Full text of Z.7 Flow of Funds Summary Statistics : May 22, 1984

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FEDERAL RESERVE statistical release
Z.7 (788)

For immediate release
May 22, 1984
FLOW OF FUNDS SUMMARY STATISTICS

The debt of domestic nonfinancial sectors grew in the first quarter
at an annual rate of 12.3 percent, seasonally adjusted, compared to a revised
rate of 11.4 percent in the fourth quarter, according to flow of funds estimates.
Federal government debt growth accelerated to an annual rate of 14.2 percent, and
debt growth of private nonfinancial sectors was unchanged at around an annual rate
of 11.8 percent.
Within the nonfederal total there was a sharp drop in state and local
government borrowing between the fourth and first quarters that offset continuing
strength in business and household borrowing. State and local borrowing was
inflated near the end of 1983 by certain kinds of issues that were floated in
advance of year-end statutory deadlines, and the first-quarter drop reflected in
part that advanced funding. Borrowing by nonfinancial businesses remained strong
in the first quarter, especially in short term forms, reflecting mainly inventory
accumulation and merger financing; the substantial impact of mergers on credit
demands was mirrored in a large net liquidation of outstanding corporate shares.
Households increased their debt at an annual rate of 13.7 percent, with both
consumer credit and mortgage borrowing rising strongly.
The dollar value of net borrowing by these sectors (Table 2) increased
to almost $650 billion at a seasonally adjusted annual rate in the first quarter
of 1984, of which the federal government accounted for $167 billion and private
nonfinancial sectors accounted for $480 billion. Total credit market debt of all
domestic nonfinancial sectors (Table 1) rose to an estimated level of $5406
billion at the end of the first quarter.




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

U.S.
govt.
(2)

—Private domestic nonfinancial—
State &
HouseNonfin.
local
Total
holds
business
govts.
(3)
(4)
(5)
(6)

1978
1979
1980
1981
1982
1983

13.0
12.0
9.5
9.6
9.2
11.1

9.4
6.0
11.9
11.8
19.4
18.8

13.9
13.5
9.0
9.0
6.7
9.1

16.9
15.1
8.7
8.2
5.4
10.0

12.5
13.2
9.7
11.2
7.1
7.5

7.5
7.5
6.9
3.1
11.2
12.2

1983-1
II
III
IV

9.0
12.2
10.1
11.4

19.5
25.9
15.2
10.1

6.2
8.4
8.6
11.8

7.1
8.8
10.2
12.2

4.8
5.6
7.4
11.4

8.4
19.4
6.9
11.9

1984—1

12.3

14.2

11.8

13.7

11.6

4.3

JL/

Latest data are preliminary and subject to revision.

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

Financial
sectors

Total

Memo:
Private
financial assets L/

1979
1980
1981
1982
1983

12.0
9.5
9.6
9.2
11.1

12.5
14.9
13.0
6.6
7.8

21.6
13.6
16.2
11.3
13.1

13.0
10.2
10.5
9.3
11.2

12.0
10.1
11.1
9.1
10.8

1983-1
II
III
IV

9.0
12.2
10.1
11.4

6.9
9.2
3.4
10.9

11.8
9.8
11.9
16.4

9.2
11.8
10.1
12.0

10.1
10.8
9.3
11.2

1984-1

12.3

-8.9

17.5

12.1

10.2

1/ Holdings of deposits and credit market claims by households, nonflnanclal
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 from Table 1. Seasonally adjusted levels in
Table 1 are derived by carrying forward year-end levels by seasonally adjusted flows
plus any statistical discontinuities in the data series. Because of these discontinuities, changes in outstandings as printed occasionally give growth rates that differ from
those shown above.
The following list gives the lines in Tables 1 and 2 that are used to calculate
growth rates:
Growth Table (column)
Total domestic nonflnanclal
U.S. government
Private domestic nonflnanclal
Households
Nonflnanclal 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 nonflnanclal entities to U.S. sources 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.
Full statements for sectors and transaction types in flows and in amounts
outstanding, may be obtained from Flow of Funds Section, Division of Research and
Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.




Z7, MAY 22, 1984
Credit Market Debt (Sa)

Credit Market Debt (Sa)
Table i

Summary of Credit Market Deot Outstanding
SEASONALLY ADJUSTED LEVELS - JBIL

SEASONALLY ADJUSTED LEVELS - $BIL
- - YEAR END
1977
1978
1979

- - 1980

1981

I 1982 |
| XV I
J

II

I

1983

IV

HI

|

1984
I

Credit Market Debt Owed by Nonfinancial Sectors

1 2854.1

3218.1

5 2281.5
6 1572.3
262.9
7
300.0
8
9 1009.4
647.8
10
109.8
11
188.0
12
63.6
13

3946.9

4323.8

4710.1

4826.9

4973.8

5099.3

5244.8

Total credit market debt owed by
5406.0 domestic nonfioan. sectors

663. 6
658.0
5.6

742.8
737.8
5.0

830.1
825.6
4.5

991.4
987.7
3.7

1039.6
1035.9
3.7

1107. 1 1149.0
1103.4 1145.4
3.6
3.6

1177.9
1174.4
3.6

1219.8
1216.3
3.5

O.S. Government
Treasury issues
Agency issues + mortgages

3493.7
2335.4
373.7
387.2
1574.5
1058.9
135.3
278.6
101.7

3718.7
2479. 2
424.3
406.0
164 8.9
1109.7
135.5
296.9
106.9

4186.2
2776.0
481.8
427.9
1866.3
1249.9
150.7
355.9
109.7

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

62 6.2
619.2
7.0

572.5
564.1
8.4

2
3
4

3604.2

2591.9 2940.7 3204.1
1772.0 1985.0 2177.0
351.9
321.6
291.3
365. 1
338.5
321.2
1159.6 1324.9 1460.0
978.2
881.5
759.9
135.8
119. 1 126.9
254.0
233.9
209.7
92.0
82.7
70.8

3787.2 3866.7
2524.6 2589.9
454.4
434.1
416.6
410.7
1679.9 1719.0
1124.7 1149.6
142. 1
139.5
320. 1
309.1
107.2
106.5

3950.3 4066.8
2649.9 2716.7
476.3
462.8
420.9
418.6
1768.5 1819.5
1181.9 1214. 1
147.9
144.0
348.0
334.1
109.6
108.4

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

5
6
7
8
9

10
11

12

13
14
15
16
17
18

14
15
16
17
18

709.2
248.9
289.1
24.3
146.9

819.9
284.5
337.9
25.4
17 2.1

955.6
333.9
383.4
36.5
201.8

1027. 1 1158.3
42 5.0
370.5
412.4
388.2
6 0.9
41.7
260.0
226.6

1239. 5 1262.6
485.7
478.8
448.3
430.7
53.2
57.9
275.3
272.2

1276.8
488.5
459.7
49.7
278.9

1300.4
490.6
471.9
52.7
285.2

1350. 1 1410.2
536.6
506.0
512.6
493.0
56.5
56.7
304.5
294.4

19
20
21

2281.5
253.6
1004.1

2591.9
272.7
1171.8

2940.7
293.2
1348.9

3204. 1 3493.7
323.2
313.6
1468.8 1594.2

3718.7 3787.2
367.2
359.6
1674.4 1709.9

3866.7
385.0
1747.5

3950.3
391.6
1792.3

4066.8
403.3
1847.0

4186.2
407.6
1909.5

22
23
24
25

1023.9
105.6
255.6
662.6

1147.3
120.3
286.0
741.1

1298.5
141.6
320.4
836.5

1421.7
156.0
353.7
912.0

1576.3
172.3
393.2
1010.8

1684.8 1710.2
179.3
181.3
417. 1 435.6
1086.4 1095.4

1734.2
179.7
450.0
1104.5

1766.3
180.9
469.9
1115-6

1816.5
183.6
489.4
1143.5

1869.1
183.8
501.4
1183.9

26
27
28
29
30

123.9
38.9
27.1
16.1
41.8

161.9
43.1
46.4
26.6
45.7

182.5
47.0
48.7
37.8
49.0

209.6
47.8
60.2
48.0
53.6

237.0
53.3
64.1
61.9
57.8

226.4
59.9
29.4
74.9

235.6

237.6

62.2

230.3
60.7
35.5
70.7
63.4

36.7
72.6
64.2

34.6
74.9
65.3

244.1
63.5
33.2
80.9
66.5

238.6
63.5
29.3
78.4
67.5

2978.0

3380.0

3786.7

4156.4

4560.8

4936.5

5057.1

5209-4

5336.9

5488.8

746.3

776.9

810.8

456.6

206.8
244.9
5.0

476.4
215.4
256.0
5.0

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

2
3
4
5

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

6
7
8
9
10
11

31

62. 1

62.8

By borrowing sector:
State • local governments
Households
Nonfinancial business
Farm
ttenfarm noncorporate
Corporate
Foreign credit market debt
held in O.S.
Bonds
Bank loans n.e.c.
Open-market paper
O.S. Government loans

5644.6 Total nonfinan.domestic • fgn

19
20
21
22
23
24
25
26
27
28
29
30
31

Credit Market Debt Owed by Financial Sectors

1

307.1

2
3
4
5

145.5

6
7
8
9
10

161.5
63.7
2.4

11

12
13
14
15
16

17
18

19
20

88.2
56.8
.5

26.0
49.2

20.2

307.1
88.7
56.8
161.5
5.7
22.4
24.3
97.9
11.3

381.6

465-3

528.6

614.0

686.8

707.3

724.7

Total credit market debt owed
by financial sectors

182.6
111.3
70.4
.9

231.8
135.5
94.8
1.5

276.6
159.9
114.0
2.7

324.0
190.4
129.0
4.6

388.9
205.4
178.5
5.0

407.8
205.6
197.2
5.0

422.9
204.2
213.7
5.0

438.6
201.3
232.3
5.0

199.1
71.2
2.5
28.8
63.9
32.7

233.5
79.0
2.6
28.3
81.8
41.8

252.0
86.1
2.4
27.9
86.6
49.0

290.0
85.3
1.9
30.1
107.6
65.2

298.0
87.5

299.5
91.4

301.8

320.2
104.9

334.4
106.9

33.3
109. 1

111.6

32.2

30.9
113.8
59.6

307.6
100.4
2.1
31.3
116.4
57.5

122. 1

32.2

31.0
134.3

614.0
195.0
129.0

686.8

707.3

724.7
209.2
213.7

746.3
206.3
232.3

776.9
211.8
244.9

810.8 Total, by sector
220.4
Sponsored credit agencies
256.0
Mortgage pools

298.0

299.5
7.1
54.6
73.1
158.2
6.5

301.8

307.6
6.9
59.3
69.9
165.1

6.6

320.2
6.6
61.9
72.7
172.5
6.6

334.4
6.6
66.1
74.8
180.4
6.6

5934.0

6083-2

6265.7

6455.4 Total credit market debt

1442. 1 1524.6
454.4
434.1
574.1
562.7
1682.2 1721.3

1582.4
462.8
581.8
1770.8

1629.3
476.3
589.3
1821.8

1691.0
481.8
598.3
1868.6

471.9
556.4
244.1
413.0

493.0
571.4
259.7
424.9

512.6
596.9
269.3
437.0

381.6
112.2
70.4
199.1
5.9
29.5
37.8
116.2
9.7

465.3
137.0
94.8
233.5
6.1
36.0
50.3
132.7
8.4

528.6
162.6
114.0
252.0
6.3
42.9
57.8
138.9
6.2

290.0
6.2
51.2
73.4
152.9
6.4

2.0

66.0

210.4
178.5

6.8

53.3
70.4

161.1

6.4

2.0

62.4

210.6

197.2

95.5

2. 1

6.8

56.3
70.5
161.7
6.5

2. 1

59.0

2. 1

60.1

Private financial sectors
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
Beits

Total Credit Market Debt Outstanding, All Sectors, by Type

3761.6

1

3285.0

2
3
4
5

716.7
262.9
402.6
1012.7

807.1
291.3
435.4
1162.9

6
7
8
9

289.1
302.1
89.5
209.4

337.9
359.7
115.9
251.3

4252.0
893.2
321.6
464.4
1328.2
383.4
410.9
156.2
294. 1

4685. 1 5174.8
1016.1 1149.1
373.7
351.9
499. 1 525.7
1463.0 1576.9

1375.0
424.3
553.4
1651.3

412.4
519.2
230.3
387.6

430.7
541.5
241.9
405.4

388.2
458.6
176.3
331.9

LATEST DATA PREL1BXKABY AND SUBJECT TO BEVISION




5623.3

5764.5

448.3
553.3
235.5
406.1

459.7
556.2
236. 1
407.6

U.S. Government securities
State and local obligations
Corporate and foreign bonds
Mortgages
Consumer credit
Bank loans n.e.c.
Cpen-market paper
Other loans

1

12
13
14
15

16

17
18
19
20

Z7, MAY 22, 198 4
Funds Raised in Credit Markets

Funds Raised in Credit Markets
Table 2

Summary of Net Funds Raised in Credit and Equity Markets
CUABTEflLY NET CREDIT FLCHS

Net credit Market Borrowing Jay Nonfinancial Sectors
88.7

1
2
3
4

55.6
55.6

5

33.1

Not

*

1f7

a

a

y

.T " i38l U r d

M7.0&^l"VdJ5M.7nnU5o"t05

46.9
47.0
-. 1

47.9
47.9

36.2
36.2

*

*

49.4
49.5
-.1

90.4

91.0

122.3

94.5

SSiIT' 647°2^ nonf

1

224.4
224.9
-.5

192.9
192.9
.1

269.7
270.0
-.3

167.8
167.9
-.2

115.8
115.9
-.1

167.4
167.7
-.3

U.S. Government
Treasury issues
Agency issues • mortgages

2
3
4

202.5

228.8

318.0

334.2

466. 1

479.8

Private domestic
nonfinancial sectors

5

239.6
33.6
8.1
198.0
129.3
7.8
56.0
4.9

267.3
54.0
9.2
204.2
128.5
15.5
55.6
4.5

239.4
22.1
28.0
189.3
145.7
11.2
31.8
.6

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

56.8
45.3
11.3
-14. 1
14.2

94.5
48.7
8.4
12.1
25.3

198.8
84.6
61.5
15.8
36.9

240.3
78.5
122.4
-. 6
40.0

Other debt instruments
Consumer credit
Bank loans n.e.c.
Cpen-market paper
Cther

14
15
16
17
18

318.0
71.1
150.7
96.2
1.6
58.0
36.6

334.2
26.7
179.1
128.4
4.9
79.2
44.2

466. 1
46.7
218.9
200.5
10.8
78.1
111.6

479.8
17.3
252.2
210.4
.6
48. 1
161.7

By borrowing sector:
State*local governments
Households
Nonfinancial business
Farm
Sonfarm noncorporate
Corporate

19
20
21
22
23
24
25

8.0
2.9
-8.6
9.1
4.6

25.9
2.8
-5.5
23.9
4.7

510.0

6
7
8
9
10
11
12
13

37.3
6.8
3.4
27.1
17.5
.5
8.8
.2

69.0
22.4
6.2
40.3
24.9
2.5
1 1.8
1.1

63.0
9.0
1.8
52.2
36. 1
2.0
13. 1
1.0

68.2
13.9
3.4
51.0
32.4
3.9
14.2
.6

51.8
2.4
5.7
43.7
32.5
2.8
7.8
.6

185.3
71.3
29. 1
84.9
60.5
.3
19.8
4.4

182.1
39.2
18.7
124.2
86.2
2.2
36.6
-.7

261.2
81.4
23.5
156.4
99.6
10.3
43.7
2.7

14
15
16
17
18

-4.3
-4.5
-2.4
-.2
2.9

21.4
11.3
5.5
-1.7
6.3

27.9
17.2
4.3
2.4
4. 1

54. 1
27.4
18.8
-1.6
9.6

42.7
7.6
21.4
5.0
8.8

17.2
23.6
21.8
-23.3
-4.9

46.7
26.5
23.2
-18.5
15.5

19
20
21
22
23
24
25

33.1
4.6
16.5
12.0
-.7
8.7
4.1

90.4
19.9
34.5
36.0
4.6
18.1
13.4

91.0
7.2
51.6
32.2
1.5
17.7
12.9

122.3
12.0
64.2
46.1
-1.6
20.5
27.2

94.5
1.2
49.5
43.8
.1
9.5
34.3

202.5
56.2
93.7
52.7
7.3
23.3
22.0

228.8
30.4
118.2
80.2
-2.4
44.8
37.7

26
27
28
29
30
31

2.2
.8
4.4
-4.2
1.2
90.9

5.5
1.4
1.4
1.9
.8

3.6
.7
-.6
2.3
1.1

6.3
.7
-1.5
6.0
1.2

-7.0
-5.5
-2.5
1.0

142.8

142.4

164.9

137.0

Met C r e d i t

<$

25.3
8.8
-3. 1
17.4
2.2
452.3

21.2
5.5
4.9
7.6
3. 1

15.6
3.2
24.3
-16.8
4.8
437.3

608.9

6
7
8
9
10
11
12
13

-21.8 'gn. net borrowing in U.S.
-. 1 Bonds
Bank loans n.e.c.
-15.7
Open-market paper
-10.0
4. 1 U.S. Government loans

26
27
28
29
30

607.8

625.4 Total domestic flus foreign

31

86.5

122.4

135.7

72.0
21.7
50.2

78.9
34.3
44.6

O.S. Government-related
2
Sponsored credit ag. sec.
3
Mortgage pool securities
4
Loans from U.S. Government 5

56.8
8.2

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

Market Borrowing by F i n a n c i a l Sectors

1

10.7

23.4

25. 1

30.6

23.4

58.5

2
3
4
5

15.5
-3.2
18.7

16.5
.5
16.0

19.3
.9
18.4

16.4
3.2
13.2

15.7
4.5
11.2

70.9

-

"

6
7
8
9
10
11

-4.8
2.9

6.9
4.4

5.8
4.7

14.2
5.2

7.7
1.2

-1.6
-.1
-6.0

-1.2
5.0
-1.2

-.5
2.5
-.9

2.3
5.6
1.1

-1.5
9.3
-1.3

12
13
14

10.7
-3.2
18.7

23.4
.5
16.0

25.1
.9
18.4

30.6
3.2
13.2

15
16
17
18
19
20

-4.8
.3
1.4
-6 . 0
-.5

6.9
-.2
1.7
-1.0
6.5

5.8
3.0
1.4
1.3

14.2
-.3
2.6
1.4
10.5

4.2
-.1
3.6

*

*

*

*

75.6
1.0
74.6
.

60.3
-5.9
66.2

63.1
-11.2
74.3

-12.4
5.2
.1
1.1
-12.8
-6. 0

5.4
14.3
*
-4.4
9.9
-14.4

9.0
16.5
*
-4.9
8.8
-11.4

23.4
19.9
*
1.3
10.6
-8.4

23.4
4.5
11.2

58.5
70.8

81.0
1.0
74.6

69.3
-5.9
66.2

86.5
-11.2
74.3

122.4
21.7
50.2

7.7

-12.4
1.4
4.0
-12. 1
-5.6
.1

5.4
1.1
5.6
-14.9
13.5
.2

9.0
-.9
6.6
-10.7
13.8
.2

23.4
.1
12.1
-2.5
13.6
.2

50.4
-1.2
10.2
11.3
29.8
.2

70.8

*

50.4
17.8
4.0
22.6
6.0

*

T o t a l net b o r r o w i n g

-5.0
49.1
4.5

by financial sectors

135.7 Total, by sector
34.3
Sponsored credit agencies
44.6
Mortgage pools
56.8
.1
16.8
8.3
31.4
.2

Private financial sectors
Commercial banks
Bank affiliates
Savings and loan assns.
Finance companies
Beits

1

6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Total Net Credit Market Borrowing, All
195.5
52.6
13.9
9.2
51.0

160.4
65.2
2.4
6.9
43.6

510. 8
295.4
71.3
43. 1
84.9

518.3
268.6
39.2
36.2
124.2

678.2
330.1
81.4
45.5
156.3

596.5
230.9
33.6
30.9
197.9

730.2
187.9
54.0
29.8
204.1

17.2
3.2
7. 1
4.3

27.4
19.6
10.0
11.9

7.6
14.4
11.8
8.5

23.6
19.8
-18.7
-8.6

26.5
43.0
-25.4
6.0

45.3
11.3
2.3
6.0

48.7
1.1
31.8
21.5

84.6
60.0
62.4
47.5

12.6

8.4

-24.3

1.2

-9.7

-10.6

47.7

124.7
34.3

130.4
39.4

182.8
60.5

142.8
48.2

436.7
234.2

432.3
203.6

540.0
222.0

1
2
3
4
5

101.6
71.2
6.8
7.1
27.1

166.2
63.4
22.4
12.0
40.3

6
7
8
9

-4.5
.3
-4.5
-1.8

11.3
5.7
5.2
5.9

10

-3.9

11
12

92 6
59.5

167.5
67.2
9.0
7.2
52.2

761.1 Total net borrowing
246.4
U.S. Government securities
22.1
State + local obligations
36.2
Corporate • foreign bonds
189.2
Mortgages

1
2
3
4
5

78.5
101.6
38.5
48.6

6
7
8
9

Consumer credit
Bank loans n.e.c.
Cpen-narket paper
Cther loans

1.4
-67.0
7.4 Memo: U.S. Govt, cash balance 10
Totals net of changes in U.S. Govt, cash balances;
500.5
648.9
639.8 Net borrowing by dom. nontin. 11
166.4
182.8
160.0
By O.S. Government
W

External Corporate Equity Funds Raised in U. S. Markets

3
4
5

21.8
12.0
9.9
7.8
1.1

21.8
7.5
14.2
11.3
1.1

6

1.0

1.8

1

2

12.5
6.4
6.1
4.2
1. 1
.8

14.5
8.2
6.3
5.0
1. 1
.2

-.9
13.3
-14.3
-15.0
1.1

64.0
21.8
42.2
32.6
4.4

83.4
44.0
39.4
31.2
4.2

90.9
33.9
57.0
45.3
4.4

51.7
27.3
24.3
16.8
4.3

56.6
31.3
25.3
20.0
4.4

-6.3
48.8
-57.0
-60.0
4.4

-.4

5.3

4.0

7.3

3.2

.9

-1.4

B I L L I O N S OF D O L L A R S . 1 / 8 4 B A S E D 0* I N C O M P L E T E I N F O R M A T I O N .




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

1
2
3
4
5
6

Z7,MAY 22, 1984
Households

Households
Table 3

Sector Statements of Saving and Investment
(Billions of dollars)

SEASONALLY ADJUSTED ANNUAL RATES
1979

1980

1981

1982

1983

|
|

1982 |
IV |

I

SEASONALLY ADJUSTED ANNUAL RATES
1983
II
III

IV

|
|

1984
I

Households, Personal Trusts, and Nonprofit Organizations
1
2

1951.2
301.0

2165.3
336.5

2435.0
367.4

2578.6 2742.1
402. 1 40 6.5

2632.0 2657.7
404. 1 401.8

2761.9
400.1

2835.2
411.4

2925.4 Personal income
421.4 - Personal taxes and nontaxes

1
2

3
4
5
6
7
8

1650.2
1553.5
96.7
24.4
.9
52.5

1828.9
1718.7
110.2
35.3
1.8
32.8

2047.6
1912.4
135.3
41.0
2.7
39.7

2176.5 2335.6
2051. 1 2222.0
113.6
125.4
56.3
47.2
3.4
2.4
49.3
35.3

2227.8 2255.9 2301.0 2361.7
2107.0 2134.2 2209.5 2245.9
91.5
115.8
120.8
121.7
44.3
60. 1
56.4
52.3
2. 1
3.0
4.7
2. 1
50.6
49.8
36.4
35.5

2423.9
2298.3
125.6
64.5
3.6
60.5

2504.0 =
2357.7 146. 3 =
61.7 •
5.4 •
71. 1 +

3
4
5
6
7
8

9
10
11

174.5
206.4
380.9

180.0
233.2
413.3

218.7
252.5
471.2

210.2
268.4
478.6

222.6
29 6.5
519.1

210.8
278.2
489.0

216.7
285.8
502.4

205.2
292.4
497.6

214.6
300.5
515.0

254. 1
307.3
561.4

284.5 = Net saving
314.9 + Capital consumption
599.4 = Gross saving

9
10
11

12
13
14
15
16

409. 1
331.6
110.9
213.4
7.3

469.8
320.0
96.7
214.7
8.6

539.7
342.5
96.6
236.1
9.8

575.3
332.4
77.0
244.5
10.9

576.2
396.9
106. 1
279.4
11.3

611.3
343. 6
80.4
252. 1
11. 1

623.8
356.4
86.6
258.5
11.2

569.9
390.5
101.4
277.7
11.3

538.7
409.3
115.1
282.8
11.4

572.5
431.4
121.3
298.6
11.5

596.7 Gross investment
445. 1 Capital expend, net of sales
Residential construction
1 18.6
Consumer durable goods
314.9
Nonprofit plant and eguip.
1 1.6

12
13
14
15
16

17
18

77.5
257.9

149.8
277.4

197.2
320.6

242.9
335.6

179.4
368.5

267.7
382. 1

267.5
408- 1

179.5
373.6

129.4
313.2

141. 1
379. 1

17
151.7 Net financial investment
Net aeg. of financial assets 18
405.2

2713.6
412.6

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

19

224.7

217.6

273.3

225.6

266.6

243. 5

274.3

243.8

264.5

283.9

324.9

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

20
21
22
23
24

134.8
21.8
59.8
18.8
34.4

158.5
3.7
83.4
42.2
29.2

199.4
25.7
47.1
19.2
107.5

168.2
22.9
135.5
-15.0
24.7

193.6
31.9
215.5
-9.8
-44. 1

160.3
256.9
45.0
75.2
415.3
225.2
-41.9 -128.4
-68. 1 -105.2

156.9
58-6
165.5
-4.4
-62.7

202.8
-8.6
165.9
52.0
-6.5

157.8
2.6
115.2
41.9
-1.8

283.4
48.7
153.2
48.7
32.7

Deposits
Checkable dep. + curr.
Small time + svgs.dep.
Large time deposits
Money market fund shrs

20
21
22
23
24

25
26
27
28
29
30

89.9
45.7
10.4
5.7
20.0
8.2

59.1
32.6
7.0
.6
22.2
-3.2

126.0
41.6
29.8
14.3
3.0
37.4

Credit mkt. instruments
U.S. Govt, securities
St.+local obligations
Corporate • fgn. bonds
Mortgages
Open-market paper

25
26
27
28
29
30

31
32

.1
-15.3

5.2
-5.1

33
34

12.5
55.6

1 1.5
78.2

35
36
37

-28.8
1.8
7.2

-40.8
5.2
5.6

38
39
40
41
42
43
44
45

180.4
176.4
121.2
1.5
38.4
7.1
1.9
6.4

127.5
117.5
98.3
1.9
1.4
3.4
3.6
8.8

46
47
48

1.0
1.7
1.3

49

-28.2

41.5
42. 1
-.3
.3
4-6
-5.2

57.4
29.8
29.9
-9.4
15.3
-8.2

73.0
38.9
34.9
-3.3
-2.3
4.8

83.2
45. 5
36.3
3.8
8.4
-10.9

17.5
22.6
23.2
-18.7
-4.5
-5. 1

86.8
52.2
69.8
-19.6
-3.3
-12.3

61.7
39.2
17.0
10.9
-4.3
-1.0

6.8
-38.5

18.6
-15. 1

34.1
-24.2

21.8
-11.8

44.0
-41.2

33.9
-12.2

27.3
-31.3

48.8
31.3
-12. 1 -104.0

10.1
91.7

14. 1
106.3

15.8
126.9

14.8
122. 4

16.5
131.9

15.3
130.3

15.5
113.3

15.8
132.2

-26.9
-2. 1
6. 1

-23.9
3.3
6.8

-61.0
3.3
6.9

-23.2
7.7
6.9

-27.6
3.2
7.0

-48.5
4.0
7. 1

-84.3
1.3
6.8

123.4
120.6
78.8
2.3
18.2
5.9
4.3
11. 1

92.7
86.3
55.8
2.6
13.1
5.2
2.4
7.2

189. 1
166.7
105.6
2.5
40.2
11.0
3.6
3.8

114.4
93.7
57.7
2.6
17.0
6.5
6. 0
3.7

140.7
118.2
77.7
2.5
22.6
3.9
8.8
2.7

194.2
150.7
90.0
2.5
33.3
12. 1
8.7
4.2

6.5
2.3
1.2

-1.6
2.7
1.6

3.3
2.4
.8

19.2
2.3
.9

17.5
2.5
.7

9.0
12.6
.8

-56.5

-68.4

-96.7

-122.3

-121.4

73.9
48.7
9.4
-8.9
23. 1
1.7

-57. 1

Mutual fund shares
Other corporate equities

31
32

17.0
129.2

Life insurance reserves
Pension fund reserves

33
34

-83.5
4.6
6.9

-18.7
1.3
6.8

Net in v. in nonccrp. bus. 35
36
Security credit
37
Miscellaneous assets

183.8
179.1
124.0
2.5
42.0
6.7
-1.0
4.9

238.0
218.9
130.7
2.4
63. 1
21.4
-1.9
3.2

253.5
252.2
140.3
2.5
67.8
10.7
28.5
2.3

29.9
12.7
.9

11.0
-7.3
1.0

26.9
-8.9
1.0

-72.3

-23.6

-11. 1

-2.2
2.4
1. 1

Net increase in liabilities
Credit market instruments
Home mortgages
Cther mortgages
Installment cons, credit
Cther consumer credit
tank loans n.e.c.
Cther loans
Security credit
Trade debt
Miscellaneous

2.7 Discrepancy

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

(1) Excludes corporate equities.
Memoranda:

50
51
52
53
54
55

110.9
5.0
105.9
39.1
121.2
-49.4

96.7
4.5
92.2
44. 1
98.3
-4 5.7

96.6
4.9
91.7
48.3
78.8
-30.5

77.0
4.8
72.2
50.9
55.8
-29.6

106.1
5.9
100.2
57.1
105.6
-56.6

80.4
4.7
75.7
53.0
57.7
-30.3

86.6
5.6
81.0
54.7
77.7
-45.8

101.4
5.9
95.5
56.2
90.0
-44.8

115.1
6. 1
109.0
58.0
124.0
-66.9

121.3
6.0
115.3
59.5
130.7
-6 8.9

Net physical investment:
(A) Residential construction
Expenditures
118.6
Mobile homes
6.2
Other
112.4
- Capital consumption
61.3
- Home mortgages
140.3
= Excess net investment
-83.0

56
57
58

213.4
160.9
52.5

214.7
182.0
32.8

236.1
196.4
39.7

244.5
209.2
35.3

279.4
230. 1
49.3

252. 1
216. 5
35.5

258.5
222. 1
36.4

277.7
227. 1
50.6

282.8
233.0
49.8

298.6
238. 1
60.5

(B) Consumer durables
Expenditures
314.9
- Capital consumption
243.8
= Net investment
71. 1

59
60

45.4
7.1

4.9
27.9

61

62
63
64

7.3
6.3
1.5
-.6

65
66

50
51
52
53
54
55
56
57
58

- Consumer credit
= Excess net investment

59
60

11.5
9.6
2.4
-. 6

(C) Nonprofit plant and eguip.
1 1.6
Expenditures
- Capital consumption
9.9
- Nonprofit mortgages
2.5
= Excess net investment
-.8

61
62
63
64

14.5
4.9

14.5
5.2

14.4 Effective tax rate
5.8 Saving rate, NIA basis

21.0

21.4

22.5

23.3 Gross saving

16.5
15.8
8.2
6.4

17.0
13.0
7.6
7.4

17.3
15.2
9.5
8.8

17.3
15.8
9.9
9.8

24. 1
15.6

18.3
16.9

51.3
-1.9

23.6
12.0

26.5
9.9

45.3
5.3

48.7
1.1

84.6
-24. 1

8.6
7.2
1.9
-.6

9.8
7.8
2.3
-.4

10.9
8.3
2.6
-. 1

11.3
9.3
2.5
-.4

11. 1
8.7
2.6
-.2

11.2
8.9
2.5
-.2

11.3
9. 1
2.5
-.3

11.4
9.4
2.5
-.6

15.4
5.9

15.5
6.0

15.9
6.6

15.6
5.8

14.8
4.9

15.4
5. 4

15.1
5.4

15.2
4.0

22.7

22.1

22.5

21.5

21.7

21.4

21.7

19 8
1 si 4

16.4
15.3
5.9
5.8

14.9
15. 1
4. 2
3.9

16.6
15.4
7.9
7.0

15. 1
16.7
5.0
4. 1

15.4
17.6
6. 1
5.1

2091.3

2226.0

2395.3

78.5
-7.4

Per cent ratios:
65
66

Per cent of disposable income adj. (2):

68
69
70
71

10.5

17. 1
14.9
6.8
6.3

72

1675.5

186 5.9

LATEST DATA PRELIMINARY AND SUBJECT TO REVISION




Capital expenditures
Acquisition of finan. assets
Net increase in liabilities
Credit market borrowing

2282.3 2314.5 2364. 1 2410.7 2492.0 2571. 1 (2) Disposable income adj.
(NIA disposable income + govt, insurance credits + capital gains aivid.)

67
68
69
70
71
72

Nonfinaocial^Corporate Business

»onfinancial Corporate B.si-ess
Table 4

Sector Statements of Saving and Investment
SEASONALLY ADJUSTED ANNUAL BATES
1979

1980

1981

1982

(Billions of dollars)
1983

|
I

1982 |
IV I

I

SEASON ALL

1963
II
HI

IV

I
I

ADJUST ED^ ANN DAL^BATES

1984
I

Nonfinancial Corporate Business, Excluding farms
119.6
41.9
73.9
3.8

149.0
55. 1
74.5
19.4

173.7
64.0
76.2
33.4

175.6
64.2
78.3
33.2

186.8
70.7
80.6
37.4

Profits before tax
- Profit tax accruals
- Domestic net dividends
= Domestic undist. profits

1
2
3
4

15.8

10.8
24 3.0

27. 1
213.9
9.2
269.6

38.8
216.8
11.4
300.5

47.4
218.4
14.6
313.5

51.0
221.3
12.9
322.5

•
*
+
=

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

5
6
7
8

10. 5
-10. 3
24 4.3

9.4
-1.7
250.7

11.3
-10.6
270.3

12.0
-18.3
294. 1

7. 1
-6.3
314.4

7.0 • Fgn. earnings ret. abroad
-12.9 • Inv. valuation adjustment
316.6 = Total internal funds + IVA

9
10
11

191.8
200.2
235.6
231. 4
1.7
2. 5
-49. 1
13.7

190.7
202.4
236.7
228.5
5.3

223.0
252.9
244.3
235.2

2.8

6.0

-37.0
2.7

3.1
-9.7
18.4

267.2
282.6
258.7
251.6
3.3
3.8
16.7
7.1

275.2
301. 1
279.5
276.8
-1.3
4. 1
18.7
2.9

294.9 Gross investment
347.5 Capital expenditures (I)
296.8
Fixed investment
Plant and equipment
289. 1
Hose construction
3.4
Multi-family residential
4.4
Inventory change • IVA
44.2
Mineral rts. from U.S. Govt.
6.4

-20.7
131.3

-8.4

21.8

-11.6
77.6

-29.9
157.1

-15.4
121.0

-26.0
169.5

-52.6 Net financial investment
20
147.9
Net acq. of financial assets 21

20.2
-. 1
5.3
3.7
-2.4

40.3
4.5
16.6
5.5
4.5

35.5
-1.4
5.3
14.7
-1.9

45.5
3.0
14.0
14.4
9.2

48.9
6.4
20.5
.4
3.0

8.0
7.6
-.4
-6.3
.3

32.4
13.4
5.3

7.4
.1
6.2

6.7
.7
1.9

14. 2
.7
4. 0

.3
1.4
3.2

23.9
.6
-6.0

-3.5
.5
9.7

6. 1

.1
-14.8
14.2
5.9
.6
5.3

3.8
64.2
23.1
12.4
3.0
9.5

1. 4
-32. 1
17.0
.5
-6. 3
6.8

.2
16.9
15.0
4.1
-1.5
5.6

3.6
81.3
23.4
9.5
-1.9
11.3

2.2
79.7
31. 1
21.1
11.1
10.0

9.2
78.7
22.9
15.0
4. 1

2.9

2.7

2-8

2.9

3.0

182.6
65.3
67.6
49.7

131. 4
41.3
71. 1
19.0

154.5
56.3
75.8
22.4

117.9
33. 6
72.6
11.6

220.7

18.2

189.7
14.4
245.0

207.3
14. 2
241.3

32.3
215.4
11.5
281.7

6.5
212. 4
13.6
244. J

15.5
-43.1
188.8

11.7
-4 2.9
189.5

9.3
-23.6
230.6

7.6
-8.4
240. 5

9.9
-9.2
282.4

13
14
15

189.8
219.4
205.7
203.9

17

2.6

189. 1
261.6
247. 1
246.2
-1.8
9.7
4.8

182.8
231.2
244.7
241. 8
.5
2.3
-21.3
7.8

239.0
259.7
254.8
248.0
3.3
3.5

19

9.0
4.7

176.4
22 1.2
219.3
217.8
-1.0
2.5
-3.2
5.0

20
21

-29.7
127.3

-44.7
98.9

-72.5
62.7

-48.4
19.7

22
23
24
25
26

19.1
6.3
4.7
2.6
1.5

17.2
10.0
4.0
6.6
1.1

15.4
-.6
14.9

-1.4

2. 1
23.6
21.6
12. 8
-.7
13.5

190.9
60.9
54.7
t> 7.3

177.4
66.7
61.7
4 9-0

-13.7
147.7
15. 1
216.4

-14.3
167.8

9
10
11
12

16
18

- .8

.1

27
28
29

3.9

-3.2
-.2
-1.1

30
31
32
33
34
35

1.6
71.4
35.1
26.6
7.6
19.0

.4
49.1
32.3
21.9
4.9
17.0

2.6

.5

2.0

-2.8

7.8

2.7

212.6

.2
.6

10.8

27.9
.3
5.0
14.3

2.0

11.5
-.2
-9.0
4.5
93.7

21.8
13.8
3.8
10.0

3. 1

Liquid assets
Demand dep. and currency
Time deposits
Security SB's
Foreign deposits
U.S. Govt, securities
State+local obligations
Commercial paper

Insurance receivables
36
Equity in sponsored ags. 37
Cther
38

5.7

5. 2

13. 9

8.1

39
40
41

156.9
88.2
-7.8

143.7
90.9
12.9

135.2
92.2
-11.5

68. 1
84. 1
11.4

152.0
85.8
28.3

30.2
54.6
32.6

89.3
68.9
31.2

187.0
81.9
45.3

136.3
61.0
16.8

195.5
131.6
20.0

200.5
101.7
-60.0

42
43
44

36.0
10.0
17.3

78.1
10.9
26.7

103.7
13.4
22. 1

72.7
15. 1
18.8

57.5
9.4
14.9

22.0
15.5
29. 1

37.7
9.8
18.7

36.6
11.5
23.5

44.2
8.3
8.1

111.6
8. 1
9.2

161.7
5.0

45
46
47
48

1.4
- .6
2.4
-.4

2.0
-.8
3.0
-.2

-1.5
-1.4
1.3
-1.3

-.2
.4
.5
-1. 1

2.7
2.6
.7
-.7

.7
1.4
.2
-1.0

3-8
4.2
.4
-.8

5.5
4.8
1.4
-.7

2.7
2.6
.6
-.6

-1. 1
-1. 1
.5
-.5

49
50
51
52
53

45.9
9.0
1.0
10.2
1.2

29. 1
4.0
.8
3. 1
1.5

42.9
14.7
2.2
8.7
1.2

4 1.5
-4.7
.7
-.5
1.8

18.0
-.5
-.4
13.8
-.5

12. 1
-25.0
.9
-13.6
2.4

6.8
-2.9
-7.8
9.6
-.2

1.4
-14.4
.2
7.5
1.4

6.2
.5
5.8
13.7
-1.1

57.8
15.0
.4
24. 1
-1.9

-1.8
13.9
8.2
8.0
.2

22.6
73.6
8.9
7.4
1.6

1.3
61.4
12.7
10. 1
2.5

-8.5
64.2
8.3
5.7

12.5
76.4

60.0

47.2

27.0

39.2

21.7 Discrepancy

5.5
.1
2.9

4.7

3.7

7.8

54
55
56
57
58

2.5
54.4
11.9
7.9
4.0

-1.7
4 0.8
13.7
7.5
6.2

-6. 8
27.8
22.0
16.2
3.8

-16.2
-10.2
10.4
10.6
-.2

3.4
53.3
9.5
7.8
1.7

-16.0
-19.5
11. 1
11.8
-. 6

59

-1.0

13.1

41.6

57.7

43.3

52.5

11. 1

7.0

2.6

28.0
3. 1
2.7
.9
-.4
89.5

6. 1

-3.3
32.4
.8

6.0
5.6
2.4

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

Home mortgages

Multi-family
Commercial

Bank loans n.e.c.
Commercial paper
Acceptances
Finance company loans
U.S. Government loans

Memorandum items:
Trade credit net cf trade dett
Profits tax payments
Debt subtotals;
Securities and mortgages
Loans and short-term paper
Total short-term liat. (4)
Per cent ratios:
Effective tax rate
Capital outlays/internal funds
Cr. mkt. borrowing/cap. exp.

08.

17.1
1

8.3
69.0

-4.2
71.0

-4.6
56.7

10.9
51.6

-12.6
48.6

3.0
41.7

7.7
32.4

18.3
63.7

14.6
68.7

15.3
58.5

62
63
64

20.7
67.3
124.2

39.6
38.5
77.6

34.0
69.7
90.6

33.8
38.9
12.5

27.0
30.5
87.2

45.2
-23.2
-58.7

32.2
5.5
17.6

40.5
-3.9
92.3

19.0
25.2
87.9

95.4
151.0

16.2

36.2
125.5
216.3

65
66
67

36.1
116.2
43.8

37.6
116.7
35.3

35.7
113.4
39.6

31.4
96. 1
31.4

36.4
92.0
22.1

28.5
81.9
11.0

35.0
80.7
18.6

37.0
93.6
14.5

36.8
96.1
15.6

36.5
95.8
37.0

37.5
109.8
46.5

68
69
70

9.0
-43.1
52.1

-3.2
-42.9
39.7

9.7
-23.6
33.3

-21.3
-8.4
-12.9

-2.8
-9.2
6.4

-49. 1
-10.3
-38.8

-37.0
-1.7
-35.3

-9.7
-10.6
.9

16.7
-18.3
35.0

18.7
-6. 3
25.0

71
72

262.6
216.4

264.0
22 0.7

285.2
245.0

239.6
241.3

269.0
281.7

210. 5
244. 1

204. 1
243.0

263.5
269.6

73

46.2

43.3

40.2

-1.7

-12.7

-33.6

-39.0

300.9
360.4 Total cap. expend, before IVA
307.4
300.5
322.5 U.S. internal funds, book
313.5
gap: Excess of capital expenditures
Financing <
.4
-6. 1
37.9
over U.S. internal funds

(1) Capital outlays cn book basis:
44.2 Inventory change, NIPA
-12.9 Less: Inv. val. adjustment
57.1 Inventory change before IVA

(2) Corporate bonds include net issues by Netherlands Antilles subsidiaries,
and U.S. foreign direct investment is before subtracting reflows cf
capital from Netherlands Antilles subsidiaries* foreign financing.
(3) Industrial revenue bonds. Issued by state and local governments
to finance private investment and secured in interest and
principal by the industrial user of the funds.
(4) Loans (except mortgages), short-term paper, profit taxes payable, and
trade debt. Includes loans due in more than one year and excludes
current maturities of securities and mortgages.
LATEST DATA PRELIMINARY AND SUBJECT TO REVISION




39
40
41
42
43
44
45
46
47
48
49
50
51
52
53

54
Profit taxes payable
55
Trade debt
Fgn.direct invest, in U.S. 56
57
Equity, etc.
58
Betained earnings

60
61

-6. 1

27
28
29

Consumer credit
30
Trade credit
31
32
Miscellaneous assets
Foreign dir. invest. (2) 33
Equity, etc.
34
Retained earnings
35

2.7
.1
5.5

36
37
38

22
23
24
25
26

59
60
61
62
63
64
65
66
67

$ U S " t a U . " "

credit narkets

"

Table 5

"

e d i l

Summary of Net Funds Raised in Credit and Equity Markets
ANNUAL FLOUS - $ BIL.

ANNUAL^fLCHS^-^S^EIl^
19741

1575

1976

1977

1978

1979

190

Net Credit Market Borrowing by Nonfinancial Sectors

187.7

161.2

1

175.3

369.8

319-4

24 3.5

193.0

2
3
4

15.1
14.3
.8

8-3
7.9
.4

11.8
12.0
-.2

85.4
85.8
-.4

69.0
69.1
-.1

56.8
57.6
-.9

5

146.1

179.4

163.5

107.6

174.5

262.6

53.7
55. 1
-1.4
316.2

il

"Cl

!:2 ":l

32.4'

174.5
15.2
89.5
69.8
10.2
15.4
44.2

262.6
15.4
137.3
110-0
12.3
28.0
69.7

316.2
19.1
169.4
127.6
14.6
32.4
80.6

348.6
20.5
176.4
151.7
21-4
34.4
96.0

5.1
1.0
3.7
-1.0
1.5

6.3
1.0
2.8
.9
1.7

15.0
2.1
4.0
7-3
1.6

11.3
6.2
2.0
.3
2.8

19.3
8-6
5.6
1.9
3.3

13.5
5.1
3.1
2.4
3.0

33.8
4.2
19.1
6.6
3.9

20.2
3.9
2.3
11.2
2.9

166.3

194.0

190.3

204.4

262.8

332.9

403.6

406.2

31

2
3
4

289.8

234.1

336.0

Private domestic
nonfinancial sectors

5

264.0

107.6
13-7
52.1
41-8
8.5
12.5
20.9

26
27
28
29
30

U.S. Government
Treasury issues
Agency issues • mortgages

348.6

163.5
15.5
53.9
94.1
7.8
20.2
66.1

28.1

186.6
186. 7
-. 1

37.4
38.8
-1.4

179.4
13.2
77.7
88-5
9.9
29.8
48.8

146.1
14.5
64.9
66.7
5.8

161.3
162. 1
-.9

79.2
79.8
-.6

1

l l i r i l ! : : !
>1:1 1.1

I l l l 1 1 1 1 1 1 !
19
20
21
22
23
24
25

87.4
07.8
.5

377.2

a

r.

lotal net borrowing by domestic
nonfinancial sectors
523.3

343.2

1 1 1 1 1 1 1 1 1
:

395.3

386.0

tl

1 1 1

264.0
20.3
117.5
126.1
14.4
33.7
78.1

289.8
9.7
120.6
159.6
16.3
39.6
103.7

234. 1
36.3
86.3
111.5
9.0
29.8
72-7

27.2
5.4
3.7
13.9
4.2

15.7
6.6
-6.2
10.7
4.5

404.4

411.0

85.4

69.3

27.2
.8
11.5
10. 1
4.7
370.4

»

W

336.8
43.7
166.7
126.3
3.8
65.0
57.5

:
17

By borrowing sector:
State*local governments
Households
Nonfinancial business
farn
lonfarn noncorporate
Corporate

19
20
21
22
23
24
25

17.7 Fgn. net borrowing in U.S.
3.6
Bonds
3.8
Bank loans n.e.c.
6.0
Cpen-narket page:
4.3
O.S. Government loans

26
27
28
29
30

541.0 Total domestic plus foreign

31

let Credit flarket Borrowing by Financial Sectors

1

23.8

45.8

39.0

2
3
4
5

8.4
3.5
4.9
-

19.9
16.3
3.6

20.7
16.6
3.4
.7

6
7
8
9
10
11

15.4
7.0
.5
6.0
« 1-*.

25.9
4.4
.3
9.0
4.9
7.2

18.3
3.1
•2
4.6
3.8
6.7

12
13
14

23.8
3.5
4.9

45.8
16.3
3.6

39.0
17.3
3.4

15
16
17
18
19
20

15.4
1.1
2.6
.5
6.6
4.6

25.9

18.3
.2
4.4
6.2
6.0
1.5

•

*-

3.2
7.6
9.5
5.6

7 3

21.0

45.8

74.6

% a %
m

9

—. 4

""1.1

-ij

S:i K

-3.0

6.7

.4

82.5

63.3

89.8

Total net borrowing
by financial sectors

1

a? II |! m :i! i s s i l k !
.6

1.2

V. W

i;

at " g £ B S - —

4.4

22.0

.1

-2

J] II t; it; 'ii; iii ail
Si
S
S a! a: « isii Hi!
23.8

37.5

34.6

18.5

38.0

-ii -iii « A 'S ill ^
1

-1.9

-2.5

-1-4

-1.3

-2.2

.2

5

..... s
' 3

Prx

16

BIBB,*""- 5
Beits

Total Met Credit flarket Borrowing, 111 Sectors, by T y p e

1 1 1 1 1 1 1 1 1 1 1 1 S E P *
i B % I -S ii I! si li I; li i; ti s i s ^
10

-.3

\i

-1-7

-4.6

2-9

3

2

3-2

3.8

i-

.6

-3.8

*
7.3
-7.1 fleno: O.S. Govt, cash balance
Totals net of c h a n g e s in O.S. Govt, cash balances:

"I:;

ss
External C o r p o r a t e Equity Funds Raised in 0- S. Markets

,

....

....

...

«

.3

*

-.5

:

:

:

-y

!

2.7

% ":| ?! li; -;1 ;i; l:i ":l ti
1.0

.8

6

-.2

-.2

.2

3.3

HISTORICAL 01TA CI NET F08DS RAISED




.8

2.1

10

\i

^

i :i;
5

I
i

•

1.3

a

;

U

S

-

Foreign shares
3.9

,urcb.s€d Id O.S.

|

;
6