Full text of Z.7 Flow of Funds Summary Statistics : March 8, 1989

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FEDERAL RESERVE statistical release
Z.7 (788)

For immediate release
March 8, 1989

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors grew at a seasonally adjusted annual
rate of 7.9 percent in the fourth quarter of 1988, down from the third-quarter pace
of 8.7 percent. The slowing was entirely attributable to a deceleration of federal
debt, from 9.2 percent to 6.0 percent. Nonfederal debt continued to grow at a rate
of 8.5 percent in the fourth quarter.
Within the nonfederal sectors, total household debt growth declined
about a percentage point. Home mortgage borrowing slowed during the quarter from
the more robust pace of the summer and fall. In contrast, consumer credit rebounded
from the rather low growth recorded in the third quarter. Business borrowing picked
up in the fourth quarter and was concentrated mainly in short-term markets, as
mergers and other corporate financial restructurings continued to result in
substantial net equity retirements. The acceleration in business debt roughly
offset the decrease in borrowing by households and by state and local governments.
Net borrowing by all domestic nonfinancial sectors in the fourth quarter
was $701 billion at a seasonally adjusted annual rate. The period-end level of
total outstanding debt was $9.0 trillion (Table 1). Debt of nonfederal sectors
accounted for $6.9 trillion of this total, and the federal component was $2.1
trillion.

Growth Rates of Major Debt Aggregates—^
(Percent annual rates of change, seasonally adjusted)
Total
domestic
nonfinancial
debt
(1)

U.S.
govt.
(2)

Total
(3)

Households
(4)

Nonfin.
business
(5)

State &
local
govts
(6)

12.2
9.0
8.6

13.4
8.0
8.0

11.8
9.3
8.8

12.2
10.0
8.8

12.0
9.0
9.2

9.3
6.5
6.3

1987- III
IV

8.2
9.5

5.4
8.8

9.1
9.7

10.4
9.6

8.4
10.6

6.5
6.0

1988--I
II
III
IV

8.6
8.1
8.7
7.9

11.6
4.4
9.2
6.0

7.7
9.3
8.5
8.5

7.2
10.6
8.7
7.6

8.9
8.8
8.3
9.6

3.5
5.2
8.1
7.7

1986
1987
1988

—

-Nonfederal-

Changes shown are on an end of period basis and thus may differ from
month-average data in the Board's H.6 release.




Growth Rates of Debt Aggregates: Supplemental Data
(Percent annual rates of change, seasonally adjusted)
Domestic
nonfinancial
sectors

Foreign

Total:
All
Sectors

Financial
sectors

Memo:
Private
financial assets

12..2
9.
.0
8..6

4.1
1.8
3.8

24.6
20.1
12.9

13. 8
10. 6
9. 2

8. 0
6. 6
6. 6

1987--III
IV

8..2
9..5

5.2
5.8

17.8
14.0

9. 8
10. 2

6. 8
10. 3

1988--I
II
III
IV

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

-.4
2.1
1.9
11.5

7.2
13.9
12.0
16.2

8. 1
9. 0
9. 1
9. 5

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

1986
1987
1988

.

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. 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. Changes in outstandings as printed can give growth rates that differ from
those shown above.
The following list gives the lines in Tables 1 and 2 that underly the
calculation of growth rates shown on page 1 of this release:
Growth Table (column)
Total domestic nonfinancial
U.S. government
Private domestic nonfinancial
Households
Nonfinancial business
State & local governments

Tables 1 and 2 (row)

1
2

1
2

3
4
5
6

5
21
22
20

Debt of domestic residents includes credit market funds raised from both
domestic and foreign sources, while foreign debt represents amounts owed by foreign
financial and nonfinancial entities to U.S. holders only. Financial sectors
consist of U.S. Government sponsored credit agencies, federally-related mortgage
pools, and private financial institutions. Credit market debt excludes trade debt,
loans for the purpose of carrying securities, and funds raised from equity sources.
It consists of debt securities, mortgages, bank loans, commercial paper, consumer
credit, government loans, and other loan forms included in Table 1.
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.



TABLE 1

Z 7 , M A R C H 8 , 1989
C r e d i t M a r k e t Debt

Credit Market Debt

Summary of Credit Market Debt Outstanding
PERIOD-END LEVELS

PERIOD-END LEVELS

1982

1983

1985

1986

I
I

1987
III
III

1988
IV
IV

I

I

II

III

Credit Market Debt Owed by N o n f i n a n c i a l Sectors

1
2
3
4

4 6 5 4 .6
991 .4
98 7 . 7
3,.7

5204,.3

5953,.7

6797,.0

7618 .1

8074,.9

8 3 0 2 .7

8441 .2

8618 .5

8797 .7

Tot;al credit m a r k e t debt owed by
domestic n o n f i n a n . sectors
9002 .8

1177,. 9
1174,.4
3,.6

1376,.8
1373,.4
3,.4

1600,.4
1597,. 1
3..3

1815 .4
1811 .7
3,.6

1897.8
1893.8
3,.9

1960 .3
1955 .2
5 .2

2003.2
1998 . 1
5 .0

2022 .3
2015 .3
7 .0

2063 .9
2051 .7
12..2

2117 .8
2095..2
22,,6

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 & m o r t g a g e s
P r i v a t e domestic
n o n f i n a n c i a l sectors

5

3663,.2

4026..4

4577,.0

5196,.6

5 8 0 2 .7

6177 .2

6342 .4

6438 .0

6596 .2

6733 .7

6885..1

6
7
8

2460..2
417..9
4 0 7 .0

2717,.8
471,.7
423,.0

3040,.0
522,. 1
469..2

3488 .4
658..4
542,.9

3946 .4
689 .2
664 .2

4297,.0
715,.5
743..7

4404 .5
723 .7
764 .1

4476 .2
728 .0
789 .5

4587 .9
735 .8
8 1 9 .1

4698..1
749..4
841..7

4 7 9 8 .0
760.. 1
861 ,
.5

9
10
11
12
13

1635..3
1079,.8
144,.8
299 .4
.3
111 ,

1823.. 1 2 0 4 8 . 8
1336..2
1200..2
158..8
183,.6
350..4
416.5
113,.7
112,.4

2287,. 1 2593 .0
1490,.2
1699 .6
213..0
246,.3
478.. 1
551 .4
105..9
95 .8

2837,.7
1853,.8
265..0
629 .0
90..0

2916
1908
270
649
88

.6 2958 .8
.7
1935 .8
.0
274 .4
660 .6
. 1
8 8 .0
.9

3033 .0
1996 .7
275 .2
673,.3
8 7 .8

3107..1
2052..0
277,.8
690,.1
87,.2

3176..4
2100.. 1
284,. 1
705.,7
86,,5

Mortgages
Home mortgages
M u l t i - f a m i l y resid.
Commercial
Farm

9
10
11
12
13

14
15
16
17
18

1203
388
464
37
312

1308,.6
437..7
4 90..2
36.8
344 .0

1536,.9
519..3
552..9
58..5
406..2

1708..2
601 .
.8
592..6
72 .2
441 .
.6

1856 .3
656..2
658,.6
62,.9
478 .6

1880..2
680 .9
637,.5
68 . 1
493..7

1937,.9
696 .9
656,.7
73,.8
510..5

1961 .8
692 .2
668 .4
73.5
5 2 7 .7

2008,.3
709..6
689..3
77 .8
531,.6

2035,.6
725.,7
689..8
80,.3
539,.8

2087,. 1
746,.2
699,,2
85,.4
556,.3

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

3663..2
323..7
1625 .5

4026,.4
357..7
1811,.6

4577,.0 5196..6
385.. 1
476..9
2038,.2 2314..5

5802,.7
520,.2
2594,.2

6177..2
546..2
2762..8

6342 .4
554 .2
2836 .5

6438 .0
557 .2
2862 .0

6596..2
564,.1
2942,.8

6733,,7
577,.5
3012..6

6885,, 1 By borrowing s e c t o r :
State & local g o v e r n m e n t s
588..5
3079..4
Households

19
20
21

22
23
24
25

1714.. 1
184 .5
564 .0
965,.6

1857,. 1 2153,.7
188 ,
.4
187,.9
645.8
769 .0
1022,.9
1196.8

2405..2
173,.4
898..3
1333.5

2688,.3
156,.6
1001 ,
.6
1530,. 1

2868,.2
148..5
1076..4
1643..3

.6
2951 .
145,.5
1109 .5
1696 .6

3018 .9
141 .3
1131 .8
1745.8

3089,.3
143..9
1148,.6
1796..8

3143..6
143,.7
1167,.9
1832,.0

3217..2
141 .
.7
1190,,2
1885.,3

Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

22
23
24
25

26
27
28
29
30

209 .9
61 . 1
33 .8
15 . 1
100,.0

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

238 .2
74 .8
26,.9
37.4
99 . 1

238,.9
75,.9
24,.2
40..6
98..2

F o r e i g n credit market debt
253,.6 held in U.S.
91 . 1
Bonds
.5
Bank loans n.e.c.
22 .
50.,9
C o m m e r c i a l paper
89.. 1
U.S. govt. 8 other loans

26
27
28
29
30

31

.0
.7
. 1
.6
.7

4864..6

227 .3
64,.2
37 .4
21 .5
104,. 1
5431 .6

235,. 1
68,.0
30.8
27,.7
108..6
6188,.8

7033,.7

7856,.3

8313..9

244,.3
81 .6
23,.3
41 .2
98,. 1
8547,.0

245 . 1
85.4
22 .8
42 .5
94 .4
8686 .4

246..4
85 .2
22..4
44..0
94..7

246,.6
86,.5
22,.7
46.,3
91,. 1

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

8864..8

9044.,3

9256..4 Total n o n f i n a n . d o m e s t i c S fgn

6
7
8

Credit Market Debt Owed by F i n a n c i a l Sectors

1

758,.4

8 5 7 .9

1006..2

2
3
4
5

388 ,
.9
205,.4
178..5
5,,0

456,. 7
206..8
2 4 4 .9
5 .0

531..2
237..2
289.,0
5.,0

6
7
8
9
10
11

369,.5
98,.3
2,.0
29..0
174.,2
6 6 .0
.

401
115
2
28
195
59

475..0
148..9
2..5
29..5'
219..5
74..6

12
13
14

758..4
210,.4
178,.5

8 5 7 .9
.8
211 ,
244..9

15
16
17
18
19
20
21

369,.5
,8
71 .
59..0
75,.9
158 .5
3 .7
0..6

401 .2
76,.8
71 .0
73 .9
171 .7
3 .5
4 .2

.2
.8
. 1
.9
.5
.0

1006..2
242..2
289..0
475..0
84 . 1
86..6
93..2
193,.2
4,.3
13 .5

1510 .8

1783,.8

1862.,8

1882..9

1954..9

2014 .6

2102..8

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

810,.3
273..0
531 .6
5,.7

981 ..6
283,.7
692 .9
5 .0

1026.5
303..2
718..3
5..0

1050..6
313..5
732.. 1
5..0

1076..9
317..9
754,.0
5 .0

1116
328
782
5

.3
.5
.8
.0

1162..6
348 .2
8 0 9 .4
5 .0

573,.4
197,.5
2,.7
32 . 1
252,.4
88.8

700,.5
2 6 8 .4
2. 7
36.. 1
284,.6
108 .6

802,. 1
324,.2
2,.9
42 .2
312,. 7
120.. 1

832..4
337..5
3.. 1
31 .
.7
330..6
129..5

878..0
352..3
3 .1
34,.3
353,.4
134..8

8 9 8 .3
362 .8
3
32 .9
358 .0
141 .6

940 .2
372 .9
3 .0
34 .6
376 .9
152 .8

1882..9
318..5
732,. 1

1954..9
322 .9
754,.0

2014 .6
333..5
782 .8

8 3 2 .4
76..4
88,.8
177,.4
368..4
7,.6
113..9

878,.0
77,.2
91 .8
186 .9
392..4
8 .0
121 .7

8 9 8 .3
76,.6
92,.2
197,.9
397 .1
7 .6
127 .0

1206,.2

1206,.2
263,.9
368,.9
573,.4
79 .2
101 .2
,
115,.5
246,.9
5 .6
25 .0

1510,.8
2 78 .7
531 .6
700..5
75 .6
101 .3
145 . 1
308 .1
6 .5
64 .0

1783..8
288..7
692..9
802.. 1
78,.6
109,.5
165.4
340,.4
6 .8
101,.6

836..3
335..6
3., 1
40.,8
323..8
133.. 1
1862..8
308..2
718,.3
836..3
82..7
104..2
181 . 1
358 .0
7..3
103,. 1

Total credit m a r k e t debt owed
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
S p o n s o r e d 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
P r i v a t e financial s e c t o r s
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
Fed. Home Loan Bank loans

6
7
8
9
10
11

agencies

12
13
14

Private financial sectors
C o m m e r c i a l banks
Domestic affiliates
S a v i n g s and loan assns.
Finance companies
REITs
C M O Issuers

15
16
17
18
19
20
21

2102..8 Total» by sector
353.. 1
S p o n s o r e d credit
809..4
M o r t g a g e pools
940..2
78..1
91 .4
210..3
416..4
8 .9
135 . 1

2
3
4
5

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

5623..0

6289,.5

7195..0

8239..8

9367,.2

2
3
4
5

1375.,0
417.,9
566. 4
1637..7

1629,.4
471..7
603,.0
1825..4

1902..8
522..1
686,.0
2051,• 4

2227..0
658,.4
812,,1
2289,.8

2620,.0
689,.2
1007..4
2595..8

2 8 7 4 .4
715 .5
1143,.9
2 8 4 0 .7

2981..8
723,.7
1181,.4
2919..8

3048 .8
728 .0
1212..3
2961..9

3094,,2
735..8
1256..6
3036,.1

3175..2
749,.4
1291,.0
3110,.2

3275,.4
760.
1325,.4
3179..5

6
7
8
9

388..7
526..8
226..8
483..6

437,.7
556,.5
253..8
512..1

519,.3
613..2
305,.7
594.,4

601,.8
652,.6
358,.5
639,,5

656 .2
721..6
384 .9
692..0

680,.9
703.8
421..4
717..0

696..9
720..8
438..8
746..6

692 .2
722..9
446..7
756,.6

709..6
746.. 0 .
475..3
766-.1

725..7
745..4
484..6
777,.4

746..2
756..4
513..1
803..1

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




10097..6 10409..8 10569..3 10819,.7 11058..9 11359,.2 Total credit m a r k e t debt

1

U.S. g o v e r n m e n t s e c u r i t i e s
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

Z7» MARCH 9, 1989
Funds Raised in Credit Markets

Funds Raised in Credit Markets
Summary of Net Funds Raised in Credit and Equity Markets
QUARTERLY NET FLOWS, $ BILLIONS

QUARTERLY NET FLOWS, $ BILLIONS
1987
IV

1988

I
I

II

I

"(NS57'

III

IV

I

I
I

1987
IV

I
I

I

TSMRJ

Net Credit Market Borrowing by Nonfinancial Sectors
205 .1

769 .4

713 .9

687 .8

748 .8

Total net borrowing by domestic
nonfinancial sectors
700,,7

41 .7
36 .4
5 .2

53 ,8
43 .4
10 .4

168 .2
163 .2
5 .0

227,.7
.2
- .5

89 ,2
81 .5
7 .7

188 .6
167 .7
20 .9

124 .4
8 2 .8
41 .6

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

162 .3

142,.9

151 .3

601 .2

486..3

598 .6

560 .2

576 .3

Private domestic
nonfinancial sectors

5

74, 9
4, 3
25.,3
45.,3
29.,3
4. 8
12.,0
8

115..8
7..8
29..6
78,.4
63..8
1..4
13 .5
.2

110 .2
13..6
22..6
74 .0
55,.3
2 .6
16,.8
- •.6

99 .9
10 .7
19 .8
69 .4
48
6 .3
15,.6
- •.7

415 .8
33 .5
81 .6
300 .8
206 .9
15 .9
79 .9
-1 .9

351 .2
24..8
101..4
225 .0
162,.4
23,.6
44,.9
— 6,.0

445 ,8
32 .6
118 .4
294 .8
240 .3
2 .6
53 .5
-1 .7

424 .9
44 .4
90 .3
290 .1
206 .5
13 .5
71 .8
-1 ,6

381 .4
43 .5
79..3
258..5
176..6
20,.6
61 .5
,
- •. 1

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

6
7
8
9
10
11
12
13

49 .7
16.. 1
19..8
-3..0
16,,7

23..9
-4. 7
11 .6
.3
17.,2

46..5
17..4
20,.9
4..3
3,.9

32,,7
16..2
0.,5
2 .5
13,.6

51 .4
20 .5
9 .4
5 .1
16 .5

185 .4
49,.4
85 .3
3 .9
46.9

135,. 1
34..8
36,. 1
-3,.8
67.,9

152 .8
59 .5
76 .0
4 .0
13 ,4

135 .4
34 .9
9.5
11 . 1
79 .9

194,.9
67..9
48..4
35.. 1
43,.5

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

157..4
8.. 1
76,.9
72 .4
-3..0
33 . 1
42,.3

98. 8
2. 9
29. 3
66. 6
- 4 .2
3
48. 4

162. 3
7..0
78..2
77..2
2..6
16, 8
57. 8

142..9
14..0
72..9
56..0
0.2
20.,8
35,.0

151 .3
11 .0
68 ,5
71,,9
-2,.0
.2
51 .7

601 .2
.
32,.9
264,.9
303..4
3..3
116..3
183 .8

486..3
19. 5
203..0
263.,7
-15. 6
86. 4
192.,9

598..6
29..2
304,.6
264..8
-3,.6
70..9
197..6

560..2
46..1
258..3
255..8
,8
-1 ,
99..7
158..0

576.,3
44.,6
,9
301..7
7.,5
71 ,
.6
,7

By borrowing sector:
StateSlocal governments
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate

19
20
21

26
27
28
29
50

3,.6
5..7
.9
-i!- 1
, 1

0. 9
3. 8
5
1. 3
-3, 7

1 ,2
,
.2
4
.5
0..3

142. 5

182,,6

219 .9

141..6

2
3
4

62
61 .3
1,.2

42.,9
43.,0
.1

5

157 .4

98,,8

6
7
8
9
10
11
12
13

107 .7
8 ,2
20 .4
79 .1
55 . 1
5 .0
20 . 1
-1,.1

14
15
16
17
18

1

31

223.5

181 .4
19 . 1
17 .2
\.9

184 .6

0..3
1.• 3
0..3
2..3
-3,.6
184.,8

7,.0
4 5
, 1
4 ,6
.0
212..1

13,.9
21.,6
-6., 1
-2..5
0.,8
783 .2

.0
-1 .
16..8
0.. 7
1 .5
-19.. 9
713,,0

1

24
25

4..6
6.,5
2..9
10..7
-15..6

28. 5 Fgn. net borrowing in U.S.
17..2
Bank loans n.e.c.
-3..2
Commercial paper
20.,0
U.S. govt. 8 other loans
-5.,5

26
27
28
29
30

693 .0

753.,4

729.. 1 Total domestic plus foreign

31

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

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

1

68.. 7

20.1

71 .9

59.7

88.2

250,.2

134 .4

262 .9

235.5

327.,0

2
3
4
5

-8
44 ,
19.5
25..4

24 . 1
10.3
13.8

26 .3
4 .4
22 .0

39,4
10.6
28.8

46.3
19.7
26.6

167..5
71..6
95..9

120..3
56..8
63 .4

101 .8
9 .4
92 .4

150.6
42.8
107.8

.7
171 .
70.,8
100.,9

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

6
7
8
9
10
11

°5.
,9
11 .4
0..2
T-l .4
.
0.,7
13. 0

-4.0
1.9

45 .6
14 .8

20.4
10.5

41.9
10.1

84.9
40.9

2 .7
.8
^5 .3

-1.4
4.6
6.7

1.7
18.9
11,2

14,. 1
11 .1
. 1
-26.8
24 .6
' 5 .4

161 .1
60 . 1

-9.1
6,9
-3.6

82..7
42. 4
0. 8
-10,,7
5..4
44..9

8 .7
82 .2
10 .1

—8.6
26.1
26,6

155..3
37..0
,2
2..1
79. 6
36..8

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

12
13
14

68. 7
19. 5
25..4

20. 1
10.3
13-8

71 .9'
4 .4
22 .0

59.7
10.6
28.8

88.2
19.7
26.6

250.,2
71..6
95.,9

134,.4
56..8
63 ,4

262 ,9
9 .4
92 .4

235.5
42.8
107.8

15
16
17
18
19
20
21

23-.9
4.. 1
- 5 .3
15 .7
7 .3
0 .6
1 .5

45 ,6
0 8
3 .0
9 .5
24 .0
0 ,4
7 .8

20.4
-.7
0.4
11,0
4.7
-.4
5,3

41.9
1.6
-.8
12,4
19.3
1.3
8.0

82,.7
15,,0
-22. 6
51..9
30..2
2..2
6..0

14..1
.4
-67,,4
9,. 1
50,.9
1,.0
43..0

161 .1
6 .2
11 .3
16 .6
94 .2
1 .7
31 .2

84.9
-8.3
9.7
54.3
9.4
-1.4
21.3

-

-4.0
-6.2
-15.4
-3,7
10.4
0.2
10.8

-

-

-

1
2
3
4
5
6
7
8
9
10
11

327.,0 Total, by sector
Sponsored credit agencies
70..8
Mortgage pools
100..9

12
13
14

Private financial sectors
Commercial banks
Domestic affiliates
Savings and loan assns.
Finance companies
REITs
CMO Issuers

15
16
17
18
19
20
21

155.,3
6.,3
-4. 5
37..0
79..2
5..2
32..2

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

292 .2
107.4
8
37 .5
79 .3

162. 6
67..0
4..3
31..0
45..2

6
7
8
9

16 .1
17 .5
- 3 .3
29,.6

10

-15,.0

-1..1

11
12

234,.9
77..6

142..7
44,.0

-4..7
2 .0
7 .9
10,• 0

.4
.7
.5
.6
.6

847,.4
347 .9
24 .8
129 .3
224 ,8

955..9
191..0
32,.6
175..9
294,.8

988. 9
339.,2
44. 4
137. 7
290,,1

49 .4
68 .5
6 .7
92 .5

34 .8
19 .0
22,,3
53 .5

59..5
81..1
92,.5
28..6

34. 9
3. 7
48,,0
90,.9

1033
335
33
145
301

244,,6
91 .0
13. 6
34, 4
74,,0

300..3
100..2
10..7
34, 4
69..3

16..2
.6
9 .3
16..7

20..5
11.,0
28..6
25,.7

16,.4

4 .6

-15.,3

- 5 4 ,7

60 ,9

165,,0
2,,7

180,0
37.,1

220,,5
69 .2

824,.0
222 .8

653,,0
166 .8

254.,6
45..4
7,.8
44..3
78,.4
17..4
23 .2
28..6
9..5 '

1056.1 Total net borrowing
U.S. government securities
296.1
Tax-exempt obligations
43.5
Corporate 8 foreign bonds
133.4
Mortgages
258.3

1
2
3
4
5

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

6
7
8
9

67.9
47.4
134.7
74.8

10
3..3
16.,2
- 6 1 . 9 Memo: U.S. govt, cash balance
Totals net of «changes in U.S. govt, cash balances:
684, 5
732, 7
762.6 Net borrowing by dom. nonfip. 11
By U.S. government
172, 4
186.3
86..0
12

External Corporate Equity Funds Raised in U,S. Markets

3
4
5

-22,.2
-2,,9
-19,.3
-22,.0
6..6

-17,,7
1 .6
,
- 1 9 .3
-23,,8
3..8

6

-3,.9

0 .7

1

%

-2-9". 3
1.2
-30.5
-35.0
5.8
-1.3

LATEST DATA PRELIMINARY




-22,.2
- 3 .0
- 1 9 .2
-23,.0
3 .6

- 4 5 .2
- 1 .8
-43, 4
-48,.8
4 ,0

-82,.7
-9,.1
- 7 3 .6
-88..0
26 .4

-75..6
5,.0
-80,,5
-95..0
15..2

-131 .1
-8..0
-123..1
-140,.0
23,.4

-76.2
0.3
-76,5
-92.0
14.4

0 .2

1 .4

-12..0

7

-6..5

1.1

-174,.5 Total net share issues
Mutual funds
-5,.2
All other
- 1 6 9 .3
Nonfinancial corporations
-195,.0
financial corporations
16,,0
Foreign shares
purchased in U.S. •
9 .7

2
3
4
5
6

Z7, MARCH 8,
Households

TABLE 3

1989

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

Households
Investment

SEASONALLY ADJUSTED ANNUAL RATES

1984

1985

1986

SEASONALLY ADJUSTED ANNUAL RATES

1987

1988

I
I

1987
III

IV

I
I

1988
I

II

III

IV

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
1
2

1
2

3108. 8
440. 2

3325. 4
486. 7

3531 . 1
511. 4

3780. 0
570. 3

4063. 3
590. 4

3801. 0
576. 2

3906. 8
590. 9

3951. 4
575. 9

4022. 4
601. 0

4094. 0
586. 5

4185. 5 P e r s o n a l income
598. 2 - P e r s o n a l taxes and nontaxes

3
4
5
6
7
8

2668. 6
2504, 5
164. 1
63. 9
6. 0
98. 8

2838. 7
2713. 3
125. 4
72. 3
4. 9
117. 6

3019. 7
2898. 0
121. 7
78. 7
17.5
126. 0

3209. 7
3105. 5
104. 2
73. 9
22. 4
116. 5

3472. 9
3327. 2
145. 7
85. 0
4. 8
127.5

3224.8
3152. 3
72. 5
78. 6
13. 1
132. 6

3315. 9
3171. 9
144. 0
78, 8
53. 9
109. 0

3375. 5
3225. 7
149. 8
70. 1
0. 8
120. 5

3421. 4
3293. 6
127. 8
87.4
6. 8
128. 3

3507. 5
3361. 8
145. 7
89. 3
5. 7
127.,1

3587. 3
3427, 6
159. 7
92..9
5. 7
133. 9

9
10
11

332. 8
309.4
642.,2

320. 2
332. 3
652. 5

343. 8
361. 7
705. 5

316. 9
390. 1
707. 0

362. 9
412..1
775- 0

296. 8
394. 0
690, 8

385. 6
399.,2
784.8

341. 3
404. 3
745. 6

350. 3
409. 5
759. 8

367. 8
414..7
782..4

392. 3 = Net saving
419. 8 • Capital c o n s u m p t i o n
8 1 2 . 2 = G r o s s saving

9
10
11

12
13
14
15
16

680. 8
506.,2
155..4
335.,6
15..2

654. 7
548. 9
161 .4
372.,2
15.,2

742. 8
603. 7
181. 0
406. 5
16., 1

753. 2
644., 1
204,,0
421.,9
18.,3

831. 8
690..3
220. 2
451., 1
19.,0

717, 8
669. 3
209..2
441. 4
18. 7

863. 4
648.,9
208..3
422..0
18..7

788. 6
671. 6
215.
437. 8
18. 7

779. 9
685. 0
216. 2
449. 8
19.,0

878..2
694..6
222..7
452..9
19..0

872. 4 G r o s s investment
C a p i t a l e x p e n d , net of sales
710.,9
R e s i d e n t i a l construction
227.,7
Consumer durable goods
464..0
N o n p r o f i t plant and equip.
19..2

12
13
14
15
16

17
18

174,.6
404..5

105. 8
411..2

139., 1
430. 8

109..0
358.,2

141..5
400. 6

48.,5
353..5

214..5
398,.8

117.,0
335. 0

95..0
402. 6

183..6
464..9

17
.4 Net financial investment
161 .
Net acq. of financial assets 18
391..3

19

382..0

314..8

214..0

260..1

309..7

291. 4

407,.1

161.,2

290.,0

434..2

345.,5

20
21
22
23
24

274,.0
NA
NA
54 .9
44 .0

150..3
24,.0
143..9
- 2 9 ..7
12.. 1

212.5
87. 9
120.3
- 3 0 ..0
34..2

128. 3
12.4
72 .4
14,.6
28,.9

170.. 1
24..6
97.. 1
24,.6
23..9

167..0
49..7
75..2
6..0
36.•1

254..6
8,.1
120,.5
63..9
62 .2

236. 4
1.,9
183,.8
.1
50..8

75..9
45.,7
56..4
2..7
-28..8

191..0
-8..8
90,.8
95,.9
13..2

177..0
59..5
57..3
.3
60,.4

Deposits
C h e c k a b l e dep. 8 curr.
Small time 8 svgs.dep.
L a r g e time deposits
M o n e y m k t . fund shares

20
21
22
23
24

25
26
27
28
29
30

108 .0
87,.2
25,.5
.8
1 .5
- 5 .4

164,.4
79,.9
4 0 .0
2 .4
3. 1
39 . 1

1..6
- 7 ,.4
- 1 6 ,,4
32,.6
4,.4
- 1 1 .6

131 ,
,8
87..8
43,.0
5 .3
-10,.4
6. 1

139,.7
138,. I
20.5
- 1 8 .7
- 1 1 .0
10 .7

124.4
81.. 1
44,.3
28,.3
-4,.2
-24,.9

152,.5
79 .9
49 .2
42 . 1
- 9 .8
- 8 .8

- 7 5 ..1
111..4
-2..3
-97,.9
- 1 5 ,.9
-70,.4

214,.1
102..4
20,.2
36,.0
- 2 1 .8
77..2

243,.2
209..8
27,.6
- 1 8 .7
— 6 .2
30 .7

168..5
120,.8
36,.6
6,.0
. 1
5 .3

Credit mkt. 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 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

24 .0
- 7 5 .6

68 .5
- 1 0 3 .4

33
34

5 .2
152 .5

10 .7
174 .8

35
36
37

- 8 6 .5
1 .0
2 .0

38
39
40
41
42

Life insurance reserves
P e n s i o n fund reserves

33
34

- 8 0 .5
2 .4
30 .7

- 9 4 .3
- 7 .8
31 .7

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

35
36
37

281 .3
258 .3
207 . 1
39 .3
-4.4

229 .9
229 .9
172 .6
72 . 1
- 4 .2

0 .1
2 .3
.4
2 .5

2 .4
2 .3
- 2 .3
14 .0

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

- 3 .5
3 .2
3 .2

15 .9
3 .3
3 .7

- 7 .5
3 .4
4 .1

- 2 0 .1

- 9 5 .7

3 .9
- 4 3 .4

-5,.8
- 3 3 .9

.6
- 1 2 1 .6

- 1 6 .5
- 9 2 .4

- 7 .9
-174 . 1

17 .5
175 . 1

26 .0
170 .4

12 .9
231 .8

32 .4
147.2

19 .0
135 .8

25,.8
218 .1

13 .1
236,.3

10 .2
176 .9

- 8 9 .2
13 .5
21 .5

- 4 0 .6
9 .0
29 .6

- 8 8 .9
- 6 .8
17 .0

- 7 2 .4
3 .9
28 .2

- 8 3 .5
6 .4
16 .2

- 1 1 4 .2
- 2 9 .2
19 .8

-51 . 1
- 2 .8
23 .4

- 6 4 .6
23 .7
27 .1

229 .9
231 .5
134 .7
75 .0
6 .6

305 .4
283 .6
153 .3
77 .0
5 .5

291
282
207
54

249
260
219
42
-1

.2
.3
.7
.3
.6

259 .1
248 .9
195 .7
55 .7
— 6.4

305
281
211
63
-2

.0
.0
.0
.2
.4

307 .6
304 .6
240.6
68 .0
- 8 .6

43
44
45
46

10 .2
2 .5
.4
2 .9

30 .2
2 .4
6 .9
8 .3

- 2 .2
2 .4
14 .0
6 .6

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

0 .7
2 .3
.2
2 .4

47
48
49

- 2 .4
1 .8
- 1 .0

19 .4
2 .2
0. 1

8 .2 '
2 .5
- 1 .3

- 1 5 .3
2 .9
1 .2

50

- 3 8 .5

- 2 .2

-

- 3 7 .3

-46 . 1

184 .4
264 .9
205 . 1
50 .8
- 1 .5

0 .9
2 .3
— 4 .2
4 .9

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

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

3 .6
3 .3
3 .4

19 .6
3 .0
1 .2

- 8 6 .0
3 .0
2 .4

-56.8

- 2 7 .0

- 7 8 .6

218
203
163
43
-8

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

CI) 19

2,.3
296 .0

35,.7
-92,.4

.0
.1
.4
.5
.1

Dep. 8 cr. m k t . instr.

3
5
6
7
8

31
32

- 7 .9
- 1 0 5 .5

.6
.2
.0
.9
.5

Disposable personal income
Personal outlays
Personal s a v i n g . NIPA basis
C r e d i t s from govt, insurance
Capital gains dividends
Net durables in consumption

M u t u a l fund shares
Other corporate equities

79 .8
- 9 9 .3

147,.8
- 1 2 1 .6

=
=
•
+
+

Net increase in l i a b i l i t i e s
Credit market i n s t r u m e n t s
Home m o r t g a g e s
Installment cons, credit
Other consumer credit

38
39
40
41
42
43
44
45
46

T a x - e x e m p t debt
Other mortgages
Bank loans n.e.c.
Other loans

47
48
49

S e c u r i t y credit
Trade debt
Miscellaneous

50

— 6 0 .2 D i s c r e p a n c y
(1) E x c l u d e s c o r p o r a t e equities.

51
52
53
54
55
56

155,.4
6,.2
149,.2
60 .0
134 .7
- 3 9 .2

161..4
6,.1
155..4
64..4
153,.3
- 5 6 ,.2

181..0
5..3
175..7
67,. 1
207,.0
- 9 3 ,,0

204. 0
5..3
198. 6
70.,0
219, 7
- 8 5 .,7

220,.2
5 .4
214 .8
73 .0
195 .7
- 4 8 .5

209,.2
5 .5
203,.7
70 .4
211 .4
- 7 2 .5

208..3
5..4
202,,9
71..1
205,.1
-67..9

215..1
4 ,8
210,.2
71,.9
163,.0
-19,.8

216,.2
5,.3
210,.9
72,.6
240,.6
- 9 7 .0

222,,7
5..6
217.
73..4
207,.1
-57,.8

Net physical i n v e s t m e n t :
(A) R e s i d e n t i a l c o n s t r u c t i o n
Expenditures
227..7
M o b i l e homes
5..8
Other
221.,9
- Capital consumption
74,.1
- Home m o r t g a g e s
172..6
= E x c e s s net i n v e s t m e n t
- 1 8 ,.9

57
58
59

335 .6
236 .7
98 .8

372.2
254.6
117.6

4 0 6 .5
2 8 0 .6
126 .0

421 .9
305 .4
116 .5

451 .1
323 .7
127 .5

441.4
308.a
132.6

4 2 2 .0
313 .0
109 .0

4 3 7 .8
317 .3
120 .5

449 .8
$21 .5
128 .3

452.9
$25.8
127.1

(B) C o n s u m e r d u r a b l e s
Expenditures
464.0
- Capital consumption
330.1
= Net i n v e s t m e n t
133.9

60
61

81 .6
17 .2

82.5
35.1

5 4 .4
71 .5

4 0 .7
75 .8

49 .3
78 .2

61.4
71.2

49 .4
59 .6

34 .8
8 5 .7

59 .5
68 .8

34.9
92.2

67.9
66.1

- C o n s u m e r credit
= E x c e s s net investment

60
61

62
63
64

15 .2
12 .7
2 .5

15.2
13.3
1.9

16 .1
14 .1
2 .0

18 .3
14 .8
3 .5

19 .0
15 ,4
3 .5

18.7
14.9
3.8

18 .7
15 .0
3 .6

18 .7
15 .2
3 .6

19 .0
15 .4
3 .6

19.0
15.5
3.5

(C) N o n p r o f i t plant and equip.
Expendi tures
19.2
- Capital consumption
15.7
= Net i n v e s t m e n t
3.5

62
63
64

65
66

14. 1%
6. 1%

14.6%
4.4%

14. 4 %
4. 0%

15. 0%
3. 2 %

14.!5%
4. 1%

15.1%
2.2%

15. 1%
4. 3%

14. 5%
4. 4%

14. 9%
3. 7%

14.3%
4.1%

2 2 . 0 % G r o s s saving

67

19.2%
10.6%
6.2%
6.2%

68
69
70
71

57
58
59

Percent r a t i o s :

P e r c e n t of disposable income adj.
67

23..4%

2 2 .3%

22..6%

21..3%

21,.7%

20,.8%

22 .7%

21.,6%

21,.6%

21.7%

68
69
70
71

18..4%
14,.7%
8..3%
8..4%

18,.8%
14,. 1%
10..4%
9,.7%

19,.3%
13,.8%
9 .3%
9 .0%

19 .4%
10 .8%
7 .5%
7,.8%

19..3%
11..2%
7 .2%
6,.9%

20,.1%
10,.6%
9 .1%
8 .4%

18,.8%
11 ,5%
5 .3%
7,.6%

19,.4%
9 .7%
6 .3%
5 .8%

19.,4%
11,.4%
8,.7%
8..6%

19.2%
12.9%
7.8%
7.1%

72

2738.5

3115.8

3305.9

3562.6

2915.8


BILLIONS OF DOLLARS.


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

65
66

14.2% E f f e c t i v e tax rate
4 . 4 % Saving rate. NIPA basis
(2):

Capital expenditures
A c q u i s i t i o n of finan. assets
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

3316.4
3448.5
3446.5
3515.7
3602.5
3686.0 (2) D i s p o s a b l e income adj. =
72
(NIPA disposable income • govt, insurance credits • c a p i t a l g a i n s ' d i v i d . )

TABLE 4

27, M A R C H 8 , 1989
Nonfinancial Corporate Business

N o n f i n a n c i a l C o r p o r a t e Business
Sector S t a t e m e n t s of Saving and

Investment

SEASONALLY A D J U S T E D ANNUAL R A T E S

1984

1985

1986

198 7

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

1988

I
I

1987
III

IV

I
I

1988
I

II

III

IV

N o n f i n a n c i a l C o r p o r a t e B u s i n e s s , Excluding F a r m s

224 .6
105 .0
97 .2
22 .5

211 .7
101 .4
98 .5
11 .8

228 .4
104 . 1
100 .3
24 .2

240
109
101
29

35 .5
2 9 0 .6
16 .0
369 . 1

43 .6
276 .5
13 .6
356 .2

43 .2
279 .8
8 .0
342 .8

39
285
26
375

24 .3
- 1 8 .0
352 .8

19 .3
- 2 3 .9
364 .5

21 .6
- 1 9 .5
358 .3

33 .5
- 1 8 .2
358 . 1

294 .5
333 .9
319 .8
316 .0
2..5
1..3
7 .0
7 .2

306 .9
361 . 7
323 .9
321 .6
1 .2
1 .0
34 .8
2 .9

333 .2
395 .8
359 .8
358 .0
0 .5
1 .4
31 .9
.
4 .1

319 .9
350 .9
337 .2
335 .9
0 .4
0 .8
10,.7
3 .0

302 .3
406 .3
338 .2
336 .5
1 .2
0.5
65 .0
3 .1

- 3 9 .5
122 .8

- 5 4 .8
75 .6

- 6 2 .6
40 .9

-31 .0
,
95..4

- 1 0 4 .0
69 .7

1
2
3
4

196.0
73.3
81.0
41.8

170 .3
69 .6
8 4 .0
16 .7

172 .6
76 .5
8 9 .9
6 .3

210 .2
98 .6
95 .5
16 .0

236
106
103
27

5
6
7
8

30.9
238.4
11.8
322.9

55 .2
251 .0
12 .2
335 .0

48 .3
2 6 2 .6
15 .5
332 .6

43 . 7
2 7 4 .7
12 . 1
346 .5

9
10
11

19.2
-5.8
336.3

18 .9
- 1 .7
352 .3

16.5
8.4
357 .5

12
13
14
15
16
17
18
19

346.4
370.6
311.1
309.4

328
342
331
330

1. 7
51.7
7.9

.4
.3
.6
.6
.3
1 .3
6 .4
4 .4

20
21

-24.2
132.1

- 1 3 .9
93 .0

6 .4
0.8
6.5

8 7 .7
19 .0
12,.2
7 .3
12,.2
5..9
19..5
3.. 1
8..6

13 .2
- 1 .0
4. 1
.7
5 .8
~2..8
3..6
2 .6
1 ., 7

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

19..6
-4.5
-2,.2
-3..4
28 . 1
18,. 1
-15..5
-2,.5
1 .6
,

1 .7
,
4..5
26 ..7
15..0
9..6
-3..3
12,.9

o.. 1
.
1 ,5
3..2
30..3
13..7
3. 6
10..1

2..6
-5..0
49 ,
.2
15..6
26..3
6..2
20..0

2..7
3.,7
16. 5
14..5
16.,5
- 5 ..2
21 ., 7

-2..0
- 1 7 ..5
46..5
48..8
.9
2..3
20..7

22
23
24
25
26
27
28
29
30

41.6
6.7
13.2
4.9
0.5
-5.1
12.2
— • 1
9.4

45 , 1
13,.8
13 .4
- 3 .2
9 .5

31
32

2.0
2.8
48. 1
37.5
13.2
-4 . 6
17.8

34
35
36
37

.6
.4
.3
.0

4..2
0. 1
12. 4

10.,9
0.,4
- 2 1 ..9

,0
-1 .

12.,8

- 1 ..0

13.. 1

106..9
50..9
- 8 1 .5
,

162. 3
121 .3
-80.8

130..4
68..9
-76. 5

103. 5
62. 4
-130. 5

132 .4
22..6
73..8

202 .1
-9. 9
121. 3

145. 4
,9
99,.9

-9..9
.3
-4.. 1
-5..5

28. 4
2. 0
0. 5
26. 0

16..0
1 .0
.
o..7
14..3

45.7
13.0
21 . 7
2.8
16.5
1.2

.9
21 .
.5
14 .
.6
-2. 1
12.,7
-2.. 6

47. 9
11 -1
-9. 3
2
11. 3
1 .5

57
58
59
60
61

1.9
33.0
25.6
22.5
3.1

.1 .4
.
34..0
20, 5
20. 4
0., 1

2. 5
3. 1
35. 4
35. 4

62

-10.1

23. 9

63. 0

38
39
40

19.1

41
42
43

156.3
95.8
-74.5

44
45
46

170.3
20.5
46.1

47
48
49
50

- 1 .8
4.5

51
52
53
54
55
56

5.1

2.7

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

*

P r o f i t s before tax (book)
- P r o f i t tax a c c r u a l s
- Domestic net dividends
= D o m e s t i c undist. profits

1
2
3
4

.3
.7
.6
.0

+
+
+
=

C a p i t a l c o n s u m p t i o n adj.
D e p r e c i a t i o n c h a r g e s , NIPA
E a r n i n g s rec. from abroad
U.S. internal funds, book

5
6
7
8

34 .7
- 2 9 .3
365 .3

18 .9 + Fgn. earnings ret. abroad
- 1 9 .6 + Inv. valuation adjustment
369 . 1 = Total internal funds + IVA

9
10
11

357
386
359
358

335
398
364
363

337 .9 G r o s s investment
409 .9 C a p i t a l e x p e n d i t u r e s CI)
Fixed investment
370 .9
Plant and equipment
367 .2
Home c o n s t r u c t i o n
2 .5
M u l t i - f a m i l y residential
1. 1
33 .7
Inventory change • IVA
M i n e r a l rts. from U.S. govt.
5 .3

12
13
14
15
16
17
18
19

- 8 5 .8
16 . 1

- 2 9 .2
76 .6

— 63 .2
46 .2

- 7 2 .0 Net financial investment
20
Net acq. of financial assets 21
24 .6

43 .9
16 .6
6 .7
1 .2
- 1 9 .3
13 .9
17 .2
6 .3
1 .3
,

16 .0
0 .6
- 2 .5
8 .2
18 .4
- 1 3 .2
0 .8
1 .9
,
1 .7
,

-2
-9
4
-6
5
18
-15

15 .4
1 .9
7. 1
.2
1..8
-5
6..3
.6
4 .6
,

- 1 5 .2
0. 1
8 .7
2,.5
6 .9
-17 . 1
-15..0
-4,.4
. 3,.0

Liquid assets
C h e c k a b l e dep. and curr.
Time deposits
M o n e y m k t . fund shares
Security RPs
F o r e i g n deposits
U.S. govt, securities
Tax-exempt obligations
C o m m e r c i a l paper

22
23
24
25
26
27
28
29
30

7 .7
-1 .9
8 .6
11..3
39..0
10,.3
28..7

-9,.2
3,.8
17..7
-12..1
13,.4
4 .7
8..7

8..5
0..3
27,.0
43.4
11 .6
.
-11..2
.8
22 .

-3,.3
10..9
9.,4
13..8
33..9
-2..9
36. 8

15,.0
. 1
12,.0
12..9
7..3
- 1 1 ..4
18..7

C o n s u m e r credit
Mutual fund s h a r e s
Trade credit
M i s c e l l a n e o u s assets
Foreign dir.invest.(2,5)
E q u i t y , etc.
Retained earnings

31
32
33
34
35
36
37

240 .4
108 .7
104 .5
27 .3

237
103
106
27

37 .5
288 .5
16 .0
371 .6

35 .0
291 .5
6. 1
359 .9

29 .9
296 .9
15 .9
369 .8

4 .2
- 1 9 .4
359 .9

19 .4
- 2 7 .4
363 .6

302
387
344
342

.6
.3
.0
. 1

.0
.8
.0
.5
.4
1.8
41 .2
2 .6

.5
.0
.9
.6

.6
.7
.4
.4
.2
1 .3
21 .5
5 .8

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

.4
.6
.7
.7
.4
1 .4
31 .2
2 .7

8..2

4..0

0..2

- 4 .,2

- 4 ..0

-35..8

-29..5

31.,6

- 1 5 .,9

9..6

126. 4
68.,6
- 7 8 .,0

173..6
95. 8
-88..0

.9
101 .
97..9
- 9 5 ..0

105. 8
57..6
- 1 4 0 .,0

109. 4
66..0
- 9 2 .,0

96. 6
27.,7
- 1 9 5 ..0

146.,6
2
100. 7

183..8
0..5
81.,6

192..9
1 ,7
.
101..4

197..6
.3
118. 4

158.,0
4
90.,3

222..7
,7
79. 3

13.,2
0. 4
1 .0
.
11 .8

13. 9
0. 3
0. 7
12. 8

15.,3
0.,9
0. 9
13..5

9..7
.3
1 ,2
.
8. 8

3.,6
2
0. 8
2. 9

10. 4
,3
1 .. 1
9. 6

28. 6
2..0
0. 9
25. 7

Mortgages
Home m o r t g a g e s
Multi-family
Commercial

47
48
49
50

4 .
.6
1 ,2
.
2.,3
5.. 1
17. 0
0.. 1

36..9
18.,2
11 .
.6
0., 1
16..0
5

10. 3
1 .9
1 .0
1 .3
17. 1
0. 7

63.,0
-11.,2
3. 9
5.,5
22.,8
2. 4

33., 1
34. 1
-3.8
-3. 7
24. 6
-4. 3

59. 8
-1.4
4. 0
4. 4
11. 6
-2. 6

6. 8
24. 0
11.. 1
-2. 9
17. 0
1. 7

47. 7
16. 0
35.. 1
2. 6
10. 8
3. 4

Bank loans n.e.c.
L o a n s from foreign
C o m m e r c i a l paper
A c c e p t , liabs. to bks.
Nonbank f i n a n c e loans
U.S. g o v e r n m e n t loans

51
52
53
54
55
56

1. 4
18. 0
42. 2
39. 4
2. 7

7
3
42. 1
34. 5
7. 6

-11.2
11. 7
57. 3
51. 5
5. 9

7. 0
15..2
55. 6
50. 7
4. 9

0. 9
-25.8
28. 9
19. 9
9. 0 '

-1.4
-2. 9
52. 5
49. 1
3. 3

0. 9
11 .8
30. 7
21 .4
9. 4

-3. 1
15. 8
56. 2
47. 7
8. 5

Profit taxes payable
Trade debt
F g n . d i r . i n v e s t m t . i n U.S.(5
E q u i t y , etc.
Retained e a r n i n g s

57
58
59
60
61

45. 9

31. 3

38. 4

55. 8

57. 9

6. 0

29. 9

31. 2 D i s c r e p a n c y

192. 9
0., 1
97. 4

Insurance r e c e i v a b l e s
38
Equity in sponsored ags. 39
40
Other
Net increase in l i a b i l i t i e s
Net funds raised in mkts.
Net new equity issues
Debt i n s t r u m e n t s
T a x - e x e m p t debt
C o r p o r a t e bonds

(3)
(2)

M e m o r a n d u m items:
Trade credit net of trade debt
P r o f i t s tax p a y m e n t s
Debt s u b t o t a l s :
S e c u r i t i e s and m o r t g a g e s
L o a n s and s h o r t - t e r m paper
Total short-term liab. (4)
Percent ratios:
E f f e c t i v e tax rate
C a p i t a l o u t l a y s / i n t e r n a l funds
Cr. m k t . b o r r o w i n g / c a p . exp.

63
64

15 .0
68 .5

-7.3
72.8

0.1
75.0

31.2
97.3

16.8
112.0

34.9
116.8

-6.6
99.9

43.5
96.4

29.8
116.8

-2.4
111.9

-3.8
123.0

65
66
67

69 .4
100 .9
135 .9

86.5
46.0
81.4

139.8
62.3
67.8

115.1
30.3
49.7

110.6
82.3
81.3

114.4
32.2
32.7

97.4
86.4
108.6

112.8
80. 1
55.2

121.7
75.9
71.6

100.3
57.7
70.3

107.3
115.4
128.1

68
69
70

37. 3%
110.2%
45. 9%

40.8%
97.1%
38.6%

44.3%
93.4%
60.5%

46.9%
102.5%
40.2%

44.9%
108.6%
48.7%

46.7%
97.9%
41.7%

47.8%
113.4%
45.2%

45.5%
107.7%
49.7%

45.3%
106.3%
51.0%

45.2%
109.1%
39.6%

43.7%
111.0%
54.3%

71
72
73

51 .7
- 5 .8
57 .5

6.4
-1.7
8.0

7.0
8.4
-1.4

54.8
-18.0
52.9

31.9
-23.9
55.8

10.7
-19.5
30.2

65.0
-18.2
83.2

41.2
-19.4
60.6

21.5
-27.4
48.9

31.2
-29.3
60.5

74
75

376 .4
322 .9

344.0
335.0

325.6
332.6

379.7
346.5

419.7
369.1

370.4
356.2

424.5
342.8

407.2
375.1

76

53 .5

8.9

-7.1

33.2

50.6

14.2

81.7

32.1

4 2 9 . 5 Total cap. e x p e n d . before IVA
427.9
414.1
359.9
369.8 L e s s : US internal f u n d s , book
371.6
= F i n a n c i n g gap:
E x c e s s of capital e x p e n d i t u r e s
68.0
59.7
over U.S. i n t e r n a l funds
42.5

(1) C a p i t a l outlays on book b a s i s :
33.7 Inventory c h a n g e , NIPA
-19.6 Less:
Inv. val. a d j u s t m e n t
5 3 . 3 = Inventory c h a n g e before IVA

(2) C o r p o r a t e 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 from N e t h e r l a n d s Antilles s u b s i d i a r i e s 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 paper, taxes payable and trade debt.
(5) D i r e c t investment totals and retained e a r n i n g s exclude
capital gains/losses included in balance of payments s t a t i s t i c s .
B I L L I O N S O F 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 .




41
42
43
44
45
46

62

63
64
65
66
67
68
69
70

71
72
73
74
75
76

TABLE 5
Z7, MARCH 8.
F u n d s Raised

1989
in Credit Markets

F u n d s Raised

in Credit Markets

S u m m a r y of Net F u n d s Raised in Credit and Equity M a r k e t s
ANNUAL FLOWS, $ BILLIONS

1979

ANNUAL FLOWS, $ BILLIONS

1980

1981

1982

1983

1984

1985

Net Credit Market B o r r o w i n g by Nonfinancial Sectors

6
7
8
9
10
1 1
12
13

56.8
57.6
-.9

53.7
55.1
-1.4

37.4
38 .8
-1.4

259.0

317.2

346.2

171.6
20.3
22.9
128.4
93.3
8.4
18.2
8.5

201.3
28.4

212.5
30.3
17.3
164.9
116.6

79.2
79.8
- .6

87.4
87.8
-.5

161.3
162.1
-.9

186.6
186.7
-.1

263.9

283.5

227.4

360.2

155.3
23.4

22.8

151.1
44.2
18.7

8.8

109.2
72.4
4 .8
22.2
9.7

88.2

24.4
14.0

190.8
30.3
27.7
132.9
95.3
7.6
19.2
10.7

53.4
5.4
25.2
4.1

257.6
53.7
16.0
187.9
120.4
14.1
51.0
2.4

115.9
45.1
40.3
2.7
27.8

133.7
40.5
48.5
9.0
35.6

36.5
4.0
30.0

128.1
16.9
48 . 1
14.7
48.5

76.4
16.4
50.4
-6.1
15.8

346..2
17..6
171 .5
.
157..0
23..5
65..6
68..0

263 .9
17..2
117,.3
129 .4
15,.8
55,.8
57.8

283..5
6 .8
,
113,.9
162,.8
16,.3
44 ,
.4
102,. 1

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

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

21 . 1

151 .8
110.2
10.9
21.9

14
15
16
17
18

87.4
36 . 7
26.3
1.6
22.7

19
20
21
23
24
25

259 .0
10,.5
136..0
112..5
13,.8
32.. 1
66 . 7

317 .2
16..5
165,.6
135.. 1
16..3
47..9
71 .0
.

26
27
28
29
30

13..5
5.. 1
3.. 1
0..6
4,.8

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

31

329.. 3

394..9

10.0

15,.0
3.. 7
3,. 1
1 .. 7
6..5
398..5

73. 1

2.6

367,.2

394..3

830.6

682.0

Total
712.8

net borrowing by domestic
nonfinancial sectors

1

215.0
214.7
0.4

144.9
143.4
1.5

157.5
140.0
17.4

U.S. government
Treasury issues
Agency issues 8 mortgages

2
3
4

615.6

537.1

555.3

P r i v a t e domestic
nonfinancial sectors

5

452.3
136.4
73.8
242.2
156.8
29.8
62.2
-6.6

460.7
30.8
121.3
308.6
210.9
33.5
73.6
-9.5

446.0
34.5
99.9
311.6
221.7
24.4
72.0
-6.4

400.8
36.3
97.4
267.1
196.4
15.1
57.9
-2.3

Debt capital instruments
Tax-exempt obligations
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

67. 1
21.7
62.2

170.3
82.5
38.6
14.6
34.6

154.9
54.4
69.3
-9.3
40.5

91.1
40.7
8.8
2.3
39.3

154.6
49.3
42.5
11.6
51.2

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

14
15
16
17
18

.0
.4
.5
. 1
.4
123 .2
170,.3

622,.7
91 .8
283,.6
247,.3
- 1 4 .5
,
129,.3
132,.4

615,.6
44 .3
282,.2
289,.0
-16,.3
103,.2
202,. 1

537.. 1
34..0
260..3
242.. 7
-10..6
107..9
145..4

555..3
34.. 9
248 .
.9
271 ,.6
-3..4
82.. 1
192 .
.9

By borrowing sector:
S t a t e S l o c a l governments
Households
N o n f i n a n c i a l business

19
20
21

198.8
199.0
-.2

319.3
50.4
46. 1

222.8
136.7
25.2
62.2
-1.2

223.6
223.7
-.1

102.6
49.0
23.2

232.7

227.4
21 .5
84.0
121.9
6.7
71.8
43.4

360..2
34,.0
186.. 1
140., 1
3..9
81 ..9
54..4

552
27
231
293

16.0
6.6
-5.5
1.9
13.0

17..3
3.. 1
3..6
6.5
4.. 1

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

1 .2
,
3,.8
-2,.8
6,.2
-5..9

9..6
3,.0
-1 .0
.
11..5
-3..9

404.7

564 .. 1

759,.2

847..5

840..2

686..4

722.. 1 Total domestic

81.6

4..3
6.8
-3..6
2.. 1
.0
-1 .

Nonfarm noncorporate
Corporate

9..3 Fgn. net borrowing in U.S.
9..4
.8
Bank loans n.e.c.
9..6
C o m m e r c i a l paper
-9..0
U.S. govt. S other loans

23
24
25
26
27
28

plus foreign

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

1

50 .8

73,.3

89.9

65,.4

101 .9

90.7

99 .2

148..7

198..3

297,.2

303..3

240..0

2
3
4
5

22 .0
7 .0
16 . 1
-1 . 1

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
1 .. 1

178 (1
15 .2
163,.3
- •.4

185..8
30..2
156..4
.8

136..1
44..9
91 .2
,

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

6
7
8
9
10
11

28 .8
12 .0

42.0
5.5

20..6
1 ., 6

54 .5
4 .4

0.5
26.8
9.2

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

1 .2
32 .7
16 .2

25.9
13.1
0.1
1.9
9.9
0.8

31 .4
17 .3

.2
12 .8
4.3

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

.1
21 .3
- 7 .0

73..8
33..0
0..4
0..7
24.. 1
15..7

96..7
47..9
0.. 1
2..6
.0
14..2

119,. 1
70 .9
0 .1
4 .0
24,.2
19 .8

117,.5
67..2
0,.4
-3,.3
28,.8
24,.4

103..9
37,.3
. 1
-6,.2
53,. 1
19,.7

Private 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

12
13
14

50 .8
5 .9
16 . 1

73 .3
23,.5
13..6

89.9 '
24.8
23. 1

65..4
25..6
19..2

101 .9
32 .4
15 .0

90.7
15.3
49.5

99 .2
1 .4
66 .4

148..7
30..4
44..4

198,.3
21 .
.7
79..9

297,.2
14,.9
163,.3

303..3
29..5
156..4

240..0 T o t a l , by sector
.9
44 .
Sponsored credit agencies
91 .
.2
M o r t g a g e pools

12
13
14

15
16
17
18
19
20
21

28 .8
3 .7
3 .8
6. 9
17 .0
.5

36..2
.5
7..5
13..5
16.. 1
.4

42.0
9.1
4. 1
12.6
16.3
-.1

20,.6
8,.3
6..7
7..4
-1..3
.5

54 .5
11 .6
9 .2
15 .5
18 .5
.2

25.9
11.7
6.8
2.5
4.3

31 .4
5 .0
12 . 1
-2
13 .0
.2
3 .6

73..8
7,.3
15..6
22..7
18..2
0..8
9..3

96..7
-4..9
14.5
22..3
52..7
0. 5
11 .5
.

119.. 1
-3..6
4..6
29 .8
48 ,
.4
1 .0
,
39..0

117..5
7.. 1
2..9
36..0
31 .
.6
0. 8
39.. 1

103..9
-4 .
.5
- 1 2 ..8
29..2
58. 4
1 ,6
.
.9
31 .

15
16
17
18
19
20
21

962. 1 Total net borrowing
293. 6
U.S. government securities
36. 3
Tax-exempt obligations
144. 1
C o r p o r a t e 8 foreign bonds
267. 0
Mortgages

0.6

P r i v a t e financial sectors
C o m m e r c i a l banks
Domestic affiliates
S a v i n g s and loan assns.
Finance companies
REITs
CMO Issuers

1
2
3
4
5
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

380.. 1
79..9
20.. 3
39..9
128..3

6
7
8
9

36..7
29.. 1
15..0
30.,8

10
11
12

1 .. 1
314..7
55..7

468,.2
90 .5
28,.4
32,.9
151 .9
,
45,. 1
60 .3
17,.7
.5
41 ,

488.4
84 .8
30 .3
26 .5
164 .8
40..5
52 . 1
37,.5
51 .9

432,.6
122,.9
30,.3
30..5
132..7
2..6
47..2
19..3
47.. 1

3,.8

0,.6

-3..8

367,.2
49,.9

382 .9
36 .8

346..9
83 .0

496
133
23
32
109

.3
.0
.4
.7
. 1

16 .9
52,.3
51 .3
77 .7
*

370 .8
8 7 .4

495..4
225..9
44..2
38,.4
88,.2

663,.4
254 .4
53,.7
36..4
187..8

16..4
46..7
5..7
30..0

49..0
26,.7
26,.9
28,.4

907,.9
273,.8
50,.4
83,.0
223.. 1
81 ,.6
61 .
-1
52..0
82..9

1045.,7
324..2
136.,4
125. 4
242..2

1137.4
393.5
30,8
195.2
308.6

989. 7
331 .5
34. 5
174. 0
312. 0

82. 5
38%,3
52. 8
44. 0

54.4
72.3
26.4
56.1

40. 7
1. 9
33. 2
62. 0

. 7,.3

-7..1

6.,3

14. 4

381 .
.5
154,.0

553,.9
193,.7

744,.5
192,.5

831 .9
209. 3

X

Totals
830.6
215.0

-7. 9
689. 9
152. 8

49. 3
35. 6
74. 3
61 .9

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

4. 6 M e m o : U.S. govt, cash balance
10
changes :in U.S. govt. cash balances:
708. 2
Net borrowing by dom. nonfin ^ 11
152. 9
By U.S. government
12

External Corporate E q u i t y Funds Raised in U.S. Markets
1
2
3
4
5

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

2,.0
. 1
2,.1
.1
2..5

6

0,.4

- ,.4

-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
- 1 1 .5
2..7

21.2
8.8
12.4
6.4
4.7

58 .1
27..2
30..8
23..9
3..6

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

20,.1
84..4
-64..3
- 8 1 .5
13,.5

93,.9
161,.8
-68..0
-80..8
11,.5

1..0

2..4

0,.2

1.4

3,.7

0,.9

3,.7

1..3

H I S T O R I C A L DATA ON NET F U N D S R A I S E D




13,.5 - 1 1 4 ,.4
72,.3
-2..0
-58,.8 - 1 1 2 ,.4
-76,.5 - 1 3 0 ,.5
20,. 1
17,.2
-2,.4

0..9

otal net share issues
Mutual funds
All other
Nonfinancial corporations
Financial corporations
Foreign shares
purchased in U.S.

1
2
3
4
5
6