Full text of Z.7 Flow of Funds Summary Statistics : June 7, 1988

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

-'S=ysK»v

FEDERAL RESERVE statistical release
*-?f3SR^v
Z.7 (788)

For immediate release
June 7, 1988

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally adjusted
annual rate of 8.4 percent in the first quarter of 1988, about two percentage
points lower than the revised fourth-quarter rate of 10.3 percent. This
deceleration is attributable to a slowing in the growth of nonfederal debt,
from 10.2 percent to 7.3 percent. For the year 1987, nonfinancial debt
increased by 8.8 percent, slightly lower than earlier estimates.
The deceleration in nonfederal debt in the first quarter was largely
associated with a sizable decrease in nonfinancial business borrowing in both
the long and short-term markets. Borrowing by state and local governments
and households remained near the reduced pace of the fourth quarter.
Net borrowing by all domestic nonfinancial sectors in the first
quarter was $693 billion at a seasonally adjusted annual rate, bringing total
outstanding debt to a level of $8,452 billion (Table 1). Debt of nonfederal
sectors accounted for $6,434 billion of this total, and the federal component
was $2,018 billion.

Growth Rates of Major Debt Aggregates 1/
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(1)

— — — — — — —

U.S.
aovt.
(2)

1984
1985
1986
1987

14.4
14.3
12.2
8.8

16.9
16.2
13.4
7.9

1987-1
II
III
IV

6.7
9.5
7.7
10.3
8.4

13.7
13.7

Nonfin.
business
(5)

State &
local
aovt s.
(6)

15.9
11.5
12.2
9.1

7.7
23.8
9.3
6.5

9.2
7.5
3.6
10.6

5.9
10.1
9.0
10.2

7.2
10.4
10.8
8.9

4.3
10.8
7.7
12.4

7.4
5.2
7.1
5.8

11.9

7.3

8.6

6.4

5.3

00
1—1
9.0

12.7
14.1
11.9
9.4

rH

1988-1

Total
(3)

Households
(4)

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




Growth Rates of Debt Aggregates: Supplemental Data
(Percent annual rates of change, seasonally adjusted)
Domestic
nonfinancial
sectors
Foreian

Total:
All
Sectors

Memo:
Private
financial a:

16.4
14.3
12.2
8.8

3.7
0.5
3.8
1.6

17.7
19.7
24.4
18.8

H-5
14.6
13.7
10.2

14.1

1987-1
II
III
IV

6.7
9.5
7.7
10.3

-4.3
-2.0
7.2
5.5

21.9
19.3
15.7
13.7

8.8
10.9
9.1
10.8

1.7
4.9
7.6
13.2

8.4

2.7

8.6

8.3

5.2

00

1984
1985
1986
1987

1988-1
1/

Financial
sectors

8.1
6.9

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 from Table 1 on following pages
of this release. Seasonally adjusted levels in Table 1 are derived by carrying
forward year-end levels by seasonally adjusted flows plus any statistical
discontinuities in the data series. Because of these discontinuities, changes in
outstandings as printed can give growth rates that differ from those shown above.
The following list gives the lines in Tables 1 and 2 that are used to
calculate growth rates shown on page 1 of this release:

Growth Table (column)
Total domestic nonfinancial
U.S. government
Private domestic nonfinancial
Households
Nonfinancial business
State & local governments

Tables 1 and 2 (rnw)

1
2

1
2

3
4
5
6

5
21
22
20

Debt of domestic residents includes credit market funds raised from both
domestic and foreign sources, while foreign debt represents amounts owed by foreign
financial and nonfinancial entities to U.S. holders 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 loan forms included in Table 1.
Subscriptions
sectors and transaction
may be obtained through
Federal Reserve System,



to this summary release, or to the full statements for
types in flows and amounts outstanding (the Z.l release),
Publication Services, Stop 138, Board of Governors of the
Washington, D. C. 20551.

Tdt)l 6 1

Z 7 , J U N E 7, 1 9 8 8
Credit Market Debt

Credit
Summary

SEASONALLY

ADJUSTED
YEAR
1982

1981

of

Credit

Market

Debt

SEASONALLY

LEVELS
END
1983

LEVELS
1984

I
I

1985

Credit

Market

Debt

Owed

1986
IV
by

I
I

1987
I

Nonfinancial

II

Market

Debt

Outstanding

III

IV

I
I

ADJUSTED LEVELS

1988
I

Sectors

1

4 2 9 7 .6

4 6 7 5 .1

5 2 2 8 .3

5 9 8 0 .8

6 8 3 2 .5

7 6 5 4 .8

7 7 2 9 .8

7915 -1

8 0 6 5 .6

8 2 8 1 .5

Total credit market debt owed by
domestic nonfinan. sectors
8 4 5 1 .7

1

2
3
4

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

9 9 1 .4
9 8 7 .7
3 .7

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

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

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

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

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

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

1 9 0 8 .7
1904..7
3,.9

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

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

U.S. government
Treasury issues
Agency issues 8

2
3
4

Private domestic
nonfinancial sectors

mortgages

5

5

3 4 6 7 .4

3 6 8 3 .7

4 0 5 0 ,.4

4 6 0 4 .0

5 2 3 2 .1

5 8 3 9 .4

5 8 7 2 .8

6 0 2 3 .4

6 1 5 6 ..9

6 3 2 2 ..3

6 4 3 4 ..1

6
7
8

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

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

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

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

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

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

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

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

4 2 6 2 ,.3
715,.6
739..2

4 3 6 8 .9
723..7
763..6

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

9
10
11
12
13

1555
1032
141
276
105

1 6 2 8 .9
1 0 7 4 ,.7
1 4 4 .8
2 9 9 ,.4
110,.0

1 8 1 2 ,.6
1 1 9 1 ,.4
159,.0
3 4 9 ,.6
1 1 2 ..6

2 0 3 2 .6
1 3 2 0 .5
1 8 3 .8
4 1 6 ,.7
111,.6

2266
1469
212
478
105

.4
.6
.5
.6
.7

2564
1669
245
552
96

.4
.3
.5
.9
.8

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

2 7 3 5 .9
1 7 7 0 .9
2 5 9 ..8
6 1 3 ..6
91..6

2 8 0 7 ..5
1822,.1
2 6 5 ,.2
629,.7
90,.5

2 8 8 1 .6
1871..7
2 6 9 ..8
650,.1
90,.0

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

Mortgages
Home mortgages
Multi-family resid.
Commercial
Farm

9
10
11
12
13

14
15
16
17
18

1150,.2
4 1 4 ,.3
3 9 6 .2
42,.7
2 9 6 ,.9

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

1 3 4 3 .,1
4 9 0 ..2
4 7 2 .. 1
36.8
3 4 4 ,.0

1580,.2
5 5 2 ..9
5 6 2 .5
58..5
4 0 6 ..2

1764
592
657
72
442

.4
.6
.1
.2
.4

1 9 2 1 .6
6 5 5 .8
7 2 3 .0
62,.9
4 8 0 .0

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

1 8 6 8 ..0
6 4 2 ..3
6 7 3 ..3
65..1
4 8 7 ..3

1 8 9 4 ,.6
6 4 5 ..0
690,.6
62,.1
4 9 6 ,.9

1953,.4
665,.3
700,.9
73,.8
5 1 3 ,.4

1 9 8 0 ,.6
6 7 1 ,.6
7 1 0 ,.8
72,.4
5 2 5 ,.8

O t h e r debt i n s t r u m e n t s
Bank loans n.e.c.
Consumer credit
Commercial paper
Other

14
15
16
17
18

19
20
21

3 4 6 7 ,.4
302
1575,.4

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

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

4 6 0 4 ..0
385
2 0 7 4 ..3

5232
476 9
2 3 6 0 .4

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

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

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

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

6 3 2 2 ,.3
554,
2 8 1 0 ..3

6 4 3 4 ,.1
561, 5
2 8 6 7 ..5

22
23
24
25

1589,.9
176,.4
395,.5
1018,.0

1 7 0 2 ,.8
183,.2
4 3 1 ..9
1 0 8 7 ,.6

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

2 1 4 4 ,.6
187..2
610, 5
1347,.0

2 3 9 4 ,.8
1 7 3 .3
702.5
1519,.1

2 6 8 4 .0
157..6
8 1 7 ..5
1 7 0 9 ..0

2 7 3 7 ,.4
151 .3
8 6 7 ,. 1
1 7 1 9 ..0

2 8 0 6 ..9
148..2
8 9 4 ..9
1 7 6 3 ..8

2 8 6 0 ,.6
146,
9 1 7 ..6
1 7 9 6 .,8

2 9 5 7 ..8
145,,4
9 4 5 ..8
1 8 6 6 ..7

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

26
27
28
29
30

2 2 0 ,.7
54,.5
67,.8
10,.8
8 7 ,.5

227. 7
6 4 .,2
37. 4
2 1 .5
1 0 4 ..6

2 3 5 ,.5
68,.0
30,.8
27,.7
109,.0

2 3 6 .7
71 .8
27,.9
33,.9
103,.0

2 3 7 ..7
74..3
26..9
37..4
99 .0

2 3 5 ,.1
75,.0
26,.3
36..3
97,.4

2 3 4 ,.0
73,.5
25,.3
34,.8
100,.4

2 4 3 ..2
8 0 ..7
2 3 ..3
41 ..2
98..0

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

31

4 5 1 8 ,.2

5 4 5 6 ..0

6 2 1 6 ,.2

7 0 6 9 ,.2

7 8 9 2 .4

7 9 6 4 ,.9

8 1 4 9 ..1

2 1 0 ,.4
61 ,.1
33,.8
15,. 1
100,.5
4 8 8 5 ,.5

Credit

by

Financial

1 8 4 6 ..0

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

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

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

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

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

978.6
303.2
670.4
5.0

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

4 7 7 ,.8
151,.7
2,.5
29,.5
2 1 9 ..5
74,.6

5 7 6 .9
2 0 0 .9
2 .7
32
2 5 2 .4
88.8

7 0 2 ., !
2 7 0 ..0
2,.7
36,. 1
2 8 4 ,.6
108,.6

7 4 1 .. 1
2 9 6 ..2
2..8
34.. 1
2 9 6 ..5
Ill,.4

7 7 1 .4
3 1 0 .. 1
2,.9
33,.7
3 0 9 ..3
115,.5

798..8
3 2 7 ..3
2..9
36..8
3 1 2 ..5
119..3

828.5
335.8
3.0
32.8
323.9
133.1

8 4 1 .4
3 4 9 ..2
3..2
34..7
3 1 9 ..9
134..5

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

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

3 2 4 ..0
190,.4
129,.0
4,.6

3 8 8 ..9
2 0 5 ..4
178..5
5..0

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

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

6
7
8
9
10
11

340,.9
8 5 ..2
1 .9
.
2 7 .. 1
161 ..5
65,.2

3 6 9 ,.1
97..9
2..0
2 9 ..0
174..2
66..0

4 0 0 ,.8
115,.5
2,. 1
28,.9
195,.5
5 9 .0

12
13
14

6 6 4 ..9
195..0
129..0

7 5 8 ..0
2 1 0 ..4
178..5

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

15
16
17
18
19
20
21

340,.9
60.. 1
52,.0
73..4
155..6
.2

3 6 9 .. 1
.8
71 .
5 9 ..0
75..9
162,.6
.4
0..2

4 0 0 ..8
76..8
71 .0
73..9
175..8
.6
3 .9

4 7 7 ,.8
8 4 ,. 1
8 6 ..6
93,.2
198,.0
.4
16,.3

Credit

576
79
101
115
253

Market

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

Debt

1 5 1 2 ,.4
2 7 8 .7
5 3 1 .6
702 . 1
75 .6
101 .3
145,. 1
315,.6
- 1 .0
6 5 .6

Outstanding,

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

1 6 7 2 ..0
2 8 2 ..0
6 1 8 ,.6

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

1807.1
308.2
670.4

741,. 1
77,.2
107,.8
155,.5
3 1 9 ..7
-1 . 1
8 2 ,.0

7 7 1 ,.4
8 2 ,.6
107,.0
158,.9
332,.0
.0
-1 ,
91 ,.9

7 9 8 .8
77..7
110..4
166..7
3 4 1 .8
.6
102..7

828.5
82.7
104.2
180.8
356.8
0.4
103.5

All

Sectors,

by

5 6 4 3 ..5

6 3 1 3 .5

7 2 2 5 ..2

8 2 7 8 ..8

9 4 0 4 ,.9

9 5 6 0 .0

9 8 2 1 ..1

1 1 4 9 .. 1
373,.7
5 2 8 ..0
1 5 5 7 ,.6

1 3 7 5 .0
4 1 7 ..9
5 6 6 ..0
1631 .
.3

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

1902..8
5 2 2 ..1
6 8 8 ..8
2 0 3 5 .2

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

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

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

2 7 8 7 ..4
706,.7
1 0 9 6 ..4
2 7 3 8 ..7

2842
715
1141
2810

.4
.6
.2
.5

2932
723
1180
2884

.8
.7
.0
.6

3 0 1 7 .2
7 3 1 .4
1219,.8
2 9 3 9 ,.7

6
7
8
9

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

7 2 3 ..0
7 1 8 ,.8
384,.9
6 9 3 ,.3

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

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

690
706
414
719

.6
.4
.7
.9

700
721
438
749

.9
.3
.9
.4

710,.8
729,.3
433.9
760,.6

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

Bank loans
Commercial
U.S. govt.

market

n.e.c.
paper
8 other

debt
26
27
28
29
30

loans

nonfinan.domestic

8

fgn.

31

Total credit market debt
by f i n a n c i a l s e c t o r s

owed

U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
L o a n s from U.S. government
Private financial sectors
Corporate bonds
Mortgages
Batik l o a n s n . e . c .
Open-market paper
Fed. Home Loan Bank loans

1
2
3
4
5
6
7
8
9
10
11

agencies

12
13
14

Private financial sectors
Commercial banks
Domestic affiliates
S a v i n g s and l o a n a s s n s .
Finance companies
REITs
CMO Trusts

15
16
17
18
19
20
21

Type

5 1 8 3 ,.2

5 6 2 ..5
6 1 3 ..2
305,.7
5 9 4 .8

Foreign credit
h e l d in U . S .

8 4 1 .4
8 2 ..7
104..8
186..1
361,.0
1,.8
105,.0

1

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

22
23
24
25

business

Nonfarm noncorporate
Corporate

1 8 4 6 ..0 T o t a l , b y s e c t o r
Sponsored credit
3 2 0 .2
Mortgage pools
6 8 4 ..5

2
3
4
5

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

Nonfinancial

Sectors

1807.1

1209,.7

19
20
21

8696. 5 Total

1 7 3 7 .5

1009,.0

6
7
8

borrowing sector:
State 8 local governments
Households

8 5 2 4 ..7

1 6 7 2 ..0

8 5 7 .5

Total

Owed

By

8 3 0 3 ..8

1 5 9 5 .. 1

7 5 8 .0

2
3
4
5

Debt

2 3 8 ..2
74..7
2 4 ..6
4 0 .. 1
98..8

1 5 1 2 ..4

664,.9

1

Market

00

.2
.1
. 1
.2
.8

Debt capital instruments
Tax-exempt obligations
Corporate bonds

1 0 0 4 1 .4

1 0 3 3 1 .8

1 0 5 4 2 .5 T o t a l

credit

market

debt

1

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

2
3
4
5

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

6
7
8
9

Memo:

10
11
12
13

60.0
482.2
59.8
1504.9

BILLIONS

OF

67.4
487.5
76.9
1720.9
DOLLARS.




79.6
533.9
112.1
2021.9
LATEST

81.7
575.8
136.7
2021.5
DATA

121.3
617.8
240.2
2584.3

PRELIMINARY

131.2
625.4
413.5
2948.0

126.0
635.4
483.6
3519.2

128.7
637.3
519.5
3624.2

134.6
648.9
524.9
3831.3

104.5
656.2
452.8
2899.4

Selected
110.6
656.4
476.2
2042.8

c l a i m s not i n c l u d e d a b o v e :
Security credit
Trade credit
M u t u a l fund s h a r e s
Other corporate equities

10
11
12
13

Z7, JUNE 7, 1988

Funds

Raised

in

Credit

Takl p O

Markets
Summary

QUARTERLY

NET

FLOWS -

Net

Funds

Raised

in

Credit

Funds
and

Equity

Net

Raised

QUARTERLY

1987
II
III

I 1988
I I

Credit

Market

Borrowing

by

Nonfinancial

Sectors

in

Credits-Markets

Markets

$BILLIONS

1987
II
III
T N S A )

of

NET

FLOWS -

$BILLIONS

I 1988
I I

^"STffiRTJ

1

9 8 .3

1 9 0 .4

1 6 3 .6

2 2 0 .0

1 4 2 .8

5 1 0 .9

735,.2

6 1 0 .5

8 3 2 .2

Total
6 9 2 ..9

net b o r r o w i n g by d o m e s t i c
nonfinancial sectors

1

2
3
4

2 8 .5
2 7 .5
1 .0

31,.4
31 .9
.5

21,.7
2 2 ,.0
.2

6 2 .2
61 .0
1 .2

4 2 .5
42,.6
- •.1

1 6 6 .3
1 6 2 .4
3 .9

1 3 9 .2
141,.0
- 1 ,.9

67,.6
6 8 .5
.9

2 0 2 ..3
197..3
5,.0

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

U.S. government
Treasury issues
Agency issues 8

2
3
4

629,.9

4 5 9 ,.8

Private domestic
nonfinancial sectors
Debt capital instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multi-family resid.
Commercial
Farm

6
7
8
9
10
11
12
13

6 9 .8

5
6
7
8
9
10
11
12
13

101
7
32
61
42
6
15
-2

14
15
16
17
18

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

19
20
21
22
23
24
25

69,.8
7 .3
2 5 .2
3 7 .3
- 6 .4
18 .3
2 5 .4

26
27
28
29
30
31

.2
.7
.1
.4
.3
.7
.7

141, 9

1 5 9 .0
118
8
22
87
61
8
19
-1

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

111,.2
10,.4
2 5 ,.1
75,.8
5 5 .3
4,.5
17, 2
- 1 ,.2

4 0 .9
15,.7
11 . 6
4 .3
9 .2

30,.7
2 2 ..5
3,.6
0,.2
4,.4

159
7
71
79
0
33
45

1 0 0 .3

3 4 4 .6

.2
.2
.3
.7
.8
.8
.0
-•.9

76..7
5,.3
2 5 ..3
4 6 ..2
3 4 .1
2 .0
10..7
"•.6

4 4 6 .3
4 0 .2
116,.7
2 8 9 .4
2 1 1 ,.3
2 9 .2
61 .3
- 1 2 ,.4

4 4 0 ..9
29,.5
77,.8
3 3 3 .5
2 3 0 ,.7
30,.8
78,.3
- 6 ..3

4 2 8 .1
35,.8
105,.4
2 8 6 ,.9
2 0 5 ,.2
21,.5
64,.4
- 4 ,.2

4 2 7 ,.2
32,.4
97,.8
2 9 6 ,.9
198,.6
18..7
8 1 ..8
- 2 ..2

3 5 0 ,.8
3 0 .8
8 7 ,.9
2 3 2 ,.1
184,.8
12..2
39,.2
- 4 ,.0

5 2 .6
16 .3
19 .9
- 3 ,.0
19,.3

2 3 ..6
- 6 ,.2
15 .6
.3
14,.4

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

155..2
4 6 ..8
63,.7
10..8
33,.9

114,.8
69,.1
19..4
- 1 2 ,.0
38..4

2 0 2 ,.7
41,,4
83,
12.,2
66..1

109,.0
39..3
2 5 ..5
- 5 ,.4
4 9 ,.5

O t h e r debt i n s t r u m e n t s
Consumer credit
Bank loans n.e.c.
Commercial paper
Other

14
15
16
17
18

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

100,.3
4 .9
3 6 .1
59. 3
- 1 ..1
11,.2
4 9 ,.2

344,.6
3 8 .5
190,.1
115,.9
- 2 3 ,.1
8 4 ,.5
5 4 ..5

5 9 6 ,.0
27, 8
2 7 2 ,.0
2 9 6 ..2
- 1 2 ..6
124.,6
184..2

5 4 2 ,.9
37..9
290.
2 1 4 ..9
- 8 ..1
91,.1
131..9

6 2 9 ..9
31. 4
2 4 3 ..4
3 5 5 ..1
- 3 ..0
113.-1
2 4 5 ..0

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

By borrowing sector:
State&local governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

19
20
21
22
23
24
25

1 5 7 .8
105
8
20
76
52
5
19

5 4 2 .9

.0
.8
.7
.4
.4
.3
.7

141 .9
10,.9
7 6 .7
54,.2
- 1 .5
2 4 .2
31,.5

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

.3
.9
.6
.7
2 .8

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

3 .7
5 .7
.9
- 1 .1
.1

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

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

- 4 ..6
- 6 ..0
- 4 ..1
- 6 ..2
11..7

17,.0
4,.8
- 2 ,.9
21 ..4
- 6 ..3

13..0
2 3 ..7
- 5 ..2
- 2 ..3
- 3 ..2

96,.6

1 9 0 .1

165,.7

2 2 3 ,.6

145..9

5 0 0 ,.8

7 3 0 ..6

6 2 7 ..4

Net

157
8
75
74
-4
27
51

5 9 6 ,.0

mortgages

Credit

Market

Borrowing

by

Financial

5

6..6 F g n . n e t b o r r o w i n g in U . S .
Bonds
17..3
Bank loans n.e.c.
- 1 ..3
Commercial paper
.2
U.S. govt. 8 other loans
- 1 0 ..6

26
27
28
29
30

8 4 5 ..3

6 9 9 ..5 T o t a l

31

domestic

plus

foreign

Sectors
T o t a l net b o r r o w i n g
by f i n a n c i a l s e c t o r s

1

1

6 7 .4

8 1 ..9

70. 3

64,.6

22,.6

330,.7

3 0 7 .8

2 6 2 ,.0

2 3 7 ,.3

155,.8

2
3
4
5

38,.5
- 4 ,.6
43,.8
.7

4 7 ,.1
7..4
39,.7

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

41. 8
19..5
2 2 ..3

2 0 ,.3
7..8
12..5

174,.8
- 3 ,.6
181,.3
- 2 ,.9

186,.3
19,.8
166,.7
-•.1

152,.7
31..4
121..2

160,.3
73,.2
8 7 ,.0

104,.3
48,.0
56,.3

•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

2
3
4
5

6
7
8
9
10
11

28,.9
24,.7
0,.1
- 4 ,.6
10,.6
.9

34,.9
10,.8
0..5
15..9
7 .6

29. 4
19..9
0.
2..1
1.,6
5,.8

22,.8
10..4
0,.1
- 1 ,.4
0,.7
13,.0

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

155,.9
105,.1
0 .3
- 8 .0
47,.5
11 .2

121,.5
55,.4
0 .2
- 1 ,.5
5 1 .3
16 .1

109..3
68,.7
0,.3
12..1
12..8
15,.3

77,.1
3 4 .0
0..4
- 1 5 ,.9
3,.5
55,.1

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

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

6
7
8
9
10
11

12
13
14

67,.4
- 5 .4
43,.8

8 1 .9
7 .4
39,.7

70..3
8 ..0
32,.9

64,.6
19,.5
22,.3

2 2 .6
7 .8
12 .5

3 3 0 .7
- 6 .5
181 .3

3 0 7 .8
19 .6
1 6 6 .7

2 6 2 ..0
31,.4
121..2

2 3 7 .3
7 3 .2
8 7 ,.0

1 5 5 .8 T o t a l , b y s e c t o r
Sponsored credit
4 8 .0
Mortgage pools
5 6 .3

15
16
17
18
19
20
21

28,.9
0,.6
7,.7
1,.5
2.8
.1
16 .4

34,.9
4 .5
.2
10,.5
10,.2
0..1
9 .9

2 9 ,.4
- 2 ..1
0,.8
9 .1
10. 4
0..4
10..9

2 2 ,.8
4,.1
- 5 .3
14,.7
7,.4
1,.0
0..8

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

1 5 5 .9
6 .5
2 6 .2
4 1 .8
16,.3
.4
6 5 .6

121
21
-3
13
49
0
39

109..3
- 1 9 ..6
13..8
31.. 1
39..0
1,.7
43,.4

77,.1
19,,7
- 2 4 ,.9
5 6 .5
18,.4
4 .0
3,.3

"

Total

1
2
3
4
5

163,.9
67,.7
7,.7
5 6 .9
61,.5

2 7 2 ..0
78,.5
8 .2
32,.0
8 7 .8

236
62
10
46
75

.0
.6
.4
.3
.8

6
7
8
9

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

15..7
11..6
18..5
19,.6

22
4
6
7

.5
.5
.8
.2

10

- 2 2 ,,9

3 2 .7

- 2 ,.7

11
12

121,.1
51,.4

157,.7
- 1 ,.3

1 6 6 .3
2 4 .4

Net

Credit

Market

Borrowing,

All

Sectors,

by

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

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

1038,.4
325,.6
29,.5
127,.2
333,.6

8 8 9 ..5
2 2 0 ..3
35. 8
179..0
2 8 7 ..1

1 0 8 2 ..6
3 6 2 .,6
32..4
1 5 5 .6
2 9 7 ..3

- 6 ,.2
14,.0
- 3 .8
9,.3

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

46,.8
58,.2
55,.9
61,.5

69.,1
2 8 ..6
2 2 ..2
4 7 ..4

4 1 ..4
62..0
13..4
1 1 8 ..0

- 1 5 ..0

- 8 .8

- 4 2 ..3

8 0 ,.0

2 3 5 ..0
77..2

151 .7
5 1 ..3

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

655,.2
59,.2

16,.3
17,.6
- 3 ..3
32.. 3

E x t e r n a l. C o r p o r a t e

Equity

Funds

R a i s e d in

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

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

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

- 1 1 .4
11 .0
- 2 2 .4
- 2 3 ,.8
0 .5

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

2 3 .4
101,.2
- 7 7 .7
- 8 3 .0
3 .7

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

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

6

1,.2

0,.5

.4

- 3 ,.9

0 .9

2,.2

1 .6

- 1 ..6

- 1 2 ,.9

PRELIMINARY




15
16
17
18
19
20
21

8 5 5 . 3 T o t a l net b o r r o w i n g
U.S. government securities
337. 4
Tax-exempt obligations
30. 8
Corporate & foreign bonds
1 5 8 .,9
Mortgages
232. 6
3 9 .,3
31. 7
-19. 9
44. 5

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

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

U,.S. M a r k e t s

4 1 ,1
52,.3
- 1 1 ,,2
- 1 4 ,.3

DATA

.7
.5
.7

Private financial sectors
Commercial banks
Domestic affiliates
S a v i n g s and l o a n a s s n s .
Finance companies
REITs
CMO Trusts

24. 8 M e m o : U.S. govt. cash b a l a n c e
- 5 7 ..2
- 1 2 ..0
T o t a l s n e t of c h a n g e s :In U . S . g o v t . c a s h b a l a n c e s :
Net borrowing by d o m . nonfin.
6 6 8 .,1
8 8 9 ..4
6 2 2 ..5
By U.S. government
208. 4
2 5 9 ..5
79..6

1
2
3
4

LATEST

.5
.3
.2

12
13
14

Type

1 6 8 .5
6 2 .9
5 .3
4 0 .7
46,.3

2 8 8 .3
104,.0
8,.2
36,.4
76,.8

51
0
2
21
16
5
5

agencies

- 6 7 ..3 T o t a l n e t s h a r e i s s u e s
Mutual funds
2 5 ..5
All other
- 9 2 .,7
Nonfinancial corporations
- 9 5 .,0
Financial corporations
1..9
Foreign shares
p u r c h a s e d in U . S .
0. 3

1
2
3
4
5
6

Z 7 , J U N E 7,
Households

Table 3

1988
Sector

SEASONALLY

Statements

of S a v i n g

and

Investment
SEASONALLY ADJUSTED ANNUAL RATES

ADJUSTED ANNUAL RATES
I
I

1987

1986

Households, Personal

1986
IV

Trusts,

I
I

and

I 1988
I
I

1987
II

Nonprofit

III

Organizations

1
2

28 38. 6
410. 5

3108. 8
440. 2

3327. 1
485. 9

3534. 3
512. 3

3746. 5
564. 8

3593.6
532.0

3662.0
536.1

3708.6
577.9

3761.0
565.7

3854.4
579.4

3902.3 Personal income
576.8 - Personal taxes

3
4
5
6
7
8

2428. 1
2297. 5
130. 6
53. 5
4. 4
62. 7

2668. 6
2504. 5
164. 1
63. 9
6. 0
98. 8

2 8 4 1 .2
2714. 1
127. 1
72.3
4. 9
114. 1

3022. 1
2891. 5
130. 6
78. 7
17. 5
127. 4

3181. 7
3062. 7
119. 0
66. 4
22. 4
114. 5

3061.6
2952.6
109.0
96.7
38.5
135.7

3125.9
2987.6
138.3
57.5
6.1
105.8

3130.7
3037.5
93.2

14.6
113.1

3195.3
3106.4
88.9
72.0
13*7
134.4

3275.0
3119.3
155.7
68.1
55.3
104.8

3325.5 = Disposable personal income
3170.3 - Personal outlays
155.2 = P e r s o n a l s a v i n g , N I P A basis
62.9 • C r e d i t s from govt, i n s u r a n c e
12.8 + C a p i t a l g a i n s d i v i d e n d s
1 1 1 . 9 > Net d u r a b l e s in c o n s u m p t i o n

9
10
11

251 .2
295. 3
546. 5

332. 8
309 .,4
6 4 2 ..2

318. 4
332. 3
650. 7

354. 1
356. 2
710. 3

322. 4
384. 0
706. 4

379.8
366.6
746.4

307.7
373.7
681 .4

289. 1
380. 2
669. 3

308. 9
387. 7
696. 6

383. 8
394. 3
778. 1

342. 9
4 0 1 .5
744. 4

12
13
14
15
16

606. 4
427. 8
124..9
2 8 9 ., 1
13..9

729..7
5 0 5 ..3
154..6
335..6
15..2

697. 5
544. 1
159. 7
368. 7
15. 7

748. 1
600. 9
182. 0
402. 4
16..5

716.,2
6 3 5 .,9
2 0 5 .,3
4 1 3 ..7
16.,9

806.5
630.7
194.2
419.8
16.7

673.9
615.9
203.0
396.1
16.8

609. 6
623. 3
197. 5
409. 0
16. 8

703. 9
664. 0
210. 3
436. 8
16. 9

874. 1
640. 5
210. 5
413. 0
17. 0

750. 9 I
C a p i t a l e x p e n d , net of s a l e s
660. 9
Residential construction
217. 5
Consumer durable goods
426. 4
N o n p r o f i t p l a n t and e q u i p .
17. 0

13
14
15
16

17
18

178,.6
377..5

2 2 4 .4
4 5 6 .7

153. 4
4 6 5 ..8

147..2
4 3 8 ..1

8 0 .4
3 1 9 .0

175.8
498.8

58.1
240.8

-13. 7
274. 3

39. 9
338. 6

233. 6
419. 0

8 9 . 9 Net f i n a n c i a l
Net a c q . of
336. 4

17
18

343,. 1

2 6 3 .5

2 6 6 .6

411.7

32.5

215. 6

278. 5

536. 6

213. 7

19

291 .6

4 1 7 .4

CI)

19

266. 0
- 2 8 .8
132. 7
89. 0
73. 1

242. 4
30. 5
172. 0
-2.2
42. 3

Deposits
Checkable dep. 8 curr.
Small time 8 s v g s . d e p .
Large time d e p o s i t s
M o n e y m k t . fund shares

20
21
22
23
24

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

25
26
27
28
29
30

181
39
144
-14
12

.2
.6
.3
.2
.0

.0
.1
.0
.2
. 1

-71.9
-61.0
24.8
-31.9
-3.8

137. 4
49. 5
71 .8
3. 6
12. 6

17 .0
.2
- 8 .2
34 .7
1 .1
- 1 0 .4

131 .7
4 7 .6
5 5 .7
2 3 .0
0 .4
5 .0

162.0
45.8
68.5
10.0
11.7
26.1

104.4
68.5
4.1
31.3
-.2
0.6

78..2
56., 1
44..0
- 4 7 ,.4
-11 . 1
36,.6

74. 5
- 9 ..6
66..4
36..3
.0
21 ,
- 3 9 .6

270. 6
76. 4
108. 3
71 .6
- 8 ..0
22,.4

-28. 7
69. 9
- 2 4 .,2
- 1 9 ..7
5,.4
- 6 0 ..1

68 .6
- 1 2 2 .7

174.8
-170.1

143.6
-100.7

24 .3
- 1 1 3 .4

2,.6
- 9 1 .9

19,.8
- 7 9 .0

M u t u a l fund s h a r e s
Other corporate equities

31
32

19.2
160.7

17.9
202.1

13.8
195 . 1

19 .3
185 .0

16 .5
2 0 8 .4

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

33
34

-88.3
-6.4
25.0

-156.1
30.8
27.8

-71.5
-10.1
26.9

- 9 4 .8
- 2 .6
28 . 1

- 8 0 .8
3 .0
2 2 .8

- 5 0 .3
- 1 1 .6
18 .8

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

35
36
37

290.9
281.1
197.4
55.3
10.5

238.7
248.9
209.3
42.3
-.5

323.0
306.0
229.6
29.1
6.9

182.8
190.1
209.4
0.7
9.1

288
272
227
54
-7

-2.2
2.4
11.1
6.6

-.4
2.3
-3.8
-.2

-2.5
2.3
35.6
5.0

0.1
2.3
-31.4
-.1

8.6
2.5
-1.3

-14.1
2.9
1.0

15.3
2.7
-1.0

-9.8
2.8
-.3

-60.0

7.5

8 9 .2
59 .4
39 .1
- 1 1 .6
0 .9
1 .4

135
94
29
5
5

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

162 .2
5 9 .3
4 7 .9
11 .8
3 .3
39 .9

31
32

2 4 .0
- 1 9 .9

2 4 .0
- 8 0 .0

69 .8
- 1 0 2 .7

33
34

8 .0
145 .6

5 .2
147 .2

10 .7
183 .8

17 .5
184 .2

15 .5
160 . 6

35
36
37

-89.5
2. 4
15. 3

-72.8
6
16. 3

-65.8
12. 5
14. 5

-85.2
8.7
28.1

38
39
40
41
42

198. 9
188.,2
110. 8
47.,6
9..0

2 3 2 .,3
2 3 4 ..6
129.,0
73,.5
16,.9

312. 4
2 9 3 ..4
151,,0
77,.7
16 .8

47
48
49

8 .4
1 .8
0 .6

-3 . 1
1 .8
- 1 .0

16 .7
2 .2
0. 1

50

- 5 9 .9

- 8 7 .5

154 . 1
- 1 3 2 .8

.2
.4
.9
.3

- 4 6 .8

instr.

249.7
158.2
113.7
-36.7
14.5

25
26
27
28
29
30

30
2
6
8

cr. m k t .

.6
.4
.9

.0

23
24

10 .2
2 .5
.4
2 .9

investment
financial assets

135
14
74
18
27

282
16
153
68
44

11 .4
2..5
3.6
3 .3

10
11

2 4 6 .5
99.8
120 .6
- 1 6 .5
4 2 .6

.5
.8
. 1
.3
.1

43
44
45
46

8

3
4
5
6
7
8
9

Net s a v i n g
Capital consumption
Gross saving

Dep.

1
2

nontaxes

204. 0
96. 6
69. 0
8. 7
29. 6

202
36
210
-13
-31

20
21

68.2

and

-37.8

103 .8
- 1 8 4 .7

.0
.0
.9
.0
.2

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

298
290
203
72
-3

.7
. 1
.7
.9
.8

11 . 1
60 .3
- 1 0 6 .3
- 1 5 .8
22 .3
.3
.4
.1
.6
- .2

185
243
196
41

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

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

4 .7
3 .0
0 .9

- 6 3 .3
3 .0
2 .2

- 7 .3

- 9 6 .0

246
240
186
45
-5

.4
.5
.6
. 1
.8

Net 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
Installment cons, credit
Other consumer credit
T a x - e x e m p t debt
Other mortgages
Bank loans n.e.c.
Other loans

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

bus.

38
39
40
41
42
43
44
45
46

Security credit
T r a d e debt
Miscellaneous

47
48
49

- 6 ..5
5 Discrepancy
(1) E x c l u d e s

corporate

equities.

Memoranda:

197.5
4.7
192.8
69.6
227.9

210.3
4.9
205.4
70.4
203.7
-63.7

210.5
4.8
205.7
71.1
196.1
-56.7

Net p h y s i c a l 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
217.5
Expenditures
4.5
Mobile homes
213.0
Other
71.9
- Capital consumption
186.6
- Home mortgages
-41.0
= E x c e s s net i n v e s t m e n t

51
52
53
54
55
56

(B) C o n s u m e r d u r a b l e s
426.4
Expenditures
314.5
- Capital consumption
111.9
= Net i n v e s t m e n t

57
58
59

51
52
53
54
55
56

124. 9
6. 1
118. 8
57. 0
110. 8
-43. 0

154. 6
6. 2
148. 4
60. 0
129. 0
-34.4

159. 7
6. 1
153. 7
64. 4
151 .0
-55. 6

182. 0
5. 3
176. 7
67. 1
197. 4
-82.5

205.3
4 .8
200.5
70.0
209.3
-74.0

229.6
-103.5

203.0
4.8
198.2
68.9
209.4
-75.3

57
58
59

289. 1
226. 4
62. 7

335. 6
2 3 6 .,7
98 .8

368. 7
254. 6
114. 1

402. 4
275. 0
127. 4

413.7
299.2
114.5

419.8
284.1
135.7

396.1
290.3
105.8

409.0
295.9
113.1

436.8
302.4
134.4

413.0
308.2
104.8

194.2
5.3
188.9

68.1

60
61

56..6
6.. 1

90..4
8..4

94. 6
19. 5

65.8
61. 6

41 .8
72.7

36.0
99.6

9.8
96.0

46.8
66.3

69.1
65.3

41.4
63.4

39.3
72.6

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

60
61

62
63
64

13 .9
11 .9
2 .0

15..2
12 .7
2 .5

15.,7
13..3
2..3

16,.5
14.. 1
2,.4

16.9
14.8
2.1

16.7
14.3
2.4

16.8

16.8

14.5
2.3

14.7

16.9
14.9

17.0
15.0

(C) N o n p r o f i t p l a n t and e q u i p .
17.0
Expenditures
15.2
- Capital consumption
1.9
= Net i n v e s t m e n t

63
64

15.1
3.7

14.8
3.6

14.6
4.4

15.0

15.
4.

14.8 E f f e c t i v e tax r a t e
4.7 Saving rate, NIPA basis

2.2

2.1

2.0

Percent

65
66

14 .5
5 .4

14 .2
6 .1

14 .6
4 .5

14 .5
4 .3

2.8

Percent

67

2 2 .0

2 3 .5

68
69
70
71

17 .2
15 .2
8 .0
7 .6

18
16
8
8

72

2486

BILLIONS

.0

.5
.7
.5
.6

2 7 3 8 .5

OF D O L L A R S .




2 2 .3

2 2 .8

21.6

23. 3

21..4

20..8

21..2

22.,9

.6
.0
.7
.1

19 .3
14 .0
9 .3
9 .0

19.4
9.8
7.3
7.6

19..7
15..6
10.. 1
9,.6

19,.3
7,.6
5,.7
6 .0

19..4
8,.5
9 .0
8 .5

20,.2
10,.3
9 .1
8 .8

18..8
12 .3
5 .5
7 .2

18
16
10
10

2 9 1 8 .3

LATEST

3118

DATA

.2

3270.6

PRELIMINARY.

of

ratios:

disposable

income

adj.

65
66
(2):

2 1 ..9
9 Gross
21.

saving

19,.4 C a p i t a l e x p e n d i t u r e s
9 .9
7 .2 Net i n c r e a s e in l i a b i l i t i e s
7 .1

3401 .3 (21 D i s p o s a b l e i n c o m e a d j . =
3 3 9 8 .3
3281 .0
3 2 1 3 .5
3 1 8 9 .5
3196 .7
govt, insurance credits • capital gains d i v i d . )
(NIPA d i s p o s a b l e i n c o m e

68
69
70
71

2 7 , J U N E 7, 1 9 8 8
Nonfinancial Corporate

Table 4

Business
Sector

SEASONALLY

Statements

of S a v i n g

Nonfinancial

and

ADJUSTED ANNUAL RATES

1985

1986

SEASONALLY
I
I

1987

Nonfinancial

Corporate

1986
IV

Business,

I
I
|

Corporate

Business

Investment

1987

I

II

Excluding

Farms

ADJUSTED ANNUAL RATES

I 1988
I
I

III

1
2
3
4

159.5
59.3
78.0
22.2

196
73
81
41

.0
.3
.0
.8

176.0
69.7
82.9
23.4

174 .6
78 .0
8 9 .2
7 .5

213.1
107.5
95.7
9.9

192.2
86.9
91.9
13.3

196.9
99.5
92.2
5.3

208.0

226.0

105.0
94.3

8.8

114.1
97.2
14.8

221.4
111.5
99.4
10.7

2 2 2 . 5 P r o f i t s b e f o r e tax
1 0 6 . 7 - P r o f i t tax a c c r u a l s
1 0 1 . 5 - D o m e s t i c net* d i v i d e n d s
14.4 = D o m e s t i c u n d i s t . p r o f i t s

5
6
7
8

16.0
228.2
11.8
278.2

30
238
11
322

.9
.4
.8
.9

51.0
251.2
12.3
337.9

43
262
15
329

.3
.8
.3
.0

46.5
274.3
7.3
338.0

40.1

268.1
16.6

46.3
270.3

338.0

332.0

46.3
272.8
8.3
336.2

46.1
275.7
7.6
344.2

47.3
278.5
3.2
339.7

44.4
281.7
7.7
348.2

9
10
11

18.4
-10.9
285.7

19 .2
- 5 .8
3 3 6 .3

18.2
-.8
355.4

15 .9
6 .6
351 .5

26.7
-17.6
347.2

13.1
-8.9
342.2

22.5
-11.3
343.2

24.6

24.3
-17.6
350.9

35.5
-21.3
353.9

24.8 + Fgn. earnings ret. abroad
- 1 6 . 4 > Inv. valuation adjustment
3 5 6 . 6 = T o t a l i n t e r n a l f u n d s + IVA

9
10
11

12
13
14
15
16
17
18
19

253.1
274.7
266.4
261.0
4.2
1.2
0.6
7.8

3 0 5 .8
3 7 0 .9
311 .4
3 0 9 .3
0.4
1 .7
51 .7
7 .9

305.5
342.8
332.2
330.3
0.6
1.3
6.2
4.4

300
339
325
322
2

.0
.2
.7
.0
.4
.3
6 .3
7 .2

315.4
361.5
329.3
326.5
1.4
1 .5
29.2
2.9

291.9
330.7
325.8
324.1
0.7

332.1
354.6
310.4
307.0

308.0
346.5
338.7
336.5

333.7
400.8
348.4
345.8
1.5

7.4

2.8

287.7
344.0
319.8
316.8
1.7
1.4
21.3

2.8

4.7
3.0

49.3
3.1

331.9 Gross investment
396.0 Capital expenditures (1)
363.4
Fixed investment
363.8
P l a n t and e q u i p m e n t
-1.1
Home construction
0.7
Multi-family residential
30.0
I n v e n t o r y c h a n g e + IVA
2.6
M i n e r a l rts. from U.S. govt.

12
13
14
15
16
17
18
19

20
21

-21.6
125.1

-65 . 1
117,. 1

-37.3
99.7

- 3 9 ..2
100. 6

-46. 1
90.8

-38.8
216.1

-22.6

-56.2
82.7

-38.5
84.2

-67.1
156.1

-64.1
29.7

20
21

22
23
24
25
26
27

54.1
6.7
16.6
-7.9
11.2
3.1

36..6
6. 7
13.,2
4. 9
- 4 .6
-5. 1

27.1
9.8
9.4
-3.2
4.0
-2.1

57. 1
11. 5
9. 7
1 .2
9. 7
5. 9

41.2
-2.6
18. 1
-.7
14.8
-2.2

102.3
18.4
19.3

16.3
-8.4
40.2

84.0
0.1
19.1

21.3
1.9

11.6

18.9

4.1
-35.5

28
29
30

13.0
0.7
10.7

12. 2
1
9. 4

4.4
0.8
4.0

10. 5
3. 1
5. 6

9.6
2.6
1.7

16.1
8.0
8.2

2.0

31
32
33
34
35
36
37

3.3
1.2
62.2
4.2
9.8
-3.6
13.5

3. 8
2.8
46.4
27. 5
13. 2
-4. 6
17. 8

3.2
4.5
35.2
29.7
8.8
-4.1
12.9

1 .
0
2. 0
12. 4
28. 3
14. 1
4. 0
10. 1

1 .8
-2.7
40.1
10.4
24.1
5.0
19.1

6.4
3.0
30.7
73.6
6.5
7.1
-.5

-.4
4 .6
46.8
-27.1
15.7
16.3

18.0

38
39
40

3.5

5. 2

10. 0

9. 1

4. 1

4.7
0.4
-18.7

9.7

-9.1

10.0
0.1
10.8

4.6
1 .5
-48.9

18.0

136.9
85.2
-81.5

139.9
109.5
-80.8

136.9
77.4
-76.5

254.9
201.9
-105.0

-2.5
-57.0

41
42
43

146.6

182.2

0.

1.0
-2.6

2.0

10.1

1 .2
2.1

41.5

40.2

0.6

9.9
3.5

—. 6

62.8

88.6

121.6

28.3

-74.5

60.3
9.4
16.0

196.0
20.5
46.1

166.7

46

73.8

190.2
-9.9
121.3

153.9
-.9
99.4

100.8

116.7

47
48
49
50

3.5
3.3
0.8
-.7

0.3
0.3
0.2
-.2

0.4
0.5
-.1
0.1

2.7
1.9
0.5
0.3

2.2
1.1
0.7
0.4

1.6
0.6
0.6
0.4

0.4
0.4

51
52
53
54
55
56

15.3
2.7
— .8
3.5
11.1
-.5

64.0
13.0
21.7
1.4
27.7
1.2

35.9
1.5
14.6
-1.1
21.6
-2.6

56.1
11.1
-9.3
-.1
16.9
1.5

12.9
4.1
2.3
2.6
30.9
0.4

182.6
8.3
-16.3
0.1
36.6
2.8

-86.0
1 .8
- 1 .8
2.6
20.5
-1.8

57
58
59
60
61

5.8
40.8
11.5
11.9
-.3

0.7
34.4
25.6
22.5
3.1

-1.8
33.0
20.5
20.4
0.1

1.0
3.0
26.4
26.4
*

1.0
18.6
39.9
36.6
3.3

1.1
-2.3
54.2
53.5
0.7

62

32.5

30.5

49.9

51.5

31.9

63
64

21.5
52.1

11.9
68.7

2.3
72.8

9.4
76.5

65
66
67

29.0
31.3
77.8

67.0
129.0
164.1

96.8
69.9
101.2

68
69
70

37.2
96.2
21.9

37.4
110.3
52.9

71
72
73

0.6
-10.9
11.5

74
75
76

22.6

-20.0
340.8

1.0
1.2

-2.0

66.6
-7.1
15.6
-1.3
28.3
25.0

0.3
-1.0
-1.3

-2.6

9.3
-.5

18.7
8.3

4.7
5.9
-9.9

2.0

-1.0

-1.4
0.5
7.6
1.7
17.3

1.2
12.6
15.2

8.8

2.9
2.9

-5.4
47.7
40.4
17.4
-.6

-14.2

20.8

6.5
-5.1
13.0
57.7
56.6
35.3
21.4

5.0

4.5

4.4

4.2

138.9
101.2
-83.0

122.7
53.9
-78.0

-88.0

223.2
157.0

93.8
42.6
-95.0

184.2
-4.8
77.8

105.4

245.0
0.5
97.8

137.6
0.9
87.9

6.6

131.9

-.2

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

1.1

4.8
-2.5
-3.1
14.3
-13.5

-4.8
52.7
-29.4

+
>
•
=

0.6
16.6

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

Liquid assets
22
D e m a n d d e p . and c u r r e n c y 2 3
Time deposits
24
M o n e y m k t . fund s h a r e s
25
Security RPs
26
Foreign deposits
27
U.S. govt,
Tax-exempt
Commercial

securities
obligations
paper

Consumer credit
M u t u a l fund s h a r e s
Trade credit
Miscellaneous assets
Foreign dir.invest.(2,5)
Equity, etc.
Retained earnings
Insurance
E q u i t y in
Other

receivables
sponsored ags.

N e t i n c r e a s e in l i a b i l i t i e s
N e t f u n d s r a i s e d in m k t s .
Net new equity issues
Debt instruments
T a x - e x e m p t debt
Corporate bonds

(3)
(2)

28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46

0.8

1.9

2.6
1.2

0.7
0.4

1.0
0.4

2.7
4.4
-12.0

77.5
-2.0

10.2
6.0

5.2
24.3
-1.4

-2.2
31.2
0.7

4.6
47.6
4.1

-5.4
-1.7
37.8
1.4

Bank loans n.e.c.
51
L o a n s from foreign
52
C o m m e r c i a l paper
53
A c c e p t , l i a b s . to b k s . 5 4
Nonbank finance loans
55
U.S. government loans
56

- 8
40.3
25.8
24.0
1.9

4.8
-6.2
39. 1
35.5
3.6

-4.9
23.2
50.4
45. 1
5.3

4.9
16.9
44.3
41 .8
2.5

-.9
-2.4
54.6
51.2
3.4

Profit taxes payable
57
Trade debt
58
F g n . d i r . i n v e s t m t . i n U . S . ( 5 59
Equity, etc.
60
Retained earnings
61

50.3

11.2

53.1

42.9

21.5
103.4

33.0
85.8

6.5
98.5

53.9
89.8

29.5
119.5

-4.0
105.6

114.1
76.1
80.2

100.8
53.2
72.7

92.8
214. 1
212.9

119.4
-64.9
-25.4

75.6
108.6
107.1

107.0
24.9
43.3

100.9
144.1
165.9

39.6
96.4
48.6

44.7
96.5
56.1

50.5
104.1
42.6

45.2
96.6
92.8

50.5
103.3
15.4

50.5
100.9
53.6

50.5
98.7
38.1

50.3
113.3
61.1

51.7
-5.8
57.5

6.2
— .8
7.0

6.3
6.6
-.2

29.2
-17.6
46.8

-2.6
-8.9
6.3

41.5
-11.3
52.8

21.3
-20.0
41.3

4.7
-17.6
22.3

49.3
-21.3
70.6

285.6
278.2

376.7
322.9

343.5
337.9

332.7
329.0

379.0
338.0

339.6
338.0

365.9
332.0

364.0
336.2

7.4

53.8

5.6

3.7

41 .0

1.5

33.9

27.7

364.1
422.1
4 1 2 . 4 T o t a l c a p . e x p e n d . b e f o r e IVA
344.2
339.7
348.2 U.S. internal funds, book
Financing 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
19.8
82.4
64.2
over U.S. internal funds

1.8

0.8
0.4
57.5

12.2
10.8

12.2

0.9
0.4

24.7

Mortgages
Home mortgages
Multi-family
Commercial

Discrepancy

Memorandum items:
10.0 T r a d e c r e d i t net of t r a d e d e b t
9 8 . 7 P r o f i t s tax p a y m e n t s
Debt subtotals:
8 9 . 3 S e c u r i t i e s and m o r t g a g e s
4 8 . 3 L o a n s and s h o r t - t e r m p a p e r
45.0 Total short-term liab. (4)
Percent ratios:
4 7 . 9 E f f e c t i v e tax r a t e
111.0 Capital outlays/internal funds
34.7 Cr. mkt. borrowing/cap. exp.
( 1 ) C a p i t a l o u t l a y s on b o o k b a s i s :
30.0 Inventory change, NIPA
-16.4 Less:
Inv. val. adjustment
4 6 . 4 I n v e n t o r y c h a n g e b e f o r e IVA

( 2 ) C o r p o r a t e b o n d s i n c l u d e net i s s u e s by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ;
U . S . d i r e c t i n v e s t m e n t a b r o a d is b e f o r e s u b t r a c t i n g n e t i n f l o w s of
c a p i t a l f r o m N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s to U . S . p a r e n t s .
(3) Industrial revenue b o n d s .
I s s u e d by s t a t e and l o c a l g o v e r n m e n t s
to f i n a n c e p r i v a t e i n v e s t m e n t and s e c u r e d in i n t e r e s t and
p r i n c i p a l by the i n d u s t r i a l u s e r of the f u n d s .
( 4 ) L o a n s and s h o r t - t e r m p a p e r (line 6 3 ) , t a x e s p a y a b l e and t r a d e d e b t
( 5 ) D i r e c t i n v e s t m e n t t o t a l s and r e t a i n e d e a r n i n g s e x c l u d e
c a p i t a l g a i n s / l o s s e s i n c l u d e d in b a l a n c e of p a y m e n t s s t a t i s t i c s .
B I L L I O N S OF




DOLLARS. LATEST DATA

PRELIMINARY.

47
48
49
50

63
64
65
66
67
68
69
70

71
72
73
74
75

7, in198Credit8

27, J U N E
Funds Raised

in C r e d i t

Takl
qsJ R
IC

Markets

1'u

Summary
ANNUAL FLOWS -

1976

of N e t

Funds

u

c

v

Raised

Funds

in C r e d i t

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

1977

1978
Net

1979
Credit

Raised

ANNUAL FLOWS -

1980

Market

1981

Borrowing

1982

1983

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

in C r e d i t

Markets

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

1984

1985

1986

1987

BILLIONS OF

DOLLARS

Sectors

1

242.1

316.9

371.9

385.7

341.7

375.9

388.9

550.2

753.9

854.8

831.7

Total
672.2

net b o r r o w i n g b y d o m e s t i c
nonfinancial sectors

1

2
3
4

69.0
69.1
-.1

56.8
57.6
-.9

53.7
55.1
-1.4

37.4
38.8
-1.4

79.2
79.8
-.6

87.4
87.8
-.5

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

143.8
142.3
1.5

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

2 6 0 .2

3 1 8 .2

3 4 8 .4

2 6 2 .5

2 8 8 .5

2 2 7 .6

363 .6

5 5 5 .1

631 .1

616 .7

5 2 8 .4

Private domestic
nonfinancial sectors

5

2 0 0 .7
2 8 .4
21 .1
151 .2
110 .2
10 .9
21 .9
8.2

2 1 2 .5
30 .3
17 .3
164 .9
116 .6
10 .0
2 4 .4
14 .0

189 .1
30 .3
2 7 .7
131 .2
94 .2
7 .6
19 .2
10 .2

155
23
22
109
72
4
22
10

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

148 .3
4 4 .2
18 .7
8 5 .4
5 0 .5
5 .4
2 5 .2
4 .2

253
53
16
183
117
14
49
2

313 .6
5 0 .4
46
1
217
129
25
1
63 .2
- .9

.
.?
.

4 4 7 .8
136 .4
73 .8
2 3 7 .7
151 .9
2 9 .2
62 .5
- 6 .0

452
30
121
300
201
33
74
-8

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

435
34
99
301
211
25
71
-6

117
46
40
2
27

.6
.7
.3
.7
.9

135 .9
4 2 .7
4 8 .5
9 .0
35 .7

73
2
36
4
30

.3
.9
.5
.0
.0

133
21
48
14
48

.1

241
90
67
21
62

.5
.4
.1
.7
.2

183
94
38
14
35

.3
.6
.6
.6
.5

164
65
66
-9
41

.0
.8
.5
.3
.0

318
16
167
134
15
33
85

.2
.5
.2
.5
.6
.8
.2

3 4 8 .4
17 .6
173 .7
157 .1
2 3 .5
37,.9
95,.7

262
17
118
126
15
31
79

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

288
6
120
161
16
38
106

555
27
234
293

.1
.4
.6
.0

631
91
293
245
-13
93
166

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

616
44
281
291
-15
116
190

.7
.3
.1
.3

5

173

.1

6
7
8
9
10
11
12
13

122 .6
15 .7
2 2 .8
84
62 .2
5 .0
11 .3
5 .5

171 .3
2 0 .3
2 2 .9
128
1
93 .3
8 .4
18.2
8 .2

14
15
16
17
18

5 0 .5
2 4 .2
5.2
1 .4
19 .7

8 8 .9
38
1
2 6 .4
1 .6
2 2 .7

19
20
21
22
23
24
25

173
13
88
71
10
17
44

.

.

.1

.2
.2
.6
.0
.5

260
10
137
112
13
29
69

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

26
27
28
29
30

2 0 .5
8 .5
6 .8
0 .7
4.5

13,.5
5,.1
3,.1
.6
4 .8

2 4 .0
4 .0
18,.3
1 .0
,
.7

0,

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

24 .2
1 .2
.
11 .8
2 .4
.8

31

262,.6

330. 4

395,.9

4 0 0 ..7

365,.8

0,

Net

1.

Credit

21..9

50. 8

73..3

89. 9

2
3
4
5

14. 3
2. 5
12.2
4

22. 0
7. 0
16., 1
-1. 1

37.. 1
23., 1
13. 6
4

47. 9
24. 3
23.
6

6
7
8
9
10
11

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

28. 8
12. 0

42. 0
5. 5

2
12. 8
4. 3

36. 2
7. 8
2
8
13. 9
12. 5

5
26.8
9. 2

.
0
-1 .
12. 9
7. 1

12
13
14

21 .9
2. 1
12. 2

50.8
5. 9
16. 1

73. 3
23. 5
13. 6

89. 9
24.8
23.

15
16
17
18
19
20
21

7. 7
4.5
2. 0
-1.7
6. 3
-3. 6

28. 8
3. 7
3. 8
6. 9
17. 2
-2. 7

36. 2
5
7. 5
13. 5
15. 9
2

42. 0
9. 1
4. 1
12. 6
16. 2

0.

0.

0.
1.

Total Net

1
2
3
4
5
6
7
8
9

284
83
15
37
84

.5
.8
.7
.9
.4

24.2
8,.7
8 .2
21,.8

10

3,.2

11
12

238,.9
65,.9

381 ,.3
79,.9
20,.3
39,.9
128..0
38.. 1
29..2
15.,0
30. 8
1., 1
315. 8
55.,7

1

Credit

4 9 0 .6
8 4 .8
30 .3
2 6 .5
164,.8

46,.7
60,.3
17,.7
41 ,.5

4 2 .7
52,
37..5
51,.9

3..8
368., 1
49..9

1
2
3
4
5

12 .8
- 2 ,.0
14,.7
10..5
3..9

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

1.6
-.1
1.7

6

0,.4

0 .4
DATA

0.

4 6 9 .2
90,.5
28,.4
32,.9
151 ,
.2

External

HISTORICAL

1
0.

65. 4

.3
.3
.4
.8

110 .2
56 .6
2 3 .2
.8
31 .3

227
21
90
116
6
40
69

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

363
34
188
141
4
77
60

.7
.5

.5
.8
.7
.6
.5
.0

399,.4

Borrowing

1

79
19
50
-6
15

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

8

Market

.0
.8

.1

16 .0
6 .6
- 5 .5
1 .9
,
13,.0
404,.8

.6

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

97 .0
196 .0

8

17 .3
3 .1
3 .6
6,.5
4,. 1
567,.5

by F i n a n c i a l

528
33
248
245
-11
103
153

.4
.9
.9
.5
.7
.3
.9

676.
6 7 6 ..0
0 Total

2 8 4 .,2

24. 4
19. 2
2

1.

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

64.,9
14. 9
49. 5
4

67. 8
4
66. 4

74. 9
30. 4
44. 4

101. 5
20. 6
79. 9

178.
15. 2
163. 3
4

168. 3
30. 2
138. 8
8

20. 6
1 6

54. 5
4. 4

0.
1.
0.

31 .5
17. 4
1
21 .3
-7.

77. 0
36. 2
4
7
24. 1
15. 7

97. 4
48. 6

2
32. 7
16. 2

25. 4
12. 7
1
9
9. 9
8

117. 2
69. 0
1
4.
24. 2
19. 8

116.
116.0
65. 8
3
-3. 3
28. 8
24. 4

65. 4
25. 6
19. 2

101 .9
32. 4
15. 0

90. 3
15. 3
49. 5

99. 3
4
66. 4

1.

151 .9
30. 4
44. 4

199.
21 .7
79. 9

295. 3
14. 9
163. 3

284. 2
29. 5
138. 8

20. 6
8. 3
6. 7
7. 4
-1 4
4

54. 5
11 .6
9. 2
15. 5
18. 6
4

25. 4
11 .7
6. 8
2. 5
4. 5
2
2

31. 5
5.
12. 1
-2. 1
12. 9
1
3. 7

77. 0
7. 3
15. 6
22. 7
18. 9
1
12. 4

97. 4
-4. 9
14. 5
22. 3
53. 9
7
12. 2

117. 2
-3. 6
4. 6
29. 8
49. 7
3
37. 1

116.
7. 1
3.
35. 7
30. 8
1 4
38.

1054,.9
324,.2
136,.4
126,.1
237,.7

1136,.0
393. 5
30..8
192..9
300.,7

94..6
38,.3
52..8
44, 8

65. 8
69.,5
26. 4
56. 5

431,.2
122,.9
30,.3
30,.5
131 ,
.1

Borrowing,

501 ,
.4
133 .0
23,.4
32,.7
109,.2

2,.9
47,.2
19..3
47,. 1

21 ,.8
52,.3
51,.3
77,.7

All

495,. 1
225,.9
44,.2
38..0
85,.4

1.

0

0

Sectors.

666
254
53
36
183

19..3
46,.7
5,.7
30,.0

.8
.4
.7
.5
.6

56 .6
2 6 .7
26,.9
28,.4

0.
0.

0.

914,. 1
273.8
50..4
86., 1
217. 4
90.,4
61.,1
52..0
82. 9

- 3 ,.8

*

7,.3

- 7 ,.1

6..3

375,.9
8 7 ,.4

381,.6
154,.0

557,.3
193,.7

747. 6
192. 5

Equity

Funds

Raised

2.1

19,.8
2,.9
16,.9
12,.9
.7

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

25,.8
8 .8
17,.0
11,.4
4,.2

-.4

1,.0

2,.4

0,.2

1,.4

1,

in

domestic

plus

foreign

26
27
28
29
30
31

1.1

0.1

2. 6
32. 0
14. 2

0

1

0.
0

0
0.

0
0

.
0

T o t a l net b o r r o w i n g
by f i n a n c i a l s e c t o r s
U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans
o t a l . by sector
Sponsored credit
Mortgage pools

1
2
3
4
5
6
7
8
9
10
11

agencies

12
13
14

Private financial sectors
Commercial banks
Domestic affiliates
S a v i n g s and l o a n a s s n s .
Finance companies
REITs
CMO Trusts

15
16
17
18
19
20
21

by Type

345..5
8 3 ..0

Corporate

"gn. net b o r r o w i n g in U . S .
Bonds
Bank loans n.e.c.
Commercial paper
U.S. govt. 8 other loans

Sectors

295. 3

Market

19
20
21
22
23
24
25

8 4 0 ..7

199. 0

0.

By borrowing sector:
StateSlocal governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

8 5 6 .,0

151. 9

.

14
15
16
17
18

762..2

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

99.,3

0.

O t h e r debt i n s t r u m e n t s
Consumer credit
Bank loans n.e.c.
Commercial paper
Other

9..0
2,.6
- 1 ..0
11 .5
- 4 ,.0

90.,3

44s8

6
7
8
9
10
11
12
13

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

0,.6

ON NET FUNDS RAISED

92 .8
41 .8
9 .3
2 .3
39 .4

Debt capital instruments
Tax-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multi-family resid.
Commercial
Farm

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

385,.1
36,.8

0,

.2
.2

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

101 ..9

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




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

960..2 T o t a l net b o r r o w i n g
312.,9
U.S. government securities
34. 5
Tax-exempt obligations
171 .5
Corporate 8 foreign bonds
301 .9
Mortgages
41 .8
2. 4
33. 2
62..1

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

*
14..4
-7. 9 Memo: U.S. govt. cash balance
T o t a l s net of c h a n g e s :in U . S . g o v t , c a s h b a l a n c e s :
840,.4
8 3 1 .,7
680. 1
Net borrowing by dom. n o n f i n .
209,.3
2 1 5 .,0
151. 7
By U.S. government

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

U.S. Markets

61
27
34
28
2

.8
.2
.6
.3
.6

-36, 4
29..3
- 6 5 ..7
-74. 5
7. 8

19,.9
85,.7
- 6 5 ,.8
- 8 1 ,.5
12,.0

91 .6
163,.3
- 7 1 ,.7
- 8 0 ,.8
8,.3

1,.6
75,.4
- 7 3 ,.8
-76, 5
5..4

3,.7

0..9

3,.7

0,.7

- 2 ..7

otal net share i s s u e s
Mutual funds
All other
Nonfinancial corporations
Financial corporations
Foreign shares
p u r c h a s e d in U . S .

1
2
3
4
5
6