Full text of Z.7 Flow of Funds Summary Statistics : March 10, 1993

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o* coy*'-•

FEDERAL RESERVE statistical release
Z.7 (788)

For immediate release
March 10, 1993

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally adjusted
annual rate of 5-1/4 percent in the fourth quarter of 1992. The increase in
federal government debt, at a 10 percent pace, continued to be rapid. In
contrast, growth in debt of the nonfederal sectors was at a 3-1/2 percent
rate. In the household sector, consumer credit turned up, following nearly
two years of contraction. Nonfinancial business debt rose only slightly, in
part reflecting continuing efforts of corporations to deleverage. Net
issuance of equities by nonfinancial corporations, which is not included in
the changes in debt, was $14 billion at an annual rate in the fourth quarter
and totaled $27 billion for the year as a whole. Debt growth of state and
local governments eased in the fourth quarter to a 3-1/2 percent rate, owing
in part to a large volume of bond retirements.
The increase in domestic nonfinancial debt from the end of 1991 to
the end of 1992 was also 5-1/4 percent, slightly faster than in the preceding
year, but still at a relatively moderate rate compared with other recent
years.
The level of domestic nonfinancial debt outstanding was
$11.8 trillion at the end of the year 1992. Of this total, debt of nonfederal
sectors accounted for $8.7 trillion and the federal government component was
$3.1 trillion.
A. Growth of Domestic Nonfinancial Debt 1
(Percent changes; quarterly data are seasonally adjusted annual rates)
-NonfederalTotel

(1)

U.S.
govt,
(2)

1989
1990
1991
1992

8.0
6.6
4.1
5.3

1990-Q1
Q2
Q3
Q4

8.8
6.0
4.

11.1

1991-Q1
Q2
Q3
Q4

4.3
4.9
3.6
3.3

9.1
10.8
11.0
11.9

1992-Q1
Q2
Q3
Jlk.
1. Changes
month-average



6.

7,

Total
(3)

10.

8.2
5.3
2.0
3.4

10.9
8.8
11.3

5.
4.

11,
11.

8.

2.
2.

3.
1.

Households
(4)

Business
(5)

9.6
7.2
3.8
5.5
11.1

6.5
6.3
4.3

State &
local
govts,
(6)

6.9
3.3
- .5
.6

8.4
5.9
4.5
5.3

5.0
3.8
3.2

9.1
5.7
4.4
4.1

1.1

4.4
4.7
3.4
2.7

6.1
13.3
3.8
5.8
5 .1
12.3
2.7
4.4
4.1
6.5
3.3
5.5
5,3
10,0
3,6
shown are on an end- of-period basis and
data in the Board's H.6 release.

4.2
4.4
4.3
4.7
1.2

- .3
.3
1,3
thus may

5.1
6.9
5.4
3.5
differ from

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

Domestic

Memo:
Private
financial assets'

1989
1990
1991
1992

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

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

10. 6
8.,0
5.
,2
8.,4

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

7.,1
4.,5
,6
1. .0

1990-Q1
Q2
Q3
Q4

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

4.,5
13.,9
9..0
8..9

9..8
7.,4
1,,9
12.. 1

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

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

1991-01
02
03
04

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

22,.7
-21,.5
5 .6
,
14,.5

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

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

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

1992-01
02
03
03

6.
5.
4.
5i

6 .0
8 .9
9 .6
8 .0

6. 1
6. 1
5 .3
5t 7

5 .9
.6
-2 .4
1 .2

1
1
1
3

3,.4
19 .3
10 .2
.2

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.
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 * * * * * * * * * * * * i

; * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

•>

AVAILABILITY OF COMPUTER DISKETTES
The flow of funds accounts are available on 3-1/2" diskettes. The
diskettes contain quarterly data beginning in 1952 organized in files that
correspond to the tables published in the Z.l release. In addition, the
diskettes contain files with the monthly debt aggregate data published in the
Board's H.6 release and its underlying detail, and data from the Balance Sheets
for the U.S. Economy (C.9 release).




2.7, MARCH 10, 1993
Credit Market Debt

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

PERIOD-END LEVELS

PERIOD-END LEVELS
1991
II

III

1992
IV I

II

III

L.2 Credit Market Debt Owed by Nonfinancial Sectors
1

9316 .3 10087 .1 10760 .8

2
3
4

2104 .9
2082 .3
22 .6

2251 .2
2227 .0
24 .2

2498 .1
2465 .8
32 .4

2548 .8
2522 .4
26 .4

2591 .9
2567
24 .8

2687 .2
2669 .6
17 .6

2776 .4
2757 .8
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

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

5
6
7

7211 .4
939 .4
852 .2

7835 .9
1004 .4
926 .1

8262 .6
1055 .6
973 .2

8285 .6
1061 .5
992 .3

8368 .2
1072 .5
1016 .5

8394 .1
1089 .3
1036 .9

8424 .5
1101 .4
1051 .9

8472 .0
1111 .5
1071 .0

8548 .5
1128 .6
1090 .4

8616 .4
1145 .6
1105 .7

8711 .0
1154 .7
1118 .3

Private, by transaction
Tax-exempt securities
Corporate bonds

5
6
7

8
9
10
11
12

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

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

3907 .3
2760 .0
305 .8
757 .6
8 4 .0

3945 .9
2789 .9
307 .5
764 .6
83 .9

3998 .5
2835 .3
310 .6
768 .8
83 .8

4011
2866 .9
302 .9
758
83 .2

4027 .3
2889 .0
304 .9
750 .3
83 .2

4069 .4
2935 .3
304 .9
746 .4
82 .9

4107 .7
2983 .3
300 .4
740 .6
83 .5

4144 %
3035 .4
299 .7
725
83 .9

4188
3087 .5
296 .6
720 .4
83 .7

Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

8
9
10
11
12

13
14
15
16

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

.8
.7
.1
.4

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

785 .3
748 .3
120 .8
631 .5

786 .7
742 .0
119,.4
632 .6

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

13
14
15
16

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

8285..6
3789,.3
3626..3
136..8
1207..1
2282. 3
870..1

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

291. 3
112. 1
20. 5
87. 0
71. 6

29

791
760
107
598

9560. 9 10341. 9 11039. 4

10834 .4 10960

11081 .3 11200 .9 11331 .8 11471 .8 11615 .3 11791 .3

785
734
107
629

.9
.1
.0
.8

796 .7
724 .6
98 .5
624 .1

8368..2
3846 .7
3643..0
139..6
1210. 8
2292. 7
878. 5

8394,.1
3886,.0
3616..7
140.,4
1191 .0
2285. 3
891. 4

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

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

775
712
110
621

.7
.5
.3
.6

775 .8
709 .4
111 .7
624 .9

8424 .5
3925 .5
3596..5
138 .8
1180,.6
2277..1
902. 5

8472,.0
3950,.6
3610.
136..4
1174..9
2298.,9
911. 3

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

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

781
705
108
626

.1
.2
.3
.4

799 .2
707..8
108..3
634,.7

8548,.5
4008..1
3614,.5
140,
1163,.7
2310..7
925. 9

8616..4
4068..6
3605. 5
141..2
1150. 6
2313..7
942. 3

8711..0
4140..6
3619. 8
139. 7
1147. 9
2332. 1
950. 6

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

306. 9
136. 5
26. 5
80. 7
63. 4

307. 6
142. 7
23. 2
77. 7
64. 0

Private, by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
State & 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

11125. 7 11237. 7 11363. 5 11493. 6 11614. 1 11770. 2 11922. 2 12098. 9 Total domestic and foreign

29

L..3 Credit Market Debt Owed by Financial Sectors
1

2082. 9

2333. 0

2524. 2

2552. 6

2578. 2

2615. 1

2665. 9

2697. 7

2756. 6

2824. 0

2890. 1

2
3
4
5

1098. 4
348.
745. 3
5. 0

1249. 3
373. 3
871. 0
5. 0

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

1458. 4
397. 0
1056. 6
4. 9

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

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

1574. 3
402. 9
1166. 7
4.8

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

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

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

1741. 5
443.
1293. 5
4. 8

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

6
7
8
9
10
11

984.6
415.1
3.4
35.6
377.7
152.8

1083.7
491.9
3.4
37.5
409.1
141 .8

1105.8
528.2
4.2
38.6
417.7
117.1

1094.1
545.4
4.2
36.5
400.9
107.0

1088.6
562.2
4.5
37.0
390.1
94.7

1084.0
569.5
4.6
39.0
387.0
83.9

1091.6
580.2
4.8
41.8
385.7
79.1

1094.0
578.2
5.0
41.6
392.9
76.3

1098.3
583.2
5.0
43.7
389.5
76.9

1122.0

1148.6

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

12
13
14

2082.9
353.1
745.3

2333.0
378.3
871.0

2524.2
398.5
1019.9

2552.6
401 .8
1056.6

2578.2
394.4
1095.2

2615.1
399.5
1131.5

2665.9
407.7
1166.7

2697.7
410.5
1193.2

2756.6
422.6
1235.6

2824.0
439.5
1262.5

2890.1 Total, by sector
447.9
Sponsored credit agencies
1293.5
Mortgage pools

12
13
14

15
16
17
18
19
20
21

984.6
78.8
136.2
159.3
18.6
444.6
11.4
135.7

1083.7
77.4
142.5
145.2
17.2
504.2

1105.8
76.3
114.8
115.3
16.7
539.8

1094.1

1088.6

1084.0
64.6

1094.0

187.1

232.3

1091.6
63.0
112.3
75.9
13.2
547.9
11.4

1098.3
61.7
112.7
70.3
14.3
541.8
13.2
284.4

1122.0
63.3
114.4
70.9
16.2
549.4
13.7
294.2

1148.6
67.4
113.4
71.3
14.9
562.2
14.0
305.4

15
16
17
18
19
20
21
22

22

10.1

10.6

68.1

114.4
104.2
16.4
539.6
10.8
240.6

65.9
113.3
91.0

110.6

540.4

79.0
15.2
543.7

250.3

259.9

16.6

11.0

11.2

268.0

60.8

115.0
71.2
13.5
547.1
12.7
273.6

598.4
5.1
44.5
393.9

80.2

otal, by transaction

621.8

5.1
49.0
392.8
79.9

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

l
2
3
4
5
6
7
9
9
10
11

L.4 Credit Market Debt, All Sectors, by Transaction
1 11643 .9 12674 .9 13563 .6
2

3198 .3

4
5

1350 .4
3330 .7

6
7
8

9

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

13678 .3 13815 .9 13978 .7 14159 .6 14311 .9 14526 .8 14746 .2 14989 .0 Total

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

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

4002 .4
1061 .5
1649..9
3950,.2

4076 .6
1072 .5
1693 .5
4003,.0

4213..5
1089..3
1725..0
4015,.6

4345 .9
1101,.4
1756..4
4032..1

4458 .7
1111..5
1774,.6
4074,.5

4576 .8
1128 .6
1804..5
4112,.7

4696,.0
1145,.6
1840..5
4149..2

4817 .0
1154 .7
1882,.8
4193,.3

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

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

785..3
805..3
608.,8
814. 9

786..7
798..7
583..6
801..4

785..9
793. 2
572. 0
784. 2

796. 7
788. 0
565. 9
773. 2

775..7
776..1
573. 7
767. 1

775. 8
778..7
578..7
771. 1

781. %
776.
582. 9
774. 8

799..2
780..0
578. 8
783. 3

137.4
938.0
602.1
3506.6

, ,
132.5
903.4
661.6
4047.2

U.S. government securities
Tax-exempt securities
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans n.e.c.
Open-market paper
Other loans

1

2
5

6
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.




137.5
909.4
683.7
4104.7

158.1
935.3
744.2
4338.5

188.9
940,9
813.9
4630.0

195.1
940.9
857.7
4739.7

194.1
945.3
935.5
4678.1

213.1
974.6
977.4
4860.5

Selected
224.3
992.1
1056.5
5127.7

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

10
11
12
13

Z. 7, M A R C H 10, 1993
F u n d s Raised

F u n d s Raised
F.2-F.5 F u n d s Raised in Credit and E q u i t y M a r k e t s
ANNUAL FLOWS

ANNUAL FLOWS
1984

1985

1991

1992

442..7

590. 5

1
2
3
4

F . 2 Credit Market Borrowing by N o n f i n a n c i a l S e c t o r s

1 Total
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

406.2

domestic

U.S. g o v e r n m e n t
T r e a s u r y issues
A g e n c y issues 8 m o r t g a g e s
P r i v a t e , by t r a n s a c t i o n
Tax-exempt securities
C o r p o r a t e bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm
C o n s u m e r credit
Bank l o a n s n . e . c .
C o m m e r c i a l paper
Other loans
P r i v a t e , by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
StateSlocal governments

24 F g n . b o r r o w i n g in U.S.
25
Bonds
26
Bank loans n . e . c .
27
C o m m e r c i a l paper
28
U.S. govt. 8 other loans
29 Total d o m e s t i c plus foreign

9.7
16.9
50.5
14.7
48.5
299.4

111.1

246. 9
238. 7
8. 2

278.,2
292. 0
-13.8

-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
.1

164. 4
45. 8
78. 8
120.,1
129..0
9
- 7 ..3
-< 8

286..5 5
53..3 6
66..3
7
160..8 8
9
198. 5
- 8 ..3 10
- 2 9 .9 11
0,.5 12

81.7
67.9
21.7

31.3

62.2

82.3
40.6
14.6
36.9

57.5
63.6
-9.3
43.0

32..9
9 .9
.6
45 .7

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

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

17,.5
4 .4
9 .7
4 4 .2

- 1 2 .5
-33,.4
- 1 8 .4
- 1 5 .8

2,.4
-16..8
9..8
10 .5

13
14
15
16

368.1
185.7
147.8
3.9
83.9

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

.7
.6
.1
.5
.8
.8
.9

5 9 4 .4
305 .6
225..6
1 .6
50 .4
173 .6
63 .2

4 1 8 .2
254 .2
115..6
2 .5
26 .7
86..4
48..3

164 .4
144..9
- 1 8 .9
0 .9
- 2 3 .6
3 .7
38 .5

286 .5
215 .1
23 .2
0 .9
- 3 2 .7
55 .0
48 .1

17
18
19
20
21
22
23

8.4
3.8
—6.6

1.2
3.8

-2.8

9.7
3.1

5.0

-6.0

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

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

10 .2
4 .9
.1
13 .1
- 7 .6

23 .9
21 .4
- 2 .9
12 .3
- 6 .9

14..1
14 .9
3 .1
6 .4
- 1 0 .2

24,.1
18..5
.6
5 .2
- 1 .2

24
25
26
27
28

773.7

904.3

727 .4

782 .2

750 .9

688 .9

4 5 6 .8

614 .6 29

568.2
58.7
46.1
229.9
143.8
25.2

677.4
178.6
74.2
250.3
164.8
29.8

16.4
53.9

48.9
25.0

15.8
244.9
85.9

23.5
5.5
3.0
3.9

16.0
6.6

6.7
69.8
52.1
30.4

665. 0

146. 4
144. 7
1. 6

368.1
54.4

128.6

740. 8

155. 1
137. 7
17. 4

244.9
53.1
18.7
93.2
58.5
5.4
25.2
4.1

172.0
16.3
44.4
111.3
16.3

775..8

143. 9
142, 4
1. 5

-.9

-6.1

216.0

721.,2

215.6
0.4

225.7
225.8
-.1

162.2

893.8

304.,0
303..8
0 .,2

-.2

299.4
32.9

22.2

903.1

197.2
197.4

161.3

113.2
76.4
4.8

765.4

185.2
185.3

85.5
85.9
-.5

22.8

553.3

16.0

193.4
125.9
14.1
51.0
2.4

-.8

60.1
34.6

11.1

-5.5
1.9
13.0

17.3
3.1
3.6
6.5
4.1

408.4

422.2

570.7

62.2
-1.2

6.2

62.2

6.2

-1.0
11.5
-3.9

577
296
197
-10
65
143
83

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

620
318
253
-7
61
198
48

F.3 Credit Market 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 Total, by t r a n s a c t i o n

107.9

96. 9

107. 3

162. 3

131.5

223.3

167. 4
17. 1
150. 3
.1

150.0
9.2
140.9

167.1
40.2
126.9

-18.6

56.2
50.0
0.3
7.2

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

146. 0
97..6
0..1
4 3
24,.2
19..8

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

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

69,.1
46 .8

.2
21 .3
- 7 .0

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

1 .9
31 .3
- 1 1 .0

19. 7
34..4
0..3
1 ,2
8,.6
-24,.7

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
142,.3

211,.4
44,.9
74 .9

220,.1
25 .2
125 .8

187,.1
17,.0
150,.3

131.5
9.1
140.9

223.3
40.2
126.9

12
13
14

87,.4
7..3
16 .1
17 .2
1 .2
35 .8
0 .6
9 .3

8 7 .8
- 4 .9
16 .6
17 .3
1 .5
45 .8
.1
11 .5

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

8 7 .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
- 1 4 .1
- 1 .4
59 .7
- 1 .9
22 .0

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

-18.6

56.2
4.5

15
16
17

74. 9
30. 4
44. 4

6
7
8
9
10
11

Private financial sectors
C o r p o r a t e bonds
Mortgages
Bank loans n . e . c .
O p e n - m a r k e t paper
F e d . H o m e Loan Bank loans

60.5
10.3
•
1-3
32.7
16.2

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

39,.5
25,.4

107.9
32.4
15.0

96..9
15..3
49 .5

60.5
11.6
10.8
15.6
0.4
22.4
-.3

32 .0
11 .7
7
1 [7
.6
11 .6

:6

187. 1

151..0
25..2
125. 8

67. 8
1. 4
66..4

0

220..1

119. 8
44. 9
74. 9

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

P r i v a t e f i n a n c i a l sectors
C o m m e r c i a l banks
Domestic affiliates (BHCs)
S a v i n g s and loan assns.
M u t u a l s a v i n g s banks
Finance companies
REITs
SCO i s s u e r s

211. 4

171. 8
30. 2
142. 3
8

47.4
30.5
15.0
1.9

15
16
17
18
19
20
21
22

259. 0

178. 1
15. 2
163. 3
4

U.S. g o v e r n m e n t - r e l a t e d
S p o n s o r e d credit a'g. sec.
M o r t g a g e pool s e c u r i t i e s
L o a n s from U.S. government

agencies

324. 1

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

2
3
4
5

12 Total, by sector
13
S p o n s o r e d credit
14
Mortgage pools

189..3

-

39
5
13
-6

.5
.0
.3
.2
.4
24 .4
.3
3 .6

47.7

0.6

3.2
-32.0
-38.0

-13.3
-2.5
-39.5
-3.5
4.5
35.6

-2.1
0.8

1.2

- 4 . 6 18
1.7 19
14.3 20

1.8 21

37.4 22

F.4 Credit Market B o r r o w i n g , All Sectors, by T r a n s a c t i o n s

1 Total
2
U.S. g o v e r n m e n t s e c u r i t i e s
3
Tax-exempt securities
4
C o r p o r a t e 8 foreign bonds
Mortgages
5
6
7
8
9

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

3
,1
,9
113..1
,9
54.,7
51..3
77 .7

519..0
225,.9
53,.1
45..0
93 .2
16..4
49 .8
5..7
30 .0

677 .9
253..1
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

.9
.4
.9
.4

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

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

48
28
26
28

1227..6
394..5
45,.7
227..8
350 .3
57
66
26
58

.5
.8
.4
.6

986..4
316 .4
8 3 .5
125 .2
325 .4

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
102,.9
244,.3

.9
.7
.3
.0

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

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

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

32
2
32
68

588..3
428. 3
45..8
141, 3
120..7

837..9
471..1
53..3
134 ..9
161.. 1

1

5

.5
. 1
.0
.2

2..4
-8,.0
12,.9
10,lI

6
7
8

198 .8
150..5
48 .3
18 .3
. 1

272..1
206,.4
65,.7
26,.8

1
2

7

'*

5

31,.5

6

-12
-27
-44
-64

9

F.5 F u n d s Raised Through Mutual Funds and C o r p o r a t e E q u i t i e s

1 Total net i s s u e s
M u t u a l funds
2
3
Corporate equities
4
Nonfinancial corporations
5
Financial corporations
Foreign shares
6
p u r c h a s e d in U.S.
B I L L I O N S OF D O L L A R S




-6

2

-10..6
-13,.5
2,.7
0 .2

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

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

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

21..5
88..7
-67..2
- 8 4 .5
13 .6

8 8 .5
160..9
-72,.4
- 8 5 .0
11..5

7..1
70..2
-63..2
-75..5
14..5

1 .4

3,.7

0 .9

3 .7

1 .2

- 2 .1

.4
.1
.5
.5
.1

-65..7
38 .5
- 1 0 4 ..2
- 1 2 4 ..2
2 .7

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

0 .9

17 .2

7 .4

-118
6
-124
-129
4

30 .2

5

Z. 7, M A R C H 10, 1993
F u n d s Raised

F u n d s Raised
F . 2 - F . 5 F u n d s Raised in Credit and E q u i t y M a r k e t s

SEASONALLY ADJUSTED ANNUAL RATES

I

SEASONALLY ADJUSTED ANNUAL RATES

1990
II

1991

III

II

III

1992

IV

II

III

F . 2 Credit Market Borrowing by N o n f i n a n c i a l Sectors
1

8 8 3 .5

619 .0

653 .9

503 .9

4 6 3 .8

5 3 4 .4

401 .4

371 .1

687 .5

583 .0

476 .0

615.3 Total domestic

2
3
4

244 .8
2 1 5 .2
29 . 6

203 .8
198 .4
5 .4

268 .2
269 .5
- 1 .3

270 .8
271 .8
- 1 .0

2 2 7 .4
251 .4
- 2 4 .0

276 .7
2 8 2 .9
- 6 .2

288 .4
3 1 7 .2
- 2 8 .8

320 .4
316 .6
3 .8

368 .9
380 .1
- 1 1 .2

351 .9
351 .5
0 .4

193 .4
184 .4
9 .0

301.7
299.1
2.7

U . S . government
T r e a s u r y issues
A g e n c y issues 8 m o r t g a g e s

5
6
7
8
9
10
11
12

638 .7
70 .3
27 .5
389 .1
333 .1
1 .2
55,.4
.7

4 1 5 .2
5 4 .7
65 .8
200,.4
188 .5
- 7 ..1
18. 6
4

1.

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

236 .4
35 .6
76,.7
192..1
157..1
6..9
28. 2

2 5 7 .7
48 .5
96 .5
175 .9
147 .3
12..7
16..6
.6

113 .0
5 3 .5
81 .6
42 .6
118,.6
-31..0
-42. 6
-2..4

50 .7
45,.5
60,.2
69,.7
93..0
8..0
-31, 4

318 .6
52 .0
76 .3
204 .8
221,.5

0.

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

- 1 5 ..7
- 1 ..0

231 .1
73 .0
77 .5
116 .6
155 .5
-17,.9
- 2 3 ..2
2..2

282 .6
5 2 .3
61,.3
140,.1
202,.8
-2..7
- 6 1 ..8
8

313.6
35.9
50.3
181.7
214.2
-12.7
-18.8
-1.0

P r i v a t e , by t r a n s a c t i o n
Tax-exempt s e c u r i t i e s
C o r p o r a t e bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

13
14
15
16

40. 8
-7. 6
48. 2
70. 4

21. 4
22. 8
4
50. 4

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

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

-10.4
-15.
-14, 3
-28. 3

-7.8
-34. 5
-15. 9
-5.2

-24. 0
-18.2
-36. 3
13. 7

-8. 0
-66. 1
-7. 0
-43. 6

3. 1
-26. 9
12. 6
-3.2

-12. 4
-21.5
-3.4
3

30. 0

18.8
-15.4
28.4
13.9

17
18
19
20
21
22
23

638 .7
390 .0
174 .8
5,.8
4 5 .1
123,.9
73 .9

24
25
26
27
28
29

415
234
133
-3
25
111
47

1

0

1.
0.4
-3. 2
1.7

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

.2
.6
.2
.6
.4
.4
.4

385
232
116
8
28
79
37

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

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

236 .4
164 .9
35 .5
3 .9
13,.2
18 .3
36 .0

2 5 7 .7
178 .0
41,.1
2 .2
9 .8
29,.1
38..6

113 .0
132 .3
- 5 6 .9
.2
65 .9
9 .2
37,.6

50 .7
104 .2
- 9 5 .4
-2,.2
-51,.5
-41,.7
41..9

318 .6
229 .0
43 .6
- 1 .6
- 2 0 .7
65,.9
46.

231 .1
177 .2
- 9 .4
6 .6
- 5 0 .6
34 .7
63 .4

11. 5
34. 2
-9. 7
-14. 9
9

1.

35 .8
19,.6
.3
23..1
-8. 2

23
2
2
25
-5

.9
.0
.0
.6
.6

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

63.,1
.1
8..1
46. 7
-2.8

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

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

1.

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

9.,9
4..9
.5
-7.8
11. 4

1.

55 .2
21,.9
14,
27..7
-8. 5

895. 0

654. 8

677. 8

528. 1

526. 9

471. 2

417. 0

412. 1

697. 4

638. 2

506. 6

616.1 Total domestic plus foreign

1.

282 .6
220 .7
11 .9
1,.0
-40,.3
51,.1
50..0
30.. 6
22..3
3.,9
12. 8
-8.4

313.6
233.7

32.9
0.8
25.1
-13.2
-11.9
0.7

P r i v a t e , by sector
Households
Nonfinancial b u s i n e s s
Farm
Nonfarm n o n c o r p o r a t e
Corporate
StateSlocal g o v e r n m e n t s
gn. borrowing in U.S.
Bonds
Bank loans n.e.c.
C o m m e r c i a l paper
U.S. govt. & other loans

2
3
4
5
6
7
8
9
10
ll
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28

F . 3 Credit Market Borrowing by Financial Sectors
1

228 .6

176 .9

46 .1

296 .8

110 .6

106 .0

143 .8

165 .6

159 .5

241 .6

265 .2

227 .0 Total, by transaction
227.0

1

2
3
4

168 .5
6 .1
162 .4

172 .5
11 .6
160 .9

140 .1
13 .7
126 .4

188 .3
37 .1
151 .6
.5

156 .3
13 .1
143 .2

129 .4
- 2 9 .7
159 .0

156 .0
20 .6
135 .5

158 .5
32 .6
125 .9
- •.1

137 .4
11 .5
125 .9

222 .8
48 .3
174 .4

165 .6
67 .7
97 .9

142 .7
33 .5
109 .2

2
3
4
5

6
7
8
9
10
11

60 .0
76 .6
0 .1
-1 . 1
13 .5
-29,.0

4 .4
66 .7
0 .2
2 .1
- 3 8 .3
- 2 6 ..3

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

108 .6
98 .6
0 .6
1 .4
24,.7
-16,.7

- 4 5 .7
41 .4
0 .1
1 .0
- 5 2 .5
-35,.8

- 2 3 .4
72 .4
0 .9
-2,.9
-46..0
- 4 7 ..7

- 1 2 .3
29 .5
0 .4
10 .2
-16,.7
- 3 5 .7

7 .1
47 .5
0..8
4,.5
-12..7
- 3 3 ..0

22 .1
14 .9
0 .9
8 .2
7 .6
-9,.5

18 .9
25 .5
0 .1
3 .9
- 1 6 .3
5 .7

99 .6
59 .8
0 .3
5 .4
12..8
21..3

-14.2

12
13
14

228..6
6.-1
162. 4

176.,9
11. 6
160. 9

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

296. 8
36. 7
151. 6

110,.6
13..1
143..2

106..0
-29. 7
159. 0

143..8
20. 6
135. 5

165. 6
32.-5
125. 9

159..5
11..5
125..9

241 .6
48 .3
174 .4

265.,2
67.,7
97..9

227..0
33.
109..2

15
16
17
18
19
20
21
22

60. 0
-3. 1
- 9 ., 6
-28. 3
- 4 ., 6
78. 8
-4. 0
30. 9

4. 4
-9. 6
-29. 7
-42.2
3. 3
28. 9
-2. 7
56. 2

- 9 4 ..0
- 6 .,3
- 4 1 ..2
- 2 8 .,2
-2. 2
-47. 2
-1. 4
32. 6

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

—45..7
-18. 4
- 9 ..3
-42. 9
2. 0
-10. 3
0. 1
33. 2

-23. 4
-11. 7
-3.5
-48. 7
-1. 7
3. 4
0.
38. 7

-12. 3
-9. 2
-6.8
-41. 1
-5.5
12. 2
3
38. 5

7. 1
-14. 1
9. 6
-25. 1
-8. 7
12. 9
0. 1
32. 3

22..1
7.,2
2.,7
-20. 3
4. 3
1. 0
4. 6
22. 5

18..9
0..8
- 8 ..2
2.,7
0.,3
-20. 9
0. 9
43. 2

99.,6
1. 6
10.,5
10. 0
3
28. 9
1. 3
39. 1

3
2

5

-94
-104
0
2
34
-26

-

-

-

-

84 j
99
.1

48.
44. 8

U.S. g o v e r n m e n t - r e l a t e d
Sponsored credit ag. sec.
M o r t g a g e pool s e c u r i t i e s
L o a n s from U.S. government
Private financial sectors
Corporate bonds
Mortgages
Bank loans n . e . c .
Open-market paper
F e d . Home Loan Bank loans
otal, by sector
Sponsored credit a g e n c i e s
M o r t g a g e pools
P r i v a t e financial s e c t o r s
C o m m e r c i a l banks
Domestic a f f i l i a t e s ( B H C s )
Savings and loan a s s n s .
M u t u a l savings banks
Finance c o m p a n i e s
REITs
SCO issuers

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

F . 4 Credit Market B o r r o w i n g , All S e c t o r s , by T r a n s a c t i o n s
1
2
3
4
5

1123 .6
4 1 3 .3
70 .3
138,.4
389,.2

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

723 .9
4 0 8 .3
39,.2
- 7 2 ..5
214..6

6
7
8
9

40,.8
-18..4
46..7
43..2

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

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

.9
.6
.6
.4
.8

637 .4
383 .7
35 .6
129,.2
192,.3

5 7 7 .2
406 .1
48 .5
179..5
176 .9

560,.8
444..4
53 .5
126..7
43..0

5 7 7 .7
479 .0
45,.5
130,.0
70..5

856 .9
506 .3
52 .0
96 .0
205,.7

8 7 9 .8
574,.7
73 .0
124..9
116,.7

771 .8
359 .0
52,.3
143 .4
140..3

-6,.6
-12..2
6..1
-28.8

-10. 4
-5. 9
-20. 2
-66. 9

-7..8
-40..9
-113. 8
- 7 1 ..2

-24. 0
-6. 7
-37. 0
-39. 1

- 8 ..0
- 5 5 .,1
-4. 9
-79. 3

3..1
- 1 7 .,2
12.,4
- 1 .,3

-12. 4
-3. 5
8. 1
-1. 6

824
459
40
193
172

843.1 Total
444.4
U.S. government s e c u r i t i e s
35.9
Tax-exempt s e c u r i t i e s
175.3
Corporate 8 foreign b o n d s
181.8
Mortgages

l
2
3
4
5

27.,3
43. 0

18.8
-17.5
3.9
0.4

6
7
8
9

291,.7
236,.3
55,.4
36,.0
8..4

288,.6
233,.3
55 .3
11..0
8..1

277 .7
207,.5
70,„2
14.
7.is

11..0

36..2

48. 9

0..4

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

F.5 F u n d s Raised Through M u t u a l F u n d s and C o r p o r a t e E q u i t i e s
1
2
3
4
5

4 .4
56 .9
-52,.5
- 6 9 .0
16..4

6

0.

1

57,.1
77..2
- 2 0 .. 1
- 4 8 ,.0
3.,3
24. 5

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




- 1 .1
5 2 .5
- 5 3 .6
-74,.0
18..2

28 .2
8 5 .2
- 5 7 .0
- 6 1 .0
1 .2

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

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

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

268 .2
195,.9
72,.3
48..0
1..4

2..2

2..8

27, 0

36. 6

34. 1

22..9

230 .3
148.• 4
81,.9
46..0
6..0
29..9

otal net issues
Mutual funds
C o r p o r a t e equities
Nonfinancial corporations
Financial c o r p o r a t i o n s
Foreign shares
purchased in U.S.

1
2
3
4
5
6

Z.7• M A R C H 10,
Households

Households
F . 1 0 0 H o u s e h o l d s * Personal T r u s t s , and Nonprofit O r g a n i z a t i o n s
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1991

|
|

I

II

III

I
I

IV

1992
I

II

III

IV

1
2

4664. 2
621. 3

4828. 3
618. 7

5058. 0
627. 3

4 7 5 2 .8
616. 8

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. 6 Personal income
643. 6 - P e r s o n a l t a x e s and nontaxes

1
2

3
4
5

4042. 9
3867. 3
175. 6

4209. 6
4009. 9
199. 6

4430.8
4217. 1
213. 6

4136. 0
3943. 3
192. 7

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. 0 = D i s p o s a b l e p e r s o n a l income
4312. 7 - P e r s o n a l o u t l a y s
204. 3 = P e r s o n a l saving, NIPA (1)

3
4
5

6
7
8
9

88. 0
85. 1
494. 9
843. 5

82. 3
41 .6
526. 0
849. 6

85. 4
60. 8
555. 6
915. 5

75. 1
40. 0
519. 4
827. 1

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

10
11
12
13
14

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

884. 4
655. 6
172. 2
446. 1
37. 4

958. 9
710. 7
191. 1
480. 3
39. 3

1110. 5
640. 4
163. 9
439. 5
37. 0

766.9
646.5
168.1
441.4
37.0

810.8
666. 5
176. 1
453. 0
37. 4

849. 5
669. 0
180. 5
450. 4
38. 0

1017.5
689.7
181.6
469.4
38.6

872. 6
698. 7
189. 0
470. 6
39.,2

904. 8
713. 0
190. 9
482. 5
39. 6

15
16

218. 8
474. 3

228..8
394..2

248..2
469. 8

470..1
623.,5

120.4
308.2

144. 3
315. 0

180. 5
330. 1

327.9
547.4

173.,9
378..3

191. 8
411. 5

17

259. 9

- 4 .6

52..0

294. 4

-186. 8

74. 9

-26. 5
151..7
- 9 0 ..6
-67,.3
-20..3

-10. 0
143. 5
-52..7
-73..5
-27,.4

Deposits
C h e c k a b l e 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

18
19
20
21
22

Credit m k t . i n s t r u m e n t s
U.S. govt, s e c u r i t i e s
Tax-exempt s e c u r i t i e s
C o r p o r a t e 8 fgn. bonds
Mortgages
O p e n - m a r k e t paper

23
24
25
26
27
28

-234.8

-135. 9

377.1

-57..2

- 4 9 .,0
96..7
- 5 1 ..6
-87..6
-6. 5

-30. 0
19..3
6. 8
- 7 2 ..6
16..4

149.9
110.0
-30.7
-26 • 1
96.7

-168,.6
45,.5
-98,. 1
- 6 9 .9
- 4 6 .1

C r e d i t s from govt. insurance
Net durables in c o n s u m p t i o n
Capital consumption
G r o s s saving

6
7
8
9

1040. 7 G r o s s investment
741. 7 Capital expend, net of sales
Residential construction
203. 1
Consumer durable goods
498. 7
N o n p r o f i t plant and equip.
39. 9

10
11
12
13
14

84. 0
73. 5
550. 8
912. 6

299. 0
541.,9

•
+
•
=

15
Net financial investment
Net acq. of f i n a n c i a l assets 16
D e p . 8 cr. m k t . i n s t r .

17

18
19
20
21
22

87.,6
22..4
53..6
- 3 2 ..6
44 .2

20
53
10
-71
28

.2
.3
.0
.7
.6

-13..8
112..7
- 6 8 .0
-59,.2
0..7

273.,1
55..7
92..6
-51..0
175 .8

-113.4
41.5
-7.7
-75.8
-71.4

23
24
25
26
27
28

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

-24
-70
21
27
18
-22

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

65
-8
20
-10
57
6

.8
.0
.5
.3
.0
.7

21,.2
-40,.4
28,.6
78 .8
18 .3
-64 -1

171.3
110.3
35.8
97.6
18.4
-90.8

-185,.8
-191 ,
.1
21..1
-71,.8
28 .0
28 .0

-105,.9
- 1 6 0 ..6
2,.3
6 .5
8 .0
38 .0

227.2
149.4
36.7
12.7
53.6
-25.1

111,.3
70 .7
- 4 .3
- 5 9 .8
62 .0
42 .7

-160..3
- 2 3 9 .5
54 .7
- 4 3 .6
64 .9
3 .3

84..9
-12,.7
- 5 .0
49,.4
47 .4
5 .9

29
30

50 .7
- 2 7 .2

129 .2
- 5 7 .2

194 .3
- 3 2 .9

109 .3
- 7 7 .4

76.0
-26.7

150 .3
- 5 7 .2

181 .3
— 67..5

135.2
-61.1

220 .7
6 .5

223 .4
- 1 2 .1

197 .9
- 6 5 .1

Mutual fund shares
Corporate equities

29
30

31
32

25 .7
186 .8

24.5
267 .7

32 .0
227 .3

27 .9
292 .6

31.4
194.7

19 .4
342 .2

19 .2
241 .5

30.5
129.0

28 .7
178 .6

32 .5
305 .3

36 .4
296 .2

Life insurance reserves
Pension fund reserves

31
32

33
34
35

- 3 9 .3
9 .2
8 .4

.8
24 .6
10 .8

-12 . 1
- 7 .4
16 .6

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

-33.6
-2.8
11.3

45 .6
39 .7
9 .8

5 .2
73 .5
12 .7

-19.0
-59.6
15.3

11 .6
- 2 6 .6
16 .0

- 1 6 .2
47 .3
18 .1

- 2 4 .9
9 .5
17 .0

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

33
34
35

36
37
38
39
40

255 .5
2 5 4 .2
212 .9
19 .6
- 2 .1

221 .6
215 .1
190 .8
.7
3 -1

153
164
151
-9

187.8
178.0
142.2
-11.7
3.9

170 .7
132 .3
113 .5
-11 .1
- 1 2 .9

149 .6
104 .2
8 8 .0
6 .7
- 1 4 .7

219.5
229.0
214.1
-4.7
7.8

204 .4
177 .2
148 .1
-17
4 .7

219 .7
220 .7
195 .3
- 4 .7
5 .0

242 .8
233 .7
205 .7
23 .8
- 5 .0

41
42
43
44

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

6.5

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

9 .6
11 .0
- 4 .6
8 .2

9.2
9.2

-12.8

6.1

10 .8
10 .2
11 .4
9 .1

3 .1
9 .5
3 .2
9 .2

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

30 .0
4 .7
3 .6

40 .0
5 .2
0 .1

-14.7
3.8
1 .4

21 .4
4 .4
1 .5

-6 . 1
3 .7
1 .4

47 .7

19 .8

45
46
47
48

- 3 .7
4 .9
0. 1
— 66 .8

165
144
123
-6
-6

.4
.9
.9
.5
.1

.5
.9
.9
.8
.6

6 .2
9 .7
.7
6 .7

0 .5
11 .2
- 3 .6
15 .2

16 .3
2 .5
1 .7

1 .6
3 .4
1 .4

- 7 .8
- 5 .6
1 .9

- 3 4 .9

- 4 3 .5

- 2 8 3 .3

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

11.0

20.8
5.2

2.8
5.7
1.3

(1) See

27.5

5 .9
1 .8
1 .5

Net increase in liabilities
Credit market instruments
Home m o r t g a g e s
Installment cons, credit
Other consumer credit
Tax-exempt debt
Other m o r t g a g e s
Bank loans n . e . c .
Other loans
S e c u r i t y credit
Trade debt
Miscellaneous

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

-128.1 Discrepancy

tE

Memoranda:
Net physical

49
50
51

190,.7
93,.2
97,.5

172,.2
97 .5
74 .6

191..1
110..7
80,.4

163. 9
96. 4
67. 5

168. 1
97.
71.,0

176.1
97.3
78.8

180.5
99.2
81.3

181.6
104.3
77.3

189.0
105.4
83.5

190.9
132.2
58.6

52
53

212,.9
-115,.4

123 .9
- 4 9 .3

190,.8
-110,.4

151..9
-84,.4

142..2
- 7 1 ..3

113.5
-34.7

88.0
-6.7

214.1
-136.8

148.1
-64.6

195.3
-136.6

54
55
56

464,.3
379..2
8 5 .1

446 A
404 .5
41 .6

480 .3
419 .5
60 .8

439,.5
399,.5
40,.0

441,.4
402,.5
38..9

453.0
404.9
48.1

450.4
410.8
39.6

469.4
413.6
55.8

470.6
418.0
52.6

482.5
421.2
61.3

57
58

17 .5
67 .6

- 1 2 .5
54 .2

2 .4
58 .4

- 1 0 .4
50 .3

- 7 .8
46 .6

-24.0
72.1

-8.0

3.1
52.7

-12.4
65.0

61.0

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




47.6

0.4

investment:

(A) R e s i d e n t i a l c o n s t r u c t i o n
203.1
expenditures
100.8
- Capital c o n s u m p t i o n
102.3
= Net investment
205.7
-103.4

- Home m o r t g a g e s
= Excess net investment

(B) Consumer durables
498.7
expenditures
425.2
- Capital c o n s u m p t i o n
73.5
= Net investment
18.8
54.7

- Consumer credit
= Excess net investment

49
50
51
52
53
54
55
56
57
58

Z.7» M A R C H 10, 1993
Nonfinancial Corporations

N o n f i n a n c i a l Corporations
F . 1 0 4 N o n f a r m N o n f i n a n c i a l C o r p o r a t e Business

SEASONALLY ADJUSTED ANNUAL RATES

S E A S O N A L L Y A D J U S T E D ANNUAL R A T E S
1991
II

1

III

IV

|
I

1992
I

II

III

232.1
92.3
117.8

206.2

249.7
98.8
113.8
37.1

201 .7
78 .4
118 .2
5 .0

204 .0
79 .9
114 .7
9 .4

210 .2
8 2 .9
113 .1
14 .2

208 .8
81 .7
120
7 .0

226.6

22.0

80.7
116.5
8.9

40.9

35.7

5
6
7

27.0
327.0
376.0

17.8
338.5
365.1

38.2
347.9
423.2

14 .6
336 .0
355 .6

14 .6
338 .2
362 .2

18 .5
338 .7
371 .4

23 .3
341 .0
371 .3

32.4
339.8
402.7

35.8
344.4
421.1

8

45.7
-14.2
407.5

48.3
3.1
416.5

38.2

453.3

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

46 .8
9 .9
418 .9

40 .4
- 4 .8
4 0 7 .0

50 .8
0 .7
422 .8

41.8
-5.4
439.1

378.5
395.1
388.5
1.4
387.1
3.1
3.5

394.8
363.9
370.9
1.1
369.8
-9.8

432.4
385.3
380.3
1.5
378.8
2.4

2.6

383 .3
353 .5
377,.3
1 .2
376..1
-26..0
2..3

378 .0
351 .3
373 .9
.1
372. 8
- 2 5 ..6
3.

406 .8
371 .5
369,.6
.1
368. 5
1
3. 1

411 .1
379 .2
362,.8
.1
361..7
13. 8
2. 7

-12.6
2.1

2

3
4

9
10

12
13
14
15
16
17
18
19

2.8

-16.6

-8.0

1.

0

1.

254.0
100.4

248.1
96.2

P r o f i t s before tax (book)
- P r o f i t tax accruals
- Dividends
= U.S. u n d i s t r i b u t e d profits

1
2
5
4

38.3
360.2
434.1

46.2 • C a p i t a l c o n s u m p t i o n adj.
347.2 + D e p r e c i a t i o n charges, NIPA
434.8 = U.S. internal funds, book

5
6
7

36.6
-15.5
442.2

40.9
-9.7
465.3

33.5 • F g n . earnings ret. abroad
- 1 . 6 + Inv. valuation adjustment
466.7 = Total internal funds • IVA

8
9
10

398.3
354.2
364.7
1.4
363.2

421.9
388.1
379.9
1.4
378.5

6.1
2.1

451.1
394.9
382.6
1.5
381.1
9.2
3.1

458.4 G r o s s investment
404.1
C a p i t a l e x p e n d i t u r e s (1)
394.1
Fixed investment
1.6
R e s i d e n t i a l construction
392.5
Plant and equipment
7.1
Inventory change + IVA
2.9
M i n e r a l rts. from U.S. govt.

11
12
13
14
15
16
17

89.8
106.3
30.5

112.6

116.2

270.3
108.8
120.1
41.4

87.3

61.6

30.9

47.1
164.2

29. 7
-17. 0

26. 6
85. 5

35. 3
118. 2

31. 8
59. 8

44.2
165.8

33.7
156.7

56.2
143.2

54.3
191.2

Net financial investment
18
Net acq. of financial assets 19

17.6
-1.9
-4.1
-1.9

44.3
7.3
3.7
5.2
-3.8

17.0
12.7
-7.5
4.6
7.6

-.4

48. 6
25. 8
-13.0
4. 7
-8. 1
4. 6
31. 7
6. 0
-3. 0

15.4
29.8
-22.7
4.7
25.4
-21.7
5.4

1.5

6.8
0.2
-1.0

61. 4
18. 9
4. 6
4. 3
-2.
15. 1
29. 0
8. 7
-17.0

22.5
5.7
0.7
4.7

20.5

49. 9
-25.2
17. 6
5. 0
5
18. 9
23. 4
-2.3
11. 0

7.6
13.7
4.4
4.5

3.9

17. 4
9. 7
5. 7
6. 8
-6.4
4
-2.0
-5.
7. 2

Liquid assets
C h e c k a b l e dep. and curr.
Time d e p o s i t s
M o n e y m k t . fund shares
S e c u r i t y RPs
F o r e i g n deposits
U.S. govt, securities
T a x - e x e m p t securities
C o m m e r c i a l paper

20
21
22
23
24
25
26
27
28

29
30
31

3.2
-1.3
11.3

-1.0
2.7
-11.4

2.4
0.9
52.4

- 7 .8
-2.2

-3.0
6. 5

11. 5
4. 6

-4. 6
2. 1

C o n s u m e r credit
M u t u a l fund shares
Trade credit

29
30
31

32
33
34
35
36

56.5
27.7
14.3

26.9
24.3
14.1
0.5
-11.9

91.6
34.6
13.6

32.7
10.6
13.3

43.4

28.0
28.1
13.8
2.0
-15.9

M i s c e l l a n e o u s assets
F o r e i g n dir. invest. (2)
Insurance receivables
E q u i t y in sponsored ags.
Other

32
33
34
35
36

37
38
39

103.9
23.4
-63.0

30.8
22.0
18.3

117.1
81 .8
26.8

-46.7
12.3
-6.0

58.9
41 . 1
12.0

40
41
42
43
44
45

86.4
-.3
47. 1
4.8

3.7
-1.2
78.8
-5.2
-24.9
-18.4

55.0
-1.1
66.3
-11.0
-11.6
9.8

18.3
-1.2
76.7
6.6
-6.0
-14.3

29.1
2.7
96.5
2.5
-43.3
-15.9

46
47
48
49
50
51
52

23.3
-4.0
-.8
-6.6
21.4
1.7

-25.5
-3.5
-.4
-.8
-5.9
-16.5
1.7

2.6
-4.5
3.5
-2.9
5.2
1.4

-43.5
-3.7
-2.3
-.6
-19.3
-17.7
0.1

-13.5
-3.7
2.4
-1.2
3.4
-16. 1
1.7

-4.9
-4.7
8.9
-.8
-.8
-10.2

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

3.8
24.9
6.6
1.0
5.6

-35.8
-40.1
16.9
-2.2
19.0

-9.8
26.1
1.5
3.7
-2.2

10.4
29.6
14.7
9.2
5.5

29.0

21.8

20.9

34.2

40.9

0.2

20
21
22

23
24
25

26
27

28

10.2

12.0

-2.0

1.8

9.7

11.6

10.0

1 .8

-6.5

1.

-8.8

-6.0
0.4

-38.0
16.4
5.9
-10.9

20.5
-.6
-2.1
2.4

22.3
1*8
-12.4
4.5
2.1
13.4
5•9
3.0
4.1

-2.5

-2.9

15 .6
0
32 .0

-.5
0.4
56.6

87.9
31.6
13.8
42.4

72 .9
4 2 .8
13 .4
.1
16 .9

112.4
26.0
13.3
*
73.0

1.2

58.6
32.0
25.5
15.2

15.1
33.0
14.0

8.8
82.9
28.2
19.0
9.2

-1.0
81.6

-21.4
-8.7
-36.3

2.6

28.0

93.1
37.8
14.0
0.1
41.1

121.6

11.8

1.8
62.2

0.1

6.3
48.0

111.9
46.0

123.0
70.7
36.0

8 7 .0
62
11 .0

82 .4
14 .0

-41.7
-5.2

65.9
-3.2
76.3

34.7
-1.4
77.5

51 .1
- 1 .0
61 .3
- 2 3 .7
-4,.3
1..7

68 .4
1 .1
50 .3
- 1 0 .5
- 7 .7
28..4

17. 0
2
7. 1

6. 8
-10. 6
8. 5
0.1
0.6
3. 9
4. 3

60.2

-8.4
-41.4
-7.0

-1.2
-10.2
12.6

-24.4
-3.4

-3.5

-5.0
-2.8

-39.9

-2.0
-10.8
-.6
-6.7

-22.1
2.3

-4.8
27.4

0.1
-.2

-12.7
9.1

-1.2

-8.6

-1.8
-.2
-1.8
-1.2
2.9
10.3
23.2

3.8
-4.8

-3.8
32.7
-19.2
-13.9
-5.3

11.7

40.8

20.3

-1.0

18.8
18.6
0.1

2. 3
9. 2
4
6. 2
20. 9
-2.3
-12.0
9. 7
14. 2

2. 5
22. 6
11.5
17.8

Net increase in liabilities
Net funds raised in mkts.
Net new equity issues
Debt instruments
Tax-exempt debt (3)
C o r p o r a t e bonds (2)
Mortgages
Bank loans n.e.c.
C o m m e r c i a l paper
Other loans
SavingsSloan assns.
Finance companies
U.S. government
A c c e p t . l i a b . t o banks
Foreign
SCO issuers
Taxes payable
Trade debt

8.3 D i s c r e p a n c y

- 2 2 .2
18 .2

27.5
24.9

61
62

96.9%
21.8%

8 7 . 3%
0%

I"

85.0%
14.2%

63
64
65

3.1
-14.2
17.3

- 9 .8
3
- 1 2 .9

2.4
-8.0
10.5

26 .0
6 .7
- 3 2 .7

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

- 1 .1
- 4 .8
3 .7

13 .8
0 .7
13,.1

-12,.6
-5,.4
-7..2

6 .1
- 1 5 .5
21..6

9.2
-9.7
18.9

CI) C a p i t a l outlays on book basis:
7.1 Inventory c h a n g e , NIPA
-1.6 Less:
Inv. val. adjustment
8 . 7 = Inventory change before IVA

66
67

409.3
376.0

360 .8
365 1

393.4
423.2

346..8
355..6

341..4
362..2

376,.3
371,.4

378..5
371..3

359. 6
402. 7

403. 6
421. 1

404.6
434.1

405.7 Total cap. expend, before IVA
434.8 L e s s : US internal funds, book

68

33.3

- 4 .3

-29.8

-8.8

-20.7

4.9

7.2

-43.1

= Financing
-17.4
-29.5

-

19.5

-20.9
21.5

-28.8
12.0

25.9
27.0

39.0
24.3

11.1
24.2

tS IS ":S -B:8 8:8 S:S S3 8:8

gap:
E x c e s s of capital expenditures
-29.1
over U.S. internal funds

(2) Corporate bonds include net issues by N e t h e r l a n d s A n t i l l e a n financial
subsidiaries; U.S. direct investment abroad e x c l u d e s net inflows from
those bond issues.
(3) Industrial revenue bonds.
Issued by state and local g o v e r n m e n t s
to finance private investment and secured in interest and
principal by the industrial user of the funds.
B I L L I O N S OF D O L L A R S .




46
47
48
49
50
51
52
53
54

58

Memoranda:
34.0 Trade credit net of trade debt 59
24.0 E a r n i n g s rec. from abroad
60

-29.0
20.0

-26.6

40
41
42
43
44
45

F g n . d i r . invest, in US 56
P e n . fund contr. payable 57

59
60

-12.3
19.6

37
38
39

8

68