Full text of Z.7 Flow of Funds Summary Statistics : January 31, 1992

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FEDERAL RESERVE statistical release

Z.7 (788)

•

M

...

For immediate release
January 31, 1992
FLOW OF FUNDS SUMMARY STATISTICS

Domestic nonfinancial debt rose at a seasonally adjusted annual rate
of 5 percent in the third quarter of 1991. Nonfederal debt growth, at only
2-1/2 percent, continued at the slow pace of the previous several quarters.
Increases in debt for both the household and business sectors were near-record
lows. In the nonfinancial corporate sector, however, there was a further
pickup in net equity issuance (table 4, line 42), as firms continued to reduce
their leverage. Federal debt was up sharply in the third quarter, in part
reflecting a rise in borrowing to meet deposit insurance requirements.
The level of total debt outstanding for domestic nonfinancial sectors
was $11.1 trillion at the end of the period. Debt of nonfederal sectors
accounted for $8.4 trillion of this total, and federal debt was $2.7 trillion
(see tables 1 and 2).
This release incorporates benchmark and seasonal adjustment revisions
to the Flow of Funds Accounts. Most of the data revisions were for the period
since 1982, although changes to some series go back much further. New
quarterly seasonal factors were computed for 1982 onward. Additional details
of the revisions will be included in the Z.l release.
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)

1987
1988
1989
1990

9.3
9.0
7.7
6.3

8.0
8.0
7.0
11.0

9.7
9.4
8.0
4.9

11.7
11.0
9.0
7.1

7.1
8.4
6.8
2.7

13.4
7.0
8.4
5.0

1990-Q1
Q2
Q3
Q4

7.8
6.5
5.6
4.5

10.4
10.4
10.2
11.2

7.0
5.3
4.2
2.6

9.4
7.3
5.8
4.3

4.2
3.1
2.7
.9

8.7
5.6
3.9
1.4

1991-Q1
02
Q3
1. Changes
month-average



4.0
8.0
2.7
1.0
4.3
10.6
2.9
4.7
4.8
.9
14.0
5.1
2.4
.1
4.2
shown are on an end-of-period basis and thus may
data in the Board's H.6 release.

2.8
2.8
3.0
differ from

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

Foreign

Financial

All
sectors

Memo:
Private
financial assets

1987
1988
1989
1990

9.3
9.0
7.7
6.3

2.6
2.6
4.2
9.0

17.5
12.0
9.5
7.2

10.5
9.4
8.0
6.5

8.4
8.5
7.0
3.8

1990-Q1
Q2
Q3
Q4

7.8
6.5
5.6
4.5

4.8
13.7
9.6
6.8

6.2
8.1
3.6
9.2

7.4
6.9
5.3
5.4

7.6
5.0
1.9
.5

1991-Q1
4.0
21.8
3.2
4.2
3.0
Q2
4.7
3.7
-19.7
4.0
.5
Q3
5.1
7.9
5.7
5.3
-1.0
1. Holdings of deposits and credit market claims by households, nonfinancial
business, and state and local governments.
Explanatory Notes
Growth rates in the summaries above are calculated by dividing seasonally
adjusted flows from table 2 by seasonally adjusted levels at the end of the previous
period. Seasonally adjusted quarterly levels in Flow of Funds statistics are derived
by carrying forward year-end levels by seasonally adjusted flows. Growth rates
calculated from changes in unadjusted levels printed in table 1 can differ from those
shown above.
The following list provides the lines in tables 1 and 2 that underlie the
calculation of growth rates shown on table A, page 1 of this release:
Growth Table A (column)
Tables 1 and 2 (row)
Total domestic nonfinancial
U.S. government
Private domestic nonfinancial
Households
Nonfinancial business
State & local governments

1
2
3
4
5
6

1
2
5
21
22
20

Domestic debt includes credit market funds borrowed from both domestic and
foreign sources, while foreign debt represents amounts borrowed by foreign financial
and nonfinancial entities in U.S. markets only. Financial sectors consist of U.S.
government-sponsored credit agencies, federally related mortgage pools, and private
financial institutions. Credit market debt consists of debt securities, mortgages,
bank loans, commercial paper, consumer credit, government loans, and other loans
included in table 1; it excludes trade debt, loans for the purpose of carrying
securities, and funds raised from equity sources.
Subscriptions to this summary release, or to the full statements for
sectors and transaction types for flows and amounts outstanding (the Z.l release),
may be obtained through: Publications Services, Stop 138, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551, (202) 452-3245. This release is
also available through the Economic Bulletin Board of the Department of Commerce.




Z.7» J A N U A R Y 3 1 , 1 9 9 2
Credit Market Debt

Credit
Table

PERIOD-END

1986

1:

Credit

Market

LEVELS

1987

Market

Debt

Debt
PERIOD-END LEVELS

1988

1990

I
I

1989
Credit

Market

I

Debt

II

Owed

by

III

IV

Nonfinancial

I

1991
II

III

Sectors

1 0 8 0 1 .7

I
I

1 0 8 7 0 ,.0

1 0 9 8 9 .1

1 1 1 3 7 .5 T o t a l

domestic

1

1

7 7 4 9 .8

8 4 8 3 ,.8

9 2 4 2 ,.3 1 0 0 2 9 ..0

1 0 3 2 7 ..3

1 0 4 8 6 .8

1 0 6 3 8 .4

2
3
4

1 8 0 5 .9
1 8 0 2 .3
3 .6

1 9 4 9 ,.8
1 9 4 4 ,.6
5,.2

2 1 0 4 ..9
2 0 8 2 ..3
22..6

2251 .
.2
2 2 2 7 .,0
2 4 ,.2

2 3 1 0 ,.0
2 2 7 8 ..4
.6
31 ,

2 3 4 7 .4
2 3 1 4 ..4
32..9

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

2 4 9 8 .. 1
2 4 6 5 ,.8
32,.4

2 5 4 8 ..8
2 5 2 2 ..4
26,.4

2 5 9 1 .9
2567 . 1
24,.8

2 6 8 7 .3
2 6 6 9 .6
17 .6

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5
6
7

5 9 4 3 .9
7 8 9 .6
6 7 0 .1

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

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

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

8 0 1 7 ..3
1 0 6 0 ..6
9 3 3 ..8

8 1 3 9 ..5
1 0 7 3 .2
9 5 0 ..6

8 2 2 8 ..0
1084,.8
958,.2

8 3 0 3 ,.5
1091 .
.7
974,.4

8 3 2 1 ..2
1094,.6
992,.8

8 3 9 7 ,.2
1 1 0 2 ,.7
1015,.2

8 4 5 0 .2
1 1 1 8 .6
1035,.2

P r i v a t e , by t r a n s a c t i o n
Tax-exempt securities
Corporate bonds

5
6
7

8
9
10
11
12

2614.2
1720.8
2 4 6 ..2
5 5 1 .4
9 5 .8

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

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

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

3 7 5 0 ..7
2 6 1 4 ..0
3 0 2 ..4
750..4
8 3 ,.9

3 8 1 1 ..2
2 6 7 5 ,.7
3 0 0 ..5
751 . 1
8 4 .0

3866
2 7 2 4 ,.9
304,.7
752,.2
8 4 .3

3 9 0 7 ..5
2 7 6 4 ..2
3 0 6 .. 1
753..3
8 4 .0

3 9 3 8 ,.9
2 7 8 9 ..7
308.2
757..0
8 3 .9

3 9 9 1 ,.0
2 8 3 7 ,.1
310,.4
759,.7
8 3 ,.8

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

7 8 2 .3
7 4 5 .5
1 2 0 .8
646,.3

7 8 4 ..2
7 3 6 .0
119..4
6 4 8 ..7

7 8 3 .7
7 3 4 .0
107..0
6 4 9 .7

8 3 9 7 ,.2
3 9 6 3 ,.4
3 5 2 5 ..7
147..9
1 1 8 5 ,.7
2 1 9 2 ..2
9 0 8 ., 1

8 4 5 0 ..2
4 0 1 5 .. 1
3 5 1 7 ..4
1 4 9 .. 1
1 1 6 6 ..6
2201 .
.7
9 1 7 ..7

13
14
15
16

659
662
62
485

.8
.3
.9
. 1

6 9 3 ,.2
6 6 9 ,.5
73,.8
5 2 4 ,.5

17
18
19
20
21
22
23

5943
2592
2730
156
1000
1574
620

.9
.4
.9
.6
.3
. 0
.6

6 5 3 4 ,. 0
2 8 7 5 ,. 3
2 9 5 5 ,. 1
145,.5
1 0 6 2 ,.9
1 7 4 6 .. 7
703,.6

743,.6
710..0
8 5 ..7
5 6 2 .3

7 9 4 ..7
759..8
107.. 1
6 0 6 ..4

782..3
.9
744 .
126..0
6 1 8 .9

789
753
128
633

7 1 3 7 ..4
3 1 8 8 ..9
3 1 9 6 .0
137,,6
1128..9
1929..5
752..5

7 7 7 7 ..7
3 5 0 4 .0
3 4 1 6 ..2
139..2
1 1 8 0 .. 1
2 0 9 6 ..8
8 5 7 ..6

8 0 1 7 ..3
3 7 0 7 ..1
3 4 3 7 ..4
1 3 7 .3
1 1 9 3 ..2
2 1 0 6 ..9
8 7 2 ..9

8139
3780
3475
138
1195
2142
883

24
25
26
27
28

2 3 8 -3
.9
74 ,
2 6 .9
37..4
99 . 0

2 4 4 ..5
8 2 ..3
23,.3
41 .
.2
97..6

2 5 3 ..8
8 9 ..2
21..5
49..9
93..2

.4
261 .
94..5
.4
21 .
63..0
8 2 ..5

7988 . 1

8 7 2 8 ..3

9 4 9 6 ..2

1 0 2 9 0 ..4

2 7 2 .8
1 0 8 .5
19,.3
65 . 1
8 0 .0

.5
261 .
103..3
18..9
5 9 .3
8 0 ..0

29

1 0 5 8 8 ..8

Credit

Market

Debt

.5
.0
.9
.7
.0
.2
.6

1 0 7 5 9 .6

Owed

by

798
750
131
637

.7
.5
.8
.9

8 0 8 .9
754 . 1
116 .9
650..1

8228
3842
3491
141
1194
2154
894

.4
.3
.7
. 1

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

8 3 0 3 ,.5
3 8 9 8 ,.3
3 5 0 5 .. 1
140..5
1 1 9 4 ..0
2 1 7 0 ..7
900,.1

8 3 2 1 .2
3 9 1 0 ,.9
3 5 0 7 ,.2
144..5
1189,.5
2 1 7 3 .. 1
9 0 3 ..2

2 8 4 ,.7
116,. 1
18..5
75..3
74,.8

2 9 7 .. 1
1 18.
.9
20.4
8 7 .,0
70..7

2 7 9 .3
108..9
19..8
71 .
.5
79.. 1
1 0 9 1 7 ..7

Financial

11086.4

2 8 4 .,5
1 2 2 ..6
19.,6
74.,0
68..3

1 1 1 6 7 .. 1 1 1 2 7 3 .,6

290 .
,2
1 2 6 ..6
2 0 .,0
78..0
65., 6

Mortgages
Home mortgages
Multifamily resid.
C o m m e r c i al
Farm

8
9
10
11
12

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

13
14
15
16

P r i v a t e , by s e c t o r
Households
Nonfinancial business
Nonfarm noncorporate
Corporate
State & local governments
F o r e i g n credit m a r k e t debt
h e l d in U . S .
Bonds
Bank loans n.e.c.
Commercial paper
U.S. govt. 8 other loans

1 1 4 2 7 ..7 T o t a l

domestic

and

foreign

1

1513. 4

1 9 9 9 .,8

2 2 1 9 ..4

2 3 7 7 ..5

2 4 2 5 ..3

2 4 4 6 ..4

.9
2511 ,

2 5 2 5 .. 1

2 5 4 8 ., 1

2 5 8 3 ,.8 T o t a l ,

8 1 0 ..3
2 7 3 ,.0
.6
531 .
5..7

9 7 8 .. 6
3 0 3 ..2
6 7 0 ..4
5..0

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

1 2 4 9 ..3
3 7 3 ..3
.0
871 ,
5..0

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

1 3 3 0 .. 1
3 8 1 ..0
9 4 4 ..2
5..0

1 3 6 7 ..9
3 8 4 ..4
9 7 8 ..5
5..0

1 4 1 8 ..4
393,.7
1019,.9
4,.9

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

1 4 8 0 .,3
3 8 9 .,6
1 0 8 5 ., 9
4.,9

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

U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
L o a n s from U.S. government

703 . 1
,
2 6 8 .5
2..7
38..6
2 8 4 .6
108..6

8 0 7 .. 3
3 1 3 ..2
3.. 1
35,. 0
3 2 2 ..9
133.. 1

9 0 1 ..4
331..9
3..4
35..6
377..7
152..8

1 0 8 9 ..3
5 0 8 ..6
4..0
.8
34 ,
4 0 9 .1
132,.9

1 0 9 5 .. 1
5 2 8 ..0
4..0
36,.5
4 0 0 ..3
126,.3

1 0 7 8 ..5
5 1 0 ..2
4.. 1
36.,7
4 0 9 ..6
117..9

1 0 9 3 ..5
5 1 5 ..9
4..2
38..6
4 1 7 ,.7
117,. 1

1072..9
5 2 6 .4
4 .2
,
3 6 .5
3 9 8 .8
107 .0

1 0 6 7 .,7
5 4 3 ..3
4..2
37..0
3 8 8 ..5
94,.7

1059
546
4
39
386
83

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

2 3 7 7 .5
3 8 3 .0
905..2

2 4 2 5 ,.3
385 ,
.9
9 4 4 ..2

2446.4
3 8 9 ..4
978.5

.9
2511 .
.5
398 .
1 0 1 9 ,.9

2525 . 1
4 0 1 .8
1050..3

2 5 4 8 .. 1
3 9 4 ..4
1 0 8 5 ..9

2 5 8 3 .8 T o t a l , b y s e c t o r
Sponsored credit
3 9 9 .5
Mortgage pools
1 1 2 4 .8

1 0 8 9 ..3
7 3 .2
142..0
137 . 1
15 .4
5 1 7 .6
10 .9
193 . 1

1095,. 1
.6
71 .
134..3
125,.6
16..7
5 2 9 ,.5
10,.4
2 0 6 ,.9

1 0 7 8 ..5
70..7
122..9
116..2
16..2
5 2 8 ,.5
10,.2
2 1 3 ,.8

1 0 9 3 ..5
76,.3
114..8
114..0
16,.7
5 3 6 ,.0
10..6
2 2 5 ..2

1072,.9
68,. 1
111,. 7
102,.8
16,.4
5 3 1 .0
10,.6
232.4

1 0 6 7 ,, 7
65,.9
1 1 0 ..5
89.4
16..6
5 3 2 ..7
10..8
241.8

1 0 5 9 ..5
64 .6
1 0 9 .5
78 .2
15,.9
.3
531 .
11 . 0
2 4 9 .1

6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

1513 .
.4
2 78..7
531 .
.6
7 0 3 .. 1
75,. 6
116..8
119..8
8..6
.8
311 ,
6.
.5
64..0

1 7 8 5 ..8
3 0 8 ..2
6 7 0 ..4
8 0 7 .. 3
81 .
.8
131 , 1
.
1 3 9 .4
16,.7
327,. 9
.3
7.
103.. 1

1999..8
3 5 3 .1
745..3
.4
901 .
78..8
1 3 6 .2
159..3
18 .6
361..4
.4
11 .
135..7

9 7 0 ..0
3 7 8 -2
3,.4
37..5
4 0 9 .. 1
.8
141 ,
2 2 1 9 ..4
3 7 8 .3
8 7 1 .0
970 ,
.0
77,.4
142.5
1 4 5 .2
17..2
3 9 2 .5
10 . 1
185 . 1

Credit

1 0 5 1 4 .. 1 1 1 4 9 5 ..9 1 2 5 0 9 ..7

1

9501 .
.5

2
3
4
5

2 6 1 0 ..5
7 8 9 ..6
1 0 1 3 ..6
2 6 1 7 ..0

2 9 2 3 ..4
8 7 3 .. 1
1 144.
.7
2 9 5 3 ,.8

3 1 9 8 ..3
9 3 9 ..4
1273..7
3 2 4 7 ..2

6
7
8
9

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

6 9 3 ..2
7 2 7 ,.8
4 3 7 ..9
7 6 0 .. 1

743..6
767..2
5 1 3 ..4
8 1 3 ..2

BILLIONS

OF

Market

DOLLARS.




LATEST

3 4 9 5 ..6
1 0 4 6 ..2
1 3 9 9 ..6
3 5 4 0 ,. 1

Debt,

All

by

1 2 9 6 6 ..3

1 3 1 8 4 ..9

3 5 9 3 ,.3
1060,.6
1545,.7
3 7 5 4 ,.7

3 6 7 2 ..5
1073,.2
1 5 8 7 ..0
3 8 1 5 ,.3

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

Sectors,

PRELIMINARY.

782,.3
798,.6
5 9 4 ,.4
8 3 6 ..7

789,.4
8 0 9 ,. 1
5 9 4 ..0
8 4 4 ,.4

24
25
26
27
28
29

Sectors

2
3
4
5

1785. 8

17
18
19
20
21
22
23

.5
.4
.2
.0
.0
.9

by

transaction

agencies

1
2
3
4
5
6
7
8
9
10
11
12
13
14

15
Private financial sectors
16
Commercial banks
D o m e s t i c a f f i l i a t e s C B H C s ) 17
S a v i n g s and loan a s s n s .
18
19
Mutual savings banks
20
Finance companies
21
REITs
SCO issuers
22

Transaction

1 3 3 6 4 .. 1 1 3 5 9 8 ,.3
3 7 7 3 ,.4
1084,.8
1577,.3
3 8 7 0 ,.2

3 9 1 1 ,.7
1091 .7
1 6 0 6 .4
3 9 1 1 .7

798,.7
8 0 7 ..0
6 1 2 ..9
8 3 9 .9

8 0 8 ..9
8 1 1 .3
609..9
8 4 6 .8

1 3 6 9 2 ., 1 1 3 8 2 1 .7
3 9 9 6 ., 1
1094..6
1638..1
3 9 4 3 .. 1
782..3
8 0 2 ..4
6 0 6 ..6
8 2 8 ..9

1 4 0 1 1 ..5 T o t a l

4 0 6 7 ,.4
1102,.7
1681,.1
3 9 9 5 ,.2

4 2 0 6 ..7
1 1 1 8 ..6
1 7 0 8 ..2
4 0 2 6 .. 1

784,.2
7 9 2 ..6
5 8 2 ..0
8 1 6 ..6

783,.7
7 9 3 ..0
571 .
.0
8 0 4 .. 1

1

U.S. government securities
Tax-exempt securities
C o r p o r a t e and f o r e i g n b o n d s
Mortgages

2
3
4
5

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

6
7
8
9

2.7, JANUARY
Funds Raised

31,

1992
Funds
Table

SEASONALLY
1988
IV

2:

Funds

Raised

in

Credit

and

Equity

I

1991
II

ADJUSTED ANNUAL RATES
I
I

SEASONALLY

1989
I

II

III

I
I

IV

Credit

Market

1990
I

II

Borrowing

III

I
I

IV

by N o n f i n a n c i a l

Raised

Markets
ADJUSTED ANNUAL

RATES

III

Sectors

1

7 1 4 .4

740,.4

720,.7

701,.4

6 9 6 .4

780..6

6 6 9 .3

5 8 8 .3

4 8 2 ..0

4 2 7 .. 1

5 1 5 ..7

5 6 5 .6 T o t a l

2
3
4

1 3 9 .2
97,.6
41..6

1 5 4 .7
155 .9
- 1 .2

117 .5
112 .4
5 .1

149..2
142,.1
7,.1

1 6 4 .0
1 6 8 .6
- 4 .6

2 3 4 ..2
2 0 4 ,.7
29,.6

239,.6
234,.2
5 .4

2 4 2 .3
243,.6
- 1 ..3

2 7 1 .5
2 7 2 ..5
- 1 .0

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

269 . 1
2 7 5 ..3
- 6 ,.2

3 6 5 .5
3 9 4 .3
- 2 8 .8

U.S. government
Treasury issues
Agency issues 8

5
6
7
8
9
10
11
12

5 7 5 ..2
5 5 ..9
8 7 ..8
3 2 0 ..4
2 2 2 ..6
2 3 ..0
74..0
0. 8

5 8 5 .7
56 . 1
5 8 .8
2 9 5 .9
2 1 3 .6
20,.4
65,.2
- 3 ,.3

603
48
86
268
207
20
39
1

5 5 2 ..2
76..8
63..9
2 6 9 ,.6
2 2 3 ..7
.6
11 ,
36,. I
- 1 .8
,

5 3 2 .4
7 8 .3
8 8 .2
2 6 8 .7
227.5
13..0
30,.5
- 2 ..3

5 4 6 ,.3
70,.7
27..9
2 9 7 ..4
258 . 1
8 .7
31.. 1
-•.6

4 2 9 ..7
5 6 .2
66 .8
2 1 2 ..2
2 1 8 .4
- 7 ..5
2..5
- 1 ,.2

346,.0
36..5
30..4
2 0 5 ..6
183,.0
16,.8
4..5
1 .3

2 1 0 ,.6
18,.3
6 4 .9
169,.0
159..0
5 .5
4..3
0..2

2 2 7 .9
25,.3
73,.7
164..1
140..3
8.,6
15.. 1
0.. 1

2 4 6 ,.5
38,.4
8 9 ..6
179,.0
161 .
.9
8,.6
10,.9
- 2 ,.3

200
52
80
110
146
-9
-26

P r i v a t e , by t r a n s a c t i o n
Tax-exempt securities
Corporate bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

14..2
26..7
.7
54..4

13,.4
- 6 ..9
19..3
47..7

- 4 ..2
- 2 0 ..6
- 3 4 ..4
17..6

-21.2
2..0
- 6 ,.9
- 9 ,. 1

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

-26
-6
-42
32

2 1 0 ..6
166,.3
31 .
.9
1. 1
.
4.8
25..9
12..4

2 2 7 ..9
166..4
35..9
24.8
- 7 ..7
18..7
2 5 ..6

2 4 6 ,.5
187..8
33..0
2..5
-1 .
.2
31 .
.8
25..7

200,. 1
169 .0
3,.5
2,. 1
- 4 0 ..6
4 2 .0
2 7 .5

- 5 9 ..2
14.. 7
- 3 ,. 1
- 5 1 ..9
- 1 8 ..8

22,.5 F g n . b o r r o w i n g in U . S .
15,. 9
Bank loans n.e.c.
1 .7
,
Commercial paper
16,.0
U.S. govt. 8 other loans
- 1 1 ,. 0

24
25
26
27
28

456, 5

5 8 8 ..2 T o t a l

29

.2
.6
.2
.6
.3
.8
.0
.5

13
14
15
16

4 4 ..7
.6
21 .
4 5 ..9
-1 . 1
,

46,.9
45..4
23,. 1
59,.5

17
18
19
20
21
22
23

5 7 5 ..2
296.5
2 3 0 ,.5
- 1 6 ,.8
67 . 1
180..2
4 8 .2

5 8 5 ..7
2 8 1 ..3
2 4 2 ,. 1
4..6
.5
71 .
166..0
62 , 3

6 0 3 .2
267,.9
2 8 4 ..5
. 1
56,.7
2 2 7 .9
50,.8

.5
11 ,
5..2
0,.5
17 .8
- 1 2 .0

- 1 1 .7
.
6..8
.4
- 6 ,.6
- 1 1 .4
,

751 .9

709..1

24
25
26
27
28
29

10
7
-4
14
-6

.7
.5
.5
.0
.3

725 . 1

39 .9
53.4
43,.7
62 .7

45,.8
4 6 ..0
18..7
31 .
.2

39..7
14..7
0.. 1
4 2 ..8

33..6
6..8
54..9
5 5 ..1

5 5 2 ..2
291 .
.4
187,.7
- 4 ..4
39..2
152..9
73,.0

5 3 2 ,.4
308,.7
157,. 1
6,.5
32..5
118..2
66 ,
.6

5 4 6 ..3
328,.9
143..1
5..9
31 .
.0
106..2
74..3

15..6
1. 1
,
- 4 ..8
22 . 1
- 2 ..8

2 6 ..9
8.. 1
4..2
19.. 1
- 4 ..4
728,.3

712,.0

Credit

346..0
2 1 9 ..3
92 .2
8 .7
11 .
.2
72,.3
34..6

36..3
20..7
1 .3
.
23.. 1
- 8 ..8

26,.2
1 .9
.
2,.0
2 5 .6
- 3 ..3

19..0
28 .
.6
- 5 ..2
15..6
- 2 0 ..0

62..0
11..5
7..4
4 6 ..7
- 3 ..5

614..5

501 .
.0

4 8 9 ..2

12.,5
35..0
- 9 ..7
- 1 4 ..9
2.. 1
7 9 3 .. 1

Market

4 2 9 ..7
2 7 4 ..5
106..3
- 5 ..5
14.. 1
97,.8
48..9

7 0 5 ..6

Borrowing

by

Financial

. 1
.6
.0
.3
.0
.6
. 1
*
.3
.6
.4
.5

domestic

1

mortgages

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

P r i v a t e , by s e c t o r
Households
Nonfinancial business
Nonfarm noncorporate
Corporate
State&local governments

domestic

plus

foreign

146 . 1 T o t a l ,

by

transaction

1

3 2 4 .-3

2 6 3 ..9

1 6 7 .8

155..2

176..9

137,.4

1 9 2 .3

8 6 .8

79..5

94..8

1 6 0 ..7
78..4
8 2 .-3

1 8 7 ..5
64..9
122.. 6

120 .6
18 .7
101 .9

129.,0
5.,8
1 2 3 .2

167..0
11..6
155.4

164,.8
6,. 1
158..7

1 7 2 .8
11 .6
161 .2

146 .2
13,.7
1 3 2 .5

185,.6
37.. 1
148..9
- •.5

149..6
13.. 1
136..5

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

172,.9
20,.6
152..3

U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
L o a n s from U.S. government

6
7
8
9
10
11

163..6
5 6 .2
1 .2
,
.2
74,.0
3 2 .4

76..5
- 5 0 ..9
0..3
1 .8
.
71 . 1
.
54..2

4 7 .2
32 .8

10..0
24.2
.4
2,,3
34..2
- 5 0 ..3

- 2 7 ..4
- 1 1 ..8
0.. 1
.5
13..7
- 2 8 ..9

19 .5
8 2 ,.7
0.
.2
2..1
- 3 8 ..6
- 2 6 ..9

- 5 9 ,.4
- 6 9 ..5
0..3
2..0
35..1
- 2 7 ..3

40,.2
30,. 1
0..5
1. 1
24,.2
- 1 5 ..7

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

- 2 3 ..2
72.. 6
. 1
- 2 ..9
- 4 4 .. 1
- 4 8 ..5

- 2 6 ,.8
13 ,
.4

0 .9
24 . 1
- 1 0 .6

26,.2
64,.7
0..3
2 .5
- 4 .0
- 3 7 ..2

9,.7
- 1 3 ..5
- 3 6 ,.4

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

12
13
14

3 2 4 ..3
78,.4
8 2 ,.3

2 6 3 ..9
64,.9
122..6

167 .8
18 .7
101 .9

155.2
5 .8
123..2

176..9
11.,6
155..4

137..4
6.. 1
158..7

192..3
11 .6
161 .
.2

8 6 ..8
13..7
132..5

2 2 5 ,.8
36..7
148..9

79..5
13.. 1
136..5

94..8
- 2 9 ,.7
147..6

146.. 1 T o t a l , b y s e c t o r
Sponsored credit
20,.6
Mortgage pools
152..3

15
16
17
18
19
20
21
22

163,.6
4,.0
0,.5
32,.4
1 .9
.
77,.8
14..5
3 2 .5

76..5
- 1 0 ..0
8..9
51 .
.2
.0
-1 .
- 1 1 ..8
.5
-1 ,
40.,6

47
5
5
-10
-1
51
-2
-1

26..2
3 .7
15 .4
- 4 2 .3
- 1 .3
48,. 1
- 3 .. 1
5,.8

10..0
- 5 ..4
- 4 ..9
- 5 4 .8
- 1 .6
.
36..4
. 1
4 0 ..4

- 2 7 ..4
- 2 ..9
- 8 ..5
- 2 8 ..2
- 4 ..7
- 1 1 ..2
- 4 ..0
32..1

19..5
- 9 ..9
- 2 9 ..5
- 4 5 ..0
4.. I
4 7 ..4
- 2 ..7
5 5 .. 1

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

40..2
14..2
- 3 0 ..8
- 2 0 ..6
1 .3
.
2 9 ..9
0..6
4 5 ..6

- 7 0 ..1
- 1 7 ..9
- 1 9 ..0
- 4 3 ..2
1 .9
.
- 2 0 ..2
.6
2 8 ..9

- 2 3 ..2
- 1 1 ..9
- 3 ..6
- 5 1 ..4
.9
7. 1
.
. 1
37..7

- 2 6 ..8
- 8 ..4
.7
- 3 7 ..7
- 3 ..3
- 5 ..8
. 1
29,.2

734..2 T o t a l
5 3 8 ..4
U.S. government securities
Tax-exempt securities
52..6
Corporate 8 foreign bonds
109..3
Mortgages
110..3

Credit

1
2
3
4
5

1049.4
299.9
55.9
151.4
321.6

6
7
8
9

44.7
17.0
134.0
25.0

1015,.8
3 4 2 ..2
56,. 1
13.. 1
2 9 6 ..2
46..9
47..6
112..0
101..7

8 7 6 .8
2 3 8 ..1
4 8 .6
125..8
2 6 8 .6
39..9
53..9
61 .2
4 0 .7

883
278
76
136
269

- 1 7 2 ,.6
12..0
- 1 8 4 ..6
- 1 9 4 ..5
5..2

6

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

4..7

BILLIONS

OF

3..7
DOLLARS.




- 4 0 ..3
35..8
-76.
- 9 8 ,.7
4,.6
18..0
LATEST

Borrowing,

All

Sectors,

2 2 5 .8

by

8 8 9 ,.0
331,.0
78,.3
113,.5
2 6 8 ..3

930,.5
399 . 1
70 .7
51.. 1
2 9 7 ..5

897.8
412.4
56.2
170.2
212.3

701 .
.3
3 8 8 ..5
36..5
- 3 7 ..2
2 0 5 ..8

7 2 6 .8
4 5 7 .5
18..3
123..7
169..4

568.7
348.8
25.3
110.1
164.2

551 ,
.3
387
38..4
1 7 6 ..9
178..9

45,.8
52,.7
33,.8
- 1 0 ,.5

39..7
12..1
5 6 ..4
- 1 0 ..2

33..6
- 3 ..5
53..7
28..3

14.2
30.1
-16.3
18.6

13,.4
- 2 ..8
79,.9
17..1

- 4 ,.2
- 2 4 ,.7
5 .4
- 1 8 ,.6

-21.2
10.8
-20.9
-48.4

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

Mutual

Funds

Raised

through

- 6 3 ,.1
52,.2
- 1 1 5 ..3
- 1 4 6 ,.3
0..5

16..7
73..4
- 5 6 ,.7
- 7 9 ..3
5..7

30,.5

16..9

DATA

PRELIMINARY.

— .8
56.3
-57.1
-69.0
11.9
*

5 6 ..4
77.
- 2 0 ..7
- 4 8 ..0
3..3
2 3 ..9

and

Corporate

- 1 9 .. 1
45..9
- 6 5 ..0
- 7 4 ,.0
6 .8
2..2

13
14
15
16

17
18
19
20
21
22
23

agencies

1
2
3
4
5
6
7
8
9
10
11
12
13
14

Private financial sectors
15
Commercial banks
16
D o m e s t i c a f f i l i a t e s ( B H C s ) 17
18
S a v i n g s and l o a n a s s n s .
Mutual savings banks
19
20
Finance companies
21
REITs
SCO issuers
22

Transaction

.5
.2
.8
.7
.9

Funds

1
2
3
4
5

Market

5
6
7
8
9
10
11
12

Sectors

2
3
4
5

.2
.9
.5
.4
.8
.9
.8
.0

2
3
4

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

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

1
2
3
4
5
6
7
8
9

Equities

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

116,.5
97,.6
18 .9
- 1 2 ,.0
4,.7

179..5
125..2
54..3
.0
11 .
6..6

.6
1.

2 6 ..2

36..6

2 3 7 ..2 T o t a l n e t i s s u e s
Mutual funds
178.. 1
Corporate equities
5 9 ..1
Nonfinancial corporations
17..0
Financial corporations
7..9
Foreign shares
p u r c h a s e d in U . S .
34.. 1

1
2
3
4
5
6

Z.7, JANUARY
Households

31,

1992

Households
Table

SEASONALLY

ADJUSTED

3:

Households,

Personal Trusts,

and

Nonprofit

Organizations

ANNUAL RATES

SEASONALLY
I
I

1990
I

II

III

IV

I
I

1991
II

I

ADJUSTED ANNUAL RATES

1987

1988

1989

1990

III

1
2

3 8 0 2 .0
5 1 2 .5

4 0 7 5 .9
5 2 7 .8

4 3 8 0 .2
5 9 1 .6

4 6 7 9 .8
6 2 1 .0

4 5 8 0 .6
6 0 6 .6

4 6 5 4 .7
6 2 2 .7

4 7 1 9 .3
6 2 7 .5

4 7 6 4 .7
6 2 7 .3

4 7 6 8 .0
6 1 7 .1

4 8 2 1 .1
6 1 3 .7

4 8 5 3 .3 P e r s o n a l i n c o m e
615 . 1 - P e r s o n a l t a x e s

3
4
5

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

3548.2
3 3 9 2 .0
1 5 6 .2

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

4 0 5 8 .8
3 8 5 2 .3
2 0 6 .6

3 9 7 4 .0
3 7 7 6 .6
197 .4

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

4 0 9 1 .8
3895.4
196 .4

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

4 1 5 0 .9
3 9 3 7 .5
2 1 3 .4

4 2 0 7 .4
3 9 7 7 .8
2 2 9 .6

4 2 3 8 .2 = D i s p o s a b l e p e r s o n a l i n c o m e
4 0 2 4 .8 - P e r s o n a l o u t l a y s
2 1 3 .4 = P e r s o n a l s a v i n g , N I P A

and

nontaxes

1
2
3
4
5

6
7
8
9

79
102
385
710

.0
.9
.6
. 1

83
112
412
764

. 1
.6
.9
.8

92
109
442
810

.0
.7
.1
.8

91
86
475
859

.7
.7
.0
.8

81
106
467
853

.9
.7
.5
.6

97
88
471
873

.0
.4
.5
.6

100
85
477
860

.4
.6
.6
.1

87
65
483
852

.3
.9
.2
. 1

77
35
503
829

.4
.3
.5
.6

86
31
507
855

.3
.6
.5
.0

84
42
510
850

.5 +
.0 +
.9 +
.8 =

Credits from govt. insurance
N e t d u r a b l e s in c o n s u m p t i o n
Capital consumption
Gross saving

6
7
8
9

10
11
12
13
14

721
656
234
403
18

.7
.9
.9
.7
.3

8 0 2 .3
7 0 0 ..0
2 4 4 .0
437 . 1
19 .0

889
724
244
459
19

.1
.2
.9
.8
.5

862
703
217
465
20

.3
.3
.3
.9
.1

889
724
224
479
19

.4
.5
.8
.9
.8

1024
709
225
464
19

.0
.9
.4
.6
.9

743
702
214
467
20

.8
.0
.9
. 1
.0

792
676
204
451
20

.1
.7
.1
.9
.7

976
653
191
440
20

. I
.1
.7
.7
.7

781
643
183
440
20

.9
.8
.8
.0
.0

898
654
181
452
20

.7 G r o s s i n v e s t m e n t
C a p i t a l e x p e n d . n e t of s a l e s
.7
Residential construction
.8
Consumer durable goods
.9
N o n p r o f i t p l a n t and e q u i p .
.0

10
11
12
13
14

15
16

64 ,
.8
355,. 1

1 0 2 .3
4 2 4 .3

164 .9
457 . 1

1 5 9 .0
4 0 8 .5

Net financial investment
N e t a c q . of f i n a n c i a l a s s e t s

15
16

17

3 4 3 .0

3 7 7 .0

3 7 4 .3

18
19
20
21
22

153,. 1
5 . 1
66 .8
53 . 1
28 . 1

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

192
19
88
4
81

23
24
25
26
27
28

189,.9
67,.8
93,. 1
0,.5
21 .
.0
7.,6

2 1 0 ,.8
121,.9
54 , 1
.
- 3 3 ..0
2 5 ..4
4 2 ..4

181 .7
123 .3
61 .7
-24 . 1
19..9
0..9

29
30

71 .
.8
- 9 9 ..7

2.,3
- 1 2 2 ,.3

31
32

2 6 ..0
92..7

33
34
35

1 6 5 .0
496 . 1

3 1 4 .0
5 8 7 .9

41 .8
255 . 1

2 1 3 .9

4 3 2 .2

3 1 3 .6

103 .5

8 3 ..8
18,.8
5 2 ,. 1
- 4 6 .4
,
5 9 ..3

205,.5
32..4
101 .7
-35 . 1
106 .5

6
36
18
-25
-23

1 3 0 .. 1
103 .
.7
2 2 .6
- 3 4 .9
.
29 . 1
,
9..6

2 2 6 .7
133 .4
6 7 .9
- 2 4 .0
38 .5
10..8

3 0 6 .9
194 .8
38 .4
10 .3
27..3
36,. 1

35 .4
- 1 2 6 .2

5 4 ..9
- 5 5 ,.5

4 9 .4
- 7 6 .9
,

6 7 .9
-51.5

25,.3
184,.8

2 6 .2
2 0 3 .5

2 5 ..7
189,.6

24..7
135..5

-94 .
.3
.8
-5 .
21 .
.3

- 6 1 ,.5
1 ,8
.
17..0

- 8 2 ..6
12,.3
14,.2

— 4 4 .7
9..2
15 .
.3

36
37
38
39
40

2 9 0 ,.3
3 0 2 ,,2
2 3 3 ., 1
3 8 ..0
-4. 5

3 2 2 .. 1
315. 8
230. 5
5 5 ., 1
- 4 .,7

2 9 2 ,.2
2 8 7 ..3
2 1 9 ..2
4 2 ..0
1 .0
.

2 4 9 ,,4
2 4 7 ..2
2 0 8 ., 1
17..4
- 3 .. 1

41
42
43
44

-1 ,
.0
32,.3
- 2 ..7
6..9

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

2..5
13,.4
1 .6
.
7..6

45
46
47

- 1 6 ..3
3 .
.2
1 .2
.

1 ,7
.
4 . 1
,
0. 4

48

- 1 1 .,6

- 3 7 .,5

115 .3
2 9 4 .7

3 2 3 .0
4 8 7 .5

138 . 1
3 3 6 .2

6 .3

2 0 3 .6

.7
.3
.3
.8
.4

.4
271 ,
69..6
94,.0
- 5 9 ..7
167..5

-89
18
8
-54
-61

- 2 0 .3
- 2 8 .7
- 1 6 ..6
0,.5
35.5
- 1 1 .. 1

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

34,.6
- 8 .7

67.8
- 8 5 ..0

29,.9
2 3 5 .8

24..4
118..6

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

- 2 0 ..8
.5
13..5

331 .
.2
3 2 8 ..9
2 5 4 ..6
32..0
1 .6
.

4 .
.1
10..9
- 2 ..0
11 .
.7

-1 .
.0
5,.0
0..8
- 7 8 ..3

.7
.0
.3
.2
.2

2 9 .3

2 4 4 .1
4 2 8 .3
- 1 1 4 .5

Dep.

8

cr.

mkt.

instr.

17

.9
.8
.5
.0
.3

D e p o s i ts
Checkable dep. S curr.
Small time 8 svgs.dep.
Large time deposits
M o n e y m k t . fund s h a r e s

18
19
20
21
22

119,.2
138,.5
16,.2
18,-0
14.,8
- 6 8 ..3

- 4 0 ..6
21 .
.2
7,.9
- 9 3 ..8
33..2
-9,.0

Credit mkt. instruments
U.S. govt. securities
Tax-exempt securities
C o r p o r a t e & fgn. bonds
Mortgages
O p e n - m a r k e t paper

23
24
25
26
27
28

76.. 1
- 3 2 ..4

112,.2
- 1 5 .. 1

155..6
- 3 5 ..2

M u t u a l fund shares
Corporate equities

29
30

23.,7
2 6 8 ..6

34.,0
.9
281 .

4 0 .. 1
2 0 5 ..7

44.. 1
3 6 7 .8

Life insurance reserves
P e n s i o n fund r e s e r v e s

31
32

- 4 7 ..7
17..1
13..3

- 4 6 .,5
28, 8
30..9

- 5 8 ..3
- 1 2 .,0
- 5 .,3

- 4 7 ., 1
- 2 ..8
14..0

- 4 ..8
1 .2
.
14..0

N e t i n v . in n o n c o r p .
Security credit
Miscellaneous assets

33
34
35

2 7 3 ..9
2 7 4 .5
2 2 3 ..9
17..7
- 3 ..5

2 1 3 ..3
2 1 9 ..3
188..9
20..4
- 7 ,.0

179..4
166,.3
165..2
.6
- 3 ..6

164..6
166.-4
148..7
- 1 2 ..4
- 8 ..8

198.. 1
187..8
1 6 0 ..8
- 5 .,2
- 1 .,8

1 8 4 .2
169..0
136..4
- 7 ..9
- 1 8 ..4

.4
15..5
1 .8
.
23..8

6..6
10..2
3..2
16.,4

4,.5
12..0
3..3
- 2 ..8

- 3 ..7
5..8
0.,1

- 2 ..3
6..0
.4
-1 .

-7.8
7.. 1

-2. 5

- 3 5 ..9

.6
.6
.6
.3
.3

*
- 1 5 0 ..4

96
13
33
-60
109

.4
.7
.8
.5
.5

7. 1
115 .4
0 .5
- 1 2 6 .5
15..2
2.5

26
-7
54
-64
44

5..7
6.,0
- 1 6 .. 1
9.
.6

- 1 3 ..2
7.,4
-«.2

8..3
2..8
1 .9
.

116..3

60.. 1

.9
.3
.0
.9
.4

0..5
11 .
,2
.5
11 .
15..7

10..0
11.,0
6..2
6.,9

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

3.,0
6.,0
1 ,3
.

- 1 4 6 ..5

73., 1

-73
84
-42
-113
-3

bus.

N e t i n c r e a s e in l i a b i l i t i e s
Credit market instruments
Home m o r t g a g e s
Installment cons, credit
Other consumer credit
T a x - e x e m p t debt
Other mortgages
Bank loans n.e.c.
Other loans

26,. 1
9..0
13.2
10..7

Security credit
Trade debt
Miscellaneous

5..6
6..0
3..6

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

- 4 7 ..9 Di s c r e p a n c y

Memoranda:
Net

49
50
51

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

2 4 4 ..0
73..0
171 .
,0

2 4 4 ,.9
76..0
169..0

217. 3
79. 4
1 3 7 .,9

2 2 4 ..8
77..8
1 4 7 ..0

52
53

2 3 3 ., 1
- 6 8 .,2

230.5
-59. 5

2 1 9 ..2
- 5 0 ..2

2 0 8 ..1
- 7 0 ..2

254. 6
- 1 0 7 .,6

54
55
56

403. 7
300. 8
1 0 2 ..9

4 3 7 ., 1
324. 5
112. 6

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

465. 9
379. 2
86. 7

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

57
58

33. 5
69. 4

4 3 .. 1
66. 6

14. 3
72. 4

BILLIONS

OF

50. 4
62. 2
DOLLARS.




LATEST

DATA

PRELIMINARY.

33..6
73.. 1

physical

investment:

2 2 5 .,4
78..6
146.8

2 1 4 ..9
79..3
135..6

2 0 4 ..1
81.8
122. 4

191..7
8 2 .,3
109..4

183. 8
8 3 .,6
1 0 0 .,2

(A) R e s i d e n t i a l construction
expenditures
.8
181 .
- Capital consumption
8 4 ..5
= Net i n v e s t m e n t
97..3

2 2 3 .,9
- 7 7 ., 1

188.,9
- 5 3 ..3

165. 2
-42. 8

148. 7
- 3 9 ..3

160. 8
-60. 5

1 3 6 .,4
- 3 9 .. 1

4 6 4 .,6
3 7 6 ..2
88 .
,4

4 6 7 .. 1
381. 5
8 5 .,6

.9
451 .
3 8 6 ..0
65. 9

440. 7
405. 4
3 5 ..3

440. 0
408. 4
31 . 6

(B) C o n s u m e r d u r a b l e s
expenditures
452. 9
- Capital consumption
4 1 0 .,9
= Net investment
4 2 .,0

-4. 2
70. 1

- 2 1 .2
56. 5

-7. 0
38. 6

14.,2
74.,2

13. 4
72. 2

- 2 6 .,3
68.,3

- Home mortgages
= E x c e s s net i n v e s t m e n t

- Consumer credit
= E x c e s s net i n v e s t m e n t

49
50
51
52
53

54
55
56
57
58

Z.7, J A N U A R Y 31, 1992
Nonfinancial Corporate

Business

Nonfinancial
Table

SEASONALLY

ADJUSTED

ANNUAL

4:

Nonfinancial

1988

1989

1
2
3
4

212
93
77
41

.1
.1
.6
.3

256.6
101.4
81.6
73.6

251
98
104
48

5
6
7

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

43.0
295.2
411.8

8
9
10

2 4 .8
- 1 4 .5
376 . 1

11
12
13
14
15
16
17
18

.4
.8
.0
.5

Business,

Excluding

SEASONALLY

1990

1

|

1990
I

II

III

IV

1

1991
II

I

Corporate

Business

Farms

RATES

|
1987

Corporate

ADJUSTED ANNUAL RATES

III

.3
.8
.0
.6

236.9
97.8
111.3
27.8

236.7
97.7
107.4
31.7

238.9
98.7
109.2
31.0

216.8
88.9
120.2
7.8

194
79
114
0

.3
.7
.3
.2

202.3
83.5
115.1
3.7

2 1 1 .5 P r o f i t s b e f o r e t a x ( b o o k )
8 7 .1 - P r o f i t t a x a c c r u a l s
117
- Dividends
7 .3 = U . S . u n d i s t r i b u t e d p r o f i t s

1
2
3
4

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

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

11.4
319.2
358.5

6.1
322.2
360.0

-.1
326.7
357.7

-4.0
329.9
333.7

- 8 .5
3 3 4 .6
3 2 6 .4

-7.5
337.2
333.4

- 3 .0
3 3 8 .3
3 4 2 .6

+ Capital consumption adj.
+ Depreciation charges. NIPA
= U.S. internal funds, book

5
6
7

19.9
-27.3
404.4

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

4 3 .2
- 1 4 .2
3 8 1 .5

41.9
— 6.6
393.8

31.4
3.8
395.2

36.1
-32.6
361.2

63.4
-21.2
375.9

5 7 .4
6 .7
3 9 0 .5

47.0
9.9
390.3

4 8 .9
- 4 .8
3 8 6 .7

+ Fgn. earnings ret. abroad
+ Inv. valuation a d j u s t m e n t
= T o t a l i n t e r n a l f u n d s * IVA

8
9
10

3 0 9 .4
3 6 5 .8
3 3 1 .7
3 2 9 .2
1. 1
1 .4
31 . 1
2 .9

381.2
394.5
365.0
363.3
0.3
1.4
26.2
3.3

385
421
385
384

399
403
401
403
-2
0
-1
3

.5
.1
.6
.1
.2
.7
.9
.5

374.1
402.4
405.2
402.2
2.2
0.8
-5.7
2.8

393.5
415.9
395.3
398.0
-3.4
0.7
16.3
4.4

439.5
418.1
406.5
409.5
-3.7
0.6
9.1
2.5

391. 1
376.2
399.4
402.6
-3.9
0.7
-27.5
4.2

3 6 0 .9
354.8
3 8 5 .8
3 9 0 .5
- 5 .3
0 .6
- 3 3 .3
2 .3

365.2
359.5
388.8
387.0
0.7
1 . 1
-32.3
3.0

3 9 8 .8 G r o s s i n v e s t m e n t
3 8 9 .8
C a p i t a l e x p e n d i t u r e s (1)
3 8 9 .8
Fixed investment
3 8 2 .7
P l a n t and e q u i p m e n t
6 .0
Home construction
1. 1
Multifamily residential
- 3 .0
I n v e n t o r y c h a n g e + IVA
3. 1
Mineral rts. from U.S. govt.

19
20

- 5 6 .4
1 1 2 .5

-13.3
169.0

- 3 5 .6
1 0 7 .9

- 3 .6
8 1 .6

-28.3
103.3

-22.4
100.5

21.3
103.9

15.0
18.6

21
22
23
24
25
26
27
28
29

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

23.9
17.0
14.0
-3.3
8.2
-11.2
-2.7
1.5
0.4

15 .0
- 7 .4
7 .0
4 .0
4 .0
4.4
- 1 .0
4 .0

.5
.5
.5
.5
.3
.0
.8
.3
1 .7

28.7
16.4
6.8
6.0
-16.8
-3.6
20.8
-4.0
3.1

13.8
-14.7
10.1
-2.0
-.8
7.8
7.1
-1.0
7.1

16.2
6.7
5.5
4.0
0.9
-2.2
-2.1
3.0
0.5

35.2
— 6.6
3.6
2.0
-.3
26.2
13.2
1.0
-3.9

30
31
32
33
34
35
36

7. 1
- 2 .7
4 5 .2
38.2
26,.0
8 .3
17..7

7.0
-2.7
67.9
73.0
15.0
2.5
12.4

2 .6
0 .5
2 3 ..4
6 6 .4
.
2 5 ..4
4 .
.9
2 0 ..5

3 .7
.5
1.
.8
30.. 1
2 7 ..6
6..5
2 1 ..1

-2.4
1.4
39.0
36.7
36. 1
15.7
20.4

3.8
1.6
36.8
44.5
11.5
-5.2
16.8

8.1
2.0
12.2
65.4
73.5
53.1
20.4

5.4
1.0
3.0
-26.0
-10.7
-37.6
26.9

- 1 6 .9
3 .0
29.8
5 4 ,.0
5 6 ..0
30..7
2 5 ..3

— 6.2
4 . 0
30.2
43.0
11.1
-8.6
19.7

37
38
39

10,.7
0,.4
1. 1
,

10.2

14..6

14..3

15.5

12.9

13.2

15.5

15..2

2 6 ..4

-11.8

-15.0

20. 1

-21.3

-30.8

13.,8
2..0
-17. 8

13.3

47.9

18.6

-7. 9

182.3
63.0
-129.5

1 4 3 ..5
4 2 ..1
- 1 2 4 ..2

8 5 ..2
12. 5
- 6 3 ..0

131.5
37.2
-69.0

122.9
49.8
-48.0

82.6
-1.7
-74.0

3.6
-35. 1
-61.0

8 4 .,3
6 .7
-12. 0

75.0
42.8
11.0

8 3 .,2
59. 0
17. 0

.8
.4
.2
.9
.7
1 .0
3 3 .7
2 .4

232
95
112
24

23
0
6
2
-4
7
9

6. 1
9 0 .4
20
15
4
5
-10
-22
20
5
3

.5
.2
.9
.0
.9
. 1
.4
.0
.0

5.7
80.7
9.7
-15.4
3.9
-3.0
9.6
17.5
5.2
6.0
-14.0

9 .0
9 2 .2

Net f i n a n c i a l i n v e s t m e n t
N e t a c q . of f i n a n c i a l a s s e t s

19
20

Liquid assets
C h e c k a b l e d e p . and c u r r .
Time d e p o s i t s
M o n e y m k t . fund shares
Security RPs
Foreign deposits
U.S. govt, securities
Tax-exempt securities
Commercial paper

21
22
23
24
25
26
27
28
29

30 . 1
8 .7
9 .4
2 .6
.9
5 .6
4 .0
0 .7
12..4
3..0
17..5
2 9 ..3
2 2 ..0
0.. 1
21 .
.9

40
41
42

168..9
63..0
- 7 5 ..5

43
44
45
46
47
48

1 3 8 ..5
.9
79.. 1
2 4 ..8
8 ..6
1..6

192.5
0.2
103.4
13.0
36.4
11.9

1 6 6 .,3
.9
7 4 ..3
9..0
34. 7
2 1 .4

75. 5
.3
47. 5
- 1 .6
4
1 .
9. 7

106.2
-2.2
27.9
12.9
-1.9
54.9

97.8
1.3
66.8
-11.7
16.6
-.7

72.3
-1.0
30.4
-4.2
-7.8
19.3

25.9
0.5
64.9
-3.5
-1.3
-34.4

18. 7
- 1 .2
73. 7
-2. 9
-3. 9
-6. 9

31.8
2.7
89.6
-.4
-34.8
-16.1

2 5 .,2
.1
18.,9
0.. 1
4. 4
1 .9

27.6
1.3
16.3
-1.0
11.0

27. 7
-1. 1
13. 0
4
3. 2
13. 0

18. 8
-4. 0
16. 9
8
-6. 6
13. 4

14.6
-2.3
10.7
0.2
-11.8
17.8

25.4
-4.7
2 5 .0
0.2
-8.0
13.0

35.6
-3.9
16.0
0.4
-4.5
27.6

-.3
-5.2
15.8
-4.0
-2.2
-4.7

-40. 1
-3. 7
2
2
-19. 3
-16. 7

-9.2
-3.7
9.8
-1.2
3.4
-17.5

4. 9
39. 9
61. 2
58. 5
56. 6
1 .9
2. 7

2.2
59. 1
57.9
58.6
52.9
5.7
-.7

2. 9
27.8
70. 7
68. 0
70. 6
-2. 7
2. 7

2. 7
31. 1
38.8
39. 1
51. 2
-12.2
3

-2.2
33.8
62.7
67.5
77.4
-9.9
-4.9

7.8
27.1
38.3
37.1
41.0
-3.9
1.2

7.0
47.1
30.2
33.5
39.3
-5.8
-3.3

-1.7
16.4
23.9
18.1
47.2
-29.1
5.8

13. 1
33. 4
31 . 0
13.5
33. 2
-19. 7
17. 5

-7.6
12.6
27.3
31.6
48.2
-16.6
-4.3

3. 0
9. 9
11 . 3
2. 8
17. 7
-14. 9
8. 5

62

66. 7

23.2

19. 2

-18. 0

19.6

1 .8

-78.3

-15.2

29. 5

25.1

Insurance
E q u i t y in
Other

10. 0
-3. 9
16. 8
4
7
- 1 .8

55
56
57
58
59
60
61

Consumer credit
30
Mutual fund s h a r e s
31
Trade credit
32
Miscellaneous assets
33
F o r e i g n d i r . i n v e s t . ( 2 , 4 ) 34
Equity, etc.
35
Retained earnings
36

42. 0
- 1 .0
80. 0
- 1 .1
-3. 4
-42. 4

49
50
51
52
53
54

63
64
65

5. 3
94. 2
14. 7

8.7
105.9
29.2

-4.4
105. 9
18. 3

-8.4
105. 4
17. 0

5.2
102.9
16.2

9.7
103.4
21.8

-34.9
103.0
20.5

-13.4
112.2
9.4

-3.6
105. 2
17. 1

17.6
94.3
14.8

11
12
13
14
15
16
17
18

receivables
sponsored ags.

N e t i n c r e a s e in l i a b i l i t i e s
N e t f u n d s r a i s e d in m k t s .
Net new e q u i t y issues
Debt i n s t r u m e n t s
T a x - e x e m p t debt (3)
Corporate bonds (2)
Mortgages
Bank loans n.e.c.
C o m m e r c i a l paper

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

Other loans
49
SavingsSloan assns.
50
Finance companies
51
U.S. government
52
A c c e p t . l i a b . t o banks 53
Foreign
54
Profit taxes payable
Trade debt
Miscellaneous liabilities
Fgn.dir.invest.in US(4)
Equity, etc.
Retained earnings
Pen. fund c o n t r . payable

-12. 2 Discrepancy
Memoranda:
7. 6 T r a d e c r e d i t n e t o f t r a d e
9 9 . 9 P r o f i t s tax p a y m e n t s
14. 1 E a r n i n g s r e c . f r o m a b r o a d

55
56
57
58
59
60
61
62

debt

63
64
65

66

43.9%

39.5%

39.3%

41.2%

41.2%

41.2%

41.3%

40.9%

41.0%

41.2%

67
68

97.2%
37.8%

97.5%
48.8%

104.0%
39.4%

105.6%
18.7%

102.1%
26.3%

105.2%
23.5%

115.7%
17.2%

100.0%
6.8%

90.8%
5.2%

92.1%
8.8%

4 1 . 1 % E f f e c t i v e tax rate
(line 2 / line 1 )
100.8% Capital outlays/internal funds
10.7% Cr. mkt. borrowing/cap. exp.

67
68

69
70
71

31,.1
- 1 4 ..5
4 5 ..6

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

3 3 .7
- 1 7 .5
51,.3

- 1 .9
- 1 4 .2
12,.2

- 5 ..7
- 6 ,.6
0..9

16.3
3.8
12.5

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

-27.5
-21.2
-6.3

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

-32.3
9.9
-42.2

( 1 ) C a p i t a l o u t l a y s on b o o k b a s i s :
-3.0 Inventory change, NIPA
-4.8 Less:
Inv. val. adjustment
1 . 8 = I n v e n t o r y c h a n g e b e f o r e IVA

69
70
71

72
73

3 8 0 ..3
3 6 5 .,7

4 2 1 ,.8
4 1 1 ,.8

4 3 8 ,.9
3 8 7 .0

4 1 7 .3
352,.5

4 0 9 .,0
3 5 8 ..5

412.1
360.0

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

397.4
333.7

348,.1
326,.4

349.6
333.4

394.6
342.6

c a p . e x p e n d , b e f o r e IVA
US internal funds, book

72
73

9..9

5 1 ..9

64..8

5 0 ..5

52.1

93.,1

63.7

gap:
E x c e s s of c a p i t a l e x p e n d i t u r e s
52.0
over U.S. internal funds

74

74

14.. 6

= Financing
2 1 ..7
16.2

Total
Less:

(2) C o r p o r a t e b o n d s i n c l u d e net i s s u e s by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ;
U . S . d i r e c t i n v e s t m e n t a b r o a d is b e f o r e s u b t r a c t i n g n e t i n f l o w s of
c a p i t a l f r o m N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U . S . p a r e n t s .
(3) Industrial r e v e n u e bonds.
Issued by state and l o c a l g o v e r n m e n t s
to f i n a n c e p r i v a t e i n v e s t m e n t a n d s e c u r e d in i n t e r e s t a n d
p r i n c i p a l b y t h e i n d u s t r i a l u s e r of t h e f u n d s .
(4) Direct investment totals and r e t a i n e d e a r n i n g s e x c l u d e
c a p i t a l g a i n s / l o s s e s i n c l u d e d in b a l a n c e of p a y m e n t s s t a t i s t i c s .
BILLIONS

OF

DOLLARS.




LATEST DATA

PRELIMINARY.

66

Z.7, J A N U A R Y
Funds Raised

31,

1992
Funds
Table

ANNUAL

FLOWS,

1979

5:

Funds

Raised

in

Credit

and

Equity

$ BILLIONS

1980

ANNUAL

1981

1982

1985

Credit

1984

Market

1985

1986

by

Nonfinancial

Borrowing

1987

Raised

Markets

1988

1989

FLOWS,

$ BILLIONS

1990

Sectors

1

3 7 9 .6

3 3 5 .1

3 8 0 .7

4 0 1 .0

5 4 7 .7

7 5 8 .2

8 9 5 .3

8 6 1 .6

7 2 2 .8

7 6 7 .2

7 1 4 .7

6 3 0 .0 T o t a l

2
3
4

3 5 .7
3 7 .1
- 1 .4

77 .2
77 .8
- .6

8 5 .4
8 5 .8
- .5

161 .2
162
- .9

1 8 5 .1
1 8 5 .2
- .1

1 9 7 .1
1 9 7 .3
- .2

2 2 5 .6
2 2 5 .7

2 1 5 .9
2 1 5 .6
0 .4

143 .9
142 .4
I .5

155 .1
1 3 7 .7
17 .4

1 4 6 .3
1 4 4 .7
1 .6

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

U.S. government
Treasury issues
Agency issues &

362
54
16
187
120
14
51
2

.0
.4

561
58
46
222
136
25
62
-1

.1
.7
.1
.8
.7
.2
.2
.2

669
178
73
242
156
29
62
-6

.7
.6
.8
.2
.8
.8
.2
.6

645
45
127
316
218
33
73
-9

.7
.7
.3
.3
.7
.5
.6
.5

578
83
79
324
234
24
71
-6

.9
.5
.1
.5
.9
.4
.6
.4

612
53
103
306
231
16
60
-2

568
65
74
275
218
16
42
-1

383
45
47
221
204
5
10

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

4 8 .9
2 5 .0
.8
31 .3

81
67
21
62

.7
.9
.7
.2

82
40
14
37

.5
.6
.6
.4

58
63
-9
44

.0
.6
.3
.1

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

50
40
11
45

561
231.
2 9 4 .2
.4
123 .2
171..5
35..7

6 6 9 .7
2 8 3 .1
2 5 2 ..6
- 1 4 .5
1 3 0 .2
136..9
134..0

645
289
296
-16
101
211
59

.7
.7
.7
.3
.3
.7
.2

5 7 8 .9
3 0 2 .2
193..7
- 1 0 ..6
65..9
138..5
8 3 .0

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
.4
7.
- 3 ..6
3.
.8
- 1 ..4

6 .4
6,.9
- 1 ..8
8 .7
- 7 ..5

10..6
5 .3
.1
13,.1
- 7 ..7

7 6 6 ..6

8 9 6 ..5

8 7 1 .3

729..0

773..6

7 2 5 ..3

5
6
7
8
9
10
11
12

344
28
17
164
116
10
24
14

.0
.0
.3
.9
.6
.0
.4
.0

2 5 7 .9
2 3 .9
2 7 .7
1 3 2 .9
9 5 .3
7 .6
19 .2
10 .7

295
32
22
109
72
4
22
9

.3
.9
.8
.2
.4
.8
.2
.7

239
53
18
88
53
5
25
4

13
14
15
16

40
48
9
35

.5
.7
.0
.6

.6
2.
36 .8
4 .0
3 0 .0

16
50
14
48

.9
.5
.7
.5

16
53
-6
15

17
18
19
20
21
22
23

344
171
157
23
65
67
15

.0
.7
.0
.5
.6
.9
.3

2 5 7 .9
1 1 7 .5
129..5
15 .8
5 5 .8
5 8 .0
10 .9

295
114
164
16
44
103
16

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

2 3 9 ..8
84
125..3
6..7
69..8
4 8 .8
30..4

362
179
148
3
83
61
34

24
25
26
27
28

15 .0
3 .7
3 .1
1,
.7
6.5

24.2
1.
.2
11..8
2..4
8..8

2 3 .5
5 .5
3 .0
3..9
11 .1

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

17
3
3
6
4

29

3 9 4 .6

359..3

4 0 4 ..2

4 1 7 ..0

.8
.7
.2
.4
.4
.2
-1
.4
.9
.1
.8

.6
.4
.0
.9
.4

.6
.2
.7
.9
.9
.0
.6
.3
. 1
.6
.5
-1

5 6 5 ..0

Credit

- -1

Market

Borrowing

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

612 . 1
3 1 5 .8
2 4 7 .4
- 7 .5
62 .4
192 .5
48..9

43
39
21
49

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

5 6 8 .4
2 8 7 .3
2 1 7 ,.9
.6
50,.0
166..3
63,.2

.2
.5
.5
.0
.6
.9
.6
- .1

14 .3
1 .5
9 .7
4 3 .7

3 8 3 .2
247,.2
93..4
2..5
15..3
75..5
42..6

domestic

1

mortgages

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

P r i v a t e , by sector
Households
Nonfinancial business
Nonfarm noncorporate
Corporate
State&local governments

23..5 F g n . b o r r o w i n g i n U . S .
21..6
Bonds
Bank loans n.e.c.
- 2 ..9
Commercial paper
12..3
U.S. govt. 8 other loans
- 7 ..5
653..5 T o t a l

domestic

plus

foreign

1

8 9 ..9

71..5

102. 8

91..6

99..3

153..7

186.,4

2 7 8 ..1

2 6 4 ..1

2 1 3 ,.4

191..0

160..6 T o t a l ,

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

4 4 ..8
2 4 ..4
19..2
1.
.2

4 7 ..4
3 0 ..5
15..0
1 .9

64..9
14..9
4 9 ..5
0..4

67..8
1 .4
.
66..4

74.,9
30. 4
44. 4

101 .
.5
2 0 ..6
79..9
1 . 1

154..1
15..2
139..2
~< 4

171. 8
30..2
142..3
-• 8

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

151 .
.0
2 5 ..2
125.,8

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

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

6
7
8
9
10
11

4 2 .0
5 .6

2 6 ..7
7.
.6

55. 4
5..2

31 .5
17..4

.9
12..9
7. 1
.

.3
32. 7
16..2

.2
2 1 ..3
- 7 ..0

78. 9
37. 0
0. 4
1. 8
2 4 ..0
15.,7

8 4 ..9
35. 7
0.
2. 9
3 2 .,0
14..2

124. 0
75. 6
0., 1
4..3
2 4 ..2
19, 8

92. 4
44. 2
0. 4
- 3 .,6
26. 9
24. 4

93..7
18..2
0..3
0..6
5 4 ..8
19..7

4 0 ..0
17.,7

0,.3
2 6 ..8
9..2

2 6 ..7
14. 4
0..1
.4
9. 9
0. 8

.9
3 1 .,3
- 1 1 .,0

-6.8
7. 9
0. 3
2
8. 6
-24. 7

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

12
13
14

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

71. 5
2 5 ..6
19..2

102. 8
32. 4
15..0

91 . 6
15..3
4 9 ..5

9 9 ..3
1. 4
66. 4

153. 7
30. 4
44. 4

186. 4
2 1 .,7
79..9

2 7 8 .. 1
14..9
139. 2

2 6 4 .. 1
29. 5
142..3

2 1 3 ..4
4 4 ..9
74..9

1 9 1 .,0
2 5 ..2
125. 8

160. 6 T o t a l , by s e c t o r
Sponsored credit
17. 0
150. 3
Mortgage pools

15
16
17
18
19
20
21
22

4 2 ..0
9.. 1
4.. 1
9..5
0..7
18..9
.2

2 6 ..7
8..3
6.,7
6. 8
0.,7
4. 9
6

5 5 ..4
11..6
10. 8
15.,6
0. 4
17..3
3

2 6 ,,7
11.,7
7. 1
7
6
6. 3
1
0. 6

31..5
5..0
13. 3
-6. 2
4
16. 5
3
3. 6

78. 9
7. 3
16. 1
17. 2
1. 2
27. 3
0. 6
9. 3

8 4 .,9
- 4 .,9
16. 6
17. 3
1. 5
42. 9
1
11 .5

124. 0
-3. 6
10..7
2 0 ..9
4. 2
5 2 ..1
0. 9
39. 0

92..4
6..2
14..3
19. 6
8. 1
4. 7
0. 4
39. 1

93..7
- 3 ..0
5..2
19. 9
1 .9
33. 5
3. 6
32. 5

40. 0
-1. 4
6. 2
- 1 4 ., 1
- 1 .4
31. 1
-1. 9
21. 4

-6.8
-1.
-27. 7
-31. 2
5
15. 6
-1. 9
40. 1

916.
297.
65.
97.
275.

814. 1 Total
414. 4
U.S. government securities
45. 5
Tax-exempt securities
77. 0
Corporate 8 foreign bonds
Mortgages
221. 3

1
2
3
4
5

483. 4
83. 1
2 8 .,0
26, 7
163. 6

4 3 0 ..0
120. 9
23. 9
36. 5
131. 9

6
7
8
9

40. 5
52.
37. 5
51. 9

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

504. 7
131. 0
32. 9
33. 5
106. 7

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

6

1 .0

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




B o r r o w i n g ., A l l S e c t o r s i

509. 7
225. 8
5 3 .,1
39. 7
8 9 .,3

6 6 4 ..3
253. 0
54. 4
36. 5
187. 8

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

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

Raised

through

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

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

5 6 ..6
2 9 ..3
2 7 ..3
2 0 ..0
3..6

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

2 1 ..5
8 8 ..7
- 6 7 ,.2
- 8 4 ..5
13..6

8 8 ..5
160..9
- 7 2 ..4
- 8 5 ..0
11..5

0,.2

1 .4

3,.7

0 .9

3..7

1,
.2

16.
54.
51.
77.

9
7
3
7

Funds

1
2
3
4
5

Market

920.
272.
58.
86.
223.

13
14
15
16

17
18
19
20
21
22
23
24
25
26
27
28
29

1082. 9
326. 2
178. 6
113. 2
242. 2

1149. 4
370. 4
45. 7
206. 0
316. 4

993. 1
316. 4
83. 5
130. 7
324. 9

987. 0
274. 9
53. 7
128. 5
306. 7

8 1 .7
63. 0
51. 9
82. 9

82. 5
40. 7
52. 8
46.8

58. 0
66.8
26. 4
59. 7

33. 5
2. 7
32. 3
69. 1

50. 4
39. 3
75. 4
58. 1

43. 1
41. 6
65. 9
30. 4

- 1 1 9 ..3
6..1
- 1 2 5 ..4
- 1 2 9 ..5
3..2

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

Funds

and

by

transaction

agencies

1
2
3
4
5
6
7
8
9
10
11
12
13
14

Private financial sectors
15
Commercial banks
16
D o m e s t i c a f f i l i a t e s C B H C s ) 17
S a v i n g s and loan a s s n s .
18
Mutual savings banks
19
Finance companies
20
REITs
21
SCO issuers
22

by Transaction

3
1
7
9
1

Mutual

5
6
7
8
9
10
11
12

by F i n a n c i a l

2
3
4
5

Credit

2
3
4

Corporate

3
3
0
3
7

14. 3
2
30. 7
11. 4

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

1
2
3
4
5
6
7
8
9

Equities

7.
70..2
- 6 3 ,.1
- 7 5 ..5
14..5
- 2 .. 1

0. 9

17,.3

15,.8 T o t a l n e t i s s u e s
65..7
Mutual funds
- 5 0 ..0
Corporate equities
- 6 3 ..0
Nonfinancial corporations
6..1
Financial corporations
Foreign shares
6..9
p u r c h a s e d in U . S .

1
2
3
4
5
6