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F/F Seas Adj H I/71 November 5, 1971 Flow of Funds, Seasonally Adjusted 3rd Quarter, 1971 Pr e l i mi na ry Division of Research and Statistics Board of Governors of the Federal Reserve System Washington, D.C. TABLE LIST SUMMARY TABLES 1. Income and Product Summary 2. Credit Market Summary 3. Net Investment and Borrowing SECTOR TABLES 4. Households 5. Total Business and Noncorporate Business 6. Financial Corporations 7. Governments 8. Banking System 9. Nonbank Finance Summary 10. Insurance and Pension Funds 11. Finance N.E.C. and Foreign 12. Rest of the World TRANSACTION TABLES 13. Monetary and Insurance Reserves 14. Money and Deposits Summary 15. U.S. Government Securities 16. Private Securities and Mortgages 17. Mortgages by Type 18. Consumer Credit and Bank Loans N.E.C. 19. Bank Credit Relationship 20. Other Loans, Including Open-Market Paper 21. Security Credit, Trade Credit, and Taxes 22. Miscellaneous I 23. Miscellaneous II 24. Total Claims--Recapitulation by Type 25. Saving by Individuals ® • ^ ^ ^ # % • Flow of Funds Accounts, Third Quarter 1971 The tables that follow give first estimates for third-quarter 1971 financial transactions based on preliminary and incomplete informa tion. Data here for the second quarter and earlier periods are on the same statistical basis as in the October Federal Reserve Bulletin, page A-72ff. The tables include income and product data for 1968-1970 published by the Commerce Department in the July Survey of Current Busi ness . The tables do not, however, represent a full 3-year revision of financial accounts to parallel the new NIA data. Such a revision, with new seasonal adjustments, will appear in early 1972. The third-quarter 1971 figures are based on early indicators and are therefore highly tentative, particularly in the distribution of financial asset holdings among private nonfinancial sectors. The most important information not yet available in these tables are S.E.C. data on net new security issues on current assets and liabilities of corpora tions . The lack of these data weakens the figures for total credit flows, household investment in securities, and distribution of liquid assets as between households and business. Also missing at the time the accounts were put together were end-of-quarter balance sheets for life insurance companies and savings institutions, balance of payments statistics, and complete income-and-product data. No figures are shown for maturity detail of U.S. Government security holdings; such detail comes from the Treasury's survey of ownership of Federal securities, which was not yet available for the end of the quarter. The ownership survey is also the source of estimates of total Governments held by State and local governments. The attached tables show the accounts at seasonally adjusted annual rates. Tables showing unadjusted flows are available on request, and a separate mailing list is maintained for unadjusted accounts. Requests, for the data or to be put on the mailing list should be addres sed to the Flow of Funds and Savings Section, Room 3218, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C., 20551. 5 NOVEMBER 1971 INCOME AND PROCUCT D I S T R I B U T I O N I NCOME AND PRODUCT D I S T R I B U T I O N I NCCME AND PRODUCT A C COUNT S : GNP EXPENDI T URES ( B I L L I O N S CF COL L ARS ) SEAS CNAL L Y ADJUSTED ANNUAL RAT ES AND GROSS SA VI NG S EAS ONAL L Y A D J U S T E D ANNUAL RATES 1967 1968 1S69 1970 1 1 1969 IV | 1 1970 i I II III IV 1 1 I 1971 II III 793.9 864.2 929.1 974.1 948. C 956.0 968.5 983.5 9 88.4 1020.8 1043.0 1058.9 672.2 8 9. 4 90.7 492.1 73. 1 735.7 100.8 9 8. 8 536.2 84.0 789.3 11C.6 99.2 579.6 89.9 8 35.2 122.2 9 7. 2 615.8 88.6 807.3 113.5 9 9. 5 594.2 90.3 821.3 117.1 100.2 604.0 88.6 830.2 119.7 96.8 613.8 90.7 840.9 124.0 96.1 620.9 90.4 848.4 127.9 95.9 624.7 84.9 872.8 131.5 96.7 644.6 97.6 891.1 134.5 95.7 660.9 100.8 906.5 136.8 97.6 672.1 104.7 CURRENT OUT L A Y S S T A T E AND LOCAL G O V T . U . S. GOVERNMENT HOUSEHOLDS OF WHI CH CONSUMER DURABLES 7 116.6 126.0 137.8 135.3 138.0 131.2 1 34*1 138.6 137.3 143.8 152.4 152.9 GROSS DOMES T I C 8 9 10 11 12 108.4 25.1 19.0 17.0 .6 118. 9 30.1 22.0 21.1 .5 130.4 3 1. 8 21.5 21.6 .6 132.5 30.4 19.9 18.9 .6 132.3 30.1 19.4 19.3 .6 130.8 30.0 19.6 19.7 .6 132.1 2 9. 9 18.8 19.4 .6 133.5 28.7 19.0 17.3 .6 133.6 32.8 2 2. 2 19.2 .6 140.6 36.4 25.4 21.6 .6 146.7 39.7 26.9 24.9 .6 151.3 41.7 2 8. 2 26.6 .6 -.7 -.4 -.4 .4 .2 .2 -.4 -.2 -.2 -.7 -.4 -.4 -1.2 -.6. -.6 1.1 .6 .6 2.4 1.2 1.2 3.2 1.6 1.6 1.4 .7 .7 1.0 .5 .5 1C.7 3.5 7.2 10. 4 3.2 7.3 11.2 3.4 7.7 9.7 2.9 6.8 10.5 3.1 7.4 11.0 3.3 7.7 12. 8 3.8 9.0 13.5 4.0 9.5 102.2 5.4 6.3 10.6 1.9 78.1 100.8 5.5 5.8 10.6 1.9 77.0 102.1 5.4 5.8 10. 5 1.9 78.5 104.8 5.2 6.7 10.3 2.0 80.6 100.8 5.1 6.4 10. 3 2.1 76.9 107.0 5.8 7.3 11. 2 1.8 81.0 109.6 5.8 7.7 11. 8 2.2 8 2. 1 GNP I N V E S T ME NT P V T . F I X E D I NV EST MENT R E S I D E N T I A L C ON S T RU C T I ON 1 - 4 F A MI L Y STRUCTURES HOUSEHOLD PURCHASES FARM CHANGE I N WORK IN PROCESS ON NONFARM CORPORATE NONCORPORATE 2 3 4 5 6 7 8 9 10 11 12 13 14 15 13 14 15 1.4 .7 4 .7 16 17 18 6.1 1.6 4.5 8.1 2.1 5.9 1C. 3 3.2 7.1 10.4 3.1 7.3 19 20 21 22 23 24 83.3 4.5 6.0 9.3 1.0 6 2. 5 88.8 4.5 5.7 9.8 1.4 67.4 98.6 5.1 5.7 10.3 1.8 75.6 102. 1 5.3 6.2 10.4 2.0 7 8. 3 25 26 27 28 29 8.2 .7 7.5 .2 7.3 7.1 .1 6.9 .5 6 .4 7.4 .1 7.3 .8 6.5 2.8 .3 2.5 -.1 2.6 5.7 .2 5.5 -.4 5.9 .4 .3 .1 -.2 .3 2.1 .3 1.8 .6 1.2 5.1 .3 4.7 .6 4.2 3.7 .4 3.3 -1.5 4.8 3.2 .2 3.0 2.7 .3 5.7 .5 5.2 -1.1 6.3 1.6 .8 .8 * .8 30 31 32 5.2 46.2 41.0 2.5 50.6 48.1 2.0 55.6 53,6 3.6 62.9 59.3 2.7 59.2 56.6 3.5 61.5 58.0 4.2 63.2 59.0 4.0 6 3. 7 59.7 2.7 63.2 60.5 4.2 66.1 61.9 -.5 66.4 66.9 -.5 68.5 69.0 33 34 35 546.3 40.4 7.4 591.0 39.8 6.7 634.2 37.9 6.0 687.8 54.1 7.9 654.5 43.1 6.6 667.6 46.2 . 6.9 685.7 54.2 7.9 696.2 57.4 8.2 701.5 58.5 8.3 721.6 58.4 8.1 740.8 60.9 8.2 36 37 -12.4 -1.6 -6.5 -.3 7.3 .1 -13.6 .5 3.4 1.8 -4.5 1.1 -14.1 1.9 -15.5 .2 -20.5 -1.3 -17.5 -.4 -22.6 1.6 38 39 40 41 42 79.8 .1 3.6 10.0 66.1 87.6 .1 4.0 11.3 72.2 84.2 .1 4.5 12. 1 67.5 75.4 .1 4.8 12.8 5 7. 7 80.0 .1 4.7 1 2. 0 63.2 75.6 .1 5.0 11.3 59.2 75.8 .1 4.4 12. 1 59.2 78.5 .1 4*8 13.5 6 0. 0 71.6 .1 5.0 14. 0 52.4 79.0 .1 5.1 14.1 59.7 CORPORATE P R O F I T S , T A X E S , AND D I V I D E N O S : 8 3. 3 84.0 P ROF I T S - TOTAL .1 .1 FARMS 6.0 6.5 F ORE I GN 13. 9 13.6 F I N A N C I A L CORPS. 63.1 64.0 N O N F I N A N . CORPS. 38 39 40 41 42 43 44 45' 46 33.2 .1 4.8 2 8. 3 39.9 .1 5.8 34.0 39.7 .1 6.3 33.3 34.1 .1 7.0 2 7. 0 3 7. 7 .1 6.5 3 1. 2 34.1 .1 6.4 2 7. 6 3 4. 5 .1 6.8 27.7 3 5. 6 .1 7.4 28.1 32.3 .1 7.5 24.7 3 6. 2 .1 7.3 28.8 3 7. 4 .1 7.0 3 0. 3 37.7 * 7.1 30.5 TAX ACCRUALS - T OT A L FARMS F I N A N C I A L CORPS. N ON F I N A N C I A L 43 44 45 46 47 48 49 50 51 21.4 * 1.5 1.0 18. 8 23.6 .1 1.5 1.2 20.8 2 4. 4 * 2.0 1.5 2 C. 9 25.0 * 2.2 1.8 21.0 2 4. 9 * 2.3 1.6 21.0 2 5. 0 ♦ 2.2 1.7 2 1. 0 24.9 * 1.9 1.8 21.2 25.2 * 2.2 1.8 21.2 25.0 * 2.3 1.8 20.8 2 5. 6 ♦ 2.4 1.8 21.3 25.4 * 3.2 1.8 20.4 25.7 ♦ 2.5 1.8 21.4 D I V I D E N D S - T OT A L FARMS N E T F ORE I GN F I N A N C I A L CORPS. N O N F I N A N C I A L CORPORATI ONS 47 48 49 50 51 52 53 54 55 56 57 58 59 25.3 -.1 2.1 4.2 19. 0 -1.1 2.1 20.0 24.2 * 2.5 4.3 17. 5 -3.3 2.5 16.6 20.0 ♦ 2.5 4.3 13.3 -5.5 2.5 10.2 16.2 * 2.6 4.0 9.6 -4.5 2.6 7.7 1 7. 4 * 2.5 3.9 11. 1 -6.7 2.5 6.9 16.6 * 2.8 3.3 10.6 -5.8 2.8 7.5 16.4 * 2.5 3.6 10.3 -4.2 2.5 8.6 17.7 * 2.7 4.3 10.7 -5.5 2.7 7.9 14. 3 ♦ 2.7 4.7 6.9 -2.6 2.7 7.0 17.3 * 2.7 5.0 9.6 -3.5 2.7 8.8 20.5 * 3.3 4.8 12. 3 -5.1 3.3 10. 6 2 0. 6 U N D I S T . P R O F I T S - T OT A L FARMS F ORE I GN BRANCH P R O F I T S F I N A N C I A L CORPORAT I ONS N O N F I N A N C I A L CORPORAT I ONS ♦ I NVENT ORY V A L . A D J . ♦ BRANCH P R O F I T S = NONFIN. CORPS. , NET 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 6 8. 9 7.8 1.4 5.5 11.2 43.0 1.2 .3 41.5 74.5 8.3 1.5 6.0 11.9 46.8 1.5 .3 45.1 81.1 8.8 1.6 6.4 13.1 51.3 1.7 .3 49.2 8 7. 6 9.2 1.7 6.6 13.9 56.2 2.1 .3 53.8 83.9 9. 0 1.6 6.5 13.5 53.2 1.8 .3 51.0 85.4 9.1 1.6 6.6 13.7 54.4 1.9 .3 52.1 8 6. 9 9.2 1.7 6.6 13.8 55.7 2.0 .3 53.3 88.2 9.3 1.7 6.6 14.0 56.7 2.2 .3 54.2 89.8 9.4 1.7 6.6 14. 1 58.0 2.3 .3 55.4 95.2 9.6 1.7 6.7 14.9 6 2. 3 2.5 .3 59.5 97.4 9.7 1.7 6.8 15. 1 64.1 2.6 .4 61.2 69 70 60.7 129.6 67.4 141.9 7 4. 4 155.5 80.3 167.8 7 6. 7 160.6 78.2 163.6 80.0 166.9 81.1 169.3 81.7 171.5 82.4 177.6 83.3 180.7 71 -.7 -2.7 -4.1 -4.5 -5.2 -7.3 -5.8 -3.2 -1.6 -4.5 -4.0 -4.0 STATISTICAL 72 73 41 . 6 13.2 4 5. 5 14.2 47.2 15.5 45.3 14.4 47.2 15.2 45.1 14.9 45.5 14.7 45.3 14.0 4 5. 2 14.1 45.8 13.5 4 4. 9 13. 3 44.9 13.5 P R O F I T T AX RAT E it) PERSONAL TAX RATE ( X ) 1 11 /71 IS .4 .2 .2, T OT A L 1 1 2 3 4 5 6 PR ELI M INA RY E S T IM A T E BASED CN IN COMPLETE IN FO R M A T IO N . 104.3 5.3 7. 1 11. 1 2.2 78.7 MU L T I - FA MI L Y UNI TS CORPORATE BUS I NES S NONCORPORATE BUS I NES S NONRE S. PLANT + E Q U I P . NONP ROF I T I N S T . ( H H ) FARM NONFARM NONCORP. BUSI NES F I N A N C I A L CORPORATI ONS N O N F I N A N C I A L CORPORAT I ON I NVENTORI ES FARM NONFARM NONCORPORATE CORPORATE 16 17 18 19 20 21 22 23 24 25 26 27 28 29 NET EXPORTS EXPORTS I MPORTS 30 31 32 749.2 58.1 7.8 D I S P OS A B L E PERSONAL INCOME PERSONAL SAVI NG SA VI NG RAT E ( P E R C E N T ) 33 34 35 -22.9 4.2 FEDERAL G O V T . S T A T E £ L OCAL 36 37 - 3.5 5.0 12. 1 -6.5 3.5 9.1 SURPLUS G O V T . SURPLUS 9 9 . 5 T O T A L C A P I T A L CONSUMPTI ON 9.9 O WNE R- OCC UPI E D HOMES ( HH) 1.8 N ONP ROF I T I N S T . ( H H ) 6.8 FARM NONCORPORATE 15.5 NONFARM NONCORPORATE BUS. 65.5 T O T A L CORPORATE 2.6 F I N A N C I A L BUS I NES S .4 CORPORATE FARMS 62.5 N O N F I N A N C I A L CORPORATI ONS MEMO: C A P . CON S . ON CONSUMER DURABLES 83.9 NOT I N C L U D E D ABOVE 183.4 T O T C A P . C O N S . I NCL DURABLES DI S C REPA NCY 60 61 62 63 64 65 66 67 68 69 70 71 72 73 5 NCVEMBER 1971 C RE D I T MARKET SUMMARY C RE D I T MARKET 2 2 T OTAL FUNDS RAI SEO SIEASCNALLV A C J L S T E C ANNUAL RATES 1967 1968 1969 SECTORS SEASONALLY ADJ USTED I 1970 1 I. SUMMARY IN C REDI T MARKETS BY NONF I NANCI AL ( B I L L I O N S CF DOLLARS) 1969 | IV | FUNOS RAI SEO , I II IV III 1 I 11 ANNUAL RATES III BY TYPE ANO SECTOR 162. 9 TOT AL FUNOS RAI SEO BY NONF I NANCI AL SECTORS 1 83. 5 96.9 90.4 97.5 86.8 81.4 103.7 94.6 110.6 1 12 . 5 175.7 2 3 4 1 3. 0 8.9 4.1 13. 4 10. 3 3.1 -3.6 -1.3 -2.4 12. 8 12. 9 -.1 1.2 4.9 -3.7 3.0 3.5 -.5 16. 0 18. 1 •*2.0 12. 2 11.4 .8 20.0 1 8. 5 1. 5 -1 .6 1.4 -2.9 47.7 48.0 -.2 5 6 7 70. 5 2.4 68. 1 83.5 -.7 84. 2 94.1 4.8 89.3 84.7 6.8 77.9 85.7 9.2 76. 4 78.3 4.9 72. 4 87.7 6.0 81. 7 82.4 5.4 77. 1 90. 6 9.9 80.7 114. 0 9.2 104. 8 1 28 . 0 16.9 lll.l 8 9 1C 11 12 13 14 15 46. 6 8.7 15. 9 22. 0 11 . 6 1 3.6 4.7 2.1 5C. 9 9.6 1 4. 0 27.3 15. 2 3.* 6.6 2.1 49. 1 8.1 13. 1 27. 9 1 5. 7 4.8 5.5 1.9 58.8 11. 8 21. 1 25.8 12.8 5.9 5.4 1.8 42.5 4.7 11. 1 26.7 13.9 5.6 5.8 1. 5 45.6 8.9 15. 0 21.7 10.7 4.6 4.8 1.5 54.6 10. 2 22.4 22.0 U .t 5.4 4.2 1.4 60.0 8.9 22. 2 28. 9 15. 2 6.5 5.2 2.1 74.7 19. 3 24. 8 30.7 1 4. 2 6.9 7.5 2.1 82.4 25.6 25.0 31.8 15. 0 7.3 7.3 2.2 84, 5 16. 3 23. 2 45.0 24.7 10. 2 9.0 1. 2 87.3 17.8 1 7. 3 52.2 29.0 1 1. 2 9.8 2.2 OEBT C A P I T A L I NSTRUMENTS S T . +LOCAL GOVT . SEC. CORPORATE ♦ FGN. BONDS MORTGAGES HOME MTGS. OTHER RE S I D E N T I A L COMMERCIAL FARM 8 9 10 11 12 13 14 15 16 17 18 19 20 21.6 9.6 4.6 2.1 5.2 33.3 13. 4 11. 1 1. 6 7.3 4C.2 15. 7 9.3 3.3 11. 6 19. 2 2.7 4.? 3.8 8.4 33. 9 14. 2 7.5 1.0 li.2 26.7 7.6 4.8 5.0 9.4 27.0 9.0 6.1 2.2 9.8 17. 0 1. 9 6.2 .5 8.4 6.0 -7.6 .2 7.5 5.9 22.4 4.5 4.0 2.9 10. 9 26.6 12. 9 9.0 -3.8 8.4 42.5 24. 1 12.6 2.7 3. 1 OTHER PRI V A T E CREDI T BANK LOANS N . E . C . CONSUMER C RE D I T OPEN- MARKET PAPER OTHER 16 17 18 19 20 21 70. 5 4.1 8.8 19. 7 3 7. 9 29.3 5.0 3.5 83. 5 3.0 9.9 3 1. 8 38.8 30.3 5.8 2.7 94. 1 3.7 8.5 32. 2 49.7 39. 1 7.4 3.2 84. 7 2.6 12. 2 21. 6 48.3 38.8 6.3 3.2 85.7 2.4 5. 1 28.2 49.9 41.0 6.4 2.5 78. 3 2.6 9.4 22.8 43.4 36. 9 3.5 3.0 87. 7 1.7 1 0. 4 21. 5 54. 2 45. 2 5.2 3.8 82. 4 2.2 9.7 24.8 45.7 33.6 8.7 3.3 90. 6 4.0 19. 5 17. 2 50. 0 39. 2 7.7 3.1 11 4 . 0 5.0 26.0 23.7 59. 4 46.6 8.2 4.6 128 . 0 6.4 16. 5 39. 0 66. 1 52. 1 9.8 4.3 142. 3 9.9 18. 0 43.0 71. 4 57. 1 10. 6 3.8 162.9 1 22 23 24 25 26 27 28 ---------— ------------ ---------------------- 2 0 . 6 U . S . GOVERNMENT (1) PUBLI C OEBT S E C U R I T I E S 20.2 BUDGET AGENCY I SSUES .4 1 4 2 . 3 ALL OTHER N ONF I N. SECTORS CORPORATE E QU I T Y SHARES 1 2. 5 OEOT I NSTRUMENTS 129. 8 BY BORROWING S E C T O R FORE IGN S T AT E+L OCAL GOVTS. HOUSEHOLDS NONF I NANCI AL BUSI NESS CORPORATE NONFARM NONCORPORATE FARM 2 3 4 5 6 7 21 22 23 24 25 26 27 28 1 1 . FUNOS AOVANCEO DI RE C T L Y I N CREOI T MARKETS ---------------------------------- ------- --— --------— 86.8 81.4 103. 7 94.6 1 10 . 6 11 2 . 5 1 75 . 7 2.3 1.5 14. 1 1 2. J> 3.9 -.713. 7 14. 4 3.6 1.6 7.1 5.5 3.5 .9 8.7 7.8 1.8 3.0 1 0. 1 7.0 4.3 2.1 .3 -1.8 4.4 -6.4 -5.7 .7 TOTAL FUNDS RAI SED ADVANCEO D I R E C T L Y B Y 3 . 2 U . S . GOVERNMENT - . 3 U . S . G . C R E O I T A GE N C I E S , N E T 8.3 FUNOS ADVANCED 8.6 L E S S - F UNOS RAI SEO I N C R. MK T . 2 3 4 5 5.C 31.3 29.5 -1.8 9.3 12. 1 18. 9 6.8 1.2 1.0 10. 1 9.1 5.5 23.3 27.4 4.1 7.7 63.6 52. 1 -11.6 5.5 37. 3 28. 4 -8.9 16. 1 39.3 36.7 -2.6 1.9 59.6 59.8 .2 7 . 2 F EDERAL RESERVE SYSTEM 4 1 . 1 COMMERCIAL BANKS, NET (2) 42. 0 FUNOS AOVANCEO .9 L ES S - F UNOS RAI SEO ( N C R. MKT . 6 7 8 9 30.1 10. 4 21. 8 -2.1 9.8 11. 9 38.9 14.7 24.9 -.7 4.9 5.6 24.4 5.6 19. 5 -.7 14. 1 14. 8 25.3 4.7 23.2 -2.6 -.6 2.1 42. 4 15. 3 27. 1 * -.5 -.5 42.0 18. 0 24. 1 * 14. 8 1 4. 8 45. 8 20. 7 25. 3 -.3 5.7 5.9 71.0 45.4 29. 5 -3.9 -.2 3.7 82. 5 50. 0 34.5 -1.9 -1.8 .1 6 5 . 9 P V T . NONBANK FI NANCE 35.6 SAVI NGS I N S T I T U T I O N S , N E T insurance 32. 4 FI NANCE N . E . C . t NET (3) -2.1 2.5 FUNOS ADVANCEO L ES S - F UNDS RAI S ED I N MKTS. 4.6 10 11 12 13 14 15 2.5 l.J 10.9 -l .l -.2 -.2 2.1 • 2.2 12. 3 7.4 .4 5.8 1.4 39. 8 13. 8 6.1 18. 3 -1.6 7.1 -1.0 . -3.8 10. 6 -1.4 38.4 7.0 5.6 25.3 -.4 22 1.2 -l.l .4 2.6 3.9 1.0 2.1 1.4 6.1 23 24 82.3 11. 8 98.0 1 4. 5 90.0 -4.0 94.9 10. 2 83. 0 -2.7 80. 4 2.1 101.6 13. 9 93.3 1 0. 8 1 04 . 5 13. 9 25 26 3.9 36. 4 4.7 39. 7 3.7 1 2. 2 5.4 28.4 7.0 10. 2 2.4 -1.3 8.7 18. 1 5.4 65.2 4.9 3 1. 9 1 83.5 96.9 90.4 97.5 2 a 4 S 4.6 .5 -.1 -.6 4.9 -.2 1.2 3.5 2.5 .2 9.0 8.8 3.2 1.2 9.9 8.7 6 7 8 9 4.8 36.6 36. 9 .2 3.7 39. 5 39. 7 .2 4.2 12. 2 16. 5 4.3 10 11 12 13 14 15 34.4 16. 8 1 8. 7 -l.l 4.4 5.6 34. 2 14. 6 22. 0 -2.5 9.8 12. 3 16 2.8 17 18 19 20 21 III. 9.4 9.5 4.9 19. 6 27.3 30.5 3 9 . 2 FOREI GN 16 41.2 1 5. 1 -2.5 24.8 -3.8 17. 9 1 2. 3 -5.3 8.8 -2.1 -27.9 -28.5 -7.8 8.1 -.2 -2.5 -2.9 .4 .5 .6 -47.7 1.2 1.8 -51.1 -.5 3. 1 6.5 3.0 -1.4 5.0 6 . 7 P V T . OOMESTI C NONF I NANCI AL 9.0 BUSI NESS -2.2 S T AT E ♦ LOCAL G O V T . , GEN. 2.9 HOUSEHOLDS 3.0 L E S S - N E T S EC URI T Y CREDI T 17 18 19 20 21 -18.7 1 7. 0 1 . 6 MEMO: U . S . G O V T . CASH BALANCE T OT AL S NET OF CHANGES 1IN U . S . GOVT . CASH BALANCES— 131.2 158. 7 1 6 1 . 3 T OT AL FUNOS RAI SED 30.7 19. 0 1 7. 1 BY U . S . GOVERNMENT NET FUNDS ADVANCED BY— 17.4 2.4 2.3 FEDERAL RESERVE SYSTEM 44.4 42.2 57. 1 COMMERCIAL BANKS 96,9 9C. 4 97.5 86.8 81.4 103. 7 94.6 110.6 112 . 5 2 3 4 5 6 7 51. 3 51. 5 1 2. 4 39. 1 22. 5 1 6. 6 60.8 48.5 14. 8 33.7 2C. 8 12. 9 44.5 4.7 7.1 -2.4 -10.5 8.1 68.2 61.1 6.1 54. 9 38.4 16. 5 44.3 5.9 8.2 -2.3 -6.4 4.2 5 5. 1 13. 9 2.0 11. 9 7.4 4.4 72. 0 54. 1 7.0 47.1 31. 9 15. 2 69.2 97. 1 7.3 89.9 68.2 21.7 76.6 79. 2 8.3 70.8 46.3 24.5 80.6 1 28 . 2 16. 5 III.7 61. 2 50. 5 P RI VAT E DOMESTI C NONF I NANCI AL SECTORS: 74. 6 93.3 total 90.2 67.9 DEPOSI T S 2.4 21.5 DEMAND DEP. ♦ CURRENCY 68.7 65.5 TI ME AND SVGS. ACCOUNTS 26.9 31.8 AT COMMERCIAL BANKS 41.8 33.8 AT SAVI NGS I N S T I T . 8 9 10 11 12 -.2 -1.7 7.8 -4.1 2.2 12. 3 7.7 13. 4 -7.4 1.4 39. 8 15. 0 27. 0 -3.8 -1 .6 7.1 -6.9 15. 2 -2.6 -1.4 38. 4 14. 1 27. 5 -3.7 -.4 41.2 6.5 37. 6 -6.7 -3.8 17. 9 -8.0 23. 9 -.1 -2.1 -27.9 -6.8 -22.1 .7 -.2 -2.5 -19.2 21. 5 -4.3 .6 -47.7 -50.1 14.7 -12.8 -.5 3.1 1.8 9.4 -3.1 5.0 6.7 -7 .4 22. 1 -5.0 3.0 13 14 15 4.6 1. 7 2.8 4.3 1. 8 2.5 9.6 8.3 1.3 2.4 -8.4 10.9 -.6 .5 -l.l 10. 8 1. 3 9.4 2.7 -6.8 9.5 -4.5 -9 .4 4.9 .7 -18.9 19.6 9.7 -17.5 27.3 27. 6 -3.0 30.5 45.3 6.2 39.2 16 17 18 19 1.2 4.6 17. 5 4.3 -1.1 4.9 18. 5 9.5 .4 2.5 18. 7 14. 7 2.6 3.2 21. 0 .1 3.9 2.3 18.9 18. 1 1.0 3.9 18. 7 -8.1 2.1 3.6 22.7 .7 1.4 3.5 19. 8 5.3 6 •1 1.8 22. 8 2.5 -18.7 4.3 25.3 11. 2 17. 0 4.4 24. 3 9.1 1.6 3.2 24.4 13.8 IS PRELIMINARY ESTIMATE BASED ON INCOMPLETE INFORMATION. (1) (2) (3) 175. 7 T OT AL BORROWING BY 162.9 NONF I NANCI AL SECTORS F I NANCED D I RE C T L Y ANO I ND I RE C T L Y BY— 83.5 22 23 24 25 26 SOURCES OF FUNOS SUPPLI ED TO C REDI T MARKETS 1 111/71 I C R E O I T MKT. I N S T R . , NET U . S . GOVT. S E C U R I T I E S PV T . C R E D I T MKT. I NST R. CORPORATE E Q U I T I E S LESS S ECURI T Y DEBT OTHER SOURCES: FOREI GN FUNOS AT BANKS D I RE C T CHG. I N U . S . GOVT. CASH B A L . U . S . GOV T . LOANS P V T . I NSUR. ANO PENSION RES. SOURCES' N . E . C . I 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Excludes sponsored credit agencies. See Part II, line 3. Includes unconsolidated bank affiliates. Includes open-end investment companies. 5 NOVEMBER 1971 NET IN VESTMENT ♦ BORROWING NE T 3 PRI V A T E SEASONAL L Y A DJ US T ED 3 DOME S T I C N E T IN VES T MEN T I NV EST MENT AND BORROWI NG I N ( B I L L I O N S OF O C L L A R S ) + BORROWING C R E C I T MARKETS ANNUAL RAT ES S EASONAL L Y A D J U S T E D ANNUAL RATES 1 1 1969 IV 1 11 197C1 11 11 1971 II 1967 1968 19 69 197C 1 2 3 186.7 128.4 60.3 2C8. 6 140.4 68.2 225.9 153.8 72.1 222.0 165.7 56.2 226.5 158.7 67.7 217.9 161.7 56.2 222.9 164.8 58.0 227.0 167.2 59.8 220.0 169.2 50.8 239.2 175.2 64.0 251.4 178.1 73.3 T O T A L , HOUSEHOLDS AND BUS I N E S S 255.4 T O T A L C A P I T A L OUT L A Y S ( 1 ) 180.8 C A P I T A L CONSUMPT I ON ( 2 ) 74.6 NET PH Y S I C A L I N V E S T ME NT 1 2 3 4 5 57.6 2.7 70.6 -2.4 81.9 -9.8 69.9 -13.6 78. 1 -10.4 66.3 -10.1 75.7 -17.6 70.5 -10.7 67.2 -16.4 83.1 -19.1 105.2 -31.9 114.4 -39.8 NE T FUNOS R A I S E D EXCESS NET I NV E ST ME NT 4 5 6 7 8 94.0 58.5 35. 6 99.0 63.2 35.7 109.2 69.0 40.2 109.1 74.6 3 4. 5 111.5 7 1. 4 40.1 104.1 72.7 31.4 107.4 74.0 33.4 114.2 75. 1 39.0 110.8 76.5 34.4 114.7 81.4 33.3 120.0 83.4 36.6 118.3 85.3 33.0 T OT A L BUS I N E S S T O T A L C A P I T A L OUT L A Y S C A P I T A L CONSUMPTI ON NET P H Y S I C A L I NV EST MENT 9 10 11 35.6 2.3 -2.3 39.6 -.8 -3.1 4 5. 4 4.3 -9.4 41.5 6.8 -13.8 40.8 9.1 -9.7 37.1 6.3 •^12.1 48.0 6.2 -20.8 40.7 5.0 -6.6 40.4 9.6 -15.6 50.4 9.0 -26.1 49.7 16.4 -29.6 59.4 12.1 -38.4 N E T DEBT FUNDS R A I S E D C ORP. E Q U I T Y I SSUES EXCESS N E T I NV E ST ME NT 12 13 14 72.C I 41.5 30. 5 76.1 45.1 ' 3 1. 0. 84.9 49.2 35.7 84.2 53.8 3 0. 4 87.3 51.0 36.3 80.1 52.1 28.0 88.3 54.2 34.1 86.0 55.4 30.6 8 3. 8 59.5 24.3 91.7 61.2 30.6 87.4 62.5 2 4. 9 15 16 17 27.0 2.3 1.2 31.1 -.8 .7 34.8 4.3 -3.4 32.0 6.8 -8.3 31.9 9.1 -4.7 30.6 6.3 -8.9 39.1 6.2 -16.0 2 8. 6 5.0 .5 29.6 9.6 -8.6 37.7 9.0 -22.3 35. 7 16.4 -21.5 45.0 12. 1 -3 2.2 lfi 19 20 94. 6 69.9 24.7 109.7 77. 2 32.5 116.7 84.8 31.9 112.9 91.2 21.7 114.9 87.3 27.6 113.8 89.0 24. 8 115.5 90.8 24.7 112.8 9 2. 1 20.8 109. 2 92.8 16. 4 124.5 9 3. 8 30.7 131.4 94.7 36.7 137.1 95.6 41.5 21 22 19. 7 5.C 31.8 .7 32.2 -.3 21.6 .1 28.2 -.7 22.8 2.0 21.5 3.2 24.8 -4.1 17.2 -.8 23.7 7.0 39.0 -2.3 43.0 -1.4 23 24 25 26 -1.3 7.8 1.9 3.5 -2.1 5.6 1.9 4.8 -3.4 6.2 2.3 5.4 - r2. 8 4.0 2.3 3.4 -4.7 6.2 2.4 4.6 -.5 5.6 2.6 5.7 -2.0 4-6 2.4 1.8 -5.8 3.0 2.2 3.5 -3.2 2.9 2.0 2.6 -1.1 11.1 2.2 5.1 -7.5 8.5 2.6 5.9 -10.4 8.2 2.6 1.9 I II 82.5' 53.3 29.2 III IV I III (3) (3) 6 7 8 9 10 11 CORPORATE B US I N E S S T O T A L C A P I T A L OUT L A Y S C A P I T A L CONSUMPT I ON NE T P H Y S I C A L I NV E ST ME NT J.2 13 14 NET DEBT FUNOS R A I S E D CORP. E Q U I T Y I S S UES EXCESS NET I NV EST MENT 15 16 17 (3) HOUSEHOLDS total capital outlays C A P I T A L CONSUMPT I ON NET PH Y S I C A L I NVEST MENT NET FUNDS R A I S E D EXCES S NET I N V E S T ME NT ( 3 ) OF WHI CH: HOUSES L E S S HOME MTG S . DURABL ES L ES S C ON S . C RE D I T N ONP ROF I T PEE L E S S MT G S . L E S S — UNAL L OC AT ED DEBT ( 1 » C A P I T A L OUT L AYS ARE T O T A L S FOR R E S I D E N T I A L AND N ON R E S I D E N T I A L F I X E C C A P I T A L , NET CHANGE I N I N V E N T O R I E S , AND CONSUMER DURABL ES, EX C EPT OU T L A Y S BY F I N A N C I A L B U S I N E S S . ( 2 ) CAPI TAL CONSUMPTI ON I NCLUDE S AMOUNTS FOR CONSUMER DURABLES AND EXCLUDES F I N A N C I A L B U S I N E S S C A P I T A L C ONSUMPT I ON. ( 31 EXCESS OF N E T 1 11/71 IS PR ELI M IN A RY E S T IM A T E BASED ON INCOMPLETE IN FO R M AT IO N. I NV E ST ME NT OVER NET FUNDS R A I S E D . 18 19 20 21 22 23 24 25 26 5 NOVEMBER HOUSEHOLDS 1971 HOUSEHOLDS 4 4 SECTOR ST ATEMENTS OF SAVING ANO IN V EST ME NT ( B I L L I O N S CF DCLLAR S) SEASONAL L Y 1967 A C J US T E C ANNUAL RAT ES 1968 S EASONAL L Y A DJ US T ED I 197C 1 1969 1969 I V HOUS EHOL DS . | 1 1970 I II III IV | | I 1971 II ANNUAL RATES III PERSONAL T RU S T S , , AND NONPROF I T OR G A N I Z A T I O N S I 2 *29.3 83.0 688.9 97.9 750.3 116.2 803.6 115.9 772.2 117.7 784.3 116.7 803.8 118.0 809.8 113.5 816.7 115.2 834.3 112.7 854.8 114.0 865.9 116.7 PERSONAL INCOME L E S S : PERSONAL T AXE S+ NONT AXES 1 2 3 4 5 6 7 8 546.3 506 . 0 40.4 5.3 1.7 12 . 4 591. C 551.2 39.8 5.9 2.5 16. 7 634.2 596.3 37.9 6.2 2.5 15.5 687.8 633.7 54.1 9.0 .9 8.4 654.5 6 11 .4 43.1 3.7 1.1 13.6 667.6 621.4 46.2 6.6 1.4 10.4 685.7 631.5 54.2 13.1 1.2 10.7 696.2 638.9 57.4 7.5 .8 9.2 701.5 643.0 58.5 8.9 .2 3.1 721.6 663.2 58.4 9.0 .4 15.1 740.8 679.9 60.9 13.0 1.3 17. 5 749.2 691. 1 58. 1 9.9 1.1 20.8 = D I S P OS A B L E PE RS. INCCME L E S S : PERSONAL OUT L AYS = PERSONAL S A V I N G, N I A BAS I S + C R E D I T S FROM GOV T . , I N S U R . + C A P I T A L GA I N S D I V I D E N D S + NET DURABLES I N CONSUMPTI ON 3 4 5 6 7 8 9 10 11 59.8 69.9 129.7 64.8 77.2 142.0 62.2 84.8 147.0 72.4 91.2 163.5 61.5 87.3 148.8 6 4. 6 8 9. 0 153.6 79.2 9 0. 8 170.0 7 4. 9 92.1 167.0 70.7 92.8 163.5 82.9 93.8 176. 7 9 2. 7 94.7 187.3 8 9 . 9 = N E T SAVI NG 9 5 . 6 + C A P I T A L CONSUMPT I ON 1 8 5 . 4 = GROSS SAVI NG 9 10 11 12 13 14 15 16 132.0 94.6 17.0 73.1 4 .5 141.2 116.7 2 1. 6 89.9 5.1 162.9 112.9 18. 9 88.6 5.3 143.0 114.9 19.3 90.3 5.4 148.9 113.8 19.7 88.6 5.5 168.7 115.5, 19.4 9 0. 7 5.4 166.2 112.8 17.3 90.4 5.2 167.3 109.2 19.2 84.9 5.1 181.5 124.5 21.6 97.6 5.3 194.2 131.4 24.9 100.8 5.8 178.4 137.1 26.6 104.7 5.8 12 13 14 15 16 17 18 37. 3 61.1 30.8 65.6 24.5 55.2 50.0 70.6 28.1 58.0 35.2 53.8 53.2 71. 7 53.4 80.0 58.1 76.8 57.0 82.8 62.8 106.6 41.3 88.7 19 20 43.2 9.4 4 5. 5 11. 1 37.5 5.9 4 7. 5 4.7 37.0 5. 1 35. 1 5.4 46.9 7.4 57.3 5.0 50.5 1.0 57.6 10. 8 82.0 15.6 65.0 4.5 21 22 23 33.7 17. 1 16. 6 28.6 15.7 12. 9 13.3 5.2 8.1 32.2 15.8 16.5 6.6 2.4 4.2 5.0 .5 4.4 3C.7 15. 5 15. 2 4 4. 2 22.5 21.7 49.1 24.5 24.5 97.9 4 7. 4 50.5 67.8 26.0 41.8 57.6 23.8 33.8 S A VI NGS ACCOUNTS AT COMMERCI AL BANKS AT S A VI NGS I N S T I T U T I O N S 21 22 23 24 25 26 27 28 4.2 .9 -1.3 3.6 1 .0 13. 2 5.2 .9 5.4 1.8 22.2 13.2 1.5 5.4 2.1 13.1 .3 -1.5 12. 2 2.2 29.0 17. 9 -.2 9.2 2.2 31.5 14.8 1.2 12. 3 3.1 8.9 -3.3 -.4 1C. 2 2.3 7.4 4.1 -9.5 11.3 1.5 4.8 -14.5 2.7 14. 9 1.7 -38.3 -49.8 * 9.5 2.0 1.8 -4.5 -1.4 7.8 -.1 8.0 -8.4 8.4 6.1 1.9 C R E D I T MKT. I NST RUMENT S U . S . GOV T . S E C U R I T I E S S T A T E AND LOCAL O B L I G . CORPORATE AND F GN. BOND MORTGAGES 24 25 26 27 28 29 30 2.6 -6.7 4.7 -12.2 5.7 -9.5 2.4 -5.0 4.2 -7.9 1.6 -8.3 2.7 -2.8 3.4 -2.7 2.1 -6.4 .2 -13.0 -.2 -3.0 -.3 -4.8 I N V E S T ME N T C O. SHARES CTHER CORP. SHARES 29 30 31 32 4.8 14. i 4.5 15. 3 4.9 15. 4 4.9 18.6 4.9 15.0 4.9 15.3 4.9 21.4 4.9 16. 7 4.8 20.9 4.9 22.6 4.9 23.5 5.0 21.5 L I F E I NSURANCE RESERVES PE NS I ON FUND RESERVES 31 32 33 34 35 -3.6 1.1 1.5 -2.2 .7 1.8 -3.9 -.8 2.1 -2.3 -.5 2.5 -2.7 1.1 2.6 -2.6 -1.3 2.3 -2.1 -1.8 2.5 -2.5 1.2 2.5 -2.0 ♦ 2.5 -6.5 1.6 2.6 -5.8 -1.2 3.2 -6.6 .5 3.2 NE T I N V . IN NONCORP. SECURITY CREDIT MI S CEL L ANEOUS BUS. 33 34 35 36 37 38 39 40 41 42 43 23.7 19.7 10.5 1.2 3 .4 1.2 2.1 1.3 34.8 31.8 14. 9 1.1 9.0 2.1 3.1 1.7 30.7 32.2 16.2 1.3 £. 3 1.0 2.4 3.0 20.6 21.6 12.5 1.4 3.0 1.3 .8 2.6 29.9 28.2 14.9 1.3 7.1 .4 1.5 3.0 18.6 22.8 11.0 1.3 4.1 .6 2.3 3.4 18 . 5 21.5 12. 2 1.3 4.8 1.3 -1.1 3.0 26.7 24.8 13. 7 1.4 4.4 1.9 1.2 2.3 18.7 17.2 13. 0 1.4 -1.3 1.6 1.0 1.6 2 5. 7 23. 7 13.1 1.4 2.7 1.3 3.4 1.7 4 3. 8 39.0 22.7 1.4 6.7 2.3 4.7 1.2 47.4 43.0 27.1 1.5 10.3 2.2 .2 1.6 NET I NCREASE I N L I A B I L I T I E S C R E D I T MKT. I NST RUMENT S HOME MORTGAGES OTHER MORTGAGES I N S T A L L ME N T CONS. CR. OTHER CONSUMER C R E D I T BANK LCANS N . E . C . OTHER LOANS 36 37 38 39 40 41 42 43 3.3 .4 .3 2.1 .5 .4 -2.5 .5 .4 -1.9 .6 .4 .7 .5 .5 -5.2 .5 .4 -3.9 .5 .4 .9 .6 .4 .6 .6 .4 1.1 .6 .3 3.8 .6 .3 3.5 .6 .3 -2.2 1.5 5.8 .6 5.8 4.6 1.4 .8 -3.8 -4.8 -6.9 7.0 44 45 46 ' 47 14C. 5 . 1C9. 7 21.1 ? 84.0 ' 4.5 GROSS I NV EST MENT C A P I T A L E XPEND. ( N E T OF SALES R E S I D E N T I A L C ON S T RU C T I ON CONSUMER DURABLE GOODS N ONP ROF I T PL ANT ♦ E Q U I P . NET F I N A N . NET A C Q. SECURI TY CREDI T TRADE DEBT MI S C EL L ANEOUS D I S C RE PA N C Y 17.C 7.8 10. 5 - 1 .3 21.1 8.3 14. 9 -2.1 21.6 8.8 16.2 -3.4 18.9 9.2 12.5 -2.8 19.3 9.0 14.9 -4.7 19.7 9.1 11 . 0 -.5 19.4 9.2 12. 2 -2 .0 17.3 9.3 13.7 -5.8 19. 2 9.4 13.0 -3.2 21.6 9.6 13.1 -1.1 24.9 9.7 22. 7 -7.5 52 53 54 73.1 6 0. 7 12 . 4 84.0 67.4 16. 7 89.9 74.4 15. 5 88.6 80. 3 8.4 9C. 3 76.7 13.6 88.6 78.2 10.4 90.7 80.0 10.7 90.4 81.1 9.2 84.9 81.7 3.1 97.6 82.4 15.1 100.8 83.3 17.5 104.7 83.9 20.8 55 56 4.6 7.8 11. 1 5.6 9.3 6.2 4.3 4.0 7.5 6.2 4.8 5.6 6.1 4.6 6.2 3.0 .2 2.9 4.0 11.1 9.0 8.5 12.6 8.2 57 58 59 60 4.5 1.4 1.2 1.9 4.5 1.5 1.1 1.9 5.1 1.6 1.3 2.3 5.3 1.7 1.4 2.3 5.4 1.6 1.3 2.4 5.5 1.6 1.3 2.6 5.4 1.7 1.3 2.4 5.2 1.7 1.4 2.2 5.1 1.7 1.4 2.0 5.3 1.7 1.4 2.2 5.8 1.7 1.4 2.6 61 62 13.2 7.4 14. 2 6.7 15. 5 6.0 14.4 7.9 15.2 6.6 14.9 6.9 14.7 7.9 14.0 8.2 14. 1 8.3 13.5 8.1 13.3 8.2 63 23.4 23.7 22.9 23.4 22.6 22.7 24.3 23.7 2 3. 0 2 4. 2 64 65 66 67 17. 1 11 . 0 4.3 3.6 18.3 10.9 5.8 5.3 18.2 8.6 4.8 5.0 16.2 10.1 3.0 3.1 17.4 8.8 4.5 4.3 16.8 8.0 2.8 3.4 16. 5 10.2 2.6 3.1 16.0 11.4 3.8 3.5 15. 4 10.8 2.6 2.4 17.0 11.3 3.5 3.2 68 553.4 599.4 642.9 697.7 659.2 675.7 (B) I H / 7 1 IS PR E LIM IN A RY E S T IM A T E BASED ON INCOMPLETE (C) 5.8 1.8 1.5 2.6 13.5 7.8 L E S S : CONSUMER C R E D I T = N E T E Q U I T Y I N V E S T ME NT 55 56 N ONP ROF I T PL ANT + EQUI PMENT E X P E N D I T U RE S L E S S : C A P I T A L CONSUMPTI ON NONP ROF I T MORTGAGES = N E T E Q U I T Y I NVEST MENT PE RCE NT R A T I O S : E F F E C T I V E TAX RATE SAVI NG R A T E , N I A BASI S C A P I T A L E X PE NDI T URE S A C Q. OF F I N A N C I A L AS SE T S NET I N C R . I N L I A B I L I T I E S C R E D I T MKT. BORROWI NG 704.5 700.0 710.6 731.0 755.1 7 6 0 . 2 ( 2 ) D I SPOSABLE INCOME A D J . ( N I A DI S POS A BL E INCOME ♦ G O V T . I NSURANCE C R E D I T S ♦ C A P I T A L GAI NS D I V I D . ) IN FO R M AT IO N. 48 49 50 51 52 53 54 * 00 18.0 11.7 6.2 5.7 47 CONSUMER DURABLES E X P E N D I T U RE S L E S S : C A P I T A L CONSUMPTI ON = NET I N V E S T ME NT PER C E N T OF D I S POS A BL E INCOME A D J . 1 2 1 : 24.4 GROSS SAVI NG 17.4 14.1 5.8 5.2 44 45 46 20 THROUGH 3 0 . MEMORANDA: NET PHY S I C A L I N V E S T ME N T ; ( A ) R E S I D E N T I A L C ONST RUC T I ON 26.6 EX PE N D I T URE S 9. 9 L E S S : C A P I T A L CONSUMPTI ON 27.1 HOME MORTGAGES -10.4 = NET E Q U I T Y I NVEST MENT 48 49 50 51 17 18 DEPOSITS + SECURI T I E S ( 1 ) 19 DEMAND D E P O S I T S + CURRENC 20 ( DLINES . I NV E ST ME NT OF F I N A N . ASSET S 57 58 59 60 61 62 63 64 65 66 67 68 5 NOVEMBER 1971 T C T A l ♦ NONCORP BUS IN ES S TOTAL 5 + NONCORP BUSI NESS 5 SECTOR ST ATEMENTS OF SAVING AND IN V ES T ME NT ( B I L L I O N S OF DOLLARS) SEAS ONAL L Y ACJUSTEO 1967 ANNUAL RA T E S 1968 1969 1970 SEAS ONAL L Y A D J U S T E D 1 1 ___________ 1969 IV 1 11 1970 II I N 0 N F 1 N A NC I A L III B US I NE S S - IV 1 1 I 1971 II ANNUAL RATES III TOTAL 1 2 136. 2 76. 4 142.4 80.0 138.4 78.9 129.7 82.0 133.3 77.5 130.9 81.6 132.1 82.1 130. 1 82.3 125.5 82.6 132.0 90.1 134.8 94.0 136.6 9 4. 4 I NCOME BEFORE T A XE S GROSS SAVI NG 1 2 3 4 5 6 7 8 9 68.3 9 4. 0 85.8 77.8 2.0 6.1 8.2 73.7 99.0 9 1. 9 82.9 .9 8.1 7.1 73.6 109.2 101.8 91.6 -.1 10.3 7.4 8C. 2 109.1 106.3 9 4. 8 1.0 10.4 2.8 73.9 111.5 105.8 95.C .2 10.7 5.7 80.2 104.1 103.7 93.4 -.1 10.4 .4 82.8 107.4 105.3 94.8 -.6 11.2 2.1 7 9. 7 114.2 109.1 97.6 1.8 9.7 5.1 78.7 110.8 107.1 9 3. 6 3.0 10.5 3.7 81.8 114.7 111.6 96.8 3.8 11.0 3.2 82.0 120.0 114.3 99.5 2.1 12.8 5.7 81.9 118.3 116.7 101.6 1.6 13.5 1.6 GROSS I NV E ST ME NT C A P I T A L E X PE N D I T URE S F I X E D I N V E S T ME NT B U S I N E S S PL ANT ♦ EQUI PMENT 1 - 4 F A MI L Y R E S I D E N T . CONST OTHER R E S I D E N T I A L CHANGE I N I N V E N T O R I E S 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 -25.7 15.8 41.5 2.3 35.6 14. 7 1.1 9.2 7.7 2.8 -25.3 27.4 52.6 -.8 5 39.6 ! 12.9 , .3 11.0 10. 6 4.8 — 3 5.6 29.6 65.2 4.3 45.4 12. 1 -.6 11.0 13.5 9.3 -28.9 21.2 50.1 6.8 41.5 2C. 3 .3 11.7 2.3 7.0 -37.7 22.6 60.3 9.1 40 i 8 10.7 -1.0 11.6 12.8 6.7 -23.9 37.0 60.9 6.3 3 7. 1 13.9 -.3 9.7 4.6 9.2 -24.6 25.1 49.7 6.2 48.0. 22.7 -1.1 9.6 10.4 6.4 -34.5 8.3 42.8 5.0 40.7 2 0. 7 1.4 12.3 .9 5.3 -32.2 14.9 47.1 9.6 40.4 23.8 1.2 15. 1 -6.7 7.0 -32.9 26.9 5 9. 9 9.0 50.4 2 3. 8 1.9 15.4 .6 8.7 -38.1 21.9 59.9 16.4 49.7 2 2. 1 2.0 18.9 5.9 .9 -36.4 26.5 6^.9 12. 1 59.4 16.2 1.9 21.8 18.3 1.2 20 21 6.4 -2.7 10.2 3.7 19.7 -4.1 4.3 -2.5 12.8 -2.3 14.5 2.9 2.0 -4.9 .7 -3.6 4.3 -3.8 -6.5 .3 -6.1 -2.5 22 10. 1 6.3 5.4 1.8 3.6 1.4 -.7 2.6 3.9 8.3 12. 1 12.5 * -4.5 NET F I N A N C I A L I N V E S T ME NT 10 F I N A N C I A L USES OF F UNDS, NET 11 F I N A N . SOURCES OF F UNOS, NET 12 CORPORATE SHARE I SSUES 13 C R E D I T MKT . I NST RUMENT S 14 CORPORATE BONDS 15 HOME MORTGAGES 16 OT HER MORTGAGES 17 BANK LOANS N . E . C . 18 OTHER LOANS 19 T RADE DEBT OT HER L I A B I L I T I E S DI S C REPA NCY 20 21 22 FARM B U S I N E S S I 2 3 4 5 6 14.8 -.1 5.7 5.5 .3 5.7 14. 7 .2 6.2 6.0 .3 6.4 16.8 -.1 6.7 6.4 .3 6.6 15.8 * 6.9 6.6 .3 6.9 17.4 -.3 6.9 6.5 .3 6.6 17.8 -1.0 6.9 6.6 .3 5.9 16.6 -.4 6.9 6.6 .3 6.5 14.5 .4 6.9 6.6 .3 7.3 14.4 .6 6.9 6.6 .3 7.5 14. 8 * 7.0 6.7 .3 7.0 15. 2 * 7.1 6.8 .4 7.1 17.2 7.2 6.8 .4 7.2 7 8 9 10 11 5.7 7.3 6.0 .6 •7 6.4 6.3 5.7 .5 .1 6.6 6.4 5.7 .6 .1 6.9 7.1 6.2 •6 .3 6.6 7.1 6.3 .6 .2 5.9 6.7 5.8 .6 .3 6.5 6.7 5.8 .6 .3 7.3 7.6 6.7 .6 .3 7.5 7.4 6.4 .6 .4 7.0 7.9 7.1 .6 .2 7.1 8.5 7.3 .6 .5 7.2 9. I 7.7 .6 12 13 14 15 16 17 -1.6 .4 .1 .3 .2 ♦ .1 .6 .2 .4 .3 .1 .2 .5 .1 .4 .4 .1 -.2 .6 .1 .4 .4 .1 -.5 .5 .1 .4 .4 * -.7 .5 .1 .4 .4 ♦ -.2 .6 .1 .4 .4 .1 -.4 .5 .1 .4 .4 * * .6 .1 .5 .4 .1 -.9 .6 .1 .4 .4 .1 -1.3 .6 .1 .4 .4 .1 -1.9 .5 .1 .4 .4 * 18 19 20 21 22 23 2* 2.0 3.5 2.1 .7 .6 .2 .5 .5 2.7 2.1 .4 .2 -.1 .2 .4 3.2 1.9 .6 .6 * .6 .7 3.2 1.8 .8 .6 -.1 .7 1.0 2.5 1.5 .5 .4 -.4 .8 1.3 3.0 1.5 .5 1.0 .1 1.0 .8 3.8 1.4 1.6 .8 .1 .7 . .9 3.3 2.1 1.3 -.1 -.2 .2 .5 3.1 2.1 .1 .8 -.1 .9 1.4 4.6 2.2 1.3 1.0 -.1 1.1 1.9 4.3 1.2 2.0 1.1 .1 1.0 2.4 3.8 2.2 1.1 .4 .1 .4 25 26 .8 -2.3 .4 -2.6 .7 -3.5 .3 -2.8 1.6 -3.1 .8 -2.6 .5 -2.9 -.1 -2.5 * -3.0 (2) •8 NET I NCOME NET SAVI NG C A P I T A L CONSUMPT I ON NONCORPORATE CORPORATE C URRENT SURP. * GROSS SAVI NG 1 2 3 4 5 6 GROSS I N V E S T ME NT C A P I T A L E X P E N D I T U RE S P L A N T AND EQUI PMENT R E S I D E N T I A L C ON S T RU C T I ON CHANGE I N I N V E N T O R I E S 7 8 9 10 11 N E T F I N A N . I NV EST MENT N E T . I N C R . I N F I N A N . ASSETS DEMAND DE P. AND CURRENCY MI S C E L L ANE OUS A S S E T S I NSURANCE R E C E I V A B L E S EQUITY IN SPON.AGS.(2) 12 13 14 15 16 17 N E T I NCREASE I N L I A B I L I T I E S C R E O I T MARKET I NSTRUMENTS MORTGAGES BANK LOANS N . E . C . OTHER LOANS U.S.GOVT. F I C B + B K S FOR COOPS 18 19 20 21 22 23 24 2.9 1.8 3.1 TRADE DEBT 25 -6.0 -4.2 -4.5 P ROPRI ET OR NET I NV E ST ME NT 26 SHARES IN F I C B •St BANKS FOR COOPS* AND LAND BANKS. NONFARM NONCORPORATE B US I NES S 1 56.4 58.9 59.7 60.7 59.3 59.7 60.6 61.1 61.2 61.0 61.5 61.9 NET 2 3 11. 2 11. 2 11.9 11.9 13.1 12.9 13.9 13.6 13.5 13.1 13.7 16.0 13.8 13.7 14.0 12.9 14. 1 12.7 14.9 14.8 15. 1 15. 1 15.5 15.5 C A P I T A L CONSUMPTI ON CURRENT SURP. * GROSS SAVI NG 4 5 6 7 8 9 10 11.2 14.7 14.5 9.3 4.5 .7 .2 11.9 16.5 16.0 9.8 5.9 .2 .5 12.9 17.9 17.1 10.3 7.1 -.4 .8 13.6 17. 8 17.9 10.4 7.3 .2 -.1 13.1 17. 1 17.6 10.6 7.2 -.2 -.4 16.0 17.3 17.5 10.6 7.3 -.4 -.2 13.7 18.2 17.6 10.5 7.7 -.6 .6 12.9 18.2 17.6 10.3 6. 8 .6 .6 12.7 17.4 18.9 10. 3 7.4 1.2 -1.5 14.8 2 3.0 2 0. 4 11.1 7.7 1.6 2.7 15. 1 19.8 2 0. 9 11. 2 9.0 .7 -1.1 15.5 21.8 2 1. 8 11.8 9.5 .5 ♦ GROSS I N V E S T ME NT C A P I T A L E X P E N D I T URE S FIXED CAPITAL P L A NT ♦ EQUI PMENT MULTI- FAMILY RES I D . HOME CON S T RUC T I ON CHANGE I N I N V E N T O R I E S 11 12 13 14 15 16 17 -3.5 .9 .5 .4 .4 * -4.6 1.2 .7 .5 .5 ♦ -5.0 1.2 .5 .7 .7 * -4.1 1.2 — .5 .7 .7 ♦ -4.1 1.0 .3 .7 .7 * -1.3 .6 -.1 .7 .7 * -4.5 .9 .2 .7 .7 * -5.3 1.9 1.2 .7 .7 * -4.7 1.3 .6 .7 .7 * -8.2 .5 -.2 .7 .7 ♦ -4.7 1.5 .7 .7 .7 ♦ -6.3 1.5 .8 .7 .7 ♦ NE T F I N A N C I A L I N V E S T . 11 N E T A C Q U I S . OF F I N A N . AS SE T 12 DEMAND O E P . ♦ CURRENCY 13 CONSUMER C R E D I T 14 MI S C E L L AN E OUS A S SE T S 15 I NSURANCE RE C E I V A B L E S 16 E Q U I T Y I N SPON. AGS. 17 18 19 20 21 22 23 4.3 5.0 3.7 .6 2.8 .3 5.8 5.8 3.4 .1 2.7 .5 6.2 7.4 3.7 -.3 3.6 .4 5.3 6.3 4.9 .2 4.3 .4 5.0 6.4 3.3 -.5 3.4 .4 1.9 3.5 3.6 -.1 3.4 .4 5.4 5.2 3.7 -.6 4.0 .3 7.2 8.7 5.9 .7 4.8 .4 6.0 7.7 6.3 .6 5.1 .6 8.7 8.2 6.2 1.0 4.7 .6 6.2 9.8 7.4 1.0 5.6 .8 7.8 10.6 9.6 .9 7.8 .8 24 25 .6 .7 1.4 1.1 1.9 1.8 .2 1.1 1.7 1.4 -1.5 1.4 .6 .9 1.1 1.7 .8 .6 -.7 2.6 1.4 .9 1.0 * 26 27 .6 -1.3 -.4 .4 -.8 -.4 -1.4 .5 -1.8 .4 -1.6 * -.6 .8 -2.0 .4 -2.2 .5 1.0 -.5 -2.0 -1.6 -.7 -2.2 1 11/71 IS PRE LIM INA RY E S T IM A T E BASED CN INCOMPLETE IN FO R M AT IO N . : INCOME N E T I NCREASE I N L I A B I L I T I E S C R E D I T MARKET I NST RUMENT S MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCI AL BANK LOANS N . E . C . OTHER LOANS T RADE D E B T , NET PROPRI ET OR N E T I NVEST MENT 1 2 3 4 5 6 7 8 9 10 18 19 20 21 22 23 24 25 26 27 5 NOVEMBER 1S71 CORPORATE BUS I NE S S CORPORATE BUS I NES S 6 SECTOR ST AT EMENT S OF S A VI N G ANO I N V E S T ME N T ( B I L L I O N S OF OOL L ARS) SEASCNAL LY ACJUSTEO 1967 1968 ANNUAL RA T ES 1969 1970 6 SEAS ONAL L Y A D J U S T E D ANNUAL RATES I 1 1969 IV I 1 1970 I II III IV | | I 1971 II III N O N F I N A N C I A L CORPORATE B US I N E S S I 2 3 4 5 6 7 8 66.1 28.3 18. 8 19. 0 2.1 -1.1 41.5 61.5 72.2 34.0 2C.8 17.5 2.5 -3.3 45.1 61.7 67.5 3 3. 3 2 0. 9 13.3 2.5 -5.5 49.2 59.5 57.7 2 7. 0 21.0 9.6 2.6 -4.5 53.8 61* 5 63.2 31.2 21.0 11.1 2.5 -6.7 51.0 57.9 59.2 27.6 21.0 10.6 2.8 -5.8 52.1 59.7 59.2 27.7 21.2 10.3 2.5 -4.2 53.3 61.8 60.0 28.1 21.2 10.7 2.7 -5.5 54.2 62.1 52.4 24.7 20.8 6.9 2.7 -2.6 55.4 6 2. 4 59.7 28.8 2 1. 3 9.6 2.7 -3.5 59.5 68.3 63.1 3 0. 3 20.4 12.3 3.3 -5.1 61.2 71.8 64.0 30.5 21.4 12. 1 3.5 -6.5 62.5 71.6 P R O F I T S BEFORE TAX - P R O F I T S TAX ACCRUALS - N E T D I V I D E N D S PAI O * UN DI ST RI B UT ED PROFI TS ♦ F G N . BRANCH P R O F I T S * I N V . VALUATI ON ADJ . ♦ C A P I T A L CONSUMPT I ON A L L . * GROSS I N T E RN A L FUNDS 9 10 11 12 13 14 51.3 72.0 64.7 62.5 2*3 7.3 55.4 76. 1 6 9. 7 67.4 2.3 6.4 54.1 84.9 78.4 7 5.6 2.8 6.5 59.7 84.2 81.6 78.3 3.3 2,6 54.2 87.3 8 1. 4 78.1 3.3 5.9 58.2 80.1 79.8 77.0 2.8 .3 6 2. 6 82.5 8 1. 3 78.5 2.8 1.2 59.5 88.3 84.1 8 0. 6 3.5 4.2 58.5 8 6. 0 81.2 76.9 4.3 4.8 59.9 83.8 8 3. 5 78.7 4.8 .3 59.7 91.7 85.5 81.0 4.5 6.3 59.2 87.4 86.6 82.1 4.5 .8 GROSS I NV E ST ME NT ( 1 0 «■ 1 5) C A P I T A L E X P E N D I T U RE S F I X E D I N V E S T ME NT PL A NT AND EQUI PMENT R E S I D E N T I A L CONST RUC T I ON CHANGE I N I N V E N T O R I E S 9 10 11 12 13 14 15 16 -20.6 14. 6 -30.8 27.8 -24.5 19.5 -33.1 2 1. 2 ^21.9 3 5. 9 -19.9 2 3. 6 -2 8.8 5.9 -27.5 13. 1 -2 3.9 25.8 -3 2.0 19.8 -28.2 24.4 N E T F I N A N C I A L I NV EST MENT F I N A N C I A L USES OF F U N D S , N E T 15 16 17 18 19 20 21 22 2.1 .7 2.9 -2.8 1.5 -.2 8.6 1.6 1.9 1.7 4.4 -1.1 1.3 -.9 -9.8 -1.7 8.6 5.1 8.9 -1.0 12.8 -3.2 -1.1 1.4 4.6 2.9 -4.2 -8.0 8.9 5.0 11.8 -2.4 .5 -5.4 18.6 .6 14.0 -2.9 6.1 1.3 7.4 2.0 1.4 .6 32.3 -3.9 -29.1 1.6 8.5 .8 12.2 -4.5 -1.2 1.2 3.0 .3 3.0 .8 -7.3 6.1 7.2 4.7 -1.5 6.0 -5.5 3.4 8.0 .8 1.0 3.5 2.1 .6 23 24 25 26 27 28 29 30 .9 7.7 3.8 2.7 * .7 * .4 1.7 13.9 1.4 1.1 .2 .8 * -.7 1.3 17.3 8.0 2.0 -.2 1.1 .1 4.9 1.4 6.2 3.0 3.1 -.2 1.2 .1 -1.2 .8 14.6 1.2 -1.0 -.9 1.2 .1 1.8 1.5 18.6 3.9 5.5 -.2 1.2 .1 -2.7 1.4 4.8 3.4 5.3 .1 1.2 .1 -3.3 1.7 2.0 .7 1.9 * 1.2 .1 -2.4 l.l -.7 4.2 -.3 -.7 1.2 .2 3.7 1.7 11.6 9.6 4.8 -.4 1.2 * 4.0 1.8 * 10.8 5.7 .3 1.2 * 3.6 2.0 3.5 11.0 6.0 -.2 1.2 * 3.9 CONSUMER C R E D I T 23 T RADE C R E D I T 24 25 MI S C EL L ANEOUS ASSET S FGN D I R E C T I N V E S T M E N T ( 1) 26 27 F G N . CURRE N C I E S 28 I NSURANCE R E C E I V A B L E S EQ. IN F E D . SPON. AG. 29 OTHER 30 31 32 33 34 35.2 29.3 2.3 27.0 46.3 30.3 -.8 31.1 58.6 39.1 4.3 34.8 44.0 38.8 6.8 3 2. 0 54.2 41.0 9.1 3 1. 9 57.8 36.9 6.3 30.6 43.5 45.2 6.2 39.1 34.7 33.6 5.0 2 8. 6 40.5 39.2 9.6 29.6 49.7 46.6 9.0 37.7 51.9 52.1 16. 4 35.7 52.7 57. 1 12. 1 45.0 F I N A N . SOURCES OF F U N O S , N E T 31 NET FUNDS RA I S E D I N MKTS. 32 NET NEW SHARE I S S UE S 33 D E BT I NST RUMENT S 34 35 36 37 38 39 14.7 4.5 .6 .8 3.1 12. 9 5.8 .1 •8 4.9 12. 1 4.8 -.3 1.2 3.8 2C. 3 5.3 .2 1.5 3.6 10.7 5.7 -.5 2.2 4.0 13.9 4.3 -.1 • 1.3 3.2 22.7 3.4 -.6 1.4 2.5 20.7 5.8 .7 1.6 3 *4 23.8 7.8 .6 1.8 5.5 23.8 8.8 1.0 2.6 5.3 22.1 12.3 1.0 4.5 6.8 16.2 11. 8 .9 3.4 7.5 CORPORATE B O N D S ( I ) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCI AL 35 36 37 38 39 40 41 42 43 1.5 -.3 .2 8.8 1.6 1.8 .2 11.0 2.7 4.2 .1 1.2 2.6 2.3 .3 10.6 •3 4.4 .2 5.6 5.3 1.3 .2 8.3 .8 3.5 .3 -1.5 .8 2.6 .2 -7.7 3.3 2.0 .4 -.1 2.5 2.3 .3 2.5 -4.4 3.0 .2 16.2 1.2 -.7 .2 BANK LOANS N . E . C . O PE N- MKT PAPER F I N A N C E C O. LOANS U . S . G O V T . LOANS 40 41 42 43 44 45 46 -4.7 4.9 5.6 2.1 10.1 3.8 -1.9 19.7 1.7 -3.3 5.5 3.1 -2.6 13.0 2.9 -2.5 15.3 8.0 -4.6 .7 2.2 -3.0 3.5 .6 -3.3 3.0 1.7 .4 .3 2.4 5.8 -6.3 .3 2.7 ‘ -8.5 1.4 47 48 49 10. 1 2.7 32.3 6.3 3.8 31.8 5.4 *“ 2*4 37.C 1.8 .7 31.2 3.6 1.6 34.0 1.4 3.3 30.6 -.7 4.2 32.7 2.6 -1.5 31.4 3.9 -3.7 30.2 8.3 11.2 28.2 12.1 6.3 23.8 12.5 12.0 30.1 50 51 52 42.8 117.1 37.6 47.0 123.4 40.9 49.3 142.8 41.0 46.8 136.9 38.0 4 9. 3 15C.9 36.5 4 6. 6 134.3 38.2 46.7 133.4 4 7. 3 46.9 142.2 32.4 47.1 137.8 34.4 48.3 122.8 45.0 48.1 127.8 38.9 47.7 122.0 51.5 ' -20.7, 25.6 . L I Q U I D ASSETS DEMAND DEP. AND CURR. TI ME DEPOSI TS U . S . GOVT. S E C U R I T I ES O P E N - M K T . PAPER S T A T E AND LOCAL O B L I G . PROF I T TAX L I A B I L I T Y T RADE D E BT MI S C E L L ANE OUS L I A B I L I T I E S DI S C REPA NCY MEMO- NE T TRADE C R E D I T P R O F I T S T AX PAYMENTS PE RCE NT R A T I O S : E F F E C T I V E T A X RAT E C A P . O U T L A Y S / I N T . FUNDS C R . M K T . BORROWI NG/ CAP. EXP. 1 2 3 4 5 6 7 8 17 18 19 20 21 22 44 45 46 47 48 49 50 51 52 (I) Line 35 excludes new issues sold abroad, and line 26 excludes direct investment financed by foreign security flotations. 111/71 is preliminary estimate based on incomplete information. 5 NtVE>BEB 19 71 GOVERNMENTS GOVERNMENTS 7 7 SECTOR STATEMENTS OF SAVING AND INVESTMENT ( B I L L I O N S OF DOLLARS) SEASONALLY ADJ UST ED ANNUAL RATES SEASONALLY ADJ UST EO ANNUAL RATES I 1970 i 1969 | IV | 1970 I II III S T A T E AND LOCAL GOVERNMENTS - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 72. 0 21.5 89.4 5.7 -1.6 3.9 -5.5 -5.6 3.8 1.4 -1.0 2.4 2.1 .2 -.4 . .6 ; 1.9 1.9 * .3 IV | | I 1971 II GENERAL FUNDS 82.C 25.1 100.8 6.7 -.3 4.6 *5.0 91.5 27.5 11C. 6 8.3 .1 4.6 -4.5 100.7 32.7 122.2 10.8 .5 6.6 —6 . 0 95.0 29.2 113.5 6.8 1.8 2.8 -1.0 97.1 30.9 117.1 9.8 1.1 5.2 -4.0 99.8 32.1 119.7 10. 3 1.9 9.5 -7.6 102.0 33.3 124.0 11. 1 .2 5.7 -5.5 103.9 34.6 127^9 11.9 -1.3 5.9 -7.1 107. 5 36.2 131.5 12.6 -.4 6.8 -7.3 110.6 38.6 134.5 1 3. 1 1.6 8.9 -7.3 5*0 3*9 .1 3.2 .4 .8 -.3 1.0 * ' -.4 -.4 .1 .7 -6.3 2.7 -2.7 3*2 -5.9 6.1 3.5 1.8 1.7 .3 2.3 2.3 * -.6 -6.3 6.5 1.2 9.9 -3,8 -4.0 -3.1 -.9 .4 -.2 -.2 ♦ -.9 -2.4 3.2 -1.7 2.9 -4.6 5.6 4.2 2-8 1.4 .6 .8 .8 * -.7 -7.2 2.7 6.1 -.3 6.4 -2.5 -2.9 -3 .2 .3 .2 .2 .2 ♦ -.9 -5.7 5.1 11. 3 1.0 10. 3 -5.3 -6.0 -3.5. -2.5 .7 * * * -.9 -4.4 5.8 14. 5 l.i 13.4 -7.8 -7.0 -5.4 -1.5 .3 -I.I -l .l -.9 -7.8 12.2 12. 6 3.1 9.6 .4 -.2 -.2 * .5 .1 * * -.9 -13.9 12. 5 10.5 -.3 10. 8 1.8 -1.0 .9 -1.9 .1 2.7 2.7 * .2 -13.6 3.3 .1 -2.3 2.4 3.0 .3 .5 -.2 .2 2.5 2.5 * .2 26.5 26.0 25.6 7.4 18.2 .4 .5 17.0 16. 5 16. 3 3.5 12. 8 .2 .5 6.7 6.3 llil 22 23 24 25 26 27 28 9.5 8.8 8.7 1.8 6.8 .2 .6 10. 5 9.9 9.6 .1 9.4 .3 .6 9.0 8.5 8.1 3.1 5.0 .4 .5 12. 8 12. 2 11. 8 3.8 8.0 .4 .5 5.6 5.1 4.7 2.7 2.0 .5 .5 9.9 9.4 8.9 3.0 5.9 .5 .5 10.9 10.4 10. 2 3.2 7.0 .2 .5 10. 2 9.7 8.9 1.9 7.0 .8 .5 20.0 1 9. 5 19. 3 7.2 12. 0 .2 .5 29 .1 .5 1.8 .2 1.5 3.2 -1.8 -1.1 .7 1 1 4 . 7 TAX RE C E I P T S 3 9 . 8 S O C . I N S . + GRANTS RECD. 1 3 6 . 8 PURCH. OF GOODS ♦ SERVI CES 1 3 . 5 NET I N T E RE S T ♦ TRANSFERS PAI D 4 . 2 NET SURPLUS* NI A BASI S 7 . 7 L E S S - R E T I R E ME N T CR. TO HH. - 3 . 5 EQUALS- GROSS SAVI NG -13.2 5.3 18. 5 1 2 3 4 5 6 7 NET F I N A N C I A L I NVEST MENT 8 NET ACQ. OF F I N A N . A S S E T S 9 7 . 3 TOT AL DEPOSI T S ♦ CURRENCY 10 . 3 CURR. AND DEMAND OEPOSI T U 7 . 0 T I ME OEPOSI T S 12 - 2 . 2 C R E D I T MKT. I NSTRUMENTS 13 - 2 . 5 U . S . G O V T . S E C U R I T I E S 14 - 2 . 6 D I RE C T 15 . 1 U . S . G . AGENCY SEC. 16 . 1 ST AT E ♦ LOCAL S EC. 17 . 2 OTHER CR . MKT . I NST RUMENT S 18 . 2 CORPORATE BONDS 19 *HOME MORTGAGES 20 . 2 TAX RE C E I V A BL E S 21 NET I NCR.IN L I A B I L I T I E S 22 1 8 . 0 C R E O I T MKT. BORROWING23 1 7 . 8 ST AT E ♦ LOCAL OB L I G . 24 3 . 9 SHORT- TERM 25 1 3 . 9 OTHER 26 . 1 U . S . G C V T . LOANS 27 . 5 TRADE DEBT 28 9 . 7 DI SCREPANCY 29 EMPLOYEE RETI REMENT FUNOS ARE IN INSURANCE SECT OR. U. S. GOVERNMENT 1 2 3 4 5 151 . 2 67.5 30. 7 16. 3 36. 7 1 75 . 0 79. 7 36. 7 18. 0 40.7 196. 9 94. 9 36. 3 19. 0 46.8 191. 5 92. 2 30.6 19.3 49.3 196. 8 95.2 34. 5 19. 1 48.0 191.6 93.8 30.6 19. 0 48. 2 193.8 94. 5 30. 9 19. 1 49.2 191.3 89.7 31. 9 19. 7 50.0 189. 3 91. 0 29. 0 19.4 49. 8 195.6 87.6 32. 4 20. 6 55.0 198. 3 88.4 33. 4 20.6 55. 9 202.0 90. 1 33. 5 21.5 56.9 T OT AL R E C E I P T S , NI A BA S I S PERSONAL TAXES CORP. PROF I T S TAX ACCRUALS I N D I R E C T TAXES INSURANCE REC EI P T S 6 7 8 9 10 11 12 13 163. 6 90.7 30. 7 10 . 2 32.0 -12.4 1.4 -13.8 181. 5 98.8 34. 1 11. 7 36.9 -6.5 1.3 -7.8 189. 5 99.2 37. 2 13. 1 40.0 7.3 1.6 5.7 205.1 97.2 45.2 14.6 48.1 -13.6 2.5 -16.1 193.4 99.5 39.5 14. 0 40.4 3.4 .9 2.5 196.1 ’ 100 . 2 39.7 14. 3 41.9 -4.5 1.5 -6.0 207.9 96.8 46.4 14.-3 50.5 -14.1 3.6 -17.7 206.7 96. 1 46.8 15.0 48.9 -15.5 1.8 -17.3 209.8 95.9 48.1 14. 8 51. 0 -20.5 3.0 -23.4 213.2 96.7 47.5 14. 0 55. 0 -17.5 2.1 -19.6 220. 9 95.7 49. 7 13. 4 62. 0 -22.6 4.1 -26.7 224. 9 97. 6 50.4 13. 9 63.0 -22.9 2.2 -25.0 T OT A L E X PENDI T URES , NI A BASI S GOODS AND SERVI CES GRANTS ANO DONATI ONS NET I N T E R E S T INSURANCE B E NE F I T S NET SURPLUS, NI A BAS I S L ES S - I NS URA NC E C R E D I T S T O HH EQUALS- GROSS SAVI NG 6 7 8 9 10 11 12 13 14 15 16 17 18 19 ' 20 -13.1 2.9 1.0 4.6 -.1 .9 3.8 -8.4 7.4 -1.7 4.9 .1 1.1 3.7 5.4 3.0 1. 1 2.5 -1.3 .7 3.1 -15.2 •6 2.5 3.2 -.1 .3 3.0 2.0 5.6 4.0 2.3 -1.0 •8 2.4 -4.8 * .6 3.9 .1 .3 3.5 -18.9 -.6 2.5 3.6 * .5 3.1 -14.0 .3 .7 3.5 .1 .3 3.1 -23.1 2.9 6.4 1.8 -.6 .3 2.1 -19.8 -18.3 -19.1 4.3 -.2 4.5 -30.7 20.8 15. 9 4.4 ♦ .4 4.0 -25.1 -3.9 1.7 3.2 -.4 3.5 14 15 16 17 18 19 20 21 22 -4.4 1.8 1.7 2.5 -2.9 2.2 -2.8 -2.3 -2.3 1.6 -1.1 -3.3 -4.2 -2 .5 -1 .7 -2.1 -4.1 -1.3 .5 -4.0 5.8 -5.3 -.5 -8.3 NET F I N A N . I NVESTMENT NET A C Q U I S . OF F I N A N . ASSET DEMAND OEPOSI T S ♦ CyRRENC C RE D I T MARKET I NSTRUMENTS AGENCY S E C U R I T I E S J* MORTGAGES OTHER LOANS EXCESS OF TAX ACCRUALS OVER RE C E I P T S 1 OTHER F I N A N C I A L ASSET S 23 24 25 26 27 28 29 16.C 13. 0 1.0 7.9 4.1 1.4 1.6 15. 9 13. 4 .4 9.9 3.1 1.3 1.1 -2.5 -3 .6 -.4 -.9 -2.4 1.6 -.4 15. 9 12. 8 .3 12.6 -.1 2.5 .6 3.5 1.2 .1 4.8 -3.7 .9 1.4 4.9 3.0 -.9 4.4 -.5 1.5 .4 18. 2 16. 0 -.2 18. 3 -2.0 3.6 -1.4 14. 3 12. 2 .5 10. 9 .8 1.8 .3 26. 0 20.0 1.7 16. 8 1.5 3.0 3.1 1.5 -1.6 1.9 -.6 -2.9 2.1 .9 51. 5 47.7 2.7 45. 2 -.2 4.1 -.3 21.2 20.6 2.4 17. 8 .4 2.2 -1.7 30 31 -.7 35. 1 .6 35. 0 .3 39.2 -.9 33.4 .5 36.8 -1 .2 31.7 1.2 35. 1 -3.3 33.6 -.3 33. 1 .1 31.9 4.1 27.7 * 34. 1 . 1 .1 1 2 3 4 5 21 22 NET I NCREASE IN L I A B I L I T I E S 23 U . S . GOVT . S E C U R I T I E S 24 SAVI NGS BONDS 25 OI RE C T EXC. SVGS. BOS. 26 BUDGET AGENCY SEC. 27 L I F E ♦ RE T I RE ME N T RESERVES 28 OTHER 11 Aft I L,I T I E S 29 DI SCREPANCY ( 1 3 - 1 4 ) MEMO- CORP. TAX R E C E I P T S , NET 30 31 FEDERALLY SPONSORED CREDI T AGENCI ES 1 .1 .1 .1 .1 .1 .1 .1 .1 .1 2 3 4 5 6 7 8 9 10 -.1 -.1 ♦ 1.1 .7 -1.8 .2 .5 -2.5 3.2 3.2 -.1 1.6 .5 1.2 .1 .2 .9 9.2 9.0 -.2 3.9 .6 4.8 .2 .6 4.0 10. 8 9.9 1.7 5.4 .5 2.3 .3 .7 1.3 13. 7 14. 1 1.2 6.6 f3 5.9 .3 .8 4.8 15. 8 13. 7 2.0 5.8 .3 5.6 .3 1.0 4.4 6.8 7.1 -.5 5.4 .5 1.7 .1 .7 .8 9.9 8.7 1.0 6.3 .5 .9 .4 .2 .3 10. 7 10. 1 4.4 4.0 .5 1.1 .4 .9 -.2 11 12 13 14 15 16 -.2 -.6 -*6 -.1 .5 * 3.2 3.5 3.2 .2 -.3 .1 9.1 8.8 9.1 -.3 .4 .1 10.8 8.7 8.7 2.1 .1 13. 3 12. 5 12.5 .8 -.3 15. 8 14. 4 14. 4 1.3 .1 6.7 5.5 5.5 1.2 ♦ 9.9 7.8 7.8 2.1 * 10. 8 7.0 7.0 3.7 .1 . 1 CURRENT SURPLUS 2.1 -5.6 8 . 6 NET I NCREASE I N ASSETS .3 -5.7 8.3 C RE D I T MKT. I NTRUMENTS -1.9 -2.7 -.6 U . S . G O V T . S EC. 1.4 6.0 7.7 R E S I D E N T I A L MORTGAGES (1) .5 .8 .8 FARM MORTGAGES .2 -9.8 .3 OTHER LOANS .3 .1 -.7 TO COOPS ( B C ) l.l 1.0 .4 TO FARMERS ( F I C B ) -1.2 -10.8 .7 TO S ♦ L ' S ( F H L B ) 2.3 -5.7 8 . 3 NET I NCREASE IN L I A B I L I T I E S -1.8 J.7 8.6 C RE OI T MKT. I N S T R . -1.8 .7 8.6 AGENCY S E C U R I T I E S (1) U . S . GOVT ■ LOANS 4.1 -6.4 -.4 MI SCELLANEOUS L I A B I L I T I E S .2 * - . 2 DI SCREPANCY T H I S GROUP C C NS I S T S OF FEDERAL HOME LOAN BANKS, FEDERAL NATI ONAL MORTGAGE A S S O C I A T I O N , FEDERAL I NT ERMEDI AT E C RE OI T BANKS, BANKS FOR C OOPERAT I VES, ANO FEDERAL LANO BANKS. T HESE AGENCI ES ARE PRI V A T E L Y OWNED ANO ARE EXCLUOEO FROM U . S . GOVERNMENT BUDGET ACCOUNTS AS OF 1969 AND FROM U . S . GOVERNMENT F I GURES I N THESE ACCOUNTS FOR ALL YEARS. 111/71 is preliminary estimate based on incomplete information. (I) All GNMA-guaranteed securities backed by mortgage pools are included in agency securities (line 13). The mortgage pools are included in residential mortgages (line 5). 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 5 NOVEMBER 1971 BANKI NG SYSTEM BANKI NG SYSTEM 8 SECTOR ST ATEMENTS OF SAVING ANO IN VES TM ENT ( B I L L I O N S OF OGLLARS! SEAS ONAL L Y A C J US T E D ANNUAL RA T ES SEA S ONA L L Y A D J U S T E D | 1970 I 1969 IV | | 1970 I II 1 1 IV III 1971 II 1 ANNUAL RAT ES III 1967 1968 1969 1 * * * * ♦ * ♦ * * * * * 2 3 4 5 6 7 8 4.8 -.5 .5 * * 4.8 4.8 3.7 -1.2 .2 .9 * 3.7 3.8 4.2 -.1 * .1 * 4.2 4.2 5.3 -1.4 .7 .8 .2 5.0 5.0 7.4 -1.5 .3 1.4 -2.0 9.3 9.2 6.1 .6 1.9 2.4 -.2 1.2 1.1 1.1 -2.0 .3 -3.1 .4 5.5 5,4 9.9 -1.0 .4 1.2 1.6 7.7 7.9 4.0 -3.: .3 2.7 -1.2 5.5 5.6 11.4 -.9 .5 -2.1 -2.1 16.1 15.7 .7 -1.3 .7 -2.1 1.5 1.9 2.2 10.3 -1.1 .5 4.9 -1.3 7.2 7.2 9 10 11 4.7 1.3 .5 3.7 .7 1.3 4.2 .3 .1 5.3 2.1 -.3 7.4 .3 -.5 6.1 4.3 -1.5 1.1 -1.3 -.2 9.9 5.7 -.4 4.0 -.5 1.0 11.4 9.7 .6 .7 -4.7 .8 10.2 1.1 -.7 12 13 14 15 .9 * 2.1 * -1.0 .1 2.4 .2 .5 -.1 2.8 .6 -.4 ♦ 3.5 .4 2.3 -.1 4.2 1.2 -1.2 .3 3.7 .4 -3.2 -.2 5.6 .5- 2.3 -.2 3.2 -.8 .6 -.1 1.5 1.6 -1.3 .2 3.2 -1.1 -.5 -.1 6.2 -1.0 MONETARY A U T H O R I T I E S ! CURRENT SURPLUS 1 2 3 4 5 6 7 8 NET A C Q. OF F I N A N . A S S E T S GOLD AND F OREI GN EXCHANGE T REASURY CURR. ♦ SOR C T F S . F . R . F LOAT F . R . LOANS TO DOMES T I C BANK C R E D I T MKT. I NST RUMENT S U . S . GOVT. SECURI T I ES N E T I NCREASE I N L I A B I L I T I E S MEMBER BANK RESERVES V AUL T CASH OF COML. BANKS DEMAND D E P O S I T S ANO CURRENCY 4.9 DUE TO U . S . GOVERNMENT * DUE TO RES T OF THE WORLD 3.6 CURRENCY O U T S I D E BANKS 1.4 OTHER 9 10 11 12 13 14 15 COMMERCI AL BANKS ( 1) I, COMBI NED S T A T E ME N T FOR COMMERCI AL CURRENT SURPLUS PL ANT ♦ EQUI PMENT I 2 44.7 42.0 3 7. 7 -6.8 -11.7 3.7 1.2 NET ACQ. OF F I N A N . A S S E T S T O T A L BANK C R E D I T C R E D I T MARKET I NST RUMENT S U . S . GOVT S E C U R I T I E S DIRECT AGENCY I S S U E S LOAN P A R T I C . C T F S . 3 4 5 6 7 8 9 25.3 13.4 1.5 7.0 3.4 16.7 5.9 5.9 4.9 OT HER S E C U R I T I E S ♦ MTG. S T A T E AND LOCAL OBL I G CORPORATE BONOS HOME MORTGAGES OTHER MORTGAGES 10 11 12 13 14 11.4 1.8 10.2 -.6 -3.6 19.7 4.1 15.1 .6 -.8 2 7. 9 6.0 21.9 * 4.2 OTHER C R. EX C . S E C URI T Y CONSUMER C R E O I T BANK LOANS N . E . C . OPE N- MARKET PAPER SECURITY CREDIT 15 16 17 18 19 .2 .4 5.2 1.8 10.3 9.1 -.2 -3.8 6.2 * .4 2.4 53.0 3.5 -1.5 5.1 32.5 14.9 5.4 9.4 55.3 -3.0 -17.8 14.8 58.4 32.4 17.4 15. 0 41.9 -3.6 -3.3 -.3 2 8. 5 7.6 20.9 65.6 34.3 31.3 41.3 13. 4 2 7. 9 60.6 5.8 54.8 30.0 4.0 26.0 33.7 18. 0 15.7 T I ME DEPOSITS LARGE N E G. C D ' S OTHER 27 28 29 2.4 -.2 ,5 .2 8.9 1.0 3.5 -4.4 7.9 -3.1 .4 -.1 * 4.1 .2 -9.5 -2.9 -6.6 1.2 1.6 -.3 ♦ -11.5 .3 -7.5 -5.7 -1.7 2.7 -1.2 .2 * -8.9 -.1 -16.4 -14.3 -2.0 -2.1 -2.1 1.8 ♦ -2.6 .5 2.2 -16.2 18.4 -2.1 1.5 -.2 ♦ .2 ♦ -3.5 -5.4 1.9 4.9 -1.3 * .2 .7 * 7.2 3.9 3.4 F . R . F L OAT BORROWI NG AT F . R . BANKS LOANS FROM A F F I L I A T E S BANK S E C U R I T Y I S S U E S COMMERCI AL PAPER I S S U E S P R O F I T TAX L I A B I L I T I E S MI S C E L L ANE OUS L I A B I L I T I E S L I A B . TO F G N . BRANCHES OTHER 30 31 32 33 34 35 36 37 38 .8 * .3 .6 -1.0 -.6 D I S C RE PA NCY .6 .8 -.2 -.4 -.4 * N E T A C Q U I S . OF F I N A N . ASSET S (2)1 BANK LOANS N . E . C . 2 LOANS TO A F F I L I A T E BANKS 3 .6 .2 .5 -.4 .7 - l . l 3.8 1.2 3.5 .8 3.5 1.2 55.2 52. 1 43.0 11.0 8.9 2.3 -.3 34.3 28.4 25.4 17.6 8.0 9.7 -.1 57.8 36.7 40.3 2.8 -.6 4.2 -.8 62.0 59.8 6 0. 6 15.6 12.2 3.6 -.2 9.5 8.0 .9 .6 ♦ 17.7 14.5 1.1 2.0 18.0 12.9 1.8 .9 2.4 26.1 17.9 1.5 3.7 3.0 2.8 1.0 5.1 -3.3 1 -.7 17.2 2.3 10. 1 4.8 -6.1 14.3 3.8 5.3 5.2 9.1 -10.2 .4 -11.8 1.1 3.0 .3 -.2 -9.8 .5 2.8 18.5 -.1 -1.5 4.7 -.3 5.4 -2.0 35.9 7.1 2.8 4.2 7.7 6.8 1.9 4.8 30.2 2.3 2.3 * 28.1 7.7 5.2 2.4 36.7 15.2 21.6 -l . l -3.3 2.2 11.6 5.3 6.3 .1 ♦ .6 .1 4.2 •1 17.4 7.0 10.4 .8 .2 .1 .1 -1.9 .3 -7.5 -6.8 -.6 1.4 -2.0 .3 -.1 6.9 -.3 -4.1 -5.3 1.2 .7 .4 1.0 I NCLUDED I N PART 4.4 3.8 .6 -1 .0 -1.1 .1 .9 .6 .3 12.0 11.5 .5 4.8 4.9 -.1 -1 1.8 -11.5 -.3 -9.0 -9.2 .2 1.4 -.4 1.8 4.4 4.2 .2 -1.0 -1.9 .9 .9 6.9 -5.9 12.0 8.9 3.1 4.8 4«1 .7 -11.8 -11.5 -.2 -9.0 -8.9 * 1.4 -2.6 4.0 2.2 .4 3.0 .6 3.5 1.0 3.5 3.6 1.1 3.5 1.0 3.4 1.0 3 4 5 6 7 8 9 39.9 36.9 35.4 9.3 6.3 .3 2.7 44.0 39.7 38.4 3.4 2.2 1.1 .2 19.7 16.5 17.7 -9.5 -9.3 1.1 -1.3 38.0 29.5 28.1 9.0 5.6 4.1 -.9 9.3 18.9 18.5 -5.2 -6.2 4.1 -3.1 3 1. 9 10.1 10.8 .5 -.7 2.9 -1.6 30.5 2 7. 4 33.5 6.8 6.8 1.4 -1.5 10 U 12 13 14 14.3 9.0 .8 2.4 2.2 15.5 8.6 .3 3.5 3.2 5.5 .4 -.1 3.0 2.3 13. 2 10.1 .7 .9 1.4 1.5 -1.5 -.2 2.1 1.1 7.4 5.0 1.0 1.4 15 16 17 18 19 11. 7 1.8 7.5 2.4 1.5 19.5 4.9 15.7 -1.1 1.3 2 1. 7 3.3 1 7. 8 .5 -1.1 6.0 1.9 2.1 2.0 1.3 22.2 3. C 17.6 1.6 •4 2C 21 22 1.8 1.2 2.0 2.3 .6 .4 2.2 •1 1.8 6.6 23 24 25 26 38.1 11. 9 .2 11.6 42.2 13. 3 -.2 13. 5 18.0 5.2 * 5.2 27 28 29 - 23.8 4.7 19. 1 20.6 3.1 17.4 -9.7 -12.6 2.9 ♦ _ 30 31 32 33 34 35 36 37 38 -.1 2.4 .2 2.2 .9 * .2 -.1 7.3 1.8 5.5 39 .2 .6 1 2 3 4 5 6 I I 1/71 _♦ .2 _ - II. AMOUNTS - - _ - - - IS P RE L I MI NA RY E S T I M A T E BANKS AND A F F I L I A T E S 3.6 1.2 1 2 I. 3.6 1.0 ABOVE FOR HOL DI NG COMPANI ES BASED ON I NCOMPL ET E .1 LOANS TO A F F I L I A T E BANKS VAULT CASH ♦ ME M. B K . R E S . MI SC. ASSETS N E T I NCREASE I N L I A B I L I T I E S DEMANO D E P O S I T S , NET U . S . GOVERNMENT other 20 21 22 23 24 25 26 39 AND A F F I L I A T E S NET I NCREASE I N L I A B I L I T I E S COMMERCI AL PAPER I S S U E S ( 2) MI S C E L L AN E OUS L I A B I L I T I E S I N F ORMA T I O N. (1) Relationship to other data on bank credit appears on page 19. The relationship to other deposit data appears on page 14. (2) Federal Reserve Bulletin, October 1971, page A-33. 4 5 6 5 NOVEMBER 1571 NONBANK F I NA N C E NONBANK F I NA N C E SUMMARY 9 SUMMARY 9 SECT OR S T A T E ME N T S OF S AVI NG AND I N V E S T ME NT ( B I L L I C N S CF C OL L ARS 2 SEASONAL L Y 1967 A C J U S T E O ANNUAL RA T E S 1968 1969 1970 J 1 PRI VAT E 1969 IV | I 1970 I II III NONBANK F I N A N C I A L . I N S T I T U T I O N S IV - 1 1 I 1971 II S EASONAL L Y A D J U S T E D ANNUAL RATES CURRENT SURPLUS PHY S I C A L I N V E S T ME NT 1 2 3 4 5 6 III TOTAL 1 2 1.3 •6 .2 .7 -.2 .8 1.5 .9 .9 .8 .1 .9 .9 .9 2.0 .9 3.0 .9 3.1 1.0 2.5 1.0 2.9 1.0 3 4 5 6 42.4 1.0 * .3 50.0 .9 * -.1 4 8. 4 .5 -.1 ♦ 51.4 1.3 .7 4 9. 6 1.5 .3 33.5 .7 .8 45.9 1.2 .6 63.7 1.3 .2 62.6 2.0 1.3 87.2 1.7 .2 1.8 7 4. 2 -.1 .3 1.5 74.5 -.3 ♦ l.l NET A C Q U I S . OF F I N A N . ASSET S DEM. D E P O S I T S + CURR. T I M E D E P O S I T S ( MSB) S V GS . ♦ LOAN SHARES ( CR U) 7 8 9 10 11 12 13 14 15 16 17 18 8.3 27. 1 -1.9 1.2 11. 1 8.0 6.7 1.4 .6 2.8 .3 2.6 9.4 36.2 2.2 1.2 9.6 8.6 7.0 3.8 3.8 2.0 ' .3 1.4 12.7 36.0 -.8 1.0 6.6 8.6 6.7 4.2 9.7 -2.6 .4 1.5 11.2 3 6. 6 3.7 1.4 10.4 7.0 8.7 .6 4.8 -1.4 .4 2.6 15.1 26.9 -.8 .7 1.8 5.5 7.4 3.4 8.9 1.8 .4 3.5 14.7 19.8 -.7 1.9 2.9 1.6 7.0 2.3 4.8 -4.6 .4 1.7 9.2 36.9 9.8 -.2 12*9 4.5 8.2 2.2 -.4* -3.4 .4 .9 6.4 51.8 2.2 2.0 14.3 10. 2 8.4 -.4 15. 2 .4 .4 3.3 14.3 37.7 3.7 1.9 11.4 11. 7 11.3 -1.8 -.3 2.1 .4 4.7 21.9 50.4 4.0 1.3 16. 2 12.7 10.1 .8 5.3 2.1 .4 8.7 19.5 55.1 2.8 .6 14. 5 17. 0 14.3 2.5 3.5 2.6 .4 -5.1 17.2 52.9 -1.2 2.8 13.4 18. 1 14.9 3.8 l.l 3.2 .4 * CORPORATE SHARES C R E D I T MKT . I N S T R . U . S . GOVT. SECURI T I ES S T A T E ♦ LOCAL O B L I G . CORPORATE + F GN . BONDS HOME MORTGAGES OTHER MORTGAGES CONSUMER C R E D I T OTHER LOANS SECURITY CREDIT TRADE C R E D I T MI S C E L L ANE OUS A S S E T S 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 43.3 17.0 17. 5 -.8 1 .C 1.0 -2.1 -.7 1.8 -2.5 49.7 12. 8 18. 5 6.7 .8 .2 2.3 3.3 2.5 .9 50.5 8.1 18. 7 12.4 1.6 * 2.1 8.6 4.6 4.0 51.6 17.2 21.0 3.8 2.5 .6 -.5 1.2 -.2 1.3 50.9 4.5 18.9 12.6 1.3 -.6 3.4 8.5 3.7 4. 8 33.2 5.2 18.7 4.5 1.3 -1.2 -2.3 6.8 2.4 4.4 4 6. 2 15.8 22.7 5.0 2.3 * 1.2 1.4 .6 .8 64.2 21.9 19. 8 3.8 2.8 1.6 3.0 -3.6 -3.9 .3 63.0 25.8 22.8 1.9 3.8 2.2 -4.1 .1 .3 -.2 83.2 52.3 25.3 3.7 5.5 1.6 5.7 -9.0 -7.8 -1.2 70.5 43.3 24.3 -1.5 2.5 3.8 2.2 -10.0 .8 -10.8 7 1. 9 3 4. 8 24.4 3.5 2.4 1.7 -2.2 1.6 1.0 .7 NET I NCREASE I N L I A B I L I T I E S T I ME + SVGS. ACCOUNTS I NSURANCE AND PENSI ON RES . C R E D I T MKT. I N S T R . F I NA N C E C O. BONDS MTG. LOANS I N PROCESS BANK LOANS N . E . C . OTHER LOANS F I N A N C E C O. PAPER FHLB LOANS 19 20 21 22 23 24 25 26 27 28 29 30 31 32 2.6 2.1 -.1 5 .0 4.7 2.0 .2 4f8 5.7 -2.0 .1 7.5 2.4 1.2 .2 5.8 4.2 2.6 .1 8.0 1.6 -1.5 * 4.7 2.7 -7.4 -.1 7.4 3.4 9.4 .4 5.6 2.1 4.5 .7 5.3 .2 -.5 .1 2.0 -.2 -3.5 -.5 8.7 -.3 4.2 -.3 5.6 33 1 .5 -.9 1.1 .9 1.4 -1.0 .3 1.5 2.6 -1.9 -2.1 -.8 I N V E S T ME NT CO. SHARES SECURI TY CREDI T T A XE S PAYABLE MI S C E L L AN E OUS L I A B I L I T I E S DI S C RE PA N CY 29 30 31 32 33 S AVI NGS AND LOAN A S S O C I A T I O N S I .9 1.0 1.0 1.0 l.C 1.0 1.0 1.0 1.0 1.0 1.0 2 3 4 5 6 7 8 9 9.7 -.3 9.1 1.6 6.0 1.5 * .9 9.7 -.4 10. 1 .7 7.2 2.1 .1 * 9.5 -.2 9.9 .3 7.8 1.8 ♦ -.2 14.3 .1 11.5 1.2 7.2 3.0 * 2.7 6.8 * 6.1 -1.3 5.5 1.8 -.1 .8 5.5 .2 4.0 -.3 3.0 1.3 -.1 1.3 12.7 * 10 ..4 3.2 4.9 2.2 .1 2.3 17.9 .1 14. 2 1.5 9.3 3.4 .1 3.6 21.2 .2 17. 2 .2 11.7 5.3 * 3.8 37.6 .4 31.7 14.4 12.1 5.2 -.1 5.6 26.8 .7 31.0 5.1 17.8 8.0 .1 -4.9 10 11 12 13 14 , 15 16 9.3 10. 6 -1.7 1.0 -2.5 -.1 .4 8.9 7.5 l.l .2 .9 .1 .3 8.6 4.1 4.1 * 4.0 .1 .3 13.6 11.1 1.9 .6 1.3 -.1 .6 5.4 .7 4.6 -.6 4.8 .5 * 4.9 2.0 2.5 -1.2 4.4 -.7 .4 11.8 9.8 .8 * .8 * l.l 17.1 15. 6 1.7 1.6 .3 -.1 -.2 20.5 16.9 2.4 2.2 -.2 .5 1.1 36.9 3 6. 8 -.3 1.6 -1.2 -.7 .3 26.1 28.6 -5.4 3.8 -10.8 1.7 2.8 17 18 .5 -2.S .3 .9 .1 4.4 — * .2 -.5 .3 .2 .2 ♦ 4. 8 4.5 .2 -1.0 -3.6 —— — — —•—— —------------------ —------- ——--------—------- — — — — —— ------------ —— MUTUAL S A VI NGS BANKS CURRENT SURPLUS I 29.4 .4 29.4 2.0 19.0 8.3 ♦ -.4 . 1.0 N E T A C Q. OF F I N A N . ASSETS DEMAND D E P O S I T S ♦ CURRENC C R E O I T MKT. I N S T R . U . S . GOVT. S EC URI T I ES HOME MORTGAGES OT HER MORTGAGES CONSUMER C R E D I T MI S C . F I N A N C I A L T R A N S . 2 3 4 5 6 7 8 9 28.5 25.2 2.8 1.7 .7 .5 .4 NE T I NC RE A SE I N L I A B I L I T I E S SAVI NGS SHARES C R E D I T MKT . I N S T R . MT G. LOANS I N PROCESS BORROWI NG FROM FHLB BANK LOANS N . E . C . MI S C E L L AN E OUS L I A B I L I T I E S 10 11 12 13 14 15 16 .3 .2 .2 -5.7 -4.9 1.7 — .— — — — — — — — — DI S C REPA NCY MEMOF HL B LOANS L E S S DEP. 17 18 1 .1 .2 .2 .2 .2 .2 .2 .2 .3 .2 .2 .2 2 3 4 5 6 7 8 9 10 11 12 13 14 5.4 * * .2 5.0 -.3 * 2.1 1.8 1.4 * .1 .1 4.6 .1 * .3 4.1 -.2 * 1.3 1.4 1.4 .2 * .3 3.1 * -.1 .2 2.9 -.5 ♦ .3 1.4 1.3 .2 .3 * 4.7 .4 .3 3.9 .2 * 1.4 .9 .9 .3 .2 .2 2.1 -.1 .2 2.6 -.8 * -.1 1.4 1.7 .2 .3 -.7 2.6 -.1 .3 2.0 -.6 * .9 .2 .5 .3 .7 .5 5.2 .6 .3 4.5 .6 * 1.7 1.1 .8 .2 * -.2 5.0 .3 .3 3.9 .5 ♦ .9 L.l 1.0 .3 .2 .5 6.0 .7 .3 5.1 .3 — 2.2 1.3 1.3 .3 -.2 -.1 13.4 ♦ .2 .3 11.9 -.5 .2 7.8 .9 2.1 .5 1.1 1.0 12. 5 -.1 .3 .3 11. 7 1.1 .3 6.2 1.0 2.8 .4 -.2 .4 7.3 -.3 * .3 6.8 1.0 .1 1.5 .7 3.2 .4 * .4 NET A C Q. OF F I N A N C I A L ASSET DEM. D E P O S I T S ♦ CURR. T I ME DEPOSI TS CORPORATE SHARES C R E D I T MKT . I N S T R . U . S . GOVT. S E C U R I T I E S S T A T E ♦ LOCAL G O V T . S EC. CORPORATE BONDS HOME MORTGAGES OTHER MORTGAGES CONSUMER C R E D I T OTHER LOANS MI S C E L L AN E OUS A SSE T S 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 5.1 .1 4.2 .1 2.6 .2 4.4 .1 2.2 .3 1.6 .1 4.4 .5 4.7 .1 7.0 -.4 12.4 -. 1 11.6 .4 6.6 .3 S A VI NGS D E P O S I T S MI S C E L L ANE OUS L I A B I L I T I E S 15 16 17 * -.1 * * .7 -.7 -.1 .1 .8 -.9 -.3 -.1 DI S C REPA NCY 17 1.7 * .6 1.0 1.0 ' * 1.5 * .2 1.3 1.3 ♦ 1.9 ♦ 1.3 .5 .5 * 3.1 * 1.8 1.2 1.2 * 3.1 * 1.5 1.6 1.6 * 3.0 .1 1.1 1.9 1.8 .1 N E T A C Q U I S . OF F I N A N . A SSET DEM. D E P O S I T S «• CURR. S VGS. ♦ LOAN SHARES C R E D I T MK T . I N S T R . CONSUMER C R E D I T HOME MORTGAGES I 2 3 4 5 6 1.7 1.5 1.9 3.1 3.1 3.0 C R E D I T UNI ON SHARES 7 CREDIT 1 2 3 4 5 6 1.2 .1 .3 .8 .7 * -.1 1.2 1.2 ♦ 1.4 * * 1.4 1.4 ♦ 7 1.2 1.1 1.4 1.1 * 1 1 1/71 IS PR ELI M INA RY • ESTIMATE CURRENT SURPLUS 1 UNI ONS 1.7 * .7 .9 .9 * 1.5 * .3 1.2 1.2 * 1.6 * .8 .8 .8 ♦ 1.7 1.5 1.6 BASED ON IK CC P PL ET E INFO R M ATI O N. 5 NOVEMBER 1*571 INSURANCE ♦ PENSION FUNCS INSURANCE ♦ PENSION FUNOS 10 SEASONALLY A C J U S T E D 1967 SECTOR ST AT EMENT S OF S A VI NG AND ( B I L L I O N S CF DOL L ARS) I NV E ST ME NT 1 1 1 1 ANNUAL RA T ES 1968 1969 10 S EASONAL L Y A D J U S T E D ANNUAL RATES 1970 1 1 1969 IV LIFE 1970 I II III IV I 1971 II III I NSURANCE COMPANI ES I 2 .8 .6 .6 .7 .9 .8 .7 .9 .9 .8 .7 .9 .6 .9 .6 .9 .6 .9 .7 1.0 .7 1.0 .8 1.0 3 4 8.7 * 9.8 .1 9.2 ♦ 9.3 * 9.2 .3 9.6 .4 9.4 .2 9.1 -.6 9.2 -.2 13.9 .6 11.0 -.2 11.8 -.5 5 6 7 8 9 10 11 12 13 1.0 7.4 -.3 -.1 3.8 -.5 3.4 1.0 .3 1.4 7.7 -.1 .2 3.9 -.7 3.2 1.2 .6 1.7 6.6 — .4 * 1.5 - 1.1 3.1 3.4 .9 2.0 6.8 * .1 1.5 -1.4 3.7 2.9 •6 2.1 4.6 .1 -.1 -.6 - 2.1 3.8 3.6 2.2 2.2 6.2 -.5 * .7 -1.3 4.0 3.4 .8 2.3 7.2 .5 -.1 2.4 - 1.2 3.7 1.9 -.3 .5 8.6 .1 .2 1.3 - 1.2 3.3 5.0 .5 2.9 5.3 -.3 .1 1.8 - 1.8 3.9 1.5 1.3 4.5 7.8 -.7 .1 3.4 -1.5 2.4 4.1 .9 3.4 8.1 .4 .3 4.7 - 2.1 2.5 2.3 -.3 3.4 9.1 -.2 .2 4.5 - 1.2 3.0 2.7 -.1 14 15 16 17 8.8 4.7 2.6 1.6 9.2 4.8 2.9 1.4 9.3 4.8 3.1 1.4 9.3 4.8 3.0 1.5 9.3 4.8 3.0 1.4 9.3 4.8 3.0 1.6 9.3 4.8 3.1 1.3 9.3 4.8 3.1 1.2 12.1 4.8 5.9 1.3 9.5 4.8 3.4 1.6 10.9 5.0 4.2 1.7 NET 18 .4 .2 -.2 .1 -.5 -.3 * -.2 - 2.0 -1.7 - 1.2 D I S C RE PA NCY ? 9.1 4.6 2.9' 1.5 -.8 PRI VATE CURRENT SURPLUS PHY S I C A L I NV E ST ME NT I 2 NE T A C Q U I S . OF F I N A N . ASSETS DEM. D E P O S I T S + CURR. 3 4 CORPORATE SHARES' C R E D I T MKT . I NSTRUMENTS U . S . GOVT. S ECURI TI ES S T A T E AND LOCAL O B L I G . CORPORATE BONDS HOME MORTGAGES OTHER MORTGAGES MI S C E L L AN E OUS A S SE T S 5 6 7 8 9 10 11 12 13 I NCREASE IN L I A B I L I T I E S L I F E I NSURANCE RESERVES PE NS I ON FUND RESERVES OTHER L I A B I L I T I E S 14 15 16 17 other loans 18 PE NS I C N f UKDS 1 2 6.3 .4 6.4 .3 6.3 * 6.6 .2 8.3 .4 5.7 .3 5.3 -.3 6.2 .8 9.0 -.1 7.8 .7 7.2 -1.3 7.5 .2 NET ACQ. OF F I N A N . ASSETS DEM. D E P O S I T S + CURR. I 2 3 4 5 6 7 8 4.6 .5 -.6 .9 .1 .8 4.7 1.1 .4 .7 * .3 5.4 .9 .1 .6 .1 .1 4.6 2.0 .4 1.6 * -.2 6.5 .7 -.5 .8 .3 .8 5.2 .9 -.4 1.1 .2 -.7 3.8 1.8 .6 1.2 * * 2.7 3.2 2.1 1.3 -.1 -.4 6.8 2.1 -.6 2.8 * .3 9.6 -3.3 -.1 - 2.6 -.6 .8 11.6 -2.5 - 1.2 -.5 -.8 -.6 8.0 -.7 * * -.7 -.1 CORPORATE SHARES C R E D I T MKT . I NST RUMENT S U . S . GOVT. S EC U R I T I E S CORPORATE BONOS MORTGAGES MI S C E L L ANE OUS 3 4 5 6 7 8 7.7 -.1 S T A T E + LOCAL G O V T . EMPLOYEE R E T I RE ME NT FUNOS _________ 1 2 3.9 .1 4.6 * 4.6 * 6.6 .2 2.8 * 5.2 -.4 9.5 .6 5.7 -.2 5.9 .7 6.8 - 8.9 .5 3 4 5 6 7 8 9 10 11 12 .7 2.8 - 1.0 - 1.1 .1 -.1 4.5 3.4 .5 .4 1.3 3.2 .4 -.3 .6 * 4.2 2.5 .4 .1 1.7 2.9 -.2 -.4 .2 -.2 5.1 3.0 .3 2.1 4.1 -.3 -.4 ♦ -.3 6.9 3.9 .9 .2 2.1 .6 •8 -.8 •1 -.5 3.9 1.9 -.1 .1 1.9 3.5 -.1 -.2 .1 -.1 5.6 2.6 1.1 .2 2.2 6.5 1. 5 4.2 ♦ ♦ -.2 6.0 3.9 .6 .2 2.9 2.1 -.8 -.7 * -.5 6,2 2.7 .6 .2 2.8 3.9 - 1.2 -.6 -.6 -.1 7.9 4.8 .3 .1 3.1 5.1 - 1.0 -.4 -.7 -.2 9.4 5.4 .9 .2 * -.5 .1 -.6 9.8 6.3 1.3 .2 2.9 4.7 - 1.1 -.8 -.3 -.1 8.8 5.4 .5 ‘ .1 NET A C Q. OF F I N A N . A SSE T S DEMAND D E P . ANC CURRENCY CORPORATE SHARES C R E D I T MK T . I NST RUMENT S U.S.GOVT.SECURITIES DIRECT U . S . G . AGENCY S EC. S T A T E ♦ LOCAL O B L I G A T I O N OTHER C R . M K T . I N S T R U M E N T S CORPORATE BONDS mortgages OTHER 1 2 3 4 5 6 7 8 9 10 11 12 OT HER I NSURANCE COMPANI ES 1 .4 .1 * .5 -.1 -.1 .2 .8 1.1 1.1 1.0 1.1 CURRENT 2 3 2.0 * 3.1 .1 3.0 ♦ 3.7 * 3.4 * 3.7 * 3.6 * 3.7 ♦ 3.7 * 4.6 * 6.1 * 5.3 * NET 4 5 6 7 8 9 10 .3 1.4 -.7 1.4 .7 * .3 .8 1.9 -.2 1.0 1.2 ♦ .3 1.0 1.6 -.4 1.2 .8 * .4 l.C 2.3 * 1.1 1.2 * .4 1.3 1.7 -.3 1.2 .8 * .4 1.4 2.0 * 1.1 .8 ♦ .4 1.1 2.0 . 1 1.1 .8 . 1 3.2 .5 1.0 1.6 * .4 1.3 2.0 -.4 1.0 1.4 ♦ .4 1.5 2.7 * 1.2 1.5 ♦ .4 2.7 3.0 -.5 1.7 1.7 * .4 2.0 2.9 -.2 1.4 1.7 * .4 11 12 2.1 .5 2.4 -.5 3.4 .4 3.7 .6 3.9 .4 3.6 -.2 3.6 .2 3.8 .9 3.9 1.3 3.8 .3 4.3 -.8 4.2 * 1 1 1 / 7 1 IS PR ELI M INA RY E S T IM A T E BASED CN INCOMPLETE IN FOR M ATI ON . SURPLUS ACQ. OF F I N A N . A S S E T S DEMAND D E P O S I T S ♦ CURRENC CORPORATE SHARES C R E D I T MKT. I NST RUMENT S U . S . GOVT. S E C U R I T I ES S T A T E AND LOCAL O B L I G . CORPORATE BONDS COMMERCI AL MORTGAGES T RADE C R E D I T NET I NCREASE DI S C REPA NCY IN L I A B I L I T I E S 1 2 3 4 5 6 7 8 9 10 11 12 5 NCVEMBER 1971 F IN A N C E N . E . C * FINANCE N . E . C . SECTOR SEASONAL L Y STAT EME NT S OF SAVING AND ( B I L L I G N S OF DOLLARS! IN VESTMENT A C J U S T E D ANNUAL RA T E S 1970 SEA S ONA L L Y A D J U S T E D ANNUAL RAT ES I | 196S IV | I 1970 II III IV 1971 II J -.2 CURRENT SURPLUS OF GROUP I F I N A N C E COMPANI ES I 2 3 4 5 .9 .2 .4 .6 -.4 5.5 .2 .6 2.4 2.2 8.0 .3 .3 2.6 4.8 1.9 .3 .1 -.6 2.1 7.5 .3 .2 2.1 4.9 2.1 •3 -.7 1.3 1.2 4.0 .3 -.4 .9 3.2 2.0 .3 1.2 -2.1 2.6 -.6 .3 .4 -2.6 1.3 4.1 .3 1.7 •8 3.0 4.2 .3 .9 .3 2.6 1.1 .3 .1 1.6 -.9 6 7 8 9 .9 1.0 -2.0 1.8 5.5 .8 2.3 2.5 8.2 1.6 2.1 4.6 1.9 2.5 -.5 -.2 8.0 1.3 2.9 3.7 2.0 1.3 -1.7 2.4 4.2 2.3 1.3 .6 2.1 2.8 3.2 -3.9 -.6 3.8 -4.7 .3 4.0 5.5 6.4 -7.8 3.9 2.5 .5 .8 .7 2.4 -2.6 1.0 -.8 NE T A C Q. OF F I N A N . ASSET S DEMAND D E P . ♦ CURRENCY HOME MORTGAGES CONSUMER C R E D I T . OTHER LOANS CTO B U S . ) I NE T I NC RE A SE IN L I A B I L I T I E S CORPORATE BONDS BANK LOANS N . E . C . OPEN MARKET PAPER 6 7 8 9 2 3 4 5 S E C U R I T Y BROKERS AND DEALERS 1 2 3 4 5 6 7 8 2.4 .2 .1 -.7 -.8 * .1 2.8 2.4 .4 -.5 .4 .8 * -.5 2.0 -2.1 .3 .2 * * -.2 .2 -2.6 1.0 * .1 2.3 1.7 .6 .1 -1.4 2. 3 .2 -1.3 1.6 2.9 * -1.3 1.8 -2.1 .2 -.4 2.9 2.5 .8 -.4 -4.8 -7.6 * .4 -4.7 -4 .5 -.7 .4 -3.3 9.2 * 2.2 6.7 3.7 .9 2.2 .3 4.5 * -1.9 4.3 5.0 1.2 -1.9 2.1 1.2 -4.0 -5.1 -.1 1.2 1.9 -3.7 * -2.5 -4.0 .1 -1.6 -2.5 2.8 3.8 * * .7 -.4 1.1 ♦ 3.2 NE T ACQ. OF F I N A N . AS SE T S DEMANO D E P . ♦ CURRENCY CORPORATE E Q U I T Y SHARES C R E D I T MKT . I N S T R . U . S. G OV T . SECURITIES ST AT E+LOCAL GOVT. SEC. C ORPORA T E + F GN. BONDS SECURITY CREDIT 9 10 11 12 2.1 .9 1.2 2.0 1.0 1.0 -2.0 -1.0 -1.0 1.2 1.8 • — -.6 2.6 1.6 * 1.0 -1.5 -.1 .2 -1.6 -7.4 -5.3 -.2 -1.9 9.4 8.4 * 1.0 4.5 4.3 * .2 -.5 -3.0 .2 2.3 -3.5 -1.8 -.2 -1.6 4.2 4.0 ♦ .1 NET I N C R . I N L I A B . - S E C . CR FROM BANKS FROM A G. OF F GN . BANKS CUSTOMER C R E D I T BALANCES CPEN- ENC 1 -1.5 -2.2 -2.4 -.7 -.1 -.3 -1.2 -1.0 C URRENT 1.1 .2 2.5 .1 3.3 -.1 1.6 ♦ 3.4 * .2 * 1.6 -.5 2.6 .3 1.9 .2 -.1 .4 -1.4 * -1.3 -.1 NE T A C Q. OF F I N A N . ASSET S DEM. D E P O S I T S «■ CURR. 4 5 6 7 8 1.5 -.5 -.5 * * 1.5 .9 .2 .4 .3 2.5 .9 -.5 .2 1.2 1.1 .5 .2 ,7 -.4 4.3 -.9 -1.3 .3 .2 4.2 -3.9 -.8 -2.9 -.3 -1.0 3.2 8.3 * -5.2 -.8 3.1 -7.0 3.2 6.9 2.1 -.4 .1 2.4 -2.9 2.1 -2.5 .2 * -2.7 .9 -2.3 -1.0 -.4 -.8 .6 -1.9 -.1 .3 -2.0 2.6 4.7 5.7 2.4 4.2 1.6 2.7 3.4 2.1 .2 “ •2 -.3 l 1 I 1 -.8 -1.4 -l.l A G E N C I E S OF FOREI GN I 2 3 4 5 :n/7i .5 .1 .6 “ .5 IS .2 * .1 - 1.1 .2 «8 .2 i.i P RE L I MI NA RY E S T I M A T E 9 10 11 12 I N V E S T ME NT C C MP A ME S 2 3 -.8 I 2 3 4 5 6 7 8 .5 .1 .4 ~ 1.6 .4 1.2 * -.7 -.2 -.6 .2 .5 1.6 -.7 BASED ON I NCOMPL ET E SURPLUS CORPORATE SHARES C R E D I T MKT . I N S T R . U. S. GOV T. SECURITIES CORPORATE BONDS COMMERCI AL PAPER NET SHARE ISSUES 1 2 3 4 5 6 7 8 9 BANKS 1.1 .2 1.4 -.2 1.5 .3 .8 * .2 .2 .1 * -3.7 -.8 -2.9 .2 -.9 -.2 -.2 -.2 -1.3 -.3 -2.3 * N E T A C Q U I S . OF F I N A N . AS SE T S DEM. D E P O S I T S ♦ CURR. U . S . GOVT. S E C U R I T I E S SECURI TY CREDI T 1 2 3 4 1.1 1.5 .2 -3.7 -.9 -1.3 DEPOSIT L I A B I L I T I E S 5 INFCRPATICN. 5 NOVEMBER I S 71 RE S T CF THE fcCRLC 12 SECTOR S TA TEM EN TS OF SAVING AND IN VES T MEN T ( B IL L 1 C N S OF DCLLARS) 12 SEASCNAL LY 1967 ACJl i STEC S EA S ONA L L Y A D J US T E D ANNUAL RATES ANNUAL RAT ES 1968 1 969 1970 I I 1969 IV | | 1970 i II 111 I I IV I 1971 II III REST OF T HE WORLO NET U . S . E X P O R T S U.S.EXPORTS U.S. IMPORTS T RANSF ER R E C E I P T S FROM U . S . CURRENT ACCOUNT B A L A N C E ! 4 - 1 ) ( U . S . B A L A N C E , S I GN REVERSED) 1 2 3 4 5 1 2 3 4 5 5.2 46.2 41 . 0 3.0 -2 .2 2.5 50.6 48.1 2.9 .4 2.0 55.6 53.6 2.9 .9 3.6 62.9 59.3 3.1 -.4 2.7 59.2 56.6 3.0 .3 3.5 61.5 58.0 3.0 -.5 4.2 63.2 59.0 3.0 -1.2 4.0 63.7 59.7 3.2 -.8 2.7 6 3. 2 6 0. 5 3.3 .7 4.2 66. 1 61.9 3.1 -1.1 -.5 66.4 66.9 3.2 3.7 -.5 68.5 69.0 3.3 3.8 6 7 8 9 10 -1.2 7.6 1.2 .3 1.2 .9 8.5 1.2 .3 -.3 3.7 10.3 -1.0 .3 1.0 .6 5.2 .8 .3 -1.9 .4 -.2 -2.8 * 5.7 .6 8.8 -.4 1.4 4.3 .3 4.8 -.1 -.4 -3.5 1.5 5.2 1.4 -.5 -3.2 .1 2.0 2.2 .5 -5.1 4.1 12.6 .9 -. 1 -1.2 12.3 23.2 2.6 -.2 2.6 2 3. 6 39.2 1.8 .4 1.9 6 NET F I N A N C I A L I NV EST MENT 7 NET A C Q U I S . OF F I N A N . ASSE T 8 GOLD + SDR* S 9 U . S . DEM. D E P . + CURRENCY 10 T I ME D E P O S I T S 11 12 13 1A 15 .7 2.1 2.1 -.1 .2 2.0 .4 -.5 .3 .6 1.6 -.3 -1.8 .5 1.0 .7 10.3 9.1 .7 .5 2.0 -3.0 -3. 7 .9 -.2 - *3 9.8 8.0 .9 .9 -.3 9.9 8.2. .8 .9 1.5 3.6 4.7 .6 -1.7 1.9 17.8 15. 5 .4 1.9 .3 26.5 26.1 .6 —. 3 * 30.8 28.8 -.2 2.3 ♦ 39.5 3 8. 1 .2 1.2 U . S . C O R P O R A T E SHARES C R E D I T MKT. I NST RUMENT S U . S . GOVT. S EC U R I T I ES U . S . CORPORATE B O N D S ( I ) AC CE PT A NC E S 16 17 18 19 .1 .4 .5 .3 .3 .9 .2 .3 -.2 .8 1.1 .8 -.1 1.4 .5 .9 -.1 1.2 1.6 1.1 -.3 .7 -.7 1.8 -.1 1.6 1.1 .4 -.2 1.0 1.5 .9 .2 2.1 .2 .4 .6 -.7 -3.7 .2 -.4 -.6 -.9 -.1 -.4 -6.4 -1.3 -.4 20 21 .2 .5 1.8 1.4 7.0 -.7 -6.8 -.8 -5.3 -.6 -4.4 -3.1 -2.9 -.8 -5.7 4.7 -14.3 -4.1 -16.2 6.0 -5.4 -5.3 3.9 .2 16 SECURI TY CREDI T 17 TRADE C R E O I T D E P . A T AG. OF F GN . BANKS 18 D I R E C T I N V E S T ME N T I N U . S . 19 BANK L I A B I L I T I E S TO 20 FORF I GN BRANCHES 21 UNAL L OC A T ED 22 23 8.7 1.1 7.6 2.1 6.7 .3 4.6 -2.5 -.7 -1.9 8.1 -2.3 4.5 -4.2 3.7 -1.7 1.9 -1.9 8.5 -2.5 10. 9 -.7 15.6 -3.7 F I N A N . SOURCES OF F U ND S . N E T 22 O F F I C I A L U . S . F G N . EXCHAN 23 24 25 26 27 28 .1 4.0 1.2 -.2 3.0 .2 2.8 1.1 -.3 2.1 .5 3.2 1.0 -.2 2.4 * 2.6 .8 -.4 2.2 .1 2.3 .4 -. 1 2.0 -.4 3.0 1.1 .6 1.2 -.2 1.8 -.3 -.3 2.4 .4 1.9 1.6 -.2 .5 .3 3.6 .9 -1.9 4.6 .3 4.7 1.2 .5 3.1 .5 5.9 1.1 2.3 2.5 .4 9.5 1.0 5.6 2.9 F G N . CORPORAT E SHARES C R E O I T MKT. I NST RUMENT S CORPORATE BONDS BANK LOANS N . E . C . OTHER LOANS 24 25 26 27 28 29 30 31 32 33 34 .2 *6 .1 -.1 2.7 .2 .2 .7 .1 .2 1.1 .3 -.2 •6 .2 -.2 2.0 .3 ♦ .7 .2 -.1 3.1 .5 -. 1 1.2 •2 -.7 -1.0 -.7 -.2 2.2 .3 -.7 5.5 .8 -.2 .5 .2 .3 5.3 .9 .1 .1 .2 .3 1.9 .7 .3 .2 .3 -.4 -.3 -.3 -.1 .9 .2 -.1 5.7 -1.4 -.1 .6 .4 -.5 6.0 2.9 S E C U R I T Y DEBT TRADE DEBT USG E Q U I T Y I N I B R D , E T C . F G N . CURR. HELD I N U . S . U . S . DI RECT I N V . A B R O A D d ) UNAL L OCAT ED 29 30 31 32 33 34 35 -1 .1 -.5 -2.8 -1.1 -1.1 -1.5 -2.2 .5 -5.2 -8.6 -19.8 I N FC MARKETS TO F I NA NC E , -.1 ( 1) 1 1 1/71 IS P RE L I MI NA RY ESTI MATE BASED CN INI PL ET E NET I NFORMATI ON. OF U. . S . I SSUES .1 1.8 . 1 -.4 4.8 -.4 35 D I S C RE PA NCY U.S. I N V E S T ME N T 11 12 13 14 15 ABROAD. 5 NOVEMBER 1971 MONETARY ANC INSURANCE RESERVES 13 MONETARY ANO INSURANCE RESERVES GOLD, O F F I C I A L FOREIGN EXCHANGE* TREASURY CURRENCY* AND INSURANCE RESERVES ( B I L L I O N S OF DOLLARS) SEASONALLY ACJUSTED ANNUAL RATES 1967 1968 1969 SEASONALLY ADJUSTED ANNUAL RATES I 197C I 1969 | IV I 1570 I II III | | IV I GOLO ANO OF F I C I A L FOREIGN EXCHANGE HCLOINGS — — ----------------- ----- ---------------- -- ------------------ 1971 II --------------- ------------------I. 1 2 3 -1.2 * -1.2 -1.2 .4 -1.6 l.C 1. 0 -.8 -1.2 .4 2.8 2. 8 .4 -3.6 4.0 .1 .1 ~ -1.4 . -.4 -1.0 -2.2 -.7 -1.6 4 -1 .6 -.7 .1 .2 .5 .8 -.1 * * -.9 -1.0 * -2.6 -1.0 -1.6 -.2 -.1 GOLD ♦ SPECI AL DRAWING RIGHTS - 1 . 8 U . S . GOLD STOCK AND SOR*S ( 1 ) U . S . G O V T . ( E X . STAB. FUND) -1.0 -.8 MONETARY AUT HORI T I ES (2) -.3 II. 5 1. 1 2. 1 .3 -2.5 -1.9 -2.3 -4.2 6 7 8 1 .0 .3 .7 1. 2 .7 .5 -.7 -.7 -.1 -2.2 -.4 -1.7 -4.1 -2.6 -1.5 -3.3 -.1 -3.2 -3.3 -1.4 -1.9 2.1 2.1 * 1. 0 1. 0 * 9 1C LI 12 .1 * -.7 -.8 * 1. 0 * -1.0 * -.2 -l .l * -.4 -.4 * -.9 -.9 ♦ -1.7 -. 1 -.1 * -1.6 -1.6 -.1 -1.9 -2.5 -1.9 -.2 -1.7 -1.5 -.6 -.9 .3 * .3 * * .1 -1.0 -. 9 .1 -1.0 -1.1 -.7 - -.1 III. 13 15 .7 .5 .2 .4 .2 .2 .3 * .2 13 .6 .7 -.1 .5 .3 .3 1. 9 1. 9 - .1 .3 -.2 .3 .4 -.1 MEMO— TOTAL WORLD GOLD STOCK U, . S . -3.4 -3.4 - * 4 FOREI GN EXCHANGE POSI TI ON - 3 . 7 TOTAL U . S . P O S I T I O N -.3 * -.3 I 2 3 5 O F F I C I A L FGN. CURRENCY HLDGS TREASURY FEDERAL RESERVE 6 7 8 NET IMF POSI TI ON CAPI T AL SUBSCRI PTI ON L ESS- I MF NOTES IMF DEPOSI TS AT F . R. 9 10 11 12 TREASURY CURRENCY AND SDR C E RT I F I C A T E S .3 .3 * .4 .5 -.1 .6 .7 -.1 . 5 TOTAL U . S . G O V T . L I A B I L I T Y . 5 MONETARY AUT HORI T I ES ASSET - . 1 UNALLOCATED ASSET 13 14 15 INSURANCE AND PENSION FUND RESERVES LIFE INSURANCE RESERVES- - 1 2 3 4.8 .1 4.7 4.5 * 4. 6 4.9 .1 4.8 4.9 .1 4.8 4.9 .1 4.8 4.9 .1 4.8 4.9 .1 4.8 4.9 .1 4.8 4.8 .1 4.8 4.9 .1 4.8 4.9 .1 4.8 5. 0 .1 5.0 NET CHANGE IN L I A B I L I T I E S U . S . GOVERNMENT L I F E INSURANCE COMPANIES 1 2 3 4 4.8 4.5 4.9 4.9 4.9 4.9 4.9 4.9 4. 8 4.9 4.9 5.0 NET 4 5 6 7 8 9 10 14. 1 1. 3 12. 8 2. 6 6.3 3.9 15. 3 1. 3 13. 9 2. 9 6.4 4.6 15. 4 US 1 3. 9 2.9 6.3 4.6 1 8. 6 2.4 16. 2 3.1 6.6 6.6 15. 0 .9 14. 1 3.0 •8 . 3 2.8 1 5. 3 1.4 13. 9 3.0 5.7 5.2 21. 4 3.5 17. 8 3;o 5.3 9.5 16. 7 1. 7 15. 0 3. 1 6.2 5. 7 20. 9 2.9 18. 0 3.1 9. 0 5.9 2 2. 6 2.1 20 . 5 5. 9 7.8 6.8 23. 5 4.0 19. 5 3.4 7.2 8.9 21. 5 2.1 1 9. 4 4.2 7.5 7.7 NET CHANGE I N L I A B I L I T I E S U . S . GOVERNMENT INSURANCE SECTOR L I F E INSURANCE COMPANIES PRI VATE PENSION FUNDS S. + L . GOVT. RTR. FUNDS 11 14. 1 15. 3 15. 4 18. 6 15. 0 15. 3 21. 4 16. 7 20. 9 22. 6 23. 5 2 1. 5 NET INCREASE I N ASSETS (HOUSEHOLDS) INCREASE IN ASSETS ( HOUSEHOLDS) PENSION FUND RESERVES— 5 6 7 8 9 10 11 111/71 I S PRELI MI NARY ESTI MATE BASED ON I NCOMPLETE INFORMATION. (1) Excludes initial allocation of SDR's of $867 million in January 1970 and $717 million in January 1971. Trans actions in SDR's are in line 2. (2) Treasury gold stock. MONEY SUPPLY RELATIONSHIP (Page 14) Part I II Line I 2 3 1-2. 4 5 6 7 5 + 6 + 7. See Part II, line 5. Part II, line 6 + Part III , line 4. Part II, line 7 + Part III , line 5. "Seasonal" here means dollar excess of seasonally adjusted flow over unadjusted flow. Lines 14 + 18 + 19 of third section of page 12 at quarterly rates. Differences between money-supply concept of demand deposits derived from last preceding all-bank total (either last Wednesday of quarter or Call Report) and figure for that one day, e.g., March 25, 1970, derived from data going into daily average statistics. Quarterly increments in this difference. Difference between figure for period derived from daily-average data and average for last month of quarter. Quarterly increments in this difference. 8 + 9 + 10 - II. Difference in adjustment method: seasonal in daily-average series (month average) adjusted as flows less seasonal in published daily-average series. Seasonal in F/F demand deposit (based on net change from last day of one 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. Adjustment to allow for effects of intra-weekly seasonal influences on last day of quarter. I 5 6 7 8 9 10 11 III Line I of third section of page 12. Daily averages in this table are increments in month averages from last month of preceding quarter to last month of this quarter. 4 5-9 No statistical difference between the two series. In unadjusted data, only difference is between one-day figure for end of quarter and three week average. Correspond to lines 7 through II in Part II. 5 NOVEMBER 1971 MONEY ANC CEPOS1TS SUMMARY MONEY ANC DEPOSI TS SUMMARY MONEY SUPPLY ANO TIME ANO SAVINGS ACCOUNTS ( B IL LIO NS OF DOLLARS) 14 SEASONALLY ACJUSTEO ANNUAL RATES 1967 1968 1969 SEASONALLY ADJUSTED ANNUAL RATES I 1970 I 1969 | IV | 1970 I II III IV I | I 1971 II III 3.3 2.9 4.5 .9 .3 .5 -3.4 .4 OEMANO OEPCSI TS ANO CURRENCY 1 2 3 4 5 6 7 8 13. 7 13. 4 9.4 .8 - 1.0 1.0 3. 2 .3 16. 0 15. 7 11.1 1.8 .7 .9 1.2 .3 7.9 7.6 5.9 -.8 3.2 .5 - 1.2 .3 7.7 7.4 4.7 -.9 1.2 1.3 1.1 .3 9.0 9.0 5.1 3.C 2.9 .8 - 2.8 * 4.0 2.6 5.4 -2.3 -.3 .5 -.7 1. 4 7.8 8.2 7.4 -2.7 1.0 1.2 1.3 -.4 8.2 8. 6 5.0 .7 1.1 1.4 .5 -.5 10.8 1 0. 3 1.0 .9 3.1 2.0 3.3 .5 1 8. 2 1 8. 4 10.8 .4 -.3 1. 9 5.6 -.1 21.1 21.2 15. 6 4.9 -2.3 -.3 3.3 -.2 9 10 1.1 14. 8 - 1.2 14. 8 •6 8.5 2.5 10.1 4.2 13. 2 1.1 5.1 2.0 9.8 .7 8.9 6.0 16. 9 -19.1 -.9 16. 9 3 8. 0 1.6 U . S . GOVT DEPOSI TS 4 . 8 NET I NCR. I N ASSETS 9 10 11 12 13 14 15 14. 8 3. 0 .9 * 2.1 ‘ 14. 8 1. 5 - 1.0 .1 2.4 r 8.5 3. 3 .5 -.1 <•8 10.1 3.1 -.4 * 3.5 13. 2 6.4 2.3 -.1 4. 2 5.1 2.9 - 1.2 .3 3.7 9.8 2.2 -3.2 - . 2. 5.6 8.9 5.3 2.3 -.2 3.2 16. 9 2.0 .6 -.1 1. 5 -.9 2. 2 -1.3 .2 3.2 38. 0 5.5 -.5 -.1 6.2 4 . 8 NET I NCR. I N BANKING SYS. LI AB 8.4 MONETARY AUT HORI T I ES 4.9 U. S. GOVT. CASH + DEP. * FOREIGN DEPOSI TS 3.6 CURRENCY 11 12 13 14 15 16 17 18 19 11. 9 .2 .3 11. 3 13. 3. -.2 .2 13. 3 5.2 * .4 4.8 7. 1 2.8 .3 3.9 6. 8 1. 9 .1 4.7 2.3 2.3 1.1 - 1.1 7.7 5.2 -.2 2. 6 3.5 -1.5 -.3 5.4 14. 9 5.4 .6 8.8 -3.0 -17.8 -.4 15. 1 32. 4 17. 4 * 15. 1 -3.6 -3.3 .4 -.7 . 1 2 3 4 5 6 7 8 MONEY SUPPLY OOMESTIC SECTORS HOUSEHOLDS NONFI NANCI AL BUSINESS STATE AND LOCAL GOVTS. F I NANCI AL SECTORS MAIL FLOAT REST OF THE WORLD COMMERCIAL BANKS U. S. GOVT. DEP. FOREIGN DEP. OTHER 16 17 18 19 TI ME DEPOSI TS ANO SAVINGS ACCCUNTS 1 2 3 4 5 6 7 8 40. 8 2 3. 8 2.9 2.4 1.2 * * 17. 1 33. 3 2 0. 6 1. 9 3.2 -.3 .1 * 15. 7 - 1.6 -9.7 - S- . 8 -5.9 l.C -.2 -.1 5. 2 53. 9 3 6. 7 12.8 9.9 -1.9 .2 15. 8 3.4 - 1.1 -4.2 -4.6 5. 7 -.4 — 2.4 16. 8 11.6 .5 6.4 4.3 -.1 .5 44. 3 2 8. 5 6.1 10. 3 -3.5 .1 15. 5 87. 5 65. 6 3 2. 3 13. 4 -3.2 .6 _ 2 2. 5 6 7. 1 41. 3 12.2 9.6 -5.1 .1 24. 5 1 12. 9 60. 6 3.0 10. 8 - 1.2 .4 .2 47. 4 73. 3 3 0. 0 -1.5 2.4 2.6 .1 .3 2 6. 0 6 8 . 6 NET INCREASE - TOTAL 33. 7 AT COMMERCIAL BANKS - TOTAL 1.0 CORPORATE BUSINESS 7.0 STATE 6 LOCAL GOVTS. 1.9 FOREIGN HOLDINGS .1 U . S . GOVT. * MUTUAL SAVINGS BANKS 2 3. 8 HOUSEHOLD 9 10 11 12 13 14 17. 0 1.2 5. 1 10. 6 10. 3 .3 12.8 1.1 4.2 7.5 7.6 -.1 8.1 1 .4 2.6 4.1 4.1 * 17. 2 1. 7 4.4 11.1 10. 4 .7 4.5 1.5 2. 2 .7 .4 .3 5.2 1.6 1.6 2.0 1.2 .8 15. 8 1. 7 4.4 9.8 9.2 .6 21. 9 1.5 4.7 1 5. 6 1 5. 4 .2 2 5. 8 1. 9 7.0 16. 9 15. 7 1. 3 5 2. 3 3. 1 12. 4 36. 8 35. 0 1.8 4 3. 3 3. 1 11.6 2 8. 6 27. 1 1. 5 34. 8 3.0 6.6 2 5. 2 2 4. 2 l.l 15 33. 7 2 8. 6 13. 3 3 2. 2 6.6 5.0 . 30. 7 44. 2 49. 1 97. 9 67. 8 5 7. 6 AT SAVINGS I N S T I T U T I ON S CREDI T UNIONS MUTUAL SVGS. BANKS SAVINGS ♦ LOAN ASSNS. HELD BY: HOUSEHOLDS CREOI T UNIONS MEMO - HOUSEHOLDS TOTAL TIME ♦ SVGS. ACCCUNTS MONEY SUPPLY RELATI ONSHI P 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 MONEY SUPPLY RELATI ONSHI P RELATI ON OF F/F MONEY SUPPLY OATA TO CAI LY AVERAGE SERI ES ( B I L L I ONS OF DOLLARS) SEASONALLY ACJUSTEO ANNUAL RATES 1967 1968 1969 1 1S7C | SEASONALLY AOJUSTEO ANNUAL RATES 1969 1 IV 1 I[ . 1970 1 II III IV 1 1 I 1971 II III TOTAL MCNEY SUPPLY 1 2 3 13. 7 11.2 2.6 16. 0 14. 4 1. 7 7.8 6.2 1.6 7. 7 11.0 -3.3 9.0 3.5 5. 5 4.0 11. 7 -7.6 7. 8 12. 3 -4.5 8.2 12.8 -4.7 1 0. 8 7. 1 3.8 18. 2 15. 7 2.6 21.1 25. 0 -3.9 3.3 6.8 -3.5 1 NET CHANGES AT SAAR— F/F OEMANO OEPOSI TS ♦ CURR. OAI LY AVERAGE (DAMS) TOTAL DI FFERENCE I 2 3 4 5 6 7 2.6 * 2.4 .1 1. 7 -.2 1. 5 .4 1.6 -.2 1. 7 .1 -3.3 - 1.2 -2.5 .4 1.4 .1 4.5 -3.3 -1 .9 * - 6.1 4.1 -l.l -.3 .6 -1.4 - 1.2 .1 -1.9 .7 .9 - 1.0 5.0 -3.0 .6 -.8 -3.8 5. 3 - 1.0 .7 1.0 - 2.6 - . 9 TOTAL O I F F . AT QUARTERLY RATE -.2 ARI SI NG FROM— OATA O I F F . - 1.6 TI MI NG .9 SEASONALS 4 5 6 7 3.7 3.7 . 1 3.7 5. 1 -1.3 -.1 .9 - 1.0 II. OEMANO DEPOSI TS 1 2 3 11.6 9. 1 2. 5 13. 6 11. 3 2.3 5. 0 3.7 1. 3 4.2 8. 0 -3.8 1.2 .1 1.1 .1 2.2 - 2.1 .6 2.0 -1.5 1.2 2.8 -1.5 2.3 l.l 1. 3 4 5 6 2.5 * 2.5 1. 9 -.2 2.1 1. 3 -.2 1. 4 -4.1 - 1.2 -2.9 4.4 .1 4.2 -5.9 * -5.9 .2 -.3 .4 - 1.6 . 1 -1.7 3.2 - 1.0 4.2 -4.1 -.8 -3.3 1.5 .7 .8 * * .4 .4 * * .1 -.1 .3 .3 * ~ -3.3 .9 -1.9 -2.3 * 3.8 * 2.9 2.0 - 1.2 -1.7 -.3 -1.3 .1 -.1 * -.5 * .5 * -1.9 1.0 - 1.6 - 2.6 1.2 4.1 -.3 3.5 2.2 -1.3 - 2. 8 — .4 - 2.1 -.3 1. 4 1.0 .3 .8 .4 .4 .4 .7 -.3 .8 .2 .6 1. 5 1.2 .4 .9 .8 .1 -.3 .8 -.5 .1 -.4 -l.l .2 -.1 -.1 1.2 l.l .5 -.6 -.1 -1.3 .2 * .2 * - .5 . I .4 . 1 .2 7 8 9 10 11 - III. 1 2 3 2.1 2.0 .1 2.4 3.1 -.6 2.6 2.5 .3 4 * -.7 5 6 7 8 9 .1 .1 - - l.l .8 .3 .9 .8 .2 .3 .5 .3 -.2 .1 • * .1 .1 - * .1 * -.1 * .3 -.3 -.5 -.1 - 1.2 .2 * .2 * -.1 - 111/71 is preliminary estimate based on incomplete information. -1.4 ( -.2 - 1.2 1 2 3 DATA DIFFERENCE TI MI NG .4 I -.3 FLOWS VS. LEVELS -.2 ONE- DAY VS. DAI LY AVG. .7 SEASONAL BALANCE ADJUSTMENT .2 PLUS: OAY- OF- WEEK ALLOW. 8 9 10 11 CURRENCY 3.5 3.0 .5 * * 1 NET CHANGE, S . A . QTRLY RATE— F/F ( SEE PART I V . BELOW) DAMS DI FFERENCE .6 .1 .4 .1 * NET CHANGE, S . A . F/F DAMS DI FFERENCE QTRLY RATE— 1 2 3 TI MI NG DI FFERENCE 4 D I F F . IN SEASONALS FLOWS VS. LEVELS ONE- DAY VS. DAI LY AVG. SEASONAL BALANCE ADJ . LESS— DAY- OF- WEEK ALLOW. 5 6 7 8 9 5 NOVEMBER U . S . GO V T. 1971 SECURITIES U .S . 15 GO V T. S E C U R IT IE S 15 U . S . GOVERNMENT S E C U R I T I E S MARKET ( B I L L I O N S OF COL L ARS) S EASCNAL LY A C J U S T E O ANNUAL RAT ES SUMMARY S EASONAL L Y A D J U S T E D ANNUAL RATES 1 1 1969 IV | 1 1970 1971 II III -3.3 1.4 1.9 -.6 48.5 48.0 2.7 45.2 29.3 20.2 2.4 17.8 8.5 1.7 -.2 7.0 -4.7 .8 -3.6 -1.8 .5 .4 -.5 .7 9.1 -1.2 1.7 8.6 OTHER BUDGET AGENCY I SSUES LOAN P A R T I C I P A T I O N S ( I ) SPONSORED AGENCY I S S U E S ( 2 ) 5 6 7 8 20.1 .1 1.0 1.2 -.2 7.9 27.0 -.6 4.4 4.3 .1 5.6 -3.3 -1.9 -3.9 2.0 15.7 48.5 ♦ -2.7 -.2 -2.6 2.2 29.3 -.6 -.6 .1 7.2 N ET A C Q U I S I T I O N S * BY SECTOR U . S . G OV E RN ME N T ( AGE NCY S E C . ) SPONSORED C R E D I T A GE NC I E S D I R E C T MARKETABLE F HL B S P E C I A L I SSUE F EDERAL RESERVE SYSTEM 9 10 11 12 13 14 4.7 5.3 -.6 15. 5 15. 8 -.4 26.1 18.8 7.3 28.8 18.3 10.6 38.1 24.1 14. 1 -8.C -.2 -9.2 1.4 -6.8 .5 -10.8 3.5 -19.2 1.7 -19.2 -1.7 -50.1 1.9 -32.5 -19.5 1.8 2.7 2.2 -3.1 -7.4 2.4 -11.8 1.9 14.8 -.9 6.4 9.3 -3.3 -.2 -7.0 3.9 4.1 .5 -1.4 5.0 -14.5 1.7 -14.8 -1.4 -4 9.8 1.9 -34.6 -17.2 -4.5 2.7 -4.1 -3.1 -8.4 2.4 -12.7 1.8 -8.0 -8.6 .6 -5.4 -5.9 .5 1.3 1.2 .1 -3.9 -4.0 .1 -4.5 -4.2 -.3 .8 1.2 -.4 6.0 5.8 .2 3.5 3.5 * -4.0 -3.1 -.9 4.2 2.8 1.4 -2.9 -3.2 .3 -6.0 -3.5 -2.5 -7.0 -5.4 -1.5 -.2 -.2 * -1.0 .9 -1.9 .3 .5 -.2 -2.5 -2.6 .1 -9.5 -9.3 -.3 9.0 5.e 3.2 “ 5.2 -6.2 1.0 .5 -.7 1.3 6.8 6.8 ♦ 11.0 8.9 2.1 17.6 8.0 9.6 2.8 -.6 3.4 15.6 12.2 3.4 -6.8 -11.7 4.9 2.2 .4 1.8 -.8 -2.4 1.6 3.7 1.5 2.2 -.8 -.6 -.2 -.7 —3.2 . 2.6 9.8 7.6 2.2 2.2 -.7 2.9 3.7 2.5 1.2 4.0 -7.4 11. 4 2.8 2.5 .2 -1.2 -3.5 2.3 1.6 1.4 .2 .7 .4 .4 .3 -1.0 1.3 1.2 -.4 1.5 -1.3 -1.6 .3 -.3 -2.0 1.8 3.2 li'7 1.5 1.5 -.1 1.6 .2 -1.0 1.2 14.4 1.9 12.5 5.1 3.6 1.5 2.0 .7 1.3 S V G S . + LOAN A SSNS. DIRECT AGENCY I S S UE S 38 39 40 41 42 43 -.3 -.5 .2 -.2 -.6 .4 -.5 -.6 .1 .2 -.2 .4 -.8 -.1 -.7 -.6 -1.1 .6 .6 .4 .2 .5 -.2 .7 .3 .1 .1 -.5 -.5 ♦ 1.1 .5 .6 1.0 .3 .7 MUTUAL SA VI NGS BANKS DIRECT AGENCY I S S U E S 41 42 43 44 45 46 -.3 -.3 * -.1 -.2 .2 -.4 -.3 * * -.1 * .1 .1 * -.5 -.5 * .5 .5 .1 .1 * * -.3 -.2 -.1 -.7 -l .l .4 .4 .5 -.1 -.2 -.5 .3 L I F E I NSURANCE OI RECT AGENCY I S S UE S 44 45 46 47 48 49 -.7 -.7 * -.2 -.4 .1 -.4 -.5 * * -.1 .1 -.3 -.6 .3 * .1 -.1 .1 ♦ .1 .5 .2 .4 -.4 -.5 * * .2 -.3 -.5 * -.5 -.2 -.4 .2 N O N L I F E I NSURANCE OI RECT AGENCY I S S UE S 47 48 49 50 51 52 -.6 -.4 -.1 .4 .4 .1 •1 * .1 .4 .2 .2 -.5 -.4 -.1 -.4 -.7 .3 .6 .3 .2 2.1 1.8 .3 -.6 -.5 -.2 -.1 .4 -.5 -1.2 -.6 -.7 * -.1 .1 PR I V A T E PE NS I ON FUNDS DI RECT AGENCY I S S UE S 50 51 52 53 54 55 -1.0 -1.1 .1 .4 -.3 .6 -.2 -.4 .2 -.3 -.4 ♦ -.8 -.8 .1 -.1 -.2 .1 -.4 -.5 .1 ■2 .8 .1 * -.5 * .8 * .2 1.7 .4 .1 -1.3 2.9 1.2 * -.8 2.5 -.6 * 4.6 5.8 8.0 6.3 19fc 7 1968 19fc9 197C 1 2 3 4 12. 5 8.9 1.0 7.9 16.7 10.3 .4 9.9 5.5 -1.3 -.4 -.9 21.6 12.9 .3 12.6 13.8 4.9 .1 4.8 17. 5 3.5 -.9 4.4 21.6 18. 1 -.2 18.3 2 0. 1 11.4 .5 10.9 27.0 18. 5 1.7 16.8 5 6 7 8 3.6 .1 4.0 -.6 6.4 1.5 1.7 3.2 6.8 -.4 -1.9 9.1 8.7 1.3 -1.3 8.7 8.9 -.2 -3.3 1 2. 5 14. 0 2.1 -2.6 14.4 3.6 .2 -2.2 5.5 8.6 1.0 -.1 7.8 9 10 11 12 13 14 12.5 -.1 * .9 -.9 4.8 16. 7 .1 -.1 -.1 3.8 5.5 -1.3 -.2 -.5 .3 4.2 21.6 -.1 1.7 1.9 -.2 5 •C 13.8 -1.0 1.2 .4 .8 9.2 17.5 . 1 2.0 2.8 -.8 1.1 21.6 * -.5 -.8 .2 5.4 15 16 17 2.1 1.6 .5 -.5 -2.4 1.9' -1.8 -1.8 * 9.1 9.1 * -3.7 -5.9 2.2 8.0 9.9 -1.9 8.2. 5.3 2.9 18 19 20 21 -1 .7 1.0 - 3 .0 .4 7.7 .4 4.1 3.2 15.0 -.4 £.7 6.7 -6.9 .3 -10.5 3.4 14.1 .1 5.0 9.1 6.5 -.9 -2.7 10. 1 22 23 24 25 .9 1.0 -1.3 1. 2 5.2 .4 3.5 1.4 13.2 -.4 9.1 4.5 .3 .3 -4.2 4.2 17.9 .1 10.8 7.0 26 27 28 -2.8 . -1.3 -1.4 1.7 .9 .8 -1.7 -2.2 .5 -3.2 -3.2 .1 29 30 31 .2 -.4 .6 .8 -.3 1. 0 3.5 1.8 1.7 32 33 34 9.3 6.3 3.0 3.4 2.2 1.3 35 36 37 -1.9 -2.2 .3 38 39 40 ____ 56 57 58 59 -.5 -.8 .6 *■ 60 5.6 13.2 • I II III IV * 1 1 I T O T A L NET I S S U E S I NC L UDE D I N P U B L I C DEBT HOUSEHOLD S AVI NGS BONDS D I R E C T E X C . S A VI NGS BONDS F OREI GN S HORT - T E RM MARKETABLE OTHER P V T . DOMES T I C N O N F I N . 18 S A VI NGS BONDS - HOUSEHOLDS 19 D I R E C T E X C . SVGS. BONDS 20 AGENCY I S S U E S 21 HOUSEHOLDS SAVI NGS BONDS D I R E C T E X C . SVGS. AGENCY I S S UES CORPORATE N O N F I N . DI RECT AGENCY I S S U E S BONDS BUSI NESS S T A T E + LOCAL G O V T S . DI RECT AGENCY I S S UE S 26 27 28 29 30 31 32 33 34 P R I V A T E NONBANK F I NA NC E DIRECT AGENCY I S S U E S 35 36 37 -.8 -.7 * -1.2 -.6 -.6 -1.0 -.4 -.7 -1.1 -.8 -.3 S.+ L.GOVT.RTR. FUNDS DI RECT AGENCY I S S UES 53 54 55 8.3 -4.5 1.4 .1 -7.0 3.7 .8 .1 .1 5.0 .1 .1 .2 -5.1 -2.9 * -1.0 .1 -.2 ♦ -.1 -.4 -2.3 * I N V E S T ME N T C OS . (OI RECT) SEC.BRKRS.+ DL RS . ( » ) A G . OF F GN. BA NKS ( " ) BKS.I N TERR.+ POSS.( « ) 56 57 58 59 8.5 6.3 2.1 MEMO: HELD BY P V T . DOMEST I C AND P V T . NONBANK F I N A N C E ) 60 -43.3 20. 1 -15.5 ( N O N F I N A N C I A L f BANKS , SHOWN S E P A R A T E L Y , DEBT OF FINANCIAL IN STITUTION S. LOAN P A R T I C I P A T I O N S AGENCY I S S U E S ARE I NCLUOED WI TH SPONSORED-AGENCY ISSUES INCLUDE GNMA-GUARANTEED SECURITIES BACKED BY MORTGAGE POOLS. P RE L I MI NA RY E S T I M A T E BASED CN I N C C K P L E T E I N F O R M A T I O N . 22 23 24 25 COMMERCI AL BANKS DI RECT AGENCY I S S UE S ( 2 ) T HES E I S S UE S ARE O U T S I D E THE BUDGET AND C U T S I D E THE U . S . GOVERNMENT SECTOR I N F L O W- O F - F U N D S A C COUNT S . T H E Y ARE I NCL UDE D I N C R E D I T MARKET IS 15 16 17 * — ( 1 ) WHERE NOT 1 1 1/71 I 2 3 4 5 NCVEMBER I S71 PRIV/TE SECURITIES ANO MORTGAGES PRI VATE S E C U R I T I E S AND MORTGAGES 16 P R IV A T E S E C U R I T I E S AND MORTGAGES ( B I L L I C N S CF COLLARS) SEASONAL L Y 1967 A C J US T E D ANNUAL 1968 RATES 1969 S EASONAL L Y A D J U S T E D 1970 1 1 1969 IV STATE 1 1 1970 Ii I ANC LOCAL III IV J | I 1971 II III ANNUAL RATES GOVERNMENT S E C U R I T I E S 1 2 3 8.7 1.8 6.8 9.6 .1 9.4 8.1 3.1 5.0 11.8 3.8 8.0 4.7 2.7 2.0 8.9 3.0 5.9 10.2 3.2 7.0 8.9 1.9 7.0 19.3 7.2 12.0 2 5. 6 7.4 18.2 16.3 3.5 12.8 17.8 3.9 13.9 NET CHANGE I N L I A B I L I T I E S OF S T A T E AND LOCAL GOVERNMENTS S HORT - T E RM OTHER 1 2 3 4 5 6 7 8.7 -1.3 -.2 “ 9.6 .9 -1.1 * 8.1 1.5 5.1 .3 11.8 -1.5 1.4 .4 4.7 -.2 5.0 .6 8.9 1.2 .6 .2 10. 2 -.4 2.0 .7 8.9 -9.5 1.6 .3 19. 3 2.7 1.2 .5 25.6 ♦ 6.1 .1 16.3 -1.4 3.4 .2 17. 8 8.4 .6 .1 NE T CHANGE I N AS S E T S HOUSEHOLDS CORPORATE BUS I NES S S . + L . G O V T . , GE N. FUNDS 4 5 6 7 8 9 10 11 12 13 9.0 * -.1 1.4 -.1 .1 8.6 « .2 1.0 * .1 .4 * * 1.2 -.2 -.2 1C. 1 * .1 1.1 -.3 .6 -1.5 * -.1 1.2 -.5 .1 5.0 * * 1.1 -.1 .8 8.0 * -.1 1.1 -.6 -.6 14.5 * .2 1.0 -.2 .9 12.9 .1 1.0 -.5 1.3 17.9 .2 .1 1.2 -.1 -.1 13.4 .3 .3 1.7 -.2 -1.6 5.9 .1 .2 1.4 -.1 L.l 28.5 23.8 3.8 * .9 30.5 23.8 5.5 ♦ 1.2 26.0 22.1 2.5 .4 1.1 19.8 16.2 2.4 .2 1.0 N E T I S S UE S CORPORATE BUS I N E S S F I N A N C E COMPANI ES COMMERCI AL BANKS RE S T OF THE WORLD COMMERCI AL BANKS MUTUAL S A VI NGS BANKS L I F E I NSURANCE COS. OTHER I NSURANCE C O S . S. « - L . G O V T . , R T R . FUNOS FI NANCE N . E . C . 8 9 10 11 12 13 CORPORATE AND F OREI GN BCNDS 1 2 3 4 5 17.2 14. 7 1.0 .3 1.2 15. 1 12.9 .8 .3 1.1 14.8 12. 1 1*6 .i 1.0 23.7 2C. 3 2.5 ♦ .8 12.4 10.7 1.3 * .4 16.4 13.9 1.3 .1 1.1 2 4. 7 22.7 2.3 -.3 25.0 20.7 2.8 1.6 6 7 8 9 10 17. 2 3.6 1.9 .8 2.1 15.1 5.4 -.4 .3 1.3 14.8 5.4 2.3 -.1 .3 23.7 12. 2 -.2 .7 1.4 12.4 9.2 .8 -.2 -. 1 16.4 12.3 .2 .9 24.7 1C. 2 » .9 1.7 25.0 11. 3 -1 .1 .9 28.5 14. 9 * 1.8 2.2 3 0. 5 9.5 2.7 1.5 7.8 26.0 7.8 2.5 1.5 6.2 19. 8 6.1 .2 1.5 NET PURCHASES HOUSEHOLDS S T A T E ANO L OCAL GOVERNMENTS COMMERCI AL BANKS MUTUAL SA VI NGS BANKS 6 7 8 9 10 11 12 13 14 15 8.8 3.8 .9 3.4 .7 8.2 3.9 .7 2.5 1.2 5.9 1.5 .6 3.0 .9 8.2 1.5 1.6 3.9 1.2 2.9 -.6 .8 1.9 .8 5.2 .7 1.1 2.6 .8 10.7 2.4 1.2 6.3 .8 8.0 1.3 1.3 3.9 1.6 8.7 1.8 2.8 2.7 1.4 7.2 3.4 -2.6 4.8 1.5 11.3 4.7 -.5 5.4 1.7 11.6 4.5 * 5.4 1.7 I NSURANCE L I F E I NSURANCE COMPANI ES P R I V A T E PE NSI ON FUNDS S.-*- L . G O V T . R T R . FUNDS OTHER I NSURANCE COMPANI ES 11 12 13 14 15 16 17 .1 -.1 * .3 .4 .5 .8 .7 -1.0 .9 -3.3 .9 .5 •8 5.4 .6 .5 .4 1.3 .6 -2.9 -.2 .3 .2 FI NANCE N . E . C . R E S T OF THE WORLD 16 17 * I 2 3 4 5 CORPORATE E Q U I T I E S 6 4.9 2.6 2.3 2.3 * .1 4.0 4.7 -.7 -.8 -.1 .2 1C.4 5.7 4.7 4.3 * .5 9.3 2.4 6.8 6.8 * • 13.4 4.2 9.2 9.1 -.1 .1 7.7 1.6 6.0 6.3 .1 -.4 8.8 2.7 6.1 6.2 * -.2 8.7 3.4 5.3 5.0 * .4 12.0 2.1 9.9 9.6 * .3 9.5 .2 9.2 9.0 * .3 16.4 -.2 16. 6 16.4 -.3 .5 12.2 -.3 12.5 12. 1 .4 NET I S S U E S OP E N- E N D I N V E S T ME NT C OS . OTHER SECTORS CORPORATE B U S I N E S S COMMERCI AL BANKS RE S T OF THE WORLD 7 8 9 10 11 12 13 14 4.9 -4.1 .2 6.6 1.0 4.6 .3 .7 4.0 -7.4 .3 8.1 1.4 4.7 .8 1.3 10.4 -3.8 .2 9.8 1.7 5.4 1.0 1.7 9.3 -2.6 .3 9.7 2.0 4.6 1.0 2. 1 13.4 -3.7 .2 11.9 2.1 6.5 1.3 2.1 7.7 -6.7 .3 10.7 2.2 5.2 1.4 1.9 8.8 -.1 .3 9.5 2.3 3.8 l.l 2.2 8.7 .7 .3 4.8 .5 2.7 .1 1.5 12.0 -4.3 .3 13.8 2.9 6.8 1.3 2.9 9.5 -12.8 .3 18.3 4.5 9.6 1.5 2.8 16. 4 -3.1 .3 20.8 3.4 11.6 2.7 3. 1 12.2 -5.0 .3 16. 3 3.4 8.0 2.0 2.9 N E T PURCHASES HOUSEHOLDS MUTUAL S A VI NGS BANKS I NSURANCE SECTOR L I F E I NSURANCE COMPANI ES P R I V A T E PE NS I ON FUNDS OTHER I NSURANCE COMPANI ES S . * L . GOV T . R T R . FUNDS 7 8 9 10 11 12 13 14 15 16 17 18 1.5 1.5 .1 .7 1.0 1.5 -.5 2.0 2.7 2.5 .2 1.6 2.9 4.3 -1.3 2.0 3.8 4.2 -.4 -.3 -.6 -1.0 .4 -.3 1.3 -.8 2.2 1 .5 .2 2.1 -1.9 1.9 3.3 2.1 1.2 .3 -1.6 .9 -2.5 * .6 .6 * ♦ F I NA N C E N . E . C . OPE N- END I N V E S T ME NT C OS. BROKERS AND OEALERS R E S T OF THE WORLD 15 16 17 18 1 2 3 4 c IZ 1.2 1.1 .1 .7 . _____________________ ___________ ________ __ TOTAL 1 2 3 4 5 6 MCRTGAGES 1 23.0 2 7. 4 27.8 26.4 26.0 2 0. 5 22.0 30.3 32. 8 33.3 4 8. 7 53.8 2 3 1.0 -.1 .2 -.1 * -.1 .6 -.1 -.6 -.1 -1.2 -.1 * -.1 1.6 -.1 2.2 * 1.6 -.1 3.8 -.1 1.7 -.1 4 5 6 7 8 9 10 22.0 10. 5 1.2 10. 4 2.1 3.7 4.5 27.3 14.9 1.1 11.3 2.1 3.4 5.8 27.9 16.2 1.3 10.4 1.9 3.7 4.8 25.8 12. 5 1.4 12.0 1.8 4.9 5.3 26.7 14.9 1.3 10.5 1.5 3.3 5.7 21.7 11.0 1.3 9.4 1.5 3.6 4.3 22.0 12. 2 1.3 8.5 1.4 3.7 3.4 28.9 13.7 1.4 13.7 2.1 5.9 5.8 30.7 13.0 1.4 16.3 2.1 6.3 7.8 31.8 13. 1 1.4 17.3 2.2 6.2 8.8 45.0 22.7 1.4 2 0. 9 1.2 7.4 12. 2 52.2 27.1 1.5 2 3. 6 2.2 9.6 11.8 P R I V A T E N O N F I N . SECTORS HOUSEHOLDS N ONP ROF I T I N S T . BUSINESS FARMS NONFARM NONCORPORATE CORPORATE 4 5 6 7 8 9 10 11 12 13 14 15 23.0 1.0 * .9 1.8 27.4 1.8 .1 1.1 2.2 27.8 2.1 ♦ .7 4.5 26.4 2.2 * •3 5.8 26.0 2.2 * .8 7.0 20.5 3.1 * .3 6.1 22.0 2.3 * .5 5.9 30.3 1.5 .3 6.8 32.8 1.7 * .3 4.5 33.3 2.0 * -.2 2.0 48.7 -.1 * .4 6.8 5 3 . 8 FUNDS ADVANCED BY— 1.9 HOUSEHOLDS * S T . + L O C . G O V T S . , G E N F DS. -.4 U . S . GOVERNMENT 8.6 SPONSORED CREDIT AGENCIES ( 1) 11 12 13 14 15 16 17 18 19 20 21 19.3 4.6 10.7 7.5 3.2 * 22.3 6.7 12. 2 9.4 2.8 * 2C.5 5.2 12.3 9.6 2.7 * 18.1 2.4 12.2 10.3 1.8 * 16.0 3.2 1C. 5 7.4 3.1 * 11.0 2.4 5.1 4.4 .7 * 13.3 .6 9.1 7.1 1.9 * 21.8 3.2 14. 8 12.7 2.1 ♦ 26.3 3.3 19.6 17.0 2.6 * 2 9. 5 6.7 2 0. 3 17.3 2.9 * 41.6 10. 4 29.7 25.8 3.9 * 43.7 10. 7 31.3 27.4 3.9 .1 22 23 24 27 3.5 2.9 .1 .5 * .5 2.8 2.5 ♦ .4 * .7 2.6 2.1 .1 .3 * .4 3.2 2.3 * .9 * .3 1.9 1.6 .3 -.1 ♦ .4 3.9 2.6 .2 l.l * -.5 3.9 2.5 * 1.3 * -.2 2.5 2.0 -.1 .6 * 1.4 2.7 2.1 * .6 * .6 .7 .9 -.6 .3 * 1.8 .6 .4 -.8 .9 * 1.0 1.5 1.7 -.7 .5 ♦ .2 28 -2.5 .9 4.C 1.3 4.8 4.4 .8 .3 -.2 25 26 http://fraser.stlouisfed.org/ 1 1 1/71 I S P R E L I MI N A R Y Federal Reserve Bank of St. Louis ESTI MATE BASED ON I N C C K P L E T E I N F C R MA T I C N . T O T A L MORTGAGE C R E D I T BORROWED BY — SA VI NGS+ L OAN A S SNS . U . S . GOVERNMENT PVT. FINANCIAL I NST. COMMERCI AL BANKS S A VI N GS I N S T I T U T I O N S S VG. + LOAN AS S N S . MUT . S A VI NGS BANKS C R E D I T UNI ONS 1 2 3 ( 2) (1) I NSURANCE L I F E COMPANI ES P V T . PENSI ON FUNDS S T . + L O C . GOV T . R E T . F D S . OTHER I NSURANCE F I NA N C E N . E . C 16 17 18 19 20 21 22 23 24 25 26 27 -1.2 -10.8 . 7 ( l ) M E M O : FHLB LOANS TO 28 S£L A S S N S . ( I N C L U D E O I N " C T H E R LOANS** C A T E G O R Y ) . (2) Includes mortgage pools backing GNMA-guaranteed p a ss-through securities. 5 NOVEMBER 1971 MORTGAGES. eY TYPE MORTGAGES, BY TYPE MORTGAGE MARKETS BY T Y P E CF MORTGAGE ( B I L L I O N S OF COL L ARS ) 17 SEASONAL L Y A C J U S T E D 1967 17 S EASONAL L Y ANNUAL RAT ES 1968 1969 1970 1 1 1969 IV 1 1 1970 II I III IV 1 | I 1971 II III A D J U S T E D ANNUAL RATES HOME MORTGAGES I 2 3 4 5 6 1 2 3 4 5 6 12. 5 10. 5 .6 .6 -.1 1.0 15.3 14.9 .1 .1 -.1 .2 15.6 16.2 -.3 -.3 -.1 * 13.4 12.5 .2 .2 -.1 .6 13.1 14.9 -.5 -.5 -.1 -.6 9.5 11.0 -.1 -.1 -.1 -1.2 11.0 12.2 -.6 -.6 -.1 * 1 6. 6 13.7 .7 .7 -.1 1.6 16. 3 13.0 .6 .6 * 2.2 16.5 13. 1 1.0 1.0 -.1 1.6 28.4 22.7 1.0 1.0 -.1 3.8 30.6 27.1 .9 .9 -.1 1.7 N E T CHANGE I N L I A B I L I T I E S HOUSEHOLDS NONFARM NONCORP. BUSI NESS CORPORAT E B U S I N E S S U . S . GOVERNMENT S A VI NGS AND LOAN AS SNS . 7 8 9 10 11 12. 5 .3 * .7 1. 1 15.3 .7 . 1 .8 1.6 15.6 .1 ♦ .1 3.9 13.4 .5 * -.1 5.1 13. 1 -1.0 * * 6.6 9.5 1.2 * -.1 5.7 11.0 .9 * * 5.0 16.6 -.4 -.2 5.9 16.3 .3 * -.3 3.7 16.5 -.2 * -.7 1.0 28.4 -1.0 * * 5.4 30.6 .7 * -.7 6.6 NE T CHANGE I N A S SE T S HOUSEHOLDS S T A T E AND LOCAL GOVERNMENTS U . S . GOVERNMENT SP ONSORED CREDIT AGENCIES (1) 7 8 9 10 11 12 13 14 15 16 2.4 7.9 6.0 1.8 * 3.5 8.7 7.2 1.4 *' 3.0 9.2 7.8 1.4 * .9 8.2 7.2 .9 * 2.1 7.0 5.5 1.4 * l.C 3.3 3.0 .2 * .6 6.1 4.9 1.1* * 1.1 10.4 9.3 1.1 * .9 13.1 11.7 1.3 ♦ 3.7 13. 0 12. 1 .9 * 7.0 18.8 17.8 1.0 * 5.9 19.8 19.0 .7 .1 COMMERCI AL BANKI NG SA VI NGS I N S T I T U T I O N S S A VI NGS AND LOAN ASSNS. MUTUAL S A VI NGS BANKS C R E D I T UNI ONS 12 13 14 15 16 17 18 19 20 -.3 -.5 .1 .5 -.8 -.7 * .7 -.9 - l . l .1 .3 -1.4 -1.4 * .2 -1.8 -2.1 .3 .3 -1 .1 -1.3 .2 -.6 -1.2 -1.2 ♦ -.4 -1.4 -1.2 -.1 1.2 -1.8 -1.8 ♦ .4 -2.0 -1.5 -.6 1.8 -2.9 -2.1 -.8 1.0 -2.0 -1.2 -.7 .2 I NSURANCE L I F E I NSURANCE COMPANI ES P R I V A T E P E NS I ON FUNDS FI NANCE N . E . C . ( MTG. C OS . ) 17 18 19 20 MULTI- FAMILY RESIDENTIAL MORTGAGES 1 2 3 3.6 .8 2.8 3.5 .8 2.7 4.8 1.2 3.6 5.9 1.5 4.3 5.6 2.2 3.4 4.6 1.3 3.4 5.4 1.4 4.0 6.5 1.6 4.8 6.9 1.8 5.1 7.3 2.6 4.7 10.2 4.5 5.6 1 1 . 2 N E T BORROWI NG 3.4 CORPORATE BUS I N E S S 7.8 NONFARM NONCORP. BUS I NES S 1 2 3 4 5 6 7 8 3.6 -.3 .2 * .3 3.5 -.2 .3 ♦ .3 4.8 .1 .7 * .5 5.9 -.3 .5 .3 .1 5.6 .5 •9 * .6 4.6 -.5 .4 .1 .3 5.4 -.8 .5 .4 .1 6.5 .3 .6 6.9 -.1 .6 .3 * 7.3 * .5 .5 .8 10. 2 -.7 .4 .6 .9 11. 2 .1 .3 1.1 .8 NET CHANGE I N AS SE T S HOUSEHOLDS U . S . GOVERNMENT F E D . N A T . MTG. ASSN. COMMERCI AL BANKS 4 5 6 7 8 9 10 11 1.5 .9 .6 1.6 1.1 .5 1.8 1.2 .5 2.4 2.1 .4 1.7 1.2 .5 1.3 1.1 .3 2.1 1.7 .4 3.0 2.6 3.3 3.0 .3 4.4 2.8 1.6 7.4 5.2 2.2 7.7 5.3 2.4 12 13 1.4 .5 1.0 .4 1.4 .3 1.9 .9 1.9 -. 1 1.9 L.l 1.8 1.3 1.7 2.2 .6 .7 .3 .6 .9 .7 .5 S AVI NGS I N S T I T U T I O N S S A VI NGS AND LOAN A S S N S . MUTUAL S A VI NGS BANKS 9 10 11 L I F E I NSURANCE COS. S . + L . G O V T . PE NS . F UN D S 12 13 COMMERCI AL MCRTGAGES 1 2 3 4 4.7 1.2 3.1 .3 6.6 1.1 4.9 .5 5.5 1.3 3.8 .4 5.4 1.4 3.6 .4 5.8 1.3 4.0 .4 4.8 1.3 3.2 .4 4.2 1.3 2.5 .3 5.2 1.4 3.4 .4 7.5 1.4 5.5 .6 7.3 1.4 5.3 .6 9.0 1.4 6.8 .8 9.8 1.5 7.5 .8 NET BORROWI NG HOUSEHOLDS CORPORAT E BUS I N E S S NONFARM NONCORP. BUS I N E S S 1 2 3 4 5 6 7 8 4.7 .2 * 1.6 6.6 .2 5.4 .8 * 1.0 5.8 1.0 * .6 4.8 .9 1.0 4.2 .9 2.6 5.5 .7 * 1.5 .1 5.2 .7 * 1.3 7.5 .7 ♦ 1.7 7.3 .6 * 1.8 9.0 .3 ♦ 3.2 9.8 .4 3.4 N E T CHANGE I N AS SE T S HOUSEHOLDS U . S . GOVERNMENT COMMERCI AL BANKS 5 6 7 8 9 10 11 1.3 .6 .7 1.9 1.0 .8 1.4 .6 .8 1.5 1.0 .6 1.8 .7 1.2 .5 .3 .3 .9 .5 .4 1.4 .8 .6 3.2 2.3 .9 2.9 2.4 .5 3.5 2.8 .6 3.8 3.0 .8 S AVI NGS I N S T I T U T I O N S SA VI NGS AND LOAN AS SNS . MUTUAL SA VI NGS BANKS 9 10 11 12 13 1.6 ♦ 1.9 * 1.8 * 1.9 * 2.2 * 2.3 * 2.1 * 1.6 * 1.7 * 2.0 ♦ 2.0 * 2.2 * L I F E I NSURANCE COMPANI ES OT HER I NSURANCE COMPANI ES 12 13 - ‘ — FARM MORTGAGES 1 2.1 2.1 1.9 1.8 1.5 1.5 1.4 2.1 2.1 2.2 1.2 2.2 2 3 4 5 6 7 .8 -.1 .7 .3 .1 .3 1.0 * .5 .3 * .2 1.2 * .6 .3 * * 1.1 ♦ .5 .3 ♦ -.1 1.6 * .3 -.1 * -.3 1.5 * .3 * * -.3 1.4 ♦ .5 -.2 * -.2 .8 -.1 .5 .8 * * .8 * .5 .7 .1 * 1.6 * .5 .5 ♦ -.3 1.3 ♦ .8 -.7 .6 * .8 .7 * .1 1 11 / 7 1 I S PR ELI M IN A RY E S T IM A T E BASED CN INCOM PLE TE * -.1 t N E T BORROWI NG BY FARMS NET CHANGE I N A S S E T S — HOUSEHOLDS U . S . GOVERNMENT F E D . LAND BANKS C OMMERCI AL BANKS MUTUAL S AVI NGS BANKS L I F E I NSURANCE COMPANI ES 1 2 3 4 5 6 7 IN FO R M AT IO N. (I) Includes mortgage pools backing GNMA-guaranteed securities. See preceding page. C ONSUME R^ CRE C I T ANC BANK L OANS N . E . C . CONSUMER C R E O I T ANO BANK LCANS N . E . C . 18 18 CONSUMER C R E O I T SEASONALLY AUUSTEC 1967 ANO BANK LOANS NCT ELSEWHERE C L A S S I F I E D ( B I L L I O N S OF COkLARS) ANNUAL RAT ES 1968 1969 _______ 1970 J 1 196S IV I I 1970 I II H I IV I I I 1971 II III CONSUMER C R E O I T I 1 4.6 11. 1 9.3 4.3 7.5 4.8 6.1 6.2 .2 4.0 9.0 12.6 2 3 3.4 1.2 9.0 2.1 8.3 1.0 3.0 1.3 7.1 .4 4.1 .6 4.8 1.3 4.4 1.9 -1.3 1.6 2.7 1.3 6.7 2.3 10.3 2.2 NET CHANGE I N L I A B I L I T I E S ( HO US E HOL D S ) I N S T A L ME N T C R E D I T N ONI NS T A L ME NT C R E D I T 4 5 6 7 8 9 10 4.6 3.4 .1 .6 1. 4 .7 .6 11.1 9.0 .1 .9 4.3 1.4 2.4 9.3 8.3 .1 .7 3.4 1.5 2.6 4.3 3.0 .1 .8 1.6 1.1 -.6 7.5 7.1 .1 .6 3. C 1.3 2. 1 4.8 4.1 * .8 1.0 1.0 1.3 6.1 4.8 .1 .6 2.0 1.2 .9 6.2 4.4 .1 1.3 3.4 1.6 -2.1 .2 -1.3 .1 .5 -. 1 .7 -2.6 4.0 2.7 * .8 1.3 1.5 -.8 9.0 6.7 .1 1.0 3.3 2.0 .3 12. 6 10. 3 * 1.5 5.1 2.1 1.6 NET CHANGE I N AS SE T S I N S T A L ME N T C R E D I T NONFARM NONCORP• BUSI NESS CORPORATE B US I N E S S COMMERCI AL BANKI NG S AVI NGS I N S T I T U T I O N S F I N A N C E COMPANI ES 4 5 6 7 8 9 10 11 12 13 14 15 1.2 .4 .4 .4 .1 1.0 .5 .6 -.1 * 1.3 .4 .6 .3 .1 .4 .2 .2 .6 -.2 .7 .1 .1 1.3 .1 .7.3 .1 1.9 1.1 .4 .4 . 1 1 .6 .4 .6 .5 .1 1.3 -.2 •9 .5 . 1 2.3 .6 .8 .7 .2 2.2 .8 .5 .8 .1 NONI NS T A L ME NT C R E D I T NONFARM NONCORP. BUS I NES S CORPORATE B US I NE S S COMMERCI AL BANKI NG SAVI NGS I N S T I T U T I O N S 11 12 13 14 15 i : 2.1 .6 .8 .6 , .1 - ♦ BANK LOANS NOT ELSEWHERE C L A S S I F I E D 1C. 8 25.2 -7.0 6.8 38.1 5.3 14.9 28.5 TOTAL 4 3. 2 5.2 3.3 -1.1 . 5 -.1 .6 * 2.4 1.9 1.3 2.0 .6 .3 1.1 3.2 3.8 9.1 5.2 3.2 .9 1.2 — 16. 8 -11.5 -.4 5.0 10. 4 4.1 -.8 .6 1.3 -.7 -.1 LESS: 10.7 6.0 4.2 ♦ * .2 -.3 -2.6 -9 .2 10.6 -.4 14.3 .8 22.3 -.4 17. 6 .6 2.3 -6.1 4.8 3.5 .2 1.2 5.2 4.9 .2 10.3 6.7 1.8 -3.6 -.6 -l . l -.3 .8 3.2 -1.1 2.1 2.4 1.0 -.7 -3.3 -2.5 .1 -.8 — -6.5 11. 5 .2 5.2 3.3 .4 3.0 1.1 -1.8 * 2.9 14.0 3.8 3.2 3.0 .4 1.6 .5 .3 .8 17. 0 .6 -11.8 10. 2 15.1 17.6 1.5 .5 1.7 10. 6 .5 2.9 -.1 5.2 2.3 .5 -1.5 5.6 . -.7 -1.7 .6 10.3 -1.1 1.6 .6 8.3 * 1.3 -.3 -11.8 1.0 .1 .8 -7 .7 .5 -4 .7 -1.9 10.2 3.4 1.3 -.7 -.1 -.7 6.4 .5 15.1 4.7 2.0 1.4 2.5 1.7 .5 2.3 1 17. 8 27.4 22.0 2 3 4 5 6 7 8 9 10 11 12 13 4.6 1. 8 1.5 2 .4 1.1 .7 .7 6.7 4.9 1.3 -1.1 -1.4 .7 -.4 _ 15. 7 _ 7.5 15.7 17. 8 14 15 16 17 18 19 20 21 7.5 2.1 .7 .6 6.4 -.1 -2.0 -.2 15. 7 3.1 .4 1.4 8.8 .1 2.3 -.3 17.€ 2.4 •6 1.9 11. 0 .1 2.1 -.2 2.1 •8 .8 .2 1.2 -.1 -.5 -.4 E S T IM A T E BASED ON INCOMPLETE 111/71 _ 7.5 _ IS _ PR E LIM IN A RY - _ - - 2 3 5.0 1.2 1.3 1.1 -1.5 -. 1 3.2 -.2 IN F C R M A T IC N . _ _ _ BANK LOANS AT COMMERCI AL BANKS, F / F BA S I S 1 21.9 L CANS I N OTHER C A T E GORI E S MORTGAGES CONSUMER C R E D I T SECURITY CREDIT OT HER LOANS F I NA N C E C O. PAPER OTHER COMMERCI AL PAPER A CCE PT ANCE S HYPOT HEC AT ED D E P O S I T S E QUA L S : BANK LOANS N . E . C . P L U S : LOANS BY BANK A F F I L I A T E LOANS BY F . R . BANKS EQU A L S : T OT A L BANK LOANS N . E . C 2 3 4 5 6 7 8 9 10 11 12 13 2 1. 9 .2 1.1 1.0 16.2 .5 -2.6 5.6 NET CHANGE I N L I A B I L I T I E S HOUSEHOLDS FARM B U S I N E S S NONFARM NONCORP. BUS I NES S CORPORATE B US I NE S S S V G S . + LOAN A SSNS. F I NA N C E COMPANI ES RE S T OF THE WORLD 14 15 16 17 18 19 20 21 _ - 5 NOVEMBER I S 71 BANK C R E O I T R E L A T I O N S H I P BANK C R E D I T R E L A T I O N S H I P R E L A T IO N OF F / F SEASONAL L Y ACJUSTEC BANK C R E O IT TO L . 4 . 3 SEASONALLY A D JU S TE D ( B I L L I O N S OF OC LLARS) ANNUAL RAT ES S EAS ONAL L Y A D J U S T E D ANNUAL RATES 1 I 1969 IV 1 1 1970 1967 1968 1969 1970 1 2 3 26. 9 36.0 .9 39.7 38.1 1.6 12.6 12. 0 .6 3C. 6 29.2 1.4 18.3 19.2 -.9 -1.4 -1.6 .2 2 2. 5 14.0 8.5 6 3. 6 69.2 -5.6 37.6 35.2 2.4 4 5 .9 .3 1.6 .8 .6 .8 1.4 -1.3 -.2 -.1 * 2.5 2.1 -3.0 -1.4 -.4 .6 -.3 6 7 8 9 .6 .6 * .8 .8 * * 9.3 6.1 3.2 < 3.4 1.8 1.6 13 3.0 1. 5 14 15 16 17 .2 .2 * .2 .2 * 18 19 20 9.8 12. 7 -2.9 8.9 10. 2 -1.3 .3 .3 21 -2.9 -1.2 -.1 -.1 25 26 27 -9.5 -9.7 .2 “ 17. 8 17.2 .6 9.0 7.1 1.9 -1.3 -2.8 1.5 .1 -.6 .7 1.7 3.8 -2.1- .3 2.3 1.4 2.2 -2.2 -.1 -.1 ♦ -.4 -.4 * - “ .1 1.4 -.2 -.4 -1.5 -.5 - l .l * .1 -.6 .1 .6 1C. 8 14.3 -3.5 -.4 .8 -1.2 1.2 1.7 -.5 .3 -3.3 -.8 * * -.2 -.2 -.5 -.7 .2 ic.e 10.8 * 6.3 6.8 -.5 -1.7 -.5 -1.2 -.2 -. 7 " - * * II I III IV 1 j 1971 II III 37.1 54.0 -16.9 59.0 32.8 26.2 42.4 45.6 -3.2 -4.2 -.8 6.6 .9 -.8 .8 I T OT AL BANK C R E D I T F/F L.4.3 DI FFERENCE ~ - 27.4 26.2 1.2 21.8 21.6 .2 28 .3 .6 .2 29 30 31 32 33 .4 .1 .3 * * .6 2.0 -1.3 * * * 1.2 -1.1 -.1 * .2 -.2 .4 * * .2 .5 . 1 .6 -1.0 2.7 3.5 -.8 4.4 .4 4.0 .7 2.9 -2.2 3.9 1.7 2.2 * 2.3 * 1.4 1.0 -.7 -1.6 1.1 -.3 1.7 2.2 -.1 -.4 -2.3 -1.0 -1.3 * .8 .4 -.3 .7 -.5 -1.7 1.5 -.4 2.2 2.0 .2 3.6 3.8 -.2 3.7 6.8 -3.1 4.9 6.0 -1.2 3.7 3.6 .1 1.5 2.4 -.9 -.3 -.1 -.5 -2.4 -.7 -.9 -1.2 -.2 -.6 .4 .4 .5 -.1 .3 .8 -.5 -.7 -.9 .2 -.4 -.9 .5 1.0 1.2 -.2 .3 .8 -.5 1.7 -.2 1.9 9.5 9.9 -.4 1.3 1.6 -.3 3.7 4.7 -1.0 7.1 2.9 4.2 10.8 11.2 -.4 .5 • -1.8 -.9 * * -.9 -.7 .1 -.2 2.6 1.7 -.5 -1.2 -.2 -.3 1.3 -.1 .2 .7 .3 -1.3 -.1 * 1.0 -. 1 -.9 -.2 .2 .3 -l .l -1.7 -2.2 .5 .4 1.0 3.8 1.9 .9 -.1 1.1 -1.4 -1.9 -.2 -.7 1.3 SAAR — D I F F E R E N C E AT QUART ERL Y RATE D E F I N I T I O N ♦ TIMING -.2 2.7 -.1 -2.5 5.2 -1.0 -3.4 5.7 -1.6 1.0 -.1 2.7 1.3 -.9 3.6 4.4 -2.9 -2.3 2.3 -1.8 * .4 -.1 -1.1 .9 .1 .2 -1.0 -.3 .8 ♦ * -1.8 -.5 1.5 .5 -1.5 -.6 1.6 .4 --------------- --------------------- --------------- --------------------- -------------------------------------------- ---------------— --------------------- ------------------ -------------------- 10 11 12 22 23 24 19 I S P RE L I MI N A RY ESTI MATE BASED ON I N C CMP L E T E 6 7 8 9 U . S . GOVT. S E C U R I T I E S — F / F , SAQR L . 4 . 3 , SAQR T O T A L D I F F E R E N C E , SAQR 10 11 12 DEFINITION ♦ TI MI NG SEASONALS METHOD BALANCE ADJ UST MENT OTHER OTHER S E C U R I T I E S — F / F , SAQR L . 4 . 3 , SAQR T OT A L D I F F E R E N C E 18 19 20 21 SEASONALS METHOD OTHER 22 23 24 T OT A L LOANS — F / F , SAQR L . 4 . 3 , SAQR T OT AL DI FFERENCE 25 26 27 DEFINITION + TIMING SEASONALS METHOO - 1 METHOD - 2 BAL ANCE ADJ US T MENT OTHER I N F ORMA T I O N. " L 4.3" in this table is a short reference to seasonally adjusted bank credit as published in the Federal Reserve Bulletin on page A-23. Both the Flow of Funds and L.4.3 data in this table exclude credit of nonconsolidated bank affiliates. 13 14 15 16 17 DEFINITION RELATIONSHIP TO SEASONALLY ADJUSTED BANK CREDIT Line 7, 15, 23 4 5 SEASONALS METHOD BALANCE ADJ UST MENT OTHER NOT E— SOURCE DATA SHOWN HERE I NC L UDE CCC AND E X P O R T - I MP O R T BANK LOAN P A R T I C I P A T I O N S I N OTHER I N V E S T ME NT S FOR ALL PE RI OD S . P U B L I S H E D DATA I NC L UDE THEM I N LOANS BEFORE 1 1 / 6 6 . 1 1 1/71 1 2 3 Difference in seasonal between L.4.3 components adjusted individually as flows and the seasonal in L.4.3. 8, 16, 31 Adjustments to F/F bank credit components used in balancing seasonals in the flow-of-funds matrix as a whole. 9 Sum of lines 17, 24, and 33. 17, 24, 33 Difference in seasonal between F/F bank credit components and the corresponding L.4.3 components adjusted as flows. Line 35 is the sum of differences for several loan types. 30 Sum of seasonals for F/F loans by type less sum of seasonals for L 4 .3 loans by type. 31 Sum of seasonals for L 4 .3 loans by type less seasonal on total loans in L 4 .3 adjusted directly. 28 29 30 31 32 33 5 NOVEMBER 1971 OTHER LOANS OTHER LOANS 20 OPE N- MARKET PAPER AND CTHER LOANS ( B I L L I O N S OF DCL L ARS ) S EAS CNAL L Y ACJLSTEC 1969 1968 1967 SEASONAL L Y A D J U S T E D ANNUAL RAT ES ANNLAL RAT ES 197C 1 1 1969 IV I 1 1970 II I 1 1 IV III 1971 II I III OTHER LOANS ------ SECT CR T O T A L S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 -2 .5 1.8 3.0 12.4 1.7 .2 1.1 3.6 .3 .2 .9 2.5 2.1 27.7 3.0 .6 1.8 7.0 .4 -.3 4.2 4.0 4.6 2.4 11. 5 2.6 .6 1.1 5.2 .4 -1.9 1. 3 -.2 2.2 27.6 3.0 .4 1.4 4.8 .5 6.9 4.6 3.7 2. C 30.1 3.4 1.0 1.4 6.8 .5 8.9 4.4 2.4 1.2 17.5 3.0 .8 .9 4.7 .2 4.1 .8 .6 2.4 -6.3 2.3 -.1 1.7 3.6 .8 -11.5 .3 -3.9 .5 6.6 1.5 3.8 -1.8 i * : 2 .4 .1 1.0 -.5 .2 12.4 4.4 3.7 1.2 -.1 , -1.1 ♦ 1.2 2.5 .6 27.7 8.6 3.1 4.8 * .5 .3 3.4 6.0 1.0 11. 5 -1.1 3.0 2.3 * 2.0 .2 2.9 1.7 .5 27.6 8.9 2.4 5.9 .1 1.6 .3 3.6 5.1 -.2 30.1 18.6 3.5 5.6 ♦ -3.3 .7 3.4 .8 .9 17.5 7.4 3.1 1.7-.1 4.8 * 1.9 -2.3 .9 -6.3 -29.1 3.1 .9 .2 5.2 .2 5.0 9.9 -1.7 6.6 1.3 .6 .7 1.4 .2 -.1 8.1 1.6 .4 * .7 . 1 -8.9 -.2 .3 4.6 2.2 1.7 1.0 2.6 5.1 .4 “ -2.6 -1.2 -7.8 3.1 .2 -10.8 .8 2.5 .7 .7 1.0 2.9 4.6 -1.2 2.1 1.1 -.1 1.1 -.2 1.5 -1.6 1.9 2.2 -7.3 4.5 .2 .3 -.6 1.1 4.1 .1 -.3 -5.2 -5.5 4.0 -9.8 -.3 .6 -.2 2.3 1.5 2.3 8.1 2.1 3.5 .3 * * * 2.7 -1.7 1.2 4.6 1.6 .8 .6 5.6 .2 -5.2 1.2 1.1 .9 - l . l .2 ~ NET I NC REA SE I N L I A B I L I T I E S HOUSEHOLDS FARM B U S I N E S S NONFARM NONCORP. BUS I NES S CORPORAT E BUS I N E S S S T A T E AND L OCAL GOVERNMENTS SPONSORED C R . A G E N C I E S BANK A F F I L I A T E S SA VI NGS I N S T I T U T I O N S FI NANCE N . E . C . RE S T OF THE WORLD I 2 3 4 5 6 7 8 9 10 11 NET I NC REA SE I N A S S E T S CORPORATE B U S I N E S S U . S . GOVERNMENT SPONSORED C R E D I T A GE N C I E S MONETARY A U T H O R I T Y COMMERCI AL BANKS MUTUAL SVGS. BANKS I NSURANCE FI NANCE N . E . C . R E S T OF THE WORLD 12 13 14 15 16 17 18 19 20 21 OPE N- MARKET PAPER 1 4.0 4.1 12.2 1.7 11.6 16.2 6.9 -15.0 -l.l -7.5 -2.8 4.3 8.5 11.5 6.0 -11.0 -9.3 -9.3 l.l 2.3 2 1.4 1.7 6.5 -.7 3 4 1 .4 1.7 3.5 3.0 .3 -1.1 2.7 5.8 2.6 8.9 1.1 4.9 -1.7 -9.4 -.7 -8 .6 -6.8 -2.4 1.3 -.2 1.4 .9 5 6 7 .3 .1 1.1 3.1 * -1.4 5.7 .9 -.1 -2.0 .7 .6 7.0 1.0 .5 13.5 .5 -2.5 3.2 -.7 3.5 -17.2 3.1 3.2 -7.6 .1 -1.8 -11.4 3.2 -1 .1 -1.6 1.4 1.3 .3 1.9 * 8 1.8 2.3 4.6 .9 2.3 4.9 -.8 -4.1 3.4 1.0 -5.5 -.1 2.2 -1.0 -.2 -5.3 -.5 .4 .6 -.4 -.2 -3.9 -.8 -.7 1.7 -2.0 .2 9 10 11 1 .4 .4 1.5 .8 2.3 1.1 1.2 2.2 -.5 -.8 .3 i.O 1.0 5.1 -.2 ♦ .5 -.6 -.7 .3 -2.3 -2.2 2.7 l.l -.4 12 13 14 1.2 * .7 1.3 .3 .7 2.8 1.2 .6 .9 -.4 .3 1.9 .2 .3 5.1 -.3 .1 4.2 -5.2 .2 -11.9 6.9 .9 6.3 -2.9 * 4.1 -2.7 -.3 15 .7 .1 1.0 1.6 .7 -.1 1.7 .1 4.7 .7 1.6 2.1 -.4 ; 1.9 l.C 1.0 .8 1.3 .7 .7 16 17 18 19 .5 .2 ul .1 20 21 22 23 -.1 .2 * .7 OPEN MARKET P A P E R - T O T A L DI RECT LY- PLACE D PAPER- TOTAL L I A B I L I T I E S OF : F I NA N C E COMPANI ES BANK A F F I L I A T E S ASSETS OF : N O N F I N . C ORPORAT I ONS L I F E I NSURANCE COS. COMMERCI AL BANKS DEALER- PLACED PAPE R- T OT AL L I A B I L I T I E S OF: N O N F I N . CORPORAT I ONS F I NA N C E COMPANI ES BANK A F F I L I A T E S ASSETS O F : N O N F I N . CORPORAT I ONS I N V E S T ME NT COMPANI ES COMMERCI AL BANKS .3 .7 .4 .4 .8 .8 .4 .4 .8 -. 1 * * -.5 .4 .2 .2 1.0 .7 .4 .4 -.9 1.1 .5 .5 3.6 l.l .6 .5 .2 .5 .2 .2 _ _ _ .6 -.1 -.4 1.0 * * .5 * 1.1 * -.2 .1 .8 -.1 .9 * - •8 -.3 .9 -.1 1.2 .4 -1.7 .2 1.2 * 1.9 -.1 2.9 -.1 -.3 .3 .8 -.3 2.3 -.3 -.1 1.2 1.2 * -.3 BANKERS ' A C C E P T A N C E S - T O T A L L I A B I L I T I E S OF: RES T OF THE WORLD NONFI N. BUSI NESS NONCORPORATE CORPORATE A S SE T S O F : A G E N C I E S OF F GN. BANKS RES T OF THE WORLD FEDERAL RESERVE COMMERCI AL BANKS -.2 .3 .1 .1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 OTHER T YPE S 1 2 3 -.4 -.1 -.3 2.2 .5 1.8 4.8 .6 4.2 2.1 -.3 2.3 4.9 .5 4.4 1.2 -.1 1.3 3.2 -.3 3.5 2.6 * 2.6 1.3 -.7 2.0 3.0 .7 2.3 2.6 -.4 3.0 -.9 -.2 -.7 F I NA N C E C O. LOANS TO BUS I NES S L I A B I L I T Y - N O N C O R P . BUS. CORP. BU S . I 2 3 4 3.7 3.6 3.0 2.9 2.3 3.4 3.0 3.0 2.1 4.5 4.0 3.5 5 6 7 8 9 10 11 .3 .2 .4 .2 .2 -.1 2.6 .4 * .3 .1 .4 -.3 2.1 .3 -.1 .6 .3 .4 — 1.4 .4 -.4 .4 .2 .5 1.2 .5 .1 .4 .2 .5 1.7 .3 .1 .7 .3 .2 1.4 .2 -.2 .6 .2 .8 1.4 .2 -.1 .5 .4 .2 “ .9 .8 -.1 .3 .3 .4 .3 .1 .5 .2 .2 2.8 2.8 2.1 U . S . G O V T . LOANS L I A B I L I T I E S OF: HOUSEHOLDS FARM BUS I NE S S NONFARM NONCORP. BUS. CORPORATE BUS I N E S S S T A T E ♦ LOCAL G O V T S . SPONSORED C R . A G E N C I E S RE S T OF THE WORLD 4 .4 -.1 •3 .2 .3 .2 2.2 5 6 7 8 9 10 11 12 13 14 15 -1.8 .2 .5 -2.5 1.2 .1 .2 .9 4.8 .2 .6 4.0 2.3 .3 .7 1.3 5.9 .3 .8 4.8 5.6 .3 1.0 4.4 1.7 .1 .7 .8 .9 .4 .2 .3 1.1 .4 .9 -.2 .2 .3 l.l -1.2 -9.8 . 1 1.0 -10.8 .3 -.7 .4 .7 SPONSORED C R E D I T AGENCY LOANS NONFARM NONCORP. B U S . ( B C ) FARM B U S I N E S S ( F I C B ) SVGS. + LOAN A SSNS. ( F H L B ) 12 13 14 15 16 17 18 1.0 .1 .9 1.3 * 1.2 2.6 .1 2.5 2.3 .1 2.2 2.6 .1 2.6 2.9 .1 2.8 2.7 .1 2.6 2.0 .1 2.0 1.4 * 1.4 .9 ♦ .9 .9 * .9 .8 ~ .8 P O L I C Y LOANS ( HSHOL D L I A B . ) ASSETS U . S . GOVT. L I F E I N S UR. COS. 16 17 18 19 .1 * .3 .2 .3 .7 * .2 -.2 20 1 1 1 /71 IS - - PR ELI M IN A R Y E S T IM A T E - - - BASED ON IN COMPLETE IN FO R M AT IO N. _ .8 . 1 .3 .2 .1 ~ l.l ! * -.2 MUTUAL S VGS. BANKS LOANS TO NONCORP. BUS I N E S S HYPOTHE “ ~ ~ AS S E T - C OMME RC I A L BANKS 19 T RADE C R E D I T * SECURIT^CRECIT, ANO T A X E S 21 SECURITY CREDIT, T RADE C R E D I T , AND T AXE S £L S E C U R I T Y C R E D I T , TRADE C R E D I T , AND T A XE S PAYABL E ( B I L L I O N S OF OC L L ARS ) SEAS CNAL L Y AC J l i S T EC 1967 ANNUAL 1968 19£9 _____ RAT ES 1970 | I 1969 IV | I 197C I II III IV I I I 1971 II SE A S 0 NA L L Y ^ AD J U S T E D ^ ANNU AL^R ATE 5 III SECURITY CREDI T 7.6 3.4 .2 3.2 1 2 3 4 5.6 3.5 .6 2.8 4.4 2.3 .3 2.0 -4 .7 -2.7 -.1 -2.6 -.6 -1.9 -.5 -1.4 3.2 .6 -1.2 1.8 -6.9 -5.4 -.6 -4.8 -11.4 -4.0 -.7 -3.3 10.4 1.0 .7 .3 5.3 .9 -1.3 2.1 .7 1.3 -.6 1.9 .2 3.8 1.0 2.8 5 6 7 8 2.1 .9 2.0 1.0 -2.0 -l.C 1.2 1.8 _ - 1.2 l.C -1.0 -.6 2.6 1.6 * 1.0 -1.5 -.1 .2 -1.6 -7.4 -5.3 -.2 -1.9 9.4 8.4 * 1.0 4.5 4.3 * .2 -.5 -3.0 .2 2.3 -3.5 -1.8 -.2 -1.6 4.2 4.0 * . 1 9 10 11 12 5.6 1.1 .1 1.5 4.4 .7 .3 1.3 -4.7 -.8 -.2 -1.1 -.6 -.5 -.1 1.3 3.2 1.1 -.1 .4 -6.9 -1.3 -.3 -.7 -11.4 -1.8 -.1 -6.1 10.4 1.2 -.2 9.1 5.3 * .2 3.0 .7 1.6 .6 -3.6 .2 -1.2 -.4 -.8 7.6 .5 -.4 4.2 13 14 15 2.8 2.8 - -2.6 -2.6 - -1.4 -1.4 - 1.8 1.8 ♦ -4.6 -4.8 .2 .4 .3 * 2.1 2.1 * 2.1 1.9 .2 2.6 2.8 -.2 3.2 3.2 * : - 2.0 2.0 - «• - -3.4 * -3.3 -.2 NET CHANGE I N L I A B I L I T I E S CUSTOMERS S E C U R I T Y LOANS FROM BANKS CUSTOMER D E B I T BALANCES I 2 3 4 BROKERS ♦ DEALERS S E C U R I T Y LOANS FROM BANKS FROM AG. OF F GN. BANKS CUSTOMER C R E D I T BALANCES 5 6 7 8 9 10 11 12 NE T CHANGE I N A S SE T S HOUSEHOLDS F ORE I GN COMMERCI AL BANKI NG 13 14 15 FI NANCE N . E . C . BROKERS AND DEALERS A G. OF F GN. BANKS T RADE C R E D I T 17.2 .5 .8 -1.6 .4 .5 ♦ -.6 2.6 .6 .5 -2.0 1.9 .6 -.1 -2.2 7.3 .6 2.9 1.0 -5.7 .6 1.8 -2.0 -5.2 .6 3.1 -.7 .3 .5 . 1 1.8 -6.3 .5 -1.3 .9 -8.5 .5 -.8 .6 1 2 3 4 8.6 .4 .8 .6 12. 0 .5 .4 -.4 2C. 9 .5 .7 -.8 5.5 •6 .3 -1.4 15.6 .5 1.6 -1.8 5 6 7 8 4.9 .6 .6 .6 10.1 .6 * .7 19. 7 .5 -.3 .6 5.5 .5 -.6 .7 13.0 .5 .5 1.2 15.3 .5 -.5 2.2 .7 .5 -1.1 .5 3.5 .5 -.6 .1 3.0 .5 -.1 .2 9 10 11 12 13 9.8 7.7 1.5 .3 .4 15. 7 13. 9 .6 .3 .9 19.4 17.3 .9 .4 .8 7.2 6.2 -.8 .4 1.4 15.6 14.6 -.5 .4 1.2 19.0 18.6 -.7 .4 .7 6.1 4.8 -.8 .4 1.6 2.8 2.0 -.6 .4 1.0 .8 -.7 -1.0 .4 2.1 9.5 11.6 -1.7 .4 -.7 -3.5 * -3.3 .4 -.6 -6.3 3.5 -3.8 .4 -6.4 14 -1.3 -3.7 1.5 -1.7 -.1 -1.8 -5.6 -.2 1.1 -2.1 -2.3 l.l PROFIT 1 2 3 4 5 6 7 8 9 -4.9 -4.7 * -.1 * -.1 ♦ -.1 .1 10 11 12 -4.1 -4.4 .3 13 -.8 2 3 1 1 1/71 -3.6 -1 .3 -2.3 IS -.3 -.5 .2 T O T A L T A XE S R E C E I V A B L E U . S . GOVERNMENT S T A T E ♦ L OCAL G O V T S . 10 11 12 2.1 -.2 -.7 2.3 UNAL L OC AT ED 13 -6.5 -5.8 -6.6 T O T A L HOUSEHOLD I N V E S T ME NT 1 -2.2 -4.5 NONFARM NONCORPORATE FARM B U S I N E S S 2 3 2.4 1. 7 .7 -3.5 -2.9 -.6 -3.6 -2.8 -.9 -3.0 -2.3 -.7 -2.0 -1.1 -.9 -5.1 -4.2 -.9 -2.6 -1.7 -.9 -.1 1.8 .9 .2 .5 .5 .3 PROPRI ET ORS* 1 6.0 5.8 .2 -2.8 -3 .3 * -.1 * .3 .2 ♦ .1 * -2.2 .4 -2.6 -3.9 -.4 -3.5 -2.3 .5 -2.8 -2.7 .4 -3.1 EQUITY -2.6 * -2.6 PR ELI M INA RY E S T I M A T E BASEO CN INCOMPLETE 14 (1-9) .7 .5 .2 -2.3 -3.0 .1 .3 * .2 * .1 * * DI S C RE PA NCY -4.9 -4.1 -.9 -4.5 -4.6 * .2 * -.1 -.1 .1 .1 * 9 10 11 12 13 1.9 T O T A L T A X E S PAYABLE 2.7 N O N F I N A N C I A L CORPORAT I ONS -.5 FEDERAL RESERVE * COMMERCI AL BANKS .1 ' S V G. + LOAN A S SNS . .1 L I F E I NSURANCE COMPANI ES - . 1 OTHER I NSURANCE COMPANI ES ♦ F I NA N C E COMPANI ES -.4 BROKERS ♦ DEALERS -1.5 -2.5 ♦ 1.0 * .1 .1 * -.2 .2 * NET CHANGE I N A S S E T S CORPORAT E BUS I N E S S U . S . GOVERNMENT I NSURANCE F ORE I GN 5.3 5.8 -.1 ♦ .1 -.3 -.1 * -.2 -2.8 -2.6 .1 -.3 * .1 * -.1 5 6 7 8 .5 .4 -.5 .5 ♦ .1 * .1 -.2 -2.8 -3.3 * .3 * .1 .1 * - CORPORATE BUS I N E S S S T A T E AND LOCAL GOVERNMENTS U . S . GOVERNMENT F OREI GN I 2 3 4 T A XE S PAYABLE -1.7 -1.9 ♦ .1 * .1 .1 ♦ -.1 2.3 2.1 NET CHANGE I N L I A B I L I T I E S HOUSEHOLDS FARM BUS I N E S S NONFARM NONCORP. BUSI NESS ( PAYABLES LESS RECEI VABLES) 1 2 3 4 5 6 7 8 9 I N NCNCCRPORATE BUS I NES S -2.1 .8 -3.0 -2.5 .4 -2.9 I N F C R M A T IC N . -2.0 .5 -2.5 -.5 -6.0 -1.6 -4.2 BUS I NES S 5 NOVEMBER 19 71 MIS CELLANEOUS I MI SCEL L ANEOUS I 22 MI S C E L L ANE OUS F I N A N C I A L C L A I MS ( B I L L I O N S OF OC L L ARS ) A D J US T E D ANNUAL SEASONAL L Y A D J U S T E D ANNUAL RATES RATES 1967 1968 1969 1970 16. 9 .3 5.6 .4 .5 * 2.4 18.5 .4 3.8 .7 -.3 29.9 .4 1.7 -.4 .4 .5 17.2 8.6 .5 1.6 2 .1 .8 2.8 .4 1.5 2.5 .4 1 .6 •6 1.4 3.3 14 15 16 17 18 19 20 1 1. 1 1.5 .3 .4 3.8 * 21 1.2 1.1 .3 .8 .4 1.5 11. 2 1 .8 .4 .5 1.4 , * -.2 2.3 .3 .6 .3 .1 3.7 .1 3 4 5 6 7 .2 7.3 9 10 11 12 13 22 23 24 25 26 27 -.1 .1 II 2.3 23.2 2.1 .4 .7 e.c •i .1 2.2 -.3 .9 .1 * 8.2 .9 1C.9 2.5 .4 .7 3.0 1.0 .3 6.6 2.9 •6 -.2 .2 -6.2 -.8 -3.9 2.6 .4 .7 1.2 .4 .2 -9.8 * 2.2 .8 . 1 -3.2 •4 6.7 -2.3 11. 1 8.0 - .8 1 .0 1.3 .4 .4 3.1 .5 1.4 3.6 IV III 1.3 3.7 .7 3.0 3.7 -.2 -.7 4.0 .2 1.3 3.8 -3.3 4.1 10.5 2.5 .4 .73.4 -.3 .4 4.7 2.1 -.3 ♦ .2 -2.2 -1.0 8.3 2.5 .4 .7 .7 1.2 .1 -2.0 4.2 .5 -.4 .2 1.4 -l . l 1.2 2.5 .5 .7 4.2 .7 .4 5.2 3.7 1.3 .3 .2 -17.7 -.8 19. 0 2.6 .4 .7 9.6 1.7 -.2 9.1 6.6 .9 .8 .1 -13.6 .2 -2.1 -4.3 -2.6 1. 2 2.1 -.9 -7.2 23.6 2.3 .4 .7 3.9 2.2 .2 18.5 1.7 .8 -.7 .2 -6.4 -.3 -.3 -.8 5.9 15.0 .3 2.4 .4 4.1 -.6 -.1 4.0 .4 .6 .6 .5 1 0.2 .7 1.7 1 .6 3.7 .4 6.7 - I -1.4 .4 1.7 2.9 3.7 1 .6 -16.4 * .7 8.4 .4 2 .2 -.4 2 3.2 .4 7.3 .5 2.9 .4 1971 II 1970 I I 1.1 1.9 -5.9 .3 1.5 3.9 2.3 -2.3 2.2 7.3 1969 IV .4 3.1 .5 2.1 .4 -8.4 .9 .7 1.4 3.7 ♦ 3.8 .2 8 I 1 -.2 1.2 - 1.8 1 * o SEASCNAL LY TOTAL L I A B I L I T I E S HOUSEHOLDS CORPORATE BUS I N E S S U . S . GOVERNMENT SPONSOREO C R. A GE N C I E S MONETARY A U T H O R I T I E S COMMERCI AL BANKS BANK A F F I L I A T E S SAVINGS. I NSTI TUTI ONS L I F E I NSURANCE COMPANI ES N O N L I F E I NSURANCE COMPANI ES FI NANCE N . E . C . RE S T OF THE WORLD 1 2 3 4 5 6 7 8 9 10 11 12 13 -.1 .1 2.4 . 1 TOTAL ASSETS HOUSEHOLDS FARM B U S I N E S S NONFARM NONCORPORATE BUS I NE CORPORAT E B U S I N E S S SPONSORED CR. A GE N C I E S U . S . GOVERNMENT COMMERCI AL BANKS S A VI N GS I N S T I T U T I O N S L I F E I NSURANCE COMPANI ES P R I V A T E PE NS I ON FUNDS S . + L . G O V T . R T R . FUNDS RE S T OF THE WORLD BANKS I N T E R R . A N D POS S . I* 15 16 17 18 19 20 21 22 23 24 25 26 27 4.1 UNALLOCATED, 28 3.4 .3 .3 .5 -6.4 -.9 -4.0 .5 3.2 1 .6 4.4 -.5 4.4 2 3. 6 .3 1.4 -1.3 -.4 1 .8 8.3 4.8 3.2 .4 .7 1 0 .8 .3 19. 5 3.2 .4 .7 11.0 -.5 -.1 6.2 -.2 1.1 - .7 1.7 4.4 1.1 - 2.4 -4.6 -.3 -.6 .2 -11.7 .2 * -.1 -1.4 (A) 1.8 .2 31 32 33 34 -•I * -.2 -6.8 7.0 .5 1.1 -5.3 1.6 -4.4 -.7 .2 .2 -.1 ♦ -.2 -.2 -.1 .1 -.1 -.2 * .1 -.7 -.9 -.1 .2 -.7 -.2 -.1 -.4 - - - - - -2.9 1.1 .3 .1 .2 .1 -5.7 1.5 -14.3 .2 -16.2 DEP -3.7 .3 * -.1 .4 -.4 -.7 .1 .2 -.4 -.4 -.3 .3 - - - -5.4 C OML . 3.9 BANKS ( F I N A N C E N . E . C . L I A B . ) A S S E T - R E S T OF THE WORLD S A VI NGS D E P O S I T S ( U . S . G O V T . A S S E T - HOUSEHOLDS (B) 36 37 40 41 42 43 44 45 2.7 .3 1.1 .3 3.1 2.0 .9 .8 -1.0 l.l 5.5 1.8 5.3 .4 1.9 -.3 4.8 .9 .4 .2 .1 .2 .2 .2 .3 .2 .2 .3 .1 * -.4 1.3 * -.1 .6 1.3 3.3 4.5 -.2 -.3 * .1 * * .2 * .1 .1 .1 , .3 - .3 .5 .3 ~ .2 “ .4 .2 * .1 .1 .1 ♦ *■ .1 .1 * * .3 .1 * .1 .1 .1 # * .1 .1 * .1 * .2 * .1 .1 * 29 30 F ORE I GN CURRENCY EXC EPT O F F I C I A L — -.5 L I A B I L I T Y - R E S T OF THE WORLD -.2 ASSETCORPORATE BUS I NES S -.5 U . S . GOV T . .2 COMMERCI AL BANKS P OS T A L - BANK L I A B . T O F GN . BRANCHES A S S E T - R E S T OF THE WORLD AT A G . O F F G N . -.9 -1.3 -.1 .3 -.3 -.1 NET DEPOSITS DI RECT 6.0 -.4 LIAB.) EQUITIES F GN . I N V E S T ME NT BY U . S . C O R P . L I A B . - R E S T OF THE WORLD D I R E C T I N V E S T ME NT I N U . S . ’ A S S E T - R E S T OF THE taORLD U.S. .4 D E P O S I T S AT -6.0 -1.0 31 32 33 34 36 37 GOVT. E QUI T Y IN IBRO, ETC. L I A B I L I T Y - R E S T OF THE WORLD 38 FHLB ( S . + L . A S S N S . A S SE T ) LIABI LI T Y- SP ONSORED CR.AGS. E Q U I T I E S IN U . S . G. CR . A G E N C I E S U . S . G O V E R N ME N T PRI VATE NCNFARM NONCORP. ( B C ) FARM B U S . ( F I C B * F L B ) S V G S . ♦ LOAN A S S N S . ( F HL B) CORPORATE B U S . ( F N M A ) 39 40 41 42 43 44 45 5 NOVEMBER 1S71 MI S C E L L ANE OUS I I MI S C EL L ANEOUS 23 II MI S C EL L ANEOUS F I N A N C I A L C L AI MS C C O N T I N U E C ) ( B I L L 1 G N S OF DOL L ARS) SEASONAL L Y ACJUSTEC 1968 ANNUAL RAT ES SEASONAL L Y A D J U S T E D ANNUAL RATES I 19 7C 1 1969 23 1969 IV | | 1970 I II III IV | I 1971 II I (C) .4 .4 .4 .5 .4 .4 .4 .4 .8 .3 .5 .9 .3 .5 1.0 .4 .6 1.0 .5 .6 1.0 .4 .6 1.0 .4 .6 l.C .5 .6 1.1 .5 .6 l1 .. 1 l .5 .6 1.1 .5 .6 5 6 7 2.1 .7 .4 2.5 .8 .5 .3 .9 3.3 1.1 .7 .4 1.2 3.7 1.2 .7 .4 1.4 3.9 1.2 .7 .4 1.7 3.6 1.2 .7 .4 1.3 3.7 1.2 .7 .4 1.4 3.7 1.2 .7 .4 1.5 3.7 1.2 .7 .4 1.4 3.8 1.2 .7 .4 1.5 4.4 1.2 .7 .4 2.1 10 5.9 7.3 6.7 -2.3 11. 1 -.3 -2.1 -4.3 -2.5 -4.0 -1.4 11 12 13 14 15 16 17 18 19 20 21 9.8 5.4 .7 -.2 * .5 .9 .3 .2 * 11. 3 3.5 .2 .5 -.1 .4 .6 .3 .3 .2 3.6 14.4 .9 -.3 -.1 .5 .6 .5 1.1 .3 .5 .2 4.2 4.1 2.3 -.6 1.2 .5 .7 .3 -.5 .5 .4 .9 .6 5.7 1.8 * .4 .5 .3 .5 .7 -.7 l.l -5.9 8.8 16.0 6.2 -2.4 1.4 1.0 .5 .3 * .8 .4 3.1 -.3 -2.1 1.8 -.4 .3 1.7 .6 -.7 .9 .5 .7 3.5 -1.7 -.3 -.1 .7 .6 -.1 .2 -.8 .7 -.9 -.2 2.2 3.8 1.3 2.9 .1 .7 .1 -.5 -.3 1.6 * -3 .0 20.3 2.2 * .4 -.5 .2 .2 .4 -.4 -.6 4.0 5.0 4. 1 .4 * .5 -.4 3.2 .5 .4 - 1 .4 -.9 .5 -4.6 6.1 .3 5.9 .2 .1 -2.1 1.8 -4.3 .1- . 4 -1.7 -.2 -.3 - . 4 1.3 5.1 4.3 -.4 -1.2 1.3 -10.8 .7 -12.5 - 1 . 2- 1 . 0 -3.8 2.7 -4.9 - 1 . 0 1.5 1.0 -.3 .4 1.5- . 9 9.4 8.4 1.0 6.0 4.8 .4 2.4 -6.7 11. 0 -.8 66 .. 44 -- 11 .. 22 11..00 66 .. 66 11..55 ..22 -- .. 22 ..22 -- .. 88 -- .. 88 -- 55 .. 44 11..88 .. 44 -- 99 .. 99 --.. 11 11..77 ..88 .. 11 ..44 -- .. 66 22 .. 77 -- 22 .. 44 11..22 -- 22 .. 44 22..88 ..22 -- .. 44 .. 22 -- 11 .. 11 44 ..77 66 .. 44 33 .. 77 ..77 55..11 ..44 11..00 ..33 ..22 -- .. 88 -- 44 .. 11 24.2 4.C 1.7 8.8 2.0 .6 .8 .1 .2 6.0 5.5 3.6 .3 6.3 1.5 -.6 -.6 .2 .2 -5.3 6.5 3.9 -.5 2.1 1.0 -.4 -.1 .1 .1 .2 (D) (E) 22 23 24 25 26 .6 .3 .2 -.1 1.9 1.4 .7 .2 27 28 29 30 31 32 33 34 35 36 3.9 .4 * 1.2 .6 * .8 .4 .1 .5 44 .. 00 -- .. 77 ** 22 .. 33 ..33 ..33 ..33 ..11 ..11 11..44 77 .. 88 44 .. 99 ..11 22 .. 22 ♦* ..55 ..11 ** ..99 -- .. 77 1166..44 -- 22 .. 77 22 .. 22 1199..00 11..55 .• .. 44 -- .. 77 ..22 -- .. 33 -- 33 .. 11 ** -- 33 .. 33 -- .. 33 44 .. 66 11..44 -- .. 77 ** ..22 -- 11 .. 00 -- .. 88 COMPONENTS OF “ SOURCES N . E . C . " 1 2 3 4 5 6 7 8 4.3 7.7 2.2 .6 1.6 * .5 9.5 10. 2 5.5 1.9 3.6 .2 -.3 14. 7 18.8 1C. 2 6.1 4.2 .2 .5 .4 9 10 11 12 13 .4 .1 3.7 .5 .3 .3 .1 3.9 .2 .3 .3 .2 4.8 1.1 1.1 14 15 16 17 3.8 * 1.2 2.6 3.7 * 2.3 1.4 18 19 20 21 22 23 3.7 -.2 1.0 -.5 .5 .3 24 1. 8 1 1 1/71 IS -.9 -.1 4.4 1.2 .7 .4 2.1 4.1 10.6 1.8 -1.3 .7 .7 .5 .2 2.9 1.8 -1.1 2.0 .7 2.4 -7.3 -10.8 3.5 .7 .5 1.2 5.3 5.1 -1.5 -3.8 2.2 -.2 -.9 2.1 2.5 8.6 -2.0 1.0 -3.0 * 1.6 3.7 11. 2 24.0 14.4 9.4 5.0 4.0 -.6 4.1 9.1 3.3 1.4 6.0 -4.6 .5 -.9 -6.4 .6 .1 5.C .5 -.5 * .3 5.4 1.6 .7 .4 .1 4.9 -.7 * l.l .5 5.3 1.1 -.7 -.2 .1 5.0 1.5 -.8 1.1 -.4 4.9 .2 -.5 .3 -.1 5.1 -3.7 .4 2.8 .4 6.0 -.9 .4 .4 .3 6.0 -1.3 .2 3.8 .1 2.2 1.5 1C. 2 1.0 6.6 2.6 -5.8 .4 -9.8 3.5 22.4 2.2 18.5 1.7 5.3 -.3 4.7 .9 2.5 1.2 -2.0 3.3 10.6 .7 5.2 4.7 19.4 1.7 9.1 8.7 1.3 .3 6.2 -5.1 1.9 -.5 2.4 * 3.3 .2 1.4 -1.2 .2 .3 3.5 .2 1.8 -.1 ♦ .4 5.1 .6 2.0 -1.4 .7 .4 4.6 -.2 1.9 -1.5 .3 .4 3.8 1.0 1.9 .8 1.9 .4 4.5 ♦ 1.9 -2.0 .3 .4 5.7 .7 2.0 -1.0 .4 .4 6.7 .5 2.1 -3.3 .3 .4 7.0 . 1 2.2 -.9 .5 .4 6.1 -.5 1.8 -1.3 .7 .4 6.5 -.8 2.2 -1 .1 .5 .4 -.2 1.8 1.3 2.C -.2 1.9 3.3 -3.1 -1.6 1 2 3 4 I NSURANCE CL AI MS L I A B I L I T Y - OTHER I NSURANCE ASSETCORPORATE BUS I NES S NONFARM NONCORP. BU FARM BUS I N E S S HOUSEHOLDS NET T OT A L AND L I A B I L I T I E S (LIAB. - ASSETS) TOTAL L I A B I L I T I E S CORPORATE B U S I N E S S U . S . GOV T . U . S . G O V T . - W I T H O U T L EVEL S SPONSORED C R . A G E N C I E S SA VI NGS I N S T I T U T I O N S L I F E I NSURANCE BANKS I N T E RR. A ND POSS. RE S T OF THE WORLD MONETARY A U T H O R I T I E S bank 5 6 7 8 9 affiliates COMMERCI AL BANKS 10 11 12 13 14 15 16 17 18 19 20 21 1 22 .6 F L OA T S I N COML. BANK STMN 23 ON I NT ERBANK D E P O S I T S 24 ON I NT ERBANK LOANS 25 1.8 L E S S - O N M . B . RESERVES T OT AL ASSETS CORPORATE B U S I N E S S SPONSORED C R. AGE NC I E S COMMERCI AL BANKS S A VI NGS I N S T I T U T I O N S L I F E I NSURANCE P R I V A T E PENSI ON FUNDS S . + L . G O V T . R T R. F U N D S BANKS I N T E R R . A N D POSS. RES T OF THE WORLD 27 28 29 30 31 32 33 34 35 36 I N SUMMARY TABLE -8.1 14.3 4.8 5.1 -.3 3.1 .4 1.3 BASED ON I NCOMPL ET E NONLI FE UNAL L OC A T ED A S S E T S 18. 1 11.0 7.1 -1.7 8.8 -5.9 1.1 .8 PRE L I MI NA RY E S T I M A T E . 1 7.6 -1.5 -2.1 .6 .9 .4 2.1 I NSURANCE CLAI MS L I F E COMPANY RESERVES ( HOUSEHOLDS A S S E T ) l.l 1.2 LIABILITYL I F E I NSURANCE .6 .6 A C C I D E N T AND HE A L T H .6 .6 P O L I C Y D I V I D E N D ACCUM. 2 3 - LIFE DEFERRED AND UNPA I D PREMI UMS ( L I F E I N S . A S S E T ) .3 .3 .3 L I A B I L I T Y - HOUSEHOLDS .3 -1.6 1 3 . 8 SOURCES N . E . C . 10.4 MI SC. F I NA N. L I A B I L I T I E S 4.4 COMMERCI AL BANKS 2.4 F L OA T S 2.0 unallocated -l .l BANK A F F I L I A T E S 1.8 MONETARY A U T H . -.4 SPONSORED AGENCI ES 1 2 3 4 5 6 7 8 SVGS+LOAN ASSNS. MUT . S V GS . BANKS I NSURANCE A G E N C I E S OF FGN BANKS BANKS I N T E R R . ♦ POSS. 9 10 11 12 13 - M I S C . F I N A N C I A L ASSETS SPONSORED AGENC I ES COMMERCI AL BANKS PRI V A T E NONBANK F I NA N C E 14 15 16 17 GROSS SAVI NG T A XE S PAYABLE - P H Y S I C A L I NV EST MENT - G O L D £ OFF FGN EXCHANGE - T R E A S U R Y CURRENCY -T RADE CREDI T - D I S C R E P A N C Y T O T A L FOR ALL F I N A N C I A L SECTORS 18 19 20 21 22 23 24 I NF ORMAT I ON i 5 NOVEMBER 1971 T C T A L CL AI MS T O T A L CL AI MS 24 T C T A L F I N A N C I A L AS SE T S AND L I A B I L I T I E S ( B I L L I O N S OF D OL L ARS ) SEASONAL L Y A D J US T E C 1967 ANNLAL PA T ES I 960 1969 SEASONAL L Y A D J U S T E D ANNUAL RATES 1970 T OT A L I i 1969 IV i | FUNCS R A I S E D 1970 I II AND ADVANCED III IN CREDIT IV | | I 63. 5 13. 0 4.1 66 . 4 19. 7 3.5 5.0 29.3 8.8 96.9 13. 4 3.0 80.5 31.8 2.7 5.8 30.3 9.9 9C.4 -3.6 3.7 9 0. 4 32.2 3.2 7.4 39.1 8.5 9 7. 5 12.8 2.6 82. 1 21.6 3.2 6.3 38.8 12.2 86.8 1.2 2.4 83.3 2 8. 2 2.5 6.4 41.0 5.1 81.4 3.0 2.6 75.7 22.8 3.0 3.5 36.9 9.4 103.7 16. 0 1.7 86.0 21.5 3.8 5.2 45.2 10.4 94.6 12.2 2.2 80.2 2 4. 8 3.3 8.7 33.6 9.7 110.6 20.0 4.0 86.6 17.2 3.1 7.7 39.2 19.5 112.5 - 1.6 5.0 109.0 23.7 4.6 8.2 46.6 26.0 10 11 12 13 14 15 16 1.3 -.6 -L.7 .9 2.6 .2 15. 1 3.5 1.1 5.5 4.7 .2 r 31.1 8.8 4.1 8.2 5.7 .1 4.2 13. 1 8.7 1.9 1.9 2.4 .1 -1.9 36.1 12.5 4.6 8.0 4.2 -.1 6.9 29.6 14. 4 2.5 2.0 1.6 .2 8.9 17.4 5.5 .8 4.2 2.7 4.1 3.4 7.8 1.7 2.1 3.4 * -11.5 2.0 7.0 2.4 -.6 2.1 * -8.9 -.5 - 1.8 -.3 4.0 .2 * - 2.6 17 84.8 121.6 110.7 123.0 111.0 121.1 98.0 112.6 111.9 2.0 ♦ .5 -.6 2.1 18 19 20 21 22 : 111.9 13. 7 5.8 .7 6.7 .4 38.2 18.3 .5 13. 2 6.1 5.7 10.6 .5 -1.4 -3.fi 37.9 25.3 .3 6.8 5.6 3 7. 4 24.8 -.1 15. 3 -2.5 15.8 8.8 .2 12.1 -5.3 -2 8.2 8.1 1.2 -29.7 -7.8 23 4.6 4.9 2.5 3.2 3.9 3.6 3.5 24 25 26 27 28 75. 5 -.1 4.8 35.4 91.0 3.2 3.7 38.4 - 79.6 9.C 4.2 12.9 3.8 90.8 9.9 5.0 29.2 - 1.1 83.8 14. 1 9.3 17. 9 .6 60.2 13.7 1.2 -.8 11. 5 92.2 7.1 5.5 28.6 4.9 117.6 8.7 7.7 54.5 -11.5 29 30 31 32 35.4 5.2 9.1 .8 45.6 4.4 10.1 1.2 48.7 3.2 9.9 1.4 4 7. 7 4.2 11.5 .9 42.0 2.9 6.1 1.2 34.5 2.3 4.0 .8 46. 1 4.7 10.4 1.0 33 34 35 36 8.4 1.8 5.1 3.5 9.0 2.7 5.8 4.5 8.3 2.6 6.2 4.7 8.8 3.3 6.6 6.2 6. 7 3.1 7.1 2.6 8.4 3.3 6.1 ■ 5.4 37 38 39 40 41 .7 .9 -.6 .4 .1 5.2 2.4 -.1 .1 .1 7.8 3.4 .2 .8 .2 1.6 1.6 2. 4 .4 .3 7.2 3.4 .3 1.2 .2 42 2.8 2.4 1.3 11.0 - 1.0 T OT A L 2.3 1971 II III MARKETS ( 1) I 2 3 4 5 6 7 8 9 i 24 - 2.0 .5 .6 -3.4 .4 1.8 -48.1 -51.1 -.2 1.3 1.8 4.3 175.7 47.7 6.4 121.6 39.0 4.3 9.8 52. 1 16. 5 FUNDS R A I S E D I N C R E D I T MARKETS BY— 162.9 N O N F I N A N C I A L SECTORS 20.6 F EDERAL GOVERNMENT 9.9 FOREI GN 132.4 P R I V A T E OOMEST I C 43.0 HOUSEHOLDS 3.8 FARM BUS I N E S S 10.6 NONFARM NONCORP. BUS. 57.1 CORPORATE N ON F I N . BUS. 18.0 S T A T E ♦ LOCAL G C V T S . -.8 12.8 F I N A N C I A L SECTORS .7 8.6 SPONSORED C R. A GE NC I E S -5.4 2.8 S A VI NGS AND LOAN ASSNS. .7 3.9 F I NA NC E COMPANI ES -.2 -.3 I NV E ST ME NT COMPANI ES ♦ .2 COMMERCI AL BANKS .2 .7 BANK A F F I L I A T E S EQUALS— T O T A L FUNDS R A I S E D AND ADVANCED 174.8 175.7 I N C R E D I T MARKETS 8.1 -1.4 .7 5.7 3.0 4.4 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 NET A C Q U I S I T I O N S B Y : P R I V A T F DOMESTI C 9.7 N O N F I N A N C I A L SECTORS 18 2.9 HOUSEHOLDS 19 .8 NONFARM NONCORP. BUS I NES S 20 8.2 N O N F I N A N C I A L CORPORATE BUS. 21 - 2.2 S T A T E * LOCAL GOV T S . 22 GOVERNMENT 23 123.4 F INANCIAL I N ST I TUT I ONS 8.3 SPONSORED C R E D I T AGENCI ES 7.2 F EDERAL RESERVE SYSTEM 3 8 . 1 COMMERCI AL BANKS -.4 BANK A F F I L I A T E S 24 25 26 27 28 3.2 U.S. 93. 1 10.1 5.5 34.6 -9.2 129.0 .3 16. 1 40. 7 -.4 131. 5 -5.7 1.9 59.8 .8 58.2 4.2 14. 2 1.3 52.1 5.4 17. 2 .5 72.3 12.2 31.7 1.2 74.6 12.0 31.0 1.6 70.1 7.2 2 9. 4 1.9 P V T . NONBANK F I NANCE MUTUAL SVGS. BANKS S VGS. + LOAN A S S O C I A T I O N S C R E D I T UNI ONS 29 30 31 32 9.5 3.2 5.7 8.8 9.2 3.2 5.9 5.8 8.1 3.3 8.9 5.0 12.3 4.2 6.3 6.7 11. 5 5.7 9.1 8.2 12.5 4.9 7.3 7.7 L I F E I NSURANCE COMPANI ES OTHER I NSURANCE COMPANI ES P V T . PE NS I ON FUNDS S . + L . G O V T . R T R . FUNDS 33 34 35 36 1.8 .3 2.5 -.7 .2 3.7 2.2 -4.3 1.1 .3 1.7 2.3 8.9 1.2 .3 -.9 1.7 2.3 .1 .3 3.9 -.5 - 2.8 -3.0 . 1 3.9 -1.4 -6.5 -.5 .2 .9 - 1.2 .6 - 1.0 .1 F I NA N C E COMPANI ES OPE N- END I NV EST MENT C OS . S E C U R I T Y BROKERS ♦ DEALERS A G E N C I E S OF F GN . BANKS BANKS I N U . S . POSSESI ONS 37 38 39 40 4i 9.5 9.5 5.2 19. 7 26.8 3 0. 8 39.5 C L AI MS AND T H E I R R E L A T I C N TO T C T A L F I N A N C I A L RES T OF THE WORLD 42 ASSETS 1 84.8 111.9 121.6 110.7 123.0 111.0 121.1 98.0 112.6 111.9 174.8 2 3 1.1 .7 2.1 .4 .3 .3 -2.5 .6 -1.9 .5 -2.3 1.9 -4.2 .1 -1.7 .3 - 1 .9 .3 -2.5 .4 -.7 .6 4 5 6 7 8 55.6 38.6 14. 8 23.8 17.0 48.1 35.4 14.8 20.6 12.8 6.9 - 1.2 8.5 -9.7 8.1 64.1 46.9 10.1 36.7 17.2 16.6 12.1 13. 2 - 1.1 4.5 21.9 16.7 5.1 11.6 5.2 54.1 38.3 9.8 2 8. 5 15. 8 96.4 74.5 8.9 65.6 21.9 84.0 58.2 16.9 41.3 25.8 112.0 59. 7 -.9 6 0. 6 52.3 111.2 67.9 38.0 30.0 43.3 73.4 38.6 4.8 3 3. 7 34.8 D E P O S I T S AT F I N A N C I A L I N S T S BANKI NG SYSTEM DEMAND D E P . + CURRENCY T I ME AND S V G S . D E P O S I T S S AVI NGS I N S T I T U T I O N S 4 5 6 7 8 9 10 11 18. 9 1.4 17.5 19. 8 1.3 18.5 2C.3 1.6 18. 7 23.4 2.5 21.0 19.8 .9 18. 9 20.2 1.5 18.7 26.3 3.6 22.7 21.6 1.8 19. 8 25.7 3.0 2 2.8 27.5 2.1 25.3 28.4 4.1 24.3 26.5 2.2 24.4 I NSURANCE + PE NS I ON RESERVE U . S . GOVERNMENT I NSURANCE SECTOR 9 10 11 12 13 14 15 16 5.6 8.6 -4.9 -3.6 16. 9 4.4 12.0 2.3 - 2.2 18. 5 -4.7 2C. 9 -1.7 -3.9 29.9 -.6 5.5 - 2.8 -2.3 8.6 3.2 15.6 - 2.8 -2.7 7.3 -6.9 17. 2 -1.5 - 2.6 23.2 -11.4 .4 -4.5 - 2.1 8.4 10.4 2.6 -2.3 -2.5 4.0 5.3 1.9 ~2.8 - 2.0 -1.4 .7 7.3 .5 -6.5 15. 0 .2 -5.7 5.3 -5.8 3.4 7.6 -5.2 1.9 - 6.6 23.6 SECURITY CREDI T TRADE DEBT P R O F I T T AXE S PAYABLE NONCORP. P R OP RI E T ORS ' MI S C E L L ANE OUS 12 13 14 15 16 17 18 19 20 21 22 1.7 1.3 .5 * 1.0 .3 .1 .1 * .6 2.8 2.1 _ #3 * 2.9 .7 1.3 .9 ♦ .8 .2 .1 -.5 .3 -.5 1.4 - 2.0 .3 5.5 4.3 -1.5 2.4 -.2 .5 -4.3 -1.3 -.2 -3.1 .4 -.1 7.9 5.7 -.4 1.2 1.6 -.3 2.2 -.5 1.0 2.7 - 1.2 .2 7.9 9.7 .6 - 2.1 - 2.1 1.8 -4.6 -4.7 .8 - 2.1 1.5 -.2 4.1 l.l -.7 4.9 -1.3 * I NT E RBA NK C L AI MS MEMBER BK . RESERVES V AULT CASH F EDERAL RESERVE F L OA T MEMBER B K . BORROWI NG A F F . LOANS TO BANKS 23 185.4 22C. 2 190.8 207.5 178.1 187.6 183. 9 234.7 223.9 274.2 24 25 26 .1 3.2 -1.3 .4 1.2 -3.7 -.6 - 1.2 1.5 -.1 1.1 -1.7 . 2 - 2 .fl -. 1 .5 -.7 - 1.8 -.5 1.3 -5.6 .1 .5 -.2 -.4 3.3 1.1 5.6 - 2.1 27 28 29 .2 -.8 5.9 .2 -.1 7.3 .2 1.8 6.7 -.1 .9 -2.3 .3 .2 11.1 .5 -.3 -.2 .5 - 2.1 -.1 .3 -4.3 * 2.1 - 2.6 -.1 -.2 -4.0 30 178.1 214.9 182.3 209.6 169.2 189.5 190.4 238.4 220.4 275.1 ~ 1 1 1 /71 IS P RE L I MI NA RY E S T I MA T E BASED CN I NCOMPL ET E I N F OR MAT I O N. 1 7 5 . 7 T O T A L C R E D I T MARKET DEBT ( FROM PRE CE DI NG T A B L E ) OTHER DEBT FORMS— -3.7 F OREI GN EXCHANGE .5 T REASURY CURRENCY 1 2 3 EQ. 17 18 19 20 21 22 307.1 297.8 T O T A L DEBT ABOVE 23 D EDUCT — F L OA T S NOT I NCLUDE D I N AS SE T S 1.0 -.2 d e m a n d d e p o s i t s - u . s . g o v t . 24 3.3 -3.4 OTHER 25 -2.3 1.1 TRADE C R E D I T 26 D E D U C T - - L I A B I L I T I E S NOT AL L OCA T ED AS ASSETS -.1 -.1 trea sury currency 27 -.7 2.3 T A XE S PAYABLE 28 -1.4 4.1 MI S CEL L ANEOUS 29 307.2 293.8 T O T A L S A L LOCAT ED TO SECTORS AS A SSE T S (I) Includes corporate equities. 30 5 NGV EMBER 1971 SAVI NG BY I NC I V i DUA L S S AVI NG BY I N D I V I D U A L S 24 AMOUNT AND C OMP OS I T I ON OF I N D I V I D U A L S ' ( B I L L I O N S CF D CL LARS) S EASCNAL LY ACJUSTEC ANNUAL RAT ES S AVI NG (II SEAS ONAL L Y A D J U S T E D I I 1969 IV J I 1970 1967 1968 1969 1970 1 2 3 4 5 6 7 8 9 10 11 65.9 9.5 33.7 -.9 1.0 -1.3 1. 2 -1.3 3.6 2.6 -6.7 69.6 11. 3 28.6 4.0 .4 3.5 1.4 .9 5.4 4.7 -12.2 60.9 6.C 13. 3 16.2 -.4 9.1 4.5 1.5 5.4 5.7 -9.5 74.6 4.8 32.2 8.4 .3 -4.2 4.2 -1.5 12. 2 2.4 -5.0 62.1 5.2 6.6 23.2 .1 10.8 7.0 -.2 9.2 4.2 -7.9 57.4 5.5 5.0 21.7 -.9 6.4 9.3 1.2 12.3 1.6 -8.3 75.3 7.5 3 0. 7 6.5 -.2 -7.0 3.9 -.4 10.2 2.7 -2.8 8 4. 9 5.1 44.2 6.6 .5 -1.4 5.0 -9.5 11. 3 3.4 -2.7 80.7 1.1 49. 1 -1.2 1.7 -14.8 -1.4 2.7 14. 9 2.1 -6.4 12 13 14 15 16 4.7 2.6 6.3 5.3 4.7 4.6 2.9 6.4 5.9 5.9 4.8 2.9 6.3 6.2 5.1 4.8 3.1 6.6 9.0 5.7 4.8 3.0 8.3 3. 7 7.3 4.8 3.0 5.7 6.6 5.1 4.8 3.0 5.3 13. 1 4.4 4.8 3.1 6.2 7.5 7.5 17 18 19 20 21 116.7 17. 0 25.6 73.1 .9 132.5 21.1 26.7 84.0 .6 141.0 21.6 28.5 89.9 .9 137.8 18.9 30.0 88.6 .2 139.2 19.3 29.8 9 0. 3 -.2 137.8 19. 7 29.4 88.6 .1 140.4 19.4 29.4 90.7 .9 22 23 24 25 86.9 7.8 18. 4 60.7 95.3 8.3 19.6 67.4 1C4. 6 8.8 2 1. 4 74.4 112.0 9.2 2 2. 5 80.3 107.7 9.0 22.0 76. 7 109.6 9.1 22.2 78.2 26 27 28 29 30 29.8 9.2 7.3 12. 4 .9 37.2 12.8 7.1 16. 7 .6 36.4 12.8 7.1 15. 5 .9 2 5. 8 9.7 7.5 8.4 .2 31.4 10.2 7.8 13.6 -.2 31 32 33 34 35 36 37 33.7 10. 5 7. C 4.6 3.3 1.0 7.3 4 3. 3 14. 9 6.6 11.1 2.1 1.3 7.4 41.1 16.2 6.9 9.3 -2.5 2.6 8.5 2 9. 0 12.5 8.0 4.3 -1.9 2.3 3.7 38 39 40 62.0 5.3 12. 4 6 3. 5 5.9 16.7 56.1 6.2 15.5 41 42 43 44 45 1 .7 -.1 42.6 40.4 2.2 2.5 * 38.5 39.8 -1.3 2.5 ♦ 3 1. 9 37.9 -6.C I II III IV | | 1971 II I IS P RE L I MI NA RY E S T I M A T E ANNUAL RATES III 90.4 10. 9 97.9 -53.1 1.9 -34.6 -17.2 * 9.5 .2 -13.0 114.4 15. 7 67.8 -1.3 2.7 -4.1 -3.1 -1.4 7.8 -.2 -3.0 97.3 4.6 57.6 1.1 2.4 -12.7 1.8 8.4 6.1 -.3 -4.8 4.8 3.1 9.0 8.9 6.0 4.8 5.9 7.8 9.0 7.2 4.8 3.4 7.2 13.0 3.8 5.0 4.2 7.5 9.9 7.5 138.7 17. 3 30.2 90.4 .9 134.0 19. 2 31.0 84.9 -1.1 155.4 21.6 33.4 9 7. 6 2.9 159.7 24.9 34.6 100.8 -.6 168.0 26.6 35.9 104.7 .8 GROSS I N V . I N T A N G I B L E ASSETS NONFARM HOMES NONCORP B U S . C ONS T R + E Q U I P . CONSUMER DURABLES I NVENTORI ES 17 18 19 20 21 111.5 9.2 22.4 80.0 113.0 9.3 22.6 81.1 113.8 9.4 22.7 81.7 115.7 9.6 23.6 8 2. 4 116.9 9.7 24.0 83.3 118.3 9.9 24.5 8 3. 9 C A P I T A L CONSUMP. ALLOWANCES NONFARM HOMES N ON C ORP . BUS . PL ANT + E Q U I P . CONSUMER DURABLES 22 23 24 25 28.2 10.6 7.2 10.4 .1 28.8 10.2 7.0 10. 7 .9 25.7 8.0 7.6 9.2 .9 20.2 9.9 8.3 3.1 -1.1 39.7 12. 0 9.7 15. 1 2.9 42.8 15. 2 10.6 17.5 -.6 49.7 16. 7 11.4 2 0. 8 .8 NET I N V . I N T A N G I B L E A S S E T S NONFARM HOMES NONCORP B U S . C O N S T R . + EQUI P CONSUMER DURABLES INVENTORI ES 26 27 28 29 30 38.7 14. 9 6.1 7.5 .7 2.6 6.9 24.3 U . 0 6.5 4.8 -5.2 2.9 4.3 26.8 12.2 6.5 6.1 -3.9 2.7 3.2 37.2 13.7 9.4 6.2 .9 2.0 4.9 27.2 13. 0 9.8 .2 .6 1.4 2.1 4 2. 5 13.1 9.9 4.0 1.1 .9 13.3 57.6 22.7 10.0 9.0 3.8 .9 11. 1 64.2 27.1 13. 3 12.6 3.5 .8 6.9 I NCREASE I N DEBT MT G. DEBT ON NONFARM HOMES NONCORP B U S . MT G. DEBT CONSUMER C R E D I T SECURITY CREDIT P O L I C Y LOANS OTHER DE BT 31 32 33 34 35 36 37 71.4 9.0 8.4 54.9 3.7 13.6 61.3 6.6 10.4 77.3 13 .,1 10.7 73.5 7.5 9.2 73.7 8.9 3.1 87.7 9.0 15. 1 9 9. 6 13.0 17.5 .9 * 53. 1 54.1 -.9 1.1 ♦ 36.5 4 3. 1 -6.5 1.4 * 4 2. 9 46.2 -3.3 1.2 * 52.3 54.2 -1.9 .8 * 55.9 57.4 “ 1.5 .2 * 61.4 58.5 2.9 .4 * 63.1 58.4 4.7 1.3 * 67.8 60.9 6.9 82. 8 INDIVIDUAL S A V I N G ! U 2 6 - 3 1 ) 9 . 9 L E S S - G O V T . I N S + PEN RESERVES 2 0. 8 NE T I N V . I N C ONS. DUR C A P I T A L GA I N S DI V I D E N OS 1.1 FROM I N V E S T . COS. NET S VG. BY FARM CORPS. 5 1 . 1 EQUALS PERS S A V I N G , F / F BA S I S 5 8 . 1 PERSONAL S A V I N G , N I A B A S I S - 7 . 0 DI FFERENCE ( 4 3 - 4 4 1 ( 1 I COMBI NEO S T AT EMENT FOR HOUSEHOL DS, 1 1 1/71 25 BASED CN I N C CMP L E T E I N F ORMA T I O N. FARM, I N C R. I N F I N A N C I A L AS SE T S C URR. AND CEMAND D E P O S I T S S A VI NGS ACCCUNTS SECURITIES U . S . S AVI NGS BCNDS OTHER U . S . T REASURY S EC. U . S . G AGENCY S E C U R I T I E S S T A T E + LOCAL OB L I G A T I O N S C ORP . AND F OREI GN BONDS I N V E S T ME N T C O . SHARES OT HER CORPORATE STCCK 1 2 3 4 5 6 7 8 9 10 11 P V T . L I F E I N S . RESERVES P V T . I NSURED PE N. RESERVES P V T . NONI NSURED PEN. RE S . G O V T . I N S . + PE N. RESERVES M I S C . F I N A N C I A L AS SE T S 12 13 14 15 16 AND NONFARM NONCORPORATE BUS I NES S. 38 39 40 41 42 43 44 45