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FEDERAL RESERVE statistical release
Z.7 (788)

For immediate release
December 6, 1985
FLOW OF FUNDS SUMMARY STATISTICS

Debt of domestic nonfinancial sectors grew at a seasonally adjusted annual
rate of 11.7 percent in the third quarter of 1985, down a bit from a second-quarter
pace of 12.4 percent .JV This deceleration is attributable to a slowing in federal
debt growth in the third quarter, to an 11.3 percent rate • Debt growth of private
domestic nonfinancial sectors—at a seasonally adjusted annual rate of 11 .8 percent—
was up slightly from the second-quarter pace.
Among private borrowers, households continued to take on large amounts of
consumer and mortgage debt in the third quarter. Nonfinancial business borrowing slowed
further in the third quarter to the lowest rate since the third quarter of 1983. This
reduced pace reflects a decline in both short— and long—term borrowing, which occurred
despite the continued strong pace of mergers, takeovers, and share repurchases which
resulted in a large net redemption of equity shares. State and local government debt
rose at a record 26 percent annual rate, influenced heavily by refunding activity.
Net borrowing by domestic nonfinancial sectors totaled $742 billion, at an
annual rate, in the third quarter of 1985, compared with a $760 billion rate in the
second quarter. At the end of the third quarter, outstanding debt of domestic nonfinancial sectors is estimated at $6523 billion, of which $5014 billion constituted
debt of the nonfederal sectors.

Growth Rates of Major Debt Aggregates ±J
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(1)

U.S.
govt.
(2)

—Private domestic nonfinancial—
State &
HouseNonfin .
local
Total
holds
business
govts.
(3)
(4)
(5)
(6)

1981
1982
1983
1984

9 .5
9.3
11 .5
14 .5

11 .8
19 .4
18 .8
16 .9

9 .0
6.9
9 .6
13 .8

8 .2
5.8
11 .5
13.5

11 .1
7.7
7 .3
14 .4

2 .3
8.5
11 .4
12 .2

1984-1
II
III
IV

12 .7
13.9
12 .7
15 .9

14 .7
14 .1
15.4
19 .4

12.1
13.8
11 .9
14.8

11 .7
14.8
11 .8
13.3

13 .6
14 .6
11 .5
15.0

6.5
5.0
14 .0
21 .5

1985-1
II
III

11 .3
12 .4
11 .7

10.5
15 .4
11 .3

11 .6
11 .5
11 A

12.6
12 .6
13.2

9.9
8.8
7.5

14.8
19 .2
26.1

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

Financial
sectors

Total

Memo:
Private
financial assets

1981
1982
1983
1984

13.0
6.6
8.3
.7

17.1
12.5
12.4
16.8

10.5
9.6
11.5
14.3

11.1
9.2
11.4
13.5

1984-1
II
III
IV

12.7
13.9
12.7
15.9

-2.6
21.5
-15.0
-.2

16.5
13.7
18.8
14.4

12.6
14.2
12.4
15.1

11.3
14.2
11.8
14.4

1985-1
II
III
1J

9.5
9.3
11.5
14.5

11.3
12.4
11.7

—3.3
-2.5
2.4

17.6
18.2
16.7

11.6
12.6
12.1

10.7
8.7
10.0

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 T a b l e
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. sources only. Financial sectors consist of
U.S. Government sponsored credit agencies, federally-related mortgage pools, and private
financial institutions. Credit market debt excludes trade debt, loans for the purpose
of carrying securities, and funds raised from equity sources. It consists of debt securities, mortgages, bank loans, commercial paper, consumer credit, government loans, and
other loan forms included in Table 1.
Full statements for sectors and transaction types in flows and in amounts
outstanding may be obtained from Flow of Funds Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.




17, DECEMBER 6, 1985
Credit market Debt (Sa)

Credit Market Debt (Sa|

Table i
Summary or Credit Market Debt Outstanding

SEASONALLY ADJUSTED LEVELS
1979

YEAR
1980

SBASOIALLI ADJUSTED LBV ELS

EMD LEVELS
1981
1982

1983

1
|

II

1984
III

IV

I
|

I

1985
II

III

Credit Market Debt Owed by Nonfinamcial Sectors

3582.0

3909.5

4280.5

4669.2

5208.1

5558.9

5735.6

5963-1

6147.3

6337.5

Total credit market debt owed by
6523.1 domestic nonfinan. sectors

1

663.6
658.0
5.6

1

742.8
737.8
5.0

830. 1
825-6
4.5

991.4
987.7
3.7

1177.9
1174.4
3.6

1264.3
1260.9
3.4

1313.0
1309.6
3.4

1376-8
1373.4
3.4

1412.8
1409.4
3.3

1467.3
1464.0
3.3

1508.9
1505.o
3-3

(J.S. government
Treasury issues
Agency issues + mortgages

2
3
4

3166-8 3450.3
2149.2 2302. 4
351.9
375.2
386.9
365-1
1432-2 1540.3
950.9 1027.2
134-9
135-0
276-2
254-2
102.0
92. 1

3677-9
2444-2
423.9
405-5
1614.8
1069-7
138.4
299-4
107.3

4030.2
2693.3
481.2
421.6
1790.5
1185-3
147.9
347.1
110.3

4294. 6
2832. 8
500. 6
433. 8
1898. 4
1256. 8
155. 7
374- 6
111.3

4422.6
2916.1
518.7
446- 1
1951.2
1289.7
158.0
391.5
112.0

4586- 3
3013- 9
547- 0
463. 8
2003- 2
1323. 5
161. 7
405. 6
112. 3

4734-5
3110-3
565-4
477-3
2067-6
1360-0
173.2
420-0
114.4

4870.2
3204-3
591.2
494-6
2118.6
1395-7
175-9
433-5
113.5

5014-2
3305-4
627-6
508.8
2168.9
1433-0
179.2
445.6
111-2

Private domestic
oufinancial sectors
bt capital instruments
Tax-exempt onligations
Corporate bonds
Mortgages
home mortgages
Multi-family resid.
Commercial
Farm

5
6
7
8
9
10
11
12
13

5
6
7
8
9
10
11
12
13

2918.5
1962.8
321.6
338.5
1302.8
857.0
127.9
235-0
82.8

14
15
16
17
18

955.6
333-9
383-4
36.5
201-8

1017.6
370.9
376- 1
41.7
228.8

1147-9
425.3
398.9
60-9
262.8

1233.7
478.8
420.8
57.3
276.7

1336.9
505.5
480-6
55-7
295.0

1461. 8
550. 8
531- 7
72- 5
306. 9

1506.5
560. 1
554.2
78-1
314.0

1572. 4
585. 6
577. 1
79. 4
330. 2

1624.3
589-8
607.4
85.4
341.7

1665.9
598.3
635. 4
87-5
344.7

1708-8
607.0
664.2
87.9
349-7

19
20
21

2918.5
279-6
1338-0

3166.8
296.9
144 6.4

3450-3
303.6
1570.4

3677.9
329.6
1654-3

4030.2
367.2
1844.8

4294. 6
377. 9
1968. 1

4422.6 4586. 3
412. 2
391. 1
2026.6 2094. 0

4734.5
427.4
2163-5

4870-2
448-0
2231.7

5014-2
477.2
2305.6

By borrowing sector;
State • local governments
Households

19
20
21

22
23
24
25

1300.8
141-8
322-6
836.5

1423.5
156. 1
353.1
914.2

1576.3
172-5
386-2
1017-6

1693.9
180.4
423.4
1090-1

1818-2
184.9
488-6
1144-7

1948. 6
186. 0
529- 7
1233. 0

2004.8
187-6
548.4
1268.8

2080. 1
187. 8
565. 9
1326. 4

2143-6
187.2
594.1
1362-4

2190-5
186-3
611.3
1392-9

2231-4
184-3
629- 6
1417.5

Monfinancial business
farm
Nonfarm noncorporate
Corporate

22
23
24
25

26
2?
28
29
30

182.4
47.0
48.7
37.8
49.0

209-6
47-8
60.2
48.0
53.6

245.2
63-7
34-3
80.9
66-3

256. 1
64. 2
32. 0
91. 4
68. 5

246.4
64.8
28-5
83.8
69-4

246. 3
67. 7
26- 5
82- 3
69- 8

244-3
68-3
23-5
82.3
70.3

242.8
70.3
23-5
77.9
71-0

244.2
71.7
21-8
7y-3
71.4

31

3764-5

4119.1

5453-3

5815. 0

5982-0

6209. 4

6391.6

6580.3

944-9

987-8

1033.5

236-9
53-3
64. 1
61.9
57-7
4517.4

226.3
59.9
29.4
74-9
62. 1
4895.6

Other debt instruments
Bank loans n. e-c.
Consumer credit
Open-narfcet paper
Other

foreign credit market debt
neld in U.S.
Bant loans n-e.c.
Open-market paper
O.S. government loans

14
15
16
17
18

26
27
28
29
30

6767-3 Total nonfinan.domestic * fgn

31

Total credit market deiit owed
by financial sectors

1

Credit Market Debt Owed by Financial Sectors

1

464.1

521.8

610-8

689-7

775- 1

834.4

873.5

905. 1

2
3
4
5

231.8
135.5
94.8
1.5

276.6
159.9
114-0
2.7

324.0
190.4
129-0
4.6

388-9
205-4
178-5
5-0

456-7
206-8
244.9
5-0

491. 1
221.7
264.4
5.0

512.9
531.2
237.2
231.8
289-0
276.1
5.0
5.0 '

552. 1
243.5
303.7
5.0

577.6
250.2
322-3
5.0

599.2
251.0
34 3-2
5.0

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

6
7
8
9
10
11

232.3
79.0
2-0
27-7
81-8
41-8

24 5.2
80.8
1-9
26.9
86.6
49-0

286.8
84-3
1.9
27-7
107.6
65-2

300-8
94-0
2-0
29.6
109-2
66.0

318-5
102-8
2-1
29.5
125-2
59.0

343.3
108.9
2-0
29.6
135.8
66.9

360.6
113-8
2-0
31.2
140.5
73-0

373-9
121-3
2.0
30.4
145.5
74-6

392.8
124.7
2.0
30.6
157.4
78.0

410.3
136.6
2.0
31.3
159-9
80.5

434-3
139-5
2.0
33.8
173-4
85-5

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

12
13
14

464-1
137.0
94-8

521-8
16 2-6
114-0

610.8
195.0
129-0

689.7
210-4
178.5

775.1
211.8
244.9

834.4
226.7
264.4

873-5
236-8
276.1

905. 1
242.2
289.0

944.9
248.5
303.7

987.8
255-. 2
322-3

15
16
17
18
19
20

232-3
6-1
36.0
50.3
135.4
4.4

24 5.2
6.3
42-9
57-8
134.3
3-9

286-8
6-2
51-2
73-4
152-3
3-7

300.8
6. 8
53-3
75.9
161. 1
3.7

318-5
6. 6
61.9
73.9
172.7
3.5

343.3
8. 6
71.9
80.4
178.8
3. 6

360.6
7.9
70-4
87.2
191-4
3.7

373.9
10. 1
72.8
93-2
194. 1
3-6

392.8
11.6
75-8
96.5
205.2
3.6

410-3
12.3
77.4
98-7
218-3
3.7

2
3
4
5
6
7
8
9
10
11

1033-5 Total, by sector
Sponsored credit agencies
256-0
Mortgage pools
343.2

12
13
14

Private financial sectors
Commercial ban&s
Bank affiliates
Savings and loan assns.
finance companies
Beits

15
16
17
18
19
20

434.3
12.5
79.2
104.3
234.4
3.8

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

4228-6

4640.9

5128- 1

5585-3

6228.4

6649. 3

6855.. 5

7114- 4

7336.5

7568-1

7800-8 Total credit market debt

2
3
4
5

893.2
321.6
464.4
1305.4

1016.1
351-9
493.7
1434.6

1149- 1
375-2
524-5
1542.7

1375.0
423.9
559.4
1617-2

1629-4
481-2
588-1
1792-8

1750. 2
500. 6
606. 9
1900. 6

1820.8
518.7
624.7
1953.4

1902- 8
547- 0
652. 9
2005. 3

1959-8
565-4
670-3
2069-7

2039.8
591.2
701-5
2120.7

2103-0
627.6
720.0
2171.0

6
7
8
9

383.4
410.3
156.2
294.1

376wl
457.9
176.3
334.1

398.9
517.2
230-3
390.3

420-8
537.9
241.4
409.8

480-6
569-3
261-8
425.3

531. 7
612. 4
299. 7
447. 3

554.2
619-8
302-4
461.4

577. 1
642. 6
307. 2
479. 6

607-4
643-9
325-1
494.9

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY




635.4
653. 1
325.4
501.2

664. 2
662.7
340.6
511.6

1

U.S. government securities
State and local 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

27, D E C H H B M 6, 1985
Funds raised in credit nartets

, a a 4 a Raise* in Credit l u i . u

Table 2
Summary of Net funds Raised in Credit and Bguity markets

QUARTERLY NET CREDIT FLOWS
1984

III

IV

1
i

QOAMfSBlI NET C M D I T FLOSS
1985
II

I

I
I
|
I

III

II

1984
III

I?

1
|

I

1985
II

III

Net Credit Marmet Borrowing by Nonfinancial Sectors

1

Not seasonally adjusted ( $ b i l l i ions)
186. 1
239.4
140.8
195.8
194.8

2
3
4

54.0
54.1

5

132.1

175.3

6
7
8
9
10
11
12
13

86.6
17.9
12. 5
56.2
35.2
2.4
17.8
.8

14
15
16
17
18

64.2
64.2

Seasonally adjusted annual rates (S billions)
747.0
704.7
909.9
675-5
760.4

Total net borrowing by domestic
742.2
uoafinancial sectors

1

171.9
172.1
-.1

194.9
195.1
-.1

254-9
255. 0
1

144.1
144.2
-.2

218.1
218.2
-.1

166.4
166.4
-.1

U.S. government
Treasury issues
Agency issues • mortgages

2
3
4

Private domestic
nonfinancial sectors

5

41.8
41.9

45.2
45.3

46.1
46.1

*

*

*

99.0

150.6

148.7

575. 1

509.8

655.0

531.4

542.4

575.8

99.7
30.9
18.9
49.9
32.8
3.7
13.5
-. 1

70. 2
12.7
13.4
44. 1
29.6
4.8
9*8
-.2

99.2
28.6
15.7
54.8
37.8
2.7
14.8
-.5

104.0
35.9
14.6
53.5
39.2
3.2
13.2
-2.1

305.2
35.7
28.9
240.6
152.9
19.7
65.5
2.4

333.2
72-3
49-4
211.5
131.8
9.5
67.4
2.8

391.5
113.0
70.9
207.7
135.2
14.5
56.6
1.4

323.0
73.9
53.7
195.5
130.6
19.3
45.7
-.1

376.3
103.2
69.2
203.9
142.8
11-0
53.8
-3.6

404. 1
145.8
56.9
201.5
149. 1
13.0
48.5
-9. 1

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

6
7
8
9
10
11
12
13

45.5
27.7
6.8
6.5
4.5

" 75.5
30.3
30.4
-1.8
16.7

28.8
14.2
-1.7
3.7
12.7

51.4
29.8
11-6
6. 1
3-9

44.7
34.7
6.1
1.4
2.5

269.9
125.4
86.8
40.3
17.3

176.6
90.2
35.3
22.6
28.5

263.5
91.5
102.0
5.0
64.9

208.4
121.3
17-0
24.0
46.2

166.0
112. 1
33.9
8-6
11.5

171.7
115.2
35.0
1.5
20.0

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

14
15
16
17
18

19
20
21
22
23
24
25

132.1
13.0
62.9
56.1
2.3
18.8
35.1

175.3
23.7
77.0
74.5
-3.5
19.0
59.0

99.0
9.5
50.2
39.3
—3. 6
11.9
31.0

150.6
23.4
67.8
59.3
3.0
21.9
34.4

148.7
28.7
79.0
41.0
-1-1
18.4
23.8

575. 1
18.8
280.9
2/5. 3
.4
91.4
183.5

509.8
52.9
232.1
224.8
6.5
75.0
143.4

655.0
84-3
269.3
301.4
1. 1
70.1
230-3

531.4
61.1
263.5
206.8
-11.0
73.9
144.0

542.4
82.2
272.6
187.6
-3.3
68.9
122.1

575.8
116.8
295.3
163.7
-8. 1
73.3
98.5

fly borrowing sector:
State+local governments
Households
Nonfinancial business
farm
Nomfarm noncorporate
Corporate

19
20
21
22
23
24
25

26
27
28
29
30

-9.4
.6
-3.4
-7. 6
.9

-.4
2.9
-2.2
-1.5
.4

-1.0
.6
-2.0
.5

-2.0
2.0
4
-4.4
.8

1.2
1.4
-1.9
1.4
.4

52.3
3.3
-6. 4
50.9
4.5

-38.5
2-4
-14.2
-30.3
3.7

-.4
11.7
-7.8
-5.9
1-5

-8.0
2.3
-12.2
-.1
2.0

-6. 1
8.0
-3
-17.5
3.1

5.8 Fgn. net borrowing in U.S.
5.5
-6. 7
Bank loans n-e.c.
5.5
Open-market paper
1.5
U.S. government loans

26
27
28
29
30

31

176.7

. 239.0

139.8

193.8

196.0

799.3

666.2

909.4

667.5

754.3

748.0 Total domestic plus foreign

31

*

Net Credit Market Borrowing by Financial Sectors
1

39.9

34. 1

32-6

46.9

42. 1

2
3
4
5

24.7
12.5
12.2

16.8
3.4
13.4

19.0
3.9
15.0

25.9
8.8
17.1

6
7
8
9
10
11

15.3
4.8

17.2
8; 3

13.6
4.4

21.0
10.0

.3
3.1
7.1

1-5
5.9
1.6

-1.3
10.4
. 1

12
13
14

39.9
12.5
12.2

3 4„ 1
3.4
13.4

15
16
17
18
19
20

15.3
-.7
-1.5
8.1
9.4
.1

17.2
2.3
2.4
5.3
7.3

110.7

156.5

126.2

159.2

171.9

164.5

20.4
3.6
16.8

65. 1
28.9
36.2

87.3
40.3
47.0

73-0
21.6
51.4

83.7
25.0
58.7

101.8
27- 1
74.7

68.6
3.0
65.6

21.6
2.9

45.6
15.9
-. 1
1.7
3.5
24.5

69.2
19.7
-.1
6.4
18.7
24.5

53.2
29.8
-. 1
-3.2
20.2
6.4

75.6
13.7

70. 1
47.5

95.9
11-7

.8
47.6
13.5

2.8
9-9
9.9

10.0
54.0
20.1

126.2
21.6
51-4

159-2
25.0
58.7

171.9
27.1
74.7

53.2
9.1
9.8
23.9
10.7
-.2

75.6
6.0
12.1
13.0
44.4
.1

70. 1
2.5
6.2
8.9
52.3
-2

-

1.3
4.9
4.9

1.0
11.6
6. 1

32.6
3.9
15.0

46.9
8.8
17.1

42. 1
3.6
16.8

110.7
28.9
36.2

13.6
1.5
3.0
.6
8.5

21.0
.6
1.6
4.6
14.3

21-6
.2
1.8
6.9
12.5
.1

4 5. 6
8.9
23.2
25.2
-12.2
.5

156.5
40.3
47.0
69.2
-2.9
-6. 1
27.4
50.5
.3

*

Total net borrowing
by financial sectors
U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
fed. Home Loan Bank loans

164.5 Total, by sector
3.0
Sponsored credit agencies
65.6
Mortgage pools
95.9
1.0
7.4
22.6
64.5
.5

Private financial sectors
Connercial banks
Bank affiliates
Savings and loan assns.
finance companies
Reits

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

Total Net Credit Market Borrowing, All Sectors, by Type
238.0
66.5
35.9
18.8
53.5

910.0
237. 1
35.7
4 8. 1
240.4

822.7
282.3
72.3
71.4
211.3

1035.6
327.9
113.0
112.5
207.6

826.7
227.9
73.9
69.7
195.3

926.2
319.9
103.2
124.7
203.9

912.5 Total net borrowing
235.0
U.S. government securities
Tax-exempt Obligations
145.8
74.2
Corporate + foreign bonds
201.4
Mortgages

1
2
3
4
5

34.7
5.2
14.4
9.0

125.4
82. 1
94.8
46.3

90.2
27.4
11.0
56.7

91.5
91. 1
19.3
72.9

121.3
5.5
71.5
61.7

112-1
36.9
1. 1
24.5

115.2
38.3
61.0
41.6

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

6
7
8
9

1
2
3
4
5

216.6
78.7
17.9
18.0
56.1

273. 1
81.0
30.9
30.1
49.9

172-4
60.8
12.7
18.3
44. 1

240.7
71. 1
28.6
27.7
54.8

6
7
8
9

27.7
3.7
2.0
12.5

30.3
29.7
2.6
18.7

14.2
-5.1
14. 1
13.3

29.8
12.5
6.6
9.6

10

16.8

-12.1

-4.2

10.6

—6. 8

-3.6

19.3

11
12

169.3
37.2

251.5
76.2

145.0
46.0

185.2
34.6

201.6
52.9

750.6
175.6

685.4
175.6

. 1
909.7
254.7

-18.8
46.9
-80.4 Memo: U.S. govt, cash balance 10
Totals net of changes i U.S. govt, cash balances:
m
694.3
713.5
822.6 Net borrowing by don. nonfin. 11
162.9
By U.S. government
171.2
246.8
12

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

-6.0
8.7
-14.7
-16.8
1.4

6

.7

— 6.8
9. 1
-15.9
-17.9
1.3
.7

5.3
23.2
-17.8
-21.1
1.3

7.7
22.9
-15.2
-16.8
1.3

6.8
23.2
-16.4
-18.8
1.4

1.9

.2

1.0

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY




-71.8
28.7
-100.5
-105.5
5.0

-23.4
35.4
-58.8
-67.2
5.5
2.9

-27.6
36.1
-63. 7
-71.7
5. 1
2.9

16.9
88.3
-71.4
-84.3
5.4

34.9
95.8
-60.8
-67.1
5.4

7.6

.9

27.9 Total net share issues
Mutual funds
93.5
-65.6
All other
Nonfinancial corporations
-75. M
5.4
Financial corporations
Foreign shares
3.9
purchased in U.S.

1
2
3
4
5
S

2.7, DECEMBER 6, 1985
Households

Households

Table 3
Sector Statements or Saving and Investment
SEASONALLY ADJUSTED ANNUAL MATES
1983

SjiASOMALLI ADJUSTED AMMUAL BATES
1984

1984
III

I

If

1985
II

1

Households, Personal Trusts, and Monprofit Organizations
1
2

2165.3
336.5

2429.5
387.7

2584.6
404. 1

2744.2
404.2

3012.1
435.3

2984.6
430.3

3047.3
440.9

3096.2
451.7

3143.8
489.0

3174.7
448.2

3197.4 Personal income
486.7 - Personal taxes and nontaxes

1
2

3
4
5
o
7
8

1828.9
1718.7
110.2
35.3
1.8
32-8

2041.7
1904.3
137.4
4 1.8
2.7
39.1

2180.5
2044.5
136.0
46.4
2.4
35.5

2340.1
2222. 0
118. 1
50.0
4.4
61.5

2576.8
2 420.7
156.1
58.8
85.2

2554.3
2409.5
144. 8
52.6
5.2
89.4

2606.4
2442.3
164.1
68.5
4.3
81.4

2644.5
2481.5
163.0
67.8
3.9
86.9

2654.8
2536.2
118.6
38.9
2.0
91.3

2726.5
2587.1
139.4
74.4
4.0
91.9

2710.7
263b.9
73.8
76.6
4.0
105.5

3
4
5
6
7
8

180.0

220.9
252-7
473.6

220.3
269. 1
489.4

234.0
280.4
514.4

306. 1
300.6
606.7

292.0
297.6
589.6

318.3
303.5

621.8

321.6
308.1
629.7

250.8
314.7
565.4

309o7
320.7
630.4

259.9 - Met saving
326.0 • Capital consunption
585.9 = Gross saving

9
10
11

562.3
400.4

670.8
464.8
132.1
318.8
13.9

655.3
466.9
132.5
320.7
13.7

699.6
466.7
135.4
317.2
14.1

701.7
474.7
133.9
326.3
14^5

631.9
484.2
134.5
334.8
14.9

653.7
493.9
139.4
339.2
15.3

644.4 Gross investnent
514.0
Capital expend, net of sales
141.6
Residential construction
356.8
Consumer durable goods
15.7
Monprofit plant and equip.

12
13
14
15
16

232.9"
459.6

227.0
495.7

147.7
417.7

159.,8
444..5

130.4 Met financial investnent
17
427.4
Met acq. of financial assets 18

9
10
11

233.2
413.3

6.0

12
13
14
15
16

468.8
323.6
100.3
214.7

8.6

543.6
341.2
96.0
. 235.4
9.8

563. 1
331.3
75.2
245. 1

11.0

279.8
12.4

17
18

145.2
273.1

202.5
324.4

231.8
329. 1

161.9
363. 1

206. 1
453.2

188.4
464.6

108.2

=
•
•
•

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

19

196. V

257.0

207.6

268.8

411.1

454.5

425.3

4235-7

364.8

279.6

283.9

Dep.. + cr. mkt- instr. (1) 19

20
21
22
23
24

165.8
10.1
83.2
43.2
29.2

205.8
31.6
46.9
19.7
107.5

160.7
16.8
136.7
-17.5
24.7

197.9
43. 1
214.2
-15.3
-44. 1

293.1
29. 1
151.8
- 65.0
47.2

284.4
3>.7
154.8
78.6
15.4

250.2
4.6
168. 1
57.0
20.5

355.0
38.6
176.6
31.9
107.9

172.1
6.7
155.6
22.0
-12.1

207.. 5
72. 1
182.. 1
-67.2
20.4

192.6
119.4
149.4
-55.0
-21.2

Deposits
Checkable dep. • curr.
toSmall time « svgs.dep.
•
"Large time deposits
w Money market fund shrs

20
21
22
23
24

25
26
27
28
29
30

30.4
16.8
7.0
-11.0
18.4
-.8

51.2
30.8
11.0
-3.9
20.6
-7.3

46.9
6. 1
28.9
3.9
16.4
-8.5

70.9
42.2
42.3
-9.2
-. 1
-4. 1

118.0
77.0
40.6
10.7
-10.4

170. 1
135.5
30.9
-14.0
13.7
3.9

175.1
115.0
42.0
-5.7
16.8
7.0

68.7
-- 8
74.4
. 22.7
9.7
-37.2

192.6
30.8
36.1
41.8
1-2
82.8

72.1
58.. 5
61.7
-19.0
5.7
-34.. 8

91.3
-6.7
99.9
-56.7
-12.0
66.8

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

25
26
27
28
29
30

31
32

5.2
-13.5

6.3
-36.0

18.4
-24.1

32.8
-26.8

37.7
-79.2

28.7
-84. 1

35.4
-76.0

36. 1
88.3
-77.3 -131.6

95.8
-77.1

93.5
-93.3

Mutual fund snares
Other corporate equities

31
32

33
34

9.7
106.3

9.2
109.0

7.2
140. 1

8.0
136.2

5.2
129.8

4.5
126.0

4.5
123.9

5.9
150.6

6.2
128.4

8.3
173.0

7.6
176.0

Life insurance reserves
Pension fund reserves

33
34

35
36
37

-41.6
5.2
5.6

-25.1
-2.1
6. 1

-30.4
3.7
6.8

-66.4
2.4
8.0

-57.0
—. 6
6.4

-70.3
-1.0
6.3

-58.0
-1.2
5.8

-49.5
—. 6
6.8

-46.4
-.2
8.3

-45.5
. 1
10.4

-52. 6
.7
11.6

Met inv. in n on corp. bus.
Security credit
Miscellaneous assets

35
36
37

38
39
40
41
42

127.9
117.9
95.4
1.3
3.4

121.9
119.2
74.4
16.9
5.9

97.3
90.4
49.5
14., 9
5.2
»

201.2
190. 4
110. 1
48.7
11.0

247.2
249.5
138.5
76.8
19.7

276.2
280.9
150.4
98.2
27.2

226.7
232.1
134.5
71.4
18.8

268.7
269.3
136.6
70.0
21.5

270.0
263.5
129.0
98.4
22.8

284.7
272.6
141.3
90.2
21.9

297.0
295.3
148.7
92.8
22.5

43
44
45
46

3.1
1.9
4.0
8.8

4.4
2.3
4.3
11-1

8.5
2.6
2. 1
7.5

11.4
2.5
3.4
3.. 3

10.0
2.5
-1.0
3.0

9. 1
2.4
-9.7
3.3

9.7
2.4
-10.5
5-8

11.6
2.4
25.3
1-8

9.1
2.4
-11.0
12-7

8.7
2.4
12.8
-4.7

11.9
2.4
5.0
12- 1

47
48
49

6.5
2.3
1.2

-1.7
2.7
1.8

3.8
2.4
.d

8.4
1.8
.6

-3-1
1.8
-1.0

-5.0
1.6
-1.4

-1-9
1.8
6

3-7
2.2
-5

11.. 4
2.1
-1.3

1.0
2.3
-1. to

50

-55-5

-73.8

-47.8

-64. 1

-65.7

-72-0

-66.5

-70. 1

-to. 1
2.1
-1.4
-7 7.8

-23.3

Met inbrease in liabilities
Credit market instrunents
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

-58*6 Discrepancy
(D

38
39
40
41
42
43
44
45
46
47
48
49
50

Excludes corporate equities.
Memoranda:

51
52
53
54
55
56

100.3
4.5
95-b
44.1
95.4
-39.2

96.0
4.9
91.2
48.5
74.4
-26.8

75.2
4.8
70. 4
51. 1
49.5
-25.4

108.2
6.3
101.8
53.2
110. 1
-55.1

132. 1
6.7
125.3
57.4
138.5
-63.8

132.5
6.7
125.8
56.7
150.4
-74.6

135.4
6.7
128.7
58.0
134.5
-57.1

133.9
6.8
127.1
58-9
136.6
-61.6

134.5
6.4
128.1
61.1
129.0
—55.6

139.4
6.7
132.8
63.1
141.3
-64.9

Met physical investment:
(A) Residential construction
141.6
Expenditures
6.9
Mobile hones
134.6
Other
o4. 2
- Capital consumption
148.7
- Borne mortgages
-71.3
- Excess net investment

57
58
59

214.7
182.0
32.8

235.4
196.3
39. 1

245.1
209.6
35.5

279.8
218-3
61.5

318.8
233.6
85.2

320.7
231.3
89.4

317.2
235.8
81.4

326.3
239.3
86.9

334.8
243.5
91.3

339.2
247.3
91.9

(i*) Consumer durables
356.8
Expenditures
251.3
- Capital consunption
= Met investment
105.5

57
58
59

60
61

4.7
28.1

22.7
16.3

20. 1
15.4

59.8
1.7

96.5
-11.3

125.4
-36. 0

90.2
-8.6

91.5
-4.5

121.3
-30.0

112. 1
-20.2

115.2
-9.8

- Consumer credit
= Excess net investment

60
61

62
63
64

8.6
7.2
1.4

9.8
7.8
1.9

11.0
8.3
2. to

12. 4
8.9
3.5

13.9
9.6
4.3

13.7
9.5
4.2

14.1
9.7
4-4

14.5
9.9
4.6

14.9
10.1
4.8

15.3
10.3
5.0

(C) Monprofit plant and equip.
15.7
Expenditures
10.5
- Capital consunption
= Set investnent
5.2

62
63
64

65
66

15.5
6.0

16.0
6.7

15.6
6.2

14.7
5.0

14.5
6.1

14.4
5.7

14.5
6.3

14.6
6.2

15.6
4.5

14. 1
5.1

15.2 Effective tax rate
2.7 Saving rate, MIA basis

67

22.1

22.7

22. U

21.5

23.0

22.6

23.2

23.2

21.0

22.5

21.0 Gross saving

67

68
69
70
71

17.3
14.0
6.9
6.3

16.4
15.5
5.8
5.7

14.9
14.8
4.4
4. 1

16.7
15.2
8.4
8.0

17.6
17.2
9.4
9.4

17.9
17.8
10.6
10.8

17.4
17.2
8.5
8.7

17.5
18.2
9.9
9.9

18.0
15.5
10.0
9.8

17.6
15.8
10.2
9.7

18.4
15.3
10.6
10.6

68
69
70
71

72

1tib5.9

2086.2

2229.3

2394.5

2641.7

51
52
53
54
55
56

Per cent ratios:
65
66

Per cent of disposable income adj. (2):

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY.




Capital expenditures
Acquisition of finnn. assets
Met increase in liabilities
Credit market borrowing

72
2612.2 2679.2 2716. 1 2695.6 2804.9 2791.3 12) Disposable income adj..
(MIA disposable income • govt, insurance credits • capital gains divid.>

Z7, DECEHBEB 6, 1985
Nonfinancial Corporate Business

Nonfinancial Corporate Business

Table 4
Sector Statenents of Saving and Investnent

SEASONALLY ADJOSTED ANNUAL BATES

SEASONALLY ADJOSTED ANNOAL EATES

1983

1984

|
|

II

1984
III

IV

1
*

I

1985
II

Nonfinancial Corporate Business, Excluding farms
1
2
3
4

177.4
66.7
61.7
49.0

177.2
63.6
67.6
46.0

123.7
44.3
69.0
10.4

148.9
58.0
72.2
18.6

185.0
71.2
79.5
34.3

195.9
77.2
79.0
39. 8

173.9
64.3
80.2
29.3

181.0
68.7
81.8
30.6

173.7
66.6
83.1
24.0

165.1
63.6
84.2
17.3

175.6
68.7
84.9
22.0

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

1
2
3
4

5
b
7
8

-14.3
167.8
18.2
220.7

—6. 0
189.5
14.5
244. 1

4.0
207. 1
12.6
234.0

33.0
215.2
9.9
276.8

54.7
228.5
8.9
326.3

51.4
226.5
9. 1
326.8

57.2
230. 1
9.7
326.3

63.2
234.3
5.5
333.6

67.6
238.3
10.3
340.2

73.2
242. 1
.8
333.4

79.3
24b. 7
7.7
355.7

•
•
•
=

Capital consunption adj.
Depreciation charges, NIPA
Earnings rec. from abroad
O.S. internal funds, book

5
6
7
9

9
10
11

11.7
-42.9
189.5

9.9
9.8
-23.6 ^ -9.5
230.4
234.3

14.9
-11.2
280.5

14.1
-5.7
334.8

12.2
-7.3
331.7

14.6
-.2
340.7

15.2
-1.6
347. 1

10.4
.9
351.5

22.0
2.5
357.9

16.6 • Fgn. earnings ret. abroad
7.2 • Inv. valuation adjustnent
379.5 = Total internal funds • IfA

9
10
11

12
13
14
15
16
17
18
19

169.6
221.2
219.4
217.8
-1.0
2.6
-3.2
5.0

193.4
271.2
249.4
24 8.5
-1.7
2-6
17.0
4.8

175.4
229.6
244.0
241. 1
.5
2.3
-22.1
7.8

233.2
256.3
251.7
244.3
3.5
3.9
-3.1
7.8

291.4
367.8
313.5
307.9
.4
5.2
46.4
7.9

291.0
364. 1
311. 1
304.7
1.6
4.8
42.8
10. 1

293.6
387.9
320.1
316.3
-1.7
5.5
60.4
7.4

291.9
363.8
331.1
326.4
-.9
5.6
25.0
7.7

331.4
371.5
335.2
328.9
1.0
5.3
34.4
1.9

321.5
363.5
348.9
342.9
1.0
5.1
10.9
3.8

336.0 Gross investnent
359.0 Capital expenditures (1)
Fixed investnent
349.3
343.6
Plant and equipment
Home construction
.3
5.4
Multi-family residential
.9
Inventory change • IfA
8.8
mineral rts. from U.S. govt.

12
13
14
15
16
17
19
19

20
21

-51.6
96.5

-77.9
63.4

-54.2
24.2

-23.1
113.3

-76.4
76.2

-73.1
85.9

-94.3
7.8

-71.9
86. 1

-40.2
28.2

-42.0
28.8

-23.0 Met financial investment
20
Net acq. of financial assets 21
9-8

22
23
24
25
26

12.9
3.8
4.0
6.6
1.1

17.5
-6.8
14.9

27.4
8.7
5.3
3.7
-2.5

46.4
-2.6
16.6
11.2
4.8

6.9
-5.6
4.7
-4.6
-4.0

18.5
-2.8
-7.9
12.0
-5.4

-33.7
-18.9
5.6
-16.8
-4.4

29.2
3. 1
9.2
-7.7
-2.8

-20.3
1.5
.6
5.3
-.9

-1.6
1.5
10.5
-9.8
-7.8

22.6
.9
5.4
-8.5
-2.8

Liquid assets
Demand dep. and currency
Time deposits
Security BP*s
Foreign deposits

22
23
24
25
26

27
28
29

-.1
-.2
-2.3

-1. 1
10.0

4.2
.1
7.9

5.0
.7
10.7

7.1
-. 1
9.4

3.5
-.4
19.5

4.4
.2
-3.8

6.5
-.2
21.1

-13.2
.3
-13.9

6.4
.2
-2.6

21.9
.4
5.3

O.s. govt, securities
Tax exempt obligations
Commercial paper

27
28
29

30
31
32
33
34
35

.5
47.4
35.8
21.9
4.9
17.0

2.6
22.5
20.8
13.0
-.5
13.5

.5
-13.4
9.7
4.7
-2.0
6.7

4.0
54.6
8.2
9.3
-.3
9.6

8.8
1.7
53.5 , 28.1
5. 1
11.8
1.8
-2.5
-8.1
-7.6
9.4
5.6

7.4
2.8
46.6
14.8
11. 1
3.7

8.7
36.1
3.7
-10.1
-15.3
5.2

5.8
-6.2
30.8
19.5
-7.9
27-3

3.0
-8.3
-7.6
17.5
1.5
16.0

30
Consuner credit
31
Trade credit
Miscellaneous assets
32
Foreign dir. invest. (2) 33
Equity, etc.
34
Betained earnings
35

36
37
38

4.7

3.7

5.1

5.5

5.4

4.8

4.2

-4.6

11.9

-2.2

8.9

27.0

9.6

3.9
.4
7.0

3.2

4. 1

2.7
-1
2.2

3.4

9.2

-28.3

Insurance receivables
36
Equity in sponsored ags. 37
Other
39

39
40
41

148.1
93.3
12.9

141.3
92.0
-11.5

78.5
83.3
11.4

136.4
82.9
28.3

152.6
104.7
-77.0

159.0
78.0
-105.5

102.1
76.2
-67.2

158.0
158. 6
-71.7

68.4
59.7
-84.3

70.8
55.0
-67.1

32.8
23.5
-75.0

42
43
44

80.4
10.9
26.7

103.4
13.4
21.8

71-9
15.1
18.7

54.6
9.4
16.0

181.7
18.5
42.3

183.5
8.9
28.9

143.4
13.5
49.4

230.3
43.8
70.9

144.0
13.6
53.7

122.1
20.0
69.2

98.5
23.0
56.9

45
46
47
48

2.0
— .8
3.0
-.2

-1.9
-1.4
.8
-1.3

-1.3
.4
-. 6
-1. 1

2.9
2.8
.8
-.7

.3
.3
.2
-.2

-1.3
-1.4
.2
-.2

-1.0
-.7
-.2
-.1

.5
.8
-.3
.1

.3
.8
-.6
.2

-.3
-2
-.9
-3

49
50
51
52
53

29.1
4.0
.8
5.5
1.5

42.9
14.7
2.2
9.2
1.2

41.5
-6. 1
.7
2.0
1.3

18.9
—. 8
-.4
8.9
-.5

77.2
21.7
1-0
19.5
1.2

92.7
34.9
2.7
13.9
.4

44.4
22.2
.2
11.0
4.0

75.3
17.8
-6.4
29.3
.5

34.8
7.3
8.4
18.9
6.8

22.6
14.1
-2.8
.9
-2.4

27.6
-3.0
2.3
-13.6
5.6

54
55
56
57
58

-1.7
39.6
16.9
11.7
5.2

-6.8
30.9
25.2
22.3
2.9

-14. 1
-4.6
13.8
16.2
-2.4

5.9
35.8
11.9
11-9
.1

.7
24.7
22.5
18.9
3.7

11-5
32.3
37.2
33.2
4.0

-14.3
19.4
20.9
16.2
4.7

-5.2
-14.1
18.8
15.2
3-f

-12.5
12.9
8.3
6.1
2.2

.7
-4.4
19.6
16.6
3.0

-6.8
-1.9
18.0
15.1
2.9

59

20.0

37.0

58.9

47.3

43.4

40.7

47.1

55.3

20.1

36.4

43.5 Discrepancy

.5

5.8
38.7
24.8
7.8
-3.2
11.0

1. 1
1.3
.1
-.3

60
61

7.7
69.0

-8.3
71.1

-8.8
58.3

18.8
52.4

14.Q
70.6

21.1
64.7

8.7
79.6

16.9
74.5

23.2
79.2

-1.7
63.6

-6.4
74.2

62
63
64

39.6
40.9
78.7

33.3
70.2
94.2

32.5
39.4
20.8

28.4
26.2
67.8

61.1
120.6
146.0

38.9
144. $
188.4

61.6
81.8
86.8

113.7
116.5
97.2

67.9
76.2
76.6

89.6
32.5
28.7

79.6
18.9
10.2

65
66
67

37.6
116.7
36.4

35.9
117.7
38.1

35.8
98.Q
31.3

39.0
91.4
21.3

38.5
109.9
49.4

39.4
109.8
50.4

37.0
113.9
37.0

37.9
104.8
63.3

39.4
105.7
38.7

39.5
101.6
33.6

39.1
94.6
27.4

68
69
70

-3.2
-42.9
39.7

17.0
-23.6
40.6

-22.1
-9.5
-12.7

-3.1
-11.2
8.1

46.4
-5.7
52.1

60.4
-.2
60.6

25.0
— 1.6
26.6

34.4
.9
33.5

10.9
2.5
8.4

71
72

264.1
220.7

294.8
244.1

239.1
234.0

267.9
276.8

373.5
326.3

371.4
326.9

388.1
326.3

365.4
333.6

73

43.4

50.7

5.1

-9.2

47.1

44.6

61.9

31.8

42.8
-7.3
50. 1

Net increase in liabilities
Net funds raised in nkts.
Net new equity issues
Debt instrunents
Tax-exempt debt (3)
Corporate bomds (2)

45
46
47
49

Bank loans n-e.cCommercial paper
Acceptamces
Finance company loans
0.s. government loans

49
50
51
52
53

Profit taxes payable
54
Trade debt
55
Fgn.direct invest, in O.S. 56
Equity, etc.
57
Betained earnings
59

Memorandum items:
Trade credit net of trade debt
Profits tax paynents
Debt subtotals:
Securities and mortgages
Loans and short-term paper
Total short-term liab. (4)
Per cent ratios:
Effective tax rate
Capital outlays/internal funds
Cr. mkt. borrowing/cap. exp.,

(1) Capital outlays om book basis:
.9 Inventory change, NIPA
7.2 Less: Inv. val. adjustment
-6. 3 Inventory change before IfA

370.6
361.0
351.8 Total cap. expend, before IfA
340.2
333.4
355.7 O.S. internal funds, book
Financing gap: Excess of capital expenditures
30.4
27.7
-4.0
over 0.S. internal funds

&

3

!

(3) Industrial revenue bonds. Issued by state and
to finance private investment and secured in interest and
principal by the industrial user of the funds.

I

LATEST

!

1
\

(4) Loans (except mortgages) , short-term paper, profit taxes payable, and
trade debt. Imcludes loans due in more than 0me year amd excludes
current maturities of securities and mortgages
BILLIONS OF

42
43
44

Mortgages
Home mortgages
Mmlti-family
Commercial

(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries.
and 0.S. foreign direct investment i s before subtracting reflows of
capital from Netherlands Antilles subsidiaries* foreign financing.




39
40
41

59
60
61
62
63
64
65
66
67
69
69
70
71
72
73

11, UdCaSBBB 6, 1985
Fuuds Baised in credit Markets

Pmmdm Baised ia Credit markets

Table 5
Summary of Met Paads 1aimed ia Credit aad Equity Markets
ANNUAL FLOWS - BILLIONS OP DOLLIES
1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

ii

I
3

Met Credit Market Borrowing by
1

187.7

175.3

193.0

243.5

319.4

371.7

388.7

340.0

371.6

398.3

538.9

Total met borrewisf by domestic
755.6
aoafxmamctml sectors

1

2
3
4

8.3
7.9
.4

11.8
12.0
-.2

85.4
85.8
-.4

69.0
69.1
-.1

56.8
57.6
-.9

53.7
55.1
-1.4

37.4
38.8
-1.4

79.2
79.8
-.6

87.4
87.8
-.5

161.3
162.1
.9

186.6
186.7
-.1

198.8
199.0
-.2

O.S. govermseet
Treaeary issees
Ageecy issmes • sortgages

2
3
4

5

179.4

163.5

107.6

174.5

262.6

318.0

351.3

260.8

284.2

237.0

352.3

*56.8

Private domestic
momfimamcial sectors

6
7
8
9
10
11
12
13

104.3
14.7
9.2
B0.4
45.6
10.4
18.9
5.5

100. o

100.9
1b. 1
27.2
57.6
42.0

123.6
15.7

201.6

153.5
48.6
18.7

5.7

7.1

186.3
30.3
26.7
129.4
93.8
7.1
19.2
9.3

249.1
57.3

152.1
113.6
9.4
21.9
7.2

213.9
30.3
17.3

153.7
23.4

85.1
63.9
3.9

171.1
21.9
22.9
126.3
94.0
7.1

322.1
*5.8
42.3
214.1
139.2
14.0
58.8

Dost capital xastraaemts
lam-exempt obligetioms
Corporate beads
Sortgages
Home mortgages
Bmlti-fasily resid.
commercial
Pare

6
7
8
9
16
11
u
13

14
15
16
17
18

75.1
24.3
37.0
2.5
11.3

' 62.9
9.9
32.9

6.7
9.6
-10.4

10.1

91.6
40.2
27.1
2.9
21.3

116.5
48.8
37.4
5.2
25.1

137.5
45.4
51.2

13.5

50.9
25.4
4.5
4.0
16.9

18.3

234.8
96.5
79.4
23.7
35.2

otmer deb* lsstrmseefcs
Coaearner credit
Bamk lemms a.e.c.
Opem-mmrket paper
ot&er

1#
1$
16
17
1#

19
20
21
22
23
24
25

179.4
12.8
78.1
88.5
9.9
29.8
48.8

163.5
14.6
54.8
94.1
7.8
20.2
66.1

107.*
12.3
53.5
41.8
8.5
12.5
20.9

174.5
13.2
91.5
69.8
10.2
15.4
44.2

262.*
12.0
140.7
110.0
12.3
28.0
69.7

556.8
45.0
249.5
262.4
2.9
77.8
181.7

By merrovimg sectors
StateHocal govermmemts
lotMkeite
loafimamcial basisess
farm
Beefmrm mescerpermte
corporate

19
26
21
22
23
24
25

26
27
28
29
30

6.3
1.0
2.8
.9
1.7

15.0
2.1
4.0
7.3
1.6

11.3
6.2
2.0
.3
2.8

19.3
8.6
5.6
1.9
3.3

31

194.0

190.3

204. a

262.6

16.5
19.7
64.4
37.3
6.9
15.1
5.0

1T.0
4.6

6.6

-2.6

22.8
11.6

18.1

28.4

21.1

166.2
121.7
8.3
24.4

11.8

21.8

16.0

86.2

175.7
115.6
9.4
47.6
3.0

83.6

108.5
71.6
4.8

103.3
59.8
26.7

50.4
5.3
25.2
5.3

22.2
9.9

21
.

5

29.7

74.5
4.7
37.0
5.7
27.1

130.5
22.7
54.7
19.2
33.9

54.1
-4.7
14.0

316.0
16.5
173.4
128.1
14.6
32.8
80.6

351.3
17.6
181.0
152.7
21.4
35.3
96.0

260.6
17.2
117.9
125.7
14.3
31.0
80.6

284.2
6.8
119.2
158.3
16.4
38.4
103.4

237.6
25.9
90.4
120.7
7.9
40.9
71.9

352.3
37.6
190.4
124.3
4.5
65.2
54.6

13.5
5.1
3.1
2.4
3.0

33.8
4.2
19.1
6.6
3.9

20.2
3.9
2.3
11.2
2.9

27.2
.8
11.5
10.1
4.7

27.2
5.4
3.7
13.9
4.2

15.7
6.7
-6.2
10.7
4.5

18.9
3.6
4.9
6.0
4.3

1.7 Pga. met bswemlm# ia 8. J.
4.1
Boedm
-7.8
Bam* loams m e.c.
1.4
opem-market paper
4-0
*.*. govermmemt learns

26
27
2#
29
36

332.9

405.5

406.9

367.2

396.6

414.6

557.6

757.4 fetml dosmstic pirns foreigm

31

11.1

20.1

-1.6

Set Credit Market Borrowimg by Piaamciai Sectore
Total set borrowlag
by flaamcial sectors

1

45.6

39.0

7.3

21.0

45.8

74.1

82.4

57.6

69.0

76.2

85.2

136.3

2
3
4
5

19.9
16.3
3.6

20.7
16.6
3.4
.7

10.3
2.3
7.1
.9

14.3
2.5
12.2
.4

22.0
7.6
16.1
-1. 1

37.1
23.1
13.6
.4

47.9
24.3
23. 1
.6

44.8
24.4
19.2
1.2

47.4
30.5
15.0
1.9

64.9
14.9
49.5
.4

67.8
1.4
66.4

74.9
36.4
44.4

••S. 90 vera seat-related
3posserod credit ag. sec.
•ertgage pool secmrlties
lemms free 8.S. govermmomt

6
7
8
9
10
11

25.9
4.4
.3
9.0
4.9
7.2

18.3
3:1
.2
4.6
3.8
6.7

-3.0
3.2
.4
-3.7
1.1
-4.0

6.7
9.8
.4
-3.7
2.2
-2.0

23.6
10.1

34.5
7.8

12.8
1*8

41.6
3.5

-.5
18.0
9.2

-.9
4.8
7.1

.9
20.9
16.2

11.3
9.7
.1
1.9
-1.1
.8

17.4
6.6

-.3
9.6
4.3

37.1
7.5
.2
2.3
14.6
12.5

.2
16.0
-7.0

55.4
16.5
-.1
1.0
20.4
15.7

Privaie flaamcial sectors
Corporate bomdm
mortgages
Bamk looms m.e.c*
opom-market paper
Pod. Moee Loom Bamk lo

6
7
6
9
10

12
13
14

45.8
16.3
3.6

39.0
17.3
3.4

7.3
3.2
7.1

21.0
2.1
12.2

45.8
5.9
16.1

74.1
23.5
13.6

82.4
24.6
23.1

57.6
25.6
19.2

89.0
32.4
15.6

76.2
15.3
49.5

85.2
1.4
66.4

140.3
36.4
46.6

Spomsored credit
mortgage peel#

12
13
II

15
16
17
18
19
20

25.9

18.3
.2
4.4
6.2
6.0
1.5

-3.0
.2
.6
-4.2
.5
-.1

6.7
.7
5.4
-1.7
4.3
-1.9

23.8
.6
2.0
6.9
16.9
-2.5

37.1
.2
7.2
13.5
16.7
-.4

34.5
.2
6.5
12.6
15.3
-.1

12.6
.2
6.9
7.4
-1.1
-.5

41.6
-. t
8.3
15.5
18.2
-.2

11.3
.6
1.9
2.5
6.3

17.4
.2
6.6
-2.1
11.3
-.3

55.4
3.6
10.9
22.7
16.1
2

Private fimmmctal
Coeeerdal H a l t
Bamk affiliates
Savlmfs amd lees
Pxmamce ooopimlom
texts

15
15
IT
16
19
26

3.2
7.6
9.5
5.6

2
3
4
5

11

Total Bet Credit Market BorroviagI All Sectors, by Type
,
1
2
3
4
5

239.8
28.3
14.7
14.6
*0.7

229.3
31.9
16.5
24.9
64.5

211.6
94.9
16.1
36.7
57.9

283.6
83.8
15.7
41.2
85.4

378.7
79.9
21.9
38.0
126.2

479.6
90.5
26.4
32.8
152.1

491.3
84.8
30.3
29.0
166.1

424.9
122.9
30.3
29.3
129.3

487.8
133.0
23.4
30.7
106.4

496.2
225.9
46.6
35.0
86.2

643.0
254.4
57.3
26.4
175.6

667.6
273.6
65.6
64.6
213.9

6
7
8
9

24.3
48.8
8.3
20.2

9.9
41.5
17.7
22.5

9.6
-12.1
-1.2
9.8

25.4
6.4
8.1
17.6

*0.2
29.9
15.0
27.5

48.8
58.8
26.4
41.9

45.4
52.9
40.3
42.4

4.7
47.7
20.6
40.1

22.7
59.2
54.0
56.2

20.1
49.9
4.9
19.7

59.6
31.6
20.4
15.5

96.5
72.6
45.4
54.9

10

-1.7

4.6

2.9

3.2

1.1

3.8

.6

-3.8

•

11
12

189.3
9.9

179.9
16.4

190.2
82.5

240.4
65.9

318.3
55.7

368.0
49.9

388.1
36.8

343.9
83.0

371.6
87.4

6.S. govermseet secaritle*
Tar-exempt Obligatioas
Corporate • foreigm bemds
mortgeges
roe warns* credit
Bamk lemms M . e .
Opem-eark*
Other leei

7.3
-7.1
6.3
govt, cash balaaoe
Totals met of changes 1
391.1
546.0
749.4 Bet horroelm# by dee
154.0
193.7
192.5
By I . ! govera meet

external Corporate Equity Pmmdm Baised im 0. S. Markets
1
2
3
4
5

10.2
-.2
10.4
7.9
2.7

5.7
.9
4.8
4.1
1.0

10.6
-.3
10.9
9.9
.8

10.6
-2.4
13.1
10.5
2.2

6.5
.9
5.6
2.7
2.5

1.7
-.1
1.8
-.1
2.4

#3
.1
-4.3
-7.8
2.7

21.9
5.2
16.8
12.9
1.8

-3.0
6.3
-9.3
-11.5
1.9

35.3
16.4
16.9
11.4
4.0

67.8
32.8
35.0
26.3
2.7

-33.1
37.7
-76.8
-77.6
5.1

6

-.2

-.2

.2

.3

.4

.5

.8

2.1

.3

1.5

4.6

1.1

HISTOBICAL DATA OB MKT P0B0S MAISED




•etaml f n l a
All other
BOBflmmmclal corporatioes
Piaamciml corporations
Porelgm s t a n s
pirchased im 6US,

16
11
12