
AT COMMERCIAL BANKS
AT SAVINGS I N S T .
36.6
6.2
24.9
2.5
-1.3
-7.5
2.3
3.6
6.1
26.2
7.0
7.2
3.1
6.6
2.1
.3
11.3
7.2
-1.3
-2.0
-.2
-3.0
7.1
-8.5
31
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
33
3*
-22.4
-.5
4.1
NET I N V . I N NONCORP. BUS.
SECURITY CREDIT
MISCELLANEOUS ASSETS
35
36
37
111.7
105.5
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREDIT
BANK LOANS N . E . C .
OTHER LOANS
38
39
40
41
2.0
-13.8
10.0
42.6
11.1
39.7
10.7
43.2
-19.6
.2
3.9
-21.4
.7
4.2
94.6
91.4
70.9
1.3
16.7
2.5
-2.5
2.5
97.9
94.6
65.6
4.5
.5
2.3
-11.2
-25.7
99.5
94.0
56.5
1.3
16.9
3.7
13.6
2.0
1.4
17.7
24
25
26
27
28
29
30
INVESTMENT COMPANY SHARES
OTHER C0RP0RA1E EQUITIES
2.9
-3.9
-1.2
4.3
CREDIT MKT. INSTRUMENTS
U . S . GOVT. SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE • FGN. BONDS
MORTGAGES
OPEN-MARKET PAPER
MONEY MARKET FUND SHRS
19
20
67.8
1.5
6.3
2.2
26.6
1.6
6.7
1.3
1.2
2.5
5.5
.5
SECURITY CREDIT
TRADE DEBT
MISCELLANEOUS
- 2 0 . 3 DISCREPANCY
( 1 ) EXCLUDES CORPORATE E Q U I T I E S .
50
51
52
53
54
55
40.6
4.0
36.6
14.7
41.5
-15.6
45.0
4.4
40.6
17.1
47.0
-19.0
42.7
3.2
39.6
19.5
35.3
-12.1
42.4
2.4
40.0
22.0
39.4
-19.0
56.5
2.7
53.8
24.4
62.2
-30.1
46.9
2.5
44.4
22.9
48.2
-24.2
52.0
2.8
49.2
23.5
55.6
-27.1
55.1
2.7
52.4
24.1
56.5
-25.6
58.1
2.7
55.4
24.7
70.9
-37.6
61.0
2.8
58.2
25.4
65.6
-30.0
66.1
3.0
63.1
26.0
67.8
-27.6
MEMORANDA:
NET PHYSICAL INVESTMENT:
(A) RESIDENTIAL CONSTRUCTION
EXPENDITURES
MOBILE HOMES
OTHER
- CAPITAL CONSUMPTION
- HOME MORTGAGES
* EXCESS NET INVESTMENT
56
57
58
111.2
89.7
21.5
123.7
98.3
25.4
121.6
110.6
11.1
131.7
123.7
6.1
156.5
138.2
18.3
141.8
128.4
13.4
151.4
132.2
19.2
155.0
136.2
18.8
157.6
140.2
17.4
162.0
144.2
17.8
173.4
148.2
25.2
I B ) CONSUMER DURABLES
EXPENDITURES
- CAPITAL CONSUMPTION
* NET INVESTMENT
59
60
18.6
2.9
21.7
3.7
9.8
1.3
8.5
-.5
20.5
-2.2
17.7
-4.3
18.1
1.1
20.6
-1.9
19.2
-1.8
24.0
-6.2
28.3
-3.1
- CONSUMER CREDIT
- EXCESS NET INVESTMENT
59
60
61
62
63
64
5.5
2.8
1.4
1.3
5.2
3.1
1.4
.6
5.2
3.5
1.4
.4
5.1
3.9
1.1
»
6.1
4.3
1.3
.5
5.0
4.1
1.1
-.2
5.7
4.2
1.2
.3
5.8
4.3
1.3
.3
6.3
4.4
1.3
.6
6.5
4.4
1.4
.7
6.9
4.5
1.5
.9
<C) NONPROFIT PUNT • EQUIP.
EXPENDITURES
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT
61
62
63
64
65
66
15.0
6.2
14.3
7.8
14.8
7.3
13.5
7.8
14.1
6.5
13.8
7.5
13.8
6.9
13.9
7.1
14.1
6.4
14.4
5.6
67
23.5
24.8
23.1
23.4
23.3
68
69
70
71
19.3
15.0
8.6
8.0
19.0
14.9
7.7
8.0
17.0
12.4
4.5
4.5
16.4
14.1
4.8
4.5
16.3
14.5
7.9
7.6
72
814.3
914.3
995.9
1095.7
1199.1
BILLIONS OF DOLLARS.
PER CENT RATIOS:
1 4 . 9 EFFECTIVE TAX RATE
5 . 0 SAVING RATE. NIA BASIS
PER CENT OF DISPOSABLE INCOME ADJ.
2.2
2 2 . 4 GROSS SAVING
17.1
15.2
6.8
5.9
17.9
14.3
7.5
7.1
18.1
15.2
6.3
7.9
18.4
14.8
7.8
7.6
18.6
13.7
8.0
7.7
19.5
13.3
8.8
8.4
50
51
52
53
54
55
56
57
58
65
66
(2):
CAPITAL EXPENDITURES
ACQUISITION OF FINAN. ASSETS
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET BORROWING
67
68
69
70
71
1135.3
1165.1
1193.2
1207.6
1230.5
1 2 6 2 . 7 12) DISPOSABLE INCOME AOJ.
72
(NIA DISPOSABLE INCOME • GOVT. INSURANCE CREDITS • CAPITAL GAINS D I V I D . )
1 / 7 7 BASED ON INCOMPLETE INFORMATION.
MAY 9, 1977
TOTAL + NONCORP BUSINESS
TOTAL • NONCORP BUSINESS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS ($ HILL.)
UNADJUSTED NET FLOWS t* MILL.)
1975 I
IV I
II
1976
III
IV |
1977 I
I I
NONFINANCIAL
BUSINESS -
BILLIONS OF DOLLARS
1968
1969
1970
TOTAL
53.773
44.474
52.721
38.996
59.525
36.944
57.366
38.924
58.780
45.708
58.833
39.610
33.6
77.2
142.0
79.7
139.6
80.9
125.6
79.6
136.0
90.8
3 GROSS INVESTMENT
4 CAPITAL EXPENDITURES
5
FIXED INVESTMENT
6
BUSINESS PLANT • EQUIPMENT
7
HOME CONSTRUCTION ( 1 )
8
MULTI-FAMILY RESIDENTIAL
9
CHANGE I N INVENTORIES
10
MINERAL RIGHTS FROM U.S.GOVT
36.552
38.093
37.026
35.771
262
993
827
240
46.101
38.549
32.127
32.140
-1.113
1.100
5.259
1.163
31.431
45.810
41.374
36.905
2.895
1.574
3.481
955
36.367
42.788
41.095
36.713
2.473
1.909
382
1.311
31.709
45.253
41.917
40.090
-386
2.213
2.792
544
45.029
41.729
38.548
36.806
-832
2.574
2.968
213
73.3
94.0
83.9
76.4
.7
6.7
10.1
71.6
101.9
92.8
82.8
1.3
8.8
7.7
1.3
75.7
112.7
103.3
91.4
.7
11.2
9.4
70.6
107.8
103.7
92.4
.2
11.1
3.8
.3
76.9
3
4
118.9
111.9
5
95.0
6
7
2.5
8
14.3
9
6.4
. 7 10
11 NET FINANCIAL INVESTMENT
12
NET ACQ. OF FINANCIAL ASSETS
13
NET INCREASE I N L I A B I L I T I E S
14
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
15
BONDS
17
MORTGAGES
BANK LOANS N . E . C .
OTHER LOANS
-1.541
19.327
20.868
3.039
12.034
6.583
4.483
679
289
7.552 -14.379
14.011
18.908
11.356 28.390
3.505
3.152
7.541
21.009
5.459
6.778
1.741
6.963
-5.640
3.853
4.734
4.662
-6.421 -13.544
14.474
14.899
28.018
21.320
2.038
1.829
20.726
13.816
6.509
6.570
6.459
4.946
-151
4.793
4.478
938
3.300
21.829
18.529
540
21.366
5.348
4.088
5.847
6.083
-20.7
17.8
38.5
2.4
34.2
14.7
9.1
7.7
2.7
-30.3
30.2
60.5
-.2
40.2
12.9
11.5
11.3
4.5
-37.0
30.0
67.0
3.4
45.5
12.0
11.1
14.5
8.0
-37.2
17.2
54.4
5.7
43.7
19.8
13.3
5.8
-42.1
30.8
72.9
11.4
49.7
18.9
22.1
5.6
3.0
628
-4.005
6.9
-5.0
16.3
4.2
21.2
-3.2
8.0
-3.1
1 INCOME BEFORE TAXES
2 GROSS SAVING
20
21
TRADE DEBT
OTHER L I A B I L I T I E S
22 DISCREPANCY
5.235
560
131
532
10.707
-6.831
5.919
-244
6.820
-1.566
7.922
-7.105
5.513
2.557
13.999
-
*
H.9
1
2
11
12
13
14
15
16
17
lb
19
1 0 . 6 20
1.1 21
-5.419
FARM BUSINESS
1
2
3
4
5
6
NET INCOME
NET SAVING
CAPITAL CONSUMPTION
CORPORATE
NONCORPORATE
CURRENT SURP. = GROSS SAVING
7 GROSS INVESTMENT
8 CAPITAL EXPENDITURES
PLANT • EQUIPMENT
9
RESIDENTIAL CONSTRUCTION
10
CHANGE I N INVENTORIES
11
12 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
13
DEMAND DEPOSITS + CURRENCY
14
MISCELLANEOUS ASSETS
15
INSURANCE RECEIVABLES
16
EQ. I N SPONS. AGS. ( 2 )
17
7,. 0 6 5
1 .520
3 .038
257
2.. 7 8 1
4,. 5 5 8
5.470
500
3.108
271
2.837
3.608
6.862
-1.183
3.179
287
2.692
1.996
5.429
-318
3.240
302
2.938
2.922
5.078
919
3.304
316
2.986
4.223
5.994
306
3.378
333
3.045
3.684
5.4
.3
5.2
5.4
5.8
.3
5.5
5.8
6.2
.3
5.9
6.2
*
-.1
6.4
.4
6.0
6.3
-.1
6.9
.4
6.6
6.8
2
3
4
5
6
4,. 5 5 8
4 .251
2 .628
317
1 .306
3.608
3.793
3.022
225
546
1.996
2.873
3.052
153
-332
2.922
2.799
2.620
301
-122
4.223
2.621
2.368
379
-126
3.684
3.339
3.091
248
0
5.4
7.4
5.9
.7
.7
5.8
6.2
5.5
.6
.1
6.2
6.6
5.7
.7
.1
6.3
6.9
6.2
.6
.1
6.8
8.3
6.4
.7
1.3
7
6
9
10
11
307
339
34
305
176
129
-185
205
35
170
120
50
-877
197
35
162
125
37
123
183
34
149
126
23
1.602
269
35
234
120
114
345
249
34
215
123
92
•2.0
.4
.1
.3
.2
-.4
-.4
.5
.1
.4
.4
.1
-.6
.6
.1
.5
.4
.1
-1.5
.7
.1
.6
.5
.1
12
13
14
15
16
17
2.2
4.5
2.4
1.3
.7
*
.7
16
19
20
21
22
23
24
*
*
*
.6
.2
.4
.3
.1
18
19
20
21
22
23
24
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET INSTRUMENTS
MORTGAGES
BANK LOANS N . E . C .
OTHER LOANS
U . S . GOVERNMENT
FICB
32
1 .216
1.036
258
-80
-75
-5
390
2.039
1.132
542
365
-40
405
1.074
4.518
1.788
1.500
1.230
438
792
60
3.586
1.737
800
1.049
641
408
-1.333
2.177
1.702
282
193
481
-288
-96
3.340
1.834
818
688
500
188
2.3
3.3
2.0
.7
.6
.2
.5
1.0
2.8
2.2
.4
.2
-.1
.2
1.0
3.1
1.8
.6
.6
.6
1.2
2.3
.8
.8
.6
-.1
.7
25
26
TRADE DEBT
PROPRIETOR NET INVESTMENT
39
- 1 .223
40
-1.689
40
-3.484
45
-3.571
48
-3.558
49
-3.485
-.2
-.8
-1.0
-.8
-.4
-1.7
-.4
-.7
*
. 1 25
- 2 . 4 26
NONFARM NONCORPORATE BUSINESS
1 NET INCOME
18.689
19.345
19.643
20.063
20.855
21.664
2 CAPITAL CONSUMPTION
3 CURRENT SURP. = GROSS SAVING
6.266
9.803
6.448
5.5ol
6.535
4.211
6.710
5.164
6.891
11.053
7.265
6.339
10.5
10.5
11.5
11.5
13.0
13.0
14.5
14.5
15.3
15.3
4 GROSS INVESTMENT
5 CAPITAL EXPENDITURES
6
FIXED CAPITAL
7
PLANT + EQUIPMENT
8
HOME CONSTRUCTION ( 1 )
9
MULTI-FAMILY RESIDENTIAL
10
CHANGE I N INVENTORIES
9.803
4.180
4.484
3.910
-28
602
-304
5.561
4.763
4.165
4.027
-669
807
598
4.211
6.651
6.264
3.681
1.371
1.212
387
5.1*4
6.498
6.498
4.048
1.086
1.364
0
11.053
4.781
5.384
4.230
-383
1.537
-603
6.339
5.488
4.799
3.419
-540
1.920
669
10.5
14.1
13.5
11.5
18.1
17.3
11.4
14.5
2C.2
20.0
12.9
3.9
.6
.3
5.6
.7
13.0
21.0
20.1
12.9
7.3
.9
-.2
7.3
.3
15.3 4
24.4 5
22.9 6
11.5 7
.9 8
10.5 9
1.5 10
11 NET FINANCIAL INVESTMENT
12
NET ACQ. OF FINANCIAL ASSETS
13
DEMAND DEPOSITS • CURRENCY
14
CONSUMER CREDIT
MISCELLANEOUS ASSETS
16
INSURANCE RECEIVAbLES
EQ. IN SPONS. AGS. ( 2 )
17
5.623
940
0
599
341
304
37
798
695
0
464
231
218
13
-2.440
268
0
23
245
220
25
-1.334
340
0
25
315
300
15
6.272
1.184
0
905
279
259
20
851
739
0
459
280
250
30
-3.6
-6.5
-8.0
-5.7
.6
.8
1.1
1.2
-. 2
-. 4
-. 4
-. 5
.4
.4
.5
.5
.7
.7
.7
.7
-9.0
1.3
.5
.8
.8
*
11
12
13
14
15
16
17
18
19
20
21
22
23
•4.683
1.644
114
-22
-222
358
-103
-446
-154
-535
248
133
2.708
2.319
1.635
1.097
279
259
1.674
1.170
1.265
869
116
280
-5.088
1.672
190
-306
126
368
-112
945
-83
-432
60
289
4.2
4.4
3.2
10.3
10.3
8.4
.7
6.8
.9
18
19
20
21
22
23
-484
2.014
-897
605
-477
1.161
-362
267
-362
1.844
-4.838
-1.489
537
-194
1.349
-960
1.729
-1.225
-4.974
-1.786
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET INSTRUMENTS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
24
25
BANK LOANS N . E . C .
OTHER LOANS
26
27
TRADE DEBT, NET
PROPRIETOR NET INVESTMENT
( 1 ) FARM PLUS NONFARM CHANGE IN WORK I N PROCESS.
(2)
SHARES I N F I C B * S , BANKS FOR COOPS, AND LAND BANKS.
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
9.6
*
*
*
*
*
*
2
3
9.1
7.5
3.9
2.8
.3
7.4
5.3
3.2
.3
2.4
.5
3.5
.4
6.9
5.7
5.3
-.2
4.9
.6
-103
1.131
.6
.6
1.1
1.0
2.1
1.5
-.6
1.0
.7 24
1.3 25
975
-2.032
-.5
.3
.2
1.9
.6
1.0
1.0
.3
- 1 . 8 26
1.7 27
*
*
MAY 9, 1977
TOTAL + NONCORP BUSINESS
TOTAL • NONCORP BUSINESS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
1973
SEASONALLY ADJUSTED ANNUAL RATES
1976
I 1975 |
I
IV |
1974
NONFINANCIAL
II
1977
I
III
BUSINESS - TOTAL
1
2
157.8
103.8
190.0
110.4
193.6
108.4
190.9
138.7
228.4
160.6
214.7
152.0
218.3
158.8
231.3
160.0
230.3
165.7
233.7
160.2
2 4 2 . 4 INCOME BEFORE TAXES
1 6 1 . 1 GROSS SAVING
3
4
5
6
7
8
9
10
87.3
138.4
126.1
107.0
2.0
19.0
9.4
.9
94.2
167.9
146.9
126.0
-.1
20.9
17.9
3.2
95.3
167.0
149.9
137.9
.2
11.8
10.7
6.5
124.2
127.6
140.9
133.2
2.6
5.1
-14.6
1.3
145.6
172.4
156.5
145.8
3.9
6.8
11.9
4.0
137.5
140.2
143.6
134.5
5.2
3.9
-4.3
1.0
146.8
167.5
148.0
139.5
3.9
4.6
14.8
4.7
145.0
173.4
153.6
144.1
3.4
6.1
16.0
3.8
149.7
179.7
159.3
149.0
2.8
7.5
15.1
5.2
143.0
169.0
165.1
150.9
5.4
8.9
1.7
2.2
1 4 4 . 6 GROSS INVESTMENT
3
4
1 8 0 . 3 CAPITAL EXPENDITURES
5
FIXED INVESTMENT
172.0
BUSINESS PLANT • EQUIPMENT 6
158.6
HOME CONSTRUCTION ( 1 )
7
4.1
6
MULTI-FAMILY RESIDENTIAL
9.2
9
CHANGE I N INVENTORIES
7.5
MINERAL RIGHTS FROM U.S.GOVT 10
.9
11
12
13
14
15
16
17
18
19
-51.1
38.9
90.0
10.9
66.8
12.7
32.3
16.1
5.6
-73.7
43.7
117.4
7.9
87.0
11.0
32.8
33.8
9.4
-71.7
38.0
109.7
4.1
93.7
21.3
25.2
30.7
16.5
-3.4
38.4
41.9
9.9
37.7
29.8
16.4
-13.0
4.6
-26.8
62.3
89.1
10.5
63.1
25.3
20.1
2.9
14.8
-2.8
80.0
82.7
12.2
50.5
26.0
21.2
1.4
-20.7
61.2
81.8
12.6
46.1
27.0
16.9
-15.1
17.3
-28.4
54.7
83.1
14.0
56.2
17.5
18.1
-.1
20.7
-30.0
46.8
76.8
7.3
62.7
28.9
19.8
9.0
5.0
-26.0
86.6
112.6
6.2
86.5
27.8
25.7
16.7
16.3
- 3 5 . 7 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
76.6
NET INCREASE IN L I A B I L I T I E S
112.3
CORPORATE EQUITIES
2.2
CREDIT MARKET INSTRUMENTS
100.6
BONDS
21.1
MORTGAGES
25.7
BANK LOANS N . E . C .
30.1
OTHER LOANS
23.6
20
21
15.1
-2.8
22.0
.6
19.3
-7.3
4.B
-10.6
23.6
-8.1
20.9
-.8
23.9
-.8
26.9
-14.0
13.8
-7.0
29.2
-11.3
28.3
-18.8
*
TRADE DEBT
OTHER L I A B I L I T I E S
1
2
11
12
13
14
15
16
17
18
19
20
21
16.5 DISCREPANCY
FARM BUSINESS
25.8
24.9
27.4
-.1
12.7
1.1
11.6
12.6
21.7
-.1
13.0
1.2
11.8
12.9
20.3
-.1
13.2
1.3
11.9
13.1
24.0 NET INCOME
-.1 NET SAVING
13.5 CAPITAL CONSUMPTION
1.3
CORPORATE
11.1
12.1
21.9
-.1
12.4
1.1
11.3
12.4
12.1
17.4
10.8
1.4
5.2
12.4
14.4
11.1
1.2
2.2
12.6
10.6
11.3
12.9
11.8
11.3
13.1
11.2
10.6
1.2
-.5
13.4 GROSS INVESTMENT
12.4 CAPITAL EXPENDITURES
11.3
PLANT + EQUIPMENT
1.1
RESIDENTIAL CONSTRUCTION
CHANGE IN INVENTORIES
.7
.9
.1
.7
.5
.2
-5.3
-2.1
.8
.1
.7
.5
1.0
.7
.1
1.9
1.1
.2
6.7
10.0
5.2
3.3
1.5
.3
1.2
22.8
I
2
3
4
5
6
18.0
32.0
.1
7.4
.4
7.0
7.5
.4
6.4
.6
7.8
8.8
7
8
9
10
11
7.5
7.9
6.6
.7
.6
12
13
14
15
16
17
-.4
.9
.3
.7
.6
.1
-4.1
18
19
20
21
22
23
24
1.3
5.8
3.6
1.8
.5
25
26
.6
.1
.2
.1
.2
-5.1
-4.9
-7.4
-5.8
-12.3
*
.4
-.1
-.1
-.1
10.0
11.8
12.8
.8
9.2
9.9
10.8
11.7
11.7
12.7
11.7
14.3
10.5
12.7
12.1
11.1
-2.7
.8
.2
.6
.5
.2
.2
.9
.2
.8
.5
.2
4.9
9.7
5.5
3.0
1.2
.1
l.l
.7
7.9
5.1
.9
1.9
.3
1.7
3.7
9.4
5.2
1.9
2.2
1.1
1.1
8.8
12.8
9.0
.6
3.2
9.9
9.7
10.2
1.0
-1.5
.9
.6
3.0
1.1
.2
.9
.7
.2
1.2
1.1
*
12.3
6.4
3.1
2.8
1.5
1.3
.7
.5
.5
.5
12.2
NONCORPORATE
13.4 CURRENT SURP. = GROSS SAVING
1.0 NET FINANCIAL INVESTMENT
1.0
NET ACQ. OF FINANCIAL ASSETS
.1
DEMAND DEPOSITS • CURRENCY
.9
MISCELLANEOUS ASSETS
.5
INSURANCE RECEIVABLES
.4
EQ. IN SPONS. AGS. (21
11
12
13
14
15
16
17
2.9
9.2
4.7
2.8
1.7
-.1
1.8
-1.0
12.7
5.5
4.5
2.7
1.3
1.4
14.6
7.4
3.0
4.2
2.2
2.0
12.7
7.8
2.2
2.7
2.6
.1
*
14.2
7.6
3.6
3.1
2.1
1.0
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGES
BANK LOANS N.E.C.
OTHER LOANS
U.S. GOVERNMENT
FICB
16
19
20
21
22
23
24
.2
-6.6
.1
-13.9
-.2
-14.6
.5
-14.0
-.1
-14.2
TRADE DEBT
PROPRIETOR NET INVESTMENT
25
26
NONFARM NONCORPORATE BUSINESS
86.7 NET INCOME
2
3
15.5
15.5
17.8
17.8
20.9
20.9
23.7
23.7
26.6
26.0
25.1
25.1
25.8
25.8
26.1
26.1
26.8
26.8
27.6
27.6
2 9 . 1 CAPITAL CONSUMPTION
2 9 . 1 CURRENT SURP. = GROSS SAVING
2
3
4
5
6
7
8
9
10
15.5
29.5
28.2
13.4
17.6
30.7
29.4
14.8
20.9
22.6
22.6
15.8
26.0
22.7
22.3
16.0
14.2
14.9
1.3
-1.2
1.4
4.9
.4
25.1
17.4
19.7
15.4
1.9
2.4
-2.3
25.8
23.6
21.6
17.1
1.3
3.2
2.0
26.1
23.5
21.5
15.6
1.3
4.7
2.0
26.8
22.8
21.9
15.4
•9
5.5
.9
27.6
20.9
24.3
15.9
2.1
6.3
-3.4
2 9 . 1 GROSS INVESTMENT
2 5 . 0 CAPITAL EXPENDITURES
22.5
FIXED CAPITAL
14.6
PLANT • EQUIPMENT
1.5
HOME CONSTRUCTION ( 1 )
6.4
MULTI-FAMILY RESIDENTIAL
2.5
CHANGE I N INVENTORIES
4
-.4
7.2
.2
23.7
17.6
18.8
14.8
11
12
13
14
15
16
17
-14.0
-12.9
-1.9
1.5
1.8
1.8
6.1
2.1
3.3
2.5
7.7
1.9
2.2
2.5
2.7
2.6
4.1
2.3
6.7
2.9
18
19
20
21
22
23
15.5
13.1
11.0
.5
8.9
1.5
8.8
-.3
7.3
1.7
24
25
1.1
1.0
1.1
2.4
26
27
.4
2.0
.7
1.3
—
.5
1.0
1.0
-.3
-• 8
1.0
1.0
*
*
—
.7
1.0
1.0
*
.9
3.2
—
.9
1.3
1.2
*
—
—
—
-
-
-
1.4
1.1
1.0
.1
.6
1.4
1.2
.1
1.5
.9
.9
.1
1.6
1.0
.9
.1
1.1
1.3
1.2
.1
1.8
1.1
1.0
.1
4 . 1 NET FINANCIAL INVESTMENT
2.4
NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
1.3
CONSUMER CREDIT
MISCELLANEOUS ASSETS
1.1
1.0
INSURANCE RECEIVABLES
.1
EQ. I N SPONS. AGS. ( 2 )
-
3.6
6.7
5.9
-.3
4.9
1.4
-4.0
1.2
1.0
.7
-.6
1.0
-.8
4.7
2.9
1.1
.8
1.0
-5.7
2.6
2.1
1.6
-.8
1.3
.3
2.7
3.6
1.1
1.7
•8
-.1
5.6
3.0
1.0
1.1
.9
-1.7
*.7
1-4
.7
-.3
1.0
-3.8
4.6
3.7
1.7
.6
1.4
-1.7
7.9
3.6
1.2
1.0
1.4
-1.0
-2.0
-2.1
l.B
2.2
3.9
-4.3
4.6
-3.0
2.1
-3.2
5.8
-.4
3.6
-2.9
4.0
4.2
1.9
.6
•6
-3.7
-1.1
-4.1
-1.4
-4.2
-2.4
-6.0
-1.5
-.9
-1.7
-4.0
-1.4
-5.0
-1.2
-7.4
-1.5
-8.2
14.7
12.3
„l
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET INSTRUMENTS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
BANK LOANS N . E . C .
OTHER LOANS
TRADE DEBT, NET
PROPRIETOR NET INVESTMENT
(1) FARM PLUS NONFARM CHANGE IN WORK IN PROCESS.
(2) SHARES IN FICB'S, BANKS FOR COOPSt AND LAND BANKS.
BILLIONS OF DOLLARS.
1/77 BASED ON INCOMPLETE INFORMATION.
:6>
7
6
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
MAY 9, 1977
NONFINANCIAL CORPORATE BUSINESS
NONFINANCIAL CORPORATE BUSINESS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS (S HILL.)
UNADJUSTED NET FLOWS (S MILL.)
1975 |
IV |
I
1976
II
III
IV I
1977
I
BILLIONS OF DOLLARS
1968
1969
1970
NONFINANCIAL CORPORATE BUSINESS
28.019
11.902
7.759
8.358
1.315
-1.368
-3.398
25.206
30.113
27.906
11.812
6.812
9.282
960
-2.530
-3.665
25.780
29.827
33.020
14.119
7.586
11.315
1.088
-4.220
-3.852
26.406
30.737
31.874
13.539
7.781
10.554
1.148
-3.865
-3.914
26.915
30.838
32.847
14.273
9.424
9.150
1.782
-3.995
-4.098
27.593
30.432
31.175
13.435
8.502
9.238
1.652
-5.269
-4.157
28.123
29.587
65.3
27.6
18.8
18.8
1.6
-1.7
3.6
39.0
61.3
71.8
33.5
20.7
17.6
1.6
-3.4
3.7
42.7
62.3
68.3
33.2
20.6
14.4
1.8
-5.5
3.5
47.4
61.7
55.1
27.2
19.8
8.1
1.6
-5.1
1.6
52.7
58.9
63.2
29.8
20.0
13.4
1.9
-5.0
.5
57.9
68.6
10 GROSS INVESTMENT
11 CAPITAL EXPENDITURES
12
FIXED INVESTMENT
13
PLANT • EQUIPMENT
14
HOMfc CONSTRUCTION
15
MULTI-FAMILY RESIDENTIAL
16
CHANGE I N INVENTORIES
17
MINERAL RIGHTS FROM U.S.GOVT
22.191
29.662
29.597
29.233
-27
391
-175
240
36.932
29.993
24.715
25.091
-669
293
4.115
1.163
25.224
36.286
31.905
30.172
1.371
362
3.426
955
28.261
33.491
31.676
30.045
1.086
545
504
1.311
16.433
37.851
33.786
33.492
-382
676
3.521
544
3 5 . 006
32.902
30.410
30.296
-540
654
2.279
213
57.4
72.6
63.8
60.9
54.2
77.6
69.4
65.9
.3
3.2
6.9
1.3
56.5
85.0
76.7
72.8
49.8
80.6
76.9
73.3
-.2
3.8
3.4
.3
5 4 . 7 10
8 6 . 2 11
8 1 . 9 12
7 7 . 1 13
. 9 14
3 . 9 15
3 . 6 16
. 7 17
18 NET FINANCIAL INVESTMENT
19
NET ACQ. OF FINANCIAL ASSETS
-7.471
18.048
6.939 -11.062
18.008
13.546
-5.210 -21.418
13.021
14.376
2.104
20.841
•15.2
16.8
-23.4
28.8
-28.6
28.4
-30.8
15.4
-31.6
28.8
18
19
20
21
22
23
24
25
26
LIQUID ASSETS
DEMAND D£P. • CURRENCY
TIME DEPOSITS
U . S . GOVT. SECURITIES
ST. + L O C OBLIGATIONS
COMMERCIAL PAPER
SECURITY R . P . ' S
11.743
1.403
662
8.401
-219
1.980
-484
3.893
-1.521
835
1.669
-583
2.872
621
1.322
774
898
743
-298
-1.650
855
5.561
684
410
1.049
-225
813
2.830
10.812
1.780
3.250
4.844
44
2.133
-1.239
8.077
-1.162
2.375
1.170
31
2.783
2.880
4.8
2.5
1.1
-2.5
-.3
4.2
-.2
8.0
2.7
-.6
.8
.5
4.2
.5
2.3
.6
-5.4
1.9
-1.0
4.0
2.2
2.3
.9
1.7
2.2
-.6
1.2
-3.1
7.7
1.6
4.2
2.5
1.0
-2.3
.8
20
21
22
23
24
25
26
27
28
29
30
31
32
33
CONSUMER CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
FOREIGN D1R. INVEST. ( 1 )
FOREIGN CURRENCIES
INSURANCE RECEIVABLES
EQUITY I N SPONSORED AGS.
1.367
2.270
2.668
1.614
500
547
7
-879
11.807
3.187
1.663
1.000
525
-1
869
9.974
1.381
133
719
525
4
313
6.894
1.608
1.418
-352
541
1
2.053
-2.777
2.933
1.498
871
531
33
-1.394
11.994
2.164
1.600
16
544
4
.4
8.2
3.5
2.7
.1
.7
.2
18.4
2.2
.8
.5
.8
.5
22.5
3.0
2.2
-.4
1.1
.1
.6
8.5
4.1
3.5
-.4
.9
.1
. 3 27
1 4 . 7 28
6 . 0 29
3 . 6 30
1.4 31
1 . 0 32
* 33
25.519
12.213
3.039
9.174
11.069
9.100
3.152
5.948
24.608
17.677
3.505
14.172
19.586
10.889
1.829
9.060
34.439
18.915
2.038
16.877
18.737
17.621
540
17.061
32.0
28.9
2.4
26.5
56.9
38.4
3.4
35.0
46.2
41.5
5.7
35.8
6 0 . 4 34
4 6 . 4 35
1 1 . 4 36
3 4 . 9 37
758
5.825
3.331
-22
130
3.223
307
6.471
763
-535
105
1.193
502
4.957
3.5<»0
1.097
117
2.326
873
5.697
3.457
869
64
2.524
803
5.706
3.054
-306
47
3.313
563
4.785
2.337
-432
167
2.602
-5.285
1.458
82
1.799
353
2.830
1.105
248
1.300
-310
-589
-709
72
187
72
4.873
302
246
1.825
68
1
2
3
4
5
6
7
8
9
PROFITS BEFORE TAX
- PROFITS TAX ACCRUALS
- NET DIVIDENDS PAID
= UNDISTRIBUTED PROFITS
• FOREIGN BRANCH PROFITS
• I N V . VALUATION ADJUSTMENT
• CAP. CONSUMPTION ADJUSTMENT
+ CAPITAL CONSUMPTION ALLOW.
= GROSS INTERNAL FUNDS
34
35
36
37
NET INCREASE I N L I A B I L I T I E S
NET FUNDS RAISED I N MKTS.
NET NEW EQUITY ISSUES
DEBT INSTRUMENTS
-
*
*
52.2
31.9
-.2
32.1
*
3.9
8.3
*
19.8
7.2
-.2
2.1
5.2
-
.1
18.8
11.3
.7
2.9
7.7
38
39
40
41
42
43
4.3
.1
5.6
l.tf
.4
.8
.3
3.8
-.9
.3
1.3
.2
44
45
46
47
48
2.9
17.1
.3
-3.3
21.0
.8
-3.7
7.4
1.0
2.0
12.2
-.2
49
50
51
.7
32.3
1.3
31.8
1.6
36.1
1.1
30.2
2.5
27.6
54
55
10.170
6.911
7.777
21.2
5.3
8.2
22.7
9.4
29.3
22.1
12.9
30.6
29.3
6.5
10.2
31.0
3.9
18.2
56
57
58
42.327
43.452 43.095
42.758
42.476
42.478
98.502 100.556 118.053 108.603 124.378 111.204
44.587
51.914
27.052
30.928
19.831 39.056
42.3
118.4
36.5
46.7
124.5
41.3
48.7
137.9
41.2
49.4
137.0
44.4
4 7 . 2 59
1 2 5 . 7 60
4 0 . 5 61
38
39
40
41
42
43
TAX-EXEMPT BONDS ( 2 )
CORPORATE BONDS <1>
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
44
45
46
BANK LOANS N.fc.C.
COMMERCIAL PAPER
ACCEPTANCES
47
48
FINANCE COMPANY LOANS
U . S . GOVERNMENT LOANS
905
-2.012
438
-195
124
49
50
51
PROFIT TAXES PAYABLE
TRADE DEBT
MISCELLANEOUS L I A B I L I T I E S
2.043
10.034
1.229
3.143
-446
-728
-2.809
9.318
422
3.840
4.145
712
7.922
-7.105
5.513
2.557
7.419
3.315
54 TRADE CREDIT NET OF TRADE DEBT
55 PROFITS TAX PAYMENTS
-7.764
7.713
12.253
10.140
656
18.438
2.749 -14.523
8.840
8.266
DEBT SUBTOTALS: ( 3 )
56 LONG-TERM DEBT
57 SHORT-TERM DEBT
58 TOTAL S-T L I A B I L I T I E S
10.298
-1.124
10.953
5.962
-14
2.683
9.03*
5.138
11.647
8.922
138
8.123
11.818
5.059
20.428
PER CENT RATIOS:
59 EFFECTIVE TAX RATE
60 CAPITAL OUTLAYS/INTERNAL FUNDSi
61 CR. MKT. BORROWING/CAP. EXP.
52 DISCREPANCY
*
2.9
8.8
1
2
3
4
5
6
7
8
9
MEMORANDUM ITEMS:
EXCESS OF CAPITAL EXPENDITURES
53
OVER GROSS INTERNAL FUNDS
.
_
_
12.0
5.4
•8
3.1
12.9
6.2
.3
1.0
4.9
5.132
1.360
-4
2.758
150
6.4
1.4
.1
-.3
.2
9.7
1.2
.1
1.7
.2
11.7
1.1
3.623
11.746
155
1.262
-396
250
-4.7
7.6
.3
13.999
-5.419
12.390
13.638
14.7
4.0
*
*
1.5
4.0
.<•
CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS
25.780
-3.665
22.115
26.406
-3.852
22.554
26.915
-3.914
23.001
27.593
-4.098
23.495
28.123
-4.157
23.966
39.0
3.6
42.6
42.7
3.7
46.4
47.4
3.5
51.0
52.7
1.6
54.3
5 7 . 9 62
. 5 63
5 8 . 4 64
-175
4.115
-2.530
6.645
.426
.220
.646
504
-3.865
4.369
3.521
-1.368
1.193
-3.995
7.516
2.279
-5.269
7.548
8.8
-1.7
10.5
6.9
-3.4
10.3
8.3
-5.5
13.9
3.4
-5.1
8.5
3.6
-5.0
8.6
65
66
67
8.358
1.315
21.808
31.481
9.282
960
22.115
32.357
11.315
1.088
22.554
34.957
10.554
1.148
23.001
34.703
23.495
34.427
9.238
1.652
23.966
34.856
18.8
1.6
42.6
63.0
17.6
1.8
46.4
65.8
14.4
1.8
51.0
67.2
8.1
1.6
54.3
63.9
13.4
1.9
58.4
73.6
68
69
70
71
23.559
39.462
32.523
24.715
6.645
1.163
29.444
40.506
31.905
7.646
955
32.146
37.356
31.676
4.369
20.428
41.846
33.786
7.516
40.275
38.171
59.1
74.3
63.6
10.5
62.0
90.6
76.7
13.9
1.311
544
213
57.7
81.1
69.4
10.3
1.3
54.9
85.7
76.9
8.5
.3
5 9 . 7 72
9 1 . 3 73
8 1 . 9 74
8 . 6 75
. 7 76
62 CAP. CONS. ALLOWANCE, N 1 A
63 PLUS: CAP. CONS. ADJUSTMENT
64 EQUALS: BOOK DEPRECIATION
25.206
-3.398
21.606
65 INVENTORY CHANGE, N I A
66 LESS: I N V . VAL. ADJUSTMENT
67 EQUALS: INVENTORY C H G . , BOOK
68
69
70
71
UNDISTRIBUTED PROFITS
+ FOREIGN BRANCH PROFITS
• BOOK DEPRECIATION
= GROSS INTERNAL FUNDStBOOK
72 GROSS INVESTMENT, BOOK
73 CAPITAL EXPENDITURES
74
FIXED INVESTMENT
75
INVENTORY CHG., BOOK
76
MINERAL RIGHTS
31.030
29.597
1.193
240
(1)
FOREIGN INVESTMENT I S NET OF BOND ISSUES ABROAD, AND
BOND ISSUES OUTSIDE THE U . S . ARE EXCLUDED FROM SOURCES
OF FUNDS ABOVE.
(2)
INDUSTRIAL POLLUTION CONTROL REVENUE BONDS.
ISSUED BY
STATE AND LOCAL GOVERNMENTS TO FINANCE PRIVATE I N V E S T MENT AND SECURED I N INTEREST AND PRINCIPAL BY THE
INDUSTRIAL USER OF THE FUNDS.
(3)
MATURITY SPLIT ON DEBT I S APPROXIMATE:
L-T I S BONDS,
M-F + COMMERCIAL MORTGAGES, AND 40X OF BANK LOANS.
S-T
DEBT IS OTHER CREDIT MARKET BORROWING.
TOTAL S-T
L I A B I L I T I E S I S S-T BORROWING + TAX L I A B I L I T I E S • TRADE
DEBT.
1 / 7 7 BASED ON PRELIMINARY
AND INCOMPLETt INFORMATION.
9.150
1.762
30.410
7.548
-
*
MAY 9 , 1977
NONFINANCIAL CORPORATE BUSINESS
NONFINANCIAL CORPORATE BUSINESS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1 1975
1972
1973
1974
1975
1976
1
|
1
1976
IV I
I
IV
I I
I I I
125.3
53.2
31.8
40.3
128.3
54.5
32.8
41.0
I
1977
I
NONFINANCIAL CORPORATE BUSINESS
1
2
3
4
5
6
7
8
9
75.o
33.4
21.6
20.6
92.0
39.4
23.8
28.8
95.3
39.6
28.9
26.8
119.1
50.9
28.0
40.1
1.9
3.7
-6.6
-18.6
2.7
1.8
62.2
80.8
68.1
83.8
102.1
42.4
30.2
29.5
10.8
-39.8
-3.0
80.0
77.6
10
11
12
13
14
15
16
17
64.3
101.0
92.5
87.0
67.7
124.4
107.9
102.2
64.5
134.6
116.1
111.9
.7
4.8
- . 3
6.0
- . 4
4.6
.9
2.0
1.4
1.9
1.9
1.5
1.3
1.4
1.3
1.5
.9
2.0
7.6
.9
13.3
12.0
-16.4
11.6
-7.3
10.6
15.4
14.7
6.5
1.3
18
19
-36.7
36.5
-56.7
41.1
-70.1
35.3
-6.9
35.2
-30.8
59.0
-5.1
76.7
20
21
22
23
24
25
26
9.C
1.4
6.0
6.7
.4
2.1
17.7
21.6
-2.6
-2.4
-3.8
1.7
5.4
8.3
1.0
1.4
1.6
- . 1
6.5
2.6
-2.8
2.7
1.9
8.2
- . 2
2.6
2.2
.8
.9
.6
21.5
25.3
23.0
5.2
1.5
1.8
1.9
8.3
3.7
2.6
2.0
9.6
7.7
-.2
2.1
27
28
29
30
31
32
33
3.2
1.1
3.8
3.5
.6
- . 6
125.6
53.7
31.6
40.3
111.7
47.4
28.4
35.9
3.5
130.0
56.4
33.8
39.8
131.8
57.3
34.6
39.8
5.0
4.0
5.2
5.5
5.7
6.1
-11.4
-11.6
95.7
103.4
-14.6
-15.5
106.7
121.8
-12.3
-13.6
100.8
114.9
-11.5
-14.7
103.1
120.6
-14.4
-15.4
105.6
121.3
-12.6
-15.7
107.7
126.0
-20.0
-16.4
110.4
119.5
-23.2
-16.6
112.5
118.6
88.9
95.7
110.8
107.9
106.9
137.6
122.1
118.8
100.3
105.5
111.8
108.3
108.7
129.5
114.2
111.4
106.2
139.1
119.9
117.2
109.9
145.0
125.1
122.2
102.3
136.9
129.1
124.4
1 0 2 . 1 GROSS INVESTMENT
1 4 2 . 9 CAPITAL EXPENDITURES
FIXED INVESTMENT
137.0
PLANT + EQUIPMENT
132.7
1.5
HOME CONSTRUCTION
2.9
MULTI-FAMILY RESIDENTIAL
CHANGE I N INVENTORIES
5.0
MINERAL RIGHTS FROM U.S.GOVT
.9
3.9
.4
7.9
9.1
6.1
.8
2.2
4.0
5.2
2.1
2.6
5.6
2.2
-20.8
57.9
-32.9
51.3
-35.1
43.7
-34.5
82.6
34.1
15.7
17.0
36.4
3.2
17.4
-11.0
36.1
2.0
5.9
8.7
-1.9
5.0
9.0
- . 9
4.0
16.2
12.1
1.0
4.7
3.8
25.2
5.3
5.9
2.3
6.8
- . 9
3.9
-2.3
-1.2
- . 2
3.4
.2
3.9
-1.9
8.9
2.5
7.8
4.3
4.3
.1
8.3
11.3
-5.0
11.5
2.4
2.0
3.0
3.0
1.3
2.0
25.9
30.0
10.5
28.4
10.7
25.2
16.5
6.3
2.0
4.6
4.0
2.1
6.1
1.2
2.9
8.6
7.6
-1.4
2.1
2.2
-1.1
4.2
3.1
9.1
4.7
2.2
2.1
2.2
33.5
11.0
5.3
3.5
2.1
.1
.3
29.9
6.7
4.5
.1
2.2
*
*
*
*
*
*
*
*
73.2
58.8
10.9
47.8
97.8
72.9
105.4
83.1
42.1
37.1
7.3
8.2
2.2
65.0
79.0
27.2
84.2
51.9
14.0
37.8
114.0
80.6
9.9
78.7
46.8
12.6
34.2
117.1
77.2
4.1
81.8
50.0
12.2
37.9
78.8
50.7
7.9
69.7
56.6
10.5
46.1
43.4
69.0
78.4
38
39
40
41
42
43
.5
1.8
9.2
1.6
2.6
2.5
3.0
1.2
2.0
3.5
3.2
2.3
19.7
14.2
27.2
10.1
22.8
10.8
25.0
13.8
25.8
15.5
24.6
14.2
18.8
14.6
1.1
.3
9.4
.7
.9
9.4
1.7
•
1.2
.6
12.1
9.5
1.0
.1
8.4
25.4
11.0
.7
.6
8.8
8.6
1.1
.4
7.1
12.5
12.8
-12.9
-2.5
1.8
2.2
.6
5.1
.2
2.4
-14.9
-1.3
6.3
17.4
26.4
-7.1
1.0
-.8
.5
5.1
1.2
5.8
1.4
6.6
1.1
5.6
-5.1
.2
2.3
.2
-1.2
1.9
.1
7.2
.3
5.1
.9
9.8
.6
12.2
17.8
*
18.5
.5
3.7
- . 3
3.1
- . 3
2.1
13.5
15.7
12.4
44
45
46
47
48
13.2
29.7
30.8
.7
3.2
.2
1.4
.5
3.5
.3
4.3
1.3
5.7
1.5
49
50
51
- . 1
2.3
1.0
-3.2
7.8
5.1
9.6
2.2
9.8
9.5
2.6
14.1
20.0
18.5
21.7
15.5
29.9
29.8
2.7
.6
4.9
25.2
-2.9
28.5
2.7
5.8
2.4
24.8
.4
1.7
2.8
.6
1.0
52
16.4
16.1
13.1
1<».S
15.0
14.6
11.9
15.1
16.0
17.1
*
1-6
.2
.2
1.8
•3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
- 4 0 . 7 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS 1 9
73.2
34
35
36
37
*
PROFITS BEFORE TAX
- PROFITS TAX ACCRUALS
- NET DIVIDENDS PAID
= UNDISTRIBUTED PROFITS
• FOREIGN BRANCH PROFITS
• I N V . VALUATION ADJUSTMENT
• CAP. CONSUMPTION ADJUSTMENT
• CAPITAL CONSUMPTION ALLOW.
= GROSS INTERNAL FUNDS
LIQUID ASSETS
OEMAND DEP. • CURRENCY
TIME DEPOSITS
U . S . GOVT. SECURITIES
ST.+LOC. OBLIGATIONS
COMMERCIAL PAPER
SECURITY R . P . ' S
20
21
22
23
24
25
26
CONSUMER CREDIT
TRAOE CREDIT
MISCELLANEOUS ASSETS
FOREIGN D I R . INVEST. ( 1 )
FOREIGN CURRENCIES
INSURANCE RECEIVABLES
EQUITY I N SPONSORED AGS.
27
28
29
30
31
32
33
NET INCREASE I N L I A B I L I T I E S
NET FUNDS RAISED I N MKTS.
NET NEW EQUITY ISSUES
DEBT INSTRUMENTS
34
35
36
37
TAX-EXEMPT BONOS ( 2 )
CORPORATE BONDS ( 1 )
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
36
39
40
41
42
43
BANK LOANS N . E . C .
COMMERCIAL PAPER
ACCEPTANCES
FINANCE COMPANY LOANS
U . S . GOVERNMENT LOANS
4A
45
46
47
48
PROFIT TAXES PAYABLE
TRADE DEBT
MISCELLANEOUS L I A B I L I T I E S
49
50
51
1 6 . 5 DISCREPANCY
52
MEMORANDUM ITEMS:
EXCESS OF CAPITAL EXPENDITURES
24.3
OVER GROSS INTERNAL FUNDS
53
45.7
8.3
42.0
3.3
41.1
-3.4
49.9
1.0
44.4
3.7
47.2
* TRADE CREDIT NET OF TRADE DEBT 54
5 5 . 7 PROFITS TAX PAYMENTS
55
34.0
-6.9
-4.3
35.7
10.3
42.9
41.3
-3.4
23.5
28.5
5.7
40.4
25.5
12.3
43.0
41.7
1.7
26.9
47.3
21.7
61.1
DEBT SUBTOTALS: C3)
4 5 . 0 LONG-TERM DEBT
3 3 . 4 SHORT-TERM DEBT
6 5 . 8 TOTAL S-T L I A B I L I T I E S
41.5
173.4
58.7
41.5
92.6
28.4
42.8
113.0
33.5
42.4
91.8
35.9
42.8
107.3
26.4
42.5
114.7
27.2
42.5
115.1
29.9
43.4
114.6
50.4
95.7
-11.6
84.1
106.7
-15.5
91.2
100.8
-13.6
67.2
103.1
-14.7
88.5
105.6
-15.4
90.2
107.7
-15.7
92.0
110.4
-16.4
94.0
11.6
-14.6
26.2
-7.3
-12.3
5.0
10.6
-11.5
22.1
15.4
-14.4
29.8
14.7
-12.6
27.2
-20.0
25.6
40.3
35.9
40.1
^0.3
41.0
39.8
54
55
7.4
5.3
4.5
2.1
1.1
33.3
37.5
41.2
42.8
56
57
58
35.2
12.6
26.6
41.6
23.3
45.6
48.1
30.9
50.4
59
60
61
44.1
125.0
47.4
42.8
148.4
52.2
62
63
64
62.2
68.1
56
57
58
PER CENT RATIOS:
4 3 . 5 EFFECTIVE TAX RATE
59
1 2 0 . 4 CAPITAL OUTLAYS/INTERNAL FUNDS 6 0
5 4 . 9 CR. MKT. BORROWING/CAP. EXP.
61
CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS
2.7
1.8
64.9
69.9
80.0
-3.0
77.1
7.6
-6.6
14.2
13.3
-18.6
31.9
12.0
-39.8
51.6
-16.4 -11.4
-5.0
68
69
70
71
20.6
28.6
3.7
5.2
5.5
5.7
69.9
102.4
29.5
10.8
77.1
117.4
26.8
1.9
64.9
87.4
84.1
114.8
91.2
136.4
87.2
127.1
86.5
132.1
90.2
135.7
92.0
138.5
94.0
139.4
72
73
74
75
76
70.9
107.6
92.5
14.2
86.3
143.0
107.9
31.9
104.3
174.4
116.1
51.8
100.3
107.2
110.8
-5.0
121.5
152.2
122.1
26.2
112.6
117.7
111.8
120.2
140.9
114.2
22.1
120.6
153.5
119.9
29.8
122.5
157.6
125.1
27.2
122.3
156.8
129.1
25.6
.9
3.2
1.3
4.0
3.8
5.2
2.2
65
66
67
BILLIONS OF DOLLARS.
6.5
3.9
5.0
4.0
5.0
1.0
3.5
4.7
5.6
1 1 2 . 5 CAP. CONS. ALLOWANCE* N 1 A
- 1 6 . 6 PLUS: CAP. CONS. ADJUSTMENT
9 5 . 9 EQUALS: BOOK DEPRECIATION
62
63
64
5 . 0 INVENTORY CHANGE. N I A
- 2 3 . 2 LESS: I N V . VAL. ADJUSTMENT
2 8 . 2 EQUALS: INVENTORY CHG.t BOOK
65
66
67
39.8
6.1
95.9
141.8
68
69
70
71
UNDISTRIBUTED PROFITS
• FOREIGN BRANCH PROFITS
+ BOOK DEPRECIATION
* GROSS INTERNAL FUNDS.BOOK
125.3 GROSS INVESTMENT. BOUK
72
1 6 6 . 0 CAPITAL EXPENDITURES
137.0
FIXED INVESTMENT
28.2
INVENTORY CHG.» BOOK
.9
MINERAL RIGHTS
73
74
75
76
( 1 ) FOREIGN INVESTMENT I S NET OF BOND ISSUES ABROAO. AND
BONO ISSUES OUTSIDE THE U . S . ARE EXCLUDED FROM SOURCES
OF FUNDS ABOVE.
(2)
INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. ISSUED BY
STATE AND LOCAL GOVERNMENTS TO FINANCE PRIVATE INVESTMENT AND SECURED I N INTEREST ANO PRINCIPAL BY THE
INDUSTRIAL USER OF THE FUNDS.
( 3 ) MATURITY SPLIT ON DEBT I S APPROXIMATE:
L-T I S BONDS.
M-F • COMMERCIAL MORTGAGESt AND 4 0 * OF BANK LOANS.
S-T
DEBT I S OTHER CREDIT MARKET BORROWING. TOTAL S-T
L I A B I L I T I E S I S S-T BORROWING • TAX L I A B I L I T I E S • TRADE
DEBT.
1 / 7 7 BASED ON INCOMPLETE INFORMATION.
MAY 9, 1977
STATE+LOCAL GOVTS. AND FOREIGN
12
STATE+LOCAL GOVTS. AND FOREIGN
UNADJUSTED NET FLOWS 1% MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1975 I
IV |
I
IV |
BILLIONS OF DOLLARS
1968
1969
1970
1977 I
II
STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS C D
66.254
47.770
4.001
14.483
60.983
42.679
4.104
14.200
64.678
45.588
4.199
14.891
61.387
42.231
4.290
14.866
73.331
52.705
4.384
16.242
67.073
47.276
4.483
15.314
93.6
71.0
107.2
81.4
119.7
91.4
134.9
101.5
152.6
113.7
6.7
7.2
7.9
9.0
9.9
15.9
18.6
20.3
24.4
29.0
59.368
56.236
3.132
6.886
2.760
4.126
57.919
54.016
3.903
3.064
3.203
-139
61.897
58.002
3.895
2.781
3.739
-958
63.512
60.283
3.229
-2.125
3.198
-5.323
63.070
59.890
3.180
10.261
2.030
8.231
61.450
57.250
4.200
5.623
3.086
2.537
94.7
89.3
106.9
100.7
117.6
110.4
132.2
123.2
5.4
4.1
6.2
.3
4.8
7.1
2.1
5.5
9.0
2.8
6.4
148.9
137.5
11.4
-5.2
-4.5
-3.4
-3.6
-2.9
11 NET FINANCIAL INVESTMENT
12
NET ACQ. OF FINANCIAL ASSETS
13
DEMAND DEP. + CURRENCY
14
TIME DEPOSITS
3.888
7.787
2.195
-3.730
1.534
1.135
-2.902
-2.697
3.054
-697
7.014
10.357
916
-4.9
-5.0
-10.1
-4.6
-11.7
4.267
-1.025
2.676
713
5.5
-.2
3.2
7.2
992
3.6
1.2
2.4
1.1
1.4
895
-1.581
1.722
-2.711
1.333
-5.9
6.7
1.0
7.2
11
12
13
14
15
16
17
18
CREDIT MARKET INSTRUMENTS
U.S. GOVT. SECURITIES
DIRECT
U.S. GOVT. AGENCY SEC.
3.458
1.990
1.518
3.809
3.369
3.319
1.281
472
50
3.710
2.868
1.318
1.550
-818
1.500
5.086
4.237
2.737
1.500
5.399
5.050
3.550
1.500
-.2
- . 3
- . 8
.5
1.8
1.6
- . 5
2.1
5.3
4.7
3.1
1.7
-2.1
-2.0
-2.8
-1.3
-1.5
15
16
17
18
19
20
21
ST.+LOC. OBLIGATIONS
MORTGAGES
TAXES RECEIVABLE
1.156
312
500
-60
351
491
275
324
599
250
9
340
1.239
-709
-409
1.478
1.602
-820
.1
.2
.2
.7
.1
.5
.3
.1
.8
.2
- . 3
1.1
.5
19
20
21
3.899
3.675
3.687
-463
4.150
3.303
3.080
1.821
-2.466
4.287
5.264
5.042
6.349
1.194
5.155
5.751
5.531
4.294
3.343
3.124
2.277
-2.301
4.578
3.351
3.134
2.734
-1.125
3.859
8.6
7.9
7.8
1.8
5.9
10.4
11.2
10.7
11.8
11.3
11.2
18.4 22
17.8 23
17.4 2 4
2.3
8.9
14.9 26
-12
224
1.259
-1.307
1.237
223
222
220
847
219
400
217
.2
.6
.3
.6
238
1.442
1 TOTAL RECEIPTS, NIA BASIS
2
TAX RECEIPTS
3
SOCIAL INSURANCE RECEIPTS
4
GRANTS IN AID RECEIVED
5
6
7
8
9
10
TOTAL EXPENDITURES, NIA BASIS
PURCH. OF GOODS • SERVICES
NET INTEREST • TRANSFERS
NET SURPLUS* NIA BASIS
- RETIREMENT CREDIT TO HH
= GROSS SAVING
22
23
24
25
26
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET BORROWING
ST.+LOC. OBLIGATIONS
SHORT-TERM
OTHER
27
28
U . S . GOVERNMENT LOANS
TRADE DEBT
29 DISCREPANCY
682
-32
4.326
993
-1.1
-
*
9.8
9.5
.1
9.4
9.9
2.8
7.2
.7
.5
-2.9
10.0
- . 2
-1.2
.9
3.7
6.6
2.5
.1
.5
.4
.7
1.6
65.6
64.0
3.6
1.8
3.9
1
2
3
4
5
6
7
8
9
10
25
27
28
2.772
(1)EMPLOYEE RETIREMENT FUNDS ARE I N INSURANCE SECTOR.
REST OF THE WORLD
974
994
1.114
-4.353
1.067
-1.891
2.444
41.140
38.696
1.145
1.108
-191
7 NET FINANCIAL INVESTMENT
8
NET ACQ. OF FINANCIAL ASSETS
9
GOLD • SDR»S ( 1 )
10
U . S . DEMAND DEPOSITS
11
U . S . TIME DEPOSITS
-5.265
5.796
-4.801
5.257
-2.614
7.276
-247
8.200
-2.230
12.032
-903
5.770
2
-45
-65
-1.045
-1.424
-18
222
-29
1.103
-361
15
285
1.742
-615
-823
954
-502
-1.317
U . S . CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
U . S . CORPORATE BONDS ( 2 )
OPEN-MARKET PAPER
1.454
1.494
2.938
1.620
780
342
131
450
2.052
1.631
5.097
4.879
5.123
3.490
7.493
6.454
349
72
287
-69
148
1.485
150
889
1
2
3
4
5
6
NET U . S . EXPORTS
U . S . EXPORTS
U . S . IMPORTS
TRANSFER RECEIPTS FROM U . S .
U . S . GOVT. INTEREST RECEIVED
CURRENT ACCOUNT BALANCE
( U . S . BALANCE, SIGN REVERSED)
12
882
4.9
2.3
1.8
3.9
42.751
41.869
1.020
1.122
1.260
•5.6
•0.6
49.9
47.7
54.7
52.9
62.5
58.5
3.1
.6
2.9
.7
1.4
3.0
.8
2.0
3.2
1.0
.3
3.4
.8
5.9
.8
.5
-1.2
•1.2
7.6
1.2
.3
1.3
.7
2.0
2.1
- . 1
.9
8.5
1.2
.6
- . 3
10.3
-1.0
.3
1.4
-1.7
1.6
-.3
10.3
.7
2.1
.3
-.5
.2
.6
-1.8
.5
1.0
9.1
.7
.5
1
2
3
4
5
6
13.6
7
22.6
8
1.3
9
- . 2 10
. 3 11
.8
26.4
26.3
.3
-.2
12
13
14
15
16
137
21
345
1.497
0
519
1.007
0
895
0
800
.1
.4
.3
.9
-.2
.8
- . 1
1.4
* 17
. 1 18
MISCELLANEOUS ASSETS
U . S . BANK L I A B I L I T I E S
TO FOREIGN AFFILIATES
D I R . INVESTMENT I N U . S .
OTHER
3.067
1.842
4.240
2.373
3.216
-1.089
1.6
3.4
7.7
-6.0
- 6 . 2 19
731
1.238
1.624
712
37
1.846
2.3
.3
.7
7.9
.8
2.510
.7
.3
.7
-6.9
422
551
155
-3.185
1.229
1.107
-243
-728
2.813
-1.1
- 4 . 1 20
- . 2 21
- 1 . 9 22
NET INCREASE I N L I A B I L I T I E S
U . S . OFF. FGN. EXCHANGE
+ NET IMF POSITION
11.061
10.058
8.447
14.262
8.8
7.6
6.9
5.1
9 . 1 23
1.1
2.1
.3
-2.5
- 1 . 7 24
.2
2.7
1.1
-.5
-.2
2.2
.5
3.2
1.0
-.2
.3
2.1
2.7
.9
- . 3
.8
1.3
-.2
.8
1.0
MISCELLANEOUS L I A B I L I T I E S
USG E0UI1Y I N IBRD, ETC.
FGN. CURR. HELD I N U . S .
U . S . D I R . I N V . ABR0AD(2)
OTHER
0
2.580
0
128
0
125
.2
.5
.2
-532
5.390
2.9
.1
- . 1
2.7
.2
2.1
.1
.5
.8
.7
2.3
.2
-.5
2.2
.5
4.0
.2
.5
3.5
-.2
.5
-1.4
- . 4
167
-1
3.693
2.576
385
914
-328
1.126
9.243
2.123
3.813
2.431
61
997
0
105
0
460
5.294
3.284
4.495
161
869
1.614
1.851
319
0
4.769
5.149
194
183
198
2.835
1.663
2.829
1.186
1.418
1.967
200
615
133
139
602
2.423
EXCLUDES U . S . SECURITY ISSUES IN FOREIGN MARKETS.
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
.!
180
993
46
4.469
1.311
1.859
768
9
694
1.0
- . 1
876
110
3.821
2.350
640
250
*
.1
4.0
1.2
-.3
.5
2.6
57
( 1 ) CONSISTS ONLY OF NET PURCHASES FWDM U . S .
EXCLUDES ACQUISITIONS FROM OTHER SOURCES.
0
5.561
2.418
1.442
1.061
38 DISCREPANCY
<2)
2.415
43.520
41.105
1.037
1.058
-320
1.181
SECURITY DEBT
TRADE DEBT
36
37
-2.180
39.368
41.548
1.067
1.114
4.361
573
FOREIGN EQUITY ISSUES
CREDIT MARKET INSTRUMENTS
CORP. AND FOREIGN BONDS
BANK LOANS N.E.C.
BANKERS ACCEPTANCES
U.S.GOVT. LOANS
33
34
165
1.001
3.952
38.639
34.687
-1.409
SECURITY CREDIT
TRADE CREDIT
28
29
30
6.441
39.561
33.120
4.608
1.498
2.836
100
714
1.250
-1.709
207
1.260
1.600
2.323
*
.*
*
*
5.2
.9
2.1
.3
1.8
25
26
27
28
29
30
* 31
. 5 32
5.0
.3
1.4
3.6
-.1
33
34
35
36
37
- 9 . 7 38
MAY 9 , 1 9 7 7
STATE+LOCAL GOVTS. AND FOREIGN
STATE+LOCAL GOVTS. AND FOREIGN
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I
I
1975 |
IV I
I
IV I
1977
I
STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS (1)
1
2
3
4
177.4
129.1
10.8
37.5
193.5
140.8
12.1
40.6
210.2
152.7
13.7
43.9
234.3
164.5
15.4
54.4
260.4
183.2
17.0
60.2
245.1
171.1
16.0
58.0
251.6
176.4
16.4
58.8
254.2
161.1
16.8
56.3
262.0
184.7
17.2
60.1
273.6
190.6
17.5
65.5
2 7 6 . 7 TOTAL RECElPTSt NIA BASIS
195.3
TAX RECEIPTS
17.9
SOCIAL INSURANCE RECEIPTS
GRANTS I N AID RECEIVED
63.5
5
6
7
8
9
10
163.7
151.0
12.7
13.7
8.5
5.3
180.5
167.3
13.1
13.0
9.5
3.5
203.0
191.6
11.3
7.3
9.7
-2.4
227.5
214.5
12.9
6.9
11.0
-4.1
246.4
232.2
14.2
14.0
12.2
1.8
237.2
223.4
13.8
7.9
11.0
-3.1
239.5
225.5
14.0
12.2
12.8
-.6
245.0
230.9
14.1
9.2
15.0
-5.7
249.3
235.0
14.3
12.7
12.8
-.1
251.8
237.4
14.4
21.9
8.1
13.8
255.5
240.9
14.6
21.2
12.3
8.9
11
12
13
14
1.7
17.6
1.6
6.8
.5
16.4
-.5
7.2
-3.3
16.3
-.6
5.7
-5.4
10.4
.3
-2.0
-1.0
16.7
-1.3
2.1
-3.8
12.5
.1
-1.4
-3.2
10.8
-7.4
6.1
-6.5
12.0
1.6
-10.5
-1.4
20.7
5.0
6.9
9.1
23.2
-4.3
5.8
5 . 7 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
20.1
-1.5
DEMAND DEP. • CURRENCY
TIME DEPOSITS
3.9
11
12
13
14
15
16
17
18
8.5
7.1
4.4
2.7
8.9
6.9
-.1
7.0
10.2
7.3
-1.8
9.0
12.1
9.1
6.3
2.7
13.9
11.2
6.6
4.6
12.3
6.4
4.5
1.9
11.2
9.5
9.3
.2
19.3
16.0
9.8
6.2
6.1
3.7
-2.3
6.0
18.9
15.5
9.5
6.0
17.1
15.7
9.7
6.0
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
DIRECT
U . S . GOVT. AGENCY SEC.
15
16
17
18
19
20
21
1.4
.8
.4
1.7
.7
.4
2.5
1.0
1.5
1.6
-.1
1.7
1.0
2.0
4.6
1.2
1.4
2.0
-.2
.9
1.4
2.0
1.5
1.1
1.3
2.6
2.4
1.0
2.8
1.4
.6
ST.+LOC. OBLIGATIONS
MORTGAGES
TAXES RECEIVABLE
19
20
21
22
23
24
25
26
15.9
15.2
14.9
.1
14.8
15.9
14.8
14.5
.3
14.2
19.6
18.6
18.0
2.5
15.4
15.8
14.9
14.7
-2.0
16.7
17.7
16.8
14.7
-3.6
18.3
16.3
15.4
15.4
-1.2
16.7
14.0
13.1
8.1
-9.9
17.9
20.5
19.6
24.9
5.9
18.9
22.1
21.2
16.2
-1.8
18.1
14.0
13.2
9.8
-8.6
18.4
14.4
13.5
11.9
-4.4
16.3
.9
5.0
.9
-5.2
.9
4.9
.9
3.4
.9
1.6
.9
.7
2.5
2.8
1.3
4.6
3 . 1 DISCREPANCY
*
*
*
TOTAL EXPENDITURES* NIA BASIS
PURCH. OF GOODS + SERVICES
NET INTEREST • TRANSFERS
NET SURPLUS, NIA BASIS
- RETIREMENT CREDIT TO HH
= GROSS SAVING
1
2
3
4
5
6
7
8
9
10
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET BORROWING
ST.+LOC. OBLIGATIONS
SHORT-TERM
OTHER
22
23
24
25
26
U . S . GOVERNMENT LOANS
TRADE DEBT
27
28
29
(l)EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTUR.
REST OF THE WORLD
1
2
3
4
5
6
-3.3
72.7
75.9
3.8
2.7
9.8
7.1
101.6
9*.4
3.9
3.8
.6
7.5
144.4
136.9
4.2
4.3
1.0
20.5
148.1
127.6
4.0
4.5
-11.9
6.6
162.7
156.0
4.2
4.3
2.0
7
8
9
10
11
11.6
19.7
.6
1.6
2.8
2.7
17.4
2.9
3.0
-3.7
32.0
-.2
2.9
7.0
-16.2
15.1
•
.1
.7
-9.9
32.8
-.1
1.2
-1.9
12
13
14
15
16
2.4
8.4
8.4
.1
-.1
2.8
.7
.3
.1
.3
.5
11.2
3.7
.9
6.6
4.7
6.1
8.1
.6
-2.6
2.7
15.2
11.6
.9
2.7
17
18
.1
.8
1.0
1.7
.1
1.6
19
3.1
7.2
8.9
20
21
22
.9
.4
1.8
1.1
2.7
3.4
4.6
2.7
1.5
23
8.1
14.7
35.7
31.3
24
-.2
-.2
1.3
.5
25
26
27
28
29
30
-.4
4.4
1.0
3.0
-1.0
1.5
-.2
6.4
1.0
2.8
.9
1.7
-.2
15.5
2.1
4.7
7.1
1.6
.1
12.8
6.2
4.0
-.1
2.8
.3
21.2
8.4
6.8
2.5
3.6
31
32
.1
.5
-.2
1.9
3.1
.1
2.1
_. 2
33
34
35
36
37
3.7
.3
3.6
1.5
-1.6
7.0
.3
4.2
3.7
-1.3
16.1
.6
1.8
7.7
6.1
15.6
.7
4.9
6.1
4.0
18.5
.8
7.5
4.7
5.5
*
*
*
*
21.0
153.7
132.7
4.0
4.4
-12.6
8.4
154.1
145.7
4.1
4.4
-8,8
28.8
-.2
-2.3
-5.7
9.3
160.3
151.0
4.7
167.7
163.0
1.0
-2.5
-13.8
28.5
-.1
2.1
-3.3
4.2
168.5
164.3
4.3
4.2
4.3
-.1
4.0
3.8
.5
24.6
15.9
.6
8.1
-4.9
170.5
175.4
4.2
4.6
13.8
7 . 8 NET FINANCIAL INVESTMENT
31.9
NET ACQ. OF FINANCIAL ASSETS
-.3
GOLD • SDR»S U )
*
U . S . DEMAND DEPOSITS
-5.3
U . S . TIME DEPOSITS
1.8
34.2
29.6
5.8
4.6
6.1
2.3
6.0
14.8
9.1
3.9
1.4
6.0
1.8
11.7
11.7
10.2
-1.2
2.4
.5
3.2
.6
7.9
2.9
4.9
3.9
-1.0
-2.9
14.1
5.0
1.7
6.2
6.5
2.8
1.6
-12.7
1.0
10.0
42.7
37.6
38.4
42.3
24.1
2.5
2.9
6.5
1.4
1.4
_
7.5
1.4
17.0
9.4
4.8
.2
4.0
16.8
.8
11.3
4.6
.1
9.0
1.'
13.<
13.
10.3
4.b
-1.3
4.5
35.5
8.5
13.8
9.7
3.5
NET U . S . EXPORTS
U . S . EXPORTS
U . S . IMPORTS
TRANSFER RECEIPTS FROM U.S.
U. S. GOVT. INTEREST RECEIVED
CURRENT ACCOUNT BALANCE
( U . S . BALANCE* SIGN REVERSED)
4.7
5.0
-5.0
.7
U . S . CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
U . S . CORPORATE BONDS ( 2 )
OPEN-MARKET PAPER
12
13
14
15
16
SECURITY CREDIT
TRADE CREDIT
17
18
MISCELLANEOUS ASSETS
U . S . BANK L I A B I L I T I E S
TO FOREIGN AFFILIATES
DIR. INVESTMENT I N U . S .
OTHER
20
21
22
NET INCREASE I N L I A B I L I T I E S
U . S . OFF. FGN. fcXCHANGE
• NET IMF POSITION
1.8
-2.1
SECURITY DEBT
TRADE DEBT
32
15.8
.7
11.3
1.2
2.6
24.1
.8
4.7
7.8
10.7
MISCELLANEOUS LIABILITIES
USG EQUITY IN IBRD, ETC.
FGN. CURR. HELD IN U.S.
U.S. DIR. INV. ABR0AD(2)
OTHER
33
34
35
36
37
2.5
5.3
8.8
5.0
4.5
6.8
6.0 DISCREPANCY
(2) EXCLUDES U.S. SECURITY ISSUES IN FOREIGN MARKETS.
1/77 BASED ON INCOMPLETE INFORMATION.
23
FOREIGN EQUITY ISSUES
CREDIT MARKET INSTRUMENTS
CORP. AND FOREIGN BONOS
BANK LOANS N.E.C.
BANKERS ACCEPTANCES
U . S . GOVT. LOANb
CI) CONSISTS ONLY OF NET PURCHASES FROM U.S.
EXCLUDES ACQUISITIONS FROM OTHER SOURCES.
BILLIONS OF DOLLARS.
19
36
NAY 9 V 1977
U.S.GOVT. • CREDIT AGENCIES
U.S.GOVT.
• CREDIT AGENCIES
SECTOR STATEMENTS OF SAVING ANO INVESTMENT
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ H I L L .
1975 |
IV I
1976
II
III
I
I
IV |
BILLIONS OF DOLLARS
1968
1969
1970
1977 I
II
U,S» GOVERNMENT
90.416
40.640
14.406
6.096
29.274
85.362
40.097
14.009
5.903
25.353
81.584
37.360
14.850
6.231
23.143
83.381
32.375
13.909
5.635
31.462
150.5
67.5
30.0
16.3
36.7
174.7
79.6
36.3
18.0
40.8
197.0
94.8
36.2
19.0
47.0
192.1
92.2
30.8
19.3
49.7
198.6
89.9
33.5
20.4
54.9
1
2
3
4
5
97.691
95.800
94.484
35.100
32.400
33.629
55.891
56.700
54.443
6.700
6.700
6.412
-7.275
-22.868 -22.873
6.432
-710
90
-22.958 -22.163 -13.707
955
1.163
240
-22.718 -21.000 -12.752
93.377
30.242
56.225
6.910
-8.015
-1.303
-6.712
1.311
-5.401
102.063
35.686
59.153
7.224
-20.479
384
-20.863
544
-20.319
103.381
35.014
61.095
7.272
-20.000
-1.117
-18.883
213
-18.670
163.7
90.9
62.9
180.6
98.0
71.2
11.4
-5.8
186.4
97.5
78.1
12.9
204.2
95.6
94.3
14.3
-12.1
220.6
96.2
110.4
14.0
-22.0
2.9
-24.9
.7
-24.2
6
7
8
9
10
11
12
13
14
71.616
32.859
12.451
6.564
19.742
1 TOTAL RECEIPTSt NIA BASIS
PERSONAL TAXES
2
CORP. PROFITS TAX ACCRUALS
3
INDIRECT TAXES
4
SOCIAL INSURANCE RECEIPTS
5
6
7
8
9
10
11
12
13
14
TOTAL EXPENDITURESt NIA BASIS
GOODS + SERVICES
TRANSFERS* ETC.
NET INTEREST
NET SURPLUS* NIA BASIS
- INSURANCE CREDITS TO HH
= GROSS SAVING
• MINERAL RIGHTS SALES
* NONFINANCIAL SURPLUS
72.927
27.227
12.373
5.265
28.062
-22.163 -19.611 -12.756
15 NET FINANCIAL INVESTMENT
4.756
5.888
4.704
NET ACQ. OF FINANCIAL ASSETS
16
1.038
288
-138
GOLD* SDR*S • OFF FGN EXCH
17
7.902
-920
DEMAND DEPOSITS + CURRENCY - 1 . 8 9 1
18
104
48
-78
TIME DEPOSITS
19
9.8
1.4
1.3
-14.6
-7.1
8.5
1.6
7.0
-14.6
-5.8
7.0
-14.3
-5.833 -18.170 -15.560
1.526
1.714
12.435
462
223
892
-5.341 -3.010
2.347
-154
-171
161
-13.4
-8.7
7.3
2.0
6.0
3.5
1.4
1.1
-.2
-14.5
2.3
.4
1.0
•
-2.0
2.5
.3
-24.4
3.9
-2.2
3.3
.1
15
16
17
18
19
3.1
-1.3
1.0
3.5
2.8
-.1
.3
2.6
2.8
*
-.4
3.2
20
21
22
23
-13.2
-
1.3
-1.7
.1
*
2.5
-14.6
.3
.4
20
21
22
23
CREDIT MARKET INSTRUMENTS
MORTGAGE POOL SECURITIES
MORTGAGES
OTHER LOANS
3.409
994
1.184
1.231
3.483
999
-215
2.699
-679
798
-1.804
327
4.942
641
17
4.084
2.460
1.100
-1.060
2.420
2.809
1.000
330
1.479
4.7
-.1
1.0
3.8
5.2
.1
1.4
3.7
24
25
26
TAXES RECEIVABLE
TRADE CREDIT
MISCELLANEOUS
2.978
188
236
2.784
25
180
-4.117
382
126
4.102
130
176
4.007
0
204
1.084
145
207
-5.1
1.3
.6
-.2
-3.0
-2.6
1.5
-.1
.9
.1
-.8
.3
1.5 24
- 1 . 7 25
. 1 26
27
28
NET INCREASE I N L I A B I L I T I E S
TREASURY CURR. + SDR CTFS.
26.867
260
25.499
148
17.512
339
18.268
199
19.884
503
17.086
207
15.7
16.0
-2.5
14.9
.7
.4
.3
.6
29
30
31
32
CREDIT MARKET INSTRUMENTS
SAVINGS BONDS
DIRECT EXCL. SVGS. BONDS
AGENCY ISSUES • MTGS.
25.896
956
24.969
-29
24.149
1.097
23.020
32
9.418
1.161
8.237
20
18.029
1.302
16.473
254
17.430
1.095
16.754
-419
17.627
1.180
16.633
-186
13.0
13.6
•6
-3.7
11.9
-.1
.3
9.8
3.1
-1.2
-2-4
12.6
-1.0
33
34
35
LIFE • RETIREMENT RESERVES
TRADE DEBT
MISCELLANEOUS
90
731
-110
-710
1.481
431
6.432
834
489
-1.303
1.885
-542
384
1.006
561
-1.117
894
-525
1.4
.6
.1
1.3
1.6
-.3
-.4
2.5
-.6
.5
2 . 9 33
- . 7 34
. 8 35
-555
9.473
-1.389
9.589
4
18.523
432
9.907
-2.149
10.843
-3.110
12.825
-1.2
35.1
. 3 36
32.0 37
36 DISCREPANCY
37 MEMO: CORP. TAX RECEIPTS* NET
1.0
7.9
4.1
*
.7
2.9
1.0
.2
35.0
39.2
33.4
2 8 . 3 27
. 5 28
24.7
2.3
23.7
-1.3
29
30
31
32
FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS
SPONSORED CREDIT AGENCIES
•1
1 CURRENT SURPLUS
2.482
77
936
4
601
-20
1.989
-48
1.152
18
-954
-1
-.1
2.899
819
-64
319
564
1.031
1.819
1.104
409
306
654
-354
-238
265
-381
1.912
-566
336
-530
-392
1.353
861
286
-177
752
-1.130
-593
-1.366
239
534
-.1
1.110
747
363
-2.101
-13
-2.088
-698
-215
-483
1.473
685
788
-243
-43
-200
-2.176
-776
-1.400
-1.4
LOANS TO AGRICULTURE
FARM MORTGAGES
LOANS TO COOPS ( B O
LOANS TO FARMERS ( F I C B )
MISCELLANEOUS ASSETS
970
496
479
-5
-494
1.313
687
221
405
-99
1.706
702
212
792
-33
1.025
579
38
408
125
735
542
481
-288
-219
1.639
807
644
188
177
1.4
.7
.2
.5
17 NET INCREASE I N L I A B I L I T I E S
18
CREDIT MARKET INSTRUMENTS
19
SPONS. AGENCY ISSUES
20
U . S . GOVERNMENT LOANS
21
MISCELLANEOUS L I A B I L I T I E S
2.698
1.976
1.825
151
722
889
223
246
-25
666
411
527
527
0
-116
1.878
1.271
1.315
-44
607
1.169
8
326
-318
1.161
-980
-410
762
-1.172
-570
-.2
-.6
-.6
-.1
.5
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS • CURRENCY
CREDIT MARKET INSTRUMENTS
LIQUID ASSETS
U.S.GOVT. SECURITIES
OPEN-MARKET PAPER
FEDERAL FUNDS • RP»S
HOUSING CREDIT
RESIDENTIAL MORTGAGES
FHLB LOANS TO S • L ASSOC.
12
13
14
15
16
22 DISCREPANCY
tl)
23 NET ACQ. OF MORTGAGES
24
HOME MORTGAGES
25
MULTIFAMILY MORTGAGES
26
FARM MORTGAGES
2.655
2.650
100
-95
3.546
3.000
366
180
3.541
3.397
47
97
3.735
3.434
108
193
4.841
4.664
126
51
27 NET INCR.
2.655
3.546
3.541
3.735
4.841
4.577
1.819
1.265
1.493
4.195
-354
2.746
1.803
5.647
-586
5.015
1.218
6.194
861
4.547
786
3.880
-593
2.733
1.740
3.794
4.068
5.050
5.167
5.772
28
29
30
31
MEMO: TOTALS FOR AGENCIES AND POOLS—
CREDIT MARKET INSTRUMENTS
5.554
LIQUID ASSETS
819
HOUSING CREDIT
3.860
LOANS TO AGRICULTURE
875
32 NET SECURITY ISSUES
4.480
( 1 ) GNMA* FHLMC* ANO FARMERS HOME ADM. POOLS.
(2)
S a l e s of Outer Continental Shelf l e a s e s .
(3) From 1974, mainly Federal Financing Bank purchases of Farmers Home
Administration mortgage pool securities.
1/77 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
—
*
1.1
-2.5
*
*
366
FEDERALLY SPONSORED MORTGAGE POOLS
IN POOL SECURITIES
*
5.010
4.761
148
101
.1
.1
.1
.2
1
3.2
•
9.2
10.3
.7
.1
2
3
3.2
-.1
-.1
8.8
-.4
-.6
•5
-1.2
-.5
4
5
6
-.6
8
—
*
*
—
.2
*
9.6
1.9
1.1
—
.8
7.8
3.8
4.0
6.2
4.9
1.3
.8
.5
.1
.2
•
1.4
.6
.2
.6
.4
1.5
.5
.3
.7
.8
1.4
.7
*
.7
.2
12
13
14
15
16
3.2
3.5
3.2
.2
-.3
9.1
8.8
9.1
-.3
.4
10.3
.6
1.1
1.1
-.5
17
18
19
20
21
•1
.1
•1
.5
.4
1.6
1.2
8.2
8.2
—
2.1
.2
•1
.7
•5
.7
1.6
•6
3.8
-.1
3.0
.9
9.4
-.4
8.3
1.6
11.1
*
*
-.9
1.5
.2 9
2 . 9 10
- 2 . 7 11
2.5
1.6
.9
.7
.4
•
.2
.7
•5
7
*
*
.3
1.9
7.5
1.8
.1 22
4.8
4.3
.1
•4
23
24
25
26
4.8 27
5.2
-1.2
4.5
1.8
28
29
30
31
MAY 9t 1977
U.S.GOVT. + CREDIT AGENCIES
U.S.GOVT. • CREDIT AGENCIES
15
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
1975
SEASONALLY ADJUSTED ANNUAL RATES
1976
1975 1
IV I
1976
I
II
III
I
IV I
1977
I
U.S. GOVERNMENT
1
2
3
4
5
227.5
108.2
36.6
20.0
62.8
258.3
114.6
43.0
21.2
79.4
288.2
131.2
45.6
21.7
89.8
286.5
125.7
42.6
23.9
94.3
330.3
145.3
55.6
23.5
105.8
306.7
135.1
49.4
25.5
96.6
316.5
137.7
53.1
22.8
102.9
324.6
141.9
54.9
23.3
104.6
333.8
147.2
56.2
23.8
106.6
346.3
154.5
58.4
24.1
109.3
3 6 4 . 9 TOTAL RECEIPTSt NIA BASIS
165.1
PERSONAL TAXES
59.2
CORP. PROFITS TAX ACCRUALS
24.2
INDIRECT TAXES
116.4
SOCIAL INSURANCE RECEIPTS
6
7
8
9
10
11
12
13
14
244.7
102.1
128.1
14.6
-17.3
3.1
-20.3
.9
-19.4
265.0
102.2
144.6
18.2
-6.7
2.2
-8.9
3.2
-5.7
299.7
111.6
167.2
20.9
-11.5
2.8
-14.3
6.5
-7.8
357.8
124.4
209.8
23.5
-71.2
3.7
-75.0
1.3
-73.6
388.9
133.4
228.0
27.5
-58.6
4.8
-63.4
4.0
-59.5
376.0
130.4
220.0
25.6
-69.4
4.3
-73.6
1.0
-72.7
380.3
129.2
224.5
26.6
-63.8
4.9
-68.7
4.7
-64.1
378.7
131.2
220.2
27.4
-54.1
5.3
-59.4
3.8
-55.5
391.1
134.5
228.9
27.7
-57.4
4.0
-61.4
5.2
-56.1
405.6
138.9
238.3
28.4
-59.3
5.0
-64.3
2.2
-62.1
411.4
139.5
243.1
28.9
-46.5
4.9
-51.5
15
16
17
18
19
-19.6
-.9
-.4
-1.0
.1
-7.9
2.7
-7.8
8.4
1.4
-4.5
-73.9
17.0
.3
2.9
.1
-56.4
24.8
2.4
4.0
.2
-75.7
16.4
-.6
-59.4
26.1
1.2
-52.4
30.5
4.2
23.8
-53.6
38.1
3.6
-60.1
4.6
.9
-15.9
- 4 7 . 1 NET FINANCIAL INVESTMENT
20
21
22
23
1.8
2.8
-.7
2.5
-.6
3.4
*
9.8
2.5
1.4
5.9
15.1
4.5
3.2
7.3
10.2
3.7
-3.1
9.5
24
25
26
-.7
-.8
.1
1.3
.3
.4
.3
.9
.6
-3.3
1.2
.7
6.8
.5
.7
27
28
18.7
.5
10.7
.4
16.2
.4
90.9
.9
81.2
1.2
29
30
31
32
15.2
3.3
11.0
1.0
8.3
2.7
5.2
.4
12.0
3.0
9.0
85.2
*.0
81.8
-.6
69.0
4.7
64.5
-.1
33
34
35
3.1
-.1
2.2
.1
-.4
2.8
-.1
1.0
3.7
1.7
-.7
4.8
5.2
.9
36
37
.2
37.3
2.2
41.7
-.1
45.3
.3
45.9
-3.1
48.9
*
*
*
-1.8
-.2
*
*
.9 • MINERAL RIGHTS SALES
-50.6 = NONFINANCIAL SURPLUS
18.7
3.4
NET ACQ. OF FINANCIAL ASSETS 16
1.8
GOLD, SDR'S • OFF FGN EXCH 17
-9.2
DEMAND DEPOSITS • CURRENCY 18
12.1
4.0
2.2
5.9
-3.9
10.5
1.0
7.7
.5
.7
15
6.5
-.7
-3.7
3.2
-7.8
1.0
TOTAL EXPENDITURES* NIA BASIS
GOODS • SERVICES
TRANSFERS, ETC.
NET INTEREST
NET SURPLUS, NIA BASIS
- INSURANCE CREDITS TO HH
= GROSS SAVING
TIME DEPOSITS
19
CREDIT MARKET INSTRUMENTS
MORTGAGE POOL SECURITIES
MORTGAGES
OTHER LOANS
20
21
22
23
TAXES RECEIVABLE
TRADE CREDIT
MISCELLANEOUS
24
25
26
NET INCREASE IN LIABILITIES 27
TREASURY CURR. • SDR CTFS. 28
82.9
1.4
91.7
.8
64.7
2.0
71.7
3.9
67.6
.1
71.5
4.2
67.2
.1
80.4
5.8
73.6
1.0
52.7
4.7
49.7
-1.7
44.7
4.2
41.2
-.7
CREDIT MARKE1 INSTRUMENTS
SAVINGS BONDS
DIRECT EXCL. SVGS. BONDS
AGENCY ISSUES • MTGS.
4.9
7.1
1.2
5.3
3.6
1.2
4.0
7.2
5.0
2.9
2.0
4.9
4.9
-1.9
LIFE • RETIREMENT RESERVES 33
TRADE DEBT
34
MISCELLANEOUS
35
-3.2
51.1
-2.5
48.5
-2.1
51.2
3.0
45.3
29
30
31
32
-3.6 DISCREPANCY
58.2 MEMO: CORP. TAX RECEIPTS, NET
FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS
SPONSORED CREDIT AGENCIES
.6
.6
9.7
9.8
1.4
3.0
-.2
4.5
-.2
10.8
2.1
10.1
5.0
2.1
1.6
1.2
-.1
1.1
-1.5
4.1
-2.1
-1.6
-.2
-.7
-1.4
.8
-2.2
-1.8
-.7
-1.2
18.7
.1
18.0
4.4
-.4
-1.2
.4
.4
17.8
2.1
-.2
2.3
19.8
.3
.4
.9
-1.0
9
10
11
2.9
2.8
12.5
5.3
7.2
14.3
7.7
6.7
2.5
.9
12
13
14
15
16
1.9
1.2
.3
.4
-.4
3.2
1.9
.3
1.1
.8
5.2
2.5
1.0
1.7
-1.8
1.7
1.2
-1.2
17
18
19
20
21
3.8
3.5
3.5
18.5
16.3
16.3
-. 3
2.2
17.6
17.3
16.6
.7
.3
2
3
3.9
4
5
6
7
8
*
*
*
-
*
5.0
1.7
1.5
.7 CURRENT SURPLUS
.6
1.2
2.2
-1.0
3.8
2.7
4.3
2.0
2.4
-.4
2.3
6.4
2.5
2.5
1.4
-.1
4.5
2.3
.2
2.0
-.4
.7
2.7
-.4
-.3
-.2
3.1
9.7
7.7
7.8
2 . 7 NET ACQ. OF FINANCIAL ASSETS
.1
DEMAND DEPOSITS + CURRENCY
1.0
2.1
CREDIT MARKET INSTRUMENTS
LIQUID ASSETS
U.S.GOVT. SECURITIES
OPEN-MARKET PAPER
FEDERAL FUNDS • RP»S
HOUSING CREDIT
RESIDENTIAL MORTGAGES
FHLB LOANS TO S • L ASSOC.
3.2
1.0
1.0
.7
LOANS TO AGRICULTURE
FARM MORTGAGES
LOANS TO COOPS (BC)
LOANS TO FARMERS (FICB)
MISCELLANEOUS ASSE1S
2.6 NET INCREASE IN LIABILITIES
5.6
CREDIT MARKET INSTRUMENTS
10.3
SPONS. AGENCY ISSUES
-4.7
U.S. GOVERNMENT LOANS
-3.0
MISCELLANEOUS LIABILITIES
.7 DISCREPANCY
-.1
FEDERALLY SPONSORED MORTGAGE POOLS
3.6
3.2
.2
23
24
25
28
29
30
31
9.2
-.4
7.4
2.2
21.4
2.1
15.9
3.5
5.8
5.4
.2
.2
25.6
.3
19.8
5.4
.6
.5
14.5
1.3
9.2
4.1
14.2
12.0
1.5
.7
24.2
5.0
14.7
4.6
14.2
13.6
.2
.4
15.7
-.6
9.5
6.8
14.9
13.7
.4
.8
18.5
.4
12.8
5.3
19.4
18.7
.5
.2
(1)
2 0 . 0 NET ACQ. OF MORTGAGES
19.0
HOME MORTGAGES
.6
MULTIFAMILY MORTGAGES
.4
FARM MORTGAGES
19.4
2 0 . 0 NET INCR. I N POOL SECURITIES
27
24.1
2.1
17.3
4.6
MEMO: TOTALS FOR AGENCIES AND POOLS—
2 1 . 9 CREDIT MARKET INSTRUMENTS
-4.6
LIQUID ASSETS
20.9
HOUSING CREDIT
5.5
LOANS TO AGRICULTURE
28
29
30
31
21.5
3 0 . 3 NET SECURITY ISSUES
( 1 ) GNMA, FHLMC, AND FARMERS HOME AOM. POOLS.
BILLIONS OF DOLLARS.
1 / 7 7 BASEO ON INCOMPLETE INFORMATION.
2
3
(2)
S a l e s of Outer C o n t i n e n t a l Shelf
(3)
From 1974, mainly F e d e r a l F i n a n c i n g Bank p u r c h a s e s
of Farmers Home A d m i n i s t r a t i o n mortgage pool s e c u rities.
leases.
32
MAY 9, 1977
BANKING SYSTEM
16
BANKING SYSTEM
. SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS U M I L L . )
UNADJUSTED NET FLOWS ($ MILL.)
1976
II
III
IV
I
|
1977 I
I I
BILLIONS OF DOLLARS
1968
1969
1970
MONETARY AUTHORITY
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
GOLD • FOREIGN EXCHANGE
4
TREASURY CURR. • SDR CTFS.
5
F . R . FLOAT
6
F.R. LOANS TO DOMESTIC BANKS
7
8
9
10
11
12
13
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
TREASURY SECURITIES
AGENCY ISSUES
ACCEPTANCES
BANK LOANS N.E.C.
MISCELLANEOUS ASSETS
14 NET INCREASE IN LIABILITIES
15
MEMBER BANK RESERVES
16
VAULT CASH OF COML. BANKS
17
18
20
21
DEMAND DEPOSITS • CURRENCY
DUE TO U . S . GOVERNMENT
DUE TO REST OF THE WORLD
CURRENCY OUTSIDE BANKS
MISCELLANEOUS L I A B I L I T I E S
1.750
26
293
1.282
-1.173
1.225
485
291
-1.578
-175
7.632
578
370
1.467
260
3.389
-524
184
-766
12
-2.423
-451
553
-210
-301
-1.581
-53
180
336
124
4.8
-.5
.5
1.087
835
460
375
252
0
235
2.280
2.523
1.819
704
-243
0
-78
5.02 5
4.881
4.693
188
144
0
-68
4.440
4.748
4.778
-30
-308
0
43
-1.911
-2.183
-2.203
20
272
0
-103
-2.073
-1.237
-909
-328
-836
0
-95
4.8
4.8
4.8
1.688
-3.311
1.076
1.164
2.098
-996
7.571
-690
724
3.325
2.256
306
-2.487
-4.558
-166
-1.741
1.749
666
4.8
1.3
.5
4.0
.8
1.3
4.0
.2
.1
5.4
2.1
-.3
8 . 5 14
3 . 6 15
. 5 16
4.118
163
178
3.777
-195
-241
-100
-88
-53
303
7.605
4.784
lt>5
2.656
-68
744
264
-26
506
19
2.442
-1.863
112
4.193
-205
-3.723
-2.613
-196
-914
-433
2.9
.9
3.3
.6
-.1
2.8
.3
3.1
-.4
2.0
.1
1.5
-l.l
.1
2.5
.4
3.5
.5
4.4
.9
.1
3.4
*
17
18
19
20
21
*
•
*
*
*
*
4.0
-1.2
.2
1.0
*
3.7
3.8
3.8
*
—
.2
-.1
4.0
-.1
.1
*
•
4.2
4.2
4.2
•
-
-.1
5.4
-1.4
.7
.8
.2
8.5
-.6
.5
.1
-.3
2
3
4
5
6
5.0
5.0
5.0
8.9
8.7
8.1
.6
.2
.2
7
6
9
10
11
12
13
*
-. 1
*
COMMERCIAL BANKING (1)
1 CURRENT SURPLUS
2 PLANT + EQUIPMENT
3 NET ACQ. OF FINANCIAL ASSETS
4
DEMAND OEPOSITS • CURRENCY
5
TOTAL BANK CREDIT
CREDIT MARKET INSTRUMENTS
6
U . S . GOVT. SECURITIES
7
DIRECT
8
9
AGENCY ISSUES
423
1.196
732
1.145
670
1.165
637
1.225
519
1.243
506
1.260
2.4
1.0
3.1
1.3
3.8
1.8
3.3
2.1
2.5
2.2
1
2
25.996
49
24.536
19.007
8.406
8.081
325
1.906
-24
-4.554
-3.377
5.678
5.497
181
2 5.638
-11
20.919
20.165
1.888
2.164
-276
It.690
16
8.020
8.101
2.548
1.758
790
36.785
20
40.509
32.649
9.504
8.719
765
4.635
-10
3.192
3.922
1.649
2.234
-385
40.9
.1
37.4
35.8
9.5
6.5
3.0
46.0
21.2
40.1
38.7
3.3
2.1
1.3
17.6
18.6
-10.0
-9.7
-.3
46.2
.1
36.6
35.0
10.6
6.9
3.8
58.5
.1
51.3
50.6
7.1
3.1
4.0
3
4
5
6
7
8
9
13.6 10.7
.8
2.1
23.6
12.6
1.2
9.8
10
11
12
13
10.7
2.9
6.3
1.5
19.8
7.4
12.1
.3
14
15
16
17
*
*
10
11
12
13
OTHER SECURITIES • MTGS.
ST.+LOC. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
2.803
481
291
2.031
483
-1.759
-127
2.369
6.813
2.924
-183
4.072
4.469
646
-114
3.937
4.124
1.042
-151
3.233
3.244
150
-44
3.138
14.4
9.1
.8
4.5
15.4
8.6
.3
6.6
6.0
.6
-.1
5.4
14
15
16
17
OTHER CR. EXCL. SECURITY
CONSUMER CREOIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER
7.798
1.773
4.516
1.509
-9.538
-719
-8.152
-667
11.464
2.979
9.043
-558
1.084
3.077
-3.016
1.023
19.221
2.033
13.295
3.893
-1.171
681
951
-2.803
11.9
2.5
7.3
2.0
20.0
5.5
14.8
-.4
22.7
4.7
16.8
1.3
0
5.529
0
-1.177
0
754
0
-81
0
7.660
0
-730
.1
1.5
.1
1.3
-1.1
.1
1.4
* 16
.8 19
-2.235
1.475
2.171
1.102
1.258
4.124
34
949
3.747
2.562
1.278
2.814
-4.724
985
1.995
2.415
-4.851
3.889
1.8
1.0
.8
2.0
.7
3.1
.3
1.6
1.6
1.8
1.7
6.1
4 . 1 20
1.7 21
1.3 22
182
24.850
15.139 - 1 4 . 4 9 7
-73*
-66
15.205 - 1 3 . 7 6 3
23.964
6.766
2.248
4.518
13.889
-2.500
1.052
-3.552
4.024
38.052
22.231 -13.303
-95
-2.655
24.886 -13.208
39.2
12.1
.2
11.9
44.1
13.3
-.2
13.5
19.0
4.6
44.o
9.3
2.9
6.4
56.8
13.1
2.2
10.9
23
24
25
26
7.782
12.023
-1.134 -10.481
19.106
13.066
-843
91
-1.578
1.282
-175
-1.173
1.258
1.475
7.452
-1.870
9.232
90
1.467
260
949
6.243
-4.737
11.075
-95
-766
12
1.278
19.020
-417
19.239
198
-210
-301
985
14.129
-3.654
17.862
-79
336
124
-4.851
23.9
4.7
19.1
.1
•
20.7
3.1
17.4
.2
1.0
-9.5
-12.5
2.9
.2
1.6
38.0
15.2
22.4
•4
.8
.2
1.7
41.4
8.7
32.4
.3
.1
-.3
1.7
27
28
29
30
31
32
33
.1
-.2
4.3
2.6
.2
.1
-4.0
.1
-1.9
-2.2
.1
.6
3.1
.9
-.4
1.0
1.6
34
35
36
37
38
39
-.1
7.6
2.3
5.3
.1
15.4
7.9
7.4
.3
-1.8
-6.9
5.1
*
-2.8
-4.1
1.3
40
41
42
43
18
19
20
21
22
CORPORATE EQUITIES
SECURITY CREDIT
VAULT CASH + MEM. BANK RES.
OTHER INTERBANK CLAIMS
MISCELLANEOUS ASSETS
23 NET INCREASE I N L I A B I L I T I E S
DEMAND DEPOSITS* NET
24
U . S . GOVERNMENT
25
26
OTHER
27
28
29
30
31
32
33
TIME DEPOSITS
LARGE NEGOTIABLE CD'S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.
F . R . FLOAT
BORROWING AT F . R . BANKS
OTHER INTERBANK CLAIMS
34
35
36
37
38
39
250
CORPORATE EQUITY ISSUES
CREOIT MARKET DEBT
-163
49
CORPORATE BONOS
-144
OPEN-MARKET PAPER
FEDERAL FUNDS AND RP*S
-1.337
BANK LOANS NEC TO FGN AGS. 1 . 2 6 9
250
2.878
171
-227
3.746
-812
250
172
251
-419
290
50
250
2.727
99
-114
2.831
-89
250
468
161
-35
-956
1.298
250
4.085
289
106
4.720
-1.030
40
41
42
43
PROFIT TAXES PAYABLE
MISCELLANEOUS L I A B I L I T I E S
L I A B . TO FGN. AFFILIATES
OTHER
0
-3.983
731
-4.714
0
4.264
-243
4.507
0
6.648
1.238
5.410
0
6.645
1.624
5.021
0
-4.391
551
-4.942
0
3.254
-3.185
6.439
-1.919
-2.137
-2.169
-1.389
-1.457
-1.365
44 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."
1/77 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
. 3*
- .—
3
*
1.0
-.1
2.5
.7
1.8
*
.7
-.1
.9
.3
—
.6
*
*
4.6
*
*
*
6.9
MAY 9 , 1977
BANKING SYSTEM
BANKING SYSTEM
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
SEASONALLY ADJUSTED ANNUAL RATES
1976
I 1975 |
I
IV I
1975
II
1977
I
III
MONETARY AUTHORITY
. 7 CURRENT SURPLUS
2
3
4
5
6
2.2
-.4
.7
-.4
1.9
8.1
-.2
.4
-.9
-.7
7
8
9
10
11
12
13
.3
.4
-.3
.7
-.2
9.2
9.3
8.6
.7
14
15
16
2.1
17
18
19
20
21
*
—
.3
—
*
-2.1
1.1
3.2
-1.1
-.1
4.4
-.1
6.5
.1
.5
11.2
-1.1
-1.0
.3
1.0
1.7
-.1
6.2
5.2
2.0
3.2
.9
8.5
8.4
7.4
1.0
.1
—
—
7.5
1.9
9.8
.1
1.4
14.6
.1
-1.1
3.4
2.4
1.2
-1.7
-2.0
5.6
4.1
1.5
1.0
8.4
9.4
6.6
2.8
-1.0
-.2
9.8
10.0
9.1
.9
-.1
—
1.8
-.2
-.2
.9
-.3
8.0
1.4
2.0
6.4
11.0
14.4
7.2
-1.2
.2
.6
9.6
-.9
-.1
3.4
-.5
-.1
3.9
1.2
7.0
.4
.2
6.3
-.3
10.6
10.6
4.5
3.1
.2
7.3
1.0
*
6.2
-.4
*
29.0
2.3
-2.1
.7
-6.4
-6.5
18.7
18.1
17.4
-.1
-1.8
2.2
-2.0
6.7
17.1
18.3
18.4
-.1
-1.2
-4.9
-6.0
-6.1
.1
1.1
-.4
-.6
-3.3
4.3
-4.2
-.4
2.1
.8
2.2
-1.0
8.5
2.7
-7.1
-4.7
10.8
3.5
.7
6.6
-.8
6.3
-.8
-.4
7.4
1.2
17.2
15.7
.7
14.4
1.7
-.1
.9
12.8
-4.2 NET ACQ. OF FINANCIAL ASSETS
-.2
GOLD + FOREIGN EXCHANGE
.7
TREASURY CURR. • SDR CTFS.
5.6
F.R. FLOAT
-.8
F.R. LOANS TO DOMESTIC BANKS
-9.1
-5.7
-4.4
-1.3
-3.3
-.4
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
TREASURY SECURITIES
AGENCY ISSUES
ACCEPTANCES
BANK LOANS N.E.C.
MISCELLANEOUS ASSETS
-4.8 NET INCREASE IN LIABILITIES
-1.3
MEMBER BANK RESERVES
6.0
VAULT CASH OF COML. BANKS
15
16
-7.8
-11.1
DEMAND DEPOSITS + CURRENCY
DUE TO U . S . GOVERNMENT
17
18
-.8
4.1
-1.7
DUE TO REST OF THE WORLD
CURRENCY OUTSIDE BANKS
MISCELLANEOUS LIABILITIES
19
20
21
COMMERCIAL BANKING (1)
2.0 CURRENT SURPLUS
5.0 PLANT + EQUIPMENT
1
2
3.3
2.6
3.4
3.0
2.4
3.8
2.2
4.6
2.6
4.8
2.0
4.8
2.9
4.6
2.5
4.7
2.4
4.9
2.4
5.0
3
4
5
6
7
8
9
78.3
.2
75.4
70.5
6.5
2.4
4.1
100.2
.3
83.4
86.5
-1.3
-8.8
7.6
83.9
-.2
62.2
64.6
1.0
-2.6
3.6
34.0
.1
29.4
27.6
30.1
28.8
1.4
81.0
69.7
.2
50.5
41.1
12.3
12.6
-.3
53.0
87.3
64.9
57.7
19.6
18.1
1.5
31.8
25.3
22.9
20.0
2.9
56.8
57.8
16.2
18.0
-1.8
60.7
.1
56.2
50.6
21.3
18.3
3.0
122.2
.1
114.1
10
11
12
13
25.6
7.2
1.7
16.8
25.9
5.7
.4
19.8
19.4
5.5
1.1
12.8
7.8
1.7
1.8
4.3
15.9
2.9
-.6
13.6
12.1
1.9
1.2
9.0
5.4
-7.0
-.5
13.0
25.3
11.7
-.7
14
15
16
17
38.4
10.8
27.8
-.2
62.0
11.6
51.6
-1.3
44.2
3.6
38.4
2.2
-10.4
2.9
-14.4
1.1
22.2
7.4
11.2
3.7
4.9
3.4
-3.1
4.9
-6.0
-2.0
6.9
11.7
-2.3
18
19
.1
4.8
.2
-3.4
.1
-2.4
1.9
7.2
20
21
22
-1.0
1.4
2.3
3.5
6.0
7.1
-.3
7.1
15.0
.8
-5.7
9.4
-1.0
4.5
12.7
4.3
5.9
8.7
-.2
5.0
16.5
11.6
3.8
15.0
-11.8
5.1
11.3
-3.9
23
24
25
26
76.3
20.8
.7
20.1
97.3
13.3
-1.0
14.3
81.4
.1
-5.1
5.1
32.1
5.4
-1.7
7.1
76.1
12.0
-.1
12.1
-2.8
1.3
-4.1
44.2
3.7
.9
2.8
84.2
13.9
6.9
7.0
54.3
6.8
1.1
5.6
120.9
23.0
-9.5
32.5
27
28
29
30
31
32
33
42.3
9.8
33.0
-.5
-.4
1.9
1.4
50.9
20.0
30.3
.6
-.9
-.7
6.0
57.0
28.5
28.3
.2
-1.1
-1.0
7.1
30.1
-10.1
39.7
.5
1.7
-.1
-5.7
40.5
-17.5
58.7
-.7
-1.1
-.2
4.5
50.9
-4.5
55.1
.4
3.4
2.4
5.9
19.1
-41.9
64.4
-3.4
-1.7
-2.0
5.0
27.5
-7.5
34.6
.4
5.8
1.0
3.8
36.3
-18.9
55.7
-.4
-6.4
-6.5
79.1
34
35
36
37
38
39
1.2
5.2
1.1
.7
2.5
.6
1.2
14.2
2.2
6.9
5.1
*
1.0
4.2
.2
3.5
-2.2
2.9
1.0
.7
.2
.3
.5
-.3
1.0
6.2
.7
-.8
5.9
.4
.2
-.6
-5.3
5.1
1.0
11.5
.7
-.9
15.0
-3.2
1.0
.7
1.0
-1.7
1.2
.2
-.5
11.3
-.4
-.1
-3.8
5.2
40
41
42
43
-.2
4.1
.9
3.2
.1
13.2
1.1
12.1
.1
13.9
4.6
9.3
-.3
-.7
-1.2
.5
13.2
3.2
10.0
6.4
2.9
3.5
-1.0
9.5
1.4
29.2
5.0
24.3
-.4
7.6
6.5
1.1
7.3
2.2
5.0
-.9
4.2
-12.7
16.9
44
-1.2
-2.6
-3.9
-4.3
-7.2
-10.6
-5.3
-8.9
-3.9
-7.5
_
*
6 5 . 0 NET ACQ. OF FINANCIAL ASSETS
*
DEMAND DEPOSITS + CURRENCY
64.2
TOTAL BANK CREDIT
3
4
5
96.6
55.6
CREDIT MARKET INSTRUMENTS
6
18.4
16.5
1.8
6.9
6.2
.7
U . S . GOVT. SECURITIES
DIRECT
AGENCY ISSUES
7
8
9
15.3
2.6
-.5
13.1
17.6
4.2
-.6
16.5
.6
-.2
14.0
16.1
14.0
8.4
-.5
6.1
60.7
9.1
38.6
12.9
32.2
12.5
30.3
-10.7
17.5
8.6
.
_
5.1
3.9
8.0
-2.0
6.7
3.9
4.7
-19.4
15.6
OTHER SECURITIES • MTGS. 10
ST.+LOC. OBLIGATIONS
11
CORPORATE BONDS
12
MORTGAGES
CORPORATE EQUITIES
SECURITY CREDIT
1.2
.4
18.9
VAULT CASH • MEM. BANK R E S .
20
21
22
1 / 7 7 BASED ON INCOMPLETE INFORMATION.
23
24
25
26
TIME DEPOSITS
LARGE NEGOTIABLE CD'S
27
28
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.
F . R . FLOAT
29
30
31
BORROWING AT F.R. BANKS
OTHER INTERBANK CLAIMS
32
33
CORPORATE EQUITY ISSUES
34
CREDIT MARKET DEBT
CORPORATE BONDS
OPEN-MARKET PAPER
FEDERAL FUNDS AND RP*S
BANK LOANS NEC TO FGN AGS.
PROFIT TAXES PAYABLE
MISCELLANEOUS L I A B I L I T I E S
L I A B . TO FGN. AFFILIATES
OTHER
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 I N THESE TABLES AS -FOREIGN BANKING AGENCIES."
BILLIONS OF DOLLARS.
18
19
OTHER INTERBANK CLAIMS
MISCELLANEOUS ASSETS
60.6 NET INCREASE IN LIABILITIES
10.8
DEMAND DEPOSITS* NET
3.6
U.S. GOVERNMENT
7.2
OTHER
43.8
-14.6
58.7
-.3
5.6
-.8
-19.4
13
OTHER CR. EXCL. SECURITY 14
CONSUMER CREDIT
15
BANK LOANS N . E . C .
16
OPEN-MARKET PAPER
17
MAY 9. 1977
COMMERCIAL BANKING SUBSECTORS
COMMERCIAL BANKING SUBSECTORS
SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS U MILL. )
1975
IV
|
|
1976
II
III
IV
|
1977 I
I |
BILLIONS OF DOLLARS
1968
1969
1970
COMMERCIAL BANKS
1 CURRENT SURPLUS
2 PLANT • EQUIPMENT
3 NET ACQ. OF FINANCIAL ASSETS
4
TOTAL BANK CREDIT
5
CREDIT MARKET INSTRUMENTS
6
U.S. GOVT. SECURITIES
7
DIRECT
8
AGENCY ISSUES
9
10
11
12
OTHER SECURITIES • MTGS.
ST.+LOC. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
423
1.196
732
1.145
670
1.165
637
1.225
519
1.243
506
1.260
2.4
1.0
3.1
1.3
3.8
1.8
3.3
2.1
2.5
2.2
1
2
23.776
24.478
19.044
8.366
8.015
351
2.672
-4.083
-2.879
5.621
5.435
186
24.486
20.369
19.738
1.718
2.049
-331
13.399
8.917
8.914
2.669
1.817
852
35.769
39.401
31.893
9.315
8.593
722
7.525
2.914
3.541
1.949
2.306
-357
39.8
36.8
35.3
9.3
6.3
3.0
43.5
39.5
38.2
3.3
2.0
1.3
13.6
12.0
13.1
-10.1
-9.8
-.3
38.0
34.7
33.2
10.9
7.0
3.8
56.6
51.0
50.2
7.2
3.2
4.0
3
4
5
6
7
8
2.767
536
261
1.970
270
-1.876
-199
2.345
6.692
2.842
-200
4.050
4.433
636
-129
3.926
4.111
1.030
-142
3.223
3.238
166
-56
3.128
14.2
9.0
.7
4.5
15.4
8.6
•3
6.6
5.8
.6
-.1
5.3
13.3
10.5
•8
2.0
23.6
12.8
1.2
9.6
9
10
11
12
13
14
15
16
17
OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER
SECURITY CREDIT
7.911
1.773
4.629
1.509
5.434
-8.770
-719
-7.384
-667
-1.204
11.328
2.979
8.907
-558
631
1.812
3.077
-2.288
1.023
3
18.467
2.033
12.541
3.893
7.508
-1.646
681
476
-2.803
-627
11.8
2.5
7.2
2.0
1.5
19.5
5.5
14.4
-.4
1.3
17.5
4.7
11.5
1.3
-1.1
9.1
2.9
4.7
1.5
1.4
19.4
7.4
11.7
.3
.8
13
14
15
16
17
18
19
20
INTERBANK CLAIMS
VAULT CASH • MEM. BK. RES.
DEP. AT FGN. BANKING AGS.
-1.590
-2.235
645
1.525
1.102
423
679
34
645
2.127
2.562
-435
-4.059
-4.724
665
570
2.415
-1.845
1.8
1.8
2.1
2.0
•4
.3
.1
2.0
1.8
•2
4.0
4.1
-.1
18
19
20
21
MISCELLANEOUS ASSETS
888
5.230
3.438
2.355
427
4.041
1.3
1.9
1.2
1.3
1.5
21
948
22.630
15.058 - 1 4 . 3 3 3
-734
-66
15.124 - 1 3 . 5 9 9
22.812
6.873
2.248
4.625
12.598
-3.249
1.052
-4.301
6.914
35.036
21.370 -13.325
-95
-2.655
24.025 - 1 3 . 2 3 0
38.1
12.0
.2
11.7
41.7
12.2
-.2
12.4
11.5
4.6
4.6
36.3
5.1
2.9
2.2
54.9
13.0
2.2
10.7
22
23
24
25
8.625
11.932
-1.134 -10.481
19.106
13.066
7.362
-1.870
9.232
6.338
-4.737
11.075
18.822
-417
19.239
14.208
-3.654
17.862
23.8
4.7
19.1
20.6
3.1
17.4
-9.7
-12.5
2.9
37.6
15.2
22.4
41.1
8.7
32.4
26
27
28
250
49
-1.337
0
250
171
3.746
0
250
251
290
0
250
99
2.831
0
250
161
-956
0
250
289
4.720
0
.3
-.3
-.1
-.1
.3
.6
-.1
-.2
2.6
.1
939
1.282
-1.173
1.680
-31
0
-819
-918
-1.578
-175
162
32
0
641
2.031
1.467
260
714
-14
0
-396
959
-766
12
1.962
-8
0
-241
-191
-210
-301
65
-24
0
279
-2.546
336
124
-3.961
-27
0
982
-4.261
1.776
-6.037
3.407
-929
4.336
5.755
523
5.232
5.370
1.010
4.360
-4.420
1.497
-5.917
3.318
-2.384
5.702
-2.137 -2.169
-1.389
-1.457
22 NET INCREASE I N L I A B I L I T I E S
23
DEMAND DEPOSITS* NET
24
U . S . GOVERNMENT
25
OTHER
26
27
28
TIME DEPOSITS
29
30
31
CORPORATE EQUITIES
CORPORATE BONDS
SECURITY R.P.'S
LARGE NEGOTIABLE CD'S
OTHER
32
PROFIT TAXES PAYABLE
33
34
INTERBANK L I A B I L I T I E S
F . R . FLOAT
35
36
37
38
39
40
41
42
BORROWING AT F.R. BANKS
OEM. DEP. OF FGN. BK. AGS.
TIME DEP. OF FGN. BK. AGS.
LOANS FROM AFFILIATES
LOANS FROM FGN. BK. AGS.
MISCELLANEOUS L I A B I L I T I E S
L I A B . TO FOREIGN BRANCHES
OTHER
43 DISCREPANCY
*
*
.9
•
. 9*
-. 1
1.6
.2
1.4
*
1.7
1.0
. 7*
—
*
6.5
1.8
4.7
*
*
1.5
*
. 6«
—
•6
.1
12.5
6.8
5.8
.1
.1
-2.2
.3
2.5
.8
•2
1.2
.1
•1
• 1
-7.2
-7.2
•
•6 29
. 9 30
1 . 0 31
* 32
1.6
.1
-.3
1.3
*
.3
.1
33
34
35
36
37
36
39
-3.1
-4.8
1.6
40
41
42
DOMESTIC AFFILIATES OF COMMERCIAL BANKS
1 NET ACQ. OF FINANCIAL ASSETS
2
BANK LOANS N.E.C.
3
LOANS TO AFFILIATE BANKS
4 NET INCREASE I N L I A B I L I T I E S
5
COMMERCIAL PAPER ISSUES
6
MISCELLANEOUS L I A B I L I T I E S
•121
•121
0
-141
-141
0
257
257
0
-571
-571
0
153
153
0
-30
-30
0
4.5
3.9
•6
-1.0
.1
•121
•144
23
-141
-227
86
257
-419
676
-571
-114
-457
153
-35
188
-30
106
-136
4.5
4.3
.2
-.9
-1.9
1.1
1.9
1.3
8.7
2.7
-.1
•2
•
2.6
.2
-.1
.3
EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
1 NET ACQ. OF FINANCIAL ASSETS
2
CREDIT MARKET INSTRUMENTS
3
U.S. GOVERNMENT SECURITIES
4
STATE • LOCAL OBLIGATIONS
5
CORPORATE BONDS
6
BANK LOANS N.E.C.
7
8
9
10
11
12
13
OPEN-MARKET PAPER
CORPORATE EQUITIES
SECURITY CREDIT
DEM. DEPOSITS AT CONL. BANKS
TIME DEPOSITS AT COML. BANKS
LOANS TO BANKS
MISCELLANEOUS ASSETS
14 NET INCREASE I N L I A B I L I T I E S
15
DEMAND DEP. IN MONEY STOCK
16
TIME DEPOSITS
17
DEPOSITS OF BANKS
18
LOANS FROM BANKS
19
20
21
MISCELLANEOUS L I A B I L I T I E S
DUE TO FOREIGN AFFILIATES
OTHER
2.060
-26
31
-92
27
8
0
-600
-501
99
-26
53
-627
0
926
68
199
0
-10
-121
0
1.806
-318
-155
2
-8
-157
0
2.813
733
169
-3
-34
601
0
-2.910
411
-90
-16
12
505
0
0
95
1.680
-31
-819
1.161
0
27
162
32
641
-961
0
123
714
-14
-396
431
0
-84
1.962
-8
-241
495
0
152
65
-24
279
1.608
0
-103
-3.961
-27
982
-212
-.6
1.1
-.5
2.060
81
91
645
1.269
-600
-164
-843
423
-812
926
-107
90
645
50
1.806
749
-95
-435
-89
2.813
661
198
665
1.298
-2.910
22
-79
-1.845
-1.030
•8
•1
.1
2.2
1.1
.2
1.9
*
*
-26
-1.045
1.019
796
686
110
248
715
-467
1.676
614
1.062
-209
-946
737
22
-801
823
.6
• 5
•1
.8
.4
.1
.1
*
~
.1
2.2
.4
*
•
"
-.1
.4
•1
•1
—
.9
-• 1
—
.7
-•
*
*
—
•
—
•8
—
•1
1.3
10 NET INCREASE IN DEPOSIT LIAB.
181
49
L10
9
37
3
7
54
L22
-25
-24
144
-42
143
19
50
-26
-145
-31
-11
102
-29
82
27
49
-27
-122
281
-25
-31
1/77 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
56
16
76
34
8
23
16
-5
-36
50
20
70
20
15
25
10
0
-40
50
-10
0
-10
0
0
10
0
60
1.3
*
.1
-.4
8
9
10
11
12
13
.1
•2
.1
•2
8.7
4.2
.4
• 2
• 1
1.2
.2
.3
-.1
1.6
14
15
16
17
18
.8
.5
.3
1.5
1.2
.3
3.8
.2
3.6
-.7
•7
-1.4
19
20
21
*
*
.1
*
.1
.3
•5
-
•1
•9
• 1
—
*
1
2
3
4
5
6
7
1.2
•1
•1
4.5
BANKS IN U.S. POSSESSIONS
1 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
HOME MORTGAGES
COMMERCIAL MORTGAGES
MISCELLANEOUS ASSETS
1.2
.1
-.2
-.2
MAY 9 , 1 9 7 7
COMMERCIAL BANKING SUBSECTORS
COMMERCIAL BANKING SUBSECTOR:
SUBSECTOR STATEMENTS FOR COMPONENT GROUPS I N COMMERCIAL BANKING
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 |
1976
I
IV I
COMMERCIAL BANKS
I
II
III
I
1977
IV I
I
1972
1973
1974
1975
1976
1
2
3.3
2.6
3.4
3.0
2.4
3.8
2.2
4.6
2.6
4.8
2.0
4.6
2.9
4.6
2.5
4.7
2.4
4.9
3
4
5
6
7
8
77.3
73.4
68.8
6.0
2.1
3.9
88.6
77.9
80.8
-1.3
-8.8
7.5
71.5
55.8
58.2
1.2
-2.4
3.6
36.9
31.3
29.2
30.3
28.7
1.6
76.3
64.6
57.7
19.3
17.9
1.4
60.8
50.3
41.2
12.1
12.4
-.2
56.1
33.7
27.2
22.6
19.7
2.9
82.7
54.6
56.1
15.5
17.5
-2.0
55.6
59.7
53.8
21.8
18.5
3.2
110.2
109.7
92.8
17.6
16.0
1.6
9
10
11
12
25.3
7.1
1.4
16.8
25.6
5.6
.4
19.6
18.6
5.2
1.0
12.3
7.6
1.6
1.8
4.1
15.5
2.6
-.7
13.5
12.0
2.1
1.0
8.8
4.6
-7.5
-.8
12.9
24.8
11.4
-.8
14.2
15.1
2.5
-.5
13.1
17.5
4.1
-.6
14.0
16.5
.7
-.2
16.0
13
14
15
16
17
37.6
10.8
26.9
-.2
4.7
56.5
11.6
46.2
-1.3
-3.0
38.4
3.6
32.6
2.2
-2.4
-8.7
2.9
-12.7
1.1
2.1
22.8
7.4
11.8
3.7
6.9
17.1
8.4
5.3
3.4
9.1
*
4.9
-2.9
-2.0
6.5
15.8
6.9
11.2
-2.3
-1.5
16.9
8.4
2.4
6.1
5.9
57.7
9.1
35.6
12.9
16.9
30.3
12.5
28.4
-10.7
9.1
16
19
20
1.5
-1.0
2.5
5.8
3.5
2.3
2.9
-.3
3.1
-2.1
.8
-2.9
•3
-1.0
1.3
6.9
4.3
2.6
1.5
-.2
1.7
14.4
11.8
2.6
-13.6
-11.8
-1.7
-1.2
-3.9
2.7
-2.7
4.7
-7.4
INTERBANK CLAIMS
18
VAULT CASH + MEM. BK. RES. 19
DEP. AT FGN. BANKING AGS. 20
16.2
MISCELLANEOUS ASSETS
2.4
5.0
2 . 0 CURRENT SURPLUS
5 . 0 PLANT • EOUIPMENT
7 6 . 6 NET ACQ. OF FINANCIAL ASSETS
63.1
TOTAL BANK CREDIT
54.0
CREDIT MARKET INSTRUMENTS
7.3
U . S . GOVT. SECURITIES
6.5
DIRECT
.8
AGENCY ISSUES
21
2.3
4.9
12.8
7.7
11.5
3.6
20.9
13.8
9.4
22
23
24
25
75.3
24.1
.7
23.4
85.7
12.9
-1.0
13.9
69.0
-1.1
-5.1
3.9
35.0
5.5
-1.7
7.2
71.4
10.7
-.1
10.8
57.7
-3.1
1.3
-4.4
47.2
4.3
.9
3.4
79.6
14.3
6.9
7.4
49.2
3.8
1.1
2.6
108.9
19.6
-9.5
29.1
26
27
28
42.8
9.8
33.0
50.3
20.0
30.3
56.8
28.5
28.3
29.6
-10.1
39.7
41.1
-17.5
58.7
50.5
-4.5
55.1
22.5
-41.9
64.4
27.1
-7.5
34.6
36.7
-18.9
55.7
78.3
-1.7
80.0
44.1
-14.6
58.7
29
30
31
32
1.2
1.1
2.5
-.2
1.2
6.9
.1
1.0
.2
-2.2
.1
1.0
.2
.5
-.3
1.0
.7
5.9
1.0
.2
-5.3
*
1.0
.7
15.0
-.9
1.0
1.0
1.2
1.4
1.0
.4
11.3
-.4
1.0
.6
-3.8
*
1.0
1.2
18.9
-.9
33
34
35
36
37
38
39
.5
-.4
1.9
-1.2
.3
-.4
.2
2.1
-.9
-.7
2.6
.1
-.4
1.4
1.9
-1.1
-1.0
4.3
.1
-.2
-.2
-1.2
1.7
-.1
-2.7
-.1
1.9
-1.1
-.2
2.9
*
-. 3
-.4
-1.7
-2.0
.6
.1
2.6
8.0
5.8
1.0
2.9
-.1
-6.1
-6.4
-6.5
7.8
*
-1.6
-1.0
6.1
-2.0
6.7
.3
-.1
1.1
-7.2
5.6
-.8
-15.8
-.1
-.1
9.1
3.4
2.4
6.7
-.1
-3.3
40
41
42
3.4
.5
2.9
12.2
.4
11.8
12.4
2.2
10.1
-.2
.1
-.3
10.1
2.1
8.0
5.3
7.1
-1.8
5.1
-3.7
8.8
25.7
2.1
23.6
2.5
4.0
-1.6
7.1
6.0
1.1
4.4
-9.5
14.0
43
-1.2
-2.6
-3.9
-4.3
-7.2
-5.8
-10.6
-5.3
-8.9
-3.9
*
—
-
-
1.7
-
3
4
5
6
7
8
OTHER SECURITIES • MTGS. 9
ST.+LOC. OBLIGATIONS
10
CORPORATE BONDS
11
MORTGAGES
12
OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER
SECURITY CREDIT
7 2 . 1 NET INCREASE I N L I A B I L I T I E S
10.7
DEMAND DEPOSITS. NET
3.6
U . S . GOVERNMENT
7.1
OTHER
3.9
1
2
13
14
15
16
17
21
22
23
24
25
TIME DEPOSITS
LARGE NEGOTIABLE CD»S
OTHER
26
27
28
CORPORATE EQUITIES
CORPORATE BONDS
SECURITY R . P . » S
PROFIT TAXES PAYABLE
29
30
31
32
INTERBANK L I A B I L I T I E S
33
F . R . FLOAT
34
BORROWING AT F . R . BANKS
35
DEM. DEP. OF FGN. BK. AGS. 3 6
TIME DEP. OF FGN. BK. AGS. 37
LOANS FROM AFFILIATES
38
LOANS FROM FGN. BK. AGS.
39
MISCELLANEOUS LIABILITIES
LIAB. TO FOREIGN BRANCHES
OTHER
- 7 . 5 DISCREPANCY
40
41
42
43
DOMESTIC AFFILIATES OF COMMERCIAL BANKS
- . 1 NET ACQ. OF FINANCIAL ASSETS
-.1
BANK LOANS N . E . C .
LOANS TO AFFILIATE BANKS
1
2
3
.6
-.1
.8
-.1 NET INCREASE IN LIABILITIES
.4
COMMERCIAL PAPER ISSUES
-.5
MISCELLANEOUS LIABILITIES
4
5
6
11.3
2.9
.7
*
-.1
2.4
-
- 1 1 . 6 NET ACQ. OF FINANCIAL ASSETS
1.6
CREDIT MARKET INSTRUMENTS
-.4
U . S . GOVERNMENT SECURITIES
-.1
STATE • LOCAL OBLIGATIONS
*
CORPORATE BONDS
2.0
BANK LOANS N . E . C .
OPEN-MARKET PAPER
1
2
3
4
5
6
7
1
2
3
-.6
-.2
-.4
1.3
1.7
-.4
.7
.9
-.2
-.5
-.5
-.3
-.3
-.5
-.5
-.6
-.6
1.0
1.0
-2.3
-2.3
.6
.6
4
5
6
-.6
.7
-1.3
1.3
2.2
-1.0
.7
3.5
-2.7
-.5
.3
-.8
-.3
-.8
.5
-.5
-.6
.1
-.6
-.9
.3
1.0
-1.7
2.7
-2.3
-.5
-1.8
EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
1
2
3
4
5
6
7
1.2
1.7
.3
8
9
10
11
12
13
.1
.1
-1.2
.3
.2
14
15
16
17
18
19
20
21
9.9
3.9
.1
*
*
*
11.6
5.0
.1
*
*
.3
1.1
3.7
4.9
-
-
.1
-3.4
-1.5
-.3
-.1
*
-.2
-1.2
4.9
*
*
- . 3*
-. 2
.3
7.2
-1.3
-.6
*
*
-.6
-
-
-
-
-
.3
1.6
.5
2.9
-.1
-1.6
1.7
-1.0
2.0
•5
-2.9
-.3
4.9
1.3
-.7
1.3
.4
8.2
.3
.4
2.6
5.1
-2.4
-.7
-3.4
1.7
-3.2
3.7
-.4
.4
2.6
.2
7.2
3.0
-.4
-1.7
-.4
11.3
3.4
.8
2.7
5.2
-.7
-1.3
•6
2.5
1.1
1.4
-.1
-4.2
4.1
3.2
2.7
.4
1.0
2.9
-1.9
6.7
2.5
4.2
-.8
-3.8
2.9
-2.7
-.1
-.1
1.2
2.9
1.2
-3.3
-.5
2.5
.8
9.9
.4
.6
2.3
5.1
11.6
1.2
•2
3.1
2.9
-3.4
1.6
.4
1.1
1.5
.7
•8
4.2
2.4
1.8
*
*
-
3.7
.3
.8
*
-.5
.1
.6
.1
2.6
-3.8
4.3
.1
-.2
2.4
*
-2.4
-2.0
.4
-.1
.2
-2.5
-
.4
6.7
-.1
-3.3
4.6
.2
-.4
2.6
.1
1.4
2.1
*
8.2
-.1
.1
-.4
.1
*
-
-.3
7.8
*
.6
.3
-.1
1.1
6.4
-.4
-15.8
-.1
3.9
-.8
CORPORATE EQUITIES
8
SECURITY CREDIT
9
DEM. DEPOSITS AT COML. BANKS 10
TIME DEPOSITS AT COML. BANKS 11
LOANS TO BANKS
12
MISCELLANEOUS ASSETS
13
- 1 1 . 6 NET INCREASE I N L I A B I L I T I E S
.1
DEMAND DEP. I N MONEY STOCK
-.3
TIME DEPOSITS
-7.4
DEPOSITS OF BANKS
LOANS FROM BANKS
-4.1
•1
-3.2
3.3
MISCELLANEOUS L I A B I L I T I E S
DUE TO FOREIGN AFFILIATES
OTHER
14
15
16
17
18
19
20
21
BANKS I N U . S . POSSESSIONS
1
2
3
4
5
6
7
8
9
.5
.2
.3
.2
.1
*
*
*
*
.5
• 3
.1
-.1
.1
.1
•1
.1
.4
-.2
.2
.6
•1
.1
-.1
-.3
10
.5
.5
.1
1.1
.1
*
*
BILLIONS OF DOLLARS.
.1
-.2
•5
-.2
.2
*
1/77
1.1
• 1
.4
.1
•1
*
*
.1
*
. 2*
.4
BASED ON INCOf
1.1
.2
•4
*
•1
*
*
.2
.5
-.1
-.1
.6
-.2
.6
.1
.2
-.1
-.6
-.1
*
.4
-.1
.3
.1
.2
-.1
-.5
.2
.1
.3
.1
*
.1
.1
*
-.1
.2
.1
.3
.1
.1
.1
*
-.2
.2 NET ACQ. OF FINANCIAL ASSETS
*
DEMAND DEPOSITS + CURRENCY
CREDIT MARKET INSTRUMENTS
*
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
*
HOME MORTGAGES
COMMERCIAL MORTGAGES
.2
MISCELLANEOUS ASSETS
.2 NET INCREASE IN DEPOSIT LIAB.
1
2
3
4
5
6
7
8
9
10
MAY 9 , 1977
NONBANK FINANCE SUMMARY
NONBANK FINANCE SUMMARY
PRIVATE NONBANK FINANCIAL
UNADJUSTED NET FLOWS U
INSTITUTIONS
MILL.)
UNAOJUSTED NET FLOWS U
1976
1975 |
IV I
II
1977 I
III
I
I
PRIVATE NONBANK FINANCIAL INSTITUTIONS 1 CURRENT SURPLUS
2 PHYSICAL INVESTMENT
3 NET ACQ. OF FINANCIAL ASSETS
4
DEMAND DEPOSITS • CURRENCY
5
TIME • SVGS. ACCOUNTS
11
12
13
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE + FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
OTHER LOANS
14
15
16
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
17 NET INCREASE I N L I A B I L I T I E S
18
TIME • SAVINGS ACCOUNTS
19
INSURANCE • PENSION RESERVES
20
CORPORATE EQUITY ISSUES ( 1 )
TOTAL
866
1.346
898
1.106
1.077
1.018
.191
829
1.113
857
1.352
669
1.4
.6
.6
1.1
•1
1.2
2.2
1.2
4.8
1.8
1
2
32.067
1.350
-372
36.938
-43
212
31.571
30.957
521
-1.770
44.787
1.163
1.593
40.028
28
1.560
43.1
.5
.6
53.0
.7
-1.758
48.5
-.4
-.6
56.1
.4
1.1
85.1
.7
2.4
3
4
5
3.817
24.236
6.711
2.248
7.636
8.321
2.337
-3.017
3.101
31.780
8.868
2.227
7.621
8.382
-10
4.692
1.891
29.36Z
3.121
2.640
5.066
13.474
2.962
2.099
2.022
28.045
3.156
4.953
34.825
6.046
996
10.086
3.071
-407
13.101
3.331
1.265
2.679
33.464
6.074
1.545
5.837
10.691
1.007
8.310
9.0
27.5
-2.1
1.2
11.9
14.4
1.4
.7
10.8
36.8
2.1
1.1
9.7
16.0
3.9
4.0
13.0
38.8
-1.8
1.1
8.0
16.6
4.8
10.1
10.5
42.0
3.0
1.8
12.3
17.9
1.9
5.0
17.9
59.1
*
4.4
13.7
32.3
3.5
5.2
6
7
8
9
10
11
12
13
1.524
142
1.370
832
100
956
1.072
100
962
520
100
1.519
1.533
1.168
75
1.054
3.2
.3
2.0
2.8
.3
1.5
-3.5
.4
.9
-1.3
.5
2.9
32.609
12.399
11.520
269
36.347
22.477
12.466
413
30.757
15.349
30.061
43.591
17.049
11.467
38.002
22.120
12.229
865
44.3
16.8
17.6
3.2
53.4
12.8
18.9
6.6
50.0
7.9
19.7
6.3
57.1
17.0
21.9
4.6
82.1
40.5
24.4
2.9
17
18
19
20
537
1.605
505
53
-1.456
1.164
-1.1
.4
1.0
5.8
.2
.2
.2
1.4
2.9
12.6
1.0
1.3
6.0
5.2
2.6
.6
.1
-.1
•6
4.5
2.9
2.0
.1
1.9
.3
-2.7
21
22
23
24
25
26
27
28
-58
1.417
7.933
12.875
088
32
-706
14.371
12.179
171
21
22
23
24
25
26
27
28
CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
MORTGAGE LOANS I N PROCESS
OTHER MORTGAGES
BANK LOANS N . E . C .
OPEN-MARKET PAPER
MONEY MARKET FUND SHARES
FHLB LOANS
1.999
294
59
65
-316
1.589
-55
363
-2.224
843
130
87
-1.587
417
-26
-2.088
2.027
2.165
1.080
75
-499
23
-334
-483
46
851
290
50
-2.506
628
-55
788
4.181
1.229
149
70
29
30
31
SECURITY CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS L I A B I L I T I E S
4.299
28
2.095
-705
403
3.517
385
-207
3.036
-98
307
3.085
7.898
176
1.881
32 DISCREPANCY
(1)
MILL.)
BILLIONS OF DOLLARS
1968
1969
1970
10.873
939
871
1.922
140
-200
66
-
-2.0
2.0
*
*
.2
—
2.6 14
.3 15
2.2 16
-1.400
-2.5
-
.9
4.0
—
1.3
-1.050
3.2
-.1
4.7
3.5
.2
5.7
-3.0
.1
6.4
1.0
.2
7.1
1.1 29
-.1 30
8.8 31
2.0
-.1
.5
1.9
* 32
467
2.834
62
INCLUDES INVESTMENT COMPANY SHARES.
SAVINGS INSTITUTIONS COMBINED
1 CURRENT SURPLUS
1.0
1.3
1.6
1.5
1.9
1
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS • CURRENCY
4
TIMfc DEPOSITS
13.017
563
140
21.850
604
940
17.582
-494
-1.298
17.164
433
-1.837
17.293
226
1.219
23.438
650
1.399
16.3
-.2
.3
15.6
-.4
-.1
14.0
-.2
-.6
20.8
43.3
-.2
2.8
2
3
4
5
6
7
8
9
12
11.350
5
19.426
21
18.720
3.722
4.941
2.505
94
20.647
5.162
73
314
.3
15.4
•6
.1
1.3
.2
14.6
-.4
.3
17.4
1.3
494
663
70
14.226
1.985
74
625
.2
15.0
1.5
323
1.131
-33
17.292
568
46
380
.3
1.2
.5
39.1
3.4
.2
3.9
5
6
7
8
9
8.885
8.489
6.566
7.177
710
337
1.604
979
5 - 4
14.016
11.445
850
1.718
3
13.977
11.585
788
1.606
-2
12.399
10.275
679
1.444
1
11.326
9.245
726
1.354
1
10.5
7.9
1.2
1.3
.1
11.7
8.5
1.4
1.9
12.2
9.3
1.5
1.3
11.7
8.0
27.6
18.3
5.3
4.1
-.1
10
11
12
13
14
.9
1.5
.1
.2
.5
2.0
•5
-.1
1.8
2.0
1.9
.1
1.9
1.1
15
16
17
16
14.5
12.8
1.1
12.6
7.9
4.1
19.6
17.0
1.8
41.6
40.5
—.1
.1
1.1
19
20
21
22
23
10
11
12
13
14
15
16
17
18
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
STATE AND LOCAL GOVT. SEC.
CORPORATE 60N0S
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
FARM
CONSUMER INSTALMENT CREDIT
CONSUMER N0N1NSTAL. CREDIT
MONEY MARKET INSTR.
MISCELLANEOUS ASSETS
19 NET INCREASE IN LIABILITIES
20
SAVINGS ACCOUNTS
21
CR. MKT. INSTR. (SVGS+LN)
22
23
PROFIT TAX L I A B I L I T Y
MISCELLANEOUS L I A B I L I T I E S
24 DISCREPANCY
50
590
759
-*2
-2.t>34
952
1.015
93
3.434
875
1.812
-24
-746
633
1.918
41
362
1.309
953
10
-1.820
1.552
1.241
98
2.433
648
12.435
21.155
16.789
12.399
22.477
15.349
769 -2.458
35
66
-768
1.070
1.069
23
348
16.231
14.371
1.172
16.423
17.049
77
22.456
22.120
-312
39
-78
-170
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
2.1
*
*
1.0
15.6
16.8
-1.7
*
.5
-
*
.5
*
*
•
*
.6
*
1.0
*
i»Z
1.5
•
1.4
*
*
-7
MAY 9, 1977
NONBANK FINANCE SUMMARY
NONBANK FINANCE SUMMARY
PRIVATE NONBANK FINANCIAL INSTITUTIONS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1976
I 1975 |
I
IV I
II
III
I
IV I
1977
I
PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL
1
2
5.0
2.0
4.8
2.0
4.4
2.6
3.8
5.3
4.3
3.8
3.8
5.4
4.2
4.4
3.9
4.1
4.3
3.3
4.7
3.4
3
4
5
105.6
1.1
1.7
90.6
.8
-.2
75.9
.7
4.6
110.3
1.2
4.3
144.3
1.6
-1.7
115.8
4.9
-1.7
154.2
-3.7
-3.2
114.6
3.3
-7.0
141.0
1.9
-2.3
167.2
4.8
5.7
1 6 5 . 9 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
-5.3
TIME + SVGS. ACCOUNTS
1.6
6
7
8
9
10
11
12
13
15.2
78.9
5.5
5.1
12.5
44.0
6.4
5.4
13.1
77.2
.6
3.2
12.2
44.7
8.4
8.2
5.5
61.6
3.7
1.9
16.7
23.6
4.8
10.9
8.3
88.5
22.4
5.6
23.5
29.8
4.3
2.8
12.0
124.0
21.2
7.3
30.7
47.8
9.4
7.6
8.9
91.0
25.1
9.0
24.2
35.8
6.7
-9.9
18.0
136.5
32.1
9.0
35.7
38.7
8.7
12.3
5.6
104.4
12.0
10.5
17.5
44.7
9.1
10.6
11.0
121.5
19.1
5.7
35.7
52.0
8.5
.6
13.2
133.6
21.6
4.0
33.9
55.9
11.1
7.1
16.5
144.8
21.0
6.3
28.6
48.1
14.2
26.7
14
15
16
3.7
1.2
3.8
-4.3
.6
3.5
-1.6
.5
4.6
2.5
.6
4.9
3.1
.3
5.0
6.1
.6
6.1
3.3
.4
2.9
4.3
.4
3.7
2.1
.4
6.4
2.8
.1
6.9
4.7
.3
3.3
17
18
19
20
102.0
46.0
26.1
1.6
87.6
27.8
30.6
.3
75.6
22.1
33.2
113.2
59.8
40.0
•2
140.8
69.2
47.0
.8
119.1
51.6
45.9
.8
153.4
73.5
49.8
1.1
108.1
57.9
43.8
-2.4
137.8
75.0
48.6
1.1
163.6
70.6
45.7
3.5
21
22
23
24
25
26
27
28
12.8
4.0
1.2
.5
5.9
1.2
21.1
3.5
-1.5
•3
8.9
2.7
14.7
1.9
-1.4
.2
4.6
.3
2.4
6.7
-.5
2.7
1.9
.4
-3.6
.7
1.3
-4.0
4.0
5.1
1.6
.3
-3.7
3.0
-.3
-2.0
3.6
.1
2.7
.3
-3.9
3.9
-.2
•9
5.9
4.0
.3
.3
1.6
.8
-.1
-1.0
.2
8.7
1.1
.3
-5.7
.7
-1.3
-3.6
-2.9
3.8
1.8
.2
-11.4
5.2
-.2
-2.2
12.9
3.9
3.4
.3
.7
5.3
.6
-1.2
17.6
7.1
1.7
.2
2.6
3.7
.3
2.1
CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
MORTGAGE LOANS I N PROCESS
OTHER MORTGAGES
BANK LOANS N . E . C .
OPEN-MARKET PAPER
MONEY MARKET FUND SHARES
FHLB LOANS
21
22
23
24
25
26
27
28
29
30
31
4.1
.2
11.2
-3.4
.1
11.0
-3.2
8.7
2.2
.2
11.4
7.5
.7
11.5
4.6
.2
12.2
8.5
.6
14.0
-2.5
•6
10.5
5.5
.7
9.9
18.4
.8
11.6
7.4
.9
10.4
SECURITY CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS L I A B I L I T I E S
29
30
31
32
-.6
-.2
1.4
1.4
-3.0
-2.3
-3.8 DISCREPANCY
-
*
-
7.2
*
*
6 . 0 CURRENT SURPLUS
2 . 7 PHYSICAL INVESTMENT
1
2
3
4
5
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE • FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
OTHER LOANS
6
7
6
9
10
11
12
13
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
14
15
16
1 5 8 . 8 NET INCREASE I N L I A B I L I T I E S
TIME + SAVINGS ACCOUNTS
70.7
INSURANCE • PENSION RESERVES
48.9
CORPORATE EQUITY ISSUES C D
2.9
17
18
19
20
(1) INCLUDES INVESTMENT COMPANY SHARES.
SAVINGS INSTITUTIONS COMBINED
2 . 6 CURRENT SURPLUS
2
3
4
51.6
.2
1.8
37.9
.2
-1.0
30.7
-.3
.4
60.3
.8
5.1
73.9
.8
-1.0
60.4
4.2
.3
79.5
-3.3
-.3
60.3
1.5
-5.2
76.7
1.2
-2.6
79.0
3.7
4.2
8 3 . 8 NET ACQ. OF FINANCIAL ASSETS
-5.1
DEMAND DEPOSITS • CURRENCY
1.0
TIME DEPOSITS
5
6
7
8
9
.6
47.2
3.8
.5
2.1
.4
36.0
-.1
.1
-1.1
•2
27.0
1.5
•3
.9
.2
51.0
12.0
1.2
3.5
.1
69.7
10.0
.9
2.8
51.4
14.0
•2
2.4
80.6
16.9
1.3
4.5
-.1
72.7
8.8
.2
1.5
.3
63.8
7.9
2.0
2.7
.4
85.9
17.8
.3
1.3
10
11
12
13
14
37.4
27.5
4.7
5.1
32.5
24.4
3.3
4.9
19.9
14.6
1.9
3.4
32.1
24.4
2.6
5.2
48.9
40.5
2.7
5.7
41.7
31.6
3.3
36.9
30.7
1.7
46.7
37.9
2.7
6.1
55.1
46.0
2.9
6.2
56.8
47.3
3.3
6.2
48.1
38.9
3.2
15
16
17
18
2.5
.1
.8
1.8
3.1
.1
1.5
2.4
2.6
1.7
3.5
-1.4
3.3
5.7
•1
1.2
4.4
3.7
-.1
-10.5
4.4
6.9
.4
13.7
2.6
5.4
-.1
-3.0
2.4
5.6
-7.3
7.0
9.7
1.7
19
20
21
22
23
49.1
46.0
2.0
35.1
27.8
6.0
28.6
22.1
6.3
.1
.2
58.1
59.8
-2.1
.1
•3
70.6
69.2
-.1
.2
1.3
57.8
51.6
5.2
.1
.9
76.9
73.5
-.4
.2
3.5
57.
57.'
24
-.3
.2
-.8
-.2
-.2
*
»
1.1
*
*
1.2
*
BILLIONS OF DOLLARS.
*
*
.4
*
3.4
*
2.5
*
1/77 BASED ON INCOMPLETE INFORMATION.
73.2
75.0
-1.7
.2
-.3
-.9
.2
1.2
1
2
3
4
CORPORATE EQUITIES
5
CREDIT MARKET INSTRUMENTS
6
U . S . GOVT. SECURITIES
7
STATE AND LOCAL GOVT. SEC. 8
CORPORATE BONOS
9
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
FARM
10
11
12
13
14
CONSUMER INSTALMENT CREDIT 15
CONSUMER NONINSTAL. CREDIT 16
MONEY MARKET I N S T R .
17
MISCELLANEOUS ASSETS
18
80.0 NET INCREASE IN LIABILITIES
70.7
SAVINGS ACCOUNTS
8.4
CR. MKT. INSTR. (SVGS+LN)
.3
PROFIT TAX LIABILITY
.6
MISCELLANEOUS LIABILITIES
- 1 . 2 DISCREPANCY
19
20
21
MAY 9 , 1977
SAVINGS INSTITUTIONS
SAVINGS INSTITUTIONS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET PLOWS ($ M I L L . )
UNADJUSTED NET FLOWS f $ M I L L . )
1975
IV
1976
|
I
II
I
IV I
III
1977 I
II
BILLIONS OF DOLLARS
1968
1969
1970
SAVINGS AND LOAN ASSOCIATIONS
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
MORTGAGES
CONSUMER CREDIT
4
9.264
8.093
11
15.340
7.863
-19
12.852
13.018
112
13.322
12.565
52
12.252
10.991
39
17.300
10.493
-10
9.7
7.3
.1
9.7
8.9
.1
9.3
9.5
.2
14.1
9.8
.3
29.6
23.6
.1
2
3
4
5
6
7
OTHER ASSETS
DEMAND DEPOSITS • CURRENCY
TIME DEPOSITS
1.160
-40
146
7.496
1.163
-14
-278
-339
-1.336
705
388
-653
1.222
-566
1.003
6.817
1.257
150
2.4
-.3
.1
.7
-.4
.1
-.3
-.2
4.0
-.2
.4
6.1
-.2
1.7
5
6
7
8
9
10
11
12
13
U . S . TREASURY SECURITIES
U . S . G . AGENCY SEC.
STATE+LOCAL GOVT SEC.
OPEN-MARKET PAPER
FED. FUNDS + RP'S
MISCELLANEOUS
1.762
733
0
-1.266
-1.022
847
2.028
920
1
812
1.735
851
1.191
440
24
-798
140
400
-638
130
24
-12
162
1.284
1.696
-624
lb
-1.615
68
1.444
1.056
2.620
15
1.191
150
378
1.5
.2
.4
.1
.1
.1
-1.5
-1.3
1.2
1.9
-.8
3.0
*
1.0
.5
.8
8
9
10
11
12
13
8.902
8.842
769
59
347
363
35
-744
14.892
16.318
-2.458
130
-500
-2.088
66
96o
12.301
10.843
1.069
1.080
472
-483
23
366
12.699
10.896
1.172
290
94
788
59
572
11.619
12.230
77
149
128
-200
60
-748
16.632
16.101
-312
505
563
-1.400
91
752
.4
.4
29.0
27.8
-.1
2.0
.7
-2.7
.1
1.2
14
15
16
17
18
19
20
21
65
-23
-122
-191
-196
-226
.3
.2
8.311
13.340
14.127
12.303
10.371
15.515
9.1
14 NET INCREASE I N L I A B I L I T I E S
SAVINGS SHARES
1&
CREDIT MARKET INSTRUMENTS
16
MORTGAGE LOANS I N PROCESS
17
BANK LOANS N . E . C .
18
FHLB ADVANCES
19
PROFIT TAXES PAYABLE
20
21
MISCELLANEOUS L I A B I L I T I E S
22 DISCREPANCY
23 MEMO: ACQ. OF CREDIT MKT. INST
—
-. 9
9.3
10.6
-1.7
1.0
-.1
-2.5
*
—
.4
8.9
7.4
1.1
.2
.1
.9
*
. 2*
—
*
8.4
3.9
4.1
*
—
1.5
1.8
13.3
10.9
*
1.8
.6
-.1
1.3
.4
*
.6
.3
.3
. 4 22
9.7
9.6
12.2
27.5 23
.3
4.2
-.5
.4
.2
3.0
-.6
.2
.3
3.6
-.1
.4
*
.1
4.0
*
MUTUAL SAVINGS BANKS
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS • CURRENCY
4
TIME DEPOSITS
5
6
7
8
9
10
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . TREASURY SECURITIES
U . S . G . AGENCY SEC.
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
11
12
13
14
15
MORTGAGES
CONSUMER CREDIT
COMMERCIAL PAPER
SECURITY RP»S
MISCELLANEOUS ASSETS
16 SAVINGS DEPOSITS
17 MISCELLANEOUS L I A B I L I T I E S
.1
2.413
567
-20
4.470
-590
0
2.910
-182
0
2.. 9 7 7
23
0
3.399
774
0
3.829
-620
0
5.4
12
1.749
461
353
50
590
5
5.031
712
919
322
1.131
21
2.838
183
766
470
663
-33
2 .962
216
592
22
380
70
2.447
-11
666
58
625
94
4.085
510
823
58
314
.2
5.0
-.4
.2
2.1
1.3
.3
•
1.2
.5 5
9.5 6
.1 7
.8 8
.2 9
3.9 10
759
-116
49
-395
105
604
456
-197
1.084
24
985
-141
236
-324
233
1,. 4 1 1
149
-19
211
25
1.404
-22
26*
-537
108
841
447
-6*
1.156
270
3.2
.1
2.8
.1
.1
.1
2.7
.1
.1
.2
-.1
1.8
.1
.2
.1
.2
3.9
.1
.2
.2
.3
2.313
-24
4.217
104
2.786
-18
2 .714
57
3.287
-15
3.826
-195
5.1
.1
4.2
.1
2.6
.2
4.4
.1
9.9 16
- . 1 17
*
*
-. 1
*
*
*
11
12
13
14
15
18 DISCREPANCY
CREDIT UNIONS
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS + CURRENCY
4
SAVINGS + LOAN SHARES
5
CREDIT MARKET INSTRUMENTS
6
U.S. GOVERNMENT SECURITIES
7
HOME MORTGAGES
8
CONSUMER CREDIT
1.340
9 CREDIT UNION SHARES
1.244
.290
413
2.040
31
954
.055
362
22
671
1.820
1.942
1.720
.755
-75
13
.817
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
104
.1
.1
.2
.2
.2
1
865
22
-1.184
2.027
268
1
1.758
1.1
.1
.2
.9
.1
*
.7
1.3
*
-.2
1.5
.2
*
1.3
1.6
*
-.4
2.1
.3
*
1.7
2.0
.2
.4
1.4
.3
.1
1.0
3.1
.1
.9
2.0
.2
•
1.8
2
3
4
5
6
7
8
1.0
1.2
1.4
1.7
2.9
9
216
1.408
458
.249
.047
153
MAY 9, 1977
SAVINGS INSTITUTIONS
SAVINGS INSTITUTIONS
23
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
I 1975 |
I
IV I
1975
1977
I
1976
II
III
SAVINGS AND LOAN ASSOCIATIONS
1
1.5
1.9
1.7
1.7
1.7
2
3
4
37.1
31.8
.2
28.8
26.5
.2
23.6
17.6
.2
42.9
29.7
53.8
44.4
.2
5
6
7
5.2
5.9
-.6
.4
13.2
.5
4.4
9.1
.6
-1.0
6.2
3.1
1.0
2.0
-.2
-.7
22.2
-.9
-.1
1.7
2.2
-5.3
8
9
10
11
12
13
-.5
2.4
-2.4
2.3
2.3
4.1
.6
6.5
3.7
3.4
1.8
-.5
1.3
2.1
-1.4
2.7
4.3
.7
.1
-1.6
2.1
4.0
5.3
2.9
.5
.4
1.3
-.2
1.2
.3
-.1
1.8
3.0
-5.1
-4.1
3.4
3.2
6.9
2.8
2.2
14
15
16
17
18
19
20
21
35.5
32.6
2.0
1.2
.7
26.9
20.2
6.0
-1.5
.4
7.2
22.2
16.0
6.3
-1.4
1.1
6.7
.1
-.1
41.5
43.1
-2.1
1.9
-.1
-4.0
.1
.4
51.5
50.3
-.1
1.6
.2
-2.0
.2
1.2
43.2
37.5
5.2
2.7
1.6
54.9
53.4
*
*
*
*
.9
*
*
•6
*
*
1.8 CURRENT SURPLUS
56.7
34.3
.1
.1
.3
-1.0
.2
1.7
42.5
42.7
-1.6
1.1
.9
-3.6
1
6 2 . 5 NET ACQ. OF FINANCIAL ASSETS
44.8
MORTGAGES
.2
CONSUMER CREDIT
2
3
4
7.0
2.0
4.0
17.6
-2.4
.6
OTHER ASSETS
DEMAND DEPOSITS • CURRENCY
TIME DEPOSITS
5
6
7
.7
4.9
4.4
-3.3
.1
-6.5
.3
6.1
2.7
10.5
.1
4.8
•6
.8
U . S . TREASURY SECURITIES
U . S . G . AGENCY SEC.
STATE*LOCAL GOVT SEC.
OPEN-MARKET PAPER
FED. FUNDS • RP*S
MISCELLANEOUS
8
9
10
11
12
13
53.0
53.6
-1.7
1.8
-1.3
-2.2
.2
.9
55.5
51.5
3.1
3.4
.9
-1.2
.2
.7
5 9 . 9 NET INCREASE I N L I A B I L I T I E S
51.3
SAVINGS SHARES
8.4
CREDIT MARKET INSTRUMENTS
1.7
MORTGAGE LOANS I N PROCESS
4.7
BANK LOANS N . E . C .
2.1
FHLB ADVANCES
.3
PROFIT TAXES PAYABLE
-.1
MISCELLANEOUS L I A B I L I T I E S
55.2
49.5
58.4
51.2
.2
5.7
-.7
-2.6
-.8
DISCREPANCY
14
15
16
17
18
19
20
21
22
2*
-.1
.1
.3
•3
-.5
-.5
-.5
-1.1
23
34.7
27.5
20.8
35.3
50.1
45.6
53.7
46.4
6 3 . 5 MEMO: ACQ. OF CREDIT MKT. INST 2 3
10.0
-.8
15.3
1.8
13.5
1.7
1 3 . 6 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
-2.7
TIME 0EPOS1TS
MUTUAL SAVINGS BANKS
. 4 CURRENT SURPLUS
1
.4
.6
.5
.4
.4
2
3
4
11.0
.1
.2
6.0
.1
.2
3.8
11.5
•1
.1
13.8
5
6
7
8
9
10
.6
9.7
.2
1.1
.5
2.1
.4
5.0
-.5
.1
•
-1.1
.2
2.8
-.4
.2
.9
•2
10.6
2.2
1.7
.6
3.5
.1
13.3
1.1
2.9
.9
2.8
7.9
2.5
1.6
.2
2.4
18.9
2.0
3.3
1.3
4.5
.1
10.6
.4
2.6
1.9
2.7
-.1
13.0
1.4
3.0
.1
1.5
.3
10.7
.7
2.8
.2
2.5
.4
15.1
1.2
2.9
.2
1.3
11
12
13
14
15
5.5
.3
-.2
.1
.5
5.7
.2
-.1
.7
.2
2.2
-.1
.3
-.3
.5
2.3
.2
.1
-.1
.6
4.4
.4
.3
•4
.4
3.0
-.5
.2
-1.6
.9
2.4
1.8
-.8
4.3
-.2
3.9
-.6
.9
-1.3
.2
5.6
•6
-.1
•8
.7
5.6
-.1
1.1
-2.1
.9
3.4
1.8
-.3
4.6
•8
16
17
10.2
.2
4.7
.6
3.1
.3
11.2
-.1
13.0
.1
8.7
.5
13.8
1.8
10.0
-.6
15.7
-1.2
12.5
.5
-.1
-.2
-.2
-.5
-.1
- . 4 DISCREPANCY
6.0
1.1
.2
6.7
1.8
4.9
4.8
7.7 NET ACQ. OF FINANCIAL ASSETS
•1
DEMAND DEPOSITS • CURRENCY
.4
SAVINGS • LOAN SHARES
7.3
CREDIT MARKET INSTRUMENTS
.6
U.S. GOVERNMENT SECURITIES
*
HOME MORTGAGES
6.7
CONSUMER CREDIT
5.7
6.6
7.2 CREDIT UNION SHARES
*
.2
*
*
-
9.8
1.0
-.1
*
16.1
-2.6
-
*
-
-
-
-
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . TREASURY SECURITIES
U . S . G . AGENCY SEC.
STATE • LOCAL OBLIGATIONS
CORPORATE BONOS
5
6
7
fc
9
10
MORTGAGES
CONSUMER CREDIT
COMMERCIAL PAPER
SECURITY RP*S
MISCELLANEOUS ASSETS
11
12
13
14
15
1 2 . 2 SAVINGS DEPOSITS
. 7 MISCELLANEOUS L I A B I L I T I E S
CREDIT UNIONS
1
.3
.3
.3
.4
.4
2
3
4
5
6
7
8
3.5
.1
.6
2.8
.5
.2
2.1
3.2
.2
-.6
3.5
• 5
.3
2.7
3.3
.2
-.3
3.4
.7
.1
2.5
5.9
.2
.6
5.1
1.7
.2
3.2
6.4
.1
•
6.2
1.0
5.2
-.2
5.8
1.7
.1
4.0
9
3.3
2.9
3.0
5.5
6.0
5.4
BILLIONS OF DOLLARS.
*
1 / 7 7 BASED ON 1NC0I
.5 CURRENT SURPLUS
6.1
.1
-.2
6.8
1.4
.1
5.3
*
2
3
4
16
17
18
MAY 9, 1977
INSURANCE • PENSION FUNDS
INSURANCE • PENSION FUNDS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS U
MILL.)
UNADJUSTED NET FLOWS f$ MILL.)
1975 |
IV I
1976
II
III
BILLIONS OF DOLLARS
1968
1969
1970
1977
I
LIFE INSURANCE COMPANIES
1 CURRENT SURPLUS
2 PHYSICAL INVESTMENT
3 NET ACQ. OF FINANCIAL ASSETS
4
DEMAND DEPOSITS • CURRENCY
5
6
7
8
9
10
11
12
13
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
OPEN-MARKET PAPER
POLICY LOANS
MISCELLANEOUS ASSETS
14 NET INCREASE I N L I A B I L I T I E S
15
LIFE INSURANCE RESERVES
16
PENSION FUND RESERVES
17
PROFIT TAXES PAYABLE
18
MISCELLANEOUS L I A B I L I T I E S
698
583
689
478
699
517
709
491
719
680
728
512
5.916
630
7.152
-464
5.098
-2
6.806
-28
7.936
466
7.732
-497
335
4.602
1.052
343
3.507
913
-1.581
368
349
955
6.403
614
508
4.065
613
316
287
258
582
4.311
-177
180
3.221
-90
789
388
207
710
5.927
577
168
4.549
526
-256
363
197
733
6.559
209
187
4.788
1.364
-333
344
178
5.631
2.017
2.603
-67
1.078
6.165
2.419
2.805
193
748
5.647
2.431
2.442
-203
977
6.460
2.449
3 . 209
128
674
7.307
2.706
3.692
15
894
1.1
.6
l.l
.7
700
7.375
422
149
3.839
493
2.171
301
154
1.0
7.4
-.2
-.1
3.8
2.9
.1
.9
.3
1.4
7.3
-.2
6.719
2.604
3.402
248
465
1.3
1.0
1.6
1.4
1.2
.6
1.7
2.1
.8
2.5
.9
2.0
7.0
.1
.1
1.5
2.3
.8
2.2
.8
3.6
8.2
-.1
.1
5.5
1.1
.6
1.0
.9
5
6
7
8
9
10
11
12
13
8.5
5.0
2.0
-.1
1.6
9.2
4.6
2.9
.2
1.5
9.3
4.9
2.9
.1
1.4
10.2
5.1
3.3
.1
1.7
12.6
6.1
4.5
-.1
2.1
14
15
16
17
18
6.6
.1
6.5
.1
.2
*
3.7
2.5
*
1.7
6.9
-.2
*
19 DISCREPANCY
PRIVATE PENSION FUNDS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS • CURRENCY
3
TIME DEPOSITS
4.140
34
-335
4.039
50
-298
2.261
25
-414
3.323
25
211
3.039
23
423
3.137
25
166
4
5
6
7
8
9
1.732
2.649
1.362
1.270
17
60
2.156
2.071
1.579
492
0
60
1.649
941
899
52
-10
60
1.616
1.411
671
499
41
60
1.685
048
600
218
30
60
1.700
1.184
775.
355
54
60
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
CORPORATE BONDS
MORTGAGES
MISCELLANEOUS ASSETS
4.8
1.1
7.3
.2
-.4
5.4
.8
8.9
-1.5
-.3
-.7
-.4
1.1
STATE • LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS
1 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
2
3
4
5
6
7
8
9
10
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
DIRECT
AGENCY ISSUES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
2.760
-100
3.203
-25
3.739
246
3.198
-106
2.030
211
3.066
-76
4.1
.1
4.8
•1
5.5
-.1
6.4
.1
872
1.988
-112
-204
92
1.300
468
332
533
2.695
433
320
113
500
1.761
1
739
2.754
550
450
100
1.125
955
124
671
2.633
550
450
100
100
1.932
51
680
1.139
400
300
100
-275
989
25
759
2.403
750
500
250
0
1.578
75
.7
3.3
-.8
-1.0
.1
-.1
3.7
.5
1.3
3.4
.4
-.2
.6
1.8
3.8
-.3
-.5
.2
-.1
4.0
.2
2.1
4.1
-.4
-.3
-.1
-.3
4.5
.3
*
2.6
.4
6.6
.1
1
2
3
3.2
4
3.3
5
-1.2
6
-1.2
7
.1
6
.1
9
3.9
. 4 10
OTHER INSURANCE COMPANIES
1 CURRENT SURPLUS
.749
126
1.658
-322
1.733
118
1.933
114
2.277
157
2.072
-98
-5
.486
635
511
321
19
142
138
1.742
640
766
338
-2
100
117
1.398
155
768
452
23
100
50
1.669
400
1.025
245
-1
100
378
1.710
400
1.021
262
27
32
350
1.745
360
1.212
166
7
75
11 NET INCREASE IN LIABILITIES
12
CORPORATE EQUITY ISSUES
13
PROFIT TAXES PAYABLE
14
POLICY PAYABLES
,783
239
-4
.546
1.821
239
32
1.550
1.802
239
-24
1.587
1.877
246
33
1.598
1.883
245
13
1.625
1.941
250
47
1.644
15 DISCREPANCY
-34
95
59
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS • CURRENCY
*
5
6
7
8
9
10
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE BONOS
COMMERCIAL MORTGAGES
TRADE CREDIT
1 / 7 7 BASfcO ON PRfcLlMINARY AND INCOMPLETE INFORMATION.
.5
.3
1.9
3.2
1.3
-.8
1.4
.7
2.1
-.1
1.0
1.2
2.2
.1
2.7
.2
4.5
.1
1.8
1.8
5.7
.1
.2
3.8
1.5
2.3
.5
2.1
2.5
.8
-.2
3.9
.5
3.9
11
12
13
14
MAY 9, 1977
INSURANCE + PENSION FUNDS
INSURANCE • PENSION FUNDS
25
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 |
I
IV |
1976
II
1977
I
III
LIFE INSURANCE COMPANIES
2.3
1.3
2.9
1.6
2.8
2.3
2.8
2.2
20.6
-.1
5
6
7
8
9
10
11
12
13
3.6
12.3
-.2
*
5.9
4.4
7.0
1.5
.2
.9
1.0
15
16
17
18
2.3
12.9
.1
.3
4.0
4.9
1.1
2.7
1.4
7.2
5.5
1.9
17.1
1.7
.8
9.1
3.1
.7
1.6
1.7
8.7
-.1
3.0
23.2
1.2
1.0
16.6
2.4
.5
1.4
.8
2.8
2.3
2.8
1.9
2.8
2.1
2.8
2.0
2.9
2.7
22.8
26.0
23.7
27.5
30.9
.1
.3
.3
- . 7
2 8 . 1 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
.3
1.3
3.8
2.3
2.8
2.9
2.8
20.0
20.8
20.5
23.5
28.0
24.4
4.0
1.4
1.9
2.1
.2
.6
2.3
.7
.6
.8
1.1
.7
19.3
19.3
14.9
2.5
2.7
3.3
1.4
.7
3.7
2.9
1.2
.6
15.9
12.1
.9
4.1
-1.8
-4.3
1.5
1.4
1.1
1.0
.4
5.6
1.6
.8
22.5
14.0
25.6
10.0
12.1
•1
3.3
-
CURRENT SURPLUS
PHYSICAL INVESTMENT
2.9
2.0
-2.6
1.5
.8
24.7
22.6
25.8
8.1
9.7
10.4
11.2
9.7
9.8
12.8
29.2
10.8
14.8
- . 1
4.2
.1
3.7
3.1
.2
3.0
.2
3.4
*
9.8
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
OPEN-MARKET PAPER
POLICY LOANS
MISCELLANEOUS ASSETS
2 6 . 9 NET INCREASE I N L I A B I L I T I E S
L I F E INSURANCE RESERVES
10.4
PENSION FUND RESERVES
13.6
PROFIT TAXES PAYABLE
.3
MISCELLANEOUS L I A B I L I T I E S
2.5
-.3
17
18
DISCREPANCY
PRIVATE PENSION FUNDS
1
2
3
6.9
.3
4
5
6
7
8
9
7.3
-.8
1.0
-.8
-.9
.2
*
8.5
-.2
.8
10.9
2.7
12.8
.1
-1.3
12.7
.1
-.1
16.4
.1
-1.3
16.1
.2
-1.2
9.4
.1
-1.7
13.1
.1
.8
12.0
.1
1.7
12.6
.1
.7
5.3
2.5
.7
2.1
-.4
•1
2.3
5.8
1.1
4.7
5.8
8.0
5.2
2.8
7.1
5.3
3.9
1.3
.1
.2
6.9
10.5
5.3
5.1
.1
•2
8.6
8.3
6.3
2.0
6.6
4.1
3.9
.2
-• 2
.2
6.5
5.5
3.3
2.0
.2
.2
6.7
3.2
2.3
.9
.1
.2
6.8
4.8
3.1
1.4
.2
.2
*
*
.1
*
.2
*
ET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
TIME DEPOSITS
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
CORPORATE BONDS
MORTGAGES
MISCELLANEOUS ASSETS
4
5
6
7
8
9
STATE + LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS
1 2 . 3 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
-.3
1
2
8.5
.1
9.5
.4
9.7
.7
11.0
-.1
12.2
.3
11.0
-.4
12.8
-.1
15.0
1.0
12.8
-.4
8.1
.8
3
4
5
6
7
8
9
LO
3.7
4.7
.2
-.4
•6
-.1
4.5
.2
3.4
5.7
-.2
-1.1
.9
-.7
6.0
.7
2.6
6.5
.2
-.8
1.0
-.7
6.4
.6
2.4
8.7
1.2
.6
.7
1.9
5.0
.5
2.6
9.2
1.9
1.5
.4
1.5
5.6
.2
3.5
8.0
-.4
-.8
.4
5.2
1.9
1.3
2.1
10.8
1.7
1.3
.5
2.0
7.0
3.0
11.0
2.2
1.8
.4
4.5
3.8
.5
2.7
10.5
2.2
1.8
.4
.4
7.7
.2
2.7
4.6
1.6
1.2
.4
-l.l
4.0
.1
7.3
.5
7.8
.5
8.5
.6
8 . 4 NET ACQ. OF FINANCIAL ASSETS
-.4
DEMAND DEPOSITS • CURRENCY
.6
7.1
2.7
3.1
1.4
.5
6.0
1.0
3.1
1.8
.1
.2
6.8
1.7
4.1
1.0
1.5
6.2
1.0
4.1
1.0
.1
.1
1.4
7.1
1.5
4.8
.7
*
.3
7.2
1.0
7.3
1.0
7.4
1.0
.1
6.4
7.6
1.0
.1
6.5
7 . 7 NET INCREASE I N L I A B I L I T I E S
1.0
CORPORATE EQUITY ISSUES
.1
PROFIT TAXES PAYABLE
6.6
POLICY PAYABLES
*
3.0
9.6
3.0
2.0
1.0
-
6.3
•3
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
DIRECT
AGENCY ISSUES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
OTHER INSURANCE COMPANIES
1
1.8
1.2
- . 3
- . 4
.3
- . 3
2
3
7.1
6.4
5.0
.1
5.5
.1
7.6
.1
6.4
.5
4
5
6
7
8
9
10
1.8
4.2
.1
4.8
- . 7
•
1.2
- . 5
4.9
.4
2.5
2.0
.7
6.5
1.6
3.6
1.3
11
12
13
14
5.4
.5
.1
4.8
7.4
1.0
.1
6.4
15
*
*
*
2.4
3.4
.6
•5
- . 7
5.5
1.5
1.8
Z.2
.1
.6
5.3
.5
5.8
.9
7.1
.9
*
3.6
- . 1
*
*
*
*
4.9
6.2
• 1
.6
1.3
4.8
BILLIONS OF DOLLARS.
«
*
•3
*
•
5.4
2.0
2.0
1.3
.1
.6
7.2
1.0
*
6.2
.4
1 / 7 7 BASEO ON INCOMPLETE INFORMATION.
.9
»
. 7 CURRENT SURPLUS
1
2
3
CORPORATE EQUITIES
4
CREDIT MARKET INSTRUMENTS
5
U . S . GOVERNMENT SECURITIES 6
STATE • LOCAL OBLIGATIONS
7
CORPORATE BONDS
8
COMMERCIAL MORTGAGES
9
TRAOE CREDIT
10
* DISCREPANCY
11
12
13
14
15
MAY 9 , 1977
FINANCE N . E . C .
26
UNADJUSTED NET FLOWS ($
FINANCE N . E . C .
SECTOR STATEMENTS OF SAVING AMD INVESTMENT
MILL.)
UNADJUSTED NET FLOWS <*
IV
1 CURRENT SURPLUS OF GROUP
|
-385
I
-340
II
-235
III
IV |
-255
-474
I I
-203
1967
1971
-2.5
-1.3
-.2
1
1
2
3
4
5
6
-2.1
-1.2
MILL.)
BILLIONS OF DOLLARS
1968
1969
1970
FINANCE COMPANIES
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS • CURRENCY
3
CREDIT MARKET INSTRUMENTS
4
MORTGAGES
5
6
CONSUMER CREDIT
OTHER LOANS (TO BUSINESS)
7 NET INCREASE IN LIABILITIES
8
CREDIT MARKET INSTRUMENTS
9
CORPORATE BONDS
10
BANK LOANS N.E.C.
11
12
13
OPEN-MARKET PAPER
PROFIT TAXES PAYABLE
MISCELLANEOUS L I A B I L I T I E S
1.776
52
1.724
-425
1.600
549
777
51
726
85
-1.118
1.759
3.251
50
3.201
499
1.174
1.528
-276
49
-325
-961
1.112
-456
4.928
48
4.880
50
2.366
2.462
1.769
47
1.722
-596
-332
2.650
.6
•1
•5
.4
.5
-.3
5.2
• 1
5.2
.6
2.3
2.2
8.7
.1
8.6
•8
2.8
5.0
3.0
.2
2.7
1.7
.5
.5
5.2
.3
5.0
1.5
1.5
2.0
1.961
1.668
315
-171
1.544
36
237
690
470
966
-1.096
600
71
149
1.808
1.702
2.141
-501
62
-18
124
-523
-780
910
-2.262
572
73
184
4.872
4.686
1.235
1.432
2.019
61
125
1.314
1.059
1.615
-1.786
1.230
87
168
1.1
.6
5.1
3.9
.2
.8
2.9
8.9
7.8
•9
.9
6.0
3.9
2.6
2.1
-.1
.6
•
1.3
4.7
7
2.7
8
2.5
9
. 6 10
- . 5 11
* 12
2 . 0 13
.4
-1.8
2.0
-.1
.5
*
1.3
*
1.0
REAL ESTATE INVESTMENT TRUSTS
763
252
511
628
207
421
501
165
336
338
112
226
177
58
119
157
52
105
.2
.1
.2
.4
.1
.3
1
2
3
-1.422
-171
-649
-600
-2
-1.068
-136
-349
-319
-264
-1.036
-91
-545
-452
50
-823
-419
-363
-85
-1.017
-118
-283
-393
-223
-490
-84
-263
-321
178
1.9
.4
•6
.7
2.5
.2
.9
1.2
.2
4
5
6
7
8
9 NET INCREASE IN LIABILITIES
10
CORPORATE EQUITY ISSUES
11
CREDIT MARKET INSTRUMENTS
12
MORTGAGES
13
MULTI-FAMILY RESIDENTIAL
14
COMMERCIAL
-605
-202
-403
65
21
-495
-85
-410
75
25
50
-440
-149
-291
50
17
33
-804
-82
-722
70
23
47
-306
-30
-276
53
17
36
2.2
1.5
.7
.1
44
-394
-184
-210
87
29
58
15
16
17
-21
-492
45
-123
9
-183
24
-470
-39
-59
-338
56
-6
-689
-97
-10
-253
-66
.5
.1
1 PHYSICAL INVESTMENT
2
MULTI-FAMILY STRUCTURES
3
NONRESIDENTIAL STRUCTURES
4 NET ACQ. OF FINANCIAL ASSETS
5
HOME MORTGAGES
6
MULTI-FAMILY MORTGAGES
7
COMMERCIAL MORTGAGES
8
MISCELLANEOUS ASSETS
CORPORATE BONDS
BANK LOANS N . E . C
OPEN-MARKET PAPER
44
*
.1
-
9
10
11
12
13
. 1 14
2.9
1.0
1.9
.1
*
. 4 15
. 6 16
•e 17
OPEN-END INVESTMENT COMPANIES
1 CURRENT SURPLUS
-1.1
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS * CURRENCY
-148
35
2
45
-1.137
-1
-244
-10
224
21
265
-46
1.5
.2
3.6
.1
2.6
-.1
1.7
4
5
6
7
6
-430
247
-427
179
49 5
175
-218
369
694
-1.281
-937
-199
-239
2
38
-696
462
172
624
-334
-907
1.110
-282
891
501
-485
796
14
23
759
1.9
-.5
-.5
2.5
.9
.2
1.7
.9
-.5
.2
1.2
1.2
.5
.2
.7
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
CORPORATE bONDS
OPEN-MARKET PAPER
9 NET SHARE ISSUES
MONEY MARKET FUNDS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS • CURRENCY
3
TIME D t P O S l l S
-55
-6
-177
-26
1
-430
-334
-19
-46
-55
24
-144
140
-11
-49
4
5
6
7
117
331
-214
11
376
199
177
27
-281
-383
102
12
27
113
-86
38
234
123
111
-34
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
OPEN-MARKET PAPER
MISCtLLANEOUS
8 NET SHARE ISSUES
SECURITY BROKERS AND DEALERS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS + CURRENCY
4.334
16
-649
17
416
19
-69
20
7.937
22
-1.047
23
3.4
.2
3.8
.5
-3.1
-.1
.6
-.3
1.4
3
4
5
6
7
8
1.301
1.493
146
44
1.301
1.524
-861
-637
93
130
-860
832
-280
-395
-189
73
-279
1.072
-296
-313
-95
78
-296
520
2.314
4.913
2.611
-11
2.313
668
-439
-1.799
-1.472
111
-438
1.168
.4
-.3
-.8
-.2
.6
.8
.4
.1
.4
3.2
-.2
2.8
.1
2.3
1.7
.6
.1
-1.3
.1
-1.4
-1.6
.1
.1
2.6
4.327
4.299
4.624
-325
26
-664
-705
-1.235
530
41
400
385
696
-311
15
-84
-98
-144
46
14
7.925
7.898
7.723
175
27
-1.056
-1.050
-935
-115
-6
3.2
3.2
.8
2.3
.1
3.5
3.5
1.0
2.4
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREDIT
9 NET INCREASE I N L I A B I L I T I E S
10
SECURITY CREDIT
11
FRUM BANKS
12
CUSTOMER CREDIT BALANCES
13
PROFIT TAXES PAYABLt
1/77 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
*
*
-.2
.4
-3.5
-3.1
-3.0
-1.0
-2.0
-.1
1.0
1.0
1.9
-1.0
-
*
1
2
3
4
5
6
7
6
9
1.1
1.1 10
. 7 11
. 5 12
13
*
MAY 9, 1977
FINANCE N.E.C.
FINANCE N.E.C.
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
I
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
1975
1976
-1.0
-1.5
-.8
-1.0
-1.3
1 1975 |
1
IV I
-1.2
1
1976
IV
III
I
I
II
-.8
-1.3
-1.4
-1.6
1977
I
- . 2 CURRENT SURPLUS OF GROUP
1
FINANCE COMPANIES
1
2
3
4
5
6
9.6
.3
9.3
1.7
3.8
3.8
11.7
.2
11.5
1.9
5.3
4.3
5.2
.2
5.0
-1.9
2.2
4.7
7
8
9
10
11
12
13
8.6
6.2
3.6
3.8
-1.3
11.8
9.4
3.0
4.5
2.0
.1
2.3
5.5
4.5
1.8
-.8
3.6
.1
.9
*
2.4
2.0
.2
1.8
-1.3
.9
2.2
8.7
.2
8.5
-.3
3.5
5.3
.5
•2
.3
-2.6
3.1
-.2
8.7
.2
8.5
1.0
1.4
6.1
11.2
.2
11.0
1.5
3.7
5.8
2.0
.2
1.8
-3.1
2.9
2.0
12.8
.2
12.6
-.8
6.1
7.3
1 4 . 0 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
.2
13.8
CREDIT MARKET INSTRUMENTS
-1.6
MORTGAGES
CONSUMER CREDIT
5.5
9.8
OTHER LOANS ITO BUSINESS)
1.4
.7
2.7
-2.7
•6
• 1
.7
6.8
6.1
5.3
-2.4
3.3
.2
.6
1.5
.5
•2
-3.5
3.7
•1
.9
8.0
7.2
4.5
1.2
1.5
.2
.6
5.4
4.7
8.6
-4.7
.9
•2
.5
1.1
.2
4.0
-8.8
4.9
.2
.7
12.8
12.1
3.9
2.5
5.7
.2
.5
1 1 . 0 NET INCREASE I N L I A B I L I T I E S
10.0
CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
7.2
BANK LOANS N . E . C .
-1.1
OPEN-MARKET PAPER
3.9
PROFIT TAXES PAYABLE
.2
.7
MISCELLANEOUS L I A B I L I T I E S
7
8
9
10
11
12
13
• 6 PHYSICAL INVESTMENT
MULTI-FAMILY STRUCTURES
.2
.4
NONRESIDENTIAL STRUCTURES
1
2
3
1
2
3
4
5
6
REAL ESTATE INVESTMENT TRUSTS
1
2
3
1.1
•4
.8
.7
.2
.5
1.1
.4
.7
3.0
1.0
2.0
1.6
.5
1.1
3.1
1.0
2.0
2.5
.8
1.7
2.0
.7
1.3
1.4
.4
.9
.7
.2
.5
4
5
6
7
8
5.0
.4
2.0
1.7
•8
5.6
.7
2.4
2.5
-.2
-.2
.2
.2
-.4
-5.1
-.5
-2.6
-1.8
-.3
-3.9
-.3
-1.6
-1.5
-.5
-5.7
-.7
-2.6
-2.4
-4.3
-.5
-1.4
-1.3
-1.1
-4.2
-.4
-2.2
-1.8
.2
-3.3
.2
-1.7
-1.5
-.3
-4.1
-.5
-1.1
-1.6
-.9
- 2 . 0 NET ACQ. OF FINANCIAL ASSETS
-.3
HOME MORTGAGES
MULTI-FAMILY MORTGAGES
-1.1
-1.3
COMMERCIAL MORTGAGES
MISCELLANEOUS ASSETS
.7
9
10
11
12
13
14
6.3
1.7
4.6
.5
.2
.3
6.5
1.0
5.6
.3
.1
.2
1.1
-.3
1.5
.2
• 1
.1
-1.9
-1.6
-.4
•4
•1
•2
-2.1
-.5
-1.6
.3
• 1
.2
-2.4
-.8
-1.6
.3
• 1
.2
-1.6
-.7
-.8
•3
.1
.2
-2.0
-.3
-1.6
.3
.1
•2
-1.8
-.6
-1.2
.2
•1
.1
-3.2
-.3
-2.9
.3
.1
.2
- 1 . 2 NET INCREASE I N L I A B I L I T I E S
CORPORATE EQUITY ISSUES
-.1
CREDIT MARKET INSTRUMENTS
-l.l
MORTGAGES
.2
MULTI-FAMILY RESIDENTIAL
.1
COMMERCIAL
.1
15
16
17
.4
1.3
2.5
.6
4.0
.7
.2
4.4
-3.3
-.2
-1.5
-.3
-.1
-2.0
.2
-.5
-.8
• 1
.1
-1.9
-.2
-.2
-1.4
.2
-2.8
-.4
-1.0
-.3
- 1 . 0 CURRENT SURPLUS
*
-
*
*
-.7
*
*
CORPORATE BONOS
BANK LOANS N . E . C .
OPEN-MARKET PAPER
4
5
6
7
8
9
10
11
12
13
14
15
16
17
OPEN-END INVESTMENT COMPANIES
1
-1.3
-1.0
-.4
-1.1
2
3
-1.8
4c
-2.2
.3
-1.0
-.2
-.3
•1
4
5
6
7
8
-1.8
-.5
-.3
-.1
-.4
.1
-1.1
.7
.1
.2
-.3
-2.3
-.2
•5
-.9
.2
-.3
9
-.5
-1.2
-.5
•8
*
1.0•
-1.5
-1.5
-1.7
-2.0
-.6
.1
*
.2
-4.5
-1.0
•9
.1
.7
-.9
1.5
2.8
-5.1
-3.7
-.8
-1.0
-1.1
-1.7
1.0
-1.7
.7
2.0
•3
.6
•8
-.2
-1.2
-1.2
• 1
-2.4
1.2
2 . 2*
-.8
*
*
.2
-2.8
1.8
.7
2.5
-1.3
-3.6
4.4
-1.1
3.6
2.0
-3.0
.7
2.9
-.1
•
-1.7
-1.3
-.1
-.2
-.2
.1
-.6
-.2
1.5
•8
.7
.1
-1.1
-1.5
•4
•
.1
.5
-.3
.2
.9
.5
.4
-.1
-.1
-1.3
-.2
.6
*
1 . 1 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
-.2
-1.9
3.2
•1
.1
3.0
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
CORPORATE BONOS
OPEN-MARKET PAPER
2 . 0 NET SHARE ISSUES
1
2
3
4
5
6
7
8
9
MONEY MARKET FUNDS
1
2
3
4
5
6
7
8
"
—
-
"
-
2.4
1.3
-.3
*
1.6
.5
*
-.7
*
-.7
.8
.1
.6
.7
•8
-.1
•4
.1
.3
.5
1.3
-.9
-
*
2.4
*
1.3
*
-.3
*
-.2
.6
*
. 3 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
TIME DEPOSITS
-
*
.2
•3
*
.1
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
OPEN-MARKET PAPER
MISCELLANEOUS
. 3 NET SHARE ISSUES
1
2
3
4
5
6
7
8
SECURITY BROKERS ANO DEALERS
1
2
4.2
3
4
5
6
7
8
.2
.3
.2
-.1
.2
3.7
•2
.4
-4.3
9
10
11
12
13
4.1
4.1
3.9
.2
-3.4
-3.4
-3.2
-.2
*
-3.6
-.2
-3.3
.3
.4
.6
-.9
-1.1
.2
-.4
-.9
-1.6
*
*
*
BILLIONS OF DOLLARS.
-3.3
-3.2
-2.2
-1.0
-.1
2.3
•1
*
-.2
-.1
-.1
•
2.5
2.2
2.2
2.0
.2
*
7.6
.1
4.7
.1
8.7
.1
-2.2
.1
5.6
.1
18.5
.1
7.3
.1
•9
3.6
2.4
•3
.9
3.1
-1.1
-.4
.6
.2
-1.1
6.1
2.2
3.1
.4
.5
2.2
3.3
-3.1
-3.5
-.8
•3
-3.1
4.3
1.7
1.7
-.4
.3
1.7
2.1
2.7
13.1
10.4
4.0
-1.4
-5.9
.4
4.0
4.7
7.6
7.5
7.0
•4
•1
4.6
4.6
5.9
-1.3
.1
8.6
8.5
6.4
2.1
•1
-2.3
-2.5
-1.3
-1.2
•2
5.5
5.5
5.3
•2
18.5
18.4
17.7
.7
.1
1/77 BASED ON INCOMPLETE INFORMATION.
*
*
2.7
2.8
ET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
CORPORATE EQUITIES
CREOIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREDIT
7 . 3 NET INCREASE IN LIABILITIES
7.3
7.4
SECURITY CREDIT
7.8
FROM BANKS
-.5
CUSTOMER CREDIT BALANCES
-.1
PROFIT TAXES PAYABLE
1
2
3
4
5
6
7
8
9
10
11
12
13
MAY 9, 1977
MONETARY AND INSURANCE RESERVES
MONETARY AND INSURANCE RESERVES
GOLD* OFFICIAL FOREIGN EXCHANGE* TREASURY CURRENCY* AND INSURANCE RESERVES
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS 1$ MILL.)
1975 |
IV |
1976
II
BILLIONS OF DOLLARS
1968
1969
1970
1977 I
I I
III
GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS ( 1 )
1 TOTAL U . S . RESERVES
18
18
0
29
29
0
65
5
60
-1.2
•1.2
-1.2
•4
-1.6
1.631
350
-257
344
1.1
794
200
594
-327
200
-527
-718
-250
-468
-59
53
-112
1.0
.3
.7
837
852
-15
677
674
3
461
444
17
403
404
-1
.1
.1
-2
-2
0
45
45
0
-15
-14
-1
5 U . S . FOREIGN EXCHANGE POSITION
-110
728
OFFICIAL FGN. CURRENCY HLDGS
TREASURY
MONETARY AUTHORITY
-167
-196
29
491
0
491
57
60
-3
237
243
-6
. S . GOLD STOCK AND SDR'S
U . S . GOVT.—EX. STAB. FUND
MONETARY AUTHORITY ( 2 )
9
10
11
NET IMF POSITION
U.S. GOVERNMENT ASSET
MONETARY AUTHORITY
*
1.0
1.0
-.8
-1.2
.4
-1.3
-.7
-.6
2
3
4
2.1
.3
-2.5
-1.7
5
1.2
.7
.5
-.7
-.7
-.1
-2.2
-.4
-1.7
-.4
-.1
-.2
6
7
8
.9
.9
1.0
1.0
-.4
-.4
*
-1.4
9
- 1 . 3 10
11
*
TREASURY CURRENCY AND SDR CERTIFICATES
1 TOTAL U.S. GOVT. LIABILITY
2 MONETARY AUTHORITY ASSET
3 UNALLOCATED ASSETS
260
293
-33
148
291
-143
339
370
-31
199
184
15
503
553
-50
207
180
27
.7
.5
.2
.5
.5
*
1
2
3
INSURANCE AND PENSION FUND RESERVES
LIFE INSURANCE RESERVES:
1 NET CHANGE IN LIABILITIES
2
U.S. GOVERNMENT
3
LIFE INSURANCE COMPANIES
2.034
17
2.017
2.478
59
2.419
2.490
59
2.431
2.509
60
2.449
4 NET CHANGE IN ASSETS (HH)
2.034
2.478
2.490
2.509
9.576
73
9.503
2.603
4.140
2.760
9.278
-769
10.047
2.805
4.039
3.203
14.815
6.373
8.442
2.442
2.261
3.739
8.367
-1.363
9.730
3.209
3.323
3.198
9.085
324
8.761
3.692
3.039
2.030
8.438
-1.187
9.625
3.402
3.137
3.086
9.576
9.278
14.815
8.367
9.085
8.438
5
6
7
8
9
10
PENSION FUND RESERVES:
NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR. FUNDS
11 NET CHANGE I N ASSETS IHH)
2.766
60
2.706
2.674
70
2.604
5.1
.1
5.0
4.6
4.6
5.0
.1
4.9
5.2
.1
5.1
6.2
.1
6.1
1
2
3
5.1
4.6
5.0
5.2
6.2
4
14.0
1.3
12.7
2.0
6.6
4.1
15.6
1.3
14.3
2.9
6.5
4.8
16.3
1.5
14.8
2.9
6.3
5.5
19.2
2.4
16.8
3.3
7.1
6.4
21.1
2.8
18.3
4.5
7.3
6.6
5
6
7
8
9
10
*
INTERBANK CLAIMS
1 NET CHANGE I N L I A B I L I T I E S
2
3
4
5
6
7
8
9
10
11
HONE. AUTH.—MEM. BANK RES.
—VAULT CASH
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
2.710
3.086
-4.250
-1.976
-3.311
1.076
2.098
-996
607
-690
724
2.256
306
-4.558
-166
1.749
666
1.3
.5
.8
1.3
.2
.1
2.1
-.3
3.6
.5
2
3
1.584
939
109
0
-819
1.680
-31
-495
-918
-1.753
0
641
162
32
2.676
2.031
1.727
0
-396
714
-14
524
959
-754
0
-241
1.962
-8
474
-191
-511
0
279
65
-24
-4.391
-2.546
460
0
982
-3.961
-27
.9
.9
-.1
1.7
1.7
1.0
1.6
1.5
2.7
2.5
1.0
.1
.1
1.2
.1
1.5
1.6
-.2
.3
.1
1.3
*
4
5
6
7
6
9
10
423
645
-435
665
-1.845
.1
.2
-.1
11
-651
607
2.710
3 . 086
-4.250
-1.976
2.7
3.8
1.9
4.5
5.6
12
1.0
1.0
1.0
.6
.2
- . 2 13
. 1 14
- . 3 15
2.0
.4
.2
.1
3.5
2.0
2.1
-.3
5.8
4.0
3.6
.5
1.0
.8
1.4
1.2
FOREIGN BANKING AGENCIES645
DEPOSITS OF BANKS
12 NET CHANGE I N ASSETS
-. 1
.9
~
*
13
14
15
MONETARY AUTHORITIES
F . R . FLOAT
LOANS TO MEMBER BANKS
109
1.282
-1.173
-1.753
-1.578
-175
1.727
1.467
260
-754
-766
12
-511
-210
-301
460
336
124
-.1
16
17
18
19
20
-760
COMMERCIAL BANKING—TOTAL
-1.590
COMMERCIAL BANKS
-3.311
MEMBER BANK RESERVES
1.076
VAULT CASH
DEPOSITS AT FGN. BK. AG.
645
BANK AFFILIATES—LOANS
0
TO AFFILIATE BANKS
2.360
1.525
2.098
-996
423
983
679
-690
724
645
3.840
2.127
2.256
306
-435
-3.739
-4.059
-4.558
-166
665
-2.436
570
1.749
666
-1.845
2.7
1.8
1.3
.5
0
0
0
0
0
830
1.680
-31
-819
835
162
32
641
304
714
-14
-396
1.713
1.962
-e
-241
320
65
-24
279
-3.006
-3.961
-27
982
21
22
23
24
25
(1)
FOREIGN BANKING AGENCIES
DEMAND DEPOSITS AT BANKS
TIME DEPOSITS AT BANKS
LOANS TO BANKS
LINES 1 + 2 EXCLUDE I N I T I A L ALLOCATION OF SDR*S OF $867 MILLION
I N JANUARY 1970* $ 7 1 7 MILLION I N JANUARY 1 9 7 1 * AND $710 MILLION
I N JANUARY 1 9 7 2 . TRANSACTIONS I N SDR*S ARE I N LINE 2 . ALSO
EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY
HOLDINGS* GOLD* S D R ' S , AND IMF POSITION.
THESE ALLOCATIONS AND
REVALUATIONS ARE INCLUDED I N TABLES ON OUTSTANDINGS.
( 2 ) TREASURY GOLD STOCK.
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
—
. 7*
~
*
*
2.7
2.1
.8
1.3
*
.6
.1
.8
"~
*
*
*
.1
16
17
18
19
MAY 9 , 1977
MONETARY AND INSURANCE RESERVES
MONETARY ANO INSURANCE RESERVES
29
GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
SEASONALLY ADJUSTED ANNUAL RATES
1975
1976
I 1975 |
|
IV I
1976
I
II
I
IV I
III
1977
I
GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1)
1
-.7
2
3
4
-.6
5
-.2
6
7
8
9
10
11
*
-.2
*
-.5
*
-.2
.2
-.2
-.2
*
-.2
-.2
*
-.2
*
*
*
1.4
*
*
3.1
6.5
1.5
-.9
.2
.2
-.1
-.1
*
.1
.1
-
.1
.1
-
-.4
2.9
6.5
1.4
-1.0
1.4 U.S.
FOREIGN EXCHANGE POSITION
5
-.7
-.8
.1
2.0
2.0
3.2
.8
2.4
-1.3
.8
-2.1
-2.9
-1.0
-1.9
-.2
.2
-.4
OFFICIAL FGN. CURRENCY HLDGS
TREASURY
MONETARY AUTHORITY
6
7
8
.2
.2
*
.9
1.0
*
3.3
3.4
-.1
2.7
2.7
*
1.8
1.8
.1
1.6
1.6
*
NET IMF POSITION
U.S. GOVERNMENT ASSET
MONETARY AUTHORITY
1.4
1.5
-.1
.8
.7
.1
2.0
2.2
-.2
.8 TOTAL U.S. GOVT. LIABILITY
.7 MONETARY AUTHORITY ASSET
.1 UNALLOCATED ASSETS
10.0
.2
9.7
10.0
.2
9.8
11.1
.2
10.8
LIFE INSURANCE RESERVES:
10.7 NET CHANGE IN LIABILITIES
.3
U.S. GOVERNMENT
10.4
LIFE INSURANCE COMPANIES
*
*
.5
2.5
.1
-.2
.3
.2
.2
.1
.5
.4
.1
2.2
2.2
1.3
1.3
1.3
-.4
.1
.1
.1
-.1
*
•
2.5
.6
.2
.1
.1
*
*
1.6 TOTAL U.S. RESERVES
. 3 U . S . GOLD STOCK AND SDR'S
*
U . S . GOVT.—EX. STAB. FUND
.2
MONETARY AUTHORITY 12)
1
2
3
4
9
10
11
TREASURY CURRENCY AND SDR CERTIFICATES
1
2
3
.5
.7
-.2
.4
.4
*
.4
.5
-.1
.9
1.0
*
1.2
1.4
-.2
1.0
1.2
-.1
.6
1.2
-.6
1
2
3
INSURANCE AND PENSION FUND RESERVES
1
2
3
6.6
.1
6.5
7.3
.1
7.2
6.4
.1
6.4
7.6
.1
7.6
10.2
.2
10.0
8.1
.1
8.1
9.9
.2
9.7
10.7 NET CHANGE IN ASSETS (HH)
5
6
7
8
9
10
22.6
25.6
29.6
36.1
41.5
42.1
44.8
39.1
42.6
39.7
43.2
3.0
2.1
2.7
3.6
4.6
4.2
4.7
5.0
3.8
4.8
4.7
19.6
23.4
26.8
32.4
5.5
8.5
9.5
6.2
8.7
10.9
12.6
11.0
37.9
10.4
16.4
40.2
11.2
16.1
34.1
4.3
6.9
8.5
37.0
12.1
12.7
12.2
38.8
12.8
13.1
34.9
14.8
12.0
38.5
13.6
12.6
12.3
9.7
9.8
9.4
PENSION FUND RESERVES:
NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
43.2 NET CHANGE IN ASSETS (HH)
4
5
6
7
8
9
10
11
INTERBANK CLAIMS
2
3
4
5
6
7
8
9
LO
-2.1
1.1
3.0
.5
1.6
-.4
.2
-1.2
.3
1.4
2.0
-1.2
1.0
.2
.6
22.4
-19.7
4.8
-.9
-.1
2.1
2.2
.8
-1.0
3.3
8.5
-7.1
-4.7
-.6
-3.3
-1.3
6.0
LI.7
9.1
5.8
1.3
-.4
-3.7
10.6
8.0
6.8
-7.9
-6.1
-13.0
8.7
6.1
4.8
-14.6
-7.2
4.8
4.4
2.1
5.1
1.9
-4.1
-1.2
3.2
1.9
-1.6
-2.1
1.6
-1.3
-.4
1.4
2.6
.1
-.2
-.2
4.3
.1
—
-.1
-2.7
-.1
-
.3
2.9
*
—
-3.3
6.7
-.1
—
2.6
.6
.1
—
-1.6
2.9
-.1
—
-1.0
7.8
*
2.6
-1.7
-
1.1
.3
-.1
-19.7
4.8
-3.7
-1.7
-2.0
6.8
5.8
1.0
-13.0
-6.4
-6.5
4.8
-.9
-.7
5.8
3.4
2.4
6.8
2.9
-4.9
-2.1
.2
.6
4.8
1.5
.8
15.6
14.4
-1.2
3.4
.3
-.9
-.1
1.3
.0.2
1.1
2.5
9.5
5.8
1.4
2.0
2.3
-6.7
-13.6
-7.1
-4.7
-1.7
21
-.4
-.4
-.2
22
23
24
25
-.7
4.1
2.6
.1
1.4
4.2
4.3
.1
-.2
16
17
18
19
20
.4
1.5
-2.1
-1.2
.3
.2
1.0
3.1
-2.9
-2.8
-2.7
-.1
-.1
-.2
6.9
2.1
2.2
2.6
-1.0
1.7
3.3
8.5
2.6
-2.0
6.7
.1
-1.2
-.6
-3.3
2.7
-
-
-
-
-
-
3.2
2.9
•
.3
3.3
6.7
-.1
3.3
.6
.1
2.6
1.2
2.9
-.1
6.9
7.8
-1.6
-1.0
1.3
.3
-.1
1.1
-3.3
*
FOREIGN BANKING AGENCIES—
DEPOSITS OF BANKS
11
-9.9 NET CHANGE IN ASSETS
22.4
-1.3
-1.1
-1.6
4.8
5.6
-.8
-14.7
-2.7
-1.3
6.0
-7.4
-12.0
-15.8
-.1
3.9
(2) TREASURY GOLD STOCK.
1 / 7 7 BASED ON INCOMPLETE INFORMATION.
12
MONETARY AUTHORITIES
F.R. FLOAT
LOANS TO MEMBER BANKS
13
14
15
COMMERCIAL BANKING—TOTAL
COMMERCIAL BANKS
16
17
MEMBER BANK RESERVES
VAULT CASH
18
19
DEPOSITS AT FGN. BK. AG. 20
BANK AFFILIATES—LOANS
TO AFFILIATE BANKS
21
FOREIGN BANKING AGENCIES
DEMAND DEPOSITS AT BANKS
TIME DEPOSITS AT BANKS
LOANS TO BANKS
(1) LINES 1 * 2 EXCLUDE INITIAL ALLOCATION OF SDR»S OF $867 MILLION
IN JANUARY 1970, $717 MILLION IN JANUARY 1971, AND $710 MILLION
IN JANUARY 1972. TRANSACTIONS IN SDR«S ARE IN LINE 2. ALSO
EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY
HOLDINGS, GOLD, SDR»S, AND IMF POSITION. THESE ALLOCATIONS AND
REVALUATIONS ARE INCLUDED IN TABLES ON OUTSTANDINGS.
BILLIONS OF DOLLARS.
2
3
4
COMMERCIAL BANKING—TOTAL
5
COMMERCIAL BANKS
6
TO MONETARY AUTHORITIES
7
LOANS FROM AFFILIATES
8
LOANS FROM FGN. BK. AG.
DEM. DEP. OF FGN. BK. AG 9
TIME DEP. OF FGN. BK. AG 10
-7.4
1.6
1.7
-.1
1.6
-.4
1.9
—
3.9
-15.8
-.1
MONE. AUTH.—MEM. BANK RES.
—VAULT CASH
2.7
-2.1
-1.1
-1.0
13
14
15
-9.9 NET CHANGE IN LIABILITIES
22
23
24
25
MAY 9 , 1 9 7 7
MONEY AND OEPOSITS SUMMARY
30
MONEY AND DEPOSITS SUMMARY
MONEY STOCK AND TIME AND SAVINGS ACCOUNTS
UNADJUSTED NET FLOWS f* MILL.)
UNADJUSTED NET FLOWS (S MILL.)
1975 I
IV I
1976
I
II
IV
III
1
|
1977 1
I 1
1967
MILLIONS OF DOLLARS
1969
1970
1968
1971
DEMAND DEPOSITS AND CURRENCY
1 NET CHANGE I N ASSETS
2
3
4
5
6
7
8
9
10
MONEY STOCK
REST OF THE WORLD
DOMESTIC SECTORS
HOUSEHOLDS
NONFINANCIAL BUSINESS
ST.+LOC. GOVERNMENTS
FINANCIAL SECTORS
MAIL FLOAT
U.S.
GOVERNMENT
11 NET CHANGE I N BKG. SYSTEM LIAB
MONETARY AUTHORITIES
12
U . S . GOVT. CASH • OEPOSITS
13
FOREIGN DEPOSITS
14
CURRENCY
15
16
17
16
19
COMMERCIAL BANKING
U . S . GOVERNMENT DEPOSITS
FOREIGN DEPOSITS
PRIVATE DOMESTIC
19.257 - 1 4 . 7 3 8
14.371
-1.756
24.673 -17.026
15.0
14.8
7.9
12.4
17.5
I
19.160 - 1 3 . 9 0 4
-1.045
1.103
18.057 - 1 2 . 8 5 9
107 - 2 . 1 6 0
-1.486
1.437
2.195 - 2 . 7 1 1
-63
1.476
-6.439
12.842
7.339
285
7.054
2.029
809
1.135
-89
3.170
-3.072
222
-3.294
2.862
718
-697
489
-6.666
29.191 -14.318
-502
1.742
27.449 -13.816
8.425 -1.362
-1.128
1.815
993 - 1 . 0 2 5
17
1.201
15.015 - 1 0 . 3 1 8
13.9
•3
13.6
9.8
2.6
1.2
.5
-.5
16.1
•6
15.6
10.9
2.9
-.2
•8
1.2
7.3
.3
7.0
2.4
.7
1.4
-.4
2.8
9.9
•5
9.4
8.8
1.1
-2.9
•5
1.9
14.4
-.2
14.6
9.0
1.7
1.0
.9
2.0
2
3
4
5
6
7
8
9
-834
7.032
1.316
-2.708
1.1
-1.3
•6
2.5
19.257 - 1 4 . 7 3 8
-241
4.118
-100
163
-88
178
-53
3.777
14.371
7.605
4.784
165
2.656
-1.756
744
264
-26
506
24.673 -17.026
2.442 - 3 . 7 2 3
-2.613
-1.663
-196
112
-914
4.193
15.0
2.9
.9
*
7.9
3.3
.6
-.1
2.6
12.4
3.1
-.4
2.0
14.8
1.5
-1.1
.1
2.5
15.139 - 1 4 . 4 9 7
-734
-66
-957
925
14.280 -12.806
6.766
2.248
120
4.398
-2.500
1.052
248
-3.800
22.231 -13.303
-95
-2.o55
1.630
-306
23.256 - 1 2 . 9 0 2
12.1
.2
.3
11.5
13.3
-.2
.5
13.0
4.6
97
-4.518
3 . 1 10
3.5
17.5
4.4
.9
.1
3.4
11
12
13
14
15
•4
4.2
*
9.3
2.9
•6
5.9
13.1
2.2
-.3
11.2
16
17
18
19
2
3
4
5
*
TIME DEPOSITS AND SAVINGS ACCOUNTS
1 NET CHANGE - TOTAL
24.422
22.801
20.614
36.069
36.249
2
3
4
5
12.023
7.782
-1.134 -10.481
13.066
19.106
91
-843
7.452
-1.870
9.232
90
6.243
-4.737
11.075
-95
19.020
-417
19.239
198
14.129
-3.654
17.862
-79
23.9
4.7
19.1
.1
20.7
3.1
17.4
.2
-9.5
-12.5
2.9
.2
36.0
15.2
22.4
•4
41.4
8.7
32.4
.3
11.291
662
895
-361
-78
7.732
835
1.333
-1.424
48
11.763
898
-2.902
-615
104
6.404
410
992
-823
-154
10.602
3.250
2.676
954
161
12.218
2.375
713
-1.317
-171
18.7
1.1
2.4
1.3
18.1
-.6
3.2
-.3
.1
.7
-5.4
-5.9
1.4
-.2
27.0
1.7
10.0
-1.7
•3
28.1
6
4.2
7
7.2
8
.3
9
. 1 10
-386
146
-20
-335
-177
-742
-14
0
-298
-430
-1.796
-1.336
0
-414
-46
-586
-653
0
211
-144
1.377
1.003
0
423
-49
311
150
0
168
-7
.4
.1
•
•3
.2
.1
-.1
. 2*
-
-.1
.7
.4
•2
.1
12.399
2.313
1.244
8.842
8.828
14
22.477
4.217
1.942
16.318
15.364
954
15.349
2.786
1.720
10.843
10.805
38
14.371
2.714
761
10.896
12.080
-1.184
17.049
3.287
1.532
12.230
12.014
216
22.120
3.826
2.193
16.101
14.852
1.249
16.8
5.1
1.0
10.6
10.5
•2
12.8
4.2
1.2
7.4
7.5
-.2
7.9
2.6
1.4
3.9
4.4
-.4
23.676
29.255
27.074
21.959
27.435
33.089
35.3
31.1
9.1
6
7
8
9
10
11
12
13
14
15
COMMERCIAL BANKING LIABILITY
LARGE NEGOTIABLE GO'S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.
ACQUIRED BYX
HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
STATE + LOCAL GOVERNMENTS
FOREIGN
U . S . GOVERNMENT
FINANCIAL INSTITUTIONS
SVGS.+LN. ASSOC.
MUTUAL SAVINGS BANKS
PRIVATE PENSION FUNDS
MONEY MARKET FUNDS
16
17
18
19
20
21
AT SAVINGS INSTITUTIONS
MUTUAL SAVINGS BANKS
CREDIT UNIONS
SAVINGS • LOAN ASSNS.
HELD BY: HOUSEHOLDS
CREDIT UNIONS
HE HO: TOTAL OF HOUSEHOLDS
22
TIME • SAVINGS ACCOUNTS
30.259
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
-
*
*
-
1.5
1.7
.2
-.4
-
11
12
13
14
15
17.0
4.4
1.7
10.9
10.5
.4
40.5
9.9
2.9
27.8
26.9
.9
16
17
18
19
20
21
43.6
6 7 . 8 22
-
MAY 9 , 1977
MONEY AND DEPOSITS SUMMARY
MONEY AND DEPOSITS SUMMARY
MONEY STOCK AND TIME AND SAVINGS ACCOUNTS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 |
I
IV I
1976
II
III
I
1977
IV I
I
DEMAND DEPOSITS AND CURRENCY
8.0
2
3
4
5
6
7
8
9
24.4
1.6
22.8
14.6
1.7
1.6
1.2
3.8
18.2
2.9
15.3
12.5
•6
-.5
1.1
1.6
11.7
2.9
8.7
5.0
-2.4
-.6
.5
6.3
13.3
.1
13.2
6.7
2.9
.3
1.3
1.9
19.6
1.2
18.4
11.2
1.9
-1.3
1.5
5.1
3.2
1.7
1.5
-10.1
2.1
.1
5.2
4.1
9.9
31.1
21.2
27.3
9.9
-2.3
12.2
8.9
3.4
-7.4
-3.7
11.0
8.5
1.0
7.5
4.1
6.0
1.6
3.2
-7.4
18.4
2.1
16.3
13.1
-10.9
5.0
1.8
7.2
41.0
4.0
37.0
19.0
8.8
-4.3
4.8
8.7
6.3
-.8
10
-.4
-1.5
-4.6
2.8
3.0
4.8
22.6
2.9
11
12
13
14
15
24.0
3.2
-1.1
-.1
4.4
16.6
3.4
-.5
-.1
3.9
7.0
7.0
.4
.2
6.3
16.1
10.6
4.5
8.0
10.8
3.5
.7
6.6
31.1
17.2
15.7
.7
6.2
22.6
10.6
3.1
.2
7.3
21.2
14.4
1.7
-.1
12.8
27.3
4.3
-4.2
.4
8.1
16
17
18
19
20.8
.7
1.7
18.4
13.3
-1.0
3.0
11.3
.1
-5.1
2.7
2.4
5.4
-1.7
.2
7.0
12.0
-.1
1.0
11.0
-2.8
1.3
1.0
-5.1
13.9
6.9
•3
6.8
1.1
2.2
3.4
23.0
-9.5
3.6
28.9
*
-2.0
4.7
3 . 0 NET CHANGE I N ASSETS
10.5
*
10.5
8.2
7.9
-1.5
-5.3
1.2
MONEY STOCK
REST OF THE WORLD
DOMESTIC SECTORS
HOUSEHOLDS
NONFINANCIAL BUSINESS
ST.+LOC. GOVERNMENTS
FINANCIAL SECTORS
NAIL FLOAT
-7.4
U . S . GOVERNMENT
3 . 0 NET CHANGE IN BKG. SYSTEM LIAB
-7.8
MONETARY AUTHORITIES
-11.1
U . S . GOVT. CASH • DEPOSITS
-.8
FOREIGN DEPOSITS
4.1
CURRENCY
10.8
3.6
.8
6.4
COMMERCIAL BANKING
U.S. GOVERNMENT DEPOSITS
FOREIGN DEPOSITS
PRIVATE DOMESTIC
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
TIME DEPOSITS AND SAVINGS ACCOUNTS
1 1 4 . 5 NET CHANGE -
89.9
109.7
85.3
111.3
2
3
4
5
42.3
9.8
33.0
-.5
50.9
20.0
30.3
.6
57.0
28.5
28.3
.2
30.1
-10.1
39.7
.5
40.5
-17.5
58.7
-.7
50.9
-4.5
55.1
.4
19.1
-41.9
64.4
-3.4
27.5
-7.5
34.6
.4
36.3
-18.9
55.7
-.4
79.1
-1.7
80.0
.8
43.8
-14.6
58.7
-.3
6
7
8
9
10
25.6
6.0
6.8
2.8
.1
39.5
1.1
7.2
3.0
-.2
35.5
3.8
5.7
7.0
25.7
1.9
-2.0
.7
.1
36.5
5.4
2.1
-1.9
.2
49.7
5.9
-1.4
-1.4
-.3
23.3
-1.9
6.1
-5.7
.2
44.9
2.3
-10.5
-2.5
.4
30.7
5.0
6.9
-3.3
-.6
47.1
16.2
5.8
3.8
.6
40.2
4.3
3.9
-5.3
-.7
11
12
13
14
15
1.1
1.0
.2
.3
-.7
.2
.8
4.9
.4
.2
2.7
1.6
3.7
4.4
.1
-1.3
.5
-1.7
-1.0
-1.5
.6
-.1
-1.3
-.7
-3.0
-.1
-7.2
-5.3
-2.3
-2.6
5.5
4.0
1.2
.6
-1.2
-1.7
-1.7
-.2
.8
-.6
1.7
-.2
16
17
18
19
20
21
46.0
10.2
3.3
32.6
31.9
•6
27.8
4.7
2.9
20.2
20.8
-.6
22.1
3.1
3.0
16.0
16.3
-.3
59.8
11.2
5.5
43.1
42.5
.6
69.2
13.0
6.0
50.3
50.3
51.6
8.7
5.4
37.5
37.7
-.2
73.5
13.8
6.3
53.4
53.6
-.2
57.9
10.0
5.2
42.7
42.5
.2
75.0
15.7
5.7
53.6
53.6
70.6
12.5
6.6
51.5
51.3
.2
22
71.0
67.9
57.9
84.9
105.7
102.6
105.6
*
-
*
-
BILLIONS OF DOLLARS.
-
-.1
-.7
*
101.5
1 / 7 7 BASED ON INCOMPLETE INFORMATION.
—
—
—
*
—
—
.7
*
70.7
12.2
7.2
51.3
51.0
.4
TOTAL
COMMERCIAL BANKING L I A B I L I T Y
2
LARGE NEGOTIABLE CD'S
3
OTHER AT COMMERCIAL BANKS
4
AT FOREIGN BANKING AGS.
5
ACQUIRED BY:
HOUSEHOLDS
6
NONFIN. CORPORATE BUSINESS
7
STATE • LOCAL GOVERNMENTS
8
FOREIGN
9
U . S . GOVERNMENT
10
FINANCIAL INSTITUTIONS
SVGS.+LN. ASSOC.
MUTUAL SAVINGS BANKS
PRIVATE PENSION FUNOS
MONEY MARKET FUNOS
AT SAVINGS INSTITUTIONS
MUTUAL SAVINGS BANKS
CREDIT UNIONS
SAVINGS • LOAN ASSNS.
HELD BY: HOUSEHOLDS
CREDIT UNIONS
MEMO: TOTAL OF HOUSEHOLDS
TIME • SAVINGS ACCOUNTS
11
12
13
14
15
16
17
18
19
20
21
22
MAY 9, 1977
U.S. GOVT. SECURITIES
U.S. GOVT. SECURITIES
U.S. GOVERNMENT SECURITIES MARKET SUMMARY
UNADJUSTED NET FLOWS t$ MILL.)
UNADJUSTED NET FLOWS C$ MILL.)
1975
IV
|
I
1976
I
III
II
1
1977 1
|
I 1
IV
1967
BILLIONS OF DOLLARS
1968
1970
1969
1971
TOTAL NET ISSUES* BY SECTOR AND TYPE
1 TOTAL U.S.GOVERNMENT SECUR.
U . S . GOVERNMENT
2
SPON. AGENCIES + MTG.POOLS
3
BY INSTRUMENT:
TREASURY ISSUES
4
HOUSEHOLD SAVINGS BONOS
5
TREAS. EXCL. SAVINGS BONDS
6
7
8
9
10
11
OTHER
BUDGET AGENCY ISSUES
LOAN PARTICIPATIONS ( 1 )
SPONS. AGENCY ISSUES
MORTGAGE POOL SECUR.
(2)
(2)
30.403
25.923
4.480
27.967
24.173
3.794
13.508
9.440
4.068
23.110
18.060
5.050
22.612
17.445
5.167
23.432
17.660
5.772
13.2
13.1
.1
17.4
13.6
3.8
6.2
-3.6
9.7
21.7
11.9
9.8
30.7
24.8
5.9
1
2
3
25.925
956
24.969
24.117
1.097
23.020
9.398
1.161
8.237
17.775
1.302
16.473
17.849
1.095
16.754
17.813
1.180
16.633
8.9
1.0
7.9
10.5
.6
9.8
-1.3
-.1
-1.2
12.9
.3
12.6
26.0
2.3
23.7
4
5
6
4.478
23
-25
3.850
55
1
4.110
63
-21
5.335
320
-35
4.763
-378
-26
5.619
-14
-139
4.3
.1
4.0
6.9
1.5
1.7
7.4
-.4
-1.9
8.8
.3
-1.3
4.7
•6
-1.8
7
8
9
1.825
2.655
248
3.546
527
3.541
1.315
3.735
326
4.841
762
5.010
-.6
.7
3.2
.5
9.1
.7
8.2
1.6
1 . 1 10
4 . 8 11
TOTAL NET PURCHASES, BY SECTOR ANDi TYPE
30.403
27.967
13.508
23.110
798
SPONSORED CREDIT AGENCIES
TREASURY MARKETABLE
FHLB SPECIAL ISSUE
AGENCY SECURITIES
994
-64
-89
0
25
999
3
4
5
6
1.104
1.158
-238
-246
0
8
841
336
358
0
-22
7
8
9
FEDERAL RESERVE SYSTEM
TREASURY ISSUES
AGENCY ISSUES
835
460
375
2.523
1.819
4.881
4.693
4.748
4.778
1.001
1.620
1.631
870
131
499
1.121
756
875
4.879
2.124
2.755
27.637
24.553
3.084
21.721
19.520
2.201
6.436
3.320
3.116
7.175
7.682
1.097
6.585
-507
1 TOTAL HOLDINGS* BY SECTOR
2
U.S. GOVT. (AGENCY SEC.)
10
11
12
FOREIGN
SHORT-TERM MARKETABLE
OTHER
13
14
15
TOTAL PRIVATE DOMESTIC
TREASURY ISSUES
AGENCY ISSUES
7
8
9
-.5
3.544
2.1
.8
1.3
-1.8
-2.2
12.306
7.760
4.546
19.919
16.375
3.544
18.561
13.728
4.853
6.3
2.0
4.3
14.1
7.3
6.8
1.427
-832
1.161
-1.993
2.259
6.602
3.103
1.302
1.801
3.499
4.369
2.699
1.095
1.604
1.670
10.658
9.461
1.180
8.281
1.197
-1.1
-2.1
8.6
4.7
.6
4.1
3.9
17.5
10.5
-7.1
-9.2
-.1
•3
10.6
-9.5
2.137
2.580
1.097
1.483
-443
-2.184
-2.961
1.161
-4.122
4.871
3.650
1.302
2.348
1.221
-4.712
-5.477
1.095
-6.572
4.438
4.795
1.180
3.615
-357
1.6
1.2
1.0
6.3
4.9
.6
4.2
1.4
10.8
-6.2
-12.8
743
811
-68
1.049
4.844
5.439
-595
1.170
1.116
-2.5
-2.4
•8
.3
.4
1.9
1.7
.2
2.2
2.6
-.5
2 . 5 26
2 . 8 27
- . 3 28
2.866
1.318
1.550
4.237
2.737
1.500
5.050
3.550
1.500
-.3
-.8
.5
1.6
-.5
2.1
4.7
3.1
1.7
-1.2
-818
1.500
- 2 . 8 29
- 1 . 3 30
- 1 . 5 31
9.504
8.719
1.649
2.234
-385
9.5
6.5
3.0
3.3
2.1
1.3
-10.0
-9.7
10.8
785
-.3
6.9
3.8
9.315
1.949
-10.1
10.9
-90
-10
9.3
.1
3.3
169
20
6.046
4.957
1.089
6.074
2.033
4.041
12
29
30
31
S . • L . GOVERNMENTS
TREASURY ISSUES
AGENCY ISSUES
1.990
1.518
3.369
3.319
472
50
8.406
8.081
5.678
5.497
188
777
-30
271
778
682
181
1.888
2.164
-276
2.546
1.758
8.366
5.621
1.718
31
9
99
-42
199
-29
2.669
-155
6.711
5.285
1.426
8.866
6.341
2.527
3.121
1.988
1.133
790
34
3.156
2.899
257
20
-54
765
(1) WHERE NOT SHOWN SEPARATELY* LOAN PARTICIPATIONS ARE INCLUDED WITH
AGENCY ISSUES.
(2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIOE THE U.S. GOVERNNENT
SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET
DEBT OF FINANCIAL INSTITUTIONS.
1/77 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION.
8.7
8.1
.6
6.454
3.909
2.545
1.669
1.783
-114
PRIVATE NONBANK FINANCE
TREASURY ISSUES
AGENCY ISSUES
1
2
3
4
5
6
3.490
704
8.401
8.389
38
39
40
•
*
*
30.7
*
-.5
-.6
-.1
*
4.2
4.2
NONFIN. CORPORATE BUSINESS
TREASURY ISSUES
AGENCY ISSUES
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS I N U . S . POSSESSIONS
-.1
1.1
1.1
-.2
-.6
-.6
.3
-
26
27
28
35
36
37
21.7
-1.3
3.8
3.8
•
2.129
1.280
325
6.2
.1
-.1
-.1
4.8
4.8
HOUSEHOLDS
TOTAL TREASURY ISSUES
SAVINGS BONDS
OTHER TREASURY ISSUES
AGENCY ISSUES
COMMERCIAL BANKING
TREASURY ISSUES
AGENCY ISSUES
17.4
-.1
-1.237
-909
-328
21
22
23
24
25
32
33
34
13.2
-2.183
-2.203
12.520
11.187
956
324
849
23.432
1.000
-1.366
-1.460
-.9
PRIVATE DOMESTIC NONFINAN.
TOTAL TREASURY ISSUES
SAVINGS BONDS (HH)
OTHER TREASURY ISSUES
AGENCY ISSUES
10.231
1.333
286
187
0
99
0
94
0
-54
16
17
18
19
20
956
22.612
1.100
54
*
1.0
-3.1
1.0
•2
.5
*
*
-2.1
-2.4
.3
*
-1.7
1.2
*
*
2.1
.5
1.6
*
-
*
5.0
5.0
"
9.1
7.8
1.3
2 6 . 3 10
13.9 11
12.4 12
5.6
6.6
-3.1
-2.3
- 3 . 7 13
- 7 . 8 14
4 . 1 15
.4
8.7
6.9
5.8
-.1
5.9
5.0
*
*
8.9
2.1
.3
-13.1
4.6
.9
-2.1
-.1
*
-1.8
-3.9
3.0
2.1
3.0
*
-10.8
-6.8
2.3
-9.1
-4.1
16
17
18
19
20
-10.5
-8.2
2.3
-10.5
-2.3
21
22
23
24
25
7.1 32
3 . 1 33
4 . 0 34
7 . 2 35
- . 2 36
•2 37
* 38
- 4 . 1 39
4 . 1 40
MAY 9 t 1 9 7 7
U . S . GOVT. SECURITIES
U . S . GOVT. SECURITIES
33
U . S . GOVERNMENT SECURITIES MARKET SUMMARY
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1976
I 1975 I
I
IV |
II
III
I
IV |
1977
I
TOTAL NET ISSUES, BY SECTOR AND TYPE
1
2
3
23.7
15.3
8.4
28.3
8.3
19.9
34.5
12.1
22.4
98.0
85.3
12.7
87.2
69.1
18.1
104.0
85.3
18.6
93.8
71.8
22.0
85.8
71.6
14.2
95.2
80.5
14.7
74.2
52.8
21.5
4
5
6
14.3
3.3
11.0
7.9
2.7
5.2
12.0
3.0
9.0
85.8
4.0
81.8
69.1
4.7
64.5
85.3
4.1
81.3
71.6
3.9
67.6
71.5
4.2
67.2
79.4
5.8
73.6
54.4
4.7
49.7
75.1 TOTAL U.S.GOVERNMENT SECUR.
44.8
U.S. GOVERNMENT
30.3
SPON. AGENCIES • NTG.POOLS
BY INSTRUMENTS
45.5
TREASURY ISSUES
4.2
HOUSEHOLD SAVINGS BONDS
41.2
TREAS. EXCL. SAVINGS BONDS
7
8
9
9.4
2.0
-.9
20.4
.7
-.3
22.4
.1
-.1
12.1
-.3
-.3
18.1
•1
-.1
18.6
.1
-.1
22.2
.2
14.4
.3
-.1
15.8
1.3
-.1
19.9
-1.5
-.1
29 7
-.1
-.6
LO
11
3.5
4.9
16.3
3.6
16.6
5.8
2.3
10.3
2.4
15.7
8.0
10.6
7.8
14.2
-.3
14.9
2.1
19.4
10.3
20.0
95.2
3.4
4.1
4.2
74.2
4.4
-.2
-.6
7 5 . 1 1OTAL HOLDINGS, BY SECTOR
U . S . GOVT. (AGENCY S E C . )
4.0
SPONSORED CREDIT AGENCIES
-7.7
TREASURY MARKETABLE
-8.1
FHLB SPECIAL ISSUE
.4
AGENCY SECURITIES
TOTAL
1
2
3
4
5
6
23.7
*
-1.2
-1.2
-.1
*
28.3
*
- . 1*
. 1*
34.5
2.5
.4
.3
—
.1
NET PURCHASES*
98.0
4.5
1.5
1.5
—
•
87.2
3.7
1.5
1.5
—
*
BY S E C T O R
*
OTHER
BUDGET AGENCY ISSUES
LOAN PARTICIPATIONS 11}
SPONS. AGENCY ISSUES (2)
MORTGAGE POOL SECUR. (2)
7
8
9
10
11
AND T Y P E
.04.0
4.0
-1.4
-1.5
—
.1
93.8
4.0
2.1
2.3
-
-.2
85.8
3.2
-.1
-.2
—
*
-
-.1
—
.4
—
1
2
3
4
5
6
7
8
9
.4
-.3
.7
9.3
8.6
.7
5.2
2.0
3.2
8.4
7.4
1.0
10.0
9.1
.9
5.6
4.1
1.5
9.4
6.6
2.8
18.1
17.4
.8
18.3
18.4
-.1
-6.0
-6.1
.1
-5.7
-4.4
-1.3
FEDERAL RESERVE SYSTEM
TREASURY ISSUES
AGENCY ISSUES
10
11
12
8.4
1.3
7.2
.3
-5.7
6.1
3.7
7.6
-3.9
8.1
6.6
1.5
11.6
3.3
8.3
6.1
5.6
.5
9.1
4.6
4.5
7.5
4.0
3.5
13.9
2.9
11.0
15.9
1.7
14.2
29.6
19.4
10.2
FOREIGN
SHORT-TERM MARKETABLE
OTHER
10
11
12
13
14
15
16.1
7.4
8.7
18.7
-.9
19.6
22.6
6.0
16.6
75.5
68.8
6.7
60.4
47.0
13.4
89.7
76.6
13.0
69.1
53.5
15.6
57.1
46.7
10.4
55.5
42.8
12.7
60.1
45.1
15.0
54.9
28.3
26.6
TOTAL PRIVATE DOMESTIC
TREASURY ISSUES
AGENCY ISSUES
13
14
15
16
17
18
19
20
4.2
4.8
3.3
1.6
-.7
19.4
11.6
2.7
8.9
7.8
17.9
9.5
3.0
6.5
8.4
23.0
25.8
4.0
21.7
-2.8
19.6
12.7
4.7
8.0
6.9
52.3
44.8
4.1
40.8
7.5
14.1
11.2
3.9
7.3
2.9
29.0
20.9
4.2
16.6
8.1
15.2
7.1
5.8
1.3
8.1
20.1
11.5
4.7
6.8
8.6
27.1
16.9
4.2
12.7
10.2
PRIVATE DOMESTIC NONFINAN.
TOTAL TREASURY ISSUES
SAVINGS BONDS (HH)
OTHER TREASURY ISSUES
AGENCY ISSUES
16
17
18
19
20
21
22
23
24
25
-.5
3.0
3.3
-.2
-3.5
16.3
17.0
2.7
14.3
-.7
7.2
9.2
3.0
6.2
-2.0
5.7
10.5
4.0
6.4
-4.8
.1
-2.2
4.7
-6.9
2.3
20.7
15.2
4.1
11.1
5.5
-.6
-3.8
3.9
-7.7
3.2
6.2
4.0
4.2
-.2
2.2
2.5
3.5
5.8
-2.2
-1.1
-7.5
-12.5
4.7
-17.1
5.0
7.0
3.1
4.2
-1.1
3.9
HOUSEHOLDS
TOTAL TREASURY ISSUES
SAVINGS BONDS
OTHER TREASURY ISSUES
AGENCY ISSUES
21
22
23
24
25
26
27
28
-2.4
-2.6
.1
-3.8
-5.3
1.5
3.5
2.1
1.4
8.2
9.0
-.7
8.3
8.3
25.2
25.2
•
5.3
5.7
-.5
6.8
7.1
-.3
9.0
5.9
3.1
12.1
14.4
-2.4
4.3
4.1
.2
29
30
31
7.1
4.4
2.7
6.9
-.1
7.0
7.3
-1.8
9.0
9.1
6.3
2.7
11.2
6.6
4.6
6.4
4.5
1.9
9.5
9.3
.2
16.0
9.8
6.2
3.7
-2.3
6.0
15.5
9.5
6.0
15.7
9.7
6.0
32
33
34
6.5
2.4
4.1
-1.3
-8.8
7.6
1.0
-2.6
3.6
30.1
28.8
1.4
19.6
18.1
1.5
12.3
12.6
-.3
22.9
20.0
2.9
16.2
18.0
-1.8
21.3
18.3
3.0
18.4
16.5
1.8
6.9
6.2
.7
35
36
37
6.0
.3
.2
-1.3
.1
-.1
1.2
.1
-.2
30.3
-.3
.1
19.3
•3
12.1
.1
22.6
•4
-.2
15.5
.8
-.1
21.8
-.6
.1
17.6
.7
.1
7.3
-.4
38
39
40
5.5
.2
5.3
•6
-3.7
4.2
3.7
-.9
4.6
22.4
14.3
8.1
21.2
16.2
5.0
32.1
22.3
9.8
12.0
7.9
4.1
19.1
17.4
1.7
21.6
17.1
4.5
21.0
5.2
15.8
*
*
*
25.1
19.2
5.9
*
NONFIN. CORPORATE BUSINESS 2 6
27
TREASURY ISSUES
28
AGENCY ISSUES
S . • L . GOVERNMENTS
TREASURY ISSUES
AGENCY ISSUES
COMMERCIAL BANKING
TREASURY ISSUES
AGENCY ISSUES
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS I N U . S . POSSESSIONS
PRIVATE NONBANK FINANCE
TREASURY ISSUES
AGENCY ISSUES
(1) WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH
AGENCY ISSUES.
(2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT
SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET
DEBT OF FINANCIAL INSTITUTIONS.
BILLIONS OF DOLLARS.
1/77 BASED ON INCOMPLETE INFORMATION.
7
8
9
29
30
31
32
33
34
35
36
37
38
39
40
HAY 9 . 1977
U . S . GOVT. SECURITIES (CONTINUED)
34
U . S . GOVT. SECURITIES
(CONTINUED)
NET PURCHASES OF U.S. GOVERNMENT SECURITIES BY NONBANK FINANCIAL INSTITUTIONS
UNADJUSTED NET FLOWS (S MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1975 I
IV |
I
1976
II
III
| 1977 I
IV |
II
1967
BILLIONS OF OOLLARS
1968
1969
1970
1971
1 TOTAL* ALL PVT. NONBANK FIN.
2
TREASURY ISSUES
3
AGENCY ISSUES
6.711
5.285
1.426
8.868
6.341
2.527
3.121
1.988
1.133
3.156
2.899
257
6.046
4.957
1.089
6.074
2.033
4.041
-2.1
-2.4
.3
2.1
.5
1.6
-1.8
-3.9
2.1
4
5
6
SAVINGS • LOAN ASSOCIATIONS
TREASURY ISSUES
AGENCY ISSUES
2.495
1.762
733
2.948
2.028
920
1.631
1.191
440
-508
-638
130
872
1.696
-824
3..676
1 .056
2 .620
1.7
1.5
.2
.5
.4
.1
-.3
-1.5
1.2
3.0
•6
-1.3
1.9
7
8
9
MUTUAL SAVINGS BANKS
TREASURY ISSUES
AGENCY ISSUES
814
461
353
1.631
712
919
949
183
766
808
216
592
655
-11
666
1..333
510
823
-.3
-.4
•2
-.1
-.5
•4
-.5
-.6
.2
.4
-.1
•4
.9 7
.1 8
•8 9
10
11
12
CREDIT UNIONS
TREASURY ISSUES
AGENCY ISSUES
413
116
297
362
97
265
-75
-16
-59
268
227
41
458
305
153
153
60
93
.1
.2
.3
.2 10
* 11
•2 12
13
14
15
LIFE INSURANCE
TREASURY ISSUES
AGENCY ISSUES
1.052
915
137
614
357
257
-177
-230
53
577
287
290
209
6
203
422
294
128
-.2
-.2
•1
-.2
-.2
.1
•3
.2
.1
.3
.1
-.2
-.3
.1
•1
-.1
.1
-.1 13
-.2 14
.1 15
16
17
18
PRIVATE PENSION FUNOS
TREASURY ISSUES
AGENCY ISSUES
1.362
1.458
-96
1.579
1.426
153
899
931
-32
871
1.532
-661
III
775
708
67
-.4
-.3
-.1
.4
.4
.1
.2
-.1
.3
-.3 16
* 17
-.3 18
19
20
21
S. • L . GOVT., RTR. FUNDS
TREASURY ISSUES
AGENCY ISSUES
-112
-204
92
433
320
113
550
450
100
550
450
100
400
300
100
750
500
250
-.8
-1.0
•1
.4
-.2
•6
-.2
.2
-.3
-.5
.2
-.4
-.3
-.1
-1.2 19
-1.2 20
.1 21
22
23
24
OTHER INSURANCE COMPANIES
TREASURY ISSUES
AGENCY ISSUES
635
725
-90
640
740
-100
155
290
-135
400
635
-235
400
415
-15
360
300
60
-.8
-.7
-.1
-.1
-.4
.2
-.3
-.5
.2
-.1
25
26
INVESTMENT COS. (TREASURY)
MONEY MARKET FUNOS ( T R t A S )
SECURITY BROKERS •
DEALERS (TREASURY)
-427
331
369
199
-239
-383
172
113
-282
123
14
63
-.5
.2
-.5
.2
-.3 25
- 26
148
93
-189
-95
2.611
-1 .472
-.8
•8
1.7
-1.6 27
27
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
*
•
*
3.0
*
*
*
*
-4.1
4.1
1
2
3
2.3
-.8
3.0
4
5
6
.1 22
-.2 23
.3 24
MAY 9, 1977
U.S. GOVT. SECURITIES (CONTINUED)
U.S. GOVT. SECURITIES (CONTINUED)
35
NET PURCHASES OF U.S. GOVERNMENT SECURITIES BY NONBANK FINANCIAL INSTITUTIONS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1
2
3
1972
5.5
.2
5.3
1973
•6
-3.7
4.2
1974
3.7
-.9
4.6
1975
22.4
14.3
8.1
1976
21.2
16.2
5.0
4
5
6
1.9
-.5
2.4
-.1
-2.4
2.3
1.1
-.2
1.2
6.4
2.3
4.1
4.9
4.3
.7
7
8
9
1.4
.2
1.1
-.5
-.5
.1
-.2
-.4
.2
3.9
2.2
1.7
10
11
12
.5
.5
.2
.3
.7
.3
.4
13
14
15
•1
-.2
-.4
.1
*
.6
*
I 1975 |
I
IV I
25.1
19.2
5.9
1976
I 1977
IV I
I
21.6
21.0 TOTAL, ALL PVT. NONBANK FIN.
17-1
5.2
TREASURY ISSUES
4.5
15.8
AGENCY ISSUES
1
2
3
SAVINGS • LOAN ASSOCIATIONS
TREASURY ISSUES
AGENCY ISSUES
4
5
6
MUTUAL SAVINGS BANKS
TREASURY ISSUES
AGENCY ISSUES
7
8
9
I
32.1
22.3
9.8
II
12.0
7.9
4.1
III
19.1
17.4
1.7
8.2
5.3
2.9
10.2
6.5
3.7
5.2
3.4
1.8
3.4
2.8
.5
1.1
4.4
-3.3
13.1
2.7
10.5
4.0
1.1
2.9
4.2
2.5
1.6
5.3
2.0
3.3
3.0
.4
2.6
4.4
1.4
3.0
3.5
.7
2.8
4.1
1.2
2.9
1.7
.5
1.2
1.0
.6
.4
1.7
•5
1.2
1.4
.4
1.1
-.3
-.1
-.2
1.1
.9
.2
1.8
1.2
.6
.6
.2
.4
CREDIT UNIONS
TREASURY ISSUES
AGENCY ISSUES
10
11
12
.1
-.1
•2
1.7
1.4
.4
1.2
.4
.8
4.0
3.4
•5
1.9
.8
1.0
.2
*
.2
2.3
1.1
1.2
.6
-.2
.8
1.1
.6
.5
LIFE INSURANCE
TREASURY ISSUES
AGENCY ISSUES
13
14
15
.7
.2
.5
1.1
-.1
1.3
5.2
4.8
•4
3.9
3.7
.3
5.3
5.7
-.4
6.3
5.7
.6
3.9
4.1
-.1
3.3
6.0
-2.6
2.3
-1.0
3.2
3.1
2.9
.3
PRIVATE PENSION FUNDS
TREASURY ISSUES
AGENCY ISSUES
16
17
18
•2
-.8
1.0
1.2
.6
.7
1.9
1.5
.4
-.4
-.8
.4
1.7
1.3
.5
2.2
1.8
.4
2.2
1.8
.4
1.6
1.2
.4
3.0
2.0
1.0
S. • L. GOVT., RTR. FUNDS
TREASURY ISSUES
AGENCY ISSUES
19
20
21
•4
*
.4
1.5
1.9
-.4
1.6
2.1
-.5
2.0
2.3
-.4
2.7
3.1
-.4
1.0
1.6
-.5
1.7
2.6
-.9
1.0
1.1
-.1
1.5
1.3
.2
OTHER INSURANCE COMPANIES
TREASURY ISSUES
AGENCY ISSUES
22
23
24
•5
-.1
.1
.8
.1
-1.7
1.3
1.5
.8
-1.0
-1.5
.7
.5
-1.1
.5
.1
.3
25
26
.2
-.1
2.4
.6
.4
-.8
-.4
10.4
-5.9
INVESTMENT COS. (TREASURY)
MONEY MARKET FUNDS (TREAS)
SECURITY BROKERS •
DEALERS (TREASURY)
16
17
18
.1
1.0
.9
.1
19
20
21
.2
-.4
.6
-.2
-1.1
•9
22
23
24
•1
-.3
.4
-.1
25
26
.1
27
.2
*
BILLIONS OF DOLLARS.
*
*
1/77 BASED ON INCOMPLETE INFORMATION.
27
MAY 9 , 1 9 7 7
PRIVATE SECURITIES
36
PRIVATE SECURITIES
STATE • LOCAL GOVERNMENT* CORPORATE* AND FOREIGN SECURITIES
UNADJUSTED NET FLOWS (S M I L L . )
UNADJUSTED NET FLOWS (S M I L L . )
1975 |
IV I
1976
II
III
I
IV |
BILLIONS OF DOLLARS
1968
1969
1970
1977 I
II
STATE AND LOCAL GOVERNMENT SECURITIES
1 NET CHANGE I N L I A B I L I T I E S
2
STATE • LOCAL GOVERNMENTS
3
SHORT-TERM
4
OTHER
5
NONFIN. CORPORATE BUSINESS
(POLLUTION CONTROL)
4.445
3.687
-463
4.150
758
2.128
1.821
-2.466
4.287
307
6.851
6.349
1.194
5.155
502
5.167
4.294
-32
4.326
873
3.080
2.277
-2.301
4.578
803
3.297
2.734
-1.125
3.. 8 5 9
563
7.8
7.8
1.8
5.9
6 NET CHANGE IN ASSETS
7
HOUSEHOLDS
8
NONFIN. CORPORATE BUSINESS
9
ST.+LOC. GOVT, GEN. FUNDS
4.445
779
-219
1.156
2.128
1.743
-583
500
6.851
1.234
-298
351
5.167
3.054
-225
275
3.080
399
44
599
3.. 2 9 7
1.562
31
9
7.8
-2.2
-.3
481
0
50
-1.759
1
322
2.924
24
470
646
24
22
1.042
16
58
150
15
58
9.1
343
1.300
511
44
508
500
766
130
180
1.125
768
73
168
100
1.025
78
187
-275
1.021
-11
149
0
1.. 2 1 2
111
-.1
-.1
1.4
10
11
12
COMMERCIAL BANKING
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
13
14
15
16
LIFE INSURANCE COMPANIES
ST.+LOC. GOVT* RTR. FUNDS
OTHER INSURANCE COMPANIES
BROKERS • DEALERS
—
-
9.5
9.5
.1
9.4
""
9.5
-.7
.5
*
*
*
8.6
.1
*
*
1 . 0*
*
9.9
9.9
2.8
7.2
—
11.2
11.2
2.3
8.9
~
17.5
17.4
2.5
14.9
.1
1
2
3
4
5
9.9
9.1
-1.0
.1
11.2
-.8
-.6
.1
17.5
-.3
1.0
-.3
6
7
8
9
•6
10.7
12.6
10
*
*
*
-.1
*
*
* 11
12
.2
•1
-.3
1.5
•6
•1
•1
3.9
.1
13
14
15
16
13.8
12.0
1.0
-.2
.9
•1
23.3
19.8
.9
.1
2.1
.5
23.5
18.8
•9
.9
2.5
.4
1
2
3
4
5
6
1.2
-.2
CORPORATE AND FOREIGN BONDS
8.586
5.825
2.418
49
315
-21
9.835
6.471
2.350
171
966
-123
8.684
4.957
1.311
251
2.141
24
9.223
5.697
2.576
99
910
-59
9.219
5.706
2.123
161
1.235
-6
7.929
4.785
1.250
289
1.615
-10
16.6
14.7
1.2
.3
.4
7 NET PURCHASES
8
HOUSEHOLDS
9
REST OF THE WORLD
10
COMMERCIAL BANKING
11
MUTUAL SAVINGS BANKS
8.586
86
573
291
590
9.835
2.204
137
-127
1.131
8.684
3.452
349
-183
663
9.223
1.117
287
-114
380
9.219
-864
148
-151
625
7.929
1.986
150
-44
314
16.6
4.0
-.1
.8
2.1
14.4
4.2
.2
.3
1.3
13.8
5.4
•5
-.1
.3
23.3
9.5
.7
.8
1.2
7
23.5
6
8.3
9
.3
1 . 2 10
3 . 9 11
12
13
14
15
16
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
5.566
3.507
1.270
468
321
6.656
4.065
492
1.761
338
4.680
3.221
52
955
452
7.225
4.549
499
1.932
245
6.257
4.788
218
989
262
5.938
3.839
355
1.578
166
9.4
3.8
1.1
3.7
.7
8.2
3.7
.6
2.6
1.2
7.2
1.7
.6
4.0
.8
10.3
1.5
2.1
4.5
2.3
9 . 0 12
5 . 5 13
- . 7 14
3 . 9 15
. 3 16
17.
18
OPEN-END INVESTMENT COS.
BROKERS + DEALERS
179
1.301
694
-860
2
-279
624
-296
891
2.313
23
-438
.4
.4
-.2
.2
•4
.7
.1
. 6 17
. 1 18
6.5
5.9
.6
-.2
.2
-.1
.2
.4
10.1
4.9
5.2
3.4
•5
•
.5
.8
10.5
2.8
7.7
5.7
•1
.1
.4
1.5
15.0
1.3
13.7
11.4
*
.6
.6
1.0
1
2
3
4
5
6
7
8
15.0
-3.7
.8
*
•5
9
10
11
12
13
1 NET ISSUES
2
NONFIN. CORPORATE BUSINESS
3
REST OF THE WORLD
4
COMMERCIAL BANKS
5
FINANCE COMPANIES
6
REITS
14.4
12.9
1.1
•3
•2
-
-
*
CORPORATE EQUITIES
1 NET ISSUES
OPEN-END INVESTMENT COS.
OTHER SECTORS
NONFIN. CORPORATE BUSINESS
REST OF THE WORLD
COMMERCIAL BANKS
OTHER INSURANCE COMPANIES
REITS
9 NET PURCHASES
10
HOUSEHOLDS
11
REST OF THE WORLO
12
COMMERCIAL BANKING
13
MUTUAL SAVINGS BANKS
3.615
232
3.383
3.039
57
250
239
-202
3.925
358
3.567
3.152
110
250
239
-184
3.095
-860
3.955
3.505
46
250
239
-85
2.417
74
2.343
1.829
167
250
246
-149
3.226
776
2.450
2.038
-1
250
245
-82
1.755
645
1.110
540
100
250
250
-30
5.6
3.0
2.5
2.4
.1
3.615
-1.656
1.454
0
12
3.925
-670
1.494
0
5
3.095
424
780
0
21
2.417
53
342
0
-33
3.226
-1.858
131
0
70
1.755
-1.374
450
0
94
5.6
-4.2
.7
.1
.2
6.5
-6.5
2.1
.1
•3
10.1
-4.5
1.6
*
*
.1
.2
10.5
-.8
.7
.1
.3
14
15
16
17
18
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
2.934
335
1.732
872
-5
3.782
955
2.156
533
138
3.087
582
1.649
739
117
3.047
710
1.616
671
50
3.476
733
1.685
680
378
3.509
700
1.700
759
350
6.6
1.0
4.6
.7
.3
8.3
1.4
4.8
1.3
•8
10.7
1.7
5.4
1.8
1.8
8.9
2.0
4.6
2.1
.2
16.8 14
3 . 6 15
8 . 9 16
3 . 2 17
1.1 18
19
20
OPEN-END INVESTMENT COS.
BROKERS • DEALERS
-430
1.301
175
-861
-937
-280
-696
-296
-907
2.314
-485
-439
1.9
.4
2.5
-.2
1.7
.4
1.2
.1
. 4 19
. 1 20
1/77 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
MAY 9 , 1977
PRIVATE SECURITIES
PRIVATE SECURITIES
STATE • LOCAL GOVERNMENT. CORPORATE. AND FOREIGN SECURITIES
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 |
I
IV t
1976
II
III
I
IV |
1977
I
STATE AND LOCAL GOVERNMENT SECURITIES
1
2
3
4
5
15.4
14.9
.1
14.8
.5
16.3
14.5
.3
14.2
1.8
19.6
18.0
2.5
15.4
1.6
17.3
14.7
-2.0
16.7
2.6
17.2
14.7
-3.6
18.3
2.5
18.5
15.4
-1.2
16.7
3.0
9.3
8.1
-9.9
17.9
1.2
26.9
24.9
5.9
18.9
2.0
19.7
16.2
-1.8
18.1
3.5
13.0
9.8
-8.6
18.4
3.2
1 4 . 2 NET CHANGE I N L I A B I L I T I E S
11.9
STATE • LOCAL GOVERNMENTS
-4.4
SHORT-TERM
16.3
OTHER
2.3
NONFIN. CORPORATE BUSINESS
(POLLUTION CONTROL)
1
2
3
4
5
6
7
8
9
15.4
2.2
1.0
16.3
7.2
-.1
.4
19.6
11.2
.6
.4
17.3
8.7
-.2
1.5
17.2
6.4
-1.1
1.7
18.5
3.8
-.9
4.6
9.3
7.7
-2.3
2.0
26.9
4.5
-1.2
1.4
19.7
11.3
-.9
1.1
13.0
2.3
.2
2.4
1 4 . 2 NET CHANGE I N ASSETS
7.2
HOUSEHOLDS
.1
NONFIN. CORPORATE BUSINESS
*
ST.+LOC. GOVT. GEN. FUNDS
6
7
8
9
10
11
12
7.2
5.7
1.7
•6
.6
2.9
.1
.9
-7.0
*
*
*
-.7
5.5
.3
1.9
*
*
-.1
1.3
11.7
.1
1.9
2.6
.1
•1
4.2
.1
.2
4.8
-.1
3.6
.2
.8
1.9
1.8
-.1
1.0
1.5
3.6
•3
1.4
5.2
2.0
.2
2.1
2.0
3.1
.5
.6
4.5
3.1
.3
.7
.4
4.1
.3
.8
-1.1
4.1
13
14
15
16
*
.5
*
•3
-.7
2.5
-.4
—
•2
*
*
•6
.1
.2
COMMERCIAL BANKING
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
10
11
12
.7
LIFE INSURANCE COMPANIES
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
BROKERS • DEALERS
13
14
15
16
4.8
.4
CORPORATE AND FOREIGN BONDS
3.0
.6
23.9
19.7
2.1
.2
1.8
.2
36.3
27.2
6.2
.2
2.7
37.0
22.8
8.4
.7
5.3
-.2
34.9
25.0
9.7
.2
•2
-.1
39.9
25.8
9.4
.7
4.5
-.5
30.5
15.5
5.2
1.0
8.6
.1
39.9
25.4
10.3
.4
4.0
-.2
37.6
24.6
8.5
.6
3.9
13.6
.9
23.9
5.3
.9
36.3
10.4
.6
1.8
3.5
37.0
5.9
.9
-.6
2.8
34.9
7.3
2.3
1.2
2.4
39.9
4.1
.5
-.5
4.5
30.5
12.3
1.4
-.7
2.7
39.9
3.5
1.1
-.5
1.5
37.6
3.8
.6
-.6
2.5
3 2 . 1 NET PURCHASES
HOUSEHOLDS
3.1
REST OF THE WORLD
.6
COMMERCIAL BANKING
-.2
MUTUAL SAVINGS BANKS
1.3
10.0
7.0
-.8
4.5
-.7
17.1
4.0
4.7
6.4
2.0
19.1
9.1
2.8
5.0
2.2
24.8
16.6
1.3
5.6
1.3
22.3
14.0
5.1
1-9
1.3
26.2
15.9
2.0
7.0
1.4
17.9
12.1
.2
3.8
1.8
30.0
19.3
2.0
7.7
1.0
25.1
19.3
.9
4.0
1.0
23.3
14.9
1.4
6.3
.7
.2
.2
-.4
-.9
1.0
2.5
1.7
3.6
2.7
.1
4.0
1
2
3
18.4
12.2
1.0
4
1.1
5
6
3.6
.4
7
8
9
10
11
18.4
4.2
•1
1.7
2.1
12
13
14
15
16
13.6
9.2
1.0
*
2.8
2.2
*
32.1
18.8
5.0
1.2
7.2
*
ET ISSUES
NONFIN. CORPORATE BUSINESS
REST OF THE WORLD
COMMERCIAL BANKS
FINANCE COMPANIES
REITS
1
2
3
4
5
6
9
10
11
INSURANCE
L I F E INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
12
13
14
15
16
OPEN-END INVESTMENT COS.
BROKERS + DEALERS
17
18
CORPORATE EQUITIES
1
2
3
4
5
6
7
8
13.3
-.5
13.8
10.9
-.4
1.2
.5
1.7
9.2
-1.2
10.4
7.9
-.2
1.2
.5
1.0
4.9
-.5
5.4
4.1
-.2
1.0
.9
-.3
11.2
.8
10.4
9.9
.1
1.0
.9
-1.6
12.7
.3
12.3
10.5
.3
1.0
1.0
-.5
14.2
.6
13.5
12.2
.2
1.0
1.0
-.8
15.1
.8
14.3
12.6
.4
1.0
1.0
-.7
12.8
-3.0
15.8
14.0
.2
1.0
1.0
-.3
10.1
.7
9.4
7.3
.7
1.0
1.0
-.6
12.7
2.9
9.8
8.2
9
10
11
12
13
13.3
-4.5
2.4
.1
.6
9.2
-6.9
2.8
.2
.4
4.9
-1.2
.5
.1
•2
11.2
-1.8
4.7
12.7
-2.1
2.7
14.2
-.6
5.8
15.1
-8.9
6.0
12.8
4.1
3.1
10.1
-2.3
1.4
12.7
-1.1
.5
-. 1
-•
-•
-.1
-. 3
14
15
16
17
18
16.2
3.5
7.3
3.7
1.8
14.6
3.6
5.3
3.4
2.4
6.7
2.3
2.3
2.6
-.5
9.3
1.9
5.8
2.4
-.7
13.4
3.0
7.1
2.6
.7
11.7
1.3
6.9
3.5
15.1
3.8
8.6
2.1
.6
12.3
2.3
6.6
3.0
.5
12.2
2.8
6.5
2.7
.2
13.9
2.9
6.7
2.7
1.5
14.0
2.8
6.8
3.0
1.4
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
14
15
16
17
18
19
20
-1.8
.2
-2.3
.4
-.5
-.9
-1.1
-2.4
.9
-1.7
-1.1
.7
2.2
-3.7
-3.1
-2.8
1.7
-3.6
2.7
-1.9
4.0
OPEN-END INVESTMENT COS.
BROKERS • DEALERS
19
20
BILLIONS OF DOLLARS.
—
.2
*
*
1 / 7 7 BASED ON INCOMPLETE INFORMATION.
—
• 1
-
*
1.0
1.0
-.3
6 . 5 NET ISSUES
OPEN-END INVESTMENT COS.
2.0
OTHER SECTORS
4.4
NONFIN. CORPORATE BUSINESS
2.2
REST OF THE WORLD
.4
COMMERCIAL BANKS
1.0
OTHER INSURANCE COMPANIES
1.0
-.1
REITS
6 . 5 NET PURCHASES
HOUSEHOLDS
-11.8
REST OF THE WORLD
1.8
COMMERCIAL BANKING
.4
MUTUAL SAVINGS BANKS
—
1
2
3
4
5
6
7
8
9
10
11
12
13
MAY 9 , 1 9 7 7
MORTGAGES - I
38
MORTGAGES -
I
MORTGAGE MARKETS BY TYPE OF MORTGAGE
UNADJUSTED NET FLOWS (S M I L L . )
UNADJUSTED NET FLOWS ($ M I L L . )
1975 |
IV I
1976
II
III
I
IV I
BILLIONS OF DOLLARS
1968
1969
1970
1977 |
I I
TOTAL MORTGAGES
1 NET CHANGE I N MORTGAGES
2
HOME MORTGAGES
3
MULTI-FAMILY R E S I D .
4
COMMERCIAL
5
FARM
BORROWED BY:
6
U . S . GOVERNMENT
7
SAVINGS • LOAN ASSOCIATIONS
8
REITS
9
10
11
12
13
14
15
PRIVATE NONFINANCIAL SECTORS
HOUSEHOLDS
NONPROFIT INSTITUTIONS
NONFINANCIAL BUSINESS
FARMS
NONFARM NONCORPORATE
CORPORATE
16 FUNDS ADVANCED BY:
17
HOUSEHOLDS
18
ST.+LOC. GOVT, GEN. FUNDS
19
20
21
U.S. GOVERNMENT
SPONSORED CREDIT AG. (1)
MORTGAGE POOLS
22
23
24
25
26
27
PRIVATE FINAN. INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S+L ASSOCIATIONS (1)
MUTUAL SAVINGS BANKS
CREDIT UNIONS
28
29
30
31
32
33
34
INSURANCE
LIFE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR. FUND
OTHER INSURANCE COS.
FINANCE COMPANIES
REITS
17.412
12.566
-98
3.906
1.038
15.631
12.458
358
1.683
1.132
22.443
17.308
399
2.948
1.788
24.506
19.433
166
3.170
1.737
22.840
16.879
183
4.076
1.702
21.206
15.868
211
3.293
1.834
24.6
14.4
3.5
4.7
2.0
29.8
17.5
3.4
6.7
2.2
30.7
18.1
4.9
5.8
1.8
29.9
15.0
6.9
7.2
.8
52.5
30.6
9.7
9.9
2.4
1
2
3
4
5
-27
59
65
-24
130
87
-22
1.080
75
-31
290
50
-15
149
70
-33
505
53
-.1
1.0
-.1
.2
.2
-.1
.2
*
-.1
.6
.1
-.1
2.0
.1
6
7
8
17.315
12.551
281
4.483
1.038
114
3.331
15.438
13.398
299
1.741
1.132
-154
763
21.310
14.034
313
6.963
1.788
1.635
3.540
24.197
17.405
333
6.459
1.737
1.265
3.457
22.636
17.342
348
4.946
1.702
190
3.054
20.681
16.227
366
4.088
1.834
-83
2.337
23.7
13.4
1.2
9.1
2.0
3.2
4.0
29.4
16.8
1.1
11.5
2.2
3.2
6.2
30.6
18.2
1.3
11.1
1.8
3.9
5.4
29.2
14.7
1.3
13.3
.8
5.3
7.2
50.5
27.1
1.3
22.1
2.4
8.4
11.3
9
10
11
12
13
14
15
17.412
1.666
312
15.631
935
-60
22.443
2.182
491
24.506
2.354
324
22.840
1.976
250
21.206
1.666
340
24.6
2.1
.1
29.8
2.8
.2
30.7
2.2
.5
29.9
1.8
.8
5 2 . 5 16
1 . 3 17
1 . 1 18
-215 -1.804
674.
487
3.541
3.546
17
1.264
3.735
-1.060
499
4.841
330
31
5.010
1.0
1.8
.7
1.4
2.2
•5
1.0
4.4
.7
.3
5.4
1.6
- . 4 19
3 . 6 20
4 . 8 21
22.6
6.6
11.7
8.9
2.8
22.0
5.4
12.2
9.5
2.7
20.1
2.1
11.7
9.8
1.8
.1
42.1
9.8
27.6
23.6
3.9
*
22
23
24
25
26
27
2.7
2.3
28
29
30
31
32
33
34
1.184
1.243
2.655
-
10.352
2.031
8.885
8.093
759
33
10.751
2.369
8.489
7.863
604
22
17.546
4.072
14.016
13.018
985
13
16.812
3.937
13.977
12.565
1.411
1
16.334
3.233
12.399
10.991
1.404
4
13.829
3.138
11.326
10.493
841
-8
19.0
4.5
10.5
7.3
3.2
1.281
913
17
332
19
-425
-1.420
612
613
0
1
-2
85
-804
47
-90
-10
124
23
499
-1.088
617
526
41
51
-1
-981
-738
1.446
1.364
30
25
27
50
-794
629
493
54
75
7
-596
-668
3.6
2.9
.2
.5
-200
-1.400
35 ( 1 ) MEMO: FHLB LOANS TO S+L
363 -2.088
ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY).
*
*
*
.4
2.4
2.1
.1
.2
.4
•6
.8
.8
1.2
1.7
1.9
1.0
1.1
-.5
.4
*
1.5
2.3
18.1
18.2
15.0
14.7
-.2
-.2
•6
30.6
27.1
.7
.7
2.0
1
2
3
4
5
18.1
2.0
• 1
15.0
-.1
• 1
30.6
3.1
.1
6
7
8
*
-
2.8
2.5
*
*
•
*
*
.3
HOME MORTGAGES
1 NET BORROWING
2
HOUSEHOLDS
3
NONFARM NONCORP. BUSINESS
4
NONFIN. CORPORATE BUSINESS
5
SAVINGS • LOAN ASSOCIATIONS
12.566
12.551
-22
-22
59
12.458
13.398
-535
-535
130
17.308
14.034
1.097
1.097
1.080
19.433
17.405
869
869
290
16.879
17.342
-306
-306
149
15.868
16.227
-432
-432
505
14.4
13.4
1.0
17.5
16.8
.3
.3
•2
6 NET CHANGE IN ASSETS
7
HOUSEHOLDS
8
STATE • LOCAL GOVERNMENTS
12.566
1.067
193
12.458
378
58
17.308
1.356
311
19.433
1.323
175
16.879
999
135
15.868
865
345
14.4
1.6
17.5
2.5
*
*
*•
*
*
*
9
10
11
12
U . S . GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKING
940
744
2.650
1.154
-35
122
3.000
2.039
-1.717
-219
3.397
3.145
-218
680
3.434
3.113
-856
-109
4.664
1.884
320
-777
4.761
1.828
.7
1.1
.5
2.5
.9
1.6
.4
3.5
.2
3.8
.4
2.9
-.1
4.6
1.2
.9
13
14
15
16
SAVINGS INSTITUTIONS
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
6.566
6.227
306
33
7.177
6.627
528
22
11.445
10.659
773
13
11.585
10.525
1.059
1
10.275
9.211
1.060
4
9.245
8.703
550
-8
7.9
5.8
2.0
8.5
6.8
1.6
9.3
7.7
1.6
8.0
6.8
1.1
• 1
18.3
17.1
1.2
*
13
14
15
16
17
18
19
20
INSURANCE
L I F E INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNOS
-265
-362
-21
118
-304
-269
-15
-20
-438
-460
-15
37
-457
-403
-26
-28
-382
-350
-19
-13
-428
-400
-I
-27
-.2
-.5
•1
.2
-.6
-.7
-.8
-.9
.2
*
• 1
-2.3
-2.1
-.3
.1
17
18
19
20
21
22
FINANCE COMPANIES
REITS
-312
-171
159
-136
119
-91
-246
44
387
-118
-207
-84
.3
.5
.7
.2
.9
•4
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
-
*
*
*
*
-1.3
-1.4
.1
*
-.6
9
2 . 1 10
4 . 3 11
5 . 7 12
- . 2 21
. 2 22
MAY 9, 1977
MORTGAGES - I
MORTGAGES - I
MORTGAGE MARKETS BY TYPE OF MORTGAGE
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
1975
1976
1 1975 |
1
IV |
1
1976
I
II
IV |
III
1977
I
TOTAL MORTGAGES
11.1
5.2
85.4
66.1
1.1
11.9
6.4
73.3
54.0
-.6
14.7
5.2
74.2
58.0
2.1
9.3
4.7
77.1
59.6
1.2
10.8
5.5
94.0
74.2
•5
11.9
7.4
96.3
72.4
.7
15.5
7.8
-.1
-1.4
.2
-.1
1.9
.4
-.1
1.6
.3
-.1
2.7
•3
-.1
.3
•3
-.1
1.1
.3
-.1
1.8
.2
-.1
3.4
.3
81.2
47.0
1.4
32.8
5.5
8.8
18.5
61.9
35.3
1.4
25.2
5.1
5.9
14.2
56.8
39.4
1.1
16.4
5.2
1.0
10.1
83.6
62.2
1.3
20.1
6.4
2.9
10.8
70.5
48.2
1.1
21.2
5.2
2.1
13.8
73.7
55.6
1.2
16.9
4.7
3.6
8.6
75.8
56.5
1.3
18.1
5.5
3.0
9.5
92.1
70.9
1.3
19.6
7.4
1.4
11.0
92.7
65.6
1.4
25.7
7.8
3.7
14.2
95.0
67.8
1.5
25.7
7.6
3.6
14.6
76.8
6.4
1.4
79.9
3.6
1.7
60.5
4.2
2.5
59.0
4.4
1.6
85.4
7.4
1.0
73.3
6.9
1.2
74.2
3.7
-.2
77.1
8.0
2.0
94.0
9.9
1.3
96.3
8.1
1.0
96.7 FUNDS ADVANCED BY:
6.6
HOUSEHOLDS
1.4
ST.*LOC. GOVT, G E N . FUNDS
19
20
21
-.7
4.0
4.9
-.6
7.2
3.6
1.4
10.2
5.8
3.2
5.3
10.3
-3.1
2.9
15.7
4.9
4.8
10.6
4.9
14.2
-7.8
1.8
14.2
-.4
3.1
14.9
-3.9
1.9
19.4
2.2
2.4
20.0
U.S. GOVERNMENT
SPONSORED CREDIT AG. (1)
MORTGAGE POOLS
19
20
21
22
23
24
25
26
27
60.8
16.8
37.4
31.8
5.5
.2
64.4
19.8
32.5
26.5
5.7
•3
36.5
12.8
19.9
17.6
2.2
.1
34.2
4.3
32.1
29.7
2.3
.2
61.4
13.6
48.9
44.4
4.4
44.9
9.0
41.7
38.6
3.0
•1
51.7
13.0
36.9
34.3
2.4
.1
59.0
14.3
46.7
42.7
3.9
.1
65.1
13.1
55.1
49.5
5.6
69.9
14.0
56.8
51.2
5.6
64.1
16.1
48.1
44.8
3.4
PRIVATE FINAN. INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S+L ASSOCIATIONS (1)
MUTUAL SAVINGS BANKS
CREDIT UNIONS
22
23
24
25
46
27
28
29
30
31
32
33
34
.7
1.5
-.9
.2
•
1.7
4.2
4.7
4.4
-.4
.7
5.4
4.9
3.7
3.1
2.7
2.4
.1
.2
2.4
.9
.1
1.3
.1
-2.6
-5.7
4.1
4.1
.9
.4
1.0
-3.2
.5
.1
1.5
-4.4
2.9
2.5
.2
.2
.9
-1.0
-3.6
2.1 (1) MEMO: FHLB LOANS TO S+L
-1.2
-2.2
ASSOCIATIONS (INCLUDED IN -OTHER LOANS" C A T E G O R Y ) .
74.2
70.9
.7
72.4
65.6
1.7
1.7
3.4
7 1 . 9 NET BORROWING
67.8
HOUSEHOLDS
1.2
NONFARM NONCORP. BUSINESS
1.2
NONFIN. CORPORATE BUSINESS
1.7
SAVINGS + LOAN ASSOCIATIONS
74.2
5.3
72.4
4.0
.5
7 1 . 9 NET CHANGE I N ASSETS
3.5
HOUSEHOLDS
1.4
STATE • LOCAL GOVERNMENTS
1
2
3
4
5
76.8
43.7
12.7
16.8
3.6
79.9
44.9
10.4
19.1
5.5
60.5
33.2
7.0
15.2
5.1
59.0
42.7
6
7
8
-.1
1.2
.5
-.1
-1.5
•3
9
10
11
12
13
14
15
75.2
41.5
1.4
32.3
3.6
11.0
17.8
16
17
18
*
1.9
5.6
*
.6
•
-1.9
.2
*
*
.5
.1
-1.3
-4.8
*
*
-.3
-3.4
*
*
*
*
*
*
-3.1
-3.0
*
3.0
2.7
.1
.1
.1
-.8
-3.2
96.7 NET CHANGE IN MORTGAGES
71.9
HOME MORTGAGES
MULTI-FAMILY RESIO.
1.5
15.8
COMMERCIAL
FARM
7.6
BORROWED BY:
U.S. GOVERNMENT
-.1
1.7
SAVINGS • LOAN ASSOCIATIONS
REITS
.2
*
4.2
3.7
.2
.3
*
-1.6
-2.7
PRIVATE NONFINANCIAL SECTORS
HOUSEHOLDS
NONPROFIT INSTITUTIONS
NONFINANCIAL BUSINESS
FARMS
NONFARM NONCORPORATE
CORPORATE
INSURANCE
LIFE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR. FUND
OTHER INSURANCE COS.
FINANCE COMPANIES
REITS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
28
29
30
31
32
33
34
35
HOME MORTGAGES
1
2
3
4
5
43.7
41.5
.5
.5
1.2
44.9
47.0
-.3
-.3
-1.5
33.2
35.3
-.3
-.3
-1.4
42.7
39.4
.7
.7
1.9
66.1
62.2
1.1
1.1
1.6
54.0
48.2
1.6
1.6
2.7
58.0
55.6
59.6
56.5
1.1
1.1
.3
1.0
1.0
1.1
6
7
8
43.7
3.3
.1
44.9
3.2
.6
33.2
2.3
.7
42.7
3.2
.8
66.1
4.1
.7
54.0
4.3
58.0
59.6
1.5
.2
5.4
1.2
9
10
11
12
-.6
1.8
4.3
9.0
-.8
3.5
3.2
11.0
•8
5.5
5.4
6.6
1.9
2.5
9.9
2.5
-2.8
.5
14.5
10.2
.7
2.7
12.0
10.9
-7.3
-.7
13.6
11.5
-1.3
2.5
10.6
4.7
13.7
10.5
-3.4
-.9
18.7
7.9
2.1
-.8
19.0
10.1
U . S . GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKING
10
11
12
13
14
15
16
27.5
24.7
2.7
.2
24.4
21.5
2.6
.3
14.6
13.8
.7
.1
24.4
23.4
.8
.2
40.5
37.0
3.4
31.6
30.3
30.7
28.5
37.9
34.7
46.0
47.3
1.2
.1
2.1
.1
3.1
.1
38.9
36.8
2.2
*
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
15
16
17
18
19
20
-2.7
-2.3
-.4
-2.0
-1.9
-.2
.2
-1.4
-1.4
-1.5
-1.4
-.1
-1.6
-1.5
-.1
-1.3
-1.7
-.1
-1.5
-1.4
-.1
-.1
-1.6
-.1
-1.8
-1.6
-.1
-.1
-2.0
-1.9
*
-.1
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
21
22
.6
•4
1.2
.7
-1.2
-.2
.5
-.5
*
-.3
*
BILLIONS OF DOLLARS.
*
.1
*
-.5
-.5
*
*
.4
-.3
1/77 BASEO ON INCOMPLETE INFORMATION.
•8
41.8
4.2
-1.5
-1.3
-.1
-.1
FINANCE COMPANIES
REITS
17
18
19
MAY 9 t 1 9 7 7
MORTGAGES 40
II
MORTGAGES MORTGAGE MARKETS -
UNADJUSTED NET FLOWS ($
II
CONTINUED
MILL.)
UNADJUSTED NET FLOWS ( $ M I L L . )
1975
IV
|
I
II
1976
III
IV |
1977 I
I I
BILLIONS OF DOLLARS
1968
1969
1970
MULTI-FAMILY RESIDENTIAL MORTGAGES
1 NET BORROWING
2
NONFARM NONCORP. BUSINESS
3
NONFIN. CORPORATE BUSINESS
4
REITS
5
U . S . GOVERNMENT
6 NET CHANGE I N ASSETS
7
HOUSEHOLDS
8
STATE • LOCAL GOVERNMENTS
9
10
11
U . S . GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
-98
-222
130
21
-27
358
248
105
29
-24
399
279
117
25
-22
166
116
64
17
-31
183
128
47
23
-15
211
60
167
17
-33
3.5
2.8
.8
-98
-7
112
358
50
-138
399
12
133
166
24
110
183
28
85
211
-3
-42
3.5
199
3
100
-24
-135
366
-113
4
47
333
5
108
-138
66
126
-18
1
148
3.4
2.4
1.0
.1
-.1
4.9
3.5
1.5
.1
-.1
6.9
4.9
2.1
-.1
-.1
1
2
3
4
5
4.9
-.4
•4
6.9
.1
3.4
-.1
.2
9.7
-1.1
.7
6
7
8
.2
•3
.7
.5
.3
.4 9
.8 10
—
-.1
*
*
*
*
*
•
.6
9.7
6.8
2.9
*
12
COMMERCIAL BANKS
-442
69
117
94
135
132
13
14
15
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
710
441
269
337
430
-93
850
875
-25
788
746
42
679
648
31
726
709
17
1.2
.9
•4
1.4
1.1
.3
1.5
1.2
.3
2.2
2.0
.2
5.3 13
3.5 14
1.8 15
16
17
18
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
-48
-5
156
97
23
-12
-352
5
-29
-118
-3
-187
-55
-2
-92
-210
13
-13
1.4
•1
.2
1.0
1.5
.1
.1
1.8
.1
.1
.7 16
-.3 17
.3 18
19
20
FINANCE COMPANIES
REITS
-227
-649
74
-349
270
-545
-569
-419
-366
-283
-260
-263
.1
.1
.1
•1
.4
.5
.8
1.2 19
•9 20
6.7
1.1
.5
4.9
.1
5.8
1.3
•4
4.0
.2
7.2
1.3
.6
5.2
.1
6.7
-.6
5.8
9.9
6
-1.8
7
.2 8
.1 9
3.0 10
COMMERCIAL MORTGAGES
1 NET BORROWING
2
HOUSEHOLDS
3
NONFARM NONCORP. BUSINESS
4
NONFIN. CORPORATE BUSINESS
5
REITS
9.9
1.3
.9
7.7
.1
1
2
3
4
5
3.906
281
358
3.223
44
1.683
299
133
1.193
58
2.948
313
259
2.326
50
3.170
333
280
2.524
33
4.076
348
368
3.313
47
3.293
366
289
2.602
36
4.7
1.2
.3
3.1
6 NET CHANGE I N ASSETS
7
HOUSEHOLDS
8
STATE + LOCAL GOVERNMENTS
9
U . S . GOVERNMENT
10
COMMERCIAL BANKING
3.906
285
-9
9
1.244
1.683
350
2
-94
179
2.948
156
-19
55
708
3.170
266
20
-18
624
4.076
234
15
-61
1.068
3.293
260
26
20
1.036
4.7
•
.1
1.6
.1
2.6
1.8
7.2
1.5
.1
.1
1.2
11
12
13
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
1.604
1.425
179
979
806
173
1.718
1.484
234
1.606
1.294
312
1.444
1.132
312
1.354
1.081
273
1.3
.6
.7
1.9
1.0
.8
1.3
•6
.8
1.5
.9
.6
4.1 11
3.1 12
1.0 13
14
15
16
17
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
1.203
43
-6
19
711
-8
33
-2
549
0
100
23
866
70
266
-1
1.532
51
130
27
883
42
115
7
1.6
.1
.1
1.9
2.0
1.6
2.5
.1
*
*
18
19
FINANCE COMPANIES
REITS
114
-600
-148
-319
110
-452
-166
-363
29
-393
-129
-321
-
*
*
-
-
*
*
*
.7
.1
*
.1
*
*
*
*
.6
*
*
.2
14
15
16
17
.2
.7
.5 18
1.2 19
.8
.3
.1
2.4
1.2
*
2
3
4
-.2
.5
.3
-.3
.7
.4
5
6
7
FARM MORTGAGES
1 NET BORROWING
2 NET CHANGE IN ASSETS
038
1..132
1,.788
1.737
1 .702
1.834
1..132
157
18
1 .788
658
66
1.737
741
19
1..702
715
15
1.834
544
11
2.0
.5
•
2.2
.9
.1
.5
•1
.6
.2
.2
.3
—
.2
*
•
.1
3
4
HOUSEHOLDS
STATE -i- LOCAL GOVERNMENTS
.038
321
16
5
6
7
U . S . GOVERNMENT
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
36
496
-95
-62
687
180
-29
702
97
-80
579
193
-5
542
51
8
807
101
•
.7
.2
8
9
10
11
COMMERCIAL BANKS
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
ST.+LOC. GOVT, RTR. FUNDS
75
5
120
64
82
-4
74
0
102
3
173
16
106
-2
181
0
146
1
237
0
142
1
220
0
.2
.1
.3
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
1.8
.7
*
*
*
*
-.1
-.1
.4 8
-.1
9
• 10
* 11
MAY 9 , 1 9 7 7
MORTGAGES - I I
MORTGAGE MARKETS -
MORTGAGES - II
41
CONTINUED
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 |
I
IV |
I
I
1976
II
III
1977
I
MULTI-FAMILY RESIDENTIAL MORTGAGES
*
2.1
1.7
•4
1.2
1.1
.1
.1
-.1
.5
-.3
.9
.1
-.1
1
2
3
4
5
12.7
8.9
3.7
.2
-.1
10.4
7.3
3.1
.1
-.1
7.0
4.9
2.1
.1
-.1
-.6
.6
.1
-.1
1.1
.8
.3
.1
-.1
6
7
8
12.7
.6
1.0
10.4
-1.0
.9
7.0
-.1
1.4
-.5
.7
1.1
.1
.2
2.1
•2
-.6
9
10
11
.3
1.0
.3
.3
1.8
.2
.7
2.2
.2
1.1
.2
•5
•1
-.1.
.6
-.1
-.5
1.5
-.5
1.3
•2
.4
12
1.8
1.2
.6
-1.7
.4
13
14
15
4.7
3.4
1.3
3.3
1.8
1.4
1.9
1.2
.7
2.6
1.7
.9
2.7
2.7
1.7
2.1
2.7
2.8
-.1
16
17
18
•6
-.3
-.1
1.1
-.1
-.1
1.2
.1
-.4
.1
•2
19
20
.9
2.0
•4
2.4
-1.3
.2
-.8
-2.6
*
*
.2
.1
-.1
.6
.1
-.1
.5
.1
•4
1.5 NET CHANGE IN ASSETS
•
HOUSEHOLDS
STATE •
-.1
*
.6
U . S . GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
LOCAL GOVERNMENTS
3.3
3.1
.1
-.1
3.2
3.2
.1
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
13
14
15
-.5
.1
-.1
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR. FUNDS
16
17
18
FINANCE COMPANIES
REITS
19
20
-1.5
-1.1
-1.0
-1.1
11.9
1.3
1.0
9.4
.1
15.5
1.4
1.4
12.5
.2
15.8 NET BORROWING
1.5
HOUSEHOLDS
10.8
.6
11.9
1.1
.1
-.1
1.8
15.5
.9
.1
-.2
4.8
15.8 NET CHANGE IN ASSETS
1.0
HOUSEHOLDS
.1
STATE • LOCAL GOVERNMENTS
.1
U.S. GOVERNMENT
4.9
COMMERCIAL BANKING
6.1
5.2
.9
6.2
4.9
1.2
6.2
5.0
1.2
5.9
4.8
4.3
•2
4.9
.2
.5
.3
-1.4
1.1
-2.2
9.3
1.2
.8
7.1
.2
10.8
1.3
.9
8.4
.2
10
11
COMMERCIAL BANKS
2.9
2.8
.2
-1.1
-.9
-2.6
NONFIN. CORPORATE BUSINESS
REITS
U.S. GOVERNMENT
-.2
.5
3.3
2.2
1.1
*
-.3
-.6
-1.6
1 . 5 NET BORROWING
1.0
NONFARM NONCORP. BUSINESS
COMMERCIAL MORTGAGES
1
2
3
4
5
16.8
1.4
1.5
13.5
.3
19.1
1.4
1.7
15.7
.2
15.2
1.4
1.4
12.4
•1
11.1
1.1
1.0
8.8
.2
11.9
1.3
1.0
9.4
.2
14.7
1.1
1.3
12.1
.2
6
7
8
9
10
16.8
1.1
.3
-.2
5.4
19.1
-.9
•2
-.1
6.9
15.2
.6
.3
-.1
5.0
11.1
-.1
•
11.9
1.0
14.7
1.1
3.2
2.6
11
12
13
5.1
3.7
1.4
4.9
3.2
1.7
3.4
2.6
•8
5.2
4.5
.7
5.7
4.7
1.0
6.8
6.1
14
15
16
17
3.1
-.2
.1
4.9
4.8
3.7
.1
.5
3.0
.2
18
19
.3
1.7
*
*
.5
.5
•
4.0
•1
•3
•1
.2
2.5
.6
.2
-1.8
*
*
*
*
*
-.1
-.4
1.4
4.5
3.8
2.5
.4
1.4
12.8
.1
1.1
•
-.2
-1.5
-.7
-1.5
.5
-2.4
-.5
-1.3
NONFARM NONCORP. BUSINESS
NONFIN. CORPORATE BUSINESS
REITS
SAVINGS INSTITUTIONS
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR* FUNDS
OTHER INSURANCE COMPANIES
11
12
13
15
16
17
FINANCE COMPANIES
REITS
FARM MORTGAGES
2
3
4
3.6
1.4
5
6
7
-.1
1.2
.3
8
9
10
11
*
.6
*
*
.1
5.5
2.3
*
*
1.9
•2
.7
*
.3
.1
BILLIONS OF DOLLARS.
5.1
1.4
*
5.2
1.7
*
7.6 NET BORROWING
1
6.4
2.3
•1
5.2
1.5
.1
4.7
•6
•1
5.5
1.9
.3
7.4
3.5
.1
7.8
3.1
.1
7.6 NET CHANGE IN ASSETS
2.1
HOUSEHOLDS
*
STATE • LOCAL GOVERNMENTS
2
3
4
•4
2.4
-.4
-.3
2.7
.7
-.3
2.5
.4
-.4
2.3
.8
.2
2.6
.2
*
3.2
•4
U.S. GOVERNMENT
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
5
6
7
.6
*
1.2
COMMERCIAL BANKS
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
ST.+LOC. GOVT, RTR. FUNOS
8
9
10
11
•
2.5
.2
.1
2.6
-.1
-.2
2.5
.5
.6
.3
.4
•
.7
*
.3
-.1
*
•4
•1
*
1/77 BASEO ON INCOMPLETE INFORMATION.
MAY 9 ,
1977
CONSUMER CREDIT AND BANK LOANS N . E . C *
42
CONSUMER CREDIT AND BANK LOANS N . E . C
CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED
UNADJUSTED NET FLOWS f$ M I L L . )
UNADJUSTED NET FLOWS ( $ M I L L . )
1975 |
IV I
1976
I
|
II
III
IV |
1977 I
II
CONSUMER CREDIT
BILLIONS OF DOLLARS
1967
1968
1969
1970
1971
5.9
4.8
1.1
11.6
9.3
2.3
5.9
4.6
11.6 4
9.3 5
-.1 6
-.2 7
6.2 8
.1 9
• 1 10
1.8 11
1.5 12
6.076
4.789
1.287
-1.144
-1.508
364
6.833
5.935
898
6.486
6.254
232
8.322
5.857
2.465
753
920
-167
4.5
3.2
1.4
10.0
10.4
8.3
1.7
9.4
1.0
4 NET CHANGE I N ASSETS
5
INSTALMENT CREDIT
6
NONFARN NONCORP. BUSINESS
7
NONFIN. CORPORATE BUSINESS
8
COMMERCIAL BANKING
9
SAVINGS • LOAN ASSNS.
10
MUTUAL SAVINGS BANKS
11
CREDIT UNIONS
12
FINANCE COMPANIES
6.076
4.789
135
724
1.571
7
-92
844
1.600.
-1.144
-1.508
-158
-583
-664
-16
360
671
-1.118
6.833
5.935
21
117
2.811
107
-112
1.817
1.174
6.486
6.254
4
356
2.864
42
118
1.758
1.112
8.322
5.857
195
676
1.665
24
-17
946
2.368
753
920
-86
-440
537
-15
354
902
-332
4.5
3.2
-.2
10.0
10.4
8.3
-.1
9.4
-.1
.2
4.5
•2
13
14
15
16
17
18
1.287
464
643
202
4
-26
364
622
-296
-55
-3
96
898
2
752
168
5
-29
232
21
-43
213
10
31
2.465
710
1.377
368
15
-5
-167
545
-954
144
5
93
1.4
•4
.4
.5
1 NET CHANGE I N L I A B I L I T I E S
2
INSTALMENT CREDIT
3
NDNINSTALMENT CREDIT
(HH)
NDNINSTALMENT CREDIT
NONFARN NONCORP. BUSINESS
NONFIN. CORPORATE BUSINESS
COMMERCIAL BANKING
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
*
2.0
•1
.1
.7
•5
*
*
*
4.6
•1
•1
•1
*
•
3.0
.3
•1
1.3
2.3
1.7
2.8
1.0
•5
1.7
1.0
.5
.3
•2
1.1
•5
•6
-.1
•5
.2
.9
#
*
*
*
•
*
1
2
3
2.3
•6
.5
1.2
*
*
13
14
15
16
17
18
9.6
7.4
•8
.3
2
3
4
5
BANK LOANS NOT ELSEWHERE CLASSIFIED
1
TOTAL LOANS AT COMMERCIAL
BANKSt F/F BASIS
15.315
-7.629
16.009
5.741
29.198
1.970
1.773
5.434
1.509
0
4.629
2.345
-719
-1.204
-667
0
-7.384
4.050
2.979
631
-558
0
8.907
3.926
3.077
3
1.023
0
-2.288
3.223
2.033
7.508
3.893
0
12.541
3.128
681
-627
-2.803
0
476
-121
8
4.516
-141
-627
-8.152
257
-121
9.043
-571
-157
-3.016
153
601
13.295
-30
505
951
.1
7.3
0
4.516
0
-8.152
0
9.043
0
-3.016
0
13.295
0
951
7.3
14.8
16.8
6.3
11
1 2 . 1 12
13 NET CHANGE I N L I A B I L I T I E S
14
NDNFINANCIAL SECTORS
15
HOUSEHOLDS
16
FARM BUSINESS
17
NONFARN NONCORP. BUSINESS
18
CORPORATE BUSINESS
19
REST OF THE WORLD
4.516
3.563
1.442
258
-484
905
1.442
-8.152
-5.753
-881
542
-897
-5.285
768
9.043
9.492
3.780
1.500
-477
2.830
1.859
-3.016
-421
-589
800
-362
-589
319
13.295
11.126
2.520
282
-362
4.873
3.813
951
3.437
-701
818
-103
5.132
-1.709
7.3
9.3
1.9
.7
•6
6.4
-.3
14.8
13.3
2.5
.4
1.1
9.7
-.5
16.8
15.3
1.0
•6
2.1
11.7
-.2
6.3
6.4
•9
•8
-.6
5.6
-.3
12.1
8.6
.7
1.3
.7
3.8
2.1
13
14
15
16
17
18
19
20
21
22
23
953
347
-171
-492
1.269
-2.399
-500
-1.096
9
-812
-449
472
-501
-470
50
-2.595
94
-2.262
-338
-89
2.169
128
1.432
-689
1.298
-2.486
583
-1.786
-253
-1.030
-2.0
-.1
-1.8
1.5
.1
•8
.6
.1
1.5
.1
• 9
.4
•2
•
3.5
.7
.6
•6
1.6
20
21
22
23
24
2
3
4
5
6
7 «
•
8
9
10 «
11 •
12 *
24
LOANS ELSEWHERE CLASSIFIED!
MORTGAGES
CONSUMER CREDIT
SECURITY CREDIT
OPEN-MARKET PAPER
HYPOTHECATED DEPOSITS
BANK LOANS NEC AT COML. BKS.
BANK LOANS NEC AT OTHER
BANKING SUB SECTORS:
DOMESTIC AFFILIATES
FOREIGN BANKING AGENCIES
BANKING SECTOR TOTAL BANK
LOANS NEC
LOANS BY F . R . BANKS
TOTAL BANK LOANS NEC
FINANCIAL SECTORS
SAVINGS • LOAN ASSNS.
FINANCE COMPANIES
REITS
FOREIGN BANKING AGENCIES
1/77 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
4.5
2.5
1.5
2.0
-
.
—
*
6.6
5.5
1.3
-.4
5.3
4.7
-1.1
1.3
2.0
2.9
1.4
1.5
-
3.9
1.3
16.8
-1.0
2.6
6.3
.4
14.8
-
.
.
-.1
-.1
• 1
• 1
-.1
8
•5
9
1 2 . 1 10
MAY 9, 1977
CONSUMER CREDIT AND BANK LOANS N.E.C.
CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED
CONSUMER CREDIT AND BANK LOANS N . E . C .
43
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
1975
1976
1 1975 1
1
IV 1
1
1976
I
II
IV |
III
1977
I
CONSUMER CREDIT
1
2
3
18.6
15.6
3.0
21.7
19.7
2.0
9.8
9.0
.8
8.5
6.9
1.7
20.5
16.5
4.0
17.7
15.7
2.0
18.1
14.8
3.3
20.6
16.9
3.7
19.2
16.7
2.5
24.0
17.7
6.3
28.3 NET CHANGE IN LIABILITIES tHH)
INSTALMENT CREDIT
26.6
NONINSTALNENT CREDIT
1.6
4
5
6
7
8
9
10
11
12
18.6
15.6
-.2
.2
9.3
.1
.2
2.1
3.8
21.7
19.7
-.1
.4
11.0
.2
.2
2.7
5.3
9.8
9.0
8.5
6.9
-.1
-.2
2.9
17.7
15.7
-.1
1.2
7.8
.1
-.4
4.0
3.1
18.1
14.8
-.1
2.0
4.6
•1
1.4
5.3
1.4
20.6
16.9
.1
•8
6.8
.3
-.4
5.6
3.7
19.2
16.7
•1
3.2
.9
20.5
16.5
.1
•6
6.7
.2
•3
5.2
3.5
24.0
17.7
•2
-1.4
7.9
•2
-.1
4.8
6.1
4
28.3 NET CHANGE IN ASSETS
5
INSTALMENT CREDIT
26.6
6
NONFARM NONCORP. BUSINESS
.2
NONFIN. CORPORATE BUSINESS 7
1.2
8
COMMERCIAL BANKING
11.4
9
SAVINGS • LOAN ASSNS.
.2
10
MUTUAL SAVINGS BANKS
1.4
11
CREDIT UNIONS
6.7
12
FINANCE COMPANIES
5.5
1.7
.9
.6
.1
4.0
1.4
1.8
.7
2.0
•6
•8
•6
3.3
1.6
1.0
.3
3.7
1.5
Z.2
.1
2.5
1.1
.1
1.1
*
.4
*
-.1
13
14
15
16
17
18
3.0
.7
.6
1.6
•1
•1
*
.2
4.0
.2
-.1
2.5
2.2
2.0
.8
.5
•6
.8
•8
.5
-.4
*
•
*
*
•
*
*
*
.1
-.1
*
•
1.1
7.3
*
.5
4.9
2.9
*
.1
6.3
1.6
3.4
1.3
.1
•
NONINSTALNENT CREOIT
NONFARM NONCORP. BUSINESS
NONFIN. CORPORATE BUSINESS
COMMERCIAL BANKING
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
1.6
1.1
-.9
1.1
*
.4
1
2
3
13
14
15
16
17
18
BANK LOANS NOT ELSEWHERE CLASSIFIED
55.4
TOTAL LOANS AT COMMERCIAL
BANKS, F/F BASIS
LOANS ELSEWHERE CLASSIFIED:
6.8
8.4
9.1
3.4
12.9
4.9
6.5
-2.0
13.1
8.4
5.9
6.1
14.0
9.1
16.9
12.9
16.0
12.5
9.1
-10.7
16.8
10.8
4.7
-.2
19.6
11.6
-3.0
-1.3
12.3
3.6
-2.4
2.2
4.1
2.9
2.1
1.1
13.5
7.4
6.9
3.7
26.9
—
46.2
—
32.6
—
-12.7
—
11.8
8
9
10
-.2
1.1
27.8
.9
4.9
38.4
-.5
-1.2
-14.4
-.3
-.3
11.2
11
12
27.8
1.7
3.7
51.6
„
51.6
38.4
-14.4
11.2
13
14
15
16
17
18
19
27.8
21.0
2.0
1.8
1.1
13.2
3.0
51.6
37.6
1.0
3.0
1.1
29.7
2.8
3B.4
30.9
-4.5
•9
-1.0
30.8
4.7
-14.4
-10.5
-1.5
1.9
-2.0
-12.9
4.0
11.2
14.4
4.8
3.1
-2.1
1.8
6.8
4.9
3.7
-2.1
3.3
-4.3
2.4
4.4
-6.0
-4.3
6.0
2.8
-3.0
-14.9
4.8
11.7
17.2
13.6
4.5
-3.2
-1.3
3.7
-.5
11.3
-2.5
3.0
-.4
6.3
4.8
38.6
32.8
2.2
2.2
-2.9
17.4
13.8
3
0 . 3 NET CHANGE I N L I A B I L I T I E S
30.3
NONFINANCIAL SECTORS
31.8
HOUSEHOLDS
6.7
FARM BUSINESS
3.6
NONFARM NONCORP. BUSINESS
•1
CORPORATE BUSINESS
26.4
REST OF THE WORLD
-5.0
13
14
1»
16
17
18
19
20
21
22
23
24
6.8
.7
3.8
1.3
•8
14.0
•4
4.5
4.0
5.1
7.5
1.1
-.8
4.4
2.9
-3.9
-.1
-2.7
-.8
-.3
-3.3
•2
-2.4
-1.5
•4
1.2
1.6
-3.5
-2.0
5.1
-1.7
.3
1.2
-5.5
•9
-4.T
-1.9
.2
-11.8
-1.3
-8.8
-1.4
-.4
5.9
•9
2.5
-2.8
5.2
-1.5
4.7
-l.l
-1.0
-4.1
20
21
22
23
24
2
3
4
5
6
7
_
BILLIONS OF DOLLARS.
_
.
14.2
6.9
-1.5
-2.3
—•
28.4 *
•
-.6
-2.5
-6.0
1.0
-.5
11.7
•6
2.4
38.6
.
-.1
2.0
30.3 •
•
30.3 *
1 / 7 7 BASED ON INCOMPLETE INFORMATION.
*
-3.2
MORTGAGES
2
CONSUMER CREDIT
3
SECURITY CREDIT
4
OPEN-MARKET PAPER
5
HYPOTHECATED DEPOSITS
b
BANK LOANS NEC AT COML. BKS.
7
BANK LOANS NEC AT OTHER
BANKING SUBSECTORSt
OOMESTIC AFFILIATES
8
FOREIGN BANKING AGENCIES
9
BANKING SECTOR TOTAL BANK
10
LOANS NEC
LOANS BY F . R . BANKS
11
TOTAL BANK LOANS NEC
12
FINANCIAL
SAVINGS
FINANCE
REITS
FOREIGN
SECTORS
• LOAN ASSNS.
COMPANIES
BANKING AGENCIES
MAY 9 , 1977
OTHER LOANS
OTHER LOANS
PRIVATE MONEY MARKET INSTRUMENTS AND OTHER LOANS
UNADJUSTED NET FLOWS (S M I L L . )
UNADJUSTED NET FLOWS ($ MILL.)
1975 |
1976
II
III
I
IV |
1977 I
II
BILLIONS OF DOLLARS
19b8
1969
1970
OPEN-MARKET PAPER, FEDERAL FUNDS • R P ' S , AND MONEY MARKET FUND SHARES
1 TOTAL NET ISSUES, ALL TYPES
-22
5.542
1.547
2.397
4.297
7.587
3.9
4.8
15.1
1.370
1.822
1.591
-379
5.113
2.801
4.2
4.2
12.5
-567
-2.012
1.445
-144
1.544
45
1.648
1.458
190
-227
600
-183
709
1.105
-396
-419
62
-39
-195
-709
514
-114
572
56
2.189
302
1.887
-35
2.019
-97
2.630
1.360
1.270
106
1.230
-66
3.4
1.4
2.0
4.1
1.2
2.9
11.4
1.1
10.3
4.3
6.0
1.8
-1.3
-1.9
.6
1.937
876
438
438
1.061
174
165
83
82
9
882
497
249
248
385
-184
144
72
72
-328
2.924
493
247
246
2.431
171
-9
-5
-4
180
.2
.1
.1
.5
.3
.1
.1
-.2
.7
.4
.4
.3
.8
.4
.4
.8
14 NET PURCHASES, BY SECTOR
15
HOUSEHOLDS
16
NONFIN. CORPORATE BUSINESS
17
REST OF THE WORLD
1.370
1.236
1.980
-1.409
1.822
-1.557
2.872
1.181
1.591
2.951
-1.650
72
-379
-601
813
-69
5.113
-1.421
2.133
1.485
2.801
-1.524
2.783
889
4.2
-2.2
4.2
4.2
-.5
4.2
.6
12.5
3.8
4.0
1.0
2.1
-3.2
1.2
.5
18
19
20
21
22
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
SAVINGS + LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
319
252
1.509
-1.266
49
409
-243
-667
812
-197
265
144
-558
-798
236
-530
-308
1.023
-12
-19
-177
272
3.893
-1.615
264
239
-836
-2.803
1.191
-64
23
24
25
LIFE INSURANCE COMPANIES
INVESTMENT COMPANIES
MONEY MARKET FUNDS
-1.581
495
-214
316
-1.281
177
789
38
102
-256
-334
-86
-333
501
111
2.171
759
-4
.1
-1.337
-484
564
-1.022
-395
3.746
621
306
1.735
1.084
290
855
-381
140
-324
2.831
2.830
-392
182
211
-956
-1.239
752
68
-537
4.720
2.880
534
150
1.156
-.3
-.2
2 OPEN-MARKET PAPER
3
4
5
6
7
8
9
10
11
12
13
COMMERCIAL PAPER
NONFINANCIAL CORPORATIONS
FINANCIAL BUSINESS
COMMERCIAL BANKING
FINANCE COMPANIES
REITS
BANKERS ACCEPTANCES
NONFINANCIAL BUSINESS
NONCORPORATE
CORPORATE
REST OF THE WORLD
*
2 . 0*
—
*
*
-
-.1
-.4
•1
*
*
.3
*
*
1.3
.2
.1
1.5
1.5
•2
.8
1.2
.8
-.4
2.6
2.2
.2
-2.2
-3.1
.8
-. 2
-. 1
.5
.3
.3
.3
1C
11
12
13
- . 1 14
. 3 15
- 2 . 3 16
- . 2 17
-
ie
.2
.3
1.0
.2
19
2C
21
22
. 6 23
- . 3 24
25
FEDERAL FUNDS AND SECURITY RP*S
26 TOTAL NONBANK CREDIT TO BANKS
27
NONFINANCIAL CORPORATIONS
28
SPONSORED CREDIT AGENCIES
29
SAVINGS • LOAN ASSOCIATIONS
30
MUTUAL SAVINGS BANKS
*
—
-
.6
.5
*
-. 1
1.0
.8
-.6
.5
.2
26
27
28
29
30
MONEY MARKET MUTUAL FUND SHARES
3 1 NET ISSUES
= HOUSEHOLD NET PURCHASES
OTHER LOANS
1 FINANCE CO. LOANS TO BUSINESS
2
LIAB.-NONCORPORATE BUSINESS
3
NONFIN. CORP. BUSINESS
549
744
-195
1.759
-40
1.799
1.528
228
1.300
-456
-643
187
2.462
637
1.825
2.650
-108
2.758
-.3
-.1
-.3
4 U.S. GOVERNMENT LOANS
5
LIAB.-HOUSEHOLDS
6
FARM BUSINESS
7
NONFARM NONCORP. BUS.
8
NONFIN. CORP. BUSINESS
9
ST.+LOC. GOVERNMENTS
10
REST OF THE WORLD
SPONS. CREDIT AGENCIES
1.227
46
-75
353
124
-12
640
151
2.705
123
-40
341
353
1.259
694
-25
322
115
438
472
-310
-1.307
914
0
4.081
249
641
800
72
1.237
1.126
-44
2.420
-13
481
479
68
847
876
-318
1.475
4
500
600
150
400
993
-1.172
.2
.2
2.6
-.1
12 SPONSORED CREDIT AGENCY LOANS
LIABILITY OF13
FARM BUSINESS CFICB)
14
NONFARM NONCORP. BUS. ( B O
15
S*L ASSOCIATIONS (FHLB)
837
-1.462
521
1.234
-7
-568
-5
479
363
405
221
-2.088
792
212
-483
408
38
788
-288
481
-200
188
644
-1.400
16 POLICY LOANS (HH L I A B I L I T Y )
17
ASSET-U.S. GOVERNMENT
18
LIFE INSURANCE COS.
372
4
368
281
-6
287
393
5
388
366
3
363
344
0
344
305
4
301
19
HYPOTHECATED DEP. (HH L I A B . )
ASSET-COMMERCIAL BANKS
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
2.2
.5
1.7
.5
-.3
2.0
.7
1.3
-.1
.3
.7
2.1
.3
.1
1.3
1.8
-
10
11
1.2
.2
-2.5
1.0
.1
.2
.1
2.2
1 . 0 16
* 17
MAY 9 * 1977
OTHER LOANS
PRIVATE MONEY MARKET INSTRUMENTS ANO OTHER LOANS
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
SEASONALLY ADJUSTED ANNUAL RATES
1975
1976
I
I
1975 I
IV I
1976
I
II
III
IV
I
I
1977
I
OPEN-MARKET PAPER* FEDERAL FUNDS • RP*S* AND MONEY MARKET FUND SHARES
1
4.1
15.2
17.8
.5
13.8
-3.1
22.3
9.3
9.7
13.8
3 0 . 8 TOTAL NET ISSUES* ALL TYPES
1
2
1.6
8.3
17.7
-1.2
8.1
2.5
7.4
9.4
-1.4
17.1
1 1 . 7 OPEN-MARKET PAPER
2
3
4
5
6
7
8
2.6
.7
1.9
.7
-1.3
2.5
6.4
1.4
4.9
2.2
2.0
.7
8.1
4.3
3.8
3.5
3.6
-3.3
-1.5
-2.5
1.1
•3
.6
.1
4.4
2.2
2.2
-.8
3.3
-.3
-3.8
-7.1
-.4
-5.1
9
10
11
12
13
-1.0
.1
2.0
1.1
.5
.5
.9
9.6
2.5
1.3
1.3
7.1
.2
.3
.2
.2
-.1
-1.2
-3.2
2.8
-2.6
*
•
-1.0
5.0
5.1
5.7
6.6
7.1
1.9
9.2
5.1
3.3
-.6
3.7
.2
-.1
-.9
1.5
-.7
-.9
-1.7
.9
-.2
4.7
-.5
4.9
.2
5.1
-.1
5.7
-.4
4.1
.4
3.9
-.3
FINANCIAL BUSINESS
COMMERCIAL BANKING
FINANCE COMPANIES
REITS
5
6
7
8
3.8
1.3
.7
•6
2.5
6.3
2.0
1.0
1.0
4.2
2.4
2.4
1.2
1.2
*
3.7
2.2
1.1
1.1
1.5
-1.0
.3
.2
.2
-1.3
10.0
.3
.2
.1
9.7
2.5
1.8
.9
.9
.7
BANKERS ACCEPTANCES
NONFINANCIAL BUSINESS
NONCORPORATE
CORPORATE
REST OF THE WORLD
9
lb
11
12
13
8.1
-.6
4.2
2.7
2.5
2.2
3.9
-3.8
7.4
.9
8.9
5.1
9.4
7.2
-.2
-.8
-1.4
-2.0
4.0
-1.7
17.1
-8.5
3.9
8.1
1.3
1.0
3.4
-5.1
.2
1.6
-1.0
-2.0
3.2
-.8
1.1
.6
-2.3
-3.2
.9
-2.1
-1.2
6.1
*
-.1
-.7
1.1
12.9
-6.5
1.1
1.0
-3.3
-10.7
4.8
-.3
2.9
3.0
*
14
15
16
17
1.4
-.1
8.3
3.4
6.5
.3
17.7
5.5
-.6
6.6
18
19
20
21
22
.4
-.2
-.2
.5
-.2
-.2
-1.3
-.5
-.1
.9
.9
2.2
-.1
.3
.1
•1
1.1
.1
-.1
3.7
-1.6
•3
23
24
25
.2
-.3
•
.2
"
"
1.1
.1
.6
.7
-.3
-.1
•5
-1.1
.3
-1.8
2.0
-.9
-4.3
-5.1
.7
5.6
.2
.4
-2.6
-1.3
-.3
3.3
2.0
.4
26
27
28
29
30
2.5
1.6
.4
.4
.1
6.9
2.6
2.3
1.3
.7
-2.2
-2.8
-1.0
1.8
-.3
.5
2.2
-.3
-1.4
-.1
5.9
3.1
•3
2.1
.4
-5.3
-1.9
2.3
-4.1
-1.6
15.0
2.5
1.2
6.9
4.3
1.2
3.4
-1.5
.6
-1.3
11.3
11.3
-1.6
.7
.8
-3.8
-5.0
3.0
.3
-2.1
1.6
*
*
*
*
COMMERCIAL PAPER
NONFINANCIAL CORPORATIONS
11.7 NET PURCHASES* BY SECTOR
2.1
HOUSEHOLDS
8.3
NONFIN. C0RP0RA1E BUSINESS
3.9
REST OF THE WORLD
3
4
14
15
16
17
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
SAVINGS • LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
18
19
20
21
22
LIFE INSURANCE COMPANIES
INVESTMENT COMPANIES
MONEY MARKET FUNDS
23
24
25
FEDERAL FUNDS AND SECURITY RP«S
18.9 TOTAL NONBANK CREDIT TO BANKS
11.5
NONFINANCIAL CORPORATIONS
2.1
SPONSORED CREDIT AGENCIES
.6
SAVINGS • LOAN ASSOCIATIONS
4.6
MUTUAL SAVINGS BANKS
26
27
28
29
30
MONEY MARKET MUTUAL FUND SHARES
.3 NET ISSUES
= HOUSEHOLD NET PURCHASES
31
OTHER LOANS
1
3.8
.6
3.2
4.3
.9
3.5
4.7
-1.0
5.7
2.2
-.1
2.3
5.3
.2
5.1
-.2
.6
-.8
6.1
.3
5.8
5.8
.2
5.6
2.0
.2
1.8
7.3
*
7.2
4
5
6
7
8
9
10
11
2.5
.4
•
.1
.2
.3
1.5
3.4
.2
.1
.8
.3
.3
1.7
-
-
5.9
.5
.3
.5
1.5
.7
1.6
.7
7.3
.5
1.1
1.7
.2
.2
2.8
.9
9.5
.5
1.5
2.1
.2
2.0
3.6
-.4
5.6
.2
•3
1.5
.5
*
2.6
.6
10.8
.5
-.1
1.3
1.4
5.0
2.8
-.1
1.0
.5
1.3
2.0
-1.2
-5.2
3.7
-
15.8
1.0
2.2
3.0
.3
4.9
4.5
-.2
10.5
-.1
2.6
2.0
.3
3.4
3.5
-1.3
12
.8
8.5
9.3
-2.4
.3
3.8
.2
.3
13
14
15
.4
.3
1.1
.3
7.2
1.7
1.0
6.7
1.1
•4
-4.0
1.3
1.0
-2.0
1.2
1.7
.9
1.8
-.6
-1.0
1.4
2.5
-3.6
2.0
.2
-2.2
.1
1.7
-1.2
16
17
18
1.0
2.7
1.6
1.4
1.5
*
1.5
1.1
*
1.1
1.6
*
1.6
1.5
*
1.5
1.4
1.4
2
3
*
*
.9
2.2
*
2.2
*
2.7
*
1.6
*
1.4
BILLIONS OF DOLLARS.
1/77 BASED ON INCOMPLETE INFORMATION.
-
-
-
-
9.8 FINANCE CO. LOANS TO BUSINESS
.1
LIAB.-NONCORPORATE BUSINESS
9.8
NONFIN. CORP. BUSINESS
.7
-
-
1
2
3
5.9 U.S. GOVERNMENT LOANS
4
*
LIAB.-HOUSEHOLDS
5
2.1
FARM BUSINESS
6
2.3
NONFARM NONCORP. BUS.
7
.6
NONFIN. CORP. BUSINESS 8
1.6
ST.+LOC. GOVERNMENTS
9
4.0
REST OF THE WORLD
10
-4.7
SPONS. CREDIT AGENCIES 11
4.0 SPONSORED CREDIT AGENCY LOANS
LIABILITY OF1.0
FARM BUSINESS (F1CBI
1.0
NONFARM NONCORP. BUS. (BC)
2.1
S+L ASSOCIATIONS (FHLB)
13
14
15
1.2 POLICY LOANS (HH LIABILITY)
*
ASSET-U.S. GOVERNMENT
1.2
LIFE INSURANCE COS.
16
17
16
HYPOTHECATED DEP. (HH LIAB.)
ASSET-COMMERCIAL BANKS
12
19
NAY 9, 1977
SECURITY CREDIT, TRADE CREDIT, AND TAXES
46
SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE
SECURITY CREDIT, TRADE CREDIT, AND TAXES
UNADJUSTED NET FLOWS ( $ M I L L . )
UNADJUSTED NET FLOWS ( $ M I L L . )
1975 |
IV I
1976
II
III
I
IV |
BILLIONS OF DOLLARS
1968
1969
1970
1977 |
II
SECURITY CREDIT
1 NET CHANGE I N L I A B I L I T I E S
2
HOUSEHOLDS
3
FOREIGN
6.728
2.368
61
185
890
0
1.515
1.130
0
485
583
0
8.523
625
0
323
1.373
0
7.0
3.7
.2
6.6
2.9
.2
-6.7
-3.4
-.2
-.6
-1.8
•
3.8
2.7
4
5
6
7
4.299
4.529
95
-325
-705
-1.262
27
530
385
573
123
-311
-98
-60
-84
46
7.898
7.571
152
175
-1.050
-632
-103
-115
3.2
.6
3.5
1.0
-3.0
-1.0
1.0
1.9
1.1
.7
2.3
-
2.4
-2.0
-1.0
-
-. 5
4
5
6
7
6.728
-346
5.529
185
530
-1.177
1.515
-311
754
485
46
-81
8.523
175
7.660
323
-115
-730
7.0
2.2
1.5
6.6
2.1
1.3
-6.7
-1.8
-1.1
-.8
-.9
1.4
3.8
.5
.8
8
9
10
1.524
21
832
0
1.072
0
520
0
688
0
1.168
0
3.2
.1
2.8
.3
-3.5
-.2
-1.3
-.1
2.6
11
12
.322
135
39
.838
2.073
133
40
537
12.354
131
*0
1.349
7.621
129
45
1.729
8.300
127
48
-4.974
1.989
125
49
975
9.0
•4
-.2
-.5
17.8
.5
-1.0
.2
22.7
.5
-.4
•6
9.4
.5
-.4
1.0
11.5
.3
.1
-1.8
1
2
3
4
NONFIN. CORPORATE BUSINESS
STATE • LOCAL GOVERNMENTS
FOREIGN
U . S . GOVERNMENT
10.034
224
997
731
-446
223
105
1.481
9.318
222
460
834
4.145
220
-532
1.885
11.746
219
128
1.006
-396
217
125
894
7.6
.6
.5
.6
17.1
.6
.4
21.0
.5
•8
-.3
7.4
.5
1.0
-.6
12.2
.7
.5
-.7
5
6
7
8
9 NET CHANGE I N ASSETS
10
NONFIN. CORPORATE BUSINESS
11
FOREIGN
12
U.S. GOVERNMENT
13
OTHER INSURANCE COMPANIES
2.945
2.270
345
188
142
13.429
11.807
1.497
25
100
10.975
9.974
519
382
100
8.131
6.894
1.007
130
100
-1.850
-2.777
695
0
32
13.014
11.994
800
145
75
10.4
8.2
•4
1.5
•3
20.2
16.4
.9
•6
.3
24.7
22.5
.8
.9
•4
9.6
8.5
1.4
-.8
•5
13.4
14.7
.1
-1.7
.3
9
10
11
12
13
14 DISCREPANCY
4.377 - 1 1 . 3 5 6
1.379
-510
-3.1
-3.3
.1
-3.1
-3.7
.3
1.6
2.0
•
.1
-.1
-.1
»
»
1
2
3
4
5
6
7
6
BROKERS • DEALERS
FROM COMMERCIAL BANKS
FROM FOREIGN BANKING AGS.
CUSTOMER CREDIT BALANCES
8 NET CHANGE I N ASSETS
9
HOUSEHOLDS
10
COMMERCIAL BANKING
11
12
BROKERS
FOREIGN
—
—
*
*
1
2
3
TRADE CREDIT
1 NET CHANGE I N L I A B I L I T I E S
2
HOUSEHOLDS
3
FARM BUSINESS
4
NDNFARM NONCORP. BUSINESS
(PAYABLES LESS RECEIVABLES)
5
6
7
8
*
10.150 - 1 1 . 0 2 5
PROFIT TAXES PAYABLE
1 NET CHANGE I N TAXES PAYABLE
2
NONFIN. CORPORATE BUSINESS
3
COMMERCIAL BANKS
4
SAVINGS • LOAN ASSOCIATIONS
5
L I F E INSURANCE COMPANIES
6
OTHER INSURANCE COMPANIES
7
FINANCE COMPANIES
B
BROKERS • OEALERS
2.071
2.043
0
35
-67
-4
36
28
3.546
3.143
0
66
193
32
71
41
-3.016
-2.809
0
23
-203
-24
-18
15
4 147
3.840
0
59
128
33
73
14
3 .799
3.623
0
60
15
13
61
27
1.729
1.262
0
91
248
47
67
-6
3.0
2.9
-.1
.2
.1
.1
9 NET CHANGE I N TAXES RECEIVABLE
10
STATE • LOCAL GOVERNMENTS
11
U . S . GOVERNMENT
4.217
1.239
2.978
2 .075
-709
2 .784
-4.526
-409
-4.117
5 .580
1 .478
4 .102
5 .609
1 .602
4 .007
264
-820
1.084
1.9
.7
1.3
-2.7
•3
-3.0
-2.4
.2
-2.6
-2.146
1.471
1.510
-1.433
-1.810
l.l
-.4
-.8
-.2
1.1
-.8
1.9
-.7
-1.7
1.0
-.4
-.7
.3
-.7
-2.4
1.7
12 DISCREPANCY
•
•
*
*
•
«
•
-.1
*
•1
•1
-
*
2.1
9
• 5 10
1.5 11
PROPRIETORS* EQUITY IN NONCORPORATE BUSINESS
1 TOTAL HOUSEHOLD INVESTMENT
Z
FARM BUSINESS
3
NDNFARM NONCORP. BUSINESS
-2.712
-1.223
-1.489
-1.863
-4.444
-1.689
-3.484
-194
-960
1 / 7 7 BASEO ON PRELIMINARY AND INCOMPLETE INFORMATION.
-4.796
-3.571
-1.225
-5.344
-3.556
-1.766
-5.517
-3.485
-2.632
12
MAY 9 . 1977
SECURITY CREDIT. TRADE CREDIT* AND TAXES
SECURITY CREDIT. TRADE CREDIT. AND TAXES
47
SECURITY CREDIT* TRADE CREDIT* AND TAXES PAYABLE
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
SEASONALLY ADJUSTED ANNUAL RATES
I 1975 |
I
IV I
1975
1976
II
III
I
IV I
1977
I
SECURITY CREOIT
- 5 , .0
12.0
3.6
2.0
4.5
7.9
2.3
20.9
2.5
7.5
6.8
.2
.4
4.6
5.5
•4
-1.3
8.5
6.3
.1
2.1
-2.5
-1.8
.5
-1.2
5.5
5.7
-.3
.2
18.4
17.1
4.5
.1
1.9
10.7
14.3
-1.4
9.5
12.0
2.1
6.6
2.0
-1.2
-1.0
7.9
•2
5.6
20.9
.7
17.5
2.5
.1
3.1
8.7
4.5
.1
- 7 . .9
- 4 . .3
.2
4
5
6
7
4.1
3.8
.1
.2
8
9
10
8.7
.1
4.8
-7.9
11
12
3.7
•1
•
1
2
3
4
16.7
25.6
•6
23.8
•4
.1
1.9
•2
•6
5
6
7
8
14.1
20.0
18.5
.7
.5
-.1
1.1
1.9
•1
•9
3.1
-.1
9
10
11
12
13
22.6
21.5
•8
27.2
25.3
26.0
23.0
1.0
.3
.6
1.7
.9
.5
7.9
1.6
1.2
•6
-2.2
-1.4
-1.8
•
•1
-3.4
-3.2
- 2 . .8
-.4
-.2
- 2 . .1
- 1 , .0
2.2
2.2
-.2
.2
-3.4
- 5 ..0
- 1 ..0
-2..4
-4.3
- 1 •6
-«
-.2
*
*
10.7
14.3
9.5
.2
4.5
2.2
1
2
3
3.2
-
.4
7.2
-
12.9 NET CHANGE IN LIABILITIES
5.5
HOUSEHOLDS
FOREIGN
7.4
8.2
-.4
-.5
BROKERS • DEALERS
PROM COMMERCIAL BANKS
FROM FOREIGN BANKING AGS.
CUSTOMER CREDIT BALANCES
12.9 NET CHANGE IN ASSETS
-.5
HOUSEHOLDS
6.6
COMMERCIAL BANKING
6.1
.1
BROKERS • DEALERS
FOREIGN
4
5
6
7
9
10
11
12
TRADE CREDIT
.6
•6
-.8
1.2
.6
10.1
•6
•1
-l.i
30.3
28.2
32.9
33.7
20.3
•5
.2
.5
1.6
.5
.2
.5
.5
-.2
-1.4
-2.4
-1.5
•1
-1.7
5.8
.9
2.1
1.7
24.8
21.7
25.2
.9
.2
5.2
.9
4.0
1.9
.9
•4
11.5
30.7
25.9
32.7
30.0
3.9
.5
.3
1.4
.8
.6
34.0
.5
-1.4
•5
-1.2
28.5
15.5
29.9
.9
-2.1
7.1
.9
1.8
3.6
7.2
.9
.5
2.9
34.9
26.4
29.2
25.2
21.4
16.5
37.2
33.5
•4
2.1
1.5
.4
6.0
.1
4.0
.5
.4
3.6
-. 1
35.1 NET CHANGE IN LIABILITIES
•5
HOUSEHOLDS
-.1
FARM BUSINESS
-1.5
NONFARM NONCORP. BUSINESS
IPAYABLES LESS RECEIVABLES)
1
2
3
4
29.8
.9
.5
4.9
NONFIN. CORPORATE BUSINESS
STATE * LOCAL GOVERNMENTS
FOREIGN
U.S. GOVERNMENT
5
6
7
8
33.9 NET CHANGE IN ASSETS
29.9
NONFIN. CORPORATE BUSINESS
3.2
FOREIGN
.6
U.S. GOVERNMENT
.3
OTHER INSURANCE COMPANIES
9
10
11
12
13
1.1 DISCREPANCY
14
PROFIT TAXES PAYABLE
2.5
2.3
•1
1.2
1.0
•1
•1
-3.4
-3.2
-.3
.1
-.1
•1
-.1
9
10
11
2.1
.7
1.3
1.3
1.0
•3
-3.4
-.1
-3.3
8.5
7.8
5.3
5.1
.2
.1
.1
.2
.1
.1
.1
8.7
2.0
6.8
5.5
1.4
*.l
-.9
.2
.1
4.2
2.2
1.4
.2
•
.2
.1
10.1
9.8
-.4
.2
•2
.1
.2
*
•5
10.3
9.5
*
.2
.2
.1
.2
.1
10.3
2.6
7.7
10.0
2.8
7.2
-.3
.3
-19.6
-14.6
-5.0
-21.4
-14.0
-7.4
2.5 NET CHANGE IN TAXES PAYABLE
2.6
NONFIN. CORPORATE BUSINESS
-.9
COMMERCIAL BANKS
.3
SAVINGS • LOAN ASSOCIATIONS
.3
LIFE INSURANCE COMPANIES
.1
OTHER INSURANCE COMPANIES
1
2
3
4
5
6
.2
-.1
7
8
FINANCE COMPANIES
BROKERS • DEALERS
1.6 NET CHANGE IN TAXES RECEIVABLE 9
.6
STATE • LOCAL GOVERNMENTS
10
1.0
U.S. GOVERNMENT
11
.9 DISCREPANCY
PROPRIETORS* EQUITY IN NONCORPORATE BUSINESS
1
2
3
-3.1
-5.1
2.0
-4.4
-4.9
.6
-11.1
-7.4
-3.7
BILLIONS OF DOLLARS.
-9.9
-5.8
-4.1
-16.5
-12.3
-4.2
-10.8
-4.9
-6.0
1/77 BASEO ON INCOMPLETE INFORMATION.
-7.5
-6.6
-.9
-17.9
-13.9
-4.0
-22.4 TOTAL HOUSEHOLD INVESTMENT
-14.2
FARM BUSINESS
-8.2
NONFARM NONCORP. BUSINESS
12
MAY 9, 1977
MISCELLANEOUS I
MISCELLANEOUS 1
MISCELLANEOUS FINANCIAL CLAIMS
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS (S MILL.)
1975
IV
|
I
1976
I
IV
III
II
1
I
1977 I
I |
1967
BILLIONS OF DOLLARS
1969
1968
1970
1971
1 NET CHANGE IN LIABILITIES
2
HOUSEHOLDS
3
NDNFIN. CORPORATE BUSINESS
4.401
148
1.229
13.876
129
-728
13.811
116
422
15.392
97
712
4.394
83
155
10.266
66
250
11.3
.3
.3
16.9
.4
.3
25.7
.4
.8
13.9
.4
1.0
11.5
.3
-.2
1
2
3
4
5
REST OF THE WORLD
U . S . GOVERNMENT
4.495
-110
5.294
431
3.284
489
4.769
-542
5.149
561
5.390
-525
2.9
.1
2.1
.7
2.3
-.4
4.0
.5
5.0
.8
4
5
6
7
8
9
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
-1.361
722
-195
-3.983
8.750
666
303
4.264
9.500
-116
-68
6.648
10.356
607
19
6.645
-1.554
1.161
-205
-4.391
5.065
-570
-433
3.254
7.7
.5
.1
2.5
13.4
-.3
.4
7.6
22.5
.4
.3
15.4
7.9
2.1
.5
-1.8
5.5
-.5
*
-2.8
6
7
8
9
10
11
12
13
14
15
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
L I F E INSURANCE COMPANIES
NONLIFE INSUR. COMPANIES
FINANCE COMPANIES
REITS
-744
-24
1.078
1.548
237
0
966
104
748
1.550
149
0
366
-18
977
1.587
124
0
572
57
674
1.598
184
0
-748
-15
894
1.625
125
0
752
-195
465
1.644
168
0
.4
.1
1.6
2.1
.5
.4
.1
1.5
2.5
1.3
.4
.2
1.4
3.3
1.0
.6
.1
1.7
3.4
1.3
1.2
-.1
2.1
3.6
2.0
-
10
11
12
13
14
15
16 NET CHANGE I N ASSETS
17
HOUSEHOLDS
18
FARM BUSINESS
19
NONFARM NONCORP. BUSINESS
20
NONFIN. CORPORATE BUSINESS
10.824
925
305
341
2.668
11.584
1.071
170
231
3.187
11.839
1.077
162
245
1.381
10.100
973
149
315
1.608
11.110
1.038
234
279
2.933
7.836
1.034
215
280
2.164
9.8
1.5
.3
.4
3.5
12.8
1.6
.4
.5
2.2
16.6
2.1
.4
.7
3.0
12.0
2.6
.5
.7
4.1
7.4
2.3
•6
.8
6.0
16
17
18
19
20
-
-
-
-
21
22
REST OF THE WORLD
U»S, GOVERNMENT
3.067
236
1.842
160
4.240
126
2.373
176
3.216
204
-1.089
207
1.6
-.1
3.4
-.2
7.7
.1
-6.0
.3
23
24
25
26
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
3.282
-494
235
2.171
4.903
-99
-78
4.124
4.608
-33
-68
3.747
4.501
125
43
2.814
3.206
-219
-103
1.995
5.025
177
-95
3.889
2.8
4.8
*
. 8*
.2
3.1
2.7
.4
-.1
1.6
9.9
.6
.1
6.1
3.8
•2
.2
1.3
23
24
25
26
847
105
349
60
-2
11
851
24
258
60
-264
27
400
233
207
60
50
12
1.284
25
197
60
-85
38
1.444
108
178
60
-223
-34
378
270
154
60
178
14
.9
•1
.3
.7
.4
.1
.6
.4
-.1
.9
.1
1.8
.2
.6
.1
-
—
-
-
-
.8
.3
.9
*
.2
-
27
28
29
30
31
32
-6.423
2.292
5.292
-6.716
COMMERCIAL BANK L I A B I L I T Y
TO FOREIGN AFFILIATES
34
ASSET-REST OF THE WORLO
35
LIAB.-COMMERCIAL BANKS
36
FOREIGN BANKING AGS.
731
1.776
-1.045
-243
-929
686
1 .238
523
715
1.624
1.010
614
551
1.497
-946
-3.185
-2.384
-801
DIRECT FOREIGN INVESTMENT
BY U.S. CORPORATIONS
LIAB.-REST OF THE WORLD
1.614
1.663
133
1.418
1.498
1.600
1.229
-728
422
712
155
161
194
183
198
869
500
75
-606
1.102
2.835
1.000
-14
2.600
-751
2 .829
719
-57
1.180
987
199
0
184
0
129
37
7
26
50
13
-1
122
27
28
29
30
31
32
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
REITS
MONEY MARKET FUNDS
33 UNALLOCATED. NET
*
*
- 6 . 2 21
. 1 22
I A) FOREIGN CLAIMS
37
DIRECT FOREIGN INVESTMENT
IN U.S.
38
LIAB.-NONFIN. CORP. BUSINESS
U . S . GOVT. EQ. I N IBRO» ETC.
39
LIAB.-REST OF THE WORLD
40
41
42
43
44
FOREIGN CURR. EXCEPT OFFICIAL
LIAB.-REST OF THE WORLD
ASSET-NONFIN. CORP. BUSINESS
U . S . GOVERNMENT
COMMERCIAL BANKS
FOREIGN BANKING AGS.
7.9
6.8
1.2
-6.9
-7.2
.2
250
6
1.0
200
207
2
.2
1.186
-352
-22
2.500
-940
615
871
4
-800
540
1.260
16
0
1.500
-256
78
0
64
0
192
0
412
0
-.2
-.3
37
25
4
12
23
15
1
25
114
20
33
25
92
30
4
286
.1
.7
.2
.5
2.3
1.8
.5
.5
-.4
-.1
.1
-.2
*
.1
.0
- 4 . 1 34
- 4 . 8 35
. 7 36
-.2
38
• 3 39
1.4
1.4
-.2
.2
*
40
41
42
43
44
(B) U. S. GOVERNMENT CLAIMS
45
POSTAL SAVINGS DEPOSITS
ASSET-HOUSEHOLDS
L I A B . - U . S . GOVT.
46
DEPOSITS AT FHLB
LIAB.-SPONSORED CREDIT AGS.
ASSET-S*L ASSOCIATIONS
47 FEDERAL RESERVE BANK STOCK
ASSET OF COMMERCIAL BANKS
48 EQ. I N U . S . GOVT. CREDIT AGS.
49
U . S . GOVERNMENT
PRIVATE
50
FARM BUSINESS (FICB • FLB)
51
NONFARM NONCORPORATE fftC)
52
NONFIN. CORP. BUS. (FNMA)
53
S*L ASSOCIATIONS (FHLB)
1 / 7 7 BASEO ON PRELIMINARY ANO INCOMPLETE INFORMATION.
*
*
•
.2
•3
-
-
.1
•
.1
.1
.1
*
.1
•1
. 1 48
49
.1
•
•
•
50
51
52
53
MAY 9 . 1 9 7 7
MISCELLANEOUS I
MISCELLANEOUS 1
MISCELLANEOUS FINANCIAL CLAIMS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
I
1976
I 1975 |
I
IV I
II
III
1
2
3
20.1
•5
.4
37.3
.4
2.7
43.2
.7
2.7
30.0
.7
2.4
47.5
•4
.6
41.4
•5
-2.9
59.2
.5
1.7
47.2
.4
2.8
4
5
3.7
7.0
-.4
16.1
1.0
15.6
-.7
18.5
.9
16.8
1.2
1.2
24.1
-.8
17.3
2.0
-1.9
REST OF THE WORLD
U.S. GOVERNMENT
6
7
8
9
15.5
.3
-.1
4.1
27.6
2.2
1.2
13.2
22.6
.3
-.3
13.9
12.0
1.6
-.4
-.7
27.1
2.3
19.5
1.7
25.8
2.0
1.2
8.5
40.2
.7
-.3
29.2
20.6
3.1
.1
7.6
21.5
3.5
-.8
7.3
9.9
-3.0
-1.7
4.2
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
10
11
12
13
14
15
.9
.2
2.9
4.8
2.4
.6
.6
2.7
4.8
2.3
-.1
•3
2.8
4.9
.9
.4
-.1
4.3
6.2
.7
.3
.5
4.2
6.2
.9
1.7
1.8
3.7
6.2
•6
1.2
-1.2
3.0
6.4
.7
.5
3.4
6.5
-.1
.7
2.5
6.6
.7
-
-
-
-
-
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
NONLIFE INSUR. COMPANIES
FINANCE COMPANIES
REITS
10
11
12
13
14
15
16
17
18
19
20
18.5
2.7
.7
1.0
5.2
31.9
2.8
.6
1.0
8.3
43.2
2.7
.8
1.0
9.6
32.6
3.7
.9
1.3
9.1
44.6
4.2
.7
1.1
9.1
43.9
3.7
1.2
46.3
4.3
31.1 NET CHANGE IN ASSETS
4.1
HOUSEHOLDS
.9
FARM BUSINESS
1.1
NONFARM NONCORP. BUSINESS
6.7
NONFIN. CORPORATE BUSINESS
16
21
22
3.1
.1
7.2
.4
8.9
.6
1.8
.7
11.7
.7
23
24
25
26
5.8
-.4
19.7
-1.8
1.8
15.0
15.0
.9
-.2
9.4
17.2
-.2
-.2
12.7
14.5
-1.2
.9
2.3
11.7
.8
•3
7.1
27
28
29
30
31
32
1.3
.5
1.0
.2
.8
2.1
.2
.9
.1
•
3.0
.5
1.4
.1
-.4
-
4.0
.4
•8
.2
-.5
•
3.4
.9
1.4
.2
-
2.7
.6
1.7
.2
-.3
•
*
*
*
*
13.2
1.2
•1
3.3
6.4
•6
1.0
6.1
43.4
3.9
.6
1.3
8.6
•5
11.0
.7
18.7
-.3
-.3
16.5
18.2
-.1
-.3
15.0
17.4
-.4
.2
11.3
2.8
-.2
1.0
.2
-1.1
2.2
.2
4.9
.7
.8
.2
-.3
.2
26.5 NET CHANGE IN LIABILITIES
.3
HOUSEHOLDS
1.0
NONFIN. CORPORATE BUSINESS
45.1
4.2
1.1
11.0
REST OF THE WORLD
U.S. GOVERNMENT
21
22
-.4
8.0
19.2
.7
-.4
15.6
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
23
24
25
26
6.1
.9
.7
.2
-.9
-.1
.8
.8
.6
.2
.7
.1
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
REITS
MONEY MARKET FUNDS
(A)
.9
.5
.4
1.1
.4
.7
4.6
2.2
2.4
-1.2
•1
-1.3
3.2
2.1
1.1
2.9
7.1
-4.2
-1.0
-3.7
2.7
5.0
2.1
2.9
6.5
4.0
2.5
2.2
6.0
-3.8
-12.7
-9.5
-3.2
.5
38
.4
2.7
2.7
2.4
.6
4.9
-2.9
1.7
2.8
.6
39
.3
.3
.6
.7
•8
.6
.8
.7
.8
.8
40
41
42
43
44
3.6
1.8
-.2
•2
1.7
4.2
2.6
*
•2
1.4
1.8
-.2
-.1
.7
1.3
4.9
.8
*
3.9
.1
7.5
2.2
-.1
5.5
-.2
3.5
2.0
.3
-3.2
4.4
11.3
4.0
-.1
10.4
-3.0
11.3
2.9
-.2
4.7
3.9
4.7
-1.4
-.1
10.0
-3.8
19
20
-1.7
.8
- 4 . 7 UNALLOCATED, NET
34
35
36
6
7
8
9
1.0
5.0
.1
-3.2
2.2
6.0
-1.0
33
FOREIGN CLAIMS
COMMERCIAL BANK L I A B I L I T Y
TO FOREIGN AFFILIATES
ASSET-REST OF THE WORLD
LIAB.-COMMERCIAL BANKS
FOREIGN BANKING AGS.
35
36
DIRECT FOREIGN INVESTMENT
BY U . S . CORPORATIONS
LIAB.-REST OF THE WORLD
DIRECT FOREIGN INVESTMENT
IN U.S.
L I A B . - N O N F I N . CORP. BUSINESS 38
• S . GOVT. EQ. I N IBRD* ETC.
LIAB.-REST OF THE WORLD
2.5
3.5
27
28
29
30
31
32
FOREIGN CURR. EXCEPT OFFICIAL
LIAB.-REST OF THE WORLD
ASSET-NONFIN. CORP. BUSINESS
U . S . GOVERNMENT
COMMERCIAL BANKS
FOREIGN BANKING AGS.
39
40
41
42
43
44
(B) U. S . GOVERNMENT CLAIMS
POSTAL SAVINGS DEPOSITS
ASSET-HOUSEHOLDS
L I A B . - U . S . GOVT.
46
-.2
•2
.4
1.2
1.9
47
.1
.1
.1
.1
.1
48
49
.3
•6
1.0
.4
.9
50
51
52
53
.1
*
*
.1
.2
.1
.5
.1
.1
•3
•2
*
•*
4
BILLIONS OF DOLLARS.
*
.1
.1
*
*
•
•
•5
.1
.2
.3
1/77 BASED ON INCOMPLETE INFORMATION.
-2.0
45
DEPOSITS AT FHLB
LIAB.-SPONSORED CREDIT AGS. 4 6
ASSET-S+L ASSOCIATIONS
* FEDERAL RESERVE BANK STOCK
ASSET OF COMMERCIAL BANKS
47
1 . 3 EQ. I N U . S . GOVT. CREDIT AGS. 4 8
U . S . GOVERNMENT
49
PRIVATE
.4
FARM BUSINESS (F1CB • FLB) 50
.1
NONFARM NONCORPORATE (BC) 5 1
*
NONFIN. CORP. BUS. (FNMA1 52
.8
S-t-L ASSOCIATIONS (FHLB)
53
MAY 9 , 1 9 7 7
MISCELLANEOUS I I
50
MISCELLANEOUS
MISCELLANEOUS FINANCIAL CLAIMS
II
CCONTINUED)
UNADJUSTED NET FLOWS ( $ M I L L . )
UNADJUSTED NET FLOWS 1$ M I L L . )
1975 I
IV I
1976
II
III
I
IV I
BILLIONS OF DOLLARS
1968
1969
1970
1977
I
( C ) LIFE INSURANCE CLAIMS
DEFERRED AND UNPAID PREMIUMS
1
LIAB .-HOUSEHOLDS
ASSET-LIFE INSURANCE
2
3
4
LIFE COMPANY RESERVES
L I A B . - L I F E INSURANCE COS.
ACCIDENT AND HEALTH
POLICY DIVIDEND ACCUM.
ASSET-HOUSEHOLDS
404
157
247
384
141
243
360
128
232
347
123
224
323
108
215
307
101
206
,548
521
176
304
547
1.550
687
120
218
525
1.587
717
125
220
525
1.598
631
126
300
541
1.625
715
120
259
531
1.644
727
123
250
544
-6.423
2.292
1.972
5.292
-6.716
2.430
-2.934
1.851
-97
-13
106
-210
7.433
602
-64
495
23
287
7.112
139
-111
600
67
-82
7.935
1.967
-159
-383
336
13
-1.665
2.836
-141
702
170
-223
.9
•3
•5
1.2
.6
.6
1.1
.4
.6
2
3
4
( D ) NONLIFE INSURANCE CLAIMS
5
6
7
8
9
LIAB.-OTHER INSURANCE
ASSET-HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
N0NF1N. CORP. BUSINESS
•1
.8
.2
•4
.7
2.5
.9
.3
.5
.8
3.3
1.2
.4
.7
1.1
3.4
1.4
.4
.7
.9
3.6
1.2
.5
.8
1.0
5
6
7
8
9
8.055
2.323
-74
-451
-625
-440
4.1
.2
•4
-.2
10.4
.5
-.3
-.1
.5
.3
8.9
-.2
-.6
1.2
.5
.5
6.0
-.1
*
•8
-.1
*
11
12
13
14
15
16
5.4
3.7
•2
•3
1.1
7.0
1.9
1.1
3.6
.5
1.8
2.1
.6
-1.4
.5
17
18
19
20
21
-1.9
-.1
-2.0
-.2
-.5
-1.1
1.1
.5
22
23
24
25
IE) UNALLOCATED ASSETS • LIAB.
10 NET TOTAL (LIAB. LESS ASSETS)
11
NET CHANGE I N L I A B I L I T I E S
12
REST OF THE WORLD
13
U . S . GOVERNMENT
14
U . S . GOVT.-WITHOUT LEVELS
15
SPONSORED CREDIT AGENCIES
16
MONETARY AUTHORITIES
•1
9.3
.7
.2
.5
-.1
•3
17
18
19
20
21
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS I N U . S . POSS.
2.361
1.038
23
1.019
281
1.492
1.321
86
110
-25
1.446
1.268
676
-467
-31
1.036
375
-457
1.062
56
-355
-1.330
188
737
50
4.230
3.493
-136
823
50
1.8
1.4
4.7
4.1
-. 1
-. 3
.3
.3
22
23
24
25
FLOATS I N COML. BANK STMNT
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LESS: ON MEMBER BK. RES
--7.075
7.075
-1.651
-4.567
857
3.015
1.841
-30
-1.204
3.964
-120
5.316
1.232
3.985
-2.267
5.534
-718
-4.587
-1.013
-2.798
776
2.209
492
940
-777
*
-.4
.3
-.1
.6
.5
.3
.2
2.1
-.5
2.5
26
27
28
29
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
FINANCE COMPANIES
-744
-24
674
237
966
104
364
149
366
-18
617
124
572
57
327
184
-748
-15
571
125
752
-195
158
168
.4
•1
.9
.5
.4
.1
.6
1.3
.4
.2
.5
1.0
.6
•1
•5
1.3
1.2
-.1
1.1
2.0
26
27
28
29
30
31
32
33
NET CHANGE I N ASSETS
REST OF THE WORLO
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
3.489
1.107
-494
235
5.141
2.813
-99
-78
5.140
2.580
-33
-68
2.643
37
125
43
5.051
2.510
-219
-103
5.625
1.846
177
-95
2.6
.7
•
5.2
.7
.2
1.4
-l.l
.4
-.1
7.0
-.1
.8
.1
1.9
-1.9
.2
.2
30
31
32
33
34
35
36
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSSESSIONS
1.661
59
122
2.614
-210
-145
2.244
-556
-122
-151
1.435
-36
1.209
1.068
-40
2.534
44
60
1.2
-.6
.1
1.9
1.1
.1
1.1
-.5
.9
1.2
3.7
•3
37
38
39
40
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
404
105
201
60
270
24
129
60
649
233
91
60
1.052
25
100
60
620
108
95
60
449
270
88
60
.5
.1
.7
•4
.1
.3
.4
.2
-.1
.5
.1
•3
•2
•4
•1
41
42
REITS
MONEY MARKET FUNDS
-2
11
-264
27
• 50
12
-85
38
-223
-34
178
14
-
_
-
-
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
*
*
*
-
1.3 34
- . 3 35
• 1 36
1.4
.3
.6
*
37
38
39
40
. 2 41
42
MAY 9, 1977
MISCELLANEOUS II
MISCELLANEOUS
II
51
MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED)
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I
I
1975
1976
|
IV |
II
III
I
IV |
1977
I
CO L I F E INSURANCE CLAIMS
DEFERRED AND UNPAID PREMIUMS
.3
LIAB.-HOUSEHOLDS
ASSET-LIFE INSURANCE
1.3
.5
.8
1.4
.7
.7
1.7
.7
1.0
1.4
.5
.9
1.6
•6
1.0
1.5
.6
1.0
4.9
1.2
.5
1.0
2.1
6.2
2.0
.7
1.2
2.2
6.4
2.8
.5
1.0
2.1
6.2
2.1
.7
1.2
2.2
6.2
2.7
.5
.9
2.1
1.2
•4
.8
L I F E COMPANY RESERVES
L I A B . - L I F E INSURANCE COS.
ACCIDENT AND HEALTH
POLICY DIVIDEND ACCUM.
ASSET-HOUSEHOLDS
1
2
3
4
CD) NONLIFE INSURANCE CLAIMS
1.0
1.9
4.8
1.4
.5
1.0
2.0
6.3
2.9
.5
•9
2.1
6.4
2.5
.5
1.2
2.2
6.5
2.9
.5
1.0
2.1
6.6
2.9
.5
1.0
2.2
LIAB.-OTHER INSURANCE
ASSET-HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
NONFIN. CORP. BUSINESS
( E ) UNALLOCATED ASSETS •
-.4
1.4
1.1
17.3
6.1
1.7
-.8
-1.1
-.3
7.9
4.0
-.6
-.1
1.0
-.5
20.8
5.5
-.5
1.4
.6
6.4
6.1
-1.3
1.1
.5
4.3
4.0
-1.0
.8
.5
10.2
11.0
-2.7
1.8
.1
.8
-.1
-.8
.6
1.1
22
23
24
25
-3.3
-1.7
-.8
.7
7.9
1.5
6.7
.3
-.9
.7
-1.0
.5
26
27
28
29
.9
.2
1.6
2.4
.6
•6
1.3
2.3
30
31
32
33
5.1
1.8
-.4
34
35
36
2.0
-1.7
37
38
39
40
1.5
.5
.5
.2
41
42
•8
11
12
13
14
15
16
6.8
-1.6
.3
-.2
17
18
19
20
21
*
*
*
•
5
6
7
8
9
LIAB.
-4.7
NET TOTAL ( L I A B . LESS ASSETS)
NET CHANGE I N L I A B I L I T I E S
REST OF THE WORLD
U . S . GOVERNMENT
U . S . GOVT.-WITHOUT LEVELS
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
10
.4
-.8
18.6
.1
-.3
1.5
.4
1.1
31.0
2.6
-.4
1.6
•6
-.3
14.0
10.7
-.6
-.1
.8
.1
19.4
8.8
-.6
2.6
.6
-.9
20.5
6.8
-.3
-1.6
-2.2
-1.8
3.6
1.6
.5
1.4
.1
13.0
7.7
•1
4.1
1.1
3.5
2.8
.3
•4
-.1
4.0
3.3
2.7
-1.9
-.1
5.2
2.6
-1.8
4.2
.2
1.7
-2.2
.8
2.9
.2
15.3
12.3
-.5
3.3
•2
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS I N U . S . POSS.
17
IB
19
ZO
21
-.2
-2.0
1.2
-.5
6.4
-1.6
8.0
.1
-9.5
-5.9
-3.0
.6
6.0
6.8
-3.7
-2.9
20.3
4.6
19.5
3.9
-4.1
-15.0
10.5
-.3
3.4
-2.7
5.8
-.3
1.7
1.3
-.4
-.8
FLOATS I N COML. BANK STMNT
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LESS: ON MEMBER BK. RES.
22
23
24
25
-.1
.3
1.3
•9
•4
-.1
2.6
.7
1.2
.1
1.9
.6
.3
.5
2.5
.9
1.7
1.8
2.1
.6
1.2
-.6
1.6
.5
.9
-1.2
1.6
.7
.7
.5
2.1
.5
-.1
.7
1.3
.7
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
FINANCE COMPANIES
26
21
26
29
12.5
3.4
•8
.3
17.2
1.5
-1.8
1.8
10.5
.5
.9
-.2
18.0
7.9
-.2
-.2
15.9
3.9
-1.2
.9
23.5
14.1
-.3
-.3
15.5
6.2
-.1
-.3
10.3
1.6
-.4
.2
22.7
9.8
-.4
25.1
10.0
.7
-.4
NET CHANGE I N ASSETS
REST OF THE WORLD
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
30
31
32
33
4.7
.6
.1
12.1
1.1
-.2
3.7
1.1
.6
5.9
1.7
-.3
6.7
.2
.5
10.5
-.8
-.6
9.0
-2.2
-.5
-.6
5.7
-.1
4.8
4.3
-.2
10.1
.2
.2
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS I N U . S . POSSESSIONS
34
35
36
1.6
.2
.5
1.8
•5
.7
•1
2.3
•6
1.0
.2
2.6
.4
•4
.2
2.8
.9
.8
•2
1.4
-.2
•5
.2
2.3
.2
•4
.2
2.8
.7
.4
.2
3.9
.9
.4
.2
2.1
•8
•4
.2
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
37
38
39
40
-.4
-.3
•
-.5
-1.1
•1
•2
-.3
.2
-.9
-.1
.7
.1
REITS
MONEY MARKET FUNDS
41
42
17.8
-1.3
—
-
•*
*
—
BILLIONS OF DOLLARS.
*
*
*
11.9
4.8
-.4
*
*
*
1/77 BASEO ON INCOMPLETE INFORMATION.
*
*
MAY 9 , 1 9 7 7
TOTAL CLAIMS
52
TOTAL CLAIMS
TOTAL FINANCIAL ASSETS AND L I A B I L I T I E S
UNADJUSTED NET FLOWS (S M I L L . )
UNADJUSTED NET FLOWS (S M I L L . )
1975
IV
|
|
1976
II
III
IV
I
I
BILLIONS OF DOLLARS
1968
1969
1970
1977 I
I I
TOTAL FUNDS RAISED AND ADVANCED I N CREDIT MARKETS ( 1 )
1 TOTAL FUNDS RAISED I N CREDIT
MARKETS BY:
NONFINANCIAL SECTORS
U . S . GOVERNMENT
FOREIGN
PRIVATE DOMESTIC
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
CORPORATE BUSINESS
ST.+LOC. GOVERNMENTS
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
SAVINGS • LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
2 3 TOTAL FUNDS ADVANCEO I N CREDIT
MARKETS BY:
24
PRIVATE DOM. NONFIN. SECTORS
25
HOUSEHOLDS
26
NONFARM NONCORP. BUSINESS
27
CORPORATE BUSINESS
28
STATE • LOCAL GOVERNMENTS
78.016
59.015
74.768
75.515
92.110
70.772
85.9
115.5
128.7
116.4
71.030
25.896
5.618
39.516
20.768
1.216
1.644
12.213
3.675
53.929
24.149
3.931
25.849
12.076
2.039
-446
9.100
3.080
68.957
9.418
4.515
55.024
25.468
4.518
2.319
17.677
5.042
67.315
18.029
3.860
45.426
24.250
3.586
1.170
10.889
5.531
81.423
17.430
9.242
54.751
28.863
2.177
1.672
18.915
3.124
60.435
17.627
814
41.994
16.954
3.340
945
17.621
3.134
83.9
13.0
4.0
66.9
22.4
3.3
4.4
28.9
7.9
98.3
13.6
2.8
81.9
32.1
2.8
. 5.3
31.9
9.8
93.5
-3.7
3.7
93.5
33.8
3.1
7.5
38.4
10.7
100.7
11.9
2.7
86.1
25.3
2.3
5.7
41.5
11.3
6.986
1.976
2.655
-1.038
-144
1.269
769
239
1.688
-605
232
-55
5.086
223
3.546
4.167
-227
-812
-2.458
239
470
-394
358
-26
5.811
527
3.5*1
791
-419
50
1.069
239
1.702
-495
-860
-334
8.200
1.271
3.735
3.180
-114
-89
1.172
246
-780
-440
74
-55
10.687
8
4.841
-545
-35
1.298
77
245
4.686
-804
776
140
10.337
-410
5.010
5.259
106
-1.030
-312
250
1.059
-306
645
66
2.0
-.6
.7
17.2
3.5
.5
.8
35.2
8.8
.7
2.4
4.3
.2
4.1
.5
7.8
1.5
4.9
78.016
59.015
74.768
75.515
92.110
19.287
4.185
599
11.045
3.458
12.739
4.766
464
3.700
3.809
11.977
7.725
23
519
3.710
16.879
10.793
25
4.780
1.281
2.832
29
REST OF THE WORLD
1.619
4.432
30
U.S. GOVERNMENT
3.409
3.483
31
32
33
34
FINANCIAL INSTITUTIONS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
FEDERAL RESERVE SYSTEM
53.701
2.899
2.655
1.087
38.361
1.031
3.546
2.280
*
*
-
15.8
8.2
1.6
-2.0
-1.9
• 1
1.8
•4
2.6
2.2
2.8
151.0
2
24.7
3
5.2
4
121.1 5
42.1 6
4.5
7
10.3 8
46.4
9
1 7 . 8 10
17.0
1.1
4.8
2.4
-.4
1.6
-.1
.6
2.7
2.9
1.3
-
11
12
13
14
15
16
17
18
19
20
21
22
3.0
.1
1.1
.2
3.9
1.2
5.9
70.772
85.9
115.5
128.7
116.4
7.486
-6.340
905
7.835
5.086
18.148
6.820
459
5.470
5.399
.7
-.9
.2
1.5
-.2
14.0
5.7
•4
6.1
1.8
40.2
26.9
.4
7.7
5.3
-1.1
-1.6
•5
.2
-.2
-3.7
-4.5
.5
2.3
-2.0
2 7 . 3 29
-1.7
.1
.6
*
-
-
-
-
1 6 8 . 1 23
24
25
26
27
28
5.439
5.254
7.943
2.7
2.4
1.3
11.0
4.942
2.460
2.809
4.7
5.2
3.1
2.8
60.638
654
3.541
5.025
48.255
1.912
3.735
4.440
76.910
1.353
4.841
-1.911
41.872
-1.130
5.010
-2.073
77.9
-.1
.7
4.8
93.9
3.2
.5
3.7
84.1
8.8
.7
4.2
103.7
9.6
1.6
5.0
141.6
.5
4.8
8.9
31
32
33
34
35.1
33.2
-1.0
2.8
.1
50.5
50.2
-.1
.1
.3
35
36
37
38
39
2.8 30
35
36
37
38
39
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.
19.007
19.044
-121
-26
110
-3.377
-2.879
-141
-501
144
20.165
19.738
257
68
102
8.101
8.914
-571
-318
76
32.849
31.893
153
733
70
3.922
3.541
-30
411
0
35.9
35.3
38.8
38.2
-. 4
-. 5
.1
.1
18.7
13.1
3.9
1.4
.2
40
41
42
43
44
PRIVATE NONBANK FINANCE
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
28.053
11.362
8.311
1.761
1.290
34.881
19.431
13.340
5.036
1.055
31.253
18.741
14.127
2.859
1.755
30.067
17.259
12.303
2.929
2.027
39.778
14.296
10.371
2.517
1.408
36.143
20.741
15.515
4.179
1.047
36.6
15.2
9.1
5.3
.9
47.7
15.7
9.7
4.5
1.5
51.7
14.9
9.6
3.2
2.1
52.5
17.7
12.2
4.2
1.4
77.0
39.5
27.5
10.0
2.0
40
41
42
43
44
45
46
47
48
49
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUND
OTHER INSURANCE COS.
13.659
4.937
4.381
2.860
1.481
16.693
7.358
4.227
3.228
1.880
12.491
4.893
2.590
3.493
1*515
14.687
6.637
3.027
3.304
1.719
13.732
7.292
2.533
1.819
2.088
16.216
8.075
2.884
3.162
2.095
19.5
8.4
5.4
4.0
1.6
22.1
8.7
5.9
4.7
2.8
24.0
8.6
6.2
5.6
3.5
26.0
9.0
6.8
6.3
3.9
31.0
11.8
7.5
6.5
5.3
45
46
47
48
49
50
51
52
53
54
55
FINANCE N . E . C
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
SECURITY BKRS. • DEALERS
3.032
1.724
-1.420
-183
117
2.794
-1.243
726
-804
-43
376
-1.498
21
3.201
-1.088
-1.136
-281
-675
-1.879
-325
-738
-234
27
-609
11.750
4.880
-794
203
234
7.227
-814
1.722
-668
311
59
-2.238
1.9
.5
9.9
5.2
.8
3.5
12.9
8.6
1.2
2.6
8.8
2.7
1.9
1.7
6.5
5.0
2.3
.4
50
51
52
53
-
1.3
TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS
TOTAL FUNDS RAISED CFROM
PRECEDING TABLE)
OTHER L I A B I L I T I E S :
2
OFFICIAL FOREIGN EXCHANGE
3
TREASURY CURR. • SDR CTFS.
78.016
59.015
74.768
75.515
92.110
70.772
8 5 ,. 9
115. .5
128.7
116. . 4
168.1
1
-110
260
728
148
1.631
339
350
199
-257
503
344
207
1, . 1
.7
2.1
.4
13
.3
- 2 ,.5
.6
- 1 . ,7
.5
2
3
43.679
15.521
19.257 -14.738
12.023
7.782
12.399
22.477
37.172
14.371
7.452
15.349
18.858
-1.756
6.243
14.371
60.742
24.673
19.020
17.049
19.223
-17.026
14.129
22.120
5 5 ,. 7
15 . 0
23 .9
16, . 8
48.4
14.8
20.7
12.8
6.4
7.9
-9.5
7.9
6 7 ,. 4
12, . 4
3 8 .. 0
17. . 0
9 9 .. 4
1 7 .. 5
41.4
4 0 ,.5
4
5
6
7
2.490
14.815
2.509
8.367
2.766
9.085
2.674
8.438
5 .1
14 . 0
4 .. 6
1 5 .. 6
5.0
16.3
5,. 2
19 . 2
6..2
21,. 1
8
9
i;515
12.354
-3.016
-4.444
13.811
485
7.621
4.147
-4.796
15.392
8.523
8.300
3.799
-5.344
4.394
323
1.989
1.729
-5.517
10.266
7 .0
9 .0
-4 .9
.5
11 . 3
-6.7
22.7
-3.1
-.7
25.7
-,
—
6. . 6
1 7 .. 8
3 ,. 0
1.. 1
1 6 ,. 9
.8
9 .4
- 3 .1
.4
13 . 9
3 ,. 8
11, . 5
1 .8
.7
11, . 5
10
11
12
13
14
2.710
3.086
-4.250
-1.976
2 .7
3. .8
1.9
4 .5
16 TOTAL LIABILITIES ABOVE
150.614 105.572 154.145 131.733 180.371 108.472
- FLOATS NOT INCL. IN ASSETS
1.988
86
-870
-1.031
823
302
17
DEMAND DEPOSITS-U.S. GOVT.
12.842
-6.439
3.170
-6.666
15.015 - 1 0 . 3 1 8
18
OTHER
4.377 -11.356
10.150 - 1 1 . 0 2 5
1.379
-510
19
TRADE CREDIT
- L I A B I L I T I E S NOT ALLOCATED
AS ASSETS
-33
-50
-31
15
-143
27
20
TREASURY CURRENCY
21
PROFIT TAXES PAYABLE
-2.146
1.471
1.510
-1.433
-1.810
1.465
22
MISCELLANEOUS
-6.423
2.292
1.972
5.292
-6.716
2.430
187, . 0
235, . 7
196.7
229 . 7
327, . 0
16
.1
.5
-1 •4
,. 4
1 .2
.1
1.9
.2
-,2 .. 20
- 2 .4
-.5
2.8
-1.9
17
18
19
.2
•
1 .5
.2
1 .1
4 .1
.2
-.4
9.0
1
4
5
6
7
DEPOSITS AT FINANCIAL I N S T S .
DEMAND D E P . • CURRENCY
TIME DEPOSITS AT BANKS
DEP. AT SAVINGS I N S T I T .
8
9
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
10
11
12
13
14
SECURITY CREDIT
TRADE DEBT
PROFIT TAXES PAYABLE
NONCORP. PROPRIETORS' EQUITY
MISCELLANEOUS
15
INTERBANK CLAIMS
2.034
9.576
2.478
9.278
6.728
185
7.322
2.073
2.071
3.546
-2.712
-1.883
4.401 13.876
-651
607
-
—
""
_. 1
-1 .•98
TOTALS ALLOCATED TO SECTORS
23
(1)
AS ASSETS
140.009 119.661 147.015 136.066 162.959
INCLUDES CORPORATE E Q U I T I E S .
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
125.591
187.1
231.1
187.6
226.9
-,
5 . 6 15
-2 .0
*
—
20
. 2 21
4 . 1 22
MAY 9, 1977
TOTAL CLAIMS
TOTAL FINANCIAL ASSETS AND LIABILITIES
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
1975
1976
1 1975 |
1
IV 1
1976
I
I I
I I I
IV
1
I
1977
I
TOTAL FUNDS RAISED AND ADVANCED I N CREDIT MARKETS ( 1 )
206.0
254.3
231.8
225.2
301.4
283.4
306.6
2
3
4
5
6
7
8
9
10
176.9
15.2
4.0
157.7
64.8
5.8
13.1
58.8
15.2
197.6
8.3
6.2
183.1
73.5
9.7
12.3
72.9
14.8
188.8
12.0
15.3
161.6
45.2
7.9
6.7
83.1
18.6
210.4
85.2
13.0
112.2
49.7
9.4
1.2
37.1
14.9
271.6
69.0
21.5
181.1
90.7
12.3
4.7
56.6
16.8
250.9
85.2
21.1
144.6
66.6
10.0
2.6
50.0
15.4
243.5
71.7
17.4
154.4
82.5
9.2
2.7
46.8
13.1
269.7
71.5
14.3
183.9
94.0
12.7
5.6
51.9
19.6
281.9
80.4
18.9
182.6
91.4
14.6
4.7
50.7
21.2
290.7
52.7
35.5
202.4
94.6
12.7
4.8
77.2
13.2
11
12
13
14
15
16
17
18
19
20
21
22
29.1
3.5
4.9
4.8
.7
.8
2.0
.5
6.2
6.3
-.5
56.7
16.3
3.6
8.1
2.2
5.1
6.0
.5
9.4
6.5
-1.2
43.0
17.3
5.8
-1.1
3.5
2.9
6.3
.9
4.5
1.1
-.5
2.4
14.8
3.2
10.3
1.7
.3
-.3
-2.1
.9
.7
-1.9
.8
1.3
29.8
2.0
15.7
7.6
-.8
.4
-.1
1.0
6.1
-2.1
.3
-.3
24.2
8.6
10.6
-4.2
-.6
5.1
5.2
1.0
.5
-2.4
.6
-.2
41.4
7.7
14.2
16.7
-.9
-3.2
-.4
1.0
7.2
-1.6
.8
-.1
13.7
14.2
3.2
-1.7
.2
-1.6
1.0
4.7
-2.0
-3.0
-1.3
24.7
-.4
14.9
12.7
-.5
-.4
-1.7
1.0
.2
-1.8
.7
-.2
39.5
.8
19.4
-2.2
-.1
5.2
3.1
1.0
12.1
-3.2
2.9
.6
23
206.0
254.3
231.8
225.2
301.4
275.1
284.9
283.4
306.6
330.1
24
25
26
27
28
19.1
7.7
.5
2.4
8.5
40.3
24.6
.8
6.1
8.9
46.8
34.5
.7
1.4
10.2
52.0
25.4
.9
13.5
12.1
49.1
16.9
1.4
16.8
13.9
81.2
40.1
.6
28.3
12.3
36.9
6.8
1.5
17.4
11.2
73.6
40.8
1.6
11.8
19.3
54.5
22.6
1.1
24.7
6.1
31.5
-2.4
1.8
13.2
18.9
-
-
*
3 3 5 . 0 TOTAL FUNDS RAISED I N CREDIT
MARKETS BY:
271.5
NONFINANCIAL SECTORS
U . S . GOVERNMENT
44.7
5.1
FOREIGN
PRIVATE DOMESTIC
221.7
105.5
HOUSEHOLDS
FARM BUSINESS
14.2
NONFARM NONCORP. BUS.
7.9
CORPORATE BUSINESS
80.6
S 1 . + L0C. GOVERNMENTS
13.5
63.5
5.6
20.0
21.0
.4
-4.1
8.4
1.0
10.0
-1.2
2.0
.3
FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
SAVINGS • LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
3 3 5 . 0 TOTAL FUNDS ADVANCED I N CREDIT
MARKETS BY:
PRIVATE DOM. NONFIN. SECTORS
57.3
HOUSEHOLDS
14.4
NONFARM NONCORP. BUSINESS
1.3
CORPORATE BUSINESS
24.5
STATE + LOCAL GOVERNMENTS
17.1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
16
19
20
21
22
23
24
25
26
27
28
10.5
20.7
11.2
14.7
25.1
36.0
REST OF THE WORLD
14.5
14.8
-3.7
18.7
11.0
12.1
U . S . GOVERNMENT
30
FINANCIAL INSTITUTIONS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
FEDERAL RESERVE SYSTEM
31
32
33
34
29
31
32
33
34
174.2
4.4
4.9
.3
207.7
17.8
3.6
9.2
163.4
19.8
5.8
6.2
147.4
4.2
10.3
8.5
224.2
5.0
15.7
9.8
168.9
10.8
10.6
6.6
212.4
10.1
14.2
8.4
202.2
1.5
14.2
18.7
218.6
3.6
14.9
17.1
262.6
4.7
19.4
-4.9
229.7
1.8
20.0
-9.1
35
36
37
38
39
70.6
68.8
-.2
1.8
.3
86.8
80.8
1.7
4.1
.1
64.7
58.2
.9
5.1
.5
27.6
29.2
-.5
-1.5
.4
57.7
57.7
-.3
*
25.3
27.2
-.6
-2.0
.6
57.8
56.1
1.0
.3
.4
50.6
53.8
-2.3
-1.3
.3
96.6
92.8
.6
2.9
.3
55.6
54.0
-.1
1.6
.4
41.1
41.2
-.5
-.1
.4
40
41
42
43
44
94.1
47.8
34.7
10.3
2.8
90.3
36.4
27.5
5.4
3.5
67.0
27.2
20.8
3.0
3.4
96.8
51.2
35.3
10.8
5.1
136.0
69.7
50.1
13.3
6.2
99.9
51.5
37.8
7.9
5.8
154.5
80.6
54.8
18.9
6.8
110.0
61.6
45.6
10.6
5.3
132.5
72.5
53.7
12.9
6.0
146.8
64.0
46.4
10.9
6.7
161.3
86.3
63.5
15.5
7.3
45
46
47
48
49
34.0
13.2
6.5
8.4
5.9
38.5
15.9
7.8
9.1
5.7
36.8
15.2
8.1
9.0
4.4
48.6
19.0
13.8
11.1
4.7
57.6
26.2
12.4
11.8
7.2
55.6
21.4
17.4
11.4
5.4
62.0
24.6
16.9
12.9
7.6
54.0
22.8
10.7
14.0
6.5
58.5
26.4
12.0
13.2
7.0
55.9
30.9
10.0
7.3
7.8
59.9
27.2
11.6
12.6
8.5
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUND
OTHER INSURANCE COS.
45
46
47
48
49
50
51
52
53
54
55
12.2
9.3
4.2
-1.8
15.5
11.5
5.6
-2.5
-. 9
-3.0
1.8
-4.8
-.5
.7
-.2
8.6
8.5
-3.4
-1.2
.4
4.4
-7.2
.3
-5.7
-.7
.5
-1.5
11.9
8.5
-3.2
-.2
1.5
5.3
-5.6
11.0
-4.4
-4.5
-1.1
-6.6
1.4
1.8
-3.0
-.9
.1
3.4
26.9
12.6
-3.2
.8
.9
15.7
15.2
13.8
-2.7
1.2
.2
2.6
FINANCE N . E . C .
FINANCE COMPANIES
REITS
OPEN-ENO INVESTMENT COS.
MONEY MARKET FUNDS
SECURITY BKRS. • DEALERS
50
51
-. 5
3.1
5.0
.2
-.8
.8
-2.1
335.0
-
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.
35
36
37
38
39
PRIVATE NONBANK FINANCE
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
40
41
42
43
44
53
54
55
TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS
TOTAL FUNDS RAISED (FROM
PRECEDING TABLE)
OTHER L I A B I L I T I E S :
1.4
OFFICIAL FOREIGN EXCHANGE
TREASURY CURR. • SDR CTFS.
.8
1
206.0
254.3
231.8
225.2
301.4
275.1
284.9
283.4
306.6
330.1
2
3
-.2
.5
-.2
• 4
1.3
.4
.5
.9
2.5
1.2
-.4
1.0
2.9
.6
6.5
1.4
1.4
.8
-1.0
2.0
4
5
6
7
112.3
24.0
42.3
46.0
95.4
16.6
50.9
27.8
86.2
7.0
57.0
22.1
106.0
16.1
30.1
59.8
132.3
22.6
40.5
69.2
110.5
8.0
50.9
51.6
102.6
9.9
19.1
73.5
116.4
31.1
27.5
57.9
132.5
21.2
36.3
75.0
177.0
27.3
79.1
70.6
117.5
3.0
43.8
70.7
8
9
6.6
22.6
7.3
25.6
6.4
29.6
7.6
36.1
10.2
41.5
8.1
42.1
9.9
44.8
10.0
39.1
10.0
42.6
11.1
39.7
10.7
43.2
10
11
12
13
14
8.7
16.7
-.1
-3.1
20.1
-7.9
25.6
2.5
-4.4
37.3
-5.0
23.8
1.2
-11.1
43.2
4.5
10.1
-3.4
-9.9
30.0
10.7
30.3
8.5
-16.5
47.5
14.3
28.2
5.3
-10.8
39.8
12.0
32.9
9.3
-7.5
41.4
2.0
33.7
4.2
-17.9
59.2
7.9
20.3
10.1
-19.6
47.2
20.9
34.0
10.3
-21.4
41.8
12.9
35.1
2.5
-22.4
26.5
15
2.0
7.9
4.8
-3.3
2.2
16.0
1.1
22.4
-19.7
4.8
16
392.3
443.9
412.6
404.4
571.8
529.3
534.8
560.4
539.9
649.3
17
18
19
.6
3.8
-5.9
.3
1.6
-1.5
-.1
6.3
-2.2
-.1
1.9
-1.4
-1.0
5.1
-.3
7.9
4.1
-4.5
-.5
11.0
-2.1
-1.2
-7.4
4.5
-4.6
7.2
-1.1
2.2
8.7
-3.2
20
21
22
-.2
-.1
1.7
.5
5.3
-.2
-.3
2.8
-.1
-.2
-4.1
-.6
-.2
-4.9
-.1
-1.1
15.5
.1
-.3
3.7
-.2
.3
-3.3
392.4
437.6
550.2
535.0
*
-.1
-.1
*
408.7
*
*
-2.6
406.7
-9.9
CD
BILLIONS OF DOLLARS.
1 / 7 7 BASED ON INCOMPLETE INFORMATION.
DEPOSITS AT FINANCIAL 1NSTS.
DEMAND DEP. + CURRENCY
TIME DEPOSITS AT BANKS
DEP. AT SAVINGS I N S T I T .
4
5
6
7
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
6
9
SECURITY CREDIT
10
TRADE DEBT
11
PROFIT TAXES PAYABLE
12
NONCORP. PROPRIETORS* EQUITY 13
MISCELLANEOUS
14
INTERBANK CLAIMS
5 5 3 . 3 TOTAL L I A B I L I T I E S ABOVE
- FLOATS NOT I N C L . I N ASSETS
1.7
DEMAND DEPOSITS-U.S. GOVT.
1.2
OTHER
1.1
TRADE CREDIT
- LIABILITIES NOT ALLOCATED
AS ASSETS
TREASURY CURRENCY
.1
PROFIT TAXES PAYABLE
.9
MISCELLANEOUS
-4.7
552.9
1
2
3
TOTALS ALLOC AT tD TO SECTORS
AS ASSETS
INCLUDES CORPORATE E Q U I T I E S .
15
NAY 9 , 1977
SAV ING BY INDIVIDUALS
54
SAVING BY INDIVIDUALS
AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING ( 1 )
UNADJUSTED NET FLOWS U
MILL.)
UNADJUSTED NET FLOWS ( $
1975
IV
1 INCREASE I N FINANCIAL ASSETS
DEMAND DEPOSITS * CURRENCY
2
SAVINGS ACCOUNTS
3
|
I
1976
I
II
III
IV
|I
1977 I
I 1
1967
BILLIONS OF DOLLARS
1969
1970
1968
MILL.)
1971
41.436
141
23.676
46.118
-2.125
29.255
55.364
2.064
27.074
48.037
2.896
21.959
44.037
8.460
27.435
51.566
-1.328
33.089
67.9
9.9
35.3
73.2
11.1
31.1
61.5
2.5
9.1
78.7
8.9
43.6
104.4
9.1
67.8
1
2
3
4
5
6
7
8
SECURITIES
U . S . SAVINGS BONOS
OTHER U . S . TREASURY SEC.
U . S . GOVT. AGENCY SEC.
STATE + LOCAL OBLIGATIONS
2.519
956
324
849
779
3.831
1.097
1.483
-443
1.743
5.543
1.161
-4.122
777
1.234
8.439
1.302
2.348
1.221
3.054
-8.316
1.095
-6.572
765
399
5.154
1.180
3.615
-357
1.562
-2.9
1.0
.2
.5
-2.2
2.9
•6
4.2
1.4
-.7
24.6
-.1
5.9
5.0
9.1
-3.4
.3
-13.1
4.6
-.8
-5.8
2.3
-10.5
-2.3
-.3
4
5
6
7
8
9
10
11
12
CORPORATE • FOREIGN BONDS
COMMERCIAL PAPER
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
86
1.181
232
-1.888
2.204
-1.583
358
-1.028
3.452
2.617
-860
1.284
1.117
-656
74
-21
-664
-1.281
776
-2.634
1.986
-1.458
645
-2.019
4.0
-2.2
3.0
-7.3
4.2
-.5
5.9
-12.4
5.4
3.8
4.9
-9.4
9.5
-3.2
2.8
-3.5
8.3
.3
1.3
-5.0
9
10
11
12
13
14
15
16
17
PRIVATE L I F E INSURANCE RES.
PRIVATE INSURED PENSION RES.
PRIVATE NONINSURED PEN. RES.
GOVT. INSURANCE • PEN. RES.
MISCELLANEOUS FINAN. ASSETS
2.017
2.603
4.140
2.850
3.490
2.419
2.805
4.039
2.493
3.401
2.431
2.442
2.261
10.171
3.378
2.449
3.209
3.323
1.895
3.867
2.706
3.692
3.039
2.414
4.607
2.604
3.402
3.137
1.969
3.539
5.0
2.0
6.6
5.5
6.6
4.6
2.9
6.5
6.1
8.0
4.9
2.9
6.3
7.1
4.0
5.1
3.3
7.1
8.9
5.2
6.1
4.5
7.3
9.5
6.0
13
14
15
16
17
18 GROSS I N V . I N TANGIBLE ASSETS
HONFARM HOMES
19
20
NONCORP. BUS. PLANT + EQUIP.
CONSUMER DURABLES
21
INVENTORIES
22
61.302
12.730
8.689
38.881
1.002
57.012
13.262
8.841
33.765
1.144
62.796
12.084
10.918
39.739
55
64.226
14.289
10.991
39.068
-122
69.852
16.900
9.766
43.915
-729
66.271
16.570
9.865
3 9 . 147
689
116.3
21.2
24.2
69.6
1.3
132.8
24.4
27.6
80.0
.8
143.7
25.9
31.3
65.5
1.0
142.1
25.2
31.6
84.9
.4
167.5
32.6
35.1
97.1
2.7
18
19
20
21
22
23 CAPITAL CONSUMPTION ALLOWANCES
NONFARM HOMES
24
NONCORP. BUS. PLANT • EQUIP.
25
CONSUMER DURABLES
26
48.151
5.728
10.322
32.101
49.529
5.882
10.601
33.046
50.871
6.033
10.779
34.059
52.286
6.186
11.040
35.060
53.694
6.338
11.307
36.0*9
55.325
6.490
11.779
37.056
86.3
9.2
17.6
59.4
95.3
10.5
19.2
65.6
105.2
12.1
21.3
71.8
113.1
12.8
23.2
77.0
1 2 1 . 7 23
1 3 . 7 24
2 4 . 9 25
8 3 . 2 26
27 NET I N V . I N TANGIBLE ASSETS
NONFARM HOMES
28
NONCORP. BUS. PLANT • EQUIP.
29
30
CONSUMER DURABLES
INVENTORIES
31
13.151
7.002
-1.633
6.780
1.002
7.483
7.38C
-1.760
719
1.144
11.925
6.051
139
5.680
55
11.940
8.103
-49
4.008
-122
16.158
10.562
-1.541
7.866
-729
10.946
10.080
-1.914
2.091
689
30.0
12.0
6.6
10.2
1.3
37.5
13.9
8.5
14.4
.8
38.5
13.8
10.0
13.7
1.0
29.1
12.4
6.4
7.9
.4
4 5 . 8 27
1 8 . 9 28
1 0 . 3 29
13.9 30
2 . 7 31
32 NET INCREASE I N DEBT
MTG. DEBT ON NONFARM HOMES
33
34
NONCORP BUS. MORTGAGE DEBT
35
CONSUMER CREDIT
SECURITY CREDIT
36
POLICY LOANS
37
OTHER DEBT
38
21.480
12.551
1.433
6.076
2.368
372
-1.320
15.398
13.398
1.277
-1.144
890
281
696
35.071
14.034
3.736
6.833
1.130
393
8.945
31.589
17.405
3.335
6.486
583
366
3.414
28.621
17.342
2.240
8.322
625
344
-252
23.827
16.227
2.117
753
1.373
305
3.052
33.8
13.4
6.3
4.5
3.7
1.0
4.8
43.1
16.8
6.5
10.0
2.9
1.3
5.7
42.1
18.2
7.0
10.4
-3.4
2.6
7.4
33.0
14.7
7.4
5.9
-1.8
2.3
4.6
58.7
27.1
12.1
11.6
2.7
1.0
4.1
32
33
34
35
36
37
38
39 INDIVIDUALS*
33.107
38.203
32.218
28.388
31.574
38.685
64.2
67.6
57.9
74.7
91.5
39
SAVING
(1+27-32)
tl) COMBINED STATEMENT FOR HOUSEHOLDS•
AND NONFARM NONCORPORATE BUSINESS.
1/77 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION.
MAY 9, 1977
SAVING BY INDIVIDUALS
AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING
I D
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1972
1973
1974
I 1975
I
IV
1975
1976
11
I I I
IV
I
|
1977
I
1
2
3
127.6
14.8
71.0
143.0
12.7
67.9
137.7
5.1
57.9
167.8
6.9
84.9
193.6
11.3
105.7
187.2
-10.0
101.5
177.2
9.1
97.1
203.0
4.2
102.6
201.1
13.2
105.6
193.7
19.1
117.5
4
5
6
7
8
1.3
3.3
-.2
-3.5
2.2
21.0
2.7
14.3
-.7
7.2
30.2
3.0
6.2
-2.0
11.2
21.1
4.0
6.4
-4.8
8.7
9.5
4.7
-6.9
2.3
6.4
33.1
4.1
11.1
5.5
3.8
3.1
3.9
-7.7
3.2
7.7
32.8
4.2
-.2
2.2
4.5
12.7
5.8
-2.2
-1.1
11.3
-10.5
4.7
-17.1
5.0
2.3
9
10
11
12
4.2
-.5
-4.0
*
.9
3.4
-1.2
-5.7
5.3
7.9
-.5
-.7
10.4
-1.9
.8
-2.6
5.9
-.9
.3
-2.4
7.3
2.0
•6
-1.2
4.1
.8
.8
-9.7
12.3
5.8
-3.0
7.1
3.5
-2.3
.7
-3.0
3.8
-8.0
2.9
-3.9
3.1
2.3
2.0.
-13.8
13
14
15
16
17
6.5
4.3
6.9
11.6
11.4
7.2
5.5
8.5
11.7
8.6
6.4
6.2
10.9
12.5
8.4
7.6
8.7
12.8
14.7
11.3
10.0
12.1
12.7
17.0
15.3
8.1
10.4
16.4
15.3
12.4
9.7
11.2
16.1
17.7
13.2
9.7
9.8
9.4
20.2
14.3
9.8
12.8
13.1
16.8
17.0
10.8
14.8
12.0
13.1
16.8
10.4
13.6
12.6
17.3
13.5
18
19
20
21
22
194.8
40.6
41.1
111.2
1.9
217.5
45.0
44.2
123.7
4.6
202.1
42.7
39.0
121.6
-1.3
211.1
42.4
35.2
131.7
1.8
253.9
56.5
40.5
156.5
.3
228.5
46.9
36.9
141.8
3.0
247.1
52.0
39.6
151.4
4.2
250.2
55.1
39.4
155.0
.7
256.6
58.1
40.5
157.6
.4
261.6
61.0
42.6
162.0
-3.9
2 8 3 . 9 GROSS I N V . I N TANGIBLE ASSETS
NONFARM HOMES
66.1
NONCORP. BUS. PLANT • EOUIP.
41.8
173.4
CONSUMER DURABLES
INVENTORIES
2.5
18
19
20
21
22
23
24
25
26
130.1
14.7
25.7
89.7
144.7
17.1
29.3
98.3
164.4
19.5
34.4
110.6
185.0
22.0
39.4
123.7
206.4
24.4
43.7
138.2
192.6
22.9
41.3
128.4
198.1
23.5
42.4
132.2
203.5
24.1
43.1
136.2
209.1
24.7
44.2
140.2
214.8
25.4
45.2
144.2
2 2 1 . 3 CAPITAL CONSUMPTION ALLOWANCES
NONFARM HOMES
26.0
NONCORP. BUS. PLANT • EQUIP.
47.1
CONSUMER DURABLES
148.2
23
24
25
26
27
28
29
30
31
64.7
25.9
15.4
21.5
1.9
72.8
27.9
14.8
25.4
4.6
37.6
23.2
4.7
11.1
-1.3
26.1
20.4
-4.2
8.1
1.8
47.5
32.1
-3.2
18.3
.3
35.9
24.0
-4.4
13.4
3.0
49.0
28.5
-2.8
19.2
4.2
46.7
31.0
-3.7
18.8
.7
47.5
33.4
-3.7
17.4
.4
46.8
35.6
-2.7
17.8
-3.9
6 2 . 6 NET I N V . I N TANGIBLE ASSETS
NONFARM HOMES
40.2
NONCORP. BUS. PLANT • EQUIP.
-5.3
CONSUMER DURABLES
25.2
2.5
INVENTORIES
27
26
29
30
31
32
33
34
35
36
37
38
90.3
41.5
15.9
18.6
4.5
1.0
8.8
94.1
47.0
15.7
21.7
-4.3
2.2
11.9
60.0
35.3
12.4
9.8
-1.8
2.7
1.7
62.7
39.4
7.4
8.5
2.2
1.6
3.6
110.7
62.2
10.6
20.5
3.2
1.4
12.8
89.0
48.2
8.4
17.7
9.5
1.5
3.7
97.8
55.6
9.5
18.1
3.6
1.1
9.9
116.3
56.5
9.8
20.6
4.5
1.6
23.2
112.3
70.9
10.1
19.2
2.3
1.5
8.3
114.8
65.6
12.9
24.0
2.5
1.4
8.3
1 3 2 . 4 NET INCREASE I N DEBT
MTG. DEBT ON NONFARM HOMES
67.8
NONCORP BUS. MORTGAGE DEBT
12.6
CONSUMER CREDIT
28.3
SECURITY CREDIT
5.5
POLICY LOANS
1.2
OTHER DEBT
17.0
39
40
102.0
11.6
21.5
121.7
11.7
25.4
115.3
12.5
11.1
131.2
14.7
8.1
130.4
17.0
18.3
134.2
15.3
13.4
128.4
17.7
19.2
133.4
20.2
18.8
136.3
16.8
17.4
125.7
13.1
17.8
42
43
1.4
•1
67.4
.5
-.1
91.3
.2
-.1
108.3
.5
.1
-.1
.5
.6
.4
83.3
94.7
105.4
91.7
94.0
101.5
.9
•
94.0
1 2 4 . 2 INDIVIDUALS* SAVING 1 1 + 2 7 - 3 2 ) 3 9
1 7 . 3 - GOVT. INSURANCE • PEN. RES. 40
2 5 . 2 - NET INVESTMENT I N CONS. DUR. 4 1
- CAPITAL GAINS DIVIDENDS
-.2
FROM INVESTMENT COMPANIES 42
* - NET SAVING BY FARM CORPS.
43
82.0 = PERSONAL SAVING* F/F BASIS
*4
1 9 4 . 1 INCREASE I N FINANCIAL ASSETS
DEMAND DEPOSITS * CURRENCY
8.3
SAVINGS ACCOUNTS
110.6
7.8
4.2
-1.1
3.9
7.2
1
2
3
SECURITIES
U . S . SAVINGS BONDS
OTHER U . S . TREASURY SEC.
U . S . GOVT. AGENCY SEC.
STATE • LOCAL OBLIGATIONS
4
5
6
7
8
CORPORATE • FOREIGN BONDS
COMMERCIAL PAPER
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
9
10
11
12
13
PRIVATE LIFE INSURANCE R E S .
PRIVATE INSURED PENSION RES. 14
PRIVATE NONINSURED PEN. RES.15
GOVT. INSURANCE • PEN. RES.
16
MISCELLANEOUS F I N A N . ASSETS
17
32
33
34
35
36
37
38
49.4
72.2
84.0
76.5
83.7
79.5
82.9
75.8
67.8
61.8 PERSONAL SAVING* NIA BASIS
45
18.1
19.1
24.3
18.2
21.7
12.2
11.1
25.7
26.2
20.2 DIFFERENCE
46
(1) COMBINED STATEMENT FOR HOUSEHOLDS* FARM,
AND NONFARM NONCORPORATE BUSINESS.
BILLIONS OF DOLLARS.
1/77 BASED ON INCOMPLETE INFORMATION.
MAY 9 » 1977
DISCREPANCIES
DISCREPANCIES
DISCREPANCIES -
UNADJUSTED NET FLOWS U
SUMMARY FOR SECTORS ANO TRANSACTIONS
MILL.)
UNADJUSTED NET FLOWS U
1975
IV
|
I
1 1977 |
1976
I
II
III
IV
I
I 1
BILLIONS OF DOLLARS
1969
1968
1970
1967
MILL.)
1971
SECTOR DISCREPANCIES
1 TOTAL* ALL SECTORS
HOUSEHOLDS
2
NONFIN. CORPORATE BUSINESS
3
STATE + LOCAL GOVERNMENTS
4
U. S . GOVERNMENT
5
FOREIGN
6
7
8
9
10
11
12
13
14
15
16
FINANCIAL SECTORS
SPONSORED AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKS
PRIVATE NONBANK FINANCE
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
OTHER INSURANCE
FINANCE N . E . C .
13.107 - 1 5 . 1 1 7
6.081 -8.143
7.922 -7.105
1.442
238
-1.389
-555
2.910
912
541
-7.206
5.513
2.772
4
2.423
-5.520
-8.620
2.557
-2.626
432
4.608
1 7 . 9 1 0 •- 1 7 . 5 9 2
5.140 -10.296
-5.419
13.999
1.621
1.217
-3.110
-2.149
2.163
1.910
-1.8
-6.0
3.9
-.2
-1.2
-1.491
366
0
-1.919
-2.832
104
0
-2.137
-2.965
-41
0
-2.169
-1.871
52
0
-1.389
-2.207
190
0
-1.457
-2.551
157
0
-1.365
1.7
62
65
-26
-170
-34
227
-799
-23
-55
-776
95
-40
-755
-122
-48
731
59
-1.375
-534
-191
-111
-128
50
-154
-940
-196
-32
-590
-168
46
-1.343
-226
-103
-797
43
-260
*
*
- .-3 '
5.2
-6.6
8.1
•5
2.9
.5
12.4
.4
5.2
6.7
1.0
-1.4
4.9
-6.5
9.0
1.0
.2
-.4
2.0
-10.1
13.9
8.9
.3
-9.7
1
2
3
4
5
6
-.1
.1
•5
.1
1.6
.1
-1.3
.1
-
-
7
8
9
10
-
-
-.1
-.2
-.4
-1.3
•5
.3
.3
.8
.6
-.1
•2
-.1
.1
-.2
-.1
*
*
1.9
.3
•1
.7
•
.9
.4
-.2
.1
-.1
-.2
2.0
.3
*
.1
• 1
*
11
12
13
14
15
16
TRANSACTION DISCREPANCIES
1 TOTAL ( ALL TYPES
TREASURY CURRENCY
2
DEMAND DEPOSIT MAIL FLOATS:
U . S . GOVERNMENT
3
OTHER
4
5
6
7
8
TRADE CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL
13.107 - 1 5 . 1 1 7
-143
-33
541
-31
-5.520
15
17.910 - 1 7 . 5 9 2
27
-50
-1.8
•2
5.2
•2
12.4
.2
4.9
-.1
2.0
86
-6.439
-870
3.170
-1.031
-6.666
302
823
15.015 - 1 0 . 3 1 8
.1
-.5
.4
1.2
-.5
2.8
.1
1.9
-.2
2.0
3
4
4.377 -11.356
1.471
-2.146
2.292
-6.423
2.502 -1.028
1.379
1.510
1.972
-6.589
-510
-1.433
5.292
-1.187
10.150 -11.025
1.465
-1.810
2.430
-6.716
498
-473
-1.4
•
1.5
-1.8
-2.4
1.1
4.1
.6
-1.9
-.4
9.0
3.3
-.2
-.8
1.9
2.1
-2.0
-.2
4.1
-1.7
5
6
7
8
-123
0
-330
-379
-1.305
1.7
-.6
-3.3
-2.1
1.988
12.842
NONFINANCIAL COMPONENTSt
NIA DISCREPANCY ( N E G . )
PVT. WAGE ACCR. LESS D I S B .
FARM DISCREPANCY (NEG.)
NONFARM NONCORP DISCREP. (NEG)
TRADE DEBT ( P O S I T I V E )
2.573
0
-1.538
701
4.238
659
0
-518
57
-830
3.100
0
1.165
710
-1.614
-655
0
296
-472
-2.018
14 TOTAL NONFINANCIAL DISCREPANCY
2.502
-1.028
-6.589
-1.187
9
10
11
12
13
1 / 7 7 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
4.607
0
-943
463
4.625
-
*
*
—
*
*
—
*•
*
—
•
*
*
*
1
2
9
1.3
. 4 10
11
• 12
13
*
*
MAY 9, 1977
DISCREPANCIES
DISCREPANCIES
DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I
IV I
1976
I 1975 |
I
IV |
II
III
1977
1
SECTOR DISCREPANCIES
-2.8
-19.1
13.1
-6.6
-24.3
14.5
-2.2
-18.8
15.0
1
2
3
4
5
6
-1.4
-18.1
16.4
-13.0
16.1
-1.8
-2.1
.9
-.1
4.8
7
8
V
10
-1.8
-2.6
-2.4
-2.6
-9.9
.1
.2
.1
.3
-1.2
-2.6
-3.9
11
12
13
14
15
16
-.6
-.1
-.2
.3
-.2
.1
-.1
-.3
.1
1.4
.3
.1
.2
.6
.3
3.6
.2
3.6
3.0
2.2
*
-.6
*
-3.0
-21.8
14.6
.7
3.0
3.5
-4.5
-12.2
11.9
2.5
-4.6
9.0
4.4
-11.2
15.1
2.8
-3.2
12.9
-3.7
-25.7
16.0
1.3
-2.5
18.0
-4.6
-26.2
17.1
4.6
-2.1
7.6
.3
-3.0
1.2
-11.1
.5
-12.0
-.1
-10.7
.3
-5.7
.5
-4.3
-7.2
-5.8
-10.6
-5.3
-8.9
-3.9
-7.5
1.4
.3
-.1
.3
1.3
-.4
-3.0
1.6
-1.0
-6.6
-.5
-.2
-.3
-2.1
-.5
-.5
-.8
-2.3
-1.1
-.1
-1.5
-3.8
-.8
-.4
-.3
1.3
.3
4.3
2.8
-3.1
11.9
-.5
-.2
-.8
*
-1.5
—
*
-.1
.2
.4
1.2
-
*
-.2
-.5
.2
-.5
-
*
-
*
-5.6
*
-.5
*
.5
- 8 . 8 TOTAL, ALL SECTORS
HOUSEHOLDS
-20.3
16.5
N0NF1N. CORPORATE BUSINESS
STATE • LOCAL GOVfcRNMENTS
3.1
U. S . GOVERNMENT
-3.6
FOREIGN
6.0
-10.5
.7
*
*
-2.2
FINANCIAL SECTORS
SPONSORED AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKS
PRIVATE NONBANK FINANCE
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
OTHER INSURANCE
FINANCE N . E . C .
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
TRANSACTION DISCREPANCIES
-2.2
-.2
-3.0
-.1
-4.5
-.6
4.4
-.1
-3.7
.1
-4.6
-.2
-.1
1.9
-1.0
5.1
7.9
4.1
-.5
11.0
-1.2
-7.4
-4.6
7.2
2.2
8.7
1.7
1.2
-2.6
-4.4
2.8
-8.3
-4.5
-.2
-4.1
-6.0
-2.1
-.2
-4.9
-7.2
4.5
-1.1
15.5
-5.8
-1.1
-.3
3.7
-8.7
-3.2
.3
-3.3
-*. 1
1.1
.9
-4.7
-9.2
-2.8
-.1
.3
1.6
9
10
11
12
13
1.7
-.3
2.6
-.1
6.3
-
*
-.1
-
*
-2.6
-6.6
BILLIONS OF DOLLARS.
9.2
-
6.6
*
*
*
*
.2
-6.3
1/77 BASED ON INCOMPLETE INFORMATION.
-8.8 TOTAL, ALL TYPES
.1
TREASURY CURRENCY
-5.8
-8.7
DEMAND DEPOSIT MAIL FLOATS!
U . S . GOVERNMENT
OTHER
TRADE CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL
NONFINANCIAL COMPONENTS:
NIA DISCREPANCY (NEG.)
9
PVT. WAGE ACCR. LESS DISB.
10
FARM DISCREPANCY (NEG.)
11
NONFARM NONCORP DISCREP. J NEG) 12
TRADE DEBT {POSITIVE)
13
-9.2 TOTAL NONFINANCIAL DISCREPANCY 14
MAY 9* 1977
MONEY STOCK RELATIONSHIP
MONEY STOCK RELATIONSHIP
58
RELATION OF F/F MONEY STOCK DATA TO DAILY AVERAGE SERIES
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
I 1975 |
I
IV |
1975
1976
II
III
I
IV |
1977
I
I. TOTAL MONEY STOCK
1
2
3
97.5
88.8
8.7
18.2
15.5
2.6
11.6
12.9
-1.3
13.3
12.1
1.2
19.4
18.0
1.4
3.2
5.5
-2.3
9.9
13.5
-3.6
8.5
20.1
-11.6
18.4
14.9
3.4
41.0
23.5
17.6
4
5
6
7
2.2
•8
1.3
.1
2.6
.1
2.5
.1
-1.3
.1
-1.4
1.2
-.5
2.0
-.3
1.4
•4
.7
.4
-.6
-7.6
15.4
-8.3
-.9
-.6
-5.4
5.1
-2.9
-.5
•6
-2.9
.9
3.2
-8.5
6.2
4.4
-1.7
14.1
-8.0
1.9
3.2
-1.3
1.4
2.1
-.7
8.2
4.4
3.9
•
NET CHANGESt S.A. QTRLY RATE:
F/F DEMAND DEP. • CURRENCY
DAILY AVERAGE (DAMS)
TOTAL DIFFERENCE
1
2
3
-.7 TOTAL DIFF. AT OUARTERLY RATE
5.9
ARISING FROM—DATA DIFF.
-11.6
TIMING DIFF.
5.0
SEASONALS
4
5
6
7
10.5
13.4
-2.9
II. DEMAND DEPOSITS
1
2
3
20.0
17.9
2.1
14.2
10.9
3.3
5.3
6.6
-1.2
7.1
6.1
1.0
12.1
11.1
1.0
-.8
-.3
-.5
1.4
-.8
4
5
6
2.1
.8
1.3
3.3
.1
3.3
-1.2
.1
-1.4
1.2
-.5
1.7
.8
•4
•4
7.1
-7.6
14.7
-6.0
-.6
-5.4
•1
-.5
.6
3.2
-7.8
11.4
-1.7
13.1
-.3
-.3
•2
.4
-7.7
-.2
-8.9
1.4
6.2
-2.0
-1.3
-1.5
.3
-.1
2.6
.5
-7.5
.1
-9.1
1.4
1.9
1.9
-.1
.2
1.8
-1.6
3.2
1.6
1.6
2.0
1.5
.5
7
8
9
10
*
—
*
*
—
*
*
—
—
*
—
*
*
-.1
1.6
1.6
NET CHANGE* S.A. QTRLY RATE:
F/F
DAMS
DIFFERENCE
-5.2 DIFFERENCE IN UNADJUSTED
5.9
DATA DIFFERENCE
-11.1
TIMING DIFFERENCE
5.2 DIFFERENCE IN SEASONALS
.9
FLOWS VS. LEVELS
6.2
ONE-DAY VS. DAILY AVERAGE
-1.8
SEASONAL BALANCE ADJUSTMENT
III. CURRENCY
1
2
3
4.4
4.3
.1
3.9
4.7
-.7
6.3
6.4
-.1
6.2
6.0
.2
7.3
6.9
.4
1.6
1.7
4
*
-.8
-.1
.2
.3
.6
5
6
.1
.1
.1
.1
-
*
*
.1
.1
-.7
•
-.6
-.1
BILLIONS OF DOLLARS.
*
*
-.1
-.3
.4
-.2
*
-1.6
.1
-1.7
*
1.0
1.7
-.7
NET CHANGEt S.A. QTRLY RATE:
F/F
DAMS
DIFFERENCE
-.7
1.0
-.5
TIMING DIFFERENCE
2.3
.2
1.9
.2
-.5
•1
-.6
-.2
-.4
.4
-.2
DIFFERENCE IN SEASONALS
FLOWS VS. LEVELS
ONE-DAY VS. DAILY AVG.
SEASONAL BALANCE ADJ.
*
1 / 7 7 BASEO ON INCOMPLETE INFORMATION.
MONEY STOCK RELATIONSHIP
Line 1 of page 15.
Daily averages in this table are increments is month averages
from last month of preceding quarter to last month of this
quarter.
Line 1-2.
Lines 5 + 6 + 7 .
See Part II, line 5.
Part II, line 6 + Part III, line 4.
Part II, line 7 + Part III, line 5. "Seasonal" here means
dollar excess of seasonally adjusted flow over unadjusted
flow.
Lines 14 + 18 + 19 of page 15 at quarterly rates.
Differences between money-stock concept of demand deposits
derived from last preceding all-bank total (either last Wednesday
of quarter or Call Report) and figure for that one day, e.g.,
March 29, 1972, derived from data going into daily-average statistics. Quarterly increments in this difference.
Difference between figure derived from daily-average data and average
for last month of quarter. Quarterly increments in this difference.
Lines
8 + 9 + 1 0 - 1 1 .
Difference in adjustment method: seasonal in daily-average series
(month average) adjusted as flows less seasonal in published dailyaverage series.
Seasonal in F/F demand deposit (based on net change from last day of
one quarter to last day of next) less seasonal in daily-average
adjusted as flows.
Adjustment to seasonal needed as part of the balancing of all seasonally
adjusted sources and uses of funds in the flow-of-funds matrix.
No statistical difference between the two series. In unadjusted data,
only difference is between one-day figure for end-of-quarter and threeweek average.
Correspond to lines 7 through 11 in Part II.
4
5
6
7
8
9
10
@FedFRASER