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FEDERAL RESERVE statistical release
Z.7 (788)
iaflp
For immediate release
December 4, 1987
FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally adjusted
annual rate of 7.6 percent in the third quarter of 1987, down somewhat from the
revised second quarter rate of 9.7 percent. This was due largely to a decrease
in the growth of federal debt, from 7.5 percent to 3.6 percent. The growth of
nonfederal debt also slowed, from a revised rate of 10.4 in the second quarter to
8.8 percent in the third.
The third-quarter deceleration in federal debt resulted from the lowest
level of net Treasury issues since the early 1980's. The deceleration in
nonfederal sector debt in the third quarter was largely associated with a sizable
decrease in nonfinancial business borrowing, primarily in short-term markets,
after a relatively strong second quarter. Household net mortgage borrowing
slowed as interest rates edged up, while the growth in consumer credit remained
basically unchanged at 5.5 percent. State and local government debt growth
increased to 7.3 percent in the third quarter.
Net borrowing by all domestic nonfinancial sectors in the third quarter
was $606 billion at a seasonally adjusted annual rate, bringing total outstanding
debt to a level of $8,139 billion (Table 1). Debt of nonfederal sectors
accounted for $6,231 billion of this total, and the federal component was $1,908
billion.
Growth Rates of Major Debt Aggregates 1/
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(i)
*
V
f
•
:
1984
1985
1986
14.4
14.3
12.1
16.9
16.2
13.4
13.7
13.7
11.8
12.7
14.1
11.8
15.9
11.5
12.2
7.7
23.8
9.3
1986-11
III
IV
11.4
13.0
13.9
13.7
12.4
13.4
10.7
13.2
14.1
11.2
14.2
11.7
10.9
9.2
18.1
6.4
28.9
5.9
6.7
9.7
7.6
8.9
7.5
3.6
6.0
10.4
8.8
6.1
10.8
9.7
5.4
11.2
8.3
1987-1
II
HI
a
V
U.S.
govt.
(2)
— P r i v a t e domestic nonfinancial—
State &
HouseNonfin. * local
Total
holds
business
govts.
(4)
(3)
(5)
(6)
.
8.8
4.7
7.3
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
sectors
Foreign
1/
Financial
sectors
Total:
All
Sectors
Memo:
Private
financial assets 1/
1984
1985
1986
14.4
14.3
12.1
3.7
0.5
3.8
17.7
19.7
24.3
14.5
14.6
13.7
14.1
11.8
8.1
1986-11
III
IV
11.4
13.0
13.9
3.5
6.9
-9.6
21.9
22.6
27.3
12.7
14.3
15.4
6.3
7.3
11.5
1987-1
II
III
6.7
9.7
7.6
-4.3
-1.4
10.1
21.3
21.0
15.4
8.8
11.3
9.0
1.8
5.5
7.7
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
Total domestic nonfinancial
U.S. government
Private domestic nonfinancial
Households
Nonfinancial business
State & local governments
(column)
Tables 1 and 2 (row)
1
2
1
2
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
sectors and transaction
may be obtained through
Federal Reserve System,
to this summary release, or to the full statements for
types in flows and amounts outstanding (the Z.l release),
Publication Services, Stop 138, Board of Governors of the
Washington, D. C. 20551.
Z7» D E C E M B E R 4 , 1 9 8 7
Credit Market Debt
T a b l e
Credit
Summary
SEASONALLY
1981
ADJUSTED
YEAR
1982
1
of
Credit
Market
Debt
LEVELS
END
1983
SEASONALLY
LEVELS
1984
I
I
1985
Credit
Market
Debt
Owed
II
by
1986
III
IV
Nonfinancial
Market
Debt
Outstanding
I
I
I
1987
II
ADJUSTED
LEVELS
III
Sectors
1
4 2 9 7 ,.6
4 6 7 5 ,.1
5 2 2 8 .3
5 9 8 0 .8
6 8 3 2 .5
7 1 6 7 .2
7 3 9 7 .9
7 6 5 3 .0
7 7 9 4 .7
7 9 8 7 .0
T o t a l c r e d i t m a r k e t debt owed by
domestic nonfinan. sectors
8 1 3 9 .1
2
3
4
8 3 0 ..1
8 2 5 ,.6
4,.5
9 9 1 .4
9 8 7 .7
3 .7
1 1 7 7 .9
1 1 7 4 .4
3 .6
1 3 7 6 .8
1 3 7 3 .4
3 .4
1 6 0 0 .4
1 5 9 7 .1
3 .3
1 7 0 4 .0
1 7 0 0 .8
3 .2
1 7 5 6 .6
1 7 5 3 .0
3,.6
1 8 1 5 .4
1 8 1 1 .7
3 .6
1 8 5 6 .0
1852,.4
3,.6
1 8 9 0 .7
1 8 8 7 .6
3 .1
1 9 0 7 .7
1 9 0 4 .7
3 .0
U.S. government
Treasury issues
Agency issues & mortgages
2
3
4
5
3 4 6 7 ,.4
3 6 8 3 .7
4 0 5 0 ,.4
4 6 0 4 ,.0
5 2 3 2 .1
5 4 6 3 .2
5 6 4 1 .3
5 8 3 7 .6
5 9 3 8 ,.7
6 0 9 6 .3
6 2 3 1 .3
Private domestic
nonfinancial sectors
5
6
7
8
2 3 1 7 ..3
373,.7
3 8 8 ..3
2 4 5 3 .8
4 1 7 ,.9
4 0 7 ,.0
2 7 0 7 ,.3
4 7 1 ,.7
4 2 3 ,.0
3 0 2 3 ,.8
5 2 2 ,.1
4 6 9 ..2
3 4 6 7 .8
6 5 8 .4
5 4 2 ..9
3 6 4 8 .7
6 5 0 ,.6
6 1 0 ..5
3 7 9 3 ,.9
6 8 4 .9
639,.0
3 9 1 6 .0
6 8 9 .2
664,.2
4 0 4 0 ,.6
701,.0
7 0 0 ..9
4 1 5 8 .2
7 0 5 ..6
7 2 7 .9
4 2 7 1 .6
7 1 5 .1
7 6 1 .7
9
10
11
12
13
1 5 5 5 ..2
1 0 3 2 ..1
141..1
2 7 6 .2
105,.8
1 6 2 8 .9
1 0 7 4 .7
144,.8
2 9 9 ,.4
110,.0
1 8 1 2 .6
1 1 9 1 ,.4
159,.0
3 4 9 ,. 6
112,.6
2 0 3 2 ,.6
1 3 2 0 ..5
1 8 3 ..8
4 1 6 ,.7
111,.6
2 2 6 6 ..4
1 4 6 9 ,. 6
2 1 2 ,.5
4 7 8 .6
105,.7
2 3 8 7 .6
1 5 5 0 .6
2 2 8 ..1
5 0 8 ..3
100,.6
2 4 7 0 ,.0
1 6 1 1 ,.0
2 3 7 ,.1
5 2 2 ,.8
99,.1
2 5 6 2 .6
1 6 6 7 ,.5
2 4 5 ,.4
5 5 2 .9
96,.8
2 6 3 8 ,.7
1691.
2 5 7 ..3
5 9 7 ,.1
93..2
2 7 2 4 .7
1 7 5 2 ,.5
2 6 5 ,.5
6 1 5 ,.1
91,.6
2 7 9 4 .8
1 8 0 1 ..3
2 7 2 .9
6 2 9 .7
9 0 .9
Mortgages
Home mortgages
Multi-family resid.
Commercial
Farm
9
10
11
12
13
14
15
16
17
18
1 1 5 0 ..2
4 1 4 ..3
3 9 6 ..2
4 2 ,.7
2 9 6 ,.9
1 2 2 9 ,.9
4 6 4 ,.1
4 1 5 ,.5
37,.6
3 1 2 ,.7
1 3 4 3 ,.1
4 9 0 ,.2
4 7 2 ,.1
36..8
3 4 4 ,.0
1 5 8 0 ,.2
5 5 2 ,.9
5 6 2 ,.5
5 8 ,.5
4 0 6 ..2
1 7 6 4 .4
5 9 2 ,.6
6 5 7 ,.1
72,.2
4 4 2 ..4
1 8 1 4 ,.5
5 9 8 ,.6
6 9 2 ,.6
65..6
4 5 7 ..6
1 8 4 7 ,.4
6 0 2 .,0
7 1 4 ,.0
66..9
4 6 4 ..5
1 9 2 1 ,. 6
6 5 5 ,.8
723,.0
62,.9
4 8 0 ..0
1 8 9 8 ..2
6 2 4 ..6
7 2 4 ..5
62,.4
4 8 6 ..7
1 9 3 8 ,.1
6 4 3 ,.4
7 3 2 ,.7
65,.1
4 9 6 ,.9
1 9 5 9 .7
650,.0
742,.8
62,.1
5 0 4 ,.8
Other debt instruments
Bank loans n.e.c.
Consumer credit
Commercial paper
Other
14
15
16
17
18
19
20
21
3 4 6 7 ..4
3 0 2 ,.1
1 5 7 5 ,.4
3 6 8 3 ,.7
3 2 3 ..7
1 6 5 7 ..2
4 0 5 0 ..4
3 5 7 ..7
1 8 4 4 ,.6
4 6 0 4 ,.0
3 8 5 .,1
2 0 7 4 .,3
5 2 3 2 ..1
4 7 6 ..9
2 3 6 0 ..4
5 4 6 3 ..2
4 7 8 .0
2 4 7 4 ..9
5 6 4 1 ..3
5 1 2 ..6
2 5 6 1 ..0
5 8 3 7 .6
5 2 0 ..2
2 6 3 3 ..4
5 9 3 8 ..7
5 3 1 ..6
2 6 5 2 ..6
6 0 9 6 ..3
5 3 7 ..9
2 7 2 6 ..1
6 2 3 1 ,.3
5 4 7 ,.7
2 7 9 1 ,.8
22
23
24
25
1 5 8 9 ,.9
1 7 6 ..4
3 9 5 ..5
1 0 1 8 ..0
1 7 0 2 ,.8
183,.2
4 3 1 ,.9
1 0 8 7 ,.6
1 8 4 8 ..1
187,.3
5 0 9 ,.9
1 1 5 0 ,.9
2 1 4 4 .. 6
1 8 7 ..2
6 1 0 ..5
1 3 4 7 ..0
2 3 9 4 ,.8
173,.3
7 0 2 ..5
1 5 1 9 ,.1
2 5 1 0 ..3
1 6 4 ..3
7 4 9 ..9
1 5 9 6 ..1
2 5 6 7 .,6
1 6 0 .,9
7 7 4 ..4
1 6 3 2 ..3
2 6 8 4 ..0
1 5 7 ..6
8 1 7 ..4
1 7 0 9 ..0
2754. 5
1 5 1 ..4
8 7 2 ..2
1 7 3 0 ..9
2 8 3 2 ..3
1 4 8 ..3
9 0 3 ..9
1 7 8 0 ..0
26
27
28
29
30
2 2 0 ..7
5 4 ,.5
67..8
10..8
8 7 ,.5
2 1 0 ,.4
61,.1
33,.8
15,.1
100,.5
2 2 7 ,.7
64,.2
3 7 .4
2 1 ,.5
104,.6
2 3 5 ,.5
6 8 .0
30..8
2 7 ..7
1 0 9 ..0
2 3 6 ..7
71,.8
2 7 ,.9
33,.9
103,.0
2 3 9 .,4
7 4 ..9
2 8 ..7
3 5 ..5
1 0 0 ..4
2 4 3 ,.5
75. 5
26. 8
3 9 .,4
101. 8
2 3 7 .,7
7 4 ..3
2 6 ..9
3 7 ..4
9 9 ..0
2 3 5 ..1
7 5 ..0
2 6 ,.3
3 6 .,3
9 7 ..4
2 3 4 ..3
73, 8
2 5 ..3
3 4 ..8
1 0 0 ..4
31
4 5 1 8 ..2
4 8 8 5 ,.5
5 4 5 6 ,.0
6 2 1 6 ..2
7 0 6 9 ,.2
7 4 0 6 ..6
7 6 4 1 ..4
7 8 9 0 ..6
8 0 2 9 .,8
8 2 2 1 ..3
8 3 7 9 ,.3 T o t a l
1 5 9 1 ,.1
Credit
Market
Debt
Owed
by
Financial
Debt capital instruments
Tax-exempt obligations
Corporate bonds
By
19
20
21
2 8 9 1 ..8
147,.2
9 2 5 ,.9
1 8 1 8 ,.7
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
22
23
24
25
2 4 0 ,.2
75..2
2 5 ,.0
4 0 ,.1
99.,9
F o r e i g n 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
nonfinan.domestic
&
fgn.
31
2
3
4
5
Sectors
by
financial
sectors
1
6 6 4 .,9
7 5 8 ,,0
8 5 7 ,.5
1 0 0 9 ..0
1 2 0 9 .,7
1 3 3 8 ..8
1 4 1 4 ..6
1 5 1 0 ..6
1 6 7 4 .,6
1 7 3 9 ..2
3 2 4 ..0
1 9 0 ..4
1 2 9 ..0
4..6
3 8 8 .,9
2 0 5 ..4
1 7 8 ..5
5..0
4 5 6 ,.7
2 0 6 ,.8
2 4 4 ,.9
5 .0
5 3 1 ..2
2 3 7 ..2
2 8 9 ..0
5..0
6 3 2 ..7
2 5 7 .,8
3 6 8 .,9
6..1
7 0 0 ..8
2 6 2 ..2
4 3 2 ..2
6.,5
7 5 1 .,0
2 6 7 ..9
4 7 7 ..0
6..1
8 0 8 ..5
2 7 3 ..0
529. 8
5..7
8 5 0 ,• 2
2 7 2 ..1
5 7 3 ..1
5..0
8 9 7 ..6
2 7 7 ..0
6 1 5 ..6
5..0
9 3 2 ..5
2 8 5 ,.7
6 4 1 ..8
5,.0
U.S. government-related
S p o n s o r e d credit ag. sec.
Mortgage pool securities
Loans from U.S. government
6
7
8
9
10
11
3 4 0 ..9
8 5 ,.2
.9
2 7 ,. 1
161 ,.5
65,.2
3 6 9 ..1
9 7 ..9
2.,0
2 9 ,.0
1 7 4 ..2
6 6 ,.0
4 0 0 ,.8
115..5
2,. 1
2 8 .9
195,.5
59,.0
477. 8
1 5 1 ..7
2,.5
2 9 ..5
2 1 9 ,.5
74..6
5 7 6 .,9
200. 9
2..7
3 2 ..1
2 5 2 ..4
8 8 ..8
6 3 8 .0
2 3 7 ..0
3,.0
34,.1
2 6 7 ..9
96..0
6 6 3 ..7
2 5 0 ,.4
2,.8
35..5
2 7 6 ..5
98..5
7 0 2 ..1
2 7 0 ..0
2..7
36,.1
2 8 4 ..6
1 0 8 ..6
740,.9
2 9 6 .. 1
2,.8
34..1
2 9 6 ,.5
111..4
7 7 6 ..9
3 1 5 ..6
2..9
33..7
3 0 9 ..3
115. 5
8 0 6 ,.7
3 3 3 ,.2
2,.9
34..2
3 1 7 .. 1
119,-3
Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans
12
13
14
6 6 4 ,.9
195..0
1 2 9 ..0
7 5 8 ..0
2 1 0 ..4
1 7 8 ..5
8 5 7 .5
2 1 1 ,.8
2 4 4 .9
1 0 0 9 ,.0
2 4 2 ,.2
2 8 9 ,.0
1 2 0 9 ..7
2 6 3 .,9
3 6 8 ..9
1 3 3 8 ,.8
2 6 8 ,.7
4 3 2 ..2
1 4 1 4 ,.6
2 7 4 ,.0
4 7 7 ..0
1 5 1 0 ..6
2 7 8 ..7
5 2 9 ..8
1 5 9 1 ..1
2 7 7 ,.1
5 7 3 ,.1
1 6 7 4 ..6
2 8 2 ..0
6 1 5 ..6
15
16
17
18
19
20
21
3 4 0 ..9
60..1
5 2 ..0
73..4
1 5 5 ..6
.2
3 6 9 ..1
7 1 ..8
5 9 ..0
7 5 ..9
1 6 2 ..6
.4
.2
400
76
71
73
175
.8
.8
.0
.9
.8
.6
3 .9
4 7 7 ,.8
8 4 ..1
8 6 .6
9 3 .2
1 9 8 .0
.4
16 .3
5 7 6 ..9
7 9 ..2
101,.2
115,.5
2 5 3 ..1
.6
2 8 ,.5
6 3 8 .0
77..9
95..8
128,.1
2 9 2 ..4
.3
4 4 ..2
6 6 3 ,.7
78,.2
98..8
132,.6
3 0 4 ,.7
.7
5 0 ,.1
7 0 2 ,.1
75..6
1 0 1 .,3
145,.1
3 1 5 ..6
- 1 ..0
65,.6
7 4 0 ,.9
7 7 .2
107,.9
156,.2
318,.8
- 1 ,.1
8 2 .0
7 7 6 ..9
8 5 ,.5
1 1 0 ..1
1 5 9 ..6
3 3 0 ..9
- 1 .,0
91..8
1
5183. 2
8 2 7 8 ..8
Outstanding>
8 7 4 5 ..4
All
Sectors,
by
9 6 2 1 ..0
9 8 9 5 .9
2 7 0 1 ,.2
701,.0
1 0 7 2 ,.0
2 6 4 1 ..6
2 7 8 3 ,.4
7 0 5 .>6
1 1 1 7 ,.3
2 7 2 7 ,.6
2 8 3 5 ,.2
7 1 5 ..1
1 1 7 0 ..1
2 7 9 7 ..8
732,.7
702,.5
4 0 9 ..2
7 1 7 .7
7 4 2 ..8
7 0 9 ..3
4 1 9 ,.3
7 2 8 ,.9
2 3 9 8 .,3
6 5 0 ..6
9 2 2 .>4
2 3 9 0 ..6
2 5 0 1 ,.5
6 8 4 .9
964,.8
2 4 7 2 ,.9
3 9 6 ..2
5 0 9 ..2
2 1 5 ..1
454. 2
4 1 5 ,.5
5 2 6 ,.8
2 2 6 ,.8
4 8 4 ..1
4 7 2 ..1
5 5 6 ..5
2 5 3 ..8
5 1 2 ..5
5 6 2 ,.5
6 1 3 ,.2
3 0 5 ,.7
5 9 4 ,.8
6 5 7 ..1
6 5 2 .,6
3 5 8 ..5
6 4 0 ..4
6 9 2 ..6
6 6 1 ..4
3 6 9 .,0
6 6 0 ..4
714,.0
6 6 4 .3
3 8 2 .9
6 7 0 ..9
7 2 3 ..0
7 1 8 ..8
3 8 4 ,.9
6 9 3 ,.3
7 2 4 ,.5
685,.0
3 9 5 ,.2
700,.6
60.0
67.4
487.5
76.9
1720.9
79.6
533.9
81.7
575.8
136.7
2021.5
121.3
617.8
240.2
2584.3
130.4
624.8
339.0
3067.8
124.3
626.6
367.5
2835.7
131.2
625.4
413.5
2948.0
126.0
635.4
483.6
3520.5
BILLIONS OF
DOLLARS.
111.1
LATEST
DATA
PRELIMINARY
6
7
8
9
10
11
agencies
12
13
14
Private financial sectors
Commercial banks
Domestic affiliates
S a v i n g s and loan a s s n s .
Finance companies
REITs
CMO Trusts
15
16
17
18
19
20
21
1 0 1 1 8 ,.5 T o t a l
9 4 0 1 ..2
2 2 2 7 ..0
6 5 8 ..4
815. 6
2 2 6 9 ..2
2021.9
8 0 6 ,.7
8 6 ,.7
112,.3
167,.0
3 3 8 ,.7
.8
102,.8
9 0 5 6 ,.0
1 9 0 2 ,.8
5 2 2 ,.1
6 8 8 ,.8
2 0 3 5 ,.2
482.2
59.8
1504.9
1 7 3 9 ..2 T o t a l , b y s e c t o r
Sponsored credit
2 9 0 ..7
Mortgage pools
6 4 1 ..8
1
Type
1 6 2 9 ,.4
4 7 1 .,7
6 0 2 ,,7
1 8 1 4 ,.9
6
7
8
9
13
7 2 2 5 ..2
Debt
1 3 7 5 ,.0
4 1 7 ,.9
5 6 6 ,.0
1 6 3 1 .3
1 1 4 9 ..1
373. 7
5 2 8 ..0
1 5 5 7 .. 6
12
6 3 1 3 ..5
Market
2 6 1 8 ..1
6 8 9 ..2
1 0 0 8 ..5
2 5 6 5 ..4
2
3
4
5
10
11
5 6 4 3 ,.5
Credit
6
7
8
borrowing sector:
State & local governments
Households
2
3
4
5
Total
1
128.7
636.6
519.5
3623.0
Selected
133.1
646.2
524.9
4256.0
credit
market
debt
1
U.S. government securities
Tax-exempt obligations
C o r p o r a t e and foreign bonds
Mortgages
2
3
4
5
Consumer credit
Bank loans n.e.c.
Open-market paper
Other loans
6
7
8
9
c l a i m s not i n c l u d e d a b o v e :
Security credit
Trade credit
M u t u a l fund shares
Other corporate equities
10
11
12
13
Z7» D E C E M B E R
Funds Raised
4,
in
Table 2
1987
Credit
Funds
Markets
Summary
QUARTERLY
NET
FLOWS -
6
7
8
9
10
11
12
13
IV
5 7 .9
57..5
.4
6 9 .3
6 9 .3
2 7 .5
2 7 .5
*
*
23
24
25
in
Credit
and
Equity
Raised
III
Market
3 1 .4
31 .9
.5
1986
III
Borrowing
by
2 1 .8
2 2 .0
.1
Nonfinancial
IV
Sectors
1987
II
I
Credit
Markets
NET
FLOWS -
$BILLIONS
III
(SAART
793.1
932.5
1029.0
512.9
758.2
2 2 6 ,.0
2 2 6 .0
2 1 0 .4
2 0 8 .9
1 .5
2 3 5 .2
2 3 5 .0
.2
1 6 2 .3
162..4
.1
139,.1
141,.0
- 1 ,.9
*
in
Markets
Total
605.7
6 8 .0
6 8 .5
.5
net b o r r o w i n g by d o m e s t i c
nonfinancial sectors
U.S. government
Treasury issues
Agency issues &
mortgages
Private domestic
nonfinancial sectors
2 0 0 .7
7 0 .6
1 6 5 .1
1 4 0 .2
5 6 7 ,.1
7 2 2 .0
7 9 3 .8
3 5 0 .6
6 1 9 ,.1
5 3 7 .7
1 5 0 .6
3 5 .5
27,.1
8 7 .9
6 5 .4
8 .5
15 .7
- 1 ..6
1 1 9 .8
4 .4
2 1 .8
9 3 .7
5 8 .2
9,.2
2 8 .9
- 2 ,.7
100,.7
9 .4
39,.7
5 1 ..7
34..0
6..1
14,.4
- 2 ,.7
1 2 2 .7
5 .5
2 9 ,.5
8 7 .6
63..1
8..5
17,.4
- 1 ..4
114,.9
10,.9
32,.5
71,.5
51,.1
6 .1
15,.2
.9
4 0 7 ,.6
14..2
140..8
2 5 2 .6
1 8 4 .7
2 5 .7
53,.6
- 1 1 .3
5 8 7 .1
137,.1
113,.7
336,.2
2 4 6 ,.4
36,.8
59,.0
- 6 .0
4 8 5 .3
17 .3
1 0 0 .8
3 6 7 ..2
2 2 3 .6
3 2 .8
1 2 0 .2
- 9 .4
4 4 4 .1
4 6 .9
1 4 6 .9
2 5 0 .3
1 7 8 .7
2 8 .2
5 5 ..7
- 1 2 ..3
4 5 9 ,.3
18,.6
108,.0
3 3 2 ,.7
2 3 8 .1
31,.2
6 9 .8
- 6 ..4
442
37
135
269
188
28
56
-2
.5
.6
.1
.1
.7
8 0 ,.9
15,.6
5 7 ,2
- 9 ,.9
18 .0
- 3 0 ..1
- 1 4 ,.4
- 2 4 ..8
.7
8..4
4 2 ,.5
1 2 .6
14,.6
4,.3
11,.0
2 5 .3
15,.0
7..5
.2
2,.7
1 5 9 .5
79,.8
4 7 ,.2
- 1 0 ,.1
4 2 ,.7
135,.0
8 5 ,.2
14..8
5..2
2 9 ..8
3 0 8 .5
3 6 .0
2 2 6 .8
- 1 6 .3
61,.9
-93 . 6
6 .1
- 1 2 4 ..8
- 1 ,.8
2 6 ..9
1 5 9 ..8
32..8
75..6
10, 8
4 0 ,.8
94,.8
4 0 ,.4
3 4 .8
- 1 2 .0
31,.6
Other debt instruments
Consumer credit
Bank loans n.e.c.
C o m m e r c i a l paper
Other
185,.1
35,.8
91 .7
5 7 .6
- 2 ,,8
2 6 ,.1
34..3
2 0 0 ,.7
7..7
8 8 ..6
1 0 4 ..4
- 6 ..7
4 2 ..4
68,.7
70,.6
9..1
17,.3
4 4 .2
- 6 ,.4
16..9
33..7
1 6 5 ..1
7,.1
7 5 ..8
8 2 ..2
.5
3 2 ..8
4 8 ..9
1 4 0 ..2
11..2
69,,9
5 9 ..1
.7
2 2 ..3
3 7 ..5
5 6 7 ..1
30..1
2 7 0 ..4
2 6 6 ..6
- 1 9 ..0
8 9 ..6
1 9 6 ..1
7 2 2 ..0
138..3
3 5 2 ..6
2 3 1 ..2
- 1 3 ..4
99..9
144..6
7 9 3 ..8
30..4
2 9 8 ..8
4 6 4 ..6
- 1 3 ..3
171..1
306,.9
3 5 0 ,.6
4 5 ..7
1 6 1 ..2
1 4 3 ..7
- 2 3 ..0
78..9
8 7 ..8
6 1 9 ..1
2 5 ..0
2 8 6 ..7
3 0 7 ..5
- 1 2 ..0
122. 7
1 9 6 ,,8
5 3 7 ..7
39..2
2 6 4 ..3
2 3 4 ..3
- 4 .5
8 3 ..3
1 5 5 ..6
By borrowing sector:
State&local governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
2,.4
.6
-2, .3
3 .7
.4
- 4 ..9
- 1 .,1
.7
-2. .5
- 2 ..0
- 1 ..7
.1
.9
.1
.8
K
.5
.6
- 1 ..7
2..8
3..8
1.,5
.9
5 .0
- 1 ,.9
8 ..2
- 5 ..8
4..5
17..9
- 8 ..4
16..5
2..4
- 7 ..7
15..8
6..0
- 2 3 ,.5
- 4 ..6
.6
-8. .1
- 1 1 ,.4
- 1 0 ..1
2..7
- 2 ..3
- 4 ..3
- 6 ..2
-3. 4
-4.8
- 4 ,.1
- 6 ,,2
11..7
2 3 ..7
5..6
- 1 ..3
2 1 ..4
- 2 ..0
2 4 5 ,.4
2 6 5 ..1
96..4
1 9 6 ..5
1 6 5 ..9
8 0 1 ..3
9 4 9 ..0
1 0 0 5 ..5
5 0 2 ..7
754. 9
4 Total
6 2 99...4
34
25
2
4
2
18
22
Raised
1 8 5 .1
17
21
Credit
270.0
16
19
Net
243.0
14
15
20
Funds
QUARTERLY
1987
II
(NSA)
Net
$BILLIONS
1986
III
of
26
27
28
29
30
Net
Credit
Market
Borrowing
by
Financial
.9
.9
.2
.9
.2
.2
.5
.9
Debt capital instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multi-family resid.
Commercial
Farm
g n . n e t b o r r o w i n g in U . S .
Bonds
Bank loans n.e.c.
Commercial paper
U.S. govt. & other loans
domestic
plus
102,.2
65..3
8 8 .5
69,.5
2 7 8 ,.1
3 0 3 ..1
3 8 6 ,.0
322,.2
3 3 3 .8
2 5 8 .,3
2
3
4
5
52,.3
5,.9
46,.8
.4
5 9 ..9
5 .8
5 4 ,>4
.3
36..6
- 4 ..6
4 1 ..9
.7
4 8 ,.0
7,.4
4 0 ,.6
37,.6
8..7
2 8 ..9
156..6
9..5
1 4 6 ..0
1..2
2 0 0 ,.6
2 3 .0
179,.3
- 1 ,.7
2 3 2 ..3
2 0 ..4
2 1 3 ,.3
- 1 ,.3
1 6 7 .0
- 3 ,.6
1 7 3 .4
- 2 ..9
1 8 9 .6
19,.8
1 7 0 .0
- •.1
1 3 9 ..3
3 4 ..6
1 0 4 .,7
6
7
8
9
10
11
2 7 ..0
15..7
.1
.5
6,.7
4..2
4 2 ..3
2 1 ..4
.1
3!,0
8 ..5
9..6
2 8 ..7
2 4 .,5
,1
- 4 ..6
10..6
- 1 ..9
4 0 ,.5
16..5
31..9
2 0 ,,3
.5
is!.9
7,.6
.4
6,.1
5,.8
1 2 1 ..5
6 6 .2
1.3
4 .3
32,.0
17..7
102,.5
53,.5
.5
5 .5
34,.3
9..7
153..7
78..5
.4
2..5
32..5
4 0 ..7
155..2
104..3
.3
- 8 .0
47,.5
11,.2
144,.2
7 8 .1
.2
- L .5
5 1 .3
16,.1
1 1 9 .,1
70. 6
.2
2,.0
3 1 ..0
15..3
12
13
14
79,.3
5 .5
46,.8
1 0 2 .-2
5..5
5 4 ..4
65.,3
- 5 .,4
4 1 ..9
88-.5
7..4
4 0 ..6
69,.5
8,.7
2 8 ,.9
2 7 8 ,.1
10..6
146,.0
303,.1
21,.3
179,.3
3 8 6 ,.0
19..0
2 1 3 ..3
3 2 2 ..2
— 6,.5
1 7 3 .4
3 3 3 .8
19 .6
170,.0
2 5 8 ,.3 T o t a l , b y s e c t o r
Sponsored credit
3 4 ..6
Mortgage pools
1 0 4 ..7
15
16
17
18
19
20
21
27,.0
2..5
.6
5 .8
12,.4
.3
6..0
4 2 ..3
- 2 ..7
3..2
13..0
13..8
.3
is!.4
2 8 ..7
.6
8
2..1
1..9
,1
16..4
4 0 ,.5
7,>4
2..8
10..5
10..0
.1
9 .9
31,.9
4 .0
.4
8 .6
8 .5
.2
11,.0
1 2 1 ..5
1,.2
12,.6
2 4 ,.8
5 3 ,.5
.5
2 9 ..9
102,.5
1,.1
11,.8
18,.1
49,,0
- 1 ,,3
23,.9
153..7
- 1 0 ..3
10..1
4 9 .9
4 3 ..7
- 1 ,.3
61,.7
155..2
6 .5
2 6 ..4
44,.5
12,.7
.4
65,.6
1 4 4 .2
33,.3
8 .8
13 .8
4 8 .6
.3
3 9 .5
1 1 9 ..1
4 ,8
9..1
2 9 ..4
3 1 ..3
.6
4 3 !.9
Total
Net
Credit
Market
Borrowing,
All
Sectors,
by
3 2 4 ,.6
110..6
35,.5
4 3 ..4
8 7 ,.8
3 6 7 ..3
1 2 9 ..5
4..4
4 2 ..0
93..6
1 6 1 ..6
64..8
9..4
6 4 ..3
5 1 ..7
2 8 5 ..1
7 9 ..4
5..5
45. 5
8 7 ..7
2 3 5 ..4
5 9 ..5
10..9
5 4 ..4
71..6
1 0 7 9 ..4
3 8 1 ..4
14,.2
2 0 1 ..2
2 5 3 ..9
1 2 5 2 ,.1
4 1 2 ,.8
137,.1
169,.6
335,.6
1 3 9 1 ,.5
4 6 8 .8
17,.3
1 7 4 .7
366,.8
8 2 4 ..9
3 3 2 ..2
4 6 ..9
2 5 3 ..9
2 5 0 ..6
6
7
8
9
2 5 ..6
.3
1 4 .5
6 .8
15..6
60..9
- 4 ..0
2 5 ..3
- 1 4 ..4
- 3 0 ..3
11..2
4..9
12..6
14..6
18. 5
2 1 ..3
15..0
6..2
11..3
6..6
79..8
5 5 ,.9
39,.8
5 3 ..2
8 5 ,.2
12,.6
55,.3
43,.7
36,.0
2 2 9 ,.9
8,.1
8 9 ..9
6..1
- 1 3 5 ..1
4 1 ..3
2 9 ..0
10
7 .1
,7
- 2 2 ..9
3 2 ..7
- 1 ..1
7..2
2 3 ,.7
1..0
11
12
2 3 5 ..9
50,.8
2 7 0 ..8
70,.1
1 2 0 ..9
5 0 ,.4
1 6 3 .8
- 1 ..3
1 6 3 ..1
2 2 ..9
7 8 5 ..9
2 1 8 ..8
9 0 8 ,.8
186..8
1 0 2 8 ..0
2 3 4 ..1
1
2
3
4
5
18..7
37,.4
- 1 8 ,.7
- 2 0 ..1
2..6
6
- 1 ,.2
LATEST
DATA
Corporate
Equity
Funds
Raised
in
U.S.
1088.
328.
18.
181.
332.
7
9
6
3
9
32. 8
70. 0
55. 9
68. 4
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
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
agencies
12
13
14
Private financial sectors
Commercial banks
Domestic affiliates
S a v i n g s and loan assns.
Finance companies
REITs
CMO Trusts
15
16
17
18
19
20
21
887.
207.
37.
211.
270.
7 Total net borrowing
U.S. government securities
2
Tax-exempt obligations
9
Corporate 8 foreign bonds
4
Mortgages
0
40. 4
35. 4
40. 3
45. 0
Consumer credit
Bank loans n.e.c.
Open-market paper
Other loans
1
2
3
4
5
6
7
8
9
10
11
12
Markets
4 1 ,.1
5 2 ..3
- 1 1 ,.2
- 1 4 ..3
1,.8
4..2
2 3 ..1
- 1 8 ..9
- 2 0 ..8
1..4
- 5 ..6
12.,9
- 1 8 ..5
- 1 9 ..5
1..1
9 3 ..3
1 5 6 .,9
- 6 3 ..6
- 7 8 ..5
7..3
8 2 ..0
1 5 6 ..6
- 7 4 ..6
- 8 0 ..5
10,.6
8 2 .,7
1 8 5 ..6
- 1 0 2 ..9
- 1 0 5 ..0
7.,7
145. 6
1 9 3 .,1
-47. 6
- 5 7 ..0
7..2
2 4 ,.9
1 0 0 ..8
- 7 5 .9
- 8 3 .0
5 .6
- 2 ,.0
1,.2
.5
,1
7..5
- 4 ,.7
- 5 ,.6
2..2
1 .5
-
U.S. government-related
S p o n s o r e d credit ag. sec.
Mortgage pool securities
Loans from U.S. government
- 3 4 ..3
76. 0
- 1 . 6 Memo: U.S. govt, cash balance
T o t a l s n e t o f c h a n g e s iIn U . S . g o v t , c a s h b a l a n c e s :
Net borrowing by dom. n o n f i n .
5 4 7 ..1
682. 3
607. 3
69. 6
By U.S. government
63. 1
1 9 6 ..6
2 0 ..1
4 6 ..4
- 2 6 ..3
- 2 6 ..3
1..9
PRELIMINARY
11
12
Type
1
2
3
4
5
External
9
10
foreign
T o t a l net borrowing
by f i n a n c i a l sectors
79,.3
?!
7
Sectors
1
*
6
8
- 1 4 ,.6 T o t a l n e t s h a r e i s s u e s
5 9 .2
Mutual funds
- 7 3 .8
All other
Nonfinancial corporations
- 7 8 .0
Financial corporations
4 .4
Foreign shares
p u r c h a s e d In U . S .
-•.2
1
2
3
4
5
6
27, DECEMBER
Households
4,
Table 3
1987
Households
Sector
SEASONALLY
ADJUSTED
ANNUAL
Statements
of
Saving
and
Investment
RATES
1985
SEASONALLY
1986
Households,
Personal
1936
III
II
Trusts,
and
I
IV
Nonprofit
ADJUSTED
ANNUAL
RATES
1987
II
Organizations
1
2
2670.8
409.3
2838.6
410.5
3108.8
440.2
3327.1
485.9
3534.3
512.3
3526.6
504.2
3553.6
515.3
3593.6
532.0
3662.0
536.1
3708.6
577.9
3756.7 Personal income
565.6 - Personal taxes
3
4
5
6
7
8
2261.4
2107.5
154.0
43.9
2.4
37.2
2428.1
2297.5
130.6
53.5
4.4
62.7
2668.6
2504.5
164.1
63.9
6.0
98.8
2841.2
2714.1
127.1
72.3
4.9
114.1
3022.1
2891.5
130.6
78.7
17.5
127.4
3022.4
2856.4
73.5
12.3
114.8
3038.3
2929.4
108.9
67.6
13.2
150.3
3061.6
2952.6
109.0
96.7
38.5
135.7
3125.9
2987.6
138.3
85.5
105.8
3130.7
3037.5
93.2
72.2
14.6
113.1
3191.1 =
3102.0 —
89.1 *
77.7 +
11.8 •
132.4 +
9
10
11
237.4
280.9
518.4
251.2
295.3
546.5
332.8
309.4
642.2
318.4
332.3
650.7
354.1
356.2
710.3
366.6
352.3
718.9
340.1
358.8
698.9
379.8
366.6
746.4
335.7
373.7
709.4
293.1
380.2
673.3
311.0
387.7
698.6
= Net saving
+ Capital consumption
= Gross saving
9
10
11
12
13
14
15
16
599.2
355.0
89.9
252.7
12.4
606.4
427.8
124.9
289.1
13.9
729.7
505.3
154.6
535,6
15.2
697.7
544.1
159.7
368.7
15.7
748.1
600.9
182.0
402.4
16.5
715.5
580.2
177.3
386.4
16.5
702.3
624.9
16.6
806.7
630.7
194.2
419.8
16.7
794.5
615.9
203.0
396.1
16.8
622.9
623.3
197.5
409.0
16.8
777.6
662.2
210.4
434.8
16.9
Gross investment
C a p i t a l e x p e n d , n e t of s a l e s
Residential construction
Consumer durable goods
N o n p r o f i t p l a n t and e q u i p .
12
13
14
15
16
17
18
244.2
341.2
178.6
377.5
224.4
456.7
153.5
466.0
147.2
436.3
135.3
4 0 9 .1
77.5
4 3 5 .5
176.1
4 9 1 .9
178.7
3 3 2 .5
-.5
3 0 2 .2
115.4
3 9 8 .1
Net financial
N e t a c q . of
17
18
19
242.1
291.6
417.4
343.1
261.6
2 1 2 .0
1 7 5 .3
6 3 4 .. 3
4 8 .4
2 6 3 .0
3 2 3 .0
20
21
22
23
24
168.5
17.6
13,,6
-16.5
32.8
202.5
36.6
210.4
-13.5
-31.1
282.2
16.5
152.7
68.9
44.0
181.0
39.0
144.5
-14.6
12.1
246.5
98.1
120.7
-14.9
42.6
227
85
143
-53
53
.0
.9
.2
.1
.0
278
85
135
-b
62
.5
.5
.7
.5
.8
249
157
113
-36
14
.7
.8
.9
.5
.5
-71
-52
17
-27
-9
.3
.2
.3
.0
.3
1 3 7 .1
6 9 .5
6 7 .8
- 1 .4
1 .2
229
104
79
22
22
.7
.8
.8
.7
.4
Deposits
20
C h e c k a b l e d e p . 8 c u r r . 21
Small time 8 svgs.dep. 22
23
Large time deposits
M o n e y m k t . fund shares 24
25
26
27
28
29
30
73.6
51.7
24.7
10.8
-13.6
89.2
59.4
39.1
-11.6
.9
1.4
135.3
94.8
29.5
5.2
5.8
-.1
162.2
59.3
47.9
11.8
3.3
39.9
15.1
-2.1
-8.2
34.7
1.1
-10.4
-14
-IS
-54
80
-8
-12
,9
.7
.9
.3
.4
.2
-103
-111
36
-8
.2
.8
.8
.6
.1
- 1 9 .5
154
38
68
10
11
26
.6
.4
.5
.0
.7
.1
119
61
10
40
1
4
.7
.4
.8
.6
.9
.9
93
-43
57
52
8
17
.3
.0
.3
.7
.4
.9
Credit mkt. instruments
U.S. govt, securities
Tax-exempt obligations
Corporate 8 fgn. bonds
Mortgages
Open-market paper
31
32
7.0
-12.1
24.0
-19.9
24.0
-80.0
69.8
-102.2
154.1
-132.3
1 4 7 .2
- 1 1 2 .2
1 4 4 .1
- 1 1 8 ..6
1 7 4 .8
- 1 6 9 ..9
1 6 9 .1
- 1 3 1 .8
9 0 .2
- 1 8 3 .6
5 4 .9
- 1 4 7 .0
33
34
7.2
131.8
8.0
145.6
5.2
147.2
10.7
183.4
17.5
183.8
16 .7
1 5 9 ..2
18..3
2 6 1 ..3
19..2
1 6 0 .,5
1 7 .9
2 8 5 ..6
11..8
2 0 6 ..1
35
36
37
-45.3
3.7
6.8
-89.5
2.4
15.3
-72.8
-. 6
16.3
-65.8
12.5
14.5
-85.1
8.7
28.1
- 3 6 ,,4
- 2 .4
24. 9
-63. 6
-12. 7
31. 4
-155. 5
30. 8
27. 8
-68. 7
- 1 0 .,1
21. 9
-100. 8
- 2 ..6
18. 1
38
39
40
41
42
96.9
90.0
49.5
16.1
3.2
198.9
188.2
110.8
47.6
9.0
232.3
234.6
129.0
73.5
16.9
312.4
293.4
151.0
77.7
16.8
289.1
279,3
195.6
55.3
10.5
273. 8
270. 4
179. 8
63. 2
16. 6
358. 0
352. 6
241. 3
77. 5
7. 7
315. 8
298. 8
222. 4
29. 1
6. 9
153. 8
161. 2
176. 8
5. 6
5
43
44
45
46
8.5
2.6
2.6
7.4
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
11.1
6.6
4
2. 4
8. 9
3. 6
2. 3
13. 9
6. 2
-2.5
2. 3
35. 6
5. 0
2. 3
-27. 1
3. 1
-1.2
2. 3
13. 2
4. 2
7
2! 3
32. 6
3. 1
47
48
49
3.8
2.4
.8
8.4
1.8
.6
-3.1
1.8
-1.0
16.7
2.2
.1
8.6
2.5
-1.3
2.
2. 5
-1. 7
4. 5
2. 6
-1.7
15. 3
2. 7
-1. 0
-9.8
2.8
3
12. 1
2. 9
1. 0
14. 5
3. 0
9
50
-eo.9
-59.9
-87.5
-47.0
-37.8
3. 4
-3.4
—60. 3
-85. 1
50. 4
-78.9
166.0
180.6
427.6
6.1
*
125
72
25
7
-20
42
.9
.2
.0
.3
.8
.3
302. 6
286. 7
235. 4
3 4 .. 3.
-1.5
and
l
2
nontaxes
Disposable personal income
Personal outlays
Personal saving, NIPA basis
Credits from govt, insurance
Capital gains dividends
Net d u r a b l e s in c o n s u m p t i o n
Dep.
8
cr.
investment
financial assets
mkt.
instr.
(1)
3
4
5
6
7
8
19
25
26
27
28
29
30
Mutual fund shares
Other corporate equities
31
32
1 2 .3
2 3 1 .2
Life insurance reserves
Pension fund reserves
33
34
- 8 7 .,4
- 1 .,8
12. 8
Net i n v . in n o n c o r p .
Security credit
Miscellaneous assets
35
36
37
282. 7
264. 3
186. 6
55. 7
-15. 2
bus.
N e t i n c r e a s e in l i a b i l i t i e s
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
CI) Excludes
corporate
38
39
40
41
42
43
44
45
46
47
48
49
equities.
Memoranda:
51
52
53
54
55
56
89
4
85
54
49
-13
.9
.6
.3
.3
.5
.8
124.9
6.1
118.8
57.0
110.8
-43.0
154
6
148
60
129
-34
57
58
59
2 5 2 .7
2 1 5 .4
37..2
289.1
226.4
62.7
3 3 5 .6
2 3 6 ..7
9 8 .8
3 6 8 ..7
2 5 4 ..6
1 1 4 .1
4 0 2 .4
2 7 5 .0
1 2 7 ..4
3 8 6 .4
2 7 1 .6
1 1 4 ..8
60
61
19..3
17..9
56.6
6.1
9 0 ..4
8 ..4
9 4 ..6
19..5
65,.8
6 1 .,6
62
63
64
12..4
11. 2
1. 2
13.9
11.9
2.0
15. 2
12. 7
2. 5
15. 7
13. 3
2. 3
65
66
15. 3
6.8
14.5
5.4
14. 2
6. 1
67
2 2 .5
22.0
68
69
70
71
15,.4
14,.8
4 .2
3..9
72
2307. 7
.6
.2
.4
.0
.0
.4
159
6
153
64
151
-55
.7
.1
.7
.4
.0
.6
182
5
176
67
195
-80
.0
.3
.7
.1
.6
.7
177
5
172
66
179
-69
.3
.2
.1
.7
.8
.1
180
5
175
67
241
-128
.6
.1
.5
.4
.3
.1
194
5
188
68
222
-96
Net physical investment:
(A) Residential construction
210.4
Expenditures
4.9
Mobile homes
205.5
Other
70.4
- Capital consumption
186.6
- Home mortgages
-46.6
= E x c e s s net i n v e s t m e n t
51
52
53
54
55
56
(B) Consumer durables
434.8
Expenditures
302.4
- Capital consumption
132.4
* Net investment
57
58
59
.2
.3
.9
.1
.4
.4
203.0
4.8
198.2
68.9
176.8
-42.7
197.5
4.7
192.8
69.6
235.4
-107.5
4 2 7 .6
2 7 7 ..3
1 5 0 .3
4 1 9 .8
2 8 4 .1
1 3 5 .7
396.1
290.3
105.8
409.0
295.9
113.1
7 9 ..8
3 5 ..0
8 5 ..2
6 5 ..1
36,.0
99..6
6.1
99.7
32.8
80.3
16. 5
14. 1
2. 4
16. 5
14. 0
2. 4
16. 6
14. 2
2. 5
16,.7
14..3
2. 4
16.8
16.8
14.5
2.3
14.7
14. 6
4. 5
14. 5
4. 3
14. 3
5. 5
14. 5
3. 6
14. 8
3. 6
14.6
4.4
15.6
3.0
2 3 .5
2 2 ,.3
2 2 .8
2 3 .1
2 2 .4
2 3 .3
22.0
20.9
21.3
Gross
17.2
15.2
8,0
7.6
18,.5
16,.7
8 5
8 .6
18.,6
16..0
10. 7
1 0 .,1
19
14
9
9
18..7
13 .2
8 .8
8 ..7
2 0 .0
14..0
11 .5
11..3
19..7
15 .4
9 .9
9..3
19.1
10.3
4.8
5.0
19.4
9.4
9.4
8.9
20.2
12.1
8.6
8.1
Capital expenditures
A c q u i s i t i o n of f i n a n . a s s e t s
N e t i n c r e a s e in l i a b i l i t i e s
Credit market borrowing
2486.0
2 7 3 8 ,.5
2918. 3
2.2
40.4
91.9
- Consumer credit
= E x c e s s net i n v e s t m e n t
60
61
( C ) N o n p r o f i t p l a n t and e q u i p .
16.9
Expenditures
14.9
- Capital consumption
2.1
= Net investment
62
63
64
Percent
15.1
2.8
Percent
BILLIONS
OF
DOLLARS.
LATEST
DATA
.3
.0
.3
.0
3 1 1 8 ..2
PRELIMINARY.
of
ratios;
E f f e c t i v e tax rate
Saving rate, NIPA basis
disposable
income
adj.
65
66
(2):
saving
3108. 2
3 1 1 9 ..2
3 1 9 6 .,7
3217.5
3217.5
3280.6 (2) Disposable income adj. =
(NIPA disposable income + govt, insurance credits * capital gains d i v i d . )
67
68
69
70
71
Z7, DECEMBER
NonfInanclal
4, 1987
Corporate
Table 4
Business
Nonfinancial
Sector
SEASONALLY
1982
ADJUSTED
1983
ANNUAL
1984
Statements
of
Saving
I
I
1986
III
and
Investment
IV
I
I
RATES
SEASONALLY
1985
1986
Nonfinancial
Corporate
II
Business.
Excluding
I
1987
II
Corporate
ADJUSTED
Business
ANNUAL
RATES
III
Farms
1
2
3
4
129
46
72
11
.8
.2
.0
.6
159
59
78
22
.5
.3
.0
.2
196
73
81
41
.0
.3
.0
.8
176
69
82
23
.0
.7
.9
.4
174
78
89
7
.6
.0
.2
.5
168
74
88
5
.9
.6
.4
.9
179
79
91
8
.1
.5
.1
.6
192
86
91
13
.2
.9
.9
.3
196
99
92
5
.9
.5
.2
.3
208
105
94
8
.0
.0
.3
.8
221
111
97
12
.1 P r o f i t s b e f o r e t a x
.6
P r o f i t tax a c c r u a l s
D o m e s t i c net d i v i d e n d s
.2
.3 = D o m e s t i c u n d l s t . p r o f i t s
1
2
3
4
5
6
7
8
-8
221
12
237
.4
.4
.5
.1
16
228
11
278
.0
.2
.8
.2
30
238
11
322
.9
.4
.8
.9
51
251
12
337
.0
.2
.3
.9
43
262
15
329
.3
.8
.3
.0
43
261
12
323
.7
.4
.1
.0
41
264
16
330
.4
.1
.8
.9
40
268
16
338
.1
.1
.6
.0
46
270
10
332
.3
.3
.1
.0
46
272
8
336
.3
.8
.3
.2
46
275
8
342
.1 •
.7
.3
.4 =
Capital consumption adj.
Depreciation charges, NIPA
Earnings rec. from abroad
U.S. internal funds, book
5
6
7
8
+ Fgn. earnings ret. abroad
Inv. valuation adjustment
= T o t a l i n t e r n a l funds + IVA
9
10
11
9
10
11
15 .5
- 1 0 .4
2 4 2 .3
1 8 .4
- 1 0 .9
2 8 5 .7
19 .2
- 5 .8
3 3 6 .3
1 8 .2
.8
3 5 5 .4
15 .9
6 .6
3 5 1 .5
16 .6
11 .3
3 5 0 .9
12
13
14
15
16
17
18
19
218
256
269
268
.3
.5
.8
.0
.6
1 .2
- 2 1 .2
7 .8
2 5 3 .1
2 7 4 .7
2 6 6 .4
2 6 1 .0
4 .2
1 .2
.6
7 .8
305
370
311
309
305
342
332
330
298
339
325
322
2
1
6
7
277
340
323
319
3
1
6
10
20
21
- 3 8 .1
4 7 .0
- 2 1 .6
1 2 5 .1
- 6 5 .1
1 1 7 .1
- 3 7 .3
9 9 .7
- 4 0 .7
9 9 .1
22
23
24
25
26
27
4 2 .3
8 .4
11 .8
.6
3 .7
.4
54
6
16
-7
11
3
.6
.7
.2
.9
.6
.1
2 7 .1
9 .8
9 .4
- 3 .2
4,.0
- 2 .1
28
29
30
10 .3
. 1
7 .9
13 .0
.7
1 0 .7
12 .2
.1
9 .4
3 .3
1 .2
62..2
4 .2
9..8
- 3 ..6
13..5
.1
.7
.6
.9
.2
.1
15 .3
6 .0
3 5 2 .2
13 .1
- 8 .9
3 4 2 .2
2 2 .5
- 1 1 .3
3 4 3 .2
2 4 .6
- 2 0 .0
3 4 0 .8
2 5 .4
- 1 6 .1
3 5 1 .7
308
321
321
318
3
285
330
325
324
.5
.2
.8
.1
.7
1 .0
- 3 .0
7 .4
2 8 3 .2
3 5 4 .6
3 1 0 .4
3 0 7 .0
1 .2
2 .1
4 1 .5
2 .8
2 7 3 .5
3 4 6 .0
3 2 1 .8
3 1 8 .8
1 .7
1 .4
2 1 .3
2 .8
298
347
342
340
1
1
2
2
— 6 3 .2
8 5 .8
- 1 2 .9
7 6 .9
- 4 4 .8
2 1 0 .1
- 7 1 .5
2 4 .7
- 7 2 .5
7 7 .8
- 4 9 .6 N e t f i n a n c i a l
8 6 .1
N e t a c q . of
5 7 ,.1
11 .5
9 .7
1,.2
9,.7
5..9
3 9 .0
11,,6
6..2
1,.1
7,.9
- 6 .6
4 9 .0
9 .3
5 .7
1 .9
8 .6
14,.1
4..4
.8
4 ].0
10.,5
3..1
5..6
7 .6
2..8
8 .4
9,.7
.8
.5
3 .8
2,.8
4 6 ..4
27. 5
13..2
- 4 ..6
17..8
3..2
4. 5
35. 2
2 9 ..7
8. 8
- 4 .,1
12. 9
1..0
2..0
10..9
2 8 .,3
14.,1
4. 0
10. 1
.7
1. 8
-1. 3
45. 6
17..4
1. 6
15. 8
.7
2,.8
2 4 ..2
1. 5
11.,2
.1
ll!,1
.8
.9
.4
.3
.4
1 .7
5 1 .7
7 .9
36
6
13
4
-4
-5
.5
.8
.2
.3
.6
1 .3
6 .2
4 .4
.5
.2
.7
.0
.4
.3
.3
.2
.3
.5
.7
.0
.1
.7
.4
.4
.6
.5
.8
.2
.2
.4
- 7 .8
7 .6
.1
.4
.2
.4
.1
.5
.6
- 7 .6
- 2 .5
.5
14,.3
- 1 ,.1
68,.9
- 3 ..6
15..6
.9
2 8 !.3
2 1 ..5
16 .1
8 .0
8 .2
9,.9
3..5
2..0
.3
- l !.0
- 1 ..3
9..3
.5
- 2 ..6
6 .4
3,.0
2 4 ..7
73..6
6..5
7..1
-<.5
-2. 4
7..2
2 8 ..8
- 2 7 ..1
15.,7
.6
16..3
.5
3].4
3 6 ..2
3 7 .,1
14..1
- 3 ..4
17. 5
-2. 3
1..1
4 1 ..1
-22. 6
1 3 .,3
-1. 6
14. 9
102
18
19
2
18
11
.3
.4
.3
.0
.9
.6
.2 G r o s s i n v e s t m e n t
.8 C a p i t a l e x p e n d i t u r e s ( 1 )
.9
Fixed investment
P l a n t and e q u i p m e n t
.7
.0
Home construction
Multi-family residential
.2
I n v e n t o r y change + IVA
.5
Mineral rts. from U.S. govt.
.4
18
-8
40
2
4
-35
31
32
33
34
35
36
37
.5
1 .1
- 1 5 ,.7
18,.7
10,.2
5..4
4,.8
38
39
40
3..5
5. 2
9..7
2. 5
14. 1
-15. 6
57. 4
4. 6
1. 5
- 4 8 .,9
5. 0
9. 1
10. 0
1
4. 1
6. 0
- 9 ..1
10. 0
1
lo! 8
14. 0
5. 7
18. 0
-38. 5
41
42
43
8 5 .,1
8 0 ..4
11.,4
146. 6
8 8 .,6
28. 3
182. 2
121. 6
-74. 5
136. 9
85. 2
-81. 5
139. 9
109. 5
-80.8
149. 0
117. 6
-78. 5
89. 8
64. 1
-80. 5
254. 9
201. 9
-105. 0
9 6 ..1
30. 8
- 5 7 .,0
150. 3
113. 8
-83. 0
135. 7
77. 6
-78. 0
44
45
46
69, 0
15. 1
18. 7
6 0 .,3
9. 4
16. o
196. 0
20. 5
46,1
166. 7
22. 6
73. 8
190. 2
-9. 9
121. 3
196. 1
-13. 1
140. 8
144. 6
-4. 9
113. 7
306. 9
-9. 6
100. 8
87. 8
6
146! 9
196. 8
-5. 3
108. 0
155. 6
-1. 0
135. 2
47
48
49
50
-1. 2
5
6
-1. 1
3. 5
3. 3
8
7
3
3
2
2
4
5
1
1
2. 7
1. 9
5
3
3. 0
2. 5
3
2
3. 5
2. 5
6
3
1. 6
6
6
4
1. 8
1. 0
4
4
2. 6
1. 4
8
4
1. 9
8
7
4
51
52
53
54
55
56
37. 2
2. 5
-6. 1
4
2. 0
1. 3
15. 3
2. 7
8
3. 5
11. 1
-• 5
64. 0
13. 0
21. 7
1. 4
27. 7
1. 2
35. 9
1. 5
14. 6
-1. 1
21. 6
-2. 6
56. 1
11. 1
-9. 3
1
16. 9
1. 5
50. 4
15. 2
-10. 1
2
6. 1
3. 9
1. 5
21. 5
5. 2
8
4! 2
-• 9
182. 6
8. 3
— 16. 3
1
36. 6
2.8
—86. 0
1. 8
-1.8
2. 6
20. 0
2. 1
49. 5
8. 1
10. 8
5. 2
22. 6
- 4 .8
57
58
59
60
61
-14. 1
5. 0
13. 8
16. 2
-2.4
5. 8
40.8
11. 5
11. 9
3
7
34! 4
25. 6
. 2 2 .5
3. 1
-1.8
33. 0
20. 5
20. 4
1
1. 0
3. 0
26. 4
26. 4
"
1. 4
11. 0
19. 0
16. 1
2. 9
6
-2.0
28. 3
31. 2
- 2 .8
1. 1
-2.3
54. 2
53. 5
7
8
40! 3
25.8
24. 0
1. 9
62
24. 0
32. 5
30. 5
49. 9
53. 0
73. 6
43. 6
56.8
60. 0
2..7
,1
investment
20
financial assets 21
Liquid assets
D e m a n d d e p . and c u r r e n c y
Time deposits
M o n e y m k t . fund shares
Security RPs
Foreign deposits
U.S. govt,
Tax-exempt
Commercial
securities
obligations
paper
Consumer credit
31
M u t u a l fund shares
32
Trade credit
33
Miscellaneous assets
34
F o r e i g n d i r . i n v e s t . ( 2 , 5 ) 35
E q u i t y , etc.
36
Retained earnings
37
Insurance
E q u i t y in
Other
receivables
sponsored ags.
N e t i n c r e a s e in l i a b i l i t i e s
N e t f u n d s r a i s e d in m k t s .
Net new equity issues
Debt instruments
T a x - e x e m p t debt
Corporate bonds
(3)
(2)
12. 8
-6.2
29. 9
27. 0
2. 9
—4. 9
30. 9
32. 1
28.8
3. 3
Profit taxes payable
Trade debt
Fgn.dir.investmt.in U.S.(5
Equity, etc.
Retained earnings
57
58
59
60
61
67. 3
53. 5
7,.9
76,.5
- 1 2 ,.3
71..8
2 6 .2
7 8 .0
27,.0
8 5 ,.8
- 1 1 .5
9 8 .5
4 2 .4
8 9 .8
10,.2
1 1 8 ..9
65
66
67
32..6
36,.4
2 7 ..3
29,.0
31..3
77,.8
6 7 .,0
1 2 9 ..0
1 6 4 ..1
9 6 ..8
6 9 ..9
1 0 1 ..2
1 1 4 ..1
76,.1
8 0 ,.2
1 3 0 .,7
65..3
77..7
112,.3
32,.4
29,.7
92,.8
2 1 4 ,.1
2 1 2 ,.9
149,.3
- 6 1 ..5
- 2 2 .0
105,.3
91,.4
9 8 .0
136,.0
19..5
4 5 ..6
68
69
70
35..6
105,.8
2 6 .,9
37,.2
96,.2
2 1 ..9
37. 4
1 1 0 .,3
52. 9
3 9 ..6
9 6 ..4
4 8 ..6
4 4 ..7
96..5
5 6 ..1
4 4 ..2
97..0
5 7 ..6
4 4 .4
91,.3
4 5 ..0
45,.2
96,.5
92,.9
5 0 .5
1 0 3 .3
24,.8
5 0 .5
101,.5
5 6 ,.9
5 0 ..5
98..9
4 4 ..7
71
72
73
- 2 1 .2
- 1 0 .4
- 1 0 .8
.6
- l o !.9
11..5
5 1 .7
- 5 .8
5 7 .5
6 .2
.8
7,.0
6..3
6..6
2
6 .4
11,.3
- 4 ,.9
- 7 .8
6 .0
- 1 3 .8
- 3 ..0
- 8 ,.9
5..9
41.5
-11.3
52.8
21.3
-20.0
41.3
74
75
2 6 6 .8
2 3 7 ,.1
2 8 5 ..6
2 7 8 ..2
3 7 6 .7
322,.9
3 4 3 ,.5
3 3 7 ,.9
3 3 2 .,7
3 2 9 ..0
3 2 9 ..2
3 2 3 ,.0
3 1 5 .5
3 3 0 .9
3 3 9 ,.1
3 3 8 ..0
76
29,.7
7..4
5 3 .8
S..6
3. 7
6..2
- 1 5 ,.3
1..1
Discrepancy
Memorandum items:
T r a d e c r e d i t n e t of t r a d e d e b t
P r o f i t s tax p a y m e n t s
Debt subtotals:
S e c u r i t i e s and m o r t g a g e s
L o a n s and s h o r t - t e r m paper
Total short-term liab. (4)
Percent ratios:
E f f e c t i v e tax rate
Capital outlays/internal funds
Cr. mkt. borrowing/cap. exp.
( 1 ) C a p i t a l o u t l a y s on b o o k b a s i s :
2.5 Inventory change, NIPA
-16.1 Less:
Inv. val. adjustment
18.6 I n v e n t o r y change before IVA
365.9
366.0
363.9 Total cap. e x p e n d , before IVA
332.0
336.2
342.4 U.S. internal funds, book
F i n a n c i n g g a p >:
E x c e s s of c a p i t a l e x p e n d i t u r e s
33.9
29.7
21.5
over U.S. internal funds
(2) C o r p o r a t e b o n d s include net i s s u e s by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ;
U . S . d i r e c t i n v e s t m e n t a b r o a d i s b e f o r e s u b t r a c t i n g n e t i n f l o w s of
c a p i t a l f r o m N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U . S . p a r e n t s .
(3) Industrial revenue bonds.
Issued by s t a t e and local g o v e r n m e n t s
to f i n a n c e p r i v a t e i n v e s t m e n t and s e c u r e d in I n t e r e s t and
p r i n c i p a l by the i n d u s t r i a l u s e r of the f u n d s .
( 4 ) L o a n s and s h o r t - t e r m p a p e r (line 6 3 ) , t a x e s p a y a b l e and t r a d e debt
(5) D i r e c t i n v e s t m e n t t o t a l s and r e t a i n e d e a r n i n g s e x c l u d e
c a p i t a l g a i n s / l o s s e s i n c l u d e d in b a l a n c e of p a y m e n t s s t a t i s t i c s .
DATA
PRELIMINARY.
44
45
46
51
52
53
54
55
56
2 .3
72..8
LATEST
41
42
43
Bank loans n.e.c.
Loans from foreign
Commercial paper
A c c e p t , l i a b s . to b k s .
Nonbank finance loans
U.S. government loans
11..9
68..7
DOLLARS.
38
39
40
-1.0
8 •0
-12.0
-2.6
28. 1
-• 9
2 1 .5
5 2 .1
OF
28
29
30
47
48
49
50
- 2 0 ..6
57,.7
BILLIONS
22
23
24
25
26
27
Mortgages
Home mortgages
Multi-family
Commercial
63
64
12
13
14
15
16
17
18
19
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
Z7» D E C E M B E R
Funds Raised
4,
in
Table 5
1987
Credit
Summary
ANNUAL
FLOWS -
1975
BILLIONS
1976
Funds
OF
of
Net
Funds
Raised
in
Credit
and
Equity
ANNUAL FLOWS -
.1978
Credit
1979
Market
1980
Borrowing
1981
by
1982
Nonfinancial
is, s
242.1
316.9
3
4
85.8
-.4
69. 1
1
57.6
-.9
5
102.1
173. 1
260.2
6
7
8
9
10
11
12
13
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
14
15
16
17
18
3.4
9.1
-13.4
-2.9
10.5
50. 5
2 4 .,2
5..2
1,.4
1 9 .7
88.9
38.1
26.4
1.6
22.7
19
20
21
22
23
24
25
102.1
12.3
50.8
39.0
8.9
13.0
17.1
26
27
28
29
30
31
571.9
585.7
341.7
S:j Si
375.9
8.2
388.9
550.2
753.9
854.8
14.0
27:9
2 0 .5
8 .5
6 .8
.7
4 .5
13.5
5.1
3.1
.6
4.8
201.6
2 6 2 .6
330.4
Net
;
i:i
1:1
10.2
35 i 7
10.0
4.2
2.6
-.9
-6.0
30.0
48.5
15.8
31.3
62.2
35.5
395.9
Credit
50.8
400.7
Market
73.3
365.8
399.4
Borrowing
89.9
by
65.4
404.8
Financial
101.9
567.5
-3.1
85
-1.1
4
\l:l
-2.7
Total
284, 5
83. 8
15.,7
37. 9
8 4 ..4
1:1
90.3
1.2
1.9
l:t
*:::
.6
'1:1
2
99.3
151.9
199.0
.4
-
1
-
1:! !S:I
-.2
Net
381, 3
79, 9
2 0 .,3
39. 9
1 2 8 .,0
Credit
4 6 9 ..2
9 0 ..5
2 8 ..4
32..9
1 5 1 ..2
1
2
3
4
5
213. 0
94. 9
16.,1
4 1 .,3
55. 7
6
7
8
9
9 ,1
- 1 3 ..1
- 1 ..2
10,.1
2 4 ,.2
8 ,• 7
8 ,.2
2 1 ..8
3 8 ..1
2 9 ..2
15..0
30..8
10
2 .9
3..2
1 .1
3 .8
11
12
1 8 4 .7
8 2 ..5
2 3 8 .9
6 5 .9
3 1 5 .8
5 5 .7
3 6 8 .1
4 9 .9
External
1
2
3
5
6
12..7
.1
12!.8
9 .9
3 .8
12,.8
- 2 ..0
14,.7
1 0 .5
3 .9
.4
.9
HISTORICAL
DATA
ON
NET
by
domestic
sectors
614.9
Private domestic
nonfinancial sectors
1
!
-8.4
Farm
ssir
41.0
Other
II
18
46
60
17
41
.7
.3
.7
.5
"•«
Market
•1
&
lll'.l
,
Sectors*
ill l
109.2
„
a
1%
Corporate
Total
net
plus
by
293.4
by
foreign
borrowing
financial
sectors
176. 3
15. 2
161. 4
4
U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government
2
3
4
5
117. 2
6 9 .,0
.1
4..0
2 4 .2
19,.8
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
agencies
12
13
14
Private financial sectors
Commercial banks
Domestic affiliates
S a v i n g s and loan a s s n s .
Finance companies
REITs
CMO Trusts
15
16
17
18
19
20
21
2 9 3 ..4 T o t a l » b y s e c t o r
Sponsored credit
1 4 .9
Mortgage pools
1 6 1 .4
^
.2
.6
.6
.8
.7
.3
3 7 .1
117
-3
4
29
49
Type
Equity
85.4
7.3
183.6
-7.1
217.4
6.3
Totals
Funds
- 3 ..8
,4
- 4 ..2
- 7 .8
2 .6
19..8
2..9
16,.9
12,.9
1..7
.4
.4
1 .0
2 .4
Raised
c
3
5
;
7
c
9.2
-»-s
2
in
U.S.
25.8
8,8
17.0
'
1.4
net
237.7
298.9
Mortgages
14.4
» Memo: U.S. govt, cash balance
of c h a n g e s i n U . S . g o v t , c a s h b a l a n c e s ;
I
i
10
155:5 :::: NIi D t r a r ^ r - n o n H n - u
ra:S !U:I
1,.6
.1
1,.7
.1
2 .1
RAISED
^
All
domestic
I i i l i II l i l i H
N £ li ii li li II II I P
6.,8
1..0
5..8
2 .7
2,.7
FUNDS
-•«
Borrowing#
Total
Sectors
1 11 I I 1 I 1 I I 1
-3.6
borrowing
nonfinancial
838.9
762.2
5 'ii li ":i Ii Ei B 15 iti Ii E %
E|
DOLLARS
li Ii 11 Ii i i si II « 1 i p : = r |
fi 35 ii- S ii ii ,:S S Ei
:
1 1 ii 1 1 1 1 1 f i s s : : i
i? ~!:S -1:2 li:l il:S
20
net
84 !&? SM 135 8j:{ IB:?
! 1:i 2s 2:5 i;i Ii r.3 S3 Hi! 23 Ei; 'E
-.4
OF
829.9
a 1 ti lli si ® I I 1 1 1 :
14.1
7.2
3.9
.4
2.7
.9
BILLIONS
1 1 1 ! 1 1 1 1 1 ! I! I E : I
260.2
10.5
137.5
112.2
13.4
29.5
69.3
5
Markets
1983
318.2
.1
.2
.2
.6
.0
.1
.5
21.9
Credit
Sectors
Total
,
11.3
in
Markets
DOLLARS
1977
Net
173
13
88
71
10
17
44
Raised
Markets
Markets
61.8
27.2
34.6
-36.4
29.3
-65.7
19.9
85.7
-65.8
91.6 T o t a l net share
163.3
Mutual funds
-71.7
All other
i:: "7?:S la-.o -si
3.7
.9
3.7
.7
issues
Foreign shares
p u r c h a s e d in U . S .
1
2
5
5
@FedFRASER