Full text of Z.7 Flow of Funds Summary Statistics : December 9, 1992

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FEDERAL RESERVE statistical release
Z.7 (788)

For immediate release
December 9, 1992
FLOW OF FUNDS SUMMARY STATISTICS

Debt of domestic nonfinancial sectors grew at a seasonally adjusted
annual rate of 3-1/4 percent in the third quarter of 1992, the lowest rate of
growth since the mid-1950s. Federal government debt increased at a 6-1/2
percent pace, much slower than in the second quarter, while the debt of the
nonfederal sectors continued to grow at only a 2 percent rate. In the
household sector, home mortgage debt increased moderately, and consumer credit
was essentially unchanged. Business debt contracted slightly further in the
third quarter, owing largely to reductions in short-term debt and commercial
mortgages. Net equity issuance by nonfinancial corporations, which is not
included in the debt figures, amounted to $11 billion at an annual rate, about
one-third the pace of the previous quarter. Debt growth of state and local
governments slowed to about 5-1/2 percent, reflecting a large volume of bond
retirements.
The level of domestic nonfinancial debt outstanding was
$11.6 trillion at the end of the third quarter. Debt of nonfederal sectors
accounted for $8.6 trillion of this total, and federal debt was $3.0 trillion
(see table L.2).
A. Growth of Domestic Nonfinancial Debt^
(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

9,, 1
8..0
6..6
4..2

8..0
7..0
11..0
11,. 1

9. 4
8. 2
5 .3
2. 1

11. 1
9. 6
7. 2
4. 2

8. 3
6. 9
3. 3
-0. 6

7.,0
8.,4
,9
5.
4.,5

1990-Q1
Q2
Q3
Q4

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

10..9
8..8
11,.3
11,.1

8. 2
5. 2
4. 8
2. 8

11. 1
6. 5
6. 3
4. 3

5 .0
3. 8
3. 2
1. 1

9., 1
5.
,7
4..4
4..1

1991-Q1
Q2
Q3
Q4

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

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

2. 8
3. 2
1. 4
1. 0

4. 3
4. 9
3. 5
3. 8

0. 9
1. 1
-1. 6
-2.8

4..2
4..4
4,.3
4..7

1992-Q1
-Q2
-Q3
1. Changes
month-average




1. 0
6,.0
13 .3
5. 5
3. 5
4,.7
12 .3
-0. 7
3. 6
2. 2
6 ,5
-0. 3
2. 2
3,.3
3, 7
shown are on an end-of-period basis and thus may
data in the Board's H.6 release.

5.
,1
6..9
5 ,4
,
differ from

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

Foreign

Private
,
financial assets

Financial

All
sectors

11,.3
10..6
8,,0
5 .5
,

9. 3
8. 3
6. 9
4. 5

8. 4
7. 1
4. 5
0. 7

1988
1989
1990
1991

9., 1
8.,0
6..6
4..2

1990 -Q1
Q2
Q3
Q4

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

4..5
13.,9
9,,0
8.,9

9,.8
7,.4
1,.9
12,. 1

8. 9
6. 4
5 .5
6 .2

8. 8
4. 7
2. 8
1. 5

1991 -Q1
Q2
Q3
Q4

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

22,,7
-21,.5
5 .6
,
14,.5

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

4. 6
4. 3
4. 1
4. 6

4. 6
1. 4
-2.4
-0. 7

1992 -Q1
Q2
Q3
1. Holdings
business, and

2.,7
4.,2
9.,4
5,1

3,.4
4,. 1
6,.0
4,.7
19,.5
8,. 1
3 .3
10,,1
9 ,0
of deposits and credit market claims by
state and local governments.

5 .2
5 .5
-1. 2
5 .6
"4 t 1
4, 5
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 federally sponsored credit agencies, 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.
Subscriptions to this summary release, to the full statements for sectors
and transaction types for flows and amounts outstanding (the Z.l release), or
diskettes 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 on the Economic Bulletin Board of the Department
of Commerce.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

AVAILABILITY OF COMPUTER DISKETTES
The Flow of Funds Accounts are available on two 3-1/2" diskettes. The
diskettes contain quarterly data beginning in 1959 organized in files that
correspond to the tables published in the Z.l release. One diskette contains
the flows and the other diskette contains the outstandings. In addition, the
outstandings diskette contains files with the monthly debt aggregate data
published in the Board's H.6 release and its underlying detail, and data from
the Balance Sheets for the U.S. Economy (C.9 release).




Z.7, DECEMBER 9, 1992
Credit Market Debt

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

PERIOD-END LEVELS
1987

1988

PERIOD-END LEVELS
1989

1990

I
I

1991
I

II

III

IV

I
I

I

1992
II

L.2 Credit Market Debt Owed by Nonfinancial Sectors
10832 .3 10960 .3 11082 .5 11210,.8 11336 .7 11464 .8 11583,.6 Total domestic

1

8549 .2

9316 .3 10087 .1 10760,.8

2
3
4

1949 .8
1944 .6
5 .2

2104 .9
2082 .3
22 .6

2251 .2
2227 .0
24 .2

2498 .1
2465 .8
32,.4

2548 .8
2522 .4
26 .4

2591 .9
2567 .1
24 .8

2687 .2
2669 .6
17 .6

2776 .4
2757 .8
18..6

2859 .7
2844 .0
15 .8

2923 .3
2907 .4
15,.9

2998 .9
2980 .7
18,"1

U.S. government
Treasury issues
Agency issues 8 mortgages

5
6
7

6599 .4
873 .1
749 .1

7211 .4
939 .4
852 .2

7835 .9
1004,.4
926 .1

8262 .6
1055,.6
973,.2

8283 .5
1061 .5
992 .3

8368 .3
1072 .5
1016..5

8395 .3
1089 .3
1036 .9

8434 .5
1101 .4
1052,.0

8477 .0
1111 .5
1071 .0

8541..5
1128,.6
1090,.4

8584 .8
1145,.6
1105,.7

Private, by transaction
Tax-exempt securities
Corporate bonds

8
9
10
11
12

3023 .4
2015 .8
270 .0
648 .7
88 .9

3327 .3
2257 .5
286 .7
696 .4
86 .8

3647 .5
2515 .1
304 .4
742 .6
85 .3

3907,.3
2760,.0
305,.8
757..6
84,.0

3943 .8
2788 .9
307 .3
763 .7
83 .9

3998 .6
2836 .9
310 .4
767 .4
83 .8

4012..2
2869 .5
303 .1
756 .5
83..1

4037,.3
2902,,1
303,.8
748..2
83..2

4074 .4
2945 .5
303 .5
742 .6
82 .9

4100..5
2985 .0
295,.6
736,.4
83 .6

4122..6
3023 .2
292,.9
722..7
83 .8

13
14
15
16

692 .0
669 .5
73 .8
518 .5

742 .1
710 .6
85 .7
554 '1

791,,8
760 .7
107,,1
598,.4

809,.3
758..0
116..9
642..6

785 .3
748 .3
120,.8
631,.5

786 .7
742..0
119,.4
632 .6

785..9
734..1
107,.0
629,.8

796..7
724..6
98..5
624..1

775,.7
712 .5
110 .3
621 .6

775,.8
709,.4
111,.7
625..1

781,.1
699,.6
108,.3
621,,9

17
18
19
20
21
22
23

6599 .4
2861 .3
3034 ,6
145 ,5
1061,.2
1827,.8
703,.6

7211,.4
3177 .3
3281 .6
137 .6
1127 .1
2016,,9
752 .5

7835,.9
3508 .2
3512,.0
139,.2
1177,.5
2195..3
815..7

8262..6
3780,.6
3618,.0
140..5
1204..2
2273,.4
864..0

8283 .5
3788 .3
3625,.2
136 .8
1207,.1
2281,.3
870..1

8368 .3
3848 .3
3641 .5
139..6
1210..8
2291 .1
,
878..5

8395,.3
3888,.7
3615,.3
140,.4
1191,.0
2283,.9
891..4

8434. 5
3938..6
3593..3
138 .8
1180..6
2273..9
902..5

8477,.0
3960 .8
3604,.9
136 .3
1174,.9
2293,.7
911,.3

8541..5
4009..9
3605. 8
140.,2
1160..0
2305..6
925. 9

8584..8
4051,,6
3590..9
141..7
1144..0
2305..2
942..3

24
25
26
27
28

238 .3
76.,2
23,.3
41..2
97.-6

244..6
83..1
21..5
49..9
90..1

254..8
88..0
21..4
63..0
82. 4

278..6
109. 4
18. 5
75..3
75. 4

291..3
112..1
20. 5
87..0
71. 6

277..6
114.,8
19..7
74..0
69. 1

282..2
118. 6
20.,0
78..0
65. 6

292..7
124..2
21..6
81. 8
65..2

282,.4
125..4
22..0
70..5
64..4

298. 5
131..1
25. 5
77. 5
64. 4

307..0
137..0
26..4
80..7
63.,1

29

8787..5

9560..9 10341. 9 11039. 4

Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm
Consumer credit
Bank loans n.e.c.
Commercial paper
Other
Private, by sector
Households
Nonfinancial business
Nonfarm noncorporate
Corporate
State 8 local governments
Foreign credit market debt
held in U.S.
Bonds
Bank loans n.e.c.
Commercial paper
U.S. govt. 8 other loans

11123. 6 11237. 9 11364.,7 11503. 6 11619..1 11763.,3 11890..7 Total domestic and foreign

L.3 Credit Market Debt Owed by Financial Sectors
1

1871 .0

2082 .9

2333 .0

2524,.2

2546 .3

2571 .4

2608 .2

2667,.8

2686 .9

2739 .9

2802 .6 Total, by transaction

2
3
4
5

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

1098,,6

348,,1
745,
5,.0

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

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

1452 .1
397 .0
1050 .3
4 .9

1482..8
389 .6
1088 .4
4 .9

1524..4
394 .7
1124 .8
4 .9

1566,.2
402,.9
1158,.5
4 .8

1592 .9
405 .7
1182 .4
4 .8

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

1682 .2
433 .4
1244 .0
4 .8

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

6
7
8
9
10
11

892..4
398..3
3..1
35..0
322..9
133.. 1

984,.6
415,.1
3,.4
35,.6
377,,7
152.,8

1083 .7 1105,.8
491..9
528,.2
4 .2
3,.4
37 .5
38 .6
409,. 1 417,.7
117..1
141,.8

1094,.1
545 .4
4,.2
36 .5
400..9
107..0

1088 .6
562 .2
4,.5
37 .0
390..1
94,.7

1083 .9
569 .5
4..4
39 .0
387..0
83..9

1101,.6
590 .2
4 .8
41 .8
385..7
79..1

1094 .0
578 .2
5 .0
41 .6
392,.9
76,.3

1098 .3
583..2
5,.0
43 .7
389,.5
76,.9

1120,.4
597 .0
5
44 .5
393..7
80..2

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

12
13
14

1871,.0
308..2
670..4

2082,.9
353,
745..3

2333,.0
378 .3
871 .0

2524..2
398..5
1019..9

2546 .3
401 .8
1050,.3

2571..4
394..4
1088,.4

2608,.2
399 .5
1124,.8

2667..8
407..7
1158..5

2686..9
410,.5
1182,.4

2739..9
422 .6
1219,.0

2802..6 Total, by sector
Sponsored credit agencies
438 .2
Mortgage pools
1244,.0

15
16
17
18
19
20
21
22

892..4
81 .8
131 .1
,
139. 4
16..7
413..0
7..3
103..1

984.,6
78. a
136..2
159. 3
18..6
444. 6
11. 4
135..7

1083,.7
77..4
142 .5
145,.2
17..2
504..2
10 .1
187,.1

1105. 8
76 .3
114,.8
115..3
16..7
539..8
10..6
232..3

1094,.1 1088..6
68.. 1
65..9
113..3
114,.4
104,.2
91..0
16..6
16,.4
539..6
540..4
10. 8
11..0
240..6
250..3

1083,.9
64,.6
n o ,.6
79,.0
15..2
543,.7
11,.0
259,.9

1101..6
63..0
112..3
75..9
13..2
557..9
11..4
268..0

1094..0
60,.8
115,.0
71..2
13..5
547 .1
12..7
273 .6

1098,.3
61..7
112 .7
70..3
14,.3
541 .8
13,.2
284,.4

1120,.4
63..3
112 .3
71 .0
16..2
550 .8
< 13..2
293 .7

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

L.4 Credit Market Debt, All Sectors, by Transaction
1 10658..5 11643..9 12674,.9 13563,,6
2
3
4
5
6
7
8
9

10
11
12
13

2923 .4
873 .1
1223..6
3026 .5
692 .0
727 .8
437 .9
754 . 1

115..3
754..7
460..1
2864.,9

13669 .9 13809..2 13973..0 14171 .3 14306 .0 14503,.3 14693,.3 Total

3198 .3
939 .4
1350..4
3330 .7

3495 ,6
1004..4
1506,,0
3650..9

3911,,7
1055,.6
1610..7
3911,.5

3996 .1
1061,.5
1649,.9
3948 .1

4069,.8
1072..5
1693..5
4003 .1

4206..7
1089..3
1725,.0
4016..7

4337 .7
1101,.4
1766,.4
4042 -1

4447 .8
1111,.5
1774,.6
4079 .4

4560 .1
1128,.6
1804,.7
4105,.5

4676,.2
1145..6
1839..7
4127..6

742 .1
767 .7
513,.4
801 .9

791..8
819 ,6
579.,2
827 .5

809,.3
815..1
609,,9
839,,9

785 .3
805 .3
608,.8
814 .9

786 .7
798 .7
583 .6
801,.4

785..9
793,.2
572,.0
784,.2

796 .7
788 .0
565,.9
773 .2

775 .7
776
573 .7
767 .1

775,.8
778,.7
578,.7
771..2

781.
770..4
582,.6
770,.0

118..3
838 .4
478,.3
3141..6

133,.9
903 .9
566,.2
3819..7

137..4
938 .0
602,,1
3506,,6

132..5
903,.5
661,.6
4047,.2

137..5
909,.4
683.,7
4104.,7

158..1
935..3
744,.2
4338,,5

188..9
940..8
812,.4
4630,.0

195..1
942,.6
859,.3
4739,,7

194..1
949..4
936 .7
4678,.8

BILLIONS OF DOLLARS.




Selected
212,.4
976 .2
1013,.4
4832 .4

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

Z.7, DECEMBER 9, 1992
Funds Raised

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

ANNUAL FLOWS

ANNUAL FLOWS
1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

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 issues
Agency issues 8 mortgages
Private, by transaction
Tax-exempt securities
Corporate bonds
Mortgages
Home mortgages
Multlfamily 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

337,.1

384 .9

406,.2

553,.3

765 .4

903 .1

893..8

721.,2

775 .8

740,.8

665,.0

452,.7

1

77..4
77..9
- <.6

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

2
3
4

259..7
23..9
27..7
134,,7
97..2
7.,6
19..2
10..7

299 .4
32 .9
22 .8
113 .2
76 .4
4 .8
22 .2
9 .7

244..9
53,.1
18..7
93,.2
58..5
5..4
25.,2
4..1

368 .1
54,.4
16..0
193..4
125,.9
14..1
51.,0
2,.4

568 .2
58 .7
46 .1
229 .9
143 .8
25 .2
62 .2
-1 .2

677, 4
178,.6
74..2
250,.3
164,.8
29,.8
62,,2
-6 .6

677..9
45 ,7
127..1
350..3
252..6
33..5
73..6
-9..5

577,.3
83,.5
78..8
325,.0
235 .3
24 .4
71,.6
-6,.4

620,.7
53 .7
103,.1
317 .3
241 .8
16,.7
60 .8
- 2 .1

594,.4
65,.0
73,.8
303,.0
245,.3
16,,4
42.,7
-1,.5

418,.2
51,.2
47,.1
244,.0
219,.4
3,.7
21,.0
.1

174,.4 5
45 .8 6
78..8 7
130,.0 8
142 .2 9
- 2 .0 10
-9 .4 11
.8 12

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

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

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

48..9
25.,0
8
31.,3

81,.7
67,.9
21,.7
62,,2

82,.3
40,.6
14,.6
36.,9

57. 5
63.,6
-9.,3
43..0

32..9
9.,9
1..6
45..7

50 .1
41,.0
11..9
43..6

41..7
40,.2
21.,4
49.,3

17,.5
4,,4
9,.7
44,.2

-12 .5
-33 .4
-18 .4
-15,.8

13
14
15
16

259 .7
111 .2
137 .7
15 .8
55 .8
66 .2
10,.9

299,.4
111..1
172,.0
16..3
44,.4
111..3
16..3

244,.9
85,.9
128..6
6,.7
69,.8
52,.1
30,.4

368,.1
185,.7
147 .8
3 .9
83..9
60,.1
34. 6

568 .2
232 .7
299 .8
.4
123,.2
177 .0
35 .7

677 .4
284 .9
258 .5
-14,.5
130..0
143,.0
134,.0

677,.9
319,.4
299,.3
-16 .3
100,.7
214,.8
59..2

577,.3
296,.4
197,.8
-10,.6
65..3
143..1
83 .0

620 .7
318..6
253
-7,.5
61 .8
198,.8
48,.9

594,.4
305,.6
225..6
1..6
50..4
173,.6
63,.2

418..2
254.,2
115..6
2. 5
26. 7
86..4
48..3

174..4
158..0
-22..1
0..9
-23..6
0..6
38..5

17
18
19
20
21
22
23

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

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
-6..9

14..1
14..9
3.
6..4
-10..2

24
25
26
27
28

361 .3

408,.4

422,.2

570,.7

773 .7

904,.3

903,.5

727..4

782 .2

750,.9

688..9

466..8 29

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

74 .7

107 .9

96..9

107 .3

162 .3

189 .3

324..1

259 .0

211,.4

220 .1

187,.1

139 .2

1

2
3
4
5

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

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

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

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

67 .8
1•4
66 .4

74 .9
30 .4
44 .4

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

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

171 .8
30 .2
142 .3
.8

119..8
44,.9
74,.9

151 .0
25 .2
125 .8

167,.4
17,.1
150,.3
,1

147..7
9 .2
138,.6

2
3
4
5

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

29 .9
10 .8

60 .5
10 .3

39 .5
25 .4

1 .3
32 .7
16 .2

.2
21 .3
-7,.0

87,.4
45,.6
0,.4
.8
24,.0
15,.7

87 .8
38 .5
0 .1
2 .9
32,.0
14 .2

146..0
97..6
0..1
4..3
24..2
19,.8

87 .2
39 .1
0 .4
- 3 .6
26 .9
24 .4

91..7
16..2
0,.3
0,.6
54,.8
19,.7

69 .1
46 .8

.9
12 .9
7 .1

32.,0
19..7
0..1
1..4
9..9
0..8

1,.9
31 .3
-11 .0

19.,7
34..4
0..3
.2
8, ,6
—24,,7

-8..6 6
57..7 7
0.,6 8
3..2 9
-32..0 10
-38..0 11

1/ Total, by sector
i.;
Sponsored credit agencies
Mortgage pools

74 .7
25 .6
19 .2

107 .9
32 .4
15 .0

96..9
15,.3
49..5

107..3
1,.4
66,.4

162,.3
30,.4
44 .4

189 .3
21 .7
79 .9

324..1
14..9
163..3

259 .0
29 .5
142 .3

211,.4
44,.9
74,.9

220 .1
25 .2
125 .8

187.,1
17..0
150..3

139..2 12
9..1 13
138,.6 14

is
lb
17
18
19
20
21
22

29 .9
8 .3
6 .7
6 .8
0 .7
8 .0
.6

60 .5
11 .6
10 .8
15 .6
0 .4
22 .4
.3

32..0
11..7
7..1
1..7
,6
11..6
.1
0..6

39 .5
5 .0
13 .3
-6,.2
.4
24,.4
,3
3,.6

87,.4
7..3
16,.1
17,,2
1..2
35 .8
0..6
9 .3

87 .8
-4 .9
16 .6
17 .3
1 .5
45,.8
.1
11,.5

146..0
-3..6
10..7
20..9
4.,2
74.,1
0. 9
39..0

87 .2
6 .2
14,.3
19 .6
8 .1
.5
0 ,4
39,.1

91,.7
-3,.0
5,.2
19,.9
1..9
31,.5
3,.6
32..5

69 .1
-1 .4
6 .2
- 1 4 .1
-1 .4
59 .7
-1 ,9
22,,0

19.,7
-1.,1
-27,.7
-29,.9
.5
3s!.6
-1,.9
45..2

- 8 .6
-13,.3
-2,.5
-39,.5
-3,.5
14,.5

6
7
8
9
10
11

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

15
16
17
18
19
20
21
35 .6 22

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

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

435..9
121..0
23..9
39..6
134..6

516,.3
131,.1
32,.9
38 .6
113,.1

519,.0
225,.9
53,,1
45,.0
93,,2

677,.9
253 .1
54,.4
44,.4
193,.4

936,.0
272 .2
58..7
95,.4
230,.2

1093..6
326..2
178..6
116. 5
250..3

1227,.6
394,.5
45,.7
227,.8
350 .3

986.,4
316,.4
83..5
125.,2
325..4

993..6
274..9
53..7
126,.3
317,.5

971.,0
297,.3
65,.0
125,.5
303,.0

876,.0
414,,4
51,.2
102,.9
244,,3

606,.0
426..0
45..8
151..4
130..6

1
2
3
4
5

2 .6
47..7
19..3
47 .1

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

16,.4
49,,8
5,.7
30,.0

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

81,.7
63,.0
51..9
82..9

82,.3
40,.7
52, 8
46..2

57,.5
66 .8
26,.4
58,.6

32..9
2,,7
32..3
68,.0

50,.1
39,.9
75,.4
55 .8

41,.7
41,.9
65,,9
30,.6

17,.5
2,.8
30,.7
12,.4

-12.,5
-27..1
-44..0
-64..2

6
7
8
9

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




18..4
3,.5
14,.9
10,.4
2,.1

-6,.2
4,.4
-10,.6
-13,.5
2,.7

17,.3
9,.4
7,.9
1,.9
4 .7

56..6
29..3
27..3
20..0
3..6

-42 .6
27,.3
-69,.8
-79 .0
8 .2

21,.5
88..7
-67..2
-84..5
13,.6

88..5
160,.9
-72..4
-85,.0
11..5

7..1
70..2
-63..2
-75,.5
14..5

-118,.4
6..1
-124..5
-129..5
4.11

-65..7
38..5
-104..2
-124..2
2..7

22,.1
67,.9
-45,.8
-63 .0
9 .8

198,.8
150..5
48 .3
18,.3
.1

1
2
3
4
5

2 .4

0 .2

1 .4
.

3 .7

0 .9

3,.7

1..2

- 2 .1

0..9

17..2

7,.4

30,.2

6

Z.7» DECEMBER 9, 1992
Funds Raised

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

SEASONALLY ADJUSTED ANNUAL RATES
1989
IV

I
I

SEASONALLY ADJUSTED ANNUAL RATES

1990
I

II

III

IV

I
I

1991
I

II

III

IV

I
I

1992
II

I

III

F.2 Credit Market Borrowing by Nonfinancial sectors
1

749,.7

883,.5

619..0

653,.9

503..9

455 .4

543 .3

405..6

406,.3

667,,5

535 .1

379 .9 Total domestic

2
3
4

167,.8
172 .4
- 4 .6

244,.8
215 .2
29,.6

203 .8
198 .4
5 .4

268,.2
269 .5
-1,.3

270.,8
271..8
-1,,0

227 .4
251 .4
-24 .0

276,.7
282 .9
-fr.2

288.,4
317,.2
-28,,8

320..4
316,.6
3 .8

368,.9
380 .1
-11,.2

351,.9
351 .5
0 .4

193 .4
184 .4
9 .0

U.S. government
Treasury issues
Agency issues 8 mortgages

5
6
7
8
9
10
11
12

581,.9
80 .6
88,.2
288 .8
249 .2
13,.0
30,.5
-3 .9

638,.7
70 .3
27,.5
389,.1
333 .1
1,.2
55 ,4
.7

415 .2
54 .7
65 .8
200 .4
188 .5
-7,.1
18 .6
0..4

385,,7
39 .2
29 .8
214,.5
193 .8
16 .6
2 .8
1..3

233..0
40,.6
65 .2
172,.1
162..3
3.,9
7 .2
-1,.3

228 .0
35 .6
76 .7
183 .8
153 .0
6 .3
24 .6
.1

266 .6
48 .5
96 .5
184,.8
158 .1
12 .5
14 .9
- •.7

117.,2
53,.5
81,,7
46..8
122,.4
-29,.4
-43,.8
-2..5

85,.9
45 .5
60,.3
104,.8
135,.1
2,.7
-33,.1

298,.6
52 .0
76,.3
184,.7
209 .6
-1,.3
-22,.6
-1..1

183,.2
73 .0
77 .5
67 .9
121 .6
-31,.6
-24,.9
2.,7

186 .5
52 .3
61 .3
82 .8
147 .2
-10 .7
-54 .7
1,.1

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

13
14
15
16

50,.3
25,.6
0,.1
48,.3

40,.8
-7,.6
48,.2
70,,4

21..4
22..8
.4
50..4

14..4
10..9
25 .3
51..6

-6,,6
-8,,4
-34,.1
4 .3

-10 .4
-15..0
-14..3
- 2 8 .3

- 7 .8
-34 .5
-15 .9
- 5 .2

-24.,0
-18..2
-36,.3
13..7

-8..0
3,.1
—66..1
-26..9
-7,.0
12,.6
-43.. 6 • -3..2

-12,.4
-21,.5
- 3 .4
2 .1

0 .4
-23 .3
1 .7
11 .2

17
18
19
20
21
22
23

581,.9
338,.5
174..4
4,.9
36,.1
133,.5
68..9

638,.7
390,.0
174,.8
5,.8
45,.1
123..9
73,.9

415..2
234..6
133..2
-3 .6
25 .4
111..4
47,.4

385 .7
232..5
116..0
8 .2
28 .3
79 .4
37..3

233,.0
159,,8
38,.6
.3
7..9
31,.0
34,.7

228 .0
160,.8
31,.2
3 .9
13..2
14 .0
36..0

266 .6
188 .8
39,.2
2
9 .8
27 .2
38 .6

117,.2
136..1
-56..5
.3
-65..9
9..7
37..6

85,.9
146..3
-102,.4
-2,.2
-51,.5
-48 .7
41,.9

298,.6
217,.1
35..4
.6
-20..7
57 .7
46.•1

183..2
143,.3
-23,.4
7,.1
-65,.6
35,.2
63,.4

186 • 5
148 .1
-11,.7
2 .4
-51 .4
37 .4
50 .0

24
25
26
27
28

17..4
1,.1
-4..8
22,.1
- •.9

11. 5
34,.2
-9.,7
-14,.9
1 .9

•23..9
2..0
2 .0
25 .6
-5,.6

24..2
29 .6
-5,.2
15,. 6
-15..8

63 .1
11 .1
8 .1
46..7
-2..8

-63..2
10 .6
-3 .5
-51 .9
-18 .3

15..6
15. 5
1..4
16..0
-17..2

41..0
22..3
6..5
14,.9
-2,.7

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

55,.9
22,.8
14..1
27,.7
-8,.8

30
Fgn. borrowing in U.S.
Bonds
23 .2
3 .4
Bank loans n.e.c.
Commercial paper
12 .8
U.S. govt. 8 other loans
-9 .3

24
25
26
27
28

29

767,.1

895.,0

677 .8

528..1

518 .5

480..1

421,.2

447,.3

677,.3

591,.0

410 .1 Total domestic plus foreign

29

35..8
19,. 6
1 .3
23,.1
- 8 .2
654 .8

Consumer credit
Bank loans n.e.c.
Commercial paper
Other loans
Private, by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
State&local governments

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

F.3 Credit Market Borrowing by Financial Sectors
1

203,.1

228 .6

176..9

46,.1

296. 8

108,.9

104..0

143,.4

200..5

108..9

218..4

246..2 Total, by transaction

2
3
4
5

169,.7
11..6
158,.1

168 .5
6
162 .4

172. 5
11..6
160..9

140..1
13 .7
126 .4

188,.3
37,.1
151,.6
- •.5

154 .6
13 .1
141 .5

127..4
-29..7
157,.1

156,.3
20..6
135 .8

152,.7
32,.6
120,.1
.1

126,.8
11,.5
115 .3

199..5
48..3
151,,2

152..9
62..3
90,.6

6
7
8
9
10
11

33..4
47,.9
.4
2,.8
34,.4
-51,.3

60..0
76..6
0 .1
-1,,1
13 .5
-29..0

4. 4
66. 7
0..2
2..1
-38. 3
-26. 3

-94 .0
-104..2
0..1
2 .3
34 .5
-26..8

108,.6
98,.6
0,.6
1..4
24..7
-16..7

-45 .7
41 .4
0. 1
.0
-52 .5
-35 .8

-23..4
72. 4
0..9
-2..9
-46 <
.0
-47..7

— 12 .9
29 .5
.2
10..2
-16 .7
-35 .7

47,.8
87..5
1 .5
4 .5
-12,.7
-33..0

-17,.9
-25,.1
0 .9
8 .2
7,.6
-9,.5

18 .9
25,.5
0 .1
3,.9
-16,.3
5,.7

93,.2
54..5
0,.1
5,.5
11,.8
21,.3

12
13
14

203,.1
11..6
158 .1

228..6
6..1
162 .4

176. 9
11. 6
160. 9

46.,1
13,.7
126..4

296..8
36..7
151 .6
,

108..9
13..1
141 .5

104..0
-29..7
157..1

143 .4
20 .6
135 .8

200..5
32..5
120,.1

108..9
11,.5
115,.3

218 ,4
48,.3
151,.2

15
16
17
18
19
20
21
22

33,.4
-5,.1
-4,.5
-55..9
-1,.5
59,.0
.1
41,.5

60,.0
-3,,1
-9,.6
-28 .3
-4,.6
78 .8
-4,.0
30,,9

4, 4
-9. 6
-29. 7
-42. 2
3. 3
28. 9
-2, 7
56. 2

-94 .0
-6,.2
-41,.2
-28 .2
-2,.2
-47,.2
-1,.4
32,.6

108..6
14..7
-30..2
-20,.7
1..4
81,,9
0..3
61..3

-45,.7
-18,.4
-9 .3
-42 .9
2,.0
-10 .3
0,.1
33,.2

-23..4
-11..7
-3..5
—48..7
-1..7
3..4
0..1
38.,7

-12 .9
-9 .2
-6 .8
-41 .1
-5 .5
12 .2
.9
38..5

47 .8
-14..1
9,.6
-25,.1
-8,.7
52 .9
0..8
32..3

-17..9
7 .2
2 .7
-20..3
4..3
-39 .0
4 .6
22 .5

18..9
0..8
-8..2
2..7
0,.3
-20..9
0,.9
43 .2

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

246,.2 T o t a l , b y s e c t o r
Sponsored credit agencies
62..3
Mortgage pools
90..6
93 .2
1..6
2 .2
10,.1
8..3
34,.6
.7
37,.1

Private financial sectors
Commercial banks
Domestic affiliates (BHCs)
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

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

970,.2
337,.5
80..6
137..2
288,.4

1123..6
413 .3
70,,3
138 .4
389,.2

831 .7
376,.3
54 .7
152,.1
200 .6

6
7
8
9

50.,3
23..6
56,.6
-3,.9

40,.8
-18..4
46..7
43,.2

21 .4
26,.3
-15,.6
15,.9

723,,9
408,.3
39 .2
-72,.5
214,.6
14,• 4
15..3
85,.4
19..2

824,.9
459,.6
40,.6
193 .4
172 .8

584,.1
627,.4
404,• 1
382 .0
35,.6 ' 48,.5
129,.2
179,.5
183 .9
185 .8

564..6
444..8
53..5
126..6
46..5

647,.7
473,.2
45 .5
170,.1
106..2

786,.2
495 .7
52,.0
56,.0
185,.6

809,.4
551,.4
73,.0
125,.9
67,.9

656 .2 Total
346 .4
U.S. government securities
52,.3
Tax-exempt securities
139,.0
Corporate 8 foreign bonds
Mortgages
82 .9

1
2
3
4
5

- 6 .6
-12,.2
6
-28,.8

-10 .4
-5,,9
-20,.2
-66,.9

-24,.0
-6..7
-37,.0
-39,.1

- 8 .0
-55
- 4 .9
-79,.3

3,.1
-17,.2
12,.4
-1,.3

-12,.4
-3,.5
8 ,1
-1 .0

0,.4
-14,.3
26 .3
23,.3

6
7
8
9

- 7 .8
—40..9
-113,.8
-71,.2

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

F.5 Funds Raised Through Mutual Funds and Corporate Equities
1
2
3
4
5

12..8
69,.6
-56,.8
-79,.3
5,.6

4 .4
56..9
-52,.5
-69 .0
16,.4

57,.1
77..2
-20..1
-48..0
3..3

-1..1
52,.5
-53,.6
-74,,0
18,.2

28,.2
85,.2
-57,.0
-61..0
1..2

112,.4
98,.1
14..3
-6,.0
-6..7

182,.3
125..6
56..7
12,.0
8,,1

231 .8
182..5
49,.3
19,.0
-3,.8

268..9
195..9
72..9
48..0
2..0

271,.7
189,.8
81..9
46,.0
6,.0

281..5
223,.3
58,.2
36,.0
9,.7

6

16,.9

0,.1

24..5

2..2

2..8

27.,0

36.,6

34..1

22..9

29..9

12,.5

BILLIONS OF DOLLARS.




305..3 Total net issues
Mutual funds
249,.2
Corporate equities
56..2
Nonfinancial corporations
.0
11.
9,.2
Financial corporations
Foreign shares
36..0
purchased in U.S.

1
2
3
4
5
6

Z.7, DECEMBER 9, 1992
Households

Households
F.100 Households* Personal Trusts. and Nonprofit Organizations

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1
1

1990
IV

1
1

1991I

1
1

1992
II

1989

1990

1991

1
2

4380. 3
593. 3

4664 2
6 2 1 .. 3

4828.3
618.7

4 7 5 1 . .9
6 2 3 . .8

4752.8
616 , 8

4806 .9
617 . 2

4846.2
618.6

*907.2
622.3

4980 5
6 1 9 ,. 5

5028. 9
6 1 7 .. 1

5 0 6 0 .2 Personal income
629 . 3 - Personal taxes and nontaxes

1
2

3
4
5

3787. 0
3634. 9
152. 1

4042..9
3 8 6 7 . .3
175. 6

4209v6
4009.9
199.6

4 1 2 8 .1
3 9 3 8 . ,8
189..3

4136 .0
3943 .3
192,.7

4189 .7
3994 . 4
195 .3

4227.6
4036.6
191.0

42*4.9
406S.4
219.5

4361,.0
4 1 4 6 . .3
2 1 4 . .7

4411,.8
4179, 5
232 3

4 4 3 0 , 9 = Disposable personal income
4 2 3 0 .0 - Personal outlays
2 0 0 , 9 3 Personal saving, NIPA (1)

3
4
5

6
7
8
9

93. 3
109. 3
463. 1
817. 7

8 8 . .0
85,.1
494..9
843. 5

82.3
41.6
526.0
849.6

86. 5
66.,7
503. 6
846..1

75,,1
40 . 0
519,.4
827,.2

85 . 6
38 .9
523 . 6
843 .3

92.9
48.1
526.5
858.6

75.6
39**
534.5
869.3

87, 5
55. a
537..3
895..3

82..7
52,.6
543..1
# 1 0 .4

87 .6
61 . 5
586,.8
936 .9

Credits from govt. Insurance
Net durables in consumption
Capital consumption
Gross saving

6
7
8
9

10
11
12
13
14

917. 8
699..4
205..6
459. 4
34..4

910..3
691..5
190..7
464..3
36..5

875.6
655.6
172,2
446.1
37.4

864..9
664 .4
174,.8
452..7
36,.9

1097 .8
640 .5
163 .9
439 .5
37 .1

762 .7
646 .8
168 .1
441 .4
37 .3

812.0
666.6
176.1
453.0
37.5

&29.9
668.5
180.5
450.4
37.6

1027.. 2
688 .8
181 .6
469 4
37.8

875,.9
<97 5
189 . 0
470.. 6
37 .9

884,. 8 Gross investment
712 . 1 Capital expend, net of sales
Residential construction
191 .3
Consumer durable goods
482 .7
Nonprofit plant and equip.
38 .1

10
11
12
13
14

15
16

218..4
528. 0

218..8
474..3

220.0
398.5

200,.5
373,.2

457 .3
606,.7

116 . 0
314 .5

145.4
319.9

161.4
353.0

338,.4
544,.3

178 .4
347,.2

172 .7
317 .2

17

380 .4

259,.9

7..1

56 .5

287..0

61 .6

-225..9

94 A

359..7

-85 4

-282,.6

18
19
20
21
22

200 .9
14 .9
88 .8
11,,2
85,.9

87,.6
22,.4
53,.6
-32 .6
44..2

20.,8
53 .9
10,.0
-71. 7
28..6

48 .6
-9,.3
64 .0
-40..4
34..3

273,.7
56..3
92,.6
-51..0
175. 8

-112,.5
42..4
-7,.7
-75 8
-71..4

-48,,0
97..7
-51..6
-87. 6
-6.5

-30 ,0
19 .3
6 .8
-72.,6
16 .4

199 ,7
161..6
-28 5
-30.,0
96..6

-133 .0
78. 3
-97..3
-67..9
-46. 1

-6,.2
160..8
85 .9
-60,.8
-20..3

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

18
19
20
21
22

23
24
25
26
27
28

179..5
103,.5
62,,4
-5..8
19,.5
- •.1

172,.3
101 .7
30 .3
6 .5
21 .3
12..4

-13.,7
-67 ,8
21,.9
35.,7
18,.7
-22,.2

7..9
-72..4
10..9
65..1
6..2
-2..1

13..3
-40..2
28..6
70. 4
18..6
-64..1

174..1
113,.2
35..8
97..5
18,.4
-90..8

-177. 9
-182..8
21. 1
-71.8
27,.6
28,,0

-64 4
-161..3
2..2
46 .6
10..1
37..9

160..0
146.,0
36. 7
-32..3
70..5
-60 .9

<7. 6
35 .3
-5. 1
-62. 8
23 .0
57, I

-276. 4
-158.,5
48. 7
-126.8
5
-39..2

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

23
24
25
26
27
28

29
30

41,.9
-139,.1

50 .7
-27 .2

129,.2
-57 .2

87,.6
-75 .5

109,.3
-77.,4

76 .0
-26..7

150, 3
-57..9

181..3
-66..9

176 .6
-61.,1

207, 7
7,.9

239..4
-8.8

Mutual fund shares
Corporate equities

29
30

31
32

28 .8
221 .4

25 .7
186 .8

22 .0
263 .5

23.,7
253..0

27.,9
284..1

31..4
197 .9

19. 4
339,.6

9..2
232. 5

21..2
145 .9

30 .3
185..5

19 9
312.,2

Life insurance reserves
Pension fund reserves

31
32

33
34
35

-32 .5
12 .3
14 .9

-39 .3
9 .2
8 .4

-1,.4
24 .6
10 .8

-22..2
28..8
21..2

-21..5
-12 .0
9 .4

—34,.1
- 2 .8
11 .3 /

44,.9
39 .7
9..8

5 .1
73,.5
12,.7

-24 .6
-59 .6
-13.8

12..5
-26,.6
15. 3

1..1
47 .3
-11 .4

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

33
34
35

36
37
38
39
40

309 .6
305..6
238..5
41,.6
o..1

255,.5
254..2
212 .9
19..6
-2..1

178 .5
158..0
137,.1
-6..5
-6..1

172..7
159. 8
156..4
1..4
-8..0

149,.4
160..8
147,.8
-9,.8
.6

198 .6
188,.8
153,.0
-11 .7
3 .9

174 .5
136 .1
117 .3
-11 .1
-12,,9

191 .6
146 .3
130 .1
6 .7
-14..7

205,.9
217 .1
202 .2
-4..7
7 8

168,.8
143 .3
114..2
-17 .1
4 .7

144..5
148..1
139,.7
-4..7
5..0

41
42
43
44

2..5
13,.4
2..5
7 .1

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

8. 8
10,,6
4.,1
10..1

5..7
6,.0
-10,.4
8 .6

0 .5
11 .2
-3 .6
15 .2

6 .5
11 .0
20 .8
5 .2

18 .6
9 ,0
3 .6
11,.6

9..6
11 .0
-4,.6
8 .2

9 .2
9 .2
-12,.8
6,.1

10 .e
10 .2
11, 4
9,.1

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

45
46
47

-1 .0
4 .2
0 8

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

16..3
2..5
1,.7

8, 3
2 .6
1,.9

- 7 .8
-5 .6
1 .9

2 .8
5 .7
1 .3

30 .0
4 .7
3 .6

40 .0
5 .2
0 .1

-14 .7
3 .8
.2

21,.4
4 .4
- <.2

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

48

-100 .0

"66,,8

-26..0

-18 .9

-270 .6

80 .6

46 .5

39 .4

-131 .9

34 .7

52 .1 Discrepancy

I

II

III

iv

I

III

•
•
+
=

15
Net financial investment
Net acq. of financial assets 16
Dep. 8 cr. mkt. instr.

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

17

36
37
38
39
40
41
42
43
44
45
46
47
48

Net physical investment:
49
50
51

205..6
92,.1
113..5

190..7
93..2
97. 5

172..2
97,.5
74..6

174. 8
94..5
80..2

163 .9
96 .4
67,.5

168..1
97..1
71..0

176 .1
97 .3
78 .8

180,.5
99 ,2
81,,3

181..6
98 .9
82,.7

189..0
99..9
89..1

(A) Residential construction
expenditures
191 .3
- Capital consumption
140 .2
= Net investment
51 .1

52
53

238 .5
-125,.0

212..9
-115.,4

137,.1
-62,.4

156,.4
-76..2

147 .8
-80 .3

153..0
-82..1

117 .3
-38 .5

130,.1
-48,.8

202,.2
-119..5

114,.2
-25..1

139 .7
-88 .6

54
55
56

459,.4
350..1
109.,3

464..3
379.,2
85..1

446,.1
404,.5
41,.6

452,.7
386,.0
66 .7

439 .5
399 .5
40 .0

441..4
402. 5
38..9

453 .0
404 .9
48 .1

450,.4
410 .8
39 .6

469 .4
413 .6
55,.8

470,.6
418..0
52,.6

CB) Consumer durables
482 .7
expenditures
- Capital consumption
421 .2
= Net investment
61 .5

57
58

41..7
67..6

17..5
67..6

-12..5
54,.2

-6 .6
73,,3

-10 ,4
50,.3

-7.8
46..6

-24 .0
-72,.1

-8 ,0
47 .6

3.1
52 .7

-12 .4
65 .0

BILLIONS OF DOLLARS.




0 .4
61 .2

- Home mortgages
= Excess net investment

- Consumer credit
= Excess net investment

49
50
51
52
53
54
55
56
57
58

Z. 7» DECEMBER 9, 1992
Nonfinancial Corporations

Nonfinancial Corporations
F.104 Nonfarm Nonfinancial Corporate Business

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1
1

1990
IV

1
1

1991

1
1

1992
II

1989

1990

1991

1
2
5
4

232 .4
99 .1
101 .2
32 .2

232 .1
92 .3
117 .8
22 .0

206 .2
80 .7
116 .5
8 .9

224 .9
89 .7
123 .7
11 .5

201 .7
78 .4
118 .2
5 .0

204 .0
79 .9
114 .7
9 .4

210 .2
82 .9
113,.1
14..2

208 .8
81 .7
120 .1
7 .0

226 .6
89 .8
106 .3
30 .5

253 .9
100 .4
112 .6
40 .9

250 .2
97 .0
119 .2
34 .1

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

1
2
3
4

5
6
7

37 .4
315 .1
384 .6

27 .0
327 .0
376 .0

17 .8
338 .5
365 .1

19 .9
332 .3
363 .7

14 .6
336 .0
355 .6

14 .6
338 .2
362 .2

18,.5
338..7
371, 4

23 .3
341 .0
371 .3

32 .4
339 .8
402 .7

35 .8
344 .4
421 .1

38 .3 + Capital consumption adj.
360 .2 + Depreciation charges, NIPA
432 .5 = U.S. internal funds, book

5
6
7

8
9
10

32 .8
-17 .5
399 .9

45 .7
-14 .2
407 .5

48 .3
3 .1
416 .5

60 .2
-21 .2
402 .7

55 .2
6 .7
417 .5

46 .8
9 .9
418 .9

40. 4
-4. 8
407..0

50 .8
0 .7
422 .8

41 .8
-5 .4
439 .1

36..6
-15 .5
442 .2

40 .6 + Fgn. earnings ret. abroad
-9 .8 • Inv, valuation adjustment
463 .3 = Total internal funds • IVA

8
9
10

11
12
13
14
15
16
17

379 .9
406 .0
373 .4
1 .6
371 .7
30 .3
2 .4

378 .5
395 .1
388 .5
1 .4
387 . 1
3 .1
3 .5

400 .0
363 .9
370 .9
1 .1
369 .8
-9 .8
2 .8

353 .3
362 .2
385 .9
1 .3
384 .6
-27 .9
4 .2

396 .2
353 .5
377 .3
1 .2
376 .1
-26 .0
2 .3

379 .5
351 .3
373 .9
1 .1
372 .8
-25 .6
3 .0

406,.3
371..5
369..6
1 .1
368..5
-1..1
3..1

418 .1
379 .2
362 .8
1 .1
361 .7
13 .8
2 .7

420 .9
354 .1
364 .6
1 .4
363 .2
-12 .6
2 .1

439 .6
390 .8
382 .6
.4
381 .2
6 .1
2 .1

440 .9 Gross investment
399 .0 Capital expenditures (1)
Fixed investment
380 .9
Residential construction
1 .5
379 .4
Plant and equipment
Inventory change + IVA
15 .0
3 .1
Mineral rts. from U.S. govt.

11
12
13
14
15
16
17

18
19

-26 .1
106 .2

-16 .6
87 .3

36 .1
63 .7

- 8 .9
-1 .5

42 .7
- 8 .6

28 .1
85 .5

34,.7
118..2

38 .9
59 .8

66 .7
169 .6

48 .8
175 .3

41 .9
131 .6

Net financial investment
18
Net acq. of financial assets 19

20
21
22
23
24
25
26
27
28

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

17 .6
-1 .9
- 4 .1
10 .2
-1 .9
12 .0
3 .9
- 2 .0
1 .5

44 .3
7 .3
3 .7
5 .2
- 3 .8
10 .0
20..5
1 .8
- .4

50 .9
- 2 .9
-10 .5
9 .2
-1 .3
37 .2
2 .4
.9
17 .7

17 .4
9 .7
5 .7
6 .8
-6 .4
1 .4
-2..0
-5 .1
7 .2

49 .9
-25 .2
17 .6
5 .0
1 .5
18 .9
23 .4
-2 .3
11 .0

61,.4
18..9
4,.6
4..3
-2.
15..1
29..0
8 .7
-17,.0

48 .6
25 .8
-13 .0
4 .7
-8 . 1
4 .6
31 .7
6 .0
-3 .0

16 .3
10 .6
-20 .9
4 .7
25 .4
-3 .1
5 .3
-6 .0
0 .4

17 .2
2 .3
1 .9
4 .5
14 .3
-30 .1
25..7
6 .7
- 8 .1

17 .1
7 .9
- 4 .0
4 .7
0 .8
-14 .8
12 .6
4 .0
5 .9

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

20
21
22
23
24
25
26
27
28

29
30
31

2 .1
-1 .6
44 .5

3 .2
-1 .3
11 .3

-1 .0
2 .7
-11 .4

-5 .9
-2 .9
-63 .0

- 7 .8
- 2 .2
-52 .4

-3 .0
6 .5
- .5

11..5
4,.6
8,.6

- 4 .6
2 .1
-1 .4

- 2 .5
1 .2
59 . 1

- 2 .9
1 .8
60..6

15 .5
0 .1
41 .2

Consumer credit
Mutual fund shares
Trade credit

29
30
31

32
33
34
35
36

55 .5
21 .0
14 .6

56 .5
27 .7
14 .3

19 .3
-2 .0
15 .5

32..0
25..5
15..2

15 .1
33 .0
14 .0

14 .5

5 .9

36 .4
36 .5
13,.8
2 .0
-15..9

32 .7
10 .6
13 .3

19 .9

29 .0
26 .4
14..1
0 .5
-11 .9

8 .8

-8..7

-31 .9

95 .6
37 .8
14 .0
0 .1
43 .6

98 .6
40..7
13..8
0..1
44..0

57 .7
38 .8
13 .4
0 .2
5 .3

Miscellaneous assets
Foreign dir. invest. (2)
Insurance receivables
Equity in sponsored ags.
Other

32
33
34
35
36

37
38
39

132 .3
49,.4
-124 .2

103 .9
23 .4
-63 .0

27 .6
18 .8
18..3

7 .4
-30 .0
-61 .0

-51 .3
8 .0
— 6,.0

57 .4
39 .2
12 .0

83..4
28..7
19..0

20 .9
.7
48 .0

102 .9
103 .7
46 .0

126..5
71..2
36,.0

89 .8
48 .4
11 .0

40
41
42
43
44
45

173,.6
.9
73..8
17..0
34..2
21 .4
.

86 .4
.3
47 . 1
4 .8
1 .8
.
9 .7

0..6
-1..2
78..8
- 8 .4
-24..9
-18..4

31 .0
0 .5
65 .2
1 .6
.6
-34 .1

14..0
-1 .2
76..7
2..3
-6..0
-14..3

27 .2
2 .7
96 .5
0 .7
-43 .3
-15 .9

9..7
-1 .0
.
81..7
-21.,0
-8. 7
-36.,3

-48 .7
-5 .2
60 .3
-15 .4
-41 .4
-7 .0

57 .7
-3,.2
76 .3
-9 .4
-10 .2
12 .6

35,.2
-1..4
77..5
-8,.9
-24 .4
,
-3,.4

37 .4
-1 .0
61 .3
-22 .6
- 8 .2
1 .7

-43..5
-3..7
-2..3
.6
-19..3
-17..7
0.. 1

-13 .5
-3 .7
2 .4
-1 .2
3 .4
-16 . 1
1 .7

-4..9
-4.,7
8..9
8
.8
-10..2
2..6

-39 .9
-2 .0
-10 .8
.6
-6 .7
-22 .1
2 .3

-8 .4
-3 .5
0. 1
.2
-12 .7
9. 1
-1 .2

-4,.2
-2..8
-I..8
.2
-1..8
.4
2..9

-9 .8
26,. 1
1 .9
4. 1
-2,.2

10. 4
29..6
14. 8
9. 3
5. 5

-4 .8
27 .4
-1 .1
3 .7
-4..8

-5 .7
34,.4
-29,.5
-24..2
-5..3

14,. 1
20..9
20,.4
20..3
0..1

39 .4

0. 7

4..7

18 .2

I

II

46
47
48
49
50
51
52

28..0
-1 .1
13 . 1
.4
3 .2
12..8
0..3

23..3
-4 .0
11 .6
.
.8
-6 .6
21 .4
.
1 .7
.

-25..5
-3 .5
.4
.8
-5 .9
-16..5
1 .7
.

53
54
55
56
57

-3.. 1
30..5
55..4
51..9
3. 5

-1 .0
40..3
41 .1
40..7
0..4

-10..0
10..7
8 .0
3 .6
4,.4

-3 .5
-11 .5
52 .5
47 .3
5 .3

-35..8
-40..1
16..6
-2..4
19,.0

58

20..0

29,.0

16,.5

49 .4

21,.3

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

III

IV

I

2..6

III

6 .2
-1 .2
7. 1

Net increase in liabilities
Net funds raised in mkts.
Net new equity issues
Debt instruments
Tax-exempt debt (3)
Corporate bonds (2)
Mortgages
Bank loans n.e.c.
Commercial paper

37
38
39
40
41
42
43
44
45

2 .1
-1 .5
- .4

Other loans
SavingsSloan assns.
Finance companies
U.S. government
Accept.liab.to banks
Foreign
SCO issuers

46
47
48
49
50
51
52

-5 .0
16 .9
29 .5
19 .9
9 .7

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

53
54
55
56
57

22..5 Discrepancy

58

59
60

13 .9
26..7

-29..0
20,.0

-22..2
18,.2

-51 .5
13..1

-12..3
19,.6

-26 .6
19 .5

-20. 9
21. 5

-28 .8
12 .0

24 .7
27..0

39..7
24..3

Memoranda:
24..3 Trade credit net of trade debt 59
60
21 .2 Earnings rec. from abroad

61
62

101.5%
42.7%

96.9%
21.8%

87.3%
0.1%

89.9%
8.5%

84.6%
3.9%

83.8%
7.7%

91.2%
2.6%

89.6%
--12.8%

80.6%
16.3%

88.3%
8.9%

86.1% Capital outlays/internal funds 61
9.3% Cr. mkt. borrowing/cap. exp.
62

63
64
65

30,.3
-17, 5
47,.8

3,.1
-14..2
17..3

-9..8
3..1
-12..9

-27 .9
-21 .2
-6 .7

-26..0
6..7
-32,,7

-25 .6
9 .9
-35 .5

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

13 .8
0 .7
13 .1

-12 .6
-5 .4
-7 .2

6., 1
-15,.5
21..6

(1) Capital outlays on book basis:
15..0 Inventory change, NIPA
-9 .8 Less:
Inv. val. adjustment
24..8 = Inventory change before IVA

63
64
65

66
67

423..5
384..6

409,.3
376,.0

360..8
365.. 1

383 .4
363 .7

346..8
355 .6

341 .4
362 .2

376..3
371,.4

378 .5
371 .3

359 .5
402 .7

406..3
421,.1

408,.8 Total cap. expend, before IVA
432 .5 Less: US internal funds, book

66
67

68

38..9

33..3

19 .7

- 8 .8

-20 .7

4 .9

7 .2

= Financing gap: Excess of capital expenditures
-43 . 1 -14..8
-23 .7
over U.S. internal funds

68

-4..3

(2) Corporate bonds include net issues by Netherlands Antillean financial
subsidiaries; U, S. direct investment abroad excludes net inflows from
those bond issues.
(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.
BILLIONS OF DOLLARS.