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FEDERAL RESERVE statistical release f Z .7 (788) For immediate release December 19, 1986 FLOW OF FUNDS SUMMARY STATISTICS Debt of domestic nonfinancial sectors grew at a seasonally adjusted annual rate of 11.4 percent in the third quarter of 1986, down slightly from the second quarter pace of 12.3 percent.1/ This deceleration is attributable to a slowing in federal debt growth in the third quarter, to an adjusted rate of 10.8 percent. Debt growth in private domestic nonfinancial sectors picked up a little, to 11.6 percent. The acceleration of private sector debt in the third quarter reflected primarily the 31.5 percent growth pace of state and local government sector obligations; borrowing in this sector was boosted by efforts to avoid new tax law limitations. Nonfinancial business borrowing slowed again in the third quarter, to the relatively low rate of 6.9 percent. Both long- and short-term corporate borrowing declined, despite the continued strong pace of mergers and other corporate financial restructurings, which again resulted in deeply negative net equity issuance. Households continued to take on large amounts of mortgage debt in the third quarter. Net borrowing by all domestic nonfinancial sectors in the third quarter was $824 billion at a seasonally adjusted annual rate, bringing total outstanding debt to a level of $7,410 billion (Table 1). Debt of nonfederal sectors accounted for $5,658 billion of this total, and the federal component was $1,752 billion. Growth Rates of Major Debt Aggregates 1/ (Percent annual rates of change, seasonally adjusted) Total domestic nonfinancial debt (1) 11.7 14.5 14.5 18.8 16.9 16.2 9.8 13.8 14.0 11.3 13.0 14.2 8.2 15.7 11.3 10.5 7.7 28.0 ' 11.0 1985-1 13.1 II III 11.5 19.7 IV 10.2 18.7 10.1 22.6 11.2 11.5 11.9 18.8 11.4 12.6 13.7 16.2 10.6 9.7 9.1 14.2 13.7 15.3 17.3 57.0 8.1 12.3 11.4 7.5 18.5 10.8 8.2 10.4 11.6 7.3 11.8 12.3 10.1 8.5 6.9 3.4 13.0 31.5 1983 1984 1985 1986-1 II III 1/ U.S. govt. (2) —Private domestic nonfinancial— State & local Nonfin. Housegovts. business holds Total (6) (5) (4) (3) Changes shown are on an end of period basis and thus may differ from monthaverage data in the Board's H.6 release. Growth Rates of Debt Aggregates: Supplemental Data (Percent annual rates of change, seasonally adjusted) Domestic nonfinancial Foreign sectors 1/ ~~ Financial sectors Total: All Sectors Memo: Private financial assets 1983 1984 1985 11.7 14.5 14.5 8.3 2.7 0.7 12.4 16.3 18.9 11.7 14.3 14.7 11.6 14.0 12.3 1985-1 II III IV 11.0 13.1 11.5 19.7 -2.5 -1.1 5.2 1.3 14.2 16.5 20.0 20.0 11.0 13.1 12.5 19.2 9.0 11.0 11.2 15.8 1986-1 II III 8.1 12.3 11.4 14.8 6.1 -2.2 11.4 20.0 18.8 8.7 13.2 12.2 4.4 8.9 5.5 Holdings of deposits and credit market claims by households, nonfinancial business and state and local governments. Explanatory Notes Growth rates in the summaries above are seasonally adjusted flows from Table 2 divided by seasonally adjusted outstandings from Table 1 on following pages of this release. Seasonally adjusted levels in Table 1 are derived by carrying forward year-end levels by seasonally adjusted flows plus any statistical discontinuities in the data series. Because of these discontinuities, changes in outstandings as printed can give growth rates that differ from those shown above. The following list gives the lines in Tables 1 and 2 that are used to calculate growth rates shown on page 1 of this release: Growth Table (column) Total domestic nonfinancial U.S. government Private domestic nonfinancial Households Nonfinancial business State & local governments 1 2 3 4 5 6 Tables 1 and 2 (row) 1 2 5 21 22 20 Debt of domestic residents includes credit market funds raised from both domestic and foreign sources, while foreign debt represents amounts owed by foreign financial and nonfinancial entities to U.S. sources only. Financial sectors consist of U.S. Government sponsored credit agencies, federally-related mortgage pools, and private financial institutions. Credit market debt excludes trade debt, loans for the purpose of carrying securities, and funds raised from equity sources. It consists of debt securities, mortgages, bank loans, commercial paper, consumer credit, government loans, and other loan forms included in Table 1. Full statements for sectors and transaction types in flows and in amounts outstanding may be obtained from Flow of Funds Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. DECEMBER 19, 1986 Credit Market Debt Table 1 Credit Market Debt Summary of Credit Market Debt Outstanding SEASONALLY ADJUSTED LEVELS 1981 YEAR 1982 SEASONALLY ADJUSTED LEVELS END LEVELS 1983 1984 1985 II 1986 II I III Credit Market Debt Owed by Nonfinancial Sectors 1 4301. 2 4679.,1 5230..6 5985. 4 6149.1 6347.7 6528.7 6851.0 6986.3 7204.1 Total credit market debt owed by 7410.3 domestic nonfinam. sectors 2 3 4 830. 1 825. 6 4. 5 991. 4 987. 7 3. 7 1177. 9 1174..4 3..6 1376. 8 1373. 4 3. 4 1411.,8 1408..5 3..3 1477,,6 1474..3 3..3 1515..0 1511..7 3..3 1600.,4 1597.,1 3.,3 1630. 5 1627..3 3..2 1706..0 1702. 8 3..2 1752..1 1749..0 3..2 U.S. government Treasury issues Agency issues • mortgages 2 3 4 5 3471.,1 3687. 7 4052. 6 4608. 7 4737..3 4870..1 5013..7 5250. 6 5355. 8 5498..1 5658..1 Private domestic nonfinancial sectors 5 6 7 8 2317. 8 373..7 388. 9 2454. 4 417..9 407. 5 2706.,8 471.,7 423..6 3023. 7 522.,1 469.,7 3107..0 537..0 486..5 3201,.4 555 .8 506,.0 3298.,8 579..8 523..6 3481. 5 674. 4 543. 6 3562. 8 672. 4 573..7 3671..9 684..4 608..1 3805. 8 723..6 633..0 9 10 11 12 13 1555..2 1032..1 141,.1 276..2 105..8 1628 .9 1074..7 144..8 299..4 110..0 1811,.5 1191..5 158 .8 348 .4 112 .8 2032..0 1320. 8 183..6 415..6 112..0 2083..5 1352 .2 189,.1 430 .4 111,.8 2139,.6 1387,.3 195 .9 445 .7 110 .6 2195. 4 1425..2 202..1 460..0 108..1 2263..5 1468..3 212..3 477..3 105..6 2316..7 1497..3 220..5 495..0 103,.8 2379 .4 1543..9 226..7 507..4 101..4 2449..2 1594,.0 234..4 520,.8 100..0 Mortgages Home mortgages Multi-family resid. Commercial Farm 9 10 11 12 13 14 15 16 17 18 1153..3 427 .4 398..5 42,.7 284..7 1233 .4 479,.7 418..1 37,.6 298,.0 1345 .8 508 .5 474 .8 36 .8 325,.7 1585,.0 584..3 569. 9 58. 5 372..3 1630,.2 591 .4 596,.2 61..3 381 .3 1668 .7 596 .7 618 .5 64 .6 388..8 1714..9 607 .5 646 ,7 64 .5 396.,1 1769..1 626..6 666,.5 72.,2 403. 8 1793..0 632,.3 682,.4 68..1 410,.3 1826..1 642 .6 704 .1 64..3 415..0 1852,.3 645..5 724,.4 68..4 413..9 Other debt instruments Bank loans n.e.c. Consumer credit Commercial paper Other 14 15 16 17 18 19 20 21 3471..1 302..1 1577 .7 3687,.7 323 .7 1659 .8 4052 .6 357 .7 1847 .5 4608..7 385..1 2082..0 4737,.3 398..3 2140 .9 4870 .1 413..5 2205 .3 5013 .7 431,.4 2278 .3 5250..6 492..9 2369.,7 5355. 8 496..6 2411..6 5498..1 512..2 2482..0 5658..1 552..1 2556 .1 By borrowing sector: State & local governments Households 19 20 21 22 23 24 25 1591 .3 176,.4 395 .5 1019 .4 1704,.3 183 .2 431 .9 1689,.2 1847 .5 187 .5 508 .5 1151 .5 2141..6 187,.5 609,.1 1344,.9 2198 .0 184 .9 629 .0 1384 .2 2251 .3 183 .8 651..9 1415 .5 2304 .0 180,.0 674,.0 1450,.0 2388..0 173..2 700..8 1514..0 2447..6 169 .5 727..0 1551..0 2503..9 165,.1 747,.5 1591..2 2550,.0 164..0 768.,3 1617..7 Nonfinancial business Farm Nonfarm noncorporate Corporate 22 23 24 25 26 27 28 29 30 219 .2 53 .3 67 .8 10 .8 87 .3 269 .0 59,.9 33 .8 15 .1 100 .2 226 .3 63 .0 37 .4 21 .5 104 .3 231,.8 64,.3 30,.8 27 .7 109 .0 229 .9 64 .9 28 .7 28 .6 107 .6 229 .3 67 .0 27 .8 29 .8 104 .6 232 .3 67 .7 29,.6 51 .4 103 .5 233..0 68..3 27..9 33..9 102..8 233..6 72..3 26..7 31..9 102..6 236,.9 71..9 28 .6 36 .2 100 .2 235 .6 72,.5 22,.7 39 .9 100,.6 Foreign credit market debt held in U.S. Bonds Bank loans n.e.c. Commercial paper U.S. govt. 8 other loans 26 27 28 29 30 31 4520 .5 4888 .1 5456 .9 6217 .2 6378 .9 6577 .0 6760 .9 7084,.0 7219 .9 7441 .0 7645 .9 Total nonflnan.domestic 8 fgn. 31 Debt capital instruments Tax-exempt obligations Corporate bonds 6 7 8 Credit Market Debt Owed by Financial Sectors 1 664. 9 757. 8 852. 0 990..7 1025. 8 by financial sectors 1068..1 1121,.5 1179.,2 1220..8 1281. 8 1341.,9 577..7 249. 9 322..8 5..0 601..1 251..6 344..3 5..3 632.,7 257. 8 368..9 6.,1 658..1 257..2 394. 8 6..2 697..5 260..0 431..0 6..5 744..5 263..1 474..9 6. 5 U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government 597. 4 188..1 3..1 34..0 273..8 98 .4 Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 2 3 4 5 324.,0 190. 4 129. 0 4. 6 388. 9 205. 4 178. 5 5..0 456.,7 206. 8 244. 9 5.,0 531..2 237..2 289.,0 5..0 551. 8 242.,7 304..1. 5..0 6 7 8 9 10 11 340. 9 85. 2 1. 9 27..1 161..5 65..2 368. 9 97..7 2..0 29..0 174..2 66..0 395. 3 110..0 2..1 28,.9 195..5 59..0 459..5 133..3 2..5 29..5 219..5 74..6 474.,0 137..5 2. 5 29..3 227..1 77..7 490.,4 151..0 2..5 30..0 226..5 80..5 520..3 156..3 2. 5 31,.9 244,.3 85 .3 546..5 170. 5 2..7 32..1 252..4 88..8 562..7 178..6 2..7 32..0 259 .2 90,.2 584 .3 184 .8 3..0 33..3 267..6 95 .6 12 13 14 664,.9 195,.0 129,.0 757. 8 210 .4 178 .5 852..0 211 .8 244 .9 990..7 242..2 289 .0 1025.,8 247..7 304,.1 1068,.1 254,.9 322..8 1121,.5 256 .9 344 .3 1179..2 263,.9 368 .9 1220..8 263..4 394,.8 1281,.8 266 .5 431 ,0 15 16 17 18 19 20 340 .9 60 .1 52 .0 73 .4 151 .7 3 .7 368 .9 71 .8 59 .0 75 .9 158 .5 3 .7 395 .3 76 .8 71 .0 73 .9 170 .1 3 .5 459 .5 84 .1 86 .6 93 .2 191 .2 4 .3 474 .0 81 .9 90 .6 96 .1 200 .9 4 .5 490 .4 79 .5 93 .5 99 .3 213 .6 4 .6 520 .3 78 .7 96 .6 107 .9 232 .5 4 .7 546,.5 79,.2 101 .2 115 .5 245 .0 5 .6 562 .7 76 .2 93 .6 117 .3 269 .6 6 .0 584,.3 75 .8 97 .5 126 .0 278 .9 6 .0 1 2 3 4 5 6 7 8 9 10 11 1341 .9 Total, by sector Sponsored credit agencies 269 .6 Mortgage pools 474.,9 12 13 14 Private financial sectors Commercial banks Domestic affiliates Savings and loan assns. Finance companies REITs 15 16 17 18 19 20 597..4 75 .9 95 .4 131 .1 288 .9 6 .1 Total Credit Market Debt Outstanding, All Sectors, by Type 1 5185. 4 5645. 9 6308. 9 7207. 9 7404,.8 7645..1 7882. 4 8263.,2 8440..8 8722 ,8 8987..8 Total credit market debt 2050..2 555..8 724..1 2142..2 2110,.7 579,.8 747..6 2198..0 2227..0 674..4 782..4 2266..3 2282..4 672..4 824..6 2319..4 2396 .9 684..4 864 .8 2382..4 2490,.1 723..6 893..6 2452 .3 618..5 654..5 320..9 578 .9 646..7 669 .0 340 .2 590 .3 666 .5 686 .6 358 .5 601 .5 682 .4 691 .1 359 .2 609 .3 704 .1 704..6 368 .2 617 .3 724..4 702 .2 382 .2 619 .4 2 3 4 5 1149.,1 373..7 527..3 1557,.6 1375..0 417,.9 565,.1 1631,.3 1629.,4 471..7 596..6 1813..9 1902. 8 522. 1 667..3 2034..6 1958,.5 537,.0 689 .0 2086 .1 6 7 8 9 398,.5 522 .3 215 .1 441 .8 418..1 542 .4 226..8 469 .3 474,.8 574 .8 253 .8 494 .0 569..9 644,.6 305..7 560 .9 596 .2 649 .4 317 .0 571 .6 BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY 1 U.S. government securities Tax-exempt obligations Corporate and foreign bonds Mortgages 2 3 4 5 Consumer credit Bank loans n.e.c. Open-market paper Other loans 6 7 8 9 Table 2 27, DECEMBER 19, 1986 Funds Raised in Credit Markets Funds Raised in Credit Markets Summary of Net Funds Raised in Credit and Equity Markets QUARTERLY NET FLOWS - $BILLIONS QUARTERLY NET FLOWS - $BILLIONS 1985 ~(NS A)" 1 2 3 4 5 196. 7 46. 1 46. 1 III II 1985 III 113. 0 204. 4 TSAART 806. 6 728. 8 1283.,3 184. 5 184. 7 2 2 3 4 Private domestic nonfinancial sectors 5 557.,2 639. 9 404..7 96..0 70..2 238 .5 162..7 26..3 59 .4 - 9 .9 731. 4 378. 6 80.,0 272. 9 172.,3 41.,1 69.,5 -10..1 332.,2 -8. 3 120. 6 219. 9 119. 9 33. 2 71. 7 -5. 0 436. 7 48. 1 137. 6 251. 0 186. 3 24. 9 49. 5 -9. 7 542. 0 156. 7 99. 6 285, 6 205. 1 31. 4 54. 6 -5. 5 153..8 166..2 543.,2 579..6 142..6 42..1 24.,2 76..3 55..7 7..8 14..3 -1..5 377.,6 75.,2 78.,1 224.,2 140. 7 27..2 61..2 -4..9 " * 1 U.S. government Treasury issues Agency issues & mortgages 431.,1 341. 7 341. 7 245. 8 Total net borrowing by domestic nonfinancial sectors 824. 4 941.,6 149..3 149..3 .1 " 859. 1 301. 9 301. 9 263. 4 263. 5 1 75. 9 551. 7 120. 6 120. 9 3 57. 4 57. 5 1 37. 1 37. 2 1 50..7 50..7 " 90. 5 90. 5 223. 7 1986 M IV Net Credit Market Borrowing by Nonfinancial Sectors 336. 3 " 150. 6 1986 II I III Debt capital Instruments Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family resld. Commercial Farm 6 7 8 9 10 11 12 13 6 7 8 9 10 11 12 13 107..3 26.,2 17.,0 64..1 44.,8 6.,5 15. 4 -2..6 185. 9 98..2 21.,6 66.,2 41..2 10..4 17..2 -2..7 69. 7 -9. 6 29. 8 49. 5 26.,3 8.,3 16.,1 -1.,2 112..0 12..8 33..7 65 .5 47,.9 6 .2 13 .8 -2,.3 14 15 16 17 18 43..3 31..7 11,.1 .2 .4 59,.9 26,.7 20,.4 4,.1 8 .8 6. 1 .0 .3 -2..7 8..1 41,.8 25 .9 9 .0 .9 7 .7 23..6 24,.1 .3 4,.1 - 4 .9 165..6 89..2 21..3 13..2 41..9 174,.9 112,.6 43 .3 .5 19 .5 210.,2 79..2 72..2 34..3 24..5 98.,9 63.,6 22.,9 -16..6 29..0 120. 4 87.,0 21..2 -14. 9 27..1 97. 9 81..1 8 16! 4 4 Other debt instruments Consumer credit Bank loans n.e.c. Commercial paper Other 14 15 16 17 18 19 20 21 22 23 24 25 150 .6 20,.1 80,.3 50 .2 - 3 .7 23 .4 30 .4 245 .8 65 .0 100 .0 80 .8 - 9 .6 27 .2 63 .1 75..9 -3,.3 29,.2 50,.0 - 4 .2 22 .0 32 .2 153 .8 16 .9 72 .7 64 .2 .9 24 .8 40 .2 166 .2 43 .2 81 .2 41 .8 -1 .0 21 .7 21 .0 543 .2 60 .8 269 .6 212 .8 - 4 .2 91 .7 125 .3 579 .6 71 .7 302 .9 204 .9 -15 .3 92 .2 128 .0 941..6 245 .8 369 .8 326 .0 -27 .2 107 .6 245 .6 431 .1 16,.9 173,.6 240,.7 -12,.5 105,.6 147 .5 557 .2 64 .5 283,.4 209,.2 -17,.6 84,.8 142,.1 639..9 161..2 305..1 173 .6 - 4 .5 84 .6 93 .4 By borrowing sector: StateSlocal governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 19 20 21 22 23 24 25 26 27 28 29 30 3 .4 .7 2 .3 1 .6 -1 .1 .6 .6 -1 .8 2 .5 - .7 8 .9 4,.0 .9 6 .0 - •.2 3 .0 .5 1 .4 4 .3 - 2 .2 - .9 .6 - 5 .6 3 .7 .4 - 2 .4 8 .5 - 3 .8 4 .8 -11 .9 12 .0 2 .6 7 .5 6 .3 - 4 .4 2 .9 2 .5 —6 .7 10 .0 - 2 .9 34 .5 16 .1 -4..8 23 .9 .7 14 .1 -1,.9 7 .6 17,.3 - 8 .9 31 200 .1 336 .9 121 .9 207 .5 222 .8 804 .1 740 .8 1286 .2 586 .2 - 5 .2 Fgn. net borrowing in U.S. Bonds 2 .5 Bank loans n.e.c. -24 .0 Commercial paper 14 .7 U.S. govt. 8 other loans 1 .5 26 27 28 29 30 873 .2 819 .2 Total domestic plus foreign 31 Net Credit Market Borrowing by Financial Sectors 1 56..0 56, 6 27..8 63..7 63..2 169..0 213..5 224..3 134. 4 243..7 240..7 2 3 4 5 26.. 1 3..6 22,.3 .3 30. 6 4.,3 25. 5 ,8 23,.6 -2,.2 25,.7 .1 39..3 4..5 34..5 .3 49,.8 5..0 44..8 103.,4 28..6 74..8 93..9 6..9 85..8 1..2 126..4 24. 9 98. 4 3.,1 101.,5 -2,.5 103,.6 .5 157,.4 11,.2 145,.1 1..2 188..1 12..5 175.,5 6 7 8 9 10 11 29 .8 6 .5 26..0 13..8 4,.1 9,.0 119..6 21,.4 .5 8!,5 3..1 -1,.3 -2,.0 -1 .6 13,.4 4 .8 .1 1,.4 2 .8 4 .2 65..7 53..9 2 .3 14,.9 6 .1 24..4 3..6 .3 1 .8 11..1 7..6 2..8 -2,.3 11..1 7,.6 71,.2 19..4 97..9 54. .1 .8 28 .9 14,.1 32..9 32,.2 .1 .3 - 4 .7 5 .6 86..3 25..2 1,.1 5..1 33 .6 21 .3 52,.6 12..9 .5 2,.9 24 .8 11 .3 12 13 14 56 .0 3 .9 22 .3 56,.6 5,.0 25,.5 27 .8 -2 . 1 25 .7 63,.7 4 .8 34,.5 63,.2 5 .1 44 .8 169..0 28,.6 74 .8 213 .5 8 .1 85 .8 224..3 28..0 98,.4 134,.4 -2,.1 103 .6 243 .7 12,.4 145 .1 15 16 17 18 19 20 29 .8 .8 3 .1 10 .6 16 .8 .1 26,.0 .5 4 .6 6 .4 14 .3 .1 4 .1 -3 .0 - 3 .0 .2 10 .0 .5 24 .4 .4 3 .9 10 .2 10 .7 13 .4 65 .7 - 9 .5 11,.5 12 .5 50 .7 .5 119 .6 - 3 .3 12 .2 34 .5 75 .7 .5 97 .9 2 .2 18 .4 30 .7 46 .1 .5 32 .9 - 1 2 .0 - 1 2 .1 7 .8 47 .4 1 .8 86 .3 -1 .5 15 .4 34 .9 37 .4 * * - 2 .1 7 .3 8 .0 .1 " * Total net borrowing by financial sectors U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 240 .7 Total, by sector Sponsored credit agencies 12 .6 Mortgage pools 175 .5 52 .6 .2 - 8 .3 20 .3 40 .1 .3 Private financial sectors Commercial banks Domestic affiliates Savings and loan assns. Finance companies REITs Total Net Credit Market Borrowing, All Sectors, by Type 1 2 3 4 5 256. 1 71. 9 26.,2 24.,1 64..1 393,.5 120..3 98..2 36..0 66..2 149..7 60..7 -9. 6 42..9 49..5 271,.2 89 .7 12,.8 36 .8 65 .8 285. 9 107.,3 42.,1 29. 7 76. 4 973..1 366. 8 75.,2 140..5 224.,2 954,.4 242..0 96..0 94..2 238,.5 1510..5 465 .0 378..6 136..5 272..9 720..6 221..7 - 8 .3 168..9 219..9 1116..9 458..2 48..1 160..8 252..1 6 7 8 9 31..7 15..7 16..6 5..7 26,.7 19 .1 15 .1 11 .9 1 . .0 -2..5 1 , .3 6 .4 25 .9 12 .2 14 .5 13 .4 24..1 -3..9 10.,6 .3 89..2 20,.3 15..7 41..2 112,.6 58 .3 77 .1 35,.7 79 .2 66 .3 73 .3 38 .9 63 .6 17..8 2..6 34,.3 87..0 33,.9 36,.0 40 .7 10 - 6 .4 14 .4 -19 .5 13 .1 11,.1 27..6 -73 .4 112 .5 11 12 203 .1 52,.5 322 .0 76 .1 132 .5 56 .6 191 .3 37 .5 212,.6 46 .4 778 9 235 .7 802 .3 222 .7 1170 .8 229 .2 1059. 9 Total net borrowing U.S. government securities 372. 6 Tax-exempt obligations 156.,7 Corporate & foreign bonds 115..1 Mortgages 286.,1 1 2 3 4 5 Consumer credit Bank loans n.e.c. Open-market paper Other loans 6 7 8 9 81.,1 -20..2 55,.9 12..5 -4..4 Memo: U.S. govt, cash balance 10 33 .8 -71 .1 changes :In U.S. govt, cash balances: Totals net of i 828,.8 Net borrowing by dom. nonfin. 11 825 .3 622 .9 By U.S. government 12 188..9 268 .1 191 .8 External Corporate Equity Funds Raised in U.S. Markets 1 2 3 4 5 9..8 24,,3 -14,.6 -18,.8 3,.2 10..7 31.,9 -21.,2 -25..0 3..0 49.,3 60..0 -10..7 -15..0 2..2 27..8 42..3 -14,.5 -18,.8 2,.1 25,.1 43 .8 -18 .7 -19 .5 1 .6 42..1 96 .2 - 5 4 .1 - 6 7 .1 12,.1 42..4 100..6 -58..2 -75..0 12..7 40..8 125..6 -84..7 -100..0 12..1 194..2 236 .9 - 4 2 .7 -60..0 8,.8 112..7 170,.8 -58 .2 - 7 5 .0 8..3 104..1 178 .9 - 7 4 .8 -78 .0 6 .3 6 1,.0 •8 2..1 2 .1 .8 .8 4..0 3..2 8..4 8 .6 - 3 .2 LATEST DATA PRELIMINARY otal net share issues Mutual funds All other Nonfinancial corporations Financial corporations Foreign shares purchased in U.S. 1 2 3 4 5 6 z?, Table 3 DECEMBER 19, 1986 Households Households Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 SEASONALLY ADJUSTED ANNUAL RATES 1985 I I I II 1985 III I I IV 1986 II I III Households, Persorial Trusts> and Nonprofit Organizations 1 2 2670.8 409.3 2838.6 410.5 5110.2 459.6 5514.5 486.5 5255.1 497.7 5298.7 456.4 3325.2 491.2 5382.9 500.7 3432.6 497.5 3483.3 504.8 5498.8 Personal income 518.9 - Personal taxes and nontaxes 1 2 3 4 5 6 7 8 2261.4 2107.5 154.0 43.9 2.4 37.2 2428.1 2297.5 150.6 53.5 4.4 62.7 2670.6 2501.9 168.7 65.9 6.0 92.7 2828.0 2684.7 145.5 66.5 4.9 102.9 2755.4 2611.4 144.0 43.8 3.0 98.1 2842.5 2658.6 183.7 77.0 3.5 100.1 2832.0 2712.4 119.6 65.9 5.6 114.8 2882.2 2756.5 125.7 79.4 7.5 98.7 2935.1 2789.4 145.7 58.2 11.8 92.9 2978.5 2825.5 153.0 72.6 8.3 101.5 2979.9 2895.9 84.0 64.8 10.9 137.4 3 4 5 6 7 8 9 10 11 237.4 280.5 517.7 251.2 294.7 545.9 531.5 510.4 641.7 517.6 532.8 650.5 288.9 524.4 613.3 564.2 330.0 694.2 505.9 555.6 641.5 311.2 341.2 652.4 308.6 346.7 655.3 335.4 352.3 687.6 297.1 = Net saving 357.8 • Capital consumption 654.9 = Gross saving 9 10 11 12 13 14 15 16 610.7 555.0 89.9 252.7 12.4 606.1 427.8 124.9 289.1 15.9 752.0 500.2 154.5 551.2 14.6 712.8 535.3 162.0 359.3 14.1 681.8 519.1 157.0 547.7 14.4 763.6 528.4 160.4 554.0 14.1 705.1 551.5 164.0 573.3 14.0 702.6 542.5 166.4 562.0 14.1 719.7 545.0 170.1 560.8 14.2 779.3 565.2 177.1 373.9 14.2 671.3 Gross investment 608.7 Capital expend, net of sales 179.9 Residential construction 414.5 Consumer durable goods 14.3 Nonprofit plant and equip. 12 15 14 15 16 17 18 255.7 551.1 178.2 577.0 251.8 469.0 177.4 490.1 162.7 397.6 255.2 529.0 151.8 465.4 160.0 568.7 174.7 363.3 214.2 503.8 62.6 Net financial investment 17 372.4 Net acq. of financial assets 18 = = • + • Disposable personal income Personal outlays Personal saving, NIPA basis Credits from govt, insurance Capital gains dividends Net durables in consumption 19 257.0 284.5 453.2 567.8 507.7 407.9 522.5 433.2 160.7 313.4 120.4 Dep. 8 cr. mkt. lnstr. CI) 19 20 21 22 23 24 170.6 19.2 154.2 -7.5 24.7 195.9 59.5 210.0 -11.5 -44.1 290.7 18.9 155.2 71.4 47.2 182.8 45.0 142.9 -2.9 -2.2 172.9 -.5 179.3 6.2 -12.1 216.9 69.5 167.0 -40.0 20.4 219.7 95.8 155.5 -10.2 -21.2 121.6 15.1 69.9 32.5 4.0 221.4 49.2 119.9 25.3 27.0 235.2 125.4 117.3 -38.4 30.9 237.9 62.2 155.2 -29.3 49.8 Deposits Checkable dep. 8 curr. Small time 8 svgs.dep. Large time deposits Money mkt. fund shares 20 21 22 23 24 25 26 27 28 29 50 86.4 55.6 24.7 2.0 13.3 -9.2 90.4 60.5 57.8 -12.7 .4 4.4 142.4 111.2 28.7 -5.4 6.4 -.5 185.0 60.7 59.4 15.2 4.0 47.8 134.8 35.4 15.1 24.4 3.3 56.6 190.9 168.5 26.6 26.4 9.5 -59.8 102.8 -20.6 42.5 -25.3 -1.3 107.6 311.6 59.4 153.6 27.3 4.6 66.6 -60.7 -36.5 -55.5 50.1 6.8 -25.7 78.2 56.7 13.9 19.6 2.9 -14.9 -117.4 -76.3 71.7 -92.4 8.4 -28.8 Credit mkt. instruments U.S. govt, securities Tax-exempt obligations Corporate 8 fgn. bonds Mortgages Open-market paper 25 26 27 28 29 30 31 32 16.8 -14.7 32.1 -17.5 38.0 -74.3 105.4 -104.2 91.1 -105.8 96.2 -119.5 100.6 -92.7 125.6 -99.1 256.9 -105.0 170.8 -120.1 178.9 -98.4 Mutual fund shares Other corporate equities 31 32 33 34 7.2 120.1 8.0 142.2 5.2 129.1 10.7 159.7 9.0 126.5 11.1 155.2 11.8 154.1 11.0 123.2 9.5 88.4 10.5 147.3 10.4 184.5 Life insurance reserves Pension fund reserves 33 34 35 36 37 -45.7 5.7 6.8 -90.0 2.4 15.5 -68.5 -.6 7.0 -52.8 12.5 15.1 -40.7 1.9 7.9 -49.6 14.6 12.8 -47.3 .7 15.7 -73.8 32.6 16.0 -62.8 19.1 14.4 -27.4 -2.4 11.7 -43.6 .9 19.1 Net inv. in noncorp. bus. Security credit Miscellaneous assets 35 36 37 38 39 40 41 42 95.3 88.4 49.5 14.9 2.8 198.7 188.0 110.4 48.9 7.9 237.2 259.5 129.3 77.0 18.0 512.7 295.0 149.4 82.4 14.2 254.8 237.6 124.7 85.7 19.7 293.7 269.6 139.8 74.1 15.1 313.6 302.9 162.4 94.1 18.5 408.7 369.8 170.6 75.7 3.5 188.6 173.6 114.7 57.5 6.0 289.7 283.4 182.1 70.8 16.1 309.8 305.1 200.5 69.6 11.5 Net increase in liabilities Credit market instruments Home mortgages Installment cons. credit Other consumer credit 38 39 40 41 42 43 44 45 46 8.5 2.6 2.6 7.4 11.4 2.5 5.6 5.5 10.2 2.5 -.4 2.9 50.2 2.4 8.1 8.5 9.9 2.4 -11.6 6.8 9.5 2.4 16.6 12.1 7.3 2.4 12.1 6.0 93.9 2.4 15.4 8.4 -10.7 2.4 -2.6 6.2 .6 2.4 2.2 9.2 5.3 2.3 9.8 6.0 47 48 49 3.8 2.4 .8 8.4 1.8 .6 -3.1 1.8 -1.0 16.7 2.2 -1.2 -5.5 2.2 .5 23.3 2.1 -1.3 10.0 2.3 -1.6 39.0 2.3 -2.5 11.9 2.4 .7 2.6 2.5 1.1 1.0 2.6 1.1 50 -95.0 -60.2 -90.3 -62.5 -68.6 -69.5 -61.6 -50.1 -64.4 -91.7 Tax-exempt debt Other mortgages Bank loans n.e.c. Other loans 43 44 45 46 Security credit Trade debt Miscellaneous -16.3 Discrepancy 47 48 49 50 (1) Excludes corporate equities. Memoranda: 177.1 5.1 172.0 66.6 182.1 -71.6 Net physical investment: (A) Residential construction 179.9 Expenditures 5.1 Mobile homes 174.8 Other 67.3 - Capital consumption 200.5 - Home mortgages -87.9 = Excess net investment 51 52 53 54 55 56 (B) Consumer durables 414.5 Expenditures 277.1 - Capital consumption 137.4 = Net investment 57 58 59 51 52 55 54 55 56 89. 9 4. 6 85. 5 54. 5 49. 5 -15.8 124. 9 6. 1 118.8 57. 0 110. 4 -42. 6 154. 5 6. 2 148. 2 59. 9 129. 5 -54. 7 162. 0 6. 1 155. 9 63. 9 149. 4 -51. 5 157. 0 5. 9 151. 1 62. 4 124. 7 -30. 1 160. 4 6. 1 154. 2 63. 5 159. 8 -45..0 164. 0 6. 2 157. 9 64. 4 162. 4 -62. 8 160.3 65.1 170.6 -69.3 170.1 5.5 164.5 65.8 114.7 -10.5 57 58 59 252. 7 215. 4 57..2 289..1 226.,4 62.,7 $51.,2 238.,5 92.,7 559. 3 256. 3 102..9 547.,7 249..6 98,.1 554..0 253 .9 100 .1 373..3 258 .5 114 .8 362.0 263.3 98.7 360.8 267.9 92.9 373.9 272.4 101.5 60 61 17..7 19 .5 56 .8 5 .9 95 .0 - 2 .4 96 .6 6 .3 105 .5 - 7 .3 89 .2 10 .8 112 .6 2 .2 79.2 19.5 63.6 29.3 87.0 14.5 81.1 56.2 Consumer credit Excess net investment 60 61 62 63 64 12 .4 10 .6 1 .8 15 .9 11 .2 2 .6 14 .6 12 .0 2 .6 14 .1 12 .6 1 .6 14 .1 12 .5 1 .6 14 .0 12 .6 1 .3 14.1 12.8 1.3 14.2 13.0 1 .2 14.2 13.2 1.0 CC) Nonprofit plant and equip. 14.3 Expenditures 13.4 - Capital consumption .9 = Net investment 62 63 64 14.5 5.0 14.5 5.1 14.8 Effective tax rate 2.8 Saving rate, NIPA basis 14 .4 12 .3 2. 1 166 .4 6.1 Percent ratios: 65 66 15 .3 6 .8 14 .5 5 .4 14 .1 6 .5 14 .7 5 .1 15 .3 5 .2 13 .8 6 .5 14 .8 4 .2 14.8 4.4 67 22..4 22.,0 23. 4 22..4 21..9 23..8 22.,1 22,.0 21,.8 22.5 21. 4 Gross saving 68 69 70 71 15..4 15,.2 4,.1 3 .8 17..2 15,.2 8,.0 7 .6 18.,5 17..1 8,.7 8 .7 18..5 16,.9 10,.8 10 .2 18 .5 14,.2 8 .4 8 .5 18..1 18,. 1 10,.1 9 .2 19..0 16..0 10..8 10,.4 18,.3 19,.2 13 .8 12 .5 18,.1 12,. 1 6,.3 5 .8 18.5 16.5 9.5 9.3 19..9 12.,2 10..1 10,.0 72 2307 .7 2486 .0 2740 .5 2899 .4 2802 .2 65 66 Percent of disposable income adj. (2): BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY Capital expenditures Acquisition of finan. assets Net increase in liabilities Credit market borrowing 2922 .8 2903 .5 2969 .0 3005 .1 3059.4 3055,.6 (2) Disposable income adj. (NIPA disposable income + govt, insurance credits • capital gains divid.) 68 69 70 71 Z7, DECEMBER 19, 1986 Nonfinancial Corporate Business T a b l e 4 Nonfinancial Corporate Business Sector Statements of Saving and Investment SEASONALLY ADJUSTED ANNUAL RATES SEASONALLY ADJUSTED ANNUAL RATES 1982 1983 1984 1985 I I I II 1985 III I I IV I 1986 II III Nonfinancial Corporate Business, Excluding Farms 1 2 3 4 129.8 46. 2 72. 0 11. 6 159. 5 59. 3 78. 0 22. 2 189. 6 74. 2 83. 9 31. 5 170. 4 66. 3 86. 2 17. 9 165. 2 63. 3 86. 5 15. 2 161. 3 61. 3 85. 6 14. 5 177. 6 70.,3 85. 8 21..4 177. 6 70. 1 86. 9 20. 6 156. 4 68. 5 89. 3 -1. 4 165.,9 71.,5 90..5 3.,7 177. 0 77. 7 91. 3 8. 0 Profits before tax - Profit tax accruals - Domestic net dividends = Domestic undist. profits 1 2 3 4 5 6 7 8 -8. 4 221. 4 12. 5 237. 2 16. 0 228. 2 11.8 278. 2 31. 4 237. 9 11. 3 312. 1 52. 7 250. 6 12. 2 333. 4 48. 4 245. 7 17. 7 327. 0 53. 6 249. 1 5.,3 322. 5 55.,3 252.-3 13.,3 342. 4 53. 4 255. 2 12. 6 341. 8 51. 0 257. 1 14. 8 321. 5 48.,1 260..3 5.,2 317..3 48..1 262. 6 11. 8 330. 5 + • • = Capital consumption adj. Depreciation charges, NIPA Earnings rec. from abroad U.S. internal funds, book 5 6 7 8 9 10 11 15. 5 -10. 4 242. 3 18. 4 -10. 9 285. 7 19. 7 -5. 5 326. 3 19. 6 6 352. 5 12. 9 5 339. 4 26..2 1. 6 350. 3 16.,7 6..1 365..2 22. 7 -9. 4 355.,1 23..7 16.5 361. 7 27..7 10..6 355..6 23. 0 + Fgn. earnings ret. abroad 6..1 • Inv. valuation adjustment 359. 6 = Total internal funds • IVA 9 10 11 12 13 14 15 16 17 18 19 206. 8 256. 3 269. 7 267. 9 6 ll 2 -21. 2 7. 8 253. 5 274. 8 266. 5 261.,1 4. 2 1. 2 6 7],8 292. 0 371. 2 312. 2 309. 9 4 l! 9 51. 2 7. 9 307. 9 353. 1 341. 8 339. 4 6 l!8 7.,0 4. 4 315. 0 340. 1 322. 8 320.,5 5 l!,9 15.,3 1..9 335. 0 349. 8 342..3 339..9 6 l!8 3.,7 3. 8 277..5 349..0 342..0 340.,1 .2 1,.7 -1..8 8 .8 304.,2 373.,5 359.,9 357..1 1..1 1.8 10..5 3.,0 341.,1 380..2 343..0 337..5 3..2 2..3 33..8 3..4 330. 5 354..4 341..8 336..9 2.,6 2..2 2..3 10..4 314. 7 Gross investment 336..3 Capital expenditures (1) 340. 6 Fixed investment Plant and equipment 335. 4 Home construction 2. 9 Multi-family residential 2. 4 Inventory change • IVA -11..9 Mineral rts. from U.S. govt. 7..6 12 13 14 15 16 17 18 19 20 21 -49. 6 35. 7 -21. 4 124..3 -79.,2 97. 9 -45. 2 85. 4 -25.,0 67. 8 -14.,8 56. 8 -71 .5 68 .3 -69..3 148.,8 -39 ,0 12..8 -23..9 76..4 20 -21..7 Net financial investment Net acq. of financial assets 21 8..4 22 23 24 25 26 34..2 7..4 10.,3 3..7 - •.4 54..5 4 .2 16..6 11..2 3,.1 21..7 4.,2 10..7 -4..6 -5..1 15..3 4. 8 6. 9 4..0 -2.•1 -17..1 -4. 4 4..1 -2..7 5..3 2..7 6.,7 5 .5 -3..8 -11..1 62..5 6 .1 10,.9 17,.5 15,.1 13..1 10.,6 7..2 4,.9 -17..7 33,.2 - 2 .6 5,.8 -11,.8 9..0 -14..8 -15.,8 .1 .2 lo!,9 27 28 29 5,.3 .1 7,.9 8..0 .7 10 .7 7..2 .1 9.4 -3..1 8 4,.0 -12,.7 .3 -7,.0 .3 .2 4 .8 6 .4 .4 6 .0 -6..6 2..5 12..3 -5..3 2,.3 * 18..9 2..8 11,.1 30 31 32 33 34 35 .5 -15 .7 16 .6 8 .1 3 .3 4 .8 3 .3 62 .3 4 .2 9 .8 - 3 .6 13 .5 3..6 46 .5 26,.0 14 .3 -3 .5 17 .8 3..2 35..2 31..7 10,.8 - 5 .0 15,.8 6..7 44 .0 34,.2 10 .6 -4, 14 .7 .2 15!.6 38,.3 8 .2 -13 .7 21,.9 4 .4 - 5 .8 7 .1 8 .3 - 5 .7 13 .9 1..3 87,.1 47 .2 16,.2 3,,7 12 .5 5,.9 -56 .5 46 .3 30 .7 11 .4 19 .2 -5,.3 17,.5 31,.0 20 .9 .5 21 .4 36 37 38 2 .7 .1 5 .7 3 .5 5 .2 10,.4 6..0 -11 .7 20,.6 10 .4 .3 5 .0 14 .0 14 .5 9 .9 .4 19 .8 10 .5 6 .6 10 .0 .1 10 .8 9 .1 -9 .1 - 3 .9 -13,.5 39 40 41 85 .3 80 .6 11 .4 145 .6 87 .6 28 .3 177 .1 116 .4 -77 .0. 130 .6 82 . 1 -81 .6 92 .8 71 .7 -84 .3 71 .6 58 .2 -67 .1 139 .8 53 .0 -75 .0 218,.1 145 .6 -100 .0 51,.8 87 .5 -60 .0 100,.3 67 .1 -75 .0 30..0 15,.4 -78,.0 42 43 44 69 .2 15 .1 18 .7 59 .3 9 .4 16 .0 193 .4 20 .5 46 - 1 163 .7 22 .6 73 .9 156 .0 6 .8 67 .3 125 .3 18 .0 78 .1 128 .0 21 .6 70 .2 245 .6 44 .0 80 .0 147.5 -12 .0 120 .6 142 .1 -14 .6 137 .6 93 .4 -6,.8 99,.6 45 46 47 48 -1 .2 .5 .6 -1 .1 3 .5 3 .3 .8 .7 .3 .3 .2 .2 .4 .5 .1 .1 .1 .4 .3 .1 .5 .5 .2 .2 .2 .1 .2 .3 .9 .9 .2 .2 3 .2 2 .6 .6 * 2 .1 2 .1 .3 - .4 2 .6 2,.3 .6 .3 49 50 51 52 53 39 .7 -6 .1 .4 2 .1 1 .3 18 .0 .8 3 .5 10 .2 .5 77 .0 21 .7 1 .4 25 .1 1 .2 37 .4 14 .6 -1 .1 18 .5 - 2 .6 45 .2 11 .3 - 4 .0 23 .4 5 .8 3 .7 13 .2 1 .2 13 .1 - 2 .4 35 .0 .5 1 .7 3 .6 - 3 .9 65 .8 34 .3 -3 .2 33 .8 -10 .0 30 .7 -16 .6 -3 .9 23 .5 2 .1 23 .8 -14 .9 .2 3 .5 4 .4 54 55 56 57 58 -14 .1 5 .0 13 .8 16 .2 - 2 .4 5 .8 40 .8 11 .5 11 .9 .3 .7 34 .4 25 .6 22 .5 3 .1 -1 .8 33 .0 17 .2 16 .8 .5 - 5 .8 13 .7 13 .2 11 .7 1 .5 - 2 .2 -5 .3 20 .9 21 .1 - .2 .1 61 .9 25 .0 21 .7 3 .3 1 .0 61 .6 9 .9 12 .6 - 2 .7 6 .2 -44 .5 2 .5 2 .9 - .3 59 35 .6 32 .2 34 .3 44 .6 24 .3 15 .3 87 .7 50 .9 20 .6 - - 17..1 3..0 17,. 1 -3,.4 3,.4 Liquid assets Demand dep. and currency Time deposits Security RPs Foreign deposits 22 23 24 25 26 -9..0 .8 - •.5 U.S. govt, securities Tax-exempt obligations Commercial paper 27 28 29 .4 8 .1 15..5 23..0 10,.3 12..7 Consumer credit Trade credit Miscellaneous assets Foreign dir.invest.(2,5) Equity, etc. Retained earnings 30 31 32 33 34 35 Net increase in liabilities Net funds raised in mkts. Net new equity issues Debt instruments Tax-exempt debt (3) Corporate bonds (2) - 6 .3 16 .4 - 2 .8 -9 .7 .4 Bank loans n.e.c. Commercial paper Accept, liabs. to bks. Nonbank finance loans U.S. government loans 49 50 51 52 53 4 .1 12 .2 17 .0 14 .5 2 .5 - 3 .3 5 .2 12 .7 12 .2 .6 Profit taxes payable Trade debt Fgn.dir.investmt.in U.S.(5 Equity, etc. Retained earnings 54 55 56 57 58 25 .1 45 .0 Discrepancy 21..5 52..1 12,.1 69..0 2..2 71..9 30.,3 71..4 20,.9 69..2 -67..7 71..3 25..5 75.,7 -12..0 64..0 5..3 73..3 2..9 86..0 62 63 64 32,.6 36,.6 27,.5 29..0 30,.3 76,.8 67..0 126,.5 161,.5 96..9 66..8 98,.1 74,.2 81,.8 89 .7 96 .5 28..8 21,.3 92..0 36..0 97 .8 124 .8 120,.8 183 ,4 Ill,.8 35,.7 -2..5 125..0 17..0 33..3 95 .4 -2,.0 .1 65 66 67 35 .6 105 .8 27 .0 37,.2 96 .2 21 .6 39..1 113 .8 52 .1 38,.9 100..2 46,.4 38 .3 100 .2 45 .9 38 .0 99 .9 35 .8 39,.6 95 .6 36 .7 39,.5 105 .2 65 .7 43,.8 105 .1 38 .8 43,.1 99,.7 40 .1 43 .9 93 .5 27 .8 68 69 70 -21,.2 -10 .4 -10,.8 - l o !.9 .6 11..5 51..2 -5. 5 56..7 7 .0 .6 7 .5 15..3 .5 15 .8 -1,.8 6..1 -7,.9 10,.5 -9,.4 19 .9 33.8 16.5 17.3 2.3 10.6 -8.3 71 72 266 .7 237 .2 285,.7 278,.2 376,.7 312,.1 353,.7 333,.4 340,.6 327 .0 348,.2 322 .5 342,.9 342 .4 382 ,9 341 .8 73 29 .5 7,.6 64,.6 20,.3 13 .6 25,.7 .5 41 .1 Memorandum items: Trade credit net of trade debt Profits tax payments Debt subtotals: Securities and mortgages Loans and short-term paper Total short-term limb. (4) Percent ratios: Effective tax rate Capital outlays/internal funds Cr. mkt. borrowing/cap. exp. (1) Capital outlays on book basis: -11.9 Inventory change, NIPA 6.1 Less: Inv. val. adjustment -18.0 Inventory change before IVA 363.7 343.8 330.2 Total cap. expend, before IVA 321.5 317.3 330.5 U.S. internal funds, book Financing «gap: Excess of capital expenditures 42.1 26.5 -.3 over U.S. internal funds (2) Corporate bonds include net issues by Netherlands Antilles subsidiaries; U.S. direct investment abroad is before subtracting net inflows of capital from Netherlands Antilles subsidiaries to U.S. parents. (3) Industrial revenue bonds. Issued by state and local governments to finance private investment and secured in interest and principal by the industrial user of the funds. (4) Loans and short-term paper (line 63), taxes payable and trade debt (5) Direct investment totals and retained earnings exclude capital gains/losses included in balance of payments statistics. 42 43 44 45 46 47 48 -20..6 57..7 BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY. 39 40 41 Mortgages Home mortgages Multi-family Commercial 60 61 3..7 1..6 2..1. Insurance receivables 36 Equity in sponsored ags. 37 Other 38 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 27, DECEMBER 19, 1986 Funds Raised in Credit Markets T a b l e 5 Funds Raised in Credit Markets Summary of Net Funds Raised in Credit and Equity Markets ANNUAL FLOWS - BILLIONS OF DOLLARS 1976 1977 ANNUAL FLOWS - BILLIONS OF DOLLARS 1978 1979 1980 1981 1982 1983 1984 Net Credit Market Borrowing by Nonfinancial Sectors 1 172. 5 187. 5 242. 1 316. 9 371. 9 385. 7 344. 9 375. 8 387. 4 548. 8 756.,3 Total net borrowing by domestic nonfinancial sectors 869.,3 186.,6 186.,7 .1 198. 8 199..0 - •.2 223. 6 223. 7 1 U.S. government Treasury issues Agency issues 8 mortgages 2 3 4 Private domestic nonfinancial sectors 5 1 2 3 4 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 37. 4 38. 8 -1. 4 79.,2 79. 8 ,6 87. 4 87..8 5 161. 3 162. 1 9 5 160..7 102..1 173..1 260..2 318..2 348..4 265..7 288..5 226..2 362..2 557.,5 645 .7 6 7 8 9 10 11 12 13 97..7 16..5 19..7 61..6 34 .4 6 .9 15 .1 5 .2 98..8 16..1 27 • 2 55 .4 39 .5 11 .0 5 .0 122. 6 15. 7 22. 8 84.,1 62..2 5..0 11..3 5..5 171..3 20 .3 22 .9 128 .1 93 .3 8 .4 18 .2 8 .2 200..7 28 .4 21 .1 151 .2 110 .2 10 .9 21 .9 8 .2 212 .5 30 .3 17 .3 164 .9 116 .6 10 .0 24 .4 14 .0 189 .1 30 .3 27..7 131 .2 94 .2 7 .6 19 .2 10 .2 155..5 23 .4 22,.8 109 .3 72 .2 4 .8 22 .2 10 .0 148..3 44..2 18 .7 85 .4 50 .5 5 .4 25 .2 4 .2 252..8 53..7 16..0 183..0 117..1 14 .1 49 .0 2 .8 314..0 50 .4 46 .1 217 .5 129 .9 25 .1 63 .3 .8 461..7 152..4 73..9 235..4 150..3 29..2 62 .4 - 6 .4 Debt capital instruments Tax-exempt obligations Corporate bonds Mortgages Home mortgages Multi-family resld. Commercial Farm 6 7 8 9 10 11 12 13 14 15 16 17 18 63 .0 9 .9 33 .0 4 .1 16 .0 3 .4 9 .1 - 1 3 .3 - 2 .9 10 .5 50 .5 24..2 5 3 1 ,4 19 .5 88 .9 38 .1 26 .5 1 .6 22 .6 117 .6 46 .7 40 .5 2 .7 27 .6 135 .9 42 .7 50 .5 9 .0 33 .7 76 .6 4 .5 37 .8 4 .0 30 .3 133 .0 22 .6 57 .0 14 .7 38 .7 77 .9 17 .7 52 .9 - 6 .1 13 .4 109 .5 56 .8 25 .8 .8 27 .7 243 .5 95 .0 80 .1 21 .7 46 .6 184 .0 96 .6 41 .3 14 .6 31 .4 Other debt instruments Consumer credit Bank loans n.e.c. Commercial paper Other 14 15 16 17 18 19 20 21 22 23 24 25 160..7 14..6 51. 6 94.,6 8 ,0 20..4 66..2 102. 1 12.,3 50. 8 39.,0 8 9 13..0 17..1 173..1 13..2 88 2 71..6 10..0 17..1 44..5 260. 2 10..5 137..5 112 .2 13 .4 29 .5 69 .3 318. 2 16..5 167..2 134. 5 15..6 33..8 85 .2 348 4 17..6 173..7 157..1 23..5 37 .9 95 .7 265 .7 17 .2 120 .0 128,.5 15 .2 31 .8 81 .5 288. 5 6. 8 121. 4 160..3 16..6 38..5 105..2 226..2 21..5 88 4 116..2 6 .8 40,.2 69,.2 362. 2 34..0 188..0 140..2 4..3 76.,6 59..3 557. 5 27..4 239..5 290..6 .1 97!.1 193..4 645..7 107. 8 295..0 242..9 -13..6 92,.8 163 .7 By borrowing sector: StateSlocal governments Households Nonfinancial business Farm Nonfarm noncorporate Corporate 26 27 28 29 30 15 ,7 2 .1 4 .7 .2 8 .7 13 .2 6 .2 3 .9 .4 2 .7 20..5 8 .6 6 .8 .7 4 .5 13 .5 5 .1 3 .1 .6 4 .8 24 .2 4 .2 18 .3 1 .0 .7 15 .1 3 .9 3..1 1 .7 6 .5 23 .8 .8 11 .8 2 .4 8 .8 23..5 5 .4 3 .0 3 .9 11 .1 16 .0 6 .7 - 5 .5 1 .9 13 .0 17,.4 3..1 3..6 6,.5 4,.1 6..1 1,.3 - 6 .6 6 .2 5 .3 1 .7 4 .0 - 2 .8 6 .2 - 5 .7 31 188 .2 200 .7 262 .6 330 .4 400 .8 368 .7 399 .3 403 .4 566 .2 762 .4 871.0 871 .0 Total domestic plus foreign 396 . 1 19 20 21 22 ... 23 24 25 gn. net borrowing in U.S. Bonds Bank loans n.e.c. Commercial paper U.S. govt. 8 other loans 26 27 28 29 30 31 Net Credit Market Borrowing by Financial Sectors 1 48. 0 11. 3 21. 9 50. 8 73.3 89.9 65.4 101.9 90.1 94.0 139.0 186.9 37.1 23.1 13.6 .4 47.9 24.3 23.1 .6 44.8 24.4 19.2 1.2 47.4 30.5 15.0 1.9 64.9 14.9 49.5 .4 67.8 1.4 66.4 - 74.9 30.4 44.4 - 101.5 20.6 79.9 1.1 36.2 7.8 .2 42.0 5.5 * 20.6 1.6 * 54..5 4. 4 26. 2 12..1 .1 21..3 -7..0 64..1 23..3 .4 .7 24!.1 15..7 85. 3 36. 5 1 2!.6 32.,0 14..2 2 3 4 5 20. 7 16. 6 3. 4 .7 10. 3 2. 3 7..1 .9 14. 3 2. 5 12.,2 4 22.,0 7..0 16..1 -1..1 6 7 8 9 10 11 27..2 3..1 ,2 3!.9 13, 4 6,.7 1..1 6. 9 .4 -3].6 1.,3 - 4 .0 7. 7 6. 5 ,4 -3! 3 6..0 -2..0 28,.8 12,.0 .2 12 .8 4 .3 13.9 12.5 26.8 9.2 .5 -1.0 12.9 7.1 1..2 32. 7 16..2 25..2 12..5 .1 l!.9 9,.9 .8 12 13 14 48,.0 17 .3 3 .4 11,.3 3 .2 7 .1 21 .9 2,.1 12,.2 50 .8 5 .9 16 .1 73.3 23.5 13.6 89.9 24.8 23.1 65.4 25.6 19.2 101 ,9 32,.4 15 .0 90 .1 15,.3 49 .5 94..0 1..4 66,.4 139 .0 30..4 44 .4 15 16 17 18 19 20 27 .2 9 .8 4 .4 6 .2 .3 1 .5 1 .1 .4 4 .3 - 4 .2 .7 .1 7 .7 4 .5 2 .0 - 1 .7 4 .7 - 1 .9 28 .8 3 .7 3 .8 6 .9 17 .0 - 2 .5 36.2 -.5 7.5 13.5 16.1 -.4 42.0 9.1 4.1 12.6 16.3 -.1 20.6 8.3 6.7 7.4 -1.3 -.5 54 .5 11 .6 9 .2 15 .5 18 .5 .2 25 .2 11 .7 6 .8 2 .5 4 .3 26 .2 5 .0 12 .1 - 2 .1 11 .4 .2 64 .1 7 .3 15 .6 22 .7 17 .8 .8 1.8 Total net borrowing by financial sectors 1 U.S. government-related Sponsored credit ag. sec. Mortgage pool securities Loans from U.S. government 2 3 4 5 Private financial sectors Corporate bonds Mortgages Bank loans n.e.c. Open-market paper Fed. Home Loan Bank loans 6 7 8 9 10 11 186..9 Total, by sector Sponsored credit agencies 21,.7 Mortgage pools 79,.9 12 13 14 Private financial sectors Commercial banks Domestic affiliates Savings and loan assns. Finance companies REITs 15 16 17 18 19 20 85 .3 - 4 .9 14 .5 22 .3 52 .8 .5 Total Net Credit Market Borrowing, All Sectors, by Type 434.1 434. ,1 122..9 30.,3 30..1 131..1 501.3 .3 501. 133.,0 23..4 32..6 109..2 493.5 493. .5 225..9 44..2 37..8 85..4 660. 660.2 .2 254..4 53..7 31..2 183..0 4 901. 901.4 273. 8 50..4 70..7 217..8 42.7 42. .7 K4 .1 1 54 37,.5 50,.0 4.5 4. 5 4R.s 48, .5 19,.3 47,.5 22.6 .6 22, 61.2 61. .2 51..3 68,.0 17.7 17, .7 49.3 49 .3 5 .7 27 .6 56 56.8 .8 29.3 .3 29. 26 .9 24 .8 .0 95. 95.0 74.2 74. .2 52,.0 67,.6 236,.2 31..9 16..5 24..9 61,.7 212.,0 94..9 16.,1 40..3 55..7 284.5 83.8 15.7 37.9 84.4 381.3 79.9 20.3 39.9 128.0 6 7 8 9 9,.9 41,.5 17,.8 32 .1 9..1 -13..0 -1..2 10,.1 24.2 8.8 8.2 21.6 38.1 29.3 15.0 30.7 10 —4,.6 2 .9 3.2 1.1 3,.8 .6 - 3 .8 * 7 .3 184 .7 8 2 .5 238.9 65.9 315.8 55.7 368 .1 49 .9 385 .1 36 .8 348 .7 83 .0 375 .8 87 .4 380 .2 154 .0 11 12 177 .1 16 .4 469.4 469. 4 90. 5 28. 4 33., 1 151.,2 490.7 490. .7 84..8 30..3 26..6 164..8 1 2 3 4 5 46.7 46. .7 n * 6 60..6 17..7 41..2 .8 Total net 1057. 1057.8 "^t borrowing ^ ^ U.S. government securities 324..2 Tax-exempt obligations 152..4 Corporate 8 foreign bonds 114,.4 Mortgages 235,.4 96 .6 96.6 .0 41, 41.0 52 .8 41 .0 Consumer credit Bank loans n.e.c. Open-market paper Other loans 14 .4 Memo: U.S. govt, cash balance 6 .3 - 7 .1 In U.S. govt, cash balances: changes : Totals net of 1 854 .9 Net borrowing by dom. nonfin 750 .0 555 .9 By U.S. government 209 .3 193 .7 192 .5 External Corporate Equity Funds Raised in U.S. Markets 1 2 3 4 5 5,.5 .7 4!.8 4,.1 .0 10,.8 .1 .9 9 .9 .8 11 ,1 - 2 .0 13,.1 10,.5 2,.2 6 .6 .0 5..6 2..7 2..5 6 .2 .2 .3 .4 1, lo! 1. HISTORICAL DATA ON NET FUNDS RAISED 1,.7 .1 1,.8 .1 2 .4 -3,.9 .4 - 4 .3 - 7 .8 2 .7 21,.2 4,.5 16..8 12 .9 1 .8 -3..3 6..0 -9..3 -11..5 1..9 33,.6 16 .8 16 .8 11 .4 4 .0 67,.0 32..1 34,.9 28,.3 2,.7 -31..1 38..0 -69..1 -77..0 6..7 - ,.5 .8 2 .1 .3 1 .5 3,.9 1..2 37.,5 Total net share issues Mutual funds 103..4 All other — 65..9 Nonfinancial corporations -81,.6 Financial corporations 11..7 Foreign shares purchased in U.S. 4,.0 1 3 6 7 11 12