Full text of Z.7 Flow of Funds Summary Statistics : June 13, 1996

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FEDERAL RESERVE statistical release

For immediate release
June 13, 1996

Z.7 (788)

FLOW OF FUNDS SUMMARY STATISTICS
Growth of debt of domestic nonfinancial sectors strengthened to a 6-1/4 percent rate in the first quarter
of 1996. The pickup was accounted for by a snapback in federal government borrowing, which had been held
down by the debt ceiling impasse. Debt of nonfederal sectors grew at a 5-1/2 percent pace in the first quarter,
near the rate of the fourth quarter. Household debt rose at a 7-3/4 percent rate, with increases in both home
mortgage and consumer credit borrowing. Nonfinancial business debt growth slowed to a 4-1/2 percent rate in
the first quarter, owing in part to a reduction in borrowing in the bond markets. Debt of state and local
governments was about unchanged in the first quarter, as new issuance of tax exempt securities about matched
retirements of previously refunded debt.
The level of nonfinancial debt outstanding at the end of the first quarter of 1996 was $14.1 trillion.
Debt of the nonfederal sectors was $10.4 trillion, and federal debt was $3.7 trillion.

A. Growth of Domestic Nonfinancial Debt1
(Percent changes; quarterly data are seasonally adjusted annual rates)
Nonfederal
Total

U.S. govt.

Total

Households

Business

State &
local govts.

1989
1990
1991
1992
1993
1994
1995

7.6
6.6
4.4
4.8
5.3
4.9
5.6

7.0
11.0
11.1
10.9
8.3
4.7
4.1

7.8
5.3
2.4
2.8
4.2
5.0
6.1

8.7
7.9
5.0
5.2
6.2
8.5
8.3

7.5
3.1
-1.7
0.5
1.6
3.8
6.4

5.7
4.9
8.2
2.0
5.7
-3.7
-4.1

1995--Q1
-Q2
-Q3
-Q4

6.7
6.6
4.3
4.2

7.6
5.7
1.8
1.2

6.3
7.0
5.2
5.3

7.7
8.3
9.3
6.8

7.7
7.6
4.5
5.3

-4.0
-1.0
-10.0
-1.5

1996--Q1

6.2

7.9

5.6

7.7

4.6

-.3

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




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

Memo:

Domestic

All

Private

nonfinancial

Foreign

Financial

Sectors

financial assets

1989
1990
1991
1992
1993
1994
1995

7.6
6.6
4.4
4.8
5.3
4.9
5.6

4.0
9.1
5.2
7.6
22.0
-5.3
18.7

10.5
8.8
6.0
8.7
9.6
14.1
11.7

8.1
7.1
4.7
5.6
6.5
6.6
7.2

5.7
4.6
1.9
1.6
1.3
4.6
3.1

1995-Q1
—Q2
—Q3
—Q4

6.7
6.6
4.3
4.2

17.0
10.7
24.3
18.3

7.2
11.3
12.3
14.2

7.0
7.7
6.5
6.8

3.6
5.1
2.6
1.1

1996--Q1

6.2

8.6

7.4

6.5

4.2

1. Holdings of deposits and credit market claims by households, nonfinancial business, and state and local
governments.
Explanatory Notes
Domestic debt includes credit market funds borrowed by U.S. entities 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, federally related mortgage pools,
and private financial institutions. Credit market debt consists of debt securities, mortgages, bank loans,
commercial paper, consumer credit, U.S. government loans, and other loans, as shown 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 on 3-1/2" diskettes. The diskettes contain quarterly data
beginning in 1952 organized in files that correspond to the tables published in the Z.l release. In addition, the
diskettes contain files with the monthly debt aggregate data published in the Board's H.6 release; data from the
Balance Sheets for the U.S. Economy (C.9 release) are not available at this time owing to a delay in receiving
source material compiled at the Department of Commerce.
Subscriptions to this summary release, the full statements for sectors and transaction types for flows and
amounts outstanding (the Z.l release), and diskettes may be obtained through Publications Services, Stop 127,
Board of Governors of the Federal Reserve System, Washington, D C. 20551, (202) 452-3244. This release
is also available on the Economic Bulletin Board of the Department of Commerce. A 670-page Guide to the
Flow of Funds Accounts is available from Publications Services for $8.50. The Guide explains the principles
underlying the accounts and describes how they are constructed.




Z . 7 , J U N E 13, 1996
F u n d s Raised

F u n d s Raised
F . 2 - F . 5 Funds Raised in Credit and Equity Markets

S E A S O N A L L Y A D J U S T E D A N N U A L RATES

1991

1992

1993

1994

SEASONALLY ADJUSTED ANNUAL RATES

1995

I
I

1994 I
IV
I

1995
I

II

III

IV

I
I

1996
I

F.2 Credit Market Borrowing by Nonfinancial Sectors

1

481 . 7

543 .0

628 .5

618 .9

732 .9

634 .8

8 8 0 .4

8 8 8 .3

584 .8

2
3
4

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

304 .0
303 .8
0 .2

256 . 1
248 .3
7 .8

155 .9
155 .7
0 .2

144 .4
142 .9
1 .5

150 . 1
155 .7
- 5 .7

266 .8
268 .0
-1 .2

202 .8
201 .2
1 .6

65 .8
65 .4
0 .4

5
6
7
8
9
10
1 1
12

203
87
78
158
173
-5
-10
0

.5
.8
.8
.4
. 6
.5
.0
.4

239 .0
30 .5
6,7 . 6
130 .9
187 . 6
-10,.4
- 4 7 .8
1 .4
.

3 72 .3
74 .8
75 .2
157 .2
187 .9
-6..0
- 2 5 .0
0,.5

463 . 1
- 2 9 .3
23 .3
194 .3
202 .4
1 .3
,
-11 . 1
1 .8
.

588 .5
-41 .3
73 .3
237 .5
204 .7
1 1.0
20 . 1
1 .7
,

484 .7
- 5 3 .8
6 .2
210 .6
216 .8
- 4 .2
- 3 .4
1 .4

613 .6
- 4 5 .8
53 .0
.5
196 .8
2 .7
21 .2
1 .7

685 .6
- 4 .3
98 .4
239 .6
207,.2
14,.2
16..3
1 .8
.

519 .1
- 1 0 7 .4
59 .8
290 .5
256 .8
13,.7
17 .7
2,.3

13
14
15
16

-13.. 7
- 4 0 ..9
-18 .
.4
-48 .
.5

5..0
-13..7
8 .6
.
10.. 1

61 .5
.
3..8
10..0
-10..2

124..9
73.. 1
.4
21 .
55..4

142 .9
103..0
18 . 1
54 ,
.9

141.8
76 .7
30 .7
72 .4

138 .3
152.5
12 .3
80.8

156..9
96. 8
39., 1
59.. 1

17
18
19
20
21
23

203..5
.8
183 .
-61 . 9
2 . 1
- 1 1 ..0
-53.
81 6

239..0
198.4
19.5
1 .3
.
- 1 6 ..0
34 . 1
21 . 1

372..3
249.. 1
61 .
,0
2..0
7..0
52..0
62 .3

463.. 1
362..2
144..3
2..8
12.. 1
129..3
-43..4

588,.5
383,.5
250..7
2..0
35..9
212.. 7
-45..7

484 . 7
392 .4
160 .8
-2..0
16.5
146 .3
-68,.5

613,.6
358,.6
300,. 1
0,.9
51 .3
,
247,.9
-45,. 1

685. 6
393.,0
303. 6
3. 6
34. 4
265. 6
-11. 1

24
25
26
27
28

14 .8
.
15..0
3.
, 1
6..4
-9..8

22 . 6
15 . 7
.3
5..2
.6

.8
68 .
81 ..3
0. 7
-9..0
-4..2

-20..3
7.. 1
1 .4
.
-27..3
-1 . 6

67.. 7
46,.5
8 .5
13.. 6
.8

33,.5
27..7
.5
5.. 9
0..4

61 ,4
,
13..5
8.. 1
37.. 9
1 .9

29

496..5

565.. 6

697..3

598..6

800.. 7

668..3

941 .8

578 .2

863 .5 Domestic

1

288 .7
291 .0
- 2 .3

U.S. government
Treasury securities
Budget agency s e c u r . S m t g s .

2
3
4

535 .9
- 7 .6
8 2 .0
197 .4
157 .8
13 .6
25 .2
0 .8

574 .8
- 6 .4
58 .9
285 .4
250 . 1
15 .6
17 .4
2 .2

P r i v a t e , by transaction
Municipal securities
C o r p o r a t e bonds
Mortgages
Home
Multi family
Commerci al
Farm

118 .2
86 .0
7 .2
52,.7

121..7
52,.8
37,.9
24,.5

519. 1
448. 1
181 .5
4. 3
29. 8
147.4
-110. 6

535..9
334.5
217..4
.8
28..2
190.,0
-16.,0

574. 8
387..7
190..7
0. 9
29. 3
160. 5
-3. 7

40.4
49. 9
5. 6
-11. 1
- 4 .0

94 .1
52. 1
8. 2
30. 9
2. 9

75.,1
70. 6
11 .
,9
-3. 4
-4. 1

928. 8

6 78. 9

42 .4
37 .2
5. 1

158..5
76. 8
13..9
27.. 1

Consumer credit
Bank loans n . e . c .
C o m m e r c i a l paper
Other loans and advances
P r i v a t e , by sector
H o u s e h o l d sector
N o n f i n a n c i a l business
Nonfa^m noncorporate
Corp-rate
State and local govts.

5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
23

36. 9 Fgn. borrowing in U.S.
45. 4
8. 7
Bank loans n.e.c.
C o m m e r c i a l paper
-13.8
-3. 3
Other loans and advances

24
25
26
27
28

653. 3

900. 4 Domestic and

29

foreign

F.3 Credit Market Borrowing by Financial Sectors
1

155 .6

240 .0

291 . 1

467..9

444 .9

536 .8

273 . 1

436 . 1

490 .0

580..4

313 .6 By transaction

1

2
3
4
5

145 ,
. 7
9 .2
.
136..6

155 .8
40 .3
115 .6

164 .2
8 0 .6
83 .6

288..6
176..9
116..5
- 4 .8

205,. 1
106 .9
98 .2

321..2
249 .0
72,.2

89 .4
62 .9
26 .4

192 . 1
127 .2
64 .9

221 .4
101 .5
119 . 9

317. 5
136..1
181..4

147 .2
37 .4
109 .8

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

2
3
4
5

126 .9
120 . 1
3 .6
- 1 3 .0
-6
22 .4

179..2
117..5
.8
-12..3
.6
41 .
2 2
' .6

239 .8
185 .5
5. 3
3 .0
42 .6
3 .4

215..6
84,.9
4 .9
,
1 .9
.
85,.9
38,. 1

183
167
5
-3
38
-24

244 .0
182 .3
5 .2
21 .2
34 .0
1 .3

268 .6
208 . 1
5 .2
7. 1
43 .3
4 .9

262..9
184..0
5. 6
-13..4
54..7
32..0

166 .4
136 .2
5 .5
7 .6
.6
- 5 .5

P r i v a t e financial sectors
C o r p o r a t e bonds
Mortgages
Bank loans n.e.c.
Open market paper
Other *^ans and advances

*

6
7
8
9
10
1 1

9
69
0
8
-32
-37

12

155,. 6

240 .0

291 . 1

467..9

444 . 9

536,.8

273 . 1

436 , 1

490 .0

580..4

313 .6 By sector

13
14

9. 1
136 . 6

40 .2
1 15. 6

8 0 .6
83 .6

172.. 1
116. 5

106,.9
98 .2

249,.0
72..2

62 .9
26 .4

127,.2
64 ,
.9

101 .5
.
119 .9

136. 1
181 .
.4

37 .4
109,.8

Govt.-spons. enterprises
Fed. related mortgage pools

13
14

15
16
17
18
19
20
21
22
23
24
25
26

9,.8
-10.. 7
-2..5
- 6 .5
-44 . 7

84 .2
7 .7
.3
13 .2
- 7 .0

239..8
8 . 1
14 .4
32 .0
2,. 6
. 1
. 1
51 .6
,
-2.. 1
5 .4
- 5 .0
133,.0

215.. 6
4.. 1
16..0
1 1..1
36.. 1
0..2
1 .3
.
57..3
1 ,
6 .3
.
19..3
.8
62 .

244..0
18..2
20,.8
21 . 7
-7..2
. 1
0.. 1
57..2
14..8
5,.2
. 1
113..2

268..6
.
8 .8
28..2
52.. 1
5.. 1
0..1
. 1
6. 5
4..0
5..2
2,. 1
156..5

262. 9
9
-7. 8
-7. 3
31 .5

-1 .6
8.0
0 .3
2 .7
58 .5

179..2
9..9
10.. 3
24..2
12..8
0 .2
,
0..3
50..2
-11..5
13.. 7
0. 5
68..5

183 . 7
6 .3
16 .3
61 .5
- 1 8 .9
.3

17..7
-2,.4
1 .2
.
3,. 7
54 .
.0

126 .9
4 .6
8 .8
2 .9
1 1.3
0 .2
0 .2
0 .2

166..4
- 4 .8
,
-25..8
26.. 6
10..9
. 1
2. 5
50. 0
0..7
5..9
-31..8
132..2

P r i v a t e financial s e c t o r s
C o m m e r c i a l banks
Bank holding companies
Funding c o r p o r a t i o n s
Savings institutions
Credit unions
Life insurance companies
F i n a n c e companies
M o r t g a g e companies
REITs
B r o k e r s and dealers
A B S issuers

15
16
17
18
19
20
21

.8
. 9
.5
.8
.0

8 4 .2
82 . 7
0. 6
2 .2
. 7
- . 6

3 .4
12 .0
83 .3

•

.7
.5
.2
.0
.5
.5

83 . 1
- 7 .4
5 .2
-29,.5
67 .6

4
59. 6
-20. 0
6. 0
7. 7
194. 5

6
7
8
9
10
11
12

23
24
25
26

F.4 Credit Market B o r r o w i n g , All Sectors, by Transaction
1
2
3
4
5

652.1
424.0
87.8
16 3.6
158.9

6
7
8
9

-13.7
-29. 1
- 4 4 .0
-95.6

805..6
459..8
30..5
166..0
131..5
5..0
-9..3
13,. 1
8.,9

988
420
74
276
160
61
-8
-5
8

.4
.3
.8
.6
.8

1066..5
449 .3
-29,.3
147,.9
204,. 1

.5
.5
. 1
.0

1,24,.9
62,.2
35,.7
71 .7
,

1245
349
-41
305
242

.6
.5
.3
.3
.8

1205.2
471.3
-53.8
1 18.8
215.5

1214 ,
.8
356..2
-45..8
234..0
227,. 7

1364,.9
394,.9
-4,.3
330,.6
244,.8

142
114
74
57

.9
.5
.3
.5

141.8
78.1
122.5
111.0

138..3
157,.6
88..8
58.. 1

156..9
123..7
61,.9
56,.5

1169,.0
287,.2
-107,.4
320..0
295..7

1233..7
359 .9
-7..6
336,.7
202,.9

158..5
92.. 1
88..1
34..9

118..2
84..5
58, 5
80..6

1214..0 Total
435..9
U.S. government securities
-6..4
Municipal securities
240..5
Corporate and foreign bonds
290..9
Mortgages
121 .
.7
69,.0
46,.6
15,.7

Consumer credit
Bank loans n.e.c.
Open market paper
Other loans and a d v a n c e s

1
2
3
4
5
6
7
8
9

F.5 Funds Raised Through Mutual Funds and Corporate Equities

1
2
3
4
5

209..4
147,.2
62..2
18..3
13..3

6

30..7

294..9
209.. 1
85..8
27..0
28..1

442 . 1
323..7
118..4
21 .3
36..6

150,.8
128..9
21..9
- 4 4 .9
24.. 1

30..7

60,.5

42..7

B I L L I O N S OF D O L L A R S .




159..3
173..9
-14..7
-74..2
12..3

-81
-12..6
-68..5
-118..0
16..3

40..0
78..5
-38..5
-60..0
8..7

156..7
173 .3
-16..6
-71 .3
17,.7

47..2

33..2

12. 8

37,.0

196.. 1
195.,3
0..7
-92..8
9..7
83..9

244,.3
248,.6
-4,.3
-72..8
13..3
55 .3

273..4 Total net issues
290..9
Mutual funds
Corporate equities
-17..6
-118..0
Nonfinancial
11..5
Financial
Foreign shares purchased
89..0
by U.S. r e s i d e n t s

2
3
4
5
6

2 . 7 , J U N E 13, 1996
Total C l a i m s

Total Claims
F . 6 - F . 7 Total C l a i m s
SEASONALLY A D J U S T E D A N N U A L R A T E S

S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S
1994
IV
F.6 Total Net Borrowing and L e n d i n g

III

1364 .9

652 .1

8 0 5 .6

988.4

481
278
203
183
2
-11
-53
81

5 4 3 .0
304 .0
2 3 9 .0
198 .4
1 .3
- 1 6 .0
34 . 1
21 . 1

628.5
256.1
372.3
249.1
2.0
7.0
52.0
62.3

618 .9
155 .9
463 .1
362 .2
2 .8
12 . 1
129 .3
-43..4

732 .9
144 .4
588 .5
383 .5
2 .0
55 .9
212 .7
- 4 5 .7

634 .8
150 . 1
484 .7
392 .4
- 2 .0
16 .5
146 .3
- 6 8 .5

8 8 0 .4
266 .8
613 . 6
358 .6
0 .9
51 .3
247 . 9
-45 . 1

8 8 8 .3
202 .8
685 .6
393 .0
3 .6
34 .4
265 .6
-11 . 1

584
65
519
448
4
29
147
-110

22 .6
2 4 0 .0
4 0 .2
115 .6
7 .7
2 .3
13 .2
- 7 .0

68.8
291 . 1
80.6
83.6
4.6
8.8
2.9
11.5
0.2
0.2

-20..3
467 .9
172.. 1
116 .5
9,.9
10,.3
24,.2
13 .0
0,.3
50
- 1 1 .5
13 .7
0,.5
68..5

67 .7
444 .9
106 .9
98 .2
8. 1
14 .4
32 .0
2 .5
. 1
51 .6
-2 . 1
5 .4
- 5 .0
133 .0

33 .5
536 .8
2 4 9 .0
72
4. 1
16 .0
}. 1. ,1
36 .3
,
1 .3
57 .3
1 .. 1
6..3
19,.3
62,.8

61 .4
273 . 1
62 .9
26 .4
6 .3
16 .3
61 .5
- 1 9 .2

40 .4
436 . 1
127 .2
64 .9
18
20 .8
21 .7
- 7 .3
0. 1
57 .2
14 .8
5 .2
. 1
113 .2

94
490
101
119
8
28
52
5

10
1 1
12
13
14
15
16
17
18
19
20
21
22
23

14 .8
155 .6
9. 1
13b .6
-10 . 7
- 2 .5
- 6 .5
-44 . 7
17 .7
- 2 .4
1 .2
3. 7
54 .0

-1
8
0
2
58

.6
.0
.3
.7
.5

3.4
12.0
83.3

83
-7
5
-29
67

. 1
.4
.2
.5
.6

1364 .9

1169 .0

1233 .7

.8
.8
. 1
. 1
.3
.8
.4
.6

578
42
535
334

28
190 .0
- 1 6 .0
75
580
136
181

. 1
.0
.5
.9
.8
.2
. 1
.2
. 1
6 .5
4 .0
5 .2
2. 1
156 .5

1169..0

.2
.4
.9
.5
.8

. 1
.4
. 1
.4
.9
- 7 .8
- 7 .3
31 .5
.4
59 .6
-20,.0
6..0
7..7
194 .
.5

8 6 3 .5
288 .7
574 .8
387 .7
0 .9
29 . 3
160 .5
- 3 .7

Domestic nonfinan. sectors
U.S. government
Private domestic
Household sector
Farm business
Nonfarm noncorp. bus.
N o n f i n . corporate bus.
State and local govts.

36 .9
313 .6
37,.4
109 .8
- 4 .8
25 .8
26..6
10..8
2..5
50..0
0,.7
5..9
- 3 1 .8
,
132..2

Rest of the world
Financial sectors
Govt.-spons. enterprises
Fed. related mtg. pools
Commercial banks
Bank holding c o m p a n i e s
Funding corporations
Thrift institutions
Life insurance c o m p a n i e s
Finance companies
Mortgage companies
REITs
Brokers and dealers
ABS issuers

8 0 5 .6

988.4

105 , r
29 .0
- 5 .3
30.
50 .8
10 .5

87,.9
81 . 7
. 1
27 .
.8
-21 .
.5
- 1 1 .. 9

65.6
52.2
0.6
9.1
3.7
-18.4

258..9
304..7
0..7
48.. 1
-94..6
-24 .
.2

-84,.8
51 .5
.
1 .0
.
-3..5
.7
.3
-21 .

227..8
343..4
0..9
53..2
, 7
-24. 4

-54.. 9 - 177.,3 - 1 3 3 ..6
.3 - 1 4 2 .3
203 .2
.3
-77
-90.. 7 -103.. 6
,
.5
1 ., 1
1 .2
.
1 ., 1
1 .2
.
39
.5
-50.
37..6
52. 7
.2
. 1
- 1 0 5 . 7 - 2 0 9 ..0 - 1 2 5 .
-83. 9
.3
-24. 6
-13..2
- 2 4 .3
,
- 2 3 ..9
-23. 9

31
32
33
34
35

13
523
15
136
31

3
1
1
b
1

98..2
631,.5
.8
68 .
1 15,
.6
27,.9

128.3
812.8
90.2
83.6
36.2

134. 4
697..4
119.. 1
116..5
31 .5

271 . 7
1080,.0
94,.7
98 ,
12..7

210. 9
790. 8
171 .4
72..2
30.,0

24 1 .2
.
.6
951 .
28
.4
26 .
16..3

326,. 1
1205,.3
97,.5
64 . 9
20,.8

358..0
889..8
61 .5
119..9
- 1 1 .. 1

161 .7
1273..1
191 .7
181 .4
24.. 7

8 0 .8
35 . 7
48 .5
-1 .5
- 1 .9
8 .2
-146 . 1
86,.5
30..0
35,.4
41 ,
. 1

95 ,
.3
69..5
16..5
5..6
3..7
17.. 7
- 6 1 ..3
78. 5
b . 7
41 ., r
23 .,0

142.2
149.6
-9.8
2.4
-19.4
-1.7
100.9
27.7
45.9
19.8

163. 4
148.. 1
1 1 2
.
0. 9
3..3
-27. 4
34.,9
6 6 .3
24..9
47.,0
29..0

266..3
186, 5
75..4
.3
4 .7
.
6..2
8..7
98 ,
.7
21 .
,4
61 .
,3
.4
21 .

174..5
174.,2
-5.
-2. 4
8. 3
-4. 2
32. 4
79. 4
30. 4
74. 7
36. 6

343.. 1
183 .
.4
158..8
.5
-1 .
.4
39..8
28..2
132,.4
19..2
58..9
62.,4

315..6
222..4
83..9
5..3
4 .0
,
-3. 5
.7
131 .
.2
21 .
,7
57.,2
3.

248 ..9
227. 5
24., 1
- 9 .,6
7..0
5.,5
43..6
77. 0
21 .8
50. 5
6. 8

157. 7
112. 9
35.,0
6
5. 2
-17. 0
— 46. 8
54. 3
8
78.5
13. 2

130. 7
85. 9
51 .1
-5. 3
9
154. 9
-2. 1
122. 1
22. 2
77. 8
8 7 .3

7. 5
0.. 1
126. 2
18..2
4. 7
1 .. 1
.3
-1 .
53..7
8..0

159.5
11.0
20.4
0.6
14.8
80.8
9.5

68..2
,9
-7. 1
-5.5
30..0
4..7
-44..2
.9
61 .
7.. 1

63..6
-3..4
52. 5
5.,8
86. 5
1 .8
.
90.. 1
112..3
-18..8

81 .7
2. 1
-70.4
-10. 0
53. 9
0. 2
-8. 0
42. 6
1 .4

92. 5
- 1 4 .,4
- 1 5 ., 1
3. 5
53 .1
1 .8
30. 5
55. 5
-10.8

65. 7
29. 9
21 .5
6. 4
135.
1 .8
146 .2
100. 9
-20. 6

43 .7
7. 3
52. 0
8. 4
33. 2
1 .8
— 1 .8
144. 6
-23. 7

52. 7
— 36. 4
151 .5
5. 0
124. 6
1 .9
185. 6
148. 0
-20.2

56. 7
1 .7
62. 9
- 1 .2
170. 1
1 .9
- 1 0 1 .1
112. 2
-18. 1

36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55

-9.
11 .
80..1
12..8
32..7
.7
17. 5
50..0
10..0

-9.0

35
170
0
-41

1

652 . 1

8 0 5 .6

988 .4

1066 .5

1245 .6

2
3
4
5
6
7

- 5 .9

0 .8

- 5 .8

25 .7
198 .2
- 3 .4

.6
-2,.0
0 .2
27 .3
2 3 8 .6
49 .4

0 .4
35 .2
247 .3
50 .5

0 .7
34 .0
248 .0
8 9 .7

8
2
0
49
258
10

8
9
10
11
12
13

8 6 .3
1 .5
- 5 8 .5
41 .6
- 1 6 .5
- 2 6 .5

113,.5
- 5 7 .2
-73,
4 .5
43,. 1
-3..5

117,.3
-70,.3
-23,.5
20,.2
71 .2
-18,.5

-9..7
-40..0
19..6
43,.3
78..3
45 .8

14
15
16
17
18
19
20
21

147 • 2
62 .2
51 .4
31 .0
- 7 .4
0 .5
16,
278 .2

209,. 1
85..8
4..6
46..6
9..7
16..7
- 7 .. 1
280..5

323,.7
118..4
61 .4
.
54 .4
5,.2
3,.4
1 .6
,
364,.6

.8
.2
.6
.9
.5
. 1

327. 6
1044. 5
42. 3
109. 8
14. 3

Rest of the world
Financial sectors
Govt.-spons. enterprises
Fed. related mtg. pools
Monetary authority
Commercial banking
U.S.-chartered banks
Fgn. banking off. in US
Bank holding companies
Banks in U.S.-aff. areas
Funding corporations
Thrift institutions
Life insurance cos.
Other insurance cos.
Private pension funds
St .Sloe.govt. rtr. funds

37
38
39
40
41
42
43
44
45
46

Finance companies
Mortga;
companies
Mutual
unds
Closed-end funds
Money mkt. mutual funds
REITs
Brokers and dealers
ABS issuers
Bank personal trusts

47
48
49
50
51
52
53
54
55

1205 .2

1214 .8

1364 .9

1169 .0

1233 .7

- 8 .6

17 .8

10 .3

9..0
8 .6
0,.8
29..9
.0
-43..2

- 1 .9

0
49
310
25

-12..5
96.5
65..6
142..3
110,.7
5 .8

-40,.5
— 4 6..9
36..5
86..5
51 .9
97,.9

42 .8
18 . 1
116 .8
59 .9
161 .8
39 .2

133,.5 - 1 5 1 ..5
142,.2
112..0
76,.3
69 .2
233..5
.2
121 ,
85.. 1
130.. 7
-63..8
90 . 6

-75.
113..6
0,.3
154..8
65,.2
-42..8

51 .7
174 .7
52 .0
225 .6
-31 .6
.0

Checkable dep. and curr.
Small time 8 savings dep.
Large time deposits
Money market fund shares
Security RPs
Foreign deposits

128 .9
21 .9
.1
111 .0
3..2
.6
18..8
236 .8

173,.9
-14..7
26..7
106..0
1 .3
.
38..7
-47,.7
461 ,
.9

-12..6
- 6 8 .5
37.. 1
149..4
4..2
23.. 1
11 .9
,
303..4

78
-38
-10
113
15
26
-44
327

173 .3
- 1 6 .6
30..8
30,.5
-4,.3
33,.5
-45,.6
505,. 1

195,.3
0,. 7
35,.4
183,.2
4 .0
48..6
- 6 3 ..9
347..6

248..6
-4..3
51 .3
96,.8
-9..8
45,.7
-37..1
667..6

290 .9
- 1 7 .6
8 0 .3
129 .7
9 .5
53 . 1
- 4 7 .3
466 .0

14
Mutual fund shares
15
Corporate equities
16
Security credit
Trade payables
17
18
Taxes payable
Noncorp. proprietors' equity 19
Inv. in bank personal trusts 20
21
Miscellaneous

2357. 5

66 .0
197 .7
,
71 .8

2842..3

1473,.9

1790..4

2351 .7

2113 .5

2730,.1

2245..7

2 4 8 2 .9

3237,.8

-13
4 .5
36,

0 ..7

- 1 .5
-1..3
-6..6

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

-6 .0
-3,.8
-14,.8

-24. 4
-2..3
-44. 0

13 .2
- 3 .7
79..5

-16,.3
-3,,9
12..7

- 2 4 ..3
3..5
—4..2
-3..5
- 4 4 .. 1 - 1 0 7 ..3

26
27
28
29
30
31

.6
26 .2
- 9 ,.5
- 2 4 .0
- 2 .2
9 .7

.2
- 4 .9
3,.6
- 2 ..8
11,.9

.2
4..2
34..3
- 7 .0
-126

11..1
.1

.2
-2,.7
31..5
36,.9
8..6
- 1 3 8 .7

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

2
.7
86..7
55..7
.9
-107..3

0
64
45
-8
-230

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

.4
8..2
-47..3
.6
81 .
31..6
-36..9

.3
7..6
39..6
- 9 3 ,.6
10..8
- 4 ,.8

- 1 ,.0
- 2 9 ..1
- 1 2 ..7
-39..5
1..4
153..1

32

1446 .8

1769,.3

2444 .9

2193..7

2769,.8

2284,.2

2 5 2 2 .7

3208..3

2 4 4 2 .4

2905..9

.1

B I L L I O N S OF D O L L A R S .




1
2
3
4
5
6
7

0 .7
54 .0
302 .5
- 1 3 .6

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

.7
.9
.7
.2

Net flows through credit m a r k e t s
(from preceding t a b l e )
1214 .0
Other financial sources:
Official foreign exchange
- 2 .1
SDR certificates
Treasury currency
56 .0
Life insurance reserves
301 .5
Pension fund reserves
- 8 0 .9
Interbank claims

0..7
21 .6
293..4
99 . 9

23
24
25

-•

fund shares.

to Total F i n a n c i a l A s s e t s

22

1 .6
.
11..3

10
11
12
13
14
15
16
17
18
19
20
21

Private jom. nonfin. sectors
Household sector
Nonfarm noncorp. business
27
Nonf i n. corporate business
State S local governments
U.S. government

(1) E x c l u d e s corporate equities and mutual
F.7 Total Liabilities and Their R e l a t i o n

3
4
5
6
7
a
9

1214..0 Total net lending

652 . 1

.
.
.
.
.

1233..7

1214 .0 Total net borrowing

24

1245..6

1214,.8

1996
I

25
26
27
28
29
30

1066, 5

1205..2

1214 .8

IV

I
I

(1)

1

1066 .5

1205 .2

II

in Credit M a r k e t s

2
3
4
5
6
7
8
9

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

1245 .6

1995

I
I

2893 .5 Total financial sources
- Floats not incl. in assets
Check. dep.:
U.S. govt.
17 .8
Other
- 3 .9
- 7 1 .6
Trade credit
- Liabs. not identified as assets
Treasury currency
.9
Interbank claims
12 .4
Security RPs
- 7 6 .7
Foreign
deposits
- 4 1 .5
Taxes payable
- 2 4 .0
Miscellaneous
123 .3
Totals identified to sectors
2958 .8
as assets

8
9
10
11
12
13

22
23
24
25
26
27
28
29
30
31
32

Z . 7 , J U N E 13, 1 9 9 6
Household Sector

Household
F.100 Households

SEASONALLY ADJUSTED

ANNUAL

and N o n p r o f i t O r g a n i z a t i o n s

Sector

(1)

RATES

SEASONALLY ADJUSTED ANNUAL RATES
I
I

1994
IV

I
I

1995

1992

1993

1994

1995

1
2

4 9 6 8 .5
6 2 4 .8

5 2 6 4 .2
6 5 0 .6

5479
6 8 9 .9

5 7 5 0 .3
731 .4

6 1 0 1 .7
7 9 4 .3

5 8 9 3 .9
748 .1

5 9 9 5 .5
770 . 1

6061 .9
8 0 1 .4

6 1 3 5 .6
7 9 8 .5

6 2 1 3 .9
807 -1

6 2 9 3 .4 P e r s o n a l i n c o m e
8 2 4 .5 - P e r s o n a l t a x e s

3
4
5

4343 . 7
4 0 9 7 .4
2 4 6 .4

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

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

5 0 1 8 .9
4 8 2 6 .5
192 .4

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

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

5 2 2 5 .4
4972 . 1
2 5 3 .3

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

5337 . 1
5 1 0 4 .6
232.5

5 4 0 6 .8
5 1 4 0 .9
2 6 5 .9

5 4 6 8 .9 = D i s p o s a b l e p e r s o n a l i n c o m e
5 2 1 5 .9 - P e r s o n a l o u t l a y s
2 5 3 .0 = P e r s o n a l s a v i n g , N I P A ( 2 )

101
137
571
1028

. 1
.7
.8
.4

82
111
605
1052

.3
.9
. 1
.7

93
108
621
1035

.8
.4
.4
.0

95.2
117 .6
6 2 5 .3
1 0 7 0 .6

36
98
644
1045

.1
.6
.5
.1

137
121
633
1145

.6
.8
.2
.6

Govt, insur. 8 pension res.
N e t i n v . in c o n s , d u r a b l e s
Capital consumption allow.
Gross saving

6
7
8
9

1044
899
270
602
25

.2
.3
.9
.7
.7

1239
883
267
593
23

.7
.5
.3
.0
.2

1079
886
258
604
23

.0
.2
.7
.0
.5

1050
906
266
615
23

1068
909
272
612
24

.5
.5
.7
.8
.0

1236
924
277
624
21

.9 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
.2
.6
Residential construction
Consumer durable goods
.7
.9
N o n p r o f i t p l a n t and e q u i p .

10
11
12
13
14

79
50
508
884

.4
.9
. 1
.7

79,.7
79..6
5 2 3 ..4
955 ,
.4

.8
.5
.0
. 7

89
104
600
985

10
1 1
12
13
14

839
653
174
455
23

.8
.0
. 7
. 3
. 1

1043..2
719 . 0
2 0 7 ..3
4 8 8 ..5
2 3 ..2

1032 ,
. 1
78 7 .8
2 3 1 .4
530,.6
2 5 .7

1131
869
264
580
24

15
16

186 . 7
3 9 4 .9

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

244 ,
.3
521 . 9

17
18
19
20
21

12,.6
56,.4
- 5 4 .0
.
9,.2
1 .. 0

- 3 0 ..0
-4 .
, 1
110.. 3
72..2
- 7 4 ., 3 - 1 0 8 ..2
5..8
- 4 1 ., 3
0..2
1 .2
.

22
23
24
25
26
27
28
2Q
30
31

29,. 0
.3
-21 .
- 1 3 ..8
1 1 .9
.
- 2 5 .. 7
- 7 ..6
38..9
33 .
.3
8 . 1
- 2 9 .. 9

81 . 7
1 12.. 3
73 .8
19 . 1
5 4 .6
38 .6
-27. 9
- 6 .6
7 .1
- 3 .3

52.,2
13., 7
29..8
14 . 7
15..2
- 1 6 .,2
- 2 4 ., 0
42.. 7
19.. 7
0.. 1

32
33

113.. 6
- 3 5 ., 1

148 .3
18 .2

2 3 7 .7
- 6 4 .6

34
35
36

2 5 ., 7
198. 2
16., 1

27. 3
2 3 8 .6
-7. 1

35 .,2
247. 3
1 .6

37
38
39

0. 5
24 . 6
9., 6

16 .7
- 1 0 .8
17 .0

3. 4
26. 0
13. 1

40
41
42
43

2 0 8 .. 1
183. 8
164 . 1
-13 . 7

.5
.4
.1
.0

277. 6
249. 1
152. 1
61 .5

44
45
46
47

7. 7
19. 9
- 3 . 49. 3

9 .3
10 .9
2. 7
9. 3

48
49

16. 3
8. 8

50

7

51

4 4 .9

77
81
561
936

.8
. 1
. 1
.9

.2
.3
.0
.9

76
109
624
1050

. 1
.7
. 3
.9
.6

1 109 .5
8 9 6 .4
2 6 6 .3
6 0 6 .4
23 .7

2 6 1 .4
6 2 8 .8
17 . 1
7 .6
-7 . 1
13 .6
3,.0
304 ,
. 7
338,. 9
215,.9
8..0
207..9
123..0
-50. 4
.0
9.
5..0

2 1 3 .0
6 0 6 .7
220
-28
150
95
3

.0
.6
.2
.4
. 1

51 .
.5
7.. 7
14 .8
.
5.. 1
9 .8
,
-7 .
- 4 5 .. 1
82.. 1
6..5
0..3

104 ., I
146..5
- 1 6 0 ..7
- 1 3 7 ..8

144 .8
5 5 3 .3
29
-78
-2
104
6

.8
.2
.5
.2
.3

343..4
362 .2
255.. 1
5..2
2 4 9 .9
107..2
- 5 9 ..9
1 .9
.
.8
40.,0
- 2 6 ..0
- 1 6 3 .,3

II

III

.5
.4
.7
.8
.9

IV

1996
I

1991

6
7
8
9

I

I
I

356 .2
698 .5

192 .8
5 8 9 .7

144 .2
6 3 3 .4

159 . 1
5 0 5 .0

3 1 2 .7
739 .7

253
71
151
28
2

.8
.8
. 3
.2
.5

337..8
5 .6
157 .0
169..4
5 .8

151 .7
- 1 2 6 ,. 1
179,.0
96..8
2,.0

136 .8
- 6 5 .7
113 .5
87,.0
2,.0

376
37
187
150
0

170..8
90 . 9
103..3
5.8
97..6
- 1 2 ..4
6..4
70..7
38..8
- 3 6 ..0

- 7 7 ..2
- 1 1 0 ..5
- 2 9 ..0
4 .8
.
- 3 3 ..8
-81. 5
- 3 1 .,2
35..2
15..3
14..0

2 0 3 ..2
149..6
64. 5
3..9
60.. 7
8 5 .. 1
- I l l .3
145. 7
-14. 9
34. 0

- 9 0 ..7
- 9 9 ,.3
- 7 9 ..5
5..9
- 8 5 ..4
-19.8
- 4 4 ..4
76..9
- 1 3 .,0
- 1 0 ..9

159..2
-205. 9

168. 1
-170. 7

49.,9
310. 7
- 4 5 ..6

60..2
-160. 8

15
16

D e p o s i ts
17
C h e c k a b l e d e p . and c u r r . 18
T i m e and s a v i n g s d e p .
19
M o n e y m k t . fund shares
20
Foreign deposits
21
C r e d i t m':t. i n s t r u m e n t s
U.S. 'ovt. securi ties
Trfasury
Savings bonds
Other
Agency
Municipal securities
C o r p o r a t e and f g n . b o n d s
Mortgages
Open market paper

22
23
24
25
26
27
28
29
30
31

198.5
-105. 3

208. 5
-178. 8

M u t u a l fund s h a r e s
Corporate equities

32
33

29. 9
223. 0
-63. 9

66. 0
197. 7
-37. 1

56. 0
301.5
-47. 3

Life insurance reserves
P e n s i o n fund r e s e r v e s
Inv. in b a n k p e r s . t r u s t s

34
35
36

E q u i t y in n o n c o r p . b u s .
Security credit
Miscellaneous assets

37
38
39

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 mortgages
Consumer credit

40
41
42
43

38. 7
18..6
51 . 3

23. 1
6. 6
12.8

26. 9
15.8
19. 6

33.5
1 .1
26. 0

48. 6
6. 9
36. 7

45. 7
50. 5
42. 8

53. 1
29. 3
44. 9

367. 4
362. 2
194. 5
124. 9

393. 6
383. 5
203. 8
142. 9

408.5
392. 4
210. 6
141 .8

342. 4
358. 6
188. 7
138. 3

396. 9
393. 0
205. 5
156. 9

489. 3
448. 1
258. 2
158. 5

346. 0
334. 5
162. 9
118. 2

427. 0
387. 7
259. 4
121 .7

9
1 1 .
9. 2
7. 1
7. 1

14 .5
8. 9
3
1 1 .
8. 1

5. 9
7 .2
16. 1
7 .7

15. 0
5. 7
12. 0
7. 2

5. 3
8 .0
12. 6
5 .8

8. 1
12. 4
1 .9
8. 3

3. 7
12 .3
8.4
7. 1

6. 4
-4. 0
41 .4
9. 7

3. 3
6. 5
-7.2
4. 0

- 1 .6
4. 7

2 2 .6
5. 0

-1 . 1
5. 3

3 .5
5 .7

9. 9
5 .3

-22. 7
5. 6

-2. 7
5. 6

34 . 7
5. 6

4. 9
5. 8

32. 7
5. 7

0. 9

0. 9

0. 9

0. 9

0 .9

0. 9

0. 9

0. 9

- 8 7 .8

- 9 5 .4

-145. 2

- 5 8 .6

-15.8

-187. 0

-44. 0

20. 1

-23.4

201
198
161
5

3
4
5

- 1 0 3 .6
- 6 3 .6
- 6 .3
3,.4
- 9 .. 7
- 5 7 ..3
- 9 ..8
- 4 2 ..6
41 ..9
- 2 9 ..5

21 .6
293.4
9
1 1 .

22. 6
6.. 7
10. 6

54 .. 0
302. 5
- 4 4 ..3

1
2

nontaxes

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

.2
.6
.4
.8
.4

49 ..9
258. 5
-47. 7

34 .0
248. 0
18. 8

+
+
*
=

and

Municipal debt
44
C o m m e -ial m o r t g a g e s
45
Bank
ans n.e.c.
46
O t h e r l o a n s and a d v a n c e s 4 7
Security credit
Trade payables
D e f e r r e d and u n p a i d
life i n s u r a n c e p r e m i u m s

0. 9

- 9 1 .3 D i s c r e p a n c y

48
49
50
51

(1) S u p p l e m e n t a r y t a b l e s ( F . l O O . a and L . l O O . a ) at the end of the r e l e a s e
s h o w e s t i m a t e s of a n n u a l f l o w s and y e a r - e n d o u t s t a n d i n g s of n o n p r o f i t
organizations.
( 2 ) S e e t a b l e F . 8 for d e r i v a t i o n of a l t e r n a t i v e p e r s o n a l s a v i n g m e a s u r e s .

Net

physical

investment:

52
53
54

174.. 7
82..7
.0
92 .

2 0 7 .. 3
Q2 .8
114..5

2 3 1 ..4
89.. 1
142..3

264.3
99.5
164.7

266.. 3
102..3
164,.0

270..9
83..7
187..3

267..3
100.. 1
167..2

2 5 8 .7
101 .4
157..3

266.. 7
102..5
164.. 1

272..7
105..2
167..5

(A) Residential construction
277..6
expenditures
- Capital consumption
104 .8
= Net i n v e s t m e n t
172..9

55
56

164 . 1
- 7 2 ..0

161 . 1
- 4 6 .. 7

152.. 1
- 9 .. 9

194.5
-29.8

203..8
- 3 9 ..8

210..6
- 2 3 ..3

188..7
- 2 1 ..4

205..5
- 4 8 ..2

258..2
- 9 4 ..0

162..9
4 .6
.

259..4
- 8 6 ..5

57
58
59

455..3
4 0 4 ..4
50..9

4 8 8 ..5
4 0 8 ..9
79..6

530..6
4 4 9 .. 1
8 1 .5

580..9
476..6
104..3

606..4
4 9 7 ..3
109.. 1

602..7
465..0
137 .7

593..0
481.. 1
111..9

604..0
4 9 5 .6
108..4

6 1 5 .8
4 9 8 .2
117 .6

612..8
514,.2
98,.6

(B) Consumer durable goods
expenditures
624..7
- Capital consumption
502,.9
= Net investment
121..8

57
58
59

60
61

- 1 3 ..7
64..6

5..0
74..6

61 .
.5
20..0

124..9
- 2 0 ..6

142..9
- 3 3 ..8

141 .8
- 4 ..1

138..3
- 2 6 ..3

156..9
- 4 8 ..5

158 .5
- 4 0 .8

118..2
- 1 9 ..6

121,.7
0,. 1

60
61

BILLIONS OF

DOLLARS.




- 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

52
53
54
55
56

2 . 7 , J U N E 13, 1996
Nonfinancial Business

N o n f i n a n c i a l Business
F. 101-F.103 Nonfinancial Business

S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S

1991

1992

1993

SEASONALLY ADJUSTED ANNUAL RATES

1994

1995

I
I

1994 |
IV
I

1995
I

II

III

IV

|
I

1996
I

F.101 All Nonfinancial Business

1
2

697 .3
528 .2

798 .8
549..9

8 5 2 .4
593 .8

955 .1
638 .4

3
4
5
6
7
8
9

539 .6
476 . 1
4 78 .5
16 .3
462 .3
-2..3
. 1

504..3
490..9
483.,9
17., 9
466.,0
7..0

683
540
520
19
500
20

645
636
577
21
556
59

10
11

63..4
125..3

13. 4
184. 7

142 .9
373 . 6

12
13
14
15
16
17
18
19
20
21
22
23
24

61 .
.9
18..3
-61 .
,9
-1 .
.2
78.8
- 2 5 .5
-37. 5
-18 .
.4
- 5 8 ., 1
23.. 0
-7., 7
100.,2
°
-9 .

171 .2
27. 0
19. 5

25

-11. 4

45 .6

1008 . 1
643 .3

633 .0
701 . 1
656 .4
.6
633 .8
37 .0
7 .6

732
678
620
21
598
58

8 .9
295 .3

-68..1
353..7

53..5
495 .3

230 .7
.3
21 .
61 .0
. 1
75 .2
-4..2
— 3 .3
.
10,.0
-16,.7
40,.0
2 .7
109..7
-4,.0

286,.4
-44..9
144 .3
- 1 .5
23,.3
-9,. 1
61 ,8
,
.4
21 .
48,.3
95..4
3,.2
59..2
29..3

.8
421 .
-74..2
250..7
-2,.9
73..3
26..5
87..0
18.. 1
48 .
.7
82 ..5

441 ..8
-1 18..0
160..8
- 1 .5
.
.2
-5..7
64., 7
30.,7
6 6 .5
128. 0
4 .
.4
230.. 0
36., 6

-89..8

-7..2

13..3

-89. 0

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

.7
.7
.2
.3
.0
.5

*

67. 6
-41. 1
-16. 5
8. 6
0. 9
40. 6
7. 9
67. 1
9. 2

1018 .5
646 .3

137..4
25..5

.3
.8
. 1
.9
.2
. 7

F.102 Farm Business

1012 .8
615 .7
571 .0
705 .2
647 . 1
.3
624 .9
58 . 1

1009 .3
625 .2
588 .5
687 .9
651 .5
.4
629 . 1
34 .0
2 .4

1021 .4
661 .2
622
728
662
22
639
38
28

.4
.5
.8
.4
.3
.0

1030 .7
683 . 1
750
682
664
23
641
17

. 1
.6
.8
.0
.8
.8

, 1
- 9 9 .4 -106 .
318,.0
414.. 6

67..5
508.. 1

308,.4
-60,.0
300,. 1
-7..4
53..0
25..8
139..9
12..3
76..4
99..3
15.. 1
-56..8
12 .
.8

514.. 1
-71 .3
.
303.. 6
-2.. 7
98..4
.6
21 .
94..9
39.. 1
52 .
.3
13.. 1
-5.
251 .. 1
,7

424 . 1
- 9 2 .8
181 .5
,
- 2 .0
59..8
20 .0
68 .4
13 .9
21 .
.5
153.
,
1 .8
150..9
29. 5

440..5
-72..8
217..4
0..4
82..0
38..6
44..6
7..2
44..6
64..4
-9. 5
204..3
36. 8

44 .
.8

36. 7

38 .
.8

-67. 0

- 1 3 4 .3
174 . 1

1063 .5 Income before
679 .8 G r o s s saving

taxes

1
2

669 .2 G r o s s investment
679 .4 C a p i t a l e x p e n d i t u r e s
684
Fixed i n v e s t m e n t
23 .4
Residential construction
660 . 9
Plant and equipment
- 5 .6
C h a n g e in i n v e n t o r i e s
0 .8
A c c e s s rts. from U.S. govt.

3
4
5
6
7
8
9

-10,.2 Net financial investment
393,. 1
Net acq. of financial assets

11

403.. 3
-1 18..0
190..7
-7..7
58.,9
19. 5
60. 0
37., 9
22 .
103. 6
8. 7
177.. 1
41 .2

Net increase in l i a b i l i t i e s
Corporate equities
Credit market i n s t r u m e n t s
M u n i c i p a l debt
C o r p o r a t e bonds
Mortgages
Bank loans n.e.c.
C o m m e r c i a l paper
Other loans and advances
Trade p a y a b l e s
Taxes payable
M i s c e l l ? n e o u s liabilities
P r o p r i r c o r net investment

10. 6 Di screpancy

12
13
14
15
16
17
18
19
20
21
22
23
24
25

(1)

1

30 .2

38 .0

32 .0

35 .0

29 .0

32 .3

28 .5

27 . 6

28 . 1

31 .8

2
3
4
5
6

,
1 .6
21 ,
.4
1 .7
,
19..7
23..0

0 .8
.3
1 .9
20 .4
23 . 1

0 .4
.4
2 .0
20 .4
22 .8

0 .3
23 . 1
2 .0
21 . 1
23 .4

0 .2
.7
2. 1
20 .6
22 .9
,

0 .3
.4
1 .9
20
.6

0 .2
22 .2
2. 1
20 .2
.4

0 .2
.5
2. 1
20 .4
22..7

0 .2
.8
2. 1
20 .7
.9

0. 1
23 .3
.2
21 . 1
23 .4

38.5 P r o p r i e t o r net income
w/IVA 8 C C A d j .
0.1 Net saving ( c o r p o r a t e )
22.9 Capital c o n s u m p t i o n allow.
Corporate
2.2
Noncorporate
20.7
23.0 Gross saving

7
8
9
10
11

23..0
13..0
1 .3
.
12..8
-1 . 1

23.. 1
18..5
1 .3
.
12..3
5 .0

22 .8
9 .2
1 .3
14 .0
- 6 .2

23 .4
29 .4
1 .6
16 .2
11 .5

22..9
15 .8
1 .7
.
16..6
- 2 .5

22 .6
21 .7
1 .8
16..3
3 .6

.4
15 . 9
1 .8
16 .8
-2 . 7

. 7
16 .2
1 ., 6
16.. 7
-2.. 1

22 .9
15 .7
1 .8
17 .2
- 3 .2

23 .4
15 .5
1 .6
16 .0
-2 . 1

23.0 Gross investment
Capital e x p e n d i t u r e s
14.2
1.7
Residential construction
17.0
Plant and equipment
-4.4
Change in i n v e n t o r i e s

12
13
14
15
16
17

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

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

13..7
3..2
1 .. 7
1 .5
.
.
1 .4
0,. 1

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

7,.1
4..4
1 .7
.
2..7
2..8
. 1

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

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

6..5
4 .2
.
1 .7
.
2..5
2..7
. 1

18
19
20
21

-7. 7
2. 1
0. 4
1 .7

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

-10..5
2..0
0..5
2.. 1
.6

9,.6
2..8
1 .8
.
1..9
.8

-2 .
,7
2..0
1 .7
.
1,
.1
7

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

23
24

0. 2
-10. 0

1 .0
.
-13, 5

1..0
5..8

1 .0
-5. 7

-3..0
7. 7

0..2
- 2 .,3

10

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

.6
.9

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

7 .9
4.8
1 .7
,
3..2
3.. 1
0.. 1

8.8
Net financial investment
4.8
Net acq. of financial assets
1.7
C h e c k a b l e dep. 8 currency
3.2
M i s c e l l a n e o u s assets
3.3
Insurance r e c e i v a b l e s
Equi
in G S E s (2)
- . 1

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

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

-3,.1
.8
0..8
.3
-1 .
.3

-4.0
0.9
2.2
-1.3

4 .
,9
.8
-10 .

2 .5
- 9 .7

-2,.9
0..6

-3.4
-1.5

*

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

Net increase in liabilities
18
Credit market instruments
19
Mortgages
20
Bank loans n.e.c.
21
Other loans and advances
Trade p a y a b l e s
P r o p r i e t o r net investment

(1) Includes corporate and n o n c o r p o r a t e

23
24

farms.

F.103 Nonfarm Noncorporate Business
1
2

450 . 1
8 3 .0

3
4
5
6

83 .0
92 .2
92 .3
- . 1

7
8
9
10
11
12
13
14
15
16
17
18
19

- 4 .8

6. 1

20
21
22
23
24

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

10 .7
- 1 6 .0
-15 . 1
2 .7
-3,.6

25
26
27
28

0..5
.3
13..2
0..2

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

504 .2
8 8 .2

5 1 7 .5
90 .8

548 .4
93 .2

587 .5
77 .7

575 .0
90 . 1

580 . 1
76 .0

584 .7
76 . 1

588 .4
76 .9

596 .7
81 .9

603 .7 Net income w / IVA and C C A d j
78 .2 G r o s s svg. = capital consump.

1
2

8 8 .2
8 5 .5
8 5 .4
0. 1

90 .8
101,.0
99 .6
1 .3
,

93 .2
.4
120 .0
2 .4

77 .7
138 .7
136 .7
2 .0

90
128
125
2

76 .0
136 .5
133 .4
3 .0

76 . 1
137 .6
135 .8
1 .8

76
139
137
2

81 .9
140 .8
139 .8
1 .0

78 .2 Gross investment
145 .2 Capital e x p e n d i t u r e s
145 .3
Fixed investment (3)
Change in inventories
- . 1

3
4
5
6

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

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

-10,.2
13,. 1
2..8
1 .3
.
0.. 1
0..6

- 2 9 .2
13 . 6
3 .0
1 .3
0. 1
0 .6

- 6 0 .9
16 .7
3 .7
1 .9
0 .2
0 .7

- 3 8 .4
15 .0
3 .2
1 .5
0 .2
0..6

- 6 0 .5
15 .4
3 .4
1 .6
0 .2
0,.7

-61 .5
16 .5
3 .6
1 .8
0,.2
0..7

- 6 2 .9
17 .2
3 .8
2 .0
0..2
0..7

- 5 8 .8
17 .7
4 .0
2 .0
0 .2
0..8

-67
18
4
2
0
0

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

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

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

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

0 .3
5 .0
5 .0
1 .0
4,.0

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

23..3
7,.0
6..1
0..6
0..3

42 .8
12 . 1
- 5 .9
12,.5
5 .5

77..7
35..9
14..7
13. 5
7..8

53. 4
16. 5
-6.. 1
14 .0
.
8.,6

76..0
51 .
.3
14.4
20..0
16..9

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

0..8
2..7
3. 8
23. 5

0. 8
4.,0
5. 7
31. 1

0..8
3..0
4. 1
29. 0

0..8
3..4
4 .8
15..6

0.8
3. 8
5. 4
33. 5

. 1
.5
.8
.8

.2
4 .5
5 .2
1 .. 1
0,. 1
4 .0

.9
.8
.8
. 1

.0
.0
.0
.0

0.4
5.. 1
5..0
1 .0
.

0 .4
5 .4
5..0
1..0

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

4..0

4..0

4.,0

4..0

Net financial investment
Net acq. of financial assets
C h e c k a b l e dep. and curr.
Time and savings deposits
Money market fund shares
Treasury securities
Consumer credit
Mortgages
Trade receivables
M i s c e l l a n e o u s assets
Insurance receivables
Equity in GSEs (2)
Other

78..0
34. 4
15..0
16.,0
3. 4

80..2
29..8
13..0
10..0
6..8

76..6
28.2
16..3
8..0
3. 9

85. 1
29.,3
8. 6
14. 3
6. 5

Net increase in liabilities
Credit market instruments
Mortgages
Bank loans n.e.c.
Other loans and advances

0..8
4..2
6.. 1
3<». 2

0. 8
4. 6
6. 7
36. 2

0. 8
5. 0
7. 2
42. 7

0,.4
4 .8
.
5..0
1 .0
.

.8

Taxes payable
Trade payables
M i s c e l l a n e o u s liabilities
Proprietor net investment

(2) Equity in the Farm Credit S y s t e m .
(3) Residential construction plus nonresidential plant and e q u i p m e n t ,
shown on table F.l, lines 12 and 18, r e s p e c t i v e l y .
B I L L I O N S OF D O L L A R S .




7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
23
24
25
26
27
28

2.7, J U N E 13, 1996
Nonfinancial Corporations

Nonfinancial C o r p o r a t i o n s
F.104 N o n f a r m Nonfinancial Corporate B u s i n e s s

SEASONALLY ADJUSTED ANNUAL RATES

S E A S O N A L L Y ADJUSTED A N N U A L R A T E S
1
1

1994 1
IV
1

1995

1992

1993

1994

1995

217.1
85.0
123.8
362.8
371 . 1

256 .7
90 .6
132 .4
371 .0
404 .7

303
103
151
385
433

.0
.0
.8
.2
.4

371 .7
129 .4
160 .9
413 .C
4 9 4 .5

402.1
140.2
175.0
430. 1
517.0

400 .8
140 . 1
169 .3
420 .5
512 .0

404 .2
141 .8
171 .2
423 .0
514 .2

47.1
4.0
422.2

41 .5
- 7 .5
4 38 .6

53 .4
- 6 .6
4 8 0 .2

40 . 7
- 1 3 .3
521 . 9

56.8
-28.1
545.7

41 .4
- 2 2 .8
530 .6

10
11
12
13

433.6
370.9
372.2
-1.2
- . 1

393 .0
386 .9
384 .9
1. 9

570
430
405
25

529
485
439
45

. 1
.0
.4
.6

532.4
546.6
501.4
37.6
7.6

14
15
16
17
18
19
20

62.7
129.8
15.7
-6.6
5.2
- .5
1 .8

6 .2
167..5
6 .9
,
- 1 5 ..0
15 .
.8
3 .4
7

139 .4
357 .3
13 .6
.3
-2,.5
-2,.6
-1 .
.4

44 . 1
2 78 . 1
4 .3
-2,.6
7,.4
.4
0..2

. *

20. 6
1 .0
5 .0
1 .1

23
24

.0
.6
. 1
.5

-1 .
, 3
8. 9
6 .8
-7.8

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

I

1996
I

III

IV

397.0
138. 1
175.2
426.9
510.5

404 .9
140.8
174 .0
431 .7
521 .8

402 .2
140 . 1
179 .4
438 .7
521 .5

421
147
187
444
530

55 .0
-51 .9
517 .3

58.1
-42.3
526.3

48 .9
- 9 .3
561 .4

65,. 1
-8..8
577,.8

63..7 • Fgn. earnings ret. abroad
-16.. 1 + Inv. valuation adjustment
578,.5 = Total internal funds • IVA

619 .6
528 .6
476 .3
52 .3

472
552
495
57

489.6
534.1
497.4
34.3
2.4

522 .6
573 .0
505 .6
39 .4
28 .0

644..8
526.,3
507. 4
18. 9

567. 9 Gross investment
519. 9 Capital expenditures
520. 3
Fixed investment (1)
- 1 .1
Inventory change • IVA
0.8
Access rts. from U.S. govt.

-14.2
332.6
14. 1
-1.5
30.8
0.2
0.2

91 .0
476 .7
32..0
21 .3
.
12..4
-2., 1
6.
.9

- 8 0 .3
154 .7
- 2 8 .5
- 4 2 .5
6,.8
6 .0
.
-5..9

- 4 4 .5
393.9
27.0
25.8
58.8
20.9
1 .8

-50.4
296 .3
33 .0
5 .2
17 .6
- 2 0 .8
4 .6

118.4
485.5
24.9
5.5
40.0
-5.3
0.3

48.0
370.2
-21.4
15.6
32.4
2.5
3.0

-7.8
-4.5
4.2
7.3

15.4
30.5
1
2. 0

-68..6
-21. 2
3. 0
6. 0

35.1
4.4
3.0
6.0

-57.4
4.,6
3. 0
8. 0

59.8
— 6.0
7.9
9.2

26.1
-11.6
5.0
8.0

U.S. govt. securities
Municipal securities
Mutual fund shares
Mortgages

21
22
23
24

0.5
1.0
87.2
200 . 9
92.8
3.2

6. 2
9
169. 1
181 .9
53. 2
6 .1

3.7
-9.7
-9.0
226.1
62.3
3.6

2. 2
120. 3

9.9
150.3

-10. 6
5. 2
204. 6
99. 3
68. 7
2. 7
0. 1
3. 3
24 .5

-28.4
2.9
137.8
236.8
163.2
1 . 1

5.6
99.2

37. 1
5. 6
15. 5
24 1 .4
77. 1
5. 5
0. 1
2. 9
155. 9

6.3
66.0

40.1
-9.9
165.3
115.0
49.5
*
1.6
0.1
63.8

Consumer credit
Open market paper
Trade receivables
Miscellaneous assets
US dir. invest. abr. (2)
Insurance receivables
Equity in GSEs
Inv.in finance co. subs.
Other

25
26
27
28
29
30
31
32
33

.6
.9
. 1
.8

II

I
I

.3 Profits before tax (book)
1 - Profit tax accruals
.9 - Dividends
.6 + Consumption of fixed capital
.9 = U.S. internal funds, book

1
2
3
4
5

.

6
7
8

Net financial investment
Net acq. of financial assets
Checkable dep. and curr.
Time and savings dep.
Money market fund shares
Security RPs
Foreign deposits

9
10
11
12
13
14
15
16
17
18
l9
20

0.5
3. 1
52.0

2. 8
2 .3
27 .6
96 .6
35 .6
13 .5

6. 9
2. 4
50 .7
261 .3
49. 8
6 .6

3
45. 1

0. 8
203. 9

7. 9
8
107 .8
111. 1
56. 4
7. 8
0. 1
4. 1
42 .8

34
35

67.1
-34.8
18 . 3

161 .3
61 .1
27 .0

217. 9
73. 3
21 .3

234. 0
84 .4
-44. 9

346.8
138.5
-74.2

385. 7
28. 3
- 1 18. 0

235. 0
187. 9
-60. 0

438.4
194.3
-71.3

346. 7
54. 6
- 9 2 .8

367.1
117.2
-72.8

322.3
42.5
-118.0

Net increase in liabilities
Net funds raised in mkts.
Net new equity issues

34
35
36

37
38
39
40
41

-53 . 0
-1.2
78.8
-20.0
-37.8
-18.4

67. 6
-27.5
-19.3
8 . 6

52.0
- . 1
75.2
-10.7
-6.0
10.0

129.3
- 1 .5
23.3
-5.0
47.4
21.4

212.7
- 2 .9
73.3

146.3
-1 .5
6.2
— 1.0
52.8
30. 7

247.9
-7.4
53.0
9.7
119.7
12.3

265.6
-2.7
98.4
4.8
76.2
39. 1

147.4
-2.0
59.8
4.7
55.8
13.9

190.0
0.4

160.5
-7.7
58.9
8.7
47.0
37.9

Credit mkt. instruments
Municipal debt (3)
Corporate bonds (2)
Mortgages
Bank loans n.e.c.
Commercial paper

37
38
39
40
41
42

43
44
45
46
47
48
49

-54.5
-5 . 3

-16.4
- .8
-6 . 0
0.2
-3.3
-16.5
10.0

43.6
- .3
38.7
0.5
-2 . 1
2.5
4.2

41.6

- .8
-.9
6.8

59.1
0.1
55.9
0.6
-6.5
1.3
7.6

60.6
3.3
62.9
0.7
7.5
-18.4
4.7

49.8
0.4
28.9
0.7
3.0
7.3
9.5

15.2
0.9
15.8
0 .8
-9.7
2.9
4.4

41.0
0.4
30.2
0.9
-4.1
4.8

8.8

15.7
1*8
30.2
1.0
1•3
-21.2
2.7

Other loans and adv.
Savings institutions
Finance companies
U.S. government
Accept.liab.to banks
"^st of the world
JS issuers

43
44
45
46
47
48
49

2.4
91 .8
55 .4
36.3
3.2
15.9

- .8
77.5
131.6
62.5
3.2
66 . 0

3.6
128.0
225.8
67.7
3.2
155.0

12.3
Q6.S
-61.6
74.0
3.2
-138.8

-6 . 0
4.4
245.7
57.5
3.2
185.0

1.0
14b.4
144.8
61 . 1
3.2
80.6

-10.3
62.6
197.6
57.3
3.2
137.1

7.9
102.0
169.9
22.6
3.2
144.1

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

50
51
52
53
54
55

-7.2

13.3

-89.0

44.8

36.7

38.8

-67.0

0.9
-5.8
86.9
30
21

50
51

1 .8

- .8
-5.9
-47. '
3 .1
23.1

11 .8
3. 7
71 .4
-11.4

57

34 . 1

4 . 7
-5 . 0
5.0
- . 1
-2 . 9
4.9

2 .8

7.2
33.4
59.5
12.8
2.0
44 . 7

36
0
3
102

45.6

10.2

72.4
18.1

1 .2

34.5

0.8

82.0
21.5
38.0
7.2

14.2

16.0

9.7

-81.0

-13.4

58.2

75.2

-4.2

-10.3

3.8

3.8

57.7

39.4

90.5

65.9

60.5

13.7

59
60
61

98.8%
-14.4%
65.5%

97.4%
8.6%
17 9.0%

100.7%
25.9%
65 .2%

111.1%
3 7.0%
65. 1%

107.7%
26.5%
19.3%

117.6%
40.9%
75. 7%

112.9%
46.0%
73.1%

111.5%
25.3%
37.0%

102.6%
35.5%
61.6%

CO

- 5 .8

58

100.8%
1 1 .8%
140.9%

41 . 1

10.6 Discrepancy

63.3 Trade receiv. net of payables
5.2 Financing gap (4)




57
58

100.9% Cap. outlays (5)/US int. funds 59
29.9% Cr. mkt. borr./cap. o u t l a y s ( 5 ) 60
2 6 . 4 % Net fds. raised/cr. mkt. borr. 61

(1) Residential construction plus nonresidential plant and equipment,
shown on table F.I, lines 13 and 19, respectively.
(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) Industrial revenue bonds.
Issued by state and local governments
to finance private investment and secured in interest and
principal by the industrial user of the funds.
(4) Capital expenditures (line 10) less the sum of U.S. internal funds
(line 5 ) and inventory valuation adjustment (line 7).
(5) Capital outlays equal capital expenditures (line 10) less inventory
valuation adjustment (line 7).
B I L L I O N S OF D O L L A R S .

56

Z.7, JUNE 13, 1996
State and Local G o v e r n m e n t s

State and Local
F.105 State and Local Governments?

Excluding E m p l o y e e R e t i r e m e n t Funds

S E A S O N A L L Y A D J U S T E D ANNUAL RATES

1992

1993

1994

1995

1
2
3
4

784 .2
569 .9
60 .9
153 .4

844
607
64
172

897 . 1
644 .4
6 6 .9
185 .8

946 .4
68 0 .8
69 .7
195 .9

996
718
71
206

5
6
7

708 .4
579 .5
129 . 0

758 . 1
603 . 7
15'. .5

8 0 2 .2
627 .9
174

846 .6
651 .8
194 .9

901 . 1
682 . 6
218 .5

8
9
10
1 1

75 .8
59 . 6
53 .
.8
8 1 .0
.

94 .9
65 .6
50 . 6
109,. 9

99 .7
69 .5
61 .8
.
107,.4

95
72
61
106

12
13

73 . 1
124 .0
,

8 9 .4
132

90 ,
.2
139,•9

110.. 3
146 . 7

103 .2
159.. 1

14
15
16
17
18

- 5 0 .9
.
31 .5
,
5 .
-10,. 1
- 1 6 ,.6

- 4 2 .8
- 1 9.4
3. 1
- 6 .2
,
4. 9

-49 .7
13,.2
1 .4
.
-4 .
.8
16 .
.7

19
20
21

50..8
46..0
23..0
.0
1 .4
.
3.. c

-21 .5
- 2 0 .8
.
-2 0 .4
.4
. 6

23
24
25

2.. 1

26

.4
82 .

27
28
29
30
3 1
32

86
62
52
95

.2
.3
. 7
.8

*

0. 3

. 1
. 1
.9
. 1

.0
.9
.0
.8

I
I

1996 |
IV
I

1995
I

II

965 .0
697 .5
70 .6
196 .9

980
704
71
205

865 .6
661 .9
203 . 7

882 .0
672 .2
209 .8

8 9 5 .7
680 . 1
215 .6

98
71
59
110

99
72
59
112

99 .4
70 .5
71 ., 7
98

.9
.0
. 1
.8

.9
.4
.4
.9

994
711
71
211

.7
.8
.6
.3

.0
.3
.3
.0

III

1996
I

1019
742
73
204

. 9 R e c e i p t s , NIPA basis
.5
Tax receipts
.4
Social insurance receipts
.0
G r a n t s - i n - a i d received

1001 .5
725 .5
72 .2
203 .8

1007 . 1
731 .0
72 .8
203 .3

907 .6
686 .2
221 .4

919 .0
692 .0
227 .0

933 .3 Current e x p e n d . , NIPA basis
701 .4
Consumption expenditures
231 . 9
Net interest and transfers

93
73
64
102

88
74
60
101

86
75
60
101

.9
.4
.6
. 7

. 1
.3
.9
.5

1
2
3
4
5
6
7

.6 Net s u r p l u s , NIPA basis
8
9
. 1 • C o n s u m p t i o n of fixed capital
. 0 - Pension fund reserves
10
,
. 7 = Gross saving
1 1

87 . 6
157

105 . 7
161 .5

103 . 0
163 .8

107 . 3 Gross investment
164 ,
. 1 Fixed investment

-36..3
- 5 6 .0
-79.. 3 - 1 0 1 .4
.
5
.9
9..8
5..8
25.. 7
12..0

-40,.6
-1 08 ., 6
8.. 1
9 .7
.
48 .
.0

-37 . 7
- 8 2 .4
. 3
6.
,6
16.. 6

-69
-80
8
4
14

.6
.5
.4
.8
.8

- 5 5 .8
— 166 . 1
- 3 .0
9
44 .0

- 6 0 .8
.
-76,. 7
6..6
18.. 6
27..3

-56 .
.8 Net financial investment
14
-60..4
Net acq. of financial assets 15
C h e c k a b l e dep. and curr.
-7 .
16
9 .0
.
Time and savings deposits
1 7
25.. 6
Securi ty RPs
18

-94 . 6 -133 .
3 .7
.
,7
9 .5
.
- 9 4 . 0 -130.
2 6 .. b -130..8 -139.. 1
.8
8 .9
-17., 1
36 .
-6 .8
.
.5
- 2 .8
.
3..3
- 5 .4
2..2

-16*.. 7
-170.
-205. 9
35. 3
-4 .
5.,4

- 9 4 . q - 1 0 5 . 7 -209..0 - 1 2 5 ..3
- 9 4 . 7 - 1 0 3 .8
,
-202 .
, 3 - 1 2 0 ..3
-79..3 -131 .2
- 1 9 0 .8 - 1 5 5 ., 3
.
35., 0
-15..4
27 . 3
- 1 1 .5
-5 . 3
- 6 .. 3
-8 . 1
- 7 .2
,
5 . 1
0 .5
,
3., 1
4 .5
.

- 3 .8
.

-5.. 1
-43..0

.6
81 ,
81 .
.3
6. 9
74 .4
.
0 .4

21 . 1
21 .3
- 1. 1
. 3
- . 1

62 .3
.9
62 ,
1 .8
61 . I
.6

-43
-42
-2
-40
-1

0 .8

2 .3

0 .6
.

0.. 4

d.

6 .5

19 .8

. 9

.4
.3
.
.2
,
.
. 1

-2 . 9

-4 .
.7

-10 .
.4

- 4 5 .5
.

- 68 .0

-44 ,
.7

-10.• q

- 1 1 0 .. 3

-15. 9

-45.. 7
-44 .
1 .
-45 .
,4
- 1 .5
.

- 68 .5
-67 .

-45 . 1
-43 . 7
19..8
-63. 5
-1 . 3

-11.. 1 -110..6
- 9 . 6 - 1 0 9 .. 0
-5 . 9
-20..2
-3. 7
-88 .
,8
-1 .4
.5
-1 .

-16. 0
-14. 3
11 .2
-25. 5
-1 .6

- 6 .. 1

0 .2
.
3.6

-66. 3
-1 .
0. 5
-12..0

0. 3
-5 .5

-7..4

0.•2

0..2

24.,4

-3..0

(1) Data for employee




I
I

116 . 3
154 . 0

62 . 9

B I L L I O N S OF D O L L A R S

IV

1 10.
i2
150..8

.4

6

(1)
S E A S O N A L L Y ADJUSTED ANNUAL R A T E S

1991

.3
.8
. 3
.2

Governments

-3 . 7

0., 1

-83 . 9
-77.. 6
-74 . 1
- 3 .5
-9.. 1
.8
2 .
5
6
-3..7
-1 . 9
10.,0
-12. 0
, 7
-1 .
0., 1

12
13

Credit market instruments
U.S. govt. securities
Treasury
Agency
Municipal securities
Mort ages

23
24

Taxes receivable

25

Net

increase

19
20
21

in liabilities

26

Credit market instruments
Municipal securities
Shor t-1 erm
Other
U.S. government loans

27
28
29
30
31

Trade payables

32

-1 .5

-5., b Discrepancy

retirement

funds are shown

in table F . 1 2 4 .

2 . 7 , JUNE

13, 1996

U.S. G o v t . , G S E s , and Pools

U.S. G o v t . , G S E s , and Pools
F.106-F.108 U.S. Government, GSEs, and Mortgage Pools
SEASONALLY ADJUSTED A N N U A L R A T E S

1991

1992

1993

1994

1995

I
I

1994 |
IV
I

I

II

1995

III

jV

|
|

1996
I

F.106 U.S. Government
1
2
3
4
5

1149.0
476.9
109.7
79.8
482.6

1 198 .5
490 .8
1 18.7
81 .9
507 . 1

1275.3
523.6
137.5
88.2
526.0

1377.0
561 .4
164.4
92.7
558.6

1478.5
614.9
184.3
91 .2
588.1

1416.2
574.5
179.9
93.2
568.6

1449 .3
594 .6
183 . 1
91 .7
579 .9

1483.2
624.4
180.7
93.5
584.6

1486.6
617.3
189. 1
88.4
591 .8

1494.8
623.3
184.3
91.3
595.9

1521.8 Receipts, NIPA basis
639.3
Personal taxes
196.1
Corp. profits tax accruals
84.4
Indirect taxes
602.0
Social insurance receipts

l
2
3
4
5

6
7
8
9

1345. 1
446.0
706.4
192. 7

1479 .4
451 . 1
8 3 2 .5
195 .9

1530.0
451 .4
886.3
192.3

1567.0
450.7
914.9
201 .4

1641 . 1
454.0
957.8
229.3

1606.8
455.3
936.6
214.9

1622 .7
454 .8
946 . 7
221 .2

1643.8
456. 1
958.5
229.2

1648. 1
453.5
961 .9
232.7

1649.7
451 .4
964.2
234.1

1677.4 Current expend., NIPA basis
457.2
Consumption expenditures
989.4
Transfers, etc.
230.8
Net interest

6
7
8
9

10 - 1 9 6 . 1
1 1
25.6
12
63.9
13 - 1 5 7 . 8

-280 .9
27 . 0
65 .9
-242 . 0

- 2 5 4 .8
27.2
68.2
-213.7

-190.0
27.5
70. 7
—14 6.8

-162.6
15.8
73.8
-104.6

-190.6
29.3
72.7
-147.2

-173 .4
.9
73 .5
- 1 2 2 .8

- 1 6 0.6
34.5
74.2
-120.9

-161.5
30.7
73.8
-118.4

-154.9
-24.8
73.8
-56.3

-155.6
77.7
73.2
-160.1

14
15
16

-176.9
76.6
0.1

- 2 7 4 .8
76 . 9

-222.3
70. 7

-180.8
65. 7

-137.6
62.8
-7.6

-160.4
65.6

- 1 8 7 .0
65 .2

-143. 1
66.5
-2.4

-187.8
63.2
-28.0

-32.3
56.3

17
18
19
20
21

-253.6 -351 .
, 7
59.2
-25..4
-2 . 6
-1 . 7
27.4
-16.. 9
0. 1
. 7
10.5
- 1 1 .. 9

-293.0 - 2 4 6 . 5 - 1 9 2 . 7
-5.2
-49.9
-18.5
1 .0
-2.7
6.4
20 . 7
-21.7
-.1
- . 1
0.3
-18.4
-24.2
-21 .3

-226.0
-5.3
-3.8
12.3
-.1
-24.4

- 2 5 2 .2
17,.0
13,.4
.2
1 ,8
.
-13.,2

-207.2
36.6
7.3
92. 7
- .3
-24.3

-223.0
-83.8
5.1
-71.2

-88.6
-43.8

23
24
25
26
27
28

15. •
-4 . 9
-7.4
-4 . 9
36. 1

29
30
31

312.8

32
33
34
35
36
37
38
39

2 78.2
11.9
280 . 1
-13.8

*

25.6
-5.3
14.3

*

-11. 9

"

-23.9

-

Surplus, NIPA basis
- Insurance and pen. reserves
• Consumption of fixed capital
= Gross saving

10
11
12
13

-247.8 Gross investment
63.8
Fixed investment
-.8
Access rights sales

-21.2
-.5
-23.9

-310.8
48.0
1.4
33.4
0.4
-24.6

-14.7
-9.2
-7.5
3.3
6.0

-9.6
-15.0
37.0
4.2
-3.8
358.7

14
15
16

Net financial investment
Net acq. of financial assets
Gold, SDRs, and fgn. exch.
Checkable dep. and curr.
Time and savings deposits
Credit rarket instruments
Agenr/ securities
Mortgages
Other loans and advances
Taxes receivable
Trade receivables
Miscellaneous assets

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

Net increase in liabilities
SDR certificates
Treasury currency

29
30
31

-15.4
-2.9
-2 . 1
-2.6
-3.8

-14.0
-10.2
- .3
-4.2
3.3

-13.4
-7.9
-1.3
-.1
-2.4

-22.8
-1.6
9.9
-7.0
7.8

-8. 4
- 4 .8
34 .6
-3.2
— 16. 2

-17.4
-6.9
-33.0
- .5
-5.3

-13.1
-10.9
0.6

326. 3
- 2 .0
0. 2

287.8

196.6

220.8

269. 1

243.8

0.7

0.7

0. 7

0.7

139.3
8 .6
0.8

44.8

0.4

174.3
2.2
0.6

304 .0
19. 1
284. 6
0 .2

256. 1
14.7
233 . 7
7.8

144 .4
5.1
137.9
1 .5

150. 1
5.2
150.5
-5.7

266 .8
5. 8
262 .3
—1 .
2

202.8
4.8
196.4
1 .6

65.8
3.9
61.5
0.4

42.4
5.9
31.4
5.1

288.7
3.4
287.7
-2.3

15.8
6.8
4.5

29.3
14.0
26. 7

9
7
-24. 0

34 .5
0.5
5.4

30.7
11.1
22.3

-24.8
12.9
14.3

77.7
6.9
-14.5

69.5

-24.0

87.7 Discrepancy

40

76. 1

-67.8

-46.0

51.6 Change in cash balance

41

- 2 .6
-7. 1
15. 4

27 .0
8
"• 1

19.2

32. 8

14.5

-16. 9

00

40
41

27.2
3.4
0.7

19.2

155.9
8.0
147.7
0.2
27.5
8 .8
3.9
34. 1
-26.7

33.0

13.2

64 .2

-5.7

-12.2

14 .7

F.107 Government-Sponsored Enterprises
1

3. •
4 .3

2 .9
5 .4

3
4
5

19.1
- .9
-1.1

55 .2
-1 . 0

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

15. 1
29.3
18.2
11.1
-.7

68 .8
30 .2
17 . 9
12 .3
0 .2

11.7
10.9
1.4
- .5
7.1
-32.2
3.0
2.8
-38.0
6.0

32,. 1
30,.5
1 .6
,
. 1
2.. 7
3., 7
1 ,5
.
1 .4
0 .8
-12. 6

-1.7
26.5
1 .8
1.4
23.3
3.4

22
23
24
25
26

16.9
9. 1
9.2

52. 7
40. 2
40 .3

75.7
80.6
80.6

7.8

12. 5

27

-3.4

-5. 0

3.3
6.8
78.3
0. 9
-16.2
90.2
1 1 .2
-7.1
18.4
- .6
11.1
43.7
42.2
1 . 7

3 .5
8 .5

3 .9
9 .6

3 .4
8 .9

-.1
5.9

-

3«8
8.9

3.8
9.7

3.8
9.8

3.9
9.9

114 .7 ,
0 .2
20 .5

238 .9
-1 .5
66 . 1

51.0
*
26.1

152.7
^^
44.3

111.7
-2.5
16.7

143.5
2.1
-5.1

119 . 1
63 .4
0 .4
63 . 1
0.8
8 .5
4 .8
,
3,.9
0,.9
0.. 1
14. 4
27. 2
3. 6
0. 8
22 .8
- 4 .6

94 . 7
63 .4
6. 1
57 .4
1 .0
5 .5
14 . 7
14 .0
0,.8
. 1
.8
1 1-0
.
1 .. 9
2.. 7
6. 4
-• 7

171 .4
100 . 6
25 . 9
74 .7
1 .3
8.9
-4 . 3
-4..9
0, 5
0., 1
21 .
,6
43. 4
3.
1 .3
38. 8
2. 9

28.2
<-1.7
2*1
19.6
.5
8
*5
2.1
3.0
1-0
~1 ^
12.6
-14.3
3-3
^'0
""-3.6
"3.4

97.5
88.4
1.0
87.3
-.9
8.4
9.1
9.1
0-3
~•2
-15.1
7.6
5.9
"-^
2.2
9.6

61.5
18.7
1.0
17.7
2.0
-14.1
29.7
28.2
0.9
0.6
12.5
12.8
2.1
4.4
6.3
36.0

191.7
125.0
20.1
104.9
5.5
19.1
17.7
15.7
1.0
1.0
-13.4
37.7
-3.7
0.8
40.6
-45.1

^7-7
o-. 9
b_.9

150.3
127.2
127.2

142.5
136.1
136.1

*-3.1

111.4
101.5
101.5
~
9.9

-8.3

-6.4

-7.0

113. 0
106. 9
106. 9

237. 0
249. 0
249. 0

-4.9

6. 1

-12. 0

-6.2

— 6. 7

-7.5

-7. 3

•
-8.3

Credit market instruments
Savings bonds
Other Treas. securities
Budget agency securities
Multifamily mortgages
Insur. and pen. reserves
Trade payables
Miscellaneous liabilities

6.4

3.9 Gross savir
10.4 Fixed nonres. investment

1

45.4 Net acq. of financial assets
-2.1
Checkable dep. and currency
-9.2
Fed. funds and security RPs

3
4
5

42.3
23.4
-32.5
55.9
-1.9
-7.6
13.9
11.4
0.7
1.7
13.5
1.0
2.1
2.4
-3.6
14.3

Credit market instruments
U.S. government securities
Treasury
Agency
Municipal securities
Corporate and fgn. bonds
Mortgages
Home
Multifamily
Farm
Open market paper
Other loans and advances
Sallie Mae
Farm Credit System
FHLB loans to members
Miscellaneous assets

22
23
24
25
26

-8.1 Discrepancy

27

F.108 Federally Related Mortgage Pools (3)
1
2
3
4

136.6
139.3
-2.6
*

115.6
117.8
-2.3
*

83.6
85.0
-1.4
*

116.5
116.5
*
*

98.2
93.7
4.5
x

72.,2
70., 6
1. 6

26.4
27.4
-.9

64. 9
58. 3
6. 6

119. 9
116. 6
3. 3

181 .4
172.6
8.9

5

136.6

115.6

83.6

116.5

98.2

72. 2

26.4

64. 9

119. 9

181 .4

*

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

43.8 Net increase in liabilities
37.4
Credit market instruments
37.4
GSE issues (2)
U.S. government loans
6.4
Miscellaneous liabilities

(1) Federal Home Loan Banks, Federal National Mortgage Assn.,
Federal Home Loan Mortgage Corp., Student Loan Marketing
Assn., Farm Credit System, the Financing Corp., and the
Resolution Funding Corporation.
(2) Such issues are classified as U.S. government securities.




32
33
34
35
36
37
38
39

(GSEs) (1 )

149 .0
.9
35 .4

147. 3
172. 1
176. 9
- 4 .8
-24. 9

*

109 .8 Net acq. of mortgages
106 .2
Home
3,.6
Multifamily
Farm
109,.8 Net increase in pool sees

(3) GNMA, FNMA, FHLMC, and Farmers Home Administration pools. Also
includes federally related pools that are used as collateral for
federally related agency-issued CMOs and privately issued CMOs.
Excludes Federal Financing Bank holdings of pool securities, which
are included with U.S. govt, mortgages and other loans and advances.
(4) Such issues are classified as U.S. government securities.

Rest of the World

Z . 7 , J U N E 13, 1996
Rest of the World
F. 109 Rest of the World

SEASONALLY ADJUSTED ANNUAL RATES
S E A S O N A L L Y A D J U S T E D ANNUAL. R A T E S
1994

1995

1994
IV

1996
I

I
I

1
2
3
4

750.6
622.3
140.5
-12. 1

827.8
669.0
126.8
32.0

887.9
724.9
129.9
33.1

1020.7
818.4
168.1
34.2

1152.3
906.7
215.0
30.6

1101.2
863.3
193.4
44.5

1119.8
885.1
204.1
30.6

1162.5
919.3
215.0
28.2

1165.3
913.3
219.4
32.6

1161 .4
909. 2
3
30. 9

1193.3 F
US imports from abroad
931.7
US factor payments to fgn.
Net transfers to foreign
37.7

2
3
4

5
6
7
8

758.0
601 .8
156.2

777.3
639.4
137.9

799.6
660.0
139.7

881 .2
722.0
159.2

1011 .2
804.5
206.7

939.3
763.6
175.7

975.5
778.6
196.9

1002.5
796.9
205.6

1016.4
812.5
203.9

1050. 3
829. 9
220.4

1056.8 F oreign outlays to U.S.
US exports to foreign
838.2
US factor receipts from fgn.
218.6
Net capital grants from fgn.

5
6
7
8

-7.4

50.4

88.3

139.6

141.1

161.9

144.3

160.0

148.9

111 .1

136.5 (

9
10
11
12
13
14
15

36.4
74.1

87.9
195.5
2.3
1 .5
-1.1
50.3

63.9
286.7
-.5
-.3
6.8
45.6

165.5
284.9
-.4
4.3
1.5
92.7

146.2
410.7
— .8
0.9
-6.5
1 1 .2

1 18.2
286.0
-.5
9.2

77.5
357.7
-3.5
-2.9
-5.4

95.9
468.0
— .6
-2 . 1
-13.3
9 . 1

356.1
493 .8
1 .4
5 .8
-8.9
-34.4

55. 4
323. 3
6
2. 6
1 .5
67. 9

104.5 1
Net financial investment
Net acq. of financial assets
329 . 0
Gold and SDRs (2)
— .8
U.S. checkable deposits
U.S. time deposits
9.3
Net interbank claims
-58.1

19.7
20.6
128.3
108.4
53.0
49.0
4.1
55.4
24.1
31.3
30.5
-16.5
5.9

-13.6
0.5
134.4
87.5
36.7
30.7
6.0
50.7
33.8
16.9
38.7
2.5
5.7

20.8
15.8
271 .7
196.6
72.5
68.8
3.7
124.0
99. 1
25.0
57.1
- .9
19.0

-121.1
-11.9
210.9
156.6
34.8
29.9
4.9
121 .8
103.7
18 . 1
1 .3
18.2

41.7
-15.3
241 .2
186.2
45.0
40.5
4.5
141.1
119.6
21.5
58. 1
-18.4
15.3

24.2
21.4
326.1
247.4
106.0
100.7
5.3
141.4
121.3
20.2
52.4
7.3
19.0

17.3
18.8
358.0
279.7
84 .0
82.0
2.1
195.6
148 .8
46.9
57.3
2.9
18 . 1

1
38. 3
161 .7
72. 9
55.,0
,9
51 .
3.. 1
18..0
6..7
1 1.3
.
60.5
4 .8
23 .5

28.9
14.7
327.6
329.0
225.4
225.3
0. 1
103.6
45 .8
57 .8
70.5
-21 .2
-50 . 7

3.0

7.9

96.6
68.9
54.6
13.2
1 . 1
27.7

95.2
51.5
32.0
1 1 .8
7.6
43.7

132. 1
94.7
45.7
13.8
35.2
37.5

43 .4
83 .8
60 .7
15 .3
7 .8
- 4 0 .4

4.0
60.0
40.0
16.0
4 .0
-56.0

372 . 1

137.7

267 .9

224.6

9.0
-63.8

- 1 .9
- 4 2 .8

-2.1
-32.0

-

"

-1.4
-19.9

16
17
18
19
20
21
23
24
26
27
28
29
30

1.2
10.4
13.3
43.9
16.1
14 .8
1.3
27.8
18.8
8 .'
16 2
-47 . 3
0.6

"

20.9
-5.8
98.2
73.6
22.4
18.5
3.9
51 .2
36.9
14.3
18. 1
4 .9
1.6
3.0

0.8

26.3
17.6
31.6
-13.4
—.6
8.7

96.4

-

-

-

4.9

2.4

5.8

4.6

61 .5
41 . 1
26.7
-9.3
23.7
20.4

63.1
49.5
32.4
7.6
9.5
13.7

91 .8
74.7
48.2
13.5
12.9
17.1

103.0
78 . 3
53.6
13.5
11.2
24.7

32
33
34
35
36

70.1
22.0
45.8
-19.5
-4.3
48. 1

37

37.7

107.5

222.7

119.4

264.5

38
39

-5.9
-26.5

— 1.6
-3.5

0.8
-18.5

-5.8
45.8

8.8
5.8

-8 . 6
97.9

17.8
39.2

10.3
90.6

40
41
42

30.7
14.8
15.0

30.7
22.6
15.7

60.5
68.8
81.3

42.7
-20.3
7.1

47.2
67.7
46.5

33.2
33 . 5
27.7

12.8
61.4
13.5

37.0
40.4
49.9

8.5
0.4
2*1
5.9

167.8

-2.0
2.4

8.1
1.5
0.3
6.3

5.9
-3.0

37.9
I .0

- .5

43
44
45
46

3. 1
-.4
1.0
2."

2.3
1.0
0.7
0.6

0.7
-1.0
1.2
0.5

1.4

47
48
49

6.4
-4.4
-5.4

5.2
-.7
0.2

-9.0
-3.1
-1.1

-27.3
—. 3
-1.3

50
51

-

-

-

-

3.0

1.2

2.6

2.0

9.7

108.4
1 . 1
0.3
72.6
22.3
31.5
18.8
34.3

55.0
1.4
0.2
49.4
11.7
34.7
3.0
4.0

125.2
1 .5

58.9
-3.6
26.8

5 .6
1 .8
.
- 1 .5
47..7
15..8
40 .8
- 9 .0
- 4 2 .4

24.3

-26.0

-5.2

43 .7

52
53
54
55
56
57
58
59

21.6
1 .5
1.0
30.4
17.7
17.0
-4.3
-11.3

5 8 .1
1 .4
0.1
40. 1
14.6
16.3
9.1
16.5

60

-43.7

-37.5

61
62
63
64

-20.5
15.7
-12.1

65

7.4

1.6

13.6

96.9

280.1

6. 1

6. 2
142. 8
1 .2
- 1 .5
90. 5
21 .
.2
54..4
14..8
52 . 6
66 .8

5 .6
-1.7
2.6
4.7

3.6

83.9
94 . 1
52.1
8.2
0.8
4 . 1
3.3

8 .6

55 .3
75 . 1
70 .6

89.0
36.9
45.4

11 .9
1 .0
1 .5
9 .4

8.7
-1.4
4.9
5.2

-11.1
-3.6

30.9
6.6

- 3 .4
- 2 .8

-13.8
3.0

9. 7

10. 4

12.6

8.0

169.7
2.1
0.1
163.5
119.7
71.4
-27.5
3.9

124.8
3.5
0.8
70.0
40.0
34.0
-4.0
50.5

184. 0
1 ,0
.
0 .. 1
69..0
- 6 .5
55 .8
19..7
114 .0

4..2
1 .6
.
1 ., 1
64 ,
.6
32.. 1
54 .0
- 2 1 .5
- 6 3 .2

64 . 1 - 2 0 7 .2

55.7

-29.6
11.1
32.0

-65.0
9.8
33.1

-96.4
-8.9
34.2

-102.3
-8.3
30.6

- 9 9 .7
- 1 7 .7
44 .5

- 1 0 6 .5
- 7 .2
30 .6

- 1 2 2 .4
- 9 .4
28 .2

- 1 0 0 .8
- 1 5 .5
32 .6

-79.3
-.9
30.9

-50.4

-88.3

-139.6

-141.1

-161.9

-144.3

-160.0

-148.9

-111.1

-

(1) Line

3.6

Security RPs
U.S. corporate equities
Credit market instruments
U.S. govt. securities
Official, net
Treasury
Agency
Private• net
Treasury
agency
U.S. corporate bonds (3)
Loans to U.S. corp. bus.
Open market paper

16
17
18
19
20
21
22
23
24
25
26
27
28

Security credit
Trade receivables

29
30

Miscellaneous assets
Fgn. dir. inv. in US (4)
Equity
Reinvested earnings
Intercompany accounts
Other

31
32
33
34
35
36

Net increase in liabilities
U.S. off. fgn. exchange
and net IMF position
U.S. private deposits

43
44
45
46

Commercial paper
Accept, liabs. to banks
U.S. government loans

47
48
49

Security debt
Trade payables

50
51

Miscellaneous liabilities
U.S.equity in IBRD, etc.
U.S. govt. deposits
U.S. dir. i n v . a b r . ( 3 ) ( 4 )
Equity
Reinvested earnings
Intercompany accounts
Other

52
53
54
55
56
57
58
59

CFOF b a s i s ) (6)

Memo:
- 9 3 . 5 Net U.S. exports, NIPA basis
- 5 . 3 + Net U.S. factor income (7)
37.7 - Net transfer pmts.to foreign
+ Net capital grants received
= Net fgn. investment in U.S.,
NIPA
-136.5

excludes net inflows from those bond issues.
. .
r
(4) Direct investment is valued on a current-cost basis.
Excludes
capital gains/losses.
C o m p o n e n t s of direct i n v e s t m e n t — e q u i t y ,
reinvested earnings, and intercompany a c c o u n t s — a r e not available

B I L L I O N S OF D O L L A R S .




38
39

Bank loans n.e.c.
Official
Banks
0< ' «?r

32.0 Discrepancy
32.0

CADRs).

37

Fgn. corporate e q u i t i e s ( 5 ) 40
Credit market instruments
41
Corporate bonds
42

1 minus line 5; also equal to line 65 with sign reversed.

before 1982.
(5) Includes American D e p o s i t a r y R e c e i p t s

10
11
12
13
14
15

60
61
62
63
64
65

Z . 7 , J U N E 13, 1996
Banking S y s t e m

Banking System
F . l i o - F . l l l Monetary A u t h o r i t y and C o m m e r c i a l Banking

S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S

1991

1992

1993

SEASONALLY ADJUSTED ANNUAL RATES

1994

1995

I
|
I

1994 I
IV
II
IV

I

F . 1 1 0 M o n e t a r y Authority
1
2

-.5
0.2

3
4
5
6
7
8
9

22.3
-3.2
0.6
-1.5
-2.5

1995
II

III

1996
I

(1)

1 .0
0 .2

0.1
0.3

- 2 .8
0 .3

-2.8
0.3

-3.1
0.3

- 2 .8
0 .3

- 2 .8
0 .3

- 2 .8
0 .3

-2.8
0.3

- 2 .8
0 .3

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

42. 1
0.4
0.6

28 .2
- 2 .6
0 .9

19.5
-4.4
0.9

50 .0
7 .9
0 .9

41 .6
3 .6
1 .1

9 .2
- 2 .8
.0

- 1 .6 .
0. 1
- 2 .6

-3.6
-1.1
-6.3

3. I
.6
22 . 1

0 .9
0 .5
20 .5

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

18.5
-1.3
1.0

-2.3
-.6
5.1

19.7
3.2
1.0
2.2
0.8
-.1
3.3

0.1
-1.1
-9.7

.3
.4
2 .9

31.1
31 . 1
31.4

27 .9
27 .9
28 .5
.6

36.2
36.2
37.0
- .8

31 .5
31 .5
,
32..5
- 1 .0
,

12.7
12.7
13.7
-1.0

30.0
30.0
30.6
-.7

16 .3
16 .3
17 .2
.9

20 .8
20 .8
22 .0
- 1 .2

-11 .1
-11 .1
- 1 0 .3
.8

24.7
24.7
25.8
-1.0

14 .3
14 .3
14 .7
.4

-2.3

-2..2

2.6

2.,6

— 3.3

4.1

0,.3

-5 . 7

-12,.3

4.7

- 5 .5

17
18
19

22. 1
-9.2
1 .0

16., 7
2., 7
- 1 .7

41 .8
2.9
0.8

28. 0
-4 .
5. 5

19.5
-1.2
. 2.4

23.1
-9.6
19.7

47..2
.
1 .9
4. 5

-30.,6
-14. 9
- 1 .4

20.8
11.2
22.8

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

20
21
23
24
25
26

29.2
8.8
0.6
19. P
1 . 1
0.2
0.9

17. 6
-10. 3
7
7
- 1 .8
0.4
-2.2

37.1
7.2
0.1
29.8
1 .0
0.3
0.6

25. 3
-7. 7
1
33. 1
1 .3
0 .3
1 .1

17.0
-1.2
0.2
18.0
1.2
0.3
1.0

20.3
2.9
-.3
17.7
-7.3
0.3
-7.6

52. 2
8. 3
0. 6
43. 3
7. 3
0. 4
6. 9

53. 9
32. 9
7
21 .8
-13. 1
0. 1
-13.2

-29. 7
-35.5
0. 2
5. 6
15. 4
0. 4
15. 0

-8.6
-10.6
0.9
1 . 1
-4.6
0.2
-4.8

42. 7
24. 0
6
19. 3
9
0. 3
-1 .2

27

-1.0

0.4

- .5

-3. 3

-3.4

0.2

-12. 7

2. 5

-2. 6

-.7

00

10
1 1
12
13
14
15
16

40. 4
- 3 ..0
' - 1 6 ., 2

1

"ixed n o n r e s . i n v e s t m e n t

2

Jet acq. of f i n a n c i a l assets
Gold and f o r e i g n exchange
Treasury currency
SDR c e r t i f i c a t e s
F e d e r a l R e s e r v e float
F . R . loans to domestic banks
Security RPs

3
4
5
6
7
8
9

Credit market instruments
10
U.S. g o v e r n m e n t s e c u r i t i e s
Treasury
12
Agency
13
Acceptances
14
Bank loans n.e.c.
M i s c e l l a n e o u s assets
16

11

15

17
18
19

D e p o s i t o r y inst. reserves
Vault cash of comm. banks

C h e c k a b l e dep. and currency
20
Due to U.S. government
21
Due to rest of the world
C u r r e n ' y outside banks
23
Miscellaneous liabilities
24
F e d e r a l R e s e r v e Bank stock 25
Other
26

-4.9 Discrepancy

(1) Assets and liabilities of Federal R e s e r v e Banks and T r e a s u r y
monetary accounts that supply or absorb bank r e s e r v e s .
Excludes
the accounts of the Federal Reserve B o a r d .
F.lll Commercial Banking
1

39.6
32.9

- 53.3
34.2

51 .4
33.3

53.2
30.0

56.2
34.6

54.2
29.5

56.6
30.5

55.8
35.5

57.9
36.0

54.5
36.5

3
4

103.4
- .8

181 .8
- .5

237.7
- .3

232.3
0.4

338.9
0.2

281 .6
1.5

410.9
- .4

471.0
0.4

242.5
-.6

231.2
1.2

173.5
-.8

C h e c k a b l e dep. and currency

5
6
7
8
9
10

105 . 1
111.3
60.4
50.9
-14.2
7.6

115.2
104.7
61 .9
42.8
-5.7
-1.6

162.6
72.5
27.8
44.7
1 . 7
3.5

156.8 ' 273.8
-26.5
26.9
-32.1
-1 1 .8
5.5
38.7
-1.6
-4.2
4.6
8.4

204 .0
-74.4
-73. 1
' -1.3
-4.3
7.8

330.7
48.6
28. 1
20.5
-8.9
-6.1

350.9
43.6
-10.9
54.6
-3.9
6.4

252.6
18.5
-40.1
58.6
-4.3
24.1

161.2
— 3.1
-24.2
21 . 1
0.2
9.1

146.0
-6.7
-21 .8
15.1
-1.6
-4.0

Total bank credit
5
U.S. g o v e r n m e n t s e c u r i t i e s
6
Treasury
7
Agency
q
Municipal securities
.
9
C o r p o r a t e and fgn. bonds
10

1 1
12
13
14
15
16

-3. '
31.9
-14.5
-29. 1
-2.0
10.6

275.3
95.5
78.6
78. 1
2.5
20.5

297.3
109.3
39.1
157.6
-5.0
-3.8

302.4
92 , 1
49.7
123 . 7
4.6
32.3

207.6
73.0
49.7
92. 1
-1.0
-6.2

154.2
33.5
39.4
84.5
0.9
-4.2

157.1
56.5
11.6
69.0
1 .7
18.4

17
18

1 .8
1 .7

18.5
19.2
-6 . 9
-9 . 3
-1.4
16.9

83.6
47.2
34.2
-8.5
-1.9
12.7

183.7
65.4
63.2
62.2
-1.5
-5.7

- .4
- .4

0.5
0.9

-1.9
-1 .4

0.3
2.1
- .6
2.4
-1.1
64.1

19
20
21
22

-10.2
1.0
-8.8
17.0

— 3.6
-1.7
2.5
70.0

— 6.4
0.8
2.5
78.4

-2.4
5.5
-3.5
75.5

23
24
25
26
27

113.3
37.6
5.5
-2.0
34. 1

185.0
92.8
-5.9
2.3
96.4

241.7
74.1
12.1
- .4
62.4

255.4
-31.7
-18.9
4.4
-17.2

28
29
30

78.9
- 2 4 .0
-19.3

2.7
-66.8
18.2

-11.9
-21.0
41.5

31
32
33
34

4.8
-1.5
26.2
-19.9

48.4
3.0
-4.9
50.3

35
36
37
38
39

0.9
-13.2
4.2
-20. 1
2.7

40
41

240.4
77.0
44.5
114.5
-. 1
4.6

-.1
-.4

0.5
- .6

-9.4
19.7
-9.2
75.0

1.3
1 . 1

8.5
-16.2
-1.9
90.3

—. 6
4.5
1.5
114.3

370.9
-7.3
4 . 7
-3.4
-8.5

0.5
6.1

-1.0
1 .8
-6.9
22.8
10.8
42.2

4.3
-14.7
-19.8
58.4

371.6
59.4
43.5
-1.4
17.2

233.3
-139.9
-32.3
5.6
-113.2

237.1
-94.9
-34.9
1.7
-61.7

124.6
-17.9
27.1
0.4
-45.5

19.5
81.7
68.7

151.1
35.4
69.3

136.2
91.0
36.8

148.3
11.2
-52.8

197.0
55.6
-3.1

258.5
- 7 4 .4
-15.0
9.5
-69.0

-1.1
21 . 3
78.2

113.8
54.8
30.5

7.6
40.3
108.3

46.9
-2.9
4.2
45.6

88.4
-1 .5
-2.7
92.7

8.8
0.7
-3.1
11.2

89.9
-4.7
-1.7
96.4

5.5
2.5
0.8
2.2

18.8
1.5
8.2
9.1

-26.9
-.1
7.6
-34.4

37.8
-1.0
-29.1
67.9

4.3
10.0
14.5
-7.7
3.2

1.9
13.4
7.2
-2.5
8.6

1 .8
20.1
7.7
3.1
9.3

2.5
18.5
-2.2
6.2

2.2
20. 1
25.8
-12.7
7.0

0.6
22.6
19.0
6.2
-2.6

4.9
39.1
27.2
-1.9
13.7

1.6
37.0
21.1
11.6
4.2

47.6

0.2
75.1

0.5
96.4

0.7
77.7

0.9
115.2

0.8
63.6

0.8
178.8

0.9
-7.3

1.0
96.5

42

16.5

22.2

22.1

46.3

-14. 1

1.6

-13.9

-79.0

12.7

24.0

43

80.8

95.3

142.2

163.4

266.3

174.5

343.1

315.6

248.9

157.7

*

0.6
0.7

-3.1
-1.4
-14.7
9.7

303.2
-45.7
-4.7
0.6
-41.6

'

54. 1
39.3

s. investment

Total
ans
Mortgages
C o n s u m e r credit
Bank loans n.e.c.
Open m a r k e t paper
S e c u r i t y credit

11
12
13
14
15
16

Mutual fund shares
C o r p o r a t e equities

17
18

C u s t . liab. on a c c e p t a n c e s
Vault cash
R e s e r v e s at F e d e r a l R e s e r v e
Miscellaneous assets
Jet increase in l i a b i l i t i e s
Checkable deposits
U.S. g o v e r n m e n t
Rest of the world
P r i v a t e domestic

B I L L I O N S OF D O L L A R S .

23
24
25
26
27

Small time and savings dep.
L a r g e time deposits
Fed. funds and security RPs

28
29
30

-46.4
-.7
12.4
-58.1

Net interbank claims
To m o n e t a r y authority
To domestic banks (3)
To foreign banks

31
32
33
34

2.8
-8.8
6.7
-24.8
9.3

3.2
-30.6
-19.8
6.2
-16.9

C o r p o r a t e equity issues
Credit market i n s t r u m e n t s
C o r p o r a t e bonds
Open market paper
Other loans and advances

35
36
37
38
39

1.0
192.6

1.1
-34.2

Taxes payable
Miscellaneous liabilities

40
41

- 3 4 . 0 I iscrepancy

42

130.7 t
M e m o : C r e d . m k t . funds a d v . ( 4 ) 43

(2) U.S.-chartered commercial banks, foreign banking o f f i c e s in U . S . ,
bank holding companies, and banks in U . S . - a f f i l i a t e d a r e a s .
IBFs
are excluded from domestic banking and treated the same as
branches in foreign countries.
(3) F l o a t s and discrepancies in interbank d e p o s i t s and loans.
(4) Total bank credit (line 5 ) less security credit (line 1 6 )
less mutual fund shares (line 17) less c o r p o r a t e e q u i t i e s (line 18),
plus customers' liability on acceptances (line 19).




19
20
21
22

Z.7f J U N E 13»
Pension Funds

1996

Pension Funds
F.123-F.124 Pension Funds

SEASONALLY ADJUSTED ANNUAL RATES

1991

1992

1993

1994

SEASONALLY ADJUSTED ANNUAL RATES

1995

|
I

1994 I
IV
I

1995
I

F . 1 2 3 Private Pension F u n d s

2

2
5

I'.l

?\l

6,.B

,6.4

76.7

80.9

I li ii ft

;

ii

-1

"I

siz

ait

ail

9,-7

»./

m . O

Ill
»:)

1 1 1 :g 1 1
1 1 1 1 1 1
22

72.5

81.8

82.7

87.2

II

HI

I
IV ^ I

1996
I

(1)

ail
,2,.S

8.3
.9.0

a'.l
8:.:

a!o

Fixed n o n r e l . investment

80.0 N e t ^ c ^ o ,

1

Hnanci a ^ a s s e t ^

2
3

i* lii S i s "SiS "":i EBE ;:::;::::: \
!l 1

U:!

S:S

Mi

:

I ii 1 1 1 1 ' 1 1 : : : : I
1 1 1 1 1 I I - S B O

98.3

102.6

119.4

128.1

55.7

90.0

86.4 Pension

fund reserves

(liab.)

22

(1) Includes the Federal E m p l o y e e s ' R e t i r e m e n t S y s t e m Thrif* S a v i n g s P l a n .
(2) Assets of private p e n s i o n plans held at life insurance c o m p a n i e s
(e.g., GICs» variable a n n u i t i e s ) ; series b e g i n s 1985:04.

F . 1 2 4 State and Local Government Employee R e t i r e m e n t F u n d s

52..7
0..8
.8

J

53.,8

5

,3
29..4

16..7

. 1
18..8
13.
5,
. 1
17 .2

23
0
4
-3
0
19

10

14
15

-21

.2

53 .8

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

5 2 .7

B I L L I O N S OF D O L L A R S .




50.. 6
0.,7
2..6
0..2
4 8 .0

61 .8
6
- Z . .0
7..5
18..0

,0
61 .
-2.
-1..2
-1 5
38..3

71.7
-3.4
1 .8
11.6
-12.0

59. 4
0. 3
-2..7
2..9
56..5

59. 3
- 4 ..0
8
9..0
32.,3

64.,6
1 .7
.
- 4 ..9
- 1 3 .3
52,.8

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

29,.0
15,.9
8..3
7,.6
.3
5 .3
0 .7
7 .5
10 .9

21 .4
2 4 .6
8 .0
1 6 , .6
0 .1
-2,.6
0 , .7
-1 .5
6 .1

36.6
14.5
-3.0
17.5
12.2
0.7
9.1
37. 1

62,.4
36..2
17..3
18..8
. 1
20 .4
0 .8
5
- 5 9 .9

3..2
.3
- 1 1 .0
10..8
. 1
- 6 .7
0 ,.6
9 .7
19 .6

6 .8
2 4 .5
23 .5
1 .0
0. 1
- 4 .8
.8
- 1 3 .7
21 .5

5 0 .6

61 .8

61 .0

71 .7

59 .4

59 .3

64 .6

19
11
15
-4
0
9
-1
0
-20

60. 9
-6.,4
3..7
-4. 5
11 .6

60.0 Net acq. of financial assets
C h e c k a b l e dep. and currency
2*1
Time and s a v i n g s d e p o s i t s
Security R P s
11-5
C o r p o r a t e equities
14.6
87.3
2 7.1

13,.2
37.
2
35
0
-19 A
.8
- 7 .0
43 .3

16.3
-50.4

60 .9

60.0

43.1

1
2
3
4
5

Credit market instruments
6
U.S. government securities
7
Treasury
8
Agency
9
M u n i c i p a l securities
10
C o r p o r a t e and fgn. bonds
11
Mortgages
12
O p e n market paper
13
M i s c e l l a n e o u s assets
14
et incr. in liab. (MM a s s e t )

15

2 . 7 , J U N E 13, 1996
Private Securities

Private Securities
F.212-F.215 P r i v a t e S e c u r i t i e s

SEASONALLY ADJUSTED ANNUAL RATES

1991

1992

1993

SEASONALLY ADJUSTED ANNUAL RATES

1994

1995

I
I

1994 I
IV
I

1995
I

II

III

IV

I
I

1996
I

F . 2 1 2 M u n i c i p a l Securities and L o a n s
1
2
3
4
5

87 .8
81 .3
6 .9
74 .4
7 .7

6

- 1 .2

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

8 7 .8
38 .9
20 .1
1 .4
.7
- 1 4 .2
.6
-2 . 1
- 1 0 .7
0,. 1
. 1
27,.2
11..3
6..6
1 .6
.
9..2

30.5
21.3
-1.1
22.3
9.3

74 .8
62 .9
1 .8
61 .1
11 .9

-29.3
-42.3
-2.2
-40.2
14.5

-41.3
-44.2
1.2
-45.4
5.9

-53.8
-67.2
-.9
-66.3
15.0

-45.8
-43.7
19.8
-63.5
5.3

-4.3
-9.6
-5.9
-3.7
8.1

-107.4
-109.0
-20.2
-88.8
3.7

- 7 .6
- 1 4 .3
11 .2
- 2 5 .5
6 .4

.1

-1.5

-2.9

-1.5

-7.4

-2.7

-2.0

0 .4

30.5
-27.9
1.0
-.6
0.2
-5.7
-.4
1.1
6.3

74 .8
- 2 4 .0
8 .9
.5
.6
1 .7
0
3 .2
10 .4

-29.3
-50.4
4.7
-2.8
0.8
-1.6
-.1
-1.9
7.4

-41.3
-45.1
-4.5
-6.8
1.0
-4.2

-53.8
-59.9
30.5
-4.6
1.3
-4.3
-.6
1.0
12.9

-45.8
6.4
-21.2
-5.3
-2.5
-8.9

-4.3
-31.2
4.4
-6.3
-.9
-3.9

0.2
28.7
14.3
5.4
1.9
6.1

0,.2
42 .9
4 .2
9..6
5 .8
12,.9

-.3
-4.3
7.7
7.8
-1.7
5.3

-4.4
7.0
0.1

-38.9
0.7
-4.9
12.2
0.9

-3.6
6.5
4.8
-18.5
-6.0

5.7
8.0
0.1
-.1
-2.6
6.2
25.1
3.5
-12.3

-107.4
-111.3
4.6
-7.2
2.0
-4.3
0.1
-1.8
10.0

- 7 .6
-44,.4
- 6 .0
- 8 .1
5 .5
0,.2
.2
0,.2
11,.0
0..1
0..7
16.,2
3. 8
11. 5
13. 7
-11.8

"

-

-.1
9.0
0.1
0.1
3.2
5.6
14.3
-2.7
-11.1

0.1
2.8
5.8
15.8
-9.6
-14.2

- 6 . 4 Net change in liabilities
-1.9
State and local governments
10.0
Short-term (1)
-12.0
Long-term
3.3
N o n p r o f i t organizations (2)
N o n f i n . corporate business
-7.7
(industrial revenue b o n d s )
-6.4
-9.8
-11.6
-9.1
-1.9
— 1.6
1.6
12.0
0.1
5.0
34.8
-15.5
-10.3

let change in assets
Household sector
N o n f i n . corporate business
S t a t e and local governments
G o v t . - s p o n s . enterprises
C o m m e r c i a l banking
S a v i n g s institutions
Life insurance companies
Other insurance companies
P r i v a t e pension funds
S t . S l o e , govt.rtr.funds
Mutual funds
Closed-end funds
M o n e y market mutual funds
B r o k e r s and dealers
Bank personal trusts

(1) Debt with original maturity of 13 m o n t h s or less.
(2) Liability of the households and nonprofit o r g a n i z a t i o n s Factor
and L . 1 0 0 » .

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

CF.100

F.213 Corporate and Foreign Bonds
1
2
3
4
5
6
7
8
9
10
11

163.6
78.8
15.0
69.9
4.2
6.9
-4.1
12.2
0.1
3.7
46.7

166 .0
67 .6
15 .7
8 2 .7
14 .5
11 . 7
- 3 .2
6. 1
1 .0
2 .7
49 .9

276.6
75.2
81.3
120. 1
7.2
13.6
-1.5
9.7
0.3
12.0
78.7

147 .9
23 .3
7 .1
117 .5
7 .7
20 .0
.8
29,.0
2,.0
0,.5
59,.0

305 .3
73 .3
46 .5
185 .5
18 .5
24 .4

12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

163.6
33.3

166 .0
- 6 .6

276.6
42.7
11.1
30.5
3.5
4.0
9.1
58.3
3.3
22.7
9.8
50.6
4.4
5.4
22.2
-1.1

147,.9
2,.0
8..5
38..7
4..6
10..0
-2. 4
59..9
7..2
22. 3
5.,3
3. 2
-5. 6
3. 4
-8. 7
4

305 .3
82 . 1
5 .5
57
8,.4
9,.8
-8,.2
77,.0
6,.0
33..6
-2..6
23..3
-1 .
.7
6. 4
12..0
-3..1

16.2
7.6

18 . 1
- 1 .6

-2.9
25.4
7. <
15.5
17.2
28.4
-1.6
1 .8
12.0
3.4

7..3
55,.0
-1 .
.2
23..7
19,.5
31 ,
.0
2.,2
2..5
10.,0
6..2

49
2
-5
95

.7
.1
.0
.7

118 .8
6 .2
27 .7
8 4 .9
25 .8
- 1 3 .8
.5
27,.0
0 .6
19..3
26..4

234 .0
53 .0
13 .5
167 .5
19..0
52,.6
.1
77,.6
2,. 1
-29,.5
45..9

330 .6
98 .4
49 .9
182 .3
27 .2
22
0 .2
39 .8
2 .1
. 1
91,.0

320 .0
59 .8
52 .1
2 0 8 .1
21 . 1
16 .7

118..8
1..9
8..9
34, 8
7,.8
6..0
-23, 7
62.,0
7..2
31. 1
12. 2
-17. 1
-5. 0
2. 4
-8. 5
-1. 1

234,.0
70,.7
8,.5
58.
-6.
-7. 5
83. 8
6. 6
30. 8
20. 4
0. 8
-3. 1
1
-26. 7
-2. 3

31 .0
2
2
135 .0

336 .7
8 2 .0
70 .6
184 .0
6 .7
6 .3
.3
5 0 .5
2 .3
7 .7
110 .7

.5
.9
.4
.2
.8
.4
.8
26 .7
2 .3
-31,.8
96,.3

330 .6
35,.2
8,.4
52,.4
6..4
8..0
6,.7
116..2
6..4
33..3
-6..7
29. 9
-3. 4
6. 4
34..7
-3.,3

320 .0
145 .7
-14 . 1
5 7 .3
24 .1
16 .0
- 6 .8
36,.1
5 .4
27,.4
-4,.8
27,.6
.1
8,.3
1 .7
,
-3,.6

336 .7
76 .9
19,.1
60..5
9,.1
15,.0
- 2 5 ,.2
71..9
5..4
42..8
-19..1
34..7
.4
10!.8
38..3
-3..3

240,.5
- 4 2 ,.6
-7,.6
70..5
- 4 ,0
24,
- 1 1 ..8
78..7
4. 4
41 .4
43.
39.

240
58
45
136
-19
63

12. 4
-4. 2
- 3 ..0

N o n f i n . corporate business
Rest of the world (3)
F i n a n c i a l sectors
C o m m e r c i a l banking
Funding corporations
S a v i n g s institutions
F i n a n c e companies
REITs
B r o k e r s and dealers
A B S issuers
let p u r c h a s e s
Household sector
G o v t . - s p o n s . enterprises
Rest of the world (4)
C o m m e r c i a l banking
Funding corporations
S a v i n g s institutions
Life insurance companies
Other in: »*ance companies
P r i v a t e r .ision funds
S t . S l o e . govt. rtr. funds
Mutual funds
Closed-end funds
Money market mutual funds
Brokers and dealers
Bank personal trusts

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

F . 2 1 4 Mutual Fund Shares
1

147 .2

209 . 1

323..7

128 .9

173. 9

-12..6

78 .5

173 .3

195..3

2 4 8 .6

290,.9 Net issues

1

2
3
4
5
6
7
8
9

147 .2
113 .6
2 .4
1 .8
1 .2
8 .5
6..2
13,.5

209 . 1
148 .3
5 .0
.4
1 .5
18..7
10..2
25..8

323,.7
237,.7
6..8
0,.5
0.. 1
10..9
22..7
44 .,9

128 .9
104
2
- 1 .9
- 4 .2
- 1 6 .5
22..9
22,.3

173. 9
146. 5
4. 2
0. 3

-12,.6
-26,.0
2..1
, 1
,3
-14..3
11. 0
15. 1

78 .5
60 .2
3 .0
0 .5

173 .3
159 .2
3 .0
.3

195. 3
168..1
3..0
0. 5

2 4 8 .6
198 .5
7 .9
-1,.0

6 .3
21 .7
-13 . 1

4,.0
29,.8
-24,.0

4. 0
30. 1
-10. 4

10,.0
30,.8
2..4

290,.9 Net purchases
208..5
Household sector
5..0
Nonfin. corp. business
0..6
C o m m e r c i a l banking
Credit unions
8. 4
Life insurance companies
63..3
P r i v a t e pension funds
5. 2
Bank personal trusts

2
3
4
5
6
7
8
9

- 3 8 .5
- 6 0 .0
12 .8
8 .7
0 .6
7,.2
1,.4
4,.8
-5,.3

- 1 6 .6
-71 .3
37,.0
17,.7
4 .9
7,.2
4..0
11 .2
,
-9,.6

0 .7
- 9 2 .8
8 3 .9
9 .7
1 .6
7 .2
8 .0
6 .4
-13.5

-4.3
-72.8
55.3
13.3
2.8
7.2
0.6
6.8
-4.1

- 3 8 .5
-160,.8
-15,.3
.6
0,.4
5..7
2,.1
19,.5
56..5
75,.1
-2.
1..2
-20..1

-16..6
-205..9
,4
21 .
1 .1
.
1
1 .9
.
0.,2
2..0
15..0
32. 3
118..2
-2..4
0..9
-1..2

0..7
-170..7
18..8
6..1
0..4
23,.6
2,.0
- 1 9 ,.6
52,.8
113,.2
.4
4,.7
- 3 0 ,.2

-4.3
-105.3
38.3
1.8

6. 1
28. 1
-11. 3

F.215 Corporate Equities (5)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

62 .2
18 .3
30,.7
13 .3
,
0,.9
1 .9
,
14,.6
1 .6
,
-5,.7
62..2
-35.. 1
10..4
1..7
-1 . 1
9..5
-1 .
.2
4..7
29..4
48 .5
1 .8
.
2,.4
-8..6

85
27
30
28
4
5
18
2
-1

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

8 5 .8
18 .2
- 5 .8
.4
0 .3
,
2 .7
.4
32 .3
16,.7
59,.8
.6
-37,.0

118 .4
21 .3
60.5
36 .6
1 .9
7 .4
13 .0
12 .9
1 .3
118 .4
- 6 4 .6
20 .6
0 .9
1 .7
,
31 .8
,
0,.8
9,.2
48..0
115,.3
2,.0
8,.1
-55,.2

21 .9
- 4 4 .9
42 .7
24 . 1
1 .8
6 .5
0 .9
10 .3
4 .7
21 .9
- 1 3 7 .8
0 .5
- 1 .4
- 1 .8
.
63 .3
1..1
-14..7
18..0
100,.8
6,.4
-3,.4
-9,.3

- 1 4 .7
.
-74,.2
47,.2
12..3
2,.5
7,.2
3,.5
7,.3
-8,.1

— 68 .5
- 1 1 8 .0
33 .2
16 .3
2 .2
6 .5
- 2 .8
1 .2
,
9. 1

-14..7
-160..7
15,.8
2,. 1
0..7
12..2
2..0
. 1
38..3
87..4
-2.,3
7..7
-17..7

- 6 8 .5
- 1 6 3 .3
- 1 1 .9
.4
-1..9
58..3
1,.1
-1..7
-12..0
5 8 .3
7 .3
1..0
-3,.4

19.2
2.0
-15.5
11.6
43.2
-4.4
24.2
-19.4

- 1 7 .6 Net issues
- 1 1 8 .0
N o n f i n . corporate business
8 9 .0
Rest of the world (3)
11 .5
F i n a n c i a l sectors
3 .2
C o m m e r c i a l banking
7 .2
Other insurance companies
0 .8
C l o s e d - e n d funds
6 .2
REITs
- 5 .9
B r o k e r s and dealers
- 1 7 .6 Net p u r c h a s e s
-178,.8
H o u s e h o l d sector
14,.7
R e s t of the world (4)
0,.7
C o m m e r c i a l banking
2,.8
S a v i n g s institutions
19..6
L i f e insurance companies
2..0
O t h e r insurance companies
-56..3
P r i v a t e pension funds
14..6
S t . S l o e . govt. rtr. funds
229..1
Mutual funds
2..0
C l o s e d - e n d funds
-33..7
B r o k e r s and dealers
-34.,4
Bank personal trusts

(3) Net purchases of foreign issues by U.S. residents.
(4) Net p u r c h a s e s of U.S. issues by foreign residents.
(5) E x c l u d e s mutual fund shares shown above.
B I L L I O N S OF D O L L A R S .




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

Z.7» J U N E 13, 1996
Credit Market Debt

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

PERIOD-END LEVELS

1988

1989

PERIOD-END LEVELS

1990

1991

1992

1993

1994

I
I

1995
I

II

III

IV

I
I

1996
I

L . 2 Credit Market Debt Owed by Nonfinancial S e c t o r s

1

9439 .1 10175 .1 10873 .6 11348 .4 11894 .5 12537 .8 13163 .0 13339 .3 13548 .4 13707 .8 13895 .9 14072 .1 Domestic

2
3
4

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

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

2498 .1
2465 .8
32 .4

2776 .4
2757 .8
18 .6

3080 .3
3061 .6
18 .8

3336 .5
3309 .9
26 .6

3492 .3
3465 .6
26 .7

3557 .9
3531 .5
26 .4

3583 .5
3556 .7
26 .8

5
6
7

7334 .2
1082 .3
8 8 7 .2

7923 .8
1135 .2
961 .1

8 3 7 5 .4
1184 .4
1008 .2

8 5 7 2 .0
1272 .2
1086 .9

8 8 1 4 .2
1302 .8
1154 .5

9201 .3
1377 .5
1229 .7

9670 .7
1348 .2
1253 .0

9781 .4
1335 .4
1266 .3

9964 .9 10104 .4 10259 .2 10354 .9
1309 .9
1331 .7
1307 .0
1304 .1
1305 .8
1290 .9
1326 .3
1341 .0

3239
2187
272
696
83

.4
.2
.6
.6
.0

3538 .3
2420,.7
285 .2
752,.0
80,.5

3799
2676
288
755
78

3957
2849
282
745
79

.8
.8
.8
.9
.3

4088 .7
3037 .4
272 .5
698 .1
80,.7

4260
3227
267
683
81

4454
3430
269
672
83

4495
3465
269
677
83

4563
3524
273
681
83

13
14
15
16

742
690,.2
85 .7
607 .4

795,.0
726. 5
107.
660. 5

811 .1
726,.9
116,.9
728 .6

797 .4
686..0
98,.5
673,

.2

802,.4
' 672.
.2
107..1
686..5

8 6 3 .9
676 .0
117,.8
676 .3

988 .8
749..0
139..2
738,.0

989..3
782..8
149,.8
762..0

17
18
19
20
21
22
23

7334..2
3068..0
3370..8
133,.7
1080,.1
2156,
895 5

7923. 8
3346. 5
3630. 8
134..4
1149..4
2347.,0
946. 5

8375,.4
3639,.8
3742,.5
135..4
1150 .5
2456..6
993..2

8572..0
3823..1
3674..2
135..0
1137,.3
2401..9
1074. 8

8814.,2
4021..4
3696..8
136..3
1122. 9
2437. 6
1095. 9

9201..3
4272..9
3770..3
138. 3
1129. 9
2502. 0
1158. 2

9670..7
4634..7
3921..1
141..2
1142..0
2638..0
1114. 8

9781. 4
4676.,5
4002..7
138. 9
1154. 5
2709. 2
1102. 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..0
115. 4
18. 5
75. 3
75. 7

299. 7
130..5
21. 6
81. 8
65. 9

313. 1
146. 2
23. 9
77. 7
65. 3

381. 9
227. 4
24. 6
68. 7
61. 1

361. 6
234. 6
26. 1
41. 4
59. 6

376. 8
237. 9
28. 2
50. 9
59. 8

8
9
10
11
12

29

.4
.2
.4
.9
.9

.0
.6
.8
.4
.2

.4
.0
.1
.3
.0

.8
.1
.8
.6
.4

.2
.4
.3
.6
.9

1029,.7
810,.6
162..9
775..8

3603 .4
3576 .5
26 .9

4641
3594
276
686
84

.2
.0
.8
.1
.4

1077,.5
825..6
163..3
781..2

3636 .7
3608 .5
28 .2

4691
3634
280
692
84

.8
.7
.2
.4
.6

1131 .7
852..0
157 .4
792,.9

3717 .2
3689 .6
27 .6

4748
3682
284
696
85

.6
.6
.7
.2

1123 .3
861..9
173 .2
802..7

9964..9 10104. 4 10259..2 10354.,9
4784..1 4908..0 5018..3 5063..2
4084..0 4122..3 4171. 8
4224. 8
140. 9
142. 8
144. 9
143. 2
1163. 3
1170. 4
1185. 0
1178..0
2807. 0 2850. 7 2898. 9
2777. 8
1069. 1
1066. 9
1096. 8
1074. 1
387. 6
250. 4
29. 6
48. 1
59. 5

409. 9
263. 4
31. 6
55.8
59. 0

429. 4
281. 1
34. 6
55. 0
58. 7

438. 5
292. 4
36. 8
51. 5
57.8

1

U.S. government
Treasury securities
Budget agency s e c u r . & m t g s .

2
3
4

P r i v a t e . by transaction
Municipal securities
C o r p o r a t e bonds

5
6
7

Mortgages
Home
Multifamily
Commercial
Farm

8
9
10
11
12

Consumer credit
Bank loans n . e . c .
C o m m e r c i a l paper
Other loans and advances

13
14
15
16

Private» by sector
Household sector
N o n f i n a n c i a l business
Farm
N o n f a - m noncorporate
Corp <rate
State and local govts.
Foreign credit market debt
held in U.S.
Bank loans n . e . c .
C o m m e r c i a l paper
Other loans and advances

9690. 5 10436. 3 11158. 5 11648. 1 12207. 6 12919. 7 13524. 6 13716. 1 13935. 9 14117. 7 14325. 3 14510. 7 Domestic and

foreign

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

L.3 Credit Market Debt Owed by Financial Sectors
1

2145 .8

2399 • 3

2613 .9

2
3
4
5

1098
348
745
5

.4
.1
.3
.0

1247
373
869
5

.8
.3
.5
.0

1418
393
1019
4

6
7
8
9
10
11

1047 .4
456 .1
3 .4
51 .4
377
158

1151
525
3
64
409
148

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

2769 .4

3025 .0

3321 .5

3794 .6

3861 .4

3971 .8

4 0 9 3 .9

4242 .1

4317 .1 By transaction

1

1564
402
1156
4

.2
.9
.5
.8

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

1884
523 .7
1355 .6
4 .8

2172 .7
700 .6
1472

2196 .2
716 .3
1479 .9

2247 .1
748 .1
1499 .0

2 3 0 0 .1
773 .5
1526 .6

2377 .8
8 0 7 .5
1570 .3

2416 .6
8 1 6 .9
1599 .7

U.S. g o v e r n m e n t - r e l a t e d
G S E securities
M o r t g a g e pool securities
L o a n s from U.S. government

2
3
4
5

1195 .5
579 .5
4 .3
69 .6
417 .7
124,.4

1205 .3
649 .3
4 .8
78 .4
385 .7
87,.1

1305,.1
738 .4
5 .4
80,.5
394..3
86..6

1437
858
8
67
393
108

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

1621 .9
973 .5
18,.7
55 .3
442 .8
131,.6

1665
1012
20
53
454
125

1724
1056
21
58
462
125

1793
1110
22
60
473
127

1864
1158
24
58
488
135

1900
1189
25
59
492
133

Private financial sectors
C o r p o r a t e bonds
Mortgages
Bank loans n . e . c .
Open * — k e t paper
Other
jans and advances

.4
.7
.9
.9

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

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

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

.3
.9
.0
.3
.1
.0

.6
.6
.4
.1
.8
.6

6
7
8
9
10
11

12

2145 .8

2 3 9 9 .3

2613,.9

2769 .4

3025..0

3321 .5

3794,.6

3861 .4

3971 .8

4 0 9 3 .9

4242 .1

4317 .1 By sector

12

13
14

353 .1
745 .3

378,.3
869,.5

398,.5
1019,.9

407..7
1156. 5

447..9
1272..0

528 .5
1355 .6

700..6
1472..1

716..3
1479..9

748,.1
1499 .0

773 .5
1526 .6

807. 5
1570,.3

8 1 6 .9
1599 .7

Govt.-sponsored enterprises
F e d . related mortgage pools

13
14

15
16
17
18
19
20
21
22
23
24
25
26

1047,.4
8 3 .1
136,.2
117..8
186,.0

1151..4
82.
142..5
130..3
171..0

1195. 5
83..0
114. 8
145. 7
140. 1

1205..3
72..3
112..3
139. 1
95. 4

1305. 1
80. 0
114. 6
161. 6
88. 4

323..0
14. 5
10. 3
7. 5
169.,0

350. 4
24. 6
11. 6
13. 8
225. 1

374. 2
24. 6
12. 4
15. 3
285. 4

391. 9
22. 2
13. 6
19. 0
339. 5

390. 4
30. 2
13. 9
21. 7
404. 3

1437..4
84..6
123..4
169..9
99..6
0..2
0. 2
390. 5
30. 2
17. 4
33. 7
487. 6

1621..9
94. 5
133. 6
199. 3
112. 4
0. 5
0. 6
440. 7
18. 7
31.
34. 3
556. 1

1665..2
95..0
137..7
221.,0
107..7
0..4
0. 6
456. 7
16. 9
32. 4
26. 9
570. 0

1724..7
99 .9
142..9
229..9
105..9
0..3
0. 6
467. 2
20. 6
33. 7
26. 8
596. 8

1793..8
102..0
150..0
240..0
107..2
0..4
0. 6
471. 9
21. 6
35. 0
27. 4
637. 8

1864..3
102..6
148..0
233..9
115..0
0. 4
0. 5
492. 3
16. 6
36. 5
29. 3
689. 1

1900,.6
100..5
141,.6
244..6
117..8
0..4
1..1
499. 8
16. 8
38. 0
21. 4
718. 8

Private financial sectors
C o m m e r c i a l banks
Bank holding c o m p a n i e s
Funding corporations
Savings institutions
Credit unions
Life insurance companies
Finance c o m p a n i e s
Mortgage companies
REITs
Brokers and dealers
A B S issuers

15
16
17
18
19
20
21
22
23
24
25
26

L . 4 Credit Market Debt» All Sectors, by Transaction
1 11836 .2 12835 .5 13772 .4 14417,.5 15232,.6 16241..2 17319 .2 17577,.5 17907 .8 18211,.5 18567 .4 18827 .8 Total
3198,.3
3494 .1
2
3911 .7 4335 .7 4795,.5 5215,.8 5665 .0 5754
5830 .6 5903 .5 6014,.6 6133 .8
U.S. government securities
3
1082,.3
1135,.2
1184,.4
1272,.2
1302,.8
1377,.5
1348 .2
1335 .4
1331 .7
1309,.9
1304 .1
1307,.0
M u n i c i p a l securities
4
.6
1580,
1432,
.6
1866..7 2039..0 2315..6 2461 .0 2516,.5 2597,.7 2679,.5 2766..3 2823
1703,.1
C o r p o r a t e and foreign bonds
5
3242,.8
3542,.1
3803,.7 3962..6 4094..1 4269..0 4473 .1 4515,.9 4584 .6 4663,.9 4715..9 4 7 7 4 .0
Mortgages

2
3
4
5

6
7
8
9

742..1
763..1
513..4
861. 8

795..0
812..7
579..2
896.,6

811..1
8 1 5 .0
609..9
933..5

797. 4
785. 9
565..9
831. 0

802..4
776.,6
579..0
843.,1

863..9
768. 2
580.,0
851. 1

988..8
830. 4
623..5
929..1

989..3
864. 4
654..7
947..2

1029..7
898..6
673..8
961..0

1077..5
917..4
692..7
967..1

1131. 7
944. 9
700. 4
986. 6

1123..3
957..8
717,.6
994..2

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

6
7
8
9

10
11
12
13

118.3
834.0
500.5
3098.9

133.9
891.4
589.6
3809.7

137.4
927.2
608.4
3530.2

188.9
948.3
769.5
4863.6

217.7
995.1
992.5
5462.9

279.0
1049.4
1375.4
6278.5

279.0
1160.5
1477.3
6293.4

269.5
1159.8
1553.3
6835.8

277.9
1174.2
1661.0
7393.0

286.2
1217.3
1782.0
8013.8

305.6
1266.5
1852.8
8345.4

Selected
318.3
1269.7
2004.8
8820.5

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

B I L L I O N S OF D O L L A R S .




10
11
12
13

Z . 7 , J U N E 13, 1996
Total C l a i m s

Total C l a i m s
L . 6 - L . 7 Total Claims

PERIOD-END LEVELS

1988

PERIOD-END LEVELS

1989

1990

1991

1992

1993

1994

I
I

1995
I

L.6 Credit Market Debt Outstanding
1 11836..2 12835. 5
9439.. 1 10175.. 1
2
3 2104. 9
2251 .2
7334.,2
7923. 8
4
3068..0
3346. 5
5
6
133.,7
134..4
1080.. 1 1149..4
7
8
2156..9 2347..0
895. 5
946. 5
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

251,.4
261 ..2
2145..8 2399..3
353.. 1
378..3
745..3
869. 5
83.
82..1
136..2
142..5
130..3
117. 8
186..0
171..0
323..0
14. 5
10. 3
7. 5
169..0

II

III

IV

I
I

1996
I

(1)

13772 .4 14417..5 15232..6 16241 .2 17319 .2 17577 .5 17907 .8 18211 .5 18567 .4 18827 .8 Tot. cred. m k t . debt owed by:
10873 .6 11348 .4 11894 .5 12537 .8 13163 .0 13339 .3 13548 .4 13707 .8 13895 .9 14072 .1
Domestic n o n f i n a n . sectors
2 4 9 8 .1 2776 .4
3080..3 3336..5 3492 .3
3557..9
3583 .5
3603 .4
3636 .7 3717 .2
U.S. government
9964 .9 10104 .4 10259 .2 10354 .9
8 3 7 5 .4 8 5 7 2 .0 8 8 1 4 .2 9201 .3
9670 .7 9781 .4
Private domestic
3639 .8
3823 .1
4021..4 4 2 7 2 .9 4634 .7 4676 .5 4784 .1
4908 .0 5018 .3 5063 .2
Household sector
136..3
135 .4
135 .0
138 .3
141 .2
138 .9
144 .9
143 .2
140 .9
142 .8
Farm business
1150..5
1154 .5
1163 .3
1170 .4
1178 .0
1185 .0
1137 .3
1122 .9
1129 .9
1142 .0
Nonfarm n o n c o r p . bus.
2456 .6 2401 .9 2437 .6 2502 .0 2638 .0 2709..2 2777 .8 2807 .0 2850 .7 2898 .9
N o n f i n . corporate bus.
993 .2
1095 .9
1096 .8
1066 .9
1074 .8
1158 .2
1114 .8
1102..2
1074 .1
1069 .1
StateSlocal governments
285 .0
2613 .9
398 .5
1019 .9
8 3 .0
114 .8
145..7
140 .1

299 .7
2769 .4
4 0 7 .7
1156..5
72 .3
112 .3
139
95 .4

313 .1
3025 .0
447 .9
1272..0
8 0 .0
114..6
161 .6
88..4

374..2
24..6
12..4
15..3
285..4

391,.9
22 .2
13 .6
19..0
339 .5

390..4
30..2
13..9
21..7
404..3

350. 4
24..6
11 .6
13. 8
225..1

381 .9
3321 .5
528 .5
1355..6
84..6
123 .4
169..9
99,.9
0 , .2
390,.5
30,.2
17,.4
33..7
487..6

361 .6
3794 .6
700 .6
1472 .1
94 .5
133 .6
199..3
112..9
0 .6
440..7
18..7
31.
34..3
556..1

376..8
3861,.4
716,.3
1479..9
95..0
137..7
221..0
108.. 1
0,.6
456..7
16..9
32..4
26..9
570..0

387 .6
3971 .8
748 .1
1499 .0
99 .9
142 .9
229 .9
106 .2
0 .6
467 .2
20 .6
33 .7
26 .8
596 .8

409 .9
4093 .9
773 .5
1526 .6
102 .0
150 .0
240 .0
107 .5
0 .6
471 .9
21 .6
35 .0
27 .4
637 .8

429 .4
4242 .1
8 0 7 .5
1570 .3
102 .6
148 .0
233 .9
115 .4
0 .5
4 9 2 .3
16 .6
36..5
29 .3
689..1

438 .5
4317
816 .9
1599 .7
100,.5
141..6
244..6
118.
499..8
16..8
38..0
21..4
718..8

Rest of the world
F i n a n c i a l sectors
G o v t . - s p o n s . enterprises
F e d . rel. m o r t g a g e pools
C o m m e r c i a l banks
Bank holding c o m p a n i e s
Funding c o r p o r a t i o n s
Thrift i n s t i t u t i o n s
Life insurance companies
Finance c o m p a n i e s
Mortgage c o m p a n i e s
REITs
Brokers and dealers
A B S issuers

24 11836..2 12835..5 13772..4 14417..5 15232..6 16241..2 17319 .2 17577..5 17907 .8 18211 .5 18567..4 18827..8 Tot. cred.mkt. assets held by:
3019..3 2984..8 2935 .1 2942 .2 2930..4 2858..6
25
2059..4 2219..7 2436..9 2591 .6 2671..6 2730..1
Private drm. n o n f i n . sectors
26
1466..2
1544..6
1618. 5
1658..9
1993 .9 2013.,6
1974..3 2048..3 2041..3 2001..8
1160..f
1266..9
Househrid sector
38 .3
38 .8
39..5
39..6
43..6
38
39 .9
40 .2
40. 7
58.
47.. 1
40..4
N o n f a r * n o n c o r p . business
27
230,.0
271..5
319..7
291..0
302..8
28
193. 5
225..5
199..4
257,.8
290..4
316..1
306. 6
N o n f i n . corporate business
666..3
640..6
29
647..2
680..2
778..7
757..2
760,.8
618 .1
563..4
509..4
727 .8
532 .5
State 8 local governments
30
205..5
239 .0
246..9
235,.0
230,.7
206..5
203..2
191 .2
213..8
197 .1
185,.2
179.,0
U.S. government
31
32
33
34
35

698..3
8 8 6 4 .7
364..1
745..3
240..6

36
37
38
39
40
41
42
43
44
45
46

2479..5 2647..4
2235..0 2371 ..9
215..6
242..3
16..2
13..4
15. 5
17..1
130.,7
135..7
1558.. 1 1472..0
927..2
1028..3
317 .5
287..9
380 .6
441 .2
389 .3
342 .8

2772..5
2466 ,7
270..8
13 .4
21..6
136..6
1343..1
1134..5
344 .0
495.. 1
422..1

2853..3
2502..5
319..2
11..9
19..7
144..8
1192..6
1224..6
376..6
530..6
394..5

2948..6
2571..9
335..8
17..5
23..4
162..5
1134. 5
1309..1
389 .4
571,.7
417,.5

3090..8
2721..5
326..0
17..5
25,.8
149..2
1132..7
1420..6
422..7
617..6
437..3

3254..3
2869..6
337.
18..4
29..2
129..5
1167..6
1487..0
446..4
664..6
466..3

468..6
49 .2
327..2
35 .4
293 .7
8 .4
103 .7
216 .4
197..5

498 . 1
49 .2
360 .1
36 .7
371 .3
7 .7
106 .5
268 .0
213 .4

488..9
60..3
440..2
49 .5
403 .9
7 .0
124 .0
318 .0
223 .5

496..4
60,.5
566..4
67..7
408..6
8.
122..7
378..0
231..5

482..8
60..4
725..9
78,.6
429,.0
8..6
137..5
458..8
240..9

551..0
37..5
718..8
73.
459..0
13..3
93..3
520..7
248..0

47
48
49
50
51
52
53
54
55

448..0
29 .0
304,.5
28 .r
225.
8.,y
23 .5
162 .2
177..8

816..2
902 .4
928,.8
1022,.8
1146,.6
1255..7
1324..4
1402 .6
1493 .1
1527,.5
1617. 8
9594..2 10194
10650 .3 11303,.2 12133..8 12837..7 13065..2 13372 .9 13585 . 1 13924,.3 14172. 5
389 .0
548..0
698..6
359..9
373..9
457,.8
667..1
673. 5
714..0
761..8
771..7
869..5
1019..9
1156..5
1355..6
1472.
1479..9
1499..0
1526..6
1570,.3
1272,.0
1599. 7
300..4
336..7
368..2
375,.7
370..6
380. 8
233..3
241 ..4
272 .5
367..1
379. 6
3327..8 3409,.8
2906. 5
2963..7
396..0
373. 6
18..0
19..3
30..8
29..8
140. 8
137..4
1173. 4
1177,.4
1523., 1 1557,.1
458,.5
451. 8
693..6
679..3
480..7
482..1

3474..2
3023..7
401 ..1
16..9
32. 5
143..1
1188..9
1575..5
464..4
706..2
481 ..8

3520..6
3056.
412. 6
18. 0
33. 8
138. 3
1176..3
1585.,7
471. 9
725. 9
487. 7

3541. 4
3068. 8
422. 3
16. 7
33. 6
174. 9
1174. 6
1619. 2
478. 1
745. 3
508. 2

586..9
41..4
724..8
75..6
508..0
14..2
137..5
555 .2
240..2

594..7
43..2
739..2
77..7
505..7
14..7
137,.0
593..2
234..2

614. 6
34.
771. 3
78. 9
545. 5
15.,1
183.,4
632. 9
229..2

623. 3
34. 5
791. 7
78. 6
595. 6
15. 6
158. 2
657. 6
224. 7

568. 5
33..9
719..3
74..0
480..6
13. 8
101.,0
531 .5
245..3

Rest of the world
Financial sectors
G o v t . - s p o n s . enterprises
Fed. rel. mortgage pools
M o n e t a r y authority

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35

C o m m e r c i a l banking
U.S. commercial banks
Fgn. banking off. in US
Bank holding c o m p a n i e s
Banks in U.S.-aff. areas
Funding corporations
Thrift institutions
Life insurance cos.
Other insurance cos.
Private pension funds
S t . 8 1 o c . g o v t . rtr. funds

36
37
38
39
40
41
42
43
44
45
46

Finance companies
Mortgage companies
Mutual funds
Closed- nd funds
Money r t. mutual funds
REITs
Brokers and dealers
A B S issuers
Bank personal trusts

47
48
49
50
51
52
53
54
55

(1) Excludes corporate equities and mutual fund shares.
L . 7 Total L i a b i l i t i e s and Their Relation to Total Financial Assets
1 11836..2 12835, 5 13772. 4 14417. 5 15232..6 16241..2 17319..2 17577..5 17907,.8 18211..5 18567..4 188^7..8
2
3
4
5
6
7
8
9
10

27.
5..0
14..7
325..5
2658..5
77 . 1
.8
.6
.8

53,.6
8..5
15,.3
354..3
3152..1
62 .5

61 .
.3
10.,0
16..3
380..0
3306..4
94..9

55. 4
10..0
16. 3
405. 7
3655..4
96..4

51..8
8..0
16..5
433..0
4055.
138..5

53..4
8..0
17..0
468..2
4471 ..6
189..3

53..2
8..0
17..6
502..2
4693..9
280..0

64..1
8..0
17..8
515..7
4895..7
273..0

67..1
8..0
18..0
528.
5095,.4
265..9

65..1
10..2
18..2
535..6
5318 .1
267 .4

63..7
10..2
18..2
552.
5499..6
290..7

62.
10..2
18..2
566..1
5745..6
266..2

4994..2
934..6
2349..2
546..9
493..3
372..3
297..9

5024..3
1020..9
2350..7
488..4
535..0
355,.8
273,.5

5050..2
1134..4
2293..5
415..2
539. 5
399..9
267..7

5154..9
1251..7
2223..2
391..7
559..6
471..1
257..6

5296..0
1242..0
2183..3
411 .
.2
602..9
549..4
307 .1

5389 .5
1193..9
2200,.1
441 ,
.1
634,.0
603 .4
316,.9

5572..4
1246..3
2222..4
456..2
678..5
629..3
339 .6

5615 .3
1200 .4
2255 .6
477 .4
702..7
655 .6
323 .6

5704..4
1229..5
2279..7
476..9
745..3
660..1
312..9

5799
1183
2336
490
816
666
304

608..4
137 .4
927..2
77..4
551..7
4133,.6

769. 5
188..9
948..3
70..0
639..3
4444..6

992..5
217..7
995..1
79,.7
660..6
4785,.2

1375..4
279..0
1049. 4
84..9
691..3
5165..2

1477..3
279 .0
1160..5
88..0
699..4
5397..3

1553,.3
269 .5
1159,.8
94..3
719..7
5459 .7

1661..0
277 .9
1174..2
89 .2
739..7
5537 .2

1782 .0
286 .2
1217..3
91 .9
758..6
5626 .9

1852..8
305 .6
1266..5
89..3
767..4
5769,.9

2004 .8
318 .3
1269 .7
94 .2
781..6
5836 .4

12
13
14

4549
884
2187
595
335
318
228

.0
.7
.7

4 8 7 7 .5
891 .0
2 2 8 5 .5
613 .0
424..7
396 .5
266 .8

15
16
17
18
19
20

500
118
834
79
470
3640

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

589
133
891
82
541
3974

.6
.9
.4
.2
.4
.3

.1
.8
.4
.6
.9
.5
.9

Total credit mkt. debt
(from preceding t a b l e )
Other liabilities:
Official foreign exchange
SDR certificates
Treasury currency
Life insurance reserves
Pension fund reserves
Interbank claims
Deposits at financial insts.
Checkable deposits 8 curr.
Small time 8 savings dep.
Large time deposits
Money market fund shares
Security RPs
Foreign deposits

B I L L I O N S OF D O L L A R S .

8
9
10
12
13
14

Mutual fund shares
15
Security credit
16
Trade payables
17
Taxes payable
18
Inv. in bank personal trusts 19
Miscellaneous
20

21 25137 .2 2 7 5 7 2 .1 29071..2 30741..7 32716..4 35248..7 37271 .6 37997..6 38941 .9 39804 .3 40757..9 41600..4 Total liabilities above
• Financial assets not
included in borrowing
.9
22.
Gold and SDRs
19.
.6
20.
21
.
.7
22.
.1
22.
.
1
22..3
. 1
1
22
22. 1
20..7
21 ..0
22..0
22
Corporate equities
7393..0 8013..8 8345..4 8820. 5
3530..2 4863 .6 5462..9 6278. 5
6293 .4 6835..8
3098..9
3809 ..7
23
2564.
2619.
HH
equity in noncorp. bus.
2458.
.3
2476.
.3
.6
2576.
2607.
.0
.3
2657.
.7
2669.
9
.7
2543..4 2668 ..9 2628..6 2521 ..0
24
- Floats not incl. in assets
Check,
dep.:
U.S. govt.
3.
6
.8
5.
.6
3.
.4
.0
0.
.6
.1
.8
4..2
2.
3,
6,. 1
15..0
5 .
.9
25
40..7
35..7
34..2
29. 6
38..0
33..3
27..3
40..4
42 .0
Other
35..9
29,.6
27..5
26
.9
-251
.
-260.
-297.
-315.
.8
3
3
1
.3
.
3
5
6
.
Trade
credit
.4
-274.
1
-290..5 -263..1 - 2 5 1 .1
.1
. 1
- 2 7 7 ..3 - 2 7 9 .4
27
- Liabs. not identified as assets
-5..4
-5. 5
- 5 .6
-5..8
Treasury currency
- 4 .9
-5..1
-5..4
-6. 0
- 4 ..1
-4..3
-4.. 1
-4..7
28
- 9 .3
-4..7
-4..2
-6..5
0 .1
-2..7
-2..9
-9..0
Interbank claims
- 2 8 ..5
-31,.0
32 .0
29
-2. 5
38 .4
43 .0
77..3
108 .8
132..9
114..5
136 .4
119..8
Security RPs
48 .0
108. 7
30
57..3
75 .0
270.. 1
290..5
217 -6
218..4
258..7
168..4
267 .1
257,.2
246. 8
Foreign deposits
31
215..6
222 .6
244 .6
10..0
25 .2
25 .6
33,.7
16 .6
26..8
25 .0
28 .7
13. 5
Taxes payable
.4
17..8
21 .
21 .0
32
- 6 3 8 .2 - 5 1 4 .5 -667..2 - 8 3 0 .5 -892..2 - 8 7 8 .5 - 8 8 4 .9 -859,.2 -896. 0
Miscellaneous
33
- 4 6 1 ..6 - 6 2 7 .3 - 6 2 7 1
Totals identified to sectors
52483 .9 53975. 0
as assets
34 31289..0 34668 .5 35844 .4 38737 .0 41102 .3 44583..2 46819 .3 48179..7 49699 .2 51221




1
2
3
4
5
6
7

21

22
23
24
25
26
27
28
29
30
31
32
33
34

Z . 7 , J U N E 13, 1996
H o u s e h o l d sector

Household
L . 1 0 0 H o u s e h o l d s and Nonprofit O r g a n i z a t i o n s

PERIOD-END LEVELS

1988

1989

sector

(1)
PERIOD-END LEVELS

1990

1991

1992

1993

1994

1995

I
I

I

II

III

IV

I
I

1996
I

1 12535 .1 13914 .5 14202 .1 15696 .5 16571 .7 17746 .1 18442 .3 19122 .8 19767 .2 20549 .5 21095 .9 21763 .1 Total financial assets
3113 .3
4 9 8 .8
2 3 4 2 .0
261 .8
10 .7

3272
494
2428
338
11

.9
.2
.8
.0
.9

3350 .6
494 .5
2477 .8
364 .9
13 .4

3363
550
2423
374
14

7
8
9
10
11
12

1160
346
317
109
207
28

.6
.0
.5
.6
.9
.6

1266
368
324
117
206
43

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

1466
470
397
126
271
72

.2
.7
.7
.2
.5
.9

13
14
15
16

524
132
90
67

.4
.2
.7
.3

546
167
127
56

.0
.9
.9
.9

572
213
146
63

2
3
4
5
6

3359 .1
661 .3
2349 .4
332 .8
15 .6

3329 .6
733 .5
2241 .2
338 .6
16 .4

3347 .0
741 .1
2234 .1
352 .2
19 .7

3408 .0
732 .8
2279 .7
375 .3
20 .3

3466 .0
725 .0
2315 .4
403 .8
21 .7

3500 .0
697 .4
2358 .5
421 .9
2 2 .2

3567 .0
712 .5
2 3 8 4 .2
447 .5
22 .7

3658
695
2439
500
22

.3
.6
.4
.4
.8

Deposits
C h e c k a b l e dep. and curr.
Time and savings deposits
Money market fund shares
Foreign deposits

1544 .6
4 4 4 .6
382 .0
138 .1
243,.9
62 .6

1618
549
456
157
299
93

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

1658
554
480
171
308
73

.4
.9
.5
.7

1993
925
727
179
547
198

.9
.9
.2
.9
.3
.6

2013
942
745
181
564
196

.6
.1
.8
.4
.4
.3

1974 .3
896 .4
719 .2
182 .6
536 .7
177 .2

2048
940
744
183
560
196

.3
.2
.0
.5
.4
.2

2041
931
740
185
555
190

.3
.4
.8
.0
.8
.5

2001
919
741
185
555
177

.8
.0
.1
.8
.3
.9

Credit market instruments
U.S. govt, securities
Treasury
S a v i n g s bonds
Other Treasury
Agency

.1
.8
.5
.2

610,.4
301..8
154..6
33..3

581
295
161
29

.2
.7
.7
.9

555
337
181
30

.6
.7
.4
.0

505
337
190
35

.0
.4
.6
.0

500
353
191
26

.4
.3
.8
.0

473
399
197
38

.2
.9
.0
.0

459
418
197
35

.0
.6
.1
.3

450
405
198
27

.6
.8
.5
.9

.3
.9
.7
.1
.6

.9

494
359
194
29

.4
.8
.2
.5

17
18

401 .6
1629 .7

469 .9
1928..6

471 .9
1760 .0

593..3
2652..7

741 .0
2918 .9

998 .4
3285 .4

1058,.9
3198 .8

1093 .0
3507 .7

1156 .3
3801 .0

1224 .9
4134 .5

1264 .7
4312 .5

19
20
21

325 .5
2 6 5 8 .5
470,.3

354 .3
3152,.1
541..4

380 .0
3306..4
551,.7

405..7
3655. 4
639..3

433 .0
4055,.1
660,.6

468,.2
4471..6
691.,3

502,.2
4693..9
699..4

515,.7
4895,.7
719..7

535 .6
528 . 1
5095..4 5318 .1
739..7
758..6

22
23
24

2543..4
40.
191 3

2668..9
53..2
206..2

2628 .6
62..4
224..4

2521. 0
87. 0
234. 1

2458,.3
76,.2
251..0

2476..3
102. 3
1
264.

2564..6
109..0
274..7

2576..7
112..9
279..6

2607..0
113.,2
286..2

2619..3
114..9
295..3

Municipal securities
C o r p o r a t e and fgn. bonds
Mortgages
Open market paper

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

1364 .6
4523 .0

Mutual fund shares
Corporate equities

17
18

552
5499.
767..4

566,. 1
5745,.6
781 ..6

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

19
20
21

2657..7
127.,6
306.,0

2669. 9
134. 9
317..2

Equity ir noncorp. business
Security credit
M i s c e l l a n e o u s assets

22
23
24

:6

25

3168..5

3463.,0

3764..0

3971. 6

4173..1

4453. 1

4820.,1

4857, 8

4966. 4 '5100, 5

5213. 7

5268. 4 Total liabilities

25

26
27
28

3068. 0
2032. 9
742. 1

3346. 5
2236. 9
795. 0

3639. 8
2490. 8
811 .,1

3823. 1
2654. 4
797. 4

4021. 4
2815. 5
802. 4

4272. 9
2970. 0
863. 9

4634. 7
3164. 6
988. 8

4676. 5
3197. 6
989. 3

4 784. I
3256. 5
1029. 7

4908 .0
3326. 4
1077. 5

5018. 3
3368. 4
1131 .7

5063. 2
3418. 6
1123. 3

26
27
28

29
30
31
32

79. 5
104. 7
20.
88. 8

81 ,9
123. 7
18. 6
90. 3

85. 8
139. 1
12. 1
100. 8

93. 5
158. 9
8. 7
110. 1

102..7
169. 8
11 .5
119. 4

114. 7
179. 1
18. 6
126. 5

129. 2
188. 4
29. 2
134. 7

130. 5
191 .6
31 .4
136. 1

132. 5
193. 9
33. 3
138. 2

133. 5
196. 5
34. 2
140. 0

135. 0
195. 5
45. 2
142. 4

135. 9
198. 4
43. 6
143. 4

33
34

43. 5
41 .5

42 .5
57. 6

38. 8
68. 9

55. 1
77. 7

53. 5
82. 5

76. 1
87. 5

75. 1
92. 8

69. 4
94. 2

68. 7
95. 6

77. 4
97. 0

78. 6
98. 4

86. 8
99. 9

35

15. 5

16. 4

16. 5

15. 7

15. 8

16. 6

17. 5

17. 8

18. 0

18. 2

18. 4

18. 6

Credit market instruments
Home mortgages
Consumer credit
Municipal debt
C o m m e r c i a l mortgages
Bank loans n.e.c.
Other loans and advances
S e c u r i t y credit
Trade payables
Deferred and unpaid
life insurance premiums

(1) S u p p l e m e n t a r y tables (F.lOO.a and L . l O O . a ) at the end of the release
show estimates of annual flows and year-end outstandings of nonprofit
organizations.
B I L L I O N S OF D O L L A R S .




29
30
31
32
33
34
35

2.71 J U N E 13, 1996
Nonfinancial Business

Nonfinancial B u s i n e s s
L . 1 0 1 - L . 1 0 3 Nonfinancial Business

PERIOD-END LEVELS

1988

1989

PERIOD-END LEVELS

1990

1991

1992

1993

1994

I
I

1995
I

II

III

IV

I
I

1996
I

L.101 All Nonfinancial Business

.0
.6
.6
.1
.0
.2

4 0 6 2 .2
236..6
141 .0
19 .9
2 .8
13,.3

4 1 6 7 .6
251 .4
124,.4
30..0
2 .1
13..2

4 2 9 2 .9
2 6 8 .9
117 .7
35 .1
1 .6
15 .0

4477
282
100
51
5
14

.6
.6
.5
.0
.1
.3

4851 .1
300 .8
124 .0
48 .6
2 .5
12,.9

5146 .5
309 .7
122,.8
56..1
2..2
13..1

5174 .3
291,.7
112,.6
57,.9
3,.7
11..6

5285
301
119
72
8
12

.0
.6
.5
.6
.9
.0

5361 .8
312 .6
121 .3
77 .0
3 .7
13..2

5500
329
123
87
2
13

.2
.2
.2
.1
.4
.3

5583 .8 Total financial
assets
Checkable dep. and currency
313 .0
Time and savings deposits
127 .6
95 .2
M o n e y mkt. fund shares
S e c u r i t y RPs
3,.0
F o r e i g n deposits
14 .0

7
8
9
10

251 .6
10,.6
984,
2157,.1

272..6
11 .7
.
1033..1
.3
2331 ,

242..9
9 .7
1065 .0
2428..8

268
14
1058
2513

.3
.8
.1
.4

296 .0
21
1092,.8
2614,.3

310,.3
29,.8
1142..7
2 8 7 9 .6

359,
31..1
1254,.4
2998,.0

330..6
34,.5
1286..2
3045..6

342 .7
38..1
1314 .4
3075 - 1

330,.5
42,.0
1368 .7
3092,.8

356
47
1346
3194

.6
.8
.6
.1

347 .4
49.8
1422..4
3211..4

I
2
3
4
5
6

3808
216
143
19
5
20

Credit market instruments
Mutual fund shares
Trade receivables
M i s c e l l a n e o u s assets

11

5579,.8

6011..8

6 1 9 7 .9

6 2 9 7 .8

6580 .3

6874,.7

7129..6

7190..4

7312..1

7410,.4

7515 .8

7602,,4 Total

12
13
14
15
16
17
18

3370,.8
116..4
887,.2
.8
1101 ,
670.. 1
85,.7
509..6

3630,.8
115,.5
961 .
1177..7
707..9
107.. I
561 ..5

3742..5
115 .2
1008,.2
1169..4
714..7
116.,9
618.. 1

3674 .2
114 .0
1086..9
1144 .4
677 .2
98 .5
553..1

3696 .8
114 .0
1154 .5
1103,.3
660,.8
107.. 1
557..2

3770 .3
113..9
1229 .7
1110,.9
657,.4
117,.8
540,.5

3921 .
112..4
1253 .0
1101..4
719..8
139..2
595..2

4002..7
110..6
1266..3
1106..7
751 ..4
149. 8
618..0

4084 .0
109..9
1290 .9
1112..9
777..3
162..9
630..1

4122..3
109,.4
1305..8
1118. 4
791 ..4
163. 3
634..1

4171..8
109, 5
1326, 3
1127.,9
806. 8
157. 4
643.,9

4224..8
107..6
1341..0
1131. 6
818. 3
173..2
653. 1

19

641 . 1

668..9

699,.0

762..6

802,.6

898,.1

893.,4

901..4

936..8

980..6

976. 6

77..9
1634..2

73..5
1682.,9

73,.7
2047..2

76,.4
2225,.4

79. 5
2230. 8

85. 2
2209..1

79..9
2246..8

82.,1
2269.

79. 6
2283.,9

84.,3
2316. 7

20
21

76..4
1491 .5

722,. 1
65,.8
1835,.8

L . 1 0 2 Farm Business
1
2
3
4
5

42..8
10..4
32..4
29..4
3..0

45..0
10,.5
34..5
32. 4
2..2

6
7
8
9
10

145..5
133..7
83..0
29..8
21 ..0

146,.6
134,.4
80..5
30..8
23.. I

11

11 .8
.

12..3

47..4
10,.9
36,.6
34..6
2.,0

4 9 .6
11 .8
37 .8
35 .6
2,.2

53 .4
13 .6
39 .8
37..7
2..1

148..2
135..4
78..9
32..9
23..6

147,.9
135,.0
79,.3
34,.6
21 ,.1

149..5
136..3
80..7
34,.7
20..9

12,.7

13..0

13..2

$

7
8
9
10
11
12
13
14
15
16
17
18

Trade payables

19

Taxes payable
M i s c e l l a n e o u s liabilities

20
21

(1)

60..2
17..0
43 .3
41 .1
2,.2

61 .
.2
17..4
43 .9
41 ..7
2..2

62..3
17..8
44,.5
42..3
2..2

63..4
18,.2
45,.2
43.
2.- 1

64..6
18..6
46,.0
43..8
2,.2

152..5
138 .3
81 ..2
36..8
20..3

156..3
141 .2
83..0
38..7
19..5

154..0
138..9
83..4
36..9
18..6

159,.1
142,.8
83.,9
40..0
19..0

161 .8
144..9
84..4
.5
41 .
19..0

159. 3
143..2
84. 6
39. 7
18. 8

14..2

15 .2

15..0

16..3

16..9

16. 2

56..6
15..3
41 .3
39.. 1
2..2

liabilities

Credit market instruments
Municipal debt
Corporate bonds
Mortgages
Bank loans n.e.c.
Commercial paper
Other loans and advances

2
4
5
6

65 .8 Total financial assets
19,.0
C h e c k a b l e dep. and currency
46 .8
Miscellaneous assets
44 .6
Insurance receivables
E q u i t y in GSEs (21
2 .1
156..2 Total liabilities
140..9
Credit market instruments
Mortgages
85 .2
Bank loans n.e.c.
37..6
Other loans and advances
18..1
15,.3

Trade payables

1
2
3
4
5
6
7
8
9
10
11

(1) Includes corporate and noncorporate farms.
L.103 N o n f a r m Noncorporate Business
1
2
3
4
5
6
7
8

479 .5
71 .3
44 .2
3
10,.3

498.. 1
75,.1
51 ..4
3,.7
11 .9
.

47 .8
8 8 .3

35,. 1
95.. 1

9
10
11
12

213..5
39..1
0,.7
173..7

225..8
43..3
0..8
181 .
.7

13

1242..6

1332. 4

1320,.3

14
15
16
17

1080.. 1
857..0
.4
100..7

1149. 4
913.. 1
134..3
102.,0

1150, 5
917,.2
136, 4
96. 9

485 .8
73 .7
51 .1
3 .6
12..5
31 ,
. 1
97,.8
215,.9
38 .6
0 .6
176,.8

479..1
74,.6
50..9
3 .6
12-.2

492..4
79..6
48..7
3..6
13..0

505 .5
8 2 .4
49 .9
3 .8
13,.6

519 . 1
85 .3
51 .3
3 .9
14 .2

523
86
51
4
14

26..0
96 .7

25 .2
103,.8

25,.2
107,.6

25 .3
111 .6

215..0
42..4
0..6
172..0

218. 7
39..9
0..6
178. 1

223,.0
40,.8
0,,8
181 ,
.5

227..5
41 .6
0..9
185 .0

1320..1

1321 . 1

1333.,5

1353 .4

1366,.5

1377..8

1387..6

1398. 2

1408. 5 Total liabilities

13

1137. 3
911 ..3
135..0
91 ..1

1122.,9
896..2
137. 7
89. 1

1129..9
902..3
138..2
89,.4

1142..0
896,.4
150,.7
94.,9

1154..5
900..0
155..7
98..8

1163..3
903..8
159 .7
99,.8

1170..4
907..0
162..2
101 .
.2

1178. 0
911 . 1
164..2
102. 7

1185..,0
913..2
167. 8
104.,0

Credit market instruments
Mortgages
Bank loans n.e.c.
Other loans and advances

14
15
16
17

Taxes payable
Trade payables

18
19

M i s c e l l a n e o u s liabilities

20

.0
.2
.7
.0
.3

527 . I
8 7 .1
52 .1
4 .0
14..5

531 .4
8 8 .1
52 .6
4 .0
14..7

535..8
89.. I
53 . 1
4..1
14..9

25 .3
112 .8

25..4
114 .0

25 .5
115 .2

25 .6
116..6

.4 Total financial assets
Checkable dep. and currency
. I
Time and -avings deposits
.6
Money ma
et fund shares
.1
Treasury securities
Consumer credit
Mortgages
25 .7
118..0
Trade receivables

228..8
.8
41 .
.0
186..0

230.. 1
42..1
1 .0
.
187..0

231 .3
42 .3
1 .0
.
188 .0

232. 6
42.,6
,0
189..0

233. a
42. 8
1 .0
.
190..0

540
90
53
4
IS

18
19

26..8
53,.3

31 .4
58. 7

32..0
60..0

32. 5
59..7

33.,1
66. 6

33..8
69..2

34..6
71..9

34,.8
72,.7

35..0
73..7

35 .2
74..7

35. 4
75. 9

35. 6
77..2

20

82..4

92.,9

77. 8

90.,6

98. 4

100. 6

105..0

104..4

105..8

107..3

109. 0

110. 8

Miscellaneous assets
Insurance receivables
Equity in GSEs (2)
Other

(2) E q u i t y in the Farm
B I L L I O N S OF D O L L A R S .




Credit S y s t e m .

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

Z.7, J U N E 13, 1996
Nonfi nanci al C o r p o r a t i o n s

Nonfinancial- Corporations.
L . 1 0 4 Nonfarm N o n f i n a n c i a l Corporate Business

PERIOD-END LEVELS

1988

1
2
3
4
5
6

3285 .7
134 .9
98 .8
15 .6
5 .0
20 .2

7
8
9
10

34 .0
16 .8
10 .6
68 .1

1989

60
32
11
54

.6
.4
.7
.4

60 .9
63 .8
13 .6
14 . 3
8 9 5 .8
938 .0
1911 .2
2 0 7 0 .9
498 . 1
5 0 4 .8
120 .0
134 .2
1 .3
1 .3
9 .2
8 .8
1282 .6
1421 .8

20
21

4191 .7
2156 .9
116.4
887
161 .8
517 .9
8 5 .7

27
28
29
50
31
52
55

38 7 .9
24 .6
220 .8
9 .9
.6
100 .0

54
35
36
37
38
39

49 . 6
576 . 1
14 09 . 1
567 . 7
16 .9
1024 .4

40
41
42
43
44
45

1990

1991

3519 . 1 3634 .4
3764 .2
166 .8
151 . 1
182 .5
8 9 .7
73 .4
66 .8
16 .2
26 .3
31 .5
2 .8
2. 1
1 .6
13 .3
13 .2
15 .0

1 1
12
15
14
15
lb
17
18
19

25
24
25
26

PERIOD-END LEVELS

4532
2347
115
961
184
542
107

4 0 .9
24 .7
9 .7
52 .8

.5
.8
.8
.0

67 . 1
63 .0
13 .8
14 . 7
967 .2
961 ,
.4
2 1 7 6 .3 2260..5
558 .5
578..0
149..5
147 .5
,
1 .8
.
I .3
15..2
18 .2
.
1513..0
1453..8

4729, 4
2456..6
115..2
. 1 1008,.2
173 .3
.2
5 4 5 .5
.8
. 1 116 .9
.7
.0
.5

4 3 6 .4
23 .5
243 .2
9. 6
35 .8
122 .3
2.0

48
44
14
59

1992

3931 .7
189 .4
51 .8
47 .3
5 .1
14 .3
69 .2
45 .8
21 . 1
60 .0
65 .7
17 .0
988 .9
2555 .8
5 78 .4
163 .0
1 .9
20 .5
1592 .0

1993

1994

I
I

1995
I

II

45<>0 .1
4289 .0
4567 .1
4695 .6
203 . 1
207 .4
188 . 1
196 .7
60 .9
67 .4
71 .6
74 . 1
44 .8
68 .6
52 .2
53 .9
3 .7
8 .9
2 .5
2 .2
13 . 1
12 .0
12 .9
11 .6
67
54
29
52

.9
.7
.8
.3

77 .2
19 .4
1035 .0
2615 .3
594 . 0
169 .7
1 .9
21 .4
1828 .3

4829. 8
5109 .7 5388 .6
2401 .. 9 2437 .6
2502 .0
,
114 .0
113 .9
1 14 .0
1086,.9
1 154 .5
1229 .7
153,.8
126 .4
127 .4
507,.7
488 .4
482 .4
98.5
107 . 1
117 .8

102
59
31
54

.2
.4
. 1
.2

85..2
18,.6
1 142..8
2727..2
654 .
.3
177..5
.0
25..5
1867..9

85 . 1
54 . 1
34 .5
55 .7

93 .9
55 .3
38 . 1
57 .2

III

4 7 6 7 .0
206 .4
68 .7
73 .0
3 .7
13 .2
79
56
42
59

.5
.4
.0
.2

79 .4
77 . 6
78 . 1
18 .0
17 . 1
17 . 6
1200 .5
1255 .4
1 173.5
2800
2816 .3
2775 .0
674 . 1
691 .5
709 .7
179 .8
180 .4
178 .9
2 .0
2 .0
2 .0
28 . 7
29 .5
26
1891 .8
1898 . 7 1894 .7

5619..8 5670 .0
2638..0 2709
110 . 6
112..4
1255..0 ' 1266.3
123..3
122.. 1
530..4
558.. 7
159..2
149,.8

5775..3 5860 .9
2777 .8 2807 .0
109,.9
109 .4
1505,.8
1290,.9
126,.9
125,.5
57 7,. 6
58 7 . 6
11>2 .. 9
163 .3

IV

94 .5
54 .9
47 .8
61.5

5958..3
2850..7
109..5
1326..3
132.
602..8
157..4

33 ,
.3
649 .4
1745..2
485 .. 3
17..3
1244..6

40 .5
682 .8
1948 .8
.3
19 .3
1435 . 1

340,. 9
2610 ,
.8

312..0
3614..7

306 . 1
315..8
331 .8
3968 .8 4393.. 1 4470. 1

567 .
.8
4854 .
.5

1296,.6
1 159..9
1827.. 7
.0
371 ,

1354. 8
1047 .
, 1
1729. 8
420. 3

1394 .8
1042 .8
1766.. 1
461 . 1

1471 .
.0
1031 .,0
1792. 8
509..2

1487. 5
1 150.4
2006. 4
557. 7

1500.. 1 1526.. 1 1542.. 1 1568. 0
1209,. 1 1251 ..8
1264..9
1282. 6
2065,.2 2108.
2156 ..9 2215. 3
509..9
557...9
560..5
607. 0

52 . 7%
47.2%
20.2%

56.4%
43.5%
24.2%

57.2%
42.7%
26.1%

58.7%
41.2%
28.4%

56.3%
43.6%
27.7%

46 .5
5 9 7 .9
1541 .3
4 2 2 .7
15 .9
1 102 .8

41
626
1605
473
13
1117

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

519 . 7
2 2 4 2 .8

340 . 1
2 7 2 8 .7

1165
991
1617
349

1260
1086
1750
392

430 .8
5 .4
265 .2
8 . 1
17.. 1
113..4
21 . 6
.5
42 .
719.
2124 .
.8
490. 8
.4
1611..6

480..8
5.. 1
303 . 9
8 .
.6
15. 0
.3
122 .
25. 9
44 .9
811. 0
2125. 9
530. 5
25. 6
1569. 7

500 ,
.6
5.9
3 16.. 7
8..8
16 .0
,
126.. 1
27 .
.0

511 .
.5
.0
325 . 7
9,.0
16.. 6
124 ,
.5
29,.4

514,.0
6. 3
326 .
15..6
126.. 3
50..5

.0
101 .
52..0
49 .8
.63. 5

75. 2
85 .6
19 .6
14..9
1250..0
1304. 4
2915 . 6 2950. 8
758 .7 (
751 .
180. 7
180..7
2. 4
. 2,.0
31,. 1
31 .
, 1
1963..0
1 964.7

447 . 2
6 .2
271 .2
7 .9
20 .4
129 .9
11 .6

.6
.2
.3
.8
.2
.4
.8

1996
I

4899 .7 4977..7 Total financial assets
C h e c k a b l e dep. & currency
203..9
221 .5
Time and s a v i n g s deposits
74..0
70 . 1
Money mk't, fund shares
83 .0
91 . 1
Security RPs
3..0
2 .4
Foreign deposits"
13 .3
14..0

440..9
9,.7
266 .2
7 .9
.
23..3
125.. 1
8,.8

497
17
264
8
29
172
5

I
t

522. 4
4
328. 3
9. 4
14 .2
121 .4
32. 7

U.S. government s e c u r i t i e s
Municipal s e c u r i t i e s
Mutual fund shares
Mortgages

7
8
9
10

Consumer credit
Open market paper
Trade r e c e i v a b l e s
M i s c e l l a n e o u s assets
U.S. dir. invest, a b r . . ( 1 )
Insurance r e c e i v a b l e s
Equity in G S E s
Inv. in finance,co. subs.
Other

11
12
13
14
15
16
17
18
19

6037. 7 Total liabilities
Credit market instruments
28 98. 9
Municipal debt (2)
107. 6
C o r p o r a t e bonds (1)
1341 .0
Mortgages
133. 1
612. 9
Bank loins n.e.c.
Commer i al paper
173. 2
531 .0
6 .8
342 .9
9. 6
13. 7
124. 5
33. 4

,q
44. 2
48 .7
50 .
.4
44 .
46.. 9
845 . . 888.5
805 .
811..5
884 .
2104.. 7 2141 . 0 2161 ..8 2174. 9 2205. 9
575.. 1
58 7 .9
.
556 . 9
58 q . 9
599. 5
2 6 .4
.
.0
27.
28 .8
29.
28 .
1521 . 5 1558 . 7 1545 .
.9
1556.. 2 1576. 8

1
2
3
4
5
6

Other loans and advances
S a v i n g s institutions
F i n a n c e companies
U.S. government
A c c e p t a n c e liab.to banks
Rest of the world
ABS issuers
Taxes payable
Trade payables
M i s c e l l a n e o u s liabilities
Fgn. direct invest, in US
Pen. fund contr. payable
Other

20
21
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

Memo:

46
47
48

.5
.4
. 1
. 6

54 .0il
45 . 9?
'
21 .i6%

. 7
.3
. 7
.0

53. 7%
46.2%
22.6%

55 . 3%
44.6%
24.6%

408..2
589..0
341 .5
5240 . 9 5609.. 1 5835. 0

54.9%
45.0%
26.4%

54.9%
45.0%
25.9%

55 . 0%
44.9%
27.4%

420. 3 Trade receiv. net of payables
6139. 1 Market value of equities

40
41

1581 .7
1317. 2
2250 .0
603. 7

42
43
44
45

S e c u r i t i e s and m o r t g a g e s
Loans and short-term paper
Total s-t liabilities (3)
Total liquid assets (4)

54.5 % L-t debt/c ^dit market debt
45.4 % S-t debt/c
dit market debt
26.8% Liquid assets/s-t liabil.

(1) Through 1992:Q4, corporate bonds include net issues by N e t h e r l a n d s
Antillean financial subsidiaries, and U.S. direct investment abroad
excludes net inflows from those bond issues.
(2) 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.
(3) Loans (except mortgages)* short-term paper., taxes payable.
and trade payables.
Includes loans due in more than one year
and excludes current m a t u r i t i e s of bonds and m o r t g a g e s .
(4) Sum of lines 2 through 9, plus line 12.
B I L L I O N S OF D O L L A R S .




46
47.
48

Z . 7 , J U N E 13, 1996
State and Local G o v e r n m e n t s

State and Local G o v e r n m e n t s
L.105 State and Local Governments»

Excluding Employee Retirement Funds

(1)

PERIOD-END LEVELS

PERIOD-END LEVELS

1988

1989

1990

1991

1992

1993

1994

1

8 3 9 .9

8 7 9 .5

896 .6

925 .9

908 .1

925 .3

850,.4

2
3
4

19..5
73,.4
65..9

19,.9
70 .6
71 .5

18 .9
67 .9
44 .9

24.. 1
57 .8
28..3

27..1
51 .6
33..3

28,.5
46 .8
50,.0

31..1
52,.6
62,.0

5
6
7
8
9
10

647,.2
539.. 0
385,.3
153..7
9,. 6
98 ,
.6

680 .2
563 .3
364 .7
198 .6
11 .9
,
105,.0

727 .8
603,.6
400,.2
203 .4
14 .0
110,.2

7 78,.7
649,.5
423 . 1
226,.4
15,.4
113..7

757..2
628..7
402..8
226,.0
14,.8
113,.7

760.8
638..3
429..4
208,.9
14..3
108..3

666,.3
544,.3
298..6
245..7
11 .5
.
110..5

I
I

1995
I

8 2 9 .3
28..7
57..8
66.. 1
640..6
518..6
278..0
240..6
10,.2
.8
111 .

II

III

IV

811 .9

768 .4

749 ,0

32.2
55 .9
69 .8

31 .1
58 .8
8 0 .9

34,.0
62 .4
8 7 .7

563 .4
443,.6
197,.6
246,.0
6,.8
113,.0

532 .5
414,.0
159,.5
254,.5
4,.7
113,.8

618,. 1
496 .6
247,.5
249,. 1
8,.6
112,.9

32,.4

1996
I

733 .4 Total financial assets
29,.9
68..3
94,. 1
509..4
392,.4
140..2
252..2
2..5
114..5
31 .8
,

C h e c k a b l e dep. and currency
Time and savings deposits
S e c u r i t y RPs

1
2
3
4

Credit market i n s t r u m e n t s
5
U.S. g o v e r n m e n t securities
6
Treasury
7
Agency
8
Municipal securities
9
Mortgages
10
Taxes r e c e i v a b l e

37 . 1

37,.0

38..9

38..5

36.. 1

35..8

12

924..3

9 78.. 1

1027.. 7

1 100.
.2

1 123..7

1186..6

1143,.6

1131 . 1

1125..7

1103.. 1

1098,. 1

1096..0 Total l i a b i l i t i e s

12

13
14
15
lb
17

895..5
886..5
20..0
866. 5
9..0

946,.5
937 .8
23,.3
914.5
8 .8
,

993..2
98 3.5
26 .2
957 .3
9..6

1074..8
1064..8
33.. 1
1031 .
.7
10..0

1095..9
1086.. 1
32,.0
1054,.0
9..9

1158..2
1149..0
33..8
1115.. 1
9,.2

1114..8
1 106..6
31 .7
.
1075..0
8..2

1102..2
1094..3
35..3
1C59.. 1
7.8

1096..8
1089,.3
31 . 1
1058,, 1
7,,5

1074.. 1
1067..0
31 . 1
1035,.9
7.. 1

1069,. 1
1062,.4
32.,9
1029., 6
6., 7

1066,,9
1060. 7
34.. 1
1026.,6
6.
,2

Credit market instruments
Municipal securities
Short-term
Other
U.S. g o v e r n m e n t loans

13
14
15
16
17

18

28 .
.8

31 .5
.

34..6

Trade p a y a b l e s

18

1 1

33,.9

37,.4

25..4

27,.7

39.. 1

28..4

28..8

28..9

28..9

34,.3

I
I

29..0

(1) Data for employee retirement

BILLIONS V • DOLLARS.




29..0

29..0

funds are shown in table L . 1 2 4 .

11

2 . 7 , J U N E 13, 1996
U.S. G o v t . , G S E s , and P o o l s

U.S. G o v t . , G S E s , and P o o l s
L. 106-L.108 U.S. Government, GSEs, and Mortgage Pools
PERIOD-END LEVELS

PERIOD-END LEVELS
1995
1988

1989

1990

1991

1992

1993

L.106

1
2
3
4

363,.5

371 .2

27,. 7
32,. 1
1 .4
.

31 .7
,
26 . 1
,
1 .3

443,. 1
39..7
25,.4
1 .4
.

501 .2
39 . 1
50 .9
1. 6

1994

I

I

II

III

IV

I
I

1996
I

U.S. Government

476,.5

490 .9

448..2

38 .8
31 .7
.
0,.9

40 .2
52 .2
0 .8

41 .4
27 .8
0..7

462 .7

481 .5

50 .5
lb .3
1. 1

55 . 1
59 .0
1. 1

457 .2
54 .5
38 .7
1 .. 1

430 .0

452 .2 Total

53 .8
.2
0 .9

53.3
24.2
1.0

5
6
7
8
9
10
11

213..8

205,.5

239..0

246,.9

235..0

230 .7

206,.5

203,.2

197 . 1

191 .
.2

185 .2

179.0

48., 0
165..8
24. 5
43..7
20..3

47..3
158 .
23. 8
47 ..2
35..6

82..9
156..2
5
45..3
69. 8

98..3
148..6
16..4
40..4
105..9

86..4
148..6
15..5
33..3
121 ..3

85..0
145..7
18,. 9
30,. 7
117..4

71 .0
.
135..5
24..5
26 .
.6
120.,7

68..8
134 . 3
48 . 1
.8
2b .
116..7

64 .5
122 .6
27 .8
26 .0
!15,. 3

61 .
.3
129.. 9
28 . 9
25.. 9
116..8

57..6
127 .6
23..2
26..4
.3
1 18.

55. i
123.9
48.9
28.5
117.4

12

2 4 3 7 ., 9

2620.,0

2885..7

3183. 5

3509..8

3796., 9

8. 5

10. 0

10.,0

8.,0

8.,0

16. 5
16. 3
3080.,3
2776. 4
157.,3
138.. 1
2619. 7 2904 .3
18 .6
18 .8

17.,0
3336. 5
171 .
.9
3128. 0
26. 6

13
14
15
16
17
18
19
20
21
22

5. 0

14 .7
15. 3
16. 3
2 1 0 4 ., 9 2251 .,2 2498. 1
126. 2
109. 6
117., 7
1972 .7
2109 .3
2339. 6
6
32 .4
24. 2
*

*

219. 2
88. 2
5. F

240. 4
96 .8
7. 8

*

262 .4
91 .2
7. 7

288. 0
85. 8
7. 0

*

315. 0
83. 1
6. 9

3989.. 6 4050. 9

4087..8

8. 0

8. 0

8..0

17. 6
3492. 3
179.
3285.
26. 7

17. 8
3557. 9
181 .4
3350. 1
2b .4

369. 6
95 .
6.8

364 .1
96 .4
6 .6

10..2

10.2

18 ,
.0
18. 2
3583..5 3603 .4
183. 5
182. 6
3274.. 1 3392. 9
26. 8
26 .9

18. 2
3636..7
185. 0
3422. 5
28.

18.2
3717.2
185.8
3502.7
27.6

*

*

L . 1 0 7 G o v e r n m e n t - S p o n s o r e d Enterprises

373. 0
98. 5
6 .8

291 .2
101 .5
6 .6

*

assets

Credit market i n s t r u m e n t s
Agency s e c u r i t i e s
Mortgages
Other loans and a d v a n c e s
Taxes receivable
Trade r e c e i v a b l e s
Miscellaneous assets

4250.0 Total

10 .
,2

*

342..2
86 .5
6 .8

4121 .. 1 4159.•2

financial

Gold• SDRs a off. fgn. exch.
Checkable dep. and c u r r e n c y
Time and savings d e p o s i t s

SDR

liabilities

12
13

Treasury currency
Credit market i n s t r u m e n t s
Savings bonds
Other Treasury s e c u r i t i e s
Budget agency s e c u r i t i e s
Multifamily m o r t g a g e s

14
15
16
17
18
19

285 .4
102. 0
6 .7

393 .5
104.4
6.6

Insur. and pension reserves
Trade pay bles
Mi scella'eous l i a b i l i t i e s

20
21
22

1
2
3

(GSEs) (1)

451 .4
2 .3
61 .8

474 .5
2. 1
68 .7

493 . 6
1 .2
.
67 .6

548 .9
1 .
66 .6

627
2.. 1
50,.3

776 .2
1 .2
,
85 .8

788..9
1 .. 3
92..3

827 . 1
1 .. b
103 .4

8 5 5 .0
1 .0
107 .5

8 9 0 .9
1 .5
106 .2

902..3 Total financial assets
Checkable dep. and currency
1 .. 0
104 .0
,
Fed. funds and security RPs

4
5
6
7
8
9
10
1 1
12
13
14

364
26
26
0
2

359 .9
19 .2
12 .0
6 .2
2 .9

373 .9
46 .2
34 .3
1 1.9
3 .7

389 .0
75.5
40..8
34 . 7
3..0

457
105
58
47
3

144 .5
104 ,
.7
9 .5
30,.2
0,.4

150 .5
110 .0
12 . 0
28 ,
.4
3 .3

156,. 1
115,.3
13,.2
27..6
3..8

167..9
126..2
14..6
27.. 1
10..9

199.. 9
156..7
16..2
27..0
13..5

548 .0
116,. 9
.6
51 ,
65,.3
2,.6
,1
11 .
24 3 .6
,
198..9
17..9
26..8
11 .9
.

66 7,. 1
180..3
51 . 9
.4
128 ,
3..4
19,.5
248..4
202..8
18,.7
26..9
26..3

672 .5
189., 9
56., 6
123 . 3
2.,8
21 . 7
248 ..9
202. 5
19 .0
.
26. 4
25. 3

.6
698 .
211..5
56 ,
. 3
155,. 1
2 .6
,
23,.8
251 ,
.2
205..8
19..0
.4
26 .
22.. 1

714 . 0
212 .2
52 . 7
159 . 6
2 ., 0
20 .2
258 . 6
.9
212 ,
19 .3
26 .
.5
28 . 1

761 .8
243 .8
58 .0
185 .8
4 .4
25 .0
263 . 1
216,.8
19 .5
26 .8
25 .5

771 . 7
254..0
54 ,
199..8
3 ,
22 ,
. 1
266 .5
219.. 7
19 . 7
27 .
.2
24. 5

Credit market instruments
U.S. government securities
Treasury
Agency
Municipal securities
Corporate and fgn. bonds
Mor t gages

15
16
17
18
19

189..8
19..5
17..5
152.,8
17..9

184 .
.0
.8
19 ,
.4
141 ,
.8
27 .
.5

164.. 1
27.. 1
.9
19 .
117.. 1
29 ..8

131 .8
30.. 1
22 ., 7
79., 1
35..9

135..5
31 .6
.
24..0
79..9
23..3

162..0
33..4
25.4
103.. 1
26..7

189.. 1
37..0
26 .
.3
125..9
.0

184. 9
27 .8
27.. 1
120. 0
21 .9

187..5
39..2
27.. 7
120..5
23..6

190..8
29,.8
28.. 9
122 . 1
32..5

200,. 1
28 .9
29,.0
122..2
.3
21 ,

199 .7
29 .4
28 ..9
121 .4
25.,6

Other loans and advances
Sal 1i e Mae
Farm Credit System
FHLB loans to m e m b e r s
Miscellan "us assets

20
21
22
23

416 ,. 1
353 ., 1
348. 1
5 .0

447..6
3 78 .. 3
373., 3
5..0

469.. 1
398 .5
393..7
4 .
,9

486.,0
407 .,7
402., 9
.8
4.

5 38 .7
.
447..9
443.. 1
4 .8
.

614. 4
528. 5
523.. 7
.8
4 .

761 . 7
700..6
700 .
.6

773. 6
716..3
716. 3

811..2
748.. 1
748 .
, 1

8 3 9 ..0
773..5
773 ..5

874..6
807.5
8 0 7 ..5

885., 6 Total liabilities
816. 9
Credit market i n s t r u m e n t s
GSE issues (2)
816. 9
U.S. government loans

24

63. 1

69 .3

70 .
.6

78..3

90..8

85..9

61 .
, 1

57.,3

63.. 1

65..5

. 1
.6
. 3
.3
.9

.8
.7
. 7
.0
.2

67.. 1

68. 7

Mult i family
Open market paper

Miscellaneous l i a b i l i t i e s

(1) Federal Home Loan B a n k s , Federal National Mor tgage A s s n . ,
Federal Home Loan Mortgage Corp., Student Loan Mark-eting
Assn.. Farm Credit S y s t e m , the Financing Corp., and the
Resolution Funding C o r p o r a t i o n .
(2) Such issues are classified as U.S. government securities.
L . 1 0 8 Federally Related Mortgage Pools
1
2
3
4

(3)

745.3
723.6
21.6
*

869.5
843.8
25.7
*

1019.9
991.1
28.7
*

1156.5
1130.4
26.1
*

1272.0
1248.2
23.8
*

1355.6
1333.2
22.5
*

1472.1
1449.7
22.4
*

1479.9
1499.0
1526.6
1570.3
1457.7
1475.1
1501.9
1543.4
22.2
23.9
24.7
26.9
*
*
*
*
*

1599.7 Total mortgage holdings
1571.9
Home
27.8
Multifamily
Farm

745.3

869.5

1019.9

1156.5

1272.0

1355.6

1472.1

1479.9

1599.7 Total pool securities

1499.0

1526.6

1570.3

(4)

f 3) GNMA, FNMA, FHLMC• and F a r m e r s Home Administration pools.
Also
includes federally related pools that are used as collateral for
federally related agency-issued CMOs and privately issued C M O s .
Excludes Federal Financing Bank holdings of pool securities, w h i c h
are included with U.S. govt. mortgages and other loans and advances.
(4) Such issues are classified as U.S. government securities.
B I L L I O N S OF D O L L A R S .




5
6
7
8
9
10
1 1

certificates

419.. 3
3,.6
33 .8

1
2
3

1
2
3
4

4
5
6
7
8
9
10
1 1
12
13
14
15
lb
17
18
19
20
21
22
23
24

2.7' JUNE 13. 1996
Rest of the World

Rest of the World
L. 109 Rest of the World

PERIOD-END LEVELS

1988

1
2
3
4

1491
21
45
35

1989

.8
.9
.2
.2

1794
22
49
27

.4*
. 1
.9
.7

5
6
7
8
9
10
11
12
13
14
15
16
17

13 .0
213 .8
698 .3
387 .2
260 .9
253..0
8 .0
126 .2
100,.9
25 .4
199 .3
100..0
1 1.8
.

23,. 1
276,. 1
816 ,
.2
469,. 3
263,.7
257..3
6,.4
205,.5
166..5
39.. 1
211..9
122..3
12.. 7

19

34 .3

36 . 6

20
21
22

430,.0
375 .2
54,.8

542 . 7
435 .9
106,.8

23

1 144. 1

24
25

27,
228 ,

26
27
28
29
30
31

.4
251 ,
89
.5
21 ,
4 .8
7 .8
8 .9

/

1274 . b

PERIOD-END LEVELS

1990

1900
21
49
53

.2
.8
.2
.3

1991

1992

1993

1994

2038 .3
20,.4
49 .0
36 .6

2195 .8
21 .9
47..9
79 .9

2528
21
54
125

41 .7
329..0
1022..8
628..4
335..7
323..0
12..7
292 . 7
224..8
67..9
251 ..5
129..9
12..9

61 .4
372 .9
1146..6
74 0 .8
388 .3
371 .
.2
17.. 1
352..5
253 ..3
99..2
273. 5
113. 4
18. 8

.4
.6
.7
.4

19 .7
243 .8
902..4
502,. 1
295,.0
287,.9
7,. 1
207,,0
162..4
44 . b
217..2
172..4
10..7

20,.9
299 .0
928..8
559..0
315..9
307.. 1
8..8
243 . 1
189..5
53 . 6
233..4
125.. 1
11 .3
.

42 .8

42 .3

44 .
.7

47,.9

64 1 .4
.
491 .9
149..5

608..0
498 .6
109..4

697,.8
535,.8
162..0

1387 .8

1395,.5

1533,.3

567 .3
467 . 3
100,.0
1389 .8

I
I

1995
I

II

III

IV

I
I

1996
I

2749..6 2826 . 1
25,.9
25 .2
56..3
54 .9
218.. 1
214 .3

2933 .0
24..7
51 .6
209..8

3060 .8
26 . 1
49 .4
210..3

3087.6
26.8
49.8
229.3

3210 .6 Total financial assets
U.S. checkable dep.
26,.7
U.S. time deposits
52.. 1
Net interbank claims
209..5

47..9
337..9
1255.. 7
796..7
414..9
393. 4
21 .5
381 .8
265. 6
116., 1
312.,2
.3
24.,5

64..3
339..5
1402..6
905,. 1
452..7
428..7
24..0
452..4
325..9
126..5
339..9
124. 5
33.. 1

68..6
344..2
1493.. 1
975,.0
473..7
449,.2
24,.5
501 ,.3
363.. 1
138..2
354,.2
126..3
37..6

68.6
353.7
1527.5
993.2
487.4
462.2
25.2
505.8
364.7
141 . 1
369.3
121.4
43.5

75,.9
357,.4
1617..8
1075..5
543..8
518..5
25..3
.7
531 .
376..2
155..5
386.. 9
124..5
30..8

51 .2
756 . 7
580 .5
176
1624 .3

58 .3
334,. 1
1324,.4
843,.2
426 .2
403,.5
22,.6
417..0
295..6
121 .5
.
326..8
126,. 1
28..3
51 .9
763..0
597..6
165..5
16 78..4

53 .9
786 .7
610,. 7
176,.0
1760 .4

54..8

57 .0

814..3
635..0
179..3

775,.0
655 .2
119,.8

1783..4

1841 .0

57 .9
8 1 3 .4
670 . 1
143,.3

1
2
3
4

S e c u r i t y RPs
U.S. corporate equities
Credit market instruments
U.S. government securities
Official holdings
Treasury
Agency
Private holdings
Treasury
Agency
U.S. corporate bonds (1)
L o a n s to U.S. corp. bus.
Open market paper

5
6
7
8
9
10
11
12
13
14
15
16
17

Security credit
Trade r e c e i v a b l e s

18
19

M i s c e l l a n e o u s assets
Fgn. dir. inv. in US (2)
Other

20
21
22

1839 .3

53 . 6
266 .8

61 .3
297 . 9

55 .4
273 .5

51 .8
.
267.. 7

53,.4
257,. 6

53 .2
307 . 1

64 .
, 1
316,.9

67,. 1
339,.6

65.. 1
323.. 6

63,. 7
312,.9

62 . 1
304 .9

U.S. official fgn. exchange
and net IMF position
U.S. pr.vate deposits

24
25

261 ,
.2
94 . 1
21 ,
.4
3,.4
8 .6
9 .4

285 .0
1 15.4
18 .5
.8
5 .9
9,.8

299 . 7
130 .5
. 6
21 ,
.4
6. 9
12,. 3

313,. 1
146 ,
23 ,
.9
3 .3
7 .6
13,.0

38 1 ., 9
227,.4
24 .
.6
.4
8 .8
13..5

361
234
26
2
8
15

,
. 1
.2
.8
.2

376 ,
.8
237,. 9
28 ,
.2
2,.5
8 .9
16 . 7

387,. 6
250,.4
29,.6
2,. 1
9 .5
,
17,.9

409. 9
263..4
31 .6
2.,3
10..6
18. 7

429..4
281 . 1
34..6
.6
10,. 9
21 ,
. 1

438 .5
292 .4
36,.8
2..2
12,.2
.4

Credit market instruments
C o r p o r a t e bonds
Bank loans n.e.c.
Official
Banks
Other

26
27
28
29
30
31

.6

32
33
34

49,.9
.9
24 ,
65,.8

63 .0
19,. 6
63..2

75 .3
lb,.3
59,.3

81 .8
12 .0
.
53..9

77..7
1 1.3
.
54 . 1

68.. 7
8..2
52..9

41 .4
7.. 9
51 ,
. 7

50,. 9
7.. 9
.9
51 .

48,. 1
7,.7
51 .8
,

55. 8
8., 1
50. 9

55,.0
8..2
50. 6

51 .5
8 .9
49..0

35
36

25 ,
.8

28 . 6

27,.4

30..4

31 .8
.

34 ,
.4

36 .4

38..0

40,.4

43. 0

46.,2

48."2

37
38
39
40
41

611 ,. 1
19,. 6
0,. 7
549 ,
. 3
41 ,
.5

664 .4
20.. 7
0.. 6
577..6
65 .5
,

718,.3
.0
0.. 6
632 . 1
63 .5

728 .8
23..5
1 ., 6
655,.4
48 ,

731 . 1
25.,0
1 ,. 7
666 ..4
38 .
, 1

806., 1
26 .
. 1
2., 0
706., 6
71 .4

865 . 9
27,.5
. 1
761 ,
. 0
75..2

882 . 6
27..8
1 .8
.
784..4
68 . 7

925 .8
28.. 1
1 .8
.
803..4
92..5

94 1 .
8
28. 5
2. 0
820., 7
90., 7

988. 8
29.,0
2., I
857. 9
99. 9

985., 6
29..9
.3
876 .,4
77., 1

42

8 o .0
,

119 .9

110,.0

158..8

178.. 1

297., 7

313,. 9

317.. 1

326,.4

347 .
.3

361 . 1

383. 4

•2

Commercial paper
32
Acceptance liabs. to banks 33
U.S. government loans
34
Security debt
Trade payables

M i s c e l l a n e o u s liabilities
37
U.S. eq. in IBRD, etc.
38
U.S. government deposits
39
U.S. dir. inv. abr. (1 ) (2) 40
Other
41
Memo:
Market value of fgn.equities 4 2
held by US residents (3)

(1) Through 1992:Q4, corporate bonds include net issues by h 'her 1ands
Anti llean financial subsidiaries, and U.S. direct invest .»nt abroad
excludes net inflows from those bond issues.
(2) Direct investment is valued on a current-cost basis.
(3) Includes A m e r i c a n Depositary Receipts (ADRs).
B I L L I O N S OF D O L L A R S




35
36

Z . 7 , J U N E 13, 1996
Banking System

Banking System
L.110-L.111 Monetary A u t h o r i t y and C o m m e r c i a l Banking
P E R I O D - E N D LEVELS

PERIOD-END LEVELS

1988

1989

1990

1991

1992

1993

1995

I
I

1994

I

L.110 Monetary Authority

II

III

IV

I
I

1996
I

(1)

1
2
3
4
5
6
7

304 .3
20,. 1
18 .8
5..0
1 .3
,
2..2
6..9

315 .5
42 .9
19 .6
8..5
1 .. 1
0.5
2.. 1

342 .3
43..6
20..4
10..0
2..2
0..2
18..4

364 .6
38 .6
21 .0
10 .0
0 .7
0 .2
15 .9

381 .7
32 .5
21 .5
,
8..0
3..3
0..7
8.. 1

423 .8
33 .3
. 1
8 .0
0..9
0. 1
13 .2

452
33
23
8

450 . 1
36 .2
23 .2
8 .0
0. 1
0. 1
6 .7

4 68 .9
34 .9
23 .5
8 .0
0.. 3
0..2
16..8

453 .4
32..6
23 .8
10 .2
0.. 1
0 .4
6 .5

471 .8
32 . 1
24 .0
10 .2
0. 1
0. 1
13 .9

459
30
24
10

8
9
10
11
12
13
14

240..6
240..6
233,. 7
7 .0
,

233 .
.3
233 .
.3
.8
6. 5

241 .
.4
.4
241 ,
235 . 1
6..3

.5
272 .5
266 .5
6 .0

300.,4
300..4
295..0
5..4

336 .7
336..7
332..0
4 .6

368 .2
368..2
364 .5
3,.6

367 . 1
367.. 1
363 . 7
3.,4

375..7
375.. 7
372.. 6
3.. 1

370..6
370..6
367 .7
.9

380 .8
380 .8
378 .2
.6

379 .6
379 .6
377 . 1
2 .5

9..4

7.5

6,-0

5..6

8 .6

9.4

15
16
17

302..2
39..3
27 ..6

313..2
35.,6
28 .7

339..9
38..7
32..6

362..0
29..4
33..6

378. 7
, 1
32 .
31 .9

420..4
35..0
32..7

448 ..4
30,.8
38.. 1

444 ..0
30. 0
31 .
.3

464 .2
24. 9
33. 6

448..8
23.,4
33.. 1

467..9
29..6
40..6

455 .2 Total l i a b i l i t i e s
24 .7
D e p o s i t o r y inst. reserves
34 .4
Vault cash of comm. banks

18
19
20
21

229. 5
9.. 1
0..4
220 .. 1

239..1
6. 7
0.. 6
231 ..8

264..3
9. 5
0.,4
254. 4

293..5
18..3
1 .0
.
274..2

311 . 1
8 .0
0. 2
302. 8

348..2
15.
0. 4
332..6

373.,5
7 .5
.
0..3
365. 7

375. 7
4 .9
0. 4
370. 3

398. 4
21 .3
0.
376. 9

385. 5
8. 9
0.,3
376..2

390. 5
6 .2
.
0. 5
383..7

389 . 6
7. 3
0 .4
381 . 9

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

5,.5
2..7
2..8

4..6
3..4
2

6. 0
3. 7
2 .3

7. 0
3. 8
3. 2

7. 2
3. 8
3. 4

6 .9
3. 9
2. 9

7..2
4..0
3..3

22
23
24

5..8
.)
2 .
3.. ,

10..0
2 .
.2
7 .7

7. 4

3. 7
3. 1
0. 6

9.. 6

. 1
.0
.0
.0
.7
0 .2
10 . 6

9..8

9..2

10..7

.6 Total financial assets
.9
Gold and foreign exchange
Treasury currency
.3
.2
SDR c e r t i f i c a t e s
F e d e r a l R e s e r v e float
F.R. loans to domestic banks
4 .9
Security RPs

9 .7

6 .5
4 .0
2 .5

1
2
3
4
5
6
7

Credit market instruments
8
U.S. g o v e r n m e n t securities
9
Treasury
10
Agency
1 1
Acceptances
12
Bank loans n . e.c.
13
M i s c e l l a n e o u s assets
14

C h e c k a b l e dep. and currency
Due to U.S. government
Due to rest of the world
C u r r e n c y outside banks

15
16
17
18
19
20
21

M i s c e l l a n r o u s liabilities
22
F e d e r a 1 R e s e r v e Bank stock 23
Other
24

(1) Assets and liabilities of Federal R e s e r v e Banks and T r e a s u r y
m o n e t a r y accounts that supply or absorb bank r e s e r v e s .
Excludes
the accounts of the Federal Reserve Board.
L.lll C o m m e r c i a l Banking
1
2
3
4
5
6

2952..4
3..0
2455 ,
.9
360,.6
185..3
175..3

3232 .0
2.6
2637 . 1
395..8
165 .3
230.5

7
8

.6
151 .
89 ,.0

133.8
84 . 1

9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

3338 .6
2 .5
2767 .2
456 .9
172 . 1
284 .8
117 .4
8 8 .7

1854..7 2016 .
.6 2100 .2
676..9
8 4 9 .3
770..7
370 .
385 . 1
.7
387 .0
763.. 1
812.. 7
8 1 5 .0
9..9
10.. 1
12 .7
33..9
36 .2
38 ,
.2

*

57 .5
27 ..6
34..0
374. 4

2,.2
4 .7
,
55,.4
28.. 7
31 . 1
477,. 1

2890.. 1 3149,,5
565..6
29..0
21 ..6
515., 1
1084..0
416. 8
236.,6

562,.3
25..6
21 .
.5
515..2
1184 .
.7
445..7
274..5

3443 .8
1 .8
2872 .3
568 .2
232 .5
335 .7
103 .2
96 .3
2097..0
881 .3
372..4
785..9
10.. 6
46 .8

1 .9
2 .2

3..7
3..8

45 .5
.6
35 .3
455 .4

35,.3
33 .6
26 .5
474..3

3251 .0

3363 .2

584
30
21
531

.0
.9
.4
.6

1307 .6
423 . 6
248 .8

97 .5
94 .7

99 .2
98 .2

2139 .8
900 .5
365 .5
776 .6
9 .2
88 .0

.5
947 .7
399 .7
768 .2
7 .3
100 .7

3 .4
3 .4

3 .9
4 .3

31
31
29
551

.7
.9
.0
.6

3532 .8
714
30
21
662

.3
.6
.7
.1

25
32
31
630

.3
.7
.5
.0

3750 .9
788
42
21
724

4163 .8
1 .4
3331
718 .9
290 . 1
428 .7
97 .6
102 .8

4257 . 7 4345 .8
1 .4
1 .3
3395 .9
3486 .9
741 .6
745 .5
307 .8
298 .0
433 . 9
447 .5
95 .3
101 .3

2407 . 1 2452 .8
1013 . 1 1033 .8
463 .0
462 .9
8 3 0 .4
8 6 4 .4
4 .5
5 .8
94 .9
87 .2
2 .0
2 .9
22 .9
38 . 1
28 .0
742 .2
4049 .8

2. 1
2 .8

4501 . 1
1 .6
3605 . 1
745 .8
2 78 .3
467.4

93 .3
108 .9

93 .3
111 .2

92 . 9
110 . 1

.7 2591 .2
. 1 1081 .9
.3
492 .4
.6
917 .4
5 .4
.7
93 .9
.0

2647 .5
1090 .0
507 .4
944 .9
5 .7
99 .5

2657 .4
1097 . 1
499 .8
957 .8
6. 1
96 .7

94 .4
102 .9
2538
1062
476
898
5
96

2 .4
3 .0

.0
.3
.5
.7

26 .3
33 .6
.3
777 .3

4116 .3

4174 .8

24
31
27
777

.4
.6
.3
.5

756 .7
23 .8
25 .6
707.4

707 .0
15,. 6
24 .8
666..6

1376 .3
333 .0
391 .7

1389 . 9
354.. 1
415..7

1421 .9
360,. 7
426 .9

731
39
24
667

4518 .2 Total financial assets
C h e c k a b l e dep. and currency
1 .4
Total bank credit
3623 . 1
755 .0
U.S. g o v e r n m e n t securities
Treasury
283 .8
Agency
471 .2

4421 .5
1 .3
3551 . 7
751
289 .0
462 .2

.6
.7
.4
.5

2 .6
4 .623
33
20
790

.7
. 1
.8
.9

4249 .3
694
30
25
638

. 1
.3
.8
.0

1455 .8
385 .6
4 4 0 .6

2 .3
5 .0
22 .3
40 .6
26 . 9
804,.6
4336 .8
711.. 1
19,.0
26,.2
665,.8
1490,. 1
387..8
422..2

2 .5
5 .2
22 .6
34 .4
.0
8 1 4 .7

Municipal securities
C o r p o r a t e 8 foreign bonds

.6
.8
.4
.4

1548 .6
402 .4
428 .3

7
8

Total loans
Mortgages
C o n s u m e r credit
Bank loans n.e.c.
Open m a r k e t paper
S e c u r i t y credit

9
10
1 1
12
13
14

Mutual
und shares
C o r p o r a t e equities

15
16

C u s t . liab. on acceptances
Vault cash
R e s e r v e s at Federal Reserve
M i s c e l l a n e o u s assets

4333 .3 Total l i a b i l i t i e s
659
lb
26
616

1
2
3
4
5
6

17
18
19
20
21

Checkable deposits
U.S. g o v e r n m e n t
Rest of the world
Private domestic

22
23
24
25

Small time and s a v i n g s dep.
Large time deposits
Fed. funds and security RPs

26
27
28

1386 .5
399..6
229..6

1389 .3
.8
272 .0

1377 .4
311 .
.7
313..5

33..4
0..9
-4..2
36,.6

74.5
3 .9
- 9 .3
79 .9

121 .7
1 .0
-4..7
125.4

211 . 1
.5
- 6 .5
.
218 . 1

211 ..7
0.. 1
-2. 7
214..3

207,.3
0.5
-2..9
209..8

210,.9
0..5
0. 1
210,.3

220,.6
0..2
-9..0
229..3

207 . 1
0. 1
-2..5
209 .5

Net interbank claims
To m o n e t a r y authority
To domestic banks (3)
To foreign banks

29
30
31
32

29
30
31
32

10.. 1
3. 5
- 2 8 ..5
35..2

-1 .
.7
1 .6
.
-31 .
.0
27..7

23
2
-32
53

33
34
35
36

219..4
109.. 1
106..0
4..3

224 .6
113.,7
106.. 1
4. 7

197.. 7
108.. 9
82..2
6..7

184,.6
113,.2
62,. 1
9,.3

194 .6
127 .6
54 .4
12 .5

208..0
134 .9
,
51 .9
21 .
.2

228.. 1
142..6
55..0
30..5

232. 7
147.,4
55. 5
29. 9

242. 8
154..2
55..3
33..3

252..0
159.,4
58..2
34..4

250..6
161.. 1
52..8
36. 7

242 .0
156 .2
53..4
32 .4

Credit market instruments
Corporate bonds
Open market paper
Other loans and advances

33
34
35
36

37
38

0..6
357.. 1

0. 8
458. 8

0..6
465..0

0. 5
507..4

0 .7
554 .6

1 .2
.
629..0

1 .9
,
750..9

2. 1
803.. 1

2..3
781 .
.2

2..6
807..7

2. 8
851 .7

3.. 1
842 . 1

Taxes payable
M i s c e l l a n e o u s liabilities

37
38

2647.,4

2772..5

2853..3

2 9 4 8 .6

3090,.8

3254 .3

3409..8

3474..2

3520..6

39

2479..5

.7
.4
.0
.3

621 .6
36..4
19 .4
565 .7

3657 .2 , 3894 .9
1 .3
1 .0
3011 .8
3174 .4
672 .9
745 .4
294 .4
322 .2
423 .2
378 .5

(2)

3327. 8

3541 .4 Memo: Cred. m k t . funds a d v . ( 4 ) 39

(2) U.S.-chartered commercial banks, foreign banking offices in U.S.,
bank holding companies, and banks in U . S . - a f f i l i a t e d areas.
IBFs are excluded from domestic banking and treated the same as
branches in foreign countries.
(3) Floats and discrepancies in interbank d e p o s i t s and loans.
(4) Total bank credit (line 3 ) less security credit (line 1 4 )
less mutual fund shares (line 15) less corporate equities (line 16)
plus customers' liability on a c c e p t a n c e s (line 17).
B I L L I O N S OF D O L L A R S .




Z. 7» J U N E 13, 1996
Pension Funds

Pension Funds
L . 1 2 3 - L . 1 2 4 Pension Funds

PERIOD-END LEVELS

1988

1989

PERIOD-END LEVELS

1990

1991

1992

1993

1994

1995

I
I

I

L . 1 2 3 P r i v a t e Pension Funds

1
2
3
4
5

1377 .4
4 .5
85 .8
23 .0
14 .8

6
7

22 .0
480 .6

8
9
10
1 1
12
13
14
15
16
17
18
19

380 .6
210 .0
147 .9
62 . 1
0 .6
126 .4
16 .6
26 . 9
366 .0
183 .3
16 . 9
165 . 7

20

1402 .4

1620
4
108
26
17

.7
. 1
.2
.9
.8

1610 .9
3 .3
98 .9
27 .2
17..8

1816 .2
3 .0
99 .5
32 .7
18 .8

1984.4
3 .0
77 .0
34 .8
20 .3

2 1 7 4 .3
2 .9
69 . 1
41 .4
26 .7

2 7 .5
609,.7

30,.0
592,.5

48 .
.4
686 .6

78 .0
821 .9

441 ,
.2
255.. 1
.0
177 .
78.. 1
0..6
133..9
24..6
26 ..9
385..3
195..8
15. 9
173. 6

495.. 1
293. 5
201 . 7
91 ..8
.
0 .6
149.,2
24.. 7
27. 2
346. 0
189.4
13. 6
143. 0

530,.6
314.. 1
215..4
98,. 7
0..6
164 .
, 7
18..4
32.. 7
396..9
210.,0
17..3
169..6

571 . 7
333 . 1
228 .3
104 .8
0 .6
188,.4
14,.8
34,.8
377..8
195..8
19..3
162..6

1652. 2

1640. 3

1844 .8

2009..0

II

2366 .3
2 .7
60 .4
51 .5
32 .2

131 .8
924 .9

175 .6
921 .4

197 .9
988 .0

225,.9
1044,. 1

617 .6
349,. 1
2 3 9 .2
109,.9
0,.6
211,. 1
15,.3
41 ,.4
359..9
189..2
22..4
148 .
.3

664 .6
362 .5
248 . 7
113,.8
0,. 7
.4
16..4
51 .
.6
354..0
197.,2
25.,6
131 .3

679 .3
369 .3
253 .3
116 .0
0,.7
241 ,
. 1
16,.7
51 .5
,
354..3
198.,7
26. 4
129.,2

693,.6
376,.3
257,.7
118..5
0..7
249..5
16..9
50..3
350. 4
198 .6
27. 2
124. 5

2289. 4

IV

1996
I

(1)

2263 .7
2 .8
62 .5
51 .6
31 .2

2199. 0

III

I
I

2391 .8

2457
2
59
50
31

.7
.7
.7
.3
.0

2482. 9

2565 .4
2 .7
54.4
51 . 1
32 .4

2627 .3
2 .7
51 .5
51 .3
32 .5

2717
2
48
51
32

256 .4
1111 .4

267 .9
1148 .7

302 .8
1191 .9

706,.2
381 ,
. 1
260,.9
120..2
0,.7
256,.3
17..0
51 . 1
350..7
200..0
28.,0
122. 6
2590. 4

725 .9
389 .4
266 . 1
123 .3
0 .7
267 .0
17..4
51 .
.3
346..9
200..5
28. 8
117..6

.5 Total financial assets
.6
Checkable dep. and c u r r e n c y
Time and savings deposits
. 1
Security RPs
.7
.0
Money market fund shares

745 .3
397,.5
271 ,
. 1
126,.5
0,. 7
277 ,
.4
18..0
51 .
, 7
343.. 1
199.,4
29. 6
114.. 1

Mutual fund shares
Corporate equities

1
2
3
4
5
6
7

Credit market instruments
8
U.S. government securities
9
Treasury
10
11
Municipal securities
12
Corporate 8 foreign bonds
13
Mortgages
14
Open market paper
15
M i s c e l l a n e o u s assets
16
Unallo. ins . contracts (2 ) 17
Pen. fund contr. receiv.
18
Other
19

2652.. 1 2742. 2 Pen. fund reserves

(liab. ) (3) 20

(1) Includes the Federal Employees' Retirement System Thrift Savings Plan.
(2) Assets of private pension plans held at life insurance crmpanies
(e.g. , GICs• variable annuities); series begins 1985:Q4
(3) Equal to value of tangible and financial assets.
L . 1 2 4 S t a t e and Local Government Employee Retirement Funds
1
2
3
4

609 .0
4 .4
7. 1
10 .2

766 .7
3 .2
9. 1
9. 7

8 2 0 .4
4 .7
7 .4
1 1.8

8 78 .8
4 .8
7 .5
16 . 1

997
5
5
19

.5
.6
.6
.0

108 7 . 7
6 .3
8 .2
19 .2

1 145 .7
5. 7
5.2
26,.6

5
6
7
8
9
10
1 1
12
13
14

219,. 7
342 ,
.8
181 ,
.6
123..9
57.. 7
0..5
134 .
.9
15..6
10..2
24 .
,8

300 . 1
389 .3
197..6
124 .8
72,. 7
0,.3
166..5
15..3
9.. 7
55..3

296 . 1
. 1
224 .6
142 .4
82 .3
0 .4
169 .3
16 . 1
1 1.8
78 .3

386 . 6
394 .5
.9
156.. 1
76,.8
0..2
128,.4
16..9
16.. 1
69..3

4 4 8 .9
417,.5
233..7
160,.6
73.. 1
0..5
147.8
16. 5
19.,0
100..8

506 . 7
437 .3
245 .2
176 .5
68.. 7
0,.7
157 ,
. 7
14.,5
19..2
110..2

507..4
466..3
261 . 1
184.,8
76..3
0. 4
163.,0
15.,2
26. 6
134. 5

15

609..0

766..7

8 2 0 .4

8 78 .8

997.5

1087.. 7

1145. 7

1214 .2
5 .2
5 .0
27..9
562..4
480.. 7
270., 1
189.. 1
81 .,0
0..4
166. 9
15. 4
27. 9
132. 9
1214. 2

1277 .8
4 .4
4 .6
30 .4
611 .3
482.. 1
270..0
186,.4
83..7
0,.3
165..8
15..6
30..4
145 . 0
1277..8

1337 . 1
4 .4
3 .9
26..9
668..3
481 .8
276.. 1
192..2
83..9
0..3
162. 6
15. 7
26. 9
151 .8
1337. 1

1386 .6
3 .6
4 .0
25 .2
705 .7
487 . 7
285..6
192..7
92.. 9
0..5
160..4
15..9
25.,2
160. 5
1386. 6

1453 .0 Total financial assets
3 .5
Checkable dep. and currency
3 .3
Time and savings deposits
28 .7
Security RPs
752 .4
508..2
292..4
196..6
95..8
0 .5
169..9
16.. 1
29..3
156. 9

1453. 0 Total liabilities

(3) Equal to value of financial assets.
are assets of the household sector.
BILLIONS

DOLLARS.




Corporate equities
Credit market instruments
U.S. government securities
Treasury
Agency
Municipal securities
Corporate 8 foreign bonds
Mortgages
Open market paper
M i s c e l l a n e o u s assets
(3)

These liabilities

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15




Private

Securities

L.212-L.215 Private Securities
PERIOD-END LEVELS

1991

1992

1993

1994

L.212 Municipal

26
957

1272
1064
33
1031

.2
.8
. 1
.7

85
115

93 .5
114 .0

1 184
572
24
14
3
117
3
12
136
0
0
112
14
84
7
80

1 2 7 2 .2
6 1 0 .4
4 4 .8
15 .4
3..0
103..2
2,.4
10..2
126..8
0..6
0..2
139..7
25..4
90..6
9. 4
8 9 ..9

1302
1086
32
1054

.8
. 1
.0
.0

1377
1149
33
1115

I
I

1995
I

Securities

.5
.0
.8
. 1

1348
1106
31
1075

.2
.6
.7
.0

II

1335
1094
35
1059

.4
.3
.3
. 1

1331
1089
31
1058

.7
.3
. 1
. 1

114 .7
113 .9

129 .2
112 .4

130 .5
110 .6

132 .5
109 .9

1 3 0 2 .8
581 .2
4 5 .8
14 .8
3,.2
97..5
2,. 1
.4
11 .
134..3
0..6
0..5
168..4
39..7
96..0
11..3
96..0

1377.5
555 . 6
54 . 7
14 .
.3
.6
99..2
. 1
14..7
146.. 1
0..6
0.. 7
211 ..3
43. 9
105. 6
17. 1
108 .9

1348,.2
505,.0
59,.4
11 .5
.
3..4
97.. 6
2..0
12..8
153..8
0.,7
0. 4
2 0 7 .,0
51 ., 6
113. 4
15. 5
114. 2

1335 .4
5 0 0 .4
54 . 1
10,
2..8
95..3
2..0
11 .7
.
155 ,
.8
0..7
0..4
206.. 1
53.
119,.3
10.,8
112.,7

1331 .7
4 9 4 .4
5 5 .3
8 .6
2,.6
94 ,
.4
2..0
13,.2
158,.0
0,.7
0..3
205..4
5 4 .. 7
120..8
11 .7
109. 6

(1) Debt w i t h
(2) Liability

Corporate

and F o r e i g n

2 0 3 9 .0
1 1 5 4 .5
146 .2
7 3 8 .4
127 . 6
2 6 .4
5 .5
196 .3
4 .0
21 .7
356,.9

2 3 1 5 .6
1229 . 7
.4
8 5 8 .5
134,.9
4 0 .0
3,.9
206,.0
4 .3
33..7
435,.7

2461 .0
1253 .0
2 3 4 .6
973 .5
142 . 6
60 .0
3. 1
2 3 5 .0
6 .3
34 .3
492,.2

2 5 1 6 .5
1266 .3
2 3 7 .9
1012 .3
147 .4
73 . 1
3. 1
2 5 4 .4
6 .8
2 6 .9
500,.6

2597
1290
250
1056
154
78
3
264
7
26
521

1703
213

1866..7
301 ,
.8

2 0 3 9 .0
295,.7

217
88

233..4
96..3

2 5 1 .5
94 ,
.7

75
566
89
149
169
59
15

72..7
595.. 1
97..2
164..7
128..4
87..7
14.. 1
3. 8
40..9
30..7

80,.0
653..9
97..8
188..4
147..8
118..7
16..3
6..3
50.,9
36.8

2 3 1 5 ,.6
337..7
11 . 1
273..5
98..2
4 .0
.
8 9 .. 1
719. 5
103., 1
211 .. 1
157..7
169..3
20..8
11 .
.7
73;.0
35 .8

2 4 6 1 .0
337 .4
19 .5
3 1 2 .2
102,.8
14,.0
86..7
779,.4
110,. 1
233,.4
163..0
172,.4
15 .2
15..2
64.4
35,.3

2 5 1 6 .5
353 .3
21 .7
326 .8
.3
101 ,
14,.0
84,.9
800..3
Ill ..7
241 .. 1
166..9
172..7
14 ,
.4
15..1
57 .
.7
34..8

2 5 9 7 .7
359 .8
2 3 .8
339,.9
102,.9
16,.0
86.5
8 2 9 ,.4
113,.5
249,.5
165..8
180,. 1
13,.5
16,.7
6 6 .4
.
33.,9

L . 2 1 4 M u t u a l Fund

.9
.0
. 1
.9

133 .5
109 .4

1309 .9
473,.2
56,.4
6..8
3..0
93..3
2..0
12..7
160.,4
0. 7
0. 3
206. 1
5 6 .,2
123. 3
9. 3
106. 1

1307
1062
32
1029

.0
.4
.9
.6

135 .0
109 .5

1 3 0 7 .0
4 5 9 .0
54 ,
.9
4 .7
,
4..4
93..3
2..0
12..8
163..8
0..7
0. 5
2 1 0 ..2
57.. 1
127. 7
12. 7
103. 1

1304
1060
34
1026

. 1 Total liabilities
S t a t e and l o c a l g o v e r n m e n t s
.7
Short-term C1)
. 1
.6
Long-term

135 .9
107 .6

1
2
3
4

Nonprofit organizations (2)
Nonfin. corporate business
(industrial revenue bonds)

5
6

1304,. 1 T o t a l a s s e t s
450,
Household sector
52,.0
Nonfin . corporate business
S t a t e and l o c a l g o v e r n m e n t s
.5
Govt.-spons. enterprises
3.. 9
Commercial banking
92. 9
Savings institutions
2.,0
Life insurance companies
13.,2
166. 8
Other insurance companies
Private pension funds
0. 7
St.&loc. govt. rtr. funds
0. 5
Mutual funds
211 .4
57. 1
Closed-end funds
Money m a r k e t mutual funds
141 .0
B r o k e r s and d e a l e r s
8. 8
Bank personal trusts
100. 6

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

of 13 m o n t h s or l e s s .
and n o n p r o f i t o r g a n i z a t i o n s s e c t o r
and L . 1 0 0 ) .

(F.100

Bonds

1866 .7
1086 .9
130 .5
6 4 9 .3
113 .2
14 .7
8 .6
190 .2
3,.0
19..0
300,.8

2,

1309
1067
31
1035

original maturity
of the h o u s e h o l d s

1703
1008
115
579
108
7
12
178
2
15
254

28
27,

1996
I

and L o a n s

102 .7
114 .0

L.213

IV

III

I
I

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

2 6 7 9 .5
1305 .8
2 6 3 .4
1 1 1 0 .2
159 .4
8 2 .8
3. 1
272 . 1
7 .9
2 7 .4
5 5 7 .5

2 7 6 6 .3
1326 .3
281 . 1
1 158 .9
161 . 1
8 4 .4
3. 1
2 8 4 .7
8 .5
29 .3
5 8 7 .9

2823 . 1 Total liabilities
1341 .0
Nonfin. corporate business
R e s t of the w o r l d ( 3 )
2 9 2 .4
Financial sectors
1 189
Commercial banking
156 .2
100
Funding corporations
Savings institutions
2 . 9
Finance companies
2 9 1 .4
9 .0
REITs
21 .4
B r o k e r s and d e a l e r s
608..6
ABS issuers

2679.5
3 9 9 .9
2 0 .2
3 5 4 .2
108 .9
20,.0
8 4 .8
8 3 8 ,.4
115..0
256..3
162..6
187,.0
13..5
18 ,
.8
66.8
33..0

2 7 6 6 .3
4 1 8 .6
2 5 .0
3 6 9 .3
111 .2
23,.8
78..5
8 5 6 ..3
117,.0
2 6 7 ..0
160..4
195..7
13..4
21.5
76,.4
32..2

2 8 2 3 .. 1 T o t a l a s s e t s
405.8
Household sector
23.. 1
Govt.-spons. enterprises
386., 9
R e s t of the w o r l d ( 4 )
110.. 1
Commercial banking
Funding corporations
29. 8
75.,6
Savings institutions
8 7 6 ..0
Life i n s — a n c e companies
O t h e r in trance c o m p a n i e s
118. 1
277. 4
Private pension funds
St.aioc. govt. rtr. funds
169. 9
205. 5
Mutual funds
13. 4
Closed-end funds
Money market mutual funds
24. 6
75. 3
B r o k e r s and d e a l e r s
31 .5
Bank personal trusts

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27

Shares

608.

7 6 9 .5

9 9 2 .5

1375 .4

1477 .3

1553 .3

1661 .,0

1782 .0

1 8 5 2 .8

2 0 0 4 ..8 S h a r e s

608.
471 .
9.
1 .
1 .
30.
30.
62.

7 6 9 .5
5 9 3 .3
14 .8
3,.7
2 .6
13 .1
48..4
93..6

9 9 2 .5
741 ,.0
21.. 1
3..4
4.. 1
16..9
78..0
128,. 1

1375 .4
9 9 8 .4
29 .8
3,.9
4 .2
.9
131 .8
183,.5

1477 .3
1058 .9
31 . 1
2 .0

1553
1093
34
2

1661 ..0
1156..3
38., 1
2. 4

1782 .0
.9
1224 ,
4 2 .0
.6
2,

1 8 5 2 .8
1264,.7
47..8
2,.3

H o l d i n g s at m a r k e t v a l u e
1364 . b
Household sector
Nonfin. corp business
49..8
Commercial banking
2,.5
Credit unions
Life insurance companies
17..0
Private pension funds
302,.8
Bank personal trusts
2 6 8 .. 1

2
3
4
5
6
7
8
9

1
2
3
4

7 .4
175 .6
2 0 2 .4

9 .0
197 .9
2 1 6 .7

L.215 Corporate Equities

10.,0
225. 9
228. 3

11 .0
256,.4
245.. 1

14.. 1
2 6 7 ,,9
256..0

at m a r k e t

value

00

-3
.0
.5
. 1

1

(5)

5 4 6 2 .9
3968.8
178.. 1
1316 .1

6 2 7 8 .5
4393.. 1
2 9 7 .7
1587 .7

6293..4
4470.. 1
313..9
1509..4

6 8 3 5 .8
4 8 5 4 .5
317.. 1
1664 .2

7 3 9 3 .0
5 2 4 0 ..9
326..4
1825 .8

8013
5609
347
2057

.8
. 1
.3
.4

8345
5833
361
2151

.4
.0
. 1
.2

8 8 2 0 .5 S h a r e s at m a r k e t v a l u e
Nonfin. corporate business
6139.. 1
R e s t of the w o r l d (3)
383..4
Financial corporations
2 2 9 8 .1

9.
190.

4 8 6 3 .6
2 6 5 2 .7
2 9 9 .0
3 .8
10..3
151 .4
94.
686..6
386..6
308..9
21 ..8
14..3
2 3 4 ..2

5 4 6 2 ..9
2 9 1 8 ..9
329,.0
3..4
11 .2
175..5
97..3
8 2 1 .9
4 4 8 ..9
4 0 1 ..3
23.8
14..8
2 1 6 ..9

6278..5
3285..4
372,.9
4,.3
12,.5
2 2 8 .0
103,.4
924..9
506..7
607..4
27..7
24,.2
181..0

6293..4
3198..8
337..9
2..9
10..4
274..4
112..1
921..4
507..4
709..6
33..1
20..1
165..3

6 8 3 5 .8
3507..7
334..1
2..8
11 .3
291 ,
.7
121 ..6
988..0
562,.4
784..3
35..3
2 2 .0
174,.7

7393,.0
3801 ,
.0
339.-5
3,.0
12,.6
314..6
131 ..0
1044 ..1
611 ..3
8 8 6 ..2
37,.3
23 .
.9
188..6

8013
4134
344
4
13
341
140
1111
668
991
39
26
197

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

8345
4312
353
5
14
356
148
1148
705
1024
40
34
200

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

8 8 2 0 ,.5 H o l d i n g s at m a r k e t v a l u e
Household sector
4 5 2 3 ,.0
R e s t of the w o r l d (4)
357,.4
Commercial banking
5,.2
Savings institutions
15,.9
Life insurance companies
378..2
Other insurance companies
158..2
Private pension funds
1191..9
S t . & l o c . govt. rtr. fnds
752..4
Mutual funds
1159.. 1
Closed-end funds
43..8
B r o k e r s and d e a l e r s
27..8
Bank personal trusts
2 0 7 ..5

5
6
7
8
9
10
11
12
13
14
15
16
17

3312.

4 5 7 0 ..9

5145. 5

5 8 2 1 ..2

5 8 1 1 ..2

6337..0

6 8 7 1 ..5

7 4 5 4 .5

M e m o : M a r k e t v a l u e of
corporations
8 2 0 2 ..2

18

3530.
2610.
110.
809.

4863
3614
158
1090

3530.
1760.
243.
2.

8.

97.
79.
592.
296.
233.

16.

.6
.7
.8
.1

(3)
(4)
(5)
(6)

7 7 5 5 .7

domestic
(6)

H o l d i n g s of f o r e i g n i s s u e s by U . S . r e s i d e n t s .
H o l d i n g s of U . S . i s s u e s by f o r e i g n r e s i d e n t s .
E x c l u d e s m u t u a l fund s h a r e s s h o w n a b o v e .
S u m of l i n e s 2 and 4 l e s s the s u m of l i n e s 8 . 11, 1 5 , and 16;
l i n e 1 e x c l u d e s i n t e r c o r p o r a t e h o l d i n g s of n o n f i n a n c i a l c o r p o r a t i o n s .