Full text of Z.7 Flow of Funds Summary Statistics : March 9, 1994

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FEDERAL RESERVE statistical
Z.7 (788)

For immediate release
March 9, 1994

FLOW OF FUNDS SUMMARY STATISTICS
Debt of domestic nonfinancial sectors expanded at a seasonally
adjusted annual rate of 6-1/4 percent in the fourth quarter of 1993. Federal
debt rose at an 8-1/4 percent pace. Growth in nonfederal debt continued to
rise, and, at a 5-1/2 percent rate, was the fastest since early 1990. Debt in
the household sector accelerated to 8-1/4 percent owing to a sizable pickup in
both mortgage and consumer credit. Nonfinancial business debt grew at a
2-1/2 percent rate, still subdued by historical standards, but more rapid than
rates recorded over the past three years. Debt of state and local governments
increased at a 6-1/4 percent pace in the fourth quarter, as this sector
continued to respond to relatively attractive bond rates to refund existing
debt in advance of its maturity date. For 1993 as a whole, total domestic
nonfinancial debt rose 5-1/4 percent, the same as in 1992.
The level of domestic nonfinancial debt outstanding at the end of the
fourth quarter was $12.4 trillion. Debt of nonfederal sectors accounted for
$9.0 trillion and the federal government component was $3.3 trillion.
A. Growth of Domestic Nonfinancial Debt 1
(Percent changes; quarterly data are seasonally adjusted annual rates)
Nonfederal
Total
(1)

U.S.
govt.
(2)

Total
(3)

Households
(4)

Business
(5)

State &
local
govts.
(6)

1988
1989
1990
1991
1992
1993

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

8.0
7.0
11.0
11.1
10.9
8.3

9..0
8..0
4..9
2..4
3..3
4..0

10.,8
9..0
6.,2
4.,7
5.
,7
6.,3

7.9
7.0
3.4
- .9
.1
.9

7.0
8.4
6.7
7.2
6.4
6.5

1992-Q1
Q2
Q3
Q4

5,
.4
.2
5,
5 .3
,
4,.6

11.7
12.3
10.2
7.9

3..3
2..8
3,.7
3,.4

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

.5
- .3
.6
- .3

6.7
7.1
7.6
3.6

-.7
1.3
.7

7.2
6.8
5.1

2,5

0,3

1993-Q1
-Q2
-Q3
-04
1. Changes
month-average




3,.4
7.5
2,,0
3,,3
5,
.7
11.1
3,.8
5.,3
4..8
5.5
4,.5
7,
,9
5.
G,,3
8,2
8,,2
shown are on an end-of-period basis and
data in the Board's H.6 release.

thus may differ from

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

All

Memo:
Private
f i n a n c i a l flggetS

F i n a n c i a l

1988
1989
1990
1991
1992
1993

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

2..6
4.,0
9..1
4..9
8,, 1
14..8

12..8
10.. 1
8..2
5.
.9
8.,0
8..1

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

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

1992-Q1
Q2
Q3
Q4

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

.6
19.,9
12..4
.2

6..5
7 ,6
.
10..8
6,,0

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

3..3
.8
-1..5
.9

1993-Q1
-Q2
-Q3
-Q4
1. Holdings
business, and

3. 4
5 .7
4. 8

16..0
12..3
24,.3

5 .0
,
4,.4
12,.8
3,,9
6s 3
9,.4
of deposits and credit market claims by
state and local governments.

4..0
-5 .3
.8
.6
5.
- 2.3
!
6..8
1,.4
6,.9
households, nonfinancial

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
diskettes contain quarterly data beginning in
correspond to the tables published in the Z.l
diskettes contain files with the monthly debt
Board's H.6 release and data from the Balance
(C.9 release).

on 3-1/2" diskettes. The
1952 organized in files that
release.
In addition, the
aggregate data published in the
Sheets for the U.S. Economy

Subscriptions to this summary release, the full statements for sectors and
transaction types for flows and amounts outstanding (the Z.l 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) 452-3245. This release is also available on the Economic Bulletin Board
of the Department of Commerce.
r * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * i

* * * * * * *

* * * * :

A Guide to the Flow of Funds Accounts is available. The Guide explains the
principles underlying the accounts and describes how they are constructed. The
Guide is available from Publication Services for $8.50.




Z. 7» MARCH 9, 1994
Credit Market Debt

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

PERIOD-END LEVELS

PERIOD-END LEVELS
1992
II

III

1993
IV I

II

III

L.2 Credit Market Debt Owed by Nonfinancial Sectors
1 10054 .3 10692 .0 11160 .6

11289 .4 11427 .2 11580 .6 11747 .2 11824 .7 11983 .4 12128 .9 12354 .4 Total domestic

I

2
3
4

2251 .2
2227 .0
24 .2

2498 .1
2465 .8
32 .4

2776 .4
2757 .8
18 .6

2859 .7
2844 .0
15 .8

2923 .3
2907 .4
15 .9

2998 .9
2980 .7
18 .1

3080 .3
3061 .6
18 .8

3140 .2
3120 .6
19 .6

3201 .2
3180 .6
20 .6

3247 .3
3222 .6
24 .7

3336 .5
3309 .9
26 .6

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

2
3
4

5
6
7

7803 .1
1004 .7
961 .1

8193 .9
1062 .1
1008 .2

8384 .3
1131 .6
1086 .9

8429 .6 8503 .9
1145 .5 1163 .7
1106 . 1 1125 .5

8581 .7
1186 .4
1140 .9

8666 .9
1197 .3
1154 .4

8684 .5
1210 .0
1174 .9

8782 .1
1225 .7
1192 .9

8881 .7
1241 .8
1209 .9

9018 .0
1256 .8
1225 .7

Private, by transaction
Tax-exempt securities
Corporate bonds

5
6
7

8
9
10
11
12

3512 .8
2380 .5
304 .3
747 .6
80 .5

3715 .4
2580 .6
305 .5
750 .8
78 .4

3880 .4
2746 .6
303 .0
751 .7
79 .1

3917 .9
2791 .8
305 .9
740 .3
80 .0

3941 .3
2825 .6
301 .7
733 .8
80 .2

3979 .4
2880 .8
298 .9
719 .4
80 .3

4001 .6
2922 .7
291 .9
706 .5
80 .4

4017 .9
2944 .1
290 .7
702 .0
81 .1

4057 .6
2993 .8
287 .6
694 .8
81 .4

4112 .2
3054 .7
286 .6
689 .8
81 .0

4173 .7
3115 .4
287 .5
690 .0
80 .8

809 .2
695 .6
107 .1
701 .6

793 .7
683 .0
113 .9
691 .1

802 .3
691 .8
124 .0
687 .7

821 .7
691 .6
123 .2
681 .2

858 .3
700 .3
117 .8
685 .4

13
14
15
16

799 .5
750 .8
107 . 1
667 .0

813 .0
747 .8
116 .9
730 .6

799 .9
701 .0
98 .5
685 .9

777 .6
685 .5
110 .4
686 .5

776 .9
694 .0
112 .0
690 .5

17
18
19
20
21
22
23

7803 .1
3371 .4
3615 .7
134 .4
1199 .6
2281 .7
816 . 1

8193 .9
3594 .8
3728 .5
134 .9
1219 .0
2374 .6
870 .5

8384 .3
3762 .7
3688 .7
134 .8
1192 .3
2361 .6
932 .8

8429 .6
3782 .6
3701 .7
133 .4
1187 .6
2380 .7
945 .3

8503 .9
3837 .3
3705 .6
136 .8
1177 .3
2391 .5
961 .0

8581 .7
3900 .1
3698 .6
137 .6
1165 .1
2395 .8
983 .1

8666 .9
3978 .0
3696 .7
136 .0
1154 .5
2406 .1
992 .2

8684 .5
3980 .6
3696 .7
133 .7
1145 .3
2417 .8
1007 .2

8782 .1
4044 .6
3714 .2
137 .1
1139 .3
2437 .8
1023 .4

24
25
26
27
28

261 .2
94 .1
21 .4
63 .0
82 .7

285 .1
115 .4
18 .5
75 .3
75 .8

298 .9
129 .5
21 .6
81 .8
66 .0

288 .7
130 .8
22 .0
70 .5
65 .5

304 .7
136 .2
25 .5
77 .4
65 .6

312 .9
141 .3
26 .5
80 .7
64 .4

313 .8
146 .9
23 .9
77 .7
65.4

324 .8
165 .8
24 .3
72 .3
62 .5

336 .5
176 .4
25 .9
72 .1
62 .0

29 10315 .5 10977,. 1 11459 .5

784 .5
686 .2
108 .2
696 . 1

8881 .7
4132 .7
3708 .5
138 . 5
1130 .8
2439 .2
1040 .5

9018 .0
4229 .2
3731 .9
138 .0
1135 .2
2458 .7
1056 .9

355 .6
197 .3
26 .2
71 .7
60 .4

360 .3
207 .4
24 .4
68 .7
59 .8

Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

8
9
10
11
12

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

13
14
15
16

Private, by sector
Households
Nonfinancial business
•Farm
Nonfarm noncorporate
Corporate
State 8 local governments
Foreign credit market debt
held in U.S.

17
18
19
20
21
22
23

Bank loans n.e.c.
Commercial paper
U.S. govt. 8 other loans

24
25
26
27
28

11578 .1 11732 .0 11893 .5 12061 .0 12149,.5 12319,.8 12484 .5 12714 .8 Total domestic and foreign

29

L. 3 Credit Market Debt Owed by Financial Sectors
1

2362 .7

2559,.4

2709,.7

2759,.4

2815..2

2889,.3

2941,.7

2974..3

3010..3

3104..7

3186..2 Total, by transaction

1

2
3
4
5

1247,.8 1418,.4
373,.3
393..7
869,.5 1019..9
5.. 0
4..9

1564..2
402. 9
1156. 5
4. 8

1590,.3
405,.7
1179,.8
4,.8

1641 .
.6
417. 8
1219.,0
4. 8

1683..5
434..7
1244.,0
4..8

1720..0
443,.1
1272..0
4,.8

1755..8
451.2
1299..8
4..8

1774. 5
468..4
1301.,3
4. 8

1842..2
510..3
1327.,1
4. 8

1877..1
523.,7
1348..6
4. 8

U.S. government-related
GSE securities
Mortgage pool securities
Loans from U.S. government

2
3
4
5

6
7
8
9
10
11

1114. 8
1140..9
509., 1 549..9
4. 0
4.,3
50. 9
52. 0
409.. 1 417. 7
141 .8
117. 1

1145. 6
606. 6
5.
69. 1
385. 7
79. 1

1169..1
621 .
.9
5..0
72..7
393.,2
76.,3

1173.,6 1205. 8
1221 .7
.
638. 0
658.,3
678..2
5. 0
5., 1
5.
63., 1
67. 5
64. 2
390, 5
394. 6
394. 3
76. 9
80. 2
79. 9

1218. 5
692..0
5. 4
56. 9
379. 2
85. 0

1235. 8
706.,0
6. 0
55. 8
375. 9
92. 1

1262. 5
730. 4
7. 6
52. 4
373. 2
98. 9

1309. 1
747. 2
9. 0
56. 3
393. 5
103. 1

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

6
7
8
9
10
11

12
13
14

2362..7
3 78.,3
869. 5

2559. 4
398. 5
1019. 9

2709. 7
407. 7
1156. 5

2759. 4
410. 5
1179. 8

2815. 2
422. 6
1219. 0

2889. 3
439. 5
1244. 0

2941 .7
447. 9
1272. 0

2974. 3
456. 0
1299.8

3010. 3
473. 2
1301. 3

3104. 7
515. 1
1327. 1

3186. 2 Total, by sector
528. 5
Govt.-sponsored enterprises
1348. 6
Fed. related mortgage pools

12
13
14

15
16
17
18
19

1114. 8
77. 4
142. 5
125.4
169. 2

1140. 9
76. 7
114. 8
137. 9
139. 1

1145. 6
65. 0
112. 3
124. 3
94. 6

1169. 1
63. 8
115. 0
137. 6
89. 8

1173. 6
66. 2
112. 7
144. 9
87. 6

1205. 8
69. 0
114. 4
143. 0
39. 2

1221 .7
73.8
114. 6
135. 2
87. 8

1218. 5
73. 1
119. 9
127. 6
90. 3

1235.8
76. 6
120. 2
129. 7
93. 4
0. 1
0. 2

1262. 5
77. 9
119. 7
126. 4
96.8
0. 2
0. 1

1309. 1 , Private financial sectors
79. 5
Commercial banks
121. 6
Bank holding companies
130. 0
Funding corporations
99. 0
Savings institutions
0. 2
Credit unions
0. 2
Life inurance companies

15
16
17
18
19
20
21

350. 4
11 .3
11 .4
227. 3

374. 4
7. 3
12. 4
278. 3

393. 0
13. 0
14. 0
329. 4

382. 2
19.8
14. 4
346. 3

377. 4
11 .0
14.8
358. 9

382. 7
14. 6
15. 3
377. 5

389. 4
13. 0
14. 1
393. 7

379. 1
10.4
13. 7
404. 3

369.8
14.4
14.4
417. 1

373. 9
15. 0
15. 9
436. 7

21
22
23
24
25

384. 4
19. 0
17.4
457. 7

Finance companies
Mortgage companies
REITs
ABS issuers

22
23
24
25

L.4 Credit Market Debt, All Sectors, by Transaction
1 12678. 2 13536. 5 14169. 3

14337. 4 14547. 1 14782.8 15002. 7 15123.8 15330. 1 15589. 3 15900. 9 Total

2
3
4
5

3494. 1
1004. 7
1564. 3
3516. 8

3911. 7
1062. 1
1673. 5
3719. 7

4335. 7
1131. 6
1823. 1
3885.5

4445. 2
1145. 5
1858. 7
3923. 0

4560. 1
1163. 7
1899.8
3946. 3

4677. 6
1186. 4
1940. 6
3984. 5

4795. 5
1197. 3
1979. 5
4006. 7

4891. 2
1210. 0
2032. 7
4023. 3

4970. 9
1225. 7
2075. 3
4063. 7

5084. 7
1241 .8
2137. 6
4119. 7

5208.8
1256. 8
2180. 2
4182. 7

6
7
8
9

799. 5
823. 0
579. 2
896. 5

813. 0
818. 3
609. 9
928. 4

799. 9
791. 7
565. 9
835. 8

777. 6
780. 2
574. 1
833. 1

776. 9
782. 7
579. 9
837. 7

784. 5
780. 2
583. 6
845. 5

809. 2
783. 7
579. 0
851. 7

793. 7
764. 3
565. 4
843. 4

802. 3
773. 5
572. 0
846. 7

821. 7
770. 2
568. 2
845. 3

858. 3
781.
580. 0
853. 1

10
11
12
13

133,.9
904,.2
566..2
3812..9

137.4
936.4
602. 1
3543.7

188..9
926..7
813..9
4869.,4

194,.6
934,.0
860..4
4925..6

193 .3
945 .5
924,.4
4837..0

214..5
965,.1
965..6
4995..4

217..3
978..1
1042.
5540.,6

225,. i 234 .7
975..8
984,.5
1134..6 1225,.8
5721..3 5741..9

254,.5
1002..8
1342,.4
6006..6

276..3
1020,.9
1426,.8
6120..7

BILLIONS OF DOLLARS,




1

U.S. government securities
Tax-exempt securities
Corporate and foreign bonds
Mortgages

2
3
4
5

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

6
7
8
9

Security credit
Trade credit
Mutual fund shares
Corporate equities

10
11
12
13

Z.7, MARCH 9, 1994
Funds Raised

Funds Raised
F.2-F.5 Funds Raised in Credit and Equity Markets

ANNUAL FLOWS

ANNUAL FLOWS
1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

F.2 Credit Market Borrowing by Nonfinancial Sectors
420 .2

561 .2

764 .6

934 .6

855 .8

739 .9

752 .6

723 .0

631 .0

475 .5

582 .4

606 .5

1

U.S. government
Treasury securities
Budget agency secur.Smtgs.

161 .3
162 .2
- •.9

185 .2
185 .3
.1

197 .2
197 .4
- •.2

225 .7
225 .8
- .1

216 .0
215 .6
0 .4

143 .9
142 .4
1.5

155 .1
137 .7
17 .4

146 .4
144 .7
1 .6

246 .9
238 .7
8 .2

278 .2
292 .0
-13 .8

304 .0
303 .8
0 .2

256 .1
248 .3
7 .8

2
3
4

Private, by transaction
Tax-exempt securities
Corporate bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial

258 .9
53,
30,.7
92,.8
56,.5
5,.5
26..7
4..1

376 .0
54 .4
26 .0
187,.7
117 .6
15,.3
52..5
2,.4

567 .4
58 .7
48 .1
222,.4
136 .2
25 .1
62,.3
-1..2

708 .9
178 .6
83 .2
261 .7
172 .3
30 .3
65 .6
-6 .6

639 .9
45 .7
127,
305 .6
204 .2
36,.4
75,.1
-10,.1

596 .0
83 .5
78 .8
335 .7
241 .6
24 .9
76 .2
-6 .9

597 .5
53 .7
103
279 .6
219 .6
16 .1
48 .5
-4 .6

576 .6
65 .3
73 .8
269
212 .5
12 .0
47 .3
- 2 .7

384 .1
57 .3
47 .1
188 .7
177 .2
3 .4
8 .9
.8

197 .3
69 .6
78 .8
165 .1
166 .0
- 2 .5
0..9
0 .7

278 .4
65 .7
67 .5
120,.8
176..0
-11..1
-45..5
.3

350 .4 5
59 .4 6
71 .3 7
172 .2 8
192 .7 9
-4 .4 10
-16 .5 11
0 .3 12

16, 4
52,.8
-6..1
19..3

48,.9
22,.3
.8
37..6

81 .7
64 .0
21..7
70,.9

82 .3
43 .8
14 .6
44 .8

57..5
58..9
-9..3
54,.4

32 .9
14 .7
1 .6
48 .9

50 .1
44 .7
11 .9
54,.3

49 .5
36 .4
21 .4
. 61.0

13 .4
4 .2
9 .7
63 .6

-13..1
-46 .8
-18..4
-37..8

9,.3
-5..6
8..6
12..1

49 .0
4 .7
10 .0
-16 .3

13
14
15
16

258. 9
82..8
145..7
6..7
71..6
67..3
30. 4

376..0
174..6
166..7
3..9
86..7
76..2
34..6

567 .4
221..2
310..5
.4
123..3
187,.6
35,.7

708 .9
295,.6
279,.3
-14,.5
133,.2
160,.6
134,.0

639..9
266..2
314. 5
-16..9
106..1
225.,3
59..2

596 .0
307,.5
205 .5
-11 .1
76,.0
140,.7
83 .0

597..5
300,.1
248..4
-10..0
57,.2
201,.3
48,.9

576 .6
276,.7
236,.3
0 .5
49 .4
186..5
63,.5

384 .1
207,.7
121,.9
1,.8
19..4
100..7
54..5

197,.3
168..4
-33..4
2..4
-24. 5
-11.,3
62..3

278. 4
215. 0
4. 0
1. 2
-39. 4
42. 1
59. 4

350..4
251..2
34..5
2 .0
-19..3
51 .9
64 .7

17
18
19
20
21
22
23

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

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

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

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

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

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

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

13. 9
14..1
3.,1
6..4
-9..8

24. 2
17. 3
2. 3
5. 2
6

46 .5
60..5
0,.5
-9,.0
-5,.6

24
25
26
27
28

773,.0

935,.8

865.,6

746..2

758..9

733., 1

654..9

489..4

606. 6

653 .0 29

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

Consumer credit
Bank loans n.e.c.
Commercial paper
Other loans
Private, by sector
Households
Nonfinancial business
Nonfarm noncorporate
Corporate
State&local governments

24 Fgn. borrowing in U.S.
25
Bank loans n.e.c.
26
Commercial paper
27
U.S. govt. 8 other loans
28
29 Total domestic plus foreign

16. 0
6, 6
-5. 5
1. 9
13. 0
436..2

17..3
3., 1
3..6
6.,5
4., 1
578..6

F. 3 Credit Market Borrowing by Financial Sectors
93. 0

101. 3

155. 6

201..0

323. 9

291. 4

239..9

213..7

193. 5

150. 4

216. 4

239,.1

i

U.S. government-related
GSEs securities
Mortgage pools securities
Loans from U.S. government

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

171..8
30..2
142..3
8

119. 8
44. 9
74.,9

149. 5
25. 2
124. 3

167. 4
17.,1
150. 3

145. 7
9. 2
136. 6

155. 8
40. 3
115. 6

157..2
80,.6
76,.6

2
3
4
5

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

28. 1
14. 8
0.
2. 5
9. 9
0. 8

33..6
16. 8

99. 4
53.,4
0.,1
2
32.,0
14..2

145. 8
89. 1
0.,3
12. 3
24. 2
19.,8

119. 7
76..3
0. 3
-8. 3
26.,9
24. 4

120. 1
49.,0
0.,3
-3.8
54.,8
19.,7

64. 2
37. 3
0. 5
6. 0
31. 3
-11.,0

26. 1
40. 8
0. 4
1
8. 6
-24. 7

4. 6
56. 8
0.8
17. 1
-32. 0
-38. 0

60. 6
65. 3

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

80. 7
34. 9
0. 4
5. 7
24. 0
15.,7

-4.8
7
0.8

82. 0 6
69. 0 7
3. 9 8
-7. 9 9
-6. 2 10
23..3 11

12 Total, by sector
Govt.-spons. enterprises
13
Fed. related mortgage pools
14

93. 0
15. 3
49. 5

101..3
4
66. 4

155..6
30. 4
44.,4

201.,0
21 ,7
.
79.,9

323. 9
14. 9
163. 3

291..4
29. 5
142..3

239..9
44. 9
74..9

213.,7
25. 2
124. 3

193. 5
17. 0
150. 3

150. 4
9. 1
136. 6

216. 4
40; 2
115. 6

239..1 12
80..6 13
76..6 14

28., 1
11 .7
.
7.
3. 4
1.

33.,6
5.,0
13. 3
2. 9
-6..6

80. 7
7.,3
16., 1
0. 4
20.. 1

99.,4
-4..9
16. 6
8. 6
20.,7

145. 8
-3.,6
10. 7
10. 6
24. 1

119. 7
6..2
14.,3
7.,0
28..3

120.,1
-3.,0
5. 2
39.. 1
21 .
.7

64. 2
4
6. 2
13. 8
-15. 1

26. 1
7
-27. 7
12. 5
-30. 2

4. 6
-11. 7
-2. 5
-13. 6
-44. 5

60. 6
8. 8
2. 3
1. 6
-6. 7

3. 3
1. 6

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

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

40.,7
1 .2
.
0. 6
16. 0

51. 5
9. 0
6
42. 0

23.,2
-11. 2
1. 9
49. 9

23. 9
-6. 2
1.8
37. 6

27. 4
3. 0
1. 3
28. 9

24. 0
-4. 0
1. 0
51. 1

18. 6
5. 7
1 .6
51. 0

-3. 6
0.
0. 1
58. 0

82.,0
5. 7
7. 1
-10. 6
11. 2
0. 2
0. 2
-5. 0
6. 0
3. 3
64. 0

822,.9
459 .8
65,.7
150,.1
120..8

892.. 1
413.,3
59. 4
200..7
176,.0

1
2
3
4
5

49..0
-2.,7
-5..1
1.,4

6
7
8
9

1 Total, by transaction
2
3
4
5
6
7
8
9
10
11

15
16
17
18
19
20
21
22
23
24
25

Private financial sectors
Commercial banks
Bank holding companies
Funding corporations
Savings institutions
Credit unions
Life insurance companies
Finance companies
Mortgage companies
REITs
ABS issuers

1

15
16
17
18
19
20
21
22
23
24
25

F.4 Credit Market Borrowing, All Sectors, by Transaction
1 Total
U.S. government securities
2
Tax-exempt securities
3
Corporate
8 foreign bonds
4
Mortgages
5
6
7
8
9

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

529,.2
225,.9
53.. 1
52,
92,.7

679 .9
253.. 1
54..4
45..8
187..7

928..6
272..2
58..7
86..8
222 .7

1136..8
326 .2
178 .6
140 .4
261 .7

1189,.4
394..5
45..7
219,.4
305,.8

1037..6
316..4
83..5
162..5
336..0

16,.4
49,.8
5,.7
33,.5

48 .9
28..4
26..9
34..7

81..7
63..1
51..9
91 .6

82 .3
40 .7
52 .8
54 .2

57..5
70,.2
26 .4
70..0

32..9
2..8
32..3
71,.2

998..8
274..9
53..7
159..0
280..0
50..1
39.. 1
75..4
66,.6

946..8
295,.8
65..3
116..0
269,.6

848 .4
414,.4
57..3
109,.2
189,.1

639,.8
424 .0
69 .6
149 .6
165 .8

49 .5
42..3
65..9
42..4

13,.4
2..4
30,.7
31,.8

-13 .1
-26..6
-44 .0
-85 .6

9..3
-8,.1
13,. 1
12,.2

F.5 Funds Raised Through Mutual Funds and Corporate Equities
1 Total net issues
Mutual funds
2
Corporate equities
3
Nonfinancial corporations
4
Financial corporations
5
Foreign shares
purchased in U.S.
6
BILLIONS OF DOLLARS




17..6
9..4
8,.2
1 ,9
.
4,.9

56. 5
29..3
27..2
20..0
3..5

-43,.6
27,.3
-70,.9
-79,.0
7 .1

23..1
88,.7
-65..6
-84..5
15,.2

93.,3
160,.9
-67..6
-85..0
16,.3

13..0
70..2
-57 .3
-75..5
20..4

-98..6
6..1
-104..7
-129. 5
23..9

-59,.6
38 .5
-98
-124,.2
8,.8

22..2
67,.9
-45,.7
-63..0
9..9

1..4

3..7

0,.9

3..7

1,.2

- 2 .1

0..9

17,.2

7..4

210,.6
150,.5
60 . 1
18,.3
11,.2

284..0
206..7
77,.3
27.,0
19..6

432..4
310..7
121,.6
23..0
33.»1

I
2
3
4
5

30,.7

30. 6

65. 5

6

Z. 7. MARCH 9, 1994
Funds Raised

Funds Raised
F.2-F.5 Funds Raised in Credit and Equity Markets

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES

1991
I

II

III

II

1992

III

1993
IV

I

II

III

F.2 Credit Market Borrowing by Nonfinancial Sectors
1

425 .5

565 .4

500 .0

411 .4

602.6

586.2

611 .1

529 .5

404 .5

677 .6

577 .0

767
.0 Total domestic
767.0

2
3
4

191 .7
215 .7
-24 .0

269 .3
275 .5
-6 .2

379 .5
408 .2
-28 .8

272 .5
268 .7
3 .8

323.8
335.0
-11.2

352.9
352.5
0.4

299 .1
290 .1
9 .0

240 .1
237 .4
2 .7

229 .6
226 .4
3 .2

348 .2
344 .1
4 .1

177 .2
160 .9
16 .2

269 .6
261 .9
7 .7

U.S. government
Treasury securities
Budget agency secur.Smtgs.

5
6
7
8
9
10
11
12

233 .8
62 .3
76 .7
232 .2
167 . 1
12 . 1
47 .7
5 .2

296 .1
69 .6
96 .5
210 .5
160 .2
11 .7
40 .1
-1 .5

120 .5
68 .8
81 .6
72 .3
160 .1
-34 .2
-55 .6
2 .1

138 .9
77 .6
60 .2
145 .2
176 .5
0 .2
-28 .6
-2 .9

278.8
68.0
76.5
184.7
216.5
11.6
-46.9
3.5

233.3
76.6
77.8
69.6
111.6
-16.9
-25.7
0.6

312 .0
75 .8
61 .7
134 .8
203 .3
-11 .2
-57 .8
0 .6

289 .4
42 .4
54 .0
94 .0
172 .8
-27 .8
-51 .5
0 .5

175 .0
62 .4
82 .0
101 .3
121 .8
- 4 .7
-18 .2
2 .5

329 .3
67 .2
72 .0
134 .4
174 .2
-12 .4
-28 .9
1 .4

399 .8
48 .3
68 .0
201 .5
226 .9
- 4 .0
-19 .8
-1 .6

497 .4
59 .9
63 .0
251 .5
247 .9
3 .6
1 .0
-1 .0

Private, by transaction
Tax-exempt securities
Corporate bonds
Mortgages
Home mortgages
Multifamily resid.
Commercial
Farm

13
14
15
16

-16,.1
-59..5
-25,. 1
-36,.7

-5 . 1
-30 .2
-16,.5
-28 .8

-20 .4
-44 .0
-26..9
-10,.9

-10 .7
-53..7
-5..0
-74,.9

-9.8
-47.3
2.5
4.3

-14.7
27.7
-2.6
-1.0

13..5
-24..0
9..3
40,.8

48 .3
21,.3
25,.4
4..1

19 .2
-39,.7
-27,.1
-23.

22 .9
31 .7
33 .7
-32,.5

60..7
7,.3
23..8
-9..8

93 .3
19,.7
9,.7
0,.4

17
18
19
20
21
22
23

233 .8
130..1
41 .0
.
9.,8
21..2
10.,0
62. 6

296,. 1
195..1
41 .
.3
0. 2
20. 2
20. 9
59. 7

120..5
154..5
-86. 8
4.,3
-81 .5
-9. 6
52. 8

138..9
193. 8
-129. 0
-4..6
-57. 9
-66. 5
74. 0

278.8
199.2
17.5
3.6
-21.8
35.8
62.1

233.3
176.5
-10.1
3.5
-47.4
33.8
66.9

312.,0
217.,9
20. 6
2
-37. 3
58, 2
73. 5

289,.4
266.,5
-12..2
-1. 9
-51. 0
40. 7
35. 1

175..0
130. 8
-27..6
3
-32. 7
5. 4
71. 7

329..3
213..7
46..6
3.8
-31. 4
74. 3
69. 1

399. 8
321. 7
26. 0
2. 0
-23.
47.
52. 1

497..4
338..5
93..2
2..6
9.,9
80. 6
65. 7

Private, by sector
Households
Nonfinancial business
Farm
Nonfarm noncorporate
Corporate
StateSlocal governments

17
18
19
20
21
22
23

24
25
26
27
28

57. 8
11 .3
8. 1
46. 7
—8. 4

-60. 4
10. 9
-3. 5
-51. 9
-15. 9

23. 8
15. 6
4
16. 0
-9. 2

34. 3
18. 5
6. 5
14. 9
-5. 6

1.9
4.9
1 .5
-8.0
3.6

57.7
21.9
14.1
27.8
-6.1

37.8
20. 3
3. 9
13. 1
0. 5

6
22! 2
-10. 3
-12. 1
4

50. 3
75. 6
1. 6
-21. 7
-5. 3

40. 1
42. 4
6. 5
6
-8.2

81. 8
83. 7
1. 0
-1. 6
-1. 3

13.8
40. 3
-7. 0
-12. 0
-7. 5

Bank loans n.e.c.
Commercial paper
U.S. govt. 8 other loans

24
25
26
27
28

29

483. 3

504. 9

523. 7

445. 6

643.9

649. 0

528. 8

454. 8

717. 6

658. 8

780.8 Total domestic plus foreign
780.8

604.6

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

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

F.3 Credit Market Borrowing by Financial
1

151 .6

85. 7

173. 7

190. 5

175.0

211.6

304.

174.8

146.

131. 6

386. 1

292. 8 Total» by transaction
292.8

l

2
3
4
5

156.8
13.1
143.7

114.1
-29.7
143.8

161.7
20.6
141.1

150.4
32.6
117.9

126.8
11.5
115.3

195.2
48.3
146.9

169.3
67.7
101.6

131.8
33.6
98.4
-.1

165.8
32.2
133.5

62.7
— 6.1

68.8

273.7
167.8
105.9

126.4
53.4
73.0
-

U.S. government-related
GSEs securities
Mortgage pools securities
Loans from U.S. government

2
3
4
5

6
7
8
9

-5.2
56.5
-.3
36.1
-59. 1
-38.4

-28.4
62.0
0.9

12.0

40. 1
73.7

16.3
64.4

134.8
81.2
0.4
17.5
17.5
18.1

42.9
79.4
-19.8
-6.5
-10.1

-19.6
55.3
0.9
-21.2
-73.1
18.6

68.9
55.8
2.7
-5.9
-17.3
33.5

112.4
97.7
6.2
-14.0
-9.7
32.3

166.3
67.1
5.7
9.4
75.5
8.6

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

6
7
8
9
10
11

304.1
67.7

174.8
33.5
98.4

146.1
32.2
133.5

131.6
68.8
-6.1

386.1
167.8
105.9

292.8 Total, by sector
53.4
Govt.-spons. enterprises
73.0
Fed. related mortgage pools

12
13
14

134.8

42.9
14.5
0.8
-31.1
-14.4
0.1
-.2
19.9
— 6.4
-5.1
64.8

-19.6
5.4

68.9

112.4
6.2
-2.1
-13.2
18.4
0.3
-.1
16.0
2.4
6.1
78.4

166.3
0.9
7.9
14.3
0.7
0.1
0.4
35.8
16.0
6.1
84.2

Private financial sectors
Commercial banks
Bank holding companies
Funding corporations
Savings institutions
Credit unions
Life insurance companies
Finance companies
Mortgage companies
REITs
ABS issuers

15
16
17
18
19
20
21
22
23
24
25

1073,.5 Total
396,.0
U.S. government securities
59,.9
Tax-exempt securities
170,.5
Corporate S foreign bonds
257,.1
Mortgages

j
2
3
4
5

10

11

15
16
17
18
19
20
21
22
23
24
25

-47.3
-46.5

2.6

35.0
1.3
26.0
-11.7
-38.6

3.8
-9.9
-28.6

48.2
36.0
-.4
22.0
1.1
-10.4

151 .6
13.1
143.7

85.7
-29.7
143.8

173.7
20.6
141.1

190.5
32.5
117.9

175.0
11.5
115.3

211.6

-5.2
-23.5
-1 .4
7.9
-44.8

-28.4
-11.3
-4.3
-36.5
-50.0

12.0

-11.2
-11.9
-49.0

40. 1
-9.5
7.0
-14.0
-34.0

48.2
3.2
10.9
16.1
-18.3

16.3
5.5
-9.2
29.2
-5.4

4.1
9.3
-.3
43.5

15.1
-2.5
1.7
59.3

39.0
1.9
3.3
46.5

-35.6
27.5
1.7
42.7

-20. 1
-35.3
1.3
50.3

—2.6

16.0
14.0

1 .8

54.9

1.2

0.1

-39.1
-14.8
5.8
48.3
146.9

101.6
12.1

6.6
-7.7

11.2

0.2
21.2
14.4
2.3
74.3

21.1

-51.9
7.9

0.1

-33.1
-10.4
-1.4
42.6

10.1

1.3
8.2
17.7
0.3
0.6
-38.6
15.9
2.5
50.8

F.4 Credit Market Borrowing, All Sectors, by Transaction
1
2
3
4
5

634 .8
348 .5
62 .3
144,.5
231 .8
,

6
7
8
9

-16,. 1
-5,. 1
-15,.2
-31,.2
-37,.6 -115,.7
-83,.4
-91,.2

590 .7
383 .4
69 .6
169 .4
211 .4

697 .4
541 . 1
68 .8
132 .2
73 .6

636 .2
423 .0
77 .6
152 .4
146 .5

779..5
450..6
68..0
117..3
184..3

855 .5
548,. 1
76..6
164.. 1
69..7

953,.1
468,.5
75,.8
163..3
135,.3

703 .6
372 .0
42 .4
155 .6
93 .9

600..9
395..3
62..4
212..9
102..2

849..2
410..9
67..2
170..2
137..1

1044 .9
450..9
48 .3
249,.4
207,.7

-20..4
-16..7
-22..6
-58..6

-10..7
-43 .4

-9..8
-23,.9
-4..5
-2..5

-14..7
2..8
10.,3
-1..3

13..5
-2..5
39..9
59..3

48 .3
-8 .8
6,.8
-6,.6

19..2
-59..3
-121..9
-9.,9

22..9
32..3
15..7
-7..2

60,.7
-5,.8
12,.5
21,.2

93,.3
22..1
73..2
1..5

-109..3

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

F.5 Funds Raised Through Mutual Funds and Corporate Equities
1
2
3
4
5

111 .0
90..3
20 .7
-6 .0
.7

201.. 1
128..9
72,.2
12,.0
23,.2

239 .8
174,.0
65..8
19..0
12,.2

290,.6
208,.9
81..7
48..0
10..0

273 .8
174 .4
99..5
46 .0
24..4

264.. 1
199..5
64..5
36..0
17..4

6

27..3

37,. 1

34..6

23..7

29..1

11..2

BILLIONS OF DOLLARS.




297 .7
235 .2
62 .5
12 .0
15..7

300,.3
217,.7
82,.6
14,.0
21.>1

300,.7
240,.9
59,.7
9..0
18..8

470 .7
357 .5
113 .2
25 .0
34,.2

502,.1
337,.6
164,.5
30..0
37.,1

456,.0
306,.9
149..1
28..0
42. 5

34,.8

47.,5

31.,9

54,.0

97. 5

78. 7

Mutual funds
Corporate equities
Nonfinancial corporations
Financial corporations
Foreign shares
purchased in U.S.

6
7
8
9

2.7, MARCH 9, 1994
Households

Households
F. 100 Households and Nonprofit Organizations

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
I
I

III

IV

I

1
2

4850 .9
620 .4

5144 .9
644 .7

5388 .9
681 .6

5017 .8
630 .9

5093 .8
634 .6

5139 .8
642 .8

5328.3
670.6

5254 .7
657 .1

5373 .2
681 .0

5412 .7 5515 . 1 Personal income
689 . 1
699 .1 - Personal taxes and nontaxes

1
2

3
4
5

4230 .6
4029 .0
201 .6

4500 .2
4261 .5
238 .7

4707 .3
4517 .0
190 .3

4386 .9
4169 .5
217 .4

4459 .2
4221 .3
237 .9

4497 .0
4277 .3
219 .7

4657.7
4378.0
279.7

4597 .6
4419 .7
177 .9

4692 .2
4483 .6
208 .6

4723 .6
4544 .0
179 .6

3
4
5

88 .3
67 .7
566 .5
961 .2

87 .7
85 .5
589 .3
952 .8

88 .6
60 .3
553 .7
920 .0

80 .5
59 .5
559 .6
937 .6

99 .9
61 .6
599
980 .3

84.2
89.2
553.8
1006.8

56 .9
68 .3
579 .0
882 .1

10
11
12
13
14

909 . 1 1025 .8
668 .4
742 .2
173 .2
205 .5
457 .8
497 .3
37 .4
39 . S

998 .7
811 .2
232 . 1
537 .8
41 .2

995 .6
714 .4
191 .7
484 .0
38 .6

989 .4
729 .6
202 .6
487 .8
39 .2

1047 .6
745 .8
205 .3
500 .9
39 .6

1070.7
778.9
222.4
516.6
39.9

854 .2
780 .8
225 .1
515 .3
40 .4

15
16

240 .7
431 .6

283 .7
502 . 7

187 .5
464 .6

281 .3
471 .3

259 .8
463 .9

301 .8
523 .9

291.8
551.7

73 .3
231 .5

35 . 1

II

1993

1993

80 .2
53 . 1
526 .2
861 .2

II

I
I

1992

6
7
8
9

I

1992

1991

95 .8
84 .5
578 .2
967 . 1

III

99 .0
83 .8
609 .0
971 .4

1170 .3 1014 .2
794 .4
813 .8
222 . 1 230 .7
531 .6
541 .9
40 .7
41 .2
375 .9
593 .0

200 .4
557 .7
-159 . 1

17

-74 .8

53 .9

-92 .1

200 .7

-90 .2

70.0

-354 .4

55 .6

18
19
20
21
22

-25 . 1
50.8
-29 .8
-70 . 6
24 .5

16 .9
138 .5
-64 .9
-53 .0
- 3 .8

- 7 .5
82 .3
-86 .6
-9 .9
6 .7

83.2
116 .3
-31 .4
-36 .3
34 .6

-64 .7
72 .3
-89 .7
-66 .0
18 .6

45 .5
211 .7
-82 .8
55 .0
-28 .4

3.4
153.7
-55.6
-54.8
-40.0

-265 .8
-3 .2
-183 .5
-29 .4
-49 .7

147 .5
124 .3
-50 .6
13 .4
60 .4

23
24
25
26
27
28
29
30

-49 .7
-80 .5
,
-73..9
-6..5
35,.0
22,.8
-9. 5
-17.-5

37 .0
12 .7
-27 .2
39 .8
5. 1
-19 .6
7,. 1
31..7

-84 .6
.3
-4 .4
4 .2
-25,.7
-44,.3
10..0
-24..4

117,.5
89,.3
90..3
-1 ,0
.
19..3
6.,3
15..2
-12. 6

99,.8
61 .9
,
33..0
29..0
9..7
-16. 4
26.,7
17. 8

-135,.7
-93,.7
-183,.6
89..9
26..8
-79. 8
-26..4
37..4

66.6
-7.0
-48.4
41.4
-35.5
11.5
13.1
84.4

-88..6
46.4
25,.7
20,.7
7..3
-33.,6
9..0
-117..6

31
32

107. 5
-25. 6

171 . 1
31 .
,2

268.. 1
-43..5

141. 5
-9. 6

150. 7
30. 0

195. 9
97. 4

196.4
7.0

33
34
35

25. 7
358. 8
29. 8

27.,3
227. 8
-7. 5

55. 6
241 .9
10. 9

25. 6
144. 5
40. 2

15. 6
208. 0
20. 2

41 .5
291. 7
-55. 4

36
37
38

-12. 5
24. 6
-1 .9

-5. 7
-11. 0
15. 6

-24. 9
24. 5
24. 1

-21. 9
-61. 0
11. 2

15. 9
-26. 7
15. 0

39
40
41
42
43

190. 9
168. 4
161 .4
-3.8
-9. 2

219. 1
215. 0
170. 9
7. 9
1 .
4

277. 1
251 .2
187. 0
50. 4
-1. 3

190. 1
199. 2
211 .7
-8. 2
-1 .6

44
45
46
47

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

6. 2
9. 7
10. 9
8. 1

-5.8
9. 3
5. 7
5. 9

48
49
50

16. 3
4. 5
1 .7

-1 .8
4 .5
1 .
4

51

-47. 9

-64. 7

4816 .0 = Disposable personal income
4620 .7 - Personal outlays
195 .3 = Personal saving, NIPA (1)
98 .9
105 .4
591 .0
990 .6

•
•
•
=

Credits from govt, insurance
Net durables in consumption
Capital consumption
Gross saving

956 .0 Gross investment
855 .6 Capital expend, net of sales
250 .5
Residential construction
562 .6
Consumer durable goods
42 .5
Nonprofit plant and equip.
100 .4
476 .1
89 .3

6
7
8
9
10
11
12
13
14

Net financial investment
15
Net acq. of financial assets 16
Dep. 8 cr. mkt. instr.

17

-19 .5
120 .0
-94 .9
-18 .9
-25 .8

107 .8
88 .0
-17 .5
- 4 .8
42 .0

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

-91 .9
28,.8
140,.4
-111 .5
,
-44 .5
.
-23..7
25..3
-77..8

-139 .6
— 76 .5
-165,.6
89,. 1
—46,.2
-78,.0
-12..9
74. 1

-18,.5
0,.2
-18,.2
18..4
-19. 3
-42..0
18. 6
24. 0

Credit mkt. instruments
U.S. govt, securities
Treasury

201 .5
-35., 1

309.,5
-71.,4

302.. 1
11 .7
.

259. 5
-79. 0

Mutual fund shares
Corporate equities

31
32

26.3
267.0
-35.2

53. 6
325. 2
-10. 1

39. 5
223. 0
35. 8

59. 5
296.
-23. 0

69. 6
123. 3
40. 8

Life insurance reserves
Pension fund reserves
Inv. in bank pers. trusts

33
34
35

-27.5
51. 7
18. 9

10.5
-7.7
17.5

-12. 5
41 .1
22. 0

-21. 0
1. 3
20. 8

-6. 7
51 .3
25. 7

-59. 4
4. 2
27. 9

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

36
37
38

204. 1
176. 5
106. 5
— 10.8
-4. 0

222. 1
217. 9
198. 2
11 .1
2. 4

259.9
266.5
167.3
39.4
8.8

158. 1
130.8
116. 2
24. 6
-5. 4

217. 1
213. 7
168. 6
13. 7
9. 3

357. 3
321 .7
221 .1
67. 4
— 6. 7

375. 8
338. 5
242. 1
95. 7
-2. 4

9. 2
9. 2
-27. 5
6. 3

10.8
10. 2
54. 8
8. 9

3. 1
9. 5
-15.2
8. 7

1.6
9.7
31.3
8.4

-5.5
9. 5
-14. 6
6. 0

-1. 9
9. 4
10. 0
4. 7

-5. 9
9. 3
29. 4
7. 1

-9. 9
9. 2
-2. 0
5. 9

21. 8
3. 5
0.6

-15. 4
5. 0
1.
2

20. 4
5. 6
1 .6

-2. 0
4.8
1.
4

-10.3
2.4
1.4

23. 4
3. 3
0. 6

-1 .5
3. 9
1 .0

31. 5
3. 7
0. 4

33. 9
2. 9
0. 4

-45. 9

-75. 7

-51.8

-67. 3

-63.9

27. 9

-203. 2

-42 .8

(1) See table F.8

T

18
19
20
21
22

23
24
25
26
Tax-exempt securities 27
Corporate 8 fgn. bonds 28
Mortgages
29
Open market paper
30

Net increase in liabilities
Credit market instruments
Home mortgages
Installment cons, credit
Other consumer credit
Tax-exempt debt
Other mortgages
Bank loans n.e.c.
Other loans
Security credit
Trade debt
Miscellaneous

34. 6 Discrepancy

39
40
41
42
43
44
45
46
47
48
49
50
51

derivation of alternative personal saving measures.
Memo:
Net physical investment:

52
53
54

173 .2
97 .6
75 .7

205 .5
111 .5
94 .0

232 . 1
111 .2
120 .9

55
56

161,.4
-85..7

170 . 9
-76 .9

57
58
59

457..8
404..7
53.. 1

60
61

-13., 1
66. 2

191 .7
105 .0
86 .7

202 .6
106 .2
96 .5

205 .3
133 .2
72 .0

222 .4
101 .4
120 .9

225 . 1
105 .8
119 .3

222 .1
105 .8
116 .3

230 .7
125 . 1
105 .7

187..0
-66 .1

211 .7
-125..0

106 .5
-10 .0

198..2
-126..2

167..3
-46..3

116 .2
3..1

168,.6
-52,.3

221 . 1
-115..5

497..3
429..7
67.,7

537..8
452.,3
85. 5

484..0
423..7
60..3

487..8
428..3
59..5

500..9
439..3
61.,6

516..6
427..4
89.,2

515,.3
447..0
68..3

531..6
447., 1
84. 5

9.,3
58..3

49.,0
36. 5

48. 3
40.,9

19.,2
49. 1

22. 9
61 .6

BILLIONS OF DOLLARS.




-9. 8
70.. 1

-14.,7
74.,3

13. 5
48., 1

541 .
.9
458.. 1
83. 8
60. 7
23., 1

250 .5
108 .2
142 .2

expend!tures
- Capital consumption
= Net investment

52
53
54

242 . 1
-99 .8

- Home mortgages
= Excess net investment

55
56

CB) Consumer durables
562 .6
expenditures
457 .2
- Capital consumption
105 .4
= Net investment
93 .3
12 .1

- Consumer credit
= Excess net investment

57
58
59
60
61

Z.7, MARCH 9, 1994
Nonfinancial Corporations

Menfinanciel Corporations
F.104 Nonfarm Nonfinincial Corporate Business

SEASONALLY ADJUSTED ANNUAL RATES

SEASONALLY ADJUSTED ANNUAL RATES
I
I

1993

1
2
3
4

213 .7
82 .4
93 .2
38 .2

254 .4
97 .8
104 .4
52 .2

288 .7
117 .9
124 .5
46 .4

234 .4
90 .4
93 .1
50 .9

259 .6
100 .4
99 .5
59 .6

251 .2
94 .9
105 .1
51 .2

272 .5
105 .4
119 .9
47 .2

267 .9
106 .0
126 .6
35 .3

290 .5
117 .2
124 .6
48 .7

281 .2
112 .1
123 .2
45 .9

315 .3
136 .1
123 .6
55 .6

Profits before tax (book)
- Profit tax accruals
- Dividends
= U.S. undistributed profits

1
2
3
4

5
6
7

12 .5
338 .6
389 .3

27 .2
349 .5
429 .0

34 .9
358 .6
439 .9

20 .4
341 .6
412 .9

26 .1
344 .4
430 .2

27 .6
362 .7
441 .5

34 .8
349 .2
431 .3

35 .3
352 .7
423 .3

34 .9
355 .7
439 .3

34 .4
363 .0
443 .3

35 .0 • Capital consumption adj.
363 .0 • Depreciation charges, NIPA
453 .5 * U.S. internal funds, book

5
6
7

8
9
10

43 .6
5 .0
437 .8

39 .0
- 5 .3
462 .7

43 .4
- 7 .2
476 .1

46 .3
- 4 .6
454 .6

35 .7
-13 .7
452 .2

34 .8
- 7 .8
468 .5

39 .2
4 .9
475 .4

48 .2
-12 .7
458 .8

42 .5
-12 .2
469 .6

45 .5
1 .0
489 .8

37 .3 • Fgn. earnings ret. abroad
- 4 .8 • Inv. valuation adjustment
486 .0 = Total internal funds • IVA

8
9
10

11
12
13
14
15
16
17

415 .8
381 .6
387 .0
1 .1
386 .0
- 8 .1
2 .8

413 .3
397 .2
392 .5
1 .3
391 .2
2 .2
2 .6

441 .8
454 .6
430 .5
1 .4
429 .1
21 .4
2 .7

414 .9
369 .9
378 .0
1 .2
376 .8
-10 .3
2 .1

418 .6
401 .2
393 .2
1 .2
392 .0
5 .9
2 .1

399 .0
402 .7
395 .4
.3
394 .1
4 .2
3 .1

420 .6
415 .2
403 .3
1 .4
401 .9
9 .0
2 .9

439 .6
442 .9
408 .7
1 .4
407 .3
31 .3
2 .8

432 .7
445 .5
426 .8
1 .4
425 .4
16 .0
2 .8

448 .2
456 .4
432 .3
1 .4
430 .9
21 .5
2 .6

446 .8 Gross investment
473 .7 Capital expenditures (1)
454 .4
Fixed investment
1 .4
Residential construction
453 .0
Plant and equipment
16 .7
Inventory change • IVA
2 .5
Mineral rts. from U.S. govt.

11
12
13
14
15
16
17

18
19

34 .2
69 .6

16 .0
140 .6

- 1 2 .8
91 .7

45 .0
150 .9

17 .4
166 .1

-3 .7
117 .3

5 .4
127 .8

- 3 .3
13 .7

-12 .9
114 .2

- 8 .1
97 .8

-26 .8
141 .0

Net financial investment
18
Net acq. of financial assets 19

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

27 .2
11..3
0 .9
3 .5
5 .2
0 .5
- 2 .8
7 .3
5 .7
1..6
1..8
.4

- 5 .3
- 1 2 .2
-1 .5
- 6 .0
4 .6
-14..9
-9 . 1
33 .3
31,.3
2..0
0..3
0,.2

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

- 2 .4
16 .3
- 2 .8
-10 .6
4 .7
-17 .9
-21 .3
35 .2
33 .2
2 .0
-5 .9

- 5 .4
2 .8
.7
-6 .2
4 .5
-14
-28 .8
40 .9
38..9
2 .0
5 .8
-8. 5

-6 .5
-45 .5
-1 .2
—4 .5
4 .7
-18 .0
24 .1
29 .3
27 .3
2 .0
-2..7
7 .2

-6 .7
-22 .3
.2
- 2 .7
4..5
-9,.5
-10,.3
27,.8
25,.8
2..0
4..0
2..0

-7..7
6 .1
2 .6
10,.8
4,.6
-11..0
-7..1
-15,.4
-21..4
6..0
-1..5
3..2

0 .5
15 .7
2 .3
7 .5
4 .6
-11..7
-23 .3
-6 .7
- 5 .5
-1,.2
4,.4
7 .8

25 .4
8 .4
7 .1
- 2 .7
4 .6
- 8 .2
- 9 .4
14..5
10 .5
4 .0
4 .8
6 .3

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

Liquid assets
Checkable dep. and curr.
Small time 8 savings dep
Large time deposits
Money mkt. fund shares
Security RPs
Foreign deposits
U.S. govt, securities
Treasury
Agency
Tax-exempt securities
Commercial paper

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

32
33
34

-4..5
2..7
-7.,9

2..6
0..9
32,.9

6 .0
-1 .4
32.'1

- 4 .1
1 .2
47 .4

-1..3
1.8
45..3

12,.6
0,.1
15..9

3..2
0..4
22..9

1..1
7
37..1

1 .3
.0
29,.4

14,.4
-1..7
20..1

7,.2
-2,.2
42,.0

Consumer credit
Mutual fund shares
Trade credit

32
33
34

35
36
37
38
39
40

52..0
26..3
14..1
0.5
2..2
8.,9

109..5
29 .2
13..6

49 .6
38 .6
13 .8

90..7
31. 4
14. 8

5. 9
60. 2

-16. 1
24. 3
13. 0
0. 1
8. 2
-61. 6

39. 5
39..0
14. 5

77. 4

95..3
27..0
13..4
.1
0..1
54..9

84,.1
59..8
12. 8

4 .0
-6..9

125. 8
43. 8
13. 8
0.,1
0.8
67. 3

108..2
28.,7
13. 3

7
65. 0

108..8
17..3
14..0
0..1

9..0
2. 5

3..0
-17.,0

-4.
48. 6

Miscellaneous assets
Foreign dir. invest. (2)
Insurance receivables
Equity in GSEs (3)
Inv. in finance co.subs.
Other

35
36
37
38
39
40

41
42
43

35. 4
6.,9
18. 3

124. 5
69.. 1
27..0

104..5
74..9
23..0

105..9
81 .8
46..0

148. 7
69. 8
36. 0

121..0
70. 2
12..0

122. 4
54. 7
14. 0

17. 0
14. 4
9. 0

127. 1
99. 3
25. 0

105. 9
77. 1
30. 0

167. 8
108. 6
28. 0

44
45
46
47
48
49

-11. 3
-1 .2
78. 8
0. 1
-24. 9
-18. 4

42. 1

.9
51 .
.1
71 .3
-8. 3
-1. 4
10. 0

35..8
-3..2
76..5
-23. 4
-16.
2. 5

33. 8
4
77. 8
-15. 5
-18. 3
-2. 6

58. 2
-1. 0
61. 7
-33. 7
-6. 4
9. 3

40. 7
5. 4
54. 0
-30.2
-7. 3
25. 4

5. 4
-4. 3
82. 0
-8. 9
-16. 9
-27. 1

74. 3
6
72. 0
-13. 0
13.8
33. 7

47. 1
3
68. 0
-11. 4
-15.5
23. 8

80. 6
3. 3
63. 0

50
51
52
53
54
55
56

-45. 7
-5. 3
3
8
-5. 9
-35.
le 7

4
-3. 7
8
2
-6. 3
11. 7
-1.2

-6. 2
-3. 0
-1. 4
2
-4. 7
0.3
2. 9

28. 2
-2. 1
2. 0
24. 2
5. 6

-6. 6
-11. 3
7.5
0.1
0.9
-8. 1
4. 3

-19.4
-2. 3
-9.5
0. 1
2. 3
-12. 0
1.9

-31. 6
4
-5. 1
0.3
• -6.9
-19. 9

-19. 1

-2. 9
7. 0
2. 9

-19. 6
8
-3. 2
0.2
-3. 3
-13. 5

-8. 4
7
-3. 1
0.4
-4. 0
-5.5
4. 6

Other loans
Savings institutions
Finance companies
U.S. government
Accept.liab.'to banks
Foreign
ABS issuers

50
51
52
53
54
55
56

57
58
59
60
61

-9. 4
4. 7
33. 2
12. 2
20. 9

6.8
35. 2
13. 3
5. 3
8. 0

2. 3
19. 6
7. 7
-2. 0
9. 7

7. Q
40. 8
-23. 7
-18.8
-4.8

5. 8
40. 8
32. 3
31. 6
0.7

5. 4
27. 1
18.4
9. 7
8. 7

9. 1
32. 4
26. 3
-1. 1
27. 3

4. 5
26. 1
-28. 0
-41. 1
13. 1

Taxes payable
Trade debt
Miscellaneous liabilities
Fgn. dir. invest, in US
Pen. fund contr. payable

57
58
59
60
61

62

22. 0

49. 4

34. 2

39. 7

33. 5

69.5

54.8

3. 7
-5. 0
1.8

1

1 1
*

III

-1.6

IV

I

19.2

II

199$

1992

*

II

I
I

1991

67. 5
-25. 7
-12. 0
8. 6

I

1992

0.6

.

0.6

III

4.8
0.2
-4. 6
— 16.8
-2.8

0.6

IV

13. 1
9. 7

Net increase in liabilities
Net funds raised in mkts.
Net new equity issues
Debt instruments
Tax-exempt debt (4)
Corporate bonds (2)
Mortgages
Bank loans n.e.c.
Commercial paper

18. 9
9. 3
-5. 0
14. 3

3.5
25. 0
30.8
23. 4
7.4

36. 9

41. 5

39. 2 Discrepancy

Memo:
17. 0 Trade credit net of trade debt 63
17.2 Earnings rec. from abroad
64

-12. 6
23. 3

4
-?•
23. 3

12. 6
15. 2

6. 7
24. 9

4. 5
25. 8

2
26.8

-9.5
15.5

11. 0
10.8

21. 0
15. 6

2
17. 2

65
66
67

-8.1
5.0
-13.1

2.2
-5.3
7.5

21.4
-7.2
28.5

-10.3
-4.6
-5.7

5.9
-13.7
19.6

4.2
-7.8
12.0

9.0
4.9
4.1

31.3
-12.7
44.0

16.0
-12.2
28.2

21.5
1.0
20.5

68
69

376.7
389.3

402.5
429.0

461 .8
439.9

374.5
412.9

414.9
430.2

410.5
441.5

410.3
431.3

455.6
423.3

70

-12.6

-26.4

21.9

-38.4

-15.2

-31.0

-21.0

32.3

457.7
455.4
478.5 Total cap. expend, before IVA
439.3
443.3
453.5 Less: US internal funds, book
= Financing gap: Excess of capital expenditures
18.4
12.1
24.9
over U.S. internal funds

71
72

96.7%
-3.0%

93.8%
10.4%

104.9%
11.2%

90.6%
9.5%

96.4%
8.1%

92.9%
14.1%

95.1%
9.9%

107.6%
1.1%

104.1%
16.2%

102.7%
10.3%

CI) Capital outlays on book basis:
16.7 Inventory change, NIPA
-4.8 Less: Inv. val. adjustment
21.5 = Inventory change before IVA

62

65
66
67
68
69
70

105.4% Capital exp./US internal funds 71
16.8% Cr. mkt. borrowing/capital exp 72

(2) Through 1992:04, corporate bonds include net issues by Netherlands
Antillean financial subsidiaries, and U.S. direct investment abroad
excludes net inflows from those bond issues.
(3) Equity in the Federal National Mortgage Association.
(4) Industrial revenue bonds. Issued by state and local governments
to finance private investment and secured in interest and
principal by the industrial user of the funds.




44
45
46
47
48
49

8.4
18.8
14. 6
4. 2

63
64

BILLIONS OF DOLLARS.

41
42
43