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FLOW OF FUNDS 111-76 November 1976 FLOW OF FUNDS ACCOUNTS 3RD QUARTER 1976 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 12 Nonfinancial Corporate Business State+Local Governments F o r e i g n 14 U.S. Government + Credit Agencies 16 Banking System 18 Commercial Banking Subsectors 20 Nonbank Finance Summary 22 Savings Institutions 24 Insurance + Pension Funds 26 Finance N.E^C. TRANSACTION TABLES 28 Monetary and Insurance Reserves Interbank Claims 30 Money and Deposits 32 U.S. Government Securities 34 Private Securities 36,38 40 Mortgages Consumer Credit and Bank Loans N.E.C. 42 Open Market Paper Other Loans 44 Security Credit, Trade Credit, and Taxes Payable 46,48 Miscellaneous 50 Total Claims 52 Saving By Individuals 54 Discrepancies 56 Money Stock Relationship Flow of Funds Accounts Third Quarter 1976 Third-quarter estimates that are included in those tables are based on preliminary and incomplete information and are therefore only tentative. At the end of this preface are lists of the princi pal sources of information that were available and that were not available in putting together the third quarter on this preliminary basis, and the significance of individual items in the tables should be judged on the basis of these lists. The tables also include annual flows for 1966-75 and quarterly flows for 1975 and the first half of 1976. A preliminary version of those periods was first presented in August, 1976 on the current benchmark basis, and the present set of tables include numerous minor revisions beyond the August publication for earlier years as well as for the quarters of 1975 and 1976. The tables for 1975 and before will now stand in the form shown here until the next benchmark revision, which will probably be in the summer of 1977, while 1976 estimates will be subject to further change until then as more complete information appears. One important revision for 1975 and the first half of 1976, relative to the August publication, is in the distribution of nonfinancial corporate business liquid assets among types of investments. The new set of estimates is based to a large extent on data for manufacturing corporations published in the Federal Trade Commission's Quarterly Financial Report and includes larger flows into demand and time deposits than in the August tables, offset by reduced net purchases of Government securities. Preliminary estimates for the most recent quarter in the tables are based on incomplete information, and 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 that follows showing the major kinds of information that were or were not on hand. The list is very summary and is by no means a statement of sources of data or of deri vation 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 listed 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. Information Status for Preliminary Estimates NONFINANCIAL-1. National income and product accounts Available Major items missing First quarterly estimate Corporate profits, profit tax accruals, and undistributed profits. FINANCIAL— 2• Households Estimates for this sector is almost entirely residual and derived from data for other sectors. Availability is thus dependent on schedules for other sectors. Principal types of borrowing--mortgages and consu mer credit— are available in time for first quarterly estimates. 3. Farms Bank loans. For sponsored agency loans, see item 9 below. U.S. Government loans. item 9 below. 4. Nonfarm noncorporate business Bank and finance company loans, mortgage borrowing, open-market paper Net trade debt 5. Nonfinancial corporate business For preceding quarter: 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 6. 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 Govern ment securities iii See FINANCIAL— Major Items missing Available 7. Rest of the world (U.S. International Transactions) Preceding quarter, two months of current quarter for capital movements Capital movements for last month of quarter, direct investment flows 8. U.S. Government Monthly Treasury Statement of Receipts and Outlays for last month of quarter, Federal Financing Bank statement Loans outstanding except at Federal Financing Bank 9. Sponsored credit agencies Balance sheets for FNMA, Home Loan Banks, Farm Credit Administration securities out standing. FCA loans for most recent June or December FCA loans for March or September 10. Mortgage pools Complete None 11. Monetary authorities Complete None 12. Banking Banking and monetary estimates through last month of quarter, two months for foreign agencies Recent all-bank totals, last month for foreign agencies 13. Savings and loan associations Last month of quarter on summary monthly basis Detailed listing of cash and investments. 14. Mutual savings banks Two months of quarter Last month of quarter 15. Credit unions Deposit flows and consumer credit Other assets iv • FINANCIAL— • Available Major items missing 16. Life insurance companies Two months pf 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 v N O V E M B E R 10, 1976 INC O M E A N D P R O D U C T D I S T R I B U T I O N INCOME ANO PROOUCT DISTRIBUTION 1 I NCOME A N D P R O D U C T A C C O U N T S : GNP E X P E N D I T U R E S ANC> G R O S S S A V I N G SEASONALLY AOJUSTED A NNUAL RATES SEASONALLY ADJUSTEO ANNUAL RATES 197 2 197 3 1974 1975 | 1 1975 III II I 1 IV I I 1976 II III 1 1171.1 1306.6 1413.2 1516.3 1 44 6 . 2 148 2 . 3 1548.6 1588.2 1636.2 1675.2 1 709.7 T OTAL GN P i 2 3 4 5 6 986.1 733.0 1 11.2 151.0 1 02.1 1079.4 809.9 123.7 167.3 102.2 1190.8 887.5 121.6 191.6 111.6 1312.2 973.2 131.7 214.5 124.4 1 258 . 8 933.2 122.1 205.3 12 0 . 3 1293.5 960.3 127.0 2 10.9 122.4 1330.6 987.3 136.0 2 18.6 124.6 1365.8 1012.1 141.8 223.4 130.4 1398. 3 1043.6 151.4 225.5 1 29.2 1 426.8 1064.7 155.0 230.9 131.2 1 4 5 8 . 4 C U R R E N T OUT L A Y S 108 8 . 9 HOUSEHOLOS OF MHICH CONSUNER DURABLES 158.1 S T ATE ♦ LOCAL G O V E R N M E N T 235.1 134.4 U. S. G O V E R N M E N T 2 3 4 5 6 7 188.3 220.0 2 1 5.0 183.7 172.4 164.4 196.7 20 1 . 4 229.6 2 39.2 24 5 . 5 GROSS D O M E S T I C 223.2 65.3 2. 7 53.8 50.4 .9 231 . 1 68.7 2.8 56.2 53.5 1.0 INVE S T M E N T PRIVATE FIXED INVESTMENT RESIDENTIAL CONSTRUCTION MOBILE HONES 1-4 F A M I L Y S T R U C T U R E S HOUSEHOLD PURCHASES FARM C HANGE IN W O R K IN PROCESS ON NONFARN NONCORPORATE CORPORATE 7 8 9 10 11 12 13 8 9 10 11 12 13 1 78.8 62.0 4.0 36.8 3 4.8 .7 202.1 66.1 4.4 37.6 3 7. 6 .6 2 04.3 55.1 3.2 33.3 33.2 1.0 198.3 51.2 2.4 3 8.9 36.3 .8 19 4 . 6 46.6 1.7 32.6 3 3.1 .5 194.3 48 . 6 2. 6 35.7 34.1 .6 198.6 52.6 2.9 41.2 37.0 1.0 2 0 5.7 5 7.0 2.5 4 6. 3 41.0 1.4 214.7 61.3 2.8 50.5 46.6 1.2 14 15 16 1 .3 .7 .7 -.7 -.3 -.3 -.8 - .4 -.4 1.8 .9 .9 -1.0 -.5 -.5 1.0 .5 .5 3.3 1.6 1.6 3.9 1.9 1.9 2.7 1.3 1.3 2. 5 1.3 1.3 1.7 •0 .8 17 IB 19 20 21 21.2 1.8 14.2 4.8 .4 24.2 3.0 14.9 6.0 .2 18.6 6.4 7.2 4.6 .4 9.8 3.7 3.2 2.0 1.0 12.3 4.5 4 .4 2. 6 .8 10.2 3.5 3.4 2.2 1.2 8.5 3.4 2.5 1.6 1.0 8.3 3.4 2 .4 1.5 1.0 8.1 3. 5 2.3 1.4 .8 8.8 3.5 3. 2 2 .0 .1 9.7 3.5 3.5 2.1 •6 22 23 24 25 26 27 116.8 5 .5 6.6 13.4 4.2 87.0 136.0 5.2 9.0 14.8 4 .8 102.2 149.2 5.2 10.2 15.8 6.1 111.9 147.1 5.1 10.5 14.8 8.9 107.9 148 .0 5.1 10.6 14.7 8.4 109.1 145.8 5.1 10.8 13.8 9.3 106.8 146. 1 5.1 9.8 15.1 8.7 107. 5 148.7 5.0 10.8 15.4 v.i 10B.3 15 3 . 4 5.7 11.1 17. 1 8.3 111.3 157.9 5.8 11.3 15.6 7.2 118.1 162.5 6.3 11.2 15.6 8. 3 121.2 28 2V 30 31 32 9.4 .6 8.8 1.3 7.6 17.9 3.2 14.7 1.3 13.3 10.7 -1.5 12.2 .2 12.0 -1 4 . 6 3.0 - 17.6 -1.2 -16.4 -22.2 3.4 -25.6 -2. 5 -* 3 . 1 -3 0 . 0 1.2 -31.2 -1.1 -30.1 -2.0 2.2 -4.2 .9 -5.1 —4 . 3 5.2 —9 . 5 -2.3 -7.3 14.8 2 .2 1 2.7 2. 0 10.6 16.0 -1.3 17.3 2.0 15.4 14. 4 -1.0 15.4 1.0 14.4 33 34 35 -3.3 72.7 7 5.9 7.1 101.6 94.4 7.5 144.4 136.9 20.5 148.1 127.6 15.0 147.5 13 2 . 5 24.4 142.9 118.5 21 . 4 148.2 126.8 21.0 153.7 132.7 8.4 154.1 145 . 7 9.3 160.3 151.0 36 37 38 801.3 49.4 6.2 901.7 70.3 7.8 982.9 72.2 7.3 1080.9 84.0 7.8 1023.8 67.2 6 .6 1088.2 104.5 9.6 1091.5 80.5 7.4 1 1 19.9 83.7 7.5 1147.6 79.5 6.9 11 7 2 . 5 82.9 7.1 39 40 -17.3 13.7 -6.7 13.0 -11.5 7.3 -71.2 6.9 -49.8 4.7 -99.9 6.9 -66.0 7.9 -69.4 7.9 -63.8 12.2 -54.1 9.2 41 42 43 44 45 96.2 .3 4. 8 15.4 75.6 115.8 .7 6.8 16. 2 92.0 127.6 .3 11.2 14.1 102.1 114.5 .3 6.2 12.9 95. 3 94.2 .2 5.5 13.9 74.6 105.8 .2 6. 3 12.5 86. 8 126.9 .3 6. 5 12.1 108.0 131.3 .3 6.4 12.9 111.7 141. 1 .3 7. 7 14.0 119 . 1 14 6 . 2 .3 6« 8 13.8 1 25.3 46 47 48 49 41.5 .1 8.1 33.4 48.7 .3 9.1 39.4 52. 4 .2 9.9 42.4 4 9.2 .2 9.5 39. 6 40.2 .1 10.0 30.1 4 4.8 .2 9.4 35.2 54.8 .2 9.0 45.6 57.2 .2 9 .6 47.4 61.4 .2 10.2 50. 9 63.5 .2 10.1 53.2 66.5 .2 10.0 56.3 TA X A C C R U A L S - TOTAL FA R M S FINANCIAL CORPORATIONS N O N F I N . CORPORATfc B U S I N E S S 44 47 48 49 50 51 52 53 54 24.6 .1 2.9 * 21.6 27.8 .1 3.2 .7 23.8 30. 8 .1 .3 .1 30.2 32.1 .1 2.3 .8 28.9 31.7 .1 2.0 .2 29.4 31.9 .1 2.4 .5 28.8 32.6 .1 2.4 1.1 29. 0 32.2 .1 2 .3 1.3 28.4 33. 1 .1 4.1 .8 2 8.0 3 4.4 .1 1.6 .8 31.8 35. 9 .1 2.0 1.0 32.8 OIVIOENOS - TOTAL FARMS NET F O R E I G N FINANCIAL CORPORATIONS N ONFIN. C O R P O R A T E B U S I N E S S 50 51 52 53 54 55 56 57 58 59 30.0 .1 1. 9 7.4 20.6 39.3 .4 3.7 6.4 28 . 8 44 . 4 -.1 10.8 4.2 29. 5 33.2 -.1 3.9 2 .6 26.8 22.3 -.1 3.5 3. 7 15.1 29.1 -.1 3.8 2.6 22.7 39. 5 « 4.1 2. 0 33. 4 42.0 • 4.0 2.1 3 5.9 46.6 • 3.5 3.0 40.1 48.3 • 5.2 2 .9 40. 3 51.2 6 5.2 2.4 43.6 UNOIST. P R O F I T S - TOT A L FARNS FOREIGN BRANCH PROFITS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 55 56 57 58 59 60 61 62 63 2.5 4 -.2 2.7 1.9 • .1 1.8 -3.0 ■ * • -3 . 0 - 1 1.5 * .1 -1 1 . 6 -8. 6 • • - 8.6 -11.4 * • -11.4 -1 2 . 6 • .1 -1 2 . 7 -13.5 • .1 -13.6 -14.5 •* .2 -14.7 -15.4 • .1 -15.4 -15.7 • • -15.7 CAP. CONS. A D J U S T . - TOT A L FARMS FINANCIAL CORPORATIONS NONF I N . C O R P O R A T E B U S I N E S S 60 61 62 63 64 65 66 67 68 69 70 71 72 105.4 14.7 2.8 7.0 15.5 65.4 2.8 .4 62.2 117.7 17.1 3.1 7.8 1 7.8 71.9 3.2 .6 68. 1 137.7 19.5 3.5 9.2 20.9 84.6 3.8 .8 80.0 161.4 22.0 3. 9 10.8 23.7 100.9 4.3 .9 95.7 15 2 . 9 21.1 3.8 10.5 22.5 95.0 4.2 .9 9 0.0 1 58.7 21.7 3.9 10.7 23.1 99. 3 4.3 .9 94.1 164.4 22.3 4.0 10.9 2 4.0 103. 1 4.4 1.0 97.8 169.5 22.9 4.1 11.1 25 .1 106.4 4.5 t.O 100.8 173 . 6 23.5 4.2 1 1.3 25.8 108.8 4.6 1.1 103.1 1 77.7 24.1 4. 3 11.6 26. 1 111.6 4.6 1.1 1 0 5.6 64 65 66 67 68 69 70 71 72 73 74 89.7 195.1 98.3 216.0 110.6 248.3 123.7 285.0 118.6 271.5 122. 0 280.7 125.6 290.0 128.4 297.9 13 2 . 2 305 . 8 136.2 31 3 . 9 18 2 . 0 TOTAL C A P I T A L C O N S U M P T I O N 24.7 OWNER-OCCUPIfcO H O M E S (HH) 4.4 N O N P R O F I T I N S T I T U T I O N S (HH) 11.8 F ARM N O N C O R P O R A T E 27.2 NONFARM NONCORP. BUSINESS 113.9 T OTAL C O R P O R A T E 5.0 FINAN C I A L B U S I N E S S CORPORATE FARMS 1.2 10 7 . 7 NONFIN. CORPORATE BUSINESS M E MO: CAP. CONS. O N C O N S U M E R 140.2 DU R A B L E S NOT I N C L U O E D A BOVE 322.2 TOT. CAP. C O NS. INCL. D U R A B L E S 75 1.7 2.6 6. 6 4.4 fc.4 .1 5. 1 6.0 7.2 5.6 76 77 43.2 15.0 42.1 14.3 41.1 14.8 43.0 13.5 4 2.7 14.9 W.3 11.6 4 3.2 13.8 *3.5 13.8 43 . 5 13.8 43.4 13.9 BILLIONS OF DOLLARS. 111/76 B A SED ON INC O M P L E T E INFORMATION. M U L T I - F A M I L Y UNI T S 17 HOUSEHOLDS^ ) 18 19 n o n c o r p o r a t e BUSINESS N O N F I N . C O R P . B U S I N E S S 20 REITS 21 N O N R E S . PLANT ♦ E Q U I P M E N T N O N P R O F I T INST. (HH) FA R M N O N F A R N N O N C O R P . BUS . FINANCIAL CORPORATIONS N O N F I N . C ORP. B U S I N E S S IN V E N T O R I E S FA R M NONFARN NONCORPORATE CORPORATE 5.9 NET E X P O R T S 166.2 EXPORTS 160.3 I NPORTS 1190.4 0 1 S P 0 S A B L E P E R S O N A L INCOME 75 . 6 PER S O N A L S A V I N G 6.4 SAV I N G R A T E ( P E R :t t M T ) - 5 5 . 7 FEOERAL G O V E R N M E N T S U R P L U S 12.3 ST.+LOC. G O V E R N M E N T S U R P L U S C O R P O R A T E PRO F I T S * T A X E S ♦ DIVIDE N D S * 153.6 P R O F I T S - TOTAL .3 FARNS FOREIGN 7.2 13.4 FINANCIAL CORPORATIONS NONF I N . C O R P O R A T E B U S I N E S S 132.7 5.6 S T A T I S T I C A L D I S C R E P A N C Y 43.3 PROF I T TAX RATE IX) 14.1 P E R S O N A L T AX RAT E (X) <,l> 14 15 16 Purchases of condominium units. 22 21 24 23 26 2T 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 73 74 75 76 77 NOVE M B E R 10, 1976 FUNOS R A I S E D IN C R E D I T M A R K E T S 2 F U N D S R A I S E D IN CRED I T MA R K E T S S U M M A R Y OF F UNDS R A I S E D IN C R E D I T MAR K E T S U N A D J U S T E D NE T F L O W S <» M ILL.) U N A D J U S T E D N E T FLOWS <» MILL.) 1975 I II III I IV I I 1976 II III | I C R E D I T M A R K E T F U N D S R A I S E D BY N O N F I N A N C I A L TOTAL FUN D S R A I S E D BY N O N F I N A N C I A L SE C T O R S EXCLUDING EQUITIES B I L L I O N S OF D O L L A R S 1968 1969 1970 1967 1971 SECTORS 3 1.9 2 9 2 9.938 53.401 50.165 54.010 52.296 71.030 67.934 50. 8 4 4 47.582 63.528 59.964 62. 2 4 8 6 0.658 83.9 61.5 98.3 98. 3 93.5 89.6 10 0 . 7 94.9 151.0 139.6 1 2 3 U.S. G O V E R N M E N T 4 P U B L I C DEB T S E C U R I T I E S A G E N C Y ISSU E S ♦ M O R T G A G E S 5 19.243 19.743 - 500 16.615 16.704 -89 23.452 23.476 -24 25.8 9 6 25.9 2 5 -29 24.111 24.1 1 7 -6 9.354 9. 3 9 8 -4 4 17.976 17.775 201 13.0 8.9 4.1 13.6 10.5 3.1 -3.7 -1.3 -2.4 11.9 12.9 -1.0 2 4.7 26.0 -1.3 3 * 5 6 iALL OTHER N O N F I N A N C I A L CORPORATE EQUITIES 7 DEBT INSTRUMENTS 8 12.686 1.991 10.695 36. 7 8 6 3 .236 33.550 30.558 1 .714 28.844 45.134 3 .096 42.038 2 6.733 3.262 23.471 54.174 3. 5 6 4 5 0.610 *4.272 1 . 590 42.682 70.9 2.4 68. 5 84.8 * 84.8 97. 1 3.9 93.3 88.8 5.8 83.0 1 26.3 11.5 114.8 6 7 8 1 0.994 1.933 9 .061 33.789 3.223 30.566 2 7.895 1.713 26.182 39.516 3.039 36.477 23.004 3 .152 19.852 49.557 3.505 4 6.052 40.645 1.530 3 9.115 6 6.9 2 .4 64.5 81. 9 -.2 82.1 93.5 3.4 90.1 86.1 5.7 8 0.4 121.1 9 11.4 1G 109.7 11 20.3 8 0 3.124 9.430 7.826 5.128 -34 1.336 1.396 28.511 4. 9 4 8 8.272 15.291 10.978 -52 2 .607 1.758 24.834 4.764 3.677 16.393 12.178 98 3.076 1.041 27.5 8 5 4.445 5.825 17.315 12.507 -92 3.862 1.038 23.175 1.834 6.471 14.870 11.304 149 1.947 1.470 33.132 7.286 4.957 20.8 8 9 15.3 8 5 242 3 . 408 1.854 30. 4 5 0 4. 7 4 3 3. 8 7 6 21.831 16.571 684 3.050 1.526 46.1 7.8 14.7 23.7 13.4 3. 6 4.7 2. 0 51.8 9.5 12.9 2 9.4 17.3 3.4 6 .6 2.2 52.5 9.9 1 2.0 30.6 18.1 4. 9 5.7 1.8 60.2 11.2 19.8 29.2 1 4.4 6.9 7.1 .8 86.8 17.5 18.8 50.5 28.6 9.7 9.8 2.4 14 13 14 15 16 17 18 IV -11.319 -4.386 - 1 0 .771 1 .712 2.1 2 6 2 .055 1.800 - 793 - 2. 5 0 8 3 .556 1.348 5.046 -5.023 -239 1.564 8.892 6.076 2.1 2 1 -1.136 1.831 -3.323 -1.144 -8. 5 1 2 1.619 4 .714 12.920 6.833 2.159 1.594 2.334 8 . 665 6.486 -183 -352 2.714 18.4 4.5 9.6 1.7 2.6 30.2 10.0 13.8 1.5 5.0 37.6 1 0.4 15.5 1.8 9. 9 20.1 5.9 6.7 2. 6 5.0 2 2.8 11.6 6.5 -.4 5.1 20 21 22 23 24 1 0 .994 2. 7 9 0 862 33.789 4.127 13.135 27.895 4.278 14.911 39. 5 1 6 3. 6 7 5 2 0.7 6 8 23.0 0 4 2 .796 9 . 210 49.557 5.477 2 0.606 4 0.645 4.951 2 3. 0 8 4 66.9 7.9 22. 4 81.9 9.8 32.1 93.5 10.7 33. b 86.1 11.3 25.3 7.342 1.913 -1. 1 8 6 6.615 4.682 1.933 16.527 4 . 058 112 1 2.357 9.134 3 .223 8.706 2.206 626 5.874 4.161 1.713 15.073 1 . 216 1.644 12.213 9. 1 7 4 3 .039 10.998 2.577 - 440 8.861 5 . 709 3.152 2 3 .474 4.584 2 . 187 16.703 1 3 .198 3.505 12.610 3. 2 1 9 1. 7 2 4 7.6 6 7 6.137 1.530 36.6 3.3 4.4 28.9 26.5 2.4 40.0 2.8 5.3 3 1.9 32.1 -.2 48.9 3.1 7. 5 38.4 35.0 3.* 49.* 2.3 5.7 41.5 3 5.8 5.7 61.2 4.5 10.3 46. 4 34.9 11.4 28 29 30 31 32 33 1.692 58 1 . 634 1 .870 -1.261 104 921 2 .997 13 2 . 984 966 1.995 -70 0 723 2.663 1 2.662 937 1.814 -570 481 5 .618 57 5.561 2 .418 1.442 1.061 640 3.729 110 3 .619 2.416 4 96 13 694 4 .617 59 4 .558 1.389 1.858 393 9 18 3.627 60 3.567 2. 5 0 1 78 6 -541 821 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 .8 1.3 5.2 * 5.2 .9 2.1 .3 1.8 34 35 36 37 38 39 40 1.286 1.689 41 MEMO: U.S . GO V T . C A S H B A L A N C E -122 T O T A L S N E T OF C H A N G E S IN U.S. GO V T . C A S H B A L A N C E S — 42 TOTAL F U N D S R A I S E O 32.051 5 2.115 52.321 15.329 21.763 43 B Y U.S. G O V E R N M E N T 19. 3 6 5 19 -736 6 .884 1 . 415 1.2 -1.2 .5 2.8 3.2 41 71.011 25.8 7 7 5 1 .580 24. 8 4 7 56.644 2 .470 60.833 16.561 82.7 11.8 99.5 14.8 93.0 -4.1 97.9 9.1 147.8 42 21. 6 43 1 2 SECTORS PRIVATE DOMESTIC NONFINANCIAL SECTORS CORPORATE EQUITIES DEBT INSTRUMENTS 9 10 11 12 13 14 15 16 17 18 19 DEBT CAPITAL INSTRUMENTS ST.♦LOC• OBLIGATIONS CORPORATE BONDS MORTGAGES HOME M O R T G A G E S M U L T I - F A M I L Y RESl D . COMMERCIAL FAR M 20 21 22 23 24 O THER D E B T I N S T R U M E N T S CONSUMER CREDIT BANK LOANS N.E.C. O P E N - M A R K E T PAPER OTHER BY B O R R O W I N G SECTOR: S T . +LOC. G O V E R N M E N T S HOUSEHOLDS 25 26 27 NONFINANCIAL BUSINESS FARM NONFARM NONCORPORATE CORPORATE OEBT INSTRUMENTS EQUITIES 28 29 30 31 32 33 34 35 36 37 38 39 40 FOREIGN CORPORATE EQUITIES D EBT I N S T R U M E N T S B ONDS BANK L O ANS N . E . C . OPEN-MARKET PAPER U.S. G O V E R N M E N T L O A N S 121.1 25 17.8 26 42.1 27 C R E D I T M A R K E T F U N D S R A I S E O BY F I N A N C I A L S E C T O R S 1 TOTAL F UNDS R A I S E D BY F I N A N C I A L S E C T O R S 2 3 4 5 U . S . GO V T . R E L A T E D S P O N S O R E D CR. AG. SEC. M O R T G A G E POOL S E C U R I T I E S L OANS F R O M U.S. G O V E R N M E N T 6 7 PRIVATE FINANCIAL SECTORS CORPORATE EQUITIES 8 9 10 11 12 13 DEBT INSTRUMENTS CORPORATE BONDS MORTGAGES B AN K L O A N S N . E . C . OPEN-MARKET PAPER ♦ RP*S LOANS FROM FHLB'S 14 T OTAL* b y s e c t o r 15 SPONSORED CREDIT AGENCIES 16 M O R T G A G E PO O L S 17 18 19 20 21 22 23 24 25 26 PRIVATE FINANCIAL SECTORS COMMERCIAL BANKS BANK A F F I L I A T E S FOREIGN BANKING AGENCIES SA V I N G S ♦ L O A N ASS N S . OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS O P E N - E N D I N V E S T M E N T COS. M O N E Y M A R K E T FU N D S 705 4.196 3.272 6.666 5.235 6 .751 7.716 2.0 17.2 35. 2 15.8 1 7.0 1 3.137 - 367 3. 2 4 6 258 2.749 -50 2.505 294 3.028 934 1.933 161 4.631 1.825 2.655 151 3.769 248 3 . 546 -25 4.068 527 3.541 0 4.8 0 8 1 . 315 3. 5 3 7 -44 .1 -.6 .7 - .1 4.0 3.2 .5 .2 9.5 9.1 .7 -.3 9.8 8.2 1.6 5.9 1.1 4.8 2 3 4 5 -2.432 833 1.447 -197 244 24 2. 0 3 5 519 1.466 801 2. 6 8 3 -430 2.908 -148 2 .0 3.1 13.2 6.5 25.8 6. 3 6.0 4.8 11.1 3.5 6 7 -3. 2 6 5 1. 3 2 4 118 -3.845 2 . 778 -3.640 1 . 644 107 1.262 592 1 .044 -1.361 220 1.444 805 -1.6 4 6 -1.062 679 1.516 23 124 953 53 363 66 5 69 2 288 -2.099 3.872 - 2.088 3.113 2.200 1.183 -34 9 562 -483 3.056 6 92 38 0 -2.967 4.163 788 -1.1 .7 1.0 -2.0 1. 8 -2.5 6.7 .4 .4 1.5 3.4 .9 19.5 .8 .2 1.5 1 2.9 4.0 1.2 2.7 .7 * -3.5 1.3 7.6 3.8 2.1 3.5 .9 - 2.7 8 9 10 11 12 13 705 -109 3.246 4.196 244 2.505 3.272 1.095 1.933 6.666 1.976 2 . 655 5.235 223 3.546 6.751 527 3.541 7.716 1.271 3.537 2. 0 *•6 .7 17.2 3.5 .5 35.2 8.8 .7 15.8 8.2 1.6 17.0 14 1*1 15 4.8 16 -2.432 2.034 622 -557 -4.460 231 -2.286 -290 1.033 1.241 1.447 1.147 - 163 104 -313 239 1.169 - 523 -254 41 244 -152 7 -1.1 5 3 1.901 239 86 -502 -221 39 2.035 -1.358 -144 1 . 269 769 239 1.688 -605 232 -55 1.466 4.027 -227 - 612 -2.322 239 454 -265 398 -26 2. 6 8 3 1.608 -420 50 1.078 239 2.054 -707 -885 -334 2.908 3.993 -113 -461 1 .180 24 6 -586 - 755 -541 -55 2.0 ♦ * -1.7 .1 .6 • 3.0 “ 13.2 .8 .1 1.1 .2 3.9 1.2 5.9 25.8 2.4 4.3 .2 4.1 .5 7.# 1.5 4 .9 6. 0 -2.0 -1.9 .1 1.8 .4 2.6 2.2 2. 8 11.1 2.4 -. 4 1.6 -.1 .6 2.7 2.9 1.3 - 17 18 19 20 21 Z2 23 24 25 26 T OTAL C R E D I T M A R K E T F U N D S R A I S E D * ALL S ECTORS, BY type 1 T OTAL F U N D S R A I S E D INVESTMENT COMPANY SHARES 2 3 OTHER CORPORATE EQUITIES 32.634 1.033 1.791 57. 5 9 7 -254 3. 2 9 3 57.282 -221 1.959 77.696 232 3.383 56. 0 7 9 398 3.665 70.279 -88 5 4.019 69.964 -54 1 1.983 8 5. 9 3 .0 2. 5 115 . 5 5 .9 .6 1 28.7 4.9 5.2 116.4 2.8 7.7 168.1 1.3 13.7 1 2 3 4 5 6 7 8 29.810 22.128 3.124 1 2.624 7.938 54.558 19.023 4.948 9.345 16.600 55.544 26.421 4.7 6 4 6.058 17.096 74.081 30.403 4.445 8.266 17.412 52. 0 1 6 27.840 1. 8 3 4 9.579 15.223 67 .145 13.441 7.286 8. 5 4 6 2 2.053 68 . 522 22.860 4.743 7.069 22.179 80. 4 13.2 7.8 16.6 24. 6 109.0 17.* 9.5 14.4 29.8 11 8 . 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 5 2. 5 4 5 6 7 8 -4.386 -15.877 4.594 -335 1.800 1.794 -2.164 3 . 212 5.046 -4.8 5 5 -1.871 2.885 6.076 -1.144 4.516 -10.115 -22 5.504 2.985 3 .295 6.833 3 .668 2.5 4 9 2.769 6.486 -2.364 3.270 4.279 4. 5 7.3 3.9 2.5 1 0.0 14.8 4.8 8.3 1 0.4 16.8 15.1 15.8 5.9 6.3 -.1 7.7 9 10 11 12 DEBT INSTRUMENTS U .S. G O V E R N M E N T S E C U R I T I E S STATE ♦ LO C A L O B L I G A T I O N S CORPORATE ♦ FOREIGN BONDS MORTGAGES CONSUMER CREDIT B AN K L O A N S N . E . C . OPEN-MARKET PAPER ♦ RP*S OT H E R L O A N S lIX/16 B A S E D O N P R E L I M I N A R Y AND INCOMPLETE INFORMATION. 11.6 9 12.1 10 .8 11 4 . 2 12 N O V E W E R 10, 1976 FUNOS R A I S E D IN C R E D I T M A R K E T S F U N D S R A I S E D IN CREDIT M A R K E T S 3 SUMM A R Y OF FUNOS R A I S E D IN C R E D I T M A R K E T S SEASONALLY ADJUSTED ANNUAL RATES 1972 1973 1974 S E A S O N A L L Y A O J U S T E O ANNUAL RA T E S 1975 I I 1975 I II III IV | I 1 1976 II III C R E D I T M A R K E T FU N D S R A I S E D BY N O N F I N A N C I A L SFCTORS 156.9 148.9 211.6 198.7 22 2 . 0 215.2 250.9 238.5 233.6 220.6 250.3 23 6 . 1 85. 2 85.8 -.6 59.6 61.6 -2.0 102.0 102.3 -.4 94.0 94.1 -.1 85.2 85.3 -.1 7 3.4 73.4 • 7* .2 74. 4 - .2 176.8 3.8 1 73.0 1 25.2 10.0 115.1 97.3 6.0 89.3 109.6 12.9 96.7 128.1 6.9 121.2 165.7 1 2.4 153.3 160.2 13.0 147.2 176.1 14. 3 161.9 179.9 AL L O T H E R N O N F I N A N C I A L SECTORS 6.4 CORPORATE EQUITIES 173.5 OEBT INSTRUMENTS 183.1 7.9 175.3 161.6 4.1 157.5 112.2 9.9 102.3 69.0 7.7 81.3 100.9 12.9 88.0 114.3 6.9 107.4 144.6 12.2 132.4 143.6 12.6 131.0 1 6 1.4 1 4.0 147.4 161.8 6.1 155.7 102.8 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 3%. 6 7.0 15.1 5.1 101.3 17.3 27.2 56. 8 40.8 -.1 10.9 5.2 92.9 13.1 37.9 42.0 27.7 .6 7.8 5.8 102.0 19.3 29.0 53.7 39.3 -.6 9.5 5.5 96.4 18.3 17.0 61.1 44.8 .2 11.6 4.5 113.9 18.5 25.0 70.5 51.3 -.6 14.6 5.2 105.3 8.1 25.8 71.4 53.6 1.3 10.3 6.1 1 18.3 28.6 15.5 7 4.2 55.2 .5 12.7 5.8 118.6 18.0 18.1 82.4 61.9 2 .5 11.5 6.5 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 -11.7 .9 -26.1 7.4 6. 0 -14.0 1.3 -20.9 -7.8 13.4 11.0 14.3 - 1 0.2 “ 3.3 10.2 18. 6 17.7 -.7 -5.1 6. 7 25.7 18.1 -16.4 7. 5 16.5 29.1 20.6 -9.0 6.8 8. 6 37.2 19.2 7.3 -3.9 14.6 25 26 27 157.7 15.2 64.8 183.1 14.8 73.5 161.6 18.6 45.2 1 12.2 1 4.9 49.7 89.0 11.7 33.9 100.9 16.0 44.0 114.3 16.3 54.2 144.6 15.4 66.6 143.6 12.0 71.1 161.4 21.4 74.6 161.8 18.9 87.0 28 29 30 31 32 33 77. 7 5.8 13.1 58.8 47.8 10.9 94.8 9.7 12.3 72.9 65.0 7.9 97. 8 7.9 6. 7 63.1 79.0 4.1 47.6 9.4 1.2 37.1 27.2 9.9 43.3 9.0 -.6 35.0 27.3 7.7 40.9 9.8 -1.0 32.1 19.2 12.9 43.8 8.8 3.8 31.1 24.3 6.9 62.6 10.0 2.6 50.0 37.9 12.2 60. 5 10.7 4.4 45. 4 32.8 12.6 65. 5 11. 3 6.0 48. 1 34.1 14.0 56.0 11.8 6. 2 38.0 31. 9 6.1 34 35 36 37 36 39 40 4.0 -.4 4.4 1.0 3.0 -1.0 1 .5 6.2 -.2 6.4 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 8.3 .2 8.0 7.5 -3. 5 .4 3.7 8.8 .1 8.7 3.9 4.7 -2.8 2.9 13.6 « 13.8 3.7 10.4 -2.3 1-9 21.1 .2 20.9 9.7 4.4 4.2 2. 6 16.6 .4 16.2 9. 7 3.7 .1 2.8 14. 7 .2 14.5 5. 6 3.7 1.6 3.7 18.0 .2 17.8 10.0 6.7 -2.2 3.3 176.9 1 6 6.4 197.6 190.0 188.8 185.0 3 4 5 15.2 14.3 1.0 8.3 7.9 .4 12.0 12.0 • 6 7 8 16 1 . 7 10.5 151.2 189.4 7.7 181.7 9 10 11 1 57.7 10.9 146.8 12 13 14 15 16 17 18 19 ■ 41 -. 3 -1. 7 - 4.6 2 .9 1.9 -.9 5.9 4.5 42 43 17 7 . 2 15.5 199.3 9.9 19 3 . 4 16.6 207.5 82.3 155.0 57. 7 212.5 102.8 216.1 88.0 246.4 80.7 CREDIT 2 5 8.8 252 . 5 TOTAL FUNDS RA1SE0 BY N O N F I N A N C I A L SECTORS E XCLUDING EQUITIES 210.4 200.3 1 2 76.9 U.S. GOVERNMENT 78.1 P U B L I C D E B T SECU R I T I E S .8 A G E N C Y I S S U E S ♦ MORT G A G E S PRIVATE 00MEST1C N O N F I N A N C I A L SECT U R S C O R P O R A T E E QUITIES DEBT INSTRUMENTS 1 2 3 4 5 o 7 6 9 10 11 D E B T C A P I T A L INSTRUMENTS S T . + L O C . OBL I G A T I O N S C O R P O R A T E BONDS MORTGAGES HOME MORTGAGES M U L T I - F A M I L Y RES1D. COMMERCIAL FARM 12 13 14 I* 16 17 16 19 O T H E R O E B T INSTRUMENTS C O N S U M E R CREDIT B A N K L O A N S N.E.C. O P E N - M A R K E T PAPER O THER 4.0 21 22 23 24 B Y B O R R O W I N G SECTOR: S T . + L O C . GOVER N M E N T S HOUSEHOLDS N O N F I N A N C I A L BUSINESS FA R M NONFARM NONCORPORATE CORPORATE DEB T INSTRUMENTS EQUITIES FOREIGN C O R P O R A T E E Q U ITIES DEBT INSTRUMENTS BONDS B A N K L O A N S N.E.C. O P E N “ M A R K E T PAPER U . S . G O V E R N M E N T LOANS 21.4 3.3 ME M O : U .S. GOVT. C A S H BALANCE .2 TOTA L S NET OF C H A N G E S IN U.S . G O V T . C A S H B ALANCES— 23 3 . 4 229.0 255.5 TOTAL FUNOS RAISED 75 . 6 73.2 52.8 BY U . S . G O V E R N M E N T 25 26 i.1 2B 29 30 31 32 33 34 35 36 37 36 39 40 41 42 43 N A R K E T F UNDS RAISED BY F I N A N C I A L SECT O R S TOTAL FUNDS RAISED BY F I N A N C I A L SECTORS I 29.1 56.7 43.0 14.8 22.2 8.0 6.3 22.9 41 . 9 17.4 22.7 2 3 4 5 8.4 3.5 4. 9 _ 19.9 16.3 3.6 “ 23.1 16.6 5.8 .7 13.5 2.3 10.3 .9 18.7 4. 7 13.0 1.0 9.2 -2.0 10.0 1.2 7.0 -1.3 7.7 .6 19.2 8.0 10.6 .6 2 1.9 7.8 14.2 -.1 14.2 * 14.2 13.7 -.3 14.1 -. 2 6 7 20.7 2.8 36.8 1.5 19.9 1.0 1.3 1.2 3.5 2.7 -1.2 -.3 -.8 •6 3.7 1.8 20.1 2.6 3.2 -1.3 9.0 -.2 8 9 10 11 12 13 18.0 5.1 1.7 6. 8 4.4 • 35.3 3 .5 -1.2 14.0 11.8 7.2 18.9 2.1 - 1.3 7.5 3.9 6.7 .1 2.9 2.3 “ 3.9 2. 8 -4.0 .8 5.8 .4 -8.0 10.2 -7.6 -.9 .6 2.0 -1.4 4.9 -6.9 -1.3 6.1 3.9 -7.5 -1.7 -2.2 1.9 -1.0 3.0 1.2 -2.2 .9 17.5 3.4 .9 -.5 14.6 -1.0 4. 5 8.8 1.5 -5. 1 2.9 -3 . 6 9.2 3. 2 2.2 -1 3 . 3 19.3 “ 2.2 14 15 16 29.1 3.5 4 .9 56.7 16.3 3.6 43.0 17.3 5.8 14.8 3. 2 10.3 22.2 5.7 13.0 8.0 -.8 10.0 6.3 -.7 7.7 22.9 8.6 10.6 41. 9 7.7 14.2 17 . 4 * 14.2 2 2 . 7 TO T A L * B Y SEC T O R -.4 SPONSORED CREDIT 14.1 MORTGAGE POOLS 17 18 19 20 21 22 23 24 25 26 20.7 4.8 .7 .8 2.0 .5 6.2 6.3 -.5 - 36.8 8.1 2.2 5.1 6.0 .5 9.4 6 .5 -1.2 - 19.9 -1.1 3.5 2.9 6.3 .9 4. 5 1.1 -.5 2.4 1.3 1.7 .3 -.3 -2.1 .9 .7 -1.9 .8 1.3 3.5 8.1 2.5 -2.2 -8.8 .9 -4.3 -1.2 3.5 5.0 -1.2 4.6 -.7 .4 “6. 8 1.0 2.7 -2.1 “ .5 .2 -.8 -.6 * -4.6 1.9 1.0 3.8 -2.0 -.4 .2 3.7 -5.4 -.6 5.1 5.2 1.0 .5 -2.4 .6 -.2 20.1 16.1 -. 9 “ 3.2 .2 1.0 7.2 -l.l 1.0 -.1 3.2 6.4 -1.7 .2 -1.6 1.0 6.2 -2.8 -3.1 -1 . 3 9.0 16.0 -.5 -1.8 -1.7 1.0 1.0 “ 3.0 -1.7 -.2 TOTAL C R E D I T M A R K E T FUNOS RAISED, ALL SECTORS, 1 U.S. GOVT. RELATED S P O N S O R E D CR. AG. SEC. M O R T G A G E P O O L S E C URITIES L O A N S F R O M U.S. GOVERNMENT 2 3 4, 5 P R I V A T E F I N A N C I A L SECTORS C O R P O R A T E E QUITIES 6 7 DEBT INSTRUMENTS C O R P O R A T E B ONOS MORTGAGES B A N K L O A N S N.E . C . O P E N - M A R K E T PAPER ♦ RP* S L O A N S F R O M F H L B aS AGENCIES P R I V A T E F I N A N C I A L SECTORS COMMERCIAL BANKS BANK AFFILIATES F O R E I G N B A N K I N G AGENCIES S A V I N G S ♦ LOAN ASSNS. O T H E R I N S U R A N C E CO M P A N I E S FI N A N C E C O M P A N I E S REITS O P E N - E N D INVESTMENT COS. M O N E Y M A R K E T FUNOS 6 9 10 11 12 13 14 15 16 17 16 19 20 41 22 23 <-4 25 46 bY TYPE 20 6 . 0 - .5 13.8 254.3 -1.2 10.4 2 31.8 -.5 5.4 225.2 .8 10.4 179.1 3.5 7.2 219.6 -.5 13.2 228.3 -.4 7.8 27 3 . 8 .6 13.5 2 75.6 1.0 14.7 267.7 -3.1 16.1 281.5 T O T A L F U N D S R A I S E D -1.7 I N V E S T M E N T C O M P A N Y SHARES 7 .9 O T H E R C O R P O R A T E EQUITIES 1 2 3 192.8 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 59.0 168.4 77.3 13.1 51.2 42.4 207.0 109.8 19.3 33.4 55.9 220.9 100.8 18.3 *6.9 64.6 259.7 104.0 18.5 33.7 73.3 259.9 95.1 8.1 36.8 72.6 254.8 88.5 28 .6 29.9 75.6 275.3 93.0 18.0 3 1.3 84. 5 DEBT INSTRUMENTS U . S . G O V E R N M E N T SECURITIES S T A T E ♦ LOCAL OBLIG A T I O N S C O R P O R A T E ♦ FO R E I G N BONUS MORTGAGES 4 5 6 7 6 18.6 27. 8 4.1 8.0 21 . 7 51.6 15.2 18.5 9.8 38.4 17.8 22.5 8.5 -14.4 .5 8.7 .9 -37.7 18.1 3.1 1.3 -17.6 -5.6 10.5 14.3 -7.3 -7.2 10.6 17.7 4.9 -3 . 1 10.7 18.1 - 1 3.3 22.1 18.2 2 0.6 -10.4 13.3 8. 7 19.2 .7 13.2 15. 5 CO NSUMER CREDIT B A N K L O A N S N .E.C. O P E N - M A R K E T PAPER ♦ R P » S OT H E R LOANS 9 10 11 12 1 11/76 B A S E D ON INCOMPLETE LLI O N S OF O O L L A R S . INFORMATION. N OVE M B E R 10, 197 6 C REDIT M A R K E T S U P P L Y O F F U NDS C R E O I T M A R K E T S U P P L Y O F FUNftS DIRECT AND IND I R E C T SO U R C E S OF FUNDS T O C R E O I T M A R K E T S U N A D J U S T E D NET F L O M S IS M ILL.) U N A D J U S T E D NE T F L O W S (» MILL.) 1975 II TOTAL F U N D S A D V A N C E D IN C R E D I T MARK E T S T O N O N F I N A N C I A L SE C T O R S 2 9.938 1 50 . 1 6 5 IV III I I 1976 II III I I 1967 B I L L I O N S OF D O L L A R S 1968 1969 1970 1971 52.296 67.934 47.582 59.964 60. 6 5 8 9 .364 9.126 15..539 TOTAL NE T ADV A N C E S , BY TYP E 3.400 3.106 13.,215 U. S . G O V E R N M E N T S E C U R I T I E S 4 .304 3. 8 6 0 3.,429 RESIDENTIAL MORTGAGES 679 - 1 .361 -3. ,640 F H L B A D V A N C E S TO S+L*S 981 3.521 2.,535 OTHER LOANS ♦ SECURITIES TO T A L S A D V A N C E D , BY SECTOR 3. 8 8 6 4.193 3. 572 U.S. GOVERNMENT 2.185 3 . 262 3. 548 G O V T . R E L A T E D AG. ♦ POOLS 3.586 1.471 2. 393 MONETARY AUTHORITIES -600 507 6. 026 FOREIGN I S S U E S N O T INCLUOED A G ENCY B O R R O W I N G A N D POOL S E C URITY 2.749 3.028 IN LINE 1 3 137 10.215 2.766 4.636 363 2.450 13.139 6. 2 4 6 2.594 -2. 0 8 8 6. 3 8 7 11.658 7.072 2 .258 -483 2.811 17. 5 8 6 9.819 3.751 788 3. 2 2 8 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 2 9 .2 15.1 6.5 1.3 6.2 43.4 34.4 7.0 - 2.7 4.6 3.409 5.554 1. 0 8 7 165 2.795 4 .577 2 .280 3.487 185 4.195 5.025 2.253 3. 2 7 7 5 .722 4.440 4.147 4.7 5.2 3.8 3.7 .3 3.1 9 .4 4.2 -. 3 2.8 11.1 5.0 10.3 2.8 5.2 8.9 4.631 3. 7 6 9 4.068 4.808 4.0 9.5 9. 8 BY P U BLIC A G E N C I E S ♦ F O R E I G N P R I VATE D O M E S T I C FUN D S A D V A N C E D 43.788 15.9 1 7 4.948 9.380 7.113 5.069 -1. 3 6 1 4 5.960 23.021 4.764 4.713 7.870 6.271 679 62.350 27 . 6 3 7 4.445 7.670 7.752 15.209 363 38.212 21.594 1.8 3 4 8.7 5 0 8.924 -4.978 -2. 0 8 8 52.374 6.369 7 . 286 5 . 997 13. 3 5 0 18.889 -483 47.880 13.041 4. 7 4 3 6.373 1 3 .472 11.039 788 69. 5 6. 3 7.8 16.0 14.4 22.4 -2.5 89.3 14.1 9.5 13.8 17.3 35. 5 82.5 5.6 9.9 12.5 1 7.9 40.7 4.0 7 5.5 6. 6 11.2 20.0 14.7 24.3 1.3 1 02.1 -3.7 17.5 19.5 31.2 35. 0 -2.7 12 13 14 15 16 17 18 3. 0 4 3 -13.715 8. 310 10.003 -1 . 5 5 5 41.449 1 5 .423 18.905 8.325 -1.204 28.296 6.839 12.424 10.254 -1.221 43.243 1 9.007 11.350 10. 7 2 5 2.161 23.864 -6.280 18.170 12.732 -758 42.101 12 . 8 1 6 18 . 4 6 4 9.404 1.417 34.3 4 8 8.205 16. 6 6 0 10.241 -758 63.4 35.8 15.0 12.9 -.3 75. 5 38.7 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 10 9 . 7 50.6 39.1 14.2 5.9 19 20 21 22 23 24 S OURCES OF F UNDS 25 PRIVATE DOMESTIC DEPOSITS 26 CREDIT MARKET BORROWING 3 . 043 2.911 -3. 2 6 5 41.449 37. 2 2 3 1.644 28.296 12.322 220 43.243 38 . 037 1 . 516 23.8 6 4 16.305 66 5 42.101 24.754 3.113 3 4.348 1 3.323 3.056 63 . 4 49.8 -1.1 75.5 45. 9 6« 7 57.4 2.3 19.5 77.0 60 . 7 1.2 10 9 . 7 24 89.4 25 7.6 26 27 28 29 30 31 OTHER SOURCES F O R E I G N FUN D S TREASURY BALANCES I N S U R A N C E ♦ P E N S I O N RES. OTH E R , NET 3 . 397 - 3.971 -85 7 7.004 1.221 2.582 718 -833 6 . 611 -3.914 15.754 1.416 63 7.727 6. 5 4 8 3. 6 9 0 1.473 — 66 8 .581 -6.298 6. 8 9 4 -2.445 -6 8 4 8 . 301 1.722 14.234 1.975 2.220 7.967 2.072 17.969 -807 1.190 7.699 9.887 14.7 2. 3 .2 11.4 .8 22.9 2.6 -.2 11.4 9.1 35.6 9.6 • 10.8 15.1 15.1 -8.1 2.9 13.3 7.1 12.6 — 3.9 2.2 8.6 5.7 27 28 29 30 31 PR I V A T E D O M E S T I C N O N F I N A N C I A L INVESTORS 12 TOTAL NET A D V A N C E S 13 U.S. GOVERNMENT SECURITIES STATE ♦ L O C A L O B L I G A T I O N S 14 CORPORATE ♦ FOREIGN BONDS 15 R ESIDENTIAL MORTGAGES 16 O T H E R M O R T G A G E S ♦ LOANS 17 LESS: F H L B A D V A N C E S 18 17. 5 3 6 8.913 3.124 1 1.070 1.659 -10.870 -3.640 P R I VATE F I N A N C I A L I N T E R M E D I A T I O N C R E D I T M A R K E T F UNDS A D V A N C E D BY P R I V A T E F I N A N C I A L INSTS. COMMERCIAL BANKING SAVINGS INSTITUTIONS INSURANCE ♦ PENSION FUNDS OTHER FINANCE 19 20 21 22 23 32 DIR E C T L E N D I N G IN CR . M A R K E T S 33 U.S. GOVERNMENT SECURITIES 34 ST A T E ♦ L O C A L O B L I G A T I O N S 35 CORPORATE ♦ FOREIGN BONDS 36 O P E N - M K T PAPER , ETC . 37 OTHER 11.228 940 2. 6 8 2 4 . 870 2.684 52 3.983 -1.354 2.467 3.435 -2.301 1 .736 17.884 10.892 3.080 2.325 38 1.549 20.623 12.520 1.716 -2 3 4 2.677 3.944 15.013 8.966 1.520 1.760 1.390 1.377 13. 3 8 6 3.100 2.258 2. 8 0 2 2.109 3. 1 1 7 16.588 9.755 1 .681 811 2.112 2.229 4.9 -l.l -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 • -10.8 .5 8.3 -1.1 3 .2 32 33 34 35 36 37 38 D E P O S I T S ♦ C U R R E N C Y 39 TIME ♦ SAVINGS ACCOUNTS 40 LARGE N E G O T I A B L E C D ' S 41 O THER A T C O M M E R C I A L BA N K S 42 AT S A V I N G S I N S T I T U T I O N S 2. 2 7 9 22 . 5 3 5 -4.171 9.594 17.112 40.864 21 . 8 6 0 -6.9 8 1 10.750 18.091 11.742 15.207 2.257 1.365 11.585 41.814 25.2 3 3 -800 13.648 1 2.385 16.282 2 8 .961 -9. 1 1 1 16.474 2 1.5 9 8 27.374 19.751 -2.630 7. 0 2 3 15. 3 5 8 13.964 21.748 -3.853 1 1.1 1 5 14.486 51.8 38.6 4.3 17.9 16.6 48.5 33.7 3.5 17.2 13.0 5.1 -2.2 -13.7 3.1 8.4 64.2 55. 3 15.0 2 3.6 16.6 9 2. 8 79.1 7.7 31.8 39.6 38 39 40 41 42 -20.256 -19.624 -632 19.0 0 4 1 5.363 3.641 -3.465 - 2.885 -580 16.581 - 1 2 .679 1 2.804 - 1 2 . 6 5 6 -23 3.777 7.6 2 3 5.003 2.620 -7.784 -8.425 64 1 13.0 11.0 2.0 14.8 12. 3 2.5 7 .3 4.5 2.8 8.9 5.4 3.5 T O TAL OF C R E D I T M A R K E T I N S T R U MENTS, DEPOSITS ♦ CURRENCY 1 3.507 44.847 29.626 62.437 31.295 40.760 30.552 56.8 69.0 49.8 63.9 47 P U B L I C H O L D I N G S AS X OF T O T A L 48 PVT. FINA N . I N T E R M E D I A T I O N <X) 49 T O TAL F O R E I G N FUNOS 51.903 17.352 2 . 055 18.191 94.658 1.225 17.905 61.566 816 1 5 .036 69.355 1 .638 27.613 6 2.451 1.042 19.441 80.385 4 .228 28.992 71.737 3.340 14.8 91.2 4.3 13.2 84.6 2.9 18.4 69.5 9.4 30.7 1 0 2.0 2.2 MONEY DEMAND DEPOSITS CURRENCY 43 46 13.7 4 3 10.4 4 4 3.4 45 31.1 47 1 0 7.4 4 8 22.5 4 9 CORPORATE EQUITIES N O T INCLUOED ABOVE 1 TOT A L NE T I S S U E S 2 MUTUAL FUND SHARES 3 OTHER EQUITIES 2.824 1 .033 1.791 3.0 3 9 -254 3.293 1.738 -221 1.959 3.615 232 3.383 4.0 6 3 398 3.665 3.134 -885 4.019 1 . 442 -541 1.983 5. 6 3.0 2.5 6.5 5.9 .6 10.1 4.9 5.2 1 0.5 2.8 7.7 1 5.0 1.3 13.7 1 2 3 4 ACQ. BY F I N A N C I A L I N S T I T U T I O N S 5 OTH E R NET P U R C H A S E S 1.358 1.466 2.276 763 862 876 3. 8 1 7 -202 2.928 1.135 1.985 1 .149 2.482 -1.040 9.1 -3.5 10.9 -4.4 13.0 -2.9 10.6 -.1 17.8 -2.9 4 5 II1/76 B A S E D O N P R E L I M I N A R Y A N O I N C O M P L E T E INFORMATION. NOVEMBER 10, 1976 CREDIT MARKET SU PP LY OF FUNDS C R ED IT MARKET SUPPLY OF FUN0£ DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MA RK ET S SE AS O N A L L Y A D JU ST ED ANNUAL RATES SEASONALLY A D JU ST ED ANNUAL RATES I I 1975 I 1972 1973 1974 1975 166.4 190.0 185.0 200.3 19.8 7.6 7.0 * 5.1 34.2 9.6 8.2 7.2 9.2 52.7 11.9 14.7 6.7 19.5 44.2 22.5 16.2 -4.0 9.5 69.7 51.8 16.4 -7.6 9.1 1.8 . 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 8.4 19.9 23.1 13.5 II III | IV | I 1976 II III T O T A L F U N D S A D V A N C E D IN C R E D I T MARK E T S 236.1 252.5 TO N O N F I N A N C I A L SECTORS 215.2 238.5 220.6 34.1 13.4 15. 5 -6.9 12.2 26.1 10.5 15.1 -2.2 2.7 47.1 14.3 17.9 .9 14.0 61.8 24.8 13.5 -1.0 24.5 14.9 19.5 9.6 25.7 14.9 12.2 4.3 2.7 16.0 5 .1 1 3.7 -8.6 18.7 9.2 7.0 14.5 12.0 -.2 21.4 24.2 15.7 6.6 8.5 18.8 4.6 17.0 9.0 AGENCY BORROWING AND 21.9 19.2 14.2 BY 2 3 4 5 6 7 8 9 10 43.3 28.9 8.7 -3.6 9.2 PUBLIC AGENCIES PRIVATE DOMESTIC 12 13 14 15 16 17 18 155.0 1 6.1 15.4 13.1 48.1 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 98.0 25.5 1 3.1 44.5 12.0 -4.7 -7.6 173.7 9 6.5 19.3 33.4 23.4 -5.7 -6.9 196.1 90.3 18.3 21.1 29.5 34.7 -2.2 210.7 89.7 18.5 32.3 32.7 38.4 .9 180.6 70.3 8.1 34.9 41.8 24.6 -1.0 207.0 59.6 28.6 19.7 46.9 48.6 -3.6 ♦ FOREIGN 5 7 . 4 T O T A L N E T ADVAN C E S * BY TYPE 35.7 U.S. G O V E R N M E N T SECURITIES 12.6 RESIDENTIAL MORTGAGES FHLB ADVANCES TO S*L*S -2.2 11.3 OTHER LOANS ♦ SECURITIES TOTA L S ADVANCED* BY SECTOR U.S. GOVERNMENT 12.1 18.8 G O V T . R E L A T E D AG. ♦ POOLS 17.0 MONETARY AUTHORITIES 9.5 FOREIGN POOL S E C U R I T Y ISSUES NOT INCLUDED IN L I N E 1 13.7 208.8 57.3 18.0 28.1 51.7 51.5 -2.2 FINANCIAL 7 8 9 10 11 FUNDS ADVANCED TOTAL NET ADVANCES U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL OBLIGATIONS CORPORATE ♦ FOREIGN BONDS RESIDENTIAL MORTGAGES OTHER MORTGAGES ♦ LOANS LESS: FHLB ADVAN C E S PRIVATE 2 3 4 5 to 12 13 14 15 lto 17 18 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 60.8 -13.9 35.2 35.6 3.9 134.6 40.8 64.4 37.1 -7.7 136.6 42.3 52.9 40.7 .8 132.0 41.1 51.4 43.8 — 4. 3 145.0 15.0 75.6 46.2 8.2 133.4 29.3 60.5 41.6 2.0 163.0 49.3 70.1 40.7 3.0 CREDIT MARKET FUNDS ADVANCED BY P R I V A T E FINANCIAL INSTS. COMMERCIAL BANKING SAVINGS INSTITUTIONS INSURANCE + PENSION FUNOS 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 60.8 49.0 .8 13 4 . 6 131.7 -.9 136.6 85.7 -1.3 132.0 95.6 1.9 145.0 101.7 17.5 133.4 80.0 4.5 163.0 94.4 9.2 S O U R C E S OF F U N D S PRIVATE DOMESTIC DEPOSITS 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 1 1.1 -14.2 -.8 27.9 -1.8 3.8 2.9 -6.1 26.9 -19.8 52.3 6.7 -1.1 30.7 16.0 34.5 3.2 1.3 34.2 -4.2 25.8 -7.9 .8 33.2 -.3 48.8 7.8 6.2 32.2 2.7 59.4 -2.0 1.8 30.6 29.1 32 33 34 35 36 37 23.6 4.2 3.1 4.2 3.0 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 37.9 -7.1 11.2 15.0 14.4 4.3 38.2 17.1 9.4 12.1 -7.3 7.0 58.2 29.7 11.6 8.5 1.3 7.1 80.6 52.3 7.5 6.0 4.0 10.8 53.1 22.2 6.8 2.3 10.1 11.7 78.1 36.9 8.6 9.7 10.2 12.8 5 4 . 9 D I R E C T L E N D I N G IN CR. M A R K E T S 26.9 U.S. GOVERNMENT SECURITIES 5.8 STATE ♦ LOCAL OBLIGATIONS 2.3 CORPORATE ♦ FOREIGN BONDS 9.6 O P E N — MKT P A P E R v ETC. 10.4 OTHER 32 33 34 35 36 37 38 39 40 41 42 105.3 83.7 8.7 29.7 45.4 90.3 76.2 18.4 29.4 28.4 75.7 67.4 23.6 21.4 22.4 96.7 84.8 -9.7 35.4 59.2 54.2 67.3 -16.7 27.4 56.6 137.2 8 2.8 -27.9 41.3 69.3 93.2 83.4 9.0 15.3 59.0 102.2 105.9 -3.2 57.4 51.7 109.4 91.4 -36.4 53.9 74.0 80.8 73.2 -10.5 25.9 57.9 107.7 D E P O S I T S ♦ CURRENCY 111.0 TIME ♦ S A V I N G S A C COUNTS -15.4 LARGE NEGOTIABLE CD'S 55.7 O T H E R AT C O M MERCIAL B A N K S 70.7 AT SAVINGS INSTITUTIONS 38 39 *0 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 >13.1 -18.3 5.2 54.4 48.9 5.5 9.8 2.3 7.6 -3.8 -10.3 6.6 17.9 10.3 7.6 7.6 6.8 .8 -3.2 -16.6 13.3 43 44 45 46 129.0 137.5 123.7 150.4 92.1 175.4 151.4 182.7 162.5 158.9 47 48 49 11.9 96.4 13.7 18.0 93.2 7.6 28.5 81.2 25.7 22.1 68.4 5.7 46.8 62.1 11.4 17.2 77.5 5.6 12.1 69.7 -1.9 19.7 62.7 7.9 28.0 80.3 9.1 18.3 64.4 16.8 2 2 . 7 P U B L I C H O L D I N G S A S * OF T O T A L 47 7 8 . 1 P V T . F I N A N . I N T E R M E D I A T I O N (X) 4 8 7.5 TOTAL FOREIGN FUNOS 49 6.2 TOT A L N ET ISSUES M U T U A L FUND SHARES -1.7 OTHER EQUITIES 7.9 PRIVATE CORPORATE EQUITIES NOT 13.3 -.5 13.8 9.2 -1.2 10.4 4.9 -.5 5.4 11.2 .8 10.4 10.7 3.5 7.2 12.6 -.5 13.2 7.4 -.4 7.8 14.2 .6 13.5 15.7 1.0 14.7 12.9 -3.1 16.1 4 5 15.3 -2.1 13.3 -4.1 5.5 -.7 8.3 2.9 10.9 -.3 7.5 5.1 5.9 1.5 8.9 5.2 17.3 -1.7 6.0 7.0 II1/76 BASED ON INCOMPLETE DOMESTIC NONFINANCIAL 24 25 26 27 28 29 30 31 INVESTORS MONEY DEMAND DEPOSITS CURRENCY T OTAL OF C R E D I T MARKET 1NSTRU162.7 MENTS* DEPOSITS ♦ CURRENCY 46 INCLUDED ABOVF 1 2 3 •ILLIONS OF DOLLARS. OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE ♦ PENSION RES. OTHER* NET 19 40 21 22 23 12.9 -6.7 INFORMATION. Line 1. Page 2, line 2. 30. Excludes net investment of these reserves in corporate equities 2. Sum of lines 3-6 or 7-10. 31. Mainly retained earnings and net miscellaneous liabilities. Includes farm and commercial mortgages. 32. Line 12 less line 19 plus line 26. 11. Credit market funds raised by Federally sponsored credit agencies. Includes all GNMA-guaranteed security issues backed by mortgage pools. 33-37. Lines 13-17 less amounts required by private finance. includes mortgages. 12. 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. 39-44. See line 25. 45. Mainly an offset to line 9. 17. Includes farm and commercial mortgages. 46. Lines 32 + 38 or line 12 less line 27 plus line 45. 25. Lines 3 9 + 4 4 . 47. Line 2/line 1. 26. Excludes equity issues and investment company shares. 48. Line 19/line 12. 28. Foreign deposits at commercial banks, bank borrowings from foreign branches, and liabilities of foreign banking agencies to foreign affiliates. 49. Line 10 plus line 6. Demand deposit* at commercial banks. Includes line 18. Corporate Equities Line 1 and 3. Includes issues by financial institutions. Line 37 NOVEMBER 10, 1976 HO US EH OL DS HOUSEHOLDS 6 SECTOR STATEMENTS UNADJUSTED NET FLOWS OF S A V I N G A N D UNADJUSTED 1976 II 1975 II IV III I HOUSEHOLDS, 1 PERSONAL INCOME 2 - PERSONAL TAXES 3 4 5 6 7 8 = = ♦ ♦ ♦ AND NONPROFIT ORGANIZATIONS 801.3 115.3 859.1 116.3 1 2 249.874 266.092 269.357 295.532 282.060 285.418 293.672 227.961 2 4 6.201 251.603 271. 1 2 8 254.935 2 7 2.775 2 7 8 . 0 4 5 27.125 12.643 15.627 21.913 19.891 17.754 24.404 2.850 2.451 10.114 1.951 2.261 7.996 1. 5 6 2 97 150 0 0 10 7 5 10 6.780 719 5.680 4.119 -2.901 2.107 2.082 544.5 503.7 40.9 5.5 1.7 1 0.2 588.1 550.1 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 7.9 742.8 685.5 57.3 9.5 •8 13.9 3 4 5 6 7 8 339.461 43.929 320.638 338.497 38.578 53.079 34.131 38.847 72.978 30.445 39.973 70.418 28.437 41.157 69.594 21.697 42.336 64.033 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 68.874 45.870 11.116 33.491 1.263 66.577 52.871 12.730 38.881 1.260 80.393 48.681 13.487 33.765 1.429 76.212 53.647 12.459 39.739 1.449 68.728 55.343 14.592 39.179 1.572 134.5 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 33.982 48.695 23.004 36.483 13.706 37.125 31.712 41.961 22.565 44.773 13.385 37.345 39.6 66.4 37.0 72.9 27.9 59.2 52.0 76.5 56.3 17 1 0 1 . 7 18 24.198 -8.202 35.802 12.166 29.547 2.663 29.304 107 32.737 -2.043 30.733 65 1 33.106 320 48.4 9.8 54.2 10.9 42.8 2.4 51.5 8.8 76.0 19 9.0 20 TIME ♦ S A V I N G S ACCOUNTS AT COMMERCIAL BANKS A T S A V I N G S INST. 24.660 7.548 17.112 22.043 3.952 18.091 14.543 2.958 11.585 23.676 11.291 12.385 26.793 5.195 21.598 21.231 5.873 15.358 23.663 9.177 14.486 35 . 3 18.7 16.6 31.1 18 . 1 13.0 9.1 .7 8.4 43.6 27.0 16.6 6 7 . 8 21 28.1 22 39. 6 23 CREDIT MKT. INSTRUMENTS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS C O R P O R A T E ♦ FGN. B O N D S MORTGAGES O P E N - M A R K E T PAPER M O N E Y M A R K E T FUND SHRS 7.740 -1.681 2.253 4.870 312 745 1.241 1.593 -3.521 2.610 3.435 1.316 -2.28 8 41 12.341 8.769 3.016 2.325 1.076 -2.884 39 5.521 2.129 779 -234 1.666 1.236 -55 7.987 3.928 1.603 1.760 1.576 -854 -26 8.851 939 2.205 2.802 1.734 1.505 -334 9.123 5.468 1.731 811 1.742 -574 -55 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 —8 . 2 -.8 9.5 1.8 -3.2 - 232 12 G R O S S I N V E S T M E N T 13 C A P I T A L E X P E N D . - W E T OF S A L E S 14 RESIDENTIAL CONSTRUCTION 15 CONSUMER DURABLE GOODS 16 NON P R O F I T PLANT ♦ EQUIP. 68.408 37.455 9.424 26.748 1.283 76.998 43.016 9.140 32.606 1.270 17 N E T F I N A N C I A L 18 N E T ACQ. OF INVESTMENT FINANCIAL ASSETS 30.953 32.472 D E P . ♦ C R . M K T . I N S T R . Cl) D EMAND DEP. ♦ CURRENCY 21.408 37.986 59.394 -.7 -10.5 -.3 8.3 1.3 .3 12 13 14 15 16 24 25 26 27 28 29 30 31 32 INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 1.033 -544 -254 98 -221 -220 - 1 .8 8 8 398 -757 -885 1.256 -541 -799 3.0 -7.3 5.9 -12.4 4.9 -9.4 2.8 -3.5 1 . 3 31 - 5 . 0 32 33 34 LIFE I N S U RANCE RESE R V E S PENSION FUND RESERVES 1. 8 0 1 7.011 1.778 12.698 2.005 6.803 2.034 9.576 2.436 8.784 2.448 14.779 2.466 7.130 5.1 14.0 4.6 15.6 5.0 16.3 5.2 19.2 6.2 33 21.1 34 35 36 37 N E T I N V . IN N O N C O R P . B U S . SECURITY CREDIT MISCELLANEOUS ASSETS -2.335 394 914 -2.351 —6 930 -2.452 52 96 9 -2.712 -346 925 -3.191 483 1.071 -4.310 -325 1.077 -4.982 -13 978 -.5 2.2 1.5 1.1 2.1 1. 8 -.7 -1.6 2.1 -.4 -.9 2.6 -.7 35 .5 3 6 2.3 37 38 39 40 41 42 43 44 45 N E T IN C R E A S E IN L I A B I L I T I E S CREDIT MARKET INSTRUMENTS HOME MORTGAGE S OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS 1.519 862 6.512 29 1 -4.284 -102 -2.210 655 14.713 13.135 9.798 26 1 1.540 260 720 556 13 .479 14. 9 1 1 10.498 258 4.808 238 -1.421 530 23.419 20.768 12.551 2 81 4.789 1.287 1.442 418 10.249 9.210 12.374 299 -1.508 364 -2.735 416 22.208 20.606 13.191 313 5.935 898 -240 509 23.960 23.084 14.763 333 6.254 232 1.006 496 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 4.8 l.l .9 2.6 344 141 172 1.266 139 173 -1.734 137 165 2.368 135 14 8 777 13 3 129 1.355 131 1 16 650 129 97 3.7 .4 .3 2.9 .5 .4 -3.4 .5 .4 -1.8 .5 .4 2.7 4 6 •3 4 7 .3 4 8 -11.165 -10.100 -9.480 6.401 -9.975 -6.618 -4.695 -6.0 -6.6 .4 -6.5 -1 0 . 1 49 9.140 662 8.478 5.425 9.798 -6.083 11.116 723 10.393 5.578 10.498 -4.960 12.730 615 12.115 5.728 12.551 -5.549 13.487 695 12.792 5.882 12.374 -4.769 12.459 675 11.784 6.033 13.191 -6.765 14.592 691 13.901 6.186 14.763 -6.357 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 46 47 48 SECURITY CREDIT TRADE DEBT MISCELLANEOUS 49 DI S C R E P A N C Y (1) E X C L U D E S 50 51 52 53 54 55 CORPORATE (B) 45.5 42.1 27.1 1 .3 9.3 2.3 .7 1.4 38 39 40 41 42 43 44 45 EQUITIES. MEMORANDA: NET P H Y S I C A L I N V E S T M E N T : (A) R E S I D E N T I A L C O N S T R U C T I O N EXPENDITURES MOBILE HOMES OTHER - CAPITAL CONSUMPTION - HOME MORTGAGES = EXCESS NET INVESTMENT CONSUMER OURABLES EXPENDITURES - CAPITAL CONSUMPTION = NET INVESTMENT 9.424 415 9.009 5.270 6.512 -2.358 50 51 52 53 54 55 26.748 29.649 -2.901 32.606 30.499 2.107 33.491 31.409 2.082 38.881 32.101 6.780 33.765 33.046 719 39.739 34.059 5.680 39.179 35.060 4.119 69.6 59.4 10.2 80.0 65.6 14.4 85.5 71.8 13.7 84.9 77.0 7.9 97.1 56 83.2 57 13.9 58 - CONSUMER CREDIT = EXCESS NET INVESTMENT -4.386 1.485 1.800 307 5.046 -2.964 6.076 704 -1.144 1.863 6.833 -1.153 6.486 -2.367 4.5 5.7 10 . 0 4.4 10.4 3.3 5.9 2.1 1 1 . 6 59 2.3 60 N O N P R O F I T PLA N T ♦ EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT 1.283 944 291 48 1.270 975 261 34 1. 2 6 3 9 99 258 6 1.260 1.018 281 -39 1.429 1.045 299 85 1.449 1.065 313 71 1.572 1.090 333 149 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 13.563 8.769 12.929 7.475 14.631 6.591 12.940 8.257 12.031 9.616 15.680 4.429 15.018 5.321 13.1 7.5 14 . 2 6.5 15.5 5.6 14.4 7.4 13.5 65 7 . 7 66 24.407 21.922 24.449 24.737 23.548 21.660 23.3 23.3 22.6 23.1 24.0 67 68 69 70 71 CAPITAL EXPENDITURES AC Q U I S I T I O N OF F I N A N . ASSETS NET I N C R E A S E I N L I A B I L I T I E S CREDIT MARKET BORROWING 15.693 17.765 5.367 4.792 16 . 9 3 0 13.465 4.975 5.5 0 3 17.713 12.438 7.846 6.957 17.101 14.740 3.600 3.235 18.152 15.149 7.514 6.972 18.720 12.632 8.104 7.808 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 17.9 13 . 5 6.0 5. 6 68 69 70 71 72 252.242 27 4 . 0 9 3 270.929 2 9 8 . 4 7 9 284. 6 6 1 295. 5 3 2 (2) D I S P O S A B L E I N C O M E A D J . (NIA D I S P O S A B L E I N C O M E ♦ G O V T . I N S U R A N C E C R E D I T S ♦ C A P I T A L G A I N S D I V I O . ) 295.623 551.7 596.7 640.0 695.7 753.1 72 56 57 58 59 60 (C) 61 62 63 64 **' BIL L I O N S OF D O L L A R S 1968 1969 1970 745.8 115.4 29.999 36.899 66.898 < 1967 685.2 97.1 21.380 35.863 57.243 24 25 26 27 28 29 30 TRUSTS, I (S M I L L . I 626.6 82.1 305.606 315.521 39.514 46.164 9 = NET SAVING 10 ♦ C A P I T A L C O N S U M P T I O N 11 = G R O S S S A V I N G 21 22 23 PERSONAL II I NET FLOWS 345.573 51.901 289.083 39.209 ♦ NONTAXES DISPOS A B L E P E R S O N A L INCOME PERSONAL OUTLAYS PERSONAL SAVING, NIA BASIS CREDITS FROM GOVT. INSURANCE CAPITAL GAINS DIVIDENDS N E T D U R A B L E S IN C O N S U M P T I O N 19 20 INVESTMENT 1$ MILL.) PER C E N T R A T I O S : 65 EFFECTIVE TAX RATE 66 S A V I N G RAT E , N I A B A S I S PER C E N T O F D I S P O S A B L E 67 G R O S S S A V I N G INCOME III/76 BAS E D O N P R E L I M I N A R Y AND A D J . (2): 22.693 14.848 12.873 602 341 INCOMPLETE INFORMATION. 5.1 2.6 1.3 1 .3 61 62 63 64 N O V E M B E R 10* HOUSEHOLDS 1976 HOUSEHOLDS 7 SECTOR SEASONALLY ADJUSTEO 1972 ANNUAL 1973 STATEMENTS OF S A V I N G A N D IN V E S T M E N T RATES 1974 1975 HOUSEHOLDS* | 1 1975 II I III IV I | I 1976 II SEASONALLY ADJUSTED ANNUAL RATES III P E R S O N A L TRUSTS,, A N D N O N P R O F I T O R G A N I Z A T I O N S I 2 942.5 141.2 1052.4 150.8 1153.3 170.4 1249.7 168.8 1203.1 179.3 1230.3 14 2 . 2 1265.5 174.0 1299.7 179.8 1331.3 183.8 1362.0 189.5 1386.2 P E R S O N A L INCOME 195.8 - PERSO N A L TAXES ♦ N O N T A X E S 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 1023.8 9 5 6 .7 67.2 13.9 -.2 3.5 1088.2 983.6 104.5 15.4 .5 5.0 1091.5 1011.1 80.5 14.7 .5 10.4 1119.9 1036.2 83.7 15.3 .1 13.4 1147.6 1068.0 79.5 17 . 6 * 19 . 2 1172.5 1089.6 82.9 20.0 .4 18 . 8 1190.4 1114.8 75.6 18.6 .4 17.8 3 4 5 6 7 B 9 10 11 83.8 107.2 191.1 108.4 118.5 226.9 96.3 133.6 229.9 106.9 149.6 256.5 84.3 143.5 227.7 12 5 . 5 147.6 273.1 106.0 151.9 258.0 112.5 155.4 267.9 116.3 159.9 276.2 122.0 164.6 286.6 112.5 = N E T S A V I N G 169.3 ♦ C A P I T A L C O N S U M P T I O N 281.9 = GROSS SAVING 9 10 11 12 13 14 15 16 209.2 157.4 40.6 111.2 5.5 239.8 173.9 45.0 123.7 5.2 248.9 169.6 42.7 121.6 5. 2 280.9 179.2 42.4 131.7 5. 1 252.3 166.5 39.3 122.1 5.1 296.8 172.3 40.2 127.0 5.1 286.6 184.4 43.3 136.0 5.1 288.4 193.8 46.9 141.8 5.0 295.1 210.0 52.9 151.4 5.7 295.9 217.4 56.6 155.0 5.8 293.4 GROSS INVESTMENT CAPITAL EXPEND.-NET OF SALES 224.2 59.8 RESIDENTIAL CONSTRUCTION 158.1 CONSUMER DURABLE GOOOS 6.3 NONPR O F I T PLANT ♦ EQUIP. 12 13 14 15 16 17 18 51 . 7 122.2 65.9 136.1 79.3 124.0 101.6 154.8 85.8 122.3 124.5 17 4 . 8 102.2 150.7 94.6 171.8 85.1 160.4 78.5 159.5 69.2 N E T F I NANCIAL 159.7 N E T A C Q . OF 17 18 19 20 97.8 14.6 111.8 12.5 98.6 5. 0 118.9 6.7 90.6 -15.0 137.3 40.6 116.7 11.4 130.7 -10.1 122.0 8.7 121.1 -1.6 134.5 3.7 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 80.6 24.1 56.6 83.1 13.8 69.3 74.5 15.5 59.0 101.5 49.7 51.7 87.2 13.2 74.0 79.2 21.3 57.V 112.5 41.8 70.7 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 25.0 -14.5 9.5 15.0 1.2 8.8 5.0 13.6 -.6 10. 0 12.1 4.6 -12.7 .2 30.8 17.2 11. 3 8.5 4.8 -11.0 .2 39.4 20.7 3.8 6.0 6.9 2.2 -.2 26.1 6.7 7.1 2.3 6.3 3.7 -.1 43.5 19 . 2 8.4 9.7 6.3 1.4 -1.3 18.4 4.8 6.0 2.3 7.5 -1.9 -.2 31 32 -.5 -4.0 -1.2 -5.7 -.5 -.7 .8 -2.6 3.5 -7.7 -.5 2.0 -.4 -3.3 .6 -1.2 1.0 -6.7 -3.1 7.0 -1.7 -6.1 INVESTMENT C O MPANY SHARES OTHER CORPORATE EQUITIES 31 32 33 34 6.6 22.6 7.3 25.6 6.4 29.6 7.6 36.1 7.2 32.8 7.1 34.7 8.0 35.4 8.1 42.1 9.7 42.9 9.8 39.0 9.9 39.2 LIFE INSURANCE RESERVES PENSION FUNO RESERVES 33 34 35 36 37 -3.1 .1 2.7 -4.4 -.2 2.8 -11.1 -1.0 2.7 -9.9 .1 3.7 -9.3 1.6 3.7 -9.4 * 3. 7 -9.8 .2 3.9 -10.8 -1.4 3.7 -12.8 1.9 4.3 -17.2 -1.3 4.3 -19.9 -.1 3.9 N E T I N V . IN N O N C O R P . B U S . SECURITY CREDIT MISCELLANEOUS ASSETS 35 36 37 38 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 .8 -4.5 3.2 53.1 49.7 39.4 1.1 6.9 1.7 -1.5 2.2 36.6 33.9 28.5 1.2 -.5 1.5 .7 2.6 50.3 44.0 38.5 1.0 .2 1. 0 1 .0 2. 2 48.5 54. 2 42.2 1.0 12 . 0 2.3 -5.4 2.1 77.2 66.6 48.2 1. 1 15.7 2.0 -2.1 1.7 75.2 71.1 51.5 1. 2 14.8 3.3 -1.4 1.7 81.0 74.6 53.2 1.3 16.9 3.7 -2.5 2.0 90.5 87.0 60.6 1.3 16.7 2.5 3.9 2.0 N E T I N C R E A S E IN L I A B I L I T I E S CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS 38 39 40 41 42 43 44 45 46 47 48 4.5 .6 .5 -4.3 .6 .4 -1.8 .6 .7 2.2 .6 .7 1.4 .6 .7 5 .1 .6 .7 -6.9 .5 .7 9.5 .5 .6 3.1 .5 .5 5.4 .5 .5 2.6 .5 .4 49 -18.1 -13.0 -19.1 -24.3 -24.6 -23.7 -28.6 -20.5 -19.0 -9.3 = = ♦ ♦ ♦ DISPOS A B L E PERSONAL INCOME PERSONAL OUTLAYS P ERSONAL SAVING* NIA BASIS C R E D I T S FRO M GOVT. INSURANCE CAPITAL GAINS DIVIDENDS N E T D U R A B L E S IN C O N S U M P T I O N INVESTMENT FINANCIAL ASSETS D E P . ♦ C R . M K T . I N S T R . (1) 1 9 DEMAND DEP. ♦ C U R RENCY 20 TIME ♦ SAVINGS ACCOUNTS AT C O M M E R C I A L B A N K S AT S A V I N G S I N S T . CREDIT MKT. INSTRUMENTS U.S. GOVT. SECURITIES ST.+LOC. O BLIGATIONS C O R P ORATE ♦ FGN. B ONDS 24 25 26 27 28 mortgages 29 OPEN-MARKET PAPER MONEY M A R K E T FUND SHRS 30 (1) E X C L U D E S C O R P O R A T E 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 39.3 1.7 37.7 21.1 28.5 -10.3 40.2 2. 6 37.6 21.7 38.5 -20.0 43.3 2.9 40.4 22.3 42.2 -21.3 46.9 2.5 44.4 22.9 48.2 -24.2 52.9 2.8 50.1 23.5 51.5 -22.1 56.6 2.7 53.9 24.1 53.2 -20.7 59.8 2.8 57.0 24.7 60.6 -25.5 56 57 58 111.2 89.7 21.5 123.7 98.3 25.4 121.6 110.6 1 1.1 131.7 123.7 8.1 122.1 118.6 3.5 127.0 122.0 5.0 136.0 125.6 10.4 141.8 128.4 13.4 151.4 132.2 1 9.2 155.0 136.2 18.8 158.1 140.2 17.8 59 60 18.6 2.9 21.7 3.7 9.8 1.3 8.5 -.5 .9 2.5 1.3 3.7 1 4.3 -3.9 17.7 -4.3 18.1 1.1 20.6 -1.9 19.2 -1.4 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 * 5.1 3.8 1. 2 .2 5. 1 3.9 1.0 .1 5.1 4.0 1. 0 * 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 65 66 15.0 6.2 14.3 7.8 14.8 7.3 13.5 7.8 14.9 6.6 11.6 9.6 13.8 7.4 13.8 7.5 13.8 6.9 13.9 7.1 67 23.5 24.8 23. 1 23.4 22.0 24. 7 23.3 23.6 23.7 PER 24.0 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 16.1 11.8 3.5 3.3 15. 6 15.8 4. 6 4.0 16.7 13. fc A.4 4.9 17.1 15 . 1 6.8 5.9 18.0 13.8 6.5 6.1 18.2 13 . 4 6.8 6.3 72 814.3 914.3 995.9 1095.7 1037.5 (C) 111/76 BASED ON INCOMPLETE 49 EQUITIES. MEMORANDA: NET PHYSICAL INVESTMENT: (A) R E S I D E N T I A L C O N S T R U C T I O N EXPENDITURES NOBILE HOMES OTHER - CAPITAL CONSUMPTION - HOME MORTGAGES = EXCESS NET INVESTMENT (BI BILLIONS OF DOLLARS. 46 47 48 SECURITY CREDIT TRADE DEBT MISCELLANEOUS -11.5 DISCREPANCY 50 51 52 53 54 55 CONSUMER DURABLES EXPENDITURES - CAPITAL CONSUMPTION = NET INVESTMENT 56 57 5b 59 60 NON P R O F I T PLANT ♦ EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT 61 62 63 64 CENT OF D I S P O S A B L E INCOME 23.3 GROSS SAVING ADJ. 65 66 (2>S CAPITAL EXPENDITURES ACQUISITION OF F1NAN. ASSETS N E T I N C R E A S E IN L I A B I L I T I E S CREDIT MARKET BORROWING 1106.7 1104.1 1135.3 1192.9 1 2 0 9 . 5 (2) D I S P O S A B L E I N C O M E A D J . 1165.1 (NI A D I S P O S A B L E I N C O M E ♦ G O V T . I N S U R A N C E C R E D I T S ♦ C A P I T A L G A I N S D I V I O . ) INFORMATION. 50 51 52 53 54 55 - CONSUMER CREDIT = EXCESS NET INVESTMENT PER CENT RATIOS: 14 . 1 E F F E C T I V E T A X R A T E 6.4 SAVING RATE* NIA BASIS 18.5 13.2 7.5 7.2 21 22 23 67 68 69 70 71 72 NOVEMBER 10, 1976 TOTAL ♦ NONCORP BUSINESS TOTAL ♦ NONCORP BUSINESS SECTOR STATEMENTS UNADJUSTED NET FLOWS OF SAVING AND ($ M I L L . ) INVESTMENT UNADJUSTED 1975 I II III I IV I I 1976 II NONFINANCIAL NET FLOWS III | I (* M I L L . ) 1967 BILLIONS OF DOLLARS 1968 1969 1970 1971 BUSINESS - TOTAL 39.010 27.836 46.138 30.376 51.960 36.031 53.773 44.474 52.721 38.886 59.525 37.418 58.258 39.438 133.6 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 BUSINESS PLANT ♦ EQUIPMENT 6 H O M E C O N S T R U C T I O N 11) 7 MULTI-FAMILY RESIDENTIAL e 9 C H A N G E IN I N V E N T O R I E S MINERAL RIGHTS FROM U.S.GOVT 10 28.736 27.527 30.987 31.090 -1.635 1.532 -3.864 404 24.743 29.171 36.901 33.756 1. 6 3 1 1.514 -8.104 374 34.187 32.855 36.025 32.559 2.375 1.091 -3.475 305 36.552 38.093 37.026 35.771 262 993 827 240 40.645 38.297 31.875 32.107 -1.113 881 5.259 1.163 34.390 45.787 41.351 37.127 2.895 1.329 3.481 955 38.679 41.924 40.416 36.450 2.561 1.405 197 1.311 73.3 94.0 83.9 76.4 .7 6.7 10.1 71.6 101.9 9 2 .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 3 118.9 4 111.9 5 6 95.0 2.5 7 14.3 8 6.4 9 .7 1 0 n NET F I N A N C I A L I N V E S T M E N T N E T ACQ. OF F I N A N C I A L AS S E T S 12 N E T I N C R E A S E IN L I A B I L I T I E S 13 14 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS 15 16 BONOS MORTGAGE S 17 BANK LOANS N.E.C. 18 19 OTHER LOANS 1.209 -6.570 -7.779 1.933 5.409 9.860 1.023 -8.561 3.087 -4.428 8.540 12.968 3.223 13.304 9.083 5.232 -1.513 502 1.332 17.132 15.800 1.713 6.993 4.278 5.6 3 7 -3.602 680 -1.541 19.327 20.868 3.039 12.034 6.583 4.483 679 289 2.348 -11.397 13.908 15.096 11.560 26.493 3.505 3.152 19.969 7.846 6.768 5.459 2.197 7.385 -5.777 2.399 4.658 4.726 -3.245 15.431 18.676 1.530 11.080 4.735 6.735 -1.189 799 -20.7 1 7.8 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 4.9 -42.1 30.8 72.9 11.4 49.7 18.9 22.1 5.8 3.0 11 12 13 14 15 16 17 18 19 -11.090 -4.031 3.643 -7.202 7.048 46 5.235 560 838 -276 9.591 -6.572 6.410 -344 6.9 -5.0 16.3 4.2 21.2 -3.2 8.0 -3.1 10.6 1.1 20 21 -900 5.633 1.844 7.922 -1.759 3.028 759 3.9 8.1 5.2 9.0 1 INCOME BEFORE 2 GROSS SAVING TAXES TRADE DEBT OTHER L I A B ILITIES 20 21 22 D I S C R E P A N C Y 1 2 13.9 22 FARM BUSINESS 1 2 3 4 5 6 NE T I N C O M E NET SAVING CAPITAL CONSUM P T I O N CORPORATE NONCORPORATE CU R R E N T SURP. * G R O S S S A V I N G 7 GROSS INVESTMENT 8 CAPITAL EXPENDITURES PLANT ♦ EQUIPMENT 9 RESIDENTIAL CONSTRUCTION 10 C H A N G E IN I N V E N T O R I E S 11 12 N ET F I N A N C I A L I N V E S T M E N T 13 N E T ACQ . O F F I N A N C I A L A S S E T S 14 DEMAND DEPOSITS ♦ CURRENCY MISCELLANEOUS ASSETS 15 16 INSURANCE R E C E I V A B L E S EQ. IN S P O N S . A G S . (2) 17 18 19 20 21 22 23 24 N E T I N C R E A S E IN L I A B I L I T I E S CREDIT MARKET INSTRUMENTS MORTGAGES BANK L O A N S N w E . C . OTHER LOANS U.S. G O V E R N M E N T FICB TRADE D EBT PROPRIETOR NET 25 26 INVESTMENT 6.862 -2.035 3.179 287 2.892 1.144 5.426 -903 3.240 302 2.938 2.337 12.1 ♦ 5.4 .3 5.2 5.4 12.0 * 5.8 .3 5.5 5.8 13.9 * 6.2 .3 5. 9 6.2 13.9 -.1 6.4 .4 6.0 6. 3 3.257 3.793 3.022 22-? 546 1.144 2.873 3.052 15 3 -332 2.337 2.629 2.577 302 -250 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 .1 307 339 34 305 176 129 -536 205 35 170 120 50 -1.729 197 35 162 1 25 37 -292 183 34 149 126 23 -2.0 •4 .1 .3 .2 ♦ -.4 .6 .2 .4 .3 .1 -.4 .5 .1 .4 .4 .1 -.6 .6 .1 .5 .4 .1 -1.5 .7 .1 .6 .5 .1 12 13 14 15 16 17 710 2.206 1.041 829 336 357 -21 32 1.216 1.038 258 -80 -75 -5 741 2.577 1.470 742 365 -40 405 1.926 4.584 1.854 1.500 1.230 438 792 475 3.219 1.526 700 993 385 608 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 4 •6 1.2 2.3 .8 .8 .6 -.1 .7 2. 2 4.5 2.4 1. 3 .7 ♦ .7 ltt 19 20 21 22 23 24 32 -1.528 39 -1.223 40 -1.876 40 -2.698 45 -2.789 -.2 -.8 -1.0 -.8 -.4 -1.7 -.4 -.7 4.472 518 2.835 215 2.620 3.353 6.025 -1.814 2.912 227 2.685 1.098 7.302 -31 3 2.978 242 2.736 2.665 7.065 1.520 3.038 257 2.781 4.558 5.470 149 3.108 271 2.837 3.257 3.353 3.663 2.713 94 856 1.098 3.290 2.831 156 303 2.665 3.139 2. 3 1 8 276 545 4.558 4.251 2.628 31 7 1.306 -310 247 38 209 167 42 -2.192 251 40 211 179 32 -474 236 38 198 165 33 557 1.913 1.396 63 454 18 3 271 2.443 4.058 1.758 77 1 1.529 627 902 38 -1.394 31 -1.646 NONFARM NONCORPORATE 14.3 -.1 6.9 .4 6.6 6.8 1 2 3 4 5 6 6.8 7 8 8.3 6.4 9 .7 10 1.3 11 .1 2 5 - 2 . 4 26 BUSINESS 17.087 17.038 17.929 18.689 19.345 19.643 20.025 56.3 58.2 57.3 56.5 58.5 1 SAVING 5.620 3.626 5.782 4.270 6.006 5.989 6.266 9.803 6.448 5.802 6.535 5.537 6.803 6.610 10.5 10.5 11.5 11.5 13.0 13.0 14.5 14.5 15.3 1 5.3 2 3 4 GROSS INVESTMENT 5 CAPITAL EXPENDITURES 6 FIXED CAPITAL 7 PLANT ♦ EQUIPMENT H O M E C O N S T R U C T I O N (1) 8 9 MULTI-FAMILY RESIDENTIAL C H A N G E IN I N V E N T O R I E S 10 3.626 3.195 3.695 3.618 -865 942 -500 4.270 4.618 5.019 3.338 738 94 3 -401 5.989 5.570 5.605 3.886 1.050 669 -3 5 9.803 4.180 4.484 3.910 -28 602 -304 5.802 4.538 3.940 4.027 -669 582 59 8 5.537 6.276 5.889 3.681 1.371 83 7 38 7 6.610 6.065 6.056 4.088 1.130 838 9 10.5 14.1 13.5 9.6 * 3.9 .6 11.5 18. 1 17.3 11.4 .3 5.6 .7 13.0 21.0 20.1 12.9 * 7.3 .9 14.5 20.2 20.0 12.9 -.2 7.3 .3 15.3 24.4 22.9 11.5 .9 10.5 1.5 4 5 6 7 8 9 10 -348 168 0 -138 306 304 2 41 9 370 0 67 303 301 2 5.623 940 0 59 9 34 1 304 37 1.264 695 0 464 231 218 13 -739 268 0 23 245 220 25 545 340 0 25 315 300 15 -3.6 .6 .2 .4 .4 * -6.5 .8 — .4 .5 .5 * -8.0 1.1 .4 .7 .7 * -5.7 1.2 — .5 .7 .7 * -9.0 1.3 .5 .8 .8 * 11 12 13 14 15 16 17 224 -1.186 -616 -692 -29 105 51 6 112 400 590 -425 235 -4 9 626 1.149 840 27 282 -4.683 1.644 11 4 -22 -222 35 8 -569 -440 -139 -535 231 16 5 1.007 2.187 1.485 1.097 78 310 -205 1.724 1.926 904 750 272 4.2 4.4 3.2 * 2.8 .3 7.4 5.3 3.2 .3 2.4 .5 9.1 7.5 3.9 * 3.5 .4 6.9 5. 7 5.3 -.2 4.9 .6 10.3 1 0.3 -619 49 -513 22 5 -419 -104 -484 2.014 -904 603 -455 1.157 -368 16 6 .6 .6 1.1 1.0 2.1 1.5 -.6 1. 0 .7 2 4 1.3 2 5 2.351 -941 1.109 -705 249 -924 -4.838 -1.489 1.186 -1.315 432 -1.612 264 -2.193 -.5 .3 .2 1. 9 .6 1.0 1 .0 .3 -1.8 26 1.7 2 7 1 NET INCOME 2 CAPITAL CONSUMPTION 3 CURRENT SURP. = GROSS 11 N E T F I N A N C I A L I N V E S T M E N T N E T A CQ. OF F I N A N C I A L A S S E T S 12 13 DEMAND DEPOSITS ♦ CURRENCY 14 CONSUMER CREDIT 15 MISCELLANEOUS ASSETS 16 INSURANCE RECEIVABLES 17 EQ. I N S P O N S . A G S . (2) 18 19 20 21 22 23 N E T I N C R E A S E IN L I A B I L I T I E S CREDIT MARKET INSTRUMENTS MORTGAGES HOME M O R T G A G E S MULTI-FAMILY COMMERCIAL 24 25 BANK LOANS N.E.C. OTHER LOANS 26 27 TRADE DEBT, N ET PROPRIETOR NET INVESTMENT (1) FARM PLUS NONFARM CHANGE (2) SHARES IN F I C B * S , B A N K S I I 1/76 B A S E D O N P R E L I M I N A R Y AND 431 f 655 0 340 315 315 0 IN W O R K IN PROCESS. FOR COOPS, INCOMPLETE AND L A N D BANK S . INFORMATION. 18 19 20 .7 2 1 6 . 8 22 .9 23 NOVEMBER 10, 1976 TOTAL ♦ NONCORP BUSINESS TOTAL ♦ NONCORP BUSINESS 9 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1972 1973 1974 II 1975 NONFINANCIAL 1975 I IV I III BUSINESS - TOTAL 157.8 103.8 1 90.0 11 0 . 4 19 3 . 6 108.4 190.9 1 38.7 160.8 117.2 179.0 136.1 20 8 . 9 149.5 214.7 152.0 21 8 . 3 158.8 231 . 3 160.0 2 3 4 . 5 INCO M E BEFORE T AXES 168.2 G R O S S SAV I N G 87.3 138.4 128.1 1 0 7.0 2.0 19. 0 9.4 .9 94.2 167.9 146.9 126.0 -.1 20.9 17.9 3.2 95.3 16 7 . 0 1 49.9 13 7 . 9 .2 11.8 10.7 6.5 124.2 127.6 140.9 133.2 2.6 5.1 -14.6 1.3 102.3 120.3 140.9 1 3 4.4 -.6 7.0 -22.2 1.6 120.8 11 0 .1 138.6 131.4 1.6 5.5 -30.0 1.5 136.3 139.9 140.6 1 32.4 4.2 4.0 -2.0 1.2 137.5 140.2 143.6 134.5 5.2 3.9 -4.3 1.0 148.8 166.5 147.0 139.4 3. 9 3.8 14.8 4.7 155.5 173.3 153.5 144.9 3.4 5.1 16.0 3.8 15 9.0 G R O S S I N V E S T M E N T 175.7 C A P I T A L E X P E N D I T U R E S 156.1 FIXED INVESTMENT 147.9 B U S I N E S S P L A N T ♦ EQ U I P M E N T 2.7 HOM E C O N S T R U C T I O N (1) 5.5 MULTI-FAMILY RESIDENTIAL 14.4 C H A N G E IN I N V E N T O R I E S 5.2 M I N E R A L R I G H T S F R O M U.S. G O V T 3 4 5 6 7 B 9 10 11 12 13 14 15 16 17 18 19 -51.1 38 . 9 90 . 0 10.9 66.8 12.7 3 2.3 16.1 5.6 -7 3.7 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 -1 3 . 0 4. 6 -1 8 . 0 - 18.1 -.1 7.7 35. 6 39.6 12.3 -26.8 10.4 10.6 37.3 26.7 12.9 28.0 32.2 14.2 - 2 1 .8 3.4 -3 . 6 54.5 58.1 6.9 36.9 19.4 17.9 -4.8 4.4 -2 . 8 80.0 82.7 12.2 50.5 28.0 -17.6 64.9 82.6 47.9 27.0 18.7 -15.0 17.3 -17.8 58. 3 76.1 14.0 51.4 17.5 19.7 -6.5 20 . 6 -16 . 8 N E T F I N A N C I A L I N V E S T M E N T 48.6 NET ACQ. OF F I N A N C I A L A S SETS 65.3 NET I N C REASE IN L I A B I L I T I E S 6.1 CORPORATE EQUITIES 49.9 C R E D I T M A R K E T I N S T R UMENTS 21 . 6 BONOS 20 . 5 MORTGAGES 3.4 B ANK L O A N S N . E . C . 4.4 OTHER LOANS 11 12 13 14 15 16 17 IB 19 20 21 15.1 -2.8 22.0 .6 19.3 -7 . 3 4.8 -1 0 . 6 -22.4 -21.0 1.4 -15.6 19.4 -5.1 26.2 -4.2 23. 4 -12.7 2 1 .2 1.4 12.6 T R A D E DEB T OTHER LIABILITIES 16.2 -6.9 20 21 9.3 DISCREPANCY FARM B U S I N E S S 18.0 .1 7.4 .4 7.0 7.5 9 10 11 7.5 7.9 6 .6 .7 .6 8.8 12.8 9. 0 .6 3.2 25.8 -.1 10.0 .8 9.2 9. 9 24.9 -.1 11.8 .9 10.8 11.7 17.9 -.1 11.3 .9 10.5 11.2 24.1 -.1 11.6 .9 10.7 11.6 29.2 -.1 11.9 1.0 10.9 11.8 28.3 -.1 12.2 1.0 11.1 12.1 21.9 -.1 12.4 1.1 11.3 12.4 27.4 -. 1 12.7 1.1 11.6 12.6 2 1.7 -.1 13. 0 1.2 11.8 12. 9 9 .9 9.7 11.7 14.3 10.5 11.2 14.5 10.6 .5 3.4 11.6 12.6 10.8 .6 1.2 11.8 12.9 9. 8 1.0 2 .2 12.1 17 . 4 10.8 1.4 5.2 12.4 14.4 11.1 1.2 2.2 12.6 10.8 11.3 .9 -1 . 3 12.9 G R O S S INVEST M E N T 11.2 C A P I T A L E X P E N D I T U R E S 11.2 PLANT ♦ EQUIPMENT 1.0 RESIDENTIAL CONSTRUCTION -1.0 C H A N G E IN I N V E N TORIES -2.7 1.1 .2 .9 .7 .2 -3.2 1.0 .2 .8 .7 .2 -1.0 1.0 .2 .8 .7 .1 -l.l .9 .2 .8 .7 .1 -5 . 3 1.4 .1 1.2 .7 .5 -2.1 .9 .2 .8 .5 .2 1.8 .8 .1 .7 .5 .2 .1 7.9 5.1 .9 1.9 .3 1.7 3 .7 9.4 5 .2 1.9 2.2 1.1 1.1 4.2 9.0 5.8 1.3 1.9 .7 1.1 2.0 9.8 5.5 .3 4.1 2.2 1.9 2.1 8.8 4.5 2.9 1.5 1.1 6.7 10.0 5.2 3.3 1.5 .3 1.2 2.9 10 7 6.1 3.0 1.7 -. 1 1.8 -1.0 11.3 5.8 2.8 2.7 1.3 1.4 -1.0 11.8 6.5 1.3 4.0 1.2 2 .8 NET I N C R E A S E IN L I A B I L I T I E S C R E D I T M ARKET IN S T R U M E N T S MORTGAGES BANK L O A N S N.E . C . OTHER LOANS U.S. G O V E R N M E N T F1CB IB 19 20 21 22 23 24 .1 .8 -1.2 -6.6 -1.6 -1 0 . 8 -1.6 -1 1 . 2 TRAOE DEB T P R O P R I E T O R NET INV E S T M E N T 25 26 10.2 1.0 -1.5 -4.1 12 13 14 15 16 17 -.4 .7 .6 .1 .6 .5 .2 18 19 20 21 22 23 24 1.3 5.8 3.6 1.8 4. 9 9.7 5.5 3.0 1.2 .1 1.1 .1 25 26 N E T INCOME N E T S AVING CAPITAL CONSUMPTION CO R P O R A T E NONCORPORATE C U R R E N T SURP. = G R O S S S A V I N G 1.7 N E T F I N A N C I A L INVESTMENT .7 N E T ACQ. OF F I N A N C I A L A S S E T S .1 DEMAND DEPOSITS ♦ CURRENCY .6 MISCELLANEOUS ASSETS .5 INSUR A N C E R E C E I V A B L E S .1 EQ. IN SPONS. AGS. (2) 7 B 9 10 11 12 13 14 15 16 17 NONFARM NONCORPORATE BUSINESS 1 64.2 66.0 65.7 70.7 68.3 68.2 71.7 74.8 77.4 78.6 80.1 NET 2 3 15.5 15.5 17.8 17.8 20.9 2 0.9 23. 7 23.7 22. 5 22.5 23.1 23.1 24.0 24.0 25.1 25.1 25.8 25.8 26.1 26.1 27. 2 C A P I T A L C O N S U M P T I O N 27. 2 C U R R E N T SURP. * G R O S S S A V I N G 4 5 6 7 8 9 10 15.5 29.5 28.2 13. 4 .7 14.2 1.3 17.8 30. 7 29.4 14.8 -.3 14.9 1.3 2 0.9 22.8 22. 6 15.8 -.4 7.2 .2 23.7 17.6 18.8 14.8 .9 3.2 -1.2 22.5 16.0 18.6 14.7 -.5 4.4 -2. 5 23.1 16.6 17.7 13.8 .5 3.4 -1.1 24.0 20.1 19.2 15.1 1.6 2.5 25.1 17.4 19.7 1 5.4 1.9 2.4 -2 . 3 25. 8 22.7 20.7 17.1 1.3 2. 3 2.0 26.1 22.0 20.0 15.6 1.3 3.2 2. 0 27.2 G R O S S I N V E S T M E N T 20.8 CAPITAL EXPENDITURES 19.9 FI X E D C A P ITAL 15.6 PLANT ♦ EQUIPMENT H O M E C O N S T R U C T I O N (1) .8 3.5 MULTI-FAMILY RESIDENTIAL 1.0 C H A N G E IN I N V E N T O R I E S 11 12 13 14 15 16 17 -14.0 1.5 -12.9 1.8 -1.9 1.8 6.1 2.1 6.4 2.2 6.5 2.0 - - 7. 7 1.9 .6 1.4 1.2 .1 3.1 2.5 1.5 .9 .9 .1 4.2 2.6 1.6 1.0 .9 .1 -5.7 2 .6 2.1 1.6 -.8 1.3 -.6 4.4 3.6 1.1 1.6 .9 -1.6 6.0 2.4 1.0 .3 1.1 -4.0 6.2 3.9 .7 2.2 1.0 6 . 4 N E T F I N A N C I A L INVEST M E N T NET ACQ. OF F I N A N C I A L A S S E T S 2.3 DE M A N D D E P O S I T S ♦ C U R R E N C Y CONSUMER CREDIT 1.1 1.3 MISCELLANEOUS ASSETS IN S U R A N C E R E C E I V A B L E S 1.2 EQ. IN S P O N S . AGS. (21 .1 _ _ .5 1.0 1 .0 * .8 1.0 1.0 * .7 1.0 1.0 * .9 1.3 1.2 • .9 1.3 1.3 - .7 1.2 1.2 * 3.9 2.5 1.3 1.2 1.2 * 18 19 20 21 22 23 15.5 13.1 11.0 .5 8. 9 1.5 14.7 12.3 8.8 -.3 7.3 1.7 3.6 6.7 5.9 -.3 4. 9 1.4 -4.0 1.2 1.0 .7 -.6 1.0 -4.3 -.6 .9 -.4 .6 .7 -4.5 -1.0 -.6 .4 -1.8 .9 -1. 4 3.8 1.8 1.3 -. 6 1.1 24 25 1.1 1.0 1.1 2 .4 -1.0 1.8 -2.0 2.2 -1.5 * -2.4 1.9 2.0 -4. 3 4. 8 -1.4 2.1 -2.2 5.8 -.9 3.2 26 27 .4 2.0 1.9 .6 .6 — 3.7 -1.1 -4.1 .1 -3.8 -.7 -2.8 -1. 5 - 3.7 -2.4 -6.0 .3 -5.3 -1.1 -6.4 -1.5 -8.8 _ _ - (1) FARM P L U S N O N F A R M C H A N G E (2) SHAR E S BILLIONS OF DOLLARS. 111/76 BASED ON INCOMPLETE INFORMATION. INCOME NET INC R E A S E IN L I A B I L I T I E S C R E D I T M A RKET I N S T R U M E N T S MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 14 15 16 17 IB 19 20 21 22 23 BANK LO A N S N .E.C. O T H E R LO A N S TRADE D EBT, N ET P R O P R I E T O R NET INVESTMENT IN W O R K IN P R O CESS. IN F I C B * S , B A N K S FOR COO P S * AND L A N D BANKS. 26 27 N O V E M B E R 10» 1976 NONFINANCIAL CORPORATE NONFINANCIAL CORPORATE bUSlNESS BUSINESS SE C T O R S T A T E M E N T S OF S A V I N G AND I N V E S T M E N T U N A D J U S T E D NE T F L O W S U N A D J U S T E D NET F L O W S ($ M ILL.) 1976 II 1 975 II III (S MILL.) B I L L I O N S OF D O L L A R S 1968 1969 1970 NONFINANCIAL CORPORATE BUSINESS 17.451 6. 9 2 8 7.178 3 .345 868 -3.7 1 2 -2.149 22. 5 0 5 20. 8 5 7 23.075 9. 4 7 6 7 .028 6.5 7 1 860 -3.104 -2.840 23 . 52 1 25.0 0 8 26.729 11.270 6.942 8.517 818 -3.231 -3.167 24.440 27.377 28 . 0 1 9 11.902 7.7 5 9 8.358 1.315 -1.368 -3 . 3 9 8 25.2 0 6 30. 1 1 3 27.906 11.812 6.812 9.282 96 0 -2.530 -3. 6 6 5 25.780 29.827 33.020 14.119 7.586 11.315 1.088 -4.220 -3.8 5 2 2 6 .406 30. 7 3 7 3 2.807 13.918 7 .868 10 G R O S S I N V E S T M E N T 11 C A P I T A L E X P E N D I T U R E S 12 FIXED INVESTMENT 13 PL A N T ♦ E Q U I P M E N T 14 HOME C O N S T R U C T I O N 15 MULTI-FAMILY RESIDENTIAL 16 C H A N G E IN I N V E N T O R I E S 17 MINERAL RIGHTS FROM U.S.GOVT 21.757 2 0 .669 24.485 24 . 7 5 9 -8 6 4 590 -4.220 404 19.375 21. 2 6 3 28 . 8 9 5 27. 5 8 7 737 571 -8.006 374 25.533 24.146 27.826 26.355 1 .049 422 -3.985 305 22.1 9 1 2 9.662 29.597 29. 2 3 3 -27 391 — 175 240 31.586 29.966 24.688 2 5.058 -6 6 9 299 4. 115 1.163 27.709 36.638 32.2 5 7 30.394 1.371 492 3.426 955 18 NET F I N A N C I A L I N V E S T M E N T 19 NET ACQ. OF F I N A N C I A L A S S E T S 1.088 “7.472 -1 . 8 8 b 1.387 16.526 - 7.471 18.048 1.620 13.008 20 21 22 23 24 25 26 L I Q U I D ASSETS D E M A N D DEP. ♦ C U R R E N C Y TIME D E P O S I T S U.S. G O V T . S E C U R I T I E S ST.+LOC. OBLIGATIONS C O M M E R C I A L PA P E R SECURITY R.P.»S -1.944 -1.448 -7 0 3 -881 390 -5 4 7 1.245 2. 1 4 1 1.397 263 579 -40 -14 5.773 1.394 1.665 131 -300 1.384 1.499 11.743 1.403 662 8 .401 -219 1.980 -484 27 28 29 30 31 32 33 CONSUMER CREDIT T RADE C R E D I T MISCELLANEOUS ASSETS F O R E I G N DIR. INVEST. (I) FOREIGN CURRENCIES INSURANCE RECEIVABLES E Q U I T Y IN S P O N S O R E D AGS. -1 . 1 4 9 -6.519 2. 1 4 0 1.510 76 554 0 110 3.2 7 5 2.595 2.237 -20 0 558 0 108 8.917 1.728 720 450 555 3 -8 . 5 6 0 6 . 615 1.933 4.682 10.009 1 2.357 3. 2 2 3 9.134 430 9.430 243 -692 -5 940 1 2 3 4 5 6 7 8 9 PRO F I T S B E F O R E TAX - P R O F I T S TAX A C C R U A L S - NET DIVIDENDS PAID ~ UNDISTRIBUTED PROFITS ♦ FOREIGN BRANCH PROFITS ♦ INV. V A L U A T I O N A D J U S T M E N T ♦ CAP . C O N S U M P T I O N A D J U S T M E N T ♦ C A P I T A L C O N S U M P T I O N ALLOW. = GROSS INTERNAL FUNDS 34 35 36 37 N E T I N C R E A S E IN L I A B I L I T I E S N E T F U N O S R A I S E D IN MK T S . NET NEW EQUITY ISSUES DEBT INSTRUMENTS 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 .8 -3.4 3.7 42.7 62.3 68.3 33. 2 20.6 14.4 1.8 -5.5 3.5 47.4 61.7 55.1 27.2 19.8 8.1 1.6 -5.1 1.6 52.7 58.9 63.2 29.8 20. 0 13.4 1.9 -5.0 .5 57.9 68.6 1 2 3 4 5 6 7 8 9 29.7 3 2 33.230 31.481 2 9.785 1.129 567 438 1.311 57.4 72.6 63.8 60.9 * 2.9 8 .8 54.2 77.6 69. 4 65.9 .3 3.2 6.9 1.3 56 . 5 85.0 76.7 72.8 * 3.9 8.3 * 49.8 80.6 76. 9 73.3 -.2 3.8 3.4 .3 54.7 86.2 81.9 77.1 .9 3.9 3.6 .7 10 11 12 13 14 15 16 17 -8.929 14.631 -3.4 9 8 14.908 -15.2 16.8 -23.4 28.8 -28.6 28. 4 -30.8 1 5.4 -31.6 28.8 18 19 2. 6 7 0 -1.521 83 5 1 .669 -583 1.649 621 2.305 774 898 -7 -298 -667 1.605 2.4 1 3 1.B35 -1.3 2 5 -613 -225 -89 2.830 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 40 21 22 43 24 25 26 1 .367 2.270 2.668 1.614 50 0 547 7 -879 8.0 3 0 3. 1 8 7 1.663 1.000 525 -1 869 10.741 716 -532 719 525 4 363 9.071 3.061 1.297 1 .148 541 75 8. 2 3. 5 2.7 .1 .7 * 18.4 2.2 .8 .5 .8 * 22.5 3.0 2.2 -.4 1.1 .1 8.5 4.1 3.5 -.4 .9 .1 .3 14.7 6.0 3.6 1.4 1.0 * i7 28 29 30 31 32 33 15.139 5.874 1.713 4.161 25.5 1 9 12.213 3.039 9.174 11.388 8 .861 3 .152 5 . 709 23.560 1 6 .703 3 .505 13.1 9 8 18.406 7.667 1.530 6.137 32.0 28.9 2.4 26.5 52.2 31.9 -.2 32.1 56.9 38. 4 3.4 35.0 4 6.2 41.5 5.7 35.8 60. 4 46.4 11.4 34. 9 34 35 36 37 811 8. 2 7 2 3. 0 7 4 590 373 2.111 601 3.677 3.447 840 71 2.536 758 5 . 825 3. 331 -22 130 3. 2 2 3 297 6.471 866 -53 5 -82 1.483 502 4 . 957 4. 0 4 6 1.097 164 2. 785 85 9 3.876 3.283 904 -66 2.445 - - _ - 14.7 4.0 * .8 3.1 12.9 6.2 .3 1.0 4.9 12.0 5. 4 * 1.5 4 .0 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 3.8 -.9 .3 1.3 .2 44 45 46 47 48 8.121 11.021 1.019 -4.550 -3 . 9 1 4 2 6.915 30.491 38 39 40 41 42 43 T A X - E X E M P T B O N O S (2) C O R P O R A T E B O N O S (1) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 44 45 46 47 48 BANK LOANS N.E.C. COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U.S. GOVERNMENT LOANS -8.005 1.570 71 894 49 -1. 7 7 1 -2.218 -145 1.155 -44 -4.012 141 -190 420 77 905 -2.012 438 -195 124 -5.615 1.458 80 1.799 353 1.354 1.105 244 1.300 -31 0 - 1 .521 -709 178 187 -1 6 6.4 1.4 .1 -.3 .2 9.7 1.2 .1 1.7 .2 11.7 1.1 .4 4.3 .1 5.6 1.8 .4 .8 .3 49 50 51 P R O F I T TA X E S P A Y A B L E TRA D E D E B T MISCELLANEOUS LIABILITIES -2.172 -13.479 476 -5.6 3 1 2. 5 0 3 780 2.546 6.767 -48 2.043 10.034 1.229 3.643 -388 -728 -2.809 9.119 547 4.590 6.1 0 1 48 -4.7 7.6 .3 2. 9 17.1 .3 -3.3 2 1.0 .8 -3.7 7.4 1.0 2.0 49 12.2 50 -.2 51 -900 5.633 1.844 7 . 922 -1.759 3 .02B 759 3.9 8.1 5.2 9.0 13.9 52 52 D I S C R E P A N C Y M E M O R A N D U M ITEMS: E X C E S S OF C A P I T A L E X P E N D I T U R E S 53 OVER GROSS INTERNAL FUNDS 54 TRADE C R E D I T N E T OF TR A D E 55 P R O F I T S T A X P A Y M E N T S DEB T D E B T S U B T O T A L S : (3) 56 L O N G - T E R M D E B T 57 S H O R T - T E R M DEB T 58 T O T A L S -T L I A B I L I T I E S PER C E N T R A T IOS: 59 E F F E C T I V E TAX RAT E 6 0 C A P I T A L O U T L A Y S / I N T E R N A L F U N D S» 61 CR. MKT. B O R R O W I N G / C A P . EXP. -IB B -3 . 7 4 5 -3.231 -45 1 139 5 . 901 2.739 11.3 15.3 23.4 21. 8 17.6 53 6. 9 6 0 10.559 772 16.652 2.150 7.908 -7.764 7.713 8 . 418 10.140 1.622 1 8.438 2.970 8.342 .7 32.3 1.3 31.8 1.6 36.1 1.1 30.2 2.5 54 27. 6 55 7.593 - 2.911 -18.562 10.859 -1.725 -4 . 8 5 3 5.280 -1.119 8. 1 9 4 10.298 -1.124 10.9 5 3 5.923 -214 3.041 8.950 4. 2 4 8 1 0 .558 6. 5 0 6 -369 10.322 21.2 5. 3 8.2 22. 7 9.4 2 9.3 22.1 12.9 30.6 29.3 6.5 10.2 31.0 56 3.9 57 18.2 58 39.699 99.098 22.6 5 2 41.066 85 .024 42.957 42.163 88.198 17.232 42.478 98.502 30 . 9 2 8 42.327 42.758 100.465 119 . 1 9 8 19.051 36.022 42.423 108.982 18 .468 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 59 125.7 60 4 0.5 61 ES ON B O O K B ASIS 62 CAP. CONS. A L L O W A N C E , N I A 63 PLUS: CAP . C O N S . A D J U S T M E N T 6 4 E QUALS: B O O K D E P R E C I A T I O N 22.5 0 5 -2.149 20. 3 5 6 23. 5 2 1 -2 . 8 4 0 20.681 24.440 -3.167 21.273 25.206 -3.398 21.808 25.780 -3.665 22.115 26.406 -3.852 22.554 26 . 9 1 5 -3 . 9 1 4 23.001 39.0 3.6 42.6 42.7 3.7 46 . 4 4 7.4 3.5 51.0 52.7 1.6 54.3 57.9 62 .5 63 56.4 64 65 I N V E N T O R Y C H A N G E , N I A 66 LESS: INV. VAL. A D J U S T M E N T 67 E QUALS: I N V E N T O R Y C H G . , B O O K -4.220 -3.712 -50 8 -6 .006 -3.104 -4.902 -3.985 -3.231 -754 -17 5 -1.368 1.193 4.115 -2.530 6.645 3. 4 2 6 -4.220 7.646 438 -4.550 4.988 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 65 - 5 . 0 66 8.6 6 7 68 69 70 71 3. 3 4 5 868 20 . 3 5 6 24.569 6. 5 7 1 860 20.681 2 8.112 8.517 818 21.273 30.608 8 .358 1 .315 21.808 31.481 9. 2 8 2 960 22.115 32. 3 5 7 1 1.315 1.088 22.554 34. 9 5 7 11.021 1. 0 1 9 23.001 35.041 18.8 1.6 42.6 63.0 17.6 1.8 46.4 65. 8 14.4 1.8 51.0 6 7.2 8.1 1.6 54.3 63.9 13.4 1.9 58.4 73.6 t»8 69 70 71 25.469 2 4.381 24 . 4 8 5 -508 40 4 22. 4 7 9 24.367 28.895 - 4.902 374 2 8 .764 27.377 27.826 -754 305 23.559 31.030 29. 5 9 7 1.193 240 34.116 32. 4 9 6 24 . 6 8 8 6.6 4 5 1 .163 3 1.929 40 . 8 5 8 32.257 7.646 955 34.282 37. 7 8 0 31.481 4.988 1.311 59.1 74.3 63.8 10.5 - 57.7 81.1 69.4 10.3 1.3 62.0 90.6 76.7 13.9 • 54.9 8 5.7 76.9 8.5 .3 59.7 91.3 81.9 8.6 .7 72 73 74 75 76 UNDISTRIBUTED PROFITS ♦ FOREIGN BRANCH PROFITS ♦ BOOK DEPRECIATION « GROSS INTERNAL FUNOS.BOOK 72 GR O S S I N V E S T M E N T , B O O K 73 C A P I T A L E X P E N D I T U R E S 74 FIXED INVESTMENT 75 I N V E N T O R Y C HG., B O O K 76 MINERAL RIGHTS (1) F O R E I G N I N V E S T M E N T IS N ET OF B O N D I SSUES A B R O A D , ANO BO N D I S S U E S O U T S I D E THE U . S . ARE E X C L U O E D F R O M SOURCES OF F U N D S A B O V E . (2) I N D U S T R I A L P O L L U T I O N C O N T R O L R E V E N U E B O N O S . I SSUED B Y ST A T E A N D L OCAL G O V E R N M E N T S T O F I N A N C E P R I V A T E INyE S T « N T A N O S E C U R E D I N I N T E R E S T AN O P R I N C I P A L BY THE IN D U S T R I A L U S E R OF TH E F U N O S . O) H A T U R I T Y S P L I T ON D E B T IS A P P R O X I M A T E : L- T IS BONOS, ♦ C O M M E R C I A L M O R T G A G E S, A N O 4 0 t O F BAN K L O A N S . S-T M-F D E B T IS O T H E R C R E D I T M A R K E T B O R R O W I N G . TO T A L S-T LI A B I L I T I E S IS S-T B O R R O W I N G ♦ TAX L I A B I L I T I E S ♦ TRAOE http://fraser.stlouisfed.org/ D E BT. Federal Reserve Bank of St. Louis III/76 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. NOVEMBER 10, 1976 NONFINANCIAL CORPORATE BUSINESS NONFINANCIAL CORPORATE BUSINESS II SECTOR STATEMENTS Of- SAVING AND INVESTMENT SE A S O N A L L Y A D J U S T E D A N N U A L R A T E S __________________________________________________________________________________ S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S | 1972 1973 1974 1975 I 1975 1 II NONFINANCIAL CORPORATE I I 11 1V 1976 I 1 ____ 11 . I 1 *__ BUSI N E S S 7 5.6 3 3.4 21.6 20.6 1.9 -6.6 2.7 62.2 80.8 9 2.0 39.4 2 3.8 28. b 3.7 -18 . 6 1.8 68.1 83.8 102.1 42. 4 30.2 29.5 10.8 -3 9 . 8 -3.0 80.0 77.6 95.3 39 . 6 2 8.9 26.8 3.9 -11.4 -11.6 95.7 103.4 74.6 30. 1 29 . 4 15.1 3.5 -16.5 -8.6 90.0 83.5 86.8 35.2 28.8 22.7 3.8 -7. 8 -1 1.4 94. 1 101.5 108.0 45.6 29.0 33.4 4.1 -9.0 -1 2.7 97.8 113.6 111.7 47.4 28.4 35.9 4. 0 -12.3 -13.6 100.8 114.9 119.1 50.9 28.0 40.1 3.5 -1 1 . 5 -14.7 103.1 120.6 125.3 53.2 31.8 40.3 5.2 -14.4 -15.4 1 0 5.6 121.3 132.7 56. 3 32. 8 43.6 5.2 -12.7 -15.7 107.7 128.1 10 11 12 13 14 15 16 17 64.3 101.0 92.5 87.0 .7 4.8 7.6 .9 67. 7 124.4 10 7 . 9 102.2 -. 3 6.0 13.3 3.2 64. 5 1 34.6 116.1 111.9 -. 4 4 .6 12.0 6.5 88.9 95.7 110.8 107.9 .9 2.0 -16.4 1.3 68 . 6 B9.8 111.3 109.1 -.5 2.6 -2 3 . 1 1.6 86. 1 80.9 109.5 106.8 .5 2.2 -30.1 1.5 100.4 106.8 110.7 107.5 1.6 1.6 -5.1 1.2 100.3 105.5 111.8 108.3 1.9 1.5 -7. 3 1.0 110.7 129.3 114.0 111.3 1.3 1.4 10.6 4.7 116.7 140.5 121.3 118.1 1.3 2.0 15.4 3.8 1 18.9 G R O S S I N V E S T M E N T 1 43.7 C A P I T A L E X P E N D I T U R E S FIX E D I N VESTMENT 124.1 PLANT ♦ EQUIPMENT 121.2 HOM E C O N S T R U C T I O N .8 MULTI-FAMILY RESIDENTIAL 2.1 C H A N G E IN I N V E N T O R I E S 14.4 MINERAL RIGHTS FROM U.S.GOVT 5.2 10 11 12 13 14 15 16 17 18 19 -36.7 36.5 -56.7 41.1 -70.1 35.3 -6 . 9 35.2 -21.2 -21.2 5.2 34.4 —6 .4 51.1 -5.1 76. 7 -18.7 61.6 - 23.8 54.9 -24.9 NE T F I N A N C I A L INV E S T M E N T NET ACQ. OF F I N A N C I A L A S S E T S 45.5 18 19 20 21 22 23 24 25 26 9.0 1.4 6.0 - 2.4 1.0 1.4 1.6 6.7 .4 1.1 -3.8 -.1 6.5 2.6 2.1 -2.6 3.8 3.5 .6 -.6 -2 . 8 17.7 2.7 1.9 8.2 -.2 2. 8 2.2 -3.8 5. 4 -8.0 -3.4 1.6 -4. 3 5. 0 23.4 11.2 -.1 7.3 -.2 5.3 -.1 17.1 -7. 5 9.8 3.8 -1.2 6.2 6. 0 3 4.1 2.0 5.9 25.2 -. 9 3.9 -1.9 12.6 4.3 - 1. 9 5.9 -2.3 4.1 2.5 20.2 5.1 2.3 3.9 -1.2 3.7 6.4 4.5 -6.5 -2.0 2.1 -.9 .4 11.3 LIQUID ASSETS D E M A N D DEP. ♦ C U R R E N C Y TIME D E P O S I T S U.S. GOVT. S E C U R I T I E S ST.+LOC. OBLIGATIONS C O M M E R C I A L PAPER SECURITY R.P.*S 20 21 22 23 24 25 26 27 28 29 30 31 32 33 .8 21.5 5.2 1.5 1.8 1.9 * .9 25.3 8.3 3.7 2. 6 2.0 « .6 23 . 0 9.6 7.7 -.2 2.1 * .4 7.9 9.1 6.1 .8 2.2 * * -23.9 6.4 3. 9 .3 2.2 “ -.2 .3 10.9 9.5 -.8 2.2 “ -.1 25.3 8.7 4. 7 1.8 2.2 * 2.0 30.0 10.5 6.3 2 .0 2 .2 ♦ 3. 0 35.3 10.7 4.6 4.0 2.1 * 3.0 2 8.2 3.5 -1. 5 2. 9 2.1 * 1.5 25.2 14.4 7 .3 4.6 2.2 .3 CONSUMER CREDIT TRADE C R E D I T MISCELLANEOUS ASSETS F O R E I G N DIR. INVEST. (1) FOREIGN CURRENCIES IN S U R A N C E R E C E I V A B L E S E Q U I T Y IN S P O N S O R E D AGS. 27 2b 29 30 31 32 33 34 35 36 37 7 3.2 58.8 10.9 47.8 9 7.8 72.9 7.9 65.0 105.4 83.1 4.1 79.0 42. 1 37.1 9.9 27. 2 * 35.0 7.7 27.3 29.2 32.1 12.9 19.2 57.4 31.1 6.9 2 4. 3 81.8 50.0 12.2 3 7. 9 80.3 45.4 1 2.6 32.8 7 8.8 48.1 14.0 34.1 70.4 38.0 6.1 31.9 38 39 40 41 42 43 .5 12.2 17.8 .5 3.7 13.5 1.8 9.2 18.5 -.3 3.1 15.7 1.6 19.7 14.2 -.3 2.1 12.4 2. 6 27. 2 10.1 .7 .6 8.8 1.7 37.9 5.6 -.4 .1 6.0 3.2 2 9.0 9.3 .4 1.2 7.6 2.4 17.0 11.6 1.3 .8 9.5 3.0 25.0 13.8 1.6 .2 12.1 1.2 25.8 9.0 1.1 -.3 8.2 2.0 15.5 11.5 1.0 .3 10.3 3.4 IB. 1 10.1 .7 .3 9.1 T A X - E X E M P T BON D S 12) CO R P O R A T E BONDS (1) MO R T G A G E S HOM E M O R T G A G E S MULTI-FAMILY COMMERCIAL 3a 39 40 41 42 43 44 45 46 47 48 13.2 .7 * 3.2 .2 29.7 1.4 .5 3.5 .3 30. 8 4.3 1.3 5.7 1.5 -12.9 -2.5 .2 2. 3 .2 -26.6 5.2 1.1 2 .1 .2 -19.7 -6.7 -.5 4.9 -.2 - 7. 6 -1.5 -.9 2.9 .3 2.4 -7.1 1.0 -.8 .5 - 1 6.6 5.1 1.2 5.8 1.4 -7. 1 6.6 1.1 5.6 - 1.2 3.0 -5.1 .6 1.8 -.1 BANK L O A N S N.E.C. C O M M E R C I A L PAPER ACCEPTANCES F I N A N C E C O M P A N Y LO A N S U.S. G O V E R N M E N T L OANS 44 45 46 47 48 49 50 51 -.1 14.1 .4 2.3 2 0.0 2.7 1.0 18.5 2.7 -3.2 5.8 2. 4 -13.6 -23.3 1.9 -9.3 3.3 3.1 4.9 2 1.6 -.2 5.1 21.7 4 .9 11.5 26.2 -2.9 2.3 26.1 2.2 1 2.9 19.3 .2 P ROFIT T A X E S PAYA B L E TR A O E D E B T MISCELLANEOUS LIABILITIES 49 50 51 52 16.4 16.1 13.1 14.5 14.9 15.4 13.2 14.6 9.9 4.6 53 20.2 40.6 57. 0 -7.6 6.3 -20.5 — 6.8 P R O F I T S BEFORE TAX - P R O F I T S TAX A C C R U A L S - NET D I V I D E N D S P A I D = UNDISTRIBUTED PROFITS ♦ FOREIGN BRANCH PROFITS ♦ INV. V A L U A T I O N A D J U S T M E N T ♦ CAP. C O N S U M P T I O N A D J U S T M E N T ♦ C A P I T A L C O N S U M P T I O N ALLOW. = G R O S S INTER N A L FUN D S 1 2 3 4 5 6 7 b 9 1 2 3 4 5 6 7 B 9 NET I N C REASE IN L I A B I L I T I E S N E T FUNDS R A I S E D IN M K T S . N E T NEW E Q U I T Y ISSUES DEBT I N S T R U M E N T S 9.3 DISCREPANCY 34 35 36 37 52 -9.4 8.7 19.2 M E M O R A N D U M ITEMS: E X C E S S OF C A P I T A L E X P E N D I T U R E S O V E R G R O S S I N T E R N A L FUNOS 15.6 2.1 50.1 5.9 T R A D E CREDIT N E T OF TRADE D EBT 54 55 4 4 . 7 P R O F I T S TAX P A Y M E N T S D E B T S U B T O T A L S : 13) 32.2 L O N G - T E R M DEB T - . 3 S H O R T - T E R M OEB T 31.8 T O T A L S- T L I A B I L I T I E S 53 54 55 7. 4 33. 3 5.3 37. 5 4.5 41. 2 2.1 42. 8 -.5 4 3.3 - 3.0 44.2 3.7 41.8 8.3 42.0 9.1 41.5 56 57 58 3 5.2 1 2.6 26. 6 41.6 23. 3 45.6 48.1 30.9 50.4 3 4.0 -6.9 -4.3 35.0 - 7.8 -44.7 33.2 - 14.0 -20.0 26.7 -2.4 24.1 41.3 -3.4 23.5 2 8.2 4.6 42.4 2 5.2 B.9 37.3 59 60 61 44.1 1 25.0 47.4 42.8 148 .4 52.2 41.5 173.4 58.7 41.5 92.6 28.4 40.4 107.6 30. 4 40.6 79.7 23.7 42.2 94. 0 2 2.7 42.4 91.8 35.9 4 2.8 107.2 2 5.4 42.5 115.9 24.3 95.7 -11.6 8 4.1 90.0 - 8. 6 81.4 94.1 - 1 1.4 82.7 9 7.8 -12 . 7 85.1 100.8 -13.6 87.2 103.1 -14.7 88.5 105.6 -1 5 . 4 90.2 107.7 C A P . CONS. A L L O W A N C E , N I A - 1 5 . 7 PLUS: CAP. C O NS. A D J U S T M E N T 9 2 . 0 EQ U A L S : BOOK D E P R E C I A T I O N 62 63 64 65 66 67 56 57 5b PER CEN T R A T I O S : 59 42 . 5 E F F E C T I V E TAX RATE 112.2 C A P I I A L O U T L A Y S / I N T E R N A L FUN O S 60 61 2 2 . 2 CR. M K T . B O R R O W I N G / C A P . EXP. C A S H F L O W A N D C A P I T A L E X P E N D I T U R E S O N B O O K BAS I S 62 63 64 62.2 2.7 64.9 68.1 1.8 69. 9 80. 0 — 3.0 77.1 65 66 67 7. 6 -6.6 14.2 13.3 -18.6 3 1. 9 12.0 -39.8 51.8 -16.4 -11.4 -5.0 -23.1 -16.5 —6.5 -30.1 -7.8 -22.2 -5.1 - 9.0 3.9 -7 . 3 -12.3 5.0 10.6 -1 1 . 5 22.1 15.4 -14.4 29.8 14. 4 I N V E N T O R Y C H A N G E , N I A -1 2 . 7 L E SS: INV. VAL. ADJ U S T M E N T 27. 1 EQUALS: I N V E N T O R Y C H G . , B O O K 68 69 70 71 20.6 1.9 64.9 87.4 28.8 3.7 69.9 102.4 29.5 10.8 77.1 117.4 26.8 3.9 8 4.1 114.8 15.1 3.5 81.4 100.0 22.7 3.8 82.7 109.3 33.4 4.1 85.1 122.6 35.9 4.0 87. 2 127.1 40.1 3.5 88.5 132.1 40.3 5.2 90.2 135.7 43.6 5.2 92.0 140.8 72 73 74 75 76 70.9 107.6 92. 5 14.2 .9 8 6.3 1 4 3.0 1 0 7.9 31.9 3.2 10 4 . 3 174.4 116.1 51.8 6.5 100.3 107.2 110.8 -5.0 1.3 85.1 106.3 111.3 —6. 5 1.6 93.9 88.8 109.5 -22.2 1.5 1 09.4 115.8 110.7 3.9 1.2 112 . 6 1 17.7 11 1.8 5 .0 1.0 122.2 140.8 1 14.0 22.1 4.7 131.1 154.9 121.3 29.8 3.8 131.5 G R O S S IN V E S T M E N T , B O O K 156.4 C A P I T A L E X P E N D I T U R E S F I X E D I N V ESTMENT 124.1 I N V E N T O R Y CH G . , BOOK 27. 1 MINERAL RIGHTS 5.2 BILLIONS OF DOLLARS. I11/76 BASED ON INCOMPLETE INTOKMATION. UNDISTRIBUTED PROFITS ♦ FOREIGN BRANCH PROFITS ♦ BOOK D E P R E C I A T I O N - G R O S S I NTERNAL F U N D S , B O O K (1) F OREIGN I N V E S T M E N T IS N E T OF B O N O ISSUES A BROAD, ANO BOND ISSUES O U T S I D E THE U.S. ARE E X C L U D E D F R O M SOUR C E S OF F U NOS ABOVE. (2) I N D U S T R I A L P O L L U T I O N C O N T R O L R E V E N U E BON O S . I SSUED BY S TATE A N D L OCAL G O V E R N M E N T S TO F I N A N C E P R I V A T E I N V E S T ME N T AND S E C U R E O IN INTE R E S T A NO P R I N C I P A L BY THE I N D U S T R I A L U S E R OF THE F U N D S . (3) M A T U R I T Y SPLIT O N DEBT IS A P P R O X I M A T E : L-T IS B O N O S , M-F ♦ C O M M E R C I A L M O R T G A G E S , AN O 4 0 * OF B A N K L O A N S . S-T D E B T IS O T H E R C R E D I T M A R K E T B O R R O W I N G . T O T A L S-T L I A B I L I T I E S IS S- T B O R R O W I N G ♦ T A X L I A B I L I T I E S ♦ TRADE D EBT. 68 69 70 71 72 73 74 75 76 NO V E M B E R 10, 1976 STATE+LOCAL GOVTS. 12 AND F O R E I G N UNADJUSTED NET FLOMS STATE+LOCAL GOVTS. AMO FOREIGN (S MILL.) U N A D J U S T E D ME T F L O M S (* M ILL.) 1975 I II III | IV 1 I 1976 II 111 | | B I L L I O N S OF D O L L A R S 1968 1969 19 7 0 1967 S T ATE AND LOCAL G O V E R N M E N T S - G E N E R A L F U N O S 1 T O T A L R E C E I P T S , NIA BASIS 2 TAX RECEIPTS 3 SOCIAL INSURANCE RECEIPTS 4 G R A N T S IN A I D R E C E I V E D 5 6 7 8 9 10 TOTAL E X P E N D I T U R E S , N I A B A S I S P U R C H . OF G O O D S * S E R V I C E S NE T INTEREST ♦ TRANSFERS NET S U R P L U S , NIA B ASIS - R E T I R E M E N T C R E D I T TO HH = GROSS SAVING 11 NET F I N A N C I A L I N V E S T M E N T 12 N E T ACQ. OF F I N A N C I A L A S S E T S 13 DEMAND DEP. ♦ CURRENCY 14 TIME D E P O S I T S 15 16 17 18 CREDIT MARKET INSTRUMENTS U.S. G O V T . S E C U R I T I E S DIRECT U . S . G O V T . A G E N C Y SEC. 19 20 21 S T .+LOC• OBLIGATIONS MORTGAGES TA X E S R E C E I V A B L E 22 23 24 25 26 N E T I N C R E A S E IN L I A B I L I T I E S CREDIT MARKET BORROMING ST . + L O C . O B L I G A T I O N S SHORT-TERM OTHER 27 28 U.S. G O V E R N M E N T L O ANS TRADE O E B T 29 DI S C R E P A N C Y C1 ) EMPL O Y E E R E T I R E M E N T FUNDS ARE 1971 (1) 5 3 .453 3 7 .761 3. 680 12.012 5 8.724 40.867 3 . 805 14.052 55.904 38.100 3.914 13.890 66.254 47.770 4.001 14.483 60.983 42. 6 7 9 4.104 14.200 64.187 45 . 5 8 8 4. 1 9 9 14.400 61.819 42.329 4. 2 9 0 15.200 93.6 71.0 6. 7 15.9 107.2 81.4 7.2 18.6 119.7 91.4 7.9 20. 3 134 . 9 101.5 9. 0 24. 4 1 5 2.6 113.7 9.9 29. 0 52.650 49.328 3.322 803 2.649 -1.846 56 . 4 5 0 53.013 3. 4 3 7 2.274 2.931 -657 58.995 55.959 3.036 -3.091 2.615 -5.706 59.368 56.236 3.132 6.886 2.760 4.126 57.9 1 9 54.016 3 .903 3.064 3.203 - 139 61.897 5 8.002 3.895 2.290 3.739 -1 . 4 4 9 6 3.541 60.307 3.234 -1.722 3.364 -5.086 94.7 89.3 5. 4 -1.1 4. 1 -5.2 1 0 6.9 10 0 . 7 6.2 .3 4. 8 -4.5 117 . 6 110.4 7.1 2.1 5.5 -3.4 132.2 123.2 9.0 2.8 6.4 -3.6 1 48.9 5 6 13 7 . 5 11.4 7 3.7 8 6. 6 9 -2.9 10 -3.405 -380 -1.626 -1.4 2 2 - 2 .841 1.510 1.078 -4 4 6 -3.0 5 4 1.451 -1.322 -1.001 3.888 7. 7 8 7 2 . 195 895 -1.021 1.998 - 2.711 1.333 -3.483 2.216 1.993 -2.378 -2.216 2. 9 5 5 -3.107 -590 -4.9 3.6 1.2 2.4 -5. 0 5.5 -.2 3.2 -1 0.1 1.1 1.4 -5.9 *4*6 7.2 -2.9 10.0 -11.7 6. 7 1.0 7.2 11 12 13 14 4.090 3.502 2. 1 0 9 1.393 1.937 1.588 662 926 2 .654 1.992 2.043 -51 3. 4 5 8 1.990 1.518 472 4.085 3.369 3. 3 1 9 50 3. 0 1 0 2. 1 6 8 1.618 550 5.174 4.900 3.650 1. 2 5 0 -.2 -.3 -.8 .5 1.8 1.6 -. 5 2.1 5.3 4.7 3.1 1.7 -.2 -1.2 .9 -2.1 -2.0 -2.8 -1.3 -1.5 15 16 17 18 39 549 -1.422 -99 448 -1. 0 5 9 364 298 1.120 1.156 312 1.239 500 21 6 -70 9 351 491 -409 175 99 1.478 - .1 .2 • .2 .7 .1 .5 .3 .1 •ft .2 3.025 2 . 790 2. 6 9 4 126 2. 5 6 8 4 .351 4. 1 2 7 4.137 675 3.462 4.505 4.278 4.163 -2.311 6.474 3.899 3.675 3.687 -46 3 4.150 3.019 2.796 1. 5 3 7 -2.480 4.017 5. 6 9 9 5 . 477 6.784 1.278 5. 5 0 6 5.171 4.951 3.884 -244 4.128 8.6 7.9 7.8 1.8 5.9 10.4 9. 8 9.5 .1 9. 4 11.2 10.7 9. 9 2.8 7.2 11.8 11.3 11.2 2.3 8.9 96 235 -1 0 224 115 227 -12 224 1.259 223 -1.307 222 1.067 220 .2 .6 .3 .6 .7 .5 .1 .5 .4 27 .7 28 1.559 2.184 -2.652 238 882 2.034 -2.870 -.2 .5 6.7 1.0 8.9 29 1 it 3 4 - . 3 19 1.1 20 .5 21 18. 4 17.8 17.4 2. 5 14.9 22 23 24 25 26 IN INSU R A N C E SECTOR. R E S T OF THE M O R L D 1 2 3 4 5 6 NET U.S. E X P O R T S U.S. EXPORTS U.S. IMPORTS T R A N S F E R R E C E I P T S F R O M U .S. U. S. G O V T . I N T E R E S T R E C E I V E D C U R R E N T A C C O U N T BA L A N C E (U.S. B A L A N C E , SIGN R E V ERSED) 7 NET F I N A N C I A L I N V E S T M E N T 8 N E T ACQ. OF F I N A N C I A L A S S E T S 9 G O L D * SD R ' S (1) 10 U.S. D E M A N D D E P O S I T S 11 U.S. TIME D E P O S I T S 12 13 14 15 16 U.S . C O R P O R A T E E Q U I T I E S CREDIT MARKET INSTRUMENTS U.S. G O V T . S E C U R I T I E S U.S. C O R P O R A T E B ONOS (2) O P E N - M A R K E T PA P E R 17 18 SECURITY CREDIT TR A D E C R E D I T 19 MISCELLANEOUS ASSETS U.S. B A N K L I A B I L I T I E S ’ TO F O R E I G N A F F I L I A T E S DI R . I N V E S T M E N T IN U.S. OT H E R 20 21 22 23 5.205 36. 9 3 0 31.725 964 1 . 187 -3.054 6.203 36.623 30.420 1.126 1.101 -3.976 2.622 34.956 32.334 920 1.140 -562 6.441 3 9.561 33.120 9 74 1 .114 -4.353 3.952 38.639 34.687 99 4 1.067 -1.891 2.444 41.140 38.696 1.145 1.108 -191 -1.886 38. 9 8 3 40 . 8 6 9 1.067 1 .094 4.047 4.9 45.6 40.6 3.1 .6 -1.2 2.3 49. 9 47.7 2.9 .7 1.4 1.8 54. 7 52.9 3.0 .8 2.0 3.9 62.5 58.5 3.2 1.0 .3 1.6 65.6 64.0 3. 6 1.8 3.9 -5 . 3 2 0 2.864 27 -1.656 123 -4.094 3. 7 7 2 -38 1.085 1.033 -1.536 2 .654 -4 -416 -88 -5.265 5. 7 9 6 2 1.103 -361 -4.866 5.257 -45 -922 -1.280 -1.749 7.103 15 436 301 1.855 5.486 -18 28 -722 -1.2 7. 6 1.2 .3 1.3 .9 8. 5 1.2 •6 -. 3 3.4 10.3 -1.0 .3 1.4 .8 5.9 .8 .5 -1.7 13.6 7 2 2.6 8 9 1.3 - . 2 10 .3 11 977 6.026 6.605 230 -809 919 507 999 -142 -350 1.317 -600 -501 -99 0 1.454 165 1.001 573 -1.409 1. 4 9 4 3.487 1 . 620 137 1.730 77 8 2 . 253 1.631 349 273 300 4.147 3. 9 6 2 4 181 .7 2.0 2.1 -.1 • 2.1 .3 -.5 .2 .6 1.6 -.3 -1.8 .5 1.0 .7 10.3 9.1 .7 .5 .8 26.4 26.3 .3 -.2 56 657 31 410 -37 231 21 345 47 1.497 14 289 59 250 .1 .4 .3 .9 -.2 .8 -.1 1.4 * 17 .1 18 1 2 3 4 5 6 12 13 14 15 16 -3 . 3 4 6 -175 2.251 3.067 979 3. 017 1.442 1.6 3.4 7. 7 — 6.0 -6 . 2 19 -2.4 3 8 476 -1.384 -1.400 780 445 1.920 -48 379 731 1 .229 1.107 -243 -72 8 1 . 950 1.238 547 1.232 -113 48 1. 5 0 7 .7 .3 .7 2.3 .3 .7 7.9 .8 -1.1 -6 . 9 1.0 -.1 -4.1 20 -.2 21 -1 . 9 22 N E T INCR E A S E IN L I A B I L I T I E S U.S . OFF. FGN. E X C H A N G E ♦ N E T IMF P O S I T I O N 8. 1 8 4 7. 8 6 6 4.190 11.061 10.123 8.852 3 . 631 8 .8 7.6 6.9 5.1 9.1 23 24 321 13 317 -110 728 1.631 351 1.1 2.1 .3 -2. 5 -1.7 24 25 26 27 28 29 30 F O R E I G N E Q U I T Y ISSUES CREDIT MARKET INSTRUMENTS C O R P . A N O F O R E I G N BON O S BANK L O A N S N . E . C . BANKERS ACCEPTANCES U . S . G O V T . LO A N S 58 1. 6 3 4 1.870 -1.261 104 921 13 2.984 966 1.995 -700 723 1 2.662 937 1.814 -570 481 57 5.561 2. 418 1.442 1.061 640 110 3. 6 1 9 2. 4 1 6 496 13 6 94 59 4. 5 5 8 1.389 1.858 393 918 60 3. 5 6 7 2.501 786 -541 821 .1 4.0 1.2 -. 3 .5 2.6 .2 2.7 1.1 -.5 -.2 2.2 .5 3.2 1.0 -.2 .3 2.1 .1 2.7 .9 -.3 .8 1.3 31 32 SECURITY DEBT TRADE D E B T 16 -34 8 24 -7 25 1.409 61 997 14 1.379 17 1.092 -4 700 .2 .5 .2 .4 — .2 • ft • 1.0 33 34 35 36 37 MISCELLANEOUS LIABILITIES US G E Q U I T Y IN IBRD, ETC. FGN. CURR. H E L D IN U.S. U.S . D I R . INV. A B R 0ADC2) OTH E R 6. 5 0 3 151 2. 7 9 6 1.510 2 . 046 4.839 151 2. 323 2.237 128 -224 190 -1.059 720 -75 4. 4 9 5 161 869 1.614 1.851 4.273 194 3.371 1.663 -95 5 1.495 183 3.674 -532 -1.830 -1.043 198 -1.168 1. 2 9 7 -1.370 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 2 . 266 118 974 912 2 .975 1.558 2.192 • .5 -1.4 -.4 38 D I S C R E P A N C Y Cl) C O N S I S T S O N L Y OF N E T P U R C H A S E S FRO M U.S. E X C L U D E S A C Q U I S I T I O N S F R O M O T HER S O U R C E S . (2) E X C L U D E S U.S. S E C U R I T Y I S S U E S IN F O R E I G N M A R K E T S . 111/76 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION. * 5.2 .9 2.1 .3 1.8 25 26 27 28 29 30 * 31 .5 34 5.0 .3 1.4 3.6 -.1 33 34 35 36 37 -9.7 38 N O V E M B E R 10, 1 9 7 6 STATE*LOCAL GOVTS. AND FOREIGN STATE+LOCAL GOVTS. SEASONALLY ADJUSTED ANNUAL RATES 1972 1973 1974 AND FOREIGN 13 SE AS ON AL LY A D J U S T E D AN NU AL RATES 1975 1975 II III 1976 II I IV | STATE AND LOCAL GOVERNMENTS - GENFRAL FUNDS II) 222.2 40.6 234.3 164.5 15.4 54.4 157.7 14.7 49.8 230.4 16 1 . 9 15 . 2 53. 2 239.7 167.3 15.7 56.6 245.1 171.1 16.0 58.0 251.6 176.4 16.4 58.8 254.2 181.1 16.8 56.3 261.8 TOTAL RECEIPTS* NIA BASIS 185.1 TAX R E C E I P T S 17.2 SOCIAL INSURANCE RECEIPTS 59.5 G R A N T S IN A I D R E C E I V E D 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 -4.1 217.5 205.3 223.4 210.9 1 2 .2 1 2 .6 4.7 6.9 11.7 231.8 218.6 13 . 2 7.9 10.5 -2.6 237.2 223.4 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 -5.7 249.5 235.1 14.3 12.3 13.5 -1.1 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 -9.2 3.4 -2.2 -5.3 -5.3 1.3 -•2 -3.3 13.9 2. 1 -.9 -3.8 12.5 .1 -1.4 -1.0 11.9 -7.5 6.1 -5.6 16.7 6.3 -6.3 -1.4 NET FINANCIAL INVESTMENT 18.3 N E T ACQ. OF FI N A N C I A L A S S E T S -5.9 DEMAND DEP. ♦ CURRENCY .5 TIME D E P O S I T S 13 14 8.5 7.1 4.4 2.7 8.9 6.9 -.1 7.0 1 0 .2 1 2 .1 7.3 -1.8 9.0 9.1 6.3 2.7 13.1 10.7 5.2 5.6 11.8 10.4 6.7 3.7 11 . 4 8.7 6.9 -.2 12.3 6.4 4.5 1.9 12.4 9.5 9.3 .2 17.2 13.8 11.6 2.2 21.1 20.0 15.0 5.0 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES DIRECT U.S. GOV T . AGEN C Y SEC. 15 16 17 18 .4 1.7 .7 .4 2.5 1. 0 1.5 1.6 -.1 .2 2.2 -2.1 -.4 1.8 -1.2 1.5 1.2 1.4 4.6 1.2 1.4 2.0 .9 .9 1.4 2.0 1.5 .7 .4 2.6 ST.+LOC. OBLIGATIONS MORTGAGES TAXES RECEIVABLE 19 20 21 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 12.7 11.7 11.4 16.9 1 6 .0 16.0 3. 7 12.3 17.3 16.3 15.9 -10.8 26.7 16.3 15.4 15.4 -1.2 16.7 12.9 12.0 7.0 -9.9 16.9 22.3 21.4 26.6 6.3 20.3 19.7 18.9 14.6 -2.7 17.3 .3 1.1 .7 .9 .2 .9 .4 .9 .5 .9 .9 5.0 .9 -5.2 .9 4.3 .9 177.4 129.1 193.5 140.8 1 0 .8 1 2 .1 37.5 5 6 7 8 9 10 163.7 151.0 12.7 13.7 8.5 5.3 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 210.2 152.7 13.7 43.9 1 2 3 4 15.9 15.2 14.9 .1 14.8 27 28 1 0 .6 -5.9 1 1 .6 .7 .3 -.2 (1)EMPLOYEE REST OF THE TOTAL EXPENDITURES* NIA BASIS PURCH. OF G OODS ♦ SERVICES NET INTEREST ♦ TRANSFERS NE T SURPLUS, NIA BASIS - RETIRE M E N T CR E D I T TO HH - GROSS SAVING NE T I N CREASE IN LI 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. G O V E R N M E N T LOANS TRADE DEBT 27 28 FUNDS ARE IN I N S U R A N C E SECTOR. WORLD -3.3 72.7 75.9 3.8 2.7 9.8 7.1 101.6 94.4 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 15.0 147.5 132.5 4.0 4.9 -6.1 24.4 142.9 118 . 5 4 .1 4.4 -15.9 21.4 148.2 126.8 3.8 4.5 -13.1 21.0 153.7 132.7 4.0 4.4 -12.6 8.4 154.1 145.7 4.1 4.4 .2 9.3 160.3 151.0 4.1 4.4 -.8 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 -12.7 17.8 .1 -5.0 .5 -19.1 11.6 -.2 4.3 4. 1 -16.9 7.0 ♦ -.6 -.4 -16.1 23.9 * 1.7 -1.4 -9.0 28.9 -.2 -1.8 -5.1 -10.2 24.2 .1 1.6 1.2 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 3.9 25.7 27.7 .9 -2.9 3.7 2.7 5.6 -.6 -2.3 5. 3 -8.6 -7.0 -.4 -1.2 5.8 4.6 6.1 2.3 -3.8 6.0 17.0 9.2 .5 7.3 17 18 .1 .8 * 1.0 * 1.7 .1 1.6 .2 2.6 .1 1.6 -.1 .9 .1 1.4 19 3.1 7.2 8.9 1.8 -10.2 -4.8 10.6 20 21 22 .9 .4 1 .8 1 .1 2.7 3.4 4.6 2.7 1-5 -1.2 2.4 .5 -9.8 1.9 -2.4 -5.6 3. 1 -2.4 7.7 -.2 3.1 23 8.1 14.7 35.7 31.3 30.5 30.7 24 -.2 -.2 1.3 .5 1.3 .1 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 .2 8.0 7.5 -3.5 .4 3.7 .1 8.7 3.9 4.7 -2.8 2.9 31 32 .1 .5 -.2 1.9 * 3.1 .1 2.1 .1 -1.4 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 22.3 .6 11.2 3.9 6.6 3fc -1.8 -12.1 4.8 4.3 6.5 5.9 166.2 160.3 4.4 4.3 2.9 1ET U.S. EXPORTS N U.S. EXP O R T S U.S. IMPORTS T R A N S F E R R E C E I P T S FR O M U.S. 1 U. S. G O V T . I N T E R E S T R E C E I V E D 1 CURRENT ACCOUNT BALANCE (U.S. B A L A N C E * S I G N REVERSED) 1 2 3 4 5 6 -5.4 1 NET FINANCIAL INVESTMENT 17.5 NET ACQ. OF F I N A N C I A L ASS E T S -.1 G O L D ♦ S D R ' S (1) 1.3 U.S. DEMAND DEPOSITS -2.9 U.S. TIME DEPOSITS 7 8 9 10 11 3.1 9.0 7.6 1.4 ♦ 1 .2 9.5 10.2 * -.7 U.S. CORPORATE E QUITIES CREOIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES U . S . C O R P O R A T E B O N O S (2) O P 04— M A R K E T PAP E R 12 13 14 15 16 .2 6.0 .1 1.2 .2 1.0 SECURITY CREDIT TRADE CREDIT 17 18 11.7 6.8 8.0 7.3 2.9 4.9 3.9 -1.0 -2.9 10.7 5.0 2.2 .8 -.5 •2 7.5 MISCELLANEOUS ASSETS U.S. BANK LIA B I L I T I E S TO F O R E I G N A F F I L I A T E S D I R . I N V E S T M E N T IN U . S . OTHER 20 21 22 23.9 40.1 37.9 34.4 23.0 1.3 -.4 2.9 6.5 1.4 NET INCRE A S E IN L I A B I L I T I E S U.S. OFF. FGN. EXCHANGE ♦ NE T I M F P O S I T I O N 24 13.8 3.7 10.4 -2.3 1.9 .2 20.9 9.7 4.4 4.2 2.6 .4 16.2 9.7 3.7 .1 2.8 .2 14.5 5.6 3.7 1.6 3.7 .2 17.8 10.0 6.7 -2.2 3.3 .1 5.6 .2 4.0 .1 5.5 •1 4.4 2.8 21.9 .6 9.3 9. 5 2.5 3.1 .8 -4.2 4.7 1*9 15.2 .6 3.5 6.3 4.8 12.8 .8 13. 5 4.6 -6.0 8.7 .7 14.7 -1.5 -5.2 .8 .8 -4.7 7.3 -2.7 3.2 3.8 3.5 9.2 9.4 12) III/76 BASED ON INCOMPLETE INFORMATION. EXCLUDES U.S. SECURITY DEBT TR A D E DEB1 MISCELLANEOUS LIABILITIES U S G E Q U I T Y IN IBRD* ETC. FG N . C U R R . H E L D IN U . S . U.S. DIR. INV. A B R O A D U ) OTHER 8.3 DISCREPANCY SECURITY 19 23 FOREIGN EQUITY ISSUES 25 C R E D I T M A R K E T I N S T R U M E N T S 26 CO R P . A N D F O R E I G N BONDS 27 BANK. L O A N S N . E . C . 28 BANKERS ACCEPTANCES 29 U.S.GOVT. LOANS 30 (1) C O N S I S T S O N L Y OF N E T P U R C H A S E S F R O M U . S . EXCLUDES A C Q M T S n i O N S FROM OTHER SOURCES. 5 6 7 8 9 10 .3 D I S C R E P A N C Y RETIREMENT 1 2 3 4 5 6 BILLIONS OF DOLLARS. 1 2 3 4 I S SUES IN F O R E I G N M A R K E T S . 31 32 33 34 35 36 37 38 N O V E M B E R 10, 1 9 7 6 U.S.GOVT- ♦ CREDIT 14 AGENCIES U.S.GOVT- ♦ CREDIT AGENCIES SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FI-OWS 1% M I L L . ) U N A D J U S T E D NET FLOWS 1975 I II III IV | I I 1976 II (S M I L L . ) | 1 H | BIL L I O N S OF DOLLARS 1968 1969 1970 1967 1971 U.S. GOVERNMENT 72.927 27.227 12.373 5.265 28.062 90.416 40.640 14.406 6.096 29.274 85-536 40.077 14.250 5.861 25.348 150.5 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 1 92.1 92.2 3U.6 19.3 49.7 198.6 89-9 33.5 20.4 5 4. 9 1 2 3 4 5 84.759 89.954 94.484 88.561 95.000 95.600 30.072 30.899 29.817 33.629 31.600 33.500 49.122 53.507 52.771 54.443 56. 700 55.400 5.565 5.548 5.973 6.412 6.700 6.700 -16.801 -19.188 -12.391 -22.868 -22.073 -5.184 -388 5.065 -1.053 90 -752 6.375 -16.413 -24.253 -11.338 -22.958 -21.321 -11.559 404 374 30 5 24 0 1.163 955 -16.009 -23.879 -11.033 -22.718 -20.158 -10.604 93.700 30-200 56.600 6.900 -8.164 -1.413 -6.751 1.3 1 1 -5.440 163.7 90.9 62.9 9.8 -13.2 1.4 -14.6 -14.6 180.6 98.0 71.2 11.4 -5.8 1.3 -7.1 1.3 -5.8 188.4 97.5 78.1 12.9 8.5 1 .6 7.0 * 7.0 204.2 95.6 94.3 14. 3 -12.1 2.5 -14.6 .3 -14.3 220.6 96.2 110.4 14.0 -22.0 2.9 -24.9 .7 -24.2 6 7 8 9 10 11 12 13 14 15 N E T F I N A N C I A L I N V E S T M E N T - 1 5 . 5 5 3 - 2 2 . 8 0 3 - 1 3 . 3 7 3 — 22 . lt»3 - 2 0 . 2 1 9 - 1 1 . 7 5 3 16 N E T ACQ . O F F I N A N C I A L A S S E T S 3.242 -173 9.204 4.704 5.200 5.638 17 G O L D , SD R *S + O F F F G N E X C H 25 9 40 113 -138 288 1.038 18 DEMAND DEPOSITS ♦ CURRENCY 693 2.343 1. 7 5 1 -1.891 -920 8.126 19 TIME D EPOSITS -158 1 73 158 -78 48 -120 -5.726 11.122 893 2. 153 40 -13.4 2.3 .4 1.0 * -8.7 7-3 2.0 -1.7 .1 6.0 3.5 1.4 1.1 -. 2 -14.5 .4 -2.0 2.5 .3 -24.4 3.9 -2.2 3.3 .1 15 16 17 18 19 1 TOTAL RECEIPTS, NIA BASIS 2 PERSONAL TAXES 3 CORP. P R OFITS TAX ACCRUALS 4 INDIRECT T A X E S 5 SOCIAL INSURANCE R E C E I P T S 6 7 8 9 10 11 12 13 14 TOTAL EXPENDITURES, NlA BASIS GOODS + SERVICES TRANSFERS, ETC. NET I N T E R E S T NET SURPLUS, NIA BASIS - INSURANCE C R EDITS TO HH = GROSS SAVING ♦ MINERAL RIGHTS SALES * NONFINANCIAL SURPLUS 20 21 22 23 CREDIT MARKET INSTRUMENTS MORTGAGE POOL SECURITIES MORTGAGES OTHER LOANS 24 25 26 TAXES RECEIVABLE TRADE CREDIT MISCELLANEOUS 67.958 28.86* 6.135 5.113 25.846 70.766 28.265 10.219 5.975 26.307 76.170 35.752 11.765 6.291 22.362 71.616 32.859 12.451 6.564 19 . 742 3.572 1.504 -16 2.084 3.886 1.000 799 2.087 4.193 1. 0 0 6 1.257 1.930 3.409 994 1.184 1.231 2-795 999 -915 2-711 185 7 98 -945 3 32 3.277 841 -307 2.743 4.7 -.1 1.0 3.8 5.2 .1 1.4 3.7 3.1 -1.3 1 .0 3.5 2.8 -.1 .3 2.6 2.8 20 * 21 - . 4 22 3.2 23 -1.739 119 165 -6.957 520 153 2.437 407 14 5 2.978 188 236 2.784 25 180 -4.117 382 144 4.405 17 5 179 -5.1 1.5 -.1 1. 3 .6 -.2 -3.0 .9 .1 -2.6 -.8 .3 1 . 5 24 - 1 . 7 25 .1 26 27 28 N ET I N C R E A S E IN L I A B I L I T I E S T R E A S U R Y CUR R . ♦ SDR C TFS. 18.795 167 22.630 3 11 22.577 199 26.867 260 25-419 148 17.391 339 16.848 199 15-7 .7 16.0 .4 -2.5 .3 14.9 .6 28.3 27 .5 28 29 30 31 32 CREDIT MARKET INSTRUMENTS SAVINGS BONDS D I R E C T E X C L . S V GS. B O N D S AGENCY ISSUES ♦ MTGS. 19.243 1.011 18.732 -500 16.615 1.081 15.623 -89 23.452 977 22.499 -24 25.896 956 24.969 -29 24.111 1.097 2 3.020 -6 9.354 1.161 8.237 -44 17.976 1.013 16.762 201 13. 0 1.0 7.9 4.1 13.6 .6 9.8 3.1 -3.7 -.1 -1.2 -2.4 11.9 .3 12. 6 -1.0 24.7 2.3 23.7 -1.3 33 34 35 LIFE ♦ R E T I R E M E N T T R A D E DEB T MISCELLANEOUS -388 150 -377 5.065 496 143 -1.053 344 -365 90 7 31 -110 -752 1.481 43 1 6.375 834 489 -1.413 559 -473 1.4 .6 .1 1.3 * .7 1.6 -.3 -.4 2.5 -. 6 .5 2 . 9 33 -.7 34 .8 35 -456 9.874 -1.076 17.176 2.340 9.328 -555 9.473 61 9.589 1.149 18.523 28 6 9.845 -1.2 35.1 2.9 35.0 1.0 39.2 .2 33.4 .3 36 3 2 . 0 37 RESERVES 36 D I S C R E P A N C Y 37 M E M O S C O R P . T A X R E C E I P T S , NET FEDERALLY SPONSORED CREDIT 1 CURRENT SPONSORED CREDIT AGENCIES AND MORTGAGE 29 30 31 32 POOLS AGENCIES SURPLUS 147 127 132 150 151 149 151 .1 .1 .1 .1 .2 1 817 -50 1.194 -4 626 -26 2.482 77 936 4 1.201 -20 1.570 -48 -.1 * 3.2 * 9.2 * 10. 3 ♦ .7 .1 2 3 302 2.838 2.742 702 -606 757 -114 -710 -82 678 252 -2.272 -499 -850 -923 2.899 819 -64 319 564 1.031 1.619 1.104 409 306 654 -354 -238 265 -381 2.185 -654 268 -530 -392 -.1 * * — * . 3.2 -.1 -.1 — * 8.8 -.4 — .6 — 9.6 1.9 1.1 _ .2 .8 .5 -1.2 -.5 -.6 4 5 6 7 8 -3.387 253 -3.640 -728 633 -1.361 1.836 1.157 679 1.110 7h 7 363 -2.101 -13 -2.088 -698 -215 -483 1.414 626 768 -1.4 1.1 -2.5 2.5 1.6 .9 7. 8 3.8 4.0 6.2 4.9 1.3 LOANS TO AGRICULTURE FARM MORTGAGES L O A N S T O C O O P S <BC) LOANS TO F A R M E R S IFICB) MISCELLANEOUS ASSETS 851 722 -142 271 565 1.599 759 -62 902 441 688 580 129 -21 400 970 496 479 -5 -494 1.313 687 221 405 -99 1.706 702 212 792 567 1.425 579 238 608 -567 1.4 .7 .2 .5 * .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 17 N E T I N C R E A S E I N L I A B I L I T I E S 18 CREDIT MARKET INSTRUMENTS 19 S PONS. A G E N C Y ISSUES 20 U.S. GOVERNMENT LOANS 21 MISCELLANEOUS LIABILITIES 759 -109 -367 258 668 964 244 -50 294 720 427 1.095 934 161 -668 2.698 1.976 1.825 151 722 1.521 223 248 -25 1.298 1.045 527 527 0 518 1.576 1.271 1.315 -44 305 -.2 ~*6 -.6 -.1 .5 3.2 3.5 3.2 .2 -.3 9.1 8. 8 9.1 -.3 .4 10.3 8.2 8. 2 ■2.1 .6 1.1 1.1 — -.5 17 lb 19 20 21 89 -103 -67 366 736 -7 1 57 - * -1 .1 .1 23 N E T A C Q . O F M O R T G A G E S 24 HOME MORTGAGES 25 MULTIFAMILY MORTGAGES 26 FARM MORTGAGES 3.246 3.013 132 101 2.505 2.545 -42 2 1.933 1.709 288 -64 2.655 2.650 1 00 -95 3.546 3.000 366 180 3.541 3.397 47 97 3.537 3.359 13 7 41 .7 .5 * .2 .5 .4 • .1 .7 .4 * •2 1.6 1.2 * .3 4.8 4.3 .1 .4 27 N E T 3.246 2.505 1.933 2.655 3. 54 6 3.541 3.537 .7 .5 .7 1*6 4.8 2 7 MEMOS TOTALS FOR AGENCIES ANO POOLS— CREDIT MARKET INSTRUMENTS 3.548 LIQUID ASSETS 2.838 HOUSING CREDIT -242 LOANS T O AGRIC U L T U R E 952 3.262 -114 1.775 1.601 2.185 -2.272 3.833 624 5.554 819 3.860 875 4.577 1.819 1.265 1.493 4.195 -354 2.746 1.803 5.722 -654 4.910 1.466 .6 * -.9 1.5 3.8 -.1 3.0 .9 9.4 -.4 8.3 1.6 11.1 1»9 7.5 US 2.455 2.867 4.480 3.794 4.068 4.852 .1 3 *-0 9.7 9.8 2 NET ACQ. OF F I N A N C I A L ASSETS 3 OEMAND DEPOSITS ♦ CURRENCY 4 5 6 7 8 CRE01T MARKET INSTRUMENTS LIQUID ASSETS U.S.GOVT. SECURITIES OPEN-MARKET PAPER FEDERAL FUNDS ♦ RP'S 9 10 11 12 13 14 15 16 HOUSING CREDIT RESIDENTIAL MORTGAGES FHLB L O A N S TO S ♦ L ASSOC. 22 D I S C R E P A N C Y FEDERALLY SPONSORED MORTGAGE POOLS 29 29 30 31 1NCR. (1) G N M A , ISSUES FHLMC, ANO FARMERS HOME 2.879 AOM. TOOLS. 111/76 BA S E O ON P R EL IM IN AR Y AND IN CO MP LE TE IN FORMATION. .1 22 (11 IN P O O L S E C U R I T I E S 32 N E T S E C U R I T Y 9 .2 2 . 9 10 - 2 . 7 11 5.2 -1.2 4.5 1.8 23 24 25 26 28 29 30 31 5 . 9 32 NOVEMBER 10, 1976 U.S.GOVT. ♦ CRFDIT AGENCIES U. So G O V T . ♦ C R E D I T AGENCIES 15 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL SEASONALLY RATES 1975 1972 1973 1974 1975 I U. S . II 1 IV III | I 1976 II ADJUSTED ANNUAL RATES III GOVERNMENT 1 2 3 4 5 1 2 3 4 5 227.5 108 .2 36.6 20.0 62.8 256.3 114.6 43.0 21.2 79.4 288.2 131.2 45.6 21.7 89.8 286.5 125.7 42.6 23.9 94.3 287.2 137.6 34.8 21.9 92.8 254.4 99.7 38.7 23.2 92.9 297.7 130.5 47.4 25.2 9*.7 306.7 135 . 1 49.4 25.5 96.6 316.5 137.7 53. 1 22.8 102.9 324.6 141.9 54.9 23.3 104.6 334.7 TO TAL RECEIPTS, NIA BASIS PERSONAL TAXES 147.1 C O R P . P R O F I T S TAX A C C R U A L S 57.4 INDIRECT TAXES 23.6 SOCIAL INSURANCE RECEIPTS 106.6 6 7 8 9 10 11 12 13 14 244.7 1 02.1 128.1 14.6 -17.3 3. 1 -20.3 .9 -19.4 265.0 102.2 144.6 18.2 -6.7 2.2 -6.9 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.Z 3.7 -75.0 1. 3 -73.6 337.0 120.3 194.5 22.2 -49.8 3.3 -53.0 1.6 -51.4 354.3 122.4 209.4 22.6 -99.9 3.7 -103.6 1.5 -102.1 363.7 124.6 215.5 23.6 -66.0 4.2 -70.2 1.2 -69.0 376.0 130.4 220.0 25.6 -69.4 **• 3 -73.6 1.0 -72.7 380.3 129.2 224.5 26.6 -63. 8 4.7 -68.5 4.7 -63.9 378.7 131.2 220.2 27.4 -54.1 5.0 -59.1 3.8 -55.3 3 90.5 TOTAL EXPENDITURES, NIA BASIS 134.4 GOODS ♦ SERVICES 228.4 T R A N S F E R S , ETC. 27.7 NET INTEREST - 5 5 . 7 NET SURPLUS, NIA BASIS 5.2 - I NSURANCE CREDITS T O HH -60.9 = GROSS SAVING 5 . 2 ♦ M I N E R A L R I G H T S S A L E S (2) - 55 . 7 = N O N F I N A N C I A L SURPLUS 15 16 17 18 19 -19.6 -.9 -.4 -1.0 .1 -7.9 2.7 * -1.8 -.2 -7.8 8.4 1.4 -4.5 * -73.9 17.0 .3 2.9 .1 -50.6 12.6 1.0 6.0 .7 -100.2 9.3 .2 .5 -.6 -69.7 29.6 .5 6.1 .6 -75.7 16.4 -.6 -3.0 -.3 -65.1 22.3 1.2 -.1 .2 -52.7 32.8 4.2 23.7 -. 5 15 - 5 2 . 5 NET FINANCIAL INVESTMENT N E T A C Q . O F F I N A N C I A L A S S E T S 16 33.6 G O L D , S D R ' S ♦ O F F F G N E X C H 17 3.6 D E M A N D D E P O S I T S ♦ C U R R E N C Y 18 7.1 19 TIME DEPOSITS .2 20 21 22 23 1 .8 * -.7 2.5 2.8 * -.6 3.4 9.8 2.5 1.4 5.9 15.1 4.5 3.2 7.3 14.9 6.0 .5 8.4 14.9 4.0 2.8 8 .1 16.0 4.0 4.7 7.3 14.5 4.0 4.9 5.6 12.0 4.0 -2.8 10.9 -.2 3.2 -4.4 1.0 12. 1 3.4 -1.8 10.5 24 25 26 -.7 -.8 .1 1.3 .3 .4 .3 .9 .6 -3.3 1.2 .7 -11.2 .5 .7 -8.3 2. 1 .6 2. 2 1.6 .6 4. 1 .8 .9 8.2 .1 .7 3.5 1.5 .6 9 .3 .7 .7 27 28 18.7 .5 10.7 .4 16.2 .4 90.9 .9 63.2 .7 109.5 1.2 99.3 .8 92.1 1.0 8 7.3 .6 85.5 1.4 86.2 .8 N E T I N C R E A S E IN L I A B I L I T I E S T R E A S U R Y CURR. ♦ SOR CTFS. 27 28 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 4.0 81.8 -.6 59.6 3.7 57.9 -2.0 102 . 0 3.9 98.4 -.4 94.0 4.4 89.6 -.1 85.2 4. 1 81.3 -.1 73.4 3.9 69.5 * 74.2 4.2 70.2 -.2 78.9 4.6 73.5 .8 CREDIT MARKET INSTRUMENTS SAVINGS BONDS D I R E C T EXCL. SVGS. BONDS A G E N C Y I S S U E S ♦ MT G S . 29 30 31 32 33 34 35 3 .1 -.1 * 2.2 .1 -.4 2.8 -.1 1.0 3.7 1.7 -.7 3.3 1.6 -2.0 3.7 2.4 .2 4.2 1.0 -.7 4.3 1.9 -.4 4.7 7 .1 1. 4 5.0 3.6 1.4 5.2 1.9 -.7 36 37 .2 37.3 2.2 41.7 -.1 45.3 .3 45.9 -.8 46.0 -1.9 46.9 .7 45.1 3.0 45.3 1. 2 44.9 -2.6 51.3 -3.1 48.1 FEDERALLY SPONSORED CREDIT AGENCIES 6 7 b 9 10 11 12 13 14 CREDIT MARKET INSTRUMENTS MORTGAGE POOL SECURITIES (3) MORTGAGES OTHER LOANS 20 21 22 23 TAXES RECEIVABLE TRADE CREDIT MISCELLANEOUS 24 25 26 L I F E ♦ R E T I R E M E N T R E S E R V E S 33 34 T R A D E DEBT 35 MISCELLANEOUS DISCREPANCY MEMO: CORP. TAX RECEIPTS, NET 36 37 AND MORTGAGE POOLS SPONSORED CREDIT AGENCIES .6 C U R R E N T S U R P L U S 1 .2 .4 .6 .6 .6 .5 .5 .6 .6 .6 2 3 3.9 * 18.7 .1 18.0 ♦ 5. 1 * 8.8 -.1 4.0 .1 -2.1 -. 1 9.7 .1 9.8 .1 3.8 * 1.3 -.2 4 5 6 7 8 4.4 -.4 -1.2 .4 .4 17.8 2.1 ♦ -.2 2.3 19.8 .3 .4 .9 -1.0 4.2 1.3 1.5 .1 -.3 6.5 9.1 8.7 2.8 -2.4 2.2 .4 -2.0 -.3 2.7 -2.7 -6.5 .6 -3.4 -3.7 10.0 2.1 -1.4 1.3 2.3 10.1 5.0 2.1 1.6 1*2 1.5 -.6 -.1 1.1 -1.5 4.6 .2 3.8 -2.1 -1.6 DEMAND DEPOSITS ♦ CURRENCY CREDIT MARKET INSTRUMENTS LIQUID ASSETS U.S.GOVT. SECURITIES OPEN-MARKET PAPER F E DERAL FUNDS ♦ RP*S HOUSING CREDIT RESIDENTIAL MORTGAGES F H L B L O A N S TO S ♦ L A S SOC. 9 10 11 9 10 11 2.9 2.8 ♦- 12.5 5.3 7.2 14.3 7.7 6.7 -1.2 2.8 -4.0 -4.6 3.1 -7.6 -4.1 2.8 — 6.9 .6 2.3 -2.2 3.4 2.5 .9 1. 2 2.2 -1.0 -4.3 -.7 -3.6 -1.6 .6 -2.2 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 4.1 2.6 .4 1.1 .9 2.0 2.8 -2.0 1.1 2.4 5.9 2.7 1.3 1.9 1.7 3.2 2.3 .6 .3 .7 5.3 2.4 1.7 1.2 -1.2 3.8 2.7 -.6 1.8 -.3 6.4 2.5 2.5 1.4 2.3 6 .1 2.3 1.0 2.8 -3.2 LOANS TO AGRICULTURE FARM MORTGAGES L O A N S T O C O O P S (BC> L O A N S TO FARMERS (FICB) MISCELLANEOUS ASSETS 12 13 14 15 16 17 18 19 20 21 3.8 3.5 3.5 18.5 16.3 16.3 .3 2.2 1 7.6 17.3 16.6 .7 .3 4.8 3.2 2.3 .9 1. 6 8.6 5.7 4.7 1.0 2.9 3.2 -.8 -2.0 1.2 4.0 -2.7 -.7 -1.3 .6 -2.0 10.3 8.6 8.0 .6 1.7 12.2 7.7 7.8 -.1 4.5 3.2 * * 3.2 1.5 -.4 -.3 -. 2 1.9 ET INCREASE IN LIAB I L I T I E S CREDIT MARKET INSTRUMENTS SPONS. AGEN C Y ISSUES U.S. G O V E R N M E N T LOANS MISCELLANEOUS LIABILITIES 17 18 19 20 21 22 .1 .2 .1 .3 .4 -.4 -.1 1.2 3.0 .1 — — 8 DISCREPANCY .8 FEDERALLY 23 24 25 26 28 29 30 31 SPONSORED MORTGAGE POOLS (I) 4.9 4.3 .3 .3 3.6 3.2 .2 .2 5.8 5.4 .2 .2 10.3 9.9 .5 -.1 13.0 12.1 .5 .4 1 0.0 10.2 -.2 * 7.7 6.8 1.2 -• 3 10.6 10.6 .4 -.4 14.2 12.0 1.5 .7 14. 2 13.6 .2 .4 14.1 NET ACQ. OF M O R T G A G E S 13.4 HOME MORTGAGES MULTIFAMILY MORTGAGES .5 FARM MORTGAGES .2 23 24 25 26 4.9 3.6 5.8 10.3 13.0 10.0 7.7 10.6 14.2 14.2 14.1 27 7.4 2.2 21.4 2.1 15.9 3.5 25.6 .3 19.8 5.4 14.5 1.3 9.2 4. 1 19.5 9.1 8.0 2.4 12.2 .4 5.9 5.9 5.1 -6.5 8.6 3.0 21.4 2.1 14.4 4.9 24.2 5.0 14.7 4.6 15.7 -.6 9.5 6.8 19.9 22.4 12.7 17.7 8.0 6.4 18.6 22.0 111/76 BASED ON INCOMPLETE INFORMATION. INCR. IN POOL SECURITIES MEMO: TOT A L S FOR AGENCIES AND POO L S — 18.8 C R E D I T M A R K E T I N S T R U M E N T S LIQUID ASSETS .2 12.3 HOUSING CREDIT L O A N S TO AGRICULTURE 6.3 14.2 (II G N M A , BILLIONS OF DOLLARS. NET 13.9 NET SECURITY FHLMC* AND 32 ISSUES F A RMERS HOME AOM. 28 29 30 31 POOLS. (2) Sales of Outer Continental Shelf leases. (3) From 1974, mainly Federal Financing Bank purchases of Farmers Home Administration mortgage pool secu rities. NOVEMBER 10, 1976 BANKING SYSTEM BANKING SYSTEM 16 SECTOR ST AT EM EN TS OF SAVING AND INVE ST ME NT UNAOJUSTED NET FLOWS <$ M I L L . ) UNADJUSTED NET 1975 II III IV 1976 II I | MONETARY 1 CURRENT SURPLUS 2 N E T ACQ. OF FINANCIAL ASSETS 3 GOLD * FOREIGN EXCHANGE 4 T R E A S U R Y C U R R . ♦ SDR CTFS. 5 F.R . F L O A T 6 F.R. L O A N S TO D O M E S T I C B A N K S 7 8 9 10 11 12 13 CREDIT MARKET INSTRUMENTS U.S. G O V E R N M E N T S E C URITIES TREASURY SECURITIES AGENCY ISSUES ACCEPTANCES BANK L OANS N.E.C. M I S C E L L A N E O U S ASSETS 14 N E T I N C R E A S E IN L I A B I L I T I E S 15 MEMBER BANK RESERVES 16 V AULT CASH OF COML. BANKS 17 18 19 20 21 DEMAND DEPOSITS ♦ CURRENCY DUE TO U.S. GOVERNMENT DUE T O R E S T OF TH E W O R L D CURRENCY OUTSIDE BANKS MISCELLANEOUS LIABILITIES 3) N E T A C Q . O F F I N A N C I A L A S S E T S 4 DEMAND DEPOSITS ♦ CURRENCY 5 TOTAL BANK CREDIT 6 CREDIT MARKET INSTRUMENTS 7 U.S. GOVT. SECURI T I E S 8 DIRECT 9 A G E N C Y ISSUES I 1967 <» M I L L . ) B I L LIONS OF DOLLARS 1968 1969 1970 AUTHORITY 59 58 57 62 61 61 62 * 3.167 35 13 6 162 514 1.108 11 398 -372 -252 5.211 208 132 615 84 1 1.750 26 293 1.282 -1.173 1.207 485 291 -1.578 -175 7.632 5 78 370 1.467 260 3. 4 8 0 -524 18 4 -673 10 4.8 -.5 .5 * ♦ 2.393 2.364 2.133 231 29 0 -73 1.471 1.817 2.115 -298 -346 0 -148 3.586 3.394 2.725 669 192 0 -171 1.087 835 460 375 252 0 235 2.280 2.523 1 .819 704 -243 0 -96 5.025 4.881 4.693 188 144 0 -68 4.440 4.748 4.778 -30 -308 0 43 4.8 4»8 4.8 ♦ ♦ 3.7 3.8 3.8 * -.1 - _ * .2 -.1 .1 8.9 7 8.7 8 8 .1 9 .6 10 •2 11 12 .2 13 3.108 4.594 -1.078 1.050 -4.461 -478 5.154 3.387 1.0 78 1.688 -3.311 1.076 1.146 2.098 -1.026 7.571 -690 760 3.418 2.347 250 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 9 562 79 -632 -417 5.770 2.277 -148 3.641 219 740 1.468 -148 -580 -51 4.118 163 178 3.777 -195 -211 -100 -88 -23 285 7.569 4.784 1 65 2.620 -68 8 00 185 -26 641 21 2.9 .9 * 2.0 .1 1. 5 -1.1 .1 2.5 .4 3.3 .6 -.1 2. 8 .3 3.1 -.4 * 3.5 .5 4.4 .9 .1 3.4 * 17 18 19 20 21 COMMERCIAL 1 CURRENT SURPLUS 2 PLANT ♦ EQUIPMENT III FLOWS BANKING * 4.0 -1.2 .2 1.0 * • * • -.1 1 4.0 -.1 .1 * * 5.4 -1.4 .7 .8 .2 8.5 -.8 .5 .1 -.3 2 3 4 5 6 4.2 4.2 4.2 5.0 5.0 5.0 * _ * _ (1) 780 1.109 537 1.115 468 1.156 423 1.196 732 1.190 670 1.209 561 1.225 2.4 1.0 3.1 1 .3 3 .8 1.8 3.3 2 .1 2.5 2.2 1 2 -11.451 8 -14.846 -13.715 4.039 3.728 311 13.931 8 16.453 15.423 9. 14 9 8. 5*64 585 5.571 47 3.292 6.839 8.543 8.400 14 3 25.996 49 24.536 19.007 8.406 8.081 325 -1.322 26 -7.957 -6.280 4.934 5.362 -428 19.799 25 14.170 12.816 895 1.748 -853 4.543 25 8.333 8.205 1.978 1.888 90 40.9 .1 37.4 35. 8 9.5 6.5 3.0 46.0 * 40.1 38.7 3.3 2.1 1.3 21.2 * 17.6 1 8. 6 -10.0 -9.7 -.3 46.2 .1 36.6 35.0 10.8 6.9 3.8 58.5 .1 51.3 50.6 7.1 3.1 4.0 3 4 5 6 7 8 9 2.803 48 1 291 2.031 287 -1.913 339 1.861 5.832 2.423 278 3.131 4.491 1.271 290 2.930 14.4 9.1 .8 4.5 15.4 8.6 .3 6.6 6.0 -.1 5.4 13.6 10.7 .8 2.1 2 3 . 6 10 1 2 . 6 11 1 . 2 12 9.8 13 19.8 7.4 1 2. 1 .3 10 11 12 13 O T H E R SECUR I T I E S ♦ MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES -190 -617 629 -202 3.493 1.775 609 1.109 1.689 56 261 1.372 14 15 16 17 O T H E R CR. EXCL. S E CURITY - 1 7 . 5 6 4 CONSUMER CREDIT -2.123 BANK LOANS N.E.C. -15.877 OPEN-MARKET PAPER 436 2.781 1.002 1.794 -15 -3.393 2.294 -4.855 -832 7.798 -11.501 1.773 -719 4.516 -10.115 1.509 -667 6.089 2.979 3.668 -558 1.736 3.077 -2.364 1.023 11.9 2.5 7.3 2.0 20.0 5.5 14.8 -.4 22.7 4.7 16.8 1.3 10.7 2.9 6.3 1.5 0 -1.131 0 1.030 0 -3.547 0 5.529 0 -1.677 0 1.354 0 128 .1 1.5 .1 1.3 * -1.1 .1 1.4 * 18 • B 19 3.516 -3.820 3.691 -4.939 -394 2.803 4.465 -2.976 743 -2.235 1.475 2.171 1.072 1.258 4.279 70 949 4.585 2.597 -3.103 -3.309 1.8 1.0 •8 2.0 .7 3. 1 .3 1 .6 1.6 1.8 1. 7 6. 1 4.1 2 0 1 . 7 21 1.3 22 -11.204 -21.720 -857 -20.863 12.844 15.260 -833 16.093 5.968 -3.235 63 -3.298 24.530 -1.386 15.139 -14.297 -684 -66 15.205 -13.613 18.717 6.964 2.220 4.744 5.260 -6.771 1.190 -7.961 39.2 12.1 .2 11.9 44.1 13.3 -.2 13.5 19.0 4.6 • 4.6 44.6 9.3 2.9 6.4 56.8 13.1 2.2 10.9 23 24 25 26 3.470 -1.870 5.250 90 1.467 260 949 5.664 -4.734 10.354 44 -673 10 - 3 . 103 23.9 4.7 19.1 .1 • * 1.0 20.7 3.1 17.4 .2 1.0 6 .7 -9.5 -12.5 2.9 .2 * it 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 ♦ ♦ .3 »: 6.9 -.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 * -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 N E T I N C R E A S E I N L I A B I L I T I E S 24 DEMAND 0EP0S1TS, NET 25 U.S. G O V E R N M E N T 26 OTHER 27 28 29 30 31 32 33 TIME D E P O S I T S LARGE NEGOTIABLE CD'S O T H E R AT C O M M E R C I A L B A N K S AT F O R E I G N B A N K I N G AGS. F.R. FLOAT B O R R O W I N G AT F.R. B A N K S OTHER INTERBANK CLAIMS 9.427 -5.084 14.318 193 162 514 -3.820 3.540 -6.342 9.761 121 -372 -252 -394 5.132 2.412 2.595 125 615 841 -2.976 12.023 6.032 -1.134 -10.481 13.066 17.356 91 -843 1.282 -1.578 -1.173 -175 1.475 1.258 34 35 36 37 38 39 CORPORATE EQUITY ISSUES CR E D I T M A R K E T DEBT COR P O R A T E BONDS O P E N - M A R K E T PAPER FEDERAL FUNOS AND RP»S B A N K L O A N S N E C TO F GN AGS. 250 1.B49 360 622 1.424 -557 250 838 50 -163 847 104 250 -1.548 50 7 -452 -1.153 250 -483 -271 -144 -1.337 1.269 250 2.738 31 -227 3.746 -812 25 0 988 68 -420 1.290 50 250 3.169 37 -113 3.706 -461 -.3 * -.1 .9 .3 .6 .1 40 41 42 43 PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES L I A B . TO F G N . A F F I L I A T E S OTHER 175 1.959 -2.438 4.397 -500 -5.526 -1.400 -4.126 0 6.889 1.920 4.969 0 -3.983 731 -4.714 0 4.386 -243 4.629 0 4.369 1.238 3.131 0 6.714 -113 6.827 -.1 2.5 .7 1.8 -.1 7.6 2.3 5.3 .1 15.4 7.9 7.4 .3 -1.8 -6.9 5.1 -82 -1.665 -291 -2.239 -522 -1.621 53 -.3 -.1 -.2 -.4 44 D I S C R E P A N C Y <11 C O N S I S T S OF C H A R T E R E D C O M M E R C I A L 6 A N K S * T H E I R D O M E S T I C A F F I L I A T E S * EDGE ACT C O R P O R A T I O N S , A G E N C I E S O F F O R E I G N B ANKS* AN O B A N K S IN U.S. POSSESSIONS. EOGE ACT C O R P O R A T I O N S A ND A G E N C I E S OF F O R E I G N B A N K S A P P E A R TO G E T H E R IN THE S E TABL E S AS " F O R E I G N BANKING A G E N C I E S . " 111/76 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION. 14 15 16 17 -1.3 44 BANKING SYSTEM BANKING SYSTEM 17 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1 1975 | | 1976 11 1972 1973 1974 1975 1 .1 .1 .1 .2 .2 .2 .2 .2 .3 .2 2 3 4 5 6 2.2 -.4 .7 — .4 1.9 8.1 -.2 .4 -.9 -.7 6.5 .1 .5 -1.1 -1.0 11.2 .3 1. 0 1.7 -.1 16 . 2 .1 .5 5.6 .6 2. 9 * 1.6 -1.7 -.7 11.3 .8 .5 -.5 -2.5 14.6 .1 1.2 3.4 2.4 7.5 1. 9 1.2 -1.7 -2.0 29.1 2.3 1.5 5. 8 1.0 3. 2 N E T ACO . O F F I N A N C I A L A S S E T S -2.1 GOLD + FOREIGN EXCHANGE .7 T R E A S U R Y C URR. ♦ SDR CTFS. -6.1 F.R. FLO A T -6.5 F.R. LOA N S T O D O M E S T I C BAN K S 7 8 9 10 11 12 13 .3 .4 — .3 .7 -.2 — * 9.2 9.3 8.6 .7 4 — .3 6.2 5.2 2.0 3.2 .9 1. 8 8.5 6.4 7.4 1.0 .1 — -.2 9.6 9.5 8.5 .9 .1 -.3 4.3 5. 7 6.9 -1.2 -1.4 -.6 13.7 12.9 10.2 2.7 .8 -.7 6.6 5.6 4.1 1. 5 1.0 .9 8.5 9.5 6.7 2.8 -1.0 -.4 18.8 18.3 17.5 .8 .6 -.3 17.0 18.3 18.4 -.1 -1.2 — .2 14 15 16 2.1 -2.1 1.1 8.0 1.4 2.0 6.4 -1.2 1. 0 11.0 .2 .6 15.9 11.8 -1.8 2.7 -12.3 3.3 11.0 -.8 -1.3 14.4 2.1 2.2 7.3 .8 -1.1 28.9 3.4 8.6 3.0 NET INCREASE I N LIAB I L I T I E S -6.8 MEMBER BANK RESERVES -4.9 V A U L T C A S H OF COML. BAN K S 14 15 16 17 18 19 20 21 3.2 -1.1 -.1 4.4 -.1 3.4 -.5 -.1 3 .9 1.2 7.0 .4 .2 6.3 -.3 10.6 4.5 * 6.2 -.4 7.6 2.0 .3 5.2 -1.7 10.8 5.9 -.6 5.5 .9 13.4 6.4 -.6 7.6 -.2 10.8 3.5 .7 6.6 -.8 6.5 — .8 -.4 7.6 1.1 17. 1 15.7 .7 .8 -.3 14.6 1.4 -.1 13.3 .1 17 IB 19 20 21 1 MONETARY II III IV I III AUTHORITY COMMERCIAL BANKING .2 C U R R E N T SURPLUS CREDIT MARKET INSTRUMENTS U.S. G O V E R N M E N T SECURITIES TREASURY SECURITIES AGENCY ISSUES ACCEPTANCES BANK LOANS N.E.C. MISCELLANEOUS ASSETS OEMAND DEPOSITS + CURRENCY D UE TO U . S . G O V E R N M E N T DUE TO R EST OF T HE WORLD CURRENCY OUTSIDE BANKS MISCELLANEOUS LIABILITIES 1 2 3 4 5 6 7 8 9 10 11 12 13 (1) 1 2 3.3 2.6 3.4 3.0 2.4 3.8 2. 2 4* & 3.1 4.4 2.0 4. 5 1.7 4.6 2.0 4.8 2. 9 4.8 2 .5 4.8 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 2.2 ♦ -7.4 -13.9 20.4 17.0 3.4 42.3 * 41.6 40.8 46.7 45.0 1.7 22.1 .2 33.0 42.3 41.2 40.5 .7 69.7 .2 50.5 41. 1 12.3 12.6 -.3 41.5 .1 19.6 15.0 20.7 20.2 .5 64.9 .1 30.7 29.3 13.7 17.8 -4.1 18.4 NET ACQ. O F F I N A N C I A L ASSETS .1 DEMAND DEPOSITS ♦ CURRENCY 55.7 TOTAL BANK CREDIT 49.3 CREDIT MARKET INSTRUMENTS 1 8.8 U.S. GOVT. S E C U R I T I E S 18.6 DIRECT AGENCY ISSUES .2 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 2.4 -2.5 2.5 2.4 12.3 7.1 2.4 2.8 4.3 .2 1.0 3.0 12.1 1.9 1.2 9.0 4.7 -7.7 1.4 10.9 21.3 9.7 1.1 10.5 15.3 5.1 1.2 9.1 O T H E R S E C U R I T I E S ♦ MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES 10 11 12 13 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 -36.7 -1.7 -37.7 2.7 -18.3 -.5 -17.6 -. 2 -3.2 5.6 -7.3 -1.5 16.6 6.4 4.9 3.4 -10.3 4.9 -13.3 -2.0 -5.8 6.9 -10.4 -2.3 15.2 8.4 .7 6.1 O T H E R CR. E X C L . S E C U R I T Y CONSUNER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER 14 15 16 17 18 19 .1 4.8 .2 -3.4 .1 -2.4 - _ _ - - _ 1.9 6.5 .8 -9.3 9.5 4.6 1.4 6.4 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 10.0 -15.3 14.8 -9.0 -1.6 11.2 -2.2 -11.9 3.0 4.3 5.9 8.7 -.3 5.0 17.1 12.0 3.8 18.3 -11.7 -12.4 -13.2 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 1.2 -24.7 -.8 -23.9 41.5 48.5 — 6.1 54.6 20.6 .8 -1.1 1.9 65.3 -2.8 1.3 -4.1 39.3 5.7 .8 4.9 64. 1 15.4 6.2 9.2 18. 1 -11.8 1.8 -13.6 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 26.7 -20.3 46.3 .8 5.6 .6 -15.3 12.5 -25.4 37.4 .5 -1.7 -.7 -1.6 30.4 9.6 20.2 .5 -.5 -2.5 -11.9 50.9 -4.5 55.1 .4 3.4 2.4 5.9 12.1 -41.9 57.4 -3.4 -1.7 -2.0 5.0 11.6 -7.5 18.8 .4 5.8 1.0 3.8 33.9 -18.9 52.7 .2 -6.1 -6.5 -12.4 34 35 36 37 38 39 1.2 5.2 1. 1 .7 2.5 .8 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 7.4 1 -4 2.5 5 .7 -2.2 1.0 3.4 .2 -.7 3.4 .4 1.0 -6.2 .2 * -1.8 -4.6 1. 0 -1.9 -1.1 -.6 -5.3 5. 1 1.0 11.0 .1 -. 9 15.0 -3.2 1.0 4.0 .3 -1.7 5. 2 .2 1.0 12.7 .1 -.5 14.8 -1.8 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 -.2 .1 -9.8 9.9 -.6 -19.2 -5.6 -13.6 -.4 10.1 7.7 2 .4 * 6.4 2.9 3.5 -.9 9. 1 -1.0 10.1 1.4 20.2 5.0 15. 3 -.4 7. 8 -.5 8.2 44 -1.2 -2.6 -3.9 -4.3 -2.4 -3.3 -4.4 -7.1 -4.1 -3.1 -3.1 - _ 2.1 C U R R E N T S U R P L U S 4.9 PLA N T ♦ E Q UIPMENT CORPORATE EQUITIES SECURITY CREDIT V A U L T C A S H ♦ MEM. BANK RES. OTHER INTERBANK CLAIMS MISCELLANEOUS ASSETS NET I N C R E A S E I N L I A B I L I T I E S DEMAND DEPOSITS* NET . U.S. GOVERN M E N T OTHER 111/76 BASED ON INCOMPLETE INFORMATION. 3 4 5 6 7 8 9 18 19 20 21 22 23 24 25 26 TIME DEPOSITS LARGE NEGOTIABLE CD*S O T H E R AT C O M M E R C I A L BANKS AT F O R E I G N B A N K I N G A G S . F .R. F L O A T B O R R O W I N G AT F . R . B A N K S OTHER INTERBANK CLAIMS 27 28 29 30 31 32 33 CORPORATE EQUITY ISSUES C REDIT MARKET DEBT CORPORATE BONDS OPEN-MARKET PAPER F E O E R A L F U N D S ANO RP»S B A N K L O A N S N E C T O F G N A GS. 34 35 36 37 38 39 PROFIT T A X E S PAYABLE MISCELLANEOUS LIABILITIES LIAB. TO FGN. AFFIL I A T E S OTHER 40 41 42 43 DISCREPANCY (1) C O N S I S T S O F C H A R T E R E D C O M M E R C I A L B A N K S * T H E I R D O M E S T I C A F F I L I A T E S * E D G E A C T C O R P O R A T I O N S * A G E N C I E S OF F O R E I G N B A N K S * A N D B A N K S IN U . S . POSSESSIONS. EDGE ACT C O R P O R A T I O N S AND AG E N C I E S OF F O R E I G N B A N K S A P P E A R T O G E T H E R IN T H E S E T A B L E S AS " F O R E I G N B A N K I N G A G E N C I E S . " BILLIONS OF DOLLARS. 1 2 44 NOVEMBER 10* 1976 COMMERCIAL BANKING SUBSECTORS 18 UNADJUSTED NET FLOWS U COMMERCIAL BANKING SUBSECTORS SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING UNADJUSTED NET FLOWS ($ MILL.) MILL.) 1975 II IV 111 1976 II I | III I 1967 BILLIONS OF DOLLARS 1968 1969 1910 COMMERCIAL BANKS 780 1.109 537 1.115 468 1.156 423 1.196 73 2 1.190 670 1.209 561 1.225 2.4 1.0 3.1 1.3 3.8 1.8 3.3 2.1 2.5 2.2 1 2 -7.244 -13.176 -12.304 4.270 3.799 47 1 13.269 16.765 15.696 9.091 *8.5 1 5 576 7.065 3.204 6.772 8.590 8.414 176 23.776 24.478 19.044 8.366 8.015 351 -856 -7.402 -5.698 4.832 5.255 -423 18.341 13.660 12.429 691 1.599 -908 9.240 9.642 9.439 2.184 2.037 147 39.8 36.8 35.3 9.3 6.3 3.0 43.5 39.5 38.2 3.3 2.0 1.3 1 3.6 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 -256 -654 625 -227 3.444 1.745 620 1.079 1.603 20 271 1.312 2.767 536 261 1.970 203 -1.910 284 1.829 5.785 2.398 286 3.101 4.437 1.243 294 2.900 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 9 1-2 .8 10 i * z 11 Hi. 6 12 OTHER CR. EXCL. S ECURITY -16.318 -2.123 CONSUMER CREDIT -14.631 B A N K L O A N S N.fc.C. OPEN— MARKET PAPER 436 SECURITY CREDIT . -672 3.161 1.002 2.174 -15 1.069 -3.421 2.294 -4.883 -832 -3.568 7.911 -10.733 -719 1.773 4.629 -9.347 1.509 —667 -1.704 5.434 5.953 2.979 3.532 -558 1.231 2.818 3.077 -1.282 1.023 203 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 .1.854 3.516 -1.662 -5.920 -4.939 -981 3.587 4.465 !— 8 7 8 -1.590 -2.235 645 1.495 1.072 423 715 70 645 1.182 2.597 -1.415 1.8 1.8 * 2.1 2.0 * .3 •1 2.0 1.8 .2 4.078 2.424 i 274 888 5.051 3.966 -1.584 1.3 1. 9 1.2 1. 3 22.310 15.058 -66 1*5.124 -920 -14.133 -684 -13.449 17.259 7.071 2.220 4.851 9.957 -6.020 1.190 -7.210 .. 3 8 . 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 11.932 6.875 -1.134 -10.481 13.066 .17.356 3.380 -1.870 5.250 5.620 -4.734 10.354 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 26 8.7 27 3 2 . 4 28 .6 2 9 .9 ;30 !*o- 31 * 32 1 CURRENT SURPLUS 2 PLANT ♦ EQUIPMENT 3 N E T ACQ. OF F I N A N C I A L A S S E T S 4 TOTAL BANK CREDIT CREDIT MARKET INSTRUMENTS 5 U.S. G O V T . S E C U R I T I E S 6 DIRECT 7 AGENCY ISSUES 8 9 10 11 12 13 14 15 16 17 OTHER S E C URITIES ♦ MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES 18 19 20 INTERBANK CLAIMS V A U L T CASH ♦ MEM. BK. d e p . at f g n . Na n k i n g 21 MISCELLANEOUS ASSETS RES. ags. 22 N E T I N C R E A S E IH L I A B I L I T I E S . DEMAND DEPOSlTSv.NET 23 U.S. GOVERN M E N T 24 25 OTHER 26 27 28 T IME D E P O S I T S LARGE NEGOTIABLE OTHER 29 30 31 32 CORPORATE EQUITIES CORPORATE BONOS SECURITY R.P.'S PROFIT TAXES PAYABLE CD'S -6*9.517- .1 2 . 1 8 2 13.254 -20.265 -833 -657 -19.408 14.087 7.462 -2.590 \ 63 -2.653 * '9.234 -5.084 14.318 3.419 -6.342 9.761 5.007 2.412 2.595 250 36 0 1.424 175 250 50 847 -500 : 250 :■ 50 -452 , o 2 50 -271 -1.337 0 250 31 3.746 0 250 68 1.290 0 250 37 3.706 0 * .3 -.3 -.1 -.1 .3 .6 -.1 * -.2 2.6 ; .1 .1 .1 -2.2 .3 19.4 7.4 11 . 7 .3 .8 13 14 15 16 17 4 . 0 18 4 . 1 19 -.1 20 1 . 5 21 22 23 24 25 33 34 35 36 37 38 39 INTERBANK LIABILITIES F.R . F L O A T B O R R O W I N G AT F . R . B A N K S ^ D E M . D E P . OF F G N . BK . A G S . T I M E D E P . O F F G N . BK. A G S . LOANS FROM AFFILIATES L O A N S F R O M F G N . BK . A G S . -1.482 162 514 -3.107 26 0 923 -37 -372 -252 1.668 -139 0 -942 -642 1 615 841 - 2 .91 4 48 0 768 939 1.282 -1.173 1.680 -31 0 -819 -918 -1.578 -175 162 32 cr .641 2.031 1.467 260 714 -14 0 -396 -2.351 -673 10 -1.534 -24 0 -130 .9 * * .9 — .1 1.7 1.0 * .7 — — * 1.5 * * * .8 )i .6 .1 2.5 .8 .2 1.2 .1 .1 .1 40 41 42 MISCELLANEOUS LIABILITIES L I A B . TO F O R E I G N B R A N C H E S OTHER 3.307 -2.075 5.382 -5.101 -39 -5.062 5.839 i 421 5.418 -4.261 1.776 -6.037 3.229 -929 4.158 3. 169 523 2.646 8.715 1.010 7.705 1.6 .2 1.4 6.5 1 .8 4.7 12.5 6.8 5. 8 -7.2 -7.2 # -3.1 40 -4.8 41 1. 6 42 -82 -1.665 '— 291 -2.239 -522 -1.621 53 -.3 -.1 -.2 -.4 - 1 . 3 43 4.5 3.9 .6 -.9 -1.0 .1 .2 -.1 .3 1 2 3 4.5 4.3 -.9 -1.9 1.1 .2 .6 4 5 6 43 D I S C R E P A N C Y 00MEST1C A F F I L I A T E S OF C O M M E R C I A L _ -224 -224 0 -10 -10 0 -171 -171 0 -121 -121 0 -141 -141 0 257 257 0 -571 -571 0 — “ — 4 NET INCREASE IN L I A B I L I T I E S 5 COMMERCIAL PAPER ISSUES MISCELLANEOUS LIABILITIES 6 -224 6 22 -846 -10 -163 15 3 -171 7 -178 -121 -144 23 -141 -227 86 257 -420 677 -571 -113 -458 ” - 1 N E T ACO. OF F I N A N C I A L ASS E T S CREDIT M A RKET INSTRUMENTS 2 U.S. G O V E R N M E N T S E C U R I T I E S 3 4 STATE ♦ LOCAL O B L I G A T I O N S CORPORATE BONDS 5 B ANK LOANS N.E.C. 6 7 O PEN-MARKET PAPER 8 9 10 11 12 13 CORPORATE EQUITIES SECURITY CREDIT D E M . D E P O S I T S AT C O M L . TIME D E P O S I T S AT C O M L . LOANS TO B A N K S MISCELLANEOUS ASSETS BANKS BANKS 14 N E T I N C R E A S E IN L I A B I L I T I E S 15 D E M A N D D E P . IN M O N E Y S T O C K 16 TIME DEP O S I T S 17 DEPOSITS OF BANKS 18 LOANS FROM BANKS 19 20 21 MISCELLANEOUS LIABILITIES DUE TO FOR E I G N A F F I L I A T E S OTHER 1 N E T ACQ. O F F I N A N C I A L AS S E T S 2 DEMAND DEPOSITS + CURRENCY 3 CREDIT MARKET INSTRUMENTS 4 U.S. G O V E R N M E N T SEC U R I T I E S 5 STATE ♦ LOCAL OBLIGATIONS 6 CORPORATE BONOS 7 HOME MORTGAGES 8 COMMERCIAL MORTGAGES 9 MISCELLANEOUS ASSETS 2.2 | .4 * -.1 ♦ .4 1. 9 1.3 9 * — 1.3 “ 8.7 2.7 -.1 .2 ♦ 2.6 — 1.2 .1 2 -42 —■ .5 — 1 2 3 4 5 6 7 .1 — .9 .1 -.6 .1 .7 ♦ 1.1 ♦ — .8 .1 -.5 .1 — 1.2 .1 .1 4.5 ♦ 1.3 ♦ .1 -.4 8 9 10 11 12 13 -4.399 -751 44 -1.415 -461 .8 .1 .1 ♦ * 2. 2 1.1 .2 ♦ .1 1.9 * .2 .1 .2 8.7 4.2 .4 .2 .1 i; 2 14 .2 15 .3 16 - . 1 17 1.6 18 -1.816 -1.123 -693 .6 .5 .1 .8 .5 .3 1.5 1. 2 •3 3.8 .2 3.6 1.9 .7 2 0 — 1.4 21 .5 .1 .1 9 * * .1 * .3 .5 .1 .3 .2 ♦ * .1 .5 .5 10 -1.598 j 124 ) -60 “2 -13 19 9 0 2.060 -26 31 -92 27 8 0 -600 -501 99 -26 53 -627 0 926 68 199 0 -10 -121 0 -4.399 -719 -206 3 -5 -511 0 .8 .4 .1 .1 ♦ .1 - o’ -259 -3.107 26 923 -553 0 -39 1.668 -139 -942 198 0 21 -2.914 48 76 8 35 5 0 95 1.680 -31 -819 1.161 o 27 162 32 641 -961 0 123 714 -14 -396 431 0 -75 -1.534 -24 -130 -1.917 -4.233 -1.455 19 3 -1.662 -557 418 2.006 . 121 -981 104 -1.598 -645 1 25 -878 -1.153 2.060 81 91 645 1.269 -600 -164 -843 423 -812 926 -107 90 645 50 -752 -363 -389 -832 -1.361 529 953 1.499 -546 -26 -1.045 1.019 796 686 110 248 715 -467 B A N K S IN U . S . 250 8 76 29 25 -3 - 36 61 16 6 250 10 N E T I N C R E A S E IN D E P O S I T L I A B . http://fraser.stlouisfed.org/ 111/76 BASED ON PRELIMINARY AND INCOMPLETE Federal Reserve Bank of St. Louis :«2 FOREIGN BANKS 418 -328 36 18 -14 -370 0 -4.233 -1.263 -260 12 ** -1.022 0 POSSESSIONS 254 8 65 20 12 3 15 15 181 27 5 47 114 13 38 3 8 52 114 28 1 49 11 0 9 37 3 7 54 122 275 26 60 3 23 2 10 22 189 275 25 62 5 25 2 10 20 188 273 25 56 0 25 1 10 20 19 2 .3 .1 .1 * * * .1 9 .1 .3 ♦ .1 9 9 • 9 9 .1 1.1 9 .2 9 * 9 * •1 .9 254 27 5 281 275 275 273 .3 .3 1.1 INFORMATION. 33 34 35 36 37 36 39 BANKS I NET ACQ. OF F I N A N C I A L A S S E T S BANK LOANS N.E.C. 2 LOANS TO AFFILIATE BANKS 3 EDGE AC T C O R P O R A T I O N S A N D A G E N C I E S OF 1.6 .1 -.3 1. 3 * .3 .1 f .1 1 2 3 4 5 6 7 8 9 NOVEMBER 10, 1976 COMMERCIAL BANKING SUBSECTORS COMMERCIAL BANKING SUBSECTORS 19 SUBSECTOR SEASONALLY ADJUSTED ANNUAL 1972 1973 STATEMENTS FOR C O M P O N E N T GROUPS IN C O M M E R C I A L RATES 1974 BANKING SEASONALLY ADJUSTED ANNUAL 1975 I | 197 5 I II III | I IV I 1976 II RATES COMMERCIAL BANKS 1 2 3.3 2.6 3.4 3.0 2.4 3.8 2.2 4.6 3 .1 4.4 2.0 4.5 1. 7 4.6 2.0 4.8 2.9 4.8 2.5 4.8 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 19.0 -.7 -8.2 21.3 17.3 4.0 39.6 42.8 41.8 46.5 44.8 1.6 28 . 1 32.6 42.0 41.4 40.5 .9 60.6 50.3 41.2 12.1 12 . 4 -.2 43.4 21.8 17.3 20.3 19.6 .5 59.1 28.6 27.7 12.9 17 . 2 -4.3 3 7 . 2 N E T ACQ. O F F I N A N C I A L A S S E T S 60.9 TOTAL BANK CREDIT 54.2 CREDIT MARKET INSTRUMENTS 19.6 U.S. GOVT. S E C U R I T I E S 19.2 DIRECT .4 AGENCY ISSUES 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 1.6 4.1 2. 2 -2.6 2.5 2.3 12.1 7.0 2. 5 2.7 4.0 .1 1.1 2.8 12.0 2.1 1. 0 8. 8 4.3 -7.6 1.1 10.8 21.2 9.6 1.1 10 . 4 15.1 5.0 1.2 8.9 OT H E R SECURITIES ♦ MTGS. ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES 9 10 11 12 13 14 15 16 17 37.6 10.8 26.9 -.2 4.7 56.5 11.6 4 6 .2 -1.3 -3.0 38.4 3.6 32.0 2.2 -2.4 -8.7 2.9 -12.7 1.1 2.1 -31.7 -1.7 -32.7 2.7 7.5 -16.7 -.5 -16.0 -.2 1.0 -3.4 5.6 -7.5 -1.5 -9.3 17-1 8.4 5.3 3.4 9.1 -7.3 4.9 -10.2 -2.0 4.5 -6.3 6.9 -10.9 -2.3 .9 19.5 8.4 5.0 6.1 6.7 OTHER CR. EXCL. SECURITY CONSUMER CREDIT BANK LOANS N.E.C. O PEN-MARKET PAPER SECURITY CREDIT 13 14 15 16 17 18 19 20 1.5 -1.0 2.5 5.8 3.5 2.3 2.9 -.3 3.1 -2.1 .8 -2.9 3.4 10.0 -6.6 -12.9 -9.0 -3.9 -5.7 -2.2 -3.5 6.9 4.3 2.6 1.4 -.3 1.7 14.6 12.0 2.6 -17.4 -11.7 -5.7 -6.3 2.1 4.9 CURRENT SURPLUS PLANT * EQUIPMENT 1 2 3 4 5 6 7 8 INTERBANK CLAIMS 18 V A U L T C A S H ♦ M E M . B K . R E S . 19 D E P . A T FGN. B A N K I N G A G S . 20 21 2.3 4.9 ,12.8 7.7 16.3 9.7 1.1 3.6 20.2 15.9 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 16.0 -18.9 -.8 -18.1 38.8 40. 5 -6.1 46.6 26.6 3.3 -1.1 4.4 56.4 -3.1 1.3 -4.4 41.1 6. 4 .8 5.5 58.3 15.8 6.2 9.6 3 6 . 9 NET I N CREASE IN L I A B I L I T I E S -8.8 D E M A N D D E P O S I T S . NE T 1. 8 U.S. G O V E R N M E N T -10.6 OTHER 22 23 24 25 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 25.9 -20.3 46.3 12. 0 -25.4 37.4 29.9 9.6 20.2 50.5 -4.5 55.1 15.5 -41.9 57.4 11.3 -7.5 18.8 33.7 -18.9 52.7 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER 26 27 28 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 1. 4 5.7 -.2 1.0 .2 3.4 — .6 1. 0 .2 -1.8 -.4 1.0 -1.1 -5.3 ♦ 1.0 .1 15.0 -.9 1.0 .3 5.2 1.4 1. 0 .1 14.8 -.4 CORPORATE EQUITIES C O R P ORATE BONDS SECURITY R.P.»S PROFIT TAXES PAYABLE 29 30 31 32 33 34 35 36 37 36 39 .5 -.4 1 .9 -1.2 .3 -.4 .2 2.1 -.9 -.7 2.6 .1 -.4 1.4 1.9 -l.l -1.0 4.3 .1 -.2 -.2 -1.2 1.7 -.1 -2.7 -.1 -.1 -2.4 5.6 .6 -12.4 .1 3.7 -.1 -1.7 -.7 6.7 -.6 -3.8 -11. 5 -.5 -2.5 -11.7 .2 3.1 9.1 3.4 2.4 6.7 -.1 -3.3 -.4 -1.7 -2.0 .6 .1 2.6 8.0 5. 8 1.0 2.9 -.1 -1.6 -19.4 -6.1 -6.5 -6.1 -.1 -.5 INTERBANK LIABILITIES F.R. FLOAT B O R R O W I N G AT F.R . B A N K S D E M . D E P . OF F G N . 6K. A GS. T I M E D E P . OF F G N . BK . AGS. LOANS FROM A FFILIATES L O A N S F R O M F G N . BK. AGS. 33 34 35 36 37 38 39 40 41 42 3.4 .5 2.9 12.2 .4 11.8 12.4 2.2 1 0.1 -.2 .1 -.3 5. 5 -8.3 13.8 -17.5 -.2 -17.4 5.9 1.7 4.2 5.3 7 .1 -1.8 4.5 -3.7 8.2 15.4 2.1 13.3 15.8 4.0 11.7 MISCELLANEOUS LIABILITIES LIAB. TO FOREIGN BRANCHES OTHER 40 41 42 43 -1.2 -2.6 -3.9 -4.3 -3.3 -4.4 -7.1 -4.1 -3.1 -3.1 DISCREPANCY DOMESTIC -2.4 AFFILIATES 1 2 3 -.6 -.2 -.4 1.3 1.7 -.4 .7 .9 -.2 -.5 -.5 “ -.9 -.9 - 4 5 6 -.6 .7 -1.3 1.3 2.2 -1.0 .7 3.5 -2.7 -.5 .3 -.8 -.9 2.5 -3.4 EOGE OF COMMERCIAL -.5 -.5 -.6 -.6 1.0 1.0 - -2.3 -2.3 NET ACQ. OF F I N ANCIAL ASSETS BANK LOANS N.E.C. L O A N S TO A F F I LIATE BANKS 1 2 3 * -.7 .6 -.7 ♦ -.7 -.5 -.6 .1 -.6 -.9 .3 1.0 -1.7 2.7 -2.3 -.5 -1.8 N E T I N C R E A S E IN L I A B I L I T I E S COM M E R C I A L PAPER ISSUES MISCELLANEOUS LIABILITIES 4 5 6 -2.4 -2.0 .4 -.1 .2 -2.5 3.7 .3 .8 * -.5 - BANKS 9.9 3-9 .1 * ♦ 3.7 11.6 5. 0 .1 * * 4.9 -3.4 -1.5 -.3 -.1 * -1.2 8 9 10 11 12 13 .1 .1 -1.2 .3 .2 * .2 -.4 2.6 .1 1.4 2.1 .1 * 4.3 .1 -.2 2.4 -.2 -2.7 -.1 -.1 1.2 _ -1.0 -12.4 .1 3.7 -2.2 -.2 6.7 -.6 -3.8 .8 .1 -11.7 .2 3.1 1.4 .4 6.7 -.1 -3.3 4.6 .1 .6 .1 2.6 -3.8 .5 2.9 -.1 -1.6 1.7 _ -.3 -6.1 -.1 -.5 -7.7 14 15 16 17 18 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 ♦ .5 -2.9 -.3 -16.9 -5.8 •8 -6.6 -2.2 1.7 8.0 .5 -3.9 .4 -6.4 -2.6 .5 -3.5 -4.6 6.2 .3 .4 2.6 5 .1 -2.4 -.7 -3.4 1.7 -3.2 3.7 -.4 .4 2.6 .2 -17.6 -3.0 .2 -5.7 -1.8 19 20 21 1.6 .4 1.1 1.5 .7 .8 4.2 2.4 1.6 -.7 -1.3 .6 -3.0 -1.5 -1.6 -3.3 -5.4 2.1 3.8 6.0 -2.2 -.1 -4.2 4.1 3.2 2.7 .4 1.0 2.9 -1.9 -7.3 -4.5 -2.8 1 2 3 4 5 6 7 8 9 .5 .2 .3 .2 .1 * * * • .5 .3 .1 -. 1 .1 ♦ # .1 .1 .1 -.2 .5 -.2 .2 * .1 .4 -.2 10 FRASER .5 .5 .1 Digitized for http://fraser.stlouisfed.org/ BILLIONS OF DOLLARS. 111/76 Federal Reserve Bank of St. Louis 43 -.7 -.7 1.2 1. 7 .3 * .3 1.1 BANKS 21 * * ~ 1 2 3 4 5 6 7 - ASSETS BANKS A C T C O K P O R A T I O N S A N D A G E N C I E S OF F O R E I G N -16.9 -5.1 -1.0 ♦ * -4.1 MISCELLANEOUS 1.7 -1.3 .2 .1 -.1 -1.5 - -6.4 .5 -.2 ♦ - .1 .8 - 8.2 -.1 .1 -.4 .1 • _ _ - 1 7 . 6 NET ACQ. O F FINANCIAL ASSETS -2.9 CREDIT MARKET INSTRUMENTS -.8 U.S. G O V E R N M E N T SE C U R I T I E S ♦ STATE ♦ LOCAL OBLIGATIONS * CORPORATE BONDS -2.0 BANK LOANS N.E.C. OPEN-MARKET PAPER CORPORATE EQUITIES SECURITY CREDIT D E M . D E P O S I T S AT C O M L . B A N K S T I M E D E P O S I T S AT C OML. B A N K S LOANS TO BANKS M I S C E L L A N E O U S ASSETS NE T I N C R E A S E I N L I A B I L I T I E S D E M A N D D E P . IN M O N E Y S T O C K TIME DEPOSITS DEPOSITS OF BANKS LOANS FROM BANKS MISCELLANEOUS LIABILITIES DUE TO FOREIGN AFFILIATES OTHER 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 IN U..S. P O S S E S S I O N S 1.1 .1 .4 .1 .1 * * .2 .6 1.0 * .3 .1 .1 * -.1 .2 .7 1.0 * .3 .1 * • .1 .1 .7 1.1 .2 .5 .1 .2 * * .2 .5 1.1 .2 mH * .1 * * .2 .5 .1 .2 * .1 * • .1 .8 1. 1 .1 .2 ♦ .1 * * .1 .8 1.1 N E T A C Q . O F F I N A N C I A L A S S E T S .1 DEMAND DEPOSITS ♦ CURRENCY CREDIT MARKET INSTRUMENTS .2 — U.S. GOVERNMENT SECURITIES .1 STATE ♦ LOCAL O B L I G ATIONS * CORPORATE BONDS * HOME MORTGAGES COMMERCIAL MORTGAGES .1 .8 MISCELLANEOUS ASSETS 1.1 1.0 1. 0 1.1 1.1 1.1 1.1 1.1 BASED ON INCOMPLETE INFORMATION. NET INCRE A S E IN D E P O S I T LIAB. 1 2 3 4 5 6 7 8 9 10 N O V E M B E R 10, 1 9 7 6 NONBANK FINANCE SUMMARY 20 NONBANK FINANCE SUMMARY PRIVATE NONBANK FINANCIAL INSTITUTIONS UNADJUSTED NET FLOWS (S M I L L . ) UNADJUSTED NET 1975 I II III IV | 1 1 PRIVATE NONBANK C St $ P urrent surplus hysical investment S tfET A C Q . O F F I N A N C I A L A S S E T S DEMAND DEPOSITS ♦ CURRENCY % TIME * SVGS. ACC O U N T S £ ft * 8 9 10 H 12 13 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES ST.+LOC. OBLIGATIONS CORPORATE ♦ FOREIGN BONDS MORTGAGES CONSUMER CREDIT OTHER LOANS I* 15 16 SECURITY CREDIT TRADE CREDIT M I S C E L L A N E O U S ASSETS 17 MET I N C R E A S E I N L I A B I L I T I E S TIME + S A VINGS ACCOUNTS 16 19 I NSURANCE ♦ PENSION R ESERVES 20 C O R P O R A T E E Q U I T Y I S S U E S (1) 21 22 23 24 25 26 27 28 CREDIT MARKET INSTRUMENTS C O R P O R A T E BONDS MORTGAGE LOANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER MONEY MARKET FUND SHARES FHLB LOANS 29 30 31 SECURITY CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 32 D I S C R E P A N C Y (I) INCLUDES 10 11 12 13 14 15 16 17 18 SURPLUS CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOV T . SECUR I T I E S S T A T E A N D L O C A L G O V T . SEC . C O RPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL FARM CONSUMER INSTALMENT CREOIT CONSUMER NONINSTAL. CREDIT M O N E Y M A R K E T INSTR. MISCELLANEOUS ASSETS 19 N E T I N C R E A S E I N L I A B I L I T I E S 20 SAVINGS ACCOUNTS 21 C R. M K T . I N S T R . ( S V G S + L N ) 22 PRO F I T TAX LIABILITY 23 MISCELLANEOUS LIABILITIES 24v D I S C R E P A N C Y 111/76 BASED 1967 ($ M I L L . ) BILLIONS OF OOLLARS 196B 1969 1970 1 971 INSTITUTIONS - TOTAL 1.033 1.501 990 1.268 866 1.346 858 1.088 1.102 62 2 1.126 1.002 1.4 .6 •6 i.i .1 1. 2 2.2 1.2 4.8 1. 8 1 2 25.767 538 5.034 29.664 -507 -724 22.790 -166 333 32.067 1.350 -372 36.035 -153 822 32.033 -535 -1.047 28.486 433 -2.132 43.1 .5 •6 53.0 .7 * 48.5 -.4 *•6 56.1 •4 1.1 85.1 .7 2.4 3 4 5 1.358 16.758 3.934 1.059 6.895 3.074 -1.454 3.250 2.276 26.026 8.122 706 5.443 9.031 826 1.898 862 21.457 3.586 1.628 3.571 9.423 2.577 672 3.817 24.236 6.711 2.248 7.636 8.321 2.337 -3.017 2.928 30.144 7.694 2.227 7.343 8.265 -10 4.625 1.985 29.285 2.374 2.605 5.117 13.614 2.962 2.613 2.482 26.143 1.308 1.791 5.964 12.973 3.021 1.086 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 5 9.1 • 4.4 13 . 7 32.3 3.5 5.2 6 7 8 9 10 11 12 13 544 162 1.373 1.296 177 1.120 -884 167 1.0 2 1 1.524 142 1.370 832 100 1.362 1.072 100 1.173 520 100 940 3.2 .3 2.0 2.8 .3 1. 5 -3.5 .4 .9 -1.3 •5 2.9 2 . 6 14 .3 15 2 . 2 16 25.810 18.438 9.200 583 31.899 18.471 9.411 -447 22.868 10.478 9.861 -226 32.609 12.399 11.520 269 35.590 22.519 11.972 551 31.235 15.415 10.852 -680 27.318 13.270 11.009 -398 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 8 2 . 1 17 4 0 . 5 18 24.4 19 2.9 20 -5.114 964 31 87 -3.288 -509 1.241 -3.640 806 57 1.171 91 488 319 41 -1.361 1.768 1.394 682 123 -493 -656 39 679 1.999 294 59 65 -316 1.589 -55 363 -2.073 661 192 96 -1.287 379 -26 -2.088 2.125 2.132 1.085 98 -399 26 -334 -483 -113 655 289 91 -2.506 625 -55 7 88 -1.1 .4 1.0 5.8 •2 .2 .2 1.4 2.9 12.6 1.0 * .2 1.3 6.0 5.2 2 *6 •6 •i -.i _ • -2.5 .9 4.0 1.3 21 22 23 24 25 26 27 - 2 . 7 28 -497 295 2.905 1.061 -340 2.937 -2.707 195 3.499 4.299 28 2.095 -1.106 403 3.324 743 -207 2.987 48 307 3.195 3.2 -.1 4.7 3.5 .2 5.7 -3.0 .1 6.4 1. 0 .2 7.1 1.1 2 9 -.1 30 8.8 31 -267 1.767 -200 62 -675 -318 -1.044 2.0 -.1 .5 1.9 * 32 - -2.0 2.0 - _ 4.5 2.9 2.0 .1 1 .9 .3 INVESTMENT C O MPANY SHARES. 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS ♦ CURRENCY 4 TIME D E P O S I T S 5 *> 7 8 9 FINANCIAL III FLOWS I 1 888 1.198 SAVINGS 1 CURRENT 1976 II ON PREL I M I N A R Y AND INSTITUTIONS COMBINED 579 598 613 621 617 623 6 29 1 .0 1.3 1.6 1.5 1.9 1 14.813 550 4.845 18.648 -554 -465 13.803 210 5 79 13.017 563 140 21.822 469 2.044 17.607 -972 -566 16.257 1 95 -1.560 16.3 -.2 .3 15.6 -.4 -.1 14.0 -.2 “*•6 20.8 * 1.0 43.3 -.2 2.8 2 3 4 61 8.310 1.808 540 1.221 82 18.905 5.856 231 1.388 6 12.424 634 404 347 12 11.350 3.722 50 590 5 18.170 3.767 323 1.131 21 18.464 1.758 459 663 31 16.660 -447 88 470 .2 15.0 1.5 * 2.1 .3 15.4 •6 .i 1. 3 .2 14.6 -.4 * .3 .3 17.4 1.3 * 1.2 .5 39.1 3.4 .2 3.9 5 6 7 8 9 3.428 2.580 280 570 -2 9.582 7.493 785 1.312 -8 10. 2 5 4 7.750 828 1.674 2 8.885 6.566 710 1.604 5 8.474 7.068 514 889 3 14.028 11.317 1.029 1.681 1 13.686 11.252 945 1.488 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 2.2 1.5 * 27.6 18.3 5.3 4. 1 -.1 10 11 12 13 14 290 41 982 1.047 973 —8 883 680 1.400 2 -617 584 759 -22 -2.634 952 1.015 93 3.367 1.134 1.812 -24 -232 660 1.868 41 954 931 .9 * * 1.0 1.5 .1 .2 .5 2.0 « .5 -.1 1.4 ♦ 1.8 2.0 1.9 .1 1.9 1. 1 15 16 17 18 14.417 18.438 -4.460 44 395 18.101 18.471 -313 2 -59 13.146 10.478 1.901 38 729 12.435 12.399 769 35 -768 21.140 22.519 -2.322 66 877 16.815 15.415 1.078 23 299 15.348 13.270 1.180 59 839 15.6 16.8 -1.7 * .5 14.5 12.8 1.1 ♦ .5 12.6 7.9 4.1 * .6 19.6 17.0 1.6 * .7 41 .6 40.5 -.1 .1 1.1 19 20 21 22 23 183 51 -44 39 -65 -169 -280 .3 .1 .3 .4 INCOMPLETE INFORMATION. .2 2 4 NOVEMBER 10, 1976 NONBANK FINANCE SUMMARY NONBANK FINANCE SUHHARY 21 PRIVATE NONBANK FINANCIAL INSTITUTIONS SEASONALLY 1972 ADJUSTED ANNUAL 1973 1974 SEASONALLY ADJUSTED ANNUAL RATES 1975 I PRIVATE NONBANK 1 II FINANCIAL 111 IV I I II III I N S T I TUTIONS - TOTAL 4. 1 C U R R E N T S U R P L U S 4.0 P H Y S I C A L I N V E S T M E N T 1 2 5. 0 2. 0 4.8 2.0 4.4 2.6 3.8 5.3 4.2 4.8 3.7 6.0 3.5 5.1 3.8 5.4 4.0 4.4 4.0 2.5 3 4 5 105.6 1.1 1.7 90.6 .8 -.2 75.9 .7 4. 6 110.3 1.2 4.3 109.6 -.3 16.6 109.3 .7 -3.0 106.4 -.5 4.9 115.8 4.9 -1.7 150.6 -4.2 -.8 116.5 1. 4 -4.2 1 3 1 . 0 N E T A C Q . OF F I N A N C I A L A S S E T S DEMAND DEPOSITS ♦ CURRENCY 1.6 TIME ♦ SVGS. A C COUNTS -3.8 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 4.6 10.9 8.3 88.5 22.4 5.6 23.5 29.8 4.3 2.8 10.9 74.7 12.2 4.3 32.8 17. 2 1.6 6.6 7.5 93.9 32.7 2.8 19.4 28.3 1. 3 9.4 5. 9 94.4 19.5 6.5 17.8 38. 1 7.6 5.1 8.9 91.0 2 5.1 9.0 24.2 35.8 6.7 -9.9 17.3 130.0 27.4 9.0 34.6 38.3 8.7 12.0 6.0 104.1 9.0 10.3 17.7 45.3 9. 1 12.7 12.9 11 3 . 8 11.7 7. 1 27.8 52.3 8. 3 6 .6 14 15 16 3.7 1. 2 3.8 -4.3 .6 3.5 -1.6 .5 4.6 2.5 .6 4.9 2.2 .6 4.6 5.2 .7 4.4 -3.5 .7 4.5 6.1 .6 6.1 3.3 .4 4.5 4.3 .4 4.5 2.1 .4 4.1 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 .2 111.4 58.6 36.7 1.7 115.0 70.8 38 . 1 -1.3 107.3 58.2 39.3 -.4 119.1 51.6 45.9 .6 150.5 73.7 47.9 1.6 110.1 58.1 43.7 -2.3 21 22 23 24 25 26 27 28 12.8 4.0 1.2 .5 5.9 1.2 4 2 1. 1 3.5 -1.5 .3 8.9 2.7 7.2 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 -6.6 4.4 .1 .3 -5.8 -2.9 5.0 -7.6 -4.2 .4 1. 6 .4 -1.9 2.0 .2 -6.9 4.9 5.9 3.4 .5 -2.9 * .2 -2.2 3.8 .1 2.7 .3 -3.9 3.9 -.2 .9 6.5 3.3 .6 .4 2.8 .6 -.1 -1.0 .6 8.5 1.1 .4 -5.3 .8 -1.3 -3.6 -3.5 3.0 1.8 .4 -11.4 5.1 -.2 -2.2 29 30 31 4.1 .2 11.2 -3.4 .1 11.0 -3.2 * 8.7 2.2 -2 11.4 9.0 .2 11.8 .9 .1 10.7 -5.9 .2 11.1 4* b .2 12.2 6.9 .6 13.3 -1.1 .6 10.4 6.1 .7 10 . 2 32 -.6 -.2 1 .4 1.4 1.2 3.3 -.7 1.6 -.5 -4.9 (1) SAVINGS RATES CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES ST.+LOC. OBLIGATIONS C O R P ORATE + FOR E I G N BONDS MORTGAGES CONSUMER CREDIT OTH E R LOANS 6 7 8 9 10 11 12 13 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 14 15 16 1 26.8 NET I N C R E A S E I N L I A B I L I T I E S TIME ♦ SAVINGS ACCOUNTS 70.6 INSURANCE ♦ PENSION RESERVES 43.9 C O R P O R A T E E Q U I T Y I S S U E S (I) -1.2 17 18 19 20 -4.2 CREDIT MARKET INSTRUMENTS CORPORATE BONDS M O R T G A G E L OANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER MON E Y M A R K E T FUND SHARES FHLB LOANS 21 22 23 24 25 26 27 28 SECURITY CREDIT P R O F I T TAXfcS P A Y A B L E MISCELLANEOUS LIABILITIES 29 30 31 DISCREPANCY INCLUDES I N V E S T M E N T C O M P A N Y SHARES. INSTITUTIONS COMBINED SURPLUS 2.2 2.8 2.5 2.4 2.3 2.4 2.5 2.5 2.5 2.5 51.6 .2 1.8 37.9 .2 -1.0 30.7 -.3 .4 60.3 .8 5.1 52.5 -2.3 16.1 65.8 .4 -1.9 62.4 .7 5.9 60.4 4.2 .3 79.5 -3.8 4.1 60.4 -.4 -2.2 73.0 NET ACQ. OF F I N ANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .2 -1.5 TIME DEPOSITS 2 3 4 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 .2 35.2 4.3 2.2 4.9 .3 64.4 21.9 .9 5. 6 * 52.9 7.9 1. 6 1.4 * 51.4 14.0 .2 2.4 4 75.6 12.2 1 .3 4.5 .1 60.5 4.9 1.8 2.7 .1 70.1 4.7 .4 1.9 5 6 7 b 9 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 * 16.4 12.1 1.6 2.8 * 30.2 23.2 2.4 4.6 * 40.2 30.6 3.1 6.5 * 41.7 31.6 3.3 6.8 * 36.8 30.3 2.4 4.1 • 46.7 37.4 3.4 6.0 * 53.9 44.6 3.6 5.7 * 15 16 17 18 2.5 .1 .8 1.8 3.1 .1 1.5 2.4 2.6 * 1.7 3.5 3.4 ♦ -1.4 3.3 3.4 .2 3.9 3.3 2. 3 ♦ 3.5 2.6 4.3 4 -2.5 2.8 3.7 -.1 -10.5 4.4 6.9 .4 13.5 3.6 5.4 -.1 -.9 2.5 5.2 .2 3.8 4.1 19 20 21 22 23 49.1 46.0 2.0 * 1. 1 35.1 27.8 6.0 * 1.2 28.6 22.1 6.3 .1 .2 58.1 59.8 -2.1 .1 .3 51.0 58.6 -8.8 .1 1 .1 63.7 70.8 -6.8 .1 -.5 60.0 58.2 1.9 .1 -.3 57.8 51.6 5.2 .1 .9 76.9 73.7 .2 .2 2. 9 57.3 58.1 -1.6 .2 .5 24 -.3 * .4 .2 .8 .2 .1 -.2 -.1 -.7 BILLIONS OF DOLLARS. 111/76 BASED ON INCOMPLETE INFORMATION. 2.5 CURRENT 1 2 3 4 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES S T A T E A N O L O C A L G O V T . SE C . CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL FARM CONSUMER INSTALMENT CREDIT CONSUMER NONINSTAL. CREDIT MON E Y MA R K E T INSTR. MISCELLANEOUS ASSETS 69.6 NET I N C R E A S E IN L I A B I L I T I E S 70.6 SAVINGS ACCOUNTS CR. MKT. 1NSTR. (SVGS+LN) -1.7 PROFIT TAX LIABILITY .2 .5 MISCELLANEOUS LIABILITIES -.9 DISCREPANCY 10 11 12 13 14 17 18 19 20 21 22 23 NOVEMBER 10, 1976 SAVINGS INSTITUTIONS SAVINGS INSTITUTIONS 22 SECTOR UNADJUSTED NET FLOWS STATEMENTS OF S A V I N G AN O I N V E S T M E N T <S M I L L . ) UNADJUSTED 1975 I 1 CURRENT SURPLUS 2 N ET ACQ. OF F I N A N C I A L 3 MORTGAGES 4 CONSUMER CREDIT 5 6 7 8 9 10 11 12 13 OTHER ASSETS DEMAND DEPOSITS TIME DEPOSITS ASSETS + CURRENCY U.S. T R E A S U R Y SEC U R I T I E S U.S.G. A G E N C Y SEC. STATE+LOCAL GOVT SEC. OPEN-MARKET PAPER F ED. F U N D S ♦ R P » S MISCELLANEOUS 14 N E T I N C R E A S E I N L I A B I L I T I E S 15 SAVINGS SHARES 16 CREDIT MARKET INSTRUMENTS 17 M O R T G A G E L O A N S IN P R O C E S S 16 BANK LOANS N.E.C. 19 FHLB A D V A N C E S 20 PROFIT T A X E S PAYABLE 21 MISCELLANEOUS LIABILITIES 22 D I S C R E P A N C Y 23 M E M O : ACQ. OF CREDIT MKT. INST 11 III IV | 1 I 1976 11 SAVINGS AND LOAN 1 CURRENT SURPLUS 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. TREAS U R Y SECU R I T I E S U.S.G. A G E N C Y SEC. STATE + LOCAL O B L I G A T I O N S CORPORATE BONDS 11 12 13 14 15 MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER SECURITY RP»S MISCELLANEOUS ASSETS 16 S A V I N G S D E P O S I T S 17 M I S C E L L A N E O U S L I A B I L I T I E S 18 D I S C R E P A N C Y III FLOWS I 1 (S M I L L . ) 1967 B I L L I O N S OF DOL L A R S 1969 1970 1968 19 7 1 ASSOCIATIONS 404 415 423 427 425 429 433 .8 1.0 1.2 1.0 1. 2 1 9.432 3.149 -77 13.047 8.894 31 11.128 9.514 62 9.264 8.093 11 15.345 7.963 -19 12.858 13.299 112 13.326 12.578 52 9.7 7.3 .1 9.7 8.9 .1 9.3 9.5 .2 14.1 9.8 .3 29.8 23.6 .1 2 3 4 6.360 614 3.471 4.122 -540 -891 1.552 457 1.704 1.160 -40 146 7.401 1.028 1.123 -553 - 8 17 -623 696 4 71 -344 2.4 -.3 .1 .7 -.4 .1 -.3 -.2 ♦ 4.0 -.2 .4 6.1 -.2 1.7 5 6 7 -345 869 375 32 1 34 1.021 2.564 1.400 86 689 413 401 -1.669 1.078 149 207 -803 429 1.762 733 0 -1.266 -1.022 847 1.025 749 1 745 1.735 995 696 188 -11 -534 39 0 158 -1.369 -22 0 0 1. 0 8 8 87 2 1.5 .2 — .9 .4 .1 .1 .1 .4 -1.5 1.2 * .2 * -1.3 1.9 * 1.5 — 1. 8 9.214 13.056 -4.460 31 -851 -3.640 44 572 12.708 12.961 -313 1.171 -123 -1.361 2 5b 10.706 8.223 1.901 682 540 679 38 544 8.902 8.842 769 59 347 363 35 -744 14.910 16.393 -2.322 192 -426 -2.088 66 773 12.308 10.890 1.078 1.085 476 -483 23 317 12.700 10.951 1.180 289 103 788 59 510 9.3 10.6 -1.7 1.0 -.1 -2.5 ♦ .4 8.9 7.4 1.1 .2 .1 .9 * .4 8.4 3. 9 4.1 * .1 4.0 * .4 13.3 10.9 1.8 .6 -.1 1.3 • .6 -.8 8 3. 0 9 • 10 1 . 0 11 .5 12 .8 13 29.0 27.8 -.1 2.0 .7 -2.7 .1 1.2 14 15 16 17 18 19 20 21 186 76 1 65 -10 -121 -193 .3 .2 .3 .3 .4 2 2 4.326 14.077 8.538 8.311 12.199 14.140 12.327 9.1 9.7 9.6 12.2 27.5 23 MUTUAL 2 NE T ACQ. O F F I N A N C I A L A S S E T S 3 DEMAND DEPOSITS ♦ CURRENCY 4 TIME D E P O S I T S NET 85 90 3.495 -114 48 3.706 -59 46 1.892 -287 -18 61 3.474 420 507 165 1.221 82 3.356 769 661 145 1.388 237 297 -124 751 26 95 SAVINGS BANKS 94 94 94 .1 .2 .3 •3 .4 1 2.413 567 -20 4.470 -590 0 2.910 -182 0 2.098 -298 0 5.4 * * 4.6 .1 • 3.1 ♦ -.1 4.7 .1 .2 10.4 * .2 2 3 4 6 2.036 535 210 255 347 12 1.749 461 353 50 590 5 4.916 712 919 322 1.131 21 2.569 183 766 470 663 31 2.306 195 481 88 470 .2 5. 0 -.4 .2 * 2. 1 .3 4.2 -.5 .4 * 1.3 .2 3.0 -.6 .2 * .3 .3 3.8 -.1 .4 * 1 .2 .5 5 9.5 6 7 .1 .8 8 .2 9 3.9 10 639 -25 11 -230 279 694 16 204 -225 155 759 -118 <♦9 -395 10 5 489 456 -197 1.084 13 9 716 -141 236 -324 502 1.107 99 -314 180 59 3.2 .1 * — .1 2.8 .1 * .1 .1 2.7 .1 .1 .2 -.1 1.8 .1 .2 .1 .2 3.9 .1 .2 .2 .3 11 12 13 14 15 3.584 -177 3.706 -117 1.567 185 2.313 -24 4.217 104 2.786 -18 1.588 329 5.1 .1 4.2 .1 2.6 .2 4.4 .1 9.9 -.1 16 17 -3 -25 -45 -26 -55 -48 -87 * -.1 ♦ .1 -.2 18 98 CREDIT UNIONS 90 93 95 96 98 100 102 .1 .1 .2 .2 .2 1 2 N E T ACQ. O F F I N A N C I A L AS S E T S 3 DEMAND DEPOSITS ♦ CURRENCY 4 SAVINGS + LOAN SHARES 5 CREDIT MARKET INSTRUMENTS 6 U.S. G O V E R N M E N T S E C U R I T I E S 7 HOME MORTGAGES 8 CONSUMER CREDIT 1 CURRENT SURPLUS 1.886 50 1.326 510 357 42 111 1.895 45 380 1.470 462 49 959 783 40 -1.107 1.850 480 46 1.324 1.340 36 14 1.290 413 33 844 2.007 31 921 1.055 362 22 671 1.839 27 57 1.755 -75 13 1.817 833 22 -1.216 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 .3 .1 1.0 3.1 .1 .9 2.0 .2 * 1.8 2 3 4 5 6 7 8 9 CREDIT UNION 1.796 1.802 688 1.244 1.909 1.739 731 1.0 1.2 1.4 1.7 2.9 9 SHARES 111/76 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION. N O V E M B E R 10, 1 9 7 6 SAVINGS INSTITUTIONS SAVINGS INSTITUTIONS 23 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY 19 7 2 ADJUSTED 1973 ANNUAL 1974 SEASONALLY ADJUSTED ANNUAL RATES RATES 1975 1975 1 1 SAVINGS II 1 AND III 1 I IV 1976 II I III LOAN A S S O C I A T I O N S 1.7 C U R R E N T 1 SURPLUS 1 1. 5 1.9 1.7 1.7 1 .6 1 .7 1.7 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 * 34.0 15.3 -.1 46.4 27.4 “ 46.1 37.3 .1 44.9 38.6 .1 56 . 8 34.8 .1 44.7 43.8 .3 5 5.2 N ET ACQ. O F F I N ANCIAL 49.5 MORTGAGES * CONSUMER CREDIT 5 6 7 5. 2 * 1.0 2.0 -.2 -.7 5.9 -.6 .4 13.2 .5 4.4 18.8 -1.8 1 3.9 19. 0 .6 -3.6 8.7 .1 6.8 6.2 3.1 .6 21.9 -1.4 4.5 .6 .3 -2.5 5.7 -.4 -1.4 8 9 10 11 12 13 -.5 2.4 * .5 .4 1.3 -2.4 2.3 ♦ -.5 1.3 2.1 -.2 1.2 .3 -.1 1.6 3.0 2.3 4.1 •6 * -1.4 2.7 -3.2 3.5 1.5 1 .3 .1 3.5 9.4 5.6 .3 2.8 1.7 2.1 -2.4 4.3 .6 .8 -3.2 1.7 5.3 2.9 -5. 1 -4.1 3.4 2.5 3.0 ♦ 3.0 6.9 3.4 1.4 .8 * -2.1 1.6 1.2 -.1 -.1 — 4.4 3.3 14 15 16 17 18 19 20 21 35.5 32.6 2.0 1. 2 .7 * * .9 26.9 20.2 6.0 -1.5 .4 7-2 ♦ .6 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 33.2 41.3 -8.8 .1 -1.2 -7.6 .1 •6 45.1 51.2 — 6.8 1.6 -1.4 -6.9 .1 .5 44.7 42.3 1.9 3.4 .7 -2.2 .1 .3 43.2 37.5 5.2 2.7 1.6 .9 .1 .3 55.1 53.7 .2 .6 .6 -1.0 .2 1.1 42.6 42.8 -1.6 1.1 .9 -3.6 .2 1.1 53.0 53.8 -1.7 1.6 -1.3 -2.2 .2 .6 22 -.1 •1 .3 .3 .7 .3 .3 * * -.5 23 34.7 27.5 20.8 35.3 18.5 47.2 37.5 37.8 50.3 45.7 MUTUAL SAVINGS BANKS OTHER ASSETS DEMAND DEPOSITS TIME DEPOSITS ASSETS ♦ CURRENCY U.S. T R E A S U R Y SECURITIES U.S.G. A G E N C Y SEC. STATE-*-LOCAL G O V T S EC. OPEN-MARKET PAPER FED. F U N D S ♦ RP«S MISCELLANEOUS NET I N C R E A S E IN L I A B I L I T I E S SAVINGS SHARES CREDIT MARKET INSTRUMENTS M O R T G A G E L O A N S IN P R O C E S S BANK L O A N S N.E.C. FHLB A D V ANCES PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES -.5 D I S C R E P A N C Y 53.7 MEMOS ACQ. .4 C U R R E N T 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 OF CREDIT M KT. INST 23 1 .4 .6 .5 .4 .3 .4 .4 .4 .4 .4 2 3 4 11.0 .1 .2 6.0 .1 .2 3.8 * .2 11.5 .1 .1 12.2 -.7 .2 13.4 -.3 .2 10.7 .4 -.1 9-8 1.0 -.1 16.1 -2.6 10.0 -.8 - SURPLUS 1 11.8 NET ACQ. O F F I N A N C I A L ASSETS .5 DEMAND DEPOSITS ♦ CURRENCY TIME DEPOSITS 2 3 4 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 .2 12 . 7 .8 1.7 -7 4.9 .3 12.7 2.8 2. 2 .6 5.6 * 9.1 2.6 1.4 1.0 1.4 * 7.9 2.5 1.6 .2 2.4 * 18.4 2.0 3.3 1. 3 4.5 .1 9.5 .4 2.6 1.9 2.7 .1 10.4 1.3 2.6 .4 1.9 CORPORATE EQUITIES CREOIT MARKET INSTRUMENTS U.S. T R E A S U R Y S E C U R I T I E S U.S.G. A G E N C Y SEC. STATE ♦ LOCAL O B L I G A T I O N S CORPORATE BONDS 5 6 7 8 9 10 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 .9 1.2 -.5 3.0 -.3 2.6 -.1 ♦ -.9 .5 2.8 .1 .8 -.9 1. 1 3.0 -.5 .2 -1.6 .9 2.0 1.8 -.8 4.3 .2 2.9 -.6 .9 -1.3 1.3 4.4 .4 -1.3 .7 •8 MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER SECURITY RP»S MISCELLANEOUS ASSETS 11 12 13 14 15 16 17 10.2 .2 4.7 .6 3.1 .3 11.2 -.1 11.4 .5 13.9 -1.0 10.7 -.6 8.7 .5 13.8 1.8 10.0 -.6 11 . 2 S A V I N G S D E P O S I T S -. 1 M I S C E L L A N E O U S L I A B I L I T I E S 18 -.2 -. 1 .1 -.1 .1 -.1 -.2 -. 1 -.2 -.2 -.4 DISCREPANCY 16 17 18 CREDIT UNIONS .4 C U R R E N T 1 .3 .3 .3 .4 .4 .4 .4 .4 .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 6.2 .2 2.0 4.0 1.4 .2 2.5 6.1 .2 1.5 4.4 l. b .2 2.4 5.6 .2 -.8 6.2 1.9 .2 4.1 5.7 .1 -.2 5. 8 1.7 .1 4.0 6. 6 .1 -.4 6. 8 1.4 .1 5.3 5.7 .1 .3 5.3 -.3 .1 5. 6 6.0 N E T ACQ. O F FINA N C I A L ASSETS .1 DEMAND DEPOSITS ♦ CURRENCY -.1 SAVINGS ♦ LOAN SHARES 6.0 CREOIT MARKET INSTRUMENTS 1.1 U.S. GOVERNMENT SECURITIES » HOME MORTGAGES 4.9 CONSUMER CREDIT 2 3 4 5 6 7 8 9 3.3 2.9 3.0 5.5 5-9 5.7 5.2 5.* 6.2 5.3 5.6 9 BILLIONS OF DOLLARS. II1/76 BASED ON INCOMPLETE INFORMATION. SURPLUS CREDIT UNION SHARES 1 NOVEMBER 10, 1976 INSURANCE ♦ PENSION FUNOS INSURANCE ♦ PENSION FUNDS 24 SECTOR UNADJUSTED NET FLOWS STATEMENTS OF SAVING AND <$ M I L L . ) UNADJUSTED 1975 I II IV III I I 3 N E T A CQ. O F F I N A N C I A L A S S E T S DEMAND DEPOSITS ♦ CURRENCY 4 5 6 7 8 9 10 11 12 13 CORPORATE EQUITIES CREDIT M A R K E T I N S T RUMENTS U.S. G O V E R N M E N T S E C U R I T I E S STATE LOCAL ObL1GATIUNS CORPORATE BONDS MORTGAGES OPEN-MARKET PAPER POLICY LOANS MISCELLANEOUS ASSETS 14 N E T I N C R E A S E IN L I A B I L I T I E S 15 LIFE IN S U R A N C E R E S E R V E S P E NSION FUND R E S E R V E S 16 PROFIT T A X E S PAYABLE 17 MISCELLANEOUS LIABILITIES 18 19 D I S C R E P A N C Y 1976 11 1 LIFE 1 CURRENT SURPLUS 2 PHYSICAL INVESTMENT INVESTMENT INSURANCE NE T FLOWS I 1 1 II ($ M I L L . I 1967 B I L L I O N S OF D O L L A R S 1969 1970 1968 1971 COMPANIES 691 593 701 607 69 9 504 698 58 3 689 478 699 517 708 516 1.1 .6 1.1 .7 1.0 .8 1.3 1.0 1.6 1.4 1 2 5.043 -385 4.259 -67 5.407 -252 5.916 630 6.989 -464 5.013 -2 5.691 -9 8.7 * 9.4 .1 9.5 * 9.9 .1 12.7 * 3 4 484 4.535 258 29 2.219 953 612 464 409 6 51 3.212 196 87 1.613 848 66 382 463 440 4.777 212 38 2 1.756 41X> 1. 6 2 6 391 442 33 5 4.602 1.052 343 3.507 91 3 -1.581 36 8 349 962 6.213 614 508 4.065 423 316 287 258 497 4.311 -177 18 0 3. 2 2 1 -90 789 38 8 207 65 0 4.853 283 154 3.276 30 0 482 358 197 1.0 7.4 -.2 -.1 3. 8 2.9 .1 .9 .3 1.4 7.3 -.2 * 3.7 2.5 * 1.2 .6 1.7 6.9 -.2 * 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 4.329 1.784 1.594 155 796 5.066 v 1.761 2.195 -233 1.343 5.400 1.988 2.282 55 1.075 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 5.560 2.449 2.409 128 574 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 1 0.2 5. 1 3.3 .1 1.7 1 2.6 6. 1 4.5 -.1 2. 1 14 15 16 17 lb 188 -170 -613 816 61 .3 .1 .1 .7 .1 19 -616 901 PRIVATE PENSION FUNOS 1 N E T ACQ. O F F I N A N C I A L ASSETS DEMAND DEPOSITS ♦ CURRENCY 2 TIME D E P O S I T S 3 3.173 22 -517 2.524 30 -465 2.976 29 -22 4.140 34 -335 3.545 50 -792 2.240 25 -435 2.787 18 -428 6.6 .1 .3 6.5 .1 .2 6.3 * ♦ 7.1 .1 .1 7.3 .2 -.4 1 2 3 4 5 6 7 8 9 1.305 2.310 933 1.340 37 53 1.650 1.245 1.477 -201 -31 64 1.085 1.818 1.459 37 1 -12 66 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 1.900 1.237 900 347 -10 60 4.6 .9 -.4 1.1 .2 .7 4.8 1.1 .4 .6 ♦ .4 5. 4 .8 ♦ .6 .1 .1 4.6 2. 2 .2 2.1 * .1 8.9 -1.5 -.3 -.7 -.5 * 4 5 6 7 8 9 6.6 .1 1 2 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. G O V E R N M E N T S E C U R I T I E S CORPORATE BONDS MORTGAGES MISCELLANEOUS ASSETS STATE 1 NE T ACQ. O F F I N A N C I A L A S S E T S DEMAND DEPOSITS ♦ CURRENCY 2 3 4 5 6 7 8 9 10 CORPORATE" E Q U I T I E S CREDIT MARKET INSTRUMENTS U.S. G O V E R N M E N T S E C U R I T I E S DIRECT AGENCY ISSUES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES 1 CURRENT SURPLUS 2 N E T ACQ. OF F I N A N C I A L AS S E T S DEMAND DEPOSITS + CURRENCY 3 4 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. G O V E R N M E N T S E C U R I T I E S STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS COMMERCIAL MORTGAGES TRADE CREDIT 11 N E T I N C R E A S E I N L I A B I L I T I E S CORPORATE EQUITY ISSUES 12 13 PROFIT T A X E S PAYABLE 14 POLICY PAYABLES 15 D I S C R E P A N C Y GOVERNMENT EMPLOYEE RETIREMENT FUNDS 2.649 315 2.931 -112 2.615 -220 2.760 -100 3.203 -25 3.739 246 3.364 49 4.1 .1 4.8 .1 5 .5 -.1 6.4 .1 407 1.927 210 -26 236 29 1.685 3 499 2.544 793 605 188 169 1.477 105 609 2.226 355 214 141 39 1 1.372 10 8 872 1.988 -112 -204 92 1.300 468 332 533 2.695 433 320 113 500 1.686 76 739 2.754 550 450 100 1.125 827 252 760 2.555 55 0 450 100 200 1.735 70 .7 3.3 “ *8 -1.0 .i -.i 3.7 .5 1.3 3.4 .4 -.2 .6 * 2.6 .4 1.8 3.8 -.3 -.5 .2 -.1 4.0 .2 2.1 4.1 -.4 -.3 -.1 -.3 4.5 .3 OTHER INSURANCE 3.2 3 4 3.3 5 -1.2 6 -1.2 .1 7 .1 8 9 3.9 .4 10 COMPANIES -158 -107 -64 -68 -68 -10 0 .5 .3 * .6 1.5 1 1.107 -143 1.100 44 1.517 73 1.749 126 1.694 -297 1.734 11 9 1. 843 97 1.9 • 3.2 .1 3. 9 * 4.5 .1 5.7 .1 2 3 -143 1.231 210 634 384 3 162 -445 1.324 239 178 885 22 177 -156 1.433 386 437 590 20 167 -5 1.466 635 511 321 19 142 138 1.753 640 766 336 11 lOO 117 1.398 155 768 452 23 100 50 1.596 0 1.271 320 5 100 .3 1.3 -.8 1.4 .7 ♦ .3 .8 2.1 -.1 1.0 1 .2 * .3 1.8 1.8 -.3 1.2 .8 * .4 .2 3.8 * 1.5 2.3 * .5 4 1.1 5 4.2 .1 6 3.9 7 .3 8 * 9 .3 10 1.800 231 27 1.542 1.737 239 -33 1.531 1.805 239 15 1.551 1.783 239 -4 1.548 1.8 2 1 239 32 1.550 1.802 239 -24 1.587 1.877 24 6 33 1.598 2.2 .1 * 2. 1 2.7 .2 * 2.5 3. 9 .5 .1 3.3 3.9 .4 .1 3.4 4.1 .6 -.1 3.6 11 12 13 14 535 530 224 -34 59 58 34 .8 -.2 * ♦ -.1 15 111/76 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. ♦ LOCAL N O V E M B E R 10 , 1 9 7 6 INSURANCE ♦ PENSION INSURANCE SECTOR STATEMENTS SEASONALLY 1972 ADJUSTED 1973 ♦ PENSION FUNDS 25 S E A S O N A L L Y ADJUSTED ANNUAL RATES FUNDS ANNUAL 1974 INVESTMENT OF S A V I N G A N D RATES 1975 1 1 LIFE 1975 II I III IV 1 1 I 1976 II III INSURANCE COMPANIES 1 2 2.0 .9 2.3 1.3 2.9 1.6 2.8 2.3 2.8 2-4 2.8 2.4 2.8 2.0 2.8 2.3 2. 8 1.9 2 .8 2. 1 3 4 14.4 .2 16.9 .1 16.6 -.1 20.6 -.1 17.8 .5 20.1 -.2 21.7 -.7 22.8 .1 25.3 .3 23.3 23.0 NET ACQ. OF FINANCIAL ASSETS .4 D E M A N D DEPOSITS ♦ CURRENCY 5 6 7 8 9 10 11 12 13 3.5 9.7 .1 * 7.0 1.5 .2 .9 1. 0 3.6 12.3 -.2 * 5.V 4.4 * 2.2 .9 2.3 12.9 .1 .3 4.0 4.9 1.1 2.7 1.4 1.9 1 7.1 1.7 .8 9.1 3.1 .7 1.6 1.7 1. 9 13.7 .5 .2 8.6 5.4 -2.8 1.9 1.6 2.6 15.9 1.7 .3 5.7 4.1 2.6 1.5 1.9 1.8 18.9 .7 1.5 8.1 2.0 4.9 1 .6 1.. 8 1.3 20.0 4.0 1. 4 14.0 .9 -1.8 1. 5 1.4 3.9 20.0 1.9 2. 1 15.9 3.3 -4.3 1. 1 1.0 2.0 20.5 .2 .6 12.1 .4 5.6 1.6 .8 2.6 19.2 1.1 .6 14.2 1.6 .4 1.4 .8 14 15 16 17 18 13.6 6.5 4.3 * 2.9 15.4 7.2 5.5 * 2.7 15.4 6.4 6.2 * 2.8 20.4 7.6 8.7 -.1 4.3 17.3 7. 1 6.4 -.1 3. 9 20.3 7.0 8.8 1 4.5 21.6 8.0 9.1 -. 1 4.6 22.5 8.1 10.* -.1 4.2 24.7 9.7 11.2 .1 3.7 22.6 9.7 9.8 * 3. 1 22.2 9. 8 9.6 .2 2.6 19 .3 -.3 .2 .3 -.1 .5 .6 .2 .2 * 2.8 C U R R E N T SURPLUS 2.1 P H Y S I C A L IN V E S T M E N T CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES O P E N -MARKET PAPER POLICY LOANS M I S C E L L A N E O U S ASSETS NET I N C R E A S E I N L I A B I L I T I E S LIFE INSURANCE RESERVES P E N S I O N FUND RESERVES PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES * DISCREPANCY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 PRIVATE PENSION FUNDS 1 2 3 6.9 .3 * 8.5 -.2 .8 10.9 * 2.7 12.8 .1 -1.3 12.6 .1 -2.1 10.5 .1 -1.9 11.7 .1 -.1 16.4 •1 -1.3 14.1 .2 -3.2 9.3 .1 -1.7 11.0 .1 -1.7 4 5 6 7 8 9 7.3 -.8 1.0 -.8 -.9 .2 5.3 2.5 .7 2.1 -.4 .1 2.3 5.8 1.1 4.7 ♦ .1 5.8 8.0 5.2 2.8 ♦ •2 5.2 9. 1 3.6 5.4 .1 .2 6.6 5.4 6.3 -.8 -. 1 .3 4.3 7.1 5.6 1.5 * .3 6.9 10.5 5.3 5.1 .1 .2 8. 6 8.3 6.3 2.0 .2 6.6 4. 1 3.9 .2 * .2 7.6 4.8 3.4 1.4 ♦ .2 STATE 1 2 8.5 .1 9.5 .4 3 4 5 6 7 8 9 10 3.7 4.7 .2 -.4 •6 - .i 4.5 .2 3.4 5.7 -.2 -1.1 .9 -.7 6.0 •7 9.7 .7 2 • t> 6.5 .2 -.8 1.0 -.7 6.4 .6 ♦ LOCAL GOVERNMENT EMPLOYEE RETIREMENT N E T ACQ. O F F I N A N C I A L A S S E T S DEMAND DEPOSITS ♦ CURRENCY TIME DEPOSITS CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. G O V E R N M E N T SECURITIES C O R P O R A T E BONOS MORTGAGES MISCELLANEOUS ASSETS FUNDS 11.0 -.1 1 0.6 1.3 11.7 -.4 10.5 -.9 11.0 -.4 12.8 -.1 15.0 1 .0 13.5 NET ACQ. O F F I N A N C I A L ASSETS .2 DEMAND DEPOSITS ♦ CURRENCY 2.4 8.7 1.2 .6 .7 1.9 5.0 .5 1*6 7.7 .8 -.1 .9 .1 6.7 ♦ 2.0 10.2 3.2 2.4 .8 .7 5.9 .4 2.4 8.9 1. 4 .9 .6 1. 0 5.5 .4 3.5 8.0 -.4 -.6 .4 5. 2 1.9 1.3 2.1 10.8 1.7 1. 3 .5 2.0 6.7 .3 3.0 11.0 2.2 1.8 .4 4.5 3.3 1.0 3.0 10.2 2.2 1.8 .4 .8 6.9 .3 OTHER INSURANCE CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES DIRECT A GENCY ISSUES STATE ♦ LOCAL OB L I G A T I O N S CORPORATE BONDS MORTGAGES 1 1.8 1.2 -.3 -.4 -.6 -.4 -.3 -.3 -.3 * 7.1 * 6.4 * 5.0 .1 5.5 .1 4.5 -.6 4.8 .2 6.1 .3 6.4 .5 6.9 -1.2 7.3 .5 7.5 N ET ACQ. OF F I N A NCIAL ASSETS .4 DEMAND DEPOSITS ♦ CURRENCY 4 5 6 7 8 9 10 1.8 4.2 .1 4.8 -.7 * 1.2 2.4 3.4 * 3.6 -.1 * .6 -.5 4.9 .4 2.5 2.0 * .5 -.7 5.5 1.5 1.8 2.2 .1 .6 -.6 5.0 .9 2.5 1. 5 * .6 -1.8 5.7 1.3 .7 3. 5 .1 .7 -. 6 5.8 1. 6 1.7 2.4 .1 .7 * 5.4 2.0 2.0 1.3 .1 .6 .6 7.1 2.7 3.1 1.3 * .4 .5 6.0 1.0 3.1 1 .8 .1 .4 .2 6. 5 .1 5.1 1.3 ♦ .4 11 12 13 14 5.4 .5 .1 4.8 5.3 .5 * 4.8 5-8 -9 * 4.9 7. 1 .9 * 6.2 7. 1 .9 * 6.2 7.1 1.0 * 6.1 7.2 1.0 * 6. 2 7.2 1.0 * 6.2 7.2 1.0 * 6.2 7.3 1.0 * 6.3 7.4 NET I N CREASE I N L I A B I L I T I E S 1 .0 C O R P O R A T E EQUITY ISSUES .1 PROFIT TAX E S PAYABLE 6.4 POLICY PAYABLES 15 ♦ .1 .6 1. 3 1.9 1.9 .8 .4 ♦ * 3 4 5 6 7 8 9 10 COMPANIES 2 3 BILLIONS OF DOLLARS. 1 2 111/76 BASED ON INCOMPLETE INFORMATION. CURRENT - SURPLUS CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. G O VERNMENT SECURITIES STATE ♦ LOCAL O B L I G A T I O N S C O RPORATE BONDS COMMERCIAL MORTGAGES TRADE CREDIT * DISCREPANCY 7 8 9 10 11 12 13 14 NOVEMBER 10, 1976 FINANCE N.E.C. FINANCE N.E.C. 26 SECTOR STATEMENTS UNADJUSTED NET F LOWS OF S A V I N G A N D I N V E S T M E N T U N A D J U S T E D NET F L O W S (S H I L L . ) 1975 I 1 CURRENT SURPLUS OF GROUP -224 1 | 11 III IV -159 -258 -385 1 -380 19 76 II III -210 -211 1 1 ($ M I L L . ) 1967 BILLIONS OF DOLLARS 1969 1970 1968 1971 -1.2 -2.1 -2.5 -1.3 -.2 1 FINANCE COMPANIES 1 NE T ACQ. OF F I N A N C I A L ASSETS DEMAND DEPOSITS ♦ CURRENCY ? CREDIT MARKET INSTRUMENTS 4 MORTGAGES CONSUMER CREDIT *> O T H E R L O A N S (TO B U S I N E S S ) 6 7 N E T I N C R E A S E IN L I A B I L I T I E S CREDIT M A R K E T INSTRUMENTS B 9 C O R P O R A T E BONDS BANK LOANS N.E.C. 10 O P E N - M A R K E T PAPER 11 PROFIT TAXES PAYABLE 12 MISCELLANEOUS LIABILITIES 13 -1.661 55 -1.716 -559 -1.785 628 1.029 54 975 -150 -139 1.264 888 53 8 35 -117 1.175 -223 1.776 52 1.724 -425 1.600 549 111 51 726 85 -•1.118 1.759 3.251 50 3.201 499 1.174 1.528 627 49 578 -7 8 1.112 -456 .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 2 3 4 5 6 -2.061 -2.286 960 -2.704 -542 53 172 1.261 1.169 29 918 222 -30 122 280 86 1.405 -719 -600 50 144 1.961 1.688 315 -171 1.544 36 237 674 454 766 -874 562 71 149 2.160 2.054 2.141 -160 73 -18 124 -329 -586 660 -1.920 674 73 18 4 1.1 .6 .4 -1.8 2.0 -.1 .5 5.1 3.9 .2 .8 2.9 * 1.3 8.9 7.8 .9 .9 6.0 * 1.0 3.9 2.6 2.1 -. 1 .6 ♦ 1.3 4.7 2.7 2.5 .6 -.5 ♦ 2.0 7 8 9 10 11 12 13 .4 .1 .2 .3 .1 .2 .2 .1 .2 .4 .1 .3 1 2 3 .8 ♦ .1 .7 — 1. 2 .2 .4 .6 — 1.9 .4 .8 ml 2.5 .2 .9 1.2 .2 4 5 6 7 8 1.2 .4 •8 .2 .1 .1 1.5 .8 .7 .2 .1 .2 2.2 1. 5 .7 .1 * .1 2.9 1.0 1.9 1 * .1 9 10 11 12 13 14 •6 .1 .4 .5 .1 INVESTMENT REAL ESTATE 1 PHYSICAL INVESTMENT MULTI-FAMILY STRUCTURES 2 NONRESIDENT1AL STRUCTURES 3 4 N E T ACQ . O F F I N A N C I A L A S S E T S HOME M O R T G A G E S 5 MULTI-FAMILY MORTGAGES 6 COMMERCIAL MORTGAGES 7 MISCELLANEOUS ASSETS 8 9 NET IN C R E A S E I N L I A B I L I T I E S CORPORATE EQUITY ISSUES 10 CREDIT MARKET INSTRUMENTS 11 MORTGAGES 12 MULTI-FAMILY RESIDENTIAL 13 COMMERCIAL 14 CORPORATE BONDS BANK L O ANS N.E.C. O P E N - M A R K E T PAPER 15 16 17 SURPLUS 2 NE T ACQ. OF F I N A N C I A L A S S E T S DEMAND D E P O S I T S + C URRENCY 3 4 5 6 7 8 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. G O V ERNMENT SECURITIES CORPORATE BONDS O P E N - M A R K E T PAPER 9 NET SHARE ISSUES 894 295 599 764 252 512 763 252 5 11 610 201 409 1 05 35 70 486 160 326 — -925 -74 -423 -294 -134 -1.457 -148 -815 -382 -112 - 1.309 -69 -696 -475 -69 -1.422 -171 -649 -600 -2 -921 -136 -349 -319 -117 -854 -91 -545 -*52 2 34 -1.286 -130 -400 -470 -286 — — -290 -681 391 87 29 58 -523 -432 -91 91 30 61 -502 -244 -258 1 23 41 82 -605 -202 -403 65 21 44 -265 -86 -179 96 32 64 -707 -34 -673 98 32 66 -755 -103 -652 91 30 61 — — 4 267 33 28 -307 97 -11 -314 -56 -21 -492 45 -105 13 -183 -9 -715 -47 -5 -6 8 9 -49 — — -259 -214 -273 -380 4 5 6 7 CREDIT MARKET INSTRUMENTS U.S. G O V E R N M E N T SECUR I T I E S OPEN-MARKET PAPER MISCELLANEOUS 8 NET SHARE ISSUES * * ~ • .4 15 .6 16 .8 17 INVESTMENT COMPANIES -252 -396 -280 -1.5 -2.3 -2.4 -1.1 -.7 1 3.6 .1 2.6 -.1 1.7 ♦ .6 .1 2 3 774 113 -468 60 -494 -83 -148 35 2 45 -1 . 1 3 7 -1 -621 -10 1.5 .2 12 649 -324 814 15 9 -340 -188 164 103 -455 -378 -33 544 -12 2 -455 -430 247 - 4 Z7 179 495 175 -218 36 9 694 -1.281 -937 -199 -239 2 38 -687 -124 4 38 -166 1.9 -.5 -.5 * * 2.5 .9 .2 .4 .3 1.7 .9 -.5 .2 1.2 1.2 .5 .2 ml -.4 .4 ♦ -.3 .6 -.3 4 5 6 7 8 1.033 -254 -221 232 398 -885 -541 3.0 5.9 4.9 2.8 1. 3 9 1 2 3 MONEY HARKET 1 NET ACQ. OF F I N A N C I A L ASSETS DEMAND DEPOSITS ♦ CURRENCY 2 TIME DEP O S I T S 3 _ 605 200 405 O P E N — ENO 1 CURRENT TRUSTS FUNOS _ _ _ _ - “ — — ~ — — *" ~ — ~ — ~ 4 5 6 7 ~ - - - 8 1.241 0 706 41 25 206 39 10 -224 -55 -6 -177 -26 1 -430 -334 -19 -46 -55 24 -144 - - 537 132 h05 -2 -215 47 -262 25 25 5 305 -50 -2 117 33 1 -214 11 376 199 177 27 -281 -383 102 12 27 113 -86 38 “ 1.241 41 39 -55 -26 -334 SECURITY BROKERS -55 “ AND DEALERS 1 N E T ACQ. OF F I N A N C I A L ASSETS DEHAND DEPOSITS ♦ CURRENCY 2 -447 11 1.057 13 -2.652 14 4.334 16 -1.050 17 774 19 79 20 3.4 .2 3.8 .5 -3.1 -.1 .8 -.3 1.4 * 1 2 3 4 5 6 7 8 -768 -234 70 7 -173 -768 544 179 -431 -650 41 178 1.296 -744 -1.038 -309 14 -743 -884 1. 3 0 1 1.493 148 44 1.301 1.524 -1.061 -838 9* 130 -1.061 832 -101 -216 -189 73 -100 1.072 -222 -239 -9 5 78 -222 52 0 .4 -.3 -.8 * .4 3.2 -.2 .6 .8 * -.2 2.8 .4 .1 * -.2 .4 -3.5 .1 2.3 1.7 .6 .1 -1.3 .1 -1.4 -1.6 .1 .1 2.6 3 4 5 6 7 8 -481 -497 -947 450 16 1.015 1.061 1.036 25 -46 -2.670 -2.707 -2.722 15 37 4.327 4.299 4.624 -325 28 -1.065 -1.106 -1.636 530 41 758 7 43 1.054 -311 15 62 48 2 46 14 3.2 3.2 .8 2.3 .1 3.5 3. 5 1.0 2.4 * -3.1 -3.0 -1.0 -2.0 -.1 1.0 1.0 1.9 -1.0 ** 1.1 1.1 .7 .5 * 9 10 11 12 13 CORPORATE EQUITIES CREDIT M A R K E T INSTRUMENTS U.S. G O V E R N M E N T SEC U R I T I E S STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT 9 NET INCREASE IN LI A B I L I T I E S 10 SECURITY CREDIT 11 FROM BANKS CUSTOMER CREDIT BALANCES 12 PR O F I T T A X E S P A Y A B L E 13 111/76 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. NOVEMBER 10, 1976 FINANCE N.E.C. FINANCE N.E.C. 27 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1975 1972 1973 1974 1975 II III 1976 II I IV | “ 1. 3 C U R R E N T S U R P L U S OF GROUP 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 2.0 .2 1.8 -1.3 .9 2.2 -2.0 .2 -2.2 -1.7 -1.9 1.3 2.9 .2 2.6 -1.0 -1.0 4.7 6.8 .2 6. 6 .3 3.3 3.0 .5 .2 .3 -2.6 3.1 -.2 8.7 .2 8.5 1.0 1.4 6.1 1 1.2 .2 11.0 1. 5 3.7 5.8 7 8 9 10 11 12 13 8.6 6.2 3.6 3.8 -1.3 ♦ 2.4 11.8 9.4 3.0 4.5 2.0 .1 2.3 5. 5 4.5 1.8 -.8 3.6 •1 .9 1.4 .7 2.7 -2.7 .6 .1 .7 -3.5 -4.3 4.4 -5.6 -3.1 .1 .7 3.3 2.7 .3 .8 1. 6 .1 .5 4.5 3. 8 6.0 -2.4 .2 .1 .6 1.5 .5 .2 -3.5 3.7 .1 .9 7.9 7.2 3.7 2.1 1. 4 .2 .6 6.8 6.2 8.6 -3.4 .9 .2 .5 1.9 N E T I N C R E A S E I N L I A B I L I T I E S 1.0 CREDIT MARKET INSTRUMENTS 3.0 CORPORATE BONDS -7.4 BANK LOANS N.E.C. 5.3 OPEN-MARKET PAPER PROFIT TAXES PAYABLE .2 .7 MISCELLANEOUS LIABILITIES 9 10 11 12 13 1.9 PHYSICAL INVESTMENT .6 MULTI-FAMILY STRUCTURES 1. 3 N0NRES1DENTIAL STRUCTURES 1 2 3 REAL ESTATE INVESTMENT 5. 6 N E T ACQ . O F F I N A N C I A L A S S E T S .2 DEMAND DEPOSITS ♦ CURRENCY 5.4 CREDIT MARKET INSTRUMENTS .5 MORTGAGES 2.9 CONSUMER CREDIT 2.0 O T H E R LOANS (TO BUSINESS) TRUSTS 1 2 3 1 .1 .4 .8 .7 .2 .5 1.1 .4 .7 3.0 1 .0 2.0 2.4 .8 1.6 3.6 1.2 2.4 3.1 1. 0 2.0 3.1 1.0 2.0 2.4 •8 1.6 .4 .1 .3 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 -3.7 -.3 -1.7 -1.2 -.5 -5.8 -.6 -3.3 -1.5 -.4 -5.2 -.3 -2.8 -1.9 -.3 -5.7 -.7 -2.6 -2.4 * -3.7 -.5 -1.4 -1.3 -.5 -3.4 -.4 -2.2 -1.8 .9 -5.1 -.5 -1.6 -1.9 -1.1 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 -1.2 -2.7 1.6 .3 .1 .2 -2.1 -1.7 -.4 .4 .1 .2 -2.0 -1.0 -1.0 .5 .2 .3 -2.4 -.8 -1.6 .3 .1 .2 -1.1 -.3 -.7 .4 .1 .3 -2.8 -.1 -2.7 .4 .1 .3 -3 . 0 NET I N C R E A S E IN L I A B I L I T I E S -.4 COR P O R A T E EQUITY ISSUES -2.6 CREDIT MARKET INSTRUMENTS .4 MORTGAGES MULTI-FAMILY RESIDENTIAL .1 .2 COMMERCIAL 9 10 11 12 15 16 17 .4 1.3 2.5 .6 4.0 .7 .2 4.4 -3.3 -.8 .1 * 1.1 .1 .1 -1.2 .4 * -1.3 -.2 -.1 -2.0 .2 -.4 .1 -.7 * -2.9 -.2 * -2.8 -.2 15 16 17 OPEN-END NET A C Q . O F F I N A N C I A L A S S E T S HOME MORTGAGES MULTI-FAMILY MORTGAGES COMMERCIAL MORTGAGES MISCELLANEOUS ASSETS CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER 4 5 6 7 B INVESTMENT COMPANIES 1 -1.3 -1.0 -.4 -1.1 -.4 -1.3 -1.6 -1.2 -1.0 -1.4 -1.5 CURRENT SURPLUS 1 2 3 -1.8 * -2.2 .3 -1.0 -.2 -.3 .1 3. 1 .5 -1.9 .2 -2.0 -.3 -.6 .1 ♦ .2 -4.5 ♦ - 3.3 NET ACQ. O F FI N A N C I A L A SSETS * DEMAND DEPOSITS ♦ CURRENCY 2 3 4 5 6 7 8 -1.8 * .1 .2 -.3 -2.3 -.2 .5 -.9 .2 -.5 -.3 -.1 -.4 .1 -1.1 .7 * 1.0 -.3 * 2.6 -1.3 3.3 .6 -1.4 -.8 .7 .4 -1.8 -1.5 -. 1 2. 2 -.5 -1.8 -1.7 1.0 -1.7 .7 2.0 .7 -.9 1.5 2.8 -5. 1 -3.7 -.8 -1.0 • .2 -2.7 -.5 ♦ .2 -.7 4 5 6 7 8 9 -.5 -1.2 -.5 .8 3.5 -.5 -.4 .6 1.0 -3.1 -1.7 NET MONEY MARKET CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. G O V E R N M E N T SECURITIES CORPORATE BONDS OPEN-MARKET PAPER SHARE ISSUES 1 2 3 “ — - 2.4 — 1.6 1.3 * .5 5.0 2.8 .2 .1 .8 .2 * -.9 -.2 * -.7 -.1 ♦ -1.7 -1.3 -.1 -.2 -.2 N E T ACQ. OF F I N A N C I A L A SSETS .1 OEMAND DEPOSITS ♦ CURRENCY -.6 TIME DEPOSITS 4 5 6 7 — “ — “ .8 .1 .6 * .7 .8 -.1 * 2.1 .5 1.6 * -.9 .2 -1.0 .1 1.0 1.2 -.2 * .5 1.3 -.9 * 1.5 .8 .7 .1 -1.1 -1.5 .4 ♦ .1 .5 -.3 .2 8 - - 2.4 1.3 .2 .2 -. 2 -.1 -1.3 -.2 5.0 SECURITY BROKERS 4.2 * -3.6 -.2 -3.3 .3 2.3 .1 9.2 * 1.1 .1 -5.8 .1 4.7 .1 7. 1 .1 -. 8 .1 3 4 5 6 7 8 .2 .3 .2 -.1 .2 3.7 .4 .6 ♦ .2 .4 -4.3 -.9 -1.1 .2 -.4 -.9 -1.6 * -.2 -.1 -. 1 * 2.5 2.4 4.6 2.8 -.7 2.4 2.2 -.9 -3.3 -2.6 .2 -.9 5.2 -.5 -1.7 -1.2 .1 -.5 -3.5 -1.1 -.4 .6 .2 -1.1 6.1 1.4 2.3 .4 .5 1.4 3.3 9 10 11 12 13 4.1 4.1 3.9 .2 * -3.4 -3.4 -3.2 -.2 * -3.3 -3.2 -2.2 -1.0 -.1 2.2 2.2 2.0 .2 * 9.1 9.0 7.2 1.8 * .9 .9 .8 .1 * -5.8 -5.9 -6.0 .1 .1 4.6 4.6 5.9 -1.3 .1 7.0 6.9 4 .8 2.1 .1 CREDIT MARKET INSTRUMENTS U.S. G O V E R N M E N T SECURITIES OPEN-MARKET PAPER MISCELLANEOUS NET SHARE ISSUES 1 2 3 4 5 6 7 8 AND DEALERS 1 2 BILLIONS OF DOLLARS. 9 FUNDS 111/76 BASED ON INCOMPLETE INFORMATION. 6 . 2 N E T ACO . O F F I N A N C I A L A S S E T S .1 DEMAND DEPOSITS ♦ CURRENCY 1 2 -2.4 -2.8 -.8 .3 -2.4 4.3 2.0 2.0 -.4 .3 2.0 2.1 3 4 5 6 7 8 -.9 -1.1 .2 -1.2 .2 6.1 NET INCREASE I N L I A B I L I T I E S 6.1 SECURITY CREDIT 5.9 FROM BANKS .2 CUSTOMER CREDIT BALANCES * PROFIT T A XES PAYABLE CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U .S. G O V E R N M E N T S E C U R I T I E S STATE ♦ LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT 9 10 11 12 13 NOVEMBER 10, 1976 MONETARY ANO INSURANCE RESERVES MONETARY AND INSURANCE RESERVES 28 GOLD, UNADJUSTED NET FLOWS OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, ($ M I L L . ) AND INSURANCE UNADJUSTED 1975 II I III 1 I IV - 1976 11 1 GO LD AN O O F F I C I A L FOREIGN NET 1 1 III RESERVES FLOWS EXCHANGE (* M I L L . ) 1967 HOLDINGS BIL L I O N S OF DOLLARS 1969 1970 1968 1971 (1) 294 51 32 1 -112 773 1.616 369 -.1 .9 1.3 -3.3 -3.1 1 2 U.S. GOLD STO C K AND SDR ' S U.S. G O V T . — EX. S T A B . F U N O 3 M O N E T A R Y A U T H O R I T Y (2) 4 -27 5 -32 38 38 0 4 25 -2 1 -2 -2 0 45 45 0 -15 -1 4 -1 18 18 0 -1.2 * -1.2 -1.2 .4 -1.6 1.0 1.0 — -.8 -1.2 .4 -1.3 -.7 -.6 2 3 4 5 U.S. 321 13 317 -110 72 8 1.631 351 1.1 2.1 .3 -2.5 -1.7 5 491 0 491 794 20 0 59 4 -326 201 -527 1.0 .3 .7 1.2 .7 .5 -.7 -.7 -.1 -2.2 -.4 -1.7 -.4 -.1 -.2 6 7 8 237 24 3 -6 837 852 -15 677 674 3 .1 .1 * .9 .9 ♦ 1. 0 1 .0 * — .4 -.4 * -1.4 9 -1 .3 10 * 11 .4 .2 .2 .3 .1 .2 .6 .7 -. 1 .5 .5 ♦ 1 2 3 1 TOT A L U.S. 6 7 8 9 10 11 RESERVES FOREIGN EXCHANGE POSITION OFFICIAL FGN. CURRENCY TREASURY MONETARY AUTHORITY HLDGS NE T IMF P O S I T I O N U.S. G O V E R N M E N T ASSET MONETARY AUTHORITY 1* -3 17 6 0 6 222 0 222 -167 -196 29 307 257 50 7 2 5 95 88 7 57 60 -3 TREASURY 1 T O T A L U.S . G O V T . L I A B I L I T Y 2 MONETARY AUTHORITY ASSET 3 UNALLOCATED ASSETS 167 13 6 31 311 398 -87 199 132 67 260 29 3 -33 CURRENCY 148 291 -143 INSURANCE AND SDR C E R T I F I C A T E S 199 18 4 15 3 39 370 -31 AND PENSION FUNO .7 .5 .2 RESERVES L I F E I N S U R A N C E R E S E R V E S: I NET CHANGE IN L I A BILITIES U.S. G O V E R N M E N T 2 LI F E I N S U R A N C E C O M P A N I E S 3 1.801 17 1.784 1.778 17 1.761 2.005 17 1.988 2.034 17 2.017 2.436 17 2.419 2.448 17 2.431 2.466 17 2.449 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 4 NET CHANGE 1.801 1.778 2.005 2.034 2.43o 2.448 2.466 5.1 4.6 5.0 5.2 6.2 4 7.011 -405 7.416 1.594 3.173 2.649 12.698 5.048 7.650 2.19 5 2.524 2.931 6.803 -1.070 7.873 2.282 2.976 2.615 9.576 73 9.503 2.603 4.140 2.760 8.784 -769 9.553 2.805 3.545 3.203 14.779 6.358 8.421 2.442 2.240 3.739 7. 1 3 0 -1.430 8. 560 2.409 2.787 3.364 14.0 1.3 12.7 2 .0 6.6 4.1 15.6 1 .3 14.3 2.9 6.5 4.6 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 16.3 4.5 7.3 6.6 5 6 7 8 9 10 7.011 12.698 6.803 9.576 6.784 14.779 7. 130 14.0 15.6 16.3 19.2 21.1 11 2.7 3.8 1.9 4.5 5 .6 1 .2 .1 2.1 -.3 3 .6 .5 2 3 1. 6 1.5 * .6 .1 .8 2.7 2.5 1.0 .1 .1 1.2 .1 1.5 4 1.6 5 6 -.2 .3 7 .1 8 9 1. 3 * 10 5 6 7 8 9 10 IN A S S E T S (HH) PENSION FUND RESERVES: N E T C H A N G E IN L I A B I L I T I E S U .S . g o v e r n m e n t INSURANCE SECTOR LIFE I N S U R A N C E C O M P A N I E S PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 11 N E T C H A N G E IN ASSETS (HH) INTERBANK 1 NET CHANGE IN LIABILITIES 372 -5.957 2.945 —6 51 57? 2.746 CLAIMS -1.169 MONE. A U T H . — MEM. BAN K RES. — VAULT CASH 4.594 -1.078 -4.461 -478 3.387 1.078 -3.311 1.076 2.098 -1.026 -690 76 0 2.347 250 1.3 .5 .8 1. 3 4 5 6 7 8 9 10 COMMERCIAL BANKING— TOTAL COMMERCIAL BANKS TO M O N E T A R Y A U T H O R I T I E S LOANS FROM AFFILIATES LOANS FROM FGN. B K . AG. D E M . D E P . OF F G N . BK. A G T I M E D E P . O F F G N . BK. A G -3.144 -1.482 676 0 923 -3.107 26 -1.018 -37 -624 0 -942 1.668 -139 -1.520 -642 1.456 0 768 -2.914 48 1.584 939 10 9 0 -819 1.680 -31 -495 -918 -1.753 0 641 162 32 2.676 2.031 1.727 0 -396 714 -14 -3.766 -2.351 -663 0 -130 -1.534 -24 .9 .9 -.1 .1 .9 ~ 1. 7 1. 7 1.0 * .7 11 FOREIGN BANKING D EPOSITS OF B ANKS -981 -8 78 645 423 645 -1.415 * ♦ .1 .2 -.1 11 3 72 -5.957 2.945 -651 577 2.746 -1.169 2.7 3.8 1.9 4.5 5.0 12 676 162 514 -624 -372 -252 1.456 615 841 109 1.282 -1.173 -1.753 — i.578 -175 1.727 1.467 260 -663 -673 10 -.1 * * 1.0 1.0 * * * * 1.0 .8 .2 - . 2 13 .1 14 - . 3 15 -5.333 -5.920 -4.461 -478 -981 1.489 3.587 3.387 1.078 -878 -760 -1.590 -3.311 1.076 645 2.330 1.495 2.098 -1.026 423 1.019 71 5 -690 76 0 645 -506 1.182 2.347 250 -1.415 2.7 1 .8 1.3 .5 * 2.7 2.1 .8 1.3 ♦ 2.0 .4 .2 .1 .1 3.5 2.0 2. 1 -. 3 .2 5. 8 4.0 3.6 .5 -.1 ~ “ 2 3 12 N E T C H A N G E IN ASSETS AGENCIES— -1.662 13 14 15 MONETARY AUTHORITIES F.R. F L O A T L O A N S TO M E M B E R B A N K S 16 17 18 19 20 -304 1.854 4.594 -1.078 -1.662 21 COMMERCIAL B A N K I N G — TOTAL COMMERCIAL BANKS MEMBER BANK R E S E R V E S VAULT CASH D E P O S I T S AT F G N . BK. AG. BANK AFFILIATES— LOANS TO AFFI L I A T E BANKS 0 0 0 0 0 0 0 22 23 24 25 FOREIGN BANKING AGENCIES D E M A N D D E P O S I T S AT B A N K S TIME D E P O S I T S AT B A N K S LOANS TO BANKS -2.158 -3.107 26 923 587 1.668 -139 -942 -2.098 -2.914 48 7 68 8 30 1.680 -3 1 -819 83 5 162 32 641 304 714 -14 -396 -1.688 -1.534 -24 -130 (1) LINES 1 ♦ 2 EXCL U D E I N I T I A L A L L O C A T I O N OF SDR'S OF $867 M I L L I O N IN J A N U A R Y 1 9 7 0 , S 7 1 7 M I L L I O N I N J A N U A R Y 1 9 7 1 , A N D $ 7 1 0 M I L L I O N IN J A N U A R Y 19 7 2 . T R A N S A C T I O N S IN S D R » S ARE IN L I N E 2 . ALSO E X C L U D E D FROM THE TAB L E ARE R E V A L U A T I O N S OF F O REIGN C U R R E N C Y HOLDINGS, GOLD, SDR*S, AND IMF POSITION. THESE A L L O C ATIONS AND R E V A L U A T I O N S AR E I N C L U D E D I N T A B L E S O N O U T S T A N D I N G S . 12) T R E A S U R Y GOLD STOCK. 111/76 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION. 1 .0 .9 .1 .7 .7 * .6 .1 1.0 .8 .1 1.4 1.2 .1 .1 16 17 18 19 20 .3 21 1.5 1.3 * .1 22 23 24 25 NOVEMBER 10, 1976 MONETARY AND INSURANCE RESE RV ES MONETARY AND INSURANCE RESERVES 29 GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES SE AS ON AL LY ADJUSTED ANNUAL RATES SEASONALLY AD JUSTED AN NU AL RATES 1976 1975 II GOLD AND O F F I C I A L IV i III FOREIGN EXCHANGE HOLDINGS II (1) 1.5 T O T A L U . S . 1 -.7 — .2 1.4 .6 1.2 .2 1.3 -.4 3. 1 6.5 2 3 4 -.6 * -.5 ♦ * * .1 -.1 -.1 * -.1 .2 .2 - * .1 -. 1 * ♦ - .2 .1 .1 - .2 •2 - -. 1 -.1 ♦ 5 - .2 -.2 1. 3 .5 1.3 .1 1.3 -.4 2.9 6.5 6 7 8 * -.2 .2 -.2 * -.2 * * * .1 -.2 .3 .1 * .1 * .9 2.0 2.0 3. 2 .8 2.4 -1.3 .8 -2.1 9 10 11 — .2 -.2 * * ♦ * 1.3 1.3 * .5 .4 .1 1.2 1.0 .2 2 .7 2.7 * TREASURY .4 .5 -. 1 .5 .7 -.2 .7 .5 .1 .9 1.0 INSURANCE 6.6 .1 6.5 7.3 .1 7.2 6.4 .1 6.4 7.6 .1 7.6 5 6 7 8 9 10 22.6 3.0 19.6 4.3 6.9 8.5 25.6 2.1 23.4 5.5 6.5 9.5 29.6 2.7 26.8 6.2 10.9 9.7 36.1 3.6 32.4 8.7 12.8 11.0 11 22.6 25.6 29.6 36.1 AND 1.4 U.S. FOREIGN EXCHANGE POSITION O F F I C I A L FGN. C U R R E N C Y HLDGS TREASURY MONETARY AUTHORITY * .9 -.7 -.8 .1 * * ♦ .4 .4 * .2 .2 ♦ .9 1. 0 * 3.3 3.4 -.1 1.0 1.2 -.1 .6 1.2 — .6 1.4 1.5 -. 1 .8 T O T A L U . S . G O V T . L I A B I L I T Y .7 M O N E T A R Y A U T H O R I T Y ASSET .1 U N A L L O C A T E D A S S E T S 8.0 .1 8.0 8.1 .1 8 .1 9.7 .1 9.7 9.8 .1 9.7 LIFE INSURANCE RESERVES: 9 . 9 N E T C H A N G E IN L I A B I L I T I E S .1 U.S. GOVERNMENT 9.8 LIFE INSURANCE COMPANIES 8.0 8.1 9.7 9.8 9.9 NET _ CU R R E N C Y AND RESERVES .1 U . S . G O L D S T O C K A N D S D R ' S U . S . G O V T . — EX. S T A B . F U N D .1 M O N E T A R Y A U T H O R I T Y (2) _ - N E T IMF POSITION U.S. G O V E R N M E N T ASSET MONETARY AUTHORITY SDR C E R T I F I C A T E S .8 .5 .3 1.2 1.6 -.3 PENSION FUND RESERVES 7.2 .1 7.1 7.1 .1 7.0 CHANGE IN A S S E T S (HH) 10.6 34.7 3.6 31.0 8.8 10.5 11.7 35.4 4.1 31.3 9.1 11..7 10..5 42.1 4.2 37.9 10.4 16.4 11.0 42.9 4.75.0 38.2 11.29.8 14.1 12.6 PENSION FUND RESERVES: 39.0 3 9 . 2 N E T C H A N G E IN L I A B I L I T I E S 5.1 U.S. GOVERNMENT 34.0 34.1 INSURANCE SECTOR 9.6 LIFE INSURANCE COMPANIES 9.3 11.0 PRIVATE PENSION FUNDS 15.0 13.5 S T .+LOC. GOV T , RTR. F U N D S 32.8 34.7 35.4 42.1 42.9 39. 0 -17.1 16.0 1 .0 22.6 -6.8 -4.9 32.8 3.2 29.6 6.4 1 2 .6 NET CHANGE IN A S S E T S - 3 6 . 7 NET CHANGE IN L I A B I L I T I E S 39.2 (HH) INTERBANK CLAIMS 1 2.0 7.9 4.8 -3.3 .9 -13.0 MONE. AUTH.— MEM. BANK RES. — VAULT CASH 2 3 -2.1 1.1 1.4 2.0 -1.2 1.0 .2 .6 11.8 -1.8 -12.3 3.3 -.8 -1.3 2.1 2.2 .8 -1.1 3.4 8.6 4 5 6 7 8 9 10 3.0 .5 1.6 -.4 .2 -1.2 .3 4.4 2.1 -1.6 -.4 1.4 2.6 .1 5.1 1.9 -2.1 -.2 -.2 4.3 .1 -4.1 -1.2 1.6 -9.1 -2.4 6.2 -4.0 -.1 -2.4 -15.0 -11.5 -3.1 11.7 9. 1 5.8 1. 3 -.4 -3.7 -*1 -2.7 -.1 3.7 -12.4 .1 -3.8 6.7 -.6 3.1 -11.7 .2 -3.3 6.7 -.1 2.6 .6 .1 10.6 8.0 6.8 — -1.6 2.9 -.1 -2 5 . 0 -19.4 -12.6 — -.5 -6.1 -.1 11 2.5 2.3 3.1 -2.9 -6.6 -3.9 -3.5 2.6 1. 7 2.6 -5.7 12 2.0 7.9 4.8 -3.3 .9 -13.0 -17.1 16.0 1.0 22.6 -36.7 6.8 5.8 1.0 -12.6 — 6. 1 -6.5 MONETARY AUTHORITIES F.R. FLOAT LOANS TO M EMBER BANKS 13 14 15 15.8 14.6 3.4 8.6 2.6 -24.1 -17.4 -6.8 -4.9 -5.7 COMMERCIAL BANKING— TOTAL COMMERCIAL BANKS MEMBER BANK RESERVES VAU L T CASH D E P O S I T S AT F GN. BK . AG. BANK AFFILI A T E S — LOANS TO A F F I LIATE BANKS 16 17 18 19 20 — — - - — - 13 14 15 1 .6 -.4 1 .9 -1.6 -.9 -.7 -2.1 -1.1 -1.0 1.6 1.7 -.1 6.2 5.6 .6 -2.4 -1.7 -.7 -3.1 -.5 -2.5 5.8 3.4 2.4 -3.7 -1.7 -2.0 16 17 IB 19 20 .4 1. 5 -2.1 1.1 2.5 9.5 5.8 1.4 2.0 2.3 6.8 2.9 -1.2 1. 0 3.1 -4.9 -2.1 .2 •6 -2.9 -5.3 3.4 11. 6 -1.8 -6.6 -10.6 -12.9 -12.3 3.3 -3.9 -14.1 -5.7 -.8 -1.3 -3.5 10.2 6.9 2.1 2.2 2.6 4.7 1.4 .8 -1.1 1. 7 21 -.4 -.4 -.2 22 23 24 25 -.7 -1.2 .3 .2 4. 1 2.6 .1 1.4 4. 2 4.3 .1 -.2 -2.8 -2.7 -.1 -.1 -8.6 -12.4 .1 3.7 - 2.3 6.7 -.6 -3.8 - -8.4 -11.7 .2 3.1 3 .3 6.7 -.1 -3.3 3.3 .6 .1 2.6 1.2: 2.9 -.1 -1.6 -6.8 -6.1 -.1 -.5 COMMERCIAL B A N K I N G - T O T A L COMMERCIAL BANKS TO MONETARY AUTHORITIES LOANS FROM AFFILIATES L O A N S F R O M F GN. BK . AG. OEM . D E P . O F F G N . BK. A G T I M E D E P . O F F G N . BK. A G FOREIGN BANKING AGENCIES— D E P O S I T S OF B A N K S NET CHANGE IN A S S E T S FOREIGN BANKING AGENCIES D E M A N D D E P O S I T S AT B A N K S 24 T I M E D E P O S I T S AT B A N K S 25 L O A N S TO B A N K S (1) L I N E S 1 ♦ 2 E X C L U O E I N I T I A L A L L O C A T I O N O F S D K ' S OF S 8 6 7 M I L L I O N IN J A N U A R Y 1 9 7 0 , $ 7 1 7 M I L L I O N I N J A N U A R Y 1 9 7 1 , A N D $ 7 1 0 M I L L I O N IN J A N U A R Y 1 9 7 2 . T R A N S A C T I O N S I N S D R ' S A R E IN L I N E 2. ALSO E X C L U D E D FROM THE TABLE AR E R E V A L U A T I O N S OF F O R E I G N CURR E N C Y HO L D I N G S * GOLD, SDR'S, AND IMF P O S I T I O N . THESE AL L O C A T I O N S AND R E V A L U A T I O N S A R E I N C L U D E D IN T A B L E S O N O U T S T A N D I N G S . (2) BILLIONS OF DOLLARS. 11 1 / 7 6 BASED ON INCOMPLETE INFORMATION. TREASURY GOLD STOCK. N O V E M B E R 10 , 197 6 MONEY AND DEPOSITS 30 SUMMARY MONEY AND DEPOSITS SUMMARY MONEY STOCK AND TIME AND SAVINGS ACCOUNTS UNADJUSTED NET FLOWS 1% M I L L . ) UNADJUSTED NET FLOWS 19 7 5 I II III IV | 1 I 1976 11 DEMANO DEPOSITS 1 NET CHANGE 2 3 4 5 6 7 8 9 10 IN ASSETS M O NEY STOCK R E S T OF- T H E W O R L D DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS ST.+LOC. GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT U.S. G O V E R N M E N T III | 1 1967 ($ M I L L . ) BILLIONS OF DOLLARS 1969 1968 1970 1971 ,A N D C U R R E N C Y -21.711 21.030 -2.495 19.257 -14 . 5 0 8 14.533 -5.971 15.0 14.8 7.9 12.4 17.5 1 -21.416 -1.656 -19.760 -8.202 -1.410 -1.626 496 -9.018 19.586 1.085 18.501 12.166 1.-437 1.078 -503 4.323 -4.026 -416 -3.610 2.663 1 .432 -1.322 -145 -6.238 19.160 -13.724 1.103 -922 18.057 -12.802 107 -2.043 1.437 -1.486 2.195 -2.711 1.476 -123 12.842 -6.439 7.529 436 7.093 651 809 1.993 -530 4.170 -7.346 28 -7.374 320 1.869 -3.107 410 -6.866 1 3. 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 -295 1.444 1.531 -784 7.004 1.375 1.1 -1.3 .6 2.5 3.1 10 11 N E T C H A N G E I N BKG. S Y S T E M L I A B - 2 1 . 7 1 1 12 MONETARY AUTHORITIES 9 13 U.S. GOVT. CASH ♦ DEPOSITS 562 14 FOREIGN DEPOSITS 79 15 CURRENCY -632 21.030 5.770 2.277 -148 3.641 -2.495 740 1.468 -148 -580 19.257 - 1 4 .508 4.118 -211 163 -100 178 -88 3.777 -23 14.533 7.569 4.784 165 2.620 -5.971 800 18 5 -26 641 15.0 2.9 .9 * 2.0 14.8 1.5 -1.1 .1 2.5 7.9 3.3 .6 -.1 2.8 12.4 3.1 -.4 ♦ 3.5 17.5 4.4 .9 •1 3.4 11 12 13 14 15 16 17 18 19 15.260 -833 1.233 14.860 -3.235 63 -268 -3.030 15.139 -14.297 -66 -684 -834 925 14.280 - 1 2.779 6.964 2.220 271 4.473 -6.771 1. 190 54 -8.015 12 . 1 .2 .3 11.5 13.3 -.2 .5 13.0 4 .6 * .4 4.2 9.3 2.9 .6 5. 9 COMMERCIAL BANKING U.S. GOV E R N M E N T DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC -21.720 -857 -1.735 -19.128 97 13.1 1 6 2 . 2 17 - . 3 18 11.2 19 TIME DEPOSITS AND SAVINGS ACCOUNTS 1 NET CHANGE 2 3 4 5 6 7 8 9 10 11 12 13 14 15 - TOTAL COMMERCIAL BANKING LIABILITY LARGE NEGOTIABLE CD*S O T H E R AT C O M M E R C I A L B A N K S AT F O R E I G N B A N K I N G AGS. A C Q UIRED BY: HOUSEHOLDS NONFIN. CORPORATE BUSINESS STATE ♦ LOCAL GOVERNMENTS FOREIGN U.S. G O V E R N M E N T FINANCIAL INSTITUTIONS S V G S .+LN. ASSOC. MUTUAL SAVINGS BANKS PRIVATE PENSION FUNDS M O N E Y M A RKET FUNDS 16 17 18 19 20 21 AT S A V I N G S I N S T I T U T I O N S MUTUAL SAVINGS BANKS CREDIT UNIONS S A V I N G S ♦ LOAN ASSNS. HELD BY: HOUSEHOLDS CREDIT UNIONS MEMO: T O T A L OF HOUSEHOLDS 22 TIME ♦ SAVINGS ACCOUNTS 27.865 22.011 15.610 9.427 -5.084 14.318 193 3.540 -6.342 9.761 121 5. 1 3 2 2.412 2.595 12 5 7.548 -703 -1.422 12 3 1 73 3.952 263 -446 1.033 -158 3.708 3.471 48 -517 706 28.551 18.885 18.934 40.7 33.5 -1.5 55.0 81.9 1 12.023 6.032 -1.134 -10.481 13.066 17.356 91 -843 3.470 -1.870 5.250 90 5.664 -4.734 10.354 44 23.9 4.7 19.1 .1 20.7 3.1 17.4 .2 -9.5 -12.5 2.9 .2 38.0 15.2 22.4 .4 41 .4 8.7 32.4 .3 2 3 4 5 2.958 1.665 -1.001 -88 158 11.291 662 895 -361 -78 5.195 835 1.333 -1.280 48 5.873 898 -2.378 30 1 -120 9.177 -1.325 -590 -722 40 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 4.2 7.2 .3 .1 6 7 8 9 10 -1.104 -891 46 -465 206 1.440 1.704 -18 -22 -224 -386 146 -20 -335 -177 -99 1.123 0 -792 -430 -1.104 -623 0 -435 -46 -916 -344 0 -428 -144 .4 .1 * .3 .2 .1 * .2 - -.1 * -.1 • ~ .7 .4 .2 .1 16.438 3.584 1.796 13.058 11.732 1.326 18.471 3.708 1.802 12.961 12.581 380 10.478 1.567 688 8.223 9.330 -1.107 12.399 2.313 1.244 8.842 8.828 14 22.519 4.217 1.909 16.393 15.472 921 15.415 2.786 1.739 10.890 10.833 57 13.270 1.588 731 10.951 12.167 -1.216 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 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 24.660 22.043 14.543 23.676 26.793 21.231 23.663 35.3 31.1 9.1 43.6 67.8 22 111/76 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 24.422 1 . 5 11 1 . 7 12 .2 13 - . 4 14 15 MONEY AND DEPOSITS SUMMARY MONEY AND DEPOSITS MONEY SEASONALLY 1972 ADJUSTED ANNUAL 1973 1974 STOCK 24.0 16.6 7.0 AND SAVINGS SUMMARY ACCOUNTS SEASONALLY RATES 1975 1975 1 1 I DEMAND DEPOSITS 1 AN D T I M E 16.1 13.3 .1 13.2 6.7 2.9 -3 1.3 1.9 -17.2 -18.4 -5.0 -13.4 -15.0 5.5 -2.2 -.3 -1.4 II III IV 1 1 1976 II I III AND CURRENCY 59.3 59.5 4.3 55.2 40.6 11.4 1.3 .8 1.2 14.1 8. 8 -.6 9.5 11.4 -7.4 2. 1 -.4 3.7 8.0 12.2 32.5 2.8 3. 2 1.7 1.5 -10.1 2.1 .1 5.2 4.1 12.2 -1.8 14.0 8.7 4.5 -7.5 -3.9 12.2 10.7 1 .6 9.1 -1.6 5.2 6.3 1.5 -2.3 -.4 1.3 -1.7 3.7 —6.4 -5.9 1.5 5.3 3. 1 NET 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 10 -.4 -1.5 -4.6 2.8 1. 2 -.2 5.3 4.8 * 21.9 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 ♦ 6. 2 -17.2 7.6 2.0 .3 5.1 59.3 10.8 5.9 -.6 5.5 14.1 13.4 6.4 -.6 7.6 8.0 10.8 3.5 .7 6.6 12.2 6.5 -.8 -.4 7.6 32.5 17.1 15.7 .7 •8 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 -24.7 -.8 -5.3 -18.6 48.5 -6.1 4.9 49.7 .8 -l.l 1 1.9 -2.8 1.3 1.0 -5.1 5.7 .8 -1.5 6.4 15.4 6.2 1.0 8.3 -11.8 1.8 1.4 -15.0 102.5 85.8 69.8 104.5 NET 1 88.4 78.8 79.1 89.9 CHANGE IN ASSETS MONEY STOCK REST OF THE WORLD DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS ST.+LOC. GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT 2 3 4 5 6 7 8 9 TIME DEPOSITS ADJUSTED ANNUAL RATES U.S. GOVERNMENT 2.8 N E T C H A N G E I N B K G . S Y S T E M L I A B MONETARY AUTHORITIES 14.6 U. S . G O V T . C A S H ♦ D E P O S I T S 1.4 FOREIGN DEPOSITS -.1 CURRENCY 13.3 COMMERCIAL BANKING U. S . G O V E R N M E N T D E P O S I T S FOREIGN DEPOSITS PRIVATE DOMESTIC 85.3 83.3 88.6 CHANGE - TOTAL 2 3 4 5 42.3 9.8 33.0 -.5 50.9 20.0 30.3 .6 57.0 28.5 26.3 .2 30.1 -10.1 39.7 .5 26.7 -20.3 46.3 .8 12.5 -25.4 37.4 .5 30.4 9.6 20.2 .5 50.9 -4.5 55.1 .4 12.1 -41.9 57.4 -3.4 11.6 -7.5 18.8 .4 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 24.1 -8.0 -5.3 .5 .7 13.8 -. 1 -. 2 4. 1 -.6 15.5 9.8 -.9 -.4 .6 49.7 5.9 -1.4 -1.4 -.3 13.2 -1.9 6.1 -5.1 .2 21.3 2.3 -8.3 1.2 -.5 41.8 -2.0 .5 -2.9 .2 COMMERCIAL BANKING LIABILITY LARGE NEGOTIABLE CD*S O T H E R AT C O M M E R C I A L BANKS AT F O R E I G N B A N K I N G AGS. A C Q U I R E D B Y: HOUSEHOLDS NONFIN. CORPORATE BUSINESS STATE ♦ LOCAL GOVE R N M E N T S FOREIGN U.S. GOV E R N M E N T 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 14.8 13.9 .2 -2.1 2.8 -4.4 -3.6 .2 -1.9 .8 5.8 6.8 -.1 -. 1 -.9 -1.5 .6 -.1 -1.3 -.7 -.4 4.5 — -3.2 -1.7 -4.4 -2.5 -1.7 -.2 -3.7 -1.4 -1.7 -.6 FINANCIAL INSTITUTIONS SVGS.+LN. ASSOC. MUTUAL SAVINGS BANKS P R IVATE P E N S I O N FUNDS MONEY MARKET FUNDS 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 58.6 11.4 5.9 41.3 39.3 2.0 70.8 13.9 5.7 51.2 49.7 1.5 58.2 10.7 5.2 42.3 43.2 -.8 51.6 8.7 5.4 37.5 37.7 -.2 73.7 13.8 6.2 53.7 54.0 -.4 58. 1 10.0 5.3 42.8 42.6 .3 70.6 11.2 5.6 53.8 53.9 -.1 22 71.0 67.9 57.9 84.9 80.6 83.1 74.5 101.5 87.2 79.2 112.5 10 11 12 13 14 15 16 17 18 19 AND SAVINGS A C C O U N T S 33.9 -18.9 52.7 .2 BILLIONS OF DOLLARS. 1 2 3 4 5 6 7 8 9 111/76 BASED ON INCOMPLETE INFORMATION. AT SAVINGS INSTITUTIONS MUTUAL SAVINGS BANKS CREDIT UNIONS SAVINGS + LOAN ASSNS. HEL D BY: H O U S E H O L D S CREDIT UNIONS MEMO: T O T A L OF H O U S E H O L D S TIME ♦ S A V I N G S A C C O U N T S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 N O V E M B E R 10, 1 9 7 6 U. S . G O V T . S E C U R I T I E S 32 U.S. GOVT. SECURITIES U.S. GOVERNMENT SECURITIES MARKET SUMMARY UNADJUSTED NET FLOWS () MILL.) UNADJUSTED NET FLOWS 1975 I II IV III 1 | I TOTAL NET 1 TOTAL N E T ISSUES U.S. GOVT. ISSUES 2 T REASURY ISSUES 3 4 HOUSEHOLD SAVINGS BONDS OTHER TRE A S U R Y ISSUES 5 O THER GOVT. A G E NCIES 6 7 8 S P O N S O R E D A G E N C Y I S S U E S (1) M O R T G A G E P O O L S E C U R I T I E S (1) 197 6 II ISSUES, ALL (S MILL.) 1967 B I L L I O N S OF D O LLARS 1968 1969 1970 1971 TYPES 22.128 19.249 19.743 1.011 18.732 -494 19.023 16.568 16.704 1.081 15.623 -136 26.421 23,554 23.476 977 22.499 78 30.403 25.923 25.925 956 24.969 -2 27.840 24.046 24.117 1.097 23.020 -71 13.441 9.373 9.398 1.161 8.237 -25 22.860 18.008 17.775 1.013 16.762 233 13.2 13.1 8.9 1.0 7.9 4.2 17.4 13.6 10.5 .6 9.8 3.2 6.2 -3.6 -1.3 -.1 -1.2 -2.3 21.7 11.9 12.9 .3 12.6 -1.0 30.7 24.8 26.0 2.3 23.7 -1.2 1 2 3 4 5 6 -367 3.246 -50 2.505 93 4 1.933 1.825 2.655 248 3.546 5 27 3.541 1.315 3.537 -.6 .7 3.2 .5 9.1 .7 8.2 1.6 1.1 4.8 7 8 N E T PU R C H A S E S OF TRE A S U R Y 1 TOTAL NET PURCHASES SPONSORED CREDIT AGENCIES 2 FEDERAL RESERVE SYSTEM 3 III 11 1I SECURITIES 19.743 2.807 2.133 16.704 -725 2.115 23 .476 -499 2.725 25.925 -89 460 24.117 1.158 1.819 9.398 -246 4.693 17.775 290 4.778 8.9 * 4.8 10.5 -.1 3.8 -1.3 -.6 4.2 12.9 1.1 5.0 26.0 -.6 8.1 1 2 3 2.1 .8 1.3 -.5 -1.7 1.2 -1.8 -2.2 .4 9 .1 7.8 1.3 26.3 13.9 12.4 4 5 6 4 5 6 FOREIGN SHORT-TERM MARKETABLE OTHER 6.605 3.437 3.168 999 1.637 -638 -501 703 -1.204 1.001 870 131 1.620 502 1.118 1.631 766 865 3.962 4.892 -930 7 TOTAL PRIVATE 8.198 14.315 21.751 24.553 19.520 3.320 8.745 2.0 7.3 -3.1 -2.3 -7.8 7 2.583 1.011 1.572 93 1.081 -988 11.909 977 10.932 11.187 956 10.231 9.274 1.097 8.177 79 1.161 -1.082 6.303 1.013 5.290 -2.1 1.0 -3.1 4.7 .6 4.1 10.5 -.1 10.6 -9.2 .3 -9.5 -6.8 2*3 -9.1 8 9 10 8 9 10 DOMESTIC PRIVATE DOMESTIC NONFINAN. S A V I N G S B O N D S (HH) OTHER TREAS U R Y ISSUES 11 12 13 HOUSEHOLDS SAVINGS BONDS OTHER TREASURY 1.201 1.011 19 0 -1.590 1.081 -2.671 9.570 977 8.593 1.280 956 324 4.183 1.097 3.086 -1.602 1.161 -2.763 3.269 1.013 2.256 1.2 1.0 .2 4.9 .6 4.2 5.8 -.1 5.9 -12.8 .3 -13.1 -8.2 2.3 -10.5 11 12 13 14 15 NONFIN. CORPORATE BUSINESS STATE ♦ LOCAL G O V E R N M E N T S -727 2.109 1.021 662 296 2.043 8.389 1.518 1.772 3.319 63 1.618 -616 3.650 -2.4 -.8 .3 -.5 1. 7 3. 1 2. 6 .9 2.8 -1.3 14 15 3.728 8.564 8.400 8.081 5.362 1.748 1.888 6.5 2.1 -9.7 0. 9 3.1 16 1.887 -345 420 1 15 5.658 2.564 769 136 1.442 -1.669 535 136 5.285 1.762 461 116 4.884 1.025 712 97 1.493 696 183 -16 554 -1.369 195 227 -2.4 1.5 -.4 * .5 .4 -.5 * -3.9 -1.5 -.6 .2 * -1.3 -. 1 ♦ 213 685 -26 310 127 1.557 605 339 109 1.091 214 486 915 1.458 -204 725 357 972 320 740 -230 931 450 290 137 742 450 150 -.2 -.3 -1.0 -.7 -.2 .4 -.2 -.4 -.3 -.2 -.5 -.5 -.1 -.1 -.3 -.1 -.2 * -1.2 -.2 -324 132 7 07 164 47 -650 544 305 -309 -427 331 148 369 1 99 93 -239 -383 -189 4 113 -95 -.5 — -.8 .2 — .8 -.5 — * .2 — 1.7 - . 3 25 — 26 - 1.6 27 16 COMMERCIAL 17 18 19 20 PRIVATE NONBANK FINANCE SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS BANKING 21 22 23 24 LIFE I N SURANCE COMPANIES PRIVATE PENSION FUNDS ST+LOC GOVT RETIRE. SYS. OTHER INSURANCE C O MPANIES 25 26 27 INVESTMENT COMPANIES MONEY MARKET FUNDS BROKERS ♦ OEALERS NET 1 TOTAL NET PURCHASES U.S. GOVERNMENT 2 SPONSORED CREDIT AGENCIES 3 4 FEDERAL RESERVE SYSTEM 5 TOTAL PRIVATE DOMESTIC 6 7 8 9 PRIVATE DOMESTIC NONFINAN. HOUSEHOLDS NONFIN. CORPORATE BUSINESS STATE ♦ LOCAL G O V E R N M E N T S 10 COMMERCIAL BANKING 11 12 13 14 PRIVATE NONBANK FINANCE SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 15 16 17 18 LIFE INSU R A N C E C O M P A N I E S PRIVATE PENSION FUNDS ST+LOC G O V T R E T I R E . SYS. OTHER INSURANCE COMPANIES P U R C H A S E S OF A G E N C Y SECURITIES POOL 21 22 23 24 SECURITIES 4.7 * ♦ .6 2.385 1.504 -65 231 2.319 1.000 15 -298 2.945 1.006 0 669 4.478 994 25 375 3.723 999 -54 704 4.043 798 8 188 5.085 841 -22 -30 4.3 -.1 * * 6.9 .1 * ♦ 7.4 -1.3 * “ 8.8 -.1 ♦ “ 715 1.602 1.270 3.084 2.074 3.049 4.296 4.3 6.8 8.7 8.9 4.1 5 -1.643 -2.882 -154 1.393 -1.447 -1.931 -442 926 -1.017 -801 -165 -51 1.333 849 12 472 -308 -255 -103 50 3.021 2.541 -70 550 3.452 2.199 3 1.250 1.0 .5 ♦ .5 3.9 1.4 .4 2.1 6.9 5.0 .2 1.7 2.1 4.6 -.5 -2.1 -4.1 -2.3 -.3 -1.5 6 7 8 9 10 1 2 3 4 31 1 585 143 325 -428 -853 90 3.0 1.3 -.3 3. 8 4.0 2.047 869 507 24 2 2.464 1.400 661 326 2.144 1.078 2 10 34 4 1.426 733 353 297 2.810 749 919 265 881 188 766 -59 754 -22 481 41 .3 .2 .2 .1 1.6 .1 .4 .1 2. 1 1.2 .2 .1 3.0 1 .9 .4 .3 4 . 1 11 3 . 0 12 .8 13 .2 14 45 248 236 -100 69 — 80 188 -100 103 368 141 -100 137 -96 92 -90 257 607 113 -100 53 -32 100 -135 146 1 58 100 -150 * -.1 .1 -.1 .1 .1 .6 .2 .1 .2 .2 .2 .1 .3 -.1 * .1 -.3 .1 .3 (1) T H E S E I S S U E S AR E O U T S I D E T H E B U O G E T A N D O U T S I D E T H E U. S. G O V E R N M E N T S E C T O R IN F L O W O F F U N D S A C C O U N T S . T HEY ARE INCLUDEO IN C R E D I T MARK E T DEBT OF FINA N C I A L I N S T I T U T I O N S • 111/76 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. AND MORTGAGE - 4 . 1 17 - . 8 18 .1 19 ♦ 20 15 16 17 18 S?s!*o5t!0| e ^ » I ES U -S - “ V T * U.S. SEASONALLY ADJUSTED ANNUAL GOVERNMENT _________________________________________________S E A S O N A L L Y A D J U S T E D A N N U A L R A T E S RATES -- 1 972 1973 1974 S t C U R n I t 3S3 SECURITIES MARKET SUMMARY 1975 I TOTAL NET 1975 I ISSUES* II AL L | HI IV | 1976 I II III TYPES 1 2 3 4 5 6 23.7 15.3 1 4.3 3 .3 11.0 1.0 28.3 8.3 7.9 2.7 5. 2 .4 34.5 12.1 12.0 3.0 9.0 .1 98.0 85.3 85.8 4.0 81.8 -.6 77.3 59.6 61.6 3.7 57.9 -2.0 109.8 101.8 102.3 3. 9 98.4 -.5 100.8 94.4 94. 1 4.4 89.6 .3 104.0 85.3 85.3 4.1 81.3 * 95.1 73.2 73.4 3.9 69.5 -.3 88.5 74.3 74.4 4.2 70.2 -.1 9 3 . 0 TOTAL N E T ISSUES U .S. G OVT. ISSUES 79.1 TREASURY ISSUES 78.1 HOUSEHOLD SAVINGS BONDS 4.6 O T H E R T REASURY ISSUES 73.5 OTH E R GOVT. ^C&NCIES .9 7 8 3.5 4.9 16.3 3.6 16.6 5.8 2.3 10.3 4.7 13.0 -2 . 0 10.0 -1.3 7.7 8.0 10.6 7.8 14.2 * 1 4.2 -.3 14 . 1 78 . 1 T O T A L N E T P U R C H A S E S SPONSORED CREDIT AGENCIES 3.9 FEDERAL RESERVE SYSTEM 18.4 NET P U R C H A S E S OF T R E A S U R Y S P O N S O R E D A G E N C Y I S S U E S (1) M O R T G A G E P O O L S E C U R I T I E S (11 1 L 3 4 5 6 7 8 SECURITIES 1 2 3 1 2 3 14 . 3 -1.2 -.3 7.9 -. 1 8.6 12.0 .3 2.0 85.8 1.5 7.4 61.6 8.9 8.5 10 2 . 3 -2.0 6.9 94.1 .6 10.2 85.3 -1.5 4.1 73.4 2.3 6.7 74.4 -.2 17.5 4 5 6 8.4 1.3 7.2 .3 -5.7 6.1 3.7 7.6 -3.9 8.1 6.6 1.5 27.7 15.0 12.7 5.6 8.2 -2.6 -7.0 -2.2 -4.8 6.1 5.6 .5 9.2 4.7 4.5 7.6 4.1 3.5 10.2 13.9 -3.7 FOREIGN SH ORT-TERM MARKETABLE OTHER 4 5 6 7 7.4 -.9 6.0 68.8 16.5 91.9 90.3 76.6 5 5.2 49.5 45.6 TOTAL 7 PRIVATE DOMESTIC NONFINAN. S A V I N G S B O N D S (HH) O T H E R T R E A S U R Y ISSUES PRIVATE DOMESTIC 8 9 10 8 9 10 4.8 3.3 1.6 11.6 2.7 8.9 9.5 3.0 6.5 25.8 4.0 21.7 -4.9 3.7 -8.5 23.6 3.9 1 9.7 39.5 4.4 35.1 44.8 4.1 40.8 18.5 3.9 14.5 25.7 4.2 21.5 19.0 4.6 14.4 11 12 13 3.0 3. 3 -.2 17.0 2.7 14.3 9.2 3.0 6.2 10.5 4.0 6.4 -7.3 3.7 -11.0 7.8 3.9 3.9 26.1 4.4 21.7 15.2 4.1 11.1 2.8 3.9 -1.1 10.0 4.2 5.7 2.0 4.6 -2.7 HOUSEHOLDS SA VINGS BONDS OTHER TREASURY 11 14 13 14 15 -2.6 4.4 -5.3 -.1 2.1 -1.8 9.0 6.3 -2.7 5.2 9.0 6.7 4.5 8.9 25.2 4.5 6.4 9.3 4.2 11.6 2.1 15.0 NONFIN. CORPORATE BUSINESS S T A T E «■ L O C A L G O V E R N M E N T S 14 15 16 2.4 -8.8 -2.6 28.8 17 . 0 45.0 40.5 12.6 20.2 17.8 18.6 19.2 5.3 2.5 .5 16. 5 2.5 2.0 .4 5.9 1.4 .4 -.1 8.0 -.1 1.3 .9 COMMERCIAL BANKING 16 PR I V A T E N O N B A N K FINANCE S A V I N G S ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 17 18 19 20 17 18 19 20 .2 -.5 .2 * -3.7 -2.4 -.5 .2 -.9 -.2 -.4 .3 14.3 2.3 2.2 .5 4.3 -3.2 .8 .5 23.2 9.4 2.8 .5 1 0.3 -2.4 2.6 .5 21 22 23 24 ♦ .9 -.4 -.3 -.4 .2 -1.1 -.1 -.1 -.1 -.8 * 1.4 4.8 .6 1.9 .3 2.6 -.1 1.3 1.4 6.7 2.4 1.7 .3 4.2 .9 2.0 3.4 5.7 -.8 2.3 .8 3.9 1.3 3.1 * 4.1 1.8 1. 6 .5 2.8 1.8 .7 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS S T ♦ IOC GO V T R ETIRE. SYS. OT H E R INSURANCE COMPANIES 21 22 23 24 25 26 27 .1 .2 .5 * -.1 .1 .2 * .8 -.1 -1.3 .5 2.8 .7 .2 -2.6 2.2 1.2 -1.2 -1.7 1.3 .6 1.5 .8 .4 -1.0 -1.5 -.8 ♦ .5 -.4 INVESTMENT COMPANIES M O N E V MARKET FUNDS BROKERS ♦ DEALERS 25 26 27 NET PURCHASES OF AGENCY SECURITIES AND MORTGAGE 12.1 4.5 * 1.0 15.7 6.0 -.3 .9 18.6 4.0 .1 1.5 21.7 4.0 -.2 2.8 14.1 3.2 * .8 14.8 TOTAL N E T PURCHASES U . S . G O V E R N M E N T (2) 3.4 SPONSORED CREOIT AGENCIES -.1 FEDERAL RESERVE SYSTEM -.1 4.6 * 13.0 15.1 10.1 11.T -6.5 -8.5 -1.8 3. 7 -9.8 -9.0 -.7 -.2 7.5 5.5 * 1.9 3.7 3.9 -.4 .2 11.1 9.2 -.3 2.2 7.9 2.9 ♦ 5.0 1.7 .7 -.3 .5 -4.1 .2 9.4 5.6 2.2 1 .3 9.1 4.3 1.4 1. 4 5.9 2.9 1.6 1.2 10.9 3.0 3.3 1.1 3.1 .8 2.6 -.2 3.6 -.1 2.6 .2 .4 1.5 .6 -.4 .5 -.4 .4 -.4 1.0 2.4 .5 -.4 •2 -.1 .4 -.5 .6 .6 .4 -.6 20.4 * .1 .7 22.4 2.5 .1 3.2 5 8.7 19.6 16.6 6.7 9.0 6 7 8 9 -.7 -3.5 .1 2. 7 7.8 -.7 1.5 7.0 8.4 -2.0 1.4 9.0 -2.8 -4.8 -.7 2.7 -2.2 -7.2 -.6 5.6 10 4.1 7.6 3.6 1.4 3.4 11 12 13 14 5.3 2.4 1.1 •6 4.2 2.3 .1 .3 4.6 1. 2 .2 .4 8.1 4.1 1.7 1.2 7.9 3.5 1.7 1.0 .1 .5 .9 * •2 1. 3 1.0 .4 .4 .4 .7 -.4 •2 1.0 .9 -.4 .3 -.3 •8 — .4 15 16 17 18 .1 .1 • t> .4 SECURITIES 6.7 4.0 2.7 7.5 4.0 .1 -1.2 9.4 * * .7 1 2 3 4 POOL TOTAL PRIVATE DOMESTIC PRIVATE DOMESTIC NONFINAN. HOUSEHOLDS NONFIN. CORPORATE BUSINESS STATE ♦ LOCAL GOVERNMENTS COMMERCIAL BANKING PRIVATE NONBANK FINANCE S A V I N G S * LOAN ASSNS. MUTU A L SAVINGS BANKS CREOIT UNIONS LIFE INSURANCE COHPANIES PRIVATE PENSION FUNOS ST +LOC GOVT RETIRE. SYS. OTH ER INSURANCE COMPANIES (11 T H E S E I S S U E S A R E O U T S I D E T H E B U O G E 1 A N D O U T S I D E T H E U . S . G O V E R N M E N T S E C T O R IN FLOW OF FUNDS A C C O U N T S . T HEY ARE 1 N C L U D E O IN CR E D I T MARKET D E B T OF F I N A N C I A L I N S T I T U T I O N S . BlttlONS OF DOLLA R S . INFORMATION. 1 11/76- B A S E D O N INCOMPLETE (2) Mainly Federal Financing Bank purchases of Fanners Home Administration mortgage pool securities. N O V E M B E R 10, 1 9 7 6 PRIVATE SECURITIES 34 PRIVATE STATE + LOCAL GOVERNMENT, SECURITIES CORPORATE, ANO FOREIGN SECURITIES UNADJUSTED NET FLOWS (> MILL,)________________ UNADJUSTED NET FLOWS ($ MILL.) 1975 I II III | IV I I 1976 II III | | 1967 BILLIONS OF DOLLARS 1968 1969 1970 1971 STATF AND LOCAL GOVERNMENT SECURITIES 1 N E T C H A N G E IN L I A B I L I T I E S 2 STATE + LOCAL GOVERNMENTS 3 SHORT-TERM 4 OTHER 5 NONFIN. CORPORATE BUSINESS (POLLUTION CONTROL) 3.124 2.694 126 2.568 430 4.948 4.137 675 3.462 811 4.764 4.163 -2.311 6.474 601 4.445 3.687 -463 4.150 758 1.834 1.537 -2.480 4.017 297 7.286 6.784 1.278 5.506 502 4.743 3.884 -244 4.128 859 7.8 7.8 1.8 5.9 9.5 9.5 .1 9.4 - 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 6 N ET C H A N G E IN A S S E T S 7 HOUSEHOLDS 8 NONFIN. CORPORATE BUSINESS 9 S T.+LOC. GOVT, GEN. FUNDS 3.124 2.253 390 39 4.948 2.610 -44 -99 4.764 3.016 -300 364 4.445 779 -219 1.156 1.834 1.603 -583 500 7.286 2.205 -298 351 4.743 1.731 -225 175 7.8 -2.2 -.3 9.5 -.7 .5 * 9.9 9.1 -1.0 .1 11.2 -.8 -.6 .1 17.5 -.3 1.0 -.3 6 7 8 9 10 11 12 COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS -617 3 75 1 65 1.775 86 145 56 149 255 48 1 0 50 -1.913 1 322 2.423 - 11 470 1.271 0 88 9.1 ♦ 8.6 .1 * .6 ♦ * 10.7 ♦ ♦ 1 2 . 6 10 * 11 •2 12 13 14 15 16 LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES BROKERS + DEALERS 29 29 634 -173 87 169 178 41 382 391 437 14 343 1.300 511 44 508 500 766 130 180 1.125 768 73 154 200 1.271 78 -.1 -.1 1.4 * * ♦ 1.0 * * -.1 1.2 -.2 .1 -.3 1.5 .6 .1 13 .1 14 3. 9 15 .1 16 CORPORATE AND 1 NET I S S U E S 2 NONFIN. CORPORATE 3 R E S T OF T H E W O R L D 4 COMMERCIAL BANKS 5 FINANCE COMPANIES 6 REITS BUSINESS 7 NET P U R C H A S E S 8 HOUSEHOLDS 9 R E S T OF T H E W O R L D 10 COMMERCIAL BANKING 11 MUTUAL SAVINGS BANKS 12 13 14 15 16 INSURANCE LIFE I NSURANCE COMPANIES PRIVATE PENS I O N FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER I N S U RANCE C O MPANIES 17 18 O P E N - E N D I N V E S T M E N T COS. BROKERS ♦ DEALERS 12.624 9.430 1.870 360 960 4 9.345 8.272 966 50 29 28 6.058 3.677 937 50 1.4 0 5 -11 8.266 5.825 2.418 -271 315 -21 9.579 6.471 2.416 31 766 -105 8.546 4.957 1.389 68 2.141 -9 7.069 3.876 2.501 37 660 -5 16.6 14.7 1.2 .3 .4 14.4 12 . 9 1 .1 .3 .2 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 12.624 4.870 23 0 629 1.221 9.345 3.435 -142 609 1.388 6.058 2.325 -99 261 347 8.266 -234 573 29 1 590 9.579 1.760 137 339 1.131 8.546 2.802 349 2 78 6 63 7.069 811 4 290 470 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 23.5 8.3 .3 1.2 3.9 7 8 9 10 11 5.628 2.219 1.340 1.685 384 3.774 1.613 -201 1.477 885 4.089 1.756 371 1. 3 7 2 590 5.566 3.507 1.270 468 321 6.579 4.065 492 1.686 336 4.552 3.221 52 827 452 5.678 3.276 347 1.735 320 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 5.5 -.7 3.9 .3 12 13 14 15 16 814 -768 103 178 -122 -743 179 1.301 694 -1.061 2 -100 38 -222 * .4 .4 -.2 .2 .4 .7 .1 CORPORATE 1 NE T I S S U E S 2 O P E N - E N D I N V E S T M E N T COS. 3 OTHER SECTORS 4 NONFIN. CORPORATE BUSINESS 5 RE S T OF THE WORLD 6 COMMERCIAL BANKS 7 OTHER INSURANCE COMPANIES 8 REITS FOREIGN .6 17 .1 18 EQUITIES 2.824 1.033 1.791 1.933 58 250 231 -681 3.039 -254 3.293 3.223 13 250 239 -432 1. 7 3 8 -221 1.959 1.713 1 2 50 239 -244 3.615 23 2 3.383 3.039 57 250 239 -202 4.063 398 3.665 3.152 110 250 239 -86 3.134 -885 4.019 3.505 59 250 239 -34 1.442 -541 1.983 1.530 60 250 246 -103 5.6 3.0 2.5 2.4 .1 ♦ .1 * 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 1 3.7 11.4 * .6 .6 1.0 9 NET PURC H A S E S 10 HOUSEHOLDS 11 R E S T OF T H E W O R L D 12 COMMERCIAL BANKING 13 MUTUAL SAVINGS BANKS 2.824 489 977 0 61 3.039 -156 919 0 82 1.738 -441 1. 317 0 6 3.615 -1.656 1.454 0 12 4.063 -359 1.494 0 5 3.134 37 1 778 0 21 1.442 -1.340 300 0 31 5.6 -4.2 .7 .1 .2 6.5 —6.5 2. 1 .1 .3 10.1 -4.5 1 *6 • .2 10.5 -.8 .7 .1 .3 15 . 0 9 - 3 . 7 10 .8 11 * 12 .5 13 14 15 16 17 18 INSURANCE LIFE INSU R A N C E COMP A N I E S PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 2.053 484 1.305 407 -143 2.355 651 1.650 499 -445 1.978 44 0 1 . 085 60 9 -1 5 6 2.934 335 1.732 8 72 -5 3.809 982 2.156 533 138 3.002 497 1. 6 4 9 739 117 3.360 650 1.900 760 50 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 IS 8.9 16 3 . 2 17 1.1 18 19 20 O P E N - E N D I N V E S T M E N T COS. BROKERS + DEALERS 12 -768 -340 17 9 -378 — 74 4 -430 1.301 175 -1.061 -937 -101 -687 -222 1.9 .4 2.5 1. 7 .4 1.2 .1 .4 19 .1 2 0 II1/76 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 1 2 3 4 5 6 7 8 NOVEMBER 10. 1976 PRIVATE SECURITIES PRIVATE S E CU R I T A S STATE SEASONALLY ADJUSTED 1972 1973 ANNUAL 1974 ♦ LOCAL GOVERNMENT* CORPORATE, AND FOREIGN SECURITIES RATES SEASONALLY 1 1 1975 STATE 1975 AND II I LOCAL GOVERNMENT III IV 1 | I 1976 11 A D J U S T E D A N N U A L 1R A T E S III 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 13.1 11.4 .4 10.9 1.7 19.3 16.0 3.7 1 2.3 3.2 18. 3 15.9 -10.8 26.7 2.4 18.5 15.4 -1.2 16.7 3.0 8.1 7.0 -9.9 16.9 1.2 28.6 26.6 6.3 20.3 2.0 1 8 . 0 N E T C H A N G E IN L I A B I L I T I E S 14.6 STATE + LOCAL GOVERNMENTS SHORT-TERM -2.7 17.3 OTHER 3.4 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 13.1 9.5 1.6 .2 19.3 10.0 -.2 -.4 18. 3 11.3 -1.2 1. 5 18.5 3.8 -.9 4.6 8.1 7.1 -2.3 2.0 28.6 8.4 -1.2 1.4 1 8 . 0 N E T C H A N G E IN A S S E T S 6.0 HOUSEHOLDS -.9 NONFIN. CORPORATE BUSINESS .7 ST.+LOC. G O V T v GEN. FUNDS 6 7 8 9 10 11 12 7.2 * .5 5.7 * * 5. 5 .3 ♦ 1.7 .6 .6 -2.5 1 .5 .7 7. 1 .3 .6 .2 .6 1. 0 1.9 .2 -7.7 ♦ 1.3 9.7 * 1.9 5.1 — .4 COMMERCIAL BANKING SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS 10 11 12 13 14 15 16 * -.1 4.8 -.1 ♦ -.7 3.6 .2 .3 -.7 2.5 -.4 .8 1.9 1.8 -.1 .2 .1 2.5 -.7 .3 .7 .7 .2 1.5 1. 6 1. 7 .1 1. 4 5.2 2.0 .2 2.1 2.0 3.1 .5 .6 4.5 3.1 .3 .6 .8 5.1 .3 LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES BROKERS ♦ DEALERS 13 14 15 16 CORPORATE AND FOREIGN BONDS 1 2 3 4 5 6 18.4 12.2 1. 0 1.1 3.6 .4 13.6 9.2 1.0 * 3.0 .6 23.9 19.7 2.1 .2 1.8 .2 36.3 27.2 6.2 .2 2.7 51.2 37.9 7.5 1.4 4.4 * 33.4 29.0 3.9 .2 .3 .1 26.9 17.0 3.7 .2 6.0 * 33.7 25.0 9.7 -1.1 .2 -.1 38.8 25.8 9.7 .1 3.7 -.4 29.9 15.5 5.6 .3 8.6 * 31.3 N E T ISSUES 18.1 NONFIN. CORPORATE BUSINESS 10.0 REST O F THE WORLD COMMERCIAL BANKS .1 3.0 FINANCE COMPANIES * REITS 7 8 9 10 11 18.4 4.2 .1 1. 7 2. 1 13.6 .9 .1 .4 -1.1 23.9 5.3 .9 1.1 .9 36.3 10.4 .6 1.8 3.5 51.2 15.0 .9 2.5 4.9 33.4 12.1 -.6 2.4 5.6 26.9 8.5 -.4 1.0 1.4 33.7 6.0 2.3 1. 2 2.4 38.8 2.3 .5 1.4 4.5 29.9 9.7 1.4 1.1 2.7 31.3 NET PURCHASES 2.3 HOUSEHOLDS * REST OF THE WORLO 1.2 COMMERCIAL BANKING 1. 9 MUTUAL SAVINGS BANKS 12 13 14 15 16 10.0 7 .0 -.8 4.5 -.7 13.8 5.9 2.1 6.0 -.1 17.1 4.0 4.7 6.4 2.0 19.1 9.1 2.8 5.0 2.2 22.2 8.6 5.4 6.7 1.5 14.4 5.7 - .8 5. 9 3.5 17.4 8.1 1 .5 5 .5 2.4 22.3 14.0 5.1 1. 9 1.3 25.9 15.9 2.0 6.7 1.3 17.4 12.1 .2 3.3 1. 8 23.8 14.2 1.4 6.9 1.3 17 18 .2 .2 -.9 .4 -.4 -.9 1.0 * 3.3 2.4 .4 -.9 -.5 -.5 .7 -1.1 2.8 1.4 * -2.4 .2 2.0 CORPORATE INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS S T . + L O C . GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES OPEN- E N D I N V E S T M E N T COS. BROKERS ♦ DEALERS 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 10.7 3.5 7.2 7.7 .2 1.0 .9 -2.7 12.6 -.5 13.2 12. 9 .1 1.0 1.0 -1.7 7.4 -.4 7.8 6.9 * 1.0 1.0 -1.0 14.2 .6 13.5 12.2 .2 1. 0 1.0 -.8 15.7 1.0 1 4.7 12.6 .4 1.0 1.0 -.3 12.9 -3.1 16.1 14.0 .2 1.0 1.0 -.1 6.2 N E T ISSUES -1.7 OPE N - E N D I NVESTMENT COS. 7.9 OTHER SECTORS 6.1 NONFIN. CORPORATE BUSINESS .2 REST OF THE WORLD 1.0 COMMERCIAL BANKS 1.0 OTHER INSURANCE COMPANIES -.4 REITS 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 .2 10.7 -4.2 3.9 .2 12.6 1.4 3. 7 .3 7.4 -3.7 5. 3 * 14.2 ~ •6 5.8 * 15.7 -7.7 6.0 * 12.9 3.8 3.1 — .1 6.2 N E T P U RCHASES -7.9 HOUSEHOLDS 1.2 REST OF THE W O R L D — COMMERCIAL BANKING .1 MUTUAL SAVINGS BANKS 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 8.2 1.9 5.2 1.6 -.6 9.4 2.6 6.6 2.0 -1.8 7.9 1.8 4.3 2.4 -.6 11 . 7 1. 3 6.9 3.5 * 15. 2 3.9 8.6 2.1 .6 12.0 2.0 6.6 3.0 .5 13.4 2.6 7.6 3.0 .2 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. G 0 V 1 , RTR. FUNDS OTHER INSURANCE COMPANIES 19 20 -1.8 .2 -2.3 .4 -.5 -.9 -1.1 * ♦ 2.4 -1.4 -.9 -1.5 -.5 -1.7 -1.1 .7 1.4 -3.7 -2.4 -2.7 2.0 OPEN-END INVESTMENT COS. BROKERS ♦ DEALERS BILLIONS OF DOLLARS. I11/76 BASED ON INCOMPLETE INFORMATION. NOVEMBER 10, 1976 MORTGAGES - I MORTGAGES - 1 36 MORTGAGE UNADJUSTED NE T FLOWS MARKETS BY TYPE OF MORTGAGE I* M I L L . ) U N A D J U S T E D NE T 1975 I II III | IV | 1976 II I III FLOWS | | (S M I L L . ) 1967 BILLIONS OF DOLLARS 1968 1969 1970 1971 TOTAL MO RTGAGES 1 N E T C H A N G E IN M O R T G A G E S HOME MORTGAGES 2 3 M U L T I - F A M I L Y RESID. * COMMERCIAL FARM 5 B O R R O W E D BY: U.S. G O V E R N M E N T 6 7 SAVINGS ♦ LOAN ASSOCIATIONS 8 REITS 9 10 11 12 13 14 15 PRIVATE NONFINANCIAL SECTORS HOUSEHOLDS NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS FARMS NON FARM NONCORPORATE CORPORATE 16 F U N D S A D V A N C E D BY: 17 HOUSEHOLDS 18 ST.+LOC. GOV T , GEN. FUNDS 19 20 21 U.S. G O V E R N M E N T SPONSORED CREDIT MORTGAGE POOLS 22 23 24 25 26 27 PRIVATE FINAN. I N S TITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S + L A S S O C I A T I O N S (1) MUTUAL SAVINGS BANKS CREDIT UNIONS 28 29 30 31 32 33 34 35 AG. (1) INSURANCE LIFE C O M P A N I E S PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNO O T H E R I N S U R A N C E COS. FINANCE COMPANIES REITS (1) M E M O : F H L B L O A N S T O S+L ASSOCIATIONS IINCLUDED 7.938 5.159 -11 1.394 1 .396 16.600 12.149 25 2.668 1.758 17.096 12.860 37 3.158 1.041 17.412 12.566 — 98 3. 90t> 1. 0 3 6 15.223 11.496 246 2.011 1.470 22.053 16.470 255 3.474 1.854 22.179 16.860 682 3 .111 1.526 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 -6 31 87 47 1.171 91 -102 682 123 -27 59 65 65 192 96 -19 1.085 98 -32 289 91 -.1 1.0 - -.1 .2 .2 -.1 ♦ .2 -. 1 •4> .i -.1 2.0 .1 6 7 6 7.826 6.512 291 1-023 1 .39 6 — 616 243 15.291 9.798 261 5.232 1.758 400 3.074 16.393 10.498 2 58 5.637 1.041 1.149 3.447 17.315 12.551 281 4.483 1. 0 3 8 114 3.331 14.870 12.374 299 2.197 1.470 -139 866 20.889 13.191 313 7.385 1.854 1.485 4.046 21.831 14.763 333 6.735 1.526 1.926 3.283 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 9 2 7 . 1 10 1.3 11 4 2 . 1 12 2 . 4 13 8 . 4 14 11.3 15 7.938 312 549 16.600 1.316 448 17.096 1.0 76 298 17.412 1.666 312 15.223 1.576 216 22.053 1.734 49 1 22.179 1.742 99 24.6 2. 1 .1 29.8 2.8 .2 30.7 2.2 .5 29.9 1.8 .8 52 . 5 1.3 1.1 -16 975 3.246 799 1.392 2.505 1.257 1.737 1.933 1.184 1.243 2.b55 -915 674 3.546 -945 487 3.541 -307 1.205 3.537 1 .0 1.8 .7 1.4 2.2 .5 1.0 4.4 .7 .3 5.4 1.6 2.872 -202 3.428 3.149 237 42 10.140 1.109 9.582 8.894 639 49 10.795 1.372 10.254 9.514 694 46 10.352 2.031 8.88 5 8.093 759 33 10.126 1.861 8.474 7.963 489 24 16.745 3.131 14.028 13.299 716 13 15.903 2.930 13.686 12.578 1.107 1 19.0 4.5 10.5 7.3 3.2 * 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 27 996 953 37 3 3 -559 -791 944 848 -31 105 22 -150 -1.345 526 410 -12 108 20 -117 -1.240 1.281 913 17 332 19 -425 -1.420 510 423 0 76 11 85 -804 175 -90 -10 252 23 499 -1.088 365 300 -10 70 5 -78 -1.000 3.6 2.9 .2 .5 * .4 2.8 2.5 * .4 * .6 .8 2.4 2.1 .1 .2 * .8 1.2 2.7 2.3 * .3 * 1.7 1.9 1.0 1.1 -.5 .4 ♦ 1.5 2.3 28 29 30 31 32 33 34 363 -2.088 -483 788 -2.5 .9 4.0 1.3 -2. 7 35 -3.640 IN " O T H E R -1.361 679 LOANS** C A T E G O R Y ) . 16 17 18 - . 4 19 3.6 40 4 . 6 21 HOME MORTGAGES 1 NET BORROWING 2 HOUSEHOLDS 3 NONFARM NONCORP. BUSINESS 4 NONFIN. CORPORATE BUSINESS 5 SAVINGS + LOAN A S S O C I A T I O N S 5.159 6.512 -692 -692 31 12.149 9.798 590 590 1.171 12.860 10.498 840 840 682 12.566 12.551 -22 -22 59 11.496 12.374 -535 -535 192 16.470 13.191 1.097 1.097 1.085 16.860 14.763 904 904 289 14.4 13.4 ♦ * 1.0 17.5 16.8 .3 .3 .2 18.1 18.2 * ♦ * 15.0 14.7 -.2 -.2 .6 30.6 2 7.1 .7 .7 2.0 1 2 3 4 5 6 NE T C H A N G E IN ASSETS 7 HOUSEHOLDS 8 STATE + LOCAL GOVERNMENTS 5.159 349 319 12.149 800 141 12.860 965 11 6 12.566 1.067 19 3 11.496 995 58 16.470 916 311 16.860 8 59 34 14.4 1.6 * 17.5 2.5 * 18.1 2. 0 .1 15.0 -.1 .1 30.6 3. 1 .1 6 7 8 -.6 2.1 4.3 5.7 9 10 11 12 9 10 11 12 U.S. G O V E R N M E N T SPONS. C R E D I T A G E N C I E S MORTGAGE POOLS COMMERCIAL BANKING -282 34 3.013 -62 335 593 2.545 660 917 1.178 1.709 706 940 744 2.650 1.154 -735 122 3.000 1.206 -990 -219 3.397 2.019 -591 636 3.359 1.728 .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 2.580 2.546 -8 42 7.493 7.191 253 49 7.750 7.443 261 46 6.566 6.227 306 33 7.068 6.727 319 22 11.317 10.886 418 13 11.252 10.535 716 1 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 13 17. 1 14 1.2 15 * 16 17 18 19 20 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNOS ST.+LOC. GOVT, RTK. F U NOS -454 -303 -68 -83 -399 -346 -28 -25 -408 -413 -23 28 -265 -362 -21 118 -241 -281 -15 55 -310 -460 -15 165 -257 -303 -4 50 -.2 -.5 .1 .2 -.6 -.7 ♦ .2 -1.3 -1.4 .1 * -.8 -.9 * .1 - 2 . 3 17 - 2 . 1 18 - . 3 19 .1 2 0 21 22 FINANCE REITS -264 -74 129 -148 -4 -69 -312 -171 159 -136 120 -91 -30 -130 .3 - .5 * .7 .2 .9 .4 - . 2 21 .2 22 COMPANIES 111/76 BASED OH PRELIMINARY ANO INCOMPLETE INFORMATION. N O V E M B E R 10 , 1 9 7 6 MORTGAGES - 1 MORTGAGES MORTGAGE SEASONALLY 1972 ADJUSTED 1973 ANNUAL 1974 MARKETS bY TYPt SEASONALLY RATES 1975 1975 1 1 II I TOTAL III IV 1 | I 197 6 II ADJUSTED ANNUAL RATES III MORTGAGES 8 4 . 5 N E T C H A N G E IN M O R T G A G E S 63.8 HOME MORTGAGES MULTI— FAMILY RESID. 2.5 COMMERCIAL 11.7 6.5 FARM B O R R O W E D BY: U.S. G O V E R N M E N T -.1 SAVINGS ♦ LOAN ASSOCIATIONS 1.8 .4 REITS 1 2 3 4 5 76.8 43.7 12.7 1 6.8 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 * 11. 1 5.2 42.4 27.8 .7 8.1 5.6 55.9 40.9 -.3 9.8 5.5 64.6 48.2 * 11.9 **.5 73.3 54.0 -.6 14.7 5.2 72.6 54.2 1 .7 10.6 6. 1 75.6 56.3 .6 12.9 5.8 6 7 8 -.1 1 .2 .5 -.1 -1.5 .3 -.1 -1.4 .2 -.1 1. 9 .4 * .1 .3 .2 1.6 .4 -.4 3.4 .5 -.1 2.7 .3 .3 .6 .4 -. 1 1.1 .4 9 10 11 12 13 14 15 75.2 41.5 1.4 32.3 3.6 11.0 17.8 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 42.0 26.5 1.2 12.3 5.8 .9 5. 6 53.7 38.5 1.0 1 4.2 5.5 -.6 9.3 61.1 42.2 1.0 17.9 4.5 1.8 11.6 70.5 46.2 1.1 21.2 5.2 2. 1 13.8 71.4 51.5 1 .2 18.7 6. 1 3.6 9.0 74.2 53.2 1.3 19.7 5.8 2.4 11.5 82.4 60.6 1.3 20.5 6.5 3.9 10.1 16 17 18 76.8 6.4 1. 4 79.9 3.6 1.7 60.5 4. 2 2.5 59.0 4.4 1.6 42.4 1.2 2.2 55.9 4.6 1.8 64.6 4.8 1.2 73.3 6.9 1.2 72.6 6.3 .9 75.6 6.3 2.0 84 . 5 F U N D S A D V A N C E D BY: 7. 5 HOUSEHOLDS .4 ST.+LOC. GOVT, GEN. 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 .5 5.9 13.0 2.8 5.5 10.0 4.7 5.1 7.7 4.9 4.8 10.6 -2.8 4.9 14 . 2 -4.4 1 .8 14.2 -1.8 2. 9 14.1 U.S. GOVERNMENT SPONSORED CREDIT MORTGAGE POOLS 22 23 24 25 26 27 60.8 16.8 37.4 31.8 5.5 .2 64.4 19.6 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 19.6 2.4 16.4 15.3 .9 .2 31.1 2.8 30.2 27.4 2.6 .2 41.1 3.0 40.2 37.3 2.8 .2 44.9 9.0 41.7 38.6 3. 0 .1 49.2 1 0.9 36.8 34.6 2.0 .1 55 . 8 10.5 46.7 43.8 2.9 .1 61.3 9.1 53.9 49.5 4.4 * PR IVATE FINAN. INSTITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S + L A S S O C I A T I O N S (1) MUTUAL SAVINGS BANKS CREDIT UNIONS 28 29 30 31 32 33 34 .7 1. 5 -.9 .2 * 1.7 4.2 4.7 4.4 -.4 .7 * 1.9 5.6 5.4 4.9 * .6 * -1.9 .2 3. 7 3. 1 ♦ .5 .1 -1.3 -4.8 5.6 5.4 .1 * * -1.7 -3.2 4.5 4. 1 -.1 .4 .1 — 1.0 -5.4 2.5 2. 0 * .4 .1 .3 -5.0 2.4 .9 .1 1. 3 .1 -2.6 -5.7 3. 7 3. 3 1.4 .4 * 1. 0 .1 1.5 -4.4 1.9 1.6 * .3 * .5 -4.0 35 * 7.2 6.7 -4.0 -7.6 -6.9 -2.2 .9 HOME — .3 ♦ 1.0 -3.2 -1.0 -3.6 ASSOCIATIONS A G. FUNDS (1) INSURANCE LIFE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND O T H E R IN S U R A N C E COS. FINANCE COMPANIES REITS - 2 . 2 (1) M E M O : F H L B L O A N S T O S + L ( I N C L U D E D I N - O T H E R LOANS'* C A T E G O R Y ) . MORTGAGES 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 27.8 28.5 -.4 -.4 .1 40.9 38.5 .4 .4 1.6 48.2 42.2 1. 3 1. 3 3.* 54.0 48.2 1.6 1.6 2.7 54.2 51.5 1.1 1.1 .6 56.3 53.2 1.0 1.0 1.1 63.8 NET BORROWING 60.6 HOUSEHOLDS NONFARM NONCORP. BUSINESS .7 .7 NONFIN. CORPORATE BUSINESS 1.8 SAVINGS + LOAN ASSOCIATIONS 6 7 8 43.7 3.3 .1 44.9 3.2 .6 33.2 2.3 .7 42.7 3.2 .8 27.8 1.4 1.3 40.9 3.2 .6 48 . 2 3.9 .5 54.0 4.3 .8 54.2 4.0 .2 56.3 3.7 1.2 6 3 . 8 N E T C H A N G E IN A S S E T S 3.4 HOUSEHOLDS .1 STATE + LOCAL GOVE R N M E N T S 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 -.5 2.2 12.1 2.2 1.1 2.7 10.2 1.9 3.4 2.9 6.8 1.0 3.6 2.5 10.6 4.7 -2.1 2.7 12.0 7.6 -4.4 -.7 13.6 6.9 -2.8 •6 13.4 4. 9 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKING 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 .6 .2 12.1 11.9 * .2 23.2 22.0 1.0 .2 30.6 29.4 1.0 .2 31.6 30.3 1.2 .1 30.3 28.9 1.3 .1 37.4 35.6 1.7 .1 44.6 41.7 2.9 * SAVINGS INSTITUTIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 17 18 19 20 -2.7 -2.3 -.4 * -2.0 -1.9 -.2 .2 -1.4 -1.4 * .1 -1.5 -1.4 -.1 * -2.1 -1.5 -.3 -.3 -1.4 -1.2 -.1 -. 1 -1.3 -1.4 -.1 .1 -1.3 -1.7 -.1 .5 -1.3 -1.4 -.1 .2 -1.0 -1.6 -.1 .7 -.8 -.9 * .2 INSURANCE LIFE I N S U R A N C E C OMPANIES PRIVATE PENSION FUNOS ST.+LOC. GOVT, RTR. FUNOS 21 22 .6 .4 1.2 .7 -1.2 -.2 -.5 -.5 -.5 -.3 .1 -.6 .7 -.3 -2.2 -.7 1.3 -.5 ♦ -.4 .7 -.5 FINANCE COMPANIES REITS II1/76 BASED ON INCOMPLETE INFORMATION. 1 2 3 4 5 6 7 8 PRIVATE NONFINANCIAL SECTORS 9 HOUSEHOLDS 10 11 NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS 12 FARMS 13 NONFARM NONCORPORATE 14 15 CORPORATE 1 2 3 4 5 BILLIONS OF DOLLARS. I 37 OF M O R T G A G E 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 NOVEMBER 10, 1976 MORTGAGES - II MORTGAGES - II 38 MORTGAGE UNADJUSTED NET FLOWS MARKETS - CONTINUED (S M I L L . I UNADJUSTED 1975 I 11 III IV | 1 1976 II I III MULTI-FAMILY RESIDENTIAL 1 NET BORROWING 2 NONFARM NONCORP. BUSINESS 3 NONFIN. CORP O R A T E BUSINESS 4 REITS 5 U.S. G O V E R N M E N T 6 N E T C H A N G E IN A S S E T S 7 HOUSEHOLDS 8 STATE ♦ L OCAL G O V E R N M E N T S NE T FLOWS I I IS M I L L . ) 1967 B I L L I O N S OF D O L L A R S 1968 1969 1970 1971 MORTGAGES -11 -29 -5 29 -6 25 -425 373 30 47 37 27 71 41 -102 -98 -222 130 21 -27 246 231 -82 32 65 255 78 164 32 -19 682 75 0 -66 30 -32 3.5 2.8 .8 — -.1 3 .4 2.4 1.0 .1 -.1 4.9 3.5 1.5 .1 -. 1 6.9 4.9 2.1 * -. 1 9.7 6.8 2.9 * -.1 1 2 3 4 5 -1 1 -265 166 25 -144 299 37 -56 171 -98 -7 112 246 39 138 2 55 75 13 3 682 41 51 3.5 * .1 3.4 -.1 .2 4.9 -.4 .4 6.9 ♦ •6 9.7 -1.1 .7 6 7 8 313 219 132 389 40 -42 233 -21 28 8 199 3 10 0 -24 -135 366 19 4 47 220 -10 13 7 .2 * * .3 * * .7 * ♦ .5 .3 * 9 10 11 U.S. G O V E R N M E N T SPONS. C R E D I T AGENCIES MORTGAGE POOLS 12 COMMERCIAL -443 -360 -458 -442 -406 -400 -75 .3 .3 .5 .1 .7 12 13 14 15 SAVINGS INSTITUTIONS SA V I N G S ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS 28 0 148 132 785 57 8 207 828 56 7 261 710 44 1 269 514 430 84 1.029 900 1 29 945 74 7 198 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 I N S U R A N C E C O M P A N I E S PRIVATE PEN S I O N FUNDS ST .+ L O C . GOVT, RTR. FUNDS 172 62 -15 -2 2 11 -39 -10 0 -48 -5 156 18 23 -12 -352 5 -29 -206 -1 10 1.4 .1 .2 1.0 * .1 1. 5 .1 .1 1.8 * .1 -7 16 - . 3 17 .3 18 19 20 FINANCE REITS -209 -423 -138 -815 -203 -696 -227 -649 74 -349 269 -545 -30 -400 .1 “ .1 .1 .1 .4 .5 .8 1 . 2 19 .9 20 BANKS COMPANIES COMMERCIAL 1 NET BORROWING 2 HOUSEHOLDS 3 NONFARM NONCORP. BUSINESS 4 NONFIN. C O R P O R A T E B U S I N E S S 5 REITS 6 N E T C H A N G E IN A S S E T S 7 HOUSEHOLDS 8 STATE ♦ LOCAL G O V E R N M E N T S 9 U.S. G O V E R N M E N T 10 COMMERCIAL BANKING .4 9 •8 10 .1 11 MORTGAGES 1.394 291 105 940 58 2.668 261 235 2.111 61 3.158 258 282 2.536 82 3.906 281 3 58 3.223 44 2.011 2 99 165 1.483 64 3.474 313 310 2.785 66 3.111 333 27 2 2.445 61 4.7 1.2 .3 3.1 6.7 1.1 .5 4.9 .1 5 .8 1.3 .4 4.0 .2 7.2 1. 3 .6 5.2 .1 1.394 -264 56 18 245 2.668 35 0 2 674 3.158 -117 -3 5 1.062 3.906 285 -9 9 1.244 2.011 23 2 -94 1.003 3.474 115 -19 55 1.312 3.111 280 9 -39 1.151 4.7 * 6.7 -.6 - - .1 1.6 .1 2.6 5.8 * .1 1.8 7.2 1.5 .1 .1 1.2 9.9 6 7 -1.8 8 .2 .1 9 3 . 0 10 9.9 1. 3 .9 7.7 .1 1 2 3 4 5 11 12 13 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 570 455 115 1.312 1.125 187 1.674 1.504 170 1.604 1.425 179 889 806 83 1.681 1.513 168 1.488 1.296 192 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 I N S URANCE C O M P A N I E S PRIVATE PENSION FUNDS S T . + L O C - GOV T , RTR. F UNDS OTHER INSURANCE COMPANIES 996 43 107 3 1.035 -5 116 22 798 21 83 20 1.203 43 -6 19 619 -8 33 11 549 0 10 0 23 700 -5 10 5 1.6 .1 .1 ♦ 1.9 ♦ .1 ♦ 2.0 * ■* * 1.6 * .2 * 2. 5 14 .1 15 * 16 * 17 18 19 FINANCE REITS -86 -294 -141 -382 90 -475 114 -600 -148 -319 11 0 -452 -1 8 -470 * • .7 * .6 .2 .7 .5 18 1. 2 19 COMPANIES - FARM MORTGAGES 1 NET BORROWING 1.396 1.758 1.041 1.038 1.470 1.854 1.526 2.0 2. 2 1.8 .8 2.4 1 2 NET CHANGE IN ASSETS 3 HOUSEHOLDS 4 STATE ♦ LOC A L G O V E R N M E N T S 1.396 492 8 1.758 625 8 1.041 284 14 1.038 321 16 1.470 519 18 1.854 628 66 1.526 562 5 2.0 .5 ♦ 2.2 .9 -• 1 .8 .7 * .8 .3 .1 2.4 1.2 ♦ 2 3 4 .1 .5 .1 * .6 .2 -.2 .5 .3 -.3 .7 .4 5 6 7 .2 .3 ♦ ♦ .1 ♦ -. 1 -.1 5 6 7 U.S. G O V E R N M E N T SPONSORED CREDIT AGENCIES MORTGAGE POOLS -65 722 101 73 759 2 10 2 580 -64 36 496 -95 -62 687 180 -29 702 97 1 03 579 41 * .7 .2 8 9 10 11 COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE IN S U R A N C E C O M P A N I E S ST.+LOC. G O V T , RTR. F U N D S 58 -2 88 -6 13 5 -8 161 3 62 2 64 -3 75 5 120 64 58 3 67 0 200 1 173 16 126 1 109 0 .2 .1 .3 * 111/76 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION. — .2 * _ .4 8 -.1 9 * 10 * 11 NOVEMBER 10, 1976 MORTGAGES - II M O R T G A G E S - 11 39 MORTGAGE MARKETS - CONTINUtD SEASONALLY ADJUSTED ANNUAL RATES 1972 1973 1974 SEASONALLY ADJUSTED ANNUAL RATES 1975 1 t MULTI - F A M I L Y 1975 1 II RESIDENTIAL III IV 1 I I 1976 11 III MORTGAGES 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 .7 .6 .1 .1 * -.3 -1.8 1.2 .1 .2 * -.6 .8 .2 -.4 -.6 -.8 .2 .1 -.1 1.7 1. 6 -.3 .1 .3 .6 .3 .3 .1 -.1 6 7 8 12.7 .6 1.0 10.4 -1.0 .9 7.0 -.1 1.4 * -.5 .7 .7 -1.1 .7 -.3 -.6 1 .2 * -.2 .7 -.6 * .4 1. 7 .2 .6 .6 .3 .5 9 10 11 .3 1.0 .3 .3 1.8 .2 .7 2.2 .2 1.1 .2 .5 1 .3 .9 .5 1.6 .2 -.2 .9 -. 1 1.2 .8 * .4 -.1 -.5 1.5 .1 * .2 .9 * .5 2.5 N E T B O R R O W I N G NONFARM NONCORP. BUSINESS 2. 2 NONFIN. CORPORATE BUSINESS .3 REITS .1 -.1 U.S. G O V E R N M E N T 1 2 3 4 5 2 . 5 N E T C H A N G E IN A S S E T S .2 HOUSEHOLDS .2 STATE ♦ LOCAL GOVERNMENTS 6 7 8 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS 12 1.8 1.2 .6 -1.7 -1.8 -1.4 -1.8 -1.8 -1.6 -1.6 -.3 COMMERCIAL 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 1.6 1.0 .5 2.4 1 •6 .8 3. 1 2. 1 1.0 3.3 2.2 1.1 2.4 2.1 .3 3.4 2.9 .5 3.6 2.8 .8 SAVINGS INSTITUTIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS 13 14 15 16 17 18 •6 -.3 -.1 1. 1 -.1 -.1 1.2 * .1 .1 * .2 1.0 .2 -.1 .3 * * -.2 * -.8 ♦ .6 .4 .1 * -1 . 1 * -.1 -.8 * * LIFE INSURANCE COMPANIES PRIVATE PENSION FUNOS ST.+LOC. GOVT* RTR. F U N O S 16 17 18 19 20 .9 2.0 .4 2.4 -1.3 .2 -.8 -2.6 -.8 -1.7 — .6 -3.3 -.8 -2.8 -.9 -2.6 .3 -1.4 1.1 -2.2 -. 1 -1.6 FINANCE REITS 19 20 COMMERCIAL BANKS 9 10 11 COMPANIES 12 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 l.l 1.0 8.8 .2 8.1 1.2 .7 6.0 .2 9.8 1.0 .9 7.6 .2 11.9 1.0 l.l 9.5 .3 14.7 l.l 1.3 1 2.1 .2 10.6 1. 2 .9 8.2 .3 12.9 1.3 1.1 10.3 .3 11.7 N E T B O R R O W I N G 1.3 HOUSEHOLDS 1.0 NONFARM NONCORP. BUSINESS 9 .1 NONFIN. CORPORATE BUSINESS REITS .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 * ♦ 3.2 8.1 -1.1 .2 .1 1.7 9.8 .1 * 2. 1 11.9 -.5 ♦ • 3.6 14.7 1.1 * * 5.5 10.6 .1 * -.4 4.7 12.9 .5 -.1 .2 4.7 1 1 . 7 N E T C H A N G E IN A S S E T S l.l HOUSEHOLDS * S T A T E ♦ LOCAL GOVE R N M E N T S -.2 U.S. GOVERNMENT 3.9 COMMERCIAL BANKING 11 12 13 5.1 3.7 1.4 4.9 3.2 1.7 3.4 2.6 .6 5.2 4.5 .7 2.8 2.4 .3 4.6 3.8 .7 6. 5 5.8 .7 6.8 6.1 .7 4.1 3.8 .3 6.0 5.3 .7 5. 7 4.9 .8 SAVINGS INSTITUTIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS 11 12 13 14 15 16 17 3.1 -.2 .1 * 4.9 * .5 ♦ 4.8 * .5 * 4.0 .1 .3 .1 5.2 .2 .4 * 4.5 ♦ .5 .1 3.4 .1 .3 .1 3.0 .2 * .1 3.8 * .1 • 2.5 .4 .1 3.0 * * * LIFE INSURANCE C O M P A N I E S PRIVATE PENSION FUNOS ST.«LOC. GOVT* RTR. FUNDS OTHER INSURANCE COMPANIES 14 15 16 17 18 19 .3 1.7 .2 2.5 .6 .2 ♦ -1.8 -.3 -1.2 -.6 -1.5 .4 -1.9 .5 -2.4 — .6 -1.3 .4 -1.8 -.1 -1.9 FINANCE COHPANIES REITS 18 19 1 2 3 4 5 6 7 8 9 10 FARM MORTGAGES 1 3.6 5.5 5.1 5.2 5.8 5. 5 4.5 5.2 6.1 5.8 6.5 NET 2 3 4 3.6 1.4 * 5.5 2.3 * 5.1 1.4 • 5.2 1.7 ♦ 5.8 1.9 * 5.5 1.9 * 4.5 1.6 .1 5.2 1. 5 .1 6.1 2.0 .1 5.8 1.8 .3 6 . 5 N E T C H A N G E IN A S S E T S 2.8 HOUSEHOLDS * STATE ♦ LOCAL GOVERNMENTS 2 3 4 5 6 7 -.1 1.2 .3 * 1.9 .2 * 2.5 .2 .1 2.6 -.1 -.3 2.8 .4 .1 2.7 ♦ .3 2.3 -.3 .4 2.4 -.4 -.3 2.7 .7 -.3 2.5 .4 .3 2.3 .2 U.S. GOVERNMENT SPONSORED CREDIT AGENCIES MORTGAGE POOLS 5 6 7 8 9 10 11 .6 * .1 * .7 * .3 .1 .6 * .3 -.1 .3 * .4 .1 .3 * .7 * .2 ♦ .5 * .3 • .2 * .6 * .4 .3 .3 * .6 - .5 * .5 .1 .5 ♦ .4 - COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNOS 8 9 10 11 BILLIONS OF DOLLARS. 111/76 BASED ON INCOMPLETE INFORMATION. BORROWING 1 NOVEMBER 10, 1976 CONSUMER CREDIT ANO BANK LUANS N.E.C. 40 CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER UNADJUSTED NET FLOWS CREDIT AND BANK LOANS NOT ELSEWHERE (S M I L L . ) CLASSIFIED UNADJUSTED 197 5 I II III IV I | 1976 II I NET III FLOWS I | (i M I L L . ) 1967 BILLIONS OF OOLLARS 1968 1969 1970 1971 CONSUMER CREDIT (HH) -4.386 -4.264 -102 1.800 1.540 260 5.046 4.808 238 6.076 4.789 1 .28 7 -1.144 -1.508 36* 6.833 5.935 898 6.486 6.254 23 2 *.5 3.2 1.4 10.0 8.3 1.7 10.4 9.4 1.0 5.9 4.8 1.1 11 . 6 9.3 2.3 4 NET CHANGE IN ASSETS INSTALMENT CREDIT 5 NONFARM NONCORP. BUSINESS 6 NONFIN. CORPORATE BUSINESS 7 COMMERCIAL BANKING 8 S A V I N G S ♦ LOAN A S S N S . 9 MUTUAL SAVINGS BANKS 10 CREDIT UNIONS 11 FINANCE COMPANIES 12 -4.386 -4.284 -171 -798 -1.820 -56 *35 111 -1.785 1.800 1.540 -40 -153 899 34 -20 V59 -139 5.046 4.808 -3 29 2.207 63 13 1.324 1.175 6.076 4.789 13 5 72* 1.571 7 -92 844 1.600 -1.144 -1.508 — 1 5*> -583 -66* -16 360 671 -1.118 6.833 5.935 21 117 2.811 107 -112 1.817 1.174 6.486 6.254 4 *06 2.86* *2 68 1.758 1.112 4.5 3.2 -.2 « 2.0 .1 .1 .7 .5 10.0 6.3 -.1 * *.6 .1 .1 1.3 2.3 10.4 9.4 -.1 .2 4.5 .2 .1 1. 7 2.8 5.9 4.6 * * 3.0 .3 .1 1.0 .5 11.6 4 9.3 5 -.1 6 -.2 7 6.2 8 .1 9 .1 10 1.8 11 1 . 5 12 NONINSTALMENT CREDIT NONFARM NONCORP. BUSINESS NONFIN. CORPORATE BUSINESS COMMERCIAL BANKING S A V I N G S ♦ L OAN A S S N S . MUTUAL SAVINGS BANKS -102 511 -351 -303 -21 62 260 -98 263 1 03 -3 -5 238 70 79 87 -1 3 1.287 464 643 2 02 4 -26 364 622 -296 -55 -3 96 89 6 2 752 16 6 5 -29 232 21 — *3 213 10 31 1.4 .4 .4 .5 * * 1.7 .5 .2 .9 * ♦ 1 .0 .5 .3 .2 * ♦ 1.1 .5 .6 -. 1 * * 2.3 .6 .5 1.2 * * 13 14 15 16 17 18 1 N E T C H A N G E IN L I A B I L I T I E S INSTALMENT CREDIT 2 NONINSTALMENT CREDIT 3 13 14 15 16 17 18 BANK LOANS NOT 2 3 4 5 6 7 ♦ 8 9 10 = 11 ♦ 12 - 20 21 22 23 24 FINANCIAL SAVINGS FINANCE REITS FOREIGN 111/76 BASED SECTORS ♦ LOAN ASSNS. COMPANIES BANKING AGENCIES ON P R E L I M I N A R Y ANO CLASSIFIED 5.309 -5.677 15.315 -10.608 10.285 5.921 17.7 27.4 21.6 12.6 29.8 1 1.079 1.002 1.069 -15 0 2.174 1.312 2.294 -3.568 -832 0 -4.883 1.970 1.773 5.434 1.509 0 4.629 1.829 -719 -1.704 -667 0 -9.347 3. 101 2.979 1. 2 3 1 -558 0 3. 532 2.900 3.077 203 1.023 0 -1.282 4.5 2.5 1 .5 2.0 7.2 6.6 5-5 1.3 -.4 — 14.4 5.3 4.7 -1.1 1.3 11.5 2.0 2.9 1.4 1.5 4.7 9.6 7-4 .6 .3 11.7 2 3 4 5 6 7 -10 -37 0 1.794 -171 199 -4.855 -141 -121 8 -627 4.516 -10.115 2 57 -121 3.668 -571 -511 -2.364 .1 7 .3 — .4 14.8 3.9 1.3 16.8 -1.0 2.6 6.3 0 1.794 0 -4.855 0 0 4.516 -10.115 0 3.668 0 -2.364 7. 3 14.8 16. 8 6.3 1 2.1 11 12 -15.877 -12.032 -2.210 63 -619 -8.005 -1.261 1.794 1.202 720 771 -513 -1.771 1.995 -4.855 -3.209 -1.421 829 -419 -4.012 1.814 4 . 5 1 6 - 1 0 . 115 3.563 -8.016 -2.735 1.442 258 742 -484 -904 905 -5.615 1.442 496 3.668 4.017 -240 1.500 -455 1.354 1.858 -2.364 603 1.006 700 -368 -1.521 786 7. 3 9.3 1.9 .7 14.8 13.3 2.5 .4 1.1 9.7 -.5 1 6. 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 -3.845 -851 -2.70* 267 -557 592 -123 918 -30 7 104 -1.646 540 -719 -314 -1.153 953 347 -171 -492 1.269 -2.099 -426 -874 13 -812 -349 476 -160 -715 50 -2.967 103 -1.920 -689 -461 1.5 .1 .8 .6 .1 1. 5 .1 .9 .4 .2 * -.1 -.1 .1 .1 3.5 .7 .6 .6 1.6 20 21 22 23 24 -17.417 LOANS ELSEWHERE CLASSIFIED: -227 MORTGAGES -2.123 CONSUMER CREDIT SECURITY CREDIT -872 *36 OPEN-MARKET PAPER 0 HYPOTHECATED DEPOSITS BANK LOANS N E C AT COML. BK S . - 1 4 . 6 3 1 BANK LOA N S N E C AT O T H E R BANKING SUBSECTORS: -224 DOMESTIC AFFILIATES FOREIGN BANKING AGENCIES -1.022 -15.677 BANKING SECTOR TOTAL BANK LOANS NEC 0 LOANS BY F . R . B A N K S -15.877 TOTAL BANK LOANS NEC 13 N E T C H A N G E IN L I A B I L I T I E S 14 NONFINANCIAL SECTORS HOUSEHOLDS 15 16 FARM BUSINESS NONFARM NONCORP. BUSINESS 17 CORPORATE BUSINESS 18 REST OF T HE WORLD 19 ELSEWHERE 0 CM 1 TOTAL L O A N S AT C O M M E R C I A L BANKS, F/F BAS I S 1 1 2 3 INCOMPLETE INFORMATION. 6.4 -.3 -.1 -1.8 * 8 -.1 9 -5 12.1 10 NOVEMBER 10, 1976 CONSUMER CREDIT AND BANK LOANS N.fc.C. CONSUMER CREDIT AND BANK LOANS N.E.C. 41 CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED SEASONALLY 1972 ADJUSTED ANNUAL 1973 1974 SEASON A L L Y ADJUSTED ANNUAL RATES 1 1 1975 1975 11 1 CONSUMER CREDIT III IV 1 1 I 1976 II III RATES 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 .9 -.5 1.5 1.3 .2 1.0 14.3 12.0 2.3 17.7 15.7 2.0 18.1 14.8 3.3 20.6 16.9 3 .7 19.2 16.7 2.5 INSTALMENT CREDIT NONINSTALMENT CREDIT 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 * .2 4.0 .2 -.1 2.5 2.2 8.5 6.9 -.1 -.2 2.9 * .1 3.2 .9 .9 -.5 -.1 -.9 -.9 * .9 2.5 -1.9 1.3 .2 -. 1 -.5 -.4 * -.1 2.4 -1.0 14.3 12.0 ♦ -.5 5.0 .1 .1 4.1 3.3 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 7.3 * .3 4.9 2.9 INSTALMENT CREDIT NONFARM NONCORP. BUSINESS NONFIN. C O R P O R A T E BUSINESS COMMERCIAL BANKING SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS FINANCE COMPANIES 13 14 15 16 17 18 3.0 .7 .6 1.6 .1 .1 2.0 .8 .5 .6 * ♦ .8 .8 .5 -.4 ♦ * 1.7 .9 .6 .1 * ♦ 1.5 1.0 1. 0 -.7 -.1 .2 1.0 .8 .3 -. 1 * * 2.3 1.3 .4 .6 * * 2.0 .6 .8 .6 * -.1 3.3 1.6 1.0 .3 * .4 3.7 1. 5 2.2 .1 * - .1 2.5 1. 1 .1 1. 1 * .1 35.2 BANK L O A N S NOT ELSEWHERE CLASSIFIED 1 59.0 73.2 48.4 -2.5 -21.9 -13.1 -9.9 35.0 b.O 5.0 2 3 4 5 6 7 16.8 10.8 4.7 -.2 19.6 11.6 -3.0 -1.3 2. 7 -.5 1.0 -.2 2.8 5.6 -9.3 -1.5 8.8 8.4 9.1 3.4 10.8 4.9 4.5 -2.0 10.4 6.9 .9 -2.3 46.2 4.1 2.9 2.1 1.1 — -12.7 2.3 -1.7 7.5 2.7 26.9 12.3 3.6 -2.4 2.2 — 32.6 -32.7 -16.0 -7.5 5.3 -10.2 -10.9 8 9 10 -.2 1.1 27.8 1.7 3.7 51.6 .9 4.9 38.4 -.5 -1.2 -14.4 -.9 -4.1 -37.7 * -1.5 -17.6 -.7 .8 -7.3 -.5 * 4.9 -.6 -2.5 -13.3 1.0 -.5 -10.4 11 12 27.8 51.6 38.4 -14.4 -37.7 -17.6 -7.3 4.9 -13.3 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 l.l 29.7 2.8 38.4 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 -37.7 -29.6 .7 1.3 -1.5 -26.6 -3.5 -17.6 -16.1 1.0 .3 -2.4 -19.7 4.7 -7.3 .2 -5.4 2.9 -7.6 10.4 4.9 3.7 -2.1 3.3 -4.3 2.4 4.4 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 -8.0 -1.2 -5.6 1.1 -2.2 -1.4 -1.4 #8 -1.2 .4 -7.5 .7 -2.4 -1.3 — 4. 6 1.2 1*6 -3.5 -2.0 5.1 — _ — _ BILLIONS OF DOLLARS. _ - _ _ II1/76 BASED ON INCOMPLETE INFORMATION. NONINSTALMENT CREDIT 13 NONFARM NONCORP. BUSINESS 14 N O N F I N . C O R P O R A T E B U S I N E S S 15 COMMERCIAL BANKING 16 S A V I N G S ♦ LOAN ASSNS. 17 MUTUAL SAVINGS BANKS 18 -10.4 LOANS ELSEWHERE CLASSIFIED: MORTGAGES CONSUMER CREDIT SECURITY CREDIT OPEN-MARKET PAPER — HYPOTHECATED DEPOSITS B A N K L O A N S N E C AT C O M L . BKS. 5.0 ♦ BANK LOANS NEC AT OTHER BANKING SUBSECTORS: DOMESTIC AFFILIATES -2.3 FOREIGN BANKING AGENCIES -2.0 .7 = B A N K I N G S E C T O R T O T A L B A N K LOANS NEC ♦ L O A N S B Y F.R. B A N K S .7 = T O T A L B A N K L O A N S N E C 11 12 -13.3 -12.8 -1.4 3.0 -1.4 -1 6. 6 3.7 -10.4 -5.3 -2.5 2.8 -2.2 -7.1 3.7 .7 N E T C H A N G E IN L I A B I L I T I E S NONFINANCIAL SECTORS 13.9 HOUSEHOLDS 3.9 FARM BUSINESS 1. 3 NONFARM NONCORP. BUSINESS -.9 CORPORATE BUSINESS 3.0 REST OF THE WOR L D 6.7 13 14 15 16 17 18 19 -.5 .6 2.1 .1 -3.2 -5. 1 .9 -3.4 -2.9 .2 — _ _ T O T A L L O ANS AT C O M MERCIAL BANKS, F/F BASIS _ - 8.9 8.4 6.7 6. 1 -13.3 -1.3 -7.4 -2.8 -1.8 FINANCIAL SAVINGS FINANCE REITS FOREIGN SECTORS ♦ LOAN ASSNS. COMPANIES BANKING AGENCIES 9 10 20 21 22 23 24 NOVEMBER 10, 1976 OTHER LOANS OTHER LOANS 42 PRIVATE UNADJUSTED NET FLOWS MONEY MARKET INSTRUMENTS I II III OPEN-MARKET 1 TOTAL NET ISSUES, 3 4 5 6 7 8 9 10 11 12 13 ALL TYPES PAPER COMMERCIAL PAPER NONFINANCIAL CORPORATIONS FINANCIAL BUSINESS COHMERCIAL BANKING FINANCE C0HPAN1ES REITS BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 14 N E T P U R C H A S E S , BY S E C T O R 15 HOUSEHOLDS 16 NONFIN. CORPORATE BUSINESS 17 REST OF THE WORLD 18 19 20 21 22 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS ♦ LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 23 24 25 LI F E I N S U R A N C E C O M P A N I E S INVESTMENT COMPANIES MONEY MARKET FUNOS FEDERAL FUNDS AND 31 N E T I S S U E S = HOUSEHOLD IV PAPER, | | 1976 II 1 FEDERAL FUNOS NET F L O W S III I | ($ H I L L . I 1967 ♦ RP»S, AND MONEY HARKET BILLIONS OF DOLLARS 1968 1969 1970 FUND 197 1 SHARES 4.594 -2. 164 -1.871 -22 5.504 2.549 3.2 70 3.9 4 .8 15.1 -.1 .8 1 1 .929 -3.052 -1.458 1.370 1.784 1.593 -381 4.2 4. 2 12.5 2.1 -.1 2 1.683 1.570 113 622 -542 33 -2.062 -2.218 156 -163 222 97 -508 141 -649 7 -600 -56 -567 -2.012 1.445 -144 1.544 45 1.610 1.458 152 -22 7 562 -183 711 1.105 -394 -420 73 -47 -197 -709 512 -113 674 -49 3.4 1.4 2.0 2.0 - 4.1 1.2 2. 9 2.9 11.4 1.1 10.3 4.3 6.0 .5 1.8 -1.3 -1.9 .6 - -.9 -.9 -.1 -.4 -.5 .6 3 4 5 6 7 8 246 142 71 71 104 -990 -290 -145 -145 -700 -9 50 -380 -190 -190 -570 1.937 876 438 438 1.061 174 161 81 80 13 882 489 245 244 393 -184 357 179 178 -541 .7 .2 .1 .1 .5 .1 .3 .1 .1 -.2 1. 0 .7 .4 .4 .3 1. 6 .8 .4 .4 •8 .8 .5 .3 .3 .3 9 10 11 12 13 1.929 745 -547 -809 -3.052 -2.288 -40 -350 -1.458 -2.884 1.384 0 1.370 1.236 1.980 -1.409 1.784 -854 1.649 1.730 1.593 1. 50 5 -667 273 -381 -574 -89 181 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 - . 1 14 .3 15 - 2 . 3 16 - . 2 17 702 29 436 321 -124 -82 -346 -15 689 11 -850 192 -832 207 204 319 25 2 1.309 -1.266 49 409 -243 -667 745 -197 265 144 -558 -534 236 -530 -308 1.023 0 -314 - _ ♦ 2.0 * -.1 -.4 .1 * * 1.3 .2 .1 * 1.5 1. 5 .2 18 .2 19 .3 2 0 1.0 21 .2 2 2 612 159 4 05 86 -455 -262 1.626 -455 -50 -1.581 495 -214 316 -1.281 1 77 789 38 102 482 -166 -86 .1 * - * .3 - .8 1.2 - .8 -.4 - .6 2 3 - . 3 24 25 1.424 1.245 -606 34 751 847 -14 678 413 -230 -452 1.499 -923 -803 -225 -1.337 -484 56 4 -1.022 -395 3.746 621 306 1.735 1.084 1.290 1.605 -381 390 -324 3.706 2.830 -3 9 2 1.088 180 .6 .5 * 2.6 2.2 .2 -2.2 -3.1 .8 1.241 41 39 -55 -26 -334 -55 SECURITY RP»S 26 T O T A L N O N B A N K C R E D I T T O B A N K S 27 NONFINANCIAL CORPORATIONS 28 SPONSORED CREDIT AGENCIES 29 SAVINGS ♦ LOAN ASSOCIATIONS 30 MUTUAL SAVINGS BANKS MONEY MARKET LOANS UNADJUSTED 19 7 5 2 OPEN-MARKET AND O T H E R ($ M I L L . ) M U TUAL FUND -.3 -.2 • - — - - .1 .2 .1 „ _ 1.0 .8 -.6 .5 .2 26 27 28 29 30 - 31 SHARES NET PURCHASES OTHER LOANS 1 FINANCE CO. LOANS TO BUSINESS 2 LIAB.-NONCORPORATE BUSINESS 3 NONFIN. CORP. B USINESS 628 -266 894 1 .264 10 9 1 .155 -223 -643 420 549 744 -195 1.759 -40 1.799 1.528 228 1.300 -456 -643 187 -.3 -.1 -.3 2.2 .5 1.7 5.0 .6 4.3 .5 -.3 .8 2. 0 .7 1.3 4 U.S. G O V E R N M E N T LOANS 5 LIAB.-HOUSEHOLDS 6 FARM B U SINESS 7 N O N F A R M N O N C O R P . BUS. 8 N ONFIN. CORP. BUSI N E S S 9 ST.+LOC. GOVERNMENTS 10 REST OF THE WORLD 11 SPONS. CREDIT AGENCIES 2.084 191 183 386 49 96 921 258 2 .083 17 0 627 32 3 -44 -10 723 294 1.926 135 357 600 77 11 5 48 1 161 1.227 46 -75 353 12 4 -12 640 151 2.705 123 -40 34 1 353 1.259 694 -25 326 115 438 472 -310 -1.307 918 0 2.735 13 0 385 392 -16 1.0 6 7 821 -44 3.7 .3 .2 .4 .2 .2 2.6 -.1 3.6 .4 -.1 .3 .2 .3 2.2 .2 3.4 .4 ♦ .3 .1 .7 2.1 -.3 2.5 .3 -.1 .6 .3 .1 1. 3 - 3.2 4 .4 5 * 6 .4 7 .2 8 .4 9 1 . 8 10 11 12 S P O N S O R E D C R E D I T A G E N C Y L O A N S LIABILITY OF13 F A R M B U S I N E S S (FI C B ) 14 N O N F A R M N O N C O R P . B U S . (BC) 15 S+L A S S O C I A T I O N S (FHLB) -3.511 -521 787 837 -1.462 521 1.634 -1.8 1.2 4.8 2.3 -2.0 271 -142 -3.640 902 -62 - 1 .361 -21 12 9 679 -5 479 363 405 221 -2.088 792 212 -483 60 8 238 788 .5 .2 -2.5 .2 .1 .9 .6 .2 4.0 .7 .3 1.3 .7 13 * 14 - 2 . 7 15 464 0 464 38 6 4 3 82 395 4 391 37 2 4 368 293 6 287 394 6 388 36 6 8 358 1.0 .1 .9 1.3 * 1.2 2.6 .1 2.5 2.3 .1 2.2 1.0 16 * 17 1 . 0 18 0 0 0 0 0 0 _ - 16 P O L I C Y L O A N S (H H L I A B I L I T Y ) 17 A S S E T — U.S. G O V E R N M E N T 18 LIFE INSURANCE COS. 19 H Y P O T H E C A T E D DEP . (HH L I A B . ) ASSET-CO M M E R C I A L BANKS II1/76 BASED ON P R ELIHINARY AND 0 1NC0HPLETE INFORMATION. _ _ 1 2 3 12 19 NOVEMBER 10, 1976 OTHER L O A N S OTHER LOANS 43 PRIVATE MONEY MARKET INSTRUMENTS ANO OTHER LOANS SEASONALLY 19 72 ADJUSTED 1973 ANNUAL 1974 OPfcN- M A R K E T SEASONALLY ADJUSTED ANNUAL RATES RATES 1975 PAPER, 1975 1 1 FEDERAL 11 I FUNOS ♦ RP* S, 111 1 | IV I 1976 II III FUND S H A R E S AN D M O N E Y M A R K E T 13.2 T O T A L N E T ISSUES, ALL TYPES 1 4.1 15.2 17.8 .5 18.1 -5.6 -7.2 -3.1 22.1 13.3 2 1.6 8.3 17.7 -1.2 7.4 -9.2 -5.6 2.5 7.3 9.4 -1.4 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 4.8 5.2 -.4 2.5 -3.1 .1 -5.4 -6.7 1.4 -.7 1.6 .4 -1.5 -1.5 * * .2 -.2 -3.8 -7.1 3.3 “ .6 3.7 .2 4.8 5.1 -.3 -.9 1.4 -.7 5.7 6.6 -.9 -1.7 .9 -.2 -.4 -5.1 4.7 -.5 5.3 -.2 C O M M E R C I A L PAPER NONFINANCIAL CORPORATIONS FINANCIAL BUSINESS COMMERCIAL BANKING FINANCE COMPANIES REITS 9 10 11 12 13 -1.0 .1 * ♦ -1.0 2.0 1.1 .5 .5 .9 9.6 2.5 1.3 1. 3 7 .1 .2 .3 .2 .2 -.1 2.6 2.2 1.1 l.l .4 -3.8 -1.0 -.5 -.5 -2.b -4.1 -1.8 ^.9 -.9 -2.3 6.3 2.0 1.0 1.0 4.2 2.4 2.4 1.2 1.2 .1 3.7 2.2 1.1 1.1 1.6 -1.0 1 .2 .6 .6 -2.2 BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 14 15 16 17 1. 6 * 1.4 -.1 8.3 3*4 6.5 .3 17 . 7 5.5 -.6 6.6 -1.2 -3.2 2.8 -2.6 7.4 8.8 -4.3 -2.9 -9.2 -12.7 5.3 -2.3 -5.6 -11.0 6.2 -1.2 2.5 2.2 3.9 -3.8 7.3 3.7 4.1 7.3 9.4 1.4 3.7 * - 1 . 4 NET P U R CHASES, BY SECTOR -1.9 HOUSEHOLDS .4 NONFIN. CORPORATE BUSINESS R E S T OF T H E W O R L D -.7 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 2.8 .1 2.7 1.3 -.5 -.3 -1.4 -.2 2.8 * -3.4 .8 -1.5 .8 .8 1 .3 1.0 3.4 -5. 1 .2 1.6 -1.0 -2.0 3.0 -.8 1.1 .6 -2.3 -2.1 .9 -2.1 -1.2 6. 1 — -1.3 23 24 25 .2 -.3 * .2 1.1 .1 .6 .7 -.3 -.1 -2.8 .6 1.6 2.6 -1.8 -1.0 4.9 -1.8 -.2 -1.8 2.0 -.9 -4.3 -5.1 .7 5.6 .2 .4 .4 -.7 -.3 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 5.7 5.0 -2.4 .1 3.0 3.4 - .1 2.7 1.7 -.9 -1.8 6.0 -3.7 -3.2 -.9 -5.3 -1.9 2.3 -4.1 -1.6 15.0 2.5 1.2 6.9 4.3 5.2 6.4 -1.5 1.6 -1.3 31 - - 2.4 1 .3 5.0 .2 .2 -.2 -.1 -1.3 OPEN-MARKET PAPER 9 10 11 12 13 14 IS 16 17 18 19 20 21 22 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES MONEY MARKET FUNOS 23 24 25 FEDERAL OTHER 3 4 5 6 7 8 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS ♦ LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS FUNOS ANO S E C U R I T Y RP*S 1 4.8 T O T A L N O N B A N K C R E D I T T O B A N K S NONFINANCIAL CORPORATIONS 11.3 SPONSORED CREDIT AGENCIES -1.6 4.4 SAVINGS ♦ LOAN ASSOCIATIONS .7 MUTUAL SAVINGS BANKS MONEY 1 2 26 27 28 29 30 M A R K E T M U T U A L F U N D SHARES -.2 NET ISSUES = HOUSEHOLD NET PURCHASES 31 LOANS 1 2 3 3.8 .6 3.2 4.3 .9 3.5 4.7 -1.0 5.7 2.2 -.1 2.3 1.3 -.7 2.1 4.7 -.2 4. 9 3.0 .1 2.9 -.2 .6 -.8 6. 1 .3 5. 8 5.8 .2 5.6 2 . 0 F I N A N C E C O. L O A N S T O B U S I N E S S LIAB.-NONCORPORATE BUSINESS .2 NONFIN. CORP. BUSINESS 1.8 1 2 3 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 8.4 .8 .7 1 .6 .2 .4 3.7 1.0 8.0 .7 2. 2 1. 3 -.2 * 2.9 1.2 7.3 .5 l.l 2.2 .3 .5 1.9 •6 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 - 10.4 U.S. G O V E R N M E N T L O A N S .5 LIAB.-HOUSEHOLDS FARM BUSINESS 1.2 1.4 N O N F A R M N O N C O R P . BUS . NONFIN. CORP. BUSINESS -.1 ST.+LOC. GOVERNMENTS 4.3 3.3 RES T OF T H E WORLD SPONS. CREDIT AGENCIES -.2 4 5 6 7 8 9 10 11 12 .8 8.5 9.3 -2.4 -8.4 -3.7 -1.3 3.8 .2 .3 1.6 13 14 15 .4 .3 * 1.1 .3 7.2 1.7 1.0 6.7 1.1 .4 -4.0 l. l -2.0 -7.6 1.9 1.3 -6.9 .3 .6 -2.2 1.2 1.7 .9 1.8 — .o -1.0 1.4 2 .5 -3.6 2.8 1.0 -2.2 16 17 ie 1.0 ♦ .9 2.2 * 2.2 2.7 * 2.7 1.6 ♦ 1 .6 1.9 1. 5 • 1. 5 1.6 * 1.6 1.5 * 1.5 1.2 * l.l 1.6 * 1.6 19 - - - - - - - - - BILLIONS OF DOLLARS. - 1.9 111/76 BASEO ON INCOMPLETE INFORMATION. SPONSORED CREDIT AGENCY LOANS LIABILITY OFF A R M B U S I N E S S 1F I C B ) N O N F A R M N O N C O R P . B U S . (BC! S+L A S S O C I A T I O N S (FHLB) 1. 5 P O L I C Y L O A N S (H H L I A B I L I T Y ) * ASSET—U.S. GOVERNMENT 1.4 LIFE INSURANCE COS. - H Y P O T H E C A T E D D E P . ( H H LIA B . ) ASSET-COMMERCIAL BANKS 16 17 18 N O V E M B E R 10, 1 9 7 6 SECURITY C R E D I T , TRADE CREDIT, SECURITY CREDIT, TRADE CREDIT, AND TAXES AND TAXES 44 SECURITY U NA D J U S T E D NET FLOWS CREDIT, TRADE CREOIT, AND TAXES PAYABLE UNADJUSTED ($ M I L L . ) 1975 II III IV I | 1976 II I III I I 1967 NET FLOWS B IL L I O N S OF DOLLARS 1968 196 9 1970 (S M I L L . ) 1971 SECURITY CREDIT -137 344 16 2.351 1.266 24 -4.416 -1.734 25 6.728 2.368 61 -315 777 2.115 1.355 17 694 650 -4 7.0 3.7 .2 6.6 2.9 .2 -6.7 -3.4 -.2 -.8 -1.8 * 3.8 2.7 * 1 2 3 -497 -688 -2 5 9 45 0 1.061 1.075 -39 25 -2.707 -2.743 21 15 4. 2 9 9 4.529 95 -325 -1.106 -1.663 27 530 743 931 123 -311 48 77 -75 46 3.2 .8 2.3 3.5 1.0 2.4 -3.0 -1.0 -2.0 1.0 1.9 -1.0 1. 1 .7 .5 4 5 6 7 -137 394 -1.131 2.351 -6 1.030 -4.416 52 -3.547 6.728 -346 5.529 -315 483 -1.677 2.115 -325 1.354 694 -13 128 7.0 2.2 1.5 6.6 2.1 1. 3 -6.7 -1.8 -1.1 -.8 -.9 1.4 3.8 8 .5 9 • u 10 544 56 1.296 31 -884 -37 1.524 21 832 47 1.072 14 520 59 3.2 .1 2.8 .3 -3.5 -.2 -1.3 -.1 2 . 6 11 * 12 1 NET CHA N G E IN L I A B I L I T I E S HOUSEHOLDS 2 FARM B U SINESS 3 NONFARM NQNCORP. BUSINESS 4 (PAYABLES LESS RECEIVABLES) -10.912 141 38 2.351 4.495 13 9 31 1.109 9.165 137 32 249 7.322 135 39 -4.838 4.054 13 3 40 1.186 11.870 131 40 432 8.018 129 45 264 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 5 6 7 8 NONFIN. CORPORATE BUSINESS STATE ♦ LOCAL G O V E R N M E N T S FOREIGN U.S. G O V E R N M E N T -13.479 235 -348 150 2.503 224 -7 496 6.767 227 1.409 344 10.034 224 997 731 -388 223 1.379 1.481 9.119 222 1.092 834 6.101 220 700 559 7.6 .6 .5 .6 1 7.1 .6 .4 * 21.0 .5 .8 -.3 7.4 .5 1.0 -.6 12.2 .7 .5 -.7 5 6 7 8 9 N E T C H A N G E IN A S S E T S 10 NONFIN. C O R P O R A T E B U S I N E S S FOREIGN 11 12 U.S . G O V E R N M E N T 13 OTHER INSURANCE COMPANIES -5.581 -6.519 657 119 162 4.382 3.275 410 520 177 9.722 8.917 231 407 167 2.945 2.270 345 188 142 9.652 8.030 1.497 25 100 11.512 10.741 289 38 2 100 9.596 9.071 25 0 175 100 10.4 8.2 .4 1.5 .3 20.2 18.4 .9 .6 .3 24.7 22.5 .8 .9 .4 9.6 8.5 1.4 -.8 .5 13. 4 9 14. 7 10 .1 11 - 1 . 7 12 .3 13 14 D I S C R E P A N C Y -5.331 113 -557 4.377 -5.598 358 -1.578 -1.4 -2.4 -1.9 -.2 -2.0 14 1.8 2.0 * .1 -. 1 -.1 * * 1 2 3 4 5 6 7 8 1 N E T C H A N G E IN HOUSEHOLDS 2 FOREIGN 3 4 5 6 7 LIABILITIES BROKERS ♦ DEALERS FROM COMMERCIAL BANKS FROM F O REIGN B A N K I N G AGS. CUSTOMER CREDIT BALANCES 8 N E T C H A N G E IN A S S E T S 9 HOUSEHOLDS 10 COMMERCIAL BANKING 11 12 BROKERS FOREIGN ♦ DEALERS TRADE CREDIT PROFIT T A X E S PAYABLE 1 N ET CHANGE IN TAXES PAYABLE 2 NONFIN. C O RPORATE BUSIN E S S 3 COMMERCIAL BANKS 4 SAVINGS ♦ LOAN ASSOCIATIONS 5 LIFE INSU R A N C E C O M P A N I E S OTHER INSURANCE COMPANIES 6 7 FINANCE COMPANIES 8 BROKERS ♦ DEALERS -1.702 - 2 . 172 17 5 44 155 27 53 16 -6.471 -5.631 -500 2 -233 -33 -30 -46 2.741 2.546 0 38 55 15 50 37 2.071 2.043 0 35 -67 -4 36 28 4.046 3.643 0 66 193 32 71 41 -3.016 -2.809 0 23 -203 -24 -18 15 4.897 4.590 0 59 128 33 73 14 -4.9 -4.7 -.1 ♦ -.1 * -.1 .1 3.0 2.9 -.1 * .2 * * * -3.1 -3.3 .1 ♦ .1 .1 * -.1 -3.1 -3.7 .3 * .1 .1 * 9 N E T C H A N G E IN TAXES R E C E I V A B L E 10 STATE ♦ L OCAL G O V E R N M E N T S U.S . G O V E R N M E N T 11 -3.161 -1.422 -1.739 -8.016 -1.059 -6.957 3.557 1.120 2.437 4.217 1.239 2.978 2.075 -709 2.784 -4.526 -409 -4.117 5.883 1.478 4.405 -4.9 .2 -5.1 1.9 .7 1 .3 -2.7 .3 -3.0 - 2 .4 .2 -2.6 1.459 1.545 -816 -2.146 1.971 1.510 -986 * 1.1 -.4 -.8 -.2 12 1.1 -.8 1.9 -.7 -1.7 1.0 -.4 -.7 .3 -.7 -2.4 1.7 1 2 3 12 D I S C R E P A N C Y P R O P R I E T O R S • EQUITY 1 TOTAL H O U S E H O L D INVES T M E N T FARM B U S INESS 2 3 NONFARM NONCORP. BUSINESS -2.335 -1.394 -941 -2.351 -1.646 -705 -2.452 -1.528 -924 111/76 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. -2.712 -1.223 -1.489 -3.191 -1.876 -1.315 - 9 2.1 .5 10 1 .5 11 IN N O N C O R P O R A T E ■ B U S I N E S S -4.310 -2.698 -1.612 -4.982 -2.789 -2.193 -.5 -.8 .3 NOVEMBER SECURITY 10, 19?£, CREDIT, TRADE CREDIT, AND TAXES SECURITY CREDIT, TRADt CREDIT, A ND T A X E S 45 SEC U R I T Y CREDIT, SEASONALLY 1972 ADJUSTED 1973 ANNUAL 1974 TRADE CREDIT, ANO TAXES RATES PAYABLE SEASONALLY I 1 1975 1975 II 1 SECURITY III IV | 1 I ADJUSTED 1976 11 8.7 4.5 .1 -7.9 -4.3 -. 2 -5.0 -1.8 * 4.5 2.2 .1 10 . 5 1 .4 .1 6.1 5.1 .1 -12.7 -6.9 .1 14.3 9.5 .2 10.0 3. 1 .1 4.4 5.4 .1 4 5 6 7 4. 1 3-b .1 -3.4 -2.8 -.4 -.2 -3.2 -2.1 * -1.0 2. 2 4.2 -.2 .2 9.0 8.3 -1.0 1.8 .9 1. 0 -.2 .1 -5.9 -6.0 .1 .1 4.6 5.5 .4 -1.3 6.9 4.6 .1 2.1 8 9 10 8.7 .1 4.8 -7.9 -.2 -3.4 -5.0 -1.0 -2.4 4.5 .1 1.9 10.5 1.6 6.5 6.1 ♦ .8 -12.7 .2 -9.3 14.3 -1.4 9.5 11 12 3.7 .1 -4.3 * -1.6 * 2.5 .1 2. 2 .2 5.2 .1 -3.5 -. 1 1 2 3 4 16.7 •6 .6 .4 25.6 .6 .1 1.9 23.8 .6 .2 .6 10. 1 .6 .1 -1.1 -20.6 .6 .8 .1 5.2 .6 -1.2 -.7 5 6 7 8 1 4.1 .7 .5 -.1 20.0 1.1 1.9 .1 18.5 .9 3.1 -. 1 5.8 .9 2.1 1.7 -23.3 .9 -1.4 1.6 9 10 11 12 13 22.6 21.5 .8 -.8 1.2 27.2 25.3 1.0 .3 .6 26.0 23.0 1.7 .9 .5 11.5 7.9 1.6 1.2 .6 14 -5.9 -1.5 -1.4 8 . 7 N E T C H A N G E IN L I A B I L I T I E S 2. 6 HOUSEHOLDS * FOREIGN 1 2 3 -1. 1 -.3 .5 -1.2 6.1 6.2 -.3 .2 4 5 6 7 10.0 1.9 4.6 4.4 -1.3 1.4 8. 7 -. 1 6.4 6.1 .1 3.3 .2 4.3 .1 2.1 .2 27.5 .5 -.7 -1.5 28.2 .5 1.6 -2.4 40 . 2 .5 -.4 .3 32.7 .5 -1.6 -1.1 2 2 . 3 NET C H A N G E I N L I A B I L I T I E S .5 HOUSEHOLDS -1.6 FARM BUSINESS -1.5 NONFARM NONCORP. BUSINESS (PAYABLES LESS RECEIVABLES) 1 2 3 4 3.3 .9 * 2.4 21.6 .9 5.6 1.0 21.7 .9 4.0 1.9 26.2 .9 5. 5 7. 1 26.1 .9 4.4 3.6 19.3 .9 2.8 1.9 NONFIN. CORPORATE BUSINESS STATE + LOCAL G O V E R NMENTS FOREIGN U.S. GOVERNMENT 5 6 7 b -20.1 -23.9 2. 6 .5 .6 4.7 .3 1.6 2.1 .7 28.5 2 5.3 .9 1.6 .7 32.7 30.0 1.4 .8 .6 41.8 35.3 6.0 .1 .4 31.3 28.2 1.2 1. 5 .4 2 7 . 3 N E T C H A N G E IN A S S E T S 25.2 NONFIN. CORPORATE BUSINESS 1 .0 FOREIGN .7 U.S. GOVERNMENT .4 OTHER INSURANCE COMPANIES 9 10 11 12 13 -.5 .5 -1.0 -4.5 -1.6 1.4 -5.0 14 TRADE 1 <M «M 2.5 2.3 9 10 11 * .8 -.7 12 -.1 1.2 1.0 .1 1 2 3 -3.1 -5.1 2.0 * * * * * * “ •1 2.1 1.3 1.3 1.0 .3 -3.4 -.1 -3.3 -13.3 -2.1 -11.2 -9.5 -1.2 -8.3 3. 6 1. 4 2.2 5.5 1.4 4.1 9. 1 .9 8.2 5. 1 1.5 3.5 .5 -.1 * -.3 -.3 1.1 -.2 2.1 -.7 -12.B -7.5 -5.3 -17.2 -10.8 -6.4 -4.4 -4.9 .6 BILLIONS OF DOLLARS. -11.1 -7.4 -3.7 -9.9 -5.8 -4.1 N E T C H A N G E IN A S S E T S HOUStHOLDS COMMERCIAL BANKING BROKERS FOREIGN ♦ DEALERS DISCREPANCY -13.6 -13.6 -.2 .1 -.1 * .1 * -9.8 -9.3 -.6 .1 -.1 * .1 ♦ 4.7 4.9 -.4 .1 -.1 * .1 .1 5.3 5.1 * .1 -.1 * .1 .1 11 . 2 11.5 -.9 .2 .1 * .2 .1 4.3 2.3 1.4 .2 ♦ ♦ .2 .2 1 3 . 1 N E T C H A N G E IN T A X E S P A Y A B L E 12.9 NONFIN. CORPORATE BUSINESS -.4 COMMERCIAL BANKS .2 SAVINGS ♦ LOAN ASSOCIATIONS .2 LIFE INSURANCE COMP A N I E S .1 OTHER INSURANCE COMPANIES .2 FINANCE COMPANIES * BROKERS * DEALERS 11.9 2.6 9.3 E Q U I T Y IN N O N C O R P O R A T E -9.3 -5.6 -3.8 b 9 10 11 12 PAYABLE -3.4 -3.2 -.3 .1 -.1 * .1 * PROPRIETORS* BROKERS ♦ DEALERS FROM COMMERCIAL BANKS FROM F O R E I G N B A N K I N G AGS. CUSTOMER CREDIT BALANCES CREDIT P R O F I T TAXES -.1 -.1 -.2 * * .1 * * III CREDIT 1 2 3 1 2 3 4 5 6 7 8 ANNUAL RATES -9.4 -6.6 -2.8 111/76 BASED ON INCOMPLETE INFORMATION. -9.8 -6.1 -3.7 NET CHANGE IN TAXES RECEIVABLE STATE ♦ LOCAL GOVERNMENTS U.S. GOVERNMENT 1.2 D I S C R E P A N C Y 1 2 3 4 5 6 7 8 9 10 11 12 BUSINESS -10.8 -4.9 -6.0 -19.9 -11.2 -8.8 TOTAL HOUSEHOLD INVESTMENT FARM BUSINESS N O NFARM NONCORP. BUSINESS 1 2 3 NOVEMBER 10, 1976 MISCELLANEOUS I MISCELLANEOUS I 46 MISCELLANEOUS UNADOJSTED NET FLOWS FINANCIAL CLAIMS ($ M I L L . ) UNADJUSTED 1975 I 1 N E T C H A N G E IN L I A B I L I T I E S 2 HOUSEHOLDS 3 NONFIN. CORPORATE BUSINESS II III IV 1 1 I 19 7 6 II NET II I F L O W S IS HILL.) 1 1 1967 B I L L I O N S OF D O L L A R S 1968 1969 1970 1971 12.089 172 476 4.285 173 780 9.197 165 -48 4.401 148 1.229 13.398 12 9 -728 10.453 116 547 8.864 97 48 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 R E S T OF THE W O R L D U.S. GOVERNMENT 6.503 -377 4.839 143 -224 -365 4.495 -110 4.273 431 1.495 489 -1.043 -473 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 5.315 868 -417 1.959 -1.650 720 219 -5.526 9.669 -668 -51 6.889 -1.361 722 -195 -3.983 9.293 1.298 285 4.386 7.806 51 8 -68 4.369 10.235 305 21 6.714 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 SAVINGS ♦ LOAN ASSNS. M U TUAL SAVINGS BANKS LIFE INSURANCE COMPANIES NON L I F E INSUR. COMPANIES FINANCE COMPANIES REITS 572 -177 796 1.542 172 0 58 -117 1.343 1.531 122 0 544 185 1. 0 7 5 1.551 144 0 -744 -24 1.078 1.548 237 0 773 104 748 1.550 149 0 317 -1 8 977 1.587 124 0 510 329 574 1.598 184 0 .4 .1 1.6 2.1 .5 - .4 .1 1.5 2.5 1.3 .4 .2 1.4 3.3 1.0 .1 1.7 3.4 1. 3 16 NE T C H A N G E IN A S S E T S 17 HOUSEHOLDS 18 FARM BUSINESS 19 NONFARM NONCORP. BUSINESS 20 NONFIN. CORPORATE BUSINESS 5.953 914 209 315 2.140 8.236 930 211 306 2.595 7.587 96 9 198 303 1.728 10.824 925 305 341 2.668 11.264 1.071 170 231 3.187 11.618 1.077 162 245 716 3.231 978 149 315 3.061 9.8 1.5 .3 .4 3.5 12.8 1.8 .4 .5 2.2 16.6 2.1 .4 .7 3.0 12.0 2.6 .5 .7 4.1 -3.346 16 5 -175 153 2.251 145 3.067 236 979 180 3.017 144 1.442 179 1.6 -.1 3.4 -.2 7.7 .1 -6.0 •3 5.556 565 -73 3.691 4.216 441 -148 2.803 1. 9 9 3 400 -171 74 3 3.282 -494 23 5 2.171 5.446 -99 -96 4.279 6.257 567 -68 4.585 -2.893 -567 43 -3.309 2.8 * * .8 4.8 * .2 3.1 2.7 .4 -.1 1.6 9.9 .8 .1 6.1 3. 8 .2 .2 1.3 23 24 25 26 1.021 26 409 53 -134 -2 401 279 463 64 -112 25 429 155 442 66 -69 -2 847 10 5 349 60 -2 11 995 139 258 60 -117 27 15 8 502 207 60 234 12 872 59 197 60 -286 38 .9 .1 .3 .7 _ .4 .1 .6 .4 _ • -.1 .9 .1 1. 8 .2 .8 .1 .8 .3 •9 ♦ .2 ~ - - - 27 28 29 30 31 32 6.136 -3.951 1.6 1 0 -6.423 2.134 -1.165 5.633 1.5 4.1 9.0 1. 9 4 .1 33 - 2 .438 -2.075 -363 -1.400 -39 -1.361 1. 9 2 0 421 1.499 731 1.776 -1.045 -243 -929 686 1.238 523 715 -113 1.010 -1.123 .7 .2 .5 2.3 1.8 .5 7.9 6.8 1.2 -6.9 -7.2 .2 -4.1 34 -4.8 35 .7 3 6 10 11 12 13 14 15 21 22 R E S T OF T H E W O R L D U.S. G O V ERNMENT 23 24 25 26 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING 27 28 29 30 31 32 SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE I NSURANCE C O M P A N I E S PRIVATE PENS I O N FUNOS REITS MONEY MARKET FUNDS 33 U N A L L O C A T E D , (A) NET 1.2 10 - . 1 11 2 . 1 12 3 . 6 13 2.0 14 15 7.4 2.3 .6 .8 6.0 16 17 18 19 20 — 6 . 2 21 .1 2 2 FOREIGN CLAIMS 34 35 36 COMMERCIAL BANK LIABILITY TO F O R E I G N A F F I L I A T E S A S S E T - R E S T OF THE WORLD L I A B . — C O M M E R C I A L BANKS F O R E I G N B A N K I N G AGS. 37 DIRECT FOREIGN INVESTMENT BY U . S . C O R P O R A T I O N S L I A B . - R E S T OF THE W O R L D 1.510 2.237 720 1.614 1.663 -532 1.297 2.7 .8 2.2 3.5 3.6 37 DIRECT FOREIGN INVESTMENT IN U . S . 38 LIAB.-NONFIN. CORP. BUSINESS 476 780 -4 8 1.229 -728 547 48 .3 .3 .8 1. 0 - . 2 38 U.S. GOVT. EQ. IN IBRD, ETC. 39 LIAB.-REST OF THE WORLD 151 151 190 161 194 183 198 .1 .1 .2 .2 .3 3 9 2.796 76 14 3.174 -468 2.323 -200 2 3.371 -850 -1.059 450 -45 -1.790 326 869 500 75 -808 1.102 3.371 1.000 -14 3.136 -751 3.674 719 -39 2.007 987 -1.168 1.148 -19 -741 -1.556 -.1 .1 -.2 • * .5 .5 -.1 * ♦ -.5 -.4 -.1 * * .5 -.4 * .1 .8 0 0 0 0 0 0 0 -.1 40 41 42 43 44 FOREIGN CURR. EXCEPT OFFICIAL L I A B . - R E S T OF THE W ORLD ASSET—NONFIN. CORP. BUSINESS U.S. GOVERNMENT COMMERCIAL BANKS F O R E I G N B A N K I N G AGS. (B) U. 1.4 1.4 -•2 •2 * 40 41 42 43 44 S. G O V E R N M E N T C L A I M S POSTAL SAVINGS DEPOSITS 45 ASSET-HOUSEHOLDS LIAB.-U.S. GOVT. 45 ' 46 DEPOSITS AT FHL B LIAB.— SPO N S O R E D CREDIT AGS. A S S E T — S+L A S S O C I A T I O N S 47 FEDERAL RESERVE BANK STOCK ASSET OF C O M M E R C I A L BANKS 4 8 EQ. IN' U . S . G O V T . C R E D I T A G S . 4* U.S. GOVERNMENT PRIVATE 50 F A R M B U S I N E S S fFICft ♦ F L B ) 51 N O N F A R K N O N C O R P O R A T E t*C) 52 N O N F I N . C O R P . BUS. tFNMA) 53 S*L A S S O C I A T I O N S (FHLB* 496 5- ♦5 0 42 0 .053 -168 -476 417 459 -261 207 .4 * -.3 7 5 15 16 14 6 * * * ♦ * 47 10 0 64 0 199 0 IB4 0 78 0 138 * •1 * -.2 -.3 .2 .3 .1 4 8 49 32 2 0 -24 33 2 3 26 129 37 7 26 50 13 -1 122 37 25 4 H 23 15 75 25 .1 * ♦ * .1 • .1 .1 .1 * .1 .1 •1 511 • sr * *-53 111/75 BASK) Oft PRELtMH*A*Y AMO INCOMPLETE IWFORHATIO*. * * ' * • 1.3- -.5 46 NOVEMBER 10, 1976 MISCELLANEOUS I MISCELLANEOUS 1 47 MISCELLANEOUS FINANCIAL CLAIMS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUS1EO ANNUAL RATES | 1 1975 II IV III I | 1 1976 II III 2 0 . 6 N E T C H A N G E IN L I A B I L I T I E S .4 HOUSEHOLDS NONFIN. CORPORATE BUSINESS .2 19 7 2 1973 1974 1975 1 2 3 20.1 .5 .4 37.3 .4 2.7 *3.2 .7 2.7 30.0 .7 2.4 36.1 .7 1.9 22.2 .7 3.1 21.8 .7 -.2 39.8 .6 4.9 40.0 .5 -2.9 46.3 .5 2.2 4 5 3.7 * 7.0 -.4 16.1 1. 0 15.6 -.7 22.3 -2.0 21.9 .2 3 .1 -.7 15.2 -.4 12.8 1.4 8.7 1.4 .8 -.7 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 13. 2 2.9 -1.7 .1 -3.7 4.0 .9 -19.2 18.9 -2.0 -. 2 10.1 19.5 1.7 -.8 6.4 28.1 4.5 1 .1 9. 1 33.6 3.2 -.3 20.2 19.9 1.9 .1 7.8 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 “ .6 .5 3.9 6.2 .7 .5 -1.0 4.5 6.1 .5 “ .3 -.6 4.6 6.2 .6 - .3 .5 4.2 6.2 .9 - 1.1 1.8 3.7 6.2 .6 1.1 -.6 3.1 6.3 .5 - .6 -.1 2.6 6.4 .7 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 24.0 3.7 .8 1.3 6.4 29.2 3.7 .8 1.2 10. 9 33.3 3.9 .8 1.2 8.7 43.9 3.7 1.2 1.4 10.5 45.0 4.3 .7 .9 10.7 42.8 4.3 .6 1.0 3.5 21 22 3. 1 .1 7.2 .4 8.9 .6 1. 8 .7 -10.2 .7 -4.8 .6 10.6 .6 11.7 .9 6.8 .7 8.0 .6 7.3 .7 23 24 25 26 5.8 -.4 * 2.3 11.7 .8 .3 7.1 19.7 -1.8 1.8 15. 0 15.0 .9 -.2 9.4 21.4 2.4 -.3 14.8 16.7 1.7 -.6 11.2 7.5 .7 -.7 3.0 14.5 -1.2 .9 8.7 20.9 -.3 -.4 17.1 24.8 2.3 -.3 18.3 -12.2 -3.2 .2 -13.2 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 * 2.7 .6 1.7 .2 -.3 ♦ 3.5 -.3 1.6 .2 -.5 * 2. 1 .5 1.9 .3 -.4 .1 1.7 1.1 1.8 .3 -.3 * 3.4 .9 1.4 .2 ♦ * 3.4 .2 1. 0 .2 -.5 .1 1. 2 1.3 .8 .2 .9 * 3.3 .8 .8 .2 -1.1 .2 33 1.7 5.3 * -2.6 12.1 -7.0 -11.5 -4.1 -5.0 3.4 - I RES1 U.S. OF THE W ORLD GOVERNMENT TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING 1 2 3 4 5 6 7 8 9 SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES NONLIFE INSUR. COMPANIES FINANCE COMPANIES REITS 10 11 12 13 14 15 1 6 . 0 N E T C H A N G E IN A S S E T S 3.9 HOUSEHOLDS .6 FARM BUSINESS 1. 3 NONFARM NONCORP. BUSINESS 14.4 NONFIN. CORPORATE BUSINESS 16 17 IB 19 20 REST U.S. OF THE W O R L D GOVERNMENT TOTAL FINANCE SPONSORED CREOIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE P E N SION FUNDS REITS MONEY MARKET FUNOS 4.6 UNALLOCATED, NET 21 22 23 24 25 26 27 2tt 29 30 31 32 33 (A) F O R E I G N C L A I M S 34 35 36 .9 .5 .4 1.1 .4 .7 4.6 2.2 2.4 -1.2 .1 -1.3 -9.8 -8.3 -1.5 -5.6 -.2 -5.4 7.7 1.7 6.0 2.9 7.1 -4.2 -1.0 -3.7 2.7 5.0 2.1 2.9 -.5 4.0 -4.5 37 1.5 3.7 7.7 6.1 3.9 9.5 4.7 6.3 4.6 -1.5 7.3 38 39 40 41 42 43 44 .4 .3 3.6 1.8 -.2 .2 1. 7 2.7 .3 4.2 2.6 ♦ .2 1.4 2.7 .6 1.8 -.2 -.1 .7 1.3 2.4 .7 4.9 .8 * 3.9 .1 1.9 .6 1 1.2 .3 .1 12.7 -1.9 3.1 .6 9.3 -. 8 * 13.5 -3.4 -.2 .8 -4.2 1. 8 -.2 -7.2 1. 3 4.9 .6 3.5 2.0 .3 -3.2 4.4 -2.9 .8 13. 5 4.0 -.1 12.5 -3.0 2.2 .7 14.7 2.9 -.2 8.0 3.9 C O M M E R C I A L BANK L I A B I L I T Y TO FOREIGN AFFILIATES ASSET-REST OF THE WORLD LIAB.-COMMERCIAL BANKS FOREIGN BANKING AGS. 34 35 36 DIRECT FOREIGN INVESTMENT BY U.S . C O R P O R A T I O N S LIA B . — REST OF THE WORLD 37 DIRECT FOREIGN INVESTMENT IN U . S . LIAB.-NONFIN. CORP. BUSINESS .2 36 U . S . GOVT. EQ. IN IBRD, ETC. .8 L I A B . - R E S T OF THE W O R L O 39 -4.7 4.6 -.1 -3.0 -6.2 FORE I G N CURR. E XCEPT OFFIC I A L 40 LIAB.- R E S T OF THE WORLD ASSET-M O N F I N . CORP. BUS I N E S S 41 U.S. GOV E R N M E N T 42 COMMERCIAL BANKS 43 FOREIGN BANKING AGS. 44 (B) U. 45 46 -.2 .2 .6 .3 1.4 47 .1 .1 .1 * * 48 49 .3 .6 .8 ~ .4 ~ .1 50 51 52 53 .1 * * .1 .2 * ♦ .4 .2 * * .5 .2 * * .1 .2 — -.1 BILLIONS OF DOLLARS. -.7 .4 1.2 -.3 * # .1 .1 .1 .2 “ — .3 1.0 .4 .4 ~ .1 * * .1 .5 .1 * .3 .2 .1 * .2 .1 .1 • .2 .1 * — * H I / 7 6 BASED OR INCOMPLETE INFORMATION. 2.0 S. G O V E R N M E N T C L A I M S POSTAL SAVINGS DEPOSITS ASSET-HOUSEHOLDS L I AB.— U.S. GOVT. 45 DE P O S I T S AT FHLB L I A B . - S P O N S O R E D C R E D I T AGS. A S S E T — S*L A S S O C I A T I O N S 46 * FEDERAL RESERVE BANK STOCK ASSET OF COM M E R C I A L BANKS .6 E Q . IN U . S . G O V T . C R E O I T A G S . U.S. G O VERNMENT ~ PRIVATE .1 F A R M B U S I N E S S (FICB ♦ F L B ) .1 N O N F A R M N O N C O R P O R A T E (BC> -3 N O N F I N . C O R P . B U S . (FNM A ) S+L A S S O C I A T I O N S (FHLB) .1 47 4B 49 50 51 52 53 NOVEMBER 10* 1976 MISCELLANEOUS II MISCELLANEOUS II 48 MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED) UNADJUSTED NET FLOWS (S MILL.) UNADJUSTED NET FLOWS U 1975 II (C) LIFE INSURANCE 1967 173 165 148 129 1 16 97 .3 .4 •4 .4 .3 408 175 233 440 180 260 439 174 265 404 1 57 247 384 141 243 360 128 232 347 123 224 .8 .3 .5 .9 .3 .5 1.0 .4 .6 1.2 .6 .6 1.1 .4 .6 1.542 506 167 315 554 1.531 490 179 304 558 1.551 530 165 301 555 1.548 521 176 304 547 1.550 687 12 0 218 525 1.587 717 125 220 525 1.598 631 126 300 541 2.1 .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 ASSETS) 6.136 -3.951 1.610 -6.423 2.134 -1.165 5.633 1.5 4.1 9.0 1.9 4.1 10 N E T CHA N G E IN L I A B I L I T I E S R EST OF THE W O R L D U.S. GOVER N M E N T U.S. GOVT.-WITHOUT LEVELS SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES 6.876 2.046 -181 -196 277 -422 -1.799 128 -166 3 09 8 78 212 5.726 -75 -154 -211 -256 -5 6 -2.934 1.851 -97 -13 106 -210 6.419 -955 -64 495 655 269 3.449 -1.830 -1 1 1 600 701 -82 6.209 -1.370 -90 -383 -40 15 4.1 .2 .4 -.2 * .1 9.3 .7 .2 .5 -.1 .3 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 It, 7.0 1.9 1.1 3.6 .5 1.8 2.1 .6 -1.4 .5 17 18 19 20 21 LIFE C O M P A N Y R E S E R V E S LIAB.-LIFE INSURANCE COS. ACCIDENT AND HEALTH POLICY D I V I D E N D ACCUM. ASSET-HOUSEHOLDS INSURANCE CLAIMS LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS N O N F A R M N O N C O R P . BUS. NONFIN. CORP. BUSINESS (E) 10 N E T 11 12 13 14 15 16 III MILL.) B I L L I O N S OF D O L L A R S 1968 19fe9 1970 1 72 (D) N O N L I F E 5 6 7 8 9 IV | | 1 CLAIMS DEFERRED AND UNPAID PREMIUMS 1 LIAB.—HOUSEHOLDS ASSET-LIFE INSURANCE 2 3 4 III 1976 II I UNALLOCATED ASSETS TOTAL (LIAB. LESS 5 6 7 a 9 + LIAB. 17 18 19 20 21 COMMERCIAL BANKING COMMERCIAL BANKS BANK A F F ILIATES FOREIGN BANKING AGENCIES B ANKS IN U.S. POSS. 171 1.156 -846 -389 250 8 -928 153 529 254 -1.788 -1.339 -178 -546 275 2.361 1.038 23 1.019 28 1 2.253 1.782 86 110 275 492 7 677 -467 275 -1.138 -260 -458 -693 273 1.8 1.4 ■.1 .3 4.7 4.1 .3 .3 5.4 3.7 .2 .3 1.1 22 23 24 25 F L O A T S IN C O M L . B A N K S T M N T ON INTERBANK DEPOSITS ON IN T E R B A N K LOANS LESS: ON M E M B E R BK. RES. 4.226 1.574 1.439 ■1.213 -4.134 -3.580 307 86 1 6.757 1. 7 0 6 4.004 -1.047 -7.075 -1.651 -4.567 857 2.376 1. 0 4 1 131 -1.204 2.639 289 2.420 70 7.965 1.196 7.122 353 * -.4 .3 -.1 .6 .5 .3 .2 2.1 -.5 2.5 • -1.9 -.1 -2.0 -.2 -.5 -1.1 1.1 .5 22 23 24 25 26 27 28 29 SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES 57 2 -177 388 17 2 58 -117 903 122 54 4 185 636 144 -744 -24 674 237 773 104 364 149 317 -18 617 124 510 329 227 184 .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 1. 9 -1.9 .2 .2 30 31 32 33 _ 30 31 32 33 N E T C H A N G E IN A S S E T S R E S T OF THE WOR L D SPONSORED CREDIT AGENCIES MONETARY AUTHORITY 740 •1.384 565 -73 2.152 445 441 -148 4.116 379 40 0 -171 3.489 1.107 -494 235 4.285 1.950 -99 -96 4.614 1.232 567 -68 576 1.507 -567 43 2.6 .7 ♦ * 5.2 .7 * .2 1.4 -1.1 •4 -.1 7.0 -.1 .8 .1 34 35 36 COMMERCIAL BANKS FOREIGN BANKING AGENCIES BANKS IN U.S. P O S S E S S I O N S 899 -85 166 -954 1.048 181 2.059 29 114 1.681 59 122 1.899 -210 189 1.945 -556 188 -849 -361 192 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 I NSURANCE CO M P A N I E S PRIVATE PENSION FUNOS 472 26 237 53 593 279 290 64 879 155 277 66 404 105 201 60 414 139 129 60 407 502 91 60 640 59 10 0 60 .5 .1 ♦ .7 .4 .1 .3 .4 .2 -.1 .5 .1 .3 .2 .4 .1 41 42 REITS MONEY MARKET FUNDS -134 -2 -112 25 -69 -2 -2 11 -117 27 234 12 -286 38 _ _ _ _ - - - - 1 1 1 / % BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 1.3 3 4 -.3 35 • 1 36 1.4 .3 .6 ♦ 37 38 39 40 .2 4 1 42 NOVEMBER 10, 1976 MISCELLANEOUS II MISCELLANEOUSJI MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED! SEASONALLY ADJUSTED 1972 SEASONALLY ADJUSTED ANNUAL RATES ANNUAL RATES 1973 1974 IV 1975 | I I 1976 II (C) L I F E INSURANCE CLAIMS D E F E R R E D AND U N P A I D PREMIUMS .4 LIAB.-HOUSEHOLDS ASSET-LIFE INSURANCE 1.3 .5 1.4 .7 .7 1.4 .6 .9 1.7 .7 1.0 1.6 .7 .9 1.8 1 .8 .7 .7 1. 1 1 .0 1.6 .6 1.5 .6 1 .0 1.0 1. 4 .5 .9 1.4 .5 .9 LIFE COMPANY RESERVES L I A B . - L I F E I NSURANCE COS. ACCIDENT AND HEALTH POLICY D I V I D E N D ACCUM. ASSET-HOUSEHOLDS (D) N O N L I F E 4.8 1.4 .6 1 .0 1.9 1.0 4.9 1.2 .5 1.0 2.0 2 .1 4.8 1.4 .5 6.2 2 .0 .7 1.2 2.2 1 2 3 4 INSURANCE CLAIMS 6.2 2.0 .7 1.3 2.2 6.1 2.0 .7 1.2 2 .2 6.2 2.1 .7 1 .2 2.2 6.2 2.1 .7 1.2 2.2 6.2 2.7 .5 .9 2.1 6.3 2.9 .5 .9 2.1 6.4 2.5 .5 1 .2 2.2 L I A B .— O T H E R I N S U R A N C E ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. NONFIN. CORP. BUSINESS 5 6 7 8 9 12.1 -7.0 -11.5 -4.1 -5.0 3.4 NET TOTAL 4.6 1 4.9 1.9 -.6 -.1 -1.6 -.2 11.9 4.8 -.4 * .4 -.8 15.1 -6.0 -.3 1.7 2.9 1.1 16.8 -5.2 -.4 1.8 3.1 -.3 6.7 -2.7 — .4 -.3 -.7 .1 NET C H ANGE IN LI A B I L I T I E S 11 R E S T OF THE WORLD 12 U.S. GOVERNMENT 13 U. S . G O V T . - W I T H O U T LEVELS 14 S P O N S O R E D C R E D I T A G E N C I E S 15 MONETARY AUTHORITIES 16 (E) U N A L L O C A T E D A S S E T S ♦ L I A B . 10 1.7 * 5.3 -2.6 (LIAB. LESS ASSETS) 10 11 12 13 14 15 16 6.8 -1.6 * ♦ .3 -.2 17.8 -1.3 — -.4 1.4 1.1 17.3 6.1 1.7 -.a -1.1 -.3 7.9 4.0 -.6 -.1 1.0 -.5 18.2 6.6 -.7 -1.3 1.4 -1.7 -3.5 2.5 -.7 .9 3.8 .8 17 18 19 20 21 6*46.1 -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 -2.4 1.6 -3.4 -1.6 1.0 -.3 -4 . 1 .6 2. 1 1 .0 -7.3 -5.5 -.7 -2.2 1.1 13.0 7.7 .1 4.1 1.1 6.6 4.8 .3 .4 l.l .3 -1.6 2.7 -1.9 1. 1 -3.6 -.1 -1.8 -2.8 1 .1 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES BAN K S IN U.S. POSS. 17 IB 19 20 21 22 23 24 25 -3.3 -1.7 -.8 .7 7.9 1.5 6.7 .3 -.9 .7 -1.0 .5 -.2 -2.0 1.2 -.5 12.2 6.0 2.8 -3.4 -13.3 -9.9 -.6 2.8 9.7 2.0 5.5 -2.1 -9.5 -5.9 -3.0 .6 3.5 3.6 -3.1 -2.9 15.0 6.3 7.9 -.8 11.8 -l.l 16 . B 3.9 F L O A T S IN C O M L . B A N K S T M N T ON INTERBANK DEPOSITS ON INTERBANK LOANS LESS: O N M E M B E R BK. RES. 22 23 24 25 26 27 28 29 .9 .2 1 .6 2.4 .6 .6 1. 3 2.3 - .1 .3 1.3 .9 .4 -.1 2.6 .7 .6 .5 2.2 .7 .5 -1.0 2 .8 .5 .3 -.6 2.9 .6 .3 .5 2.5 .9 1. 1 1.8 2.1 .6 1.1 -.6 1. 6 .5 .6 -.1 1.2 .7 SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES 26 27 2B 29 30 31 32 33 5.1 1.8 -.4 ♦ 12.5 3.4 .8 .3 17.2 1.5 -1.8 1.8 10.5 .5 .9 -.2 6.2 -2.4 2.4 -.3 3.5 -2.4 1.7 -.6 16.4 3.1 .7 -.7 15.9 3.9 -1.2 .9 20.0 10.7 -.3 -.4 13.4 .8 2.3 -.3 2.0 7.5 -3.2 .2 N E T C H A N G E IN A S S E T S 30 REST OF THE WOR L D 31 SP O N S O R E D C R E D I T A G E N C I E S 32 MONETARY AUTHORITY 33 34 35 36 2.0 -1.7 ♦ 4.7 .6 .1 1 2.1 1.1 -.2 3.7 1. 1 .6 3.6 -.3 .7 -3.8 4. 2 .7 8 .2 .1 .5 6.7 .2 .5 7.6 -.8 .8 7.8 -2.2 .8 -3.4 -1.4 .8 COMMERCIAL BANKS 34 FOREIGN BANKING AGENCIES 35 B A N K S IN U.S. POSSE S S I O N S 36 37 38 39 40 1.5 .5 .5 .2 1.6 .2 .5 .1 1.8 .5 .7 .1 2.3 .6 1.0 .2 2.2 -.3 .9 .2 2.1 .5 1.2 .3 2. 2 1.1 1. 1 .3 2.8 .9 .8 .2 1.9 .2 .5 .2 1.4 1. 3 .4 .2 1 .2 .6 .4 .2 41 42 .8 - * -.4 * -.3 * -.5 ♦ -.4 .1 -.3 * * * -.5 .1 .9 * -1.1 .2 - BILLIONS OF DOLLARS. III/76 BASED ON INCOMPLETE INFORMATION. SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNOS 37 38 39 40 41 42 N O V E M B E R 10* TOTAL CLAIMS 50 1976 UNADJUSTED NET FLOWS TOTAL CLAIMS TOTAL FINANCIAL ASSETS AND LIABILITIES UNADJUSTED NET FLOWS CS MILL.) (S M I L L . ) 1976 II 19 7 5 II IV III TOTAL I III FUNDS RAISED AND A D V A N C E D I B I L L I O N S OF DOLL A R S 1968 1969 1970 1967 IN C R E D I T MARKETS (1) 1 T O T A L F U N D S R A I S E D IN C R E D I T M A R K E T S BY: 2 NONFINANCIAL SECTORS 3 U.S. GOVERNMENT 4 FOREIGN 5 PRIVATE DOMESTIC 6 HOUSEHOLDS 7 FARM BUSINESS 8 NONFARM NONCORP. BUS. 9 CORPORATE BUSINESS 10 ST.+LOC. GOVERNMENTS 32.634 57.597 57.282 56.079 70.279 69.964 85.9 115.5 128.7 116.4 168.1 1 31.929 19.243 1.692 10.994 862 1.913 -1.186 6.615 2.790 53. 4 0 1 16. 61 5 2 .9 9 7 33. 7 8 9 13, 135 4. 0 5 8 54.010 23.452 2.663 27.895 14.911 2.206 626 5.874 4.278 71.030 25.896 5.618 39.516 20.768 1.216 1.644 12.213 3.675 50.844 24.111 3.729 23.004 9.210 2.577 -440 8.861 2.796 63.528 9.354 4.617 49.557 20.606 4.584 2.187 16.703 5.477 62.248 17.976 3.627 40.645 23.084 3.219 1.724 7.667 4.951 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 11.3 151.0 24.7 5.2 121.1 42.1 4.5 10.3 46.4 17.8 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 705 -109 3.246 2.034 622 -557 -4.460 231 -2.286 -290 1.033 1.241 4.196 244 2.505 1.147 -1 6 3 104 -313 239 1.169 -523 -254 41 3.272 1.095 1 .933 -152 7 -1.153 1.901 239 86 -502 6.666 1.976 2.655 -1.358 -144 1.269 769 239 -605 232 -55 6.751 527 3.541 1.608 -420 50 1.078 239 2.054 -707 -885 -334 7.716 1.271 3.537 3.993 -113 -461 1.180 246 -586 -755 -541 -55 2.0 -.6 .7 * 39 5.235 223 3.546 4.027 -227 -812 -2.322 239 454 -265 39 8 -26 * -1.7 .1 .6 * 3.0 - 17.2 3.5 .5 .8 .1 1.1 .2 3.9 1.2 5.9 - 35.2 8.8 .7 2.4 4.3 .2 4.1 .5 7.8 1.5 4.9 “ 15.8 8.2 1.6 -2.0 -1.9 .1 1.8 .4 2.6 2. 2 2.8 — 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 32.634 57.597 57.282 77.696 56.079 70.279 69.964 85.9 115.5 128.7 116.4 168.1 23 11.717 8.229 340 -942 4.090 3.827 1.437 -138 591 17.443 11.900 67 2.822 18.967 3.865 599 11.045 14.654 7.628 464 2.477 4.085 13.757 9.222 23 1. 5 0 2 3.010 15.248 7.783 25 2.266 5.174 .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 24 25 26 27 28 27.3 29 FINANCIAL SECTORS SPONSORED CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES SAVI N G S ♦ LOAN ASSNS. OTHER INSURANCE C O M P ANIES FINANCE COMPANIES REITS O P E N - E N D INV E S T M E N T COS. MONEY MARKET FUNDS 23 T O T A L F U N D S A D V A N C E D IN C R E D I T M A R K E T S BY: 24 PRIVATE DOM. NONFIN. SECTORS 25 HOUSEHOLDS 26 NONFARM NONCORP. BUSINESS 27 CORPORATE BUSINESS 28 STATE ♦ LOCAL G O V E R N M E N T S 112 3 57 ,127 -221 1.688 — 29 R E S T OF T H E W O R L D 7.003 4.981 3.031 4.447 2.7 2.4 1.3 11.0 30 U.S. 3.572 3.886 4.193 3.409 2.795 18 5 3.277 4.7 5.2 3. 1 2.8 31 32 33 34 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORTGAGE POOLS FEDERAL RESERVE SYSTEM 10.342 302 3.246 2.393 48.458 757 2.505 1.471 34.929 252 1.933 3.586 53.701 2.899 2.655 1.087 33.649 1.031 3.546 2.280 53.306 654 3.541 5.025 46.992 2.185 3.537 4.440 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 36 37 38 39 -13.715 COMMERCIAL BANKING -12.304 COMMERCIAL BANKS -224 BANK AFFILI A T E S -1.263 FOREIGN BANKING AGENCIES 76 B A N K S IN U.S. POSS. 15.423 15.696 -10 -328 65 6.839 6.772 -171 124 114 19.007 19.044 110 -6.280 -5.698 -141 -501 60 12.816 12.429 257 68 62 8.205 9.439 -571 -719 56 35.9 35.3 .4 .1 38.8 38.2 .5 .1 18.7 13.1 3.9 1.4 .2 35.1 33.2 -1.0 2.8 .1 50.5 50.2 -.1 .1 .3 35 36 37 38 39 40 41 42 43 44 PRIVATE NONB A N K FINANCE SAVINGS INSTITUTIONS S A V I N G S ♦ LOAN A S S N S . MUTUAL SAVINGS BANKS CREDIT UNIONS 18.116 8.371 4.326 3.535 510 28.302 18.987 14.077 3.440 1.470 22.319 12.430 8.538 2.042 1.850 28.053 11.362 8.311 1.761 1.290 33.072 18.175 12.199 4.921 1.055 31.270 18.485 14.140 2.590 1.755 28.625 16.691 12.327 2.337 2.027 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 GOVERNMENT -1 2 1 -26 2.8 30 45 46 47 48 49 INSURANCE S ECTOR LIFE INSURANCE C O M P A N I E S PRIVATE PENSION FUNDS ST.+LOC. G OVT, RTR. FUND OTHER I N S U RANCE COS. 12.056 5.019 3.615 2.334 1.088 10.680 3.863 2.895 3.043 879 12.232 5.217 2.903 2.835 1.277 13.659 4.937 4.381 2.860 1.481 16.541 7.195 4.227 3.228 1.891 12.406 4.808 2.590 3.493 1.515 13.601 5.503 3.137 3.315 1.646 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 COM P A N I E S REITS O P E N - E N D I N V E S T M E N T COS. MONEY MARKET FUNDS SECURITY B K R S . + DEALERS -2.311 -1.716 -791 661 537 - 1.002 -1.365 97 5 -1.345 -528 -215 -252 -2.343 835 -1.240 - 411 255 -1.782 3.032 1.724 -1.420 -183 117 2.794 -1.644 726 -804 -43 376 -1.899 379 3.201 -1.088 -1.136 -281 -317 -1.667 578 -1.000 -811 27 -461 1.9 .5 1.3 * 9.9 5.2 .8 3.5 — .5 12.9 8.6 1 .2 2.6 — .5 8.8 2. 7 1. 9 1.7 — 2 .4 6.5 5.0 2.3 .4 -1.2 50 51 52 53 54 55 TOTAL TOTAL FUNDS R A I S E D (FROM PRECEDING TABLE) OTHER L I A B I L I T I E S : OFFICIAL FOREIGN EXCHANGE 2 T R E A S U R Y CUR R . ♦ SDR C T F S . 3 57.282 77.696 56.079 70.279 69.964 85.9 115.5 128.7 116.4 168.1 1 321 167 13 311 317 199 -110 260 728 148 1.631 339 351 1 99 1.1 .7 2.1 .4 .3 .3 -2.5 .6 -1.7 .5 2 3 6.154 -21.711 9.427 18.438 43.041 21.030 3.540 18.471 13.115 -2.495 5.132 10.478 43.679 14.043 19.257 -14.508 6.032 12.023 22.519 12.399 33.418 14.533 3.470 15.415 12.963 -5.971 5.664 13.270 55.7 15.0 23.9 16.8 48.4 14 . 8 20.7 12.8 6.4 7.9 -9.5 7.9 67.4 12.4 38.0 17.0 99.4 17.5 41.4 40.5 4 5 6 7 1.801 7.011 1.778 12.698 2.005 6.803 2.034 9.576 2.436 8.784 2.448 14.779 2.466 7.130 5.1 14.0 4.6 15.6 5.0 16.3 5.2 19.2 6.2 21.1 8 9 -137 -10.912 -1.702 -2.335 EQUITY 12.089 2.351 4.495 -6.471 -2.351 4.285 -4.416 9.165 2.741 -2.452 9.197 6.728 7.322 2.071 -2.712 4.401 -315 4.054 4.046 -3.191 13.398 2.115 11.870 -3.016 -4.310 10.453 694 8.018 4.897 -4.982 8.864 7.0 9.0 -4.9 -.5 11.3 6.6 17.8 3.0 1.1 16.9 -6.7 22.7 -3.1 -.7 25.7 — .8 9.4 -3.1 -.4 13.9 3.8 11.5 1.8 -.7 11.5 10 11 12 13 14 4 5 6 7 D E P O S I T S AT F I N A N C I A L INSTS. DEMAND DEP. ♦ CUR R E N C Y TIME DEP O S I T S AT BANKS D E P . AT S A V I N G S I N S T I T . 8 9 LIFE INSURANCE RESERVES PENSION FUND RESERVES SECURITY CREDIT TRADE DEBT PROFIT TAXES PAYABLE NONCORP. PROPRIETORS* MISCELLANEOUS 15 INTERBANK CLAIMS 16 T O T A L L I A B I L I T I E S A B O V E - F L O A T S N O T INCL. IN ASS E T S DEMAND D E POSITS—U.S. GOVT. 17 OTHER 18 TRADE CREDIT 19 - LIABILITIES NOT ALLOCATED AS A SSETS TREASURY CURRENCY 20 PROFIT TAXES PAYABLE 21 MISCELLANEOUS 22 23 TOTALS ALLOCATED AS ASSETS TO FINANCIAL ASSETS 57.597 1 10 11 12 13 14 CLAIMS AND THEIR RELATION TO TOTAL 32.634 372 -5.957 2.945 -651 577 2.746 -1.169 2.7 3.8 1.9 4.5 5.6 15 45.463 111.790 96.901 150.294 100.787 142.752 109.395 187.0 235.7 196.7 229.7 327.0 16 -988 -9.018 -5.331 -899 4.323 113 -220 -6.238 -557 1.988 12.842 4.377 136 -6.439 -5.598 -1.122 4.170 358 -778 -6.866 -1.578 .1 -.5 -1.4 .4 1.2 -2.4 -.5 2 .8 -1.9 .1 1.9 -.2 — .2 2.0 -2.0 17 18 19 31 1.459 6.136 -87 1.545 -3.951 67 -816 1.610 -33 -2.146 -6.423 -143 1.971 2.134 -3 1 1.510 -1.165 15 -986 5.633 .2 * 1. 5 .2 1.1 4.1 .2 -.4 9.0 -.1 — .8 1.9 53.174 110.746 103.055 139.689 108.726 139.032 113.955 18 7.1 231.1 187.6 226.9 SECTORS (1) I N C L U D E S C O R P O R A T E E Q U I T I E S . http://fraser.stlouisfed.org/ III/76 BASED ON PRELIMINARY AND INCOMPLETE Federal Reserve Bank of St. Louis INFORMATION. ♦ 20 -.2 21 4. 1 22 323.3 23 TOTAL CLAIMS NOVEMBER 10, 1976 TOTAL CLAIMS 51 TOTAL FINANCIAL ASSETS AND LIABILITIES SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I 1975 TOTAL 228.3 273.8 275.6 267.7 156.9 59.6 8.3 B9.0 33.9 9.0 2 1 1 .6 102.0 8.8 222.0 250.9 85.2 2 1 .1 144.6 250.3 74.2 14.7 161.4 74.6 11.3 -.6 - 1 .0 37.1 14.9 35.0 11.7 3 2.1 16. 0 233.6 73.4 16.6 143.6 71.1 10.7 4.4 45.4 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 22.2 8 .0 5.7 13.0 -.8 .9 .7 -1.9 .8 1.3 8.8 .9 -4.3 - 1.2 3.5 5.0 231.8 225.2 2 176.9 15.2 4.0 157.7 64.8 5. 8 13.1 58. 8 15.2 197.6 8. 3 188.8 6.2 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 7 8 9 10 11 12 13 14 15 16 17 18 19 12.0 29.1 3.5 4.9 4.8 .7 56.7 16. 3 3.6 .8 5 .1 8.1 2.2 (1) 219.6 254.3 183.1 73.5 9.7 12 . 3 72.9 14.8 IN C R F D I T M A R K E T S 179.1 206.0 6 IV III FUNDS RAISED AND ADVANCED 1 3 4 5 II 1975 1974 1973 1976 II 1.2 100.9 44.0 9.8 2.1 - 50.0 15.4 6.0 12.0 48.1 21.4 .2 22.9 8.6 10.6 -5.4 -.6 5.1 5.2 1.0 .5 -2.4 .6 -.2 41.9 7.7 14.2 16.1 -.9 -3.2 .2 1.0 7.2 -1.1 1.0 -.1 17.4 * 14.2 6.4 -1.7 .2 -1.6 1.0 6.2 -2.8 -3.1 -1.3 4.6 -.7 .4 2.2 - 66.6 10.0 2.6 6.3 -.7 7.7 -.6 * -4.6 1.9 1.0 3 .8 -2.0 -.4 .2 1 0 .0 8.1 2.5 94.0 13.8 114.3 54.2 8 .8 3.8 31.1 16.3 6.8 2 81.5 T O T A L F U N D S R A I S E D IN CRE D I T M A R K E T S BY: 258.8 NONFINANCIAL SECTORS 78.9 U.S. GOVERNMENT 18.0 FOREIGN 161.8 PRIVATE DOMESTIC 87.0 HOUSEHOLDS 11.8 FARM BUSINESS 6.2 N O N F A R M N O N C O R P . BUS. 38.0 CORPORATE BUSINESS 18.9 ST.+LOC. GOVERNMENTS 2.0 6.0 .5 6.3 -.5 .5 9.4 6. 5 - 1.2 23 206.0 254.3 231.8 225.2 179.1 219.6 228.3 273.8 275.6 267.7 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 33.8 39.7 1 5.0 .7 1 1 .8 54.4 27.1 1.3 14.7 11.4 80.0 38.8 .6 28.3 12.3 45.5 18.4 1.5 13.2 12.4 82.0 47.4 1.6 15.9 17.2 47.1 10.5 1.1 14.4 21.1 11.7 10.8 29.6 6.4 -3.3 10.5 23.0 12.1 10.7 6.2 20 21 22 10.8 29 1.8 30 3.5 2.8 - 1 .0 2. 7 - 2 .1 -.5 20.8 .9 1.0 13.1 12.1 - FINANCIAL SECTORS SPONSORED CREDIT AGENCIES M O R T G A G E POOLS COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES S A V I N G S ♦ LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS O P E N - E N D INVESTMENT COS. M O N E Y MARKET FUNDS 22.7 -.4 14.1 16.0 -.5 -1.8 -1.7 1.0 1.0 -3.0 -1.7 -.2 11 12 13 14 15 16 17 18 19 20 21 22 281.5 1 9.8 15.1 16.0 14.5 12.0 -.2 12.1 161.2 -2.7 7.7 13.7 168.9 10.8 10.6 6.6 195.1 10.1 14.2 8.5 173.9 1.5 14.2 18.8 211.7 4.6 14.1 17.0 M A R K E T S BY: P R I V A T E DOM. NONFIN. SECTORS HOUSEHOLDS NONFARM NONCORP. BUSINESS CORPORATE BUSINESS STATE ♦ LOCAL GOVERNMENTS RES T OF THE U.S. 24 25 26 27 28 WORLD 29 GOVERNMENT 31 32 33 34 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORT G A G E POOLS FEDERAL RESERVE SYSTEM 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 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 42.3 42.0 -.7 .5 .5 41.1 41.2 -.5 -.1 .4 15.0 17. 3 -.6 -2.0 .2 29.3 27.7 1.0 .3 .2 49.3 54.2 -2.3 -2.9 .2 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 5.1 100.3 53.0 37.5 9.2 6.2 99.9 51.5 37.8 7.9 5. 8 147.3 75.6 50.3 18.5 6.8 110.1 60.6 45.7 9.6 5.3 126.6 70.2 53.7 10.5 6.0 45 46 47 48 49 34.0 1 3.2 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 48.6 20.6 11.4 11.3 5.2 55.6 21.4 17.4 11.4 5.4 61.4 24.0 16.9 12.9 7.7 53.6 22.5 10.7 14.0 6.5 54.2 21.8 12.4 13.3 6.7 INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNOS ST.+L O C . GOVT, RTR. FUNO OTH E R 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 3.1 5.0 .2 -.8 .8 -2.1 -3.0 1.8 -4.8 -.5 .7 -.2 -1.3 6.6 -5.0 -1.6 1.0 -2.3 -7.2 .3 -5.7 -.7 .5 -1.5 1 0.3 8.5 -3.2 -.2 1.5 3.7 -4.2 11.0 -4.4 —4.5 -1.1 -5.2 2.3 5.4 -4.0 -3.2 .1 4.0 F I N A N C E N.E.C. FINANCE COMPANIES REITS O P E N - E N D I N V E S T M E N T COS. MONEY MARKET FUNDS SECURITY BKRS. ♦ DEALERS 50 51 52 53 54 55 281.5 - - .5 .9 TOTAL CLAIMS 1 206.0 254.3 AND THEIR R E L ATION TO TOTAL COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING AGENCIES B A N K S IN U . S . P O S S . 35 36 37 38 39 PRIVATE NONBANK FINANCE SAVINGS INSTITUTIONS SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 40 41 42 43 44 FINANCIAL ASSETS 231.8 225.2 179.1 219.6 228.3 273.8 275.6 267.7 1.3 .7 .1 1.2 1.3 .8 -.4 1.0 2.9 .6 6.5 1.4 T O T A L F U N O S R A I S E D (FROM PRE C E D I N G TABLE) (THER LIABILITIES: O OFFICIAL FOREIGN EXCHANGE 1.4 TREAS U R Y CURR. ♦ SDR CTFS. .8 2 3 -.2 .5 -.2 .4 1.3 .4 .5 .9 4 5 6 7 112.3 24.0 42.3 46.0 95.4 16.6 50.9 27.3 86.2 7.0 57.0 22.1 106.0 16.1 30.1 59.8 68. 1 -17.2 26.7 58.6 142.6 59.3 12 . 5 70.8 102.7 14.1 30.4 58.2 110.5 8.0 50.9 51.6 97.9 12. 2 12.1 73.7 102.3 32.5 11.6 58.1 107.3 2.8 33.9 70.6 8 9 6.6 22.6 7.3 25.6 6.4 29.6 7.6 36.1 7.2 32.8 7.1 34. 7 8.0 35.4 8.1 42.1 9.7 42.9 9.8 39.0 9.9 39.2 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 10.5 -20.6 — 13*6 -9.3 36.1 6. 1 5.2 -9.8 -9.4 22 . 2 -12.7 27.5 4.7 -9.8 21.8 14.3 28.2 5.3 -10.8 39*8 10.0 40.2 11.2 -12.8 40.0 4.4 32.7 4.3 -17.2 46.3 8.7 22.3 13.1 -19.9 20.6 SECURITY CREDIT T R A D E DEBT PROFIT TAXES PAYABLE NONCORP. PROPRIETORS* MISCELLANEOUS 7.9 4.8 -3.3 .9 -13.0 -17.1 16.0 1.0 22.6 INTERBANK 2.0 -36.7 15 16 392.3 443.9 412.6 404.4 293.0 406.5 390.9 528.0 519.3 519.8 448.1 -.1 1.9 -1.4 -4.8 -1.4 -.5 -.7 1.2 .5 -2.8 3.7 -1.0 7.9 4.1 -4.5 .1 1 2.2 -1.6 -1.8 -2.3 1.4 -4.0 5.3 -5.0 17 18 19 .6 3.8 -5.9 .3 1.6 -1.5 -.1 6.3 -2.2 20 21 22 -.2 -.1 1.7 * .5 5.3 -.1 -.1 * * * -2.6 .1 -.3 12.1 -.3 -. 3 -7.0 .3 1.1 -11.5 -.1 -.2 -4.1 -.6 2.1 -5.0 -.1 -.7 3.4 392.4 437.6 408.7 406.7 287.9 413.3 401.1 524.9 512.0 519.9 23 http://fraser.stlouisfed.org/ BILLIONS OF DOLLARS. Federal Reserve Bank of St. Louis 445.9 4 5 6 7 LIFE INSUR A N C E R E S E R V E S PENSION FUND RESERVES EQUITY CLAIMS F L O A T S N O T I N C L . IN A S S E T S DE M A N D D E P O S I T S —U . S • GOVT. OTHER TRADE CREDIT - LIABILITIES NOT ALLOCATED AS ASSETS TREASURY CURRENCY .1 PROFIT TAXES PAYABLE 1.2 MISCELLANEOUS 4.6 II) (1) III/76 BASED ON INCOMPLETE INFORMATION. D E P O S I T S AT F I N ANCIAL I NSTS. DE M A N D DEP. ♦ CURRENCY TIME D EPOSITS AT BANKS DEP. AT SAVINGS INSTIT. 1 2 3 10 H 12 13 14 15 - TOTALS ALLOCATED TO SECTORS AS A S S E T S INCLUDES CORPORATE EQUITIES. 17 18 19 20 21 22 2.3 N O V E M B E R 10, 1 9 7 6 SAVING BY I N D I V I D U A L S 52 unadjusted net SAVING BY INDIVIDUALS AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING (1) <s plows mill UN A D J U S T E D NET .) 1 975 II III IV 1976 II I I III | FLOWS 1967 BI L L I O N S OF D O LLARS 1968 1969 1970 1$ K I L L . ) 1 I N C R E A S E IN F I N A N C I A L A S S E T S 2 DEMAND DEPOSITS ♦ CURRENCY 3 SAVINGS ACCOUNTS 35.709 -8.164 24.660 51.465 12.206 22.043 39 . 5 4 1 2.701 14.543 41.116 141 23.676 46.052 -2.008 26.793 49.548 686 21.231 42.850 3 54 23.663 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.» 1 2 3 4 5 6 7 8 SECURITIES U.S. SAVINGS BONDS O T H E R U.S. T R E A S U R Y SEC. U.S. GOV T . A G E N C Y SEC. STATE ♦ L OCAL O B L I G A T I O N S 7.917 1.011 190 -2.882 2.253 121 1.081 -2.671 -1.931 2.610 10.824 977 8.593 -801 3.016 2.199 956 324 849 779 6.052 1.097 3.086 -255 1.603 7.488 1.161 -2.763 2.541 2.205 6.041 1.013 2.256 2.199 1.731 -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 BONOS COMMERCIAL PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 4.870 1.986 1.033 -544 3.435 -2.247 -254 98 2.325 -2.845 -2 2 1 -22 0 -234 1.181 232 -1.888 1.760 -880 398 -757 2.802 1. 1 7 1 -885 1.256 811 -629 -541 -799 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 9 .3 10 1.3 11 -5.0 12 PRIVATE LIFE INSURANCE RES. PRIVATE INSURED PENSION RES. P R I V A T E N O N I N S U R E D PEN. RES. G O V T . I N S U R A N C E ♦ PEN. RES. MISCELLANEOUS FINAN. ASSETS 1.784 1.594 3.173 2.261 2.484 1.761 2.195 2.524 7.996 2.619 1. 988 2.282 2.976 1. 5 6 2 2.665 2.017 2.603 4.140 2.850 3.490 2.419 2.805 3.545 2.451 3.995 2.431 2.442 2.240 10.114 2.916 2.449 2.409 2.787 1.951 3.196 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 13 4 . 5 14 7 . 3 15 9. 5 16 6.0 17 18 G R O S S INV . IN T A N G I B L E A S S E T S 19 NONFARM HOMES 20 N O N CORP. BUS. PLANT ♦ EQUIP. 21 CONSUMER DURABLES 22 INVENTORIES 44.313 9.424 7.785 26.748 356 50.924 9.140 9-276 32.606 -98 54.579 11.116 9.462 33.491 510 61.302 12.730 8.689 38.881 1.002 57.012 13.487 8.616 33.765 1.144 62.796 12.459 10.543 39.739 55 64.037 14.592 10.507 39.179 -241 116.3 21.2 24.2 69.6 1.3 132.8 24.4 27.6 80.0 .8 143.7 25.9 31.3 85.5 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 C A P I T A L C O N S U M P T I O N A L L O W A N C E S 24 NONFARM HOMES 25 NONCO R P . BUS. PLA N T ♦ EQUIP. 26 CONSUMER DURABLES 44.318 5.270 9.399 29.649 45.593 5.425 9.669 30.499 46.970 5.578 9.983 31.409 48.151 5.728 10.322 32.101 49.529 5.882 10.601 33.046 50.871 6.033 10.779 34.059 52.379 6.186 11.133 35.060 86.3 9.2 17 . 6 59.4 95.3 10.5 19 . 2 65.6 105.2 12.1 21.3 71.6 113.1 12.8 23.2 77.0 121.7 13.7 24.9 83.2 23 24 25 26 2 7 NET I NV. I N T A N G I B L E A S S E T S 28 NONFARM HOMES 29 NONCORP. BUS. PLANT ♦ EQUIP. 30 CONSUMER DURABLES 31 INVENTORIES -5 4.154 -1.614 -2.901 356 5.331 3.715 -393 2.107 -98 7.609 5.538 -521 2.082 510 13.151 7.002 -1.633 6.780 1.002 7.483 7.605 -1.985 719 1.144 11.925 6.426 -236 5.680 55 11.658 8.406 -626 4.119 -241 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 8.4 7.9 .4 45.8 2 7 18.9 28 10.3 29 13.9 30 2 . 7 31 32 N E T I N C R E A S E IN D E B T 33 MTG. DEBT ON N ONFARM HOMES 34 NON C O R P BUS. MORTGAGE D EBT 35 CONSUMER CREDIT 36 SECURITY CREDIT 37 POLICY LOANS 38 OTHER DEBT 4.635 6.512 1.071 -4.386 344 464 630 20.023 9.798 2.419 1.800 1.266 386 4.354 16.592 10.498 2.448 5.046 -1.734 395 -61 21.480 12.551 1.433 6.076 2.368 37 2 -1.320 13.612 12.374 1.630 -1.144 777 293 -318 29.451 13.191 3.652 6.833 1.355 39 4 4.026 29.212 14.763 3.785 6.486 650 366 3.162 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 39 INDIVIDUALS* SA V I N G 11+27-32) 40 - G O VT. I N S U R A N C E + PEN. RES. 4 1 - N E T I N V E S T M E N T IN C O N S . D U R . - CAPITAL GAINS DIVIDENDS 42 FROM INVESTMENT COMPANIES 43 - NET SAVI N G BY F A R M CORPS. 4 4 = P E R S O N A L SAVING, F/F BASIS 31.069 2.261 -2.901 36.773 7.996 2.107 30.558 1.562 2.082 32.787 2.850 6.780 39.923 2.451 719 32.022 10.114 5.680 25.296 1.951 4.119 64.2 5.5 10.2 67.6 6.1 14.4 57.9 7. 1 13.7 74.7 8.9 7.9 91.5 39 9.5 40 13.9 41 10 7 -21 31.623 5 -16 26.681 10 -11 26.915 97 -9 23.069 150 -8 36.611 0 -7 16.235 0 -7 19.233 1.7 ♦ 46.8 2.5 V * 44.7 2.5 * 34.7 .9 -.1 57.1 •8 4 2 -. 1 4 3 67.4 44 45 21.913 19.891 17.754 24.404 27.125 12.643 15.627 40.9 38.1 35.1 50.6 57.3 45 -1.335 9.486 3.592 3.606 6.0 6.6 -.4 6.5 10.1 4 6 13 14 15 16 17 PERSONAL SAVING, NIA 46 D I F F E R E N C E 11) BASIS 9.710 COMBINED S T A T EMENT FOR H O USEHOLDS, AND N O N F A R M N O N C O R P O R A T E B U S I N E S S . 6.790 9.161 FARM, II1/76 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 32 33 34 35 36 37 38 N O V E M B E R 10, 1 9 7 6 SAVING BY IN D I V I D U A L S SAVING BY INDIVIDUALS 53 AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING (1) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I 1975 I II III | IV | I 1976 II I 2 3 127.6 14.8 71.0 143.0 12.7 67.9 137.7 5.1 57.9 .167.8 6.9 84.9 134.8 -14.8 80.6 187 . 2 40.8 83.1 163.9 11.5 74.5 185.9 -10.0 101.5 176.4 8.9 87.2 180.1 -1.4 79.2 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 19.6 3.7 -11.0 -7.2 9.5 10.4 3. 9 3.9 -8.5 10.0 22.3 4.4 21.7 -9.0 11.3 31.9 4.1 11.1 5.5 3.8 12.2 3.9 -1.1 3.9 7.1 41.1 4.2 5.7 9.2 8.4 3.1 4.6 -2.7 2.9 6.0 SECURITIES U.S. SAVINGS BONDS O T H E R U.S. TREASURY SEC. U . S . G O V T . A G E N C Y S EC. STATE ♦ LOCAL OBLIGATIONS 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 15.0 13.7 3.5 -7.7 12.1 -12.5 -.5 2.0 8.5 -10.9 -.4 -3.3 6.0 2.0 .6 -1.2 2.3 3.6 1.0 -8.7 9.7 .1 -3.1 7.0 2.3 -2.2 -1.7 -6.1 CORPORATE + FOREIGN BONDS COMMERCIAL PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 13 14 15 16 17 6.5 4.3 6.9 11.0 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 7.1 6.4 12.6 13.9 9.4 7.0 8.8 1 0.5 15.4 11.2 8.0 9. 1 11.7 14.7 12.1 8.1 10.4 16.4 15.3 12.4 9.7 11.2 14.1 17.6 15.6 9.7 9.8 9.3 20.0 12.5 9.8 9.6 11.0 18.6 14.3 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. 8 197.0 39.3 34.7 122.1 .9 201.5 40.2 34.2 127.0 .1 217.4 43.3 35.0 136.0 3. 1 228.5 46.9 36.9 141.8 3.0 247.1 52.9 38.7 151.4 4.2 250.2 56.6 37.9 155.0 .7 2 5 6 . 2 G R O S S I N V . IN T A N G I B L E A S S E T S 59.8 NONFARM HOMES 38.3 NONCO R P . BUS. PLANT ♦ EQUIP. 158.1 CONSUMER DURABLES ♦ INVENTORIES 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 39.4 123.7 177.3 21.1 37.6 118.6 182.4 21.7 38.7 122.0 187.9 22.3 39.9 125.6 192.6 22.9 41.3 128.4 198.1 23.5 42.4 132.2 203.5 24.1 43.1 136.2 209.5 CAPITAL CONSUMPTION ALLOWANCES 24.7 NONFARM HOMES 44.5 N O NCORP. BUS. PLANT ♦ EQUIP. 14 0 . 2 CONSUMER DURABLES 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 19.8 18.2 -2.8 3.5 .9 19.1 18.5 -4.5 5.0 .1 29.5 21.0 -4.9 10.4 3.1 35.9 24.0 -4.4 13.4 3.0 49.0 29.4 -3.7 19.2 4.2 46.7 32.5 — 5 .2 18.8 .7 4 6 . 6 NET INV. IN T A N G I B L E ASSETS 35.1 NONFARM HOMES -6.2 NONCORP. BUS. PLANT ♦ EQUIP. 17.8 CONSUMER DURABLES * INVENTORIES 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 45.8 28.5 7.8 .9 1.4 1.9 5.4 57 . 2 38.5 6.0 1.3 5. 1 1.5 4.9 58.9 42.2 7.3 14.3 -6.9 1.6 .5 89.0 48.2 8.4 17.7 9.5 1.5 3.7 90.3 51.5 10.9 18.1 3.1 1. 2 5.5 95.6 53.2 9.5 20.6 5.4 1.6 5.4 39 40 41 102.0 11.6 21.5 121.7 11.7 25.4 115.3 12.5 11.1 131.2 14.7 8.1 108.7 13.9 3.5 1 49.1 15.4 5.0 134.5 14.7 10.4 132.9 15.3 13.4 135.2 17.6 19.2 131.2 20.0 18.8 42 43 44 1.4 .1 67.4 .9 .4 83.3 .5 -.1 91.3 .2 -.1 108.3 -.2 -.1 91.7 .5 - .1 128.3 .5 * 109.0 .1 * 104.1 * * 98.5 .4 * 92.1 45 49.4 70.3 72.2 84.0 67.2 104.5 80.5 83.7 79.5 82.9 46 18.1 13.0 19 . 1 24.3 24.5 23.7 28.6 20.5 18.9 9.2 . 182. 7 I N C R E A S E IN F I N A N C I A L A S S E T S 3.8 DEMAND DEPOSITS ♦ CURRENCY 112.5 SAVINGS ACCOUNTS PR I V A T E LIFE I N S URANCE RES. P R IVATE INSURED PENSION RES. P R I V A T E N O N I N S U R E D PEN. RES. GOVT. I NSURANCE ♦ PEN. RES. MISCELLANEOUS FINAN. ASSETS 1 0 5 . 4 N E T I N C R E A S E IN D E B T 60.6 MT G . D E B T O N N O N F A R M H O M E S 11.7 NONCORP BUS. MORTGAGE DEBT CONSUMER CREDIT 19.2 2.6 SECURITY CREDIT 1.5 POLICY LOANS 9.8 o t h e r DEBT 123.9 I N D I V I D U A L S * S A V I N G (1+27-32) 18.6 - GOVT. INSURANCE ♦ PEN. RES. 17.8 - N E T I N V E S T M E N T IN CON S . DUK. - CAPITAL GAINS DIVIDENDS .4 FROM INVESTMENT COMPANIES ♦ - NET SAV I N G BY FARM CORPS. 87.1 = P ERSONAL SAVING* F/F BASIS 75.6 PERSONAL SAVING* NIA BASIS 11.4 DIFFERENCE (1) C O M B I N E D S T A T E M E N T F O R H O U S E H O L D S * ANO NONFARM NONCORPORATE BUSINESS. BILLIONS OF DOLLARS. 111/76 BASED ON INCOMPLETE INFORMATION. FARM* 3* 33 34 35 36 37 38 N O V E M B E R 10* 1 9 7 6 DISCREPANCIES 54 DISCREPANCIES DIS C R E P A N C I E S - SUM M A R Y FOR UNADJUSTED NET FLOWS SECTORS (» M I L L . ) 1975 I II III IV | | I SECTOR 1 TOTAL, ALL SEC T O R S 2 HOUSEHOLDS 3 NONFIN. CORPORATE BUSINESS 4 STATE ♦ LOCAL GOVERNMENTS 5 U . S. G O V E R N M E N T 6 FOREIGN 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. AND TRANSACTIONS UNADJUSTED NET FLOWS — 8.956 -3.242 -11.165 -10.100 -900 5.633 1.559 2.184 -456 -1.076 2.266 118 1976 II III | |1 1$ M I L L . ) 1967 BILLIONS OF DOL L A R S 1968 1969 1970 1971 DISCREPANCIES -7.532 -9.480 1.844 -2.652 2.340 974 13.107 6.401 7.922 238 -555 912 -8.277 -9.975 -1.759 882 61 2.975 -795 -6.618 3.028 2.034 1.149 1.558 -5.162 -4.695 759 -2.870 286 2.192 -1.8 -6.0 3.9 -.2 -1.2 * 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 1.7 * -.1 .1 .5 .1 1. 6 .1 -1.3 .1 -260 89 0 -82 -1 -103 0 -1.665 -558 -67 0 -29 1 -1.811 366 0 -2.239 -461 736 0 -522 -1.946 -7 0 -1.621 -834 157 0 53 -.3 -.1 -.2 -.4 -1.3 7 8 9 10 -267 186 -3 -616 535 -369 1.767 76 -25 901 530 285 -200 1 -45 188 22 4 -568 62 65 -26 -170 -34 227 -675 -10 -55 -613 59 -56 -318 -121 -48 816 58 -1.023 -1.044 -193 -87 61 34 -859 2.0 .3 * .3 .8 .6 -.1 .2 -.1 .1 -.2 -.1 .5 .3 ♦ .1 * .1 1. 9 .3 .1 .7 ♦ .9 * .4 -.2 •1 -.1 -.2 11 12 13 14 15 16 _ TRANSACTION DISCREPANCIES 1 TOTAL, ALL TYPES 2 TREASURY CURRENCY DEMAND DEPOSIT MAIL 3 U.S. GOVERNMENT 4 OTHER 5 6 7 8 9 10 11 12 13 TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL NONFINANCIAL COMPONENTS: NIA D I S C R E P A N C Y (NEG.) PVT. WAGE ACCR. L ESS DISB. FARM DISCR E P A N C Y (NEG.) N O N F A R M N O N C O R P D I S C R E P . ( NEG) TRADE DEBT (POSITIVE) 14 T O T A L N O N F I N A N C I A L -8.956 31 -3.242 -87 -7.532 67 13.107 -33 -8.277 -143 -795 -31 -5.162 15 -1.8 .2 5.2 .2 12.4 .2 4.9 -.1 2.0 * 1 2 -988 -9.018 -899 4.323 -220 -6.238 1.988 12.842 136 -6.439 -1.122 4.170 -778 —6 . 8 6 6 .1 -.5 .4 1.2 -.5 2.8 .1 1.9 -.2 2.0 3 4 -5.331 1.459 6.136 -1.245 113 1.545 -3.951 -4.286 -557 -816 1.610 -1.378 4.377 -2.146 -6.423 2.502 -5.598 1.971 2.134 -338 358 1.510 -1.165 -4.515 -1.578 -986 5.633 -602 -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 -203 0 -546 -327 -2.321 984 0 1.790 222 -1.290 1.067 0 294 -613 -630 2.573 0 -1.538 7 01 4.238 -141 0 -167 -468 -1.114 1.500 0 2.017 289 -709 -476 0 885 -434 -627 1.7 -.6 -3.3 -2.1 * ♦ * * ♦ * * * * * -1.245 -4.286 -1.378 2.502 -338 -4.515 -602 -1.8 .6 3.3 2.1 FLOATS: DISCREPANCY II1/76 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION. _ 1.3 9 • 4 10 * 11 * 12 * 13 -1.7 14 NOVEMBER 10, 1976 DISCREPANCIES DISCREPANCIES 55 DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS SEASONALLY ADJUSTED ANNUAL 1972 1973 1974 RATES SEASONALLY ADJUSTED ANNUAL RATES 1975 I 1 SECTOR 1975 I II III IV I | I 1976 II III DISCREPANCIES 1 2 3 4 5 6 -1.4 -18.1 16.4 3.6 .2 -1.8 3.6 -13.0 16.1 3.0 2.2 -2.1 -2.8 -19.1 13.1 .9 -.1 4.8 -6.6 -24.3 14.5 1 .3 .3 4.3 -1.3 “ 24.6 14.9 3.4 -.8 6.5 -6.9 -23.7 15.4 .5 -1.9 3.2 -15.3 -28.6 13.2 .8 .7 3.8 -3.0 -20.5 14.6 .7 3.0 3.5 * “ 19.0 9.9 .3 1.2 9.2 -5.9 -9.3 4.6 -.2 -2.6 9.4 -3.3 -11.5 9.3 .3 -3.1 8.3 7 8 9 10 -1.8 .1 -2.6 .2 -2.6 -2.6 .3 -4.3 -.8 .4 -2.4 -.3 -.4 -3.3 -5.2 -.1 * -4.4 -4.3 1 .2 -7.1 -1.6 3.0 -1.2 -2.4 .1 -3.9 -4.1 -7.9 .1 ♦ -3.1 —6.6 .8 * -3.1 11 12 13 14 15 16 -.6 -.1 -.2 .3 ♦ -.6 -.2 .1 -.1 -.3 .1 * 1.4 .3 .1 .2 .6 .3 1.4 .3 -.1 .3 1.3 -.4 1.2 .7 .1 -.1 1 .9 -1.4 3.3 .3 -.1 .5 1.9 .7 -.7 .3 -.2 .6 .8 -2.1 1.6 ♦ -.1 .2 .4 1.2 -.5 * -.2 .2 * -.6 -4.9 -.5 -.2 ♦ * -4.2 -4.2 -.5 -.4 * * -3.3 - - - _ -1.4 -.2 3.6 * -2.8 -.1 -6.6 * -1.3 .1 PRIVATE NONBANK FINANCE SAVINGS ♦ LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE OTHER INSURANCE FINANCE N.E.C. ♦ -.6 -5.9 -.1 3 4 .6 3.8 .3 1.6 -.1 6.3 -.1 1.9 -4.8 -1.4 -.7 1.2 -2.8 3.7 7.9 4.1 .1 12.2 -1.8 -2.3 5 6 7 8 -5.9 -.1 1.7 -1.4 -1.5 •5 5.3 -2.6 -2.2 -.1 * —6.6 -1.4 ♦ -2.6 -4.4 -.5 -.3 12.1 -6.4 .5 -.3 -7.0 -.1 -1.0 1. 1 -11.5 -5.1 -4.5 -.2 -4.1 -6.0 -1.6 2.1 -5.0 -7.2 1.4 -.7 3.4 -5.8 -5.0 1 .2 4.6 -5.6 9 10 11 12 13 1.7 -.3 * * * 2.6 * ♦ ♦ - 6.6 * -.1 * 4.4 — * ♦ 6.4 - .1 - 5.1 * - 6.0 - 7.2 5.8 — - 14 -1.4 -2.6 -6.6 -4.4 -6.4 -. 1 -5.1 “ 6.0 -5.8 -.1 - -1.7 .2 ♦ * -2.3 ♦ * -1.4 * ♦ 19 -5.9 “ 1.5 -2.2 -1.4 BILLIONS OF DOLLARS. “ -15.3 .3 -3.0 -.1 -3. 3 TOTAL* ALL TYPES TREASURY CURRENCY .1 DEMAND DEPOSIT MAIL -4.0 U.S. GOVERNMENT 5.3 OTHER 15 16 17 18 -6.9 -. 3 FINANCIAL SECTORS SPONSORED AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKS 7 8 9 10 11 12 13 14 15 16 “ — - “ “ 7.2 -5.8 1 2 FLOATS: 3 4 TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL 5 6 7 8 NONFINANCIAL COMPONENTS: 5.6 N I A D I S C R E P A N C Y (NEG.) PVT. MAGE ACCR. LESS DISB. F A R M D I S C R E P A N C Y (NEG.) N O N F A R M N O N C O R P D I S C R E P . (N E G ) TRADE DEBT (POSITIVE) -5.6 TOTAL NONFINANCIAL DISCREPANCY -.1 .4 -.8 - .2 * .3 ~ .7 -.1 -1.7 “ 6.6 -.1 2.2 “ -2.6 * 1. 1 “ 1.2 .1 .1 “ TRADE CREDIT ANALYSED* -3.8 FIRST ESTIMATE - 1 . 0 ♦ BANK LOAN D I S C R E P A N C Y -.2 ♦ BALANCE ADJUSTMENT + SEASONAL - -.5 .5 -1.0 “4.5 -1.6 1.4 -5.0 - TOTAL III/76 BASED ON INCOMPLETE INFORMATION. 1 2 3 4 5 6 ‘ TRANSACTION DISCREPANCIES 1 2 T O T A L . AL L S E C T O R S HOUSEHOLDS NONFIN. CORPORATE BUSINESS STATE ♦ LOCAL GOVERNMENTS U. S. G O V E R N M E N T FOREIGN TRADE CREDIT* FINAL 9 10 11 12 13 14 15 16 17 18 19 NO VEMBER 10, 1976 MONE Y STOCK RE L A T I O N S H I P M O N E Y STOCK RE LATIONSHIP 56 RELATION OF F/F MONEY STOCK DATA TO DA IL Y AVERAGE SERIES SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1975 1972 19 73 1V74 1975 0 II II! iv S 197 6 I II ill -. 4 12.4 -12.8 1. TOTAL MONEY STOCK 1 2 3 24 .4 22 .2 2.2 18.2 15 . 5 2.6 11.6 12.9 -1 .3 13.3 12.1 1.2 -18.4 4.1 -22.5 59.5 2tf.G 31.5 d. 8 10.9 -2.1 3.2 5 .£■ -2 .3 12e2 13,5 - 1 .3 10oT 20.3 -9 .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 1.7 ♦ -5.6 -.9 -10. 6 5.9 7.9 3.3 7.4 -2.8 -.5 4.7 -10. 2 5.0 — .C -7»6 15.1 -8.1 -.3 -.4 -5 .4 5« 5 -2.4 -.2 .5 -2 . 7 NET CHANGES, S-A. QTRLY RATE: F/F D E MA ND DEP. ♦ CURRENCY D A I L Y A V ER AG E (DAMS) T O TA L DI FF ER EN CE -3.2 TOTAL DIFF. AT QU ARTERLY RATE — .8 AR I S I N G FROM— DATA DIFF. -8.4 TI MI NG DIFF. 6.0 SEASONALS II. DE MAND D E P O SI TS NET CHANGE, S.A. QT RL Y RATE: F/F DAMS DI FF E R E N C E 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 -5 .9 -.6 -5.3 13.5 5.4 8.2 .3 1.7 -1.4 “ •b -.3 -.5 1.1 1.4 -.3 2.5 3.2 -.7 -3 . 4 1.6 -5 . 0 4 5 6 2.1 .8 1.3 3.3 .1 -1.2 .1 -1 . 4 1.0 -.5 1.5 -11.1 -.9 - 1 0. 3 9.4 3.3 6.1 -4.2 4.7 -8.8 6.9 -7.6 14.5 -5.8 -. 4 -5 . 4 .4 -.2 .6 -8.6 DI FF ER EN CE IN UN AD JU ST ED -.8 D A T A D I FF ER EN CE -7 .9 TI MI NG DIFF ER EN CE 7 8 9 10 * - 5.8 .6 6.4 -1.2 -1.2 -1.3 -.2 .3 2.8 .7 2.7 -.6 — 7.* .1 -8.9 1.4 5.5 .9 6.2 -1.6 -1.1 - 1 .6 .3 .2 3.6 D I FF ER EN CE IN SEAS ON AL S .9 F L OW S VS. LEVELS 2.6 O N E - D A Y VS. D A I L Y AVERAGE .1 SEASONAL BALANCE AD JUSTMENT 1.9 1.9 .2 1.9 -1 . 7 3.3 1.5 1.8 * t 3 * — - ♦ * - * — ♦ ♦ III. CU RR EN CY NET CHANGE, S.A. QTRLY RATE: F/F DA MS DI F F E R E N C E 1 2 3 4.4 4. 3 .1 3.9 4.7 -.7 6.3 6. 4 -.1 6.2 6. 0 .2 1.3 1.6 -.3 1.4 1.6 -.3 1.9 1.0 .8 1.6 1.7 * ♦ 4 * -.8 -.1 .2 -. 4 1.3 -1 .3 .6 * -.1 -.6 TI MI NG D I FF ER EN CE 5 6 7 8 .1 .1 .1 .1 * * .1 -.2 .4 -.1 -1.6 2.2 .2 1.8 .1 -. 7 * -1.6 .1 -1 .7 2. 4 .3 1.9 .2 DI F F ER EN CE IN SEASONALS FL O W S VS. LEVELS ON E— DA Y VS. OAILY AVG. SEAS ON AL BA LA NC E ADJ. — BILLIONS OF DOLLARS. _ — ~ — “ * -1.6 * * — .3 “ •6 -.i — .1 * III/76 BASED ON INCORPORATED 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 Gall Report) and figure for that one day, e.g., March 29, 1972, derived from data going into daily-average statis tics. 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. 5-9 Correspond to lines 7 through 11 in Part II. 9 10
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