Full text of Z.7 Flow of Funds Summary Statistics : December 8, 1993

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FEDERAL RESERVE statistical release H B
• • • ! § # •
Z.7

(788)

For immediate release
December 8, 1993

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally adjusted
annual rate of 4-3/4 percent in the third quarter of 1993, somewhat slower
than in the second quarter, but close to the average pace that has prevailed
since the beginning of 1991. All of the reduction in growth in the third
quarter reflected lower borrowing by the federal government; in contrast,
nonfederal debt growth picked up to a 4-1/2 percent rate. Household sector
debt accelerated to almost an 8 percent pace, owing to sizable gains in both
mortgage and consumer credit. Nonfinancial business debt continued to expand
in the third quarter at a 1 percent rate. Business borrowing has been
restrained, in part, because firms have relied more heavily on financing in
equity markets and their internal cash flow has remained strong. Debt growth
of state and local governments moved down to 4-1/4 percent in the third
quarter; retirements of bonds refunded in advance of their maturity date and a
net reduction in short-term debt contributed to the slower debt growth.
The level of domestic nonfinancial debt outstanding at the end of the
third quarter was $12.1 trillion. Debt of nonfederal sectors accounted for
$8.9 trillion and the federal government component was $3.2 trillion.
A. Growth of Domestic Nonfinancial Debt 1
(Percent changes; quarterly data are seasonally adjusted annual rates)
Nonfederal
Total
(1 )

U.S.
govt.
(2)

Total
(3)

Households
(4)

Business
(5)

State &
local
govts.
(6)

1988
1989
1990
1991
1992

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

8. 0
,0
7.
11.,0
11., 1
10,,9

9. 0
8. 0
4. 9
2 .4
3 .3

10. 8
9. 0
6. 2
4. 7
5 .7

7 .9
7 .0
3. 4
9
1
•

7 .0
8. 4
6., 7
,2
7.
6.,4

1991 -Q3
Q4

4. 6
3 .7

14,.5
10.. 1

1. 4
1. 7

4. 2
5 .2

-2. 3
-3. 5

5.
.9
8.. 1

1992 -Q1
Q2
Q3
Q4

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

11,. 7
12 .3
10 .2
7 .9

3. 3
2. 8
3. 7
3 .4

5 .3
4. 6
5 .6
6. 8

5
3
6
3

6,. 7
7.
,1
7 .6
.
3 .6

1993 -Q1
-Q2
-Q3
1. Changes
month-average




-1. 1
3. 5
2. 0
3. 4
7 .5
9
11 . 1
3. 7
5 .4
5 .6
l! 0
4. 6
4. 8
7 .9
5 .5
shown are on an end - of-period basis and thus may
data in the Board's H.6 release.

7 .2
6 .8
4 .3
differ from

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

Foreign
2. 6
4.,0
9., 1
4..9
.1
8«

1988
1989
1990
1991
1992

8. 8
7 .8
6.,3
4.,4
5, 2

1991-Q3
Q4

4,
.6
,7
3.

8 .4
.
11,,8

1992-Q1
Q2
Q3
Q4

5 ,4
,
5. 2
,
5 .3
4,. 6

.6
19 . 9
12 „4
- . 2

1993-Q1
-Q2
-03
1. Holdings
business„ and

F inane ial

All
sectors

Memo :
Private
financial—assets

12. 8
10. 1
8.. 2
5,
,9
7 e, 7

9. 3
8. 1
6. 7
4. 7
5 .8

,0
8.
,0
5.
4., 3
- ., 6
, 1
1.

6,
.6
7, 2

,0
5.
4..5

-2 .
.5
-2 ,
. 7

.5
5.
5.
,9
6 ,5
,
4.
,7

3..3
.9
- . 9
.9

6,, 2
7.
,5
10 ,5
5. 9

5. 1
16 .0
3 .4
4. 1
8 .2
5. 6
12 . 2
23 . 6
4 .8
of deposits and credit market claims by
state and local governments.

-6 . 1
4 .0
.6
5 .4
-1 . 6
6. 7
households, nonfinancial

Explanatory Notes
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 government - sponsored enterprises r federally - related mortgage pools,
and private financial institutions. Credit market debt consists of debt
securities, mortgages, bank loans, commercial paper, consumer credit, government
loans, and other loans included in table L. 2 ; it excludes trade debt, loans for
the purpose of carrying securities, and funds raised from equity sources.
Growth rates in the summaries above are calculated by dividing seasonally
adjusted flows from table F.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 L.2 can differ from those shown above,
The flow of funds accounts are available
diskettes contain quarterly data beginning in
correspond to the tables published in the Z.l
diskettes contain files with the monthly debt
Board's H. 6 release and data from the Balance
(C.9 release).

on 3-1/2" diskettes. The
195 2 organized in files that
release.
In addition, the
aggregate data published in the
Sheets for the U.S. Economy

Subscriptions to this summary release, the full statements for sectors and
transaction types for flows and amounts outstanding (the Z.l release), the
C.9 release, and diskettes may be obtained through Publications Services, Stop
127, Board of Governors of the Federal Reserve System, Washington, D.C. 20551,
(202) 452-3245. This release is also available on the Economic Bulletin Board
of the Department of Commerce.
********************************************************************************
A Guide to the Flow of Funds Accounts is available. The Guide explains the
principles underlying the accounts and describes how they are constructed. The
Guide is available from Publication Services for $8.50.




Z. 7 > DECEMBER 8, 1993
Credit Market Debt

Credit Market Debt
L.2-L.4 Credit Market Debt

PERIOD-END LEVELS
1988

1989

PERIOD-END LEVELS
1990

I
I

1991 I
IV I

1992
I

II

III

I
IV I

I

1993
II

III

L.2 Credit Market Debt Owed by Nonfinancial Sectors
11160 .6 11289 .2 11427..0 11580 .3 11746 .9 11823..0 11979 .2 12125 .4 Total domestic

1

9301 .7 10054 .3 10692,.0

2
3
4

2104 .9
2082 .3
22 .6

2251 .2
2227,.0
24 .2

2498,.1
2465 .8
32,.4

2776 .4
2767 .8
18 .6

2859 .7
2844,.0
15,.8

2923..3
2907..4
15..9

2998,.9
2980 .7
18 .1

3080 .3
3061 .6
18 .8

3140..2 3201 .2
3120,. 6 3180,.6
19,.6
20,.6

3247 .3
3222 .6
24 .7

U.S. government
Treasury securities
Budget agency secur.Smtgs.

2
3
4

5
6
7

7196..8
939,.4
887,.2

7803 .1
1004,.7
961,.1

8193,.9
1062 .1
1008,.2

8384 .3
1131 .6
1086 .9

8429 .4
1145,.5
1106,.0

8503..7 8581 .5
1163..7 1186,.4
1125..4 1140 .8

8666 .5
1197 .3
1154,.2

8682 .9
1210..0
1172..9

8777,.9
1225,.7
1189,.2

8878 .2
1239 .5
1203 .0

Private, by transaction
Tax-exempt securities
Corporate bonds

5
6
7

8
9
10
11
12

3226,.6
2155..6
291,.1
696..8
83 .1

3512 .8
2380,.5
304,.3
747,.6
80,.5

3715,.4
2580,.6
305,.5
750,.8
78,.4

3880 .4
2746,.6
303 .0
751,.7
79,•1

3918,.1
2791,.8
305,.9
740,.3
80..2

3941..5
2825..6
301..7
733. 8
80..4

3979,.7
2880,.8
298,.9
719..4
80,.6

4001 .9
2922,.7
291,.9
706..5
80..7

4017..9
2945.,8
290..3
701..1
80..8

4057,.6
2996..0
287.
693..8
80..8

4117,.6
3057,.6
287,.1
692,.1
80,• 9

13
14
15
16

742 .1
704 .4
85,.7
611,.4

799,.5
750 .8
107,.1
667,.0

813 .0
747 8
116,.9
730..6

799,.9
701,.0
98 .5
685,.9

777,.6
685..5
110,.4
686..2

776..9
694..0
112..0
690.•1

784..5
686,.2
108,.2
695,.8

809..2
695..6
107..1
701,.2

793..7
683.,0
114..6
690. 8

802..3
691..9
125..0
686..2

821 .7
691 .9
124,.3
680 .2

17
18
19
20
21
22
23

7196..8
3069..4
3374,.9
133,.9
1150,.4
2090,.6
752,.5

7803,(1
3371,
3615,.7
134,.4
1199,.6
2281,.7
816..1

8193,.9
3594..8
3728..5
134,.9
1219,.0
2374,.6
870,.5

8384,.3
3762 .7
3688..7
134,.8
1192 .3
2361,.6
932 .8

8503..7
3837..3
3705..4
137..0
1177..3
2391..1
961..0

8581..5
3900..0
3698,.3
137..9
1165..1
2395..3
983..1

8666..5
3978,.0
3696..3
136..3
1154..5
2405..5
992..2

8682..9
3982..2
3693..6
133..5
1144..2
2415..9
1007..1

8777..9
4046..8
3708..0
136..8
1138..3
2432,.9
1023,,2

8878 .2
4135,.1
3704,.9
138,.8
1132,.0
2434,.0
1038,.2

24
25
26
27
28

251,.4
89,.2
21,.5
49,.9
90,.7

261 .
.2
94..1
21 .4
,
63,.0
82 .7

285..1
115..4
18, 5
75,.3
75..8

298 .9
129,.5
21,.6
81,.8
66..0

304..7
136..2
25. 5
77..4
65..6

312 .9
141..3
26..5
80..7
64..4

313..8
146..9
23..9
77..7
65..4

324..8
165. 8
24..3
72..3
62. 5

333..1
173,.4
25..9
72.
61..7

351..5
194,.8
26..2
71..7
58..8

29

9553,.1 10315,.5 10977..1

8429..4
3782..6
3701,.5
133., 6
1187..6
2380..3
945..3

1

Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

8
9
10
11
12

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

13
14
15
16

Private, by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
State 8 local governments

17
18
19
20
21
22
23

Foreign credit market debt
held in U.S.
Bonds
Bank loans n.e.c.
Commercial paper
U.S. govt. 8 other loans

24
25
26
27
28

11459..5 11577.,9 11731..8 11893..2 12060..7 12147..9 12312..3 12476..9 Total domestic and foreign

29

288 .7
130..8
22..0
70..5
65..5

L.3 Credit Market Debt Owed by Financial Sectors

1

1

2119..6

2362,.7

2559., 4

2709,.7

2751 .2

2805..7

2877..4

2928..5

2961 .7

2997,.3

3087 .6 Total, by transaction

2
3
4
5

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

1247,.8
373,.3
869 .5
5,.0

1418,.4
393.,7
1019..9
4..9

1564 .2
402,.9
1156,.5
4,.8

1590..3
405..7
1179,.8
4,.8

1641..6
417..8
1219..0
4..8

1683..5
434..7
1244..0
4..8

1720,.0
443,.1
1272,.0
4,.8

1755 .8
451 .2
1299 .8
4 .8

1774 .5
468,.4
1301,.3
4,.8

1842 .2
510 .3
1327,.1
4,.8

U.S. government-related
GSE securities
Mortgage pool securities
Loans from U.S. government

6
7
8
9
10
11

1021..3
442..4
3..5
44..8
377..7
152..8

1114 .8 1140..9
549..9
509 .1
4 .0
4..3
50 .9
52..0
409 . 1 417..7
141,.8
117.•1

1145..6
606..6
5..1
69..1
385..7
79..1

1160,.9
613 .8
5 .0
72,.7
393,.2
76 .3

1164..1
628..6
5..0
63..1
390..5
76..9

1193..9
646..4
5..1
67..5
394..6
80..2

1208,.5
665,.0
5,
64..2
394..3
79..9

1205 .9
680 .0
5 .4
56 .9
378 .7
85 .0

1222,.9
693,.9
6..0
55,.8
375..1
92..1

1245,.4
715,.4
6..6
52,.8
371..7
98 .9

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

12
13
14

2119..6
353.
745.,3

2362,.7
378 .3
869,.5

2559..4
398..5
1019,.9

2709..7
407,.7
1156 .5

2751,.2
410 .5
1179,.8

2805..7
422,.6
1219..0

2877..4
439,.5
1244..0

2928 .5
447 .9
1272 .0

2961 .7
456 .0
1299 .8

2997..3
473,.2
1301 .3

3087 .6 Total, by sector
Govt.-sponsored enterprises
515 .1
Fed. related mortgage pools
1327 .1

12
13
14

15
16
17
18
19
20
21

1021 .3
78. 8
136..2
111..6
184.,3

1114..8
77..4
142,.5
125,.4
169,.2

1140..9
76..7
114..8
137..9
139..1

1145,.6
65,.0
112..3
124..3
94..6

1160,.9
63,.8
115..0
137,.6
89..8

1164..1
66..2
112..7
144..9
87..6

1193..9
69.,0
114..4
143..0
89..2

1208 .5
73 .8
114,.6
135 .2
87 .8

1205 .9
73 .1
119 .9
127 .1
90 .3

1222,.9
76,.6
120,.2
128,.9
93,.4
0,.1
0 .2

1245 .4
77 .9
119 .9
125 .0
96 .8
0 .2
0 .1

350 .4
11,.3
11..4
227,.3

374..4
7,.3
12..4
278,.3

393,.0
13,.0
14..0
329..4

382 .2
19,.8
14..4
338..2

379 .1
10 .4
13 .7
392 .3

369 .8
14 .4
14..4
404,.9

372 .2
15 .0
15 .3
423 .1

22
23
24
25

*

323..0
8..3
10., 1
169..0

*

377..4
11..0
14..8
349..5

*

382 .7
14..6
15,.3
365..7

*

389 .4
13,.0
14,.1
380 .5

Private financial sectors
Commercial banks
Bank holding companies
Funding corporations
Savings institutions
Credit unions
Life inurance companies
Finance companies
Mortgage companies
REITs
ABS issuers

2
3
4
5

15
16
17
18
19
20
21
22
23
24
25

L.4 Credit Market Debt. All Sectors, by Transaction
1 11672..7 12678,.2 13536,.5

14169..3 14329,.1 14537..5 14770..6 14989,.2 15109..5 15309,,6 15564,.5 Total

2
3
4
5

3198,.3
939,.4
1418,.9
3230,.1

3494,.1
1004,.7
1564,.3
3516,.8

3911..7
1062..1
1673,.5
3719,.7

4335,.7
1131,.6
1823,.1
3885,.5

4445,.2
1145,.5
1850,.5
3923..2

4560..1
1163..7
1890..2
3946 .6

4677..6
1186..4
1928..5
3984 .8

4795,.5
1197,.3
1966,.1
4007,.0

4891..2
1210,.0
2018,.7
4023,.3

4970..9
1225..7
2056..4
4063..7

5084,.7
1239,.5
2113,.1
4124,.2

6
7
8
9

742,.1
770,.8
513,.4
859,.9

799,.5
823,.0
579,.2
896,.5

813,.0
818..3
609..9
928,.4

799..9
791..7
565,.9
835,.8

777..6
780,.2
574..1
832..8

776,.9
782..7
579,.9
837 .4

784..5
780..2
583..6
845..1

809..2
783..7
579 .0
851..3

793,.7
764,.3
565,.5
843..0

802..3
773..6
572..2
844..8

821,.7
770,.9
567,.8
842,.7

10
11
12
13

118 .3
844,.8
478,.3
3105..5

133 .9
904,.2
566,.2
3812,.9

137, 4
936..4
602..1
3543..7

188..9
926..7
813..9
4869..4

194..6
938..0
860..4
4925..6

193,.3
950..0
924..4
4837.,0

214 .5
970,.5
965,.6
4995,.4

217,.3
984..7
1042..1
5540..6

225,.1
982,.3
1134..6
5721..3

234 .7
991,.2
1225,.8
5741,.9

BILLIONS OF DOLLARS.




Selected
243,.9
1008..1
1342..1
6006..6

1

U.S. government securities
Tax-exempt securities
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

claims not included above:
Security credit
Trade credit
Mutual fund shares
Corporate equities

10
11
12
13

2.7, DECEMBER 8. 1993
Funds Raised

Funds Raised
F.2-F.5 Funds Raised in Credit and Equity Markets

ANNUAL FLOWS

ANNUAL FLOWS
1982

1984

1985

1986

1987

1988

1989

F.2 Credit Market Borrowing by Nonfinancial Sectors
1 Total domestic
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

U.S. government
Treasury securities
Budget agency secur.&mtgs.
Private. by transaction
Tax-exempt securities
Corporate bonds
Mortgages
Home mortgages
Multifamily resld.
Commercial
Farm
Consumer credit
Bank loans n.e.c.
Commercial paper
Other loans
Private, by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
StateSlocal governments

24 Fgn. borrowing in U.S.
25
Bonds
26
Bank loans n.e.c.
27
Commercial paper
28
U.S. govt. 8 other loans
29 Total domestic plus foreign

382 .1

420 .2

561 .2

764 .6

934 .6

855 .8

739 .9

752 .6

723 .0

631 .0

475 .5

582 .4

1

85 .5
85 .9
.5

161 .3
162 .2
.9

185 .2
185 .3
.1

197 .2
197 .4
.2

225 .7
225 .8
.1

216 .0
215 .6
0 .4

143 .9
142 .4
1 .5

155 .1
137 .7
17 .4

146 .4
144 .7
1 .6

246 .9
238 .7
8 .2

278 .2
292 .0
-13 .8

304 .0
303 .8
0 .2

2
3
4

296 .6
32 .9
24 .8
106 .8
70 .0
4 .8
22 .2
9 .7

258 .9
53 .1
30 .7
92 .8
56 .5
5 .5
26 .7
4 .1

376 .0
54 .4
26 .0
187 .7
117 .6
15 .3
52 .5
2 .4

567 .4
58 .7
48 .1
222 .4
136 .2
25 .1
62 .3
-1 .2

708 .9
178 .6
83 .2
261 .7
172 .3
30 .3
65 .6
-6 .6

639 .9
45 .7
127 .1
305 .6
204 .2
36 .4
75 .1
-10 "1

596 .0
83 .5
78 .8
335 .7
241 .6
24 .9
76 .2
-6 .9

597 .5
53 .7
103 .1
279 .6
219 .6
16 .1
48 .5
- 4 .6

576 .6
65 .3
73 .8
269 .1
212 .5
12 .0
47 .3
- 2 .7

384 .1
57 .3
47 .1
188 .7
177 .2
3 .4
8 .9
- •.8

197 .3
69 .6
78 .8
165 .1
166 .0
- 2 .5
0 .9
0 .7

278 .4 5
65 .7 6
67 .3 7
121 .1 8
176 .0 9
-11 .1 10
-45 .5 11
1 .6 12

16 .9
49 .6
14 .7
51 .0

16 .4
52 .8
-6 .1
19,.3

48 .9
22 .3
.8
37 .6

82 .3
43 .8
14 .6
44 .8

57 .5
58,.9
-9,.3
54 .4

32 .9
14 .7
1 .6
48 .9

50,.1
44 .7
11..9
54..3

49 .5
36 .4
21. 4
61..0

13 .4
4,.2
9 .7
63 .6

-13,.1
-46 .8
-18 .4
-37 .8

9 .3
-5,.6
8 .6
12..0

13
14
15
16

296..6
103..9
176..5
16..3
44. 7
115. 5
16. 3

258..9
82. 8
145. 7
6. 7
71. 6
67. 3
30. 4

376..0
174..6
166. 7
3. 9
86. 7
76. 2
34. 6

567..4
221..2
310. 5
4
123. 3
187. 6
35. 7

708 .9
295 .6
279..3
-14. 5
133. 2
160. 6
134. 0

639.,9
266. 2
314. 5
-16. 9
106. 1
225. 3
59. 2

596 .0
307..5
205. 5
-11..1
76. 0
140. 7
83. 0

597.,5
300..1
248. 4
-10. 0
57. 2
201. 3
48. 9

576. 6
276. 7
236. 3
0. 5
49. 4
186. 5
63. 5

384. 1
207. 7
121. 9
1.8
19. 4
100. 7
54. 5

197. 3
168. 4
-33. 4
2. 4
-24. 5
-11. 3
62. 3

278. 4
215. 0
4. 0
5
-39] 4
41. 8
59. 4

17
18
19
20
21
22
23

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

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

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

8. 4
3.8
-6. 6
6. 2
5. 0

1.2
3.8
-2.8
6. 2
-6. 0

9. 7
3. 1
-1. 0
11. 5
-3.9

6. 2
7.4
-3. 6
3.8
-1.4

6. 4
6. 9
-1.8
8. 7
-7. 5

10.2
4. 9
1
13. 1
-7. 6

23. 9
21. 4
-2. 9
12. 3
- 7 .0

13. 9
14. 1
3. 1
6. 4
-9.8

24. 2
17. 3
2. 3
5. 2
6

24
25
26
27
28

405. 6

436. 2

578. 6

773. 0

935.8

865. 6

746. 2

758. 9

733. 1

654. 9

489. 4

606. 6 29

81 .7
64 .0
21 7,
70,.9

F.3 Credit Market Borrowing by Financial Sectors
1 Total, by transaction

104 .3

93 .0

101 .3

155 .6

201 .0

323 .9

291 .4

239 .9

213 .7

193 .5

150 .4

209.5

1

U.S. government-related
GSEs securities
Mortgage pools securities
Loans from U.S. government

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

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

67 .8
1 .4
66 .4

74 .9
30 .4
44 .4

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

178 .1
15 .2
163 .3
- .4

171 .8
30 .2
142 .3
.8

119 .8
44 .9
74 .9

149 .5
25 .2
124 .3

167 .4
17 .1
150 .3
.1

145 .7
9 .2
136 .6

155.8
40.3
115.6

2
3
4
5

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

56 .9
5 .9

33 .6
16 .8

2 .1
32 .7
16 .2

28..1
14..8
0. 1
2. 5
9. 9
0.8

2 .5
21 .3
- 7 .0

80 .7
34 .9
0 .4
5 .7
24..0
15,.7

99..4
53 .4
0 .1
.2
32,.0
14..2

145 .8
89 .1
0 .3
12 .3
24 .2
19,.8

119 .7
76 .3
0 .3
- 8 .3
26 .9
24 .4

120 .1
49 .0
0 .3
- 3 .8
54 .8
19,.7

64 .2
37 .3
0 .5
6..0
31..3
-11..0

26 .1
40 .8
0 .4
1..1
8..6
-24..7

4 .6
56 .8
0..8
17..1
-32..0
-38..0

6
7
8
-4.8 9
-.7 10
0.8 11

12 Total, by sector
13
Govt.-spons. enterprises
14
Fed. related mortgage pools

104 .3
32 .4
15,.0

93. 0
15. 3
49. 5

101 .3
1. 4
66..4

155,.6
30..4
44..4

201..0
21. 7
79. 9

323,.9
14,.9
163,.3

291,.4
29,.5
142,.3

239..9
44..9
74..9

213. 7
25..2
124..3

193. 5
17..0
150..3

150..4
9.,1
136. 6

209.5 12
40.2 13
115.6 14

56..9
11..6
10..8
4..3
16..0

28. 1
11. 7
7. 1
3. 4
1. 1

33..6
5. 0
13. 3
2. 9
-6. 6

80. 7
7..3
16. 1
0. 4
20. 1

99. 4
-4. 9
16. 6
8. 6
20. 7

145..8
-3..6
10..7
10..6
24.,1

119..7
6. 2
14..3
7.,0
28. 3

120. 1
-3. 0
5. 2
39. 1
21. 7

64. 2
-1. 4
6. 2
13.8
-15. 1

26. 1
7
-27] 7
12. 5
-30. 2

4. 6
-11. 7
-2. 5
-13. 6
-44. 5

53.7
8.8
2.3
1.6
—6 • 7

14.8
0. 2
8

3. 3
1. 6

14. 9
0. 6
3
3. 7

23. 9
1. 5
0.8
10. 7

40. 7
2
0. 6
16. 0

51. 5
9. 0
6
42. 0

23. 2
-11. 2
1. 9
49. 9

23. 9
—6. 2
1.8
37. 6

27. 4
3. 0
1. 3
9

24. 0
-4. 0
1. 0
51. 1

18. 6
5. 7
6
51.* 0

— 3.6
0.1
0.1
51.1

15
16
17
18
19
20
21
22
23
24
25

6
7
8
9
10
11

15
16
17
18
19
20
21
22
23
24
25

Private financial sectors
Commercial banks
Bank holding companies
Funding corporations
Savings institutions
Credit unions
Life insurance companies
Finance companies
Mortgage companies
REITs
ABS issuers

-

00

2
3
4
5

*

53.7
58.4

„

F.4 Credit Market Borrowing, All Sectors, by Transaction
1 Total
2
U.S. government securities
3
Tax-exempt securities
4
Corporate 8 foreign bonds
5
Mortgages
6
7
8
9

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

509,.9
131,.1
32..9
36..1
106..7

529 .2
225 .9
53 .1
52 .1
92 .7

679 .9
253 .1
54 .4
45 .8
187..7

928,.6
272 .2
58,.7
86,.8
222..7

1136 .8
326 .2
178 .6
140 .4
261,.7

1189 .4
394 .5
45 .7
219 .4
305..8

1037 .6
316 .4
83 .5
162 .5
336 .0

998,.8
274,.9
53,.7
159,.0
280..0

946,.8
295,.8
65,.3
116..0
269..6

848 .4
414 .4
57 .3
109,.2
189,.1

639 .8
424..0
69.,6
149,.6
165..8

816 .0
459 .8
65,.7
143,.0
121..1

1
2
3
4
5

16..9
54. 7
51. 3
80. 2

16,.4
49..8
5,.7
33..5

48..9
28..4
26..9
34. 7

81..7
63.,1
51 .9
91.,6

82,.3
40,.7
52. 8
54..2

57..5
70..2
26..4
70..0

32,.9
2,.8
32..3
71..2

50..1
39. 1
75. 4
66. 6

49..5
42.,3
65. 9
42. 4

13,.4
2..4
30..7
31..8

-13..1
-26. 6
-44. 0
-85. 6

9. 3
-8.,1
13. I
12. 2

6
7
8
9

210..6
150,.5
60,. 1
18..3
11..2

282 .5
206 .7
75,.8
26,.8
18,.4

1
2
4
5

30. 7

30..6

6

F.5 Funds Raised Through Mutual Funds and Corporate Equities
1 Total net issues
2
Mutual funds
3
Corporate equities
4
Nonfinancial corporations
5
Financial corporations
Foreign shares
6
purchased in U.S.
BILLIONS OF DOLLARS




- 6 .1
4 .4
-10,.4
-13,.5
2,.8

17,.6
9 .4
8 .2
1 .9
4 .9

56 .5
29 .3
27 .2
20 .0
3..5

-43..6
27..3
-70..9
-79..0
7..1

23,.1
88,.7
-65..6
-84 .5
15..2

93..3
160..9
-67..6
-85..0
16..3

13 .0
70 .2
-57,.3
-75 .5
20 .4

-98..6
6..1
-104..7
-129. 5
23.,9

-59 .6
38 .5
-98,.1
-124,.2
8..8

22,.2
67 .9
-45..7
-63,.0
9,.9

0..2

1..4

3..7

0..9

3..7

1..2

-2..1

0. 9

17,.2

7. 4

Z. 7, DECEMBER 8,
Funds Raised

Funds Raised
F.2-F.5 Funds Raised in Credit and Equity Markets

SEASONALLY ADJUSTED ANNUAL RATES
1990 I
IV
I

SEASONALLY ADJUSTED ANNUAL RATES

1991
II

III

IV

1992

I

II

III

IV

1993
II

I

F.2 Credit Market Borrowing by Nonfinancial Sectors
1

520 .4

425 .5

565 .4

500 .0

411 .4

603 .3

586 .2

610 .8

529.1

399.3

667.5

579.7 Total domestic

2
3
4

267 .8
268 .8
-1 .0

191 .7
215 .7
-24 .0

269 .3
275 .5
-6 .2

379 .5
408 .2
-28 .8

272 .5
268 .7
3 .8

323 .8
335 .0
-11 .2

352 .9
352 .5
0 .4

299 .1
290 .1
9 .0

240.1
237.4
2.7

229.6
226.4
3.2

348.2
344.1
4.1

177.2
160.9

U.S. government
Treasury securities
Budget agency secur.8mtgs.

5
6
7
8
9
10
11
12

252 .6
49 .3
65 .2
162 .2
172 .9
4 .4
-16 .2
1 .1

233 .8
62 .3
76 .7
232 .2
167 .1
12 .1
47 .7
5 .2

296 .1
69 .6
96 .5
210 .5
160 .2
11 .7
40 .1
-1 .5

120 .5
68 .8
81 .6
72 .3
160 .1
-34 .2
-55 .6
2 .1

138 .9
77 .6
60 .2
145 .2
176 .5
0 .2
-28 .6
- 2 .9

279 .5
68 .0
76 .3
185 .4
216 .5
11 .6
-46 .9
4 .2

233 .4
76 .6
77 .8
69 .8
111 .6
-16 .9
-25 .7
0 .8

311 .7
75 .8
61 .3
135 .1
203 .3
-11 .2
-57 .7
0 .8

289.0
42.4
53.7
93.9
172.8
-27.9
-51.6

169.7
62.4
75.0
100.2
128.4
-6.6
-21.7

319.2
67.2
64.9
134.5
176.2

402.5
38.9
55.2
223.2
229.7

-29.1

-6.9

Private, by transaction
Tax-exempt securities
Corporate bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

13
14
15
16

- 7 .8
2 .7
-32,.5
13.,6

-16 .1
-59 .5
-25 .1
-36 .7

- 5 .1
-30 .2
-16 .5
-28. 8

-20 .4
-44 .0
-26 .9
-10..9

-10 .7
-53,.7
-5,.0
-74..9

-9 .8
-47,.3
2,.5
4..5

-14 .7
27,.7
-2..6
-1..1

13,.5
-24,.1
9..3
40. 8

48.2
21.4
25.4
3,9

19.2
-39.7
-24.2
-23.0

22.9
31.8
34.8
-37.0

24.2
—8.0

17
18
19
20
21
22
23

252. 6
176. 3
32. 9
2. 6
-6. 3
36. 6
43. 4

233..8
130..1
41..0
9.8
21. 2
10. 0
62. 6

296..1
195. 1
41. 3
0. 2
20. 2
20. 9
59. 7

120. 5
154. 5
-86. 8
4. 3
-81. 5
-9. 6
52. 8

138. 9
193. 8
-129. 0
-4. 6
-57. 9
-66. 5
74. 0

279. 5
199. 2
18. 2
4. 3
-21.8
35. 7
62. 1

233. 4
176. 5
-10. 1
3. 6
-47. 4
33. 7
66. 9

311. 7
217. 7
20. 5
1
-37! 3
57. 9
73. 5

289.0

169.7
137.4
-38.9
-2.5
-36.7
0.3
71.2

319.2
215.8
34.5
3.4
-31.4
62.5
68.9

24
25
26
27
28

21.8
29. 6
-5.2
15. 6
-18. 2

57.8
11. 3
8. 1
46. 7
-8.4

-60. 4
10. 9
-3. 5
-51. 9
-15. 9

23. 8
15. 6
1.4
16. 0
- 9 .2

34. 3
18. 5
6.5
14. 9
- 5 .6

1. 9
4. 9
1.5
-8. 0
3. 6

57. 7
21. 9
14. 1
27.8
-6.1

37.8
20. 3
3. 9
13. 1
0.5

-.4

50.3
75.6
1.6
-21.7
-5.3

26.8

-10.3

30.4
6.5
—. 6
-9.5

29

542. 2

483. 3

504. 9

523. 7

445. 6

605. 3

644. 0

648. 7

528.5

449.5

694.2

0.1

0.6

266.6

-12.7

— 1.6

-51.0
39.9
35.1
—. 6

22.2

-12.1

-12.8
0.2

16.2

0.2

0.2

60.8
8.1

402
322
36
4
— 14
46
43

2
3
4
5
6
7
8
9
10
li
12

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

13
14
15
16

Private, by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
State&local governments

17
18
19
20
21
22
23

78.5 Fgn. borrowing in U.S.
85.5
Bonds
1.0
Bank loans n.e.c.
-1.6
Commercial paper
-6.4
U.S. govt. 8 other loans

24
25
26
27
28

658.2 Total domestic plus foreign

29

F.3 Credit Market Borrowing by Financial Sectors
1

288.2

151.6

85.7

173.7

190.5

167.6

206.3

294.4

169.6

148.5

130.3

2
3
4
5

186.8

37.1
150.1
-.5

156.8
13.1
143.7

114.1
-29.7
143.8

161.7

126.8

11.5
115.3

195.2
48.3
146.9

169.3
67.7
101.6

131.8
33.6
98.4
-.1

165.8
32.2
133.6

62.7

141.1

150.4
32.6
117.9
-.1

6
7
8
9
10
11

101 .5
87 .2
0 .5
-1 .0
28 .1
-13 .4

-5 .2
56 .5
.3
36 .1
-59 .1
-38 .4

-28 .4
62 .0
0 .9
2 .6
-47 .3
-46 .5

12 .0
35 .0
1 .3
26 .0
-11,.7
-38.. 6

40 .1
73 .7
1 .2
3 .8
-9,.9
-28..6

40 .8
28 .6
.4
22 .0
1 .1
-10..4

11 .0
59 .1
0 .1
-39 .1
-14 .8
5..8

125 .1
71 .5
0 .3
17 .7
17 .5
18,.1

37 .8
74 .2
0 .1
-19 .9
-6 .5
— 10 .1

12
13
14

288 .2
36,.7
150,.1

151 .6
13,.1
143,.7

85,.7
-29..7
143..8

173. 7
20..6
141..1

190. 5
32. 5
117. 9

167..6
11,.5
115,.3

206,.3
48..3
146..9

294..4
67..7
101..6

15
16
17
18
19
20
21
22
23
24
25

101..5
19. 8
-32..5
18. 7
-17.8

-5..2
-23. 5
-1. 4
7. 9
-44.8

-28. 4
-11. 3
-4..3
-36. 5
-50. 0

12. 0
-2. 6
-11. 2
-11. 9
-49. 0

40. 1
-9. 5
7. 0
-14. 0
-34. 0

40. 8
3. 2
10. 9
16. 1
-18. 3

11..0
5. 5
-9. 2
29. 2
-5. 4

125..1
12. 1
6. 6
-7. 7
11. 2

50.8
-7.7

4.1
9.3
-.3
43.5

15.1
-2.5
1.7
59.3

14.0

16.0

39.0
1.9
3.3
46.5

-35.6
27.5
1.7
35.3

-35.3
1.3
45.0

0.8

69.3

20.6

1.8

54.9

-20.1

0. 2
21. 2
14.4
2. 0
65. 0

366.8 Total, by transaction

1

-6.1

68.8

270.9
167.8
103.1

U.S. government-related
GSEs securities
Mortgage pools securities
Loans from U.S. government

2
3
4
5

-17 .3
59 .9
0 .9
-21 .2
-75 .5
18 .6

67 .6
55 .5
2 .7
- 5 .9
-18 .4
33 .5

95 .8
86 .2
2 .2
-12 .5
-12 .4
32 .3

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

169 .6
33,.5
98,.4

148 .5
32 .2
133 .6

130 .3
68,.8
-6..1

366 .8 Total, by sector
167 .8
Govt.-spons. enterprises
103 .1
Fed. related mortgage pools

12
13
14

37 8
14,-5
0. 8
-31.
-14. 4
0. 1
2
19. 9
-6. 4
—4. 7
59. 2

-17..3
5,.4
21..1
-54..2
7..9

67,.6
10..1
1.,3
7. 2
17.,7
0. 3
0. 6
-38. 6
15. 9
2. 5
50. 5

95..8
6..2
-1..2
-15. 6
18. 3
0..3
1
9. 4
2. 4
3.8
72. 5

0. 1
-33. 1
-10. 4
-1. 4
47, 2

Private financial sectors
Commercial banks
Bank holding companies
Funding corporations
Savings institutions
Credit unions
Life Insurance companies
Finance companies
Mortgage companies
REITs
ABS issuers

15
16
17
18
19
20
21
22
23
24
25

1024.9 Total
448.1
U.S. government securities
38.9
Tax-exempt securities
226.9
Corporate 8 foreign bonds
225.5
Mortgages

i
2
3
4
5

F.4 Credit Market Borrowing, All Sectors, by Transactio
1
2
3
5

830 .5
455 .0
49 .3
182 . 1
162 .7

634 .8
348 .5
62 .3
144 .5
231 .8

6
7
8
9

-7 .8
-3..5
11..2
-18..5

-16 .1
-15,.2
-37,.6
-83,.4

590 .7
697 .4
383 .4
541
69,.6
68,.8
169. 4 - 132..2
211,.4
73,.6
-5,.1
-31..2
-115..7
-91. 2

-20..4
-16.
-22..6
-58..6

.7

636 .2
423..0
77..6
152. 4
146. 5

772 .8
450 .6
68,.0
109,.7
185..0

850 .2
548 .1
76 .6
158 .8
69 .8

943.0
468.5
75.8
153.2
135.4

698 .1
372 .0
42 .4
150 .1
94,.0

598 .1
395 .3
62 .4
210 .5
101 .0

824 .5
410,.9
67 .2
150,,9
137,.3

-10. 7
-43. 4

-9..8
-23. 9
-4. 5
-2. 4

-14 .7
2 .8
10,.3
-1,.4

13.5
-2.5
39.9
59.3

48..2
-8. 8
6. 8
-6..7

19 .2
-59 .3
-121 .4
-9 .7

22,,9
32..4
15. 8
-13..0

-109. 3

60.8
-3.4
10.3
17.9

Consumer credit
Bank loans n.e.c.
O0en market paper
Other loans

'

9

6
7
8

F.5 Funds Raised Through Mutual Funds and Corporate Equities

i s 1 1 1 1 1 1 1 1 1 1 iriEs=-1
6

2.8

27.3

BILLIONS OF DOLLARS.




37.1

34.6

23.7

2>.l

11.2

34.8

47.5

31.,

BO.3

100.4

U.S.

6

Z.7, DECEMBER 8,
Households

Households
F. 100 Households and Nonprofit Organizations
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1
1

1991
IV

1
1

II

I

1992

1993
II

III

III

1990

1991

1992

1
2

4673.8
623. 2

4850. 9
620. 4

5144. 9
644. 7

4927.5
628.7

5017.8
630. 9

5093.8
634.6

5139.8
642.8

5328.3
670.6

5254.7
657.1

5373.2

5410.1 Personal income
689.5 - Personal taxes and nontaxes

1
2

3
4
5

4050. 6
3880. 6
170. 0

4230. 6
4029. 0
201. 6

4500. 2
4261. 5
238. 7

4298.8
4087.0
211.8

4386. 9
4169. 5
217. 4

4459.2
4221.3
237.9

4497.0
4277.3
219.7

4657.7
4378.0
279.7

4597.6
4419.7
177.9

4692.2
4483.6
208.6

4720.6 = Disposable personal income
4544.2 - Personal outlays
176.4 = Personal saving. NIPA (1)

3
4
5

6
7
8
9

86. 0
90. 0
493. 7
839. 7

80. 2
53.
526. 2
861. 2

85. 2
67. 7
566. 5
958. 1

72.9
54.5
534.2
873.4

87. 7
60. 3
553. 7
919. 0

83.0
59.5
559.6
940.1

86.2
599.1
966.6

83.9
89.2
553.8
1006.5

75.7
78.8
581.9
914.2

82.7
95.0
581.0
967.3

10
11
12
13
14

926.8
696. 4
191. 7
468. 2
36. 5

909. 1
668. 4
173. 2
457. 8
37. 4

1007. 2
742. 2
205. 5
497.,3
39..3

877.6
687.2
184.0
465.2
38.0

985. 4
714.,4
191. 7
484.,0
38. 6

202.6
487.8
39.2

1010.5
745.8
205.3
500.9
39.6

1055.0
778.9
222.4
516.6
39.9

857.8
781.0
225.3
515.3
40.4

1124.8
794.5
222.2
531.6
40.7

15
16

230. 4
439. 2

240. 7
431. 6

265..0
484..1

190.4
430.6

271.. 1
461..1

248.2
452.4

264.7
486.7

276.1
536.1

76.8
241.6

330.2
549.5

175.4
523.1

17

230. 5

-74.8

67..6

-228.8

202..8

46.6

-54.8

75.9

-379.0

9.8

-129.7

144.4
117.3
-50.0
16.4
60.7

37.8
120.9
-104.9
-25.4
47.1

Deposits
Checkable dep. & curr.
Small time 8 svgs.dep.
Large time deposits
Money mkt. fund shares

18
19
20
21
22

-134.6 -167.5
-71.2
-28.9
-97.6
105.2
26.4
-134.0
-50.0
-43. 1
-36.0
-15.1
-6.8
25.1
-3.5
-72.6

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

23
24
25
26
27
28
29
30

977.8
729.6

61.6

681.0

85.5
94.1
598.4
954.4

•
•
•
=

Credits from govt, insurance
Net durables in consumption
Capital consumption
Gross saving

988.8 Gross investment
813.4 Capital expend, net of sales
230.6
Residential construction
541.6
Consumer durable goods
41.2
Nonprofit plant and equip.

6
7
8
9
10
11
12
13
14

Net financial investment
15
Net acq. of financial assets 15
Dep. 8 cr. mkt. instr.

17

18
19
20
21
22

90. 4
12.,4
61. 5
-28.,3
44..7

-25. 1
50. 8
-29.8
-70.,6
24..5

17..4
139..3
-64..9
-53..2
-3..8

-105.4
14.6
-42.0
-92.6
14.6

84..6
117..7
-31..4
-36..3
34..6

-63.0
74.0
-89.7
-66.0
18.6

44.9
211.0
-82.8
-55.0
-28.4

3.3
154.3
-55.6
-55.4
-40.0

-254.2
4.5
-184.7
-24.3
-49.7

23
24
25
26
27
28
29
30

140., 1
107..5
63..7
43 ,7
26..7
18 .3
-20,.2
7 .9

-49.,7
-80.is
-73..9
-6..5
35..0
22 .8
-9 .5
-17 .5

50..2
3..0
-27..2
30 .2
5 .1
2 .6
7 .5
31 .9

-123.3
-201.2
-187.5
-13.6
25.5
14.6
16.7
21.1

118..2
95 .9
90 .3
5 .6
19 .3
.5
16
-12 .6

109.6
63.2
33.0
30.3
9.7
-8.6
26.9
18.3

-99.7
-116.3
-183.6
67.3

-23.4
-26.2
39.5

26.8

72.5
-30.8
-48.4
17.6
-35.5
43.0
13.3
82.5

-124.7
13.6
10.4
3.2
8.1
-50.4
9.4
-105.4

31
32

43 . 1
-21.8

107 .5
-25 .6

170 .6
18 .5

154.8
-33.8

141 .5
-9 .2

150.7
20.4

195.9
60.4

194.1
2.4

204.6
-32.7

312.1
-63.8

300.3
51.0

Mutual fund shares
Corporate equities

31
32

33
34
35

25 .7
158 . 1
21 .5

25 .7
358 .8
29 .8

28 .4
214 .8
-7 .5

19.2
419.6
10.8

33 .8
129 .0
40 .2

22.7
194.4

20.2

27.3
278.5
-55.4

29.8
257.4
-35.2

51 .4
340.7
-10.1

41.0
199.8
35.8

39
273
-23

Life insurance reserves
Pension fund reserves
Inv. in bank pers. trusts

33
34
35

36
37
38

-35 .5
9 .2
8 .4

-12 .5
24 .6
-1 .9

-10 .7
-11 .0
13 .3

12.9
73.5
2.3

-25 .8
-61 .0
9 .8

12.3
-26.7
11.7

-33.2
51.7
16.4

4.0
-7.7
15.4

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

36
37
38

39
40
41
42
43

208 .8
207 .7
170 .7
16 .6
-3 .1

190 .9
168 .4
161 .4
-3 .8
-9 .2

219 .0
215 .0
170 .9
7 .9
1 .4

240.2
193.8
171.8
7.3
-18.0

190 .1
199 .2
211 .7
-8 .2
-1 .6

204.1
176.5
106.5
-10.8
—4.0

221.9
217.7
198.2
11.1
2.4

9 .2
9 .2
-27 .5
6 .3

10.8
10.2
54.8
8.9

3.1
9.5
-15.3
8.7

44
45
46
47

4. 1
10 .9
-2 .7
11 .2

8 .8
10 .6
-9 .3
10 .1

6 .2
9 .7
10 .9
8 .1

9.6
11.0
3.4
8.6

48
49
50

-3 .7
4 .7
0. 1

16 .3
4 .5
1 .7

-1 .8
4 .5
1 .4

40.0
6.2
0.1

-15 .4
5 .0
1 .2

20.4
5.6

1.6

-2.0
4.8
1 .4

-47 .9

-49 .1

-4.2

— 66 .4

-37.7

-43.9

51

-8 7.0

21.8

-7.2
1.3
20.7

-28.7
19.4
21.3

260.1
266.6
167.3
39.4

164.7
137.4
122.8
24.6
-5.4

219.3
215.8
170.6
13.7
9.3

347.7
322.4
223.9
67.5
-6.7

1.6
9.7
31.5
8.4

-5.5
9.5
-14.6

-1.9
9.4

-5.9
9.3

-10.3
2.4
1.4

23.4
3.3
0.6

-1.5
3.9

56.5

-157.5

8.8

3.6
41 . 1

6.0

10.2

4.7

1.0

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

28.2
6.1
21.0
3.9
0.4

Security credit
Trade debt
Miscellaneous

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

-34.4 Discrepancy

1) See table F.8 for derivation of alternative personal saving measures.
Memo:
Net physical investment:

52
53
54

191..7
93..2
98..5

173..2
97..6
75..7

205..5
111..5
94,.0

184..0
99..0
85 .0

191. 7
105. 0
86. 7

202,.6
106,.2
96..5

205..3
133..2
72..0

222.4
101.4
120.9

225.3
119.1
106.1

222.2
119.1
103.1

55
56

170..7
-72.. 1

161 .4
.
-85,.7

170 .9
-76 .9

171 .8
-86 .9

211..7
-125. 0

106,.5
-10..0

198..2
-126,.2

167.3
-46.3

122.8
— 16.7

170.6
-67.5

57
58
59

468..2
378,. 1
90..0

457,.8
404 .7
53,. 1

497 .3
429 .7
67 .7

465 .2
410,.7
54 .5

484,.0
423,.7
60..3

487,.8
428 .3
59,.5

500,.9
439..3
61,. 6

516.6
427.4
89.2

515.3
436.5
78.8

531.6
436.6
95.0

60
61

13,.4
76,.6

-13 .1
66 .2

9 .3
58 .3

-10,.7
65 .2

-9,.8
70..1

-14,.7
74 .3

13 .5
48 .1

48.2
40.9

19.2
59.5

22.9
72.1

BILLIONS OF DOLLARS.




(A) Residential construction
230.6
expenditures
125.1
- Capital consumption
105.5
= Net investment
223.9
-118.4

- Home mortgages
= Excess net investment

(B) Consumer durables
541.6
expenditures
447.5
- Capital consumption
94.1
= Net investment

60.8
33.3

- Consumer credit
= Excess net investment

52
53
54
55
56
57
53
59
60
61

Z.7» DECEMBER 8, 1993
NonfInancial Corporations

Nonfinancial Corporations
F.104 Nonfarm Nonfinancial Corporate Business

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
I
I

1991
IV

I
I

I

II

1992

III

IV

I
I

I

1993
II

231,.3
93 .4
117 .4
20..5

213..7
82..4
93.,2
38..2

254,.4
97..8
104,.4
52 .2

222..4
85..5
90..1
46..8

234,.4
90,.4
93..1
50..9

259,.6
100,.4
99,.5
59..6

251..2
94..9
105..1
51..2

272..5
105..4
119..9
47..2

267 .9
106,.0
126,.6
35,.3

290 .5
117 .2
124,.6
48,.7

281 .1
112 .8
123 .4
44 .9

Profits before tax (book)
- Profit tax accruals
- Dividends
= U.S. undistributed profits

1
2
3
4

5
6
7

32..8
326..6
379..8

12.,5
338..6
389..3

27,.2
349..5
429 .0

13..7
341..2
401..7

20..4
341..6
412..9

26..1
344 .4
430,.2

27..6
362..7
441. 5

34..8
349..2
431..3

35,.3
354,.5
425,.1

34,.9
357,.5
441..1

34 .3 + Capital consumption adj.
364 .8 • Depreciation charges, NIPA
444 .0 = U.S. internal funds* book

5
6
7

8
10

40..6
-11,.0
409..4

43..6
5.,0
437. 8

39,.0
-5..3
462..7

46,.8
.9
450!.4

46..3
- 4 .6
454..6

35,.7
-13,.7
452,.2

34..8
-7. 8
5

39..2
4..9
475..4

48,.2
-12,.7
460,.6

42,.5
-12..2
471,.4

42 .0 • Fgn. earnings ret. abroad
.2 t Inv. valuation adjustment
485 .8 = Total internal funds • IVA

8
9
10

11
12
13
14
15
16
17

388 .6
407..3
400..3
.4
398 .9
3 .6
3 .5

415. 8
381.,6
387..0
,1
386..0
-8.
2..8

413,.9
397,.2
392,.5
.3
391 .2
2 .2
2 .6

447,.8
393,.6
378 .8
1,.1
377,.7
12..2
2..7

415..0
369,.9
378 .0
1 .2
376,.8
-10,.3
2,.1

418..7
401,.2
393,.2
1..2
392,.0
5 .9
2.•1

400..3
402..7
395..4
1..3
394..1
4..2
3.. 1

421,.4
415,.2
403,.3
1,.4
401..9
9,.0
2,.9

449 .1
446 .4
412,.2
1,.4
410,.8
31,.3
2 .8

441,.5
449,.2
430,.4
1,.4
429 .0
16,.0
2 .8

460 .2 Gross investment
457 .7 Capital expenditures (1)
Fixed investment
436 .0
Residential construction
1 .4
Plant and equipment
434 .6
Inventory
change + IVA
19 .1
Mineral rts. from U.S. govt.
2 .6

11
12
13
14
15
16
17

18
19

-18 .7
94 .7

34,.2
69,.6

16,.6
140,.6

54..2
91..2

45,.1150,.9

17..5
166..1

-2..4
117..3

6,.2
127,.8

2 .6
10 .3

-7 .7
114,.4

2 .5
128 .0

-2,.4
16..3
-2..8
-10..6
4,.7
-17..9
-21 .3
35,.2
33 .2
2 .0
-5 .9

-5 .4
2,.8
.7
-6,.2
4..5
-14,.1
-28 .8
40..9
38 .9
2..0
5 .8
-8,.5

-6..5
-45. 5
- 1 .,2
-4..5
4..7
-18..0
24.
29..3
27..3
2..0
-2.,7
7..2

-6,.7
-22,.3
.2
-2..7
4 .5
-9,.5
-10,.3
27,.8
25,.8
2,.0
4..0
2..0

.9
5,.1
0,.8
6 .4
4,.6
-11 .0
-11,.9
-3,.4
-7,.4
4..0
-1,.6
2,.1

21,.3
5 .5
4,.6
4,.4
4..6
-11,.8
0..9
3..3
5 .3
-2..0
3 .9
5,.9

CO

1
2
3
4

20
21
22
23
24
25
26
27
28
29
30
31

15..2
8
.9
-3 .2
10..2
-5..9
13..9
-7 . 1
-7 .9
0 .8
-1 .4
1 .5

27,.2
11,.3
0,.9
3,.5
5..2
0,.5
-2 .8
7,.3
5 .7
1,.6
1..8
.4

-5 .3
-12 .2
- 1 .5
-6 .0
4 .6
-14,.9
-9 . 1
33 .3
31,.3
2,.0
0 .3
0 .2

32,.6
19 .4
.5
-4 .9
,
4,.7
-2,.2
.2
10..7
9,. 1
1 .6
6 .0
- 1 .6

32
33
34

1..7
-1 .3
16 .9

-4..5
2,.7
-7..9

2 .6
0 .9
32 .9

-4, 1
2 .1
-1 .6

-4 .1
.2
47 .4

-1..3
1..8
45 .3

12..6
15.,9

3,.2
0,.4
22,.9

1,.1
.7
45 .2

35
36
37
38
39
40

62 .3
25 . 1
14 .3

109 .5
29 .2
13 .6

62 .2
38 .4
14 .0

125 .8
43 .8
13,.8

95.,3
27..0
13. 4

108..2
28..7
13,.3

-26,.4
24,.3
13 .0

1 .7
65 .0

-4,
13 .9

108 .8
17,.3
14,.0
0 .1

6 .2
16 .8

52..0
26,.3
14..1
0..5
2,.2
8..9

41
42
43

113 .4
37 .7
-63 .0

35,.4
6 .9
18,.3

124 .0
68 .6
26 .8

44
45
46
47
48
49

100 .7
.3
47
- 2 .7
.8
9 .7

-11 .3
-1 .2
78 .8
0. 1
-24,.9
-18,.4

41 .8

50
51
52
53
54
55
56

45 .0
-6 .3
11 .7
.8
-6 .6
45 .4
1 .7

57
58
59
60
61
62

*

0.. 1

-8

18
Net financial investment
Net acq. of financial assets 19

23,.5
4 .4
1,.6
3,.0
4,. 6
-6,.1
4,.4
5,.5
3,.5
2,.0
2,.0
4,.0

Liquid assets
Checkable dep. and ctirr.
Small time 8 savings dep
Large time deposits
Money mkt. fund shares
Security RPs
Foreign deposits
U.S. govt. securities
Treasury
Agency
Tax-exempt securities
Commercial paper

20
21
22
23
24
25
26
27
28
29
30
31

1,.3
-1,.0
33 .1

14,.4
.7
35,.7

Consumer credit
Mutual fund shares
Trade credit

32
33
34

59 .7
50,.0
12,.8

Miscellaneous assets
Foreign dir. invest. (2)
Insurance receivables
Equity in GSEs (3)
Inv. in finance co.subs.
Other

35
36
37
38
39
40

77 .4

0..8
67,.3

0..1
54..9

5..9
60..2

8 .2
-71,.9

9,.0
-12,.1

56,.1
33,.2
14..5
0,.2
3 .0
5 .2

37 .0
-18 .5
48 .0

105,.8
81 .7
46 .0

148..6
69..7
36..0

119..7
68..9
11..0

121..7
53..9
14..0

7,.7
9,.3
9,.0

122,.2
88..5
26..0

125,.5
76,.0
30..0

67 .3
-25 .7
-12 .0
8 .6

— 66 .5
-5,.2
60..2
-7 .8
-37 .3
-5 .0

35,.7
-3 .2
76,.3
-23,.4
-16 .1
2 .5

33 .7
-1..4
77 .8
-15 .5
-18 .3
-2 .6

57..9
-1..0
61..3
-33..5
-6..4
9..3

39..9
5 .4
53,.7
-30,.4
-7,.3
25..4

0..3
-3,.8
75..0
-10..3
-16,.9
-24,.2

62..5
.3
64..9
-13..6
13 .8
34..8

46..0
0..4
55 .2
-2,.2
-15 .5
24 .2

-45 .7
-5 .3
.3
.8
-5 .9
-35,. 1
1,.7

3 .7
-5 .0
1 .8
.1
-2 .9
7 .0
2 .9

-71 .6
- 2 .5
-10 .8
.6
-6 .4
-53..5
2 .3

.3
-3..7
.8
.2
-6..3
11 .9
-1 .2

-6 .3
-3,.0
-1 .4
.2
-4..7
0,.2
2..9

28. 2
-2..1
2..0
-1. 6
24..2
5. 6

-7,.0
-11,.3
7,.5
0,.1
0..9
-8,.4
4,.3

-19,.5
-2,.3
.5
0,.1
2,.3
-12..0
1,.9

-37,.0
.4
-5.
0,.3
-6,.9
-25..3
0,.6

— 16,.2
0,.3
3 .6
0..2
-4,.6
-12..8
-2..8

-5 .0
29 .3
51 .4
56 .0
-4 .6

-9 .4
4 .7
33 .2
12 .2
20 .9

6 .8
35 .2
13 .3
5 .3
8 .0

- 4 .9
23 .8
36 .7
11,.6
25 .1

7 .0
40..8
-23..7
-18..8
- 4 .8

5 .8
40..8
32..3
31..6
0 .7

5..4
27.
18..4
9..7
8..7

9,.1
32,.4
26,.3
-1.. 1
27..3

6..9
21..8
-30,.3
-43..4
13,

10,.2
16,.8
6,.7
2..5
4..2

2,.2
19,.6
27,.8
14,.3
13 .5

20 .8

22 .0

48 .8

2 .6

39 .6

33 .4

68..2

54,.0

11,.6

29,.9

25,.6 Discrepancy

Memo:
16.1 Trade credit net of trade debt 63
17.0 Earnings rec. from abroad
64

0,

. 1

0,

63
64

-12.5
25.2

-12.6
23.3

-2.4
23.3

-25.4
21.7

6.7
24.9

4.5
25.8

-11.2
26.8

-9.5
15.5

23.4
10.8

16.3
15.6

65
66
67

3 .6
-11 .0
14 .6

-8.1
5.0
-13.1

2.2
-5.3
7.5

12.2
1.9
10.3

-10.3
-4.6
-5.7

5.9
-13.7
19.6

4.2
-7.8
12.0

9.0
4.9
4.1

31.3
-12.7
44.0

16.0
-12.2
28.2

68
69

418 .4
379 .8

376.7
389.3

402.5
429.0

391.7
401 .7

374.5
412.9

414.9
430.2

410.5
441.5

410.3
431.3

70

38 .5

-12.6

-26.4

-10.0

-38.4

-15.2

-31.0

-21.0

71
72

110. 1%
24. 0%

96.7%
-3.0%

93.8%
10.3%

97.5%
-16.9%

90.6%
9.5%

96.4%
8.1%

92.9%
14.1%

95.1%
9.7%

Net increase in liabilities
Net funds raised in mkts.
Net new equity issues
Debt instruments
Tax-exempt debt (4)
Corporate bonds (2)
Mortgages
Bank loans n.e.c.
Commercial paper

104.6%
13.5%

Taxes payable
Trade debt
Miscellaneous liabilities
Fgn. dir. invest. in US
Pen. fund contr. payable

(1) Capital outlays on book basis:
19.1 Inventory change, NIPA
-.2 Less: Inv. val. adjustment
19.3 = Inventory change before IVA




57
58
59
60
61
62

65
66
67
68
69
70

103.1% Capital exp./US internal funds 71
10.0% Cr. mkt. borrowing/capital exp 72

(2) Through 1992:Q4, corporate bonds include net issues by Netherlands
Antillean financial subsidiaries, and U.S. direct investment abroad
excludes net inflows from those bond issues.
(3) Equity in the Federal National Mortgage Association.
(4) 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.
BILLIONS OF DOLLARS.

44
45
46
47
48
49

50
Other loans
Savings institutions 51
Finance companies
52
U.S. government
53
Accept.liab.to banks 54
55
Foreign
56
ABS issuers

459.1
461.4
457.9 Total cap. expend. before IVA
444.0 Less: US internal funds, book
441.1
425.1
= Financing gap: Excess of capital expenditures
over U.S. internal funds
20.3
13.9
34.0
108.0%
0.0%

41
42
43