Full text of Z.7 Flow of Funds Summary Statistics : December 19, 1986

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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