Full text of Z.7 Flow of Funds Summary Statistics : March 7, 1990

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

FEDERAL RESERVE statistical release
Z.7 (788)

For immediate release
March 7, 1990

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally
adjusted annual rate of 7 percent in the fourth quarter of 1989, in line
with the pace of the previous two quarters. Debt growth of nonfinancial
business and state and local governments declined in the fourth quarter,
while federal government debt increased more rapidly than in the previous
quarter. For 1989 as whole, domestic nonfinancial debt rose 7.7 percent,
the smallest increase since 1970.
Net borrowing by domestic nonfinancial sectors in the fourth
quarter amounted to $675 billion, at a seasonally adjusted annual rate, and
the year-end level of total debt outstanding for domestic nonfinancial
sectors reached $9.8 trillion. Debt of nonfederal sectors accounted for
$7.5 trillion of this total;' the federal component was $2.3 trillion
(Table 1).
A. Growth of Major Debt Aggregates 1
(Percent changes, quarterly data are seasonally adjusted annual rates)
Total
domestic
nonfinancial
debt
(1)

U.S.
govt.
(2)

Total
(3)

Households
(4)

Nonfin.
business
(5)

State &
local
govts.
(6)

1987
1988
1989

9.1
9.1
7.7

8.0
8.0
7.1

9.4
9.4
7.8

10.5
10.1
8.2

8.9
9.4
8.1

6.6
5.5
4.3

1988--I
II
III
IV

8.6
9.6
8.6
8.3

10.8
5.6
8.0
6.8

7.9
10.8
8.8
8.7

8.3
11.8
9.7
9.2

8.2
10.6
. 8.6
8.8

4.3
6.7
5.0
5.4

1989--I
II
III
IV

8.5
6.9
7.3
7.0

9.4
3.3
6.8
8.1

8.2
8.0
7.5
6.7

8.4
7.4
7.9
8.1

8.5
9.2
7.6
6.1

5.2
4.8
5.0
2.0

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)
Domestic
nonfinancial
sectors

Foreign

Financial
sectors

Total:
All
sectors

Memo:
Private
financial assets

1987
1988
1989

9.1
9.1
7.7

2.1
2.8
3.2

20.1
13.1
9.7

10.7
9.6
7.9

7.0
8.5
7.6

1988-1
II
III
IV

8.6
9.6
8.6
8.3

2.0
2.2
1.7
5.4

11.7
13.0
11.1
15.1

9.0
10.0
8.9
9.4

7.0
8.4
10.3
7.1

1989-1
II
III
IV

8.5
6.9
7.3
7.0

-.4
-.8
9.8
4.2

18.4
5.4
6.3
7.1

10.1
6.5
7.2
7.0

7.2
8.3
8.9
5.3

1. 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 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 plus any statistical
discontinuities in the data series. Therefore, growth rates calculated from changes
in outstandings as printed in Table 1 can differ from those shown above.
The following list gives 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)
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

21

5
22

20

Debt of domestic residents includes credit market funds raised from both
domestic and foreign sources, while foreign debt represents amounts owed by foreign
financial and nonfinancial entities to U.S. holders only. Financial sectors consist
o f 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 forms of loans included in Table 1.
Subscriptions to this summary release, or to the full statements for
sectors and transaction types in flows and amounts outstanding (the Z.l release),
may be obtained through Publication Services, Stop 138, Board of Governors of the
Federal Reserve System, Washington, DC 20551.

http://fraser.stlouisfed.org/
1
Federal
Reserve Bank of St. Louis

TABLE 1
Z7, MARCH 7, 1990
Credit Market Debt

Credit Market Debt
Summary of Credit Market Debt Outstanding
PERIOD-END LEVELS

PERIOD-END LEVELS
1984

1985

1986

1987

|
|

1988
III

II

I
I

IV

I

II

1989

HI

iv

Credit Market Debt Owed by Nonfinancial Sectors

1

5951.8

6795.1

7631.2

8335.0

8682.6

8856.6

9080.8

9246.2

9413.0

9591.5

Total credit market debt owed by
9790.1 domestic nonfinan. sectors

2
3
4

1376.8
1373. 4
3.4

1600. 4
1597. 1
3. 3

1815. 4
1811. 7
3. 6

1960. 3
1955. 2
5. 2

2022. 3
2015. 3
7. 0

2063.9
2051.7

2117.8
2095.2

22.6

2155.7
2133.4
22.3

2165.7
2142.1
23.6

2204.3
2180.7
23.5

2267.6
2245.2
22.4

U.S. government
Treasury issues
Agency issues 8 mortgages

5

4575. 1

5194. 7

5815.8

6374. 7

6660.4

6792.7

6963.1

7090.5

7247.3

7387.3

7522.5

Private domestic
nonfinancial sectors

6
7
8

3038. 0
520. 0
469. 2

3485.5
655. 5
542. 9

3957.5
679. 1
664. 2

4428. 0
713. 2
764. 1

4648. 4
727. 2
825. 9

4763.3
746.1
853.6

4881.8
759.8
878.2

4973.4
764.7
903.2

5073.3
769.9
935.2

5173.3
780.8
960.7

5275.7
784.0
992.3

9
10
11
12
13

2048.8
1336. 2
183. 6
416. 5
112. 4

2287. 1
1490. 2
213. 0
478. 1
105. 9

2614. 2
1720. 8
246. 2
551. 4
95. 8

2950. 7
1943.
270. 0
648.,7
88. 9

3095. 3
2055. 1
276. 6
675. 9
87. 8

3163.6
2117.8
281.0
677.9
87.0

3243.8
2173.9
286.7
696.4

3305.5
2215.4
292.6
711.5

3368.2
2266.8
294.4
720.3
86.7

3431.7
2317.3
298.8
729.0

86.6

3499.3
2370.1
302.5
740.2
86.5

Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

14
15
16
17
18

1537.,1
519..3
553 .1
58 .5
406,.2

1709..3
601..8
592,.7
72,.2
442 .6

1858..4
659,.8
656,.1
62 .9
479 .6

1946..7
692..7
664,.3
73 .8
516 .0

2012,.0
705,.8
687 .2
77 .8
541 .1

2029.4
721.2
687.7
80.3
540.2

2081.3
743.7
702.6
85.4
549.5

2117.0
745.0
717.6
96.1
558.3

2174.0
761.0
729.8
573.2

2214.0
776.2
743.8
113.3
580.7

2246.8
797.9
745.6
107.1
596.2

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

19
20
21

4575 .1
383 .0
2018 .2

5194 .7
473 .9
2295 .5

5815 .8 6374 .7
510 . 1 543 .7
2591 .8 2864 .5

6660 .4
556 .0
2989 .9

6792.7
565.7
3068.0

6963.1
573.5
3151.7

7090.5
578.5
3206.1

7247.3
584.8
3269.2

7387.3
595.1
3340.7

7522.5
598.2
3422.9

By borrowing sector:
State 8 local governments
Households

19
20
21

22
23
24
25

2173 .9
187 .9
769 .0
1216 .9

2425 .4
173 .4
898 .3
1353 .6

2714 .0
156 .6
1001 .6
1555 .8

2966 .5
145 .5
1109 .4
1711 .6

3114 .4
143 .9
1151 .9
1818 .6

3159.0
143.6
1172.6
1842.9

3237.9
137.6
1200.9
1899.4

3305.9
135.9
1223.3
1946.6

3393.3
139.5
1239.1
2014.7

3451.5
141.2
1251.2
2059.1

3501.4
137.9
1266.8
2096.8

Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

22
23
24
25

26
27
28
29
30

233 .6
68 .0
30 .8
27 .7
107 .1

234 .7
71 .8
27 .9
33 .9
101 .1

236 .4
74 .9
26 .9
37 .4
97 .1

242 .9
82 .3
23 .3
41 .2
96 .1

245 .9
86 .0
22 .4
44 .0
93 .5

246.1
87.4
22.7
46.3
89.8

249.8
89.2
21.5
50.9
88.3

249.8
90.5
21.6
54.9

82.8

249.4
92.1
22.7
52.7
81.9

254.6
94.2
22.6
57.5
80.3

257.6
94.3
22.5
63.0
77.8

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

26
27
28
29
30

6185 .4

7029 .9

7867 .6

8578 .0

8928 .5

9102.8

9330.7

9496.0

9662.4

9846.1 10047.7 Total nonfinan.domestic 8 fgn. 31

31

12.2

86.8

86.0

110.1

Debt capital instruments
Tax-exempt obligations
Corporate bonds

6
7
8
9
10

11
12
13
14
15
16

17
18

Credit Market Debt Owed by Financial Sectors

1

1010. 2

1213. 2

1563. 6

2084. 1

2190.5

2229. 6

2264. 5

2318. 1

1166. 5
369. 0
792. 5
5. 0

1202. 6
370. 4
827. 2
5. 0

1238. 7
373. 1
860. °

Total credit market debt owed
by financial sectors

1019. 2
317. 9
696. 3
5. 0

1054. 6
328. 5
721. 1
5. 0

1098.4
348. 1
745. 3
5. 0

859. 0
366..3
3..1
32..8
323,.8
133,.1

923.,6
397..9
3..1
34..3
353,.4
134 .8

941. 9
406. 4
3.,1
32..9
358,.0
141 .6
,

985. 7
418. 0
3. 4
34.,2
377.,4
152.,8

1049. 7
458.,2
3..5
32..2
392,.0
163 .8

1063. 1
465. 8
3. 5
33..8
398..3
161,.9

1062. 0 1079. 3
484.
472. 5
3
3. 5
35. 5
34. 1
414. 1
400. 8
151.. 1 141. 8

1563..6
278,.7
565..4

1885,.5
308 .2
718 .3

1942 .8
322 .9
696 .3

1996 .5
333 .5
721 .1

2084..1
353 .1
745 .3

2190 .5
369 .3
771 .5

2229 .6
374 .0
792 .5

2264..5
375 .4
827 .2

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

859 .0
82 .7
131 .1
139 .4
16 .7
378 .8
7 .3
103 .1

923 .6
77 .2
136 .3
141 .9
17 .6
419 .8
9 .1
121 .8

941 .9
76 .6
136 .3
148 .1
18 .1
427 .7
7 .6
127 .5

985 .7
78 .8
136 .2
159 .3
18 .6
445 .8
11 .4
135 .7

1049 .7
73 .3
140 .0
170 .1
17 .8
463 .8
11 .1
173 .5

1063 .1
74 .5
141 .2
167 .9
17 .7
478 .0
10 .6
173 .1

1062 .0 1079 .3
77 .0
143 .8
143 .9
144 . 7
155 .7
17 . 1
17 .5
499 .2
483 .0
10 .2
10 .3
185 .0
174 . 6

7

237. 2
289. 0
5. 0

257.8
368. 9
6. 1

844. 2
273. 0
565. 4
5. 7

q
10
11

479. 0
153. 0
,5
29. 5
219.,5
74,.6

580. 5
204. 5
,7
32..1
252. 4
88,.8

719. 5
287. 4
2. 7
36., 1
284. 6
108..6

12
13
14

1010 .2
242 .2
289 .0

1213,.2
263 .9
368 .9

15
16
17

479 .0
84 .1
89 .5
81 .6
2 .9
203 .0
.3
13 .5

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

19
20
21
22

1996. 5

1026. 5
303. 2
718. 3
5. 0

2

3

6
7

1942.8

1140.8
364. 3
771. 5
5. 0

2
5

1885. 5

2318..1
860. 7

U.S.

1

government-related

2

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

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

3
4
5

otal, by sector
Sponsored credit agencies
Mortgage pools

12
13
14

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

15
16
17
18
19
20
21
22

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

7195. 7

10871..3 11099. 3 11414.8 11686. 5 11892. 0 12110..7 12365. 7

8243. 1

9431. 2 10463. 4

3036,.4
727..2
1309 .8
3098 .5

3113. 5
746..1
1347. 4
3166..7

3211..1
759. 8
1385..4
3247..2

3291. 5
764..7
1451..9
3309..0

3327.,2
769.,9
1493..1
3371..7

705 .8
744 .0
475 .3
774 .4

721 .2
743 .3
484 .6
776 .5

743 .7
758 .3
513 .6
795 .6

745 .0
771 .4
543 .1
809 .9

761 .0
786 .2
561 .1
821 .9

2
3
4
5

1902. 8
520. 0
690.,1
2051..4

2227.,0
655. 5
819..2
2289 .8

2653..8
679..1
1026..4
2617..0

2981..8
713..2
1212..7
2953 .8

6
7
8
9

519..3
613 .4
305 .7
592 .9

601..8
652 .7
358 .5
638 .6

659..8
719 .1
384 .9
691 .1

692 .7
720 .3
438 .8
750 .2

BILLIONS OF DOLLARS. LATEST DATA PRELIMINARY




3401..8
780..8
1527..5
3435 .2
776 .2
800 .5
571 . 6
817 .1

3501. 3
784.
1571.
3502..6
797..9
803 . 6
584 .2
820 • 8

U.S. government securities
Tax-exempt 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

TABLE 2
Z7, MARCH 7, 1990
Funds Raised in Credit Markets

Funds Raised in Credit Markets
Summary of Net Funds Raised in Credit and Equity Markets

QUARTERLY NET FLOWS, $ BILLIONS
I

QUARTERLY NET FLOWS, $ BILLIONS

1989
II

(NSA)

III

IV

I

1988
IV

1989
II

Net Credit Market Borrowing by Nonf inancial Sectors

£

III

SAAR}

1

216 .2

151 .3

166 .8

178 .6

198 .5

734 .2

770 .6

641 .7

693 .6

Total net borrowing by domestic
675 .1
nonfinancial sectors

2
3
4

53 .8
43 .4
10 .4

37 .9
38 .2
.3

10 .0
8 .7
1 .3

38 .6
38 .6

63 .3
64 .4
-1 .1

142 .1
100 .5
41 .6

199 .9
201 .1
-1..2

70 .9
65 .8
5 .1

149 .0
149 .1
- •.2

179 .4
184 .0
-4,.6

U.S. government
Treasury issues
Agency issues 8 mortgages

5

162 .4

113 .4

156,.8

140 .0

135 .2

592 .2

570,.6

570 .8

544 .7

495,.7

Private domestic
nonfinancial sectors

6
7
8
9
10
11
12
13

113,.5
8 .7
24.. 6
80..2
56. 2
5. 7
18. 5
2

91 .6
4 .9
25,.0
61..7
41, 5
5.,9
15..2
8

99..8
5..2
32..0
62..7
51. 4
1.8
8. 7
0.8

100 .0
10 .9
25 .6
63,.5
50,.6
4,.3
8 .7
.2

102,.4
3,.2
31,.6
67,.6
52..7
3..7
11..2
.1

432..4
34,.3
98,.4
299,.7
214..0
17..3
67..7
0.,7

418..0
29,, 3
100,.0
288..7
206..6
27..4
59.,1
-4. 4

396 .9
23,.0
127,.9
246,.1
197,.6
7..9
38,.5
2,.1

374 .8
32,.2
102,.4
240,.2
180,.6
19,.0
40,.6

385,.6
12,.4
126,.4
246,.9
199..8
8,.7
37..3
1..0

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

6
7
8
9
10
11
12
13

14
15
16
17
18

48. 9
22. 6
14. 9
5.
6. 4

21. 8
-6. 7
4. 9
9.8
13. 8

57. 0
16. 0
12. 2
13. 9
14.8

40. 0
15. 3
14. 0
3. 2
7. 5

32. 9
21. 6
1.8
-6. 2
15. 6

159. 8
73. 1
66.,6
20. 0
0.,1

152. 6
34. 8
23.,1
41. 4
53. 3

173..9
46..0
29..9
39.,2
58. 7

169..9
34..5
59.,0
16. 7
59. 7

110.,0
69.,2
20.,0
-14. 3
35. 1

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

14
15
16
17
18

19
20
21
22
23
24
25

162.,4
7. 8
83. 7
70.,9
-6.,0
24..3
52,.5

113.,4
5.,0
41 .
.4
67..0
-1..7
22..5
46..2

156. 8
6.,3
63.. 1
87,.4
3,.6
15,.7
68,.1

140,.0
10,.3
72,.8
56,.9
.7
12,.1
43 - 1

135,.2
3,.1
81,.2
51,.0
-3,.3
15,.5
38 .7

592 .2
30 .6
283,.5
278..0
-11..8
80,.4
209..4

570 .6
29 .7
264 .5
276 .4
-2,.2
85,.9
192,.8

570 .8
27 .6
239 .4
303 .7
0 .2
65 .8
237,.7

544 .7
29 .5
258 .4
256 .8
4 .7
67,.2
184,.9

495 .7
11 .9
271 .9
211 .9
-1..5
44..7
168,.7

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

19
20
21
22
23
24
25

26
27
28
29
30

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

0,.1
1,.2
0 .2
4 .2
-5,.5

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

5 .2
2 .1
.1
4 .8
-1 .6

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

13..3
5.
-5..7
21..0
-7..1

-1,.1
3,.2
4,.9
12.
-21,.4

-1,.9
10,.7
.7
-8,.1
-6,.3

24,.3
8 .4
-1,.2
20,.4
-3,.3

31

219 .9

151,.5

166,.4

183,.7

201..5

747.,6

769..5

639,.8

10,.6 Fgn. net borrowing in U.S.
-1,.9
Bonds
-1..4
Bank loans n.e.c.
24,.9
Commercial paper
-10..9
U.S. govt. 8 other loans

26
27
28
29
30

718..0

685..7 Total domestic plus foreign

31

Net Credit Market Borrowing by Financial Sectors
Total net borrowing
by financial sectors

1

87 .5

74 .0

39.1

34 .9

53 .5

302 .5

384 .0

119 .0

141 .1

161 .9

2
3
4
5

43 .8
19 .6
24 .2

42 .4
16 .2
26 .2

25.7
4.7
21.0

36 . 1
1 .4
34 .6

36 .2
2 .7
33 .5

156 .7
62 .3
94 .4

205,.7
84,.9
120,.8

101 .4
12 .5
88 .9

129 .7
10 .0
119 .6

124 .8
- 7 .4
132 .2

6
7
8
9
10
11

43 .8
11 .5
0 .3
1 .3
19,.4
11,.2

31 .5
12 .3
0 .1
- 2 .0
10 .1
11 .0

13.4
7.5

-1 .2
6 .7

178,.3
52,.7
0,.3
3,.0
53,.2
69,.1

11 .4
25 .5

0 .3
2 .5
-10 .8

145 .8
43 .0
1 .2
.3
70 .4
31,.4

17 .6
31 .4

1.5
6.3
-1.9

17 .4
12 .1
.1
1 .4
13 .3
-9,.3

0 .3
2 .8
— 16 .9

1 .7
27 .9
-43 .7

37 .1
45 .0
.5
0 .1
44 .9
-52 .4

12
13
14

87. 5
19..6
24.,2

74 .0
16,.2
26,.2

39.1
4.7
21.0

34 .9
1,.4
34,.6

53..5
2..7
33.,5

302,.5
62..3
94..4

384..0
84.,9
120. 8

119 .0
12 .5
88 .9

141 .!
10 !o
119 .6

161 .9 Total, by sector
Sponsored credit agencies
- 7 .4
Mortgage pools
132 .2

12
13
14

15
16
17
18
19
20
21
22

43. 8
2.,2

31..5
-5..4
3. 8
10. 8
8
13. 6
2
9.8

13.4
1.2
1.2
-2.2
-.1
14.2
-.5
—. 4

-1..2
2..5
2..6
-12..2
2
4, 9
3
1. 5

17. 4
2. 4
1
-11. 1
4
16.,3
1
10. 4

145..8
3..7
0.8
26.,3
3.8
63. 6
15. 0
32. 5

178.,3
-13. 4
6. 4
71.,3
-2.8
78. 4
9
39. 3

17 .6
.9
6 .5
-16 .2
-1 .1
32 .8
- 2 .2
-1,.4

11 .4
12 .3
16 .5
-48 .3
- 3 .3
29,.7
-1,.4
5 .9

37,.1
4,.7
0,.8
-65,.2
0,.8
55,.0
.4
41..5

15
16
17
18
19
20
21
22

847.6 Total net borrowing
304.2
U.S. government securities
12.4
Tax-exempt obligations
169.5
Corporate 8 foreign bonds
246.4
Mortgages

1
2
3
4
5

69.2
18.7
55.5
-28.2

6
7
8
9

-

11. 2
0. 5
18. 0
3.8
8, 1

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

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

1
2
3
4
5
6
7
8
9
10
11

Total Net Credit Market Borrowing, All Sectors, by Type
1
2
3
4
5

307 .5
97 .6
8 .7
38 .0
80 .5

6
7
8
9

22 .6
15,.0
29,.1
16,.1

225 .4
80 .4
4 .9
38 .5
61 .8
-6 .7
3,. 1
24,.1
19,.3

205,.6
35,.7
5,.2
41 .2
,
62..7

218,.6
74,.6
10,.9
34,.4
63,.5

255 .1
99 .5
3 .2
43 .8
67 .4

1050 .1
298 .8
34 .3
146 .4
300 .8

1153 .4
405 .6
29,.3
155 .9
289 .0

758 .8
172 .3
23 .0
170 .0
246 .1

859.
278.,6
32. 2
136. 3
240. 3

16..0
14,.8
18,.0
12..0

15,.3
14,.3
10,.5
-4,.9

21 .6
3 .1
12,.7
3,.7

73 (1
60,.7
111 .5
24,.4

34,.8
31,.1
106,.8
101,.0

46 .0
31,.9
34,.0
35,.5

34. 5
59. 6
65. 0
12. 7

10

-9,.6

-19,.7

28. 5

-3,.0

-16,.6

-17,.9

-22,.5

11
12

225. 8
63. 4

171..0
57..6

138..2
-18. 6

181..5
41. 5

215..2
79..9

752,.2
160..0

793..1
222..4

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

-47.5 Memo: U.S. govt. cash balance
43,.7
-16. 6
10
Totals net of changes in U.S. govt, cash balances:
598..0
710. 2
722.6 Net borrowing by dom. nonfin. 11
165. 6
227.0
By U.S. government
27..2
12

External Corporate Equity Funds Raised in U.S. Markets
1
2
3
4
5

-44 .4
.2
-44 .2
-48 .8
3 .4

-36..5
5,.0
-41,.4
-45,.0
2,.2

-9 .0
8,.9
-17,.9
-26 .3
4 .3

-14,.3
9,.9
-24..2
-36..3
4..0

-1,
14,.5
-15,.6
-23,.3
3,.5

6

1..2

1,.3

4 .1

8.,1

4..2

LATEST DATA PRELIMINARY




-163,.5 -163,.9
3,.6
11,.9
-175,.4 . -167.
.4
-195,.0 -180..0
13,.5
9,.0
6..1

3..6

-48..8
24,.0
-72,.7
-105,.0
17..3

.8
54,.3
-95.
-145..0
16.,0

15,.0

33. 9

10..0 Total net share issues
70..9
Mutual funds
-60..9
All other
-93.,0
Nonfinancial corporations
14.,0
Financial corporations
Foreign shares
18. 2
purchased in U.S.

1
2
3
4
5
6

TABLE 3
Z7» MARCH 7, 1990
Households

Households
Sector Statements of Saving and Investment

SEASONALLY ADJUSTED ANNUAL RATES
1986

1987

1988

1989

SEASONALLY ADJUSTED ANNUAL RATES
I
I

II

1988
III

IV

I
I

1989
I

II

III

IV

Households, Personal Trusts> and Nonprofit Organizations
1
2

3526 .2
512 .9

3777 .6
571 .7

4064 .5
586 .7

4427 .8
648 .5

4026 .6
590 .8

4097 .6
585 .9

4185 .2
597 .8

4317 .8
628 .3

4400 .3
652 .6

4455 .9
649 .1

4537 .4 Personal income
664 .0 - Personal taxes and nontaxes

1
2

3
4
5
6
7
8

3013 .3
2888 .5
124 .9
78 .7
17 .5
125 .4

3206 .0
3104 .2
101 .8
73 .9
22 .4
115 .7

3477 .8
3333 .1
144 .7
84 .9
6 .3
131 .6

3779 .4
3574 .2
205 .2
84 .8
15 .0
132 .5

3435 .8
3302 .0
133 .8
86 .6
9 .0
133 - 1

3511 .7
3362 .0
149 .7
89 .3
6 .9
126 .7

3587 .4
3424 .0
163 .4
91 .0
8 .7
137 .3

3689 .5
3483 .7
205 .8
83 .3
18 .2
132 .1

3747 .7
3547 .0
200 .7
98 .2
15 .3
132 .4

3806 .8
3611 .7
195 .1
76 .9
17 .2
143 .3

3873 .4
3654 .2
219 .2
80 .6
9 .3
122 .0

3
4
5
6
7
8

9
10
11

346 .4
361 .7
708 .1

313 .8
390 .1
703 .9

367 .5
412 .1
779 .5

437 .4
432 .8
870 .2

362 .5
409 .5
772 .0

372 .6
414 .7
787 .3

400 .5
419 .8
820 .3

439 .4
425 .0
864 .4

446 .6
430 .2
876 .8

432 .5
435 .3
867 .8

431 .2 = Net saving
440 .5 + Capital consumption
871 .7 = Gross saving

9
10
11

12
13
14
15
16

770 .3
603 .8
181 .7
406 .0
16 .1

766 .4
643 .4
204 .0
421 .1
18 .3

826 .1
698 .5
224 .3
455 .2
19 .0

911 .4
736 .6
243 .9
473 .2
19 .5

790 .6
695 .4
221 .8
454 .6
19 .0

847 .5
699 .4
227 .9
452 .5
19 .0

867 .5
718 .2
231 .7
467 .4
19 .2

833 .2
722 .3
236 .6
466 .4
19 .3

952 .5
732 .0
241 .6
471 .0
19 .4

927 .3
752 .2
246 .5
486 .1
19 .5

932 .4 Gross investment
740 .1
Capital expend, net of sales
251 .3
Residential construction
469 .1
Consumer durable goods
19 .7
Nonprofit plant and equip.

12
13
14
15
16

17
18

166 .5
465 .6

123 .0
384 .0

127 .6
425 .1

174 .8
446 .2

95 .3
442 .3

148 .2
458 .0

149 .3
424 ,1

110 .9
387 .4

220 .6
479 .8

175 .1
442 .7

192 .3 Net financial investment
17
474 .4
Net acq. of financial assets 18

=
=
+
+
+

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

19

252 .2

293 .6

387 .5

410 .9

420 .9

475 .9

379 .7

402,.5

428 .5

526,.9

285,.8

20
21
22
23
24

216 .9
88 .6
120..3
- 2 5 .0
33,.0

126 .3
18..6
66,.8
19,.6
21.,4

175 .1
4 .2
115,.7
37 .2
18 .1

210 .3
25,.8
95 .2
10..4
78..8

88
-20
127
8
-27

149
-23
63
116
-7

.7
.6
.8
.9
.3

227,.5
62,.1
80,.5
27..5
57..4

150..2
-14,.5
12,.0
108,.6
44,.1

175,.9
-65,. 1
107,.1
29,.0
104,.9

244,.6
-3,.2
113,.0
15..0
119,.8

270,.4
186 .2
148,.8
-111,.0
46,.5

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

20
21
22
23
24

25
26
27
28
29
30

35,.2
20,.9
-24,.5
39,.3
1,.7
-2..2

167,.3
97..4
42..6
24.,1
.6
4..8

212,.4
128,.9
30,.7
-4..1
22..1
34..8

200..6
144,.6
16.
11..3
11..2
17..4

333,.0
75,.1
37,.3
63,.2
62,.7
94..7

326..2
192 .4
49,.7
-6,.1
19,.4
70..8

152..2
157..0
24..7
-29..4
4..3
-4. 4

252,.3
216,.3
38..7
-34,.7
-18..4
50..3

252,.6
129,.9
-9,.6
72,.5
45..3
14..5

282..2
159,.6
36..2
8..9
12..4
65..1

15..4
72..6
.8
-1,.5
5..4
-60..4

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

25
26
27
28
29
30

31
32

141..4
-125..0

73..1
-97. 9

-1..7
-114..0

23..8
-104..1

-11. 4
-121..6

1..0
-88..8

7. 5
-190.,9

-10..0
-156..4

14..9
-66..3

36..3
-97..2

53..9
-96..7

Mutual fund shares
Other corporate equities

31
32

33
34

17..5
185.,3

26. 0
169. 1

25..3
185..0

25..9
137. 3

23..9
182..0

22..1
Ill..7

30. 2
274..2

30..7
179..1

27. 5
103. 8

24.,2
17..2

21.,1
249.,1

Life insurance reserves
Pension fund reserves

33
34

35
36
37

-47. 2
9..0
32.,4

-95.,2
-6. 8
22. 1

-88. 9
6. 5
25. 5

-94. 6
5. 4
41. 6

-93.,7
19.
23. 1

-95. 6
5. 5
26.,1

-106. 8
2. 0
28. 2

-87.,9
-7. 6
36. 8

-91..4
25. 4
37. 5

-111.,1
1. 8
44. 6

-88.,1
2. 0
47. 5

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

35
36
37

38
39
40
41
42

299. 1
289. 2
214. 9
55. 0
3. 0

261. 0
271. 9
233. 0
36. 7
- 3 .8

297. 4
289. 8
230. 8
53.,2
-2. 1

271. 3
258. 5
200. 6
44. 0
2. 2

347. 1
346. 2
299. 8
56. 1
-4. 2

309. 8
291. 4
231. 7
43. 5
-7. 9

274. 9
283. 5
211. 0
63. 3
9. 8

276. 5
264. 5
205. 7
46. 5
-11. 7

259. 2
239. 4
200. 9
42. 4
3. 6

267. 6
258. 4
188. 8
23. 3
11. 2

282. 0
271. 9
207. 1
63. 7
5. 5

43
44

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

0. 9
2. 3

1. 7
2. 2

46

-2. 2
2. 4
9. 6
6. 6

7. 8

7. 9

-1. 1
2. 3
-12. 4
5. 6

2. 8
2. 3
2. 7
16. 4

0. 5
2. 2
-9. 3
6. 0

2. 2
16. 5
5. 3

8
2. 2
-14. 4
5. 5

3. 2
2. 2
22. 2
7. 5

4. 2
2. 2
-24. 2
13. 3

47
48
49

8. 2
3. 0
-1. 3

-15. 3
3. 2
1. 2

3. 1
4. 1
0. 4

7. 5
5. 0
0. 4

-3. 3
4. 0
0. 2

9. 3
8. 4
0. 7

-10. 3
0. 7
1- 1

7. 5
4. 6

14. 7
4. 6
0. 5

4. 1
4. 7
0. 5

3. 6
6. 1
0. 5

50

-62. 2

-62.5

—46 •6

- 4 1 .2

-18. 7

-60. 2

-47. 2

31. 2

-75. 7

-59. 5

0

.0
.5
.0
.9
.4

*

Dep. & cr. mkt. instr. (1) 19

Net increase in liabilities
Credit market instruments
Home mortgages
Installment cons. credit
Other consumer credit
Tax-exempt debt
Other mortgages

38
39
40
41
42

Other loans

43
44
45
46

Security credit
Trade debt
Miscellaneous

47
48
49

Bank

loans

n.e.c.

-60. 7 Discrepancy

50

C1) Excludes corporate equities.
Memoranda:

51
52
53
54
55
56

181,.7
5 .3
176,.4
67,.1
214,.9
-100,.2

204,.0
5 .4
198,.7
70 .0
233,.0
-99,.0

224
5
219
73
230
-79

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

243,.9
5 .2
238 .8
76 .0
200,.6
-32,.6

221 .8
5 .2
216 .6
72..6
299,.8
-150,.6

227 .9
5 .5
222 .3
73 .4
231,.7
- 7 7 .2

231 .7
5 .7
226,.0
74..1
211,.0
-53,.4

236 .6
5 .5
231..1
74 .8
205,.7
-43,.9

241 .6
5 .2
236 .4
75 .6
200 .9
- 3 4 .9

246 .5
4 .8
241 .7
76 .3
188 .8
- 1 8 .6

Net physical investment:
(A) Residential construction
251.3
Expenditures
5.1
Mobile homes
246.2
Other
77.1
- Capital consumption
207.1
- Home mortgages
-32.9
= Excess net investment

51
52
53
54
55
56

57
58
59

406,.0
280..6
125..4

421,.1
305,.4
115,.7

455,.2
323,.7
131..6

473..2
340..7
132.,5

454,.6
321,.5
133..1

452,.5
325,.8
126,.7

467,.4
330..1
137..3

466,.4
334,.3
132..1

471,.0
338,.6
132 .4

486 .1
342,.8
143,.3

(B) Consumer durables
469.1
Expenditures
347.1
- Capital consumption
122.0
= Net investment

57
58
59

60
61

58..0
67..4

32..9
82..8

51..1
80,.5

46..1
86..3

51,.9
81..1

35,.5
91,.2

73..1
64.,3

34..8
97..3

46,.0
86,.5

34,,5
108,.8

62
63
64

16..1
14..1
2..0

18..3
14..8
3..5

19..0
15..4
3..5

19..5
16..1
3. 4

19..0
15.,4
3.,6

19..0
15..5
3.,5

19..2
15.,7
3. 5

19..3
15..9
3..4

19,.4
16..0
3,.4

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

65
66

14.5%
4.1%

15.1%
3.1%

14.4%
4.1%

14.6%
5.4%

14.6%
3.8%

14.2%
4.2%

14.2%
4.5%

14.5%
5.5%

14.8%
5.3%

14.5%
5.1%

14.6% Effective tax rate
5.6% Saving rate, NIPA basis

69.2
52.8

- Consumer credit
= Excess net investment

60
61

(C) Nonprofit plant and equip.
19.7
Expenditures
16.4
- Capital consumption
3.3
= Net investment

62
63
64

Percentages:

67

22. 7%

21.3%

21.8%

22.4%

21.8%

21.8%

22.2%

22. 8 %

22.7%

22.2%

21.9%

68
69
70
71

19. 4%
14. 9%
9. 6%
9. 3%

19.4%
11.6%
7.9%
8.2%

19.5%
11.9%
8.3%
8.1%

18.9%
11.5%
6.9%
6.6%

19.6%
12.5%
9.8%
9.8%

19.3%
12.6%
8.5%
8.0%

19.4%
11.5%
7.4%
7.6%

19. 0%
10. 2%
7. 2%
6. 9%

18.9%
12.4%
6.7%
6.2%

19.2%
11.3%
6.8%
6.6%

18.6%
11.9%
7.1%
6.8%

72

3109 .5

3302.2

3879.1

3531.4

3569.0

http://fraser.stlouisfed.org/
BILLIONS OF DOLLARS. LATEST
Federal Reserve Bank of St. Louis

DATA PRELIMINARY.

tal expenditures
isition of finan. assets
increase in liabilities
it market borrowing

65
66

68
69
70
71

3608.0 3687.1
3791 .0
3900.9
3963.3
rumA
, 3861.2
Adj. disposable income =
72
(NIPA disposable income + govt, insurance credits • capital gains divid.)

TABLE 4
Z7, MARCH 7, 1990
Nonfinancial Corporate Business

Nonfinancial Corporate Business
Sector Statements of Saving and Investment
SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
1988
III

I

1987

I

I

II

1989

III

Nonfinancial Corporate Business, Excluding Farms
1
2
3
4

156.5
75.2
91.8
-10.4

197.2
92.7
96.9
7.5

233.4
105.0
109.0
19.4

1
2
3
4

217.4
97.2
118.6
1.6

234.9
106.2
107.6
21.1

237.7
107.0
108.6

242.2
109.0
114.1
19.2

242.1
110.2
114.5
17.5

223. 7
100. 2
117. 5
5.,9

211. 4
94. 3
120. 0
-2. 9

192. 4 Profits before tax (book)
Profit tax accruals
84. 1
Domestic net dividends
122. 5
-14. 0 = Domestic undist. profits

38.9
296.6
16.3
373.9

33.9
302.1

24..9
310..8
24..1
365,.7

19. 0
320. 5
24. 3
360. 9

14. 0
324. 9
29.,1
353. 9

+

383.2

29.2
306.9
16.5
370.1

28.8

18.5
-20.1
381.6

30.1
-38.3
361.9

19 .6
-20,.5
364 .8

21.,5
-6..3
376..1

21.,2
-9.,4
365..7

+

-30.4
372.3

347.0
391.8
356.8
354.5
1.9
0.3
32.9

338.6
376.0
362.8
360.9

1.4
9.8
3.3

341 .9
388 .8
368 .2
369 .3
- 2 .1
1 .0
19 .0
1 .6

344,.9
388,.7
370,.5
374 .6
-5 .1
.1
15 .8
2 .4

342,.9 Gross investment
388 .8 Capital expenditures (1)
Fixed investment
361 .9
Plant and equipment
365 .3
Home construction
- 4 .6
Multifamily residential
1 .1
Inventory
change • IVA
24 .7
Mineral rts. from U.S. govt.
2 .3

-45.9 Net financial investment
20
80.5
Net acq. of financial assets 21

22.1

Capital consumption adj.
Depreciation charges, NIPA
Earnings rec. from abroad
U.S. internal funds, book

5
6
7
8

Fgn. earnings ret. abroad
Inv. valuation adjustment
Total internal funds + IVA

9
10
11

5
6
7
8

49.5
265.9
17.6
322.7

44.7
280.2
15.8
348.3

38.9
295.6
26.3
380.2

21.7
315.8
23.5
362.6

40.7
293.6
30.5
385.9

9
10
11

15.5
6.8
344.9

23.3
-18.9
352.6

17.4
-25.0
372.5

23.1
-18.6
367.1

10.1
-28.8
367.2

12
13
14
15
16
17
18
19

282.3
328.8
318.2
314.5
2.4
1.3
3.5
7.2

320.3
348.3
318.4
316.2
1.1
1.0
26.9
2.9

347.5
380.4
350.9
349.6
0.1
1.2
26.3
3.3

342.1
385.6
365.8
367.5
-2.8
1.1
17.3
2.4

342.1
380.7
352.2
351.0
1.2
22.7
5.8

349.6
390.1
356.0
355.1
-.5
1.4
31.4
2.7

20
21

-46.5
119.3

-28.0
105.6

-32.9
92.9

-43.5
77.4

-38.6
93.3

-40.5
110.8

-44.8
55.9

-37.3

-46.9

-43.8
40.5

22
23
24
25
26
27
28
29
30

75.7
20.0
7.2
5.3
12.2
5.9
14.5
3.1
7.6

7.7
-8.0
4.1
5.8
0.8
-2.8
3.6
2.6
1.7

35.0
15.7
8.0
4.7
8.2
-12.1
6.6
1.5
2.4

11.6
-6.5
-3.2
6.4
7.1
8.9
2.6
-3.5
-.1

8.5
1.3
5.1
6.3
6.4
-5.9
-4.3
-.9
0.4

58.2
14.7
9.5
3.9
4.6
-5.5
21.7
4.4
4.8

I.3
40.1
0.4

5.0
-34.4
-9.2
-4.4
3.1

15.5
-15.4
-9.9
7.0
16.9
25.9
-4.3
-4.7
0.1

39.1
-12.5
-.6
6.9
16.2

-22.5
7.4
-2.9
4.5
4.9
-32.9
3.2
-5.4
— 1.3

14.2
—5.6
0.5
7.1
-9.7
15.7
9.6
-2.5
-.8

Liquid assets
Checkable dep. and curr.
Time deposits
Money mkt. fund shares
Security RPs
Foreign deposits
U.S. govt, securities
Tax-exeufpt obligations
Commercial paper

22
23
24
25
26
27
28
29
30

5.3
1.6
22.5
55.5
11.0
-7.8
18.8

0.5
-3.2
7.3
47.9
29.7
0.9

10.8

-12.3

5.9

12.6
45.0
25.7

8.4
7.2
4.9
45.8
33.8

19.5

7.0
67.2
48.5
17.1
31.4

3.1
8.5
6.9
44.6

28.8

12.2
30.8
7.9
-2.5
10.4

Consumer credit
Mutual fund shares
Trade credit
Miscellaneous assets
Foreign dir.invest.(2,5)
Equity, etc.
Retained earnings

31
32
33
34
35
36
37

0.2

-4.2

-4.0

-8.8

-9.6

28.0

2.1

0.6

0.6

66.8

121.8

26.8
2.0

-1.4

1.8

31
32
33
34
35
36
37

0.1
3.2
16.2
24.1
12.4
2.1
10.3

2.4
2.1
66.4
26.9
33.1
6.9
26.2

2.6
-2.2
16.6
40.9
15.0
—. 4
15.3

1.3
6.1
7.8
50.7
33.7
7.4
26.3

38
39
40

4.2
0.1
7.4

10.9
0.4
-17.4

-1.0

-11.6

27.0

28.6

44.4

22.4

28.1

28.3

41
42
43

165.8
123.0
-80.8

133.6
69.0
-76.5

125.9
67.0
-130.5

120.9
65.3
-130.8

132.0
100.3
-140.0

151.2
77.0
-92.0

100.7
14.4
-195.0

104.2
12.8
-180.0

44
45
46

203.7
-9.9
121.3

145.5
-.9
99.9

197.5
0.1
114.1

196.0
-1.1
114.2

240.3
-1.6
135.2

169.0

209.4

192.8

110.9

98.4

100.0

28.3
1.9
0.5
25.9

15.6
0.9
0.7
13.9

14.1
0.1
1.0
13.1

6.1
-2.2
0.9
7.4

25.4

13.7
-.4

0.8
24.6

13.0

16.6
1.5
0.9
14.2

47
48
49
50
51
52
53
54
55
56

49.7
11.1
-9.3
-.2
11.3
1.5

1.1

1.1

0.8

2 6

%

-.8

6.0

6.2

2.6

26.8
0.2
26.6

6.2

27.6

=

=

Insurance receivables
38
Equity in sponsored ags. 39
Other
40

-13.0

-15.0

168.7
132.7
-105.0

84.3
39.9
-145.0

126.4
75.7
-93.0

237.7
-3.8
127.9

184.9
-.2
102.4

168.7
-1.7
126.4

15.6
0.5
1.0
14.2

0.3
-1.7
0.9

3.8
-4.1
0.9
7.0

4.7
-3.7
0.9
7.5

Mortgages
Home mortgages
Multifamily
Commercial

47
48
49
50

40.6
10.5
39.2
6.1
16.4
0.4

34.3
13.3
16.7

32.9

13.7
-1.3

2.1

-14.3
8.7

Bank loans n.e.c.
Loans from foreign
Commercial paper
Accept, liabs. to bks.
Nonbank finance loans
U.S. government loans

51
52
53
54
55
56

1.1

1.1

Net increase in liabilities
Net funds raised in mkts.
Net new equity issues
Debt instruments
Tax-exempt debt (3)
Corporate bonds (2)

4.6
1.9
2.3
5.1
16.9
0.1

32.6
11.0
11.6
-. 6
15.8
-1.0

27.9
13.3
20.8
4.6
10.6
-.3

54.8
5.6
6.8
5.1
11.2
-2.2

-.3
12.7
17.1
-2.4
16.7
-.5

66.1
-3.0

-1.1
II.5
1.7

4.0
19.2
41.4
1.3
12.4
-2.2

1.6
-5.4
59.5
58.7
0.8

-14.8
-9.6
56.2
51.8
4.4

5.9
14.5
53.8
47.4
6.4

-5.9
15.1
77.0
67.0
10.0

17.6
-10.0
83.8
87.0
-3.3

-3.6
-12.7
52.3
48.0
4.3

-7.2
-1.3
53.0
48.2
4.7

-.3
2.3
48.8
51.4
-2.7

22.8 Discrepancy

20.0

10.0

2.0

Profit taxes payable
Trade debt
Fgn.dir.invest.in U.S.(5)
Equity, etc.
Retained earnings

57
58
59
60
61

3.6
3.1
36.1
35.4
0.7

-.7
18.0
47.3
45.4
1.9

-1.9
3.2
57.6
51.9
5.7

62

62.6

32.4

25.0

25.0

25.1

22.7

34.6

23.3

22.9

31.1

63
64

13.1
74.1

48.4
95.9

13.5
109.2

13.3
111.4

32.2
107.8

-7.3
120.8

-2.9
121.2

22.6
88.1

19.7
129.9

8.2
124.9

65
66
67

139.7
64.0
70.8

114.6
30.9
48.3

128.3
69.3
70.5

119.1
76.9
73.1

159.0
81.3
56.8

125.7
43.3
63.7

114.2
95.3
104.5

116.7
76.1
83.7

124.5
113.2
96.9

106.1
78.8
70.3

68
69
70

48.0%
95.3%
61.9%

47.0%
98.7%
41.7%

45.0%
102.1%
51.9%

44.7%
105.0%
50.8%

45.2%
103.6%
63.1%

45.0%
104.7%
43.3%

45.0%
102.6%
53.4%

45.5%
103.8%
51.2%

44.7%
106.5%
61.1%

44.6%
103.3%
47.5%

71
72
73

3,.5
6,.8
-3,.3

26,.9
-18,.9
45..9

26,.3
-25..0
51..3

17..3
-18.,6
35..9

22.,7
-28..8
51,.5

32.9
-20.1
53.0

9.8
-38.3
48.1

19.0
-20.5
39.5

15.8
-6.3
22.1

74
75

322 (1
322,.7

367..2
348..3

405 .4
380 .2

404..2
362,.6

409 .5
385 .9

420.5
373.9

411.9
383.2

414.3
370.1

76

.6

18 .9

25 .3

41 .6

23 .6

46.6

28.7

44.2

409.3
395.0
398.2 Total cap. expend, before IVA
353.9 Less: US internal funds, book
365.7 * 360.9
= Financing gap: Excess of capital expenditures
43.6
34.2
44.3
over U.S. internal funds


http://fraser.stlouisfed.org/
BILLIONS OF DOLLARS.
Federal Reserve Bank of St. Louis

Memorandum items:
2.6 Trade credit net of trade debt
102.7 Profits tax payments
Debt subtotals:
129.4 Securities and mortgages
39.3 Loans and short-term paper
41.3 Total short-term liab. (4)
Percent ratios:
43.7% Effective tax rate
106.3% Capital outlays/internal funds
43.3% Cr. mkt. borrowing/cap. exp.
(1) Capital outlays on book basis:
24.7 Inventory change, NIPA
-9.4 Less: Inv. val. adjustment
34.1 = Inventory change before IVA

(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries;
U.S. direct investment abroad is before subtracting net inflows of
capital from Netherlands Antilles subsidiaries to U.S. parents.
(3) Industrial revenue bonds. Issued by state and local governments
to finance private investment and secured in interest and
principal by the industrial user of the funds.
(4) Loans and short-term paper, taxes payable and trade debt.
(5) Direct investment totals and retained earnings exclude
capital gains/losses included in balance of payments statistics.
LATEST DATA PRELIMINARY.

12
13
14
15
16
17
18
19

41
42
43
44
45
46

57
58
59
60
61

63
64
65
66
67
68
69
70
71
72
73
74
75

TABLE 5
27, MARCH 7, 1990
Funds Raised in Credit Market;

Funds Raised in Credit Markets
Summary of Net Funds Raised in Credit and Equity Markets

ANNUAL FLOWS. $ BILLIONS

ANNUAL FLOWS, $ BILLIONS
1985

1986

Net Credit Market Borrowing by Nonfinancial Sectors
1

372 .1

381 .0

337 .4

382 .4

395 .3

536 .8

750 .7

846 .3

831 .1

693 .2

754 .5

Tot;
695.2

nonfinancial sectors

1

2
3

53 .7
55 .1
-1

37 .4
38 .8
-1 .4

79 .2
79 .8
.6

87 .4
87 .8
.5

161 .3
162 .1
.9

186 .6
186 .7
.1

198 .8
199 .0
.2

223 .6
223 .7
.1

215 .0
214 .7
0 .4

144 .9
143 .4
1 .5

157 .5
140 .0
17 .4

149.8
150.0
-.2

U.S. government
Treasury issues
Agency issues 8 mortgages

2
5
4

Private domestic
nonfinancial sectors

5

*

~

5

318 .4

343 .7

258 .3

295 .0

234 .1

350 .2

551 .9

622 .7

616 .1

548 .3

597 .1

545,4

6
7
8
9
10
11
12
13

202 .5
29 .5
21 .1
151 .8
110 .2
10,.9
21..9
8 .8

209 .9
27 .7
17,.3
164,.9
116..6
10..0
24. 4
14..0

185 .2
24,.7
27,.7
132..9
95..3
7..6
19..2
10..7

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

157 .2
50 .4
18 .7
88 .2
53 .4
5 .4
25..2
4.-1

247,.2
43,.3
16..0
187..9
120.,4
14..1
51..0
2. 4

320 .0
51 .0
46 .1
222,.8
136,.7
25,.2
62..2
-1..2

451 .4
135,.4
73,.8
242..2
156. 8
29..8
62..2
-6. 6

460..3
22..7
121..3
316..3
218.,7
33.,5
73. 6
-9. 5

458 .5
34
99 .9
324 .5
234,.9
24,.4
71,.6
-6..4

454 .6
34.,0
114,.1
306..5
231..0
16.,7
60. 8
-2,,1

393.8
24.2
114.2
255.5
196.1
15.8
43.9
.3

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

6
7
8
9
10
11
12
13

14
15
16
17
18

115..9
45.. 1
40..3
2. 7
27. 8

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

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

129. 3
16. 9
49. 2
14. 7
48. 5

76.,9
16..4
50. 9
-6.
15. 8

103. 0
49. 0
23. 6
8
31. 3

231..9
81. 6
66.,3
21. 7
62. 2

171. 3
82. 5
38. 6
14. 6
35. 6

155. 8
58.
66. 7
-9. 3
40. 5

89..7
32..9
10. 8
2.,3
43. 8

142. 5
51., 1
38. 4
11. 6
41. 5

151.6
46.1
33.0
20.8
51.7

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

14
15
16
17
18

19
22
23
24
25

318 .4
17 .7
1
165,. 6
135,. 1
16,.3
47,.9
71,.0

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

258 .3
11 .6
117 .3
129 .3
15 .8
55 .8
57 .8

295 .0
17 .1
113 .9
164,.0
16,.3
44,.4
103..3

234 .1
27 .7
84 .0
122 .4
6 .7
71 .8
43,.9

350 .2
23 .6
186,.1
140,.5
3,.9
81..9
54..8

551 .9
28 .1
231 .5
292 .3
.4
123 .2
169 .6

622 .7
90 .9
284 .6
247,.2
-14,.5
129,.3
132.,4

616 .1
36 .2
289 .2
290 .7
-16,.3
103 .2
203,.7

548 .3
33 .6
271 .9
242,,8
-10..6
107,.9
145..5

597 .1
29 .8
289,.8
277,,5
-7..5
87 ,4
197. 5

545 ,4
24 .7
258,.5
262,,2
0,.3
65.,9
196,,0

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

19
20
21
22
23
24
25

26
27
28
29
30

24..0
4..0
18. 3
1.,0
0. 7

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

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

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

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

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

8 .4
3,.8
-6,.6
6,,2
5..0

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

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

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

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

8 Q

31

396. 1

396. 0

361..6

405. 9

411.,3

554. 1

759..1

847. 5

840. 9

698. 1

761. 4

703.
703.2
2 Total domestic plus foreign

0

.1

5,
1,,0
12.,3
-10. 5

gn. net borrowing in U.S.
Bonds
Bank loans n.e.c.
Commercial paper
U.S. govt. 8 other loans

26
27
28
29
30
31

Net Credit Market Borrowing by Financial Sectors
Total net borrowing
by financial sectors

1

73 .3

89.6

65.4

103.6

90 .8

100.3

150 .7

201 .3

318 .9

315 .0

246 .5

201 .5

2
3
4
5

37 .1
23 .1
13 . 6
0 .4

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

187 .9
15 .2
173 . 1

185 .8
30 .2
156 .4
.8

119 .8
44 .9
74 .9

140 .4
25 .0
115 .4

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

6
7
8
9
10
11

36,.2
7,.8
0,.2
1,.8
13..9
12..5

41.7
5.5

20.6
1.6

56.2
6.0

32.5
18.6

0.2
26.8
9.2

-1.0
12.9
7.1

1.2
32.7
16.2

25,.9
13..7
0..1
1. 4
9.,9
0.8

-.4
21.3
-7.0

75 .9
34 .3
0 .4
1 .4
24 .0
15,.7

99 .7
50 .9
0 .1
2 .6
32 .0
14,.2

131 .0
82 .9
0 .1
4 .0
24 .2
19,.8

129 .2
78 .9
0,.4
-3,.3
28..8
24..4

126 .7
51 .7
0,.3
1,.4
53..6
19..7

61 .1
38 .7
.1
1 .3
32 .2
-11 .0

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

12
13
14

73..3
23..5
13.,6

89.6
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

318,.9
14..9
173.. 1

315.,0
29..5
156. 4

246..5
44..9
74..9

201,.5 Total, by sector
25..0
Sponsored credit agencies
115..4
Mortgage pools

12
13
14

15
16
17
18
19
20
21
22

36. 2
5
7. 5
14, 6
0. 4
14. 6
4

41.7
9.1
4.1
9.5
0.7
18.5

20.6
8.3
6.7
6.8
0.7
-1.3
-.5

56.2
11.6
10.8
15.6
0.4
18.0
-.2

25. 9
11. 7
7. 1
1. 7
6
5. 4

32.5
5.0
13.3
-6.2
-.4
17.4
-.2
3.6

75..9
7..3
16..1
17..2
1.,2
24. 0
0.8
9. 3

99..7
-4..9
16.,6
17..3
1.,5
57. 2
0. 5
5

131.,0
-3., 6
15.,2
20. 9
4. 2
54. 5
I. 0
39. 0

129. 2
7.,1
14. 3
19. 6
8. 1
40. 3
0. 8
39. 1

126. 7
-3. 9
5. 2
19. 9
1. 9
67. 0
4. 1
32. 5

61..1
0..7
7..5
-14. 6
-1. 6
49. 0
-1. 2
21. 3

15
16
17
18
19
20
21
22

-

0. 6

-

~

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

1
2
3
4
5
6
7
8
9
10
11

Total Net Credit Market Borrowing, All Sectors, by Type
1
2
3
4
5

469 .4
90 .5
29 .5
32 .9
151 .9

485 .6
84 .8
27 .7
26 .5
164,.8

427 .0
122 .9
24,.7
30,.5
132,.7

509.5
133.0
33.7
34.3
109.1

502
.1
502.1
225 .9
225.9
50,.4
39,
.0
39.0
88 .2
88.2

654
.4
654.4
254
.4
254.4
43 .3
37,
.8
37.8
187,.8
187.8

909
909.8
.8
273
273.8
.8
51 .0
84
84.3
.3
223.1
223 .1

1048.8
1048
.8
324.2
324
.2
135 .4
128.4
128
.4
242.2
242 .2

1159.8
1159.
.8
403.4
403.
.4
22..7
207.3
207.
.3
316.4
316.
4

1013.2
331.5
34.1
186.3
324.9

1007..9
277..2
34..0
172. 7
306. 7

6
7
8
9

45,.1
60,.3
17..7
41..5

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

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

16.9
53.5
51*3
77.7

16.
.4
16.4
46..7
5.
.7
5.7
30.
,0
30.0

49,.0
49.0
26..8
26.
.9
26.9
28.
4
28.4

81,
81.6
.6
61,.1
51,
51.9
.9
82.9
82.
.9

82.5
82,
.5
38 .3
52.8
52,
.8
45.0
45.
.0

58.0
58.
0
69. 7
26.4
26.
4
56.11
56.

32.9
3.8
33.2
66.5

51. 1
38. 0
74. 9
53. 4

7. 3

-7. 1

6..3

14. 4

382.4
87.4

388.
388.11
154.
0
154.0

543.
9
543.9
193. 7
193.7

744.4
744.
4
192. 5
192.5

831.99
831.
209.3
209..3

10

3..8

0.,6

-3. 8

11
12

368..3
49.,9

380. 4
36. 8

341.,3
83. 0

*

831.2
831.
2
215.0
215.
0

-7.9
701.1
152.8

904. 7 Total net borrowing
290.,2
U.S. government securities
24.,2
Tax-exempt obligations
157. 9
Corporate 8 foreign bonds
255. 4
Mortgages
46. 1
35. 3
65. 3
30. 2

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

1
2
3
4
5
6
7
8
9

10. 4
-10. 7 Memo: U.S. govt, cash balance 10
net of changes in U.S. govt, cash balances:
744. 2
706. 0 Net borrowing by dom. nonfin. 11
147. 1
160. 5
By U.S. government
12

External Corporate Equity Funds Raised in U.S. Markets
1
2
3
4
5

2.0
-.1
2.1
-.1
2.5

-3.8
0.4
-4.1
-7.8
2.7

20.3
2.9
17.4
12.9
2.2

-4.8
3.7
-8.5
-11.5
2.7

21 .2
8 .8
12 .4
6,.4
4,.7

58 .1
27 .2
30 .8
23,.5
3,.6

6

-.4

1.0

2.4

0.2

1..4

3..7

HISTORICAL DATA ON NET FUNDS RAISED




-36,.0
29,.3
-65..3
-74. 5
8.,2

20 .1
84 .4
-64,.3
-81,.5
13..5

90 .5
159,.0
-68,.5
-80,.8
11..1

14 .3
71 .6
-57,.3
-76..5
21..4

-117 .9
.7
-117 .2
-130,.5
12..4

9

3.,7

1..2

-2..1

0 ..9

0.

-60.9 Total net share issues
38.2
Mutual funds
-99.0
All other
-130.8
Nonfinancial corporations
14.1
Financial corporations
Foreign shares
17.7
purchased in U.S.

l
2
3
4
5
6