Full text of Z.7 Flow of Funds Summary Statistics : March 10, 1986

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FEDERAL RESERVE statistical release
Z.7 (788)

# # #
For immediate release
March 10, 1986

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally adjusted annual
rate of 19.2 percent in the fourth quarter of 1985, substantially faster than in
the first three quarters._!/ This acceleration occurred in both federal and private
components. At an annualized rate of 23.7 percent, federal debt growth more than
doubled the third quarter pace, which had been constrained by the debt ceiling. Debt
of private nonfinancial sectors expanded 17.9 percent in the fourth quarter, about
a third faster than the 13.0 percent recorded in the third. For 1985 as a whole,
nonfinancial debt rose 14.8 percent, a record in the flow of funds statistics.
Among private sectors, household debt expansion rose to an annual rate of
15.6 percent, as both mortgage and consumer credit activity remained vigorous.
Nonfinancial business debt accelerated to a 12.7 percent pace, and debt of state
and local governments grew at an unprecedented 53.4 percent rate. The latter resulted
from a massive surge in tax-exempt bond issuance late in the year in an effort to beat
anticipated restrictions on various tax-exempt issues. Both household and business
debt growth also were boosted to a smaller degree by efforts to beat tax changes.
Net borrowing by domestic nonfinancial sectors reached an annual rate of
$1260 billion in the fourth quarter, and totaled $884 billion for 1985 as a whole.
Outstanding debt at year end (Table 1) came to an estimated $6868 billion, of which
$5268 billion constituted nonfederal debt.
Growth Rates of Major Debt Aggregates J L /
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(1)

1/

U.S.
govt.
(2)

— P r i v a t e domestic n o n f i n a n c i a l —
State &
local
Nonfin.
Housegovts.
business
holds
Total
(6)
(5)
(4)
(3)

1982
1983
1984
1985

9.2
11.6
14.7
14.8

19.4
18.8
16.9
16.2

6.8
9.7
14.0
14.3

5.6
11.3
13.0
14.3

7.6
7.7
15.4
11.0

8.5
11.4
12.2
31.2

1984-III
IV

12.7
16.1

15.4
19.5

11.9
15.1

11.2
13.2

12.3
15.8

14.0
21.5

1985-1
II
III
IV

11.5
12.7
12.6
19.2

10.6
15.7
11.4
23.7

11.8
11.8
13.0
17.9

12.2
12.5
14.0
15.6

10.7
9.7
9.5
12.7

14.8
19.2
26.0
53.4

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
Foreign

T7

Financial
sectors

Total:
All
Sectors

Memo:
Private
financial assets _L/

1982
1983
1984
1985

9.2
11.6
14.7
14.8

6.6
8.3
1.1
-.2

13.1
12.9
17.6
20.4

9.6
11.6
14.5
15.0

9.9
11.7
14.1
12.9

1984-III
IV

12.7
16.1

-15.0
1.5

19.2
15.5

12.5
15.5

11.9
15.2

1985-1
II
III
IV

11.5
12.7
12.6
19.2

-2.9
1.0
2.6
-1.3

17.8
17.7
21.0
19.4

11.8
13.0
13.4
18.6

11.0
10.4
11.6
16.2

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 (row)

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. sources 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.
Full statements for sectors and transaction types in flows and in amounts
outstanding may be obtained from Flow of Funds Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.




27; MARCH io, 1986

Credit Market Debt

Credit Market Debt (Sa)

(Sa)

Table 1
Summary of Credit Market Debt Outstanding
SEASONALLY ADJUSTED LEVELS

SEASONALLY ADJUSTED LEVELS
XEAB
1980

1985

1984

END LEVELS
1981
1982

III

II

IV

III

Credit Market Debt Owed by Monfinancial Sectors
Total credit market debt owed by
6d67. 9 domestic n o n f m a n . sectors

4681.3

5224.2

5757.3

5989.0

6161.1

6356.9

830. 1
825. b
4.5

991.4
987.7
3.7

1177.9
1174.4
3.6

1312.7
1309.3
3.4

1376.8
1373.4
3.4

1413. 1
1409.8
3.3

1468.8
1465.4
3.3

1510.7
1507.4
3.3

1600.4
1597.1
3.3

U.S. government
Treasury issues
Agency issues • mortgages

3180.7
2163.3
351.9
365.1
1446.3
955.2
141.2
254.2
95.8

3465.4
2317.4
375.2
386.9
1555.2
1032.1
141. 1
276.2
105.8

3689.9
2458.3
423.9
405.5
1628.9
1074.7
144.8
299.4
110.0

404b.2
2712.0
481.2
421.b
1809.2
1191.6
15b. 6
348.4
112.6

4444.b
293d. 4
518.7
451. 3
19b8.5
1289.4
172.6
394.3
112.2

4612.3
3035.8
547.0
468.7
2020.1
1321.3
177.0
410.2
111.6

4747.9
3119.7
565.4
483.2
2071. 1
1352.0
182.8
424.6
111.7

4888.2
3219.5
591.1
502.7
2125.7
1388.2
188.3
438.7
110.5

5043.2
3329.2
627.7
518.4
2183.2
1427.5
193.9
453.4
108.4

52b7.6
3506.0
720. J
536.6
2249.1
1471. 1
202.3
468.6
107. 1

Private domestic
nonfinancial sectors
Dent capital instruments
Tar-exempt obligations
Corporate bonds
Mortgages
Home mortgages
Multi-family resid.
commercial
Farm

5
6
7
8
9
10
11
12
13

955.4
333.9
383.1
36.5
201.8

1017.4
371.0
37 5.9
41.7
228.8

1148.0
425.4
398.5
60. 9
263.2

1231.6
478.9
418.1
57.3
277.4

1334.2
505.7
474.7
55.7
298. 1

150b. 2
559.9
545.9
78. 1
322.2

1576.5
585.6
569.5
80.0
341.4

1628.3
589.2
599.4
85.9
353.9

1668.7
597.6
626.0
86.6
358.4

1714.0

1761.5
616. 3
673.1
92.0
380.2

otner debt instruments
flank loans n.e.c.
Consumer credit
Open-market paper
Other

14
15
16
17
18

19
20
21

2930.6
279.6
1341.7

3180.7
296.9
1450.6

3465.4
303.6
1573.8

3689.9
329.6
1655.3

4046.2
367.2
1842.8

4444.6
391. 1
2015. 1

4612.3
412.2
2081.4

4747.9
427.4
2145.1

4888.2
447.9
2212.3

5043.2
477.0

2286.6

5267.6
540.7
2376.1

fly borrowing sector:
State • local governments
Housettolds

19
20
21

22
23
24
25

1309.2
144.6
328.2
836.5

1433.3
159.8
359.3
914.2

1588.0
176.4
393.2
1018.4

1705.0
183.2
430.7
1091.1

1836.3
187.3
501.5
1147.5

2038.4
187.8
571. 1
1279. 4

2118.7
187.2
591.7
1339.8

2175.4
184.5
613.8
1377. 1

2227.9
183.4
632. 1
1412.4

2279.5
179.5
654.9
1445.2

2350.6
180.3
674.6
1495.8

Monfinanciai business
farm
sonfarm noncorporate
Corporate

22
23
24
25

26
27
28
29
30

182.4
47.0
48.7
37.8
49.0

209.6
47.8
60.2
48.0
53.6

236.9
53.3
64. 1
61.9
57.7

226.3
59.9
29.4
74.9
62. 1

245.2
63.7
34.3
80.9
66.3

246.5
64.8
28.5
83.8
69.4

247.4
67.7
26.5
83.4
69.8

245.6
68.3
23.5
83.4
70.3

246.2
70.3
23.7
81. 1
71. 1

247.8
71.0
25.6
79.9
71.2

247.0
72.7
19.6
82.3
72.3

Foreign credit market debt
held in U.S.
Bonds
Ban* loans n.e.c.
Open-market paper
O.S. government loans

26
27
28
29
30

31

3776.6

4133.1

4532.4

4907.7

5469.4

6003.8

6236.4

1

3594.1

392 3.5

2
3
4

663.6
658.0
5.6

742.8
737.8
5.0

5
6
7
8
9
10
11
12
13

2930.0
1975.2
321.6
338.5
1315.1
861.0
133.b
235.0
85.6

14
15
16
17
18

4295.5

6406.6
-------- —

——— * — — — — — — — — — —

6603.1
—

606. 1
654. 1
89.4
364.4

6801.7

7114.5# Total nonfinan. domestic • fgn

31

1057.3

1109.4

Total credit market debt owed
by financial sectors

1

—

Credit Market Debt Owed by Financial Sectors

1

464.1

521.8

610. 8

693.7

783.1

886.6

921.0

961.9
577.6
250.2
322.3
5.0

60 0. 1
251.0
34 4.. 1
5.0

630. 6
257.8
367.8
5.0

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

2
3
4
5

478.8
165.3
2.3
34.6
187.8
88.8

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

2
3
4
5

231.8
135.5
94.8
1.5

276.6
159.9
114.0
2.7

324.0
190.4
129.0
4.6

388.9
205.4
178.5
5.0

456.7
206.8
244.9
5.0

512.9
231.8
276. 1
5.0

531.2
237.2
289.0
5.0

552. 1
243.5
303.7
5.0

6
7
8
9
10
11

232.3
79.0
2.0
27.7
81.8
41.8

245.2
80.8
1.9
26.9
86.6
49.0

286.8
84.3
1.9
27.7
107.6
65.2

304.8
98.0
2.0
29.6
109.2
66.0

326.5
110.8
2.1
29.5
125.2
59.0

373.6
127.6
2.4
30.7
139.9
73.0

389.8
136.7
2.5
30.4
145.5
74.6

409.8
141.4
2.5
30.5
157.4
78.0

426.9
153.3
2.4
31.0
159.8
80.5

457.2
156.9
2.3
34.5
178.0
85.5

12
13
14

464.1
137.0
94.8

521.8
162.6
114.0

610.8
195.0
129.0

693.7
210.4
178.5

783.1
211.8
244.9

886.6
236.8
276. 1

921.0
242.2
289.0

961.9
248.5
303.7

1004.5
255.2
322.3

1057.3
256.0
344. 1

15
16
17
18
19
20

232.3
6.1
36.0
50.3
135.4
4.4

245.2
6.3
42.9
57.8
134.3
3.9

286.8
6.2
51.2
73.4
152.3
3.7

304.8
6.8
57.3
75.9
161.1
3.7

326.5
6.6
69.9
73.9
172.7
3.5

373.6
7.9
82.9
87.3
191.5
4.2

389.8
10.1
86.8
93.2
195.3
4.3

409.8
11.6
89.8
96.5
207.5
4.4

426.9
12.3
91.4
98.7

4.4

457.2
12.9
93.2
108.2
238.6
4.3

220.2

1109.4 Total, by sector
Sponsored credit agencies
262.8
Mortgage pools
3b 7. 8

12
13
14

Private financial sectors
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
Kelts

15
16
17
18
19
20

478.8
13.0
*6.0
114.9
250.6
4.3

Total Credit Market Debt Outstanding, All Sectors, by Type
1

4240.7

4654.8

5143.2

2
3
4
5

893.2
321.6
464.4
1317.7

1016.1
351.9
493.7
1448.8

1149.1
375.2
524.5
1557.6

6
7
8
9

383.1
410.3
156.2
294.1

375.9
458.0
176.3
334.1

398.5
517. ?
230.3
390.7

5601. 4
1375.0
423.9
563.4
1631.3
418. 1
538.0
241.4
410.5

6252.5

7157.4

7368.5

7607.6

7859.0

8224.3 Total credit market debt

2041.2
591.1
726.3
2128.2

2105.7
627.7
746.3
2185.6

2225.9
720.3
774.6
2251.5

626.0
652.3
327.5
515.0

1629.4
481.2
596.1
1811.5

1820.5
518.7
643.7
1971.0

1902.8
547.0
673.2
2022.7

1960. 1
565. 4
693. 0
2073. 7

474.7
569.5
261.8
428.3

545.9
619.0
301.8
469.6

569.5
642.5
308.9
490.8

599. 4
643. 2
326. 7
507. 1

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY




6890.4

654.1
666. 1
347.3
526.1

673.1
670.5
362.1
546.3

U.S. government securities
state and local obligations
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

ru7.dsAJlCi"ed'io8creiit Markets

"">ds

Table 2
Summary of N#t Funds Raised xo Credit and Equity Markets

aiise<1

"

"*41t

QUARTERLT NET CREDIT FLOWS

" - " i r T T

7'

---f----

/85

m

iv

!ij_f

Net credit Market Borrowing by Nonfinancial Sectors

sisa-Asr"
I
5

ii:|
178.3

as

as

*!

«:«

102.2

155.5

162.8

239. 7

» j
515.3

670.8

1

-

®f

%

»«

»ii

' :iz;S:.........

5W.S

561.0

636.3

901.2

Private domestic
nontiuaucl.l sectors

i i u i i

i i i i i i i c - i

i I 1 1 1 !?

1 1 1 1 1 1

19
20
21
22
23
24
25

178.3
23-7
74.9
79.6
-4.5
22.2
61.9

102.2
9.5
48.3
44.4
-3.5
15.5
32.4

155.5
23.4
67.2
64. 9
2.7
23. 1
39.2

26
27
28
29
30

.7
2.9
-2.2
-.4
.4

-.9
.6
-2.0
.1
.5

2.0
-.4
-2.4
.8

31

243.1

143. 1

200.7

*

162.8
28.6
81.7
52.5
-3.0
23.8
31.6
1.3
.7
1. 6
-1. 1
.1
210.2

239.7
67.0
100.5
72.2
-3.U
21.6
53.7
-.9
1.6
-6. 0
2.4
1. 1
329.4

515. 3
52.9
219.4
243.0
3.7
86.9
152.4

670.8
84.3
265.3
321.3
-2.7
82.5
241.5

-38.5
2.4
-14. 2
-30.3
3.7

3.6
11.7
-8.0
-1.7
1.5

671.5

930.5

l i a r

561.0
82.0
268.8
210.2
-4.5
73.4
141.3

636.3
116.3
309.3
210.6
-15.5
95. 1
131.0

901.2
254.9
357.7
288.6
3.3
79.0
206.3

-7.3
2.3
-11.9
.3
2.0

2.4
8.0
.7
-9.5
3.2

6.3
2.8
7.5
-4.6
.6

-3.3
6.6
-23.8
9.7
4.3

680.8

785. 9

810.4

170.4

211.4

542.5
60.9
254.9
226.8
-10.7
88.3
149. 1

By borrowing sector;
State+local governments
Households
Nonfinancial business
farm
Nonfarn noncorporate
Corporate
gn. net borrowing in U.S.
Bonds
Bank loans n.e.c.
Open-market paper
U.S. government loans

1256.to Total domestic plus foreign

.
i
5

I
19
20
21
22
23
2ft
25
26
27
28
29
30
31

Net Credit Market Borrowing by Financial Sectors
1

35.7

33.9

46.9

54. 1

52.7

162. 1

137.7

163.6

73.0
21.6
51.4
-

83.7
25.0
58. 7

101.8
27.1
74. 7

90.3
3.0
87. 3

16.0
3.4
13.4

19.0
3.9
1 5.0

2 5.9
17. 1

^5.8
3. 6
22. 3

28.8
4. 3
24.5

87. 3
4 0. 3
47. 0

6
7
8
9
10
11

18.8
9.8
.1
1.5
5.9
1.6

14.9
5.7

28.2
3.6
-. 1
2.2
16.4
6. 1

24.0
9.3

-1.3
10.4
.1

21.0
10.0
-. 1
1.3
4.9
4.9

2.0
9. 7
3. 1

74.8
25.8
.5
5.8
18.2
24.5

64.7
36.4
.2
-1.0
22.5
6.4

79.9
Id.8
*
.3
47.3
13.5

68.6
47.5
-.3
1.9
9.6
9.9

121.1
14.5
-.3
14.0
72.9
20.1

12
13
14

35.7
3.4
13.4

33.9
3.9
15.0

46.9
8.8
17. 1

54. 1
3.6
22. 3

52.7
4.3
24. 5

162. 1
40. 3
47.0

137.7
21.6
51.4

163.6
25.0
58. 7

170.4
27.1
74.7

211.4
3.0
87.3

15
16
17
18
19
20

18.8
2-3
3.9
5.3
7.2
.2

14.9
1.5
3.0
.6
9.7
. 1

21.0

28.2
.7
1.8
10.7
15. 1
-. 1

24.0
. 1
2.8
5.7
15.4

74. 8
-2.9
-. 1
27.4
4 9. 4
1. 1

64.7
9.1
15.8
23.8
15.4
.6

79.9
6.0
12.1
13.0
48.6
.2

68.6
2.5
6.2
9.2
50.9
-. 1

121. 1
2.6
7.4
37.8
73.5
-.2

844.4
229.3
73.7
79.2
203.6

956.3
324.3
103.0
133.4

1021.8

218.0

245.9

119.2

106.7
36.3
3.2
31.3

112.4
55.3
79.3
44.7

2
3
4
5

lib
4.7
14.2
»

204.7
122.u
27.2
94.d
42.7
33.5
-.2
.4
35. /
13.3

Total oet borrowing
by financial sectors
U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
Loans from U.S. government
Private financial sectors
Corporate bonds
Mortgages
Ban* loans n.e.c.
Open-market paper
Fed. Home Loan Bank loans

204.7 Total, by sector
27.2
Sponsored credit agencies
94.8
Mortgage pools
82. 7
.3
11.0
26.8
44.7
-.1

Private financial sectors
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
Kelts

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

Total Net Credit Market Borrowing, All Sectors, by Type
382.1
119.3
96.0
30.5
63.4

1
2
3
4
5

278.8
81.0
30.9
31.4
49.8

177.0
60.8
12.7
20.7
46.2

247.6
71. 1
28.6
58.4

264.2
71.9
36. 1
20.3
64.7

6
7

29.9
29.9
4.2
21.8

13.7
-5.5
14.1
14.2

28.5
12.6
7.2
11.2

32.9
9.6
19.0
9.7

28.4
11.2
12.9
20.5

-6.4

13.9

215.3
52.5

A
9

29.9

10

-12.1

-4.2

10.6

11
12

254.5
76.2

14 8.2
46.0

190. 1

34.6

316.4

76.6

833.7

282. 1
72.3
83.0
209.5

88.8

26.8

1068.1
329. 1
112.9
117.9
206.9
94.4
94.0

2.8

28.2
84.6

71.1
65.4

19.2

.9

-18.4

690. 8
175.6

926.0
255.2

70b. 4
163.9

10.5
60.7

258.1
146. 1

80. 1

1461.3 Total net borrowing
480.7
O.S. government securities
370.8
Tax-exempt Obligations
112.9
corporate • foreign bonds
263.6
Mortgages
76.Q
17.6
59.2

80.6

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

47.5
-77.3
103.6 Memo: U.S. govt, cash balance 10
Totals net of changes in U.S. govt, cash balances:
735.9
881.3 1156.3 Net borrowing by dom. nonfin. 11
174.9
245.1
255.1
By U.S. government
12

External Corporate Equity funds Raised in 0. s. Markets

5

-7.0
9.0
-16.0
-17.9
1.2

5.2
23.2
-18.0
-21.1
1.2

7.5
22.9
-15.4
-16.8
1.1

6

.7

1.9

.2

1
2
3

LATEST DATA PRELIMINARY




7.0
23.7
-16.6
-18.8
1. 1
1.0

8.5
29.8
-21.3
-25.0
1.2

-23.7
34.9
-58.6
-67.2
5.7

-28.2
35.7
-63.9
-71.7
4.9

16.3
88.3
-72.0
-84.3
4.7

2.5

2.9

2.9

7.6

28.7
34.0
95.3
95.8
-66. 6
-61.8
-75.0
-67.1
4.5
ft. 5
.9

3.9

33.7
119.0
-85.3
-100.0
4.8
9.9

Mutual funds
All other
Nonfinancial corporations
Financial corporations
Foreign shares
purchased in U.S.

6

Z-7 MARCH i o , 1986
Households

Households

Table 3
Sector Statements ot Saving and Investment
(Billions of dollars)

SEASONALLY ADJUSTED ANNUAL HATES
1981

1982

1983

1984

1985

I
|

III

1984

IV

|
*

SEASONALLY ADJUSTED ANNUAL BATES
I

H

1985

m

iy

Households, Personal Trusts, and Nonprofit Organizations
1
2

2520.9
393.3

2670.8
409.4

2836.4
411.1

3111.9
441.8

3293.4
492.7

3144.2
447.5

3186.2
462.4

3240.9
501.7

3280.1
462.3

3298.5
498.2

3354.1 Personal income
508.4 - Personal taxes and nontaxes

1
2

3
4
5
6
7
8

2127.6
1968.1
159.4
41.8
2.7
37,4

2261.4
2107.5
154.0
46.4
2.4
37.3

2425.4
2292.2
133.2
50.0
4.4
63.3

2670.2
2497.7
172.5
57. 1
6.0
90.7

2800.7
2671.6
129.2
64.5
3.7
103.0

2696.7
2515.2
181.5
66.2
4.3
89.2

2723.8
2559.4
164.5
63.2
3.9
94.7

2739.2
2608.4
130.8
38.9
2.0
100.2

2817.7
2650.6
167.2
74.4
4.0
101.0

2800.2
2697.6
102.6
72.4
5.7
115.8

2845.7
2729.7
116.0
/2. 2
3. 1
95.0

3
4
5
6
7
8

9
10
11

241.3
263.7
505.1

240.0
280.3
520.2

250.9
294.5
545.4

J26.4
312- 1
038.4

300.3
334.0
634.3

341. 1
314.0
655. 1

326.3
320.0
646.3

271.9
325.7
597.6

346.7
330.9
677.5

296.5
336.6
633. 1

286.2 - Net savim;
342.9
Capital consumption
6/9. 1 = Gross saving

9
10
11

12
13
14
15
16

556.1
362.0
111.1
239.9
11.0

591,6
354.9
89.8
252.7
12.4

585.4
42 8. 0
124.7
289.6
13.7

727.3
498.8
153.4
331. 1
14.3

704.3
533.5
157.9
361.1
14.5

748.2
503. 0
1b7.5
331. 1
14.4

753.3
512.3
156.3
341.5
14.4

694. 5
521. 1
155. 1
351.5
14.4

734.8
527.4
15b.5
356.5
14.4

678.6
548.8
158.3
376.0
14.5

709.4 Gross investment
536.6
Capital expend, net of sales
161.6
Besidentiai construction
360.3
Consuner durable goods
14.7
Nonprofit plant and equip.

12
13
14
15
16

17
18

194.1
316.5

236.7
331.6

157.4
355.7

228.5
465.4

170.9
476.0

245.2
459.2

241. 1
505.7

173.5
434.8

207.4
488.4

129.7
440.7

172. a Net financial investment
17
540.4
Net acq. of financial assets 18

•

Disposable personal imcome
Personal outlays
Personal saving, NIA basis
Credits from govt, insurance
Capital gains dividends
Net durables in consumption

19

253.6

227.8

270. 9

424.6

378.6

430.6

441.2

384.7

351.6

308.2

469.8

20
21
22
23
24

205.8
31.7
46.9
19.7
107.5

181.6
16.0
136.7
4.2
24.7

196.9
38.9
212.9
-10.9
-44. 1

298.7
23.2
152.4
75.9
47.2

179.9
45.0
139.7
-2.6
-2.2

256.9
1.2
163.7
71.5
20.5

361.0
37.3
181.6
34.2
107.9

184.9
1.3
152.6
43.1
-12.1

191.1
58.2
182.4
-69.9
20.4

207.0
84. 1
154.5
-10.4
-21.2

136.5
36.5
69.2
26.7
4.0

Deposits
Checkable dep. • curt.
Small time » svgs.dep.
Large time deposits
Homey market fumd shrs

20
21
22
23
24

25
26
27
28
29
30

47.8
30.7
11.0
-3.9
17.3
-7.3

46.1
5.1
28.9
8.1
12.6
-8.5

74.0
39. 1
42.3
-5.5
2.2
-4. 1

126.0
73.9
41.7
15.3
6.0
-10.8

198.7
58.7
98.5
6.9
7.7
26.9

173.8
118.0
43. 1
9.2
6.3
-2.8

80.2
-10.1
75.6
36.7
4.6
-26.6

199.8
58.3
31.9
46. 1
7.3
56.3

160.4
90.3
61.8
33.3
11.9
-36.8

101.3
-32.9
81.9
-22.8
5.4
69.7

333.3
119. 1
218.3
-28.9
6.2
18.6

credit mkt. instrunents
U.S. govt, securities
Tax exenpt obligations
Corporate • fgn. bonds
Mortgages
Open-market paper

25
26
27
28
29
30

31
32

6.0
-36.0

16.8
-24.0

31.5
-27.3

37.1
-78.4

99.6
-121.6

34.9
-75.3

35.7
-75.7

88.3
-133.5

95.8
-116.4

95.3
-111.8

119.0
-124.9

33
34

9.2
109.0

7.2
140. 1

8.0
136.2

5.2
128.1

7.9
152.9

4.5
118.6

5.9
146.0

6.2
132. 4

8.3
175.0

7.6
178.7

35
36
37

-29.3
-2.1
6.1

-46.7
3.7
6.8

-74.0
2.4
8.0

-57. 1
—. 6
6.4

-51.8
.4
10.2

-5o;b
-1.2
5.8

-53.7
-. 6
6.8

-51.3
-.2
ti.3

-35.4
. 1
9.4

38
39
40
41
42

122.4
119.7
75.0
16.9
5.7

94.9
87.9
49.5
14.9
2.8

198.^
187.4
110.2
48.7
7.9

236.9
239.2
130.4
76.8
18.0

305.2
297.7
152.2
89.4
14.2

214.0
219.4
124.8
70.3
18.5

264.6
265.3
130.7
74.6
19.9

261.3
254.9
123.6
98.9
20.3

43
44
45
46

4.4
2.3
4.3
11.1

8.5
2.6
2.1
7.4

11.4
2.5
3.4
3.3

10.0
2.5
-1.4
2.9

26.6
2.4
5.0
7.9

9.7
2.4
-10.7
4.3

11.6
2.4
24.2
1.9

47
48
49

-1.7
2.7

3.8
2.4

8.4

1.8

-3. 1

1.8
-1.0

6.5
2.2
-1.2

-6.1
2. 1
-1.4

-1.9

.6

50

-51.0

-71.4

-40.0

-88.9

-70.0

1.8

.8

Dep. » cr. mkt. instr. (1) 19

Mutual fund shares
Other corporate equities

31
32

9.3
125.4

Life insurance reserves
Pension fund reserves

33
34

-48.6
.7
10.6

-/1.«
1.0
12.5

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

35
36
37

281.U
268.8
143.4
91.0
15.7

311.0
309.3
168.8
94.9
17.5

367.5
357.7
173.0
72.8
3.2

Net increase in liabilities
Credit narxet instruments
home mortgages
installment cons, credit
Other consuner credit

38
39
40
41
42

9.1
2.4
-12.2
12.7

8.7
2.4
11.7
-4.2

12.5
2.4
1.4
11.8

75.9
2.4
19.2
11.2

-. 6

1.8

3.7
2.2
.5

11.4
2. 1
-1.3

1.0
2.3
-1.6

10.0
2.3
-2.5

-93. 1 -107.0

-96.9

-57.3

-45.4

Tax exenpt debt
Other mortgages
*an* loans n.e.c.
Other loans
Security credit
Trade debt
Miscellaneous

-80.3 Discrepancy

43
44
45
46
47
48
49
50

(1) Excludes corporate equities.
Memoranda;

51
52
53
54
55
56

111.1
4.7
106.4
51.4
75.0
-15.3

89.8
4.6
85.2
54.3
49.5
-13.9

124.7
6.1
118.6
56.9
110.2
-42.4

153.4
6.2
147.2
59.7
130.4
-36.7

157.9
6.0
151.8
63.4
152.2
-57.7

157.5
6.3
151.2
60.0
124.8
-27.3

156.3
6. 1
150.2
61.0
130.7
-35.4

155.1
5.8
149.3
62.0
123.6
-30.5

156.5
6.0
150.5
63.0
143.4
-49.9

158.3
6.1
152.2
63.9
168.8
-74.4

Net physical investnent:
(A) Besidentiai construction
Expenditures
161.6
Mobile homes
6.3
155.3
Other
64.7
- capital consemptiom
173.0
- Home mortgages
* Excess met investment
-76.2

51
52
53
54
55
56

57
58
59

239.9
202.5
37.4

252.7
215.4
37.3

289.6
226.3
63.3

331. 1
240.4
90.7

361.1
258.1
103.0

331.1
241.9
89.2

341.5
246.8
94.7

351.5
251.3
100.2

356.5
255. 5
101.0

376.0
260. 1
115.8

<B) Consumer durables
360.3
Expenditures
265.3
- Capital consunption
95.0
* Met investnent

57
58
59

60
61

22.6
14.8

17.7
19.5

56.7
6.6

94.8
-4.1

103.6
-.6

88.8
.4

94.4
.3

119.2
-19.0

106.7
-5.7

112.4
3.4

62
63
64

11.0
9.8
1.2

12.4
10.6
1.8

13.7
11.3
2.4

14.3
12.0
2.3

14.5
12.5
2.0

14.4
12.1
2.3

14.4
12.2
2.2

14.4
12.3
2. 1

14.4
12.4
2.0

14.2
6.5

15.0
4.6

14.2
6.7

14.5
6.0

15.5
4.8

- Consuner credit
» Excess net investment

68
61

14.5
12.6
1.9

(C) Nonprofit plant and equip.
Expenditures
14.7
- Capital consumption
12.8
* Met investnent
1.9

62
63
6#

14.1
5.9

15. 1
3.7

15.2 Effective tax rate
4.1 Saving rate, MIA basis

76.0
19.0

Per cent ratios:
65
66

15.6
7.5

15.3
6.8

14.5
5.5

67

23.3

22.5

22.0

23.4

22.1

23.7

23.2

21.5

23.4

22.0

21.5

68
69
70
71

16.7
14.6
5.6
5.5

15.4
14.4
4.1
3.8

17.3
14.3
8.0
7.6

18.2
17.0
8.7
8.8

18.6
16.6
10.6
10.4

18.2
16.6
7.7
7.9

18.4
18.1
9.5
9.5

18.7
15.6
9.4
9.2

18.2
16.9
9.7
9.3

19.1
15.3
10.8
10.7

18.4
18.5
12.6
12.2

72

2172.1

2310.2

2479.8

2733.3

2868.9

65
66

Per cent of disposable incone adj. (2):

I

!

BILLIONS OF DOLLARS. LATEST DATA PKBLIMIMABY.




Capital expenditures
Acquisition of finan. assets
Met increase in liabilities
Credit market borrowing

67
68
69
70
71

72
2767.2 2790.9 2780. 1 2896.2 2878.3 2921.0 (2) Disposable income adj.
(NIA disposable incone • govt, insurance credits • capital gains divid.)

Z.7 MARCH 10, 1986
Nonfinancial Corporate Business

Nonfinancial Corporate Business
Table 4
Sector Statements o f Saving and Investment
(Billions of dollars)

SEASONALLY ADJUSTED ANNUAL BATES
1981

1982

198]

198

1985

|
|

1984
III

IV

SEASONALLY ADJUSTED ANNUAL BATES

|
I

II

1985

III

Nonfinancial Corporate Business, Excluding Pares

21.2

164.5
57.8
89.0
17.7

174.4
63.2
88.7
22.5

174.5
bS.3
#9.9
19.3

Profits before tax
- Profit tax accruals
- Domestic net dividends
* Domestic undist. profits

57.5
247.7

63.2
249.9

342.6

337.0

71.6
253.6
14.0
361.8

78.5
257.2
13.5
368.5

•
•
•
=

Capxtal consumption adj.
Depreciation charges, NIPA
Earnings tec. from abroad
U.S. internal funds, book

8

-1.6

25.4

349.6

15. 1
.7
358.3

16.2
4.7
382.7

17.6 * Fgn. earnings ret. abroad
-10.0 • Int. valuation adjustment
376.1 = Total internal funds + 1*1

9
10
11

322.8 Gross investment
380.8 Capital expenditures (1)
367.2
fixed investment
364.3
Plant and equipment
.9
Home construction
2.1
Multi-family residential
10.5
Inventory change * 1VA
3.0
Mineral rts. from U.S. govt.

12
13
14
15
16
17
18
19

1
2
3
4

181.4
63.6
67.6
50.2

129.8
46.2
72.0
11.6

151.9
56.9
75.9
19.0

186.2
71.5
82.8
31.9

170.7
61.8
88.8
20.2

177.3
65.9
84.1
27.2

176-8
65. 1
85.6

169-5

26. 1

5
6
7
8

-13.8
198.8
14.5
249.6

-8.4
221.4
12.5
237.2

17.7
230.5
9.7
276.9

38.5
240.9
11.0
322.3

67.7
252-1
12-5
352.5

42.2
242-6
11.7
323.7

46.9
245.5
330.8

21.4
-1. 3
343.9

20.4

12.2

60.8

87.5

16.2

6.2

9
10
11

14.0
-24.2
239.5

15.5
-10.4
242.3

21. 1
-10.0
288. 1

21.2
-5.4
338. 1

18- b
-. 6
370.4

12
13
14
15
16
17
18
19

208.3
28o. J
269.8
270. b
-1-8
1.0
11.7
4*8

196.5
25b. J
26 9.7
267.9
.6
1.2
-21.2
7.8

248. 1
m . u
263.5
258.0
4.2
1.3
. 1
7.8

284.5
376.3
317.5
315.4
.2
1.9
50.9
7.9

327.8
367.2
355.3
353.0
.4
2.0
7.6
4.4

275.7
385.5
322.8
321.6
-. 8
2.0
55.4
7.4

296.9
381. 1
340.8
340.5
-1.7

324.9
356.7
342.2
340.8
-. 6

32. b
7.7

12.5
1.9

1.9
7.5
3.8

343.0
365.5
357.0
354.8
.2
2.0
-.3
8.8

20
21

-78.1
63.3

-59.8
27.3

-23.2
123.8

-91.8
81.4

-39.4
63.7

-109.8
9.0

-84.2
94.9

-31.8
33.8

52'. 8

76.3

-58.0 Net financial investment
Net acq. of financial assets 21
91.4

22
23
24
25
26

17.5
-6.8
14.9

29-2
9.5
5.3
3.7
-2.5

54. 5
2.5
16.6
11.2
4.8

16.3
1.1
4.7
-4.6
-4.0

11.6
9. 1
6.9
3.0
-2.2

-35.8
-14.8
5.6
-16.8
-4.4

47.9

-20.8

8.9
-7.7

.9
5.3
-.9

-.6
7.9
10.5
-3.8
-7.3

50.0
19-0
5.1
17.5
9.4

17.5
-.8
11.2
-7. 1
-10.0

Liquid assets
Demand dep. and currency
Time deposits
Security BP'S
Foreign deposits

22
23
24
25
26

-30.5
.3

-11.2
.2
3.1

-10.4
.4
8.9

11.8
2-5
9.9

O.S. govt, securities
Tax exempt obligations
connercial paper

27
28
29

3.7

5.1
40.9
8.7
-7.5
-12.7
5.2

4.9
-5.4
53.9
17.4
-10.9
28.4

2.8
-14.5
38.0
23.8
-2.0
25.8

-.2
22-4
51.7
22.2
.2
22.0

30
Consuner credit
33
Trade credit
32
Miscellaneous assets
Foreign dir. invest. (2) 33
34
Equity, etc.
35
Betaiaed earnings

4.8

4.2

3.8
.4
32-3

3.2

2.8

11.0

26.7

36
Insurance receivables
Equity in spoa?ored ags. 37
38
Other

.5

27
28
29

*-1.0

30
31
32
33
34
35

1-9..
23.2
20.7
13.0
-.5
13.5

10.0

5.3
.1
7.9

8.0
.7
10.7

9.7
-. 1
9.4

-5
-15.7
13.2
4.7
-2.0
6-7

3.2
62.4
3.7
9-3
-.3
9.6

3.8
46.4
15.0
7.8
-3.2
11.0

-10.0
.8
4.0

-1.8
.2
-3.8

3.1
10.8
38- 1
14-0
-6. 4
20.3

1.4
33.8
9.5
-2.5
-8. 1
5.6
5.4
b.6

2.0

8.0

-2.8

20.6
-.2

21.1
3.0

18.8

25.1
14.8

11.1

2.0

10.0

-6. 0

2.2

364. b
320.6
366.0
354.8
351.9

1.0

36
37
38

4.0

2.7
.1
5.7

2. 1

3.5
.1
20.5

39
40
41

141.3
92.2
-11.5

87.1
83.5
11.4

147.0
84.7
28.3

173. 1
115.4
-77.0

103. 1
75.3
-81.6

118.8
85.2
-67.2

179.1
169.8
-71.7

65.6
64.8
-84.3

98.3
74.2
-67.1

98.8
56.0
-75.0

149.4
106.3
-100.0

42
43
44

103.6
13.4
21.8

72.1
15.1
18.7

56.4
9.4
16.0

192.3
18.5
47. 1

156.9
25.2
67.9

152.4
13.5
54.9

241.5
43.8
69.8

149. 1
13.6
58.0

141.3
20.0
78.0

131.0
23.2
62.8

206.3
44.0
72.8

45
46
47
48

-2-0
-1.4
.8
-1.3

-1.2
.5
-. 6
-1.1

3.5
3.4
.8
-.7

.2
.2
.2
-.2

-2
-3
-.1
.1

-. 6
-.7
.2
-.2

-1.7
-1.4

-.7
-.4
-.3
. 1

-.2

49
50
51
52
53

42.9
14.7
2.2
9.4
1.2

41.5
-6. 1
.7
2.1
1.3

18.9
-.0
-.4
10.2
-.5

77.4
21.7
1.3
24.9
1.2

29. 1
14. 6
-.9
17.9
2.9

44.5
22,2
.2
13.8
4.0

76.4
17.8
-5.2
40.0
.5

33.7
7.3
d.1
22.4

54
55
56
57
58

-6.8
30.8
25.2
22.3
2.9

-14. 1
3.8
13.8
16.2
-2.4

5.8
44.6
11.9
11.9
. 1

.7
34.6
22. 5
18.8
3.7

-8.4
16.3
19.9
16.6
3.3

-14.3
27.0
20.9
16.2
4.7

-5.2
-4.2

18.8

-12.7
5. 1
8.3

15.2
3.b

6.1

-3.0
26.9
22.7
4.3

59

31.2

45.8

40.0

53.6

42.6

68.2

52.6

33.5

44.0

3.7

3.4
-9. 1

5. 1

-.2

-. 1

6.8

2.2

.8

.2

Hi?
-5.5
13.4
-2.4

.1

60
61

-7.6
71.1

-19.5
57.7

17.8
51.8

11.8
67.3

-5.5
71.5

6.8
77.3

23.1
71.0

35.7
74.0

-2.4
61.4

62
63
64

33.2
70.4
94.3

32.6
39.5
29.3

29.0
27.4
77.8

65.8
126.5
161.8

93-3
63.6
71.5

67.7
84.7
97.4

111.9
129.5

120.1

70.9
78.2
70.6

98.7
42.6
39.7

65
66
67

35.1
119.6
36.2

35.6
105.8
28.1

37.5
94.2
20.8

38.4
111.3
51.1

36.2
99.1
42.7

37.2
112.1
39.5

36.8
109.0
63.4

35.9
99.5
41.8

68
69
70

11.7
-24.2
35.9

-21.2
-10.4
-10.8

.1
-10.0
10.1

50.9
-5.4
56.2

7.6
-. 6
8.2

55.4
-1.3
56.6

-1.6

32.6

34.3

12.5
.7
11.9

71
72

310.5
249.6

266.7
237.2

281.3
276.9

381.6
322.3

367.8
352.5

386.8
323.7

382.8
330.8

356.0
342.6

73

60.9

29.5

» 4.4

59.3

15.4

63.1

52.9

13.4

.2
.1

-.2

.7

.3

-.2

38.6
-3.0
7.0
-3.4
5.6

21.2

40.0
-13.1
39.2
1.4

-7.4

-13.4
34.5

28.0
22.3
18.8
3.5

39.7
-42.5
70.9

22.0
18.6
3.4

-12.1
79.9

44.8
65.3

117.5
88.8
109.9

35.1
100.4
38.6

36.2
95.5
35.8

37.4
101.2
54.2

7.5

-.3
4.7
-5.0

5.3

Debt instruments
Tax-exenpt debt (3)
Corporate bonds (2)

Bank loans n.e.c.
Commercial paper
Acceptances
Nonbank finance loans
U.S. government loans

49
50
51
52
53

54
profit taxes payable
Trade debt
55
Fgn.direct invest, in O.S. 56
Equity, etc.
57
letaimed earnings
58

Memoranda* items:
trade credit net of trade debt
Profits tax payments
Debt subtotals:
Securities and mortgages
loams and short-term paper
Total short-term liab. (4)
Per cent ratios:
Effective tax rate
Capital outlays/internal funds
Cr. alt. borromimg/cap. exp.

(1) Capital outlays on book basis:
10.5 Inventory change* NIPA
-10.0 Less: lav. val. adjustment
20.5 Inventory change before IVA

363.8
360.8
390.8 Total cap. expend, before IfA
337.0
361.8
368.5 0-S. internal fmads, book
Financing gap: Excess of capital expenditures
26-8
-1.0
22.3
over D.S. internal funds

(3) Industrial revenue beads. Issued by state and local governments
to finance private iavestaemt and secured in interest and
principal by the industrial user of the funds.
(4) Loans (except mortgages), short-term paper, profit taxes payable, and
trade debt. Include# leans dee ia more taan one year and excludes
current naturities of securities and mortgages.




42
43
44
45
46
47
48

(2) Corporate bonds include net issues by Betherlamds Antilles subsidiaries,
and 0.S. foreign direct investment is before sabtracting reflows of
capital fro# Netherlands Antilles subsidiaries* foreign financing.

BILLIONS OF DOLLABS. LATEST DATA PBELIMIIABI.

39
49
41

Mortgages
Home mortgages
Multi-family
Commercial

53.3 Discrepancy

86.2

2.2

Net increase in liabilities
Net funds raised in nkts.
Bet new equity issues

59
68
61

62
63
64

65
66
67
68
69
70
71
72
73

Z.7 MARCH 10, 1986
Funds Raised i n Credit Markets

Fends Baised in Credit Backet#

Table 5
SuBBdry of Net Funds liaised in Credit and Equity markets

ABIOAL FLOWS - BILLIOIS OF DOLLARS

AMIOAL PLOWS - BILLIONS OF DOLLARS
1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

198#

1985

Wet Credit market Borrowing of Woafinancial Sectors
372.7

395.3

5#2.9

765.9

Total net borrowing by domestic
momfimamcial sectors
883.8

79.2
79.8
-. 6

87.#
87.8
-.5

161.3
162.1
-.9

186.6
186.7
-.1

198.8
199.0
-.2

223.0
223.7
-.1

U.S. government
treasury issues
Ageecy issues » aortgages

2
3
#

350.0

262.6

285.3

234.1

356.3

567.1

660.2

Private domestic
momfiaaacial sectors

5

200.7
28.4
21.1
151.2
110.2
10.9
21.9
8.2

212.5
30. J
17. J
164.9
116.6
10.0
24.4
14.0

188.1
30.3
26.7
131.2
94.2
7.6
19.2
10.2

15#.5
23.#
21.8
109.3
72.2
4.8
22.2
10.0

152.6
#8.6
18.7
85.4
50.5
5.4
25.2
4.2

253.7
57.3
16.0
180.3
116.9
11.9
48.9
2.6

325.3
65.8
#7.1
212.#
130.7
20.7
62.0
-1.0

#7#. i
173.#
67.9
23 J. 0
152.8
2 b. /
59. V
-4.5

Debt capital instrunents
Tax-exempt obligations
Corporate bonds
mortgages
Home mortgages
multi-family resid.
Commercial
farm

6
7
8
9
10
11
12
13

91.6
#0.2
27.1
2.9
21.3

116.5
#8.8
37.#
5.2
25.1

137.5
#5.4
51.2
11.1
29.7

74.5
4.7
37.0
5.7
27.1

130.8
22.6
5#. 7
19.2
34.#

81.#
17.7
5#. 2
-#.7
1«-2

102.6
56.7
26.8
-1.6
20.7

2# 1.9
9#. 8
79.5
2#. 2
#3.3

185.9
103.6
30.7
12.9
38.8

Other debt imstrumemts
Consuner credit
Baa* loaas n.e.c.
Opea-aarket paper
Other

1#
15
16
17
1#

26#.#
12.0
139.6
112.8
13.#
29.5
69.8

317.1
16.5
169.2
131.4
15.6
34.8
81.1

350.0
17.6
175.7
156.6
23.5
37.1
96.1

262.6
17.2
118.9
126.5
15.2
31.2
80.9

285.3
6.8
119.7
158.8
16.6
38.6
103.6

234.1
25.9
87.9
120.2
6.8
#1.3
72.1

356.3
37.6
187.#
131.2
4.1
70.8
56.#

567.1
#5.0
239.2
283.0
-.1
90.8
192.3

660.2
128.5
297.7
234.0
-6.8
84.0
156.9

By borrowing sectors
State»local goveraaeats
Households
•omfimamcial business
Farm
l o i U r m noncorporate
Corporate

19
20
21
22
23
2%
25

13.5
5.1
3. 1
2.4
3.0

33.8
#.2
19.1
6.6
3.9

20.2
3.9
2.3
11.2
2.9

27.2
5.4
3.7
13.9
4.2

15.7
6.7
-6.2
10.7
4.5

18.9
3.8
4.9
6.0
4.3

2.8
#. 1
-7.8
2.5
#.0

33#. 7

#0#. 6

#07.6

399.9

#11.0

561.7

768.7

883.# Total domestic pirns foreiga

89.2

138.2

187.5

O.S. government-related
Sponsored credit ag. sec.
mortgage pool securities
Loams from O.S. government

2
3
4
5

Private fimamcial sectors
Corporate bomds
mortgagee
Bank loams a.e.c.
Opee-market paper
fed. Home Loam Samk loams

•
7
8
9
10
11

1

172.#

190.9

242. 5

321.2

370.8

387.3

2
3

«

11.8
12.0
-.2

85.#
85.8
-.4

69.0
69.1
-.1

56.8
57.6
-.9

53.7
55.1
-1.#

37.#
38.8
-1.4

5

160.6

105.5

173.5

26#.#

317.1

6
7
8
9
10
11
12
13

97.7
16.5
19.7
61.6
34.4
6.9
15.1
5.2

98.8
16.1
27.2
55.4
39.5
11.0
5.0

122.6
15.7
22.8
84. 1
62.2
5.0
11.3
5.5

172.8
21.9
22.9
128. 1
93.3
8.4
18.2
8.2

1#
15
16
17
18

62.9
9.9
32.9
6.6
13.5

6.7
9.6
-10.#
-2.6
10.1

50.9
25.5
#.5
#.0
16.9

19
20
21
22
23
2#
25

160.6
1#.6
51.5
9#.5
8.0
20.3
66.2

105.5
12.3
51.2
42.0
8.9
12.#
20.7

173.5
13.2
89.5
70.7
10.0
16.#
##3

26
27
28
29
30

15.0
2.1
#.0
7.3
1.6

11.3
6.2
2.0
.3
2.8

19.3
8.6
5.6
1.9
3.3

31

187.4

202.2

261.8

341.8

27.2
.8
11.5
10. 1
#.7
369.0

-.4
4.9
-6.9
-1.0
2.5

gn. net borrowlag in o.s.
Bonds
Bank loams a.e.c.
Opea-aarket paper
U.S. governmeat loams

1

2S
27
28
29
30
31

let Credit market Borrowing by Fimamcial Sectors
7.3

39.0

1

21.0

45.8

7#.1

82.4

57.6

89.0

80.2

#

10.3
2.3
7.1
.9

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. 1
.6

44.8
24.4
19.2
1.2

47.4
30.5
15.0
1.9

64.9
14.9
49.5
.4

67.8
1.4
66.4

74.9
30.4

5

20.7
16.6
3#
.7

99.4
20.6
78.8

6
7
8
9
10
11

18.3
3.1
.2
#6
3.8
6.7

-3-0
3.2

6.7
9.8

23.8
10.1

3#. 5
7.8

12.8
1.8

#1.6
3.5

63.3
25.9

-3.7
2.2
-2.0

-.3
9.6
#3

.9
20.9
16.2

15.3
13.7
.1
1.9
-1.1
.8

21.#
12.6

-3.7
1.1
#0

37.1
7.5
.2
2.3
1#.6
12.5

-.2
16.0
-7.0

1.0
20.#
15.7

88.1
28.6
-.2
4.2
41.3
1«. 2

12
13
10

39.0
17.3
3.1

7.3
3.2
7.1

21.0
2. 1
12.2

#5.8
5.9
16. 1

7#.1
23.5
13.6

82.#
2#. 8
23.1

57.6
25.6
19.2

89.0
32.#
15.0

80.2
15.3
#9.5

89.2
1.#
66.#

138.2
30.#

15
16
17
18
19
20

18.3
.2

-3.0
.2
.6
-#.2
.5
-.1

6.7
.7
5 #
-1.7
4.3
-1.9

23.8
.6
2.0
6.9
16.9
-2.5

37.1
2
7.2
13.5
16.7
-.#

34.5
.2
6.5
12.6
15.3
-.1

12.8
.2
6.9
7.4
-1. 1
-.5

#1.6
-.1
8.3
15.5
18.2
-. 2

15.3
.6
5.9
2.5
6.3

21.#
-.2
12.6
-2. 1
11.3
-.2

63.3
3.6
16.9
22.7
19.3
•8

2
3

«.#

6.2
6.0
1.5

.#

.#

-.5
18.0
9.2

-.9
4.8
7. 1

*

##.#
.#

##.#

Total met borrowimg
by financial sectors

1

187.5 Total, by sector
Spomsored credit agemciea
20.6
mortgage pools
78.8

12
13
H

Private fimamcial sectors
Commercial bamks
Baak affiliates
Savimgs amd loam assas.
fiaaace compamies
texts

15
16
17
18
19
20

88.1
2.9
9.2
21.7
54.4
-. 1

Total Met Credit market Borrowing, All Sectors, by Type
1
2
3
#
5

226.#
31.9
16.5
2#.9
61.7

209.5
90.9
16.1
36.7
55-7

282.8
83.8
15.7
41.2
84.4

380.5
79.9
21.9
38.0
128.0

#78.7
90.5
28.#
32.8
151.2

#89.9
8#.8
30.3
29.0
164.8

#26.6
122*9
30.3
29.3
131.1

#88.9
133.0
23.#
30.7
109.2

#91.2
225.9
#8.6
39.0
85.#

651.0
25#.#
57.3
32.#
180.3

906.$
273.8
65.8
77.1
212.7

6
7
8
9

9.9
#1.5
17.7
22.5

9.6
-12.1
-1.2
9.8

25.5
6.4
8.1
17.8

40.2
29.9
15.0
27.5

#8.1
50.0
26*
#1.9

*5.9
52.9
#0.3
#2.#

#.7
#7.7
20.6
#0.1

22.6
59.2
5#.0
56.7

17.7
#9.9
# 9
19.9

56.7
31.5
20.#
17.9

9#.8
72.7
#1.1
63.0

10

-#•6

2.9

3.2

1.1

3.0

.6

-3.8

*

7.3

320.1
55.7

367.1
#9.9

386.7
36.8

3#5*7
83.0

372.7
87.#

388.1
15#.0

11
12

177.0
16.#

180.0
82-5

239.3
65.9

1070.9 Total met borrowimg
323.1
O.S. govermmemt securities
173.#
Tax-exempt Obligatioas
101.4
Corporate • foreigm bonds
232.8
mortgages
103.6
28.0
53.2
55.5

Comsuaer credit
Bank learns a.e.c.
Open-market paper
Other loaas

1
2
3
#
5
6
7
8
9

-7.1
6.3
13.9 Beee* 8.S. govt, cask balaace 10
Totals net of chaages ia 0.5. govt, cask balaaoes:
550.0
759.7
869.9 Met borrowiag by doa. aeafia. 11
193.7
192.5
209.7
Sf O.S. goveraaeat
12

Sxteraal corporate Igaity fmads Baised la 0. S. markets
1

2

3

*
5
6

5.5
.7
#8
4.1
1.0

.2

10.0
-.1
10.9
9.9
•0

.2

11.1
-2.0
13.1
10.5
2.2
.3

6.6
1.0
5.6
2.7
2.5

.#

•I9T0BICAL DATA OB BIT flBDS BAISED




1.7
-.1

-3.9
.0
-4.3
-7.0
2.7

21.2

1.0
-.1
2*

#5
16.0
12.9
1.0

-3.3
6.0
-9.3
-11.5
1.9

33.6
16.8
16.0
11.9

0.0

66.3
31.5
30.0
20.3
2.5

5

•0

2.1

.3

1.5

#0

-33.0
37.1
-70.7
-77.0
5.2
1.1

28.2 total aet share lapses
99.0
Bataal fumOs
-71.9
All other
-81.0
Woafiaaaeial corporatioas
#•0
fimamcial corporatioas
forelga shares
5.0
purchased la O.S.

6