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AUGUST 1979 FLOW OF FUNDS 11-79 FLOW OF FUNDS ACCOUNTS 2ND QUARTER 1979 SEASONALLY ADJUSTED AND UNADJUSTED ANNUAL REVISIONS DIVISION OF RESEARCH AND STATISTICS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 TABLE LIST PAGE SUMMARY TABLES 1 Income and Product Distribution 2 Funds Raised in Credit Markets 4 Credit Market Supply of Funds SECTOR TABLES 6 Households 8 Total Nonfinancial Business Noncorporate Business 10 Nonfinancial Corporate Business 12 State+Local Governments Foreign 14 U.S. Government + Credit Agencies 16 Banking System 18 Commercial Banking Subsectors 20 Nonbank Finance Summary 22 Savings Institutions 24 Insurance + Pension Funds 26 Finance N.E.C. TRANSACTION TABLES 28 Monetary and Insurance Reserves Interbank Claims 30 Money and Deposits 32 U.S. Government Securities 34 Private Securities 36,38 Mortgages 40 Consumer Credit and Bank Loans N.E.C. 42 Open Market Paper Other Loans 44 Security Credit, Trade Credit, and Taxes Payable 46,48 Miscellaneous 50 Total Claims 52 Saving By Individuals 54 Discrepancies 56 Money Stock Relationship Flow of Funds Accounts Second Quarter 1979 This publication includes the results of the annual revision process that introduces new information for several years back from a variety of sources and that includes new seasonal adjustment calculations based on the revised data and on the additional year of information. The tables include the 1976-78 revisions in national income and product published by the Department of Commerce in the July 1979 Survey of Current Business, revisions in international transactions published in the June 1979 SCB by Commerce, the Census Bureau's 1976-77 Survey of Governmental Finances for state and local governments, and 1977-78 annual benchmarks for nonbank financial institutions. They also include for the first time the revisions in consumer credit before 1978 that were published in December 1978 by the Federal Reserve. The tables also include changes in sector and transaction-type definitions that are related mainly, although not exclusively, to banking activities. These changes affect table form and the meanings of certain totals. Associated with definitional changes have been some shifts in data sources that have also affected the results. Changes in definition and structure-that are introduced here consist of the following: 1. Federal funds and security repurchase agreements. In former flow of funds presentations net nonbank lending in Federal Funds and RP's was treated as a credit market claim closely related to open-market paper, and it was grouped with other credit market instruments for both lenders and borrowers. With this publication such claims are shifted out of credit market instruments and become a separate category of instrument. In some of the tables they appear under a general grouping of deposits although they are not formally of that nature. The market summary table for Federal Funds and RP's now appears on pages 30-31, along with money and deposits, rather than in the open-market paper table where it had formerly been placed. This shift in position of Fed Funds and RP's reduces the total of credit market borrowing by financial sectors, as on pp. 2-3 and 50-51, and the grand totals of credit market borrowing, but borrowing by nonfinancial sectors is unaffected, because no such borrowing was attributed to those sectors. The shift reduces direct supply of funds to credit markets for the lender sectors, for which this type of investment is now a separate form of lending to financial intermediaries. The lender groups now include state and local governments for the first time, based on evidence from surveys of borrower banks in 1974 and 1977 and from the bank Call Reports from December 1978 and later. The total shown for Federal Funds and RP borrowing is now larger than before, because it includes the total net borrowing by banks from nonbanks implicit in Call Report data. It includes, that is, the Call Report total - i- borrowing in this form less the Call Report total lending in this form by banks. This net total is larger than the amounts that can be attributed to specific nonbank lender sectors, and there is therefore a discrepancy in the category that represents borrowing not allocable as lending. In earlier presentations only the allocated lending had been shown as this form of credit, and the unallocated amount had been part of miscellaneous liabilities of banks. The effect is that part of the former transaction type discrepancy for miscellaneous claims has been shifted out into a new separate category. 2. Money market mutual fund shares. The change in classification for these shares parallels exactly the shift for Federal Funds and RPfs. The shares had been in short-term credit market instruments and are now treated as a separate category close to deposits. The principal effect is to reduce the total shown for household direct investment in credit market instruments in recent periods, when the shares have been increasing rapidly, and to reduce total credit market borrowing by financial sectors. 3. Net interbank claims. The changes here consist of (a) shifting into this classification relationships of domestic banking with foreign branches and other affiliates, and (b) netting a number of bank assets of these types against liabilities to produce an account for domestic banking that consists mainly of net liabilities. The result appears on pages 28-29. (a) Amounts due to and due from foreign branches of U.S. banks had formerly been in the "miscellaneous" category and had been shown gross and separately as both assets and liabilities, conforming to treatment in Commerce statements of international transactions. The same had been true for U.S. offices of foreign-related banking institutions in their relation to foreign head offices and affiliates. In the present treatment these claims are all reduced to single net liabilities vis-a-vis foreign banking. The "rest of the world" sector table correspondingly shows a single net claim on U.S. banking to reflect these relationships. The netting reduces totals of assets and of liabilities for both the foreign and the banking sectors. The net liability to foreign banks does not include foreign bank deposits in U.S. banks, because these are still part of the monetary aggregates. Similarly, claims on foreign banks that are netted out omit loans to foreign banks, because those are part of bank credit. "Claims on" does include, however, deposits of U.S. banks in foreign banks. If, in the future, monetary aggregates are redefined to exclude holdings by foreign banks, those deposits will be shifted into this interbank category. (b) The table formerly shown for interbank claims was a complex network of claims of various kinds among a consolidated domestic bank subsector, an unconsolidated foreign-related banking subsector, and monetary authorities. In the present treatment all claims except in relation to monetary authorities have been reduced to single net liabilities, parallel to the statement of relation to foreign banks. The effect of this netting is - ii - that the bank subsector statements add to a statement for commercial banking as a whole that represents a consolidated statement vis-a-vis monetary authorities and all other sectors. This netting, like the statement of the foreign connection, reduces the totals of both assets and liabilities for banking and for the system as a whole. 4. Commercial banking subsectors. The subsector that had formerly been termed "commercial banks" has been reduced in scope somewhat by removal of U.S. branches of foreign banks. These branches have been included in the bank Call Report as noninsured banks and, as a result, were formerly in the "banks" subsector on a Call basis. In the present version branches are combined with U.S. agencies of foreign banks and Edge Act Corporations in a subsector now called "foreign banking offices in the United States", and the domestic subsector is now called "U.S. chartered commercial banks", including both national and state charters. The domestic group still includes all foreign-owned U.S. banks, in particular those that are subsidiaries of foreign banks; only the offices with branch status have been shifted. With the transfer of branches there has also been a shift in data source for them, and they are now measured by the data compiled from a monthly reporting form, F.R. 886, that the branches have been submitting since 1972, along with agencies of foreign banks and Edge Act Corporations. The 886 data are somewhat different from Call data for branches, and the increase in the foreign offices group is, as a result, larger than the reduction in the domestic group, where only Call data for branches was removed. Because the F.R. 886 data are available only from the end of 1972, the transfer of foreign branches has been done only for the period beginning then. There is, as a result, a discontinuity in the banking data as of December 1972 of about $5 billion in total assets. This amount reflects the foreign branches that are in the U.S. chartered subsector before December 1972 and that are in the foreign offices subsector beginning on that date. Amounts outstanding. Revisions in asset and liability positions are not completed yet and are not in the present set of tables. The new outstandings will be distributed soon after the remaining data needed become available for the calculation. Second-quarter, 1979. Second-quarter estimates that are included in the tables are based on preliminary and incomplete information and are therefore only tentative. At the end of this preface is a list of the principal sources of information that were available in putting together the second quarter on this preliminary basis, and the significance of individual items in the tables should be judged on the basis of the list. The list is summary in form and is by no means a complete statement of sources of data or of derivation methods. Because much of the source information consists of sector balance sheets or statements of activity, the list is organized mainly in terms sectors. For nonfinancial activity included in the accounts, however, such as - iii sector income and capital outlays, the Commerce Department's income and product accounts are the principal source, and this part of the system is included separately at the beginning of the list. The items that are shown as available are in general also preliminary in the sense that they are subject to revision once a year on the basis of benchmark data. "Available" for them means that the basic quarterly estimates for them have been completed in a form that will usually stand until the next annual revision. Virtually all quarterly data sources are compiled within five or six months of the end of the quarter, and the distinction between the two columns is not between final and preliminary versions of data but rather between those source estimates that are fully ready when the first quarterly estimate is put together and those that are not yet completed. Availability of estimates. This publication is part of a quarterly series that is usually available at the middle of the second month following the quarter reported and that is distributed to a mailing list. The process of printing and mailing causes delays of up to two weeks or more from the time the estimates are completed, and to facilitate earlier access in the meantime copies of the computer printouts are distributed to Federal Reserve Bank information offices for use by the public. The current quarterly tables are an extension of a body of data that includes all years from 1946 on an annual basis and quarterly periods from 1952 in both net flows and asset and liability positions. In annual form the data have been published in Flow of Funds Accounts, 1946-75 (December 1976) in both flows and levels. Later asset and liability positions were published in August 1978 Flow of Funds Accounts, Assets and Liabilities Outstanding, 1965-77. A new publication is planned for late this year that will give all tables on a statistically consistent annual basis for all years. Quarterly data will be available soon in computer data tape form for the complete set of data or in specific printings of selected tables. Requests and inquiries about the data, historical tabulations and computer tapes of the data should be addressed to: Flow of Funds Section Room B-3125 Board of Governors of the Federal Reserve System 20th and Constitution Ave. Washington, D. C. 20551 (202) 452-3482 - iv - Information Status for Preliminary Estimates Available NONFINANCIAL" National income and product accounts First quarterly estimate 1/ Major items missing Corporate profits, profit tax accruals, and undistributed profits 1/ FINANCIAL-Households Estimates for other sectors. available Farms Bank loans. For sponsored agency loans, see item 9 below. U.S. Government loans, below. Nonfarm noncorporate business Bank and finance company loans, mortgage borrowing, open-market paper Net trade debt Nonfinancial corporate business For preceding quarter: working capital, net security issues, foreign direct investment. For current quarter: gross security offerings, mortgages, bank loans, open-market paper, finance company loans. Working capital, foreign direct investment, U.S. Government loans State and local governments Gross security offerings, deposits at banks, two months of quarter for Government security holdings Security retirements, last month of quarter for holdings for Government securities Rest of the world (U.S. International Transactions) Preceding quarter, two months of current quarter for capital movements 1/ Capital movements for last month of quarter, direct investment flows 1/ for this sector is almost entirely residual and derived from data sectors. Availability is thus dependent on schedules for other Principal types of borrowing--mortgages and consumer credit—are in time for first quarterly estimates. - v - See item 9 Major items missing Available FINANCIAL-U.S. Government Monthly Treasury Statement of Receipts and Outlays for last month of quarter, Federal Financing Bank statement Loans outstanding except at Federal Financing Bank Sponsored credit agencies Balance sheets for FNMA, Home Loan Banks, Farm Credit Administration securities outstanding. FCA loans for most recent June or December FCA loans for March or September Mortgage pools Complete None Monetary authorities Complete None Banking Banking and monetary estimates through last month of quarter two months for foreign agencies Recent all-bank totals, last month for foreign agencies Savings and loan associations Last month of quarter on summary monthly basis Detailed listing of cash and investments Mutual savings banks Two months of quarter Last month of quarter •=•' Credit unions Deposit flows and consumer credit Other assets Life insurance companies Two months of quarter Last month 1/ Private Pension Funds Preceding two quarters Current two quarters State and local government retirement system Preceding quarter Current quarter vi - FINANCIAL— Available Major items missing 19. Other insurance companies Preceding quarter Current quarter 20. Finance companies Complete None 21. REIT's Preceding quarter Current quarter 22. Investment companies and money market funds Complete None 23. Security brokers and dealers Borrowings Assets 1/ Because of delays in annual revision process, these tables include August estimates of income and product and more complete information than usual on international capital flows and nonbank finance. vii - SEPTEMBER 5, 1979 INCOME AND PROOUCT DISTRIBUTION INCOME AND PRODUCT DISTRIBUTION 1 INCOME AND PRODUCT ACCOUNTS: GNP EXPENDITURES AND GROSS SAVING SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 1974 1975 1976 1977 1978 II III IV I I 1979 I II 1 1412.9 1528.8 1702.2 1899.5 2127.6 2011.3 il04.2 2159.6 2235.2 2292.1 2328.4 TOTAL GNP 1 2 3 4 5 6 1192.3 889.6 122.0 191.5 111.1 1317.5 979.1 132.6 215.4 123.1 1451.2 1089.9 157.4 231.6 129.7 1606.2 1210.0 178.8 251.8 144.4 1786.4 1350.8 200.3 283.0 152.6 1706.6 1287.2 185.3 268.5 150.9 1759.5 1331.2 200.3 280.1 148.2 1810.1 1369.3 203.5 288.6 152.3 1869.2 1415.4 212.1 294.8 159.0 1914.3 1454.2 213.8 296.5 163.6 1941.3 CURRENT OUTLAYS 1475.2 HOUSEHOLDS 208.1 OF WHICH CONSUMER DURABLES 304.6 STATE + LOCAL GOVERNMENT 161.5 U. S. GOVERNMENT 2 3 4 5 6 7 214.6 190.9 243.0 303.3 351.5 327.0 352.3 356.2 370.5 373.8 394.7 GROSS DOMESTIC INVESTMENT 8 9 10 11 12 13 205.7 55.1 3.2 33.6 33.2 1.2 201.6 51.5 2.4 39.6 36.9 .9 233.0 68.1 3.1 56.0 51.9 1.1 281.3 91.9 4.0 75.3 69.8 1.5 329.2 108.0 4.7 86.8 84.2 1.8 304.1 100.5 4.6 81.4 80.1 1.9 326.5 107.7 4.4 86.8 82.9 1.4 336. 110. 349.8 113.7 5.1 90.6 88.2 1.9 354.6 111.2 5.1 87.0 87.8 1.5 361.1 113.5 5.1 87.6 87.9 1.8 14 15 16 -.8 -.4 -.4 1.8 .9 .9 3.0 1.5 1.5 4.0 2.0 2.0 .9 .4 .4 -.5 -.3 -.3 2.5 1.2 1.2 1.0 .5 .5 .5 .2 .2 -2.3 -1.2 -1.2 -2.0 -1.0 -1.0 17 18 19 20 21 18.3 6.4 8.9 2.6 .4 9.5 3.7 3.7 1.1 1.0 9.0 2.5 4.5 1.5 .5 12.5 2.4 7.3 2.8 -.1 16.6 3.2 9.8 3.8 -.3 14.4 2.9 8.5 3.2 -.2 16.5 3.1 9.8 3.8 -.2 17.4 3.3 10.2 4.4 -.6 18.1 3.5 10.8 3.9 -.1 19.1 3.6 11.7 3.9 -.1 20.8 3.8 12.9 4.0 .1 22 23 24 25 26 27 150.6 5.4 10.6 15.3 6.3 113.0 150.2 5.4 11.4 17.4 9.0 106.9 164.9 5.6 12.8 17.5 7.8 121.2 189.4 5.6 13.4 20.9 6.2 143.3 221.1 5.9 15.2 24.2 5.9 170.0 203.7 5.8 13.5 23.8 7.5 153.0 218.8 5.9 14.9 23.7 5.7 168.6 225.9 6.0 16.1 23.9 4.1 175.9 236.1 6.0 16.2 25.2 6.3 182.4 243.4 6.0 16.0 26.7 6.4 188.2 28 29 30 31 32 8.9 -1.8 10.8 -2.2 12.9 -10.7 3.5 -14.3 -3.9 -10.4 10.0 -2.0 12.1 1.3 10.8 21.9 1.2 20.7 1.5 19.2 22.3 1.1 21.3 1.5 19.7 22.8 .8 22.0 2.1 19.9 25.8 .5 25.3 20.0 1.6 18.5 .3 18.2 20.6 1.3 19.3 3.6 15.7 19.1 .3 18.8 1.1 17.7 33 34 35 6.0 137.9 131.9 20.4 147.3 126.9 8.0 163.3 155.4 -9.9 175.9 185.8 -10.3 207.2 217.5 -22.2 184.4 206.6 -7.6 205.7 213.3 -6.8 213.8 220.6 -4.5 224.9 229.4 4.0 238.5 234.4 36 37 38 984.6 71.7 7.3 1086.7 83.6 7.7 1184.5 68.6 5.8 1305.1 65.0 5.0 1458.4 72.0 4.9 1395.0 74.6 5.3 1437.3 71.2 5.0 1476.5 70.9 4.8 1524.8 71.5 4.7 1572.2 79.2 5.0 39 40 -10.7 7.6 -70.6 6.2 -53.6 17.9 -46.3 26.8 -27.7 27.4 -49.4 30.3 -24.6 29.6 -20.4 22.7 -16.3 27.1 -11.7 27.6 -7.5 FEDERAL GOVERNMENT SURPLUS 19.8 ST.+LOC. GOVERNMENT SURPLUS 39 40 41 42 43 44 45 126.9 .2 9.6 14.4 102.7 120.4 .6 6.1 13.0 100.7 156.0 .3 8.2 17.8 129.6 177.1 .2 9.8 23.8 143.3 206.0 .2 10.2 29.7 165.9 177.5 .1 10.1 27.2 140.1 207.2 .2 11.0 28.9 167.1 212.0 .2 10.2 30.6 171.1 227.4 .3 9.6 32.1 185.4 233.3 .6 11.9 31.9 188.9 CORPORATE PROFITS, TAXES • DIVIDEND 226.9 PROFITS - TOTAL FARMS .7 FOREIGN 11.6 FINANCIAL CORPORATIONS 32.4 NONFIN. CORPORATE BUSINESS 182.2 41 42 43 44 45 46 47 48 49 52.4 .2 9.7 42.5 49.8 .2 9.2 40.3 63.8 .1 11.3 52.4 72.6 .2 13.0 59.4 84.5 •2 15.8 68.6 70.8 .2 14.3 56.3 84.7 .2 15.3 69.3 87.5 .2 16.3 71.0 95.1 .2 17.2 77.7 91.3 .2 16.5 74.6 88.2 .2 16.9 71.1 TAX ACCRUALS - TOTAL FARMS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 46 47 48 49 50 51 52 53 54 31.0 .1 4.8 .1 25.9 31.9 .2 3.0 .4 28.3 37.5 .2 4.0 .3 32.9 42.1 .2 4.7 .2 37.0 47.2 .3 5.0 .3 41.6 45.1 .3 4.7 40.2 46.0 .3 5.8 .2 39.8 47.8 .3 4.7 .4 42.5 49.7 .3 4.9 .6 43.9 51..5 .4 4.7 .6 45.8 52.3 .4 4.6 .3 47.0 DIVIDENDS - TOTAL FARMS NET FOREIGN FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 50 51 52 53 54 55 56 57 58 59 43.6 -.1 4.8 4.6 34.3 38.7 .2 3.1 3.3 32.0 54.7 4.2 6.2 44.3 62.4 -.2 5.2 10.6 46.9 74.3 -.3 5.2 13.6 55.8 61.6 -.3 5.4 12.9 43.6 76.4 -.3 5.2 13.4 58.0 76.8 -.2 5.5 13.9 57.6 82.6 -.2 4.6 14.3 63.9 90.5 .1 7.2 14.7 68.5 86.3 .2 6.9 15.2 64.0 UNDIST. PROFITS - TOTAL FARMS FOREIGN BRANCH PROFITS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 55 56 57 58 59 60 61 62 63 -2.9 .1 -3.0 * -12.0 -.3 -.1 -11.7 -14.5 -.5 -.1 -13.9 -12.0 -.5 -.2 -11.3 -13.1 -.6 -.5 -12.0 -12.4 -.6 -.4 -11.5 -12.6 -.6 -.5 -11.5 -13.8 -.6 -.6 -12.6 -13.8 -.6 -.7 -12.5 -14.5 -.6 -.8 -13.1 -14.7 -.6 -1.0 -13.2 CAP. CONS. ADJUST. - TOTAL FARMS FINANCIAL CORPORATIONS NONFIN. CORPORATE BUSINESS 60 61 62 63 64 65 66 67 68 69 70 71 72 137.7 19.8 3.7 9.2 20.4 84.6 3.8 .7 80.0 162.0 22.2 4.5 10.7 23.3 101.3 4.4 1.1 95.7 177.8 24.4 4.6 11.5 25.6 111.6 4.8 1.5 105.3 195.4 28.2 4.8 12.6 28.4 121.3 5.3 1.7 114.3 216.9 32.8 5.4 13.8 31.9 132.9 6.0 1.9 125.1 209, 31, 5, 13, 30, 128, 5. 1. 121, 214. 32. 5. 13, 31. 131. 5. 1. 123. 219.6 33.4 5.4 13.9 32.5 134.3 6.1 1.9 126.3 224.6 34.8 5.5 14.1 33.3 136.8 6.3 1.9 128.6 229.9 36.1 5.7 14.4 33.8 139.9 6.5 2.0 131.5 64 65 66 67 68 69 70 71 72 73 74 93.4 231.0 106.0 268.0 116.8 294.6 128.0 323.4 142.8 359.7 137.2 346.3 140.8 355.2 144.7 364.2 148.7 373.2 152.5 382.4 239.0 TOTAL CAPITAL CONSUMPTION 37.3 OWNER-OCCUPIED HOMES (HH) 5.8 NONPROFIT INSTITUTIONS (HH) 14.8 FARM NONCORPORATE 36.0 NONFARM NONCORP. BUSINESS 145.1 TOTAL CORPORATE 6.7 FINANCIAL BUSINESS 2.0 CORPORATE FARMS 136.4 NONFIN. CORPORATE BUSINESS MEMO: CAP. CONS. ON CONSUMER 156.2 DURABLES NOT INCLUDED ABOVE 395.2 TOT. CAP. CONS. INCL. DURABLES 39.9 14.7 40.9 14.9 41.2 15.3 41.8 15.4 39.1 15.1 - 75 5.8 7.4 6.1 7.5 3.3 76 77 41.3 14.7 41.4 13.4 40.9 14.3 41.0 14.8 41.0 15.1 BILLIONS OF DOLLARS. * 11/79 BASED ON INCOMPLETE INFORMATION. 85. 1, PRIVATE FIXED INVESTMENT RESIDENTIAL CONSTRUCTION MOBILE HOMES 1-4 FAMILY STRUCTURES HOUSEHOLD PURCHASES FARM CHANGE IN WORK IN PROCESS ON NONFARM NONCORPORATE CORPORATE MULTI-FAMILY UNITS HOUSEHOLDS (1) NONCORPORATE BUSINESS NONFIN. CORP. BUSINESS REITS 247. 6. 17. 26. 6. 190. NONRES. PLANT + EQUIPMENT NONPROFIT INST. (HH) FARM NONFARM NONCORP. BUS. FINANCIAL CORPORATIONS NONFIN. CORP. BUSINESS 33.6 -.2 33.8 .4 33.4 INVENTORIES FARM NONFARM NONCORPORATE CORPORATE -7.6 NET EXPORTS 244.0 EXPORTS 251.6 IMPORTS 1602.1 DISPOSABLE PERSONAL INCOME 86.9 PERSONAL SAVING 5.4 SAVING RATE (PER CENT) 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 73 74 -1.5 STATISTICAL DISCREPANCY 75 38.9 PROFIT TAX RATE CS) 15.4 PERSONAL TAX RATE (?) 76 77 (1) Purchases of condominium units. SEPTEMBER 5, 1979 FUNDS RAISED IN CREDIT MARKETS FUNDS RAISED IN CREDIT MARKETS SUMMARY OF FUNDS RAISED IN CREDIT MARKETS UNADJUSTED NET FLOWS (S MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 I II III IV 1 1 1979 II I CREDIT MARKET FUNDS RAISED BY TOTAL FUNDS RAISED BY NONFINANCIAL SECTORS EXCLUDING EQUITIES 77.576 79.517 3 U.S. GOVERNMENT 4 TREASURY ISSUES 5 AGENCY ISSUES + MORTGAGES 20.792 21.139 -347 2.582 2.706 -124 6 ALL OTHER NONFINANCIAL 7 CORPORATE EQUITIES 8 DEBT INSTRUMENTS 56.784 -1.941 58.725 97.412 628 96.784 86.924 105.509 1.480 1.916 85.008 104.029 54.360 -1.611 55.971 91.754 698 91.056 80.565 1.900 78.665 87.682 1.612 86.070 1 2 9 10 11 SECTORS PRIVATE DOMESTIC NONFINANCIAL SECTORS CORPORATE EQUITIES DEBT INSTRUMENTS 99.994 101.978 120.762 99.366 100.062 119.282 15.054 15.632 -578 15.253 15.636 -383 BILLIONS OF DOLLARS 1971 1970 1972 1969 1973 NONFINANCIAL SECTORS 73.228 101.097 72.883 100.823 94.1 90.2 101.1 95.3 153.9 142.5 176.8 166.3 203.1 195.4 1 2 10.657 11.311 -654 -4.636 -4.149 -487 -3.7 -1.3 -2.4 11.9 12.9 -1.0 24.9 26.0 -1.1 15.1 14.3 .8 8.3 7.9 .4 3 4 5 62.571 105.733 345 274 62.226 105.459 97.8 3.9 93.9 89.2 5.8 83.5 129.0 11.5 117.6 161.7 10.5 151.2 194.9 7.7 187.2 6 7 8 64.024 330 63.694 99.976 336 99.640 94.1 3.4 90.7 86.4 5.7 80.7 124.0 11.4 112.5 157.7 10.9 146.8 9 188.8 7.9 10 180.9 11 12 13 14 15 16 17 18 19 DEBT CAPITAL INSTRUMENTS ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY RESID. COMMERCIAL FARM 34.794 3.094 4.028 27.672 19.413 2.026 3.992 2.241 56.103 10.703 5.890 39.510 28.530 2.572 5.597 2.811 56.361 9.875 4.864 41.622 28.921 3.028 6.776 2.897 49.309 4.606 5.334 39.369 27.649 2.602 6.895 2.223 39.600 2.457 4.151 32.992 22.236 2.177 5.480 3.099 55.207 7.051 5.963 42.193 28.694 3.097 6.758 3.644 52.5 9.9 12.0 30.6 18.1 4.9 5.7 1.8 60.2 11.2 19.8 29.2 14.4 6.9 7.1 .8 86.7 17.4 18.8 50.5 28.0 9.9 10.2 2.4 102.1 14.7 12.2 75.2 42.5 12.7 16.4 3.6 105.1 14.7 9.2 81.2 46.4 10.4 18.9 5.5 12 13 14 15 16 17 18 19 20 21 22 23 24 OTHER DEBT INSTRUMENTS CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER 21.177 3.293 9.713 1.758 6.413 34.953 17.898 12.205 1.036 3.814 22.304 14.648 4.135 799 2.722 36.761 14.740 11.216 1.578 9.227 24.094 4.038 9.552 2.934 7.570 44.433 15.759 17.031 2.715 8.928 38.3 10.8 15.8 1.8 9.9 20.4 5.4 7.6 2.6 4.8 25.8 14.7 7.1 -.4 4.4 44.7 19.8 17.1 .8 6.9 75.8 26.0 37.1 2.5 10.3 20 21 22 23 24 54.360 2.712 25.873 91.754 7.681 46.147 80.565 9.256 42.929 87.682 3.915 47.674 64.024 1.679 30.542 99.976 6.274 44.074 94.1 10.7 34.0 86.4 11.3 25.2 124.0 17.7 44.9 157.7 14.5 65.1 25.775 2.545 2.967 20.263 21.874 -1.611 37.926 6.397 4.378 27.151 26.453 698 28.380 5.047 3.862 19.471 17.571 1.900 36.093 4.070 4.446 27.577 25.965 1.612 31.803 4.669 1.609 25.525 25.195 330 49.628 7.274 5.030 37.324 36.988 336 49.5 3.0 7.4 39.0 35.6 3.4 49.9 2.3 7.0 40.6 34.9 5.7 61.4 4.5 11.7 45.2 33.8 11.4 78.1 5.8 14.1 58.1 47.2 10.9 95.5 9.6 13.0 73.0 65.1 7.9 28 29 30 31 32 33 2.424 -330 2.754 1.329 923 -233 735 5.658 -70 5.728 1.165 1.476 2.026 1.061 6.359 16 6.343 469 4.773 -171 1.272 17.827 -132 17.959 1.050 11.095 4.977 837 -1.453 15 -1.468 961 -3.780 375 976 5.757 -62 5.819 688 1.950 2.656 525 3.7 .5 3.2 1.0 -.3 .3 2.1 2.9 .1 2.8 .9 -.2 .8 1.3 5.1 5.1 .9 2.0 .3 1.8 4.0 -.4 4.4 1.0 3.0 -1.0 1.5 6.1 -.2 6.3 1.0 2.7 .9 1.7 34 35 36 37 38 39 40 -8.245 11.012 93.7 -4.1 98.3 9.1 150.8 21.7 177.1 15.4 5.9 1.1 4.8 8.4 3.5 4.9 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 BY BORROWING SECTOR: ST.+LOC. GOVERNMENTS HOUSEHOLDS NONFINANCIAL BUSINESS FARM NONFARM NONCORPORATE CORPORATE DEBT INSTRUMENTS EQUITIES FOREIGN CORPORATE EQUITIES DEBT INSTRUMENTS BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER U . S . GOVERNMENT LOANS 41 MEMO: U.S. GOVT. CASH BALANCE -6.351 11.614 4.874 -6.383 TOTALS NET OF CHANGES IN U.S. GOVT. CASH BALANCES— 42 TOTAL FUNDS RAISED 83.927 88.380 97.104 127.145 43 BY U.S. GOVERNMENT 27.143 -9.032 10.180 21.636 81.473 90.085 18.902 -15.648 * 188.8 25 13.2 26 80.1 27 204.8 42 9.9 43 CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS 1 TOTAL FUNDS RAISED BY FINANCIAL SECTORS 13.154 26.126 16.733 25.401 15.405 27.901 2 3 4 5 U . S . GOVT. RELATED SPONSORED CR. AG. SEC. MORTGAGE POOL SECURITIES LOANS FROM U . S . GOVERNMENT 8.215 4.424 3.791 0 11.180 6.658 4.522 0 10.117 5.989 4.128 0 11.901 5.998 5.903 0 11.908 5.990 5.918 0 11.514 5.150 6.364 0 9.5 9.1 .7 -.3 9.6 8.2 1.6 - ~ - - 6 7 PRIVATE FINANCIAL SECTORS CORPORATE EQUITIES 4.939 711 14.946 394 6.616 97 13.500 455 3.497 836 16.387 -46 23.0 6.3 8.1 4.8 8.5 3.5 17.4 2.8 24.9 1.5 6 7 4.228 2.239 636 -1.969 2.217 1.105 14.552 2.294 1.179 2.246 4.837 3.996 6.519 1.497 -348 390 1.096 3.884 13.045 1.447 -546 2.148 6.484 3.512 2.661 1.858 -406 -3.603 5.601 -789 16.433 3.414 905 1.951 6.973 3.190 16.7 .8 .2 1.3 10.3 4.0 3.3 2.7 .7 -.1 -1.3 1.3 5.0 3.8 2.1 1.9 -.1 -2.7 14.7 5.1 1.7 6.0 1.9 23.4 3.5 -1.2 9.0 4.9 7.2 8 9 10 11 12 13 13.154 4.424 3.791 26.126 6.658 4.522 16.733 5.989 4.128 25.401 5.998 5.903 15.405 5.990 5.918 27.901 5.150 6.364 32.5 8.8 .7 17.9 8.2 1.6 14.4 1.1 4.8 25.8 3.5 4.9 44.8 14 16.3 15 3.6 16 4.939 305 889 1.450 252 2.379 -377 41 14.946 447 2.003 5.606 265 7.015 -109 -281 6.616 284 978 3.805 278 1.973 -180 -522 13.500 284 2.830 3.451 291 7.205 -343 -218 3.497 317 600 -1.381 304 3.748 -202 111 16.387 253 2.521 5.281 317 8.930 -198 -717 23.0 -.2 4.3 4.1 .5 7.8 1.5 4.9 8.1 .2 -1.9 1.8 .4 2.6 2.2 2.8 8.5 1.5 -.4 -.1 .6 2.7 2.9 1.3 17.4 2.3 .7 1.7 .5 6.6 6.3 -.5 24.9 1.2 2.2 6.0 .5 9.5 6.5 -1.2 17 18 19 20 21 22 23 24 8 9 10 11 12 13 DEBT INSTRUMENTS CORPORATE BONDS MORTGAGES BANK LOANS N . E . C . OPEN-MARKET PAPER LOANS FROM FHLB«S 14 TOTAL, BY SECTOR 15 SPONSORED CREDIT 16 MORTGAGE POOLS 17 18 19 20 21 22 23 24 AGENCIES PRIVATE FINANCIAL SECTORS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT C O S . * 19.9 16.3 3.6 2 3 4 5 TOTAL CREDIT MARKET FUNDS RAISED* ALL SECTORS, BY TYPE 1 TOTAL FUNDS RAISED INVESTMENT COMPANY SHARES 2 OTHER CORPORATE EQUITIES 3 90.730 126.120 118.711 146.163 -218 -281 41 -522 2.535 2.153 1.303 -1.271 88.633 128.998 -717 111 1.070 945 126.6 4.9 5.2 119.0 2.8 7.7 168.4, 1.3 13.7 202.6 -.5 13.8 248.0 -1.2 10.4 1 2 3 4 5 6 7 8 91.960 125.098 116.698 144.228 13.789 25.197 27.174 29.031 9.875 4.606 10.703 3.094 6.830 9.349 7.596 7.831 41.248 38.803 28.284 40.662 87.452 128.770 22.591 6.921 2.457 7.051 6.970 10.065 32.560 43.055 116.4 6.2 9.9 13.8 30.7 108.4 21.7 11.2 23.3 29.9 153.4 30.9 17.4 23.5 52.5 189.3 23.6 14.7 18.4 76.8 238.8 28.3 14.7 13.6 79.9 4 5 6 7 8 15.759 20.932 12.344 12.643 10.8 16.8 12.5 15.8 5.4 7.3 2.1 7.5 14.7 11.0 -.1 3.5 19.8 26.1 1.6 8.4 9 10 11 12 DEBT INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE «• FOREIGN BONDS MORTGAGES CONSUMER CREDIT BANK LOANS N . E . C . OPEN-MARKET PAPER OTHER LOANS 3.293 8.667 3.742 8.253 17.898 15.927 7.899 8.871 14.648 9.298 1.724 7.878 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 14.740 24.459 13.039 13.576 4.038 2.169 8.910 7.757 9 26.0 48.8 10 8.3 11 19.1 12 SEPTEMBER 5, 1979 FUNDS RAISED IN CREDIT MARKETS FUNDS RAISED IN CREDIT MARKETS 3 SUMMARY OF FUNDS RAISED IN CREDIT MARKETS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 1977 1978 i 1979 1978 II I CREDIT MARKET lFUNDS RAISED BY NONFINANCIAL III IV I I II SECTORS TOTAL FUNDS RAISED BY NONFINANCIAL SECTORS EXCLUOING EQUITIES 1 2 191.3 187.4 210.8 200.7 271.9 261.1 338.5 335.4 400.3 398.2 374.7 382.5 393,0 390.5 399.9 392.3 433.6 427.7 363.3 361.9 3 4 5 11.8 12.0 -.2 85.4 85.8 -.4 69.0 69.1 -.1 56.8 57.6 -.9 53.7 55.1 -1.4 66.5 67.9 -1.4 56.4 56.9 -.5 52.7 55.0 -2.3 39.2 40.7 -1.5 25.2 27.8 -2.6 6 7 8 179.5 3.8 175.6 125.4 10.1 115.3 202.9 10.8 192.0 281.8 3.1 278.6 346.6 2.1 344.5 308.2 -7.8 316.0 336.7 2.5 334.2 347.2 7.7 339.5 394.4 5.9 388.5 338.1 1.4 336.7 370.0 ALL OTHER NONFINANCIAL CORPORATE EQUITIES 1.1 368.9 DEBT INSTRUMENTS 9 10 11 164.1 4.1 160.0 112.1 9.9 102.1 182.0 10.5 171.5 267.9 2.7 265.1 314.4 2.6 311.8 288.8 -6.4 295.3 314.5 2.8 311.7 320.7 7.6 313.1 333.3 6.4 326.9 333.1 1.3 331.8 347.2 1.3 345.8 12 13 14 15 16 17 18 19 98.0 16.5 19.7 61.9 34.8 6.9 15.1 5.0 98.4 16.1 27.2 55.0 39.5 11.0 4.6 123.5 15.7 22.8 85.0 63.7 1.8 13.4 6.1 175.6 23.7 21.0 131.0 96.4 7.4 18.4 8.8 196.6 28.3 20.1 148.2 104.5 10.2 23.3 10.2 173.5 23.9 17.3 132.4 94.8 9.1 19.7 8.9 202.1 31.8 23.7 146.6 104.8 9.5 22.7 9.7 205.9 33.0 18.2 154.7 104.9 11.8 26.3 11.6 204.7 24.4 21.3 159.0 113.6 10.5 24.4 10.5 197.4 22.9 18.0 156.5 108.7 9.7 25.8 12.3 196.3 15.4 23.6 157.3 105.2 11.5 27.5 13.1 DEBT CAPITAL INSTRUMENTS ST.+LOC. OBLIGATIONS CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY RESID. COMMERCIAL FARM 12 13 14 15 16 17 18 19 20 21 22 23 24 62.0 9.9 31.7 6.6 13.7 3.8 9.7 -12.3 -2.6 9.0 48.0 25.6 4.0 4.0 14.4 89.5 40.6 27.0 2.9 19.0 115.2 50.6 37.3 5.2 22.2 121.8 43.4 46.9 7.8 23.7 109.6 56.9 38.2 2.7 11.9 107.2 48.8 27.3 9.9 21.3 122.2 53.3 36.7 .3 31.8 134.4 49.8 43.6 12.9 28.0 149.6 48.4 60.5 8.6 32.0 OTHER DEBT INSTRUMENTS CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER 20 21 22 23 24 25 26 27 164.1 15.5 51.2 112.1 13.7 49.5 182.0 15.2 90.7 267.9 20.4 139.9 314.4 23.6 162.6 288.8 22.3 142.8 314.5 19.8 169.7 320.7 30.5 162.0 333.3 21.7 176.0 333.1 19.8 163.9 347.2 12.3 164.7 28 29 30 31 32 33 97.4 8.0 7.7 81.7 77.6 4.1 48.9 8.8 2.0 38.1 28.2 9.9 76.1 10.9 5.4 59.8 49.2 10.5 107.6 14.7 12.5 80.3 77.5 2.7 128.2 18.1 15.7 94.5 91.9 2.6 123.8 12.8 18.9 92.1 98.6 -6.4 125.1 17.7 14.8 92.6 89.8 2.8 128.2 19.6 16.6 92.0 84.4 7.6 135.7 22.2 12.4 101.2 94.7 6.4 149.4 20.5 15.6 113.3 112.0 1.3 170.3 21.1 17.6 131.5 130.2 1.3 34 35 36 37 38 39 40 15.4 -.2 15.7 2.1 4.7 7.3 1.6 13.3 .2 13.2 6.2 3.9 .3 2.8 20.8 .3 20.5 8.6 6.8 1.9 3.3 13.9 .4 13.5 5.1 3.1 2.4 3.0 32.3 -.5 32.8 4.0 18.3 6.6 3.9 19.4 -1.3 20.7 5.3 13.4 -.9 2.9 22.1 -.3 22.4 4.7 5.4 8.1 4.2 26.5 .1 26.4 1.9 20.1 -.7 5.1 61.1 -.5 61.6 4.2 34.1 19.9 3.3 5.0 .1 5.0 3.8 -4.3 1.5 3.9 22.8 -.2 23.1 2.8 7.6 10.6 2.1 -9.9 20.0 6.9 42 43 195.8 16.4 207.9 82.5 268.8 65.9 337.4 55.7 396.6 49.9 384.6 76.4 373.0 36.3 393.0 45.8 * 398.3 397.2 28.3 U.S. GOVERNMENT TREASURY ISSUES 30.2 -1.9 AGENCY ISSUES + MORTGAGES SECTORS PRIVATE DOMESTIC NONFINANCIAL SECTORS CORPORATE EQUITIES DEBT INSTRUMENTS BY BORROWING SECTOR: ST.+LOC. GOVERNMENTS HOUSEHOLDS NONFINANCIAL BUSINESS FARM NONFARM NONCORPORATE CORPORATE DEBT INSTRUMENTS EQUITIES FOREIGN CORPORATE EQUITIES DEBT INSTRUMENTS BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER U.S. GOVERNMENT LOANS -2.0 -14.2 13.8 MEMO: U.S. GOVT. CASH BALANCE TOTALS NET OF CHANGES IN U.S. GOVT. CASH BALANCES— 435.6 377.5 384.5 TOTAL FUNDS RAISED 41.2 39.3 14.4 BY U.S. GOVERNMENT 1 2 3 4 5 6 7 8 9 10 11 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 CREDIT MARKET FUNDS RAISED BY FINANCIAL SECTORS 94.6 TOTAL FUNDS RAISED BY FINANCIAL SECTORS 2 3 4 5 23.1 16.6 5.8 .7 13.5 2.3 10.3 .9 18.6 3.3 15.7 -.4 26.3 7.0 20.5 -1.2 41.4 23.1 18.3 ~ - ~ ~ - - - 6 7 16.2 .3 -.8 .6 5.5 1.0 27.7 .9 40.0 1.7 37.3 2.4 47.1 2.1 32.4 .8 43.2 1.4 33.1 2.9 51.2 .3 8 9 10 11 12 13 15.9 2.1 -1.3 4.6 3.8 6.7 -1.4 2.9 2.3 -3.7 1.1 -4.0 4.4 5.8 2.1 -3.7 2.2 -2.0 26.9 10.1 3.1 -.3 9.6 4.3 38.3 7.5 .9 2.8 14.6 12.5 34.9 10.0 3.3 -.3 9.2 12.8 45.1 7.1 1.0 5.4 17.9 13.7 31.6 6.6 -.4 1.7 11.1 12.6 41.8 6.2 -.3 4.5 20.4 11.0 30.2 8.8 -.8 -6.4 23.2 5.4 50.9 11.0 -.2 4.4 25.7 10.0 14 15 16 39.2 17.3 5.8 12.7 3.2 10.3 24.1 2.9 15.7 54.0 5.8 20.5 81.4 23.1 18.3 72.1 19.6 15.2 89.3 24.1 18.1 72.8 23.9 16.5 91.4 24.7 23.6 81.7 24.9 23.7 94.6 TOTAL, BY SECTOR SPONSORED CREDIT 17.9 25.5 MORTGAGE POOLS 17 18 19 20 21 22 23 24 16.2 1.2 3.5 4.8 .9 6.0 .6 -.7 -.8 1.2 .3 -2.3 1.0 .5 -1.4 -.1 5.5 2.3 -.8 .1 .9 6.4 -2.4 -1.0 27.7 1.1 1.3 9.9 .9 17.6 -2.2 -.9 40.0 1.3 6.7 14.3 1.1 18.6 -1.0 -1.0 37.3 1.2 3.6 16.2 1.0 17.1 -1.5 -.3 47.1 1.8 8.0 16.6 1.1 20.7 -.4 -.6 32.4 1.1 3.9 13.3 1.1 15.4 -.7 -1.7 43.2 1.1 11.3 11.1 1.2 21.1 -1.4 -1.3 33.1 1.3 2.4 5.3 1.2 23.7 -.8 51.2 1.0 10.1 15.0 1.3 27.1 -.8 -2.4 TOTAL CREDIT MARKET 34.8 19.6 15.2 42.2 24.1 18.1 40.4 23.9 16.5 48.3 24.7 23.6 48.6 24.9 23.7 * 2 3 4 5 PRIVATE FINANCIAL SECTORS CORPORATE EQUITIES 6 7 DEBT INSTRUMENTS CORPORATE BONDS MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER LOANS FROM FHLB'S AGENCIES PRIVATE FINANCIAL SECTORS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT C O S . 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 492.8 TOTAL FUNDS RAISED -2.4 INVESTMENT COMPANY SHARES 3.8 OTHER CORPORATE EQUITIES 1 2 3 440.7 73.8 22.9 30.7 155.6 491.4 71.8 15.4 37.4 156.9 4 5 6 7 8 49.8 32.9 37.6 37.3 48.4 72.5 45.0 44.1 230.5 -.7 4.8 223.5 -.1 10.8 296.0 -1.0 12.9 392.5 -.9 4.9 481.7 -1.0 4.7 446.8 -.3 -5.1 482.3 -.6 5.2 472.7 -1.7 10.1 525.0 -1.3 8.6 445.0 4 5 6 7 8 226.4 34.3 16.5 23.9 60.5 212.8 98.2 16.1 36.4 57.2 284.1 88.1 15.7 37.2 87.1 388.5 84.3 23.7 36.1 134.0 478.0 95.2 28.3 31.6 149.0 452.2 101.4 23.9 32.6 135.6 477.8 98.6 31.8 35.4 147.5 464.3 93.3 33.0 26.7 154.2 517.7 87.5 24.4 31.7 158.7 9 10 11 12 9.9 41.0 17.7 22.7 9.7 -12.2 -1.2 8.7 25.6 7.0 8.1 15.3 40.6 29.8 15.0 25.2 50.6 58.4 26.4 38.6 43.4 60.0 16.1 39.4 56.9 49.0 28.7 29.8 48.8 49.1 20.3 39.0 53.3 75.4 40.6 46.1 U.S. GOVT. RELATED SPONSORED CR. AG. SEC. MORTGAGE POOL SECURITIES LOANS FROM U.S. GOVERNMENT FUNDS RAISED, ALL SECTORS, BY TYPE 1 2 3 BILLIONS OF DOLLARS. 43.3 17.9 25.5 11/79 BASED ON INCOMPLETE INFORMATION. * 4.3 DEBT INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER OTHER LOANS 9 10 11 12 SEPTEMBER 5, 1979 CREDIT MARKET SUPPLY OF FUNDS CREDIT MARKET SUPPLY OF FUNDS DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 I TOTAL FUNDS ADVANCED IN CREDIT MARKETS TO NONFINANCIAL SECTORS 79.517 II III IV 99.366 100.062 119.282 | I 1979 I BILLIONS OF DOLLARS 1970 1971 1972 II 72.883 100.823 90.2 95.3 142.5 166.3 195.4 31.8 9.5 8.2 7.2 6.9 BY PUBLIC AGENCIES + FOREIGN 26.713 23.536 25.979 2 TOTAL NET ADVANCESt BY TYPE 15.344 3 U.S. GOVERNMENT SECURITIES 7.722 7.486 4.720 5.680 7.645 4 RESIDENTIAL MORTGAGES 1.105 3.996 5 FHLB ADVANCES TO S+L»S 3.884 5.544 6.138 6.964 6 OTHER LOANS + SECURITIES TOTALS ADVANCEDt BY SECTOR 5.568 3.603 U.S. GOVERNMENT 6.235 7 7.072 12.803 11.300 GOVT.RELATED AG. + POOLS 8 -1.688 9.153 4.898 9 MONETARY AUTHORITIES 15.761 -2.023 3.546 10 FOREIGN AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED 8.215 11.180 10.117 IN LINE 1 11 33.453 13.306 8.413 3.512 8.222 10.478 -3.184 8.641 -789 5.810 10.425 -9.535 7.479 3.190 9.291 L6.1 .3 5.1 4.0 6.7 28.6 15.3 6.5 1.3 5.4 44.0 34.4 7.0 -2.7 5.2 19.4 7.6 7.0 • 4.7 5.001 13.424 -5.413 20.441 6.074 5.565 10.174 15.088 748 -202 -5.059 -11.485 3.1 9.3 4.2 -.5 2.8 10.4 5.0 10.5 2.8 5.9 8.9 26.4 1.8 8.8 .3 8.4 2.8 7 19.1 8 9.2 9 .6 10 11.901 11.908 11.514 9.5 9.8 5.9 8.4 19.9 11 2 3 4 5 6 PRIVATE DOMESTIC FUNDS ADVANCED 87.010 6.067 10.703 6.505 25.395 42.336 3.996 84.200 17.711 9.875 4.961 24.278 31.259 3.884 97.730 13.868 4.606 5.891 21.818 55.059 3.512 74.313 101.912 25.775 16.456 2.457 7.051 5.377 6.432 15.746 24.269 24.169 50.894 -789 3.190 83.6 5.8 9.9 12.5 17.9 41.5 4.0 76.5 6.4 11.2 20.0 14.7 25.5 1.3 104.4 -3.6 17.4 19.5 30.8 37.6 -2.7 155.3 16.0 14.7 13.1 48.1 63.4 • 183.6 18.8 14.7 10.0 48.4 98.8 7.2 12 13 14 15 16 17 18 52.931 14.636 17.833 20.816 -354 86.532 40.688 21.172 17.535 7.137 70.995 31.576 20.986 18.534 -101 86.433 41.847 15.868 16.654 12.064 57.098 13.444 12.015 21.521 10.118 91.062 38.911 16.688 20.239 15.224 57.4 19.0 14.6 13.2 10.7 77.1 35.7 17.4 17.0 7.0 109.5 50.4 39.4 13.6 6.1 148.4 70.3 47.3 16.9 13.9 161.3 84.6 35.1 23.7 17.9 19 20 21 22 23 24 SOURCES OF FUNDS 25 PRIVATE DOMESTIC DEP. + RP'S 26 CREDIT MARKET BORROWING 52.931 19.999 4.228 86.532 37.244 14.552 70.995 30.319 6.519 86.433 54.944 13.045 57.098 12.553 2.661 91.062 26.396 16.433 57.4 4.5 16.7 77.1 57.6 3.3 109.5 90.3 5.0 148.4 102.1 14.7 161.3 24 97.3 25 23.4 26 27 28 29 30 31 28.704 -5.109 -3.755 17.261 20.307 34.736 4.870 4.400 15.899 9.567 34.157 8.294 -19 15.718 10.164 18.444 -1.735 6.134 13.798 247 41.884 14.218 -9.912 16.439 21.139 48.233 10.608 13.437 17.548 6.640 36.2 14.0 11.0 11.1 16.1 -7.5 2.9 12.7 8.0 14.2 -4.5 2.2 8.8 7.6 31.7 3.8 .7 11.8 15.4 40.6 3.0 -1.0 18.4 20.2 27 28 29 30 31 12 TOTAL NET ADVANCES 13 U.S. GOVERNMENT SECURITIES 14 STATE + LOCAL OBLIGATIONS CORPORATE + FOREIGN BONDS 15 16 RESIDENTIAL MORTGAGES 17 OTHER MORTGAGES + LOANS 18 LESS: FHLB ADVANCES PRIVATE FINANCIAL 19 20 21 22 23 61.019 13.687 3.094 5.143 16.695 23.505 1.105 INTERMEDIATEN CREDIT MARKET FUNDS ADVANCED BY PRIVATE FINANCIAL INSTS. COMMERCIAL BANKING SAVINGS INSTITUTIONS INSURANCE + PENSION FUNDS OTHER FINANCE OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE • PENSION RES. OTHER, NET PRIVATE DOMESTIC NONFINANCIAL * INVESTORS * 32 DIRECT LENDING IN CR. MARKETS 33 U.S. GOVERNMENT SECURITIES 34 STATE + LOCAL OBLIGATIONS 35 CORPORATE + FOREIGN BONDS 36 OPEN-MARKET PAPER 37 OTHER 12.316 9.212 -686 -1.533 2.064 3.259 15.030 1.788 4.100 364 4.316 4.462 19.724 12.231 3.090 596 -1.068 4.875 24.342 10.014 -1.984 -793 10.993 6.112 19.876 15.218 -2.849 -459 5.011 2.955 27.283 12.904 1.788 -258 5.453 7.396 42.9 17.7 8.4 5.4 7.9 3.6 2.8 -7.3 -1.3 9.4 -2.0 4.1 -10.9 .8 8.8 -1.9 3.2 21.5 4.2 3.0 4.9 1.3 8.2 45.7 18.8 5.4 2,0 9.8 9.7 32 33 34 35 36 37 38 DEPOSITS + CURRENCY 39 SECURITY RP'S 40 MONEY MARKET FUND SHARES 41 TIME + SAVINGS ACCOUNTS 42 LARGE NEGOTIABLE CD«S 43 OTHER AT COMMERCIAL BANKS 44 AT SAVINGS INSTITUTIONS 20.880 4.173 1.733 32.667 802 15.539 16.326 40.874 750 1.339 24.391 4.237 5.651 14.503 31.441 654 1.448 29.046 -314 13.079 16.281 58.597 1.896 2.401 29.121 6.030 9.076 14.015 13.021 29.885 3.223 705 7.212 7.895 26.953 6.606 -7.884 -14.777 15.479 12.055 19.358 9.328 7.3 2.2 61.1 -3.1 93.7 .8 106.5 1.6 101.2 11.0 75.7 17.8 29.5 28.5 38 39 40 41 42 43 44 -17.693 -18.574 881 14.394 10.764 3.630 293 -829 1.122 TOTAL OF CREDIT MARKET INSTRUMENTS, DEPOSITS * CURRENCY 33.196 55.904 49 PUBLIC HOLDINGS AS % OF TOTAL 50 PVT. FINAN. INTERMEDIATION (Z) 51 TOTAL FOREIGN FUNDS 33.594 86.745 10.652 23.686 99.450 2.847 45 46 47 48 MONEY DEMAND DEPOSITS CURRENCY - - - - -2.2 •13.7 3.1 8.4 55.3 14.5 24.1 16.6 79.1 6.3 33.2 39.6 83.6 7.6 30.6 45.4 25.179 -24.367 21.526 -24.835 3.653 468 14.679 11.190 3.489 7.3 4.5 2.8 8.9 5.4 3.5 13.7 10.4 3.4 21.3 16.8 4.4 14.5 45 10.6 46 3.9 47 51.165 82.939 32.897 57.168 50.2 63.9 93.7 128.0 146.9 48 25.962 84.317 11.840 28.045 88.440 18.706 14.376 76.834 9.159 10.339 89.353 -877 17.9 68.7 13.5 30.0 100.7 2.9 30.9 104.8 22.0 11.6 95.6 12.2 16.3 49 87.9 50 3.6 51 CORPORATE EQUITIES NOT INCLUDED ABOVE 1 TOTAL NET ISSUES 2 MUTUAL FUND SHARES 3 OTHER EQUITIES -1.230 41 -1.271 1.022 -281 1.303 2.013 -522 2.535 1.935 -218 2.153 1.181 111 1.070 228 -717 945 10.1 4.9 5.2 10.5 2.8 7.7 15.0 1.3 13.7 13.3 -.5 13.8 9.2 -1.2 10.4 1 2 3 4 ACQ. BY FINANCIAL INSTITUTIONS 5 OTHER NET PURCHASES -1.274 44 501 521 3.547 -1.534 4.777 -2.842 1.434 -253 3.426 -3.198 12.1 -2.0 11.4 -.9 19.3 -4.3 16.5 -3.3 13.1 -3.9 4 5 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. SEPTEMBER 5, 1979 CREDIT MARKET SUPPLY OF FUNDS CREDIT MARKET SUPPLY OF FUNDS 5 DIRECT AND INDIRECT SOURCES OF FUNDS TO CREDIT MARKETS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1 187.4 200.7 261.1 335.4 2 3 4 5 6 53.7 11.9 14.7 6.7 20.5 44.6 22.5 16.2 -4.0 9.8 54.3 26.8 12.8 -2.0 16.6 85.1 40.2 20.4 4.3 20.2 7 8 9 10 9.8 26.5 6.2 11.2 15.1 14.8 8.5 6.1 8.9 20.3 9.8 15.2 11 23.1 13.5 12 13 14 15 16 17 18 156.8 22.4 16.5 20.9 26.9 76.8 6.7 169.7 75.7 16.1 32.8 23.2 17.9 -4.0 I I 1978 I II 382.5 390.5 109.7 43.9 26.5 12.5 26.9 111.2 55.0 22.0 12.8 21.5 93.6 32.3 22.3 13.7 25.4 11.8 26.8 7.1 39.4 20.4 44.6 7.0 37.7 26.1 30.5 3.4 51.3 12.6 48.3 23.3 9.5 18.6 26.3 41.4 34.8 42.2 225.4 61.3 15.7 30.5 52.7 63.3 -2.0 276.5 44.1 23.7 22.5 83.3 107.3 4.3 330.0 51.3 28.3 22.5 88.2 152.2 12.5 306.0 46.4 23.9 21.7 81.8 145.1 12.8 339.1 66.4 31.8 26.1 91.8 136.6 13.7 III IV I I 1979 I II TOTAL FUNDS ADVANCED IN CREDIT MARKETS 361.9 397.2 TO NONFINANCIAL SECTORS BY PUBLIC AGENCIES + FOREIGN 101.5 34.7 27.3 12.6 27.0 132.3 53.5 34.2 11.0 33.7 48.0 -19.0 38.3 5.4 23.4 43.2 TOTAL NET ADVANCESt BY TYPE -35.7 U.S. GOVERNMENT SECURITIES 29.9 RESIDENTIAL MORTGAGES 10.0 FHLB ADVANCES TO S+L'S 39.0 OTHER LOANS + SECURITIES TOTALS ADVANCED, BY SECTOR 22.9 20.1 27.1 22.8 U.S. GOVERNMENT 53.8 42.2 56.9 GOVT.RELATED AG. + POOLS 45.8 15.1 -14.0 11.4 -12.4 MONETARY AUTHORITIES 72.5 -32.7 -24.1 17.7 FOREIGN AGENCY BORROWING AND POOL SECURITY ISSUES NOT INCLUDED 48.6 43.3 IN LINE 1 40.4 48.3 2 3 4 5 6 7 8 9 10 11 PRIVATE DOMESTIC FUNDS ADVANCED 331.2 58.5 33.0 18.6 89.4 144.2 12.6 343.6 34.0 24.4 23.5 89.8 182.8 11.0 362.4 92.9 22.9 22.9 80.0 149.2 5.4 397.3 TOTAL NET ADVANCES 107.5 U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS 15.4 25.5 CORPORATE + FOREIGN BONDS 86.7 RESIDENTIAL MORTGAGES 172.4 OTHER MORTGAGES + LOANS 10.0 LESS: FHLB ADVANCES 12 13 14 15 16 17 18 PRIVATE FINANCIAL INTERMEDIATION CREDIT MARKET FUNDS ADVANCED BY PRIVATE FINANCIAL INSTS. COMMERCIAL BANKING SAVINGS INSTITUTIONS INSURANCE + PENSION FUNDS OTHER FINANCE 19 20 21 22 23 125.5 66.6 24.2 29.8 4.8 122.5 29.4 53.5 40.6 -1.0 190.3 59.6 70.8 49.9 10.0 255.9 87.6 82.0 67.9 18.4 296.9 128.7 75.9 73.5 18.7 281.9 120.7 73.3 77.0 10.9 320.1 142.8 78.4 76.7 22.3 288.5 132.2 79.5 68.9 7.9 297.0 119.3 72.3 71.5 33.9 302.8 118.6 50.9 79.2 54.1 343.8 140.7 61.4 88.3 53.5 24 25 26 125.5 67.5 15.9 122.5 92.0 -1.4 190.3 124.6 4.4 255.9 141.2 26.9 296.9 142.5 38.3 281.9 132.0 34.9 320.1 145.1 45.1 288.5 149.4 31.6 297.0 143.5 41.8 302.8 102.1 30.2 24 343.8 SOURCES OF FUNDS 102.2 PRIVATE DOMESTIC DEP. + RP«S 25 CREDIT MARKET BORROWING 26 50.9 27 28 29 30 31 42.1 10.3 -5.1 26.2 10.6 32.0 -8.7 -1.7 29.7 12.7 61.3 -4.6 -.1 34.5 31.4 87.8 1.2 4.3 49.4 32.9 116.0 6.3 6.8 62.7 40.3 115.0 -9.8 -6.3 66.4 64.7 130.0 21.3 10.3 66.0 32.5 107.5 13.7 -2.5 61.4 35.0 111.7 .1 25.6 57.0 29.0 170.5 67.6 -28.6 62.6 68.9 190.7 44.1 45.0 73.1 28.5 47.5 23.0 2.6 -3.3 9.5 15.7 71.4 33.2 4.5 -1.4 16.3 18.7 59.0 39.9 5.0 -9.4 6.2 17.2 64.0 25.0 9.1 1.6 10.7 17.7 74.2 31.5 9.0 -.7 14.8 19.7 88.4 36.7 -5.1 3.0 33.5 20.3 89.9 63.5 -2.0 -4.8 17.4 15.8 104.5 DIRECT LENDING IN CR. MARKETS 64.6 U.S. GOVERNMENT SECURITIES -2.3 STATE + LOCAL OBLIGATIONS -1.5 CORPORATE + FOREIGN BONDS 13.1 OPEN-MARKET PAPER 30.5 OTHER 32 33 34 35 36 37 112.9 DEPOSITS + CURRENCY SECURITY RP«S 2.8 31.6 MONEY MARKET FUND SHARES 51.1 TIME • SAVINGS ACCOUNTS -59.1 LARGE NEGOTIABLE CD'S 68.6 OTHER AT COMMERCIAL BANKS 41.6 AT SAVINGS INSTITUTIONS 38 39 40 41 42 43 44 OTHER SOURCES FOREIGN FUNDS TREASURY BALANCES INSURANCE + PENSION RES. OTHER, NET 19 20 21 22 23 27 28 29 30 31 PRIVATE DOMESTIC NONFINANCIAL INVESTORS 32 33 34 35 36 37 47.2 18.9 9.3 5.1 5.8 8.0 45.8 24.1 8.4 8.4 -1.3 6.2 39.5 16.1 3.8 5.8 1.9 11.8 38 39 40 41 42 43 44 73.8 -2.2 2.4 65.4 18.4 25.3 21.8 98.1 .2 1.3 84.0 -14.3 38.8 59.4 131.9 2.3 • 113.5 -13.6 57.9 69.1 149.5 2.2 .2 121.0 9.0 43.0 69.0 151.8 7.5 6.9 115.2 10.8 43.3 61.1 142.4 16.7 6.9 102.8 3.2 43.4 56.2 155.6 3.0 5.4 118.8 16.9 41.1 60.8 158.0 2.6 5.8 122.0 -1.3 57.3 66.0 151.1 7.6 9.6 117.3 24.1 31.6 61.6 110.5 12.9 28.8 79.1 -31.5 41.7 68.9 45 46 47 8.2 1.9 6.3 12.6 6.4 6.2 16.1 8.8 7.3 26.1 17.8 8.3 22. 2 12.9 9.3 16.0 5.6 10.4 28.4 17.9 10.5 27.6 19.0 8.6 16.7 9.0 7.6 -10.3 -18.7 8.4 201.4 219.6 239.6 200.3 29.1 92.1 41.5 24.0 94.4 30.8 25.9 87.1 31.4 30.9 86.4 72.6 13.3 83.5 34.9 49 50 51 28.7 80.0 21.5 22.2 72.2 -2.6 20.8 84.4 10.6 25.4 92.5 40.5 27.5 90.0 44.0 27.4 16.6 10.8 MONEY DEMAND DEPOSITS CURRENCY 45 46 47 TOTAL OF CREDIT MARKET INSTRU217.4 MENTSt DEPOSITS + CURRENCY 10.9 PUBLIC HOLDINGS AS % OF TOTAL 86.5 PVT. FINAN. INTERMEDIATION IZ) 20.0 TOTAL FOREIGN FUNDS 48 49 50 51 CORPORATE EQUITIES NOT INCLUDED ABOVE t.l -.7 10.7 -.1 10.8 9.6 1.1 5.8 -1.7 BILLIONS OF 11.9 -1.0 12.9 DOLLARS. 4.0 -.9 4.9 3.7 -1.0 4.7 -5.3 -.3 -5.1 4.6 -.6 5.2 8.5 -1.7 10.1 7.3 -1.3 8.6 4.3 7.4 -3.4 7.6 -3.8 .8 -6.1 .1 4.5 13.5 -5.1 15.8 -8.5 11.7 -7.4 II/79 BASED ON INCOMPLETE 1.4 TOTAL NET ISSUES -2.4 MUTUAL F U N D SHARES 3.8 OTHER EQUITIES * 4.3 1 2 3 11.5 A C Q . BY FINANCIAL INSTITUTIONS -10.1 OTHER NET P U R C H A S E S INFORMATION. Line 1. Page 2, line 2. 30. Excludes net investment of these reserves in corporate equities. 2. Sum of lines 3-6 or 7-10. 31. Mainly retained earnings and net miscellaneous liabilities. Includes farm and commercial mortgages. 32. Line 12 less line 19 plus line 26. 11. Credit market funds raised by Federally sponsored credit agencies. Includes all GNMA-guaranteed security issues backed by mortgage pools. 33-37. Lines 13-17 less amounts acquired by private finance. includes mortgages. 12. Line 1 less line 2 plus line 11. Also line 19 less line 26 plus line 32. Also sum of lines 27, 32, and 38 less 47. 17. Includes farm and commercial mortgages. 25. Lines 39 + 40 + 41 + 46 or line 38 less line 47. 26. Excludes equity issues and investment company shares. 28. Foreign deposits at commercial banks, bank borrowings from foreign branches, and liabilities of foreign banking offices to foreign affiliates, net of claims on foreign affiliates and deposits by banking in foreign banks. Demand deposits at commercial banks. 39^6. See line 25. 47. Mainly an offset to line 9. 48. Lines 32 + 38 or line 12 less line 27 plus line 47. 49. Line 2/line 12. 50. Line 19/line 12. 51. Line 10 plus line 28. Includes line 18. Corporate Equities Line 1 and 3. Includes issues by financial institutions. Line 37 4 5 SEPTEMBER 5, 1979 HOUSEHOLDS 6 HOUSEHOLDS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.} UNADJUSTED NET FLOWS ($ MILL.) 1979 I 1978 II III BILLIONS OF DOLLARS 1970 1971 1972 II HOUSEHOLDS, PERSONAL TRUSTS, AND NONPROFIT ORGANIZATIONS 395.484 414.616 434. 845 472.455 449.690 468.094 52.615 71.609 68, 467 66.321 61.614 81.900 745.8 115.4 801.3 115.3 859.1 116.3 942.5 141.2 1052.4 150.8 1 2 342.869 343.007 366, 378 406.134 388.076 386.194 DISPOSABLE PERSONAL INCOME 318.160 339.632 348. 988 379.583 359.780 376.829 PERSONAL OUTLAYS 9.365 24.709 3.375 17. 390 26.551 28.296 PERSONAL SAVING, N1A BASIS 5.921 3.332 7.009 3.245 7.108 10. 803 CREDITS FROM GOVT. INSURANCE 73 343 375 50 276 19 CAPITAL GAINS DIVIDENDS 8.453 15.163 12. 933 20.910 11.602 13.431 NET DURABLES IN CONSUMPTION 630.4 595.3 35.1 7.1 2.5 26.2 685.9 635.4 50.6 8.9 .9 20.2 742.8 685.5 57.3 9.5 .8 26.2 801.3 751.9 49.4 11.6 1.4 35.1 901.7 831.3 70.3 11.8 .9 41.1 3 4 5 6 7 8 43.605 48.569 92.174 29.855 49.828 79.683 70.9 73.4 144.3 80.6 79.9 160.5 93.8 87.1 180.9 97.6 93.6 191.2 124.2 9 102.8 10 227.0 11 1 PERSONAL INCOME 2 - PERSONAL TAXES + NONTAXES 3 4 5 6 7 8 = = + + + 9 = NET SAVING 10 + CAPITAL CONSUMPTION 11 = GROSS SAVING 36.683 43.362 80.045 25.665 44.565 70.230 12 GROSS INVESTMENT 13 CAPITAL EXPEND.-NET OF SALES 14 RESIDENTIAL CONSTRUCTION 15 CONSUMER DURABLE GOODS 16 NONPROFIT PLANT + EQUIP. 91.600 65.248 21.038 42.755 1.455 86.149 101.052 73.183 74.804 21.338 24.220 50.371 49.096 1.474 1.488 98.970 85.001 25.425 58.078 1.498 98.203 74.436 23.194 49.733 1.509 90.850 76.752 22.743 52.488 1.521 147.7 116.5 26.3 85.5 4.7 165.9 114.2 24.5 84.9 4.8 186.8 134.7 32.4 97.1 5.1 210.3 157.5 40.7 111.2 5.5 242.2 174.1 45.2 123.7 5.2 17 NET FINANCIAL INVESTMENT 18 NET ACQ. OF FINANCIAL ASSETS 26.352 52.971 12.966 61.782 26.248 71.846 13.969 59.329 23.767 55.021 14.098 59.677 31.2 62.8 51.7 76.1 52.1 100.5 52.8 123.6 68.1 17 144.8 18 DEP. + CR. MKT. INSTR. (1) 41.263 47.475 51.286 48.324 CURRENCY 30.967 718 33.986 35.206 7.29 3 4.888 22 23 24 25 TIME + SAVINGS ACCTS. AT COMMERCIAL BANKS AT SAVINGS INST. MONEY MARKET FUND SHRS 28.516 12.190 16.326 1.733 25.354 10.851 14.503 1.339 28.870 12.589 16.281 1.448 26 27 28 29 30 31 CREDIT MKT. INSTRUMENTS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FGN. BONDS MORTGAGES OPEN-MARKET PAPER 10.296 8.745 -1.113 -1.533 3.275 922 13.489 436 3.864 364 3.852 4.973 41 -667 20 21 DEPOSITS DEMAND DEP. 41.199 53.725 45.860 47.249 87.059 100.974 12 13 14 15 16 42.192 47.324 44.7 52.6 76.9 100.2 117.7 19 30.174 24.012 5.331 -10.618 28.590 8.835 6.5 -2.6 52.4 8.8 80.8 13.0 88.7 14.3 79.1 20 15.3 21 22.442 8.427 14.015 2.401 27.418 8.060 19.358 7.212 11.860 2.532 9.328 7.895 9.1 .7 8.4 43.6 27.0 16.6 67.8 28.1 39.6 74.5 29.0 45.4 ~ - - - 63.8 35.3 28.5 - 22 23 24 25 16.080 10.100 2.444 596 3.808 -868 18.150 7.739 -1.883 -793 3.535 9.552 18.180 14.773 -2.732 -459 2.638 3.960 18.734 7.174 2.174 -258 4.690 4.954 38.2 16.0 9.3 5.4 2.2 5.3 .2 -6.4 -.9 9.4 1.8 -3.8 -3.8 -10.2 .1 8.8 1.3 -3.8 11.5 -.4 2.3 4.9 6.4 -1.7 38.7 18.8 5.3 2.0 3.4 9.1 26 27 28 29 30 31 -281 -495 -522 -1.028 -218 -3.049 111 -1.048 -717 -2.833 4.9 -8.5 2.8 -4.3 1.3 -6.4 -.5 -5.2 -1.2 32 -5.5 33 32 33 INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 34 35 LIFE INSURANCE RESERVES PENSION FUND RESERVES 2.914 13.441 2.860 15.532 2.977 22.510 3.265 14.355 3.463 13.640 3.579 17.082 5.0 16.5 5.5 18.4 6.3 21.1 6.9 22.6 7.6 34 25.4 35 NET INV. IN NONCORP. BUS. SECURITY CREDIT MISCELLANEOUS ASSETS -5.584 -77 1.640 -5.870 773 1.788 -6.078 678 2.023 -5.556 63 2.145 -5.624 168 2.119 -6.919 61 2.100 -.2 -1.8 2.1 -.6 -.9 2.6 -1.5 .5 2.3 -3.2 .1 2.7 -1.9 36 -.2 37 2.8 38 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS 26.619 25.873 22.405 258 3.013 280 -749 666 48.816 46.147 25.944 255 16.023 1.875 1.215 835 45.598 42.929 26.605 253 13.522 1.126 403 1.020 45.360 47.674 28.873 250 12.253 2.487 2.524 1.287 31.254 30.542 26.244 248 2.707 1.331 -1.198 1.210 45.579 44.074 26.760 245 14.134 1.625 59 1.251 31.6 34.0 18.5 1.2 9.5 1.3 .5 3.0 24.4 25.2 14.1 1.2 4.4 1.0 1.9 2.6 48.4 44.9 26.4 1.2 11.1 3.6 1.2 1.4 70.8 65.1 41.5 1.3 14.9 4.9 1.1 1.3 76.7 80.1 47.1 l.l 21.9 4.1 3.4 2.4 157 335 254 2.066 336 267 2.057 339 273 -2.925 340 271 98 343 271 345 271 -3.4 .6 .4 -1.8 .6 .4 2.7 .5 .3 4.5 .7 .5 -4.3 47 .6 48 .4 49 -6.029 -11.167 -3.3 -5.4 -5.9 -19.1 -15.3 50 21.038 21.338 24.220 25.425 23.194 1.162 1.100 1.128 1.271 1.285 19.876 20.238 23.092 24.154 21.909 7.768 8.033 8.342 8.696 9.024 22.405 25.944 26.605 28.873 26.244 -9.135 -12.639 -10.727 -12.144 -12.074 22.743 1.267 21.476 9.328 26.760 -13.345 26.3 2.3 24.0 12.1 18.5 -4.3 24.5 2.5 22.0 12.8 14.1 -2.5 32.4 3.3 29.2 13.7 26.4 -7.6 40.7 4.0 36.7 14.7 41.5 -15.5 45.2 4.4 40.8 17.1 47.1 -19.0 39 40 41 42 43 44 47 48 SECURITY CREDIT TRADE DEBT MISCELLANEOUS 50 DISCREPANCY (1) -11.555 -15.919 -13.993 39 40 41 42 43 44 45 46 EXCLUDES CORPORATE E Q U I T I E S . 51 52 53 54 55 56 MEMORANDA: NET PHYSICAL INVESTMENT: ( A ) RESIDENTIAL CONSTRUCTION EXPENDITURES MOBILE HOMES OTHER - CAPITAL CONSUMPTION - HOME MORTGAGES = EXCESS NET INVESTMENT 57 58 59 (B) CONSUMER DURABLES EXPENDITURES - CAPITAL CONSUMPTION = NET INVESTMENT 51 52 53 54 55 56 42.755 50.371 34.302 35.208 8.453 15.163 49.096 36.163 12.933 58.078 37.168 20.910 49.733 38.131 11.602 52.488 39.057 13.431 85.5 59.2 26.2 84.9 64.7 20.2 97.1 70.9 26.2 111.2 76.1 35.1 123.7 57 82.6 58 41.1 59 3.293 5.160 17.898 -2.735 14.648 -1.715 14.740 6.170 4.038 7.564 15.759 -2.328 10.8 15.4 5.4 14.8 14.7 11.6 19.8 15.3 26.0 60 15.1 61 1.455 1.292 258 -95 1.474 1.324 255 -105 1.488 1.355 253 -120 1.498 1.385 250 -137 1.509 1.414 248 -153 1.521 1.443 245 -167 4.7 2.1 1.2 1.4 4.8 2.3 1.2 1.3 5.1 2.6 1.2 1.4 5.5 2.8 1.3 1.5 13.303 7.206 17.271 983 15.745 4.746 14.037 6.537 13.701 7.291 17.496 2.424 15.5 5.6 14.4 7.4 13.5 7.7 15.0 6.2 14.3 66 7.8 67 PER CENT OF DISPOSABLE INCOME ADJ. (2): 68 GROSS SAVING 23.108 20.058 23.077 24.484 23.526 20.262 22.6 23.1 24.0 23.5 24.8 68 19.828 19.044 12.086 11.379 20.611 14.386 10.999 11.560 18.999 14.043 7.977 7.795 19.517 15.175 11.590 11.207 18.2 9.8 4.9 5.3 16.4 10.9 3.5 3.6 17.9 13.4 6.4 6.0 19.3 15.2 8.7 8.0 19.0 15.8 8.4 8.8 695.7 753.1 814.4 60 61 - CONSUMER CREDIT = EXCESS NET INVESTMENT (C) NONPROFIT PLANT + EQUIP. 62 63 64 65 EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT PER CENT RATIOS: 66 EFFECTIVE TAX RATE 67 SAVING RATE, NIA BASIS 69 70 71 72 CAPITAL EXPENDITURES ACQUISITION OF FINAN. ASSETS NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING 18.836 15.292 7.684 7.469 20.901 17.645 13.942 13.179 73 (2J DISPOSABLE INCOME ADJ. 346.390 350.134 377.254 412.398 391.783 393.253 (NIA DISPOSABLE INCOME * GOVT. INSURANCE CREDITS + CAPITAL GAINS DIVID.) 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 5.2 3.1 1.1 1.0 62 63 64 65 69 70 71 72 914.4 73 SEPTEMBER 5, 1979 HOUSEHOLDS HOUSEHOLDS 7 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 II 1979 III IV | I II HOUSEHOLDS, PERSONAL TRUSTS. AND NONPROFIT ORGANIZATIONS 1154.9 170.3 1255.5 168.8 1381.6 197.1 1531.6 226.4 1717.4 259.0 1634.8 239.8 1689.3 252.1 1742.4 266.0 1803.1 278.2 1852.6 280. 1892.8 PERSONAL INCOME 290.7 - PERSONAL TAXES + NONTAXES 984.6 913.0 71.7 12.6 .5 28.6 1086.7 1003.0 83.6 15.1 .2 26.6 1184.5 1115.9 68.6 17.9 .5 40.6 1305.1 1240.2 65.0 22.4 .6 50.9 1458.4 1386.4 72.0 27.1 .7 57.5 1395.0 1320.4 74.6 21.2 .7 48.1 1437.3 1366.1 71.2 25.7 .6 59.5 1476.5 1405.6 70.9 33.5 .7 58.8 1524.8 1453.4 71.5 27.8 .9 63.4 1572.2 1493.0 79.2 22.2 1.1 61.3 1602.1 1515.2 86.9 27.6 .7 51.9 9 10 11 113.3 116.8 230.2 125.6 132.6 258.2 127.5 145.8 273.3 138.8 161.0 299.9 157.3 181.0 338.3 144.6 173.4 318.0 157.0 178.3 335.2 163.9 183.4 347.4 163.6 189.0 352.6 163.8 194.3 358.1 167.0 199.3 366.3 12 13 14 15 16 245.9 170.2 42.8 122.0 5.4 282.9 181.0 43.0 132.6 5.4 310.7 220.5 57.5 157.4 5.6 334.6 260.8 76.3 178.8 5.6 377.8 298.2 92.0 200.3 5.9 348.0 278.8 87.7 185.3 5.8 372.7 296.7 90.4 200.3 5.9 387.5 302.6 93.1 203.5 6.0 402.9 314.9 96.8 212.1 6.0 368.5 316.4 96.5 213.8 6.0 380.9 GROSS INVESTMENT 310.9 CAPITAL EXPEND.-NET OF SALES 96.7 RESIDENTIAL CONSTRUCTION 208.1 CONSUMER DURABLE GOODS 6.1 NONPROFIT PLANT + EQUIP. 17 18 75.7 126.7 101.9 153.8 90.2 187.7 73.8 219.1 79.5 245.9 69.2 214.9 76.0 256.4 85.0 257.7 88.0 254.7 52.1 218.8 70.0 NET FINANCIAL INVESTMENT 17 240.7 NET ACQ. OF FINANCIAL ASSETS 18 1 2 = = + + + DISPOSABLE PERSONAL INCOME PERSONAL OUTLAYS PERSONAL SAVING. NIA BASIS CREDITS FROM GOVT. INSURANCE CAPITAL GAINS DIVIDENDS NET DURABLES IN CONSUMPTION NET SAVING CAPITAL CONSUMPTION GROSS SAVING 3 4 5 6 7 8 10 11 12 13 14 15 16 19 104.2 119.9 146.9 168.6 188.3 197.1 185.6 201.9 168.2 185.8 DEP. + CR. MKT. INSTR. (1) 19 20 21 65.5 7.2 89.3 3.9 124.2 14.9 132.0 22.6 130.3 18.2 126.0 27.5 135.8 16.9 136.5 13.9 123.0 14.6 95.5 -19.1 110.0 17.1 20 DEPOSITS DEMAND DEP. + CURRENCY 21 22 23 24 25 55.9 34.1 21.8 2.4 84.0 24.6 59.4 1.3 109.3 40.2 69.1 • 109.2 40.2 69.0 .2 105.2 44.1 61.1 6.9 91.6 35.4 56.2 6.9 113.6 52.8 60.8 5.4 116.8 50.8 66.0 5.8 98.8 37.2 61.6 9.6 85.8 16*9 68.9 28.8 61.3 19.7 41.6 31.6 TIME * SAVINGS ACCTS. AT COMMERCIAL BANKS AT SAVINGS INST. MONEY MARKET FUND SHRS 22 23 24 25 26 27 28 29 30 31 38.7 19.4 8.2 5.1 4.3 1.7 30.6 16.8 6.2 8.4 3.7 -4.4 22.7 9.5 2.5 5.8 8.0 -3.1 36.6 15.7 2.6 -3.3 11.9 9.6 58.0 27.0 3.3 -1.4 14.5 14.6 42.8 32.2 3.3 -9.4 12.9 3.7 61.3 24.3 8.1 1.6 14.8 12.5 49.1 19.8 6.4 -.7 15.3 8.2 78.9 31.7 -4.7 3.0 14.9 33.9 72.7 53.7 -1.5 -4.8 10.3 15.0 75.7 50.0 -.7 -1.5 18.2 9.8 CREDIT MKT. INSTRUMENTS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FGN. BONOS MORTGAGES OPEN-MARKET PAPER 26 27 28 29 30 31 32 33 -.7 -1.5 -.1 -3.5 -1.0 -2.2 -.9 -5.2 -1.0 -5.2 -.3 -8.6 -.6 -.1 -1.7 -3.4 -1.3 -8.9 34 35 6.7 29.6 8.7 34.9 8.4 44.2 11.6 53.7 12.0 65.8 11.7 59.4 11. 4 61.8 11.9 78.8 13.1 63.4 36 37 38 -13.3 -1.0 2.7 -10.4 .6 3.8 -15.6 1.5 5.5 -16.7 1.0 6.9 -23.1 1.4 7.6 -22.3 -.3 6.6 -23.5 3.1 7.2 -24.3 2.7 8.1 39 40 41 42 43 44 45 46 51.0 51.2 35.4 1.1 9.5 .4 1.5 3.2 51.9 49.5 38.1 1.0 7.8 1.9 -1.5 2.2 97.5 90.7 61.3 1.1 21.6 3.9 1.0 1.8 145.3 139.9 93.2 1.0 34.3 6.2 2.8 2.3 166.4 162.6 103.8 1.0 44.8 5.8 3.4 3.8 145.7 142.8 95.3 1.0 38.4 4.9 .4 2.7 180.4 169.7 102.8 1.0 50.8 6.1 5.7 3.3 47 48 49 -1.8 .9 .7 .7 1.1 .7 4.8 1.4 .6 3.1 1.3 .9 1.4 1.4 1.1 .6 1.3 1.0 8.3 1.3 1.1 -24.6 -37.5 -34.7 -39.5 -2.4 -9.1 INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 32 33 13.9 60.3 14.3 70.8 LIFE INSURANCE RESERVES PENSION FUND RESERVES 34 35 8.6 -22.5 .7 8.5 -27.3 .2 8.4 NET INV. IN NONCORP. BUS. SECURITY CREDIT MISCELLANEOUS ASSETS 36 37 38 172.7 162.0 104.1 1.0 43.3 5.4 4.1 4.1 166.7 176.0 113.2 1.0 46.7 6.6 3.4 5.1 166.8 163. 110.5 1.0 40.4 9.4 -2.2 4.8 170.7 164.7 106.9 1.0 42.6 5.8 3.4 5.0 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS HOME MORTGAGES OTHER MORTGAGES INSTALMENT CONS. CREDIT OTHER CONSUMER CREDIT BANK LOANS N.E.C. OTHER LOANS 39 40 41 42 43 44 45 46 8.2 1.4 1.1 -11.7 1.4 1.1 .4 1.4 1.1 3.6 1.4 1.1 -40.2 -50.3 -10.4 SECURITY CREDIT TRADE DEBT MISCELLANEOUS 47 48 49 -14.6 DISCREPANCY (1) EXCLUDES CORPORATE EQUITIES. 51 52 53 54 55 56 42.8 3.2 39.6 19.8 35.4 -12.4 43.0 2.4 40.6 22.2 38.1 -17.3 57.5 3.1 54.4 24.4 61.3 -28.2 76.3 4.0 72.3 28.2 93.2 -45.1 92.0 4.7 87.4 32.8 103.8 -44.6 83.0 31.1 95.3 -38.6 90.4 4.4 86.0 32.1 102.8 -44.5 93.1 4.5 88.6 33.4 104.1 -44.3 96.8 5.1 91.7 34.8 113.2 -51.2 96.5 5.1 91.4 36.1 110.5 -50.1 96.7 5.1 91.6 37.3 106.9 -47.5 MEMORANDA: NET PHYSICAL INVESTMENT: (A) RESIDENTIAL CONSTRUCTION EXPENDITURES MOBILE HOMES OTHER - CAPITAL CONSUMPTION - HOME MORTGAGES = EXCESS NET INVESTMENT 57 58 59 122.0 93.4 28.6 132.6 106.0 26.6 157.4 116.8 40.6 178.8 128.0 50.9 200.3 142.8 57.5 185.3 137.2 48.1 200.3 140.8 59.5 203.5 144.7 58.8 212.1 148.7 63.4 213.8 152.5 61.3 208.1 156.2 51.9 <B> CONSUMER DURABLES EXPENDITURES - CAPITAL CONSUMPTION = NET INVESTMENT 60 61 9.9 18.7 9.7 17.0 25.6 15.0 40.6 10.3 50.6 6.9 43.4 4.7 56.9 2.6 48.8 10.0 53.3 10.1 49.8 11.5 48.4 3.5 - CONSUMER CREDIT = EXCESS NET INVESTMENT 60 61 62 63 64 65 5.4 3.7 1.1 .6 5.4 4.5 1.0 -.1 5.6 4.6 1.1 5.6 4.8 1.0 -.3 5.9 5.4 1.0 -.5 5.8 5.2 1.0 -.4 5.9 5.3 1.0 -.4 6.0 5.4 1.0 -.5 6.0 5.5 1.0 -.5 6.0 5.7 1.0 -.6 6.1 5.8 1.0 -.7 (C) NONPROFIT PLANT • EQUIP. EXPENDITURES - CAPITAL CONSUMPTION - NONPROFIT MORTGAGES = EXCESS NET INVESTMENT 62 63 64 65 66 67 14.7 7.3 13.4 7.7 14.3 5.8 14.8 5.0 15.1 4.9 14.7 5.3 14.9 5.0 15.3 4.8 15.4 4.7 15.1 5.0 22.4 22.9 23.0 22.7 PER CENT OF DISPOSABLE INCOME ADJ. (2): 22.4 22.5 GROSS SAVING * 69 70 71 72 17.1 12.7 5.1 5.1 16.4 14.0 4.7 4.5 18.3 15.6 8.1 7.5 19.6 16.5 10.9 10.5 20.1 16.5 11.2 10.9 73 997.7 1102.0 1202.8 1328.1 1486.2 BILLIONS OF DOLLARS. 87.7 4.6 PER CENT RATIOS: 15.4 EFFECTIVE TAX RATE 5.4 SAVING RATE, NIA BASIS 19.7 20.3 20.0 20.3 19.8 19.1 CAPITAL EXPENDITURES 15.2 17.5 17.1 16.4 13.7 14.8 ACQUISITION OF FINAN. ASSETS 10.3 12.3 11.4 10.7 10.5 10.5 NET INCREASE IN LIABILITIES 10.1 11.6 10.7 11.3 10.3 10.1 CREDIT MARKET BORROWING 1416.9 1463.5 1510.7 1553.6 1595-5 1630.4 (2) DISPOSABLE INCOME AOJ. (NIA DISPOSABLE INCOME + GOVT. INSURANCE CREDITS + CAPITAL GAINS DIVID.) 11/79 BASED ON INCOMPLETE INFORMATION. 51 52 53 54 55 56 57 58 59 66 67 69 70 71 72 73 SEPTEMBER 5, 1979 TOTAL + NONCORP BUSINESS TOTAL + NONCORP BUSINESS SECTOR STATEMENTS OF SAVING ANO INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS 1$ MILL.) 1978 I II I III IV I 1979 I 1969 II NONFINANCIAL BUSINESS BILLIONS OF DOLLARS 1970 1971 1972 1973 - TOTAL 62.199 46.991 77.041 47.480 77.198 49.770 81.695 51.346 79.354 52.370 86.288 51.649 142.4 80.9 128.6 79.6 139.8 90.8 161.7 103.8 195.6 110.4 3 GROSS INVESTMENT 4 CAPITAL EXPENDITURES FIXED INVESTMENT 5 BUSINESS PLANT + EQUIPMENT 6 HOME CONSTRUCTION (1) 7 MULTI-FAMILY RESIDENTIAL 8 9 CHANGE IN INVENTORIES 10 MINERAL RIGHTS FROM U.S.GOVT 45.001 53.555 43.339 44.182 -3.399 2.556 9.927 289 44.611 62.866 60.302 52.944 3.640 3.718 1.467 1.097 43.169 64.167 60.651 53.328 3.459 3.864 3.284 232 41.656 69.291 61.297 58.855 -1.080 3.522 7.639 355 53.721 63.193 52.496 53.817 -4.781 3.460 9.476 1.221 47.234 70.952 67.541 59.952 2.921 4.668 3.022 389 75.4 112.3 102.9 91.4 .2 11.3 9.4 71.3 108.5 104.4 92.4 .9 11.1 3.8 .3 82.5 119.3 112.2 95.2 2.7 14.3 6.4 .7 88.1 138.1 127.8 106.9 1.9 19.0 9.4 .9 96.0 3 167.7 4 146.6 5 126.0 6 -.3 7 20.9 8 17.9 9 3.2 10 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS NET INCREASE IN LIABILITIES 13 14 CORPORATE EQUITIES 15 CREDIT MARKET INSTRUMENTS BONOS 16 17 MORTGAGES 18 BANK LOANS N.E.C. 19 OTHER LOANS -8.554 -18.255 -20.998 -27.635 15.405 20.865 23.329 25.045 23.959 39.120 44.327 52.680 -1.611 698 1.900 1.612 27.386 37.228 26.480 34.481 7.069 4.695 5.480 6.030 5.009 13.311 14.764 10.246 10.462 10.990 3.732 8.692 5.858 7.220 2.504 9.513 -9.472 29.541 39.013 33 0 31.473 5.041 6.500 10.750 9.182 -23.718 25.939 49.657 336 49.292 6.662 15.188 16.972 10.470 -36.9 30.4 67.3 3.4 46.0 12.0 10.8 15.2 8.0 -37.2 17.6 54.8 5.7 44.2 19.8 14.0 5.7 4.7 -36.7 35.4 72.1 11.4 49.9 18.9 22.9 5.9 2.3 -50.1 48.0 98.1 10.9 67.2 12.7 32.4 16.0 6.0 -71.7 65.5 137.2 7.9 87.6 11.0 33.0 33.7 10.0 2.161 12.522 -3.977 -11.328 15.261 -15.232 20.6 -2.7 8.1 -3.2 10.5 .3 22.9 -2.9 39.3 20 2.4 21 4.415 5.5 8.4 8.2 15.7 14.4 22 1 INCOME BEFORE TAXES 2 GROSS SAVING 20 21 TRADE DEBT OTHER LIABILITIES 22 DISCREPANCY 1.990 16.183 -236 16.723 -136 9.438 -2.228 6.601 9.690 -1.351 2.869 * NET INCOME NET SAVING CAPITAL CONSUMPTION CORPORATE NONCORPORATE CURRENT SURP. = GROSS SAVING 7 GROSS INVESTMENT 8 CAPITAL EXPENDITURES 9 PLANT + EQUIPMENT 10 RESIDENTIAL CONSTRUCTION CHANGE IN INVENTORIES 11 12 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 13 14 DEMAND DEPOSITS + CURRENCY 15 MISCELLANEOUS ASSETS 16 INSURANCE RECEIVABLES 17 EQ. IN SPONS. AGS. (2) 8.425 -1.973 4.205 501 3.704 2.232 13.9 6.2 .3 5.9 6.2 13.9 -.1 6.4 .4 6.0 6.3 14.3 -.1 6.9 .4 6.6 6.8 18.0 .1 7.4 •4 7.0 7.5 228 84 2.232 5.168 4.702 504 -38 6.2 6.6 5.7 .7 .1 6.3 6.9 6.2 .6 .1 6.8 8.3 6.4 .7 1.3 7.5 7.9 6.6 .7 .6 8.8 7 12.8 8 9.0 9 .6 10 3.2 11 -60 485 26 459 410 49 -2.936 553 27 526 414 112 -.4 .5 .1 .4 .4 .1 -.6 .6 .1 .5 .4 .1 -1.5 .7 .1 .6 .5 .1 -.4 .9 .3 .7 .6 .1 -4.1 .8 .2 .6 .5 .2 12 13 14 15 16 17 545 3.489 7.274 3.644 1.478 2.152 1.087 1.065 1.0 3.0 1.8 .6 .6 2.2 4.5 2.4 1.3 .7 1.3 5.8 3.6 1.8 .5 .6 1.2 2.3 .8 .8 .6 -.1 .7 .7 .4 4.9 9.6 5.5 2.9 1.2 .1 1.1 18 19 20 21 22 23 24 215 -4.000 -.4 -1.7 -.4 -.7 .1 -2.4 .5 -5.1 .1 25 -4.8 26 6.424 915 3.846 450 3.396 4.761 6.915 -2.048 3.894 460 3.434 1.846 6.528 -570 3.949 471 3.478 3.379 7.832 878 4.004 481 3.523 4.882 8.544 4.761 4.199 3.653 340 206 1.846 4.543 4.008 407 128 3.379 4.662 3.707 563 392 4.882 4.594 3.816 450 328 4.565 4.625 4.313 562 486 24 462 387 75 -2.697 474 25 449 395 54 -1.283 497 25 472 401 71 288 502 26 476 405 71 18 19 20 21 22 23 24 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES BANK LOANS N.E.C. OTHER LOANS U.S. GOVERNMENT FICB -76 2.545 2.241 -330 634 993 -359 3.171 6.397 2.811 1.618 1.968 1.095 873 1.780 5.047 2.897 1.067 1.083 256 827 214 4.070 2.223 127 1.720 1.603 117 25 26 TRADE DEBT PROPRIETOR NET INVESTMENT 190 -2.811 174 -3.400 172 -3.439 184 -4.040 11 12 13 14 15 16 17 18 19 IIZ FARM BUSINESS 1 2 3 4 5 6 1 2 475 4.090 491 3.599 4.565 4.669 3.099 -89 1.659 912 747 198 -4.322 NONFARM NONCORPORATE * * * * 32.0 .4 8.4 .6 7.8 8.8 1 2 3 4 5 6 BUSINESS 1 NET INCOME 24.539 25.324 26.901 27.742 27.888 29.168 60.2 59.6 62.3 68.2 71.6 1 2 CAPITAL CONSUMPTION 3 CURRENT SURP. = GROSS SAVING 7.586 10.217 7.879 6.881 8.136 6.948 8.326 7.881 8.446 10.937 9.000 8.813 13.0 13.0 14.5 14.5 15.3 15.3 15.5 15.5 17.8 17.8 2 3 4 GROSS INVESTMENT 5 CAPITAL EXPENDITURES 6 FIXED CAPITAL 7 PLANT + EQUIPMENT 8 HOME CONSTRUCTION (1) 9 MULTI-FAMILY RESIDENTIAL 10 CHANGE IN INVENTORIES 10.217 7.689 5.663 5.698 -1.870 1.835 2.026 6.881 8.759 10.029 5.664 1.617 2.748 -1.270 6.948 9.232 10.429 6.269 1.448 2.712 -1.197 7.881 10.256 8.290 6.524 -765 2.531 1.966 10.937 8.228 6.483 6.398 -2.505 2.590 1.745 8.813 9.961 11.241 6.354 1.209 3.678 -1.280 13.0 21.4 20.5 12.9 -.3 7.9 .9 14.5 21.3 21.0 12.9 .2 8.0 .3 15.3 24.9 23.4 11.5 1.0 10.9 1.5 15.5 30.0 28.7 13.4 .6 14.7 1.3 17.8 4 31.6 5 30.2 6 14.8 7 -.4 8 15.9 9 1.3 10 2.528 1.133 0 453 680 669 11 -1.878 701 0 -51 752 686 66 -2.284 969 0 239 730 701 29 -2.375 1.554 0 818 736 715 21 2.709 1.261 -1.148 990 0 211 779 749 30 -8.3 1.1 -6.8 1.4 -9.6 1.1 -14.5 1.5 -.4 .7 -.3 .7 .7 .7 .7 .8 .8 -1.395 2.967 668 -1.496 1.791 373 2.579 4.378 3.245 1.293 1.418 534 3.253 3.862 4.091 1.158 2.281 652 3.929 4.446 1.839 -612 1.786 665 -1.448 1.609 1.601 523 2.138 5.030 3.353 967 1.735 651 9.4 7.4 3.7 -.2 3.5 .5 8.1 7.0 6.5 .1 5.8 .6 10.7 11.7 9.7 .8 8.0 .9 16.1 14.1 11.9 .5 9.9 1.5 441 1.858 108 1.025 -830 601 324 2.283 294 1.195 -364 2.041 2.3 1.5 -.4 1.0 .7 1.3 1.2 1.0 -1.589 -2.773 671 -2.470 2.030 -2.639 999 -1.516 -1.755 -1.302 27 -2.919 .5 1.5 1.0 .1 -1.9 .9 1.9 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS 13 DEMAND DEPOSITS + CURRENCY 14 CONSUMER CREDIT 15 MISCELLANEOUS ASSETS 16 INSURANCE RECEIVABLES 17 EQ. IN SPONS. AGS. (2) 18 19 20 21 22 23 24 25 26 27 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL BANK LOANS N.E.C. OTHER LOANS TRADE DEBT, NET PROPRIETOR NET INVESTMENT (1) FARM PLUS NONFARM CHANGE IN WORK IN PROCESS. (2) SHARES IN FICB'S, BANKS FOR COOPS, AND LAND BANKS. 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 0 511 750 731 19 120 -2.004 * * * - .5 1.0 1.0 * * -13.8 2.3 1.4 1.0 1.0 * 11 12 13 14 15 16 17 16.1 13.0 9.3 -.4 7.9 1.8 18 19 20 21 22 23 1.2 24 2.4 25 .3 26 2.9 27 SEPTEMBER 5, 1979 TOTAL + NONCORP BUSINESS TOTAL • NONCORP BUSINESS 9 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 | I 1977 NONFINANCIAL 1978 I II III IV I | 1979 I II BUSINESS - TOTAL 1 2 200.9 105.9 198.5 141.9 230.4 163.4 257.8 181.9 298.1 195.6 263.9 179.9 296.1 196.8 304.8 201.3 327.7 204.4 334.6 203.8 332.5 INCOME BEFORE TAXES 210.0 GROSS SAVING 3 4 5 6 7 8 9 10 94.0 166.2 150.8 138.9 .4 11.5 8.9 6.5 124.9 133.9 143.3 135.8 2.7 4.8 -10.7 1.3 137.8 175.6 161.6 151.5 4.1 6.0 10.0 4.0 156.0 217.7 193.3 177.6 5.5 10.2 21.9 2.5 174.4 249.9 225.6 209.3 2.6 13.7 22.3 2.0 152.9 227.3 203.4 190.3 1.3 11.7 22.8 1.2 181.0 254.9 224.7 207.2 3.9 13.6 25.8 4.4 182.3 254.5 233.5 215.9 2.9 14.7 20.0 .9 181.5 262.9 240.8 223.8 2.3 14.7 20.6 1.4 190.7 269.8 245.8 231.0 -.8 15.6 19.1 4.9 185.7 GROSS INVESTMENT 3 286.7 CAPITAL EXPENDITURES 4 FIXED INVESTMENT 5 251.5 234.9 BUSINESS PLANT + EQUIPMENT 6 HOME CONSTRUCTION (1) 7 -.3 16.9 MULTI-FAMILY RESIDENTIAL 8 33.6 CHANGE IN INVENTORIES 9 MINERAL RIGHTS FROM U.S.GOVT 10 1.6 11 12 13 14 15 16 17 18 19 -72.2 46.7 119.0 4.1 93.3 21.3 25.4 30.1 16.5 -8.9 36.2 45.1 9.9 38.9 29.8 15.9 -10.9 4.1 -37.8 49.1 86.9 10.5 65.6 25.3 22.7 3.0 14.6 -61.6 52.6 114.3 2.7 104.8 24.5 36.8 24.2 19.4 -75.4 84.6 160.1 2.6 125.6 23.3 43.3 33.9 25.1 -74.4 64.3 138.7 -6.4 130.2 19.9 36.1 46.5 27.7 -73.9 83.9 157.9 2.8 122.3 28.4 42.8 32.5 18.6 -72.1 89.1 161.2 7.6 120.6 20.7 49.6 23.2 27.1 -81.3 101.3 182.6 6.4 129.3 24.1 44.8 33.4 27.0 -79.1 118.2 197.3 1.3 148.1 21.6 45.0 45.8 35.7 20 21 30.1 -8.5 7.6 -11.4 16.2 -5.4 22.6 -15.9 47.6 -15.7 37.5 -22.6 51.5 -18.7 45.1 -12.0 56.3 -9.4 63.8 -15.8 -101.1 NET FINANCIAL INVESTMENT 107.8 NET ACQ. OF FINANCIAL ASSETS 208.9 NET INCREASE IN LIABILITIES 1.3 CORPORATE EQUITIES 168.9 CREDIT MARKET INSTRUMENTS 26.4 BONDS MORTGAGES 49.5 57.1 BANK LOANS N.E.C. 36.0 OTHER LOANS 70.0 -31.4 TRADE DEBT OTHER LIABILITIES 1 2 11 12 13 14 15 16 17 18 19 20 21 24.3 DISCREPANCY FARM BUSINESS I 2 3 4 5 6 25.4 -.1 9.9 .7 9.2 9.8 23.5 11.9 1.1 10.7 11.8 18.3 -.5 13.0 1.5 11.5 12.5 19.6 -.8 14.3 1.7 12.6 13.5 27.7 -.8 15.7 1.9 13.8 14.9 25.7 -.9 15.4 1.8 13.6 14.5 27.7 -.8 15.6 1.8 13.7 14.7 26.1 -.8 15.8 1.9 13.9 15.0 31.3 -.8 16.0 1.9 14.1 15.2 34.2 -.5 16.4 2.0 14.4 15.9 33.7 -.4 16.8 2.0 14.8 16.5 7 8 9 10 11 9.8 9.9 10.6 1.2 -1.8 11.8 15.9 11.4 .9 3.5 12.5 11.8 12.8 1.1 -2.0 13.5 16.1 13.4 1.5 1.2 14.9 18.0 15.2 1.8 1.1 14.5 16.2 13.5 1.9 .8 14.7 16.9 14.9 1.4 .5 15.0 19.5 16.1 1.9 1.6 15.2 19.4 16.2 1.9 1.3 15.9 17.9 16.0 1.5 .3 16.5 GROSS INVESTMENT 19.3 CAPITAL EXPENDITURES 17.7 PLANT + EQUIPMENT 1.8 RESIDENTIAL CONSTRUCTION -.2 CHANGE IN INVENTORIES 7 8 9 10 11 12 13 14 15 16 17 -.1 .6 -.2 .8 .5 .2 -4.0 1.0 .1 .9 .7 .2 .7 1.5 1.5 1.3 .2 -2.6 1.8 .1 1.7 1.5 .2 -3.1 2.0 .1 1.9 1.6 .3 -1.7 1.9 .1 1.8 1.5 .3 -2.1 1.9 .1 1.8 1.6 .2 -4.6 2.0 .1 1.9 1.6 .3 -4.2 2.0 .1 1.9 1.6 .3 -2.0 1.9 .1 1.8 1.6 .2 -2.8 NET FINANCIAL INVESTMENT 2.2 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .1 2.1 MISCELLANEOUS ASSETS 1.7 INSURANCE RECEIVABLES .4 EQ. IN SPONS. AGS. (2) 12 13 14 15 16 17 18 19 20 21 22 23 24 .7 8.0 5.0 1.1 1.9 .3 1.7 5.0 8.8 4.6 2.0 2.2 1.1 1.1 .8 10.9 6.1 3.0 1.8 .5 1.3 4.4 14.7 8.8 2.5 3.4 2.0 1.4 5.1 18.1 10.2 2.5 5.4 3.9 1.5 3.6 12.8 8.9 1.4 2.5 4.3 -1.8 4.0 17.7 9.7 2.4 5.6 3.5 2.0 6.5 19.6 11.6 3.5 4.5 1.9 2.6 6.2 22.2 10.5 2.7 9.0 6.1 3.0 3.9 20.5 12.3 1.7 6.5 4.0 2.6 5.0 21.1 13.1 1.6 6.4 3.5 2.9 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES BANK LOANS N.E.C. OTHER LOANS U.S. GOVERNMENT FICB 18 19 20 21 11 23 24 25 26 .2 -7.5 .5 -4.2 .9 -11.0 .9 -11.3 .7 -13.7 2.1 -11.2 -13.6 .7 -13.8 .1 -16.2 .7 -17.3 .5 -16.6 TRADE DEBT PROPRIETOR NET INVESTMENT 25 26 116.7 NET INCOME * * * NET INCOME NET SAVING CAPITAL CONSUMPTION CORPORATE NONCORPORATE CURRENT SURP. = GROSS SAVING 1 2 3 4 5 6 NONFARM NONCORPORATE BUSINESS 94.8 104.5 98.2 101.3 107.6 111.0 111.6 2 3 20.4 20.4 23.3 23.3 25.6 25.6 28.4 28.4 31.9 31.9 30.3 30.3 31.5 31.5 32.5 32.5 33.3 33.3 33.8 33.8 36.0 CAPITAL CONSUMPTION 36.0 CURRENT SURP. = GROSS SAVING 2 3 4 5 6 7 8 9 10 20.4 21.7 23.8 15.3 -.4 8.9 -2.2 23.3 18.1 22.0 17.4 .9 3.7 -3.9 25.6 24.7 23.5 17.5 1.5 4.5 1.3 28.4 31.8 30.2 20.9 2.0 7.3 1.5 31.9 35.9 34.4 24.2 .4 9.8 1.5 30.3 34.1 32.0 23.8 -.3 8.5 2.1 31.5 34.8 34.8 23.7 1.2 9.8 • 32.5 35.0 34.7 23.9 .5 10.2 .3 33.3 39.8 36.2 25.2 .2 10.8 3.6 33.8 38.3 37.3 26.7 -1.2 11.7 1.1 36.0 GROSS INVESTMENT 38.8 CAPITAL EXPENDITURES 38.4 FIXED CAPITAL 26.5 PLANT + EQUIPMENT -1.0 HOME CONSTRUCTION (1) 12.9 MULTI-FAMILY RESIDENTIAL .4 CHANGE IN INVENTORIES 4 5 6 7 8 9 10 11 12 13 14 15 16 17 -1.2 1.7 5.2 2.0 .9 3.3 -3.3 3.9 -4.0 4.4 -3.8 4.4 -3.3 4.5 -2.4 4.4 -6.5 4.2 -4.6 4.9 -2.8 NET FINANCIAL INVESTMENT 6.7 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY 3.5 CONSUMER CREDIT 3.1 MISCELLANEOUS ASSETS 3.0 INSURANCE RECEIVABLES EQ. IN SPONS. AGS. (2) .1 11 12 13 14 15 16 17 18 19 20 21 22 23 3.0 7.7 6.6 -.3 5.5 1.4 18 19 20 21 22 23 24 25 26 27 — .7 1.0 1.0 - .8 1.3 1.2 - - 1.2 2.1 2.1 .1 1.3 2.6 2.5 -3.1 2.0 1.8 ,7 .1 1.0 2.5 5.4 3.7 1.2 1.2 1.2 -.7 1.8 -2,0 2.2 -2.9 4.7 3.5 1.0 -5.7 1.1 -6.2 1.6 -4.6 -5.4 * * — - - - - 1.2 2.9 2.9 .1 1.9 3.0 2.9 .1 8.2 18.9 9.3 -.2 7.6 1.9 7.7 14.8 9.4 1.0 6.2 2.2 6.8 16.6 10.8 .4 7.9 2.5 10.7 12.4 9.9 .2 7.4 2.3 9.5 15.6 8.4 -.9 6.9 2.5 9.4 17.6 9.5 -.8 7.6 2.7 5.8 -.5 10.1 1.8 3.6 -2.5 8.2 1.4 1.1 -.7 7.9 .9 7.3 2.1 -9.4 .4 -11.1 2.8 -9.9 .8 -10.6 4.4 -6.1 -.9 -5.2 2.6 -10.7 • 7.2 12.5 9.0 1.6 5.7 1.7 8.4 15.7 9.8 .3 7.3 2.2 * - 1.5 2.9 2.8 .1 1.7 2.7 2.7 * - 1.5 3.0 2.7 .3 1.5 2.9 2.8 .1 * * NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL BANK LOANS N.E.C. OTHER LOANS TRADE DEBT, NET PROPRIETOR NET INVESTMENT (1) FARM PLUS NONFARM CHANGE IN WORK IN PROCESS. 12) SHARES IN FICB'S, BANKS FOR COOPS, AND LAND BANKS. BILLIONS OF DOLLARS. H / 7 9 BASED ON INCOMPLETE INFORMATION. 24 25 26 27 SEPTEMBER 5 , 1979 NONFINANCIAL CORPORATE BUSINESS NONFINANCIAL CORPORATE BUSINESS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ( $ M I L L . ) UNADJUSTED NET FLOWS 1$ MILL.) 1978 I 1 2 3 4 5 6 7 PROFITS BEFORE TAX - PROFITS TAX ACCRUALS - NET DIVIDENDS PAID = UNDISTRIBUTED PROFITS + FOREIGN BRANCH PROFITS + BOOK DEPRECIATION = GROSS INTERNAL FUNDS, BOOK BILLIONS OF DOLLARS | 1979 1970 1971 1972 III IV | I NONFINANCIAL CORPORATE BUSINESS, EXCLUDING FARMS 31.236 12.195 9.670 9.371 1.186 27.481 38.038 44.802 18.814 9.550 16.438 1.422 28.102 45.962 43.769 18.246 10.067 15.456 1.013 28.433 44.902 46.121 19.309 12.289 14.523 1.559 29.026 45.108 42.922 16.466 10.961 15.496 1.522 29.602 46.620 48.695 19.359 11.236 18.098 1.884 30.799 50.781 68.3 33.2 20.6 14.4 1.8 51.0 67.2 55.1 27.2 19.8 8.1 1.6 54.3 63.9 63.2 29.8 20.0 13.4 1.9 58.4 73.6 75.6 33.4 21.6 20.6 1.9 64.9 87.4 92.0 39.4 23.8 28.8 3.7 69.9 102.4 1 2 3 4 5 6 7 8 + INV. VALUATION ADJUSTMENT 9 = GROSS INT. FUNDS, NIA BASIS -6.025 32.013 -7.209 38.753 -5.459 39.443 -6.525 38.583 -9.752 -10.177 36.868 40.604 -5.5 61.7 -5.1 58.9 -5.0 68.6 -6.6 80.8 -18.6 83.8 8 9 10 GROSS INVESTMENT 11 CAPITAL EXPENDITURES 12 FIXED INVESTMENT 13 PLANT + EQUIPMENT 14 HOME CONSTRUCTION 15 MULTI-FAMILY RESIDENTIAL 16 CHANGE IN INVENTORIES, NIA 17 MINERAL RIGHTS FROM U.S.GOVT 30.023 41.667 33.683 34.831 -1.869 721 7.695 289 35.884 49.564 45.858 43.272 1.616 970 2.609 1.097 32.842 50.273 45.952 43.352 1.448 1.152 4.089 232 28.893 54.441 48.741 48.515 -765 991 5.345 355 38.219 50.340 41.472 43.106 -2.504 870 7.647 1.221 36.189 55.823 51.094 48.896 1.208 990 4.340 389 56.2 84.3 75.9 72.8 -.3 3.4 8.3 50.5 80.3 76.6 73.3 .2 3.2 3.4 .3 60.3 86.0 81.7 77.3 1.0 3.4 3.6 .7 65.0 100.3 91.8 86.9 .6 4.3 7.6 .9 69.5 123.3 106.8 102.2 -.4 5.0 13.3 3.2 10 11 12 13 14 15 16 17 18 NET FINANCIAL INVESTMENT •11.644 -13.680 -17.431 -25.548 -12.121 -19.634 19 NET ACQ. OF FINANCIAL ASSETS 13.786 19.690 21.863 22.989 27.795 24.396 -28.1 28.8 -29.9 15.6 -25.7 33.5 -35.2 45.6 -53.8 18 62.3 19 9.2 1.5 2.4 1.8 -2.1 1.0 3.0 1.6 12.9 20 * 21 -.2 27.3 9.3 1.2 1.9 * 20 21 22 23 24 25 26 27 LIQUID ASSETS DEMAND DEP. + CURRENCY TIME DEPOSITS FOREIGN DEPOSITS U.S. GOVT. SECURITIES ST.tLOC. OBLIGATIONS COMMERCIAL PAPER SECURITY R.P.'S -1.596 -6.536 -3 1.044 -1.468 52 1.142 4.173 28 29 30 31 32 33 34 CONSUMER CREDIT TRADE CREDIT MISCELLANEOUS ASSETS FOREIGN DIR. INVEST. (1) INSURANCE RECEIVABLES EQUITY IN SPONSORED AGS. OTHER -989 13.136 3.235 2.145 1.173 1 -84 525 17.982 3.359 1.736 1.215 20 388 678 19.646 2.537 -366 1.223 8 1.672 1.559 4.129 2.200 273 1.196 13 718 -994 24.023 3.741 1.970 1.173 15 5 83 995 21.621 554 -275 1.151 21 -343 .5 22.6 5.3 2.1 1.1 .1 2.0 .8 8.3 6.0 3.6 .9 .1 1.4 .5 14.6 9.2 3.3 1.0 4.8 25.430 20.263 -1.611 21.874 33.370 27.151 698 26.453 39.294 19.471 1.900 17.571 48.537 27.577 1.612 25.965 39.916 25.525 330 25.195 44.030 37.324 336 36.988 56.9 39.0 3.4 35.6 45.4 40.6 5.7 34.9 59.3 45.2 11.4 33.8 35 36 37 38 NET INCREASE IN LIABILITIES NET FUNDS RAISED IN MKTS. NET NEW EQUITY ISSUES DEBT INSTRUMENTS -2.176 2.685 -401 261 -3.845 31 -657 -250 -998 3.690 -2.650 -735 -809 52 -200 -346 15.101 5.472 5.013 1.423 -199 55 1.441 1.896 1.025 -1.639 -3.156 3.450 -143 63 1.051 1.399 1.226 1.827 -2.547 1.000 -60 72 499 435 .4 5.6 -5.4 -.4 -3.1 -1.0 2.5 2.2 .5 .9 1.7 -.4 .2 -.6 1.8 -3.1 9.3 -2.4 4.2 1.4 2.5 1.0 1.9 .8 * 4.7 22 2.6 -3.4 -.1 .6 8.6 23 24 25 26 27 3.2 28 6.2 37.0 9.1 2.0 2.0 * 5.2 29 30 31 32 33 34 80.8 58.1 10.9 47.2 116.1 73.0 7.9 65.1 35 36 37 38 * 39 40 41 42 43 44 TAX-EXEMPT BONDS (2) CORPORATE BONDS (1) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 667 4.028 2.100 -1.496 235 3.361 1.179 5.890 7.255 1.293 1.154 4.808 616 4.864 7.776 1.158 747 5.871 696 5.334 6.184 -612 816 5.980 890 4.151 3.281 -2.004 576 4.709 699 5.963 8.191 967 1.362 5.862 12.0 5.3 -.2 1.5 4.0 19.8 6.7 .1 1.2 5.3 _ .1 18.8 10.8 .8 1.9 8.1 .5 12.2 16.9 .5 2.8 13.6 1.8 9.2 18.2 -.4 2.5 16.1 39 40 41 42 43 44 45 46 47 48 49 BANK LOANS N.E.C. COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U.S. GOVERNMENT LOANS 10.351 911 423 2.732 662 9.264 700 168 1.672 325 3.495 567 116 -458 595 8.241 513 532 4.359 106 10.545 2.218 358 3.480 272 15.858 2.832 -58 3.389 114 12.4 1.1 .4 4.3 .1 5.3 1.8 .4 .6 .3 3.8 -.9 .3 .7 .2 13.0 .7 29.6 1.4 .5 4.1 .3 45 46 47 48 49 50 51 52 PROFIT TAXES PAYABLE TRADE DEBT MISCELLANEOUS LIABILITIES 765 3.560 842 -6.607 11.677 1.149 4.276 13.981 1.566 5.015 15.540 405 2.663 10.995 733 -9.211 15.019 898 -3.3 20.4 .8 -3.7 7.5 1.0 2.0 12.2 -.2 -.1 22.3 .4 2.4 50 38.9 51 1.9 52 MEMORANDUM ITEMS: EXCESS OF CAPITAL EXPENDITURES OVER GROSS INTERNAL FUNDS 9.654 10.811 10.830 15.858 13.472 15.219 55 TRADE CREDIT NET OF TRADE DEBT 56 PROFITS TAX PAYMENTS 9.576 13.993 6.305 26.760 5.665 -11.411 12.096 12.304 13.028 16.359 6.602 29.855 2.1 36.1 .8 30.2 2.4 27.6 4.9 33.3 -1.8 55 37.5 56 DEBT SUBTOTALS: (3) 57 LONG-TERM DEBT 58 SHORT-TERM DEBT 59 TOTAL S-T LIABILITIES 12.431 9.443 13.768 16.737 13.496 9.716 4.075 14.786 22.332 16.122 9.843 30.398 14.544 10.651 24.309 20.229 16.759 22.567 22.4 13.1 30.3 28.4 6.4 10.3 30.4 3.3 17.6 34.4 12.9 35.1 41.3 57 23.8 58 65.0 59 PER CENT RATIOS: 60 EFFECTIVE TAX RATE 39.041 41.993 41.687 41.865 38.362 39.755 61 CAPITAL OUTLAYS/INTERNAL FUNDS 130.156 127.897 127.457 141.100 136.541 137.481 62 CR. MKT. BORROWING/CAP. EXP. 52.497 53.371 34.951 47.693 50.049 66.259 48.7 136.7 42.2 49.4 136.5 43.4 47.2 125.5 39.2 44.1 124.1 47.1 42.8 60 147.0 61 52.8 62 _ * 3.6 .2 53 DISCREPANCY 54 CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS 63 BOOK DEPRECIATION 64 LESS: CAP. CONS. ADJUSTMENT 65 EQUALS: CAPITAL CONS., NIA 27.481 -2.875 30.356 28.102 -2.884 30.986 28.433 -3.150 31.583 29.026 -3.126 32.152 29.602 -3.266 32.868 30.799 -3.289 34.088 51.0 3.5 47.4 54.3 1.6 52.7 58.4 .5 57.9 64.9 2.7 62.2 69.9 63 1.8 64 68.1 65 66 INVENTORY CHANGE, BOOK 67 PLUS: INV. VAL. ADJUSTMENT 68 EQUALS: INVENTORY CHG., NIA 13.720 -6.025 7.695 9.818 -7.209 2.609 9.548 -5.459 4.089 11.870 -6.525 5.345 17.399 14.517 - 9 . 7 5 2 •10.177 4.340 7.647 13.9 -5.5 8.3 8.5 -5.1 3.4 8.6 -5.0 3.6 14.2 -6.6 7.6 31.9 66 -18.6 67 13.3 68 69 70 71 72 9.371 1.186 27.481 38.038 16.438 1.422 28.102 45.962 15.456 1.013 28.433 44.902 14.523 1.559 29.026 45.108 15.496 1.522 29.602 46.620 18.098 1.884 30.799 50.781 14.4 1.8 51.0 67.2 8.1 1.6 54.3 63.9 13.4 1.9 58.4 73.6 20.6 1.9 64.9 87.4 28.8 3.7 69.9 102.4 69 70 71 72 36.048 47.692 33.683 13.720 289 43.093 56.773 45.858 9.818 1.097 38.301 55.732 45.952 9.548 232 35.418 60.966 48.741 11. 8 70 355 47.971 60.092 41.472 17.399 1.221 46.366 66.000 51.094 14.517 389 61.7 89.8 75.9 13.9 55.5 85.4 76.6 8.5 .3 65.4 91.1 81.7 8.6 .7 71.6 106.9 91.8 14.2 .9 88.1 141.9 106.8 31.9 3.2 73 74 75 76 77 133.6 40.8 123.7 37.1 122.3 44.2 138.5 78 45.9 79 UNDISTRIBUTED PROFITS + FOREIGN BRANCH PROFITS * BOOK DEPRECIATION = GROSS INTERNAL FUNDS,BOOK 73 GROSS INVESTMENT, BOOK 74 CAPITAL EXPENDITURES 75 FIXED INVESTMENT 76 INVENTORY CHG., BOOK 77 MINERAL RIGHTS RATIOS ON BOOK BASIS: 78 CAPITAL OUTLAYS/INTERNAL FUNDS 125.379 123.521 124.119 135.155 128.897 129.969 79 CREDIT MKT. BORROWING/CAP. EXP 45.865 46.594 31.527 42.589 41.927 56.042 (1) FOREIGN INVESTMENT IS NET OF BOND ISSUES ABROAD, AND BOND ISSUES OUTSIDE THE U.S. ARE EXCLUDED FROM SOURCES OF FUNDS ABOVE. 12) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. ISSUED BY STATE ANO LOCAL GOVERNMENTS TO FINANCE PRIVATE INVESTMENT AND SECURED IN INTEREST AND PRINCIPAL BY THE INDUSTRIAL USER OF THE FUNDS. (3) MATURITY SPLIT ON DEBT IS APPROXIMATE: L-T IS BONOS, M-F + COMMERCIAL MORTGAGES, AND 40* OF BANK LOANS. S-T DEBT IS OTHER CREDIT MARKET BORROWING. TOTAL S-T LIABILITIES IS S-T BORROWING + TAX LIABILITIES + TRADE DEBT. 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * 133.7 39.6 SEPTEMBER 5, 1979 NONFINANCIAL CORPORATE BUSINESS NONFINANCIAL CORPORATE BUSINESS SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1978 I | IV 1979 I NONFINANCIAL CORPORATE BUSINESS, EXCLUDING FARMS 1 2 3 4 5 6 7 102.7 42.5 25.9 34.3 4.8 77.0 116.1 100.7 40.3 28.3 32.0 3.1 84.1 119.2 129.6 52.4 32.9 44.3 4.2 91.4 139.9 143.3 59.4 37.0 46.9 5.2 103.1 155.1 165.9 68.6 41.6 55.8 5.2 113.0 174.0 140.1 56.3 40.2 43.6 5.4 109.9 158.9 167.1 69.3 39.8 58.0 5.2 112.4 175.6 171.1 71.0 42.5 57.6 5.5 113.7 176.8 185.4 77.7 43.9 63.9 4.6 116.1 184.6 188.9 74.6 45.8 68.5 7.2 118.4 194.1 182.2 71.1 47.0 64.0 6.9 123.2 194.1 8 9 -40.4 75.7 -12.4 106.8 -14.6 1-25.3 -15.2 139.9 -25.2 148.8 -23.9 135.0 -25.1 150.5 -23.0 153.8 -28.8 155.9 -39.9 154.1 -36.6 + INV. VALUATION ADJUSTMENT 157.5 - GROSS INT. FUNDS. NIA BASIS 10 11 12 13 14 15 16 17 63.8 134.7 115.2 113.0 -.4 2.6 12.9 6.5 89.8 99.9 108.9 106.9 .9 1.1 -10.4 1.3 99.6 139.0 124.2 121.2 1.5 1.5 10.8 4.0 114.1 169.9 148.2 143.3 2.0 2.8 19.2 2.5 127.6 195.9 174.2 170.0 .4 3.8 19.7 2.0 108.0 177.0 156.0 153.0 -.3 3.2 19.9 1.2 134.7 203.2 173.6 168.6 1.2 3.8 25.2 4.4 134.8 199.9 180.8 175.9 .5 4.4 18.2 .9 133.0 203.6 186.5 182.4 .2 3.9 15.7 1.4 141.0 213.6 191.0 188.2 -1.2 3.9 17.7 4.9 133.2 GROSS INVESTMENT 228.7 CAPITAL EXPENDITURES 193.7 FIXED INVESTMENT PLANT + EQUIPMENT 190.7 HOME CONSTRUCTION -1.0 MULTI-FAMILY RESIDENTIAL 4.0 33.4 CHANGE IN INVENTORIES, NIA 1.6 MINERAL RIGHTS FROM U.S.GOVT 18 19 -70.9 44.4 -10.1 33.2 -39.4 44.3 -55.8 46.9 -68.3 78.3 -68.9 57.9 -68.5 77.6 -65.1 82.7 -70.6 95.1 -72.6 111.4 18 -95.5 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 19 99.0 20 21 22 23 24 25 26 27 6.0 1.2 3.8 -.2 2.3 .6 4.1 -5.8 19.8 6.2 1.9 .8 8.7 -.2 3.1 -.8 13.9 1.5 2.1 1.7 2.3 -1.1 5.0 2.3 1.9 .8 4.8 1.3 -6.1 10.3 5.3 2.0 2.0 -6.3 .2 1.7 5.5 9.0 -7.2 2.9 4.2 -10.3 .2 2.5 16.7 1.3 10.5 -1.6 1.0 -6.0 .1 -1.8 -1.0 11.1 14.5 -4.3 -2.9 -1.5 .2 6.5 -1.4 19.9 3.5 10.8 5.7 -7.5 .2 -.3 7.6 20.6 12.8 -8.4 13.8 -5.7 .3 2.4 5.6 17.4 8.1 -10.3 4.0 10.3 .3 3.4 1.7 28 29 30 31 32 33 34 .5 32.4 5.5 1.2 2.1 • 2.2 .1 6.4 6.9 6.0 2.2 1.4 19.8 9.2 3.9 3.4 1.8 54.9 11.3 3.8 4.8 .5 36.6 11.8 7.1 4.7 1.8 2.7 -.1 .9 62.0 13.4 5.4 4.9 .1 3.1 2.3 57.5 11.8 1.2 4.9 -1.4 1.9 30.1 13.0 5.0 4.4 .1 3.5 5.7 3.4 63.5 8.3 1.4 4.8 .1 2.1 .3 76.6 13.8 5.8 4.7 .1 3.2 2.8 77.4 1.3 -2.8 4.6 .1 -.5 35 36 37 38 115.3 81.7 4.1 77.6 43.2 38.1 9.9 28.2 83.7 59.8 10.5 49.2 102.7 80.3 2.7 77.5 146.6 94.5 2.6 91.9 126.8 92.1 -6.4 98.6 146.1 92.6 2.8 89.8 147.8 92.0 7.6 84.4 165.7 101.2 6.4 94.7 183.9 113.3 1.3 112.0 194.5 131.5 1.3 130.2 39 40 41 42 43 44 1.6 19.7 13.7 -.3 1.4 12.6 2.6 27.2 9.5 .7 -.1 9.0 2.5 22.8 12.9 1.2 .6 11.1 3.5 21.0 18.9 1.6 1.7 15.6 3.2 20.1 23.3 .3 3.0 20.0 2.7 17.3 18.0 -.2 1.4 16.8 4.7 23.7 23.7 1.0 3.2 19.5 2.5 18.2 27.1 .4 4.0 22.8 2.8 21.3 24.5 .2 3.2 21.1 3.6 18.0 24.3 -.9 2.8 22.4 2.8 23.6 27.0 -.8 3.9 23.9 TAX-EXEMPT BONDS (2) CORPORATE BONDS (1) MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL 39 40 41 42 43 44 45 46 47 48 49 29.8 4.1 1.3 5.8 1.5 -10.8 -2.9 .2 2.2 .2 2.8 1.4 1.3 5.2 .2 21.6 1.6 .6 10.3 31.4 2.7 1.2 8.3 1.7 45.6 .8 3.5 8.1 2.6 28.3 1.7 .5 5.9 1.3 22.2 3.6 3.1 5.3 2.4 29.4 4.7 -2.2 13.9 .4 44.9 5.9 3.5 10.7 1.1 54.6 9.8 -.6 12.6 .5 BANK LOANS N.E.C. COMMERCIAL PAPER ACCEPTANCES FINANCE COMPANY LOANS U.S. GOVERNMENT LOANS 45 46 47 48 49 50 51 52 1.1 28.8 3.7 -2.4 6.1 1.4 7.5 13.8 2.7 -1.3 21.7 2.1 3.4 44.8 4.0 -3.6 35.0 3.4 .2 48.7 4.6 6.0 43.6 6.3 11.2 51.7 1.6 3.7 64.0 2.9 -7.7 67.0 3.6 PROFIT TAXES PAYABLE TRADE DEBT MISCELLANEOUS LIABILITIES 50 51 52 * * * -.1 1.2 * * * * PROFITS BEFORE TAX - PROFITS TAX ACCRUALS - NET DIVIDENDS PAID = UNDISTRIBUTED PROFITS + FOREIGN BRANCH PROFITS + BOOK DEPRECIATION = GROSS INTERNAL FUNDS, BOOK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 LIQUID ASSETS DEMAND DEP. + CURRENCY TIME DEPOSITS FOREIGN DEPOSITS U.S. GOVT. SECURITIES ST.+LOC. OBLIGATIONS COMMERCIAL PAPER SECURITY R.P.'S 20 21 22 23 24 25 26 27 CONSUMER CREDIT TRADE CREDIT MISCELLANEOUS ASSETS FOREIGN DIR. INVEST. (1) INSURANCE RECEIVABLES EQUITY IN SPONSORED AGS. OTHER 28 29 30 31 32 33 34 NET INCREASE IN LIABILITIES NET FUNDS RAISED IN MKTS. NET NEW EQUITY ISSUES DEBT INSTRUMENTS 35 36 37 38 24.3 DISCREPANCY MEMORANDUM ITEMS: EXCESS OF CAPITAL EXPENDITURES 71.2 OVER GROSS INTERNAL FUNDS 54 55 56 3.5 41.3 .3 42.6 6.1 45.2 8.5 59.8 10.1 65.2 1.6 60.7 13.3 68.8 13.9 65.1 11.8 66.1 12.6 70.9 57 58 59 47.3 30.3 60.2 34.3 -6.1 -2.4 38.2 11.1 32.3 50.4 27.1 47.4 58.8 33.1 81.3 56.4 42.2 73.6 62.4 27.4 76.3 56.3 28.1 77.7 60.1 34.6 97.6 64.7 47.2 115.0 DEBT SUBTOTALS: (31 76.0 LONG-TERM DEBT 54.2 SHORT-TERM DEBT 113.5 TOTAL S-T LIABILITIES 60 61 41.4 177.9 40.1 93.5 40.4 111.0 41.5 121.4 41.3 131.7 40.2 L31.1 55.7 41.5 135.0 44.2 41.5 130.0 42.2 41.9 130.6 46.5 39.5 138.6 52.4 PER CENT RATIOS: 39.0 EFFECTIVE TAX RATE 60 145.2 CAPITAL OUTLAYS/INTERNAL FUNDS 61 56.9 CR. MKT. BORROWING/CAP. EXP. 62 63 64 65 77.0 -3.0 80.0 84.1 -11.7 95.7 91.4 -13.9 105.3 103.1 -11.3 114.3 113.0 -12.0 125.1 109.9 -11.5 121.4 112.4 -11.5 123.9 113.7 -12.6 126.3 116.1 -12.5 128.6 118.4 -13.1 131.5 123.2 BOOK DEPRECIATION -13.2 LESS: CAP. CONS. ADJUSTMENT 136.4 EQUALS: CAPITAL CONS., NIA 63 64 65 66 67 68 53.4 -40.4 12.9 2.0 -12.4 -10.4 25.5 -14.6 10.8 34.4 -15.2 19.2 45.0 -25.2 19.7 43.8 -23.9 19.9 50.4 -25.1 25.2 41.2 -23.0 18.2 44.4 -28.8 15.7 57.7 -39.9 17.7 70.0 INVENTORY CHANGE, BOOK -36.6 PLUS: INV. VAL. ADJUSTMENT 33.4 EQUALS: INVENTORY CHG., NIA 66 67 68 69 70 71 72 34.3 4.8 77.0 116.1 32.0 3.1 84.1 119.2 44.3 4.2 91.4 139.9 46.9 5.2 103.1 155.1 55.8 5.2 113.0 174.0 43.6 5.4 109.9 158.9 58.0 5.2 112.4 175.6 57.6 5.5 113.7 176.8 63.9 4.6 116.1 184.6 68.5 7.2 118.4 194.1 64.0 6.9 123.2 194.1 69 70 71 72 73 74 75 76 77 104.2 175.1 115.2 53.4 6.5 102.2 112.3 108.9 2.0 1.3 114.3 153.7 124.2 25.5 4.0 129.2 185.0 148.2 34.4 2.5 152.9 221.2 174.2 45.0 2.0 132.0 200.9 156.0 43.8 1.2 159.8 228.4 173.6 50.4 4.4 157.9 223.0 180.8 41.2 .9 161.8 232.4 186.5 44.4 1.4 180.9 253.5 191.0 57.7 4.9 169.8 GROSS INVESTMENT, BOOK 265.3 CAPITAL EXPENDITURES 193.7 FIXED INVESTMENT 70.0 INVENTORY CHG., BOOK 1.6 MINERAL RIGHTS 78 79 150.8 44.3 94.2 25.1 109.8 32.0 119.3 41.9 127.1 41.5 126.4 49.1 130.0 39.3 126.1 37.8 125.9 40.8 130.6 44.2 RATIOS ON BOOK BASIS: 136.7 CAPITAL OUTLAYS/INTERNAL FUNDS 78 49.1 CREDIT MKT. BORROWING/CAP. EXP 79 10.5 TRADE CREDIT NET OF TRADE DEBT 55 78.5 PROFITS TAX PAYMENTS 56 57 58 59 CASH FLOW AND CAPITAL EXPENDITURES ON BOOK BASIS UNDISTRIBUTED PROFITS + FOREIGN BRANCH PROFITS + BOOK DEPRECIATION = GROSS INTERNAL FUNDS,BOOK (1) FOREIGN INVESTMENT IS NET OF BOND ISSUES ABROAO, AND BOND ISSUES OUTSIDE THE U.S. ARE EXCLUDED FROM SOURCES OF FUNDS ABOVE. (2) INDUSTRIAL POLLUTION CONTROL REVENUE BONDS. ISSUED BY STATE AND LOCAL GOVERNMENTS TO FINANCE PRIVATE INVESTMENT AND SECURED IN INTEREST AND PRINCIPAL BY THE INDUSTRIAL USER OF THE FUNDS. 13) MATURITY SPLIT ON DEBT IS APPROXIMATE: L-T IS BONDS, M-F + COMMERCIAL MORTGAGES, AND 40% OF BANK LOANS. S-T DEBT IS OTHER CREDIT MARKET BORROWING. TOTAL S-T LIABILITIES IS S-T BORROWING + TAX LIABILITIES + TRADE DEBT. BILLIONS OF DOLLARS. 11/79 BASED ON INCOMPLETE INFORMATION. 73 74 75 76 77 SEPTEMBER 5, 1979 STATE+LOCAL GOVTS. AND FOREIGN 12 STATE+LOCAL GOVTS. AND FOREIGN UNADJUSTED NET FLOWS ($ MILL. UNADJUSTED NET FLOWS ($ MILL.) 1978 I II III IV 1 1 1979 I II 1969 BILLIONS CF DOLLARS 1970 1971 1972 1973 STATE AND LOCAL GOVERNMENTS -- GENERAL FUNDS (1) 1 TOTAL RECEIPTS, NIA BASIS 2 TAX RECEIPTS 3 SOCIAL INSURANCE RECEIPTS 4 GRANTS IN AID RECEIVED 5 6 7 8 9 10 TOTAL EXPENDITURES, NIA BASIS PURCH. OF GOODS • SERVICES NET INTEREST + TRANSFERS NET SURPLUS, NIA BASIS - RETIREMENT CREDIT TO HH = GROSS SAVING 11 NET FINANCIAL INVESTMENT 12 NET ACQ. OF FINANCIAL ASSETS 13 DEMAND DEP. + CURRENCY 14 TIME DEPOSITS 15 SECURITY RP«S 16 17 18 19 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES TREASURY ISSUES U.S. GOVT. AGENCY SEC. 20 21 22 ST.+LOC. OBLIGATIONS MORTGAGES TAXES RECEIVABLE 23 24 25 26 27 NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING ST.+LOC. OBLIGATIONS SHORT-TERM OTHER 28 29 U.S. GOVERNMENT LOANS TRADE DEBT 30 DISCREPANCY 77.483 52.811 6.506 18.166 83.390 57.491 6.693 19.206 80.061 53.796 6.879 19.386 90.055 62.479 6.992 20.584 83.447 57.115 7.285 19.047 87.552 60.491 7.525 19.536 119.7 91.4 7.9 20.3 134.9 101.5 9.0 24.4 152.6 113.7 9.9 29.0 177.4 129.1 10.8 37.5 193.5 140.8 12.1 40.6 69.844 64.743 5.101 7.639 4.429 3.210 75.655 70.475 5.180 7.735 5.571 2.164 79.179 74.039 5.140 882 4.563 -3.681 78.898 73.745 5.153 11.157 5.291 5.866 76.750 71.750 5.000 6.697 4.936 1.761 82.009 76.708 5.301 5.543 5.418 125 117.6 110.4 7.1 2.1 5.5 -3.4 132.2 123.2 9.0 2.8 6.4 -3.6 148.9 137.5 11.4 3.7 6.6 -2.9 163.7 151.0 12.7 13.7 8.5 5.3 180.5 5 167.3 6 13.1 7 13.0 8 9.5 9 3.5 10 -627 2.339 -2.713 4.154 0 -1.846 6.093 1.136 -562 1.000 -1.332 8.179 -1.526 2.826 1.000 4.347 8.520 1.964 1.666 0 -876 1.060 -2.914 2.691 1.824 -2.225 4.307 1.313 -2.707 270 -10.0 1.1 1.4 -5.9 -4.7 7.2 -2.9 10.0 -12.0 6.4 1.0 7.2 1.9 17.0 1.7 6.8 - - - - 2.830 1.935 1.665 270 5.538 5.197 4.946 251 3.684 2.940 2.065 875 2.518 2.474 1.074 1.400 1.208 588 88 500 6.832 5.790 5.532 258 5.3 4.7 3.1 1.7 -.2 -1.2 .9 -2.1 -2.3 -3.2 -1.3 -1.8 7.8 6.7 4.1 2.6 375 520 -1.932 205 136 -1.019 594 150 2.195 -156 200 2.372 -180 800 -1.749 -458 1.500 -1.401 .1 .5 .3 .1 .8 .2 -.3 1.1 .5 -.3 1.4 .8 2.966 2.712 2.427 -1.504 3.931 7.939 7.681 9.524 1.655 7.869 9.511 9.256 9.259 391 8.868 4.173 3.915 3.910 45 3.865 1.936 1.679 1.567 -1.142 2.709 6.532 6.274 6.352 1.942 4.410 11.1 10.7 9.9 2.8 7.2 11.9 11.3 11.2 2.3 8.9 18.4 17.7 17.3 2.5 14.9 15.1 14.5 14.2 .1 14.1 285 254 -1.843 258 -3 255 5 258 112 257 -78 258 .7 .4 .1 .6 .4 .7 .3 .6 3.837 4.010 -2.349 1.519 2.637 1 2 3 4 1.4 15.4 -.3 7.2 2.4 11 12 13 14 15 5.4 3.4 -1.0 4.4 16 17 18 19 .2 20 1.7 21 .7 22 14.0 13.2 12.9 .3 12.6 23 24 25 26 27 .3 28 .8 29 (l)EMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTOR. REST OF THE WORLD -5.234 45.378 50.612 1.010 1.934 8.178 -1.346 52.877 54.223 1.290 2.091 4.727 -4.618 51.043 55.661 995 2.169 7.782 939 57.924 56.985 1.291 2.480 2.832 1.157 58.667 57.510 1.238 2.735 2.816 -1.201 62.777 63.978 1.365 2.566 5.132 1.8 54.7 52.9 3.0 .8 2.0 3.9 62.5 58.5 3.2 1.0 .3 1.6 65.6 64.0 3.6 1.8 3.9 -3.3 72.7 75.9 3.8 2.7 9.8 7 NET FINANCIAL INVESTMENT NET ACQ. OF FINANCIAL ASSETS 9 GOLD + SDR'S (1) 10 U.S. DEMAND DEPOSITS 11 U.S. TIME DEPOSITS 12 NET INTERBANK CLAIMS 5.343 14.809 -16 -1.612 898 -4.395 -2.686 3.253 -102 36 -22 4.856 7.295 15.257 -43 -821 -555 9.670 2.796 22.429 1.348 2.149 824 -4.708 3.108 10.476 -4 -2.046 -452 16.716 2.561 6.958 7 2.669 -920 8.859 3.4 10.0 -1.0 .3 1.4 12.3 .6 5.3 .8 .5 -1.7 -6.4 13.8 22.2 1.3 -.2 .3 -4.6 11.7 18.4 .6 1.6 2.9 -.7 13 14 15 16 17 U.S. CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES U.S. CORPORATE BONDS (2) OPEN-MARKET PAPER 670 15.761 14.886 214 661 1.297 -2.023 -4.945 550 2.372 16 3.546 1.422 372 1.752 425 20.441 16.858 493 3.090 684 352 -5.059 -11.485 -4.977 -13.345 219 -265 183 1.641 1.6 -.5 -2.0 .5 1.0 .7 10.5 9.3 .7 .5 .8 26.4 26.3 .3 -.2 2.4 8.4 8.4 .1 -.1 18 19 SECURITY CREDIT TRADE CREDIT 0 1.225 0 160 0 1.113 0 898 0 64 0 743 -.2 .8 -.1 2.0 .4 .1 .8 * 18 1.0 19 20 21 22 MISCELLANEOUS ASSETS DIR. INVESTMENT IN U.S. OTHER 2.278 842 1.436 -949 1.149 -2.098 2.331 1.566 765 1.052 405 647 573 733 -160 6.733 898 5.835 -4.7 •8 -5.5 -1.1 1.0 -2.1 -2.3 -.2 -2.1 2.4 .4 2.0 6.7 20 1.9 21 4.8 22 23 9.466 5.939 7.962 19.633 7.368 4.397 6.5 4.7 8.4 6.8 11.2 23 24 NET INCREASE IN LIABILITIES U.S. OFF. FGN. EXCHANGE + NET IMF POSITION -262 -432 -252 1.145 2.103 -419 .3 -2.5 -1.7 -.2 -.2 24 25 26 27 FOREIGN EQUITY ISSUES CREDIT MARKET INSTRUMENTS CORP. AND FOREIGN BONDS -330 2.754 1.329 -70 5.728 1.165 16 6.343 469 -132 17.959 1.050 15 -1.468 961 -62 5.819 688 .5 3.2 1.0 .1 2.8 .9 5.1 .9 -.4 4.4 1.0 -.2 25 6.3 26 1.0 27 923 42 637 244 1.476 -81 589 968 4.773 709 2.000 2.064 11.095 1.462 6.297 3.336 -3.780 605 -3.886 -499 1.950 169 928 853 -.3 .2 -.4 -.2 -.1 -.1 2.0 .2 .9 .9 3.0 .2 1.1 1.7 2.7 .4 1.6 .7 -233 735 2.026 1.061 -171 1.272 4.977 837 375 976 2.656 525 .3 2.1 .8 1.3 .3 1.8 -1.0 1.5 .9 32 1.7 33 0 413 0 51 0 95 0 -833 0 400 0 645 -.2 .8 1.0 .5 .1 .5 -.2 34 1.9 35 6.891 293 1.086 2.145 3.367 662 151 249 1.736 -1.474 1.760 181 -755 -366 2.700 1.494 0 1.537 273 -316 6.318 119 3.513 1.970 716 -1.586 0 1.183 -275 -2.494 2.0 .2 -.5 2.1 .2 3.4 .2 -.4 3.6 -.1 4.5 .3 1.2 3.3 -.3 2.4 .3 1.6 1.2 -.7 2.835 7.413 1 2 3 4 5 6 NET U.S. EXPORTS U.S. EXPORTS U.S. IMPORTS TRANSFER RECEIPTS FROM U.S. U. S. GOVT. INTEREST RECEIVED CURRENT ACCOUNT BALANCE (U.S. BALANCE, SIGN REVERSED) 28 29 30 31 BANK TO TO TO LOANS N.E.C. FGN. OFFICIAL FGN. BANKS OTHER FGN. 32 33 BANKERS ACCEPTANCES U.S.GOVT. LOANS 34 35 SECURITY DEBT TRADE DEBT 36 37 38 39 40 MISCELLANEOUS LIABILITIES USG EQUITY IN IBRD, ETC. U.S. DEPOSITS ABROAD U.S. DIR. INV. ABR0AD(2) OTHER 41 DISCREPANCY (1) CONSISTS ONLY OF NET PURCHASES FROM U.S. EXCLUDES ACQUISITIONS FROM OTHER SOURCES. (2) EXCLUDES U.S. SECURITY ISSUES IN FOREIGN MARKETS. 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * * * * 7.1 101.6 94.4 3.9 3.8 .6 1 2 3 4 5 6 2.8 7 14.1 8 * 9 2.9 10 2.8 11 -2.7 12 2.8 .6 .2 .1 .3 3.6 .3 3.2 2.0 -1.8 13 14 15 16 17 28 29 30 31 36 37 38 39 40 SEPTEMBER 5, 1979 STATE+LOCAL GOVTS. AND FOREIGN STATE+LOCAL GOVTS. AND FOREIGN 13 SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1979 1978 II IV III I I II STATE AND LOCAL GOVERNMENTS - GENERAL FUNDS (II 1 2 3 4 210.4 152.6 13.9 43.9 236.9 165.9 16.4 54.6 268.0 187.2 19.7 61.1 298.8 207.7 23.6 67.5 331.0 226.6 27.1 77.3 319.0 218.6 26.0 74.4 330.5 227.1 26.8 76.7 331.8 226.7 27.5 77.6 342.6 233.9 28.0 80.7 343.9 236.9 29.1 77.8 345.7 TOTAL RECEIPTS, NIA BASIS 237.9 TAX RECEIPTS 30.1 SOCIAL INSURANCE RECEIPTS 77.7 GRANTS IN AID RECEIVED 5 6 7 8 9 10 202.8 191.5 11.3 7.6 9.7 -2.1 230.6 215.4 15.3 6.2 11.3 -5.1 250.1 231.6 18.5 17.9 13.1 4.8 271.9 251.8 20.1 26.8 15.7 11.1 303.6 283.0 20.6 27.4 19.9 7.6 288.8 268.5 20.3 30.3 17.7 12.5 301.0 280.1 20.8 29.6 22.3 7.3 309.1 288.6 20.5 22.7 18.3 4.5 315.5 294.8 20.7 27.1 21.2 5.9 316.3 296.5 19.9 27.6 19.7 7.8 325.9 304.6 21.3 19.8 21.7 -1.9 11 12 13 14 15 -7.7 9.6 -.7 5.7 3.6 -12.7 2.4 .1 -2.0 1.0 -4.3 11.6 -.6 2.1 3.6 25.0 1.4 7.0 1.0 .5 25.1 -1.1 8.1 2.0 3.7 27.0 -1.7 8.3 -2.4 18.4 -1.4 6.9 4.0 -.4 31.1 -1.7 9.5 4.0 1.3 24.0 .3 7.6 4.5 25.3 -1.8 1.7 7.3 16 17 18 19 .2 -2.8 -5.5 2.7 2.6 -1.4 -1.7 .3 7.9 4.3 2.2 2.1 14.0 13.5 12.6 .9 14.6 12.5 9.8 2.8 21.5 17.9 16.8 1.1 8.0 6.6 5.6 1.0 16.2 13.2 9.7 3.5 12.6 12.5 6.9 5.6 18.0 15.6 13.6 2.0 20 21 22 .5 2.5 .7 2.4 1.6 .6 2.4 1.3 2.2 -.1 .6 1.6 1.0 1.0 1.6 1.5 2.1 -1.1 .5 1.0 2.4 .6 3.1 3.5 23 24 25 26 27 17.3 15.5 14.8 2.7 12.1 15.1 13.7 13.5 -.3 13.8 15.9 15.2 13.2 -4.1 17.2 21.4 20.4 20.2 -2.6 22.8 24.6 23.6 25.1 .6 24.5 23.3 22.3 21.2 -.4 21.6 20.8 19.8 27.1 -1.3 28.4 31.5 30.5 30.5 1.0 29.5 22.7 21.7 21.6 3.1 18.6 20.8 19.8 19.4 1.9 17.5 13.3 12.3 12.6 -1.3 13.9 28 29 .7 1.8 .2 1.4 2.0 .7 .2 1.0 -1.6 1.0 1.1 1.0 -7.4 1.0 1.0 1.0 .4 1.0 -.3 1.0 4.6 3.3 2.9 DISCREPANCY - 4.9 -.7 3.2 •1 TOTAL EXPENDITURES, NIA BASIS PURCH. OF GOODS + SERVICES NET INTEREST + TRANSFERS NET SURPLUS, NIA BASIS - RETIREMENT CREDIT TO HH = GROSS SAVING -4.8 NET FINANCIAL INVESTMENT 8.5 NET ACQ. OF FINANCIAL ASSETS -1.0 DEMAND DEP. + CURRENCY .1 TIME DEPOSITS 1.1 SECURITY RP f S 8.5 4.3 3.3 1.0 -1.8 6.0 -.1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES TREASURY ISSUES U.S. GOVT. AGENCY SEC. 16 17 18 19 ST.+LOC OBLIGATIONS MORTGAGES TAXES RECEIVABLE 20 21 22 NET INCREASE IN LIABILITIES CREDIT MARKET BORROWING ST.+LOC. OBLIGATIONS SHORT-TERM OTHER 23 24 25 26 27 U.S. GOVERNMENT LOANS TRADE DEBT 28 29 CDEMPLOYEE RETIREMENT FUNDS ARE IN INSURANCE SECTOR. REST OF THE WORLD 1 2 3 4 5 6 6.0 137.9 131.9 4.2 4.3 2.5 20.4 147.3 126.9 4.0 4.5 -11.9 8.0 163.3 155.4 4.1 4.5 .7 -9.9 175.9 185.8 4.2 5.5 19.6 -10.3 207.2 217.5 4.6 8.7 23.5 -22.2 184.4 206.6 4.2 7.8 34.2 -7.6 205.7 213.3 4.8 8.4 20.8 -6.8 213.8 220.6 4.2 8.6 19.6 -4.5 224.9 229.4 5.1 9.8 19.4 7 8 9 10 11 12 4.2 25.6 -.2 2.8 7.7 -.2 -17.1 4.1 -.3 1.5 -9.9 -8.8 23.9 -.1 3.2 -1.9 -5.9 20.9 38.4 -.2 2.4 -.4 -.8 12.7 55.7 1.2 -.2 1.1 5.4 25.0 65.8 -.1 .3 3.9 -14.0 -3.8 20.9 -.4 -.5 -.4 22.3 13.0 45.1 -.2 -1.3 -2.0 17.0 16.9 91.1 5.4 .6 3.1 -3.6 -1.6 70.0 13 14 15 16 17 .5 11.2 3.7 .9 6.6 4.7 6.1 8.1 .6 -2.6 2.8 15.2 11.6 .9 2.7 2.7 39.4 31.5 3.5 4.4 2.4 37.7 28.2 1.6 7.9 2.7 51.3 48.5 .9 1.9 5.2 9.5 -5.5 2.2 12.8 .1 17.7 10.6 1.5 5.6 1.7 72.5 59.3 2.0 11.2 2.7 -32.7 -32.5 -1.1 .9 18 19 .1 1.6 _ _ - 1.8 3.4 1.5 3.4 20 21 22 1.9 3.7 -1.8 .3 1.4 -1.1 7.1 2.7 4.5 -6.0 2.1 -8.2 4.7 4.0 .8 17.6 43.0 .2 * * 4.0 238.5 234.4 5.1 11.0 12.1 -7.6 244.0 251.6 5.1 10.3 23.0 19.0 NET FINANCIAL INVESTMENT 38.0 NET ACQ. OF FINANCIAL ASSETS 8 * GOLD + SDR'S (1) 9 10 U.S. DEMAND DEPOSITS 10.1 11 U.S. TIME DEPOSITS -4.2 12 NET INTERBANK CLAIMS 38.2 1.4 -24.1 -35.8 .9 10.8 U.S. CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES U.S. CORPORATE BONDS 121 OPEN-MARKET PAPER 13 14 15 16 17 SECURITY CREDIT TRADE CREDIT 18 19 13.6 3.6 10.0 MISCELLANEOUS ASSETS DIR. INVESTMENT IN U.S. OTHER 20 21 22 -15.3 4.6 -19.9 9.4 6.3 3.1 7.9 1.6 6.3 11.4 2.9 8.4 40.9 24.7 32.2 74.3 33.6 19.0 -1.0 -1.7 -1.0 4.6 8.4 -1.7 NET INCREASE IN LIABILITIES U.S. OFF. FGN. EXCHANGE + NET IMF POSITION 24 FOREIGN EQUITY ISSUES CREDIT MARKET INSTRUMENTS CORP. AND FOREIGN BONDS 25 26 27 16.8 3.4 13.5 23 21.4 21.2 32.7 24 1.3 .5 2.5 25 26 27 -.2 15.7 2.1 .2 13.2 6.2 .3 20.5 8.6 .4 13.5 5.1 -.5 32.8 4.0 -1.3 20.7 5.3 -.3 22.4 4.7 .1 26.4 1.9 -.5 61.6 4.2 .1 5.0 3.8 -.2 23.1 2.8 28 29 30 31 4.7 .3 3.1 1.3 3.9 .3 1.1 2.5 6.8 .9 4.2 1.7 3.1 .1 2.7 .3 18.3 2.1 9.5 6.6 13.4 .2 9.9 3.3 5.4 -.3 1.9 3.8 20.1 2.8 9.6 7.7 34.1 5.8 16.7 11.6 -4.3 2.4 -7.4 .7 7.6 .7 3.6 3.4 32 33 7.3 1.6 .3 2.8 1.9 3.3 2.4 3.0 6.6 3.9 -.9 2.9 8.1 4.2 -.7 5.1 19.9 3.3 1.5 3.9 10.6 2.1 34 35 .1 .7 _ _ _ 3.1 .3 .5 -.3 1.7 .2 .4 -3.3 1.6 2.6 36 37 38 39 40 1.6 .6 -.8 1.2 .7 6.6 .7 .8 6.0 -.9 9.0 1.1 1.5 3.9 2.5 3.2 .7 1.3 5.0 -3.8 10.8 .6 2.1 3.8 4.3 20.9 1.2 4.3 7.1 8.2 4.1 .6 1.0 5.4 -2.9 6.3 .7 -3.0 1.2 7.4 12.0 18.6 .5 14.1 5.8 -1.8 -4.7 * * NET U.S. EXPORTS U.S. EXPORTS U.S. IMPORTS TRANSFER RECEIPTS FROM U.S. U. S. GOVT. INTEREST RECEIVED CURRENT ACCOUNT BALANCE (U.S. BALANCE, SIGN REVERSED) 6.1 1.4 4.4 4.7 -2.8 -6.6 BANK TO TO TO LOANS N.E.C. FGN. OFFICIAL FGN. BANKS OTHER FGN. BANKERS ACCEPTANCES U.S.GOVT. LOANS MISCELLANEOUS LIABILITIES USG EQUITY IN IBRD, ETC. U.S. DEPOSITS ABROAD U.S. DIR. INV. ABROAD*2) OTHER 36 37 38 39 40 (2) EXCLUDES U.S. SECURITY ISSUES IN FOREIGN MARKETS. 32 33 34 35 4 . 0 DISCREPANCY 11/79 BASED ON INCOMPLETE INFORMATION. 28 29 30 31 SECURITY DEBT TRADE DEBT (1) CONSISTS ONLY OF NET PURCHASES FROM U.S. EXCLUDES ACQUISITIONS FROM OTHER SOURCES. BILLIONS OF DOLLARS. 23 SEPTEMBER 5, 1979 U.S.GOVT. + CREDIT AGENCIES 14 U.S.GOVT. + CREDIT AGENCIES SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 I II III IV 1 1 1979 I II 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 U.S. GOVERNMENT 1 TOTAL RECEIPTS, NIA BASIS 2 PERSONAL TAXES 3 CORP. PROFITS TAX ACCRUALS 4 INDIRECT TAXES 5 SOCIAL INSURANCE RECEIPTS 6 7 8 9 10 11 12 13 14 TOTAL EXPENDITURESt NIA BASIS GOODS + SERVICES TRANSFERS, ETC. NET INTEREST NET SURPLUS, NIA BASIS - INSURANCE CREDITS TO HH = GROSS SAVING + MINERAL RIGHTS SALES (2) = NONFINANCIAL SURPLUS — — — T 95.334 119.632 111.474 105.626 113.923 135.971 37.772 54.683 52.683 49.749 45.281 63.923 13.403 19.292 19.083 20.260 17.407 19.950 7.173 6.994 7.291 7.593 6.362 7.268 37.797 38.484 32.417 28.349 44.241 44.505 111.846 112.534 114.767 120.604 121.577 123.264 37.013 36.838 38.094 40.645 40.138 40.068 66.581 67.281 67.860 70.623 71.285 72.700 8.252 8.415 9.336 10.154 10.496 8.813 -16.512 7.098 -3.293 -14.978 -7.654 12.707 -1.184 1.537 6.240 630 -1.604 1.591 -15.328 5.561 -9.533 -15.608 -6.050 11.116 289 1.097 355 1.221 389 232 -15.039 6.658 -9.301 -15.253 -4.829 11.505 -18.326 15 NET FINANCIAL INVESTMENT 16 1.901 NET ACQ. OF FINANCIAL ASSETS 17 GOLD, SDR'S + OFF FGN EXCH -295 18 -5.515 DEMAND DEPOSITS + CURRENCY 19 -188 TIME DEPOSITS 4.577 8.164 -315 10.986 361 -5.765 -15.136 2.826 15.985 -173 -1.851 5.016 -6.463 -4 -105 197.0 94.8 36.2 19.0 47.0 192.1 92.2 30.8 19.3 49.7 198.6 89.9 33.5 20.4 54.9 227.5 108.2 36.6 20.0 62.8 258.3 114.6 43.0 21.2 79.4 1 2 3 4 5 188.4 97.5 78.1 12.9 8.5 1.6 7.0 7.0 204.2 95.6 94.3 14.3 -12.1 2.5 -14.6 .3 -14.3 220.6 96.2 110.4 14.0 -22.0 2.9 -24.9 .7 -24.2 244.7 102.1 128.1 14.6 -17.3 3.1 -20.4 .9 -19.5 265.0 102.2 144.6 18.2 -6.7 2.3 -9.0 3.2 -5.9 6 7 8 9 10 11 12 13 14 -19.5 -.9 -.4 -1.0 .1 -7.4 3.3 * -1.8 -.2 15 16 17 18 19 1.8 20 21 22 23 * -9.171 -14 -49 -8.216 -7 9.218 8.706 398 10.455 -5 6.0 3.5 1.4 1.1 -.2 -14.5 .4 -2.0 2.5 .3 -24.6 3.9 -2.2 3.3 .1 20 21 22 23 CREDIT MARKET INSTRUMENTS MORTGAGE POOL SECURITIES (3) MORTGAGES OTHER LOANS 5.568 1.955 -536 4.149 3.603 2.860 -563 1.306 6.235 1.365 1.113 3.757 5.001 1.550 -385 3.836 5.565 2.160 72 3.333 6.074 3.215 -100 2.959 3.1 -1.3 1.0 3.5 2.8 -.1 .3 2.6 -.4 3.2 -.7 2.5 2.8 * -.6 3.4 24 25 26 TAXES RECEIVABLE TRADE CREDIT MISCELLANEOUS 807 1.189 335 -7.070 460 139 4.609 242 161 5.194 835 114 2.595 -84 182 -9.047 648 183 -3.0 .9 .1 -2.6 -.8 .3 1.5 -1.7 .1 -.7 -.8 .1 1.3 24 .3 25 .9 26 10.8 27 .4 28 2.8 * * 27 28 NET INCREASE IN LIABILITIES TREASURY CURR. + SDR CTFS. 20.227 136 3.587 97 21.750 179 17.962 112 9.157 276 -512 823 -2.5 .3 14.9 .6 28.5 .5 18.7 .5 29 30 31 32 CREDIT MARKET INSTRUMENTS SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES + MTGS. 20.792 1.196 19.943 -347 2.582 1.158 1.548 -124 15.054 829 14.803 -578 15.253 746 14.890 -383 10.657 -129 11.440 -654 -4.636 34 -4.183 -487 -3.7 -.1 -1.2 -2.4 11.9 .3 12.6 -1.0 24.9 2.3 23.7 -1.1 15.1 3.3 11.0 .8 33 34 35 LIFE + RETIREMENT RESERVES TRADE DEBT MISCELLANEOUS -1.184 638 -155 1.537 35 -664 6.240 269 8 630 1.432 535 -1.604 125 -297 1.591 1.499 211 1.6 -.3 -.4 2.5 -.6 .5 2.9 -.7 .8 3.1 -.1 3.287 12.596 2.081 26.362 -3.536 14.474 -117 15.066 4.342 14.812 2.287 28.997 1.0 39.2 .2 33.4 .4 32.0 .1 37.3 36 DISCREPANCY 37 MEMO: CORP. TAX RECEIPTS, NET * 8.3 2.7 5.2 .4 29 30 31 32 2.3 33 .1 34 -.4 35 1.6 36 41.7 37 FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS SPONSORED CREDIT AGENCIES .1 .1 .2 .2 .4 1 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 5.260 -40 8.083 34 7.671 -50 7.343 86 6.899 -38 7.703 50 9.2 • 10.3 .7 .1 3.9 • 18.7 .1 2 3 4 5 6 7 8 3.281 1.232 7 -237 1.462 8.281 375 905 -361 -169 7.172 -809 -505 -552 248 7.521 17 183 -48 -118 4.256 1.656 -548 -18 2.222 8.724 -294 1.043 -123 -1.214 8.6 -.4 -.6 8.8 1.9 1.1 1.1 -1.2 -.5 —.2 —.8 -.6 4.0 -.4 -1.2 .4 .4 15.5 2.1 * -.2 2.3 4 5 6 7 8 2.762 1.657 1.105 5.759 1.763 3.996 6.643 2.759 3.884 6.320 2.808 3.512 2.821 3.610 -789 4.771 1.581 3.190 7.8 3.8 4.0 6.2 4.9 1.3 .2 2.9 -2.7 2.9 2.8 LOANS TO AGRICULTURE FARM MORTGAGES ' LOANS TO COOPS ( B O LOANS TO FARMERS (FICB) MISCELLANEOUS ASSETS 749 768 340 -359 557 1.978 896 209 873 -63 1.586 809 -50 827 301 1.066 758 191 117 -146 2.001 1.154 100 747 459 3.033 963 1.005 1.065 143 1.4 .6 .2 .6 .4 1.5 .5 .3 .7 .8 1.4 .7 .7 .2 * 1.9 1.2 .3 .4 -.4 3.2 1.9 .3 1.1 .8 12 13 14 15 16 17 NET INCREASE IN LIABILITIES 18 CREDIT MARKET INSTRUMENTS 19 SPONS. AGENCY ISSUES 20 U.S. GOVERNMENT LOANS 21 MISCELLANEOUS LIABILITIES 5.075 4.424 4.424 0 651 7.877 6.658 6.658 0 1.219 7.459 5.989 5.989 0 1.470 7.426 5.998 5.998 0 1.428 6.724 5.990 5.990 0 734 7.347 5.150 5.150 0 2.197 9.1 8.8 9.1 -.3 .4 10.3 8.2 8.2 .6 1.1 1.1 3.8 3.5 3.5 2.1 - -.5 - .3 18.5 16.3 16.3 2.2 17 18 19 20 21 .1 .1 .1 .1 1.6 1.2 4.9 4.3 .3 .3 3.6 3.2 .2 .2 23 24 25 26 28 29 30 31 1 CURRENT SURPLUS CREDIT MARKET INSTRUMENTS LIQUID ASSETS U.S.GOVT. SECURITIES OPEN-MARKET PAPER FEDERAL FUNDS + RP«S 9 10 11 12 13 14 15 16 HOUSING CREDIT RESIDENTIAL MORTGAGES FHLB LOANS TO S + L ASSOC. 22 DISCREPANCY 51 * — • 12.5 9 5.3 10 7.2 11 .2 22 FEDERALLY SPONSORED MORTGAGE POOLS (1) 23 NET ACQ. OF MORTGAGES 24 HOME MORTGAGES 25 MULTIFAMILY MORTGAGES 26 FARM MORTGAGES 3.791 3.437 279 75 4.522 3.400 903 219 4.128 3.757 308 63 27 NET INCR. IN POOL SECURITIES 3.791 4.522 4.128 MEMO: TOTALS FOR AGENCIES AND POOLS— CREDIT MARKET INSTRUMENTS 7.072 LIQUID ASSETS 1.232 HOUSING CREDIT 6.478 LOANS TO AGRICULTURE 824 12.803 375 10.062 2.197 11.180 28 29 30 31 32 NET SECURITY ISSUES 8.215 5.903 5.237 387 279 5.918 4.551 564 803 6.364 5.575 435 354 .7 .4 .2 .3 4.8 4.3 .1 .4 11.300 -809 10.708 1.649 13.424 17 11.944 1.345 10.174 1.656 7.936 2.804 15.088 -294 10.781 3.387 9.3 -.4 8.3 1.6 10.4 1.9 7.5 1.8 5.9 -1.2 4.5 1.8 8.8 -.4 7.4 2.2 19.1 2.1 15.9 3.5 10.117 11.901 11.908 11.514 9.7 9.8 5.9 8.4 19.9 32 (1) GNMA, FHLMC, AND FARMERS HOME ADM. POOLS. 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. (2) Sales of Outer Continental Shelf l e a s e s . (3) From 1974, mainly Federal Financing Bank purchases of Farmers Home Administration mortgage pool s e c u r i t i e s . * * SEPTEMBER 5, 1979 U.S.GOVT, -i- CREDIT AGENCIES U.S.GOVT. + CREDIT AGENCIES 15 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I I 1978 1974 1975 1976 1977 1978 I II I III IV 1979 I II U.S. GOVERNMENT 1 2 3 4 5 288.6 131.1 45.9 21.7 89.9 286.2 125.4 42.8 23.9 94.2 331.4 147.2 54.6 23.4 106.3 375.4 169.6 61.8 25.1 118.9 432.1 194.9 72.0 28.1 137.0 397.8 178.9 60.2 26.6 132.2 424.8 188.8 72.2 28.0 135.8 442.1 200.9 74.6 28.4 138.2 463.5 211.0 81.2 29.3 142.0 475.0 213.0 77.2 29.4 155.5 485.3 TOTAL RECEIPTS, NIA BASIS 223.4 PERSONAL TAXES 74.5 CORP. PROFITS TAX ACCRUALS 29.9 INDIRECT TAXES 157.5 SOCIAL INSURANCE RECEIPTS 6 7 8 9 10 11 12 13 14 299.3 111.1 167.3 20.9 -10.7 2.9 -13.6 6.5 -7.1 356.8 123.1 210.6 23.2 -70.6 3.8 -74.4 1.3 -73.1 385.0 129.7 228.6 26.8 -53.6 4.7 -58.3 4.0 -54.4 421.7 144.4 248.4 29.0 -46.3 6.6 -53.0 2.5 -50.5 459.8 152.6 272.3 34.8 -27.7 7.2 -34.9 2.0 -32.9 447.3 150.9 263.9 32.5 -49.4 3.5 -53.0 1.2 -51.8 449.4 148.2 267.2 34.0 -24.6 3.4 -28.0 4.4 -23.6 462.6 152.3 274.6 35.6 -20.4 15.3 -35.7 .9 -34.8 479.7 159.0 283.7 37.1 -16.3 6.7 -22.9 1.4 -21.5 486.8 163.6 283.1 40.0 -11.7 2.5 -14.2 4.9 -9.3 492.8 161.5 288.9 42.4 -7.5 5.9 -13.4 1.6 -11.8 15 16 17 18 19 -6.0 8.2 1.4 -4.5 -73.6 17.3 .5 2.9 •1 -57.8 22.4 2.4 4.0 .2 -54.0 10.4 .3 -.5 .1 -34.7 28.9 -2.6 4.0 •1 -51.0 22.6 -1.2 -5.8 -26.6 31.7 -1.3 15.7 1.4 -37.1 34.7 -.7 6.5 -.4 -23.8 26.5 -7.4 -.3 -11.0 18.8 -.2 -13.9 -13.9 NET FINANCIAL INVESTMENT 31.4 NET ACQ. OF FINANCIAL ASSETS 1.6 GOLD, SDR'S + OFF FGN EXCH 9.0 DEMAND DEPOSITS + CURRENCY * TIME DEPOSITS 20 21 22 23 9.8 2.5 1.4 5.9 15.1 4.5 3.2 7.4 8.9 3.7 -3.1 8.2 11.8 5.3 -.2 6.7 20.4 7.7 -.4 13.0 26.1 7.8 1.0 17.2 12.6 11.4 -3.3 4.5 22.9 5.5 2.0 15.4 20.1 6.2 -1.2 15.0 27.1 8.6 4.5 14.0 22.8 12.9 -1.2 11.2 CREDIT MARKET INSTRUMENTS 24 25 26 .6 1.0 -3.1 1.2 .7 5.5 .5 1.0 -1.3 -.8 .7 3.5 2.7 .7 -1.8 4.8 1.3 4.8 1.0 .6 10.3 3.3 .5 5.4 -.3 .7 -5.3 2.6 .7 TAXES RECEIVABLE TRADE CREDIT MISCELLANEOUS 27 28 14.3 .4 90.9 .9 80.3 1.2 64.5 .3 63.5 .5 73.6 .5 29 30 31 32 11.8 3.0 9.0 -.2 85.4 4.0 81.8 -.4 69.0 4.7 64.5 -.1 56.8 4.7 52.9 -.9 53.7 3.9 51.2 -1.4 33 34 35 2.9 -.8 3.8 1.4 -.7 4.7 4.4 .9 6.6 1.7 -.9 36 37 -1.0 45.3 .5 45.9 3.4 49.0 3.5 63.0 • * * 71.8 .7 50.3 .4 29.8 1.1 45.3 3.3 66.5 4.7 63.1 -1.4 58.3 .4 56.4 4.4 52.5 -.5 52.7 3.5 51.6 -2.3 39.2 3.1 37.6 -1.5 25.2 -.5 28.3 -2.6 28.3 -.1 30.3 -1.9 7.2 2.4 -.3 3.5 3.2 -.1 3.4 .8 -2.7 15.3 1.1 2.0 6.7 4.4 -.4 2.5 1.4 -.3 5.9 6.7 1.1 1.7 68.5 61.9 3.0 71.4 2.4 69.8 2.3 70.8 1.7 71.8 TOTAL EXPENDITURES, NIA BASIS GOODS + SERVICES TRANSFERS, ETC. NET INTEREST NET SURPLUS, NIA BASIS - INSURANCE CREDITS TO HH = GROSS SAVING + MINERAL RIGHTS SALES (2) = NONFINANCIAL SURPLUS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 MORTGAGE POOL SECURITIES (3) 2 1 MORTGAGES 22 OTHER LOANS 23 NET INCREASE IN LIABILITIES TREASURY CURR. + SDR CTFS. CREDIT MARKET INSTRUMENTS SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES + MTGS. 24 25 26 27 28 29 30 31 32 LIFE + RETIREMENT RESERVES 33 TRADE DEBT 34 MISCELLANEOUS 35 2.1 DISCREPANCY 79.8 MEMO: CORP. TAX RECEIPTS, NET 36 37 FEDERALLY SPONSORED CREDIT AGENCIES AND MORTGAGE POOLS SPONSORED CREDIT AGENCIES 1.1 CURRENT SURPLUS 2 3 18.0 4 5 6 7 8 20.8 .3 .4 .9 -1.0 5.1 • * 4.7 • 7.4 .1 28.4 26.3 .8 .6 -1.2 1.4 * 29.1 •1 31.1 -.1 29.9 .2 29.3 15.3 -.6 -5.5 -.9 5.8 30.2 1.9 4.0 -1.4 -.7 29.3 1.1 2.3 -2.2 1.0 30.2 .8 1.5 -.2 -.5 23.4 * 27.0 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .2 2 3 18.5 .8 -8.1 -.1 8.9 31.5 -.9 4.5 -.5 -4.9 4 5 6 7 8 * 4.5 1.3 1.5 .1 -.3 4.7 1.7 1.5 .3 6.3 -3.4 -3.8 .2 .2 4.9 .5 4.3 21.5 9.0 12.5 19.4 6.6 12.8 21.3 7.6 13.7 22.6 10.0 12.6 22.7 11.7 11.0 19.3 13.8 5.4 17.0 7.0 10.0 7.4 4.3 .5 2.6 1.9 10.5 3.4 4.1 2.9 .3 * 9 10 11 14.3 7.7 6.7 -1.2 2.8 -4.0 -1.6 .4 -2.0 12 13 14 15 16 5.2 2.5 1.0 1.7 -1.8 4.1 2.6 .4 1.1 .9 4.8 2.5 1.0 1.3 -.2 5.0 2.9 .6 1.4 .9 5.4 3.2 .7 1.5 .6 2.4 2.8 1.4 -1.8 2.3 6.3 3.1 1.1 2.0 -.6 6.6 3.4 .5 2.6 .9 6.2 3.5 -.3 3.0 17 18 19 20 21 17.6 17.3 16.6 .7 .3 4.8 3.2 2.3 .9 1.6 4.3 2.9 3.3 -.4 1.4 7.1 5.8 7.0 -1.2 1.3 27.8 23.1 23.1 22.7 19.6 19.6 28.6 24.1 24.1 30.5 23.9 23.9 29.6 24.7 24.7 28.6 24.9 24.9 - - - - 4.8 - * - 3.0 4.5 6.6 4.9 3.7 .2 .5 .4 .7 .4 CREDIT MARKET INSTRUMENTS LIQUID ASSETS U.S.GOVT. SECURITIES OPEN-MARKET PAPER FEDERAL FUNDS + RP'S 9 HOUSING CREDIT RESIDENTIAL MORTGAGES 10 FHLB LOANS TO S + L ASSOC. 11 LOANS TO AGRICULTURE FARM MORTGAGES LOANS TO COOPS (BC) LOANS TO FARMERS (FICB) MISCELLANEOUS ASSETS 12 13 14 15 16 26.0 NET INCREASE IN LIABILITIES 17.9 CREDIT MARKET INSTRUMENTS SPONS. AGENCY ISSUES 17.9 U.S. GOVERNMENT LOANS MISCELLANEOUS LIABILITIES 8.1 - 17 18 19 20 21 .1 DISCREPANCY 22 FEDERALLY SPONSORED MORTGAGE POOLS (1) 23 24 25 26 28 29 30 31 5.8 5.4 .2 .2 26.5 .3 19.8 5.4 10.3 9.9 .5 -.1 14.8 1.3 9.2 4.1 15.7 14.5 •6 .5 20.3 1.7 13.6 5.3 20.5 19.0 1.2 .3 26.8 -3.4 25.0 5.3 18.3 15.8 1.9 .6 44.6 .8 39.2 6.0 15.2 13.7 1.1 .3 30.5 -.6 34.2 2.7 18.1 13.6 3.6 .9 48.3 1.9 38.5 7.2 16.5 15.0 1.2 .3 45.8 1.1 38.9 6.9 23.6 20.9 1.5 1.1 53.8 .8 45.2 7.3 23.7 18.2 2.3 3.2 42.2 .8 39.7 10.6 48.3 BILLIONS OF DOLLARS. 11/79 BASED ON INCOMPLETE INFORMATION. 25.5 NET ACQ. OF MORTGAGES 22.3 HOME MORTGAGES 1.7 MULTIFAMILY MORTGAGES 1.4 FARM MORTGAGES 23 24 25 26 25.5 NET INCR. IN POOL SECURITIES 27 MEMO: TOTALS FOR AGENCIES AND POOLS— 56.9 CREDIT MARKET INSTRUMENTS -.9 LIQUID ASSETS 41.1 HOUSING CREDIT 11.9 LOANS TO AGRICULTURE 28 29 30 31 43.3 NET SECURITY ISSUES (1) GNMA, FHLMC, AND FARMERS HOME ADM. POOLS. (2) (3) Sales of Outer Continental Shelf leases. From 1974, mainly Federal Financing Bank purchases of Farmers Home Administration mortgage pool securities. 32 SEPTEMBER 5, 1979 BANKING SYSTEM 16 BANKING SYSTEM SECTOR STATEMENTS OF SAVING ANO INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 II III IV I 1979 I BILLIONS OF DOLLARS 1970 1971 1972 II 1973 MONETARY AUTHORITY 1 CURRENT SURPLUS 178 195 •2.663 49 149 1.078 67 11.039 -15 85 586 1.096 5.403 -36 180 401 -63 -476 1.648 151 2.797 -193 -468 2.156 268 -2.179 -209 1.048 -824 795 -439 595 4.0 -.1 .1 • -1.688 •1.504 •1.242 -262 -184 0 -162 9.153 8.902 8.569 333 251 0 134 4.898 5.204 5.133 71 -306 0 23 -5.413 -5.285 -4.717 -568 -128 0 534 -202 181 378 -197 -383 0 -302 748 -448 -1.203 755 1.196 0 173 14 NET INCREASE IN LIABILITIES 15 MEMBER BANK RESERVES 16 VAULT CASH OF COML. BANKS •2.811 1.030 •2.300 10.880 20 266 5.225 -1.090 253 -671 4.393 3.329 -556 491 -3.125 17 18 19 20 21 1.573 •2.408 -46 881 32 10.448 6.853 -35 3.630 146 6.028 -8.631 4.998 -12.513 229 -92 3.653 1.122 34 238 2.020 1.674 -122 468 58 2 NET ACQ. OF FINANCIAL ASSETS 3 GOLD + FOREIGN EXCHANGE 4 TREASURY CURR. • SDR CTFS. 5 F.R. FLOAT 6 F.R. LOANS TO DOMESTIC BANKS 7 8 9 10 11 12 13 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES TREASURY SECURITIES AGENCY ISSUES ACCEPTANCES BANK LOANS N.E.C. MISCELLANEOUS ASSETS DEMAND DEPOSITS • CURRENCY DUE TO U.S. GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS MISCELLANEOUS LIABILITIES 5.4 -1.4 .7 .8 .2 8.5 -.8 .5 .1 -.3 2.2 -.4 .7 -.4 1.9 8.1 -.2 .4 -.9 -.7 2 3 4 5 6 4.2 4.2 4.2 5.0 5.0 5.0 * -.1 -• .1 8.9 8.7 8.1 .6 .2 .3 .4 -.3 .7 -.2 9.2 9.3 8.6 .7 * .3 7 8 9 10 11 12 13 716 -1.333 955 4.0 •2 •1 5.4 2.1 -.3 8.5 3.6 .5 2.1 -2.1 1.1 8.0 14 1.4 15 2.0 16 1.088 -2.420 19 3.489 6 3.3 .6 -.1 2.8 •3 3.1 -.4 4.4 .9 .1 3.4 3.2 -1.1 -.1 4.4 -.1 3.4 -.5 -.1 3.9 1.2 17 18 19 20 21 * * 3.5 .5 .2 * * COMMERCIAL BANKING (1) 1 CURRENT SURPLUS 2 PLANT + EQUIPMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS * CURRENCY 5 TOTAL BANK CREDIT 6 U.S. GOVT. SECURITIES 7 TREASURY ISSUES 8 AGENCY ISSUES 9 10 ST.+LOC. OBLIGATIONS CORPORATE BONDS 11 12 13 14 15 16 TOTAL LOANS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT 17 18 19 CORPORATE EQUITIES VAULT CASH + MEM. BANK RES. MISCELLANEOUS ASSETS 20 NET INCREASE IN LIABILITIES 21 DEMAND DEPOSITS, NET 22 U.S. GOVERNMENT 23 OTHER 862 1.366 849 929 892 882 771 1.019 1.029 1.034 715 1.013 3.8 1.8 3.3 2.1 2.5 2.2 3.3 2.6 3.4 3.1 1 2 11.675 73 10.823 252 -1.107 1.359 45.055 73 42.535 704 -1.228 1.932 32.976 62 30.886 -143 -1.957 1.814 51.490 68 41.676 -309 -2.236 1.927 10.153 72 12.233 1.620 954 666 45.674 60 44.277 -636 -2.373 1.737 19.4 17.8 •10.0 -9.7 -.3 39.1 .1 37.3 10.8 6.9 3.8 57.2 .1 51.2 7.1 3.1 4.0 75.7 .2 75.3 6.5 2.4 4.1 86.6 .3 81.3 -1.3 -8.9 7.6 3 4 5 6 7 8 439 -134 3.088 -121 3.130 99 2.893 -141 2.115 280 1.597 27 •6 -.1 10.7 1.1 12.6 .9 7.2 1.3 10.237 5.444 2.598 8.667 -2.630 -3.842 38.867 10.046 10.573 15.927 471 1.850 27.792 10.976 7.861 9.298 355 -698 39.227 8.518 5.910 24.459 517 -177 8.216 6.100 2.164 2.169 -1.004 -1.213 43.291 9.001 8.365 20.932 -375 5.368 27.3 5.4 4.9 16.8 1.3 -1.2 14.8 2.1 2.2 7.3 1.5 1.6 30.6 9.8 8.7 11.0 .3 .8 60.3 16.8 12.7 26.1 -.2 4.9 * * -3 8 6 2 -2 286 2.161 -837 2.865 7.722 2.024 -2.634 482 -378 1.715 .3 1.2 1.8 10.757 •25.041 -3.755 •21.286 43.638 16.230 4.400 11.830 30.953 -561 -19 -542 50.409 8.515 31.330 -37.633 6.134 -9.912 25.196 -27.721 44.403 27.857 13.437 14.420 17.2 4.6 19.778 4.385 14.491 902 11.452 5.589 5.352 511 15.218 3.322 9.917 1.979 18.594 9.282 6.283 3.029 11.526 -584 -3.360 -11.900 14.649 9.597 1.719 237 4.6 55.5 13.1 2.2 10.9 73.8 20.8 .7 20.1 83.7 12.9 -1.0 13.9 20 21 22 23 -9.5 12.5 2.9 .2 38.0 15.2 22.4 .4 41.4 8.7 32.4 .3 42.4 9.8 33.0 -.4 50.7 20.0 29.7 1.0 24 25 26 27 * FED FUNDS + SECURITY RP»S 8.624 4.619 4.233 1.293 14.242 1.652 5^3 29 30 31 32 NET INTERBANK CLAIMS TO MONETARY AUTHORITIES TO FOREIGN BANKS TO DOMESTIC BANKS (2) 812 -1.011 -4.395 6.218 4.287 1.682 4.856 -2.251 8.855 338 9.670 -1.153 -4.225 2.604 -4.708 -2.121 14.936 -2.388 16.716 608 8.444 156 8.859 -571 12.1 33 34 35 36 CORPORATE EQUITY ISSUES CREDIT MARKET DEBT CORPORATE BONOS OPEN-MARKET PAPER 300 894 5 889 351 2.099 96 2.003 243 1.019 41 978 249 2.865 35 2.830 249 668 68 600 214 2.560 39 2.521 37 38 PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 150 5.240 -150 4.750 150 1.796 150 153 0 4.527 -1.422 14.636 -1.497 40.688 -2.013 31.576 -1.329 41.847 -1.643 13.444 * 3.5 18 1.6 19 -4.2 3.7 2.6 -4.8 1.0 -6.4 •6 -5.9 -.2 -4.6 -1.0 -3.7 1.6 -.7 -4.5 -3.8 -1.6 -2.7 .5 29 30 31 32 4.1 -.2 4.3 .1 -1.8 .1 -1.9 .6 .5 .9 -.4 1.2 1.8 1.1 .7 1.2 2.3 * 2.2 33 34 35 36 -143 4.403 .1 .5 .3 .6 2.1 -.2 8.9 .1 37 3.8 38 -1.569 38.911 -.2 19.0 -.4 35.7 -1.3 50.4 -1.2 70.3 -2.6 39 84.6 40 CONSISTS OF U.S.-CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILLATES, EDGE ACT CORPORATIONS, AGENCIES AND BRANCHES OF FOREIGN BANKS, AND BANKS IN U.S. POSSESSIONS. EDGE ACT CORPORATIONS AND OFFICES OF FOREIGN BANKS APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING OFFICES." INFORMATION. * 17 37.5 9.3 2.9 6.4 28 11/79 BASED ON PRELIMINARY AND INCOMPLETE * 11 12 13 14 15 16 -1.0 1.3 TIME OEPOSITS LARGE NEGOTIABLE CD«S OTHER AT COMMERCIAL BANKS AT FOREIGN BANKING OFF. (2) FLOATS AND DISCREPANCIES IN INTERBANK DEPOSITS AND LOANS. * 76.5 19.8 12.6 48.8 -1.3 -3.4 4.1 1.7 24 25 26 27 39 DISCREPANCY 40 MEMO: CREDIT MKT. FUNDS ADV. * 29 -1.270 2.049 5.7 9 • 3 10 * 12.3 -.1 * * 16.7 28 SEPTEMBER 5, 1979 BANKING SYSTEM BANKING SYSTEM 17 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 1977 1 1978 1 1978 II I III IV | 1979 I II MONETARY AUTHORITY 1 .1 •2 * .2 .7 .6 2 3 4 5 6 6.5 .1 .5 -1.1 -1-0 11.2 .1 1.0 1.7 -.1 9.8 •1 1.4 -1.1 -.2 8.6 • .6 1.2 .2 13.3 1.6 .6 2.7 .9 4.4 .2 •6 .2 .6 7 8 9 10 11 12 13 6.2 5.2 2.0 3.2 .9 8.5 8.4 7.4 1.0 .1 9.8 10.0 9.1 .9 -.1 7.1 7.2 5.8 1.4 7.0 7.3 7.7 -.4 -.4 1.8 - -• -.2 - -.6 -.5 14 15 16 6.4 -1.2 1.0 11.0 .2 .6 9.8 -.9 -.1 8.3 1.7 1.8 17 18 19 20 21 7.0 .4 .2 6.3 -.3 10.6 4.5 10.5 3.1 .2 7.3 .3 4.9 -3.3 • 8.3 -.1 * 6.2 -.5 * - .6 .7 .8 .4 27.0 -.1 •3 .4 2.5 19.3 -.1 .7 5.1 -1.6 2.5 6.6 .6 5.1 2.1 16.0 8.6 1.1 -3.9 3.4 4.2 5.2 -1.0 -.7 23.3 22.3 20.9 1.3 1.0 15.1 16.4 16.1 .3 -1.2 -14.0 -13.5 -11.2 -2.3 -.5 11.4 12.9 13.7 -.8 -1.5 -.6 - -.5 -.1 2.1 -1.2 12.6 4.4 1.5 3.8 -1.2 -2.6 26.3 6.9 .1 18.6 -2.7 3.0 1.7 14.3 5.6 15.6 -1.9 -5.0 -17.2 NET INCREASE IN LIABILITIES MEMBER BANK RESERVES 1.2 VAULT CASH OF COML. BANKS 1.8 14 15 16 6.3 -3.1 .1 9.3 .5 7.4 -2.8 -.2 10.4 •1 18.7 8.3 -.1 10.5 .6 18.1 9.9 -.4 8.6 .1 -19.1 -27.7 .9 7.6 1.0 22.4 14.5 -.5 8.4 .2 -20.3 -31.1 .1 10.8 • 17 18 19 20 21 - * - 1.3 CURRENT SURPLUS 1 -15.9 NET ACQ. OF FINANCIAL ASSETS GOLD + FOREIGN EXCHANGE -3.3 3.2 TREASURY CURR. • SDR CTFS. -4.1 F.R. FLOAT F.R. LOANS TO DOMESTIC BANKS 2 3 4 5 6 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES TREASURY SECURITIES AGENCY ISSUES ACCEPTANCES BANK LOANS N.E.C. MISCELLANEOUS ASSETS 7 8 9 10 11 12 13 * -12.4 -17.2 -20.2 3.0 4.8 -.7 DEMAND DEPOSITS + CURRENCY DUE TO U.S. GOVERNMENT DUE TO REST OF THE WORLD CURRENCY OUTSIDE BANKS MISCELLANEOUS LIABILITIES COMMERCIAL BANKING (1) 1 2 2.6 4.1 2.8 4.6 3.4 4.6 3.2 4.4 3.4 4.2 3.2 5.5 3.3 3.7 3.4 3.5 3.6 4.1 3.8 4.1 3 4 5 6 7 8 70.0 -.2 64.4 .7 -2.9 3.6 31.0 .1 31.5 30.0 28.6 1.4 64.9 -.2 66.3 20.2 18.7 1.5 98.0 .5 89.9 -1.1 -1.9 .8 141.2 .3 125.9 .5 -6.5 7.0 114.3 .3 117.3 5.2 -2.5 7.7 161.2 .3 146.3 14.0 8.6 5.3 142.4 .2 128.1 7.0 -2.5 9.5 146.9 .3 112.0 -24.1 -29.8 5.6 112.7 .3 125.7 10.6 5.7 5.0 9 10 5.5 1.0 1.8 1.8 3.0 -.6 9.2 9.6 -.3 5.4 -.5 8.4 -.5 9.6 .4 14.8 -.6 12.0 1.1 2.6 .1 11 12 13 14 15 16 57.2 12.8 3.4 41.0 2.2 -2.2 -2.1 3.8 3.1 -12.2 1.1 2.1 43.7 14.3 12.0 7.0 3.7 6.6 81.9 27.4 22.3 29.8 .3 2.2 116.1 35.0 26.9 58.4 -1.3 -2.9 107.2 29.1 24.1 60.0 -2.5 -3.6 124.3 36.5 32.7 49.0 2.7 3.5 111.0 38.9 25.6 49.1 1.6 -4.1 122.0 35.4 25.4 75.4 -6.9 -7.3 101.9 32.7 24.1 32.9 5.1 7.1 144.0 32.1 23.3 72.5 -.9 17.0 17 * • * * * * * .1 * * * 2.8 CURRENT SURPLUS 4.1 PLANT + EQUIPMENT 165.6 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY •2 157.6 TOTAL BANK CREDIT 10.9 U.S. GOVT. SECURITIES TREASURY ISSUES 6.7 AGENCY ISSUES 4.2 * 1 2 3 4 5 6 7 8 ST.+LOC. OBLIGATIONS CORPORATE BONDS 9 10 TOTAL LOANS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT 11 12 13 14 15 16 CORPORATE EQUITIES 17 18 19 18 19 -.3 6.0 .8 -1.4 -1.0 -.2 3.5 4.1 5.9 9.1 -3.7 .5 7.0 7.6 .4 13.7 19.9 14.7 -7.0 -6.4 20 21 22 23 67.6 -.4 -5.1 4.7 29.1 5.0 -1.7 6.7 63.1 12.6 -.1 12.7 93.3 26.1 4.3 21.8 135.8 22.0 6.8 15.2 111.1 -2.0 -6.3 4.3 156.8 32.5 10.3 22.2 134.4 20.6 -2.5 23.1 140.7 36.8 25.6 11.1 107.0 -48.3 -28.6 -19.6 161.3 NET INCREASE IN LIABILITIES 74.6 DEMAND DEPOSITS, NET 45.0 U.S. GOVERNMENT 29.6 OTHER 20 21 22 23 24 25 26 27 56.8 28.5 27.2 1.1 30.3 -10.1 37.1 3.4 40.3 -17.5 57.4 .4 54.7 12.0 40.5 2.2 65.0 22.6 36.0 6.4 60.7 17.5 38.0 5.2 63.9 22.4 38.4 3.2 66.1 13.3 44.7 8.1 69.4 37.1 23.0 9.2 26.1 -13.4 36.8 2.8 17.6 -47.6 57.0 8.2 24 25 26 27 28 1.6 1.5 13.9 10.6 18.8 36.4 13.4 14.8 10.6 59.6 .5 FED FUNDS + SECURITY RP"S 28 29 30 31 32 .3 -2.1 -.2 2.6 -9.8 1.6 -9.9 -1.5 -8.2 -1.3 -5.9 -1.0 -6.9 1.4 -.8 -7.6 9.7 3.6 5.4 .7 3.8 .8 -14.0 17.0 17.5 2.9 22.3 -7.7 18.2 3.5 17.0 -2.4 -.6 7.2 -3.6 -4.2 60.9 -3.9 70.0 -5.3 32.3 -4.0 38.2 -1.8 NET INTERBANK CLAIMS TO MONETARY AUTHORITIES TO FOREIGN BANKS TO DOMESTIC BANKS (2) 29 30 31 32 33 34 35 36 1.0 3.6 .2 3.5 1.0 .5 .2 .3 1.6 -.1 .7 -.8 .6 1.8 .6 1.3 1.1 6.9 .2 6.7 1.2 3.6 3.6 1.4 8.4 .4 8.0 1.0 4.1 .2 3.9 1.0 11.5 .1 11.3 1.0 2.7 .3 2.4 .9 10.2 .2 10.1 CORPORATE EQUITY ISSUES CREDIT MARKET DEBT CORPORATE BONDS OPEN-MARKET PAPER 33 34 35 36 37 38 .1 4.5 -.3 .9 - - 3.0 6.5 .3 11.9 .4 7.0 -.1 19.9 .5 9.2 .4 11.6 -.1 5.2 -.2 25.4 PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 37 38 39 40 -3.8 66.6 -3.7 29.4 -2.9 59.6 -6.0 87.6 -6.3 128.7 -5.4 120.7 -4.8 142.8 -8.1 132.2 -6.7 119.3 -6.0 118,6 * 3.0 4.7 VAULT CASH + MEM. BANK RES. MISCELLANEOUS ASSETS TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS AT FOREIGN BANKING OFF. -5.6 DISCREPANCY 140.7 MEMO: CREDIT MKT. FUNDS ADV. (1) CONSISTS OF U.S.-CHARTERED COMMERCIAL BANKS, THEIR DOMESTIC AFFILIATES, EDGE ACT CORPORATIONS, AGENCIES AND BRANCHES OF FOREIGN BANKS, AND BANKS IN U.S. POSSESSIONS. EDGE ACT CORPORATIONS AND OFFICES OF FOREIGN BANKS APPEAR TOGETHER IN THESE TABLES AS "FOREIGN BANKING OFFICES." (2) FLOATS AND DISCREPANCIES IN INTERBANK DEPOSITS AND LOANS. BILLIONS OF DOLLARS. 11/79 BASED ON INCOMPLETE INFORMATION. 39 40 SEPTEMBER 5t 1979 COMMERCIAL BANKING SUBSECTORS 18 COMMERCIAL BANKING SUBSECTORS SUBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 II III I J IV 1979 I II 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 U.S.-CHARTERED COMMERCIAL BANKS 1 CURRENT SURPLUS 2 PLANT + EQUIPMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 TOTAL BANK CREDIT 5 U.S. GOVT. SECURITIES 6 TREASURY ISSUES 7 AGENCY ISSUES 8 9 10 11 12 13 14 15 16 17 ST.+LOC. OBLIGATIONS CORPORATE BONDS TOTAL LOANS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT VAULT CASH + MEM. BK. RES. MISCELLANEOUS ASSETS 18 NET INCREASE IN LIABILITIES 19 DEMAND DEPOSITS, NET 20 U.S. GOVERNMENT 21 OTHER 862 1.366 849 929 892 882 771 1.019 1.029 1.034 715 1.013 3.8 1.8 3.3 2.1 2.5 2.2 3.3 2.6 3.4 3.1 1 2 8.073 7.936 280 -1.048 1.328 40.554 38.959 464 -1.379 1.843 28.081 26.178 -130 -1.933 1.803 43.066 33.839 -496 -2.356 1.860 7.915 10.493 1.823 1.117 706 39.759 38.692 -859 -2.606 1.747 13.4 12.2 -10.1 -9.8 -.3 37.5 34.8 10.9 7.0 3.8 56.1 51.1 7.2 3.2 4.0 73.3 73.7 6.0 2.1 3.9 80.0 75.6 -1.4 -8.8 7.4 3 4 5 6 7 373 -199 3.053 -158 3.085 -24 2.852 -240 2.060 122 1.497 -65 .6 -.1 10.5 .8 12.8 1.2 7.1 1.4 5.6 .4 8 9 7.482 5.551 2.598 6.191 -2.914 -3.944 35.600 10.156 10.573 12.762 87 2.022 23.247 10.962 7.861 5.301 175 -1.052 31.723 8.503 5.910 16.921 396 -7 6.488 6.084 2.164 623 -1.212 -1.171 38.119 8.981 8.365 16.149 -164 4.788 21.8 5.3 4.9 11.6 1.1 -1.1 12.7 2.0 2.2 5.9 1.1 1.4 29.9 9.6 8.7 10.6 .2 .8 59.3 16.8 12.7 25.5 -.3 4.7 71.0 19.6 12.6 43.1 -1.5 -2.9 10 11 12 13 14 15 -1.270 1.407 286 1.309 -837 2.740 7.722 1.505 -2.634 56 -378 1.445 .3 .8 1.8 .9 4.1 .9 -1.0 .6 7.155 •24.515 -3.755 •20.760 39.137 15.496 4.400 11.096 26.058 -1.104 -19 -1.085 6.277 41.985 29.622 -37.600 6.134 -9.912 23.488 -27.688 38.488 25.860 13.437 12.423 11.2 4.6 4.6 35.9 5.1 2.9 2.2 54.5 13.0 2.2 10.7 71.4 24.1 .7 23.4 77.1 12.6 -1.0 13.6 18.876 4.385 14.491 10.941 5.589 5.352 13.239 3.322 9.917 15.565 9.282 6.283 11.289 -2.303 -3.360 -11.900 14.649 9.597 -9.7 •12.5 2.9 37.6 15.2 22.4 41.1 8.7 32.4 42.8 9.8 33.0 49.7 22 20.0 23 29.7 24 * 3.5 16 1.0 17 18 19 20 21 22 23 24 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER 25 FED FUNDS + SECURITY RP«S 8.624 4.619 4.233 1.293 14.242 1.652 5.3 -4.2 3.7 2.6 26 27 28 29 30 NET INTERBANK LIABILITIES F.R. FLOAT BORROWING AT F.R. BANKS TO FOREIGN BANKS TO DOMESTIC BANKS -905 -1.078 67 -3.657 3.763 3.269 586 1.096 3.288 -1.701 6.787 401 -63 6.503 -54 -5.549 2.797 -193 -4.066 -4.087 12.935 -2.179 -209 12.205 3.118 8.555 -439 595 9.501 -1.102 12.1 -3.8 .8 .2 -6.1 1.4 -6.7 .1 -.3 -5.1 -1.5 -6.3 -.4 1.9 -.8 -7.1 249 68 0 214 39 -143 -.2 .1 .1 .1 .3 .6 .9 1.2 1.1 -.2 1.2 31 * 32 .1 33 -1.643 11.664 -1.569 33.904 -.2 13.3 -.4 33.3 -1.3 50.3 -1.2 69.0 -2.6 35 78.4 36 31 32 33 CORPORATE EQUITIES CORPORATE BONDS PROFIT TAXES PAYABLE 300 5 150 351 96 -150 243 41 150 249 35 150 -1.422 11.880 -1.497 36.937 -2.013 27.230 -1.329 33.846 * * 11.3 .9 * * 16.7 25 -6.5 -.9 -.7 -.9 -4.0 26 27 28 29 30 MISCELLANEOUS LIABILITIES 35 DISCREPANCY 36 MEMO: CREDIT MKT. FUNDS ADV. DOMESTIC AFFILIATES OF COMMERCIAL BANKS 1 NET ACQ. OF FINANCIAL ASSETS 2 BANK LOANS N . E . C . -515 -515 357 357 76 76 -871 -871 -66 -66 206 206 3.9 3.9 -1.0 -1.0 -.1 -.1 -.2 -.2 1.7 1.7 1 2 3 NET INCREASE IN LIABILITIES 4 NET INTERBANK CLAIMS 5 COMMERCIAL PAPER ISSUES 6 MISCELLANEOUS LIABILITIES -515 -996 889 -408 357 -1.000 2.003 -646 76 0 978 -902 -871 -2.500 2.830 -1.201 -66 500 600 -1.166 206 -1.500 2.521 -815 3.9 -.6 4.3 .2 -1.0 -.1 -1.9 1.1 -.1 -.3 -.4 .6 -.2 .4 .7 -1.3 1.7 .4 2.2 -1.0 3 4 5 6 2.2 3.2 -.1 .2 .3 2.5 .4 .7 -.1 -.2 -.2 -.3 .5 .1 2.2 1.2 .3 4.4 4.4 .2 * * 4.0 .2 1 2 3 4 5 6 7 FOREIGN BANKING OFFICES IN U.S. 3.919 3.260 -26 -34 45 2.991 284 3.927 3.391 240 -57 16 2.808 384 4.716 4.157 22 -19 53 3.921 180 9.192 8.758 223 -23 28 8.409 121 2.187 1.707 -199 -11 97 1.612 208 5.584 4.656 223 25 42 4.577 -211 29 102 528 -3 -172 711 354 197 6 -170 598 2 -42 520 -2 580 350 11 NET INCREASE IN LIABILITIES 12 DEMAND DEP. IN MONEY STOCK 13 TIME DEPOSITS 3.919 -526 902 3.927 734 511 4.716 543 1.979 9.192 1.708 3.029 2.187 -33 237 14 15 16 NET INTERBANK LIABILITIES TO FOREIGN BANKS TO DOMESTIC BANKS 2.713 -738 3.451 2.018 1.568 450 2.068 3.167 -1.099 3.824 -642 4.466 1.501 4.511 -3.010 17 MISCELLANEOUS LIABILITIES 1 NET ACQ. OF FINANCIAL ASSETS 2 CREDIT MARKET INSTRUMENTS 3 U.S. GOVERNMENT SECURITIES 4 STATE + LOCAL OBLIGATIONS 5 CORPORATE BONDS 6 BANK LOANS N . E . C 7 OPEN-MARKET PAPER 8 9 10 CORPORATE EQUITIES SECURITY CREDIT MISCELLANEOUS ASSETS .9 1.4 * * • 1.2 •2 * * * * * -.1 .8 .1 * -.1 -.5 .1 -1.2 .8 .3 .7 * 8 -.6 9 .6 10 5.584 1.997 1.719 .9 .2 * 2.2 4.2 .4 .7 .2 .3 2.2 -3.3 -.4 4.4 11 .3 12 1.0 13 1.389 -642 2.031 •6 1.0 -.4 -.9 -.3 -.6 1.2 .4 .7 2.2 2.2 2.3 14 -1.8 15 4.0 16 .1 -1.5 -.9 3.7 1.1 .2 .5 .1 .1 .5 .2 .3 .2 .1 .9 * * * .1 * .3 .5 .1 .3 .2 * 1.0 17 BANKS IN U.S. POSSESSIONS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 CREDIT MARKET INSTRUMENTS 4 U.S. GOVERNMENT SECURITIES 5 STATE + LOCAL OBLIGATIONS 6 CORPORATE BONDS 7 HOME MORTGAGES 8 COMMERCIAL MORTGAGES 9 MISCELLANEOUS ASSETS 10 NET INCREASE IN DEPOSIT LIAB. 198 73 11 -2 100 20 53 -160 114 217 73 3 0 92 21 66 -176 141 103 62 113 -35 64 70 14 0 -72 103 68 114 -36 64 71 15 0 -79 -94 125 60 145 0 75 50 15 1 5 -80 198 217 103 103 117 125 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 117 72 139 -4 66 61 15 * * * * * .1 * * * .1 .1 * * * * .5 .3 .1 -.1 .1 * * .1 .1 1 2 3 4 5 6 7 8 9 SEPTEMBER 5, 1979 COMMERCIAL BANKING SUBSECTORS COMMERCIAL BANKING SUBSECTORS SJBSECTOR STATEMENTS FOR COMPONENT GROUPS IN COMMERCIAL BANKING SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 1977 1978 I 1 1978 I II IV III 1 1979 I II U.S.-CHARTERED 1COMMERCIAL BANKS 1 2 2.6 4,1 2.8 4.6 3.4 4.6 3.2 4.4 3 4 5 6 7 60.5 55.9 .7 -2.8 3.5 28.9 30.6 30.1 28.4 1.6 59.5 61.1 19.6 18.1 1.5 90.8 83.6 -1.3 -2.2 .9 8 9 5.2 1.0 1.6 1.8 2.6 -.6 9.2 -.3 10 11 12 13 14 15 49.0 12.3 3.4 33.8 1.6 -2.1 -2.9 3.7 3.1 -12.9 1.1 2.2 39.6 14.3 12.0 3.9 3.2 6.2 16 17 -.3 4.8 .8 -2.5 18 19 20 21 58.1 -1.5 -5.1 3.6 22 23 24 55.7 28.5 27.2 25 3.4 4.2 3.2 5.5 3.3 3.7 3.4 3.5 3.6 4.1 3.8 4.1 95.8 101.6 5.3 -2.3 7.5 141.1 129.9 13.0 8.0 5.0 122.5 108.9 7.1 -2.4 9.4 119.7 87.2 -24.9 -30.3 5.4 99.6 114.6 11.5 6.3 5.1 9.4 -.6 5.1 -.8 8.3 -.6 9.4 -.1 14.6 -1.0 11.8 .5 2.2 -.3 75.9 27.3 22.3 24.4 .2 1.8 98.1 35.2 26.9 41.2 -2.3 -3.0 92.1 29.5 24.1 46.0 -3.6 -4.0 109.2 36.9 32.7 34.3 1.1 4.2 92.5 38.9 25.6 32.7 .8 -5.5 98.4 35.3 25.4 51.7 -7.4 -6.6 90.9 32.6 24.1 22.6 4.3 7.3 120.4 32.0 23.3 50.5 -1.0 -.6 3.5 3.7 5.9 7.0 -3.7 -2.1 7.0 4.2 .4 13.2 19.9 12.6 -7.0 -8.1 3.0 3.6 27.0 4.5 -1.7 6.1 57.7 10.2 -.1 10.3 86.1 23.0 4.3 18.7 114.3 19.5 6.8 12.7 92.6 -3.3 -6.3 3.0 136.8 30.8 10.3 20.5 114.5 18.2 -2.5 20.7 113.5 32.4 25.6 6.7 93.9 -51.6 -28.6 -23.0 134.7 NET INCREASE IN LIABILITIES 66.8 DEMAND DEPOSITS, NET 45.0 U.S. GOVERNMENT OTHER 21.9 18 19 20 21 26.9 -10.1 37.1 39.9 -17.5 57.4 52.5 12.0 40.5 58.6 22.6 36.0 55.5 17.5 38.0 60.8 22.4 38.4 58.0 13.3 44.7 60.2 37.1 23.0 23.3 -13.4 36.8 9.4 -47.6 57.0 TIME DEPOSITS LARGE NEGOTIABLE CD'S OTHER 22 23 24 13.9 10.6 18.8 36.4 13.4 14.8 10.6 59.6 .5 FED FUNDS + SECURITY RP«S 25 -2.4 .2 .6 -9.6 6.3 10.6 .4 2.5 14.4 -6.7 11.2 5.1 -1.6 7.8 -.1 -5.0 5.1 2.1 -4.4 -7.8 53.5 -3.9 30.4 -4.1 53.4 3.9 39.0 -4.6 NET INTERBANK LIABILITIES F.R. FLOAT BORROWING AT F.R. BANKS TO FOREIGN BANKS TO DOMESTIC BANKS 26 27 28 29 30 1.2 1.4 .4 -.1 1.0 .2 .5 1.0 .1 .4 1.0 .3 -.1 .9 .2 -.2 CORPORATE EQUITIES CORPORATE BONDS PROFIT TAXES PAYABLE 31 32 33 MISCELLANEOUS LIABILITIES 34 119.8 106.9 •1 -6.7 6.8 2.8 CURRENT SURPLUS 4.1 PLANT + EQUIPMENT 139.1 NET ACQ. OF FINANCIAL ASSETS 132.4 TOTAL BANK CREDIT 10.0 U.S. GOVT. SECURITIES 5.8 TREASURY ISSUES AGENCY ISSUES 4.2 * 14.7 ST.+LOC. OBLIGATIONS CORPORATE BONDS TOTAL LOANS MORTGAGES CONSUMER CREDIT BANK LOANS N.E.C. OPEN-MARKET PAPER SECURITY CREDIT VAULT CASH * MEM. BK. RES. MISCELLANEOUS ASSETS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 1.6 1.5 26 27 28 29 30 -4.5 -1.1 -1.0 -2.2 -.2 -6.7 1.7 -.1 -8.4 .1 -10.4 -1.1 -.2 -8.9 -.2 -6.7 1.2 .2 -1.7 -6.5 3.6 2.7 .9 2.1 -2.1 31 32 33 1.0 .2 .1 1.0 .2 -.3 1.6 .7 .6 .6 - - 1.1 .2 .3 34 5.5 .1 1.8 5.6 12.2 4.8 19.7 10.7 13.7 8.0 35 36 -3.8 58.1 -3.7 28.4 -2.9 54.9 -6.0 81.8 -6.3 109.9 -5.4 105.6 -4.8 125.7 -8.1 114.4 -6.7 93.8 -6.0 107.4 -5.6 DISCREPANCY 117.7 MEMO: CREDIT MKT. FUNDS ADV. 35 36 .8 NET ACQ. OF FINANCIAL ASSETS .8 BANK LOANS N.E.C. 1 2 * .4 DOMESTIC AFFILIATES OF COMMERCIAL * * 26.8 BANKS .6 •6 -1.0 -1.0 -2.1 -2.1 1.4 1.4 .3 .3 -3.5 -3.5 -.3 -.3 -.3 .6 1.3 .5 -.7 -1.0 -4.5 6.7 -3.2 -2.1 -4.0 3.6 -1.6 1.4 -4.0 8.0 -2.6 .3 -.8 3.9 -3.6 -3.5 -10.0 11.3 -4.8 -.3 2.0 2.4 -4.7 .8 NET INCREASE IN LIABILITIES NET INTERBANK CLAIMS -6.0 10.1 COMMERCIAL PAPER ISSUES -3.3 MISCELLANEOUS LIABILITIES 3 4 5 6 19.2 17.0 .1 -.1 .2 16.0 .7 30.3 28.6 .9 -.1 .1 27.2 .5 12.9 11.0 -.8 25.2 NET ACQ. OF FINANCIAL ASSETS 21.5 CREDIT MARKET INSTRUMENTS .9 U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS .1 .2 CORPORATE BONDS BANK LOANS N.E.C. 21.2 OPEN-MARKET PAPER -.8 1 2 3 4 5 6 7 1 2 •9 .9 -.5 -.5 -.3 -.3 3 4 5 6 .9 .2 3.5 -2.7 -.5 -.3 -.8 - FOREIGN BANKING OFFICES IN U.S. 1.6 1.1 -.2 1 2 3 4 5 6 7 6.3 .7 1.2 8 9 10 • -.1 1.4 • -.1 .6 .4 .4 .5 .3 11 12 13 8.5 1.2 1.1 1.6 .6 3.4 5.3 2.4 .4 14 15 16 4.6 2.0 2.6 -3.0 -1.4 -1.6 .7 8.5 7.2 .2 .1 * * * * 5.3 4.4 .5 21.8 19.6 .5 -.1 .1 18.1 1.0 19.8 17.1 -.1 -.1 .2 16.0 1.1 17.7 15.6 1.0 -.2 .1 13.3 1.5 .1 2.0 .1 .4 2.1 -.7 2.8 1.4 .8 -.7 2.4 -.2 2.1 5.7 3.0 2.2 21.8 2.5 6.4 19.8 1.3 5.2 17.7 1.7 3.2 19.2 2.4 8.1 30.3 4.4 9.2 12.9 3.4 2.8 2.2 3.0 -.9 -.2 .9 -1.1 10.6 3.4 7.3 10.2 -4.5 14.7 10.9 7.9 3.0 6.9 9.2 -2.3 14.4 .8 13.7 5.4 16.6 -11.2 8.0 -.8 8.8 NET INTERBANK LIABILITIES TO FOREIGN BANKS TO DOMESTIC BANKS .3 .7 2.3 3.0 2.0 1.7 2.3 1.4 1.4 MISCELLANEOUS LIABILITIES .5 NET ACQ. OF FINANCIAL ASSETS .2 DEMAND DEPOSITS + CURRENCY .6 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES .3 STATE + LOCAL OBLIGATIONS .2 CORPORATE BONDS .1 HOME MORTGAGES * COMMERCIAL MORTGAGES -.3 MISCELLANEOUS ASSETS * -.1 3.5 .5 * 5.7 4.9 -.1 * .2 4.7 .1 * * * * * * .4 10.6 .8 * * 2.3 1.4 CORPORATE EQUITIES SECURITY CREDIT MISCELLANEOUS ASSETS 25.2 NET INCREASE IN LIABILITIES 7.7 DEMAND DEP. IN MONEY STOCK 8.2 TIME DEPOSITS 8 9 10 11 12 13 14 15 16 BANKS IN U.S. POSSESSIONS 1 2 3 4 5 6 7 8 9 .1 -.2 .5 -.2 .2 * .1 .4 -.2 1.1 .1 .4 .1 .1 • • .2 .6 BILLIONS OF DOLLARS. .4 -.2 .6 .1 .4 .1 .1 -.1 -.1 .8 .5 .3 .2 -.1 .1 * * .1 .6 .3 .2 -.1 .3 .2 .1 -.3 .1 11/79 BASED ON INCOMPLETE .8 .3 * * .4 .1 .2 -.6 .5 .9 .3 * .4 .1 .3 -.7 .6 .4 .2 .5 -.1 .3 .3 .1 .4 .3 .5 -.1 .3 .3 .1 -.3 -.3 .5 .3 .6 * .3 .2 .1 * -.4 .8 .9 .4 .4 .5 INFORMATION. .5 NET INCREASE IN DEPOSIT LIAB. 1 2 3 4 5 6 7 8 9 10 SEPTEMBER 5, 1979 NONBANK FINANCE SUMMARY 20 NONBANK FINANCE PRIVATE NONBANK FINANCIAL SUMMARY INSTITUTIONS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 I II 1 IV III 1 1979 I II 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 PRIVATE NONBANK FINANCIAL INSTITUTIONS - TOTAL 3.087 448 3.451 443 3.511 -2 3.286 540 3.402 536 3.865 690 .1 1.2 2.2 1.2 4.8 1.6 5.0 2.2 4.7 2.0 1 2 44.682 -1.179 4.395 3.400 51.235 888 168 29 50.815 1.004 1.494 983 52.844 1.596 1.724 -419 57.702 -996 5.220 7.183 63.343 470 3.584 -1.115 47.5 -.4 -.6 .4 56.4 .4 1.1 .9 86.1 .7 2.4 .1 106.4 1.4 1.8 .9 90.5 * .1 4.3 3 4 5 6 -1.303 38.295 4.223 3.341 9.049 13.365 1.231 7.086 504 45.844 3.575 3.515 8.556 20.010 6.851 3.337 3.539 39.419 5.623 3.655 5.763 17.505 5.870 1.003 4.771 44.586 4.163 3.697 8.272 17.466 6.453 4.535 1.432 43.654 8.937 3.191 7.414 12.268 2.357 9.487 3.428 52.151 4.188 3.666 10.077 19.056 6.188 8.976 12.1 38.5 -1.8 .9 8.0 16.6 5.0 9.8 11.4 41.4 3.0 1.9 12.2 17.9 1.7 4.7 19.3 59.1 .2 4.0 13.5 32.3 5.2 3.8 16.5 78.1 5.3 4.6 12.1 44.0 6.8 5.5 13.0 76.7 1.3 3.6 11.2 44.8 8.8 6.9 7 8 9 10 11 12 13 14 295 300 1.941 1.919 310 1.404 2.148 320 2.156 -2.575 330 2.713 39 340 3.052 650 350 2.611 -3.5 .4 .7 -1.3 .5 2.8 2.6 .3 1.1 3.7 1.2 3.0 18 NET INCREASE IN LIABILITIES 19 TIME + SAVINGS ACCOUNTS 20 SECURITY RP«S tS+L) INSURANCE + PENSION RESERVES 21 CORPORATE EQUITY ISSUES (1) 22 43.963 17.994 600 17.539 411 51.725 13.446 710 16.855 43 47.159 14.662 236 19.247 -146 48.335 13.071 584 16.990 206 54.191 20.188 -309 18.707 587 63.085 9.849 1.000 19.070 -260 50.2 7.9 56.5 17.0 82.1 40.5 19.9 6.3 21.4 4.6 24.5 2.9 102.5 46.0 .3 26.3 1.6 87.4 27.8 30.7 .3 18 19 20 21 22 23 24 25 26 27 28 29 30 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER MONEY MARKET FUND SHARES FHLB LOANS 3.334 2.234 503 133 -1.969 1.328 1.733 1.105 12.453 2.198 1.218 -39 2.246 2.834 1.339 3.996 5.500 1.456 -411 63 390 118 1.448 3.884 10.180 1.412 -484 -62 2.148 3.654 2.401 3.512 1.993 1.790 -391 -15 -3.603 5.001 7.212 -789 13.873 3.375 913 -8 1.951 4.452 7.895 3.190 12.6 1.0 .2 1.3 6.0 5.2 2.6 .6 .1 -.1 .6 4.5 2.9 2.0 .1 1.9 .3 12.9 4.0 1.2 .5 6.0 1.2 4.0 - 1.3 - -2.7 - -• 21.2 3.5 -1.5 .3 9.0 2.7 7.2 23 24 25 26 27 28 29 30 31 32 33 SECURITY CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES -3.781 523 5.610 2.476 7 4.396 71 504 5.637 236 411 4.256 -1.104 739 6.178 5.190 191 6.277 -3.1 .1 6.4 1.1 .2 6.9 1.2 -.1 8.6 4.3 .2 11.0 -143 -1.763 -645 2.917 1 CURRENT SURPLUS 2 PHYSICAL INVESTMENT 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS + CURRENCY 5 TIME + SVGS. ACCOUNTS 6 SECURITY RP«S 7 8 9 10 11 12 13 14 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT OTHER LOANS 15 16 17 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 34 DISCREPANCY 1.920 - * - - -4.3 15 .6 16 2.3 17 -3.4 31 .1 32 10.8 33 (1) INCLUDES INVESTMENT COMPANY SHARES. SAVINGS INSTITUTIONS COMBINED 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 TIME DEPOSITS 5 SECURITY RP«S 6 7 8 9 10 11 12 13 14 15 16 17 18 19 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVT. SECURITIES STATE AND LOCAL GOVT. SEC. CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL FARM CONSUMER INSTALMENT CREDIT CONSUMER NONINSTAL. CREDIT MONEY MARKET INSTR. MISCELLANEOUS ASSETS 20 NET INCREASE IN LIABILITIES 21 SAVINGS ACCOUNTS 22 SECURITY RP'S CR. MKT. INSTR. (SVGS+LN) 23 PROFIT TAX LIABILITY 24 25 MISCELLANEOUS LIABILITIES 1.013 1.055 1.093 1.111 1.147 1.132 1.6 1.5 1.9 2.2 2.8 1 22.676 -406 2.076 1.938 20.797 274 -1.161 198 21.230 110 -1.617 735 17.564 396 -497 -301 21.111 103 1.909 4.961 18.109 -111 -407 99 14.0 -.2 -.6 .2 20.8 43.3 -.2 2.8 .7 51.6 .4 1.9 .5 37.9 -.1 -.7 2.0 2 3 4 5 103 17.833 3.303 -55 241 -9 21.172 -500 210 145 -64 20.986 2.673 228 -227 38 15.868 551 199 -91 30 12.015 1.043 -171 201 28 16.688 -1.124 66 -593 .2 14.6 -.4 .3 17.4 1.3 •3 1.2 .5 39.4 3.6 .2 3.9 .6 47.3 3.5 .5 2.1 .4 6 35.1 7 .7 8 .1 9 -1.1 10 13.061 10.588 1.373 1.099 1 17.372 15.335 1.061 975 1 14.979 12.780 1.335 863 1 13.749 11.795 1.000 953 1 9.652 7.795 883 974 0 16.216 13.192 1.434 1.589 1 12.2 9.3 1.5 1.3 11.7 8.0 2.2 1.5 27.6 17.7 5.5 4.5 -.1 37.4 27.5 4.7 5.1 32.7 24.5 3.3 4.9 * 11 12 13 14 15 1.433 11 -161 1.132 3.582 150 213 323 2.836 140 357 1.080 2.040 58 -638 2.060 770 16 504 2.093 1.653 169 301 1.812 2.0 .2 .3 -.3 1.4 .1 1.7 1.8 2.6 .2 1.2 .1 3.1 .2 .4 1.0 3.6 .6 -1.4 1.2 16 17 18 19 21.432 17.994 600 1.450 118 1.270 19.373 13.446 710 5.606 73 -462 19.807 14.662 236 3.805 113 991 16.289 13.071 584 3.451 112 -929 19.814 20.188 -309 -1.381 141 1.175 16.969 9.849 1.000 5.281 100 739 12.6 7.9 19.6 17.0 41.6 40.5 49.1 46.0 .3 1.7 35.1 27.8 6.0 * 1.2 20 21 22 23 24 25 26 DISCREPANCY 11/79 BASED ON PRELIMINARY AND INCOMPLETE * * * .6 4.1 * 1.0 .1 * * * .7 1.8 - -.1 .1 1.1 * * 1.1 * 26 INFORMATION. SEPTEMBER 5, 1979 NONBANK FINANCE SUMMARY NONBANK FINANCE PRIVATE NONBANK FINANCIAL SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 SUMMARY 21 INSTITUTIONS 1977 1978 1 1978 1 PRIVATE NONBANK FINANCIAL III II I IV I 1979 I II INSTITUTIONS - TOTAL 1 2 4.7 2.6 3.9 5.4 6.4 3.8 11.0 1.6 13.3 1.4 12.8 1.8 13.3 1.8 13.6 3 4 5 6 76.5 .4 5.7 1.3 113.1 .5 4.2 -1.4 153.2 1.0 -2.3 1.9 190.8 .9 3.8 3.0 199.6 2.3 7.8 4.0 188.2 -2.0 11.9 13.6 202.3 4.3 2.9 .1 7 8 9 10 11 12 13 14 5.8 58.9 2.7 1.6 16.9 23.6 5.3 8.7 9.5 93.1 21.6 6.0 25.6 29.2 5.7 5.1 12.3 130.7 25.0 8.8 31.2 47.9 11.0 6.8 7.4 168.2 22.2 11.9 36.0 70.4 15.1 12.7 7.5 168.1 17.6 14.2 31.6 68.3 20.4 16.0 .7 161.2 1.3 13.4 41.6 65.9 17.0 21.8 15 16 17 -1.6 .5 4.4 1.0 •6 5.2 4.6 1.2 4.0 2.8 1.1 3.6 1.8 1.3 8.2 18 19 20 21 22 76.3 22.1 1.5 33.4 -.7 113.2 59.4 .1 39.7 -.4 146.5 69.2 -.1 47.9 -.6 178.9 69.9 1.9 58.7 .3 23 24 25 26 27 28 29 30 12.3 1.9 -1.4 .2 4.6 .3 2.4 6.7 -1.9 2.8 1.9 .4 -3.7 .7 1.3 -4.0 4.6 5.2 1.7 .4 -3.7 3.0 25.0 9.6 3.1 31 32 33 -2.9 • 8.3 2.9 .1 12.0 13.6 2.2 14.0 2.1 207.2 5.0 10.7 3.9 200.7 2.0 5.6 -1.7 241.7 -.9 14.7 28.7 250.6 NET ACQ. OF FINANCIAL ASSETS 2.6 DEMAND DEPOSITS + CURRENCY TIME + SVGS. ACCOUNTS 16.3 SECURITY RP'S -4.5 .1 177.4 27.4 14.3 32.2 70.2 21.8 11.4 13.5 156.3 20.0 14.3 25.5 67.4 19.4 9.6 15.8 177.7 21.5 14.7 27.3 69.9 23.3 20.9 11.7 184.1 18.7 12.9 35.5 63.0 23.5 30.7 11.5 203.1 31.9 15.0 37.9 66.1 18.8 33.5 1.2 1.2 6.2 7.7 1.2 7.9 8.6 1.3 8.8 -10.3 1.3 9.9 .2 1.4 10.7 2.6 1.4 12.7 191.2 59.2 2.1 70.6 .5 186.4 57.2 2.4 67.5 1.2 198.0 58.8 2.8 69.8 .6 194.6 64.2 .9 75.5 -.2 185.8 56.5 2.3 69.8 .4 228.5 66.0 -1.2 71.7 1.9 36.7 6.7 1.2 -.2 5.4 9.9 5.4 13.7 27.5 6.4 -.6 .3 1.7 7.2 5.8 12.6 -.2 4.5 9.0 9.6 11.0 27.5 8.5 -.7 -.1 -6.4 20.8 28.8 5.4 40.7 10.9 -.2 -2.0 31.3 10.0 2.7 .5 -.3 5.6 6.9 12.8 30.3 6.1 -.3 8.4 .2 4.3 31.5 7.3 .8 .1 2.8 7.9 6.9 12.5 7.9 .5 17.2 2.9 .7 19.3 -1.0 1.4 19.9 -3.4 1.0 22.1 6.0 1.5 16.4 -1.0 1.5 20.3 -5.6 1.8 20.8 7.5 1.9 24.3 * * * * -1.2 15.0 CURRENT SURPLUS 2.8 PHYSICAL INVESTMENT 1 2 3 4 5 6 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES ST.+LOC. OBLIGATIONS CORPORATE + FOREIGN BONDS MORTGAGES CONSUMER CREDIT OTHER LOANS 7 8 9 10 11 12 13 14 SECURITY CREDIT TRADE CREDIT MISCELLANEOUS ASSETS 15 16 17 243.1 NET INCREASE IN LIABILITIES 45.7 TIME + SAVINGS ACCOUNTS 4.0 SECURITY RP'S (S+L) 79.2 INSURANCE + PENSION RESERVES CORPORATE EQUITY ISSUES (1) -.5 18 19 20 21 22 4.4 15.6 31.6 10.0 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS OTHER MORTGAGES BANK LOANS N.E.C. OPEN-MARKET PAPER MONEY MARKET FUND SHARES FHLB LOANS 23 24 25 26 27 28 29 30 16.3 2.2 24.0 SECURITY CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 31 32 33 * 4.7 DISCREPANCY 34 (1) INCLUDES INVESTMENT COMPANY SHARES. SAVINGS INSTITUTIONS COMBINED 4.2 4.4 4.4 4.6 85.3 -1.7 2.7 7.8 82.0 1.6 -2.4 •8 85.7 .8 -1.7 2.9 76.0 .8 -3.3 -1.2 79.5 .4 1.4 19.8 71.9 NET ACQ. OF FINANCIAL ASSETS .1 DEMAND DEPOSITS + CURRENCY TIME DEPOSITS .3 .4 SECURITY RP'S .1 75.9 6.0 .6 .1 .4 73.3 .9 -.2 1.0 * 78.4 5.1 .8 .6 -.3 79.5 12.7 .9 -.9 .2 72.3 5.5 .8 -.4 .1 50.9 -9.1 -.7 •8 .1 61.4 3.6 .3 -2.4 59.2 50.5 4.8 3.9 63.0 51.6 6.3 5.1 • 59.4 52.7 3.4 3.3 56.1 47.6 5.1 3.4 58.2 50.1 4.4 3.7 50.8 41.8 4.3 4.6 54.3 43.7 4.8 5.8 • 9.9 .4 -.2 4.6 9.2 • -.6 3.0 11.0 .6 .9 3.6 8.8 .6 1.4 4.5 10.5 .2 -2.6 7.2 7.0 .1 2.0 6.9 83.5 69.9 1.9 9.9 .3 1.5 76.9 59.2 2.1 14.3 .4 .9 80.2 57.2 2.4 16.2 .4 4.0 76.5 58.8 2.8 16.6 .4 -2.2 80.3 64.2 .9 13.3 .4 1.4 70.6 56.5 2.3 11.1 .5 .2 74.2 66.0 -1.2 5.3 .5 3.6 -1.2 -1.1 -1.0 -1.2 -1.1 -1.0 -.7 1 2.1 1.9 2.4 3.4 4.3 4.1 2 3 4 5 30.7 .1 1.5 2.3 59.9 .3 5.0 -1.1 73.8 .2 -1.5 1.6 88.1 1.0 2.9 82.3 .4 -1.2 2.6 6 7 8 9 10 .2 24.2 .3 .9 .2 53.5 9.8 1.6 3.5 .1 70.8 10.6 .6 2.8 .4 82.0 7.5 .4 1.2 11 12 13 14 15 19.8 14.7 1.7 3.4 32.3 24.5 2.6 5-3 49.5 40.6 3.3 5.6 65.1 54.9 5.2 5.0 16 17 18 19 3.1 .2 -.2 2.5 4.8 .4 1.0 2.0 6.7 .3 .3 2.7 7.9 .3 -.3 1.9 20 21 22 23 24 25 28.6 22.1 1.5 4.8 .1 .2 57.9 59.4 .1 -2.3 .1 .6 70.6 69.2 -.1 .1 .2 1.2 26 .1 -.2 -.9 * * * BILLIONS OF DOLLARS. * * * * 11/79 BASED ON INCOMPLETE INFORMATION. * * * - 4.5 CURRENT SURPLUS 3.6 .7 1.2 9.5 1 2 3 4 5 6 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS 7 8 U.S. GOVT. SECURITIES 9 STATE AND LOCAL GOVT. SEC. 10 CORPORATE BONDS MORTGAGES HOME MORTGAGES MULTI-FAMILY COMMERCIAL FARM 11 12 13 14 15 CONSUMER INSTALMENT CREDIT 16 CONSUMER NONINSTAL. CREDIT 17 18 MONEY MARKET INSTR. 19 MISCELLANEOUS ASSETS 67.9 NET INCREASE IN LIABILITIES SAVINGS ACCOUNTS 45.7 4.0 SECURITY RP»S 15.0 CR. MKT. INSTR. (SVGS+LN) PROFIT TAX LIABILITY .5 2.8 MISCELLANEOUS LIABILITIES .6 DISCREPANCY 20 21 22 23 24 25 26 SEPTEMBER 5, 1979 SAVINGS INSTITUTIONS 22 SAVINGS INSTITUTIONS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.I UNADJUSTED NET FLOWS U 1978 II 1979 III IV I I II 1969 MILL.) BILLIONS OF DOLLARS 1970 1971 1972 SAVINGS AND LOAN ASSOCIATIONS 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 MORTGAGES 4 CONSUMER CREDIT OTHER ASSETS DEMAND DEPOSITS TIME DEPOSITS 9 10 11 12 13 CURRENCY U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE+LOCAL GOVT SEC. OPEN-MARKET PAPER FED. FUNDS + RP»S MISCELLANEOUS 14 NET INCREASE IN LIABILITIES 15 SAVINGS SHARES 16 SECURITY RP'S 17 18 19 20 21 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS BANK LOANS N.E.C. FHLB ADVANCES ZZ PROFIT TAXES PAYABLE 23 MISCELLANEOUS L I A B I L I T I E S 717 737 694 1.2 16.040 11.265 176 16.295 15.537 276 17.401 13.006 365 14.672 11.887 393 16.066 8.562 239 15.623 15.082 694 9.3 9.5 .3 14.1 9.8 .5 29.8 23.6 1.0 37.1 31.8 1.0 28.8 26.5 1.2 2 3 4 4.599 -40 416 482 58 -103 4.030 59 -112 2.392 33 188 7.265 522 946 -153 -82 -346 -.4 -.2 3.9 -.2 .4 5.3 -.2 1.7 4.4 .3 1.1 1.0 -.2 -.5 5 6 7 2.219 563 -77 -71 425 1.164 -1.121 675 52 241 425 255 27 2.291 56 106 561 1.042 -445 1.041 44 105 289 1.137 -821 1.305 38 711 2.694 1.870 -2.451 884 17 89 106 1.630 -1.5 1.2 -1.3 1.9 -.6 3.0 -.8 2.4 -1.6 2.3 * -1.3 1.3 1.0 8 9 10 11 12 13 15.187 12.192 600 15.287 9.594 710 16.364 11.819 236 13.726 10.604 584 15.214 15.972 -309 14.711 7.737 1.000 8.4 3.9 - - - 1.450 50 503 -208 1.105 5.606 428 1.218 -36 3.996 3.805 127 -411 205 3.884 3.451 61 -484 362 3.512 -1.381 119 -391 -320 -789 5.281 850 913 328 3.190 4.1 1.8 -.1 118 827 73 -696 113 391 112 -1.025 141 791 100 593 • .4 -321 -330 -229 -115 -218 15.660 15.851 13.025 10.034 14.315 * * .2 -.2 * .1 4.0 * 1.6 * * 1.5 1.0 .5 -.2 .5 .4 .6 13.3 10.9 29.0 27.8 35.5 32.6 .3 .6 -.1 1.3 * - 2.0 .7 -2.7 1.7 - 1.2 .4 * * 26.9 14 20.2 15 16 6.0 -1.5 .4 7.2 17 18 19 20 21 .6 .1 1.2 .9 * 22 .6 23 .3 .3 .4 -.1 .1 24 9.7 12.3 28.1 34.8 27.1 25 3.1 4.7 .1 .2 .1 10.4 -.1 .2 .2 .2 11.0 .1 .2 .1 .3 3.7 -.1 .4 .6 9.5 .2 1.1 .5 2.1 24 DISCREPANCY 25 MEMO: ACQ. OF CREDIT MKT. INST MUTUAL SAVINGS BANKS 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 TIME DEPOSITS 5 FED. FUNDS + SECURITY RP«S 3.675 -391 -20 1.513 2.213 195 -227 2.935 23 107 174 2.075 303 284 -590 3.681 -514 194 2.267 598 -168 -478 -7 -zz * * 6.0 .1 .2 .7 6 7 8 9 10 11 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE + LOCAL OBLIGATIONS CORPORATE BONDS 103 2.502 -218 702 22 241 -9 2.208 -373 327 158 145 -64 2.657 -132 503 172 -227 38 1.117 -222 173 155 -91 30 1.481 -136 668 -209 201 28 1.041 -214 617 49 -593 .2 2.8 -.6 .2 .3 1.2 .5 9.3 .1 .8 .2 3.9 12 13 14 15 MORTGAGES CONSUMER CREDIT COMMERCIAL PAPER MISCELLANEOUS ASSETS 1.696 149 -90 -32 1.735 244 -28 68 1.868 222 251 38 1.754 91 -743 923 979 185 -207 223 1.019 -49 212 182 2.7 .2 -.1 1.8 .1 .2 .2 3.9 .1 .2 .3 5.5 .1 -.1 .5 2.980 443 1.712 234 2.107 600 1.813 96 3.021 384 407 146 2.6 .2 4.4 .1 9.9 -.1 10.2 .2 .3 .3 2.0 .2 3.1 .1 3.5 3.2 .1 .6 .3 -.6 16 SAVINGS DEPOSITS 17 MISCELLANEOUS LIABILITIES * * * 2 3 4 5 .4 6 4.3 7 -.5 8 .1 9 * 10 -1.1 11 5.7 .3 -.1 .2 12 13 14 15 4.7 16 .6 17 18 DISCREPANCY CREDIT UNIONS .2 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 TIME DEPOSITS 5 SAVINGS + LOAN SHARES 2.961 25 12 1.668 2.289 21 21 -1.057 894 28 7 -1.619 817 60 -25 -944 1.364 95 -61 830 1.888 139 -104 521 1.6 6 7 8 9 1.256 37 100 1.119 3.304 -8 100 3.212 2.478 -16 105 2.389 1.726 4 108 1.614 500 27 111 362 1.332 40 115 1.177 2.1 .3 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES HOME MORTGAGES CONSUMER CREDIT 10 CREDIT UNION SHARES 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. .4 * 2.0 .2 2.9 .5 .2 1.7 1.4 .3 .1 1.0 1.8 Z.Z 3.6 .5 .4 2.7 1.4 1.7 2.9 3.3 2.9 10 * 9 SEPTEMBER 5, 1979 SAVINGS INSTITUTIONS SAVINGS INSTITUTIONS 23 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 1977 1 1978 1 1978 III II I IV I 1979 I II SAVINGS AND LOAN ASSOCIATIONS 1 1.4 1.2 1.5 2.3 2.8 2.7 2.7 2.8 2.9 2.9 2 3 4 23.6 17.6 .8 42.7 29.5 1.2 53.7 44.9 1.2 67.3 58.2 1.3 64.4 51.7 1.2 63.0 55.8 .9 63.8 52.1 1.2 67.6 48.2 1.2 63.2 50.7 1.5 63.7 46.4 1.2 61.4 NET ACQ. OF FINANCIAL ASSETS 49.8 MORTGAGES 2.9 CONSUMER CREDIT 5 6 7 5.2 .7 12.0 .3 4.5 7.6 .3 -1.4 7.8 -.2 .1 11.5 .1 .4 6.3 -.9 1.7 10.6 .4 -.4 18.2 .3 -.4 11.0 .6 .8 16.1 1.4 3.8 8.7 -.1 -1.4 OTHER ASSETS DEMAND DEPOSITS + CURRENCY TIME DEPOSITS 5 6 7 8 9 10 11 12 13 -1.4 1.2 .3 -.2 2.6 2.0 .7 4.1 1.0 .9 -1.0 1.4 5.2 .7 -.3 -.1 1.2 1.9 -.6 4.9 -.3 2.3 1.5 .7 4.6 .1 .4 1.7 3.6 -1.3 2.3 -.3 -.3 1.7 3.4 1.6 2.7 .2 1.0 1.7 3.3 2.0 9.2 .2 .4 2.2 4.4 .4 4.2 •2 .4 1.2 3.3 -14.3 5.2 •2 2.8 10.8 6.2 -2.9 3.5 .1 .4 .4 8.7 U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE+LOCAL GOVT SEC. OPEN-MARKET PAPER FED. FUNDS • RP"S MISCELLANEOUS 8 9 10 11 12 13 14 15 16 22.3 16.0 1.5 41.4 42.8 .1 51.5 50.2 -.1 64.2 50.9 1.9 60.6 44.2 2.1 59.4 39.3 2.4 60.0 43.0 2.8 63.6 49.0 .9 59.3 45.5 2.3 60.1 54.6 -1.2 17 18 19 20 21 4.8 -1.4 -.4 6.7 -2.3 .1 1.9 -.3 -4.0 .1 .1 1.7 .2 -2.0 9.9 1.2 3.1 1.4 4.3 14.3 .7 .8 .3 12.5 16.2 .2 2.7 .5 12.8 16.6 1.7 1.2 .1 13.7 13.3 .5 -.6 .8 12.6 11.1 .2 • -.1 11.0 .1 .7 .2 1.1 .3 1.1 .4 -.5 .4 1.1 .4 -3.0 .4 .5 -.1 22 23 24 25 - •1 -.1 * 18.3 * * 2.8 CURRENT SURPLUS 1 2 3 4 57.9 NET INCREASE IN LIABILITIES 36.3 SAVINGS SHARES 4.0 SECURITY RP'S 14 15 16 5.3 .5 -.7 .2 5.4 15.0 3.4 -.2 1.7 10.0 CREDIT MARKET INSTRUMENTS CORPORATE BONDS MORTGAGE LOANS IN PROCESS BANK LOANS N.E.C. FHLB ADVANCES 17 18 19 20 21 .5 .9 .5 2.2 PROFIT TAXES PAYABLE MISCELLANEOUS LIABILITIES 22 23 -.1 -.7 -.9 -1.1 -.9 -l.l -1.1 -1.1 -.7 37.4 51.7 63.5 58.6 57.1 58.8 61.2 57.4 41.5 -.7 DISCREPANCY 24 53.7 MEMO: ACQ. OF CREDIT MKT. INST 25 MUTUAL SAVINGS BANKS 1 .4 .4 .4 .7 .9 .8 .9 .9 .9 1.0 2 3 4 5 3.8 11.5 .1 .1 -.1 13.8 12.5 12.8 -1.0 -.1 6.1 10.2 1.1 -.1 -.9 12.1 .4 .4 .7 8.5 .6 10.9 .1 .3 .9 12.8 -1.4 .8 9.1 4.0 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY -.4 -1.9 TIME DEPOSITS FED. FUNDS * SECURITY RP'S .2 10.7 2.2 1.7 .6 3.5 .1 12.5 1.1 2.9 .9 2.8 .4 11.1 .1 2.6 .4 1.2 .1 8.5 -.9 1.7 .5 .1 .4 7.8 -2.0 1.7 .1 1.0 .1 5.4 -.3 3.2 .2 -2.4 * .2 -.3 * .4 * * 6 7 8 9 10 11 .2 3.1 -.4 .2 12 13 14 15 2.2 .2 .1 .5 2.3 .2 .1 .6 4.1 .3 .4 .7 6.5 .5 .3 7.1 .7 -.6 1.0 16 17 3.1 .3 11.2 -.1 13.0 .1 11.1 .4 8.6 1.4 18 .1 -.1 -.2 -.3 * .9 * * * - 1.1 -2.4 1.0 CURRENT SURPLUS * 1 2 3 4 5 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. TREASURY SECURITIES U.S.G. AGENCY SEC. STATE + LOCAL OBLIGATIONS CORPORATE BONDS 6 7 8 9 10 U MORTGAGES CONSUMER CREOIT COMMERCIAL PAPER MISCELLANEOUS ASSETS 12 13 14 15 9.8 -1.0 1.8 .6 .6 -.3 10.7 -.8 2.3 .7 -.9 1.0 .6 -.4 .1 3.6 -1.6 1.5 -.8 .8 6.8 .6 -.4 -.4 6.9 1.0 -.1 .3 7.5 .9 1.0 .2 7.0 .4 -3.0 3.9 3.9 .7 -.8 .6 4.1 -.2 .8 .8 9.0 2.9 8.3 .8 9.9 1.4 7.3 .3 9.2 2.6 3.7 SAVINGS DEPOSITS .6 MISCELLANEOUS LIABILITIES 16 17 -.1 -.1 .1 -.1 1.3 DISCREPANCY 18 4.4 .2 -.1 -5.1 3.0 .4 -.2 -2.9 6.4 .6 -.4 4.1 9.3 5.7 .1 .4 5.2 2.2 .2 .5 1.6 * .2 5.6 * CREDIT UNIONS .7 CURRENT SURPLUS 2 3 4 5 3.3 6 7 8 9 2.7 .4 .1 2.3 * .2 .4 5.8 -.1 .5 * 5.4 1.1 .5 3.8 6.4 -.1 -.2 .1 8.3 .1 .1 .9 6.6 .6 .5 5.5 7.3 .5 •4 6.4 7.0 .1 * 9.5 .1 * -2.0 1.0 8.8 8.3 .1 .4 7.8 * .4 8.3 8.0 .1 .1 -2.0 9.8 * .4 9.4 6.0 .1 4c -1.7 7.6 -.1 .4 7.2 * .4 8.9 ET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY TIME DEPOSITS SAVINGS + LOAN SHARES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES HOME MORTGAGES CONSUMER CREDIT 5.7 CREDIT UNION SHARES BILLIONS OF DOLLARS. 11/79 BASED ON INCOMPLETE INFORMATION. 1 2 3 4 5 6 7 8 9 SEPTEMBER 5, 1979 INSURANCE + PENSION FUNDS 24 INSURANCE + PENSION FUNDS SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) I 1978 II III IV I 1979 I BILLIONS OF DOLLARS 1970 1971 1972 II 1973 LIFE INSURANCE COMPANIES 1 CURRENT SURPLUS 2 PHYSICAL INVESTMENT 1.139 634 1.178 624 1.215 448 1.238 608 1.277 609 1.317 577 1.0 .8 1.3 1.0 1.6 1.2 2.0 1.1 2.3 1.2 I 2 3 NET ACQ. OF FINANCIAL ASSETS 4 DEMAND DEPOSITS + CURRENCY 9.170 -725 8.436 61 10.247 -28 7.947 929 10.153 -1.117 9.651 100 9.5 9.9 .1 12.7 14.4 .2 16.9 .1 3 4 3 9.274 363 -49 4.423 1.198 2.888 451 618 32 7.635 139 -59 5.191 2.077 -322 609 708 96 9.456 1.125 130 3.677 2.325 1.565 634 723 -243 6.544 421 329 4.009 3.567 -2.678 896 717 793 9.760 961 -143 4.397 2.257 1.274 1.014 717 -154 8.986 374 41 4.823 2.581 327 840 719 1.7 6.9 -.2 3.6 8.2 -.1 .1 5.5 1.1 .6 1.0 .9 3.5 9.7 .1 1.7 2.1 .8 2.5 .9 2.0 7.0 .1 .1 1.5 2.3 .8 2.2 .8 3.6 12.3 -.2 * 5.9 4.4 * 2.2 .9 5 6 7 8 9 10 11 12 13 9.290 2.841 5.197 309 943 8.985 2.782 4.975 -60 1.288 9.820 2.895 5.652 247 1.026 8.192 3.176 3.630 140 1.246 9.651 3.370 4.781 373 1.127 9.849 3.480 4.757 1 1.611 9.6 4.9 3.2 •1 1.4 9.7 5.4 2.8 .1 1.5 12.8 6.3 4.6 -.1 2.0 13.8 6.7 4.4 15.5 7.4 5.5 * 2.5 14 15 16 17 18 6.9 .1 .1 7.1 .2 -.4 6.7 .3 8.3 -.2 .8 1 2 3 4.6 2.0 .2 1.8 8.9 -1.6 -.3 -.8 -.5 7.3 -1.0 1.0 -1.0 -.9 .2 5.3 2.3 .7 1.9 -.4 .1 4 5 6 7 8 9 5 6 7 8 9 10 11 12 13 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES OPEN-MARKET PAPER POLICY LOANS MISCELLANEOUS ASSETS 14 NET INCREASE IN LIABILITIES 15 LIFE INSURANCE RESERVES 16 PENSION FUND RESERVES 17 PROFIT TAXES PAYABLE 18 MISCELLANEOUS LIABILITIES * * * * 7.0 1.5 .2 .9 1.0 * 2.6 19 DISCREPANCY PRIVATE PENSION FUNDS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS .+ CURRENCY 3 TIME DEPOSITS 5.072 23 1.454 3.527 23 872 6.137 23 2.131 4.893 23 1.040 5.620 23 1.074 5.415 23 1.006 6.3 4 5 6 7 8 9 -360 4.183 416 3.429 338 -228 276 2.185 261 1.849 75 171 2.680 1.181 428 653 100 122 2.736 1.033 1.000 -27 60 61 1.000 3.423 1.997 1.276 150 100 1.000 3.298 1.598 1.600 100 88 5.4 .8 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS MORTGAGES MISCELLANEOUS ASSETS * * * .6 •1 .1 * .1 * * STATE + LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 4 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES TREASURY AGENCY ISSUES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES 4.429 387 5.571 342 4.563 435 5.291 -95 4.936 551 5.418 246 5.5 -.1 6.4 .1 6.6 .1 8.5 .3 9.5 .4 1 2 635 3.407 2.027 828 1.199 -158 1.603 -65 648 4.581 1.953 1.628 325 346 1.794 488 753 3.375 1.269 828 441 -63 2.019 150 699 4.687 1.127 545 582 285 3.175 100 475 3.910 1.878 1.137 741 133 1.749 150 676 4.496 2.538 1.493 1.045 129 1.679 150 1.8 3.8 -.3 -.5 .2 -.1 4.0 .2 2.1 4.1 -.4 -.3 -.1 -.3 4.5 .3 3.2 3.3 -1.2 -1.2 .1 .1 3.9 .4 3.7 4.6 .3 -.3 .6 -.1 4.2 .2 3.4 5.7 •1 -1.1 1.2 -.3 5.2 .7 3 4 5 6 7 8 9 10 OTHER INSURANCE COMPANIES * 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY 4 5 6 7 8 9 10 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS COMMERCIAL MORTGAGES TRAOE CREDIT 11 NET INCREASE IN LIABILITIES 12 CORPORATE EQUITY ISSUES 13 PROFIT TAXES PAYABLE 14 POLICY PAYABLES 1.5 1.8 1.2 1 6.6 .1 7.9 6.4 * 2 3 1.0 3.8 2.5 3.8 .1 3.5 .3 3.0 3.7 .1 4.3 -.7 4.032 138 5.687 393 5.822 379 5.043 -585 4.631 150 3.0 359 3.952 -277 3.591 647 -9 300 450 3.134 -214 3.253 105 -10 310 452 4.522 616 3.513 392 1 320 723 4.390 1.230 2.709 426 25 330 860 4.428 1.009 3.244 142 33 340 672 3.459 -250 3.200 500 9 350 1.0 1.6 -.3 1.1 •8 .4 .5 .3 1.2 2.4 4 3.4 5 * 6 3.6 7 -.1 8 * 9 .6 10 3.509 252 68 3.189 3.680 265 11 3.404 4.019 278 68 3.673 4.141 291 54 3.796 4.173 304 87 3.782 4.131 317 34 3.780 3.9 .5 .1 3.3 3.9 .4 .1 3.4 4.1 .6 -.1 3.6 5.4 .5 .1 4.8 5.3 .5 * 4.8 11/79 BASED ON PRELIMINARY AND INCOMPLETE * * * 1.5 2.3 * * * * 11 12 13 14 * 15 15 DISCREPANCY .6 5.4 .1 4.103 -508 INFORMATION. SEPTEMBER 5, 1979 INSURANCE + PENSION FUNDS INSURANCE + PENSION FUNDS 25 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 I I 1978 1978 I II IV III I I 1979 I II LIFE INSURANCE COMPANIES 1 2 2.5 1.6 2.7 2.4 3.4 2.1 4.1 2.0 4.8 2.3 4.6 2.5 4.7 2.5 4.9 1.8 5.0 2.4 5.1 2.4 3 4 16.6 -.1 20.4 -.1 28.2 .1 31.2 .1 35.8 .2 36.1 -.1 35.3 .4 39.4 .5 32.3 .1 40.1 -1.4 39.9 NET ACQ. OF FINANCIAL ASSETS .6 DEMAND DEPOSITS + CURRENCY 5 6 7 8 9 10 11 12 13 2.3 12.9 .1 .3 4.0 4.9 1.1 2.7 1.4 1.9 16.9 1.7 .8 9.1 2.9 .7 1.6 1.7 3.0 23.7 1.5 1.1 16.9 2.4 .4 1.4 1.5 1.2 27.5 1.6 .5 18.8 5.2 -.3 1.7 2.5 -.1 32.9 2.0 .4 17.3 9.2 1.5 2.6 2.8 33.7 1.0 -.1 17.2 6.4 7.4 1.8 2.5 .1 32.0 1.5 .1 20.6 9.0 -1.7 2.4 2.8 .4 35.6 3.1 .2 17.8 10.1 1.9 2.5 2.9 -1.0 30.4 2.5 1.2 13.5 11.2 -1.7 3.6 2.9 3.2 35.5 3.4 -.5 17.4 10.7 .4 4.1 2.9 -.6 37.1 2.4 .5 19.1 11.1 .7 3.4 2.9 14 15 16 17 18 15.6 6.6 6.4 2.6 19.8 8.5 8.1 -.1 3.3 27.6 8.2 15.3 .1 3.9 30.3 11.4 13.9 .4 4.6 36.3 11.7 19.5 •6 4.5 37.2 11.4 20.8 .5 4.5 35.9 11.1 19.9 .6 4.3 39.3 11.6 22.6 .7 4.4 32.8 12.7 14.5 .7 4.8 38.6 13.5 19.1 .8 5.2 39.4 NET INCREASE IN LIABILITIES 13.9 LIFE INSURANCE RESERVES PENSION FUND RESERVES 19.0 .9 PROFIT TAXES PAYABLE 5.6 MISCELLANEOUS LIABILITIES 19 -.1 -.3 .6 1.1 2.9 3.1 2.8 2.9 3.0 1.1 * * 5.3 CURRENT SURPLUS 2.3 PHYSICAL INVESTMENT CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS MORTGAGES OPEN-MARKET PAPER POLICY LOANS MISCELLANEOUS ASSETS 2.4 DISCREPANCY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 PRIVATE PENSION FUNDS 1 2 3 10.7 4 5 6 7 8 9 2.3 5.6 1.1 4.5 * 2.7 * .1 11.8 .1 -1.3 11.2 .1 -.1 17.7 .1 2.5 19.6 .1 5.5 17.6 .1 5.8 16.5 .1 3.5 23.0 .1 8.5 21.4 .1 4.2 19.3 .1 4.3 24.6 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .1 4.0 TIME DEPOSITS 1 2 3 5.8 7.0 5.2 1.8 7.3 3.6 3.9 -.3 4.5 11.2 5.4 5.4 .4 -.5 5.3 8.6 2.1 5.9 .6 .1 -1.4 14.1 -1.0 13.7 1.4 -.9 1.1 11.1 3.4 7.4 .3 .7 10.7 3.2 .2 2.6 •4 .5 10.9 5.9 5.8 -.1 .2 .2 4.0 10.6 4.9 5.1 •6 .4 4.0 16.1 9.3 6.4 .4 .4 4 5 6 7 8 9 * .2 * .2 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS MORTGAGES MISCELLANEOUS ASSETS STATE + LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS 1 2 9.7 .5 11.3 -.4 13.1 3 4 5 6 7 8 9 10 2.6 6.7 .3 -.9 1.2 -.7 6.5 .6 2.4 9.3 1.6 1.0 .7 1.0 6.8 -.2 3.1 10.0 3.1 1.5 1.6 1.4 5.3 .2 * 15.7 .3 19.9 1.1 17.7 1.5 22.3 1.4 18.3 1.7 21.2 -.4 19.7 2.2 21.7 NET ACQ. OF FINANCIAL ASSETS 1.0 DEMAND DEPOSITS + CURRENCY 3.7 11.8 5.6 2.6 3.0 .2 5.6 .5 2.7 16.1 6.4 3.8 2.5 .4 8.6 .7 2.5 13.6 8.1 3.3 4.8 -.6 6.4 -.3 2.6 18.3 7.8 6.5 1.3 1.4 7.2 2.0 3.0 13.5 5.1 3.3 1.8 -.3 8.1 .6 2.8 18.7 4.5 2.2 2.3 1.1 12.7 .4 1.9 15.6 7.5 4.5 3.0 .5 7.0 •6 2.7 18.0 10.2 6.0 4.2 .5 6.7 .6 1 2 CORPORATE EQUITIES 3 CREDIT MARKET INSTRUMENTS 4 U.S. GOVERNMENT SECURITIES 5 TREASURY 6 AGENCY ISSUES 7 STATE + LOCAL OBLIGATIONS 8 CORPORATE BONDS 9 MORTGAGES 10 OTHER INSURANCE COMPANIES 4.1 CURRENT SURPLUS 2 3 4.7 .1 7.3 .1 14.9 .2 20.1 .3 19.6 .4 16.3 -2.0 18.9 .6 21.3 1.6 22.2 1.5 20.0 -2.3 21.7 NET ACQ. OF FINANCIAL ASSETS .6 DEMAND OEPOSITS + CURRENCY 4 5 6 7 8 9 10 -.5 4.6 .4 2.2 2.0 .9 12.5 3.1 5.4 3.9 .1 1.2 1.2 17.5 3.0 10.7 3.7 .1 1.1 2.0 16.0 1.4 13.1 1.6 1.4 15.7 -1.3 14.4 2.6 1.8 15.3 1.9 13.0 .4 1.8 16.6 1.0 14.1 1.6 .5 -.7 7.3 2.5 2.6 2.2 .1 .6 1.3 1.2 1.2 1.3 2.9 16.5 3.8 10.8 1.7 .1 1.3 3.4 17.5 3.8 13.0 .6 .1 1.4 2.7 17.0 2.2 12.8 2.0 * 1.4 11 12 13 14 5.8 .9 7.2 1.0 4.9 6.2 11.3 .9 .1 10.3 13.7 .9 .1 12.6 15.3 1.1 .2 14.1 13.9 1.0 .2 12.8 14.9 1.1 .2 13.6 16.0 1.1 .2 14.7 16.6 1.2 .2 15.2 16.6 1.2 .3 15.1 16.7 NET INCREASE IN LIABILITIES 1.3 CORPORATE EQUITY ISSUES .3 PROFIT TAXES PAYABLE 15.1 POLICY PAYABLES 15 .7 -.8 -2.7 -3.1 -.4 1.6 -.1 -1.4 -1.8 .5 • * * BILLIONS OF DOLLARS. * 11/79 BASED ON INCOMPLETE * INFORMATION. * * 2 3 CORPORATE EQUITIES 4 CREDIT MARKET INSTRUMENTS 5 U.S. GOVERNMENT SECURITIES 6 STATE + LOCAL OBLIGATIONS 7 CORPORATE BONDS 8 9 COMMERCIAL MORTGAGES 10 TRADE CREDIT -.9 DISCREPANCY 11 12 13 14 SEPTEMBER 5, 1979 FINANCE N.E.C. 26 FINANCE N . E . C . SECTOR STATEMENTS OF SAVING AND INVESTMENT UNADJUSTED NET FLOWS ( $ MILL.) UNADJUSTED NET FLOWS ( $ 1 1978 II I 1 CURRENT SURPLUS OF GROUP -56 243 III IV 239 i -9 1979 I 5 MILL.) II 1969 BILLIONS OF DOLLARS 1970 1971 1972 384 -2.5 -1.3 -.2 -1.0 -1.5 1 2.4 .2 2.2 1.7 .1 .4 5.4 .3 5.2 1.5 2.3 1.3 9.6 .3 9.4 1.7 3.5 4.2 11.8 .2 11.5 1.9 4.7 5.0 1 2 3 4 5 6 3.9 2.6 2.1 -.1 9.0 6.6 3.6 4.2 11.8 7 9.5 8 3.0 9 4 . 6 10 2 . 0 11 12 2 . 3 13 1973 FINANCE COMPANIES 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 CREDIT MARKET INSTRUMENTS 4 MORTGAGES 5 CONSUMER CREDIT 6 OTHER LOANS (TO BUSINESS) 7 NET INCREASE IN LIABILITIES 8 CREDIT MARKET INSTRUMENTS 9 CORPORATE BONDS 10 BANK LOANS N.E.C. 11 OPEN-MARKET PAPER 12 PROFIT TAXES PAYABLE 13 MISCELLANEOUS LIABILITIES 1.729 5.271 1.911 9.519 5.112 8.088 43 42 41 40 39 38 1.686 -668 -213 2.567 9.479 5.073 232 150 100 150 100 3.119 1.878 2.894 -1.174 4.355 5.024 1.571 3.352 4.366 3.584 8.7 .1 8.6 .8 2.8 5.0 2.625 2.379 2.291 1.217 1.305 7.144 7.015 1.790 2.500 2.725 2.156 1.973 1.320 7.437 7.205 1.429 2.082 3.694 3.970 3.748 1.709 -2.877 4.916 9.117 8.930 2.570 1.922 4.438 8.9 7.8 .9 .9 6.0 •6 4.7 2.7 2.5 .6 -.5 57 189 -15 144 68 164 110 112 40 147 1.0 * 1.3 * 2.0 * 2.4 5.229 1.870 551 102 76 107 8.050 -1.3 * REAL ESTATE INVESTMENT TRUSTS 1 PHYSICAL INVESTMENT 2 MULTI-FAMILY STRUCTURES 3 NONRESIDENTIAL STRUCTURES -186 -181 -61 -60 •125 4 NET ACQ. OF FINANCIAL ASSETS 5 HOME MORTGAGES 6 MULTI-FAMILY MORTGAGES 7 COMMERCIAL MORTGAGES 8 MISCELLANEOUS ASSETS -238 -121 -450 -149 -301 -68 -22 -46 -73 -24 -49 113 37 76 .3 .1 .2 .2 .1 .2 .4 .1 .3 1.1 .4 .8 .7 .2 .5 1 2 3 1.2 .2 .4 .6 1.9 .4 .8 .7 2.5 .2 .9 1.2 .2 5.0 .4 2.0 1.7 .8 5.6 .7 2.4 2.5 * 4 5 6 7 8 •1 2.9 1.0 1.9 .1 # 6.5 1.0 5.6 .3 .1 .2 9 10 11 12 13 14 .6 4.0 .7 - 15 16 17 18 25 -60 64 46 -25 -75 -362 -213 -378 -239 •211 -10 -25 -228 -100 249 246 -100 -227 -13 -34 -53 252 -25 -24 -75 -89 -278 - - 9 NET INCREASE IN LIABILITIES 10 CORPORATE EQUITY ISSUES 11 CREDIT MARKET INSTRUMENTS 12 MORTGAGES 13 MULTI-FAMILY RESIDENTIAL 14 COMMERCIAL -358 -340 -364 -220 -198 118 -87 59 98 133 172 140 -495 -168 -278 -476 -374 -338 2.2 1.5 .7 133 44 89 -39 -13 -26 63 21 42 -62 -20 -42 -15 -5 -10 -8 -3 -5 1.5 .8 .7 .2 .1 .2 .1 .1 6.3 1.7 4.6 .5 .2 .3 15 16 17 18 -107 -544 -20 9 -78 -38 -45 -218 -366 -296 -406 -299 .1 .4 .5 .1 23 19 109 22 16 -40 -21 85 -18 14 0 - - .4 .6 .8 .4 1.3 2.5 CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER MISCELLANEOUS L I A B I L I T I E S -40 -160 * - - OPEN-END INVESTMENT COMPANIES 1 CURRENT SURPLUS 2 NET ACQ. OF FINANCIAL ASSETS 3 DEMAND DEPOSITS + CURRENCY •192 -256 -551 -518 -219 -721 -16 32 31 -85 24 9 4 5 6 7 8 •947 -399 310 -597 -869 -911 771 70 111 -15 -34 160 -892 164 -70 -64 -164 -634 -758 962 626 138 505 -17 181 -22 -49 252 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER •199 900 -2.4 -1.1 -.7 -1.3 -1.0 1 2.6 -.1 1.7 .6 .1 -1.8 -2.2 2 3 1.7 .9 -.5 .2 1.2 1.2 .5 .2 .7 -.4 .4 -1.8 1.0 -.3 * * -.2 -2.3 .3 • -.9 1.2 4 5 6 7 8 -3.7 -.2 1 2 .1 .1 2.6 .3 .4 .2 -.1 .3 3.7 .3 .6 * .2 .3 -4.3 3 4 5 6 7 8 1.2 1.2 .7 .5 4.3 4.3 4.1 .2 -3.4 -3.4 -3.2 -.2 * 9 10 11 12 13 * * -.3 .6 -.3 .1 .2 -.3 1.4 4.4 9 NET SHARE ISSUES MONEY MARKET FUNDS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY 3 TIME DEPOSITS 4 5 6 7 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES OPEN-MARKET PAPER MISCELLANEOUS 8 NET SHARE ISSUES 1.733 1.339 1.448 2.401 23 865 -15 457 9 980 23 -17 34 1.181 2.237 2.985 678 237 441 167 944 145 799 -47 474 95 379 -15 1.095 4.761 1.401 3.360 4.606 231 270 1.733 1.339 1.448 2.401 126 969 102 7.212 7.895 934 3.672 7.212 SECURITY BROKERS AND DEALERS 1 NET ACQ. OF FINANCIAL ASSETS 2 DEMAND DEPOSITS + CURRENCY •3.800 2.493 287 -14 5.235 -3.2 -9 97 -10 -1.053 0 -17 -19 -.1 3 4 5 6 7 8 1.096 •2.999 •1.916 -688 -1.353 -513 -153 -687 2.148 1.415 1.461 -128 -857 -218 2.117 2.487 .3 .1 1.414 -2.575 -856 2.117 -.2 .3 .2 2.4 1.7 .6 .2 295 -494 1.077 1.806 -235 -494 1.919 39 650 •3.5 -1.3 •3.810 •3.781 •3.704 2.474 2.476 1.703 71 71 -607 -1.076 -1.104 -1.272 5.206 5.190 5.129 773 -2 678 0 168 28 61 16 -3.2 -3.1 -1.1 -2.0 1.1 1.1 2.1 -77 -29 273 236 173 63 37 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT 9 NET INCREASE IN LIABILITIES 10 SECURITY CREDIT 11 FROM BANKS 12 CUSTOMER CREDIT BALANCES 13 PROFIT TAXES PAYABLE 12 1.095 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 175 510 128 140 230 * -.1 -1.0 - * .1 -1.3 -1.6 * * * SEPTEMBER 5, 1979 FINANCE N.E .C. FINANCE N.E..C. 27 SECTOR STATEMENTS OF SAVING AND INVESTMENT SEASONALLY ADJUSTED ANNUAL 1RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1 1974 1975 1976 1977 1978 .4 -.1 -.2 .1 .4 I 1978 1 III II I .2 IV I 1979 I II 1.0 CURRENT SURPLUS OF GROUP .5 .5 .4 .4 1 FINANCE COMPANIES 1 2 3 4 5 6 5.2 .2 5.0 -1.9 2.0 4.8 1.6 .2 1.4 -1.3 .5 2.1 9.2 .2 9.0 -.4 4.0 5.4 18.9 .2 18.7 1.5 6.9 10.3 18.4 .2 18.3 -.2 10.2 8.3 13.3 .2 13.2 -2.6 7.8 7.9 16.8 .2 16.6 .4 10.2 6.0 16.6 .2 16.5 1.0 10.1 5.3 27.0 .2 26.8 .3 12.6 13.9 28.1 .2 27.9 .8 16.4 10.8 27.2 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .2 27.0 CREDIT MARKET INSTRUMENTS MORTGAGES 14.5 CONSUMER CREDIT 12.5 OTHER LOANS (TO BUSINESS) 7 8 9 10 11 12 13 5.9 6.0 1.8 .7 3.6 1.2 .5 2.7 -2.8 .6 8.0 6.4 5.3 -2.1 3.3 18.7 17.6 8.5 .7 8.4 .7 1.6 - 1.1 19.4 18.6 6.8 3.9 7.8 .2 .6 17.9 17.1 10.2 1.4 5.5 .1 .8 21.5 20.7 5.1 6.2 9.5 .2 .6 16.0 15.4 5.9 2.4 7.1 .2 .4 22.0 21.1 6.2 5.8 9.2 .3 .7 24.4 23.7 8.2 -5.0 20.4 .3 .4 28.1 NET INCREASE IN LIABILITIES CREDIT MARKET INSTRUMENTS 27.1 7.7 CORPORATE BONDS BANK LOANS N.E.C. 3.8 OPEN-MARKET PAPER 15.6 .4 PROFIT TAXES PAYABLE .6 MISCELLANEOUS LIABILITIES 7 8 9 10 11 12 13 .5 PHYSICAL INVESTMENT MULTI-FAMILY STRUCTURES .1 NONRESIDENTIAL STRUCTURES .3 1 2 3 - -.1 - * 1 2 3 4 5 6 REAL ESTATE INVESTMENT TRUSTS 1 2 3 1.1 .4 .7 3.0 1.0 2.0 1.6 .5 1.1 -.4 -.1 -.2 -.9 -.3 -.6 -.7 -.2 -.5 -.7 -.2 -.5 -1.8 -.6 -1.2 -.3 -.1 -.2 -.3 -.1 -.2 4 5 6 7 8 .5 -.2 .2 .2 .4 -3.6 -.5 -2.6 -1.8 1.2 -4.1 -.2 -1.7 -1.8 -.3 -2.6 -.2 -.8 -1.4 -.2 -.5 -.1 -.3 -.6 .5 -1.0 -.2 -1.0 -.8 1.0 .1 -.2 .3 -.9 1.0 .2 -.1 -.3 -.4 1.0 -1.4 -.9 -.1 -.1 -.3 -.4 9 10 11 12 13 14 1.4 -.9 1.5 .2 .1 .1 -.1 -1.3 -.1 .4 .1 .3 -2.2 -.5 -1.9 .4 .1 .3 -2.7 .3 -2.5 -1.1 .4 -1.4 .1 -.3 .2 -.7 -.2 -.1 -.1 -1.4 .4 -1.1 .3 .1 .2 -1.5 .5 -1.9 -.2 -.1 -.2 -.9 .7 -1.5 -.1 .1 -1.4 .5 -2.0 •5 .2 .4 15 16 17 18 .2 4.4 -3.3 .8 -.6 .1 1.3 -.2 -1.9 -.3 .2 -.1 -2.4 -.2 -1.4 .1 -.1 -.4 -2.2 .1 .1 -.1 -.9 .4 .1 -1.5 .1 -.6 -.3 -1.2 -.2 -.1 -.2 -1.6 .3 -.1 -.9 _ * * • * -.5 • * • -.1 -.4 -.9 * * -1.5 NET ACQ. OF FINANCIAL ASSETS HOME MORTGAGES -.1 MULTI-FAMILY MORTGAGES -.1 COMMERCIAL MORTGAGES -.2 -1.1 MISCELLANEOUS ASSETS -.8 NET INCREASE IN LIABILITIES •6 CORPORATE EQUITY ISSUES -1.4 CREDIT MARKET INSTRUMENTS MORTGAGES MULTI-FAMILY RESIDENTIAL COMMERCIAL * * * -.2 -1.2 .1 - CORPORATE BONDS BANK LOANS N.E.C. OPEN-MARKET PAPER MISCELLANEOUS LIABILITIES 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 OPEN-END INVESTMENT COMPANIES 1 -.2 -.3 -.3 -.5 -.5 -.5 -.4 -.5 -.7 2 3 -1.0 -.2 -.3 .1 -1.3 .1 -1.4 -1.5 • -.8 -.1 -1.0 .1 -2.2 .1 -2.1 -.3 -.9 •1 4 5 6 7 8 -.5 -.3 .4 -.4 -.4 -1.1 .7 -2.5 1.1 1.0 -.2 2.2 -1.1 -3.8 2.4 .2 1.1 1.2 -1.6 .2 -.2 -.9 1.3 -3.8 3.1 .3 -.8 3.6 -1.6 .4 -.1 -.1 .6 1.2 -3.6 -.3 -.3 -3.0 -2.4 .7 -.7 -2.5 3.8 -3.5 2.5 .6 2.0 -.1 9 -.7 -.1 -1.0 -.9 -1.0 -.3 -.6 -1.7 -1.3 * * * * -.5 CURRENT SURPLUS 1 -2.9 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS • CURRENCY 2 3 -3.6 .7 -.1 -.2 1.0 4 5 6 7 8 * CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES CORPORATE BONDS OPEN-MARKET PAPER -2.4 NET SHARE ISSUES 9 MONEY MARKET iFUNDS 1 2 3 2.4 4 5 6 7 .8 .1 .6 8 2.4 1.6 * 1.3 * .5 .7 .8 -.1 .1 1.3 * * -.7 .6 .2 .4 * * .2 6.9 3.5* 6.9 .1 3.5 5.4 -.1 1.8 5.8 * .3 * 3.9 9.6 .1 4.7 28.8 -.1 8.9 31.6 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY .1 11.9 TIME DEPOSITS 1 2 3 3.2 .6 2.6 .2 2.7 .9 1.8 .7 3.8 .6 3.2 -.2 1.9 .4 1.5 -.1 4.4 .5 3.9 .4 19.0 5.6 13.4 .9 18.4 3.7 14.7 1.1 4 5 6 7 6.9 6.9 5.4 5.8 9.6 28.8 31.6 NET SHARE ISSUES 8 -.9 -5.5 -.1 7.8 -.1 16.5 NET ACQ. OF FINANCIAL ASSETS DEMAND DEPOSITS + CURRENCY -.1 1 2 -.1 -.3 .1 * .2 CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES OPEN-MARKET PAPER MISCELLANEOUS SECURITY BROKERS AND DEALERS 8.2 .2 2.9 1.2 1.0 -.1 -.1 1.2 1.0 .4 3.0 2.4 .3 .4 4.6 .3 -.2 -.7 .2 .3 2.8 -.9 -1.8 -.8 -.2 -.9 1.8 1.5 -6.1 -7.7 2.9 2.9 2.2 .6 8.0 7.9 6.5 1.5 .1 2.9 2.9 1.9 1.0 -.1 -1.0 -1.0 -2.4 1.4 -3.5 -3.4 -3.0 -.3 -.1 1 2 -3.1 -.1 3.2 3 4 5 6 7 8 -.6 -.8 .2 -.4 -.6 -1.6 9 10 11 12 13 -3.0 -2.9 -1.9 -1.0 -.1 * * BILLIONS OF DOLLARS. • -.9 * * 11/79 BASED ON INCOMPLETE -3.4 * 1.5 1.2 INFORMATION. 6.1 * * -3.9 2.4 7.2 -.9 -3.9 7.7 -3.4 -6.1 -2.1 -.6 -3.4 8.6 2.4 2.5 -.5 .7 2.4 -10.3 2.6 5.1 2.0 .5 2.6 .2 6.1 6.0 2.9 3.1 -1.0 -1.0 -3.7 2.7 -5.5 -5.6 -5.9 .3 .1 7.7 7.5 6.9 .7 .1 * * 6.2 7.7 .6 .9 6.2 2.6 CORPORATE EQUITIES CREDIT MARKET INSTRUMENTS U.S. GOVERNMENT SECURITIES STATE + LOCAL OBLIGATIONS CORPORATE BONDS SECURITY CREDIT 16.4 NET INCREASE IN LIABILITIES 16.3 SECURITY CREDIT 16.0 FROM BANKS .2 CUSTOMER CREDIT BALANCES PROFIT TAXES PAYABLE .1 3 4 5 6 7 8 9 10 11 12 13 SEPTEMBER 5, 1979 MONETARY AND INSURANCE RESERVES MONETARY AND INSURANCE RESERVES 28 FOREIGN EXCHANGE, TREASURY CURRENCY, INSURANCE RESERVES, AND INTERBANK CLAIMS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) I 1978 II IV III 1969 I BILLIONS OF DOLLARS 1970 1971 1972 GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS (1) 1 TOTAL U.S. RESERVES 2 U . S . GOLD STOCK AND SDK'S 3 U . S . GOVT.—EX. STAB. FUND 4 MONETARY AUTHORITY C2) 16 16 0 102 102 0 43 43 0 5 U.S. FOREIGN EXCHANGE POSITION 6 7 8 9 10 11 OFFICIAL FGN. CURRENCY HLDGS TREASURY MONETARY AUTHORITY NET IMF POSITION U.S. GOVERNMENT ASSET MONETARY AUTHORITY -203 2.107 -1.348 -1.413 65 4 4 0 1.145 2.103 -7 -7 0 1.0 1.0 - -.8 -1.2 .4 -1.3 -.7 -.6 62 14 48 4 12 -8 -58 -20 -38 4.348 2.762 1.586 2.017 -131 2.148 -342 470 -812 -.7 -.7 -.1 -2.2 -.4 -1.7 -.4 -.1 -.2 •324 •325 1 -436 -429 -7 -194 -196 2 -3.203 -3.200 -3 86 78 8 -77 -65 -12 1.0 1.0 -.4 -.4 -1.4 -1.3 * 9 * 10 * 11 TREASURY CURRENCY AND SDR CERTIFICATES 1 TOTAL U.S. GOVT. LIABILITY 2 MONETARY AUTHORITY ASSET 3 UNALLOCATED ASSETS 136 149 -13 97 85 12 179 180 -1 112 151 -39 276 268 8 823 795 28 .3 .1 .2 .6 .7 -.1 .5 .5 .5 .7 -.2 5.0 .1 4.9 5.5 .1 5.4 6.3 .1 6.3 6.9 .2 6.7 16.5 1.5 15.0 3.2 6.3 5.5 18.4 2.4 16.1 2.8 6.9 6.4 21.1 2.8 18.3 4.6 7.1 6.6 22.6 3.0 19.6 4.4 6.7 8.5 .3 .2 .1 1.8 2.1 -.3 4.1 3.6 .5 -1.0 -2.1 1.1 12.1 -4.8 1.0 -6.4 -6.2 -6.0 -6.0 -5.9 -.2 -4.6 -4.4 -4.9 -4.9 -.1 -3.7 1.6 -.7 -.5 -.5 -.2 .3 -3.8 5 -1.6 6 -2.7 7 -2.4 8 -.9 9 -.2 10 .6 11 -.2 .2 .5 .5 .7 .2 .1 .5 .4 -1.5 12 -.3 13 1.2 14 .3 .2 .3 15 * 16 .3 17 INSURANCE AND PENSION FUND RESERVES LIFE INSURANCE RESERVES: 1 NET CHANGE IN LIABILITIES 2 U.S. GOVERNMENT 3 LIFE INSURANCE COMPANIES 2.914 73 2.841 2.860 78 2.782 2.977 82 2.895 3.265 89 3.176 4 NET CHANGE IN ASSETS (HH) 5 6 7 8 9 10 PENSION FUND RESERVES: NET CHANGE IN L I A B I L I T I E S U . S . GOVERNMENT INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 11 NET CHANGE IN ASSETS (HH) 13.441 -1.257 14.698 5.197 5.072 4.429 15.532 1.459 14.073 4.975 3.527 5.571 22.510 6.158 16.352 5.652 6.137 4.563 14.355 541 13.814 3.630 4.893 5.291 13.441 15.532 22.510 14.355 3.463 93 3.370 3.579 99 3.480 3.463 3.579 13.640 -1.697 15.337 4.781 5.620 4.936 17.082 1.492 15.590 4.757 5.415 5.418 13.640 17.082 7.6 .2 7.4 1 2 3 25.4 5 2.1 6 23.2 7 5.5 8 8.3 9 9.5 10 NET INTERBANK CLAIMS -458 4.573 3.497 12.302 MONETARY AUTHORITY MEMBER BANK RESERVES VAULT CASH 1.270 1.030 2.300 286 20 266 -837 -1.090 253 7.722 4.393 3.329 -2.634 491 -3.125 -378 -1.333 955 COMMERCIAL BANKING TO MONETARY AUTHORITY TO FOREIGN BANKS, NET LIABILITIES, NET U.S.-CHARTERED BANKS DUE FGN. AFFILIATES LESS: DUE FROM AFF. 812 1.011 4.395 5.175 •4.206 1.098 3.108 4.287 1.682 4.856 4.180 2.493 42 -2.451 8.855 338 9.670 9.379 6.212 3.943 -2.269 -4.225 2.604 -4.708 -3.433 -3.284 1.468 4.752 14.936 -2.388 16.716 17.208 11.505 3.932 -7.573 8.444 156 8.859 9.897 9.500 1.573 -7.927 3.167 4.573 1.406 -149 1.357 1.506 5.703 5.868 165 397 3.591 3.194 1 NET CHANGE IN LIABILITIES 2 3 4 5 6 7 8 9 10 11 12.4 * 12.3 12.3 11.3 11.4 * 1.0 1.2 .2 - 12 13 14 FGN. BKG. OFF. IN U.S. DUE FGN. AFFILIATES LESS: DUE FROM AFF. -969 -300 669 1.687 1.444-243 15 16 17 LESS: DEP. AT FGN. BANKS U.S.-CHARTERED BANKS FGN. BKG. OFF. IN U.S. -780 -549 -231 -676 -795 119 -291 -291 0 1.275 782 493 492 -700 1.192 1.038 -1 1.039 * * * .1 .1 .1 .2 .2 18 19 20 21 22 23 24 TO U.S. BANKING, NET U.S.-CHARTERED BANKS LIABILITIES TO DOM. AFFILIATES TO FGN. OFFICES UNALLOCATED LESS:DUE FROM FGN OFF. 6.218 3.763 5.070 996 •2.144 6.218 1.307 -2.251 -1.701 616 1.000 1.867 -2.251 2.317 -1.153 -54 3.547 0 4.700 -1.153 3.601 -2.121 -4.087 3.940 2.500 3.561 -2.121 8.027 608 3.118 2.745 -500 2.637 608 -373 -571 -1.102 1.021 1.500 92 -571 2.123 -.1 .9 1.2 .6 .7 -.1 .3 .6 1.4 1.8 .1 1.1 .6 .5 -1.0 -1.5 .5 .3 1.2 -1.0 2.0 -4.5 -7.1 -4.4 -.4 .6 -4.5 2.7 -996 -1.000 3.451 1.307 -2.144 450 2.317 1.867 -1.099 3.601 4.700 4.466 8.027 3.561 -3.010 -373 2.637 2.031 2.123 92 -.4 .3 .7 -.6 .5 1.1 .7 2.0 1.2 2.2 2.7 .6 29 NET CHANGE IN ASSETS 30 REST OF THE WORLD 31 DOMESTIC 32 MONETARY AUTHORITY F.R. FLOAT 33 34 LOANS TO MEMBER BANKS -6.676 -4.395 -2.281 -1.011 -1.078 67 6.824 4.856 1.968 1.682 586 1.096 9.171 9.670 -499 338 401 -63 5.618 -4.708 10.326 2.604 2.797 -193 11.694 16.716 -5.022 -2.388 -2.179 -209 8.637 8.859 -222 156 -439 595 12.6 12.3 .3 -3.6 -6.4 2.8 1.0 .8 .2 -.7 -4.6 3.9 -.2 .1 -.3 -.2 -.7 .6 1.6 -.4 1.9 35 36 37 -1.270 1.030 -2.300 286 20 266 -837 -1.090 253 7.722 4.393 3.329 -2.634 491 -3.125 -378 -1.333 955 .3 .2 .1 1.8 2.1 -.3 4.1 3.6 .5 -1.0 -2.1 1.1 6.218 -2.251 -1.153 -2.121 608 DOMESTIC AFFILIATES 26 27 28 FGN. BKG. OFF. IN U.S. DUE TO U.S. BANKS LESS:DUE FROM U.S. BKS U.S.-CHARTERED BANKS MEMBER BANK RESERVES VAULT CASH 38 DISCREPANCY-FLOATS, ETC. (1) LINES 1 AN 2 EXCLUDE INCREASES IN SDR THROUGH ALLOCATIONS, WHICH OCCURRED IN JANUARY OF 1970, 1971, 1972, AND 1978. TRANSACTIONS IN SDR'S ARE IN LINE 2. ALSO EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY HOLDINGS, GOLD, SDR'S, AND IMF POSITION. THESE ALLOCATIONS AND REVALUATIONS ARE REFLECTED IN TABLES ON OUTSTANDINGS. (2) TREASURY GOLD STOCK. 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * * * -4.5 3.5 1.4 2.0 .5 -4.0 4.3 -.4 4.2 .5 8.3 2 3 4 18 19 20 21 22 23 24 4.0 26 8.3 27 4.2 28 -.8 -2.7 1.9 -1.6 -.9 -.7 29 30 31 32 33 34 3.5 35 1.4 36 2.0 37 SEPTEMBER 5 , 1979 MONETARY AND INSURANCE RESERVES MONETARY AND INSURANCE RESERVES 29 FOREIGN EXCHANGE, TREASURY CURRENCY, INSURANCE RESERVES, AND INTERBANK CLAIMS SEASONALLY ADJUSTEO ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 1977 1978 I 1978 I II III 1 1 IV 1979 II I GOLD AND OFFICIAL FOREIGN EXCHANGE HOLDINGS <1) 1 1.4 2 3 4 .2 .1 .1 .1 -.1 .1 .1 • 5 1.3 .5 2.5 * .1 .1 .2 .2 .1 .5 .4 .1 2.2 2.2 • 6 7 8 9 10 11 * * * 1.3 1.3 * .6 * * 2.5 .2 8.4 -1.7 TOTAL U.S. RESERVES -1.0 -1.0 -1.3 -.8 -.8 .2 -1.2 .1 -1.3 . 1 . 1 .1 .1 .4 .4 .2 .2 - - -5.4 -5.7 .3 .2 -1.0 -1.7 -1.0 4.6 8.4 -1.7 U.S. FOREIGN EXCHANGE POSITION 5 -.3 -.2 -.2 4.4 2.8 1.6 .2 .1 .2 -.2 -.1 -.2 17.4 11.0 6.3 8.1 -.5 8.6 -1.4 1.9 -3.2 6 7 8 .3 .3 -4.2 -4.2 -1.3 -1.3 -.8 -.8 -12.8 -12.8 .3 .3 -.3 -.3 * * * * • * -1.7 -1.7 * * * * * - * * U.S. GOLD STOCK AND SOR'S * U.S. G O V T . — E X . STAB. FUND - MONETARY AUTHORITY (2J * OFFICIAL FGN. CURRENCY HLDGS TREASURY MONETARY AUTHORITY NET IMF POSITION U.S. GOVERNMENT ASSET MONETARY AUTHORITY 1 2 3 4 9 10 11 TREASURY CURRENCY AND SDR CERTIFICATES 1 2 3 •4 .5 -.1 .9 1.0 * 1.2 1.4 -.2 .3 .6 -.3 .5 .6 * .5 .6 -.1 .4 .3 * .7 .7 * .4 .6 -.2 1.1 1.1 • 3.3 TOTAL U.S. GOVT. LIABILITY 3.2 MONETARY AUTHORITY ASSET .1 UNALLOCATED ASSETS 1 2 3 INSURANCE AND PENSION FUND RESERVES 1 2 3 5 6 7 8 9 10 6.7 •1 6.6 29.6 2.7 26.8 6.4 10.7 9.7 8.7 .1 8.5 34.9 3.7 31.2 8.1 11.8 11.3 8.4 .2 8.2 44.2 4.6 39.7 15.3 11.2 13.1 12.0 .3 11.7 11.7 .3 11.4 11.4 .3 11.1 11.9 .3 11.6 13.1 .4 12.7 13.9 .4 13.5 LIFE INSURANCE RESERVES: 14.3 NET CHANGE IN LIABILITIES .4 U.S. GOVERNMENT 13.9 LIFE INSURANCE COMPANIES 1 2 3 12.0 11.7 11.4 11.9 13.1 13.9 14.3 NET CHANGE IN ASSETS <HH> 4 53.7 6.4 47.3 13.9 17.7 15.7 65.8 6.9 58.9 19.5 19.6 19.9 59.4 3.2 56.1 20.8 17.6 17.7 61.8 3.1 58.7 19.9 16.5 22.3 78.8 14.9 63.9 22.6 23.0 18.3 63.4 6.3 57.1 14.5 21.4 21.2 60.3 2.1 58.2 19.1 19.3 19.7 PENSION FUND R E S E R V E S : 70.8 NET CHANGE IN LIABILITIES 5.5 U . S . GOVERNMENT 65.3 INSURANCE SECTOR 19.0 LIFE INSURANCE COMPANIES 24.6 PRIVATE PENSION FUNDS 21.7 ST.+LOC. GOVT, RTR. FUNDS 5 6 7 8 9 10 53.7 65.8 59.4 61.8 78.8 63.4 60.3 70.8 NET CHANGE IN ASSETS (HH) 11 3 5 . 4 NET CHANGE 11.6 .2 11.4 NET INTERBANK CLAIMS 24.5 18.5 19.4 53.9 2 3 4 -.3 -1.2 1.0 .8 .2 .6 -1.0 -.9 -.1 3.5 1.7 1.8 5.9 4.4 1.5 -3.7 -1.2 -2.6 7.0 6.9 .1 .4 -2.7 3.0 19.9 14.3 5.6 -7.0 -1.9 -5.0 3.0 1.2 1.8 5 6 7 8 9 10 11 .3 -2.1 -.2 .6 -1.6 2.6 4.2 -9.8 1.6 -9.9 -8.0 -7.1 -.8 6.3 -8.2 -1.3 -5.9 -4.0 -7.0 .7 7.6 -6.9 1.4 -.8 1.2 -1.3 3.5 4.8 9.7 3.6 5.4 5.0 1.2 4.4 3.1 3.8 .8 -14.0 -17.1 -11.7 -2.1 9.6 17.5 2.9 22.3 19.6 11.2 3.9 -7.3 18.2 3.5 17.0 15.9 6.6 7.8 1.2 -.6 7.2 -3.6 1.5 -1.2 7.8 9.0 60.9 -3.9 70.0 72.0 50.6 17.8 -32.8 32.3 -4.0 38.2 42.4 39.0 11.0 -28.0 12 13 14 2.2 4.5 2.3 -.9 .9 1.7 2.9 4.0 1.0 2.5 5.6 3.1 3.7 7.1 3.3 -5.4 2.4 7.8 8.4 6.2 -2.1 9.2 15.8 6.5 2.7 3.9 1.1 21.4 27.6 6.3 3.3 15.2 11.8 FGN. BKG. OFF. IN U.S. 12 DUE FGN. AFFILIATES 13 LESS: DUE FROM AFF. 14 15 16 17 .9 .6 .2 1.9 1.3 .6 1.8 1.9 -.1 2.0 .4 1.6 -.5 -.9 .4 -3.1 -2.2 -.9 -2.7 -3.2 .5 -1.2 -1.2 5.1 3.1 2.0 2.0 -2.8 4.8 4.2 LESS: DEP. AT FGN. BANKS 15 16 U.S.-CHARTERED BANKS FGN. BKG. OFF. IN U.S. 17 18 19 20 21 22 23 24 2.6 -.2 7.0 -.2 4.6 2.6 7.2 -1.5 .1 -1.0 -.2 3.7 -7.6 -6.5 -1.4 4.8 -1.0 3.9 6.1 -7.6 5.0 - 17.0 6.3 17.8 4.0 -3.2 17.0 11.5 -7.7 -6.7 5.0 4.0 8.7 -7.7 11.7 -2.4 -.1 15.1 1.5 -1.5 -.1 .7 -2.1 13.2 4.5 8.0 .7 15.3 17.5 -2.4 15.2 - -4.2 -7.8 14.8 10.0 9.0 -4.2 22.6 -5.3 3.9 9.3 -2.0 16.6 -5.3 5.4 -1.8 -4.6 7.8 6.0 3.6 -1.8 12.4 25 .2 - - - -4.5 -4.0 -4.0 - -10.0 2.0 -6.0 DOMESTIC AFFILIATES 26 27 28 2.6 7.2 4.6 -1.6 -.1 1.5 -.9 3.9 4.8 -1.1 5.0 6.1 7.3 15.3 8.0 14.7 11.5 -3.2 3.0 11.7 8.7 -2.3 15.2 17.5 13.7 22.6 9.0 -11.2 5.4 16.6 8.8 12.4 3.6 26 FGN. BKG. OFF. IN U.S. 27 DUE TO U.S. BANKS LESS:DUE FROM U.S. BKS 28 29 30 31 32 33 34 -2.6 -.2 -2.3 -2.1 -1.1 -1.0 -7.4 -9.9 2.4 1.6 1.7 -.1 -8.2 -5.9 -2.3 -1.3 -1.1 -.2 4.1 -.8 5.0 1.4 1.2 .2 14.9 5.4 9.5 3.6 2.7 .9 -16.9 -14.0 -2.9 •8 .2 .6 32.2 22.3 9.9 2.9 .4 2.5 20.9 17.0 3.9 3.5 5.1 -1.6 23.5 -3.6 27.1 7.2 5.1 2.1 59.2 70.0 -10.8 -3.9 -3.9 • 37.2 NET CHANGE IN ASSETS REST OF THE WORLD 38.2 -1.0 DOMESTIC -4.0 MONETARY AUTHORITY F.R. FLOAT -4.1 LOANS TO MEMBER BANKS 35 36 37 -.3 -1.2 1.0 .8 .2 .6 -1.0 -.9 -.1 3.5 1.7 1.8 5.9 4.4 1.5 -3.7 -1.2 -2.6 7.0 6.9 .1 .4 -2.7 3.0 19.9 14.3 5.6 -7.0 -1.9 -5.0 -7.6 .7 17.0 -7.7 -2.4 -4.2 -5.3 * - BILLIONS OF DOLLARS. - - * 4.2 IN LIABILITIES MONETARY AUTHORITY MEMBER BANK RESERVES VAULT CASH COMMERCIAL BANKING TO MONETARY AUTHORITY TO FOREIGN BANKS, NET LIABILITIES, NET U.S.-CHARTERED BANKS DUE FGN. AFFILIATES LESS: DUE FROM AFF. TO U.S. BANKING, NET U.S.-CHARTERED BANKS LIABILITIES TO DOM. AFFILIATES TO FGN. OFFICES UNALLOCATED LESS:DUE FROM FGN OFF. * 3.0 1.2 1.8 U.S.-CHARTERED BANKS MEMBER BANK RESERVES VAULT CASH - 1 . 8 DISCREPANCY-FLOATS, E T C . (1) LINES 1 AN 2 EXCLUDE INCREASES IN SDR THROUGH ALLOCATIONS, WHICH OCCURRED IN JANUARY OF 1 9 7 0 , 1 9 7 1 , 1 9 7 2 , AND 1 9 7 8 . TRANSACTIONS IN SDR'S ARE IN LINE 2 . ALSO EXCLUDED FROM THE TABLE ARE REVALUATIONS OF FOREIGN CURRENCY HOLDINGS, GOLD, SDR*S, AND IMF POSITION. THESE ALLOCATIONS AND REVALUATIONS ARE REFLECTED IN TABLES ON O U T S T A N D I N G S . 12) TREASURY GOLD STOCK. 11/79 BASED ON INCOMPLETE INFORMATION. 2 3 4 5 6 7 8 9 10 11 18 19 20 21 22 23 24 25 29 30 31 32 33 34 35 36 37 SEPTEMBER 5, 1979 MONEY AND DEPOSITS SUMMARY 30 MONEY AND DEPOSITS SUMMARY MONEY STOCK AND TIME AND SAVINGS ACCOUNTS UNADJUSTEO NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 I II 1 III 1 IV 1979 I 1969 II BILLIONS OF DOLLARS 1970 1971 1972 1973 DEMAND DEPOSITS AND CURRENCY 1 NET CHANGE IN ASSETS -26.614 26.678 5.467 22.699 -35.613 28.945 7.9 12.4 17.5 24.0 16.3 1 2 3 4 5 6 7 8 9 -20.451 -1.612 -18.839 718 -6.512 -2.713 -1.146 -9.186 15.425 36 15.389 7.293 2.710 1.136 995 3.255 488 -821 1.309 4.888 3.715 -1.526 1.016 -6.784 29.078 -27.375 2.149 -2.046 26.929 -25.329 5.331 -10.618 5.498 -1.613 1.964 -2.914 1.750 -962 12.386 -9.222 17.928 2.669 15.259 8.835 1.854 1.313 580 2.677 7.3 .3 7.0 -2.6 5.7 1.4 -.4 2.8 9.9 .5 9.4 8.8 1.1 -2.9 .5 1.9 14.4 -.2 14.6 13.0 -2.3 1.0 .9 2.0 24.4 1.6 22.8 14.3 1.8 1.7 1.5 3.5 17.8 2.9 14.9 15.3 •2 -.3 .4 -.6 2 3 4 5 6 7 8 9 4.979 -6.379 10 11 12 13 14 15 16 17 18 19 MONEY STOCK REST OF THE WORLD DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS ST.+LOC. GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT U.S. GOVERNMENT -6.163 11.253 NET CHANGE IN BKG. SYSTEM LIAB -26.614 MONETARY AUTHORITIES -1.573 U.S. GOVT. CASH + DEPOSITS -2.408 FOREIGN DEPOSITS -46 881 CURRENCY 26.678 10.448 6.853 -35 3.630 -25.041 -3.755 -1.566 -19.720 16.230 4.400 71 11.759 COMMERCIAL BANKING U.S. GOVERNMENT DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC -8.238 11.017 .6 2.5 3.1 -.4 5.467 6.028 4.998 -92 1.122 22.699 -35.613 -8.631 2.020 -12.513 1.674 229 -122 468 3.653 28.945 1.088 -2.420 19 3.489 7.9 3.3 .6 -.1 2.8 12.4 3.1 -.4 3.5 17.5 4.4 .9 .1 3.4 24.0 3.2 -1.1 -.1 4.4 16.3 3.4 -.5 -.1 3.9 11 12 13 14 15 -561 -19 -729 187 31.330 -37.633 6.134 -9.912 1.920 -1.924 23.276 -25.797 27.857 13.437 2.650 11.770 4.6 9.3 2.9 .6 5.9 13.1 2.2 -.3 11.2 20.8 .7 1.7 18.4 12.9 -1.0 3.0 10.9 16 17 18 19 * .4 4.2 * -1.5 10 TIME DEPOSITS AND SAVINGS ACCOUNTS 1 NET CHANGE - TOTAL 37.772 24.898 29.880 31.665 31.714 9.265 -1.5 55.0 81.9 88.4 78.5 1 2 3 4 5 6 7 19.778 4.385 14.491 6.860 7.631 902 11.452 5.589 5.352 2.827 2.525 511 15.218 3.322 9.917 12.590 -2.673 1.979 18.594 9.282 6.283 5.484 799 3.029 11.526 -584 -3.360 -11.900 14.649 9.597 1.638 -4.322 13.011 13.919 237 1.719 -9.5 -12.5 2.9 -3.6 6.5 .2 38.0 15.2 22.4 10.3 12.2 .4 41.4 8.7 32.4 5.1 27.3 .3 42.4 9.8 33.0 8.8 24.3 -.4 50.7 20.0 29.7 20.1 9.6 1.0 2 3 4 5 6 7 12.190 -3 4.154 898 -188 10.851 -401 -562 -ZZ 361 12.589 -2.650 2.826 -555 -105 8.427 5.013 1.666 824 -4 8.060 -3.156 2.691 -452 -7 2.532 -2.547 -2.707 -920 -5 .7 -5.4 -5.9 1.4 -.2 27.0 1.7 10.0 -1.7 .3 28.1 4.2 7.2 .3 .1 29.0 2.4 6.8 2.9 .1 35.3 8 4.7 9 7.2 10 2.8 11 -.2 12 2.727 416 -20 12 1.454 865 1.225 -103 -22 21 872 457 3.113 -112 107 7 2.131 980 2.668 188 284 -25 1.040 1.181 4.390 946 194 -61 1.074 2.237 3.063 -346 -478 -104 1.006 2.985 -.1 .7 .4 .2 1.5 1.7 .2 -.1 - 1.3 1.1 .2 .1 -.4 17.994 2.980 2.822 12.192 10.524 1.668 13.446 1.712 2.140 9.594 10.651 -1.057 14.662 2.107 736 11.819 13.438 -1.619 13.071 1.813 654 10.604 11.548 -944 20.188 3.021 1.195 15.972 15.142 830 9.849 407 1.705 7.737 7.216 521 7.9 2.6 1.4 3.9 4.4 -.4 17.0 4.4 1.7 10.9 10.5 .4 40.5 9.9 2.9 27.8 26.9 .9 46.0 10.2 3.3 32.6 32.0 .6 27.8 4.7 2.9 20.2 20.9 -.6 28.516 25.354 28.870 22.442 27.418 11.860 9.1 43.6 67.8 74.5 63.8 25 6.5 52.4 3.7 3.7 2.9 2.6 .3 16.7 16.7 15.3 8.6 2.4 2.3 1.3 .7 8 9 10 11 12 13 14 15 16 17 18 COMMERCIAL BANKING LIABILITY LARGE NEGOTIABLE CD'S OTHER AT COMMERCIAL BANKS LARGE SMALL AT FOREIGN BANKING OFF. ACQUIRED BY: HOUSEHOLDS NONFIN. CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT FINANCIAL INSTITUTIONS SVGS.+LN. ASSOC. MUTUAL SAVINGS BANKS CREDIT UNIONS PRIVATE PENSION FUNDS MONEY MARKET FUNDS 19 20 21 22 23 24 AT SAVINGS INSTITUTIONS MUTUAL SAVINGS BANKS CREDIT UNIONS SAVINGS + LOAN ASSNS. HELD BY: HOUSEHOLDS CREDIT UNIONS MEMO: TOTAL OF HOUSEHOLDS 25 TIME + SAVINGS ACCOUNTS * * - -.1 - * - .8 -.5 .2 .3 .8 - 13 14 15 16 17 18 19 20 21 22 23 24 MONEY MARKET MUTUAL FUND SHARES MONEY MARKET FUND SHARES LIAB.: FINANCE N.E.C. ASSET: HOUSEHOLDS 2 MEMO: TOTAL HOUSEHOLD DEPOSITS 30.967 33.986 1.448 2.401 35.206 30.174 24.012 28.590 FEDERAL FUNDS AND SECURITY REPURCHASE AGREEMENTS 1 NET CHANGE IN LIABILITIES 2 COMMERCIAL BANKS 3 SAVINGS + LOAN ASSNS. 9.224 8.624 600 5.329 4.619 710 4.469 4.233 236 1.877 1.293 584 13.933 14.242 -309 2.652 1.652 1.000 5.3 5.3 - - 4 NET CHANGE IN ASSETS 5 NONFINANCIAL CORPORATIONS 6 STATE + LOCAL GOVTS. 7 FEDERALLY RELATED CREDIT AG. 8 SAVINGS + LOAN ASSNS. 9 MUTUAL SAVINGS BANKS 7.573 4.173 0 1.462 425 1.513 779 -250 1.000 -169 425 -227 1.637 -346 1.000 248 561 174 1.477 1.896 0 -118 289 -590 10.406 1.399 1.824 Z.2ZZ 2.694 2.267 -410 435 270 -1.214 106 -7 2.6 Z.Z -Z.Z -3.1 1.0 .8 2.5 1.6 -.2 -.2 .8 .1 -.6 .5 .2 - -.4 3.527 3.062 2.7 -2.0 2.8 10 DISCREPANCY-UNALLOCATED ASSETS 1 1 / 7 9 BASEO ON PRELIMINARY AND INCOMPLETE INFORMATION. -4.2 -4.2 - .4 .1 .4 - 1 2 3 4 5 6 7 8 9 1.4 10 SEPTEMBER 5, 1979 MONEY AND DEPOSITS SUMMARY MONEY AND DEPOSITS SUMMARY 31 MONEY STOCK AND TIME AND SAVINGS ACCOUNTS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 1977 1978 1 I 197fl1 I II III IV I 1979 I II DEMAND DEPOSITS AND CURRENCY 1 6.6 15.6 23.2 31.0 28.2 5.4 51.2 38.7 17.6 -25.9 54.3 NET CHANGE IN ASSETS 1 2 3 4 5 6 7 8 9 11.2 2.8 8.4 7.2 1.0 -.7 .2 .6 12.9 -.3 13.2 3.9 6.2 •1 .6 2.4 20.2 3.2 17.0 14.9 1.5 -.6 •8 .3 30.0 2.4 27.6 22.6 .9 1.4 1.5 1.2 24.5 -.2 24.8 18.2 5.4 -1.1 2.6 -.3 14.5 .3 14.3 27.5 -7.1 -1.7 -1.7 -2.7 32.6 -.5 33.1 16.9 10.6 -1.4 4.7 2.4 31.4 -1.3 32.7 13.9 14.6 -1.7 5.1 .8 19.7 .6 19.1 14.6 3.6 .3 2.4 -1.8 -11.7 -.8 -11.0 -19.1 12.9 -1.8 -.6 -2.2 40.5 10.1 30.4 17.1 8.2 -1.0 3.0 3.2 MONEY STOCK REST OF THE WORLD DOMESTIC SECTORS HOUSEHOLDS NONFINANCIAL BUSINESS ST.+LOC. GOVERNMENTS FINANCIAL SECTORS MAIL FLOAT 2 3 4 5 6 7 8 9 10 -4.6 2.8 3.0 .9 3.7 -9.2 18.6 7.3 -2.0 -14.1 13.8 U.S. GOVERNMENT 11 12 13 14 15 6.6 7.0 .4 .2 6.3 15.6 10.6 4.5 31.0 4.9 -3.3 28.2 6.2 23.2 10.5 3.1 .2 7.3 8.3 6.3 -3.1 .1 9.3 5.4 7.4 -2.8 -.2 10.4 51.2 18.7 8.3 -.1 10.5 38.7 18.1 9.9 -.4 8.6 17.6 -19.1 -27.7 .9 7.6 -25.9 22.4 14.5 -.5 8.4 16 17 18 19 -.4 -5.1 2.6 2.1 5.0 -1.7 -.3 7.0 12.6 -.1 3.0 9.7 26.1 4.3 2.4 19.3 22.0 6.8 -.3 15.5 -2.0 -6.3 .5 3.9 32.5 10.3 -.4 22.6 20.6 -2.5 -1.0 24.1 36.8 25.6 -.3 11.4 -48.3 -28.6 -.3 -19.4 * * 54.3 NET CHANGE IN BKG. SYSTEM LIAB -20.3 MONETARY AUTHORITIES -31.1 U.S. GOVT. CASH + DEPOSITS .1 FOREIGN DEPOSITS 10.8 CURRENCY 74.6 45.0 10.0 19.6 COMMERCIAL BANKING U.S. GOVERNMENT DEPOSITS FOREIGN DEPOSITS PRIVATE DOMESTIC 10 11 12 13 14 15 16 17 18 19 TIME DEPOSITS AND SAVINGS ACCOUNTS 1 79.0 89.7 109.5 124.6 124.2 117.9 122.7 130.3 125.9 92.1 2 3 4 5 6 7 56.8 28.5 27.2 15.8 11.4 1.1 30.3 -10.1 37.1 -3.4 40.4 3.4 40.3 -17.5 57.4 -.3 57.7 .4 54.7 12.0 40.5 11.4 29.1 2.2 65.0 22.6 36.0 27.8 8.3 6.4 60.7 17.5 38.0 27.4 10.6 5.2 63.9 22.4 38.4 11.3 27.1 3.2 66.1 13.3 44.7 50.4 -5.6 8.1 69.4 37.1 23.0 21.9 1.1 9.2 26.1 -13.4 36.8 6.6 30.2 2.8 17.6 -47.6 57.0 -17.3 74.3 8.2 8 9 10 11 12 34.1 3.8 5.7 7.7 24.6 1.9 -2.0 1.5 .1 40.2 2.1 2.1 -1.9 .2 40.2 4.8 7.0 -.4 .1 44.1 2.0 8.1 1.1 •1 35.4 2.9 8.3 3.9 -.8 52.8 -1.6 6.9 -.4 1.4 50.8 -4.3 9.5 -2.0 -.4 37.2 10.8 7.6 3.1 16.9 -8.4 1.7 -1.6 19.7 -10.3 .1 -4.2 13 14 15 16 17 18 5.4 .7 .2 .2 2.7 1.6 4.2 4.5 .1 .5 -1.3 .5 -2.3 -1.4 3.0 .1 9.7 .4 .3 -.2 -.1 -.7 .1 2.5 .3 5.5 3.5 10.9 1.7 -.1 • 5.8 3.5 12.5 -.4 .4 • 8.5 3.9 10.7 .8 1.1 -.1 4.2 4.7 17.6 3.8 .8 -.2 4.3 8.9 12.3 -1.4 -1.9 -.4 4.0 11.9 19 20 21 22 23 24 22.1 3.1 3.0 16.0 15.6 .4 59.4 11.2 5.5 42.8 42.8 • 69.2 13.0 6.0 50.2 50.1 .1 69.9 11.1 7.8 50.9 50.0 .9 59.2 8.6 6.4 44.2 46.2 -2.0 57.2 9.0 8.9 39.3 38.3 1.0 58.8 8.3 7.4 43.0 45.0 -2.0 64.2 9.9 5.4 49.0 50.8 -1.7 56.5 7.3 3.7 45.5 50.6 -5.1 66.0 9.2 2.3 54.6 57.4 -2.9 45.7 3.7 5.7 36.3 32.2 4.1 25 55.9 84.0 109.3 109.2 105.2 91.6 113.6 116.8 98.8 85.8 * - * * 4.9 -.4 -.1 •1 3.5 1.8 * * 63.2 NET CHANGE - TOTAL * 1 COMMERCIAL BANKING LIABILITY 2 3 LARGE NEGOTIABLE CD'S 4 OTHER AT COMMERCIAL BANKS LARGE 5 6 SMALL 7 AT FOREIGN BANKING OFF. ACQUIRED BY: 8 HOUSEHOLDS NONFIN. CORPORATE BUSINESS 9 STATE + LOCAL GOVERNMENTS 10 FOREIGN 11 U.S. GOVERNMENT 12 FINANCIAL INSTITUTIONS SVGS.+LN. ASSOC. MUTUAL SAVINGS BANKS CREDIT UNIONS PRIVATE PENSION FUNDS MONEY MARKET FUNDS AT SAVINGS INSTITUTIONS MUTUAL SAVINGS BANKS CREDIT UNIONS SAVINGS + LOAN ASSNS. HELD BY: HOUSEHOLDS CREDIT UNIONS MEMO: TOTAL OF HOUSEHOLDS 61.3 TLME + SAVINGS ACCOUNTS 13 14 15 16 17 18 19 20 21 22 23 24 25 MONEY MARKET MUTUAL FUND SHARES 31.6 MONEY MARKET FUND SHARES LIAB.: FINANCE N.E.C. ASSET: HOUSEHOLDS 110.0 MEMO: TOTAL HOUSEHOLD DEPOSITS FEDERAL FUNDS AND SECURITY REPURCHASE AGREEMENTS 1 2 3 3.1 1.6 1.5 1.5 1.5 .1 13.8 13.9 -.1 12.5 10.6 1.9 20.9 18.8 2.1 38.8 36.4 2.4 16.2 13.4 2.8 15.7 14.8 .9 12.9 10.6 2.3 58.3 59.6 -1.2 4 5 6 7 8 9 -.8 -5.8 3.6 -1.0 2.6 -.3 -1.1 -.8 1.0 -.3 -1.0 -.1 4.2 2.3 5.2 1.2 1.0 .2 2.3 .6 11.5 5.5 2.0 1.4 1.7 .9 30.3 16.7 3.1 -1.0 4.0 -.7 1.7 -.9 6.5 -1.4 4.0 1.0 2.2 .7 5.9 7.6 41.6 5.6 7.3 8.9 10.8 9.1 - .3 1.2 .4 - 5.8 1.7 6.1 - -.5 1.2 -2.4 4.5 NET CHANGE IN LIABILITIES .5 COMMERCIAL BANKS 4.0 SAVINGS + LOAN ASSNS. -1.6 NET CHANGE IN ASSETS 1.7 NONFINANCIAL CORPORATIONS 1.1 STATE + LOCAL GOVTS. -4.9 FEDERALLY RELATED CREDIT AG. .4 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS * 1 2 3 4 5 6 7 8 9 6.2 DISCREPANCY-UNALLOCATED ASSETS 10 BILLIONS OF DOLLARS. 11/79 BASED ON INCOMPLETE INFORMATION. SEPTEMBER 5, 1979 U.S. GOVT. SECURITIES 32 U.S. GOVT. SECURITIES U.S. GOVERNMENT SECURITIES MARKET SUMMARY UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS (* MILL.) 1978 I II III IV 1 I 1979 I II 1969 BILLIONS OF DOLLARS 1972 1971 1970 1973 TOTAL NET ISSUES, BY SECTOR AND TYPE 1 TOTAL U.S.GOVERNMENT SECUR. U.S. GOVERNMENT 2 SPON. AGENCIES • MTG.POOLS 3 BY INSTRUMENT: TREASURY ISSUES 4 HOUSEHOLD SAVINGS BONDS 5 TREAS. EXCL. SAVINGS BONDS 6 7 8 9 10 11 OTHER BUDGET AGENCY ISSUES LOAN PARTICIPATIONS (1) SPONS. AGENCY ISSUES (2) MORTGAGE POOL SECUR. (2) 29.031 20.816 8.215 13.789 2.609 11.180 25.197 15.080 10.117 27.174 15.273 11.901 22.591 10.683 11.908 6.921 -4.593 11.514 6.2 -3.6 9.7 21.7 11.9 9.8 30.9 25.0 5.9 23.6 15.2 8.4 28.3 8.3 19.9 1 2 3 21.139 1.196 19.943 2.706 1.158 1.548 15.632 829 14.803 15.636 746 14.890 11.311 -129 11.440 -4.149 34 -4.183 -1.3 -.1 -1.2 12.9 .3 12.6 26.0 2.3 23.7 14.3 3.3 11.0 7.9 2.7 5.2 4 5 6 7.892 -323 0 11.083 -55 -42 9.565 -337 -215 11.538 -338 -25 11.280 -629 1 11.070 -347 -97 7.4 -.4 -1.9 8.8 .3 -1.3 4.9 .8 -1.8 9.3 1.8 -.9 20.4 .7 -.3 7 8 9 4.424 3.791 6.658 4.522 5.989 4.128 5.998 5.903 5.990 5.918 5.150 6.364 9.1 .7 8.2 1.6 1.1 4.8 3.5 4.9 16.3 10 3.6 11 21.7 -.1 1.1 1.1 -.2 30.9 TOTAL NET PURCHASES, BY SECTOR AND TYPE 1 TOTAL HOLDINGS, BY SECTOR U.S. GOVT. (AGENCY SEC.) 2 SPONSORED CREDIT AGENCIES 3 TREASURY MARKETABLE 4 FHLB SPECIAL ISSUE 5 AGENCY SECURITIES 6 29.031 1.955 7 -119 0 126 13.789 2.860 905 478 0 427 25.197 1.365 -505 -223 0 -282 27.174 1.550 183 345 0 -162 22.591 2.160 -548 -580 0 32 6.921 3.215 1.043 884 0 159 6.2 -1.3 -.6 -.6 .3 7 8 9 FEDERAL RESERVE SYSTEM TREASURY ISSUES AGENCY ISSUES -1.504 -1.242 -262 8.902 8.569 333 5.204 5.133 71 -5.285 -4.717 -568 181 378 -197 -448 -1.203 755 4.2 4.2 10 11 12 FOREIGN SHORT-TERM MARKETABLE OTHER 14.886 9.821 5.065 -4.945 -2.006 -2.939 1.422 -98 1.520 16.858 6.194 10.664 -4.977 -13.345 -4.131 -12.983 -362 -846 -2.0 -2.2 .2 13 14 15 TOTAL PRIVATE DOMESTIC TREASURY ISSUES AGENCY ISSUES 13.687 7.614 6.073 6.067 -1.396 7.463 17.711 9.300 8.411 13.868 3.150 10.718 25.775 16.490 9.285 16.456 9.515 6.941 * • * -.5 -.6 -.1 * 23.6 * -1.2 -1.2 -.1 * 28.3 * * -.1 * .1 1 2 3 4 5 6 9.3 8.6 .7 7 8 9 8.7 8.1 .6 .4 -.3 .7 9.3 7.8 1.5 26.3 13.9 12.4 8.4 1.3 7.2 .2 10 -5.7 11 5.9 12 5.8 -2.9 8.7 6.4 -2.5 8.9 -3.6 -7.8 4.2 16.0 7.4 8.5 18.8 13 -.8 14 19.6 15 - 5.0 5.0 - 16 17 18 19 20 PRIVATE DOMESTIC NONFINAN. TOTAL TREASURY ISSUES SAVINGS BONDS (HH) OTHER TREASURY ISSUES AGENCY ISSUES 9.212 7.000 1.196 5.804 2.212 1.788 -369 1.158 -1.527 2.157 12.231 8.247 829 7.418 3.984 10.014 5.083 746 4.337 4.931 15.218 10.755 -129 10.884 4.463 12.904 11.846 34 11.812 1.058 17.7 10.7 -.1 10.8 6.9 -7.3 -9.4 .3 -9.7 2.1 -10.9 -6.9 2.3 -9.3 -3.9 4.2 5.0 3.3 1.8 -.8 18.8 11.3 2.7 8.6 7.5 16 17 18 19 20 21 22 23 24 25 HOUSEHOLDS TOTAL TREASURY ISSUES SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES 8.745 7.161 1.196 5.965 1.584 436 -1.287 1.158 -2.445 1.723 10.100 7.123 829 6.294 2.977 7.739 4.276 746 3.530 3.463 14.773 10.783 -129 10.912 3.990 7.174 6.293 34 6.259 881 16.0 11.0 -.1 11.1 5.0 -6.4 -11.0 .3 -11.3 4.6 -10.2 -8.4 2.3 -10.7 -1.8 -.4 3.1 3.3 -.2 -3.5 18.8 17.2 2.7 14.5 1.6 21 22 23 24 25 26 27 28 NONFIN. CORPORATE BUSINESS TREASURY ISSUES AGENCY ISSUES -1.468 -1.826 358 -3.845 -4.028 183 -809 -941 132 -199 -267 68 -143 -116 -27 -60 21 -81 -3.1 -3.3 .2 .2 •6 -.5 2.5 2.8 -.3 -2.1 -2.2 .1 -3.4 26 -4.9 27 1.5 28 29 30 31 S. + L. GOVERNMENTS TREASURY ISSUES AGENCY ISSUES 1.935 1.665 270 5.197 4.946 251 2.940 2.065 875 2.474 1.074 1.400 588 88 500 5.790 5.532 258 4.7 3.1 1.7 -1.2 .9 -2.1 -3.2 -1.3 -1.8 6.7 4.1 2.6 3.4 29 -1.0 30 4.4 31 252 -1.107 1.359 704 -1.228 1.932 -143 -1.957 1.814 -309 -2.236 1.927 1.620 954 666 -636 -2.373 1.737 -10.0 -9.7 -.3 10.8 6.9 3.8 7.1 3.1 4.0 6.5 2.4 4.1 -1.3 32 -8.9 33 7.6 34 280 -26 -2 464 240 0 -130 22 -35 -496 223 -36 1.823 -199 -4 -859 223 0 -10.1 10.9 -.1 7.2 -.2 .2 6.0 .3 .2 -1.4 35 .2 36 -.1 37 4.223 3.575 5.623 4.163 8.937 4.188 -1.8 3.0 .2 5.3 1.3 38 39 TOTAL, ALL PVT. NONBANK FIN. TREASURY ISSUES 40 AGENCY ISSUES 41 4.223 1.721 2.502 3.575 201 3.374 5.623 3.010 2.613 4.163 303 3.860 8.937 4.781 4.156 4.188 42 4.146 -1.8 -3.9 2.1 3.0 .2 -4.0 4.2 5.3 3.0 5.3 1.3 39 -3.3 40 4.5 41 42 43 44 SAVINGS + LOAN ASSOCIATIONS TREASURY ISSUES AGENCY ISSUES 2.782 2.219 563 -446 -1.121 675 2.318 27 2.291 596 -445 1.041 484 -821 1.305 -1.567 -2.451 884 -.3 -1.5 1.2 .6 -1.3 1.9 2.5 -.6 3.0 1.6 -.8 2.4 .7 42 -1.6 43 2.3 44 45 46 47 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 484 -218 702 -46 -373 327 371 -132 503 -49 -222 173 532 -136 668 403 -214 617 -.5 -.6 .2 .4 -.1 .4 .9 .1 .8 1.4 .2 1.1 -.5 45 -.5 46 .1 47 48 49 50 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 37 1 36 -8 -10 2 -16 -11 -5 4 -4 8 27 7 20 40 14 26 .3 .2 .1 .3 .2 .5 .3 .2 .6 .5 48 .3 49 .2 50 51 52 53 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 363 -240 603 139 -151 290 1.125 189 936 421 -291 712 961 412 549 374 -134 508 -.2 -.3 .1 .1 -.1 .1 -.1 -.2 .1 .1 .1 -.2 51 -.4 52 .1 53 54 55 56 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 416 700 -284 261 -1.253 1.514 428 1.847 -1.419 1.000 281 719 1.997 1.483 514 1.598 932 666 .2 -.1 .3 -.3 -.2 .2 -.3 1.0 .9 .1 .7 54 .2 55 .6 56 57 58 59 S. + L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES 2.027 828 1.199 1.953 1.628 325 1.269 828 441 1.127 545 582 1.878 1.137 741 2.538 1.493 1.045 -.3 -.5 .2 -.4 -.3 -.1 -1.2 -1.2 .1 .3 -.3 .6 .1 57 -1.1 58 1.2 59 60 61 62 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES -277 40 -317 -214 -455 241 616 750 -134 1.230 605 625 1.009 650 359 -250 -650 400 -.3 -.5 .2 -.1 .1 -.2 .3 .1 -.3 .4 * 60 -.1 61 * 62 63 64 INVESTMENT COS. (TREASURY) MONEY MARKET FUNDS (TREAS) SECURITY BROKERS + DEALERS (TREASURY) 70 237 -15 145 -70 95 -164 126 138 1.401 -22 934 -.5 .2 -.3 .1 - - - - -1.916 1.806 -513 -128 510 32 33 34 35 36 37 38 65 COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES COMMERCIAL BANKS FOREIGN BANKING OFFICES BANKS IN U.S. POSSESSIONS PRIVATE NONBANK FINANCE (1) WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH AGENCY ISSUES. (2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET DEBT OF FINANCIAL INSTITUTIONS. 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * * • * * * * * * * * - * 63 64 SEPTEMBER 5, 1979 U.S. GOVT. SECURITIES U . S . GOVT. SECURITIES U.S. GOVERNMENT ' SECURITIES MARKET SEASONALLY SEASONALLY ADJUSTED ANNUAL ADJUSTED ANNUAL 1RATES 1 1974 33 SUMMARY 1975 1976 1977 1978 1 1 1978 II I Ill IV | RATES 1979 II I TOTAL NET ISSUES, BY SECTOR AND TYPE 1 2 3 34.3 11.9 22.4 98.2 85.5 12.7 88.1 69.1 19.0 84.3 56.9 27.4 95.2 53.8 41.4 101.4 66.6 34.8 98.6 56.5 42.2 93.3 52.8 40.4 87.5 39.3 48.3 73.8 25.3 48.6 4 5 6 12.0 3.0 9.0 85.8 4.0 81.8 69.1 4.7 64.5 57.6 4.7 52.9 55.1 3.9 51.2 67.9 4.7 63.1 56.9 4.4 52.5 55.0 3.5 51.6 40.7 3.1 37.6 27.8 -.5 28.3 7 8 9 22.2 .1 -.3 12.3 -.3 -.1 19.0 .1 -.1 26.7 -.5 -.2 40.1 -1.1 -.3 33.5 -1.3 41.8 -.2 -.2 38.2 -1.3 -.9 46.8 -1.4 -.1 46.1 -2.5 10 11 16.6 5.8 2.3 10.3 3.3 15.7 7.0 20.5 23.1 18.3 19.6 15.2 24.1 18.1 23.9 16.5 24.7 23.6 24.9 23.7 17.9 25.5 98.6 11.4 4.0 2.3 93.2 5.5 2.3 3.5 87.5 6.2 1.5 2.1 73.9 8.6 -8.1 -8.2 71.8 TOTAL HOLDINGS, BY SECTOR U.S. GOVT. (AGENCY SEC.) 12.9 SPONSORED CREDIT AGENCIES 4.5 TREASURY MARKETABLE 3.8 FHLB SPECIAL ISSUE AGENCY SECURITIES .6 - * 71.8 TOTAL U.S.GOVERNMENT SECUR. 28.4 U . S . GOVERNMENT SPON. AGENCIES + MTG.POOLS 43.3 BY INSTRUMENT: TREASURY ISSUES 30.2 HOUSEHOLD SAVINGS BONDS -.1 TREAS. EXCL. SAVINGS BONDS 30.3 4 5 6 41.5 -1.4 -.4 7 8 9 OTHER BUDGET AGENCY ISSUES LOAN PARTICIPATIONS (1) SPONS. AGENCY ISSUES 12) MORTGAGE POOL SECUR. (2) 1 2 3 10 11 TOTAL NET PURCHASES, 8Y SECTOR AND TYPE 88.1 3.7 1.5 1.5 1 2 3 4 5 6 34.3 2.5 .4 .3 -.4 - .1 .5 1.7 - -1.1 - -.6 - .1 7 8 9 5.2 2.0 3.2 8.4 7.4 1.0 10.0 9.1 .9 7.2 5.8 1.4 7.3 7.7 -.4 4.2 5.2 -1.0 22.3 20.9 1.3 16.4 16.1 .3 -13.5 -11.2 -2.3 12.9 13.7 -.8 -17.2 -20.2 3.0 FEDERAL RESERVE SYSTEM TREASURY ISSUES AGENCY ISSUES 10 11 12 3.7 7.6 -3.9 8.1 6.6 1.5 11.6 3.3 8.3 31.5 8.1 23.4 28.2 13.9 14.3 48.5 28.2 20.3 -5.5 6.3 -11.8 10.6 4.5 6.1 59.3 16.7 42.7 -32.5 -29.1 -3.4 -35.8 -34.4 -1.4 FOREIGN SHORT-TERM OTHER 13 14 15 22.4 6.0 16.4 75.7 68.8 6.9 61.3 47.0 14.3 44.1 23.8 20.3 51.3 18.7 32.7 46.4 20.2 26.2 66.4 39.1 27.3 58.5 24.9 33.6 34.0 -9.5 43.5 92.9 54.8 38.1 107.5 82.4 25.0 TOTAL PRIVATE DOMESTIC TREASURY ISSUES AGENCY ISSUES 16 17 18 19 20 18.9 11.0 3.0 8.1 7.9 24.1 27.6 4.0 23.6 -3.5 16.1 10.7 4.7 6.0 5.5 23.0 17.2 4.7 12.4 5.9 33.2 20.0 3.9 16.0 13.3 39.9 30.2 4.7 25.5 9.7 25.0 17.0 4.4 12.6 8.0 31.5 18.1 3.5 14.7 13.3 36.7 14.5 3.1 11.4 22.1 63.5 45.8 -.5 46.3 17.7 64.6 61.1 -.1 61.2 3.6 PRIVATE DOMESTIC NONFINAN. TOTAL TREASURY ISSUES SAVINGS BONDS (HH) OTHER TREASURY ISSUES AGENCY ISSUES 16 17 18 19 20 21 22 23 24 25 19.4 15.6 3.0 12.7 3.8 16.8 19.8 4.0 15.7 -3.0 9.5 6.2 4.7 1.5 3.3 15.7 10.4 4.7 5.6 5.4 27.0 17.3 3.9 13.3 9.7 32.2 25.1 4.7 20.4 7.1 24.3 18.1 4.4 13.7 6.3 19.8 10.5 3.5 7.0 9.3 31.7 15.5 3.1 12.3 16.3 53.7 37.9 -.5 38.4 15.8 50.0 47.2 -.1 47.3 2.9 HOUSEHOLDS TOTAL TREASURY ISSUES SAVINGS BONDS OTHER TREASURY ISSUES AGENCY ISSUES 21 22 23 24 25 26 27 28 2.3 .9 1.4 8.7 9.5 -.8 2.3 2.3 -6.1 -5.8 -.4 -6.3 -7.1 .7 -10.3 -11.7 1.4 -6.0 -6.7 .7 -1.5 -2.0 .5 -7.5 -7.8 .3 -5.7 -5.6 -.1 10.3 10.6 -.3 NONFIN. CORPORATE BUSINESS 26 27 TREASURY ISSUES 28 AGENCY ISSUES 29 30 31 -2.8 -5.5 2.7 -1.4 -1.7 .3 4.3 2.2 2.1 13.5 12.6 .9 12.5 9.8 2.8 17.9 16.8 1.1 6.6 5.6 1.0 13.2 9.7 3.5 12.5 6.9 5.6 15.6 13.6 2.0 4.3 3.3 1.0 32 33 34 .7 -2.9 3.6 30.0 28.6 1.4 20.2 18.7 1.5 -1.1 -1.9 .8 .5 -6.5 7.0 5.2 -2.5 7.7 14.0 8.6 5.3 7.0 -2.5 9.5 -24.1 -29.8 5.6 10.6 5.7 5.0 10.9 6.7 4.2 35 36 37 .7 .2 -.2 30.1 -.2 .1 19.6 .5 .1 -1.3 -.1 .2 .1 .5 -.1 5.3 -.1 13.0 1.0 7.1 .1 -.1 -24.9 .9 -.1 11.5 -.8 10.0 .9 .1 98.2 4.5 1.5 1.5 * * * 84.3 5.3 -3.8 -3.4 95.2 7.7 .6 .5 101.4 7.8 -5.5 -6.0 * - * - - MARKETABLE S. + L. GOVERNMENTS TREASURY ISSUES AGENCY ISSUES COMMERCIAL BANKING TREASURY ISSUES AGENCY ISSUES COMMERCIAL BANKS FOREIGN BANKING OFFICES BANKS IN U . S . POSSESSIONS 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 29 30 31 32 33 34 35 36 37 PRIVATE NONBANK FINANCE 31.9 TOTAL* ALL PVT. NONBANK FIN. 14.7 TREASURY ISSUES 17.3 AGENCY ISSUES 39 40 41 -9.0 -14.3 5.2 .6 -2.9 3.5 SAVINGS + LOAN ASSOCIATIONS TREASURY ISSUES AGENCY ISSUES 42 43 44 -.2 -1.6 1.5 2.9 -.3 3.2 MUTUAL SAVINGS BANKS TREASURY ISSUES AGENCY ISSUES 45 46 47 .1 .1 .2 .1 .1 CREDIT UNIONS TREASURY ISSUES AGENCY ISSUES 48 49 50 2.5 -.3 2.8 3.4 1.2 2.2 2.4 .4 2.0 LIFE INSURANCE TREASURY ISSUES AGENCY ISSUES 51 52 53 .2 5.9 -5.7 5.8 2.9 2.9 4.9 2.8 2.1 9.3 6.6 2.7 PRIVATE PENSION FUNDS TREASURY ISSUES AGENCY ISSUES 54 55 56 7.8 6.5 1.3 5.1 3.3 1.8 4.5 2.2 2.3 7.5 4.5 3.0 10.2 6.0 4.2 S. • L. GOVT., RTR. FUNDS TREASURY ISSUES AGENCY ISSUES 57 58 59 1.3 1.9 .9 1.0 1.0 1.5 -.5 3.8 1.3 2.5 3.8 2.4 1.4 2.2 .6 1.6 OTHER INSURANCE COMPANIES TREASURY ISSUES AGENCY ISSUES 60 61 62 .3 .9 -.1 .6 -.3 .4 -.7 .5 .6 5.6 -.1 3.7 63 64 -7.7 7.2 -2.1 2.0 .6 INVESTMENT C O S . (TREASURY) MONEY MARKET FUNDS (TREAS) SECURITY BROKERS + DEALERS (TREASURY) 39 40 41 2.7 -2.1 4.8 21.6 12.6 9.0 25.0 17.6 7.4 22.2 8.5 13.7 17.6 5.2 12.3 1.3 •7.6 8.9 27.4 13.5 14.0 20.0 9.3 10.8 21.5 5.8 15.7 18.7 3.3 15.4 42 43 44 -.2 -1.4 1.2 4.8 .7 4.1 5.9 5.2 .7 4.4 -.6 4.9 5.3 .7 4.6 1.0 •1.3 2.3 4.3 1.6 2.7 11.1 2.0 9.2 4.5 .4 4.2 45 46 47 -.2 -.4 .2 3.9 2.2 1.7 4.0 1.1 2.9 2.6 .1 2.6 .8 -.9 1.7 -.2 •2.0 1.7 .8 -1.0 1.8 1.6 -.8 2.3 .9 1.0 48 49 50 .4 .1 .3 1.1 .3 .8 .6 .2 .5 .5 .1 .4 51 52 53 .1 -.1 .2 1.7 1.4 .4 1.5 .6 .9 1.6 -.1 1.7 2.0 -.5 2.5 1.0 •1.4 2.4 1.5 .4 1.2 3.1 -.7 3.7 54 55 56 1.1 -.2 1.3 5.2 4.5 .7 3.9 3.7 .3 5.4 4.8 .6 2.1 1.6 .5 •1.0 .1 •l.l 3.4 -2.6 6.1 57 58 59 .3 -.9 1.2 1.6 1.0 .7 3.1 1.5 1.6 5.6 2.6 3.0 6.4 3.8 2.5 8.1 3.3 4.8 60 61 62 .4 2.5 1.9 .6 3.1 2.6 .6 3.0 2.5 .5 1.4 .9 .4 •1.3 .4 63 64 .4 .1 .8 .2 -.3 -.2 .6 * * * .2 * * .1 * .1 * * * * -.1 * * * * * * * (1) WHERE NOT SHOWN SEPARATELY, LOAN PARTICIPATIONS ARE INCLUDED WITH AGENCY ISSUES. (2) THESE ISSUES ARE OUTSIDE THE BUDGET AND OUTSIDE THE U.S. GOVERNMENT SECTOR IN FLOW OF FUNDS ACCOUNTS. THEY ARE INCLUDED IN CREDIT MARKET DEBT OF FINANCIAL INSTITUTIONS. BILLIONS Oh DOLLARS. 11/79 BASED ON INCOMPLETE INFORMATION. SEPTEMBER 5, 1979 PRIVATE SECURITIES 34 PRIVATE SECURITIES STATE + LOCAL GOVERNMENT, CORPORATE, AND FOREIGN SECURITIES UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) —————— _______—1978 _________ —______. .____________— ____________ ___BILLIONS ______ —___OF ____DOLLARS _ _______ 1___._—— 1979 I II Ill IV 1 I II 1969 ———— 1970 1971 1972 1973 17.4 17.3 2.5 14.9 .1 14.7 14.2 •1 14.1 .5 14.7 12.9 .3 12.6 1.8 1 2 3 4 5 14.7 5.3 -.1 .2 6 7 8 9 STATE AND LOCAL GOVERNMENT SECURITIES 1 NET CHANGE IN LIABILITIES 2 STATE + LOCAL GOVERNMENTS 3 SHORT-TERM 4 OTHER 5 NONFIN. CORPORATE BUSINESS (POLLUTION CONTROL) 3.094 2.427 -1.504 3.931 667 10.703 9.524 1.655 7.869 1.179 9.875 9.259 391 8.868 616 4.606 3.910 45 3.865 696 2.457 1.567 -1.142 2.709 890 7.051 6.352 1.942 4.410 699 9.9 9.9 2.8 7.2 11.2 11.2 2.3 8.9 ~ — 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 NONFIN. CORPORATE BUSINESS 9 ST.+LOC. GOVT, GEN. FUNDS 3.094 -1.113 52 375 10.703 3.864 31 205 9.875 2.444 52 594 4.606 -1.883 55 -156 2.457 -2.732 63 -180 7.051 2.174 72 -458 9.9 9.3 -1.0 .1 11.2 -.9 -.6 .1 17.4 .1 1.0 -.3 14.7 2.3 1.0 -.3 439 -77 22 3.088 52 158 3.130 56 172 2.893 44 155 2.115 38 -209 1.597 17 49 .6 10.7 12.6 7.2 -49 -158 3.591 12 -59 346 3.253 -235 130 -63 3.513 -153 329 285 2.709 175 -143 133 3.244 128 41 129 3.200 230 10 11 12 COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 13 14 15 16 LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES BROKERS + DEALERS * • * * * * * .2 .5 * 5.7 10 * 11 * 12 -.1 1.1 -.2 .1 -.3 1.5 .6 .1 .1 3.5 .1 -.1 4.3 -.1 * -.3 3.6 .2 13 14 15 16 23.3 19.8 .9 .1 23.5 18.8 .9 .9 18.4 12.2 1.0 1.1 13.6 9.2 1.0 * 1 2 3 4 5 6 7 CORPORATE AND FOREIGN BONOS 7.596 4.028 1.329 5 50 2.291 -107 9.349 5.890 1.165 96 428 1.790 -20 6.830 4.864 469 41 127 1.320 9 7.831 5.334 1.050 35 61 1.429 -78 6.970 4.151 961 68 119 1.709 -38 10.065 5.963 688 39 850 2.570 -45 13.8 12.0 1.0 -.2 .1 2.1 .5 2.5 .4 3.6 .4 8 NET PURCHASES 9 HOUSEHOLDS 10 REST OF THE WORLD 11 COMMERCIAL BANKING 12 MUTUAL SAVINGS BANKS 7.596 -1.533 214 -134 241 9.349 364 550 -121 145 6.830 596 372 99 -227 7.831 -793 493 -141 -91 6.970 -459 -265 280 201 10.065 -258 219 27 -593 13.8 5.4 .5 -.1 .3 23.3 9.4 .7 1.1 1.2 23.5 8.8 .3 .9 3.9 18.4 4.9 .1 1.3 2.1 13.6 8 2.0 9 .1 10 .3 11 -1.1 12 13 14 15 16 17 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 10.102 4.423 3.429 1.603 647 8.939 5.191 1.849 1.794 105 6.741 3.677 653 2.019 392 7.583 4.009 -27 3.175 426 7.564 4.397 1.276 1.749 142 8.602 4.823 1.600 1.679 500 7.2 1.7 .6 4.0 .8 10.1 1.5 1.8 4.5 2.3 8.9 5.5 -.8 3.9 .3 9.5 7.0 -1.0 4.2 -.7 12.8 5.9 1.9 5.2 -.1 18 19 OPEN-END INVESTMENT COS. BROKERS + DEALERS -199 -1.095 -34 -494 -64 -687 -634 1.414 505 -856 -49 2.117 .2 .3 .7 .2 15.0 1.3 13.7 11.4 1 NET ISSUES 2 NONFIN. CORPORATE BUSINESS 3 REST OF THE WORLD 4 COMMERCIAL BANKS 5 SAVINGS + LOAN ASSOCIATIONS 6 FINANCE COMPANIES 7 REITS -.9 - - •6 •1 - .2 .3 3.0 .6 13 14 15 16 17 -.9 18 .3 19 CORPORATE EQUITIES -1.230 1 NET ISSUES 2 OPEN-END INVESTMENT COS, 41 -1.271 3 OTHER SECTORS 4 NONFIN. CORPORATE BUSINESS5 -1.611 -330 5 REST OF THE WORLD 300 6 COMMERCIAL BANKS 7 OTHER INSURANCE COMPANIES 252 118 8 REITS 1.022 -281 1.303 698 -70 351 265 59 2.013 -522 2.535 1.900 16 243 278 98 1.935 -218 2.153 1.612 -132 249 291 133 1.181 111 1.070 330 15 249 304 172 228 -717 945 336 -62 214 317 140 10.1 4.9 5.2 3.4 .5 .8 10.5 2.8 7.7 5.7 .1 .1 .4 1.5 -1.230 -626 670 29 103 1.022 -776 1.297 -3 -9 2.013 -1.550 16 8 -64 1.935 -3.267 425 6 38 1.181 -937 684 2 30 228 -3.550 352 -2 28 10.1 -3.6 1.6 10.5 -1.6 .7 637 3 -360 635 359 1.406 32 276 648 450 3.981 96 2.680 753 452 3.915 -243 2.736 699 723 3.128 793 1.000 475 860 2.194 -154 1.000 676 672 -947 -1.096 -399 -494 310 -688 -597 1.415 -869 -857 -911 2.117 9 NET PURCHASES 10 HOUSEHOLDS 11 REST OF THE WORLD 12 COMMERCIAL BANKING 13 MUTUAL SAVINGS BANKS 14 15 16 17 18 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 19 20 OPEN-END INVESTMENT COS. BROKERS + DEALERS 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * .5 .6 .6 1.0 13.3 -.5 13.8 10.9 -.4 1.2 .5 1.7 9.2 -1.2 10.4 7.9 -.2 1.2 .5 1.0 1 2 3 4 5 6 7 8 15.0 -5.1 .8 13.3 -5.7 2.4 9 10 11 12 13 14 15 16 17 18 • .3 .5 .6 9.2 -6.7 2.8 * .4 9.9 1.7 5.4 1.8 1.0 9.7 2.0 4.6 2.1 1.0 18.2 3.6 8.9 3.2 2.5 17.4 3.5 7.3 3.7 3.0 14.6 3.6 5.3 3.4 2.4 1.7 .3 1.2 .2 -4 .1 -1.8 .3 -2.3 19 .3 20 * •2 * * * SEPTEMBER 5, 1979 PRIVATE SECURITIES PRIVATE SECURITIES 35 STATE + LOCAL GOVERNMENT, CORPORATE, AND FOREIGN SECURITIES SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES I 1 1978 1974 1975 1976 1977 1978 II STATE AND LOCAL GOVERNMENT IV III 1979 I II SECURITIES 1 2 3 4 5 16.5 14.8 2.7 12.1 1.6 16.1 13.5 -.3 13.8 2.6 15.7 13.2 -4.1 17.2 2.5 23.7 20.2 -2.6 22.8 3.5 28.3 25.1 .6 24.5 3.2 23.9 21.2 -.4 21.6 2.7 31.8 27.1 -1.3 28.4 4.7 33.0 30.5 1.0 29.5 2.5 24.4 21.6 3.1 18.6 2.8 22.9 19.4 1.9 17.5 3.6 15.4 NET CHANGE IN LIABILITIES 12.6 STATE + LOCAL GOVERNMENTS -1.3 SHORT-TERM 13.9 OTHER 2.8 NONFIN. CORPORATE BUSINESS (POLLUTION CONTROL) 1 2 3 4 5 6 7 8 9 16.5 8.2 •6 .5 16.1 6.2 -.2 2.4 15.7 2.5 -1.1 2.4 23.7 2.6 28.3 3.3 .2 1.0 23.9 3.3 .2 1.5 31.8 8.1 .1 .8 33.0 6.4 .2 2.4 24.4 -4.7 .2 -.6 22.9 -1.5 .3 -.7 15.4 NET CHANGE IN ASSETS -.7 HOUSEHOLDS .3 NONFIN. CORPORATE BUSINESS -1.8 ST.+LOC. GOVT, GEN. FUNDS 6 7 8 9 10 11 12 5.5 .3 1.8 1.0 .6 3.0 -.3 .9 9.2 .4 9.6 .1 .5 5.4 -.3 .1 8.4 .2 .6 9.6 .2 .7 14.8 .2 .6 12.0 .2 -.8 2.6 .1 .2 13 14 15 16 .3 -.7 2.2 -.4 •8 1.0 2.6 -.1 1.1 1.4 5.4 .3 .5 .2 10.7 .2 .4 .4 13.1 -.2 -.1 -.6 14.4 .1 1.4 13.0 -.9 .2 -.3 14.1 -.6 1.2 1.1 10.8 .7 -.5 .5 13.0 .5 .5 .5 12.8 .9 26.7 18.2 1.9 .2 .5 5.9 31.7 21.3 4.2 .1 .2 6.2 -.3 30.7 18.0 3.8 .3 .5 8.2 -.2 37.4 NET ISSUES 23.6 NONFIN. CORPORATE BUSINESS REST OF THE WORLD 2.8 COMMERCIAL BANKS .2 SAVINGS * LOAN ASSOCIATIONS 3.4 7.7 FINANCE COMPANIES -.2 REITS * * -.1 * * COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 10 11 12 LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES BROKERS + DEALERS 13 14 15 16 CORPORATE AND FOREIGN BONDS 1 2 3 4 5 6 7 23.9 19.7 2.1 .2 8 9 10 11 12 23.9 5.1 .9 1.0 .9 13 14 15 16 17 18 19 36.4 27.2 6.2 .2 .1 2.7 37.2 22.8 8.6 .7 .1 5.3 -.2 36.1 21.0 5.1 .6 1.2 8.5 -.1 31.6 20.1 4.0 .2 .7 6.8 -.2 32.6 17.3 5.3 .2 10.2 -.4 35.4 23.7 4.7 .4 1.7 5.1 -.1 36.4 8.4 •6 1.8 3.5 37.2 5.8 .9 -.6 2.8 36.1 -3.3 3.5 1.2 31.6 -1.4 1.6 -.3 .1 32.6 -9.4 .9 -.5 1.0 35.4 1.6 2.2 -.5 .6 26.7 -.7 1.5 .4 -.9 31.7 3.0 2.0 -.6 -.4 30.7 -4.8 -1.1 1.1 .8 37.4 NET PURCHASES -1.5 HOUSEHOLDS .9 REST OF THE WORLD COMMERCIAL BANKING .1 -2.4 MUTUAL SAVINGS BANKS 17.0 4.0 4.5 6.5 2.0 19.9 9.1 1.8 6.8 2,2 25.8 16.9 -.3 5.3 3.9 33.4 18.8 5.4 5.6 3.7 33.4 17.3 5.9 8.6 1.6 39.9 17.2 13.7 6.4 2.6 35.6 20.6 7.4 7.2 .4 30.1 17.8 2.6 8.1 1.6 27.8 13.5 -.1 12.7 1.7 30.1 17.4 5.1 7.0 .6 34.2 19.1 6.4 6.7 2.0 -.4 -.6 1.0 1.2 2.2 .4 1.1 .3 -.9 -.9 -.8 1.5 -.1 -3.9 -.3 -3.4 -2.5 2.4 2.0 2.6 -.2 6.2 - 1.8 •2 - * * * 1 2 3 4 5 6 7 8 9 10 11 12 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 13 14 15 16 17 OPEN-END INVESTMENT COS. BROKERS + DEALERS 18 19 CORPORATE EQUITIES 1 2 3 4 5 6 7 8 4.1 -.7 4.8 4.1 -.2 1.0 .9 -.9 10.7 -.1 10.8 9.9 .2 1.0 1.0 -1.3 11.9 -1.0 12.9 10.5 .3 1.6 .9 -.5 4.0 -.9 4.9 2.7 .4 .6 .9 .3 3.7 -1.0 4.7 2.6 -.5 1.1 1.1 .4 •5.3 -.3 5.1 6.4 •1.3 1.2 1.0 .5 4.6 -.6 5.2 2.8 -.3 1.4 1.1 .2 8.5 -1.7 10.1 7.6 .1 1.0 1.1 .4 7.3 -1.3 8.6 6.4 -.5 1.0 1.2 .5 4.3 1.3 .1 1.0 1.2 .7 9 10 11 12 13 4.1 -2.2 .5 10.7 -3.5 4.7 11.9 -3.2 2.8 4.0 -6.1 2.7 3.7 -6.2 2.4 4.6 -.7 5.2 8.5 -5.1 .1 7.3 -10.2 1.7 4.3 -10.2 2.7 .2 .2 .1 .4 .1 •5.3 •8.8 2.7 .1 .4 14 15 16 17 18 6.7 2.3 2.3 2.6 -.5 9.3 1.9 5.8 2.4 -.7 14.3 3.0 7.3 3.1 .9 10.5 1.2 4.5 3.7 1.2 9.9 -.1 5.3 2.7 2.0 2.5 •1.4 2.5 1.4 19 20 -.5 -.6 -1.1 1.2 -2.5 .4 -3.8 .3 -1.6 -.9 •3.8 1.5 * * BILLIONS OF DOLLARS. * * * 11/79 BASED ON INCOMPLETE * INFORMATION. * * * * 4.3 * * 1.4 NET ISSUES -2.4 OPEN-END INVESTMENT COS. 3.8 OTHER SECTORS 1.3 NONFIN. CORPORATE BUSINESS REST OF THE WORLD -.2 .9 COMMERCIAL BANKS 1.3 OTHER INSURANCE COMPANIES .6 REITS 1.4 NET PURCHASES HOUSEHOLDS -11.5 1.4 REST OF THE WORLD • COMMERCIAL BANKING .1 MUTUAL SAVINGS BANKS -.3 .2 .1 5.6 .1 1.1 2.6 1.8 15.9 .4 10.7 3.0 1.8 15.7 -1.0 10.9 2.8 2.9 12.5 3.2 4.0 1.9 3.4 8.8 -.6 4.0 2.7 2.7 -1.6 -3.9 1.2 -3.4 -2.4 2.4 -3.5 2.6 -3.6 6.2 1 2 3 4 5 6 7 8 9 10 11 12 13 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 14 15 16 17 18 OPEN-END INVESTMENT COS. BROKERS + DEALERS 19 20 SEPTEMBER 5, 1979 MORTGAGES - I 36 MORTGAGE MARKETS BY TYPE OF MORTGAGE UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) I 1978 II III | IV I 1979 I II 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 TOTAL MORTGAGES 1 NET CHANGE IN MORTGAGES 2 HOME MORTGAGES 3 MULTI-FAMILY RESID. 4 COMMERCIAL 5 FARM BORROWED BY: 6 U.S. GOVERNMENT 7 SAVINGS -i- LOAN ASSOCIATIONS 8 REITS 28.284 19.916 2.046 4.081 2.241 40.662 29.748 2.532 5.571 2.811 41.248 28.510 3.023 6.818 2.897 38.803 27.165 2.562 6.853 2.223 32.560 21.845 2.146 5.470 3.099 43.055 29.607 3.051 6.753 3.644 30.7 18.1 4.9 5.8 1.8 29.9 15.0 6.9 7.2 .8 52.5 29.9 9.9 10.3 2.4 76.8 43.7 12.8 16.8 3.6 79.9 44.9 10.4 19.1 5.5 1 2 3 4 5 -24 503 133 -27 1.218 -39 -26 -411 63 -20 -484 -62 -26 -391 -15 -43 913 -8 -.1 .2 -.1 .6 .1 -.1 2.0 .1 -.1 1.2 .5 -.1 -1.5 •3 6 7 8 27.672 22.405 258 5.009 2.241 668 2.100 39.510 25.944 255 13.311 2.811 3.245 7.255 41.622 26.605 253 14.764 2.897 4.091 7.776 39.369 28.873 250 10.246 2.223 1.839 6.184 32.992 26.244 248 6.500 3.099 120 3.281 42.193 26.760 245 15.188 3.644 3.353 8.191 30.6 18.5 1.2 10.8 1.8 3.7 5.3 29.2 14.1 1.2 14.0 .8 6.5 6.7 50.5 26.4 1.2 22.9 2.4 9.7 10.8 75.2 41.5 1.3 32.4 3.6 11.9 16.9 81.2 47.1 1.1 33.0 5.5 9.3 18.2 9 10 11 12 13 14 15 28.284 3.275 520 40.662 3.852 136 41.248 3.808 150 38.803 3.535 200 32.560 2.638 800 43.055 4.690 1.500 30.7 2,2 .5 29.9 1.8 .8 52.5 1.3 1.1 76.8 6.4 1.4 79.9 16 3.4 17 1.7 18 -536 2.425 3.791 -563 2.659 4.522 1.113 3.568 4.128 -385 3.566 5.903 72 4.764 5.918 -100 2.544 6.364 1.0 4.4 .7 .3 5.4 1.6 -.4 3.6 4.8 -.7 4.0 4.9 -.6 19 7.2 20 3.6 21 18.809 5.444 13.061 11.265 1.696 100 30.056 10.046 17.372 15.537 1.735 100 28.481 10.976 14.979 13.006 1.868 105 25.984 8.518 13.749 11.887 1.754 108 18.368 6.100 9.652 8.562 979 111 28.057 9.001 16.216 15.082 1.019 115 22.0 5.4 12.2 9.5 2.7 20.1 2.1 11.7 9.8 1.8 .1 42.1 9.8 27.6 23.6 3.9 60.8 16.8 37.4 31.8 5.5 .2 64.6 19.8 32.7 26.5 5.7 .4 22 23 24 25 26 27 1.462 1.198 338 -65 -9 -668 -490 2.630 2.077 75 488 -10 232 -224 2.576 2.325 100 150 1 150 -200 3.752 3.567 60 100 25 100 -135 2.590 2.257 150 150 33 150 -124 2.840 2.581 100 150 9 100 -100 2.4 2.1 .1 .2 2.7 2.3 .3 1.0 1.1 -.5 .4 .7 1.5 -.9 .2 1.2 1.9 1.5 2.3 1.7 4.2 4.7 4.4 -.4 .7 * 1.9 5.6 28 29 30 31 32 33 34 3.884 1.105 3.996 35 (1) MEMO: FHLB LOANS TO S+L 3.512 ASSOCIATIONS (INCLUDED IN "OTHER LOANS" CATEGORY) . -789 3.190 4.0 1.3 -2.7 • 15.0 14.1 .1 .1 .6 29.9 26.4 .8 .8 2.0 43.7 41.5 .5 .5 1.2 44.9 47.1 -.4 -.4 -1.5 1 2 3 4 5 44.9 3.0 .6 6 7 8 9 10 11 12 13 14 15 PRIVATE NONFINANCIAL SECTORS HOUSEHOLDS NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS FARMS NONFARM NONCORPORATE CORPORATE 16 FUNDS ADVANCED BY: 17 HOUSEHOLDS 18 ST.+LOC. GOVT, GEN. FUNDS 19 20 21 U.S. GOVERNMENT SPONSORED CREDIT AG. (1) MORTGAGE POOLS 22 23 24 25 26 27 PRIVATE FINAN. INSTITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S+L ASSOCIATIONS (1) MUTUAL SAVINGS BANKS CREDIT UNIONS 28 29 30 31 32 33 34 INSURANCE LIFE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. FINANCE COMPANIES REITS * * * .8 * * 1.7 * * * 7.2 35 HOME MORTGAGES 1 NET BORROWING 2 HOUSEHOLDS 3 NONFARM NONCORP. BUSINESS 4 NONFIN. CORPORATE BUSINESS 5 SAVINGS + LOAN ASSOCIATIONS 19.916 22.405 -1.496 -1.496 503 29.748 25.944 1.293 1.293 1.218 28.510 26.605 1.158 1.158 -411 27.165 28.873 -612 -612 -484 21.845 26.244 -2.004 -2.004 -391 29.607 26.760 967 967 913 18.1 18.5 -.2 -.2 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 STATE + LOCAL GOVERNMENTS 19.916 1.530 422 29.748 2.625 -358 28.510 2.140 50 27.165 2.081 75 21.845 1.396 650 29.607 2.283 1.100 18.1 2.0 .1 15.0 -.1 .1 29.9 3.0 .1 43.7 3.3 .1 * 9 10 11 12 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKING -1.066 1.681 3.437 3.584 -146 1.964 3.400 6.690 333 2.693 3.757 6.522 -116 2.663 5.237 5.055 10 3.516 4.551 3.619 11 1.682 5.575 5.258 .2 3.8 .4 2.9 -.1 4.6 1.2 .9 -.6 2.1 4.3 5.7 -.6 1.8 4.3 9.0 13 14 15 16 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 10.588 9.378 1.110 100 15.335 14.100 1.135 100 12.780 11.453 1.222 105 11.795 10.539 1.148 108 7.795 7.044 640 111 13.192 12.410 667 115 9.3 7.7 1.6 8.0 6.8 1.1 .1 17.7 16.4 1.2 27.5 24.6 2.7 .2 24.5 21.5 2.6 .4 13 14 15 16 17 18 19 20 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS -379 -251 63 -191 105 -347 20 432 160 60 25 75 335 260 25 50 258 83 100 75 469 344 50 75 -1.3 -1.4 .1 -.8 -.9 -2.3 -2.1 -.3 .1 -2.7 -2.3 -.4 -2.0 -1.9 -.2 .2 17 18 19 20 21 22 FINANCE COMPANIES REITS 159 -40 193 -60 100 -25 50 -10 75 -25 50 -13 .7 .2 -.2 .2 .6 .4 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * .1 .9 .4 * * -.8 9 3.5 10 3.2 11 11.0 12 1.2 21 .7 22 SEPTEMBER 5, 1979 MORTGAGES - I MORTGAGES - I 37 MORTGAGE MARKETS BY TYPE OF MORTGAGE SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 1977 1978 1 1 1978 I IV III II I 1979 I II TOTAL MORTGAGES 11.2 4.6 87.1 65.4 1.9 13.6 6.1 134.0 99.5 7.3 18.4 8.8 149.0 105.3 10.2 23.3 10.2 135.6 97.6 9.1 20.0 8.9 147.5 105.9 9.3 22.5 9.7 154.2 104.3 11.8 26.5 11.6 158.7 113.5 10.4 24.3 10.5 155.6 107.9 9.6 25.8 12.3 -.1 -1.4 .2 -.1 1.9 .4 -.1 1.7 .4 -.1 3.1 -.1 .8 .1 -.1 2.7 .5 -.1 1.2 -.2 -.1 -.6 .3 -.1 -.1 -.7 -.1 9 10 11 12 13 14 15 61.9 35.4 1.1 25.4 5.0 6.6 13.7 55.0 38.1 1.0 15.9 4.6 1.8 9.5 85.0 61.3 1.1 22.7 6.1 3.7 12.9 131.0 93.2 1.0 36.8 8.8 9.0 18.9 148.2 103.8 1.0 43.3 10.2 9.8 23.3 132.4 95.3 1.0 36.1 8.9 9.3 18.0 146.6 102.8 1.0 42.8 9.7 9.4 23.7 154.7 104.1 1.0 49.6 11.6 10.8 27.1 159.0 113.2 1.0 44.8 10.5 9.9 24.5 156.5 110.5 1.0 45.0 12.3 8.4 24.3 157.3 106.9 1.0 49.5 13.1 9.5 27.0 16 17 18 60.5 4.3 2.5 57.2 3.7 1.6 87.1 8.0 1.3 134.0 11.9 .6 149.0 14.5 1.0 135.6 12.9 2.1 147.5 14.8 .5 154.2 15.3 .6 158.7 14.9 •8 155.6 10.3 3.2 156.9 FUNDS ADVANCED BY: 18.2 HOUSEHOLDS 6.0 ST.+LOC GOVT, GEN. FUNDS 19 20 21 1.4 10.2 5.8 3.2 5.3 10.3 -3.1 2.9 15.7 -.2 3.5 20.5 -.4 12.2 18.3 1.0 9.4 15.2 -3.3 10.7 18.1 2.0 13.5 16.5 -1.2 15.3 23.6 4.5 18.2 23.7 -1.2 10.4 25.5 U.S. GOVERNMENT SPONSORED CREDIT AG. (1) MORTGAGE POOLS 19 20 21 22 23 24 25 26 27 36.4 12.8 19.8 17.6 2.2 .1 33.0 3.8 32.3 29.5 2.3 .5 62.3 14.3 49.5 44.9 4.1 .5 97.7 27.4 65.1 58.2 6.5 .4 103.3 35.0 59.2 51.7 7.1 .4 95.1 29.1 63.0 55.8 6.8 .4 106.7 36.5 59.4 52.1 6.9 .4 106.3 38.9 56.1 48.2 7-5 .4 105.3 35.4 58.2 50.7 7.0 .4 95.7 32.7 50.8 46.4 3.9 .4 98.2 32.1 54.3 49.8 4.1 .5 PRIVATE FINAN. INSTITUTIONS COMMERCIAL BANKING SAVINGS INSTITUTIONS S+L ASSOCIATIONS (11 MUTUAL SAVINGS BANKS CREDIT UNIONS 22 23 24 25 26 27 28 29 30 31 32 33 34 5.4 4.9 2.8 2.9 6.1 5.2 .4 .5 .1 1.5 -2.4 10.4 9.2 .6 .7 11.1 10.1 .4 .6 .4 -.9 1.0 -.8 11.9 11.2 .2 .4 .1 •3 -.5 12.0 10.7 .6 .6 .1 •8 -.5 12.1 11.1 .4 .6 -.2 -1.0 7.4 6.4 1.4 -.3 • -2.6 -2.0 11.2 9.0 .3 2.0 .2 -.2 .1 -1.3 -4.8 2.6 2.4 • .2 .1 -.4 -3.8 6.7 -4.0 -2.0 4.3 12.5 12.8 13.7 12.6 1 2 3 4 5 60.5 33.3 6.9 15.3 5.0 57.2 41.4 6 7 8 35 * * -1.9 .6 * * * * * * * -.2 156.9 NET CHANGE IN MORTGAGES 105.1 HOME MORTGAGES MULTI-FAMILY RESID. 11.3 COMMERCIAL 27.5 13.1 FARM BORROWED BY: U.S. GOVERNMENT -.2 -.2 SAVINGS + LOAN ASSOCIATIONS REITS * * * -.4 PRIVATE NONFINANCIAL SECTORS HOUSEHOLDS NONPROFIT INSTITUTIONS NONFINANCIAL BUSINESS FARMS NONFARM NONCORPORATE CORPORATE INSURANCE LIFE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. FINANCE COMPANIES REITS 11.0 5.4 10.0 (1) MEMO: FHLB LOANS TO S+L ASSOCIATIONS (INCLUDEiD IN "OTHER LOANS" CATEGORY). 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 28 29 30 31 32 33 34 35 HOME MORTGAGES 1 2 3 4 5 33.3 35.4 -.3 -.3 -1.4 41.4 38.1 .7 .7 1.9 65.4 61.3 1.2 1.2 1.7 99.5 93.2 1.6 1.6 3.1 105.3 103.8 .3 .3 •8 97.6 95.3 -.2 -.2 2.7 105.9 102.8 1.0 1.0 1.2 104.3 104.1 .4 .4 -.6 113.5 113.2 .2 .2 6 7 8 33.3 2.4 .7 41.4 2.5 .8 65.4 4.5 .8 99.5 7.0 .1 105.3 8.4 .2 97.6 6.1 1.7 105.9 10.5 -1.4 104.3 8.6 .2 9 10 11 12 .8 5.5 5.4 6.6 1.9 2.5 9.9 2.1 -2.8 .5 14.5 8.8 -.3 .5 19.0 18.7 -1.0 9.0 15.8 21.9 -1.1 6.7 13.7 19.4 -1.5 8.4 13.6 23.3 13 14 15 16 14.7 13.9 .7 .1 24.5 23.2 .8 .5 40.6 37.3 2.8 .5 54.9 49.9 4.5 .4 50.5 45.5 4.6 .4 51.6 46.8 4.4 .4 17 18 19 20 -1.4 -1.4 -1.6 -1.5 -.1 -1.1 -1.4 .1 -1.9 -1.4 -.1 -.4 21 22 -1.2 -.2 -.5 -.5 .4 -.2 * BILLIONS OF DOLLARS. * * .2 1.0 -.2 .2 -.3 •1 .4 .5 -.1 11/79 BASED ON INCOMPLETE 107.9 110.5 -.9 -.9 -.7 105.1 NET BORROWING 106.9 HOUSEHOLDS -.8 NONFARM NONCORP. BUSINESS -.8 NONFIN. CORPORATE BUSINESS -.2 SAVINGS + LOAN ASSOCIATIONS 1 2 3 4 5 113.5 8.3 .3 107.9 5.6 2.6 105.1 NET CHANGE IN ASSETS 9.1 HOUSEHOLDS 4.4 STATE + LOCAL GOVERNMENTS 6 7 8 -1.0 9.8 15.0 22.7 -.4 11.1 20.9 22.0 4.3 13.5 18.2 20.1 -.6 7.4 22.3 17.2 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKING 9 10 11 12 52.7 47.8 4.5 .4 47.6 42.3 4.9 .4 50.1 45.0 4.6 .4 41.8 38.8 2-6 .4 43.7 40.6 2.7 .5 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 13 14 15 16 -1.2 -.7 .3 -.8 .4 -1.4 .1 1.7 .7 .3 .1 .3 1.1 .8 .1 .2 1.4 .7 .4 .3 1.8 1.3 .2 .3 INSURANCE LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 17 18 19 20 .7 -.2 .3 -.2 .8 -.1 .1 .5 -.1 -.2 -.1 FINANCE COMPANIES REITS 21 22 INFORMATION. * * SEPTEMBER 5, 1979 MORTGAGES - II MORTGAGE MARKETS - CONTINUED UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS C$ MILL.) 1978 II III IV I | 1979 I II 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 MULTI-FAMILY RESIDENTIAL MORTGAGES 1 NET BORROWING NONFARM NONCORP. BUSINESS 2 NONFIN. CORPORATE BUSINESS 3 REITS 4 U.S. GOVERNMENT 5 2.046 1.791 235 44 -24 2.532 1.416 1.154 -13 -27 3,.023 2 .281 747 21 -26 2 .562 1 .786 816 -20 -20 2.146 1.601 576 -5 -26 3.051 1.735 1.362 -3 -43 4.9 3.5 1.5 .1 -.1 6.9 5.8 1.2 • -.1 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 STATE + LOCAL GOVERNMENTS 2.046 140 66 2.532 149 386 3 .023 165 50 2 .562 166 75 2.146 149 75 3.051 144 300 4.9 -.4 .4 9.9 8.0 1.9 -.1 12.8 9.9 2.8 .2 -.1 10.4 7.9 2.5 .1 -.1 1 2 3 4 5 6.9 • .6 9.9 -1.1 .7 12.8 .6 1.0 10.4 -1.0 .9 6 7 8 .5 .3 .4 .8 .1 .3 1.0 .3 .3 9 1.8 10 .2 11 * 9 10 11 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS 413 -24 279 -240 -201 903 488 66 308 97 145 387 -94 94 564 -123 -101 435 .7 12 COMMERCIAL BANKS 172 538 553 434 311 465 .5 .1 .7 1.6 1.2 12 13 14 15 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 1.373 1.079 294 1.061 759 302 1 .335 1 .011 324 1 .000 695 305 883 713 170 1.434 1.257 177 1.5 1.2 .3 2.2 2.0 .2 5.5 3.7 1.8 4.7 3.4 1.3 3.3 13 1.8 14 1.4 15 16 17 18 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 44 106 92 -106 20 -33 58 25 25 223 10 25 113 25 25 456 25 25 1.5 .1 .1 1.8 .1 .7 -.3 .3 .6 -.3 -.1 1.1 16 -.1 17 -.1 18 19 20 FINANCE COMPANIES REITS -376 -239 -9 64 25 -75 25 -25 25 -24 25 -34 .1 .4 .5 .8 1.2 .9 .9 2.0 .4 19 2.4 20 COMMERCIAL * * * * MORTGAGES 4.081 258 373 3.361 89 5.571 255 534 4.808 -26 6.818 253 652 5.871 42 6.853 250 665 5.980 -42 5.470 248 523 4.709 -10 6.753 245 651 5.862 -5 5.8 1.2 .5 4.0 .2 7.2 1.2 .6 5.3 .1 10.3 1.2 .9 8.1 .1 16.8 1.3 1.5 13.6 .3 19.1 1.1 1.8 16.1 .2 6 NET CHANGE IN ASSETS 7 HOUSEHOLDS 8 STATE + LOCAL GOVERNMENTS 9 U.S. GOVERNMENT 10 COMMERCIAL BANKING 4.081 819 14 69 1.509 5.571 96 76 -114 2.543 6.818 491 50 147 3.436 6.853 512 50 -150 2.670 5.470 404 75 182 1.912 6.753 595 100 7 2.877 5.8 1.8 7.2 1.5 .1 .1 1.2 10.3 -1.8 .2 .1 3.0 16.8 1.1 .3 -.2 5.4 19.1 6 -.9 7 •2 8 -.1 9 6.9 10 11 12 13 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 1.099 808 291 975 678 297 863 542 321 953 653 300 974 805 169 1.589 1.415 174 1.3 .6 .8 1.5 .9 .6 4.5 3.4 1.0 5.1 3.7 1.4 4.9 11 3.2 12 1.7 13 14 15 16 17 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 1.038 169 35 -9 2.037 35 113 -10 1.805 50 50 1 2.818 25 25 25 1.840 25 50 33 1.529 25 50 9 2.0 1.6 2.5 .1 3.1 -.2 .1 4.9 * .5 * 18 19 FINANCE COMPANIES REITS -451 -211 48 -228 25 -100 25 -100 50 -75 25 -53 1 NET BORROWING 2 HOUSEHOLDS 3 NONFARM NONCORP. BUSINESS 4 NONFIN. CORPORATE BUSINESS 5 REITS * -.1 * * * * .6 * * .2 * * * 1 2 3 4 5 14 15 16 17 .2 .7 .5 1.2 .3 1.7 .2 18 2.5 19 .8 .3 .1 2.4 1.2 3.6 1.4 5.5 2.3 * 2 3 4 -.2 .5 .3 -.3 .7 .4 -.1 1.2 .3 * 1.9 .2 5 6 7 .4 -.1 .6 .7 * 8 9 FARM MORTGAGES 1 NET BORROWING 2 NET CHANGE IN ASSETS 3 HOUSEHOLDS 4 STATE + LOCAL GOVERNMENTS 2.223 776 0 3 .099 689 0 3 .644 1.668 0 32 2.897 1. 0 1 2 0 5 6 7 U.S. GOVERNMENT SPONSORED CREDIT AGENCIES MORTGAGE POOLS 48 768 75 -63 896 219 145 809 63 -216 -26 758 2 79 1. 1 5 4 803 5 963 354 8 9 10 11 COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS 179 1 367 -1 275 1 493 -24 465 1 402 0 359 1 266 0 258 0 221 0 401 1 252 0 .241 786 18 11/79 BASED ON PRELIMINARY AND INCOMPLETE 2.811 98.2 INFORMATION. 1.8 .7 * * .6 .2 .3 * * .1 * -.1 -.1 * * * * * * •1 .3 10 .1 11 SEPTEMBER 5, 1979 MORTGAGES - II MORTGAGES - II 39 MORTGAGE MARKETS - CONTINUED SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 1974 1977 1975 II 1979 III IV I I II MULTI-FAMILY RESIDENTIAL MORTGAGES 1 2 3 4 5 6.9 5.5 1.4 .1 -.1 .1 -.1 .1 -.1 6 7 8 6.9 -.1 1.4 9 10 11 -.1 11.3 NET BORROWING NONFARM NONCORP. BUSINESS 7.6 NONFIN. CORPORATE BUSINESS 3.9 REITS U.S. GOVERNMENT -.2 1 2 3 4 5 10.4 .7 .3 9.6 .6 .3 11.3 NET CHANGE IN ASSETS HOUSEHOLDS .6 STATE + LOCAL GOVERNMENTS 1.2 6 7 8 .4 .6 1.5 -.4 .4 2.3 -.1 9.1 7.6 1.4 .2 -.1 9.3 6.2 3.2 -.1 -.1 11.8 7.9 4.0 .1 -.1 10.4 7.4 3.2 -.1 -.1 10.2 .6 .6 9.1 .6 .3 9.3 .6 1.5 11.8 .7 •2 .8 1.7 -.1 1.1 -1.0 -.8 3.6 2.0 •3 1.2 1.9 1.2 .6 .1 -.1 -.1 -.3 .7 1.9 .2 .3 7.3 .4 .4 .7 2.2 .2 1.1 .2 .5 .1 -.1 .6 .1 1.2 12 .6 -1.7 .1 1.1 1.7 .7 2.2 2.2 1.7 13 14 15 1.7 1.0 .7 2.6 1.7 .9 3.3 2.9 .4 5.2 4.1 1.1 4.8 3.5 1.2 6.3 5.1 1.2 3.4 2.1 1.2 5.1 3.8 1.3 4.4 3.2 1.2 16 17 18 1.2 -.4 .1 -.2 .2 .2 .1 .4 .4 .4 -.3 .1 -.1 .2 .1 .1 .6 • .2 -.5 • .1 19 20 -1.3 .2 -.8 -2.6 .1 -.8 -.3 -.3 •1.5 -1.0 .3 .1 -.3 .1 -.1 .1 -.1 * * * * * -.5 -1.7 7.3 5.7 1.7 * * 10.2 7.3 3.0 * * 1.9 COMMERCIAL 1 2 3 4 5 15.3 1.1 1.4 12.6 .1 11.2 1.0 1.0 9.0 .3 13.6 1.1 1.2 11.1 .3 18.4 1.0 1.7 15.6 6 7 8 9 10 15.3 .6 .3 -.1 5.0 11.2 .1 13.6 1.1 3.1 -.1 5.1 11 12 13 3.4 2.6 .8 5.3 4.6 .7 14 15 16 17 4.8 3.9 .1 .3 .1 18 19 .6 .2 * .5 * * * * -1.8 .1 9.6 6.9 2.8 * * 9 10 11 -.5 -.4 1.7 U.S. GOVERNMENT SPONS. CREDIT AGENCIES MORTGAGE POOLS 1.2 1.9 COMMERCIAL BANKS 12 4.3 3.7 .7 4.8 4.1 .7 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 13 14 15 1.9 .1 .1 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS 16 17 18 •1 -.1 FINANCE COMPANIES REITS 19 20 .6 •1 .1 MORTGAGES 27.5 NET BORROWING 1.0 HOUSEHOLDS NONFARM NONCORP. BUSINESS 2.7 23.9 NONFIN. CORPORATE BUSINESS REITS 23.3 1.0 2.2 20.0 .1 20.0 1.0 1.9 16.8 .4 22.5 1.0 2.2 19.5 -.1 26.5 1.0 2.5 22.8 .2 24.3 1.0 2.3 21.1 -.2 25.8 1.0 2.5 22.4 18.4 1.6 .1 .1 6.4 23.3 1.9 .2 10.2 20.0 3.3 .1 .3 8.1 22.5 .4 .3 -.5 10.0 26.5 2.0 .2 .6 12.3 24.3 2.0 .2 -.6 10.2 25.8 1.6 .3 .7 10.0 5.6 4.7 •9 5.0 4.2 .8 3.9 2.7 1.2 5.1 4.0 1.2 3.3 2.1 1.2 3.4 2.1 1.3 3.7 2.5 1.2 4.6 3.9 .7 5.8 5.1 .7 SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS 11 12 13 3.7 .1 .2 .1 5.5 .2 .4 .1 7.7 .3 .2 5.1 .7 .1 9.1 .1 .5 7.9 .2 .2 8.7 .1 .1 .1 8.2 •1 .2 .1 7.2 .1 .2 LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUNDS OTHER INSURANCE COMPANIES 14 15 16 17 -.3 -1.8 .4 -1.4 -.4 -.6 .1 -.2 FINANCE COMPANIES REITS 18 19 * * * * * -1.8 -.8 * * * .2 -.9 .1 -.4 .1 -.4 .2 -.3 10.5 3.9 12.3 2.5 * 27*5 NET CHANGE IN ASSETS 2.4 HOUSEHOLDS .4 STATE + LOCAL GOVERNMENTS U.S. GOVERNMENT 11.5 COMMERCIAL BANKING * * 1 2 3 4 5 6 7 8 9 10 FARM MORTGAGES 13.1 NET BORROWING 2 3 4 5 6 7 8 9 .0 .1 5.0 1.4 * * 4.6 1.4 * 6.1 2.2 .1 8.8 2.9 * * 10.2 3.6 .1 8.9 2.9 .1 9.7 3.3 .1 11.6 4.1 - - - .2 2.8 .3 -.4 3.1 .9 .5 3.4 .3 -.5 3.5 1.1 -.2 4.3 3.2 -.1 3.4 1.4 U.S. GOVERNMENT SPONSORED CREDIT AGENCIES MORTGAGE POOLS 1.0 1.0 • 1.7 -.1 1.7 1.4 • 1.1 1.3 1.6 1.6 * .7 COMMERCIAL BANKS MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES ST.+LOC. GOVT, RTR. FUNDS 2.5 •2 .1 2.6 -.1 -.2 2.5 .5 2.9 .3 -.1 3.2 .6 .6 •3 .3 1.2 1.3 * .7 * .3 -.1 .4 -.2 BILLIONS OF DOLLARS. * * * * 1.4 * * 1.5 11/79 BASED ON INCOMPLETE * * 1.7 INFORMATION. * - - - 1.1 13.1 NET CHANGE IN ASSETS 6.1 HOUSEHOLDS STATE + LOCAL GOVERNMENTS 9 10 11 SEPTEMBER 5, 1979 CONSUMER CREDIT AND BANK LOANS N.E.C. 40 CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED CONSUMER CREDIT AND BANK LOANS N.E.C. UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.1 1978 I II III IV 1 1 1979 II I 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 CONSUMER CREDIT (HH) 3.293 3.013 280 17.898 16.023 1.875 14.648 13.522 1.126 14.740 12.253 2.487 4.038 2.707 1.331 15.759 14.134 1.625 10.8 9.5 1.3 5.4 4.4 1.0 14.7 11.1 3.6 19.8 14.9 4.9 26.0 21.9 4.1 4 NET CHANGE IN ASSETS 5 INSTALMENT CREDIT 6 NONFARM NONCORP. BUSINESS 7 NONFIN. CORPORATE BUSINESS 8 COMMERCIAL BANKING 9 SAVINGS + LOAN ASSNS. 10 MUTUAL SAVINGS BANKS CREDIT UNIONS 11 12 FINANCE COMPANIES 3.293 3.013 -148 -736 2.677 210 104 1.119 -213 17.898 16.023 15 277 9.030 200 170 3.212 3.119 14.648 13.522 39 430 7.323 291 156 2.389 2.894 14.740 12.253 206 866 4.786 339 87 1.614 4.355 4.038 2.707 -156 -734 1.256 277 131 362 1.571 15.759 14.134 282 733 7.100 619 -143 1.177 4.366 10.8 9.5 -.1 .2 4.6 .2 •1 1.7 2.8 5.4 4.4 .1 .3 2.4 .4 .1 1.0 .1 14.7 11.1 -.2 6.3 .8 .1 1.8 2.3 19.8 14.9 -.2 -1.0 9.5 .8 .1 2.2 3.5 26.0 4 21.9 5 .1 6 2.2 7 11.4 8 .7 9 .2 10 2.7 11 4.7 12 280 601 -253 -79 -34 45 1.875 -66 248 1.543 76 74 1.126 200 248 538 74 66 2.487 612 693 1.124 54 4 1.331 667 -260 908 -38 54 1.625 -71 262 1.265 75 94 1.3 .5 .3 .4 .1 1.0 .6 .5 -.2 .1 3.6 .5 .5 2.4 .2 4.9 .8 .8 3.1 .2 1 NET CHANGE IN LIABILITIES INSTALMENT CREDIT 2 NONINSTALMENT CREDIT 3 13 14 15 16 17 18 NONINSTALMENT CREDIT NONFARM NONCORP. BUSINESS NONFIN. CORPORATE BUSINESS COMMERCIAL BANKING SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS * * * * * 1 2 3 4.1 1.2 1.0 1.2 .5 * 13 14 15 16 17 18 BANK LOANS NOT ELSEWHERE CLASSIFIED 1 2 3 4 5 6 7 8 9 10 11 TOTAL LOANS AT COMMERCIAL BANKS, F/F BASIS - LOANS ELSEWHERE CLASSIFIED: MORTGAGES CONSUMER CREDIT SECURITY CREDIT OPEN-MARKET PAPER = BANK LOANS NEC AT COML. BKS. + BANK LOANS NEC AT OTHER BANKING SUBSECTORS: DOMESTIC AFFILIATES FOREIGN BANKING OFFICES = BANKING SECTOR TOTAL BANK LOANS NEC + LOANS BY F.R. BANKS = TOTAL BANK LOANS NEC 12 NET CHANGE IN LIABILITIES 13 NONFINANCIAL SECTORS 14 HOUSEHOLDS FARM BUSINESS 15 16 NONFARM NONCORP. BUSINESS 17 CORPORATE BUSINESS 18 19 20 21 22 23 24 25 REST OF THE WORLD FGN. OFFICIAL FGN. BANKS OTHER FGN. FINANCIAL SECTORS SAVINGS + LOAN ASSNS. FINANCE COMPANIES REITS 7.482 35.600 23.247 31.723 6.488 38.119 21.8 12.7 29.9 59.3 71.0 1 5.551 2.598 -3.944 -2.914 6.191 10.156 10.573 2.022 87 12.762 10.962 7.861 -1.052 175 5.301 8.503 5.910 -7 396 16.921 6.084 2.164 -1.171 -1.212 623 8.981 8.365 4.788 -164 16.149 5.3 4.9 -1.1 1.1 11.6 2.0 2.2 1.4 l.l 5.9 9.6 8.7 .8 .2 10.6 16.8 12.7 4.7 -.3 25.5 19.6 12.6 -2.9 -1.5 43.1 2 3 4 5 6 -515 2.991 8.667 357 2.808 15.927 76 3.921 9.298 -871 8.409 24.459 -66 1.612 2.169 206 4.577 20.932 3.9 1.2 16.8 -1.0 2.5 7.3 -.1 .5 11.0 -.2 .8 26.1 1.7 4.0 48.8 7 8 9 0 8.667 0 15.927 0 9.298 0 24.459 0 2.169 0 20.932 16.8 - 7.3 - 11.0 - 26.1 10 48.8 11 8.667 10.636 -749 -330 441 10.351 15.927 13.681 1.215 1.618 108 9.264 9.298 8.908 403 1.067 -830 3.495 24.459 22.311 2.524 127 324 8.241 2.169 5.772 -1.198 -89 294 10.545 20.932 18.981 59 1.478 -364 15.858 16.8 15.5 .5 .6 2.3 12.4 7.3 7.4 1.9 .8 -.4 5.3 11.0 9.1 1.2 1.3 .7 3.8 26.1 20.1 1.1 1.8 1.2 13.0 48.8 39.8 3.4 2.9 1.2 29.6 12 13 14 15 16 17 923 42 637 244 1.476 -81 589 968 4.773 709 2.000 2.064 11.095 1.462 6.297 3.336 -3.780 605 -3.886 -499 1.950 169 928 853 -.3 .2 -.4 -.2 -.1 -.1 2.0 .2 .9 .9 3.0 .2 1.1 1.7 2.7 .4 1.6 .7 18 19 20 21 -1.969 -208 -1.217 -544 2.246 -36 2.500 -218 390 205 551 -366 2.148 362 2.082 -296 -3.603 -320 -2.877 -406 1.951 328 1.922 -299 1.3 .1 .9 .4 1.9 .7 .6 .6 6.0 .4 4.2 1.3 9.0 .4 4.6 4.0 22 23 24 25 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * -.1 -.1 -.1 .1 - SEPTEMBER 5, 1979 CONSUMER CREDIT AND BANK LOANS N.E.C. CONSUMER CREDIT AND BANK LOANS N.E.C. 41 CONSUMER CREDIT AND BANK LOANS NOT ELSEWHERE CLASSIFIED SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 1974 1975 1976 1977 1978 II III IV I I 1979 I II CONSUMER CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 9.9 9.5 •4 9.7 7.8 1.9 25.6 21.6 3.9 40.6 34.3 6.2 50.6 44.8 5.8 43.4 38.4 4.9 56.9 50.8 6.1 48.8 43.3 5.4 53.3 46.7 6.6 49.8 40.4 9.4 48.4 NET CHANGE IN LIABILITIES (HH) 42.6 INSTALMENT CREDIT 5.8 NONINSTALMENT CREDIT 9.9 9.5 25.6 21.6 50.6 44.8 .1 .8 23.8 1.0 .5 8.3 10.2 43.4 38.4 .3 -.7 21.9 1.0 .4 7.8 7.8 28.8 .9 .7 9.4 10.2 48.8 43.3 .1 1.5 22.8 .9 .6 7.2 10.1 53.3 46.7 .1 10.8 1.1 •2 5.5 4.0 40.6 34.3 .1 .9 18.6 1.1 .3 6.4 6.9 56.9 50.8 .2 4.1 .7 .2 2.3 2,0 9.7 7.8 -.1 -.3 2.9 .8 .2 3.8 .5 49.8 40.4 .3 -1.0 17.7 1.3 .5 5.2 16.4 48.4 NET CHANGE IN ASSETS 42.6 INSTALMENT CREDIT 1.0 NONFARM NONCORP. BUSINESS 2.6 NONFIN. CORPORATE BUSINESS 20.8 COMMERCIAL BANKING 2.6 SAVINGS + LOAN ASSNS. -.6 MUTUAL SAVINGS BANKS 1.6 CREDIT UNIONS 14.5 FINANCE COMPANIES .4 .7 .3 -.8 .2 1.9 .9 .4 .2 .4 3.9 1.2 1.3 1.2 .1 .2 6.2 1.3 1.0 3.6 .2 .1 5.8 1.3 .9 3.1 .2 .2 4.9 1.4 1.2 2.2 -.1 .2 6.1 1.5 .1 3.9 .3 .3 5.4 1.3 .8 2.7 .3 .3 6.6 1.2 1.5 3.7 .2 * * * * * 1.8 21.7 1.3 .3 8.9 12.6 9.4 1.6 1.3 6.4 -.2 .2 5.8 2.5 .2 2.5 .3 .4 NONINSTALMENT CREDIT NONFARM NONCORP. BUSINESS BANK LOANS NOT ELSEWHERE CLASSIFIED 120.4 2 3 4 5 6 12.3 3.4 -2.1 1.6 33.8 3.7 3.1 Z.Z 1.1 -12.9 14.3 12.0 6.2 3.2 3.9 27.3 22.3 1.8 .2 24.4 35.2 26.9 -3.0 -2.3 41.2 29.5 24.1 -4.0 -3.6 46.0 36.9 32.7 4.2 1.1 34.3 38.9 25.6 -5.5 .8 32.7 35.3 25.4 -6.6 -7.4 51.7 32.6 24.1 7.3 4.3 22.6 32.0 23.3 14.7 7 8 9 .9 6.3 41.0 -.5 1.2 -12.2 -.3 3.5 7.0 .6 4.7 29.8 -1.0 18.1 58.4 -2.1 16.0 60.0 1.4 13.3 49.0 .3 16.0 49.1 -3.5 27.2 75.4 -.3 10.6 32.9 .8 21.2 72.5 10 11 - - _ _ 41.0 -12.2 7.0 29.8 58.4 12 13 14 15 16 17 41.0 36.3 1.5 1.1 -.7 29.8 -12.2 -8.5 -1.5 2.0 -2.0 -10.8 7.0 10.7 1.0 3.0 -2.9 2.8 29.8 30.0 2.8 2.5 58.4 55.5 3.4 2.5 21.6 18 19 20 21 4.7 .3 3.1 1.3 3.9 .3 1.1 2.5 ZZ 23 24 25 4.6 -.4 .7 4.4 -3.7 -.3 -2.8 -.6 BILLIONS OF DOLLARS. * 50.5 _ 49.0 49.1 75.4 32.9 31.4 60.0 60.3 .4 1.4 -.5 45.6 49.0 43.6 5.7 2.4 1.8 28.3 49.1 47.4 4.1 3.5 -2.5 ZZ.Z 75.4 70.9 3.4 2.7 1.4 29.4 32.9 39.4 -2.2 1.7 -.7 44.9 6.8 .9 4.2 1.7 3.1 .1 2.7 .3 18.3 2.1 9.5 6.6 13.4 .2 9.9 3.3 5.4 -.3 1.9 3.8 20.1 2.8 9.6 7.7 34.1 5.8 16.7 11.6 -4.3 2.4 -7.4 .7 7.6 .7 3.6 3.4 -3.7 .2 -2.1 -1.9 -.3 1.4 .7 -2.4 2.8 .3 3.9 -1.4 -.3 .5 1.4 -2.2 5.4 .1 6.2 -.9 1.7 .8 2.4 -1.5 4.5 -.1 5.8 -1.2 -6.4 •2 -5.0 -1.6 4.4 1.7 3.8 -1.2 * * 11/79 BASED ON INCOMPLETE INFORMATION. 72. 68. 3. 1. 54. TOTAL LOANS AT COMMERCIAL BANKS* F/F BASIS - LOANS ELSEWHERE CLASSIFIED: MORTGAGES CONSUMER CREDIT SECURITY CREDIT OPEN-MARKET PAPER = BANK LOANS NEC AT COML. BKS. + BANK LOANS NEC AT OTHER BANKING SUBSECTORS: DOMESTIC AFFILIATES FOREIGN BANKING OFFICES = BANKING SECTOR TOTAL BANK LOANS NEC 10 + LOANS BY F.R. BANKS 11 = TOTAL BANK LOANS NEC NET CHANGE IN LIABILITIES NONFINANCIAL SECTORS HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUSINESS CORPORATE BUSINESS REST OF THE WORLD FGN. OFFICIAL FGN. BANKS OTHER FGN. FINANCIAL SECTORS SAVINGS + LOAN ASSNS. FINANCE COMPANIES REITS 12 13 14 15 16 17 18 19 20 21 22 23 24 25 SEPTEMBER 5, 1979 OTHER LOANS 42 OTHER LOANS OPEN-MARKET PAPER AND OTHER LOANS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 I II III IV 1 1 1979 I II 1969 BILLIONS CF OOLLARS 1970 1971 1972 2.1 .5 1.8 -1.3 -1.9 .6 1973 OPEN-MARKET PAPER 1 TOTAL NET ISSUES, ALL TYPES 2 COMMERCIAL PAPER 3 NONFINANCIAL CORPORATIONS 4 FINANCIAL BUSINESS 5 COMMERCIAL BANKING 6 FINANCE COMPANIES 7 REITS 8 9 10 11 12 BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 13 NET PURCHASES, BY SECTOR 14 HOUSEHOLDS 15 NONFIN. CORPORATE BUSINESS 16 REST OF THE WORLD 17 18 19 20 21 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS + LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 22 23 24 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES MONEY MARKET FUNDS 3.742 3.128 911 2.217 889 1.305 23 7.899 5.537 700 4.837 2.003 2.725 109 1.724 1.663 567 1.096 978 102 16 13.039 6.997 513 6.484 2.830 3.694 -40 8.910 7.819 2.218 5.601 600 4.916 85 12.344 9.805 2.832 6.973 2.521 4.438 14 12.5 11.4 1.1 10.3 4.3 6.0 - - 614 847 424 423 -233 2.362 336 168 168 2.026 61 232 116 116 -171 6.042 1.065 533 532 4.977 1.091 716 358 358 375 2.539 -117 -59 -58 2.656 1.0 .7 .4 .4 .3 3.742 922 1.142 661 7.899 4.973 -657 2.372 1.724 -868 -200 1.752 13.039 9.552 1.441 3.090 8.910 3.960 1.051 183 12.344 4.954 499 1.641 12.5 5.3 2.5 1.0 -237 -184 -2.630 -71 -90 -361 251 471 241 -28 -552 -306 355 106 251 -48 -128 517 105 -743 -18 -3 83 -1.004 711 -207 -123 1.196 -375 89 212 2.888 900 441 -322 160 799 1.565 -758 379 -2.678 962 969 1.274 -17 3.360 327 252 3.672 * -.1 -.9 -.9 --1 -.4 -.5 .8 1.6 2.6 .7 1.9 .7 -1.3 2.5 8.3 6.4 1.4 4.9 1.6 .8 .4 .4 .8 .8 .5 .3 .3 .3 -1.0 .1 -1.0 1.1 9 .5 10 .5 11 .9 12 2.1 -3.8 1.8 .5 -.1 -3.8 1.9 -.2 1.6 -1.7 3.0 -.1 8.3 9.1 .6 •3 * * - _ • 1.5 1.5 .2 .2 .3 1.0 .2 .4 -.2 -.2 .5 -.1 .8 1.2 .8 -.4 .6 -.3 .2 -.3 - - - - 1.3 •2 * 1 2 3 4 2.2 5 2.0 .7 6 7 2.0 8 -.2 * -1.3 -1.3 -.1 13 14 15 16 17 18 19 20 21 * 22 1.2 23 - 24 OTHER LOANS 1 FINANCE CO. LOANS TO BUSINESS 2 LIAB.-NONCORPORATE BUSINESS 3 NONFIN. CORP. BUSINESS> 2.567 -165 2.732 1.878 206 1.672 -1.174 -716 -458 5.024 665 4.359 3.352 -128 3.480 3.584 195 3.389 5.0 •6 4.3 .4 -.3 .6 1.3 .7 .7 4.2 .6 3.6 5.0 .9 4.1 4 U.S. GOVERNMENT LOANS 5 LIAB.-HOUSEHOLDS 6 FARM BUSINESS 7 NONFARM NONCORiP. BUS. 8 NONFIN. CORP. BUSINESSi 9 ST.+LOC. GOVERNMENTS 10 REST OF THE WORLD 11 SPONS. CREDIT AGENCIES> 4.152 218 993 1.259 662 285 735 0 1.303 223 1.095 442 325 -1.843 1.061 0 3.756 385 256 1.251 595 -3 1.272 0 3.831 386 1.603 894 106 5 837 0 3.322 185 912 865 272 112 976 0 2.951 403 1.087 900 114 -78 525 0 3.4 .4 3.2 .4 2.5 .4 .3 .1 .7 2.1 -.3 2.5 .3 -.1 •6 .3 .1 1.3 3.4 4 .2 5 .1 6 .8 7 .3 8 .3 9 1.7 10 - 11 12 SPONSORED CREDIT AGENCY LOANS LIABILITY OF13 FARM BUSINESS IFICB) 14 NONFARM NONCORP. BUS. ( B O1 15 S+L ASSOCIATIONS (FHLB) 1.086 5.078 4.661 3.820 58 5.260 4.8 -359 340 1.105 873 209 3.996 827 -50 3.884 117 191 3.512 747 100 -789 1.065 1.005 3.190 .6 .2 4.0 .7 .3 1.3 448 -3 451 612 3 609 635 1 634 901 5 896 1.025 11 1.014 848 8 840 2.6 .1 2.5 2.3 .1 2.2 16 POLICY LOANS (HH LIABILITY) 17 ASSET-U.S. GOVERNMENT 18 LIFE INSURANCE COS. 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. * * * 1 2 3 .4 .2 .4 1.8 .1 .2 .3 1.5 - - - 2.3 -2.0 .8 8.5 12 .7 .4 .3 1.1 13 .3 14 7.2 15 * -2.7 1.0 * 1.0 * 1.0 * .9 2.2 16 * 17 2.2 18 SEPTEMBER 5, 1979 OTHER LOANS OTHER LOANS 43 OPEN-MARKET PAPER AND OTHER LOANS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1 1974 1975 1976 1 1978 IV I I I II 26.4 17.3 2.7 14.6 6.7 7.8 .1 16.1 10.0 .8 9.2 3.6 5.5 .1 28.7 19.6 1.7 17.9 8.0 9.5 .4 20.3 14.7 3.6 11.1 3.9 7.1 .1 40.6 25.0 4.7 20.4 11.3 9.2 -.2 37.6 29.1 5.9 23.2 2.4 20.4 .3 9.1 2.5 1.2 1.2 6.6 6.1 7.0 3.5 3.5 -.9 9.1 1.0 .5 .5 8.1 5.6 6.3 3.2 3.1 -.7 15.6 -4.4 -2.2 -2.2 19.9 8.6 7.1 3.5 3.5 1.5 15.0 9.6 -.1 4.4 26.4 14.6 1.7 7.9 16.1 3.7 2.5 1.9 28.7 12.5 -1.8 12.8 20.3 8.2 6.5 5.6 40.6 33.9 -.3 11.2 37.6 15.0 2.4 .9 .2 -1.2 -.4 -1.3 .4 -.6 -.9 -.7 -2.5 -.3 -.4 -1.4 1.0 2.7 1.0 -.1 -2.2 -1.2 1.6 .4 1.0 -.2 -.5 -6.9 .4 -3.0 -.1 -1.5 5.1 2.8 -.8 -.5 4.8 -.9 .4 .8 1.5 1.3 2.6 7.4 3.6 1.8 -1.7 .6 3.2 1.9 -3.0 1.5 -1.7 3.8 3.9 .4 -.1 13.4 .7 1.0 14.7 5.3 13.9 10.8 .1 10.7 12.5 FINANCE CO. LOANS TO BUSINESS LIAB.-NONCORPORATE BUSINESS -.1 12.6 NONFIN. CORP. BUSINESS 4 11.1 U.S. GOVERNMENT LOANS 1.6 LIAB.-HOUSEHOLDS 5 FARM BUSINESS 6 3.5 NONFARM NONCORP. BUS. 3.8 7 NONFIN. CORP. BUSINESS 8 .5 ST.+LOC. GOVERNMENTS 9 -.3 REST OF THE WORLD 10 2.1 SPONS. CREDIT AGENCIES 11 1977 1 1979 1978 III II OPEN-MARKET PAPER 1 2 3 4 5 6 7 17.7 7.9 4.1 3.8 3.5 3.6 -3.3 -1.2 -1.8 -2.9 1.1 .3 .6 .1 8.1 3.6 1.4 2.2 -.8 3.3 -.3 8 9 10 11 12 9.8 2.5 1.3 1.3 7.3 .6 .3 .2 .2 .3 4.5 2.6 1.3 1.3 1.9 13 14 15 16 17.7 1.7 4.1 6.6 -1.2 -4.4 3.1 -2.6 8.1 -3.1 5.0 2.7 17 18 19 20 21 .9 .9 2.2 -.2 .1 .1 .1 1.1 .9 .1 -.1 3.7 -.1 .4 .3 -.3 22 23 24 1.1 -.4 .6 .7 -.2 -.1 .4 -1.1 .4 -.3 1.2 .1 * 15.0 11.3 1.6 9.6 1.3 8.4 * 3.7 1.3 •6 .6 2.4 * * 45.0 TOTAL NET ISSUES, ALL TYPES COMMERCIAL PAPER 35.5 9.8 NONFINANCIAL CORPORATIONS 25.7 FINANCIAL BUSINESS 10.1 COMMERCIAL BANKING FINANCE COMPANIES 15.6 REITS .1 9.4 -1.2 -.6 -.6 10.6 BANKERS ACCEPTANCES NONFINANCIAL BUSINESS NONCORPORATE CORPORATE REST OF THE WORLD 45.0 NET PURCHASES, BY SECTOR 9.8 HOUSEHOLDS 3.4 NONFIN. CORPORATE BUSINESS 10.8 REST OF THE WORLD 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING SAVINGS + LOAN ASSOCIATIONS MUTUAL SAVINGS BANKS 17 18 19 20 21 LIFE INSURANCE COMPANIES INVESTMENT COMPANIES MONEY MARKET FUNDS 22 23 24 OTHER LOANS 1 2 3 4.8 -1.0 5.8 2.1 -.1 2.2 5.4 .2 5.2 10.3 8.3 7.9 -.1 8.1 6.0 10.3 5.9 5.3 13.9 4 5 6 7 8 9 10 11 5.9 .5 .3 .5 1.5 .7 1.6 .7 7.3 .5 1.1 1.7 .2 .2 2.8 .9 8.2 .5 .5 2.2 .2 2.0 3.3 -.4 6.7 .6 2.0 2.2 17.2 .9 4.3 5.4 2.6 1.1 2.9 4.5 .9 3.5 1.9 1.3 -7.4 4.2 15.4 1.5 1.9 4.5 2.4 15.0 1.5 6.1 3.6 .4 .2 3.0 -1.2 13.0 1.2 3.9 3.8 1.7 -1.6 3.9 - - - 12 9.3 -2.4 .3 6.4 14.6 12.4 13 14 15 1.7 1.0 6.7 1.1 .4 -4.0 1.3 1.0 -2.0 1.4 .6 4.3 1.5 .7 12.5 16 17 18 2.7 1.6 1.4 1.7 2.6 * 2.7 * 1.6 BILLIONS OF DOLLARS. * 1.4 * * * 1.7 8.3 * * 2.6 11/79 BASED ON INCOMPLETE * * * 5.1 3.3 13.9 .7 4.0 3.8 1.1 .4 3.9 16.8 15.7 13.6 8.5 -1.8 1.4 12.8 2.0 1.1 13.7 2.6 .5 12.6 3.0 -.3 11.0 2.6 .5 5.4 1.8 2.4 2.5 3.6 * 1.8 INFORMATION. * 2.4 * - * 2.5 * - * 3.6 - 4.1 * 4.1 1 2 3 - 17.1 SPONSORED CREDIT AGENCY LOANS 12 LIABILITY OF2.9 FARM BUSINESS (FICB) 13 4.1 NONFARM NONCORP. BUS. ( B O 14 S+L ASSOCIATIONS (FHLB) 10.0 15 3.4 POLICY LOANS (HH LIABILITY* ASSET-U.S. GOVERNMENT LIFE INSURANCE COS. 3.4 * 16 17 18 SEPTEMBER 5, 1979 SECURITY CREDIT, TRADE CREDIT, AND TAXES 44 SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE SECURITY CREDIT, TRADE CREDIT, AND TAXES UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 I II 1 III IV 1 1979 I II 1969 BILLIONS OF DOLLARS 1970 1971 1972 1973 SECURITY CREDIT 1 NET CHANGE IN LIABILITIES 2 HOUSEHOLDS 3 FOREIGN -3.624 157 0 4.542 2.066 0 2.128 2.057 0 -2.689 -2.925 0 -1.006 98 0 6.079 889 0 -6.7 -3.4 -.2 -.7 -1.8 4 5 6 7 -3.781 -3.806 102 -77 2.476 1.875 -172 773 71 -961 354 678 236 343 -170 63 -1.104 -1.230 -42 168 5.190 4.549 580 61 -3.1 -1.0 -.1 -2.0 1.1 1.9 .1 -1.0 -3.624 -77 -3.842 4.542 773 1.850 2.128 678 -698 -2.689 63 -177 -1.006 168 -1.213 6.079 61 5.368 -6.7 -1.8 -1.2 295 0 1.919 0 2.148 0 -2.575 0 39 0 650 0 3.801 335 190 -1.589 13.202 336 174 671 17.141 339 172 2.030 17.920 340 184 999 10.563 343 198 -1.755 NONFIN. CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT 3.560 254 413 638 11.677 258 51 35 13.981 255 95 269 15.540 258 -833 1.432 9 NET CHANGE IN ASSETS 10 NONFIN. CORPORATE BUSINESS FOREIGN 11 12 U.S. GOVERNMENT 13 OTHER INSURANCE COMPANIES 15.850 13.136 1.225 1.189 300 18.912 17.982 160 460 310 21.321 19.646 1.113 242 320 6.192 4.129 898 835 330 -12.049 -5.710 -4.180 BROKERS + DEALERS FROM COMMERCIAL BANKS FROM FOREIGN BANKING AGS. CUSTOMER CREDIT BALANCES 8 NET CHANGE IN ASSETS 9 HOUSEHOLDS 10 COMMERCIAL BANKING 11 12 BROKERS -i- DEALERS FOREIGN 3.9 2.7 8.9 4.5 .1 -7.9 -4.3 -.2 1 2 3 1.2 .7 • .5 4.3 3.8 .3 .2 -3.4 -2.7 -.6 -.2 4 5 6 7 -.7 -.9 1.6 3.9 .5 .8 8.9 .1 4.9 -7.9 8 -.2 9 -3.4 10 -3.5 -.2 -1.3 -.1 2.6 3.7 .1 -4.3 11 12 18.008 345 215 27 22.0 .6 -.4 .5 9.7 .6 -.4 1.0 11.5 .5 .1 -1.9 24.5 .7 .5 10.995 257 400 125 15.019 258 645 1.499 20.4 .4 •8 -.3 7.5 .6 1.0 -.6 12.2 .7 .5 -.7 24.343 24.023 64 -84 340 23.362 21.621 743 648 350 24.7 22.6 .8 .9 .4 10.0 8.3 2.0 -.8 .5 11.728 -13.780 -5.354 -2.7 -9.163 -9.211 -143 100 1 34 40 16 -3.1 -3.3 .1 846 -10.448 -1.749 -1.401 2.595 -9.047 -2.7 .3 -3.0 -2.4 .2 -2.6 2.1 .5 1.5 .8 -.7 2.1 9 .7 10 1.3 11 1.285 -.4 -.8 -.2 -.1 .5 12 -.6 -.7 .1 -1.5 -2.4 .9 -3.2 -5.1 1.9 * * * * TRADE CREDIT 1 NET CHANGE IN LIABILITIES 2 HOUSEHOLDS 3 FARM BUSINESS 4 NONFARM NONCORP. BUSINESS (PAYABLES LESS RECEIVABLES) 5 6 7 8 14 DISCREPANCY 42.7 .6 .1 .3 1 2 3 4 22.3 .6 .5 -.1 38.9 .8 1.9 .1 5 6 7 8 13.6 14.6 .4 -1.7 .3 28.4 27.3 .8 -.8 1.2 39.0 37.0 1.0 .3 .6 9 10 11 12 13 -.3 -2.0 -3.9 -3.1 -3.7 .3 1.8 2.0 -.1 -.1 -.2 * 3.7 14 PROFIT TAXES PAYABLE 1 NET CHANGE IN TAXES PAYABLE NONFIN. CORPORATE BUSINESS 2 3 COMMERCIAL BANKS 4 SAVINGS + LOAN ASSOCIATIONS 5 LIFE INSURANCE COMPANIES 6 OTHER INSURANCE COMPANIES 7 FINANCE COMPANIES 8 BROKERS + DEALERS 9 NET CHANGE IN TAXES RECEIVABLE 10 STATE + LOCAL GOVERNMENTS U.S. GOVERNMENT 11 12 DISCREPANCY 1.438 765 150 118 309 68 57 -29 -6.750 -6.607 -150 73 -60 11 -15 -2 4.930 4.276 150 113 247 68 76 0 5.576 5.015 150 112 140 54 68 37 -1.125 -1.932 807 -8.089 -1.019 -7.070 6.804 2.195 4.609 7.566 2.372 5.194 2.563 1.339 -1.874 -1.990 3.402 2.663 0 141 373 87 110 28 2.556 * .1 •1 .1 .1 * - -.1 * .1 -.1 -.1 * * * * * * * .1 2.5 2.4 .1 * * * * 1 2 3 4 5 6 7 8 PROPRIETORS' EQUITY IN NONCORPORATE BUSINESS 1 TOTAL HOUSEHOLD INVESTMENT FARM BUSINESS 2 NONFARM NONCORP. BUSINESS 3 -5.584 -2.811 -2.773 11/79 BASED ON PRELIMINARY AND INCOMPLETE -5.870 -3.400 -2.470 -6.078 -3.439 -2.639 INFORMATION. -5.556 -4.040 -1.516 -5.624 -4.322 -1.302 -6.919 -4.000 -2.919 -.2 -1.7 1.5 -1.9 -4.8 2.9 1 2 3 SEPTEMBER 5, 1979 SECURITY CREDIT, TRADE CREDIT, AND TAXES SECURITY CREDIT, TRADE CREDIT, AND TAXES 45 SECURITY CREDIT, TRADE CREDIT, AND TAXES PAYABLE SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 1974 1975 1976 1977 1978 II III IV I | 1979 I II SECURITY CREDIT 1 2 3 -4.8 -1.8 4 5 6 7 3.7 .7 .1 12.7 4.8 6.1 3.1 .4 1.4 - - - -2.9 -1.8 -.1 -1.0 2.9 2.3 -.1 .6 7.9 6.0 .4 1.5 2.9 1.4 .5 1.0 -1.0 -2.5 .1 1.4 8 9 10 -4.8 -1.0 -2.2 3.7 .6 2.1 12.7 1.5 6.6 6.1 1.0 2.2 11 12 -1.6 1.0 •1 4.6 2.8 * * 19.8 NET CHANGE IN LIABILITIES 3.6 HOUSEHOLDS FOREIGN 1 2 3 7.5 7.0 -.2 .7 16.3 13.7 2.3 .2 4 5 6 7 -17.3 .3 -7.3 7.9 .7 7.1 19.8 NET CHANGE IN ASSETS HOUSEHOLDS .2 17.0 COMMERCIAL BANKING -10.3 .2 59.7 1.4 .1 4.4 69.1 1.4 .7 -.9 81.7 NET CHANGE IN LIABILITIES 1.4 HOUSEHOLDS .5 FARM BUSINESS 2.6 NONFARM NONCORP. BUSINESS (PAYABLES LESS RECEIVABLES) -2.7 .6 14.3 8.3 7.2 8.2 -17.3 -11.7 - - - - - -3.4 -3.5 •4 -.3 6.0 3.6 -.7 3.1 -1.0 -5.2 1.4 2.7 -5.6 -5.2 -.7 .3 .4 1.4 -2.9 -2.7 -.3 -3.6 14.3 3.1 3.5 7.2 2.7 -4.1 1.8 1.2 7.7 8.6 7.9 .4 - 2.6 BROKERS + DEALERS FROM COMMERCIAL BANKS FROM FOREIGN BANKING AGS. CUSTOMER CREDIT BALANCES BROKERS + DEALERS FOREIGN 8 9 10 11 12 TRADE CREDIT 1 2 3 4 35.0 .9 .2 1.0 12.2 1.1 .5 1.1 23.0 1.4 .9 1.6 27.1 1.3 .9 5 6 7 8 28.8 1.8 3.1 -.8 6.1 1.4 .7 1.4 13.8 .7 .3 4.4 9 10 11 12 13 35.7 32.4 1.8 1.0 .5 9.9 6.4 1.6 1.2 .6 24.9 19.8 3.4 .5 1.2 1 2 3 4 52.1 1.4 .7 2.1 44.7 1.3 2.1 .4 54.9 1.3 2.8 * 48.9 1.4 .7 •8 21.7 1.0 .5 1.7 44.8 1.0 -.3 2.4 35.0 1.0 1.7 3.2 48.7 1.0 .2 •8 43.6 1.0 .4 1.1 51.7 1.0 -3.3 4.4 64.0 1.0 1.6 1.4 67.0 1.0 2.6 6.7 NONFIN. CORPORATE BUSINESS STATE + LOCAL GOVERNMENTS FOREIGN U.S. GOVERNMENT 5 6 7 8 32.0 30.1 1.5 -.8 1.1 62.3 54.9 3.4 2.7 1.3 47.5 36.6 4.9 4.8 1.2 65.7 62.0 .6 1.8 1.2 64.2 57.5 4.5 1.0 1.3 71.7 63.5 3.6 3.3 1.3 77.9 76.6 .3 -.3 1.4 84.4 77.4 3.0 2.6 1.4 ET CHANGE IN ASSETS NONFIN. CORPORATE BUSINESS FOREIGN U.S. GOVERNMENT OTHER INSURANCE COMPANIES 9 10 11 12 13 -4.9 -10.2 -2.7 * - 2 . 7 DISCREPANCY PROFIT TAXES PAYABLE 1.2 1.1 .1 .1 1 2 3 4 5 6 7 8 * * -.1 9 10 11 1.3 .7 .6 -2.7 -2.4 -.3 .1 -.1 * * -2.5 .6 -3.1 8.0 7.5 -.6 -1.3 -• 2 .3 .1 .1 .4 .1 -.1 -.1 7.7 2.2 5.5 .3 1.6 -1.3 - 5.2 3.4 .3 •4 .6 .2 .2 * 5.2 1.6 3.5 -2.2 -3.6 .4 .4 .5 .2 •1 -.1 .2 -.1 .4 .6 .2 .2 8.0 6.0 .5 .4 .7 .2 .2 13.4 11.2 .4 .5 .7 .2 .3 .1 5.6 3.7 -.1 .5 .8 .3 .3 .1 -5.7 NET CHANGE IN TAXES PAYABLE -7.7 NONFIN. CORPORATE BUSINESS -.2 COMMERCIAL BANKS .5 SAVINGS • LOAN ASSOCIATIONS .9 LIFE INSURANCE COMPANIES .3 OTHER INSURANCE COMPANIES .4 FINANCE COMPANIES .1 BROKERS + DEALERS -2.9 -1.1 -1.8 1.8 1.0 .8 7.9 3.1 4.6 13.8 3.5 10.3 5.5 .1 5.4 -5.4 NET CHANGE IN TAXES RECEIVABLE 9 -.1 STATE + LOCAL GOVERNMENTS 10 -5.3 U.S. GOVERNMENT 11 -.3 DISCREPANCY 1 2 3 4 5 6 7 8 12 PROPRIETORS* EQUITY IN NONCORPORATE BUSINESS 1 2 3 -13.3 -7.5 -5.7 -10.4 -4.2 -6.2 BILLIONS OF DOLLARS. -15.6 -11.0 -4.6 -16.7 -11.3 -5.4 -23.1 -13.7 -9.4 -22.3 -11.2 -11.1 -23.5 -13.6 -9.9 11/79 BASED ON INCOMPLETE INFORMATION. -24.3 -13.8 -10.6 -22.2 -16.2 -6.1 -22.5 -17.3 -5.2 -27.3 TOTAL HOUSEHOLD INVESTMENT FARM BUSINESS -16.6 -10.7 NONFARM NONCORP. BUSINESS 1 2 3 SEPTEMBER 5, 1979 MISCELLANEOUS I 46 MISCELLANEOUS I MISCELLANEOUS FINANCIAL CLAIMS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1 1978 I II III IV 1 1979 I II 1969 BILLIONS OF DOLLARS 1971 1970 1972 1973 19.365 254 842 11.925 267 1.149 12.544 273 1.566 8.780 271 405 18.522 271 733 12.677 271 898 10.5 .4 .8 15.4 .4 1.0 15.6 .3 -.2 23.3 .5 .4 23.5 .4 1.9 1 2 3 6.891 -155 662 -664 1.760 8 1.494 535 6.318 -297 -1.586 211 2.0 -.4 3.4 .5 4.5 .8 2.4 3.6 -.4 4 5 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING 11.533 651 32 5.240 10.511 1.219 146 4.750 8.937 1.470 34 1.796 6.075 1.428 238 153 11.497 734 58 4.527 12.883 2.197 6 4.403 7.6 .4 .3 .5 10.0 2.1 .5 .6 10.2 -.5 2.1 20.0 .3 -.1 8.9 17.9 2.2 1.2 3.8 6 7 8 9 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES N0NL1FE INSUR. COMPANIES FINANCE COMPANIES REITS 827 443 943 3.189 189 19 -696 234 1.288 3.404 144 22 391 600 1.026 3.673 107 -160 -1.025 96 1.246 3.796 164 -21 791 384 1.127 3.782 112 -18 593 146 1.611 3.780 147 0 .4 .2 1.4 3.3 1.0 .6 .1 1.5 3.4 1.3 1.2 -.1 2.0 3.6 2.0 .9 .2 2.6 4.8 2.4 .6 .6 2.5 4.8 2.3 - 10 11 12 13 14 15 16 NET CHANGE IN ASSETS 17 HOUSEHOLDS 18 FARM BUSINESS 19 NONFARM NONCORP. BUSINESS 20 NONFIN. CORPORATE BUSINESS 14.059 1.640 462 680 4.279 9.435 1.788 449 752 3.620 12.864 2.023 472 730 1.802 13.271 2.145 476 736 3.623 14.965 2.119 459 750 7.191 16.517 2.100 526 779 1.554 5.7 2.1 •4 .7 4.9 12.2 2.6 .5 .7 5.6 15.2 2.3 .6 .8 10.5 21.9 2.7 .7 1.0 11.1 28.8 2.8 .6 1.0 11.7 16 17 18 19 20 1 NET CHANGE IN LIABILITIES 2 HOUSEHOLDS 3 NONFIN. CORPORATE BUSINESS REST OF THE WORLD U.S. GOVERNMENT 6 7 8 9 10 11 12 13 14 15 - - * - * - 21 22 REST OF THE WORLD U.S. GOVERNMENT 2.278 335 -949 139 2.331 161 1.052 114 573 182 6.733 183 -4.7 .1 -1.1 .3 -2.3 .1 2.4 .1 6.7 21 .9 22 23 24 25 26 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING 4.385 557 -162 2.049 3.636 -63 134 2.161 5.345 301 23 2.865 5.125 -146 534 2.024 3.691 459 -302 482 4.642 143 173 1.715 2.1 .4 -.1 1.2 3.7 .8 .1 3.2 .2 .2 1.7 4.0 -.4 • 1.3 5.1 •8 .3 1.6 23 24 25 26 27 28 29 30 31 32 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNDS 1.164 -32 618 -22 8 252 167 255 68 708 171 249 -47 1.042 38 723 122 246 -15 1.13 7 923 717 61 -227 102 1.870 223 717 100 -89 231 1.630 182 719 88 -278 270 -.2 -.1 .9 .1 1.6 .2 .8 •1 - - -.2 •3 .9 • .2 .6 .5 1.0 .2 .8 - - 1.0 .2 .9 .1 * - 27 28 29 30 31 32 5.306 2.490 -320 -4.491 3.557 -3.840 4.8 3.2 .4 1.4 -5.3 33 2.145 1.736 -366 273 1.970 -275 2.1 3.6 3.3 1.2 2.0 34 842 1.149 1.566 405 733 898 .8 1.0 -.2 .4 1.9 35 293 151 181 0 119 0 .2 .2 .3 .3 .3 36 1.086 1.044 42 249 261 -12 -755 -735 -20 1.537 1.423 114 3.513 3.450 63 1.183 1.000 183 -.5 -.4 -.1 -.4 -.4 1.2 1.4 -.2 1.6 1.8 -.2 3.2 37 2.6 38 .6 39 33 UNALLOCATED, NET * (A) FOREIGN CLAIMS 34 DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS LIAB.-REST OF THE WORLD 35 DIRECT FOREIGN INVESTMENT IN U.S. LIAB.-NONFIN. CORP. BUSINESS U.S. GOVT. EQ. IN IBRD, ETC. 36 LIAB.-REST OF THE WORLD FOREIGN CURR. EXCEPT OFFICIAL 37 LIAB.-REST OF THE WORLD 38 ASSET-NONFIN. CORP. BUSINESS 39 U.S. GOVERNMENT * (B) U. S. GOVERNMENT CLAIMS 40 POSTAL SAVINGS DEPOSITS ASSET-HOUSEHOLDS LIAB.-U.S. GOVT. 41 DEPOSITS AT FHLB LIAB.-SPONSORED CREDIT AGS. ASSET-S+L ASSOCIATIONS 2 41 ,1 42 42 FEDERAL RESERVE BANK STOCK ASSET OF COMMERCIAL BANKS 43 EQ. IN U.S. GOVT. CREDIT AGS. 44 U.S. GOVERNMENT PRIVATE 45 FARM BUSINESS (FICB • FLB) 46 NONFARM NONCORPORATE ( B O 47 NONFIN. CORP. BUS. (FNMA) 48 S+L ASSOCIATIONS (FHLB) 530 0 220 0 215 0 300 0 433 0 290 0 75 11 1 443 54 66 20 80 71 29 8 107 71 21 13 195 49 19 15 350 112 30 21 127 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. ,6 43 44 •1 .1 ,2 45 46 47 4 48 * * SEPTEMBER 5, 1979 MISCELLANEOUS I MISCELLANEOUS I 47 MISCELLANEOUS FINANCIAL CLAIMS SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES i 1 1 1978 1979 1974 1975 1976 1977 1978 1 2 3 18.8 .7 3.7 22.1 .7 1.4 35.1 .6 2.7 32.3 .9 2.1 52.6 1.1 4.0 57.4 1.0 3.4 48.5 1.1 4.6 51.9 1.1 6.3 52.6 1.1 1.6 55.7 1.1 2.9 58.7 NET CHANGE IN LIABILITIES HOUSEHOLDS 1.1 NONFIN. CORPORATE BUSINESS 3.6 1 2 3 4 5 1.6 6.6 -.7 9.0 .9 3.2 -.9 10.8 -.3 20.9 -.1 4.1 -2.7 6.3 Z.O 12.0 -.4 18.6 -.3 -4.7 1.1 REST OF THE WORLD U.S. GOVERNMENT 4 5 6 7 8 9 12.8 .3 -.3 4.5 14.2 1.6 -.5 .9 21.8 1.4 .3 3.0 27.0 1.3 -.1 6.5 37.1 4.8 .5 11.9 32.3 3.0 .1 7.0 41.4 4.5 .6 19.9 36.3 6.6 •1 9.2 38.3 4.9 1.0 11.6 33.4 3.7 .2 5.2 57.6 8.1 • 25.4 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKING 6 7 8 9 10 11 12 13 14 15 -.1 .3 2.6 4.9 -.1 .8 .7 -.1 3.3 6.2 .7 1.3 1.1 .1 3.9 10.3 1.6 .2 1.1 .4 4.6 12.6 1.1 -.5 -.5 1.4 4.5 14.1 .6 -.1 1.1 2.9 4.5 12.8 .8 .1 -3.0 .8 4.3 13.6 .6 .1 1.4 4.4 14.7 .4 -.6 -.1 .3 4.8 15.2 .7 -.1 .9 2.6 5.2 15.1 .4 -.1 2.2 .6 5.6 15.1 .6 SAVINGS • LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES NONLIFE INSUR. COMPANIES FINANCE COMPANIES REITS 10 11 12 13 14 15 16 17 18 19 20 22.1 2.7 .8 1.0 5.3 19.4 3.8 .9 1.3 7.7 31.4 5.5 1.5 2.1 10.9 28.2 6.9 1.7 2.6 14.3 49.6 7.6 1.9 2.9 13.3 53.5 6.6 1.8 2.7 15.9 27.2 7.2 1.8 3.0 14.5 55.3 8.1 1.9 2.9 8.9 62.5 8.6 1.9 2.9 14.0 58.0 8.5 1.8 3.0 27.6 51.7 NET CHANGE IN ASSETS 8.4 HOUSEHOLDS 2.1 FARM BUSINESS NONFARM NONCORP. BUSINESS 3.1 5.3 NONFIN. CORPORATE BUSINESS 16 17 18 19 20 21 22 1.9 .3 .7 7.1 1.0 -6.0 .7 4.7 .7 16.8 1.3 -15.3 .6 9.4 .6 7.9 .5 11.4 .7 13.6 .7 REST OF THE WORLD U.S. GOVERNMENT 21 ZZ 23 24 25 26 10.5 -1.8 1.8 6.0 4.8 .9 3.4 -.2 -.2 -.2 8.0 .9 -.6 4.1 18.5 •6 .5 9.1 8.3 2.3 -.6 .5 15.5 -.6 .5 7.6 23.5 .9 .1 13.7 26.7 2.1 14.7 5.0 1.9 -1.2 -6.4 18.4 .3 .7 4.7 TOTAL FINANCE SPONSORED CREDIT AGENCIES MONETARY AUTHORITY COMMERCIAL BANKING 23 24 25 26 1.9 .7 1.5 .2 -.3 1.5 .3 2.5 -.5 -.2 3.6 1.0 2.8 .1 .5 .2 3.4 -.4 2.5 -.9 1.0 .7 3.3 .3 2.8 .7 1.0 -.2 4.4 .2 2.9 .5 1.0 -.1 3.3 3.9 2.9 .2 -.9 .4 6.2 .6 2.9 .4 -.4 .9 8.7 .8 2.9 .4 -1.1 1.1 SAVINGS * LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS REITS MONEY MARKET FUNDS 27 28 29 30 31 32 27 28 29 30 31 32 * * 2.0 .5 1.4 .1 •4 * * -1.4 1.4 .6 1.7 .2 1.2 .1 * * I II IV III * I * I II - 7.0 UNALLOCATED, NET 33 (A) FOREIGN CLAIMS 3.9 7.1 2.7 1.1 37 38 39 -.8 -.2 -.6 1.5 1.7 -.1 .7 1.3 1.3 2.1 2.0 .1 5.8 3.4 2.9 1.2 .5 4.3 4.2 .2 1.0 1.0 -3.0 -2.9 -.1 6.1 5.7 .5 14.1 13.8 .3 -2.8 DIRECT FOREIGN INVESTMENT BY U.S. CORPORATIONS LIAB.-REST OF THE WORLD 34 DIRECT FOREIGN INVESTMENT IN U.S. 3.6 LIAB.-NONFIN. CORP. BUSINESS 35 U.S. GOVT. EQ. IN IBRD, ETC. LIAB.-REST OF THE WORLD 36 FOREIGN CURR. EXCEPT OFFICIAL 4.7 LIAB.-REST OF THE WORLD 37 4.0 ASSET-NONFIN. CORP. BUSINESS 38 .7 U.S. GOVERNMENT 39 (B) U. S. GOVERNMENT CLAIMS 2.5 .1 43 44 45 46 47 48 BILLIONS OF DOLLARS. 1.5 .2 .1 .3 .1 .3 * * 1.2 11/79 BASED ON INCOMPLETE INFORMATION. 1.1 .2 .3 .1 .6 .3 .1 .3 .1 .1 .9 .2 .1 .1 .7 4.9 POSTAL SAVINGS DEPOSITS ASSET-HOUSEHOLDS LIAB.-U.S. GOVT. 40 DEPOSITS AT FHLB LIAB.-SPONSORED CREDIT AGS. ASSET-S+L ASSOCIATIONS 41 .1 FEDERAL RESERVE BANK STOCK ASSET OF COMMERCIAL BANKS 1.4 EQ. IN U.S. GOVT. CREDIT AGS. U.S. GOVERNMENT PRIVATE .4 FARM BUSINESS (FICB + FLBJ .1 NONFARM NONCORPORATE (BC) .1 NONFIN. CORP. BUS. (FNMA) .8 S+L ASSOCIATIONS (FHLB) 42 43 44 45 46 47 48 SEPTEMBER 5, 1979 MISCELLANEOUS II 48 MISCELLANEOUS II MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED] UNADJUSTED NET FLOWS ($ MILL.l UNADJUSTED NET FLOWS (S MILL.i 1978 II III IV | | BILLIONS OF DOLLARS 1970 1971 1972 1979 I II 1973 (C) LIFE INSURANCE CLAIMS DEFERRED AND UNPAID PREMIUMS LIAB.-HOUSEHOLDS ASSET-LIFE INSURANCE 2 3 4 LIFE COMPANY RESERVES LIAB.-LIFE INSURANCE COS. ACCIDENT AND HEALTH POLICY DIVIDEND ACCUM. ASSET-HOUSEHOLDS 271 680 324 356 680 315 365 675 312 363 665 316 349 651 319 332 634 320 314 1.0 .4 .6 1.2 .6 .6 1.1 .4 •6 1.3 .5 1.4 .6 .9 3.189 960 387 669 1.173 3.404 1.108 395 686 1.215 3.673 1.348 401 701 1.223 3.796 1.480 405 715 1.196 3.782 1.468 410 731 1.173 3.780 1.466 414 749 1.151 3.3 1.2 .4 .7 1.1 3.4 1.4 •4 .7 .9 3.6 1.2 .5 .8 1.0 4.8 1.4 .6 1.0 1.9 4.8 1.4 .5 1.0 2.0 5 6 7 8 9 6.5 -.3 13.2 -.7 .3 -.2 8.7 -1.8 -.4 1.4 1.1 11 12 13 14 15 16 (D) NONLIFE INSURANCE CLAIMS 5 6 7 8 9 LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. NONFIN. CORP. BUSINESS <E) UNALLOCATED ASSETS + LIAB. 5.306 2.490 -4.491 3.557 -3.840 11 12 13 14 15 16 NET CHANGE IN LIABILITIES REST OF THE WORLD U.S. GOVERNMENT U.S. GOVT.-WITHOUT LEVELS SPONSORED OREDIT AGENCIES MONETARY AUTHORITIES 10.034 3.367 0 -155 -172 13 3.490 -1.474 0 -664 428 138 6.462 2.700 0 8 641 28 935 -316 0 535 546 222 6.532 716 0 -297 -182 23 4.624 -2.494 0 211 648 -7 3.3 .2 -.3 -.1 .5 .3 4.2 -.1 -.6 1.2 .5 .5 17 18 19 20 21 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING OFFICES BANKS IN U.S. POSS. 5.240 4.620 -408 830 198 4.750 4.515 -646 664 217 1.796 2.469 -902 126 103 153 620 -1.201 631 103 4.527 5.094 -1.166 482 117 4.403 4.614 -815 479 125 .5 -1.0 .2 .1 1.1 .6 .5 1.1 -1.5 .5 2.1 2.0 .6 -.9 .5 8.9 6.0 -1.3 3.7 .5 3.8 3.3 -1.0 1.0 .5 17 18 19 20 21 22 23 24 25 26 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES REITS 827 443 263 189 19 -696 234 608 144 22 391 600 351 107 -160 -1.025 96 581 164 -21 791 384 476 112 -18 593 146 977 147 0 .4 .2 .5 1.0 .6 .1 .3 1.3 1.2 -.1 .9 2.0 .9 .2 1.4 2.4 .6 .6 1.1 2.3 - 22 23 24 25 26 27 28 29 30 31 NET CHANGE IN ASSETS NONFIN. CORPORATE BUSINESS REST OF THE WORLD SPONSORED CREDIT AGENCIES MONETARY AUTHORITY 4.728 -84 1.436 557 -162 1.000 388 -2.098 -63 134 6.782 1.672 765 301 23 5.426 718 647 -146 534 2.975 583 -160 459 -302 8.464 -343 5.835 143 173 •1.5 2.0 -5.5 .4 -.1 1.1 1.4 -2.1 .8 .1 6.1 4.8 -2.1 .2 .2 11.7 6.2 2.0 -.4 14.0 5.2 4.8 .8 .3 27 28 29 30 31 32 33 34 COMMERCIAL BANKS FOREIGN BANKING OFFICES BANKS IN U.S. POSSESSIONS 1.388 528 114 1.301 711 141 2.734 197 -72 1.489 598 -79 21 520 -94 1.432 350 -80 .8 -.5 .9 .9 -1.2 .3 .8 .8 .1 .6 .7 35 36 37 38 SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS 428 -32 364 -228 -396 68 441 171 321 38 450 122 360 923 446 61 1.037 223 446 100 244 182 448 88 .1 -.1 .5 .1 .2 .2 .4 .1 .3 .3 .6 .7 .5 .5 .2 39 40 REITS MONEY MARKET FUNDS 252 167 249 -47 246 -15 -227 102 -89 231 -278 270 - _ - .2 .8 - - 10 NET TOTAL (LIAB. LESS ASSETS) 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. - - * .8 -.1 * - * * * - * * .9 32 .6 33 .1 34 .4 .2 .5 .1 - 35 36 37 38 * 39 40 SEPTEMBER 5, 1979 MISCELLANEOUS II MISCELLANEOUS II 49 MISCELLANEOUS FINANCIAL CLAIMS (CONTINUED) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 1977 1978 I I 1978 I II III | I IV 1979 I II (C> LIFE INSURANCE CLAIMS DEFERRED AND UNPAID PREMIUMS 1.1 LIAB.-HOUSEHOLDS ASSET-LIFE INSURANCE 1.4 .7 .7 1.7 .7 1.0 1.9 .7 1.2 2.7 1.4 1.4 2.7 1.3 1.4 2.7 1.3 1.4 2.7 1.3 1.5 2.7 1.2 1.5 2.7 1.3 1.4 2.6 1.3 1.3 2.5 1.3 1.3 4.9 1.2 .5 1.0 2.1 6.2 2.1 .7 1.2 2.2 10.3 3.6 1.3 2.1 3.4 12.6 4.2 1.5 2.5 4.4 14.1 4.9 1.6 2.8 4.8 12.8 3.8 1.5 2.7 4.7 13.6 4.4 1.6 2.7 4.9 14.7 5.4 1.6 2.8 4.9 15.2 5.9 1.6 2.9 4.8 15.1 5.9 1.6 2.9 4.7 15.1 5.9 1.7 3.0 4.6 LIFE COMPANY RESERVES LIAB.-LIFE INSURANCE COS. ACCIDENT AND HEALTH POLICY DIVIDEND ACCUM. ASSET-HOUSEHOLDS (D) NONLIFE INSURANCE CLAIMS 5 6 7 8 9 LIAB.-OTHER INSURANCE ASSET-HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. NONFIN. CORP. BUSINESS 5 6 7 8 9 (E) UNALLOCATED ASSETS + LIAB. 7.0 NET TOTAL (LIAB. LESS ASSETS) 10 11 12 13 14 15 16 5.6 .7 1.7 -1.7 -1.1 -.3 3.9 -.9 -.6 -.1 1.0 -.5 11.3 2.5 -.5 1.4 -.3 .2 5.8 -3.8 -.7 -.3 .2 -.1 20.9 4.3 21.8 8.2 -.3 1.4 .4 - -.1 -2.7 1.0 .6 2.0 2.4 .1 -.4 2.3 .9 -.3 .1 .1 1.1 1.8 17 18 19 20 21 4.5 5.5 -2.7 1.6 .1 .9 .1 -.8 .7 1.1 3.0 1.8 .5 .3 .4 6.5 5.6 -.7 .7 .8 11.9 12.2 -3.2 2.3 .6 7.0 4.8 -1.6 3.0 .8 19.9 19.7 -2.6 2.0 .9 9.2 10.7 -3.6 1.7 .4 11.6 13.7 -4.8 2.3 .4 5.2 8.0 -4.7 1.4 .5 25.4 26.8 -3.3 1.4 .5 22 23 24 25 26 -.1 .3 1.1 -.1 .8 .7 -.1 1.6 .7 1.3 1.1 •1 2.0 1.6 .2 1.1 .4 1.8 1.1 -.5 -.5 1.4 1.8 .6 -.1 1.1 2.9 1.8 .8 .1 -3.0 .8 1.6 .6 .1 1.4 1.7 .4 -.6 -.1 .3 2.2 .7 -.1 .9 2.6 2.6 .4 -.1 2.2 .6 3.0 •6 27 28 29 30 31 9.0 2.2 -1.8 -1.8 1.8 1.3 -1.4 -1.1 .9 7.6 1.8 4.5 -.2 -.2 1.7 3.5 -8.2 .9 -.6 17.9 2.7 .8 .6 .5 17.9 -.1 13.5 2.3 -.6 -5.3 3.1 -19.9 -.6 .5 27.4 5.7 3.1 .9 .1 31.7 2.1 6.3 2.1 12.2 3.2 8.4 1.9 -1.2 21.0 -.5 10.0 .3 .7 32 33 34 4.8 1.4 -.2 -2.6 .6 .6 -.6 .4 -.1 3.7 .3 • 6.9 2.0 .1 2.1 .5 4.1 2.8 .6 13.1 .8 -.3 12.5 2.4 -.3 -8.2 2.1 -.4 3.6 1.4 -.3 COMMERCIAL BANKS FOREIGN BANKING OFFICES BANKS IN U.S. POSSESSIONS 32 33 34 35 36 37 38 .9 .5 .7 .1 1.1 .6 1.0 .2 .5 .7 .8 .2 .8 .3 1.6 -.5 .7 1.0 1.7 .1 .7 -.4 1.5 -.9 .4 .3 1.8 .7 .6 •2 1.8 .5 1.1 3.9 1.8 •2 3.0 .6 1.8 .4 3.0 .8 1.8 .4 SAVINGS -i- LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS 35 36 37 38 39 40 .4 1.2 .1 -.3 -.2 .5 .2 1.0 .7 1.0 -.2 1.0 -.1 -.9 •4 -.4 .9 -1.1 1.1 REITS MONEY MARKET FUNDS 39 40 * * BILLIONS OF DOLLARS. * * 11/79 BASED ON INCOMPLETE 16.0 -2.9 * •1 - -2.2 INFORMATION. 24.1 7.4 - * 21.8 4.4 - * 9.9 -1.8 - 28.0 -6.6 - * - NET CHANGE IN LIABILITIES REST OF THE WORLD U.S. GOVERNMENT U.S. GOVT.-WITHOUT LEVELS SPONSORED CREDIT AGENCIES MONETARY AUTHORITIES 11 12 13 14 15 16 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING OFFICES BANKS IN U.S. POSS. 17 18 19 20 21 SAVINGS * LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE COMPANIES FINANCE COMPANIES REITS 22 23 24 25 26 NET CHANGE IN ASSETS NONFIN. CORPORATE BUSINESS REST OF THE WORLD SPONSORED CREDIT AGENCIES MONETARY AUTHORITY 27 28 29 30 31 SEPTEMBER 5 , 1 9 7 9 TOTAL CLAIMS 50 TOTAL CLAIMS TOTAL FINANCIAL ASSETS AND LIABILITIES UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTEO NET FLOWS ($ MILL.) 1978 II III IV I 1979 I BILLIONS OF DOLLARS 1970 1971 1972 II TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1) 1 TOTAL FUNDS RAISED IN CREDIT MARKETS BY: NONFINANCIAL SECTORS U.S. GOVERNMENT FOREIGN PRIVATE DOMESTIC HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. CORPORATE BUSINESS ST.+LOC. GOVERNMENTS 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 FINANCIAL SECTORS SPONSORED CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKS BANK AFFILIATES SAVINGS + LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. 128.998 126.6 119.0 168.4 202.6 248.0 1 77.576 20.792 2.424 54.360 25.873 2.545 2.967 20.263 2.712 99.994 101.978 120.762 15.054 15.253 2.582 17.827 6.359 5.658 87.682 80.565 91.754 47.674 42.929 46.147 6.397 5.047 4.070 4.446 3.862 4.378 19.471 27.151 27.577 9.256 7.681 3.915 73.228 101.097 -4.636 10.657 -1.453 5.757 64.024 99.976 44.074 30.542 7.274 4.669 1.609 5.030 37.324 25.525 6.274 1.679 94.1 -3.7 3.7 94.1 34.0 3.0 7.4 39.0 10.7 101.1 11.9 2.9 86.4 25.2 2.3 7.0 40.6 11.3 153.9 24.9 5.1 124.0 44.9 4.5 11.7 45.2 17.7 176.8 15.1 4.0 157.7 65.1 5.8 14.1 58.1 14.5 203.1 8.3 6.1 188.8 80.1 9.6 13.0 73.0 13.2 2 3 4 5 6 7 8 9 10 13.154 4.424 3.791 305 889 1.450 252 2.379 -377 41 26.126 6.658 4.522 447 2.003 5.606 265 7.015 -109 -281 16.733 5.989 4.128 284 978 3.805 278 1.973 -180 -522 25.401 5.998 5.903 284 2.830 3.451 291 7.205 -343 -218 15.405 5.990 5.918 317 600 -1.381 304 3.748 -202 111 27.901 5.150 6.364 253 2.521 5.281 317 8.930 -198 -717 32.5 8.8 .7 -.2 4.3 4.1 .5 7.8 1.5 4.9 17.9 8.2 1.6 .2 -1.9 1.8 .4 2.6 2.2 2.8 14.4 1.1 4.8 1.5 -.4 -.1 .6 2.7 2.9 1.3 25.8 3.5 4.9 2.3 .7 1.7 .5 6.6 6.3 -.5 44.8 16.3 3.6 1.2 2.2 6.0 .5 9.5 6.5 -1.2 11 12 13 14 15 16 17 18 19 20 90.730 126.120 118.711 146.163 88.633 128.998 126.6 119.0 168.4 202.6 248.0 21 14.254 12.713 -51 -3.946 5.538 18.174 14.530 239 -279 3.684 21.075 14.883 818 2.856 2.518 18.939 17.243 511 -23 1.208 23.733 15.184 211 1.506 6.832 39.3 34.7 .4 -1.1 5.3 1.2 -1.4 .7 2.1 -.2 -5.2 -9.0 .3 5.8 -2.3 15.8 5.8 .5 1.7 7.8 39.0 32.0 1.4 .3 5.4 22 23 24 25 26 -4.375 -11.133 90.730 126.120 118.711 146.163 88.633 21 TOTAL FUNDS ADVANCED IN CREDIT MARKETS BY: 22 PRIVATE DOM. NONFIN. SECTORS; 23 HOUSEHOLDS 24 NGNFARM NONCORP. BUSINESS 25 CORPORATE BUSINESS 26 STATE * LOCAL GOVERNMENTS 11.690 9.670 453 -1.263 2.830 27 REST OF THE WORLD 16.431 -726 3.562 20.866 1.1 11.2 27.3 10.8 3.4 27 28 U.S. GOVERNMENT 5.568 3.603 6.235 5.001 5.565 6.074 3.1 2.8 2.8 1.8 2.8 28 29 30 31 32 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORTGAGE POOLS FEDERAL RESERVE SYSTEM 57.041 3.281 3.791 -1.688 108.989 8.281 4.522 9.153 90.740 7.172 4.128 4.898 99.221 7.521 5.903 -5.413 68.504 4.256 5.918 -202 110.324 8.724 6.364 748 83.1 8.6 .7 4.2 103.8 8.8 1.6 5.0 143.5 1.1 4.8 8.9 174.1 4.0 4.9 .3 202.8 15.5 3.6 9.2 29 30 31 32 33 34 35 36 37 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING OFFICES BANKS IN U.S. POSS. 14.665 11.880 -515 3.289 11 40.685 36.937 357 3.388 3 31.584 27.230 76 4.165 113 41.853 33.846 -871 8.764 114 13.446 11.664 -66 1.709 139 38.909 33.904 206 4.654 145 19.0 13.3 3.9 1.4 .2 35.7 33.3 -1.0 3.2 .1 50.4 50.3 -.1 -.1 .3 70.3 69.0 -.2 1.2 .3 84.7 78.4 1.7 4.4 .1 33 34 35 36 37 38 39 40 41 42 PRIVATE NONBANK FINANCE SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 36.992 17.936 14.075 2.605 1.256 46.348 21.163 15.660 2.199 3.304 42.958 20.922 15.851 2.593 2.478 49.357 15.906 13.025 1.155 1.726 45.086 12.045 10.034 1.511 500 55.579 16.716 14.315 1.069 1.332 50.6 14.8 9.7 3.0 2.1 52.8 17.8 12.3 4.1 1.4 78.3 39.9 28.1 9.7 2.0 94.7 47.9 34.8 10.1 2.9 89.7 35.4 27.1 4.7 3.6 38 39 40 41 42 21.453 9.277 3.823 4.042 4.311 18.941 7.667 2.461 5.229 3.584 22.515 9.552 3.861 4.128 4.974 .20.569 6.301 3.769 5.386 5.113 24.649 10.553 4.423 4.385 5.288 22.433 8.832 4.298 5.172 4.131 23.0 8.6 6.2 5.6 2.6 26.6 9.0 6.6 6.3 4.8 31.8 11.8 7.3 6.5 6.2 34.4 13.2 6.3 8.2 6.6 3 8 . 3 43 1 5 . 9 44 7 . 5 45 9 . 1 46 5 . 8 47 -2.397 1.686 -490 -176 678 -4.095 6.244 5.229 -224 -288 944 583 -479 1.870 -200 -582 474 -2.041 12.882 9.479 -135 -433 1.095 2.876 8.392 5.073 -124 -243 4.761 -1.075 16.430 8.050 -100 -730 4.606 4.604 12.8 8.6 1.2 2.6 8.3 2.2 1.9 1.7 6.7 5.2 2.3 .4 12.4 9.4 4.2 -1.8 -. 4 2.6 48 49 50 51 52 53 43 44 45 46 47 48 49 50 51 52 53 INSURANCE SECTOR LIFE INSURANCE COMPANIES1 PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND) OTHER INSURANCE COS. FINANCE N.E.C. FINANCE COMPANIES REITS OPEN-END INVESTMENT COS MONEY MARKET FUNDS SECURITY BKRS. + DEALERSi TOTAL FUNDS RAISED (FROM PRECEDING TABLE) OTHER LIABILITIES: 2 OFFICIAL FOREIGN EXCHANGE 3 TREASURY CURR. + SDR CTFS. -1.2 -. 7 - - TOTAL CLAIMS AND THEIR RELATION TO TOTAL FINANCIAL 16.0 11.5 5.6 -2.0 .9 ASSETS 126.120 118.711 146.163 88.633 128.998 126.6 119.0 168.4 202.6 248.0 1 -432 97 -252 179 1.145 112 2.103 276 -419 823 .3 .3 -2.5 .6 -1.7 .5 -.2 .5 -.2 .4 2 3 22.115 DEPOSITS AT FINANCIAL INSTS.. -26.614 DEMAND DEP. + CURRENCY 19.778 TIME DEPOSITS AT BANKS 17.994 DEP. AT SAVINGS INSTIT. 9.224 SECURITY RP'S 1.733 MONEY MARKET FUND SHARES 58.244 26.678 11.452 13.446 5.329 1.339 41.264 5.467 15.218 14.662 4.469 1.448 17.246 58.642 22.699 -35.613 11.526 18.594 20.188 13.071 13.933 1.877 7.212 2.401 48.757 28.945 -584 9.849 2.652 7.895 11.7 7.9 -9.5 7.9 5.3 63.2 12.4 38.0 17.0 -4.2 103.1 17.5 41.4 40.5 3.7 115.4 24.0 42.4 46.0 2.9 111.4 16.3 50.7 27.8 16.7 ~ ~ ~ 4 5 6 7 8 9 10 11 LIFE INSURANCE RESERVES PENSION FUND RESERVES 2.914 13.441 2.860 15.532 2.977 22.510 3.265 14.355 3.463 13.640 3.579 17.082 5.0 16.5 5.5 18.4 6.3 21.1 6.9 22.6 7.6 25.4 10 11 12 13 14 15 16 SECURITY CREDIT TRADE DEBT PROFIT TAXES PAYABLE NONCORP. PROPRIETORS1 EQUITYi MISCELLANEOUS -3.624 3.801 1.438 -5.584 19.365 4.542 13.202 -6.750 -5.870 11.925 2.128 17.141 4.930 -6.078 12.544 -2.689 17.920 5.576 -5.556 8.780 -1.006 10.563 3.402 -5.624 18.522 6.079 18.008 -9.163 -6.919 12.677 -6.7 22.0 -3.1 -.2 10.5 -.7 9.7 -3.1 -.6 15.4 3.9 11.5 1.8 -1.5 15.6 8.9 24.5 -.1 -3.2 23.3 -7.9 42.7 2.5 -1.9 23.5 12 13 14 15 16 -458 4.573 8.018 3.497 12.302 8.066 12.4 -3.0 -1.7 -4.7 -.4 17 144.012 224.043 224.072 251.210 163.520 227.568 18 TOTAL LIABILITIES ABOVE FLOATS NOT INCL. IN ASSETS -22 84 -37 267 -648 562 DEMAND DEPOSITS-U.S. GOVT, 19 -6.784 -9.222 12.386 2.677 -9.186 OTHER 3.255 20 -12.049 -5.354 11.728 - 1 3 . 7 8 0 -4.180 -5.710 TRADE CREDIT 21 LIABILITIES NOT ALLOCATED AS ASSETS 28 8 -39 -13 TREASURY CURRENCY -1 12 22 608 -571 -2.121 -1.153 INTERBANK CLAIMS -2.251 6.218 23 400 4.550 1.651 3.527 2.832 SECURITY RP"S 3.062 24 -1.874 1.285 2.556 -1.990 PROFIT TAXES PAYABLE 1.339 2.563 25 3.557 -4.491 -320 5.306 -3.840 2.490 26 MISCELLANEOUS 195.2 221.9 327.3 396.5 451.1 18 -.5 2.8 -2.7 .1 1.9 -.3 -.2 2.0 -2.0 .6 3.5 -3.9 .3 -.6 3.7 19 20 21 .2 -.1 2.7 -.4 4.8 -.1 .6 -2.0 -.8 3.2 • -1.0 2.8 -.2 .4 -.2 -4.5 .4 -.1 1.4 * .5 1.4 .5 -5.3 22 23 24 25 26 188.4 219.3 325.7 399.3 450.7 27 1 4 5 6 7 8 9 INTERBANK CLAIMS 27 TOTALS ALLOCATED TO SECTORS AS ASSETS 90.730 -262 136 150.170 220.091 235.589 (1) INCLUDES CORPORATE EQUITIES. 11/79 BASED ON PRELIMINARY AND INCOMPLETE INFORMATION. 235.253 176.288 229.719 - SEPTEMBER 5t 1979 TOTAL CLAIMS TOTAL CLAIMS 51 TOTAL FINANCIAL ASSETS AND LIABILITIES SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 II ' III IV I | 1979 I II TOTAL FUNDS RAISED AND ADVANCED IN CREDIT MARKETS (1) 492.8 TOTAL FUNDS RAISED IN CREDIT MARKETS BY: NONFINANCIAL SECTORS U.S. GOVERNMENT FOREIGN PRIVATE DOMESTIC HOUSEHOLDS FARM BUSINESS NONFARM NONCORP. BUS. CORPORATE BUSINESS ST.+LOC. GOVERNMENTS 1 230.5 223.5 296.0 392.5 481.7 446.8 482.3 472.7 525.0 445.0 2 3 4 5 6 7 8 9 10 191.3 11.8 15.4 164.1 51.2 8.0 7.7 81.7 15.5 210.8 85.4 13.3 112.1 49.5 8.8 2.0 38.1 13.7 271.9 69.0 20.8 182.0 90.7 10.9 5.4 59.8 15.2 338.5 56.8 13.9 267.9 139.9 14.7 12.5 80.3 20.4 400.3 53.7 32.3 314.4 162.6 18.1 15.7 94.5 23.6 374.7 66.5 19.4 288.8 142.8 12.8 18.9 92.1 22.3 393.0 56.4 22.1 314.5 169.7 17.7 14.8 92.6 19.8 399.9 52.7 26.5 320.7 162.0 19.6 16.6 92.0 30.5 433.6 39.2 61.1 333.3 176.0 363.3 25.2 5.0 333.1 163.9 20.5 15.6 113.3 19.8 398.3 28.3 22.8 347.2 164.7 21.1 17.6 131.5 12.3 11 12 13 14 15 16 17 18 19 20 39.2 17.3 5.8 1.2 3.5 4.8 .9 6.0 .6 -.7 12.7 3.2 10.3 1.2 .3 -2.3 1.0 .5 -1.4 -.1 24.1 2.9 15.7 2.3 -.8 .1 .9 6.4 -2.4 -1.0 54.0 5.8 20.5 1.1 1.3 9.9 .9 17.6 72.1 19.6 15.2 1.2 3.6 16.2 1.0 17.1 -1.5 -.3 89.3 24.1 18.1 1.8 8.0 16.6 1.1 20.7 -.4 -.6 72.8 23.9 16.5 1.1 3.9 13.3 1.1 15.4 -.7 -1.7 91.4 24.7 23.6 1.1 11.3 11.1 1.2 21.1 -1.4 -1.3 81.7 24.9 23.7 1.3 2.4 5.3 1.2 23.7 -.8 -.9 81.4 23.1 18.3 1.3 6.7 14.3 1.1 18.6 -1.0 -1.0 94.6 17.9 25.5 1.0 10.1 15.0 1.3 27.1 -.8 -2.4 21 230.5 223.5 296.0 392.5 481.7 446.8 482.3 472.7 525.0 445.0 22 23 24 25 26 45.0 36.5 .7 7.5 .2 42.2 27.1 .8 11.8 2.6 36.4 19.6 1.2 7.7 7.9 41.4 30.5 1.3 -4.3 14.0 65.2 51.8 1.5 -2.6 14.6 50.2 34.0 1.7 -7.0 21.5 63.3 60.6 1.5 -6.8 8.0 69.1 43.9 1.5 7.6 16.2 78.2 68.7 1.2 -4.3 12.6 79.7 62.5 1.9 -2.8 18.0 27 11.7 10.8 17.9 42.0 40.1 53.9 14.7 17.7 74.2 -29.9 -22.7 28 9.8 15.1 8.9 11.8 20.4 26.1 12.6 22.9 20.1 27.1 22.8 29 30 31 32 163.9 20.8 5.8 6.2 155.4 4.5 10.3 8.5 232.8 4.7 15.7 9.8 297.2 6.3 20.5 7.1 356.0 26.3 18.3 7.0 316.6 15.3 15.2 3.4 391.8 30.2 18.1 23.3 363.0 29.3 16.5 15.1 352.5 30.2 23.6 -14.0 368.1 18.5 23.7 11.4 33 34 35 36 37 66.6 58.1 .9 7.2 .5 29.4 28.4 -.5 1.1 .4 59.7 54.9 -.3 4.4 .6 87.7 81.8 .6 5.0 .3 128.8 109.9 -1.0 19.6 .2 120.9 105.6 -2.1 17.2 142.8 125.7 1.4 15.6 132.2 114.4 .3 17.0 .5 119.3 93.8 -3.5 28.6 .5 38 39 40 41 42 64.6 24.4 18.3 3.3 2.7 102.7 53.7 37.4 10.9 5.4 143.0 70.9 51.7 12.6 6.6 175.6 82.4 63.5 11.5 7.3 175.7 75.9 58.6 8.6 8.8 161.9 73.7 57.1 8.2 8.3 177.5 78.3 58.8 9.7 9.8 169.8 79.2 61.2 10.5 7.6 43 44 45 46 47 36.5 15.2 7.9 9.2 4.1 49.9 18.8 12.8 11.7 6.6 64.2 26.6 10.9 13.1 13.4 78.4 28.6 15.6 15.4 18.7 83.5 32.8 13.9 18.8 18.0 79.6 33.7 12.6 16.2 17.1 82.3 32.1 12.2 20.9 17.1 48 49 50 51 52 53 3.8 5.0 .2 -.8 .8 -1.4 -.9 1.4 -4.8 -.4 .7 7.9 9.0 -3.8 -1.4 .6 3.4 14.9 18.7 -2.4 -1.4 -.1 .1 16.3 18.3 -1.0 -1.5 3.2 -2.7 8.6 13.2 -2.0 -.7 2.7 -4.6 16.8 16.6 -.9 -1.2 3.8 -1.5 2.2 -2.2 * * 22.2 12.4 101.2 21.7 * FINANCIAL SECTORS SPONSORED CREDIT AGENCIES MORTGAGE POOLS COMMERCIAL BANKS BANK AFFILIATES SAVINGS * LOAN ASSNS. OTHER INSURANCE COMPANIES FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. 492.8 TOTAL FUNDS ADVANCED IN CREDIT MARKETS BY: PRIVATE DOM. NONFIN. SECTORS 93.0 HOUSEHOLDS 64.3 NONFARM NONCORP. BUSINESS 3.5 CORPORATE BUSINESS 16.7 STATE * LOCAL GOVERNMENTS 8.5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 REST OF THE WORLD 27 U.S. GOVERNMENT 28 399.8 31.5 25.5 -12.4 FINANCIAL INSTITUTIONS SPONSORED CREDIT AGENCIES MORTGAGE POOLS FEDERAL RESERVE SYSTEM 29 30 31 32 118.6 107.4 -.3 11.0 .6 140.6 117.7 .8 21.5 .6 COMMERCIAL BANKING COMMERCIAL BANKS BANK AFFILIATES FOREIGN BANKING OFFICES BANKS IN U.S. POSS. 33 34 35 36 37 193.5 72.5 57.4 5.8 9.3 195.9 51.0 41.5 3.8 5.7 214.6 61.5 53.7 5.5 2.2 PRIVATE NONBANK FINANCE SAVINGS INSTITUTIONS SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS CREDIT UNIONS 38 39 40 41 42 84.9 36.0 13.9 16.5 18.4 87.2 29.4 16.9 21.5 19.4 91.7 38.6 14.6 17.5 21.0 97.0 36.5 20.1 20.7 19.7 INSURANCE SECTOR LIFE INSURANCE COMPANIES PRIVATE PENSION FUNDS ST.+LOC. GOVT, RTR. FUND OTHER INSURANCE COS. 43 44 45 46 47 5.8 16.5 -.8 -2.3 1.9 -9.5 33.8 26.8 -.5 -1.7 4.4 4.9 53.2 27.9 -.5 -1.0 19.0 7.7 56.1 27.0 -.4 -2.9 18.4 14.0 FINANCE N.E.C. FINANCE COMPANIES REITS OPEN-END INVESTMENT COS. MONEY MARKET FUNDS SECURITY BKRS. + DEALERS 48 49 50 51 52 53 445.0 492.8 TOTAL CLAIMS AND THEIR1 RELATION TO TOTAL FINANCIAL ASSETS 223.5 296.0 2 3 1.3 .4 .5 .9 2.5 1.2 4 5 6 7 8 9 91.0 6.6 56.8 22.1 3.1 2.4 108.2 15.6 30.3 59.4 1.5 1.3 146.4 23.2 40.3 69.2 13.8 10 11 6.7 29.6 8.7 34.9 12 13 14 15 16 -4.8 35.0 1.2 -13.3 18.8 3.7 12.2 -2.7 -10.4 22.1 482.3 * .3 472.7 525.0 .2 .5 168.2 31.0 54.7 69.9 12.5 .2 180.3 28.2 65.0 59.2 20.9 6.9 169.1 5.4 60.7 57.2 38.8 6.9 195.4 51.2 63.9 58.8 16.2 5.4 190.5 38.7 66.1 64.2 15.7 5.8 166.0 17.6 69.4 56.5 12.9 9.6 153.4 -25.9 26.1 66.0 58.3 28.8 153.7 54.3 17.6 45.7 4.5 31.6 8.4 44.2 11.6 53.7 12.0 65.8 11.7 59.4 11.4 61.8 11.9 78.8 13.1 63.4 13.9 60.3 14.3 70.8 12.7 23.0 8.0 -15.6 35.1 6.1 27.1 -.6 -16.7 32.3 .4 52.1 5.2 -23.1 52.6 -2.7 44.7 -2.2 -22.3 57.4 14.3 54.9 1.5 -23.5 48.5 7.2 48.9 8.0 -24.3 51.9 -17.3 59.7 13.4 -22.2 52.6 7.9 69.1 5.6 -22.5 55.7 19.8 81.7 -5.7 -27.3 58.7 * 17 .1 -8.9 -9.2 -3.4 15.6 .1 24.5 18.5 19.4 53.9 18 396.5 392.8 552.7 671.0 843.3 761.4 869.9 864.0 878.1 851.8 19 20 21 -.1 .6 -.7 -.1 2.4 2.3 -1.0 .3 -2.0 1.5 1.2 -4.9 -.3 -.3 -10.2 -3.3 -2.7 -2.7 2.9 2.4 -10.8 .8 .8 -15.3 -1.8 -1.8 -12.0 -.3 -2.2 -8.8 22 23 24 25 26 -.1 2.6 3.9 -.1 -3.3 -1.5 2.7 -.2 2.7 -.2 -1.0 9.6 .2 3.7 -.3 -7.6 7.3 -1.0 4.1 .7 9.4 3.0 -.1 17.0 8.5 .7 3.9 -7.7 13.1 -.3 21.3 -.2 -4.2 7.0 -.4 -9.9 -5.3 16.7 .1 -2.3 27 393.7 384.6 543.0 670.8 841.1 * TOTAL FUNDS RAISED (FROM PRECEDING TABLE) OTHER LIABILITIES: -1.7 OFFICIAL FOREIGN EXCHANGE 3.3 TREASURY CURR. + SDR CTFS. * * * * -2.4 9.2 .1 -3.4 * 35.4 LIFE INSURANCE RESERVES PENSION FUND RESERVES 11/79 BASED ON INCOMPLETE INFORMATION. 10 11 SECURITY CREOIT 12 TRADE DEBT 13 PROFIT TAXES PAYABLE 14 NONCORP. PROPRIETORS* EQUITY 15 MISCELLANEOUS 16 INTERBANK CLAIMS TOTALS ALLOCATED TO SECTORS AS ASSETS (1) INCLUDES CORPORATE EQUITIES. BILLIONS OF DOLLARS. 2 3 DEPOSITS AT FINANCIAL INSTS. 4 DEMAND DEP. + CURRENCY 5 TIME DEPOSITS AT BANKS 6 DEP. AT SAVINGS INSTIT. 7 SECURITY RP«S 8 MONEY MARKET FUND SHARES 9 895.8 TOTAL LIABILITIES ABOVE - FLOATS NOT INCL. IN ASSETS 4.9 DEMAND DEPOSITS-U.S. GOVT. OTHER 3.2 TRADE CREDIT -2.7 - LIABILITIES NOT ALLOCATED AS ASSETS TREASURY CURRENCY .1 INTERBANK CLAIMS -1.8 SECURITY RP'S 6.2 PROFIT TAXES PAYABLE -.3 MISCELLANEOUS 7.0 879.3 1 17 18 19 20 21 22 23 24 25 26 SEPTEMBER 5, 1979 SAVING BY INDIVIDUALS SAVING BY INDIVIDUALS AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING (1) UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 I 1 III II IV 1 1979 I II 1969 BILLIONS OF DOLLARS 1970 1971 1972 78.6 8.9 43.6 103.9 13.1 67.8 1973 1 INCREASE IN FINANCIAL ASSETS 2 DEMAND DEPOSITS * CURRENCY 3 SAVINGS ACCOUNTS 4 MONEY MARKET FUND SHARES 60.174 742 28.516 1.733 68.827 7.318 25.354 1.339 79.390 4.913 28.870 1.448 66.941 62.391 5.357 -10.592 22.442 27.418 2.401 7.212 68.139 8.862 11.860 7.895 64.6 -2.5 9.1 - - 5 6 7 8 9 SECURITIES U.S. SAVINGS BONDS OTHER U.S. TREASURY SEC. U.S. GOVT. AGENCY SEC. STATE + LOCAL OBLIGATIONS 6.395 1.196 5.965 1.584 -1.113 8.861 1.158 -2.445 1.723 3.864 10.722 829 6.294 2.977 2.444 11.348 746 3.530 3.463 -1.883 14.605 -129 10.912 3.990 -2.732 10.494 34 6.259 881 2.174 32.4 -.1 11.1 5.0 9.3 -3.1 .3 -11.3 4.6 -.9 -10.3 2.3 -10.7 -1.8 .1 -.6 3.3 -.2 -3.5 2.3 28.6 2.7 14.5 1.6 5.3 5 6 7 8 9 10 11 12 13 CORPORATE + FOREIGN BONDS OPEN MARKET PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES -1.533 922 41 -667 364 4.973 -281 -495 596 -868 -522 -1.028 -793 9.552 -218 -3.049 -459 3.960 111 -1.048 -258 4.954 -717 -2.833 5.4 5.3 4.9 -8.5 9.4 -3.8 2.8 -4.3 8.8 -3.8 1.3 -6.4 4.9 -1.7 -.5 -5.2 2.0 9.1 -1.2 -5.5 10 11 12 13 14 15 16 17 18 PRIVATE LIFE INSURANCE RES. PRIVATE INSURED PENSION RES. PRIVATE NONINSURED PEN. RES. GOVT. INSURANCE + PEN. RES. MISCELLANEOUS FINAN. ASSETS 2.841 5.197 5.072 3.245 6.433 2.782 4.975 3.527 7.108 7.563 2.895 5.652 6.137 10.803 7.950 3.176 3.630 4.893 5.921 7.773 3.370 4.781 5.620 3.332 6.645 3.480 4.757 5.415 7.009 8.367 4.9 3.2 6.3 7.1 4.0 5.4 2.8 6.9 8.9 5.4 6.3 4.6 7.1 9.5 5.8 6.7 4.4 6.7 11.6 11.4 7.4 5.5 8.3 11.8 9.1 14 15 16 17 18 19 GROSS INV. IN TANGIBLE ASSETS 20 NONFARM HOMES 21 NONCORP. BUS. PLANT + EQUIP. 22 CONSUMER DURABLES 23 INVENTORIES 77.136 21.038 11.111 42.755 2.232 86.485 21.338 15.918 50.371 -1.142 88.698 24.220 16.187 49.096 -805 99.851 25.425 14.054 58.078 2.294 87.289 23.194 12.533 49.733 1.829 91.881 22.743 17.968 52.488 -1.318 144.4 26.3 31.6 85.5 1.0 142.4 24.5 32.6 84.9 .4 167.9 32.4 35.6 97.1 2.7 195.4 40.7 41.5 111.2 1.9 218.6 45.2 45.0 123.7 4.6 19 20 21 22 23 24 CAPITAL CONSUMPTION ALLOWANCES NONFARM HOMES 25 26 NONCORP. BUS. PLANT + EQUIP. 27 CONSUMER DURABLES 54.794 7.768 12.724 34.302 56.338 8.033 13.097 35.208 57.945 8.342 13.440 36.163 59.579 8.696 13.715 37.168 61.105 9.024 13.950 38.131 63.033 9.328 14.648 39.057 92.6 12.1 21.3 59.2 100.8 12.8 23.2 64.7 109.4 13.7 24.9 70.9 116.5 14.7 25.7 76.1 129.0 17.1 29.3 82.6 24 25 26 27 28 NET INV. IN TANGIBLE ASSETS 29 NONFARM HOMES 30 NONCORP. BUS. PLANT * EQUIP. 31 CONSUMER DURABLES 32 INVENTORIES 22.342 13.270 -1.613 8.453 2.232 30.147 13.305 2.821 15.163 -1.142 30.753 15.878 2.747 12.933 -805 40.272 16.729 339 20.910 2.294 26.184 14.170 -1.417 11.602 1.829 28.848 13.415 3.320 13.431 -1.318 51.8 14.2 10.3 26.2 1.0 41.6 11.7 9.4 20.2 .4 58.5 18.8 10.8 26.2 2.7 78.9 26.0 15.9 35.1 1.9 89.6 28.2 15.7 41.1 4.6 28 29 30 31 32 33 NET INCREASE IN DEBT 34 MTG. DEBT ON NONFARM HOMES 35 NONCORP BUS. MORTGAGE DEBT 36 CONSUMER CREDIT SECURITY CREDIT 37 38 POLICY LOANS 39 OTHER DEBT 30.732 22.405 3.167 3.293 157 448 1.262 60.436 25.944 6.311 17.898 2.066 612 7.605 56.709 26.605 7.241 14.648 2.057 635 5.523 55.059 28.873 4.312 14.740 -2.925 901 9.158 35.975 26.244 3.467 4.038 98 1.025 1.103 58.125 26.760 7.242 15.759 889 848 6.627 42.2 18.5 6.7 10.8 -3.4 2.6 6.9 34.3 14.1 8.5 5.4 -1.8 2.3 5.8 62.8 26.4 13.3 14.7 2.7 1.0 4.8 91.3 41.5 16.8 19.8 4.5 1.0 7.8 99.7 47.1 15.9 26.0 -4.3 2.2 12.7 33 34 35 36 37 38 39 (1) COMBINED STATEMENT FOR HOUSEHOLDS, FARM AND NONFARM NONCORPORATE BUSINESS. ' 11/79 BASED ON PRELIMINARY ANO INCOMPLETE INFORMATIC - 129.2 14.6 74.5 - 149.9 15.5 63.8 - 1 2 3 4 SEPTEMBER 5, 1979 SAVING BY INDIVIDUALS SAVING BY INDIVIDUALS 53 AMOUNT AND COMPOSITION OF INDIVIDUALS* SAVING (1) SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1978 1977 142.3 7.1 55.9 2.4 167.2 4.0 84.0 1.3 208.1 14.9 109.3 241.4 22.7 109.2 .2 32.2 3.0 12.7 3.8 8.2 23.4 4.0 15.7 -3.0 6.2 11.6 4.7 1.5 3.3 2.5 18.5 4.7 5.6 5.4 2.6 10 11 12 13 5.1 1.7 -.7 -1.5 8.4 -4.4 -.1 -3.5 5.8 -3.1 -1.0 -2.2 14 15 16 17 18 6.6 6.4 10.7 12.6 8.5 8.5 8.1 11.8 15.1 11.0 19 20 21 22 23 201.8 42.8 41.0 122.0 -4.0 24 25 26 27 II 275.3 18.3 105.2 6.9 III IV I I 1979 I II 243.6 27.6 91.6 6.9 286.3 17.0 113.6 5.4 288.4 14.0 116.8 5.8 283.1 14.7 98.8 9.6 248.2 -19.0 85.8 28.8 276.9 INCREASE IN FINANCIAL ASSETS 17.2 DEMAND DEPOSITS + CURRENCY 61.3 SAVINGS ACCOUNTS 31.6 MONEY MARKET FUND SHARES 37. 3, 13. 9. 3. 21.1 4.7 20.4 7.1 3.3 45.8 4.4 13.7 6.3 8.1 28.6 3.5 7.0 9.3 6.4 53.8 3.1 12.3 16.3 -4.7 52.2 -.5 38.4 15.8 -1.5 46.1 -.1 47.3 2.9 -.7 SECURITIES U.S. SAVINGS BONDS OTHER U.S. TREASURY SEC. U.S. GOVT. AGENCY SEC. STATE + LOCAL OBLIGATIONS 5 6 7 8 9 -3.3 9.6 -.9 -5.2 -1. 14. -1. -5. -9.4 3.7 -.3 -8.6 1.6 12.5 -.6 -.1 -.7 8.2 -1.7 -3.4 3.0 33.9 -1.3 -8.9 -4. 15. -10.2 -1.5 9.8 -2.4 -9.1 CORPORATE + FOREIGN BONDS OPEN MARKET PAPER INVESTMENT COMPANY SHARES OTHER CORPORATE EQUITIES 10 11 12 13 8.2 15.3 11.2 17.9 19.7 11.4 13.9 17.7 22.4 25.5 11.7 19.5 19.6 27.1 29.7 11.4 20.8 17.6 21.2 25.4 11.1 19.9 16.5 25.7 31.3 11.6 22.6 23.0 33.5 32.4 12.7 14.5 21.4 27.8 29.8 13.5 19.1 19.3 22.2 26.3 13.9 19.0 24.6 27.6 35.6 PRIVATE LIFE INSURANCE RES. PRIVATE INSURED PENSION RES. PRIVATE NONINSURED PEN. RES. GOVT. INSURANCE + PEN. RES. MISCELLANEOUS FINAN. ASSETS 14 15 16 17 18 215.0 43.0 39.7 132.6 -.3 257.0 57.5 43.0 157.4 308.6 76.3 50.7 178.8 2.7 352.2 92.0 57.3 200.3 2.6 329.2 87.7 53.2 185.3 3.0 348.3 90.4 57.0 200.3 .5 357.1 93.1 58.6 203.5 1.9 374.1 96.8 60.3 212.1 4.9 372.6 96.5 60.8 213.8 1.4 368.9 GROSS INV. IN TANGIBLE ASSETS 96.7 NONFARM HOMES 63.9 NONCORP. BUS. PLANT * EQUIP. 208.1 CONSUMER DURABLES .2 INVENTORIES 19 20 21 22 23 147.2 19.8 34.1 93.4 167.8 22.2 39.6 106.0 184.5 24.4 43.2 116.8 203.8 28.2 47.6 128.0 228.7 32.8 53.0 142.8 219.2 31.1 50.9 137.2 225.4 32.1 52.4 140.8 231.8 33.4 53.8 144.7 238.3 34.8 54.9 148.7 244.4 36.1 55.8 152-5 252.1 CAPITAL CONSUMPTION ALLOWANCES 37.3 NONFARM HOMES 58.6 NONCORP. BUS. PLANT + EQUIP. 156.2 CONSUMER DURABLES 24 25 26 27 28 29 30 31 32 54.6 23.0 6.9 28.6 -4.0 47.2 20.8 .1 26.6 -.3 72.6 33.1 -.2 40.6 104.9 48.1 3.2 50.9 2.7 123.5 59.2 4.3 57.5 2.6 110.0 56.6 2.3 48.1 3.0 123.0 58.3 4.6 59.5 .5 125.3 59.8 4.9 58.8 1.9 135.8 62.0 5.4 63.4 4.9 128.2 60.4 5.0 61.3 1.4 116.8 NET INV. IN TANGIBLE ASSETS 59.4 NONFARM HOMES 5.3 NONCORP. BUS. PLANT * EQUIP. 51.9 CONSUMER DURABLES .2 INVENTORIES 28 29 30 31 32 33 34 35 36 37 38 39 67.9 35.4 12.7 9.9 -1.8 2.7 9.0 64.2 38.1 7.4 9.7 .7 1.6 6.7 116.3 61.3 10.8 25.6 4.8 1.4 12.5 173. 93, 18. 40. 3. 1. 16. 202.9 103.8 21.0 50.6 1.4 2.6 23.5 179. 95. 19. 43. 1. 19. 215.6 102.8 20.1 56.9 8.3 2.4 25.2 210.4 104.1 23.4 48.8 8.2 2.5 23.3 205.8 113.2 21.4 53.3 -11.7 3.6 26.1 202.6 110.5 21.7 49.8 .4 4.1 16.2 212.4 NET INCREASE IN DEBT MTG. DEBT ON NONFARM HOMES 106.9 NONCORP BUS. MORTGAGE DEBT 23.5 CONSUMER CREDIT 48.4 SECURITY CREDIT 3.6 POLICY LOANS 3.4 OTHER DEBT 26.7 34 35 36 37 38 39 40 41 42 128.9 12.6 28.6 150.2 15.1 26.6 164.4 17.9 40.6 172.8 22.4 50.9 195.9 27.1 57.5 173.7 21.2 48.1 193.6 25.7 59.5 203.3 33.5 58.8 213.1 27.8 63.4 173.7 21.2 61.3 43 44 45 .5 -.1 87.4 .2 .2 108.3 .5 106.0 .6 -.2 99.7 .7 -.3 111.5 .7 -.3 104.5 .6 -.3 108.6 .7 -.2 111.0 .9 -.2 121.7 1.1 .1 89.6 181.2 INDIVIDUALS* SAVING (1+27-32) 27.6 - GOVT. INSURANCE + PEN. RES. 51.9 - NET INVESTMENT IN CONS. DUR. - CAPITAL GAINS DIVIDENDS .7 FROM INVESTMENT COMPANIES .2 - NET SAVING BY FARM CORPS. 101.5 = PERSONAL SAVING, F/F BASIS 83.6 68.6 65.0 72.0 74.6 71.2 70.9 71.5 79.2 86.9 PERSONAL SAVING, NIA BASIS 46 24.7 37.5 34.8 39.5 30.0 37.4 40.2 50.3 10.4 14.6 DIFFERENCE 47 (1) COMBINED STATEMENT FOR HOUSEHOLDS, FARM, AND NONFARM NONCORPORATE BUSINESS. BILLIONS OF DOLLARS. 11/79 BASED ON INCOMPLETE INFORMATION. 1 2 3 4 40 41 42 43 44 45 SEPTEMBER 5, 1979 DISCREPANCIES 54 DISCREPANCIES DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS UNADJUSTED NET FLOWS ($ MILL.) UNADJUSTED NET FLOWS ($ MILL.) 1978 I II III IV 1 1 1979 I II 1969 BILLIONS OF DOLLARS 1970 1971 1972 10.0 -3.3 5.5 6.6 1.0 -1.4 4.7 -5.4 8.4 1.1 .2 -.3 -5.9 8.2 9.1 .4 -9.9 -4.1 -19.1 15.7 3.3 .1 -1.9 -Z.Z -15.3 14.4 2.1 1.6 -Z.Z 1.6 .1 .8 .1 -2.1 •1 -2.2 .1 -2.7 .2 -.2 - -.4 - -1.3 -1.2 1.7 .3 .3 1.0 .1 1.1 .3 .1 .2 -.9 1.5 -.8 .4 -.2 .5 -1.1 -.4 -1.1 -.1 -.2 .2 -.7 -.3 1973 SECTOR DISCREPANCIES 1 TOTAL, ALL SECTORS 2 HOUSEHOLDS 3 NONFIN. CORPORATE BUSINESS 4 STATE + LOCAL GOVERNMENTS 5 U. S. GOVERNMENT 6 FOREIGN 7 8 9 10 11 12 13 14 15 16 FINANCIAL SECTORS SPONSORED AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKS PRIVATE NONBANK FINANCE SAVINGS + LOAN ASSNS. MUTUAL SAVINGS BANKS LIFE INSURANCE OTHER INSURANCE FINANCE N.E.C. 943 2.495 -14.906 -11.555 -15.919 -13.993 2.869 6.601 1.990 3.837 4.010 -2.349 3.287 2.081 -3.536 2.835 7.413 487 10.388 2.004 9.690 1.519 -117 36 -2.886 1.735 -6.029 --11.167 -1.351 4.415 2.637 2.350 4.342 2.287 2.571 -292 549 51 0 -1.422 2.041 40 0 -1.497 -2.116 40 0 -2.013 -2.744 348 0 -1.329 -2.193 95 0 -1.643 1.279 -69 0 -1.569 1.920 -189 -42 625 397 1.129 3.498 -321 -48 1.103 623 2.141 -143 -330 0 340 -704 551 -1.763 -229 65 875 -735 -1.739 -645 -115 -35 166 103 -764 2.917 -218 210 938 532 1.455 * * - - 1 2 3 4 5 6 7 8 9 -2.6 10 - -.3 .1 -.1 -.3 * * 11 12 13 14 15 16 TRANSACTION DISCREPANCIES 1 TOTAL, ALL TYPES 2 TREASURY CURRENCY 3 INTERBANK CLAIMS 4 SECURITY RP» DEMAND DEPOSIT MAIL FLOATS: 5 U.S. GOVERNMENT 6 OTHER 943 -13 6.218 1.651 2.495 -14.906 12 -1 -2.251 -1.153 4.550 2.832 * * 10.388 -39 -2.121 400 -2.886 8 608 3.527 1.735 28 -571 3.062 10.0 .2 -.1 2.7 4.7 -.1 .6 -2.0 -1.0 2.8 -4.1 -.2 -4.5 .4 -648 -9.186 267 3.255 -37 -6.784 84 12.386 -ZZ -9.222 562 2.677 -.5 2.8 .1 1.9 -.2 2.0 .6 3.5 -12.049 2.563 5.306 7.101 -5.710 1.339 2.490 -1.457 -4.180 -1.874 -320 -3.389 11.728 -13.780 -1.990 2.556 -4.491 3.557 -5.569 9.882 -5.354 1.285 -3.840 3.886 -2.7 -.4 4.8 3.3 -.3 -.8 3.2 2.1 -2.0 -.2 .4 -1.7 -3.9 -.1 1.4 -1.4 NONFINANCIAL COMPONENTS: NIA DISCREPANCY (NEG.) PVT. WAGE ACCR. LESS OISB. FARM DISCREPANCY (NEG.) NONFARM NONCORP DISCREP. (NEG) TRADE DEBT (POSITIVE) -3.339 0 -1.131 -933 1.698 -1.379 0 1.838 1.031 33 1.836 6.196 0 0 365 -1.072 •642 550 105 -1.830 1.3 .4 1.7 -.3 16 TOTAL NONFINANCIAL DISCREPANCY 7.101 -1.457 -3.389 -5.569 -138 108 -653 -11.366 -2.907 -7 204 -3.000 -12.049 -5.710 7 8 9 10 11 12 13 14 15 17 18 19 20 TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL TRADE CREDIT ANALYSED, FIRST ESTIMATE + BANK LOAN DISCREPANCY + BALANCE ADJUSTMENT * SEASONAL TOTAL TRADE CREDIT, FINAL -6.803 0 -588 -961 1.530 -5.957 0 1.884 307 120 9.882 3.886 3.3 2.1 -1.7 -1.4 -4.121 8 299 -366 -3.041 -1.643 -113 76 150 -625 14.732 -11.588 -1.354 0 687 -4.000 -2.3 -.4 -.4 -2.1 .1 -3.9 -4.180 11.728 -13.780 -5.354 - * - - * - -z.z .5 1.4 1 2 3 4 .3 -.6 5 6 * 3.7 7 .5 8 -5.3 9 -2.6 10 2.6 * * 11 12 13 14 15 -2.6 16 3.7 * * 17 18 19 20 SEPTEMBER 5, 1979 DISCREPANCIES DISCREPANCIES 55 DISCREPANCIES - SUMMARY FOR SECTORS AND TRANSACTIONS SEASONALLY ADJUSTED ANNUAL RATES 1974 1975 1976 SEASONALLY ADJUSTED ANNUAL RATES 1977 I I 1978 1978 I II III IV | I 1979 I II SECTOR DISCREPANCIES 1 2 3 4 5 6 7 8 9 10 -3.0 -15.7 11.9 5.6 -1.0 -1.8 .9 -24.6 17.0 7.6 .5 5.2 3.5 -37.5 25.7 9.1 3.4 9.5 -7.3 -34.7 25.9 7.5 3.5 -1.3 -1.1 -39.5 21.2 7.0 1.7 10.8 18.3 -30.0 27.0 8.9 -.8 9.3 18.7 -37.4 15.8 9.7 3.0 24.6 -14.0 -40.2 19.0 4.9 2.4 6.6 -27.3 -50.3 22.9 4.6 2.3 2.6 -2.6 -10.4 13.1 3.3 1.7 -3.6 -4.8 .3 -6.7 .3 -8.2 .4 -2.3 .5 4.0 .2 3.0 .5 -6.7 .4 -9.4 .7 -6.9 .4 - - -1.9 •1 - 18.0 TOTAL, ALL SECTORS -14.6 HOUSEHOLDS 24.3 NONFIN. CORPORATE BUSINESS 2.9 STATE + LOCAL GOVERNMENTS U. S. GOVERNMENT 2.1 FOREIGN 4.0 -.8 .1 -3.8 -3.7 - -2.9 -6.0 -6.3 -5.4 - -4.8 -8.1 -6.7 -6.0 -5.6 1.8 -1.4 -.1 -.1 -.3 -.8 -.2 -4.0 -.7 -.2 .6 -2.7 -1.0 -2.5 -.9 -.3 1.1 -3.1 .6 3.5 -1.1 9.2 -.9 -.1 3.1 1.6 5.5 7.2 -1.1 -.1 2.8 -.1 5.8 1.0 -1.1 -3.4 -1.1 .1 3.0 -1.8 -3.6 -1.2 -.7 -.1 1.1 .5 -2.1 4.7 -.7 1.3 2.4 -.9 2.6 18.7 -14.0 11 12 13 14 15 16 * •1 -.1 .7 1.1 - - * 2.9 -.4 2.1 TRANSACTION * - * 2.9 -1.4 .6 - * FINANCIAL SECTORS SPONSORED AGENCIES MONETARY AUTHORITIES COMMERCIAL BANKS PRIVATE NONBANK FINANCE SAVINGS + LOAN ASSNSMUTUAL SAVINGS BANKS LIFE INSURANCE OTHER INSURANCE FINANCE N.E.C. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 DISCREPANCIES 1 2 3 4 -3.0 -.1 2.6 3.9 3.5 -.2 -1.0 9.6 -7.3 -.3 -7.6 7.3 -1.1 -1.5 2.7 .7 9.4 18.3 -.1 17.0 8.5 -7.7 13.1 -2.4 9.2 -27.3 -.2 -4.2 7.0 -2.6 • -5.3 16.7 5 6 -.1 .6 -.1 2.4 -1.0 .3 1.5 1.2 -.3 -.3 -3.3 -2.7 2.9 2.4 .8 .8 -1.8 -1.8 -.3 -2.2 18.0 TOTAL, ALL TYPES TREASURY CURRENCY .1 -1.8 INTERBANK CLAIMS SECURITY RP" 6.2 DEMAND DEPOSIT MAIL FLOATS: 4.9 U.S. GOVERNMENT 3.2 OTHER 7 8 9 10 -.7 -.1 -3.3 -5.8 2.3 -.2 2.7 -7.4 -2.0 .2 3.7 -6.1 -4.9 -1.0 4.1 -7.5 -10.2 -2.7 .7 3.9 -3.0 -10.8 -.3 21.3 -2.3 -15.3 .1 -3.4 -3.9 -12.0 -.4 -9.9 -4.1 -8.8 .1 -2.3 -.6 -2.7 -.3 7.0 1.4 11 1 1 1 1 2 3 4 5 3.0 _ _ * 2.3 _ _ _ - 16 -5.8 -7.4 -6.1 -7.5 -3.3 -3.0 -2.3 -3.9 -4.1 -.6 17 18 19 2 -.9 .2 2.6 -.2 -2.2 .2 -4.9 * -10.2 * -.6 .4 -2.6 _ -11.6 * .8 _ -16.5 * 1.2 _ -12.2 -.5 .6 -6.6 .3 -2.5 _ TRADE CREDIT ANALYSED, -5.4 FIRST ESTIMATE - + BANK LOAN DISCREPANCY 2.7 + BALANCE ADJUSTMENT + SEASONAL 17 18 19 20 -10.2 -2.7 -10.8 -15.3 -8.8 -2.7 * TOTAL TRADE CREDIT, FINAL 21 21 .9 * 5.8 - 0 7.4 * - -.7 2.3 BILLIONS OF DOLLARS. 6.1 * * -2.0 * * 3.0 -3.3 7.5 * - - 3.3 * * -4.9 11/79 BASED ON INCOMPLETE * INFORMATION. * 3.9 _ _ 4.1 . _ * * .6 _ _ _ _ * _ - _ -12.0 * TRADE CREDIT PROFIT TAXES PAYABLE MISCELLANEOUS NONFINANCIAL NONFINANCIAL COMPONENTS: -1.5 NIA DISCREPANCY (NEG.) PVT. WAGE ACCR. LESS DISB. FARM DISCREPANCY (NEG.) NONFARM NONCORP DISCREP. (NEG) TRADE DEBT (POSITIVE) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1.4 TOTAL NONFINANCIAL DISCREPANCY 16 SEPTEMBER 5, 1979 MONEY STOCK RELATIONSHIP MONEY STOCK RELATIONSHIP 56 RELATION OF F/F MONEY STOCK DATA TO DAILY AVERAGE SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL 1978 1974 1975 1976 SERIES 1977 1978 II I. TOTAL MONEY III IV I | RATES 1979 I II STOCK 1 2 3 46.7 49.4 -2.6 12.9 11.7 1.2 20.2 18.1 2.1 30.0 24.6 5.4 24.5 22.4 2.2 14.5 17.9 -3.4 32.6 37.4 -4.8 31.4 32.5 -1.1 19.7 1.7 18.0 -11.7 -9.0 -2.8 NET CHANGES. S.A. ANNUAL RATE: 40.5 F/F DEMAND DEP. + CURRENCY 39.6 DAILY AVERAGE (DAMS) .8 TOTAL DIFFERENCE 1 2 3 4 5 6 7 -.7 -.3 -1.4 1.0 1.2 -.9 1.8 .3 2.1 1.2 .5 •4 5.4 1.7 3.1 .6 2.2 2.1 -.6 .6 -.8 -.1 10.4 9.6 -1.2 -1.7 3.5 -3.0 -.3 3.4 -9.7 6.0 4.5 .4 16.0 -11.9 -.7 5.1 -14.9 9.1 .2 TOTAL DIFF. AT QUARTERLY RATE 4.5 ARISING F R O M — D A T A DIFF. -.9 TIMING DIFF. -3.4 SEASONALS 4 5 6 7 II. DEMAND DEPOSITS 1 2 3 5.4 6.1 -.7 6.7 5.7 .9 12.9 11.1 1.8 21.7 16.7 5.0 15.3 13.6 1.6 1.0 2.4 -1.4 5.5 7.5 -2.0 5.7 5.5 .2 3.0 -1.8 4.8 -5.0 -4.2 -.8 4 5 6 -1.6 -.3 -1.3 .7 -.9 1.7 1.4 1.2 .2 4.5 1.7 2.8 1.2 2.1 -.9 11.5 -.1 11.4 1.1 -1.7 2.7 -5.3 3.4 -8.7 16.9 .4 16.5 -10.8 5.1 -15.9 7 8 9 0 .9 .4 .5 .2 .2 .4 .4 .6 .6 .4 .4 * - * - - - 10.1 .3 9.9 -.2 -3.0 -.7 -2.5 .1 5.5 -1.3 7.0 -.2 -12.1 2.1 -14.5 .2 10.0 .3 10.1 -.5 2.6 2.1 .5 2.6 1.9 .8 2.1 2.6 -.5 1.9 2.2 -.3 2.1 2.0 .1 - III. 1 2 3 6.3 6.2 4 5 6 1 7.4 8.0 -.6 3.1 DIFFERENCE IN UNADJUSTED 4.5 DATA DIFFERENCE -1.4 TIMING DIFFERENCE -3.7 DIFFERENCE IN SEASONALS -.9 FLOWS VS. LEVELS -2.3 ONE-DAY VS. DAILY AVERAGE -.4 SEASONAL BALANCE ADJUSTMENT 7.3 7.0 .3 -.1 .1 .3 .3 .4 1.1 .7 -.9 -.5 1.0 .5 .1 •1 .1 .1 .1 .1 .1 .1 •1 .1 - - - — - -.5 -.1 -.4 * * .3 -.3 * .5 -.2 .7 * .2 .2 * -.8 -.2 -.6 .3 .4 -.1 * BILLIONS OF DOLLARS. 9.3 8.8 .5 * * 1 1 / 7 9 BASED ON INCOMPLETE INFORMATION. MONEY STOCK RELATIONSHIP Line 1 of page 15. Daily averages in this table are increments in month averages from last month of preceding quarter to last month of this quarter. Line Lines 1-2. 5 + 6 + 7 . See P a r t I I , l i n e 5. Part II, line 6 + Part III, line 4. Part II, line 7 + Part III, line 5. "Seasonal" here means dollar excess of seasonally adjusted flow over unadjusted flow. Lines 14 + 18 + 19 of page 15 at quarterly rates. Differences between money-stock concept of demand deposits derived from last preceding all-bank total (either last Wednesday of quarter of Call Report) and figure for that one day, e.g., March 29, 1972, derived from data going into daily-average statistics. Quarterly increments in this difference. Difference between figure derived from daily-average data and average for last month of quarter. Quarterly increments in this difference. Lines 1 2 3 4 5 6 7 8 9 10 CURRENCY 6.2 5.9 .2 8.3 7.9 .4 NET CHANGE* S.A. QTRLY RATE: F/F DAMS DIFFERENCE 8 + 9 + 1 0 - 1 1 . 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 flowof-funds matrix. No statistical difference between the two series. In unadjusted data, only difference is between one-day figure for end-ofquarter and three-week average. Correspond to lines 7 through 11 to Part II. 2.7 1.9 .8 * NET CHANGE, S . A . F/F DAMS DIFFERENCE QTRLY RATE: 1 2 3 TIMING DIFFERENCE 4 DIFFERENCE I N SEASONALS FLOWS VS. LEVELS ONE-DAY VS. DAILY AVG. SEASONAL BALANCE ADJ. 5 6 7 8
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