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NOVEMBER 1978
FLOW OF FUNDS
III-78
FLOW OF FUNDS ACCOUNTS
3RD QUARTER 1978
SEASONALLY ADJUSTED AND UNADJUSTED
DIVISION OF RESEARCH AND STATISTICS
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
WASHINGTON, D.C. 20551
TABLE LIST
PAGE
SUMMARY TABLES
1
Income and Product Distribution
2
Funds Raised in Credit Markets
4
Credit Market Supply of Funds
SECTOR TABLES
6
Households
8
Total Nonfinancial Business
Noncorporate Business
10
Nonfinancial Corporate Business
12
State+Local Governments
Foreign
14
U.S. Government + Credit Agencies
16
Banking System
18
Commercial Banking Subsectors
20
Nonbank Finance Summary
22
Savings Institutions
24
Insurance + Pension Funds
26
Finance N.E.C.
TRANSACTION TABLES
28
Monetary and Insurance Reserves
Interbank Claims
30
Money and Deposits
32
U.S. Government Securities
34
Private Securities
36,38
Mortgages
40
Consumer Credit and Bank Loans N.E.C.
42
Open Market Paper
Other Loans
44
Security Credit, Trade Credit, and Taxes
Payable
46,48
Miscellaneous
50
Total Claims
52
Saving By Individuals
54
Discrepancies
56
Money Stock Relationship
Flow of Funds Accounts
Third Quarter 1978
The tables in this publication present preliminary estimates
of third quarter 1978 flows and revisions from the August tables for
the first and second quarters of the year. The revisions are based on
a variety of more complete information that has become available since
August, including in particular the June 30, 1978 Call Report for
commercial banks that is a benchmark for bank statements. Figures for
1977 and earlier years are unchanged from the August publication.
Third quarter, 1978. Third quarter estimates that are
included in the tables are based on preliminary and incomplete information and are therefore only tentative. At the end of this preface
is a list of the principal sources of information that were available
in putting together the first quarter on this preliminary basis, and
the significance of individual items in the tables should be judged
on the basis of the list. The list is summary in form and is by no
means a complete statement of sources of data or of derivation methods.
Because much of the source information consists of sector balance
sheets or statements of activity, the list is organized mainly in
terms of sectors. For nonfinancial activity included in the accounts,
however, such as sector income and capital outlays, the Commerce
Department's income and product accounts are the principal source, and
this part of the system is included separately at the beginning of the
list.
The items that are shown as available are in general also
preliminary in the sense that they are subject to revision once a year
on the basis of benchmark data. "Available" for them means that the
basic quarterly estimates for them have been completed in a form that
will usually stand until the next annual revision. Virtually all
quarterly data sources are compiled within five or six months of the
end of the quarter, and the distinction between the two columns is not
between final and preliminary versions of data but rather between those
source estimates that are fully ready when the first quarterly estimate
is put together and those that are not yet completed.
Availability. This publication is part of a quarterly series
that is usually available at the middle of the second month following
the quarter reported and that is distributed to a mailing list. The
process of printing and mailing causes delays of up to two weeks or
more from the time the estimates are completed, and to facilitate
earlier access in the meantime copies of the computer printouts are
distributed to Federal Reserve Bank information offices for use by
the public.
- i-
The current quarterly tables are an extension of a body of
data that includes all years from 1946 on an annual basis and quarterly
periods from 1952 in both net flows and asset and liability positions.
In annual form the data are available in Flow of Funds Accounts,
1946-75 (December 1976) in both flows and levels. 1976 and 1977 assets
and liabilities were published in August 1978 in Flow of Funds Accounts,
Assets and Liabilities, 1967-77. Quarterly history is available in
either computer data tape form for the complete set or in specific
printings of selected tables.
Requests and inquiries about the data, historical tabulations
and computer tapes of the data should be addressed to:
Flow of Funds Section
Room B-3125
Board of Governors of the
Federal Reserve System
20th and Constitution Ave., N.W.
Washington, D. C. 20551
(202) 452-3482.
- ii
Information S t a t u s for Preliminary Estimates
NONFINANCIALNational income and product
accounts
Available
First quarterly estimate
Major items missing
Corporate profits, profit tax
accruals, and undistributed
profits.
FINANCIAL —
Households
Estimates for this sector is almost entirely residual and derived from
data for other sectors. Availability is thus dependent on schedules
for other sectors. Principal types of borrowing--mortgages and consumer credit—are available in time for first quarterly estimates.
Farms
Bank loans. For sponsored agency
loans, see item 9 below.
U.S. Government loans,
item 9 below.
Nonfarm noncorporate business
Bank and finance company loans,
mortgage borrowing, open-market
paper
Net trade debt
Nonfinancial corporate business
For preceding quarter: working
capital, net security issues,
foreign direct investment. For
current quarter: gross security
offerings, mortgages, bank loans,
open-market paper, finance company
loans.
Working capital, foreign direct
investment, U.S. Government loans
State and local governments
Gross security offerings, deposits
at banks, two months of quarter
for Government security holdings
Security retirements, last month
of quarter for holdings for Government securities
- iii -
See
FINANCIAL"
Rest of the world (U.S.
International Transactions)
Available
Major items missing
Preceding quarter, two months
of current quarter for capital
movements
Capital movements for last month
of quarter, direct investment
flows
Monthly Treasury Statement of
Receipts and Outlays for last
month of quarter, Federal
Financing Bank statement
Loans outstanding except at
Federal Financing Bank
Balance sheets for FNMA, Home
Loan Banks, Farm Credit
Administration securities outstanding. FCA loans for most
recent Jure or December
FCA loans for March or September
Mortgage pools
Complete
None
Monetary authorities
Complete
None
Banking
Banking and monetary estimates
through last month of quarter
two months for foreign agencies
Recent all-bank totals, last
month for foreign agencies
Savings and loan associations
Last month of quarter on summary
monthly basis
Detailed listing of cash and
investments.
Mutual savings banks
Two months of quarter
Last month of quarter
Credit unions
Deposit flows and consumer credit
Other assets
U.S. Government
Sponsored credit agencies
- iv -
FINANCIAL —
Available
Major items missing
Life insurance companies
Two months of quarter
Last month
Private Pension Funds
Preceding quarter
Current quarter
State and local government
retirement system
Preceding quarter
Current quarter
Other insurance companies
Preceding quarter
Current quarter
Finance companies
Complete
None
REIT's
Preceding quarter
Current quarter
Investment companies and
money market funds
Complete
None
Security brokers and dealers
Borrowings
Assets
- v
NOVEMBER 13, 1978
INCOME AND PRODUCT DISTRIBUTION
INCOME AND PRODUCT DISTRIBUTION
1
INCOME AND PRODUCT ACCOUNTS: GNP EXPENDITURES AND GROSS SAVING
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1975
1976
1977
III
1
1977
1
II
IV
1978
II
1
I
I
111
1
1306.6
1412.9
1528.8
1700.1
1887.2
1867.0
1916.8
1958.1
1992.0
2087.5
2 1 4 1 . 1 TOTAL GNP
2
3
4
5
6
1079.4
809.9
123.7
167.3
102.2
1192.3
889.6
122.0
191.5
111.1
1317.5
979.1
132.6
215.4
123.1
1449.7
1090.2
156.6
229.6
129.9
1600.5
1206.5
178.4
248.9
145.1
1577.4
1188.6
175.6
245.9
142.9
1614.1
1214.5
177.4
252.7
146.8
1667.7
1255.2
187.2
260.3
152.2
1693.4
1276.7
183.5
265.2
151.5
1747.6
1322.9
197.8
277.6
147.2
1 7 9 5 . 8 CURRENT OUTLAYS
HOUSEHOLDS
1354.5
OF WHICH CONSUMER DURABLES
199.3
STATE * LOCAL GOVERNMENT
285.2
U . S . GOVERNMENT
156.1
7
220.0
214.6
190.9
243.0
297.8
295.6
309.7
313.5
322.7
345.4
3 5 1 . 7 GROSS DOMESTIC INVESTMENT
8
9
10
11
12
13
202.1
66.1
4.4
37.6
37.8
.6
205.7
55.1
3.2
33.7
33.3
1.2
^01.6
51.5
2.4
39.7
37.0
.9
232.8
68.2
3.1
56.1
52.0
1.1
282.3
91.9
4.0
75.4
69.7
1.5
278.6
91.4
3.6
75.2
67.4
1.6
287.8
94.3
4.0
77.6
74.2
1.6
300.5
100.2
4.8
82.6
76.7
1.2
306.0
100.3
4.6
82.3
80.9
1.3
325.3
105.3
4.2
85.4
82.6
1.4
334.1
108.8
3.9
88.0
85.3
1.5
14
15
16
-.9
-.4
-.4
-.8
-.4
-.4
1.8
.9
.9
3.1
1.5
1.5
4.2
2.1
2.1
6.3
3.1
3.1
1.8
.9
.9
4.7
2.4
2.4
.1
.1
1.4
.7
.7
1.2
.6
.6
17
18
19
20
21
24.2
3.0
15.9
5.0
.2
16.2
6.4
8.9
2.6
.4
9.4
3.7
3.6
1.1
1.0
9.0
2.5
4*5
1.5
.5
12.4
2.5
7.2
2.8
-.1
12.6
2.4
7.3
2.9
12.7
2.7
7.3
3.2
-.4
12.8
2.8
7.3
3.0
-.3
13.4
3.1
7.8
2.7
-.1
15.7
3.2
9.4
3.3
-.2
16.8
3.5
10.2
3.2
22
23
24
25
26
27
136.0
5.2
9.0
14.8
4.8
102.2
150.6
5.4
10.6
15 « 3
6.3
133,0
150.2
5.4
11.4
17.4
9*0
106.9
164.6
5.6
12.5
17.8
7.8
120.9
190.4
5.8
12.7
21.5
6.3
144.1
187.2
5.7
13.0
20.8
6.2
141.4
193.5
5.8
12.2
22.5
5.4
147.6
200.3
5.8
12.3
23.2
6.5
152.4
205.6
5.9
13.3
23.1
7.8
155.6
220.1
5.9
13.7
23.4
5.7
171.3
225.4
6.0
13.8
24.2
6.1
175.3
28
29
30
31
32
17.9
3.2
14.7
1.3
13.3
3.9
-1.8
10.8
-2.2
12.9
-10.7
3.5
-14.3
-3.9
-10.4
10.2
-2.0
12.2
-1.0
13.3
15.6
.6
15.0
1.9
13.1
17.0
.5
16.5
3.4
13.1
21.9
-.1
22.0
3.0
19.0
13.1
2.7
10.4
2.7
7.7
16.7
-.2
16.9
-3.4
20.3
20.1
-2.0
22.1
1.9
20.2
17.6
-1.0
18.6
3.9
14.7
33
34
35
7.1
101.6
94.4
6.0
137.9
131.9
20.4
147.3
126.9
7.4
163.2
155.7
-11.1
175.5
186.6
-5.9
178.1
184.0
-7.0
180.8
187.8
-23.2
172.1
195.2
-24.1
181.7
205.8
-5.5
205.4
210.9
901.7
70.3
7.8
984.6
71.7
7.3
1086.7
83.6
7.7
1184.4
68.0
5.7
1303.0
66.9
5.1
1285.3
37
38
1319.1
74.3
5.6
1359.6
73.7
5.4
1391.6
82.4
5.9
1433.3
76.3
5.3
39
40
-6.7
13.0
-10.7
7.6
-70.6
6.2
-53.8
20.7
-48.1
29.6
-40.3
28.5
-56.4
31.2
-58.6
29.0
-52.6
31.5
-23.6
29.8
41
42
43
44
45
115.8
.7
6.8
16.2
92.0
126.9
.2
9.6
14.4
102.7
120.4
.6
6.1
13.0
100.7
155.9
.3
8.2
17.5
129.8
173.9
.4
9.6
20.9
143.1
175.1
.3
10.4
177.5
.3
10.3
21.9
144.9
176.3
.5
7.9
21.9
148.0
9.4
22.7
139.6
205.5
.5
11.7
24.3
169.0
46
47
48
49
48.7
.3
9.1
39.4
52.4
.2
9.7
42.5
49.8
.2
9.2
40.3
64.3
.2
11.3
52.7
71.8
.2
12.9
58.7
72.3
.2
12.4
72.8
.2
73.9
.3
13.4
13.4
70.0
.3
14.1
59.7
59.2
60.1
55.6
50
51
52
53
54
27.8
.1
3.2
.7
23.8
31.0
.1
4.8
.1
25.9
31.9
.2
3.0
.4
28.3
37.9
.1
4.0
.3
33.4
43.7
•2
4.6
42.7
.2
4.7
.1
37.8
44.1
.2
5.0
-.3
39.3
46.3
.2
4.3
55
56
57
58
59
39.3
•4
3.7
6.4
28.8
43.6
-.1
4.8
4.6
34.3
38.7
.2
3.1
3.3
32.0
53.8
58.4
60.1
-.1
60.6
4.2
5.9
43.7
5.0
8.0
45.5
60
61
62
63
1.9
-2.9
.1
1.8
.1
-3.0
-12.0
-.3
-.1
-11.7
-14.4
-.5
-.1
-13.8
-14.9
-.6
-.2
-14.2
64
65
66
67
68
69
70
71
72
117.7
17.1
3.1
7.8
17.8
71.9
3.2
.6
68.1
137.7
19.8
3.7
9.2
20.4
84.6
3.8
.7
80.0
162.0
22.2
4.5
10.7
23.3
101.3
4.4
1.1
95.7
177.8
24.4
4.6
11.7
25.6
111.5
4.8
1.5
105.2
195.2
28.3
4.9
12.7
28.4
120.9
5.3
1.7
113.9
192.4
27.8
4.9
73
74
84.8
202.4
95.0
232.7
110.2
272.1
116.6
294.4
128.9
324.1
*
*
*
*
38.9
*
75
2.6
5.8
7.4
4.2
4.7
76
77
42.1
14.3
41.3
14.7
41.4
13.4
41.2
14.2
41.3
14.8
BILLIONS OF DOLLARS.
II1/78
*
67.5
5.3
19.9
144.4
7.5
46.9
-.2
-14.2
*
INVENTORIES
FARM
NONFARM
NONCORPORATE
CORPORATE
- 6 . 5 NET EXPORTS
EXPORTS
210.9
IMPORTS
217.3
22
23
24
25
26
27
28
29
30
31
32
33
34
35
1 4 6 4 . 7 DISPOSABLE PERSONAL INCOME
7 4 . 4 PERSONAL SAVING
5.1
SAVING RATE (PER CENT)
- 2 2 . 8 FEDERAL GOVERNMENT SURPLUS
2 3 . 3 ST.+LGC. GOVERNMENT SURPLUS
CORPORATE PROFITS, TAXES + DIVIDENDS:
214.6
PROFITS - TOTAL
.5
FARMS
10.3
FOREIGN
25.3
FINANCIAL CORPORATIONS
178.5
NONFIN. CORPORATE BUSINESS
39
40
41
42
43
44
45
48.1
.2
5.8
-.5
42.3
47.0
.2
4.7
-.7
42.8
50.1
.2
2.9
-.9
47.9
DIVIDENDS - TOTAL
FARMS
NET FOREIGN
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
50
51
52
53
54
3.6
9.0
45.6
4.7
9.2
41.2
5.9
10.0
56.5
75.5
*
7.4
11.5
56.6
UNDIST. PROFITS - TOTAL
FARMS
FOREIGN BRANCH PROFITS
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
55
56
57
58
59
-15.3
-.6
-.3
-16.1
-.6
-.3
-17.2
-.6
-.4
-16.2
-19.3
-.6
-.5
-18.2
CAP. CONS. ADJUST. - TOTAL
FARMS
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
60
61
62
63
213.3
31.7
5.2
220.6 TOTAL CAPITAL CONSUMPTION
32.7
OWNER-OCCUPIED HOMES (HK>
5.2
NONPROFIT INSTITUTIONS (HH)
112.9
1.7
115.5
1.8
117.3
207.3
30.8
5.1
13.3
30.7
127.4
5.8
127.5
319.9
130.5
329.0
133.3
335.9
41.3
14.6
41.0
14.6
41.4
14.6
5.0
13.1
30.0
124.6
5.6
13.6
32.4
130.5
5.9
1.8
1.8
119.8
122.7
136.
343.
138.8
352.1
64
65
66
13.9
FARM NONCORPORATE
67
34.3
NONFARM NONCORP. BUSINESS
68
134.7
TOTAL CORPORATE
69
6.1
FINANCIAL BUSINESS
70
CORPORATE FARMS
71
NONFIN. CORPORATE BUSINESS 72
MEMO: CAP. CONS. ON CONSUMER
141.
DURABLE) NOT INCLUDED ABOVE 73
362.
TOT. CAP. CONS. INCL. DURABLES 74
. 5 STATISTICAL DISCREPANCY
BASEO ON INCOMPLETE INFORMATION.
17
18
19
20
21
46
47
48
49
-15.1
1.7
NONRES. PLANT + EQUIPMENT
NONPROFIT I N S T . IHH1
FARM
NONFARM NONCORP. BUS.
FINANCIAL CORPORATIONS
NONFIN. CORP. BUSINESS
14
15
16
TAX ACCRUALS - TOTAL
FARMS
FINANCIAL CORPORATIONS
NONFIN. CORPORATE BUSINESS
202.6
29.8
12.5
27.3
*
8
9
10
11
12
13
89.0
.3
14.7
74.0
-14.4
119.8
5.2
MULTI-FAMILY UNITS
HOUSEHOLDS (1)
NONCORPORATE BUSINESS
N0NF1N. CORP. BUSINESS
REITS
7
85.0
.3
14.9
69.8
198.5
28.8
5.0
12.8
29.3
122.6
5.4
-14.1
PRIVATE FIXED INVESTMENT
RESIDENTIAL CONSTRUCTION
MOBILE HOMES
1-4 FAMILY STRUCTURES
HOUSEHOLD PURCHASES
FARM
CHANGE I N WORK I N
PROCESS ON NONFARM
NONCORPORATE
CORPORATE
1
2
3
4
5
6
40.7
14.6
41.4
14.8
4 1 . 5 PROFIT TAX RATE ( * )
1 5 . 2 PERSONAL TAX RATE (X)
(1)
Purchases of condominium u n i t s .
75
76
77
NOVEMBER 13, 1978
FUNDS RAISED IN CREDIT MARKETS
FUNDS RAISED IN CREDIT MARKETS
SUMMARY OF FUNDS RAISED IN CREDIT MARKETS
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1977
III
1978
II
BILLIONS OF DOLLARS
1969
1970
1971
CREDIT MARKET FUNDS RAISED BY NONFINANCIAL
SECTORS
TOTAL FUNDS RAISED
BY NONFINANCIAL SECTORS
EXCLUDING EQUITIES
77.622
77.072
95.429
94.027
103.603
102.453
80.161
80.233
95.447
95.338
87.665
87.515
98.4
98.4
93.7
89.8
100.6
94.9
153.5
142.1
176.0
165.5
1
2
3 U . S . GOVERNMENT
4
TREASURY ISSUES
5
AGENCY ISSUES + MORTGAGES
-1.145
-1.037
-108
19.606
20.129
-523
20.676
20.744
-68
20.792
21.139
-347
2.582
15.054
2.706
-124
15.632
-578
13.6
10.5
3.1
-3.7
-1.3
-2.4
11.9
12.9
-1.0
24.9
26.0
-1.1
15.1
14.3
.8
3
4
5
6 ALL OTHER NONFINANCIAL
7
CORPORATE EQUITIES
8
DEBT INSTRUMENTS
78.767
92.865
109
92.756
72.611
150
72.461
84.8
84.8
97.3
3.9
93.5
88.8
5.8
83.0
128.6
11.5
117.2
160.9
10.5
150.4
8
156.9
9
1 0 . 9 10
1 4 6 . 0 11
1
2
9
10
11
SECTORS
PRIVATE DOMESTIC
NONFINANCIAL SECTORS
CORPORATE EQUITIES
DEBT INSTRUMENTS
75.823
82.927
550
1.402
1.150
78.217
74.421
81.777
75.722
432
75.290
71.038
1.105
69.933
78.929
1.350
77.579
57.222
258
56.964
88.563
180
88.383
71.981
200
71.781
82.0
-.2
82.1
93.6
3.4
90.2
86.0
5.7
80.3
123.5
11.4
112.0
*
6
12
13
14
15
16
17
IS
19
DEBT CAPITAL INSTRUMENTS
ST.+LOC. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY RESID.
COMMERCIAL
FARM
49.946
11.196
3.149
35.601
26.801
2.314
3.766
2.720
51.380
8.922
5.526
36.932
28.318
1.774
4.751
2.089
49.060
5.380
7.241
36.439
25.041
2.442
7.095
1.861
36.910
3.832
4.355
28.723
19.162
2.383
4.800
2.378
53.614
10.949
5.187
37.478
25.238
2.430
6.852
2.958
53.350
10.117
4.464
38.769
26.105
2.770
7.035
2.859
51.8
9.5
12.9
29.4
17.3
3.4
6.6
2.2
52.5
9.9
12.0
30.6
18.1
4.9
5.7
1.8
60.2
11.2
19.8
29.2
14.4
6.9
7.1
.8
86.8
17.4
18.8
50.5
28.6
9.7
9.8
2.4
102.3
14.7
12.2
75.4
42.6
12.7
16.5
3.6
12
13
14
15
16
17
18
19
20
21
22
23
24
OTHER DEBT INSTRUMENTS
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
OTHER
25.344
11.507
10.116
1.081
2.640
18.553
10.579
4.891
-341
3.424
28.519
11.058
9.178
1.403
6.880
20.054
2.386
9.540
1.758
6.370
34.769
15.679
14.131
1.036
3.923
18.431
13.472
2.477
799
1.683
30.3
10.0
13.8
1.5
5.0
37.8
10.4
15.7
1.8
9.9
20.1
5.9
6.8
2.6
4.8
25.3
13.1
8.1
-.4
4.4
43.7
17.1
18.9
.8
6.9
20
21
22
23
24
75.722
8.137
38.463
71.038
9.359
39.454
78.929
4.940
40.237
57.222
3.463
24.792
88.563
7.851
43.639
71.981
9.574
37.425
82.0
9.8
32.4
93.6
10.7
34.4
86.0
11.3
24.9
123.5
17.7
45.2
29.122
5.731
3.777
19.614
19.182
432
22.225
3.688
1.919
16.618
15.513
1.105
33.752
1.454
5.594
26.704
25.354
1.350
28.967
2.712
3.705
22.550
22.292
258
37.073
6.881
4.974
25.218
25.038
180
24.982
4.394
4.226
16.362
16.162
200
39.8
2.8
5.2
31.8
32.0
-.2
48.6
3.0
7.3
38.2
34.8
3.4
49.8
2.3
6.8
40.7
35.0
5.7
60.6
4.5
11.6
44.5
33.0
11.4
78.1
5.8
14.1
58.3
47.3
10.9
28
29
30
31
32
33
3.045
118
2.927
1.648
154
584
541
4.785
297
4.488
1.865
1.078
625
920
3.998
-200
4.198
931
2.307
452
508
2.147
-330
2.477
1.279
696
-233
735
4.302
-71
4.373
1.187
281
2.026
879
630
-50
680
900
-663
-171
614
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
4.0
-.4
4.4
1.0
2.9
-1.0
1.5
34
35
36
37
38
39
40
4 1 MEMO: U . S . GOVT. CASH BALANCE
6.999
2.975
-6.528
TOTALS NET OF CHANGES IN U . S . GOVT. CASH BALANCES—
42 TOTAL FUNDS RAISED
70.623 92.454 110.131
43
BY U . S . GOVERNMENT
-8.144
16.631 27.204
-6.353
11.361
86.514
27.145
84.086
-8.779
82.843
10.232
99.6
14.8
93.2
-4.1
97.9
9.1
150.4
21.7
4.0
3.2
.5
.2
9.5
9.1
.7
-.3
9.8
8.2
1.6
5.9
1.1
4.8
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
BY BORROWING SECTOR:
S1.+L0C. GOVERNMENTS
HOUSEHOLDS
NONFINANCIAL BUSINESS
FARM
NONFARM NONCORPORATE
CORPORATE
DEBT INSTRUMENTS
EQUITIES
FOREIGN
CORPORATE EQUITIES
DEBT INSTRUMENTS
BONDS
BANK LOANS N.E.C.
OPEN-MARKET PAPER
U . S . GOVERNMENT LOANS
*
5.2
.9
2.1
.3
1.8
1 5 6 . 9 25
1 4 . 5 26
6 4 . 3 27
1 7 6 . 3 42
1 5 . 4 43
CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS
TOTAL FUNDS RAISED
BY FINANCIAL SECTORS
18.648
11.700
19.733
21.879
25.408
19.631
5.839
2.553
3.286
7.270
1.351
5.919
7.797
2.175
5.622
8.215
4.424
3.791
10.475
6.242
4.233
10.417
6.405
4.012
~
~
12.809
541
4.430
422
11.936
769
13.664
405
14.933
126
-210
13.2
6.5
25.6
6.3
5.9
4.8
12.268
3.671
1.775
-651
6.218
1.255
4.852
1.793
633
163
926
11.167
3.025
160
1.728
3.135
13.259
2.244
620
-2.072
1.337
3.119
11.362
1.105
14.807
2.307
1.250
1.520
5.734
3.996
9.424
1.478
-398
868
3.592
3.884
6.6
.4
.4
1.5
3.4
•9
19.3
.8
•2
1.3
12.9
4.0
14 TOTAL, BY SECTOR
15
SPONSORED CREDIT AGENCIES
16
MORTGAGE POOLS
18.648
2.553
3.286
11.700
1.351
5.919
19.733
2.175
5.622
21.879
4.424
3.791
25.408
6.242
4.233
19.631
6.405
4.012
17.2
3.5
.5
17
18
19
20
21
22
23
24
25
12.809
2.505
565
4.236
233
6.025
-601
163
4.430
621
385
2.800
236
1.921
-648
-905
20
11.936
-1.839
220
5.149
239
7.918
-470
295
424
13.664
7.016
889
2.050
242
2.264
-429
23
1.609
14.933
-911
2.003
6.316
245
6.434
-188
-297
1.331
9.214
908
978
4.034
248
2.327
-348
-513
1.580
13.2
.8
1
2
3
4
5
U . S . GOVT. RELATED
SPONSORED CR. AG. SEC.
MORTGAGE POOL SECURITIES
LOANS FROM U.S. GOVERNMENT
6
7
PRIVATE FINANCIAL SECTORS
CORPORATE EQUITIES
8
9
10
11
12
13
DEBT INSTRUMENTS
CORPORATE BONDS
MORTGAGES
BANK LOANS N.E.C.
OPEN-MARKET PAPER + RP*S
LOANS FROM FHLB'S
PRIVATE FINANCIAL SECTORS
COMMERCIAL BANKS
BANK AFFILIATES
SAVINGS • LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT C O S .
MONEY MARKET FUNOS
-317
-
1.1
.2
3.9
1.2
5.9
-
8.4
3.5
4.9
2
3
4
5
9.5
3.5
19.9
2.8
6
7
1.1
2.7
.7
-.1
-3.5
1.3
6.0
3.8
2.1
1.9
.9
-2.7
17.1
5.1
1.7
5.9
4.4
*
8
9
10
11
12
13
35.1
8.8
.7
15.7
8.2
1.6
15.4
1.1
4.8
28.3
3.5
4.9
14
15
16
25.6
2.4
4.3
4.1
.5
7.8
1.5
4.9
5.9
-2.0
-1.9
1.8
.4
2.6
2.2
2.8
9.5
2.4
-.4
-.1
.6
2.7
2.9
1.3
19.9
4.5
.7
2.0
.5
6.5
6.3
-.5
-
17
18
19
20
21
22
23
24
25
204.3
-
-
-
TOTAL CREDIT MARKET FUNDS RAISED* ALL SECTORS, BY TYPE
1 TOTAL FUNDS RAISED
2
INVESTMENT COMPANY SHARES
3
OTHER CORPORATE EQUITIES
96.270 107.129 123.336 102.040 120.855
163
-905
295
23
-297
928
1.885
1.624
310
532
107.296
-513
453
115.5
128.7
116.3
168.9
5.9
.6
4.9
5.2
2.8
7.7
1.3
-.5
13.7
13.8
1
2
3
4
5
6
7
8
95.179 106.149 121.417 101.707 120.620
4.724 26.901 28.498
29.031
13.084
11.196
8.922
5.380
3.832
10.949
8.468
9.184
11.197
7.878
8.681
37.346 37.540 36.574
29.319 38.701
107.356
25.498
10.117
6.842
38.344
109.0
17.4
118.6
9.5
6.2
9.9
14.4
29.8
13.8
30.7
105.8
21.7
11.2
23.3
29.9
154.0
30.9
17.4
23.5
52.6
191.0
23.6
14.7
18.4
77.0
4
5
6
7
8
13.472
2.682
4.220
6.181
10.0
14.8
10.4
16.8
15.1
15.8
5.9
6.3
-.1
7.5
13.1
12.1
9
10
11
12
DEBT INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE • FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER • RP«S
OTHER LOANS
11.507
9.619
7.883
4.436
10.579
6.132
1.210
5.681
11.058
13.213
4.990
10.507
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
2.386
8.164
12.887
8.210
15.679
15.932
8.796
8.798
4.8
8.3
.8
3.5
17.1 9
27.8 10
4.1
8.4
11
12
NOVEMBER 13, 1978
FUNDS RAISED IN CREDIT MARKETS
FUNDS RAISED IN CREDIT MARKETS
SUMMARY OF FUNDS RAISED IN CREDIT MARKETS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
CREDIT MARKET FUNDS RAISED BY NONFINANCIAL SECTORS
355.7
355.1
TOTAL FUNDS RAISED
BY NONFINANCIAL SECTORS
EXCLUDING EQUITIES
1
2
1
2
203.8
196.1
188.3
184.9
208.1
198.0
272.5
261.7
340.5
337.4
300.6
298.4
390.6
385.0
367.1
362.5
380.4
380.7
362.4
362.0
3
4
5
8.3
7.9
.4
11.8
12.0
-.2
85.4
85.8
-.4
69.0
69.1
-.1
56.8
57.6
-.9
37.8
38.2
-.4
80.1
82.2
-2.1
61.9
62.2
-.3
66.1
67.5
-1.4
51.5
51.9
-.5
6
7
8
195.5
7.7
187.9
177.0
3.8
173.1
122.7
10.1
112.6
203.5
10.8
192.6
283.8
3.1
280.6
262.8
2.2
260.6
310.5
5.6
304.9
305.2
4.6
300.6
314.2
-.3
314.5
310.9
.4
310.5
2 9 6 . 4 ALL OTHER NONFINANCIAL SECTCRS
CORPORATE EQUITIES
.6
DEBT INSTRUMENTS
295.8
9
10
11
189.3
7.9
181.4
161.6
4.1
157.5
109.5
9.9
99.6
182.8
10.5
172.3
271.4
2.7
268.7
253.8
1.7
252.1
288.5
4.4
284.1
292.9
5.4
287.5
301.0
1.0
299.9
296.6
.7
295.9
291.3
.8
290.5
12
13
14
15
16
17
18
19
105.0
14.7
9.2
81.2
46.4
10.4
18.9
5.5
98.0
16.5
19.7
61.9
34.8
6.9
15.1
5.0
97.8
15.6
27.2
55.0
39.5
11.0
4.6
126.8
19.0
22.8
85.0
63.7
1.8
13.4
6.1
181.1
29.2
21.0
131.0
96.4
7.4
18.4
8.8
181.9
38.2
13.6
130.1
97.9
8.5
14.4
9.2
198.4
33.0
27.3
138.0
103.9
7.0
18.6
8.6
199.3
25.0
24.7
149.7
104.6
9.7
26.6
8.8
171.4
22. 2
14.9
134.4
92.2
10.5
22.2
9.5
194.0
35.8
21.9
136.3
90.5
8.9
26.8
10.2
205.4
37.6
23.5
144.3
93.9
11.0
27.7
11.7
20
21
22
23
24
76.4
23.8
39.8
2.5
10.3
59.6
10 «2
Z-i o.O
6„6
13.7
1.8
9.4
-14.0
-2.6
9.0
45.5
23.6
3.5
4.0
14.4
87.6
35.0
30.6
2.9
19.0
70.2
38.3
19.0
5.3
7.6
85.7
32.6
33.8
.5
18.8
88.2
36.2
20.7
4.2
27.1
128.5
38.0
61.3
5.3
23.9
101.9
51.6
32.9
5.1
12.3
85.2
43.4
24.2
5.6
12.1
25
26
27
189.3
13.2
80.9
161.6
15.5
49.2
109.5
13.2
48.6
182.8
18.5
89.9
271.4
25.9
139.6
253.8
25.9
134.7
288.5
34.8
150.0
292.9
23.2
145.9
301.0
20.7
142.7
296.6
23.4
152.8
291.3
35.4
142.1
28
29
30
31
32
33
95.2
9.7
12.8
72.7
64.8
7.9
97.0
7.9
7.4
81.8
77.7
4.1
47.7
8.7
2.0
37.0
27.1
9.9
74.4
11.0
5.2
58.2
47.7
10.5
106.0
14.7
12.6
78.7
76.0
2.7
93.2
15.5
14.0
63.7
62.0
1.7
103.7
14.5
9.2
80.1
75.7
4.4
123.8
13.2
15.5
95.2
89.8
5.4
137.6
11.7
23.6
102.2
101.2
1.0
120.4
19.8
17.8
82.8
82.0
.7
113.9
17.7
16.0
80.2
79.4
.8
34
35
36
37
38
39
40
6.2
-.2
6.4
1.0
2.8
.9
1.7
15.3
-.2
15.6
2.1
4.7
7.3
1.5
13.2
.2
13.0
6.2
3.7
.3
2.8
20.7
.3
20.4
8.5
6.6
1.9
3.3
12.3
.4
11.9
5.0
1.6
2.4
3.0
9.0
.5
8.5
6.6
-2.6
2.3
2.2
22.0
1.2
20.8
7.5
7.2
2.5
3.7
12.3
-.8
13.1
3.7
5.6
1.8
2.0
13.3
-1.3
14.6
5.1
7.5
-.9
2.9
14.3
-.3
14.6
4.7
-1.7
8.1
3.5
5.1
-.2
5.3
3.6
-.1
-.7
2.5
5.2
-10.6
205.5
9.9
193.3
16.4
205.3
82.5
385.4
74.8
377.7
72.5
*
339.4
55.7
3
4
5
5 9 . 3 U . S . GOVERNMENT
TREASURY ISSUES
61.6
AGENCY ISSUES + MORTGAGES
-2.3
PRIVATE DOMESTIC
NONFINANCIAL SECTORS
CORPORATE EQUITIES
DEBT INSTRUMENTS
6
7
8
9
10
11
DEBT CAPITAL INSTRUMENTS
ST.+LOC. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY RESID.
COMMERCIAL
FARM
12
13
14
15
16
17
18
19
OTHER DEBT INSTRUMENTS
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER
OTHER
20
21
22
23
24
25
26
27
BY BORROWING SECTOR:
ST.+LOC. GOVERNMENTS
HOUSEHOLDS
28
29
30
31
32
33
NONFINANCIAL BUSINESS
FARM
NONFARM NONCORPORATE
CORPORATE
DEBT INSTRUMENTS
EQUITIES
34
35
36
37
38
39
40
FOREIGN
CORPORATE EQUITIES
DEBT INSTRUMENTS
BONDS
BANK LOANS N . E . C .
OPEN-MARKET PAPER
U . S . GOVERNMENT LOANS
-19.3
27.9
1 2 . 2 MEMO: U . S . GOVT. CASH BALANCE
TOTALS NET OF CHANGES I N U . S . GOVT. CASH BALANCES—
399.7
334.5
3 4 3 . 6 TOTAL FUNDS RAISED
85.4
23.5
47.1
BY U . S . GOVERNMENT
41
42
43
CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS
72.7
23.1
16.6
5.8
.7
13.5
2.3
10.3
.9
18.6
3.3
15.7
-.4
26.3
7.0
20.5
-1.2
22.6
37.7
1.5
13.3
.3
-1.9
.6
10.6
1.0
32.6
.6
42.8
8
9
10
11
12
13
36.2
3.5
-1.2
8.9
17.8
7.2
13.0
2.1
-1.3
4.6
.9
6.7
-2.5
2.9
2.3
-3.6
-.1
-4.0
9.6
5.8
2.1
-3.7
7.3
-2.0
32.0
10.1
3.1
40.3
13.0
*
-6.5
25.7
4.3
8.5
3.1
-.1
5.8
-.1
14
15
16
57.6
16.3
3.6
36.4
17.3
5.8
11.7
3.2
10.3
29.2
2.9
15.7
58.8
5.8
20.5
65.4
41.3
9.5
1.7
7.2
13.1
23.7
17
18
19
20
21
22
23
24
25
37.7
14.1
2.2
6.0
.5
9.4
6.5
-1.2
13.3
-5.6
3.5
6.3
.9
6.0
.6
-.7
2.4
-1.9
-1.4
.3
-2.2
1.0
.6
-1.4
-.1
1.3
10.6
7.5
-.8
32.6
3.8
1.3
11.9
.9
17.9
-2.4
-1.0
.2
42.8
10.0
15.9
2
3
4
5
19.9
16.3
3.6
6
7
~
-
*
.9
6.4
-2.4
-1.0
*
14.4
4.3
25.4
29.7
9.5
1.7
7.2
13.1
23.7
22.5
-
2.5
3.6
2.3
12.5
.9
19.8
-2.4
1.0
-1.3
-
-
38.8
23.7
15.2
-
41.4
24.4
16.9
-
38.1
22.1
16.0
-
TOTAL FUNDS RAISED
BY FINANCIAL SECTORS
U . S . GOVT. RELATED
SPONSORED CR. AG. SEC.
MORTGAGE POOL SECURITIES
LOANS FROM U . S . GOVERNMENT
15.9
-1.4
41.4
72.0
50.7
34.6
2.8
1.3
.8
-.5
17.3
38.7
11.7
70.7
49.9
35.1
9.9
3.1
-1.5
46.4
12.8
7.1
1.7
2.4
-l.l
23.5
15.3
16.5
10.0
22.5
110.9
23.7
15.2
92.1
24.4
16.9
7 2 . 7 TOTAL, BY SECTOR
72.7
SPONSORED CREDIT AGENCIES
22.1
MORTGAGE POOLS
16.0
41.4
-7.4
72.0
28.1
50.7
-3.6
34.6
8.0
3.6
3.9
2.5
1.5
5.6
.9
11.1
-2.6
-3.3
.1
2.8
4.7
9.0
10.4
71.1
.9
3.6
7.2
2.5
20.7
18.3
21.0
10.4
25.6
-1.9
16.6
-1.7
20.7
12.4
-1.4
-1.8
1.0
.9
1.7
1.0
1.0
-.2
6.4
-.8
-.9
5.3
1.0
6.3
PRIVATE FINANCIAL SECTORS
CORPORATE EQUITIES
DEBT INSTRUMENTS
CORPORATE BONDS
MORTGAGES
BANK LOANS N . E . C .
OPEN-MARKET PAPER
LOANS FROM FHLB'S
10
11
•S 12
13
14
PRIVATE FINANCIAL SECTORS
COMMERCIAL BANKS
BANK AFFILIATES
SAVINGS + LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
TOTAL CREDIT MARKET FUNDS RAISED, ALL SECTORS, BY TYPE
1
2
3
261.4
-1.2
10.4
225.1
-.7
4.8
219.8
-.1
10.8
301.7
-1.0
12.9
399.4
-1.0
4.8
366.0
1.0
3.7
431.8
-3.3
7.5
438.2
.9
6.5
491.3
-.2
1.2
454.5
-.9
2.1
4 2 8 . 4 TOTAL FUNDS RAISED
INVESTMENT COMPANY SHARES
-1.8
OTHER CORPORATE EQUITIES
1.8
4
5
6
7
8
252.3
28.3
14.7
13.6
79.9
221.0
34.3
16.5
23.9
60.5
209.1
98.2
15.6
36.4
57.2
289.8
88.1
19.0
37.2
87.1
395.6
84.3
29.2
36.1
134.0
361.3
60.6
38.2
33.2
133.8
427.6
105.5
33.0
43.3
141.0
430.9
91.7
25.0
40.1
152.4
490.2
105.1
22.2
29.9
137.3
453.3
92.9
35.8
33.7
137.9
428.3
97.5
37.6
34.2
143.2
9
10
11
12
23.8
51.6
21.2
19.1
10.2
38.3
14.8
22.6
9.4
-13.9
-2.4
8.7
23.6
6.4
13.3
15.3
35.0
32.2
19.8
25.1
38.3
9.9
33.3
14.0
32.6
40.9
8.8
22.4
36.2
30.9
15.0
39.6
38.0
67.3
50.8
39.7
51.6
33.5
36.7
31.1
43.4
26.6
21.4
24.5
BILLIONS OF DOLLARS.
1 1 1 / 7 8 BASED ON INCOMPLETE INFORMATION.
DEBT INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE • FOREIGN BONOS
MORTGAGES
4
5
6
7
8
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER • RP«S
OTHER LOANS
9
10
11
12
NOVEMBER 13* 1978
CREDIT MARKET SUPPLY OF FUNDS
4
UNADJUSTED NET FLOWS ($
CREDIT MARKET SUPPLY OF FUNDS
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
MILL.)
UNADJUSTED NET FLOWS ($
II
1
TOTAL FUNDS ADVANCED IN CREDIT MARKETS
TO NONFINANCIAL SECTORS
77.072
1977
III
1978
II
III
94.027 102.453
80.233
95.338
87.515
27.574
2 TOTAL NET ADVANCES, BY TYPE
2 1 . 108 2 4 . 2 0 9
14.312
3
U . S . GOVERNMENT SECURITIES
9 . 760 1 0 . 8 9 8
5.866
5.913
4
RESIDENTIAL MORTGAGES
4 . 549
1.337
3.119
5
FHLB ADVANCES TO S+L'S
1 , 255
6.108
4.230
6
OTHER LOANS • SECURITIES
5. 544
TOTALS ADVANCED* BY SECTOR
5.064
4.340
7
U . S . GOVERNMENT
1 . 278
6.944
7.926
8
GOVT.RELATED AG. • POOLS
6. 274
1.984
-649
9
MONETARY AUTHORITIES
7 . 882
15.957
10
FOREIGN
5. 674 1 0 . 2 1 7
AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED
7.270
7.797
11
I N LINE 1
5. 839
28.316
15.344
4.839
1.105
7.028
22.810
7.722
5.272
3.996
5.820
26.890
9.997
6.675
3.884
6.334
13.0
3.3
3.3
.9
5.5
5.581
8.653
-1.688
15.770
3.441
12.226
9.153
-2.010
4.968
9.951
6.561
5.410
8.215
10.475
10.417
BY PUBLIC AGENCIES •
MILL.)
BILLIONS OF DOLLARS
1969
1970
1971
94.9
142.1
165.5
1
16.3
.3
5.1
4.0
6.9
29.4
15.3
6.5
1.3
6.2
43.4
34.4
7.0
-2.7
4.6
19.8
7.6
7.0
2
3
4
5
6
5.2
3.8
3.7
.3
3.1
9.4
4.2
-.5
2.8
11.1
5.0
10.5
2.8
5.2
8.9
26.4
89.4
14.1
82.9
75.3
1.3
104.6
-3.6
17.4
19.5
31.2
37.4
-2.7
154.1
16.0
14.7
13.1
48.2
62.1
FOREIGN
*
5.1
7
1.8
8
9.2
9
.3
8 . 4 10
PRIVATE OOMbSTIC FUNDS ADVANCED
61.803
-5.036
11.196
3.458
24.536
28.904
1.255
77.088
16.003
8.922
6.470
24.201
22.829
1.337
82.676
14.186
5.380
6.966
21.545
37.716
3.119
60.132
13.687
3.832
5.411
16.662
21.625
1.105
83.003
5.362
10.949
5.811
22.369
42.508
3.996
71.042
15.501
10.117
4.014
22.173
23.121
3.884
69.627
26.444
23.304
14.596
5.283
64.436
20.938
22.516
17.302
3.680
70.666
30.819
17.230
14.700
7.917
50.857
14.066
19.321
17.496
-26
83.713
37.966
21.815
16.991
6.941
58.845
19.630
21.368
18.079
-232
75.4
38.7
15.4
13.7
7.6
57.3
18.6
14.6
13.2
10.8
76.5
35.0
17.4
17.2
6.9
110.3
50.6
39.9
13.7
6.1
149.7
70.5
48.2
17.2
13.9
24 SOURCES OF FUNDS
PRIVATE DOMESTIC DEPOSITS
25
CREDIT MARKET BORROWING
26
69.627
31.875
12.268
64.436
28.522
4.852
70.666
50.151
11.167
50.857
16.574
13.259
83.713
36.681
14.807
58.845
20.606
9.424
75.4
45.9
6.6
57.3
2.3
19.3
76.5
60.7
1.1
110.3
69.4
6.0
1 4 9 . 7 24
1 0 0 . 6 25
1 7 . 1 26
27
28
29
30
31
25.484
2.369
-604
12.503
11.216
9.348
31.062
8.051
5.319
2.022
2.474
11.790
13.360
9.909 -12.515
21.024
-2.079
-3.757
12.966
13.894
32.225
653
4.398
14.813
12.361
28.815
1.441
2.930
13.972
10.472
22.6
2.6
-.2
11.4
9.1
35.6
14.2
10.8
10.6
14.7
-6.9
2.9
13.3
5.5
14.9
-4.1
2.2
8.6
6.1
32.0
4.6
.7
11.6
15.0
27
28
29
30
31
17.504
11.502
22.534
8.838
952
809
8.759
3.176
14.097
21.621
-120
11.866
5.576
20.6
6.6
-.1
-7.3
-1.3
9.5
-5.1
4.1
.3
-10.7
.a
3.891
23.177
12.361
2.141
-1.296
4.169
5.804
8.3
-1.1
3.0
21.5
3.9
3.0
4.4
2.9
7.3
32
33
34
35
36
37
64.2
55.3
14.5
24.1
1 6 . to
92.8
79.1
6.3
33.2
39.6
105.0
83.8
7.7
30.6
45.4
38
39
40
41
42
13.7
10.4
3.4
2 1 . 2 43
1 6 . 8 44
4 . 4 45
12 TOTAL NET ADVANCES
13
U . S . GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE • FOREIGN BONDS
15
16
RESIDENTIAL MORTGAGES
OTHER MORTGAGES • LOANS
LESS: FHLB ADVANCES
li»
PRIVATE FINANCIAL
19
20
21
22
23
9.5
5.8
9.9
13.8
17.3
35.6
12.5
17.9
40.9
.9
4.0
6.4
11.2
20.0
14.7
24.3
*
12
13
14
15
16
17
18
INTERMEDIATION
CREDIT MARKET FUND:, ADVANCED
BY PRIVATE FINANCIAL I N S 1 S .
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
INSURANCE + PENSION FUNDS
QTHtR FINANCE
OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE + PENSION RES.
OTHER* NET
*
19
20
21
22
23
PRIVATE DOMESTIC NONFINANCIAL INVESTORS
-96
4.416
4.2
3.6
45.0
17.7
8.4
5.4
10.0
3.6
40.278
26.627
4.706
7.289
14.632
21.538
24.064
6.826
16.421
46.5
33.7
3.3
17.4
13.0
5.1
-2.2
-13.7
3.1
8.4
25.646 -16.755
22.253 -17.607
3.393
852
13.651
10.054
3.597
-2.526
-3.456
932
14.8
12.3
2.5
7.3
4.5
2.6
8.9
5.4
3.5
48.596
76.721
39.960
54.375
43.159
93.2
1 2 6 . 5 46
25.746
83.587
15.536
26.913
85.473
24.008
35.292
23.925
6 4 . 5 7 5 100.855
13.691 - 1 . 3 5 7
30.726
62.831
6.851
13.2
64.4
16.2
69.0
13.7
31.0
101.7
3.5
30.5
105.4
22.3
12.0 47
97.2 48
13.0 49
32 DIRECT LENDING IN CR. MARKETS
33
U . S . GOVERNMENT SECURITIES
34
STATE + LOCAL OBLIGATIONS
CORPORATE • FOREIGN BONDS
OPEN-MKT PAPER, ETC.
OTHER
37
4.444
-7.013
3.510
460
3.395
4.092
38 DEPOSITS + CURRENCY
39
TIME + SAVINGS ACCOUNTS
40
LARGE NEGOTIABLE CD'S
41
OTHER AT COMMERCIAL BANKS
Wl
AT SAVINGS INSTITUTIONS
34.456
23.265
1.206
4.822
17.237
31.092
31.394
3.267
10.613
17.514
53.544
27.898
8.168
6.343
13.387
17.426
34.181
1.042
16.669
16.470
43
44
45
11.191
8.&10
2.581
-302
-2.872
2.570
38.900
27.387
112.659
8.043
46
MONEY
DEMAND DEPOSITS
CURRENCY
TOTAL OF CREDIT MARKET INSTRUMENTS* DEPOSITS + CURRENCY
47 PUBLIC HOLDINGS AS * OF TOTAL
48 PVT. FINAN. INTERMEDIATION U )
49 TOTAL FOREIGN FUNDS
2.978
681
-1.548
4.793
-323
5.831
3.916
-141
817
4 . 2*
2.9
CORPORATE EQUITIES NOT INCLUDED ABOVE
1 TOTAL NET ISSUES
2
MUTUAL FUND SHARES
3
OTHER EQUITIES
1.091
163
928
4 ACQ. BY FINANCIAL INSTITUTIONS
5 OTHER NET PURCHASES
1.324
-233
II1/78 BASED ON PRELIMINARY AND INCOMPLETE
980
-905
1.885
1.919
295
1.624
333
23
310
235
-297
532
-60
-513
453
6.5
5.9
.6
10.1
4.9
5.2
10.5
2.8
7.7
15.0
1.3
13.7
13.3
-.5
13.8
3.399
-1.480
-1.472
1.805
952
-717
869
-929
10.9
-4.4
12.2
-2.1
11.4
-.9
19.2
-4.3
16.5
-3.3
INFORMATION.
NOVEMBER 1 3 , 1978
CREDIT MARKET SUPPLY OF FUNDS
CREDIT MARKET SUPPLY OF FUNDS
DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1975
1976
196.1
184.9
198.0
261.7
2
3
4
5
6
34.1
9.5
8.2
7.2
9.2
52.6
11.9
14.7
6.7
19.4
44.3
22.5
16.2
-4.0
9.5
54.5
26.8
12.8
-2.0
16.9
7
8
9
LO
2.8
21.4
9.2
.6
9.7
25.6
6.2
11.2
15.1
14.5
8.5
6.1
12
13
14
15
16
17
18
182.0
18.8
14.7
10.0
48.4
97.2
7.2
155.3
22.4
16.5
20.9
26.9
75.4
6.7
167.3
75.7
15.6
32.8
23.2
16.1
-4.0
SEASONALLY ADJUSTED ANNUAL RATES
I
I
1977
III
II
298.4
385.0
85.4
40.2
20.4
4.3
20.5
79.3
39.7
16.3
4.3
19.1
81.4
40.8
18.8
-.1
21.9
8.9
20.6
9.8
15.2
11.8
26.9
7.1
39.5
1.8
24.9
26.1
26.5
17.4
25.7
2.1
36.2
225.7
61.3
19.0
30.5
52.7
60.4
-2.0
278.2
44.1
29.2
22.3
83.2
103.7
4.3
241.7
20.9
38.2
14.9
90.0
82.0
4.3
328.9
64.8
33.0
31.1
92.0
107.9
-.1
IV
|
|
I
1978
II
III
TOTAL FUNDS ADVANCED IN CREDIT MARKETS
362.0
355.1
TO NONFINANCIAL SECTORS
BY PUBLIC AGENCIES + FOREIGN
91.4 TOTAL NET ADVANCES, BY TYPE
U.S. GOVERNMENT SECURITIES
36.9
RESIDENTIAL MORTGAGES
21.5
FHLB ADVANCES TO S+L'S
10.0
OTHER LOANS + SECURITIES
23.1
TOTALS ADVANCED. BY SECTOR
U.S. GOVERNMENT
16.6
17.8
9.8
28.7
GOVT.RELATED AG. + POOLS
28.7
38.1
48.8
39.9
MONETARY AUTHORITIES
19.2
30.0
-4.2
6.2
FOREIGN
17.5
-5.4
69.2
58.3
AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED
29.7
38.8
41.4
38.1
IN LINE 1
121.8
65.6
23.0
10.4
22.8
122.7
55.1
27.2
12.8
27.6
83.2
30.1
18.6
15.3
19.2
270.4
26.1
25.0
23.6
91.2
115.0
10.4
296.8
49.9
22.2
19.1
75.4
143.0
12.8
320.2
62.9
35.8
24.3
80.7
131.7
15.3
PRIVATE DOMESTIC FUNDS ADVANCED
301.8 TOTAL NET ADVANCES
U.S. GOVERNMENT SECURITIES
60.6
STATE + LOCAL OBLIGATIONS
37.6
CORPORATE + FOREIGN BONDS
21.7
RESIDENTIAL MORTGAGES
83.3
108.6
OTHER MORTGAGES • LOANS
LESS: FHLB ADVANCES
10.0
PRIVATE FINANCIAL
12
13
14
15
16
17
18
INTERMEDIATION
CREDIT MARKET FUNDS ADVANCED
BY PRIVATE FINANCIAL INSTS.
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
INSURANCE + PENSION FUNDS
OTHER FINANCE
19
20
21
22
23
165.4
86.5
36.9
23.9
18.0
126.2
64.5
26.9
30.0
4.7
119.9
27.6
52.0
41.5
-1.1
191.2
58.0
71.4
51.7
10.1
249.6
85.8
84.8
62.0
16.9
242.9
77.1
85.1
62.0
18.7
280.6
103.1
89.1
66.4
22.0
235.4
77.9
79.6
61.1
16.8
267.6
113.8
76.5
67.0
10.3
292.1
117.8
77.7
71.6
25.0
255.5
96.6
83.5
69.1
6.4
24
25
26
165.4
86.6
36.2
126.2
69.4
13.0
119.9
90.6
-2.5
191.2
121.5
9.6
249.6
136.0
32.0
242.9
113.7
40.3
280.6
165.4
17.3
235.4
124.5
38.7
267.6
107.4
70.7
292.1
131.5
49.9
255.5 SOURCES OF FUNDS
PRIVATE DOMESTIC DEPOSITS
133.9
CREDIT MARKET BORROWING
35.1
27
28
29
30
31
42.5
5.8
-1.0
18.4
19.4
43.8
16.8
-5.1
26.0
6.0
31.9
.9
-1.7
29.6
3.1
60.1
5.1
-.1
34.8
20.3
81.6
11.6
4.3
48.0
17.8
89.0
9.1
-7.9
50.4
37.4
97.9
20.4
5.5
51.9
20.0
72.3
24.4
15.2
48.9
-16.2
89.5
1.7
-14.1
51.2
50.7
110.7
2.4
12.6
59.6
36.1
32
33
34
35
36
37
52.8
19.2
5.4
1.3
18.3
8.6
42.2
17.5
9.3
4.7
2.4
8.2
44.9
23.0
8.3
8.0
-.8
6.4
44.1
19.6
6.8
2.1
4.1
11.5
60.6
24.6
9.1
1.1
9.5
16.2
39.1
-6.0
14.2
13.3
17.6
65.6
37.8
7.3
3.5
.5
16.5
73.6
32.5
12.9
.2
11.5
16.5
100.0
44.7
4.1
-1.0
33.6
18.6
78.0
22.9
19.0
-4.1
23.7
16.5
81.4 DIRECT LENDING IN CR. MARKETS
U.S. GOVERNMENT SECURITIES
37.9
17.7
STATE + LOCAL OBLIGATIONS
CORPORATE + FOREIGN BONDS
-.1
OPEN-flKT PAPER, ETC.
6.9
19.1
OTHER
32
33
34
35
36
37
38
39
40
41
42
90.6
76.1
18.1
29.6
28.5
75.7
66.7
18.8
26.1
21.8
96.8
84.8
-14.1
39.4
59.4
128.8
112.2
-14.4
58.1
68.5
144.3
120.1
9.3
41.7
69.1
118.3
101.5
4.8
27.7
69.0
182.2
151.4
13.1
60.0
78.3
129.7
108.0
32.7
16.3
59.0
118.4
106.5
4.2
50.0
52.3
140.6
115.4
18.8
39.0
57.5
143.4 DEPOSITS + CURRENCY
121.5
TIME + SAVINGS ACCOUNTS
LARGE NEGOTIABLE CD'S
3.3
OTHER AT COMMERCIAL BANKS
45.3
AT SAVINGS INSTITUTIONS
73.0
38
39
40
41
42
43
44
45
14.4
10.5
3.9
8.9
2.6
6.3
12.0
5.6
6.2
16.6
9.3
7.3
24.2
15.9
8.3
16.8
12.2
4.6
30.8
14.0
16.8
21.7
16.5
5.2
11.9
.9
11.0
25.2
16.1
9.2
46
143.4
141.6
172.9
204.9
157.3
247.8
218.3
218.6
22.4
71.7
7.1
20.8
84.7
20.3
25.3
89.7
51.1
26.6
100.5
35.6
21.1
85.3
56.6
86.5
4.0
7.2
54.2
21.1
OTHER SOURCES
FOREIGN FUNDS
TREASURY BALANCES
INSURANCE + PENSION R E S .
OTHER, NET
PRIVATE DOMESTIC NONFINANCIAL
17.4
90.9
6.4
28.5
81.3
28.0
*
33.6
87.1
93.5
21.9
12.3
9.5
19
20
21
22
23
24
25
26
27
28
29
30
31
INVESTORS
MONEY
DEMAND DEPOSITS
CURRENCY
43
44
45
TOTAL OF CREDIT MARKET INSTRU224.8
MENTS, DEPOSITS + CURRENCY
46
25.7 PUBLIC HOLDINGS AS * OF TOTAL
47
84.7 PVT. FINAN. INTERMEDIATION (?) 48
21.6 TOTAL FOREIGN FUNDS
49
CORPORATE EQUITIES NOT INCLUDED ABOVE
1
2
3
9.2
-1.2
10.4
4.1
-.7
4.8
10.7
-.1
10.8
11.9
-1.0
12.9
3.8
-1.0
4.8
4.7
1.0
3.7
4.2
-3.3
7.5
7.4
.9
6.5
1.0
-.2
1.2
1.2
-.9
2.1
4
5
13.3
-4.1
5.8
-1.6
9.7
1.0
12.5
-.7
6.2
-2.4
6.2
1.5
8.0
-3.8
4.6
2.8
-1.8
2.8
5.0
-3.8
BILLIONS OF DOLLARS.
. 1 TOTAL NET ISSUES
-1.8
MUTUAL FUND SHARES
1.8
OTHER EQUITIES
1
2
3
7 . 6 ACQ. BY FINANCIAL INSTITUTIONS
- 7 . 5 OTHER NET PURCHASES
4
5
111/78 BASED ON INCOI
Line
1.
Page 2, line 2.
30.
Excludes net investment of these reserves in corporate e q u i t i e s .
2.
Sum of lines 3-6 or 7-10.
31.
Mainly retained earnings and net miscellaneous
6.
Includes farm and commercial mortgages.
32.
Line 12 l e s s l i n e 19 plus l i n e 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 l e s s amounts required by private finance.
includes mortgages.
12.
Line 1 les3 line 2 plus line 11. Also line 19 less line 26 plus line 32.
liabilities.
39-44.
See l i n e 25.
Also sum of lines 27, 32, 39 and 44.
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 12.
26.
28.
Excludes equity i s s u e s and investment company shares. Includes l i n e IS.
Foreign deposits at commercial banks, bank borrowings from foreign
branches, and l i a b i l i t i e s of foreign banking agencies t o foreign
affiliates.
48.
Line 19/line 12.
49.
Line 10 plus line 28.
29.
Demand deposits at commercial banks.
Corporate Equities
Line
1 and 3. Includes issues by financial institutions.
Line 37
NOVEMBER 13, 1978
HOUSEHOLDS
HOUSEHOLDS
SECTOR STATEMENTS OF SAVING AND
INVESTMENT
UNADJUSTED NET FLOWS ($ HILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1977
III
I
IV
BILLIONS OF DOLLARS
1969
1970
1971
1978
II
I
HOUSEHOLDS* PERSONAL TRUSTS* AND NONPROFIT ORGANIZATIONS
372.605 384.600 417.075 393.971 415.747 430.381
70.140
52.613 68.308
55.075
62.805 60.873
685.2
97.1
745.8
115.4
801.3
115.3
859.1
116.3
942.5
141.2
1
2
309.800 323.727 362.000 341.358 347.439 360.241
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
304.741 309.717 335.447 313.616 339.840 345.592
14.649
7.599
27.742
14.010 26.553
5.059
PERSONAL SAVING* NIA BASIS
CREDITS FROM GOVT. INSURANCE
9.748
6.209
1.743
3.525
9.499
5.595
19
276
287
62
32
CAPITAL GAINS DIVIDENDS
35
14.404
16.208
6.637
17.031
11.691
13.223
NET DURABLES IN CONSUMPTION
588.1
550.1
38.1
6.1
2.5
24.3
630.4
595.3
35.1
7.1
2.5
23.8
685.9
635.4
50.6
8.9
.9
17.4
742.8
685.5
57.3
9.5
.8
25.1
801.3
751.9
49.4
11.6
1.4
33.6
3
4
5
6
7
8
1 PERSONAL INCOME
2 - PERSONAL TAXES • NONTAXES
3
4
5
6
7
8
=
=
+
+
+
9 = NET SAVING
10 + CAPITAL CONSUMPTION
11 = GROSS SAVING
23.909
40.052
63.961
35.262
41.073
76.335
47.396
42.053
89.449
36.398
43.004
79.402
30.035
43.924
73.959
38.836
44.889
83.725
71.0
68.0
139.0
68.5
75.8
144.3
77.8
82.7
160.5
92.6
88.3
180.9
96.0
9
9 5 . 1 10
1 9 1 . 2 11
12 GROSS INVESTMENT
13
CAPITAL EXPEND.-NET OF SALES
14
RESIDENTIAL CONSTRUCTION
15
CONSUMER DURABLE GOODS
16
NONPROFIT PLANT • EQUIP.
72.021
63.327
16.793
45.098
1.436
89.109
65.714
19.950
44.318
1.446
80.991
74.518
22.693
50.367
1.458
92.260
64.813
22.678
40.665
1.470
83.818
72.920
20.527
50.912
1.481
93.419
73.753
22.452
49.808
1.493
149.1
109.0
24.7
80.0
4.2
146.9
116.5
26.3
85.5
4.7
166.6
114.2
24.5
84.9
4.8
186.1
134.7
32.4
97.1
5.1
210.2
157.5
40.7
111.2
5.5
17 NET FINANCIAL INVESTMENT
18
NET ACQ. OF FINANCIAL ASSETS
8.694
48.672
23.395
64.184
6.473
47.549
27.447
52.975
10.898
57.164
19.666
59.731
40.1
76.2
30.4
62.4
52.6
76.7
51.4
100.1
5 2 . 7 17
1 2 2 . 7 18
19
20
DEP. • CR. MKT. INSTR. (1)
DEMAND DEP. + CURRENCY
34.877
8.458
45.443
5.901
38.673
4.009
45.754
1.175
46.803
7.429
42.948
5.096
57.3
10.9
44.7
-2.6
52.7
8.8
76.6
13.0
9 9 . 5 19
1 4 . 2 20
21
22
23
TIME • SAVINGS ACCOUNTS
AT COMMERCIAL BANKS
AT SAVINGS INST.
23.893
6.656
17.237
28.672
11.158
17.514
20.658
7.271
13 .387
30.030
13.560
16.470
27.064
12.432
14.632
21.733
5.312
16.421
31.1
18.1
13.0
9.1
.7
8.4
43.6
27.0
16.6
67.8
28.1
39.6
74.6 21
2 9 . 2 22
4 5 . 4 23
24
25
26
27
28
29
30
CREDIT MKT. INSTRUMENTS
U . S . GOVT. SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE + FGN. BONDS
MORTGAGES
OPEN-MARKET PAPER
MONEY MARKET FUND SHRS
2.526
-8.007
3.555
460
3.361
3.474
-317
10.870
5.050
2.705
681
3.271
-857
20
14.006
6.811
2.077
-1.298
3.086
2.906
424
14.549
6.460
607
809
3.229
1.835
1.609
12.310
-2.303
4.599
-323
3.599
5.407
1.331
16.119
7.980
5.052
-141
3.600
-1.952
1.580
15.4
6.3
-.5
4.2
2.8
2.6
38.2
16.0
9.3
5.4
2.2
5.3
.3
-6.4
-.9
9.5
1.8
-3.8
-4.2
-10.0
.1
8.3
1.2
-3.8
-
-
"
-
12
13
14
15
16
10.6
-.7
2.3
4.4
6.3
-1.7
-
24
25
26
27
28
29
30
31
32
31
32
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
163
-1.117
-905
343
295
-2.669
23
1.112
-297
-1.671
-513
-416
5.9
-12.4
4.9
-8.6
2.8
-4.3
1.3
-6.4
-.5
-5.2
33
34
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
2.040
14.490
2.084
19.303
2.069
11.502
2.052
10.093
2.230
15.540
2.308
19.207
4.6
15.6
5.0
16.3
5.2
19.2
6.2
21.1
6 . 6 33
2 2 . 6 34
35
36
37
NET INV. IN NONCORP. B U S .
SECURITY CREDIT
MISCELLANEOUS ASSETS
-3.724
273
1.670
-3.930
143
1.703
-4.527
553
1.653
-7.603
-77
1.621
-7.767
773
1.553
-6.100
678
1.619
1.3
2.1
1.8
-.2
-1.8
2.1
-.6
-.9
2.6
-1.5
.5
2.3
- 3 . 2 35
. 1 36
2 . 7 37
38
39
40
41
42
43
44
45
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREDIT
BANK LOANS N.E.C.
OTHER LOANS
39.978
38.463
23.905
262
10.222
1.285
2.279
510
40.789
39.454
26.104
261
10.297
282
1.812
698
41.076
40.237
25.243
261
9.277
1.781
3.162
513
25.528
24.792
22.078
258
2.631
-245
-553
623
46.266
43.639
22.954
255
14.213
1.466
3.819
932
40.065
37.425
23.527
253
12.640
832
-652
825
36.1
32.4
17.1
1.1
8.3
1.7
2.5
1.7
31.9
34.4
18.5
1.2
9.4
1.0
1.3
3.0
24.1
24.9
14.1
1.2
4.9
1.1
1.1
2.6
48.7
45.2
27.0
1.2
10.7
2.3
2.5
1.4
70.0
64.3
41.6
1.3
14.1
3.0
2.9
1.3
947
332
236
763
330
242
282
333
224
191
335
210
2.092
336
199
2.106
339
195
2.9
.5
.4
-3.4
•6
.4
-1.8
.6
.4
2.7
.5
•3
8.458 -12.858
-9.859
-9.694
-10.1
-2.6
-6.3
-5.1
-19.0
49
50
51
52
53
54
55
46
47
48
SECURITY CREDIT
TRADE DEBT
MISCELLANEOUS
49 DISCREPANCY
-8.060 -12.774
38
39
40
41
42
43
44
45
4 . 5 46
. 7 47
. 5 48
(1) EXCLUDES CORPORATE EQUITIES.
55
MEMORANDA:
NET PHYSICAL INVESTMENTS
(A) RESIDENTIAL CONSTRUCTION
EXPENDITURES
MOBILE HOMES
OTHER
- CAPITAL CONSUMPTION
- HOME MORTGAGES
= EXCESS NET INVESTMENT
56
57
58
(B) CONSUMER DURABLES
EXPENDITURES
- CAPITAL CONSUMPTION
= NET INVESTMENT
19.950
16.793
910
992
15.883
18.958
6.956
7.205
23.905 26.104
-14.068 -13.359
21.481
7.461
25.243
-10.011
22.678
1.162
21.516
7.703
22.078
-7.103
20.527
1.039
19.488
7.931
22.954
-10.358
22.452
977
21.475
8.180
23.527
-9.255
24.7
1.7
23.1
10.5
17.1
-2.8
26.3
2.3
24.0
12.1
18.5
-4.3
24.5
2.5
22.0
12.8
14.1
-2.5
32.4
3.3
29.2
13.7
27.0
-8.3
40.7
4.0
36.7
14.7
41.6
-15.6
45.098
31.875
13.223
44.318
32.627
11.691
50.367
33.336
17.031
40.665
34.028
6.637
50.912
34.704
16.208
49.808
35.404
14.404
80.0
55.7
24.3
85.5
61.7
23.8
84.9
67.5
17.4
97.1
72.0
25.1
111.2 56
77.6 57
33.6 58
11.507
1.716
10.579
1.112
11.058
5.973
2.386
4.251
15.679
529
13.472
932
10.0
14.3
10.4
13.4
5.9
11.5
13.1
12.0
17.1 59
16.5 60
1.436
262
-47
1.446
1.241
261
-56
1.458
1.256
261
-59
1.470
1.273
258
-61
1.481
1.289
255
-63
1.493
1.305
253
-65
4.2
1.8
1.1
1.3
4.7
2.1
1.2
1.4
4.8
2.3
1.2
1.3
5.1
2.6
1.2
1.4
16.855
1.632
15.827
4.327
13.205
7.335
13.354
8.126
16.430
2.187
16.297
4.066
14.2
6.5
15.5
5.6
14.4
7.4
13.5
7.7
15.0 65
6.2 66
PER CENT OF DISPOSABLE INCOME ADJ. ( 2 ) :
20.277
22.903
67 GROSS SAVING
24.452
23.123
20.912
20.370
12.998
11.228
10.999
18.875
15.427
7.434
7.220
20.618
16.163
13.061
12.339
59
60
CONSUMER CREDIT
EXCESS NET INVESTMENT
61
62
63
64
(C) NONPROFIT PLANT + EQUIP.
EXPENDITURES
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT
PER CENT RATlOSs
65 EFFECTIVE TAX RATE
66 SAVING RATE* NIA BASIS
1.221
22.693
1.212
5.5
2.8
1.3
1.5
61
62
63
64
22.626
23.3
22.6
23.1
24.0
23.5 67
68
69
70
71
CAPITAL EXPENDITURES
ACQUISITION OF FINAN. ASSETS
NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
19.931
16.142
10.827
10.114
18.3
12.8
6.1
5.4
18.2
9.7
5.0
5.4
16.4
11.0
3.5
3.6
17.9
13.3
6.5
6.0
19.3
15.1
8.6
7.9
72
( 2 ) DISPOSABLE INCOME ADJ.
315.427 333.288 365.812 343.377 353.667 370.024
(NIA DISPOSABLE INCOME • GOVT. INSURANCE CREDITS + CAPITAL GAINS D I V I D . )
596.7
640.0
695.7
753.1
20.076
15.430
12.674
12.193
19.716
19.257
12.238
11.837
1 1 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
68
69
70
71
814.4 72
NOVEMBER 1 3 .
HOUSEHOLDS
1978
HOUSEHOLDS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1978
II
1977
III
HOUSEHOLDS* PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS
1
2
1052.4
150.8
1154.9
170.3
1255.5
168.8
1380.9
196.5
1529.0
226.0
1508.6
223.3
1543.7
224.6
1593.0
233.3
1628.9
237.3
1682.4
249.1
1 7 2 7 . 2 PERSONAL INCOME
2 6 2 . 5 - PERSONAL TAXES • NONTAXES
3
4
5
6
7
8
901.7
831.3
70.3
11.8
.9
39.0
984.6
913.0
71.7
12.6
.5
27.0
1086.7
1003.0
83.6
15.0
.2
22.5
1184.4
1116.3
68.0
18.1
.5
40.1
1303.0
1236.1
66.9
19.8
.6
49.4
1285.3
1217.8
1359.6
1285.9
73.7
16.5
.8
53.8
1391.6
1309.2
82.4
1433.3
1357.0
48.1
1319.1
1244.8
74.3
45.5
.6
46.8
47.4
59.0
1464. 7 =
1390. 2 4 =
5 +
4 +
7 +
9
10
11
122.0
105.0
227.0
111.6
118.5
230.2
121.3
136.8
258.2
126.7
145.5
272.2
136.8
162.2
298.9
121.9
160.2
282.1
167.3
164.3
331.5
144.9
168.2
313.1
148.7
172.0
320.7
161.9
175.7
337.6
153, 1 = NET SAVING
179. 6 • CAPITAL CONSUMPTION
332. 6 = GROSS SAVING
9
10
11
12
13
14
15
16
238.6
174.1
45.2
123.7
5.2
244.6
170.3
42.9
122.0
5.4
282.6
181.1
43.0
132.6
5.4
300.5
219.8
57.5
156.6
5.6
329.1
260.4
76.3
178.4
5.8
307.1
254.8
73.4
371.3
175.6
5.7
177.4
5.8
332.5
277.4
84.3
187.2
5.8
333.8
278.0
88.6
183.5
5.9
371.8
293.7
90.0
197.8
5.9
361..0 GROSS INVESTMENT
CAPITAL EXPEND.-NET OF SALES
297..9
RESIDENTIAL CONSTRUCTION
92..6
199..3
CONSUMER DURABLE GOODS
NONPROFIT PLANT • EQUIP.
6..0
12
13
14
15
16
17
18
64.4
142.0
74.3
123.3
101.5
152.7
80.7
177.3
68.6
213.5
52.3
193.0
107.3
262.6
55.1
204.4
78.1
241.4
63.
215.
19
20
115.3
15.2
100.9
8.0
119.2
5.1
138.6
13.8
164.4
20.3
154.6
27.9
185.1
22.2
156.0
6.8
21
22
23
64.2
35.7
28.5
57.2
35.4
21.8
84.8
25.4
59.4
108.1
39.5
68.5
108.3
39.2
69.1
99.8
30.8
135.2
56.9
78.3
88.0
29.0
59.0
24
25
26
27
28
29
30
35.9
16.8
5.3
1.3
3.4
9.1
35.7
14.4
8.2
4.7
4.3
1.7
2.4
29.2
14.5
6.1
8.0
3.7
-4.5
1.3
16.8
4.8
5.1
2.1
8.0
-3.2
35.8
5.4
8.8
1.1
11.9
8.2
.2
26.9
-10.8
6.2
3.5
61.2
27.0
12.6
.2
31
32
-1.2
-5.7
-.7
-1.5
-.1
-3.6
-1.0
-2.4
-1.0
-4.1
33
34
7.4
25.6
6.5
29.6
5.4
38.0
6.9
46.0
8.1
55.5
8.2
41.7
8.3
83.2
8.3
50.1
35
36
37
-2.0
-.2
2.8
-13.1
-1.0
2.7
-10.6
.6
3.8
-17.8
1.5
5.5
-17.0
1.0
6.6
-14.9
-15.7
6.7
6.8
38
39
40
41
42
43
44
45
77.6
80.9
47.1
1.1
21.4
2.4
6.5
2.4
49.0
49.2
35.4
1.1
9.3
.9
-.8
3.2
51.2
48.6
38.1
1.0
7.5
1.9
-2.0
2.2
96.6
89.9
61.3
1.1
20.5
3.0
2.2
1.8
144.9
139.6
93.0
1.0
31.1
4.0
8.2
2.3
140.7
134.7
92.9
1.0
32.3
6.0
46
47
48
-4.3
.6
.4
-1.8
.9
.7
.8
1.1
.7
4.7
1.4
•6
3.1
1.3
.9
3.8
1.3
-14.4
-24.4
-28.2
-30.1
-
*
67.5
5.8
.5
264.0
80.9
18.1
166.7
22.1
76.3
26.2
DISPOSABLE PERSONAL INCOME
PERSONAL OUTLAYS
PERSONAL SAVING* NIA BASIS
CREDITS FROM GOVT. INSURANCE
CAPITAL GAINS DIVIDENDS
NET DURABLES I N CONSUMPTION
NET FINANCIAL INVESTMENT
17
NET ACQ. OF FINANCIAL ASSETS 18
DEP. + CR. MKT. INSTR. ( 1 )
DEMAND DEP. + CURRENCY
199.2
23.4
111.8
54.2
57.5
107.4
34.4
73.0
64.0
13.0
18.3
-4.1
13.8
17.7
5.3
47.3
10.2
15.6
-.1
14.4
1.0
6.3
-.9
-7.9
-1.8
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
8.2
50.8
8.9
63.9
9.2
56.7
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
-18.1
2.2
6.6
-30.4
-.3
6.5
-31.1
3.1
6.2
6.5
155.3
150.0
102.4
1.0
30.2
2.4
11.1
2.8
149.2
145.9
145.6
163.3
152.6
142.7
152.8
142.1
100.8
1.0
33.1
3.1
5.8
92.1
89.4
92.9
1.0
1.0
45.5
2.1
9.1
2.5
6.1
7.0
3.7
1.0
38.3
5.1
1.5
3.3
3.1
1.3
1.1
1.3
1.3
8.4
1.3
14.4
12.9
11.7
-1.3
13.2
4.4
.1
6.5
1.7
54.4
27.5
2.7
-1.0
12.7
6.1
6.4
36.6
1.4
.8
-39.8
-19.4
-13.2
8.4
1.4
.8
3
4
5
6
7
8
19
20
TIME + SAVINGS ACCOUNTS
AT COMMERCIAL BANKS
AT SAVINGS I N S T .
23
CREDIT MKT. INSTRUMENTS
U.S. GOVT. SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE • FGN. BONDS
MORTGAGES
OPEN-MARKET PAPER
MONEY MARKET FUND SHRS
24
25
26
27
28
29
30
31
NET INV. IN NONCORP. BUS.
SECURITY CREDIT
MISCELLANEOUS ASSETS
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
HOME MORTGAGES
OTHER MORTGAGES
INSTALMENT CONS. CREDIT
OTHER CONSUMER CREDIT
BANK LOANS N.E.C.
OTHER LOANS
SECURITY CREDIT
TRADE DEBT
MISCELLANEOUS
-28.3 DISCREPANCY
(1) EXCLUDES CORPORATE EQUITIES.
50
51
52
53
54
55
45,.2
4,.4
40. .8
17,. 1
47,. 1
- 1 9 , .0
42,.9
3 .2
39. .7
19,.8
35,. 4
- 1 2 ,. 3
43.. 0
2,.4
4 0 . .7
22. .2
3 8 ,. 1
- 1 7 , .2
57..5
3.1
54..5
24.4
61.3
- 2 8 .. 1
76,. 3
4,. 0
72.. 3
28..3
93,. 0
- 4 5 ,. 1
73.4
3.6
69.8
27.8
92.9
-47.4
80.9
4.0
76.9
28.8
102.4
-50.4
84.3
4.8
79.5
29.8
100.8
-46.3
88.6
4.6
83.9
30.8
92.1
-34.4
MEMORANDA:
NET PHYSICAL INVESTMENT:
(A) RESIDENTIAL CONSTRUCTION
EXPENDITURES
MOBILE HOMES
OTHER
- CAPITAL CONSUMPTION
- HOME MORTGAGES
= EXCESS NET INVESTMENT
90.0
4.2
85.8
31.7
89.4
-31.1
92.6
3.9
88.7
32.7
92.9
-33.0
(B) CONSUMER DURABLES
199.3
EXPENDITURES
141.6
- CAPITAL CONSUMPTION
= NET INVESTMENT
57.7
56
57
58
123,.7
84,.8
39,.0
122.. 0
95 .0
27,. 0
132,.6
110,.2
2 2 ,. 5
156.6
116.6
40.1
178 . 4
128,. 9
49 . 4
175.6
127.5
48.1
177.4
130.5
46.8
187.2
133.3
53.8
183.5
136.1
47.4
197.8
138.8
59.0
59
60
23,.8
15,.2
10,.2
16,.7
9,.4
13,. 1
23.6
16.5
35,. 0
14 . 4
38.3
9.9
32.6
14.3
36.2
17.7
38.0
9.4
51.6
7.4
43.4
14.3
- CONSUMER CREDIT
= EXCESS NET INVESTMENT
61
62
63
64
5,.2
3,. 1
1,. 1
1 ,. 0
5,.4
3,.7
1,. 1
.6
5,. 4
4,.5
1,.0
.1
5.6
4.6
1.1
5,. 8
4,. 9
1 .0
.2
- •
5.7
4.9
1.0
-.2
5.8
5.0
1.0
-.2
5.8
5.0
1.0
-.2
5.9
5.1
1.0
-.2
5.9
5.2
1.0
-.3
6.0
5.2
1.0
-.3
(C) NONPROFIT PLANT • EQUIP.
EXPENDITURES
- CAPITAL CONSUMPTION
- NONPROFIT MORTGAGES
= EXCESS NET INVESTMENT
65
66
14,. 3
7,. 8
14,. 7
7 .3
13,. 4
7 .7
14..2
5.. 7
14 . 8
5.1
14.8
5.3
14.6
5.6
14.6
5.4
14.6
5.9
14.8
5.3
24.8
23.1
22.6
22.6
19.0
15.5
8.5
8.9
17.1
12.4
4.9
4.9
16.4
13.9
4.6
18.3
14.7
8.0
7.5
19.7
16.1
10.9
10.5
914.4
997.7
1101.9
1203.0
1323.4
69
70
71
BILLIONS OF DOLLARS.
-'
*
111/78 BASED ON INCOMPLETE
19.3
19.2
11.4
11.0
20.1
14.8
10.8
10.6
19.7
14.3
10.3
10.1
20.1
16.5
11.2
10.5
56
57
58
59
PER CENT RATIOS:
1 5 . 2 EFFECTIVE TAX RATE
5 . 1 SAVING RATE* NIA BASIS
PER CENT OF DISPOSABLE INCOME ADJ. ( 2 ) :
3.1
22.4 GROSS SAVING
19.7
14.9
10.9
10.4
55
20.1
14.5
10.3
9.6
CAPITAL EXPENDITURES
ACQUISITION OF FINAN. ASSETS
NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
67
68
69
70
71
1291.5 1365.2 1376.9
1410.5 1459.8 1485.6 (2) DISPOSABLE INCOME ADJ.
72
(NIA DISPOSABLE INCOME • GOVT. INSURANCE CREDITS • CAPITAL GAINS DIVID.)
INFORMATION.
NOVEMBER 1 3 , 1978
TOTAL + NONCORP BUSINESS
TOTAL + NONCORP BUSINESS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS {$ M I L L . )
UNADJUSTED NET FLOWS ( * M I L L . )
BILLIONS OF DOLLARS
1969
1970
1971
1977
III
NONFINANCIAL
BUSINESS - TOTAL
1
2
66.299
43.027
64.985
46.877
66.582
44.980
61.334
43.377
75.919
49.470
78.200
50.150
143.3
79.7
142.4
80.9
128.6
79.6
139.8
90.8
161.7
103.8
3 GROSS INVESTMENT
4 CAPITAL EXPENDITURES
5
FIXED INVESTMENT
6
BUSINESS PLANT + EQUIPMENT
7
HOME CONSTRUCTION ( 1 )
8
MULTI-FAMILY RESIDENTIAL
9
CHANGE IN INVENTORIES
10
MINERAL RIGHTS FROM U.S.GOVT
36.195
51.964
51.261
44.551
4.057
2.653
Z21
482
37.085
55.336
50.580
44.678
3.239
2.663
3.621
1.135
37.034
58.193
52.493
49.840
19
2.634
5.060
640
43.589
52.430
44.184
45.160
-3.433
2.457
7.957
289
44.837
61.229
59.354
52.797
3.263
3.294
778
1.097
43.674
63.037
59.331
52.331
3.679
3.321
3.474
232
70.6
101.5
92.5
82.8
.9
8.8
7.7
1.3
75.6
112.3
102.9
91.4
.2
11.2
9.4
71.2
108.5
104.4
92.4
.9
11.1
3.8
.3
83.2
119.3
112.2
95.2
2.7
14.3
6.4
.7
87.9
3
138.1 4
5
127.8
6
106.9
7
1.9
19.0 8
9
9.4
. 9 10
11 NET FINANCIAL INVESTMENT
12
NET ACQ. OF FINANCIAL ASSETS
13
NET INCREASE IN L I A B I L I T I E S
14
CORPORATE EQUITIES
15
CREDIT MARKET INSTRUMENTS
16
BONOS
17
MORTGAGES
18
BANK LOANS N.E.C.
19
OTHER LOANS
-15.769 - 1 8 . 2 5 1 - 2 1 . 1 5 9
15.343
8.500 17.325
36.502
24.269 35.576
1.350
1.105
432
28.690 21.120 32.402
8.369
6.305
4.167
10.935
11.434 10.567
6.016
3.079
7.837
7.082
1.169
5.252
-8.841 -16.392 -19.363
22.205
19.914
16.198
41.568
36.306
25.039
200
180
258
36.893 24.782
28.709
5.041
6.344
5.009
14.989
14.269
6.387
3.129
10.312
10.093
1.623
5.968
7.220
-31.0
29.6
60.6
39.9
12.9
11.3
11.3
4.5
-36.7
30.4
67.1
3.4
45.2
12.0
10.8
14.4
8.0
-37.3
17.5
54.7
5.7
44.1
19.8
14.0
5.7
4.7
-36.0
35.5
71.5
11.4
49.2
18.9
22.3
5.7
2.3
-50.2
48.0
98.2
10.9
67.2
12.7
32.4
16.0
6.0
20
21
5.506
•10.359
13.738
-387
17.560
-974
16.3
4.5
21.2
-2.7
8.1
-3.2
10.6
.3
2 3 . 0 20
- 2 . 9 21
6.832
9.792
13.9
18.0
.1
7.4
.4
7.0
7.5
1 INCOME BEFORE TAXES
2 GROSS SAVING
TRADE DEBT
OTHER LIABILITIES
22 DISCREPANCY
5.076
-2.326
13.441
2.192
-6.120 -14.208
-212
—•£
*
11
12
13
14
15
16
17
18
19
4.633
FARM BUSINESS
1
2
3
4
5
6
NET INCOME
NET SAVING
CAPITAL CONSUMPTION
CORPORATE
NONCORPORATE
CURRENT SURP. = GROSS SAVING
7 GROSS INVESTMENT
8 CAPITAL EXPENDITURES
9
PLANT + EQUIPMENT
10
RESIDENTIAL CONSTRUCTION
11
CHANGE IN INVENTORIES
12 NET FINANCIAL INVESTMENT
13
NET ACQ. OF FINANCIAL ASSETS
14
DEMAND DEPOSITS + CURRENCY
15
MISCELLANEOUS ASSETS
16
INSURANCE RECEIVABLES
17
EQ. IN SPONS. AGS. (2)
4.992
-1.872
3.552
418
3.134
1.6S0
4.118
-474
3.635
432
3.203
3.161
6.267
1.951
3.707
440
3.267
5.658
5.472
154
3.772
450
3.322
3.926
6.008
-1.860
3.850
460
3.390
1.990
5.884
-262
3.935
471
3.464
3.673
L2.0
5.8
.3
5.5
5.8
6.2
.3
5.9
6.2
13.9
-.1
6.4
•4
6.0
6.3
14.3
-.1
6.9
.4
6.6
6.8
1.680
4.064
3.496
436
132
3.161
3.322
2.867
471
-16
5.658
3.771
2.832
272
667
3.926
3.726
3.560
213
-47
1.990
3.613
3.704
407
-498
3.673
3.425
3.219
456
-250
5.8
6.2
5.5
.6
.1
6.2
6.6
5.7
.7
.1
6.3
6.9
6.2
.6
.1
6.8
a.3
6.4
.7
1.3
-2.384
378
22
356
308
48
-161
348
25
323
306
17
1.887
461
23
438
307
131
200
407
24
383
308
75
-1.623
387
25
362
308
54
248
405
25
380
309
71
-.4
.6
.2
.4
.3
.1
-.4
.5
.1
.4
.4
.1
-.6
.6
.1
.5
.4
.1
-1.5
.7
.1
.6
.5
.1
-.4
.9
.3
.7
.6
.1
12
13
14
15
16
17
2.2
4.5
2.4
1.3
.7
1.3
5.8
3.6
1.8
.5
*
.4
18
19
20
21
22
23
24
*
*
1
2
3
4
5
6
7.5
7
7.9
8
6.6
9
. 7 10
. 6 11
18
19
20
21
22
23
24
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
MORTGAGES
BANK LOANS N.E.C.
OTHER LOANS
U.S. GOVERNMENT
FICB
2.762
5.731
2.720
1.942
1.069
542
527
509
3.688
2.089
658
941
474
467
-1.426
1.454
1.861
-600
193
928
-735
207
2.712
2.378
-300
634
993
-359
2.010
6.881
2.958
1.955
1.968
1.095
873
157
4.394
2.859
600
935
708
227
1.0
2.8
2.2
.4
.2
-.1
.2
1.0
3.0
1.8
.6
.6
.6
1.2
2.3
.8
.8
.6
-.1
.7
25
26
TRADE DEBT
PROPRIETOR NET INVESTMENT
69
-3.038
63
-3.242
73
-2.953
79
-2.584
82
-4.953
78
-4.315
-1.0
-.8
-.4
-1.7
-.4
-.7
.1
-2.4
. 5 25
- 5 . 1 26
*
*
.7
NONFARM NONCORPORATE BUSINESS
22.878
23.349
23.331
24.112
24.737
26.226
2 CAPITAL CONSUMPTION
3 CURRENT SURP. = GROSS SAVING
6.836
6.094
7.316
7.101
7.494
5.748
7.684
9.577
8.093
8.543
8.566
8.137
11.5
11.5
13.0
13.0
14.5
14.5
15.3
15.3
15.5
15.5
4 GROSS INVESTMENT
5 CAPITAL EXPENDITURES
6
FIXED CAPITAL
7
PLANT + EQUIPMENT
8
HOME CONSTRUCTION ( I )
9
MULTI-FAMILY RESIDENTIAL
10
CHANGE I N INVENTORIES
6.094
8.986
8.706
4.968
1.811
1.927
280
7.101
9.390
8.989
5.780
1.384
1.825
401
5.748
8.694
7.753
6.018
-127
1.862
941
9.577
5.276
5.588
5.539
-1.823
1.872
-312
8.543
9.367
9.496
5.601
1.428
2.467
-129
8.137
11.210
10.336
6.254
1.612
2.470
874
11.5
18.2
17.4
11.4
.1
5.9
.7
13.0
21.4
20.5
12.9
-.3
7.9
.9
14.5
21.3
21.0
12.9
.2
8.0
.3
15.3
24.9
23.4
11.5
1.0
10.9
1.5
15.5 4
30.0 5
28.7
6
13.4 7
•6 8
14. T 9
1.3 10
-2.892
517
0
-32
549
542
7
-2.289
671
0
123
548
545
3
-2.946
1.327
0
780
547
543
4
4.301
984
0
433
551
540
11
-824
706
0
100
606
540
66
-3.073
820
0
254
566
537
29
-6.6
.8
-8.3
1.1
-6.8
1.3
-9.6
1.2
-. 4
-. 4
-. 6
-. 4
.5
.5
.7
.7
.7
.7
.8
.8
3.409
3.777
3.506
1.448
1.708
350
2.960
1.919
3.118
1.107
1.562
449
4.273
5.594
2.382
-101
1.800
683
-3.317
3.705
787
-1.458
1.791
454
1.530
4.974
3.220
1.142
1.418
660
3.893
4.226
4.248
1.289
2.281
678
7.5
5.2
3.1
.1
2.4
.6
9.4
7.3
3.7
-.2
3.5
.5
8.0
6.8
6.5
•1
5.8
•6
10.8
11.6
9,7
»S
8.0
.9
-303
574
-532
-667
401
2.811
1.060
1.858
619
1.135
-198
176
1.1
1.0
2.1
1.5
-.6
1.0
.7
1.3
1.1 24
1.0 25
318
-686
1.729
-688
253
-1.574
-2.003
-5.019
-630
-2.814
1.452
-1.785
.2
2.1
.6
1.5
1.1
.1
-1.8
•9
. 1 26
1.9 27
1 NET INCOME
11 NET FINANCIAL INVESTMENT
12
NET ACQ. OF FINANCIAL ASSETS
13
DEMAND DEPOSITS + CURRENCY
14
CONSUMER CREDIT
15
MISCELLANEOUS ASSETS
16
INSURANCE RECEIVABLES
17
EQ. I N SPONS. AGS. ( 2 )
18
19
20
21
22
23
24
25
26
27
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET INSTRUMENTS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
BANK LOANS N . E . C .
OTHER LOANS
TRADE DEBT, NET
PROPRIETOR NET INVESTMENT
( 1 ) FARM PLUS NONFARM CHANGE I N WORK I N PROCESS.
( 2 ) SHARES I N F I C B * S , BANKS FOR COOPS, AND LAND BANKS.
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
*
*
2
3
-14.5
1.5
.5
1.0
1.0
*
11
12
13
14
15
16
17
16.0
14.1
11.9
.5
9.9
1.5
18
19
20
21
22
23
13t 1978
TOTAL + NONCORP BUSINESS
TOTAL • NONCORP BUSINESS
SECTOR STATEMENTS OF SAVING AND
INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1977
III
1975
NONFINANCIAL
IV
1978
II
|
BUSINESS - TOTAL
1
2
195.6
110.4
200.9
105.9
200.4
141.9
230.7
163.1
255.6
177.4
255.9
175.8
254.8
188.6
268.4
181.5
257.9
172.4
292.0
191.2
3 0 6 . 9 INCOME BEFORE TAXES
2 0 1 . 0 GROSS SAVING
3
4
5
6
7
8
9
10
96.2
167.7
146.6
126.0
-.3
20.9
17.9
3.2
94.1
166.1
150.7
138.9
.4
11.5
8.9
6.5
129.9
133.8
143.2
135.8
2.7
4.7
-10.7
1.3
142.9
175.5
161.3
151.2
4.1
6.0
10.2
4.0
150.8
212.0
194.0
178.3
5.7
10.0
15.6
2.5
154.5
212.2
193.3
175.2
7.8
10.2
17.0
1.9
157.2
222.5
196.1
182.3
3.4
10.4
21.9
4.5
157.0
219.8
204.2
187.9
5.9
10.3
13.1
2.6
151.8
221.7
203.8
191.9
1.4
10.5
16.7
1.2
178.0
248.5
224.0
208.4
2.8
12.7
20.1
4.4
3
1 8 4 . 2 GROSS INVESTMENT
4
2 4 8 . 0 CAPITAL EXPENDITURES
5
FIXED INVESTMENT
229.4
BUSINESS PLANT + EQUIPMENT 6
213.2
7
HOME CONSTRUCTION ( 1 )
2.8
8
MULTI-FAMILY RESIDENTIAL
13.4
9
CHANGE I N INVENTORIES
17.6
MINERAL RIGHTS FROM U.S.GOVT 10
.9
11
12
13
14
15
16
17
18
19
-71.5
65.1
136.6
7.9
87.3
11.0
33.0
33.3
10.0
-72.0
46.8
118.8
4.1
92.9
21.3
25.4
29.8
16.5
-3.9
35.1
39.0
9.9
37.8
29.8
15.9
-12.0
4.1
-32.6
48.5
81.0
10.5
63.9
25.3
22.7
1.3
14.6
-61.3
52.9
114.2
2.7
103.3
24.5
36.9
22.5
19.4
-57.7
20.4
78.1
1.7
91.5
17.7
36.1
18.7
19.0
-65.4
64.1
129.5
4.4
99.3
30.5
34.6
22.6
11.7
-62.7
59.7
122.5
5.4
118.4
29.2
47.8
14.9
26.5
-69.9
88.5
158.4
1.0
136.5
17.5
41.2
52.2
25.6
-70.5
67.3
137.8
.7
119.7
26.5
46.0
25.9
21.4
- 6 3 . 8 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
83.5
NET INCREASE I N L I A B I L I T I E S
147.3
.8
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
113.1
BONDS
25.8
MORTGAGES
50.4
BANK LOANS N . E . C .
22.7
OTHER LOANS
14.2
20
21
39.2
2.2
30.1
-8.3
2.8
-11.6
14.2
-7.6
24.8
-16.6
9.5
-24.6
35.3
-9.6
13.9
-15.3
48.0
-27.2
53.3
-35.9
45.9
-12.5
TRADE DEBT
OTHER L I A B I L I T I E S
1
2
11
12
13
14
15
16
17
18
19
20
21
16.8 DISCREPANCY
FARM BUSINESS
1
2
3
4
5
6
7
3
9
10
11
32.0
25.4
.4
8.4
.6
7.8
8.8
-.1
9.9
.7
9.2
9.8
8.8
9.8
9.9
12.8
9.0
.6
3.2
10.6
1.2
-1.8
23.5
18.4
20.2
20.0
-.6
14.2
1.7
12.5
13.6
16.5
-.7
14.5
1.7
12.8
13.9
25.1
-.6
14.8
1.8
13.1
14.2
21.9
-.6
15.1
1.8
13.3
14.4
24.0
-.6
15.4
1.8
13.6
14.8
23.5
-.6
15.7
1.9
13.9
15.1
13.7
14.8
12.7
13.6
15.1
13.0
1.6
.5
13.9
13.7
12.2
1.6
-.1
14.2
16.2
12.3
1.2
2.7
14.4
14.4
13.3
1.3
-.2
14.8
13.1
13.7
1.4
-2.0
1 5 . 1 GROSS INVESTMENT
1 4 . 3 CAPITAL EXPENDITURES
PLANT + EQUIPMENT
13.6
RESIDENTIAL CONSTRUCTION
1.5
CHANGE I N INVENTORIES
-1.0
-1.0
-1.5
1.5
.1
1.4
1.2
.2
.2
1.4
.1
1.3
1.2
.1
-2.0
1.8
.1
1.8
1.2
.5
.1
1.6
.1
1.5
1.2
.3
1.6
1.5
• 1
1.4
1.2
.2
-.5
-.6
11.9
13.2
14.4
10.7
11.8
11.7
12.7
12.7
13.7
11.8
15.9
11.4
12.7
11.5
12.5
*
1.1
.9
3.5
12
13
14
15
16
17
-4.1
-.1
.6
-.2
.8
.5
.2
-4.0
.8
.2
.6
.5
.2
18
19
20
21
22
23
24
4.9
9.7
5.5
3.0
1.2
.1
1.1
.7
7.9
5.0
.9
1.9
.3
1.7
5.0
8.7
4.6
1.9
2.2
1.1
1.1
25
26
.1
.2
-4.9
-7.4
1.0
•1
.9
.7
.2
1.5
1.1
-2.0
1.2
1.5
1 . 5*
1.3
.2
1.7
1.5
.6
1.6
.1
1.5
1.2
.2
NET INCOME
NET SAVING
CAPITAL CONSUMPTION
CORPORATE
NONCORPORATE
CURRENT SURP. = GROSS SAVING
. 8 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
1.6
DEMAND DEPOSITS • CURRENCY
.1
1.5
MISCELLANEOUS ASSETS
INSURANCE RECEIVABLES
1.2
EQ. I N SPONS. AGS. ( 2 )
.3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
.3
2.6
11.0
14.7
8.8
2.4
3.4
2.0
1.4
3.0
15.5
9.2
5.1
1.2
1.0
.2
1.2
14.5
8.6
1.9
4.1
2.0
2.1
3.8
13.2
8.8
.9
3.4
4.2
-.8
1.6
11.7
9.5
-.4
2.6
4.6
-2.0
-.1
19.8
10.2
5.0
4.6
3.1
1.5
.8
17.7
11.7
2.0
4.1
3.0
1.1
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET INSTRUMENTS
MORTGAGES
BANK LOANS N . E . C .
OTHER LOANS
U . S . GOVERNMENT
FICB
18
19
20
21
22
23
24
.2
.5
-3.9
-11.2
•3
-12.4
-.3
-12.2
-.3
-13.0
2.5
-11.8
.2
-10.3
-.1
-19.8
.4
-17.3
TRADE DEBT
PROPRIETOR NET INVESTMENT
25
26
6.1
3.1
1.8
.5
1.3
NONFARM NONCORPORATE BUSINESS
98.9
104.9 NET INCOME
2
3
17.8
17.8
20.4
20.4
23.3
23.3
25.6
25.6
28.4
28.4
27.3
27.3
29.3
29.3
30.0
30.0
30.7
30.7
32.4
32.4
3 4 . 3 CAPITAL CONSUMPTION
3 4 . 3 CURRENT SURP. = GROSS SAVING
2
3
4
5
6
7
8
9
10
17.8
31.6
30.2
14.8
20.4
21.6
23.8
15.3
23.3
18.1
21.9
17.4
25.6
22.8
23.8
17.8
28.4
32.7
30.8
21.5
1.3
-2.2
-3.9
-1.0
27.3
34.6
31.2
20.8
3.1
7.3
3.4
29.3
33.6
30.6
22.5
.9
7.3
3.0
30.0
35.6
32.9
23.2
2.4
7.3
2.7
30.7
27.5
30.9
23.1
.1
7.8
-3.4
32.4
35.4
33.5
23.4
.7
9.4
1.9
3 4 . 3 GROSS INVESTMENT
3 8 . 9 CAPITAL EXPENDITURES
35.0
FIXED CAPITAL
24.2
PLANT • EQUIPMENT
.6
HOME CONSTRUCTION ( 1 )
MULTI-FAMILY RESIDENTIAL
10.2
3.9
CHANGE I N INVENTORIES
4
5
6
7
8
9
10
11
12
13
14
15
16
17
-13.8
-1.2
1.8
5.2
2.1
2.8
3.3
-4.4
1.9
-7.3
4.0
-4.4
3.3
-5.6
3.2
3.2
3.4
-3.1
4.8
- 4 . 6 NET FINANCIAL INVESTMENT
4.1
NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS • CURRENCY
1.8
CONSUMER CREDIT
2.3
MISCELLANEOUS ASSETS
2.1
INSURANCE RECEIVABLES
EQ. I N SPONS. AGS. ( 2 )
.1
11
12
13
14
15
16
17
18
19
20
21
22
23
15.7
12.8
8.7
16.0
10.8
.5
7.7
2.7
18
19
20
21
22
23
24
25
1.1
2.4
26
27
2.9
-.4
-.4
8.9
15.9
—
-
.9
1.0
1.0
.7
1.0
1.0
*
*
—
.8
1.3
1.2
*
1.5
4.5
-
1.2
2.1
2.1
.1
3.0
7.4
6.6
-.3
5.5
1.4
-3.1
2.0
1.8
.7
.1
1.0
.5
5.2
3.7
1.2
1.2
1.2
-1.0
-2.0
-3.1
1.8
2.2
4.7
9.3
-.4
7.9
1.8
*
.9
3.6
1.3
1.6
1.8
-5.7
-6.7
-6.6
2.1
7.2
1.9
3.6
—
1.4
2.2
2.2
*
7.9
12.6
9.1
1.7
5.7
1.7
*
3.5
-
-4.6
—
1.8
2.2
2.2
*
—
1.1
2.2
2.2
*
—
1.0
2.2
2.2
*
—
1.2
2.2
2.2
*
—
2.4
2.4
2.2
.3
—
11.3
14.0
11.1
2.5
7.2
1.3
7.7
9.2
7.4
.7
4.9
1.8
8.8
15.5
12.0
1.9
7.6
2.6
.2
23.6
9.9
7.7
2.1
7.8
17.8
9.3
.6
6.2
2.6
.2
2.7
.2
1.6
-1.6
5.0
4.5
9.3
3.7
4.8
-.1
5.3
.1
-2.7
1.2
-2.8
-.4
-6.3
-3.4
-20.1
1.3
-11.3
-.2
-7.1
*
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET INSTRUMENTS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
BANK LOANS [ N . E . C .
OTHER LOANS
TRADE DEBT* NET
PROPRIETOR NET INVESTMENT
(1) FARM PLUS NONFARM CHANGE IN WORK IN PROCESS.
(21 SHARES IN FICB'S, BANKS FOR COOPSt ANO LAND BANKS.
BILLIONS OF DOLLARS.
I11/78 BASED ON INCOMPLETE
INFORMATION.
24
25
26
27
NOVEMBER 13, 1978
NONFINANCIAL CORPORATE BUSINESS
NONFINANCIAL CORPORATE BUSINESS
SECTOR STATEMENTS OF SAVING AND
UNADJUSTED NET FLOWS
INVESTMENT
($ MILL.)
UNADJUSTED NET FLOWS (S MILL.)
1977
III
BILLIONS OF DOLLARS
1969
1970
1971
NONFINANCIAL CORPORATE BUSINESS. EXCLUDING FARMS
38.429
15.767
9.000
13.662
1.244
-4.355
-3.524
28.226
35.253
37.518
15.392
9.289
12.837
1.141
-2.679
-3.555
28.871
36.615
36.484
14.963
11.946
9.575
1.434
-3.154
-3.600
29.319
33.574
31.750
12.341
11.266
8.143
1.166
-5.613
-3.773
29.951
29.874
45.174
17.877
10.295
17.002
1.333
-6.042
-4.043
30.687
38.937
46.090
19.369
11.335
15.390
1.638
-5.812
-4.558
31.682
38.340
71.8
33.5
20.7
17.6
1.8
-3.4
3.7
42.7
62.3
68.3
33.2
20.6
14.4
1.8
-5.5
3.5
47.4
61.7
55.1
27.2
19.8
8.1
1.6
-5.1
1.6
52.7
58.9
63.2
29.8
20.0
13.4
1.9
-5.0
.5
57.9
68.6
75.6
33.4
21.6
20.6
1.9
-6.6
2.7
62.2
80.8
1
2
3
4
5
6
7
8
9
28.421
38.914
38.623
36.087
1.810
726
-191
482
26.823
42.624
38.253
36.031
1.384
838
3.236
1.135
25.628
45.728
41 . 6 3 6
40.990
-126
772
3.452
640
30.086
43.428
34.823
36.061
-1.823
585
8.316
289
34.304
48.249
45.747
43.492
1.428
827
1.405
1.097
31.864
48.402
45.320
42.858
1.611
851
2.850
232
53.2
77.2
69.0
65.9
.1
2.9
6.9
1.3
56.4
84.3
75.9
72.8
-.3
3.4
8.3
50.5
80.3
76.6
73.3
.2
3.2
3.4
.3
61.1
86.0
81.7
77.3
1.0
3.4
3.6
.7
64.9
100.3
91.8
86.9
.6
4.3
7.6
.9
10
11
12
13
14
15
16
17
-10.493 -15.801 -20.100 -13.342 -13.945 -16.538
18 NET FINANCIAL INVESTMENT
19
18.821 20.980
14.807
13.555
16.306
7.605
NET ACQ. OF FINANCIAL ASSETS
-23.9
28.2
-27.9
28.8
-29.9
15.6
-25.0
33.6
-35.3
45.6
18
19
1
2
3
4
5
6
7
8
9
PROFITS BEFORE TAX
- PROFITS TAX ACCRUALS
- NET DIVIDENDS PAID
= UNDISTRIBUTED PROFITS
• FOREIGN BRANCH PROFITS
+ I N V . VALUATION ADJUSTMENT
• CAP. CONSUMPTION ADJUSTMENT
• CAPITAL CONSUMPTION ALLOW.
= GROSS INTERNAL FUNDS
10 GROSS INVESTMENT
11 CAPITAL EXPENDITURES
FIXED INVESTMENT
12
PLANT • EQUIPMENT
13
HOME CONSTRUCTION
14
15
MULTI-FAMILY RESIDENTIAL
CHANGE IN INVENTORIES
16
MINERAL RIGHTS FROM U.S.GOVT
17
20
21
22
23
24
25
26
LIQUID ASSETS
DEMAND DEP. • CURRENCY
TIME DEPOSITS
U . S . GOVT. SECURITIES
ST.+LOC. OBLIGATIONS
COMMERCIAL PAPER
SECURITY R . P . ' S
27
28
29
30
31
32
33
34
CONSUMER CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
FOREIGN D I R . INVEST. ( 1 )
FOREIGN CURRENCIES
INSURANCE RECEIVABLES
EQUITY I N SPONSORED AGS.
OTHER
35
36
37
38
NET INCREASE IN L I A B I L I T I E S
NET FUNDS RAISED I N MKTS.
NET NEW EQUITY ISSUES
DEBT INSTRUMENTS
*
1.157
-318
-1.788
-6.009
-3
-1.143
52
1.142
4.173
-2.845
1.812
129
-3.910
31
-657
-250
139
849
-499
-539
52
622
-346
4.9
2.7
-.6
.8
.5
1.1
.5
.9
5.6
-5.4
-3.1
-1.0
2.5
2.2
.9
.9
1.7
•2
-.6
1.8
-3.1
7.9
-2.4
4.2
2.5
1.0
1.9
.8
7.4
1.5
2.4
-2.1
1.0
3.0
1.6
20
21
22
23
24
25
26
209
13.910
1.769
1.139
-774
964
8
432
1.568
- 2 .757
3.295
1.216
-142
944
6
1.271
-856
13.505
3.946
2.389
327
966
1
243
-33
18.476
3.223
1.876
429
1.088
20
-190
412
17.750
2.679
1.900
450
1.099
8
-778
.2
18.4
4.6
.7
.5
.8
*
.9
8.1
5.6
3.6
-.4
.9
.1
1.4
.2
14.8
10.5
3.3
1.4
1.0
2.5
.5
22.5
4.9
2.1
-.4
1.1
.1
2.0
4.8
-.9
28.0
11.1
1.2
1.8
1.9
*
6.2
27
28
29
30
31
32
33
34
18.098
19.614
432
19.182
32.107
16.618
1.105
15.513
33.655
26.704
1.350
25.354
28.149
22.550
258
22.292
32.766
25.218
180
25.038
37.518
16.362
200
16.162
52.1
31.8
-.2
32.0
56.7
38.2
3.4
34.8
45.5
40.7
5.7
35.0
58.5
44.5
11.4
33.0
80.9
58.3
10.9
47.3
35
36
37
38
-7.792
-955
400
-7.437
-38
-1.014
1.252
418
793
352
-78
62
-1.105
394
11.449
6.591
4.300
-275
984
6.691
7.722
1.875
1.371
954
61
3.461
-6
-
-
-
*
39
40
41
42
43
44
TAX-EXEMPT BONDS ( 2 )
CORPORATE BONDS ( 1 )
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
1.018
3.149
5.208
1.448
606
3.154
779
5.526
5.360
1.107
212
4.041
1.128
7.241
6.692
-101
642
6.151
654
4.355
3.222
-1.458
592
4.088
1.157
5.187
8.091
1.142
1.012
5.937
577
4.464
7.882
1.289
489
6.104
12.9
6.1
.1
1.0
4.9
12.0
5.3
-.2
1.5
4.0
19.8
6.7
.1
1.2
5.3
.1
18.8
10.2
.8
1.7
7.8
.5
12.2
17.0
.5
2.8
13.7
39
40
41
42
43
44
45
46
47
48
49
BANK LOANS N . E . C .
COMMERCIAL PAPER
ACCEPTANCES
FINANCE COMPANY LOANS
U . S . GOVERNMENT LOANS
6.198
711
185
2.725
-12
2.953
261
-301
837
98
6.215
-367
885
3.804
-244
9.333
911
423
2.732
662
7.738
700
168
1.672
325
2.727
567
116
-458
287
9.7
1.2
.1
1.7
.2
11.6
1.1
.4
4.3
.1
5.5
1.8
.4
.6
.3
3.6
-.9
•3
.7
.2
13.1
.7
*
3.6
.2
45
46
47
48
49
50
51
52
PROFIT TAXES PAYABLE
TRADE DEBT
MISCELLANEOUS L I A B I L I T I E S
-7.228
5.119
593
2.939
11.946
604
2.203
4.750
-2
915
4.116
568
-7.157
13.989
716
4.526
16.030
600
2.9
17.1
.3
-3.3
20.9
.8
-3.7
7.4
1.0
2.0
12.2
-.2
- . 1 50
2 2 . 4 51
. 4 52
53 DISCREPANCY
6.832
9.792
7.946
MEMORANDUM ITEMS:
EXCESS OF CAPITAL EXPENDITURES
54
OVER GROSS INTERNAL FUNDS
3.661
6.009
12.154
13.554
9.312
10.062
14.8
22.6
21.5
17.5
1 9 . 5 54
55 TRADE CREDIT NET OF TRADE DEBT
56 PROFITS TAX PAYMENTS
1.572
25.004
1.964
10.052
-7.507
10.825
9.389
12.985
4.487
26.318
1.720
12.874
1.3
31.8
1.6
36.1
.7
30.2
2.6
27.6
5 . 6 55
3 3 . 3 56
DEBT SUBTOTALS: ( 3 )
57 LONG-TERM DEBT
58 SHORT-TERM DEBT
59 TOTAL S-T L I A B I L I T I E S
10.406
8.776
6.667
11.739
3.774
18.659
17.648
7.706
14.659
13.422
8.870
13.901
16.388
8.650
15.482
12.725
3.437
23.993
22.8
9.2
29.2
22.2
12.7
30.3
28.5
6.5
10.2
29.8
3.3
17.5
3 4 . 4 57
1 2 . 9 58
3 5 . 2 59
PER CENT RATIOS:
60 EFFECTIVE TAX RATE
41.028 41.025
41.012
38.869
61 CAPITAL OUTLAYS/INTERNAL FUNDS 1 1 0 . 3 8 4 1 1 6 . 4 1 1 1 3 6 . 2 0 0 1 4 5 . 3 7 0
62 CR. MKT. BORROWING/CAP. EXP.
49.293 36.394 55.445
51.330
39.573
123.915
51.893
42.024
126.244
33.391
46.7
123.7
41.4
48.7
136.7
41.3
49.4
136.5
43.6
47.2
125.5
38.4
4 4 . 1 60
12<t.l 61
4 7 . 2 62
CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS
63 CAP. CONS. ALLOWANCE, N I A
64 PLUS: CAP. CONS. ADJUSTMENT
65 EQUALS: BOOK DEPRECIATION
28.226
-3.524
24.702
28.871
-3.555
25.316
29.319
-3.600
25.719
29.951
-3.773
26.178
30.687
-4.043
26.644
31.682
-4.558
27.124
42.7
3.7
46.4
47.4
3.5
51.0
52.7
1.6
54.3
57.9
.5
58.4
6 2 . 2 63
2 . 7 64
6 4 . 9 65
66 INVENTORY CHANGE, N 1 A
67 LESS: I N V . VAL. ADJUSTMENT
68 EQUALS: INVENTORY CHG., BOOK
-191
-4.355
4.164
3.236
-2.679
5.915
3.452
-3.154
6.606
8.316
-5.613
13.929
1.405
-6.042
7.447
2.850
-5.812
8.662
6.9
-3.4
10.3
8.3
-5.5
13.9
3.4
-5.1
8.5
3.6
-5.0
8.6
7 . 6 66
- 6 . 6 67
1 4 . 2 68
69
70
71
72
9.575
1.244
24.702
2 0 . 6 69
1.9 70
6 4 . 9 71
8 7 . 4 72
UNDISTRIBUTED PROFITS
• FOREIGN BRANCH PROFITS
• BOOK DEPRECIATION
= GROSS INTERNAL FUNDS,BOOK
73 GROSS INVESTMENT, BOOK
74 CAPITAL EXPENDITURES
75
FIXED INVESTMENT
76
INVENTORY CHG., BOOK
77
MINERAL RIGHTS
13.662
39.608
32.776
43.269
38.623
4.164
482
12.837
1.141
1.434
25.316
39.294
25.719
36.728
8.143
1.166
26.178
35.487
17.002
1.333
26.644
44.979
15.390
1.63B
27.124
44.152
17.6
1.8
46.4
65.8
14.4
1.8
51.0
67.2
8.1
1.6
54.3
63.9
13.4
1.9
58.4
73.6
29.502
45.303
38.253
5.915
28.782
48.882
41.636
6.606
640
35.699
49.041
34.823
13.929
289
40.346
54.291
45.747
7.447
1.097
37.676
54.214
45.320
8.662
232
56.7
80.6
69.0
10.3
1.3
61.9
89.8
75.9
13.9
55.5
85.4
76.6
8.5
•3
66.1
91.1
81.7
8.6
.7
1.135
(1)
FOREIGN INVESTMENT I S NET OF BOND ISSUES ABROAD, AND
BOND ISSUES OUTSIDE THE U . S . ARE EXCLUDED FROM SOURCES
OF FUNDS ABOVE.
(2)
INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. ISSUED BY
STATE AND LOCAL GOVERNMENTS TO FINANCE PRIVATE INVESTMENT AND SECURED I N INTEREST AND PRINCIPAL BY THE
INDUSTRIAL USER OF THE FUNDS.
13) MATURITY SPLIT ON DEBT I S APPROXIMATE: L-T I S BONDS,
M-F • COMMERCIAL MORTGAGES, AND 4 0 * OF BANK LOANS. S-T
DEBT I S OTHER CREDIT MARKET BORROWING. TOTAL S-T
L I A B I L I T I E S I S S-T BORROWING + TAX L I A B I L I T I E S + TRADE
DEBT.
II1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
71.5
106.9
91.8
14.2
.9
73
74
75
76
77
NOVEMBER 13» 1978
NONFINANCIAL CORPORATE BUSINESS
NONFINANCIAL CORPORATE BUSINESS
11
SECTOR STATEMENTS OF SAVING AND
INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
1978
II
NONFINANCIAL CORPORATE BUSINESS* EXCLUDING FARMS
1
2
3
4
5
6
7
8
9
92.0
39.4
23.8
28.8
102.7
42.5
25.9
34.3
100.7
40.3
28.3
32.0
129.8
52.7
33.4
43.7
143.1
58.7
38.9
45.5
144.9
59.2
39.3
46.5
5.4
-7.7
-14.2
115.5
145.5
-14.8
-14.4
117.3
137.3
113.6
162.4
114.0
175.2
151.7
112.9
168.0
157.8
147.6
.9
3.2
19.0
4.5
152.4
2.4
3.0
7.7
2.6
3.7
4.8
3.1
4.2
5.0
-18.6
68.1
83.8
-40.4
-3.0
80.0
75.7
-12.4
-11.7
95.7
106.8
-14.5
-13.8
105.2
124.7
-14.8
-14.2
113.9
135.3
10
11
12
13
14
15
16
17
69.7
123.3
106.8
102.2
63.9
134.7
115.2
113.0
94.8
99.9
108.9
106.9
104.6
141.2
123.9
120.9
108.7
164.6
149.0
144.1
- . 4
5.0
- . 4
2.6
.9
1.1
1.5
1.5
2.1
2.8
13.3
12.9
-10.4
13.3
13.1
13.1
3.2
6.5
1.3
4.0
2.5
1.9
18
19
-53.6
62.3
-70.7
44.4
-5.0
32.0
-36.6
43.7
-55.9
47.8
-48.8
-61.2
59.4
20
21
22
23
24
25
26
10.4
6.2
1.2
3.8
2.3
.6
4.1
17.5
15.5
3.1
2.1
4.0
.8
1.3
4.8
-31.0
-8.0
1.1
12.4
4.4
1.9
9.1
-.2
3.1
- . 8
-6.3
-26.7
-.2
-2.2
5.0
27
28
29
30
31
32
33
34
1.8
*
4.7
-3.4
- . 1
.6
8.6
-5.8
2.6
.7
37.7
11.7
32.9
2.0
2.6
2.0
4.5
1*2
- . 2
2.1
.2
6.4
7.9
6.0
.8
2.2
*
-1.1
5.0
2.3
*
- . 1
1.2
2.9
4.2
4.2
7.7
.2
-5.5
1.6
139.6
55.6
42.8
41.2
4.7
-23.5
-15.1
119.8
127.2
169.0
69.8
42.7
56.5
5.9
-24.9
-16.2
122.7
144.1
130.8
2.7
20.3
1.2
1 3 4 . 8 GROSS INVESTMENT
1 9 4 . 8 CAPITAL EXPENDITURES
179.1
FIXED INVESTMENT
175.3
PLANT • EQUIPMENT
.6
HOME CONSTRUCTION
3.2
MULTI-FAMILY RESIDENTIAL
14.7
CHANGE I N INVENTORIES
.9
MINERAL RIGHTS FROM U.S.GOVT
-55.2
54.7
-73.2
83.5
-69.0
61.0
18
-60.0 NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS 19
77.8
15.3
12.1
15.0
-5.8
2.4
-8.9
2.3
13.5
-13.5
199.9
*
4.5
-1.3
-2.9
.2
4.3
16.7
-12.0
•1
1.7
-1.0
26.7
11.8
3.5
-.6
3.8
3.3
48.1
17.1
10.7
1.3
3.9
-.7
62.6
7.9
7.0
1.1
130.0
102.2
1.0
101.2
82.8
.7
82.0
137.8
80.2
.8
79.4
4.5
24.7
27.0
1.9
2.6
14.9
21.8
4.6
21.9
26.5
.6
2.7
23.2
2.3
23.5
27.9
.5
3.4
24.1
TAX-EXEMPT BONDS (2)
39
18.6
.7
CORPORATE BONOS ( 1 )
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
40
41
42
43
44
20.9
1.5
2.0
.1
1.1
BANK LOANS N . E . C .
C O M M E R C I A L PAPER
ACCEPTANCES
F I N A N C E COMPANY LOANS
U . S . GOVERNMENT LOANS
45
46
47
48
49
PROFIT TAXES PAYABLE
TRADE DEBT
MISCELLANEOUS LIABILITIES
50
51
52
63.7
63.7
7.9
4.1
9.9
2.7
1.7
64.8
77.7
27.1
76.0
62.0
39
40
41
42
43
44
1.8
9.2
1.6
2.6
2.5
3.5
19.7
13.7
27.2
22.8
12.9
21.0
19.0
4.1
13.6
15.8
2.5
1.3
12.0
3.1
27.3
2.1
15.8
2.1
23.0
2.7
19.0
13.4
3.5
20.6
.3
15.7
48.2
-.2
17.2
3.5
.8
6.3
1.3
1.0
51.2
2.3
-7.7
52.1
2.9
- . 3
1.4
45
46
47
48
49
29.3
29.9
1.4
.5
4.1
.3
4.1
1.3
5.8
1.5
50
51
52
2.4
1.2
.6
1.7
1.7
11.1
15.6
1.3
1.4
1.3
5.2
.2
20.0
.2
2.2
.2
1.1
-2.4
7.5
39.0
28.6
11.9
1.9
3.7
1.0
1.4
-1.3
24.5
2.7
1.8
-11.9
-2.9
27
28
29
30
31
32
33
156.7
103.6
78.7
12.6
CONSUMER CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
FOREIGN DIR. INVEST. (1)
FOREIGN CURRENCIES
INSURANCE RECEIVABLES
EQUITY IN SPONSORED AGS.
OTHER
5.1
80.3
58.2
10.5
47.7
- . 4
2.5
2.2
47.4
15.8
8.6
1.8
4.4
109.9
95.2
5.4
89.8
-.9
37.0
37.0
16.1
20
21
22
23
24
25
26
5.6
-1.1
9.5
.7
- . 1
9.0
LIQUID ASSETS
DEMAND DEP. + CURRENCY
TIME DEPOSITS
U.S. GOVT. SECURITIES
ST.+LOC. OBLIGATIONS
COMMERCIAL PAPER
SECURITY R.P.«S
120.6
*
18.2
12.3
5.6
.5
6.4
.2
1.0
-1.4
1.7
4.4
.1
-5.2
*
115-1
31.8
1.4
10
11
12
13
14
15
16
17
4.2
1.3
3.8
.1
4.2
115.9
72.7
*
PROFITS BEFORE TAX
- PROFITS TAX ACCRUALS
- NET DIVIDENDS PAID
= UNDISTRIBUTED PROFITS
+ FOREIGN BRANCH PROFITS
+ I N V . VALUATION ADJUSTMENT
• CAP. CONSUMPTION ADJUSTMENT
• CAPITAL CONSUMPTION ALLOW.
= GROSS INTERNAL FUNDS
175.3
171.3
.7
3.3
20.2
4.4
106.6
179.8
158.3
155.6
35
36
37
38
5.2
178.5
74.0
47.9
56.6
7.4
-20.9
-18.2
126.7
151.6
1.2
34.1
11.7
5.3
2.3
30.9
13.6
*
147.5
141.4
3.1
60.1
42.3
45.6
3.6
3.8
14.9
27.1
7.4
5.5
3.8
.2
10.2
1.1
19.2
7.8
3.6
1.7
3.4
148.0
144.4
59.7
37.8
46.9
5.7
-16.6
-14.1
112.9
134.9
1.6
.6
10.3
80.1
4.4
75.7
10.7
.1
5.3
.4
-12.1
9.7
2.4
3.7
34.4
2.4
.9
*
1.9
1.1
15.9
-1.0
1.0
NET INCREASE I N L I A B I L I T I E S
NET FUNDS RAISED IN MKTS.
NET NEW EQUITY ISSUES
DEBT INSTRUMENTS
34
35
36
37
38
16.8 DISCREPANCY
MEMORANDUM ITEMS:
EXCESS OF CAPITAL EXPENDITURES
43.2
OVER GROSS INTERNAL FUNDS
54
55
56
- 1 , .3
3 7 ,. 5
4 ,. 4
4 1 ,.3
5.. 3
4 2 ..6
7.4
4 5 ,. 1
6 ,. 4
5 9 ,. 9
5 ,. 2
7 3 ,. 8
-,
.3
52 .3
1 4 ,. 9
5 6 ,. 2
-3..1
5 3 .. 8
1 0 ,. 5
7 6 ,. 6
1.7 TRADE CREDIT NET OF TRADE DEBT 55
63.4 PROFITS TAX PAYMENTS
56
57
58
59
4 1 ,.2
23 .6
6 5 ,. 0
4 7 ,. 3
3 0 ,. 3
6 0 ,. 0
3 3 ,.9
37.6
10.2
29.5
4 9 ,. 8
2 6 ,. 2
4 9 ,. 4
3 6 ,. 4
2 5 .. 6
2 3 ..2
5 6 ,. 6
1 9 ,. 1
5 7 ,. 2
6 0 ,. 5
2 9 ,. 3
4 4 ,. 0
5 8 ,. 6
-6.8
42.6
9 4 .. 8
5 9 ,. 3
2 2 .. 8
6 7 ,. 1
DEBT SUBTOTALS: (3)
61.5 LONG-TERM DEBT
17.8 SHORT-TERM DEBT
73.1 TOTAL S-T LIABILITIES
60
61
62
4 2 ,. 8
41,.4
177,. 9
4 0 .. 1
9 3 ,.5
4 0 .. 6
147,. 0
5 2 ,. 5
5 7 ,. 7
27.1
113.. 2
33.8
4 1 ,. 0
121 .6
4 6 ,. 2
41.3
120.4
38.2
40.8
120.5
43.2
40.6
122.4
53.4
39.8
141.3
56.3
41.3
138.7
41.0
68.1
95.7
-11.7
84.1
105.2
-13.8
91.4
113.9
-14.2
99.7
112.9
-14.1
98.8
115.5
-14.2
101.3
117.3
-14.4
102.9
119.8
-15.1
104.7
122.7
-16.2
106.6
126.7 CAP. CONS. ALLOWANCE* N I A
-16.2 PLUS: CAP. CONS. ADJUSTMENT
108.5 EQUALS: BOOK DEPRECIATION
63
64
65
13.1
-16.6
29.6
19.0
-7.7
26.6
7.7
-14.8
22.5
20.3
-23.5
43.8
20.2
-24.9
45.1
14.7 INVENTORY CHANGE* N I A
-20.9 LESS: INV. VAL. ADJUSTMENT
35.6 EQUALS: INVENTORY CHG.* BOOK
66
67
68
56.6
7.4
108.5
172.5
69
70
71
72
- 8 . .2
57
58
59
PER CENT RATIOS:
41.5 EFFECTIVE TAX RATE
60
128.5 CAPITAL OUTLAYS/INTERNAL FUNDS 61
40.7 CR. MKT. BORROWING/CAP. EXP.
62
CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS
63
64
65
69.9
80.0
-3.0
77.0
66
67
68
13.3
-18.6
31.9
12.9
-40.4
53.4
-10.4
-12.4
2.0
13.3
-14.5
27.8
13.1
-14.8
27.9
69
70
71
72
34.3
32.0
43.7
45.5
3.1
4.2
5.0
5.7
5.4
3.6
4.7
5.9
69.9
102.4
77.0
116.1
84.1
119.2
91.4
139.3
99.7
150.2
98.8
151.5
101.3
153.1
102.9
152.1
104.7
150.7
106.6
169.0
88.2
141.9
106.8
31.9
104.3
175.1
115.2
53.4
107.3
112.3
108.9
119.1
155.7
123.9
27.8
123.5
179.4
149.0
27.9
130.2
179.0
147.5
29.6
121.7
182.9
151.7
26.6
127.6
182.8
157.8
22.5
130.1
203.2
158.3
43.8
155.7
224.8
175.3
45.1
73
74
75
76
77
1.8
28.8
3.7
3.2
4.8
6.5
http://fraser.stlouisfed.org/
BILLIONS OF DOLLARS.
Federal Reserve Bank of St. Louis
2.0
1.3
4.0
2.5
46.9
1.9
46.5
4.5
45.6
2.6
41.2
1.2
56.5
4.4
UNDISTRIBUTED PROFITS
+ FOREIGN BRANCH PROFITS
* BOOK DEPRECIATION
= GROSS INTERNAL FUNDS*BOOK
155.7 GROSS INVESTMENT* BOOK
215.7 CAPITAL EXPENDITURES
179.1
FIXED INVESTMENT
35.6
INVENTORY CHG.* BOOK
.9
MINERAL RIGHTS
(1) FOREIGN INVESTMENT IS NET OF BOND ISSUES ABROAD* AND
BONO ISSUES OUTSIDE THE U.S. ARE EXCLUDED FROM SOURCES
OF FUNDS ABOVE.
(2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. ISSUED BY
STATE AND LOCAL GOVERNMENTS TO FINANCE PRIVATE INVESTMENT AND SECURED IN INTEREST AND PRINCIPAL BY THE
INDUSTRIAL USER OF THE FUNDS.
(3) MATURITY SPLIT ON OEBT IS APPROXIMATE: L-T IS BONDS*
M-F + COMMERCIAL MORTGAGES* AND 40X OF BANK LOANS. S-T
OEBT IS OTHER CREDIT MARKET BORROWING. TOTAL S-T
LIABILITIES IS S-T BORROWING + TAX LIABILITIES • TRADE
DEBT.
I11/78 BASED ON INCOMPLETE
INFORMATION.
73
74
75
76
77
NOVEMBER 13, 1978
STATE*LOCAL GOVTS. AND FOREIGN
STATE+LOCAL GOVTS. AND FOREIGN
UNADJUSTED NET FLOWS (» MILL.)
UNADJUSTED NET FLOWS (* MILL.)
1977
III
BILLIONS OF DOLLARS
1969
1970
1971
STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS (1)
1 TOTAL RECEIPTS, NIA BASIS
2
TAX RECEIPTS
3
SOCIAL INSURANCE RECEIPTS
4
GRANTS IN AID RECEIVED
5
6
7
8
9
10
TOTAL EXPENDITURES, NIA BASIS
PURCH. OF GOODS + SERVICES
NET INTEREST • TRANSFERS
NET SURPLUS, NIA BASIS
- RETIREMENT CREDIT TO HH
= GROSS SAVING
11 NET FINANCIAL INVESTMENT
12
NET ACQ. OF FINANCIAL ASSETS
13
DEMAND OEP. • CURRENCY
14
TIME DEPOSITS
15
16
17
18
CREDIT MARKET INSTRUMENTS
U . S . G O V T . SECURITIES
TREASURY ISSUES
U.S. GOVT. AGENCY SEC.
19
20
21
ST.+LOC. OBLIGATIONS
MORTGAGES
TAXES RECEIVABLE
22
23
24
25
26
NET INCREASE IN LIABILITIES
CREDIT MARKET BORROWING
ST.+LOC. OBLIGATIONS
SHORT-TERM
OTHER
U.S. GOVERNMENT
TRADE DEBT
27
28
LOANS
29 DISCREPANCY
119.7
91.4
134.9
101.5
152.6
113.7
177.4
129.1
10.8
37.5
73.009
51.321
5.339
16.349
71.159
47.687
5.501
17.971
83.854
60.336
5.693
17.825
76.148
51.865
6.023
18.260
81.369
56.534
6.289
18.546
77.727
51.183
6.530
20.014
107.2
81.4
18.6
20.3
24.4
29.0
66.385
61.998
4.387
6.624
4.127
2.497
69.090
64.606
4.484
2.069
3.335
-1.266
69.436
64.821
4.615
14.418
3.377
11.041
69.551
64.765
4.786
6.597
2.927
3.670
75.095
70.078
5.017
6.274
4.672
1.602
77.719
72.623
5.096
106.9
100.7
117.6
110.4
132.2
123.2
148.9
137.5
11.4
3.508
-3.500
-4.5
-3.4
-3.6
-2.9
-1.024
7.363
1.150
-1.028
458
7.990
13.184
2.220
2.940
928
-1.724
8.105
-1.696
2.830
-10.0
-4.7
-12.0
4.645
-2.668
4.154
-1.332
6.777
1.172
-566
-4.9
10.078
-1.137
2.370
5.5
-.2
3.2
1.1
1.4
7.2
-5.9
6.4
1.0
7.2
1.9
17.0
1.7
6.8
11
12
13
14
8.203
8.431
7.341
1.090
7.029
6.530
5 . 2 59
1.271
6.265
5.825
4.279
1.546
4.184
3.521
1.883
1.638
6.506
6.093
6.048
45
5.047
4.425
2.925
1.500
1.8
1.6
-.5
2.1
5.3
4.7
3.1
1.7
-2.1
-2.3
-3.2
-1.3
-1.8
7.8
6.7
4.1
2.6
15
16
17
18
-7
211
288
70
370
293
370
163
250
472
150
1.816
1.759
-1.025
-335
1.924
.7
.1
.5
•3
.1
.8
.2
-.3
1.1
.5
8.387
8.137
10.178
3.409
6.769
9.620
9.359
8.143
5.194
4.940
4.252
-1.382
5.634
3.717
3.463
3.178
-1.372
4.550
8.109
7.851
9.792
1.541
8.251
9.829
9.574
9.540
10.4
11.1
10.7
11.9
11.3
11.2
18.4
17.7
17.3
8.990
9.8
9.5
.1
9.4
2.3
8.9
14.9
-2.041
1.216
261
688
254
285
254
-1.941
250
258
34
255
.3
.6
.1
.6
.4
.7
3.521
-1.724
2.934
-1.776
-221
-962
246
7.897
3.051
8
550
7.2
6.2
.3
4.8
*
.2
7.9
7.1
2.1
5.5
9.9
2.8
7.2
.7
.4
9.0
9.0
2.8
6.4
-2.9
10.0
-.2
-1.2
.9
9.9
3.7
6.6
2.5
1
2
3
4
163.7 5
151.0 6
12.7 7
13.7 8
8.5 9
5.3 10
- . 3 19
1.4 20
.8 21
15.1
14.5
14.2
.1
14.1
22
23
24
25
26
. 3 27
. 6 28
CI)EMPLOYEE RETIREMENT FUNDS ARE I N INSURANCE SECTOR.
REST OF THE WORLD
NET U . S . EXPORTS
U . S . EXPORTS
U . S . IMPORTS
TRANSFER RECEIPTS FROM U . S .
U . S . GOVT. INTEREST RECEIVED
CURRENT ACCOUNT BALANCE
( U . S . BALANCE, SIGN REVERSED)
-1.090
45.158
46.248
1.089
1.299
3.478
-4.555
42.906
47 . 4 6 1
1.100
1.380
7.035
-4.097
44.774
48.871
1.068
1.676
6.841
-5.623
45.303
50.926
1.036
1.949
8.608
-861
51.929
52.790
1.300
2.126
4.287
-4.540
50.239
54.779
1.144
2.261
7.945
7
8
9
10
11
NET FINANCIAL INVESTMENT
NET ACQ. OF FINANCIAL ASSETS
GOLD + SDR»S ( 1 )
U . S . DEMAND DEPOSITS
U . S . TIME DEPOSITS
3.260
13.421
9.213
13.702
6.984
19.473
5.074
17.591
-3.612
-541
3.716
8.956
-78
498
929
-16
-94
-90
-16
-3
-1.446
-111
-807
3.144
1.258
-90
337
856
-1.255
-12
12
13
14
15
16
U . S . CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
U . S . CORPORATE BONDS ( 2 )
OPEN-MARKET PAPER
721
498
894
670
0
5.674
3.177
1.339
1.158
10.217
7 . 6 56
15.770
14.886
921
15.957
14.080
1.204
1.251
-2.010
-4.945
1.640
673
223
661
2.372
17
18
SECURITY CREDIT
TRADE CREDIT
0
-17
0
892
0
761
0
0
1.303
19
MISCELLANEOUS ASSETS
U . S . BANK L I A B I L I T I E S
TO FOREIGN AFFILIATES
D1R. INVESTMENT I N U . S .
OTHER
5.694
3.012
-2.451
942
593
6.220
3.649
604
-2
568
716
600
4.159
-3.812
-6.098
1.375
-761
10.161
4.489
12.489
12.517
-16
-248
-87
-262
-200
4.198
-330
2.477
1.279
4.373
1.187
1
2
3
4
5
6
20
21
22
24
NET INCREASE IN L I A B I L I T I E S
U . S . OFF. FGN. EXCHANGE
• NET IMF POSITION
25
26
27
FOREIGN EQUITY ISSUES
CREDIT MARKET INSTRUMENTS
CORP. AND FOREIGN BONDS
23
28
29
30
31
BANK
TO
TO
TO
LOANS N . E . C .
FGN. OFFICIAL
FGN. BANKS
OTHER FGN.
32
33
BANKERS ACCEPTANCES
U.S.GOVT. LOANS
34
35
SECURITY DEBT
TRADE DEBT
36
37
38
39
40
MISCELLANEOUS L I A B I L I T I E S
USG EQUITY I N IBRD, ETC.
FGN. CURR. HELD I N U . S .
U . S . D1R. I N V . ABR0ADC2)
OTHER
4 1 DISCREPANCY
3.9
1.6
62.5
58.5
65.6
64.0
2.9
.7
1.4
3.0
.8
2.0
3.2
1.0
.3
3.6
1.8
3.9
3.4
.6
5.9
.8
.5
13.9
22.6
.9
8.5
1.2
.6
- . 3
10.3
-1.0
1.3
-.2
.3
.3
1.4
-1.7
1.6
-.5
.7
.8
10.5
26.4
26.3
-300
0
400
.3
.9
-.2
.8
- . 1
1.4
454
1.526
3.272
3.4
7.9
-1.489
1.571
1.564
12.5
.8
1.0
-.2
1.108
2.3
.3
.7
-5.5
-1.5
-1.7
3.071
5.240
7.6
6.8
5.3
8.8
7.8
23
-432
-254
2.1
.3
-2.5
-1.7
-.2
24
-71
-50
680
900
.2
2.7
1.1
.5
3.2
1.0
.1
2.7
.9
5.2
.9
- . 4 25
4 . 4 26
1.0 27
281
-81
-663
-.5
- . 2
-.2
-606
-844
-.3
- . 1
-.2
2.1
.2
1.0
.9
2 . 9 28
. 2 29
1.0 30
1.7 31
.3
-.2
*
.1
. 1 17
. 8 18
-6.2
-6.2
3 . 1 19
-5.8
-4.3
. 2 20
.4 21
2 . 4 22
*
2.307
1.729
-356
132
503
443
968
134
- . 3
.2
-.4
584
541
625
920
452
508
-233
2.026
-171
735
879
614
-.2
2.2
.3
2.1
.8
1.3
0
12
0
300
.2
.4
-.2
.8
1.0
.5
4.564
2.1
4.1
.2
.5
3.6
- . 2
4.7
.3
1.3
3.3
- . 1
696
42
410
244
0
0
0
-234
-616
1.326
0
495
10.137
-811
47
568
170
7.252
215
293
313
386
3.579
1.875
1.732
-1.501
1.139
3.277
2.389
4.178
-3.152
1.876
760
8.749
1.216
-2.928
-1.702
1.900
3.980
218
-2.178
-143
3.534
7.899
180
EXCLUDES U . S . SECURITY ISSUES IN FOREIGN MARKETS.
12
13
14
15
16
.5
1.0
563
1.078
7.366
2.4
8.4
8.4
.1
-.1
9.3
.7
.5
154
227
283
409
11.9
7
19.7
8
.6
9
1.6 10
2 . 8 11
-2.0
297
169
1
2
3
4
5
6
5.410
2.308
1.350
1.752
4.488
1.865
931
-3.3
72.7
75.9
3.8
2.7
9.8
2.1
.3
-.5
.2
.6
118
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
1.8
54.7
52.9
2.927
1.648
( 1 ) CONSISTS ONLY OF NET PURCHASES FROM U . S .
EXCLUDES ACQUISITIONS FROM OTHER SOURCES.
(2)
2.3
49.9
47.7
152
*
• 1
.5
.7
.8
*
2.3
•2
-.4
2.1
•4
*
*
.3
1.8
*
-1.0
1.5
32
33
. 1 34
. 5 35
3.4
.3
3.9
1.2
-2.0
36
37
38
39
40
NOVEMBER 13, 1978
STATE+LOCAL GOVTS. AND FOREIGN
STATE+LOCAL GOVTS. AND FOREIGN
13
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1978
II
1977
III
IV
|
STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS ( 1 )
1
2
3
4
193.5
140.8
12.1
40.6
210.4
152.6
13.9
43.9
236.9
165.9
16.4
54.6
266.9
187.0
18.7
61.1
296.2
207.1
21.7
67.4
292.0
205.3
21.4
65.4
301.8
208.9
22.0
70.9
307.9
214.0
22.8
71.1
315.7
217.6
24.1
73.9
327.4
226.4
25.2
75.9
3 2 8 . 8 TOTAL RECEIPTS, NIA BASIS
225.0
TAX RECEIPTS
26.1
SOCIAL INSURANCE RECEIPTS
77.7
GRANTS I N AID RECEIVED
5
6
7
8
9
10
180.5
167.3
13.1
13.0
202.8
191.5
11.3
230.6
215.4
15.3
9.5
3.5
-2.1
11.2
-5.0
246.3
229.6
16.7
20.7
13.4
266.6
248.9
17.7
29.6
13.1
16.4
263.5
245.9
17.6
28.5
16.5
12.0
270.7
252.7
17.9
31.2
13.3
17.8
278.9
260.3
18.6
29.0
13.5
15.5
284.2
265.2
19.0
31.5
11.7
19.8
297.7
277.6
20.1
29.8
18.7
11.1
305.5
285.2
20.3
23.3
14.0
9.3
11
12
13
14
1.4
-7.6
-12.3
8.5
15.4
9.6
-.6
5.7
2.2
.2
-1.2
18.0
-1.2
35.4
-2.0
2.1
3.5
30.4
-.7
•6
11.4
47.2
.8
12.0
7.1
31.3
1.1
6.5
13.2
34.9
-2.7
13.9
4.5
28.9
-.7
3.6
2 . 6 NET FINANCIAL INVESTMENT
39.1
NET AGO. OF FINANCIAL ASSETS
DEMAND DEP. + CURRENCY
-1.4
13.6
TIME DEPOSITS
11
12
13
14
15
16
17
18
7.8
5.8
1.4
4.4
3.8
.8
14.7
10.8
-1.9
3.4
-.6
-.7
26.4
25.5
21.1
30.6
31.5
27.1
4.4
31.6
29.6
24.5
5.1
20.9
19.1
12.9
6.2
22.7
20.0
13.5
6.6
23.5
21.8
21.6
.2
23.8
21.3
15.3
6.0
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
TREASURY ISSUES
U . S . GOVT. AGENCY SEC.
15
16
17
18
19
20
21
.2
1.7
.7
.5
2.5
.7
2.4
1.6
.6
2.7
1.3
2.3
.6
1.1
-.9
-.1
*
.8
1.2
2.8
.3
1.5
2.8
1.2
1.5
1.0
.7
1.0
2.6
1.9
.6
3.0
ST.+LOC. OBLIGATIONS
MORTGAGES
TAXES RECEIVABLE
19
20
21
22
23
24
25
26
14.0
13.2
12.9
17.3
15.5
14.8
14.5
13.2
13.0
19.2
18.5
16.5
26.9
25.9
25.7
12.6
12.1
13.2
17.4
24.8
26.9
25.9
34.1
8.8
25.2
35.8
34.8
29.9
.6
29.3
24.2
23.2
20.4
-3.8
24.2
21.7
20.7
19.6
-1.4
20.9
24.4
23.4
31.2
.3
30.8
36.4
35.4
35.2
2.0
33.2
27
28
.3
.8
.7
1.8
.2
1.4
2.0
.7
.2
1.0
-8.2
1.0
4.9
1.0
2.8
1.0
1.1
1.0
-7.8
1.0
.1
1.0
6.6
6.6
-.3
7.2
2.7
2.7
.3
6.2
*
-.3
7.2
7.4
3.3
-.9
.9
7.0
4.4
IS)
7.6
9.7
.9
5
TOTAL EXPENDITURES* NIA BASIS
PURCH. OF GOODS • SERVICES
NET INTEREST • TRANSFERS
NET SURPLUS* NIA BASIS
- RETIREMENT CREDIT TO HH
= GROSS SAVING
1
2
3
4
5
6
7
8
9
10
NET INCREASE I N L I A B I L I T I E S
CREDIT MARKET BORROWING
ST.+LOC. OBLIGATIONS
SHORT-TERM
OTHER
22
23
24
25
26
U . S . GOVERNMENT LOANS
TRADE DEBT
27
28
6 . 6 DISCREPANCY
(l)EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTOR.
REST OF THE WORLD
1
2
3
4
5
6
7
8
9
10
11
7.1
6.0
101.6
94.4
137.9
131.9
3.9
3.8
.6
4.2
4.3
2.5
3.1
4.7
16.5
33.3
*
2.9
3.0
12
13
14
15
16
2.8
.6
.2
.1
.3
17
18
*
1.0
19
6.4
20
21
22
*
1.9
4.5
-.2
2.9
7.0
.5
20.4
147.3
126.9
4.0
4.5
7.4
163.2
155.7
-11.9
4.2
4.5
1.2
-17.0
14.2
-7.7
34.8
*
.1
.7
4.7
6.1
8.1
.6
-.1
2.5
-1.9
178.1
187.8
4.2
5.5
184.0
4.0
5.2
4.6
5.5
195.2
4.3
6.6
20.9
15.2
17.1
34.1
21.9
48.4
13.5
52.3
-.3
2.0
3.7
25.1
-.1
.3
-3.2
2.9
26.5
16.8
5.4
2.0
36.2
29.0
3.7
-.2
1.9
.7
2.8
2.7
15.2
11.6
-2.6
.9
2.7
39.5
31.5
.1
1.7
_
4.0
_
1.7
10.2
.8
12.4
2.1
6.9
3.7
-.4
.1
1.4
-.7
4.5
2.7
5.2
8.9
1.8
11.2
3.7
.9
6.6
*
1.7
3.7
4.4
-8.6
-5.9
-7.0
180.8
34.8
74.8
-.4
8.7
5.0
24.1
79.4
-.1
-13.8
-4.8
-.4
3.6
69.2
57.8
4.8
6.5
2.7
56.3
55.6
5.0
-5.4
-16.1
2.3
3.6
3.0
5.2
11.8
-14.3
12.2
.9
23.3
2.4
10.6
.6
2.3
9.3
6.2
2.9
-8.2
-13.9
13.5
28.7
31.1
42.5
24
-.2
1.3
.5
2.5
25
26
27
-.2
6.4
1.0
-.2
.2
.3
.4
15.6
13.0
20.4
11.9
28
29
30
31
2.8
.4
1.7
.7
4.7
.3
3.1
1.3
3.7
.3
1.0
2.5
6.6
.9
4.1
1.7
1.6
.1
1.1
.3
-2.0
-1.5
4.8
1.8
32
33
.9
1.7
7.3
1.5
.3
2.8
1.9
3.3
2.4
3.0
2.3
2.2
2.5
3.7
34
35
-.2
1.9
3.1
.1
.9
_. 4
_. 4
36
37
38
39
40
5.7
.3
5.4
2.0
16.4
19.0
-2.0
*
9.0
.6
6.3
1.2
.9
6.2
8.5
26.4
5.0
3.6
1.9
4.2
14.2
1.7
-8.0
1.3
-5.0
-6.5
210.9
217.3
4.8
9.0
20.3
17.5
8.1
5.4
8.4
-1.2
2.4
5.9
55.4
9.0
28.9
-.3
-1.0
-1.7
-1.0
-1.3
-.3
14.6
4.7
-.2
5.3
13.1
3.7
14.6
5.6
.7
4.3
5.1
7.5
.2
5.2
2.1
-1.7
-.3
-5.5
4.0
1.8
2.0
-.9
2.9
8.1
3.5
3.5
-8.4
-3.7
1.3
41.1
1.2
16.1
10.7
13.2
-19.2
7.0
7.3
12.2
32.7
12
13
14
15
16
SECURITY CREDIT
TRADE CREDIT
17
MISCELLANEOUS ASSETS
U.S. BANK LIABILITIES
TO FOREIGN AFFILIATES
DIR. INVESTMENT IN U.S.
OTHER
NET INCREASE IN LIABILITIES
U.S. OFF. FGN. EXCHANGE
+ NET IMF POSITION
FOREIGN EQUITY ISSUES
CREDIT MARKET INSTRUMENTS
CORP. AND FOREIGN BONDS
-.7
2.5
23.6
1.5
LOANS N.E.C.
FGN. OFFICIAL
FGN. BANKS
OTHER FGN.
BANKERS ACCEPTANCES
U.S.GOVT. LOANS
INFORMATION.
28
29
30
31
32
33
34
35
MISCELLANEOUS LIABILITIES
USG EQUITY IN IBRD, ETC.
FGN. CURR. HELD IN U . S .
U.S. DIR. INV. ABR0AD(2)
OTHER
36
37
38
39
40
1 7 . 8 DISCREPANCY
(2) EXCLUDES U . S . SECURITY ISSUES IN FOREIGN MARKETS.
I11/78 BASED ON INCOMPLETE
25
26
27
SECURITY DEBT
TRADE DEBT
(1) CONSISTS ONLY OF NET PURCHASES FROM U . S .
EXCLUDES ACQUISITIONS FROM OTHER SOURCES.
BILLIONS OF DOLLARS.
1
2
3
4
5
6
U . S . CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
U . S . CORPORATE BONDS ( 2 )
OPEN-MARKET PAPER
BANK
TO
TO
TO
2.0
26.8
NET U . S . EXPORTS
U . S . EXPORTS
U . S . IMPORTS
TRANSFER RECEIPTS FROM U . S .
U . S. GOVT. INTEREST RECEIVED
CURRENT ACCOUNT BALANCE
( U . S . BALANCE* SIGN REVERSED)
2 . 5 NET FINANCIAL INVESTMENT
7
31.4
NET ACQ. OF FINANCIAL ASSETS 8
*
GOLD + SDR'S ( 1 )
9
.3
U . S . DEMAND DEPOSITS
10
*
U . S . TIME DEPOSITS
11
40.1
-2.5
-2.2
.7
10.9
6.0
1.2
20.8
7.5
7.0
.7
5.5
5.3
-4.5
1.1
12.4
*
-24.9
-1.0
.5
8.5
6.6
30.8
.7
8.6
7.4
13.7
.7
10.8
-1.1
25.5
*
-5.5
205.4
7.9
36.3
50.6
3.4
2.4
11.9
-24.1
181.7
205.8
4.3
210.9
4.8
8.5
18.9
23
2.1
-23.2
172.1
-11.1
175.5
186.6
41
NOVEMBER 1 3 , 1978
U.S.GOVT. • CREDIT AGENCIES
U.S.GOVT. + CREDIT AGENCIES
SECTOR STATEMENTS OF SAVING AND
INVESTMENT
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
II
1977
III
IV
1
1
I
1978
II
III
1968
BILLIONS OF DOLLARS
1971
1970
1969
1972
U . S . GOVERNMENT
1 TOTAL RECEIPTS, NIA BASIS
2
PERSONAL TAXES
3
CORP. PROFITS TAX ACCRUALS
INDIRECT TAXES
4
SOCIAL INSURANCE RECEIPTS
5
6
7
8
9
10
11
12
13
14
TOTAL EXPENDITURES, NIA BASIS
GOODS • SERVICES
TRANSFERS, ETC.
NET INTEREST
NET SURPLUS, NIA BASIS
- INSURANCE CREDITS TO HH
= GROSS SAVING
+ MINERAL RIGHTS SALES (2)
= NONFINANCIAL SURPLUS
15 NET FINANCIAL INVESTMENT
16
NET ACQ. OF FINANCIAL ASSETS
GOLD, SDR*S + OFF FGN EXCH
17
DEMAND DEPOSITS + CURRENCY
18
19
TIME DEPOSITS
20
21
22
23
CREDIT MARKET INSTRUMENTS
MORTGAGE POOL SECURITIES (3)
MORTGAGES
OTHER LOANS
24
25
26
TAXES RECEIVABLE
TRADE CREDIT
MISCELLANEOUS
27
28
NET INCREASE IN L I A B I L I T I E S
TREASURY CURR. + SDR CTFS.
29
30
31
32
CREDIT MARKET INSTRUMENTS
SAVINGS BONDS
OTHER TREASURY ISSUES
AGENCY ISSUES + MTGS.
33
34
35
LIFE + RETIREMENT RESERVES
TRADE DEBT
MISCELLANEOUS
36 DISCREPANCY
37 MEMO: CORP. TAX RECEIPTS, NET
87.402
40.522
15.566
6.414
24.900
94.545 115.715 115.289
54.828
52.148
37.344
19.597
18.334
13.587
7.384
6.988
6.342
33.480
38.245
37.272
174.7
79.6
36.3
18.0
40.8
197.0
94.8
36.2
19.0
47.0
192.1
92.2
30.8
19.3
49.7
198.6
89.9
33.5
20.4
54.9
227.5
108.2
36.6
20.0
62.8
1
2
3
4
5
103.387 106.226 111.604
39.303
35.944 35.909
60.356 63.147 64.537
7.764
7.170
7.085
619 - 8 . 2 1 5 - 2 4 . 2 0 2
6.164
148
1.468
-849 -14.379 -24.350
640
1.135
482
-367 -13.244 -23.710
1 1 2 . 5 7 4 111.917 1 1 5 . 5 7 0
38.386
36.946
36.942
68.251
67.236 66.475
8.933
8.496
8.396
-281
3.798
-18.029
6.240
1.537
-1.184
2.261 -6.521
-16.845
232
1.097
289
3.358 - 6 . 2 6 9
-16.556
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
220.6
96.2
110.4
14.0
-22.0
2.9
-24.9
.7
-24.2
244.7
102.1
128.1
14.6
-17.3
3.1
-20.4
.9
-19.5
6
7
8
9
10
11
12
13
14
-19.5
-.9
-.4
-1.0
.1
15
16
17
18
19
104.006
48.245
16.459
6.257
33.045
98.011
47.077
16.002
6.566
26.366
7.0
204.2
95.6
94.3
14.3
-12.1
2.5
-14.6
•3
-14.3
-758 -13.682 -22.678 -18.399
2.047
-1.109
273 1 2 . 0 5 8
-295
-73
-214
74
-5.515
-7.368
2.813
7.082
-188
118
-50
220
3.711
7.150
-315
11.237
110
-6.454
15.510
-177
4.931
-20
-8.7
7.3
2.0
-1.7
.1
6.0
3.5
1.4
1.1
-.2
-14.5
.4
-2.0
2.5
.3
-24.6
3.9
-2.2
3.3
.1
*
1.278
1.150
478
-350
5.064
1.715
-193
3.542
4.340
1.480
204
2.656
5.581
1.955
-536
4.162
3.441
2.860
-563
1.144
4.968
1.365
360
3.243
5.2
.1
1.4
3.7
3.1
-1.3
1.0
3.5
2.8
-.1
.3
2.6
-.4
3.2
1.8 20
21
- . 7 22
2 . 5 23
-8.465
-192
276
3.848
473
124
2.560
-873
187
904
1.224
336
-8.099
481
295
5.075
347
386
1.3
.6
-.2
-3.0
.9
.1
-2.6
-.8
.3
1.5
-1.7
.1
- . 7 24
- . 8 25
. 1 26
1.031
117
25.740
99
21.569
95
20.446
136
3.439
97
21.964
179
16.0
.4
-2.5
.3
14.9
.6
28.5
.5
1 8 . 7 27
. 5 28
-1.145
1.245
-2.282
-108
19.606
1.124
19.005
-523
20.676
1.190
19.554
-66
20.792
1.196
19.943
-347
2.582
1.158
1.548
-124
15.054
B29
14.803
-578
13.6
.6
9.8,
3.1
-3.7
-.1
-1.2
-2.4
11.9
.3
12.6
-1.0
24.9
2.3
23.7
-1.1
15.1
3.3
11.0
.8
1.468
378
213
6.164
585
-714
148
549
101
-1.184
857
-155
1.537
-113
-664
6.240
483
8
1.3
.7
1.6
-.3
-.4
2.5
-.6
.5
2.9
-.7
.8
3 . 1 33
- . 1 34
35
391
24.924
438
12.154
-1.032
13.006
1.843
12.683
-353
26.433
165
14.522
2.9
35.0
1.0
39.2
.2
33.4
.4
32.0
36
3 7 . 3 37
10.3
.7
.1
3.9
*
2
3
.5
4.4
-.4
-1.2
.4
.4
4
5
6
7
8
*
2.8
*
*
29
30
31
32
*
*
FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS
SPONSORED CREDIT AGENCIES
1 CURRfcNT SURPLUS
3.338
-10
1.136
48
2.797
32
5.260
-40
7.989
34
6.365
-50
3.2
2.988
-234
-1.983
941
808
1.025
-1.472
-596
-594
-282
2.304
-1.384
-127
-353
-904
4.862
1.232
7
-237
1.462
7.993
375
905
-361
-169
5.939
-809
-505
-552
248
3.2
-.1
-.1
2.191
936
1.255
1.576
239
1.337
3.261
142
3.119
2.881
1.776
1.105
5.640
1.644
3.996
6.312
2.428
3.884
2.5
1.6
.9
7.8
3.8
4.0
LOANS TO AGRICULTURE
FARM MORTGAGES
LOANS TO COOPS (BC)
LOANS TO FARMERS (FICB)
MISCELLANEOUS ASSETS
1.031
859
-355
527
360
921
684
-230
467
63
427
592
570
-735
461
749
768
340
-359
438
1.978
896
209
873
-38
436
809
-600
227
476
.8
.5
.1
.2
1.4
.6
.2
.6
.4
1.5
.5
.3
.7
.8
1.4
.7
17 NET INCREASE I N L I A B I L I T I E S
18
CREDIT MARKET INSTRUMENTS
19
SPONS. AGENCY ISSUES
20
U . S . GOVERNMENT LOANS
3.159
2.553
2.553
0
606
986
1.351
1.351
0
-365
2.833
2.175
2.175
0
658
5.075
4.424
4.424
0
651
7.858
6.242
6.242
0
1.616
6.153
6.405
6.405
0
-252
3.2
3.5
3.2
.2
-.3
9.1
6.6
9.1
-.3
.4
10.3
8.2
8.2
.6
1.1
1.1
2.1
-
-.5
.1
.1
.1
.1
. 1 22
.5
.4
.7
.4
1.6
1.2
4.8
4.3
.1
4 . 9 23
4.3 24
. 3 25
5.2
-1.2
4.5
1.8
9 . 2 28
- . 4 29
7 . 4 30
2.2 31
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS + CURRENCY
4
5
6
7
8
CREDIT MARKET INSTRUMENTS
LIQUID ASSETS
U.S.GOVT. SECURITIES
OPEN-MARKET PAPER
FEDERAL FUNDS + RP*S
9
10
11
12
13
14
15
16
21
HOUSING CREDIT
RESIDENTIAL MORTGAGES
FHLB LOANS TO S • L ASSOC.
MISCELLANEOUS L I A B I L I T I E S
22 DISCREPANCY
-16
FEDERALLY SPONSORED MORTGAGE POOLS ( 1 )
3.286
23 NET ACQ. OF MORTGAGES
3.206
24
HOME MORTGAGES
91
25
MULTIFAMILY MORTGAGES
26
FARM MORTGAGES
-11
5.919
5.559
277
63
3.286
5.919
MEMOS TOTALS FOR AGENCIES AND POOLS—
28 CREDIT MARKET INSTRUMENTS
6.274
29
LIQUID ASSETS
-234
30
HOUSING CREDIT
5.488
31
LOANS TO AGRICULTURE
1.020
6.944
-1.472
7.412
1.004
7.270
27 NET 1NCR. I N POOL SECURITIES
32 NET SECURITY ISSUES
5.839
3.791
3.437
279
75
4.233
3.286
726
219
4.012
3.714
204
94
3.791
4.233
4.012
7.926
-1.384
8.728
582
8.653
1.232
6.597
824
12.226
375
9.654
2.197
9.951
-809
10.230
530
7.797
8.215
10.475
10.417
5.622
5.060
407
155
( 1 ) GNMA, FHLMC, AND FARMERS HOME ADM. POOLS.
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
(2)
Sales of Outer Continental Shelf l e a s e s .
(3) From 1974, mainly Federal Financing Bank purchases
of Farmers Home Administration mortgage pool securities.
*
—
*
*
*
3.8
-.1
3.0
.9
9.2
*
8.8
-.4
-.6
—
.2
*
9.4
-.4
8.3
1.6
*
9.6
1.9
1.1
-1.2
-. 8
-.6
6.2
4.9
1.3
-2.7
*
11.1
1.9
7.5
1.8
-.5
-
.2
2.9
*
.7
.2
-
2.9 9
2.8 10
* 11
1.9
1.2
.3
.4
-.4
12
13
14
15
16
3.8
3.5
3.5
.3
17
IS
19
20
21
NOVEMBER 13, 1978
U.S.GOVT. + CREDIT AGENCIES
U.S.GOVT. + CREDIT AGENCIES
SECTOR STATEMENTS OF SAVING AND
INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
977
I
II
1977
III
1978
II
U.S. GOVERNMENT
424.7
186.7
72.6
27.9
137.6
4 4 3 . 2 TOTAL RECEIPTS. NIA BASIS
199.1
PERSONAL TAXES
76.1
CORP. PROFITS TAX ACCRUALS
28.2
INDIRECT TAXES
139.9
SOCIAL INSURANCE RECEIPTS
448.3
147.2
266.6
34.6
-23.6
466.1
156.1
273.9
36.0
-22.8
6.5
-29.3
•9
-28.4
1
2
3
4
5
258.3
114.6
43.0
21.2
79.4
288.6
131.1
45.9
21.7
89.9
286.2
125.4
42.8
23.9
94.2
331.4
146.8
54.8
23.4
106.4
374.5
169.4
61.3
25.0
118.7
371.4
167.0
61.8
24.8
117.7
374.3
167.6
62.0
25.4
119.3
385.5
174.8
62.9
25.6
122.2
396.2
176.8
59.6
26.5
6
7
8
9
10
11
12
13
14
265.0
102.2
144.6
18.2
-6.7
2.3
-9.0
3.2
-5.9
299.3
111.1
167.3
20.9
-10.7
2.9
-13.6
6.5
-7.1
356.8
123.1
210.6
23.2
-70.6
3.8
-74.4
1.3
-73.1
385.2
129.9
228.6
26.8
-53.8
4.7
-58.5
4.0
-54.6
422.6
145.1
248.4
29.1
-48.1
6.6
-54.8
2.5
-52.3
411.7
142.9
240.0
28.8
-40.3
-10.7
-29.6
1.9
-27.6
430.7
146.8
255.0
28.9
-56.4
32.2
-88.6
444.1
152.2
448.8
151.5
264.1
33.2
-52.6
6.4
-58.9
4.5
-84.0
261.2
30.7
-58.6
3.0
-61.6
2.6
-59.0
1.2
-57.8
4.4
-26.7
15
16
17
18
19
-7.4
3.3
-73.7
17.4
.5
2.9
.1
-57.9
22.8
2.4
4.0
.2
-54.8
10.1
.3
-.5
.1
-30.1
-.1
•3
-1.8
-.2
-6.9
8.1
1.4
-4.5
-86.4
27.3
-.9
4.0
-.2
-61.1
5.7
-.3
-11.3
.5
-57.3
18.8
-1.2
-15.8
-25.9
30.5
-1.3
25.8
20
21
22
23
-.6
3.4
9.7
2.5
1.4
5.8
15.1
4.5
3.2
7.4
8.9
3.7
-3.1
8.2
11.8
5.3
-.2
6.7
1.8
4.6
-.3
-2.5
17.4
6.9
-3.3
13.9
17.8
5.9
.8
11.0
28.7
7.8
3.1
17.8
9.8
11.4
-5.0
3.3
16.6
5.5
-1.6
12.7
24
25
26
1.3
.3
1.0
.6
.9
.1
-3.1
1.2
.7
5.8
.5
1.0
-1.6
-.8
.7
-12.6
4.5
1.9
.5
1.8
-3.5
.7
1.5
4.9
1.3
-7.3
1.9
1.2
8.9
1.4
1.5
27
28
10.8
.4
15.0
.4
91.1
.9
80.7
1.2
64.9
.3
30.0
.5
113.7
.4
66.8
.4
76.0
.5
56.4
.4
29
30
31
32
8.3
2.7
5.2
•4
11.8
3.0
9.0
-.2
85.4
4.0
81.8
-.4
69.0
4.7
64.5
-.1
56.8
4.7
52.9
-.9
37.8
4.7
33.6
-.4
80.1
4.8
77.4
-2.1
61.9
5.0
57.2
-.3
33
34
35
2.3
.1
-.4
2.9
-.1
3.8
1.6
-.7
4.7
4.8
.9
6.6
2.1
-.9
-10.7
2.2
.3
32.2
3.0
2.1
-.6
36
37
1.6
41.7
-.2
45.3
.6
45.9
3.3
49.0
2.5
62.9
2.5
74.3
2.4
57.5
2.0
61.1
*
2.8
*
*
*
9.1
133.3
7.5
-31.1
15
16
17
18
19
CREDIT MARKET INSTRUMENTS
MORTGAGE POOL SECURITIES (3)
MORTGAGES
OTHER LOANS
20
21
22
23
TAXES RECEIVABLE
TRADE CREDIT
MISCELLANEOUS
24
NET INCREASE IN LIABILITIES
27
TREASURY CURR. + SDR CTFS. 28
51.5
4.3
58.0
-2.3
7.5
6.5
1.2
2.0
CREDIT MARKET INSTRUMENTS
SAVINGS BONDS
OTHER TREASURY ISSUES
AGENCY ISSUES • MTGS.
29
30
31
32
LIFE + RETIREMENT RESERVES 33
TRADE DEBT
34
MISCELLANEOUS
35
2.0 DISCREPANCY
67.1 MEMO: CORP. TAX RECEIPTS*
58.1
6
7
8
9
10
11
12
13
14
-30.4 NET FINANCIAL INVESTMENT
39.3
NET ACQ. OF FINANCIAL ASSETS
-.7
GOLD, SDR»S + OFF FGN EXCH
11.6
DEMAND DEPOSITS + CURRENCY
-.1
TIME DEPOSITS
47.6
-.5
-.5
TOTAL EXPENDITURES! NIA BASIS
GOODS + SERVICES
TRANSFERS* ETC.
NET INTEREST
NET SURPLUS, NIA BASIS
- INSURANCE CREDITS TO HH
= GROSS SAVING
• MINERAL RIGHTS SALES (2)
= NONFINANCIAL SURPLUS
1
2
3
4
5
36
37
FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS
SPONSORED CREDIT AGENCIES
1.0 CURRENT SURPLUS
.9
4.7
2
3
18.7
.1
18.0
4
5
6
7
8
17.8
2.1
4.2
1.3
1.5
.1
-.3
5.0
1.7
1.5
2.3
19.8
.3
.4
.9
-1.0
9
10
11
12.5
5.3
7.2
14.3
7.7
6.7
12
13
14
15
16
3.2
1.9
.3
1.1
.8
17
18
19
20
21
18.5
16.3
16.3
*
-.2
2.2
*
5.1
*
*
7.4
.1
11.8
1.0
2.0
.2
9.2
31.4
.2
2 3 . 3 NET ACQ. OF FINANCIAL ASSETS
-.2
DEMAND DEPOSITS • CURRENCY
31.8
3.6
5.7
.3
6.5
-3.4
-3.8
.2
.2
-6.0
3.8
3.2
2.1
-1.2
2.3
-2.4
-1.1
6.2
-7.5
-2.5
-1.4
-3.6
-1.2
2.8
-4.0
-1.6
.4
-2.0
4.9
.5
4.3
8.1
3.8
4.3
-1.3
-1.2
-.1
10.5
5.2
2.5
1.0
1.7
-1.8
4.1
2.6
.4
1.1
.9
4.8
2.5
1.0
1.3
-.2
5.0
2.9
.6
1.4
.9
2.7
3.0
-.5
•2
1.0
4.6
2.9
-.4
2.1
-.3
17.6
17.3
16.6
.7
.3
4.8
3.2
2.3
.9
1.6
4.3
2.9
3.3
-.4
1.4
7.1
5.8
7.0
-1.2
1.3
12.5
9.5
9.5
1.7
1.7
*
-.9
5.8
-1.4
-.7
22.0
1.8
3.0
-2.2
1.0
22.7
9.9
12.8
21.9
6.6
15.3
17.5
7.5
10.0
3.2
2.9
1.2
2.0
2.8
1.2
-2.0
1.5
6.4
3.1
1.7
1.5
-.6
2.7
3.4
-1.8
1.1
1.4
8.9
7.2
7.2
25.2
23.7
23.7
24.4
24.4
10.4
CREDIT MARKET INSTRUMENTS
LIQUID ASSETS
U.S.GOVT. SECURITIES
OPEN-MARKET PAPfcR
FEDERAL FUNDS • RP*S
HOUSING CREDIT
RESIDENTIAL MORTGAGES
FHLB LOANS TO S + L ASSOC.
LOANS TO AGRICULTURE
FARM MORTGAGES
LOANS TO COOPS (BC)
LOANS TO FARMERS (FICB)
MISCELLANEOUS ASSETS
22.6 NET INCREASE IN LIABILITIES
22.1
CREDIT MARKET INSTRUMENTS
22.1
SPONS. AGENCY ISSUES
U.S. GOVERNMENT LOANS
.6
MISCELLANEOUS LIABILITIES
13
14
15
16
17
18
.4 DISCREPANCY
FEDERALLY SPONSORED MORTGAGE POOLS (1)
23
24
25
26
28
29
30
31
3.6
3.2
.2
.2
21.4
2.1
15.9
3.5
5.8
5.4
.2
.2
25.6
.3
19.8
5.4
10.3
9.9
.5
-.1
14.5
1.3
9.2
4.1
15.7
14.5
.6
.5
20.6
1.7
13.6
5.3
20.5
19.0
1.2
.3
26.9
-3.4
25.0
5.3
13.1
12.8
.4
24.9
1.0
21.3
2.7
23.7
22.2
1.1
25.7
-1.2
22.1
4.9
22.5
20.2
1.6
28.7
-7.5
32.3
3.9
15.2
13.7
1.1
39.9
*
37.6
2.3
16.9
13.2
2.9
48.8
3.6
37.9
7.3
16.0 NET ACQ. OF MORTGAGES
14.9
HOME MORTGAGES
.8
MULTIFAM1LY MORTGAGES
.4
FARM MORTGAGES
24
25
1 6 . 0 NET INCR. I N POOL SECURITIES
27
MEMO: TOTALS FOR AGENCIES AND P O O L S 38.1 CREDIT MARKET INSTRUMENTS
1.8
LIQUID ASSETS
HOUSING CREDIT
33.2
LOANS TO AGRICULTURE
3.1
28
29
30
31
3 8 . 1 NET SECURITY ISSUES
( 1 ) GNMA* FHLMC* AND FARMERS HOME ADM. POOLS.
BILLIONS OF DOLLARS.
I11/78
BASED ON INCOMPLETE INFORMATION.
(2)
Sales of Outer Continental Shelf leases.
(3)
From 1974, mainly Federal Financing Bank purchases
of Farmers Home Administration mortgage pool securities.
32
NOVEMBER 13, 1978
BANKING SYSTEM
BANKING SYSTEM
SECTOR STATEMENTS OF SAVING AND
INVESTMENT
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS (S MILL.)
1977
III
I
IV
1978
II
|
BILLIONS OF DOLLARS
1969
1970
1971
MONETARY AUTHORITY
1 CURRENT SURPLUS
2 NET A C Q . OF FINANCIAL ASSETS
3
GOLD * FOREIGN EXCHANGE
4
TREASURY CURR. + SDR CTFS.
5
F.R. FLOAT
6
F.R. LOANS TO DOMESTIC BANKS
7
8
9
10
11
12
13
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
TREASURY SECURITIES
AGENCY ISSUES
ACCEPTANCES
BANK LOANS N.E.C.
MISCELLANEOUS ASSETS
8.715
1.459
11.027
8.256
4.0
-18
165
4
76
135
-2.663
-12
91
691
111
49
149
-74
180
-1.2
-1*648
1.032
1.854
-1.027
-1.078
-27
85
586
67
1.096
1.946
-271
-649
- 1 .121
-1-896
-1.688
-1.504
-1.242
-262
-184
9.153
8.902
8.569
6.561
6.829
6.217
7.8B2
7.416
6.127
1.289
466
0
-48
14 NET INCREASE IN LIABILITIES
15
MEMBER BANK RESERVES
16
VAULT CASH OF COML. BANKS
8.661
-2.321
17
18
19
20
21
10.124
7.383
DEMAND DEPOSITS • CURRENCY
DUE TO U . S . GOVERNMENT
DUE TO REST OF THE WORLD
CURRENCY OUTSIDE BANKS
MISCELLANEOUS LIABILITIES
602
1.984
2.123
2.476
-353
-139
775
472
0
333
251
0
134
0
-56
-385
-162
1.402
-609
-1.399
-56
-2.726
1.030
-2.271
10.960
2.917
2.595
-5.222
-8.668
-1.602
-2.408
10.415
6.853
53
-46
852
117
-35
3.075
160
551
-46
2.581
2.570
256
335
3.393
-346
0
20
296
3 NET ACQ. OF FINANCIAL ASSETS
4
DEMANO DEPOSITS + CURRENCY
5
TOTAL BANK CREDIT
6
CREDIT MARKET INSTRUMENTS
7
U . S . GOVT. SECURITIES
8
TREASURY ISSUES
9
AGENCY ISSUES
612
*
-. 2
-.1
0
-86
7.960
4.869
663
2.680
1.912
-164
3.597
932
229
-252
596
776
955
849
1.033
1.058
1.152
1.161
1.366
920
1.314
1.126
22.867
45.379
16.290
40.856
22.543
24.660
*
3.7
3.8
3.8
-268
COMMERCIAL BANKING
1 CURRENT SURPLUS
2 PLANT • EQUIPMENT
.2
1.0
*
*
4.2
4.2
4.2
*
-
-.1
4.4
.9
.1
3.4
3.2
-1.1
-.1
4.4
-.1
17
18
19
20
21
3.1
1.3
3.8
1.8
3.3
2.1
2.5
2.2
3.3
2.6
1
2
45.4
21.2
41.7
60.9
81.2
.2
75.4
70.5
6.5
2.4
4.1
3
4
5
6
7
8
9
73
75
70
39.815
37.966
40.1
38.7
797
749
975
-538
1.335
-1.191
1.940
18.375
19.630
-1.457
-2.484
1.027
11.512
3.258
-105
8.359
8.088
6.090
15.4
7.312
12.698
2.993
-149
9.854
11.017
1.574
-183
5.921
7.179
1.645
8.164
-2.630
24.519
8.116
15.932
10.070
7.033
2.682
*
3.3
2.1
1.3
*
17.6
18.6
-10.0
-9.7
- . 3
10.7
19.8
12.1
149
471
0
0
0
0
0
-654
2.686
1.318
-4.268
1.849
-1.255
-1.719
-1.618
2.014
-2.008
2.743
-1.571
5.512
-1.241
1.686
5.974
316
5.532
6.776
1.372
-722
-1.861
23.184
9.345
-604
9.949
21.444
2.474
- 2 . 5 56
15.132
44.559
28.575 -23.756
-3.757
2.022
26.553 -19.999
39.203
15.730
4.398
11.332
2.930
-2.309
13.5
4.6
7.461
1.927
5.604
13.263
3.896
9.361
17.588
9.840
7.810
11.991
5.589
6.328
9.307
3.348
5.955
20.7
-9.5
-12.5
4
.2
1.0
TIME DEPOSITS
LARGE NEGOTIABLE CD*S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.
F.R. FLOAT
BORROWING AT F . R . BANKS
OTHER INTERBANK CLAIMS
34
35
36
37
38
CORPORATE EQUITY ISSUES
CREDIT MARKET DEBT
CORPORATE BONDS
OPEN-MARKET PAPER
FEDERAL FUNDS AND RP»S
39
40
41
42
PROFIT TAXES PAYABLE
MISCELLANEOUS L I A B I L I T I E S
L I A B . TO FGN. AFFILIATES
OTHER
43 DISCREPANCY
-70
691
111
-1.618
75
2.995
183
565
2.247
20.886
4.385
16.567
6
-62
-66
-1.648
1.032
2.743
1.854
-1.027
-1.078
874
1.686
225
781
157
385
239
197
75
-1.816
7.830
165
22C
5
889
-2.201
6.936
67
74
586
1.096
1.372
126
966
96
2.003
-1.133
3 8 . 4 14
1 0 . 8 15
2 7 . 8 16
- . 2 17
4.7
355
-.4
1.3
2.9
6.3
1.5
0
.1
1.3
*
-1.1
.1
1.4
•8
. 1 18
4 . 8 19
2.0
.8
2.5
.3
1.8
1.5
1.8
1.8
1.4
4.1
3.3
2.0
- 1 . 0 20
2.3 21
4 . 4 22
43.6
13.3
19.1
40.1
4.6
9.3
2.9
6.4
59.2
13.1
427
20.682
621
1.946
-271
- . 2
3.1
17.4
*
427
.8
18
- . 1
.8
.3
1.868
41
978
849
0
0
0
0
0
3.182
-1.686
3.649
-5.335
9.422
-1.489
10.911
7.336
1.571
5.765
6.766
1.564
5.202
-1.938
-1.799
-1.026
-1.675
-1.540
INFORMATION.
2 5 . 6 10
7.2 11
1.7 12
1 6 . 8 13
16.8
5.130
6.220
-1.090
II1/78 BASED ON PRELIMINARY AND INCOMPLETE
1.2
9.8
5.5
0
(1) CONSISTS OF CHARTERED COMMERCIAL BANKS* THEIR DOMESTIC AFFILIATES*
EDGE ACT CORPORATIONS* AGENCIES OF FOREIGN BANKS* AND BANKS IN U . S .
POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES."
2.1
23.6
12.6
14.8
4.124
942
7.1
3.1
4.0
22.7
16
17
27
28
29
30
31
32
33
6.9
3.8
20.0
20.363
4.105
13.213
3.045
-82
.1
51.3
50.6
13.6
10.7
•8
11.932
5.651
6.132
23 NET INCREASE IN LIABILITIES
24
DEMAND DEPOSITS. NET
25
U . S . GOVERNMENT
26
OTHER
.1
36.6
35.0
10.8
6.0
.6
- . 1
5.4
15.554
6.063
9.619
-128
874
*
8.6
.3
6.6
OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N.E.C.
OPEN-MARKET PAPER
VAULT CASH + MEM. BANK RES.
OTHER INTERBANK CLAIMS
MISCELLANEOUS ASSETS
*
3.5
.5
(1)
11.934
4.150
20
21
22
•2
-. 2
3.1
-.4
OTHER SECURITIES + MTGS.
ST.+LOC. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
CORPORATE EQUITIES
SECURITY CREDIT
7
8
9
10
11
12
13
3.3
.6
-.1
2.8
.3
10
11
12
13
IB
19
.3
.4
-.3
.7
-.2
*
.1
2.5
.4
9.798
14.066
9.431
8.9
8.7
8.1
.6
1.5
-1.1
80
7.844
2
3
4
5
6
2.1 14
- 2 . 1 15
1.1 16
32.137
30.819
2.368
1.393
12
*
-. 1
2.2
-.4
.7
-.4
1.9
8.5
3.6
.5
79
352
5.0
5.0
5.0
8.5
-.8
.5
.1
-.3
5.4
2.1
-.3
23.624
20.938
-2.506
-2.357
-149
607
169
.7
.8
.2
4.0
.2
.1
193
-60
5.4
-1.4
4.0
.8
1.3
25.790
26.444
-1.044
-1.971
927
4.0
-.1
.1
-
.6
*
2.9
.2
*
*
*
1.8
6.7
-.2
4.3
2.6
7.4
.3
*
2.2
10.9
79.3
20.8
.7
20.1
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
38.0
15.2
22.4
41.4
.4
•8
.2
1.8
.3
.1
-.3
3.3
42.3
9.8
33.0
-.5
-.4
1.9
2.3
.1
.6
1.4
.9
-.4
1.0
1.2
4.0
1.1
.7
2.2
-4.0
.1
-1.9
-2.2
8.7
32.4
*
- . 1
7.0
2.3
4.7
.1
.3
15.4
12.5
-6.4
-5.6
2.9
-«6
3.9
- . 1
-.2
- . 4
-1.3
-.4
-4.3
- . 2 39
7 . 3 40
. 2 41
7 . 1 42
-1.2
43
NOVEMBER 13. 1978
BANKING SYSTEM
BANKING SYSTEM
17
SECTOR STATEMENTS OF SAVING AND
INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1975
I
1977
III
1976
IV
1978
II
|
MONETARY AUTHORITY
1.2 CURRENT SURPLUS
6.5
.1
.5
11.2
2
3
4
5
6
8.1
-.2
.4
-.9
-.7
7
8
9
10
11
12
13
9.2
9.3
8.6
.7
14
15
16
8.0
1.4
2.0
6.4
11.0
-1.2
17
18
19
20
21
3.4
-.5
-.1
3.9
1.2
7.0
.4
.2
6.3
-.3
-1.1
-1.0
.1
1.0
1.7
-.1
6.2
5.2
2.0
3.2
.9
8.5
8.4
7.4
1.0
.1
1.8
-
*
-. 3
1.0
9.6
.1
1.4
-1.1
-.2
9.8
10.0
9.1
.9
-.1
8.6
*
26.5
34.0
25.4
-.1
.7
.3
.5
5.0
.7
.2
.6
-.1
.3
-.1
3.4
-.3
.7
9.7
-3.6
30.0
29.0
27.7
19.2
20.3
17.8
*
-5.6
7.1
7.2
5.8
1.4
26.1
24.2
19.1
2.1
2.6
4.0
-.6
-4.2
-3.4
-2.4
-1.0
-.2
-.2
-1.5
-.6
.5
26.2
-2.0
-2.3
-12.0
-8.1
10.9
25.0
33.7
8.1
-5.9
-7.5
-5.2
16.5
-20.9
-26.3
6.3
-4.5
24.0
14.9
.2
.6
10.6
10.6
4.9
4.5
3.1
.2
7.3
.3
-3.3
23.6
18.4
*
-1.0
-.6
5.2
1.9
8.3
1.7
1.8
8.3
-.1
1.1
6.2
4.3
1.2
3.1
1.9
9.8
-.9
-.1
*
-5.6
.4
.5
-.3
*
- .-6
6.2
-.5
11.1
.6
1.2
.2
- .-2
*
-2.1
3.6
-1.4
-.1
-.2
.6
4.6
1.0
16.8
.2
5.2
1.3
-1.4
-.7
1.3
1.0
7.2
1.6
11.0
.5
-.1
9.2
.9
-.2
2.4
-1.1
-.3
1
ET ACQ. OF FINANCIAL ASSETS
GOLD + FOREIGN EXCHANGE
TREASURY CURR. • SDR CTFS.
F.R. FLOAT
F.R. LOANS TO DOMESTIC BANKS
2
3
4
5
6
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
TREASURY SECURITIES
AGENCY ISSUES
ACCEPTANCES
BANK LOANS N.E.C.
MISCELLANEOUS ASSETS
7
8
9
10
11
12
13
24.2 NET INCREASE IN LIABILITIES
24.2
MEMBER BANK RESERVES
10.5
VAULT CASH OF COML. BANKS
.9
14
15
16
13.9
17
18
19
20
21
5.1
-.7
9.5
-1.0
DEMAND DEPOSITS • CURRENCY
DUE TO U . S . GOVERNMENT
DUE TO REST OF THE WORLD
CURRENCY OUTSIDE BANKS
MISCELLANEOUS LIABILITIES
COMMERCIAL BANKING (1)
4 . 9 CURRENT SURPLUS
4 . 5 PLANT + EQUIPMENT
1
2
3.4
3.1
2.6
4.1
2.8
4.6
3.4
4.6
3.2
4.4
3.2
4.2
3.5
4.6
3.5
4.6
3.4
5.5
4.1
3.7
3
4
5
6
7
8
9
J.05.4
.3
83.4
86.5
-1.3
-8.8
7.6
86.9
-.2
62.2
64.5
1.0
-2.6
3.6
32.9
.1
29.7
27.6
30.1
28.8
1.4
80.9'
-.2
65.2
58.0
19.7
18.2
1.5
105.0
.5
86.4
85.8
-.1
-.9
.3
75.7
.8
76.1
77.1
9.4
5.7
3.7
118.2
.3
121.5
103.1
-3.8
-3.3
-.5
126.4
.3
65.2
77.9
-8.7
-11.5
2.8
118.8
.3
105.0
113.8
1.6
-4.6
6.1
133.8
.3
127.6
117.8
15.4
7.6
7.8
10
11
12
13
25.9
5.7
.4
19.8
19.4
5.5
1.1
12.8
7.3
1.7
1.8
3.8
16.8
3.0
-.6
14.3
36.4
9.2
-.1
27.4
37.8
9.5
-.2
28.5
46.3
15.2
-.4
31.5
33.0
1.5
.7
30.8
34.3
8.0
-.7
27.0
39.6
3.8
-.6
36.4
44.1
8.3
14
15
16
17
62.0
11.6
51.6
-1.3
44.1
3.6
38.3
2.2
-9.9
2.9
-13.9
1.1
21.5
11.4
6.4
3.7
49.5
17.0
32.2
.3
29.9
18.2
9.9
1.7
60.5
16.5
40.9
3.1
53.6
18.5
30.9
4.3
77.9
17.6
67.3
-7.0
62.8
25.0
33.5
4.2
18
19
.2
-3.4
.1
-2.4
.2
1.9
7.2
_. 6
-1.0
18.5
-12.8
-8.8
9.8
3.2
20
21
22
3.5
11.1
7.1
-.3
10.0
15.2
.8
-6.1
8.3
-1.0
4.9
12.0
3.5
.5
14.1
1.6
-6.5
3.7
-20.2
11.0
5.5
33.1
3.5
24.2
-12.7
6.7
19.4
8.9
5.5
-8.4
11.3
1.7
6.5
23
24
25
26
102.4
12.9
-1.0
13.9
84.4
.6
-5.1
5.7
31.0
5.0
-1.7
6.7
79.0
12.2
-.1
12.3
100.2
23.7
4.3
19.4
71.3
12.6
-7.9
20.5
110.7
21.5
5.5
16.0
124.7
41.6
15.2
26.4
112.0
-19.0
-14.1
-4.9
129.4
36.9
12.6
24.4
27
28
29
30
31
32
33
50.9
20.0
30.3
.6
-.9
-.7
11.1
57.0
28.5
28.3
.2
-1.1
-1.0
10.0
30.1
-10.1
39.7
.5
1.7
-.1
-6.1
40.5
-17.5
58.7
-.7
-1.1
-.2
4.9
54.6
12.0
42.8
-.2
1.2
.2
.5
38.2
7.7
30.8
-.3
.5
-.3
-6.5
70.6
15.6
55.0
66.9
17.5
49.6
-.3
-1.0
-.6
6.7
57.9
22.4
35.2
.3
-.1
3.4
5.5
55.2
13.4
41.6
-5.6
1.1
11.0
61.3
39.4
22.2
-.2
5.0
.7
3.5
34
35
36
37
38
1.2
15.1
1.0
-3.1
.2
3.5
-6.7
1.0
-2.1
.2
.3
-2.6
1.6
5.1
.7
-.8
5.2
.6
4.5
.6
1.3
2.7
.3
12.0
.7
2.3
9.0
-9
3.1
.6
1.5
1.0
.8
-7.3
.7
.9
-8.8
.3
31.3
27.7
.5
3.9
.4
8.0
-4.5
.1
7.5
.2
3.9
3.4
39
40
41
42
.1
12.7
.1
20.8
6.9
13.9
-.3
1.8
.1
1.7
16.0
15.0
4.5
11.4
8.9
6.0
.7
13.8
3.4
10.4
-.2
8.3
23.3
-15.0
-.1
19.3
10.6
8.7
-.3
27.6
•6
27.0
.6
20.9
6.2
14.7
-.2
16.3
3.8
12.5
-8.6
-2.8
-8.9
*
2.2
12.9
*
12.7
-
_
_
4c
_
_
3 . 6*
-
1 1 9 . 6 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS * CURRENCY
.3
TOTAL BANK CREDIT
99.8
CREDIT MARKET INSTRUMENTS
96.6
U . S . GOVT. SECURITIES
.5
TREASURY ISSUES
-3.8
AGENCY ISSUES
4.2
II1/78 BASED ON INCOMPLETE
INFORMATION.
3
4
5
6
7
8
9
35.8
OTHER SECURITIES + MTGS.
ST.+LOC. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
10
11
12
13
52.0
21.2
26.6
4.2
OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER
14
15
16
17
*
_
CORPORATE EQUITIES
SECURITY CREDIT
VAULT CASH + MEM. BANK RES.
OTHER INTERBANK CLAIMS
MISCELLANEOUS ASSETS
1 1 1 . 4 NET INCREASE I N L I A B I L I T I E S
DEMAND DEPOSITS. NET
24.6
7.2
U . S . GOVERNMENT
OTHER
17.4
*
9.7
-3.6
1.7
1.7
18
19
20
21
ZZ
23
24
25
26
TIME DEPOSITS
LARGE NEGOTIABLE CD'S
OTHER AT COMMERCIAL BANKS
AT FOREIGN BANKING AGS.
F.R. FLOAT
BORROWING AT F.R. BANKS
OTHER INTERBANK CLAIMS
27
28
29
30
31
32
33
CORPORATE EQUITY ISSUES
CREDIT MARKET DEBT
CORPORATE BONDS
OPEN-MARKET PAPER
FEDERAL FUNDS AND RP*S
34
35
36
37
38
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES
LIAB. TO FGN. AFFILIATES
OTHER
39
40
41
42
-7.8 DISCREPANCY
(1) CONSISTS OF CHARTERED COMMERCIAL BANKS. THEIR DOMESTIC AFFILIATES.
EDGE ACT CORPORATIONS. AGENCIES OF FOREIGN BANKS. AND BANKS IN U.S.
POSSESSIONS. EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING AGENCIES."
BILLIONS OF DOLLARS.
1
2
43
NOVEMBER 13, 1978
COMMERCIAL BANKING SUBSECTORS
COMMERCIAL BANKING SUBSECTORS
SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING
UNADJUSTED NET FLOWS (* MILL.)
UNADJUSTED NET FLOWS (* MILL.)
1977
III
BILLIONS OF DOLLARS
1969
1970
1971
COMMERCIAL BANKS
1 CURRENT SURPLUS
2 PLANT • EQUIPMENT
3 NET ACQ. OF FINANCIAL ASSETS
4
TOTAL BANK CREDIT
5
CREDIT MARKET INSTRUMENTS
6
U . S . GOVT. SECURITIES
7
TREASURY ISSUES
8
AGENCY ISSUES
596
1.058
776
1.152
955
1.161
849
1.366
1.033
920
1.314
1.126
3.1
1.3
3.8
1.8
3.3
2.1
2.5
2.2
3.3
2.6
1
2
27.028
27.904
28.487
-1.089
-2.031
942
19.960
23.187
20.597
-2.453
-2.308
-145
42.865
30.195
29.182
2.306
1.299
1.007
14.477
9.444
13.753
765
-558
1.323
38.404
37.840
35.621
281
-1.560
1.841
21.711
17.229
18.879
-1.500
-2.520
1.020
43.6
39.5
38.2
3.3
2.0
1.3
13.8
12.0
13.1
-10.1
-9.8
-.3
38.0
34.7
33.2
10.9
7.0
3.8
58.2
51.0
50.2
7.2
3.2
4.0
78.1
73.4
68.8
6.0
2.1
3.9
3
4
5
6
7
8
9
10
11
12
OTHER SECURITIES • MTGS.
ST.+LOC. OBLIGATIONS
CORPORATE BONDS
MORTGAGES
11.912
4.201
-131
7.842
11.375
3.136
-81
8.320
8.006
592
139
7.275
6.074
370
-184
5 . 888
12.720
3.054
-153
9.819
10.974
1.580
-6
9.400
15.4
8.6
.3
6.6
5.8
.6
-.1
5.3
13.3
10.5
.8
2.0
23.6
12.8
1.2
9.6
25.3 9
7 . 1 10
1.4 11
16.8 12
13
14
15
16
17
OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER
SECURITY CREDIT
17.664
6.063
11.729
-128
-583
11.675
5.651
5.875
149
2.590
18.870
4.105
11.720
3.045
1.013
6.914
1.645
7.899
-2.630
-4.309
22.620
8.116
14.033
471
2.219
9.405
7.033
2.017
355
-1.650
19.5
5.5
14.4
-.4
1.3
17.5
4.7
11.5
1.3
-1.1
9.1
2.9
4.7
1.5
1.4
19.4
7.4
11.7
.3
.8
37.6
10.8
26.9
-.2
4.7
13
14
15
16
17
18
19
20
21
INTERBANK CLAIMS
-3.477
VAULT CASH • MEM. BK. RES. - 1 . 7 1 9
OEP. AT FGN. BANKING AGS. - 1 . 3 5 7
LOANS TO FGN. BANKING AGS.
-401
-500
-2.008
1.509
-1
6.766
5.512
-602
1.856
158
-1.241
1.504
-105
1.129
316
-2
815
5.897
5.532
0
365
2.1
2.0
.6
.3
.1
.2
2.1
1.8
.2
.1
5.7
4.1
-.1
1.6
2.4
-1.0
2.5
.8
18
19
20
21
22
MISCELLANEOUS ASSETS
2.601
-2.727
5.904
4.875
-565
-1.415
1.9
1.2
1.3
1.5
25.552
8.796
-604
9.402
18.537
-944
2.474
-3.418
13.319
42.045
29.452 -24.012
-3.757
2.022
27.430 -20.255
36.751
15.825
4.398
11.427
19.850
796
2.930
-2.134
41.8
12.2
-.2
12.4
11.6
4.6
56.6
13.0
2.2
10.7
76.2
24.1
.7
23.4
4 2 . 8 27
9.8 28
3 3 . 0 29
23 NET INCREASE I N L I A B I L I T I E S
24
DEMAND DEPOSITS* NET
25
U . S . GOVERNMENT
26
OTHER
*
.1
4.6
36.4
5.1
2.9
2.2
27
28
29
TIME DEPOSITS
LARGE NEGOTIABLE CD'S
OTHER
7.531
1.927
5.604
13.257
3.896
9.361
17.650
9.840
7.810
20.952
4.385
16.567
11.917
5.589
6.328
9.303
3.348
5.955
20.6
3.1
17.4
-9.7
-12.5
2.9
37.6
15.2
22.4
41.1
8.7
32.4
30
31
32
33
CORPORATE EQUITIES
CORPORATE BONDS
SECURITY R.P.'S
PROFIT TAXES PAYABLE
75
183
2.247
0
225
157
239
0
197
165
-2.201
0
75
5
6.936
0
126
96
-1.133
0
18
41
849
0
-.1
.3
.6
-.1
-.2
2.6
.1
.1
.1
-2.2
.3
.6
.9
1.0
34
35
36
37
38
39
40
INTERBANK LIABILITIES
F.R. FLOAT
BORROWING AT F.R. BANKS
DEM. DEP. OF FGN. BK. AGS.
TIME DEP. OF FGN. BK. AGS.
LOANS FROM AFFILIATES
LOANS FROM FGN. BK. AGS.
942
691
HI
82
95
0
-37
619
-1.648
1.032
536
-76
0
775
447
1.854
-1.027
-104
-52
0
-224
-724
-1.078
67
600
-133
0
-180
2.241
586
1.096
575
65
0
-81
1.737
1.946
-271
278
-122
0
-94
1.7
1.0
1.6
.1
-.3
1.3
.1
2.5
.8
.2
1.2
.1
.1
.1
41
42
43
MISCELLANEOUS LIABILITIES
LIAB. TO FOREIGN BRANCHES
OTHER
5.776
1.784
3.992
4.984
5.599
-615
-3.665
2.367
-6.032
10.087
-1.548
11.635
7.679
1.167
6.512
7.106
1.302
5.804
6.6
1.8
4.8
12.7
11.4
1.3
-7.1
-6.0
-1.1
-1.5
-4.9
3.4
-1.938
-1.799
-1.026
-1.675
-1.540
<t4 DISCREPANCY
. 7*
—
*
*
*
1.5
*
. 8*
—
.6
*
*
.3
.1
2 . 3 22
23
24
25
26
1.2
1.1
2.2
-.2
30
31
32
33
.5
-.4
1.9
-1.2
.3
-.4
.2
34
35
36
37
38
39
40
4.5 41
- . 2 42
4 . 7 43
DOMESTIC AFFILIATES OF COMMERCIAL BANKS
1 NET ACQ. OF FINANCIAL ASSETS
2
BANK LOANS N . E . C .
3
LOANS TO AFFILIATE BANKS
-17
-17
0
24
24
0
600
600
0
-515
-515
0
357
357
0
158
158
0
4.5
3.9
.6
-.9
-1.0
.1
.2
-.1
.3
-.6
-.2
-.4
4 NET INCREASE IN LIABILITIES
5
COMMERCIAL PAPER ISSUES
6
MISCELLANEOUS LIABILITIES
-17
565
-582
24
385
-361
600
220
380
-515
889
-1.404
357
2 .003
- 1 .646
158
978
-820
4.5
4.3
.2
-.9
-1.9
1.1
.2
-.4
.6
-.6
.7
-1.3
4.0
2.7
-.1
.2
2.0
.1
-.2
-.2
EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
NET ACQ. OF FINANCIAL ASSETS
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
BANK LOANS N.E.C.
OPEN-MARKET PAPER
-2.591
-2.102
-26
7
10
-2.093
0
2.704
222
-92
104
-23
233
0
1.735
942
20
-4
33
893
0
2.140
728
-26
-24
-2
780
0
1.895
1.888
418
-66
-6
1.542
0
469
488
-21
-3
5
507
0
CORPORATE EQUITIES
SECURITY CREDIT
DEM. DEPOSITS AT COML. BANKS
TIME DEPOSITS AT COML. BANKS
LOANS TO BANKS
MISCELLANEOUS ASSETS
0
-71
82
95
-37
-558
0
96
536
-76
775
1.151
0
305
-104
-52
-224
868
0
41
600
-133
-180
1.084
0
-370
575
65
-81
-182
0
395
278
-122
-94
-476
14 NET INCREASE IN LIABILITIES
15
DEMAND DEP. IN MONEY STOCK
16
TIME DEPOSITS
17
DEPOSITS OF BANKS
18
LOANS FROM BANKS
-2.591
547
-70
-1.357
-401
2.704
862
6
1.509
-1
1.735
-877
-62
-602
1.856
2.140
256
-66
1.504
-105
1.895
-95
74
-2
815
469
-175
4
0
365
1.6
1.1
.2
19
20
21
-1.310
-842
-468
328
621
-293
1.420
1.282
138
551
59
492
1.103
404
699
275
262
13
9
10
11
12
13
MISCELLANEOUS LIABILITIES
DUE TO FOREIGN AFFILIATES
OTHER
1.6
.4
*
*
-.1
.4
-
1.6
1.3
*
*
—
*
—
.8
-. 1
*
-
1.3
2.6
-.6
1.2
.1
.1
-.1
.5
3.2
1.7
.3
*
.3
1.1
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
*
1—
.3
. 1*
.4
.1
.1
-1.2
.3
.2
2.1
.1
.2
.1
•2
4.0
4.2
.4
.2
.1
2.0
.2
.3
-.1
1.6
3.2
-3.3
-.5
2.5
.8
.2
.5
-.3
1.4
1.2
.2
-.8
.2
-1.0
.7
-.7
.1
—
.7
. 4*
*
1.8
*
.1
—
*
3 . 6 19
. 4 20
3 . 2 21
BANKS I N U . S . POSSESSIONS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS • CURRENCY
3
CREDIT MARKET INSTRUMENTS
4
U . S . GOVERNMENT SECURITIES
5
STATE + LOCAL OBLIGATIONS
6
CORPORATE BONDS
7
HOME MORTGAGES
8
COMMERCIAL MORTGAGES
9
MISCELLANEOUS ASSETS
10 NET INCREASE IN DEPOSIT LIAB.
240
193
76
71
-56
61
36
-34
-29
179
79
95
39
18
-1
-51
90
5
179
80
95
42
19
-3
-33
70
4
240
179
179
II1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
188
73
100
58
6
3
33
0
15
200
75
100
50
5
10
40
-5
25
205
70
105
64
-3
13
95
-64
30
3
*
1
*
*
*
*
*
1.1
*
.2
*
*
*
*
.1
.5
.1
.1
*
*
*
.1
*
.5
.1
.3
.2
*
*
.1
*
.5
.2
.3
.2
.1
*
*
*
1
2
3
4
5
6
7
8
NOVEMBER 13, 1978
COMMERCIAL BANKING SUBSECTORS
COMMERCIAL BANKING SUBSECTORS
SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
COMMERCIAL BANKS
3.5
4.6
3.5
4.6
3.4
5.5
4.1
3.7
106.5
119.8
101.7
-3.6
-3.1
116.3
57.4
71.4
-8.9
111.5
103.6
112.5
119.7
1
2
3.4
3.1
2.6
4.1
2.8
4.6
3.4
4.6
3.2
4.4
3
4
5
6
7
8
93.7
77.9
80.8
-1.3
-8.8
7.5
74.4
55.7
58.1
1.2
-2.4
3.6
36.5
31.3
29.3
30.3
28.7
1.6
77.0
64.6
57.7
19.3
17.9
1.4
103.7
87.2
86.9
-.1
-.9
.9
85.3
9.2
5.5
3.7
9
10
11
12
25.6
5.6
.4
19.6
18.6
5.2
1.0
12.3
7.1
1.6
1.8
3.7
16.3
2.6
-.7
14.3
36.2
9.2
-.2
27.3
37.7
9.7
-.5
28.5
45.8
14.7
-.3
31.4
30.6
13
14
15
16
17
56.5
11.6
46.2
-1.3
-3.0
38.3
3.6
32.5
2.2
-2.4
-8.2
2.9
-12.2
1.1
2.1
22.1
11.4
7.0
3.7
6.9
50.8
17.0
33.5
.3
.3
36.3
18.2
18.4
59.5
16.5
39.8
3.1
18.1
47.7
18.5
24.9
4.3
18
19
20
21
10.9
3.5
2.3
5.1
5.7
-.3
3.1
2.9
-2.4
.8
-2*9
-.3
.7
-1.0
1.3
.4
4.1
3.5
-.4
1.0
22
4.9
12.9
7.6
11.7
12.3
6.1
23
24
25
26
90.8
12.9
-1.0
13.9
71 .9
-1.1
-5.1
3.9
34.6
5.5
-1.7
7.2
75.1
10.8
-.1
10.9
98.9
23.9
4.3
19.6
80.8
10.4
-7.9
18.3
27
28
29
50.3
20.0
30.3
56.6
28.5
26.3
29.6
-10.1
39.7
41.1
-17.5
58.7
54.8
12.0
42.8
30
31
32
33
1.2
12.9
.1
1.0
.2
-6.7
.1
1.0
.2
-2.6
-.3
1.6
.7
5.2
.6
.6
2.7
~
~
34
35
36
37
38
39
40
2.1
-.9
-.7
2.6
.1
-.4
1.4
1.9
-1.1
-1.0
4.3
.1
-.2
-.2
-1.2
1.7
-.1
-2.7
-.1
1.9
-1.1
-.2
2.9
1.3
1.2
.2
-.8
-.1
41
42
43
11.3
-.8
12.0
19.8
4.5
15.2
2.5
1.4
1.2
13.8
3.5
10.3
15.1
8.7
6.3
44
-2.6
-3.9
-3.7
-3.1
-6.0
*
-.1
*
.3
124.0
116.3 NET ACQ. OF FINANCIAL ASSETS
95.2
TOTAL BANK CREDIT
93.6
CREDIT MARKET INSTRUMENTS
.3
U.S. GOVT. SECURITIES
-3.9
TREASURY ISSUES
4.2
AGENCY ISSUES
108.4
13.5
1.4
-4.6
6.1
-11.9
3.0
4.9 CURRENT SURPLUS
4.5 PLANT + EQUIPMENT
6.1
7.4
34.2
8.1
39.7
4.1
43.9
8.3
*
35.7
17.6
66.3
55.2
25.0
25.9
4.2
11.2
49.3
21.2
23.9
4.2
1.6
38.2
33.1
-2.4
7.4
-7.1
-12.7
12.1
8.9
12.8
11.3
20.7
15.0
-7.8
99.1
18.1
5.5
12.5
114.7
45.1
15.2
29.9
104.7
-20.0
-14.1
119.6
37.3
12.6
24.8
38.5
7.7
30.8
70.6
15.6
55.0
61.5
39.4
22.2
67.2
9.0
.7
.6
1.0
-.2
-14.1
32.6
1.5
.6
-14.0
2.1
-.3
4.1
5.0
.7
-.4
-.2
-.4
-1.0
-.6
2.4
-.5
7.7
20.8
-13.1
11.4
5.5
5.9
30.2
•4
29.9
.8
OTHER CR. EXCL. SECURITY
CONSUMER CREDIT
BANK LOANS N . E . C .
OPEN-MARKET PAPER
SECURITY CREDIT
13
14
15
16
17
1.5
18
19
20
21
8.3
MISCELLANEOUS ASSETS
22
108.0 NET INCREASE IN LIABILITIES
25.3
DEMAND DEPOSITS, NET
7.2
U.S. GOVERNMENT
18.1
OTHER
57.6
22.4
35.2
55.2
13.4
41.8
.5
.4
-4.5
.1
.2
3.4
-.2
5.5
-.1
2.3
.3
6.4
9.7
-3.6
1.1
-.5
22.3
4.6
17.7
17.7
2.8
14.9
-.4
-.7
20.4
6.7
13.6
OTHER SECURITIES • MTGS. 9
ST.+LOC. OBLIGATIONS
10
CORPORATE BONDS
11
MORTGAGES
12
INTERBANK CLAIMS
VAULT CASH • MEM. BK. RES.
DEP. AT FGN. BANKING AGS.
LOANS TO FGN. BANKING AGS.
6.0
-5.9
3
4
5
6
7
8
TIME DEPOSITS
LARGE NEGOTIABLE CD'S
OTHER
27
28
29
CORPORATE EQUITIES
CORPORATE BONDS
SECURITY R.P.'S
PROFIT TAXES PAYABLE
30
31
32
33
INTERBANK LIABILITIES
F.R. FLOAT
BORROWING AT F.R. BANKS
DEM. DEP. OF FGN. BK. AGS.
TIME DEP. OF FGN. BK. AGS.
LOANS FROM AFFILIATES
LOANS FROM FGN. BK. AGS.
34
35
36
37
38
39
40
MISCELLANEOUS LIABILITIES
LIAB. TO FOREIGN BRANCHES
OTHER
41
-7.8 DISCREPANCY
-8.9
DOMESTIC AFFILIATES OF COMMERCIAL BANKS
1
2
3
1.3
1.7
-.4
.7
.9
-.2
-.5
-.5
-
-.3
-.3
.6
.6
-.1
-.1
4
5
6
1.3
2.2
-1.0
.7
3.5
-2.7
-.5
.3
-.8
-.3
-.8
.5
.6
1.3
-.7
-.1
2.3
2.4
2.4
.1
.1
-2.1
-2.1
1.4
1.4
-2.1
3.6
-5.6
1.4
8.0
-6.6
8.6
2.9
-.1
-.1
*
3.1
7.6
7.6
1.7
-.3
*
6.2
.6 NET ACQ. OF FINANCIAL ASSETS
.6
BANK LOANS N.E.C.
LOANS TO AFFILIATE BANKS
.6 NET INCREASE IN LIABILITIES
3.9
COMMERCIAL PAPER ISSUES
-3.3
MISCELLANEOUS LIABILITIES
EDGE ACT CORPORATIONS AND AGENCIES OF FOREIGN BANKS
1
2
3
4
9.9
3.9
.1
6
9
10
11
12
13
.2
-.4
2.6
.1
1.4
2.1
14
15
16
17
18
9.9
19
20
21
11.7
5.0
.1
*
*
4.3
.1
-.2
2.5
.2
-.2
-2.7
-.1
-.1
.1
.6
2.3
5.1
11.7
1.8
.2
3.1
2.9
1.9
.7
1.2
3.7
2.4
1.4
*
.1
*
-10.4
-8.4
-.1
*
*
-8.4
-
-.1
-2.1
-.2
-4.1
-1.5
-.3
-.1
-
.2
2.9
-
.3
.4
.3
-.8
-.1
.8
1.8
-4.1
-.5
.5
-2.9
-.3
3.7
1.3
-.7
1.3
.4
-1.0
-1.3
.3
1.3
1.1
.2
*
10.8
.9
-.4
.4
-.1
.9
-
-.3
3.1
4.6
-.1
-.2
-.2
-.4
1.0
-.1
-2.2
-10.4
2.2
-.3
-5.4
-1.6
10.8
3.4
-.3
.2
-.4
-5.2
-3.4
-1.9
1.3
2.5
-1.2
6.9
3.8
.1
*
.1
3.6
-
-
1.2
-.4
-.2
-.9
3.5
6.9
-3.5
-.2
-2.4
7.4
-
•2
2.4
-.5
-.7
4.3
-
-1.5
2.3
-.3
-.7
2.2
.2
2.0
.7
.3
.4
.2
.1
*
-.1
.3
*
.8
.3
.4
.2
*
*
.1
-.4
-1.9
1.9 NET INCREASE IN LIABILITIES
-.7
DEMAND DEP. IN MONEY STOCK
*
TIME DEPOSITS
DEPOSITS OF BANKS
1.5
LOANS FROM BANKS
4.4
1.6
2.8
1.1
1.0
.1
MISCELLANEOUS LIABILITIES
DUE TO FOREIGN AFFILIATES
OTHER
BANKS I N U . S . POSSESSIONS
1
2
3
4
5
6
7
8
9
.5
.3
.1
-.1
.1
.1
.1
.1
.4
-.2
10
.5
.1
*
*
.1
-.2
.5
-.2
.2
*
BILLIONS OF DOLLARS.
.8
•5
.3
•2
-.1
.1
.2
.6
.4
-.2
.6
.1
.4
.1
.1
-.1
-.1
1.1
.4
.8
1.1
•1
.4
.1
.1
*
*
.1
1.0
.8
.3
.3
-.2
.2
.1
-.1
-.1
1.0
I11/78 BASED ON INCOMPLETE INFORMATION.
.7
.3
.4
.2
.1
*
-.2
.4
*
.1
1
2
3
4
5
6
7
CORPORATE EQUITIES
8
SECURITY CREDIT
9
DEM. DEPOSITS AT COHL. BANKS 10
TIME DEPOSITS AT COML. BANKS 11
LOANS TO BANKS
12
MISCELLANEOUS ASSETS
13
7.6
-.4
6.0
-.4
5.7
5.1
1.9 NET ACQ. OF FINANCIAL ASSETS
2.0
CREDIT MARKET INSTRUMENTS
-.1
U . S . GOVERNMENT SECURITIES
*
STATE + LOCAL OBLIGATIONS
*
CORPORATE BONDS
2.0
BANK LOANS N . E . C .
OPEN-MARKET PAPER
.8 NET ACQ. OF FINANCIAL ASSETS
.3 DEMAND DEPOSITS • CURRENCY
.4 CREDIT MARKET INSTRUMENTS
.3
U.S. GOVERNMENT SECURITIES
*
STATE • LOCAL OBLIGATIONS
•1
CORPORATE BONOS
•4
HOME MORTGAGES
-.3
COMMERCIAL MORTGAGES
•1
MISCELLANEOUS ASSETS
.8 NET INCREASE IN DEPOSIT LIAB.
14
15
17
18
19
20
21
NOVEMBER 13, 1978
NONBANK FINANCE SUMMARY
20
NONBANK FINANCE SUMMARY
PRIVATE NONBANK FINANCIAL INSTITUTIONS
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1977
III
1978
II
BILLIONS OF DOLLARS
1969
1970
1971
PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL
1 CURRENT SURPLUS
2 PHYSICAL INVESTMENT
3 NET ACQ. OF FINANCIAL ASSETS
4
DEMAND DEPOSITS • CURRENCY
5
TIME + SVGS. ACCOUNTS
12
13
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE • FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
OTHER LOANS
14
15
16
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
9
10
17 NET INCREASE I N L I A B I L I T I E S
18
TIME • SAVINGS ACCOUNTS
19
INSURANCE • PENSION RESERVES
ZO
CORPORATE EQUITY ISSUES ( 1 )
2.091
489
2.347
100
2.133
383
2.250
556
2.519
448
2.472
403
.6
1.1
.1
1.2
2.2
1.2
4.8
1.6
5.0
2.2
1
2
47.837
818
-94
46.731
237
-386
49.657
1.097
2.228
41.524
-1.025
4.083
51.421
797
150
45.300
1.076
-42
52.9
.7
47.5
-.4
-.6
56.4
.4
1.1
86.3
.7
2.4
106.4
1.5
1.7
3
4
5
1.324
43.183
3.021
3.536
6.729
20.803
4.492
4.602
1.044
43.498
7.007
2.686
7.687
18.973
4.596
2.549
3.399
39.847
-543
2.632
11.122
19.246
4.605
2.785
-1.472
36.791
4.052
2.528
7.029
14.000
1.164
8.018
952
45.747
4.733
3.163
8.590
18.788
7.496
2.977
869
39.215
5.092
2.967
5.621
17.554
5.773
2.208
10.8
36.7
2.1
1.0
9.7
16.0
3.9
4.0
12.2
38.6
-1.8
•9
8.0
16.6
4.8
10.1
11.3
41.5
3.0
1.9
12.3
17.9
1.5
4.8
19.3
59.7
4.0
13.7
32.5
5.0
4.6
16.4
79.2
5.6
4.6
12.2
44.2
6.7
6.0
6
7
8
9
10
11
12
13
885
285
1.436
591
278
1.469
246
270
2.570
295
250
2.602
1.919
250
1.606
2.148
232
1.802
2.8
.3
1.5
-3.5
.4
.9
-1.3
.5
2.9
2.6
.3
1.3
46.299
16.859
15.062
466
44.318
16.888
15.223
-647
47.242
13.914
13.423
572
39.530
18.046
13.329
330
50.824
13.641
16.233
0
43.140
14.683
15.275
-228
53.5
12.8
18.9
6.6
50.0
7.9
19.7
6.3
57.1
17.0
21.9
4.6
82.1
40.5
24.4
2.9
102.3
46.0
26.1
1.6
17
18
19
20
12.6
1.0
5.2
2.6
.6
.1
-.1
.6
4.5
2.9
2.0
.1
1.9
.3
13.1
4.0
1.2
.5
5.9
1.2
*
.3
21
22
23
24
25
26
27
28
29
*
21
22
23
24
25
26
27
28
29
CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
MORTGAGE LOANS I N PROCESS
OTHER MORTGAGES
BANK LOANS N . E . C .
OPEN-MARKET PAPER
MONEY MARKET FUND SHARES
FHLB LOANS
SECURITY RP«S
9.273
3.488
1.773
2
-651
3.217
-317
1.255
506
4.071
1.636
612
21
163
-212
20
1.337
494
12.983
2.860
191
-31
1.728
4.188
424
3.119
504
5.429
2.239
503
117
-2.072
1.328
1.609
1.105
600
13.841
2.211
1.218
32
1.520
2.834
1.331
3.996
699
7.556
1.437
-411
13
868
-62
1.580
3.884
247
5.8
.2
.2
.2
1.5
2.9
30
31
32
SECURITY CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS L I A B I L I T I E S
-443
-190
5.272
2.657
324
5.802
1.835
181
4.334
-4.241
523
6.114
2.449
7
4.653
-535
504
5.885
3.5
.2
5.7
33 DISCREPANCY
-. 9
~
*
.2
1.3
6.0
~
~
*
-
4.0
1.3
-2.7
-3.0
.1
6.4
1.0
.2
7.1
1.1
-.1
8.8
3 . 7 14
1.2 15
2 . 7 16
4 . 1 30
. 2 31
1 1 . 2 32
64
(1) INCLUDES INVESTMENT COMPANY SHARES.
SAVINGS INSTITUTIONS COMBINED
1.6
1.5
1.9
2.2
1
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS • CURRENCY
4
TIME DEPOSITS
22.732
234
-621
21.986
22
-799
19.552
320
801
22.706
-416
2.222
20.981
255
-1.311
21.067
735
-1.927
14.0
-.2
-.6
20.8
43.3
-.2
2.8
51.6
.4
1.7
2
3
4
5
6
7
8
9
125
23.304
1.207
45
48
122
22.516
921
249
68
53
17.230
-815
203
168
103
19.321
3.136
-75
241
2
21.815
230
254
170
-6
21.368
2.248
143
-59
•2
14.6
-.4
.3
17.4
1.3
.3
1.2
.5
39.9
3.4
.2
3.9
.6
48.2
3.8
.5
2.1
5
6
7
8
9
18.965
16.207
1.628
1.136
-6
18.306
15.436
1.430
1.440
0
16.493
13.684
1.285
1.523
1
13.061
10.392
1.255
1.413
1
17.371
13.899
1.627
1.844
1
15.064
11.980
1.451
1.632
1
11.7
8.5
1.4
12.2
9.3
1.5
1.3
11.7
8.0
2.2
1.5
27.8
18.4
5.3
4.1
-.1
37.7
27.7
4.8
5.2
*
10
11
12
13
14
2.672
63
304
-310
2.560
54
358
125
1.512
28
-359
1.148
1.447
5
1.506
1.476
3.556
75
159
220
2.777
70
1.125
897
1.5
.1
.2
2.0
.5
-.1
1.8
2.0
2.6
.1
1.9
.3
3.1
.1
.9
.7
15
16
17
18
21.590
16.859
4.236
47
20.781
16.888
2.800
85
18.340
13.914
5.149
86
19.6
17.0
1.8
-809
19.666
14.683
4.034
113
836
12.6
7.9
4.1
1.008
19.596
13.641
6.316
73
-434
14.5
12.8
1.1
448
21.484
18.046
2.050
118
1.270
41.6
40.5
-.1
.1
1.1
49.1
46.0
2.0
*
1.1
19
20
21
22
23
-395
-410
-389
1 CURRENT SURPLUS
10
11
12
13
14
15
16
17
18
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVT. SECURITIES
STATE AND LOCAL GOVT. SEC.
CORPORATE BONDS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
FARM
CONSUMER INSTALMENT CREDIT
CONSUMER NONINSTAL. CREDIT
MONEY MARKET INSTR.
MISCELLANEOUS ASSETS
19 NET INCREASE I N L I A B I L I T I E S
20
SAVINGS ACCOUNTS
21
CR. MKT. INSTR. (SVGS+LN)
22
PROFIT TAX L I A B I L I T Y
23
MISCELLANEOUS L I A B I L I T I E S
24 DISCREPANCY
1 1 1 / 7 6 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
*
*
.6
*
1.0
*
*
1.4
*
*
.7
NOVEMBER 1 3 , 1978
NONBANK FINANCE SUMMARY
NONBANK FINANCE SUMMARY
PRIVATE NONBANK FINANCIAL
INSTITUTIONS
SEASONALLY ADJUSTEO ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
PRIVATE NONBANK FINANCIAL INSTITUTIONS 8.0
2.0
9.1
.4
8.8
1.5
9.3
2.2
155.3
185.7
1.0
3.5
189.1
6.1
.2
201.5
.9
-.8
182.7
1.1
7.8
170.1
-3.8
10.9
203.8
6.4
2.4
194.9 NET ACQ. OF FINANCIAL ASSETS
4.1
DEMAND DEPOSITS + CURRENCY
5.7
TIME + SVGS. ACCOUNTS
6.2
165.8
17.5
8.0
177.5
30.8
10.5
36.5
73.2
13.8
12.7
4.6
157.5
2.2
10.5
34.4
80.8
15.8
13.7
-1.8
153.8
3.7
10.1
30.8
65.2
15.9
28.1
5.0
174.3
24.6
12.9
36.1
65.1
24.9
10.7
7.6
159.0
22.2
2.4
1.0
1.1
9.6
1.2
1.0
8.8
7.7
1.0
7.0
8.6
.9
9.2
192.8
81.4
59.4
174.3
60.1
55.4
2.0
163.3
53.2
52.6
197.9
55.4
65.3
45.9
39.4
9.9
2.6
.5
-1.5
6.3
6.4
4.7
2.0
4.7
2.6
3.9
5.4
3
4
5
90.7
76.5
113.8
.1
-.2
.6
5.3
.6
4.0
6
7
8
9
10
11
12
13
13.1
78.8
5.7
9.4
61.7
.9
3.6
3.8
1.6
92.3
22.6
12.5
133.2
22.0
5.6
9.1
11.8
44.8
17.3
23.6
26.0
29.2
34.8
47.9
8.7
9.0
5.2
10.2
5.4
3.7
9.8
9.5
163.8
19.6
10.9
31.4
70.3
14.3
17.3
14
15
16
-4.3
-1.6
.6
2.7
.5
4.3
1.0
.6
5.8
4.6
1.2
3.7
2.8
1.1
7.3
17
18
19
20
87.5
27.8
30.6
76.1
22.1
33.2
114.0
59.4
39.6
149.0
69.2
48.2
177.4
69.9
57.0
.3
-.7
-.4
-.6
21
22
23
24
25
26
27
28
29
21.1
16.2
3.5
1.9
-1.5
-1.4
.3
8.9
2.7
.2
4.6
-.4
2.8
1.9
.4
4.5
5.2
1.7
.4
-3.6
-3.7
-
.7
1.3
3.0
2.4
6.7
1.5
-4.0
-2.0
.1
- . 1
30
31
32
7.2
-3.4
-3.2
*
.1
11.0
8.5
2.6
.1
13.0
III
TOTAL
8.4
1.8
1
2
•3
1978
II
6.2
3.8
*
6.5
•5
18.7
6.2
73.6
14.4
17.8
179.5
68.1
60.6
.9
4.1
*
27.5
9.6
3.1
*
*
8.4
.2
4.3
1.9
1.3
.7
20.9
-6.5
13.7
-1.3
4.3
2.0
3.0
.1
-.1
1.2
.1
-.1
2.0
-.2
.7
19.8
21.1
3.8
18.3
.7
11.1
2.9
-.1
4.7
13.2
1.7
10.4
2.0
-10.7
9.6 CURRENT SURPLUS
1.6 PHYSICAL INVESTMENT
1.0
12.8
2.4
-8.7
.9
20.6
67.0
18.1
11.0
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
ST.+LOC. OBLIGATIONS
CORPORATE + FOREIGN BONDS
MORTGAGES
CONSUMER CREDIT
OTHER LOANS
SECURITY CREDIT
TRADE CREDIT
MISCELLANEOUS ASSETS
14
15
16
1 8 7 . 3 NET INCREASE I N L I A B I L I T I E S
71.9
TIME + SAVINGS ACCOUNTS
59.5
INSURANCE • PENSION RESERVES
-.6
CORPORATE EQUITY ISSUES ( 1 )
17
18
19
20
1.5
.1
2.4
11.9
5.3
15.3
2.8
27.6
7.0
-1.1
.1
2.5
1.9
6.3
10.0
1.0
CREDIT MARKET INSTRUMENTS
CORPORATE BONOS
MORTGAGE LOANS IN PROCESS
OTHER MORTGAGES
BANK LOANS N . E . C .
OPEN-MARKET PAPER
MONEY MARKET FUND SHARES
FHLB LOANS
SECURITY RP»S
21
22
23
24
25
26
27
28
29
12.2
1.5
17.3
6.1
1.5
21.4
SECURITY CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES
30
31
32
46.1
6.7
-1.1
.3 DISCREPANCY
(1) INCLUDES INVESTMENT COMPANY SHARES.
SAVINGS INSTITUTIONS COMBINED
3.0
3.2
3.3
3.6
3.2
3.1
-1.0
30.7
.2
1.1
59.9
•5
4.8
73.8
.1
- . 1
88.1
.1
.7
86.6
3.7
-1.9
93.5
- . 7
2.4
86.5
.7
2.1
81.5
-3.2
3.5
79.8
4.1
-3.4
89.0
1.9
-1.9
.4
36.9
.7
.1
-1.1
.2
26.9
1.3
.3
.9
.2
52.0
10.4
1.2
3.5
.1
71.4
9.1
.9
2.8
.4
84.8
6.7
.5
1.2
•5
85.1
8.0
.2
.2
.5
89.1
9.4
1.0
.3
.2
79.6
-.4
.8
.7
.4
76.5
.9
- . 3
1.0
77.7
4.3
1.0
.7
83.5
14.1
.6
-.2
10
11
12
13
14
32.7
24.5
3.3
4.9
19.8
14.7
1.7
3.4
32.3
24.5
2.6
5.3
49.5
40.6
3.3
5.6
65.1
54.9
5.2
5.0
66.3
56.9
5.6
3.9
69.6
58.6
5.7
5.3
72.0
60.4
5.4
6.2
60.0
47.5
5.7
6.7
59.5
47.3
5.5
6.7
56.3
44.4
5.8
6.1
15
16
17
18
3.6
.4
.6
1.6
3.1
.1
1.4
2.4
19
20
21
22
23
35.1
27.8
6.0
28.6
22.1
6.3
.1
.2
2
3
4
5
6
7
8
9
37.9
*
*
*
*
1.2
BILLIONS OF DOLLARS.
*
*
4.7
• 2
-.5
2.6
6.0
• 1
3.0
2.3
*
-
8.9
.3
1.2
-.8
7.2
.2
1.4
2.2
82.2
68.1
12.5
.3
1.3
86,9
81.4
5.6
.3
1.6
57.9
59.4
-2.2
.1
.6
70.6
69.2
.2
1.2
83.6
69.9
11.9
.3
1.5
-.2
-.9
-1.5
*
*
7.9
.2
3.3
2.2
111/78 BASED ON INCOMPLETE
-1.4
INFORMATION.
*
7.7
• 1
-1.4
3.9
81.3
60.1
20.7
.3
.2
*
*
*
*
*
6.0
4.3
11.3
.3
.6
1.4
7.9
.3
4.5
5.5
76.5
53.2
18.3
.4
4.7
74.5
55.4
21.0
.4
-2.2
83.6
71.9
10.4
.4
.9
9.0
*
CURRENT
1
SURPLUS
N E T A C Q . 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 + CURRENCY
TIME DEPOSITS
CORPORATE E Q U I T I E S
C R E D I T MARKET I N S T R U M E N T S
U . S . GOVT. SECURITIES
S T A T E AND LOCAL G O V T . S E C .
CORPORATE BONDS
MORTGAGES
HOME MORTGAGES
MULTI-FAMILY
COMMERCIAL
FARM
CONSUMER I N S T A L M E N T
CONSUMER N O N I N S T A L .
MONEY MARKET
INSTR.
MISCELLANEOUS ASSETS
5
6
7
8
9
10
11
12
13
14
CREDIT 15
CREDIT 16
17
16
NET INCREASE I N L I A B I L I T I E S
S A V I N G S ACCOUNTS
CR. MKT. INSTR.
JSVGS+LN)
P R O F I T TAX L I A B I L I T Y
MISCELLANEOUS L I A B I L I T I E S
-2.3 DISCREPANCY
2
3
4
19
20
21
22
23
NOVEMBER 13, 1978
SAVINGS INSTITUTIONS
SAVINGS INSTITUTIONS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS (S MILL.)
1977
III
BILLIONS OF DOLLARS
1969
1970
1971
1978
II
SAVINGS AND LOAN ASSOCIATIONS
1 CURRENT SURPLUS
2 NET ACO. OF FINANCIAL ASSETS
3
MORTGAGES
4
CONSUMER CREDIT
17.681
17.059
283
17.440
16.206
386
14.899
14.378
273
16.040
11.265
183
16.295
15.536
230
17.380
12.983
308
9.7
8.9
.1
9.3
9.5
.2
14.1
9.8
.3
29.8
23.8
.8
37.1
32.0
.9
2
3
4
4.0
-.2
.4
5.3
-.2
1.7
4.2
.3
1.0
5
6
7
-1.3
1.9
-.8
3.0
-.5
8
2.4
9
* 10
. 5 11
. 4 12
. 2 13
5
6
7
OTHER ASSETS
DEMAND DEPOSITS * CURRENCY
TIME DEPOSITS
339
2
-268
848
9
-134
248
-89
234
4.592
-30
634
529
30
-334
4.089
BOO
-200
.7
-.4
.1
-.3
-.2
8
9
10
li
12
13
U . S . TREASURY SECURITIES
U.S.G. AGENCY SEC.
STATE+LOCAL GOVT SEC.
OPEN-MARKET PAPER
FED. FUNDS • RP»S
MISCELLANEOUS
349
758
-68
-476
432
-390
-871
1.211
18
-42
608
49
-1.864
478
150
-73
392
1.040
1.820
703
-97
-334
388
1.508
-1.694
1.865
97
134
212
199
-478
2.250
50
150
800
717
.4
.1
.1
.1
-1.5
1.2
16.881
12.151
4.236
504
1.773
198
1.255
506
47
447
16.564
12.986
2.800
100
612
257
1.337
494
85
693
14.056
9.667
5.149
551
191
784
3.119
504
66
-846
15.187
12.192
2.050
50
503
-208
1.105
600
118
827
15.287
9.594
6.316
428
1.218
-25
3.996
699
73
-696
16.353
11.792
4.034
127
-411
187
3.884
247
113
414
14 NET INCREASE IN LIABILITIES
15
SAVINGS SHARES
16
CREDIT MARKET INSTRUMENTS
17
CORPORATE BONDS
18
MORTGAGE LOANS IN PROCESS
19
BANK LOANS N.E.C.
20
FHLb ADVANCES
21
SECURITY RP«S
22
PROFIT TAXES PAYABLE
23
MISCELLANEOUS L I A B I L I T I E S
24 DISCREPANCY
25 MEMO: ACO. OF CREDIT MKT. INST
-. 4
8.9
7.4
1.1
-. 2
.1
.9
—
*
.4
*
. 2*
*
8.4
3.9
4.1
—
*
.1
4.0
—
. 4*
*
*
-
1.0
.5
13.3
10.9
1.8
29.0
27.8
-.1
1.5
1.8
-
.6
-.1
1.3
-
*
.6
*
—
2.0
.7
-2.7
-
.1
1.2
35.5
32.6
2.0
1.2
.4
*
.3
*
.9
14
15
16
17
18
19
20
21
22
23
-301
-336
-282
-224
-478
-527
.2
.3
.3
.4
- . 1 24
18.337
17.516
13.714
13.928
16.400
16.063
9.7
9.6
12.2
28.4
3 5 . 7 25
.2
3.0
-.6
.2
.3
3.6
-.1
.4
.6 5
9.7 6
.2 7
1.1 8
.5 9
2 . 1 10
5.5
.1
-.1
.1
.5
MUTUAL SAVINGS BANKS
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
3
TIME DEPOSITS
4
137
143
148
152
156
150
2.877
205
13
2.888
-21
-58
2.621
382
27
3.675
-411
0
2.196
198
0
2.777
-68
C
4.6
.1
5
6
7
8
9
10
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . TREASURY SECURITIES
U . S . G . AGENCY SEC.
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
125
2.454
-256
248
113
48
122
2.769
88
388
231
68
53
2.051
-297
770
53
166
103
4.015
-218
702
22
241
2
1.975
-409
311
157
170
-6
2.691
32
294
93
-59
.3
4.2
-.5
.4
1.3
.3
1.2
.5
9.5
.1
.6
.2
3.9
11
12
13
14
15
MORTGAGES
CONSUMER CREDIT
COMMERCIAL PAPER
SECURITY RP'S
MISCELLANEOUS ASSETS
1.803
150
87
261
80
2.003
199
-221
13
76
2.025
10
189
-867
108
1.696
120
-61
1.513
-32
1.735
198
40
-227
21
1.976
180
-219
394
180
2.8
.1
.1
.1
2.7
.1
.1
.2
-.1
1.8
.1
.2
.1
.2
3.9
.1
.2
.2
.3
2.645
1
2.356
315
2.329
37
2.980
443
1.677
262
2.100
422
4.2
.1
2.6
.2
4.4
.1
9.9
-.1
.1
1.3
*
.2
1.6
*
.2
2.0
.2
.2
3.1
.1
-.2
-.4
.4
.9
.6
1.5
.2
*
1.3
2.1
.3
*
1.7
1.4
.3
.1
1.0
2.0
.2
*
1.8
2.9
.5
.2
2.2
1.2
1.4
1.7
2.9
3.3
16 SAVINGS DEPOSITS
17 MISCELLANEOUS L I A B I L I T I E S
*
*
*
*
10.2 16
.2 17
18 DISCREPANCY
CREDIT UNIONS
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS + CURRENCY
4
TIME DEPOSITS
5
SAVINGS • LOAN SHARES
6
CREDIT MARKET INSTRUMENTS
7
U . S . GOVERNMENT SECURITIES
8
HOME MORTGAGES
9
CONSUMER CREDIT
10 CREDIT UNION SHARES
2.174
1.658
2.032
2.991
2.490
27
12
34
19
25
12
27
14
910
23
11
-378
2.513
-626
2.231
27
13
527
1.465
1.576
1.378
-991
3.440
-1.738
2.614
2.302
2.029
1.257
1.149
3.203
2.359
2.063
1.546
1.916
106
103
105
97
118
90
1 1 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
129
100
137
100
150
105
11
12
13
14
15
.3
3.5
.1
NOVEMBER 13, 1978
SAVINGS INSTITUTIONS
SAVINGS INSTITUTIONS
SECTOR STATEMENTS OF SAVING AND
INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1975
1977
III
1976
1978
II
SAVINGS AND LOAN ASSOCIATIONS
2.0 CURRENT SURPLUS
1
2
3
4
28.8
26.5
1.1
23.6
17.6
.7
42.7
29.5
•9
53.7
44.9
1.0
67.4
58.2
1.1
67.7
58.7
1.2
70.4
61.2
1.4
67.4
63.6
1.1
59.1
52.8
.8
62.2
52.1
1.0
69.4 NET ACQ. OF FINANCIAL ASSETS
MORTGAGES
48.0
CONSUMER CREDIT
1.1
5
6
7
1.2
-.2
-.7
5.4
12.2
.3
4.4
7.7
.2
-.6
8.0
-.1
-.1
7.9
2.4
-1.1
7.8
-1.8
-.5
2.8
1.0
.9
5.5
-2.4
2.5
9.1
2.8
-1.3
20.3
1.2
-.8
8
9
10
11
12
13
-1.6
2.3
1.3
4.1
.6
.9
-1.4
2.0
3.7
.7
.1
-.1
2.1
1.6
-1.3
4.9
.1
2.7
1.8
4.8
3.0
-.3
-1.9
1.7
-.9
1.1
4.8
.1
-.2
2.4
1.8
-6.0
1.9
.6
-.3
1.6
3.1
-2.0
2.8
-.4
-1.3
1.6
4.7
-3.2
7.5
.4
.5
.8
1.5
2.1
9.0
.2
.6
3.2
4.8
41.4
42.8
-2.2
.1
1.9
-.3
-4.0
.1
.1
.7
51.5
50.2
1.7
.2
-2.0
-.1
.2
1.1
64.2
51.0
11.9
1.2
3.1
1.4
4.3
1.9
.3
1.0
64.7
50.4
12.5
2.0
3.8
•4
4.3
2.0
.3
1.6
67.0
59.7
5.6
.4
3.0
.3
-.1
2.0
.3
1.4
63.8
42.3
20.7
2.2
2.9
3.1
10.4
2.0
•3
.5
55.6
35.7
18.3
.2
2.6
.3
12.8
2.4
.4
1.1
58.4
40.2
21.0
1.7
1.5
-.4
15.3
2.6
.4
-3.1
65.4 NET INCREASE IN LIABILITIES
SAVINGS SHARES
54.3
CREDIT MARKET INSTRUMENTS
10.4
CORPORATE BONDS
.5
MORTGAGE LOANS IN PROCESS
-1.1
BANK LOANS N.E.C.
.1
10.0
FHLB ADVANCES
SECURITY RP'S
1.0
PROFIT TAXES PAYABLE
.4
MISCELLANEOUS LIABILITIES
.2
-.1
-.7
-1.1
-1.0
-1.2
-1.4
-1.0
-1.7
-2.0
36.0
52.5
65.7
67.3
70.9
62.4
54.2
59.3
64.2 MEMO: ACQ. OF CREDIT MKT. INST 25
11.4
1.2
.1
13.8
1.0
-.2
10.3
-.4
.1
12.7
-1.0
8.8
1.2
14
15
16
17
18
19
20
21
22
23
—
.4
*
1.2
-1.3
1.3
1.3
.3
-.2
1.8
1.9
26.9
20.2
6.0
22.3
16.0
6.3
*
—
-1.5
.4
7.2
*
.6
24
.1
25
28.3
-
-1.4
-.4
6.7
1.5
.1
-.1
*
21.4
*
.1
*
OTHER ASSETS
DEMAND DEPOSITS + CURRENCY
TIME DEPOSITS
U.S. TREASURY SECURITIES
U.S.G. AGENCY SEC.
STATE+LOCAL GOVT SEC.
OPEN-MARKET PAPER
FED. FUNDS • RP'S
MISCELLANEOUS
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
16
19
20
21
22
23
MUTUAL SAVINGS BANKS
1
.6
.4
.4
.4
.6
2
3
4
6.0
.1
.2
3.8
11.5
.1
.1
13.8
12.5
5
6
7
8
9
10
.4
5.0
-.5
.1
.2
2.8
-.4
.2
-1.1
.9
.2
10.6
2.2
1.7
.6
3.5
.1
12.9
1.1
2.9
.9
2.8
•4
11.7
.1
2.6
.4
1.2
.5
9.6
-1.0
.7
.5
.2
.5
12.2
.6
2.4
-9
•3
.2
9.6
-.1
3.4
.2
.7
.4
13.6
-2.4
1.9
.1
1.0
7.7
-1.6
1.0
.6
.7
11.9
.3
2.0
.4
-.2
11
12
13
14
15
5.7
.2
-.1
.7
.2
2.2
.2
.1
-.3
.5
2.3
.2
.1
-.1
.6
4.1
.2
.5
.4
.7
6.5
.4
.1
.6
.3
7.2
.6
.3
1.0
.1
8.0
.8
-.9
.1
.4
8.1
.8
-3.5
.8
6.8
.5
-.2
6.1
-.4
6.9
.8
.2
-.9
-.1
7.9
.7
-.9
1.6
.7
16
17
4.7
.6
3.1
.3
11.2
-.1
13.0
.1
11.1
.4
10.7
-.2
12.8
.2
9.4
-.2
8.2
3.5
6.9
.9
18
-.1
.1
-.1
-.2
-.4
*
.2
*
*
*
~
*
*
.6 CURRENT SURPLUS
*
"
"
*
13.2 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
.6
TIME DEPOSITS
"
*
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. TREASURY SECURITIES
U.S.G. AGENCY SEC.
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
5
6
7
8
9
10
MORTGAGES
CONSUMER CREDIT
COMMERCIAL PAPER
SECURITY RP»S
MISCELLANEOUS ASSETS
11
12
13
14
15
11.6 SAVINGS DEPOSITS
.6 MISCELLANEOUS LIABILITIES
-.3 DISCREPANCY
CREDIT UNIONS
1
.3
.3
.3
.4
.4
2
3
4
5
6
7
8
9
3.2
.1
.2
-.6
3.6
.5
.4
2.7
3.3
.2
.1
.4
2.7
.4
.1
2.3
5.8
8.3
.1
5.4
1.1
.5
3.8
6.4
-.1
-.2
.6
6.0
•6
.5
4.9
10
2.9
3.0
5.5
6.0
BILLIONS OF DOLLARS.
*
*
.3
.5 CURRENT SURPLUS
7.4
.1
9.4
.1
.8
7.3
.5
.4
6.5
-.9
8.2
3.1
6.1
7.8
7.0
*
111/78 BASED ON INCOI
7.3
.7
.1
1.0
7.6
.5
*
•9
1.7
.5
8.7
.1
.1
-2.2
10.7
.5
2
3
4
6.5 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
.1
TIME DEPOSITS
SAVINGS • LOAN SHARES
-1.1
CREDIT MARKET INSTRUMENTS
7.4
U.S. GOVERNMENT SECURITIES
.6
HOME MORTGAGES
CONSUMER CREDIT
*
6.0 CREDIT UNION SHARES
16
17
NOVEMBER 13, 1978
INSURANCE • PENSION FUNDS
INSURANCE + PENSION FUNDS
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS (* MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1978
II
1977
III
BILLIONS OF DOLLARS
1969
1970
1971
LIFE INSURANCE COMPANIES
1 CURRENT SURPLUS
2 PHYSICAL INVESTMENT
3 NET ACQ. OF FINANCIAL ASSETS
4
DEMAND DEPOSITS + CURRENCY
5
6
7
8
9
10
11
12
13
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
OPEN-MARKET PAPER
POLICY LOANS
MISCELLANEOUS ASSETS
14 NET INCREASE IN LIABILITIES
15
LIFE INSURANCE RESERVES
16
PENSION FUND RESERVES
17
PROFIT TAXES PAYABLE
18
MISCELLANEOUS LIABILITIES
909
511
924
396
990
644
969
634
989
624
1.005
7.332
7.971
9.235
9.469
36
473
8.392
-608
8.489
1
-43
-29
415
174
171
351
67
409
300
6.528
7.131
7.801
8.463
7.674
-224
8.756
-72
537
-43
4.748
1.068
3.286
1.216
1.175
5.952
2.695
-1.960
4.002
1.198
2.209
5.857
2.077
-662
3.261
2.343
2.057
8
81
173
450
629
7.784
1.989
3.804
-123
2.114
843
181
430
633
7.658
2.029
3.575
671
22
421
610
8.590
2.005
4.233
695
-36
395
470
8.022
1.979
3.857
698
449
8.936
2.152
4.553
1.1
.7
1.0
.8
1.3
1.0
1.6
1.2
2.0
1.1
1
2
9.4
.1
9.5
9.9
.1
12.7
14.4
.2
3
4
1.4
7.3
-.2
1.7
6.9
-.2
2.0
7.0
.1
.1
1.5
2.3
.8
2.2
.8
3.6
8.2
-.1
.1
5.5
1.1
3.5
9.7
.1
*
7.0
1.5
.2
.9
1.0
5
6
7
8
9
10
11
12
13
10.2
12.6
5.1
3.3
.1
1.7
6.1
4.5
-.1
2.1
13.6
6.5
4.3
*
2.9
14
15
16
17
18
*
3.7
2.5
*
*
601
442
1.2
.6
1.7
2.1
.8
2.5
.9
8.871
2.226
4.381
9.2
4.6
2.9
.2
1.5
9.3
4.9
2.9
.1
1.4
186
79
309
-60
247
1.868
2.273
1.877
2.291
2.017
*
*
•6
1.0
.9
19 DISCREPANCY
PRIVATE PENSION FUNDS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS + CURRENCY
3
TIME DEPOSITS
5.142
6.284
3.808
23
413
24
426
1.190
4
5
6
7
8
9
1.577
1.869
1.289
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONDS
MORTGAGES
MISCELLANEOUS ASSETS
462
118
1.260
23
788
445
4.246
1.334
2.817
1.350
95
800
199
1.049
102
800
4.566
23
996
4.856
23
1.014
5.160
23
895
-150
3.097
567
2.430
100
600
477
2.542
468
1.999
75
800
700
2.942
851
1.991
100
600
6.9
.3
.1
.1
8.9
-1.5
-.3
-.7
-.5
4.8
1.1
7.3
-.8
1.0
-.8
-.9
STATE • LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS
1 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
2
3
4
5
6
7
8
9
10
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
TREASURY
AGENCY ISSUES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
3.508
4.127
3.335
3.377
2.927
4.672
367
125
-70
433
374
187
808
904
837
446
534
303
2.952
1.574
1.856
-282
2.306
2.610
2.048
1.540
3.764
2.043
1.560
3.018
1.391
483
378
800
591
59
3
4
4
2
6
1.218
1.418
,6
,4
756
416
206
473
87
386
-43
1.743
133
-37
-211
174
37
2.444
166
714
826
-109
467
150
125
150
3.2
3.3
3.7 3
4.6 4
.3 5
-.3 6
.6 7
-.1 8
4.2 9
.2 10
1.8
3.8
-.3
-.5
.2
-.1
4.0
.2
2.1
4.1
-.4
-.3
-.1
-.3
4.5
.3
3.1
.1
3.0
5.4
.1
6.6
.1
7.9
.8
1.9
-.1
.9
1.2
1.0
1.6
-.3
1.1
.8
1.0
3.8
2.5
3.8
.1
3.5
.3
3.0
3.7
.1
4.3
-.7
*
-1.2
-1.2
.1
.1
3.9
.4
OTHER INSURANCE COMPANIES
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS • CURRENCY
4
CORPORATE EQUITIES
5
CREDIT MARKET INSTRUMENTS
6
U.S. GOVERNMENT SECURITIES
7
STATE + LOCAL OBLIGATIONS
8
CORPORATE BONOS
9
COMMERCIAL MORTGAGES
10
TRADE CREDIT
11 NET INCREASE IN LIABILITIES
12
CORPORATE EQUITY ISSUES
13
PROFIT TAXES PAYABLE
14
POLICY PAYABLES
15 DISCREPANCY
3.857
4.187
3.984
119
-57
355
3.851
4.034
138
89
206
347
420
360
452
350
3.247
-838
2.160
1.867
3.619
1.036
2.582
3.363
-24
25
278
3.888
-277
2.736
1.438
3.011
2.838
-9
250
-98
-10
250
2.961
38
285
2.939
1.151
2.528
-730
2.991
3.068
3.032
3.110
3.106
3.279
233
-6
236
46
239
31
242
66
245
11
248
68
2.764
2.786
2.762
2.800
2.850
2.963
-453
-580
-10
270
-452
111/78 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATION.
3.991
-507
261
450
-45
-3
232
*
*
2
3
.3
.4
.5
.3
1.2
4
5
6
?
8
9
10
2.7
.2
3.9
.5
.1
3.3
3.9
.4
.1
3.4
4.1
.6
-.1
3.6
5.4
.5
.1
4.8
11
12
13
14
*
2 . 5*
*
*
1.5
2.3
*
*
*
NOVEMBER 13, 1978
INSURANCE + PENSION FUNDS
INSURANCE + PENSION FUNDS
25
SECTOR STATEMENTS OF SAVING AND
INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1975
1977
III
1976
1976
II
LIFE INSURANCE COMPANIES
4.0
2.6
1
2
2.3
1.2
2.5
1.6
2.7
2.4
3.2
2.1
3.7
2.2
3
4
16.9
.1
16.6
-.1
20.4
-.1
28.2
.1
31.9
.1
32.1
.1
5
6
7
6
9
10
11
12
13
3.6
12.3
-.2
1.9
16.9
1.7
.8
9.1
2.9
.7
1.6
1.7
3.0
23.7
1.5
1.1
16.9
2.4
.4
1.4
1.5
1.2
28.2
1.9
.4
18.3
5.2
.7
1.7
2.5
.7
28.8
2.2
.9
2.3
12.9
.1
.3
4.0
4.9
1.1
2.7
1.4
14
15
16
17
15.4
7.2
5.5
15.4
6.4
6.2
19.8
5.3
10.3
-.1
27.6
6.7
15.3
.1
31.1
7.9
14.9
.4
31.1
8.0
15.2
*
5.9
4.4
*
*
*
19.4
4.9
4.0 CURRENT SURPLUS
1.7 PHYSICAL INVESTMENT
3.9
2.5
.7
27.6
2.3
.5
15.1
5.4
2.5
1.7
2.5
1.4
32.2
2.9
.1
22.8
8.2
-3.4
1.7
2.4
31.3
2.4
-.2
14.5
6.1
6.8
1.6
1.9
30.6
8.1
14.3
34.4
8.0
16.9
.5
8.9
32.1
7.9
15.4
.5
8.2
36.7
-.1
37.6 NET ACQ. OF FINANCIAL ASSETS
.7
DEMAND DEPOSITS + CURRENCY
1.6
33.3
1.2
33.9
1.0
-.4
15.4
9.9
23.9
9.0
-2.8
5.6
2.4
1.6
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
OPEN-MARKET PAPER
POLICY LOANS
MISCELLANEOUS ASSETS
3 5 . 5 NET INCREASE I N L I A B I L I T I E S
8.9
LIFE INSURANCE RESERVES
17.5
PENSION FUND RESERVES
.7
PROFIT TAXES PAYABLE
8.4
MISCELLANEOUS L I A B I L I T I E S
. 3 DISCREPANCY
14
15
16
17
18
19
PRIVATE PENSION FUNDS
8.5
-.2
12.6
.1
-1.3
1.2.8
.1
-.1
21.0
.1
2.5
>0.9
.1
1.7
23.6
.1
1.7
17.0
.1
4.8
17.6
.1
4.0
19.8
.1
4.1
19.0 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
.1
TIME DEPOSITS
3.6
5.3
2.5
.?
2.1
-.4
«1
5.8
8.0
5.2
2.8
7.3
5.2
3.9
1.3
4.5
11.1
5.4
5.3
.4
6.3
7.8
5.5
1.8
.5
5.0
3.2
15.5
3.8
11.3
.4
3.2
1.8
7.2
2.5
4.2
.4
3.2
-.6
11.7
1.6
9.7
.4
2.4
1.9
10.5
2.2
8.0
.3
3.2
2.8
10.1
1.6
8.0
.4
2.4
*
*
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
CORPORATE BONDS
MORTGAGES
MISCELLANEOUS ASSETS
4
5
6
7
8
9
STATE + LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS
1
2
9.5
.4
9.7
.5
11.2
-.4
13.4
3
4
5
6
7
8
9
10
3.4
3.7
-.2
-1.1
.9
-.3
5.6
.7
2.6
6.7
2.4
9.2
2.1
1.0
1.1
1.0
6.3
-.2
3.1
10.3
1.7
1.5
.1
1.4
7.1
.2
*
-.9
1.0
-.7
6.8
.6
*
13.1
.3
16.5
1.5
13.3
.5
13.5
-.3
11.7
1.7
18.7
1.5
14.0 NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
.7
3.4
9.4
3.4
2.4
1.0
.3
5.3
.5
3.2
11.8
6.3
7.4
-1.1
3.0
1.7
.8
3.6
9.2
1.9
.3
1.5
-.2
7.0
.5
3.3
10.4
-.1
-.8
.7
.1
9.8
.7
1.8
8.2
6.2
2.9
3.3
-.4
1.9
.6
2.1
15.1
8.2
6.2
1.9
1.5
4.9
.5
1.2
12.1
5.6
3.2
2.4
.2
5.7
.6
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
TREASURY
AGENCY ISSUES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
MORTGAGES
OTHER INSURANCE COMPANIES
1.2
-.4
-.6
.9
1.9
1.7
2.2
2.0
2.2
2.3
6.4
4.7
.1
7.3
.1
14.9
.2
15.8
.3
16.0
.5
16.4
-.2
15.5
1.4
16.2
-2.0
16.0
.6
15.7 NET ACQ. OF FINANCIAL ASSETS
•4
DEMAND DEPOSITS • CURRENCY
-.5
4.6
.4
2.2
2.0
.9
12.5
3.1
5.4
3.9
.1
1.2
1.1
13.3
3.0
9.5
.8
.1
1.1
.8
13.6
-2.8
8.6
7.5
.2
1.1
1.4
14.1
3.8
10.3
-.1
.1
1.1
1.7
11.3
4.1
10.1
-2.9
1.4
15.8
-.8
10.9
5.8
1.8
12.7
1.7
11.4
-.4
1.4
13.0
1.4
11.6
-.2
1.1
1.0
1.0
12.1
.9
.1
11.0
12.1
.9
.1
11.1
12.2
•9
.1
11.1
12.1
1.0
.1
11.0
12.3
1.0
.2
11.2
12.6
1.0
.2
11.4
-1.9
-2.3
-2.0
-1.3
-1.7
-1.1
*
2.4
3.4
.6
.5
-.7
7.3
2.5
2.6
2.2
.1
.6
5.3
.5
5.8
.9
7.2
1.0
*
3.6
-.1
*
*
12
13
*
*
4.8
4.9
6.2
11.3
.9
.1
10.3
.7
-.8
-2.8
*
BILLIONS OF DOLLARS.
*
II1/78 BASED ON INCOMPLETE
INFORMATION.
*
*
*
2.1 CURRENT SURPLUS
*
.9
2
3
CORPORATE EQUITIES
4
CREDIT MARKET INSTRUMENTS
5
U.S. GOVERNMENT SECURITIES 6
STATE + LOCAL OBLIGATIONS
7
CORPORATE BONDS
8
COMMERCIAL MORTGAGES
9
TRADE CREDIT
10
13.1 NET INCREASE IN LIABILITIES
CORPORATE EQUITY ISSUES
1.0
.2
PROFIT TAXES PAYABLE
POLICY PAYABLES
11.9
-.5
,5 DISCREPANCY
11
12
13
14
15
NOVEMBER 13, 1978
FINANCE N.E.C.
FINANCE N . E . C .
SECTOR STATEMENTS OF SAVING AND INVESTMENT
UNADJUSTED NET FLOWS ( *
UNADJUSTED NET FLOWS 1$ MILL.)
II
1 CURRENT SURPLUS OF GROUP
22
III
89
IV
-180
|
I
II
-167
147
III
175
MILL.)
1968
BILLIONS OF DOLLARS
1969
1970
1971
1972
-2.1
-2.5
-1.3
-.2
-1.0
1
9.6
.3
9.4
1.7
3.5
4.2
1
2
3
4
5
6
FINANCE COMPANIES
NET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
CREDIT MARKET INSTRUMENTS
MORTGAGES
CONSUMER CREDIT
OTHER LOANS ITO BUSINESS)
7 NET INCREASE I N L I A B I L I T I E S
8
CREDIT MARKET INSTRUMENTS
9
CORPORATE BONOS
10
BANK LOANS N . E . C .
11
OPEN-MARKET PAPER
12
PROFIT TAXES PAYABLE
13
MISCELLANEOUS L I A B I L I T I E S
6.199
46
6.153
1.487
1.757
2.909
1.726
45
1.681
-436
1.982
135
7.785
44
7.741
200
3.065
4.476
2.222
43
2.179
-100
-288
2.567
5.285
42
5.243
-500
3.865
1.878
1.893
41
1.852
100
2.926
-1.174
5.2
.1
5.2
.6
2.3
2.2
8.7
.1
8.6
.8
2.8
5.0
2.4
.2
2.2
1.7
.1
.4
5.4
.3
5.2
1.5
2.3
1.3
6.245
6.025
3.019
-140
3.146
-62
282
2.205
1.921
1.529
542
-150
20
264
8.161
7.918
2.336
1.389
4.193
16
227
2.510
2.264
2.291
-1.348
1.321
57
189
6.563
6.434
1.790
1.951
2.693
-15
144
2.510
2.327
1.320
1.083
-76
76
107
5.2
3.9
.2
•8
2.9
8.9
7.8
.9
.9
6.0
3.9
2.6
2.1
-.1
.6
4.7
2.7
2.5
.6
-.5
.4
.1
.2
.3
.1
.2
.2
.1
.2
.4
.1
.3
1.1
.4
.8
1
2
3
.8
1.2
.2
.4
.6
1.9
.4
.8
.7
2.5
.2
.9
1.2
.2
5.0
.4
2.0
1.7
.8
4
5
6
7
8
2.9
1.0
1.9
.1
6.3
1.7
4.6
.5
.2
.3
9
10
11
12
13
14
.4
1.3
2.5
-
15
16
17
18
8.9
7
6.5
8
3.6
9
4 . 1 10
- 1 . 3 11
REAL ESTATE INVESTMENT TRUSTS
1 PHYSICAL INVESTMENT
2
MULTI-FAMILY STRUCTURES
3
NONRESIDENTIAL STRUCTURES
-22
-7
-15
-296
-98
-198
-261
-86
-175
-78
-26
-52
-176
-58
-118
-12
-4
-8
-933
-115
-299
-665
146
-493
-21
-164
-181
-127
-343
-51
-131
-218
57
-387
-52
-131
-217
13
-224
-50
-100
-200
126
-388
-25
-75
-100
-188
"
~
~
9 NET INCREASE IN L I A B I L I T I E S
10
CORPORATE EQUITY ISSUES
11
CREDIT MARKET INSTRUMENTS
12
MORTGAGES
13
MULTI-FAMILY RESIDENTIAL
14
COMMERCIAL
-937
70
-671
2
1
1
-772
22
-670
21
7
14
-589
38
-508
-31
-10
-21
-451
65
-494
117
39
78
-386
52
-240
32
11
21
-386
37
-385
13
4
9
.2
.4
.8
.2
.1
.1
1.5
.8
.7
.2
.1
.2
2.2
1.5
.7
.1
.1
.1
15
16
17
18
-35
-709
71
-336
7
-636
-62
-124
-27
-445
-5
-119
-102
-516
7
-22
-7
-406
141
-198
-10
-402
14
-38
_. 6
-
.1
•4
.5
.1
-
-
.4
.6
.8
4 NET ACQ. OF FINANCIAL ASSETS
5
HOME MORTGAGES
6
MULTI-FAMILY MORTGAGES
7
COMMERCIAL MORTGAGES
8
MISCELLANEOUS ASSETS
CORPORATE BONDS
BANK LOANS N . E . C .
OPEN-MARKET PAPER
MISCELLANEOUS LIABILITIES
*
.1
.7
*
*
-
OPEN-END INVESTMENT COMPANIES
1 CURRENT SURPLUS
2 NET ACQ. OF FINANCIAL ASSETS
3
DEMAND DEPOSITS + CURRENCY
4
5
6
7
8
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
CORPORATE BONDS
OPEN-MARKET PAPER
193
26
-905
-19
70
1
-192
-16
32
-488
31
3.6
.1
2.6
-.1
1.7
*
.6
.1
-1.8
*
2
3
•673
840
117
60
663
-1.094
208
-245
-9
462
-480
549
23
467
59
-947
771
70
-199
900
-399
111
-15
-34
160
226
-745
32
58
-835
2.5
.9
.2
.4
.3
1.7
.9
-.5
.2
1.2
1.2
.5
.2
.7
-.4
.4
*
-.3
.6
-.3
-1.8
*
.1
.2
-.3
4
5
6
7
8
-297
-513
5.9
4.9
2.8
1.3
-.5
9
9 NET SHARE ISSUES
MONEY MARKET FUNDS
1 NET ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS • CURRENCY
3
TIME DEPOSITS
•317
-1
114
20
49
-13
424
-44
237
1.609
23
865
1.331
-15
447
1.580
9
990
1
2
3
4
5
6
7
-141
•244
103
-289
-54
-43
-11
38
276
128
148
-45
678
237
441
43
888
144
744
11
530
96
434
51
6
7
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
OPEN-MARKET PAPER
MISCELLANEOUS
1.609
8 NET SHARE ISSUES
1.331
SECURITY BROKERS AND DEALERS
1 NtT ACQ. OF FINANCIAL ASSETS
2
DEMAND DEPOSITS + CURRENCY
3
4
5
6
7
8
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
STATE • LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREDIT
9 NET INCREASE I N L I A B I L I T I E S
10
SECURITY CREDIT
11
FROM BANKS
12
CUSTOMER CREDIT BALANCES
13
PROFIT TAXES PAYABLE
-495
3
2.620
12
.765
-5
-4.310
0
2.436
-9
-535
-10
3.8
.5
-3.1
-.1
.8
-.3
-523
1.049
1.806
-235
-522
1.919
-1.004
-1.669
-513
-153
-1.003
2.148
-.2
• 6
.8
.4
.1
-.2
2.8
.4
-3.5
.1
2.3
1.7
.6
.1
-1.3
2.447
2.449
1.676
773
-2
-535
-535
-1.213
678
0
3.5
3.5
1.0
2.4
-3.1
-3.0
-1.0
-2.0
1.0
1.0
1.9
-1.0
-893
-490
-92
494
-892
885
-194
2.211
2.688
-283
-194
591
1.773
-249
-1.863
-158
1.772
246
-1.351
-3.254
-1.916
12
-1.350
295
-489
-443
-716
273
-46
2.644
2.657
2.514
143
-13
1.804
1.835
1.282
553
-31
.270
.241
.164
-77
-29
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
- . 2*
1.4
*
4.2
*
1
2
.1
-1.4
-1.6
.1
.1
2.6
.2
.3
.2
-.1
.2
3.7
3
4
5
6
7
8
1.1
1.1
.7
.5
4.1
4.1
3.9
.2
9
10
11
12
NOVEMBER 13, 1978
FINANCE N.E.C.
FINANCE N.E.C.
SECTOR STATEMENTS OF SAVING AND INVESTMENT
SEASONALLY ADJUSTED ANNUAL RATES
1
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1975
1976
1977
-1.5
.4
-.1
-.2
-.2
I
II
IV
III
*
-.2
|
I
II
-.4
-.4
.3
III
.4
4 CCURRENT
SURPLUS OF GROUP
FINANCE COMPANIES
1
2
3
4
5
6
11.8
.2
11.5
1.9
4.7
5.0
5.2
.2
5.0
-1.9
2.0
4.8
1.6
.2
1.4
-1.3
.5
2.1
9.0
.2
8.8
-.4
3.7
5.4
18.3
.2
18.1
1.5
6.3
10.3
21.5
.2
21.3
5.3
5.3
10. B
10.4
.2
10.2
-1.4
6.4
5.2
25.3
.2
25.2
1.1
8.0
16.0
15.1
•2
15.0
-.2
6.9
8.3
17.2
.2
17.0
-2.7
13.3
6.4
10.8
.2
10.6
.6
9.9
.1
7
8
9
10
11
11.7
9.4
3.0
4.5
2.0
5.9
6.0
1.8
.7
3.6
1.3
.6
2.7
-2.7
.6
8.0
6.4
5.3
-2.1
3.3
19.0
17.9
8.5
1.0
8.4
20.9
19.8
10.4
-4.1
13.4
12.1
11.1
7.4
2.2
1.5
26.6
25.6
9.0
3.4
13.3
.1
.9
17.5
16.6
10.1
.3
6.3
.1
•8
21.5
20.7
5.0
4.4
11.3
.2
.6
13.1
13.1
12.4
6.5
4.0
1.9
.2
.4
-.3
-.1
-.2
-.7
-.2
-.5
-1.4
-.2
-.5
-1.5
-.2
-.5
-.9
.1
-.9
-.2
-.4
-.8
.5
-2.4
.2
-2.0
-.1
-1.8
.3
-2.0
.5
.2
.3
-1.5
.2
-1.0
.1
*
.1
*
1.1
*
1.1
ET ACQ. OF FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
CREDIT MARKET INSTRUMENTS
MORTGAGES
CONSUMER CREDIT
OTHER LOANS (TO BUSINESS)
NET INCREASE IN LIABILITIES
CREDIT MARKET INSTRUMENTS
CORPORATE BONDS
BANK LOANS N.E.C.
OPEN-MARKET PAPER
PROFIT TAXES PAYABLE
MISCELLANEOUS LIABILITIES
11
12
REAL ESTATE INVESTMENT TRUSTS
1
2
3
.7
.2
.5
1.1
.4
.7
3.0
1.0
2.0
1.6
.5
1.1
-.4
-.1
-.2
-.1
-1.2
-.4
-.8
4
5
6
7
8
5.6
.7
2.4
2.5
.5
-.2
.2
.2
mi
-3.6
-.5
-2.6
-1.8
1.2
-4.1
-.2
-1.7
-1.8
-.3
-2.6
-.2
-.8
-1.4
-.2
-3.7
-.5
-1.2
-2.7
.6
-2.0
-.1
-.7
-.7
-.5
9
10
11
12
13
14
6.5
1.0
5.6
.3
.1
.2
1.4
-.9
1.5
.2
.1
.1
-.1
-1.3
-.1
.4
.1
.3
-2.2
-.5
-1.9
.4
.1
.3
-2.9
.1
-2.5
-3.7
15
16
17
18
.6
4.0
.7
.2
4.4
-3.3
.8
-.6
.1
1.3
_
-.2
-1.9
-.3
.2
-.1
-2.4
*
-
-2.7
.1
*
*
*
*
-.1
-2.8
.3
-.5
-2.5
-.2
-.5
-.3
-.7
-1.8
-.5
* PHYSICAL INVESTMENT
*
MULTI-FAMILY STRUCTURES
*
NONRESIDENTIAL STRUCTURES
- 1 . 6 NET ACQ. OF FINANCIAL ASSETS
-.1
HOME MORTGAGES
-.3
MULTI-FAMILY MORTGAGES
-.4
COMMERCIAL MORTGAGES
-.8
MISCELLANEOUS ASSETS
- 1 . 5 NET INCREASE I N L I A B I L I T I E S
.1
CORPORATE EQUITY ISSUES
-1.5
CREDIT MARKET INSTRUMENTS
.1
MORTGAGES
*
MULTI-FAMILY RESIDENTIAL
*
COMMERCIAL
9
10
11
12
13
14
*
-1.6
.1
-.2
15
16
17
CORPORATE BONDS
BANK LOANS N . E . C .
OPEN-MARKET PAPER
MISCELLANEOUS L I A B I L I T I E S
OPfcN-END INVESTMENT COMPANIES
1
-1.0
-.2
-.3
-.3
-.4
-.2
-.3
-.6
-.6
-.1
2
3
-2.2
-.2
-1.0
-.2
-.3
.1
-1.3
.1
-1.4
.8
.1
-3.6
-.1
.3
*
-.8
-.1
-1.0
.1
- 2 . 0 NET ACQ. OF FINANCIAL ASSETS
.1
DEMAND DEPOSITS • CURRENCY
2
3
4
5
6
7
8
-2.3
.3
-.5
-.3
.4
-.4
-.4
-1.1
.7
-2.5
1.1
-3.8
2.4
.2
1.1
1.2
-2.7
3.4
.5
.2
2.7
-4.4
.8
-1.0
*
1.8
-1.9
2.2
.1
1.9
.2
-3.8
3.1
.3
-.8
3.6
-1.6
.4
-.1
-.1
.6
.9
-3.0
.1
.2
-3.3
4
5
6
7
8
1.0
-3.3
.9
-.2
-.9
.1
.2
.1
1.7
-.2
.9
6.4
.1
3.5
5.3
-.1
1.8
6.3 NET ACQ. OF FINANCIAL ASSETS
*
DEMAND DEPOSITS + CURRENCY
4.0
TIME DEPOSITS
.2
.2
*
.2
1.1
.5
.6
-.2
2.7
.9
1.8
.2
3.6
.6
3.0
*
2.1
.4
1.7
.2
.1
1.7
6.4
5.3
6.3 NET SHARE ISSUES
8
6.0 NET ACQ. OF FINANCIAL ASSETS
*
DEMAND DEPOSITS • CURRENCY
1
2
*
-.9
1.2
*
1.0
-.2
*
2.2
-1.1
*
- . 2 CURRENT SURPLUS
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U . S . GOVERNMENT SECURITIES
CORPORATE BONDS
OPEN-MARKET PAPER
- 1 . 8 NET SHARE ISSUES
1
9
MONEY MARKET FUNDS
2.4
1.6
.7
.8
-.1
-.1
-.3
1
2
3
CREDIT MARKET INSTRUMENTS
4
U.S. GOVERNMENT SECURITIES 5
OPEN-MARKET PAPER
6
MISCELLANEOUS
7
SECURITY BROKERS AND DEALERS
1
2
-3.6
-.2
-3.3
-.1
3.0
3
4
5
6
7
8
.4
.6
-.7
-.9
.2
-.4
-.7
-1.6
-3.3
-3.2
-2.2
-1.0
-.1
9
10
11
12
13
*
.2
.4
-4.3
-3.4
-3.4
-3.2
-.2
*
BILLIONS OF DOLLARS.
8.8
.2
1.2
1.1
.9
-.1
-.1
1.1
1.0
.6
3.3
2.4
.3
.7
4.6
-.5
-1.1
-.7
.2
-.5
2.8
2.7
2.6
2.0
.6
8.6
8.5
7.0
1.5
.1
1.2
1.3
.3
1.0
-.1
*
*
18.1
-11.0
-2.7
-1.1
-.4
2.0
-2.7
3.5
3.0
12.7
10.8
-1.1
3.0
2.4
-1.9
-10.0
-7.5
-.6
-1.9
1.0
-1.3
-8.9
-7.7
-.2
-.2
-1.3
1.1
-.1
18.2
18.3
17.8
•6
-.1
-10.8
-10.7
-12.9
2.2
-.1
*
1 1 1 / 7 8 BASED ON INCOMPLETE INFORMATION.
-1.3
1.2
-.9
5.4
7.2
-.9
-.9
7.7
.1
-2.6
-2.1
-.6
.1
8.6
-8.8
-8.7
-8.3
-.3
-.2
12.3
12.2
9.1
3.1
.1
6.0
6.0
6.1
3.4
2.7
-.1
*
CORPORATE EQUITIES
CREDIT MARKET INSTRUMENTS
U.S. GOVERNMENT SECURITIES
STATE + LOCAL OBLIGATIONS
CORPORATE BONDS
SECURITY CREDIT
NET INCREASE IN LIABILITIES
SECURITY CREDIT
FROM BANKS
CUSTOMER CREDIT BALANCES
PROFIT TAXES PAYABLE
9
10
11
12
13
NOVEMBER 13* 1978
MONETARY AND INSURANCE RESERVES
28
MONETARY AND INSURANCE RESERVES
GOLD* OFFICIAL FOREIGN EXCHANGE* TREASURY CURRENCY* AND INSURANCE RESERVES
UNADJUSTED NET FLOWS {$ M I L L . )
UNADJUSTED NET FLOWS ($
1977
III
1978
II
MILL.)
BILLIONS OF DOLLARS
1969
1970
1971
GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS
(1)
1 TOTAL U . S . RESERVES
9
10
11
16
16
0
90
102
-12
3
41
-38
-248
-87
-262
-432
-254
-27
-34
7
-47
-1
-46
62
14
48
4
12
-8
-58
-20
-38
-221
-221
0
-40
-39
-1
-324
-325
1
-436
-429
-7
-196
-198
2
16
41
-25
FOREIGN EXCHANGE POSITION
-16
OFFICIAL FGN. CURRENCY HLDGS
TREASURY
MONETARY AUTHORITY
-169
-168
-1
153
148
5
5 U.S.
6
7
8
90
-33
123
78
94
-16
2 U . S . GOLD STOCK AND SOR*S
3
U . S . GOVT.—EX. STAB. FUND
4
MONETARY AUTHORITY ( 2 )
NET IMF POSITION
U . S . GOVERNMENT ASSET
MONETARY AUTHORITY
1.0
1.0
-1.3
-.7
-2.5
.9
.9
-.7
-.7
-.1
-2.2
-.4
-1.7
-.4
-.1
1.0
1.0
-.4
-.4
-1.4
-1.3
.2
.2
.2
.2
*
7
8
9
10
11
TREASURY CURRENCY AND SDR CERTIFICATES
1 TOTAL U.S. GOVT. LIABILITY
2 MONETARY AUTHORITY ASSET
3 UNALLOCATED ASSETS
117
91
95
135
-40
136
149
-13
97
85
12
.3
.1
.2
179
180
-1
INSURANCE AND PENSION FUND RESERVES
LIFE INSURANCE RESERVES:
1 NET CHANGE I N L I A B I L I T I E S
2
U . S . GOVERNMENT
3
LIFE INSURANCE COMPANIES
2.040
51
1.989
2.084
55
2.029
2.069
64
2.005
2.052
73
1.979
2.230
78
2.152
2.308
82
2.226
4.6
4 NET CHANGE I N ASSETS (HH)
2.040
2.084
2.069
2.052
2.230
2.308
4.6
14.490
1.417
13.073
3.804
5.142
4.127
19.303
6.109
13.194
3.575
6.284
3.335
11.502
84
11.418
4.233
3.808
3.377
10.093
-1.257
11.350
3.857
4.566
2.927
15.540
1.459
14.081
4.553
4.856
4.672
19.207
6.158
13.049
4.381
5.160
3.508
15.6
1.3
14.3
2.9
6.5
4.8
14.490
19.303
11.502
10.093
15.540
19.207
15.6
5
6
7
8
9
10
PENSION FUND RESERVES:
NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
11 NET CHANGE I N ASSETS
(HH)
4.6
5.0
.1
4.9
5.2
.1
5.1
16.3
1.5
14.8
2.9
6.3
5.5
19.2
2.4
16.8
3.3
7.1
6.4
6.2
.1
6.1
6.6 1
.2 2
6.5 3
6.6
4
22.6 5
4.3
6.9
8.5
8
9
10
2 2 . 6 11
INTERBANK CLAIMS
1 NET CHANGE IN LIABILITIES
-2.535
119
7.213
-566
3 .370
7.634
4.5
7.2
2
3
MONE. AUTH.—MEM. BANK RES.
—VAULT CASH
-2.321
602
-609
-1.399
2.917
2.595
1.030
-2.271
20
296
4.869
663
2.1
3.6
4
5
6
7
8
9
10
COMMERCIAL BANKING—TOTAL
COMMERCIAL BANKS
TO MONETARY AUTHORITIES
LOANS FROM AFFILIATES
LOANS FROM FGN. BK. AG.
DEM. DEP. OF FGN. BK. AG
TIME DEP. OF FGN. BK. AG
-816
942
602
0
-37
82
95
2.127
619
-616
0
775
536
-76
1.701
447
827
0
-224
-104
-52
675
-724
-1.011
0
-180
600
-133
3 .054
2 .241
1 .682
0
-81
575
65
2.102
1.737
1.675
0
-94
278
-122
JENCIESFOREIGN BANKING AGENCIES1.509
-1.357
DEPOSITS OF BANKS
-1
-401
BANK LOANS
-602
1.856
1.504
-105
-2
815
0
365
.1
.1
1.6
-2.535
119
7.213
-566
3 .370
7.634
3.9
4.5
7.2
802
691
111
-616
-1.648
1.032
827
1.854
-1.027
-1.011
-1.078
67
1.682
586
1.096
1.675
1.946
-271
1.0
1.0
1.0
-.2
.1
-.3
735
-500
-609
-1.399
1.509
-1
6.386
6.766
2.917
2.595
-602
1.856
445
158
1.030
-2.271
1.504
-105
1 .688
1 .129
20
296
-2
815
5.959
5.897
4.869
663
0
365
2.8
2.1
11
12
13 NET CHANGE IN ASSETS
14
15
16
MONETARY AUTHORITIES
F.R. FLOAT
LOANS TO MEMBER BANKS
17
18
19
20
21
22
-3.337
-3.477
-2.321
602
-1.357
-401
23
COMMERCIAL BANKING—TOTAL
COMMERCIAL BANKS
MEMBER BANK RESERVES
VAULT CASH
DEPOSITS AT FGN. BK. AG.
LOANS TO FGN. BK. AGS.
BANK AFFILIATES—LOANS
TO AFFILIATE BANKS
0
0
0
0
0
0
24
25
26
27
FOREIGN BANKING AGENCIES
DEMAND DEPOSITS AT BANKS
TIME DEPOSITS AT BANKS
LOANS TO BANKS
140
82
95
-37
1.235
536
-76
775
-380
-104
-52
-224
287
600
-133
-180
559
575
65
-81
62
278
-122
-94
(1)
LINES 1 * 2
EXCLUDE I N I T I A L ALLOCATION OF SDR'S OF $867 MILLION
I N JANUARY 1 9 7 0 , $717 MILLION I N JANUARY 1 9 7 1 , AND $710 MILLION
I N JANUARY 1 9 7 2 . TRANSACTIONS I N SDR'S ARE I N LINE 2 .
ALSO
EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY
HOLDINGS, GOLD, SDR'S, AND IMF POSITION. THESE ALLOCATIONS AND
REVALUATIONS ARE REFLECTED IN TABLES ON OUTSTANDINGS.
(2) TREASURY GOLD STOCK.
II1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
1.8
1.7
1.0
1.7
1.5
3.8
.5
1.6
-.4
.2
-1.2
.3
2.7
2.5
1.0
.1
.1
1.2
.1
5.7
3.6
-.1
1.6
.1
.1
-2.1
1.1
4
5
6
7
8
9
10
2.5 11
.8 12
1.6 14
-.4 15
1.1 20
2.5 21
.8 22
-.4 23
1.0
.8
.1
1.4
1.2
.1
.1
1.5
1.3
-.7
-1.2
.3
.2
24
25
26
27
NOVEMBER 13, 1978
MONETARY AND INSURANCE RESERVES
MONETARY AND INSURANCE
RESERVES
29
GOLD, OFFICIAL FOREIGN EXCHANGE, TREASURY CURRENCY, AND INSURANCE RESERVES
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
IV
1978
II
|
GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1)
- 1 . 0 TOTAL U.S. RESERVES
3
4
-.2
6
7
8
-.2
9
10
11
*
*
*
*
.1
.2
-.1
.4
-.1
.5
.1
.1
.4
.4
*
.1
.1
.1
-.1
.1
1.3
.5
2.5
•
-.1
-1.0
-.3
-1.0
-1.7
.1
.2
.2
.1
-.3
-.2
-.2
-.7
-.7
*
-.1
-.1
*
-.2
*
-.2
.2
.1
.2
*
*
*
2.2
2.2
.3
.3
.6
.6
-.9
-.9
-.2
-.2
-1.3
-1.3
-1.7
-1.7
*
~
5
.1
.1
.3
.4
-.1
*
*
*
-.2
1.3
1.3
*
*
.1
.5
.4
.1
*
*
* U.S. GOLD STOCK AND SDR'S
.2
U.S. GOVT.—EX. STAB. FUND
-.2
MONETARY AUTHORITY (2)
-1.0 U.S. FOREIGN EXCHANGE POSITION
-.2
-.1
-.2
OFFICIAL FGN. CURRENCY HLDGS
TREASURY
MONETARY AUTHORITY
NET IMF POSITION
U.S. GOVERNMENT ASSET
MONETARY AUTHORITY
*
1
2
3
4
5
6
7
8
9
10
TREASURY CURRENCY AND SDR CERTIFICATES
.7 TOTAL U.S. GOVT. LIABILITY
.7 MONETARY AUTHORITY ASSET
* UNALLOCATED ASSETS
INSURANCE AND PENSION FUND RESERVES
1
2
3
7.4
.2
7.2
6.5
.1
6.4
5.4
.1
5.3
6.9
.2
6.7
8.1
.2
7.9
4
7.4
6.5
5.4
6.9
8.1
5
6
7
8
9
LO
25.6
29.6
38.0
46.0
55.5
2.1
2.7
3.7
4.6
6.4
23.4
26.8
34.3
10.3
12.8
11.2
41.5
15.3
12.8
13.4
49.1
14.9
21.0
13.1
5.5
8.5
9.5
6.2
10.9
9.7
8.3
.3
8.0
8.2
.2
8.0
LIFE INSURANCE RESERVES:
9.2 NET CHANGE IN LIABILITIES
.3
U.S. GOVERNMENT
8.9
LIFE INSURANCE COMPANIES
.3
7.9
9.2 NET CHANGE IN ASSETS (HH)
83.2
32.0
51.3
14.3
23.6
13.3
41.7
-10.9
52.7
15.2
20.9
16.5
50.1
50.8
63.9
2.7
6.1
7.2
47.4
16.9
17.0
13.5
44.7
15.4
17.6
11.7
56.7
18.2
19.8
18.7
PENSION FUND RESERVES:
56.7 NET CHANGE IN LIABILITIES
U.S. GOVERNMENT
6.2
INSURANCE SECTOR
50.6
LIFE INSURANCE COMPANIES
17.5
PRIVATE PENSION FUNDS
19.0
ST.+LOC. GOVT, RTR. FUNDS
14.0
56.7 NET CHANGE IN ASSETS (HH)
INTERBANK CLAIMS
19.2 NET CHANGE IN LIABILITIES
-3.6
1.4
2.0
-1.2
1.0
9.5
2.1
3.1
2.9
-.1
-2.7
-.1
-.4
1.0
-2.9
-.3
17
18
19
20
21
22
14.5
10.9
1.4
2.0
2.3
5.1
-1.1
-1.0
1.6
1.7
-.1
1.0
3.1
2.9
4.3
.1
-.2
-4.5
9.1
4.1
5.6
-1.6
8.7
5.5
3.2
7.8
6.4
6.1
-.1
.3
.4
3.1
2.1
-.3
-.9
-.4
-.2
-.7
2.4
-.5
-.3
2.3
.3
-.4
1.1
-.5
-5.4
-1.6
6.0
-2.4
7.4
6.0
-.4
3.3
-4.7
-13.7
*
*
42.3
-7.5
17.6
-4.5
-5.6
5.6
5.0
.7
-1.6
-1.0
3.2
-.1
3.4
-.9
-.1
4.0
4.1
1.7
1.8
-.4
1.0
-4.9
-5.5
-2.0
-9.2
-14.1
-12.0
-8.1
36.6
38.2
25.0
-5.9
-7.1
-7.5
-5.2
14.4
12.1
3.6
-5.4
-1.6
1.1
-2.8
-2.7
-.1
-.1
5.2
-.4
6.5
.4
3.2
2.9
.9
.2
.2
.5
-.3
-.2
24
25
26
27
10.5
8.1
7.2
1.6
25.0
1.4
1.2
.2
9.7
5.7
-1 2
3.6
-7.5
-5.2
-12.0
-8.1
-1.3
-1.1
-.2
12.9
-1.6
-.9
-.7
-2.0
-6.2
•8
-1.2
1.6
-.2
-.2
2.3
5.1
1.7
1.8
.2
.6
.3
.4
-.1
6.0
*
4.9
2.1
-.3
3.1
8.1
-.6
7.2
1.6
_
1.5
6.1
9.7
-3.6
13.0
12.8
10.5
.9
6.C
-.4
3.3
-
-
-
-
1.1
2.4
-.5
-.7
2.2
2.3
.3
-.3
.2
1.1
-.5
-.4
-1.5
-.4
-.2
-.9
*
COMMERCIAL BANKING—TOTAL
4
COMMERCIAL BANKS
5
TO MONETARY AUTHORITIES
6
LOANS FROM AFFILIATES
7
LOANS FROM FGN. BK. AG.
8
DEM. DtP. OF FGN. BK. AG 9
TIME OEP. OF FGN. BK. AG 10
FOREIGN BANKING A G E N C I E S —
DEPOSITS OF BANKS
11
BANK LOANS
12
19.2
19.2 NET CHANGE IN ASSETS
7.4
-2.4
MONE. AUTH.--MEM. BANK RES.
— V A U L T CASH
1.5
14
15
16
COMMERCIAL BANKING—TOTAL
COMMERCIAL BANKS
MEMBER BANK RESERVES
VAULT CASH
DEPOSITS AT FGN. BK. AG.
LOANS TO FGN. BK. AGS.
BANK AFFILIATES—LOANS
10 AFFILIATE BANKS
17
18
19
20
21
22
FOREIGN BANKING AGENCIES
DEMAND DEPOSITS AT BANKS
TIME DEPOSITS AT BANKS
LOANS TO BANKS
24
25
26
27
(1) LINES 1 + 2 EXCLUDE INITIAL ALLOCATION OF SDR'S OF $867 MILLION
IN JANUARY 1970, $717 MILLION IN JANUARY 1971, AND $710 MILLION
IN JANUARY 1972. TRANSACTIONS IN SDR'S ARE IN LINE 2 . ALSO
EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY
HOLDINGS, GOLD, SDR'S, AND IMF POSITION. THESE ALLOCATIONS AND
REVALUATIONS ARE REFLECTED IN TABLES ON OUTSTANDINGS.
(2) TREASURY GOLD STOCK.
BILLIONS OF DOLLARS.
I I 1 / 7 8 BASED ON INCOMPLETE INFORMATION.
13
MONETARY AUTHORITIES
F.R. FLOAT
LOANS TO MEMBER BANKS
23
NOVEMBER 13, 1978
MONEY AND DEPOSITS SUMMARY
MONEY AND DEPOSITS SUMMARY
MONEY STOCK AND TIME AND SAVINGS ACCOUNTS
UNADJUSTED NET FLOWS ($
UNADJUSTED NET FLOWS ($ MILL.)
1977
III
1978
II
MILL.)
BILLIONS OF DOLLARS
1969
1970
1971
DEMAND DEPOSITS AND CURRENCY
1 NET CHANGE IN ASSETS
19.469
2.993
23.353 -25.358
26.145
2
3
4
5
6
7
8
9
12.690
498
12.192
8.458
-933
1.150
1.001
2.516
-32
-94
62
5.901
818
-1.137
364
-5.884
29.999 -19.193
-1.446
3.144
26.855 -17.747
1.175
4.009
-5.985
6.614
2.220 -2.668
-992
1.209
-9.277
12.803
14.894
337
14.557
7.429
1.837
1.172
906
3.213
-1.541
-111
-1.430
5.096
874
-1.696
1.096
-6.800
16.1
10
MONEY STOCK
REST OF THE WORLD
DOMESTIC SECTORS
HOUSEHOLDS
NONFINANCIAL BUSINESS
ST.+LOC. GOVERNMENTS
FINANCIAL SECTORS
MAIL FLOAT
U . S . GOVERNMENT
11 NET CHANGE I N BKG. SYSTEM L1AB
12
MONETARY AUTHORITIES
13
U . S . GOVT. CASH + DEPOSITS
14
FOREIGN DEPOSITS
15
CURRENCY
16
17
18
19
COMMERCIAL BANKING
U.S. GOVERNMENT DEPOSITS
FOREIGN DEPOSITS
PRIVATE DOMESTIC
.6
15.6
10.9
2.9
-.2
.8
1.2
7.3
.3
7.0
-2.6
5.7
1.4
-.4
2.8
9.9
.5
9.4
8.8
1.1
-2.9
.5
1.9
14.4
24.4
1.8
1.7
1.6
3.5
2
3
4
5
6
7
8
9
-.4
10
-.2
1.6
14.6
13.0
-2.3
22.8
14.2
1.0
.9
2.0
6.779
3.025
-6.646
-6.165
11.251
4.842
-1.3
.6
2.5
3.1
19.469
10.124
7.383
160
2.581
2.993
3.075
551
-46
2.570
23.353 -25.358
-1.602
-5.222
-2.408
-8.668
-46
53
852
3.393
26.145
10.415
6.853
-35
3.597
3.301
2.680
1.912
-164
932
14.8
12.4
17.5
24.0 11
-1.1
3.1
-.4
.1
2.5
7.9
3.3
.6
-.1
2.8
4.4
.9
.1
3.4
- 1 . 1 13
9.345
-604
338
9.611
-82
2.474
-48
-2.508
28.575 -23.756
-3.757
2.022
3.091 -1.400
23.462 -18.599
15.730
4.398
372
10.960
621
2.930
53
-2.362
13.3
4.6
9.3
2.9
.6
5.9
13.1
20.6 16
11.2
18.4 19
38.0
15.2
22.4
10.3
12.2
41.4
42.3
9.8
33.0
3.8
24.3
-.5
27.0
28.1
1.7
10.0
-1.7
.3
4.2
7.2
.3
.1
.7
.4
.2
1.5
1.7
.2
1.5
-.2
.5
13.0
*
.4
4.2
*
3.5
2.2
-.3
3.2
-.1
4.4
.7
1.7
12
14
15
17
18
TIME DEPOSITS AND SAVINGS ACCOUNTS
1 NET CHANGE - TOTAL
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
COMMERCIAL BANKING LIABILITY
LARGE NEGOTIABLE CD'S
OTHER AT COMMERCIAL BANKS
LARGE
SMALL
AT FOREIGN BANKING AGS.
ACQUIRED BY:
HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
STATE • LOCAL GOVERNMENTS
FOREIGN
U . S . GOVERNMENT
FINANCIAL INSTITUTIONS
SVGS.+LN. ASSOC.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
PRIVATE PENSION FUNDS
MONEY MARKET FUNDS
19
20
21
22
23
24
AT SAVINGS INSTITUTIONS
MUTUAL SAVINGS BANKS
CREDIT UNIONS
SAVINGS + LOAN ASSNS.
HELD BY: HOUSEHOLDS
CREDIT UNIONS
MEMO: TOTAL OF HOUSEHOLDS
25
TIME + SAVINGS ACCOUNTS
24.320
30.151
31.502
38.932
25.632
23.990
7.461
1.927
5.604
1.023
4.581
-70
13.263
3.896
9.361
4.127
5.234
6
17.588
9.840
7.810
6.914
896
-62
20.886
4.385
16.567
6.256
10.311
-66
11.991
5.589
6.328
3.351
2.977
74
9.307
3.348
5.955
7.717
-1.762
4
20.7
.2
6.5
.2
6.656
400
-1.028
929
220
11.158
3 52
2.370
-807
-50
7.271
4.300
2.940
1.258
118
13.560
-3
4.154
856
-188
12.432
129
-566
-1.255
110
5.312
-499
2.830
-12
-20
18.1
.7
-.6
3.2
-.3
.1
-5.4
-5.9
284
-26B
13
12
413
114
240
-134
-58
19
426
-13
1.701
234
27
13
1.190
237
2.507
634
0
12
996
865
1.141
-334
0
14
1.014
447
1.696
-200
0
11
895
990
.2
.1
-.1
*
-. 2
-
-.1
16.859
2.645
2.063
12.151
12.529
-378
16.888
2.356
1.546
12.986
13.612
-626
13.914
2.329
1.918
9.667
9.140
527
16.046
2.980
2.874
12.192
10.616
1.576
13.641
1.677
2.370
9.594
10.585
-991
14.683
2.100
791
11.792
13.530
-1.738
12.8
7.9
2.6
1.4
3.9
4.4
-.4
17.0
40.5
4.2
1.2
7.4
7.5
-.2
4.4
1.7
9.9
2.9
10.9
10.5
27.8
26.9
.4
.9
23.893
28.672
20.658
30.030
27.064
21.733
31.1
9.1
43.6
67.8
II1/78 BASED ON PRELIMINARY AND INCOMPLETE
INFORMATION.
3.1
17.4
3.9
13.6
-9.5
-12.5
2.9
-3.6
1.4
-.2
*
*
~
.4
-. 1
-
8.7
32.4
5.1
27.3
.3
-
-.4
2
3
4
5
6
7
29.2 8
2.4 9
6.8 10
2.8 11
. 1 12
1.1
1.0
.2
*
-
13
14
15
16
17
18
46.0
10.2
3.3
32.6
32.0
.6
19
20
21
22
23
24
74.6 25
NOVEMBER 13, 1978
MONEY AND DEPOSITS SUMMARY
MONEY AND DEPOSITS SUMMARY
MONEY STOCK AND TIME AND SAVINGS ACCOUNTS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
1978
II
I
IV
|
DEMAND DEPOSITS AND CURRENCY
-12.6
31.8
8.7
23.1
6.8
12.2
1.1
1.4
1.5
5.9
-2.3
8.2
22.1
-5.7
-2.7
-3.6
-1.9
10.5
5.4
-11-1
-18.6
8.3
36.2
23.6
18.4
•6
4.6
38.0
16.5
-.1
-.2
16.8
20.8
-20.9
-26.3
.2
5.2
-12.6
6.3
-4.5
-.2
11.0
23.7
4.3
1.9
17.5
12.6
-7.9
1.4
19.1
21.5
5.5
.5
15.5
41.6
15.2
8.5
17.9
-19.0
-14.1
-2.1
-2.8
36.9
12.6
1.4
23.0
24.6
7.2
.9
16.5
17.8
2.9
14.9
15.2
.2
-.3
.5
-.6
12.2
2.9
9.3
8.0
1.0
-.6
•4
.6
10
-1.5
-4.6
2.8
3.0
1.0
11
12
13
14
15
16.3
3.4
-.5
-.1
3.9
7.6
7.0
•4
.2
6.3
15.6
10.6
4.5
28.6
4.9
-3.3
6.2
22.7
10.6
3.1
.2
7.3
16
17
18
19
12.9
-1.0
3.0
10.9
.6
-5.1
2.7
3.0
5.0
-1.7
.2
6.5
12.2
-.1
2.3
10.0
12.8
.1
12.7
5.1
4.4
.2
.7
2.3
*
19.7
2.5
17.3
13.8
3.1
-1.2
.7
.9
3 8 . 5 NET CHANGE I N ASSETS
20.8
32.6
.3
32.2
22.2
4.3
.8
1.4
3.5
2
3
4
5
6
7
8
9
27.7
1.9
25.8
20.3
1.3
.9
1.6
1.6
*
25.7
2.0
23.7
27.9
-8.0
-.7
6.9
-2.5
26.3
.3
26.0
17.8
5.7
-1.4
4.2
-.2
MONEY STOCK
REST OF THE WORLD
DOMESTIC SECTORS
HOUSEHOLDS
N0NFINANC1AL BUSINESS
ST.+LOC. GOVERNMENTS
FINANCIAL SECTORS
MAIL FLOAT
27.5
12.2
U.S. GOVERNMENT
60.9
24.0
14.9
-.1
9.2
38.5 NET CHANGE IN BKG. SYSTEM LIAB
MONETARY AUTHORITIES
13.9
U.S. GOVT. CASH • DEPOSITS
5.1
FOREIGN DEPOSITS
-.7
CURRENCY
9.5
33.4
1.3
32.1
23.4
2.4
-.7
6.9
.1
COMMERCIAL BANKING
U.S. G0VERNMEN1 DEPOSITS
FOREIGN DEPOSITS
PRIVATE DOMESTIC
10
11
12
13
14
15
16
17
18
19
TIME DEPOSITS AND SAVINGS ACCOUNTS
1 2 7 . 1 NET CHANGE - TOTAL
109.7
124.5
106.3
152.0
121.4
120.1
2
3
4
5
6
7
50.9
20.0
30.3
20.1
10.2
.6
57.0
28.5
28.3
15.8
12.5
.2
30.1
-10.1
39.7
-3.4
43.1
.5
40.5
-17.5
58.7
58.7
-.7
54.6
12.0
42.8
12.0
30.8
-.2
38.2
7.7
30.8
4.1
26.7
-.3
70.6
15.6
55.0
16.5
38.5
•
61.3
39.4
22.2
27.7
-5.5
-.2
66.9
17.5
49.6
25.0
24.6
-.3
57.9
22.4
35.2
13.4
21.8
.3
55.2
13.4
41.8
30.9
10.9
•
8
9
10
11
12
35.7
4.7
7.2
3.0
-.2
35.4
3.8
5.7
7.0
25.4
1.9
-2.0
.7
.1
39.5
2.1
2.1
-1.9
.2
39.2
4.8
7.0
.7
.1
30.8
1.1
.6
3.7
.9
56.9
4.2
12.0
-3.2
-.2
29.0
13.5
6.5
5.0
.5
37.8
2.4
13.9
3.4
-.8
54.2
3.6
-5.0
.4
34.4
.5
13.6
13
14
15
16
17
18
.5
-.7
.2
.2
.8
5.0
.4
.2
.1
2.7
1.6
4.0
4.4
.1
.3
-1.3
.5
-1.5
-.6
2.7
-.1
1.1
-1.1
.1
4.6
-1.3
2.5
.3
1.7
.5
6.8
.9
.1
.1
4.8
.9
10.0
2.5
-.2
-.1
-.7
1.0
-.5
-.2
.1
1.7
-.1
4.0
3.5
.1
4.1
1.8
3.6
4.0
19
20
21
22
23
24
27.8
4.7
2.9
20.2
20.9
-.6
22.1
3.1
3.0
16.0
15.6
.4
59.4
11.2
5.5
42.8
42.8
69.2
13.0
6.0
50.2
49.5
.6
69.9
11.1
7.8
51.0
50.2
.8
68.1
10.7
7.0
50.4
51.3
-.9
81.4
12.8
8.9
59.7
56.6
3.1
60.1
9.4
8.3
42.3
41.3
1.0
53.2
8.2
9.2
35.7
34.9
•9
55.4
6.9
8.3
40.2
42.4
-2.2
71.9
11.6
6.0
54.3
55.4
-1.1
25
64.2
57.2
84.8
108.1
108.3
99.8
135.2
111.8
107.4
~
*
BILLIONS OF DOLLARS.
*
*
-
*
*
II1/78 BASED ON INCOMPLETE
*
INFORMATION.
*
*
-
*
-.1
6.8
-.8
*
COMMERCIAL BANKING LIABILITY
2
LARGE NEGOTIABLE CD'S
3
OTHER AT COMMERCIAL BANKS
4
LARGE
5
SMALL
6
AT FOREIGN BANKING AGS.
7
ACQUIRED BY:
HOUSEHOLDS
&
NONFIN. CORPORATE BUSINESS 9
STATE • LOCAL GOVERNMENTS
10
FOREIGN
11
U.S. GOVERNMENT
12
FINANCIAL INSTITUTIONS
SVGS.+LN. ASSOC.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
PRIVATE PENSION FUNDS
MONEY MARKET FUNDS
AT SAVINGS INSTITUTIONS
MUTUAL SAVINGS BANKS
CREDIT UNIONS
SAVINGS + LOAN ASSNS.
HELD BY: HOUSEHOLDS
CREDIT UNIONS
MEMO: TOTAL OF HOUSEHOLDS
TIME + SAVINGS ACCOUNTS
13
14
15
16
17
18
19
20
21
22
23
24
25
NOVEMBER 13* 1976
U . S . GOVT. SECURITIES
U . S . GOVT. SECURITIES
U . S . GOVERNMENT SECURITIES MARKET SUMMARY
UNADJUSTED NET FLOWS ($
MILL.)
UNADJUSTED NET FLOWS ($
1977
III
1978
II
MILL.)
BILLIONS OF DOLLARS
1969
1970
1971
TOTAL NET ISSUES, BY SECTOR AND TYPE
1 TOTAL U.S.GOVERNMENT SECUR.
U . S . GOVERNMENT
2
SPON. AGENCIES + MTG.POOLS
3
BY INSTRUMENT:
4
TREASURY ISSUES
HOUSEHOLD SAVINGS BONDS
5
TREAS. EXCL. SAVINGS BONDS
6
7
8
9
LO
LI
OTHER
BUDGET AGENCY ISSUES
LOAN PARTICIPATIONS ( 1 )
SPONS. AGENCY ISSUES
MORTGAGE POOL SECUR.
(2)
(2)
4.724
-1.115
5.839
26 . 9 0 1
19.631
7.270
28.498
20.701
7.797
29.031
20.816
8.215
13.084
2.609
10.475
25.498
15.081
10.417
L7.4
L3.6
3.8
6..2
- 3 ..6
9,.7
21 .7
11 . 9
9 .8
30.9
25.0
5..9
23.6
15.2
8.4
1
2
3
-1.037
1.245
-2.282
20.129
1.124
19.005
20.744
1.190
19.554
21.139
1.196
19.943
2.706
1.158
1.548
15.632
829
14.803
L0.5
.6
9.8
- 1 , .3
.1
- 1 , .2
12 . 9
.3
12 . 6
26.0
2.3
23,.7
14.3
3.3
11.0
4
5
6
5.761
-36
-42
6.772
-463
-35
7.754
-18
-25
7.892
-323
0
10.378
-55
-42
9.866
-336
-215
6.9
1.5
1.7
7,.4
.4
- 1 .9
8 .8
.3
- 1 .3
4,.9
.8
- 1 , .8
9.3
1.8
-.9
7
8
9
2.553
3*286
1.351
5.919
2.175
5.622
4.424
3.791
6.242
4.233
6.405
4.012
3.2
.5
9,. 1
.7
8 .2
1.6
1.. 1
4,.8
-,
,
3 . 5 10
4 . 9 11
TOTAL NET PURCHASES* BY SECTOR AND TYPE
1 TOTAL HOLDINGS, BY SECTOR
2
U . S . GOVT. (AGENCY SEC.)
3
SPONSORED CREDIT AGENCIES
4
TREASURY MARKETABLE
5
FHLB SPECIAL ISSUE
6
AGENCY SECURITIES
4.724
1.150
-1.983
-1.801
0
-182
26.901
1.715
-596
-571
0
-25
28.496
1.480
-127
131
0
-258
29.031
1.955
7
-119
0
126
13.084
2.860
905
799
0
106
25.498
1.365
-505
-294
0
-211
17.4
6.2
21.7
30.9
.1
-.1
-.1
-1.3
-.1
1.1
1.1
-.2
-.5
-.6
-.1
3.8
3.8
—
*
7
8
9
FEDERAL RESERVE SYSTEM
TREASURY ISSUES
AGENCY ISSUES
7.416
6.127
1.289
2.123
2.476
-353
-1.121
-1.896
775
-1.504
-1.242
-262
8.902
8.569
333
6.829
6.217
612
11
12
FOREIGN
SHORT-TERM MARKETABLE
OTHER
3.177
793
2.384
7.656
-803
8.459
14.080
4.566
9.514
14.886
9.821
5.065
-4.945
-1.994
-2.951
2.308
1.175
1.133
-5.036
-8.540
3.504
16.003
10.568
5.435
14.186
8.429
5.757
13.687
7.614
6.073
5.362
-1.717
7.079
15.501
7.401
8.100
14.1
7.3
6.6
13
14
TOTAL PRIVATE DOMESTIC
TREASURY ISSUES
AGENCY ISSUES
*
-.5
-1.7
1.2
-.6
-.6
.3
*
4.2
4.2
*
5.0
5*0
*
*
8.7
8.1
.6
23.6
*
-1.2
-1.2
-.1
*
1
2
3
4
5
6
.4
-.3
.7
7
8
9
~
"
-2.0
-2.2
9.3
7.8
1.5
26.3
13.9
12.4
8.4 10
1.3 11
7.2 12
5.8
6.4
-2.9
a.7
-2.5
-3.6
-7.8
16.0 13
7.4 14
8.5 15
17.7
10.7
-7.3
-9.4
-10.7
-6.7
10.8
-9.7
2.1
-9.1
-3.9
.2
6.9
4.2
16
17
18
19
20
PRIVATE DOMESTIC NONFINAN.
TOTAL TREASURY ISSUES
SAVINGS BONDS (HH)
OTHER TREASURY ISSUES
AGENCY ISSUES
-7.013
-7.862
1.245
-9.107
849
11.502
7.940
1.124
6.816
3.562
12.361
9.967
1.190
8.777
2.394
8.838
6.217
1.196
5.021
2.621
-120
-296
1.158
-1.454
176
11.866
8.143'
829
7.314
3.723
8.6
4.7
.6
4.1
3.9
21
22
23
24
25
HOUSEHOLDS
TOTAL TREASURY ISSUES
SAVINGS SONDS
OTHER TREASURY ISSUES
AGENCY ISSUES
-8.007
-7.763
1.245
-9.008
-244
5.050
2.477
1.124
1.353
2.573
6.811
6.158
1.190
4.966
653
6.460
5.835
1.196
4.639
625
-2.303
-2.251
1.158
-3.409
-52
7.980
5.889
829
5.060
2.091
6.3
4.9
.6
4.2
1.4
16.0
11.0
-6.4
-11.0
-10.0
-8.2
-.1
.3
2.3
11.1
-11.3
4.6
-10.5
-1.8
26
27
28
NONFIhf. CORPORATE BUSINESS
TREASURY ISSUES
AGENCY ISSUES
-7.437
-7.440
3
-78
204
- 2 82
-275
-470
195
-1.143
-1.501
358
-3.910
-4.093
183
-539
-671
132
.8
.3
.4
-3.1
-3.3
.2
.6
-.5
2.5
2.8
-.3
- 2 . 1 26
- 2 . 2 27
.1 28
8.431
7.341
1.090
6.530
5.259
1.271
5.825
4.279
1.546
3.521
1.883
1.638
6.093
6.048
45
4.425
2.925
1.500
1.6
-.5
2.1
4.7
3.1
1.7
-1.2
-3.2
-1.3
-1.8
6.7 29
4.1 30
2.6 31
-1.044
-1.971
927
-2.506
-2.357
-149
2.368
1.393
975
797
-538
1.335
749
-1.191
1.940
-1.457
-2.484
1.027
3.3
2.1
1.3
-10.0
-9.7
10.8
-.3
6.9
3.8
7.1
3.1
4.0
6.5 32
2.4 33
4.1 34
-1.089
-26
71
-2.453
-92
39
2.306
20
42
765
-26
58
281
418
50
-1.500
-21
64
3.3
-10.1
10.9
7.2
-.2
.2
6.0 35
. 3 36
.2 37
3.021
7.007
39 TOTAL, ALL PVT. NONBANK F I N .
40
TREASURY ISSUES
41
AGENCY ISSUES
3.021
1.293
1.728
7.007
4.985
2.022
-543
-2.931
2.388
4.052
1.935
2.117
4.733
-230
4.963
42
43
44
SAVINGS • LOAN ASSOCIATIONS
TREASURY ISSUES
AGENCY ISSUES
1.107
349
758
340
- 8 71
1.211
-1.406
-1.884
478
2.523
1.820
703
45
46
47
MUTUAL SAVINGS BANKS
TREASURY ISSUES
AGENCY ISSUES
-8
-256
248
476
88
388
473
-297
770
48
49
CREDIT UNIONS
TREASURY ISSUES
AGENCY ISSUES
108
21
87
105
18
87
51
52
53
LIFE INSURANCE
TREASURY ISSUES
AGENCY ISSUES
8
-146
154
54
55
56
PRIVATE PENSION FUNDS
TREASURY ISSUES
AGENCY ISSUES
58
59
S . + L. GOVERNMENTS
TREASURY ISSUES
AGENCY ISSUES
COMMERCIAL BANKING
TREASURY ISSUES
AGENCY ISSUES
36
37
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS I N U . S . POSSESSIONS
*
*
-.1
6.9
5.0
.2
*
*
.3
.9
-2.1
-.1
*
2.1
-1.8
5.092
1.742
3.350
2.1
.5
1.6
-1.8
-3.9
191
-1.694
1.885
1.772
-478
2.250
.5
.4
.1
-.3
.6
-1.5
464
-218
702
-98
-409
311
326
32
294
-.1
-.5
.4
118
21
97
129
23
106
137
24
113
150
27
123
.2
843
483
360
671
-190
861
695
314
381
-224
-645
421
1.289
541
748
1.334
1.643
-309
199
352
-153
567
851
-284
S . • L . GOVT., RTR. FUNDS
TREASURY ISSUES
AGENCY ISSUES
1.574
1.856
-282
473
87
386
-37
-211
174
60
61
62
OTHER INSURANCE COMPANIES
TREASURY ISSUES
AGENCY ISSUES
-838
-853
15
1.036
1.137
-101
63
64
INVESTMENT COS. (TREASURY)
MONEY MARKET FUNDS (TREAS)
SECURITY BROKERS +
DEALERS (TREASURY)
117
-244
-92
PRIVATE NONBANK FINANCE
65
*
*
3.9
4.7
3.3
1.5
-.8
16
17
18
19
20
-.7
2.8
3.3
-.5
-3.5
21
22
23
24
25
5.6 38
-4.2
4.2
5.6 39
.3 40
5.3 41
-1.3
1.9
2.3
-.8
3.0
1.9 42
- . 5 43
2.4 44
-.5
-.6
.2
.4
-.1
.4
.9
.1
.8
1.4 45
. 2 46
1.1 47
.3
.2
.1
.3
.2
.1
.3
.2
. 5 48
* 49
.6 50
537
166
371
-.2
-.2
.1
-ok
-.3
.1
.1
-.1
.1
-.1
-.2
.1
. 1 51
* 52
. 1 53
468
-1.046
1.514
851
625
226
.4
.4
.1
.2
-.1
-.3
-.2
.2
•3
-.3
1.0 54
. 9 55
. 1 56
1.540
714
826
2.043
1.560
483
1.391
800
591
.4
-.2
.6
-.3
-.5
.2
-.4
-.3
-.1
1.151
990
161
-277
40
-317
281
45
236
450
955
-505
-.1
-.4
.2
-.3
-.5
.2
-.1
-245
-43
23
128
70
237
-15
144
32
96
2.686
-1.863
-1.916
1.806
(IS
WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH
AGENCY ISSUES.
( 2 ) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U . S . GOVERNMENT
SECTOR I N FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET
DEBT OF FINANCIAL INSTITUTIONS.
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
3.0
2.3
*
2.1
1.2
*
3.0
*
3.0
*
*
*
*
*
-1.2
-1.2
.1
. 3 5?
- . 3 58
. 6 59
.1
-.2
.3
. 1 60
- . 3 61
. 4 62
NOVEMBER 1 3 , 1978
U . S . GOVT. SECURITIES
U . S . GOVERNMENT SECURITIES MARKET SUMMARY
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
1978
II
TOTAL NET ISSUESt BY SECTOR AND TYPE
1
2
3
28.3
8.3
19.9
34.3
11.9
22.4
98.2
65.5
12.7
88.1
69.1
19.0
84.3
56.9
27.4
60.6
105.5
91.7
105.1
37.9
22.6
80.2
25.4
62.0
29.7
66.2
38.8
51.6
41.4
4
5
6
7.9
2.7
5.2
12.0
3.0
9.0
85.8
4.0
81.6
69.1
4.7
64.5
57.6
4.7
52.9
38.2
4.7
33.6
82.2
4.8
77.4
62.2
5.0
57.2
67.5
4.6
63.0
51.9
4.3
47.6
9 7 . 5 TOTAL U.S.GOVERNMENT SECUR.
59.4
U . S . GOVERNMENT
SPON. AGENCIES • MTG.POOLS
38.1
BY INSTRUMENT:
TREASURY ISSUES
61.6
HOUSEHOLD SAVINGS BONDS
3.6
TREAS. EXCL. SAVINGS BONDS
58.0
7
8
9
20.4
.7
-.3
22.2
.1
-.3
12.3
-.3
-.1
19.0
.1
-.1
26.7
-.5
-.2
22.3
-.1
-.2
23.4
-1.9
-.1
29.5
-.1
-.1
37.6
-1.3
41.0
-.2
-.2
35.9
-1.3
-.9
10
11
16.3
3.6
16.6
5.8
2.3
10.3
3.3
15.7
7.0
20.5
9.5
13.1
1.7
23.7
7.2
22.5
23.7
15.2
24.4
16.9
22.1
16.0
105.1
7.8
-4.9
-5.4
92.9
11.4
5.7
5.3
97.5 TOTAL HOLDINGS* BY SECTOR
U.S. GOVT. (AGENCY SEC.)
5.5
SPONSORED CREDIT AGENCIES
3.0
TREASURY MARKETABLE
3.9
FHLB SPECIAL ISSUE
AGENCY SECURITIES
-.8
OTHER
BUDGET AGENCY ISSUES
LOAN PARTICIPATIONS (1)
SPONS. AGENCY ISSUES (2)
MORTGAGE POOL SECUR. (2)
10
11
TOTAL NET PURCHASES, BY SECTOR AND TYPE
60.6
4.6
-6.0
-5.2
105.5
6.9
2.3
2.4
91.7
5.9
-2.5
-1.4
-.4
—
-.7
-.1
-1.0
.5
•4
7.2
5.8
1.4
24.2
19.1
5.2
2.6
4.0
-1.4
4.3
1.2
3.1
-3.4
-2.4
-1.0
29.0
27.7
1.3
20.3
17.8
2.4
11.6
3.3
6.3
31.5
8.1
23.4
16.8
7.3
9.5
29.0
-4.8
33.8
57.8
19.8
38.1
55.6
35.4
20.3
-16.1
-4.3
-11.8
8.1
3.5
4.5
75.7
68.8
6.9
61.3
47.0
14.3
44.1
23.8
20.3
20.9
7.6
13.3
64.8
46.7
16.0
26.1
4.6
21.5
49.9
19.7
30.3
62.9
35.1
27.8
60.6
31.8
28.8
17.5
9.4
3.0
0.4
6.2
23.0
26.9
4.0
22.9
-3.9
19.6
12.7
4.7
8.0
6.9
24.6
16.7
4.7
11.9
6.0
-6.0
-9.0
4.7
-13.7
3.0
37.8
28.2
4.8
23.4
9.6
32.5
23.7
5.0
18.7
8.9
44.7
28.1
4.6
23.5
16.6
22.9
22.5
4.3
18.2
.4
37.9
27.6
3.6
24.0
10.3
PRIVATE DOMESTIC NONFINAN.
TOTAL TREASURY ISSUES
SAVINGS BONOS (HH)
OTHER TREASURY ISSUES
AGENCY ISSUES
16
17
18
19
20
16.8
14.8
2.7
12.1
2.0
14.4
10.4
3.0
7.4
4.1
14.5
17.7
4.0
13.7
-3.2
4.8
1.2
4.7
-3.4
3.5
5.4
1.5
4.7
-3.2
3.9
-10.8
-9.4
4.7
-14.1
-1.4
.5
-5.1
4.8
-9.9
5.6
27.0
25.1
5.0
20.1
1.9
27.5
18.9
4.6
14.4
8.6
13.0
13.6
4.3
9.2
-.6
10.2
6.4
3.6
2.8
3.6
HOUSEHOLDS
TOTAL TREASURY ISSUES
SAVINGS BONDS
OTHER TREASURY ISSUES
AGENCY ISSUES
21
22
23
24
25
26
27
28
-3.4
-4.9
1.5
2.3
.9
1.4
9.1
9.9
-.8
4.0
4.0
-6.3
-6.0
-.4
-26.7
-26.7
7.7
8.8
-1.1
-13.5
-14.3
.8
-2.9
-4.3
1.4
-12.0
-12.7
.7
6.4
5.9
.5
29
30
31
5.8
1.4
4.4
.8
-1.9
2.7
-.6
-.7
10.8
7.4
3.3
25.5
21.1
4.4
31.5
27.1
4.4
29.6
24.5
5.1
19.1
12.9
6.2
20.0
13.5
6.6
21.8
21.6
.2
21.3
15.3
6.0
32
33
34
-1.3
-8.8
7.6
1.0
-2.6
3.6
30.1
28.8
1.4
19.7
18.2
1.5
-.1
-.9
.8
9.4
5.7
3.7
-3.8
-3.3
-.5
-8.7
-11.5
2.8
1.6
-4.6
6.1
15.4
7.6
7.8
.5
-3.8
4.2
35
36
37
-1.3
.1
-.1
1.2
.1
-.2
30.3
-.3
.1
19.3
.3
.1
-.1
-.2
.2
9.2
-.1
.3
-3.6
-.4
.2
-8.9
.1
.2
1.4
-.1
.2
13.5
1.7
.2
.3
-.1
.3
2
3
4
5
6
*
*
-.1
*
.1
2.5
.4
.3
7
8
9
9.3
8.6
.7
5.2
2.0
3.2
6.4
7.4
1.0
10.0
9.1
.9
10
11
12
.2
-5.7
5.9
3.7
7.6
-3.9
8.1
6.6
1.5
13
14
15
18.8
-.8
19.6
22.4
6.0
16.4
16
17
18
19
20
19*2
11.3
2.7
8.6
7.9
21
22
23
24
25
—
.1
4.5
1.5
1.5
—
*
*
3.7
1.5
1.5
—
*
*
5.3
-3.8
-3.4
*
FEDERAL RESERVE SYSTEM
TREASURY ISSUES
AGENCY ISSUES
FOREIGN
SHORT-TERM
OTHER
MARKETABLE
TOTAL PRIVATE DOMESTIC
TREASURY ISSUES
AGENCY ISSUES
15
NONFIN. CORPORATE BUSINESS 26
TREASURY ISSUES
27
AGENCY ISSUES
28
S» + L. GOVERNMENTS
TREASURY ISSUES
AGENCY ISSUES
29
30
31
COMMERCIAL BANKING
TREASURY ISSUES
AGENCY ISSUES
32
33
34
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSSESSIONS
PRIVATE NONBANK FINANCE
39
40
41
.9
-3.3
4.2
3.8
-.7
4.6
22.6
13.1
9.4
22.0
16.1
5.9
19.6
8.0
11.6
17.5
10.8
6.6
30.8
21.9
6.9
2.2
-7.6
9.8
3.7
-3.9
7.6
24.6
5.0
19.6
22.2 TOTAL, ALL PVT. NONBANK
8.0
TREASURY ISSUES
14.3
AGENCY ISSUES
42
43
44
.7
-1.6
2.3
1.2
1.2
5.4
1.3
4.1
4.4
3.7
.7
3.6
-1.3
4.9
7.9
4.8
3.0
5.9
1.1
4.8
-4.1
-6.0
1.9
.8
-2.0
2.8
4.3
-3.2
7.5
11.1
2.1
9.0
45
46
47
-.5
-.5
.1
-.2
-.4
.2
3.9
2.2
1.7
4.0
1.1
2.9
2.6
.1
2.6
-.3
-1.0
.7
3.0
.6
2.4
3.3
-.1
3.4
-.5
-2.4
1.9
-.6
-1.6
1.0
2.4
.3
2.0
48
49
50
.5
.3
.2
.4
.1
.3
1.1
.3
•8
.6
.2
.5
•5
•1
.4
.4
•1
.3
.4
.1
.3
.5
•1
.4
.5
.1
.4
.5
.1
.5
51
52
53
-.2
-.4
.1
.1
-.1
.2
1.7
1.4
.4
1.5
.6
•9
1.9
.3
1.6
1.3
.7
•6
2.3
.9
1.4
2.9
-.5
3.4
2.4
.9
1.5
54
55
56
.7
.2
.6
1.1
-.2
1.3
5.2
4.5
.7
3.9
3.7
.3
5.4
4.8
.6
5.5
2.5
3.0
3.8
5.1
-1.2
2.5
3.2
-.6
57
58
59
-.2
-1.1
.9
-.9
1.0
2.1
1.0
1.1
1.7
1.5
•1
3.4
2.4
1.0
6.3
7.4
-1.1
1.9
•3
1.5
60
61
62
-.1
•4
2.5
1.9
.6
3.1
2.6
•6
3.0
2.5
.5
-2.6
-2.8
.1
*
*
.4
*
*
*
63
64
*
.4
.1
•6
.2
.2
-.3
65
*
.2
-.1
2.4
-.7
FIN.
II1/78 BASED ON INCOMPLETE
35
36
37
36
39
40
41
SAVINGS • LOAN ASSOCIATIONS
TREASURY ISSUES
AGENCY ISSUES
42
43
44
MUTUAL SAVINGS BANKS
TREASURY ISSUES
AGENCY ISSUES
45
46
47
.6
.1
.5
CREDIT UNIONS
TREASURY ISSUES
AGENCY ISSUES
48
49
50
.4
-1.3
1.7
1.0
-.5
1.5
LIFE INSURANCE
TREASURY ISSUES
AGENCY ISSUES
51
52
53
1.6
2.7
-1.1
2.2
-3.8
6.1
1.8
.9
.9
PRIVATE PENSION FUNDS
TREASURY ISSUES
AGENCY ISSUES
54
55
56
-.1
-.6
.7
6.2
2.9
3.3
8.2
6.2
1.9
5.6
3.2
2.4
S. + L . GOVT., RTR. FUNDS
TREASURY ISSUES
AGENCY ISSUES
57
58
59
3.8
4.2
-.4
4.1
3.5
•6
-.8
•4
-1.3
1.7
•8
.9
1.4
3.4
-2.0
OTHER INSURANCE COMPANIES
TREASURY ISSUES
AGENCY ISSUES
60
61
62
.5
-1.0
-1.0
-.2
.1
.5
.3
•9
-.1
.6
•1
.4
63
64
-.4
10.8
-7.5
-7.7
7.2
INVESTMENT COS. (TREASURY)
MONEY MARKET FUNDS (TREAS)
SECURITY BROKERS •
DEALERS (TREASURY)
-2.1
(1) WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH
AGENCY ISSUES.
(2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT
SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET
DEBT OF FINANCIAL INSTITUTIONS.
BILLIONS OF DOLLARS.
10
11
12
INFORMATION.
NOVEMBER 13, 1978
PRIVATE SECURITIES
34
PRIVATE SECURITIES
STATE + LOCAL GOVERNMENT* CORPORATE* AND FOREIGN SECURITIES
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
1977
III
I
IV
1978
II
|
BILLIONS OF DOLLARS
1969
1970
1971
STATE AND LOCAL GOVERNMENT
SECURITIES
14.9
14.7 1
14.2 2
•1 3
14.1 4
.5
5
11.2
17.4
14.7
.1
-.9
-.6
.1
.1
1.0
-.3
2.3
1.0
-.3
6
7
8
9
•6
10.7
12.6
7.2
10
1 NET CHANGE IN LIABILITIES
2
STATE + LOCAL GOVERNMENTS
3
SHORT-TERM
4
OTHER
5
NONF1N. CORPORATE BUSINESS
(POLLUTION CONTROL)
11.196
10.178
3.409
6.769
1.018
8.922
8.143
246
7.897
779
5 .380
4,.252
- 1 , .382
5,. 6 3 4
1.. 1 2 8
3.832
3.178
-1.372
4.550
654
10.949
9.792
1.541
8.251
1.157
10.117
9.540
550
8.990
577
9.5
9.5
.1
9.4
9.9
9.9
2.8
7.2
~
~
6 NET CHANGE I N ASSETS
7
HOUSEHOLDS
8
NONFIN. CORPORATE BUSINESS
9
ST.+LOC. GOVT* GEN. FUNDS
11.196
3.555
-38
T7
8.922
2.705
62
211
5 .380
2,.077
-6
70
3.832
607
52
293
10.949
4.599
31
163
10.117
5.052
52
472
9.5
-.5
.5
-1.0
8.6
.1
10
11
12
COMMERCIAL BANKING
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
4.150
-68
113
3.258
18
231
607
150
53
352
-97
22
2.993
97
157
1.574
50
93
13
14
15
16
LIFE INSURANCE COMPANIES
ST.+LOC. GOVT* RTR. FUNDS
OTHER INSURANCE COMPANIES
BROKERS • DEALERS
81
756
2.160
494
181
-43
2.582
-283
22
37
2..528
-158
-36
-109
2.736
12
-72
378
2.838
-235
-43
59
2.961
-153
*
*
*
. 9*
*
9.9
9.3
*
«
11.2
11.2
2.3
8.9
""
•
*
17.4
17.3
2.5
.1
*
* 11
12
.2
.5
•
-.1
1.1
-.2
.1
-.3
1.5
.6
.1
.1
3.5
.1
•
-.1
4.3
-.1
13
14
15
16
1
2
3
4
CORPORATE AND FOREIGN BONDS
8.468
3.149
1.648
183
504
3.019
-35
9.184
5.526
1.865
157
100
1.529
7
11.197
7.241
931
165
551
2.336
-27
7.878
4.355
1.279
5
50
2.291
-102
8.681
5.187
1.187
96
428
1.790
-7
6.842
4.464
900
41
127
1.320
-10
14.4
12.9
13.8
12.0
23.3
19.8
23.5
18.8
.9
.9
18.4
12.2
1.0
1.1
.2
.9
.1
2.1
.5
2.5
.4
3.6
.4
8 NET PURCHASES
9
HOUSEHOLDS
10
REST OF THE WORLD
11
COMMERCIAL BANKING
12
MUTUAL SAVINGS BANKS
8.468
460
1.339
-60
48
9.184
681
921
-105
68
11.197
-1.298
1.204
169
168
7.878
809
223
-183
241
8.681
-323
563
-149
170
6.842
-141
1.350
12
-59
14.4
13.8
23.3
23.5
4.2
.2
.3
1.3
5.4
9.5
.7
.8
1.2
8.3
.3
1.2
3.9
13
14
15
16
17
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
7.513
4.748
462
416
1.887
7.822
3.286
2.817
1.743
-24
8.715
5.952
1.049
2.444
-730
8.337
4.002
2.430
467
1.438
8.976
5.857
1.999
1.218
-98
6.625
3.261
1.991
1.418
-45
8.2
3.7
2.6
1.2
7.2
1.7
.6
4.0
.8
10.3
•6
9.0
5.5
-.7
3.9
.3
18
19
OPEN-ENO INVESTMENT COS.
BROKERS + DEALERS
60
-892
-9
-194
467
1.772
-199
-1.350
-34
-522
58
-1.003
.4
-.2
.2
.4
.7
.1
6.5
5.9
.6
-.2
.2
-.1
.2
.4
10.1
10.5
4.9
5.2
3.4
.5
.5
.8
2.8
7.7
5.7
.1
.1
.4
1.5
6.5
-6.5
10.1
-3.7
10.5
-1.6
15.0
-5.1
1 NET ISSUES
2
NONFIN. CORPORATE BUSINESS
3
REST OF THE WORLD
4
COMMERCIAL BANKS
5
SAVINGS + LOAN ASSOCIATIONS
6
FINANCE COMPANIES
7
REITS
1.1
.3
1.0
-.2
.9
.1
5
~
•5
-.1
.3
1.5
2.1
4.5
2.3
.6
•1
6
7
18.4 8
4.4 9
. 1 10
1.7 11
2.1 12
9.7
7.0
-.8
4.2
-.7
13
14
15
16
17
. 2 18
.2 19
CORPORATE EQUITIES
15.0
1.091
163
928
432
118
75
233
70
980
-905
1.885
1.105
297
225
236
22
1.919
295
1.624
1.350
-200
197
239
38
333
23
310
258
-330
75
242
65
235
-297
532
180
-71
126
245
52
-60
-513
453
200
-50
18
248
37
9 NET PURCHASES
10
HOUSEHOLDS
11
REST OF THE WORLD
12
COMMERCIAL BANKING
13
MUTUAL SAVINGS BANKS
1.091
-954
721
0
125
980
-562
498
0
122
1.919
-2.374
894
0
53
333
1.135
670
0
103
235
-1.968
1.251
0
2
-60
-929
0
0
-6
.2
.7
.1
.3
14
15
16
17
18
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR. FUNDS
OTHER INSURANCE COMPANIES
2.765
174
1.577
808
206
2.210
171
788
904
347
2.053
351
445
837
420
723
67
-150
446
360
1.872
409
477
534
452
1.653
300
700
303
350
8.3
1.4
4.8
1.3
•8
9.9
1.7
5.4
1.8
1.0
9.7
2.0
4.6
2.1
1.0
18.2
19
20
OPEN-END INVESTMENT COS.
BROKERS + DEALERS
-673
-893
-1.094
-194
-480
1.773
-947
-1.351
-399
-523
226
-1.004
2.5
-.2
1.7
.4
1.2
.1
.4
.1
1 NET ISSUES
2
OPEN-ENO INVESTMENT COS.
3
OTHER SECTORS
4
NONFIN. CORPORATE BUSINESS
5
REST OF THE WORLD
6
COMMERCIAL BANKS
7
OTHER INSURANCE COMPANIES
8
REITS
II1/78 BASED ON PRELIMINARY AND INCOMPLETE
INFORMATION.
2.1
.1
.3
*
1.6
*
1.3
13.7
11.4
*
.6
.6
1.0
.8
*
.5
3.6
8.9
3.2
2.5
13.3
-.5
13.8
10.9
-.4
1.2
.5
1.7
1
2
3
4
5
6
7
8
13.3
-5.7
2.4
.1
.6
9
10
11
12
13
17.4
3.5
7.3
3.7
3.0
14
15
16
17
18
- 1 . 8 19
.2 20
NOVEMBER 13, 1978
PRIVATE SECURITIES
PRIVATE SECURITIES
35
STATE • LOCAL GOVERNMENT, CORPORATE, AND FOREIGN SECURITIES
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1975
SEASONALLY ADJUSTED ANNUAL RATES
1976
1977
I
|
1977
III
II
I
I
IV
I
1978
II
III
STATE AND LOCAL GOVERNMENT SECURITIES
L
2
3
4
5
14.7
12.9
•3
12.6
16.5
14.8
15.6
13.0
19.0
16.5
29.2
25.7
38.2
34.1
33.0
29.9
12.1
13.2
17.4
24.8
25.2
29.3
6
7
8
9
14.7
16.5
15.6
19.0
29.2
8.2
6.1
-.2
2.4
5.1
8.8
38.2
14.4
33.0
5.3
-.1
.2
-1.1
2.7
•2
10
11
12
5.7
5.5
.3
1.7
.6
.6
3.0
.1
.9
9.2
.4
9.5
-.3
.5
.8
1.0
2.6
-.1
1.1
1.4
5.4
.3
.4
.3
9.5
.2
.6
3.0
8.6
2.0
13
14
15
16
1.8
*
*
*
-.3
3.6
.2
2.7
1.6
•6
.5
*
.3
-.7
2.2
-.4
-.3
2.6
-.9
2.5
8.8
.9
4.1
3.5
-.2
*
*
•1
.6
3.1
6.2
.2
.8
15.2
.1
.9
25.0
20.4
-3.8
24.2
22.2
19.6
-1.4
20.9
35.8
31.2
37.6 NET CHANGE IN LIABILITIES
STATE + LOCAL GOVERNMENTS
35.2
30.8
33.2
25.0
12.6
22.2
35.8
18.3
37.6 NET CHANGE IN ASSETS
HOUSEHOLDS
15.6
4.5
2.6
.3
*
2.7
.2
1.2
1.5
•6
.2
8.0
-.4
.1
.3
4.6
.1
.7
3.8
•4
.6
2.0
2.3
1
2
3
4
5
6
7
8
9
.2
1.9
NONFIN. CORPORATE BUSINESS
ST.+LOC. GOVT, GEN. FUNDS
8.3
•2
.4
COMMERCIAL BANKING
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
10
11
12
LIFE INSURANCE COMPANIES
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
BROKERS + DEALERS
13
14
15
16
.5
-.2
.1
.1
-.2
-.4
1.5
*
-.4
.2
10.3
-1.1
10.1
10.9
11.4
*
-.9
11.8
29.9
14.9
33.7
21.9
34.2
23.5
-.6
SHORT-TERM
OTHER
NONFIN. CORPORATE BUSINESS
(POLLUTION CONTROL)
-.6
CORPORATE AND FOREIGN BONDS
23.9
19.7
36.4
27.2
1
2
3
4
5
6
7
13.6
3.0
.6
1.8
.2
8
9
10
11
12
13.6
23.9
1.3
.1
.4
-1.1
4.7
.9
1.1
.9
13
14
15
16
17
13.4
17.5
20.4
5.9
2.1
5.6
-.1
4.0
4.7
6.8
2.0
9.1
2.8
6.3
2.2
18
19
-.9
.4
-.4
-.7
1.0
1.1
9.2
1.0
*
-
2.1
.2
-
37.2
22.8
33.2
13.6
36.1
21.0
43.3
40.1
3.5
3.7
-.4
.2
4.8
.7
.7
37.2
36.1
8.0
2.1
.9
-.6
2.8
1.1
3.7
-.1
1.2
5.4
-.2
.2
29.1
16.9
29.7
18.3
30.4
19.4
-
•6
1.8
3.5
1.3
7.1
3.9
2.2
.7
-.1
*
1.8
1.7
7.5
5.3
5.3
.8
1.1
-.5
.2
-2.7
CORPORATE
3.7
.7
2.2
9.0
-.1
33.2
36.4
•1
40.1
24.7
10.4
5.3
-.2
8.5
.7
43.3
27.3
7.5
.6
.4
7.4
6.6
.7
2.0
5.0
.6
1.2
8.5
-.1
6.2
.2
.1
2.7
*
•3
33.3
15.1
11.3
33.6
22.8
4.2
9.8
5.1
*
.2
10.1
-.4
4.7
.4
1.7
5.0
*
3.6
.2
.5
6.5
*
33.7
-4.1
-.7
1.0
2.3
-.6
.7
34.2 NET PURCHASES
34.2
HOUSEHOLDS
-.1
REST OF THE WORLD
5.4
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
-.2
8
9
10
11
12
31.9
14.5
36.4
23.9
28.9
15.4
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
13
14
15
16
17
.2
.1
OPEN-END INVESTMENT COS.
BROKERS + DEALERS
18
19
9.7
1.9
5.8
8.0
4.9
-.4
7.0
-.1
-2.9
*
3.0
1.9
-.8
-1.9
-1.3
-.1
-.9
*
8.0
5.7
-.2
EQUITIES
9.2
-1.2
10.4
7.9
-.2
1.2
.5
1.0
4.1
-.7
4.8
4.1
-.2
1.0
.9
-.9
10.7
-.1
10.8
9.9
.2
1.0
1.0
-1.3
11.9
-1.0
12.9
10.5
.3
1.6
•9
-.5
3.8
-1.0
4.8
2.7
.4
.6
.9
.1
4.7
1.0
3.7
1.7
.5
.3
.9
•3
4.2
-3.3
7.5
4.4
1.2
.9
.9
.1
7.4
•9
6.5
5.4
-.8
.8
1.0
.2
1.0
-.2
1.2
1.0
-1.3
.3
1.0
.3
1.2
-.9
2.1
.7
-.3
.5
1.0
.2
9
10
11
12
13
9.2
-6.9
2.8
.2
.4
4.1
-2.2
.5
.1
.2
10.7
-3.6
4.7
.2
.2
11.9
-3.4
2.8
3.8
-5.1
2.7
4.7
-4.3
2.9
4.2
-5.7
2.0
7.4
-.8
3.6
1.0
.1
2.7
1.2
-8.8
5.0
-. 1
-. 4
-. 5
-. 5
-. 2
-. 4
14
15
16
17
18
14.6
3.6
5.3
3.4
2.4
6.7
2.3
2.3
2.6
-.5
9.3
1.9
5.8
2.4
-.7
14.3
3.0
7.3
3.1
.9
10.1
1.2
4.5
3.4
1.1
11.1
.7
6.3
3.2
.8
8.8
.7
3.2
3.6
1.4
8.2
1.4
1.8
3.3
1.7
2.9
.3
-.6
1.8
1.4
7.5
1.6
1.9
2.1
1.6
6.6
1.2
2.6
1.2
1.4
19
20
-2.3
.4
-.5
-.7
-l.l
1.1
-2.5
•6
-3.8
-.5
-2.7
-2.7
-4.4
3.0
-1.9
-1.9
-3.8
-1.3
-1.6
-.9
•9
•1
II1/78
BASED ON INCOf
1
2
3
4
5
6
7
29.9
-1.0
•9
1
2
3
4
5
6
7
8
BILLIONS OF DOLLARS.
IET ISSUES
NONFIN. CORPORATE BUSINESS
REST OF THE WORLD
COMMERCIAL BANKS
SAVINGS + LOAN ASSOCIATIONS
FINANCE COMPANIES
REITS
-
*
. 1 NET ISSUES
OPEN-END INVESTMENT COS.
-1.8
1.8
OTHER SECTORS
NONFIN. CORPORATE BUSINESS
.8
REST OF THE WORLD
-.2
COMMERCIAL BANKS
.1
OTHER INSURANCE COMPANIES
1.0
REITS
.1
. 1 NET PURCHASES
-7.5
HOUSEHOLDS
REST OF THE WORLD
COMMERCIAL BANKING
MUTUAL SAVINGS BANKS
*
1
2
3
4
5
6
7
8
9
10
11
12
13
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
14
15
16
17
18
OPEN-END INVESTMENT COS.
BROKERS + DEALERS
19
20
NOVEMBER 1 3 , 1978
MORTGAGES - 1
MORTGAGE MARKETS BY TYPE OF MORTGAGE
UNADJUSTED NET FLOWS ($
MILL.)
UNADJUSTED NET FLOWS (»
1977
III
I
IV
I
MILL.)
BILLIONS OF DOLLARS
1969
1970
1971
1978
II
TOTAL MORTGAGES
1 NET CHANGE I N MORTGAGES
HOME MORTGAGES
2
MULTI-FAMILY RESID.
3
4
COMMERCIAL
FARM
5
BORROWED BY:
U . S . GOVERNMENT
6
7
SAVINGS • LOAN ASSOCIATIONS
REITS
8
9
10
11
12
13
14
15
PRIVATE NONFINANCIAL SECTORS
HOUSEHOLDS
NONPROFIT INSTITUTIONS
NONFINANCIAL BUSINESS
FARMS
NONFARM NONCORPORATE
CORPORATE
16 FUNDS ADVANCED BY:
17
HOUSEHOLDS
18
ST.+LOC. GOVT, GEN. FUNDS
19
20
21
U . S . GOVERNMENT
SPONSORED CREDIT AG. ( 1 )
MORTGAGE POOLS
22
23
24
25
26
27
PRIVATE FINAN. INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S+L ASSOCIATIONS ( 1 )
MUTUAL SAVINGS BANKS
CREDIT UNIONS
28
29
30
31
32
33
34
INSURANCE
LIFE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR. FUND
OTHER INSURANCE COS.
FINANCE COMPANIES
REITS
37.346
28.574
2.285
3.767
2.720
37.540
28.930
1.756
4.765
2.089
36.574
25.232
2.407
7.074
1.861
29.319
19.665
2.398
4.878
2.378
38.701
26.456
2.414
6.873
2.958
38.344
25.694
2.747
7.044
2.859
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
52.6
30.6
9.7
9.9
2.4
77.0
43.8
12.8
16.8
3.6
1
2
3
4
5
-30
1.773
2
-25
612
21
-25
191
-31
-24
503
117
-27
1.218
32
-27
-411
13
-.1
.2
.2
-.1
.2
-.1
.6
.1
-.1
2.0
.1
-.1
1.2
.5
6
7
8
35.601
23.905
262
11.434
2.720
3.506
5.208
36.932
26.104
261
10.5 67
2.089
3.118
5.360
36.439
25.243
261
10.935
1.861
2.382
6.692
28.723
22.078
258
6.387
2.378
787
3.222
37.478
22.954
255
14.269
2.958
3.220
8.091
38.769
23.527
253
14.989
2.859
4.248
7.882
29.4
17.1
1.1
11.3
2.2
3.1
6.1
30.6
18.5
1.2
10.8
1.8
3.7
5.3
29.2
14.1
1.2
14.0
.8
6.5
6.7
50.5
27.0
1.2
22.3
2.4
9.7
10.2
75.4
41.6
1.3
32.4
3.6
11.9
17.0
9
10
11
12
13
14
15
37.346
3.361
-221
37.540
3.271
288
36.574
3.086
370
29.319
3.229
370
38.701
3.599
250
38.344
3.600
150
29.8
2.8
.2
30.7
2.2
.5
29.9
1.8
.8
52.6
1.2
1.1
7 7 . 0 16
6 . 3 17
1.4 18
478
1.795
3.286
-193
923
5.919
204
734
5.622
-536
2.544
3.791
-563
2.540
4.233
360
3.237
4.012
1.4
2.2
.5
1.0
4.4
.7
.3
5.4
1.6
-.4
3.6
4.8
- . 7 19
4 . 0 20
4 . 9 21
28.647
7.844
18.965
17.059
1.803
103
27.332
8.359
18.306
16.206
2.003
97
26.558
7.312
16.493
14.378
2.025
90
19.921
5.921
13.061
11.265
1.696
100
28.642
9.854
17.371
15.536
1.735
100
26.985
9.431
15.064
12.983
1.976
105
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
42.2
9.8
27.8
23.8
3.9
1.430
1.068
118
206
38
1.487
-1.079
1.469
1.216
95
133
25
-436
-366
2.953
2.695
102
166
-10
200
-400
1.439
1.198
100
150
-9
-100
-400
2.267
2.077
75
125
-10
-500
-350
2.590
2.343
100
150
-3
100
-200
2.8
2.5
2.7
2.3
3.996
3.884
35 ( 1 ) MEMO: FHLB LOANS TO S+L
1.255
1.337
3.119
ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY).
*
*
*
*
61.0
lb.8
37.7
32.0
5.5
.2
22
23
24
25
26
27
.7
1.5
-.9
.2
*
1.7
4.2
28
29
30
31
32
33
34
.4
2.4
2.1
.1
•2
.3
1.0
1.1
-.5
.4
.6
.8
.8
1.2
1.7
1.9
1.5
2.3
15.0
14.1
30.6
27.0
43.8
41.6
.5
.5
1.2
1
2
3
4
5
43.8
3.3
.1
6
7
8
*
*
*
*
*
*
HOME MORTGAGES
1 NET BORROWING
2
HOUSEHOLDS
3
NONFARM NONCORP. BUSINESS
4
NONFIN. CORPORATE BUSINESS
5
SAVINGS • LOAN ASSOCIATIONS
28.574
23.905
1.448
1.448
1.773
28.930
26.104
1.107
1.107
612
25.232
25.243
-101
-101
191
19.665
22.078
-1.458
-1.458
503
26.456
22.954
1.142
1.142
1.218
25.694
23.527
1.289
1.289
-411
17.5
17.1
18.1
18.5
6 NET CHANGE IN ASSETS
7
HOUSEHOLDS
8
STATE • LOCAL GOVERNMENTS
28.574
2.022
-225
28.930
2.043
162
25.232
1.816
127
19.665
1.412
127
26.456
2.312
75
25.694
1.932
50
17.5
18.1
15.0
30.6
2.5
2.0
.1
-.1
.1
3.0
.1
277
815
3.206
6.208
-139
183
5.559
5.775
165
267
5.060
4.212
-1.066
1.772
3.437
3.894
-146
1.873
3.288
5.877
100
2.421
3.714
5.572
.9
1.6
.4
3.5
.2
3.8
.4
2.9
-.1
4.6
1.2
.9
-.6
2.1
4.3
5.7
16.207
14.606
1.498
103
15.436
14.026
1.313
97
13.684
12.270
1.324
90
10.392
9.182
1.110
100
13.899
12.664
1.135
100
11.980
10.582
1.293
105
8.5
6.8
1.6
9.3
7.7
1.6
8.0
6.8
1.1
.1
18.4
17.2
-.8
-.9
-2.3
-2.1
.1
.1
.2
*
9
10
11
12
U . S . GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKING
13
14
15
16
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
17
18
19
20
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR. FUNDS
-149
-281
4
12 8
-366
-396
25
5
-148
-295
25
122
-171
-251
24
56
-272
-347
20
55
-100
-200
25
75
-.6
-.7
21
22
FINANCE COMPANIES
REITS
328
-115
298
-21
100
-51
-80
-52
-400
-50
50
-25
.5
II1/78 BASED ON PRELIMINARY AND INCOMPLETE
INFORMATION.
*
*
.2
*
-.2
-.2
*
*
-1.3
-1.4
.1
*
.7
.2
.1
.1
.6
.8
.8
2.0
1.2
*
.1
-.3
.1
.9
.4
-.2
.2
*
-.6 9
1.8 10
4.3 11
9.0 12
27.7
24.8
2.7
.2
13
14
15
16
-2.7
-2.3
-.4
*
17
18
19
20
.6 21
. 4 22
NOVEMBER 13, 1978
MORTGAGES - I
MORTGAGES - 1
37
MORTGAGE MARKETS BY TYPE OF MORTGAGE
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1974
1975
1976
TOTAL MORTGAGES
1
2
3
4
5
6
7
8
79.9
44.9
10.4
19.1
60.5
33.3
5.5
57.2
41.4
137.9
92.0
134.0
99.5
133.8
101.8
141.0
106.9
152.4
107.5
1.9
7.3
8.4
6.9
9.5
15.3
1 1 . 2*
13.6
18.4
14.4
18.6
26.5
137.3
94.8
10.5
22.5
5.0
4.6
6.1
8.8
9.2
8.6
8.8
9.5
26.9
10.2
- . 1
3.8
- . 1
3.0
.1
- . 1
2.9
- . 1
- . 1
2.6
.5
- . 1
1.5
.1
134.4
92.1
6.9
C87.1
65.4
8.8
1 4 3 . 2 NET CHANGE I N MORTGAGES
HOME MORTGAGES
92.8
MULTI-FAMILY RES1D.
10.9
COMMERCIAL
27.8
FARM
11.7
BORROWED BY:
U . S . GOVERNMENT
- . 1
SAVINGS + LOAN ASSOCIATIONS
-1.1
REITS
.1
- . 1
- . 1
-1.5
-1.4
.2
- . 1
1.9
.4
- . 1
1.7
.4
- . 1
3.1
.3
9
10
11
12
13
14
15
81.2
47.1
61.9
35.4
55.0
38.1
85.0
61.3
131.0
93.0
138.0
102.4
149.7
100.8
136.3
89.4
144.3
92.9
1.1
1.1
1.0
1.1
1.0
1.0
1.0
1.0
1.0
1.0
1.0
33.0
25.4
15.9
22.7
36.9
36.1
34.6
47.8
41.2
5.5
9.3
5.0
6.6
6.1
3.7
8.8
9.1
9.2
8.6
7.4
8.8
9.5
9.9
46.0
10.2
18.2
13.7
4.6
1.8
9.5
12.9
50.4
11.7
10.8
27.9
16
17
18
79.9
60.5
57.2
87.1
3.4
1.7
4.3
2.5
3.7
1.6
8.0
1.3
19
20
21
- . 6
7.2
3.6
3.2
5.3
-3.1
10.2
2.9
5.8
10.3
15.7
22
23
24
25
26
27
64.6
19.8
32.7
26.5
36.4
12.8
19.8
17.6
33.0
32.3
29.5
62.3
14.3
49.5
44.9
5.7
.4
2.2
.1
2.3
.5
28
29
30
31
32
33
34
4.7
4.4
- . 4
.7
5.4
4.9
2.8
2.9
*
1.9
5.6
1.4
3.8
*
18.6
12.0
27.0
21.8
26.5
141.0
13.1
152.4
13.2
137.3
12.7
137.9
13.8
- . 9
1.2
1.5
1.5
1.0
-.2
3.5
- . 3
6.8
-3.3
.8
2.9
3.1
-5.0
1.7
20.5
13.1
23.7
22.5
12.7
15.2
16.9
-1.6
10.9
16.0
97.7
27.4
65.1
58.2
102.2
28.5
66.3
58.7
104.7
31.5
69.6
61.2
111.6
30.8
72.0
63.6
92.3
27.0
60.0
52.8
101.5
36.4
59.5
52.1
102.8
35.8
56.3
48.0
4.1
.5
6.5
.4
7.2
•4
8.0
.4
8.1
.4
6.8
.4
6.9
.4
7.9
.4
2.6
2.4
6.4
4.9
.5
.8
.2
5.3
6.4
5.4
.4
.5
.1
9.3
8.2
.4
.7
7.1
6.1
.4
.6
9.7
9.0
.3
.5
10.9
-4.3
19.0
134.0
11.9
133.8
12.9
.6
.6
-.2
.1
.2
-1.9
-1.3
-4.8
- . 4
-3.8
-2.4
.2
*
130.1
92.9
11.1
15.8
6.1
5.2
.4
.5
.1
1.5
*
*
*
*
• 1
-1.4
-1.5
*
*
1.1
- . 2
-1.6
-1.6
9.3
9.7
*
-2.7
-1.4
PRIVATE NONFINANCIAL SECTORS
HOUS EHOLDS
NONPROFIT INSTITUTIONS
NONFINANCIAL BUSINESS
FARMS
NONFARM NONCORPORATE
CORPORATE
1 4 3 . 2 FUNDS ADVANCED BY:
14.4
HOUSEHOLDS
.6
ST.+LOC. GOVT* GEN. FUNDS
9.9
.4
.6
*
.6
-.8
U . S . GOVERNMENT
SPONSORED CREDIT AG.
MORTGAGE POOLS
(1)
PRIVATE FINAN. INSTITUTIONS
COMMERCIAL BANKING
SAVINGS INSTITUTIONS
S+L ASSOCIATIONS ( 1 )
MUTUAL SAVINGS BANKS
CREDIT UNIONS
INSURANCE
LIFE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR. FUND
OTHER INSURANCE COS.
FINANCE COMPANIES
REITS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
12.8
15.3
10.0 (1) MEMO: FHLB LOANS TO S+L
ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY).
HOME MORTGAGES
33.3
35.4
41.4
38.1
1
2
3
4
5
44.9
47.1
-1.5
-1.4
.7
.7
1.9
6
7
8
44.9
33.3
3.0
.6
2.4
.7
9
10
11
12
-.8
3.5
3.2
65.4
61.3
99.5
93.0
94.8
92.1
92.0
89.4
101.8
92.9
106.9
102.4
107.5
100.8
1.2
1.2
1.7
1.7
1.7
3.1
2.5
2.5
3.8
.7
.7
3.0
1.9
1.9
2.9
2.6
.6
.6
1.5
41.4
65.4
99.5
101.8
106.9
107.5
94.8
92.0
2.5
.6
4.5
.8
7.0
.1
8.1
- . 9
8.2
.6
7.3
.5
5.6
.5
9.2
.3
1.9
2.5
9.9
2.1
-2.8
-.3
.5
- . 9
3.3
.8
9.8
-3.1
8.8
19.0
18.7
12.8
22.8
-3.1
-1.4
22.2
21.6
.6
.5
14.5
11.0
.8
5.5
5.4
6.6
20.2
18.3
13.7
17.7
13.2
21.2
13
14
15
16
24.5
21.5
14.7
13.9
24.5
23.2
40.6
37.3
54.9
49.9
17
18
19
20
-2.0
-1.9
21
22
1.2
.7
-.4
-.4
2.6
.4
-.2
.2
-.3
-.3
.7
.1
-1.4
-1.4
*
.1
-1.2
-.2
BILLIONS OF DOLLARS.
.8
.5
-1.9
-1.4
-.1
-.4
-.5
-.5
II1/78
.5
2.8
.5
-1.6
-1.5
-.1
*
.4
-.2
*
*
7.5
56.9
50.5
58.6
53.0
60.4
54.7
47.5
42.6
47.3
42.3
4.5
.4
6.0
.4
5.3
.4
5.3
.4
4.4
4.5
.4
-1.1
-1.4
-.5
-1.3
-1.4
-.8
- . 7
-1.4
-1.0
-1.0
-1.3
.1
.5
.1
.2
.1
.2
.7
-.2
- . 1
- . 2
-2.3
*
-1.0
*
.2
.5
1.0
-.2
.6
- . 5
BASED ON INCOMPLETE INFORMATION.
.1
*
1.6
- . 1
•4
- . 2
92.8 NET BORROWING
92.9
HOUSEHOLDS
.5
NONFARM NONCORP. BUSINESS
.5
NONFIN. CORPORATE BUSINESS
-1.1
SAVINGS • LOAN ASSOCIATIONS
92.8 NET CHANGE IN ASSETS
7.7
HOUSEHOLDS
.2
STATE • LOCAL GOVERNMENTS
-2.6
7.5
14.9
20.7
U.S. GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKING
44.4
38.8
5.2
.4
SAVINGS INSTITUTIONS
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
-.3
-.7
.1
•3
INSURANCE
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
.4
-.1
FINANCE COMPANIES
REITS
11
12
13
14
15
21
22
NOVEMBER 13t 1978
MORTGAGES - II
38
MORTGAGES - II
MORTGAGE MARKETS - CONTINUED
UNADJUSTED NET FLOWS (* MILL.)
UNADJUSTED NET FLOWS (* MILL.
1977
III
1978
II
BILLIONS OF DOLLARS
1969
1970
1971
MULTI-FAMILY RESIDENTIAL MORTGAGES
1 NET BORROWING
2
NONFARM NONCORP. BUSINESS
3
NONFIN. CORPORATE BUSINESS
4
REITS
5
U . S . GOVERNMENT
2.285
1.708
606
1
-30
1.756
1.562
2.407
1.800
212
7
-25
642
6 NET CHANGE I N ASSETS
7
HOUSEHOLDS
8
STATE * LOCAL GOVERNMENTS
2.285
101
1
39
121
91
9
10
11
U.S. GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
12
COMMERCIAL
13
14
15
SAVINGS INSTITUTIONS
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
16
17
18
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
19
20
FINANCE COMPANIES
REITS
2.414
2.747
1.418
1.012
2.281
489
-10
-25
2.398
1.791
592
39
-24
11
-27
4
-27
1.756
116
120
2.407
168
192
2.398
168
192
2.414
162
130
-70
56
277
139
-125
407
-240
-229
726
4.9
3.5
1.5
.1
-.1
6.9
5.8
1.2
-.1
-.1
9.9
2.8
.2
-.1
2.747
139
50
3.4
-.1
6.9
9.7
12.8
•2
4.9
-.4
.4
-1.1
.6
1.0
6
7
8
229
7
204
.3
.7
.5
.3
.4
.8
.1
.3
1.0
9
10
1.430
1.080
350
1.285
933
352
-30
26
-240
-60
30
-24
25
420
-299
-318
-164
1.317
311
50
-131
1.255
961
294
-60
-131
*
*
*
.6
*
*
.7
1
2
3
4
5
• 3 11
.7
1.8
12
1.627
1.325
302
1.451
1.108
343
1.4
1.1
.3
1.5
1.2
.3
2.2
2.0
.2
5.3
3.5
1.8
4.8
3.5
1.3
13
14
15
-106
20
20
200
25
25
1.0
1.5
.1
.1
1.8
.7
-.3
.1
•3
. 6 16
- . 3 17
- . 1 18
-25
-100
25
-75
.1
.1
.4
.5
.8
1.2
.9
. 9 19
2 . 0 20
9.9
1.2
.9
7.8
.1
16.8
1.3
1.5
13.7
•3
9.9
.2
.1
3.0
16.8 6
1.1 7
.3 8
-.2 9
5.4 10
BANKS
1.628
*
*
*
9.7
8.0
1.7
12.8
3.4
2.4
1.0
.1
-.1
.3
.5
.1
*
.1
•1
*
COMMERCIAL MORTGAGES
1 NET BORROWING
2
HOUSEHOLDS
3
NONFARM NONCORP. BUSINESS
4
NONFIN. CORPORATE BUSINESS
5
REITS
6 NET CHANGE IN ASSETS
7
HOUSEHOLDS
8
STATE + LOCAL GOVERNMENTS
9
U.S. GOVERNMENT
10
COMMERCIAL BANKING
11
12
13
SAVINGS INSTITUTIONS
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
14
15
16
17
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT* RTR. FUNDS
OTHER INSURANCE COMPANIES
18
19
FINANCE COMPANIES
REITS
1
2
3
4
5
3.767
262
350
3.154
1
4.765
261
449
4.041
14
7.074
261
683
6.151
-21
4.878
258
454
4.088
78
6.873
255
660
5.937
21
7.044
253
678
6.104
9
6.7
1.1
.6
4.9
.1
5.8
1.2
.5
4.0
.2
7.2
1.2
.6
5.3
.1
3.767
354
-7
62
846
4.765
399
0
16
2.055
7.074
559
33
7
2.388
4.878
727
33
69
1.676
6.873
130
25
-114
3.151
7.044
492
50
8
2.994
6.7
-.6
5.8
.1
2.6
1.8
7.2
1.5
.1
.1
1.2
1.136
1.136
0
1.440
1.100
340
1.523
1.175
348
1.413
1.122
291
1.844
1.547
297
1.632
1.293
339
1.9
1.0
.8
1.3
.6
.8
1.5
.9
.6
4.1
3.1
1.0
5.2 11
3.7 12
1.4 13
879
88
297
38
1.337
40
50
25
2.646
52
44
-10
1.038
53
55
-9
2.037
35
50
-10
1.846
50
50
-3
1.9
2.0
1.6
2.5
.1
3.1
-.2
.1
*
739
-665
-416
-181
50
-218
40
-217
-75
-200
25
-100
-
*
*
*
.7
.1
*
—
.1
*
*
*
*
.6
*
*
.2
-1.8
*
*
•5
14
15
16
17
1.2
. 3 18
1.7 19
.8
.3
.1
2.4
1.2
3.6
1.4
.2
.7
FARM MORTGAGES
1 NET BORROWING
2.720
2.089
1.861
2.378
2.958
2.859
2 NET CHANGE IN ASSETS
3
HOUSEHOLDS
4
STATE + LOCAL GOVERNMENTS
2.720
884
10
2.089
713
6
1.861
543
18
2.378
922
18
2.958
995
20
2.859
1.037
0
2.2
.9
*
5
6
7
U . S . GOVERNMENT
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
100
859
-11
0
684
83
-107
592
155
48
768
75
-63
896
219
23
809
94
-.2
.5
.3
-.3
.7
.4
8
9
10
11
COMMERCIAL BANKS
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
ST.+LOC. GOVT, RTR. FUNDS
363
-6
500
21
256
0
335
12
325
1
368
-34
179
1
367
0
397
1
493
0
398
1
497
0
_
. 1*
.4
-.1
II1/78 BASED ON PRELIMINARY AND INCOMPLETE
INFORMATION.
.1
*
*
*
2
3
4
-.1
1.2
.3
5
6
7
•6
8
* 109
* 11
.1
NOVEMBER 13, 1978
MORI GAGES - II
MORTGAGES - II
39
MORTGAGE MARKETS - CONTINUED
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1975
1977
III
1976
1978
II
MULTI-FAMILY RESIDENTIAL MORTGAGES
1
2
3
4
5
10.4
7.9
2.5
.1
-.1
6.9
5.5
1.4
.1
-.1
.1
-.1
.1
-.1
6
7
8
10.4
-1.0
.9
6.9
-.1
1.4
9
LO
.3
1.8
.7
2.2
*
1.7
1.0
.7
16
17
18
1.1
-.1
-.1
1.2
.1
.2
19
20
.4
2.4
-1.3
.2
-.8
-2.6
*
2.6
1.7
.9
*
*
.6
-.5
1.6
1.7
1.1
-1.0
-.9
2.9
.9
*
.8
.1
-.1
.1
.2
.5
.4
*
*
9.5
7.6
2.1
*
*
*
U.S. GOVERNMENT
SPONS. CREDIT AGENCIES
MORTGAGE POOLS
1 .7
1.1
1.5
.7
1.7
1.9
COMMERCIAL
3.3
2.9
•4
5.2
4.1
1.1
5 .6
4 .3
1 .2
5.7
4.3
1.4
5.4
4.0
1.4
5.7
4.6
1.2
5.5
4.3
1.2
5.8
4.4
1.4
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
13
14
15
-.5
-.4
.1
-.2
.1
-1 .0
-.3
.1
.3
-.5
.1
.1
.4
.1
.2
-.3
.1
.1
.8
.1
.1
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
17
18
.1
-.8
1 .7
-1 .2
-1.3
-.7
.2
-.5
-.2
-.5
-.1
-.4
.1
-.3
FINANCE COMPANIES
REITS
19
20
18.6
1.0
1.8
15.8
.1
26.5
1.0
2.6
23.0
-.1
22.5
1.0
2.1
19.0
.3
26.9
1.0
2.6
23.2
.1
27.8 NET BORROWING
1.0
HOUSEHOLDS
2.7
NONFARM NONCORP. BUSINESS
24.1
NONFIN. CORPORATE BUSINESS
*
REITS
18.6
26.5
22.5
2.9
.1
.3
7.8
26.9
.5
.1
-.5
12.0
27.8 NET CHANGE IN ASSETS
2.0
HOUSEHOLDS
.2
STATE + LOCAL GOVERNMENTS
*
U.S. GOVERNMENT
11.6
COMMERCIAL BANKING
6.2
4.8
1.4
6.7
5.6
1.2
*
*
-.5
-1.7
11.2
1.0
1.0
9.0
.3
13.6
1.1
1.2
11.1
.3
18.4
1.0
1.7
15.6
6
7
8
9
10
19.1
-.9
.2
-.1
6.9
15.3
.6
.3
-.1
5.0
11.2
.1
13.6
1.1
3.1
-.1
5.1
18.4
1.6
.1
.1
6.4
11
12
13
4.9
3.2
1.7
3.4
2.6
.8
5.3
4.6
.7
5.6
4.7
.9
5.0
4.2
•8
14
15
16
17
4.9
4.8
.5
.5
3.9
.1
.3
.1
3.7
.1
•2
.1
5.5
.2
.4
.1
18
19
.2
2.5
.6
.2
-.3
-1.8
.4
-1.4
*
-.3
.2
1.1
8 .4
.4
•
15.3
1.1
1.4
12.6
.1
-1.8
10.9 NET CHANGE IN ASSETS
.6
HOUSEHOLDS
.2
STATE + LOCAL GOVERNMENTS
7.3
.4
.4
19.1
1.1
1.8
16.1
•i
*
*
8.8
.6
.5
1.9
.2
.3
1
2
3
4
5
*
*
10.5
.7
.8
-.1
*
*
COMMERCIAL
*
*
9.5
.7
.8
-
1.1
•2
3.3
1.8
1.4
6.9
.5
.5
-.1
-.3
.7
13
14
15
-•1
1 0 . 9 NET BORROWING
7.7
NONFARM NONCORP. BUSINESS
3.4
NONFIN. CORPORATE BUSINESS
*
REITS
-.1
U.S. GOVERNMENT
6.9
4.9
2.1
7.3
5.7
1.7
*
8.8
6.2
2.7
-.1
10.5
7.7
2.7
.2
-.1
8 .4
7 .2
1 .3
•
.1
1.9
1.2
•6
.1
-.1
*
BANKS
MORTGAGES
14.4
1.0
1.3
12.0
*
3.9
3.9
1.2
•2
5.7
.2
.2
.1
.1
.2
6.1
4.7
1.4
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
7.8
.2
.2
*
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUNDS
OTHER INSURANCE COMPANIES
16
17
.1
-.4
FINANCE COMPANIES
REITS
18
19
-1.7
-.7
.2
-.9
.2
-.9
8.6
2.9
8.8
3.0
.1
9.5
3.4
.1
10.2
3.4
•1
2.9
.3
-.3
2.9
.6
.3
2.8
.3
-.5
3.1
.9
.1
3.4
.4
U.S. GOVERNMENT
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
1.1
1.3
.8
1.4
1.6
*
2.0
COMMERCIAL BANKS
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
ST.+LOC. GOVT, RTR. FUNDS
FARM MORTGAGES
11.7 NET BORROWING
5.5
2.3
5.0
1.4
4.6
1.4
6.1
2.2
.1
1.9
.2
2.5
.2
.1
2.6
-.1
-.2
2.5
•5
8
9
10
8.8
2.9
*
2.9
.3
.1
-.1
.2
3.0
*
1.2
1.3
1.4
1.8
.1
*
BILLIONS OF DOLLARS.
9.2
3.0
111/78 BASED ON INCOMPLETE
*
INFORMATION.
*
*
—
1.4
•
*
1.4
-.1
*
-
1.7
*
-
1.7
11.7 NET CHANGE IN ASSETS
4.1
HOUSEHOLDS
STATE + LOCAL GOVERNMENTS
NOVEMBER 13, 1978
CONSUMER CREDIT AND BANK LOANS N.E.C.
40
CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED
CONSUMER CREDIT AND BANK LOANS N.E.C.
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS (» MILL.)
II
1977
III
1978
II
III
1968
BILLIONS OF DOLLARS
1969
1970
1971
1972
CONSUMER CREDIT
(HH)
11.507
10.222
1.285
10.579
10.297
282
11.058
9.277
1.781
2.386
2.631
-245
15.679
14.213
1.466
13.472
12.640
832
LO.O
8.3
1.7
10.4
9.4
1.0
5.9
4.9
1.1
13.1
10.7
2.3
17.1
14.1
3.0
1
2
3
4 NET CHANGE IN ASSETS
5
INSTALMENT CREDIT
6
NONFARM NONCORP. BUSINESS
7
N0NF1N. CORPORATE BUSINESS
8
COMMERCIAL BANKING
9
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
10
CREDIT UNIONS
11
FINANCE COMPANIES
12
11.507
10.222
35
194
5.564
248
122
2.302
1.757
10.579
10.297
54
286
5.415
369
162
2.029
1.982
11.058
9.277
187
786
3.727
247
8
1.257
3.065
2.386
2.631
-92
-311
1.875
200
98
1.149
-288
15.679
14.213
30
-828
7.590
192
161
3.203
3.865
13.472
12.640
45
129
6.763
271
147
2.359
2.926
LO.O
8.3
-.1
4.6
.1
.1
1.3
2.3
10.4
9.4
-.1
.2
4.5
.2
.1
1.7
2.8
5.9
4.9
.1
.3
3.0
.3
•1
1.0
.1
13.1
10.7
-.2
-.3
6.2
.8
.1
1.8
2.3
17.1
14.1
-.2
-1.5
9.3
.8
.1
2.2
3.5
4
5
6
7
8
9
10
11
12
1.285
-67
790
499
35
28
282
69
-77
236
17
37
1.781
593
782
378
26
2
-245
525
-545
-230
-17
22
1.466
70
795
526
38
37
832
209
283
270
37
33
1.7
.5
.2
.9
1.0
.5
.3
.2
1.1
.5
.6
-.1
2.3
.6
.5
1.2
3.0
.7
.6
1.6
.1
13
14
15
16
17
1 NET CHANGE IN LIABILITIES
2
INSTALMENT CREDIT
3
NONINSTALMENT CREDIT
13
14
15
16
17
18
NONINSTALMENT CREDIT
NONFARM NONCORP. BUSINESS
NONFIN. CORPORATE BUSINESS
COMMERCIAL BANKING
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
*
*
*
*
*
BANK LOANS NOT ELSEWHERE CLASSIFIED
1
2
3
4
5
6
7
8
9
10
11
12
TOTAL LOANS AT COMMERCIAL
BANKSt F/F BASIS
- LOANS ELSEWHERE CLASSIFIED:
MORTGAGES
CONSUMER CREDIT
SECURITY CREDIT
OPEN-MARKET PAPER
HYPOTHECATED DEPOSITS
= BANK LOANS NEC AT COML. BKS.
+ BANK LOANS NEC AT OTHER
BANKING SUBSECTORS:
DOMESTIC AFFILIATES
FOREIGN BANKING AGENCIES
= BANKING SECTOR TOTAL BANK
LOANS NEC
+ LOANS BY F.R. BANKS
= TOTAL BANK LOANS NEC
13 NET CHANGE IN LIABILITIES
14
NONFINANCIAL SECTORS
15
HOUSEHOLDS
16
FARM BUSINESS
17
NONFARM NONCORP. BUSINESS
18
CORPORATE BUSINESS
19
20
21
22
23
<!4
25
26
REST OF THE WORLD
FGN. OFFICIAL
FGN. BANKS
OTHER FGN.
FINANCIAL SECTORS
SAVINGS + LOAN ASSNS.
FINANCE COMPANIES
REITS
24.923
22.585
27.158
8.493
34.658
17.155
7.842
6.063
-583
-128
0
11.729
8.320
5.651
2.590
149
0
5.875
7.275
4.105
1.013
3.045
0
11.720
5.888
1.645
-4.309
- 2 .630
0
7.899
9.819
8.116
2.219
471
0
14.033
9.400
7.033
-1.650
355
0
2.017
6.6
5.5
1.3
-.4
-1.1
1.3
14.4
11.5
-17
-2.093
9.619
24
233
6.132
600
893
13.213
-515
780
8.164
357
1.542
15.932
158
507
2.682
-. 4
3.9
1.3
14.8
16.8
2.6
6.3
0
9.619
0
6.132
0
13.213
0
a.164
0
15.932
0
2.682
14.8
16.8
_
6.3
12.1
9.619
10.270
2.279
1.942
-303
6.198
6.132
5.969
1.812
658
-532
2.953
13.213
11.485
3.162
-600
401
6.215
8.164
10.236
-553
-300
1.060
9.333
15.932
14.412
3.819
1.955
619
7.738
2.682
1.814
-652
600
-198
2.727
14.8
13.3
16.8
15.4
6.3
6.4
1.1
•b
-.6
5.5
12.1
10.2
2.5
1.3
.7
3.6
27.8
21.9
2.9
1.8
1.1
13.1
13
14
15
16
17
18
154
227
283
-356
1.078
132
503
443
2.307
169
1.729
409
696
42
410
244
281
-81
-606
968
-663
47
-844
134
-.5
-.2
-.3
-.1
-.2
2.1
.2
1.0
.9
2.9
.2
1.0
1.7
19
20
21
22
-651
198
-140
-709
163
2 57
542
-636
1.728
784
1.389
-445
-2.072
-208
-1.348
-516
1.520
-25
1.951
-406
868
187
1.083
-402
1.5
.1
.8
.6
1.9
.7
.6
.6
5.9
.4
4.1
1.3
23
24
25
26
1 1 1 / 7 6 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
_
2.5
.4
1.1
9.7
*
-.3
5.3
4.7
1.3
.6
2.1
11.6
-.2
*
.2
-.4
1.3
.1
.9
•4
1.4
1.5
-1.0
_
*
-.1
-.1
-.1
.1
9.6
7.4
.8
.3
16.8
10.6
4.7
-.2
-.1
.5
-.2 8
1.1 9
27.8 10
12.1
_
- 11
2 7 . 8 12
NOVEMBER 13, 1978
CONSUMER CREDIT AND BANK LOANS N.E.C.
CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED
CONSUMER CREDIT AND BANK LOANS N.E.C.
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1978
II
1977
III
CONSUMER CREDIT
1
2
3
23.8
21.4
2.4
10.2
9.3
.9
9.4
7.5
1.9
23.6
20.5
3.0
35.0
31.1
4.0
38.3
32.3
6.0
32.6
30.2
2.4
36.2
33.1
3.1
4
5
6
7
8
9
10
11
12
23.8
21.4
.1
2.1
11.0
.7
.2
2.7
4.7
10.2
9.3
23.6
20.5
.2
4.0
•6
.2
2.3
2.0
9.4
7.5
-.1
-.4
2.8
.7
.2
3.8
.5
35.0
31.1
.1
1.1
15.8
1.1
.3
6.5
6.3
38.3
32.3
.2
1.2
16.7
1.1
.5
7.3
5.3
32.6
30.2
.2
.9
15.5
1.3
.6
5.2
6.4
36.2
33.1
.1
-.1
17.4
1.0
13
14
15
16
17
18
2.4
.8
.5
•6
.4
.9
.8
•5
-.4
•1
1.9
.9
.6
•1
.2
3.0
1.2
1.1
.6
4.0
1.3
1.2
1.3
.1
.1
6.0
1.7
2.5
1.5
2.4
.9
•3
1.0
.1
.1
*
*
*
*
*
*
10.8
1.0
.1
4.9
3.7
*
.1
*
6.7
8.0
1.0
1.1
1.4
51.6
45.5
6.1
43.4 NET CHANGE IN LIABILITIES (HH) 1
38.3
INSTALMENT CREDIT
2
5.1
NONINSTALMENT CREDIT
3
38.0
36.6
.4
2.7
17.7
.9
.4
7.7
6.9
51.6
45.5
.1
-2.7
23.4
.9
•6
9.6
13.3
43.4 NET CHANGE IN ASSETS
38.3
INSTALMENT CREDIT
.1
NONFARM NONCORP. BUSINESS
.2
NONFIN. CORPORATE BUSINESS
20.0
COMMERCIAL BANKING
.9
SAVINGS • LOAN ASSNS.
.6
MUTUAL SAVINGS BANKS
6.4
CREDIT UNIONS
9.9
FINANCE COMPANIES
.6
-.1
-.1
.1
6.1
2.2
2.0
1.6
5.1
1.7
2.0
1.1
.1
•1
NONINSTALMENT CREDIT
NONFARM NONCORP. BUSINESS
NONFIN. CORPORATE BUSINESS
COMMERCIAL BANKING
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
13
14
15
16
17
18
BANK LOANS NOT ELSEWHERE CLASSIFIED
TOTAL LOANS AT COMMERCIAL
BANKS, F/F BASIS
2
3
4
5
6
7
19.6
11.6
-3.0
-1.3
12.3
3.6
-2.4
2.2
3.7
2.9
2.1
1.1
14.3
11.4
6.9
3.7
27.3
17.0
.3
.3
46.2
32.5
-12.2
7.0
33.5
8
9
10
1.7
3.7
51.6
.9
4.9
33.3
-.5
-1.2
-13.9
-.3
-.3
6.4
.6
-1.9
32.2
11
12
51.6
38.3
-13.9
6.4
32.2
13
14
15
16
17
18
51.6
42.7
6.5
3.0
1.1
29.3
36.3
33.7
-.8
.9
-1.0
29.9
-13.9
-10.3
-2.0
1.9
-2.0
-11.9
6.4
10.1
2.2
3.1
-3.1
1.3
32.2
32.2
8.2
2.4
19
20
21
22
2.8
.4
1.7
.7
4.7
.3
3.1
1.3
3.7
•3
1.0
2.5
6.6
.9
4.1
1.7
23
24
25
26
8.9
.4
4.5
4.0
4.6
-.4
.7
4.4
-3.6
-.3
-2.7
-.6
-3.7
.2
-2.1
-1.9
1.4
1.0
-2.4
_
-
_
_
28.5
18.2
-.7
1.7
30.6
18.5
-14.0
4.3
26.9
17.6
-8.9
-7.0
36.3
25.0
11.2
4.2
35.7
21.2
1.6
4.2
- LOANS ELSEWHERE CLASSIFIED:
MORTGAGES
=
•
CONSUMER CREDIT
SECURITY CREDIT
OPEN-MARKET PAPER
HYPOTHECATED DEPOSITS
BANK LOANS NEC AT COML. BKS.
BANK LOANS NEC AT OTHER
BANKING SUBSECTORS:
DOMESTIC AFFILIATES
FOREIGN BANKING AGENCIES
BANKING SECTOR TOTAL BANK
LOANS NEC
LOANS BY F.R. BANKS
11
12
TOTAL BANK LOANS NEC
-.1
-8.4
9.9
.1
.9
40.9
2.4
3.6
30.9
-2.1
3.1
67.3
1.4
6.2
33.5
.6
2.0
26.6 =
9.9
-
40.9
-
30.9
-
67.3
-
33.5
-
+
26.6 =
20.0
9.9
16.5
.4
5.1
.2
13.4
40.9
40.9
11.1
1.9
.2
20.6
30.9
26.2
5.8
.9
-1.6
15.7
67.3
68.8
9.1
-.4
4.5
48.2
33.5
31.2
7.0
5.0
3.7
17.2
26.6 NET CHANGE IN LIABILITIES
NONFINANCIAL SECTORS
24.1
HOUSEHOLDS
1.5
FARM BUSINESS
2.0
NONFARM NONCORP. BUSINESS
-.1
CORPORATE BUSINESS
20.9
1.6
.1
1.1
.3
-2.6
.9
-2.0
-1.5
7.2
.5
4.8
1.8
5.6
.7
4.3
.6
7.5
•2
5.2
2.1
-1.7
-.3
-5.5
4.0
-.1
.2
-.7
.4
-6.5
.4
-4.1
-2.8
-.1
.3
2.2
-2.5
4.7
3.1
3.4
-1.8
-1.5
.3
.3
-2.1
2.4
-.4
4.4
-1.6
2.5
.1
4.0
-1.6
_
*
*
BILLIONS OF DOLLARS. II1/78 BASED ON INCOMPLETE INFORMATION.
31.4
16.5
18.1
3.1
-
REST OF THE WORLD
FGN. OFFICIAL
FGN. BANKS
OTHER FGN.
FINANCIAL SECTORS
SAVINGS • LOAN ASSNS.
FINANCE COMPANIES
REITS
13
14
15
16
17
18
19
20
21
22
23
24
25
26
NOVEMBER 13,
OTHER LOANS
42
OTHER LOANS
PRIVATE MONEY MARKET INSTRUMENTS AND OTHER LOANS
UNADJUSTED NET FLOWS (* MILL.l
UNADJUSTED NET FLOWS ($ MILL.)
II
1977
III
IV
1978
II
|
BILLIONS OF DOLLARS
1969
1970
1971
OPEN-MARKET PAPER. FEDERAL FUNOS • RP»S. AND MONEY MARKET FUND SHARES
1.210
4.990
12.887
8.796
457
6.263
3.742
7.899
1.544
4.493
711
3.782
565
3.146
71
434
261
173
385
-150
-62
4.041
-367
4.408
220
4.193
-5
3.128
911
2.217
889
1.321
7
5.537
700
4.837
2.003
2.693
141
1.483
567
916
978
-76
14
4.1
1.2
2.9
~
4.3
6.0
954
370
185
185
584
23
-602
-301
-301
625
2.222
1.770
885
885
452
614
847
424
423
-233
2.362
336
168
166
2.026
61
232
116
116
-171
.1
.3
.1
.1
-.2
1.0
.7
.4
.4
5.447
3.474
-1.014
1.158
457
-857
-1.105
1.640
6.263
2.906
1.157
673
3.742
1.835
1.142
661
7.899
5.407
-657
2.372
1.544
-1.952
622
1.752
4.2
2.6
1.1
.6
12.5
2.1
-.1
5.3
2.5
1.0
-3.8
-3.8
941
466
-126
-476
87
-594
-139
149
-42
-221
-353
472
3.045
-73
189
-237
-184
-2.630
-334
-61
-361
251
471
134
40
-552
-268
355
150
-219
-.1
-.4
.1
_
_. 2
173
663
103
1.175
462
-11
-1.960
59
148
2.209
900
441
-662
160
744
2.057
-835
434
26 NET CHANGE IN LIABILITIES
27
COMMERCIAL BANKS
28
SAVINGS • LOAN ASSOCIATIONS
2.753
2.247
506
733
239
494
-1.697
-2.201
504
7.536
6.936
600
-434
-1.133
699
1.096
849
247
29 NET CHANGE IN ASSETS
30
NONFINANCIAL CORPORATIONS
31
SPONSORED CREDIT AGENCIES
32
SAVINGS • LOAN ASSOCIATIONS
33
MUTUAL SAVINGS BANKS
2.753
1.252
808
432
261
733
394
-282
608
13
-1.697
-318
-904
392
-867
7.536
4.173
1.462
388
1.513
-434
-250
-169
212
-227
1.096
-346
248
800
394
1 TOTAL NET ISSUES, ALL TYPES
2 OPEN-MARKET PAPER
COMMERCIAL PAPER
NONFINANCIAL CORPORATIONS
FINANCIAL BUSINESS
COMMERCIAL BANKING
FINANCE COMPANIES
REITS
9
10
11
12
13
BANKERS ACCEPTANCES
NONFINANCIAL BUSINESS
NONCORPORATE
CORPORATE
REST OF THE WORLD
14 NET PURCHASES. BY SECTOR
15
HOUSEHOLDS
16
N0NF1N. CORPORATE BUSINESS
17
REST OF THE WORLD
18
19
20
21
22
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
SAVINGS + LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
23
24
25
LIFE INSURANCE COMPANIES
INVESTMENT COMPANIES
MONEY MARKET FUNOS
4.220
2.9
11.4
1.1
10.3
•3
*
_
.5
1.8
-1.3
-1.9
.6
~
1.6
.8
.4
.4
.8
1.8
.5
-.9
-.9
-.1
-.4
-.5
.8
2.6
.7
1.9
.7
-1.3
2.5
3
4
5
6
7
8
.8
-1.0
.1
*
*
-1.0
9
10
11
12
13
1.6
-1.7
3.0
-.1
14
15
16
17
.4
-.2
-.2
.5
-.1
18
19
20
21
22
•5
.3
.3
.3
1.9
-.2
1.3
.2
.1
•
1.5
1.5
.2
.3
1.0
.2
.3
.8
1.2
.8
-.4
.6
-.3
. 2 23
- . 3 24
- 25
.6
.6
2.6
2.6
-2.2
-2.2
1.0
1.0
-
-
2.5 26
2.2 27
. 3 28
.6
.5
2.6
2.2
.2
*
*
FEDERAL FUNDS AND SECURITY RP«S
*
-. 1
•
-2.2
-3.1
-
.2
-. 1
1.0
.8
-.6
.5
.2
-
.8
2.5
1.6
.4
.4
.1
29
30
31
32
33
1
2
3
MONEY MARKET MUTUAL FUND SHARES
34 NET ISSUES
= HOUSEHOLD NET PURCHASES
OTHER LOANS
1 FINANCE CO. LOANS TO BUSINESS
2
LIAB.-NONCORPORATE BUSINESS
3
N0NF1N. CORP. BUSINESS
2.909
184
2.725
135
-702
837
4.476
672
3.804
2.567
-165
2.732
1.878
206
1.672
-1.174
-716
-458
2.2
.5
1.7
5.0
.6
4.3
.4
-.3
.6
1.3
.7
.7
4.2
.6
3.6
4 U.S. GOVERNMENT LOANS
5
LIAB.-HOUSEHOLDS
6
FARM BUSINESS
7
NONFARM NONCORP. BUS.
8
N0NF1N. CORP. BUSINESS
9
ST.+LOC. GOVERNMENTS
10
REST OF THE WORLD
11
SPONS. CREDIT AGENCIES
-345
65
542
560
-12
-2.041
541
0
3.536
262
474
566
98
1.216
920
0
2.653
89
928
684
-244
688
508
0
4.152
218
993
1.259
662
285
735
0
1.133
223
1.095
552
325
-1.941
879
0
3.228
209
708
1.376
287
34
614
0
3.6
.4
-.1
3.4
.4
3.2
.4
•3
•2
.3
2.2
.2
.3
.1
.7
2.1
-.3
2.5
.3
-.1
.6
.3
.1
1.3
2.5 4
.4 5
* 6
.1 7
.2 8
.3 9
1.5 10
- 11
12 SPONSORED CREDIT AGENCY LOANS
LIABILITY O F 13
FARM BUSINESS CFICB)
14
NONFARM NONCORP. BUS. (BC)
15
S+L ASSOCIATIONS (FHLB)
1.427
1.574
2.954
1.086
5.078
3.511
1.2
4.8
2.3
-2.0
.8 12
527
-355
1.255
467
-230
1.337
-735
570
3.119
-359
340
1.105
873
209
3.996
227
-600
3.884
.2
.1
.9
•6
.7
.2
4.0
.7
.3
1.3
. 4 13
. 3 14
* 15
445
-5
450
436
6
430
2.6
.1
2.5
2.3
.1
2.2
0
0
16 POLICY LOANS (HH L I A B I L I T Y )
17
ASSET-U.S. GOVERNMENT
18
LIFE INSURANCE COS.
19
HYPOTHECATED DEP. (HH L I A B . )
ASSET-COMMERCIAL BANKS
4i
1.3
4;
1.2
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
*
*
-
*
•4
•2
.4
1.8
-
*
-2.7
1.0
*
1.0
1.0 16
* 17
. 9 18
NOVEMBER 1 3 , 1978
OTHER LOANS
OTHER LOANS
PRIVATE MONEY MARKET INSTRUMENTS AND OTHER LOANS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
1978
II
OPEN-MARKET PAPER, FEDERAL FUNDS • RP»S. AND NONEY MARKET FUND SHARES
1
21.2
14.8
-2.4
13.3
19.8
33.3
8.8
2
8.3
17.7
-1.2
8.1
15.0
23.6
5.8
20.1
3
4
5
6
7
8
6.4
1.4
4.9
2.2
2.0
*7
7.9
4.1
3.8
3.5
3.6
-3.3
-1.8
-2.9
1.1
•3
.6
•1
3.6
1.4
2.2
-.8
3.3
-.3
11.3
1.6
9.6
1.3
8.4
19.5
3.5
16.0
2.3
13.4
.3
3.1
.3
2.6
1.5
1.5
16.1
9
10
11
12
13
2.0
1.1
.5
.5
.9
9.8
2.5
1.3
1.3
7.3
.6
.3
.2
.2
.3
4.5
2.6
1.3
1.3
1.9
3.7
1.3
•6
.6
2.4
14
15
16
17
8.3
9.1
.6
.3
17.7
1.7
4.1
6.6
-1.2
-4.5
3.1
-2.6
8.1
-3.2
5.0
2.7
15.0
8.2
-.1
4.4
18
19
20
21
22
-.2
-1.3
-1.3
-.1
.9
.9
2.2
-.2
.1
.1
.1
1.1
.9
.1
-.1
3.7
-.1
•5
1.1
-.4
.6
.7
-.2
-.1
.4
-1.1
.4
.7
1.2
.1
-5.2
-6.7
1.5
-2.5
-2.6
•1
5.2
5.2
-.1
4.6
2.7
1.9
-5.2
-5.8
-1.0
1.8
-.3
-2.5
-.8
-.3
-1.4
-.1
5.2
2.3
•3
2.1
.4
4.6
1.2
.2
2.7
.6
23
24
25
*
*
1.2
*
*
.2
*
*
.1
.3
3.8
1.9
1.7
-1.9
.3
2 1 . 4 TOTAL NET ISSUES, ALL TYPES
33.1
1 0 . 7 OPEN-MARKET PAPER
13.3
9.7
-.2
9.8
3.6
6.3
23.4
3.5
19.9
8.0
11.3
7.3
1.5
5.6
3.9
1.9
.1
COMMERCIAL PAPER
NONFINANCIAL CORPORATIONS
FINANCIAL BUSINESS
COMMERCIAL BANKING
FINANCE COMPANIES
REITS
4.6
5.5
2.8
2.8
-.9
9.7
1.6
2.5
4.1
2.3
1.1
1.1
1.6
3.4
4.1
2.0
2.0
-.7
BANKERS ACCEPTANCES
NONFINANCIAL BUSINESS
NONCORPORATE
CORPORATE
REST OF THE WORLD
5.8
4.4
-5.5
3.5
20.1
6.5
4.5
6.5
14.2
6.1
4.3
1.8
33.1
17.7
1.7
8.4
10.7 NET PURCHASES f BY SECTOR
1.0
HOUSEHOLDS
1.0
NONFIN. CORPORATE BUSINESS
4.0
REST OF THE WORLD
14
15
16
17
-2.4
-.6
3.1
-.2
-.9
-1.4
1.9
4.3
-.3
.8
-.9
-.7
-7.0
-1.3
-.2
-1.4
1.0
4.2
•5
.2
-2.2
-1.1
4.2
.6
-.9
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
SAVINGS • LOAN ASSOCIATIONS
MUTUAL SAVINGS BANKS
18
19
20
21
22
5.6
-3.3
1.7
LIFE INSURANCE COMPANIES
INVESTMENT COMPANIES
MONEY MARKET FUNDS
23
24
25
4.1
1.7
11.7
-2.2
4.3
36.7
1.9
14.1
.9
8.1
2.5
1.8
6.8
3.6
1.8
11.0
9.0
2.0
2.9
1.0
2.0
30.1
27.7
2.4
-1.7
-4.5
11.0
5.0
3.2
1.7
1.0
30.1
-1.7
-1.0
-1.1
2.4
.1
3
4
5
6
7
8
9
10
11
12
13
FEDERAL FUNDS AND SECURITY RP«S
26
27
28
12.9
12.9
29
30
31
32
33
12.9
8.6
2.3
1.3
.7
-
2.9
1.6
2.0
-6.8
-1.3
-3.6
1.6
-3.5
16.7
5.8
1.6
6.1
2.8
-.7
•8
-.9
4.4 NET CHANGE IN LIABILITIES
3.4
COMMERCIAL BANKS
1.0
SAVINGS + LOAN ASSOCIATIONS
26
27
28
4.4 NET CHANGE IN ASSETS
-1.4
NONFINANCIAL CORPORATIONS
1.0
SPONSORED CREDIT AGENCIES
3.2
SAVINGS • LOAN ASSOCIATIONS
1.6
MUTUAL SAVINGS BANKS
29
30
31
32
33
MONEY MARKET MUTUAL FUND SHARES
6 . 3 NET ISSUES
= HOUSEHOLD NET PURCHASES
34
OTHER LOANS
1
2
3
5.0
.9
4.1
4.8
-1.0
5.8
2.1
-.1
2.2
5.4
.2
5.2
4
5
6
7
8
9
10
11
3.4
.2
.1
.8
.3
.3
1.7
5.7
.5
.3
.5
1.5
.7
1.5
.7
7.3
.5
1.1
1.7
.2
•2
2.6
.9
8.2
.5
.5
2.2
.2
2.0
3.3
-.4
.2
3.0
-1.2
12
8.5
9.3
-2.4
.3
6.4
13
14
15
1.1
•3
7.2
1.7
1.0
6.7
1.1
.4
-4.0
1.3
1.0
-2.0
16
17
18
2.7
1.6
1.4
2.2
-
2.2
*
*
2.7
*
1.6
*
1.4
1
2
3
10.8
.1
10.7
5.2
•
5.3
16.0
.1
15.9
8.3
-.2
8.4
6.4
.1
6.3
6.7
.6
2.0
2.2
-2.5
.3
1.0
2.3
-8.2
2.2
13.6
1.0
2.0
1.9
.4
4.9
3.7
11.0
.4
4.2
2.6
-1.0
2.8
2.0
17.7
.9
4.6
5.5
2.6
1.1
2.9
3.3
.9
3.1
2.2
1.3
-7.8
3.5
12.6 U.,S. GOVERNMENT LOANS
4
.8
LIAB.-HOUSEHOLDS
5
3.0
FARM BUSINESS
6
5.1
NONFARM NONCORP. BUS.
7
NONFIN. CORP. BUSINESS 8
1.1
ST.+LOC. GOVERNMENTS
9
.1
REST OF THE WORLD
10
2.5
SPONS. CREDIT AGENCIES 11
12.0
18.5
1.4
.6
4.3
•2
-.5
4.3
2.1
-.4
-.1
-.8
1.2
10.4
-2.0
1.2
12.8
1.5
1.7
15.3
9.3 SPONSORED CREDIT AGENCY LOANS
LIABILITY OF1.1
FARM BUSINESS (FICB)
-1.8
NONFARM NONCORP. BUS. (BC)
10.0
S+L ASSOCIATIONS (FHLB)
1.7
1.6
1.7
1.7
10.3
*
*
*
1.7
*
*
1.8
BILLIONS OF DOLLARS.
1 F]
FINANCE CO. LOANS TO BUSINESS
.1
LIAB.-NONCORPORATE BUSINESS
-.1
NONFIN. CORP. BUSINESS
•1
10.3
1 1 1 / 7 8 BASED ON INCOMPLETE INFORMATION.
*
1.7
*
1.7
2.5 POLICY LOANS (HH LIABILITY!
•1
ASSET-U.S. GOVERNMENT
2.4
LIFE INSURANCE COS.
HYPOTHECATED DEP. (HH LIAB. I
ASSET-COMMERCIAL BANKS
12
13
14
15
16
NOVEMBER 13, 1978
SECURITY CREDIT, TRADE CREDIT, AND TAXES
44
SECURITY CREDIT, TRADE CREDIT, AND TAXES
SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
II
1977
III
504
947
0
3.420
763
0
2.117
282
0
-4.050
191
0
4.541
2.092
0
1.571
2.106
0
6 .6
2 .9
.2
-6.7
-3.4
-443
-645
-71
273
2.657
2.418
96
143
1.835
977
305
553
-4.241
-4.205
41
-77
2.449
2.046
-370
773
-535
-1.608
395
678
3 .5
1 .0
-3.0
-1.0
2 .4
-2.0
-1.0
504
273
-654
3.420
143
2.686
2.117
553
1.318
-4.050
-77
-4.268
4.541
773
1.849
1.571
678
-1.255
6 .6
2 .1
1 .3
-6.7
-1.8
-l.l
-.6
-.9
1.4
3.8
.5
885
0
591
0
246
0
295
0
1.919
0
2.148
0
2 .8
.3
-3.5
-1.3
-.2
-.1
1 NET CHANGE I N L I A B I L I T I E S
2
HOUSEHOLDS
3
FARM BUSINESS
4
NONFARM NONCORP. BUSINESS
(PAYABLES LESS RECEIVABLES)
6.232
332
69
318
14.298
330
63
1.729
7.538
333
73
253
4.133
335
79
-2.003
13.934
336
82
-630
18.937
339
78
1.452
9.7
.6
-.4
1.1
5
6
7
8
NONFIN. CORPORATE BUSINESS
STATE • LOCAL GOVERNMENTS
FOREIGN
U.S. GOVERNMENT
5.119
250
-234
378
11.946
261
-616
585
4.750
254
1.326
549
4.116
254
495
857
13.989
258
12
-113
9 NET CHANGE IN ASSETS
10
NONFIN. CORPORATE BUSINESS
11
FOREIGN
12
U . S . GOVERNMENT
13
OTHER INSURANCE COMPANIES
6.767
6.691
-17
-192
285
15.553
13.910
892
473
276
-2.599
-2 .757
761
-873
270
16.282
13.505
1.303
1.224
250
18.907
18.476
-300
481
250
-535
-1.255
10.137
-12.149
1 NET CHANGE IN LIABILITIES
2
HOUSEHOLDS
3
FOREIGN
4
5
6
7
BROKERS • DEALERS
FROM COMMERCIAL BANKS
FROM FOREIGN BANKING AGS.
CUSTOMER CREDIT BALANCES
8 NET CHANGE IN ASSETS
9
HOUSEHOLDS
10
COMMERCIAL BANKING
11
12
BROKERS • DEALERS
FOREIGN
IV
I
I
I
1978
II
III
SECURITY CREDIT
1968
BILLIONS OF DOLLARS
1969
1970
1971
-.2
-
-.8
-1.8
•
1.0
1.9
—
3.8
2.7
*
1972
8.7
4.5
.1
1
2
3
4.1
3.8
.2
4
5
6
7
•8
8.7
.1
4.8
8
9
10
2.6
3.7
11
1.1
.7
—
.5
*
•1
• 1 12
TRADE CREDIT
14 DISCREPANCY
11.7
24.5
.5
•1
-1.8
.7
.5
.1
7.4
.6
1.0
-.6
12.2
22.4
.7
.5
-.7
.6
.5
-.1
.8
.9
.4
9.2
8.1
1.4
-.8
.5
13.5
14.8
-3.1
-3.3
-3.1
-3.7
.1
.1
.1
17.8
22.7
.5
-1.0
.2
.6
-.4
.6
16.030
255
300
483
17.1
20.9
.6
.4
.4
.6
-.3
18.729
17.750
400
347
232
20.2
18.4
*
.9
.6
.3
24.7
22.5
.1
-1.7
.3
1
2
3
4
5
6
7
8
29.1 9
28.0 10
.8
-.8
1.2
11
12
13
-.1
-.1
-.2
*
*
.1
*
*
1
2
3
4
5
6
7
8
PROFIT TAXES PAYABLE
1 NET CHANGE I N TAXES PAYABLE
2
NONFIN. CORPORATE BUSINESS
3
COMMERCIAL BANKS
4
SAVINGS • LOAN ASSOCIATIONS
5
LIFE INSURANCE COMPANIES
6
OTHER INSURANCE COMPANIES
7
FINANCE COMPANIES
8
BROKERS • DEALERS
-7.418
-7.228
0
47
-123
-6
-62
-46
3 .263
2 .939
0
85
186
46
20
-13
2.384
2.203
0
86
79
31
16
-31
1.438
915
0
118
309
68
57
-29
- 7 .150
- 7 .157
0
73
-60
11
-15
-2
5.030
4.526
0
113
247
68
76
0
3.0
2.9
-.1
9 NET CHANGE I N TAXES RECEIVABLE
10
STATE • LOCAL GOVERNMENTS
11
U . S . GOVERNMENT
-9.427
-962
-8.465
5 .664
1 .816
3 .848
4.319
1.759
2.560
-121
-1.025
904
- 6 .434
-335
- 8 .099
6.999
1.924
5.075
1.9
.7
1.3
2.009
-2.401
-1.935
1.559
12 DISCREPANCY
.1
*
*
*
*
.2
•1
-•1
-2.7
1.8
2.0
.3
*
.1
-.1
-.1
*
~
-2.4
.3
•2
-3.0
-2.6
2.1
.5
1.5
-.6
-.7
.1
-1.5
-2.4
.9
* 9
. 8 10
- . 7 11
PROPRIETORS1 EQUITY I N NONCORPORATE BUSINESS
1 TOTAL HOUSEHOLD INVESTMENT
2
FARM BUSINESS
3
NONFARM NONCORP. BUSINESS
-3.724
-3.038
-686
-3.930
-3.242
-688
-4.527
-2.953
-1.574
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
-7.603
-2.584
-5.019
-7.767
-4.953
-2.814
-6.100
-4.315
-1.785
1.3
-.8
2.1
-.2
-1.7
1.5
-3.2
-5.1
1.9
1
2
3
NOVEMBER 13, 1978
SECURITY CREDIT, TRADE CREDIT, AND TAXES
SECURITY CREDIT, TRADE CREDIT, AND TAXES
45
SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1975
SEASONALLY ADJUSTED ANNUAL RATES
1976
1977
I
I
1978
II
1977
III
II
III
SECURITY CREDIT
-7.9
-4.3
- 5 , .0
- 1 , .8
-3.4
-2.8
- 3 , .2
-2 .1
-.2
*
3.6
.8
.1
13..2
4.. 7
4.4
3.1
8 .5
6,.8
.2
1.. 5
1.3
-.1
13,.2
1,. 5
7,. 2
-.2
- 1 , .0
2.6
2.2
-.2
.6
-7.9
- 5 , .0
- 1 .0
- 2 ,. 4
3.6
.6
1.9
- . 4
-.2
-3.4
*
2 1 ,. 4
3,. 1
-9.6
-7.9
1.1
.8
-8.7
-8.5
-
18 . 3
17 . 4
.4
.6
-10.7
-14.1
1.0
.2
-1 . 0
.3
1.1
12, . 2
10, . 5
- 1 , .5
3 ,. 1
4.4
1.0
.6
3 •6
1.1
.0
21 . 4
.6
18 . 5
-7.9
•1
2 0 .. 5
3 .. 1
9 ,. 8
•3
3 .6
3 .8
_
1.2
2.2
-9.6
.2
-.3
2.2
-.3
-12.8
-8.8
2 0 ,. 5
8.4
1 4 . 5 NET CHANGE IN L I A B I L I T I E S
8.4
HOUSEHOLDS
FOREIGN
6.1
1.8
1.6
2.7
BROKERS + DEALERS
FROM COMMERCIAL BANKS
FROM FOREIGN BANKING AGS.
CUSTOMER CREDIT BALANCES
14.5 NET CHANGE IN ASSETS
2.7
HOUSEHOLDS
3.2
COMMERCIAL BANKING
1
2
3
4
5
6
7
8
9
10
BROKERS • DEALERS
FOREIGN
TRADE CREDIT
1
2
3
4
42.5
35.9
.6
.1
.9
.2
1.3
5
6
7
8
39.0
28.6
.8
1.9
.1
1.8
3.1
-.1
9
LO
LI
L2
L3
39.6
37.7
36.0
32.9
*
1.0
.3
.6
1.7
.9
.5
7.8
1.1
.2
1.6
21.5
29.6
13.1
37.1
23.6
56.1
56.4
1.4
.5
1.8
1.3
.3
1.3
-.3
.1
1.3
-.3
1.2
1.3
2.5
-.4
1.3
.2
-3.4
1.3
-.1
1.3
1.0
1.4
.9
1.6
11.9
24.5
.7
•4
4.8
1.0
.4
2.1
9.7
1.0
-.9
2.2
9.9
6.4
1.7
1.2
.6
25.0
19.2
33.0
30.9
15.2
14.9
4.0
.5
1.2
~
1.7
-.8
1.1
-.1
-.8
1.1
34.4
11.8
51.2
52.1
1.0
1.9
1.0
5.3
2.1
1.0
2.0
3.7
1.0
-2.5
40.7
34.1
27.4
26.7
59.2
48.1
64.3
62.6
-1.2
3.6
1.9
1.1
3.0
-3.5
1.1
5.2
4.9
1.0
*
.7
1.9
1.0
50.7 NET CHANGE IN LIABILITIES
1.4
HOUSEHOLDS
.4
FARM BUSINESS
-.2
NONFARM NONCORP. BUSINESS
(PAYABLES LESS RECEIVABLES)
45.7
1.0
1.2
1.2
NONFIN. CORPORATE BUSINESS
STATE * LOCAL GOVERNMENTS
FOREIGN
U.S. GOVERNMENT
51.3 NET CHANGE IN ASSETS
47.4
NONFIN. CORPORATE BUSINESS
1.6
FOREIGN
1.4
U.S. GOVERNMENT
.9
OTHER INSURANCE COMPANIES
10
11
12
-.6 DISCREPANCY
PROFIT TAXES PAYABLE
2.5
2.4
.1
1.2
1.1
.1
-2.7
-2.4
8.0
7.5
-.6
-1.3
•10.7
-12.1
-.1
-.1
3.6
2.9
-.1
.3
.5
.1
.1
-.1
-12.7
7.4
2.8
4.5
4.6
2.8
1.8
.7
.3
.4
.1
.2
.1
.1
*
1.3
.7
.6
10
11
-2.5
.6
-3.1
8.2
2.3
5.8
-.5
1.1
-1.6
-.1
-12.6
4.2
3.7
-.2
.3
.4
.1
*
1.7
1.0
-.3
.4
.2
.1
-.2
5.6
7.7
.6
.4
.6
.2
.2
.1
10.8 NET CHANGE IN TAXES PAYABLE
9.5
NONFIN. CORPORATE BUSINESS
-.2
COMMERCIAL BANKS
.4
SAVINGS • LOAN ASSOCIATIONS
.7
LIFE INSURANCE COMPANIES
.2
OTHER INSURANCE COMPANIES
.2
FINANCE COMPANIES
-.1
BROKERS • DEALERS
2.6
1.0
1.5
4.7
2.6
7.3
12.0 NET CHANGE IN TAXES RECEIVABLE
9
3.0
STATE • LOCAL GOVERNMENTS
10
8.9
U.S. GOVERNMENT
11
-.9
-1.1 DISCREPANCY
•5
PROPRIETORS* EQUITY IN NONCORPORATE BUSINESS
-2.0
-4.9
2.9
-13.1
-7.4
-5.7
BILLIONS OF DOLLARS.
-10.6
-3.9
-6.7
-17.8
-11.2
-6.6
-17.0
-12.4
-4.6
-14.9
-12.2
-2.7
1 1 1 / 7 8 BASEO ON INCOMPLETE INFORMATION.
-15.7
-13.0
-2.8
-18.1
-11.8
-6.3
-31.1
-19.8
-11.3
-24.4 TOTAL HOUSEHOLD INVESTMENT
-17.3
FARM BUSINESS
-7.1
NONFARM NONCORP. BUSINESS
1
2
3
4
5
6
7
8
12
NOVEMBER 13, 1978
MISCELLANEOUS I
46
MISCELLANEOUS I
MISCELLANEOUS FINANCIAL CLAIMS
UNADJUSTED NET FLOWS ($ MILL.)
UNAOJUSTED NET FLOWS ($ MILL.)
II
1 NET CHANGE IN LIABILITIES
2
HOUSEHOLDS
3
NONFIN. CORPORATE BUSINESS
1977
III
IV
|
|
I
1978
II
BILLIONS OF DOLLARS
1969
1970
1971
III
18.666
236
593
11.602
242
604
10.535
224
-2
27.064
210
568
13.274
199
716
17.514
195
600
16.4
25.7
•4
•8
9.4
13.6
.4
.3
1.0
•4
.3
-.2
23.0
.5
.4
1
2
3
7.366
213
568
-714
7.252
101
10.137
-155
-811
-664
4.564
8
2.1
.7
2.3
-.4
4.1
.5
4.7
.8
3.4
*
4
5
10.258
606
256
4.124
10.902
-365
335
5.130
2.960
658
-346
-1.686
16.304
651
117
9.422
13.834
1.616
229
7.336
12.147
-252
-252
6.766
12.9
22.5
-.3
.4
7.0
.4
.3
3.3
2.1
.5
7.8
-.5
15.4
-6.4
-.4
18.7
.3
-.1
7.3
6
7
8
9
.4
.2
1.4
3.3
1.0
.6
.1
1.7
3.4
1.3
1.2
-.1
2.1
3.6
2.0
.9
•2
2.9
4.8
2.4
-
10
11
12
13
14
15
25.2
2.7
.7
1.0
11.1
16
17
18
19
20
4
5
REST OF THE WORLD
U.S. GOVERNMENT
6
7
8
9
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
10
11
12
13
14
15
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
NONLIFE INSUR. COMPANIES
FINANCE COMPANIES
REITS
447
1
2.114
2.764
282
-336
693
315
1.868
2.786
264
-124
-846
37
2.273
2.762
227
-119
827
443
1.877
2.800
189
-22
-696
262
2.291
2.850
144
-198
414
422
2.017
2.963
107
-38
.4
.1
1.5
2.5
1.3
16 NET CHANGE IN ASSETS
17
HOUSEHOLDS
18
FARM BUSINESS
19
NONFARM NONCORP. BUSINESS
20
NONFIN. CORPORATE BUSINESS
20.029
1.670
356
549
7.722
7.384
1.703
323
548
1.769
13.091
1.653
438
547
3.295
16.143
1.621
383
551
3.946
8.545
1.553
362
606
3.223
9.233
1.619
380
566
2.679
14.6
18.7
1.8
.4
.5
4.6
2.1
.4
.7
4.9
-
-
-
*
11.8
8.7
2.6
.5
.7
5.6
10.5
2.3
.6
.8
21
22
REST OF THE WORLD
U.S. GOVERNMENT
5.694
276
3.012
124
-2.451
187
454
336
1.52b
295
3.272
386
3.4
-.2
7.9
.1
-6.2
-6.2
•3
.1
23
24
25
26
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
3.762
360
-*8
2.014
-95
63
-56
-1.571
9.422
461
-385
6.776
8.852
438
-162
5.974
980
-38
134
-722
331
476
-86
-1.861
4.2
•
.2
2.5
2.6
.4
-.1
1.5
5.3
.8
.1
1.4
3.7
.2
.2
2.0
27
28
29
30
31
32
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
REITS
MONEY MARKET FUNDS
-390
80
629
1.260
146
-289
49
76
633
800
-127
38
1.040
108
610
800
57
-45
1.508
-32
470
600
13
43
199
21
449
800
126
11
717
180
442
600
-188
51
•6
1.8
.2
•8
.1
.3
.9
.4
-.1
.9
.1
-
-
-
-1.363
4.218
-2.556
10.921
942
L.784
-842
6.220
5.599
621
3.649
2.367
1.282
-1.489
-1.548
59
1.571
1.167
404
1.564
1.302
262
33 UNALLOCATED» NET
*
•4
.1
*
• 2*
—
3.1 21
• 1 22
6.7
-.4
*
4.4
23
24
25
26
.2
.5
1.0
.2
.8
-
27
28
29
30
31
32
(A) FOREIGN CLAIMS
34
35
36
COMMERCIAL BANK LIABILITY
10 FOREIGN AFFILIATES
ASSET-REST OF THE WORLD
L1AB.-COMMERCIAL BANKS
FOREIGN BANKING A G S .
37
DIRECT FOREIGN INVESTMENT
BY U.S. CORPORATIONS
LIAB.-REST OF THE WORLD
2.3
1.8
•5
12.5
11.4
1.2
-5.8
-6.0
.2
-.2 35
.4 36
1.139
1.216
2.389
1.876
1.900
1.2 37
DIRECT FOREIGN INVESTMENT
IN U.S.
38
LIAB.-NONFIN. CORP. BUSINESS
604
-2
568
716
600
.4 38
U . S . GOVT. EQ. IN IBRD. ETC.
39
LIAB.-REST OF THE WORLD
170
215
293
313
386
.3 39
-1.501
-774
8.749
-142
3.277
327
-3.152
429
-1.702
450
-1.657
976
7.695
1.224
2.181
726
-2.960
-603
-1.877
-275
40
41
42
43
44
FOREIGN CURR. EXCEPT OFFICIAL
LIAB.-REST OF THE WORLD
ASSET-N0NF1N. CORP. BUSINESS
U.S. GOVERNMENT
COMMERCIAL BANKS
FOREIGN BANKING A G S .
(B) U. S. GOVERNMENT
3.579
1.371
•5
-.4
3.9 40
1.8 41
CLAIMS
POSTAL SAVINGS DEPOSITS
45
ASSET-HOUSEHOLDS
LIAB.-U.S. GOVT.
-
DEPOSITS AT FHLB
LIAB.-SPONSORED CREDIT AGS.
ASSET-S+L ASSOCIATIONS
45
-140
574
293
571
614
-.2 46
47 FEDERAL RESERVE BANK STOCK
ASSET OF COMMERCIAL BANKS
16
13
19
8
6
.1 47
48 EQ. IN U.S. GOVT. CREDIT AGS.
49
U . S . GOVERNMENT
PRIVATE
50
FARM BUSINESS (FICB + FLB)
51
NONFARM NONCORPORATE ( B O
52
NONFIN. CORP. BUS. (FNMA)
53
S+L ASSOCIATIONS (FHLB)
56
0
210
0
530
0
220
0
215
0
17
3
8
28
131
4
6
69
75
11
1
443
54
66
20
80
71
29
8
107
46
61
23
II1/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
-.2
-.3
• 3 48
49
.1
.1
.1
•
*
.1
50
51
52
53
NOVEMBER 13t 1978
MISCELLANEOUS I
MISCELLANEOUS I
MISCELLANEOUS FINANCIAL CLAIMS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
II
1977
III
1978
II
1
2
3
3A.7
•A
1.9
A2.7
.7
3.7
33.7
.7
l.A
59.6
.6
2.7
52.5
.9
1.8
71.9
.9
2.A
A
5
5.7
-.A
9.0
16.A
-.7
19.0
.9
13.7
-.9
30.8
7.0
-.9
22.8
-.6
6
7
8
9
27.1
2.2
1.2
12.7
29.3
.3
-.3
20.8
16.0
1.6
-.5
1.8
36.3
37.1
1.3
-.1
15.0
37.5
3.0
.3
16.0
30.6
-.1
1.3
8.3
10
11
12
13
1A
15
.6
.6
2.7
A.8
2.3
-.1
.3
2.8
A.9
-.1
.8
.7
-.1
A.3
6.2
.7
1.3
1.1
.1
5.A
10.3
1.6
.2
1.0
.A
7.9
11.0
1.1
-.5
1.6
-.2
7.6
11.1
1.1
-1.3
16
17
18
19
20
3A.3
2.8
.6
1.0
11.7
38.8
2.7
.8
1.0
A.5
30.A
3.8
.9
1.3
7.9
A5.5
5.5
1.5
2.1
7.8
A8.5
6.6
1.5
2.2
13.6
66.9
6.7
l.A
2.2
27.1
21
22
6.A
1.0
10.2
.1
.8
.7
12.A
1.0
2.1
.7
17.6
1.1
23
2A
25
26
10.9
.8
.3
7.1
19.5
-1.8
1.8
15.2
15.0
.9
15.2
-.2
-.2
12.0
21.8
.9
-.6
1A.1
10.7
1.0
-.2
3.7
27
28
29
30
31
32
1.3
.2
.9
.1
1.9
.5
l.A
.1
.A
2.0
.6
1.7
.2
1.2
.1
1.6
.7
1.5
.2
-.3
1.8
.3
2.5
2.9
-.2
-.9
.1
2.5
5.0
-
*
*
-
*
8.3*
l.A
*
A2.2
.8
2.9
66.1 NET CHANGE IN LIABILITIES
.8
HOUSEHOLDS
2.A
NONFIN. CORPORATE BUSINESS
Al.l
-.7
-3.7
-3.6
23.6
2.0
REST OF THE WORLD
U.S. GOVERNMENT
A
5
A0.3
1.7
-l.A
19.3
5A.3
1.5
•5
27.6
A5.9
6.8
.9
20.9
37.3
.6
-1.0
16.3
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKING
6
7
8
9
l.A
.2
7.8
11.1
1.1
-.5
•5
-.2
8.9
11.0
1.1
3.5
8.2
11.2
-3.1
.9
8.3
11.A
.2
.6
A6.8
6.8
1.3
AA.l
6.6
1.8
2.2
11.8
69.9
6.5
1.5
18.5
6.2
l.A
2.A
7.9
-1A.3
.7
12.2
1.3
35.A
3.0
-1.5
2A.2
29.1
1.5
-.6
19. A
3.1
.8
2.A
3.2
.2
-.2
A.7
-.A
1.9
2.A
.1
.2
19.3
27.9
1.0
2.A
12.5
-.3
-.2
*
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
NONLIFE INSUR. COMPANIES
FINANCE COMPANIES
REITS
10
11
12
13
56.A NET CHANGE IN ASSETS
6.5
HOUSEHOLDS
1.5
FARM BUSINESS
2.3
NONFARM NONCORP. BUSINESS
15.8
NONFIN. CORPORATE BUSINESS
16
17
18
19
20
-.2
2.2
17.1
12.1
1.5
REST OF THE WORLD
U.S. GOVERNMENT
21
22
-1.5
-.6
16.7
l.A
-.3
6.5
TOTAL FINANCE
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
COMMERCIAL BANKING
23
2A
25
1.5
-.1
1.8
3.2
A.8
.7
1.8
2.A
-.8
.2
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
REITS
MONEY MARKET FUNDS
27
28
29
30
31
32
9 . 7 UNALLOCATEDt NET
33
(A) FOREIGN CLAIMS
6.9
A.5
2.A
35
36
A.5
3.5
1.1
8.9
8.7
.2
3.A
6.7
-3. A
23.3
20.8
2.5
38
1.9
3.7
l.A
2.7
1 .8
2.A
2.A
39
.3
.6
.7
1.1
.7
.7
.7
AO
Al
A2
A3
5.A
2.6
.6
.8
6.3
-.2
-.5
5.7
10.8
.8
9.8•
12..A
1.7
.1
11.1
-,
10 .9
1 .3
*
7 .1
8.6
5.5
.A
2.2
.5
5.5
-3.1
-.2
A.9
3.9
10.6
5.5
5.1
*
.9
26.8
-.6
-.1
22.6
A.9
.6
6.2
3.8
2.8
1.0
COMMERCIAL BANK L I A B I L I T Y
TO FOREIGN AFFILIATES
ASSET-REST OF THE WORLD
L1AB.-COMMERCIAL BANKS
FOREIGN BANKING AGS.
3A
35
36
8.6
DIRECT FOREIGN INVESTMENT
BY U . S . CORPORATIONS
L1AB.-REST OF THE WORLD
37
2.3
2.9
OIRECT FOREIGN INVESTMENT
IN U.S.
L1AB.-NONFIN. CORP. BUSINESS 38
2.A
1.2
1.3
1.5
16.1
1.3
.2
11.7
2.9
-19.2
1.7
-.1
-18. A
-2.A
6.2
1.8
5.5
-1.1
U . S . GOVT. EO. I N IBRD, ETC.
LIAB.-REST OF THE WORLD
39
FOREIGN CURR. EXCEPT OFFICIAL
LIAB.-REST OF THE WORLD
A S S E T - N 0 N F 1 N . CORP. BUSINESS
U . S . GOVERNMENT
COMMERCIAL BANKS
FOREIGN BANKING AGS.
AO
Al
A2
A3
AA
( B ) U . S . GOVERNMENT CLAIMS
3.7
.A
1.8
.3
BILLIONS OF DOLLARS.
II1/78 BASED ON INCOMPLETE
INFORMATION.
A5
DEPOSITS AT FHLB
L1AB.-SPONSORED CREDIT AGS.
ASSET-S+L ASSOCIATIONS
A6
* FEDERAL RESERVE BANK STOCK
ASSET OF COMMERCIAL BANKS
.1
51
52
53
POSTAL SAVINGS DEPOSITS
ASSET-HOUSEHOLDS
L 1 A B . - U . S . GOVT.
.2
.3
.1
.5
1 . 0 EQ. I N U . S . GOVT. CREDIT AGS.
U . S . GOVERNMENT
PRIVATE
.3
FARM BUSINESS (FICB • FLB)
.1
NONFARM NONCORPORATE (BC)
*
NONFIN. CORP. BUS. (FNMA)
.5
S+L ASSOCIATIONS (FHLB)
A7
A8
A9
50
51
52
53
NOVEMBER 13. 1978
MISCELLANEOUS II
MISCELLANEOUS
II
MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED)
UNADJUSTED NET FLOWS ( $
UNADJUSTED NET FLOWS ($ MILL.)
II
1977
III
|
|
IV
I
1978
II
MILL.)
BILLIONS OF DOLLARS
1969
1970
1971
III
(C) LIFE INSURANCE CLAIMS
DEFERRED AND UNPAID PREMIUMS
1
L1AB.-H0USEH0LDS
ASSET-LIFE INSURANCE
LIFE COMPANY RESERVES
L I A B . - L I F E INSURANCE COS.
ACCIDENT AND HEALTH
POLICY DIVIDEND ACCUM.
ASSET-HOUSEHOLDS
710
362
348
732
378
354
685
337
348
655
311
344
639
298
341
601
265
336
2.764
960
308
542
954
2.786
971
306
545
964
2.762
968
307
543
944
2.800
2.850
966
306
540
986
914
308
540
2.963
1.018
1.088
10 NET TOTAL ( L I A B . LESS ASSETSI
-1.363
4.218
-2.556
10.921
4.729
8.281
NET CHANGE IN L I A B I L I T I E S
REST OF THE WORLD
U . S . GOVERNMENT
U . S . GOVT.-WITHOUT LEVELS
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
7.435
1.732
1.278
-7.760
-2.928
-395
17.519
4.178
7.463
10.172
3.980
496
-155
-172
2
3
4
1.2
.6
.6
1.1
.4
.6
3.3
1.2
.4
.7
1.1
3.4
1.4
.4
.7
.9
3.6
1.2
.5
.8
1.0
8.9
.8
.2
.5
-.1
.3
5.9
.4
-.3
-.1
.5
.3
3.2
-.2
-.6
1.2
.5
.5
8.6
-.1
4.1
4.1
.7
-.9
.2
.2
1.1
1.2
.7
1.1
(D) NONLIFE INSURANCE CLAIMS
5
6
7
8
9
LIAB.-OTHER INSURANCE
ASSET-HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
NONFIN. CORP. BUSINESS
309
537
1.099
.5
.9
.3
.5
.8
4.8
1.4
.6
1.0
1.9
5
6
7
8
9
10.3
-2.0
*
*
.3
-.2
11
12
13
14
15
16
2.7
2.3
.6
-.7
.5
9.2
6.8
-1.3
3.2
•5
17
18
19
20
21
-1.8
1.2
-.1
-1.1
-2.1
-1.7
.3
.7
22
23
24
25
.9
.2
1.6
2.4
-
26
27
28
29
30
12.5
6.2
2.4
-.4
*
31
32
33
34
35
( E ) UNALLOCATED ASSETS + L I A B .
11
12
13
14
15
16
-95
308
264
246
760
-86
-628
-281
319
17
18
19
20
21
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS I N U . S . POSS.
2.213
3.023
-582
-468
1.272
-361
-293
240
179
22
23
24
25
FLOATS IN COML. BANK STMNT
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LESS: ON MEMBER BK. RES.
969
-1.887
-4.678
3.446
26
27
28
29
30
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
FINANCE COMPANIES
REITS
31
32
33
34
35
NET CHANGE I N ASSETS
NONFIN. CORPORATE BUSINESS
REST OF THE WORLD
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
36
37
38
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS I N U . S . POSSESSIONS
39
40
41
42
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
43
44
REITS
MONEY MARKET FUNDS
-2.510
3.305
-174
797
-126
-359
-5.001
-5.698
380
138
179
-334
809
-304
-664
98
825
221
-1.081
-258
5.550
6.274
-1.404
2.462
3.209
-1.646
3.021
3.623
-820
492
188
699
200
13
205
5.361
2.216
2.150
-995
3.303
-2.716
6.200
2.181
-1.787
3.539
-429
.7
.5
.4
.2
2.2
-.5
2.7
-696
.4
.1
.6
1.3
.4
.2
.5
1.0
181
655
839
447
1
693
315
-846
37
827
443
262
414
422
1.404
1.136
1.588
1.222
1.652
1.416
189
-22
144
-198
107
-38
282
264
227
-336
-124
-119
8.798
3.461
4.159
-2.940
-3.812
-5.204
1.271
-6.098
360
-48
63
-56
461
438
2.734
-190
-761
-3tt
-385
-162
134
603
-1.086
-682
175
5
-1.804
-356
432
6.598
243
1.375
- .-3
.3
"
1.891
-778
1.108
7.1
2.5
.7
476
-86
.2
1.9
*
*
-1.1
-1.0
.5
*
.8
-.1
*
-.2
2.8
.5
.6
.1
.5
1.3
1.2
-.1
1.1
2.0
-2.0
~
-
2.0
2.4
1.4
6.9
4.8
-5.5
-1.5
-1.7
.4
-.1
.8
.1
.2
.2
2.675
2.387
456
358
15
421
25
-201
•4
4
30
.1
1.1
-.6
.9
1.2
-.9
.3
1.4
.4
.1
397
108
386
800
772
-32
260
600
-452
1.260
161
76
391
800
-4
180
247
600
.4
.1
.3
.4
.2
-.1
.5
.1
.3
.2
.4
.1
.5
.3
.6
•
146
-127
-289
38
57
-45
13
43
126
11
-29
-616
80
393
111/78 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
152
0
0
8
0
21
250
800
-188
51
1.7 36
. 3 37
* 38
.3
.5
.5
.2
39
40
41
42
NOVEMBER 13, 1978
MISCELLANEOUS II
MISCELLANEOUS II
49
MISCELLANEOUS FINANCIAL CLAIMS
(CONTINUED)
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
1978
II
IV I
(C) LIFE INSURANCE CLAIMS
DEFERRED AND UNPAID PREMIUMS
.8
LIAB.-HOUSEHOLDS
ASSET-LIFE INSURANCE
2.7
1.4
1.4
2.8
1.4
11.0
3.8
1.2
2.2
3.8
11.1
3.8
1.2
2.2
3.8
2.4
1.1
1.3
2.7
1.3
1.4
LIFE COMPANY RESERVES
LIAB.-L1FE INSURANCE COS.
ACCIDENT AND HEALTH
POLICY DIVIDEND ACCUM.
ASSET-HOUSEHOLDS
(D) NONLIFE INSURANCE CLAIMS
4.8
1.4
.5
4.9
1.2
.5
1.0
2.1
6.2
2.1
.7
10.
3.
2.1
3.4
11.1
3.9
1.2
2.2
3.9
11.0
3.9
1.2
2.2
3.8
11.2
3.9
1.2
2.2
3.9
11.4
3.7
1.2
2.2
4.4
11.9
4.1
1.2
2.1
4.4
LIAB.-OTHER INSURANCE
ASSET-HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
N0NF1N. CORP. BUSINESS
5
6
7
8
9
(E) UNALLOCATED ASSETS + LIAB.
9.7 NET TOTAL (LIAB. LESS ASSETS)
19.3
-13.3
-4.5
-.4
1.4
1.1
15.5
.9
1.7
-1.7
-1.1
-.3
5.5
-1.1
-.6
-.1
1.0
-.5
20.7
1.9
-.5
1.4
-.3
.2
10.2
-2.2
-.7
-.3
.2
-.1
1.0
17
18
19
20
21
5.8
5.1
-1.0
1.2
.5
7.4
8.7
-2.7
1.4
.1
-.9
-1.4
-.8
.3
1.1
4.1
3.0
.5
.2
.4
3.9
4.2
-.7
-.4
.8
7.2
10.4
-2.3
-1.9
1.0
22
23
24
25
6.9
1.5
5.8
.3
6.5
.7
6.3
.5
2.5
-2.0
3.9
-.5
7.4
-1.7
9.1
.1
2.1
-4.2
8.0
1.7
3.2
-6.3
5.7
-3.8
26
27
28
29
30
.6
.6
1.3
2.3
-.1
.3
1.3
-.1
.8
.7
-.1
2.6
.7
1.3
1.1
.1
3.6
1.6
.2
1.0
.4
5.1
1.1
-.5
1.6
31
32
33
34
35
17.3
5.2
4.5
.8
.3
11.6
1.4
-.4
-1.8
1.8
2.2
-1.1
-.7
.9
6.6
-.9
5.2
-.2
-.2
6.2
4.2
-8.6
.9
-.6
36
37
38
4.1
.6
.1
7.1
1.2
-.2
-2.3
.6
.5
-.1
5.2
-.7
.6
39
40
41
42
.8
.2
.5
.1
.7
.5
.7
.1
1.6
.6
1.0
.2
.2
.7
.8
.2
1.1
.3
1.6
2.9
-3.0
.1
1.6
5.0
1.6
3.2
1.5
3.2
43
44
*
-
.4
1.2
.1
-.3
-.2
.6
-1.2
-.5
.2
.2
-.2
11
12
13
14
15
16
17.7
-2.0
-
~
*
BILLIONS OF DOLLARS.
*
*
I11/78
*
*
*
-1.1
1.3
.2
4.9
10.2
11.9
1.0
-6.5
5.6
-13.9
3.8
-2.7
-.1
BASED ON INCOMPLETE INFORMATION.
2.4
.9
-1.4
-3.7
-1.8
-1.4
-8.4
2.1
5.1
23.7
7.2
5.2
-8.4
-1.6
1.0
15.1
-5.6
2.0
10.5
-1.8
13.0
.5
-.2
6.2
.9
-.5
16.1
-2.7
3.5
5.6
.8
-.1
5.8
.6
-.8
-14.1
5.1
-24.9
3.0
-1.5
-1.9
-1.4
1.3
-5.2
1.4
.1
-.4
1.0
16
17
18
19
20
21
4.5
2.9
.9
FLOATS IN COML. BANK STMNT
ON INTERBANK DEPOSITS
ON INTERBANK LOANS
LESS: ON MEMBER BK. RES.
22
23
24
25
26
.4
-.2
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
FINANCE COMPANIES
REITS
30
NET CHANGE IN ASSETS
N0NF1N. CORPORATE BUSINESS
REST OF THE WORLD
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITY
31
32
33
34
35
1.0
5.9
COMMERCIAL BANKS
FOREIGN BANKING AGENCIES
BANKS IN U . S . POSSESSIONS
10.6
1.7
-2.3
-.1
1.0
10
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U . S . POSS.
5.7
-6.6
2.8
.8
-.3
14.0
-.4
NET CHANGE IN LIABILITIES
REST OF THE WORLD
U.S. GOVERNMENT
U.S. GOVT.-WITHOUT LEVELS
SPONSORED CREDIT AGENCIES
MONETARY AUTHORITIES
.5
.7
1.0
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
REITS
MONEY MARKET FUNDS
36
NOVEMBER 13, 1978
TOTAL CLAIMS
TOTAL CLAIMS
TOTAL FINANCIAL ASSETS AND L I A B I L I T I E S
UNADJUSTED NET FLOWS ($
UNADJUSTED NET FLOWS ($ MILL.)
1977
III
1978
II
MILL.)
BILLIONS OF DOLLARS
1969
1970
1971
TOTAL FUNDS RAISED AND ADVANCED I N CREDIT MARKETS ( 1 )
1 TOTAL FUNDS RAISED IN CREDIT
MARKETS BY:
NONFINANCIAL SECTORS
U . S . GOVERNMENT
FOREIGN
PRIVATE DOMESTIC
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
CORPORATE BUSINESS
ST.+LOC. GOVERNMENTS
2
3
4
5
6
7
8
9
10
11
12
FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKS
BANK AFFILIATES
SAVINGS • LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
16
17
18
19
20
21
22 TOTAL FUNDS ADVANCED IN CREDIT
MARKETS BY:
PRIVATE DOM. NONFIN. SECTORS
23
HOUSEHOLDS
NONFARM NONCORP. BUSINESS
25
CORPORATE BUSINESS
26
STATE + LOCAL GOVERNMENTS
107.296
L15.5
128.7
116.3
168.9
204.3
77.622
-1.145
3.045
75.722
38.463
5.731
3.777
19.614
8.137
95.429 103.603
19.606 20.676
3.998
4.785
78.929
71.038
40.237
39.454
1.454
3.688
5.594
1.919
26.704
16.618
4.940
9.359
80.161
20.792
2.147
57.222
24.792
2.712
3.705
22.550
3.463
95.447
2.582
4.302
88.563
43.639
6.881
4.974
25.218
7.851
87.665
15.054
98.4
13.6
93.7
-3.7
100.6
11.9
153.5
24.9
176.0
2
15.1 3
4.0
4
156.9 5
64.3
6
5.8
7
14.1
8
58.3
9
1 4 . 5 10
18.648
2.553
3.286
2.505
11.700
1.351
5.919
19.733
2.175
5.622
-1.839
21.879
4.424
3.791
7.016
25.408
6.242
4.233
-911
2.003
6.316
19.631
6.405
4.012
9 6 . 2 7 0 1 0 7 . 1 2 9 1 2 3 . 3 3 6 1 0 2 . 0 4 0 120.855
565
621
385
4.236
2.800
220
889
5.149
2.050
630
2.8
3.7
2.7
5.2
71.981
37.425
4.394
4.226
16.362
9.574
82.0
32.4
93.6
34.4
86.0
24.9
123.5
45.2
908
978
4.034
4.5
2.8
5.2
3.0
7.3
2.3
6.8
31.8
9.8
38.2
10.7
40.7
11.3
11.6
44.5
17.7
17.2
35.1
15.7
15.4
3.5
.5
.8
8.8
.7
2.4
4.3
4.1
.5
7.8
1.5
4.9
8.2
1.6
1.1
4.8
2.4
-.4
-.1
.6
2.7
2.9
1.3
-
1.1
.2
3.9
1.2
5.9
-2.0
-1.9
1.8
.4
2.6
2.2
2.8
233
236
239
242
245
248
6.025
-601
7.918
-470
2.264
-429
163
1.921
-648
-905
-317
20
295
424
1.609
6.434
-188
-297
1.331
2.327
-348
-513
1.580
~
~
~
"
9 6 . 2 7 0 1 0 7 . 1 2 9 1 2 3 . 3 3 6 1 0 2 . 0 4 0 120.855
107.296
L15.5
128.7
116.3
168.9
14.1
41.3
34.5
-1.7
-1.3
-4.8
-9.3
.4
1.2
5.3
.6
-.8
- . 2
.4
6.4
23
3.490
1.572
16.942
10.308
20.803
11.632
23.669
15.684
12.129
10.342
20.692
15.190
-32
123
780
433
100
254
2.126
6.265
3.368
4.184
-4.819
6.506
201
5.047
8.9
.4
3.1
1.8
1
2 8 . 3 11
3 . 5 12
4 . 9 13
4 . 5 14
. 7 15
2 . 0 16
. 5 17
6 . 5 18
6 . 3 19
- . 5 20
21
2 0 4 . 3 22
-2.3
15.8
4.9
.5
2.6
7.8
28
REST OF THE WORLD
6.395
10.715
16.851
16.440
-759
5.410
2.4
1.1
11.2
27.3
1 0 . 8 28
29
U . S . GOVERNMENT
1.278
5.064
4.340
5.581
3.441
4.968
5.2
3.1
2.8
2.8
1.8
29
30
31
32
33
FINANCIAL INSTITUTIONS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
FEDERAL RESERVE SYSTEM
85.107
2.988
3.286
7.882
74.408
1.025
5.919
1.984
81 . 3 4 2
2.304
5.622
-649
56.350 106.044
7.993
4.862
4.233
3.791
9.153
-1.688
76.226
5.939
4.012
6.561
93.8
83.1
104.0
143.6
3.2
.5
3.7
8.8
.7
4.2
9.6
1.6
5.0
.5
4.8
8.9
175.8
4.4
4.9
.3
30
31
32
33
26.444
26.487
20.938
20.597
30.819
29.182
19.630
18.879
38.8
38.2
18.7
13.1
357
-2.102
2 22
95
728
100
1.888
76
600
942
95
100
158
4*e
105
35.1
33.2
-1.0
50.5
50.2
24
14.066
13.753
-515
37.966
35.621
-17
44.507
23.429
18.337
2.579
2.513
44.542
22.638
17.516
2.891
2.231
43.246
17.283
13.714
2.104
1.465
35.319
19.424
13.928
4.118
1.378
46.699
21.817
16.400
1.977
3.440
34
35
36
37
38
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS I N U . S . POSS.
39
40
41
42
43
PRIVATE NONBANK FINANCE
SAVINGS INSTITUTIONS
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
-6.253
8.203
T-518
7.029
.5
.1
3.9
1.4
.2
40.084
21.362
16.063
2.685
2.614
47.5
15.7
50.8
14.9
9.7
4.5
1.5
9.6
3.2
2.1
-
2.8
.1
52* &
17.7
12.2
4.2
1.4
- . 1
.1
•3
79.*
40.4
28.4
10.0
2.*
7 0 . 6 34
6 8 . 8 35
- . 2 36
>.» 3 7
. 3 m95*6,
48.8.
35.7
10.3
2.9
y+
40
41
42
41
34.6
13.2
6.5
8~2
6.6
44
45
4*
47
4»
49
50)
5k
531
53)
»4*
44
45
46
47
48
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUND
OTHER INSURANCE COS.
17.361
6.702
3.446
3.760
3.453
19.512
7.302
5.034
3.210
3.966
16.753
8.152
1.795
3.447
3.359
18.219
8.530
2.947
2.494
4.248
18.863
8.083
3.019
4.298
3.463
19.732
9.056
3.642
3.321
3.713
21.9
23.0
26.9
8.7
5.9
4.7
2.7
8.6
6.2
5.6
2.6
9.0
6.8
6.3
4.8
49
50
51
52
53
54
FINANCE N.E.C.
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
SECURITY BKRS. + DEALERS
3.717
6.153
-1.079
9.210
7.741
-400
6.019
5.243
-350
-288
-1.01*
1.852
-20*
-519
12.9
8.6
1.2
2.6
8.2
2.2
1.9
1.7
-141
-1.383
-54
69
276
-2.324
2.179
-400
-176
9.9
5.2
167
2.392
1.681
-366
-886
678
2.017
1.524
888
526
-2.673
-
2.4
-1.2
12.1
9.4
4.2
-l.t
.»
-4.605
530
.»
—
3.5
.5
-
.5
32.0
11.»
7.5
6.5
6*2
6.7
5.22.3
.4
-
23
24
25
26
27
TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS
TOTAL FUNDS RAISED (FROM
PRECEDING TABLE)
OTHER L I A B I L I T I E S :
2
OFFICIAL FOREIGN EXCHANGE
3
TREASURY CURR. • SDR CTFS.
1
96.270 107.129 123.336 102.040 120.855
-16
117
107.2*6*
115.y
128.7
116.3
16*.9
204.3
1
-254
179
2.1
.4
.3
.3
-2.5
.6
-1.7
.5
-.2
.5
2
3
99
95
-262
136
4
5
6
7
DEPOSITS AT FINANCIAL I N S T S .
DEMAND DEP. + CURRENCY
TIME DEPOSITS AT BANKS
DEP. AT SAVINGS I N S T I T .
43.789
19.469
7.461
16.859
33.144
2.993
13.263
16.888
54.855
23.353
17.588
13.914
13.574
-25.358
20.886
18.046
51.777
26.145
11.991
13.641
27.291
3.3*1
9.3*714.6*3«
48.4.
»4.at
JO. T
S2.9
6.4
7.9
-9.5
7.9
67.4
12.4
3B..O
17. a
99.4
•1?.5
'41.4
40.5
112.3
24.0*
42.3
46.0
4
5.
6>
7
8
9
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
2.040
14.490
2.084
19.303
2.069
11.502
2.052
10.093
2.230
15.540
2.3*8*
19.2*7
4„6>
I5-.&
5.0
14.3
5.2
19.2
6.2
21.1
6.6
22.6
8
9
10
11
12
13
14
SECURITY CREDIT
TRADE DEBT
PROFIT TAXES PAYABLE
NONCORP. PROPRIETORS* EQUITY
MISCELLANEOUS
504
6.232
-7.418
-3.724
18.666
3.420
14.298
2.117
7.538
2.3*4
-4.527
10.535
-4.050»
4.541
13.934
1.57L
18.90*
6*fr
4.133
•**
-6.7
22.7
-3*1
-.2
25.7
9W
-3L*
-.4
9.4
14.7
3.263
-3.930
11.602
AT
24**
•si
-3.*
23.O
10>
»fc<
n£
13.
14
15
INTERBANK CLAIMS
-2.535
119
7.213
2.1
4.5
1.43t» - 7 . 1 5 0
TOTALS ALLOCATED TO SECTORS
AS ASSETS
(1)
-7.767
27.044
13.274
-6.1**
17.51*
-5*6
3.370
7.6*4
*.•
frlO.269 2 * 0 . 6 1 9
299.9
197.3-
225.3
331*1
1.2
-2.4
-.5
2.fr
-2.0
.1
1.9
.4
-.2
2.»
-1.8
-.4
7.0
-.1
-.6
.8
-.2
1.7
- . 2 2Q
-•1.21
- 2 . 2 22
329.5
4 0 5 . 0 23
166.065 195.459 1 9 7 . * * * 157.658
INCLUDES CORPORATE EQUITIES.
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
31 <*
£.3
16. #
-7.603
168.415 190.283 217.030 1 4 8 . 0 * »
16 TOTAL LIABILITIES ABOVE
- FLOATS NOT 1NCL. IN ASSETS
722
-65*
-303
212
17
DEMAND DEPOSITS-U.S. GOVT.
2.516
-5.884 1 2 . 8 0 3 - 9 . 2 7 7
18
OTHER
-535 -1.255 1 0 . 1 3 7 - 1 2 . 1 4 9
19
TRADE CREDIT
- LIABILITIES NOT ALLOCATED
AS ASSETS
26
-40
-13
20
TREASURY CURRENCY
1.55*
2.009 - 2 . 4 0 1 -1.935
21
PROFIT TAXES PAYABLE
-2.5*6
10.921
4.218
-1.363
22
MISCELLANEOUS
23
97
14
3.213
-4.973
12
1.284
4.729
205.990
-**
-6.*0*>
20*
-1.96*
.2
a.i.
1.8
10.6
7.2
*
2.*
19
402.*
16
.* IT
3-s.ia
- 4 . 4 19
NOVEMBER 13, 1978
TOTAL CLAIMS
TOTAL CLAIMS
51
TOTAL FINANCIAL ASSETS AND LIABILITIES
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
1976
II
TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1)
TOTAL FUNDS RAISED I N CREDIT
MARKETS BY:
N0NFINANC1AL SECTORS
U . S . GOVERNMENT
FOREIGN
PRIVATE DOMESTIC
HOUSEHOLDS
FARM BUSINESS
NONFARM NONCORP. BUS.
CORPORATE BUSINESS
ST.+LOC. GOVERNMENTS
261.4
225.1
2
3
4
5
6
7
8
9
10
203.8
8.3
6.2
189.3
80.9
9.7
12.8
72.7
13.2
188.8
11.8
15.3
161.6
49.2
7.9
7.4
81.8
15.5
208.1
85.4
13.2
109.5
48.6
8.7
2.0
37.0
13.2
272.5
69.0
20.7
182.8
89.9
11.0
5.2
58.2
18.5
340.5
56.8
12.3
271.4
139.6
14.7
12.6
78.7
25.9
300.6
37.8
9.0
253.8
134.7
15.5
14.0
63.7
25.9
390.6
80.1
22.0
288.5
150.0
14.5
9.2
80.1
34.8
367.1
61.9
12.3
292.9
145.9
13.2
15.5
95.2
23.2
380.4
66.1
13.3
301.0
142.7
11.7
23.6
102.2
20.7
362.4
51.5
14.3
296.6
152.8
19.6
17.8
82.8
23.4
355.7
59.3
5.1
291.3
142.1
17.7
16.0
80.2
35.4
11
12
13
14
15
16
17
18
19
20
21
57.6
16.3
3.6
14.1
2.2
6.0
.5
9.4
6.5
-1.2
36.4
17.3
5.8
-5.6
3.5
6.3
.9
6.0
.6
-.7
2.4
11.7
3.2
10.3
-1.4
.3
-2.2
1.0
.6
-1.4
-.1
1.3
29.2
2.9
15.7
7.5
-.8
58.8
5.8
20.5
3.8
1.3
11.9
.9
17.9
-2.4
-1.0
.2
65.4
9.5
13.1
10.0
2.3
12.5
.9
19.6
-2.4
1.0
-1.3
41.3
1.7
23.7
2.5
1.5
5.6
.9
11.1
-2.6
-3.3
.1
71.1
7.2
22.5
-7.4
.9
20.7
1.0
25.6
-1.9
.9
1.7
110.9
23.7
15.2
28.1
3.6
18.3
1.0
16.6
-1.7
-.2
6.4
92.1
24.4
16.9
-3.6
8.0
21.0
1.0
20.7
-.8
-.9
5.3
72.7
22.1
16.0
3.6
3.9
10.4
1.0
12.4
-1.4
-1.8
6.3
22
261.4
225.1
219.8
301.7
399.4
366.0
431.8
438.2
491.3
454.5
23
24
25
26
27
45.9
29.0
.9
8.2
7.8
40.0
33.5
.7
1.9
3.8
41.2
25.6
.8
11.5
3.4
40.7
13.3
1.2
11.5
14.7
55.5
30.7
1.4
-2.9
26.4
34.7
22.6
1.8
-20.3
30.6
59.9
22.0
1.1
5.2
31.6
72.8
60.4
1.0
-9.4
20.9
100.1
54.6
1.2
21.7
22.7
69.1
55.2
2.4
-11.8
23.5
28
3.4
11.7
10.8
17.9
42.2
17.5
REST OF THE WORLD
28
29
2.8
9.7
15.1
8.9
11.8
16.6
U . S . GOVERNMENT
29
30
31
32
33
209.3
17.6
3.6
9.2
163.7
19.8
5.8
6.2
152.7
4.2
10.3
8.5
234.2
5.0
15.7
9.8
289.8
6.5
20.5
7.1
300.1
11.8
13.1
26.1
316.4
2.1
23.7
2.1
274.9
6.2
22.5
6.2
301.5
24.7
15.2
-4.2
376.0
31.8
16.9
30.0
320.4
22.0
16.0
19.2
FINANCIAL INSTITUTIONS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
FEDERAL RESERVE SYSTEM
30
31
32
33
34
35
36
37
38
86.8
80.8
1.7
4.1
.1
64.6
58.1
.9
5.1
.5
27.8
29.3
-.5
-1.3
.4
58.0
57.7
-.3
.6
85.8
86.9
.6
-2.1
.3
77.1
85.3
-.1
-8.4
.3
103.1
101.7
.1
.9
.4
77.9
71.4
2.4
3.8
.4
113.8
112.5
-2.1
2.9
.4
117.8
108.4
1.4
7.6
.4
96.6
93.6
.6
2.0
.4
39
40
41
42
43
91.9
37.3
28.3
5.4
3.6
67.4
27.1
21.4
3.0
2.7
101.8
52.1
36.0
10.8
5.4
145.7
71.5
52.5
13.0
6.0
170.0
85.2
65.7
12.1
7.3
172.0
85.6
67.3
10.1
8.2
185.5
89.6
70.9
12.6
6.1
162.1
79.8
62.4
9.6
7.6
152.0
76.9
54.2
14.1
8.7
179.4
77.7
59.3
7.7
10.7
166.5
83.4
64.2
11.8
7.4
44
45
46
47
48
38.6
15.9
7.8
9.1
5.8
36.7
15.2
8.1
9.2
4.1
50.6
18.8
13.8
11.6
6.6
66.0
26.6
12.5
13.4
13.4
72.1
29.4
15.5
12.8
14.4
73.1
29.5
14.1
15.0
14.4
75.2
28.2
18.6
12.8
15.5
69.3
33.6
8.9
13.8
13.0
69.9
31.5
11.1
10.0
17.3
79.0
35.0
12.4
17.2
14.5
75.7
35.1
12.9
13.3
14.4
INSURANCE SECTOR
LIFE INSURANCE COMPANIES
PRIVATE PENSION FUNDS
ST.+LOC. GOVT, RTR. FUND
OTHER INSURANCE COS.
44
45
46
47
48
49
50
51
52
53
54
16.0
11.5
5.6
-2.0
3.5
5.0
.2
-.8
.8
-1.6
-1.1
1.4
-4.8
-.4
.7
2.0
8.2
6.8
-3.8
-1.4
.6
4.0
12.6
18.1
-2.4
-1.4
-.1
-1.6
13.3
21.3
-4.3
.7
-.6
-3.8
20.7
10.2
-1.5
-3.5
-.2
15.7
13.0
25.2
-1.6
.3
1.1
-11.9
5.2
15.0
-1.6
-.7
2.7
-10.1
22.6
17.0
-1.4
-1.2
3.6
4.6
7.3
10.6
-.8
-2.1
2.1
-2.5
FINANCE N.E.C.
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
SECURITY BKRS. + DEALERS
49
50
51
52
53
54
428..4
~
.9
*
.9
6.4
-2.4
-1.0
*
*
TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL
1
261 .4
225 .1
219 .8
301,.7
2
3
.2
-.4
1 .3
.4
.5
.9
2..5
1..2
4
5
6
7
95 .0
16 .3
50 .9
27 .8
86 .7
7 .6
57 .0
22 .1
105..2
15 .6
30,.1
59 .4
132..4
22.7
40.5
69.2
8
9
7 .4
25 .6
6 .5
29 .6
5 .4
38,.0
10
11
12
13
14
-7 .9
42 .5
2 .5
-2 .0
34 .7
-5 .0
35 .9
1 .2
-13 .1
42 .7
3 .6
7 .8
-2 .7
-10 .6
33 .7
399 .4
438,.2
491,.3
454 .5
_.1
.5
-1,.0
.4
_,.3
.4
-1,.0
.5
-1 .7
.4
153,.1
28,.6
54..6
69 .9
142 .5
36 .2
38 .2
68 .1
190..1
38..0
70,.6
81..4
142,.1
20..8
61,.3
60,.1
107,.4
-12,.6
66,.9
53..2
174,.1
60,.9
57,.9
55,.4
165,.6
38,.5
55,.2
71..9
6,.9
46.0
8,.1
55 .5
8 .2
41 .7
8..3
83,.2
8,.3
50,.1
8,.2
50,.8
8,.9
63,.9
9..2
56,.7
13.2
21.5
8.0
-17,.8
59,.6
4 .4
29 .6
.6
-17 .0
52 .5
3 .6
13 .1
-10 .7
-14 .9
71 .9
21..4
37,.1
4,.2
-15..7
40,.1
-9,.6
23,.6
3..6
-18,.1
63 .4
-7..9
56,.1
1,.7
-30,.4
97,.8
20,.5
56 .4
-5,.6
-31,.1
42 .2
14,.5
50,.7
10..8
-24,.4
66,.1
15
12 .9
7 .7
-3,.6
2..6
5,.4
-4,.7
-13..7
42,.3
-7,.5
17,.6
472 .4
418 .9
398,.0
577..8
690,.7
617 .2
786,.3
744..1
767,.0
800,.1
17
18
19
.3
.6
2 .9
.1
2 .3
-2,.1
-1..0
.9
-3.5
1..5
1,.6
-3,.4
1 .4
-2,.5
-2 .1
1.5
3..5
-3..6
.2
1 .5
-3,.7
-2..8
-1..9
-3,.1
1,.7
.1
-7!.9
-.2
-.2
14.1
.3
.1
4,.0
.1
2 .0
5 .0
-.3
-3..1
-6..7
_(.2
-I!.0
19,.3
_.1
-,.8
27,
.9
394.6
613.3
795.0
727.9
747.7
20
21
22
.5
.4
23
468.9
414.9
-
*
*
.2
3,
.4
567.7
I 1 1 / 7 8 BASED ON INCOMPLETE INFORMATION.
34
35
36
37
38
PRIVATE NONBANK FINANCE
SAVINGS INSTITUTIONS
SAVINGS + LOAN ASSNS.
MUTUAL SAVINGS BANKS
CREDIT UNIONS
39
40
41
42
43
*
.9
23,.7
2
3
4
5
6
7
LIFE INSURANCE RESERVES
PENSION FUND RESERVES
8
9
SECURITY CREDIT
10
TRADE DEB1
11
PROFIT TAXES PAYABLE
12
1
NONCORP. PROPRIETORS EQUITY 13
MISCELLANEOUS
14
19,.2
INTERBANK CLAIMS
"<
*
788.2
1
DEPOSITS AT FINANCIAL INSTS.
DEMAND DEP. • CURRENCY
TIME DEPOSITS AT BANKS
DEP. AT SAVINGS INSTIT.
796..5 TOTAL LIABILITIES ABOVE
- FLOATS NOT INCL. IN ASSETS
.6
DEMAND DEPOSITS-U.S. GOVT.
.2
OTHER
.6
TRADE CREDIT
- LIABILITIES NOT ALLOCATED
AS ASSETS
TREASURY CURRENCY
-1,.1
PROFIT TAXES PAYABLE
9,.7
MISCELLANEOUS
(1)
BILLIONS OF DOLLARS.
23
24
25
26
27
COMMERCIAL BANKING
COMMERCIAL BANKS
BANK AFFILIATES
FOREIGN BANKING AGENCIES
BANKS IN U.S. POSS.
TOTAL FUNDS RAISED (FROM
PRECEDING TABLE)
OTHER LIABILITIES:
OFFICIAL FOREIGN EXCHANGE
-1..0
.7
TREASURY CURR. • SDR CTFS.
431,.8
•
21
ZZ
ASSETS
16
-,.1
.6
-'.1
_.1
.1
4 .0
4 2 8 . 4 TOTAL FUNDS ADVANCED IN CREDIT
428.4
MARKETS BY:
PRIVATE DOM. NONFIN. SECTORS
73.9
HOUSEHOLDS
39.8
NONFARM NONCORP. BUSINESS
1.8
8.5
CORPORATE BUSINESS
STATE • LOCAL GOVERNMENTS
23.8
366 .0
*
.3
FINANCIAL SECTORS
SPONSORED CREDIT AGENCIES
MORTGAGE POOLS
COMMERCIAL BANKS
BANK AFFILIATES
SAVINGS + LOAN ASSNS.
OTHER INSURANCE COMPANIES
FINANCE COMPANIES
REITS
OPEN-END INVESTMENT COS.
MONEY MARKET FUNDS
TOTALS ALLOCATED TO SECTORS
AS ASSETS
INCLUDES CORPORATE EQUITIES.
15
16
17
18
19
20
21
22
NOVEMBER 13, 1978
SAVING BY INDIVIDUALS
52
SAVING BY INDIVIDUALS
AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING
(1)
UNADJUSTED NET FLOWS ($ MILL.)
UNADJUSTED NET FLOWS ($ MILL.)
II
1977
III
IV
1
1
1
1978
II
III
1968
BILLIONS OF DOLLARS
1971
1970
1969
1972
1 INCREASE IN FINANCIAL ASSETS
2
DEMAND DEPOSITS • CURRENCY
3
SAVINGS ACCOUNTS
53.291
8.480
23.893
69.133
5.926
28.672
53.864
4.032
20.658
61.969
1.199
30.030
66.024
7.454
27.064
67.056
5.121
21.733
76.4
11.1
31.1
64.2
-2.5
9.1
79.1
8.9
43.6
103.5
13.1
67.8
128.3
14.5
74.6
1
2
3
4
5
6
7
8
SECURITIES
U.S. SAVINGS BONDS
OTHER U . S . TREASURY SEC.
U.S. GOVT. AGENCY SEC.
STATE + LOCAL OBLIGATIONS
-1.789
1.245
-9.008
-244
3.555
7.037
1.124
1.353
2.573
2.705
. 8.546
1.190
4.968
653
2.077
12.455
1.196
4.639
625
607
6.743
1.158
-3.409
-52
4.599
11.590
829
5.060
2.091
5.052
6.0
.6
4.2
1.4
-.5
32.3
-.1
11.1
5.0
9.3
-3.0
.3
-11.3
4.6
-.9
-10.5
2.3
-10.5
-1.8
.1
-1.4
3.3
-.5
-3.5
2.3
4
5
6
7
8
11
12
CORPORATE + FOREIGN BONDS
COMMERCIAL PAPER
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
460
3.157
163
-1.117
681
-837
-905
343
-1.298
3.330
295
-2.669
809
3.444
23
1.112
-323
6.738
-297
-1.671
-141
-372
-513
-416
4.2
2.6
5.9
-12.4
5.4
5.3
4.9
-8.6
9.5
-3.8
2.8
-4.3
8.3
-3.8
1.3
-6.4
PRIVATE LIFE INSURANCE RES.
PRIVATE INSURED PENSION RES.
PRIVATE NONINSURED PEN. RES.
GOVT. INSURANCE + PEN. RES.
MISCELLANEOUS FINAN. ASSETS
1.989
3.804
5.142
5.595
6.177
2.029
3.575
6 . 2 84
9.499
6.111
2.005
4.233
3.808
3.525
7.057
1.979
3.857
4.566
1.743
6.140
2.152
4.553
4.856
6.209
6.993
2.226
4.381
5.160
9.748
7.097
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
5.3
6.1
4.5
7.3
9.5
5.9
6.5
4.3
6.9
11.6
11.3
13
14
15
16
17
18 GROSS INV. IN TANGIBLE ASSETS
19
NONFARM HOMES
20
NONCORP. BUS. PLANT • EQUIP.
21
CONSUMER DURABLES
22
INVENTORIES
76.377
16.793
14.074
45.098
412
78.426
19.950
13.773
44.318
385
86.983
22.693
12.315
50.367
1.608
73.815
22.678
10.831
40.665
-359
85.900
20.527
15.088
50.912
-627
88.388
22.452
15.504
49.808
624
133.3
24.7
27.7
80.0
.8
144.4
26.3
31.6
85.5
1.0
142.4
24.5
32.6
84.9
.4
167.9
32.4
35.6
97.1
2.7
195.4
40.7
41.5
111.2
1.9
18
19
20
21
22
23 CAPITAL CONSUMPTION ALLOWANCES1
24
NONFARM HOMES
25
NONCORP. BUS. PLANT + EQUIP.
26
CONSUMER DURABLES
50.440
6.956
11.609
31.875
52.024
7.205
12.192
3 2 . 6 27
53.254
7.461
12.457
33.336
54.460
7.703
12.729
34.028
55.867
7.931
13.232
34.704
57.390
8.180
13.806
35.404
85.4
10.5
19.2
55.7
95.0
12.1
21.3
61.7
103.6
12.8
23.2
67.5
110.6
13.7
24.9
72.0
118.1
14.7
25.7
77.6
23
24
25
26
27 NET INV. IN TANGIBLE ASSETS
28
NONFARM HOMES
29
NONCORP. BUS. PLANT + EQUIP.
30
CONSUMER DURABLES
31
INVENTORIES
25.937
9.837
2.465
13.223
412
26.402
12.745
1.581
11.691
385
33.729
15.232
-142
17.031
1.608
19.355
14.975
-1.898
6.637
-359
30.033
12.596
1.856
16.208
-627
30.998
14.272
1.698
14.404
624
47.9
14.3
8.6
24.3
.6
49.4
14.2
10.3
23.8
1.0
38.8
11.7
9.4
17.4
.4
57.3
18.8
10.8
25.1
2.7
77.3
26.0
15.8
33.6
1.9
27
28
29
30
31
32 NET INCREASE IN DEBT
33
MTG. DEBT ON NONFARM HOMES
34
NONCORP BUS. MORTGAGE DEBT
35
CONSUMER CREDIT
36
SECURITY CREDIT
37
POLICY LOANS
38
OTHER DEBT
49.873
23.905
6.488
11.507
947
445
6.581
48.188
26.104
5.468
10.579
763
436
4.838
48.450
25.243
4.504
11.058
282
424
6.939
30.021
22.078
3.423
2.386
191
405
1.538
57.573
22.954
6.433
15.679
2.092
709
9.706
50.215
23.527
7.360
13.472
2.106
616
3.134
43.3
17.1
6.3
10.0
2.9
1.3
5.7
42.5
18.5
6.7
10.4
-3.4
2.6
7.7
34.0
14.1
8.5
5.9
-1.8
2.3
4.9
63.2
27.0
13.3
13.1
2.7
1.0
6.1
90.4
41.6
16.8
17.1
4.5
1.0
9.5
32
33
34
35
36
37
38
39 INDIVIDUALS* SAVING (1+27-32)
29.355
47.347
39.143
51.303
38.484
47.839
16
17
11) COMBINED STATEMENT FOR HOUSEHOLDS, FARM,
AND NCNFARM NONCORPORATE BUSINESS.
I I 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
e.9
97.7
9
4.4
- 1 . 7 10
- . 5 11
- 5 . 2 12
1 1 5 . 2 39
NOVEMBER 1 3 , 1978
SAVING BY INDIVIDUALS
SAVING BY INDIVIDUALS
AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING ( 1 )
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1973
1974
1975
1976
1977
1
2
3
146.8
15.4
64.2
138.8
166.4
7.9
5.2
57.2
84.8
199.8
13.8
108.1
235.7
20.4
108.3
4
5
6
7
8
25.6
29.2
21.9
2.7
3.0
7.4
4.1
8.2
13.7
-3.2
9
10
11
12
1.3
9.1
13
14
15
16
17
12.1
2.0
5.3
-1.2
-5.7
7.2
5.5
8.5
5.3
4.7
18.7
-3.4
-3.2
6.1
3.5
5.1
3.9
8.8
1.1
8.4
4.0
4.7
4.7
4.1
-.7
8.0
2.1
-3.2
-1.5
-3.6
-3.2
-1.0
-2.4
-1.0
-4.1
6.4
6.2
5.3
6.7
7.9
10.3
12.8
15.0
11.0
15.3
12.8
18.1
19.7
- . 1
,1
1978
1977
II
I I I
IV
j1
I
I I I
I I
2 4 5 . 8 INCREASE I N FINANCIAL ASSETS
DEMAND DEPOSITS + CURRENCY
17.9
SAVINGS ACCOUNTS
107.4
283.0
22.3
135.2
227.6
88.0
236.9
22.2
90.1
278.8
23.5
111.8
9.7
4.7
8.9
4.8
47.2
41.9
41.4
25.4
5.0
4.6
-14.1
-1.4
14.4
-9.9
20.1
14.4
5.6
6.2
1.9
3.6
2.8
3.8
12.6
8.6
2.7
4.3
9.2
- . 6
18.3
15.6
-1.0
12.6
-4.1
23.0
- . 1
7.3
- . 9
-1.8
-5.7
213.5
28.0
99.8
*
10.5
3.5
4.5
6.9
.2
8.2
.9
-5.3
-3.3
-2.4
-1.7
- . 2
.3
8.0
8.1
8.0
7.9
8.6
8.9
14.9
21.0
19.8
24.6
15.2
20.9
26.1
14.3
23.6
45.5
25.1
16.9
17.0
16.5
26.9
15.4
17.6
18.1
23.7
18.2
19.8
26.2
29.3
17.5
19.0
20.5
29.2
307.9
76.3
50.7
178.4
304.5
73.4
51.6
175.6
311.4
80.9
50.2
177.4
329.1
84.3
52.2
187.2
342.3
90.0
54.6
197.8
1.0
-7.9
1
2
3
SECURITIES
U . S . SAVINGS BONDS
OTHER U . S . TREASURY SEC.
U . S . GOVT. AGENCY SEC.
STATE + LOCAL OBLIGATIONS
4
5
6
7
8
CORPORATE + FOREIGN BONDS
COMMERCIAL PAPER
INVESTMENT COMPANY SHARES
OTHER CORPORATE EQUITIES
9
10
11
12
PRIVATE LIFE INSURANCE RES.
PRIVATE INSURED PENSION RES.
PRIVATE NONINSURED PEN. RES.
GOVT. INSURANCE + PEN. RES.
MISCELLANEOUS FINAN. ASSETS
13
14
15
16
17
18
19
20
21
22
11.8
10.9
12.6
8.6
8.5
18
19
20
21
22
218.6
45.2
45.0
123.7
215.0
43.0
39.7
132.6
4.6
201.8
42.9
40.9
122.0
-4.0
-.3
254.1
57.5
43.0
156.6
-3.1
2.5
3.9
2.9
5.4
319.9
88.6
51.4
183.5
-3.6
- . 1
3 5 1 . 0 GROSS I N V , I N TANGIBLE ASSETS
NONFARM HOMES
92.6
NONCORP. BUS. PLANT + EQUIP.
56.2
CONSUMER DURABLES
199.3
2.9
INVENTORIES
23
24
25
26
131.1
17.1
29.3
84.8
148.9
19.b
34.1
95.0
172.0
22.2
39.6
110.2
184.3
24.4
43.4
116.6
204.9
28.3
47.6
128.9
201.8
27.8
46.4
127.5
208.1
28.8
48.8
130.5
213.0
29.8
49.8
133.3
217.8
30.8
50.9
136.1
223.5
31.7
52.9
138.8
2 2 9 . 6 CAPITAL CONSUMPTION ALLOWANCES
NONFARM HOMES
32.7
NONCORP. BUS. PLANT + EQUIP.
55.2
CONSUMER DURABLES
141.6
23
24
25
26
27
28
29
30
31
87.4
28.2
15.7
39.0
52.9
23.1
43.0
20.9
69.7
33.2
103.3
52.1
116.1
54.5
27.0
-4.0
22.5
4.6
1 2 1 . 5 NET I N V . I N TANGIBLE ASSETS
NONFARM HOMES
59.9
NONCORP. BUS. PLANT + EQUIP.
1.0
57.7
CONSUMER DURABLES
2.9
INVENTORIES
27
28
29
30
31
32
33
34
35
36
37
38
100.3
47.1
15.9
23.8
-4.3
65.8
35.4
12.7
10.2
-1.8
63.7
38.1
2.2
2.7
6.6
1 8 6 . 5 NET INCREASE I N DEBT
MTG. DEBT ON NONFARM HOMES
92.9
NONCORP BUS. MORTGAGE DEBT
23.5
CONSUMER CREDIT
43.4
8.4
SECURITY CREDIT
POLICY LOANS
2.5
OTHER DEBT
15.9
32
33
34
35
36
37
38
1 8 0 . 8 INDIVIDUALS* SAVING 1 1 + 2 7 - 3 2 )
2 0 . 5 - GOVT. INSURANCE + PEN. RES.
5 7 . 7 - NET INVESTMENT I N CONS. DUR.
- CAPITAL GAINS DIVIDENDS
.4
FROM INVESTMENT COMPANIES
* - NET SAVING BY FARM CORPS.
1 0 2 . 8 = PERSONAL SAVING, F/F BASIS
39
40
41
40
41
42
15.6
6.8
*
-.3
7.4
9.4
.8
1.6
6.5
5.8
103.0
48.0
102.8
45.6
102.0
57.8
118.8
58.2
-.4
3.1
5.1
1.4
2.4
.4
1.7
40.1
-3.1
49.4
48.1
46.8
53.8
3.9
2.9
5.4
47.4
-3.6
59.0
2.5
115.1
61.3
10.8
23.6
172.4
93.0
19.0
35.0
179.9
102.4
17.0
32.6
180.0
100.8
21.9
36.2
177.8
92.1
20.4
38.0
202.1
89.4
20.5
51.6
170.0
92.9
21.3
38.3
- . 1
4.7
1.4
3.1
1.7
3.8
1.8
3.1
1.7
1.1
1.7
.8
1.6
8.4
2.8
13.4
20.6
11.9
23.1
18.2
24.9
29.4
166.3
19.8
49.4
146.2
5.8
48.1
206.4
45.5
46.8
163.7
16.5
53.8
161.2
18.1
47.4
195.5
26.2
59.0
92.5
-.1
114.1
93.1
95.6
110.6
134.0
11.8
39.0
125.9
12.6
27.0
145.7
15.0
22.5
154.4
18.1
40.1
.9
.4
81.9
.5
-.1
86.0
.2
.2
108.0
96.3
97.0
70.3
71.7
83.6
68.0
66.9
67.5
74.3
73.7
82.4
76.3
? 4 . 4 PERSONAL SAVING, NIA BASIS
11.6
14.4
24.4
28.2
30.1
25.0
39.8
19.4
13.2
34.3
2 6 . 3 DIFFERENCE
.4
.5
*
*
(1) COMBINED STATEMENT FOR HOUSEHOLDS
AND NONFARM NONCORPORATE BUSINESS
BILLIONS OF DOLLARS.
111/78 BASED ON INCOMPLETE
INFORMATION.
FARM,
42
43
44
45
NOVEMBER 1 3 , 1978
DISCREPANCIES
DISCREPANCIES
DISCREPANCIES -
SUMMARY FOR SECTORS AND TRANSACTIONS
UNADJUSTED NET FLOWS (S M I L L . )
UNADJUSTED NET FLOWS (S MILL.)
1977
III
1978
IV
|
BILLIONS OF DOLLARS
1969
1970
1971
II
SECTOR DISCREPANCIES
1 TOTAL, ALL SECTORS
2
HOUSEHOLDS
NONFIN. CORPORATE BUSINESS
3
STATE + LOCAL GOVERNMENTS
4
U. S . GOVERNMENT
5
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 .
-8.387
1.012
-8.060 -12.774
9.792
6.832
3.521 -1.724
438
391
218 - 2 . 1 7 8
-6.883
16.838
8.458 -12.858
-212
7.946
2.742
3.051
1.843
-1.032
3.534
-143
5.307
-9.859
4.633
2.934
-353
7.899
-2.326
-9.694
6.476
-1.776
165
4.229
5
6
7
8
9
10
11
12
13
TRADE CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL
NONFINANCIAL COMPONENTS:
NIA DISCREPANCY (NEG.)
PVT. WAGE ACCR. LESS D1SB.
FARM DISCREPANCY (NEG.)
NONFARM NONCORP DISCREP. (NEG)
TRADE DEBT (POSITIVE)
14 TOTAL NONFINANCIAL DISCREPANCY
4.4
-.2
-6.3
-5.1
-1.4
-1.890
-16
0
-1.938
-1.941
24
0
-1.799
-1.442
249
0
-1.026
-1.932
43
0
-1.675
53
119
0
-1.540
-1.726
38
0
-1.673
.1
.1
1.4
.1
1.3
.1
-2.2
-.1
-.2
-.4
-1.3
64
-301
-94
850
-453
62
-166
-336
-74
215
-580
609
-665
-282
-107
-299
-452
475
-300
-224
-100
-35
-331
390
1.474
-478
-101
812
-168
1.409
-91
-527
-105
-8
-232
781
.1
.2
-.1
.1
-.1
-.1
1.5
.3
-1.0
.1
1.0
.1
1.6
.3
.1
.7
-.9
1.5
9.1
.5
2.9
.5
5.3
6.6
1.0
*
7.5
9.1
.4
-9.9
.1
.4
-.2
.3
-1.1
-.4
-4.3
-19.0
15.9
3.3
*
-2.2
1
2
3
4
5
6
-2.4
.1
7
8
9
- 1 . 2 10
-1.3
-.1
-.2
.1
-.7
-.3
11
12
13
14
15
16
DISCREPANCIES
-4.3
-.2
1.012
26
-8.387
-66
16.838
-40
-6.883
-13
5.307
12
-2.326
-1
2.9
.2
10.3
.2
4.4
-.1
-.2
-303
2.516
212
-5.884
722
12.803
-650
-9.277
14
3.213
-89
-6.800
.4
1.2
-.5
2.8
.1
1.9
-.2
2.0
.6
3.5
-535
2.009
-1.363
-1.33b
-1.255
-2.401
4.218
-3.211
10.137 -12.149
1.559
-1.935
10.921
-2.556
2.726
-2.293
-4.973
1.284
4.729
1.028
208
-1.969
8.281
-1.956
-2.4
1.1
1.8
.6
-2.0
-.4
7.0
3.3
.4
-.8
.8
2.1
-1.8
-.2
1.7
-1.7
-4.6
-.1
-2.2
-1.4
-1.118
0
2.686
0
2.652
0
-2.105
1.402
-289
-1.419
-344
-2.280
0
1.702
498
948
1.426
0
101
-1.069
-1.498
-2.1
310
-1.204
-518
0
-315
-736
1.157
-3.3
1.714
453
-1.338
-3.211
-2.293
2.726
1.028
-1.956
1 1 1 / 7 8 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION.
10.3
-2.6
8.4
1.1
.2
-.3
TRANSACTION
1 TOTAL, ALL TYPES
TREASURY CURRENCY
2
DEMAND DEPOSIT MAIL FLOATS:
U . S . GOVERNMENT
3
OTHER
4
2.9
10.1
*
1.7 9
- . 3 10
12
13
NOVEMBER 13t 1978
DISCREPANCIES
DISCREPANCIES
55
DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
1977
III
SECTOR
I
IV
1978
II
|
DISCREPANCIES
1
2
3
4
5
6
.9
-11.6
14.2
2.1
1.6
-2.5
-1.7
-14.4
11.8
5.5
-.2
-2.2
-4.2
-24.4
11.9
7.3
.6
5.1
5.9
-28.2
20.1
8.5
3.3
8.9
-1.5
-30.1
26.7
7.9
2.5
-1.1
.2
-25.0
21.3
8.5
2.5
1.7
-15.8
-39.8
31.4
6.5
2.4
-8.0
11.4
-19.4
24.4
8.5
2.0
-.7
17.1
-13.2
20.6
6.6
-.5
12.2
16.4
-34.3
13.2
6.6
-.8
32.7
7
8
9
10
-2.8
.2
-2.2
.1
-4.6
.3
-6.8
.3
-7.4
.4
-8.8
.2
-8.3
.3
-3.4
.6
-8.6
.1
-1.1
.8
-7.1
.4
-2.6
-3.9
-3.7
-3.1
-6.0
-5.4
-8.6
-
-2.8
-
-8.9
-
-4.0
-
-7.8
11
12
13
14
15
16
-.4
.1
-.1
-.4
1.6
-1.3
-.1
-.1
-.3
-.8
-.1
-4.0
-.7
-.2
.5
-2.8
-.8
-1.7
-1.1
-.4
.7
-1.9
1.0
-3.6
-1.0
-.4
.6
-2.3
-.6
-.1
-1.2
-.2
1.1
-2.0
2.3
-1.1
-1.4
-.5
.4
-1.3
1.6
.3
-1.0
-.4
.6
-1.7
2.8
2.1
-1.7
-.4
.5
-1.1
4.8
.3
-2.0
-.3
.3
-.5
2.9
*
-.1
*
.1
-.3
.7
1.1
TRANSACTION
-1.5
-.3
.2
.1
-15..8
-.3
11.4
-.2
17.1
-.1
16 .4
-.1
2.3
-1.0
.9
1.5
1.6
1,.4
-2 .5
1.5
3..5
.2
1.5
-2..8
-1.9
1 .7
.1
-2.1
-.2
3.4
-7.4
-3.5
-.2
14.1
-4.2
-3.4
-.1
4.0
-4.7
-2,.1
2 .0
5 .0
-3 .7
-3.6
-3..1
-6,.7
-7..1
-3.7
-1.0
19.3
-4.8
-3.1
.6
27..9
-2.2
-7 .9
.9
23 .7
.5
3.7
7.1
4.8
-3.7
-7.1
-4.2
.3
-.6
-.1
.6
2.9
.5
.4
-2.6
-.1
-.1
4.0
-5.8
*
*
11
12
13
M L L 1 0 I B OF D&LtA*3fc
-
FINANCIAL SECTORS
SPONSORED AGENCIES
MONETARY AUTHORITIES
COMMERCIAL BANKS
PRIVATE NONBANK FINANCE
SAVINGS • LOAN ASSNS.
MUTUAL SAVINGS BANKS
LIFE INSURANCE
OTHER INSURANCE
FINANCE N.E.C.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
DISCREPANCIES
5.9
-.2
-1.7
-.1
.9
*
7.9 TOTAL* ALL SECTORS
-28.3
HOUSEHOLDS
16.8
NONFIN. CORPORATE BUSINESS
6.6
STATE + LOCAL GOVERNMENTS
U. S. GOVERNMENT
2.0
FOREIGN
17.8
111/78- BASED ON INCOMPLETE INFORMATION.
-,
*
-.
-
7.9 TOTAL* ALL TYPES
*
TREASURY CURRENCY
DEMAND DEPOSIT MAIL FLOATS:
.6
U.S. GOVERNMENT
-.2
OTHER
-.6
-1.1
9.7
-.5
.5
-
TRADE CREDIT
PROFIT TAXES PAYABLE
MISCELLANEOUS
NONFINANCIAL
NONFINANCIAL COMPONENTS:
NIA DISCREPANCY (NEG.)
PVT. WAGE ACCR. LESS DISB.
FARM DISCREPANCY (NEG.)
NONFARM NONCORP DISCREP. (NEG)
TRADE DEBT (POSITIVE)
9
10
11
12
13
- . 5 TOTAL NONFINANCIAL DISCREPANCY 14
NOVEMBER 13» 1978
MONEY STOCK RELATIONSHIP
MONEY STOCK RELATIONSHIP
RELATION OF F/F MONEY STOCK DATA TO DAILY AVERAGE SERIES
SEASONALLY ADJUSTED ANNUAL RATES
SEASONALLY ADJUSTED ANNUAL RATES
I
1977
III
II
IV
|
1978
II
III
I. TOTAL MONEY STOCK
1
2
3
71.1
60.8
10.3
12.2
12.3
-.1
12.8
11.7
1.1
19.7
18.1
1.7
27.7
24.6
3.0
>5.7
>4.0
1.7
32.6
29.4
3.2
31.8
22.3
9.5
5.9
17.9
-12.0
33.4
39.3
-5.9
NET CHANGES* S.A. ANNUAL RATE:
26.3
F/F DEMAND DEP. + CURRENCY
32.4
DAILY AVERAGE (DAMS)
-6.1
TOTAL DIFFERENCE
1
2
3
4
5
6
7
2.6
-.3
2.5
.4
-.1
.7
-1.4
.5
1.1
-1.0
1.8
.3
1.7
.8
.5
.4
3.0
-.7
3.1
.6
.4
-1.2
4.5
-2.8
.8
3.1
-9.6
7.3
2.4
-5.3
18.1
-10.4
-3.0
1.2
-10.4
6.2
-1.5
-1.9
3.3
-2.9
-1.5 TOTAL 01FF. AT QUARTERLY RATE
1.6
ARISING FROM—DATA DIFF.
-10.3
TIMING DIFF.
7.1
SEASONALS
4
5
6
7
II. DEMAND DEPOSITS
NET CHANGE, S.A. QTRLY RATE:
F/F
DAMS
DIFFERENCE
13.8
10.5
3.3
5.9
6.1
-.2
6.6
5.7
.9
12.4
11.1
1.4
19.4
16.7
2.7
5.3
4.1
1.1
4.0
5.2
6.6
3.3
3.3
-1.3
2.4
-3.7
6.1
7.7
-1.6
4.2
5.7
-1.5
3.0
-.3
3.3
-.6
.7
-1.3
.7
-1.0
1.7
1.0
.8
.2
2.1
-.7
2.8
3.3
-1.2
4.5
-7.2
3.1
-10.3
13.4
-5.3
18.6
-10.2
1.2
-11.4
.8
-1.9
2.7
-7.5 DIFFERENCE IN UNADJUSTED
1.6
DATA DIFFERENCE
-9.1
TIMING DIFFERENCE
5.9
.5
5.3
-10.0
1.5
-11.9
6.5
-1.7
9.1
-.8
-2.4
-.3
-2.7
.6
-2.5
.7
6.0 DIFFERENCE IN SEASONALS
.3
FLOWS VS. LEVELS
5.8
ONE-DAY VS. DAILY AVERAGE
-.1
SEASONAL BALANCE ADJUSTMENT
III. CURRENCY
1
2
3
3.9
4.7
-.7
6.3
6.2
4
-.8
5
6
.1
.1
6.2
5.9
.3
7.3
7.0
.3
-.1
.2
•3
.3
.1
.1
.1
.1
.1
.1
.1
.1
*
BILLIONS OF DOLLARS.
1.1
1.9
-.7
8.3
7.9
.4
2.3
-1.0
-.4
.1
-.5
111/78 BASED ON INCOMPLETE
2.3
2.2
.1
2.4
2.4
*
-.6
.1
NET CHANGE, S.A. QTRLY RATE:
F/F
DAMS
DIFFERENCE
.2
TIMING DIFFERENCE
.2
.3
.9
*
DIFFERENCE IN SEASONALS
FLOWS V S . LEVELS
ONE-DAY VS. DAILY AVG.
SEASONAL BALANCE ADJ.
INFORMATION.
MONEY STOCK RELATIONSHIP
1
Line 1 of page 15.
2
Daily averages in this table are increments in month averages
from last month of preceding quarter to last month of this
quarter.
3
Line 1 - 2 .
4
Lines 5 + 6 + 7 .
5
See Part II, line 5.
6
Part II, line 6 + Part III, line 4.
7
Part II, line 7 + Part III, line 5.
"Seasonal" here means dollar
excess of seasonally adjusted flow over unadjusted flow.
1
5
6
Lines 14 + 18 + 19 of page 15 at quarterly rates.
Differences between money-stock concept of demand deposits derived
from last preceding all-bank total (either last Wednesday of
quarter of Call Report) and figure for that one day, e.g.,
March 29, 1972, derived from data going into daily-average statistics. Quarterly increments in this difference.
Difference between figure derived from daily-average data and average
for last month of quarter. Quarterly increments in this difference.
7
Lines 8 + 9 + 1 0 - 1 1 .
8
Difference in adjustment method: seasonal in daily-average series
(month average) adjusted as flows less seasonal in published dailyaverage series.
9
Seasonal in F/F demand deposit (based on net change from la3t day of
one quarter to last day of next) less seasonal in daily-average
adjusted as flows.
10
4
5-9
Adjustment to seasonal needed as part of the balancing of all seasonally
adjusted sources and uses of funds in the flow-of-funds matrix.
No statistical difference between the two series. In unadjusted data,
only difference is between one-day figure for end-of-quarter and threeweek average.
Correspond to lines 7 through 11 in Part II.
1
2
3
@FedFRASER