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Z.1 NOVEMBER 1979 FLOW OF FUNDS III-79 FLOW OF FUNDS ACCOUNTS 3RD QUARTER 1979 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 4- 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 1979 The tables in this publication present preliminary estimates of third quarter 1979 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, 1979 Call Report for commercial banks that is a benchmark for bank statements. Figures for 1978 and earlier years are unchanged from the August publication. Third quarter, 1979. 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 have been published in Flow of Funds Accounts, 1946-75 (December 1976) in both flows and levels. Later asset and liability positions were published in August 1979 Flow of Funds Accounts, Assets and Liabilities Outstanding, 1968-78. A new publication is planned for late this year that will give all tables on a statistically consistent annual basis for all years. Quarterly data will be available soon in computer data tape form for the complete set of data or in specific printings of selected tables. Requests and inquiries about the data, historical tabulations and computer tapes of the data should be addressed to: Flow of Funds Section Room B-3125 Board of Governors of the Federal Reserve System 20th and Constitution Ave. Washington, D. C. 20551 (202) 452-3483. - ii - Information Status for Preliminary Estimates Available NONFINANCIALNational income and product accounts First quarterly estimate Major items missing Corporate profits, profit tax accruals, and undistributed profits. FINANCIALHouseholds Estimates for other sectors. available Farms Bank loans. For sponsored agency loans, see item 9 below. U.S. Government loans, 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 Rest of the world (U.S. International Transactions) Preceding quarter complete. Current quarter for capital movements. Direct investment flows for this sector is almost entirely residual and derived from data sectors. Availability is thus dependent on schedules for other Principal types of borrowing--mortgages and consumer credit—are in time for first quarterly estimates. - iii See item 9 FINANCIAL— Major items missing Available U.S. Government Monthly Treasury Statement of Receipts and Outlays for last month of quarter, Federal Financing Bank statement Loans outstanding except at Federal Financing Bank Sponsored credit agencies Balance sheets for FNMA, Home Loan Banks, Farm Credit Administration securities outstanding. FCA loans for most recent June or December FCA loans for March or September Mortgage pools Complete None Monetary authorities Complete None Banking Banking and monetary estimates through last month of quarter. Foreign banking offices complete. Recent all-bank totals. 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 Life insurance companies Two months of quarter Last month Private Pension Funds Preceding two Current two quarters State and local government retirement system Preceding quarter Current quarter - iv. FINANCIAL — Available Major items missing 19. Other insurance companies Preceding quarter Current quarter 20. Finance companies Complete None 21. REIT's Preceding quarter Current quarter 22. Investment companies and money market funds Complete None 23. Security brokers and dealers Borrowings Assets - v - 14, 1979 INCOME AND PRODUCT INCOME AND PRODUCT DISTRIBUTION INCOME AND PRODUCT ACCOUNTS: GNP EXPENDITURES AND GROSS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL 1 1974 1975 DISTRIBUTION SAVING 1976 1977 1978 1 1978 III II 1 IV 1 RATES 1979 I I I III 1 1412.9 1528.8 1702.2 1899.5 2127.6 2104.2 2159.6 2235.2 2292.1 2329.8 2391.5 TOTAL GNP 1 2 3 4 5 6 1192.3 889.6 122.0 191.5 111.1 1317.5 979.1 132.6 215.4 123.1 1451.2 1089.9 157.4 231.6 129.7 1606.2 1210.0 178.8 251.8 144.4 1786.4 1350.8 200.3 283.0 152.6 1759.5 1331.2 200.3 280.1 148.2 1810.1 1369.3 203.5 288.6 152.3 1869.2 1415.4 212.1 294.8 159.0 1914.3 1454.2 213.8 296.5 163.6 1942.6 1475.9 208.7 304.9 161.7 2004.8 CURRENT OUTLAYS HOUSEHOLDS 1528.6 OF WHICH CONSUMER DURABLES 213.7 STATE + LOCAL GOVERNMENT 313.7 162.5 U. S. GOVERNMENT 2 3 4 5 6 7 214.6 190.9 243.0 303.3 351.5 352.3 356.2 370.5 373.8 395.4 392.1 GROSS DOMESTIC 8 9 10 11 12 13 205.7 55.1 3.2 33.7 33.3 1.2 201.6 51.5 2.4 39.6 36.9 .9 233.0 68.1 3.1 56.0 51.9 1.1 281.3 91.9 4.0 75.3 69.8 1.5 329.2 108.0 4.7 86.8 84.2 1.8 326.5 107.7 4.4 86.8 82.9 1.4 336.1 110.2 4.5 88.3 85.3 1.9 349.8 113.7 5.1 90.6 88.2 1.9 354.6 111.2 5.1 87.0 87.8 1.5 361.9 112.9 5.1 86.6 87.0 1.8 372.1 114.9 5.2 88.4 86.3 2.1 14 15 16 -.8 -.4 -.4 1.8 .9 .9 3.0 1.5 1.5 4.0 2.0 2.0 .9 .4 .4 2.5 1.2 1.2 1.0 .5 .5 .5 .2 .2 -2.3 -1.2 -1.2 -2.2 -1.1 -1 .1 17 18 19 20 21 18.2 6.4 8.9 2.6 .4 9.5 3.7 3.7 1.1 1.0 9.0 2.5 4.5 1.5 .5 12.5 2.4 7.3 2.8 -.1 16.6 3.2 9.8 3.8 -.3 16.5 3.1 9.8 3.8 -.2 17.4 3.3 10.2 4.4 -.6 18.1 3.5 10.8 3.9 -.1 19.1 3.6 11.7 3.9 -.1 21.2 3.8 13.1 4.1 .1 21.4 3.9 13.1 4.1 .3 22 23 24 25 26 27 150.6 5.4 10.6 15.3 6.3 113.0 150.2 5.4 11.4 17.4 9.0 106.9 164.9 5.6 12.8 17.5 7.8 121.2 189.4 5.6 13.4 20.9 6.2 143.3 221.1 5.9 15.2 24.2 5.9 170.0 218.8 5.9 14.9 23.7 5.7 168.6 225.9 6.0 16.1 23.9 4.1 175.9 236.1 6.0 16.2 25.2 6.3 182.4 243.4 6.0 16.0 26.7 6.4 188.2 249.1 6.1 17.7 26.4 6.6 192.3 257.2 6.1 18.7 26.9 7.6 197.9 28 29 30 31 32 8.9 -1.8 10.8 -2.2 12.9 -10.7 3.5 -14.3 -3.9 -10.4 10.0 -2.0 12.1 1.3 10.8 21.9 1.2 20.7 1.5 19.2 22.3 1.1 21.3 1.5 19.7 25.8 .5 25.3 25.2 20.0 1.6 18.5 .3 18.2 20.6 1.3 19.3 3.6 15.7 19.1 .3 18.8 1.7 17.1 33.4 .8 32.6 .4 32.2 20.0 .8 19.2 -2.2 21.4 33 34 35 6.0 137.9 131.9 20.4 147.3 126.9 8.0 163.3 155.4 -9.9 175.9 185.8 -10.3 207.2 217.5 -7.6 205.7 213.3 -6.8 213.8 220.6 -4.5 224.9 229.4 4.0 238.5 234.4 -8.1 243.7 251 .9 36 37 38 984.6 71.7 7.3 1086.7 83.6 7.7 1184.5 68.6 5.8 1305.1 65.0 5.0 1458.4 72.0 4.9 1437.3 71.2 5.0 1476.5 70.9 4.8 1524.8 71.5 1572. 79. 5. 1601.7 85.9 5.4 39 40 -10.7 7.6 -70.6 6.2 -53.6 17.9 -46.3 26.8 -27.7 27.4 -20.4 22.7 -16. 27. -11. 27. -7.0 19.6 41 42 43 44 45 126.9 .2 9.6 14.4 102.7 120.4 .6 6.1 13.0 100.7 156.0 .3 8.2 17.8 129.6 177.1 .2 9.8 23.8 143.3 206.0 .2 10.2 29.7 165.9 207.2 .2 11.0 28.9 167.1 212.0 .2 227.4 .3 9.6 32.1 185.4 233.3 .3 11.9 31.9 189.3 227.9 .3 11.7 32.0 184.0 46 47 48 49 52.4 .2 9.7 42.5 49.8 .2 9.2 40.3 63.8 .1 11.3 52.4 72.6 .2 13.0 59.4 84.5 .3 15.8 68.6 84.7 .3 15.3 69.3 16.3 71.0 95.1 .3 17.2 77.7 91.3 .3 16.5 74.5 88.7 .3 16.9 71.5 ,7 .3 ,7 79 ,7 TAX ACCRUALS - TOTAL 46 FARMS 47 FINANCIAL CORPORATIONS 48 NONFIN. CORPORATE BUSINESS 49 50 51 52 53 54 31.0 .1 4.8 .1 25.9 31.9 .2 3.0 .4 28.3 37.5 ,2 4.0 .3 32.9 42.1 .2 4.7 .2 37.0 47.2 .2 5.0 .3 41.6 46.0 .2 5.8 .2 39.8 47.8 .2 4.7 .4 42.5 49.7 .2 4.9 .6 43.9 51.5 .2 4.7 52.3 .2 4.7 46.0 47.1 52.8 .3 4.6 .4 47.5 DIVIDENDS - TOTAL FARMS NET FOREIGN FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 50 51 52 53 54 55 56 57 58 59 43.6 -.1 4.8 4.6 34.3 38.7 .2 3.1 3.3 32.0 54.7 74.3 -.3 5.2 13.6 55.8 76.4 76.8 4.2 6.2 44.3 62.4 -.2 5.2 10.6 46.9 5.2 13.4 58.0 5.5 13.9 57.6 82.6 -.2 4.6 14.3 63.9 90.5 -.2 7.2 14.7 63.8 87.0 -.2 7.0 14.7 65.4 98.5 .1 8.5 15.1 74.8 UNDIST. PROFITS - TOTAL FARMS FOREIGN BRANCH PROFITS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 55 56 57 58 59 60 61 62 63 -2.9 -12.0 -.3 -.1 -11.7 -14.5 -.5 -.1 -13.9 -12.0 -.5 -.2 -11.3 -13.1 -.6 -.5 -12.0 -12.6 -13.8 -14.5 .1 -3.0 -11 -.6 -12.6 -.7 -12.5 -13.1 -14.7 -.6 -1.0 -13.2 -17.6 -.6 -1.2 -15.8 CAP. CONS. ADJUST. - TOTAL FARMS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 60 61 62 63 64 65 66 67 68 69 70 71 72 137.7 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 11.5 25.6 111.6 4.8 1.5 105.3 195.4 28.2 4.8 12.6 28.4 121.3 5.3 1.7 114.3 216.9 32.8 5.4 13.8 31.9 132.9 6.0 1.9 125.1 214.4 32.1 5.3 13.7 31.5 131.7 5.9 1.8 123.9 219.6 33.4 5.4 13.9 32.5 134.3 6.1 1.9 126.3 224.6 34.8 5.5 14.1 33.3 136.8 6.3 1.9 128.6 229.9 36.1 5.7 14.4 33.8 139.9 6.5 2.0 131.5 239.0 37.3 5.8 14.8 36.0 145.1 6.7 2.0 136.4 64 65 66 67 68 69 70 71 72 73 74 93.4 231.0 106.0 268.0 116.8 294.6 128.0 323.4 142.8 359.7 140.8 355.2 144.7 364.2 148.7 373.2 152.5 382.4 156.2 395.2 247.6 TOTAL CAPITAL CONSUMPTION 38.7 OWNER-OCCUPIED HOMES (HH) 5.9 NONPROFIT INSTITUTIONS (HH) 15.1 FARM NONCORPORATE 37.9 NONFARM NONCORP. BUSINESS 150.1 TOTAL CORPORATE FINANCIAL BUSINESS 7.0 CORPORATE FARMS 2.0 141.1 NONFIN. CORPORATE BUSINESS MEMO: CAP. CONS. ON CONSUMER 2 DURABLES NOT INCLUDED ABOVE 160.2 407. 8 TOT. CAP. CONS. INCL. DURABLES 40.9 14.9 41.2 15.3 41.8 15.4 39.1 15.1 38.9 15.4 * * * * MULTI-FAMILY UNITS HOUSEHOLDS NONCORPORATE BUSINESS NONFIN. CORP. BUSINESS REITS NONRES. PLANT + EQUIPMENT NONPROFIT INST. (HH) FARM NONFARM NONCORP. BUS. FINANCIAL CORPORATIONS NONFIN. CORP. BUSINESS INVENTORIES FARM NONFARM NONCORPORATE CORPORATE * - 75 5.8 7.4 6.1 7.5 3.3 76 77 41.3 14.7 41.4 13.4 40.9 14.3 41.0 14.8 41.0 15.1 BILLIONS OF DOLLARS. 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 1636.9 DISPOSABLE PERSONAL INCOME 66.9 PERSONAL SAVING 4.1 SAVING RATE (PER CENT) -7.0 FEDERAL GOVERNMENT SURPLUS 24.4 ST.+LOC. GOVERNMENT SURPLUS 32. 201. PROFITS, TAXES + DIVIDENDS: 41 PROFITS - TOTAL 42 FARMS FOREIGN FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 45 -1.3 STATISTICAL 1 1 1 / 7 9 BASED ON INCOMPLETE INFORMATION. 7 8 9 10 11 12 13 33 34 35 -5.3 NET EXPORTS 266.4 EXPORTS 271.7 IMPORTS CORPORATE 30. 171. INVESTMENT PRIVATE FIXED INVESTMENT RESIDENTIAL CONSTRUCTION MOBILE HOMES 1-4 FAMILY STRUCTURES HOUSEHOLD PURCHASES FARM CHANGE IN WORK IN PROCESS ON NONFARM NONCORPORATE CORPORATE DISCREPANCY 3 9 . 0 PROFIT TAX RATE i%) 1 5 . 8 PERSONAL TAX RATE (%) (1) 73 74 Purchases of condominium units. 76 77 NOVEMBER 14, 1979 FUNDS RAISED IN CREDIT 2 MARKETS FUNDS RAISED IN CREDIT SUMMARY UNADJUSTED NET FLOWS OF FUNDS RAISED IN CREDIT UNADJUSTED NET FLOWS (i MILL.J II 1978 III IV I I I 1979 II TOTAL FUNDS RAISED BY NONFINANCIAL SECTORS EXCLUDING EQUITIES 3 U.S. GOVERNMENT 4 TREASURY ISSUES 5 AGENCY ISSUES + MORTGAGES 6 ALL OTHER NONFINANCIAL 7 CORPORATE EQUITIES 8 DEBT INSTRUMENTS 9 10 11 SECTORS PRIVATE DOMESTIC NONFINANCIAL SECTORS CORPORATE EQUITIES DEBT INSTRUMENTS 99.994 101.978 120.762 99.366 100.062 119.282 2.582 2.706 -124 15.054 15.632 -578 15.253 15.636 -383 BILLIONS OF DOLLARS 1970 1971 1972 1969 III CREDIT MARKET FUNDS RAISED BY NONFINANCIAL 1 2 MARKETS MARKETS ($ MILL.) 1973 SECTORS 75.279 101.705 112.912 74.549 101.079 111.694 94.1 90.2 101.1 95.3 153.9 142.5 176.8 166.3 203.1 195.4 1 2 12.371 12.467 -3.7 -1.3 -2.4 11.9 12.9 -1.0 24.9 26.0 -1.1 15.1 14.3 .8 8.3 7.9 .4 3 4 5 64.622 106.342 730 626 63.892 105.716 100.541 1.218 99.323 97.8 3.9 93.9 89.2 5.8 83.5 129.0 11.5 117.6 161.7 10.5 151.2 194.9 7.7 187.2 6 7 8 10.657 -4.637 11.311 -4.149 -654 -488 97.412 628 96.784 86.924 105.509 1.916 1.480 85.008 104.029 91,.754 698 91,.056 80,.565 1..900 78,.665 87.682 1.612 86.070 66..172 715 65..457 99..745 688 99..057 85..628 713 84..915 94.1 3.4 90.7 86.4 5.7 80.7 124.0 11.4 112.5 157.7 10.9 146.8 188.8 9 7.9 10 180.9 11 12 13 14 15 16 17 18 19 DEBT CAPITAL INSTRUMENTS ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY RESID. COMMERCIAL FARM 56.,103 10,.703 5..890 39,.510 28,.530 2,.572 5,.597 2..811 56,.361 9..875 4..864 41..622 28..921 3,.028 6..776 2,.897 49.309 4.606 5.334 39.369 27.649 2.602 6.895 2.223 40.,674 2..293 4..952 33..429 22..484 2,.044 4.818 4..083 57..939 6..361 6..333 45.245 31..405 2..019 6,.957 4..864 54..144 7..728 3..575 42.,841 28.,430 3..196 7..421 3.794 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 86.7 17.4 18.8 50.5 28.0 9.9 10.2 2.4 102.1 14.7 12.2 75.2 42.5 12.7 16.4 3.6 105.1 14.7 9.2 81.2 46.4 10.4 18.9 5.5 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 34..953 17,.898 12..205 1..036 3..814 22,.304 14,.648 4,.135 799 2..722 36.761 14.740 11.216 1.578 9.227 24..783 4..546 9..830 2.,934 7..473 41..118 14..992 14..898 2..715 8..513 30.,771 13..126 14..492 3..680 -527 38.3 10.8 15.8 1.8 9.9 20.4 5.4 7.6 2.6 4.8 25.8 14.7 7.1 -.4 4.4 44.7 19.8 17.1 .8 6.9 75.8 26.0 37.1 2.5 10.3 20 21 22 23 24 91..754 7..681 46,.147 80,.565 9,.256 42..929 87.682 3.915 47.674 66..172 1,.454 31,.194 99,.745 5..759 46..312 85..628 6.,876 42..657 94.1 10.7 34.5 86.4 11.3 25.2 124.0 17.7 44.9 157.7 14.5 65.1 37..926 6,.397 4..228 27,.301 26..603 698 28,.380 5,.047 3,.820 19,.513 17,.613 1,.900 36.093 4.070 4.363 27.660 26.048 1.612 33,.524 5..653 1..505 26,.366 25..651 715 47..674 7..571 4..640 35..463 34..775 688 36..095 4..738 4..543 26..814 26..101 713 49.0 3.0 7.4 38.6 35.2 3.4 49.9 2.3 6.9 40.7 35.0 5.7 61.4 4.5 11.7 45.2 33.8 11.4 78.1 5.8 14.1 58.2 47.2 10.9 95.5 9.6 12.9 73.0 65.2 7.9 28 29 30 31 32 33 5..658 -70 5,.728 1,.165 1,.476 2,.026 1 .061 6,.359 16 6 .343 469 4,.773 -171 1,.272 17.827 -132 17.959 1.050 11.095 4.977 837 -1..550 15 -1,.565 1..041 -3,.780 375 799 6..597 -62 6 .659 700 2,.538 2,.656 765 14..913 505 14..408 1..603 6,.795 5,.360 650 3.7 .5 3.2 1.0 -.3 .3 2.1 2.9 .1 2.8 .9 -.2 .8 1.3 5.1 5.1 .9 2.0 .3 1.8 4.0 -.4 4.4 1.0 3.0 -1.0 1.5 6.1 -.2 6.3 1.0 2.7 .9 1.7 34 35 36 37 38 39 40 4 1 MEMO: U . S . GOVT. CASH BALANCE 11.614 4.874 -6.383 TOTALS NET OF CHANGES IN U . S . GOVT. CASH BALANCES — 42 TOTAL FUNDS RAISED 88.380 97.104 127.145 43 BY U . S . GOVERNMENT -9.032 10.180 21.636 -8.244 9.696 6.176 83.523 92.009 18.901 -14.333 106.736 6.195 93.7 -4.1 98.3 9.1 150.8 21.7 177.1 15.4 5.9 1.1 4.8 8.4 3.5 4.9 25 26 27 BY BORROWING SECTOR: ST.*LOC. GOVERNMENTS HOUSEHOLDS NONFINANCIAL BUSINESS FARM NONFARM NONCORPORATE CORPORATE DEBT INSTRUMENTS EQUITIES 28 29 30 31 32 33 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 * 188.8 25 13.2 26 80.1 27 204.8 42 9.9 43 CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS TOTAL FUNDS RAISED BY FINANCIAL SECTORS 26.126 16.733 25.401 15.366 29.299 17.444 2 3 4 5 U.S. GOVT. RELATED SPONSORED CR. AG. SEC. MORTGAGE POOL SECURITIES LOANS FROM U.S. GOVERNMENT 11.180 6.658 4.522 0 10.117 5.989 4.128 0 11.901 5.998 5.903 0 11.588 5.990 5.598 0 12.862 5.154 7.708 0 10.081 1.511 8.570 0 9.5 9.1 .7 -.3 9.8 8.2 1.6 " " - ~ 6 7 PRIVATE FINANCIAL SECTORS CORPORATE EQUITIES 14.946 394 6.616 97 13.500 455 3.778 786 16.437 356 7.363 106 23.0 6.3 8.1 4.8 8.5 3.5 17.4 2.8 24.9 1.5 6 7 14.552 2.294 1.179 2.246 4.837 3.996 6.519 1.497 -348 390 1.096 3.884 13.045 1.447 -546 2.148 6.484 3.512 2.992 2.171 -388 -3.603 5.601 -789 16.081 3.176 941 1.801 6.973 3.190 7.257 2.399 -378 929 782 3.525 16.7 .8 .2 1.3 10.3 4.0 3.3 2.7 .7 -.1 -1.3 1.3 5.0 3.8 2.1 1.9 -.1 -2.7 14.7 5.1 1.7 6.0 1.9 23.4 3.5 -1.2 9.0 4.9 7.2 8 9 10 11 12 13 26.126 6.658 4.522 16.733 5.989 4.128 25.401 5.998 5.903 15.366 5.990 5.598 29.299 5.154 7.708 17.444 1.511 8.570 32.5 8.8 .7 17.9 8.2 1.6 14.4 1.1 4.8 25.8 3.5 4.9 44.8 14 16.3 15 3.6 16 14.946 447 2.003 5.606 265 7.015 -109 -281 6.616 284 978 3.805 278 1.973 -180 -522 13.500 284 2.830 3.451 291 7.205 -343 -218 3.778 317 600 -1.372 260 4.022 -160 111 16.437 2 53 2.521 5.438 250 8.272 -32 -265 7.363 286 1.459 4.249 240 1.674 -33 -512 23.0 -.2 4.3 4.1 .5 7.8 1.5 4.9 8.1 .2 -1.9 1.8 .4 2.6 2.2 2.8 8.5 1.5 -.4 -.1 .6 2.7 2.9 1.3 17.4 2.3 .7 1.7 .5 6.6 6.3 -.5 24.9 1.2 2.2 6.0 .5 9.5 6.5 -1.2 17 18 19 20 21 22 23 24 1 DEBT INSTRUMENTS CORPORATE BONDS MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER LOANS FROM FHLB'S 8 9 10 11 12 13 14 TOTAL, BY SECTOR SPONSORED CREDIT 15 MORTGAGE POOLS 16 17 18 19 20 21 22 23 24 AGENCIES PRIVATE FINANCIAL SECTORS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. TOTAL CREDIT MARKET FUNDS RAISED, ALL 2 3 4 5 SECTORS, BY TYPE 126.120 118.711 146.163 -218 -522 -281 2.153 2.535 1.303 90.645 131.004 130.356 111 -265 -512 1.405 1.247 1.836 126.6 4.9 5.2 119.0 2.8 7.7 168.4 1.3 13.7 202.6 -.5 13.8 248.0 -1.2 10.4 1 2 3 125.098 116.698 144.228 DEBT INSTRUMENTS 27.174 25.197 U.S. GOVERNMENT SECURITIES 13.789 9.875 4.606 10.703 STATE + LOCAL OBLIGATIONS 9.349 7.831 CORPORATE + FOREIGN BONDS 6.830 38.803 40.662 41.248 MORTGAGES 89.129 130.022 129.032 22.271 8.266 22.479 6.361 2.293 7.728 8.164 10.209 7.577 33.015 46.145 42.436 116.4 6.2 9.9 13.8 30.7 108.4 21.7 11.2 23.3 29.9 153.4 30.9 17.4 23.5 52.5 189.3 23o6 14.7 18.4 76.8 238.8 28.3 14.7 13.6 79.9 4 5 6 7 8 10.8 16.8 12.5 15.8 5.4 7.3 2.1 7.5 14.7 11.0 -.1 3.5 19.8 26.1 1.6 8.4 1 TOTAL FUNDS RAISED INVESTMENT COMPANY SHARES 2 OTHER CORPORATE EQUITIES 3 4 5 6 7 8 * 19.9 16.3 3.6 9 10 11 12 CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER LOANS 111/79 BASED ON PRELIMINARY AND INCOMPLETE 17.898 15.927 7.899 8.871 14.648 9.298 1.7 24 7.878 14.740 24.459 13.039 13.576 INFORMATION. 4.546 2.447 8.910 7.483 14.992 19.237 12.344 12.468 13.126 22.216 9.822 3.648 9 26.0 48.8 10 8.3 11 19.1 12 NOVEMBER 14, 1979 FUNDS RAISED IN CREDIT FUNDS RAISED IN CREDIT MARKETS SUMMARY SEASONALLY ADJUSTED ANNUAL OF FUNDS RAISED 1975 1976 1977 MARKETS 3 MARKETS SEASONALLY ADJUSTED ANNUAL RATES 1 1974 IN CREDIT 1978 1 II 1 1978 III CREDIT MARKET FUNDS RAISED BY NONFINANCIAL IV I RATES 1979 I I I III SECTORS 433.9 429.1 TOTAL FUNDS RAISED BY NONFINANCIAL SECTORS EXCLUDING EQUITIES 1 2 191.6 187.7 210.8 200.7 271.9 261.1 338.5 335.4 400.3 398.2 392.6 390.1 398.7 391.0 433.6 427.6 371.6 368.7 401.4 398.9 3 4 5 11.8 12.0 -.2 85.4 85.8 -.4 69.0 69.1 -.1 56.8 57.6 -.9 53.7 55.1 -1.4 56.4 56.9 -.5 52.8 55.1 -2.3 39.2 40.7 -1.5 25.2 27.9 -2.6 29.0 31.0 -2.0 6 7 8 179.8 3.8 175.9 125.4 10.1 115.3 202.9 10.8 192.0 281.8 3.1 278.6 346.6 2.1 344.5 336.2 2.5 333.7 345.9 7.7 338.3 394.4 5.9 388.5 346.4 2.9 343.5 372.4 2.5 369.9 399.9 ALL OTHER NONFINANCIAL CORPORATE EQUITIES 4.9 DEBT INSTRUMENTS 395.1 9 10 11 164.4 4.1 160.3 112.1 9.9 102.1 182.0 10.5 171.5 267.9 2.7 265.1 314.4 2.6 311.8 314.0 2.8 311.2 319.2 7.6 311.6 333.3 6.4 326.9 342.0 2.9 339.1 346.1 2.8 343.4 339.7 2.9 336.9 12 13 14 15 16 17 18 19 98.0 16.5 19.7 61.9 34.8 6.9 15.1 5.0 98.4 16.1 27.2 55.0 39.5 11.0 4.6 123.5 15.7 22.8 85.0 63.7 1.8 13.4 6.1 175.6 23.7 21.0 131.0 96.4 7.4 18.4 8.8 196.6 28.3 20.1 148.2 104.5 10.2 23.3 10.2 202.0 31.8 23.6 146.6 104.7 9.5 22.7 9.7 205.6 33.0 17.9 154.7 104.9 11.8 26.3 11.6 204.7 24.4 21.3 159.0 113.6 10.5 24.4 10.5 202.0 22.3 21.5 158.3 109.7 9.2 23.2 16.2 207.6 12.7 25.8 169.1 115.7 7.2 28.3 17.9 194.0 23.5 12.4 158.1 101.6 12.5 28.8 15.1 DEBT CAPITAL INSTRUMENTS ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY RESID. COMMERCIAL FARM 12 13 14 15 16 17 18 19 20 21 22 23 24 62.3 9.9 32.0 6.6 13.7 3.8 9.7 -12.3 -2.6 9.0 48.0 25.6 4.0 4.0 14.4 89.5 40.6 27.0 2.9 19.0 115.2 50.6 37.3 5.2 22.2 109.2 56.9 37.8 2.7 11.9 106.0 48.8 26.1 9.9 21.3 122.2 53.3 36.8 .3 31.8 137.1 50.7 45.8 12.9 27.7 135.8 44.7 51.9 8.6 30.5 142.9 42.4 67.6 23.1 9.8 OTHER DEBT INSTRUMENTS CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER 20 21 22 23 24 25 26 27 164.4 15.5 51.3 112.1 13.7 49.7 182.0 15.2 90.5 267.9 20.4 139.9 314.4 23.6 162.6 314.0 19.8 169.8 319.2 30.5 162.3 333.3 21.7 176.0 342.0 18.9 165.3 346.1 10.3 171.7 339.7 20.1 159.9 28 29 30 31 32 33 97.6 8.0 7.4 82.1 78.0 4.1 48.6 8.8 2.0 37.9 28.0 9.9 76.3 10.9 4.7 60.7 50.2 10.5 107.6 14.7 12.9 79.9 77.2 2.7 128.2 18.1 15.4 94.7 92.2 2.6 124.5 17.8 13.9 92.7 89.9 2.8 126.4 19.6 16.4 90.4 82.8 7.6 135.7 22.0 12.6 101.1 94.7 6.4 157.8 24.0 15.2 118.6 115.8 2.9 164.2 22.3 14.9 126.9 124.1 2.8 159.7 18.4 18.9 122.4 119.6 2.9 34 35 36 37 38 39 40 15.4 -.2 15.7 2.1 4.7 7.3 1.6 13.3 .2 13.2 6.2 3.9 .3 2.8 20.8 .3 20.5 8.6 6.8 1.9 3.3 13.9 .4 13.5 5.1 3.1 2.4 3.0 32.3 -.5 32.8 4.0 18.3 6.6 3.9 22.2 -.3 22.5 4.7 5.5 8.1 4.2 26.7 .1 26.7 1.9 20.4 -.7 5.1 61.1 -.5 61.6 4.2 34.1 19.9 3.3 4.4 .1 4.3 4.2 -4.5 1.5 3.2 26.3 -.2 26.5 2.8 10.0 10.6 3.1 60.2 2.0 58.2 6.4 27.7 21.4 2.6 42 43 196.1 16.4 207.9 82.5 268.8 65.9 337.4 55.7 396.6 49.9 372.6 36.4 391.8 45.9 435.6 41.2 * CREDIT'MARKET FUNDS RAISED BY FINANCIAL 34.0 U.S. GOVERNMENT TREASURY ISSUES 34.4 AGENCY ISSUES + MORTGAGES -.4 SECTORS PRIVATE DOMESTIC NONFINANCIAL SECTORS CORPORATE EQUITIES DEBT INSTRUMENTS BY BORROWING SECTOR: ST.+LOC. GOVERNMENTS HOUSEHOLDS NONFINANCIAL BUSINESS FARM NONFARM NONCORPORATE CORPORATE DEBT INSTRUMENTS EQUITIES FOREIGN CORPORATE EQUITIES DEBT INSTRUMENTS BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER U.S. GOVERNMENT LOANS 1 2 3 4 5 6 7 8 9 10 11 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 -14.1 8.4 12.0 MEMO: U.S. GOVT. CASH BALANCE TOTALS NET OF CHANGES IN U.S. GOVT. CASH BALANCES — 385.8 393.1 421.9 TOTAL FUNDS RAISED 39.4 20.7 22.0 BY U.S. GOVERNMENT SECTORS 78.4 TOTAL FUNDS RAISED BY FINANCIAL SECTORS 42.2 24.1 18.1 40.4 23.9 16.5 48.3 24.7 23.6 47.3 24.9 22.4 48.7 17.9 30.8 41.3 7.0 34.3 U.S. GOVT. RELATED SPONSORED CR. AG. SEC. MORTGAGE POOL SECURITIES LOANS FROM U.S. GOVERNMENT 2 3 4 5 40.0 1.7 47.1 2.1 32.4 .8 43.1 1.4 34.3 2.7 51.4 1.9 37.2 .9 PRIVATE FINANCIAL SECTORS CORPORATE EQUITIES 6 7 26.9 10.1 3.1 -.3 9.6 4.3 38.3 7.5 .9 2.8 14.6 12.5 45.1 7.1 1.0 5.4 17.9 13.7 31.6 6.6 -.4 1.7 11.1 12.6 41.8 6.2 -.3 4.5 20.4 11.0 31.6 10.1 -.7 -6.4 23.2 5.4 49.4 10.1 -.1 3.7 25.7 10.0 36.3 10.2 -.4 3.9 10.9 11.7 DEBT INSTRUMENTS CORPORATE BONDS MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER LOANS FROM FHLB'S 8 9 10 11 12 13 24.1 2.9 15.7 54.0 5.8 20.5 81.4 23.1 18.3 89.3 24.1 18.1 72.8 23.9 16.5 91.4 24.7 23.6 81.6 24.9 22.4 100.1 17.9 30.8 78.4 7.0 34.3 OTAL, BY SECTOR SPONSORED CREDIT AGENCIES MORTGAGE POOLS 14 15 16 5.5 2.3 -.8 .1 .9 6.4 -2.4 -1.0 27.7 1.1 1.3 9.9 .9 17.6 -2.2 -.9 40.0 1.3 6.7 14.3 1.1 18.6 -1.0 -1.0 47.1 1.8 8.0 16.7 1.1 20.7 -.4 -.6 32.4 1.1 3.9 13.3 1.1 15.4 -.7 -1.7 43.1 1.1 11.3 11.1 1.2 21.1 -1.4 -1.3 34.3 1.3 2.4 5.3 1.0 24.9 -.6 51.4 1.0 10.1 15.6 1.0 24.4 -.1 -.6 37.2 1.1 5.8 15.9 1.0 15.1 -.1 -1.6 2 3 4 5 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 41.4 23.1 18.3 6 7 16.2 .3 -.8 .6 5.5 1.0 27.7 .9 8 9 10 11 12 13 15.9 2.1 -1.3 4.6 3.8 6.7 -1.4 2.9 2.3 -3.7 1.1 -4.0 4.4 5.8 2.1 -3.7 2.2 -2.0 14 15 16 39.2 17.3 5.8 12.7 3.2 10.3 17 18 19 20 21 22 23 24 16.2 1.2 3.5 4.8 .9 6.0 .6 -.7 -.8 1.2 .3 -2.3 1.0 .5 -1.4 -.1 " TOTAL CREDIT MARKET FUNDS * PRIVATE FINANCIAL SECTORS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT C O S . 17 18 19 20 21 22 23 24 ;D, ALL SECTORS, BY TYPE RAISED 1 2 3 230.8 -.7 4.8 223.5 -.1 10.8 296.0 -1.0 12.9 392.5 -.9 4.9 481.7 -1.0 4.7 481.9 -.6 5.2 471.5 -1.7 10.1 525.0 -1.3 8.6 453.3 5.6 501.5 -.6 5.0 512.4 TOTAL FUNDS RAISED -1.6 INVESTMENT COMPANY SHARES 7.3 OTHER CORPORATE EQUITIES 1 2 3 4 5 6 7 8 226.7 34.3 16.5 23.9 60.5 212.8 98.2 16.1 36.4 57.2 284.1 88.1 15.7 37.2 87.1 388.5 84.3 23.7 36.1 134.0 478.0 95.2 28.3 31.6 149.0 477.4 98.7 31.8 35.3 147.5 463.1 93.3 33.0 26.4 154.2 517.7 87.5 24.4 31.7 158.7 447.6 72.6 22.3 35.8 157.4 497.1 77.9 12.7 38.7 168.9 506.7 75.4 23.5 29.1 157.6 4 5 6 7 8 9 10 11 12 9.9 41.3 17.7 22.7 9.7 -12.2 -1.2 8.7 25.6 7.0 8.1 15.3 40.6 29.8 15.0 25.2 50.6 58.4 26.4 38.6 56.9 48.6 28.7 29.8 48.8 48.2 20.3 39.0 53.3 75.4 40.6 46.1 50.7 34.9 37.7 36.3 44.7 65.7 44.9 43.6 42.4 99.2 55.4 24.1 BILLIONS OF DOLLARS. 111/79 BASED ON INCOMPLETE INFORMATION. * DEBT INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER LOANS 9 10 11 12 NOVEMBER 14, 1979 CREDIT MARKET SUPPLY OF FUNDS CREDIT MARKET SUPPLY OF FUNDS DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS II 1 TOTAL FUNDS ADVANCED IN CREDIT TO NONFINANCIAL SECTORS 1978 III MARKETS 99.366 100.062 IV 119.282 1979 II | BILLIONS OF DOLLARS 1970 1971 1972 74.549 101.079 111.694 12.227 -9.405 8.912 3.190 9.530 31..198 13..394 9..232 3..525 5..047 16.1 .3 5.1 4.0 6.7 6.118 5..291 9..854 17.086 748 -202 - 5 ,.302 -11.725 3..831 12..799 6..110 8,.458 12.862 ($ MILL.) 1973 142.5 166.3 195.4 28.6 15.3 6.5 1.3 5.4 44.0 34.4 7.0 -2.7 5.2 19.4 7.6 7.0 4.7 31.8 9.5 8.2 7.2 6.9 3.1 9.3 4.2 -.5 2.8 10.4 5.0 10.5 2.8 5.9 8.9 26.4 1.8 8.8 .3 8.4 7 2.8 19.1 8 9 9.2 .6 10 10.081 9.5 9.8 5.9 8.4 19.9 11 BY PUBLIC AGENCIES + FOREIGN 23..536 25,.979 33,.453 2 TOTAL NET ADVANCES, BY TYPE 7,.722 3 U . S . GOVERNMENT SECURITIES 13..306 7,.486 7,.645 5..680 8,.413 4 RESIDENTIAL MORTGAGES 3..996 3,.512 5 FHLB ADVANCES TO S+L'S 3.1884 6,.964 6..138 8,.222 6 OTHER LOANS + SECURITIES TOTALS ADVANCED, BY SECTOR 6,.235 3,.603 7 U.S. GOVERNMENT 5,.001 12..803 11..300 13,.424 8 GOVT.RELATED AG. + POOLS 9..153 4,.898 -5,.413 9 MONETARY AUTHORITIES 3..546 20..441 - 2 ..023 10 FOREIGN AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED 11.901 11 IN LINE 1 11 180 10.117 9..641 -3,.184 8..321 -789 5,.293 * 2 3 4 5 6 PRIVATE DOMESTIC FUNDS ADVANCED 183.6 18.8 14.7 10.0 48.4 98.8 7.2 12 13 14 15 16 17 18 148.3 70.3 47.3 16.9 13.9 161.3 84.6 35.1 23.7 17.9 19 20 21 22 23 109.4 90.3 5.0 148.3 102.3 14.7 161.3 24 97.3 25 23.4 26 11.0 11.2 16.0 -7.5 2.9 12.7 7.9 14.1 -4.5 2.2 8.8 7.6 31.4 3.8 .7 11.8 15.1 40.6 3.0 -1.0 18.4 20.2 27 28 29 30 31 87..010 6..067 10..703 6,.505 25,.395 42..336 3..996 84.200 17.711 9.875 4.961 24.278 31.259 3.884 97,.730 13,.868 4..606 5..891 21..818 55..059 3..512 76..496 101..714 17.,671 25..455 6..361 2..293 7..142 6..501 16..181 24..471 25..2 77 49..259 3..190 -789 90..577 9.085 7..728 5..165 ZZ..367 49,.757 3..525 83.6 5.8 9.9 12.5 17.9 41.5 4.0 76.5 6.4 11.2 20.0 14.7 25.5 1.3 104.4 -3.6 17.4 19.5 30.8 37.6 -2.7 155.3 16.0 14.7 13.1 48.1 63.4 MARKETFINANCIAL FUNDS ADVANCED 19 CREDIT BY PRIVATE INSTS. 20 COMMERCIAL BANKING 21 SAVINGS INSTITUTIONS 22 INSURANCE + PENSION FUNDS 23 OTHER FINANCE 86.532 40.688 21.172 17.535 7.137 70..995 31,.576 20..986 18,.534 -101 86,.433 41,.847 15..868 16..654 12,.064 58..197 13..722 12,.865 21.386 10..224 90..295 39..413 17..336 19..152 14..3 94 86..089 43..999 16..199 21..177 4..714 57.5 19.0 14.6 13.2 10.8 77.0 35.7 17.4 17.0 6.9 109.4 50.4 39.4 13.6 6.1 24 SOURCES OF FUNDS 25 PRIVATE DOMESTIC DEP. + RP'S 26 CREDIT MARKET BORROWING 86.532 37.244 14.552 70,.995 30..319 6,.519 86,.433 54,.944 13,.045 58..197 13..214 2,.992 90,.295 2 9,.813 16,.081 86,.089 37..860 7..257 57.5 4.5 16.7 77.0 57.6 3.3 27 28 29 30 31 34.736 4.870 4.400 15.899 9.567 34,.157 8..294 -19 15..718 10..164 18..444 - 1 ..735 6,.134 13,.798 247 41.,991 17..282 -9.,912 15..300 19..321 44..401 5..688 12,.108 15,.149 11..456 40..972 10..758 2..997 15..522 11..695 36.2 14.0 12 TOTAL NET ADVANCES 13 U.S. GOVERNMENT SECURITIES 14 STATE + LOCAL OBLIGATIONS 15 CORPORATE + FOREIGN BONDS 16 RESIDENTIAL MORTGAGES 17 OTHER MORTGAGES + LOANS 18 LESS: FHLB PRIVATE ADVANCES FINANCIAL OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE + PENSION R E S . OTHER, NET PRIVATE DOMESTIC * INTERMEDIATION * NONFINANCIAL INVESTORS * 32 DIRECT LENDING IN CR. MARKETS 33 U.S. GOVERNMENT SECURITIES 34 STATE + LOCAL OBLIGATIONS 35 CORPORATE + FOREIGN BONDS 36 OPEN-MARKET PAPER OTHER 37 15.030 1.788 4.100 364 4.316 4.462 19..724 12..231 3.090 596 - 1 ..068 4..875 24..342 10..014 - 1 ..984 -793 10..993 6..112 21..291 15,,579 - 3 ..011 423 4,.161 4.,139 27..500 13..309 1,.500 2.049 3.,429 7..213 11..745 1..084 2..158 571 1.,118 6.814 42.8 17.7 8.4 5.4 7.9 3.6 2.9 -7.3 -1.3 9.5 -2.0 4.1 -10.9 .8 8.8 -1.9 3.2 21.6 4.2 3.0 5.0 1.3 8.2 45.7 18.8 5.4 2.0 9.8 9.7 32 33 34 35 36 37 38 DEPOSITS + CURRENCY SECURITY RP'S 39 MONEY MARKET FUND SHARES 40 41 TIME + SAVINGS ACCOUNTS LARGE NEGOTIABLE CD'S 42 43 OTHER AT COMMERCIAL BANKS 44 AT SAVINGS INSTITUTIONS 40.874 750 1.339 24.391 4.237 5.651 14.503 31..441 654 1..448 29..046 -314 13,.079 16..281 58..597 1.896 2,.401 29..121 6..030 9..076 14..015 13..682 33..473 3..223 2..020 7..212 7..895 28.,400 10.,866 -6..437 -13..242 15.,479 14,.752 9,.356 19.,358 39.,435 2.,481 8..279 27.,953 4.341 13..598 10..014 7.3 2.2 61.1 -3.1 93.7 .8 106.7 1.6 -2.2 55.3 79.1 83.6 13.7 3.1 8.4 14.5 24.1 16.6 6.3 33.2 39.6 7.6 30.6 45.4 101.2 11.0 75.7 17.8 29.5 28.5 38 39 40 41 42 43 44 14.394 10.764 3.630 293 -829 1.122 7.3 4.5 2.8 8.9 5.4 3.5 13.7 10.4 3.4 21.5 17.1 4.4 93.7 128.3 17.9 68.8 13.5 30.0 100.6 2.9 30.9 104.8 22.0 11.6 95.5 12.2 16.3 49 87.9 50 3.6 51 45 46 47 MONEY DEMAND DEPOSITS CURRENCY 25..179 -25..153 21..526 -25..621 468 3..653 12,.692 9..032 3..660 722 -853 1.,575 TOTAL OF CREDIT MARKET INSTRUMENTS, DEPOSITS + CURRENCY 55.904 51..165 82..939 34,.973 60.,973 51.,180 49 PUBLIC HOLDINGS AS % OF TOTAL 50 PVT. FINAN. INTERMEDIATION 1%) 51 TOTAL FOREIGN FUNDS 23.686 99.450 2.847 25..962 84..317 11..840 28..045 88,.440 18..706 12..932 76.,07 8 11..980 12..096 88..773 - 6 ..037 27.,931 95.,045 19.,216 48 14.5 45 10.6 46 3.9 47 CORPORATE EQUITIES NOT INCLUDED ABOVE 1 TOTAL NET ISSUES 2 MUTUAL FUND SHARES 3 OTHER EQUITIES 4 ACQ. BY FINANCIAL INSTITUTIONS 5 OTHER NET PURCHASES 111/79 BASED ON PRELIMINARY 1.022 -281 1.303 2.013 -522 2.535 1.935 -218 2.153 1.516 111 1.405 982 -265 1.247 1.324 -512 1.836 10.1 4.9 5.2 10.5 2.8 7.7 15.0 1.3 13.7 13.3 -.5 13.8 9.2 -1.2 10.4 1 2 3 501 521 3.547 -1.534 4.777 -2.842 1.596 -80 4.580 -3.598 2.408 -1.084 12.2 -2.0 11.3 -.8 19.3 -4.3 16.4 -3.2 13.1 -3.9 4 5 AND INCOMPLETE INFORMATION. NOVEMBER 1 4 , 1979 CREDIT MARKET SUPPLY OF FUNDS CREDIT MARKET SUPPLY OF FUNDS DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS SEASONALLY ADJUSTED ANNUAL SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 I I 1978 1978 III II IV | | 1979 I I I RATES III TOTAL FUNDS ADVANCED IN CREDIT MARKETS 398.9 429.1 TO NONFINANCIAL SECTORS BY PUBLIC AGENCIES + FOREIGN 2 3 4 5 6 53.7 11.9 14.7 6.7 20.5 44.6 22.5 16.2 -4.0 9.8 54.3 26.8 12.8 -2.0 16.6 85. 1 40.,2 20.,4 4..3 20.,2 109.7 43.9 26.5 12.5 26.9 93.4 32.2 22.3 13.7 25.2 100.9 34.6 27.2 12.6 26.5 7 8 9 10 9.8 26.5 6.2 11.2 15.1 14.8 8.5 6.1 8.9 20.3 9.8 15.2 11..8 26,,8 7..1 39..4 20.4 44.6 7.0 37.7 12.6 48.3 23.2 9.4 22.8 45.8 15.0 17.3 11 23.1 13.5 18.6 26..3 41.4 42.2 40.4 45.5 -18.7 37.1 5.4 21.8 122.5 TOTAL NET ADVANCESt BY TYPE U.S. GOVERNMENT SECURITIES 57.9 33.4 RESIDENTIAL MORTGAGES 11.7 FHLB ADVANCES TO S+L« S OTHER LOANS + SECURITIES 19.5 TOTALS ADVANCED, BY SECTOR U.S. GOVERNMENT 26.1 13.0 22.7 20.1 40.9 GOVT.RELATED AG. + POOLS 52.6 53.8 64.9 MONETARY AUTHORITIES 19.0 11.6 -14.0 -12.8 37.9 -25.8 -33.2 72.5 FOREIGN AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED 41.3 48.7 47.3 48.3 IN LINE 1 132.3 53.5 34.2 11.0 33.6 49.0 -36.0 35.3 10.0 39.7 2 3 4 5 6 7 8 9 10 11 PRIVATE DOMESTIC FUNDS ADVANCED 12 13 14 15 16 17 18 157.1 22.4 16.5 20.9 26.9 77.1 6.7 169.7 75.7 16.1 32.8 23.2 17.9 -4.0 225.4 61.3 15.7 30.5 52.7 63.3 -2.0 276..5 44..1 23..7 22..5 83..3 107..3 4..3 338.8 66.4 31.8 26.0 91.8 136.4 13.7 330.0 51.3 28.3 22.5 88.2 152.2 12.5 343.6 34.0 24.4 23.5 89.8 182.8 11.0 330.5 58.7 33.0 18.3 89.5 143.7 12.6 370.5 91.4 22.3 27.7 81.7 152.9 5.4 398.6 113.9 12.7 29.0 87.4 165.7 10.0 347.8 TOTAL NET ADVANCES U.S. GOVERNMENT SECURITIES 17.5 STATE + LOCAL OBLIGATIONS 23.5 CORPORATE + FOREIGN BONDS 18.8 80.5 RESIDENTIAL MORTGAGES OTHER MORTGAGES + LOANS 219.2 11.7 LESS: FHLB ADVANCES 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 23 125.7 66.8 24.2 29.8 4.8 122.5 29.4 53.5 40.6 -1.0 190.1 59.6 70.8 49.9 9.8 257..0 87..6 82..0 67..9 19..6 296.9 128.7 75.9 73.5 18.7 319.6 142.2 78.4 76.7 22.3 287.1 130.7 79.5 68.9 7.9 297.0 119.3 72.3 71.5 33.8 308.8 121.4 54.1 78.6 54.7 340.0 141.5 64.5 83.9 50.1 339.8 174.1 58.8 78.7 28.1 24 25 26 125.7 67.5 15.9 122.5 92.0 -1.4 190.1 124.6 4.4 257..0 141.2 26..9 296.9 142.5 38.3 319.6 145.3 45.1 287.1 150.0 31.6 297.0 143.5 41.8 308.8 103.8 31.6 340.0 119.8 49.4 24 339.8 SOURCES OF FUNDS PRIVATE DOMESTIC DEP. + RP'S 25 176.9 26 CREDIT MARKET BORROWING 36.3 27 28 29 30 31 42.3 10.3 -5.1 26.2 10.8 32.0 -8.7 -1.7 29.7 12.7 61.0 -4.6 -.1 34.5 31.2 89..0 1..2 4..3 49..4 34..1 116.0 6.3 6.8 62.7 40.3 129.3 21.3 10.3 66.0 31.7 105.5 13.7 -2.5 61.4 32.9 111.8 .1 25.7 57.0 29.0 173.4 79.9 -28.7 58.1 64.1 170.7 24.4 39.6 63.5 43.2 126.6 20.4 11.3 60.5 34.5 64.3 25.2 9.1 1.5 10.8 17.7 75.1 32.1 9.1 -1.0 15.3 19.7 OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE + PENSION RES. OTHER, NET PRIVATE DOMESTIC NONFINANCIAL 33 34 35 36 37 38 39 40 41 42 18.9 9.4 5.1 5.8 8.0 24.1 8.4 8.4 -1.3 6.2 16.1 3.8 5.8 1.9 12.1 23.0 2.6 -3.3 9.5 14.6 33.2 4.5 -1.4 16.3 18.7 73.8 98.1 .2 1.3 84.0 -14.3 131.9 2.3 149.5 2.2 .2 121.0 9.0 151.8 7.5 6.9 115.2 10.8 26.1 17.8 8.3 22..2 12..9 9..3 -2.2 2.4 65.4 18.4 * 113.5 -13.6 155.8 3.0 5.4 118.9 16.9 41.2 60.8 36.7 -5.1 3.0 33.6 20.3 158. 2. 5. 122. -1. 57. 66. 28. 18. 27.9 19.3 44.4 DIRECT LENDING IN CR. MARKETS -14.0 U.S. GOVERNMENT SECURITIES 5.9 STATE + LOCAL OBLIGATIONS -1.4 CORPORATE + FOREIGN BONDS 27.1 OPEN-MARKET PAPER 26.7 OTHER 136.2 DEPOSITS + CURRENCY 9.9 SECURITY RP'S 33.1 MONEY MARKET FUND SHARES 114.2 TIME + SAVINGS ACCOUNTS 17.4 LARGE NEGOTIABLE CD'S 58.4 OTHER AT COMMERCIAL BANKS 38.5 AT SAVINGS INSTITUTIONS 112.2 12.9 28.8 84.4 -25.7 41.3 68.8 131.4 8.1 31.6 70.1 -53.0 80.8 42.2 16.7 9.0 -13.9 -22.3 8.4 21.6 10.0 11.5 29.0 19.7 9.3 MONEY DEMAND DEPOSITS CURRENCY TOTAL OF CREDIT MARKET INSTRU230.6 MENTS, DEPOSITS + CURRENCY 28.6 80.0 21.5 22.2 72.2 20.8 84.3 10.6 25.4 93.0 40.5 24.0 94.3 27.5 90.0 44.0 12..3 83..4 46..7 25.8 86.8 12.3 85.3 -1.4 5 -1.7 5 . 7 TOTAL NET ISSUES -1.6 MUTUAL FUND SHARES 7.3 OTHER EQUITIES 8.5 -1.7 10.1 9.6 1.1 BILLIONS OF DOLLARS. 12.3 -.4 12.4 -6.7 7.4 -3.4 111/79 BASED ON INCOMPLETE 16.1 -11.7 8.6 -2.9 ACQ. BY FINANCIAL INSTITUTIONS OTHER NET PURCHASES INFORMATION. Line 1. Page 2, line 2. Sum of lines 3-6 or 7-10. Includes farm and commercial mortgages. Credit market funds raised by Federally sponsored credit agencies. Includes all GNMA-guaranteed security issues backed by mortgage pools. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum of lines 27, 32, and 38 less 47. 17. Includes farm and commercial mortgages. 25. Lines 39 + 40 + 41 + 46 or line 38 less line 47. 26. Excludes equity issues and investment company shares. line 18. Includes Foreign deposits at commercial banks, bank borrowings from foreign branches, and liabilities of foreign banking offices to foreign affiliates, net of claims on foreign affiliates and deposits by banking in foreign banks. Demand deposits at commercial banks. 30. 31. 32. 33-37. 39-46. Excludes net investment of these reserves in corporate equitiei Mainly retained earnings and net miscellaneous l i a b i l i t i e s . Line 12 less line 19 plus line 26. Lines 13-17 less amounts acquired by private finance. Line 37 includes mortgages. See line 25. 47. Mainly an offset to line 9. 48. Lines 32 + 38 or line 12 less line 27 plus line 47. 49. Line 2/line 12. 50. Line 19/line 12. 51. Line 10 plus line 28. 45 46 47 48 28.5 PUBLIC HOLDINGS AS * OF TOTAL 49 97.7 PVT. FINAN. INTERMEDIATION (?) 50 58.3 TOTAL FOREIGN FUNDS 51 CORPORATE EQUITIES NOT INCLUDED ABOVE -.7 4.8 27 28 29 30 31 INVESTORS 108.1 68.7 -3.3 8.5 5.2 28.9 151.1 7.6 9.6 117.3 24.1 31.6 61.6 19 20 21 22 23 Corporate Equities Line 1 and 3. Includes issues by financial institutions. NOVEMBER 1 4 , HOUSEHOLDS HOUSEHOLDS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS 1978 III IV I I 1979 II HOUSEHOLDS, PERSONAL = = + + + 1969 ORGANIZATIONS 414.616 434.845 472.455 449.690 464.829 485.116 71.609 68.467 66.321 61.614 81.912 78.439 745.8 115.4 801.3 115.3 859.1 116.3 942.5 141.2 1052.4 150.8 1 2 343.007 366.378 406.134 388.076 382.917 406.677 DISPOSABLE PERSONAL INCOME 339.632 348.988 379.583 359.780 376.985 390.320 PERSONAL OUTLAYS 3.375 17.390 26.551 28.296 5.932 16.357 PERSONAL SAVING, NIA BASIS 7.108 10.803 5.921 3.332 7.628 12.994 CREDITS FROM GOVT. INSURANCE 19 73 343 375 36 75 CAPITAL GAINS DIVIDENDS 15.163 12.933 20.910 11.602 13.583 11.372 NET DURABLES IN CONSUMPTION 630.4 595.3 35.1 7.1 2.5 26.2 685.9 635.4 50.6 8.9 .9 20.2 742.8 685.5 57.3 9.5 .8 26.2 801.3 751.9 49.4 11.6 1.4 35.1 901.7 831.3 70.3 11.8 .9 41.1 3 4 5 6 7 8 PERSONAL INCOME - PERSONAL TAXES 3 4 5 6 7 8 III TRUSTS, AND NONPROFIT ($ MILL.) BILLIONS OF DOLLARS 1970 1971 1972 NONTAXES 43.605 48.569 92.174 27.179 49.828 77.007 40.798 51.181 91.979 70.9 73.4 144.3 80.6 79.9 160.5 93.8 87.1 180.9 97.6 93.6 191.2 124.2 9 102.8 10 227.0 11 99.310 85.001 25.425 58.078 1.498 97.574 74.436 23.194 49.733 1.509 92.848 76.690 22.529 52.640 1.521 04.487 77.856 24.912 51.412 1.532 147.1 116.5 26.3 85.5 4.7 166.1 114.2 24.5 84.9 4.8 185.9 134.7 32.4 97.1 5.1 209.9 157.5 40.7 111.2 5.5 240.8 174.1 45.2 123.7 5.2 26.763 72.361 14.309 59.669 23.138 55.044 16.158 64.049 26.531 70.594 30.7 62.7 51.8 76.2 51.2 99.6 52.4 123.2 66.7 17 143.4 18 9 = NET SAVING 10 + CAPITAL CONSUMPTION 11 = GROSS SAVING 25.665 44.565 70.230 12 GROSS INVESTMENT 13 CAPITAL EXPEND.-NET OF SALES 14 RESIDENTIAL CONSTRUCTION 15 CONSUMER DURABLE GOODS 16 NONPROFIT PLANT + EQUIP. 86.906 101.567 73.183 74.804 21.338 24.220 50.371 49.096 1.474 1.488 17 NET FINANCIAL INVESTMENT 18 NET ACQ. OF FINANCIAL ASSETS 13.723 62.539 DEP. + CR. MKT. INSTR. 41.199 53.725 45.860 47.249 87.059 100.974 12 13 14 15 16 (1) 47.475 51.286 48.324 43.273 51.249 49.639 44.7 52.6 76.0 99.7 116.3 19 CURRENCY 33.986 7.293 35.206 4.888 30.174 24.172 5.331 -11.641 32.237 7.629 41.188 5.385 6.5 -2.6 52.4 8.8 79.8 12.1 88.1 13.7 77.7 20 13.9 21 23 24 25 TIME + SAVINGS ACCTS. AT COMMERCIAL BANKS AT SAVINGS I N S T . MONEY MARKET FUND SHRS 25.354 10.851 14.503 1.339 28.870 12.589 16.281 1.448 22.442 8.427 14.015 2.401 28.601 9.243 19.358 7.212 16.713 7.357 9.356 7.895 27.524 17.510 10.014 8.279 9.1 .7 8.4 43.6 27.0 16.6 67.8 28.1 39.6 74.5 29.0 45.4 ~ ~ - ~ 63.8 35.3 28.5 - 22 23 24 25 26 27 28 29 30 31 CREDIT MKT. INSTRUMENTS U . S . GOVT. SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FGN. BONDS MORTGAGES OPEN-MARKET PAPER 13.489 436 3.864 364 3.852 4.973 16.080 10.100 2.444 596 3.808 -868 18.150 7.739 -1.883 -793 3.535 9.552 19.101 15.044 -2.896 423 3.420 3.110 19.012 7.699 1.548 2.049 4.786 2.930 8.451 1.253 2.080 571 4.470 77 38.2 16.0 9.3 5.4 2.1 5.3 .3 -6.4 -.9 9.5 1.8 -3.8 -3.8 -10.2 .1 8.8 1.3 -3.8 11.6 -.4 2.3 5.0 6.4 -1.7 38.7 18.8 5.3 2.0 3.4 9.1 26 27 28 29 30 31 -281 -495 -522 -1.028 -218 -3.049 111 -875 -265 -3.685 -512 -773 4.9 -8.5 2.8 -4.3 1.3 -6.4 -.5 -5.1 -1.2 32 -5.5 33 L I F E INSURANCE RESERVES PENSION FUND RESERVES 2.860 15.532 2.977 22.510 3.265 14.355 3.013 13.183 3.079 17.604 3.071 23.374 5.0 16.5 5.5 18.4 6.3 21.1 6.9 22.6 7.6 34 25.4 35 36 37 38 NET I N V . I N NONCORP. BUS. SECURITY CREDIT MISCELLANEOUS ASSETS -5.113 773 1.788 -5.563 678 2.023 2.145 -5.948 168 2.119 2.100 2.129 -.2 -1.8 2.1 -.6 -.9 2.6 -1.5 .5 2.3 -3.1 .1 2.7 -1.9 36 -.2 37 2.8 38 39 40 41 42 43 44 45 46 NET INCREASE IN L I A B I L I T I E S CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N . E . C . OTHER LOANS 48.816 46.147 25.944 255 16.023 1.875 1.215 835 45.598 42.929 26.605 253 13.522 1.126 403 1.020 45.360 47.674 28.873 250 12.253 2.487 2.524 1.287 31.906 31.194 26.492 248 2.813 1.733 -1.302 1.210 47.891 46.312 29.499 245 13.403 1.589 61 1.515 43.963 42.657 25.864 243 12.046 1.080 2.078 1.346 32.0 34.5 18.5 1.2 9.5 1.3 1.0 3.0 24.4 25.2 14.1 1.2 4.4 1.0 1.9 2.6 48.4 44.9 26.4 1.2 11.1 3.6 1.2 1.4 70.8 65.1 41.5 1.3 14.9 4.9 1.1 1.3 76.7 80.1 47.1 1.1 21.9 4.1 3.4 2.4 2.066 336 267 2.057 339 273 -2.925 340 271 3 43 271 963 345 271 689 347 270 20 21 32 33 47 48 49 DEPOSITS DEMAND DEP. INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES SECURITY CREDIT TRADE DEBT MISCELLANEOUS 50 DISCREPANCY (1) EXCLUDES CORPORATE -5.400 -15.841 -12.508 21.338 25.425 24.220 1.100 1.271 1.128 20.238 23.092 24.154 8.033 8.696 8.342 25.944 26.605 28.873 -12.639 -10.727 -12.144 23.194 22.529 24.912 1.285 1.267 1.289 23.623 21.909 21.262 9.669 9.024 9.328 29.499 25.864 26.492 12.322 -16.298 -10.621 26.3 2.3 24.0 12.1 18.5 -4.3 24.5 2.5 22.0 12.8 14.1 -2.5 -18.7 -13.9 50 32.4 3.3 29.2 13.7 26.4 -7.6 40.7 4.0 36.7 14.7 41.5 -15.5 45.2 4.4 40.8 17.1 47.1 -19.0 EQUITIES. MEMORANDA: NET PHYSICAL INVESTMENT: (A) RESIDENTIAL CONSTRUCTION EXPENDITURES MOBILE HOMES OTHER - CAPITAL CONSUMPTION - HOME MORTGAGES 56 EXCESS NET INVESTMENT 57 58 59 -16.676 -14.508 39 40 41 42 43 44 45 46 (B) CONSUMER DURABLES EXPENDITURES - CAPITAL CONSUMPTION = NET INVESTMENT 51 52 53 54 55 56 50.371 35.208 15.163 49.096 36.163 12.933 58.078 37.168 20.910 49.733 38.131 11.602 52.640 39.057 13.583 51.412 40.040 11.372 85.5 59.2 26.2 84.9 64.7 20.2 97.1 70.9 26.2 111.2 76.1 35.1 123.7 57 82.6 58 41.1 59 60 61 CONSUMER CREDIT EXCESS NET INVESTMENT 17.898 -2.735 14.648 -1.715 14.740 6.170 4.546 7.056 14.992 -1.409 13.126 -1.754 10.8 15.4 5.4 14.8 14.7 11.6 19.8 15.3 26.0 60 15.1 61 62 63 64 65 (C) NONPROFIT PLANT + EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT 1.474 1.324 255 -105 1.488 1.355 253 -120 1.498 1.385 250 -137 1.509 1.414 248 -153 1.521 1.443 245 -167 1.532 1.472 243 -183 4.7 2.1 1.2 1.4 4.8 2.3 1.2 1.3 5.1 2.6 1.2 1.4 5.5 2.8 1.3 1.5 5.2 62 3.1 63 1.1 64 1.0 65 17.271 983 15.745 4.746 14.037 6.537 13.701 7.291 17.621 1.549 16.169 4.022 15.5 5.6 14.4 7.4 13.5 7.7 15.0 6.2 14.3 66 7.8 67 PER CENT OF DISPOSABLE INCOME ADJ. ( 2 ) : 68 GROSS SAVING 20.058 23.077 24.484 23.526 19.716 21.913 69 70 71 72 19.828 19.18C 12.086 11.379 20.611 14.468 10.999 11.560 18.999 14.049 19.634 16.398 12.261 11.857 18.548 16.818 10.473 10.162 18.2 9.8 5.0 5.4 16.4 11.0 3.5 3.6 17.9 13.2 6.4 6.0 19.3 15.1 8.7 8.0 19.0 15.7 8.4 8.8 PER CENT RATIOS: 66 EFFECTIVE TAX RATE 67 SAVING RATE, NIA BASIS CAPITAL EXPENDITURES ACQUISITION OF F I N A N . ASSETS NET INCREASE IN L I A B I L I T I E S CREDIT MARKET BORROWING 20.901 17.861 13.942 13.179 8.143 7.962 73 ( 2 ) DISPOSABLE INCOME A D J . 350.134 377.254 412.398 391.783 390.581 419.746 ( N I A DISPOSABLE INCOME + GOVT. INSURANCE CREDITS + CAPITAL GAINS D I V I D . ) 1 1 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 69 70 71 72 NOVEMBER 14, HOUSEHOLDS SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES 1976 1977 SEASONALLY ADJUSTED ANNUAL RATES 1978 I I 1978 III II IV | | 1979 II I HOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS 1 2 1154.9 170.3 1255.5 168.8 1381..6 197.,1 1531..6 226..4 1717..4 259..0 1689..3 252..1 1742.4 266.0 1803.1 278.2 1852..6 280,.4 1892.5 290.7 1943.4 PERSONAL INCOME 306.4 - PERSONAL TAXES 3 4 5 6 7 8 984.6 913.0 71.7 12.6 .5 28.6 1086.7 1003.0 83.6 15.1 .2 26.6 1184.,5 1115.,9 68.,6 17.,9 ,5 40..6 1305..1 1240..2 65..0 22..4 .6 50,.9 1458..4 1386..4 72..0 27..1 .7 57,.5 1437.,3 1366.,1 71.,2 25..7 .6 59..5 1476.5 1405.6 70.9 33.5 .7 58.8 1524.8 1453.4 71.5 27.8 .9 63.4 1572..2 1493..0 79..2 11. .2 1..1 61..3 1601.7 1515.8 85.9 30.0 .6 52.5 1636.9 1570.0 66.9 38.6 .7 53.6 9 10 11 113.3 116.8 230.2 125.6 132.6 258.2 127..5 145.,8 273.,3 138..8 161,.0 299..9 157..3 181..0 338..3 157..0 178..3 335.,2 163.9 183.4 347.4 163.6 189.0 352.6 163..8 194,.3 358..1 169.1 199.3 368.4 159.8 = NET SAVING 204.7 + CAPITAL CONSUMPTION 364.5 = GROSS SAVING 9 10 11 12 13 14 15 16 246.0 170.3 42.9 122.0 5.4 282.7 181.0 43.0 132.6 5.4 310..9 220.,5 57..5 157.,4 5..6 334,.6 260..8 76..3 178,.8 5,.6 380..1 298,.2 92,.0 200,.3 5,.9 375.8 296.7 90.4 200.3 5.9 389.6 302.6 93.1 203.5 6.0 404.0 314.9 96.8 212.1 6.0 365..5 316..4 96..5 213..8 6,.0 401.6 310.6 95.8 208.7 6.1 399.3 GROSS INVESTMENT 315.2 CAPITAL EXPEND.-NET OF SALES 95.3 RESIDENTIAL CONSTRUCTION 213.7 CONSUMER DURABLE GOODS 6.1 NONPROFIT PLANT + EQUIP. 12 13 14 15 16 17 18 75.7 126.8 101.6 153.8 90..4 187..7 73..8 219,.1 81,.9 248 .3 79..1 259..6 87.1 260.0 89.2 255.9 49..1 217,.3 91.0 269.0 84.2 NET FINANCIAL INVESTMENT 17 249.3 NET ACQ. OF FINANCIAL ASSETS 18 185.8 201.7 20 21 65.5 7.2 89.3 3.9 124.2 14.9 132.0 22.6 130.3 18.2 136.2 17.1 137.5 14.6 123.0 14.6 94.8 -24.1 130.9 16.1 159.2 17.6 22 23 24 25 55.9 34.1 21.8 2.4 84.0 24.6 59.4 1.3 109.3 40.2 69.1 109.2 40.2 69.0 .2 105.2 44.1 61.1 6.9 113.7 52.9 60.8 5.4 117.1 51.1 66.0 5.8 98.8 37.2 61.6 9.6 90.0 21.2 68.8 28.8 83.2 41.0 42.2 31.6 108.5 70.0 38.5 33.1 TIME + SAVINGS ACCTS. AT COMMERCIAL BANKS AT SAVINGS INST. MONEY MARKET FUND SHRS 22 23 24 25 26 27 28 29 30 31 38.8 19.4 8.3 5.1 4.3 1.7 30.6 16.8 6.2 8.4 3.7 -4.4 22.7 9.5 2.5 5.8 8.0 -3.1 36.6 15.7 2.6 -3.3 11.9 9.6 58.0 27.0 3.3 -1.4 14.5 14.6 61.1 24.4 8.1 1.5 14.8 12.3 48.4 20.0 6.5 -1.0 15.3 7.6 78.7 31.7 -4.7 3.0 14.9 33.8 76.9 54.4 -2.2 -1.0 13.5 12.2 82.0 54.2 -3.1 8.5 18.5 3.8 20.7 -16.1 5.6 -1.4 17.9 14.6 CREDIT MKT. INSTRUMENTS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FGN. BONDS MORTGAGES OPEN-MARKET PAPER 26 27 28 29 30 31 32 33 -.7 -1.5 -.1 -3.5 -1.0 -2.2 -.9 -5.2 -1.0 -5.2 -.6 -.1 -1.7 -3.4 -1.3 -8.9 -9.5 -.6 -12.5 -1.6 -2.0 INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 32 33 34 35 6.7 29.6 8.7 34.9 8.4 44.2 11.6 53.7 12.0 65.8 11.4 61.8 11.9 78.6 13.1 63.4 12.1 58.5 12.3 72.9 12.3 78.5 LIFE INSURANCE RESERVES PENSION FUND RESERVES 34 35 36 37 38 -13.3 -1.0 2.7 -10.4 .6 3.8 -15.6 1.5 5.5 -16.7 1.0 6.9 -20.8 1.4 7.6 -20.5 3.1 7.2 -22.3 2.7 8.1 -2 0.9 .3 8.6 -24.6 .7 8.5 -24.6 .2 8.4 -25.8 -.3 8.5 NET INV. IN NONCORP. BUS. SECURITY CREDIT MISCELLANEOUS ASSETS 36 37 38 39 40 41 42 43 44 45 46 51.1 51.3 35.4 1.1 9.5 .4 1.6 3.2 52.2 49.7 38.1 1.0 7.8 1.9 -1.2 2.2 97.3 90.5 61.3 1.1 21.6 3.9 .8 1.8 145.3 139.9 93.2 1.0 34.3 6.2 2.8 2.3 166.4 162.6 103.8 1.0 44.8 5.8 3.4 3.8 180.5 169.8 102.8 1.0 50.8 6.1 5.8 3.3 172.9 162.3 104.1 1.0 43.3 5.4 4.3 4.1 166.7 176.0 113.2 1.0 46.7 6.6 3.3 5.1 168.2 165.3 111.5 1.0 41.0 9.7 -2.8 4.8 178.0 171.7 117.4 1.0 39.9 4.8 2.6 6.1 165.1 159.9 101.5 1.0 37.3 5.1 9.6 5.4 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS 39 40 41 42 43 44 45 46 47 48 49 -1.8 .9 .7 .7 l.l .7 4.8 1.4 .6 3.1 1.3 .9 1.4 1.4 1.1 8.3 1.3 1.1 8.2 1.4 1.1 -11.7 1.4 1.1 .4 1.4 1.1 3.9 1.4 1.1 2.8 1.4 1.1 -37.7 -34.7 -40.6 -42.3 * 179.8 * -34.8 = = + * + NONTAXES DISPOSABLE PERSONAL INCOME PERSONAL OUTLAYS PERSONAL SAVING, NIA BASIS CREDITS FROM GOVT. INSURANCE CAPITAL GAINS DIVIDENDS NET DURABLES IN CONSUMPTION DEP. + CR. MKT. INSTR. (1) 3 4 5 6 7 8 19 20 DEPOSITS DEMAND DEP. + CURRENCY 21 SECURITY CREDIT TRADE DEBT MISCELLANEOUS 47 48 49 DISCREPANCY (1J EXCLUDES CORPORATE EQUITIES. 51 52 53 54 55 56 42.9 3.2 39.7 19.8 35.4 -12.3 43.0 2.4 40.6 22.2 38.1 -17.3 57.5 3.1 54.4 24.4 61.3 -28.2 76.3 4.0 72.3 28.2 93.2 -45.1 92.0 4.7 87.4 32.8 103.8 -44.6 90..4 4..4 86..0 32..1 102,,8 -44..5 93..1 4,.5 88..6 33..4 104..1 -44..3 96.8 5.1 91.7 34.8 113.2 -51.2 96..5 5..1 91,.4 36..1 Ill,.5 -51,.1 95.8 5.1 90.8 37.3 117.4 -58.9 95.3 5.2 90.2 38.7 101.5 -44.9 MEMORANDA: NET PHYSICAL INVESTMENT: (A) RESIDENTIAL CONSTRUCTION EXPENDITURES MOBILE HOMES OTHER - CAPITAL CONSUMPTION - HOME MORTGAGES = EXCESS NET INVESTMENT 57 58 59 122.0 93.4 28.6 132.6 106.0 26.6 157.4 116.8 40.6 178.8 128.0 50.9 200.3 142.8 57.5 200..3 140..8 59..5 203,.5 144..7 58,.8 212.1 148.7 63.4 213,.8 152..5 61,.3 208.7 156.2 52.5 213.7 160.2 53.6 (B) CONSUMER DURABLES EXPENDITURES - CAPITAL CONSUMPTION = NET INVESTMENT 60 61 9.9 18.7 9.7 17.0 25.6 15.0 40.6 10.3 50.6 6.9 56..9 2..6 48,.8 10..0 53.3 10.1 50,.7 10..6 44.7 7.8 42.4 11.1 - CONSUMER CREDIT = EXCESS NET INVESTMENT 60 61 62 63 64 65 5.4 3.7 1.1 .6 5.4 4.5 1.0 -.1 5.6 4.6 1.1 5.6 4.8 1.0 -.3 5.9 5.4 1.0 -.5 5,.9 5..3 1..0 .4 6..0 5..4 1..0 -.5 6.0 5.5 1.0 -.5 6..0 5..7 1..0 .6 6.1 5.8 1.0 -.7 6.1 5.9 1.0 -.7 (CJ NONPROFIT PLANT + EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT 62 63 64 65 66 67 14.7 7.3 13.4 7.7 14.3 5.8 14.8 5.0 15.1 4.9 14,.9 5..0 15..3 4..8 15.4 4.7 15,.1 5,.0 15.4 5.4 69 70 71 72 * 17.1 12.7 5.1 5.1 16.4 14.0 4.7 4.5 18.3 15.6 8.1 7.5 19.6 16.5 10.9 10.5 20.1 16.7 11.2 10.9 997.7 1102.0 1202.8 1328.1 1486.2 BILLIONS OF DOLLARS. -< 20.3 17.7 12.3 11.6 20.0 17.2 11.4 10.7 20.3 16.5 10.7 11.3 - • 19.8 13.6 10.5 10.4 51 52 53 54 55 56 57 58 59 PER CENT RATIOS: 15.8 EFFECTIVE TAX RATE 4.1 SAVING RATE, NIA BASIS 66 67 PER CENT OF DISPOSABLE INCOME ADJ. (2): 2.6 21.7 GROSS SAVING 63 19.0 16.5 10.9 10.5 18.8 14.9 9.9 9.5 CAPITAL EXPENDITURES ACQUISITION OF FINAN. ASSETS NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING 69 70 71 72 1463.5 1510.7 1553.6 1595.5 1632.4 1676.3 (2) DISPOSABLE INCOME ADJ. 73 (NIA DISPOSABLE INCOME + GOVT. INSURANCE CREDITS + CAPITAL GAINS DIVID.) 111/79 BASED ON INCOMPLETE INFORMATION. N0VEM3ER 14, 1979 TOTAL + NONCORP BUSINESS TOTAL + NONCORP BUSINESS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1 1978 III II IV 1 I 1979 II 1969 III NONFINANCIAL BILLIONS OF DOLLARS 1971 1970 1972 1973 BUSINESS - TOTAL 77.041 47.172 77.198 48.824 81.695 51.306 79.069 53.332 85.725 52.965 87.688 54.958 142.4 80.9 128.6 79.6 139.8 90.8 161.7 104.3 195.6 110.4 44.153 3 GROSS INVESTMENT 62.866 4 CAPITAL EXPENDITURES 60.302 5 FIXED INVESTMENT 6 BUSINESS PLANT + EQUIPMENTr 52.944 3.640 7 HOME CONSTRUCTION (1) 3.718 8 MULTI-FAMILY RESIDENTIAL 1.467 9 CHANGE IN INVENTORIES 1.097 10 MINERAL RIGHTS FROM U.S.GOVTr 42.181 64.167 60.651 53.328 3.459 3.864 3.284 232 41.533 69.291 61.297 58.855 -1.080 3.522 7.639 355 51.918 63.193 52.496 53.817 -4.781 3.460 9.476 1.221 47.728 71.344 67.986 60.341 2.884 4.761 2.969 389 46.668 72.794 68.501 60.143 3.827 4.531 2.991 1.302 75.3 112.3 102.9 91.4 .2 11.2 9.4 71.2 108.5 104.4 92.4 .9 11.1 3.8 .3 82.5 119.3 112.2 95.2 2.7 14.3 6.4 .7 88.5 138.1 127.8 106.9 1.9 19.0 9.4 .9 96.0 3 167.7 4 146.6 5 126.0 6 -.3 7 20.9 8 17.9 9 3.2 10 -18.713 -21.986 -27.758 -11.275 -23.616 -26.126 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS; 20.865 23.329 25.045 29.540 18.374 23.183 41.990 49.309 39.578 45.315 40.815 52.803 13 NET INCREASE IN LIABILITIES 713 715 1.900 688 1.612 698 14 CORPORATE EQUITIES 35.382 37.228 26.480 46.986 32.809 34.481 15 CREDIT MARKET INSTRUMENTS 4.479 5.806 5.480 7.102 6.030 7.069 16 BONDS 14.764 10.246 16.734 6.689 15.501 13.311 17 MORTGAGES 12.414 14.837 10.990 8.692 11.132 3.732 18 BANK LOANS N.E.C. 1.755 2.504 5.858 9.546 9.182 9.513 19 OTHER LOANS -37.0 30.4 67.4 3.4 45.6 12.0 10.8 14.8 8.0 -37.3 17.6 54.9 5.7 44.2 19.8 14.0 5.7 4.7 -36.8 35.4 72.1 11.4 49.9 18.9 22.9 5.9 2.3 -49.6 48.0 97.7 10.9 67.2 12.7 32.4 16.0 6.0 -71.7 65.5 137.2 7.9 87.6 11.0 33.0 33.7 10.0 13.142 72 21.1 -2.7 8.2 -3.2 10.5 .3 22.4 -2.8 39.4 20 2.4 21 8.290 5.6 8.5 8.2 15.8 14.4 22 32.0 .4 8.4 .6 7.8 8.8 1 INCOME BEFORE TAXES 2 GROSS SAVING 20 21 TRADE DEBT OTHER LIABILITIES 22 DISCREPANCY 12.223 -10.571 16.656 279 16.506 204 3.019 6.643 9.773 8.586 10.220 -2.929 -14.270 1.414 5.237 FARM 1 NET INCOME 2 NET SAVING 3 CAPITAL CONSUMPTION 4 CORPORATE * 1 2 11 12 13 14 15 16 17 18 19 BUSINESS 6.915 -1.966 3.894 460 3.434 1.928 6.528 -538 3.949 471 3.478 3.411 7.832 746 4.004 481 3.523 4.750 8.544 -117 4.090 491 3.599 3.973 8.435 -2.021 4.205 501 3.704 2.184 7.417 -312 4.272 504 3.768 3.960 13.9 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 18.0 .3 7.4 .4 7.0 7.7 1.928 4.543 4.008 407 128 3.411 4.662 3.707 563 392 4.750 4.594 3.816 450 328 3.973 4.625 4.313 228 84 2.184 5.426 4.714 502 210 3.960 5.165 4.357 62 0 188 6.2 6.6 5.7 .7 .1 6.3 6.9 6.2 .6 .1 6.8 8.3 6.4 .7 1.3 7.7 7.9 6.6 .7 .6 8.8 7 12.8 8 9.0 9 .6 10 3.2 11 12 NET FINANCIAL INVESTMENT -2.615 -1.251 474 497 13 NET ACQ. OF FINANCIAL ASSETS5 25 25 14 DEMAND DEPOSITS + CURRENCY' 449 15 MISCELLANEOUS ASSETS 472 401 395 16 INSURANCE RECEIVABLES 71 54 17 EQ. IN SPONS. AGS. (2) 156 502 26 476 405 71 -652 485 26 459 410 49 -3.242 553 27 526 414 112 -1.205 512 27 485 419 66 -.4 .5 .1 .4 .4 .1 -.6 .6 .1 .5 .4 .1 -1.5 .7 .1 .6 .5 .1 -.2 .9 .3 .7 .6 .1 -4.1 .8 .2 .6 .5 .2 12 13 14 15 16 17 Z.Z 4.5 2.4 1.3 .7 1.1 5.8 3.6 1.8 .5 4.9 9.6 5.5 2.9 1.2 .1 1.1 18 19 20 21 22 23 24 5 NONCORPORATE 6 CURRENT SURP. = GROSS SAVING 7 GROSS INVESTMENT 8 CAPITAL EXPENDITURES 9 PLANT +• EQUIPMENT 10 RESIDENTIAL CONSTRUCTION 11 CHANGE IN INVENTORIES 18 19 20 21 22 23 24 25 26 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES BANK LOANS N.E.C. OTHER LOANS U . S . GOVERNMENT FICB TRADE DEBT PROPRIETOR NET INVESTMENT * 1 2 3 4 5 6 3.089 6.397 2.811 1.618 1.968 1.095 873 1.748 5.047 2.897 1.067 1.083 256 827 346 4.070 2.223 127 1.720 1.603 117 1.137 5.653 4.083 -89 1.659 912 747 3.795 7.571 4.864 1.684 1.023 -88 1.111 1.717 4.738 3.794 994 -50 425 -475 1.0 3.0 1.8 .6 .6 .6 1.2 2.3 .8 .8 .6 -.1 .7 .7 .4 174 -3.482 172 -3.471 184 -3.908 198 -4.714 215 -3.991 226 -3.247 -.4 -1.7 -.4 -.7 .1 -2.4 .5 -5.2 .1 25 -4.8 26 NONFARM NONCORPORATE * * * BUSINESS 25.324 26.901 27.742 27.888 27.923 28.674 60.2 59.6 62.3 68.2 71.6 1 2 CAPITAL CONSUMPTION 3 CURRENT SURP. = GROSS SAVING 7.879 6.491 8.136 5.970 8.326 7.973 8.446 12.910 8.988 9.620 9.477 8.258 13.0 13.0 14.5 14.5 15.3 15.3 15.5 15.8 17.8 17.8 2 3 4 GROSS INVESTMENT 5 CAPITAL EXPENDITURES 6 FIXED CAPITAL 7 PLANT + EQUIPMENT 8 HOME CONSTRUCTION (1) MULTI-FAMILY RESIDENTIAL 10 CHANGE IN INVENTORIES 6.491 8.759 10.029 5.664 1.617 2.748 -1.270 5.970 9.232 10.429 6.269 1.448 2.712 -1.197 7.973 10.256 8.290 6.524 -765 2.531 1.966 12.910 8.385 6.483 6.398 -2.505 2.590 1.902 9.620 9.999 11.272 6.343 1.191 3.738 -1.273 8.258 10.255 12.060 7.021 1.604 3.435 -1.805 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 15.8 30.0 28.7 13.4 .6 14.7 1.3 17.8 4 31.6 5 30.2 6 14.8 7 -.4 8 15.9 9 1.3 10 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS; 13 DEMAND DEPOSITS + CURRENCYr 14 CONSUMER CREDIT 15 MISCELLANEOUS ASSETS 16 INSURANCE RECEIVABLES 17 EQ. IN SPONS. AGS. (2) -2.268 701 -2.283 1.554 0 818 736 715 21 4.525 1.341 0 591 750 731 19 -379 658 0 -112 770 749 21 -1.997 1.111 0 318 793 764 29 -8.3 1.1 -6.8 1.4 -9.6 1.1 -14.2 1.5 -51 752 686 66 -3.262 969 0 239 730 701 29 .4 .7 .3 .7 .7 .7 .7 .8 .8 2.969 4.228 3.245 1.293 1.418 534 4.231 3.820 4.091 1.158 2.281 652 3.837 4.363 1.839 -612 1.786 665 -3.184 1.505 54 -2.004 1.601 457 1.037 4.640 2.684 953 1.060 671 3.108 4.543 4.486 1.283 2.485 718 9.4 7.4 3.7 -.2 3.5 .5 8.1 6.9 6.5 .1 5.8 .6 10.7 11.7 9.7 .8 8.0 .9 15.7 14.1 11.9 .5 9.9 1.5 -42 1.025 -872 601 241 2.283 256 1.195 -50 2.006 342 -285 Z.2 1.5 -.5 1.0 .7 1.3 1.2 1.0 1.1 24 2.4 25 372 -1.631 2.503 -2.092 782 -1.308 -3.455 -1.234 -1.500 -2.103 1.575 -3.010 .6 1.5 1.1 .1 -1.9 .9 -.5 2.1 .4 26 2.9 27 1 NET INCOME 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 C R E D I T MARKET INSTRUMENTS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL BANK LOANS N.E.C. OTHER LOANS TRADE DEBT, NET PROPRIETOR NET INVESTMENT o (1) FARM PLUS NONFARM CHANGE IN WORK IN PROCESS. (2) SHARES IN FICB»S, BANKS FOR COOPS, AND LAND BANKS. 111/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * - .5 1.0 1.0 * -13.8 2.3 1.4 1.0 1.0 * 11 12 13 14 15 16 17 16.1 12.9 9.3 -.4 7.9 1.8 18 19 20 21 22 23 NOVEMBER 14, 1979 TOTAL + NONCORP BUSINESS TOTAL + NONCORP SECTOR STATEMENTS OF SAVING AND SEASONALLY ADJUSTED ANNUAL SEASONALLY ADJUSTED ANNUAL RATES 1977 I I 1978 NONFINANCIAL 1 2 200.9 105.9 198..5 141..9 230.4 163.4 257..8 181..9 298..1 195,.6 3 4 5 6 7 8 93.6 166.1 150.7 138.9 .4 11.5 125..0 133.,9 143..3 135..8 2..7 4..8 137.0 175.6 161.6 151.5 4.1 6.0 156..4 217..7 193..3 177.,6 5..5 10..2 174,.1 249..9 225,.6 209,.3 2..6 13..7 12 13 14 15 16 17 18 19 46.7 119.2 4.1 93.5 21.3 25.4 30.3 16.5 36.2 45.1 9.9 38.7 29.8 15.9 -11.1 4.1 49.1 87.6 10.5 65.8 25.3 22.7 3.2 14.6 52.9 114.2 2.7 104.8 24.5 36.8 24.2 19.4 20 21 30.1 -8.5 7.9 -11.4 16.7 -5.4 22 12.2 16.9 26.4 1978 III II 304.8 201.3 327.7 204.4 335.0 203.8 224.7 207.2 3.9 13.6 25.8 4.4 233.5 215.9 2.9 14.7 20.0 .9 262.9 269.8 223.8 2.3 14.7 20.6 1.4 84.6 160.4 2.6 125.6 23.3 43.3 33.9 25.1 -74.5 84.5 159.0 2.8 121.7 28.3 42.8 32.0 18.6 -72.3 90.8 163.1 7.6 118.8 20.4 49.6 21.8 27.1 22.5 -15.9 45.5 -13.3 50.2 -15.7 46.7 -10.0 25.5 21.4 329.4 211.0 346.3 INCOME BEFORE 222.3 GROSS SAVING 231.0 -.8 15.6 19.1 4.9 236.4 -.4 17.3 33.4 1.6 197.2 GROSS INVESTMENT 288.0 CAPITAL EXPENDITURES 262.8 FIXED INVESTMENT 243.5 BUSINESS PLANT + EQUIPMENT HOME CONSTRUCTION (1) 2.1 MULTI-FAMILY RESIDENTIAL 17.2 CHANGE IN INVENTORIES 20.0 MINERAL RIGHTS FROM U.S.GOVT 5.2 -81.7 101.4 183.1 6.4 129.3 24.0 44.8 33.4 26.9 -90.2 115.4 205.5 2.9 154.9 24.9 45.7 48.6 35.7 -104.8 74.2 179.1 2.8 161.4 28.9 50.7 49.4 32.4 55.4 -8.0 66.6 -18.9 42.9 -28.0 -90.8 NET FINANCIAL INVESTMENT 11 NET ACQ. OF FINANCIAL ASSETS 12 88.3 NET INCREASE IN LIABILITIES 13 179.1 CORPORATE EQUITIES 14 2.9 156.9 CREDIT MARKET INSTRUMENTS 15 BONDS 16 16.1 55.6 MORTGAGES 17 58.0 BANK LOANS N.E.C. 18 19 27.3 OTHER LOANS 32.0 -12.7 TRADE DEBT OTHER LIABILITIES 20 21 22 25.1 DISCREPANCY 33.7 -.7 16.8 2.0 14.8 16.1 29.7 -.5 17.1 2.0 15.1 16.6 NET INCOME NET SAVING CAPITAL CONSUMPTION CORPORATE NONCORPORATE CURRENT SURP. = GROSS SAVING 16.1 20.3 17.7 1 .8 16.6 GROSS INVESTMENT 21.6 CAPITAL EXPENDITURES 18.7 PLANT + EQUIPMENT 2.1 RESIDENTIAL CONSTRUCTION .8 CHANGE IN INVENTORIES -4.2 2.2 -5.0 NET FINANCIAL INVESTMENT 12 2.0 NET ACQ. OF FINANCIAL ASSETS 13 .1 DEMAND DEPOSITS + CURRENCY 14 1.9 MISCELLANEOUS ASSETS 15 1.7 INSURANCE RECEIVABLES 16 .3 EQ. IN SPONS. AGS. 12) 17 16.4 25.4 -.1 9.9 .7 9.2 9.8 23.5 18.3 -.5 13.0 1.5 11.5 12.5 19.6 -.8 14.3 1.7 12.6 13.5 27.7 -.8 15.7 1.9 13.8 14.9 27.7 26.1 11.9 1.1 10.7 11.8 15.6 1.8 13.7 14.7 15.8 1.9 13.9 15.0 7 8 9 10 11 9.8 9.9 10.6 1.2 -1.8 11.8 15.9 11.4 .9 3.5 12.5 11.8 12.8 1.1 -2.0 13.5 16.1 13.4 1.5 1.2 14.9 18.0 15.2 1.8 1.1 14.7 15.0 12 13 14 15 16 17 -.1 .6 -.2 .8 .5 .2 -4.0 1.0 .1 .9 .7 .2 .7 1.5 1.5 1.3 .2 -2.6 1.8 .1 1.7 1.5 .2 -3.1 2.0 .1 1.9 1.6 .3 1.8 1.6 .2 18 19 20 21 22 23 24 .7 8.0 5.0 1.1 1.9 .3 1.7 5.0 8.8 4.6 2.0 2.2 1.1 1.1 .8 10.9 6.1 3.0 1.8 .5 1.3 4.4 14.7 8.8 2.5 3.4 2.0 1.4 5.1 18.1 10.2 2.5 5.4 3.9 1.5 25 26 .2 -7.5 .5 -4.2 .9 -11.0 .9 -11.3 .7 -13.7 NONFARM TAXES BUSINESS 1 2 3 4 5 6 * IV RATES 19 79 I I | | BUSINESS - TOTAL 296.1 196.8 FARM * BUSINESS 9 INVESTMENT 2.0 14.4 15.6 16.2 1.9 -4.2 2.0 -2.3 1.9 1.9 1.6 .3 1.9 1.6 .3 1.8 1.6 .2 4.0 17.8 9.7 2.5 5.6 3.5 2.0 6.5 19.6 11.6 3.5 4.5 1.9 2.6 6.2 22.0 10.5 2.5 9.0 6.1 3.0 4.2 24.0 16.2 1.2 6.5 4.0 2.6 .2 13.9 .8 -13.9 -.2 -15.6 -.1 -19.7 .5 -16.3 NONCORPORATE 1 2 3 4 5 6 7 8 9 10 11 7.0 18.4 15.1 3.2 * 2.8 -2.8 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES BANK LOANS N.E.C. OTHER LOANS U.S. GOVERNMENT FICB 18 19 20 21 22 23 24 1.2 -12.6 TRADE DEBT PROPRIETOR NET INVESTMENT 25 26 BUSINESS 114.7 NET INCOME 2 3 20.4 20.4 23.3 23.3 25.6 25.6 28.4 28.4 31.9 31.9 31..5 31..5 32.5 32.5 33.3 33.3 33..8 33..8 36.0 36.0 37.9 CAPITAL CONSUMPTION 37.9 CURRENT SURP. = GROSS SAVING 2 3 4 5 6 7 8 9 10 20.4 21.6 23.8 15.3 -.4 8.9 -2.2 23.3 18.1 22.0 17.4 .9 3.7 -3.9 25.6 24.7 23.5 17.5 1.5 4.5 1.3 28.4 31.8 30.2 20.9 2.0 7.3 1.5 31.9 35.9 34.4 24.2 .4 9.8 1.5 31..5 34..8 34..8 23..7 1..2 9..8 32.5 35.0 34.7 23.9 .5 10.2 .3 33.3 39.8 36.2 25.2 .2 10.8 3.6 33,.8 39..0 37..3 26,.7 - 1 ..2 11.7 1..7 36.0 38.9 38.5 26.4 -1.1 13.1 .4 37.9 GROSS INVESTMENT 37.8 CAPITAL EXPENDITURES FIXED CAPITAL 40.0 26.9 PLANT + EQUIPMENT HOME CONSTRUCTION (1) MULTI-FAMILY RESIDENTIAL 13.1 -2.2 CHANGE IN INVENTORIES 4 5 6 7 8 9 10 11 12 13 14 15 16 17 -1.2 1.7 5.2 2.0 .9 3.3 -3.3 4.2 -4.0 4.4 - 3 ..3 4..5 -2.5 4.4 -6.5 4.2 - 5 ..2 5..0 -2.9 4.6 1.5 2.9 2.8 .1 1..5 3..0 2..7 .3 1.5 2.9 2.8 .1 1.2 2.9 2.9 .1 2..0 3..0 2..9 .1 1.5 3.1 3.0 .1 18 19 20 21 22 23 2.9 7.4 6.6 -.3 5.5 1.4 10.7 12.6 9.9 .2 7.4 2.3 10..2 15..2 8..2 .9 6..9 2..2 7.5 14.9 6.8 -.9 4.9 2.7 4.5 18.9 11.5 24 25 _ ,.9 7, 1.0 7.1 2.2 5.3 26 27 .8 -8.2 -13.2 - .7 1.0 1.0 - .8 1.3 1.2 - - - * - 1.1 2.1 2.1 .1 1.6 2.6 2.5 -3.1 2.0 1.8 .7 .1 1.0 2.4 4.7 3.7 1.2 1.2 1.2 7.5 12.9 9.0 1.6 5.7 1.7 8.4 15.4 9.8 .3 7.3 2.2 7..8 13,.9 9..4 1..0 6..2 2,.2 6.8 16.4 10.8 .4 7.9 2.5 -1.0 1.8 -2.0 2.2 -3.6 4.7 .4 3.5 -.2 5.8 .9 3..6 -2.7 8.2 1.3 -5.7 l.l -6.2 2.2 -4.6 -.1 -5.4 .1 -7.1 .3 - 6 ..5 -1.2 -8.4 * * * - 1.6 1.1 " 3.3 -5.2 ID -. .9 -, .1 - 4 ..9 - FARM PLUS NONFARM * .1 NET FINANCIAL INVESTMENT 4.6 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY CONSUMER CREDIT 1.5 3.2 MISCELLANEOUS ASSETS INSURANCE RECEIVABLES 3.1 .1 EQ. IN SPONS. AGS. 12) - * 8.7 2.8 -l.l NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL BANK LOANS N.E.C. OTHER LOANS TRADE DEBT, NET PROPRIETOR NET INVESTMENT CHANGE IN WORK IN PROCESS. (2) SHARES IN F I C B f S , BANKS FOR COOPS, AND LAND BANKS. BILLIONS OF DOLLARS. II1/79 BASED ON INCOMPLETE INFORMATION. 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 NOVEMBER 14, 1979 NONFINANCIAL CORPORATE NONFINANCIAL BUSINESS SECTOR STATEMENTS OF SAVING AND UNADJUSTED CORPORATE UNADJUSTED NET FLOWS NET FLOWS ($ MILL.) 1978 III IV I | I NONFINANCIAL 1979 II BUSINESS INVESTMENT III 1969 CORPORATE BUSINESS, EXCLUDING BILLIONS OF DOLLARS 1970 1971 1972 (S MILL.) 1973 FARMS 68.3 33.2 20.6 14.4 1.8 51.0 67.2 55.1 27.2 19.8 8.1 1.6 54.3 63.9 63.2 29.8 20.0 13.4 1.9 58.4 73.6 75.6 33.4 21.6 20.6 1.9 64.9 87.4 92.0 39.4 23.8 28.8 3.7 69.9 102.4 1 2 3 4 5 6 7 •10.105 42.740 -5.5 61.7 -5.1 58.9 -5.0 68.6 -6.6 80.8 -18.6 83.8 8 9 34.450 57.374 51.464 48.765 1.603 1.096 4.608 1.302 56.1 84.3 75.9 72.8 -.3 3.4 8.3 50.4 80.3 76.6 73.3 .2 3.2 3.4 .3 60.3 86.0 81.7 77.3 1.0 3.4 3.6 .7 65.0 100.3 91.8 86.9 .6 4.3 7.6 .9 69.4 123.3 106.8 102.2 -.4 5.0 13.3 3.2 10 11 12 13 14 15 16 17 -15.148 - •19.995 • -22.924 27.714 21.560 17.163 •28.2 28.8 -29.9 15.6 -25.7 33.5 -35.2 45.6 -53.9 18 62.3 19 1 2 3 4 5 PROFITS BEFORE TAX - PROFITS TAX ACCRUALS - NET DIVIDENDS PAID = UNDISTRIBUTED PROFITS + FOREIGN BRANCH PROFITS BOOK DEPRECIATION 7 = GROSS INTERNAL FUNDS, B O O K d 44.802 18.814 9.550 16.438 1.422 28.102 45.962 43.769 18.246 10.067 15.456 1.013 28.433 44.902 46.121 19.309 12.289 14.523 1.559 29.026 45.108 42.637 16.413 10.891 15.333 1.374 29.602 46.309 49.367 19.397 10.911 19.059 1.483 30.792 51.334 8 + INV. VALUATION ADJUSTMENT 9 = GROSS INT. FUNDS, NIA BASIS -7.209 38.753 -5.459 39.443 -6.525 38.583 -9.860 -10.173 36.449 41.161 10 GROSS INVESTMENT 11 CAPITAL EXPENDITURES (1) 12 FIXED INVESTMENT 13 PLANT + EQUIPMENT 14 HOME CONSTRUCTION 15 MULTI-FAMILY RESIDENTIAL 16 CHANGE IN INVENTORIES, NIA 17 MINERAL RIGHTS FROM U.S.GOVT 35.734 49.564 45.858 43.272 1.616 970 2.609 1.097 32.800 50.273 45.952 43.352 1.448 1.152 4.089 232 28.810 54.441 48.741 48.515 -765 991 5.345 355 35.035 50.183 41.472 43.106 -2.504 870 7.490 1.221 35.924 55.919 51.498 49.284 1.191 1.023 4.032 389 -13.830 -17.473 18 NET FINANCIAL INVESTMENT 19.690 21.863 19 NET ACQ. OF FINANCIAL ASSETS •25.631 22.989 51.597 20.502 11.311 19.795 1.734 31.316 52.845 * 20 21 22 23 24 25 26 27 LIQUID ASSETS DEMAND DEP. + CURRENCY TIME DEPOSITS FOREIGN DEPOSITS U . S . GOVT. SECURITIES ST.+LOC. OBLIGATIONS COMMERCIAL PAPER SECURITY R.P.«S -2.176 2.685 -401 261 -3.845 31 -657 -250 -998 3.690 -2.650 -735 -809 52 -200 -346 15.101 5.472 5.013 1.423 -199 55 1.441 1.896 1.288 -1.466 -3.156 3.450 -53 63 1.051 1.399 -104 1.366 -2.547 -1.064 -180 72 499 1.750 3.203 1.398 -450 636 -524 78 1.041 1.024 .4 5.6 -5.4 -.4 -3.1 -1.0 2.5 2.2 .5 .9 1.7 -.4 .2 -.6 1.8 -3.1 9.3 -1.5 4.2 .4 2.5 1.0 1.9 .8 9.2 2.4 2.4 .9 -2.1 1.0 3.0 1.6 12.9 1.4 4.7 1.2 -3.4 -.1 .6 8.6 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 CONSUMER CREDIT TRADE CREDIT MISCELLANEOUS ASSETS FOREIGN DIR. INVEST. (2) INSURANCE RECEIVABLES EQUITY IN SPONSORED AGS. OTHER 525 17.982 3.359 1.736 1.215 20 388 678 19.646 2.537 -366 1.223 8 1.672 1.559 4.129 2.200 273 1.196 13 718 -672 24.011 3.087 1.547 1.173 15 352 1.039 12.556 3.672 1.865 1.151 21 635 726 13.766 3.865 1.613 1.126 3 1.123 .5 22.6 5.3 2.1 1.1 .1 2.0 .8 8.3 6.0 3.6 .9 .1 1.4 .5 14.6 9.2 3.3 1.0 -.2 27.3 9.3 1.2 1.9 4.8 6.2 3.2 37.0 9.1 2.0 2.0 * 5.2 28 29 30 31 32 33 34 33.520 27.301 698 26.603 39.336 19.513 1.900 17.613 48.620 27.660 1.612 26.048 42.862 26.366 715 25.651 37.158 35.463 688 34.775 44.484 26.814 713 26.101 57.0 38.6 3.4 35.2 45.5 40.7 5.7 35.0 59.3 45.2 11.4 33.8 80.8 58.2 10.9 47.2 116.2 73.0 7.9 65.2 35 36 37 38 35 36 37 38 NET INCREASE IN LIABILITIES NET FUNDS RAISED IN MKTS. NET NEW EQUITY ISSUES DEBT INSTRUMENTS * * 39 40 41 42 43 44 TAX-EXEMPT BONDS (3) CORPORATE BONDS (2) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 1.179 5.890 7.255 1.293 1.154 4.808 616 4.864 7.776 1.158 747 5.871 6 96 5.334 6.184 -612 816 5.980 854 4.952 2.552 -2.004 443 4.113 769 6.333 7.953 953 959 6.041 904 3.575 8.454 1.283 711 6.460 _ _ 12.0 5.3 -.2 1.5 4.0 19.8 6.7 .1 1.2 5.3 .1 18.8 10.8 .8 1.9 8.1 .5 12.2 16.9 .5 2.8 13.6 1.8 9.2 18.2 -.4 2.5 16.1 39 40 41 42 43 44 45 46 47 43 49 BANK LOANS N.E.C. COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U.S. GOVERNMENT LOANS 9.414 700 168 1.672 325 3.537 567 116 -458 595 8.324 513 532 4.359 106 10.965 2.218 358 3.480 272 13.203 2.832 -58 3.389 354 11.078 3.153 263 -1.486 160 12.0 1.1 .4 4.3 .1 5.4 1.8 .4 .6 .3 3.8 -.9 .3 .7 .2 13.0 .7 29.7 1.4 .5 4.1 .3 45 46 47 48 49 -6.607 11.677 1.149 4.276 13.981 1.566 5.015 15.540 405 2.663 13.477 356 -9.211 9.871 5.529 11.341 800 -3.3 20.9 .8 -3.7 7.5 1.0 2.0 12.2 -.2 -.1 22.3 .4 2.4 50 38.9 51 1.9 52 10.811 10.830 15.858 13.734 14.758 14.634 6,.305 26,.760 5,.665 -11,.411 12,.304 12..096 10.534 16.425 2.685 29.811 2..425 13..050 1.7 36.1 .8 30.2 2.4 27.6 4.9 33.3 -1..8 55 37..5 56 16.797 9.806 14.876 13,.513 4..100 22. .357 16,.156 9,.892 30,.447 14.748 10.903 27.043 19,.383 15..392 16..052 16..081 10..020 26..890 22.3 12.9 30.5 28.5 6.5 10.3 30.4 3.3 17.6 34.4 12.9 35.1 41..3 57 23..8 58 65..1 59 PER CENT RATIOS: 60 EFFECTIVE TAX RATE 41.993 41.687 41.865 38.494 39.291 39.734 61 CAPITAL OUTLAYS/INTERNAL FUNDS 127.897 127.457 141.100 137.679 135.854 134.239 62 CR. MKT. BORROWING/CAP. EXP. 53.674 35.034 47.846 51.114 62.188 45.492 48.7 36.7 41.7 49.4 136.5 43.5 47.2 125.5 39.2 44.1 124.1 47.1 42..8 60 147..0 61 52..9 62 55.5 85.4 76.6 8.5 .3 65.4 91.1 81.7 8.6 .7 71.6 106.9 91.8 14.2 .9 88.0 141.9 106.8 31.9 3.2 50 51 52 PROFIT TAXES PAYABLE TRADE DEBT FGN DIRECT INVEST. IN U . S . * 3.6 .2 53 DISCREPANCY 54 MEMORANDUM ITEMS: EXCESS OF CAPITAL EXPENDITURES OVER GROSS INTERNAL FUNDS 55 TRADE CREDIT NET OF TRADE 56 PROFITS TAX PAYMENTS DEBT DEBT SUBTOTALS: (4) 57 LONG-TERM DEBT 58 SHORT-TERM DEBT 59 TOTAL S-T L I A B I L I T I E S GROSS INVESTMENT AND CAPITAL EXPENDITURES ON BOOK BASIS: 63 GROSS INVESTMENT, BOOK 64 CAPITAL EXPENDITURES 65 FIXED INVESTMENT 66 INVENTORY CHG., BOOK 67 MINERAL RIGHTS 42.,943 56,.773 45,.858 9,.818 1,.097 38.259 55.732 45.952 9.548 232 35..335 60..966 48..741 11.,870 355 44..895 60.043 41..472 17..350 1..221 44.,555 67..479 51..464 14,,713 1.,302 61.6 89.8 75.9 13.9 68 INVENTORY CHANGE, BOOK 69 PLUS: INV. VAL. ADJUSTMENT 70 EQUALS: INVENTORY CHG., NIA 9,.818 -7,.209 2 .609 9.548 -5.459 4.089 11..870 -6,.525 5,.345 14..713 17,.350 14,.205 -9..860 -10,.173 -10..105 4..608 7,.490 4,.032 13.9 -5.5 8.3 8.5 -5.1 3.4 8.6 -5.0 3.6 14.2 -6.6 7.6 31.9 68 -18.6 69 13.3 70 71 BOOK DEPRECIATION 72 LESS: CAP. CONS. ADJUSTMENT 73 EQUALS: CAPITAL CONS., NIA 28,.102 -2,.884 30,.986 28.433 -3.150 31.583 29..026 -3..126 32..152 29,.602 -3,.266 32..868 31..316 -3..952 35..268 51.0 3.5 47.4 54.3 1.6 52.7 58.4 .5 57.9 64.9 2.7 62.2 69.9 71 1.8 72 68.1 73 RATIOS ON BOOK BASIS: 74 CAPITAL OUTLAYS/INTERNAL FUNDS 123.521 124.119 135.155 129.657 128.748 127.692 75 CREDIT MKT. BORROWING/CAP. EXP 46.858 31.603 42.725 42.721 52.616 38.680 33.7 39.2 133.6 40.9 123.7 37.1 122.3 44.2 138.5 74 45.9 75 (2) FOREIGN INVESTMENT IS NET OF BOND ISSUES ABROAD, AND BOND ISSUES OUTSIDE THE U . S . ARE EXCLUDED FROM SOURCES OF FUNDS ABOVE. 13) 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. (4) MATURITY SPLIT ON DEBT IS APPROXIMATE: L-T IS BONDS, M-F + COMMERCIAL MORTGAGES, AND 4 0 * OF BANK LOANS. S-T DEBT IS OTHER CREDIT MARKET BORROWING. TOTAL S-T LIABILITIES IS S-T BORROWING + TAX LIABILITIES + TRADE DEBT. 111/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 46..097 66..092 51..498 14..205 389 30,.792 -3,.300 34..092 * 63 64 65 66 67 NOVEMBER 14, 1979 NONFINANCIAL CORPORATE NONFINANCIAL BUSINESS CORPORATE BUSINESS 11 SECTOR STATEMENTS OF SAVING AND SEASONALLY ADJUSTED ANNUAL SEASONALLY ADJUSTED ANNUAL RATES , 1974 1975 1976 INVESTMENT 1977 1978 NONFINANCIAL 1 II 1 1978 III IV CORPORATE BUSINESS, EXCLUDING I RATES 1979 I I I III FARMS 1 2 3 4 5 6 7 102.7 42.5 25.9 34.3 4.8 77.0 116.1 100.7 40.3 28.3 32.0 3.1 84.1 119.2 129.6 52.4 32.9 44.3 4.2 91.4 139.9 143.3 59.4 37.0 46.9 5.2 103.1 155.1 165.9 68.6 41.6 55.8 5.2 113.0 174.0 167.1 69.3 39.8 58.0 5.2 112.4 175.6 171.1 71.0 42.5 57.6 5.5 113.7 176.8 185.4 77.7 43.9 63.9 4.6 116.1 184.6 189.3 74.5 46.0 68.8 7.2 118.4 194.4 184.0 71.5 47.1 65.4 7.0 123.2 195.6 201.9 79.7 47.5 74.8 8.5 125.3 208.5 8 9 -40.4 75.7 -12.4 106.8 -14.6 125.3 -15.2 139.9 -25.2 148.8 -25.1 150.5 -23.0 153.8 -28.8 155.9 -39.9 154.4 -36.6 159.0 -40.8 + INV. VALUATION ADJUSTMENT 167.8 = GROSS INT. FUNDS, NIA BASIS 10 11 12 13 14 15 16 17 63.5 134.7 115.2 113.0 -.4 2.6 12.9 6.5 89.8 99.9 108.9 106.9 .9 1.1 -10.4 1.3 98.9 139.0 124.2 121.2 1.5 1.5 10.8 4.0 114.5 169.9 148.2 143.3 2.0 2.8 19.2 2.5 127.4 195.9 174.2 170.0 .4 3.8 19.7 2.0 134.1 203.2 173.6 168.6 1.2 3.8 25.2 4.4 134.6 199.9 180.8 175.9 .5 4.4 18.2 .9 132.7 203.6 186.5 182.4 .2 3.9 15.7 1.4 130.2 213.0 191.0 188.2 -1.2 3.9 17.1 4.9 131.4 229.1 195.3 192.3 -1.1 4.1 32.2 1.6 142.7 GROSS INVESTMENT 228.6 CAPITAL EXPENDITURES (1) FIXED INVESTMENT 201.9 PLANT + EQUIPMENT 197.9 HOME CONSTRUCTION MULTI-FAMILY RESIDENTIAL 4.1 CHANGE IN INVENTORIES, NIA 21.4 MINERAL RIGHTS FROM U.S.GOVT 5.2 18 19 -71.2 44.4 -10.0 33.2 -40. 1 44.3 -55.4 46.9 -68.6 78.3 -69.1 78.1 -65.3 84.4 -71.0 95.2 -82.7 108.4 -97.6 67.4 18 -85.9 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 19 81.6 20 21 22 23 24 25 26 27 6.0 1.2 3.8 -.2 2.3 .6 4.1 -5.8 19.8 6.2 1.9 .8 8.7 -.2 3.1 -.8 13.9 1.5 2.1 1.7 2.3 -1.1 5.0 2.3 1.9 .8 4.8 1.3 -6.1 10.3 5.3 2.0 2.0 -6.3 .2 1.7 5.5 1.8 10.6 -1.6 1.0 -5.9 .1 -1.5 -1.0 12.8 14.7 -4.3 -2.9 -1.1 .2 7.7 -1.4 20.1 3.5 10.8 5.7 -7.5 .2 -.2 7.6 20.1 13.3 -8.4 13.8 -5.7 .3 1.3 5.6 9.6 5.9 -10.3 -4.3 9.5 .3 1.5 7.0 29.0 5.2 5.1 2.5 -.8 .3 12.5 4.1 LIQUID ASSETS DEMAND DEP.' + CURRENCY TIME DEPOSITS FOREIGN DEPOSITS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS COMMERCIAL PAPER SECURITY R.P.'S 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 .5 32.4 5.5 1.2 2.1 .1 6.4 6.9 6.0 2.2 1.7 19.5 9.2 3.9 3.4 1.8 54.9 11.3 3.8 4.8 1.8 2.7 5.7 3.4 63.5 8.3 1.4 4.8 .1 2.1 .6 76.6 11.2 4.1 4.7 .1 2.3 2.9 41.2 13.8 5.7 4.6 .1 3.4 2.1 33.1 17.4 9.6 4.5 -1.4 .9 62.0 13.4 5.4 4.9 .1 3.1 2.3 57.5 11.8 1.2 4.9 2.2 .4 31.6 13.0 5.0 4.4 .1 3.5 CONSUMER CREDIT TRADE CREDIT MISCELLANEOUS ASSETS FOREIGN DIR. INVEST. (2) INSURANCE RECEIVABLES EQUITY IN SPONSORED AGS. OTHER 28 29 30 31 32 33 34 35 36 37 38 115.6 82.1 4.1 78.0 43.2 37.9 9.9 28.0 84.4 60.7 10.5 50.2 102.3 79.9 2.7 77.2 146.9 94.7 2.6 92.2 147.2 92.7 2.8 89.9 149.7 90.4 7.6 82.8 166.2 101.1 6.4 94.7 191.1 118.6 2.9 115.8 165.1 126.9 2.8 124.1 167.5 122.4 2.9 119.6 39 40 41 42 43 44 1.6 19.7 13.7 -.3 1.4 12.6 2.6 27.2 9.5 .7 -.1 9.0 2.5 22.8 12.9 1.2 .6 11.1 3.5 21.0 18.9 1.6 1.7 15.6 3.2 20.1 23.3 .3 3.0 20.0 4.7 23.6 23.7 1.0 3.2 19.5 2.5 17.9 27.1 .4 4.0 22.8 2.8 21.3 24.5 .2 3.2 21.1 3.4 21.5 21.4 -.9 2.3 20.0 3.1 25.8 26.0 -.9 2.3 24.6 3.6 12.4 28.9 45 46 47 48 49 30.3 4.1 1.3 5.8 1.5 -11.0 -2.9 .2 2.2 .2 3.8 1.4 1.3 5.2 .2 21.3 1.6 .6 10.3 31.6 2.7 1.2 8.3 1.7 28.5 1.7 .5 5.9 1.3 20.9 3.6 3.1 5.2 2.4 29.4 4.7 -2.2 13.9 .4 48.2 5.9 3.5 10.8 1.1 50 51 52 1.1 28.7 3.7 -2.4 6.3 1.4 7.5 13.6 2.7 -1.3 21.7 2.1 3.4 44.8 4.0 .2 49.7 4.6 6.0 47.0 6.3 11.2 52.2 1.6 53 12.2 16.9 26.4 25.5 21.4 16.4 19.1 23.2 * * * * -.1 1.2 * * * PROFITS BEFORE TAX - PROFITS TAX ACCRUALS - NET DIVIDENDS PAID = UNDISTRIBUTED PROFITS + FOREIGN BRANCH PROFITS + BOOK DEPRECIATION = GROSS INTERNAL FUNDS, B O O M 1 * * 3.3 NET INCREASE IN LIABILITIES NET FUNDS RAISED IN MKTS. NET NEW EQUITY ISSUES DEBT INSTRUMENTS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 35 36 37 38 3.8 25.1 TAX-EXEMPT BONDS (3) CORPORATE BONDS (2) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 39 40 41 42 43 44 45.9 9.8 -.6 12.7 1.4 52.6 14.6 4.2 2.5 .6 BANK LOANS N.E.C. COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U.S. GOVERNMENT LOANS 45 46 47 48 49 4.2 66.9 1.4 -7.6 41.6 4.1 10.0 31.9 3.2 50 PROFIT TAXES PAYABLE 51 TRADE DEBT FGN DIRECT INVEST. IN U.S. 52 24.2 27.6 25.1 DISCREPANCY 53 MEMORANDUM ITEMS: EXCESS OF CAPITAL EXPENDITURES 60.8 OVER GROSS INTERNAL FUNDS 54 * 55 56 3.7 41.3 .1 42.6 5.9 45.2 10.0 59.8 10.1 65.2 12.3 68.8 10.5 65.1 11.3 66.1 9.7 70.8 -.4 78.4 1.1 TRADE CREDIT NET OF TRADE DEBT 55 70.1 PROFITS TAX PAYMENTS 56 57 58 59 47.5 30.6 60.3 34.2 -6.3 -2.3 38.5 11.6 32.7 50.3 26.9 47.2 58.9 33.2 81.5 62.4 27.5 77.4 55.5 27.3 80.4 60.1 34.6 98.1 66.5 49.3 120.4 74.1 50.0 84.1 DEBT SUBTOTALS: (4) 66.0 LONG-TERM DEBT 53.6 SHORT-TERM DEBT 95.5 TOTAL S-T LIABILITIES 60 61 62 41.4 177.9 58.0 40.1 93.5 28.0 40.4 111.0 36.1 41.5 121.4 45.4 41.3 131.7 47.0 41.5 135.0 44.3 41.5 130.0 41.4 41.9 130.6 46.5 39.3 137.9 54.4 38.9 144.1 54.2 63 64 65 66 67 103.9 175.1 115.2 53.4 6.5 102.2 112.3 108.9 2.0 1.3 113.5 153.7 124.2 25.5 4.0 129.6 185.0 148.2 34.4 2.5 152.6 221.2 174.2 45.0 2.0 159.2 228.4 173.6 50.4 4.4 157.7 223.0 180.8 41.2 .9 161.4 232.4 186.5 44.4 1.4 170.2 252.9 191.0 57.1 4.9 168.0 265.6 195.3 68.8 1.6 183.5 GROSS INVESTMENT, BOOK 269.4 CAPITAL EXPENDITURES 201.9 FIXED INVESTMENT 62.2 INVENTORY CHG., BOOK 5.2 MINERAL RIGHTS 63 64 65 66 67 68 69 70 53.4 -40.4 12.9 2.0 -12.4 -10.4 25.5 -14.6 10.8 34.4 -15.2 19.2 45.0 -25.2 19.7 50.4 -25.1 25.2 41.2 -23.0 18.2 44.4 -28.8 15.7 57.1 -39.9 17.1 68.8 -36.6 32.2 62.2 INVENTORY CHANGE, BOOK -40.8 PLUS: INV. VAL. ADJUSTMENT 21.4 EQUALS: INVENTORY CHG., NIA 68 69 70 71 72 73 77.0 -3.0 80.0 84.1 -11.7 95.7 91.4 -13.9 105.3 103.1 -11.3 114.3 113.0 -12.0 125.1 112.4 -11.5 123.9 113.7 -12.6 126.3 116.1 -12.5 128.6 118.4 -13.1 131.5 123.2 -13.2 136.4 125.3 BOOK DEPRECIATION -15.8 LESS: CAP. CONS. ADJUSTMENT 141.1 EQUALS: CAPITAL CONS., NIA 71 72 73 74 75 150.8 44.6 94.2 24.9 109.8 32.6 119.3 41.7 127.1 41.7 130.0 39.4 126.1 37.1 125.9 40.7 130.1 45.8 135.8 46.7 RATIOS ON BOOK BASIS: 129.2 CAPITAL OUTLAYS/INTERNAL FUNDS 74 44.4 CREDIT MKT. BORROWING/CAP. EXP 75 57 58 59 PER CENT RATIOS: 39.5 EFFECTIVE TAX RATE 60 136.3 CAPITAL OUTLAYS/INTERNAL FUNDS 61 52.3 CR. MKT. BORROWING/CAP. EXP. 62 GROSS INVESTMENT AND CAPITAL EXPENDITURES ON BOOK BASIS: BILLIONS OF 12) FOREIGN INVESTMENT IS NET OF BOND ISSUES ABROAD, AND BOND ISSUES OUTSIDE THE U.S. ARE EXCLUDED FROM SOURCES OF FUNDS ABOVE. (3) 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. (4) MATURITY SPLIT ON DEBT IS APPROXIMATE: L-T IS BONDS, M-F + COMMERCIAL MORTGAGES, AND 40? OF BANK LOANS. S-T DEBT IS OTHER CREDIT MARKET BORROWING. TOTAL S-T LIABILITIES IS S-T BORROWING + TAX LIABILITIES + TRADE DEBT. DOLLARS. 111/79 BASED ON INCOMPLETE INFORMATION. NOVEMBER 14, 1979 STATE+LOCAL GOVTS. AND FOREIGN STATE+LOCAL GOVTS. AND FOREIGN UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS <$ MILL.) II 1 1978 III IV 1 I STATE AND 1 TOTAL RECEIPTS, NIA BASIS TAX RECEIPTS 2 SOCIAL INSURANCE RECEIPTS 3 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 NET ACQ. OF FINANCIAL ASSETS 12 DEMAND DEP. + CURRENCY 13 14 TIME DEPOSITS SECURITY RP'S 15 16 17 18 19 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES TREASURY ISSUES U.S. GOVT. AGENCY SEC. 20 21 22 ST.+LOC. OBLIGATIONS MORTGAGES TAXES RECEIVABLE 23 24 25 26 27 28 29 NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING ST.+LOC. OBLIGATIONS SHORT-TERM OTHER U.S. GOVERNMENT TRADE DEBT LOANS 30 DISCREPANCY 1979 II III BILLIONS OF DOLLARS 1971 1970 1972 1969 LOCAL GOVERNMENTS -- GENERAL FUNDS 1973 (1) 83.390 57.491 6.693 19.206 80.061 53.796 6.879 19.386 90.055 62.479 6.992 20.584 83.447 57.115 7.285 19.047 87.566 60.495 7.538 19.533 86.564 58.803 7.721 20.040 119.7 91.4 7.9 20.3 134.9 101.5 9.0 24.4 152.6 113.7 9.9 29.0 177.4 129.1 10.8 37.5 193.5 140.8 12.1 40.6 75.655 70.475 5.180 7.735 5.571 2.164 79.179 74.039 5.140 882 4.563 -3.681 78.898 73.745 5.153 11.157 5.291 5.866 76.750 71.750 5.000 6.697 4.936 1.761 82.062 76.792 5.270 5.504 6.037 -533 85.187 80.325 4.862 1.377 5.400 -4.023 117.6 110.4 7.1 2.1 5.5 -3.4 132.2 123.2 9.0 2.8 6.4 -3.6 148.9 137.5 11.4 3.7 6.6 -2.9 163.7 151.0 12.7 13.7 8.5 5.3 5 180.5 6 167.3 7 13.1 8 13.0 9 9.5 3.5 10 -1.846 6.093 1.136 -562 1.000 -1.332 8.179 -1.526 2.826 1.000 4.347 8.520 1.964 1.666 0 -321 1.390 -2.850 2.955 1.824 -2.285 3.732 993 -3.300 270 -566 6.568 423 879 1.457 -10.0 1.1 1.4 -5.9 -4.7 7.2 -2.9 10.0 -12.0 6.4 1.0 7.2 1.9 17.0 1.7 6.8 ~ - - ~ 5.538 5.197 4.946 251 3.684 2.940 2.065 875 2.518 2.474 1.074 1.400 1.210 588 88 500 7.170 5.790 5.532 258 1.655 355 244 111 5.3 4.7 3.1 1.7 -.2 -1.2 .9 -2.1 -2.3 -3.2 -1.3 -1.8 7.8 6.7 4.1 2.6 205 136 -1.019 594 150 2.195 -156 200 2.372 -178 800 -1.749 -120 1.500 -1.401 0 1.300 2.154 .1 .5 .3 .1 .8 .2 -.3 1.1 .5 -.3 1.4 .8 7.939 7.681 9.524 1.655 7.869 9.511 9.256 9.259 391 8.868 4.173 3.915 3.910 45 3.865 1.711 1.454 1.439 -1.413 2.852 6.017 5.759 5.592 701 4.891 7.134 6.876 6.824 1.395 5.429 11.1 10.7 9.9 2.8 7.2 11.9 11.3 11.2 2.3 8.9 18.4 17.7 17.3 2.5 14.9 15.1 14.5 14.2 .1 14.1 -1.843 258 -3 255 5 258 15 257 167 258 52 258 .7 .4 .1 .6 .4 .7 .3 .6 .3 28 .8 29 4.010 -2.349 1.519 2.082 1.752 -3.457 6.6 1.1 9.1 3.3 2.1 30 (1. )EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE 1 2 3 4 1.4 15.4 -.3 7.2 2.4 11 12 13 14 15 5.4 3.4 -1.0 4.4 16 17 18 19 .2 20 1.7 21 .7 22 14.0 13.2 12.9 .3 12.6 23 24 25 26 27 SECTOR. REST OF THE WORLD -1.346 52.877 54.223 1.290 2.091 4.727 -4.618 51.043 55.661 995 2.169 7.782 939 57.924 56.985 1.291 2.480 2.832 1.157 58.667 57.510 1.238 2.735 2.816 -1.331 62.713 64.044 1.274 2.633 5.238 -4.385 63.988 68.373 1.203 2.729 8.317 1.8 54.7 52.9 3.0 .8 2.0 3.9 62.5 58.5 3.2 1.0 .3 1.6 65.6 64.0 3.6 1.8 3.9 -3.3 72.7 75.9 3.8 2.7 9.8 7.1 101.6 94.4 3.9 3.8 .6 1 2 3 4 5 6 7 NET FINANCIAL INVESTMENT NET A C Q . OF FINANCIAL ASSETS 8 9 GOLD + SDR'S (1) U.S. DEMAND DEPOSITS 10 U.S. TIME DEPOSITS 11 NET INTERBANK CLAIMS 12 -2.686 3.253 -102 36 -ZZ 4.856 7.295 15.257 -43 -821 -555 9.670 2.796 22.429 1.348 2.149 824 -4.708 -1.274 9.853 -4 -2.046 -452 19.780 -9.301 -1.633 7 2.663 -917 3.942 6.292 21.803 95 900 1.191 8.667 3.4 10.0 -1.0 .3 1.4 12.3 .6 5.3 .8 .5 -1.7 -6.4 13.8 22.2 1.3 -.2 .3 -4.6 11.7 18.4 .6 1.6 2.9 -.7 2.8 14.1 7 8 13 14 15 16 17 U.S. CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U . S . GOVT. SECURITIES U.S. CORPORATE BONDS (2) OPEN-MARKET PAPER 1.297 -2.023 -4.945 550 2.372 16 3.546 1.422 372 1.752 425 20.441 16.858 493 3.090 684 352 -5.302 -11.725 -4.977 -13.257 -508 -109 1.641 183 201 8.458 5.961 13 2.484 1.6 -.5 -2.0 .5 1.0 .7 10.5 9.3 .7 .5 .8 26.4 26.3 .3 -.2 2.4 8.4 8.4 .1 -.1 18 19 SECURITY CREDIT TRADE CREDIT 0 160 0 1.113 0 898 0 -339 0 2.308 0 1.043 -.2 .8 -.1 2.0 .4 .1 .8 18 1.0 19 20 21 22 MISCELLANEOUS ASSETS DIR. INVESTMENT IN U . S . OTHER -949 1.149 -2.098 2.331 1.566 765 1.052 405 647 -2.468 356 -2.824 1.737 1.035 702 1.248 800 448 -4.7 .8 -5.5 -1.1 1.0 -2.1 -2.3 -.2 -2.1 2.4 .4 2.0 6.7 20 1.9 21 4.8 22 23 NET INCREASE IN LIABILITIES U.S. OFF. FGN. EXCHANGE + NET IMF POSITION 5.939 7.962 19.633 11.127 7.668 15.511 6.5 4.7 8.4 6.8 11.2 23 24 -432 -252 1.145 2.103 -265 -2.696 .3 -2.5 -1.7 -.2 -.2 24 25 26 27 FOREIGN EQUITY ISSUES CREDIT MARKET INSTRUMENTS CORP. AND FOREIGN BONDS -70 5.728 1.165 16 6.343 469 -132 17.959 1.050 15 -1.565 1.041 -62 6.659 700 505 14.408 1.603 .5 3.2 1.0 .1 2.8 .9 5.1 .9 -.4 4.4 1.0 -.2 25 6.3 26 1.0 27 1.476 -81 589 968 4.773 709 2.000 2.064 11.095 1.462 6.297 3.336 -3.780 605 -3.886 -499 2.538 -243 1.632 1.149 6.795 1.882 2.497 2.416 -.3 -.2 -.1 -.1 2.0 .2 .9 .9 3.0 .2 1.1 1.7 2.7 .4 1.6 .7 2.026 1.061 -171 1.272 4.977 837 3 75 799 2.656 765 5.360 650 .3 2.1 .8 1.3 .3 1.8 -1.0 1.5 .9 32 1.7 33 0 51 0 95 0 -833 0 320 0 -576 0 600 -.2 .8 1.0 .5 .1 .5 -.2 34 1.9 35 662 151 249 1.736 -1.474 1.760 181 -755 -366 2.700 1.494 0 1.537 273 -316 10.254 312 3.495 1.547 4.900 1.912 188 -1.079 1.865 938 2.694 150 636 1.613 295 2.0 .2 -.5 2.1 .2 3.4 .2 -.4 3.6 -.1 4.5 .3 .3 3.3 .7 2.4 .3 .8 1.2 .1 4.090 14.539 1 2 3 4 5 6 NET U.S. EXPORTS U . S . EXPORTS U.S. IMPORTS TRANSFER RECEIPTS FROM U . S . U. S. GOVT. INTEREST RECEIVED CURRENT ACCOUNT BALANCE (U.S. BALANCE, SIGN REVERSED) 28 29 30 31 BANK TO TO TO LOANS N.E.C. FGN. OFFICIAL FGN. BANKS OTHER FGN. 32 33 BANKERS ACCEPTANCES U.S.GOVT. LOANS 34 35 SECURITY DEBT TRADE DEBT 36 37 38 39 40 MISCELLANEOUS LIABILITIES USG EQUITY IN IBRD, ETC. U.S. DEPOSITS ABROAD U.S. DIR. INV. ABR0AD(2) OTHER 41 DISCREPANCY (1) CONSISTS ONLY OF NET PURCHASES FROM U.S. EXCLUDES ACQUISITIONS FROM OTHER SOURCES. (2) EXCLUDES U.S. SECURITY ISSUES IN FOREIGN MARKETS. HI/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * .2 -.4 * * * * * 9 2.9* 10 2.8 11 -2.7 12 2.8 .6 .2 .1 .3 13 14 15 16 17 * 3.6 .3 1.8 2.0 -.4 28 29 30 31 36 37 38 39 40 NOVEMBER 14, 1979 STATE+l.OCAL GOVTS. AND FOREIGN SEASONALLY ADJUSTED ANNUAL 1974 1975 1976 STATE+LOCAL GOVTS. AND RATES FOREIGN 13 SEASONALLY ADJUSTED ANNUAL RATES 1 2 3 4 1978 III 1977 STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS (1) 1 2 3 4 210.4 152.6 13.9 43.9 236.9 165.9 16.4 54.6 268.0 187.2 19.7 61.1 298.8 207.7 23.6 67.5 331.0 226.6 27.1 77.3 330..5 227..1 26..8 76..7 331,,8 226..7 27..5 77..6 342..6 233.9 28..0 80..7 343..9 236..9 29..1 77..8 345.8 237.9 30.2 77.7 357.6 TOTAL RECEIPTS, NIA BASIS TAX RECEIPTS 246.0 SOCIAL INSURANCE RECEIPTS 30.9 80.7 GRANTS IN AID RECEIVED 5 6 7 8 9 10 202.8 191.5 11.3 7.6 9.7 -2.1 230.6 215.4 15.3 6.2 11.3 -5.1 250.1 231.6 18.5 17.9 13.1 4.8 271.9 251.8 20.1 26.8 15.7 11.1 303.6 283.0 20.6 27.4 19.9 7.6 301..0 280..1 20..8 29..6 22..3 7..3 309,,1 288..6 20..5 22.,7 18..3 4,.5 315..5 294..8 20..7 27..1 21..2 5..9 316.,3 296..5 19..9 27..6 19.,7 7..8 326.1 304.9 21.2 19.6 24.1 -4.5 333.2 313.7 19.5 24.4 21.6 2.8 11 12 13 14 15 -7.7 9.6 -.7 5.7 3.6 -12.7 2.4 .1 -2.0 1.0 -4.3 11.6 -.6 2.1 3.6 25.0 1.4 7.0 1.0 .5 25.1 -1.1 8.1 2.0 -2.4 18,.4 -1..4 6,.8 4..0 .4 31..1 -1.7 9..5 4..0 1..3 24..0 .3 7..6 6..7 26..7 -1..6 2..8 7.,3 -5.0 6.3 -2.4 -2.8 1.1 16 17 18 19 .2 -2.8 -5.5 2.7 2.6 -1.4 -1.7 .3 7.9 4.3 2.2 2.1 14.0 13.5 12.6 .9 14.6 12.5 9.8 2.8 3,.0 6,.6 5..6 1..0 16..2 13..2 9..7 3..5 12..6 12..4 6..8 5..6 18..0 15,.5 13..5 2..0 10.5 5.0 3.9 1.0 8.0 2.8 2.4 .4 20 21 22 .5 2.5 .7 2.4 1.6 .6 2.4 1.3 2.2 -.1 .6 1.6 1.0 1.0 1.6 .8 .5 1..0 2..4 .6 3,.1 -,.6 -,.7 .8 3,.5 3,.2 .1 -.5 6.0 -.1 5.2 2.5 23 24 25 26 27 17.3 15.5 14.8 2.7 12.1 15.1 13.7 13.5 -.3 13.8 15.9 15.2 13.2 -4.1 17.2 21.4 20.4 20.2 -2.6 22.8 24.6 23.6 25.1 .6 24.5 20..8 19,.8 27..1 -1,.3 28..4 31..5 30..5 30,.5 1..0 29..5 22,.7 21..7 21,.6 3..1 18,.6 19,.9 18,.9 18,.8 .8 18..1 11.3 10.3 9.6 -6.3 15.9 21.1 20.1 19.9 5.1 14.8 28 29 .7 1.8 .2 1.4 2.0 .7 .2 1.0 -1.6 1.0 -7,.4 1..0 1,.0 1,.0 .1 1,.0 .7 1.0 .2 1.0 30 5.6 7.6 9.1 7.5 7.0 9,.7 4..9 4,.6 1,.1 .5 ~ _, * * TOTAL EXPENDITURES, NIA BASIS PURCH. OF GOODS + SERVICES NET INTEREST + TRANSFERS NET SURPLUS, NIA BASIS - RETIREMENT CREDIT TO HH = GROSS SAVING 5 6 7 8 9 10 1.7 NET FINANCIAL INVESTMENT 22.8 NET ACQ. OF FINANCIAL ASSETS DEMAND DEP. + CURRENCY 5.8 TIME DEPOSITS .6 SECURITY RP'S 5.8 11 12 13 14 15 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES TREASURY ISSUES U.S. GOVT. AGENCY SEC. 16 17 18 19 ST.+LOC. OBLIGATIONS MORTGAGES TAXES RECEIVABLE 20 21 22 - NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING ST.+LOC. OBLIGATIONS SHORT-TERM OTHER U.S. GOVERNMENT TRADE DEBT LOANS 1.1 DISCREPANCY 23 24 25 26 27 28 29 30 (l)EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTOR. REST OF THE WURLD 1 2 3 4 5 6 6.0 137.9 131.9 4.2 4.3 2.5 20.4 147.3 126.9 4.0 4.5 -11.9 8.0 163.3 155.4 4.1 4.5 .7 -9.9 175.9 185.8 4.2 5.5 19.6 -10.3 207.2 217.5 4.6 8.7 23.5 -7.6 205.7 213.3 4.8 8.4 20.8 -6.8 213.8 220.6 4.2 8.6 19.6 -4.5 224.9 229.4 5.1 9.8 19.4 4.0 238.5 234.4 5.1 11.0 12.1 -8.1 243.7 251.9 4.7 10.6 23.4 7 8 9 10 11 12 4.2 25.6 -.2 2.8 7.7 -.2 -17.1 4.1 20.9 38.4 -.2 2.4 -.4 -.8 12.7 55.7 1.2 -.2 1.1 5.4 -3.8 20.8 -.4 -.5 -.4 22.3 13.0 44.8 -.2 -1.3 -2.0 17.0 16.9 91.1 5.4 .6 3.1 -3.6 -1.8 47.3 -28.5 2.9 -.3 1.5 -9.9 -8.8 23.9 -.1 3.2 -1.9 -5.9 -.8 -1.6 82.3 10.1 -4.2 18.5 13 14 15 16 17 .5 11.2 3.7 .9 6.6 4.7 6.1 8.1 .6 -2.6 2.8 15.2 11.6 .9 2.7 2.7 39.4 31.5 3.5 4.4 2.4 37.7 28.2 1.6 7.9 5.2 9.4 -5.5 2.2 12.6 .1 17.3 10.6 1.5 5.2 1.7 72.5 59.3 2.0 11.2 2.7 -33.2 -32.5 -2.0 1.4 1.4 -25.8 -35.9 -.4 10.6 18 19 .1 1.6 _ _ _ 1.8 3.4 1.5 3.4 20 21 22 1.9 3.7 -1.8 .3 1.4 -1.1 7.1 2.7 4.5 -6.0 2.1 -8.2 4.7 4.0 .8 23 21.4 21.2 32.7 17.6 43.0 24 1.3 .5 2.5 .2 25 26 27 -.2 15.7 2.1 .2 13.2 6.2 .3 20.5 8.6 .4 13.5 5.1 -.5 32.8 4.0 28 29 30 31 4.7 .3 3.1 1.3 3.9 .3 1.1 2.5 6.8 .9 4.2 1.7 3.1 .1 2.7 .3 32 33 7.3 1.6 .3 2.8 1.9 3.3 34 35 3.1 .1 .7 36 37 38 39 40 1.6 .6 -.8 1.2 .7 6.6 .7 .8 6.0 -.9 * * * * * -5.3 266.4 271.7 5.1 10.9 21.3 NET U.S. EXPORTS U.S. EXPORTS U.S. IMPORTS TRANSFER RECEIPTS FROM U . S . U. S. GOVT. INTEREST RECEIVED CURRENT ACCOUNT BALANCE (U.S. BALANCE, SIGN REVERSED) 7.3 NET FINANCIAL INVESTMENT 68.3 NET ACQ. OF FINANCIAL ASSETS .4 GOLD + SDR'S (1) 5.5 U.S. DEMAND DEPOSITS 5.2 U.S. TIME DEPOSITS 9.7 NET INTERBANK CLAIMS .8 37.9 29.2 .1 8.7 U.S. CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES U.S. CORPORATE BONDS (2) OPEN-MARKET PAPER SECURITY CREDIT TRADE CREDIT -6.4 4.1 -10.5 9.4 6.3 3.1 7.9 1.6 6.3 -.8 1.4 -2.2 24.6 31.8 74.3 49.1 -1.7 -1.0 4.6 8.4 -.3 22.5 4.7 .1 26.7 1.9 -.5 61.6 4.2 .1 4.3 4.2 18.3 2.1 9.5 6.6 5.5 -.3 2.0 3.8 20.4 2.8 9.8 7.8 34.1 5.8 16.7 11.6 2.4 3.0 6.6 3.9 8.1 4.2 -.7 5.1 19.9 3.3 _ .3 _ .5 _ -.3 .2 .4 -3.3 - - - 1.3 -2.3 2.4 9.0 1.1 1.5 3.9 2.5 3.2 .7 1.3 5.0 -3.8 10.8 .6 2.1 3.8 4.3 3.9 .6 1.0 5.4 -3.1 5.7 .7 -3.0 1.2 6.7 12.0 35.0 1.2 14.0 4.1 15.7 8.5 .8 -4.3 5.7 6.3 9.2 .6 2.5 9.6 -3.5 13.9 51.9 14.1 DISCREPANCY * -15.3 4.6 -19.9 _ - 6.1 1.4 4.4 6 4.7 3.2 1.5 MISCELLANEOUS ASSETS DIR. INVESTMENT IN U.S. OTHER 20 21 22 31.4 61.1 -10.8 NET INCREASE IN LIABILITIES U.S. OFF. FGN. EXCHANGE + NET IMF POSITION 23 -1 .1 -.2 26.5 2.8 2.0 58.2 6.4 FOREIGN EQUITY ISSUES CREDIT MARKET INSTRUMENTS CORP. AND FOREIGN BONDS 25 26 27 -4.5 2.4 -7.5 .6 10.0 -1.0 6.5 4.6 27.7 7.5 11.3 8.9 BANK TO TO TO 1.5 3.2 10.6 3.1 21.4 2.6 BANKERS ACCEPTANCES U.S.GOVT. LOANS LOANS N.E.C. FGN. OFFICIAL FGN. BANKS OTHER FGN. INFORMATION. 32 33 34 35 MISCELLANEOUS LIABILITIES USG EQUITY IN IBRD, ETC. U.S. DEPOSITS ABROAD U.S. DIR. INV. ABR0AD(2) OTHER 36 37 38 39 40 (2) EXCLUDES U . S . SECURITY ISSUES IN FOREIGN 111/79 BASED ON INCOMPLETE 28 29 30 31 SECURITY DEBT TRADE DEBT (1) CONSISTS ONLY OF NET PURCHASES FROM U . S . EXCLUDES ACQUISITIONS FROM OTHER SOURCES. BILLIONS OF DOLLARS. 24 MARKETS. NOVEMBER 14, 1979 U.S.GOVT. + CREDIT AGENCIES U.S.GCVT. + CREDIT SECTOR STATEMENTS OF SAVING AND UNADJUSTED NET FLOWS AGENCIES INVESTMENT ($ MILL.) UNADJUSTED NET FLOfoS ($ MILL.) II 1978 III IV 1979 II I III 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 U.S. GOVERNMENT 1 TOTAL RECEIPTS, NIA BASIS 2 PERSONAL TAXES 3 CORP. PROFITS TAX ACCRUALS 4 INDIRECT TAXES 5 SOCIAL INSURANCE RECEIPTS 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 17 GOLD, SDR'S + OFF FGN EXCH 18 DEMAND DEPOSITS + CURRENCY 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 119.632 111.474 105.626 113.804 136.078 127.677 54.683 52.683 49.749 45.281 63.935 60.936 19.292 19.083 20.260 17.288 20.029 21.226 7.173 7.291 7.268 6.994 7.605 7.841 38.484 32.417 28.349 44.241 44.509 37.674 197.0 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 62.8 258.3 114.6 43.0 21.2 79.4 1 2 3 4 5 112.534 114.767 120.604 121.577 123.282 128.172 36..838 38.094 40.645 40,.113 40,.860 40.138 67..281 67.860 72,.634 76..605 71.285 70.623 8..415 10,.707 10,.535 9.336 10.154 8.813 7,.098 -3.293 -14.978 -7.773 -495 12,.796 1,.537 630 -1.604 6.240 7,.594 1,.591 5,.561 -9.533 -15.608 -6.169 11..205 - 8 ,.089 389 232 1,.097 1.221 355 1..302 6..658 -9.301 -15.253 -4.948 11,.594 -6..787 188.4 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 -19.5 265.0 102.2 144.6 18.2 -6.7 2.3 -9.0 3.2 -5.9 6 7 8 9 10 11 12 13 14 -19.5 -.9 -.4 -1.0 .1 -7.4 3.3 * -1.8 -.2 15 16 17 18 19 1.8 20 21 22 23 4,.577 8..164 -315 10..986 361 7.0 204.2 95.6 94.3 14.3 -12.1 2.5 -14.6 .3 -14.3 -5.765 -15.136 2.826 15.985 -173 -1.851 5.016 -6.463 -4 -105 -9.468 -231 -49 -8.216 -7 8,.515 9,.395 552 10..412 38 -5,.053 14..957 -1..287 6,.253 27 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 * 3,.603 2,.860 -563 1..306 6.235 1.365 1.113 3.757 5.001 1.550 -385 3.836 5.291 2.160 72 3.059 6,.118 3,.215 296 2,.607 3,.831 1,.880 -513 2,.464 3.1 -1.3 1.0 3.5 2.8 -.1 .3 2.6 -.4 3.2 -.7 2.5 2.8 * -.6 3.4 - 7 ..070 460 139 4.609 242 161 5.194 835 114 2.476 -83 357 -8 .965 1,.067 173 5,.879 104 150 -3.0 .9 .1 -2.6 -.8 .3 1.5 -1.7 .1 -.7 -.8 .1 1.3 24 .3 25 .9 26 10.8 27 .4 28 2.8 * * 27 28 NET INCREASE IN LIABILITIES TREASURY CURR. + SDR CTFS. 3,.587 97 21.750 179 17.962 112 9.237 276 880 823 20..010 280 -2.5 .3 14.9 .6 28.5 .5 18.7 .5 29 30 31 32 CREDIT MARKET INSTRUMENTS SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES + MTGS. 2..582 1..158 1..548 •124 15.054 829 14.803 -578 15.253 746 14.890 -383 10.657 -129 11.440 -654 - 4 ,.637 33 - 4 ,.182 -488 12..371 -25 12,.492 -96 -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 33 34 35 LIFE + RETIREMENT TRADE DEBT MISCELLANEOUS 1..537 35 -664 6.240 269 8 630 1.432 535 -1.604 205 -297 1,.591 992 2..111 7..594 843 - 1 ..078 1.6 -.3 -.4 2.5 -.6 .5 2.9 -.7 .8 3.1 -.1 2..081 26..362 -3.536 14.474 -117 15.066 4.520 14.812 3,.079 28,.994 - 1 ..734 15..347 1.0 39.2 .2 33.4 .4 32.0 .1 37.3 RESERVES 36 DISCREPANCY 37 MEMO: CORP. TAX RECEIPTS, NET FEDERALLY SPONSORED CREDIT SPONSORED CREDIT AGENCIES AND MORTGAGE * 8.3 2.7 5.2 .4 29 30 31 32 2.3 33 .1 34 -.4 35 1.6 36 41.7 37 POOLS AGENCIES .1 .1 .2 .2 .4 1 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 8.083 34 7.671 -50 7.343 86 6.899 -38 7.936 54 3.186 2 9.2 10.3 .7 .1 3.9 18.7 .1 2 3 4 5 6 7 8 8.281 3 75 905 -361 -169 7.172 -809 -505 -552 248 7.521 17 183 -48 -118 4.256 1.656 -548 -18 2.222 9.378 -209 1.085 -123 -1.171 4.229 -2.064 -904 5 -1.165 8.6 -.4 -.6 8.8 1.9 1.1 1.1 -1.2 -.5 .2 .8 -.6 4.0 -.4 -1.2 .4 .4 15.5 2.1 * -.2 2.3 4 5 6 7 8 5.759 1.763 3.996 6.643 2.759 3.884 6.320 2.808 3.512 2.821 3.610 -7 89 4.890 1.700 3.190 5.189 1.664 3.525 7.8 3.8 4.0 6.2 4.9 1.3 .2 2.9 -2.7 2.9 2.8 LOANS TO AGRICULTURE FARM MORTGAGES LOANS TO COOPS (BC) LOANS TO FARMERS (FICB) MISCELLANEOUS ASSETS 1.978 896 209 873 -63 1.586 809 -50 827 301 1.066 758 191 117 -146 2.001 1.154 100 747 459 3.526 1.410 1.005 1.111 -325 -61 1.169 -755 -475 120 1.4 .6 .2 .6 .4 1.5 .5 .3 .7 .8 1.4 .7 .7 .2 1.9 1.2 .3 .4 -.4 3.2 1.9 .3 1.1 .8 12 13 14 15 16 17 NET INCREASE IN LIABILITIES 18 CREDIT MARKET INSTRUMENTS 19 SPONS. AGENCY ISSUES 20 U.S. GOVERNMENT LOANS 21 MISCELLANEOUS LIABILITIES 7.877 6.658 6.658 0 1.219 7.459 5.989 5.989 0 1.470 7.426 5.998 5.998 0 1.428 6.724 5.990 5.990 0 734 7.569 5.154 5.154 0 2.415 2.903 1.511 1.511 0 1.392 9.1 8.8 9.1 -.3 .4 10.3 8.2 8.2 .6 1.1 1.1 3.8 3.5 3.5 2.1 - -.5 - -.3 18.5 16.3 16.3 Z.Z 17 18 19 20 21 .1 .1 .1 .1 .7 .4 • .2 1.6 1.2 .3 4.8 4.3 .1 .4 4.9 4.3 .3 .3 3.6 3.2 .2 .2 23 24 25 26 .7 1.6 4.8 4.9 3.6 27 9.3 -.4 8.3 1.6 10.4 1.9 7.5 1.8 5.9 -1.2 4.5 1.8 8.8 -.4 7.4 2.2 19.1 2.1 15.9 3.5 28 29 30 31 1 CURRENT CREDIT MARKET INSTRUMENTS LIQUID ASSETS U.S.GOVT. SECURITIES OPEN-MARKET PAPER FEDERAL FUNDS + RP'S 9 10 11 12 13 14 15 16 22 SURPLUS HOUSING CREDIT RESIDENTIAL MORTGAGES FHLB LOANS TO S + L ASSOC. DISCREPANCY FEDERALLY SPONSORED MORTGAGE POOLS 4.522 3.400 903 219 4.128 3.757 308 63 27 NET I N C R . I N POOL SECURITIES 4.522 4.128 MEMO: TOTALS FOR AGENCIES AND POOLS— CREDIT MARKET INSTRUMENTS 12.803 L I Q U I D ASSETS 375 HOUSING CREDIT 10.062 LOANS TO AGRICULTURE 2.197 11.300 -809 10.708 1.649 13.424 17 11.944 1.345 10.117 11.901 32 NET SECURITY ISSUES (1) 11.180 5.903 5.237 387 279 GNMA, FHLMC, AND FARMERS HOME ADM. POOLS. 1 1 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. (2) Sales of Outer C o n t i n e n t a l Shelf leases. (3) From 1974, mainly Federal Financing Bank purchases of Farmers Home Administration mortgage pool securities. * - * * * 12.5 9 5.3 10 7.2 11 .2 22 (1) 23 NET ACQ. OF MORTGAGES 24 HOME MORTGAGES 25 MULTIFAMILY MORTGAGES 26 FARM MORTGAGES 28 29 30 31 * 5.598 4.237 558 803 9.854 1.656 7.616 2.804 11.588 7.708 6.604 600 504 8.570 7.827 413 330 17.086 -209 12.094 4.030 12..799 - 2 ..064 13,.429 269 12.862 10.081 * NOVEMBER 14, 1979 U.S.GOVT. + CREDIT AGENCIES U.S.GOVT. + CREDIT SECTOR STATEMENTS OF SAVING AND SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 AGENCIES 15 INVESTMENT SEASONALLY ADJUSTED ANNUAL 1977 I | 1978 U.S. II 1978 III | I IV 1979 II I RATES III GOVERNMENT 1 2 3 4 5 288.6 131.1 45.9 21.7 89.9 286.2 125.4 42.8 23.9 94.2 331.4 147.2 54.6 23.4 106.3 375.4 169.6 61.8 25.1 118.9 432.1 194.9 72.0 28.1 137.0 424.8 188.8 72.2 28.0 135.8 442.1 200.9 74.6 28.4 138.2 46 3.5 211.0 81.2 29.3 142.0 475.0 213.0 77.2 29.4 155.5 485.8 223.4 74.9 29.9 157.5 508.4 TOTAL RECEIPTS, NIA BASIS 235.0 PERSONAL TAXES 82.9 CORP. PROFITS TAX ACCRUALS INDIRECT TAXES 30.3 160.1 SOCIAL INSURANCE RECEIPTS 6 7 8 9 10 11 12 13 14 299.3 111.1 167.3 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 -73.1 385.0 129.7 228.6 26.8 -53.6 4.7 -58.3 4.0 -54.4 421.7 144.4 248.4 29.0 -46.3 6.6 -53.0 2.5 -50.5 459.8 152.6 272.3 34.8 -27.7 7.2 -34.9 2.0 -32.9 449.4 148.2 267.2 34.0 -24.6 3.4 -28.0 4.4 -23.6 462.6 152.3 274.6 35.6 -20.4 15.3 -35.7 .9 -34.8 479.7 159.0 283.7 37.1 -16.3 6.7 -22.9 1.4 -21.5 486.8 163.6 283.1 40.0 -11.7 2.5 -14.2 4.9 -9.3 492.9 161 .7 288.6 42.6 -7.0 5.9 -12.9 1.6 -11.4 515.3 162.5 309.6 43.3 -7.0 17.0 -24.0 24.0 5.2 -18.8 15 16 17 18 19 -6.0 8.2 1.4 -4.5 -73.6 17.3 .5 2.9 .1 -57.8 22.4 2.4 4.0 .2 -54.0 10.4 .3 -.5 .1 -34.7 28.9 -2.6 4.0 .1 -26.6 31.8 -1.3 15.8 1.4 -37.1 35.0 -.7 6.8 -.4 -23.8 26.5 -7.4 -.3 -11.7 18.1 -.2 -14.3 -16.6 34.5 2.2 9.4 .2 -22.4 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 30.2 GOLD, SDR'S + OFF FGN EXCH -5.1 DEMAND DEPOSITS + CURRENCY 12.3 TIME DEPOSITS .1 20 21 22 23 9.8 2.5 1.4 5.9 15.1 4.5 3.2 7.4 8.9 3.7 -3.1 8.2 11.8 5.3 -.2 6.7 20.4 7.7 -.4 13.0 12.6 11.4 -3.4 4.5 22.8 5.5 1.9 15.4 20.1 6.2 -1.2 15.0 26.1 8.6 4.6 12.9 22.7 12.9 .1 9.8 13.0 7.5 -5.0 10.4 24 25 26 .6 1.0 -3.1 1.2 .7 5.5 .5 1.0 -1.3 -.8 .7 3.5 2.7 .7 .8 1.8 .6 4.8 1.0 .6 10.3 3.3 .5 5.4 -.3 1.4 -4.8 4.3 .7 8.9 .4 .6 27 28 14.3 .4 90.9 .9 80.3 1.2 64.5 .3 63.5 .5 58.4 .4 • 72.1 .7 50.3 .4 29.8 1.1 51.2 3.3 52.6 1.1 29 30 31 32 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 53.7 3.9 51.2 -1.4 56.4 4.4 52.5 -.5 52.8 3.5 51.6 -2.3 39.2 3.1 37.6 -1.5 25.2 -.5 28.4 -2.6 29.0 -.1 31.1 -2.0 34.0 34.4 -.4 CREDIT MARKET INSTRUMENTS SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES + MTGS. 33 34 35 2.9 -.8 3.8 1.4 -.7 4.7 4.4 .9 6.6 1.7 -.9 7.2 2.4 -.3 3.4 .9 -2.7 15.3 1.4 1.9 6.7 4.4 -.4 2.5 1.2 -.2 5.9 4.4 8.6 17.0 3.3 -2.8 LIFE + RETIREMENT RESERVES 33 TRADE DEBT 34 MISCELLANEOUS 35 36 37 -1.0 45.3 .5 45.9 3.4 49.0 3.5 63.0 1.7 68.5 3.0 71.4 2.4 69.8 2.3 70.8 2.4 71.8 5.3 79.7 * * * FEDERALLY * * * 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 6 7 8 9 10 11 12 13 14 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 25 26 NET INCREASE IN LIABILITIES 27 TREASURY CURR. + SDR CTFS. 28 3.6 DISCREPANCY 74.1 MEMO: CORP. TAX RECEIPTS, NET 29 30 31 32 36 37 SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS SPONSORED CREDIT AGENCIES 1 .6 .6 .6 .7 1.0 1.0 1.0 1.1 1.1 1.1 2 3 18.0 5.1 4.7 7.4 .1 28.4 29.1 .1 31.1 -.1 29.9 .2 29.3 27.9 .2 14.0 NET ACQ. OF FINANCIAL ASSETS .1 DEMAND DEPOSITS + CURRENCY 4 5 6 7 8 20.8 .3 .4 .9 -1.0 4.5 1.3 1.5 .1 -.3 4.7 1.7 1.5 26.3 .8 .6 -1.2 1.4 30.2 1.9 4.0 -1.4 -.7 29.3 1.1 2.3 -2.2 1.0 30.2 .8 1.5 -.2 -.5 18.5 .8 -8.1 -.1 8.9 34.1 -.5 4.6 -.5 -4.7 18.3 -3.9 .8 .3 6.3 -3.4 -3.8 .2 .2 9 10 11 14.3 7.7 6.7 -1.2 2.8 -4.0 -1.6 .4 -2.0 4.9 .5 4.3 21.5 9.0 12.5 21.3 7.6 13.7 22.6 10.0 12.6 22.7 11.7 11.0 19.3 13.8 5.4 17.5 7.5 10.0 17.6 5.9 11.7 12 13 14 15 16 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 5.4 3.2 .7 1.5 .6 6.3 3.1 1.1 2.0 -.6 6.6 3.4 .5 2.6 .9 6.2 3.5 -.3 3.0 7.4 4.3 .5 2.6 1.9 12.4 5.2 4.1 3.1 -1.6 -.1 4.9 -2.2 -2.8 .2 LOANS TO AGRICULTURE FARM MORTGAGES LOANS TO COOPS (BC) LOANS TO FARMERS (FICB) MISCELLANEOUS ASSETS 12 13 14 15 16 17 18 19 20 21 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 27.8 23.1 23.1 28.6 24.1 24.1 30.5 23.9 23.9 29.6 24.7 24.7 28.6 24.9 24.9 26.9 17.9 17.9 13.1 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS 7.0 SPONS. AGENCY ISSUES 7.0 U.S. GOVERNMENT LOANS 6.2 MISCELLANEOUS LIABILITIES 17 18 19 20 21 * * * * * * * - .0 4.8 .1 1.2 CURRENT SURPLUS * -4.7 CREDIT MARKET INSTRUMENTS LIQUID ASSETS U.S.GOVT. SECURITIES OPEN-MARKET PAPER FEDERAL FUNDS + RP'S 1 2 3 4 5 6 7 8 HOUSING CREDIT 9 RESIDENTIAL MORTGAGES 10 FHLB LOANS TO S + L ASSOC. 11 .3 DISCREPANCY 22 FEDERALLY SPONSORED MORTGAGE POOLS 11) 23 24 25 26 5.8 5.4 .2 .2 20, .5 19,.0 1,.2 .3 10.3 9.9 .5 -.1 18..3 15,.8 1,.9 .6 .5 .0 .2 .3 23.6 20.9 1.5 1.1 22.4 16.9 2.2 3.2 30.8 26.4 2.4 2.0 .5 23.6 22.4 28 29 30 31 26.5 .3 19.8 5.4 14.8 1.3 9.2 4.1 20.3 1.7 13.6 5.3 26.8 -3.4 25.0 5.3 44.6 .8 39.2 6.0 48.3 1.9 38.5 7.2 45.8 1.1 38.9 6.9 53.8 .8 45.2 7.3 40.9 .8 38.4 10.6 32 22.4 12.7 19.0 27.4 41.4 42.2 40.4 48.3 47.3 34.3 NET ACQ. OF MORTGAGES 31.3 HOME MORTGAGES 1.7 MULTIFAMILY MORTGAGES 1.3 FARM MORTGAGES 23 24 25 26 30.8 34.3 NET INCR. IN POOL SECURITIES 27 64.9 -.5 46.3 14.5 MEMO: TOTALS FOR AGENCIES AND P O O L S — 52.6 CREDIT MARKET INSTRUMENTS -3.9 LIQUID ASSETS 50.6 HOUSING CREDIT 1.2 LOANS TO AGRICULTURE 28 29 30 31 48.7 41.3 NET SECURITY ISSUES (1) GNMA, FHLMC, AND FARMERS BILLIONS OF DOLLARS. 111/79 BASED ON INCOMPLETE INFORMATION. (2) HOME ADM. POOLS. Sales of Outer Continental Shelf leases. (3) From 1974, mainly Federal Financing Bank purchases of Farmers Home Administration mortgage pool securities. 32 NOVEMBER 14, 1979 BANKING SYSTEM BANKING SECTOR STATEMENTS OF SAVING AND UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS II 1 1978 III 1 IV 1979 II I SYSTEM INVESTMENT 1969 III MONETARY BILLIONS OF DOLLARS 1970 1971 1972 ($ MILL.) 1973 AUTHORITY * * 159 178 195 92 97 8 11.039 -15 85 5 86 1.096 5.403 -36 180 401 -63 -476 1.648 151 2.797 -193 -468 2.156 268 -2.179 -209 1.190 -824 911 -413 595 4.439 -1.504 120 -875 -401 4.0 -.1 .1 9.153 8.902 8.569 333 251 0 134 4.898 5.204 5.133 71 -306 0 23 -5.413 -5.285 -4.717 -568 -128 0 534 -202 181 378 -197 -383 0 -302 748 -448 -1.203 755 1.196 0 173 6.110 6.457 5.721 736 -347 0 989 4.2 4.2 4.2 -.1 14 NET INCREASE IN LIABILITIES 15 MEMBER BANK RESERVES 16 VAULT CASH OF COML. BANKS 10.880 20 266 5.225 -1.090 253 -671 4.393 3.329 -560 491 -3.125 1.093 -1.307 927 4.431 -922 400 4.0 .2 .1 5.4 2.1 -.3 8.5 3.6 .5 2.1 -2.1 1.1 8.0 14 1.4 15 2.0 16 17 18 19 20 21 10.448 6.853 -35 3.630 146 6.028 -8.631 4.998 -12.513 229 -92 3.653 1.122 34 238 2.021 1.675 -122 468 53 1.229 -2.450 19 3.660 244 4.626 3.152 -101 1.575 32 7 -3.3 .6 -.1 2.8 .3 3.1 -.4 4.4 .9 .1 3.4 3.2 -1.1 -.1 4.4 -.1 3.4 -.5 -.1 3.9 1.2 17 18 19 20 21 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 GOLD + FOREIGN EXCHANGE 4 TREASURY CURR. + SDR CTFS. 5 F.R. FLOAT 6 F.R. LOANS TO DOMESTIC BANKS5 7 8 9 10 11 12 13 CREOIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES5 TREASURY SECURITIES AGENCY ISSUES ACCEPTANCES BANK LOANS N.E.C. MISCELLANEOUS ASSETS DEMAND DEPOSITS + CURRENCY DUE TO U . S . GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS MISCELLANEOUS LIABILITIES COMMERCIAL BANKING 1 CURRENT SURPLUS 2 PLANT + EQUIPMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS + CURRENCY 5 TOTAL BANK CREDIT 6 U.S. GOVT. SECURITIES 7 TREASURY ISSUES 8 AGENCY ISSUES 9 10 ST.+LOC. OBLIGATIONS CORPORATE BONDS 11 12 13 14 15 16 TOTAL LOANS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT * * * - -.1 .1 .1 1 5.4 -1.4 .7 .8 .2 8.5 -.8 .5 .1 -.3 2.2 -.4 .7 -.4 1.9 8.1 -.2 .4 -.9 -.7 2 3 4 5 6 5.0 5.0 5.0 8.9 8.7 8.1 .6 .2 .3 .4 -.3 .7 -.2 9.2 9.3 8.6 .7 * .3 7 8 9 10 11 12 13 * -.1 * 3.5 .5 .2 * * (1) 849 92 9 892 882 771 1.019 946 1.034 971 991 1.057 1.100 3.8 1.8 3.3 2.1 2.5 2.2 3.3 2.6 3.4 3.1 1 2 45.055 73 42.535 704 -1.228 1.932 32.976 62 30.886 -143 -1.957 1.814 51.490 68 41.676 -309 -2.236 1.927 12.660 72 12.511 1.620 954 666 46.000 60 42.168 450 -1.493 1.943 42.771 67 42.840 2.925 482 2.443 19.4 17.9 -10.0 -9.7 -.3 39.1 .1 37.1 10.8 6.9 3.8 56.8 .1 51.2 7.1 3.1 4.0 76.1 .2 75.1 6.5 2.4 4.1 86.6 .3 81.3 -1.3 -8.9 7.6 3 4 5 6 7 8 3.088 -121 3.130 99 2.893 -141 2.115 280 1.592 -65 2.459 477 .6 -.1 10.7 1.1 12.6 .9 7.2 1.3 38.867 10.046 10.573 15.927 471 1.850 27.792 10.976 7.861 9.298 355 -698 39.227 8.518 5.910 24.459 517 -177 8.494 6.100 2.164 2.447 -1.004 -1.213 40.193 9.501 7.855 19.237 843 2.757 36.977 9.799 5.568 22.216 555 -1.161 27.4 5.4 4.9 16.8 1.3 -1.1 14.6 2.1 2.2 7.3 1.5 1.4 30.5 9.8 8.7 11.0 .3 .8 60.1 16.8 12.7 26.1 -.2 4.8 * * * * * 5.7 9 .3 10 76.5 19.8 12.6 48.8 -1.3 -3.4 11 12 13 14 15 16 * 17 -3 8 6 2 -2 2 286 2.161 -837 2.865 7.722 2.024 -2.634 2.711 -380 4.152 -522 386 .3 1.1 1.8 .1 4.1 1.4 -1.0 1.9 20 NET INCREASE IN LIABILITIES 21 DEMAND DEPOSITS, NET 22 U.S. GOVERNMENT 23 OTHER 43.638 16.230 4.400 11.830 30.953 -561 -19 -542 50.409 11.022 31.330 -37.633 6.134 -9.912 25.196 -27.721 43.554 24.454 12.108 12.346 41.365 3.365 2.997 368 17.2 4.6 37.5 9.3 2.9 6.4 55.2 13.1 2.2 10.9 74.2 21.0 .7 20.3 83.7 12.9 -1.0 13.9 20 21 22 23 24 25 26 27 11.452 5.589 5.352 511 15.218 3.322 9.917 1.979 18.594 9.282 6.283 3.029 2.159 11.526 -3.360 -11.900 12.341 14.649 1.718 237 23.616 9.400 12.206 2.010 -9.5 -12.5 2.9 .2 38.0 15.2 22.4 .4 41.4 8.7 32.4 .3 42.4 9.8 33.0 -.4 50.7 20.0 29.7 1.0 24 25 26 27 17 18 19 CORPORATE EQUITIES VAULT CASH + MEM. BANK RES. MISCELLANEOUS ASSETS TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS AT FOREIGN BANKING OFF. 4.6* 3.5 18 1.6 19 28 FED FUNDS + SECURITY RP'S 4.619 4.233 1.293 14.242 6.538 5.370 5.3 -4.2 3.7 2.6 29 30 31 32 NET INTERBANK CLAIMS TO MONETARY AUTHORITIES TO FOREIGN BANKS TO DOMESTIC BANKS (2) 4.287 1.682 4.856 -2.251 8.855 338 9.670 -1.153 -4.225 2.604 -4.708 -2-121 18.000 -2.388 19.780 608 4.201 182 3.942 77 6.112 -1.276 8.667 -1.279 12.1 -4.8 1.0 -6.4 .6 -5.9 -.2 -4.6 -1.0 -3.9 1.6 -.7 -4.7 -3.8 -1.6 -2.7 .5 29 30 31 32 33 34 35 36 CORPORATE EQUITY ISSUES CREDIT MARKET DEBT CORPORATE BONDS OPEN-MARKET PAPER 351 2.099 96 2.003 243 1.019 41 978 249 2.865 35 2.830 249 668 68 600 214 2.560 39 2.521 221 1.524 65 1.459 4.1 -.2 4.3 .1 -1.8 .1 -1.9 .6 .5 .9 -.4 1.2 1.8 1.1 .7 1.2 2.3 * 2.2 33 34 35 36 37 38 PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES -150 4.750 150 1.796 150 153 0 3.970 -143 3.571 -136 1.293 .1 .5 .3 .6 1.8 -.2 9.2 .1 37 3.8 38 -1.497 40.688 -2.013 31.576 -1.329 41.847 -1.726 13.722 -2.466 39.413 -1.449 43.999 -.2 19.0 -.4 35.7 -1.3 50.4 -1.2 70.3 -2.6 39 84.6 40 39 DISCREPANCY 40 MEMO: CREDIT MKT. FUNDS ADV. (1) CONSISTS OF U.S.-CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES, EDGE ACT CORPORATIONS, AGENCIES AND BRANCHES OF FOREIGN BANKS, AND BANKS IN U.S. POSSESSIONS. EDGE ACT CORPORATIONS AND OFFICES OF FOREIGN BANKS APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING OFFICES." (2) FLOATS AND DISCREPANCIES 111/79 BASED ON PRELIMINARY IN INTERBANK DEPOSITS AND LOANS. AND INCOMPLETE INFORMATION. * 12.3 -.1 * * 16.7 28 NOVEMBER 14, 1979 BANKING SYSTEM BANKING SECTOR STATEMENTS OF SAVING AND SEASONALLY ADJUSTED ANNUAL SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 SYSTEM INVESTMENT 1977 1978 1 1 1978 III II IV | 1979 II I RATES III MONETARY AUTHORITY * * CURRENT 1 .1 .2 .2 .7 .6 .7 .8 .4 .4 2 3 4 5 6 6.5 .1 .5 -1.1 -1.0 11.2 .1 1.0 1.7 -.1 9.8 .1 1.4 -1.1 -.2 8.6 13.3 1.6 .6 2.7 .9 26.9 -.1 .3 .4 2.5 19.1 -.1 .7 5.1 -1.6 2.5 6.6 .6 5.1 2.1 16.3 8.6 1.1 -3.9 -15.7 -3.3 3.6 -3.9 7 8 9 10 11 12 13 6.2 5.2 2.0 3.2 .9 8.5 8.4 7.4 1.0 .1 9.8 10.0 9.1 .9 -.1 7.1 7.2 5.8 1.4 7.0 7.3 7.7 -.4 -.4 23.2 22.2 20.9 1.3 1.0 15.0 16.2 15.9 .3 -1.2 -14.0 -13.5 -11.2 -2.3 -.5 11.6 13.2 14.0 -.8 -1.5 -12.8 -17.6 -20.6 3.0 4.8 19.0 20.4 17.4 2.9 -1.4 4.0 14 15 16 6.4 -1.2 1.0 17 18 19 20 21 7.0 .4 .2 6.3 -.3 * - * * -.2 - -.6 .5 .5 .1 2.1 - -1.2 - .7 11.0 .2 .6 9.8 -.9 -.1 8.3 1.7 1.8 12.6 4.4 1.5 26.3 6.9 .1 18.4 -2.8 3.0 1.7 14.3 5.6 15.9 -1.7 -5.0 -16.1 1.1 1.7 10.6 4.5 10.5 3.1 .2 7.3 .3 4.9 -3.3 6.3 -3.1 .1 9.3 .5 18.7 8.3 -.1 10.5 .6 18.0 9.8 -.4 8.6 .1 -19.1 -27.7 .9 7.6 1.0 22.5 14.6 -.5 8.4 .2 -19.8 -31.4 .1 11.5 1.0 * - 1.8 * .6 1.2 .2 * 6.2 -.5 * 8.3 -.1 COMMERCIAL 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 - 16.5 NET INCREASE IN LIABILITIES .6 MEMBER BANK RESERVES VAULT CASH OF COML. BANKS 5.1 9.5 .6 -.4 9.3 1.3 4.0 CURRENT SURPLUS 4.4 PLANT + EQUIPMENT 2.8 4.6 3.4 4.6 3.2 4.4 3.4 4.2 3.3 3.7 3.4 3.5 3.6 4.1 3.8 4.1 4.0 4.0 3 4 5 6 7 8 70.0 -.2 64.6 .7 -2.9 3.6 31.0 .1 31.5 30.0 28.6 1.4 64.8 -.2 66.3 20.2 18.7 1.5 98.0 .5 89.9 -1.1 -1.9 .8 141.2 .3 125.9 .5 -6.5 7.0 160.6 .3 145.7 13.8 8.4 5.3 140.8 .2 126.6 6.5 -3.0 9.5 146.9 .3 112.1 -24.2 -29.8 5.6 124.5 .3 128.5 11.3 6.3 5.0 165.5 .2 148.0 13.9 8.9 5.0 9 10 5.4 1.0 1.8 1.8 3.0 -.6 9.2 9.6 -.3 8.4 -.5 9.6 .4 14.8 -.6 12.1 1.1 2.6 -.3 5.4 1.9 11 12 13 14 15 16 57.5 12.8 3.4 41.3 2.2 -2.2 -2.1 3.8 3.1 -12.2 1.1 2.1 43.7 14.3 12.0 7.0 3.7 6.6 81.9 27.4 22.3 29.8 .3 2.2 116.1 35.0 26.9 58.4 -1.3 -2.9 124.0 36.5 32.7 48.6 2.7 3.5 110.1 38.9 25.6 48.2 1.5 -4.1 122.0 35.4 25.4 75.4 -6.9 -7.3 104.0 32.7 24.1 34.9 5.2 7.1 131.8 34.1 21.5 65.7 4.0 6.5 144.6 33.5 16.7 99.2 1.9 -6.7 * * * * * DEMAND DEPOSITS + CURRENCY DUE TO U . S . GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS MISCELLANEOUS LIABILITIES 14 15 16 17 18 19 20 21 BANKING (1) 2.6 4.1 17 1 2 3 4 5 6 1 2 * SURPLUS 16.5 NET ACQ. OF FINANCIAL ASSETS GOLD + FOREIGN EXCHANGE -6.0 TREASURY CURR. + SDR CTFS. .5 F.R. FLOAT 1.2 F.R. LOANS TO DOMESTIC BANKS -2.1 * * * * 179.3 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .3 TOTAL BANK CREDIT 167.4 U.S. GOVT. SECURITIES 15.5 TREASURY ISSUES 2.8 AGENCY ISSUES 12.6 * * 5.7 5.9 1 2 3 4 5 6 7 8 ST.+LOC. OBLIGATIONS CORPORATE BONDS 9 10 TOTAL LOANS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT 11 12 13 14 15 16 CORPORATE 17 EQUITIES VAULT CASH + MEM. BANK R E S . MISCELLANEOUS ASSETS 18 19 -.3 5.8 .8 -1.4 -1.0 -.3 3.5 4.1 5.9 9.1 7.0 7.6 .3 13.7 19.9 14.7 -6.8 2.5 2.8 14.5 20 21 22 23 67.6 -.4 -5.1 4.7 29.2 5.0 -1.7 6.7 63.0 12.6 -.1 12.7 93.3 26.1 4.3 21.8 135.8 22.0 6.8 15.2 156.2 32.6 10.3 22.3 132.8 20.9 -2.5 23.5 140.7 36.8 25.7 11.1 118.5 -48.8 -28.7 -20.1 156.3 63.0 39.6 23.3 24 25 26 27 56.8 28.5 27.2 1.1 30.3 -10.1 37.1 3.4 40.3 -17.5 57.4 .4 54.7 12.0 40.5 2.2 65.0 22.6 36.0 6.4 64.0 22.4 38.5 3.2 66.3 13.3 45.0 8.1 69.4 37.1 23.0 9.2 25.7 -13.4 36.4 2.8 30.0 -47.6 69.4 8.2 98.9 37.6 52.9 8.4 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS AT FOREIGN BANKING OFF. 176.6 NET INCREASE IN LIABILITIES DEMAND DEPOSITS, NET 38.5 U.S. GOVERNMENT 11.3 27.2 OTHER 18 19 20 21 22 23 24 25 26 27 28 1.6 1.5 13.9 10.6 18.8 13.4 14.8 10.6 59.6 20.1 20.4 FED FUNDS + SECURITY RP'S 28 29 30 31 32 .3 -2.1 -.2 2.6 -9.8 1.6 -9.9 -1.5 -8.2 -1.3 -5.9 -1.0 -6.9 1.4 -.8 -7.6 9.7 3.6 5.4 .7 17.5 2.9 22.3 -7.7 18.2 3.5 17.0 -2.4 -.6 7.2 -3.6 -4.2 73.1 -3.9 82.3 -5.3 15.4 -3.9 18.5 .8 7.1 -.9 9.7 -1.7 NET INTERBANK CLAIMS TO MONETARY AUTHORITIES TO FOREIGN BANKS TO DOMESTIC BANKS (2) 29 30 31 32 33 34 35 36 1.0 3.6 .2 3.5 1.0 .5 .2 .3 1.6 -.1 .7 -.8 .6 1.8 .6 1.3 1.1 6.9 .2 6.7 1.4 8.4 .4 8.0 1.0 4.1 .2 3.9 1.0 11.5 .1 U.3 1.0 2.7 .3 2.4 .9 10.2 .2 10.1 .9 6.1 .3 5.8 CORPORATE EQUITY ISSUES CREDIT MARKET DEBT CORPORATE BONDS OPEN-MARKET PAPER 33 34 35 36 37 38 .1 4.5 -.3 1.0 2.9 6.5 _ .3 11.9 -.1 19.1 .5 7.0 .4 11.7 -.1 5.3 -.2 17.0 -.6 5.4 PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 37 38 39 40 -3.8 66.8 -3.7 29.4 -2.9 59.6 -6.0 87.6 -6.3 128.7 -4.8 142.2 -8.1 130.7 -6.7 119.3 -6.3 121.4 -9.2 141.5 _ -5.1 DISCREPANCY 174.1 MEMO: CREDIT MKT. FUNDS ADV. (1) CONSISTS OF U.S.-CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES, EDGE ACT CORPORATIONS, AGENCIES AND BRANCHES OF FOREIGN BANKS, AND BANKS IN U.S. POSSESSIONS. EDGE ACT CORPORATIONS AND OFFICES OF FOREIGN BANKS APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING OFFICES." (2) FLOATS AND DISCREPANCIES BILLIONS OF DOLLARS. 111/79 BASED ON INCOMPLETE INFORMATION. IN INTERBANK DEPOSITS AND LOANS. 39 40 NOVEMBER 14, 1979 COMMERCIAL BANKING SUBSECTORS COMMERCIAL BANKING SUBSECTORS SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) II 1978 III 1979 II III 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 U.S.-CHARTERED COMMERCIAL BANKS 1 CURRENT SURPLUS 2 PLANT + EQUIPMENT 849 929 892 882 771 1.019 946 1.034 971 991 1.057 1.100 3.8 1.8 3.3 2.1 2.5 2.2 3.3 2.6 3.4 3.1 1 2 40..554 38,.959 464 -1..379 1..843 28.,081 26..178 -130 - 1 ..933 1..803 43.066 33.839 -496 -2.356 1.860 10.422 10.771 1.823 1.117 706 40.159 36.626 226 -1.727 1.953 33.239 34.298 2.733 325 2.408 13.4 12.2 •10.1 -9.8 -.3 37.5 34.8 10.9 7.0 3.8 55.8 51.1 7.2 3.2 4.0 73.7 73.7 6.0 2.1 3.9 80.0 75.6 -1.4 -8.8 7.4 3 4 5 6 7 3,.053 -158 3..085 -24 2.852 -240 2.060 122 1.493 -134 2.365 -40 .6 -.1 10.5 .8 12.8 1.2 7.1 1.4 5.6 .4 8 9 35,.600 10,.156 10,.573 12,.762 87 2..022 23..247 10..962 7..861 5,.301 175 -1..052 31.723 8.503 5.910 16.921 396 -7 6.766 6.084 2.164 901 -1.212 -1.171 35.041 9.481 7.855 14.165 1.063 2.477 29.240 9.778 5.568 14.653 130 -889 21.8 5.3 4.9 11.6 1.1 -1.1 12.7 2.0 2.2 5.9 1.1 1.4 29.9 9.6 8.7 10.6 .2 .8 59.3 16.8 12.7 25.5 -.3 4.7 71.0 19.6 12.6 43.1 -1.5 -2.9 10 11 12 13 14 15 286 1 .309 -837 2,.740 7.722 1.505 -2.634 2.285 -380 3.913 -522 -537 .3 .8 1.8 .9 4.1 .5 -1.0 1.0 18 NET INCREASE IN L I A B I L I T I E S 19 DEMAND DEPOSITS, NET 20 U . S . GOVERNMENT 21 OTHER 39,.137 15 .496 4,.400 11,.096 26,.058 -1,.104 -19 -1..085 41.985 8.784 29.622 -37.600 6.134 -9.912 23.488 -27.688 37.713 22.473 12.108 10.365 31.833 4.531 2.997 1.534 11.2 4.6 4.6 35.9 5.1 2.9 2.2 54.1 13.0 2.2 10.7 71.8 24.3 .7 23.6 77.1 12.6 -1.0 13.6 22 23 24 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER 10..941 5,.589 5,.352 13..239 3,.322 9..917 15.565 9.282 6.283 441 11.289 -3.360 -11.900 14.649 12.341 21.606 9.400 12.206 -9.7 -12.5 2.9 37.6 15.2 22.4 41.1 8.7 32.4 42.8 9.8 33.0 49.7 22 20.0 23 29.7 24 25 FED FUNDS + SECURITY RP'S 4,.619 4,.233 1.293 14.242 6.538 5.370 5.3 -4.2 3.7 2.6 26 27 28 29 30 NET INTERBANK LIABILITIES F.R. FLOAT BORROWING AT F.R. BANKS TO FOREIGN BANKS TO DOMESTIC BANKS 3,.269 5 86 1,.096 3..288 -1 .701 6..787 401 -63 6,.503 -54 -5.549 2.797 -193 -4.066 -4.087 15.999 -2.179 -209 15.269 3.118 4.342 -413 595 4.465 -305 -1.567 -875 -401 5.438 -5.729 12.1 -3.8 .8 .2 -6.1 1.4 -6.7 .1 -.3 -5.1 -1.5 -6.5 -.4 1.9 -.8 -7.3 31 32 33 CORPORATE EQUITIES CORPORATE BONDS PROFIT TAXES PAYABLE 351 96 -150 243 41 150 249 35 150 249 68 0 214 39 -143 221 65 -136 .1 .1 .3 .6 .9 1.2 1.1 -.2 34 MISCELLANEOUS LIABILITIES 4,.515 2,.469 620 4.537 3.809 1.743 -1 .497 36,.937 -2,.013 27,.230 -1.329 33.846 -1.726 11.942 -2.466 34.149 -1.449 35.187 3 NET ACQ. OF FINANCIAL ASSETS 4 TOTAL BANK CREDIT 5 U.S. GOVT. SECURITIES 6 TREASURY ISSUES 7 AGENCY ISSUES 8 9 ST.+LOC. OBLIGATIONS CORPORATE BONDS 10 11 12 13 TOTAL LOANS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. 14 15 OPEN-MARKET PAPER SECURITY CREDIT 16 17 VAULT CASH + MEM. BK. RES. MISCELLANEOUS ASSETS 35 DISCREPANCY 36 MEMO: CREDIT MKT. FUNDS ADV. * * * 11.3 .9 * -.2 .1 13.3 * -1.3 50.3 -1.2 69.0 3.5 16 1.0 17 18 19 20 21 16.7 25 -6.5 -.9 -.7 -.9 -4.0 26 27 28 29 30 1.2 31 * 32 .1 33 DOMESTIC AFFILIATES OF COMMERCIAL BANKS 1 NET ACQ. OF FINANCIAL 2 BANK LOANS N . E . C , ASSETS 3 NET INCREASE IN LIABILITIES 4 NET INTERBANK CLAIMS 5 COMMERCIAL PAPER ISSUES 6 MISCELLANEOUS LIABILITIES 357 357 76 76 -871 -871 -66 -66 206 206 -113 -113 3.9 3.9 -1.0 -1.0 -.1 -.1 -.2 -.2 1.7 1.7 1 2 357 1.000 2.003 -646 76 0 978 -902 -871 -2.500 2.830 -1.201 -66 500 600 --1.166 206 -1.500 2.521 -815 -113 62 1.459 -1.634 3.9 -.6 4.3 .2 -1.0 -.1 -1.9 1.1 -.1 -.3 -.4 .6 -.2 .4 .7 -1.3 1.7 .4 2.2 -1.0 3 4 5 6 2.2 3.2 -.1 .2 .3 2.5 .4 .7 -.1 -.2 -.2 -.3 .5 .1 2.2 1.2 .3 4.4 4.4 .2 * * 4.0 .2 1 2 3 4 5 6 7 FOREIGN BANKING OFFICES IN U.S. 1 NET ACQ. OF FINANCIAL ASSETS 2 CREDIT MARKET INSTRUMENTS 3 U.S. GOVERNMENT SECURITIES 4 STATE + LOCAL OBLIGATIONS 5 CORPORATE BONDS 6 BANK LOANS N.E.C. 7 8 9 10 OPEN-MARKET PAPER CORPORATE EQUITIES SECURITY CREDIT MISCELLANEOUS ASSETS 11 NET INCREASE IN L I A B I L I T I E S 12 DEMAND DEP. I N MONEY STOCK 13 TIME DEPOSITS 15 16 NET INTERBANK LIABILITIES TO FOREIGN BANKS TO DOMESTIC BANKS 17 MISCELLANEOUS LIABILITIES 3.927 3.391 240 -57 16 2.808 3 84 4.716 4.157 22 -19 53 3.921 180 9.192 8.758 223 -23 28 8.409 121 2.187 1.707 -199 -11 97 1.612 2 08 5.510 4.913 224 24 19 4.866 -220 9.510 8.762 169 19 473 7.676 425 -3 -172 711 8 354 197 6 -170 598 2 -42 520 -2 280 319 2 -272 1.018 3.927 734 511 4.716 543 1.979 9.192 1.708 3.029 2.187 -33 237 5.510 1.981 1.718 2.018 1.568 450 2.068 3.167 -1.099 3.824 -6 42 4.466 1.501 4.511 -3.010 .9 1.4 * * * 1.2 .2 * - * - * .1 .9 * 8 -.6 9 .6 10 .7 .2 .3 2.2 -3.3 -.4 4.4 11 .3 12 1.0 13 -.9 -.3 -.6 1.2 .4 .7 2.2 2.2 2.3 14 -1.8 15 4.0 16 -1.5 -.9 3.7 1.0 17 ,5 1 ,3 2 .5 .2 .3 .2 .1 -.6 -1.0 9.510 -1.166 2.010 .9 .2 2.2 4.2 .4 1.359 -523 1.882 7.617 3.229 4.388 .6 1.0 -.4 452 1.049 .1 * * .8 * -.1 .8 .1 * BANKS IN 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. 217 73 3 0 92 21 66 •176 141 103 62 113 -35 64 70 14 0 -72 103 68 114 -36 64 71 15 0 -79 217 103 103 111/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 117 72 139 -4 66 61 15 1 -94 125 60 145 0 75 50 15 5 -80 135 67 163 23 75 44 15 6 -95 * * * ,1 .1 * * * * .5 .3 .1 -.1 .1 * * .1 .1 NOVEMBER 14, 1979 COMMERCIAL BANKING SUBSECTORS COMMERCIAL BANKING SUBSECTORS SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 1977 1978 | 1979 1978 III II U.S.-CHARTERED (;OMMERCIAL IV | I I I III BANKS 1 2 2.6 4.1 2.8 4.6 3.4 4.6 3.2 4.4 3.4 4.2 3.3 3.7 3.4 3.5 3.6 4.1 3.8 4.1 4.0 4.0 3 4 5 6 7 60.5 56.1 .7 -2.8 3.5 28.9 30.6 30.1 28.4 1.6 59.5 61.1 19.6 18.1 1.5 90.8 83.6 -1.3 -2.2 .9 119.8 106.9 .1 -6.7 6.8 140.6 129.4 12.8 7.8 5.0 120.8 •107.4 6.5 -2.9 9.4 119.7 87.2 -24.9 -30.3 5.4 111.4 117.4 12.1 7.0 5.1 139.2 123.0 13.0 7.9 5.1 8 9 5.1 1.0 1.6 1.8 2.6 -.6 9.2 -.3 9.4 -.6 8.3 -.6 9.4 -.1 14.6 -1.0 11.8 .5 2.2 -.5 5.0 -.2 10 11 12 13 14 15 49.3 12.3 3.4 34.1 1.6 -2.1 -2.9 3.7 3.1 -12.9 1.1 2.2 39.6 14.3 12.0 3.9 3.2 6.2 75.9 27.3 22.3 24.4 .2 1.8 98.1 35.2 26.9 41.2 -2.3 -3.0 108.9 36.9 32.7 34.0 1.1 4.2 91.6 38.9 25.6 31.8 .8 -5.5 98.4 35.3 25.4 51.7 -7.4 -6.6 92.9 32.6 24.1 24.6 4.4 7.3 108.3 34.0 21.5 42.5 4.9 5.4 113.5 33.4 16.7 68.8 .2 -5.7 16 17 -.3 4.7 .6 -2.5 -1.0 -.6 3.5 3.7 5.9 7.0 7.0 4.2 .3 13.2 19.9 12.6 -6.8 .8 2.8 13.5 5.7 2.3 18 19 20 21 58.1 -1.5 -5.1 3.6 27.0 4i5 -1.7 6.1 57.7 10.2 -.1 10.3 86.1 23.0 4.3 18.7 114.3 19.5 6.8 12.7 136.2 30.9 10.3 20.6 112.8 18.5 -2.5 21.0 113.5 32.4 25.7 6.7 105.4 -52.2 -28.7 -23.5 130.0 55.3 39.6 15.7 22 23 24 55.7 28.5 27.2 26.9 -10.1 37.1 39.9 -17.5 57.4 52.5 12.0 40.5 58.6 22.6 36.0 60.9 22.4 38.5 58.3 13.3 45.0 60.2 37.1 23.0 23.0 -13.4 36.4 21.8 -47.6 69.4 1 2 4.0 CURRENT SURPLUS 4.4 PLANT + EQUIPMENT 141.0 NET ACQ. OF FINANCIAL ASSETS TOTAL BANK CREDIT 133.1 U.S. GOVT. SECURITIES 14.7 TREASURY ISSUES 2.2 AGENCY ISSUES 12.5 ST.+LOC. OBLIGATIONS CORPORATE BONDS TOTAL LOANS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT VAULT CASH + MEM. BK. R E S . MISCELLANEOUS ASSETS 136.3 NET INCREASE IN LIABILITIES DEMAND DEPOSITS, NET 44.3 U.S. GOVERNMENT 11.3 OTHER 33.0 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 90.5 37.6 52.9 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER 22 23 24 25 1.6 1.5 13.9 10.6 18.8 13.4 14.8 10.6 59.6 20.1 20.4 FED FUNDS + SECURITY RP'S 25 26 27 28 29 30 -4.5 -1.1 -1.0 -1.1 -.2 -6.7 1.7 -.1 -8.4 .1 -10.4 -1.1 -.2 -8.9 -.2 -6.7 1.2 .2 -1.7 -6.5 3.6 2.7 .9 2.1 -2.1 10.6 .4 2.5 14.4 -6.7 11.2 5.1 -1.6 7.8 -.1 -5.0 5.1 2.1 -4.4 -7.8 65.7 -3.9 13.5 -3.9 65.7 3.9 18.9 -1.4 -25.4 1.2 -2.1 .3 -24.8 NET INTERBANK LIABILITIES F.R. FLOAT BORROWING AT F.R. BANKS TO FOREIGN BANKS TO DOMESTIC BANKS 26 27 28 29 30 31 32 33 1.0 .2 .1 1.0 .2 -.3 1.6 .7 .6 .6 - - 1.1 .2 .3 1.4 .4 -.1 1.0 .2 .5 1.0 .1 .4 1.0 .3 -.1 .9 .2 -.2 .9 .3 -.6 CORPORATE EQUITIES CORPORATE BONDS PROFIT TAXES PAYABLE 31 32 33 34 5.5 .1 1.7 5.6 12.2 18.9 8.5 13.8 8.1 18.5 5.9 MISCELLANEOUS 35 36 -3.8 58.3 -3.7 28.4 -2.9 54.9 -6.0 81.8 -6.3 109.9 -4.8 125.2 -8.1 112.9 -6.7 93.8 -6.3 110.1 -9.2 117.5 AFFILIATES OF COMMERCIAL DOMESTIC 1 2 .9 .9 -.5 -.5 -.3 -.3 3 4 5 6 .9 .2 3.5 -2.7 -.5 -.3 .3 -.8 - -.8 .5 8.5 7.2 .2 .1 6.3 .7 8 9 10 1.6 1.1 -.2 * * * * 5.3 4.4 .5 * * -.5 NET ACQ. OF FINANCIAL BANK LOANS N.E.C. -.5 .3 .3 -3.5 -3.5 -.3 -.3 .8 .8 .6 -1.0 -4.5 6.7 -3.2 1.4 -4.0 8.0 -2.6 .3 3.9 -3.6 -3.5 -10.0 11.3 -4.8 -.3 2.0 2.4 -4.7 .8 -6.0 10.1 -3.3 -.5 NET INCREASE IN LIABILITIES NET INTERBANK CLAIMS .2 COMMERCIAL PAPER ISSUES 5.8 MISCELLANEOUS LIABILITIES -6.5 3 4 5 6 30.3 28.6 .9 -.1 .1 27.2 .5 12.9 11.0 -.8 24.9 22.5 .9 .1 .1 22.3 -.9 38.2 NET ACQ. OF FINANCIAL ASSETS CREDIT MARKET INSTRUMENTS 35.2 U.S. GOVERNMENT SECURITIES .7 STATE + LOCAL OBLIGATIONS .1 1.9 CORPORATE BONDS BANK LOANS N.E.C. 30.9 OPEN-MARKET PAPER 1.7 1 2 3 4 5 6 7 - 1.3 -.7 5.7 4.9 -.1 * .2 4.7 .1 - BANKING OFFICES IN U.S. 17.7 15.6 1.0 -.2 .1 13.3 1.5 21.8 19.6 .5 -.1 .1 18.1 1.0 19.2 17.0 .1 -.1 .2 16.0 .7 * .4 10.6 .8 -.1 .6 .4 .4 .5 .3 .1 2.0 -.7 2.8 1.4 .8 -.7 2.4 -.2 2.1 1.1 1.3 11 12 13 8.5 1.2 1.1 1.6 .6 3.4 5.3 2.4 .4 5.7 3.0 2.2 21.8 2.5 6.4 17.7 1.7 3.2 19.2 2.4 8.1 30.3 4.4 9.2 12.9 3.4 2.8 24.9 7.7 8.2 14 15 16 4.6 2.0 2.6 -3.0 -1.4 -1.6 2.2 3.0 -.9 -.2 .9 -1.1 10.6 3.4 7.3 10.9 7.9 3.0 6.9 9.2 -2.3 14.4 .8 13.7 5.4 16.6 -11.2 7.8 -.3 8.2 32.3 9.4 22.9 17 1.6 .7 .3 .7 2.3 2.0 1.7 2.3 1.4 1.2 5.5 .4 .2 .5 -.1 .3 .3 .1 .4 .3 .5 -.1 .3 .3 .1 .5 .3 .6 .5 .2 .6 - -.3 * * BANKS 1 2 3 4 5 6 7 8 9 .1 -.2 .5 -.2 .2 10 .1 * .1 .4 -.2 .8 .5 .3 .2 -.1 .1 .6 .4 -.2 .6 .1 .4 .1 .1 -.1 -.1 1.1 .4 .8 1.1 .1 .4 .1 .1 * * .2 BILLIONS OF DOLLARS. 1 2 1.4 1.4 -.1 1.4 * ASSETS -1.0 -1.0 -.1 3.5 .5 * 34 35 36 BANKS 1.2 * LIABILITIES -5.1 DISCREPANCY 138.7 MEMO: CREDIT MKT. FUNDS ADV. .6 .6 FOREIGN 1 2 3 4 5 6 7 * * * .1 * * * * * * -1.1 4.1 CORPORATE EQUITIES SECURITY CREDIT MISCELLANEOUS ASSETS 38.2 NET INCREASE IN LIABILITIES DEMAND DEP. IN MONEY STOCK -5.8 TIME DEPOSITS 8.4 8 9 10 11 12 13 NET INTERBANK LIABILITIES TO FOREIGN BANKS TO DOMESTIC BANKS 14 15 16 MISCELLANEOUS 17 LIABILITIES IN U .S. POSSESSIONS .9 .3 .6 .3 .2 -.1 .3 .2 .1 -.3 .1 .1 .3 -.7 .6 .6 .9 * .4 111/79 BASED ON INCOMPLETE INFORMATION. -.3 - * .3 .2 .1 * -.4 .3 .2 .1 * -.3 .5 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .3 CREDIT MARKET INSTRUMENTS .7 U.S. GOVERNMENT SECURITIES .1 .3 STATE + LOCAL OBLIGATIONS CORPORATE BONDS .2 HOME MORTGAGES .1 COMMERCIAL MORTGAGES MISCELLANEOUS ASSETS -.4 * .5 NET INCREASE IN DEPOSIT LIAB. 1 2 3 4 5 6 7 8 9 NOVEMBER 14, 1979 NONBANK FINANCE SUMMARY 20 NONBANK FINANCE PRIVATE NONBANK FINANCIAL UNADJUSTED SUMMARY INSTITUTIONS NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 III I I 1979 II III PRIVATE NONBANK FINANCIAL 1969 BILLIONS OF DOLLARS 1970 1971 1972 INSTITUTIONS - TOTAL 3,.451 443 3.511 -2 3.286 540 3.402 536 3,.702 690 3,.852 871 .1 1.2 2.2 1.2 4.8 1.6 5.0 2.2 4.7 2.0 1 2 51,.235 888 168 198 50.815 1.004 1.494 735 52.844 1.596 1.724 -301 56.386 -210 3.773 4.111 61..111 556 2..041 -324 52,.101 151 4..119 573 47.5 -.4 -.6 .2 56.2 .4 1.1 .1 86.1 .7 2.4 .7 106.2 1.4 1.8 .5 90.5 * .1 2.0 3 4 5 6 504 45,.844 3..575 3..515 8,.556 20,.010 6..851 3..337 3.539 39.419 5.623 3.655 5.763 17.505 5.870 1.003 4.771 44.586 4.163 3.697 8.272 17.466 6.453 4.535 1.594 44.475 8.256 3.189 7.969 12.261 2.463 10.337 4..582 50..882 3,.912 3..269 8..334 19,.244 6..210 9..913 2..406 42,.090 5,.076 3..111 6..516 15..977 6,.514 4,.896 12.2 38.5 -1.8 .9 8.0 16.6 5.0 9.8 11.3 41.3 3.0 1.9 12.1 17.9 1.7 4.7 19.3 59.0 .2 4.0 13.5 32.3 5.2 3.8 16.4 78.1 5.3 4.6 12.0 44.0 6.8 5.5 13.0 76.7 1.3 3.6 11.2 44.8 8.8 6.9 7 8 9 10 11 12 13 14 1..919 310 1,.404 2.148 320 2.156 -2.575 330 2.713 39 360 2.244 850 390 2,.134 563 425 1..774 -3.5 .4 .7 -1.3 .5 2.8 2.6 .3 1.1 3.7 1.2 3.0 18 NET INCREASE IN LIABILITIES 19 TIME + SAVINGS ACCOUNTS 20 SECURITY RP'S (S+L) 21 INSURANCE + PENSION RESERVES 22 CORPORATE EQUITY ISSUES (1) 51..725 13,.446 710 16,.855 43 47.159 14.662 236 19.247 -146 48.335 13.071 584 16.990 206 53.556 20.188 -309 17.800 537 59..957 9..869 1,.000 19,.092 142 48..856 9..674 1,.197 18..851 -115 50.3 7.9 56.4 17.0 82.1 40.5 19.9 6.3 21.4 4.6 24.5 2.9 - 102.3 46.0 .3 26.3 1.6 87.4 27.8 30.7 .3 18 19 20 21 22 23 24 25 26 27 28 29 30 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER MONEY MARKET FUND SHARES FHLB LOANS 12,.453 2,.198 1..218 -39 2..246 2,.834 1,.339 3,.996 5.500 1.456 -411 63 390 118 1.448 3.884 10.180 1.412 -484 -62 2.148 3.654 2.401 3.512 2.324 2.103 -391 3 -3.603 5.001 7.212 -789 13,.521 3..137 932 9 1..801 4,.452 7..895 3,.190 5,.733 2..334 -383 5 929 -677 8..279 3 .525 12.6 1.0 .2 1.3 6.0 5.2 2.6 .6 .1 -.1 .6 4.5 2.9 2.0 .1 1.9 .3 12.9 4.0 1.2 .5 6.0 1.2 4.0 - 1.3 - -2.7 21.2 3.5 -1.5 .3 9.0 2.7 7.2 23 24 25 26 27 28 29 30 31 32 SECURITY CREDIT PROFIT TAXES PAYABLE 2,.476 7 4,.396 71 504 5.637 236 411 4.256 -1.104 739 6.169 2..705 191 5,.542 - 1 ..364 717 5..884 -3.0 .1 6.4 1.0 .2 6.9 1.1 -.1 8.6 4.1 .2 11.0 -3.4 31 .1 32 10.8 33 33 MISCELLANEOUS -143 -1.763 1.7 1.1 -.8 -1.1 -.3 34 1.5 1.9 2,2 14.0 -.2 -.6 .2 20.8 't3.3 -.2 2.8 .7 51.6 .4 1.9 .5 39. 3. .6 47.3 3.5 .5 27.6 17.7 5.5 37.4 27.5 4.7 32.7 11 24.5 12 3.3 13 3.1 .2 3.6 16 .6 17 1 CURRENT SURPLUS 2 PHYSICAL INVESTMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS + CURRENCY 5 TIME + SVGS. ACCOUNTS 6 SECURITY RP'S 7 8 9 10 11 12 13 14 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT OTHER LOANS 15 16 17 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 3.498 1 CURRENT 16 17 18 19 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 20 NET INCREASE IN LIABILITIES 21 SAVINGS ACCOUNTS 22 SECURITY RP'S 23 CR. MKT. INSTR. (SVGS+LN) 24 PROFIT TAX LIABILITY 25 MISCELLANEOUS LIABILITIES 26 * COMBINED SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 TIME DEPOSITS 5 SECURITY RP'S 11 12 13 14 15 - INCLUDES INVESTMENT COMPANY SHARES. SAVINGS INSTITUTIONS 6 7 8 9 10 * - LIABILITIES 34 DISCREPANCY (1) - -4.3 15 .6 16 2.3 17 20.797 274 -1.161 198 21.230 110 -1.617 735 17.564 396 -497 -301 21.111 953 1.909 4.111 17.684 -111 -415 -324 17.332 185 -277 573 -9 21.172 -500 210 145 -64 20.986 2.673 228 -227 38 15.868 551 199 -91 30 12.865 1.043 -171 201 28 17.336 -1.026 66 -593 -27 16.199 546 -14 -274 17.372 15.335 1.061 975 1 14.979 12.780 1.335 863 1 13.749 11.795 1.000 953 1 9.652 8.369 795 488 0 16.343 14.595 573 1.174 1 12.587 10.294 1.084 1.208 1 3.582 150 213 323 2.836 140 357 1.080 2.040 58 -638 2.060 770 16 1.354 1.243 1.653 169 724 1.170 2.284 6 1.064 679 19.373 13.446 710 5.606 73 -462 19.807 14.662 236 3.805 113 991 16.289 13.071 584 3.451 112 -929 19.814 20.188 -309 -1.372 141 1.166 16.540 9.869 1.000 5.438 100 133 16.077 9.674 1.197 4.249 137 820 17.4 1.3 2 3 4 5 1.2 12.2 9.3 1.5 11.7 8.0 2.2 1.5 1.7 1.8 19.6 17.0 41.6 40.5 35.1 27.8 6.0 * 1.2 20 21 22 23 24 25 * 26 DISCREPANCY 111/79 BASED ON PRELIMINARY 1.0 .1 2.8 37.9 -.1 -.7 2.0 AND INCOMPLETE INFORMATION. NOVEMBER 1 4 , 1979 NONBANK FINANCE SUMMARY NONBANK FINANCE PRIVATE NONBANK FINANCIAL SEASONALLY SEASONALLY ADJUSTED ANNUAL ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1978 | 76.5 .4 5.7 2.3 113.1 .5 4.2 -1.1 153.0 1.0 -2.3 1.6 192,.0 .9 3,.8 2,.9 199.6 2.3 7.8 2.6 1978 III II PRIVATE NONBANK FINANCIAL 3 4 5 6 2.1 14.3 2.8 15.0 CURRENT SURPLUS 3.5 PHYSICAL INVESTMENT 200.7 2.0 5.6 -1.2 236.4 2.2 8.9 16.4 242.1 2.9 10.1 -1.3 210.5 NET ACQ. OF FINANCIAL ASSETS 1.3 DEMAND DEPOSITS + CURRENCY 21.2 TIME + SVGS. ACCOUNTS 2.3 SECURITY RP'S 13.5 156.4 20.1 14.3 25.5 67.4 19.4 9.6 15.8 177.7 21.5 14.7 27.3 69.9 23.3 20.9 12.4 187.4 15.8 16.1 198.5 31.3 13.4 30.9 66.8 18.8 37.4 8.6 165.7 16.1 12.1 28.5 60.8 22.1 26.0 6.0 25.6 29.2 5.7 5.1 8.8 31.2 47.9 10.7 6.8 11.9 36.0 70.4 16.3 12.7 14.2 31.6 68.3 20.4 16.0 15 16 17 -1.6 .5 4.4 1.0 .6 5.2 4.6 1.2 4.0 2.8 1.1 3.6 1.8 1.3 8.2 7.9 18 19 20 21 22 76.3 22.1 1.5 33.4 -.7 113.2 59.4 .1 39.7 -.4 146.5 69.2 -.1 47.9 -.6 178.9 69.9 1.9 58.7 .3 191.2 59.2 2.1 70.6 .5 23 24 25 26 27 28 29 30 12.3 1.9 -1.4 .2 4.6 .3 2.4 6.7 -1.9 2.8 1.9 .4 -3.7 .7 1.3 -4.0 4.6 5.2 1.7 .4 -3.7 3.0 25.0 9.6 3.1 -2.0 -.3 8.4 .2 4.3 31.5 7.3 .8 .1 2.8 7.9 6.9 12.5 31 32 33 -2.9 2.9 .1 12.0 7.9 .5 17.2 2.9 .7 19.3 -1.0 1.4 19.9 * 2.2 207.3 5.0 10.7 2.9 1.6 16.9 23.6 5.3 8.7 8.3 I 202.3 4.3 2.9 10 11 12 13 14 * IV 8.6 198.0 58.8 2.8 69.8 9.9 194.6 64.3 .9 75.5 1.2 -.2 5.4 6.0 1.5 16.4 185.8 56.5 2.3 69.8 27.5 6.4 -.6 .3 1.7 7.2 5.8 12.6 -1.0 1.5 20.3 .2 1.4 7.5 3.4 1 .6 10.8 226.0 65.9 -1.2 68.1 1.7 231.0 46.3 4.0 79.3 1.1 28.9 9.8 -.7 10.0 -.1 * -6.4 20.8 28.8 5.4 -5.6 1.8 20.8 7.5 1.9 24.3 6.3 2.2 21.1 .4 SAVINGS INSTITUTIONS 1 2.1 1.9 2.4 3.4 4.3 30.7 .1 1.5 2.3 59.9 .3 5.0 -1.1 73.8 .2 -1.5 1.6 88.1 1.0 2.9 82.3 .4 -1.2 2.6 -2.4 .8 6 7 8 9 10 .2 24.2 .9 .2 53.5 9.8 1.6 3.5 .1 70.8 10.6 .6 2.8 .4 82.0 7.5 .4 1.2 .1 75.9 6.0 .6 .1 11 12 13 14 15 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 59.2 50.5 4.8 3.9 16 17 18 19 3.1 .2 -.2 2.5 4.8 .4 1.0 2.0 6.7 .3 .3 2.7 7.9 .3 -.3 1.9 9.9 .4 -.2 4.6 11.0 .6 .9 3.6 8.8 .6 1.4 4.5 10.5 .2 -2.6 7.2 7.0 .1 5.4 3.5 3.6 .7 2.9 7.0 20 21 22 23 24 25 28.6 22.1 1.5 4.8 .1 .2 57.9 59.4 .1 -2.3 .1 .6 70.6 69.2 -.1 .1 .2 1.2 83.5 69.9 1.9 9.9 .3 1.5 76.9 59.2 2.1 14.3 .4 .9 76.5 58.8 2.8 16.7 .4 -2.2 80.3 64.3 .9 13.3 .4 1.4 70.6 56.5 2.3 11.1 .5 .2 74.0 65.9 -1.2 5.3 .5 3.5 66.7 46.3 4.0 15.6 .5 .3 26 .1 -.2 -.9 -1.2 -1.1 * * BILLIONS OF DOLLARS. * * * I 11/79 BASED ON INCOMPLETE CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT OTHER LOANS 15 16 17 199.8 NET INCREASE IN LIABILITIES 41.8 TIME + SAVINGS ACCOUNTS 4.8 SECURITY RP'S (S+L) 73.8 INSURANCE + PENSION RESERVES * CORPORATE EQUITY ISSUES (1) 18 19 20 21 22 30.2 10.0 -.4 * 3.9 5.0 33.1 11.7 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER MONEY MARKET FUND SHARES FHLB LOANS 23 24 25 26 27 28 29 30 -7.6 2.4 21.3 SECURITY CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 31 32 33 .8 DISCREPANCY INVESTMENT COMPANY SHARES. COMBINED 2 3 4 5 * .3 3 4 5 6 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 2.3 1.7 7.5 (1) INCLUDES * RATES 19 79 I I INSTITUTIONS - TOTAL .1 177.4 27.5 14.3 32.2 70.2 21.8 11.4 * SUMMARY INSTITUTIONS 4.9 CURRENT SURPLUS -1.7 2.9 -3.3 -1.2 1.4 16.4 .3 -1.3 68.5 NET ACQ. OF FINANCIAL ASSETS .8 DEMAND DEPOSITS + CURRENCY TIME DEPOSITS 3.6 SECURITY RP'S 2.3 78.4 5.1 .8 .6 -.3 79.5 12.7 .9 -.9 .2 72.3 5.5 .8 -.4 .1 54.1 -9.2 -.7 .8 .1 64.5 4.5 .3 -2.4 -.1 58.8 3.0 -.1 -1.1 59.4 52.7 3.4 3.3 56.1 47.6 5.1 3.4 58.2 50.1 4.4 3.7 50.8 44.1 4.0 2.7 54.8 49.3 1.4 4.1 46.2 37.3 4.1 4.8 * * -1.2 INFORMATION. * * - * * 3.1 2 3 4 5 6 CORPORATE EQUITIES 7 CREDIT MARKET INSTRUMENTS 8 U.S. GOVT. SECURITIES STATE AND LOCAL GOVT. SEC. 9 10 CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL FARM 11 12 13 14 15 CONSUMER INSTALMENT CREDIT 16 CONSUMER NONINSTAL. CREDIT 17 MONEY MARKET INSTR. 18 MISCELLANEOUS ASSETS 19 63.7 NET INCREASE IN LIABILITIES 41.8 SAVINGS ACCOUNTS 4.8 SECURITY RP'S 15.9 CR. MKT. INSTR. (SVGS+LN) .5 PROFIT TAX LIABILITY .7 MISCELLANEOUS LIABILITIES * DISCREPANCY 20 21 22 23 24 25 26 NOVEMBER 1 4 , 1979 SAVINGS INSTITUTIONS SAVINGS SECTOR STATEMENTS OF SAVING AND INSTITUTIONS INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 III I II III SAVINGS AND LOAN BILLIONS OF DOLLARS 1970 1971 1972 1973 9.3 9.5 .3 14.1 9.8 .5 29.8 23.6 1.0 37.1 31.8 1.0 28.8 26.5 1.2 2 3 4 -.4 -.2 3.9 -.2 .4 5.3 -.2 1.7 .5 4.4 .3 1.1 .4 1.0 -.2 -.5 1.3 5 6 7 8 -.6 3.0 -.8 2.4 -1.6 2.3 * -1.3 1.0 9 10 11 12 13 1969 ASSOCIATIONS 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL 3 MORTGAGES 4 CONSUMER CREDIT ASSETS 5 6 7 8 OTHER ASSETS DEMAND DEPOSITS + CURRENCY TIME DEPOSITS FED. FUNDS + RP'S 9 10 11 12 13 U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE+LOCAL GOVT SEC. OPEN-MARKET PAPER MISCELLANEOUS 14 NET INCREASE IN LIABILITIES 15 SAVINGS SHARES 16 SECURITY RP«S 17 18 19 20 21 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS BANK LOANS N.E.C. FHLB ADVANCES 22 PROFIT TAXES PAYABLE 23 MISCELLANEOUS 16.295 15.537 276 17.401 13.006 365 14.672 11.887 393 16.066 8.562 239 15.856 15.209 694 14.914 11.695 668 -103 425 -112 561 2.392 33 188 289 7.265 522 946 2.694 -47 -82 -346 106 200 350 -1.121 675 52 241 255 27 2.291 56 106 1.042 -445 1.041 44 105 1.137 -821 1.305 38 711 1.870 -2.853 1.384 17 89 1.638 -785 .207 11 950 541 •1.5 1.2 .2 -.2 1.5 1.6 1.0 -.2 .5 .6 15.287 9.594 710 16.364 11.819 236 13.726 10.604 584 15.214 15.972 -309 14.932 7.757 1.000 14.035 7.976 1.197 8.4 3.9 13.3 10.9 29.0 27.8 - ~ ~ 35.5 32.6 .3 5.606 42 8 1.218 -36 3.996 3.805 127 -411 205 3.884 5.438 850 932 466 3.190 4.249 600 -383 507 3.525 4.1 1.8 -.1 -484 362 3.512 -1.372 119 -391 -311 -789 73 -696 113 391 112 -1.025 141 782 100 637 137 476 * ~ * * .1 4.0 * .4 ~ -1.3 1.9 * .6 -.1 1.3 * .6 * - 2.0 .7 -2.7 .1 1.2 * 1.7 - 1.2 .4 * * .9 26.9 14 20.2 15 16 6.0 -1.5 .4 7.2 17 18 19 20 21 * 22 .6 23 LIABILITIES -321 -330 -229 -115 -184 -115 .3 .3 .4 -.1 .1 24 15.660 15.851 13.025 10.034 14.540 13.746 9.7 12.3 28.1 34.8 27.1 25 3.1 4.7 .1 .2 .1 10.4 -.1 .2 .2 .2 11.0 .1 .2 .1 .3 3.7 -.1 .4 .6 9.5 .2 1.1 .5 2.1 24 DISCREPANCY 25 MEMO: ACQ. OF CREDIT MKT. INST MUTUAL SAVINGS BANKS 1 CURRENT 251 262 2.213 195 -22 -227 2.935 23 107 174 2.075 303 284 -590 3.681 3 36 194 1.417 -52 -168 -478 -430 806 -64 0 223 SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 TIME DEPOSITS 5 FED. FUNDS + SECURITY RP'S * * 6.0 .1 .2 .7 2 3 4 5 .4 6 4.3 7 -.5 8 .1 9 * 10 -1.1 11 6 7 8 9 10 11 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE + LOCAL OBLIGATIONS CORPORATE BONDS -9 2.208 -373 327 158 145 -64 2.657 -132 503 172 -2 27 38 1.117 -222 173 155 -91 30 2.331 -136 668 -209 201 28 1.464 -494 897 49 -593 -27 536 -42 103 -25 -274 .2 2.8 -.6 .2 .3 1.2 .5 9.3 .1 .8 .2 3.9 12 13 14 15 MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER MISCELLANEOUS ASSETS 1.735 244 -28 68 1.868 222 251 38 1.754 91 -743 923 979 185 643 -627 1.019 -49 635 -468 774 -114 114 138 2.7 .2 -.1 1.8 .1 .2 .2 3.9 .1 .2 .3 5.5 .1 -.1 .5 1.712 234 2.107 600 1.813 96 3.021 384 407 -504 274 344 2.6 .2 4.4 .1 9.9 -.1 10.2 .2 4.7 16 .6 17 -48 0 65 -35 206 74 .1 -.2 -.2 -.1 18 .2 .3 .3 2.0 .2 3.1 3.5 3.2 .1 .3 16 SAVINGS DEPOSITS 17 MISCELLANEOUS LIABILITIES 18 DISCREPANCY * * * * 5.7 .3 -.1 .2 12 13 14 15 CREDIT UNIONS 1 CURRENT 6 7 8 9 .2 SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 TIME DEPOSITS 5 SAVINGS + LOAN SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES HOME MORTGAGES CONSUMER CREDIT 10 CREDIT UNION SHARES 2..289 21 21 •1,.057 894 28 7 - 1 ,.619 817 60 -25 -944 1.364 95 -61 830 1.880 139 -104 513 1.612 172 -137 -340 3,.304 -8 100 3,.212 2 .478 -16 105 2,.389 1.726 4 108 1.614 500 27 111 362 1.332 40 115 1.177 1.917 63 118 1.736 2.140 736 1 1 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE 65 INFORMATION. 1.6 1.7 1.4 1.4 .3 .1 1.0 * * 3.6 .5 1.8 2.2 2.7 9 2.9 3.3 2.9 10 NOVEMBER 14, 1979 SAVINGS INSTITUTIONS SAVINGS SECTOR STATEMENTS OF SAVING AND SEASONALLY 1974 ADJUSTED ANNUAL RATES 1975 1976 INSTITUTIONS 23 INVESTMENT SEASONALLY ADJUSTED ANNUAL 1977 1 I 1978 SAVINGS AND LOAN 1978 III II | I IV I 1979 II III RATES ASSOCIATIONS 3.1 CURRENT SURPLUS 2 3 4 23.6 17.6 .8 42.7 29.5 1.2 53.7 44.9 1.2 67.3 58.2 1.3 64.4 51.7 1.2 63.9 52.0 1.2 67.7 48.2 1.2 63.2 50.7 1.5 63.6 46.4 1.2 62.8 50.3 2.9 56.7 NET ACQ. OF FINANCIAL MORTGAGES 42.6 CONSUMER CREDIT 2.4 5 6 7 8 5.2 2.6 12.0 .3 4.5 -1.0 7.6 .3 -1.4 1.2 7.8 -.2 .1 2.3 11.5 .1 .4 1.7 10.6 .4 -.4 1.7 18.3 .3 -.4 2.2 11.0 .6 .8 1.2 16.0 1.4 3.8 10.8 9.6 -.1 -1 .4 .4 11.6 .3 .8 1.4 OTHER ASSETS DEMAND DEPOSITS + CURRENCY TIME DEPOSITS FED. FUNDS + RP'S 9 10 11 12 13 -1.4 1.2 .3 -.2 2.0 .7 4.1 1.0 .9 1.4 5.2 .7 -.3 -.1 1.9 -.6 4.9 1.7 2.7 .2 1.0 3.3 2.1 9.2 .2 .4 4.4 .4 4.2 .2 .4 3.3 -14.4 5.2 .2 2.8 6.2 -4.1 5.5 .1 .4 8.7 -2.1 4.8 1.5 .7 4.6 .1 .4 3.6 U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE+LOCAL GOVT SEC. OPEN-MARKET PAPER MISCELLANEOUS 14 15 16 22.3 16.0 1.5 41.4 42.8 .1 51.5 50.2 -.1 64.2 50.9 1.9 60.6 44.2 2.1 60.0 43.1 2.8 63.7 49.1 .9 59.2 45.5 2.3 59.9 54.4 -1.2 59.2 36.9 4.0 53.3 NET INCREASE IN LIABILITIES 31.9 SAVINGS SHARES 4.8 SECURITY RP'S 17 18 19 20 21 4.8 -2.3 .1 1.9 -.3 -4.0 .1 .1 1.7 .2 -2.0 9.9 1.2 3.1 1.4 4.3 14.3 .7 .8 .3 12.5 16.7 1.7 1.2 .1 13.7 13.3 .5 -.6 .8 12.6 11.1 .2 -1.4 -.4 6.7 -.1 11.0 5.3 .5 -.7 .2 5.4 15.6 3.4 -.1 2.2 10.0 15.9 2.4 -.4 2.1 11.7 22 23 .1 -.1 .1 .7 .2 1.1 .3 1.1 .4 -.5 .4 -3.0 .4 .5 -.1 .5 .9 .5 2.3 .5 .3 24 25 -.7 - * 18.3 * -.3 * * 3.8* 2.6 -.7 -.9 -1.1 -1.1 -1.1 -1.1 -.7 - .6 51.7 63.5 58.6 58.8 61.2 57.4 41.4 55.1 12.1 .4 .4 .7 8.5 12.8 2.0 .8 5.7 1 .4 -.4 -1.9 -1.7 .1 7.1 -1.4 4.3 .2 -2.4 -.1 2.0 -.6 .6 -.1 -1.1 SAVINGS 3.8 .2 -.3 11.5 .1 .1 -.1 13.8 .4 .1 12.5 1.1 2.9 .9 2.8 * BANKS SURPLUS 3.1 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY -.2 TIME DEPOSITS FED. FUNDS + SECURITY RP'S .9 .4 11.1 .1 2.6 .4 1.2 .1 8.5 -.9 1.7 .5 .1 9.8 -1.0 1.8 .6 .6 -.3 10.7 -.8 2.3 .7 -.9 1.0 .6 -.4 .1 7.0 -1.6 1.5 -.8 .8 6.9 1.0 -.1 .3 7.5 .9 1.0 .2 7.0 .4 -3.0 3.9 3.9 .7 2.6 -2.8 4.1 -.2 2.5 -1.8 3.1 -.5 .5 .5 8.3 .8 9.9 1.4 7.3 .3 9.2 2.6 3.7 -2.0 1.9 SAVINGS DEPOSITS .4 MISCELLANEOUS LIABILITIES .1 -.1 1.3 .2 3.1 -.4 .2 .9 .2 10.7 2.2 1.7 .6 3.5 12 13 14 15 2.2 .2 .1 .5 2.3 .2 .1 .6 4.1 .3 .4 .7 6.5 .5 .3 7.1 .7 -.6 1.0 16 17 3.1 .3 11.2 -.1 13.0 .1 11.1 .4 8.6 1.4 18 .1 -.1 -.2 -.3 * 24 51.6 MEMO: ACQ. OF CREDIT MKT. INST 25 .6 6 7 8 9 10 11 * * 14 15 16 22 23 10.2 1.1 -.1 -.9 * * 9 10 11 12 13 PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 10.9 .1 .3 .9 12.5 5 6 7 8 17 18 19 20 21 1.0 CURRENT 2 3 4 5 2 3 4 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS BANK LOANS N.E.C. FHLB ADVANCES -.3 DISCREPANCY -.1 37.4 MUTUAL ASSETS * -.1 * 1.1 -2.4 .2 5.6 * 2 3 4 5 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE + LOCAL OBLIGATIONS CORPORATE BONDS 6 7 8 9 10 11 MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER MISCELLANEOUS ASSETS 12 13 14 15 16 17 18 .3 DISCREPANCY CREDIT UNIONS 1 .3 .3 .4 .5 .6 .6 .6 .7 .7 .7 SURPLUS 1 2 3 4 5 3.3 5.8 -.1 .5 6.4 -.1 -.2 .1 8.3 .1 .1 .9 7.0 .1 6.0 .1 -2.0 8.0 .1 .1 -2.0 4.4 .2 -.1 -5.1 3.0 .4 -.2 -2.9 6 .4 .6 -.4 4.0 8.8 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .7 TIME DEPOSITS -.5 SAVINGS + LOAN SHARES 3.3 2 3 4 5 6 7 8 9 2.7 .4 .1 2.3 5.4 1.1 .5 3.8 6.6 .6 .5 5.5 7.3 .5 .4 6.4 8.8 9.8 9.3 .4 8.3 10 3.0 5.5 6.0 7.8 6.4 * .2 .4 * BILL][ONS OF DOLLARS. * * * .8 CURRENT .4 9.4 -1.7 7.6 -.1 .4 7.2 .4 8.9 5.7 .1 .4 5.2 2.2 .2 .5 1.6 5.3 .3 .5 4.6 7.4 5.4 3.7 2.3 5.7 8.0 CREDIT UNION * 111/79 BASED ON INCOMPLETE ll[^FORMATION. * CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES HOME MORTGAGES CONSUMER CREDIT SHARES 6 7 8 9 10 NOVEMBER 14, 1979 INSURANCE + PENSION FUNDS 24 INSURANCE SECTOR STATEMENTS OF SAV NG AND UNADJUSTED NET FLOWS + PENSION FUNDS INVESTMENT ($ MILL.) UNADJUSTED NET FLOWS II 1978 III IV | | I 1979 II III 1969 LIFE INSURANCE BILLIONS OF DOLLARS 1970 1971 1972 ($ MILL.) 1973 COMPANIES 1 CURRENT SURPLUS 2 PHYSICAL INVESTMENT 1.178 624 1.215 448 1.238 608 1.277 609 1.299 577 1.350 642 1.0 .8 1.3 1.0 1.6 1.2 2.0 1.1 2.3 1.2 1 2 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS + CURRENCY 8.436 61 10,.247 -28 7.947 929 9.196 -1.117 8.978 303 9.701 -178 9.5 * 9.9 .1 12.7 14.4 .2 16.9 .1 3 4 32 7.635 139 -59 5.191 2.077 -322 609 708 96 9,.456 1,.125 130 3,.677 2..325 1,.565 634 723 -243 6.544 421 329 4.009 3.567 -2.678 896 717 -157 9.753 961 -143 4.397 2.250 1.274 1.014 717 -163 8.119 631 -18 3.190 2.706 639 971 719 -175 9.338 518 34 2.483 2.946 2.238 1.119 716 1.7 6.9 -.2 * 1.7 2.1 .8 2.5 .9 2.0 7.0 .1 .1 1.5 2.3 .8 2.2 .8 3.6 8.2 -.1 .1 5.5 1.1 .6 1.0 .9 3.5 9.7 .1 3.6 12.3 -.2 * 5.9 4.4 * 2.2 .9 5 6 7 8 9 10 11 12 13 14 NET INCREASE IN LIABILITIES 15 LIFE INSURANCE RESERVES 16 PENSION FUND RESERVES 17 PROFIT TAXES PAYABLE 18 MISCELLANEOUS LIABILITIES 8.985 2.782 4.975 -60 1.288 9,.820 2,.895 5..652 247 1,.026 8.192 3.176 3.630 140 1.246 9.201 2.920 4.781 3 73 1.127 9.220 2.980 4.757 1 1.482 9.268 2.967 4.865 313 1.123 9.6 4.9 3.2 .1 1.4 9.7 5.4 2.8 .1 1.5 12.8 6.3 4.6 -.1 2.0 13.8 6.7 4.4 15.5 7.4 5.5 * 2.5 14 15 16 17 18 19 DISCREPANCY 1.103 340 875 6 73 964 275 .3 .2 .5 .2 6.9 .1 .1 7.1 .2 -.4 6.7 .3 4.6 2.0 .2 1.8 8.9 -1.6 -.3 -.8 -.5 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 PRIVATE PENSION 3 .527 23 872 6,.137 23 2,.131 4,.893 23 1..040 5.163 23 -373 5.318 23 -529 5.619 23 0 6.3 4 5 6 7 8 9 276 2,.185 261 1,.849 75 171 2,.680 1,.181 428 653 100 122 2..736 1..033 1,.000 -27 60 61 2.182 3.231 1.316 1.765 150 100 3.339 2.397 865 1.432 100 88 3.000 2.500 600 1.800 100 96 5.4 .8 STATE + LOCAI 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 4 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES TREASURY AGENCY ISSUES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES GOVERNMENT 1 CURRENT SURPLUS 4 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS COMMERCIAL MORTGAGES TRADE CREDIT 11 NET INCREASE IN LIABILITIES 12 CORPORATE EQUITY ISSUES 13 PROFIT TAXES PAYABLE 14 POLICY PAYABLES 15 DISCREPANCY 111/79 BASED ON PRELIMINARY AND * * * .6 .1 .1 EMPLOYEE * 2.6 -.3 19 * .1 * 8.3 -.2 .8 1 2 3 7.3 -1.0 1.0 -1.0 -.9 .2 5.3 2.3 .7 1.9 -.4 .1 4 5 6 7 8 9 9.5 .4 1 2 * RETIREMENT FUNDS 5.571 342 4,.563 435 5,.291 -95 4..936 487 6.037 129 5.400 82 5.5 -.1 6.4 .1 6.6 .1 8.5 .3 648 4.581 1.953 1.628 325 346 1.794 488 753 3,.375 1,.269 828 441 -63 2,.019 150 699 4 .687 1 .127 545 582 285 3,.175 100 475 3,.974 1,.878 1..137 741 131 1..815 150 767 5.141 2.538 1.493 1.045 -209 2.662 150 504 4.814 1.811 632 1.179 -76 2.879 200 1.8 3.8 -.3 -.5 .2 -.1 4.0 .2 2.1 4.1 -.4 -.3 -.1 -.3 4.5 .3 3.2 3.3 -1.2 -1.2 .1 .1 3.9 .4 3.7 4.6 .3 -.3 .6 -.1 4.2 .2 OTHER INSURANCE 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY * 7.0 1.5 .2 .9 1.0 FUNDS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 TIME DEPOSITS CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS MORTGAGES MISCELLANEOUS ASSETS * 3 3.4 4 5.7 5 .1 6 -1.1 7 1.2 8 -.3 9 5.2 .7 10 COMPANIES * 975 964 946 973 872 878 4 .032 138 5.687 393 5.822 379 4.993 -585 4.832 150 5.700 -50 3.0 450 3 .134 -214 3 .253 105 -10 310 452 4.522 616 3.513 392 1 320 723 4.390 1.230 2.709 426 25 330 790 4.428 1.009 3.244 142 33 360 797 3.495 50 3.200 300 -55 390 800 4.525 730 3.600 200 -5 425 1.0 1.6 -.3 1.1 .8 .4 .5 .3 1.2 2.4 4 3.4 5 * 6 3.6 7 -.1 8 * 9 .6 10 3 .680 265 11 3,.404 4.019 278 68 3.673 4.141 291 54 3.796 4.129 260 87 3.782 4.064 250 34 3.780 4.144 240 88 3.816 3.9 .5 .1 3.3 3.9 .4 .1 3.4 4.1 .6 -.1 3.6 5.4 .5 .1 4.8 5.3 .5 * 4.8 11 12 13 14 -7 04 -735 109 104 -678 1.0 -.9 -1.1 -.7 * 15 623 INCOMPLETE INFORMATION. * * .6 1.5 1.8 1.2 1 5.4 .1 6.6 .1 7.9 6.4 * 2 3 1.0 3.8 2.5 3.8 .1 3.5 .3 3.0 3.7 .1 4.3 -.7 * 1.5 2.3 * * * * NOVEMBER 14, 1979 INSURANCE + PENSION SECTOR STATEMENTS OF SAVING AND SEASONALLY 1974 ADJUSTED ANNUAL 1975 SEASONALLY ADJUSTED ANNUAL RATES 1976 1979 II 1978 III 1977 1 2 2.5 1.6 2.7 2.4 3.4 2.1 4.1 2.0 4.8 2.3 3 4 16.6 -.1 20.4 -.1 28.2 .1 31.2 .1 35.8 .2 5 6 7 8 9 10 11 12 13 2.3 12.9 .1 .3 4.0 4.9 1.1 2.7 1.4 1.9 16.9 1.7 .8 9.1 2.9 .7 1.6 1.7 3.0 23.7 1.5 1.1 16.9 2.4 .4 1.4 1.5 1.2 27.5 1.6 .5 18.8 5.2 -.3 1.7 2.5 -.1 32.9 2.0 .4 17.3 9.2 1.5 2.6 2.8 14 15 16 17 18 15.6 6.6 6.4 19.8 8.5 8.1 -.1 3.3 27.6 8.2 15.3 .1 3.9 30.3 11.4 13.9 .4 4.6 36.3 11.7 19.5 .6 4.5 * FUNDS INVESTMENT RATES LIFE INSURANCE 2.6 INSURANCE + PENSION FUNDS COMPANIES 5.0 2.4 4.7 2.5 32.0 1.5 .1 20.6 9.0 -1.7 2.4 2.8 35.6 3.1 .2 17.8 10.1 1.9 2.5 2.9 -1.0 30.4 2.5 1.2 13.6 11.2 -1.7 3.6 2.9 35.9 11.1 19.9 39.3 11.6 22.6 32.8 12.7 14.5 5.1 2.4 5.2 2.3 5.4 CURRENT SURPLUS 2.6 PHYSICAL INVESTMENT 37.3 1.4 36.9 NET ACQ. OF FINANCIAL ASSETS * DEMAND DEPOSITS + CURRENCY -.7 33.7 3.4 .3 12.5 11.6 2.0 3.9 2.9 -.7 34.8 .5 -.2 13.5 12.6 3.9 4.5 2.9 36.8 11.7 19.1 .8 5.2 36.9 11.9 19.0 .9 5.0 37.1 NET INCREASE IN LIABILITIES 11.9 LIFE INSURANCE RESERVES 19.5 PENSION FUND RESERVES .9 PROFIT TAXES PAYABLE 4.8 MISCELLANEOUS LIABILITIES 3.2 2.5 35. 3. 17. 10. 1 2 3 4 CORPORATE EQUITIES 5 CREDIT MARKET INSTRUMENTS 6 U.S. GOVERNMENT SECURITIES 7 STATE + LOCAL OBLIGATIONS 8 CORPORATE BONDS 9 MORTGAGES 10 OPEN-MARKET PAPER 11 POLICY LOANS 12 MISCELLANEOUS ASSETS 13 3.0 DISCREPANCY 14 15 16 17 18 19 PRIVATE PENSION FUNDS 1 2 3 10.7 2.7 11.8 .1 -1.3 11.2 .1 -.1 17.7 .1 2.5 19.6 .1 5.5 4 5 6 7 2.3 5.6 1.1 4.5 5.8 7.0 5.2 1.8 7.3 3.6 3.9 -.3 4.5 11.2 5.4 5.4 5.3 8.6 2.1 5.9 * STATE + LOCAL GOVERNMENT 7 5 11.3 -.4 13.1 6 7 3 9 2 7 5 6 2.4 9.3 1.6 1.0 .7 1.0 6.8 -.2 3.1 10.0 3.1 1.5 1.6 1.4 5.3 .2 * 15.7 .3 19.9 1.1 3.7 11.8 5.6 2.6 3.0 .2 5.6 .5 2.7 16.1 6.4 3.8 2.5 .4 8.6 .7 16.5 .1 3.5 .0 .1 .5 21.4 .1 4.2 17.5 .1 -1.5 24.2 .1 -2.1 20.8 NET ACQ. OF FINANCIAL ASSETS .1 DEMAND DEPOSITS + CURRENCY TIME DEPOSITS 1 2 3 .7 .2 .2 .6 .4 .5 10.9 5.9 5.8 -.1 .2 .2 8.7 9.8 2.1 7.1 .6 .4 13.4 12.5 6.4 5.7 .4 .4 12.0 8.4 .8 7.2 .4 .4 4 5 6 7 8 9 EMPLOYEE RETIREMENT 22.3 1.4 OTHER INSURANCE CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS MORTGAGES MISCELLANEOUS ASSETS FUNDS 18.3 1.7 21.2 -.4 19.7 1.9 24.1 .5 21.6 NET ACQ. OF FINANCIAL ASSETS .3 DEMAND DEPOSITS + CURRENCY 3.0 13.5 5.1 3.3 1.8 -.3 8.1 .6 2.8 18.7 4.5 2.2 2.3 1.1 12.7 .4 1.9 15.9 7.5 4.5 3.0 .5 7.3 .6 3.1 20.6 10.2 6.0 4.2 -.8 10.6 .6 2.0 19.3 7.2 2.5 4.7 -.3 11.5 .8 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES TREASURY AGENCY ISSUES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES COMPANIES 3.5 CURRENT 12 13 14 SURPLUS 7 1 7.3 .1 14.9 .2 20.1 .3 19.6 .4 18.9 .6 21.3 1.6 22.2 1.5 19.8 -2.3 22.5 .6 21.0 NET ACQ. OF FINANCIAL ASSETS -.2 DEMAND DEPOSITS + CURRENCY 5 6 4 2 0 .9 12.5 3.1 5.4 3.9 .1 1.2 1.2 17.5 3.0 10.7 3.7 .1 1.1 2.0 16.0 1.4 13.1 1.6 1.8 15.3 1.9 13.0 .4 1.8 16.6 1.0 14.1 1.6 1.3 1.2 1.3 2.9 16.5 3.8 10.8 1.7 .1 1.3 3.2 17.5 3.8 13.0 .6 .1 1.4 3.2 17.2 3.4 12.8 1.2 -.2 1.6 3.2 16.3 1.1 14.4 .8 * 5 -.7 7.3 2.5 2.6 2.2 .1 .6 8 9 7.2 1.0 13.7 .9 .1 12.6 15.3 1.1 .2 14.1 14.9 1.1 .2 13.6 16.0 1.1 .2 14.7 16.6 1.2 .2 15.2 16.4 1.0 .3 15.1 16.4 1.0 .3 15.1 16.5 NET INCREASE IN LIABILITIES 1.0 CORPORATE EQUITY ISSUES PROFIT TAXES PAYABLE .3 POLICY PAYABLES 15.3 -3.1 -.4 -.1 -1.4 -1.8 .5 -2.7 * 9 6.2 11.3 .9 .1 10.3 7 -.8 -2.7 * OF DOLLARS. * I 11/79 BASED ON INCOP * * * 1.7 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS COMMERCIAL MORTGAGES TRADE CREDIT .9 DISCREPANCY -.9 2 3 4 5 6 7 8 9 10 11 12 13 14 15 NOVEMBER 14, 1979 FINANCE N.E.C. FINANCE SECTOR STATEMENTS OF SAVING AND UNADJUSTED NET FLOWS UNADJUSTED NET FLOWS ($ MILL.) II 1 CURRENT SURPLUS OF GROUP 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 CREDIT MARKET INSTRUMENTS 4 MORTGAGES 5 CONSUMER CREDIT 6 OTHER LOANS (TO BUSINESS) 7 NET INCREASE IN LIABILITIES 8 CREDIT MARKET INSTRUMENTS 9 CORPORATE BONDS 10 BANK LOANS N.E.C. 11 OPEN-MARKET PAPER 12 PROFIT TAXES PAYABLE 13 MISCELLANEOUS L I A B I L I T I E S 243 III IV 239 -9 I I II 5 N.E.C. INVESTMENT III 365 410 FINANCE COMPANIES ($ MILL.) 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 -2.5 -1.3 -.2 -1.0 -1.5 1 5,.271 42 5..229 232 3 .119 1,.878 1,.911 41 1..870 150 2..894 - 1 ..174 9.519 40 9.479 100 4.355 5.024 5..218 39 5..179 150 1,.677 3..352 8..110 38 8..072 100 4..388 3..584 2.231 37 2.194 200 4.224 -2.230 8.7 .1 8.6 .8 2.8 5.0 2.4 .2 2.2 1.7 .1 .4 5.4 .3 5.2 1.5 2.3 1.3 9.6 .3 9.4 1.7 3.5 4.2 11.8 .2 11.5 1.9 4.7 5.0 1 2 3 4 5 6 7,.144 7 .015 1,.790 2,.500 2 .725 -15 144 2,.156 1..973 1..320 551 102 76 107 7.437 7.205 1.429 2.082 3.694 68 164 4,.244 4..022 2..009 - 2 ,.956 4,.969 110 112 8,.459 8..272 2..270 1,.592 4,.410 40 147 1.937 1.674 1.702 710 -738 138 125 8.9 7.8 .9 .9 6.0 3.9 2.6 2.1 -.1 .6 4.7 2.7 2.5 .6 -.5 9.0 6.6 3.6 4.2 -1.3 7 8 9 10 11 12 13 * 1.0 * 1.3 2.0 2.4 11.8 9.5 3.0 4.6 2.0 2.3 .1 .3 1.1 .4 .8 .7 .2 .5 1 2 3 5.0 .4 2.0 1.7 .8 5.6 .7 2.4 2.5 * 4 5 6 7 8 6.3 1.7 4.6 .5 .2 .3 6.5 1.0 5.6 .3 .1 .2 9 10 11 12 13 14 .4 1.3 2.5 .6 4.0 .7 - 15 16 17 18 * * REAL ESTATE INVESTMENT TRUSTS 1 PHYSICAL INVESTMENT 2 MULTI-FAMILY STRUCTURES 3 NONRESIDENTIAL STRUCTURES -181 -60 •121 -450 -149 -301 -68 -22 -46 -73 -24 -49 113 37 76 229 76 153 .3 .1 .2 4 NET ACQ. OF FINANCIAL ASSETS 5 HOME MORTGAGES 6 MULTI-FAMILY MORTGAGES 7 COMMERCIAL MORTGAGES 8 MISCELLANEOUS ASSETS 25 -60 64 •228 249 46 -25 -75 -100 246 -362 -10 -25 -100 -227 -171 -25 -24 -75 -47 -213 -13 -34 -53 -113 -329 -7 -17 -27 -278 1.2 .2 9 NET INCREASE IN LIABILITIES 10 CORPORATE EQUITY ISSUES 11 CREDIT MARKET INSTRUMENTS 12 MORTGAGES 13 MULTI-FAMILY RESIDENTIAL 14 COMMERCIAL -87 59 -168 -39 -13 -26 -340 98 -278 63 21 42 -364 133 -476 -62 -20 -42 -178 166 -326 3 1 2 -32 157 -189 9 3 6 -33 157 -190 5 2 3 15 16 17 18 -20 •218 109 22 9 -366 16 -160 -78 -296 -40 -21 -25 -336 32 -18 17 -257 42 0 32 -288 61 0 CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER MISCELLANEOUS LIABILITIES 2.2 1.5 .7 - OPEN-END INVESTMENT COMPANIES 1 CURRENT SURPLUS -2.4 -1.1 ~.7 -1.3 -1.0 1 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY -256 32 -551 31 -518 -85 -219 24 -256 9 -540 27 2.6 -.1 1.7 .6 .1 -1.8 -2.2 -.2 2 3 4 5 6 7 8 -399 111 -15 -34 160 310 -892 -70 -64 -758 -597 164 -164 -634 962 -869 626 138 505 -17 -949 684 -220 581 323 -853 286 98 270 -82 1.7 .9 -.5 .2 1.2 1.2 .5 .2 .7 -.4 .4 -1.8 -2.3 .3 111 -265 -512 4.9 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER 9 NET SHARE ISSUES MONEY MARKET 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 TIME DEPOSITS 4 5 6 7 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES OPEN-MARKET PAPER MISCELLANEOUS 8 NET SHARE ISSUES * * .3 .6 .3 .1 .2 -.3 -.9 1.2 4 5 6 7 8 2.8 1 .3 -.5 -1.2 9 4.2 -3.7 -.2 1 2 " * * * FUNDS 1.339 -15 457 1 .448 9 980 2.401 23 1.181 7.212 -17 2.237 7.895 34 2.985 8.279 47 4.396 944 145 799 -47 474 95 379 -15 1.095 126 969 102 4.761 1.401 3.360 231 4.606 934 3.672 270 3.275 488 2.787 561 1.339 1 .448 2.401 7.212 7.895 8.279 SECURITY BROKERS AND DEALERS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 2.493 -9 97 -10 287 -14 -1.053 -17 2.726 -19 -1.292 -22 •3.1 -.1 .8 -.3 1.4 3 4 5 6 7 8 -494 1.077 1.806 -235 -494 1.919 -688 -1.353 -513 -153 -687 2.148 1.415 1.461 -128 175 1.414 -2.575 -857 -218 510 128 -856 39 763 1.132 140 230 762 850 -843 -990 285 -433 -842 563 .4 .1 .4 -3.5 .1 2.3 1.7 .6 .1 -1.3 .1 -1.4 -1.6 .1 .1 2.6 .2 .3 .2 -.1 .2 3.7 .3 .6 * .2 .3 -4.3 3 4 5 6 7 8 2.474 2.476 1.703 773 -2 71 71 -607 678 0 273 236 173 63 37 -1.076 -1.104 -1.272 168 28 2.721 2.705 2.644 61 16 -1.323 -1.364 -1.287 -77 41 -3.1 -3.0 -1.0 -2.0 -.1 1.0 1.0 1.9 -1.0 1.1 1.1 .7 .5 4.1 4.1 3.9 .2 -3.4 -3.4 -3.2 -.2 * 9 10 11 12 13 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT 9 NET INCREASE IN LIABILITIES 10 SECURITY CREDIT 11 FROM BANKS 12 CUSTOMER CREDIT BALANCES 13 PROFIT TAXES PAYABLE IH/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * -.2 - * * * * NOVEMBER 1 4 , 1979 FINANCE N . E . C . FINANCE N . E . C . 27 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES 1974 1 SEASONALLY ADJUSTED ANNUAL RATES 1975 1976 1977 1978 -.1 -.2 .1 .4 .4 I | II .5 1978 III .5 IV .4 I | I .4 1979 II 1.0 III 1.2 CURRENT SURPLUS OF GROUP 1 FINANCE COMPANIES 1 2 3 4 5 6 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 20.1 .2 19.9 1.5 8.1 10.3 18.4 .2 18.3 -.2 10.2 8.3 7 8 9 10 11 12 5.9 6.0 1.8 .7 3.6 1.2 .5 2.7 -2.8 .6 8.0 6.4 5.3 -2.1 3.3 18.7 17.6 8.5 .7 8.4 - - - - 19.4 18.6 6.8 3.9 7.8 .2 16.8 .2 16.6 .5 10.2 6.0 ET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY CREDIT MARKET INSTRUMENTS MORTGAGES CONSUMER CREDIT OTHER LOANS (TO BUSINESS) 16.6 .2 16.5 1.1 10.1 5.3 27.0 .2 26.8 .3 12.6 13.9 28.6 .2 28.5 .7 17.0 10.8 27.2 .2 27.1 14.5 12.6 19.3 .1 19.1 1.0 15.6 2.5 16.0 15.4 5.9 2.4 7.1 .2 .4 22.0 21.1 6.2 5.8 9.2 .3 .7 25.7 24.9 9.4 -5.2 20.7 .3 .4 25.4 24.4 6.5 2.5 15.4 .4 .6 16.1 NET INCREASE IN LIABILITIES 15.1 CREDIT MARKET INSTRUMENTS 7.4 CORPORATE BONDS 2.9 BANK LOANS N . E . C . 4.8 OPEN-MARKET PAPER .5 PROFIT TAXES PAYABLE .5 MISCELLANEOUS LIABILITIES * 1 2 3 4 5 6 7 8 9 10 11 12 13 REAL ESTATE INVESTMENT TRUSTS 1 2 3 1.1 .4 .7 3.0 1.0 2.0 1.6 .5 1.1 -.9 -.3 -.6 -.7 -.2 -.5 -1.8 -.6 -1.2 -.3 -.1 -.2 -.3 -.1 -.2 .5 .1 .3 4 5 6 7 8 .5 -.2 .2 .2 .4 -3.6 -.5 -2.6 -1.8 1.2 -4.1 -.2 -1.7 -1.8 -.3 -.5 -.1 -.3 -.6 .5 .1 -.2 .3 -.9 1.0 .2 -.1 -.3 -.4 1.0 -1.4 * -.1 -.4 -.9 -.7 -.1 -.1 -.3 -.2 -.9 -.1 -.1 -.2 -.5 - 1 . 3 NET ACQ. OF FINANCIAL ASSETS * HOME MORTGAGES - . 1 MULTI-FAMILY MORTGAGES -.1 COMMERCIAL MORTGAGES - 1 . 1 MISCELLANEOUS ASSETS 9 10 11 12 13 14 1.4 -.9 1.5 .2 .1 -.1 -1.3 -.1 .4 .1 .3 -2.2 -.5 -1.9 .4 .1 .3 -1.1 .4 -1.4 .1 -.3 .2 -.7 -.2 -1.4 .4 -1.1 .3 -1.5 .5 -1.9 -.2 -.7 .7 -1.3 * -.1 .6 -.8 * - . 1 NET INCREASE IN LIABILITIES .6 CORPORATE EQUITY ISSUES - . 8 CREDIT MARKET INSTRUMENTS * MORTGAGES -.1 .1 -.1 * * * M U L T I T - F A M I L Y RESIDENTIAL .1 -.1 .2 -.2 * * * COMMERCIAL 15 16 17 18 .2 4.4 -3.3 .8 -.2 -1.9 -.3 .2 -.2 -1.4 .1 -.1 -.1 -.9 .4 .1 * -1.5 .1 -.6 -.3 -1.2 -.2 -.1 -.1 -1.3 .1 -.1 -1 _ -.6 .1 1.3 * .1 -1.0 .2 - .9 PHYSICAL INVESTMENT .3 MULTI-FAMILY STRUCTURES .6 NONRESIDENTIAL STRUCTURES .1 -1.2 .2 - CORPORATE BONDS BANK LOANS N . E . C . OPEN-MARKET PAPER MISCELLANEOUS LIABILITIES 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 OPEN-END INVESTMENT COMPANIES -.3 -.5 -.5 -.4 -.5 -.7 -.9 -.5 2 3 -1.0 -.2 - .33 1 .1 -1.3 -1.3 .1 .1 -1.4 -1.4 -1.5 -1.5 -1.0 .1 -2.2 .1 -2.1 -.3 -.9 .1 -1.0 * - 2 . 2 NET ACQ. CF FINANCIAL ASSETS .1 DEMAND DEPOSITS + CURRENCY 2 3 4 5 -.5 -.3 1 -1.1 .7 7 -2.5 -2.5 1.1 1.1 -3.8 -3.8 2.4 2.4 .2 1.1 1.2 -1.6 .4 -.1 -.1 .6 1.2 -3.6 -.3 -.3 -3.0 -2.4 .7 -.7 -2.5 3.8 -3.5 2.5 .6 2.0 -.1 -3.8 2.7 -.9 2.3 1.3 -3.4 1.1 .4 1.1 -.3 4 5 6 7 8 -.6 -1.7 -1.3 3 * ,0 2 * 2.2 -1.1 * * * -1.6 -1.6 .2 .2 -.2 -.9 1.3 * -.6 - . 5 CURRENT SURPLUS 1 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U . S . GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER - 1 . 6 NET SHARE ISSUES 9 MONEY MARKET FUNDS 1 2 3 2.4 1.6 1.3 * .5 * * -.7 .2 * .3 6.9 * 3.5 5.4 -.1 1.8 5.8 * 3.9 9.6 .1 4.7 28.8 -.1 8.9 31.6 .1 11.9 33.1 NET ACQ. OF FINANCIAL ASSETS .2 DEMAND DEPOSITS + CURRENCY 17.6 TIME DEPOSITS 1 2 3 4 5 6 7 .8 .1 .6 * .7 .8 -.1 .1 .6 .2 .4 * -.1 -.3 .1 * 3.2 .6 2.6 .2 3.8 .6 3.2 -.2 1.9 .4 1.5 -.1 4.4 .5 3.9 .4 19.0 5.6 13.4 .9 18.4 3.7 14.7 1.1 13.1 2.0 11.1 2.2 4 5 6 7 31.6 33.1 NET SHARE ISSUES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES OPEN-MARKET PAPER MISCELLANEOUS SECURITY BROKERS AND DEALERS 8.2 .2 2.9 1.2 1.0 -.1 -.1 1.2 1.0 .4 3.0 2.4 .3 .4 4.6 .3 -.2 -.7 .2 .3 2.8 -.9 -1.8 -.8 -.2 -.9 1.8 2.4 7.2 -.9 •3.9 7.7 -6.1 -2.1 -.6 -3.4 8.6 2.5 -.5 .7 2.4 -10.3 5.1 2.0 .5 2.6 .2 2.3 .6 .9 .8 3.4 -5.0 1.1 -1.7 -4.4 2.3 NET A C Q . OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U . S . GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT 2.9 2.9 2.2 .6 8.0 7.9 6.5 1.5 .1 2.9 2.9 1.9 1.0 -.1 -1.0 -1.0 -2.4 1.4 6.1 6.0 2.9 3.1 -1.0 -1.0 -3.7 2.7 -5.5 -5.6 -5.9 .3 .1 7.7 7.5 6.9 .7 .1 6.4 6.3 6.1 .2 .1 7.4 -7.4 -7.6 -7.3 -.3 .2 NET INCREASE IN LIABILITIES SECURITY CREDIT FROM BANKS CUSTOMER CREDIT BALANCES PROFIT TAXES PAYABLE 1 2 -3.1 -.1 3.2 3 4 5 6 7 8 -.6 -.8 .2 -.4 -.6 -1.6 9 10 11 12 13 -3.0 -2.9 -1.9 -1.0 -.1 * * BILL!IONS OF DOLLARS. * -.9 * * 111/79 BASED ON INC Of * * 1 2 3 4 5 6 7 8 9 10 11 12 13 NOVEMBER 14, 1979 MONETARY AND INSURANCE 28 MONETARY AND INSURANCE RESERVES FOREIGN EXCHANGE, TREASURY CURRENCY, INSURANCE RESERVES, AND UNADJUSTED NET FLOWS INTERBANK UNADJUSTED NET FLOWS ($ MILL.) 1978 III I I II GOLD AND OFFICIAL III RESERVES CLAIMS 1969 FOREIGN EXCHANGE HOLDINGS ($ MILL.) BILLIONS OF DOLLARS 1970 1971 1972 (1) 1 TOTAL U . S . RESERVES 2 U.S. GOLD STOCK AND SDR'S 3 U . S . G O V T . — E X . STAB. FUND 4 MONETARY AUTHORITY (2) 5 U.S. FOREIGN EXCHANGE 6 7 8 9 10 11 POSITION OFFICIAL FGN. CURRENCY TREASURY MONETARY AUTHORITY HLDGS NET IMF POSITION U.S. GOVERNMENT ASSET MONETARY AUTHORITY 102 102 0 43 43 0 -1.348 -1.413 65 4 4 0 -7 -7 0 -95 0 -95 -432 -252 1.145 2..103 -265 - 2 ..696 .3 4 12 -8 -58 -20 -38 4.348 2.762 1.586 2,.017 -131 2..148 -342 470 -812 - 2 ,.748 - 1 ..342 - 1 ..406 -.7 -.7 -.1 -436 -429 -7 -194 -196 2 -3.203 -3.200 -3 86 78 8 77 89 -12 52 55 -3 1.0 1.0 1.0 1.0 ~ * -.8 -1.2 .4 -1.3 -.7 -.6 -.5 -2.5 -1.7 -2.2 -.4 -1.7 -.4 -.1 -.2 -.4 -.4 -1.4 -1.3 * * * * 2 3 4 -.2 -.2 5 * -.2 -.2 * -.2 6 7 8 -.6 * .2 -.2 -.2 * * 9 * 10 * 11 TREASURY CURRENCY AND SDR CERTIFICATES 1 TOTAL U . S . GOVT. LIABILITY 2 MONETARY AUTHORITY ASSET 3 UNALLOCATED ASSETS 179 180 -1 112 151 -39 276 268 8 280 120 160 823 911 -88 INSJRANCE AND PENSION FUND RESERVES LIFE INSURANCE RESERVES: 1 NET CHANGE I.N LIABILITIES 2 U . S . GOVERNMENT 3 LIFE INSURANCE COMPANIES 2,.860 78 2..782 2..977 82 2,.895 3..265 89 3..176 3..013 93 2..920 3,.079 99 2..980 3,.071 104 2..967 5.0 .1 4.9 5.5 .1 5.4 6.3 .1 6.3 6.9 .2 6.7 7.6 .2 7.4 1 2 3 4 NET CHANGE 2..860 2..977 3..265 3,.013 3..079 3..071 5.0 5.5 6.3 6.9 7.6 4 15..532 1..459 14..073 4..975 3..527 5..571 22. .510 6..158 16..352 5,.652 6..137 4..563 14..355 541 13..814 3..630 4..893 5..291 13..183 - 1 ..697 14..880 4..781 5..163 4..936 17..604 1..492 16..112 4..757 5..318 6..037 23..374 7..490 15..884 4..865 5..619 5..400 6.5 1.5 5.0 3.2 6.3 5.5 18.4 2.4 16.1 2.8 6.9 6.4 21.1 2.8 18.3 4.6 7.1 6.6 22.6 3.0 19.6 4.4 6.7 8.5 15.532 22.510 14.355 13.183 17.604 23.374 .3 .2 .1 1.8 2.1 -.3 4.1 3.6 .5 -1.0 -2.1 l.l 12.1 -4.8 1.0 -6.4 -6.2 -6.0 -6.0 -5.9 -.2 -4.6 -4.4 -4.9 -4.9 -.1 -3.9 1.6 -.7 -.5 -.5 -.2 .3 -3.8 5 -1.6 6 -2.7 7 -2.4 8 -.9 9 -.2 10 .6 11 -.2 .2 .5 .5 .7 .2 .1 .5 .4 -1.5 12 -.3 13 1.2 14 .1 .1 .1 .2 .2 .3 .2 .3 15 * 16 .3 17 .6 1.4 1.8 .1 1.1 .6 .5 -1.0 -1.5 .5 .3 1.2 -1.0 2.0 5 6 7 8 9 10 IN ASSETS ( HH) 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) 5 25.4 6 2.1 7 23.2 8 5.5 9 8.3 9.5 10 NET INTERBANK CLAIMS 1 NET CHANGE IN 2 3 4 5 6 7 8 9 10 11 LIABILITIES MONETARY AUTHORITY MEMBER BANK RESERVES VAULT CASH COMMERCIAL BANKING TO MONETARY AUTHORITY TO FOREIGN BANKS, NET LIABILITIES, NET U.S.-CHARTERED BANKS DUE FGN. AFFILIATES LESS: DUE FROM AFF. 286 20 266 -837 -1.090 253 4.287 1.682 4.856 4.180 2.493 42 -2.451 8.855 338 9.670 9.379 6.212 3.943 -2.269 3.497 15.366 7.722 4.393 3.329 -2.634 491 -3.125 -380 - 1 ..307 927 -522 -922 400 18.000 -4.225 2.604 -2.388 19.780 -4.708 20.272 -3.433 14.569 -3.284 4.489 1.468 4.752 -10.080 4,.201 182 3,.942 4..812 4,.455 5..333 878 6.112 -1.276 8.667 8.489 5.867 6.967 1.100 * 12.3 12.3 11.3 11.4 * ~ 3.5 1.4 2.0 2 3 4 12 13 14 FGN. BKG. OFF. IN U.S. DUE FGN. AFFILIATES LESS: DUE FROM AFF. 1.687 1.444 -243 3.167 4.573 1.406 -149 1.357 1.506 5.703 5.868 165 357 3 .482 3..125 2.622 3.880 1.258 15 16 17 LESS: DEP. AT FGN. BANKS U.S.-CHARTERED BANKS FGN. BKG. O F F . IN U.S. -676 -795 119 -291 -291 0 1.275 782 493 492 -700 1.192 870 -10 880 -178 429 -607 18 19 20 21 22 23 24 TO U.S. BANKING, NET U.S.-CHARTERED BANKS LIABILITIES TO DOM. AFFILIATES TO FGN. OFFICES UNALLOCATED LESS:DUE FROM FGN OFF. -2.251 -1.701 616 1.000 1.867 -2.251 2.317 -1.153 -54 3.547 0 4.700 -1.153 3.601 -2.121 -4.087 3.940 2.500 3.561 -2.121 8.027 608 3.118 2.745 -500 2.637 608 -373 77 -305 1,.757 1,.500 180 77 2,.062 -1.279 -5.729 4.956 -62 6.297 -1.279 10.685 -1.000 0 -2.500 5 00 - 1 ..500 62 -.6 -.1 -.3 .4 .4 25 450 2.317 1.867 -1.099 3.601 4.700 4.466 8.027 3.561 -3.010 -373 2.637 1..882 2,.062 180 4.388 10.685 6.297 -.4 .3 .7 -.6 .5 1.1 .7 2.0 1.2 2.2 2.7 .6 4.0 26 8.3 27 4.2 28 6.824 4.856 1.968 1.682 586 1.096 9.171 9.670 -499 338 401 -63 5.618 -4.708 10.326 2.604 2.797 -193 14.758 19.780 -5.022 -2.388 -2.179 -209 3,.744 3.,942 -198 182 -413 595 6.869 8.667 -1.798 -1.276 -875 -401 12.6 12.3 .3 -3.6 -6.4 2.8 1.0 -.7 -4.6 3.9 -.2 -.2 -.7 .6 1.6 286 20 266 -837 -1.090 253 7.722 4.393 3.329 -2.634 491 -3.125 -380 - 1 ,.307 927 -522 -922 400 -2.251 -1.153 -2.121 6 08 77 25 DOMESTIC 26 27 28 FGN. BKG. OFF. IN U . S . DUE TO U . S . BANKS LESS:DUE FROM U.S. BKS AFFILIATES 29 NET CHANGE IN ASSETS REST OF THE WORLD 30 DOMESTIC 31 MONETARY AUTHORITY 32 33 F.R. FLOAT 34 LOANS TO MEMBER BANKS 35 36 37 U.S.-CHARTERED BANKS MEMBER BANK RESERVES VAULT CASH 38 DISCREPANCY-FLOATS, ETC. (1) LINES 1 AN 2 EXCLUDE INCREASES IN SDR THROUGH ALLOCATIONS, WHICH OCCURRED IN JANUARY OF 1970, 1971, 1972, AND 1978. 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. 111/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 1.0 1.2 .2 * * * -.1 .9 1.2 .6 .7 -.1 .3 * 1.8 2.1 -.3 * * -4.7 -7.3 -4.6 -.4 .6 -4.7 2.7 .5 -4.0 4.3 -.4 18 19 20 21 4.2 22 .5 23 8.3 24 -.8 -2.7 1.9 -1.6 29 30 31 32 1.4 2.0 36 37 NOVEMBER 14, 1979 MONETARY AND INSURANCE MONETARY AND INSURANCE RESERVES FOREIGN EXCHANGE, TREASURY CURRENCY, SEASONALLY ADJUSTED ANNUAL 1974 1975 1976 INSURANCE RESERVES, AND 2.5 .2 .1 SEASONALLY ADJUSTED ANNUAL 1977 1978 | II 1978 III IV 1979 II I III -11.2 TOTAL U.S. RESERVES -.4 U.S. GOLD STOCK AND SDR'S U.S. G O V T . — EX. STAB. FUND MONETARY AUTHORITY (2) -5.4 -5.7 .4 -1.2 -1.3 .1 RATES (1) -1.3 .2 .1 .1 * 10 11 RESERVES 29 CLAIMS RATES GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS 1.4 INTERBANK -.4 .2 -1.0 .3 .2 .2 4.4 2.8 1.6 -.2 -.1 -.2 .3 .3 -4.2 -4.2 -1.7 -1.7 -10.8 U.S. FOREIGN EXCHANGE 17.4 11.0 6.3 8.1 -.5 8.6 -1.4 1.9 -3.2 -11.0 -5.4 -5.6 -12.8 -12.8 .3 .3 .3 .4 .2 .2 * 1.1 1.1 3.3 3.6 -.4 POSITION OFFICIAL FGN. CURRENCY TREASURY MONETARY AUTHORITY HLDGS NET IMF POSITION U.S. GOVERNMENT ASSET MONETARY AUTHORITY TREASURY CURRENCY AND SDR CERTIFICATES .7 .7 .5 -.1 .1 TOTAL U.S. GOVT. LIABILITY .5 MONETARY AUTHORITY ASSET .6 UNALLOCATED ASSETS INSURANCE AND PENSION FUND RESERVES 6.7 .1 6.6 8.7 .1 8.5 12.0 .3 11.7 11.4 .3 11.1 LIFE INSURANCE RESERVES: 12.3 NET CHANGE IN LIABILITIES .4 U.S. GOVERNMENT 11.9 LIFE INSURANCE COMPANIES 12.1 .4 11.7 12.3 NET CHANGE 5 6 7 8 9 10 29.6 2.7 26.8 6.4 10.7 9.7 34.9 3.7 31.2 8.1 11.8 11.3 44.2 4.6 39.7 15.3 11.2 13.1 53.7 6.4 47.3 13.9 17.7 15.7 65.8 6.9 58.9 19.5 19.6 19.9 11 29.6 34.9 44.2 53.7 65.8 NET INTERBANK IN ASSETS (HH) PENSION FUND RESERVES: NET CHANGE IN LIABILITIES U.S. GOVERNMENT INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 3.1 58.7 19.9 16.5 22.3 14.9 63.9 22.6 23.0 18.3 6.3 57.1 14.5 21.4 21.2 2.1 56.4 19.1 17.5 19.7 5.5 67.4 19.0 24.2 24.1 78.5 16.6 61.9 19.5 20.8 21.6 61.8 78.8 63.4 58.5 72.9 78.5 NET CHANGE IN ASSETS 12.7 NET CHANGE IN LIABILITIES (HH) CLAIMS 2 3 4 2 3 4 -.3 -1.2 1.0 .8 .2 .6 -1.0 -.9 -.1 3.5 1.7 1.8 5.9 4.4 1.5 7.0 6.9 .1 .3 -2.8 3.0 19.9 14.3 5.6 -6.8 -1.7 -5.0 2.8 1.1 1.7 5.7 .6 5.1 5 6 7 8 9 10 11 .3 -2.1 -.2 .6 -1.6 2.6 4.2 -9.8 1.6 -9.9 -8.0 -7.1 -.8 6.3 -8.2 -1.3 -5.9 -4.0 -7.0 .7 7.6 -6.9 1.4 -.8 1.2 -1.3 3.5 4.8 9.7 3.6 5.4 5.0 1.2 4.4 3.1 17.5 2.9 22.3 19.6 11.2 3.9 -7.3 18.2 3.5 17.0 15.9 6.6 7.8 1.2 -.6 7.2 -3.6 1.5 -1.2 7.8 9.0 73.1 -3.9 82.3 84.2 62.9 20.0 -42.9 15.4 -3.9 18.5 22.0 18.8 26.0 7.2 7.1 -.9 9.7 9.0 2.0 18.1 16.1 12 13 14 2.2 4.5 2.3 -.9 .9 1.7 2.9 4.0 1.0 2.5 5.6 3.1 3.7 7.1 3.3 8.4 6.2 -2.1 9.2 15.8 6.5 2.7 3.9 1.1 21.4 27.6 6.3 3.2 14.7 11.6 7.0 12.5 5.6 FGN. BKG. OFF. IN U.S. 12 DUE FGN. AFFILIATES 13 LESS: DUE FROM AFF. 14 15 16 17 .9 .6 .2 1.9 1.3 .6 1.8 1.9 -.1 2.0 .4 1.6 -.5 -.9 .4 -2.7 -3.2 .5 -1.2 -1.2 5.1 3.1 2.0 2.0 -2.8 4.8 3.5 3.5 -.7 1.7 -2.4 LESS: DEP. AT FGN. BANKS 15 16 U.S.-CHARTERED BANKS FGN. BKG. OFF. IN U.S. 17 13 19 20 21 22 23 24 2.6 -.2 7.0 -.2 4.6 2.6 7.2 -1.5 .1 -1.0 -.2 3.7 -7.6 -6.5 -1.4 .7 -2.1 13.2 4.5 8.0 .7 15.3 -7.7 -6.7 5.0 4.0 8.7 -7.7 11.7 -2.4 -.1 15.1 17.5 -2.4 15.2 -*.2 -7.8 14.8 10.0 9.0 -4.2 22.6 -5.3 3.9 9.3 -2.0 16.6 -5.3 5.4 .8 -1.4 10.7 6.0 4.0 .8 12.1 -1.7 -24.8 17.1 -.2 19.1 -1.7 42.0 -4.0 " -10.0 2.0 -6.0 .2 -2.3 15.2 17.5 13.7 22.6 9.0 -11.2 5.4 16.6 8.2 12.1 4.0 22.9 42.0 19.1 17.4 18.5 -1.2 -3.9 -3.9 14.5 NET CHANGE IN ASSETS REST OF THE WORLD 9.7 DOMESTIC 4.8 MONETARY AUTHORITY -.9 F.R. FLOAT 1.2 LOANS TO MEMBER BANKS -2.1 * - 1.5 -1.5 -.1 - 4.8 -1.0 3.9 - 6.1 -7.6 5.0 - 27 28 7.2 4.6 -.1 1.5 3.9 4.8 5.0 6.1 15.3 8.0 3.0 11.7 8.7 29 30 31 32 33 34 -2.6 -.2 -2.3 -2.1 -1.1 -1.0 -7.4 -9.9 2.4 1.6 1.7 -.1 -8.2 -5.9 -2.3 -1.3 -1.1 -.2 4.1 -.8 5.0 1.4 1.2 .2 14.9 5.4 9.5 3.6 2.7 .9 32.2 22.3 9.9 2.9 .4 2.5 20.8 17.0 3.8 3.5 5.1 -1.6 23.5 -3.6 27.1 7.2 5.1 2.1 71.6 82.3 -10.6 -3.9 -3.9 35 36 37 -.3 -1.2 1.0 .8 .2 .6 -1.0 -.9 -.1 3.5 1.7 1.8 5.9 4.4 1.5 7.0 6.9 .1 .3 -2.8 3.0 19.9 14.3 5.6 -6.8 -1.7 -5.0 -7.7 -2.4 -4.2 -5.3 * * * 2.8 1.1 1.7 5.7 .6 5.1 MONETARY AUTHORITY MEMBER BANK RESERVES VAULT CASH COMMERCIAL BANKING TO MONETARY AUTHORITY TO FOREIGN BANKS, NET LIABILITIES, NET U.S.-CHARTERED BANKS DUE FGN. AFFILIATES LESS: DUE FROM AFF. TO U . S . BANKING, NET U.S.-CHARTtRED BANKS LIABILITIES TO DOM. AFFILIATES TO FGN. OFFICES UNALLOCATED LESS:DUE FROM FGN OFF. DOMESTIC AFFILIATES 111/79 BASED ON INCOMPLETE INFORMATION. 18 19 20 21 22 23 24 25 26 FGN. BKG. OFF. IN U.S. 27 DUE TO U.S. BANKS LESS:DUE FROM U.S. BKS 28 U.S.-CHARTERED BANKS MEMBER BANK RESERVES VAULT CASH -1.7 DISCREPANCY-FLOATS, ETC. LINES 1 AN 2 EXCLUDE INCREASES IN SDR THROUGH ALLOCATIONS, WHICH OCCURRED IN JANUARY OF 1970, 1971, 1972, AND 1978. 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. TREASURY GOLD STOCK. BILLIONS OF DOLLARS. 5 6 7 8 9 10 11 29 30 31 32 33 34 35 36 37 NOVEMBER 1 4 , 1979 MONEY AND DEPOSITS SUMMARY MONEY AND DEPOSITS MONEY STOCK AND TIME AND SAVINGS SUMMARY ACCOUNTS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1979 II 1978 III BILLIONS CF DOLLARS 1970 1971 1972 DEMAND DEPOSITS AND CURRENCY 1 NET CHANGE 2 3 4 5 6 7 8 9 IN ASSETS MONEY STOCK REST OF THE WORLD DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS ST.+LOC. GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT 26,.678 5.467 22..699 -35..612 25,.683 7,.991 15..425 36 15..389 7..293 2,.710 1,.136 995 3,.255 488 -821 1.309 4.888 3.715 -1.526 1.016 -6.784 29..078 -27..375 2..149 - 2 ..046 26..929 -25..329 5..331 -11,.641 5..498 - 1 ..440 1..964 - 2 ,.850 -176 1..750 12..386 -9..222 16,.025 2..663 13,.362 7..629 1,.393 993 670 2..677 1,.842 900 942 5,.385 1..425 423 220 -6,.511 11..253 4.979 - 8 ,.237 9,.658 6,.149 11 NET CHANGE IN BKG. SYSTEM LIAB 12 MONETARY AUTHORITIES 13 U.S. GOVT. CASH + DEPOSITS 14 FOREIGN DEPOSITS 15 CURRENCY 26,.678 10..448 6,.853 -35 3,.630 5.467 22,.699 -35..612 2,.021 6.028 - 8 ..631 1..675 4.998 -12..513 229 -122 -92 468 3,.653 1.122 25,.683 1..229 - 2 ,.450 19 3,.660 7,.991 4,.626 3,.152 -101 1,.575 16 17 18 19 16,.230 4,.400 71 11,.759 31..330 -37,.633 6,.134 -9,.912 1..920 -1,.924 23..276 -25,.797 24..454 12,.108 2,.644 9,.702 3,.365 2,.997 1,.001 -633 10 U . S . GOVERNMENT COMMERCIAL BANKING U.S. GOVERNMENT DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC -561 -19 -729 187 -6..379 TIME DEPOSITS AND SAVINGS 7.0 -2.6 5.7 1.4 1.1 -2.9 14.4 -.2 14.6 12.1 -1.4 1.0 .9 2.0 23.0 13.7 2.6 1.7 17.8 2.9 14.9 13.9 1.6 3.1 3.5 17.5 4.4 .9 .1 3.4 24.2 3.2 -1.1 -.1 4.4 16.3 3.4 -.5 -.1 3.9 11 12 13 14 15 9.3 2.9 .6 5.9 13.1 2.2 -.3 11.2 21.0 .7 1.7 18.6 12.9 -1.0 3.0 10.9 16 17 18 19 2 3 4 5 6 7 12.4 3.1 -.4 * .4 4.2 ACCOUNTS 1 NET CHANGE - TOTAL 24.898 29.880 31,.665 31,.714 12.028 33.290 2 3 4 5 6 7 11.452 5.589 5.352 2.827 2.525 511 15.218 3.322 9.917 12.590 -2.673 1.979 18,.594 9,.282 6,.283 5..484 799 3,.029 2.159 11..526 -3..360 -11.900 12.341 14..649 746 5..297 11.595 9,.352 1.718 237 23.616 9.400 12.206 2.087 10.119 2.010 -9.5 •12.5 2.9 -3.6 6.5 .2 38.0 15.2 22.4 10.3 12.2 .4 41.4 8.7 32.4 5.1 27.3 .3 42.4 9.8 33.0 8.8 24.3 -.4 50.7 20.0 29.7 20.1 9.6 1.0 10.851 -401 -562 -22 361 12.589 -2.650 2.826 -555 -105 8,.427 5..013 1..666 824 -4 9,.243 -3..156 2,.955 -452 -7 7.357 -2.547 -3.300 -917 38 17.510 -450 879 1.191 27 .7 -5.4 -5.9 1.4 -.2 27.0 1.7 10.0 -1.7 .3 28.1 4.2 7.2 .3 .1 29.0 2.4 6.8 2.9 .1 8 35.3 9 4.7 7.2 10 2.8 11 -.2 12 1.225 -103 -22 21 872 457 3.113 -112 107 7 2.131 980 2..668 188 284 -25 1..040 1..181 2,.943 946 194 -61 -373 2..237 1.528 -346 -478 -104 -529 2.985 4.459 200 0 -137 0 4.396 -.1 .7 .4 1.5 1.7 1.3 1.1 .8 13 -.5 14 13.446 1.712 2.140 9.594 10.651 -1.057 14.662 2.107 736 11.819 13.438 -1.619 13,.071 1..813 654 10..604 11,.548 -944 20..188 3..021 1..195 15..972 15,.142 830 9.869 407 1.705 7.757 7.244 513 9.674 274 1.424 7.976 8.316 -340 7.9 2.6 1.4 3.9 4.4 17.0 4.4 1.7 10.9 10.5 40.5 9.9 2.9 27.8 26.9 46.0 10.2 3.3 32.6 32.0 27.8 4.7 2.9 20.2 20.9 19 20 21 22 23 25.354 28.870 22,.442 28,.601 16.713 27.524 6.5 52.4 3.7 3.7 2.9 2.6 .3 16.7 16.7 1 2 3 15.3 8.6 2.4 2.3 1.3 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 O F F . 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 * MONEY MARKET MUTUAL FUND SHARES 1 MONEY MARKET FUND SHARES LIAB.: FINANCE N.E.C. ASSET: HOUSEHOLDS 2 MEMO: TOTAL HOUSEHOLD DEPOSITS 1.339 1.448 2.401 7.212 7.895 8.279 33.986 35.206 30.174 24.172 32.237 41.188 FEDERAL FUNDS AND SECURITY REPURCHASE AGREEMENTS 1 NET CHANGE IN LIABILITIES 2 COMMERCIAL BANKS 3 SAVINGS + LOAN ASSNS. 5.329 4.619 710 4.469 4.233 236 1.877 1.293 584 13.933 14.242 -309 7.538 6.538 1.000 6.567 5.370 1.197 5.3 5.3 - ~ - 4 NET CHANGE IN ASSETS 5 NONFINANCIAL CORPORATIONS 6 STATE + LOCAL GOVTS. 7 FEDERALLY RELATED CREDIT AG. 8 SAVINGS + LOAN ASSNS. 9 MUTUAL SAVINGS BANKS 779 -250 1.000 -169 42 5 -227 1.637 -346 1.000 248 561 174 1.477 1.896 0 -118 289 -590 9.556 1.399 1.824 2.222 2.694 1.417 525 1.750 270 -1.171 106 -430 1.889 1.024 1.457 -1.165 350 223 2.6 2.2 -2.2 -3.1 1.0 .8 2.5 1.6 .2 - .8 - -.6 .4 .5 .4 4.550 2.832 400 10 DISCREPANCY-UNALLOCATED ASSETS 1 1 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. -4.2 -4.2 ~ 4 5 6 7 8 NOVEMBER 14, 1979 MONEY AND DEPOSITS MONEY AND DEPOSITS SUMMARY MONEY STOCK AND TIME AND SAVINGS SEASONALLY ADJUSTED ANNUAL SUMMARY ACCOUNTS RATES SEASONALLY ADJUSTED ANNUAL 1977 1978 | 1978 III II IV RATES 1979 I I | DEMAND DEPOSITS AND CURRENCY 48.0 NET CHANGE 2 3 4 5 6 7 11.2 2.8 8.4 7.2 1.0 -.7 12.9 -.3 13.2 3.9 6.2 .1 20.2 3.2 17.0 14.9 1.5 -.6 11 12 13 14 15 6.6 7.0 .4 .2 6.3 15.6 10.6 4.5 31.0 4.9 -3.3 6.2 23.2 10.5 3.1 .2 7.3 -.4 -5.1 2.6 2.1 5.0 -1.7 -.3 7.0 12.6 -.1 3.0 9.7 16. 17 18 19 * 32.7 -.5 33.2 17.1 10.7 -1.4 4.7 2.2 31.7 -1.3 33.0 14.6 14.8 -1.7 5.1 .3 7.3 -14.1 51. 18. 39.0 18.0 8.3 28.2 6.3 -3.1 .1 9.3 19.1 27.7 .9 7.6 -26.3 22.5 14.6 -.5 8.4 43.2 -19.8 -31.4 .1 11.5 26.1 4.3 2.4 19.3 22.0 6.8 -.3 15.5 10.3 -.4 22.7 -2.5 -1.0 24.4 36.8 25.7 -.3 11.4 -48.8 -28.7 -.3 -19.8 63.0 39.6 10.0 13.4 * TIME DEPOSITS AND SAVINGS 56.8 28.5 27.2 15.8 11.4 1.1 30.3 -10.1 37.1 -3.4 40.4 3.4 40.3 -17.5 57.4 -.3 57.7 .4 54.7 12.0 40.5 11.4 29.1 2.2 65.0 22.6 36.0 27.8 8.3 6.4 8 9 10 11 12 34.1 3.8 5.7 7.7 24.6 1.9 -2.0 1.5 .1 40.2 2.1 2.1 -1.9 .2 40.2 4.8 7.0 -.4 .1 44.1 2.0 8.1 1.1 .1 13 14 15 16 17 18 5.4 .7 .2 .2 2.7 1.6 4.2 4.5 .1 .5 -1.3 .5 -2.3 -1.4 3.0 .1 9.7 .4 .3 -.2 -.1 -.7 .1 2.5 .3 5.5 3.5 19 20 21 22 23 24 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 50.1 .1 69.9 11.1 7.8 50.9 50.0 .9 59.2 8.6 6.4 44.2 46.2 -2.0 * * - * 13.4 -1.6 2.5 -2.4 3.3 1.9 GOVERNMENT 10 48.0 NET CHANGE IN BKG. SYSTEM LIAB 9.5 MONETARY AUTHORITIES .6 U.S. GOVT. CASH + DEPOSITS -.4 FOREIGN DEPOSITS 9.3 CURRENCY 11.9 U.S. 11 12 13 14 15 38.5 11.3 5.9 21.3 16 17 18 COMMERCIAL BANKING U.S. GOVERNMENT DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC ACCOUNTS 64.0 22.4 38.5 11.3 27.2 3.2 66.3 13.3 45.0 50.4 -5.4 8.1 69.4 37.1 23.0 21.9 1.1 9.2 25.7 -13.4 36.4 21.2 15.2 2.8 30.0 -47.6 69.4 3.0 66.4 51.1 -4.3 9.5 -2.0 37.2 10.8 7.6 3.1 21.2 41 .0 -10.3 -2.8 -4.2 .2 1.1 -.1 4.2 4.7 * 58..8 8,.3 7,.4 43..1 45..1 -2..0 140.7 NET CHANGE - TOTAL 125.9 122.8 2 3 4 5 6 7 3.6 .3 2.4 -1.8 IN ASSETS MONEY STOCK REST OF THE WORLD DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS ST.+LOC. GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT 35.0 10.1 24.5 -.2 24.8 18.2 5.4 -1.1 2.6 56.5 7.3 3.7 45.5 50.6 -5.1 64, 9, 5, 49. 50, -1. 2. -1. -.2 -1.5 9.2 2.3 98.8 COMMERCIAL BANKING LIABILITY LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS LARGE SMALL AT FOREIGN BANKING OFF. ACQUIRED BY: HOUSEHOLDS NONFIN. CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT 6.1 -1.4 -1 .9 -.4 -2.1 11.9 17.6 46.3 3.7 5.7 36.9 32.8 4.0 41.8 1.9 8.0 31.9 28.5 3.3 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 108.5 TIME + SAVINGS ACCOUNTS 14 15 16 17 18 19 20 21 22 23 24 25 MONEY MARKET MUTUAL FUND SHARES 33.1 MONEY MARKET FUND SHARES LIAB.: FINANCE N.E.C. ASSET: HOUSEHOLDS 65.5 89.3 124.2 132.0 130.3 136.2 137.5 FEDERAL FUNDS AND SECURITY REPURCHASE 10 3.1 1.6 1.5 1.5 3.6 -1.0 1.0 -.3 3.9 2.7 BILLIONS OF DOLLARS. 15.7 14.8 .3 1.2 .4 1.0 .2 2.3 .6 11.5 5.5 2.0 1.4 1.7 .9 6.5 -1.4 4.0 1.0 2.2 .7 9.6 7.3 9.4 12.5 10.6 111/79 BASED ON INCOMPLETE -.7 1.7 -.9 13.1 INFORMATION. 2 AGREEMENTS 20.9 18.8 2.1 13.8 13.9 159.2 MEMO: TOTAL HOUSEHOLD DEPOSITS 123.0 1 12. 10. 58.3 59.6 25.2 NET CHANGE IN LIABILITIES 20.4 COMMERCIAL BANKS 4.8 SAVINGS + LOAN ASSNS. -.5 1.2 -2.4 38.2 5.6 7.3 8.9 10.8 5.7 7 . 6 NET CHANGE IN ASSETS 4.1 NONFINANCIAL CORPORATIONS 5.8 STATE + LOCAL GOVTS. -4.7 FEDERALLY RELATED CREDIT AG. 1.4 SAVINGS + LOAN ASSNS. .9 MUTUAL SAVINGS BANKS 20.1 17.7 DISCREPANCY-UNALLOCATED ASSETS 10 NOVEMBER 14, 1979 U.S. GOVT. SECURITIES U.S. GOVT. SECURITIES U.S. GOVERNMENT UNADJUSTED NET FLOWS SECURITIES MARKET SUMMARY ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) II 1978 III IV I I I 1979 II III 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 TOTAL NET ISSUES, BY SECTOR AND TYPE 1 TOTAL U.S.GOVERNMENT SECUR. 2 U.S. GOVERNMENT 3 SPON. AGENCIES + MTG.POOLS BY INSTRUMENT: 4 TREASURY ISSUES 5 HOUSEHOLD SAVINGS BONDS TREAS. EXCL. SAVINGS BONDS 13.789 2.609 11.180 25.197 15.080 10.117 27.174 15.273 11.901 22.271 10.683 11.588 .266 -4.596 12.862 22.479 12.398 10.081 6.2 -3.6 9.7 21.7 11.9 9.8 30.9 25.0 5.9 23.6 15.2 8.4 28.3 8.3 19.9 1 2 3 2.706 1.158 1.548 15.632 829 14.803 15.636 746 14.890 11.311 -129 11.440 -4.182 12.467 -25 12.492 -1.3 -.1 -1.2 12.9 .3 12.6 26.0 2.3 23.7 14.3 3.3 11.0 7.9 2.7 5.2 4 5 6 OTHER BUDGET AGENCY ISSUES LOAN PARTICIPATIONS ( 1 ) 11.083 -55 -42 9.565 -337 -215 11.538 -338 10.960 -629 12.415 -351 10.012 -35 -34 6.658 4.522 5.989 4.128 5.998 5.903 5.990 5.598 5.154 7.708 1.511 8.570 8.2 1.6 1.1 4.8 SPONS. AGENCY ISSUES MORTGAGE POOL SECUR. 10 11 (2) (2) 16.3 10 3.6 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 7 8 9 FEDERAL RESERVE SYSTEM TREASURY ISSUES AGENCY ISSUES 13.789 2.860 905 478 0 427 25.197 1.365 -505 -223 0 -282 27.174 1.550 183 345 0 -162 22.271 2.160 -548 -580 0 32 8.266 3.215 1.085 965 0 120 22.479 1.880 -904 -974 0 70 6.2 -1.3 -.6 21.7 -.1 8.902 8.569 333 5.204 5.133 71 -5.285 -4.717 -568 181 3 78 -197 -448 -1.203 755 6.457 5.721 736 4.2 4.2 5.0 5.0 -1.2 -1.2 8.7 8.1 .6 .4 -.3 .7 9.3 8.6 .7 7 8 9 ~ ~ 10 11 12 FOREIGN SHORT-TERM MARKETABLE OTHER -4.945 -2.006 -2.939 1.422 -98 1.520 16.858 6.194 10.664 -4.977 -4.131 -846 •13.257 •11.558 -1.699 5.961 2.653 3.308 -2.0 -2.2 .2 9.3 7.8 1.5 26.3 13.9 12.4 8.4 1.3 7.2 .2 10 -5.7 11 5.9 12 13 14 15 TOTAL PRIVATE DOMESTIC TREASURY ISSUES AGENCY ISSUES 6.067 -1.396 7.463 17.711 9.300 8.411 13.868 3.150 10.718 25.455 16.490 8.965 17.671 9.346 8.325 9.085 1.759 7.326 5.8 -2.9 8.7 6.4 -2.5 8.9 -3.6 -7.8 4.2 16.0 7.4 8.5 18.8 13 -.8 14 19.6 15 16 17 18 19 20 PRIVATE DOMESTIC NONFINAN. TOTAL TREASURY ISSUES SAVINGS BONDS (HH) OTHER TREASURY ISSUES AGENCY ISSUES 1.788 -369 1.158 -1.527 2.157 12.231 8.247 829 7.418 3.984 10.014 5.083 746 4.337 4.931 15.579 11.436 -129 11.565 4.143 13.309 12.032 33 11.999 1.277 1.084 180 -25 205 904 17.7 10.7 -.1 10.8 6.9 -7.3 -9.4 .3 -9.7 2.1 -10.9 -6.9 2.3 -9.3 -3.9 4.2 5.0 3.3 1.8 -.8 18.8 11.3 2.7 8.6 7.5 16 17 18 19 20 21 22 23 24 25 HOUSEHOLDS TOTAL TREASURY ISSUES SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES 436 -1.287 1.158 -2.445 1.723 10.100 7.123 829 6.294 2.977 7.739 4.276 746 3.530 3.463 15.044 1 1 . 3 74 -129 11.503 3.670 7.699 6.599 33 6.566 1.100 1.253 291 -25 316 962 16.0 11.0 -.1 11.1 5.0 -6.4 -11.0 .3 -11.3 4.6 -10.2 -8.4 2.3 -10.7 -1.8 -.4 3.1 3.3 -.2 -3.5 18.8 17.2 1.1 14.5 1.6 21 11 23 24 25 26 27 28 NONFIN. CORPORATE BUSINESS TREASURY ISSUES AGENCY ISSUES -3.845 -4.028 183 -809 -941 132 -199 -267 -53 -26 -27 -180 -99 -524 -355 -169 -3.1 -3.3 .2 .2 .6 -.5 2.5 2.8 -.3 -2.1 -2.2 .1 -3.4 26 -4.9 27 1.5 28 29 30 31 S. + L. GOVERNMENTS TREASURY ISSUES AGENCY ISSUES 5.197 4.946 251 2.940 2.065 875 2.474 1.074 1.400 588 88 500 5.790 5.532 258 355 244 111 4.7 3.1 1.7 -1.2 .9 -2.1 -3.2 -1.3 -1.8 6.7 4.1 2.6 3.4 29 -1.0 30 4.4 31 704 .228 .932 -143 -1.957 1.814 -309 -2.236 1.927 1.620 954 666 450 -1.493 1.943 2.925 482 2.443 10.0 -9.7 -.3 10.8 6.9 3.8 7.1 3.1 4.0 6.5 2.4 4.1 -1.3 32 -8.9 33 7.6 34 464 240 -130 22 -35 -496 223 1.823 -199 226 224 2.733 169 23 3.0 5.3 32 33 34 COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES 35 36 37 COMMERCIAL BANKS FOREIGN BANKING OFFICES BANKS IN U.S. POSSESSIONS 38 PRIVATE NONBANK 5.623 FINANCE 39 TOTAL, ALL PVT. NONBANK 40 TREASURY ISSUES 41 AGENCY ISSUES FIN. 42 43 44 SAVINGS + LOAN ASSOCIATIONS TREASURY ISSUES AGENCY ISSUES 45 46 47 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 48 49 50 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 51 52 53 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 54 55 56 3.575 201 3.374 5.623 3.010 2.613 .163 303 .860 8.256 4.100 4.156 3.912 -1.193 5.105 5.076 1.097 3.979 -1.8 •3.9 2.1 3.0 .2 -4.0 4.2 5.3 1.3 39 -3.3 40 4.5 41 -446 -1.121 675 2.318 27 2.291 596 -445 .041 484 -821 1.305 -1.469 -2.853 1.384 422 -785 1.207 -.3 -1.5 1.2 .6 -1.3 1.9 2.5 -.6 3.0 1.6 -.8 2.4 .7 42 -1.6 43 2.3 44 -373 327 371 -132 5 03 -49 -222 173 532 -136 668 403 -494 897 -.5 -.6 .2 .4 -.1 .4 .9 .1 .8 1.4 .2 1.1 -.5 45 -.5 46 .1 47 4 -4 8 27 7 20 40 14 26 .3 .2 .1 .3 .2 .5 .3 .2 .6 .5 48 .3 49 .2 50 -.2 -.3 .1 .1 -.1 .1 -.1 -.2 .1 .1 .1 -.2 51 -.4 52 .1 53 -.3 -.3 1.0 .9 .1 .7 54 .2 55 .6 56 -1.2 -1.2 .1 .3 -.3 .6 .1 57 -1.1 58 1.2 59 .1 -.2 .3 .1 -.3 .4 * 60 -.1 61 * 62 -.3 .1 * * 139 -151 290 1.125 189 936 421 -291 712 961 412 549 631 -56 687 518 47 471 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 261 1.253 1.514 428 1.847 -1.419 1.000 281 719 1.316 802 514 865 199 666 600 100 500 -.2 .2 .2 -.1 .3 57 58 59 S. + L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES 1.953 1.628 325 1.269 828 441 1.127 545 582 1.878 1.137 741 2.538 1.493 1.045 1.811 632 1.179 -.3 -.5 .2 -.4 -.3 -.1 60 61 62 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES -214 -455 241 616 750 -134 1.230 605 625 1.009 650 359 50 -350 400 730 250 480 -.3 -.5 .2 -.1 63 64 INVESTMENT C O S . (TREASURY) MONEY MARKET FUNDS (TREAS) SECURITY BROKERS + DEALERS (TREASURY) -15 145 -70 95 -164 126 138 1.401 -220 934 98 488 -.5 .2 1.806 -513 -128 510 140 65 (1) WHERE NOT SHOWN SEPARATELY LOAN PARTICIPATIONS ARE INCLUDED WITH AGENCY ISSUES. (2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET DEBT OF FINANCIAL INSTITUTIONS. HI/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * * * * * - * 63 64 NOVEMBER 1 4 , 1979 U . S . GOVT. SECURITIES U.S. GOVT. SECURITIES U.S. GOVERNMENT SECURITIES MARKET SUMMARY SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 SEASONALLY ADJUSTED ANNUAL RATES 1977 1978 I I 1978 III II 1979 II III TOTAL NET ISSUES, BY SECTOR AND TYPE 11.9 22.4 85.5 12.7 69.1 19.0 56. 27. 95.2 53.8 41.4 98.7 56.5 42.2 93.3 52.9 40.4 87.5 39.2 48.3 72.6 25.3 47.3 77.9 29.2 48.7 12.0 3.0 9.0 85.8 4.0 81.8 69.1 4.7 64.5 57. 4. 52. 55.1 3.9 51.2 56.9 4.4 52.5 55.1 3.5 51.6 40.7 3.1 37.6 27.9 -.5 28.4 31.0 -.1 31.1 75.4 TOTAL U.S.GOVERNMENT SECUR. 34.1 U.S. GOVERNMENT 41.3 SPON. AGENCIES + MTG.POOLS BY INSTRUMENT: TREASURY ISSUES 34.4 HOUSEHOLD SAVINGS BONDS TREAS. EXCL. SAVINGS BONDS 34.4 19.0 .1 -.1 26.7 -.5 -.2 40.1 -1.1 -.3 41.8 -.2 -.2 38.2 -1.3 -.9 46.8 -1.4 -.1 44.8 -2.5 46.9 -1.4 -.4 41.0 -.1 -.1 3.3 15.7 7.0 20.5 23.1 18.3 24.1 18.1 23.9 16.5 24.7 23.6 24.9 22.4 17.9 30.8 7.0 34.3 87.5 6.2 1.5 2.1 72.6 8.6 -8.1 -8.2 77.9 12.9 4.6 4.1 75.4 TOTAL HOLDINGS, BY SECTOR 7.5 U.S. GOVT. (AGENCY SEC.) .8 SPONSORED CREDIT AGENCIES .5 TREASURY MARKETABLE FHLB SPECIAL ISSUE AGENCY SECURITIES .3 22.2 .1 -.3 10 11 16.6 5.8 2.3 10.3 * * OTHER BUDGET AGENCY ISSUES LOAN PARTICIPATIONS (1) SPONS. AGENCY ISSUES (2) MORTGAGE POOL SECUR. 12) 1 2 3 4 5 6 7 8 9 10 11 TOTAL NET PURCHASES, BY SECTOR AND TYPE 84.3 5.3 -3.8 -3.4 1 2 3 4 5 6 34.3 2.5 .4 .3 -.4 7 8 9 5.2 2.0 3.2 8.4 7.4 1.0 10.0 9.1 .9 7.2 5.8 1.4 10 11 12 3.7 7.6 -3.9 8.1 6.6 1.5 11.6 3.3 8.3 31.5 8.1 23.4 13 14 15 22.4 6.0 16.4 75.7 68.8 6.9 61.3 47.0 14.3 16 17 18 19 20 18.9 11.0 3.0 8.1 7.9 24.1 27.6 4.0 23.6 -3.5 21 22 23 24 25 19.4 15.6 3.0 12.7 3.8 26 27 28 98.7 11.4 4.0 2.3 93.3 5.5 2.3 3.5 .1 1.7 -1.1 -.6 .1 .5 7.3 7.7 -.4 22.2 20.9 1.3 16.2 15.9 .3 -13.5 -11.2 -2.3 13.2 14.0 -.8 -17.6 -20.6 3.0 20.4 17.4 2.9 FEDERAL RESERVE SYSTEM TREASURY ISSUES AGENCY ISSUES 28.2 13.9 14.3 -5.5 6.3 •11.8 10.6 4.5 6.1 59.3 16.7 42.7 -32.5 -29.1 -3.4 -35.9 -29.1 -6.8 29.2 16.0 13.2 FOREIGN SHORT-TERM MARKETABLE OTHER 10 11 12 44.1 23.8 20.3 51.3 18.7 32.7 66.4 39.1 27.3 5 8.7 25.1 33.6 34.0 -9.5 43.5 91.4 54.6 36.8 113.9 83.3 30.6 17.5 -12.7 30.2 TOTAL PRIVATE DOMESTIC TREASURY ISSUES AGENCY ISSUES 13 14 15 16.1 10.7 4.7 6.0 5.5 23.0 17.2 4.7 12.4 5.9 33.2 20.0 3.9 16.0 13.3 25.2 17.2 4.4 12.8 8.0 32.1 18.8 3.5 15.3 13.3 36.7 14.5 3.1 11.4 22.1 64.2 47.8 -.5 48.3 16.4 68.7 64.2 -.1 64.3 4.4 -14.0 -15.5 16.8 19.8 4.0 15.7 -3.0 9.5 6.2 4.7 1.5 3.3 15.7 10.4 4.7 5.6 5.4 27.0 17.3 3.9 13.3 9.7 24.4 18.2 4.4 13.8 6.3 20.0 10.7 3.5 7.2 9.3 31.7 15.4 3.1 12.3 16.3 54.4 39.9 -.5 40.4 14.5 54.2 50.5 -.1 50.6 3.7 -16.1 -17.8 2.3 .9 1.4 8.7 9.5 -.8 2.3 2.3 -6.1 -5.8 -.4 -6.3 -7.1 .7 -5.9 -6.6 .7 -1.1 -1.6 .5 -7.5 -7.8 .3 -5.7 -5.6 -.1 9.5 9.8 -.3 29 30 31 -2.8 -5.5 2.7 -1.4 -1.7 .3 4.3 2.2 2.1 13.5 12.6 .9 12.5 9.8 2.8 6.6 5.6 1.0 13.2 9.7 3.5 12.4 6.8 5.6 15.5 13.5 2.0 5.0 3.9 1.0 2.8 2.4 .4 S. + L. GOVERNMENTS TREASURY ISSUES AGENCY ISSUES 32 33 34 .7 -2.9 3.6 30.0 28.6 1.4 20.2 18.7 1.5 -1.1 -1.9 .8 .5 -6.5 7.0 13.8 8.4 5.3 6.5 -3.0 9.5 -24.2 -29.8 5.6 11.3 6.3 5.0 13.9 8.9 5.0 15.5 2.8 12.6 35 36 37 .7 .2 -.2 30.1 -.2 .1 19.6 .5 .1 -1.3 -.1 .2 .1 .5 -.1 12.8 1.0 6.5 .1 -24.9 .9 12.1 -.8 13.0 .9 14.7 .7 38 2.7 21.6 25.0 22.2 17.6 .1 98.2 4.5 1.5 1.5 * 88.1 3.7 1.5 1.5 * * 95.2 7.7 .6 .5 21.6 12.6 9.0 40 41 1 2 3 4 5 6 7 8 9 PRIVATE DOMESTIC NONFINAN. TOTAL TREASURY ISSUES SAVINGS BONDS (HH) OTHER TREASURY ISSUES AGENCY ISSUES 16 17 18 19 20 1.7 HOUSEHOLDS TOTAL TREASURY ISSUES SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES 21 22 23 24 25 -.8 -.1 -.7 NONFIN. CORPORATE BUSINESS 26 TREASURY ISSUES 27 AGENCY ISSUES 28 * -15.5 1.5 * -17.8 COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES COMMERCIAL BANKS FOREIGN BANKING OFFICES BANKS IN U.S. POSSESSIONS PRIVATE NONBANK FINANCE 29 30 31 32 33 34 35 36 37 38 !7.5 .3.5 .4.0 20.1 9.4 10.8 21.5 5.8 15.7 15.8 .4 15.4 31 .3 10.2 21.1 16.1 TOTAL, ALL PVT. NONBANK FIN. -.1 TREASURY ISSUES 16.1 AGENCY ISSUES 39 40 41 4.4 1.7 2.7 11.2 2.1 9.2 4.5 .4 4.2 -9.2 -14.4 5.2 1.5 -4.1 5.5 2.7 -2.1 4.8 SAVINGS + LOAN ASSOCIATIONS TREASURY ISSUES AGENCY ISSUES 42 43 44 .8 •1.0 1.8 1.6 -.3 2.3 .9 -.2 -1.6 1.5 2.9 -1.4 4.3 .1 -.6 .6 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 45 46 47 .1 .1 .2 .1 .1 .3 .1 .2 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 48 49 50 * * * * 1.0 48 49 50 .4 .1 .3 1.1 .3 .8 .6 .2 .5 .5 .1 .4 51 52 53 .1 -.1 .2 1.7 1.4 .4 1.5 .6 .9 1.6 -.1 1.7 2.0 -.5 2.5 1.5 .4 1.2 3.1 -.6 3.7 2.5 -.3 2.8 3.4 1.2 2.2 3 .4 .7 2.7 .5 -1.4 1.9 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 51 52 53 54 55 56 1.1 -.2 1.3 5.2 4.5 .7 3.9 3.7 .3 5.4 4.8 .6 2.1 1.6 .5 3.4 •2.6 6.1 .2 5.9 -5.7 5.8 2.9 2.9 2.1 .1 2.1 6.4 3.7 2.7 .8 -1.2 2.0 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 54 55 56 57 58 59 .3 -.9 1.2 1.6 1.0 .7 3.1 1.5 1.6 5.6 2.6 3.0 6.4 3.8 2.5 7.8 6.5 1.3 5.1 3.3 1.8 4.5 2.2 2.3 7.5 4.5 3.0 10.2 6.0 4.2 7.2 2.5 4.7 S. + L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES 57 58 59 60 61 62 .4 .4 2.5 1.9 .6 3.1 2.6 .6 3.0 2.5 .5 1.4 .9 .4 1.9 .9 1.0 1.0 1.5 -.5 3.8 1.3 2.5 3.8 2.4 1.4 3.4 1.8 1.6 1.1 -.8 1.9 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES 60 61 62 63 64 .4 .1 .8 .2 .2 -.3 -.2 .6 -.1 .6 -.3 .4 -.7 .5 .6 5.6 -.9 3.7 .4 2.0 63 64 65 .2 -.1 2.4 -.7 -.8 7.2 -2.1 2.0 .6 1.1 INVESTMENT COS. (TREASURY) MONEY MARKET FUNDS (TREAS) SECURITY BROKERS + DEALERS (TREASURY) * * * * * * -.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. 111/79 BASED ON INCOMPLETE INFORMATION. NOVEMBER 14, 1979 PRIVATE SECURITIES PRIVATE STATE + LOCAL GOVERNMENT, CORPORATE, AND FOREIGN UNADJUSTED NET FLOWS UNADJUSTED NET FLOWS ($ MILL.) 1978 III IV I I 1979 II III 1969 STATE AND LOCAL GOVERNMENT 10.703 9.524 1.655 7.869 1.179 9.875 9.259 391 8.868 616 4.606 3.910 45 3.865 696 2.293 1.439 -1.413 2.852 854 6.361 5.592 701 4.891 769 7,.728 6,.824 1..395 5,.429 904 9.9 9.9 2.8 7.2 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 NONFIN. CORPORATE BUSINESS 9 ST.+LOC. GOVT, GEN. FUNDS 10.703 3.864 31 205 9.875 2.444 52 594 4.606 -1.883 55 -156 2.293 -2.896 63 -178 6.361 1.548 72 -120 7,.728 2..080 78 0 9.9 9.3 COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 3.088 52 158 3.130 56 172 2.893 44 155 2.115 38 -209 1.592 17 49 2,.459 11 -25 13 14 15 16 LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES BROKERS + DEALERS -59 346 3.253 -235 130 -63 3.513 -153 329 285 2.709 175 -143 131 3.244 128 -18 -209 3.200 230 34 -76 3,.600 -433 CORPORATE ($ MILL.) BILLIONS OF DOLLARS 1970 1971 1972 1973 17.4 17.3 14.7 14.2 .1 14.1 14.7 12.9 14.7 2.3 1.0 14.7 5.3 SECURITIES 1 NET CHANGE IN LIABILITIES 2 STATE + LOCAL GOVERNMENTS 3 SHORT-TERM 4 OTHER 5 NONFIN. CORPORATE BUSINESS (POLLUTION CONTROL) 10 11 12 SECURITIES SECURITIES 11.2 11.2 13 14 15 -.1 4.3 AND FOREIGN BONDS 9.349 5.890 1.165 96 428 1.790 -20 6.830 4.864 469 41 127 1.320 9 7.831 5.334 1.050 35 61 1.429 -78 8.164 4.952 1.041 68 119 2.009 -25 10.209 6.333 700 39 850 2.270 17 7.577 3.575 1.603 65 600 1.702 32 13.8 12.0 1.0 -.2 23.3 19.8 .9 .1 23.5 18.8 .9 .9 18.4 12.2 1.0 1.1 13.6 9.2 1.0 * .9 .1 2.1 .5 2.5 .4 3.6 .4 3.0 .6 8 NET PURCHASES 9 HOUSEHOLDS 10 REST OF THE WORLD 11 COMMERCIAL BANKING 12 MUTUAL SAVINGS BANKS 9.349 364 550 -121 145 6.830 596 372 99 -227 7.831 -793 493 -141 -91 8.164 423 -508 280 201 10.209 2.049 -109 -65 -593 7.577 571 13 477 -274 13.8 5.4 .5 -.1 .3 23.3 9.5 .7 l.l 1.2 23.5 8.8 .3 .9 3.9 18.4 5.0 .1 1.3 2.1 13.6 8 2.0 9 .1 10 .3 11 -1.1 12 13 14 15 16 17 8.939 5.191 1.849 1.794 105 6.741 3.677 653 2.019 392 7.583 4.009 -27 3.175 426 8.119 4.397 1.765 1.815 142 7.5 84 3.190 1.432 2.662 300 7.362 2.483 1.800 2.879 200 7.2 1.7 .6 4.0 .8 10.1 1.5 1.8 4.5 2.3 8.9 5.5 -.8 3.9 .3 9.5 7.0 -1.0 4.2 -.7 12.8 5.9 1.9 5.2 -.1 -34 -494 -64 -687 -634 1.414 505 -856 581 762 270 -842 .2 .4 .7 .1 .6 .1 .2 .2 15.0 1.3 13.7 11.4 .6 .6 1.0 13.3 -.5 13.8 10.9 -.4 1.2 .5 1.7 9.2 -1.2 10.4 7.9 -.2 1.2 .5 1.0 1 2 3 4 5 6 7 8 15.0 -5.1 .8 13.3 -5.6 2.4 9 10 11 12 13 14 15 16 17 18 1 NET ISSUES 2 NONFIN. CORPORATE BUSINESS 3 REST OF THE WORLD 4 COMMERCIAL BANKS 5 SAVINGS + LOAN ASSOCIATIONS 6 FINANCE COMPANIES 7 REITS INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES OPEN-END INVESTMENT COS. BROKERS + DEALERS CORPORATE 1 NET ISSUES 2 OPEN-END INVESTMENT COS. 3 OTHER SECTORS 4 NONFIN. CORPORATE BUSINESS 5 REST OF THE WORLD 6 COMMERCIAL BANKS 7 OTHER INSURANCE COMPANIES 8 REITS 1 2 3 4 5 6 7 13 14 15 16 17 -.9 18 .3 19 EQUITIES 1.022 -281 1.303 698 -70 351 265 59 2.013 -522 2.535 1.900 16 243 278 98 1.935 -218 2.153 1.612 -132 249 291 133 1.516 111 1.405 715 15 249 260 166 982 -265 1.247 688 -62 214 250 157 1.324 -512 1.836 713 505 221 240 157 10.1 4.9 5.2 3.4 .5 .5 .8 10.5 2.8 7.7 5.7 .1 .1 .4 1.5 9 NET PURCHASES 10 HOUSEHOLDS 11 REST OF THE WORLD 12 COMMERCIAL BANKING 13 MUTUAL SAVINGS BANKS 1.022 -776 1.297 -3 -9 2.013 -1.550 16 8 -64 1.935 -3.267 425 6 38 1.516 -764 684 2 30 982 -3.950 352 -2 28 1.324 -1.285 201 2 -27 10.1 -3.6 1.6 10.5 -1.5 .7 .2 .3 .5 .6 9.2 -6.7 2.8 * .4 14 15 16 17 18 1.406 32 2 76 648 450 3.981 96 2.680 753 452 3.915 -243 2.736 699 723 3.290 -157 2.182 475 790 4.740 -163 3.339 767 797 4.129 -175 3.000 504 800 9.9 1.7 5.4 1.8 1.0 9.7 2.0 4.6 2.1 1.0 18.2 3.6 8.9 3.2 2.5 17.4 3.5 7.3 3.7 3.0 14.6 3.6 5.3 3.4 2.4 -399 -494 310 -688 -597 1.415 -869 -857 -949 763 -853 -843 1.7 .4 1.2 .1 .4 .1 -1.8 .2 -2.3 19 .3 20 19 20 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES OPEN-END INVESTMENT COS. BROKERS + DEALERS 111/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * * * * NOVEMBER 14, 1979 PRIVATE SECURITIES PRIVATE STATE + LOCAL GOVERNMENT, CORPORATE, AND FOREIGN SEASONALLY SECURITIES 35 SECURITIES ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL 1977 I | 1978 1978 III II STATE AND LOCAL GOVERNMENT | I IV 1979 II I RATES III SECURITIES 16.5 14.8 2.7 12.1 1.6 16.1 13.5 -.3 13.8 2.6 15.7 13.2 -4.1 17.2 2.5 23.7 20.2 -2.6 22.8 3.5 28.3 25.1 .6 24.5 3.2 33.0 30.5 1.0 29.5 2.5 24.4 21.6 3.1 18.6 2.8 22.3 18.8 .8 18.1 3.4 12.7 9.6 -6.3 15.9 3.1 23.5 NET CHANGE IN LIABILITIES 19.9 STATE + LOCAL GOVERNMENTS 5.1 SHORT-TERM 14.8 OTHER 3.6 NONFIN. CORPORATE BUSINESS (POLLUTION CONTROL) 1 2 3 4 5 16.5 8.3 .6 .5 16.1 6.2 -.2 2.4 15.7 2.5 -1.1 2.4 23.7 2.6 -.1 28.3 3.3 .2 1.0 33.0 6.5 .2 2.4 24.4 -4.7 .2 -.b 22.3 -2.2 .3 -.7 12.7 -3.1 .3 -.5 23.5 NET CHANGE IN ASSETS HOUSEHOLDS 5.6 .3 NONFIN. CORPORATE BUSINESS ST.+LOC. GOVT, GEN. FUNDS 6 7 8 9 10 11 12 5.4 .3 * 1.8 1.0 .6 3.0 -.3 .9 9.2 * .4 9.6 .1 .5 8.4 .2 .6 9.6 .2 .7 14.3 .2 .6 12.1 .2 -.8 2.6 .1 .2 5.4 * -.1 15 16 2.2 -.4 2.6 -.1 5.4 .3 10.7 .2 13.1 -.2 1.4 13.0 -.9 .2 -.3 14.1 -.6 1.2 1.1 10.8 .7 -.5 .5 13.0 .5 .3 -.8 12.8 .9 -.2 -.3 14.4 -1.7 31.7 21.3 4.2 .1 .2 6.2 -.3 35..8 21,.5 4..2 .3 .5 9,.4 .1 38,.7 25 .8 2,.8 .2 3 .4 6 .5 .1 29,.1 NET ISSUES NONFIN. CORPORATE BUSINESS 12,.4 6,.4 REST OF THE WORLD .3 COMMERCIAL BANKS SAVINGS + LOAN ASSOCIATIONS 2,.4 7,.4 FINANCE COMPANIES REITS .1 * * ~ * COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 10 11 12 LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES BROKERS + DEALERS 13 14 15 16 CORPORATE AND FOREIGN BONDS 1 2 3 4 5 6 7 23.9 19.7 2.1 .2 - 36.4 27.2 6.2 .2 .1 2.7 8 9 10 11 12 23.9 5.1 .9 1.0 .9 13 14 17.0 4.0 1.8 .2 37.2 22.8 8.6 .7 .1 5.3 -.2 36.1 21.0 5.1 .6 1.2 3.5 -.1 31.6 20.1 4.0 .2 .7 6.8 -.2 35,.3 23,.6 4..7 .4 1..7 5,.1 .1 26,.4 17,.9 1..9 .2 .5 5..9 36.4 8.4 .6 1.8 3.5 37.2 5.8 .9 -.6 2.8 36.1 -3.3 3.5 1.2 31.6 -1.4 1.6 -.3 .1 35..3 1..5 2..2 .5 .6 -, 26..4 -1..0 1,.5 .4 .9 31.7 3.0 2.0 -.6 -.4 35,.8 -1..0 -2,.0 1..1 .8 38 .7 8 .5 .4 .3 -2 .4 29..1 NET PURCHASES HOUSEHOLDS -1..4 REST OF THE WORLD .1 COMMERCIAL BANKING 1..9 MUTUAL SAVINGS BANKS -1,.1 8 9 10 11 12 19.9 9.1 25.8 16.9 33.4 18.8 33.4 17.3 35..6 20..6 7..4 7..2 .4 30..1 17..8 2..6 8,.1 1..6 27.8 13.6 -.1 12.7 1.7 32,.3 17,.4 7..1 7..3 .6 30 .1 12 .5 5,.7 10 .6 1 .2 33..0 13,.5 7..2 11,.5 .8 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 13 14 15 16 17 _, .3 -3,.4 _, -2.5 2.4 2,.0 2..6 2 .3 .8 1,.1 -4..4 OPEN-END INVESTMENT COS. BROKERS + DEALERS 18 19 5,.6 5.7 NET ISSUES OPEN-END INVESTMENT C O S . -1.6 OTHER SECTORS 7.3 NONFIN. CORPORATE BUSINESS 2.9 REST OF THE WORLD 2.0 .9 COMMERCIAL BANKS 1.0 OTHER INSURANCE COMPANIES REITS .6 - * - • 5.3 3.9 18 19 -.4 -.6 1.0 1.2 .1 -3..9 CORPORATE * -- -< - EQUITIES 1 2 3 4 5 6 7 8 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 4.0 -.9 4.9 2.7 .4 .6 .9 .3 3.7 -1.0 4.7 2.6 -.5 1.1 1.1 .4 4.6 -.6 5.2 2.8 -.3 1.4 1.1 .2 8.5 -1.7 10.1 7.6 .1 1.0 1.1 .4 7.3 -1.3 8.6 6.4 -.5 1.0 1.2 .5 5,.6 2,.9 .1 1,.0 1,.0 .7 4.4 -.6 5.0 2.8 -.2 .9 1.0 .6 9 10 11 4.1 -2.2 .5 10.7 -3.5 4.7 11.9 -3.2 2.8 4.0 -6.1 2.7 3.7 -6.2 2.4 4.6 -.7 5.2 8.5 -5.1 .1 7.3 -10.2 1.7 5..6 -9.,5 2..7 4.4 -13.1 1 .4 * * -.3 .2 .1 .1 14 15 16 17 18 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 10.5 1.2 4.5 3.7 1.2 9.9 -.1 5.3 2.7 2.0 5.6 .1 1.1 2.6 1.8 15.9 .4 10.7 3.0 1.8 15.7 -1.0 10.9 2.8 2.9 13..2 .6 8..7 1..9 3..2 19 20 -.5 -.6 -1.1 1.2 -2.5 .4 -3.8 .3 -1.6 -.9 -1.6 -3.9 1.2 -3.4 -2.4 2.4 -3..5 2..6 BILLIONS OF DOLLARS. 111/79 BASED ON INCOMPLETE 1 2 3 4 5 6 7 INFORMATION. * * * * -. 1 2 3 4 5 6 7 8 5.7 NET PURCHASES HOUSEHOLDS -3.7 REST OF THE WORLD .8 COMMERCIAL BANKING MUTUAL SAVINGS BANKS -.1 9 10 11 12 13 19.0 -.7 13.4 3.1 3.2 16.5 -.7 12.0 2.0 3.2 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 14 15 16 17 18 -3.8 .8 -3.4 -4.4 OPEN-END INVESTMENT C O S . BROKERS + DEALERS 19 20 * * NOVEMBER 14, 1979 MORTGAGES - I 36 MORTGAGES - I MORTGAGE MARKETS BY TYPE OF MORTGAGE UNADJUSTED NET FLOWS UNADJUSTED NET FLOWS ( $ ($ MILL.) II 1978 III 1979 II III TOTAL 1 NET CHANGE IN MORTGAGES 2 HOME MORTGAGES 3 MULTI-FAMILY R E S I D . 4 COMMERCIAL 5 FARM BORROWED BY: 6 U.S. GOVERNMENT 7 SAVINGS + LOAN ASSOCIATIONS 8 REITS 9 10 11 12 13 14 15 PRIVATE NONFINANCIAL SECTORS HOUSEHOLDS NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS FARMS NONFARM NONCORPORATE CORPORATE 16 FUNDS ADVANCED BY: 17 HOUSEHOLDS 18 ST.+LOC. GOVT, GEN. FUNDS 19 20 21 23 24 25 32 33 34 U.S. GOVERNMENT SPONSORED CREDIT AG. (1) MORTGAGE POOLS 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 35 (1) MEMO: FHLB LOANS TO S+L ASSOCIATIONS (INCLUDED MILL.) BILLIONS OF DOLLARS 1970 1971 1972 1973 MORTGAGES 40.662 29.748 2.532 5.571 2.811 41.248 28.510 3.023 6.818 2.897 38.803 27.165 2.562 6.853 2.223 33.015 22.093 2.019 4.820 4.083 46.145 32.337 1.981 6.963 4.864 42.436 28.047 3.171 7.424 3.794 30.7 18.1 4.9 5.8 1.8 29.9 15.0 6.9 7.2 .8 52.5 29.9 9.9 10.3 2.4 76.8 43.7 12.8 16.8 3.6 79.9 44.9 10.4 19.1 5.5 1 2 3 4 5 -27 1.218 -39 -26 -411 63 -20 -484 -62 -26 -391 -41 932 9 -27 -383 5 -.1 .2 -.1 .6 .1 -.1 2.0 .1 -.1 1.2 .5 -.1 -1.5 .3 6 7 8 39.510 25.944 255 13.311 2.811 3.245 7.255 41.622 26.605 253 14.764 2.897 7.776 39.369 28.873 250 10.246 2.223 1.839 6.184 33.429 26.492 248 6.689 4.083 54 2.552 45.245 29.499 245 15.501 4.864 2.684 7.953 42.841 25.864 243 16.734 3.794 4.486 8.454 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 26.4 1.2 22.9 2.4 9.7 10.8 75.2 41.5 1.3 32.4 3.6 11.9 16.9 81.2 47.1 1.1 33.0 5.5 9.3 18.2 9 10 11 12 13 14 15 40.662 3.852 136 41.248 3.808 150 38.803 3.535 200 33.015 3.420 800 46.145 4.786 1.500 42.436 4.470 1.300 30.7 2.2 .5 29.9 1.8 .8 52.5 1.3 1.1 76.8 6.4 1.4 79.9 16 3.4 17 1.7 18 -563 2.659 4.522 1.113 3.568 4.128 -385 3.566 5.903 72 4.764 5.598 296 3.110 7.708 -513 2.833 8.570 1.0 4.4 .7 .3 5.4 1.6 -.4 3.6 4.8 -.7 4.0 4.9 -.6 19 7.2 20 3.6 21 30.056 10.046 17.372 15.537 1.735 100 28.481 10.976 14.979 13.006 1.868 105 25.984 8.518 13.749 11.887 1.754 108 18.361 6.100 9.652 8.562 979 111 28.745 9.501 16.343 15.209 1.019 115 25.776 9.799 12.587 11.695 774 118 22.0 5.4 12.2 9.5 2.7 20.1 2.1 11.7 9.8 1.8 .1 42.1 9.8 27.6 23.6 3.9 60.8 16.8 37.4 31.8 5.5 .2 64.6 19.8 32.7 26.5 5.7 .4 22 23 24 25 26 27 2.630 2.077 75 488 2.576 2.325 100 150 1 150 -200 3.752 3.567 60 100 25 100 -135 2.583 2.250 150 150 33 150 -124 2.901 2.706 100 150 -55 100 -100 .241 .946 100 200 -5 200 -51 2.4 2.1 .1 .2 2.7 2.3 .3 1.0 1.1 -.5 .4 .7 1.5 -.9 .2 1.2 1.9 1.5 2.3 1.7 4.2 4.7 4.4 -.4 .7 * 1.9 5.6 28 29 30 31 32 33 34 15.0 14.1 .1 .1 .6 29.9 26.4 .8 .8 2.0 43.7 41.5 .5 .5 1.2 44.9 47.1 -.4 -.4 -1.5 1 2 3 4 5 44.9 3.0 .6 6 7 8 232 -224 4.091 3.996 3.884 IN "OTHER LOANS" C A T E G O R Y ) . * * * .8 * * 1.7 * * * 3.190 HOME MORTGAGES 1 NET BORROWING 2 HOUSEHOLDS 3 NONFARM NONCORP. BUSINESS 4 NONFIN. CORPORATE BUSINESS 5 SAVINGS + LOAN ASSOCIATIONS 29.748 25.944 1.293 1.293 1.218 28.510 26.605 1.158 1.158 -411 27.165 28.873 -612 -612 -484 22.093 26.492 -2.004 -2.004 -391 32.337 29.499 953 953 932 28.047 25.864 1.283 1.283 -383 18.1 18.5 -.2 -.2 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 STATE + LOCAL GOVERNMENTS 29.748 2.625 -358 28.510 2.140 50 27.165 2.081 75 22.093 1.396 650 32.337 2.364 1.100 28.047 2.394 516 18.1 2.0 .1 15.0 -.1 .1 29.9 3.0 .1 43.7 3.3 .1 -146 1.964 3.400 6.690 333 2.693 3.757 6.522 -116 2.663 5.237 5.055 10 3.516 4.237 3.619 91 1.801 6.604 5.638 -673 1.528 7.827 5.815 .2 3.8 .4 2.9 -.1 4.6 1.2 .9 -.6 2.1 4.3 5.7 -.6 1.8 4.3 9.0 15.335 14.100 1.135 100 12.780 11.453 1.222 105 11.795 10.539 1.148 108 8.369 7.618 640 111 14.595 13.813 667 115 10.294 9.670 506 118 9.3 7.7 1.6 8.0 6.8 1.1 .1 17.7 16.4 1.2 27.5 24.6 2.7 .2 24.5 21.5 2.6 .4 13 14 15 16 105 -347 20 43 2 160 60 25 75 335 260 25 50 246 71 100 75 107 -18 50 75 203 100 27 76 -1.3 -1.4 .1 -.8 -.9 -2.3 -2.1 -.3 .1 -2.7 -2.3 -.4 -2.0 -1.9 -.2 .2 17 18 19 20 193 -60 100 -25 50 -10 75 -25 50 -13 150 -7 .7 .2 -.2 .2 .6 .4 9 10 11 12 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKING 13 14 15 16 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 17 18 19 20 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 21 22 FINANCE REITS COMPANIES 111/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * .1* .9 .4 * * -.8 9 3.5 10 3.2 11 11.0 12 1.2 21 .7 22 NOVEMBER 14, 1979 MORTGAGES - I MORTGAGES - I MORTGAGE MARKETS BY TYPE OF MORTGAGE SEASONALLY 1974 ADJUSTED ANNUAL 1975 1976 SEASONALLY RATES 1977 I TOTAL 1978 III II 1979 I I ADJUSTED ANNUAL RATES III MORTGAGES 4.6 87.1 65.4 1.9 13.6 6.1 134.0 99.5 7.3 18.4 8.8 149.0 105.3 10.2 23.3 10.2 147.5 105.9 9.3 22.5 9.7 154,.2 104..3 11,.8 26..5 11..6 158.7 113.6 10.4 24.3 10.5 157,.4 108,.9 9,.1 23,.2 16..2 168 .9 115.6 7.0 28.3 17.9 -.1 1.9 .4 -.1 1.7 .4 -.1 3.1 -.1 .8 .1 -.1 1.2 -.2 -,.1 -..6 .3 -.1 -,.1 -,.7V -.2 -.1 -.2 61.9 35.4 1.1 25.4 5.0 6.6 13.7 55.0 38.1 1.0 15.9 4.6 1.8 9.5 85.0 61.3 1.1 22.7 6.1 3.7 12.9 131.0 93.2 1.0 36.8 8.8 9.0 18.9 148.2 103,8 1.0 43.3 10.2 9.8 23.3 146.6 102.8 1.0 42.8 9.7 9.4 23.7 154,.7 104..1 1..0 49..6 11..6 10,.8 27,.1 159.0 113.2 1.0 44.8 10.5 9.9 24.5 158..3 111..5 1..0 45,.7 16,.2 8..2 21,.4 169.1 117.4 1.0 50.7 17.9 6.8 26.0 158.1 101.5 1.0 55.6 15.1 11.5 28.9 16 17 18 60.5 4.3 2.5 57.2 3.7 1.6 87.1 8.0 1.3 134.0 11.9 .6 149.0 14.5 1.0 147.5 14.8 .5 154,.2 15..3 .6 158.7 14.9 .8 157,.4 13..5 3,.2 168.9 18.5 6.0 157.6 FUNDS ADVANCED BY: HOUSEHOLDS 17.9 ST.+LOC. GOVT, GEN. FUNDS 5.2 19 20 21 1.4 10.2 5.8 3.2 5.3 10.3 -3.1 2.9 15.7 -.2 3.5 20.5 -.4 12.2 18.3 -3.4 10.7 18.1 1,.9 13,.5 16,.5 -1.2 15.3 23.6 4,.6 18,.2 22,.4 .1 12.7 30.8 -5.0 10.8 34.3 U.S. GOVERNMENT SPONSORED CREDIT AG. (1) MORTGAGE POOLS 19 20 21 22 23 2'+ 25 26 27 36.4 12.8 19.8 17.6 2.2 .1 33.0 3.8 32.3 29.5 2.3 .5 62.3 14.3 49.5 44.9 4.1 .5 97.7 27.4 65.1 58.2 6.5 .4 103.3 35.0 59.2 51.7 7.1 .4 106.7 36.5 59,4 52. U 6.9 .4 106,.4 38,.9 56,.1 48,.2 7..5 .4 105.3 35.4 58.2 •'50.7 7.0 .4 95,.6 32,.7 50,.8 46,.4 3,.9 .4 100.8 34.1 54.8 50.3 4.1 .5 94.3 33.5 46.2 42.6 3.1 .5 PRIVATE FINAN. INSTITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S+L ASSOCIATIONS (1) MUTUAL SAVINGS BANKS CREDIT UNIONS 22 23 24 25 26 27 28 29 30 31 32 33 34 5.4 4.9 2.8 2.9 2.6 2.4 6.1 5.2 .4 .5 .1 1.5 -2.4 10.4 9.2 .6 .7 11.2 9.0 .3 2.0 11 .1 10,.1 .4 .6 11.9 11.2 .2 .4 .1 .3 -.5 12.4 11.6 .4 .6 -.2 13.8 12.6 .4 .8 1 2 3 4 5 60.5 33.3 6.9 15.3 5.0 57.2 41.4 6 7 8 -.1 -1.4 .2 9 10 11 12 13 14 15 * .6 -1.9* .2 * 11.2 * -.2 .1 -1.3 -4.8 * .2 .1 -.4 -3.8 * * * .5 -.9 -.2 -1.0 * 1,.1 -,.8 * 12,.0 10,.6 .6 .6 .1 .7 .5 -, * * -.4 157.6 NET CHANGE IN MORTGAGES HOME MORTGAGES 101.2 MULTI-FAMILY RESID. 12.4 28.9 COMMERCIAL FARM 15.1 BORROWED BY: U.S. GOVERNMENT -.1 SAVINGS + LOAN ASSOCIATIONS -.4 REITS * * 1.0 -.2 PRIVATE NONFINANCIAL SECTORS HOUSEHOLDS NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS FARMS NONFARM NONCORPORATE CORPORATE INSURANCE LIFE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE C O S . FINANCE COMPANIES REITS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 28 29 30 31 32 33 34 5.4 10.0 11.7 (1) MEMO: FHL3 LOANS TO S+L ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY). HOME MORTGAGES 33.3 35.4 41.4 38.1 65.4 61.3 99.5 93.2 105.3 103.8 -.3 -.3 -1.4 .7 .7 1.9 1.2 1.2 1.7 1.6 1.6 3.1 .3 .3 .8 102.8 1.0 1.0 1.2 6 7 8 33.3 41.4 65.4 99.5 105.3 105.9 2.4 .7 2.5 .8 4.5 .8 7.0 .1 8.4 .2 9 10 11 12 .8 5.5 5.4 6.6 1.9 2.5 9.9 2.1 -2.8 13 14 15 16 14.7 13.9 24.5 23.2 .7 .1 17 18 19 20 -1.4 -1.4 21 22 -1.2 1 2 3 4 5 -.3 .5 -1.0 8.8 19.0 18.7 15.8 21.9 40.6 37.3 54.9 49.9 50.5 45.5 .8 .5 2.8 .5 4.5 .4 4.6 .4 -1.9 -1.4 -1.6 -1.5 -1.1 -1.4 -.1 -.4 -.1 .2 .2 -.3 .1 .4 -.5 -.5 .4 -.2 1.0 -.2 .5 -.1 * .1 -.2 BILLIONS OF DOLLARS. .5 14.5 * * 105.9 104.3 104.1 108.9 111.5 115.6 117.4 101.2 NET BORROWING 101.5 HOUSEHOLDS NONFARM NONCORP. BUSINESS NONFIN. CORPORATE BUSINESS SAVINGS + LOAN ASSOCIATIONS -.9 -.9 -.7 104.3 8.6 .2 8.3 .3 108. 5. 2. 15.0 22.7 -.4 11.1 20.9 22.0 4. 13. 16. 20. 115.6 9.5 1 0 1 . 2 NET CHANGE IN ASSETS 9.6 HOUSEHOLDS 2.1 STATE + LOCAL GOVERNMENTS 6 7 8 7.9 26.4 18.7 -5.4 5.4 31.3 19.4 U . S . GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKING 9 10 11 12 47.8 4.5 49.3 46.2 2.7 .5 37.3 34.8 2.0 .5 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 13 14 15 16 -1.4 .1 1.7 .3 -.2 .2 .3 .8 .4 .1 .3 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 17 18 19 20 .8 * FINANCE COMPANIES REITS 21 22 9.0 111/79 BASED ON INCOMPLETE 113. 113. 13.6 23.3 50.1 INFORMATION. NOVEMBER 1 4 , 1979 MORTGAGES - II 38 MORTGAGES II MORTGAGE MARKETS - CONTINUED UNADJUSTED NET FLOWS UNADJUSTED NET FLOWS ( $ ($ MILL.) 1978 III BILLIONS CF DOLLARS 1970 1971 1972 MULTI-FAMILY RESIDENTIAL 2.532 1.418 1.154 -13 -27 3 .023 2 .281 747 21 -26 2,.562 1..786 816 -20 -20 2 .019 1..601 443 1 -26 1 .981 1 .060 959 3 -41 3,.171 2..485 711 2 -27 4.9 3.5 1.5 .1 -.1 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 STATE + LOCAL GOVERNMENTS 2.532 149 386 3 .023 165 50 2,.562 166 75 2..019 149 75 1 .981 144 300 3,.171 149 609 -240 -201 903 488 66 308 97 145 387 -94 94 558 -83 -101 600 1 136 413 1.061 759 302 1.335 1.011 324 .000 695 305 795 625 170 573 396 177 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 9.9 8.0 1.9 10.4 7.9 2.5 .1 -.1 1 2 3 4 5 10.4 -1.0 .9 6 7 8 -.1 -.1 12.8 9.9 2.8 .2 -.1 4.9 -.4 .4 6.9 9.9 -1.1 .7 12.8 .6 1.0 .7 .5 .3 .4 .8 .1 .3 1.0 .3 .3 9 1.8 10 .2 11 1.084 950 134 5.5 3.7 1.8 4.7 3.4 1.3 3.3 13 1.8 14 1.4 15 200 23 51 .7 -.3 .3 .6 -.3 -.1 1.1 16 -.1 17 -.1 18 * * 6.9 5.8 1.2 * * .6 * * BANKS 58 25 25 25 -25 FINANCE COMPANIES REITS 25 -24 COMMERCIAL 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 1973 MORTGAGES 1 NET BORROWING NONFARM NONCORP. BUSINESS 2 3 NONFIN. CORPORATE BUSINESS 4 REITS 5 U.S. GOVERNMENT 9 .0 .1 MILL.) SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES MORTGAGES 5.571 255 53 4 4.808 -26 253 652 5.871 42 6.853 250 665 5.980 -42 .820 248 457 .113 .963 245 671 .041 .424 243 718 .460 5.8 1.2 .5 4.0 .2 7.2 1.2 .6 5.3 .1 10.3 1.2 .9 8.1 .1 16.8 1.3 1.5 13.6 .3 19.1 1.1 1.8 16.1 .2 6.818 491 50 147 3.436 6.853 512 50 -150 2.670 4.820 404 75 182 1.912 6.963 578 100 -5 2.977 7.424 602 120 58 3.071 5.8 76 -114 .543 1.8 7.2 1.5 .1 .1 1.2 10.3 -1.8 .2 .1 3.0 16.8 1.1 .3 -.2 5.4 19.1 6 -.9 7 .2 8 -.1 9 6.9 10 975 678 297 863 542 321 953 653 300 488 319 169 1.174 1.000 174 1.208 .075 133 1.3 .6 .8 1.5 .9 .6 4.5 3.4 1.0 5.1 3.7 1.4 4.9 11 3.2 12 1.7 13 .037 35 113 1.805 50 50 2.818 25 25 1.676 25 50 2.147 25 .246 50 2.0 1.6 2.5 .1 3.1 -.2 .1 4.9 * .5 * 25 -100 25 -100 50 -75 FINANCE COMPANIES REITS * .1 * * * * .6 FARM * * .2 .2 .7 * * * 1 2 3 4 5 14 15 16 17 .5 1.2 .3 1.7 .2 18 2.5 19 2.4 1.2 3.6 1.4 5.5 2.3 MORTGAGES 1 NET BORROWING !.811 982 32 2,.897 1 .012 0 2.223 776 0 4..083 1,.471 0 4 .864 1 .700 0 3.794 1.325 55 AGENCIES -63 896 219 145 809 63 -216 758 279 -26 1,.154 803 293 1,.410 504 101 1.169 330 COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS 275 1 493 -24 465 1 402 0 359 1 266 0 258 0 42 3 0 401 1 555 0 413 1 400 0 2 NET CHANGE IN ASSETS 3 HOUSEHOLDS 4 STATE + LOCAL GOVERNMENTS 5 6 7 8 9 10 11 U . S . GOVERNMENT SPONSORED CREDIT MORTGAGE POOLS 1 1 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE IPLETE INFORMATION. 10 11 NOVEMBER 14, 1979 MORTGAGES - II MORTGAGES - II 39 MORTGAGE MARKETS - CONTINUED SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL 1977 1978 i 1978 III II MULTI-FAMILY RESIDENTIAL 6.9 5.5 .1 -.1 .1 -.1 .2 .6 .1 .1 -.1 .7 .9 .2 .3 7.3 .4 .4 1.1 .2 .5 .1 .1 .6 .1 1.2 5.7 1.7 * * 14 15 j MORTGAGES 11.8 7.9 4.0 .1 -.1 10.4 7.4 3.2 -.1 -.1 9,.1 6,.9 2,.3 7.0 4.9 2.3 -.1 9..3 6,.2 3..2 .1 .1 .1 10.2 .6 .6 9,.3 .6 1,.5 11.8 .7 .2 10.4 .7 .3 .0 .8 3,.6 2.0 .3 1.2 .4 .6 1.5 2,.2 2.2 3,.4 2,.1 1,.2 5.1 3.8 1.3 "".3 ' .1 .2 .1 .1 .6 7.3 3.0 * -.2 12.4 NET BORROWING NONFARM NONCORP. BUSINESS 8.7 NONFIN. CORPORATE BUSINESS 3.8 REITS U.S. GOVERNMENT -.1 1 2 3 4 5 9,.1 .6 .3 7.0 .6 1.2 12.4 NET CHANGE IN ASSETS HOUSEHOLDS .6 STATE + LOCAL GOVERNMENTS 2.4 6 7 8 .4 .4 2,.2 -.3 -.4 2.4 1.7 I. .2 4.4 3.2 1.2 4,.0 3,.3 .7 .1 .1 -.3 22.5 1.0 2.2 19.5 -.1 * * * * .5 1.7 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS 9 10 11 1.9 2.0 COMMERCIAL 12 1.4 .7 .7 4.1 3.5 .5 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 13 14 15 .5 .1 .1 .1 .1 .1 .8 .1 .2 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 16 17 18 .1 -.1 .:.1 .1 .1 -.1 .1 -.1 FINANCE REITS 19 20 26.5 1.0 2.5 22.8 .2 24.3 1.0 2.3 21.1 -.2 23.2 1.0 2.2 20.0 28.3 1.0 2.7 24.6 28.9 NET BORROWING 1.0 HOUSEHOLDS 2.8 NONFARM NONCORP. BUSINESS 25.1 NONFIN. CORPORATE BUSINESS * REITS 22.5 .4 .3 -.5 10.0 26.5 2.0 .2 .6 12.3 24.3 2.0 .2 -.6 10.2 23.2 1.6 .3 .7 10.0 28.3 2.3 .4 28.9 NET CHANGE IN ASSETS 2.4 HOUSEHOLDS .5 STATE + LOCAL GOVERNMENTS .2 U.S. GOVERNMENT 10.6 COMMERCIAL BANKING 3.9 2.7 1.2 3.3 2.1 1.2 3.4 2.1 1.3 3.7 2.5 1.2 2.7 2.0 .7 4.1 3.4 .7 4.8 4.3 .5 .3 .2 9.1 .1 .5 7.9 .2 .2 8.7 .1 .1 .1 7.6 .1 .2 .1 9.7 .1 .2 -.2 .2 .3 -.4 -.6 .2 -.9 .1 -.4 .1 -.4 .2 -.3 .1 -.2 .8 • 1 , * 1.9 -1.7 3.3 2.9 IV RATES 1979 I I 5.2 4.1 1.1 .1 * .3 * BANKS COMPANIES COMMERCIAL MORTGAGES 1.4 12.6 .1 11.2 1.0 1.0 9.0 .3 11.2 1.2 11.1 .3 13.6 1.1 1.0 1.7 15.6 18.4 1.6 .1 2.2 20.0 .1 23.3 1.9 .2 9 10 5.6 4.7 .9 11 12 13 5.0 4.2 16 17 18 19 -.3 -1.8 * FARM 5.0 1.4 9 10 11 4.6 1.4 6.1 2.2 .1 2.6 -.1 -.2 2.5 .5 2.9 .3 .1 HI/79 * 11.9 9 10 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 11 12 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 14 15 16 17 FINANCE REITS 18 19 COMPANIES 10.2 9..7 11.6 10.5 16.2 17.9 15.1 NET BORROWING 1 10.2 3.6 9..7 3.,3 .1 11.6 4.1 10.5 3.9 16.2 5.7 17.9 6.2 15.1 NET CHANGE IN ASSETS HOUSEHOLDS 5.4 STATE + LOCAL GOVERNMENTS .2 2 3 4 -.1 3.2 .4 3..1 .9 .5 3.4 .3 -.5 3.5 1.1 -.2 4.3 3.2 1.0 5.2 2.0 .2 4.9 1.3 U.S. GOVERNMENT SPONSORED CREDIT MORTGAGE POOLS AGENCIES 5 6 7 1.7 1.4 1.3 1.6 1.5 1.9 1.9 COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS 8 9 10 11 1.2 1.3 1..0 1.5 1,.7 .1 -.2 BILLIONS OF DOLLARS. * MORTGAGES 1.4 * * * BASED ON INCOMPLETE * INFORMATION. * 1.6 * 1.1 * 1.6 NOVEMBER 14, 1979 COMSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE UNADJUSTED NET FLOWS UNADJUSTED NET FLOWS <$ MILL.) 1978 III 1HH) 17,.898 16,.023 1,.875 14,.648 13,.522 1,.126 14,.740 12..253 2,.487 4.546 2.813 1.733 14.992 13.403 1.589 13.126 12.046 1.080 4 NET CHANGE IN ASSETS 5 INSTALMENT CREDIT 6 NONFARM NONCORP. BUSINESS 7 NONFIN. CORPORATE BUSINESS 8 COMMERCIAL BANKING 9 SAVINGS + LOAN ASSNS. 10 MUTUAL SAVINGS BANKS 11 CREDIT UNIONS 12 FINANCE COMPANIES 17..898 16,.023 15 277 9..030 200 170 3,.212 3,.119 14,.648 13,.522 39 430 7,.323 291 156 2,.389 2,.894 14..740 12,.253 206 866 4,.786 339 87 1..614 4,.355 4.546 2.813 -156 -734 1.256 277 131 362 1.677 14.992 13.403 59 713 6.590 619 -143 1.177 4.388 13.126 12.046 63 853 4.622 682 -134 1.736 4.224 1,.875 -66 248 1..543 76 1,.126 200 248 538 74 2..487 612 693 1,.124 54 1.733 747 62 908 -38 1.589 -171 326 1.265 75 1.080 255 -127 946 -14 1 NET CHANGE IN LIABILITIES 2 INSTALMENT CREDIT 3 NONINSTALMENT CREDIT NONINST4LMENT CREDIT NONFARM NONCORP. BUSINESS NONFIN. CORPORATE BUSINESS COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT BANK LOANS NOT ELSEWHERE TOTAL LOANS AT COMMERCIAL 1 BANKS, F/F BASIS 2 3 4 5 6 = + 7 8 9 = 10 + 11 = LOANS ELSEWHERE C L A S S I F I E D : MORTGAGES CONSUMER CREDIT SECURITY CREDIT OPEN-MARKET PAPER BANK LOANS NEC AT COML. BKS. BANK LOANS NEC AT OTHER BANKING SUBSECTORS: DOMESTIC AFFILIATES FOREIGN BANKING OFFICES BANKING SECTOR TOTAL BANK LOANS NEC LOANS BY F.R. BANKS TOTAL BANK LOANS NEC 12 NET CHANGE IN LIABILITIES 13 NONFINANCIAL SECTORS 14 HOUSEHOLDS 15 FARM BUSINESS 16 NONFARM NONCORP. BUSINESS 17 CORPORATE BUSINESS 18 19 20 21 22 23 24 25 REST OF THE WORLD FGN. OFFICIAL FGN. BANKS OTHER FGN. FINANCIAL SECTORS SAVINGS + LOAN ASSNS. FINANCE COMPANIES REITS 111/79 BASED ON PRELIMINARY AND ($ MILL.) BILLIONS OF DOLLARS 1970 1971 1972 III CONSUMER 13 14 15 16 17 18 CLASSIFIED 5.4 4.4 1.0 14.7 11.1 3.6 19.8 14.9 4.9 26.0 21.9 4.1 5.4 4.4 14.7 11.1 19.8 14.9 26.0 21.9 2 6 2 1 7 8 .3 2.4 .4 .1 1.0 .1 6.3 .8 .1 1.8 2.3 -1.0 9.5 .8 .1 2.2 3.5 2.2 7 11.4 8 .7 9 .2 10 2.7 11 4.7 12 3 5 3 4 -1 1.0 .6 .5 -.2 .1 3.6 .5 .5 2.4 .2 4.9 .8 .8 3.1 .2 4.1 1.2 1.0 1.2 .5 13 14 15 16 17 10. 9. * CLASSIFIED 35..600 23.247 31.723 6.766 35.041 29.240 .2.7 29.9 59.3 71.0 1 10..156 10..573 2..022 87 12..762 10.962 7.861 -1.052 175 5.301 8.503 5.910 -7 396 16.921 6.084 2.164 -1.171 -1.212 901 9.481 7.855 2.477 1.063 14.165 9.778 5.568 -889 130 14.653 2.0 2.2 1.4 1.1 5.9 9.6 8.7 .8 .2 10.6 16.8 12.7 4.7 -.3 25.5 19.6 12.6 -2.9 -1.5 43.1 2 3 4 5 6 357 2..808 15..927 76 3.921 9.298 -871 8.409 24.459 -66 1.612 2.447 206 4.866 19.237 -113 7.676 22.216 •1.0 2.5 7.3 -.1 .5 11.0 -.2 .8 26.1 1.7 4.0 48.8 7 8 9 0 15..927 0 9.298 0 24.459 0 2.447 0 19.237 0 22.216 - - - 7.3 11.0 26.1 10 48.8 11 15..927 13..681 1..215 1..618 -42 9.,414 9.298 8.908 403 1.067 -872 3.537 24.459 22.311 2.524 127 241 8.324 2.447 6.050 -1.302 -89 256 10.965 19.237 17.436 61 1.684 -50 13.203 22.216 21.287 2.078 994 342 11.078 7.3 7.4 1.9 .8 -.5 5.4 11.0 9.1 1.2 1.3 .7 3.8 26.1 20.1 1.1 1.8 1.2 13.0 48.8 39.8 3.4 2.9 1.1 29.7 12 13 14 15 16 17 1..476 -81 589 968 4.773 709 2.000 2.064 11.095 1.462 6.297 3.336 -3.780 605 -3.886 -499 2.538 -243 1.632 1.149 6.795 1.882 2.497 2.416 -.2 -.1 -.1 2.0 .2 .9 .9 3.0 .2 1.1 1.7 2.7 .4 1.6 .7 18 19 20 21 2..246 -36 2..500 -218 390 205 551 -366 2.148 362 2.082 -296 -3.603 -311 -2.956 -336 1.801 466 1.592 -257 929 507 710 -288 1.9 .7 .6 .6 6.0 .4 4.2 1.3 9.0 .4 4.6 4.0 22 23 24 25 INCOMPLETE INFORMATION. 1.2 16.8 2.2 12.0 * 1.3 .1 -.1 -.1 -.1 .1 NOVEMBER 14, 1979 CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER SEASONALLY 1974 ADJUSTED ANNUAL 1975 1976 CREDIT AND BANK LOANS NOT ELSEWHERE RATES SEASONALLY ADJUSTED ANNUAL 1977 I I 1978 CONSUMER 9.9 9.5 9.7 7.8 1.9 9.9 9.5 -.3 2.9 13 14 15 25.6 21.6 3.9 25.6 21.6 -.1 .5 10.8 1.1 .2 5.5 3.7 3.9 1.2 1.3 1.2 CLASSIFIED 34.3 6.2 I | IV I RATES 1979 II CREDIT 50.6 44.8 5.8 56.9 50.8 6.1 48.8 43.3 5.4 53.3 46.7 6.6 50.7 41.0 9.7 44.7 39.9 4.8 42.4 NET CHANGE IN LIABILITIES (HH) INSTALMENT CREDIT 37.3 NONINSTALMENT CREDIT 5.1 50.6 44.8 .1 56.9 50.8 53.3 46.7 .8 28.8 .9 .7 9.4 10.2 48.8 43.3 .1 1.5 22.8 .9 .6 7.2 10.1 1.8 21.7 1.3 .3 8.9 12.6 50.7 41.0 .3 -1.0 17.7 1.3 .5 5.2 17.0 44.7 39.9 .1 2.5 19.1 2.6 -.6 1.6 14.5 42.4 NET CHANGE IN ASSETS INSTALMENT CREDIT 37.3 NONFARM NONCORP. BUSINFSS .2 2.8 NONFIN. CORPORATE BUSINESS COMMERCIAL BANKING 12.2 2.4 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS -.5 CREDIT UNIONS 4.6 FINANCE COMPANIES 15.6 6.1 1.5 .1 3.9 .3 5.4 1.3 .8 2.7 .3 6.6 1.2 1.5 3.7 .2 9.7 1.7 1.6 6.4 -.2 8.1 6.2 1.3 1.0 3.6 .2 II 1978 III 5.8 1.3 .9 3.1 .2 .2 - BANK LOANS NOT ELSEWHERE * 4.8 1 .4 .3 2.5 .3 5.1 1.2 -.7 4.5 -.1 NONINSTALMENT CREDIT 13 NONFARM NONCORP. BUSINESS 14 NONFIN. CORPORATE BUSINESS 15 COMMERCIAL BANKING 16 SAVINGS + LOAN ASSNS. 17 MUTUAL SAVINGS BANKS 18 CLASSIFIED 113.5 TOTAL LOANS AT COMMERCIAL BANKS, F/F BASIS 2 3 4 5 6 12.3 3.4 -2.1 1.6 34.1 3.7 3.1 2.2 1.1 -12.9 14.3 12.0 6.2 3.2 3.9 27.3 22.3 1.8 .2 24.4 35.2 26.9 -3.0 -2.3 41.2 38.9 25.6 -5.5 .8 31.8 35.3 25.4 -6.6 -7.4 51.7 32.6 24.1 7.3 4.4 24.6 34.0 21.5 5.4 4.9 42.5 7 8 9 .9 6.3 41.3 -.5 1.2 -12.2 -.3 3.5 7.0 .6 4.7 29.8 -1.0 18.1 58.4 .3 16.0 48.2 -3.5 27.2 75.4 -.3 10.6 34.9 .8 22.3 65.7 10 11 - - - - - 41.3 -12.2 7.0 29.8 58.4 65.7 - LOANS ELSEWHERE CLASSIFIED: 33.4 MORTGAGES 16.7 CONSUMER CREDIT -5.7 SECURITY CREDIT .2 OPEN-MARKET PAPER 68.8 = BANK LOANS NEC AT COML. BKS. + BANK LOANS NEC AT OTHER BANKING SUBSECTORS: -.5 DOMESTIC AFFILIATES 30.9 FOREIGN BANKING OFFICES 99.2 = BANKING SECTOR TOTAL BANK LOANS NEC + LOANS BY F.R. BANKS 99.2 = TOTAL BANK LOANS NEC 12 13 14 15 16 17 41.3 36.6 1.6 1.1 -1.0 30.3 -12.2 -8.5 -1.2 2.0 -2.0 -11.0 7.0 10.7 .8 3.0 -3.6 3.8 29.8 30.0 2.8 2.5 .4 21.3 58.4 55.5 3.4 2.5 -.2 31.6 48.2 46.5 75.4 70.9 34.9 41.3 -2,8 1.2 -.9 48.2 65.7 62.0 2.6 2.5 1.0 45.9 99.2 NET CHANGE IN LIABILITIES 95.3 NONFINANCIAL SECTORS 9.6 HOUSEHOLDS 3.2 FARM BUSINESS 2.2 NONFARM NONCORP. BUSINESS 52.6 CORPORATE BUSINESS 18 19 20 21 4.7 .3 3.1 1.3 3.9 .3 1.1 2.5 6.8 .9 4.2 1.7 3.1 .1 2.7 .3 18.3 2.1 9.5 6.6 2.4 -7.5 10.0 -1.0 6.5 27.7 7.5 11.3 8.9 22 23 24 25 4.6 -.4 .7 4.4 -3.7 -.3 -2.8 -.6 -3.7 .2 -2.1 -1.9 -.3 1.4 .7 -2.4 2.8 .3 3.9 -1.4 .2 -5.2 -1.3 2.2 2.5 -1 .0 BILLIONS OF DOLLARS. 111/79 BASED ON INCOMPLETE 48. 43. -2.7 20.9 9.8 7.8 5.4 .1 2. -1. INFORMATION. 1 2 3 4.5 -.1 5.8 3.9 2.1 2.9 -1.2 REST OF THE WORLD FGN. OFFICIAL FGN. BANKS OTHER FGN. FINANCIAL SECTORS SAVINGS + LOAN ASSNS. FINANCE COMPANIES REITS 23 24 25 NOVEMBER 14, OTHER LOANS OTHER OPEN-MARKET UNADJUSTED NET FLOWS PAPER AND OTHER UNADJUSTED NET FLOWS <$ MILL.) 1$ MILL.) 1979 II 1978 III BILLIONS OF DOLLARS 1970 1971 1972 OPEN-MARKET 1 TOTAL NET ISSUES, ALL TYPES 2 COMMERCIAL PAPER 3 NONFINANCIAL CORPORATIONS 4 FINANCIAL BUSINESS 5 COMMERCIAL BANKING 6 FINANCE COMPANIES 7 REITS 8 9 10 11 12 BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 13 NET PURCHASES, BY SECTOR 14 HOUSEHOLDS 15 NONFIN. CORPORATE BUSINESS 16 REST OF THE WORLD 7.899 5.537 700 4.837 2.003 2.725 13.039 6.997 513 6.484 2.830 3.694 -40 8.910 7.819 2.218 5.601 600 4.969 32 12.344 9.805 2.832 6.973 2.521 4.410 42 9.822 3.935 3.153 782 1.459 -738 61 12.5 11.4 1.1 10.3 4.3 6.0 2.362 336 168 168 2.026 61 232 116 116 -171 6.042 1.065 533 532 4.977 1.091 716 358 358 375 2.539 -117 -59 -58 2.656 5.887 527 264 263 5.360 1.0 .7 .4 .4 .3 1.6 .8 .4 .4 .8 .8 .5 .3 .3 .3 -1.0 .1 * * -1.0 2.0 8 1.1 9 .5 10 .5 11 .9 12 7.899 4.973 -65 7 2.372 1.724 -868 -200 1.752 13.039 9.552 1.441 3.090 8.910 3.110 1.051 183 12.344 2.930 499 1.641 9.822 77 1.041 2.484 12.5 5.3 2.5 1.0 2.1 -3.8 1.8 .5 -.1 -3.8 1.9 -.2 1.6 -1.7 3.0 -.1 8.3 9.1 .6 .3 13 14 15 16 -18 -383 -1.004 711 643 -123 1.196 843 89 635 -347 555 950 114 _ .2 1.3 .2 -.2 * -1.3 -1.3 -.1 17 18 19 20 21 639 323 .672 2.238 -82 2.787 109 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS + LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS -361 251 471 241 -28 -552 -306 355 106 251 -48 -128 517 105 -743 22 23 24 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES MONEY MARKET FUNDS -322 160 799 1.565 -758 379 -2.678 962 969 OTHER 4 U.S. GOVERNMENT LOANS 5 LIAB.-HOUSEHOLDS 6 FARM BUSINESS 7 NONFARM NONCORP. BUS. 8 NONFIN. CORP. BUSINESS 9 ST.+LOC. GOVERNMENTS 10 REST OF THE WORLD 11 SPONS. CREDIT AGENCIES 12 SPONSORED CREDIT AGENCY LOANS LIABILITY O F FARM BUSINESS ( F I C B ) NONFARM NONCORP. BUS. (BC) S+L ASSOCIATIONS (FHLB) 13 14 15 16 POLICY LOANS (HH L I A B I L I T Y ) 17 A S S E T - U . S . GOVERNMENT 18 LIFE INSURANCE COS. 1.878 -1.174 206 1.672 -716 -458 1.303 3.756 385 256 3.352 -128 3.480 3.584 195 3.389 -2.230 -744 -1.486 .251 595 -3 .272 386 .603 894 106 5 837 3.048 185 912 865 272 15 799 2.599 536 -88 865 354 167 765 2.454 217 425 950 160 52 650 873 209 3.996 827 -50 3.884 117 191 3.512 747 100 -789 1.111 1.005 3.190 -475 -755 3.525 612 3 609 635 1 634 901 5 896 1.025 11 1.014 979 8 971 1.129 10 1.119 223 1.095 442 325 -1.843 1.061 0 _ * * .8 1.2 _ * 1.5 1.5 .2 .3 1.0 .2 .4 -.2 -.2 .5 -.1 .8 -.4 .6 -.3 .2 -.3 * 22 1.2 23 .9 4.1 .3 .1 .7 2.1 5.078 INFORMATION. 1.6 2.6 .7 1.9 LOANS 5.024 665 4.359 111/79 BASED ON PRELIMINARY AND INCOMPLETE 1973 PAPER .724 .663 567 .096 978 102 17 18 19 20 21 1 FINANCE CO. LOANS TO BUSINESS 2 LIAB.-NONCORPORATE BUSINESS 3 NONFIN. CORP. BUSINESS LOANS LOANS .2 .3 1.5 2.3 -2.0 .7 .2 4.0 .7 .3 1.3 2.6 .1 2.5 2.3 .1 2.2 -2.7 * 1.0 1.0 .3 8 .3 9 1.7 10 1..1 13 .3 14 7,.2 15 2,.2 16 17 2,.2 18 * NOVEMBER 1 4 , OTHER LOANS 1979 OTHER LOANS 43 OPEN-MARKET PAPER AND OTHER LOANS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 | OPEN-MARKET 1 2 3 4 5 6 7 17.7 7.9 4.1 3.8 3.5 3.6 -3.3 -1.2 -1.8 -2.9 1.1 .3 .6 .1 8.1 3.6 1.4 2.2 -.8 3.3 -.3 15.0 11.3 1.6 9.6 1.3 8.4 8 9 10 11 12 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 13 14 15 16 17.7 1.7 4.1 6.6 -1.2 -4,4 3.1 -2.6 8.1 -3.1 5.0 2.7 17 18 19 20 21 .9 .9 2.2 .1 .1 1.1 -.1 3.7 * II 1978 III 1979 I I PAPER 26.4 17.3 2.7 14.6 6.7 7.8 .1 28.7 19.6 1.7 17.9 8.0 9.4 .4 20.3 14.7 3.6 11.1 3.9 7.1 .1 37.7 29.1 5.9 3.7 1.3 .6 .6 2.4 9.1 2.5 1.2 1.2 6.6 9.1 1.0 .5 .5 8.1 5.6 6.3 3,2 3.1 -.7 8.6 7.1 3.5 3.5 15.0 9.6 -.1 4.4 26.4 14.6 1.7 7.9 .2 -1.2 -.4 -1.3 * * .3 -1.4 1.0 10.1 15.4 9.4 -1 .2 - .6 -.6 10.6 29.9 8.4 4.2 4.2 21.4 40.6 33.8 44.9 3.8 1.5 10.6 55.4 NET PURCHASES, BY SECTOR 14.6 HOUSEHOLDS 12.5 NONFIN. CORPORATE BUSINESS 8.7 REST OF THE WORLD 13 14 15 16 -.2 -.5 -6.9 -.5 4.8 4.0 * -1.4 1.9 3.8 .5 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS + LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 17 3.9 -.3 11.1 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES MONEY MARKET FUNDS 2.8 2.6 22 23 -.3 1.2 .1 -.2 -.1 1.3 2.6 OTHER 1 2 3 4.8 -1.0 5.8 2.1 -.1 2.2 5.4 .2 5.2 4 5 6 7 8 9 .0 .1 5.9 .5 .3 .5 1.5 .7 1.6 .7 7.3 .5 1.1 1.7 .2 .2 2.8 .9 8.2 .5 .5 2.2 .2 2.0 3.3 -.4 13 14 15 1.7 1.0 6.7 1.1 .4 -4.0 16 17 18 2.7 * 2.7 1.6 10.3 * -3.0 1.5 -1.7 3.8 3.9 -.1 13.4 10.8 .1 10.8 8.3 * 8.3 5.2 13.9 6.7 .6 2.0 2.2 13.0 1.2 3.9 3.8 1.7 -1.6 3.9 15.4 1.5 1.9 4.5 2.4 15.0 1.5 6.1 3.6 * 1 . 14. * 5.1 2.5 FINANCE CO. LOANS TO BUSINESS * LIAB.-NONCORPORATE BUSINESS 2.5 NONFIN. CORP. BUSINESS * 1.6 BILLIONS OF DOLLARS. 1. 4 1. * - 4 2.6 .5 12.6 3.0 -.3 11.0 2.6 .5 5.4 3.1 4.1 10.0 2.4 2.5 3.6 4.1 3.9 * 2.5 3.6 1.4 .6 4.3 1.5 .7 12.5 2.0 1.1 13.7 1.7 2.6 * 1.7 * 2.6 12 20 21 22 23 2.4 Ill /79 BASED ON INCOMPLETE INFORMATION. * * 4.1 1 2 3 10.4 U.S. GOVERNMENT LOANS 4 .9 LIAB.-HOUSEHOLDS 5 2.8 FARM BUSINESS 6 3.2 NONFARM NONCORP. BUS. 7 .6 NGNFJN.. CORP. BUSINESS 8 .2 ST.+LOC. GOVERNMENTS 9 2.6 REST OF THE WORLD 10 SPONS. CREDIT AGENCIES 11 12.8 .7 4.0 3.8 1.1 .1 3.2 8.5 1. l.i -2. BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD LOANS 10.3 .2 3.0 -1.2 55.4 TOTAL NET ISSUES, ALL TYPES 25.5 COMMERCIAL PAPER 14.6 NONFINANCIAL CORPORATIONS 10.9 FINANCIAL BUSINESS 5.8 COMMERCIAL BANKING 4.8 FINANCE COMPANIES .2 REITS * 3.9 6.7 SPONSORED CREDIT AGENCY LOANS LIABILITY OFFARM BUSINESS (FICB) NONFARM NONCORP. BUS. ( B O S+L ASSOCIATIONS (FHLB) 13 14 15 4.5 POLICY LOANS IHH LIABILITY) * ASSET-U.S. GOVERNMENT 4.5 LIFE INSURANCE C O S . 16 17 18 -2.8 -2.2 11.7 12 NOVEMBER 14, 1979 SECURITY CREDIT, TRADE CREDIT, AND TAXES 44 SECURITY CREDIT, TRADE CREDIT, AND TAXES SECURITY CREDIT, TRADE CREDIT, AND TAXES UNADJUSTED NET FLOWS PAYABLE UNADJUSTED NET FLOWS ( $ ($ MILL.) II 1978 III IV | I 1979 II III 1969 BILLIONS OF DOLLARS 1970 1971 1972 MILL.) 1973 SECURITY CREDIT 1 NET CHANGE IN LIABILITIES 2 HOUSEHOLDS 3 FOREIGN 4.542 2.066 0 2.128 2.057 0 -2.689 -2.925 0 006 98 0 3.668 963 0 -675 689 0 6.7 3.4 -.2 -.8 -1.8 4 5 6 7 2.476 1.875 -172 773 71 -961 354 678 236 343 -170 63 -1 .104 -1 .230 -42 168 2.705 2.364 280 61 -1.364 -1.015 -272 -77 -3.0 •1.0 1.0 1.9 -2.0 - -1.0 - .5 8 NET CHANGE IN ASSETS 9 HOUSEHOLDS 10 COMMERCIAL BANKING 4.542 773 1.850 2.128 678 -698 -2.689 63 -177 -1 006 168 -1 213 3.668 61 2.757 -675 -77 -1.161 6.7 1.8 1.1 -.8 -.9 1.4 3.8 .5 .8 4.8 11 12 1.919 0 2.148 0 -2.575 0 39 0 850 0 563 0 3.5 -.2 -1.3 -.1 2.6 3.7 1 NET CHANGE IN L I A B I L I T I E S 2 HOUSEHOLDS 3 FARM BUSINESS 4 NONFARM NONCORP. BUSINESS (PAYABLES LESS RECEIVABLES) 12 .903 336 174 372 17 .614 339 172 2 .503 17.703 340 184 782 11.345 343 198 -3.455 9.605 345 215 -1.500 15 .190 347 226 1 .575 22.6 .6 -.4 .6 9.8 .6 -.4 1.1 11.5 .5 .1 -1.9 24.0 .7 .5 -.5 42.7 .6 .1 .4 1 2 3 4 5 6 7 8 NONFIN. CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT 11 .677 258 51 35 13 .981 255 95 269 15.540 258 -833 1.432 13.477 257 320 205 9.871 258 -576 992 11 .341 258 600 843 20.9 .4 .8 -.3 7.5 .6 1.0 -.6 12.2 .7 .5 -.7 22.3 .6 .5 -.1 38.9 .8 1.9 .1 5 6 7 8 9 NET CHANGE IN ASSETS 10 NONFIN. CORPORATE BUSINESS 11 FOREIGN 12 U . S . GOVERNMENT 13 OTHER INSURANCE COMPANIES 18 .912 17 .982 160 460 310 21 .321 19 .646 1 .113 242 320 6.192 4.129 898 835 330 23.949 24.011 -339 -83 360 16.321 12.556 2.308 1.067 390 15 338 13 .766 1 .043 104 425 24.7 22.6 .8 .9 .4 10.0 8.3 2.0 -.8 .5 13.6 14.6 .4 -1.7 .3 28.4 27.3 .8 -.8 1.2 39.0 37.0 1.0 .3 .6 9 10 11 12 13 14 DISCREPANCY -6.009 -3.707 11.511 -12.604 -6.716 BROKERS + DEALERS FROM COMMERCIAL BANKS FROM FOREIGN BANKING AGS. CUSTOMER CREDIT BALANCES BROKERS FOREIGN * 3.8 2.7 8.7 4.5 -7.9 -4.3 -.2 1 2 3 4.1 3.8 -3.4 -2.7 -.6 -.2 4 5 6 7 8.7 -7.9 8 -.2 9 -3.4 10 * 1.1 .7 * -4.3 11 * 12 TRADE CREDIT PROFIT TAXES 1 NET CHANGE IN 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 -6.750 -6.607 -150 73 -60 11 -15 -2 4 93 0 4 .276 150 113 247 68 76 0 5 576 5 015 150 112 140 54 68 37 9 NET CHANGE IN TAXES RECEIVABLE 10 STATE + LOCAL GOVERNMENTS 11 U . S . GOVERNMENT -8.089 -1.019 -7.070 6 .804 2 195 4 609 7 566 2 372 5 194 -9.163 -9.211 -143 100 1 34 40 16 6.110 5.529 -136 137 313 88 138 41 727 -10.366 -1 .749 -1.401 2 .476 -8.965 8.033 2.154 5.879 3 .402 2 .663 0 141 373 87 110 28 PAYABLE -3.3 .1 .1 -.1 -.1 -2.7 .3 .2 -2.6 12 DISCREPANCY PROPRIETORS' EQUITY IN NONCORPORATE 1 TOTAL HOUSEHOLD INVESTMENT 2 FARM BUSINESS 3 NONFARM NONCORP. BUSINESS II1/79 BASED ON PRELIMINARY AND INCOMPLETE -5.563 -3.471 -2.092 -5.216 -3.908 -1.308 INFORMATION. -5.948 -4.714 -1.234 -6.094 -3.991 -2.103 -6.257 -3.247 -3.010 BUSINESS -.2 -1.7 1.5 2.1 .5 1.5 2.1 9 .7 10 1.3 11 NOVEMBER 14, 1979 SECURITY CREDIT, TRADE CREDIT, AND TAXES SECURITY CREDIT, TRADE CREDIT, AND TAXES 45 SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 SEASONALLY ADJUSTED ANNUAL RATES 1977 1978 I I 1978 III II IV | I I 1979 II III 10.2 3.9 - -4.8 NET CHANGE IN LIABILITIES 2.8 HOUSEHOLDS FOREIGN 1 2 3 -7.6 -6.2 -1.1 -.3 4 5 6 7 SECURITY CREDIT 14.3 8.3 - 7.2 8.2 - -17.3 -11.7 - 7.9 .4 -1.0 -2.5 .1 1.4 6.0 3.6 -.7 3.1 -1.0 -5.2 1.4 2.7 -5.6 -5.2 -.7 .3 7.5 7.0 -.2 .7 6.3 5.0 1.1 .2 6.1 1.0 2.2 .4 1.4 -2.9 14.3 3.1 3.5 7.2 2.7 -4.1 -17.3 .3 -7.3 7.9 .7 7.1 10.2 .2 6.5 4.6 2.8 1.8 - - - 7.7 - 8.6 - -10.3 - 3.7 .7 .1 12.7 4.8 ~ ~ -2.9 -1.8 -.1 -1.0 2.9 2.3 -.1 .6 7.9 6.0 .4 1.5 2.9 1.4 .5 1.0 8 9 10 -4.8 -1.0 -2.2 3.7 .6 2.1 12.7 1.5 6.6 11 12 -1.6 1.0 .1 1 2 3 4 35.1 .9 .2 1.3 12.4 1.1 .5 1.1 23.5 1.4 .9 2.2 27.0 1.3 .9 -.1 50.0 1.4 .7 .1 53.7 1.3 .2 .3 50.8 1.4 .8 -1.2 58.9 1.4 -.2 3.3 71.5 1.4 -.1 -.1 47.4 1.4 .5 .8 40.1 NET CHANGE IN LIABILITIES 1.4 HOUSEHOLDS 1.2 FARM BUSINESS -1.1 NONFARM NONCORP. BUSINESS (PAYABLES LESS RECEIVABLES) 1 2 3 4 5 6 7 8 28.7 1.8 3.1 -.8 6.3 1.4 .7 1.4 13.6 .7 .3 4.4 21.7 1.0 .5 1.7 44.8 1.0 -.3 2.4 49.7 1.0 .2 .9 47.0 1.0 .4 1.4 52.2 1.0 -3.3 4.4 66.9 1.0 1.3 1.2 41.6 1.0 -2.3 4.4 31.9 1.0 2.4 3.3 NONFIN. CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT 5 6 7 8 9 10 11 12 13 35.7 32.4 1.8 1.0 .5 9.9 6.4 1.6 1.2 .6 24.6 19.5 3.4 .5 1.2 33.5 31.6 1.5 -.8 1.1 62.3 54.9 3.4 2.7 1.3 65.7 62.0 .6 1.8 1.2 64.2 57.5 4.5 1.0 1.3 71.7 63.5 3.6 3.3 1.3 76.3 76.6 -1.4 -.3 1.4 56.2 41.2 9.2 4.3 1.6 39.4 NET CHANGE IN ASSETS 33.1 NONFIN. CORPORATE BUSINESS 4.2 FOREIGN .4 U.S. GOVERNMENT 1.7 OTHER INSURANCE COMPANIES 9 10 11 12 13 14 -.6 2.5 -1.2 -6.5 -12.3 1 2 3 -4.8 -1.8 4 5 6 7 * * 6.1 3.1 .4 1.4 - - - .2 - - 3.4 - BROKERS + DEALERS FROM COMMERCIAL BANKS FROM FOREIGN BANKING AGS. CUSTOMER CREDIT BALANCES -4.8 NET CHANGE IN ASSETS -.3 HOUSEHOLDS -6.7 COMMERCIAL BANKING 2.3 BROKERS + DEALERS FOREIGN 8 9 10 11 12 TRADE CREDIT .8 DISCREPANCY 14 PROFIT TAXES PAYABLE 1 2 3 4 5 6 7 8 1.2 1.1 .1 .1 * * -.1 -2.7 -2.4 -.3 .1 -.1 * * 8.0 7.5 .2 .1 .1 .1 -.6 -1.3 .3 .4 .1 -.1 5.2 3.4 .3 .4 .6 .2 .2 * 1.5 .2 -.1 .4 .6 .2 .2 * 8.0 6.0 .5 .4 .7 .2 .2 * 13.4 11.2 .4 .5 .7 .2 .3 .1 6.1 4.2 -.1 .5 .8 .3 .3 .1 -5.6 -7.6 -.2 .5 .9 .3 .4 .1 11.7 NET CHANGE IN TAXES PAYABLE 10.0 NONFIN. CORPORATE BUSINESS -.6 COMMERCIAL BANKS .5 SAVINGS + LOAM ASSOCIATIONS .9 LIFE INSURANCE COMPANIES .3 OTHER INSURANCE COMPANIES .5 FINANCE COMPANIES .2 BROKERS + DEALERS 9 10 11 1.3 .7 .6 -2.5 .6 -3.1 7.7 2.2 5.5 .3 1.6 -1.3 5.2 1.6 3.5 1.8 1.0 .8 7.9 3.1 4.8 13.8 3.5 10.3 5.5 .1 5.4 -5.0 -.1 -4.8 11.4 NET CHANGE IN TAXES RECEIVABLE 9 2.5 STATE + LOCAL GOVERNMENTS 10 8.9 U.S. GOVERNMENT 11 12 -.1 -.2 .2 -1.0 * -.3 .1 -.4 .6 -.6 PROPRIETORS' 1 2 3 -13.3 -7.5 -5.7 -10.4 -4.2 -6.2 BILLIONS OF DOLLARS. -15.6 -11.0 -4.6 111/79 -16.7 -11.3 -5.4 -20.8 -13.7 -7.1 .3 DISCREPANCY 1 2 3 4 5 e 7 8 12 EQUITY IN NONCORPORATE BUSINESS -20.5 -13.9 -6.5 -22.3 -13.9 -8.4 BASED ON INCOMPLETE INFORMATION. -20.9 -15.6 -5.2 -24.6 -19.7 -4.9 -24.6 -16.3 -8.2 -25.8 TOTAL HOUSEHOLD INVESTMENT -12.6 FARM BUSINESS -13.2 NONFARM NONCORP. BUSINESS 1 2 3 NOVEMBER 14, 1979 MISCELLANEOUS I MISCELLANEOUS I MISCELLANEOUS FINANCIAL CLAIMS UNADJUSTED NET FLOWS ( $ UNADJUSTED NET FLOWS ($ MILL. II 1 NET CHANGE IN LIABILITIES 2 HOUSEHOLDS 3 NONFIN. CORPORATE BUSINESS 1978 III 1 IV 1 I 1979 II BILLIONS OF DOLLARS 1970 1971 1972 III MILL.) 1973 15.4 15.3 23.7 .5 23.5 .4 2.0 -.4 3.4 .5 4.5 .8 2.4 3.6 -.4 4 5 8.896 1.392 327 1.293 7.6 .4 .3 .5 10.0 2.1 .5 .6 9.8 -.5 1.8 20.4 .3 -.1 9.2 17.9 2.2 1.2 3.8 6 7 8 9 .6 .1 1.5 3.4 1.3 1.2 -.1 2.0 3.6 2.0 .9 .2 2.6 4.8 2.4 .6 .6 2.5 4.8 2.3 - 10 11 12 13 14 15 27.4 2.8 .6 1.0 10.3 16 17 18 19 20 11.925 267 1.149 12.544 273 1.566 8.780 271 405 21.510 271 356 17.101 271 1.035 11.582 270 800 662 -664 1.760 8 1.494 535 10.254 -297 1.912 2.111 2.694 -1.078 10.511 1.219 146 4.750 8.937 1.470 34 1.796 6.075 1.428 238 153 10.926 734 53 3.970 11.772 2.415 244 3.571 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 -696 234 1.288 3.404 144 22 391 600 1.026 3.673 107 -160 -1.025 96 1.246 3.796 164 -21 782 384 1.127 3.782 112 -18 637 -504 1.482 3.780 147 0 476 344 1.123 3.816 125 0 .4 .2 1.4 3.3 1.0 ~ - ~ - 16 NET CHANGE IN ASSETS 17 HOUSEHOLDS 18 FARM BUSINESS 19 NONFARM NONCORP. BUSINESS 20 NONFIN. CORPORATE BUSINESS 9.435 1.788 449 752 3.620 12.864 2.023 472 730 1.802 13.271 2.145 476 736 3.623 12.866 2.119 459 750 6.537 14.048 2.100 526 770 2.608 12.575 2.129 485 793 4.501 5.6 2.1 .4 .7 4.9 12.4 2.6 .5 .7 5.6 14.0 2.3 .6 .8 9.6 21.6 2.7 .7 1.0 10.2 -949 139 2.331 161 1.052 114 -2.468 357 1.737 173 1.248 150 •4.7 .1 -1.1 .3 -2.3 .1 2.4 .1 6.7 21 .9 22 3.636 -63 134 2.161 5.345 301 23 2.865 5.125 -146 534 2.024 5.112 459 -302 2.711 6.134 -325 173 4.152 3.269 120 989 386 2.1 .4 -.1 1.1 3.8 .8 .1 .1 2.9 .2 .2 1.4 4.5 -.4 * 1.9 5.1 .8 .3 1.6 23 24 25 26 255 68 708 171 249 -47 1.042 38 723 122 246 -15 1.137 923 717 61 -227 102 1.870 -627 717 100 -47 231 1.638 -468 719 88 -113 270 541 138 716 96 -278 561 -.2 -.1 .9 .1 1.6 .2 .8 .1 -.2 .3 .9 .6 .5 1.0 .2 1.0 .2 .9 .1 27 28 29 30 -366 273 1.547 1.865 1.613 1.566 405 356 1.035 181 0 -755 -735 -20 1.537 1.423 114 3.495 3.450 45 -1.079 -1.064 -15 1.8 1.2 .6 37 38 39 614 582 483 1.259 220 0 215 0 300 0 433 0 281 0 268 0 54 66 20 80 71 29 8 107 71 21 13 195 49 19 15 350 112 21 21 127 66 29 3 170 * .4 47 48 21 22 REST OF THE WORLD U.S. GOVERNMENT 23 24 25 26 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING 27 28 29 30 31 32 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNDS * * * 33 UNALLOCATED, NET (A) FOREIGN CLAIMS DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS 34 LIAB.-REST OF THE WORLD DIRECT FOREIGN INVESTMENT IN U.S. 35 LIAB.-NONFIN. CORP. BUSINESS U . S . GOVT. EQ. IN IBRD, ETC. 36 L I A B . - R E S T OF THE WORLD FOREIGN CURR. EXCEPT OFFICIAL 37 L I A B . - R E S T OF THE WORLD 38 ASSET-NONFIN. CORP. BUSINESS 39 U . S . GOVERNMENT (B) 249 261 -12 .3 .4 -.2 636 636 0 U . S . GOVERNMENT CLAIMS POSTAL SAVINGS DEPOSITS 40 ASSET-HOUSEHOLDS L I A B . - U . S . GOVT. 41 DEPOSITS AT FHLB LIAB.-SPONSORED CREDIT AGS. ASSET-S+L ASSOCIATIONS 42 FEDERAL RESERVE BANK STOCK ASSET OF COMMERCIAL BANKS 43 EQ. I N U . S . GOVT. CREDIT AGS. 44 U . S . GOVERNMENT PRIVATE 45 FARM BUSINESS (FICB + FLB) 46 NONFARM NONCORPORATE (BC) 47 NONFIN. CORP. BUS. (FNMA) 48 S+L ASSOCIATIONS (FHLB) 111/79 BASED ON PRELIMINARY AND I NCOMPLETE INFORMATION. .1 * .1 NOVEMBER 14, 1979 MISCELLANEOUS I MISCELLANEOUS I MISCELLANEOUS FINANCIAL CLAIMS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 III IV 52.6 1.1 1.6 1979 II | 70.9 1.1 70.3 1.1 4.1 35.0 -.2 8.5 8.6 1 2 3 18.8 .7 3.7 22.1 .7 1.4 35.0 .6 2.7 32.3 .9 2.1 52.6 1.1 4.0 47.5 1.1 4.6 1.1 6.3 4 5 1.6 6.6 -.7 9.0 .9 3.2 -.9 10.8 -.3 3.9 -2.7 5.7 1.9 6 7 8 9 12.8 .3 -.3 4.5 14.2 1.6 -.5 1.0 21.7 1.4 .3 2.9 27.0 1.3 -.1 6.5 37.1 4.8 .5 11.9 40.6 4.5 .6 19.1 38.3 4.9 1.0 11.7 33.5 3.7 .2 5.3 10 11 12 13 14 15 -.1 .3 2.6 4.9 -.1 .8 .7 -.1 3.3 6.2 .7 1.3 1.1 .1 3.9 10.3 1.6 .2 1.1 .4 4.6 12.6 1.1 -.5 -.5 1.4 4.5 14.1 .6 -.1 -3.0 .8 4.3 13.6 .6 .1 -.1 .9 2.6 5.2 15.1 .4 -.1 16 17 18 19 20 21.9 2.7 .8 1.0 5.3 19.5 3.8 .9 1.3 7.7 31.3 5.5 1.5 2.1 10.9 28.2 6.9 1.7 2.6 14.3 49.6 7.6 1.9 2.9 13.3 27.2 7.2 1.8 3.0 14.5 21 22 1.9 .3 .7 7.1 1.0 -6.0 .7 4.7 .7 -15.3 .6 23 24 25 26 10.3 -1.8 1.8 5.8 4.8 .9 3.3 -.2 -.2 -.3 8.0 .9 -.6 4.1 18.5 .6 .5 9.1 15.5 -.6 .5 7.6 27 28 29 30 31 32 2.0 .5 1.4 .1 .4 1.9 .7 1.5 .2 -.3 1.5 .3 2.5 -.5 -.2 3.6 1.0 2.8 .1 .5 .2 3.3 .3 2.8 .7 1.0 -.2 * * * * -1.4 1.4 .6 1.7 .2 1.2 .1 * * 15.2 .7 49.6 8.5 1.8 3.0 25.0 55.3 8.1 1.9 7.9 .5 1.4 .1 13.7 2.1 14.7 10.7 1.9 -1.2 2.5 .2 2.9 .5 1.0 3.3 3.9 2.9 .2 -.9 6.2 -2.8 2.9 .4 -.2 5. 15. 41.8 8.4 2.1 44.8 NET CHANGE IN LIABILITIES 1.1 3.2 HOUSEHOLDS NONFIN. CORPORATE BUSINESS 9.2 -2.8 REST OF THE WORLD U.S. GOVERNMENT 34.2 TOTAL FINANCE 6.2 SPONSORED CREDIT AGENCIES 1.3 5.4 MONETARY AUTHORITIES COMMERCIAL BANKING .3 .4 4.8 15.3 .5 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES NONLIFE INSUR. COMPANIES FINANCE COMPANIES REITS 56.5 NET CHANGE IN ASSETS 8.5 HOUSEHOLDS 1.9 FARM BUSINESS 3.2 NONFARM NONCORP. BUSINESS 19.9 NONFIN. CORPORATE BUSINESS -6.4 .7 4.7 .6 14.5 17.7 .2 4.0 5.9 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING 8.7 -1.8 2.9 .4 -.5 1.1 2.6 .5 2.9 .4 -1.1 2.2 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNDS 20.3 REST OF THE WORLD U.S. GOVERNMENT 1 2 3 11 12 13 14 15 16 17 21 22 27 28 29 30 31 -11.7 UNALLOCATED, NET (AJ FOREIGN CLAIMS 2.1 37 38 1.5 1.7 -.1 1.3 1.3 * 4.0 2.1 2.0 .1 1.0 1.0 -3.0 -2.9 DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS LIAB.-REST OF THE WORLD 1.4 4.1 1.6 1.4 DIRECT FOREIGN INVESTMENT IN U.S. L I A B . - N O N F I N . CORP. BUSINESS 35 1.2 U . S . GOVT. EQ. I N IBRD, ETC. LIAB.-REST OF THE WORLD 6.1 5.7 14.0 13.8 .2 -4.3 -4.3 -.1 36 FOREIGN CURR. EXCEPT OFFICIAL 2.5 LIAB.-REST OF THE WORLD 37 2.5 ASSET-NONFIN. CORP. BUSINESS 38 U . S . GOVERNMENT 39 (B) U. S. GOVERNMENT CLAIMS POSTAL SAVINGS DEPOSITS ASSET-HOUSEHOLDS LIAB.-U.S. GOVT. 45 46 BILLIONS OF DOLLARS. .3 .1 111/79 BASED ON INCOMPLETE INFORMATION. .1 .1 .1 1.3 1.1 1.4 .4 .1 .1 DEPOSITS AT FHLB LIAB.-SPONSORED CREDIT AGS. ASSET-S+L ASSOCIATIONS 41 FEDERAL RESERVE BANK STOCK ASSET OF COMMERCIAL BANKS 42 1.4 EQ. IN U.S. GOVT. CREDIT AGS. U.S. GOVERNMENT PRIVATE .3 FARM BUSINESS (FICB + FLB) .1 NONFARM NONCORPORATE (BO * NONFIN. CORP. BUS. (FNMAJ 1.0 S+L ASSOCIATIONS (FHLB) 43 44 45 46 47 48 NOVEMBER 14, 1979 MISCELLANEOUS II MISCELLANEOUS MISCELLANEOUS UNADJUSTED FINANCIAL CLAIMS UNADJUSTED NET FLOWS NET FLOWS ($ MILL.) II (C) LIFE INSURANCE 1978 III 1979 II II (CONTINUED) ($ MILL.) BILLIONS OF DOLLARS 1970 1971 1972 III CLAIMS DEFERRED AND UNPAID PREMIUMS 1 LIAB.-HOUSEHOLDS ASSET-LIFE INSURANCE 2 3 4 LIFE COMPANY RESERVES LIAB.-LIFE INSURANCE COS. ACCIDENT AND HEALTH POLICY DIVIDEND ACCUM. ASSET-HOUSEHOLDS (D) NONLIFE 5 6 7 8 9 INSURANCE 680 315 365 675 312 363 665 316 349 651 319 332 634 320 314 622 324 298 1.0 .4 1.2 .6 1.3 .5 3 .404 1 .108 395 686 1 .215 3.673 1.348 401 701 1.223 3.796 1.480 405 715 1.196 3,.782 1..468 410 731 1,.173 3,.780 1 .466 414 749 1 .151 3..816 1,.507 419 764 1,.126 3.3 1.2 3.4 1.4 4.8 1.4 CLAIMS LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. NONFIN. CORP. BUSINESS 1.4 .5 1.0 2.0 (E) UNALLOCATED ASSETS + LIAB. 10 NET TOTAL (LIAB. LESS ASSETS) 11 12 13 14 15 16 NET CHANGE IN LIABILITIES REST OF THE WORLD U.S. GOVERNMENT U.S. GOVT.-WITHOUT LEVELS SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES 3.490 •1.474 0 -664 428 138 6.462 2.700 0 8 641 28 935 -316 0 535 546 222 10.145 4.900 0 -297 -182 18 8.854 938 0 2.111 875 231 3.075 295 0 -1.078 801 318 3.3 .2 -.3 -.1 .5 .3 4.2 -.1 -.6 1.2 .5 .5 17 18 19 20 21 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING OFFICES BANKS IN U . S . POSS. 4.750 4.515 -646 664 217 1.796 2.469 -902 126 103 153 6 20 -1.201 631 103 3.970 4.53 7 -1.166 482 117 3.571 3.809 -815 452 125 1.293 1.743 -1.634 1.049 135 .5 •1.0 .2 .1 1.1 .6 .5 1.1 -1.5 .5 22 23 24 25 26 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES REITS -696 234 608 144 22 391 600 351 107 -160 -1.025 96 581 164 -21 782 384 476 112 -18 637 -504 848 147 0 4 76 344 501 125 0 .4 .2 .5 1.0 .6 .1 .3 1.3 - ~ " " 27 28 29 30 31 NET CHANGE IN ASSETS NONFIN. CORPORATE BUSINESS REST OF THE WORLD SPONSORED CREDIT AGENCIES MONETARY AUTHORITY 1.000 388 •2.098 -63 134 6.782 1.672 765 301 23 5.426 718 647 -146 534 1.501 352 -2.824 459 -302 5.801 635 702 -325 173 4.068 1.123 448 120 989 •1.6 2.0 •5.5 .4 -.1 1.2 1.4 -2.1 .8 .1 5.8 4.8 -2.1 .2 .2 12.3 6.2 2.0 -.4 1.301 711 141 2.734 197 -72 1.489 598 -79 2.250 520 -94 3.900 319 -80 -546 1.018 -95 .8 -.6 .9 .9 -1.0 .3 .5 .8 .1 .9 .9 -396 68 441 171 321 38 450 122 '360 923 446 61 1.037 -627 446 100 252 -468 448 88 48 138 446 96 .1 -.1 .5 .1 .2 .2 .4 .1 .3 .3 .6 .7 .5 .5 .2 249 -47 246 -15 -227 102 -47 231 -113 270 -278 561 - - .2 .8 - - 32 33 34 COMMERCIAL BANKS FOREIGN BANKING OFFICES BANKS IN U.S. POSSESSIONS 35 36 37 38 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS 39 40 REITS MONEY MARKET 111/19 BASED ON PRELIMINARY FUNDS AND JMPLETE INFORMATION. INCOMPLETE 7.1 .7 14.4 .1 .3 -.2 10.1 -.4 -.4 1.4 1.1 11 12 13 14 15 16 1.8 1.6 .6 -.9 .5 9.2 6.4 -1.3 3.7 .5 3.8 3.3 -1.0 1.0 .5 17 18 19 20 21 1.2 -.1 .9 2.0 .9 .2 1.4 2.4 .6 .6 1.1 2.3 - 22 23 24 25 26 14.0 5.2 4.8 .8 .3 27 28 29 30 31 * .8 -.1 * * * * * * .9 32 .6 33 .1 34 .4 .2 .5 .1 - 35 36 37 38 * 39 40 NOVEMBER 14, 1979 MISCELLANEOUS II MISCELLANEOUS MISCELLANEOUS FINANCIAL CLAIMS SEASONALLY (CONTINUED) ADJUSTED ANNUAL RATES 1974 1975 1976 SEASONALLY ADJUSTED ANNUAL 1977 1978 ( I II 1978 III | | IV 1979 II I CLAIMS .7 .6 .9 1.1 1.1 1.1 1.1 1.1 1.1 DEFERRED AND UNPAID PREMIUMS 1.1 LIAB.-HOUSEHOLDS ASSET-LIFE INSURANCE .7 .7 .0 1.9 .7 1.2 2.7 1.4 1.4 2.7 1.3 1.4 2.7 1.3 1.5 2.7 1.2 1.5 2.7 1.3 1.4 2.6 1.3 1.3 2.5 1.3 1.3 2.5 1.3 1.2 6.2 2.1 .7 1.2 2.2 10.3 3.6 1.3 2.1 3.4 12.6 4.2 1.5 2.5 4.4 14.1 4.9 1.6 2.8 4.8 13.6 4.4 1.6 2.7 4.9 14.7 5.4 1.6 2.8 4.9 15.2 5.9 1.6 2.9 4.8 15.1 5.9 1.6 2.9 4.7 15.1 5.9 1.7 3.0 4.6 15.3 6.0 1.7 3.1 4.5 20.3 -6.3 -9.9 21.3 28.5 21.1 6.7 1.9 2.4 .1 21.8 4.4 -.4 2.3 .9 27.5 15.7 38.9 6.3 8.6 2.7 .9 11.7 13.8 -4.8 2.3 .4 5.3 8.1 -4.7 1.4 .5 -.1 .3 2.2 .7 -.1 LIFE COMPANY RESERVES LIAB.-LIFE INSURANCE COS. ACCIDENT AND HEALTH POLICY DIVIDEND ACCUM. ASSET-HOUSEHOLDS (D) NONLIFE 4.9 1.2 .5 1.0 2.1 RATES III (C) LIFE INSURANCE 5 6 7 8 9 II 49 INSURANCE 1 2 3 4 CLAIMS LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. NONFIN. CORP. BUSINESS 5 6 7 8 9 (E) UNALLOCATED ASSETS + LIAB. -11.7 NET TOTAL (LIAB. LESS ASSETS) 10 -2.8 3.1 1.3 NET CHANGE IN LIABILITIES REST OF THE WORLD U.S. GOVERNMENT U.S. GOVT.-WITHOUT LEVELS SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES 11 12 13 14 15 16 17.0 18.5 -3.3 1.2 .5 5.4 5.9 -6.5 5.5 .5 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING OFFICES BANKS IN U . S . POSS. 17 13 19 20 21 .9 2.6 2.6 .4 -.1 2.3 -2.0 2.5 .6 .3 .4 2.3 .5 - - SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES REITS 22 23 24 25 26 10.4 3.4 -10.5 -1.6 .7 18.6 3.3 1.5 .2 4.0 NET CHANGE IN ASSETS NONFIN. CORPORATE BUSINESS REST OF THE WORLD SPONSORED CREDIT AGENCIES MONETARY AUTHORITY 27 28 29 30 31 14 15 16 -1.7 -1.1 -.3 -.1 1.0 -.5 1.4 -.3 .2 -.3 .2 -.1 -.3 1.4 .4 15.0 -3.1 -2.7 1.0 .6 17 18 19 20 21 4.5 5.5 -2.7 1.6 .1 1.0 .1 -.8 .7 1.1 2.9 1.7 .5 .3 .4 6.5 5.6 -.7 .7 .8 11.9 12.2 -3.2 2.3 .6 19.1 18.9 -2.6 2.0 .9 7.0 8,5 -3.6 1.7 .4 22 23 24 25 26 -.1 .3 1.1 -.1 .8 .7 -.1 1.6 .7 1.3 1.1 . 1 2.0 1.6 .2 1.1 .4 1.8 1.1 -.5 -.5 1.4 1.8 .6 -.1 -3.0 .8 1.6 .6 .1 1.4 1.7 .4 -.6 27 28 29 30 31 8.8 2.2 -1.8 -1.8 1.8 1.3 -1.4 -1.1 .9 7.5 1.8 4.5 -.2 -.2 1.7 3.5 -8.2 .9 -.6 17.9 2.7 .8 .6 .5 -5.3 3.1 19.9 -.6 .5 27.4 5.7 3.1 .9 .1 31.7 2.1 6.3 2.1 6.3 2.3 -2.2 1.9 -1.2 32 33 34 4.6 1.4 -.2 -2.5 .6 .6 -.7 .4 -.1 3.7 .3 6.9 2.0 .1 4.1 2.8 .6 13.1 .8 -.3 12.5 2.4 -.3 .7 2.1 -.4 13.4 1.3 -.3 2.2 4.1 -.4 COMMERCIAL BANKS ' 32 FOREIGN BANKING OFFICES 33 BANKS IN U . S . POSSESSIONS 34 35 36 37 38 .9 .5 .7 .1 1.1 .6 1.0 .2 .5 .7 .8 .2 .8 .3 1.6 -.5 .7 1.0 1.7 .1 .4 .3 1.8 .7 .6 .2 1.8 .5 1.1 3.9 1.8 .2 3.0 -2.8 1.8 .4 3.0 -1.8 1.8 .4 -.1 .5 1.8 .4 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS 35 36 37 38 39 40 .4 1.2 .1 -.3 -.2 .5 .2 1.0 -.2 1.0 -.1 -.9 .4 -.2 .9 -.5 1.1 -1.1 2.2 REITS MONEY MARKET FUNDS 39 40 * * BILLIONS OF DOLLARS. * * * 111/79 BASED ON INCOMPLETE INFORMATION. * * - -.2 .1 .1 7.0 -3.5 NOVEMBER 14» 1979 TOTAL CLAIMS 50 TOTAL CLAIMS TOTAL FINANCIAL ASSETS AND LIABILITIES UNADJUSTED NET FLOWS UNADJUSTED NET FLOWS ($ MILL.) 1978 III IV | I 1979 II III TOTAL FUNDS RAISED AND ADVANCED 1 TOTAL FUNDS RAISED IN CREDIT MARKETS BY: NONFINANCIAL SECTORS U.S. GOVERNMENT FOREIGN PRIVATE DOMESTIC HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. CORPORATE BUSINESS ST.+LOC. GOVERNMENTS 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 FINANCIAL SECTORS SPONSORED CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT C O S . 21 TOTAL FUNDS ADVANCED IN CREDIT MARKETS BY: PRIVATE DOM. NONFIN. SECTORS HOUSEHOLDS NONFARM NONCORP. BUSINESS CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS 22 23 24 25 26 27 REST OF THE WORLD 28 U . S . GOVERNMENT 29 30 31 32 1969 BILLIONS OF DOLLARS 1970 1971 1972 IN CREDIT MARKETS 90.645 131.004 130.356 126.6 119.0 99.994 101.978 120.762 2.582 15.054 15.253 5.658 6.359 17.827 91.754 80.565 87.682 46.147 42.929 47.674 6.397 5.047 4.070 4.228 3.820 4.363 27.301 19.513 27.660 7.681 9.256 3.915 75.279 101.705 112.912 10.657 -4.637 12.371 -1.550 6.597 14.913 66.172 99.745 85.628 31.194 46.312 42.657 5.653 7.571 4.738 1.505 4.640 4.543 26.366 35.463 26.814 1.454 5.759 6.876 94.1 -3.7 3.7 94.1 34.5 3.0 7.4 38.6 10.7 101.1 11.9 2.9 86.4 25.2 2.3 6.9 40.7 11.3 153.9 24.9 5.1 124.0 44.9 4.5 11.7 45.2 17.7 176.8 15.1 4.0 157.7 65.1 5.8 14.1 58.2 14.5 17.444 1.511 8.570 286 1.459 4.249 240 1.674 -33 -512 32.5 8.8 .7 -.2 4.3 4.1 .5 7.8 1.5 4.9 17.9 8.2 1.6 .2 -1.9 1.8 .4 2.6 2.2 2.8 14.4 1.1 4.8 1.5 -.4 -.1 .6 2.7 2.9 1.3 25.8 3.5 4.9 2.3 .7 1.7 .5 6.6 6.3 -.5 16.733 5.989 4.128 284 978 3.805 278 1.973 -180 -522 401 998 903 284 830 451 291 205 343 •218 29.299 5.154 7.708 253 2.521 5.438 250 8.272 -32 -265 90.645 131.004 130.356 26.6 119.0 168.4 202.6 18.174 14.530 239 -279 3.684 21.075 14.883 818 2.856 2.518 20.527 18.337 591 339 1.210 23.550 15.062 -112 1.430 7.170 10.460 7.166 318 1.321 1.655 39.2 34.6 .4 -1.1 5.3 1.4 -1.2 .7 2.1 -.2 -5.1 -8.9 .3 5.8 -2.3 16.0 6.0 .5 1.7 7.8 -4.618 -11.373 8.659 1.1 11.2 27.3 10.8 3.831 3.1 2.8 2.8 1.8 126.120 118.711 146.163 14.254 12.713 -51 -3.946 5.538 15.366 5.990 5.598 317 600 -1.372 260 4.022 -160 111 1973 (1) 126.120 118.711 146.163 26.126 6.658 4.522 447 2.003 5.606 265 7.015 -109 -281 ($ MILL.) 203.1 2 8.3 3 6.1 4 188.8 5 80.1 6 9.6 7 12.9 8 73.0 9 13.2 10 44.8 16.3 3.6 1.2 2.2 6.0 .5 9.5 6.5 -1.2 11 12 13 14 15 16 17 18 19 20 248.0 21 39.0 32.0 1.4 .3 5.4 22 23 24 25 26 3.4 27 -726 3.562 20.866 3.603 6.235 5.001 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORTGAGE POOLS FEDERAL RESERVE SYSTEM 108.989 8.281 4.522 9.153 90.740 7.172 4.128 4.898 99.221 7.521 5.903 -5.413 69.445 112.709 107.406 4.256 9.378 4.229 5.598 7.708 8.570 -202 748 6.110 83.1 8.6 .7 4.2 103.6 8.8 1.6 5.0 143.4 1.1 4.8 8.9 173.9 4.0 4.9 .3 202.8 15.5 3.6 9.2 29 30 31 32 33 34 35 36 37 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING OFFICES BANKS IN U.S. POSS. 40.685 36.937 357 3.388 3 31.584 27.230 76 4.165 113 41.853 33.846 -871 8.764 114 13.724 11.942 -66 1.709 139 39.411 34.149 206 4.911 145 44.001 35.187 -113 8.764 163 19.0 13.3 3.9 1.4 .2 35.7 33.3 -1.0 3.2 .1 50.4 50.3 -.1 -.1 .3 70.3 69.0 -.2 1.2 .3 84.7 78.4 1.7 4.4 .1 33 34 35 36 37 38 39 40 41 42 PRIVATE NONBANK FINANCE SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 46.348 21.163 15.660 2.199 3.304 42.958 20.922 15.851 2.593 2.478 49.357 15.906 13.025 1.155 1.726 46.069 12.895 10.034 2.361 500 55.464 17.364 14.540 1.492 1.332 44.496 16.172 13.746 509 1.917 50.7 14.8 9.7 3.0 2.1 52.6 17.8 12.3 4.1 1.4 78.3 39.9 28.1 9.7 2.0 94.5 47.9 34.8 10.1 2.9 89.7 35.4 27.1 4.7 3.6 38 39 40 41 42 5.291 6.118 2.8 28 43 44 45 46 47 INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. 18.941 7.667 2.461 5.229 3.584 22.515 9.552 3.861 4.128 4.974 20.569 6.301 3.769 5.386 5.113 24.676 9.596 5.413 4.449 5.218 23.892 7.956 5.736 5.908 4.292 25.306 9.163 5.500 5.318 5.325 23.0 8.6 .6.2 5.6 2.6 26.6 9.0 6.6 6.3 4.8 31.8 11.8 7.3 6.5 6.2 34.4 13.2 6.3 8.2 6.6 38.3 15.9 7.5 9.1 5.8 43 44 45 46 47 48 49 50 51 52 53 FINANCE N.E.C. FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS SECURITY BKRS. + DEALERS 6.244 5.229 -224 -288 944 583 -479 1.870 -200 -582 474 -2.041 12.882 9.479 -135 -433 1.095 2.876 8.498 5.179 -124 -243 4.761 -1.075 14.208 8.072 -100 -265 4.606 1.895 3.018 2.194 -51 -567 3.275 -1.833 12.9 8.6 1.2 2.6 8.2 2.2 1.9 1.7 6.7 5.2 2.3 .4 12.3 9.4 4.2 -1.8 .5 2.4 - -1.2 - .5 16.0 11.5 5.6 -2.0 .9 48 49 50 51 52 53 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 : OFFICIAL FOREIGN EXCHANGE 2 TREASURY CURR. + SDR C T F S . 3 126.120 118.711 146.163 90.645 131.004 130.356 126.6 119.0 168.4 202.6 248.0 1 -432 97 -252 179 1.145 112 2..103 276 -265 823 -2..696 280 .3 .3 -2.5 .6 -1.7 .5 -.2 .5 -.2 .4 2 3 DEPOSITS AT FINANCIAL INSTS. DEMAND DEP. + CURRENCY TIME DEPOSITS AT BANKS DEP. AT SAVINGS INSTIT. SECURITY RP'S MONEY MARKET FUND SHARES 58..244 26..678 11,.452 13..446 5..329 1,.339 41..264 5..467 15,.218 14,.662 4..469 1,.448 58.642 17.247 22.699 -35..612 18.594 11..526 13.071 20..188 1.877 13.933 2.401 7..212 53.144 25.683 2.159 9.869 7.538 7.895 56..127 7..991 23..616 9..674 6..567 8..279 11.7 7.9 -9.5 7.9 5.3 63.2 12.4 38.0 17.0 -4.2 103.1 17.5 41.4 40.5 3.7 115.6 24.2 42.4 46.0 2.9 111.4 16.3 50.7 27.8 16.7 ~ - ~ - 4 5 6 7 8 9 10 11 LIFE INSURANCE RESERVES PENSION FUND RESERVES 2..860 15..532 2..977 22..510 3.265 14.355 3..013 13..183 3.079 17.604 3..071 23..374 5.0 16.5 5.5 18.4 6.3 21.1 6.9 22.6 7.6 10 25.4 11 12 13 14 15 16 SECURITY CREDIT TRADE DEBT PROFIT TAXES PAYABLE NONCORP. PROPRIETORS' EQUITY MISCELLANEOUS 4..542 12..903 -6..750 -5,.113 11..925 2,.128 17,.614 4,.930 -5 .563 12,.544 -2.689 17.703 5.576 -5.216 8.780 -1..006 11..345 3.402 -5..948 21..510 3.668 9.605 -9.163 -6.094 17.101 -675 15..190 6..110 -6,.257 11..582 -6.7 22.6 -3.1 -.2 10.5 -.8 9.8 -3.1 -.6 15.4 3.8 11.5 1.8 -1.5 15.3 8.7 24.0 -.1 -3.1 23.7 -7.9 42.7 2.5 -1.9 23.5 17 INTERBANK 4.573 8.018 3.497 15.366 3.821 5.590 12.4 -3.0 -1.7 -4.9 -.4 17 224.501 225.060 251.333 171.136 224.327 242.052 18 TOTAL LIABILITIES ABOVE FLOATS NOT INCL. IN ASSETS 267 84 -37 -21 -754 -104 DEMAND DEPOSITS-U.S. GOVT. 19 2.677 -6.784 3.255 12.386 -9.222 OTHER -6.511 20 -6.009 -3.707 11.511 -12.604 -6.716 21 TRADE CREDIT -148 LIABILITIES NOT ALLOCATED AS ASSETS TREASURY CURRENCY -39 160 22 12 -1 8 -88 -1.153 -2.121 INTERBANK CLAIMS -2.251 608 77 -1.279 23 24 4.550 2.832 400 4.377 7.013 4.678 SECURITY RP'S 1.339 2.675 1.203 -1.923 25 -1.874 -1.990 PROFIT TAXES PAYABLE -320 -4.491 8.644 2.490 3.053 26 -993 MISCELLANEOUS 195.8 221.9 326.9 396.2 451«2 18 -.5 2.8 -2.1 .1 1.9 -.2 -.2 2.0 -2.0 .6 3.5 -4.4 .3 19 -.6 20 3.7 21 .2 -.1 2.7 -.4 4.9 -.1 .6 -2.0 -.8 3.0 -1.0 2.8 -.2 1.3 -.2 -4.7 .4 -.1 2.1 188.4 219.3 324.3 399.0 4 5 6 7 8 9 27 CLAIMS TOTALS ALLOCATED TO SECTORS AS ASSETS (1) 220.848 236.104 235.593 INCLUDES CORPORATE E Q U I T I E S . 1 1 1 / 7 9 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 176.671 217.862 248.172 * * .5 1.4 .5 -3.9 12 13 14 15 16 22 23 24 25 26 449.3 27 NOVEMBER 1 4 , 1979 TOTAL CLAIMS TOTAL CLAIMS 51 TOTAL FINANCIAL ASSETS AND L I A B I L I T I E S SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 III TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1) 512.4 TOTAL FUNDS RAISED IN CREDIT MARKETS BY: NONFINANCIAL SECTORS U.S. GOVERNMENT 60.2 FOREIGN 339.7 PRIVATE DOMESTIC 159.9 HOUSEHOLDS 18.4 FARM BUSINESS 18.9 NONFARM NONCORP. BUS. 122.4 CORPORATE BUSINESS 20.1 ST.+LOC. GOVERNMENTS 481.9 471.5 525.0 453.3 392.6 56.4 22.2 314.0 169.3 17.8 13.9 92.7 398.7 52.8 26.7 319.2 162.3 19.6 16.4 90.4 30.5 433.6 39.2 61.1 333.3 176.0 22.0 12.6 101.1 21.7 371.6 25.2 4.4 342.0 165.3 24.0 15.2 118.6 18.9 401.4 29.0 26.3 346.1 171 .7 22.3 14.9 126.9 10.3 433.9 72.8 23.9 16.5 1.1 3.9 13.3 1.1 15.4 -.7 -1.7 91.4 24.7 23.6 81.6 24.9 22.4 1.3 2.4 5.3 1.0 24.9 -.6 100.1 17.9 30.8 78.4 7.0 34.3 1.1 5.8 15.9 1.0 15.1 -.1 -1.6 471.5 525.0 453.3 501.5 70.0 43.3 1.5 9.0 16.2 78.2 68.5 1.2 -4.2 12.6 83.8 67.4 2.0 95.0 68.9 1.5 14.1 10.5 74.2 -30.4 -24.4 38.7 REST OF THE WORLD 26.1 22.7 13.0 U.S. GOVERNMENT 28 352.6 30.2 23.6 -14.0 373.8 18.5 22.4 11.6 408.2 34.1 30.8 -12.8 420.0 18.3 34.3 19.0 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORTGAGE POOLS FEDERAL RESERVE SYSTEM 29 30 31 32 130. 112. 119.3 93.8 -3.5 28.6 121.4 110.1 -.3 11.0 141.5 117.5 174.1 138.7 -.5 35.2 .7 COMMERCIAL BANKING COMMERCIAL BANKS BANK A F F I L I A T E S FOREIGN BANKING OFFICES BANKS I N U . S . POSS. 33 34 35 36 37 169. 79. 61 10. 193.5 72.5 57.4 5.8 9.3 199.8 54.3 41.4 7.2 5.7 214.6 64.6 55.1 7.2 2.2 174.2 58.7 PRIVATE NONBANK FINANCE SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 38 39 40 41 42 84.9 36.0 13.9 16.5 18.4 87.2 29.4 16.9 21.5 19.4 91.8 34.8 18.5 17.8 20.7 102.9 33.0 25.9 23.6 20.4 95.2 34.1 20.4 21.3 19.5 INSURANCE SECTOR L I F E INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. 43 44 45 46 47 5.8 16.5 -.8 -2.3 1.9 -9.5 33.8 26.6 -.5 -1.7 4.4 4.9 47.2 27.1 -.4 -1.1 18.4 3.1 20.3 19.1 -.2 -2.3 13.1 -9.4 FINANCE N.E.C. FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS SECURITY BKRS. + DEALERS 48 49 50 51 52 53 2 3 4 5 6 7 8 9 10 191.6 11.8 15.4 164.4 51.3 8.0 7.4 82.1 15.5 210.8 85.4 13.3 112.1 49.7 8.8 2.0 37.9 13.7 271.9 69.0 20.8 182.0 90.5 10.9 4.7 60.7 15.2 338.5 56.8 13.9 267.9 139.9 14.7 12.9 79.9 20.4 400.3 53.7 32.3 314.4 162.6 18.1 15.4 94.7 23.6 11 12 13 14 15 16 17 18 19 20 39.2 17.3 5.8 1.2 3.5 4.8 .9 6.0 .6 -.7 12.7 3.2 10.3 1.2 .3 -2.3 1.0 .5 -1.4 -.1 24.1 2.9 15.7 2.3 -.8 .1 .9 6.4 -2.4 -1.0 54.0 5.8 20.5 1.1 1.3 9.9 .9 17.6 -2.2 -.9 81.4 23.1 18.3 1.3 6.7 14.3 1.1 18.6 -1.0 -1.0 22 23 24 25 26 45.1 36.6 .7 7.5 .2 42.2 27.1 .8 11.8 2.6 36.6 19.6 1.1 8.0 7.9 40.2 30.5 1.6 -5.8 14.0 65.2 51.8 1.5 -2.6 14.6 27 11.7 10.8 17.9 42.0 40.1 28 9.8 15.1 8.9 11.8 20.4 29 30 31 32 164.1 20.8 5.8 6.2 155.4 4.5 10.3 8.5 232.5 4.7 15.7 9.8 298.4 6.3 20.5 7.1 356.0 26.3 18.3 7.0 33 34 35 36 37 66.8 58.3 .9 7.2 .5 29.4 28.4 -.5 1.1 .4 59.7 54.9 -.3 4.4 .6 87.7 81.8 .6 5.0 .3 128.8 109.9 -1.0 19.6 .2 142.2 125.2 38 39 40 41 42 64.6 24.4 18.3 3.3 2.7 102.7 53.7 37.4 10.9 5.4 142.7 7 0.9 51.7 12.6 6.6 176.8 82.4 63.5 11.5 7.3 175.7 75.9 58.6 8.6 8.8 177.5 78.4 58.8 43 44 45 46 47 36.5 15.2 7.9 9.2 4.1 49.9 18.8 12.8 11.7 6.6 64.2 26.6 10.9 13.1 13.4 78.4 28.6 15.6 15.4 18.7 83.5 32.8 13.9 18.8 18.0 82.3 32.1 12.2 20.9 17.1 48 49 50 51 52 53 3.8 5.0 .2 -.8 .8 -1.4 -.9 1.4 -4.8 -.4 .7 2.2 7.7 8.8 -3.8 -1.4 .6 3.4 16.1 19.9 -2.4 -1.4 -.1 .1 16.3 18.3 -1.0 -1.5 3.2 -2.7 16.8 16.6 -.9 -1.2 3.8 -1.5 16. 1. 20. 16.5 15.0 18. 23. -1.4 -1.3 1.0 24.4 -.1 FINANCIAL SECTORS SPONSORED CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. 512.4 TOTAL FUNDS ADVANCED IN CREDIT MARKETS BY: 40.7 PRIVATE DOM. NONFIN. SECTORS 17.0 HOUSEHOLDS 1.5 NONFARM NONCORP. BUSINESS 14.2 CORPORATE BUSINESS 8.0 STATE + LOCAL GOVERNMENTS 5.3 21 22 23 24 25 26 TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL ASSETS 223.5 296.0 2 3 1.3 .4 .5 .9 2.5 1.2 4 5 6 7 8 9 91.0 6.6 56.8 22.1 3.1 2.4 108.2 15.6 30.3 59.4 1.5 1.3 146.4 23.2 40.3 69.2 13.8 10 11 6.7 29.6 8.7 34.9 12 13 14 15 16 -4.8 35.1 1.2 -13.3 18.8 3.7 12.4 -2.7 -10.4 22.1 481.9 471.5 .3 .2 .5 -1.7 .4 -1.0 .7 4.6 .4 8.4 1.1 -1.1 3.3 168.2 31.0 54.7 69.9 12.5 .2 180.3 28.2 65.0 59.2 20.9 6.9 195.7 51.3 64.0 58.8 16.2 5.4 191.1 39.0 66.3 64.3 15.7 5.8 166.0 17.6 69.4 56.5 12.9 9.6 152.5 -26.3 25.7 65.9 58.3 28.8 175.0 43.2 30.0 46.3 24.1 31.6 247.0 48.0 98.9 41.8 25.2 33.1 8.4 44.2 11.6 53.7 12.0 65.8 11.4 61.8 11.9 78.8 13.1 63.4 12.1 58.5 12.3 72.9 12.3 78.5 12.7 23.5 8.0 -15.6 35.0 6.1 27.0 -.6 -16.7 32.3 .4 50.0 5,2 -20.8 52.6 14.3 53.7 1.5 -20.5 47.5 7.2 50.8 8.0 -22.3 49.0 -17.3 58.9 13.4 -20.9 52.6 7.9 71.5 6.1 -24.6 70.9 10.2 47.4 -5.6 -24.6 70.3 -4.8 40.1 11.7 -25.8 44.8 * * 17 .1 -8.9 -9.2 -3.4 15.6 24.5 18.4 19.4 66.3 18.1 18 396.9 393.1 553.1 670.9 843.6 870.4 864.3 878.5 884.0 879.8 19 20 21 -.1 .6 -.6 -.1 2.4 2.5 -1.0 .3 -1.2 1.5 1.2 -6.5 -.3 -.3 -12.3 2.8 2.2 -12.0 .5 .3 -13.4 -1.8 -1.8 -12.9 .. 1 -1.6 -4.8 22 23 24 25 26 -.1 2.6 3.9 -.1 -3.1 -1.5 2.7 -.2 2.7 -.2 -1.0 9.6 .2 3.7 -.3 -7.6 7.3 -1.0 4,1 • .7 9.4 384.6 542.6 672.2 * TOTAL FUNDS RAISED JFROM PRECEDING TABLE) OTHER LIABILITIES: -10.8 OFFICIAL FOREIGN EXCHANGE 1.1 TREASURY CURR. + SDR CTFS. 512.4 * 3.0 * * * -1.2 1.9 -8.8 -7.7 13.1 -.3 20.3 -2.4 9.2 .1 -6.3 -.2 -4.2 7.0 -.4 -9.9 -5.3 20.1 .6 21.3 -.4 .8 22.0 -.6 28.5 852.0 876.4 902.5 853.6 837.7 12.7 DEPOSITS AT FINANCIAL INSTS. DEMAND DEP. + CURRENCY TIME DEPOSITS AT BANKS DEP. AT SAVINGS INSTIT. SECURITY RP'S MONEY MARKET FUND SHARES LIFE INSURANCE RESERVES PENSION FUND RESERVES INTERBANK CLAIMS 917.2 917.2 TOTAL LIABILITIES ABOVE - FLOATS NOT INCL. IN ASSETS -.4 DEMAND DEPOSITS-U.S. GOVT. .3 OTHER TRADE CREDIT .8 - LIABILITIES NOT ALLOCATED AS ASSETS TREASURY CURRENCY .6 -1.7 INTERBANK CLAIMS SECURITY RP'S 17.7 PROFIT TAXES PAYABLE .3 -11.7 MISCELLANEOUS 913.4 TOTALS ALLOCATED TO SECTORS AS ASSETS (1) INCLUDES CORPORATE EQUITIES. BILLIONS OF DOLLARS. 111/79 BASED ON INCOMPLETE INFORMATION. n SECURITY CREDIT 12 TRADE DEBT 13 PROFIT TAXES PAYABLE 14 NONCORP. PROPRIETORS' EQUITY 15 MISCELLANEOUS 16 17 18 19 20 21 22 23 24 25 26 NOVEMBER 14, 1979 SAVING BY INDIVIDUALS SAVING BY INDIVIDUALS AMOUNT AND COMPOSITION OF INDIVIDUALS' SAVING (1) UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 III 1979 II BILLIONS OF DOLLARS 1970 1971 1972 1973 148.5 14.1 63.8 66.941 6 2 . 8 1 8 5.357 •11.615 22.442 28.601 2.401 7.212 71.354 7.656 16.713 7.895 78.474 5.412 27.524 8.279 64.5 -2.5 78.8 9.1 43.6 103.0 12.2 67.8 128.8 13.9 74.5 11.348 746 3.530 3.463 -1.883 2.696 -25 316 962 2.080 -3.0 -10.2 -.4 3.3 -.2 3.670 -2.896 10.276 33 6.566 1.100 1.548 32.4 829 6.294 2.977 2.444 -495 596 -868 -522 -1.028 -793 9.552 -218 -3.049 423 3.110 111 -875 2.049 2.930 -265 -3.685 2.782 4.975 3.527 7.108 7.563 2.895 5.652 6.137 10.803 7.950 176 630 893 921 773 2.920 4.781 5.163 3.332 7.507 2.980 4.757 5.318 7.628 8.131 2.967 4.865 5.619 12.994 8.118 7.1 4.0 19 GROSS INV. IN TANGIBLE ASSETS 20 NONFARM HOMES 21 NONRESID. FIXED ASSETS (2) 22 CONSUMER DURABLES 23 INVENTORIES (2) 86.485 21.338 15.918 50.371 -1.142 88.698 24.220 16.187 49.096 -805 99.851 87.446 25.425 23.194 14.054 12.533 58.078 49.733 2.294 1.986 92.115 22.529 18.009 52.640 -1.063 93.276 24.912 18.569 51.412 -1.617 144.4 26.3 31.6 85.5 1.0 142.4 24.5 32.6 84.9 24 CAPITAL CONSUMPTION ALLOWANCES 25 NONFARM HOMES 26 NONRESID. FIXED ASSETS (2) 27 CONSUMER DURABLES 56.338 8.033 13.097 35.208 57.945 8.342 13.440 36.163 59.579 8.696 13.715 37.168 61.105 9.024 13.950 38.131 63.021 9.328 14.636 39.057 64.930 9.669 15.221 40.040 92.6 12.1 21.3 59.2 28 NET INV. IN TANGIBLE ASSETS 29 NONFARM HOMES 30 NONRESID. FIXED ASSETS (2) 31 CONSUMER DURABLES 32 INVENTORIES (2) 30.147 13.305 2.821 15.163 -1.142 30.753 15.878 2.747 12.933 -805 40.272 16.729 339 20.910 2.294 26.341 14.170 -1.417 11.602 1.986 29.094 13.201 3.373 13.583 -1.063 28.346 15.243 3.348 11.372 -1.617 33 NET INCREASE IN DEBT 34 MTG. DEBT ON NONFARM HOMES 35 OTHER MORTGAGE DEBT (2) 36 CONSUMER CREDIT 37 SECURITY CREDIT 38 POLICY LOANS 39 OTHER DEBT (2) 59.987 25.944 6.311 17.898 2.066 612 7.156 57.140 26.605 7.241 14.648 2.057 635 5.954 54.759 28.873 4.312 14.740 -2.925 901 8.858 35.807 26.492 4.385 4.546 98 1.025 -739 58.817 29.499 7.793 14.992 963 979 4.591 55.045 25.864 8.523 13.126 689 1.129 5.714 1 INCREASE IN FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 SAVINGS ACCOUNTS 4 MONEY MARKET FUND SHARES 68.827 7.318 25.354 1.339 5 6 7 8 8.861 1.158 -2.445 1.723 3.864 10.722 364 4.973 SECURITIES U.S. SAVINGS BONDS OTHER U.S. TREASURY SEC. U.S. GOVT. AGENCY SEC. 9 STATE + LOCAL OBLIGATIONS 10 11 12 13 CORPORATE + FOREIGN BONDS OPEN MARKET PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 14 15 16 17 18 PRIVATE L I F E INSURANCE RES. PRIVATE INSURED PENSION RES. PRIVATE NONINSURED PEN. RES. GOVT. INSURANCE + PEN. RES. MISCELLANEOUS F I N A N . ASSETS -281 79.390 4.913 28.870 1.448 (1) COMBINED STATEMENT FOR HOUSEHOLDS, FARM BUSINESS, AND NONFARM NONCORPORATE BUSINESS. (2) INCLUDES CORPORATE FARMS. 111/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 14.917 -129 11.503 -512 -773 8.9 -.1 .3 2.3 11.1 -11.3 5.0 9.3 4.6 -.9 -10.7 -1.8 -3.5 2.3 5.3 5.4 5.3 4.9 9.5 8.8 5.0 -3.8 -3.8 -1.7 2.8 1.3 -.5 -8.5 -4.3 -6.4 -5.1 2.0 9.1 -1.2 -5.5 10 11 12 13 7.4 5.5 8.3 11.8 9.1 14 15 16 17 18 .1 6.7 4.4 9.5 5.8 11.6 11.4 35.6 97.1 2.7 195.4 40.7 41.5 111.2 1.9 45.0 21 123.7 22 4.6 23 100.8 12.8 23.2 64.7 109.4 13.7 24.9 70.9 116.5 14.7 25.7 76.1 129.0 17.1 29.3 82.6 51.8 14.2 10.3 26.2 1.0 41.6 11.7 9.4 20.2 58.5 18.8 10.8 26.2 2.7 78.9 26.0 15.8 35.1 1.9 42.6 18.5 6.7 10.8 -3.4 2.6 7.4 34.3 14.1 8.5 5.4 -1.8 2.3 5.8 62.8 26.4 13.3 14.7 2.7 1.0 4.8 90.8 41.5 16.8 19.8 4.5 1.0 7.2 NOVEMBER 14, 1979 SAVING BY INDIVIDUALS SAVING BY INDIVIDUALS AMOUNT AND COMPOSITION OF INDIVIDUALS' SAVING (1) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES II 1978 III IV 275.3 18.3 105.2 6.9 286.4 17.2 113.7 5.4 288.6 14.7 117.1 5.8 282.9 14.7 98.8 9.6 248.8 -24.0 90.0 28.8 300.4 16.2 83.2 31.6 18.5 4.7 5.6 5.4 2.6 37.3 3.9 13.3 9.7 3.3 45.6 4.4 13.8 6.3 8.1 27.9 3.5 7.2 9.3 6.5 53.6 3.1 12.3 16.3 -4.7 53.9 -.5 40.4 14.5 -2.2 5.8 -3.1 -1.0 -2.2 -3.3 9.6 -.9 -5.2 -1.4 14.6 -1.0 -5.2 1.5 12.3 -.6 -.1 -1.0 7.6 -1.7 -3.4 3.0 33.8 -1.3 -3.9 8.5 8.1 11.8 15.1 11.0 8.2 15.3 11.2 17.9 19.7 11.4 13.9 17.7 22.4 25.8 11.7 19.5 19.6 27.1 29.7 11.1 19.9 16.5 25.7 31.3 11.6 22.6 23.0 33.5 32.4 201.8 42.9 40.9 122.0 -4.0 215.0 43.0 39.7 132.6 -.3 257.0 57.5 43.0 157.4 -.8 308.6 76.3 50.7 178.8 2.7 352.2 92.0 57.3 200.3 2.6 348.3 90.4 57.0 200.3 .5 24 25 26 27 147.2 19.8 34.1 93.4 167.8 22.2 39.6 106.0 184.5 24.4 43.2 116.8 203.8 28.2 47.6 128.0 228.7 32.8 53.0 142.8 28 29 30 31 32 54.6 23.1 6.8 28.6 -4.0 47.2 20.8 .1 26.6 -.3 72.6 33.1 -.2 40.6 -.8 104.9 48.1 3.2 50.9 2.7 123.5 59.2 4.3 57.5 2.6 35 36 37 38 39 12.7 9.9 -1.8 2.7 9.1 7.4 9.7 .7 1.6 6.9 10.8 25.6 4.8 1.4 12.2 18.9 40.6 3.1 1.7 16.3 40 41 42 128.9 12.6 28.6 150.0 15.1 26.6 164.6 17.9 40.6 172.8 22.4 50.9 43 44 45 .5 -.1 87.4 .2 108.1 .5 -.5 106.2 .6 -.8 99.7 46 71.7 83.6 68.6 65.0 72..0 47 15.7 24.4 37.7 34.8 41..8 1974 1975 1976 1977 1978 1 2 3 4 142.4 7.1 55.9 2.4 167.2 4.0 84.0 1.3 208.1 14.9 109.3 241.7 22.7 109.2 .2 5 6 7 8 9 32.3 3.0 12.7 3.8 8.3 23.4 4.0 15.7 -3.0 6.2 11.6 4.7 1.5 3.3 2.5 10 11 12 13 5.1 1.7 -.7 -1.5 8.4 -4.4 -.1 -3.5 14 15 16 17 18 6.6 6.4 10.7 12.6 8.5 19 20 21 22 23 * * | 1 | I I 1979 II III 281.8 INCREASE IN FINANCIAL ASSETS 17.7 DEMAND DEPOSITS + CURRENCY 108.5 SAVINGS ACCOUNTS 33.1 MONEY MARKET FUND SHARES 1 2 3 4 50.4 -.1 50.6 3.7 -3.1 -.9 * -17.8 1.7 5.6 SECURITIES U.S. SAVINGS BONDS OTHER U.S. TREASURY SEC. U.S. GOVT. AGENCY SEC. STATE + LOCAL OBLIGATIONS 5 6 7 8 9 -1.0 12.2 * -9.5 8.5 3.8 -.6 -12.5 -1.4 14.6 -1.6 -2.0 CORPORATE + FOREIGN BONDS OPEN MARKET PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 10 11 12 13 12.7 14.5 21.4 27.8 29.8 11.7 19.1 17.5 22.2 29.4 11.9 19.0 24.2 30.0 33.9 11.9 19.5 20.8 38.6 32.7 PRIVATE LIFE INSURANCE RES. PRIVATE INSURED PENSION RES. PRIVATE NONINSURED PEN. RES. GOVT. INSURANCE + PEN. RES. MISCELLANEOUS FINAN. ASSETS 14 15 16 17 18 357.1 93.1 58.6 203.5 1.9 374.1 96.8 60.3 212.1 4.9 373.2 96.5 60.8 213.8 2.0 369.9 95.8 64.1 208.7 1.2 374.5 GROSS INV. IN TANGIBLE ASSETS 95.3 NONFARM HOMES 67.0 NONRESID. FIXED ASSETS (2) 213.7 CONSUMER DURABLES -1.5 INVENTORIES (2) 19 20 21 22 23 225.4 32.1 52.4 140.8 231.8 33.4 53.8 144.7 238.3 34.8 54.9 148.7 244.4 36.1 55.8 152.5 252.1 37.3 58.5 156.2 259.7 CAPITAL CONSUMPTION ALLOWANCES 38.7 NONFARM HOMES 60.9 NONRESID. FIXED ASSETS (2) 160.2 CONSUMER DURABLES 24 25 26 27 123.0 58.3 4.6 59.5 .5 125.3 59.8 4.9 58.8 1.9 135.8 62.0 5.4 63.4 4.9 128.8 60.4 5.0 61.3 2.0 117.8 58.5 5.5 52.5 1.2 114.8 NET INV. IN TANGIBLE ASSETS 56.6 NONFARM HOMES 6.1 NONRESID. FIXED ASSETS (2) 53.6 CONSUMER DURABLES -1.5 INVENTORIES (2) 28 29 30 31 32 212.7 102.8 208.6 104.1 23.4 48.8 8.2 2.5 21.5 204.4 113.2 21.4 53.3 -11.7 3.6 24.7 207.1 111.5 216.6 117.4 202.5 NET INCREASE IN DEBT 101.5 MTG. DEBT ON NONFARM HOMES 33 34 198,.2 27,.1 57,.5 196..7 25..7 59..5 205.4 33.5 58.8 214.2 27.8 63.4 170.5 22.2 61.3 201.6 30.0 52.5 40 41 42 .7 .8 113,.8 .6 .8 111,.8 .7 -.8 113.2 .9 -.8 122.9 1.1 -.8 86.6 .6 -.7 119.2 194.1 INDIVIDUALS' SAVING (1+28-33) 38.6 - GOVT. INSURANCE + PEN. RES. 53.6 - NET INVESTMENT IN CONS. DUR. - CAPITAL GAINS DIVIDENDS FROM INVESTMENT COMPANIES .7 -.5 - NET SAVING BY FARM CORPS. 101.7 = PERSONAL SAVING, F/F BASIS 71..2 70.9 71.5 79.2 85.9 66.9 PERSONAL SAVING, NIA BASIS 46 40..6 42.3 51.4 7.4 33.3 34.8 DIFFERENCE 47 21..0 50..6 1..4 2,.6 21., 2 -, 20,.1 56..9 8..3 2..4 22,.2 -, 25.4 50.7 .4 4.1 15.0 25.7 44.7 3.9 3.9 21.0 27.6 42.4 2.8 4.5 23.7 OTHER MORTGAGE DEBT (2) CONSUMER CREDIT SECURITY CREDIT POLICY LOANS OTHER DEBT (2) (1) COMBINED STATEMENT FOR HOUSEHOLDS, FARM BUSINESS, AND NONFARM NONCORPORATE BUSINESS. (2) INCLUDES CORPORATE FARMS. BILLIONS OF DOLLARS. 111/79 BASED ON INCOMPLETE INFORMATION. 35 36 37 38 39 43 44 45 NOVEMBER 14, 1979 DISCREPANCIES DISCREPANCIES DISCREPANCIES - SUMMARY UNADJUSTED NET FLOWS FOR SECTORS AND TRANSACTIONS UNADJUSTED NET FLOWS ($ MILL.) II 1978 III IV ! 1 I 1979 II III ($ MILL.) 1969 BILLIONS OF DOLLARS 1971 1972 1970 1973 10.6 -2.8 5.6 6.6 1.0 -1.4 4.7 -5.6 8.5 1.1 .2 -.3 .9 -5.0 8.2 9.1 .4 -9.9 -3.7 -18.7 15.8 3.3 .1 -1.9 -.7 -13.9 14.4 2.1 1.6 -2.2 1 2 3 4 5 6 1.6 .1 .8 .1 -2.1 .1 -2.2 .1 -2.7 .2 7 8 9 10 SECTOR DISCREPANCIES 1 TOTAL, ALL SECTORS HOUSEHOLDS 2 NONFIN. CORPORATE BUSINESS 3 4 STATE + LOCAL GOVERNMENTS U. S. GOVERNMENT 5 FOREIGN 6 7 8 9 10 FINANCIAL SECTORS SPONSORED AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKS PRIVATE NONBANK FINANCE SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS L I F E INSURANCE OTHER INSURANCE FINANCE N . E . C . 11 12 13 14 15 16 1.888 - 1 5 . 3 7 9 -16.676 -14.508 6.643 3.019 -2.349 4.010 -3.536 2.081 487 7.413 10.131 1.664 9.773 1.519 -117 36 8.071 5.111 -9.086 - 5 . 4 0 0 - 1 5 . 8 4 1 -- 1 2 . 5 0 8 8.290 1.414 5.237 -3.457 1.752 2.082 -1.734 4.520 3.079 2.025 14.539 4.090 2.041 40 0 -1.497 -2.116 40 0 -2.013 -2.744 348 0 -1.329 -1.595 95 0 -1.726 -695 -87 0 -2.466 -1.702 11 0 -1.449 3.498 -321 -48 1.103 623 2.141 -143 -330 0 340 -704 551 -1.763 -229 65 875 -735 -1.739 36 -115 -35 673 109 -596 1.858 -184 206 964 104 768 -264 -115 74 275 -678 180 - - - -.2 -.4 - -1.3 -1.2 1.7 .3 .3 1.0 .1 1.1 .3 .1 .2 -.9 1.5 -.8 .4 -.2 .5 -1.1 -.4 -1.1 -.1 -.2 .2 -.7 -.3 - . 3 11 . 1 12 - . 1 13 - . 3 14 15 16 .9 - * -2.6 * * TRANSACTION DISCREPANCIES 1 TOTAL, ALL TYPES TREASURY CURRENCY 2 INTERBANK CLAIMS 3 SECURITY RP« 4 DEMAND DEPOSIT MAIL 5 U . S . GOVERNMENT OTHER 6 7 8 9 10 11 12 13 14 15 NONFINANCIAL COMPONENTS: NIA DISCREPANCY (NEG.) PVT. WAGE ACCR. LESS DISB. FARM DISCREPANCY (NEG.) NONFARM NONCORP DISCREP. (NEG) TRADE DEBT (POSITIVE) II1/79 10.131 -39 -2.121 400 5.111 8 608 4.377 8.071 -88 77 7.013 -9.086 160 -1.279 4.678 10.6 .2 -.1 2.7 4.7 -.1 .6 -2.0 -3.7 -.2 -4.7 .4 -.7 -1.0 2.8 .5 1.4 1 2 3 4 267 3.255 -37 -6.784 84 12.386 -21 -9.222 -754 2.677 -104 -6.511 -.5 2.8 .1 1.9 -.2 2.0 .6 3.5 .3 -.6 5 6 -6.009 1.339 2.490 -1.765 -3.707 -1.874 -320 -4.335 11.511 -12.604 2.675 -1.990 8.044 -4.491 10.646 -5.609 -6.716 1.203 3.053 1.606 -148 -1.923 -993 -2.966 -2.1 -.4 4.9 3.3 -.2 -.8 3.0 2.1 -2.0 -.2 1.3 -1.7 -4.4 -.1 2.1 -.9 3.7 .5 -3.9 -2.6 7 8 9 10 0 1.756 1.102 -286 0 333 -626 -2.792 6.196 0 -940 408 55 -6.110 0 -72 -870 3.594 -2.809 0 1.835 1.045 1.677 0 187 -257 -1.476 -1.765 -4.335 -5.609 10.646 1.606 -2.966 DISCREPANCY BASED ON PRELIMINARY AND INCOMPLETE * * FLOATS: TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL 16 TOTAL NONFINANCIAL 1.888 - 1 5 . 3 7 9 -1 12 -1.153 -2.251 2.832 4.550 INFORMATION. 1.3 .4 11 12 13 NOVEMBER 14, 1979 DISCREPANCIES DISCREPANCIES 55 DISCREPANCIES - SUMMARY SEASONALLY ADJUSTED ANNUAL SEASONALLY ADJUSTED ANNUAL 1978 1 2 3 4 5 6 -2.7 -15.8 12.2 5.6 -1.0 -1.8 1.1 -24.4 16.9 7.6 .5 5.2 4.3 -37.7 26.4 9.1 3.4 9.5 -8.8 -34.7 25.5 7.5 3.5 -1.3 -3.1 -41.8 21.4 7.0 1.7 10.8 7 8 9 10 -1.9 .1 -4.8 .3 -6.5 .3 -9.3 .4 -2.3 .5 -3.8 -3.7 - -2.9 - -6.0 - -6.3 11 12 13 14 15 16 1.8 -1.4 -.1 -.1 -.3 -.8 -.2 -3.8 -.7 -.2 .6 -2.7 -.8 -3.7 -.9 -.3 1.1 -3.1 -.6 3.5 -1.1 * .1 -.1 .7 1.1 | II 1978 III IV | 16,.1 •40.,6 16..4 9,.7 3..0 24,.6 -16.0 -42.3 19.1 4.9 2.4 6.6 -28..1 -51..4 23,.2 4,.6 2,.3 2,.6 29.8 -7.4 24.2 1.1 2.4 13.9 43 .3 -33,.2 27 .6 .5 5 .3 51 .9 5..1 TOTAL, ALL SECTORS -34..8 HOUSEHOLDS N0NF1N. CORPORATE BUSINESS 25..1 1..1 STATE + LOCAL GOVERNMENTS U. S. GOVERNMENT 3..6 14..1 FOREIGN .0 .3 - .1 7.2 •1.1 -.1 2.8 -.1 5.8 2.9* -.4 2.1 1.0 -1.1 -1.4 .6 -3.4 -1.1 .1 3.0 -1.8 -3.6 1.5 -.7 -.1 3.2 .5 -1.5 2.9* 1 2 -2 - -.3 .3 3.0 -.9 -1.3 FINANCIAL SECTORS SPONSORED AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKS PRIVATE NONBANK FINANCE SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE OTHER INSURANCE FINANCE N.E.C. -2.7 -.1 2.6 3.9 4.3 -.2 -1.0 9.6 -8.8 -.3 -7.6 7.3 -3.1 -1.5 2.7 .7 9.4 -7.7 13.1 -2.4 9.2 -4.2 7.0 -5.3 20.1 .8 22.0 5 6 -.1 .6 -.1 2.4 -1.0 .3 1.5 1.2 -.3 -.3 2.8 2.2 .5 .3 -1.8 -1.8 .1 -1.6 -1.2 1.9 7 8 9 10 -.6 -.1 -3.1 -5.8 2.5 -.2 2.7 -7.4 -1.2 .2 3.7 -6.1 -6.5 -1.0 4.1 -7.5 -12.3 -12.0 -.3 20.3 -2.3 -13.4 .1 -6.3 -3.9 -12.9 -.4 -9.9 -4.1 -4.8 .6 21.3 -.6 -8.8 -.6 28.5 1 .2 * * 3.0 -3.3 TOTAL, ALL TYPES TREASURY CURRENCY INTERBANK CLAIMS SECURITY RP' DEMAND DEPOSIT MAIL FLOATS: U.S. GOVERNMENT -.4 OTHER .3 -1.7 17.7 .8 .3 -11.7 1.3 -1.3 - 11 12 13 14 15 TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL NONFINANCIAL COMPONENTS: NIA DISCREPANCY (NEG.) PVT. WAGE ACCR. LESS DISB. FARM DISCREPANCY (NEG.) NONFARM NONCORP DISCREP. (NEG) TRADE DEBT (POSITIVE) 1.3 TOTAL NONFINANCIAL BILLIONS OF DOLLARS. 11 12 13 14 15 16 DISCREPANCIES 1 2 3 4 * RATES 1979 I I DISCREPANCIES TRANSACTION 1.1 TRANSACTIONS RATES SECTOR - FOR SECTORS AND I 11/79 BASED ON INCOMPLETE INFORMATION. DISCREPANCY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 NOVEMBER 14, 1979 MONEY STOCK RELATIONSHIP 56 MONEY STOCK RELATION OF F/F MONEY STOCK DATA TO DAILY AVERAGE SEASONALLY SEASONALLY ADJUSTED ANNUAL 1974 1975 1976 1977 1 2 3 44.9 49.4 -4.5 12.9 11.7 20.2 18.1 30.0 24.6 24.5 22.4 1.2 2.1 5.4 4 5 6 7 -1.1 1.2 -.9 1.8 .3 2.1 1.2 .5 .4 5.4 1.7 3.1 .6 -.3 .5 IV | | I 1979 II III 2.2 31.7 32.5 -.8 19.7 1.7 18.0 -12.2 -9.0 -3.2 35.0 40.1 -5.2 NET CHANGES, S.A. ANNUAL RATE: 36.1 F/F DEMAND DEP. + CURRENCY 35.2 DAILY AVERAGE (DAMS) .8 TOTAL DIFFERENCE 1 2 3 2.2 2.1 -.6 .6 -1.2 -1.7 3.5 -3.0 -.2 3.4 -9.7 6.1 4.5 .4 16.0 -11.9 -.8 -9.9 9.1 -1.3 1.6 -2.8 .2 TOTAL DIFF. AT QUARTERLY RATE ARISING F R O M — D A T A DIFF. -5.5 TIMING DIFF. 5.7 SEASONALS 4 5 6 7 5.8 5.5 .3 3.0 -1.8 4.8 -5.1 -4.2 -1.0 5.9 7.9 -2.1 DEPOSITS 6.7 5.7 .9 12.9 11.1 21.7 16.7 15.3 13.6 1.8 5.0 1.6 5.5 7.5 -1.9 -1.3 .7 -.9 1.7 1.4 1.2 .2 4.5 1.7 2.8 1.2 2.1 -.9 1.1 -1.7 2.7 -5.3 3.4 -8.7 16.9 .4 16.5 -10.8 -10.8 1.1 1.1 .4 .4 .2 .2 .4 .4 .6 .6 .4 .4 - - -3.0 -.7 -2.5 .2 5.6 -1.3 7.0 -.1 -12.1 2.1 -14.5 .2 9.8 .3 10.1 -.6 -3.2 -.9 -2.3 .1 2.1 2.0 .1 2.9 2.1 .8 2.3 3.3 -1.0 4.9 6.1 1 2 3 -1.2 4 5 6 -1.6 -.3 * * - * * * * * 6.7 5.5 1.2 NET CHANGE, S.A. QTRLY RATE: F/F DAMS DIFFERENCE -4.4 DIFFERENCE IN UNADJUSTED DATA DIFFERENCE -4.4 TIMING DIFFERENCE 5.6 DIFFERENCE IN SEASONALS -1.8 FLOWS VS. LEVELS 7.3 ONE-DAY VS. DAILY AVERAGE .1 SEASONAL BALANCE ADJUSTMENT III. CURRENCY 1 2 3 6.3 6.2 * 6.2 5.9 .2 7.3 7.0 .3 8.3 7.9 .4 9.3 8.8 .5 2.6 1.9 .8 2.1 2.6 -.5 1.9 2.2 -.3 4 -.1 .1 .3 .3 .4 .7 -.9 -.5 .9 .5 -1.1 5 6 7 8 .1 .1 * .1 .1 - .1 .1 - .1 .1 - .1 .1 - * .3 -.3 * .5 -.2 .7 * .2 .2 * -.7 -.1 -.6 .3 .4 -.1 .1 -.4 .5 - - BILLIONS OF DOLLARS. 111/79 - * * * * BASED ON INCOMPLETE INFORMATION. MONEY STOCK R E L A T I O N S H I P Line 1 of page 15. Daily averages in this table are increments in month averages from last month of preceding quarter to last month of this quarter. 3 Line 1 - 2 . 4 Lines 5 + 6 + 7 . 5 Sec Part II, line 5. 6 RATES 32.7 37.4 -4.7 II. DEMAND 7 8 9 10 SERIES ADJUSTED ANNUAL RATES j 1978 1978 | II III I. TOTAL MONEY STOCK -1.4 RELATIONSHIP Part II, line. 6 + Part III, line 4. Part II, line 7 + Part III, line 5. "Seasonal" here means dollar excess of seasonally adjusted flow over unadjusted flow. Lines 14 + L8 + 19 of page 15 at quarterly raLes. 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 beLween figure derived from daily-average data and average^, for last month of quarter. Quarterly increments in this difference. Lines 8 + 9 + 1 0 - 1 1 . Difference in adjustment method: seasonal in daily-average series (month average) adjusted as flows less seasonal in published'dailyaverage series. Seasonal in F/F demand deposit (based on net change from last day of one quarter to last day of next) less seasonal in daily-average adjusted as flows. Adjustment to seasonal needed as part of the balancing of all seasonally adjusted sources and uses of funds in the flow-of-funds matrix. No statistical difference between the two series. In unadjusted data, only difference is between one-day figure for end-of-quarter and threeweek average. Correspond to lines 7 through 11 to Part II. NET CHANGE, S.A. QTRLY RATE: F/F DAMS DIFFERENCE TIMING DIFFERENCE DIFFERENCE IN SEASONALS FLOWS V S . LEVELS ONE-DAY VS. DAILY AVG. SEASONAL BALANCE A D J . 1 2 3 4 5 6 7 8 9 10
