Full text of Z.7 Flow of Funds Summary Statistics : June 6, 1990

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FEDERAL RESERVE statistical release
For immediate release
June 6, 1990

Z.7 (788)

FLOW OF FUNDS STOMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally
adjusted annual rate of nearly 8 percent in the first quarter of 1990,
in line with the pace of the fourth quarter of 1989 and last year. Federal
debt growth picked up significantly in the first quarter, owing in part to
increased borrowing related to the resolution of thrift industry problems.
In contrast, nonfederal debt growth, at a 6-1/4 percent annual rate, was
noticeably below quarterly rates of increase recorded in recent years.
Most of the slowing in nonfederal debt growth in the latest quarter
occurred in the household sector. Business debt growth remained at the
moderate pace of the last half of 1989, coinciding with slackened net
equity retirements.
Net borrowing by domestic nonfinancial sectors in the first
quarter amounted to $771 billion, at a seasonally adjusted annual rate, and
the level of total debt outstanding for domestic nonfinancial sectors
reached almost $10 trillion. Debt of nonfederal sectors accounted for
$7.6 trillion of this total with the federal component equaling
$2.4 trillion (see Tables 1 and 2).
A. Growth of Major Debt Aggregates1
(Percent changes; quarterly data are seasonally adjusted annual rates)
Total
domestic
nonfinancial
debt
(1)

Nonfederal
U.S.
govt.
(2)

Total
(3)

Households
(4)

Nonfin.
business
(5)

State &
local
govts.
(6)

1987
1988
1989

9.1
9.1
7.8

8.0
8.0
7.1

9.4
9.4
8.1

10.5
10.1
8.8

8.9
9.4
8.0

6.6
5.5
4.3

1988--I
II
III
IV

8.6
9.6
8.6
8.3

10.8
5.6
8.0
6.8

7.9
10.8
8.8
8.7

8.3
11.8
9.7
9.2

8.2
10.6
8.6
8.8

4.3
6.7
5.0
5.4

1989--I
II
III
IV

8.2
7.2
7.2
7.7

9.4
3.3
6.8
8.1

7.9
8.5
7.4
7.6

7.7
8.1
8.6
9.6

8.5
9.5
6.6
6.6

5.2
4.8
5.0
2.0

1990--I

7.9

13.0

6.3

6.5

6.3

5.5

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)
Domestic
nonfinancial
sectors

Foreign

Financial
sectors

Total:
All
sectors

Memo:
Private
financial assets

1987
1988
1989

9.1
9.1
7.8

2.1
2.8
3.9

20.1
13.1
10.1

10.7
9.6
8.2

7.0
8.5
7.7

1988-1
II
III
IV

8.6
9.6
8.6
8.3

2.0
2.2
1.7
5.4

11.7
13.0
11.1
15.1

9.0
10.0
8.9
9.4

7.0
8.4
10.3
7.1

1989-1
II
III
IV

8.2
7.2
7.2
7.7

-.9
.1
10.3
6.1

18.6
5.3
5.9
9.0

9.9
6.7
7.1
7.9

7.4
8.1
8.7
5.7

.

1990-1
7.9
6.5
8.2
7.9
7.3
1. Holdings of deposits and credit market claims by households, nonfinancial
business, and state and local governments.
Explanatory Notes
Growth rates in the summaries above are seasonally adjusted flows from Table
2 divided by seasonally adjusted outstandings 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. The series have been
adjusted to remove statistical discontinuities. Therefore, growth rates calculated
from changes in outstandings as printed in Table 1 can differ from those shown above.
The following list gives the lines in Tables 1 and 2 that underlie the
calculation of growth rates shown on table A, page 1 of this release:
Growth Table A (column)
Tables 1 and 2 (row)
Total domestic nonfinancial
U.S. government
Private domestic nonfinancial
Households
Nonfinancial business
State & local governments

1
2
3
4
5
6

1
2
5
21
22
20

Debt of domestic residents includes credit market funds borrowed from both
domestic and foreign sources, while foreign debt represents amounts borrowed by
foreign financial and nonfinancial entities in U.S. markets only. Financial sectors
consist of U.S. government-sponsored credit agencies, federally related mortgage
pools, and private financial institutions. Credit market debt excludes trade debt,
loans for the purpose of carrying securities, and funds raised from equity sources.
It consists of debt securities, mortgages, bank loans, commercial paper, consumer
credit, government loans, and other forms of loans included in Table 1.
Subscriptions to this summary release, or to the full statements for
sectors and transaction types in flows and amounts outstanding (the Z.l release),
may be obtained through:




Publications Services, Stop 138
Board of Governors of the Federal Reserve System
Washington, DC 20551
(202) 452-3245

TABLE 1

2 7 , JUNE 6, 1990
Credit Market Debt

Credit Market Debt
S u m m a r y of Credit Market Debt O u t s t a n d i n g
PERIOD-END LEVELS

PERIOD-END LEVELS
I
I

1987

1986

1985

1984

1988
III

IV

1
I

1989
II

I

I
I

IV

III

1990
I

Credit 1

1

5951. 8

6795. 1

7631 .2

8335. 0

8856. 6

9080. 8

9240. 7

9415. 1

9591. 5

9806. 5

Total
dor
9987. 4

2
3
4

1376. 8
1373. 4
3. 4

1600. 4
1597. 1
3. 3

1815. 4
1811. 7
3. 6

1960. 3
1955. 2
5. 2

2065. 9
2051. 7
12. 2

2117. 8
2095. 2
6

2155. 7
2133. 4
22. 3

2165. 7
2142. 1
25. 6

2204. 3
2180. 7
23. 5

2267. 6
2245. 2
22. 4

2359. 1
2329. 3
29. 8

U ,S. government
T r e a s u r y issues
A g e n c y issues & mortgages

5

4575. 1

5194. 7

5815.8

6374. 7

6792. 7

6965. 1

7084. 9

7249. 4

7387. 2

7559. 0

7628. 4

Pf
n o n f i n a n c i a l sectors
Debt
capital instruments
1
T a x - e x e m p t obligations
C o r p o r a t e bonds

5
6
7
8

6
7
8

3038. 0
520. 0
469. 2

3485. 5
655. 5
542. 9

3957. 5
679. 1
664. 2

4428. 0
715. 2
764. 1

4765. 5
746. 1
855. 6

4881. 8
759. 8
878.,2

4971. 9
764. 7
905. 5

5079. 8
769. 9
935. 5

5186. 1
781. 5
960. 9

5294. 2
785.,2
992..5

5372.,1
792. 1
1014. 5

9
10
11
12
13

2048. 8
1336. 2
183.,6
416. 5
112.,4

2287. 1
1490. 2
213. 0
478. 1
105. 9

2614, 2
1720. 8
246..2
551. 4
95. 8

2950. 7
1945. 1
270. 0
648. 7
88. 9

3163. 6
2117. 8
281.,0
677..9
87..0

5245. 8
2175..9
286..7
696,.4
86,.8

3303. 9
2215. 1
290. 4
712. 5
86. 0

3374. 6
2271.,5
294. 2
722. 2
86..7

3443 .7
2328..9
297,.5
730 .8
86 .6

3516..4
2388.,9
301..1
740..0
86. 5

3565. 6
2426.,0
305..0
748..2
86..4

Mortgages
Home mortgages
M u l t i f a m i l y resid.
Commercial
Farm

9
10
11
12
13

14
15
16
17
18

1537. 1
519,.1
553,.1
58,.5
406 .2

1709. 3
601. 8
592 .7
72.,2
442,.6

1858,.4
659. 8
656,.1
62,.9
479 .6

1946.,7
692..7
664. 5
75. 8
516 .0

2029,.4
721 .2
687 .7
8 0 .5
5 4 0 .2

2081,.3
745 .7
702 .6
8 5 .4
549 .5

2115..0
741,.7
715 .9
96,.1
559,.4

2169..7
756,.7
729,.4
110 .1
573 .5

2201
771
743
113
573

2244
790
758
107
588

.8
.6
.3
.8

2256..3
775 .4
757,.4
123 .7
599 .8

Other debt instruments
C o n s u m e r credit
Bank loans n.e.c.
C o m m e r c i a l paper
Other

14
15
16
17
18

19
20
21

4 5 7 5 .1
383 .0
2018 .2

5194,,7
473,.9
2295,,5

5815 .8 6574 .7
545 .7
510 . 1
2591 .8 2864 .5

6 7 9 2 .7
5 6 5 .7
3068 .0

6965
575 is
5151 .7

7084 .9
578 .5
3200 .8

7249 .4
584 .8
3269 .5

7387 .2
595 .1
3348 .2

7539 .0
598 .1
3442 .2

7628 .4
603 .8
3474 .7

22
23
24
25

2173
187
769
1216

.5
.5
.4
.6

3159 .0
145 .6
1172 .6
1842 .9

5257 .9
137 .6
1200 .9
1899 .4

3305
136
1223
1945

.6
.7
.5
.5

3395 .5
139 .4
1239 .5
2016 .6

5443 .9
137 .7
1249 .1
2057 .2

3498 .6
137
1265 .0
2096 .5

3549
138
1279
2132

255.2
94.2
22.6
57.5
80.9

259.4
94.2
21.4
63.0
80.9

.9
.9
.0
.9

2425
173
898
1353

.4
.4
.3
.6

2714
156
1001
1555

.0
.6
.6
.8

2966
145
1109
1711

26
27
28
29
30

233 .6
68 .0
30 .8
27 .7
107 .1

234 .7
71 .8
27 .9
33 .9
101 .1

236 .4
74 .9
26 .9
37 .4
97 *

242 .9
8 2 .5
25 .5
41 .2
96 .1

246.1
87.4
22.7
46.3
89.8

249.8
89.2
21.5
50.9
88.3

249.5
90.5
54.4
83.0

21.6

249.7
92.1
22.7
52.7
82.2

31

6185 .4

7029 .9

7867 .6

8 5 7 8 .0

9102.8

9330.7

9490.1

9664.8

.1
.0
.6
.3
.2

By' borrowing sector:
S t a t e 8 local governments
Households

19
20
21

.8
.3
.2
.3

N o n f i n a n c i a l business
Farm
N o n f a r m noncorporate
Corporate

22
23
24
25

264.1
96.4
19.6
68.2
79.9

F o r e i g n credit market debt
held in U.S.
Bonds
Bank loans n.e.c.
C o m m e r c i a l paper
U.S. govt. 8 other loans

26
27
28
29
30

9846.7 10066.0 10251.5 T o t a l nonfinan.domestic 8 fgn. 31

Credit M a r k e t Debt Owed by F i n a n c i a l S e c t o r s

1

1010.2

1213.2

1563.6

1885.5

1996. 5

2084. 1

2191. 5

2229. 9

2262. 8

T o t a l credit market debt owed
by financial sectors

1

2527. 3

2351. 4

U.S. government-related
Sponsored credit ag. sec.
M o r t g a g e pool securities
L o a n s from U.S. government

2
3
4
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.
O p e n - m a r k e t paper
F e d . Home Loan Bank loans

6
7
8
9
10
11

2
3
4
5

531.2
237.2
289.0
5.0

632.7
257.8
368.9
6.1

844.2
273.0
565.4
5.7

1026.5
303.2
718.3
5.0

1054. 6
328. 5
721. 1
5 0

1098. 4
548. 1
745. 5
5. 0

1140. 8
564. 5
771. 5
5, 0

1166.,5
569. 0
792. 5
5. 0

1202. 6
570. 4
827. 2
5. 0

1254. 1
373. 5
875. 8
5. 0

1282. 5
376. 0
901. 5
5,,0

6
7
8
9
10
11

479.0
153.0
2.5
29.5
219.5
74.6

580.5
204.5
2.7
32.1
252.4

88.8

719.5
287.4
2.7
36.1
284.6
108.6

859.0
366.3
3.1
32.8
323.8
133.1

941,,9
406. 4
3, 1
52,,9
558,.0
141 .6

985.,7
418. 0
5, 4
54..2
577..4
152. 8

1050.,5
458..6
5. 5
52..2
592 .5
165 8

1065. 5
466. 1
3. 5
33 8
398..5
161..9

1060. 2
472, 7
3. 5
34..1
598. 8
151 .1

1073. 2
483. 0
3. 4
36. 0
409.-1
141. 8

1068..9
491. 3
3..3
35 .4
406.. 1
132,.9

1010.2

1213.2
263.9
368.9

1563.6
278.7
565.4

1885.5
308.2
718.3

1996 .5
555,.5
721,.1

2 0 8 4 .1
555 .1
745 .5

2191 .5
569 .5
771 .5

2229 .9
374 .0
792 .5

2262 .8
575 .4
8 2 7 .2

2327..5
378 .5
8 7 5 .8

2351,.4 T o t a l , by sector
Sponsored credit agencies
381 .0
M o r t g a g e pools
901 .5

12
13
14

580.5
79.2
106.2
98,9
4.4

719.5
75.6
116.8
119.8

859.0
82.7
131.1
139.4
16.7
378.8
7.3
103.1

941 .9
76 .6
156 .5
148 .1
18 .1
4 2 7 .7
7 .6
127 5

985 .7
78 .8
156 .2
159 .5
18 .6
445 .8
11 .4
155 .7

1050 .5
75 .5
140 .0
170 .1
17 .8
4 6 4 .5
11 .1
175 .8

1065 5
74 5
141 .2
167 .9
17 .7
478 .0
10 .6
175 .5

1060 .2
77 .0
144 .0
155 .7
17 .5
481 .2
10 .0
174 .9

1073 .2
77 .4
142 .4
145 .2
17 .2
496 .5
10 .1
184 .4

1068 .9
76 .4
142 .3
134 .7
16 .9
496 .1
9 .9
192 .8

P r i v a t e financial sectors
C o m m e r c i a l banks
Domestic affiliates
S a v i n g s and loan assns.
M u t u a l savings banks
F i n a n c e companies
REITs
S C O issuers

15
16
17
18
19
20
21
22

12
13
14
15
16
17
18
19
20
21
22

242.2
289.0
479.0
84.1
89.5
81.6
2.9
203.0
4.3
13.5

261.2

5.6
25.0

8.6

328.1
6.5
64.0

Total C r e d i t M a r k e t D e b t O u t s t a n d i n g , A l l S e c t o r s , by Type

1
2
3
4
5
6
7
8
9

7 1 9 5 ,,7
1 9 0 2 ..8
5 2 0 ..0
6 9 0 .1
2051..4
519
613
505
592

5
.4
.7
.9

8 2 4 3 ,,1
2 2 2 7 ..0
655. 5
819,.2
2289 8
601
652
358
638

,8
.7
S
.6

9 4 5 1 ,.2

10465, 4

11099.3

12109, 5

5516 .7
785,.2
1 5 6 9 ..6
5519.8

5 6 5 6 ,.5
792,.1
1602,.2
5568 .9

790,.6
815,.6
579 .2
816 .5

7 7 5 ..4
8 1 2 .4
5 9 8 ..0
817, 5

2655 .8
6 7 9 ..1
1 0 2 6 .. 4
2617 .0

2 9 8 1 . .8
7 1 3 .. 2
1212 .7
2 9 5 3 ,. 8

5113.5
746.1
1347.4
3164.7

3211.1
759.•
1585.4
3247.2

5291.&
764.7
1452.5
3307.4

5327.2
769.9
1493.5
3578.1

.8
.1
.9
.1

692 .7
720 .3
4 5 8 .8
750 .2

721.2
743.3
484.6
776.5

743.7
758.3
513.6
795.6

741.7
769.7
545.1

756.7
785.8
561.1

7 7 1 .. 0
8 0 0 ..3
569 .6
810 .2

659
719
584
691

1 2 5 9 5 , 5 1 2 6 0 2 , 9 T o t a l credit market debt

11681.5

5401, 8
781,,5
1527, 8
5447, 3

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY




11414.8

811.1

822.6

1

U.S. government securities
T a x - e x e m p t obligations
C o r p o r a t e and foreign bonds
Mortgages

2
3
4
5

C o n s u m e r credit
Bank loans n.e.c.
O p e n - m a r k e t paper
O t h e r loans

6
7
8
9

T A B L E

Z7, J U N E 6, 1990
F u n d s R a i s e d in Credit Markets

2
F u n d s Raised

S u m m a r y of Net Funds Raised
QUARTERLY NET FLOWS. $ BILLIONS

Q U A R T E R L Y NET FLOWS, $ B I L L I O N S

1989
II

(NSA)

III

in Credit M a r k e t s

in Credit and E q u i t y M a r k e t s

IV

I
I

1990
I

I

I
I

I

II

III

IV

1990
I

Net Credit Market Borrowing by Nonfinancial Sectors

""(SAAR)"'
684,.7

741 .1

Total net borrowing by domestic
771.2
n o n f i n a n c i a l sectors

149,.0
149., 1
-.,2

179..4
184,.0
- 4 ,.6

295.8
266.2
29.6

U.S. government
T r e a s u r y issues
A g e n c y issues 8 mortgages
P r i v a t e domestic
n o n f i n a n c i a l sectors

1

145,.9

174,.5

176.4

215,.0

153,.9

748,.9

672..4

2
3
4

37. 9
38,.2
3

10,.0
8, 7
1, 3

38.6
38.6

63,,3
64. 4
-1. 1

64 5
57..1
7. 4

199..9
201..1
-1.,2

70..9
65. 8
5.,1

5

108 .0

164 .5

137 .8

151 .7

8 9 .4

549 .0

601 .5

535 .8

561 .7

4 75 .4

"

6
7
8
9
10
11
12
13

90
4
25
60
41
3
16

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

107,.9
5,.2
32,.0
70,.7
56..4
3..8
9,.7
0..8

106 .4
11 .6
25,.6
69 .1
5 7 .3
3 3
8 .7
.1

108 .0
3 .7
31 .7
72,.7
60,.0
3,.6
9,.2
.1

78 .0
6 .9
22 .0
49 .1
37..1
3,.9
8,.1
- <.1

4 1 2 .0
29 .3
100 .4
282 .3
205 .6
18 .3
62,.8
- 4 .4

429 .0
23 .0
127 .9
278 .2
217 .7
16..0
42..4
2,.2

400,.2
35..0
102..5
262,.7
207..7
14. 7
40.,2
0., 1

4 0 8 .2
14 .3
126 .6
2 6 7 .3
2 2 8 .7
8 .5
29..3
0..8

364 .5
37 .4
87,.9
239 .2
190,.6
19..7
30..3
,3
-1 .

Debt capital instruments
T a x - e x e m p t obligations
C o r p o r a t e bonds
Mortgages
Home m o r t g a g e s
M u l t i f a m i l y resid.
Commercial
Farm

6
7
8
9
10
11
12
13

14
15
16
17
18

17 .9
- 9 .8
3
9 .8
14,.8

56,.6
15..1
13. 5
13..9
14.,1

31,.4
14,.3
14..3
3,.2
.3

43..7
19. 6
14..6
-6. 2
15..7

11. 5
-15..2
,9
16. 6
11..0

137 .0
22..5
15..6
41..4
57..4

172..5
42..2
35..1
39..2
56..0

135. 6
30. 5
60. 1
16. 7
28. 3

153..4
61,. 1
71..2
-14. 3
35.,4

110. 9
3. 4
- 3 .,0
68. 8
41 .,7

Other debt instruments
Consumer credit
Bank loans n.e.c.
C o m m e r c i a l paper
Other

14
15
16
17
18

19
20
21
22
23
24
25

108 .0
5 .0
36 .2
66 .8
.9
22,.6
4 5 .1

164 .5
6 .3
68 .5
8 9 .7
2,.7
15 .8
71 .1

137 .8
10 .3
78 .9
4 8 .6
- 1 .8
9 .8
40,.6

151.7
3.0
94.0
54.7
-.5
15.9
39.3

8 9 .4
5 .7
30 .3
53 .4
.1
14 .2
38,.1

549 .0
29 .7
243 .7
275 .6
1..0
86,.3
188..2

601,.5
27,.6
260,.9
313,.0
-3..0
66..1
249..9

535 .8
29 .5
282 .7
223 .6
- 9 .4
58 .1
174,.9

561 .7
11 .7
323 .3
226 .7
9 .6
46 . 1
171 .0

4 75 .4
32 .8
223 .6
219 .0
9 .3
52 .8
156..8

By borrowing sector:
S t a t e S l o c a l governments
Households
N o n f i n a n c i a l business
Farm
N o n f a r m noncorporate
Corporate

19
20
21
22
23
24
25

26
27
28
29
30

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

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

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

4.2
-1.2
5.5
-.1

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

-2. 3
3.,2
4..9
10. 2
-20. 7

0. 4
10. 7
1. 7
-6. 1
-5. 9

25,.6
8,.4
- 1 .2
,
20,.4
-2,.0

15 .5
-2,.5
- 5 .8
24 .9
-1..1

31

145. 8

174. 7

181. 8

219.3

158. 5

746. 6

672. 8

710..3

16,.8 F g n . net borrowing in U.S.
6..6
-2..5
Bank loans n.e.c.
16,.0
C o m m e r c i a l paper
-3,.3
U.S. govt. 8 other loans

26
27
28
29
30

756..6

788..0 Total domestic plus foreign

31

Net Credit Market Borrowing by Financial Sectors
Total net borrowing
by financial sectors

1

74 . 8

38.6

32 .9

64,.5

24, .1

387 .2

117,.0

132 .9

205,.9

189,.9

2
3
4
5

42 .4
16 .2
26 .2

25.7
4.7
21.0

36 .1
.4
34, 6

51,.6
2,.9
48..7

28. 3
2..7
25, .7

205..7
84..9
120. 8

101,.4
12,.5
88,.9

129,.7
10 .0
119,.6

186,.3
-6..5
192..8

151.,9
32..0
120..0

6
7
8

12.9
7.5
1.5
5.8
-1.9

- 3 . .2
6. 6
0..1
0..3
0. 5
-10. 8

13..0
10..3
.1
.9
10..3
- 9 , .3

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

181 .5
54 .0
0 .3
3 .0
55 .2
69 - 1

15 .6
31 .4

10
11

32 . 3
12 .6
0 .1
- 2 .0
10 .6
11,.0

0 .3
0 .9
- 1 6 .9

3 .3
24 .9
0 .3
1 .7
2 0 .0
- 4 3 .7

19 .6
37 .7
.6
2. 1
32 .8
- 5 2 .4

38 .0
37
.4
9 .1
1 .7
- 9 .6

12
13
14

74,.8
16,.2
26, .2

38.6
4.7
21.0

32. 9
1. 4
34. 6

64, 5
2. 9
48..7

24. 1
2.,7
25. 7

387 .2
84..9
120. 8

117 .0
12 .5
8 8 .9

132 .9
10 .0
119 .6

205 .9
- 6 .5
192 .8

189 .9 T o t a l , by sector
32,.0
S p o n s o r e d credit agencies
120,.0
Mortgage pools

12
13
14

15
16
17
18
19
20
21
22

32..3
5 4
3 8
10..8
8
14. 1
2
10. 2

12.9
1.2
1.2
-2.2
-.1
13.7
-.5
-.4

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

13..0
0..4
- 1 . .6
- 1 0 .6
.3
15. 3
0..1
9..6

-4 3
- 1 . .0
.1
-10. 5
4
4
3
si 3

181. 5
-13. 4
6..4
71. 3
-2.8
80. 3
9
40. 6

15 .6
.9
6 .5
- 1 6 .2
- 1 .1
30 .9
-2,.2
-1,.4

3,.3
12,.3
16,.8
-48, 3
-3..3
22. 5
-2. 4
5. 7

19..6
-3..5
- 4 .9
- 6 3 ..3
1..4
51..1
0. 5
38. 2

38..0
4 .4
-9..6
- 1 2 ..4
.9
24. 3
-1, 0
33. 3

P r i v a t e financial sectors
C o m m e r c i a l banks
•Domestic a f f i l i a t e s
S a v i n g s and loan assns.
M u t u a l savings b a n k s
Finance companies
REITs
S C O issuers

15
16
17
18
19
20
21
22

.8
.3
.0
.0
.1

843
278
35
135
263

.3
.6
.0
.7
.0

962.5
365.7
14.3
161.8
266.7

977
447
37
131
238

otal net borrowing
U.S. government securities
T a x - e x e m p t obligations
C o r p o r a t e 8 foreign bonds
Mortgages

1
2
3
4
5

42,.2
37 .1
34,.0
33,.1

30
60
57
-17

.5
.6
.1
.3

61.1
67.5
43.4
-18.0

9

-

U.S. government-related
S p o n s o r e d credit ag. sec.
M o r t g a g e pool securities
L o a n s from U.S. government
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.
O p e n - m a r k e t paper
F e d . Home Loan Bank loans

1
2
3
4
5
6
7
8
9
10
11

Total Net Credit Market B o r r o w i n g , All Sectors, by Type
1
2
3
4
5

2 2 0 .5
8 0 .4
4 .9
38 .9
60 .2

6
7
8
9

- 9 .8
1 .3
24,.1
20,.6

10

- 1 9 ..7

11
12

165. 6
57..6

213 .3
35 .7
5 .2
41 .2
70 .7

2 1 4 .7
74 .6
11 .6
34 .3
69 .2

283.8
114.9
3.7
41.9
72.5

182 .6
92 .8
6 .9
32 5
49 .0

1133,.8
405 .6
29 .3
157,.6
282,.6

14 .3
14 .5
8 .5
- 1 2 .4

19*
15.3
9.6
6.3

- 1 5 .2
-3 3
18 .8
1 .0

22 .5
23..6
106..8
105..9

28, 5

- 3 .0

-11.8

-8. 3

-22. 5

43..7

145. 9
-18. 6

179. 3
41. 5

226.9
75.1

162. 2
72. 8

771. 4
222. 4

628..7
27. 2

15
16
18
11

.1
.1
.0
.4

789
172
23
170
278

.9
.7
.4
.6
.9

3 .4
3 .7
86 .5
28 .8

C o n s u m e r credit
B a n k loans n.e.c.
O p e n - m a r k e t paper
Other loans

6
7
8
9

- 1 6 .6
-28.2
27 .3 1
Totals net of changes ii
769.3
743,.9 Net b o r r o w i n g by dom. nonfin. 11
701,.4
207.7
165 .6
268 .5
By U . S . government
12

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

-36. 2
5. 0
-41. 2
-45. 0
2. 5

-9. 0
8. 9
-17. 9
-26, 3
4. 3

-14. 4
10. 0
-24.4
-36. 3
3. 6

-1.2
14.5
-15.7
-23.3
3.6

3. 0
18. 3
-15. 3
-19.5
4. 1

-162. 9
3. 6
-166. 5
-180. 0
10. 0

-48. 8
24..0
-72. 7
-105. 0
17. 3

-41..0
54,.8
- 9 5 ..8
- 1 4 5 ..0
14. 2

9.3
70.8
-61.5
-93.0
14.6

6

1. 3

4, I

8. 3

3.9

0. 1

3. 6

15..0

35..0

16.9

LATEST DATA PRELIMINARY




- 7 ..2
2 '
Total net share issues
-7.
55..9
M u t u a l funds
- 6 3 ..1
All other
- 7 8 ..0
N o n f i n a n c i a l corporations
F i n a n c i a l corporations
16. 5
F o r e i g n shares
purchased in U.S.
-1. 7

1
2
3
4
5
6

Z7, JUNE 6,
Households

TABLE 3

1990

Households
Sector

Statements of Saving and

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

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
1986

1987

1988

1989

|
I III

1988

I
I

IV

1989
I

II

III

I
I

IV

1990
I

H o u s e h o l d s , Personal Trusts, and Nonprofit Organizations
1
2

4064 .5
586 .7

4427..3
648..5

4097. 6
585. 9

4185.2
597.8

4317 .8
628 .3

4400..3
652..6

4455 .9
649 .1

4535 .3
664 .0

4638 .0 P e r s o n a l income
672 .3 - P e r s o n a l taxes and nontaxes

3477.8
3333 . 1
144 . 7
8 4 .9
6 .3
131 .6

3778..8
3574..4
204..4
84..8
15..0
132..6

3511 .7
3362. 0
149. 7
89. 3
6. 9
126. 7

3587 .4
3424 .0
163..4
91 .0
8 .7
137..3

3689 .5
3483 .7
205 .8
83 .3
18 .2
132..1

3747..7
3547,.0
200..7
98,.2
15..3
132..4

3806 .8
3611 .7
195 .1
76 .9
17 .2
143 .3

3871 .3
3655 .2
216,.1
80,.6
9 .3
122,.4

3965 .7 =
3745 .0 220,.7 =
68,.2 •
9.. 1 •
140..0 +

313 .8
390 . 1
703 .9

367.5
412 . 1
779 .5

436..7
432..8
869..5

372. 6
414. 7
787. 3

400..5
419..8
820,.3

439 .4
425..0
8 6 4 .4

446..6
430..2
876..8

432 .5
435 .3
8 6 7 .8

428 .5
440. 5
869..0

437..9 = Net saving
445..7 • C a p i t a l c o n s u m p t i o n
883..6 = G r o s s saving

9
10
11

770,.3
603..8
181 .
.7
406..0
16.. 1

766 .4
643 .4
204 .0
421 . 1
18 .3

826
698
224
455
19

. I
.5
.3
.2
.0

934..7
736..2
243. 5
473..3
19..5

847. 5
699. 4
227. 9
452. 5
19. 0

867..5
718..2
231,.7
467.4
19..2

876..4
722..3
236..6
466..4
19..3

972..0
732..0
241..6
471..0
19, 4

933 .1
752 .2
246.5
486 .1
19 .5

957..4
738. 5
249.,4
469..5
19..7

970. 2 G r o s s investment
C a p i t a l e x p e n d , net of sales
764. 7
R e s i d e n t i a l construction
253..6
Consumer durable goods
491 .3
N o n p r o f i t plant and equip.
19. 8

12
13
14
15
16

166..5
465..6

123 .0
384 .0

127 .6
425 . 1

198..5
482..3

148. 2
458. 0

149..3
424.. 1

154..0
409..8

240. 0
521 .
.0

180 .9
473 .0

218. 8
525..2

205. 5 Net financial investment
Net acq. of financial assets
441 .,9

17
18

1
2

3S26.2
512..9

3777 .6
571 .7

3
5
6
7
8

3012..3
2 8 8 8 .5
124.. 9
78 . 7
17 .5
125,.4

3206
3104
101
73
22
115

9
10
11

346 .4
361 . 7
708 . 1

12
13
14
15
16
17
18

.0
.2
.8
.9
.4
.7

D i s p o s a b l e p e r s o n a l income
Personal outlays
P e r s o n a l s a v i n g , NIPA basis
C r e d i t s from g o v t , insurance
C a p i t a l gains dividends
Net d u r a b l e s in consumption

Dep. 8 cr. mkt.

instr.

3
4
5
6
7
8

(1) 19

19

252..2

293 .6

387 .5

427 .0

475. 9

379..7

435 .2

418.. 0

534 .7

320..0

397..9

20
21
22
23
24

216..9
88..6
120..3
- 2 5 ..0
33..0

126 .3
18 .6
66 .8
19 .6
21.4

175
4
115
37
18

. 1
.2
.7
.2
. 1

217..8
8..6
90..5
33..7
84..9

149. 7
-23. 6
63.8
116. 9
-7. 3

227..5
62., 1
80..5
27 .5
57..4

158.8
- 1 7 .2
8 .3
115 .6
52 .1

170,.3
—86 <.9
103..8
40. 5
112..9

256 .4
- 7 .5
119 .0
17 .2
127 .8

285..5
146..0
131..1
-38. 5
46..8

191..7
9
121.,3
-10. 5
81..8

Deposi ts
C h e c k a b l e dep. 8 curr.
S m a l l time 8 svgs.dep.
Large time deposits
M o n e y mkt. fund shares

20
21
22
23
24

25
26
27
28
29
30

35..2
20..9
-24. 5
39. 3
1 .7
.
-2..2

167 .3
97.4
42 .6
24 . 1
- 1 .6
4 .8

212
128
30
-4
22
34

.4
.9
. 7
. 1
. 1
.8

209..2
141..6
16..8
24..3
18..6
8..0

326. 2
192. 4
49. 7
-6.
19. 4
70. 8

152
157
24
-29
4
-4

.2
.0
.7
.4
.3
.4

276 .4
220 .8
38 .7
- 3 3 .0
1 .2
48 .7

247..6
122..4
-9..6
70..8
43 .0
21..1

278 .3
160 .2
39 .0
10 .6
9 .6
58 .8

34
62
-1
48
20
-96

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

206..2
185..3
-1..9
-4..6
10..8
16..6

Credit mkt. instruments
U.S. govt, securities
T a x - e x e m p t obligations
C o r p o r a t e 8 fgn. bonds
Mortgages
O p e n - m a r k e t paper

25
26
27
28
29
30

31
32

.4
141 .
- 1 2 5 ..0

73 . 1
- 1 .7
- 9 7 .9 - 1 1 4 .0

28..3
-92..5

1 .0
-88. 8

7..5
- 1 9 0 .9

- 6 .0
- 1 5 5 .4

18..9
-15..0

40 .8
- 9 6 .0

59 .4
-103..9

33
34

17..5
185..3

26 .0
169 . 1

25 .3
185 .0

27..9
147..9

22.. 1
111. 7

30 .7
179 . 1

27..5
108..4

24 .2
23 .3

35
36
37

-47..2
9..0
32 .4

- 9 5 .2
- 6 .8
22 . 1

- 8 8 .9
6 .5
25.5

-93..4
8..6
28..6

-95. 6
5. 5
26. 1

-106..8
2..0
28 .2

- 9 1 .1
- 7 .6
24 .8

-88,.0
25..8
25..5

38
39
40
41
42

299 . 1
289 .2
214 .9
55 .0
3 .0

261
271
233
36
-3

297
289
230
53
-2

283 .8
277 .6
219 .4
38 .8
0 .2

309. 8
291 .4
231. 7
43..5
-7. 9

274 .9
283 .5
211 .0
63 .3
9 .8

.8
.7
.7
.4
.9

43
44
45
46

- 2 .2
2 .4
9 .6
6 .6

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

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

2. 8
2. 3
2..7
16.4

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

47
48
49

8 .2
3 .0
- 1 .3

- 1 5 .3
3 .2
.2

0 .8
5 .0
0 .4

9. 3
8..4
0..7

- 1 0 .3
0 .7
1 .1

50

- 6 2 .2

- 6 2 .5

- 6 5 .2

-60..2

- 4 7 .2

.0
.9
.0
.7
.8

.4
.8
.8
.2
. 1

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

30 .2
274 .2

44 . 1
-91..2

Mutual fund shares
Other c o r p o r a t e equities

31
32

29 .4
281 .0

31 .5
.
103..5

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

33
34

- 8 8 .0
I .5
32 .6

-106..8
14..6
31 .5

-85..6
13..9
27,.9

Net inv. in noncorp. bus.
S e c u r i t y credit
M i s c e l l a n e o u s assets

35
36
37

280..9
260..9
221..0
41..4
0,.8

292 .1
282 .7
215 .9
25 .0
5 .5

306 .4
323 .3
236..2
61 .6
- •.5

236..4
223,.6
194..3
8 .0
-4..7

.8
2..2
-9..3
5 S

3 .2
2 .2
23 .2
7 .7

4..2
2 .2
8 .7
10..9

3..7
2..2
11.4
8..7

7 .5
4 .6

15..0
4..6
0 .5

4 .2
4 .7
0 .5

- 2 3 .5
6
0 .5

6.
6..0
0,.7

- 1 2 .0

- 9 5 .2

- 6 5 .3

- 8 8 .4

255
243
204
27
-4

*

2 .2
9 .0
5 .3

Net increase in liabilities
C r e d i t market instruments
Home m o r t g a g e s
Installment cons, credit
Other consumer credit
T a x - e x e m p t debt
Other m o r t g a g e s
Bank loans n.e.c.
Other loans

38
39
40
41
42
43
44
45
46

S e c u r i t y credit
Trade debt
Miscellaneous

47
48
49

-86,.6 D i s c r e p a n c y

50

(1) E x c l u d e s c o r p o r a t e equities.

51
52
53
54
55
56

181..7
5..3
176,.4
67 .1
214,.9
- 1 0 0 ..2

204,.0
5..4
198,.7
70..0
233..0
- 9 9 .0

224
5
219
73
230
-79

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

243. 5
5,
238..3
76,.0
219 .4
-51,.9

227,.9
5..5
222..3
73,.4
231..7
-77..2

231..7
5 .7
226.,0
74..1
211..0
-53.,4

236 .6
5 .5
231 .1
74 .8
204..7
- 4 2 .9

241,.6
5..2
236..4
75,.6
221..0
-55..0

2 4 6 .5
4..8
241 .7
76 .3
215..9
45 .7

249 .4
5 .0
244..4
77,
236..2
- 6 3 .9

Net physical i n v e s t m e n t :
(A) R e s i d e n t i a l c o n s t r u c t i o n
Expend!tures
253..6
M o b i l e homes
5..2
Other
248..4
- C a p i t a l consumption
77 .8
- Home m o r t g a g e s
194,.3
= E x c e s s net investment
-18,.5

51
52
53
54
55
56

57
58
59

406..0
280..6
125..4

421..1
305..4
115..7

455..2
323..7
131. 6

473. 3
340.,7
132. 6

452..5
325,.8
126..7

467. 4
330..1
137..3

466,.4
334..3
132 .1

471..0
338..6
132..4

486,.1
342..8
143..3

469 .5
347 .1
122 .4

(B) C o n s u m e r d u r a b l e s
Expenditures
491.3
- Capital consumption
351.3
= Net investment
140.0

57
58
59

60
61

58,.0
67,.4

32..9
8 2 .8

51,.1
80,.5

39..1
93..5

35..5
91..2

73..1
64 3

22..5
109..6

42..2
90..2

30..5
112..8

61 .1
61 .4

3.4
136.6

- Consumer credit
= E x c e s s net investment

60
61

62
63
64

16.. 1
14.
2..0

18 .3
14 .8
3 .5

19,.0
15,.4
3 .5

19..5
16.. 1
3..4

19,.0
15,.5
3 .5

19..2
15..7
3,.5

19,.3
15,.9
3 .4

19. 4
16..0
3..4

19 .5
16 .2
3 .3

19 .7
16 .4
3 .3

(C) N o n p r o f i t plant and equip.
Expenditures
19.8
- C a p i t a l consumption
16.5
= Net investment
3.2

62
63
64

65
66

14..5*
4..IX

15,.IX
3,.IX

14. 6X
5. 4X

14,.2X
4 -2X

14,.2X
4,. 5X

14, 5X
5.. 5X

14. 8 X
5 . 3X

14..5X
5. IX

14. 6X
5. 5X

22,>8X

22.. 7X

22 2X

21.. 9X

21 8 X G r o s s saving

19..ox
10,.8X
6.. 7X
6..4X

18,. 9X
13,,4X
7, 2X
6.. 7X

19..2X
12, IX
7. 4X
7.,2X

18.. 6X
13..2X
7 . 7X
8..IX

18 . 9X
10,. 9X
5 .8X
5 .5X

Percentages:
14.. 4X
4..IX

Percent Of adj. d i s p o s a b l e income
67

22..7*

68
69
70
71

19, 4X
14,.9%
9,.6%
9,.3%

72

3109.5

 B I L L I O N S OF


21,. 3X
19,. 4X
11 . 6X
7 . 9X
8 . 2X
3302.2

21..8X

22..4X

21,,8X

22,. 2X

19..5X
11 . 9X
8 . 3X
8 -IX

18. 9X
12.»4X
7.. 3X
7..IX

19 ,3X
12,,6X
8 . 5X
8 .OX

19,.4X
11, 5X
7,-4X
7,. 6X

3569.0

3878.6

3608.0

D O L L A R S . L A T E S T DATA P R E L I M I N A R Y .

65
66

14 .4X E f f e c t i v e tax rate
5 ,5X Saving r a t e . NIPA basis
(2):

Capital expenditures
A c q u i s i t i o n of finan. assets
Net increase in liabilities
Credit market borrowing

67
68
69
70
71

3687.1
3791.0
3861.2
3900.9
3961.2 4 0 4 3 . 0 (2) A d j . d i s p o s a b l e income =
72
CNIPA disposable income • govt, insurance credits • capital gains d i v i d . )

TABLE 4

27. J U N E 6, 1990
NonfInancial Corporate Business

N o n f i n a n c i a l C o r p o r a t e Business
Sector Statements of Saving and

Investment

SEASONALLY ADJUSTED ANNUAL RATES

1986

1987

1988

1989

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

1988
IV

I
I

1989
I

II

III

IV

I
I

1990
I

N o n f i n a n c i a l C o r p o r a t e Business, Excluding Farms

1
2
3
4

156 .5
75 .2
91 .8
- 1 0 .4

197 .2
92 .7
96 .9
7 .5

233 .4
105 .0
109 . 0
19 .4

220.6
98.9
118.6
5.1

237.7
107.0
108.6

22.1

242 .2
109 .0
114 .1
19 .2

242 . 1
110 .2
114 .5
17 .5

223 .7
100 .2
117 .5
5 .9

211 .4
94 .3
120 .0
- 2 .9

205 .2
90 .9
122 .5
- 8 .1

209 .8 P r o f i t s before tax (book)
93 .5
Profit tax a c c r u a l s
125 .0
Domestic net d i v i d e n d s
- 8 .7
Domestic u n d i s t . profits

5
6
7
8

49 .5
265 .9
17 .6
522 .7

44 .7
280 .2
15 .8
348 . 3

38 .9
295 .6
26 . 5
380 .2

21.7
515.8
25.7
366.5

38.9
296.6
16.3
575.9

33 .9
302 .1
28 .0
383 .2

29 .2
306 .9
16 .5
370 - 1

24
310
24
365

.9
.8
.1
.7

19 .0
320 .5
24 .3
360 .9

13 .8
325 .0
38
368 .7

9 .9
323 .7
28 .2
353 . 1

C a p i t a l c o n s u m p t i o n adj.
D e p r e c i a t i o n c h a r g e s . NIPA
E a r n i n g s rec. from abroad
U.S. internal funds, book

5
6
7
8

9
10
11

15 .5
6 .8
544 .9

25 . 3
- 1 8 .9
552 .6

17 .4
-25 .0
372 . 5

22.1
-18.7
569.7

-50.4
572.5

28.8

18 .5
-20
381 .6

30 .1
- 3 8 .3
361 .9

19 .6
- 2 0 .5
364 .8

21 .5
- 6 .3
376 .1

17 .2
- 9 .7
376 .2

22 .2 • F g n . e a r n i n g s ret. abroad
- 1 1 .2
Inv. v a l u a t i o n adjustment
364 .1 = Total internal funds • IVA

9
10
11

12
13
14
15
16
17
18
19

282 .5
328 .8
318 .2
314 . 5
2 .4
1 .3
3 .5
7 .2

320 . 3
348 . 3
318 .4
316 .2
1 .1
1 .0
26 . 9
2 .9

347 . 5
380 .4
350 .9
349 . 6
0 .1
1 .2
26 . 5
3 .5

552.5
384.7
365.8
367.6
-2.8
1.1
16.4
2.4

549.6
590.1
556.0
555.1
-.5
1.4
51.4
2.7

347
391
356
354

.0
.8
.8
5
.9
0,.3
32,.9
2,.1

330 .2
376 .0
362 .8
360 .9
0,.6
1,.4
9 8
3 .3

3:6 .6
388,.8
368,.2
369,.3
-2.
1..0
19..0
1 .6
.

333 .3
388 .6
370 .4
374,.6
-5,. 1
0..9
15, 8
2, 4

340 .0
385 .3
.9
361 ,
365,.5
-4,.7
1.. 1
21..1
2..3

337 .5 G r o s s investment
351 .8 C a p i t a l e x p e n d i t u r e s (11
375,.9
Fixed investment
377 . 1
Plant and equipment
-2,.3
Home construction
1,, 1
Multifamily residential
- 2 6 .,9
Inventory change • IVA
2. 8
M i n e r a l rts. from U.S. govt.

12
15
14
15
16
17
18
19

20
21

—46 .5
119 . 3

- 2 8 .0
105 .6

-32 .9
92 . 9

-52.1
94.4

-40.5

110.8

-44. 8
55. 9

-45..8
81. 8

-62. 1
146. 8

55 3
49. 9

-45. 5
98. 9

- 1 4 . 3 Net financial investment
20
126. 3
Net acq. of f i n a n c i a l assets 21

22
23
24
25
26
27
28
29
30

75 .7
20 .0
7 .2
5 .3
12 .2
5 .9
14 .5
5 .1
7 .6

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

35 . 0
15 . 7
8 .0
4 .7
8 .2
-12
6 .6
1 .5
2 .4

5.5
4.6
-10.2
-.1
-6.2
7.5
14.4
-5.0
-5.6

58.2
14.7
9.5
5.9
4.6
-S.5
21.7
4.4
4.8

1. 3
40. 1
0. 4
0. 6
5. 0
-34.4
-9.2
- 4 .4
3. 1

-1. 5
-10. 4
-15. 9
-1. 0
-1. 1
25. 9
9. 7
-4. 7
-3. 9

37., 1
7. 5
-6. 6
-1. 1
3. 2
26. 8
11 .0
-1.4
- 2 .2

-39. 5
11. 1
-8. 9
-3.5
-13. 1
-31. 6
17. 2
-5.4
-5. 3

17. 2
10. 5
-9.5
5. 1
-13. 7
8. 8
19. 6
5
- 2 .8

44. 7
6. 7
2. 2
4. 0
-1.4
6. 0
20. 5
-2. 0
8. 7

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

22
25
24
25
26
27
28
29
30

31
32
33
34
35
36
37

0,,1
3 .2
16,.2
24,.1
12. 4
2..1
10,.3

2 ,4
2,. 1
66 .4
26..9
55,.1
6,.9
26 .2

2 .6
- 2 .2
16 .6
40,.9
15,.0
,4
15. 5

-.8
2.1
51.4
58.4
28.4
6.6
21.8

0.5
-3.2
7.5
47.9
29.7
0.9

10.8

-15.5

28.8

50.8
7.9
-2.5
10.4

6 .6
-1 .4
30 .5
74 .2
48 .5
17
51 .4

1 .3
4 .5
32 .7
51 .0
21 .2
5 .1
26 .5

4 .1
3 .2
23 .2
51 .2
18 .2
8 .1
10 .1

- 7 .8
2 .0
25 .3
62
29 .0
11 .7
17 .3

C o n s u m e r credit
Mutual fund shares
Trade credit
M i s c e l l a n e o u s assets
Foreign dir.Invest.(2.5)
Equity, etc.
Retained earnings

31
32
33
34
35
36
37

38
39
40

4..2
0.,1
7. 4

10..9
0.,4
- 1 7 . ,4

- 1 . ,0

1.4

-4.2

-4.0

27.,0

28.6

41
42
43

165. 8
125. 0
-80. 8

133. 6
69..0
- 7 6 . ,5

125. 9
67. 0
-130. 5

146.5
65.5
-150.8

44
45
46

205. 7
-9. 9
121. 5

145. 5
9
99, 9

197, 5
0,,1
114. 1

47
48
49
50

28. 5
9
0. 5
25. 9

15.6
. 0, 9
0. 7
15. 9

51
52
55
54
55
56

49. 7
11. 1
-9. 5
2
11. 5
1. 5

57
58
59
60
61
62

6.2

19.5

2 .4

- 1 .0

25 .5

50 .8

151.2
77.0
-92.0

100.7
14.4
-195.0

-180.0 - 1 0 5 .0

209 .0
144 .9

196.0
-1.1
114.5

169.0
1.1
110.9

209.4

188.2

98.4

100.4

14. 1
0. 1
1. 0
15. 1

4.5
-2.3
0.9
5.8

15.7
-.4
1.1
15.0

16.6

10.2

4. 6
1. 9
2. 5
5, 1
16. 9
0. 1

52. 6
11. 0
11. 6
6
is! 8
-i. 0

52.4
11.2
20.8
5.2
11.1
- .4

-.5
12.7
17.1
-2.4
16.7
5

5. 6
5. 1
56. 1
35. 4
0. 7

7
is! 0
47. 5
45. 4
1. 9

-i. 9
5. 2
57. 6
51. 9
5.7

1.9
19.8
59.5
57.9
1.6

5.9
14.5
55.8
47.4
6.4

-5.9
15.1
77.0
67.0

62. 6

52. 4

25, 0

57.2

22.7

15. 1
74. 1

48. 4
95. 9

15. $
109. 2

65
66

159. 7

114. 6

128. $

117.7

69.5
70.5
45.0%

68

2.0

39.6
57.0
25.7

26.9

65
64

67

0.8
12.2

64.0
70.8

50.9
48.5

11.6
112.4

-7.5

5.2

1 .0
32

•

Insurance r e c e i v a b l e s
38
E q u i t y in sponsored ags. 39
Other
40

•l

33 .1

105 .2
29 .9
- 1 4 5 .0

144 .2
78 .0
- 9 3 .0

140 .6
78 .8
- 7 8 .0

249 .9
- 5 .8
127,.9

174 .9
.2
102,.5

171 .0
-1 .7
126,.6

156 .8
0 .7
8 7 .9

12,.5
.7
0..9
15.,1

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

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

1 .8
-1,.9
0,.9
2 .8

40. 6
10. 5
59. 2
6. 1
16. 7
0. 4

54. 5
15. 2
16. 7
2. 1
8. 9
-1. 9

50..8
1,.9
-14. 5
3.,5
5. 9
2. 2

- 2 5 .1
9 2
68. 8
7. 2
3. 7
2. 5

10.0

85.8
87.0
-5.5

-5. 6
15. 5
52. 5
48. 0
4. 5

-7. 5
26. 7
55 8
54. 1
1. 7

0. 7
19. 5
46. 2
42. 4
3. 8

5. 2
14. 9
41. 7
42. 5
6

54.6

51.7

58. 1

42. 7

36. 2

26. 6 D i s c r e p a n c y

- .8

1.5
0.9
14.2

66.1

-5.0

20.0
-1.1
11.5
1.7

-2.9

127.6

8.2

1.1

0.5

1.0
8.8
4.0
19.2
41.4
1.5

12.8

-2.2

17.5

18.0

21.6

15.0
129.9

5.9
124.9

5.9
106.9

156.4
115.5
125.2

101.5
75.4
92.8

121.2

112.1

49.8
69.9

90.5
66.4
86.5
44.5%
96.6%
44.5%

120.8

121.2

88.1

78.5
100.0

125.7
45.5
65.7

114.2
95.5
104.5

111.7
76.6

45.0%

69
70

48.0%
95.5%
61.9%

47.0%
98.7%
41.7%

102.1%
51.9%

44.8%
104.0%
50.9%

45.0%
104.7%
45.5%

102.6%
55.4%

45.5%
105.8%
50.0%

44.7%
106.5%
64.2%

44.6%
105.5%
45.0%

44.2%
102.4%
44.5%

71
72
75

5 .5
6 ,8
- 5 , .5

26,.9
- 1 8 ,9
45 ,9

26.5
-25.0
51. 5

16,.4
- 1 8 .7
55 ,1

31 .4
- 3 0 .4
61,.8

52. 9
-20. 1
55. 0

9.8
-58.5
48.1

19 .0
-20. 5
59 5

15.8
-6.5
22.1

21.1
-9.7
50.8

74
75

522, .1
$22. 7

567. 2
548. 5

405.4
580.2

40$..4
$66.,$

420 5
57$..9

411. 9
585. 2

414.5
570.1

409. 5
565..7

594.9
560.9

76

6

18, 9

25.3

$7 .0

46 .6

28. 7

44.2

45..6

10.4
91.5

Net increase in l i a b i l i t i e s
Net funds raised in m k t s .
Net new e q u i t y issues
Debt i n s t r u m e n t s
T a x - e x e m p t debt
Corporate bonds

(5)
(2)

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY.

41
42
45
44
45
46

Mortgages
Home mortgages
Multifamily
Commercial

47
48
49
50

Bank loans n . e . c .
L o a n s from foreign
C o m m e r c i a l paper
A c c e p t , liabs. to bks.
N o n b a n k finance loans
U.S. g o v e r n m e n t loans

51
52
55
54
55
56

Profit taxes payable
Trade debt
Fgn.dir.Invest.in U.S.(5)
Equity, etc.
Retained earnings

Memorandum Items:
T r a d e credit net of trade debt
P r o f i t s tax p a y m e n t s
Debt s u b t o t a l s :
S e c u r i t i e s and m o r t g a g e s
L o a n s and s h o r t - t e r m paper
Total s h o r t - t e r m llab. (4)
Percent ratios:
E f f e c t i v e tax rate
C a p i t a l o u t l a y s / i n t e r n a l funds
C r . m k t . b o r r o w i n g / c a p . exp.

(1) C a p i t a l o u t l a y s on book basis*
- 2 6 . 9 Inventory c h a n g e . N I P A
-11.2 Less:
Inv. v a l . adjustment

595.0
565.0 Total c a p . e x p e n d , before IVA
568.7
555.1 L e s s : U S internal funds* book
= F i n a n c i n g gap:
E x c e s s of c a p i t a l e x p e n d i t u r e s
54.1
26.5
9.9
over U . S . i n t e r n a l funds

(2) Corporate bonds include net issues by N e t h e r l a n d s A n t i l l e s subsidiaries*
U.S. direct investment abroad is before s u b t r a c t i n g net i n f l o w s of
capital from Netherlands A n t i l l e s s u b s i d i a r i e s to U . S . p a r e n t s .
(5) Industrial revenue bonds.
Issued by state and local g o v e r n m e n t s
to finance private investment and secured in Interest and
principal by the industrial user of the f u n d s .
(4) Loans and short-term paper, taxes payable and trade d e b t .
C5) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of p a y m e n t s s t a t i s t i c s .




1
2
3
4

57
58
59
60
61
62
65
64
65

66

67

68

69
70

71
72
75
74
75
76

TABLE 5
FundsURaited'in0Credit Markets

F u n d s

R a l s e d

in

C r e d l t

M

=rkets

Summary of Net Funds Raised in Credit and Equity M a r k e t s
ANNUAL F L O W S , $ B I L L I O N S

ANNUAL F L Q W S . $ B I L L I O N S

1980

1981

1982

1983

1984

1985

1986

Net Credit Market Borrowing by Nonfinancial Sectors

1

372.1

381 ,,0

337..4

382..4

2
3
4

53.7
55.1
-1.4

37,.4
38 .8
-1,.4

79,.2
79. 8
.6

87,.4
87..8
- •.5

5

318.4

343 .7

258..3

295..0

6
7
8
9
10
11
12
13

202.5
29.5
21.1
151 .8
110.2
10.9
21.9
8.8

209..9
27,.7
17,.3
164,.9
116,.6
10,.0
24,.4
14,.0

185..2
24..7
27..7
132..9
95..3
7..6
19..2
10..7

14
15
16
17
18

115.9
45.1
40.3
2.7
27.8

133.8
40,.5
48 .7
9 .0
35 .6

73,.0
2..6
36,.4
4 .0
30 .0

19
20
21
22
23
24
25

318..4
17..7
165,.6
135 . 1
16 .3
47 .9
71 .0

343..7
15..0
171 .
.5
157..2
23, 5
65..6
68. 1

258.3
11.6
117.3
129.3
15.8
55.8
57.8

26
27
28
29
30

24 .0
4 .0
18 .3
1 .0
0 .7

31

396 .1

15..0
3..7
3,. 1
1..7
6 .5
396 .0

24.2
1.2
11 .8
2.4
8.8
361.6

395..3

536 .8

750..7

846,.3

831..1

693..2

754,.5

Total net borrowing by domestic
nonfinancial sectors
711,.8

161..3
162.. 1
.9

186 .6
186 .7
.1

198. 8
199..0
.2

223..6
223..7
.1

215..0
214..7
0..4

144..9
143..4
1,.5

157,.5
140,.0
17,.4

149,.8
150..0
.2

U.S. government
Treasury i s s u e s
Agency issues 8 m o r t g a g e s

2
3
4

234..1

350 .2

551..9

622,.7

616.. 1

5 4 8 .3

597 .1

562..0

Private domestic
nonfinancial s e c t o r s

5

451 .4
135,.4
73 .8
242,.2
156 .8
29.8
62..2
- 6 .6

460. 3
22..7
121.,3
316..3
218..7
33..5
73..6
-9..5

458 .5
34.. 1
99,.9
324,.5
234 .9
24.4
71 .6
- 6 .4

454,.6
34,.0
114,. 1
306 .5
231,.0
16,.7
60,.8
-2 . 1

412..4
25..4
114..3
272..6
214..9
14,.4
43,.7
.3

Debt capital instruments
Tax-exempt obligations
C o r p o r a t e bonds
Mortgages
Home m o r t g a g e s
M u l t i f a m i l y resid.
Commercial
Farm

6
7
8
9
10
11
12
13

149
39
45
20
44

Other debt instruments
Consumer credit
Bank loans n.e.c.
C o m m e r c i a l paper
Other

14
15
16
17
18

By borrowing s e c t o r :
State&local g o v e r n m e n t s
Households
Nonfinancial business
Farm
Nonfarm n o n c o r p o r a t e
Corporate

19
20
21
22
23
24
25

165..7
33..7
22..8
109..2
72,.4
4 .8
22 .2
9 .7

157,.2
50,.4
18..7
88..2
53..4
5 .4
25,.2
4. 1

247 .2
43 .3
16 .0
187 .9
120 .4
14 . 1
51 .0
2 .4

320,.0
51,.0
46..1
222..8
136,.7
25..2
62,.2
-1 .2
,

.3
.9
.2
.7
.5

76 .9
16 .4
5 0 .9
-6 . 1
15,.8

103 .0
49 .0
23 .6
.8
31 .3

231 .9
81 .6
66,.3
21 .7
62,.2

171 .3
82 .5
38 .6
14 .6
35 .6

155..8
58..0
66..7
-9..3
40..5

234.1
27.7
84.0
122.4
6.7
71 .8
43.9

350..2
23..6
186.. 1
140..5
3..9
81..9
54. 8

551..9
28,.1
231,.5
292,.3
.4
123,.2
169,.6

622 .7
90 .9
284 .6
247 .2
- 1 4 .5
129 .3
132 .4

616.. 1
36..2
289..2
290..7
-16..3
103..2
203..7

16.0
6.6
-5.5
1.9
13.0

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

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

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

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

759 .1

8 4 7 .5

129
16
49
14
48

295..0
17.
113..9
164..0
16..3
44..4
103..3
23,.5
5,.5
3..0
3 .9
11 . 1
4 0 5 .9

411.3

554 .1

840..9

89
32
10
2
43

.7
.9
.8
.3
.8

548..3
33,,6
271,.9
242..8
-10,.6
107..9
145, 5
4..9
7..4
-3..6
2.. 1
-1..0

142
51
38
11
41

.5
.1
.4
.6
.5

597.. 1
29..8
289..8
277..5
-7..5
87..4
197..5
6..9
6..9
.8
-1 .
9 .6
-7..8

.6
.1
.5
.8
.3

562
24
277
259

.0
.6
.6
.7
.4
64 . 1
196 .0
9 .8
4 .9
. 1
12 .3
- 7 .4

gn. net borrowing in U.S.
Bonds
Bank loans n . e . c .
Commercial paper
U.S. govt. & other loans

698..1

761,.4

721.6
721 .6 Total domestic plus foreign

26
27
28
29
30
31

Net C r e d i t Market Borrowing by Financial Sectors
Total net borrowing
by financial sectors

1

1

73. 3

89..6

65. 4

103..6

90. 8

100..3

150. 7

201. 3

318..9

315..0

246..5

210. 8

2
3
4
5

37..1
23.. 1
13. 6
0. 4

47..9
24. 3
23.
0..6

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

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

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

67. 8
1 .4
66. 4

74. 9
30. 4
44. 4

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

187..9
15..2
173..1
- •.4

185..8
30..2
156..4
-- 8

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

155. 8
25..2
130. 5

6
7
8
9
10
11

36 .
.2
7..8
0..2
1 .8
,
13 .9
12 .5

41 .7
5 .5

20. 6
1..6

5 6 .2
6..0

32..5
18..6

.0
-1 ,
12,.9
7..1

.2
32,.7
16..2

.4
21 .3
- 7 .0

75. 9
34. 3
0. 4
1. 4
24..0
15..7

99 .7
50..9
0..1
2..6
32 .0
14..2

131..0
8 2 .9
0,
4,.0
24 .2
19 .8

129..2
78..9
0..4
- 3 .3
2 8 .8
2 4 .4

126..7
51 ,
.7
0 .3
1,.4
53 .6
19,.7

55..0
37..0

0.2
26 .8
9 .2

25..9
13..7
0 .1
1 .4
9 .9
0 .8

1..8
27..2
-11..0

12
13
14

73 .3
23 .5
13 .6

8 9 .6
2 4 .8
23 .1

65,.4
25..6
19 .2

103..6
32 .4
15 .0

90 .8
15 .3
4 9 .5

100,.3
1 .4
66 .4

150..7
30 .4
44..4

201,.3
21 .7
79,.9

318 .9
14 .9
173 .1

315 .0
29 .5
156 .4

246 .5
4 4 .9
74 .9

210,.8 T o t a l , by sector
Sponsored credit agencies
25 .2
Mortgage pools
130 .5

12
13
14

15
16
17
18
19
20
21
22

36 .2
.5
7 .5
14 .6
0 .4
14 .6
.4

41 .7
9
4 .1
9 .5
0 .7
18 .5
.1

20
8
6
6
0
-1

.6
.3
.7
.8
.7
.5
.5

5 6 .2
11 .6
10 .8
IS .6
0 .4
18 .0
.2

25 .9
11 .7
7 .1
1 .7
.6
5 .4

32 .5
5 .0
13 .3
- 6 .2
.4
17 .4
.2
5 .6

75 .9
7 .3
16 .1
17 .2
1 .2
24 .0
0 .8
9 .3

99 .7
-4,.9
16 .6
17 .3
1,.5
57 .2
0 .5
11 .5

131 .0
- 3 .6
15 .2
20 .9
4 .2
54 .5
.0
39 .0

129 .2
7 .1
14 .3
19 .6
8 .1
4 0 .3
0 .8
39 .1

126 .7
- 3 .9
5 .2
19 .9
1 .9
67 .0
4 .1
32 .5

55 .0
- 1 .4
6 .2
-14 . 1
- 1 .4
46 .2
- 1 .2
20,.8

P r i v a t e financial sectors
Commercial banks
Domestic a f f i l i a t e s
Savings and loan assns.
Mutual savings banks
Finance companies
REITs
S C O issuers

15
16
17
18
19
20
21
22

1013..2
331. 5
34 .1
186..3
324..9

1007. 9
277. 2
34. 0
172. 7
306. 7

.9
.8
.2
.5

51..1
38..0
74..9
53 .4

-

0 .6

U.S. g o v e r n m e n t - r e l a t e d
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government
P r i v a t e financial sectors
Corporate bonds
Mortgages
Bank loans n . e . c .
Open-market paper
Fed. Home Loan Bank loans

2
3
4
5
6
7
8
9
10
11

Total Net Credit Market Borrowing, All Sectors, by Type

1
2
3
4
5

469.,4
90. 5
29. 5
32..9
151..9

485 6
84. 8
27..7
26. 5
164. 8

427.,0
122. 9
24..7
30. 5
132..7

509. 5
133..0
33.,7
34 .3
109..1

502.,1
225. 9
50. 4
39..0
88.,2

654, 4
254, 4
43..3
37..8
187..8

909. 8
273. 8
51..0
84 3
223..1

1048. 8
324..2
135. 4
128. 4
242..2

6
7
8
9

45..1
60,.3
17 .7
41 .5

40. 5
5 2 .0
37..5
51..9

2 .6
47,.2
19,.5
4 7 .1

16,.9
53, 5
51 .3
77 .7

16..4
46 .7
5 .7
SO,.0

49 .0
26.8
26 .9
28 .4

81..6
61..1
51 .9
82..9

82. 5
38..3
52,.8
45 .0

7,.5

- 7 .1

6..3

14 .4

382 .4
8 7 .4

388 .1
154 .0

543 .9
193 .7

744 .4
192 .5

831 .9
209 .3

10

3 .8

0 .6

- 3 .8

11
12

368 .3
49 .9

380 .4
36 .8

341 .3
8 3 .0

1159,.8
403 .4
22 .7
207 .3
316 .4
58
69
26
56

.0
.7
.4
.1

831 .2
215 .0

32
3
33
66

932. 4 Total net borrowing
U.S. government securities
305. 6
Tax-exempt o b l i g a t i o n s
25. 4
Corporate 8 foreign bonds
156..3
Mortgages
272. 6
39..1
47..2
60 .3
25,.9

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

-5,.9 M e m o : U.S. govt, cash balance
10..4
- 7 .9
Totals net of (changes :In U.S. govt, cash b a l a n c e s :
717,.7 Net borrowing by dom. nonfin
744,.2
701 .1
By U.S. government
155,.7
147,.1
152 .8

E x t e r n a l C o r p o r a t e E q u i t y F u n d s Raised In U.S. Markets

I
2
3
4
5

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

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

20..3
2..9
17..4
12..9
2 .2

6

- ,.4

1 .0

2 .4

-4
3
-8
-11
2

.8
.7
5
.5
.7

0 .2

H I S T O R I C A L D A T A ON N E T F U N D S R A I S E D




21
8
12
6
4

.2
.8
.4
.4
.7

1..4

.1
.2
.8
.5
.6

-36..0
29. 3
-65 3
-74. 5
8..2

20 .1
84,.4
- 6 4 .3
- 8 1 .5
13 .5

90.5
159.0
-68.5
-80.8
11.1

14..3
71..6
-57..3
-76. 5
21.,4

- 1 1 7 .9
.7
-117..2
-130 5
12,.4

3 .7

0..9

3 .7

1.2

- 2 .1

0,.9

58
27
30
23
3

- 6 0 ..8 Total net share issues
Mutual funds
38. 3
All other
-99..1
Nonfinancial c o r p o r a t i o n s
- 1 3 0 ..8
Financial c o r p o r a t i o n s
14..0
Foreign shares
purchased in U . S .
17,.6

1
2
3
4
5
6