Full text of Z.7 Flow of Funds Summary Statistics : June 8, 1993

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FEDERAL RESERVE statistical release

Z 7 (788)

For immediate release
June 8, 1993

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinaneial sectors grew at a seasonally adjusted
annual rate of 4-1/2 percent in the first quarter of 1993. Federal government
debt was up at a 9 percent pace, and growth of debt of the nonfederal sectors
was 3 percent, in line with the historically slow rate in 1992. In the
household sector, both mortgage debt and consumer credit rose a bit more
slowly than at the end of last year. Nonfinancial business debt changed
little in the first quarter, continuing a pattern of the past two years.
Debt growth of state and local governments picked up in the first quarter to a
6-1/4 percent rate as many governments took advantage of lower interest rates
to refund existing securities in advance of maturity dates.
The level of domestic nonfinancial debt outstanding was
$11.9 trillion at the end of the first quarter 1993. Of this total, debt of
nonfederal sectors accounted for $8.8 trillion and the federal government
component was $3.1 trillion.
A. Growth of Domestic Nonfinancial Debt"*"
(Percent changes; quarterly data are seasonally adjusted annual rates)
Nonfederal
Total
(1)

U.S.
govt.
(2)

Total
(3)

Households
(4)

1988
1989
1990
1991
1992

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

8. 0
0
7.
11. 0
,
11. 1
10.
,9

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

11. 1
9. 6
7 .2
4. 2
5 .6

1991-Q1
Q2
Q3
Q4

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

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

3. 1
3. 3
1. 5
1. 0

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

1992-Q1
Q2
Q3
Q4

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

13 .3
12 .3
6 .5
10 .0

3. 6
2. 4
,4
3.
,2
3.

9
5.
3. 9
,9
5.
,4
6.

Business
(5)
8.3
6.9
3.3
- .4
1.6
1.0
-1.7
-2.6
.7
- .4
.1
- .4

State &
local
govts .
(6)
0
7.
8. 4
5.
9
4.
,5
,
5.2
4.
.2
.
4, 4
4,
.3
4 .7
5. 1
6 .9
5 .4
3 .0

6 .2
- .5
5 .3
,
3.
.0
8 .9
4 .6
1993-01
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 All

Memo: .
Private
financial assets'

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

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

4,
.9
.4
4,
5 .6
,
6,
.5

4,
.9
.4
4,
4, 1
.
.4
4,

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

5 .8
8. 6
10 .0
8 .3

5 .9
,
5 .9
.
5 .4
5 .5

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

Domestic
1988
1989
1990
1991
1992

9. 1
8. 0
6.
,6
4. 3
,
5.1

1991-Q1
Q2
Q3
Q4

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

1992-Q1
Q2
Q3
Q4

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

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

2.
,7
4.
,2
.4
9.
5.1
.
8. 2
22,
.7
-21,
.5
5 .6
,
14,
.5
3 .3
19 .3
9 .8
.4

-1 .0
5 .5
7 .9
20 .9
1993-01
4 .6
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 from both domestic and
foreign sources, while foreign debt represents amounts borrowed by foreign
financial and nonfinancial entities in U.S. markets only. Financial sectors
consist of federally sponsored credit agencies, federally related mortgage
pools, and private financial institutions. Credit market debt consists of debt
securities, mortgages, bank loans, commercial paper, consumer credit, government
loans, and other loans included in table L.2; it excludes trade debt, loans for
the purpose of carrying securities, and funds raised from equity sources.
Growth rates in the summaries above are calculated by dividing seasonally
adjusted flows from table F.2 by seasonally adjusted levels at the end of the
previous period. Seasonally adjusted quarterly levels in flow of funds
statistics are derived by carrying forward year-end levels by seasonally
adjusted flows. Growth rates calculated from changes in unadjusted levels
printed in table L.2 can differ from those shown above.
The flow of funds accounts are available
diskettes contain quarterly data beginning in
correspond to the tables published in the Z.l
diskettes contain files with the monthly debt
Board's H.6 release and data from the Balance
release).

on 3-1/2" diskettes. The
1952 organized in files that
release. In addition, the
aggregate data published in the
Sheets for the U.S. Economy (C.9

Subscriptions to this summary release, to the full statements for sectors
and transaction types for flows and amounts outstanding (the Z.l release), or
diskettes may be obtained through Publications Services, Stop 138, Board of
Governors of the Federal Reserve System, Washington, D.C. 20551, (202) 452-3245.
This release is also available on the Economic Bulletin Board of the Department
of Commerce.
* * * * * * * * * * * * * * * * * * * * * * :

r *

*

*

*

*

*

*

*

1

r * * * * * * * * :

* * * * * * * * * *

* * * * * * * *

A Guide to the Flow of Funds Accounts will be available in July. The Guide
explains the principles underlying the accounts and describes how they are
constructed. It lists each flow series published in the Z.l statistical release
and describes how it was derived from source material. Additional information
about the Guide, including the price and how to order, is available from
Publication Services.




2.7, JUNE 8, 1993
Credit Market Debt

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

PERIOD-END LEVELS
1988

1989

PERIOD-END LEVELS
1990

I
I

II

1991
III

I
IV I

1992
I

II

III

I
IV I

1993
I

1

.8
9316..3 10087,
.1 10760,

2
3
4

2104..9
2082.
.3
.6
22.

2251,
.2
2227 .0
24,
.2

5
6
7

7211 .4
939.
.4
852..2

8
9
10
11
12

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

I

L.2 Credit Market Debt Owed by Nonfinancial Sectors
.9 11353 .6
.5 11095 .2 11222.
10971.

1

2687 .2
2669 .6
17 .6

2776.
.4
.8
2757.
18.
.6

2859 .7
2844 .0
15 .8

2923.
.3
2907.
.4
15,
.9

2998 .9
2980 .7
18 .1

3080 .3
3061.
.6
18.
.8

3140 .2
3120.
.6
19.
.6

U.S. government
Treasury issues
Agency issues & mortgages

2
3
4

.6
7835,
.9 8262.
.6
1004,
.4 1055.
926, 1 973.
.
.2

.6
8379,
1072,
.5
1016.
.5

8408 .0
1089 .3
1036 .9

8446.
.6
1101.
.4
.9
1051.

8493 .9
1111 .5
1071 .0

8564.
.7
1128.
.6
1090.
.4

8635 .6
1145.
.6
1105.
.8

8720 .9
1154 .7
1119 .2

8756.
.9
1164.
.8
.0
1138.

Private, by transaction
Tax-exempt securities
Corporate bonds

5
6
7

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

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

4005.
.0
2837 .9
309.
.8
772.
.7
84 .6

4020 .3
2873 .6
300 .8
761 .4
84 .5

4045.
.7
.6
2904.
303.
.3
753.
.3
84.
.5

4088 .7
2951 .8
303 .9
745 .2
87 .9

4122..0
2996.
.1
299.
.5
737.
.9
88.
.5

4158..6
3050 .7
296,
.1
.9
722.
88 .9

4190 .2
3102 .9
288 .7
710.
.4
88 .2

4214..3
3139.
.4
284.
.6
701.
.7
88.
.6

799.
.9
724.
,7
98,
.5
624,
.5

777 .6
713 .7
110.
.4
620 .8

776.
.9
710.
.3
.0
112,
624,
.5

784.
.5
705.
.7
108.
.2
627.
.3

809..2
707.
.0
107.
.1
633.
.5

794,
.0
700,
.9
114,
.9
630,
.2

8635,
.6
4087,
.8
3605,
.5
146.
.2
.8
1150.
2308.
.5
942.
.3

8720.
.9
4167..0
3604.
.3
143.
.8
.6
1140.
2319..9
949.
.6

.9
8756,
4191..5
3603,
.8
142,
.3
1130,
.7
.8
2330,
961.
.6

306 .6
136.
.2
.5
26.
80.
.7
63,
.3

307,
.3
.0
142.
23.
.9
77.
.7
63.
.7

319,
.5
161,
,1
24,
.4
?2.
,3
.8
61.

13
14
15
16

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

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

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

791.
.0
742.
119.
.4
633,
.1

790 .1
734 .1
107.
.0
630 .3

17
18
19
20
21
22
23

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

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

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

8379,
.6
3853,
.6
3647.
.4
140,
.4
.0
1211.
2296,
878..5

8408 .0
3897 .0
3619 .6
141 .7
1191 .3
2286 .7
891 .4

24
25
26
27
28

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

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

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

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

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

29

.0 11634 .5 11801 .3 11897. Total domestic
.1

2591..9
2567.
.1
.8
24.

2498, 1
.
2465,
.8
32.
.4

9560.
.9 10341.
.9 11039,
.4

8446,
.6
3944.
.5
3599.
.6
140. 1
.
1180.
.7
2278.
.7
902,
.5

8493.
.9
3970 .3
3612 .3
.3
141.
1174 .5
2296.
.5
911.
.3

8564,
.7
4023,
.0
3615,
.8
145. 1
.
1163,
.5
2307.
.2
.9
925.

Mortgages
Home mortgages
Multif.amily resid.
Commercial
Farm

8
9
10
11
12

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

13
14
15
16

Private, by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
State 8 local governments

17
18
19
20
21
22
23

Foreign credit market debt
held in U.S.
Bonds
Bank loans n.e.c.
Commercial paper
U.S. govt. 8 other loans

24
25
26
27
28

.7 11635.
.9 11786,
.3 11941,
.6 12216. Total domestic and foreign
.6
11249.
.5 11515,
.1 12108.
.1 11377.

29

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

282 .3
125 .4
22 .0
70 .5
64.
.4

298..3
130,
.9
.5
25,
.4
77,
64, 5

L.3 Credit Market Debt Owed by Financial Sectors
2946. Total, by transaction
.6

1

.9
2082.

2333.
.0

2524 .2

2580 .8

2618 .4

2670.
.3

2701 .2

2758 . 1 2828.
.6

2897 .0

2
3
4
5

1098.
.4 1249.
.3
348. 1 373,
.3
.
745.
.3
871 .
.0
5.
.0
5.
.0

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

1489 .6
389 .6
1095 .2
4 .9

1531 .1
394.
.7
1131 .5
4.
.9

1574.
.3
.9
402.
1166.
.7
4 .8

1603.
.8
405.
.7
1193.
.2
4 .8

1658 .3
417 .8
1235 .6
4.
.8

.0
1702.
434,
.7
1262.
.5
4,
.8

1741 .5 1779.
.7
.9
443 . 1 451.
1293 .5 1322 .9
4 .8
4 .8

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

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

1091 .3
564 .9
4.
.5
.0
37.
390 .1
94.
.7

1087.
.3
572..8
4 .6
39.
.0
387 .0
83 .9

1095.
.9 1097.
.4
584 .2
581 .3
5. 1
.
5 .0
41 .8
41 .6
.
385 .7
393.
.2
79.
76.
.3
.1

1099.
.8
583 .7
5 .0
43.
.7
390.
.5
76.
.9

1126,
.6
602.
.3
5
44. 5
394.
.6
80.
.2

1155 .6
627 .2
5 .1
49.
.0
394.
.3
79.
.9

.0
1167.
650,
.0
5.
47.
.6
379.
.3
85.
.0

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

2333.
,0
378..3
.0
871 .

2524 .2
398 .5
1019 .9

2580.
.8
394.
.4
1095.
.2

2618..4
399.
.5
1131.
.5

2670.
.3
407.
.7
1166.
.7

2701,
.2
.5
410.
1193.
.2

2758. 1 2828,
.
.6
.6
422.
439.
.5
.6 1262.
1235.
.5

2897.
.0
.9
447.
1293 .5

.6
2946. Total, by sector
Sponsored credit agencies
456,
.8
Mortgage pools
.9
1322.

12
13
14

1083,
.7 1105 .8
76 .3
77.
.4
142.
.5
114 .8
115 .3
145.
.2
16 .7
17.
.2
539 .8
504,.2
10 .6
10, 1
.
187.
.1
232 .3

1091.
.3
65.
.9
113.
.3
91.
.0
16.
.6
540..0
11 .0
253.
.3

1087.
.3
64.
.6
.6
110.
79.
.0
15.
.2
543..3
11 .2
.6
263.

1095.
.9
63.
.0
.3
112.
.9
75.
13 .2
547.
.5
.3
12.
271 .9

1097.
.4
60.
.8
.0
115.
71.
.2
13.
.5
546..7
12.
.7
.5
277.

1099.
.8 1126.
.6
63,
.3
61.
.7
112.
.7
114.
.4
70.
.3
70,
.9
.3
14.
16,
.2
549,
541 .6
13 .2
13,
.7
286, 1 299,
.
.1

1155 .6
67.
.4
.6
114.
71.
.1
15 .1
563 .8
13 .6
309 .9

1167,
.0
64,
.8
118.
.7
74.
.8
15,
.7
559,
.8
14,
.1
319.
.2

15
16
17
18
19
20
21
22

6
7
8
9
10
11

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

12
13
14

.9
2082.
353.
745.
.3

15
16
17
18
19
20
21
22

984.
,6
78.
.8
136.
.2
159.
.3
.6
18,
.6
444,
11 .4
,
135,
.7

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

1
2
3
4
5
6
7
8
9
10
11

L.4 Credit Market Debt, All Sectors, by Transaction
1 11643 .9 12674.
.9 13563 .6

.0 14337.
.6 15163 .3 Total
13830.
.0 13995,
.8 14186,
.4 14769,
.7 15005.
•1 14544.

2
3
4
5

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

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

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

4076.
.6
.5
1072.
1696.
.1
4009.
.5

4213,
.5
1089,
.3
.3
1728,
.9
4024,

4345.
.9
1101.
.4
1760.
,4
4050.
.8

4458.
.7
.5
1111.
.8
1777.
4093.
.8

4576 .8
.6
1128,
.0
1805,
4127,.0

4696.
.0
.6
1145.
1844.
.2
4163,
.7

4817,
.0
1154.
.7
1888.
.5
4195..4

4915 .0
1164 .8
1949 .0
4219 .4

6
7
8
9

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

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

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

791.
.1
798,
.7
583 .6
801,.9

790.
.1
793,
.2
.0
572,
784.
.7

799.
.9
788.
,2
565..9
773.
.5

777.
.6
777.
.3
574..1
766.
.3

776.
.9
779.
.5
579..9
770.
.7

784.
.5
.6
776,
583,
.6
775,
.5

809..2
780.
.0
579,
.0
781.
.9

794 .0
772 .8
566 .4
781 .8

1

U.S. government securities
Tax-exempt securities
Corporate and foreign bonds
Mortgages

2
3
4
5

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

6
7
8
9

Memo:
10
11
12
13

118.3
838.4
478.3
3141.6

133.9
903.9
566.2
3819.7

BILLIONS OF DOLLARS.




137.4
938.0
602.1
3506.6

137.5
909.4
683.7
3987.9

158.1
935.3
744.2
4170.5

188.9
940.9
813.9
4357.9

194.6
939.8
860.4
4461.9

193.3
944.9
928.3
4404.7

214.5
987.7
971.2
4576.8

217.3
1003.6
1050.2
4827.2

Selected
224.8
993.6
1155.7
4964.0

claims not included above:
Security credit
Trade credit
Mutual fund shares
Corporate equities

10
11
12
13

Z.7, JUNE 8, 1993
Funds Raised

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

ANNUAL FLOWS

ANNUAL FLOWS
1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

F.2 Credit Market Borrowing by Nonfinancial Sectors
1 Total domestic
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

U.S. government
Treasury issues
Agency issues & mortgages
Private, by transaction
Tax-exempt securities
Corporate bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm
Consumer credit
Bank loans n.e.c.
Commercial paper
Other loans
Private, by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
StateSlocal governments

24 Fgn. borrowing in U.S.
25
Bonds
26
Bank loans n.e.c.
27
Commercial paper
28
U.S. govt. 8 other loans
29 Total domestic plus foreign

384 .9

406 .2

553 .3

765 .4

903 .1

893 .8

721 .2

775 .8

740 .8

665 .0

461 .0

574 .4

1

85 .5
85 .9
- .5

161 .3
162 .2
- .9

185 .2
185 .3
" .1

197 .2
197 .4
- .2

225 .7
225 .8
- .1

216 .0
215 .6
0 .4

143 .9
142 .4
.5

155 .1
137 .7
17 .4

146 .4
144 .7
1 .6

246 .9
238 .7
8 .2

278 .2
292 .0
-13 .8

304 .0
303 .8
0 .2

2
3
4

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

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

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

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

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

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

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

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

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

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

182 .8
45 .8
78 .8
138 .5
144 .6
- 2 .4
— 4 .3
0 .5

270 .4 5
53 .3 6
67 .3 7
140 .9 8
198 .3 9
-14 .6 10
-42 .9 11
0 . 1 12

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

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

48 .9
25 .0
.8
31 .3

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

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

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

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

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

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

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

-13 . 1
-33,
.3
-18 .4
,
-15,
.6

9 .3
-17,
.7
8,
.6
8,
.6

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

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

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

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

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

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

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

620,
.7
318.
.6
253..1
-7. 5
61. 8
198. 8
48. 9

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

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

182. 8
160. 2
-15. 9
2. 2
-23. 4
5. 3
38. 5

270. 4 17
6 18
0.8 19
20
-40. 1 21
40. 9 22
47. 0 23

23. 5
5. 5
3. 0
3. 9
11. 1

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

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

8. 4
3.8
-6. 6
6. 2
5. 0

1 .
2
3.8
-2.8
6. 2
— 6. 0

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

6. 2
7. 4
-3. 6
3.8
4
-1 .

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

10.2
4. 9
1
13. 1
-7. 6

23. 9
4
21 .
-2. 9
12. 3
- 6.9

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

408. 4

422. 2

570. 7

773. 7

904. 3

903. 5

727. 4

782. 2

750. 9

688. 9

475. 1

598. 2 29

23. 9
17.8
2. 3
5. 2
-1 .
4

13
14
15
16

24
25
26
27
28

F.3 Credit Market Borrowing by Financial Sectors
1 Total, by transaction
2
3
4
5
6
7
8
9
10
11

107 .9

96 .9

107 .3

162 .3

189 .3

324 .1

259 .0

211 .4

220 .1

187 . 1

138.4

226 .0

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

47 .4
30 .5
15 .0
1.9

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

67 .8
1 .4
66 .4

74 .9
30 .4
44 .4

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

178
15 .2
163 .3
- .4

171 .8
30 .2
142 .3
- .8

119 .8
44 .9
74 .9

151 .0
25 .2
125 .8

167 .4
17 . 1
150 .3
. I

150.0
9.2
140.9

167 . 1 2
4 0 .2 3
126 . 9 4
5

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

60 .5
10 .3

39 .5
25 .4
.2
21 .3
- 7 .0

87 .4
45 .6
0 .4
.8
1,
.0
24,
15,
.7

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

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

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

69 .1
46 .8

1 .3
,
32,
.7
16,
.2

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

1 .9
31 .3
-11 .0

19 .7
34 .4
0 .3
.2
8 .6
-24,
.7

-11.6
54.3
0.9
3.2
-32.0
-38.0

107.
.9
32.
.4
,0
15.

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

107 .3
1 .4
66 .4

162.
.3
30.
,4
44.
.4

189 .3
21 .7
79,
.9

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

259,
.0
29.
.5
,3
142.

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

220,
.1
25 .2
125,
.8

187.
.1
-0
17.
150.
.3

138.4
9.1
140.9

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

32. 0
11.
.7
7.
7
6
11. 6

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

87. 4
7. 3
16. 1
17. 2
2
35.8
0. 6
9. 3

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

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

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

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

69. 1
-1.
'4
6. 2
-14.
-1 .
4
59. 7
-1. 9
22. 0

19. 7
-1.
-27. 7
-29. 9
5
35. 6
-1. 9
45. 2

— 11.6
-13.3
-2.5
-39.5
-3.5
7.8
0.9
38.5

58. 8
4. 5
2. 3
-4. 7
8
1 .
16. 4
0. 6
38. 0

15
16
17
18
19
20
21
22

613 .5
428 .3
45 .8
147.
.9
139,
.4

824 .2
471 .1
53.
.3
136.
.6
141 .0
,

1
2
3
4
5

12 Total, by sector
13
Sponsored credit agencies
14
Mortgage pools
15
16
17
18
19
20
21
22

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

0. 6

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

1

58 .8
51 .5

6
7
8
7 .2 9
.7 10
0 .8 11

226,
.0 12
40.
.2 13
126.
,9 14

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

-13, 1
.
-26,
.9
-44.
.0
-63.
.9

9.
.3
-8.
.2
13. 1
.
8.,0

6
7
8
9

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




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

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

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

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

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

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

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

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

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

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

198.9
150.5
48.4
18.3

0.
.2

.4
1,

3.
.7

0.
.9

3.
.7

1,
.2

-2.
.1

0,
.9

17,
.2

.4
7,

30.2

*

279 .6
215 .4
64 .3
26 .8
6 .4

1
2
3
4
5

31,
.2

6

•
I

2.7, JUNE 8, 1993
Funds Raised

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

SEASONALLY ADJUSTED ANNUAL RATES
I
I

^

II

1990
III

I
I

IV

SEASONALLY ADJUSTED ANNUAL RATES
1991
I

II

III

IV

I
I

1992
I

II

III

IV

I
I

1993
I

F.2 Credit Market Borrowing by Nonfinanclal Sectors
1

619.
.0

653 .9

503,
.9

480 .0

548 .6

411 .5

403 .8

672 .2

560 .3

486 .7

578 .2

539 .2 Total domestic

1

2
3
4

203 .8
198 .4
5 .4

268 .2
269 .5
-1 .3

270 .8
271 .8
-1 .0

227 .4
251 .4
-24 .0

276 .7
282 .9
-6 .2

288 .4
317 .2
-28 .8

320 .4
316 .6
3 .8

368 .9
380 .1
-11 .2

351 .9
351 .5
0 .4

193 .4
184 .4
9 .0

301 .7
299 .1
2 .7

274 .7
271 .6
3 .2

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5
6
7
8
9
10
11
12

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

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

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

252 .6
35 .6
76 .7
206 .4
148 .8
1 .0
54 .0
2 .6

271 .9
48 .5
96 .5
187 .8
166 .0
15 .3
6 .6

123 .1
53 .5
81 .6
53 .3
135 .4
-36 .3
-45 .3
- .4

83 .4
45 .5
60 .2
106 .3
128 .4
10 .2
-32 .4

303 .3
52 .0
76 .3
194 .1
225 .0
2 .4
-32 .5
.8

208 .5
73 .0
77 .8
96 .5
140 .9
-17 .7
-28 .9
2 .2

293 .2
52 .3
61 .3
140 .9
212 .6
-13 .6
-60 .0
1 .9

276 .5
35 .9
53 .7
132 .3
214 .9
-29 .5
-50.
-3,
.0

264 .4
50 .8
75 .0
130 .8
180 .6
-16 .7
-34 .7
1 .6

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

13
14
15
16

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

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

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

-9 .0
-15 .0
-14,
.3
-27,
.7

-6,
.6
-34,
.5
-15,
.9
-4,
.1

-24 .8
-18 .2
-36 .3
13 .8

-11 .9
-65 .3
- 7 .0
-44,
.3

-2 .0
.9
-22.
13,
.3
-7,
.5

-15 .5
.9
-22,
-3,
2,
.7

9 .2
- 4 .5
0 .5
33,
.5

45,
.6
-20,
.6
.8
23,
5.
.8

27 .8
- 5 .4
-9 .6
-5,
.0

17
18
19
20
21
22
23

415.2
234,
.6
133,
.2
-3,
.6
25,
.4
111.
.4
47.
.4

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

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

252..6
158.
.0
58.
.7
6.
.6
13.
.5
38.
,6
36.
,0

.9
271 .
197.
.9
35.
.4
2.
.7
10.
.4
22.
,3
38.
.6

123,
148,
'.Z
-62.
.8
.9
1,
-65 .8
1,
.2
37,
.6

83,
.4
136,
.5
-95,
.0
-2.
.2
-51.
.9
-40.
.9
41.
.9

303,
.3
231.
.5
25.
.8
-1.
.4
.9
-22.
50.
.0
46.
.1

208..5
157.
.9
.9
-12.
6.
,6
-49.
.9
30. 5
63. 4

293,
.2
238.
.0
5,
.2
.0
1.
-38.
.6
42,
.8
50.
.0

276..5
262..8
-14.
.9
-6.
.2
-49.
.0
40.,3
28. 6

264,
.4
224,
.1
-18.
.4
.3
2.
-36.
.9
16.
,2
58. 8

,9
23.
.0
2.
.0
2.
25..6
-5. 6

24.
,2
29. 6
-5. 2
15. 6
-15.8

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

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

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

9.
.7
4.
.9
1.5
-8. 0
11 .
4

55..2
,9
21.
14.
.1
27. 8
-8. 5

1. 1
23. 5
-10. 3
-12. 1

64. Fgn. borrowing in U.S.
,4
76.
,2
1.8
Bank loans n.e.c.
Commercial paper
-21. 7
8. 0
U.S. govt. 8 other loans

24
25
26
27
28

677. 8

528. 1

485. 4

427. 1

444. 8

681. 8

615. 5

29

24
25
26
27
28
29

35.8
19.
,6
,3
1.
23. 1
,
-8.
,2
654. 8

63. 1
,
11. 1
,
8..1
46..7
-2. 8
543. 1

*

29.
.5
,0
21.
3.
.9
13. 1
,
-8. 6

*

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

516. 2

579. 3

603. 5 Total domestic plus foreign

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

F.3 Credit Market Borrowing by Financial Sectors
1

176 .9

46 . 1

296 .8

124 .4

113 . 1

146 .0

170 .0

155 .9

233 .8

277 .7

236 .4

228 .5 Total, by transaction

1

2
3
4
5

172 .5
11 .6
160 .9

140 . 1
13 .7
126 .4

188 .3
37.
151.
.6
.5

156 .3
13 . 1
143 .2

129 .4
-29 .7
159 .0

156 .0
20 .6
135 .5

158 .5
32 .6
125 .9

137 .4
11 .5
125 .9

222 .8
48 .3
174 .4

165 .6
67 .7
97 .9

142 .7
33 .5
109 .2

172 .3
35 .4
137 .0

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

2
3
4
5

6
7
8
9
10
11

4 .4
-94.
.0
66 .7 -104 .2
0 .2
0. 1
2. 1
2 .3
-38 .3
34 .5
-26 .3
.8
-26,

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

-31 .8
55 .3
0. 1
1 .0
-52 .5
-35 .8

— 16,
.3
79 .5
0 .9
- 2 .9
—46..0
-47.
.7

-10 .0
31 .8
0 .4
10 .2
-16 .7
-35 .7

11 .6
50 .6
2 .1
4 .5
.7
-12.
-33 .0

18 .5
11 .4
.4
8 .2
8 .8
-9.
.5

11 .0
14 .9
0 .1
3 .9
-13 .4
5 .7

112 tl
73 is
0 .3
5 .4
.6
11,
.3
21,

93 .7
106 .1
0 .2
11 .3
-9 .7
-14,
.2

56 .2
98 .0
.1
3
-64,
.4
19,
.6

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

12
13
14

176,
.9
11 .6
,
160.
.9

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

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

124 .4
13 . 1
143 .2

113,
.1
-29,
.7
159,
.0

146 .0
20.
.6
135 .5

170,
.0
32,
.5
125,
.9

155,
.9
11.
.5
125,
.9

233 .8
48 .3
174.
.4

277,
.7
67.
.7
97,
.9

236,
.4
33,
.5
109,
.2

228, Total, by sector
.5
35,
.4
Sponsored credit agencies
137,
.0
Mortgage pools

12
13
14

15
16
17
18
19
20
21
22

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

-94.
.0
-6.
.3
-41.
.2
-28.
.2
-2.
.2
-47.
.2
-1.
.4
32.
.6

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

-31 .8
-18.
.4
-9 .3
-42,
.9
.0
2,
3.
.8
0. 1
.
32.
.9

.3
-16.
-11.
.7
-3.
.5
-48.
.7
.7
.7
2.
0. 1
.
46..4

-10,
.0
-9,
.2
-6,
.8
-41.
.1
-5.
.5
.8
11.
.3
41.
.1

.6
11.
-14.
.1
9.
.6
-25.
-8.
.7
12.
.8
3.
.6
33.
.3

18. 5
7.
.2
2.
.7
.3
-20.
4.
.3
1.
.1
.1
22. 4

.0
11,
0,
.8
-8,
.2
2,
.7
0,
.3
-20,
.0
.9
0.
34,
.5

112,
.1
.6
1.
10.
.5
10.
.0
8.
.3
.6
28.
.3
1.
52..0

93,
.7
8,
.3
4.
.0
-11.
.2
-5.
.6
55..9
-9
43.
.2

56.
.2
6.
.4
8.
,1
10. 0
6.
,1
-12. 6
1. 0
37.
,1

15
16
17
18
19
20
21
22

-1

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

6
7
8
9
10
11

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

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

6
7
8
9

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

.9
723,
408,
.3
39,
.2
-72,
.5
214,
.6

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

667 .6
383 .7
35 .6
143 . 1
206,
.5

14,
.4
15,
.3
85..4
19.
.2

-6,
.6
-12,
.2
6,
.1
-28,
.8

-9,
.0
-5,
.9
-20,
.2
-66 .4

598 .5
406
48,
.5
186,
.6
188.
.8

573 .1
444 .4
53 .5
128 .9
53 .7

614,
.8
479 .0
45 .5
133,
.2
108.
.4

837 .8
506,
.3
52,
.0
92,
.6
193,
.6

849 .4
574,
.7
73.
.0
114.
.5
96.
.6

793,
.9
359,
.0
52,
.3
155.
.8
141,
.1

815 .7
444,
.4
35,
.9
183,
.3
132 .5

832 .0 Total
447
U.S. government securities
50 .8
Tax-exempt securities
249,
.2
Corporate 8 foreign bonds
130,
Mortgages
.7

!
2
3
4
5

-6 <
.6
-40.
.9
-113.
.8
-70.
.1

-24,
.8
-6,
.7
-37,
.0
-39,
.0

.9
-11.
-54,
.3
-4.
.9
-80.
.1

.0
-2.
-13.
.2
14.
.1
-5.
.6

-15.
.5
-4.
.9
,2
,2

9.
.2
4.
.9
25.
.2
46.
.3

45,
.6
-19.
.6
.0
2.
-8.
.4

27,
.8
.5
-95,
.7
.5
22,

6
7
8
9

276,
.5
208,
.4
68,
.1
14.
.0
5 .0

342, Total net issues
.8
274,
.4
Mutual funds
68 .4
Corporate equities
27 .0
Nonfinancial corporations
7 .8
Financial corporations
Foreign shares
33,
.6
purchased in U.S.

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

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

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

6

24,
.5

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

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

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

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

232,
.5
182,
.5
50,
.0
19.
.0
-3.
.2

268. 5
195.
.9
72.
,6
48.
.0
1.
,7

263,
.6
183,
.5
80,
.1
46,
.0
4,
.1

291,
.7
236.
.2
55 .5
36.
.0
8.
.5

286 .8
233,
.3
53 .6
11 .0
7,
.9

2,
.2

.8
2.

.0
27,

36.
.6

34,
.1

22. 9

29.
.9

.0
11,

34,
.7

BILLIONS OF DOLLARS.




a

49.
.1

1
2
3
4
5
6

2.7, JUNE 8, 1993
Households

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

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
I
I

1992

1
2

4664 .2
621 .3

4828 .3
618 .7

5058 .1
627 .3

4806 .9
617 .2

4846 .2
618 .6

4907 .2
622 .3

4980 .5
619 .5

5028 .9
617 - 1

5062 .0
628 .8

5160 .9
643 .7

5237.6 Personal income
656.2 - Personal taxes and nontaxes

3
4
5

4042 .9
3867 .3
175 .6

4209 .6
4009 .9
199 .6

4430 .8
4218 .2
212 .6

4189 .7
3994 .4
195 .3

4227 .6
4036 .6
191 .0

4284 .9
4065 .4
219 .5

4361 .0
4146 .3
214 .7

4411 .8
4179 .5
232 .3

4433 .2
4229 .9
203 .3

4517 .2
4316 .9
200 .3

4581.4 = Disposable personal income
4362.4 - Personal outlays
219.0 = Personal saving, NIPA CI)

.3
.6
.0
.6

85 .4
.9
61.
554 .6
914,
.6

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

92 .9
48 .1
526 .5
858 .5

75 .6
39 .6
534 .5
869 .3

87 .5
55 .8
542 .8
900 .8

82 .7
52 .6
548 .7
916 .2

87 .6
61 .3
580 .0
932,
.3

84 .0
78 .0
546 .8
909 .0

82
41
526
849

II

III

IV

1993
I

1992

.0
.1
.9
.5

I

I
I

1991

88
85
494
843

IV

I
I

1990

6
7
8
9

II

1991
III

71.3
66.7
565.3
922.3

+
•
+
=

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

6
7
8
9

984.5 Gross investment
745.5 Capital expend, net of sales
204.5
Residential construction
500.6
Consumer durable goods
40.4
Nonprofit plant and equip.

10
11
12
13
14

10
11
12
13
14

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

892,.7
655 .6
172,
.2
446,
.1
37 .4

979,
.0
710,
.7
191 .0
480 .4
39 .3

761 .5
646 .5
168 .1
441 .4
37 .0

810 .0
666,
.5
176,
.1
453 .0
37 .4

855 .8
669 .0
180 .5
450 .4
38 .0

1011 .2
689 .7
181 .6
469 .4
38 .6

863 .2
698,
.7
189,
.0
470 .6
39 .2

933,
.4
713,
.0
190,
.9
482 .5
.6
39,

1108 .3
741 .5
202 .5
499 .1
39 .9

15
16

218.8
.3
474,

237 . 1
417 .8

268 .3
494 .0

115 .0
322 .6

143 .4
330 -1

186 .8
368 .6

321 .6
542 .9

164 .5
348 .6

220,
.4
461,
.7

366 .8
622 .7

17

259,
.9

20 .6

64 .1

78 .3

-219 .0

-97 .9

342 .4

-85 •1

-160,
•1

159 .2

-59.9

18
19
20
21
22

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

20 .2
53 .3
10 .0
-71 .7
.6
28,

-15 .8
113,
.0
-65 .8
-59,
.4
-3,
.6

-113 .4
41 .5
-7,
.7
-75,
.8
-71 .4

-49 .0
96,
.7
.6
-51,
-87.
.6
-6,
.5

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

160 .5
115 .9
-30,
.7
-25 .3
100 .6

-190,
.4
.4
27,
-98,
.1
-69.
.6
-50.
.0

.0
-1,
.5
179,
-87,
.6
.6
-72.
-20,
.3

-32 .3
129 .3
-46 .9
-69 .9
-44 .8

-58.5
42.0
-122.5
-1.3
23.5

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

18
19
20
21
22

23
24
25
26
27
28

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

0,
.4
-70,
.5
.9
21.
34.
.4
36.
.7
-22.
.2

79,
.9
-2.
.5
18.
.2
.5
55,
.3
10.
.5

191 .6
.3
110.
.8
35.
104,
.7
31 .7
,
-90,
.8

-170.
.1
-191,
.1
21.
-69.
.5
41 .8
,
.7
27,

-67 .8
-160,
.7
2 .3
9 .6
43,
.7
37,
.2

181 .9
148,
.0
33,
.0
.3
2,
51 .2
-52.
.7

105.
.3
88.
.7
.6
-40.
.6
.4
45.
.4
12.

-159.
.0
-256. 1
.
55.
.2
.9
78.
.2
4.
.5

191,
.5
9,
.5
.9
-14,
73, 1
.
46.
.2
.6
77,

-1.5
-9.1
8.5
20.0
-32.9

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

23
24
25
26
27
28

29
30

50,
.7
-27,
.2

129,
.2
-57,
.7

203,
.3
-37,
.4

.0
76,
-26,
.7

.3
150,
-57,
.2

181 .3
-69,
.3

170,
.3
-63,
.4

.6
220.
6.
.6

223..4
.9
-12.

198.
.7
-80,
.0

264.0
-75.0

31
32

25,
.7
186.
.8

24,
.5
268,
.6

.9
29,
.9
232,

.4
31,
190,
.4

19.4
344.
.1

19.
.2
244.
.2

30,
.5
125,
.5

28.
.4
.6
178.

33. 3
325. 8

.5
27.
.6
301.

33
34
35

-39.
.3
9.
,2
8.
.4

-2,
.7
.6
24,
10.
.8

-4.
.3
-11 .0
.
16. 5

-35.
.2
.8
-2.
11 .3
.

43.
.2
39.
.7
.8
9.

4.
.8
.5
73.
.7
12.

-16.
.7
-61.
.0
15.
.3

10.
.7
-26.
,7
15. 5

-18.
,2
51. 7
18.
,7

.0
7.
.7
-7.
16.
.4

36
37
38
39
40

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

180.
.7
160.
.2
139..5
-3.
.8
-9.
.2

225. 7
222..6
190.
,6
.9
7.
1.
.4

207..7
.9
197.
.9
160,
-9.
.7
3.
.1

186.
.7
148.
.3
130.
.2
-11.
.1
.6
-13.

.8
181.
136.
.5
123.
.4
12.
.2
-24. 1
.

.3
221.
231..5
217..6
-6. 5
.6
4.

184.
,1
.9
157.
133. 4
-12. 7
-2. 9

241..3
238. 0
205. 1
7. 5
7
*•

256..0
262..8
206..4
43.
.3
.3
2.

251.2
224.1
172.1
31.7
-3.9

41
42
43
44

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

8..8
10.
.6
.3
4.
10. 1
.

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

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

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

9.
.6
.0
11.
-3.
,8
8.
.2

3. 1
9. 5
9
9. 2

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

-5.5
9.5
7.0
13.2

45
46
47

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

16.
.3
2. 5
7
1.

.8
3.
.5
1. 4

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

30. 0
4. 7
3. 6

40.
.0
5.
.2
0. 1
.

23.4
2.5
1.3

-43. 2

— 64. 5

81. 8

48. 6

13. 5

48

— 66.8

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

10.8
10.
,2
,9
9.
9. 1
.

-15.
.4
3.
.8
.4
1.

20. 4
4. 4
1. 3

-2. 0
3. 7
1" 6

-10.
,3
,2
2.
,3
1.

-110. 4

53. 0

-1. 1

-199.
,3

239.0
490.2

12.1

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

17

Mutual fund shares
Corporate equities

29
30

286.1

Life insurance reserves
Pension fund reserves

31
32

-12.3
41 . 1
18.5

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

33
34
35

27.6

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

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

-62.2 Discrepancy

Net physical investment:
49
50
51

190 .7
93 .2
97 .5

52
53

212 .9
-115 .4

54
55
56

464 .3
379 .2
85,
.1

57
58

.5
17,
67,
.6

.0
191.
110.
.7
80..3

168 .1
97 .1
71 .0

176,
.1
97.
.3
78,
.8

180 .5
99 .2
.3
81,

181,
.6
.3
104.
.3
77.

.0
189,
.4
105,
83,
.5

190,
.9
132,
.2
58 .6

202,
.5
100 .8
.8
101,

190,
.6
139,
.5
-64, 9 -110,
•
.4

160 .9
-90 .0

130,
.2
.4
-51,

123 .4
-42,
.1

.6
217.
-140.
.3

133,
.4
-49 .9

205, 1
.
-146 .4

.4
206,
-104,
.7

446.
404..5
.6
41 .

480,
.4
418,
.5
.9
61.

441 .4
402,
.5
38,
.9

453,
.0
404.
.9
48.
.1

450,
.4
.8
410,
39,
.6

469..4
413..6
55.
.8

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

482,
.5
421,
.2
61.
.3

499,
.1
421 ,
.1
78,
.0

-13. 1
,
54..7

9. 3
52..6

-6.
.6
45.
.4

.8
-24.
.8
72.

.9
-11,
.5
51.

.0
-2.
.8
57.

-15.
.5
68.
.1

9.
.2
52,
.1

45,
.6
32.
.4

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

BILLIONS OF DOLLARS.




(A) Residential construction
expend!tures
204 .5
- Capital consumption
105 .2
= Net investment
99 .3
172 . 1
-72 .9

- Home mortgages
= Excess net investment

(B) Consumer durables
expenditures
500 .6
- Capital consumption
433 .9
= Net investment
66 .7
27 .8
38 .9

- Consumer credit
= Excess net investment

49
50
51
52
53
54
55
56
57
58

Z. 7» JUNE 8, 1993
Nonfinancial Corporations

Nonfinancial Corporations
F.104 Nonfarm Nonfinancial Corporate Business
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1

II

1992

1991
III

I •

1990

1991

1992

1
2
3
4

232.1
92.3
117.8
22.0

206.2
80.7
116.5
8.9

250.2
98.5
116.9
34.8

204.0
79.9
114.7
9.4

210.2
82.9
113.1
14.2

208.8
7.0

89.8
106.3
30.5

5
6
7

27.0
327.0
376.0

17.8
338.5
365.1

38.2
348.0
421.1

14.6
338.2
362.2

18.5
338.7
371.4

23.3
341.0
371.3

32.4
339.8
402.7

8
9
10

45.7
-14.2
407.5

48.3
3.1
416.5

42.1
-7.4
455.7

46.8
9.9
418.9

40.4
-4.8
407.0

50.8
0.7
422.8

11
12
13
14
15
16
17

378.5
395.1
388.5
1 .4
387.1
3.1
3.5

393.2
363.9
370.9
1.1
369.8
-9.8
2.8

425.2
383.6
378.9
1.5
377.4
2.1
2.6

384.8
351.3
373.9
1.1
372.8
-25.6
3.0

414.8
371.5
369.6
1.1
368.5
-1.1
3.1

29.3
61.6

41.6
151.2

33.4
85.5

44.3
7.3
3.7
5.2
-3.8
10.0
20.5
1 .8
-.4

21.1
11.7
-5.5
4.6
8.5
-4.4
5.8
0.3
0.2

49.9
-25.2
17.6
5.0
1.5
18.9
23.4
-2.3
11.0

18
19
20
21
22
23
24
25
26
27
28

-16.6
87.3
17.6
-1.9
-4.1
10.2
-1.9
12.0
3.9
-2.0
1 .5

II

III

IV

I
I

1993
I

40.9

248.1
96.2
116.2
35.7

272.3
107.6
132.5
32.2

265.5
104.7
139.5
21.3

35.8
344.4
421.1

38.3
360.2
434.1

46.4
347.7
426.4

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

41.8
-5.4
439.1

36.6
-15.5
442.2

40.9
-9.7
465.3

49.0
1.0
476.4

67.0 + Fgn. earnings ret. abroad
-9.3 • Inv. valuation adjustment
479.6 = Total internal funds + IVA

8
9
10

410.2
379.2
362.8
1.1
361.7
13.8
2.7

421.0
354.2
364.7
1.4
363.2
— 12.6

439.7
388.1
379.9
1.4
378.5
6.1

2.1

410.3
394.9
382.6
1.5
381.1
9.2
3.1

430.0
397.3
388.6
1.6
386.9
5.9
2.9

400.6 Gross investment
431.3 Capital expenditures (1)
393.7
Fixed investment
1.7
Residential construction
392.1
Plant and equipment
34.7
Inventory change + IVA
2.8
Mineral rts. from U.S. govt.

11
12
13
14
15
16
17

43.3
118.2

31.0
59.8

66.8
180.3

51.5
168.6

112.2

15.3

32.7
143.7

-30.7
70.9

61.4
18.9
4.6
4.3
-2.1
15.1
29.0
8.7
-17.0

48.6
25.8
-13.0
4.7
-8.1
4.6
31.7
6.0
-3.0

16.0
29.6
-23.2
4.7
25.5
-21.7
6.4
-5.9
0.6

18.9
26.3
4.3
4.5
11.7
-38.0
15.4
5.8
-11.1

20.4
-20.8
2.3
4.7
-10.2
46.5
— 6.5
-2.7
7.1

29.2
11.7
-5.5
4.5
6.9
-4.3
7.9
4.0
4.1

-10.0

-1.7
0.4
17.5

81.7

120.1

226.6

2.1

254.0
100.4

112.6

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

Net financial investment
18
Net acq. of financial assets 19
Liquid assets
Checkable dep. and curr.
Time deposits
Money mkt. fund shares
Security RPs
Foreign deposits
U.S. govt. securities
Tax-exempt securities
Commercial paper

20
21
22
23
24
25
26
27
28

-.7
18.5

Consumer credit
Mutual fund shares
Trade credit

29
30
31

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

—5 • 6
-4.7
-5.3
4.6

6.8

3.9
-.8

1.6

29
30
31

3.2
-1.3
11.3

-4.5
2.7
-7.9

2.6
0.9
27.4

-8.4
6.5
4.9

8.2
4.6
12.0

-8.1
2.1

2.1

-2.5
1.2
35.2

1.8
1.8
43.7

12.7
0.1
13.0

32
33
34
35
36

56.5
27.7
14.3

26.9
24.3
14. 1
0.5
-11.9

99.3
31.8
13.6

32.7
10.6
13.3

32.0
25.5
15.2

15.1
33.0
14.0

130.3
37.8
14.0

8.8

-8.7

78.4

66.0
37.6
13.4
-.1
15.1

98.2
18.8
13.3

53.8

102.5
33.1
13.8
0.1
55.5

57.0
23.2
13.0
0.1
20.7

37
38
39

103.9
23.4
-63.0

32.3
23.5
18.3

109.6
67.6
26.8

52.1
34.3
12.0

74.9
20.2
19.0

28.8
7.1
48.0

113.4
96.0
46.0

117.1
66.5
36.0

96.8
53.8

11.0

111.0
54.3
14.0

101 .5
43.2
27.0

40.9

22.3
2.7
96.5
-4.8
-43.3
-15.9

1.2
-1.0
81.6
-29.5
-8.7
-36.3

-40.9
-5.2
60.2
-7.2
-41.4
-7.0

50.0
-3.2
76.3
-15.6
-10.2
13.3

30.5
-1.4
77.8
-14.1
-24.4
-3.1

42.8
-1.0
61.3
-32.7
-4.3
0.5

40.3
5.4
53.7
-28.6
-9.2
23.8

16.2
-2.9
75.0
-20.8
-10.6
-9.6

-4.9
-10.5
7.7
0.1

-15.0
-3.0
-3.0
0.1
-4.4
— 6.6
1.9

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

46
47
48
49
50
51
52

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

53
54
55
56
57

14.5

0.1

#

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

40
41
42
43
44
45

86.4
-.3
47. 1
4.8
1 .8
9.7

5.3
-1.2
78.8
-3.7
-24.9
-18.4

46
47
48
49
50
51
52

23.3
-4.0
11.6
-.8
— 6.6
21.4
1.7

-25.3
-3.5
—•3
-.8
-5.9
-16.5
1.7

- .2
-4.5
1 .8
-.1
-2.9
2.6
2.9

-12.9
-3.7
2.9
-1.2
3.4
-16.1
1.7

-4.9
-4.7
9.0
-.8
-.8
-10.2
2.6

-40.3
-2.0
-11.2
-.6
— 6.7
-22.1
2.3

-10.6
-3.5
-2.1
-.2
-12.7
9.1
-1.2

-4.3
-2.8
-1.1
-.2
-1.8
-1.2
2.9

18.9
-1.2

53
54
55
56
57

-1.0
40.3
41 . 1
40.7
0.4

-10.0
10.7
8.0
3.6
4.4

7.1
30.2
4.6
-4.3
8.9

-9.8
26.1
1.5
3.7
-2.2

10.4
29.6
14.7
9.2
5.5

-4.8
27.4
-1.0
3.8
-4.8

9.3
30.8
-22.7
-17.5
-5.3

9.2
26.2
15.2
15.1
0.1

-1.3
34.9
9.4
-.3
9.7

16.6

-14.4
31.0

-1.7
34.9
25.1
11.7
13.5

58

29.0

23.3

30.5

34.1

-7.8

12.6

18.1

2.5

55.0

46.4

79.0 Discrepancy

67.3
-22.8
-12.0
8.6

2.8
2.3
9.4
5.6

0.6

-7.0
4.3
11.1
29.0

32
33
34
35
36
37
38
39
40
41
42
43
44
45

58

59
60

-29.0
20.0

-18.7
18.2

-2.9
21.9

-21.2
19.5

-17.6
21.5

-25.4
12.0

4.4
27.0

17.5
24.3

-21.9
24.2

-11.5
12.1

Memoranda:
-16.4 Trade credit net of trade debt 59
8.9 Earnings rec. from abroad
60

61
62

96.9%
21.8%

87.3%
1.4%

84.1%
10.6%

83.8%
6.3%

91.2%
0.3%

89.6%
-10.7%

80.6%

87.7%
7.8%

84.8%

14.1%

10.8%

83.3%
10.1%

89.9% Capital outlays/internal funds 61
3.7% Cr. mkt. borrowing/cap. exp.
62

63
64
65

3.1
-14.2
17.3

-9.8
3.1
-12.9

2.1
-7.4
9.5

-25.6
9.9
-35.5

-1.1
-4.8
3.7

13.8
0.7
13.1

-12.6
-5.4
-7.2

6.1
-15.5
21.6

9.2
-9.7
18.9

5.9
1.0
4.9

(1) Capital outlays on book basis:
34.7 Inventory change, NIPA
-9.3 Less: Inv. val. adjustment
44.0 = Inventory change before IVA

63
64
65

66
67

409.3
376.0

360.8
365.1

391 .0
421.1

341.4
362.2

376.3
371.4

378.5
371.3

359.6
402.7

403.6
421.1

404.6
434.1

396.3
426.4

440.6 Total cap. expend, before IVA
421.9 Less: US internal funds, book

66
67

68

33.3

-4.3

-30.0

-20.7

4.9

7.2

-43.1

-17.4

= Financing gap: Excess of capital expenditures
-29.5
-30.1
18.7
over U.S. internal funds

68

(2) Corporate bonds include net issues by Netherlands Antillean financial
subsidiaries; U.S. direct investment abroad excludes net inflows from
those bond issues.
(3) Industrial revenue bonds. Issued by state and local governments
to finance private investment and secured in interest and
principal by the industrial user of the funds.
BILLIONS OF DOLLARS.