Full text of Z.7 Flow of Funds Summary Statistics : December 5, 1990

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE statistical release
'"?f<AUtES

2,7 (788)

For immediate release
December 5, 1990
FLOW OF FUNDS SUMMARY STATISTICS

Debt of domestic nonfinancial sectors grew at a seasonally
adjusted annual rate of 7 percent in the third quarter of 1990, about the
same pace on average as in the first half of this year, and one-half
percentage point below the rate in 1989 as a whole. Federal debt growth
remained high in the third quarter, in part reflecting borrowing associated
with thrift resolution activity. Household and business debt grew at about
the same rate as in the second quarter, with increases moderate relative to
those recorded over the past few years.
Net borrowing by domestic nonfinancial sectors in the third
quarter amounted to $709 billion at a seasonally adjusted annual rate, and
the level of debt outstanding for domestic nonfinancial sectors rose to
$10.3 trillion, with the debt of nonfederal sectors accounting for
$7.8 trillion of this total. Federal debt outstanding rose to
$2.5 trillion (see tables 1 and 2).
A. Growth of Major Debt Aggregates*
(Percent changes; quarterly data are seasonally adjusted annual rates)
Total
domestic
nonfinancial
debt
(1)

U.S.
govt.
(2)

Total
(3)

Households
(4)

Nonfin.
business
(5)

State 6
local
govts.
(6)

12.3
9.0
9.1
7.5

13.4
8.0
8.0
7.2

11.9
9.3
9.5
7.5

12.8
11.6
10.9
8.9

12.0
7.0
8.2
6.7

7.6
9.6
8.2
4.9

1989-01
Q2
Q3
Q4

8.2
7.2
7.2
6.4

7.0
4.6
8.0
8.3

8.6
7.9
6.9
5.9

9.2
8.0
8.7
8.5

8.4
8.3
5.6
3.8

6.6
5.4
4.6
2.6

1990-Q1
02
03

7.8
6.2
7.0

10.9
9.7
11.9

6.8
5.2
5.4

8.6
7.6
7.8

6.0
3.2
3.4

1.4
2.3
3.2

1986
1987
1988
1989

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




B. Growth of Debt Aggregates: Supplemental Data
(Percent changes; quarterly data are seasonally adjusted annual rates)

Domestic
nonfinancial
1986
1987
1988
1989
1989-Q1
02
03
04

Foreign

Financial

All
sectors

Memo:
Private
.
financial assets

12.3
9.0
9.1
7.5

4.1
1.9
2.6
4.3

23.5
19.6
13.5
9.9

13.7
10.5
9.7
7.8

9.1
7.8
8.7
7.4

8.2
7.2
7.2
6.4

1.3
-2.7
12.1
6.5

17.1
7.0
5.5
8.2

9.7
6.9
7.0
6.8

8.5
8.0
8.5
3.6

1990-01
7.8
-1.3
8.5
7.7
8.4
6.2
02
15.8
7.3
6.6
4.9
7.0
Q3
9.7
8.9
7.4
5.5
1. 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 calculated by dividing seasonally
adjusted flows from table 2 by seasonally adjusted levels at the end of the previous
period. Seasonally adjusted quarterly levels in Flow of Funds statistics are derived
by carrying forward year-end levels by seasonally adjusted flows. Growth rates
calculated from changes in unadjusted levels printed in table 1 can differ from those
shown above.
The following list provides the lines in tables 1 and 2 that underlie the
calculation of growth rates shown on table A, page 1 of this release:
Growth Table A (column)
Tables 1 and 2 (row)
Total domestic nonfinancial
U.S. government
Private domestic nonfinancial
Households
Nonfinancial business
State & local governments

1
2
3
4
5
6

1
2
5
21
22
20

Domestic debt includes credit market funds borrowed from both domestic and
foreign sources, while foreign debt represents amounts borrowed by foreign financial
and nonfinancial entities in U.S. markets 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
d©bt securities, mortgages, bank loans, commercial paper, consumer credit,
government loans, and other loans included in table 1.
Subscriptions to this summary release, or to the full statements for
sectors and transaction types for flows and amounts outstanding (the Z.l release),
may be obtained through: Publications Services, Stop 138, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551, (202) 452-3245. This release is
also available through the Economic Bulletin Board of the Department of Commerce.




Z7» DECEMBER 5, 1990
Credit Market Debt

T A "RT T?
IxUjIjIj

1
1

Credit Market Debt

Summary of Credit Market Debt Outstanding
PERIOD-END LEVELS
1985

1986

PERIOD-END LEVELS
1987

1988

I
I I

II

1989

III

IV

I
I

I

1990
II

III

Credit Market Debt Owed by Nonfinancial Sectors
Total credit market debt owed by
9975.7 10136.3 10309.4 domestic nonfinan. sectors

1

6804.5

7646.3

8343.9

9096.0

9267.7

9438.7

9605.1

2
3
4

1600 .4 1815 .4
1597 . 1 1811 .7
3 .3
3 .6

1960 .3
1955 .2
5 .2

2117 .8
2095 .2
22 .6

2155 .7
2133 .4
22 .3

2165 .7
2142
23 .6

2206
2180 .7
25 .4

2269 .4
2245 .2
24 .2

2360 .9
2329 .3
31 .6

2401 .7
2368 .8
32 .9

2470 .2
2437 .6
32 .6

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5

5204 . 1 5831 .0

6383 .6

6978 .2

7112 .0

7273 .0

7399 .0

7535 .8

7614 .8

7734 .6

7839 .2

Private domestic
nonfinancial sectors

5

6
7
8

3485 .2
655 .5
542 .6

3962 .7 4427 .9
679 . 1 728 .4
669 .4
748,.8

4886 .4
790,.8
851 .7

4989 .1
798 .6
866 .3

5091 .4
804,.9
887,.9

5189 .9
816 .4
903 .5

5283 .3
821 .2
925 .4

5355 .5
822,.4
936,.5

5443 .2
826 .7
953 .3

5523 .0
836 .3
962 .8

3470 .0
2347,.6
301 .2
,
734,.9
86..3

3536 .6
2404 .3
304 .4
742 .6
85 .3

3596,.6 3663 .3
2450,.0 2512 .8
307,.8
306 .5
754,. 1 759 .4
84,.7
84 .5

3724 .0
2569 .3
306 .6
763 .9
84 .2

Mortgages
Home mortgages
Multi family resid.
Commercial
Farm

9
10
11
12
13

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

14
15
16
17
18

Debt capital instruments
Tax-exempt obligations
Corporate bonds

6
7
8

9
10
11
12
13

2287 . 1 2614 .2
1490 .2 1720 .8
213,.0
246 .2
4 78,. 1 551 .4
105..9
95 .8

2950,.7 3243 .8
1943,. 1 2173,.9
270,.0
286,.7
648,.7
696,.4
88.. 9
86,.8

3324 .2 3398,.6
2229 .0 2287 .6
293 . 1 298,.3
716 .2
725,.9
86 .0
86..8

14
15
16
17
18

1718,.9
601 .8
,
602,.3
72,.2
442..6

1955..7
693..2
673..3
73..8
515..3

2122 .9 2181 .
.6 2209.. 1 2252,.6 2259..3
741 .7
756..7
771 .0
,
790,.6
774..3
725 .6
740..3
750..7
763,.0
756..3
96 . 1 110.. 1 113..3
107,. 1 126..0
559 .4
574..5
574,.1
591,.9
602..6

2291 .4
,
783 .3
761.8
128..7
617..6

2316,.2
794 .4
762,.6
131 .8
,
627..4

19
20
21

5204,. 1 5831 .
.0 6383..6 6978..2
473,.9
510.. 1 558,.9
604. 5
2296..0 2596,. 1 2879.. 1 3191 .
.5

7112 .0
612,.4
3257,.9

7273..0
619..9
3330..7

7399..0
629..9
3411 .4
.

7535..8 7614..8
634.. 1 634..3
3501..8 3544. 5

7734..6
636..8
3621.8

7839,.2 By borrowing sector:
645,. 1
State 8 local governments
Households
3701 .2
,

19
20
21

22
23
24
25

2434..2
173,.4
8 98..3
1362,.4

3241 .7
,
136..7
.9
1 163.
1941 .0

3322. 5
139, 5
1177.,6
2005.,3

3357..6
139..2
1183..0
2035..5

3400..0
139..2
1195..9
2064..8

3476..0
140..7
1212..4
2122. 8

3492.,9
141 ,8
.
1213..9
2137.,2

Nonfarm noncorporate
Corporate

22
23
24
25

257..7
94..2
22..6
57. 5
83. 4

261 .
.5
94..5
21 ,4
.
63..0
82..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

26
27
28
29
30
31

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

1868,.2
659 .8
666,.0
62,.9
479..6

2724 ,
.8
156,.6
997,.6
1570..6
238 .3
74..9
26..9
37..4
99.. 1

2945..6
145.,5
1075..4
1724..6
.6
244 .
82 .
. 3
23.,3
41 .
,2
97.. 7

7041 . 1 7884 . 7 8588 .,5

2091 ,
.9
743,.5
713.. 1
85,.7
549,.6

3182..2
137..6
1145.. 1
1899..5
253..9
89.,2
21 .5
49. 9
93.,2

254,.0
90,.4
21 .6
,
54,.4
87..5

9349. 9

9521 .
.7

252..2
92., 1
21. 5
52..7
85. 8
9690. 8

3436..1
138.,2
1206. 5
2091 .4
260. 4
102.. 1
19. 0
59. 3
80. 0

271 .
.7
107. 5
19.,3
65.. 1
79. 8

277..3
108..0
20.,0
71 ,5
.
77..8

Nonfinancial business

9862. 8 10066. 8 10236., 1 10408..0 10586. 6 Total nonfinan.domestic 8 fgn. 31

Credit Market Debt Owed by Financial Sectors

1

1213..2

1529 .8

1836 .8

2084..4

2191 .3
,

2234..1

2263,.8

2322 .4

2356 .3

2403 .4

2455 .2

1249 .3
373 .3
871 .0
5 .0

1286 .1
376 .0
905 .2
5 .0

Total credit market debt owed
by financial sectors

2
3
4
5

632..7
257,.8
368,.9
6.. 1

810,.3
273..0
531..6
5 .7

978,.6
303 .2
670,.4
5 .0

1098,.4
348,. 1
745,.3
5 .0

1140,.8
364 .3
771 .5
5 .0

1169,.5
369..0
795..6
5..0

1203 .6
370 .4
828 .2
5 .0

1328 .0
378 .9
944 .2
5 .0

1372 .9
381 . 1
986 .8
5 .0

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

6
7
8
9
10
11

580..5
204..5
2,.7
32.. 1
252,.4
88..8

719..5
287..4
2..7
36 .. 1
284..6
108..6

858 .2
366 .3
3. 1
32,.8
322,.9
133,.1

986 . 1
418 .0
3 .4
34,.2
377 .7
152,.8

1050,.5
458,.6
3,.5
32,.2
392..5
163..8

1064..6
466.
3..5
33 .8
.
399..4
161 .9
.

1060,.2 1073 .0 1070 .2 1075 .3
472,.7
482 .7
491 .7
508 .2
3,.5
3,.4
3 .2
3 .5
34.. 1
36..0
33..2
34 .8
398 .8
409,. 1 409,. 1 402 .5
151.. 1 141 .8
132..9
126 .3

1082 .3
518 .0
3. 1
34 .9
408 .5
117,.9

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

.3
2191 .
369..3
771 .5

2234..1
374,.0
795..6

2263..8
375..4
828..2

2322,.4
378 .3
871 .0

2356,.3
381..0
905..2

2455,.2 Total, by sector
386.
Sponsored credit agencies
986..8
Mortgage pools

1050..5 1064..6
73..3
75..7
140..0
141 .2
.
170.. 1 167..9
17..8
17..7
464..3
478..0
11 ,
.1
10..6
173..8
173. 5

1060,.2
77,.0
144.,0
155..7
17. 5
481..2
10,.0
174..9

1073..0
77..4
142,.5
145..2
17..2
496..2
10..1
184,.4

1070,.2 1075 .3 1082..3
73..4
73..3
70..2
140,.8
133 .0
126,.0
137,.1
125,.8
114,.8
15,.4
16 .6
17,.4
500,.3
511 . 1 529,.9
10,. 1
9 .8
9 .5
193,.1
205,.7
214,.5

12
13
14
15
16
17
18
19
20
21
22

1213,.2
263..9
368..9
580..5
79..2
106..2
98.. 9
4..4
261 .2
.
5..6
25..0

1529..8
278..7
531 .6
719,.5
75,.6
116..8
119,.8
8..6
328 . 1
6..5
64..0

1836,.8
308,.2
670,.4
858 .2
81 .8
131 . 1
139,.4
16..7
378,.8
7..3
103.. 1

2084..4
353,.1
745,.3
986,.1
78..8
136..2
159..3
18..6
446.. 1
1 1.4
.
135..7

2403 .4
383 .8
944 .2

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Mutual savings banks
Finance companies
REITs
SCO issuers

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

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

8254 .4

9414. 4 10425..3 11434..3

2
3
4
5

2227 .0
655,.5
818..9
2289 .8

2620..0 2933,.9
679.. 1 728..4
1031 .
,7 1197 .4
2617.,0 2953 .8

6
7
8
9

601 .8
662 .4
358 .5
640 .5

659..8
729..0
384..9
693.. 1

693,.2
729 .5
437 .9
751 . 1

11713..0 11925,.0 12126..6 12389 .1 12592,.4 12811 .4 13041 .8 Total credit market debt

3211 . 1
790,.8
1358,.9
3247,.2

3291 .
.5
798..6
1415..2
3327..7

743,.5
768,.9
513 .4
800..5

741 .7
.
779..5
543,.0
815,.7

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY




3330..3 3404. 7
804,.9
816. 4
1446.. 1 1470..5
3402,. 1 3473..6
756,.7
795..6
562..2
827..1

771..0
807..4
569..6
813. 5

3513..7
821,.2
1502,.6
3540 .1

3642,.0
822,.4
1530,.3
3599,.9

3724..8
826..7
1569..0
3666 .7

3838 . 1
836 .3
1588 .8
3727 . 1

790,.6
820,.3
579,.2
821 .4

774,.3
808..6
594..5
820..5

783,.3
815,.9
596,.3
828,.7

794,.4
817,.6
611,.7
828 .0

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

Z7, DECEMBER 5, 1990
Funds Raised in Credit Markets

TABLE 2

Funds Raised in Credit Markets

TABLE 2:Summary of Net Funds Raised in Credit and Equity Markets
QUARTERLY NET FLOWS, $ BILLIONS
1989
III

IV

I
I

QUARTERLY NET FLOWS, $ BILLIONS

1990
II

II

I
I

III

1989

I
I

IV

I

Net Credit Market Borrowing by Nonfinancial Sectors
166.4

200.2

145.1

40.4
38.6

1.8

63.3
64.4
-1.1

64.5
57.1
7.4

40.8
39.5
1.3

126.0

136.9

80.7

119.8

6
7
8
9
10
11
12
13

98.5
11.5
15.7
71.4
59.9
2.9
9.0
-.5

93.3
4.8
21.9
66.6
56.7
3.2
7.6
-1.0

74.0
1.1
11.1

87.7
4.3
16.7
66.6

14
15
16
17
18

27.5
14.3
10.4
3.2
-.4

19
20
21

126.0

23
24
25
26
27
28
29
30

10.1

80.7
35.2
-.3
5.4
30.1
6.6

2.1

1.0
4.8
-1.3

1990
II
(SAAR)

173 .0

678 .8

620 .2

762 .1

624 .6

Total net borrowing by domestic
708 .6
nonfinancial sectors

1

68 .4
68 .8
.3

173 .9
166 .8
7 .1

185 .0
189 .6
-4 .6

247 .6
218 .1
29 .6

228 .7
223 .4
5 .4

286 .7
288 .0
-1 .3

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

504 .9

435 .2

514 .5

395 .8

422 .0

Private domestic
nonfinancial sectors

5

369 .2
34
62 .7
272 .4
221 .0
11 .8
40 .9
-1 .3

347 .0
19
87 .4
240 .5
214 .3
9 .5
19 .9
-3,.2

366 .2
13 .0
44 .6
308 .6
237 .3
21 .9
50 .7
-1 .4

331 .4
21 .9
66 .9
242 .7
225 .4
- 4 .3
24 .6
-3..0

294 .0
25 .9
38
230 .0
207 .9

~

104 .6

11.8

—. 6

-1.2
5.2
-.2

79 .8
9. 6
9 .5
60 .7
56 .5
0
4 .5
.4

43.5
19.6
12.3
-6.2
17.9

6.6
-16.3
-6.7
18.9
10.7

32.1
9.0
5.5
2.6
15.0

24 .8
11 .0
0 .8
3 .2
9 .8

135,.6
37,.1
50,.8
16..9
30..9

88,.2
44.
7..7
-6..9
43..3

148,.3
14 .6
19,.6
69..7
44..4

64,.4
9,.8
6. 5
-6..0
54..1

128 .0
27,.7
10,.5
17..5
72,.2

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

14
15
16
17
18

136.9
4.2
90.4
42.3
0.1
12.9
29.4

80.7
0.1
42.6
37.9
-1.1

119.8

5.9
33.4

504. 9
28. 6
290. 8
185. 4
-2. 1
40. 2
147. 3

435..2
16. 5
291. 8
126. 9
8. 9
35. 0
83. 1

514. 5
9. 0
300. 0
205. 4
4. 3
38. 4
162. 8

395. 8
14.,9
270. 2
110. 7
-6.
25. 5
91. 3

422..0
20. 5
283. 4
118.
3. 9
24. 3
89. 9

By borrowing sector:
StateSlocal governments
Households
Nonfinancial business

28.3

104,.6
8..2
78..3
18.,0
.
1 .0
1 .5
15. 5

Nonfarm noncorporate
Corporate

19
20
21
22
23
24
25

4.5
0.3
-1.2
5.5
-.1

-1.1
7.6
-2.4
-3.7
-2.6

11.3
5.4
0.3
5.8
-.2

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

30. 4
8. 1
3. 7
20. 7
-2. 1

16. 9
-1. 0
-4. 3
22. 2
0. 1

-3. 5
28. 3
-6. 7
-16.5
-8. 6

41 .1
27. 0
-2.
23. 0
-6. 9

26. 3 Fgn. net borrowing in U.S.
1 .6
2. 7
Bank loans n.e.c.
27. 3
Commercial paper
-5. 3
U.S. govt. 8 other loans

26
27
28
29
30

204.6

144.0

171.9

709.2

637.1

758.6

665.7

734.9 Total domestic plus foreign

61.8

45.7
4.9

10.6

62.8

2.6

75.3
41.9

2.6

23 .0
- .9

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

6
7
8
9
10
11
12
13

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

1

29 .7

58.5

35.4

47 .1

51 .9

123 .9

187 .3

198 .5

172 .5

214 .3

2
3
4
5

34 .1
1 .4
32 .6

45.7
2.9
42.8

38.3
2.7
35.6

41 .9
2 .9
39 .0

44 .8
2 .3
42 .6

124 .8
13 .2
111 .6

156 .4
-4 .7
161 1
I

176 .2
14 .5
161 .7

183 .7
17 .3
166 .4

167 .4
17..9
149..4

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

6
7
8
9
10
11

- 4 .3
6 .6
0 .1
0..3
.6
-10..8

12.8
10.0
1.9
10.3
-9.3

-2.9
9.0
-.2
-2.7
-8.9

5 .2
16..6
0,.2
.6
-6..6
-6..6

7 .0
9 .7
.3
0..1
5 .9
- 8 .4

.9
26..7
0,.3
2..0
11..0
-41..0

30,.9
39..6
.4
4,.2
36 .3
-48 .8

22 .3
37 .7
.7
- 2 .2
9 .4
-21 .8

-11..2
64..1
0..8
.7
-44 .7
-30..7

46..9
39,.5
-1..4
1..7
37..3
-30..3

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

12
13
14

29..7
.
1 .4
32..6

58.5
2.9
42.8

35.4
2.7
35.6

47..1
2.,9
39..0

51 .9
.
2 .3
42..6

123..9
13..2
111. 6

187..3
-4..7
161..1

198 .5
14 .5
161,.7

172. 5
17..3
166. 4

214.,3 Total, by sector
17. 9
Sponsored credit agencies
149. 4
Mortgage pools

12
13
14

15
16
17
18
19
20
21
22

-4..3
.3
2..7
-12..2
.2
3..3
8
1..4

12.8
0.4
-1.5
-10.6
-.3
15.2

-2.9
-4.0
-1.7
-8.1
-1.9
4.2

9.6

8.7

5. 2
1
-7. 8
-11..3
1..2
11..0
.5
12. 6

7..0
-3..1
-7..0
-11..0
0..8
18..8
.4
8,.8

.9
3! 5
16. 5
-44. 7
-2. 3
23. 5
-3. 1
5. 7

30..9
,7
-3.,9
-56, 2
0. 7
52. 6
0. 1
38. 2

22,.3
-4..9
-12,.8
-15,.8
-8..3
29. 8
.5
34..7

-11..2
-7. 9
-32. 6
-52. 7
5. 9
27. 8
-2. 0
50. 3

46. 9
-14. 4
-22. 7
-38. 0
1. 2
87. 1
-1. 5
35. 3

15
16
17
18
19
20
21
22

949.2 Total net borrowing
454.0
U.S. government securities
25.9
Tax-exempt obligations
79.2
Corporate 8 foreign bonds
228.7
Mortgages

'

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Mutual savings banks
Finance companies
REITs
SCO issuers

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

202 .7
74 .4
11 .5
24 .4
71 .5

263.. 1
109..0
4..8
32..1
66..5

179..4
102,.8
.1
27..7
61,.6

219..0
82..8
4,.3
38..7
66,.8

230 .5
113 .3
9 .6
19 .7
60 .3

833..0
298..7
34.
97..6
272..7

824..4
341..4
19.
125..9
240..1

957..1
423..8
13..0
110..5
307..9

838.2
412.5
21.9
158.0
243.5

6
7
8
9

14 .3
11,.8
7,.4
-12..5

19,.6
12..9
9.,6
8.,4

-16..3
-11..9
15..2
.9

9..0
7.,3
1.8
8.,2

11 .0
.7
15 .5
.7

37..1
56. 5
48. 5
-12..2

44..1
7. 5
51..6
-5. 4

14..6
10..6
62..7
14..0

9.8
3.7
-27.7
16.5

10

-3..0

-11. 8

-10..0

16. 0

6..8

-22. 7

-7. 3

11
12

169,.4
43..4

212. 0
75. 1

155..2
74. 5

144..7
24..9

166..2
61..7

701. 6
196..7

627..6
192..4

27.7
15.0
82.1
36.6

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

I
2
3
4
5
6
7
8
9

-40.5
21..5
18.8 Memo: U.S. govt, cash balance 10
Totals net of changes :In U.S. govt, cash balances:
740..6
665.1
689.8 Net borrowing by dom. nonfin. 11
226..2
269.2
267.9
By U.S. government
12

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

-18.3
10.7
-29.1
-36.6

6

7.5

*

0 .5
15 .4
-14..9
-19 .8
1 -1

4..2
19..1
-14..9
-17..3
2..5

13.,7
20..1
-6. 4
-12..0
0. 1

-5..8
9..3
-15 .1
-18 .5
2..1

-61.0
57.9
-118.9
-146.3
-.1

14..9
72..4
-57 .6
-79 .3
4 .5

-4,.8
53.
-57,.9
-69..0
9..9

50 .5
76,.5
-26,.0
-48 .0
0,.3

-11..9
51..7
-63..7
-74,.0
8,.4

3 .8

,1

5..5

1 .4

27.5

17 .2

1..2

21 .7

2..0

LATEST DATA PRELIMINARY




Mutual funds
All other
Nonfinancial corporations
Financial corporations
Foreign shares
purchased in U.S.

2
3
4
5
6

TABLE 3

27, DECEMBER 5,
Households

Households
Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1989

I

II

III

IV

I

I

1990
II

III

Households, Personal Trusts, and Nonprofit Organizations
3526.2
512.9

3766.4
571.7

4070.8
591.6

4384.3
658.7

4302 .2
640 .4

4362 .9
665 .5

4402 .8
659 .4

4469 .2
669 .6

4562 .8
675 .1

4622 .2
696 .5

4680 .3
709 .4 - Personal taxes and nontaxes

3013.3
2888.5
124.9
78.7
17.5
125.4

3194.8
3102.2
92.5
73.9
22.4

118.0

3479.2
3333.6
145.6
84.9
6.3
133.8

3725.6
3553.7
171.9
93.3
15.0
133.9

3661 .8 3697 .4
3472 .0 3528 .5
189 .8
168 .9
90 .0
93 .2
17 .2
17 .5
132 . 1
135 .0

3743 .4
3588 .9
154 .5
96 .0
16 .7
144 .3

3799 .6 3887 .7
3625 .4 3696 .4
174 .2
191 .3
93 .8
90 .7
8 .6
7 .2
124 . 1 140 .8

3925 .7
3730 .6
195 .1
98 .5
18 .9
122 .8

3970 .9 =
3806 .2 164 .7 =
108 .8 •
15 .9 +
122 . 1 •

10
11

346.4
361.7
708.1

306.8
390.1
696.9

370.6
412 .1
782 .7

414.0
432.8
846.8

429 .1
425 .0
854 .1

414 .6
430 .2
844 .8

411 .5
435 .3
846 .9

400 .7
440 .5
841 .2

429 .9
445 .7
875 .6

435 .3
450 .8
886 .2

411 .4 = Net saving
456 .0 + Capital consumption
867 .4 = Gross saving

12
13
14
15
16

9
10
11

766.6
603.8
181.7
406.0
16.1

735.6
645.7
204.0
423.4
18.3

854
700 .8
224 .3
457 .5
19 .0

875.8
731.9
237.8
474.6
19.5

839 .9
719 .8
234 .2
466 .4
19,.3

904 .6
728 .6
235 .6
473 .6
19,.4

931 .9
747 .0
240 .4
487
19 .5

826 .7
732 .3
241 .4
471 .2
19 .7

1010 .1
758 .6
246 .7
492 .1
19 .8

952
739 ' 9
241 .6
478 .4
19..9

905 .7
736 .9
235 .0
481 .9
20,.0

12
13
14
15
16

17
18

162.8
465.7

89.9
381.3

153 .3
475 .8

143.9
435.1

120.. 1
421 .
.2

176..0
455..9

184..9
475..7

94 .4
387 .4

251..5
576..4

212..2
470. 6

168..8
463..7

Net acq. of financial assets 18

19

302.6

326.5

445 .3

409.9

473. 8

397. 7

513..9

254.,2

520..3

307. 7

372. 6

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

20
21
22
23
24

234.4
91.2
120.4
-16.8
39.6

144.6
3.1
66.8
46.6
28.1

194 .5
5 .4
115 .3
50 .3
23 .5

213.9
20.9
90.5
21.3
81.2

141. 3
12. 5
22. 1
71 .7
35. 0

234. 1
-28. 7
90. 1
57. 3
115.4

246. 8
9. 7
152. 6
-26. 7
Ill .1

233. 4
90. 0
97. 4
-17.2
63. 2

169. 5
7.
104. 4
-8.4
66. 3

12. 7
19. 6
2
-14. 0
7. 3

133. 3
58. 6
31 .6
-76.4
119. 5

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

68.2
-13.0
-22.7
52.9
36.8
14.3

182.0
72.3
58.8
23.3
17.5
10.1

250 .8
135,.6
50..3
-9,.4
28..3
46. 0

196.0
145.6
27.4
0.7
20.9
1.4

332. 5
220. 0
58. 9
-16. 5
31 .7
38. 4

163.5
126. 9
7. 1
9.4
18. 7
1. 4

267. I
207. 2
32. 9
-4. 7
7. 0
24.8

20.8
28. 2
10. 6
14. 6
26. 2
-58.8

350.8
252. 9
2.4
28. 4
32.8
34. 3

295. 0
215. 5
6. 4
14.
20. 2
38.8

239. 3
252. 7
9. 2
-19.
23. 4
-27. 0

Credit mkt. instruments
U.S. govt, securities
Tax-exempt obligations
Corporate 8 fgn. bonds
Mortgages
Open-market paper

31
32

139.6
-124.5

25
26
27
28
29
30

75.5
-109.5

-2. 7
-115. 4

38.0
-126.0

1 .2
-166. 7

30.2
-67.5

54. 0
-136.4

66. 7
-133.5

45. 3
-102.5

67. 3
-111. 1

40. 5
-80.4

33
34

17.5
152.2

26.0
137.8

25. 3
181. 0

26.2
148.5

23. 6

32. 9

21. 6

26. 9
241.1

36. 7
157.9

37. 9
231.0

34. 4

35
36
37

-47.0
9.0
16.4

-91.1
-5.8
21 .8

-76.5
8
17. 0

-85.5
12.3
11.6

-89.2
7.6
8.7

-75.5

22.2

-99.8

13.4

-77.6
-2.7
14.8

-87.6
-4.1
10.3

-68.9
-5.1
11.7

-96.7
0.9
13.3

38
39
40
41
42

302.8
293.0
214.9
55.3
2.7

291 .3
302.2
233.0
38.0
-4.5

322. 5
314. 9
230.8
55. 0
-4. 7

291.2
285.0
221.6
38.8
0.2

301 . 1
293.4
224.9
42.5
-4.3

279.9
264.0
212.4
36.5
0.4

290.8
290.8
227.6
30.4
6.7

221 .6

324.9
300.0
239.3
18.8
-4.2

258.4
270.2
226.6
13.4
— 3.6

294.9
283.4
208.1
40.6
-12.9

43
44
45
46

-2.2
6.1
9.6
6.6

-1.0
32.3
-2.6
6.9

0. 9
27. 0
8
7.8

1.7
13.4
1.6
7.6

17.3
7.4
5.7

10.7
-1.2

3.2
15.6
-.3
7.6

10.0
0.6

6.8

11.2

3.7
15.5
5.5
21.5

14.2
-1.7
14.5

5.2
14.0
15.1
13.3

47
48
49

8.2
3.0
-1.3

-15.3
3.2
1.2

3. 1
4. 1
0.4

0.8
5.0
0.4

3.1
4.6

10.8

-5.4

18.2

-19.6
7.1

3.4
7.4
0.7

50

-58.5

-38.7

-71 .4

-29.0

14.2

-.8

6.0

4.6
0.5

-5.2
4.7
0.5

22.1

9.8

293.0
291 .8
46.0
-1.9
4.2

6.1

0.5

6.0
0.7

0.6

-59.8

Disposable personal income
Personal outlays
Personal saving, NIPA basis
Credits from govt, insurance
Capital gains dividends
Net durables in consumption

Capital expend, net of sales
Residential construction
Consumer durable goods
Nonprofit plant and equip,

Mutual fund shares
Other corporate equities

31
32

Life insurance reserves
Pension fund reserves

33
34

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

35
36
37

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
Mi scellaneous

38
39
40
41
42
43
44
45
46
47
48
49

-38.3 Discrepancy
(1) Excludes corporate equities.
Memoranda:

51
52
53
54
55
56

181 .7
5 .3
176 .4
67 . 1
214 .9
-100 .2

204 .0
5 .3
198 .7
70 .0
233 .0
-99 .0

224 .3
5 .3
219 .1
73 .0
230 .8
-79 .5

237 .8
5
232 .8
76 .0
221 .6
-59 .7

234 .2
5 .4
228 .8
74 .8
224 .9
-65 .6

235 .6
5 .1
230 .5
75 .6
212 .4
-52 .3

240 .4
4 .8
235 .6
76 .3
227 .6
-63 .5

241 .4
5 .0
236 .5
77 . 1
221 .6
-57 .3

246 .7
4 .9
241 .8
77 .8
239 .3
-70 .4

241 .6
4 .9
236 .7
78 .6
226 .6
— 63 .5

Net physical investment:
(A ) Residential construction
235 .0
Expendi tures
4 .8
Mobile homes
230 .2
Other
79 .3
- Capital consumption
208 . 1
- Home mortgages
-52 .4
= Excess net investment

51
52
53
54
55
56

57
58
59

406..0
280..6
125..4

423 .4
305 .4
118 .0

457..5
323..7
133..8

474..6
340..7
133..9

466..4
334..3
132. 1

473..6
338..6
135..0

487..1
342..8
144..3

471,.2
347..1
124..1

492 el
351 .3
140,.8

478 .4
355 .6
122,.8

(B ) Consumer durables
481 .9
Expendi tures
359 .8
- Capital consumption
122..1
= Net investment

60
61

58.,0
67. 4

33..5
84..5

57
58
59

50. 2
83. 6

39., 1
94. 8

38. 2
93. 9

36. 9
98. 1

37.,1
107. 2

44..1
80..0

14..6
126..2

9..8
113..0

27..7
94..3

- Consumer credit
= Excess net investment

60
61

62
63
64

16. 1
14. 1
2. 0

18. 3
14.8
3. 5

19. 0
15. 4
3.5

19. 5
16.
3.4

19. 3
15. 9
3.4

19.4
16. 0
3.4

19.5
16.2
3. 3

19. 7
16. 4
3. 3

19.8
16.5
3.2

19. 9
16. 7
3. 2

CC]
20. 0
16. 9
3. 2

Expenditures
- Capital consumption
= Net investment

62
63
64

65
66

14..5%
4.,1%

15..1%
2. 8%

14..5%
4..1%

15.0%
4.6%

14.8%
5.1%

15.2%
4.5%

14.9%
4.1%

14.9%
4.5%

14.7%
4.9%

15.0%
4.9%

67

22. 7%

21. 1%

21. 9%

22.0%

22.6%

22.1%

21.9%

21.5%

21.9%

21.9%

21.1% Gross saving

68
69
70
71

19. 4%
14. 9%
9. 7%
9.4%

19. 6%
11.5%
8.8%
9. 1%

19. 6%
13. 3%
9. 0%
8.8%

19.0%
11.3%
7.5%
7.4%

19.0%
11.1%
7.9%
7.7%

19.1%
11.9%
7.3%
6.9%

19.3%
12.3%
7.5%
7.5%

18.7%
9.9%
7.5%
7.4%

19.0%
14.4%

18.3%
11.6%
6.3%
6.6%

17.9%
11.3%
7.2%
6.9%

72

3109 .5

3291 .0

35701.4

3833.8

3769.0

Percentages:
15.1% Effective tax rate
4.1% Saving rate, NIPA basis

65
66

Percent of adj. disposable income (2):

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY.




8.1%

7.5%

Capital expenditures
Acquisition of finan. assets
Net increase in liabilities
Credit market borrowing

3808.1 3856.1 3902.0
fkiTPA Hie
ki" 7 5 9 8 5 , 6 <40<43-l 4095.6 (2) Adj. disposable income =
(NIPA disposable income • govt, insurance credits • capital gains divid.)

68
69
70
71

TABLE 4

27, DECEMBER 5, 1990
Nonfinancial Corporate Business

Nonfinancial Corporate Business

Sector Statements of Saving and Investment
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1986

1987

1988

1989

1
1

11

I

1989
III

IV

1
1

I

1990
II

III

Nonfinancial Corporate Business, Excluding Farms

1

1
2
3
4

156.5
75.2
74.1
7.3

217.2
92.9
81.5
42.8

251.0
101.8
80.5
68.8

241.4
101.0
104.5
35.9

260.5
107.3
107.0
46.0

246.3
101.2
101.0
44.2

232. 8
99. 2
106. 3
27. 4

225. 9
96. 2
103. 8
25. 8

227.8
94.9
118.2
14.7

232.1
97.1
112.0
23.0

237. 3 1
Profit tax accruals
99. 9
Dividends
117. 9
U.S. undistributed profits
19. 4

2
3
4

5
6
7

49.5
265.3
322.1

46.6
279.6
369.0

39.7
295.3
403.8

18.8
315.4
370.1

27.6
307.0
380.5

22.9
310.4
377.5

15. 0
320. 0
362. 4

9. 7
324. 3
359.8

5.3
323.7
343.8

1.2
325.6
349.8

-3. 7
330. 9
346. 6

, NIPA

5
6
7

8
9
10

15.5
6.8
344.3

22.9
-19.4
372.4

14.5
-27.0
391.4

31.6
-21.7
380.0

42.4
-43.0
379.9

25.3
-23.1
379.7

29. 2
— 6. 1
385. 5

29. 6
-14. 5
374. 9

38.2
-11.4
370.6

25.4
-.5
374.7

36.8
-22. 4 + Inv. valuation adjustment
361 .0 = Total internal funds > IVA

8
9
10

11
12
13
14
15
16
17
18

301.3
330.4
319.8
316.1
2.4
1.3
3.5
7.2

345.3
354. 1
320.2
318.0
1.1
1.0
30.9
2.9

337.9
378.3
353.1
351 .8
0.1
1.2
22.0
3.3

355.8
382.2
364.5
365.5
-2.2
1.2
15.4
2.4

346.7
377.4
365.5
363.7
0.4
1 .4
8.6
3.3

338.5
388.3
365.2
364.8
-.7
1.0
21.5
1.6

370. 7
385.
366. 6
369. 8
-4.
0. 9
16.
2. 4

367. 2
378. 2
360. 7
363. 7
-4. 6
1. 6
15. 2
2. 3

342.0
343.1
371.1
371.3
-1.3
1.1
-30.9
2.8

391.8
377.4
364.1
364.2
-.7
0.7
8.9
4.4

379. Gross investment
389. 0 Capital expenditures (1)
Fixed investment
379. 9
Plant and equipment
378. 9
Home construction
Multifamily residential
1 .2
Inventory change • IVA
6. 6
Mineral rts. from U.S. govt.
2. 5

11
12
13
14
15
16
17
18

19
20

-29.1
150.8

-8.8
112.5

-40.5
116.3

-26.5
106.2

-30.7
106.8

-49.7
171.7

-14. 4
59.,3

-11. 0
87. 1

-1.0
126.9

14.3
119.3

-10. 0
76. 6

Net financial investment
19
Net acq. of financial assets 20

21
22
23
24
25
26
27
28
29

60.8
18.8
7.2
3.6
12.2
5.9
14.5
3.1
-4.4

24.7
9.6
4.1
0.8
0.8
-2.5
3.6
2.6
5.7

-5.1
15.0
-3.3
8.2
-11.2
-5.7
1.5
— 9.6

15.0
-7.4
7.0
4.0
4.0
4.4

52.0
— 1.8
10.5
3.8
7.5
10.4
9.3
-4.0
16.4

4. 6
11. 0
5. 7
5. 6
-4. 6
-28. 6
15.,0
4. 0
-3.,4

-11. 4
-13. 0
4. 2
2. 4
-2. 6
12. 4
-9..0

15.3

-4. 8
-16. 8
5.
1 .4
-6.
7.,0
7. 5

-5. 8

22.8
0.6
7.2
6.5
-14.3
-1.3
19.1
-4.0
9.0

31.3
7.2
11.2
-1.5
-5.2

-1.0
4.0

15.0
-25.8
7.6
4.3
15.7
23.5
-15.3
-4.0
8.9

4.4

-2. 8

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

21
22
23
24
25
26
27
28
29

30
31
32
33
34
35
36

0.1
3.8
29.5
56.7
12.4
3.3
9.0

2.8
-2.7
61.5
26.2
26.0
8.3
17.7

1.3
-2.7
61.5
61.4
13.3
0.9
12.4

-.8
0.5
26.8
64.7
23.7
3.2
20.5

-5.7
-.5
18.3
79.7
22.8
-3.4
26.2

5.0
0.7
19.4
94.6
35.8
3.3
32.5

4. 7
0. 7
16..2
33.. 1
28..7
4 .2
24,.5

-7..3
.0
53.,3
51..4
7. 5
8..7
-1..2

1.9
1.4
30.9
70.0
38.5
13.6
24.9

3.4
1.6
15.3
67.7
20.7
-3.7
24.4

8..4
2..0
8..4
62..6
35..5
6..2
29..3

Consumer credit
Mutual fund shares
Trade credit
Miscellaneous assets
Foreign dir.invest.(2,5)
Equity, etc.
Retained earnings

30
31
32
33
34
35
36

37
38
39

20.2
0.1
24.0

10.9
0.4
-11.0

11.0

16.8

19.2

18.0

14..0

16..0

18.0

18.0

16..0

37.0

24.2

37.7

40.8

-9 .6

27..9

13.5

29.0

11 . 1

40
41
42

179.8
124.7
-85.0

121.3
48.2
-75.5

156.8
55.1
-129.5

132.7
35.4
-124.2

137.5
18.0
-172.3

221.5
118.7
-98.7

73 .7
1 .0
--146 .3

98 .1
3 .8
-79 .3

127.9
93.8
-69.0

104.9
43.3
—48.0

86 .6
15 .9
-74 .0

43
44
45
46
47
48
49

209.7
-9.9
126.8
28.6
1.9
0.5
26.1

123.7
-.9
79.4
15.6
0.9
0.7
13.9

184.6
0.1
102.9
11.1
0.1
1.0
10.1

159.5
-1.1
73.7
6.5
-1.8
0.9
7.4

190.3
1.1
58.2
20.5
0.3
1.0
19.2

217.4
-3.8
86.5
19.1
-.5
0.9
18.7

147 .3
.2
62 .7
-1 .4
-3 .3
0 .9
0 .9

83 . 1
-1 .7
87 .4
-12 .0
-3 .7
0 .9
-9 .2

162.8
0.7
44.6
25.1
-1.0
2.9
23.2

91.3
0.6
66.9
4.0
—. 6
0.9
3.7

89 .9

50
51
52
53
54
55
56
57

49.9
-9.3
23.7
3.3
8.0
1.5
- .2
11.1

4.1
2.3
23.4
-.1
17.0
0.1
4.4
1.9

32.8
11.9
25.8
1.3
14.5
-1.0

45.5
32.3
32.7
-.7
12.8
-1.2
2.5
19.2

42.7
39.5
33.4

11.0

33.1
20.4
26.9
-1.1
12.2
-.4
3.2
13.0

5.4
10.5

48 .8
16 .9
20 .6
-1 .4
9 .8
.2
0 .2
13 .2

-4 .6
-6 .9
20 .8
-2 .3
8 .6
1 .0
4 .6
9 .0

8.4
69.7
14.2
-1.5
4.6
0.2
-5.3
16.1

2.8
-6.0
23.1
-5.0
26.4
0.3
-12.9
14.3

-10 .0
17 .5
35 .0
.2
21 .2
.3
- 7 .8
23 - 1

58
59
60
61
62

5.3
13.7
36.1
35.4
0.7

5.9
19.9
47.3
45.4
1.9

0.9
43.1
57.6
51.9
5.7

-.2
27.8
69.7
72.3
-2.7

-1.0
30.6
89.9
102.2
-12.3

0.5
30.6
71.6
68.6
3.0

- 8 .8
28 .7
52 .7
51 .7
1 .0

8 .4
21 .4
64 .4
66 .8
- 2 .4

-10.5
15.2
29.4
37.6
-8.2

17.5
16.0
28.2
32.1
-3.9

6 .5
25 .2
39 .0
36 .4
2. 6

63

43.0

27.1

53.5

24.2

33.2

41.2

14 .9

7 .7

28.6

-17.0

64
65
66

15.8
74. 1
17.6

17.5

41.6
94.0
14.6

18.4
106.8
28.8

-1.0
111.4
19.2

-12.2
93.8
8.2

-11.2
134.7
21.2

-12 .5
112 .9
20 .1

31 .9
104 .4
27 .3

15.7
100.9
14.7

-.7
118.8
23.6

67
68
69

145.5
64.2
83.2

94.0
29.7
55.5

114.1
70.5
114.6

79.1
80.4
108.1

79.8
110.5
140.1

101.8
115.6
146.8

61 .1
86 .2
106 .1

73 .7
9 .4
39 .2

70.4
92.3
97.1

71.4
19.9
53.3

70
71
72

48.0%
95.9%
63.4%

42.7%
95.0%
34.9%

40.5%
96.6%
48.8%

41.8%
100.5%
41.7%

41.2%
99.3%
50.4%

41.0%
102.2%
55.9%

42. 6%
99.8%
38. 2%

42. 5%
100. 8%
21. 9%

41.6%
92.5%
47.4%

41 .8%
100.7%
24.1%
8.9
-.5
9.4

38 . 1
9 .3
.1
.1
9 .5

Insurance receivables
37
Equity in sponsored ags. 38
Other
39
Net increase in liabilities
Net funds raised in mkts.
Net new equity issues
Debt instruments
Tax-exempt debt (3)
Corporate bonds (2)
Mortgages
Home mortgages
Multifamily
Commercial
Bank loans n.e.c.
Commercial paper
Other loans
Savings&loan assns.
Finance companies
U.S. government
Accept.liab.to banks
Foreign
Profit taxes payable
Trade debt
Fgn.dir.invest.in U.S.(5)
Equity, etc.
Retained earnings

-18 .0 Discrepancy
Memorandum items:
16.8
.8 Trade credit net of trade debt
-16
97 .7
broad
19 .7
Debt subtotals:
47 .4
42 .5
74 .2 otal short-term liab.
Percent ratios:
42. 0%
7%
107.
exp.
23. 1%
(1) Capital outlays on book basis:
6.6 Inventory change, NIPA
-22.4 Less: Inv. val. adjustment
29.0 = Inventory change before IVA

73
74
75

3..5
6..8
-3..3

30..9
-19..4
50..3

22 .0
-27 .0
49 .0

15..4
-21..7
37..0

8 .6
-43..0
51..6

21..5
-23.
44..6

16,.1
-6..1
22..2

15.2
-14.5
29.7

-30.9
-11.4
-19.5

76
77

323..7
322 .1

373 .5
369 .0

405 .3
403 .8

403..9
370..1

420..4
380 .5

411 .4
377 .5

391..2
362..4

392.7
359.8

78

1 .6

4 .5

1 .5

33 .8

39 .9

33 .8

28 .8

32.9

354.5
377.9
411.4 Total cap. expend, before IVA
343.8
349.8
346.6 Less: US internal funds, book
= Financing gap: Excess of capital expenditures
10.7
28.1
64.8
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, taxes payable and trade debt.
(5) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY.




40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69

72
73
74
75
76
77
78

5, 1990

TABLE 5

27* DECEMBER
Funds Raised in Credit Markets

Funds Raised in Credit Markets
Summary of Net Funds Raised in Credit and Equity Markets

ANNUAL FLOWS, $ BILLIONS
1978

1979

ANNUAL FLOWS, $ BILLIONS

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

Net Credit Market Borrowing by Nonfinancial Sectors
1

372,.1

381 .0

337 .8

383 .6

398 .4

538..1

752 .3

848 .1

836 .9

687 .0

760 .8

Total net borrowing by domestic
6 78,.2
nonfinancial sectors

1

2
3
4

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

144,.9
143..4
1,.5

157 .5
140 .0
17,.4

151,.6
150..0
1..6

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5

318 .4

343 .7

258 .7

296 .2

237 .1

351 .5

553 .5

624 .5

621 .9

542 .1

603 .3

526 .6

Private domestic
nonfinancial sectors

5

6
7
8
9
10
11
12
13

202 .5
29 .5
21 .1
151 .8
110 .2
10 .9
21 .9
8 .8

209 .9
27 .7
17 .3
164 .9
116 .6
10 .0
24 .4
14 .0

185 .2
24 .7
27 .7
132 .9
95 .3
7 .6
19 .2
10 .7

165 .7
33 .7
22 .8
109 .2
72 .4
4 .8
22 .2
9 .7

157 .2
50 .4
18 .7
88 .2
53 .4
5 .4
25 .2
4 .1

247 .1
43 .3
16 .0
187 .9
120 .4
14 .1
51 .0
2 .4

319 .9
51 .0
46
222 .8
136 .7
25 .2
62 .2
-1 .2

451 .2
135 .4
73 .5
242 .2
156 .8
29 .8
62 .2
-6 .6

465 .8
22 .7
126 .8
316 .3
218 .7
33 .5
73 .6
-9 .5

453 .2
49 .3
79 .4
324 .5
234 .9
24 .4
71 .6
-6 .4

459 .2
49 .8
102 .9
306 .5
231 .0
16 .7
60 .8
- 2 .1

379 .8
30 .4
73 .7
275 .7
218 .0
16 .4
42 .7
-1 .5

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

6
7
8
9
10
11
12
13

14
15
16
17
18

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

133 .8
40..5
48 .7
9,.0
35..6

73 .4
2 .6
36 .8
4 .0
30 .0

130 .5
16 .9
50 .5
14 .7
48 .5

79 .9
16 .4
53 .9
-6 .1
15 .8

104 .4
48 .9
25 .0
.8
31 .3

233 .6
81 .7
68 .0
21 .7
62 .2

173 .3
82 .5
40 .6
14..6
35,.6

156 .1
58 .0
66 .9
-9 .3
40,.5

88 .9
33 .5
10 .0
2..3
43 .2

144 .1
50 .2
39 .8
11 .9
42 .2

146 .8
39 .1
39 .9
20 .4
47 .4

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

14
15
16
17
18

19
20
21
22
23
24
25

318..4
17.,7
165..6
135.. 1
16..3
47. 9
71 .0
.

343,.7
15..0
171,.5
157..2
23..5
65..6
68.. 1

258 .7
11 .6
117 .3
129 .7
15 .8
55 .8
58,.2

296 .2
17 .1
114 .3
164 .8
16 .3
44..4
104..1

237,.1
27 .7
84 .3
125..1
6,.7
71,.8
46,.6

351..5
23,.6
185..6
142,.3
3,.9
81..9
56. 5

553 .5
28..1
231,.8
293..6
.4
123..2
170..8

624,.5
90,.9
284,.5
249,.1
-14..5
129,.3
134,.3

621,.9
36..2
293..0
292..7
-16..3
99..2
209..7

542,.1
48,.8
302..2
191,.0
-10..6
77..9
123.,7

603 .3
45,.6
314..9
242..8
-7..5
65..7
184..6

526..6
29..6
285..0
211..9
1..6
50..8
159..5

By borrowing sector:
StateSlocal governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

19
20
21
22
23
24
25

26
27
28
29
30

24. 0
4..0
18..3
,0
0. 7

15..0
3..7
3..1
1.,7
6..5

24,.2
1,.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

.2
3.8
-2.8
6, 2
-6. 0

9. 7
3..1
-1..0
11. 5
-3. 9

4..5
7.,4
-3. 6
2. 1
-1. 4

6. 3
6. 9
-1.8
8. 7
-7. 5

.9 Fgn. net borrowing in U.S.
10.
10.9
5..3
Bonds
Bank loans n.e.c.
.1
13..3
Commercial paper
-7. 5
U.S. govt. & other loans

26
27
28
29
30

31

396. 1

396. 0

362. 0

414. 4

555. 4

760. 6

849. 3

846. 6

691. 5

767. 1

689. 1 Total domestic plus foreign

31

407.

Net Credit Market Borrowing by Financi al. Sectors
Total net borrowing
by financial sectors

1

73. 3

89. 6

65. 4

103. 6

90. 8

100. 3

150. 7

201. 3

285. 1

300. 2

247. 6

205. 5

2
3
4
5

37. 1
23.
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
4
66.4

74. 9
30. 4
44. 4

101.5
20. 6
79. 9
1. 1

154. 1
15. 2
139. 2
4

171.8
30. 2
142. 3
8

119.8
44. 9
74. 9

151. 0
25. 2
125.8

6
7
8
9
10
11

36.2
7.8
0.2
1.8
13.9
12.5

41 .7
5 .5

20 .6
1 .6

56 .2
6 .0

32 .5
18 .6

-1 .0
12 .9
7 -1

.2
32 .7
16 .2

.4
21 .3
- 7 .0

75 .9
34 .3
0 .4
1 .4
24 .0
15 .7

99 .7
50 .9
0
2 .6
32 .0
14..2

131 .0
82 .9
0 .1
4 .0
24..2
19..8

128 .4
78 .9
0 .4
-3 .2
27 .9
24 .4

127 .8
51 .7
0 .3
.4
54 .8
19 .7

54.5
36.8

0 .2
26 .8
9 .2

25 .9
13 .7
0
1 .4
9 .9
0 .8

1.8
26.9
-11.0

12
13
14

73.3
23.5
13.6

89 .6
24 .8
23 . 1

65 .4
25 .6
19 .2

103 .6
32..4
15 .0

90,.8
15,.3
49..5

100 .3
1 .4
66 .4

150 .7
30 .4
44 .4

201..3
21..7
79.-9

285..1
14,.9
139..2

300 .2
29 .5
142..3

247 .6
44 .9
74 .9

205.5 Total, by sector
25.2
Sponsored credit agencies
125.8
Mortgage pools

12
13
14

15
16
17
18
19
20
21
22

36.2
-.5
7.5
14.6
0.4
15.0
-.8

41 .7
9. 1
4. 1
9 .5
0 .7
18 .8
.4

20..6
8..3
6..7
6..8
0..7
-1 .2
.
7

56..2
11..6
10..8
15..6
0..4
18..1
.4

25..9
11..7
7.
1,.7
,6
5. 5
.1
0. 6

32..5
5,.0
13 .3
-6..2
.4
17,.5
.3
3..6

99, 7
-4..9
16. 6
17. 3
1.5
57. 7

131.,0
-3..6
15..2
20..9
4.,2
54..7
0.8
39..0

128..4
6..2
14..3
19.,6
8..1
40..8
0..3
39..1

127,.8
-3..0
5,.2
19. 9
1..9
67,.7
3..5
32. 5

54.5
-1.4
6.2
-14.1
-1.4
46.3
-1.9
20.8

15
16
17
18
19
20
21
22

75 .9
7,.3
16,. 1
17..2
1..2
24,.3
0. 5
9..3

11. 5

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

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Mutual savings banks
Finance companies
REITs
SCO issuers

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

469 .4
90.5
29..5
32..9
151 .9
.

485 .6
84 .8
27 .7
26 .5
164..8

427 .4
122..9
24 .7
30..5
132..7

510,.7
133,.0
33..7
34..3
109.,1

505 .2
225 .9
50,.4
39..0
88..2

655 .7
254.4
43..3
37..7
187..8

911 .4
273 .8
51 .0
84 ,2
223..1

1050 .6
324 .2
135 .4
128 .2
242 .2

1131..7
369..5
22..7
212..8
316..4

991 .7
317 .5
49 .3
165 .7
324 .9

1014..7
277..2
49..8
161..5
306..7

6
7
8
9

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

40..5
52,.0
37,.5
51,.9

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

16.,9
54..7
51..3
77.,7

16.• 4
49..7
5..7
30..0

48..9
28..2
26,.9
28. 4

81..7
62..7
51..9
82..9

82,.5
40,.3
52..8
45..0

58 .0
69..9
26. 4
56..1

33 .5
3 .2
32 .3
65 .5

50.,2
39. 4
75. 4
54. 4

10

3. 8

0..6

-3. 8

11
12

368. 3
49. 9

380..4
36..8

341. 7
83. 0

383. 6
87, 4

7.,3

-7..1

6..3

14..4

391.
154. 0

545. 2
193. 7

746..0
192..5

833..7
209.,3

836. 9
215. o.

894. 5 Total net borrowing
302..6
U.S. government securities
30. 4
Tax-exempt obligations
115. 8
Corporate 8 foreign bonds
275, 7
Mortgages
39. 1
41. 5
60. 6
28. 9

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

1
2
3
4
5
6
7
8
9

-7..9
10. 4
-5. 9 Memo: U.S.. govt, cash balance 10
Totals net of changes in U.S. govt, cash balances-:
694,.9
750. 4
684. 1 Net borrowing by dom. norrfin. 11
152,.8
147. 1
157. 5
By U.S. government
12

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

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

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

17..8
2 .9
14 .9
10..4
2 .2

-6..8
3..7
-10,.5
-13,.5
2..7

16 .7
8 .8
7 .9
.9
4 .7

54 .6
27,.2
27..3
20..0
3..6

-40 .5
29..3
-69..8
-79..0
8..2

17 .2
84..4
-67 .2
-84..5
13,.6

86 .8
159..0
-72..2
-85..0
11..6

6

4

1..0

2..4

0..2

1..4

3..7

0,.9

3 .7

1..2

HISTORICAL DATA ON NET FUNDS RAISED




10,.9 -124 .2
73,.9
1 .1
-63,.0 -125..3
-75.• 5 -129..5
14..6
3..3
-2..1

0..9

-63,.7 Total net share issues
41,.3
Mutual funds
-105,.1
All other
-124,.2
Nonfinancial corporations
2,.4
Financial corporations
Foreign shares
16..7
purchased in U.S.

1
2
3
4
5
6