Full text of Z.1 Financial Accounts of the United States : November 5, 1971 (Seasonally Adjusted)

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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