Full text of Z.7 Flow of Funds Summary Statistics : December 2, 1988

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FEDERAL RESERVE statistical release
Z.7

(788)

iWmaBl':

For immediate release
December 2, 1988

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally adjusted annual
rate of 8.8 percent in the third quarter of 1988, up somewhat from the revised
second-quarter pace of 8.3 percent. This pickup was attributable to an acceleration
of federal debt z from 4.3 percent to 9.6 percent. Nonfederal debt growth declined
slightly from a revised rate of 9.5 percent in the second quarter to 8.5 percent in
the third.
Within the nonfederal sectors, total household debt decelerated a little.
Home mortgage borrowing remained firm, while consumer credit and other loans slowed
during the quarter. Nonfinancial business borrowing also slowed in both short- and
long-term markets due, in part, to a decrease in merger and buyout activity compared
with the exceptional second-quarter pace.
In contrast, funds raised by state and
local governments increased from the low levels seen earlier in the year.
Net borrowing by all domestic nonfinancial sectors in the third quarter was
$760 billion at a seasonally adjusted annual rate. The period-end level of
total outstanding debt was $8,817 billion (Table 1). Debt of nonfederal sectors
accounted for $6,754 billion of this total, and the federal component was $2,064
billion.

Growth Rates of Major Debt Aggregates—
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(1)
1985
1986
1987

-

Nonfederal
U.S.
govt.
(2)

Total
(3)

Households
(4)

Nonfin.
business
(5)

State &
local
govts.
(6)

14..2
12..2
8..9

16.2
13.4
7.9

13.6
11.8
9.3

13. 9
12. 4
10. 1

11.5
11.9
9.0

23.8
9.3
6.6

1987--II
III
IV

9..7
8..2
9..5

7.8
5.4
8.7

10.3
9.1
9.7

11. 5
10. 4
9. 6

9.9
8.3
10.5

5.9
6.5
6.3

1988--I
II
III

8..8
8..3
8..8

11.5
4.3
9.6

8.0
9.5
8.5

7. 8
10. 0
8. 5

8.9
9.9
8.8

4.0
5.6
7.3

Changes shown are on an end of period basis and thus may differ from
month-average data in the Board's H.6 release.




Growth Rates of Debt Aggregates: Supplemental Data
(Percent annual rates of change, seasonally adjusted)
Domestic
nonfinancial
sectors

Foreign

Total:
All
Sectors

Financial
sectors

Memo:
Private
^
financial assets —

14.2
12.2
8.9

0.5
4.1
1.8

19.7
24.6
20.1

14.5
13.8
10.5

12.2
8.0
6.6

1987--II
III
IV

9.7
8.2
9.5

*

5.2
5.8

19.4
17.8
13.9

11.1
9,8
10.2

7.8
6.8
10.3

1988--I
II
III

8.8
8.3
8.8

-.4
2.0
4.0

11.8
13.0
12.6

9.1
9.0
9.4

5.2
5.8
8.6

1985
1986
1987

—/ 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. Seasonally adjusted quarterly
levels in flow of funds statistics are derived by carrying forward year-end levels
by seasonally adjusted flows plus any statistical discontinuities in the data
series. 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 underly the
calculation of growth rates shown on page 1 of this release:
Growth Table (column)

Tables 1 and 2 (row)

Total domestic nonfinancial
U.S. government
Private domestic nonfinancial
Households
Nonfinancial business
State & local governments

3
4
5
6

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. holders 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.
Subscriptions to this summary release, or to the full statements for
sectors and transaction types in flows and amounts outstanding (the Z.l release),
may be obtained through Publication Services, Stop 138, Board of Governors of the
Federal Reserve System, Washington, DC 20551.




TABLE 1

27, DECEMBER 2, 1988
Credit Market Debt

Credit Market Debt

Summary of Credit Market Debt Outstanding
PERIOD-END LEVELS

PERIOD-END LEVELS
1985

1986

I

II

1987
III

IV

1988
II

I

Credit Market Debt Owed by Nonfinancial Sectors

1

4276. 3

4654. 6

5204.,3

5953..7

6797. 0

7917. 4

8074. 1

8301. 3

8444..3

8629. 8

Total credit market debt owed by
8817,.3 domestic nonfinan. 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

1600. 4
1597. 1
3..3

1875..3
1871..2
4..2

1897. 0
1893.
3. 9

1959. 2
1954. 1
5..2

2001..8
1996..7
5..0

2020..4
2013. 5
7..0

2063..8
2051.. 6
12..2

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5

3446..2

3663..2

4026..4

4577..0

5196..6

6042..1

6177.,1

6342..1

6442..6

6609, 4

6753..5

Private domestic
nonfinancial sectors

5

6
7
8

2320.,0
373..7
388..3

2460..2
417..9
407..0

2717..8
471..7
423..0

3040..0
522..1
469..2

3488..4
658 .4
542..9

4189..4
705..2
718,.5

4296.,9
715. 5
743.,7

4404. 5
723..7
764..1

4479..3
728,.0
789,.4

4596..7
735. 8
819. 1

4715,.0
749 .4
841,.7

1823,. 1 2048..8
1200..2 1336,.2
183,.6
158..8
416..5
350,,4
112,.4
113..7

2287,.1
1490..2
213..0
478..1
105..9

2765,.7
1800..7
259..9
613 .8
91,.3

2837. 7
1853. 8
264..9
629. 0
90.,0

2916..6
1908. 7
269..9
649..2
88..9

2961,.8
1939,.7
273..8
660..2
88,.2

3041..9
2000..4
278.
675..5
87..9

3123 .8
2056,.6
285,.6
692..5
89..2

Mortgages
Home mortgages
Multi-family resid.
Commercial
Farm

9
10
11
12
13

Other debt instruments
Bank loans n.e.c.
Consumer credit
Commercial paper
Other

14
15
16
17
18

Debt capital instruments
Tax-exempt obligations
Corporate bonds

6
7
8

9
10
11
12
13

1557 .9 1635..3
1033..4 1079..8
141 .
, 1 144,.8
299,.4
276..2
111,.3
107..2

14
15
16
17
18

1126 .3
414 .3
372 .3
42 .7
296 .9

1203,.0
464,
388,.7
37 .6
312 .7

1308,.6
490 .2
437 .7
36 .8
344 .0

1536,.9
552 .9
519,.3
58 .5
406 .2

1708 .2
592..6
601 .8
72 .2
441 .6

1852 .7
636 .3
658,.7
67 .9
489 .9

1880..2
637. 5
680..9
68..1
493..7

1937..6
656,.7
696..9
73,.8
510,.1

1963 .3
669 .4
692,.2
73,.5
528 .1

2012,.6
689..9
709..6
77..8
535..3

2038,.5
688,.7
727,.8
80 .3
541 .6

19
20
21

3446 .2
302 .1
1548 .8

3663 .2
323 .7
1625 .5

4026 .4
357 .7
1811 .6

4577 .0
385
2038 .2

5196 .6
476 .9
2314 .5

.6042 .1
535 .3
2691 .2

6177..1
546..2
2762 .8

6342 .1
554,.7
2836,.6

6442 .6
558 .3
2866 .2

6609,,4
565 .7
2945 .7

6753 .5
578 .5
3016 .4

By borrowing sectoi:
State 8 local governments
Households

19
20
21

22
23
24
25

1595 .3
177 .8
492 .2
925 .4

1714 .1
184 .5
564 .0
965 .6

1857 .1
188 .4
645 .8
1022 .9

2153 .7
187 .9
769 .0
1196 .8

2405 .2
173 .4
898 .3
1333 .5

2815 .7
150 .2
1084 .3
1581 .2

2868 .1
148,.5
1106,,7
1612,.9

2950 .9
144 .9
1141 .7
1664 .3

3018 .1
141 .5
1165 .2
1711 .5

3097 .9
144,.0
1186 .0
1767 .8

3158 .5
145 .0
1211 .9
1801 .6

Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

22
23
24
25

26
27
28
29
30

220 .1
54 .5
67 .8
10 .8
87 .0

209 .9
61 .1
33 .8
15 .1
100 .0

227 .3
64 .2
37 .4
21 .5
104 .1

235 .1
68 .0
30 .8
27 .7
108 .6

236 .7
71 .8
27 .9
33 .9
103 .0

236 .8
74 .6
25 .4
35 .6
101 .2

238 .9
75,.9
24,.2
40 .6
98 .2

244 .3
81 .6
23 .3
41 .2
98 .1

245
85 .4
22 .8
42 .5
94 .4

246,.3
85..2
22 .4
44 .0
94 .7

247 .8
86 .7
22 .0
46 .3
92 .8

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

4496 .4

4864 .6

5431 .6

6188 .8

7033 .7

8154 .2

8313 .1

8545 .6

8689 .4

8876 .1

9065.1
9065
.1 Total nonfinan.domestic 8 fgn. 31

Credit Market Debt Owed by Financial Sectors

1

664. 9

758. 4

857. 9

1006. 2

1206. 2

1710. 0

1783. 8

1862. 6

1903. 8

1972. 6

2035. 7

981. 6
283. 7
692. 9
5..0

1026. 5
303. 2
718..3
5..0

1054. 8
313.,5
736..3
5..0

1076. 9
317. 9
754..0
5. 0

1113. 7
328. 5
780..2
5..0

849..0
353 .2
3 .1
31 .7
331,.5
129, 5

895..7
370..0
3..1
34..3
353. 4
134.,8

922..0
386 8
3..1
33..9
356..8
141..6

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

632. 7
257.8
368. 9
6..1

937.,1
275. 8
656. 4
5.,0

6
7
8
9
10
11

340. 9
85..2
1..9
27..1
161..5
65..2

369..5
98..3
2..0
29..0
174..2
66,.0

401..2
115 .8
2 .1
28,.9
195 .5
59..0

475..0
148..9
2..5
29 .5
219..5
74 .6

573. 4
197..5
2..7
32..1
252..4
88..8

772. 9
304..6
2.,9
40..1
311..1
114..3

802..1
324..2
2,.9
42,.2
312..7
120,.1

12
13
14

664..9
195,.0
129 .0

758,.4
210,.4
178 .5

857 .9
211 .8
244 .9

1006,.2
242 .2
289 .0

1206,.2
263 .9
368 .9

1710 .0
280,.7
656,.4

1783 .8
288 .7
692 .9

1862 .6
308 .2
718 .3

1903 .8
318 .5
736 .3

1972..6
322 .9
754,.0

15
16
17
18
19
20
21

340 .9
60 .1
52 .0
73 .4
151 .7
3 .7

369 .5
71 .8
59 .0
75 .9
158 .5
3 .7
0 .6

401 .2
76 .8
71 .0
73 .9
171 .7
3 .5
4 .2

475 .0
84 .1
86 .6
93 .2
193 .2
4 .3
13 .5

573 .4
79 .2
101 .2
115 .5
246 .9
5 .6
25 .0

772 .9
80 .7
108 .7
157 .0
328 .8
6 .8
90 .9

802 .1
78 .6
109 .5
165 .4
339 .9
7 .3
101 .6

836 .1
82 .7
104 .2
181 .1
357 .0
8 .1
103 .1

849 .0
76 .4
104 .4
177 .4
368 .3
8 .7
113 .9

895 .7
77 .2
106 .5
187 .3
393 .8
9 .1
121 .7

836 . 1
335. 5
3..0
40..8
323..8
133 .1

Total credit market debt owed
by financial sectors

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

2035,.7 Total, by sector
Sponsored credit agencies
333,.5
Mortgage pools
780 .2

12
13
14

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Finance companies
REITs
CMO Trusts

15
16
17
18
19
20
21

922 .0
75 .4
105 .8
196 .0
406 .3
9 .6
127 .0

Total Credit Market Debt Outstanding, All Sectors, by Type
1

5161. 4

5623..0

6289. 5

7195..0

8239.8

9864. 2 10096. 9 10408. 1 10593. 3 10848. 6 11100.8 Total credit market debt
2873..7
715..5
1143..9
2840. 6

2980. 7
723. 7
1181..2
2919..7

3051.,6
728.,0
1228..1
2964..9

3092..3
735..8
1274..2
3045 .0

3172. 5
749..4
1315,.2
3127 .0

680,.9
703 .8
421 .4
717 .0

696 .9
720 .8
438 .8
746 .3

692 .2
723,.9
447 .5
757 .0

709 .6
746 .6
475 .3
769 .8

727 .8
744 .6
483 .4
780 .9

2
3
4
5

1149. 1
373. 7
528..0
1560..3

1375..0
417,.9
566 .4
1637 .7

1629.,4
471..7
603..0
1825..4

1902..8
522..1
686..0
2051..4

2227.0
658.4
812.1
2289.8

2807. 4
70S..2
1097..7
2768,.6

6
7
8
9

372..3
509..2
215..1
453 .7

388 .7
526 .8
226 .8
483 .6

437,.7
556 .5
253 .8
512 .1

519,.3
613 .2
305 .7
594 .4

601.8
652.6
358.5
639.5

658 .7
701 .7
414 .6
710 .4

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY




1

U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government

U.S. government securities
Tax-exempt obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans n.e.c.
Open-market paper
Other loans

27, DECEMBER 2, 1988
Funds Raised in Credit Markets

TABLE 2

Funds Raised in Credit Markets

Summary of Net Funds Raised in Credit and Equity Markets
QUARTERLY NET FLOWS, $ BILLIONS
III

1987

IV

I

(NSA)

I

QUARTERLY NET FLOWS, $ BILLIONS

1988
II

III

I
1

|
1

1987
III

I
1

IV

Net Credit Market Borrowing by Nonfinanclal Sectors

I

1988
II

III

fSAAR)
Total net borrowing by domestic
760 .4
nonfinanclal sectors

1

162 .4

219..3

146 .1

185 .5

187.5

652 .1

766 .8

731 .8

704 .0

2
3
4

21 .7
22 ,0
.2

62..2
61..0
1..2

42 .5
42 .6
.1

18 .7
16 .7
1 .9

43.4
38.2
5.2

101 .8
102 .7
- •.9

166 .7
161 .8
5 .0

226 .3
226 .8
- .5

87 .6
79 .8
7 .7

195 .5
174 .6
20 .9

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5

140..6

157..1

103 .6

166 .8

144.1

550 .3

600 .1

505 .6

616 .5

564 .9

Private domestic
nonfinanclal sectors

5

6
7
8
9
10
11
12
13

111..1
10..4
25,.2
75..5
56 .6
5 .1
15. 2
-1,.3

107. 8
8. 2
20. 4
79..2
55..0
5..0
20..2
-1..1

77 .9
4 .3
25 .3
48 .3
33 .2
4 .3
11 .6
.7

117 .5
7 .8
29 .6
80 .0
60 .7
4 .3
15 .3
.2

118.3
13.6
22.7
82.0
56.2
7.6
17.0
1.2

428 .1
32 .7
100 .7
294 .7
212 .1
23..1
64 .1
-4 .7

416 .1
33 .5
81 .6
301 .1
206 .9
15 .9
80 .2
-1 .9

363 .3
24 .8
101 .3
237 .1
177 .9
21 .4
43 .2
-5 .4

452 .2
32 .6
118 .4
301 .2
228 .0
14..0
60 8
-1 .6

457 .1
44 .4
90 .8
322 .0
210 .1
33 .5
72 .7
5 .7

Debt capital instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multi-family resid.
Commercial
Farm

6
7
8
9
10
11
12
13

14
15
16
17
18

29..6
22..2
3..3
0..2
3..8

49. 3
16.,1
19..8
-3..0
16. 4

25 .7
- 4 .7
12 .7
.3
18 .0

49 .4
17 .4
20 .5
4 .3
7 .2

25.8
18.3
-1.2
2.5
6.3

122..2
61. 4
21..0
1..0
38..7

184..0
49 .4
85 .3
3 .9
45 .5

142 .3
34 .8
40 .4
-3 .8
70 .9

164 .2
59..5
74..2
4..0
26. 6

107, 8
43,.3
2. 6
11..1
50..7

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

140. 6
10..9
77..2
52. 5
-1..6
22..5
31..7

103 .6
3 .6
31 .8
68..2
-3..4
23..5
48 .1

166 .8
7 .5
79..5
79 8
2 .6
20. 8
56. 4

144.1
12.8
70.4
60.9
1.0
25.9
34.0

550. 3
34. 8
281. 2
234. 2
-9. 4
105. 4
138. 3

600..1
34. 6
264..9
300..7
0.8
123. 8
176. 1

505 .6
22 .3
220 .0
263 .3
-12..5
91..0
184,.9

616..5
31..1
288..0
297. 3
-3. 6
87. 1
213. 9

564..9
41. 3
250..9
272. 7
1. 3
120. 3
151. 1

By borrowing sector:
State&local governments
Households
Nonfinanclal business
Farm
Nonfarm noncorporate
Corporate

19
20
21
22
23
24
25

26
27
28
29
30

2. 2
1.4
-1. 3
5..0
-2.,9

6
7
9
-1, 1
1

a. 9
3..8
5
1. 3
-3..7

1.2
2
4
1,.5
0..3

1.5
1.5
-.4
2.3
-1.9

12. 3
6. 7
-3. 7
21. 6
-12. 3

13. 9
21. 6
-6. 1
-2. 5
0.8

-1 .0
16,8
0..7
1..5
-19. 9

4 9
-2. 9
-3.5
6. 4
4. 9

9. 7 Fgn. net borrowing In U.S.
7.4
Bonds
Bank loans n.e.c.
0. 3
Commercial paper
10. 7
U.S. govt. 8 other loans
-8.8

26
27
28
29
30

31

164. 6

222. 9

147..0

186..6

189.0

664. 3

780. 7

730..9

709. 0

770. 1 Total domestic plus foreign

31

157.,1
8. 5
74..5
74. 2
-3, 6
34. 9
42 9 .
I,

1

Net Credit Market Borrowing by Financial Sectors
Total net borrowing
by financial sectors

1

77.,2

68..4

41..3

68.7

63,1

306..4

249 .2

218 .9

250 .1

249..1

2
3
4
5

48..0
8..0
40..1

44. 8
19..5
25.,4

28. 4
10..3
18..0

22.1
4.4
17.7

36.8
10.6
26.2

185..5
32..0
153..5

167,.5
71,.6
95 .9

137,.4
56 .8
80,.5

84..7
9 .4
75 .3

.140..2
42,.8
97. 4

~

-

-

-

6
7
8
9
10
11

29..2
19..7
0..1
2 .1
1..6
5..8

23.,6
11..2
0..1
r 1 .4
0 .7
13..0

12..9
17. 8
0..1
-9..1
7..7
-3 6

46.7
16.8

26.4
16.8

81,.6
74,.7
0 .2
-26 8
28..0
5 .4

108..9
65..9

-.5
3.4
6.7

81 .7
41,.8
0,.4
-10 .7
5 .4
44,.9

165 .4
67 .9

2.7
21.9
5.3

120. 8
77..7
0. 2
6..3
14..3
22..2

8 .7
78..7
10,.1

- 4 .9
21..3
26. 6

12
13
14

77..2
8..0
40..1

68..4
19 ,5
25 .4

41..3
10..3
18..0

, 68.7
' 4.4
17.7

63.1
10.6
26.2

306..4
32..0
153..5

249..2
71,.6
95 .9

218..9
56. 8
80..5

250,.1
9,.4
75 .3

249..1 Total* by sector
Sponsored credit agencies
42 8
Mortgage pools
97 .4

12
13
14

15
16
17
18
19
20
21

29..2
- 2 .1
0. 8
8. 4
11..1
0..4
10..7

23 6
4 .1
-5..3
15..7
6..8
0..8
1 .5

12..9
-6..2
0..2
-3..7
11. 3
0..6
10. 8

46.7
0.8
2.1
9.9
25.6
0.4
7.8

26.4
-1.8
-.7
10.6
12.5
0.5
5.3

120. 8
-13..1
11..3
41..9
36..3
1.,7
42..7

81,.7
15,.0
-22,.6
51..9
28..2
3..2
6 ,0

81..6
-22 ,4
-5..0
9..1
54 .5
2 4
43.,1

165,.4
6,.2
7,.6
18,.2
100..4
8
31..2

108..9
-12..9
5. 2
52. 9
40. 6
1. 9
21. 3

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Finance companies
REITs
CMO Trusts

15
16
17
18
19
20
21

949 .8
363.. 6
24,.8
192,.8
237,.4

959.1
172.3
32.6
183.5
301.2

34,.8
14,.2
25 .7
56..4

59.5
79.4
89.1
41.7

-

-

-

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

1
2
3
4
5
6
7
8
9
10
11

Total Net Credit Market Borrowing, All Sectors, by Type
1
2
3
4
5

241..8
69..8
10..4
46..2
75 .6

291..3
107..0
8..2
37..3
79.,3

188..3
70. 9
4 3
46..9
48. 4

255 .4
40..7
7 .8
46 .2
80 .0

252..1
80..1
13 .6
41..0
82.,0

970..7
287. 3
32. 7
185. 1
294. 9

1029,.9
334 .2
33..5
145,.0
301,.4

6
7
8
9

22..2
4..2
6..8
6..7

16..1
17 5
-3 3
29..2

-4..7
3 1
8. 8
10..7

17 .4
22 .7
27..8
12 .8

18..3
- 2 .0
8 .1
11..1

61. 4
23. 6
36. 9
48. 7

49,.4
68,.5
6,.7
91,.2

10

- 2 .7

-15..0

-1..1

16 .4

2..1

-19. 6

-54,.7

147..2
43..6

169 .1
2 .3

185,,4
41,.2

671. 7
121. 4

821 .5
221 .4

11
12

165 .1
24 .4

234 .3
77 .2

1019. 2 Total net borrowing
U.S. government securities
335..7
Tax-exempt obligations
44. 4
Corporate 8 foreign bonds
164..1
Mortgages
322..0

1
2
3
4
5

Consumer credit
Bank loans n.e.c.
Open-market paper
Other loans

6
7
8
9

43. 3
-2..0
43..1
68. 6

60..9
3.3
6..4 Memo: U.S. govt, cash balance 10
Totals net of changes in U.S. govt, cash balances:
670,.9
700.8
754 .0 Net borrowing by dom. nonfin. 11
By U.S. government
165,.4
84.3
189.,1
12

External Corporate Equity Funds Raised in U.S. Markets
1
2
3
4
5

-14 4
0 ..9
-15..3
-19..5
4 .6

6

-..4

-22.4
-2.9
-19.6
-22*
6t»4:

-17.3
1.6
-18.8
-23.8
4.3

-3.9

LATEST DATA PRELIMINARY




0.7

-31.8
1. 2
-32. 9
-35 .0
3..4.
-1..4

-20 .7
-1..5
-19,.1
-23 .0
3.,4

-47.1
13.8
-60.»
-78* 0
18*4

-83 .6
-9..1
-74..6
-88..0
25..5

0..5

-1.3

-12 .0

-73..7 -141..0
5..0
-8..1
-78..7 -132 .9
-95..0 -140..0
17..0
13.8
7

-6.,7

-70. 3 Total net share Issues
Mutual funds
6 0
All other
-76..3
Nonfinanclal corporations
-92..0
Financial corporations
13..6
Foreign shares
purchased in U.S.
2..1

1
2
3
4
5
6

TABLE 3

27, DECEMBER 2, 1988
Households

Sector Statements of Saving and Investment
SEASONALLY ADJUSTED ANNUAL RATES
1985

1986

SEASONALLY ADJUSTED ANNUAL RATES
1987

I
I

II

1987
III

IV

I
I

I

1988
II

Households. Personal Trusts, and Nonprofit Organizations
1
2

2838.6
410 .5

3108.8
440 .2

3325.4
486 .7

3531.1
511 .4

3780.0
570 .3

3736.1
582 .0

3801.0
576 .2

3906.8
590 .9

3951.4
575 .9

4022.4
601 .0

4092.3 Personal income
586 .3 - Personal taxes and nontaxes

2

3
4
5
6
7
8

2428 .1
2297 .5
130 .6
53 .5
4 .4
62 .7

2668 .6
2504 .5
164 .1
63 .9
6 .0
98 .8

2838 .7
2713 .3
125 .4
72 .3
4 .9
117 .6

3019 .7
2898 .0
121 .7
78 .7
17 .5
126 .0

3209 .7
3105 .5
104 .2
74 .9
22 .4
116 .5

3154 .1
3084 .7
69 .4
78 .0
11 .9
117 .3

3224 .8
3152 .3
72 .5
79 .2
13 .1
132 .6

3315 .9
3171 .9
144 .0
80 .9
53 .9
109 .0

3375 .5
3225 .7
149 .8
76 .1
0 .8
120 .5

3421 .4
3293 .6
127 .8
93 .2
6 .8
128 .3

3506 .0
3362 .4
143 .6
79 .2
6 .5
126 .0

3
4
5
6
7
8

9
10
11

251 .2
295 .3
546 .5

332 .8
309 .4
642 .2

320 .2
332 .3
652 .5

343 .8
361 .7
705 .5

318 .0
390 .1
708 - 1

276 .5
387 .5
664 .0

297 .4
394 .0
691 .4

387 .7
399 .2
786 .9

347 .2
404 .3
751 .5

356 .1
409 .5
765 .6

355 .2
414 .7
769 .9

12
13
14
15
16

604 .4
436 .5
133 .2
289 .1
14 .2

680 .8
506 .2
155 .4
335 .6
15 .2

654 .7
548 .9
161 .4
372 .2
15 .2

704 .7
608 .6
185 .9
406 .5
16 .1

743 .6
645 .6
205 .4
421 .9
18 .3

723 .3
636 .5
197 .7
420 .5
18 .3

707 .4
669 .3
209 .2
441 .4
18 .7

856 .6
648 .9
208 .3
422 .0
18 .7

825 .6
671 .6
215 .1
437 .8
18 .7

785 .4
685 .0
216 .2
449 .8
19 .0

836 .5 Gross investment
692 .1
Capital expend, net of sales
Residential construction
221 .3
451 .8
Consumer durable goods
19 .0
Nonprofit plant and equip.

17
18

167 .9
365 .8

174 .6
404 .5

105 .8
411 .2

96 .2
391 .7

98 .1
348 .4

86 .8
400 .6

38 ,1
343 .2

207 .7
392 .0

154 .0
388 .7

100 .5
393 .3

144 .4 Net financial investment
17
417 .8
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
Net saving
Capital consumption
Gross saving

9
10
11
12
13
14
15
16

19

267 .2

382 .0

314 .8

210 .6

259 .4

323 .1

289 .4

412 .3

216..2

324 .3

370 .1

20
21
22
23
24

180., 1
26 .1
210 . 1
-25,.0
-31..1

274 .0
21 .7
153 .2
54 .9
44..0

150,3
24 ,0
143 8
-2< .6
12 .1

207 .7
84,.9
120 .4
-31 .8
34,.2

127,.8
9,.7
71..7
17..5
28..9

131.0
< 57..2
66..2
4..1
3. 5

165,.0
46..9
75..0
7..1
36..1

260,.4
6,.3
117,.9
74.
62.,2

239..6
.4
188..9
0..3
50. 8

150..9
53..2
118..8
7..8
-28,.8

181,.3
0,8
94 .7
72..7
13..2

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
30

87..1
51 .3
37..6
-8..3
0..7
5.,7

108,.0
87.,2
25 .5
8
1.5
-5 4

164. 4
79..9
40..0
2. 4
3..1
39. 1

2, 9
-6,8
-16. 4
32. 6
5.
-11. 6

131. 7
87. 8
43. 0
5..1
-10. 4
6. 1

192. 1
155. 9
53. 1
-58. 6
-20. 4
62. 1

124. 4
81..1
44 3
28. 3
-4.2
-24. 9

151. 9
79. 9
49..2
41. 5
-9.8
-8.8

-23. 4
105.8
-2 4
-40, 6
-18. 9
-67. 3

173..4
32. 4
29..6
52 7
-18.8
77. 5

188 .8
139..7
38. 4
-25. 9
0. 6
35. 9

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

24.,0
-22. 9

24. 0
-75. 6

68. 5
-103. 4

147.8
-121. 6

79.8
-99. 6

82. 4
-168. 9

35. 7
-92.4

3. 9
-44. 4

-5.8
-34. 5

-1. 7
-126.8

-16. 9
— 66. 1

Mutual fund shares
Other corporate equities

31
32

33
34

8..0
151. 2

5. 2
152. 5

10. 7
174.8

17. 5
175. 1

26. 0
170. 4

26, 9
218, 7

32. 4
146. 5

19. 0
136. 5

25.8
222. 6

13. 1
215. 7

20. 2
171.8

Life insurance reserves
Pension fund reserves

33
34

35
36
37

-79. 6
2. 7
15. 3

-86.5
1. 0
2 0

-89. 2
13. 5
21. 5

-76. 2
9. 0
29. 6

-97.8
-6.8
17. 0

-96. 0
8
15.2

-91. 1
6.4
16.2

-125. 9
-29.2
19.8

-57. 7
-1.4
23.4

-72. 9
14.4
27. 1

-109. 3
11. 3
30. 7

Net lnv. in noncorp. bus.
Security credit
Miscellaneous assets

35
36
37

38
39
40
41
42

197. 9
186. 1
116. 4
44. 1
4. 9

229. 9
231. 5
134. 7
75. 0
6. 6

305. 4
283. 6
153. 3
77. 0
5. 5

295. 5
286. 1
210. 9
54. 9
5

250. 3
261. 5
220.8
42. $
-1. 6

313. 9
302. 7
241.4
57. 9
-5.5

305. 1
281. 2
211.5
63.5
-2c 1

184. 3
264. 9
205. 0
50.8
-1.5

234. 7
220. 0
178.5
43. 2
-8.4

292.8
288. 0
228. 3
68. 0
-8. 6

273. 4
250. 9
210. 7
46. 9
-3.5

43
44
45
46

11. 4
2. 5
3. 6
3. 3

10.2
2.5
4
2. 9

30. 2
2. 4
6. 9
8. 3

-2.2
2. 4
14. 0
6. 6

-1. 0
2. 3
-4. 3
2. 9

-1.0
2. 3
4
6.2

-1.2
2. 3
5. 0
2. 3

-1. 7
2. 3
6 8
3 1

0. 7
2. 3
4. 0
-•4

0. 1
2. 3
-2.2

3. 1
2. 3
-15.7
7.2

47
48
49

9. 4
1.8
0. 6

-2.4
1.8
1 0

19.4
2. 2
0. 1

8. 2
2. 5
-1. 3

-15.3
2. 9
1.2

7.0
2. 9
1.4

19.6
3. 0
1.2

-86.0
3. 0
2.4

9. 1
3. 1
2.5

-1.6
3.2
3.2

-57.9

-38.5

0.8

-35.5

"

-19.9

15. 6
3. 3
3. 7

Dep. 8 cr. mkt. instr. (1) 19

Net increase in liabilities
Credit market instruments
Home mortgages
Installment cons, credit
Other consumer credit
Tax-exempt debt
Other mortgages
Bank loans n.e.c.
Other loans
Security credit
Trade debt
Miscellaneous

-66.6 Discrepancy

38
39
40
41
42
63
44
45
46
47
48
49
50

(1) Excludes corporate equities.

51
52
53
54
55
56

133,.2
6 .1
127 .1
57 .0
116 .4
-40 .2

155. 4
6..2
149.,2
60,.0
134..7
-39. 2

161 .4
6 .1
155,.4
64 .4
153 .3
-56 ,2

185 .9
5 .3
180..6
67..1
210..9
-92..1

205 .4
5,.3
200 .1
70 .0
220..8
-85.,4

197..7
5..2
192..5
69 .6
241. 4
-113. 3

209,.2
5 .5
203 .7
70,.4
211..5
-72..6

208..3
5 .4
202 .9
71..1
205..0
-67 .8

215..1
4..8
210..2
71..9
178..5
-35..3

216. 2
5. 3
210. 9
72. 6
228..3
-84..7

Net physical investment:
(A) Residential construction
Expenditures
221..3
5..3
Mobile homes
216..0
Other
73..4
- Capital consumption
210..7
- Home mortgages
-62 .7
= Excess net investment

51
52
53
54
55
56

57
58
59

289.,1
226. 4
62..7

335..6
236..7
98..8

372.2
254.6
117.6

406,.5
280,.6
126 .0

421..9
305, 4
116,.5

420..5
303..2
117..3

441 .4
308 .8
132 .6

422..0
313 .0
109..0

437,.8
317,.3
120,.5

449 .8
321 .5
128 .3

CB) Consumer durables
451..8
Expenditures
325..8
- Capital consumption
= Net investment
126..0

57
58
59

60
61

49..0
13. 7

81..6
17,.2

82.5
35.1

54,.4
71 .5

40.,7
75 .8

52 .4
64..9

61 .4
71 .2

49 .4
59.,6

34,.8
85,.7

59 .5
68 .8

43 .3
82..7

- Consumer credit
* Excess net investment

60
61

62
63
64

14 .2
11 .9
2 .3

15 .2
12 .7
2 .5

15..2
13..3
1 .9

16..1
14 .1
2..0

18..3
14 .8
3 .5

18 .3
14 .7
3 .6

18 .7
14 .9
3..8

18,.7
15 .0
3,.6

18 .7
15 .2
3 .6

19.0
15.4
3.6

CC) Nonprofit plant and equip.
19.0
Expenditures
15.5
- Capital consumption
3.5
* Net investment

62
63
64

65
66

14 .5
5 .4

14 .2
6 .1

14,.6
4,.4

14..5
4..0

15 .1
3 .2

15 .6
2 .2

15,.2
2,.2

15 .1
4 .3

14,.6
4 .4

14.9
3.7

14.3 Effective tax rate
4.1 Saving rate, NIPA basis

67

22..0

23 .5

22,.4

22 .6

21..4

20 .5

20,.8

22,.8

21 .8

21.7

21.4 Gross saving

67

68
69
70
71

17,.6
14..7
8..0
7. 5

18 .5
14,.8
8 4
8 5

18..8
14..1
10..5
9.,7

19..5
12..6
9..5
9 .2

19,.5
10,.5
7..6
7,.9

19 .6
12 .3
9 .7
9 .3

20 .2
10,.3
9,.2
8, 5

18,.8
11 .4
5,.3
7,.7

19,.5
11..3
6 .8
6 .4

19.5
11.2
8.3
8.2

19.3
11.6
7.6
7.0

68
69
70
71

72

2486..0

2738..5

2915.,8

3115..8

3307 .0

Percent ratios:
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 mrrket borrowing

3243 .9 3317 .1 3450,
?<52,.4 3521.4 35%1,f ;•.) Disposable Income adj. =
72
(NIPA disposable incont* • govt, in* urance «.-edits • c o i t a l gains divid. )

TABLE 4

27, DECEMBER 2. 1988
Nonfinancial Corporate Business

NonfInancial Corporate Business
Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES
1983

1984

1985

1986

SEASONALLY ADJUSTED ANNUAL RATES
1987

I
I

II

1987
III

IV

I
I

I

1988
II

III

Nonfinancial Corporate Business, Excluding Farms
1
2
3
4

159, 5
59, 3
78..0
22. 2

196.,0
73. 3
81. 0
41. 8

170,.3
69, 6
84 .0
16, 7

172..6
76..5
89..9
6..3

210..2
98..6
95. 5
16,.0

208 .0
96 .9
94 .3
16 .7

224 .6
105 .0
97,.2
22 .5

211 .7
101 .4
98 .5
11 .8

228 .4
104 .1
100 .3
24 .2

240 .5
109 .0
101 .9
29 .6

240 .2
108 .7
104 .4
27 .0

Profits before tax (book)
- Profit tax accruals
- Domestic net dividends
= Domestic undist. profits

1
2
3
4

5
6
7
8

16..0
228. 2
11.8
278. 2

30. 9
238. 4
11.8
322. 9

55 .2
251,.0
12 ,2
335 ,0

48..3
262..6
15,,5
332,.6

43..7
274..7
12,,1
346,.5

43,.9
273,.0
13..9
347,.5

43..6
276 .5
13,.6
356 .2

43,.2
279,.8
8.,0
342,.8

39 .6
285 .3
26 .0
375 .1

37 .5
288 .5
16 .0
371 .6

34 .7
291 .8
16 .6
370 .1

•
•
•
=

Capital consumption adj.
Depreciation charges. NIPA
Earnings rec. from abroad
U.S. internal funds, book

5
6
7
8

9
10
11

18. 4
-10. 9
285. 7

19. 2
-5.8
336. 3

18. 9
.7
352, 3

16,.5
8..4
357. 5

24, 3
-18..0
352..8

20,.4
-20..0
347,.9

21..6
-19..5
358..3

33..5
-18..2
358..1

4,.2
-19 .4
359 .9

19 .4
-27 .4
363,.6

18 .6 • Fgn. earnings ret. abroad
-29 .0 • Inv. valuation adjustment
359 .7 = Total internal funds + IVA

9
10
11

12
13
14
15
16
17
18
19

251.,2
270..7
262.,4
261. 1

346. 4
370. 6
311. 1
309. 4

319..6
331..5
317..3
316..0

1. 2
0.,6
7. 8

1. 7
51. 7
7. 9

328, 4
342.,3
331, 6
330 6
.3
1,.3
6..4
4 4

1..3
7,.0
7..2

315..3
361,.0
323..2
321..6
0. 5
1 .1
34..8
2..9

309..9
345 . 6
315..8
313..8
1 .3
0 8
26,.9
2,8

328..2
350..9
337..2
335 .9
0 .4
0..8
10..7
3..0

310..0
406 .3
338,.2
336,.5
1..2
0..6
65..0
3..1

307 .7
385 .4
341..5
342 .5
.4
.6
41..2
2..6

316 .9
385,
357..8
358..4
.2
.3
21..5
5,.8

349 .8 Gross investment
394 .6 Capital expenditures (1)
363..9
Fixed investment
365 .0
Plant and equipment
Home construction
.4
.8
Multi-family residential
Inventory change • IVA
28 .0
Mineral rts. from U.S. govt.
2 .7

12
13
14
15
16
17
18
19

20
21

-19, 5
115,,1

-24. 2
132.,1

-13, 9
93,.0

-11..9
122..8

-45..7
75,.6

-35..7
90. 5

-22..7
95..4

96 .3
69..7

-77 .7
16..1

-68..3
54,.9

-44,.7 Net financial investment
20
Net acq. of financial assets 21
66 .8

22
23
24
25
26
27
28
29
30

40,.1
6 .7
14..6
- 7 .9
6 .2
3,.1
10,.0
0 .7
6 .7

41. 6
6. 7
13, 2
4, 9
0, 5
-5,.1
12, 2
.1
9:i'4

45 .1
13,8
13, 4
-3. 2
9 .5
-2,.1
6 4
0..8
6 5

87..7
19,.0
12..2
7,.3
12..2
5 .9
19..5
3,.1
8. 6

13. 2
-1..0
4 1
7
5 .8
-2. 8
3..6
2..6
1, 7

5..9
- 7 .4
-2..6
-1..1
6..7
-4..4
7..7
5..0
2 .1

19..6
-4..5
-2..2
-3. 4
28 .1
18,.1
-15..5
-2,.5
1,6

43..9
16.,6
6..7
1..2
-19. 3
13..9
17. 2
6,,3
1,.3

16..0
0..7
-2..5
8..2
18..4
-13..3
0..8
1,.9
1..7

-30..5
-14..1
4..6
-6..0
5..7
-4..3
-15..7
.9
0..2

55,.4
3,.3
7..1
.2
1..8
33..1
6..3
.6
4..6

Liquid assets
Checkable dep. and curr.
Time deposits
Money mkt. fund shares
Security RPs
Foreign deposits
U.S. govt, securities
Tax-exempt obligations
Commercial paper

22
23
24
25
26
27
28
29
30

31
32
33
34
35
36
37

3 .3
1 .2
37 .2
33 .2
9 .8
-3 .6
13 .5

2 .0
2, 8
48,.1
37,.5
13,.2
-4 6
17,.8

1..7
4. 5
26,.7
15..0
9. 6
-3..3
12.,9

0..1
1..5
3,.2
30,.3
13,.7
3..6
10,.1

2..6
-5..0
49..2
15,.6
26..3
6..2
20..0

10..7
-1..0
63. 3
11,.5
22,.0
3..1
18. 9

-2..0
-17..5
46..5
48.,8
22..9
2..3
20..7

7,.7
-1, 9
8..6
11..3
39..0
10..3
28 .7

-9,.2
3.8
17,.7
-12..1
13..4
4..7
8..7

9..9
0..3
25..5
49.,7
13..9
-9, 5
23 .3

-4,.7
10..9
10,.8
-5,.6
14,.5
.4
14,.9

Consumer credit
Mutual fund shares
Trade credit
Miscellaneous assets
Foreign dir.invest.(2.5)
Equity, etc.
Retained earnings

31
32
33
34
35
36
37

38
39
40

3 .5

5 .1

4 .2
0 .1
12..4

10..9
0..4
-21 .9

12..8

8. 2

4..0

0..2

-4,.2

19,.1

5..1
0..1
0..2

13..2

19 .9

-23 .7

13 .1

-35,8

-29..5

35 6

-15..9

41
42
43

134 .6
77 .9
23 .5

156,.3
95 .8
-74 .5

106..9
50..9
-81,.5

134,.8
93,.1
-80 .8

121 .3
59..8
-76 .5

126 2
76..4
-83 .0

118..2
60..3
-78..0

165..9
88,.1
-88..0

93..8
89..9
-95 .0

123 .2
73..9
-140..0

111..5
59..1
-92..0

44
45
46

54 .4
9 .4
16 .0

170 .3
20 .5
46 .1

132,.4
22 .6
73 .8

173 .8
-9 .9
121 .3

136 .3
.9
99 .9

159,.4
- 4 .8
88,.5

138..3
.2
100..7

176..1
0..5
81..6

184 .9
1 .7
101 .3

213..9
.3
118..4

151..1
.4
90,.8

47
48
49
50

3 .6

'"2,.7
-1 .8
4 .5

-9 .9
.3
- 4 .1
- 5 .5

4 .8

- 3 .2
6 .8

0 .5
4.3

6 .9
0 .4
0 .7
5 .7

11,.9
1 .0
0 .7
10 .2

5..6
0 .3
0..7
4 .6

7,.6
0..9
0,.9
5,.8

1..7
.3
1 .2
0,.9

18..3
.2
0..8
17 .6

3,.3
.3
1,.1
2

51
52
53
54
55
56

9 .2
2 .7
.8
7 .0
7 .7
- .5

45 .7
13 .0
21 .7
2 .8
16 .5
1 .2

21 .9
1 .5
14 .6
- 2 .1
12 .7
- 2 .6

43 ,5
11 .1
-9 .3
.2
11 .3
1 .5

• 4..6
1 .2
2 .3
5 .1
17 .0
0 .1

24 .5
12 .5
4 .7
8 .2
14 .9
-1 .0

10,.3
1 .9
1 .0
1 .3
17 .1
0 .7

63..0
-11 .2
3 .9
5 .5
22 .8
2 .4

33 .1
34 .1
-3 .8
-3,.7
24 .6
- 4 .3

57..8
0..3
4,.0
4 .4
11 .5
- •.5

57
58
59
60
61

8 .0
37 .3
11 .5
11 .9
- .3

1 .9
33 .0
25 .6
22 .5
3 .1

1 4
34 .0
20 .5
20 .4
0 .1

3 .2
3 .1
35 .4
35 .4

1 .4
18 .0
42 .2
39 .4
2 .7

8 .6
13 .0
28 .1
26 .6
1 .5

-11 .2
11 .7
57 .3
51 .5
5 .9

7 .0
15 .2
55 .6
50 .7
4 .9

0 .8
-25 .8
28 .9
19 .9
9 .0

-1 .5
- 2 .9
53 .6
51 .0
2 .6

62

34 .5

-10 .1

23 .9

37 .9

37 .5

38 .1

30 .1

48 .1

52 .2

46 .7

,- '

Insurance receivables
38
Equity in sponsored ags. 39
Other
40
Net increase in liabilities
Net funds raised in mkts.
Net new equity issues
Debt Instruments
Tax-exempt debt (3)
Corporate bonds (2)

47
48
49
50

14..3
16 .0
11 .1
-I .9
16 .7
1 .3

Bank loans n.e.c.
Loans from foreign
Commercial paper
Accept, liabs. to bks.
Nonbank finance loans
U.S. government loans

51
52
53
54
55
56

0 .8
3 .5
48 .1
43 .2
4 .9

Profit taxes payable
Trade debt
Fgn.dir.investmt.in U.S.(5
Equity, etc.
Retained earnings

57
58
59
60
61

9 .9 Discrepancy
Memorandum items:
7,,3 Trade credit net of trade debt
111..4 Profits tax payments
Debt subtotals:
93..6 Securities and mortgages
57..5 Loans and short-term paper
61..8 Total short-term llab. (4)
Percent ratios:
45.. 3 Effective tax rate
109..7 Capital outlays/internal funds
38..3 Cr. mkt. borrowing/cap. exp.

51 .8

15,.0
68..5

- 7 .3
72,.8

0,.1
75,.0

31. 2
97 3

50..3
78..5

34..9
116..8

-6 6
99 .9

43..5
96 .5

28..4
116..8

65
66
67

29 .1
25 .3
70,.5

69 .4
100. 9
135,.9

86,.5
46,.0
81,.4

116, 2
57, 6
63 .9

105..9
30..3
49..7

95 .6
63..8
85..5

106..1
32..2
32..7

89 .7
86. 4
108,.6

104..8
80 .1
55 .1

136,.4
77,.5
73..1

68
69
70

37 .2
94 .8
20 .1

37,.4
110,.2
45 .9

40 .9
97 .2
38 .7

44. 3
92..7
52..4

46..9
102..3
37 .8

46 .6
99 .3
46 .1

46,.7
97,.9
39,.4

47,.9
113..5
43 3

45 .6
107 .1
48 .0

45 3
105,.9
55,.5

71
72
73

0,.6
-10. 9
11,,5

51.,7
-5..8
57 .5

6,.4
-1,.7
8,.0

7..0
8. 4
-1 4

34..8
-18..0
52..9

26, 9
-20. 0
46, 9

10.,7
-19..5
30..2

65..0
-18 .2
83..2

41..2
-19..4
60..6

21 .5
-27 .4
48 .9

74
75

281..6
278..2

376 .4
322 .9

344..0
335 .0

323..1
332..6

379,.0
346,.5

365, 6
347..5

370 .4
356..2

424..5
342..8

76

3..4

53 .5

8 .9

-9 .5

32 .5

18..1

14,.2

81 .7

404,.8
412 .5
423.,6 Total cap. expend, before IVA
370 .1 Less: US internal funds, book
375,.1
371 .6
= Financing gap: Excess of capital expenditures
over U.S. internal funds
40 .9
53 .5
29 .6

(1) Capital outlays on book basis:
28..0 Inventory change, NIPA
-29..0 Less: Inv. val. adjustment
57,.0 = Inventory change before IVA

(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.
C O Loans and short-term paper, taxes payable and trade debt.
(5) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.




44
45
46

Mortgages
Home mortgages
Multi-family
Commercial

63
64

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY.

41
42
43

62
63
64
65
66
67
68
69
70
71
72
73
74
75
76

F u n d s ' ™

in S S l t

TABLE 5

Markets

Funds Raised in Credit Markets

Summary of Net Funds Raised in Credit and Equity Markets
ANNUAL FLOWS, $ BILLIONS

ANNUAL FLOWS, $ BILLIONS

1978

1979

1980

1981

1982

1983

1984

Net Credit Market Borrowing by Nonfinancial Sectors
1

240.5

315.8

370.9

383.5

343.1

370.8

388.7

546.8

750.8

846.3

830.6

Total net borrowing by domestic
680.6
nonfinancial sectors

1

2
3
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

186.6
186.7
-.1

198.8
199.0
-.2

223.6
223.7
-.1

215.0
214.7
0.4

143.8
142.3
1.5

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5

171. 5

259..0

317. 2

346..2

263. 9

283 .5

227. 4

360..2

552,,0

622, 7

615..6

536 .8

Private domestic
nonfinancial sectors

5

6
7
8
9
10
11
12
13

122..5
15 .7
22..8
84 .0
62..2
5 .0
11 .3
5 .5

171.,6
20,.3
22.,9
128..4
93..3
8..4
18,.2
8..5

201..3
28..4
21..1
151..8
110..2
10..9
21,.9
8 .8

212..5
30. 3
17. 3
164..9
116,.6
10..0
24. 4
14..0

190. 8
30..3
27..7
132..9
95. 3
7..6
19..2
10..7

155..3
23..4
22..8
109..2
72..4
4..8
22,.2
9,.7

151.,1
44..2
18..7
88..2
53..4
5..4
25..2
4..1

257..6
53 .7
16..0
187..9
120..4
14.
51..0
2..4

319, 3
50, 4
46..1
222..8
136..7
25..2
62..2
-1..2

452,.3
136..4
73..8
242..2
156..8
29..8
62..2
-6,.6

460..7
30..8
121..3
308..6
210..9
33,.5
73..6
-9,.5

446 .1
34 .5
99,.9
311,.6
221,.7
24,.3
72,.0
-6,.4

14
15
16
17
18

49 .0
22 .9
5 .0
1 .4
19 .6

87..4
36 .7
26 .3
1 .6
22 .7

115 .9
45 .1
40 .3
2 .7
27 .8

133..7
40,.5
48..5
9 .0
35,.6

73..1
2,.6
36..5
4,.0
30,.0

128,.1
16 .9
48 .1
14 .7
48,.5

76..4
16..4
50..4
-6..1
15,.8

102..6
49,.0
23 .2
.8
31 .3

232..7
81..6
67 .1
21,.7
62..2

170..3
82 .5
38..6
14,.6
34,.6

154..9
54,.4
69..3
-9,.3
40,.5

90 .7
40 .7
8 .8
2 .3
38 .9

19
20
21
22
23
24
25

171 .5
13 .2
86 .7
71 .6
10 .0
21 .4
40 .1

259 .0
10..5
136 .0
112 .5
13 .8
32 .1
66 .7

317 .2
16 .5
165 .6
135 .1
16 . 3
47 .9
71 .0

346 .2
17,. 6
171..5
157,.0
23 .5
65,.6
68 .0

263,.9
17 .2
117,.3
129 .4
15,.8
55 .8
57 .8

283 .5
6 .8
113 .9
162,8
16 .3
44 .4
102 .1

227..4
21..5
84,.0
121..9
6 .7
71 .8
43,.4

360,.2
34..0
186,.1
140,.1
3,.9
81,.9
54 .4

552..0
27,.4
231,.5
293.
.4
123,.2
170,.3

622 .7
91,.8
283 .6
247,.3
-14 .5
129,.3
132,.4

615..6
44..3
286,.1
285,.1
-16,.3
127,.6
173,.8

536 .8
34 .4
261 .5
240 .8
-11 .2
115 .8
136 .3

26
27
28
29
30

20 .5
8 .5
6 .8
0 .7
4 .5

13 .5
5 .1
3
0 .6
4 .8

24 .0
4 .0
18 .3
1 .0
0 .7

15 .0
3 .7
3
.7
6 .5

24 .2
.2
11 .8
2 .4
8 .8

23 .5
5 .5
3 .0
3 .9
11 .1

16,.0
6 .6
-5 .5
1,.9
13 .0

17,.3
3,.1
3 .6
6,.5
4 .1

8,.4
3 .8
-6,.6
6,.2
5,.0

1,.2
3,.8
-2,.8
6..2
-5,.9

9 .6
3 .0
-1,.0
11,.5
-3,.9

31

261 .0

329 .3

394 .9

398 .5

367 .2

394 .3

404 .7

564 .1

759,.2

847 .5

Debt capital instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multi-family resid.
Commercial
Farm

6
7
8
9
10
11
12
13

Other debt instruments
Consumer credit
Bank loans n.e.c.
Commercial paper
Other

14
15
16
17
18

By borrowing sector:
State&local governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

19
20
21
22
23
24
25

4.3
4
.3 Fgn. net borrowing in U.S.
Bonds
6 .8
Bank loans n.e.c.
- 3 .6
Commercial paper
2 .1
U.S. govt. 8 other loans
-1 .0

26
27
28
29
30

840 .2

685.0
685 .0 Total domestic plus foreign

31

Net Credit Market Borrowing by Financial Sectors
Total net borrowing
by financial sectors

1

21,.9

50,.8

73. 3

89..9

65,.4

101..9

90..7

99..2

148. 7

198. 3

297..2

303.•1

2
3
4
5

14..3
2,.5
12..2
.4

22,.0
7 .0
16,.1
-1 .1

37..1
23,.1
13..6
0..4

47..9
24..3
23 .1
0 .6

44 .8
24 .4
19 .2
1 .2

47..4
30 .5
15..0
1 .9

64,.9
14,.9
49..5
0..4

67. 8
1,.4
66..4

74. 9
30. 4
44. 4

101..5
20. 6
79. 9
1..1

178..1
15..2
163..3
- •.4

185..8
30..2
156,.4
- •.8

U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government

6
7
8
9
10
11

7,.7
6 .5
0,.4
- 3 .3
6 .0
- 2 .0

28 .8
12 .0

42,.0
5,.5

20 .6
1 .6

54 .5
4 .4

0..5
26,.8
9,.2

-1 .0
12 .9
7 .1

1 .2
32 .7
16 .2

25..9
13..1
0..1
1,.9
9,.9
0,.8

31..4
17,.3

.2
12 .8
4 .3

36..2
7,.8
0,.2
1 .8
13,.9
12 .5

.1
21 .3
-7,.0

73. 8
33..0
0..4
0..7
24 .1
15..7

96..7
47..9
0..1
2..6
32..0
14..2

119..1
70..9
0..1
4..0
24..2
19..8

117..2
67..1
0,.3
-3.. 3
28,.8
24..4

Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans

12
13
14

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,.7
15,.3
49..5

99,.2
1 .4
66..4

148..7
30,.4
44..4

198..3
21,.7
79 .9

297..2
14..9
163..3

303..1 Total, by sector
Sponsored credit agencies
29 .5
Mortgage pools
156,.4

15
16
17
18
19
20
21

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 .9
11 .7
6 .8
2 .5
4 .3

31 .4
5 .0
12 .1
- 2 .1
13 .0
.2
3 .6

73,.8
7 .3
15..6
22 .7
18 .2
0 .8
9 .3

96,.7
- 4 .9
14,.5
22 .3
52 .7
0 .5
11 .5

119..1
- 3 .6
4 .6
29,.8
48 .4
1 .0
39 .0

117 .2
7 .1
2 .9
36 .0
30 .6
1 .5
39 .1

0 .6

-

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Finance companies
REITs
CMO Trusts

Total Net Credit Market Borrowing, All Sectors, by Type
1
2
3
4
5

282.,9
83..8
15..7
37..9
84..3

6
7
8
9

22,.9
8,.5
8,.2
21,.7

380.. 1
79..9
20..3
39..9
128..3
36..7
29..1
15..0
30..8

468..2
90..5
28. 4
32 .9
151..9

488..4
84..8
30 .3
26..5
164..8

432..6
122..9
30..3
30..5
132..7

496..3
133..0
23 .4
32 .7
109,.1

495. 4
225.,9
44.,2
38,.4
88 .2

663..4
254. 4
53..7
36..4
187..8

907..9
273..8
50,.4
83..0
223,.1

1045..7
324..2
136..4
125,.4
242..2

1137.4
393.5
30.8
195.2
308.6

45..1
60..3
17,.7
41 .5

40..5
52..1
37 .5
51..9

2..6
47..2
19 .3
47,.1

16,.9
52,.3
51,.3
77,.7

16 .4
46..7
5..7
30,.0

49..0
26..7
26 .9
28..4

81..6
61..1
52 .0
82,.9

82 .5
38,.3
52 .8
44,.0

54.4
72.3
26.4
56.1

10

3,.2

1..1

3 .8

0,.6

-3..8

11
12

237 .4
65 .9

314,.7
55 .7

367 .2
49 .9

382 .9
36 .8

346 .9
83 .0

*

370 .8
87 .4

7,.3

-7..1

6 .3

381,.5
154,.0

553,.9
193 .7

744 .5
192 .5

988..0 Total net borrowing
U.S. government securities
330..4
Tax-exempt obligations
34..5
Corporate 8 foreign bonds
173 .8
Mortgages
311 .9

1
2
3
4
5

Consumer credit
Bank loans n.e.c.
Open-market paper
Other loans

6
7
8
9

40,.7
1,.9
33 .2
61,.6

- 7 .9 Memo: U.S. govt, cash balance 10
14,.4
In U.S. govt, cash balances:
Totals net of ichanges :
688,.5 Net borrowing by dom. nonfin. 11
830.6
831 .9
By U.S. government
12
151..7
209 .3
215.0

External Corporate Equity Funds Raised in U.S. Markets
1
2
3
4
5

11,.4
-2,.0
13 .4
10,.5
2..5

6..7
1..0
5..8
2,.7
2,.6

2 .0
.1
2 .1
.1
2 .5

- 3 .8
0 .4
- 4 .1
- 7 .8
2 .7

20,.3
2..9
17..4
12..9
2,.2

-4 8
3..7
- 8 .5
-11..5
2..7

21 ,2
8 .8
12..4
6..4
4 .7

58.,1
27,.2
30..8
23..5
3 .6

-36..0
29,.3
—65,.3
-74 .5
8 .2

20..1
84,.4
-64,.3
-81, 5
13,.5

93..9
161..8
-68 .0
-80..8
11..5

6

0,.4

0,.4

.4

1 .0

2 .4

0,.2

1 .4

3 .7

0 .9

3 .7

1 .3

HISTORICAL DATA ON NET FUNDS RAISED




13.3 Total net share Issues
Mutual funds
72.3
All other
-59.0
Nonfinancial corporations
-76.5
Financial corporations
19.9
Foreign shares
purchased in U.S.
-2.4

1
2
3
4
5
6