Full text of Z.7 Flow of Funds Summary Statistics : March 8, 1995

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FEDERAL RESERVE statistical release
Z.7 (788)

For immediate release
March 8,1995

FLOW OF FUNDS SUMMARY STATISTICS
Domestic nonfinancial debt in the fourth quarter of 1994 maintained the average pace of
expansion of the first three quarters, rising at a 5 percent annual rate. The composition of debt growth in
the fourth quarter was also comparable to that of earlier quarters, as growth in federal debt was at a
4-1/2 percent rate and that of nonfederal debt was at a 5-1/4 percent rate. Nonfederal debt was paced
again by households who took on debt at an 8-1/2 percent rate while business debt continued to grow at
a 4 percent rate. Debt of state and local governments contracted further in the fourth quarter, owing both
to light issuance of new securities and continued large debt retirements.
The level of nonfinancial debt outstanding at the end of 1994 was $13 trillion. Debt of the
nonfederal sectors accounted for $9.5 trillion and federal debt was $3.5 trillion.
This release incorporates revisions to flow of funds accounts from 1993:01 through 1994:03.
A. Growth of Domestic Nonfinancial Debt1
(Percent changes; quarterly data are seasonally adjusted annual rates)
Nonfederal
U.S.
qovt.
8.0
7.0

Total
9.2
8.1

Households
10.5
9.2

Business
8.7
6.9

State &
local
aovts
6.0
9.3

1988
1989

Total
8.9
7.8

1990
1991
1992
1993
1994

6.3
4.4
4.8
5.4
5.0

11.0
11.1
10.9
8.3
4.7

5.0
2.4
2.8
4.3
5.1

6.5
4.7
5.8
7.1
8.1

3.4
-1.0
-.1
.6
3.8

5.7
7.4
1.8
7.1
-2.9

1993 - 0 1
-02
—Q3
-04

4.1
6.2
5.1
5.6

7.8
10.7
5.4
8.4

2.8
4.6
5.0
4.5

4.2
6.5
9.0
8.0

-.3
.7
.6
1.3

9.2
11.9
4.8
1.7

1994 - 0 1
-02
-03
-Q4

5.3
4.4
4.9
5.1

6.3
3.6
3.9
4.5

4.9
4.7
5.3
5.3

7.1
7.2
8.7
8.6

3.6
3.7
3.9
3.9

.7
-2.8
-4.9
-4.8

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

All
sectors
9.5

Memo:
Private
financial assets1
8.6
5.8

1988
1989

Domestic
nonfinancial
8.9
7.8

Foreign
2.6
4.0

Financial
13.2
10.5

1990
1991
1992
1993
1994

6.3
4.4
4.8
5.4
5.0

9.1
4.9
7.1
15.1
-3.4

8.5
5.9
8.6
9.5
12.7

6.8
4.7
5.6
6.4
6.4

1993 - Q 1
-Q2
-Q3
-04

4.1
6.2
5.1
5.6

12.5
13.3
25.1
6.5

6.0
5.7
14.2
10.9

4.7
6.3
7.3
6.7

-2.9
1.5

1994 - 0 1

5.3
4.4
4.9
5.1

-18.5
-3.0
1.2
7.0

14.8
10.0
10.5
133

6.7
5.4
6.0

7.6
6.0
2.0
6.7

-02

-03
—Q4

8.2

_ a a _

4.7

-1.0

.7
,3
5.7

-2.2

2.5

. Holdings of deposits and credit market claims by households, nonfinancial business, and state and local governments.

Explanatory Notes
Domestic debt includes credit market funds borrowed from both domestic and foreign sources,
while foreign debt represents amounts borrowed by foreign financial and nonfinancial entities in U.S.
markets only. Financial sectors consist of government-sponsored enterprises, federally related mortgage
pools, and private financial institutions. Credit market debt consists of debt securities, mortgages, bank
loans, commercial paper, consumer credit, U.S. government loans, and other loans as shown in table L.2, it
excludes trade debt, loans for the purpose of carrying securities, and funds raised from equity sources.
Growth rates in the summaries above are calculated by dividing seasonally adjusted flows from
table F.2 by seasonally adjusted levels at the end of the previous period. Seasonally adjusted quarterly
levels in flow of funds statistics are derived by carrying forward year-end levels by seasonally adjusted
flows. Growth rates calculated from changes in unadjusted levels printed in table L.2 can differ from those
shown above.
The flow of funds accounts are available on 3-1/2" diskettes. The diskettes contain quarterly data
beginning in 1952 organized in files that correspond to the tables published in the Z.1 release. In addition,
the diskettes contain files with the monthly debt aggregate data published in the Board's H.6 release and
data from the Balance Sheets for the U.S. Economy (C.9 release).
Due to a delay in the compilation of wealth data by the Bureau of Economic Analysis, the diskettes
will contain annual balance sheet data only through 1993. The annual 1994 balance sheet data will be
published in June at the time the flow of funds accounts (Z.1 release) for 1995:01 are published.
Subscriptions to this summary release, the full statements for sectors and transaction types for
flows and amounts outstanding (the Z.1 release), the C.9 release, and diskettes may be obtained through
Publications Services, Stop 127, Board of Governors of the Federal Reserve System, Washington,
D.C. 20551, (202) 452-3244. This release is also available on the Economic Bulletin Board of the
Department of Commerce. A Guide to the Flow of Funds Accounts is available from Publication Services
for $8.50. The Guide explains the principles underlying the accounts and describes how they are
constructed.




Z . 7 » MARCH 8 ,
C r e d i t Market

1995
Debt

Credit
L.2-L.4

Credit

Market

PERIOD-END LEVELS
1990

1991

Debt

PERIOD-END LEVELS
1993

1992

II
L.2

1 10712 .6

Market

Debt

Credit

Market

1994

III

Debt

IV

I

I

II

III

Owed b y N o n f i n a n c i a l S e c t o r s

11181 .5

11720 .7

11816 .1

12008 . 9

12155 .3

12363 .1

12487 .0

12633 .0

12780 .4

12982 .5

2
3
4

2498 . 1
2465 .8
32 . 4

2776 .4
2757 .8
18 . 6

3080 .3
3061 .6
18 . 8

3140 .2
3120 .6
19 . 6

3201 .2
3180 .6
20 . 6

3247 .3
3222 .6
24 . 7

3336 . 5
3309 .9
26 . 6

3387 . 7
3361 .4
26 . 3

3395 .4
3368 .0
27 . 4

3432 .6
3404
28 . 5

3492 .3
3465 .6
26 . 7

U.S. government
Treasury s e c u r i t i e s
Budget agency s e c u r . S m t g s .

2
3
4

5
6
7

8214 .5
1039 . 9
1008.2

8405 . 1
1108 .6
1086 . 9

8640 .4
1139 . 7
1154 .4

8675 .9
1160 . 7
1175 .9

8807 .7
1202 . 2
1194 . 8

8908 .1
1210 . 0
1212 .8

9026 .6
1217 . 8
1229 .6

9099 .3
1222 . 3
1238 . 5

9237 .6
1229 . 5
1247 . 5

9347 .7
1209 . 9
1251 . 0

9490 .2
1202 .7
1251 .6

P r i v a t e , by t r a n s a c t i o n
Tax-exempt s e c u r i t i e s
Corporate bonds

5
6
7

3758
2616
307
755
78

3920
2780
304
755
79

4043
2959
293
710
80

4061
2979
292
709
80

4109
3038
289
701
81

4166
3098
288
699
81

4206
3147
287
690
81

4233
3181
286
684
81

.3
.1
.3
.7
.3

4290
3234
287
686
81

.9
.7
.8
.6
.9

4351
3291
289
688
82

.9
.9
.1
.6
.3

4400 .6
3339.2
289 .2
689 .7
82 .5

895
707
135
731

.3
.4
.7
,. 2

931 . 8
726 .4
1 3 8 ,. 7
738 .1

984 .0
754 . 7
139 . 2
7 5 7 ,. 4

8
9
10
11
12

.5
.3
.9
.4
.9

13
14
15
16

8 1 2 .4
726,. 9
116,.9
7 5 1 .. 8

17
18
19
20
21
22
23

8 2 1 4 . .5
3 6 1 4 ..3
3 7 5 1 ..7
135. 4
1 1 4 7 . .0
2469. 2
848. 6

24
25
26
27
28

285. 0
1 15. 4
18 . 5
75 . 3
75. 7

29

.0
.0
.8
.8
.3

797 .4
686 .0
9 8 ,. 5
7 0 7 .. 8
8 4 0 5 .. 1
3 7 8 4 ..7
3 7 0 9 .,3
1 3 5 . .0
1116. 4
2 4 5 8 . .0
9 1 1 .. 1
298. 8
129. 5
21 . 6
81 .8
65 . 9

.9
.6
.6
.3
.4

.5
.3
.3
.2
.8

.9
. 1
.4
.4
.0

.6
.3
.2
.0
.1

.5
.3
.5
.6
.2

803 .0
672 . 1
107 . 1
7 2 0 .. 2

788 .2
660 .9
113,.9
714,.9

800,.2
6 6 6 .. 3
1 2 4 .. 0
7 1 0 ..2

824 .3
665 .6
1 2 3 ,. 2
705,.5

866 .5
6 7 7 ,.2
1 1 7 .. 8
1
711.

8 6 3 .6
687 .3
1 2 9 ,. 9
724,. 3

8 6 4 0 . ,4
4 0 0 2 .,3
3710. 5
1 3 6 . .0
1 0 7 4 .. 1
2500. 4
927. 5

8 6 7 5 ..9
4 0 1 2 . .6
3 7 1 5 ., 7
1 3 3 . .4
1067. 2
2515. 1
947. 6

8 8 0 7 . .7
4093. 0
3729. 8
136. 7
1059. 4
2533. 7
984. 9

8 9 0 8 .. 1
4 1 9 0 . ,9
3 7 2 9 . .1
138. 7
1 0 5 2 . ,2
2538. 3
988. 0

9 0 2 6 . ,6
4 2 9 2 . ,0
3 741 . 5
1 3 8 .,3
1049. 1
2554. 1
993. 2

9 0 9 9 .. 3
4 3 3 1 . .7
3 7 7 4 . .0
136. 6
1050. 4
2586. 9
993. 6

9 2 3 7 .. 6
4 4 2 5 . .0
3 8 1 6 .,3
141 ..3
1055. 6
2619. 3
996. 3

9 3 4 7 .. 7
4 5 2 7 ..1
3 8 4 5 .,8
142. 8
1062. 2
2640. 9
974. 8

9 4 9 0 , .2
4 6 4 1 ., 3
3885. 0
140. 6
1068. 8
2675. 6
963. 9

319. 8
160. 6
24 . 3
72. 3
62. 7

332. 0
171 . 9
25. 9
72. 1
62. 0

351 . 3
193. 0
26. 2
71 . 7
60. 3

357. 8
203. 4
24. 6
68. 7
61 . 1

340.
210.
26.
43.
60.

339.
212.
25.
42.
59.

338.
214.
26.
39.
58.

8
2
3
9
4

345. 8
220. 4
26.
41 . 4
57. 8

1 2 8 2 7 . 3 :1 2 9 7 2 . 2 1 3 1 1 9 . 2

13328. 3

310.
143.
23.
77.
65.

9
9
9
7
3

10997. 6 1 1480. 3 12031. 6

2 1 3 5 . 9 :1 2 3 4 0 . 9 1 2 5 0 6 . 6 1 2 7 2 0 . 8
L.3

Credit

Market

Debt

Owed b y F i n a n c i a l

3
6
2
3
3

2
9
1
0
2

Mortgages

8
9
10
11
12

Multi family
Commerci a l
Farm
Consumer c r e d i t
Bank l o a n s n . e . c .
Commercial paper
Other

13
14
15
16

P r i v a t e , by s e c t o r
Household sector
Nonfinancial business
Nonfarm n o n c o r p o r a t e
Corporate
S t a t e and l o c a l g o v t s .
Foreign c r e d i t market debt
h e l d in U.S.
Bonds
Bank l o a n s n . e . c .
Commercial paper
U.S. g o v t . and o t h e r l o a n

17
18
19
20
21
22
23
24
25
26
27
28

Sectors

1

2599 .5

2752 . 1

3004.7

3047 .0

3096 .6

3204.7

3297.3

3415.3

3507.6

3597.7

3722.4

2
3
4
5

1418
393
1019
4

.4
. 7
.9
.9

1564
402
1156
4

.2
.9
.5
.8

1720.0
443.1
1272.0
4.8

1755
451
1299
4

.8
.2
.8
.8

1774
4 68
1301
4

.5
.4
.3
.8

1845.2
510.3
1330.1
4.8

1881.1
523.7
1352.6
4.8

1954.5
563.7
1390.8
~

2021.1
600.3
1420.8

2075.9
638.3
1437.6

2149.3
700.9
1448.4

U.S. g o v e r n m e n t - r e l a t e d
GSE s e c u r i t i e s
Mortgage pool s e c u r i t i e s
Loans from U.S. government

6
7
8
9
10
11

1181
572
4
69
417
117

. 1
.4
. 3
.6
. 7
. 1

1 187 . 9
640 .0
4 .8
78 . 4
385 . 7
79 . 1

1284.8
724.8
5.4
80.5
394.3
79.9

1291
751
5
70
379
85

.3
.0
.7
.3
.3
.0

1322 . 2
774 . 8
• 6.0
73 . 3
375 . 9
92 . 1

1359.5
810.5
7.6
69.2
373.2
98.9

1416.1
844.1
8.9
66.5
393.5
103.1

1460 . 9
880 .8
9 .0
61 . 8
408 .8
100 . 4

1486 . 6
904 . 5
9. 1
54 . 1
410 .3
108 . 5

1521 . 8
925 .4
9 .2
50 . 5
420 .5
116 . 2

1573
944
8
50
442
125

Private financial sectors
Corporate bonds
Mortgages
Bank l o a n s n . e . c .
Open m a r k e t p a p e r
F e d . Home L o a n B a n k l o a n s

12

2599 .5

2752 . 1

3004.7

3047 .0

3096 .6

3204.7

3297.3

3415 .3

3507 .6

3597 .7

3 7 2 2 . 4 By s e c t o r

12

13
14

3 98 . 5
1019 . 9

407 .7
1 156 . 5

447.9
1272.0

456 .0
1299 .8

473 .2
1301 . 3

515.1
1330. 1

528.5
1352.6

563 .7
1390 .8

600 .3
1420 .8

638 . 3
1437 . 6

700 .9
1448 .4

Govt.-sponsored enterprises
Fed. r e l a t e d mortgage pools

13
14

15
16
17
18
19
20
21
22
23
24
25
26

1 181 . 1
76 . 7
1 14 . 8
145 . 7
1 3 9 .. 1

1 187 . 9
65 . 0
112 . 3
139 . 1
94 . 6

1284 . 8
73.8
114.6
161.6
87.8

1291
73
119
162
90

3 74 .,4
24 . b
12. 4
15. 3
2 78. 1

393 .0
22,.2
13 ,. 6
1 9 ., 0
3 2 9 .. 1

389.4
30.2
13.9
21.7
391.7

1322 . 2
76 . 6
120 . 2
1 6 6 ,. 5
9 3 ,. 4
0, . 1
0 ,. 2
3 7 3 .,8
3 2 . ,0
14. 4
22. 8
422. 3

1359.5
77.9
120.3
166.3
96.8
0.2
0.1
380.0
31 . 8
15.8
26.4
443.8

1416.1
79.5
123.4
169.9
99.0
0.2
0.2
390.5
29.2
17.4
33.7
473.2

1 4 6 0 ..9
7 8 . .4
1 2 4 . .2
1 9 0 . ,6
9 7 . .6
0. 3
0. 3
401 . 9
23. 8
17. 7
31 . 3
494. 9

1 4 8 6 ..6
8 2 .. 1
126. 8
191 ., 1
9 9 . .0
0. 3
0. 3
414. 2
19. 3
18. 3
31 . 3
504. 0

1521 .8
8 7 ..5
1 2 9 .. 6
2 0 0 ..1
1 0 2 .. 7
0 .. 4
0 .. 3
4 2 0 . .9
17. 5
18. 8
29. 4
514. 5

1573,.2
8 9 ,.5
131 ,. 8
2 0 0 . .9
I l l ..7
0. 5
0. 6
440. 8
16. 3
19. 1
34. 3
527. 8

Private financial sectors
Commercial banks
Bank h o l d i n g c o m p a n i e s
Funding c o r p o r a t i o n s
Savings i n s t i t u t i o n s
Credit unions
Life insurance companies
Finance companies
Mortgage companies
REITs
B r o k e r s and d e a l e r s
ABS i s s u e r s

381,.3
2 3 ,.9
14, . 0
1 9 .. 3
4 0 7 . .2
it

1 13597.
2
3911 .
3
1039.
4
1696.
5
3762.

1 14232. 3 15036.3
7 4335 . 7
4795.5
9
1108. 6
1139.7
0
1856 . 5
2023.1
9
3924 . 8
4049.3

6
7
8
9

4
0
9
4

10
11
12
13

812.
815.
609.
949.

1 3 7 ,. 4
942 .2
602,. 1
3 5 3 0 ,.2

797.
785.
565.
857.

4
9
9
5

188.9
935.9
813.9
4863.6

B I L L I O N S OF DOLLARS.




.3
. 1
.9
.2
.3

Market

Debt,

tors,

15183. 0 15437. 5 15711.3
4891 . 2
4970. 9
5087.7
1160. 7
1202. 2
1210.0
2087. 4
2141 . 5
2216.3
4067. 2
4116. 0
4174.2

803.0
776.6
579.0
870.2

788.
755.
565.
867.

217,.3
9 7 7 ,.4
1 0 4 2 .. 1
5 4 6 2 . .9

2 2 5 ..0
9 7 6 ..9
1 1 3 4 . .6
5 6 4 7 .,3

2
4
5
4

800.
765.
572.
869.

2
5
0
1

234 .7
989 .7
1225,. 8
5 6 8 3 ,.7

824.3
761.0
568.2
869.6

254
1009
1342
5941

.2
.9
.8
.7
.8
.9

By t r a n s a c t i o n
2
3
4
5
6
7
8
9
10
11

15
16
17
18
19
20
21
22
23
24
25
26

by T r a n s a c t i o n

16018.1
5212.8
1217.8
2277.0
4215.5

16242.6
5342.2
1222.3
2329.9
4242.4

16479.8
5416.5
1229.5
2364.9
4300.1

16716.9
5508.6
1209.9
2390.5
4361.1

866.5
768.4
580.0
880.1

863.6
775.4
582.0
884.9

895.3
786.6
587.9
898.9

931.8
803.2
599.2
912.7

279.3
1026.4
1429.3
6186.5

282.7
1023.6
1438.7
6052.2

278.0
1045.7
1443.6
5877.7

263.3
1076.6
1505.7
6135.1

17050.7 Total
5641.6
U.S. government s e c u r i t i e s
1202.7
Tax-exempt s e c u r i t i e s
2416.9
C o r p o r a t e and f o r e i g n bonds
4409.4
Mortgages
984.0
831.6
623.5
941.1

Consumer c r e d i t
Bank l o a n s n . e . c .
Open m a r k e t p a p e r
Other loans

S e l e c t e d claims not i n c l u d e d
276.2
Security credit
1102.0
Trade c r e d i t
1463.0
Mutual fund s h a r e s
6048.8
Corporate equities

i
2
3
4
5
6
7
g
9

above:

10
11
12
13

Z . 7 » MARCH 8 ,
Funds Raised

1995

Funds Raised
F . 2 - F . 5 Funds Raised in C r e d i t

and E q u i t y M a r k e t s

ANNUAL FLOWS

ANNUAL FLOWS
1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

F . 2 C r e d i t M a r k e t B o r r o w i n g by N o n f i n a n c i a l S e c t o r s

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

8 5 4 .. 3

7 3 3 . .0

762 . 8

729 . 0

6 3 5 . ,6

4 7 5 .. 8

536

U.S. government
Treasury securities
Budget agency secur.&mtgs.

185 . 2
185 . 3
- • -1

197 . 2
197 .4
" • .2

225 .7
225 .8
- • .1

2 1 6 ,.0
215 .6
0 .4

143. . 9
142, .4
1.. 5

155 . 1
137 . 7
17 . 4

146 . 4
144 . 7
1 .6

2 4 6 . .9
2 3 8 . .7
8 . ,2

2 7 8 ..2
2 9 2 ..0
- 1 3 ,.8

304 . 0
303 .8
0 .2

256 .1
248 .3
7 .8

P r i v a t e » by t r a n s a c t i o n
Tax-exempt s e c u r i t i e s
C o r p o r a t e bonds
Mortgages
Home
Multifamily
Commerci a l
Farm

377 . 0
54 .4
26 .0
187. . 7
117. .6
15.. 3
5 2 . .5
2. 4

570 .6
5 8 .. 7
4 8 ,. 1
.4
136, .2
2 5 ,. 1
6 2 .. 3
- 1 ..2

712 . 0
179 . 5
83 .2
261 .7
172 . 3
30. . 3
6 5 .. 6
- 6 ,.6

638
41
127
305
204
36
75
-10

.1

589 .1
75.. 5
78, . 8
335 . 7
241 . 6
2 4 , .9
76. . 2
- 6 , .9

607
46
103
299
234
17
52
-4

582
69
73
281
224
11
47
-2

.7
.8
.8
.2
.5
.5
.8
.5

3 8 8 . ,7
4 8 . ,7
4 7 . .1
199. 5
185. 6
4. 8
9 . .3
.3

197, . 5
6 8 . .7
7 8 . .8
161 ..4
1 6 3 . .8
- 3 .. 1
0..4
0..4

232 . 1
31 . 1
67 . 5
123 . 9
179 . 5
- 1 1 .2
- 4 5 .5
1.- 1

372
78
75
155
183
-6
-22
0

4 8 . .9
2 2 . ,3
8
3 8 . ,6

8 1 .,7
6 4 . .0
2 1 .,7
7 4 . ,0

8 2 .. 3
4 3 . .8
14..6
4 7 , .0

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

3 2 . .9
14, .7
1..6
4 9 . .9

16.
0.
9.
67.

0
4
7
4

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

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

62 . 3
5 .0
10,. 0
- 1 4 . .4

117
77
21
46

.5
.6
.4
.3

13
14
15
16

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

5 7 0 . .6
2 2 5 . .7
3 0 9 .. 1
.4
I l l ..6
1 9 7 . .9
3 5 , .7

7 1 2 , .0
2 9 9 , .1
2 7 8 , .0
- 1 4 , .5
123, . 3
169, .2
134, .9

638 . 3
2 6 8 . .1
3 1 5 , .3
- 1 6 . .9
9 9 .. 1
2 3 3 . .0
5 4 . ,9

463
349
143
2
19
121
-29

.7
.6
.3
.3
.8
.2
.3

17
18
19
20
21
22
23

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
- 6 . .0

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

- 1 2 .1
17 . 1
1 .4
- 2 7 .3
- 3 .. 3

24
25
26
27
28

7 7 6 ., 1

9 3 8 . .8

Consumer c r e d i t
Bank l o a n s n . e . c .
Commercial paper
Other loans
P r i v a t e , by s e c t o r
Household s e c t o r
Nonfinancial business
Nonfarm n o n c o r p o r a t e
Corporate
S t a t e and l o c a l g o v t s .

29 D o m e s t i c and

loans

foreign

5 7 9 . .5

.3
.4
.1
.6
.2
.4

8 6 4 .0

.7
.3
.1
.9
.9
.5
.2
.8

-

1

.0
.1
.2
.7
.9
.1
.5
.5

463 .7 5
-15 . 1 6
7
21 . 9
194 . 1 8
9
191 . 9
1 . 7 10
. 9 11
1 . 3 12

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

6 0 7 .. 7
2 9 1 , .4
2 7 4 , .8
- 1 0 , .2
6 0 . .4
224 .5
41 . 5

5 8 2 , .7
2 8 1 ,.6
2 3 3 , .1
0. .6
4 0 .. 3
192. .1
6 8 . .0

388. 7
218. 9
123. 7
2. 3
10. 1
Ill .3
46. 0

197. 5
1 7 0 . .9
- 3 5 . .9
2 .. 1
-28 .5
- 9 . .6
6 2 . .6

2 3 2 ,. 1
217,.7
- 2 . .0
1 .,0
- 4 3 .9
40 . 9
16 .4

3 7 2 .. 0
2 8 4 .. 5
21 . 9
2.. 0
- 2 6 .0
45 . 8
65 .7

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

6, .4
6 .9
- 1 .8
8 .. 7
- 7 ..5

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

23. 9
21 . 4
-2 .9
12. 3
-7. 0

1 3 ., 9
1 4 ., 1
3. 1
6. 4
-9. 8

21 ,. 3
14. .4
2 .3
5 . .2
.6

46 . 9
5 9 .4
0.. 7
- 9 . .0
- 4 . .2

7 3 9 . .2

7 6 9 .. 2

7 3 9 , .2

659. 4

489. 6

5 5 7 . ,4

6 7 5 . .0

6 0 7 . .4 29

589,, 1
2 8 5 . ,4
2 2 8 . .7
- 1 1 ., 1
7 5 . .0
1 6 4 . .8
7 5 . .1

Sectors

1 0 2 . ,0

1 5 7 . .0

2 0 4 ., 1

3 2 7 , .0

2 9 3 . .7

249 .5

225,

202. 9

152. 6

2 3 7 .. 1

2 8 6 .. 1

419. 9

1

U.S. g o v e r n m e n t - r e l a t e d
GSE s e c u r i t i e s
Mortgage pool s e c u r i t i e s
Loans from U.S. government

67. 8
1 ,4
.
6 6 . .4

7 4 . ,9
3 0 . ,4
4 4 . .4

101 .,5
2 0 . ,6
79, .9
1 .. 1

178. . 1
15..2
163. . 3
.4

171 ..8
3 0 , .2
142, .3
.8

119.8
44 . 9
74, . 9

149. . 5
2 5 . .2
124, . 3

167. 4
17. 1
150. 3
1.

145. 7
9. 2
136. 6

155. 8
4 0 . ,3
1 1 5 . .6

161. 2
8 0 . .6
8 0 . .6

2 6 8 . .2
1 7 7 . ,2
95. 7
- 4 . .8

2
3
4
5

Private financial sectors
C o r p o r a t e bonds
Mortgages
Bank l o a n s n . e . c .
Open m a r k e t p a p e r
F e d . Home Loan Bank l o a n s

3 4 . ,2
17. .4
2 . .5
21 .. 3
- 7 . .0

8 2 . ,2
3 6 ., 3
o. .4
5 . .7
2 4 . .0
15. .7

102. . 5
5 6 ,.5
0.. 1
.2
3 2 .. 0
14.. 2

148. .9
92. . 3
0.. 3
12.. 3
24 .2
19,.8

121 ..9
7 8 . .6
0.. 3
- 8 ..3
2 6 . .9
2 4 . .4

129, . 7
5 2 . .2
0, . 3
2 . .7
5 4 , .8
19, .7

7 5 . .7
4 1 ,.5
0. . 3
13, .5
31 . 3
- 1 1 ..0

35.
46.
0.
4.
8.
-24.

5
3
6
7
6
7

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

81 .3
7 8 .. 5
0..6
2 . .2
.7
0, .8

125. ,0
118. , 3
3..6
- 1 4 . .0
- 6 . .2
2 3 .. 3

6
151. .8
103. .3 7
.2 8
9
- 1 5 . .8
4 1 . .6 10
2 2 . 8 11

1 0 2 . .0

1 5 7 . .0

2 0 4 .. 1

327 .0

2 9 3 . .7

2 4 9 ..5

2 2 5 .. 1

202. 9

1 5 2 . .6

2 3 7 .. 1

2 8 6 .. 1

4 1 9 . .9 12

1..4
6 6 . .4

3 0 . .4
44 ..4

21 . 7
79 . 9

14 . 9
163 . 3

2 9 . .5
142, . 3

4 4 .. 9
7 4 . .9

2 5 . ,2
1 2 4 ., 3

17. 0
150. 3

9. . 1
136. 6

4 0 , .2
1 1 5 . ,6

8 0 . .6
8 0 . .6

172. 4 13
9 5 . .7 14

3 4 , .2
5 .. 0
13. . 3
3.. 2
- 6 ..6

8 2 .. 2
7 .3
16 . 1
1 .2
2 0 .. 1

.9
.6
.7
.0
.1

121 ..9
6..2
14,. 3
9..7
28 . 3

129. . 7
- 3 ..0
5 .2
38 . 0
21 . 7

7 5 . .7
- 1 ..4
6. .2
12. . 5
-15.

35. 5
7
-27. 7
15. 4
-30. 2

6 . .8
- 1 1 . .7
-2. 5
— 6 .5
-44. 5

8 1 ., 3
8 . .8
2 . ,3
13. .2
- 6 . .7

14, . 9
0.. 6
.3
0..4
3.. 7

23 .9
1 .5
0 .8
0 .7
10 . 7

51 . 5
9 .0
1 .2
2 .1
42 . 0

2 3 , .2
- 1 1 . .2
1,.7
.1
49 .9

2 3 ,. 9

2 7 , .4
10,
1 .4
.
6.. 3
2 8 .. 3

24. 0

1 8 . .6
- 2 . ,4
1 .2
.
3. 7
51. 0

-3. 6
8 . ,0
0 . ,3
2. 7
56. 3

125. 0
5 . .6
8. 8
2 . ,9
11. , 1
0 . .2
0 . .2
0. 2
-1 .0
3. 5
12. 0
81. 5

151 ,.8
10. .0
8 . .4
25. 8
12. 8
0 . .2
0 . ,3
50. 3
-13. 0
1 .7
0. 5
54. 7

15
16
17
18
19
20
21
22
23
24
25
26

1 By t r a n s a c t i o n

12 By s e c t o r
13
14

Govt.-spons.
Fed. r e l a t e d

15
16
17
18
19
20
21
22
23
24
25
26

Private financial sectors
Commercial banks
Bank h o l d i n g c o m p a n i e s
Funding c o r p o r a t i o n s
Savings i n s t i t u t i o n s
Credit unions
L i f e insurance companies
Finance companies
Mortgage companies
REITs
B r o k e r s and d e a l e r s
ABS i s s u e r s

enterprises
mortgage pools

102
-4
16
10
20

.5
.9
.6
.7
.7

40 . 7
1 ..2
1 .2
0 .3
16 . 0

148
-3
10
12
24

2, . 0
4 .3
37, . 6

F.4 C r e d i t Market Borrowi ng,
1 Total
U.S. government s e c u r i t i e s
2
3
Tax-exempt s e c u r i t i e s
C o r p o r a t e and f o r e i g n b o n d s
4
Mortgages
5
6
7
8
9

1

50 . 1
38 . 2
11 . 9
5 8 . .2

F . 3 C r e d i t M a r k e t B o r r o w i n g by F i n a n c i a l

6
7
8
9
10
11

2
3
4

937, . 6

24 F g n . b o r r o w i n g i n U . S .
25
Bank l o a n s n . e . c .
26
Commercial paper
27
U . S . g o v t . and o t h e r
28

2
3
4
5

1

155 . 9
155 . 7
0 .2

767 . 8

-

628

619 . 5

5 6 2 .. 2

1 Domestic

Consumer c r e d i t
Bank l o a n s n . e . c .
Open m a r k e t p a p e r
Other loans

6 8 1 .. 5
253,. 1
5 4 . .4
4 6 .. 5
187. . 7
4 8 .. 9
2 8 . .4
2 6 .. 9
3 5 .. 7

933 .2
272 .2
58 .7
8 8 ,.2
2 2 2 .. 7
81
63
51
94

.7
.1
.9
.7

0. 8
1 .5
52. 3

All S e c t o r s ,

by T r a n s a c t i o n

1142. .9
3 2 6 . .2
179, . 5
143, .4
2 6 1 ,.7

1191.0
394.5
41.4
222.5
305.8

1 0 3 2 , .9
3 1 6 , .4
75. .5
164, .7
3 3 6 . .0

1018,. 7
274,.9
4 6 ,. 3
162, . 2
3 0 0 .. 2

964 .4
2 9 5 . .8
69 .8
120. . 2
2 8 1 ,. 6

8 6 2 ..3
4 1 4 . .4
4 8 . .7
114. .7
2 0 0 . .1

642.2
424.0
68.7
160.5
161.9

7 9 4 ,. 5
4 5 9 . .8
31 ..1
160. .4
124. . 5

9 6 1 . .2
4 1 7 . ,3
7 8 . .1
2 5 2 . .9
159. .2

1027. . 3
4 2 8 . .8
- 1 5 , .1
142. .4
193 . 9

1
2
3
4
5

82 .3
4 0 .. 7
5 2 , .8
5 6 .. 3

57.5
70.2
26.4
72.7

32, .9
2, .8
32, . 3
72, .2

5 0 .. 1
3 9 .. 1
75 . 4
70 . 5

45 .8
40 . 7
65. . 9
44 . 7

16. .0
2, ,2
3 0 . .7
35, .6

-15.0
-29. 1
-44.0
-84.9

5, . 5
- 9 , .4
13, . 1
9 .5

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

117 . 5
63 . 2
35 . 7
61, .0

6
7
8
9

296 .0
2 1 1 .. 9
84,. 1
2 7 . .0
2 6 . .4

4 3 7 . .1
3 1 7 . .0
120. .1
2 1 .. 3
3 8 . .2

159. .8
128, . 3
31 .6
,
- 4 0 . .9
2 8 . .6

1
2
3
4
5

3 0 . .7

6 0 . .6

4 3 ,. 9

6

F . 5 F u n d s R a i s e d T h r o u g h M u t u a l F u n d s and C o r p o r a t e E q u i t i e s
1 Total net i s s u e s
Mutual f u n d s
2
Corporate equities
3
Nonfi nanci al
4
Financial
5
Foreign shares purchased
by U . S . r e s i d e n t s
6
BILLIONS OF DOLLARS




5 6 ,. 0
2 9 ,. 3
2 6 ,. 7
2 0 . .0
3..0

- 4 5 ,.3
2 7 ,. 3
- 7 2 ,.6
- 7 9 ,.0
5 .. 5

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

9 5 . ,0
1 6 0 . ,9
- 6 5 . .9
- 8 5 . .0
18. .0

13, .0
70. .2
- 5 7 . .2
- 7 5 , .5
2 0 . .4

- 9 6 .7
6.1
- 1 0 2 .8
- 1 2 9 ..5
25 . 8

3, .7

0, . 9

3,. 7

1..2

- 2 , .1

0.. 9

.8
.2
.0
.2
.0

19 .7
6 5 .. 3
- 4 5 .6
- 6 3 . .0
10, .0

2 1 5 .4
151 . 5
6 4 , .0
18, . 3
15, .1

17 . 2

7, .4

3 0 , .7

-60
37
-98
-124
9

Z . 7» MARCH 8 ,
Funds Raised

1995
Funds Raised
F . 2 - F . 5 Funds Raised in C r e d i t

and E q u i t y M a r k e t s

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1992
I

II

III

IV

I
|

1993
I

II

III

IV

I
I

1994
I

II

III

IV

F . 2 C r e d i t M a r k e t B o r r o w i n g by N o n f i n a n c i a l S e c t o r s
1

618 . 4

505 .1

564 . 8

456 .0

481 .4

740 . 5

613 . 3

677 . 2

657 . 1

550 .6

620 . 8

649 . 5 D o m e s t i c

1

2
3
4

331 . 3
342 . 4
- 1 1 .2

347 . 4
347 . 0
0 .4

294 . 6
285 .5
9 .0

242 .7
240 .0
2. . 7

240 . 5
237 .4
3 .2

336 . 4
332 . 3
4 .1

173 . 4
157 . 2
16 . 2

274 .2
266 .5
7 .7

210 .5
211 . 8
- 1 .3

122 . 9
118 . 2
4 .7

135 . 0
130 . 7
4 .3

155 . 0
162 . 1
- 7 .1

U.S. government
Treasury s e c u r i t i e s
Budget agency s e c u r . & m t g s .

2
3
4

5
6
7
8
9
10
11
12

287 . 1
42 . 5
76 . 5
195 . 9
233 .2
10 . 2
— 46. 9
- .6

157
52
77
52
92
-16
-25
2

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

270
45
61
160
227
-11
-58
2

.3
.6
.7
.7
.4
.5
.0
.8

2 1 3 .. 3
- 1 5 .8
54 . 0
8 6 . .6
164. .9
- 2 6 .5
- 5 1 . .4
.5

240 .9
88 .7
85 .7
99 . 8
120 . 9
- 5 ..5
- 1 5 .7
0 .2

404 . 1
130 . 3
75 . 7
152 . 2
193 . 5
- 1 1 .4
- 3 0 .9
1 .0

439
66
72
222
236
-4
-9
0

.9
.2
.0
.2
.5
.9
.9
.4

4 0 3 ,. 0
2 7 , .4
67, .4
148. . 5
184, . 5
- 2 ..6
- 3 3 . .6
0.. 2

446 .6
2 2 .. 6
35, . 5
163 . 0
191 ,.2
-5 . 1
- 2 3 .4
0 .3

427 .7
- 9 .8
35 . 8
188 . 6
172 . 3
6 .1
7 .8
2 .3

485 .8
- 4 1 .2
14 . 0
239 .8
224 .8
5 .5
7 .8
1 .7

494 .5
-32
2, .4
185 . 0
179 . 5
0,.4
4 .3
0,. 8

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

13
14
15
16

- 4 .6
- 3 0 .8
10, . 3
- 2 . .7

- 1 5 .0
- 2 0 .5
- 2 ..0
12. . 8

12
-23
4
9

.0
.0
.0
.3

2 9 .. 6
19.. 1
2 2 .. 3
17.. 5

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

41 . 6
.2
33 . 2
- 2 8 .6

76 . 2
7 .8
17 . 2
- 2 1 .7

Ill .3
2 8 .. 5
3..8
16..2

72.. 7
68, .2
8 . .0
76.. 5

.9
.9
.4
.9

125 . 9
89 .4
33, . 8
2 4 , .1

149, .4
9 4 . .8
2 7 . .2
6 7 . .8

17
18
19
20
21
23

287 . 1
2 3 8 , .6
13. . 3
.2
. 1
3 5 . .6
3 5 . .2

1 5 7 . .7
121 ..0
2 . .2
5 .. 1
- 4 5 ..3
4 2 . .4
34 ..5

270 .3
2 6 1 ..6
- 2 5 . .4
1 .6
.
- 5 4 . .3
2 7 . .4
3 4 . .1

2 1 3 . .3
2 4 9 . .6
1 .9
.
- 2 . ,4
-53. 9
58. 2
-38. 2

2 4 0 . .9
167.5
- 1 1 . .6
- 2 . .3
-28. 6
19. 3
85. 0

4 0 4 .. 1
2 6 4 .. 1
2 6 . .7
2 . .7
- 3 3 . .4
57. 4
1 1 3 . ,2

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

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

4 4 6 . .6
3 0 4 . .3
135. .8
2 . .6
8. 4
124. 7
6. 5

4 2 7 , .7
3 1 6 . .0
139, .9
8 .. 1
18. 5
113. ,2
- 2 8 . .2

4 8 5 . .8
3 8 7 . .7
146. .8
1 .7
.
2 8 . ,9
1 1 6 . .2
-48. 7

494. 5
390. 5
150. 7
- 3 . .2
23. 2
130. 7
-46. 6

24
25
26
27
28

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

5 5 . .0
18. 7
14 .. 1
27. 8
-5 .6

3 0 . .6
12. . 1
3. .9
1 3 .. 1
1 ,4
.

3.
26.
-10.
-12.

6
0
3
1

38. 9
66. 5
1.5
-21. 7
-7.5

42. 8
4 5 . ,3
6. 6
6
-8. 4

8 3 .. 1
84. 5
1 .0
.
- 1 ..6
8

22. 9
41 . 4
— 6 .3
-12. 0
1

— 6 6 .3
29. 0
6. 0
-101 .8
0. 5

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

4.
4.
4.
-8.
2.

29

614. 6

560. 1

459. 6

520. 3

783. 3

700. 2

590. 8

540. 5

624. 9

673. 4 Domestic and f o r e i g n

595. 4

*

F.3 Credit

696. 4

M a r k e t B o r r o w i n g by F i n a n c i a l

121
57
16
16

1
9
7
1
8

Consumer c r e d i t
Bank l o a n s n . e . c .
Commercial paper
Other loans

13
14
15
16

P r i v a t e , by s e c t o r
Household s e c t o r
Nonfinancial business
Nonfarm n o n c o r p o r a t e
Corporate
S t a t e and l o c a l g o v t s .

23. 9 Fgn. borrowing in U.S.
25. 2
5
Bank l o a n s n . e . c .
5. 9
Commercial paper
— 6 .6
U.S. g o v t , and o t h e r

5
6
7
8
9
10
11
12

loans

17
18
19
20
21
22
23
24
25
26
27
28
29

Sectors

1

191 . 9

251 . 7

306 . 1

198 . 8

180.4

175 . 5

438.9

349 . 8

488 .9

343 . 5

367 . 7

4 7 9 . 6 By t r a n s a c t i o n

1

2
3
4
5

130.4
1 1. 5
1 18 . 9

188 . 2
48 . 3
139 . 9

171 . 9
67 . 7
104 . 3

132 . 6
33 . 6
99 . 2
. 1

169.4
32.2
137.2

56 . 6
68 . 8
- 1 2 .2

287.3
167.8
119.5

131 . 3
53 .4
77 . 9

320 . 8
160, . 0
180, .0
- 1 9 ..2

245 .2
146 . 6
98 . 6

224 . 9
152,
72 . 8

281 .7
250 .2
31 . 5

U.S. g o v e r n m e n t - r e l a t e d
GSE s e c u r i t i e s
Mortgage pool s e c u r i t i e s
Loans from U.S. government

2
3
4
5

197
82
-1
-6
84
38

Private financial sectors
C o r p o r a t e bonds
Mortgages
Bank l o a n s n . e . c .
Open m a r k e t p a p e r
F e d . Home L o a n Bank l o a n s

6
7
8
9
10
11

.5
.8
.9
.4
.5
- 1 1 .2

63 . 5
80 .5
0. 1
-5 . 7
- 1 3 .8
2 .3

134 . 1
84 . 5
0,.4
18.. 0
18..0
13, .2

66 . 1
97 . 0
0 .9
-24 . 1
- 6 .5
-1 . 1

11.0
99.0
1.4
-34.6
-75. 1
20.4

118 . 9
92 . 4
1 .4
12 . 8
- 1 6 .2
28 . 4

151.6
143.4
6.2
-16.1
-9.4
27.4

218
138
5
-18
76
16

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

168. .2
154. .5
0..2
- 1 2 ..3
36. .6
- 1 0 . ,8

98 . 3
91 .9
0,.6
- 3 0 ,. 1
3,.6
32, . 3

142, .8
8 4 .. 3
0..1
- 1 4 . .6
4 2 .. 3
30, .7

61
51
0
20

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

191 . 9

251 .7

3 0 6 .. 1

198 . 8

180.4

175 . 5

438.9

3 4 9 .. 8

4 8 8 . .9

3 4 3 , .5

3 6 7 . .7

4 7 9 . 6 By s e c t o r

11 . 5
118 . 9

48 . 3
139 . 9

6 7 .. 7
104 .. 3

33 . 5
99 .2

32.2
137.2

68 . 8
- 1 2 ,.2

167.8
119.5

5 3 , .4
77..9

140. .8
180. .0

146. .6
9 8 . .6

1 5 2 .. 1
7 2 . .8

2 5 0 .. 2
31 . 5

Govt.-spons.
Fed. r e l a t e d

15
16
17
18
19
20
21

61 . 5
1 .. 7
10 . 9
18, .8
- 1 9 ,. 1

63 . 5
6 ,. 5
- 9 . .2
16. . 3
- 8 . .8

1 3 4 .. 1
12. .6
6 ..6
14. .0
6 . .3

11.0
3.5
21 . 1
-31.4
9.7

0 . .2
15. .2
14. 4
2. 3
-1 .6
64 . 0

151.6
6.5
0.5
7.9
13.5
0.3
-.1
17.5
-.8
6.0
14.6
85.8

.5
1 .2
.
12..2
3 6 . .7
8. 8
0. . 1
0 . .4
16. .3
-10. 4
6 . .2
2 9 . .3
117. 6

9 8 . .3
12. .4
1 0 .. 1
-17. 9
5. 8
0. 2

142. 8
8
1 I .5
46.5
14. 8
0. 5

- 3 ..5
- 3 ..3
1 ..3
13 .,5
50 .. 7

118. . 9
11 . 3
1 .. 3
-1 .6
12. .6
0 . .3
0. 6
-13. 6
32. 4
1 .3
13. 7
60. 5

168. 2
2 . .0
3. 5
48. 2
-5. 6
0. 1

- 2 7 . .3
2 7 . .5
3 . ,2
2. 9
42 . 9

66 . 1
14,. 5
0,.8
3..6
- 5 . .4
0.. 1
.2
1 .0
.
- 6 . .4
- 5 . .6
- 4 . .0
6 7 . .7

63. 3
-21. 6
1 .2
-9. 9
86. 9

67.
-18.
2.
0.
36.

197. .9
2. .9
8 . .5
2 6 . .3
36.
0. ,2
1 ,3
.
54. 0
-5. 0
1. 1
19. 3
53. 1

Private financial sectors
Commercial banks
Bank h o l d i n g c o m p a n i e s
Funding c o r p o r a t i o n s
Savings i n s t i t u t i o n s
Credit unions
L i f e i n s u r a n c e companies
Finance companies
Mortgage companies
REITs
B r o k e r s and d e a l e r s
ABS i s s u e r s

23
24
25
26

F.4 Credit

0.1
-19.6
-25.2
0.4
-9.5
62.0

Market B o r r o w i n g ,

2

12
13
14

All S e c t o r s ,

1
2
3
4
5

806
461
42
129
196

.5
.7
.5
.2
.7

811 .8
535 .6
52 ,. 1
177 . 0
5 2 .. 6

901
466
45
158
161

.5
.5
.6
.3
.2

658
375
-15
177
87

.4
.5
.8
.0
.4

700, . 7
4 0 9 .. 9
8 8 . .7
2 5 1 ..2
101 ..2

9 5 8 . .8
3 9 3 . .0
1 3 0 .. 3
2 1 3 . .4
153. 5

1135
460
66
299
228

.3
.7
.2
.9
.3

6
7
8
9

-4 . 6
- 8 .9
1 .8
- 1 2 .0

- 1 5 ,.0
- 1 2 .0
11, . 9
9.. 6

12
-1
35
23

.0
.1
.1
.9

29 . 6
- 1 5 .3
3 .7
16.. 3

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

41 ..6
19. .2
16. 4
-8. 7

76
-7
6
4

.2
.3
.3
,9

1050
405
27
247
154

.0
.5
.4
.1
.0

111 . 3
4 .2
67. .7
32. .9

0
2
2
3
5

16.
-7.
2.
-7.
42.

9
0
3
6
2

6
7
8
9
10
11
12

enterprises
mortgage pools

13
14
15
16
17
18
19
20
21
23
24
25
26

by T r a n s a c t i o n
1079
550
22
219
163

.7
.5
.6
.0
.2

72, .7
61 ..9
- 5 7 . .2
4 7 . .0

884
368
-9
137
189

.0
. 1
.8
.0
.1

121 . 9
23 . 3
14 .8
39, .4

992 . 6
359 . 9
- 4 1 .2
103 . 1
2 3 9 ,.9
125, .9
79. . 5
6 8 . .0
5 7 . .6

1153
436
-32
110
183

.0 T o t a l
.7
U.S. government s e c u r i t i e s
.1
Tax-exempt s e c u r i t i e s
.3
C o r p o r a t e and f o r e i g n b o n d s
Mortgages
.5

149 .4
8 8 .. 1
117. . 1
100. .0

1
3
4
5

Consumer c r e d i t
Bank l o a n s n . e . c .
Open m a r k e t p a p e r
Other loans

6
7
8
9

- 3 6 . ,0 T o t a l n e t i s s u e s
12. 3
Mutual f u n d s
-48. 3
Corporate equities
-102. 0
Nonfinancial
17. 9
Financial
Foreign shares purchased
35. 7
by U . S . r e s i d e n t s

1
2
3
4
5

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

301 ..5
1 9 8 .. 3
1 0 3 . .2
4 6 . .0
2 8 .. 1

2 7 4 . .5
2 0 0 . .4
7 4 . .0
3 6 . .0
2 6 .. 9

3 1 3 . .2
2 4 3 . .4
6 9 . .7
12. .0
.9

294. 8
2 0 5 . .4
8 9 . .4
14. .0
2 7 . .7

6

2 9 .. 1

11 . 1

3 4 . .8

4 7 . .8

BILLIONS OF DOLLARS.




343.
268.
75.
8.
35.

9
9
0
2
2

471 . 9
358. 0
113. 9
23. 2
38. 6

4 9 8 . .0
3 4 8 . .9
1 4 9 .. 1
3 2 . ,3
3 8 . .2

434. 5
2 9 2 . .0
142. 4
21. 5
40. 9

3 1 2 . .3
204. 5
107. 8
-9, 6
47. 9

2 3 6 . .4
167, .0
6 9 . .4
- 2 . .0
2 4 . .8

1 2 6 . .7
1 2 9 . ,3
-2. 6
-50. 0
23. 7

31. 6

52. 1

78. 6

80. 0

69. 4

4 6 . .7

23. 7

6

Z . 7 , MARCH 8 , 1 9 9 5
Household S e c t o r

Household Sector
F . 1 0 0 H o u s e h o l d s and N o n p r o f i t O r g a n i z a t i o n s

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
I
I

I

1993

II

III

IV

I
I

1992

1993

1994

1
2

5154 .4
648 . 6

5375 .1
686 . 4

5701 . 9
742 . 2

5255 .5
657 .4

5364 .5
685 . 9

5395 .9
695 . 4

5484 . 6
707 . 0

5555 .8
723 - 1

5659 .9
746 . 4

5734 .5
744 . 2

5857 . 5 P e r s o n a l income
754 . 9 - P e r s o n a l t a x e s a n d n o n t a x e s

1
2

3
4
5

4505 .8
4257 .9
247 .9

4688 .7
4496 .2
192 . 5

4959 . 8
4756 .1
203 .7

4598 .1
4413 .7
184 . 4

4678 .6
4464 .6
214 . 0

4700 .5
4518 .3
182 . 2

4777 . 6
4588
189 . 5

4832 .7
4657.2
175 . 5

4913 .5
4712 .4
201 .1

4990 . 3
4787 .1
203 .2

5102 .6 = D i s p o s a b l e p e r s o n a l income
4867 . 5 - P e r s o n a l o u t l a y s
2 3 5 . 1 = P e r s o n a l s a v i n g , NIPA

3
4
5

151 . 7
110 . 4
582 . 1
1033 . 7

98 . 6
72 . 2
662 . 1
1008 . 4

118
101
615
1035

.4
.0
.2
.7

120 . 3
104
625 . 6
1053 . 2

127
123
634
1119

.0
.6
.1
.8

Govt, i n s u r . 8 pension r e s .
Net i n v . i n c o n s , d u r a b l e s
C a p i t a l consumption allow.
Gross saving

6
7
8
9

1138
875
255
576
43

1125
886
261
580
44

.6
.4
.7
.3
.4

1117
929
264
617
47

.8 Gross investment
.8
C a p i t a l e x p e n d , n e t of s a l e s
.8
Residential construction
.6
Consumer d u r a b l e goods
.4
N o n p r o f i t p l a n t and e q u i p .

10
11
12
13
14

6
7
8
9

99
62
566
976

.0
.6
.9
.4

109
88
583
974

.9
.9
.2
.4

116
100
634
1054

.1
.2
.2
.3

50
71
572
878

.8
.1
.4
.7

132
86
571
. 1004

.4
.8
.6
.8

104
87
606
980

.5
.3
.5
.5

10
11
12
13
14

1038
735
205
492
37

.6
.8
.5
.7
.6

990
809
230
538
40

. 1
.0
.2
.0
.8

1067
897
260
591
45

.0
.5
.9
.4
.3

926
780
224
516
39

.7
.2
.4

1123
794
222
531
40

.7
.3
.3
.2
.8

950
811
228
541
41

.7
.5
.3
.9
.3

.7

959
850
245
562
41

.5
.0
.9
.8
.4

I

1994

.2
.1
.6
.2
.2

II

III

886
898
261
591
46

IV

.2
.9
.4
.5
.1

15
16

302 . 8
525 .9

181 . 1
497 .2

169 . 4
5 2 6 .4

17
18
19
20
21

- 2 9 .3
123 . 8
- 6 4 .7
- 4 6 ..6
- 4 1 ,. 8

-20
78
-68
-19
-10

.7
.1
.8
.3
.7

44 .4
8 .9
- 5 .2
19.. 9
2 0 ,. 8

22
23
24
25
26
27
28
29
30
31

70, . 7
1 0 0 ,. 9
5 1 . .7
19. . 1
32.5
4 9 . .2
- 3 4 ..8
- 4 .8
4 .. 1
5 . ,2

- 1 1 .5
5 .2
4 5 .. 0
14. . 7
3 0 .. 3
- 3 9 .8
- 1 5 . .8
2 6 . .2
10. .5
- 3 7 . .7

378 . 3
358 .9
151. . 8
8 ..0
143, . 8
2 0 7 . .1
- 2 9 ..6
5 8 .. 5
10. .2
- 1 9 . .7

- 7 4 .8
- 5 .4
16 . 0
25 . 4
- 9 .5
- 2 1 .3
22 . 6
1 .5
18 . 5
- 1 1 2 ,.0

- 7 6 .5
- 8 0 .5
122, . 3
" 11,. 6
110, . 7
- 2 0 2 ,.8
15 . 4
15 . 7
15 . 8
- 4 2 .9

- 6 9 .7
- 5 2 .5
- 9 .7
10 . 2
- 1 9 .9
- 4 2 .8
- 4 5 .9
- 5 .8
- 9 .7
4 4 . .2

174 . 7
159, . 0
51 ,.4
11.. 3
40, . 0
107..7
55 .0
93, .4
17.. 3
- 4 0 . .0

394 . 3
389 .8
164 .5
12 . 3
152 .2
225 .3
- 2 7 .8
95..2
7..8
- 7 0 . .7

32
33

146. 5
43. 8

1 8 7 . .0
- 3 3 .. 1

7 6 . .6
- 8 9 . .0

170. . 7
26.

2 2 3 . .5
-25. 4

2 1 4 . .9
13. .2

138. .9
- 1 4 6 . .2

34
35
36

27. 3
249. 7
-7. 1

3 5 . .2
3 0 9 . .2
1 .6
.

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

3 3 . .6
321 .,7
- 4 . .2

3 5 . .3
3 1 3 . .7
-7. 2

3 6 . .6
3 4 9 . .9
0 . .1

37
38
39

18. 4
-11. 0
17. 0

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

- 4 4 . .8
5 . .2
1 7 . .1

- 6 . ,6
41. 1
14. 1

-14. 9
1. 3
12. 2

40
41
42
43

223.
217.
174.
5.

1
7
4
5

3 1 6 . ,0
284. 5
1 7 8 . .2
6 2 . ,3

357. 0
3 4 9 . .6
185. 9
117. 5

199.
167.
115.
20.

2
5
4
3

271.
264.
187.
41.

44
45
46
47

14.
12.
2.
8.

6
4
7
1

11.
17.
8.
6.

9
5
3
2

14. 6
7. 9
17. 0
6. 8

7.
10.
8.
5.

4
3
3
7

17. 1
30. 8
-17. 5
4. 3

48
49

- 1 .8
7. 2

22. 7
8. 1

-2. 5
9. 0

23. 4
7. 7

-1 .5
7. 9

0. 9

0. 9

0. 6

0. 9

1. 0

0. 9

0. 9

0. 9

0. 9

-62. 2

-15. 7

-12. 7

-48. 0

-118. 9

29. 8

74. 2

-129. 8

-89. 9

167. 0

50
51

146 . 5
345 .8
-175
61
-136
-47
-53

.8
.9
.1
.8
.7

•
+
+
=

329 . 5
601 .0

139 . 1
548 .3

109 . 4
493 .6

263 .1
579 . 1

239 .2
562 .1

- 1 2 .7
371 . 2

188 . 0
593 .3

Net f i n a n c i a l i n v e s t m e n t
N e t a c q . of f i n a n c i a l a s s e t s

15
16

139
127
-55
12
54

-71
71
-79
-25
-37

25
51
-3
-16
-6

88
94
59
-1
-63

18
25
-10
-10
13

-15
-25
-60
50
20

.0
.7
.3
.3
.7

85 .4
- 5 8 .5
- 9 .9
4 1 ,. 3
112, . 5

Deposits
C h e c k a b l e d e p . and c u r r .
S m a l l t i m e and s v g s . d e p .
Large time d e p o s i t s
Money m k t . f u n d s h a r e s

17
18
19
20
21

408 .3
388 . 3
175 .4
8 .5
166, . 9
2 1 2 . .8
- 2 0 .. 1
96. .0
2 9 . .0
- 8 4 . .9

246 .6
311 .8
176, . 5
6..0
170. .6
135. . 3
- 5 5 . .8
- 9 . .9
- 1 4 ..3
14. .7

464
3 4 5 . .7
9 0 . .6
5 .. 2
8 5 . .4
255,
- 1 4 . .8
5 2 . .8
1 8 .. 3
6 2 .. 1

C r e d i t 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
Treasury
Savings bonds
Other
Agency
Tax-exempt s e c u r i t i e s
C o r p o r a t e and f g n . b o n d s
Mortgages
Open m a r k e t p a p e r

22
23
24
25
26
27
28
29
30
31

155. .4
- 8 1 ., 1

9 8 . .2
7 . .3

7 9 . .0
- 1 4 5 .. 1

-26. 3
-137. 2

Mutual fund s h a r e s
Corporate equities

32
33

35. 5
251 . 6
17. 6

20. 0
-8. 8
15. 4

8 ., 1
6 4 . .3
-15. 5

23. 8
214. 4
6. 7

28. 7
185. 6
11. 9

Life insurance reserves
Pension fund r e s e r v e s
I n v . i n bank p e r s . t r u s t s

34
35
36

-25. 6
12. 8
8. 9

-50. 3
30. 6
14. 7

- 4 4 .,6
5. 8
12. 0

-40. 7
-19. 0
20. 5

-43. 8
3. 4
21. 4

Equity in noncorp. bus.
Security credit
Miscellaneous assets

37
38
39

384. 2
337. 7
178. 7
Ill .3

316.
304.
185.
72.

322. 8
316. 0
166. 3
121 . 9

383.
387.
218.
125.

9
7
7
9

405.
390.
173.
149.

3
5
3
4

Net i n c r e a s e i n l i a b i l i t i e s
C r e d i t market i n s t r u m e n t s
Home m o r t g a g e s
Consumer c r e d i t

40
41
42
43

10.
9.
15.
8.

3
7
1
2

14.
8.
39.
5.

9
7
1
2

.1
.4
.2
.4
.5

5
1
9
6

.6
.2
.9
.4
.4

6 . .3
51 ..3
17. . 1
4 0 9 . .2
368. 5
230. 8
76. 2
16.
12.
24.
7.

9
7
5
5

31 . 5
8. 2

6.
16.
18.
7.

.3
.8
.8
.5
.2

.9
.6
.9
.9
.7

0
3
3
7

3
2
0
2

16. 3
0. 2
23. 2
6. 6

37. 2
8. 4

2. 2
8. 6

16.
13.
-9.
7.

.1
.2
.7
. 1
.7

9
0
3
2

-3. 0
8. 8

-13. 8
9. I

4. 4
9. 4
0. 9

Tax-exempt debt
Commercial mortgages
Bank l o a n s n . e . c .
Other loans

44
45
46
47

Security credit
Trade debt
D e f e r r e d and u n p a i d
l i f e i n s u r a n c e premiums

48
49

2. 0 Discrepancy

50
51

Memo:
Net p h y s i c a l

investment:

52
53
54

205,.5
111 ,. 6
94, . 0

2 3 0 , .2
1 0 7 .. 1
1 2 3 .. 1

2 6 0 ..9
113. . 3
147, . 6

2 2 4 . .4
100, .8
123. .6

222 .3
100, . 6
121, . 7

2 2 8 . .3
124. .6
103. .7

245 . 9
102.. 5
143, . 3

2 5 5 .6
127, .5
128.. 1

2 6 1 .. 7
106, . 9
154. . 8

261 . 4
108 . 7
152 . 7

(A) R e s i d e n t i a l c o n s t r u c t i o n
264 . 8
expenditures
110
- C a p i t a l consumption
154 . 7
= Net i n v e s t m e n t

55
56

174 .4
- 8 0 .4

1 7 8 . .2
- 5 5 .. 1

185, . 9
- 3 8 ,.3

115. .4
8 . .2

187 . 9
— 66.. 3

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

178, .7
- 3 5 . .4

185, .3
- 5 7 , .2

166. . 3
- 1 1 ..5

218 .7
- 6 6 .0

173 . 3
- 1 8 .6

57
58
59

492 .7
430 . 1
62, . 6

5 3 8 ..0
4 4 9 .. 1
8 8 ..9

5 9 1 .4
491 .2
100, . 2

5 1 6 . .1
4 4 5 . .0
71 . 1

5 3 1 ,. 2
4 4 4 , .4
8 6 .. 8

541 ..9
4 5 4 . .6
8 7 . .3

5 6 2 . .8
4 5 2 . .4
110. .4

5 7 6 . .2
5 0 4 . .0
72..2

5 8 0 .. 3
4 7 9 .. 3
101. .0

591 .5
4 8 7 .4
104, . 1

(B) C o n s u m e r d u r a b l e g o o d s
617 . 6
expenditures
494 . 0
- C a p i t a l consumption
123 . 6
= Net investment

57
58
59

60
61

5 .5
57 . 1

6 2 ,. 3
2 6 . .6

117. . 5
- 1 7 ..3

2 0 .. 3
5 0 . .9

41 . 6
4 5 .. 3

7 6 . .2
11..1

111. .3
- • .9

72..7
.5

121 ..9
- 2 0 . .9

125, . 9
- 2 1 , .8

149 . 4
- 2 5 .8

60
61

BILLIONS OF DOLLARS.




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

- Consumer c r e d i t
= Excess net investment

52
53
54
55
56

Z . 7 • MARCH 8 , 1 9 9 5
Nonfinancial Corporations

„
Nonfinancial Corporations

it

F.104 Nonfarm 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
SEASONALLY ADJUSTED ANNUAL RATES
1994

SEASONALLY ADJUSTED ANNUAL RATES
I
I

1993
I

II

III

IV

I
I

1994

1992

1993

I

II

III

1
2
3
4

2 5 2 . .2
8 7 ,,4
1 3 5 . ,0
2 9 . .8

292.
116.
158.
17.

3
3
5
5

355. 4
1 4 2 ., 3
1 5 8 . ,3
54. 8

268,. 1
1 0 5 . .8
1 5 9 ,. 3
3. . 1

292.
116.
155.
20.

4
3
4
7

2 8 4 .. 5
113. . I
158.
13. .4

3 2 4 . ,0
130. 3
161. 0
32. 7

331. 5
132. -0
158. .1
4 1 .. 3

3 5 4 , .4
142, .9
162, .9
4 8 . .6

363
146
155
61

5
6
7

28.4
3 4 9 .. 3
4 0 7 . .5

42 . 6
357. 6
417. 7

52. 6
3 7 8 . .5
4 8 5 . ,9

3 4 ,. 3
3 5 2 ,.6
3 9 0 ,.0

39. 6
3 5 5 . .1
4 1 5 . ,4

4 4 , .7
3 6 2 . .4
420,.5

51. 8
360. 4
444. 9

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

5 2 , .1
3 7 2 ,. 1
4 7 2 , .8

8
9
10

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

50 . 8
-6. 2
462. 3

35. 4
- 1 9 ..3
5 0 1 .,9

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

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

5 2 ,.9
3,.0
4 7 6 , .4

4 7 . .3
-6. 5
485. 7

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

11
12
13
14
15
16
17

4 0 5 . .6
3 8 6 .. 0
388 . 5
1 ., 3
387 . 3
- 2 .5

428. 4
440. 4
4 2 1 .,3
1 .4
419. 9
1 9 ., 1

4 8 8 . .7
521 . 5
478.2
5
4 7 6 . .7
4 3 ,.3

419,. 1
424 .7
4 0 4 ..2
1 .4
,
402 .8
20 . 5
.1

4 3 2 . ,3
4 4 1 .,5
4 1 9 . ,0
1 ,4
.
4 1 7 . .6
2 2 . ,7
.2

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

4 3 6 . .2
4 5 1 . ,2
4 4 1 . .1
4
4 3 9 . .7
10..2
.1

18
19

19.. 6
141 ,. 8

- 1 2 . ,0
8 3 . .0

- 3 2 , .8
126, . 8

- 5 ..6
1,.4

- 9 ..3
, 8 . ,9

- 1 8 ..3
105. . 9

20
21
22
23
24
25
26
27
28
29
30
31

12, . 3
- 1 0 . .4
.8
- 6 .7
15 . 8
- 6 .5
- 6 .0
24 . 7
22 . 7
2 .0
0 .6
1 .6

1 ,7
.
2 . .4
1.1
3 ., 1
-2. 5
- 9 . ,2
.7
2 . ,0
8
2 . .8
2 ,.2
3 ,.4

2 2 , .4
0, . 5
2 .6
1 .4
,
2 ,. 8
.3
7.. 2
14 ..4
13, . 5
1 ..0
- 1 .8
- 4 .3

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

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

32
33
34

2 .4
4.7
31 . 6

10, .5
6 ..8
18, ,0

9.8
- 1 .3
6 3 .. 1

1 .3
5 .7
32 . 2

35
36
37
38
39
40

90 . 8
34 . 3
7. 1

4 6 . ,0
41 ..9
4 ..8

32. .7
5 9 ,. 9
5.3

1. 7
47 . 7

0. .8
- 1 ,. 5

41
42
43

122 . 2
67 . 9
27 . 0

44
45
46
47
48
49

40 . 9

IV
P r o f i t s b e f o r e tax (book)
- P r o f i t 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 p r o f i t s

1
2
3
4

52 .9
377 . 9
492 .0

5 4 ..5 + C a p i t a l c o n s u m p t i o n a d j .
3 8 2 . . 7 • D e p r e c i a t i o n c h a r g e s , NIPA
5 0 5 . . 3 = U . S . i n t e r n a l f u n d s , book

5
6
7

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

29 . 6
- 1 9 .6
502 .0

2 8 .. 3 + F g n . e a r n i n g s r e t . a b r o a d
- 3 1 . .2 + I n v . v a l u a t i o n a d j u s t m e n t
5 0 2 . .4 = T o t a l i n t e r n a l f u n d s • IVA

8
9
10

4 8 5 . .5
4 7 5 . .5
4 5 4 . .3
1 .5
,
4 5 2 , .9
2 1 . .2

476,. 1
5 2 2 , .4
4 6 5 , .0
1 ..5
4 6 3 , .5
5 7 , .4

497 .9
537 .9
487 .2
1 .5
485 .7
50 . 7

4 9 5 ..3 G r o s s i n v e s t m e n t
5 5 0 .. 1 C a p i t a l e x p e n d i t u r e s ( 1 )
Fixed investment
5 0 6 ..3
Residential construction
1 ..5
P l a n t and e q u i p m e n t
504,.8
I n v e n t o r y c h a n g e • IVA
4 3 ,.8
Access r t s . from U.S. g o v t .

11
12
13
14
15
16
17

- 1 5 . .0
136. .0

10,.0
170. .8

— 4 6.2
,
133, .0

- 4 0 .0
144 . 4

- 5 4 , .8
5 8 , .8

Net f i n a n c i a l i n v e s t m e n t
N e t a c q . of f i n a n c i a l a s s e t s

18
19

- 3 ,.0
11 . 5
5 .9
0.. 5
- 6 ..3
- 9 .9
- 2 5 .6
13 . 9
11 . 1
2 ..8
6 .2
0 .8

4 2 . .2
- 8 . .2
- 4 . .4
10..2
>2
- 7 . ,2
4 6 . .6
- 4 . .3
- 7 .. 1
2. .8
0..4
10..4

33, .9
.7
3,. 6
.7
2, .8
- 1 ..1
10..9
37.. 1
32. .7
4..4
- 4 , .2
- 1 3 .8

4 1 ,. 1
3.. 1
2, . 3
1..6
5 .7
.7
24 ,.7
11 .4
.
6, .2
5, .2
- 2 . .2
- 4 ..8

13 . 0
0 .7
3 .0
3 .0
1 .3
1 .0
- 5 .4
7 .0
11 . 8
- 4 .8
0 .2
2 .3

1,.8
- 1 .,2
1 .4
1 ,7
.
1 ,5
.
.4
- 1 .,4
2 .. 3
3. . 3
- 1 ., 0
- 1 .,0
-1 . 1

Liquid a s s e t s
C h e c k a b l e d e p . and c u r r .
Small time 8 svgs. dep.
Large time d e p o s i t s
Money m k t . f u n d s h a r e s
S e c u r i t y RPs
Foreign deposits
U.S. g o v t . s e c u r i t i e s
Treasury

20
21
22
23
24
25
26
27
28
29
30
31

10, .9
8 ,. 9
2 0 ,. 1

20 . 3
6. 1
2 .9

9..5
6.. 3
16..9

3..1
0,.2
54 .4

12.. 5
1 .,5
72. .8

12 . 3
-3 . 1
65 . 1

11 ..4
- 3 , .9
6 0 ,. 1

Consumer c r e d i t
Mutual fund s h a r e s
Trade c r e d i t

32
33
34

72, .8
61 . 6
4 ,. 3

79 . 6
46 . 9
4 .2

61 .1
2 4 . .8
5. .1

57 . 1
57 . 8
5 .0

4. 1
2 . .7

.9
29 . 3

- 3 , .7
34..9

79..2
5 6 . .5
5 .9
0..2
- 3 . .5
2 0 . .1

5.1
64, . 3
6..4

3 .9
- 3 6 .5

-29 . 3
34 . 2
5 .4
0. 1
3 .9
- 7 2 .9

7 .2
- 7 2 , .8

10 . 5
— 16. 2

- 1 0 , .6
61 ,.2
4 ..0
.1
.5
- 7 7 . .2

Miscellaneous assets
US d i r . i n v e s t . a b r . ( 2 )
Insurance receivables
E q u i t y i n GSEs ( 3 )
Inv. in f i n a n c e c o . s u b s .
Other

35
36
37
38
39
40

9 5 ,. 1
6 7 ,. 1
21 . 3

159 . 5
80 .3
- 4 0 .9

7 .0
27 . 5
8 .2

9 8 .. 1
8 0 .. 6
2 3 .. 2

124 . 2
78 . 6
32 . 3

151, . 1
8 1 .7
2 1 , .5

160. .8
115 . 1
- 9 . .6

179. .2
I l l .2
- 2 . .0

184 . 5
66 . 2
- 5 0 .0

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

.5
.5
.0
.6

45 . 8
.1
75 . 2
- 1 5 .2
- 3 ,.2
10 . 0

121 . 2
- 1 .5
21 .9
.9
48.5
21 . 4

.3
.3
.7
.7
. 1
. 1

5 7 . .4
.6
75 . 7
- 3 0 .4
9 .4
33 . 2

46 . 3
1 .3
72 . 0
-3.8
- 9 .7
17 . 2

60. .2
3.. 3
67. .4
- 2 1 . .0
3,.6
3..8

124. .7
-1 . 1
35 .5
- 7 . .7
34. .8
8 .0

113
0
35
0
51
16

.2
.5
.8
.3
.6
.4

116 . 2
- 3 .9
14 . 0
0 .6
59 . 8
33 . 8

130, .7
- 1 ..6
2 . .4
3.. 2
4 7 .. 9
2 7 .. 2

50
51
52
53
54
55
56

4 .3
- 5 .0
2.9
.1
- 2 .9
7 .2
2 .3

- 2 0 .9
.8
-5 . 3
0 .2
- 3 .3
- 1 9 .4
7 .7

31 . 8
.3
32 . 9
0 .5
-2 . 1
.9
1 .6

- 2 6 .2
- 2 .3
- 1 7 .4
0. 1
0 .8
- 2 0 .4
12 . 9

- 2 9 .9
.4
-11 . 9
0.3
- 5 .3
- 1 9 .2
6 .7

- 3 0 .9

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

55 . 1
.9
36 . 1
0 .4
1,.9
10 . 3
7 .3

8 .6
.2
26 . 7
0 .5
- 1 .8
- 1 3 ..6
- 2 .9

11 . 8
23 .3
0 .5
.8
- 1 1 .3
0-1

51 .6
0.. 1
45.5
0.. 6
- 7 ..6
11 . 1
1 .9

Other loans
Savings i n s t i t u t i o n s
Finance companies
U.S. government
A c c e p t . l i a b . t o banks
R e s t of t h e w o r l d
ABS i s s u e r s

50
51
52
53
54
55
56

57
58
59
60
61

7 .2
30 . 1
16 . 9
9 .0
8 .0

2 .0
26 . 0
. 1
- 9 .8
9 .8

1 .7
56 . 6
20 . 9
22 . 7
- 1 .8

4
26
-52
-65
13

.9
.9
.9
.5
.7

- 9 .5
77 . 1
0 .4
5 .3
- 4 ..9

1 .0
66 . 2
51 . 1
35 . 8
15 . 3

3 .3
61 .4
2 0 .. 2
24 . 0
- 3 ..8

Taxes p a y a b l e
Trade debt
Miscellaneous l i a b i l i t i e s
F g n . d i r . i n v e s t . i n US
Pen. fund c o n t r . payable

57
58
59
60
61

62

32 . 8

34 . 0

13 . 2

17 .4

24 . 3

4 .2

*

67
-27
-12
8

19
-4
85
-5
-16
-14

.9
.8
.3
.3
. 1

17 . 3

5
23
-11
-15
4

.5
.3
.3
.5
.2

18 . 4

11 . 9
0 .2
- 4 .8
- 3 3 .9
- 4 .5
.6
.8
.4
. 1
.3

3 .3
25 . 1
41 . 0
33 .4
7 .5

50 . 6

49 . 5

-5
28
22
8
14

11
21
11
25
-13

.8
.6
.9
.3

3 7 1 ,.8
1 4 7 ,. 5
1 5 6 .. 3
6 8 . .0

Tax-exempt s e c u r i t i e s
Commercial p a p e r

Net i n c r e a s e i n l i a b i l i t i e s
Net f u n d s r a i s e d i n m k t s .
Net new e q u i t y i s s u e s
Debt i n s t r u m e n t s
Tax-exempt debt (4)
C o r p o r a t e bonds (2)
Mortgages
Bank l o a n s n . e . c .
Commercial paper

7,. 1 Di s c r e p a n c y

1 .5
23 .4

—8 . 0
14 . 5

6 .5
26

5 .4
9 .8

- 3 .2
17 . 5

- 2 5 .8
16 . 1

- 8 .2
14 . 4

32 . 5
19 . 3

- 4 .2
18 . 9

- 1 .1
30 . 8

65
66
67

- 2 .5
- 6 .5
3 .9

19 . 1
- 6 .2
25 . 3

43 . 3
-19 .3
62 . 6

20 . 5
- 1 1 .2
31 . 7

22 . 7
- 1 0 .0
32 . 7

23 .0
3 .0
20 . 0

10 . 2
- 6 .5
16 . 7

21.2
-12.3
33.5

57.4
-14.1
71.5

50.7
-19.6
70.3

68
69

392 . 5
407 . 5

446 .6
417 .7

540 . 8
485 .9

435 .9
390 . 0

451 .5
415 .4

441 . 1
420 .5

457 . 7
444 . 9

487.8
473.5

70

- 1 5 .0

28 . 9

54 . 9

45 .9

36 . 1

20 . 6

12 . 8

14.3

557.5
581.3 Total
536.5
505.3 Less:
492.0
472.8
= Financing gap:
Excess
76.0
over
65.5
63.7

71
72

9 6 . 3%
10 . 4%

1 0 6 . 9%
1 0 . 2%

111 . 2%
22.4%

1 1 1 . 7%
4 . 4%

1 0 8 . 6%
12 . 7%

104.18%
1 0 . 4%

102.13%
1 3 . 1%

103.0%
25.5%

113.3%
20.8%

(ID C a p i t a l o u t l a y s on book b a s i s :
4 3 . 8 I n v e n t o r y c h a n g e , NIPA
Inv. v a l . adjustment
-31.2 Less:
7 5 . 0 = I n v e n t o r y c h a n g e b e f o r e IVA
c a p . e x p e n d . b e f o r e IVA
US i n t e r n a l f u n d s , book
of c a p i t a l e x p e n d i t u r e s
U.S. i n t e r n a l f u n d s




62

65
66
67
68
69
70

1 1 5 . 0 % C a p i t a l e x p . / U S i n t e r n a l f u n d s 71
2 2 . 4 % C r . m k t . b o r r o w i n g / c a p i t a l exp 72

( 2 ) T h r o u g h 1 9 9 2 : 0 4 , c o r p o r a t e b o n d s i n c l u d e n e t i s s u e s by N e t h e r l a n d s
A n t i l l e a n f i n a n c i a l s u b s i d i a r i e s , and U . S . d i r e c t i n v e s t m e n t a b r o a d
e x c l u d e s n e t i n f l o w s f r o m t h o s e bond i s s u e s .
(3) Equity in the F e d e r a l N a t i o n a l Mortgage A s s o c i a t i o n .
(4) I n d u s t r i a l revenue bonds.
I s s u e d by s t a t e a n d l o c a l g o v e r n m e n t s
t o f i n a n c e p r i v a t e i n v e s t m e n t and s e c u r e d i n i n t e r e s t and
p r i n c i p a l by t h e i n d u s t r i a l u s e r of t h e f u n d s .
BILLIONS OF DOLLARS„

44
45
46
47
48
49

Memo:
- 1 . 4 T r a d e c r e d i t n e t of t r a d e d e b t 63
64
35 . 2 E a r n i n g s r e c . f r o m a b r o a d

63
64

113.4%
21 . 1%

41
42
43