Full text of Z.7 Flow of Funds Summary Statistics : March 6, 1991

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FEDERAL RESERVE statistical release
Z.7 (788)

For immediate release
March 6, 1991

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally
adjusted annual rate of 5.4 percent in the fourth quarter of 1990, the
lowest quarterly rate of the year. Growth in federal debt firmed to a
rate of about 13 percent in the fourth quarter, while growth in
nonfederal debt slowed to a 3 percent rate. That slowdown was evident in
each of the major component sectors—households, businesses, and state and
local governments.
Net borrowing by domestic nonfinancial sectors in the fourth
quarter amounted to $561 billion at a seasonally adjusted annual rate, and
the level of debt outstanding for domestic nonfinancial sectors rose to
$10.6 trillion, with the debt of nonfederal sectors accounting for
$8 trillion of this total. Federal debt outstanding was $2.6 trillion at
the end of the year (see tables 1 and 2).
A. Growth of Major Debt Aggregates*
(Percent changes; quarterly data are seasonally adjusted annual rates)
Nonfederal

Total
domestic
nonfinancial
debt
(1)

U.S.
govt.
(2)

Total
(3)

Households
(4)

Nonfin.
business
(5)

State &
local
govts.
(6)

9.3
9.5
7.5
5.2

11.6
10.9
8.9
7.4

7.0
8.2
6.7
3.4

9.6
8.2
4.9
2.3

1989-Q2
Q3
04

7.2
7.2
6.4

4.6
8.0
8.3

7.9
6.9
5.9

8.0
8.7
8.5

8.3
5.6
3.8

5.4
4.6
2.6

1990--01
02
03
04

8.0
6.0
6.7
5.4

10.9
9.7

7.2
4.9
5.1
2.9

9.6
7.4
6.6
5.0

5.8
2.8
3.6
1.1

1.4
2.8
4.5
0.5

r—1

8.0
8.0
7.2
12.0

00

9.0
9.1
7.5
6.8

TH

1987
1988
1989
1990

13.2

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
Domestic
nonfinancial

Foreign

Financial

All
sectors

Memo:
Private
^
financial assets

1987
1988
1989
1990

9.0
9.1
7.5
6.8

1.9
2.6
4.3
8.9

19.6
13.5
9.9
8.6

10.5
9.7
7.8
7.1

7.8
8.7
7.4
4.9

1989-Q2
03
04

7.2
7.2
6.4

-2.7
12.1
6.5

7.0
5.5
8.2

6.9
7.0
6.8

8.0
8.5
3.6

1990-Q1
02
03
04
1. Holdings
business, and

8.5
-1.3
8.0
7.3
16.3
6.0
7.1
12.1
6.7
10.4
7.6
5.4
of deposits and credit market claims by
state and local governments.

7.9
7.9
4.5
6.5
4.6
6.9
2.1
6.4
households, nonfinancial

Explanatory Notes
Growth rates in the summaries above are calculated by dividing seasonally
adjusted flows from table 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 1 can differ from those
shown above.
The following list provides the lines in tables 1 and 2 that underlie the
calculation of growth rates shown on table A, page 1 of this release:
Growth Table A (column)
Tables 1 and 2 (row)
Total domestic nonfinancial
U.S. government
Private domestic nonfinancial
Households
Nonfinancial business
State & local governments

1
2
3
4
5
6

1
2
5
21
22
20

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 U.S.
government-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 1. It excludes trade debt, loans for the purpose of carrying
securities, and funds raised from equity sources.
Subscriptions to this summary release, or to the full statements for
sectors and transaction types for flows and amounts outstanding (the Z.l release),
may be obtained through: Publications Services, Stop 138, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551, (202) 452-3245. This release is
also available through the Economic Bulletin Board of the Department of Commerce.




TABLE 1

Z 7 , M A R C H 6, 1991
Credit M a r k e t D e b t

C r e d i t Market Debt
Summary of Credit M a r k e t Debt O u t s t a n d i n g

PERIOD-END LEVELS

1985

1986

PERIOD-END LEVELS
1987

1989
III

1988

1990
IV

I

I

II

III

I
I

IV

C r e d i t M a r k e t Debt Owed by N o n f i n a n c i a l S e c t o r s

1

6804 .5

7646 .3

8 3 4 3 .9

9096 .0

9438 .7

9605 .1

Tot. l credit m a r k e t debt owed by
Tota
9805 .2 10069 .4 10226 .6 10394 .1 10579 .9
domestic n o n f i n a n . s e c t o r s

2
3
4

1600 .4
1597
3 .3

1815 .4
1811 .7
3 .6

1960 .3
1955 .2
5 .2

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

2165 .7
2 1 4 2 .1
23 .6

2206 .1
2180 .7
25 .4

2 2 6 9 .4
2245 .2
24 .2

2 3 6 0 .9
2 3 2 9 .3
31 .6

2401 .7
2 3 6 8 .8
32 .9

2 4 7 0 .2
2 4 3 7 .6
32 .6

2 5 6 8 .9
2536 .5
32 .4

U.S. g o v e r n m e n t
T r e a s u r y issues
Agency issues 8 mortgages

2
3
4

5

5 2 0 4 .1

5831 .0

6383 .6

6978 .2

7273 .0

7399 .0

7535 .8

7708 .6

7824 .9

7923 .9

8 0 1 1 .0

P r i v a t e domestic
n o n f i n a n c i a l sectors

5

6
7
8

3485 .2
655 .5
5 4 2 .6

3962 .7
679 .1
669 .4

4 4 2 7 .9
728 .4
748 .8

4 8 8 6 .4
790 .8
851 .7

5091 .4
8 0 4 .9
8 8 7 .9

5189 .9
8 1 6 .4
903 .5

5283 .3
821 .2
925 .4

5449 .4
8 2 2 .4
936 .7

5533 .8
8 2 7 .4
955 .5

5 6 1 0 .6
8 3 8 .0
967 .0

5 6 7 8 .2
8 4 0 .6
986 .9

9
10
11
12
13

2 2 8 7 .1
1490 .2
213 .0
4 7 8 .1
105 .9

2614
1720
246
551
95

2950
1943
270
648
88

3243
2173
286
696
86

3398
2287
298
725
86

.6
.6
.3
.9
.8

3470 .0
2347 .6
301 .2
734 .9
8 6 .3

3536 .6
2404 .3
304 .4
742 .6
85 .3

3690 .4
2530..7
303 .7
772,.1
83,.9

3750
2594
298
773
84

3805
2643
299
778
84

.6
.1
.8
.4
.3

3850 .7
2 6 9 0 .7
298 .1
777 .7
8 4 .2

Mortgages
Home m o r t g a g e s
M u l t i f a m i l y resid.
Commercial
Farm

9
10
11
12
13

14
15
16
17
18

1718..9
601..8
602..3
72..2
442. 6

1868..2
659..8
666..0
62..9
479..6

1955..7
693..2
673,.3
73. 8
515..3

2091,.9
743..5
713..1
85..7
549..6

2181..6
756..7
740..3
110.
574. 5

2209 ,1
771..0
750,.7
113..3
574..1

2252,.6
790 .6
763..0
107..1
591. 9

2269. 1
774.,Z
756,.2
126.,0
602..6

2291,.2
783..3
761..6
128..7
617..6

2 3 1 3 .3
793,.9
761,.1
131,.8
626, 5

2 3 3 2 .8
809,.0
760,.2
116..9
646..8

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

14
15
16
17
18

19
20
21

5204. 1
473. 9
2296. 0

5831 .0
6383. 6
510.. 1
558. 9
2596.,1 2879. 1

6978.,2
604..5
3191 .5

7273. 0
619. 9
3330. 7

7399. 0
629. 9
3411. 4

7535. 8
634. 1
3501. 8

7708. 6
634. 3
3625. 0

7824. 9
637. 6
3699. 7

7923. 9
647..9
3768..3

8011. 0
648. 8
3831. 5

By borrowing sector:
S t a t e 8 local g o v e r n m e n t s
Households

19
20
21

22
23
24
25

2434. 2
173. 4
898. 3
1362. 4

2724. 8
156. 6
997. 6
1570. 6

2945. 6
145. 5
1075. 4
1724. 6

3182. 2
137. 6
1145.
1899. 5

3322. 5
139. 5
1177. 6
2005. 3

3357. 6
139. 2
1183. 0
2035. 5

3400. 0
139. 2
1195. 9
2064. 8

3449. 3
137. 4
1208. 0
2103. 9

3487. 6
140. 2
1208. 9
2138. 6

3507. 7
141. 5
1209. 8
2156. 4

3530. 8
140. 9
1210. 2
2179. 6

Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

22
23
24
25

26
27
28
29
30

236. 7
71 .
8
27. 9
33. 9
103. 0

238. 3
74. 9
26. 9
37. 4
99. 1

244. 6
82. 3
23. 3
41 .2
97. 7

253. 9
8 9 .2
21 .5
49. 9
93. 2

252. 2
92.
21 .5
52. 7
85.8

257. 7
94. 2
22. 6
57. 5
83. 4

261. 5
94. 5
21. 4
63. 0
82. 6

260. 4
102. 1
19. 0
59. 3
80. 0

272. 0
107. 7
19. 3
65. 1
80. 0

279. 3
108. 6
19. 8
71. 5
79. 4

284. 8
115. 6
18. 6
75. 3
75. 3

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

26
27
28
29
30

31

7041 . 1

7884. 7

8588. 5

9349. 9

9690. 8

9862. 8

10066. 8

.2
.8
.2
.4
.8

.7
.1
.0
.7
.9

.8
.9
.7
.4
.8

.9
.0
.9
.9
.0

Debt capital i n s t r u m e n t s
Tax-exempt obligations
C o r p o r a t e bonds

6
7
8

10329. 8 10498. 7 10673. 3 10864. 7

Credit Market Debt Owed by Financial S e c t o r s

1
2
3
4
5

1213 .2

1529 .8

1836 .8

2 0 8 4 .4

2 2 3 4 •1

2263 .8

2 3 2 2 .4

2356 .3

2403 .3

2 4 4 4 .4

2 5 2 0 .2
1418
396
1017
5

Total credit market debt owed
by financial sectors

1

632 .7
257 .8
368 .9
6. 1

810
273
531
5

.3
.0
.6
.7

978 .6
303 .2
670 .4
5 .0

1098 .4
348
745 .3
5 .0

1169 .5
369 .0
795 .6
5 .0

1203 .6
370 .4
8 2 8 .2
5 .0

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

1286
376
905
5

.1
.0
.2
.0

1328 .0
378 .9
944 .2
5 .0

1365
381
978
5

6
7
8
9
10
11

580 .5
204 .5
2 .7
32 .1
2 5 2 .4
8 8 .8

719 .5
287 .4
2 .7
36.
284..6
108..6

8 5 8 .2
366 .3
3 .1
32 .8
322 .9
133 .1

986 .1
4 1 8 .0
3 .4
34 .2
377..7
152 .8

1064 .6
466 .1
3 .5
33 .8
399 .4
161..9

1060 .2
472 .7
3 .5
34 .1
398 .8
151..1

1073 .0
482 .7
3 .4
36..0
409..1
141..8

1070 .2
491 .7
3 .2
33..2
409,.1
132..9

1075 .3
508 .2
3 .5
34 .8
4 0 2 .5
126..3

1079 .0
513 .6
4, 1
.
34,.9
408..4
117..9

1101 .8
526 .8
4. 1
36 .7
417,
117.. 1

12
13
14

1213..2
263..9
368..9

1529..8
278..7
531 .
,6

1836 .8
308..2
670..4

2084..4
353.
745..3

2234..1
374..0
795..6

2263..8
375..4
828..2

2322..4
378..3
871. 0

2356..3
381..0
905..2

2403..3
383,.8
944,.2

2444..4
386. 8
978. 5

2520..2 T o t a l , by sector
400..9
Sponsored credit a g e n c i e s
1017..5
M o r t g a g e pools

12
13
14

719. 5
75. 6
116. 8
119. 8
8. 6
328. 1
6. 5
64. 0

858..2
81..8
131 .
.1
139.,4
16. 7
378. 8
7. 3
1
103.

1064..6
75..7
141. 2
167..9
17.
,7
478..0
10. 6
173. 5

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

1073. 0
77. 4
142. 5
145. 2
17. 2
496. 2
10. 1
184. 4

1070..2
73. 4
141. 5
137. 1
15. 4
499. 6
10.
193. 1

1075..3
73.,3
133. 8
125. 6
16. 7
510. 3
9. 8
205. 7

1079. 0
70. 7
122. 5
115. 1
17. 3
530.
10. 2
213.

1101. 8
76..3
114..7
112. 7
17 .
546. 6
10.,3
224. 0

15
16
17
18
19
20
21
22

15
16
17
18
19
20
21
22

580.,5
79.,2
106.,2
98. 9
4 .
.4
261. 2
5.. 6
25. 0

986..1
78. 8
136..2
159..3
18. 6
446.. 1
11 .4
135. 7

.4
.9
.5
.0

.5
.0
.5
.0

U.S. government-related
Sponsored credit ag. sec.
Mortgage pool securities
L o a n s from U.S. government
P r i v a t e financial sectors
C o r p o r a t e bonds
Mortgages
Bank loans n.e.c.
O p e n - m a r k e t paper
F e d . Home Loan Bank loans

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 affiliates
S a v i n g s and loan assns.
Mutual savings banks
F i n a n c e companies
REITs
SCO issuers

2
3
4
5
6
7
8
9
10
11

Total Credit Market Debt O u t s t a n d i n g , All S e c t o r s , by Type
1

8 2 5 4 .4

9414 .4 10425,.3 11434 .3

2
3
4
5

2227..0
655..5
818..9
2289,.8

2620..0
679 .1
1031..7
2617..0

6
7
8
9

601..8
662..4
358..5
640..5

659. 8
729.,0
384. 9
693.. 1

2933,.9
728,.4
1197..4
2953. 8
693.,2
729..5
437. 9
751. 1

3211
790
1358
3247

11925 .0 12126 .6 12389 .1 12686 .1 12902 .0 13117 .7 13384 .9

.1
.8
.9
.2

3330 .3
804,.9
1446..1
3402..1

3404 .7
816..4
1470 .5
3473..6

3513 .7
821,.2
1502..6
3540,.1

3642,.0
822,• 4
1530..5
3693..6

3724 .8
8 2 7 .4
1571..4
3754,.3

3830 .6
8 3 8 .0
1589 .3
3809,.7

3982 .4
840..6
1629,.3
3854,.8

743 .5
768 .9
5 1 3 .4
800..5

756..7
795. 6
562..2
827..1

771..0
807..4
569..6
813. 5

790..6
820..3
579..2
821. 4

774..3
808..4
594..5
820..5

783..3
815..7
596..3
828..9

793,.9
815,.8
611..7
828..8

809..0
815..5
609..2
844..2

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




U.S. g o v e r n m e n t securities
Tax-exempt obligations
C o r p o r a t e and foreign bonds
Mortgages

2
3
4
5

Consumer credit
Bank loans n.e.c.
O p e n - m a r k e t paper
Other loans

6
7
8
9

TABLE 2

Z 7 , M A R C H 6, 1991
F u n d s Raised in Credit M a r k e t s

F u n d s R a i s e d in C r e d i t M a r k e t s
T A B L E 2:Summary of Net Funds Raised in C r e d i t and E q u i t y M a r k e t s
QUARTERLY NET FLOWS, $ BILLIONS

QUARTERLY NET FLOWS, $ BILLIONS
1989
IV

1990

I
I

II

IV

III

I

I

1989
IV

I
I

1990
II

I

Net C r e d i t Market Borrowing by N o n f i n a n c i a l S e c t o r s

200. 2

1

151. 6

167. 4

157. 2

III
(SAAR)

185. 9

620. 2

788. 6

611. 8

687. 2

Tota:
561. 0

nonfinancial sectors

1

185. 0
189. 6
—4. 6

247. 3
217. 8
29. 6

228. 2
222. 9
5. 4

286. 1
287. 5
3
K

328. 4
329. 4
-1.0

U.S. g o v e r n m e n t
Treasury issues
Agency issues 8 mortgages

2
3
4

435. 2

541. 3

383. 6

401. 0

232. 6

Private domestic
nonfinancial sectors

5

2
3
4

63. 3
64. 4
-1. 1

64. 5
57. 1
7. 4

40. 8
39. 5
.3
1.

68. 4
68. 8
,3

98. 7
99. 0
3

5

136..9

87..i

116..4

99..0

87. 1

"•

"

6
7
8
9
10
11
12
13

93..3
4 .8
21 .9
66,.6
56,.7
3 .2
7 .6
- 1 .0

80. 8
1.
.1
11..3
68 .4
5 4 .4
4 .9
9 .2
- •.2

8 4 .4
5 .1
18 .8
60 .5
63 .3
- 4 .7
1 .9
0 .1

76,.8
10 .6
.5
11,
54 .7
49 .1
0 .8
4 .5
0 .3

67. 6
2..6
19..9
45..1
47..6
.7
-1.
.7
.1

347. 0
19. 1
87. 4
240. 5
214.,3
9.,5
19.,9
-3.

393. 7
13. 0
45. 2
335. 6
272. 8
22. 1
40. 1
0. 5

318. 9
24. 7
75..2
218. 9
228..2
- 1 8 ..2
10..9
- 1 ..9

282. 8
29. 8
46. 0
207..0
179.,3
3.
22..7
.9
1.

243. 0
10. 1
79. 6
153. 3
177. 4
-9. 7
-14.
0..2

Debt c a p i t a l i n s t r u m e n t s
Tax-exempt obligations
Corporate bonds
Mortgages
Home m o r t g a g e s
Multifamily resid.
Commercial
Farm

14
15
16
17
18

43 .5
19 .6
12 .3
- 6 .2
17 .9

6 .3
— 16 .3
- 7 .0
18 .9
10 .7

32 .0
9 .0
5 .4
2 .6
15 .0

2 2 .2
10 .6
.5
3 .2
8 .9

19 .5
15 .0
.9
- 1 5 .0
20 .3

88..2
44..1
.7
7,
-6,
.9
.3
43,

147. 6
.9
14.
18.
.7
.6
69,
44..3

64,.7
.5
10,
6,
.5
- 6 .2
53 .9

118..2
26,.6
5..6
.3
17,
68 .7

- 1 0 .,4
21..6
-43,
.0
-41,
.7
5 2 .6

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

14
15
16
17
18

19
20
21
22
23
24
25

136.,9
4..2
90..4
4 2 .3
0,
.1
12..9
2 9 .4

116 .4
3 .3
74 .7
38 .4
2 .8
0 .9
34 .7

99. 0
10.,3
68. 7
20..0
.3
1.
.0
1.
17..7

87.,1
0..9
65..7
20..6
.6
0.
.4
20,.8

435 .2
16 .5
291 .8
126 .9
8 .9
35 .0
83 .1

541 .3
8 .9
335 .0
197 .4
6 .3
44 .4
146 .8

383 .6
17 .7
269 .7
96 .2
- 4 .8
5 .2
95 .8

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

2 3 2 .6
3 .1
189 .0
4 0 .4
5 .1
- 1 4 .5
4 9 .8

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

19
20
21
22
23
24
25

11 .6
5 .6
0 .3
5 .8

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

16 .9
- 1 .0
- 4 .3
22 .2
0 .1

- 3 .5
28 .1
- 6 .7
- 1 6 .4
- 8 .5

168 .8

174 .7

4
0
-1
5

26
27
28
29
30

-

.5
.3
.2
.5
. 1

2 0 4 .6

31

87., i
0..1
51., 1
35..9
.6
12,
24,.4
-1
7
-2
-3
-2

. 1
.6
.4
.7
.6

150 .5

5 .5
7 .0
- 1 .2
3 .9
-4 . 1
191 .4

637

785

42 .5
27 .4
- 2 .0
23 . 1
-6 . 1

401
28
246
125
5
22
98

32 .9
3 .2
1 .9
2 7 .3
0 .5

to

2 1 .2
21 . 2 F g n . net b o r r o w i n g in U.S.
Bonds
2 5 .7
Bank loans n . e . c .
- 4 .3
C o m m e r c i a l paper
15 .3
U.S. govt. & other loans
- 1 5 .5

26
27
28
29
30
31

654 .3

-1

6
7
8
9
10
11
12
13

720 .1

5 8 2 . 2 Total domestic plus foreign
.2

Financial S e c t o r s

1

58,.5

35,.4

47., 1

41..0

75.,9

187 .3

198 .6

172 .6

170 .9

2 5 5 .4

2
3
4

45,.7
.9
2,
4 2 .8

38 .3
2 .7
35 .6

41..9
.9
2,
39,.0

37.,3
,0
3.
34..3

53..1
14.
.1
39,
.0

156.4
-4.7
161.1

176.2
14.3
162.0

183.8
17.0

137.5

166.8

116.9

184.8
38.8
146.1

6
7
8
9
10
11

12. 8
10..0
, 1
1 .9
.
10,.3
- 9 ..3

-2.8
9.0
-.2
-2.7

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

22.8
13.2

-8.9

5. 1
16. 5
0. 2
1. 6
-6. 6
— 6. 6

1.8
8.6
-.8

30. 9
39..6
>4
4..2
36..3
-48,
.8

22. 3
37. 7
.7
-2..2
9. 5
.0
-22.

-11. 3
64. 0
0.8
6
- 4 4 ..6
- 3 0 ..9

33. 5
22..3
2.,6
.9
37..2
- 3 0 ..5

12
13
14

5 8 .5
2 .9
42 .8

35.4
2.7
35.6

47..1
2,.9
39,.0

41..0
3,
.0
34,.3

75.9
14.1
39.0

.3
187,
- 4 .7
161 .1

198,.6
.3
14,
162 .0

172..6
.0
17.
166,.8

15
16
17
18
19
20
21
22

12 .8
0 .4
- 1 .5
- 1 0 .6
.3
15 .2

-2.8
-4.0
-1.0
-8.1
-1.9
3.5
-.1
8.7

5. 1
.1
- 7 .7
- 1 1 .4
1 .4
10 .9
.5
12 .6

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

22.8
5.6
-7.7
-2.3
-.2
16.7

30 .9
.7
- 3 .9
- 5 6 .2
0 .7
52 .6
0 .1
38 .2

22
-4
-10
-15
-8
27

.3
.9
.0
.8
.3
.1
.5
34 .7

- 1 1 .3
- 7 .9
- 3 2 .2
- 5 3 .5
6 .5
27 .5
- 2 .0
5 0 .3

9 .6

10.8

Total net b o r r o w i n g
by financial s e c t o r s
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. g o v e r n m e n t

2
3
4
5

3. 8
29. 8
- 1 5 ..5

Private financial sectors
Corporate bonds
Mortgages
Bank loans n . e . c .
O p e n - m a r k e t paper
F e d . Home L o a n Bank loans

6
7
8
9
10
11

170,.9
20..6
116,.9

255. 4
38..8
146, 1

Sponsored c r e d i t agencies
Mortgage p o o l s

12
13
14

33 .5
- 1 2 .5
- 4 0 .2
- 3 6 .5
0 .3
91 .3
1 .3
2 9 .7

70 .5
21 .0
- 2 8 .5
- 2 4 .0
1 .1
5 7 .8
.1
4 3 .3

P r i v a t e f i n a n c i a l sectors
Commercial banks
Domestic a f f i l i a t e s
S a v i n g s and loan assns.
Mutual s a v i n g s banks
Finance companies
REITs
SCO i s s u e r s

15
16
17
18
19
20
21
22

837. 5 Total net b o r r o w i n g
U.S. g o v e r n m e n t s e c u r i t i e s
513..3
Tax-exempt obligations
10..1
Corporate & foreign bonds
157..7
Mortgages
153..4

20.6

70. 5
52. 4

Total Net Credit Market B o r r o w i n g , All S e c t o r s , by Type

215.7
105.8
10.6
17.9
55.4

,3
8
6
1

824. 4
341. 4
19. 1
125. 9
240..1

983. 7
423..6
13..0
111..0
334,.9

826.8
412.1
24.7
166.6
219.7

891..0
423..6
29..8
71..4
209,.5

10.6

8.4

15.4
-.1

.0
.3
.4
.4

44..1
.5
7.
51..6
-5.
.4

.9
14,
.8
9,
62 .6
13 .9

10.5
4.0
-27.7
17.0

26,.6
9 .4
8 1 .9
38 .8

16.0

6.8

.2

.3
-7,

22 .9

.0
.9

627 .6
192 .4

765 .7
2 2 4 .4

-38.1
Totals
649.9
266.3

666.1
265.1

532.6
300.1

263.1
109.0
4.8
32.1
66.5

215.9

1.1
27.9

5.1
40.9
60.7

19.6
12.9
9.6
8.4

-16.3
15.2
-.9

1.8

-11.8
11
12

185.9

-10.0

212.0
75.1

102.8

68.2

-12.1

161.6
74.5

82.8

9.0
7.2

0.1

160.7
61.7

141.3
24.9

21 .1

21,.6
.5
-43,
3 .3
21 .6

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

2 8 .3 M e m o : U.S. govt, cash balance
Net borrowing by dom.
By U.S. g o v e r n m e n t

n o n f i n . 11
12

E x t e r n a l Corporate Equity Funds Raised in U.S. M a r k e t s

1
2
3
4
5

.5
0,
.4
15,
.9
-14,
- 1 9 ,.8
.1
1,

4 .3
19..1
- 1 4 ..9
- 1 7 ..3
.5
2,

13..9
20..1
- 6 ..3
- 1 2 ..0
0.
.1

-5..2
9.
.3
-14..5
-18..5
3,
.2

4.2
18.3
-14.0
-15.3
0.4

.9
14.
72..4
.6
-57.
-79,
.3
.5
4,

-4..7
53..1
.8
-57,
.0
-69,
.0
10,

51..3
76. 5
-25..2
-48,
.0
0,
.3

- 9 ..6
51..7
- 6 1 ..3
- 7 4 .0
.6
12,

31. 7
86. 2
- 5 4 ..4
- 6 1 ..0
.5
1,

6

3 .8

-!
.1

5,.7

0 .8

0.8

17 .2

1 .3

2 2 .5

0 .1

5 .1

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




Mutual funds
All other
Nonfinancial corporations
Financial corporations
F o r e i g n shares
purchased in U . S .

2
3
4
5
6

TABLE 3

Z7, M A R C H 6, 1991
Households

Households
Sector S t a t e m e n t s of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1989
III

1990
II

III

H o u s e h o l d s . P e r s o n a l T r u s t s , and Nonprofit O r g a n i z a t i o n s
1
2

3526 .2
5 1 2 .9

3766 .4
571 .7

4 0 7 0 .8
591 .6

4 3 8 4 .3
658 .7

4 3 6 2 .9
665 .5

4 4 0 2 .8
659 .4

4469 .2
669 .6

4562 .8
675 .1

4 6 2 2 .2
696 .5

4 6 7 8 .5
709 .4

4716.7
716.6

3
4
5
6
7
8

3013 .3
2 8 8 8 .5
124 .9
78 .7
17 .5
125 .4

3194 .8
3102 .2
92 .5
73 .9
2 2 .4
118 .0

3479 .2
3333 .6
145 .6
8 4 .9
6 .3
133 .8

3725 .6
3553 .7
171 .9
93 .3
15 .0
133 .9

3697 .4
3528 .5
168 .9
93 .2
17 .5
135 .0

3743 .4
3588 .9
154 .5
96 .0
16 .7
144 .3

3799 .6
3625 .4
174 .2
93 .8
8 .6
124 .1

3887 .7
3696 .4
191 .3
91 .0
7
140 .8

3925 .7
3730 .6
195 .1
99 .0
18 .8
122 .8

3969 .1
3802 .6
166 .5
109 .2
15 .8
122 .5

4000.1
3839.5
160.6
101.5
11.6
117.6

9
10
11

346 .4
361 .7
708 .1

306 .8
390 . 1
696 .9

370 .6
4 1 2 .1
782 .7

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

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

411 .5
435 .3
8 4 6 .9

400 .7
440 .5
841 .2

4 3 0 .1
445 .7
8 7 5 .8

435 .7
4 5 0 .8
886 .5

4 1 4 .0
456 .0
8 7 0 .0

391.3 = Net saving
4 5 0 . 4 + Capital c o n s u m p t i o n
8 4 1 . 7 = Gross saving

9
10
11

12
13
14
15
16

766
603
181
406
16

735 .6
645 .7
2 0 4 .0
4 2 3 .4
18 .3

8 5 4 .1
700 .8
224 .3
4 5 7 .5
19 .0

8 7 5 .8
731 .9
2 3 7 .8
474 .6
19 .5

904 .6
728 .6
235 .6
473 .6
19 .4

931 .9
747 .0
240 .4
4 8 7 .1
19 .5

8 2 6 .7
732 .3
241 .6
471
19 .7

957 .1
746 .4
2 3 4 .5
4 9 2 .1
19 .8

976 .2
725 .5
227 .2
478 .4
19 .9

984 .1
718 .3
216 .0
4 8 2 .3
2 0 .0

896.0 Gross investment
701.8
Capital e x p e n d . net of sales
210.4
Residential construction
470.8
Consumer d u r a b l e goods
20.7
N o n p r o f i t plant and equip.

12
13
14
15
16

17
18

162 .8
465 .7

8 9 .9
381 .3

153 .3
4 7 5 .8

143 .9
435 - 1

176 .0
455 .9

184 .9
475 .7

94 .4
387 .4

2 1 0 .7
570 .7

250 .6
508 .8

265 • 8
503 .3

194.1
412.1

17
18

.6
.8
.7
.0
. 1

1
2

=
•
•
+

3
4
5
6
7
8

Personal s a v i n g . NIPA basis
C r e d i t s from govt. insurance
Capital gains d i v i d e n d s
Net d u r a b l e s in c o n s u m p t i o n

Net financial i n v e s t m e n t
Net acq. of f i n a n c i a l a s s e t s

19

302 .6

326 .5

445 .3

409 .9

397 .7

5 1 3 .9

254 .2

489 .5

277 .1

278 .6

166.1

20
21
22
23
24

234
91
120
-16
39

.4
.2
.4
.8
.6

144 .6
3. 1
66 .8
46 .6
28 . 1

194
5
115
50
23

.5
.4
.3
.3
.5

213
20
90
21
81

234
-28
90
57
115

.7
.1
.3
.4

246 .8
9 .7
152 .6
- 2 6 .7
111 •1

233 .4
90 .0
97 .4
- 1 7 .2
63,
.2

165 .8
6 .9
103 .7
- 1 0 .6
65 .7

35 .4
28 .0
19 .6
- 1 8 .4
6 .2

133 .8
5 0 .8
56 .3
-76,
.7
103 .5

61.0
2.9
61.3
-60.2
57.0

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

20
21
22
23
24

25
26
27
28
29
30

68 .2
- 1 3 .0
- 2 2 .7
52 .9
36..8
14 .3

182 .0
72 .3
5 8 .8
23 .3
.5
17.
10 . 1

250
135
50
-9
28
46

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

196 .0
145,.6
27,.4
0,
.7
20..9
1 .4
,

163.5
126..9
7,
.1
9,
.4
18,
.7
1,
.4

267,.1
207,.2
32..9
-4,
.7
7.
.0
24..8

20,
.8
28..2
10.
.6
14,
.6
26..2
-58,
.8

323,.7
214,.5
3,
.0
38 .0
31,
.9
36..3

241 .7
210..3
11 .4
-27,
.2
18.
.5
28,.7

144,.8
165,.2
10,
.2
-82,
»4
35,.4
16.
.5

105.2
201.7
-37.8
-34.8
4.9
-28.8

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

25
26
27
28
29
30

31
32

139,.6
- 1 2 4 ..5

75..5
- 1 0 9 ,.5

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

38,.0
- 1 2 6 ..0

30..2
-67..5

54,.0
- 1 3 6 ..4

66..7
- 1 3 3 ..5

45,.3
-81,
.1

67,
.3
-67..9

40..5
0.
.3

70.0
-70.1

Mutual fund s h a r e s
Other c o r p o r a t e e q u i t i e s

31
32

33
34

17..5
152..2

26..0
137..8

25,.3
181 .
.0

26..2
148. 5

32.,9
102. 5

26..9
241. 1

36..7
161..3

37..9
227..0

37. 4
188. 3

34.4
260.2

Life i n s u r a n c e r e s e r v e s
Pension fund r e s e r v e s

33
34

35
36
37

- 4 7 ..0
9. 0
16. 4

- 9 1 ., 1
-5.8
21 .8

-76. 5
8
1 .
17..0

-85. 5
12. 3
11 .6

-75. 5
22. 2
13. 4

-77. 6
-2. 7
14. 8

-99.8
22.
9. 8

- 8 7 ..3
-4.
10. 3

- 3 9 .,2
-5. 0
11. 7

-82. 9
29. 8
11. 3

-51.3
-9.4
12.2

Net inv. in n o n c o r p . bus.
Security credit
Miscellaneous assets

35
36
37

38
39
40
41
42

302. 8
293. 0
214. 9
55. 3
2. 7

291. 3
302. 2
233.0
38. 0
-4.5

322. 5
314. 9
230. 8
55. 0
-4. 7

291 .2
285. 0
221. 6
38. 8
0. 2

279. 9
264. 0
212. 4
36. 5
0. 4

290. 8
290. 8
227. 6
30. 4
6. 7

293. 0
291. 8
221. 6
46. 0
- 1 •9

360. 0
335. 0
274. 8
19.
- 4 .2

258. 2
269. 7
229. 4
14. 0
-3.6

237. 5
246. 8
179. 8
40. 5
-13. 9

218.0
189.0
183.8
15.5
6.2

43
44
45
46

-2.2
6. 1
9. 6
6 .6

-1. 0
32. 3
-2. 6
6. 9

0. 9
27. 0
8
-1 .
7. 8

1 .
7
13. 4
1. 6
7. 6

8
10. 7
-1.2
6. 0

3. 2
15. 6
3
7. 6

4. 2
10. 0
0. 6
11. 2

3. 7
15. 5
4. 5
21. 5

6. 8
10. 2
-1. 7
14. 5

0. 9
12. 0
14. 1
13. 3

6.8
6.0
-45.1
15.8

47
48
49

8. 2
3. 0
- 1 .3

-15. 3
3. 2
1. 2

3. 1
4. 1
0. 4

0. 8
5. 0
0. 4

10. 8
4. 6
0. 5

- 5 .2
4. 7
0. 5

- 5 .4
6. 1
0. 5

18.
6. 0
0. 7

-19. 3
7. 1
0. 6

- 1 7 .4
7. 4
0. 7

25.4
2.8
0.8

50

-58.5

-38. 7

- 7 1 .4

-29. 0

- 5 9 .8

-85. 0

14. 5

-81. 3

-89.7

-114. 1

.9
.9
.5
.3
.2

21 .6
88.. 1

Dep. 8 cr. m k t . instr.

(1) 19

Net increase in l i a b i l i t i e s
Credit m a r k e t i n s t r u m e n t s
Home mortgages
Installment cons. credit
Other c o n s u m e r credit
T a x - e x e m p t debt
Other m o r t g a g e s
Bank l o a n s n . e . c .
Other l o a n s
Security credit
Trade debt
Miscellaneous

38
39
40
41
42
43
44
45
46
47
48
49

- 5 4 . 2 1iscrepancy
D
CI) E x c l u d e s c o r p o r a t e e q u i t i e s .
Memoranda:

237,.8
5 .1
232,.8
76 .0
221,.6
-59,
.7

235..6
5..1
230..5
75..6
212..4
-52. 3

240,.4
.8
4,
235..6
76..3
227,.6
-63,
.5

241,.4
5,
.0
236..5
77.
221,.6
-57,
.3

2 3 4 .5
4 .9
229,.6
77,
.8
274,.8
-118..1

227 .2
4 .9
222,.4
78,
.6
229,.4
-80,
.7

216.0
4.9
211.1
79.3
179.8
-43.1

Net physical i n v e s t m e n t :
(A) Residential c o n s t r u c t i o n
210.4
Expenditures
4.6
Mobile homes
205.7
Other
81.8
- Capital c o n s u m p t i o n
183.8
- Home m o r t g a g e s
-55.2
= Excess net i n v e s t m e n t

118.0

457.5
323.7
133.8

.6
.7
.9

473,.6
338,.6
135,.0

487 .1
342..8
144..3

471..2
347..1
124..1

4 9 2 .1
351 .3
140 .8

478 .4
355,.6
122,.8

482 .3
359 .8
122,.5

(B) Consumer d u r a b l e s
4 7 0 .8
Expenditures
353 .2
- Capital c o n s u m p t i o n
117 .6
= Net investment

58.0
67.4

33.5
84.5

50.2
83.6

.1
8

36,.9
98..1

37,
.1
107..2

44..1
80..0

14 .9
125 .8

10. 5
112..4

26,.6
95..8

21 .6
96 .0

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

60
61

62
63
64

16.1
14.1

18.3
14.8
3.5

19.0
15.4
3.5

5
, 1
4

19.
.4
16..0
3. 4

19.
.5
16.
.2
3.
.3

19..7
16. 4
3.,3

19 .8
16 .5
3 .2

19..9
16.,7
3.
.2

20..0
16..9
3.
.2

CC) Nonprofit p l a n t and equip.
20 .7
Expenditures
15 .5
- Capital c o n s u m p t i o n
5 .2
= Net i n v e s t m e n t

62
63
64

65
66

14.5%
4.1%

15.1%

2.8%

14.5%
4.1%

15.0%
4.6%

15.2%
4.5%

14.9%
4.1%

14.9%
4.5%

14.7%
4.9%

15.0%
4.9%

15.1%
4.1%

67

22.7%

21.1%

21.9%

22.0%

22.1%

21.9%

21.5%

68
69
70
71

19.4%
14.9%
9.7%
9.4%

19.6%
11.5%
8.8%
9.1%

19.6%
13.3%
9.0%
8.8%

19.0%
11.3%
7.5%
7.4%

19.1%
11.9%
7.3%
6.9%

19.3%
12.3%
7.5%
7.5%

18.7%
9.9%
7.5%
7.4%

18.7%
14.3%
9.0%
8.4%

17.9%
12.5%
6.3%
6.6%

17.5%
12.2%
5.8%
6.0%

72

3109.5

3291.0

3570.4

3833.8

3808.1

3856.1

3902.0

3985.8

4043.5

4094.1

51
52
53
54
55
56

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

204..0
5,
.3
198,.7
70..0
233..0
- 9 9 ..0

224,.3
5..3
219.. 1
73,.0
230..8
- 7 9 ..5

57
58
59

406.0

423.4
305.4

125.4

60
61

280.6

2.0

51
52
53
54
55
56

57
58
59

Percentages:
15.1% Effective tax r a t e
4 . 0 % Saving r a t e , N I P A b a s i s

Percent of adj. disposable I n c o m e

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




17.0%
10.0%
5.3%
4.5%

65
66
(2):

Capital e x p e n d i t u r e s
A c q u i s i t i o n of f i n a n . a s s e t s
Net increase in l i a b i l i t i e s
Credit m a r k e t b o r r o w i n g

4 1 1 3 . 2 ( 2 ) Adj. d i s p o s a b l e i n c o m e

68
69
70
71

TABLE 4

Z7, M A R C H 6, 1991
Nonfinancial Corporate Business

Nonfinancial Corporate Business
S e c t o r S t a t e m e n t s of Saving and

Investment
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1986

1987

1988

1989

1

1990

1989
III

II

II

III

Nonfinancial Corporate

1
2
3
4

156.5
75.2
74.1
7.3

217.2
92.9
81.5
42.8

251.0
101.8
80.5
68.8

241.4
101.0
104.5
35.9

246.3
101.2
101.0
44.2

252.8
99.2
106.3
27.4

225.9
96.2
103.8
25.8

227.8
94.9
118.2
14.7

232.1
97.1
112.0
23.0

239.1
99.9
115.2
23.8

237.0
99.5
118.4
19.4

P r o f i t s b e f o r e tax (book)
- Profit tax a c c r u a l s
- Dividends
= U.S. u n d i s t r i b u t e d profits

1
2
3
4

5
6
7

49.5
265.3
322.1

46.6
279.6
369.0

39.7
295.3
403.8

18.8
315.4
370.1

22.9
310.4
377.5

15.0
320.0
362.4

9.7
324.3
359.8

5.3
323.7
343.8

1.2
325.6
349.8

-3.6
330.8
351.0

- 5 . 9 • C a p i t a l c o n s u m p t i o n adj.
332.4 • D e p r e c i a t i o n c h a r g e s , NIPA
345.9 = U.S. i n t e r n a l f u n d s , book

5
6
7

8
9
10

15.5
6.8
344.3

22.9
-19.4
372.4

14.5
-27.0
391.4

31.6
-21.7
380.0

25.3
-23.1
379.7

29.2
-6.1
385.5

29.6
-14.5
374.9

38.2
-11.4
370.6

25.4
-.5
374.7

35.2
-19.8
366.4

35.7 • F g n . e a r n i n g s r e t . abroad
- 2 2 . 8 • Inv. v a l u a t i o n a d j u s t m e n t
358.9 = Total i n t e r n a l f u n d s + IVA

8
9
10

11
12
13
14
15
16
17
18

301.3
330.4
319.8
316.1
2.4
1.3
3.5
7.2

345.3
354.1
320.2
318.0
1.1
1.0
30.9
2.9

337.9
378.3
353.1
351.8
0.1
1.2
22.0
3.3

355.8
382.2
364.5
365.5
-2.2
1.2
15.4
2.4

338.5
388.3
365.2
364.8
-.7
1.0
21.5
1.6

370.7
385.1
366.6
369.8
—4.1
0.9
16.1
2.4

367.2
378.2
360.7
363.7
-4.
1.6
15.2
2.3

384.8
346.9
375.0
375.1
-1.3
1.1
-30.9
2.8

362.2
381.2
367.9
368.0
-.7
0.7
8.9
4.4

391.6
384.0
373.5
376.3
-.4
-2.5

366.8 G r o s s investment
353.1
Capital e x p e n d i t u r e s (1)
373.2
Fixed i n v e s t m e n t
376.3
Plant and e q u i p m e n t
-4.0
Home construction
0.9
Multifamily residential
-24.3
Inventory c h a n g e • IVA
4.2
Mineral rts. from U.S. govt.

11

19
20

-29.1
150.8

-8.8
112.5

-40.5
116.3

-26.5
106.2

-49.7
171.7

-14.4
59.3

-11.0
87.1

37.9
150.0

-19.1
108.5

7.7
116.5

13.7
76.2

Net financial i n v e s t m e n t
19
Net acq. of f i n a n c i a l assets 20

21
22
23
24
25
26
27
28
29

60.8
18.8
7.2
3.6
12.2
5.9
14.5
3.1
-4.4

24.7
9.6
4.1
0.8
0.8
-2.5
3.6
2.6
5.7

-5.1
15.0

-11.4
-13.0
4.2
2.4
—2.6
12.4
-9.0

22.7
0.5
7.0
6.5
-14.3
-1.1
19.1
—4.0
9.0

34.6
-1.6
13.0
-1.5
2.8
0.6
11.2
-1.0
11.2

22.2

15.2
-2.7
0.9
5.0
1.7
5.6
10.4

-1.0
4.0

52.0
-1.8
10.5
3.8
7.5
10.4
9.3
-4.0
16.4

4.6

-3.3
8.2
-11.2
-5.7
1.5
-9.6

15.0
-7.4
7.0
4.0
4.0
4.4

Liquid a s s e t s
C h e c k a b l e dep. and curr.
Time d e p o s i t s
Money m k t . fund shares
Security RPs
Foreign d e p o s i t s
U.S. g o v t , s e c u r i t i e s
Tax-exempt obligations
C o m m e r c i a l paper

21
22
23
24
25
26
27
28
29

30
31
32
33
34
35
36

0.1
3.8
29.5
56.7
12.4
3.3
9.0

2.8
-2.7
61.5
26.2
26.0
8.3
17.7

1.3
-2.7
61.5
61 .4
13.3
0.9
12.4

-.8
0.5
26.8
64.7
23.7
3.2
20.5

5.0
0.7
19.4
94.6
35.8
3.3
32.5

33. 1
28.7
4.2
24.5

Consumer c r e d i t
Mutual fund shares
Trade credit
M i s c e l l a n e o u s assets
Foreign d i r . i n v e s t . ( 2 , 5 )
E q u i t y , etc.
Retained earnings

30
31
32
33
34
35
36

37
38
39

20.2
0.1
24.0

10.9
0.4
-11.0

11.0

16.8

18.0

14.0

37.0

24.2

40.8

40
41
42

179.8
124.7
-85.0

121.3
48.2
-75.5

156.8
55.1
-129.5

132.7
35.4
-124.2

221 .5
118.7
-98.7

43
44
45
46
47
48
49

209.7
-9.9
126.8
28.6
1.9
0.5
26.1

123.7
-.9
79.4
15.6
0.9
0.7
13.9

184.6
0.1
102.9
11.1
0.1
1.0
10.1

159.5
-1.1
73.7
6.5
-1.8
0.9
7.4

50
51
52
53
54
55
56
57

49.9
-9.3
23.7
3.3
8.0
1.5
-.2
11.1

4.1
2.3
23.4
-.1
17.0
0.1
4.4
1.9

32.8
11.9
25.8
1.3
14.5
-1.0

58
59
60
61
62

5.3
13.7
36.1
35.4
0.7

63

11.0
5.7
5.6
—4.6
-28.6
15.0
4.0
-3.4
4.7
0.7

16.2

-5.8
-7.3
1.0
53.3
51.4
7.5
8.7
-1.2

1.8
1 .4
31.2
92.9
38.4
13.5
24.9

3.2
1.6
20.9
48.2
25.7
2.8
22.9

8.0
2.5

-15.4
5.0
7.4
13.9
11.4
3.0
-2.8

1.0

—6.6

8.3

-11.6

23.6
60.5
72.6
47.8
24.9

24.6
46.9
41.0

2.0

1.0

11.8

29.3

16.0

18.0

18.0

16.0

14.4

27.9

36.5

4.4

-28.2

-8.6

73.7
1.0
-146.3

98.1
3.8
-79.3

112.1
77.8
-69.0

127.6
47.8
-48.0

108.8
24.1
-74.0

62.5
-11.2
-61.0

217.4
-3.8
86.5
19.1
-.5
0.9
18.7

147.3
-.2
62.7
-1.4
— 3.3
0.9
0.9

83.1
-1.7
87.4
-12.0
-3.7
0.9
-9.2

146.8
0.7
45.2
8.7
-1.0
2.9
6.9

95.8
0.6
75.2
0.5
—. 6
1.0
0.1

98.1
46.0
5.4
-.3
0.5
5.2

49.8
-.2
79.6
-13.7
-3.2

42.7
39.5
33.4

48.8
16.9

8.4
69.6
14.1
-1.5
4.6
0.3
-5.3
16.1

2.8
-6.2
22.9
-5.1
26.3
0.3
-13.0
14.3

—6.1
17.3
35.5
-3.6

11.0

33.1
20.4
26.9
-1.1
12.2
-.4
3.2
13.0

5.9
19.9
47.3
45.4
1.9

0.9
43.1
57.6
51.9
5.7

-.2
27.8
69.7
72.3
-2.7

43.0

27.1

53.5

64
65
66

15.8
74.1
17.6

41.6
94.0
14.6

67
68
69

145.5
64.2
83.2

70
71
72

17.5

-1.4
9.8

5.4
10.5

13.2

-4.6
-6.9
20.8
-2 %
8.6
1.0
4.6
9.0

0.5
30.6
71.6
68.6
3.0

-8.8
28.7
52.7
51.7
1.0

8.4
21.4
64.4
66.8
-2.4

-10.5
15.5
29.5
37.7
-8.2

17.3
25.4
37.1
41.0
-3.9

6.4
40.9
37.6
35.0

24.2

41.2

14.9

7.7

-14.2

12.6

-25.2

18.4
106.8
28.8

-1.0
111.4
19.2

-11.2
134.7
21.2

-12.5
112.9
20.1

31.9
104.4
27.3

15.7
101.1
14.7

-4.5
119.0
23.6

-17.3
97.0
22.4

94.0
29.7
55.5

114.1
70.5
114.6

79.1
80.4
108.1

101.8
115.6
146.8

86.2

61.1

106.1

73.7
9.4
39.2

54.6
92.1
97.0

76.3
19.5
62.2

51.4
46.7
93.9

48.0%
95.9%
63.4%

42.7%
95.0%
34.9%

40.5%
96.6%
48.8%

41.8%
100.5%
41.7%

41.0%
102.2%
55.9%

42.6%
99.8%
38.2%

42.5%
100.8%
21.9%

41.6%
93.6%
42.3%

41.8%
101.7%
25.1%

41.7%
104.7%
25.5%

73
74
75

3 .5
6 .8
-3..3

30..9
- 1 9 ..4
50..3

22..0
- 2 7 ..0
4 9 .0

15..4
- 2 1 ..7
37,
.0

21..5
-23..1
44,.6

16 .1
-6
22 .2

15.
.2
-14..5
29,.7

-30..9
-11..4
-19..5

8 .9
.5
9 .4

8.0
-19.8
27.8

76
77

323,.7
322 .1

373..5
369..0

4 0 5 .3
403..8

403..9
370..1

411..4
377,.5

391 .2
362 .4

392,.7
359..8

358..3
343..8

78

1 .6

4..5

.5
1.

33 .8

33 .8

28 .8

.9
32,

.5
14,

20.6

-1.2
0.2

21.1

-.2
-8.1
26.3

2.6

0.1

-10.5
2.9
-41.7
22.9
-3.3
14.5

0.2
1.6
10.0

1.8

39.0
32.9
33.4
-.5

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY.

13
14
15
16
17
18

Insurance r e c e i v a b l e s
37
Equity in sponsored ags. 38
Other
39
Net increase in l i a b i l i t i e s
Net funds raised in mkts.
Net new e q u i t y issues
Debt i n s t r u m e n t s
T a x - e x e m p t debt (3)
C o r p o r a t e b o n d s (2)
Mortgages
Home mortgages
Multifamily
Commercial
Bank l o a n s n . e . c .
C o m m e r c i a l paper
Other loans
S a v i n g s S l o a n assns.
Finance companies
U.S. g o v e r n m e n t
A c c e p t . l i a b . t o banks
Foreign
Profit t a x e s payable
Trade debt
Fgn.dir.invest.in U.S.(5)
Equity, etc.
Retained earnings

40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62

- 7 . 9 Discrepancy
Memorandum i t e m s :
- 1 4 . 4 Trade credit net of trade debt
115.5 P r o f i t s tax p a y m e n t s
21.7 Earnings rec. from abroad
Debt s u b t o t a l s :
65.6 Securities and m o r t g a g e s
- 1 5 . 9 L o a n s and s h o r t - t e r m paper
24.9 Total short-term l i a b . (4)
Percent r a t i o s :
4 1 . 9 % Effective tax rate
98.3% Capital o u t l a y s / i n t e r n a l funds
14.0% Cr. mkt. b o r r o w i n g / c a p . exp.
(1) Capital outlays on book basis:
- 2 4 .,3 Inventory c h a n g e , N I P A
Inv. val. a d j u s t m e n t
- 2 2 ..8 L e s s :
.5 = Inventory change before IVA
-1.

375..9 Total cap. e x p e n d , b e f o r e IVA
403.8
381 .7
351.0
345..9 L e s s : US Internal f u n d s , book
349 .8
E x c e s s of capital e x p e n d i t u r e s
= Financing gap:
over U.S. i n t e r n a l funds
30..0
31 .9
52.7

( 2 ) Corporate bonds include net issues by N e t h e r l a n d s A n t i l l e s s u b s i d i a r i e s ;
U.S. direct investment abroad is before subtracting net i n f l o w s of
capital f r o * N e t h e r l a n d s A n t i l l e s subsidiaries to U.S. p a r e n t s .
(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.
(4) L o a n s and short-term p a p e r , taxes payable and trade debt.
(5) D i r e c t investment totals and retained earnings exclude
capital gains/losses included in balance of payments s t a t i s t i c s .




12

64
65
66
67
68
69
70
71
72
73
74
75
76
77

TABLE 5

2 7 , M A R C H 6, 1991
F u n d s R a i s e d In C r e d i t M a r k e t s

F u n d s R a i s e d in C r e d i t M a r k e t s
S u m m a r y of N e t F u n d s Raised in Credit and E q u i t y M a r k e t s

ANNUAL FLOWS, $ BILLIONS

ANNUAL FLOWS, $ BILLIONS

Net C r e d i t M a r k e t Borrowing by Nonfinancial S e c t o r s
Total net borrowing by domestic
662.1
nonfinancial sectors

1

381.0

337.8

383.6

398.4

538.1

752.3

848.1

836.9

687.0

760.8

2
3
4

37 .4
38 .8
- 1 .4

79 .2
79 .8
.6

8 7 .4
8 7 .8
.5

161 .3
162 .1
.9

186 .6
186 .7
.1

198 .8
199 .0
.2

223 .6
223 .7
.1

2 1 5 .0
2 1 4 .7
0 .4

144 .9
143 .4
1 .5

157 .5
140 .0
17 .4

151 .6
150 .0
1 .6

2 7 2 .5
2 6 4 .4
8 .2

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

2
3
4

5

343 .7

2 5 8 .7

2 9 6 .2

2 3 7 .1

351 .5

553 .5

624 .5

621 .9

5 4 2 .1

603 .3

526 .6

389 .6

P r i v a t e domestic
nonfinancial sectors

5

6
7
8
9
10
11
12
13

2 0 9 .9
2 7 .7
17 .3
164 .9
116 .6
10,
.0
24,.4
14..0

185 .2
2 4 .7
2 7 .7
132 .9
95 .3
7 .6
19 .2
10 .7

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

157 .2
5 0 .4
18 .7
8 8 .2
53 .4
5 .4
25 .2
4 .1

2 4 7 .1
4 3 .3
16 .0
187 .9
120 .4
14,
.1
51..0
.4
2,

319 .9
51 .0
4 6 .1
2 2 2 .8
136 .7
25 .2
62 .2
- 1 .2

451 .2
135 .4
73 .5
2 4 2 .2
156 .8
29 .8
62 .2
- 6 .6

465 .8
22 .7
126 .8
316,.3
2 1 8 .7
33,
.5
73,
.6
.5
-9,

453 .2
49 .3
79 .4
324 .5
234,.9
24,.4
71..6
- 6 .4

459 .2
49 .8
102 .9
306 .5
231 .0
16 .7
60 .8
-2,
.1

379 .8
30 .4
73 .7
275 .7
2 1 8 .0
16 .4
4 2 .7
- 1 .5

309 .6
19 .4
61 .5
228..7
214..4
.7
.8
14,
.2

14
15
16
17
18

133. 8
40. 5
48. 7
9. 0
35. 6

73,.4
2..6
36..8
4..0
30.,0

130,.5
16..9
50..5
14..7
48. 5

79 .9
16.
.4
53..9
- 6 ..1
15. 8

104. 4
48..9
25..0
8
31. 3

2 3 3 .6
81,.7
68,
.0
21..7
62..2

173 .3
82,.5
40,.6
14.
.6
35..6

156.
58.,0
66. 9
-9. 3
40. 5

88..9
33. 5
10..0
2. 3
43. 2

144 1
50..2
39,.8
.9
11.
42..2

146 .8
39,
.1
39,
.9
20,.4
47..4

80..0
18. 4
-3. 0
9. 7
54. 9

19
20
21
22
23
24
25

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

258. 7
11. 6
117. 3
129. 7
15. 8
55. 8
58. 2

296. 2
17. 1
114. 3
164. 8
16. 3
44. 4
104. 1

237. 1
27. 7
84. 3
125. 1
6. 7
71. 8
46. 6

351. 5
23. 6
185. 6
142. 3
3. 9
81. 9
56. 5

553..5
28..1
231. 8
293. 6
4
123. 2
170. 8

624. 5
90. 9
284. 5
249. 1
-14.5
129. 3
134. 3

621. 9
36. 2
293. 0
292. 7
-16.3
99. 2
209. 7

542. 1
48. 8
302. 2
191.
-10. 6
77. 9
123. 7

603. 3
45. 6
314. 9
242. 8
-7.5
65. 7
184. 6

526. 6
29. 6
285. 0
211. 9
6
50! 8
159. 5

389. 6
14. 6
260. 1
114. 9
3.
14. 3
97. 6

26
27
28
29
30

15.0
3.7
3.1
1.7
6.5

24.2

16.0

-5.5
1.9
13.0

17.3
3.1
3.6
6.5
4.1

3.8
-6.6

3.8
-2.8

-1.0

9.7
3.1

4.5
7.4
-3.6

-1.8

6.3
6.9

8.8

23.5
5.5
3.0
3.9
11.1

5.0

-6.0

11.5
-3.9

-1.4

8.7
-7.5

10.9
5.3
-.1
13.3
-7.5

396.0

362.0

407.1

414.4

555.4

760.6

849.3

846.6

691.5

767.1

689.1

685.4 Total domestic plus foreign

1.2

11.8
2.4

6.6

6.2

1 .2

6.2

0

2.1

0
.

0

Debt capital i n s t r u m e n t s
Tax-exempt o b l i g a t i o n s
Corporate bonds
Mortgages
Home m o r t g a g e s
M u l t i f a m i l y resid.
Commercial
Farm

6
7
8
9
10
11
12
13

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

14
15
16
17
18

By borrowing sector:
State&local governments
Households
Nonfinancial business
Farm
Nonfarm n o n c o r p o r a t e
Corporate

2 3 . 3 Fgn. net borrowing in U.S.
21.1
Bonds
-2.8
Bank loans n.e.c.
12.3
Commercial paper
-7.4
U.S. govt. 8 other loans

19

20
21
22

23
24
25
26
27

28
29
30

Net C r e d i t Market B o r r o w i n g by Financial S e c t o r s
Total net borrowing
by financial sectors

1

8 9 .6

65 .4

103.6

90 .8

100.3

150 .7

201 .3

285 .1

300 .2

247 .6

205.5

199 .4

2
3
4
5

47 .9
24 .3
23 . 1
0 .6

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

47.4
30.5
15.0
1.9

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

67.8
1.4
66.4

74 .9
30 .4
44 .4

101 .5
20 .6
79 .9
1 •1

154 .1
15 .2
139 .2
- .4

171 .8
30 .2
142 .3
.8

119 .8
44 .9
74 .9

151.0
25.2
125.8

170 .6
2 2 .6
148 .0

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

32.5
18.6

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

131 .0
8 2 .9
0 .1
4 .0
24 .2
19.
.8

128 .4
78 .9
0 .4
- 3 .2
27 .9
24..4

127 .8
51 .7
0 .3
1,
.4
54..8
19,
.7

54.5
36.8

-.4
21.3
-7.0

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

1.8
26.9
-11.0

28 .8
44 . 1
0 .7
0 .7
8 .0
- 2 4 .7

P r i v a t e financial sectors
Corporate bonds
Mortgages
Bank loans n.e.c.
O p e n - m a r k e t paper
Fed. Home Loan Bank loans

-

1
2
3
4
5

6
7
8
9
10
11

41 .7
5 .5

20..6
1 .6
,

56.2
6.0

0 .2
26 .8
9 .2

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

1.2
32.7
16.2

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

12
13
14

8 9 .6
24 .8
23, 1

65..4
25. 6
19. 2

103.6
32.4
15.0

90. 8
15.
.3
49. 5

100.3
1.4
66.4

150,.7
30. 4
44..4

201..3
21..7
79..9

285..1
.9
14.
139..2

300..2
29..5
142..3

247..6
44..9
74..9

205.5
25.2
125.8

199,.4
22,.6
148..0

otal, by sector
Sponsored credit agencies
Mortgage pools

12
13
14

15
16
17
18
19
20
21
22

41 .
.7
9. 1
.
4.. 1
9. 5
0.
.7
18. 8
.4

20. 6
8. 3
6. 7
6. 8
0. 7
-1.2
7

56.2
11.6
10.8
15.6
0.4
18.1
-.4

25. 9
11. 7
7. 1
1. 7
6
5. 5
1
0. 6

32.5
5.0
13.3
-6.2
-.4
17.5
-.3
3.6

75..9
7.
.3
16.
17.,2
,2
24. 3
0. 5
9. 3

99. 7
—4. 9
16. 6
17. 3
1. 5
57. 7
1
11. 5

131. 0
- 3 .,6
15. 2
20. 9
4. 2
54. 7
0. 8
39. 0

128..4
6.
,2
14..3
19. 6
8. 1
40. 8
0. 3
39. 1

127. 8
- 3 .,0
5.,2
19. 9
9
67! 7
3. 5
32. 5

54.5
-1.4
6.2
-14.1
-1.4
46.3
-1.9
20.8

28. 8
- 1 ..1
-27. 7
-32. 4
1
50. 9
3
39] 5

Private financial s e c t o r s
C o m m e r c i a l banks
Domestic affiliates
Savings and loan assns.
Mutual savings banks
Finance companies
REITs
SCO issuers

15
16
17
18
19
20
21
22

8 8 4 . 8 Total net borrowing
443.1
U.S. government securities
19.4
Tax-exempt obligations
126.7
C o r p o r a t e 8 foreign bonds
229.4
Mortgages

-

-

6
7
8
9
10
11

Total Net Credit Market B o r r o w i n g , All S e c t o r s , by Type
1
2
3
4
5

485 .6
8 4 .8
27,.7
26..5
164..8

4 2 7 .4
122 .9
24,.7
30,.5
132,.7

510..7
133 .0
33,
.7
34,.3
109,. 1

6
7
8
9

40,.5
52,.0
37..5
51..9

2..6
47..6
19..3
47..1

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

10

0,
.6

- 3 ..8

11
12

380,.4
36,.8

341..7
83..0

505..2
225,.9
50..4
39..0
8 8 .2

655 .7
254 .4
43 .3
37 .7
187,.8

911 .4
273 .8
51,.0
84..2
223..1

1050 .6
324 .2
135 .4
128 .2
242,.2

1131 .
.7
369,.5
22..7
212..8
316. 4

991 .7
317 .5
49 .3
165 .7
324,.9

1014 .7
277 .2
49 .8
.5
161,
306,.7

894.5
302.6
30.4
115.8
275.7

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

48..9
28..2
26..9
28 .4

81..7
62..7
51..9
82. 9

82,.5
40,.3
52,.8
45,.0

58. 0
69. 9
26. 4
56.,1

33,
.5
3.
.2
32 .3
65..5

50,.2
39..4
75..4
54..4

39.1
41.5
60.6
28.9

7.
.3

-7.
.1

6.
.3

14,
.4

391..1
154. 0

*

383. 6
87. 4

545..2
193..7

746..0
192. 5

833..7
209..3

*

836. 9
215. 0

-7.
.9
694..9
152. 8

18.4
-5.1
30.0
22.8

Consumer credit
Bank loans n.e.c.
O p e n - m a r k e t paper
Other loans

1
2
3
4
5
6
7
8
9

10..4
-5.9
8.6
T o t a l s net of changes j
750..4
684.1
653.6
Net borrowing by dom. nonfin. 11
147..1
157.5
264.0
By U.S. government
12

E x t e r n a l C o r p o r a t e E q u i t y F u n d s Raised in U.S. M a r k e t s
1
2
3
4
5
6

1.
.0

17,
.8
.9
2,
14,
.9
10,
.4
2,
.2

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

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

16.
.7
8..8
7.
.9
.9
1.
4..7

54 .6
2 7 .2
27,.3
20,.0
3.
.6

- 4 0 .5
29,.3
-69,
.8
- 7 9 .0
8..2

17 .2
8 4 .4
-67,
.2
-84,
.5
.6
13,

8 6 .8
159,
.0
- 7 2 .2
-85,
.0
11.
.6

10,
.9
73..9
-63..0
- 7 5 ..5
14..6

-124,
.2
1,
.1
-125,
.3
-129..5
3.
.3

- 6 3 .7
41 .3
-105..1
-124,
.2
.4
2.

17 .2
66 .9
- 4 9 .7
-63,
.0
6.
.1

.4
2,

0,
.2

1. 4

3.
.7

0..9

3.
.7

1.
.2

- 2 .,1

0.
,9

16.
.7

7. 2

HISTORICAL DATA ON NET FUNDS RAISED




otal net share issues
Mutual funds
All other
Nonfinancial corporations
Financial c o r p o r a t i o n s
Foreign s h a r e s
purchased in U.S.

1
2
3
4
5
6